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1
COPYRIQMTED IN 1838 8Y WILLIAM 8. DANA
COMPANY, NEW YORK.
VOL. 147. '^~004^,r,rCoBr-
ENTERED AS SECONO-CLASS MATTER JUNE 23, 1878, ATTHE POST OFFICE AT NEW YORK,
NEW YORK, DECEMBER 10.1938
NEW YORK, UNDER THE ACT OF MARCH S, 1878.
ttSEEZtSi,
NO. 3833
i
BROOKLYN TRUST
THE CHASE
COMPANY
NATIONAL BANK
OF
Chartered 1866
George V. McLaughlin
THE
CITY Of
The
i
NEW YORK
chase is
tra-
President
ditionally a bankers' bank.
BROOKLYN
NEW YORK
For
many
served
Member Federal Deposit Insurance
years
j
it has
large number
a
Corporation
of banks and bankers
as
j
New York correspondent
J
and
reserve
depository.
■
/
.
..:
.
■
•
.
■
■
'
'i
»
Member Federal Deposit Insurance
;
Corporation
FUNDAMENTAL
INVESTORS
Public Utility
Bonds
INC.
United States
Government
Protpectui available from
Securities
local dealert
The
Brown Harriman & Co.
FIRST BOSTON
CORPORATION
BOSTON
NEW YORK
Hallgarten & Co,
NEW
SAN FRANCISCO
PHILADELPHIA
Wall Street, New York
Telephone: BOwling Green 9-5000
Chicago
Philadelphia
Boston
Washington
San Francisco
CHICAGO
AND OTHER
Established 1850
Incorporated
63
Representatives in other leading Cities
PRINCIPAL CITIES
YORK
London
Chicago
City of
Philadelphia
New\brkTrust
Commonwealth of
BEAR, STEARNS & CO.
Pennsylvania
ONE WALL STREET
Bonds
r-
NEW YORK
Capital Funds
.
.
$37,500,000
Moncure Biddle & Co.
PHILADELPHIA
IOO
40TH
ST. & MADISON AVE.
FIFTH
HOMER & CO., INC.
40
BROADWAY
AVE. & 57TH
ST.
NEW YORK
Exchange Place, New York
Service
to
Banks and
Dealers since
1888
A
European Representative's Office:
8 KING WILLIAM
STREET
LONDON, E. C 4
Carl M. Loeb, Rhoades & Co.
HORNBLOWER
&
WEEKS
Established 1888
40
Wall Street
NEW YORK
61
BROADWAY
Members New York,
NEW YORK
\
Member
of tbe Federal Reserve System,
the New York Clearing House Association
London
Paris
Amsterdam
and of the
Federal Deposit Insurance Corporation
Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
Financial
n
This is under
no
or as an
circumstances
offer to buy,
The
to
he construed
or as a
Dec.
Chronicle
offering is made only by
1938
offering of this Preferred Stock for sale,
as an
solicitation of
10,
an
offer to buy,
any
of such Stock.
of the Prospectus.
means
NEW ISSUE
50,000 Shares
MONSANTO CHEMICAL COMPANY
Cumulative Preferred Stock, Series B
(No Par Value)
$4.50 Dividend
Price $112.50
per
share
plus accrued dividends from date of issue
Copies of the Prospectus
be obtained from the undersigned.
may
SMITH, BARNEY & CO.
December 9, 1938
Leading Out-of-Town
Leading Out-of-Town
Investment Bankers & Brokers
Investment Bankers & Brokers
DETROIT
HARTFORD
DETROIT REAL ESTATE BONDS
Specialists in Connecticut
Dividends
THE ELECTRIC STORAGE BATTERY CO.
The
Directors
from
Fifty Cents ($.50)
on
PUTNAM & CO.
Members New York Stock Exchange
Members of Detroit Stock Exchange
6 CENTRAL ROW
PENOBSCOT BUILDING, DETROIT, MICH.
have
HARTFORD
Tel. 5-0151. A. T. T. Teletype—Hartford 564
declared
Accumulated
a
Sur-
final
dividend for the year 1938 of
Securities
Charles A. Pa reel Is & Co.
the
plus of the Company
the
Common
Stock
and
the
per
share
Preferred
Stock, payable December 21, 1938, to stock¬
holders of record of both of these classes of
stock
at
1, 1938.
the
close of
business
on
December
Checks will be mailed.
H.
C. Allan, Secretary.
Philadelphia, November 18, 1938.
■
For othor dividends
MILWAUKEE
see
page
iv.
BIRMINGHAM
WISCONSIN
CORPORATION SECURITIES
MARX & CO.
Teletype—Milwaukee 92
BIRMINGHAM. ALABAMA
The
EDGAR, RICKER& CO.
750 North Water Street
Milwaukee
SOUTHERN
MUNICIPAL
CORPORATION
"Expandit" Binder
WU.
AND
BONDS
1938 Cotton Handbook
ST. LOUIS
„
Crop
Statistics
All European and
CO.
Prices for larger sizes
SEASON
on
application
1938-1939
The "EXPANDIT" Binder
i•
'
In sizes up to 13x834 inches
Plus postage
PRICE $1.00
'
copy
information for the Cotton Trade
8O9OUVC ST.
1
as
Brazilian Statistics
Together with much useful and reliable
t
SAINT LOUIS
Members 8t. Louie Stock
single
flat
Price $2.00 each
also
$
a
Containing
American Cotton
St/X
opens as
(Special rates for quantity orders)
Exchange
COMTELBURO, LIMITED
66
BEAVER
ST.
NEW
YORK
25 8pruce 8t.. New York City
-
w
omm^rciHl §
DECEMBER 10, 1938
Vol. 147
No. 3833.
CONTENTS
Editorials
The Financial Situation
page
.....3502
-----
.....3514
The United States and the Lima Conference.!
Comment and Review
New
Capital Flotations During November.
The Business Man's Book Shelf
Week
on
the
.3516
_
3516
........
..3506
European Stock Exchanges
3507
Foreign Political and Economic Situation...
3512 & 3556
Foreign Exchange Rates and Comment.
Course of the Bond Market....:
3520
.....
Indications of Business Activity...
3521
Week
on
the New York Stock Exchange..
Week
on
the New York Curb Exchange
.........3504
....3554
News
3533
Current Events and Discussions
Bank and Trust
General
Company Items....
3553
—
.3602
—3636
3637
Corporation and Investment News
Dry Goods Trade.
State and Municipal
Department
Stocks and Bonds
3555 & 3567
Foreign Stock Exchange Quotations
Bonds Called and Sinking Fund Notices....,
3560
Dividends Declared
3560
...
Auction Sales
.3560
—
.
New York Stock
Exchange—Stock Quotations..
New York Stock
Exchange—Bond Quotations-.3570 & 3580
3570
New York Curb
Exchange—Stock Quotations—...
3586
New York Curb
Exchange—Bond Quotations.....
3590
and Bond Quotations . T.
— .3592
Quotations
3596
Over-the-Counter Securities—Stock & Bond Quotations^3599
Other Exchanged—-Stock
_.
Canadian Markets—Stock and Bond
Reports
Foreign Bank Statements
...
..3533 & 3567
Federal Reserve Bank Statements..
General Corporation and Investment
.........3510
....3556
Course of Bank Clearings
News..
'3602
Commodities
The Commercial Markets and the Crops
Breadstuf fs
Published Every Saturday Morning by
-.3626
3629
Cotton
...
3634
the William B. Dana Company, 25 Spruce Street, New
York City.
Herbert D
Seibert, Chairman of the Board and Editor: William Dana Seibert, President and Treasurer; William D. RIggs, Business
Manager.
Other ofTices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers'Gardens, London, E. C.
Copyright 1938 by William B. Dana Company.
Entered as second-class matter June 23, 1879, at the post office at New York. N. Y., under the Act of March 3,1879. Subscriptions in
United States and Possessions, $18.00 per year. $10.00 for 6 months; in Dominion of Canada, $19.60 per year, $10.76 for 6 months.
South and Central America. Spain, Mexico and Cuba, $21.60 per year, $11.75 for 6 months; Great Britain, Continental Europe
(except Spain). Asia, Australia and Africa, $23.00 per year, $12.50 for 6 months.
Transient display advertising matter, 45 cents
per afirate 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.
*
The Financial Situation
We discussion of entered the seasonproblems and ton, with of the inevitable
HAVE now
national
when public sentatives their "brain trust" element in Washingof figures (often
current
policies is almost continuous.
masses
Meetings such
those
as
meaningless) and the
now
familiar, although almost
taking place this week under the auspices of the Na-
incredibly naive, interpretations of these charts and
tional Association of Manufacturers afford excellent
diagrams.
Committee members and others listened
forums for informative de¬
patiently—those who had
bates, which the imminent
the determination and the
reconvenement of
naturally
and
committes
tended
other
hearings in Washington
certain to
are
What
upon
speakers
liberty
say
to
to fight
Our
thoughts
boom in Los
the
guest, but
general situation exist¬
On
casions
be
to
appears
tion.
a
no
excep¬
oc¬
years
these meetings have
"got
of
out
hand,"
it
as
or
and
and
elements
servative
the
and
much
than
was
other
less
said
undoubtedly felt
by the majority. The elec¬
tion returns of last month
appear
to
platform
-
have
led
the
makers at the
the
real
men.
estate
We listened be¬
and
an
honored
that he was
And don't forget that we
course,
no
application to
us
I
have
thought of that address
the
as
.
a
have rolled by
years
its record in the
.
those
are
who
advocate
fanatical.
But
they entertain
one
the world forward
\
and
to
a new
type of world order
people will get a much
Of course, they are
completely
in which the
common
absolutely
They call those of us
who oppose them by various
epithets.
They
say
our
thinking is the 'horse-and-buggy'
type.
Well, gentlemen, their thinking goes
far back beyond the days when there was
any
carriage, because the oldest idea in the world
is that rulers, ambitious
rulers, whether they
be dictators
trol
the
people
or
affairs
wrong.
tribal
of
themselves.
chiefs, can better con¬
people than can the
the
,
The
brand
new
idea
in
Congress of American In¬
the world is the concept that
dustry to the
conclusion
that there
controlling their own affairs, can bring about
a
higher standard of living than can be at¬
some
was
real
prospect of making prog¬
ress
toward greater
in the management
national
sanity
of
our
affairs, and that
that progress would be best
assured
by the familiar
pedient of keeping official
utterances in very
general
terms.
Yet
we
cannot escape
the
feeling that the events of
a
free people,
tained if rulers who know all and do all
trol their lives for them.
.
"In that
larger
area
of
con¬
our
economy
where
con¬
interest,
the Government, as I see it, has these
obliga¬
tions: It has to lay down the ground rules
which will accomplish these purposes:
first,
which
will
protect
the public against
fraudulent practices on the part of
business,
and, second, which will prevent one competi¬
tor from having an unfair
advantage over an¬
other competitor, and third, it has to
guard
the public against private monopoly."
The
more
the
such speakers
American
the
speech making of the past week
on
nature of the economic
sys¬
tem and the
operate
the
in
,
world.
forces which
business
There may or may
not have been
greater real¬
ization than heretofore
the
on
part of those present
and
those
following
the
proceeding through the
that all this is old
press
straw many
times threshed
during the past
over
tury
that
or »two,
times
many
cen¬
many
pseudo-economists
have
forward
come
just such doctrines,
and that many writers and
teachers
have
demolished
completely
them
one
but somehow, at
one;
by
any
rate, this familiar balder¬
dash
like
seemed
tale
a
The
flat,
oft.
too
the
in
man
fall
to
told
street
doubtless would find him¬
self at
loss to refute these
a
ideas,
those
to
are
absurd
as
made it
their
they
as
who
have
business to
think such matters
through
carefully, but,he has
parently become
ap¬
more
skeptical of the ability of
the
in
so-called
intellectuals
Washington,
matter of any
or
for that
other
public hears from
group
of
manage
in such
the
for
men, to
man or
plan and
economic
a
way as
society
to bring
blessings which have
so
while
long been promised
the
finances
more
are
Nation's
own
daily growing
precarious.
Less Faith in Magic
Nothing could be
or
two on the
the part of the public,
or
the so-called monopoly
inquiry, which, according to
Washington dispatches during the past week, now
plans to continue its activities for a long while to
at the very outset brought to the fore
many
weird preconceptions of the
more
encouraging than evidence
large sections of it, in coming to grips with the fundamental problems by which we are faced.
To be sure,
come,
intend¬
was
proof of
the better.
the past month or two and
whole reveal progress
be
to
.
the force of competition itself is a better
trol from the standpoint of
public
those
ex¬
ed
with
notion, and that is, that they are the
forward thinkers, that
they have the new
ideal, they are the ones that are going to lead
has
foot,
was
man
thought, of
we
better break.
on
old
an
of
queer
associations concerned/At
been
around
were
Angeles in 1922.
was
history has written
as
they
the
other, times the shoe
prepared, .if
king or em¬
the sincerity of most
rigid governmental
control of our economy.
I have talked to too
many of them.
They are not only sincere;
of
con¬
in
any
of typical business
.
deeply regretted by
timid
be
keep
to
last twenty years.
"You can't question
oc¬
by highly critical resolu¬
more
When
.
situation.
our
"Well,
curred, sometimes followed
the
he
thousand times
were,
and acrimonious debate
tions
must
ously, what he said had
during recent
.
.
living in the past.
had just won the war to make the world safe
for democracy at a cost of ten million lives
and uncounted billions of treasure.
Obvi¬
year
number of
You
group
cause
This
birthday.
occasion
peror or dictator from assuming control
the destinies of this
great country.'
"We were a
resolutions, usually reflect
ing at the time.
The
he said that he had just one
give and that was that the
us
lost.
necessary,
formal
more
.
Cole.
we were
easily
are
the tone and
content of the
.
Thursday, "I at¬
given in honor of
enjoying in America had been
fought for and paid for with blood and treas¬
ure, and he said: 'Gentlemen, those liberties
occasions of this sort,
and certainly
.
Cornelius
he spoke to
Washington during the
winter.
banquet
his hundredth
was
on
arise for serious discussion
in
a
ex-Senator
suggestion
topics that
time—to what
in Los Angeles/'
ago,
eminent industrialist told the Bond Club
of New York at luncheon on
holding
are
Story Well Told
years
an
certain
year
Congressional
"Some sixteen
In
encourages.
addition, this
A Plain
Congress
re pre-
of loss of popular faith in governmental magic
plied to business.
as ap-
Once thoroughly discredit the idea
that somehow conditions have
so
sumption of economic
not to say salvation
progress,
changed that
re-
from economic degeneration and death, in this eouncan be consummated only by the preparation in
try
Washington of blue prints for business and
super-
vision of the economic system by the planners, in
order to
oblige business to build according to the
governmentally furnished prints, and half the battle
is
Of course, we should still have problems
won.
Such
left,
regime of largesse and political machine con-
a
struction
consumers to the farmer in order to build up rural
vested interest
and in jobs which can be
progress
purchasing power, and other similar nonsense. We
shall doubtless continue to hear a great deal about
all these things, but preachments of this sort will,
we suspect, tend more and more to be but a cloak
under which to hide the demands of this, that, or the
other group which presumably at least controls
large blocks of votes and which wishes to perpetu-
abundant life for all, would be the
ate its place at the public trough, and if possible to
insisting that government limit itself to its
in other
improve it. This element of "practical politics" has
of course from the first played an important role in
the maneuvers of recent years, but there can be little
inevitably creates
'people's
money
a
sort of
destroyed effectively only by relentless and intelligent
effort, but the first task, or one of them, is that of
convincing the rank and 'file that the proper role of
government is just what it has always been, that not
business stagnation
well
as
as
result of
a
legitimate
more
role.
but industrial and trade
Accomplish
and the
much,
this
"pressure groups" seeking largesse and special favors
of other sorts would be robbed of
one
of their most
potent weapons—the claim that their objectives are
essential for the
No
will
one
public good.
of course, that any such
suppose,
accomplishment has
or
as
yet been actually recorded,
that it wil be without further
effort
pus
There is little
President is prepared to
patient and vigor*
evidence that the
or no
make concessions greater
at most than mete tactical
recent
changes. Indeed his most
pronouncement that he intends to continue
his demand for governmental
broad scale raises the
reorganization
question whether
sions at all of consequence are to
the drive for
Works
more
and
more
be made,
power
on a
any concesso
far
some
concessions in the
dispensing the billions of relief
as
is concerned. The
Progress Administrator has been reported
disposed to make
of
The
money.
as
manner
scan-
dais that have surrounded the entire program over
which he
this
presides has apparently obliged him to go
far, but it would be well to wait to
what he is
see
precisely
prepared to concede. Nothing which has
yet occurred suggests- that the little group of serious
thinkers
by which the President has surrounded
himself has in any way
omy as a means
or
lost faith in managed
of providing
a more
econ-
abundant life,
tempered its demand for enactments which would
further
involving this concept.
programs
there any
.
rank and file of disinterested citizens to frenzied
hope of Utopia by vague talk of social security,
priming the pump, governmental redistribution of
wealth, the shifting of income from industry and
has occurred in this country during re-
as
cent years
of queer
Nor is
good reason to suppose that the public
will not continue to be bombarded with
expositions
economic doctrines emanating from Wash-
question that the general public in each
figures, carefully manipulated and pre-digested, to
support weird conclusions.
It does
appear
to be
fact, however, that all this will henceforth fall
somewhat
an
deafened,
opportunity
or
less interested,
thought,
spurious arguments concerning the general public
welfare. These latter, however, are now losing their
force, or at least so it seems to us.
If this is in fact the situation at present, or if it
is to be increasingly the true inwardness of the state
of affairs in the future, a responsibility not always
clearly recognized falls heavily upon the business
man. The President of the Studebaker Corporation
in closing his address to the Bond Club of New York
on Thursday last said that he was determined to
express some views of his regarding "what business
men must not do." He then said that "they must
cease and desist from asking special privileges of
any kind from local, State or national governments,
If a business man needs an umbrella to protect himself against the impact of competition, he isn't a
business man—he is a political racketeer. When he
requests special privilege, he is attacking free enterprise. It is an act of treachery and business suicide
as well, because special privilege is an invitation to
governmental control, and no business can long survive bureaucratic domination. If we wish to pass
down to our children our heritage of free enterprise
under which America has become the greatest nation in the world, let us go to Washington for one
purpose, and one purpose only, to insist that free
enterprise be kept free in America."
or
Leaders of
less unanimously, and
who possess and ordinarily exert wide , influence
upon
the policies of American business, particularly
those branches of it which customarily ask the publie for funds.
It is to be hoped that they will be
most carefully considered.
There have been many
occasions in the past—and the practice did not be-
always to
gin with the depression of 1929 or with the inaugu-
ration of the New Deal—-when business men fre-
little
ity to
in public life (whose
or no
faith in such
say so
It is
in
ears are
preachments but the temer-
will reach
it, where the most powerful enemy
public welfare will not be those who promise a
fuller life
quented Washington insisting upon programs which
had little to do with keeping our system of free en-
uncertain terms.
no
quite possible that we have reached the point,
or soon
of
and
Let Business Lead the Way
These words were addressed to a group of men
ground, politically speaking) have now not only
many men
the
more
ears,
exists in much greater
now
degree than heretofore to combat it.
business
a
upon
case was
persuaded to support legislation directly opposed to
its own interest in considerable part by use of these
ington and supported by compilations of endless
that
3503
Financial Chronicle
Volume 147
produced magically from some economic
terprise free.
Otherwise
we
should not have any
International
such tariff system as we now have.
trade, as far as our actions and our leadership could
effect it, would now be upon a much more solid
hat, but those who in the course of years have ac-
foundation ; probably we should never have beep
quired vested interests in certain types of public
subjected to the vagaries of the National Becovery
policies, particularly those who have acquired such
Administration; and
interests in the course of the
years
concerning which complaint is now most justly
It is likely to be
made would without doubt have had much greater
of "reform and
more
and
more
past half dozen
recovery" efforts.
difficult
as
time passes for the Presi-
dent, or any one else for that matter, to arouse the
some
of the other legislation
difficulty in reaching the statute book. If business
men
will carefully refrain from asking for protec-
3504
tion
Financial
against the "impact of competition"
months to
and make it clear that
come
ing to surrender
are
the
will¬
of the "umbrellas" that they
some
have been in the habit of
the
they
in
using for this
purpose
in
past, the danger of sweeping and harmful legis¬
lation
end result of what is
an
as
before the so-called
now
taking place
monopoly investigation will be
Chronicle
Total
Dec.
deposits with the 12 banks increased $15,-
tions
consisting of
balances
serve
decrease
increase of member bank
an
of
decrease
a
other
The
deposits by $651,000
support of largesse for himself will find himself
83.6%.
$1,038,000 to $6,043,000.
demanding
Asking
fair field; it must also ask
a
no
favors for itslef, it will of
much stronger
on
favor.
down
be
make
course
ground in opposing those sought
by the farmers and by
wage earners.
tional Association of Manufacturers
a
ord in the matter of excessive tariff
would have been in
much better
a
the "dirt farmer" who
to
no
Had the Na¬
different
rec¬
protection, it
of interest
vors
from
more
and
has
each
point where it becomes
a
true that
since
them
from
none
has
really get great good
to
pay
The time has
granted the other.
We should like to
change.
every sort
sought—and usually obtained—-fa¬
government,
more
for the favors
come
for
a
drastic
the business
see
com¬
ing characteristics
week.
of the banking statistics this
Currency in circulation shows its usual
Christmas
ficient
advance, but this tendency is not suf¬
fully to offset the factors making for
greater accumulations of potential credit
Excess
pre-
of member banks
reserves
ments advanced
over
legal require¬
$60,000,000 in the week to Dec. 7,
lifting the aggregate to another record figure of
$3,440,000,000.
The
course
of
excess reserve
figures
probably will be zig-zag in the next few weeks, but
$547,000, and holdings of United
similarly
were
un¬
THE Dec. 1 cotton crop report the the Depart¬
Agriculture reduced of estimate of
of
ment
the current crop
a
month
129,000 bales from the forecast of
earlier
pectations
the market
to
for
were
12,008,000
bales.
General
ex¬
slightly greater reduction and
a
sagged somewhat following issuance of
the report Dec. 8.
Spot in New York closed 6 points
lower than
day previous; the December
the
on
about
9 have
with
1,000,000 bales
amounted to
has largely
than usual to be
more
season
to Dec.
only 1,673,630 bales compared
2,776,705 bales in 1937 and 2,492,733 bales in
•
The
left
area
25,346,000
for harvest
and
acres
donment
acres
for
were
this year
is placed at
the basis of the 3.1% aban¬
on
calculated
26,144,000
this year
it appears that
in cultivation
as
of July 1.
year's abandonment is much greater than the
1.4% abandoned last
for the ten
age
crop
basis of current figures will
on
domestically. Exports this
1936.
This
con¬
points and other futures, 5 to 6 points.
foreign market for this year's
absorbed
ever-
resources.
$15,-
of bankers' bills
Government's Cotton Report
leave
are
$819,000 to
holdings
obligations
evaporated which
FRESH increases stocks again reserves and of
monetary gold of idle bank
the outstand¬
were
changed at $2,564,015,000.
The
Federal Reserve Bank Statement
market
Treasury
tract lost 10
munity lead the way.
'v
Open
motionless at
States
increased
advances
such
positin to reply to
keep their hands off the farm program. We have
Industrial advances
$336,000 to $15,485,000, while commitments to
yesterday warned its members
obviously reached a point where nearly
to
unchanged at
was
Discounts by the regional banks declined
147,000.
were
ratio
reserve
with
now
increase of for¬
an
bank balances by $2,621,000 to $210,718,000,(
and
Business is
a
Treasury general account balance
by $76,605,000 to $407,377,000;
eign
$365,517,000.
potent argument less.
re¬
by $89,787,000 to $8,966,268,000;
of the
greatly reduced, and the farmer, who is in the habit
one
1938
152,000 to $9,949,880,000, with the account varia¬
of
pointing to tariff benefits to industrialists in
10,
well
year as
as
the 2.1% aver¬
1927 to 1936. In addition the
years
when currency
begins to return to the banks after
acreage
in cultivation for the 10 years averaged 37,-
Christmas
total
380,000
acres
the
probably will again seek
new
The currency circulation total advanced[ in
heights.
the statement week
which is
by $56,000,000 to $6,844,000,000,
$442,000,000
over
the low of last
summer.
age
for the 10
of
which
per acre,
there
seepage
of
still
not
the
slightest indication
into business channels.
New
York
of
any
The business loans
City reporting member banks
were
with
compares
only 179.8 pounds.
ex¬
crop,
226.8 pounds
ten
year average
a
The current yield is the larg¬
est in
history with the single exception of last
when
there
was
aver¬
period is attributable to the
year
tremely high yield of this year's
Although the credit reservoir is full to bursting,
is
and the fact of this year's output com¬
paring quite closely with the 13,201,000 bales
year
extraordinary yield of 266.9
an
unchanged for the statement week, and this lack of
pounds
movement is
ord, 18,946,000 bales.
other
100
closely paralleled by reports from the
cities
that
supply
Brokers' loans this week showed
York
of
cause
dealers
weekly
statements.
advance in New
an
$116,000,000 to $687,000,000, but only be¬
due next
were
heavy buyers of Treasury notes
March, which
offer made last
can
be exchanged under
Monday for
an
of three series of
any
up
The
Treasury deposited $60,004,000 of gold certifi¬
their
cash"
with
the 12
Federal
Reserve
holdings to $11,661,721,000.
was
down
somewhat, total
banks, raising
Although "other
reserves
of the
reveals 11,233,157 running bales
a
year
yesterday from
vise that the entire crop
has
completed
to
$4,422,449,000.
been picked and
early.
so
The New York Stock Market
UNCERTAIN price tendencies marked another
trading
the New York stock
dull
market.
week of
The
reflected little
on
sessions
more
for
than
equally small gains.
$37,567,000
now
ginned. Never before has the gathering and ginning
equities, with small losses
increased
re-,
Texas correspondent ad¬
our
017,471,000.
lation
Telegraphic reports
ago.
regional institutions increased $46,999,000 to $12,Federal Reserve notes in actual circu¬
crop on rec¬
to that date compared with 16,175,505
running bales
ceived
Monetary gold stocks of the country advanced
$55,000,000 in the statement week to $14,367,000,000.
cates
producing the largest
The Dec. 1 report
ginned
been
Treasury obligations.
new
an acre,
much
confidence,
the
a
week
ending today
quiet churning about of
more numerous
than the
Business reports fail to impart
although
a
degree of optimism
Financial
147
Volume
attempt
On the New York Stock Exchange 46 stocks
touched new high levels for the year while 23 stocks
touched new low levels. On the New York Curb
Exchange 41 stocks touched new high levels and
23 stocks touched new low levels.
Call loans on
experiments, for revival of the
the New York Stock Exchange remained unchanged
Nor
encouragement to be gained from the for-
at 1%.
On the New York Stock Exchange the sales at
Europe marched into another war
the half-day session on Saturday last were 322,480
continues to
prevail
The domestic
to the future.
as
political picture remains highly confusing, and posextent until lines
sibly will not be cleared up to
any
form
Available indications
in
the
Congress.
new
that the Roosevelt Administration will
are
further
fight
was
Deal
New
the Reorganization bill is indicated.
on
much
eign situation,
crisis
as
claims
the basis of real or fancied Italian
on
3505
Chronicle
shares;
on
Monday they were 680,370' shares; on
Price movements, in these cir-
Tuesday, 985,930 shares; on Wednesday, 1,104,880
cumstances, were modest in each and every session,
shares; on Thursday, 739,150 shares, and on Friday,
698,840 shares. On the New York Curb Exchange
the sales last Saturday were 65,555 shares; on Monday, 175,645 shares; on Tuesday, 230,035 shares; on
Wednesday, 252,315 shares; on Thursday, 225,920
for French
and
even
territory.
many
variations
week.
market leaders show only fractional
against the closings of Friday last
as
Turnover
exceeded
the
the New York Stock
on
1,000,000-share
Exchange
only
level
on
one
shares, and on Friday, 179,394 shares.
occasion.
One
sharply disturbing incident was the sudden
plunging into the bankruptcy courts of the large
drug firm of McKesson & Robbins, and allegations
that
large assets listed by that firm do not exist,
Trading in stocks and bonds of the firm was sus-
pended,. pending full disclosure of all circumstances,
Some
and
good buying was reported at times in steel
stocks, since excellent progress is re-
motor
ported with their new models by the large automobile
steel
companies, and this is sure to be reflected in
operations.
Airplane manufacturing stocks
and the issues of
in keen
demand,
few
a
on
the^ Administration
its
new
shipbuilding
concerns were
occasion, since it
is
keenly intent
appears
upon
for armaments increases.
program
that
pushing
Low-
priced stocks in general were better maintained than
high-priced issues, which suggests that a good deal
of
public interest exists in the share market.
end dividend actions now are
producing
price variations, in both directions.
stocks is
some
to
an
a
Year-
few sharp
Tax selling of
obvious factor, although balanced
degree by acquisition of other securities on the
a
part of investors who wish their general positions
These and other conflicting influences
maintained.
balanced out in
almost trendless week of
an
In the listed bond market
issues
were
tion of the
bonds
1 %%
fairly active, owing to excellent recep-
new
due
trading,
United States Treasury
money
offering of $400,600,600 2%%
callable
1965,
I960,
and
$300,000,000
This offering was
Treasury offer to exchange $942,-
notes due in five years.
accompanied by a
000,000 notes due next March for either of the new
issues, or for 2% bonds due in nine years,
money
With the
all
quarter-date financing out of the way and
indications pointing to a vast
for
the
new
money
oversubscription
securities, buying of the out-
standing Treasury issues was resumed.
High-grade
corporate obligations were steady, but among speculative bonds the trend was toward
In the foreign
levels.
fell
issues
tures
The
made
modestly lower
section, French and Italian
sharply, owing to the threatening gesby these countries toward each other.
commodity
markets
brought little
securities traders and investors.
cheer to
Sugar futures fell
Trading in the stock market on Saturday last
practically to a standstill, and wherever fluctuations in prices did occur they were narrow in an
extreme degree. Monday failed to reveal any important change in the tone of the market. Lethargic
movements again characterized dealings, and prices
at the close were firmer at irregularly lower levels,
Selling to establish losses for tax purposes undoubtedly contributed in some degree to the depressed
state of the market. The volume of sales was broadened somewhat on Tuesday, and the general list
closed with fractional net changes, while major
issues were lifted up from fractions to a point or
more on the day.
The modest upswing in equity
prices begun on Tuesday was extended further on
Wednesday, with trading volume running beyond
1,000,000 shares, Strength was manifested at the
start, but in the final hour an easier tendency pre-;
vailed which reduced the gains of prominent stocks
to fractions. Copper shares, however, moved up to
more than a point on the news of curtailment in
production of foreign copper in two stages effective
Dec. 15 and Jan. 1 next. A lack of interest in the
market on Thursday brought about a decline in
share turnover, and a corresponding reduction in
stock prices.
Pressure was greatest' among the
motor and steel shares with rubber, oil, chemical
and other groups less vulnerable to the attack,
Slack trading was again the rule yesterday, and
equities closed with irregular changes.
Closing
quotations for Friday of this week show mixed
changes when compared with those of Friday a week
ago.
General Electric closed yesterday at 40%
against 41 on Friday of last week; Consolidated
Edison Co. of N. Y. at 281/4 against 29%; Columbia
Gas & Elec. at 6% against 6%; Public Service of
N. J. at 29% against 31%; J. I. Case Threshing
Machine at 86% against 86%; International Harvester at 58% against 59; Sears, Roebuck & Co. at
72% against 72%; Montgomery Ward & Co. at 49%
against 48%; Woolworth at 49% against 56%, and
American Tel. & Tel. at 148% against 148%.
Western Union closed yesterday at 22% against 24
came
on
Friday of last week; Allied Chemical & Dye at
In for-
180% against 182; E. I. du Pont de Nemours at
144% against 144%; National Cash Register at 23%
against 23%; National Dairy Products at 12%
against 12%; National Biscuit at 25% against 24%;
Texas Gulf Sulphur at 31 against 32; Continental
eign exchange dealings pressure against sterling,
francs and other European units again developed,
Can at 38 against 37%; Eastman Kodak at 181%
against 178%; Standard Brands at 6% ex-div.
partly as a consequence of the newest war scare.
against 7; Westinghouse Elec. & Mfg. at 113%
drastically last Monday, on announcement of a production
ceeded
quota within
expectations.
the United States that
ex-
Some of the important food
staples were better, however, while the metal markets
presented both good and bad aspects.
„
3506
Financial
Chronicle
against 114%; Lorillard at 21 against 21%; Canada
In
the
Dec.
of
matter
the
foreign
Dry at 17% against 19%; Schenley Distillers at
transfers
17% against 19%, and National Distillers at 27%
against 27%.
against $4.68 7/16 the close
The
steel
revision
in
stocks
in
came
for further
prices this week.
downward
United States Steel
and
cable
2.66
l/16c.
of last
London closed
on
transfers
exchanges,
cable
as
Friday of last week,
on
Paris
on
1938
yesterday at $4.66%
closed
yesterday at
against 2.63 9/16c. the close
as
10,
Friday
on
week.
closed
yesterday at 61% against 62% on Friday of
week; Inland Steel at 87 against 87%; Bethle¬
last
Steel
hem
at
70% against 70%, and Youngstown
48% against 49%. In the motor
Sheet & Tube at
Auburn Auto closed yesterday at 3% bid
group,
against 4
Friday of last week; General Motors
on
at
47% against 48%; Chrysler at 78% against 78%,
and Hupp Motors at 2 against
2%. In the rubber
Goodyear Tire & Rubber closed yesterday at
against 32% on Friday of last week; B, F. Good¬
group,
33
rich at 22
at
against 22%, and United States Rubber
48% against 47%.
The railroad shares again
ground the present week.
gave
closed
last
Pennsylvania RR.
yesterday at 19% against 20
on
Friday of
week; Atchison Topeka & Santa Fe
at
36%
European Stock Markets
PRICE trends in the financial centers reflected
securities markets of the
leading European
this week the resurgence of nervousness
the international
ness
political outlook, while
London, Paris and Berlin markets all drifted irregu¬
larly lower, with the rallies only occasional and
short-lived, whereas declines in
quite
pronounced.
France and
In the London market
there
concern
also
was
German
good deal of
a
campaign for
against 10%.
that may
yesterday at 50% against 50% on
Friday of last week; Shell Union Oil at 13% against
regarding the
recovery of colonies lost after
ternational
closed
were
between
Italy figured largely in the apprehen¬
against 17%; Southern Railway at
18% against 18%, and Northern Pacific at 10%
of N. J.
sessions
tension
sion of traders and investors.
Pacific
Among the oil stocks, Standard. Oil
some
Increasing
nal troubles to contend
17
busi¬
prospects also tended to force prices lower. The
against 37%; New York Central at 17% against
17%; Union Pacific at 88% against 89%; Southern
at
regarding
poor
the World War ended. The French market had inter¬
on
with, in addition to the in¬
difficulties,
as
the Daladier regime faced
Thursday the start of
Berlin
Parliamentary session
a
bring about another Cabinet crisis.
dealings the harrowing restrictions
kept activity to
minimum.
a
In
Jews
on
The business reports
14%, and Atlantic Refining at 22% against 22%.
In
the copper group, Anaconda
Copper closed
of
some
of
late, and this also contributed to the liquidation
yesterday at 33 against 32%
movement.
Friday of last week;
American Smelting & Refining at
49% against 51%,
and Phelps Dodge at 41% against
41%.
on
Trade and industrial reports
little
than maintenance of the
more
Steel
business.
today
were
operations
Institute at
week
week ended Dec. 3
at
was
for
power
the
reported by Edison Electric
2,285,523,000
kilowatt hours
against
British
unemployment
statistics indi¬
cate that in the four weeks to Nov.
14, the total of
jobless increased 46,876 to 1,828,103,
freely admitted that
are
some
it
was
important industries
now
and
reflecting declines.
At the start of the
ending
59.9% of capacity against 60.7% last
a month ago, and 27.5% at this time
Production of electric
year.
Institute
going rate of
for' the
estimated by American Iron and Steel
week, 61.0%
last
this week reflected
European countries have turned pessimistic
week, prices fell sharply on the
Exchange, largely because the interna-,
London Stock
tional
The
atmosphere
gilt-edges
again
once
were
was
growing gloomy.
quite weak, and with
few
a
ceptions industrial stocks also engaged in
nounced decline.
fell with the
a
ex¬
pro¬
Oil, rubber and mining securities
rest, and almost all international is¬
2,183,807,000 kilowatt hours in the preceding week,
which
contained the Thanksgiving
holiday, and
2,152,643,000 kilowatt hours in the corresponding
edged issues remained depressed and buyers again
week of last year.
were
Car loadings of
for the week to Dec. 3
tion
of
being
American
an
Railroads
increase of 87,002
week, and of 28,761
As
at
649,086
cars over
cars over
indicating the
revenue
freight
reported by the Associa¬
were
the
same
likewise dropped.
was
weakj with almost all
of
commodity stocks
week of 1937.
ings
a
little
more
kets, the December option for wheat in Chicago
closed yesterday at
64%c. as against 62%c. the
Anglo-American
close
other
on
Friday of last week.
December
Chicago closed yesterday at 51%c.
the
at
close
on
Friday of last week.
as
The
on
against 47%c.
as
against
Friday of last week.
as
Friday of last week.
yesterday
16.07c.
against 8.75c. the close
The
spot
on
price for rubber
as
against 15.90c. the close
Friday of last week.
Domestic copper closed
was
yesterday at ll%c., the close
In London the
20
1/16
on Friday of last week.
price of bar silver yesterday was
pence per
per ounce on
ounce as
against 20 3/16 pence
Friday of last week, and spot silver in
New York closed
yesterday at 42%c., the close
Friday of last week.
on
and
opening
between
and
section
Wednesday's deal¬
was
also
showed
apparent.
Gilt-
advanced.
best
lower.
gilt-edged
The
results,
After
stocks
a
but"
good
started
again owing to the increasing tension
France
in
the
and
Sharp losses
Italy.
international
were
re¬
section, while mining
commodity securities also fell.
were
Some
good part of their previous
were
Thursday,
on
downward
In
industrials
most
internationals
corded
spot price for cotton here in New York closed
yesterday at 8.57c.
on
at
December oats
Chicago closed yesterday at 28%c.
26%c. the close
corn
losses,
a
department.
Gilt-
Anglo-American favor¬
cheerfulness
edged stocks recovered
Tuesday again
affected.
better, but mining
were
in modest demand.
were
on
groups
issues resumed the decline.
ites
mar¬
The tone
reluctant in the industrial
the
the previous
of the commodity
course
this
cars,
sues
Internationals
highly irregular, with Anglo-Americans in de¬
mand, while European Continental issues receded.
Small losses
were
and industrial
recorded
yesterday in gilt-edged
issues, while international securities
also receded.
Trading
on
atmosphere
the Paris Bourse began in
on
Monday,
as
a
dispirited
the foreign outlook
too uncertain for market interests.
was
Rentes, French
equities and international securities all drifted to
lower
levels, with the declines sharp in
some
in-
Volume
stances.
French
Reports that
stir
to
Franco-German
the
Bourse
Rentes
non-aggression
buoyed
treaty
Tuesday, and activity also increased.
French
and
equities showed best results,
international
issues
early backing and filling
the
Signature of
enthusiasm.
any
the
while
large volume of fugitive
a
capital had been repatriated in the preceding
week failed
Bourse
3507
Financial Chronicle
147
started
forward with
come
a
proposal
negotiations, for London contented itself with
default
and
stooped to repudiation.
quite
never
Anglo-American
having been
problems
trade
ad¬
much
justed, it would
seem
improved for
settlement of the debt question.
a
that the chances
now are
The Americas
Wednesday, prices on
on
downward
another
on
for
After
irregular.
were
ish Government will
swing,
DELEGATES of the 21 American Republics gath¬
Lima, Peru, yesterday, for the start
ered in
which left the
the
closing considerably lower than on
Franc-pegged rentes were weak,
previous day.
and
only
few French equities resisted the trend.
a
International securities began to come
into request,
they always do when apprehension spreads re¬
as
garding hofhe developments. Firmness of the French
Government in
dealing both with the international
and internal situations occasioned a better tone on
of the
eighth International Conference of American
States, which promises to be much longer and more
of
Latin-America
Bourse, Thursday.
tone
improved,
After early uncertainty the
finally were
advances
good
and
tions
and
Rentes
downward.
drifted
issues
national
seems
weak
was
Monday, with losses in prominent is¬
on
ranging from 1 to 2 points, while some of the
sues
Little
reported, despite the wide declines.
specialties showed much larger recessions.
activity
was
Fixed-interest
obligations4
were
that
announced
was
a
throughout,
large Reich loan
soft
with attention still centered on the
slow
week earlier.
Dealings were
not
quoted.
irregular and mostly in
few instances reported of decided
Changes
fractions, with a
were
Even less business was transacted
declines.
day than in the preceding session,
variations
also
ties
some
were
were
but most of the
toward improved levels.
There were
declines, however, and fixed-income securi¬
among
sumed its
Wednes¬
the weaker issues.
The Boerse re¬
general downward tendency on Thursday,
and all sections were
affected.
Small sales of Jew¬
ish-owned issues were rumored to have sent
lower
sion
was
prices
Still another weak ses¬
in the thin market.
reported yesterday, with levels one to three
points lower.
NOTICES have been sent outofby the State due
partment in Washington
instalments De¬
from thirteen
debt account.
other
the
doubtless will continue
withstanding
der
the
All the leading debtors
their complete defaults, not¬
yesterday to a graceful address of welcome
by
Peruvian President,
the
Business conferences
made clear in Lima
pledges un¬
to be known as international
law.
week only from Fin¬
land, which never defaulted, and it may be added
that Hungary proposed a settlement on the basis
of repayment of the precise sum advanced to that
country. The obligations of those small countries
Payment is anticipated next
were
is
a
for relief purposes,
and the term "war-debts"
misnomer in both cases.
foremost debtor and
Great Britain is the
the foremost defaulter.
It is
that some other defaulters
guidance on this perplexing
fairly well understood
look
to
are
Oscar R. Benavides.
to start
London
for
problem. There is always a
possibility that the Brit¬
today, and it was
dispatches that no time will be
getting down to bedrock.
Immediately
upon
landing in Peru, Wednesday,
Secretary Hull began to breath a spirit of most in¬
tense
His personal liking for Lima was
good-will.
expressed in a formal statement, along with flatter¬
ing references to the "great center of American cul¬
ture and
history." The friendly expressions of best
wishes from
the American
people and Government
Mr. Hull thereupon launched into
relayed.
were
comments about the
"grave problems" by which we
confronted after
having "made substantial prog¬
are
in
ress
building
up
order based
tional
in this hemisphere an interna¬
upon
peace,
confidence and a
consideration for the welfare of all of its peoples."
the
gains made and to assure the continuance and safe¬
guarding of our American system. "We are seeking
common objectives on the general and fair assump¬
urged that no effort be spared to consolidate
that
all
good will be to the
Mr. Hull.
"It is in
spirit that, with the sympathy and support of
our
peoples, we may hope to carry forward our
program
of cooperation, consultation and friend¬
ship."
'
Such
fact that the debt settlements
freely negotiated and are binding
what used
people on
long
devoted
The results on Dec. 15 will supply an¬
of refraining from international
a
The first session of the conference was
augurated.
advantage of each of us," said
commitments and ventures.
were
Lima, Wednesday,
Peruvian officials and the
on
tion that what is for the common
salutary lesson for the American
In¬
to Peru, and when Mr. Hull and
foreign Governments on so-called war
advisability
Secretary of
delegations from other American Republics was in¬
He
Intergovernment Debts
voyage
ac¬
But far
made for impressive ses¬
were
series of formal calls
Tuesday that many leading issues were
on
the
already
Hull, who heads the U. S. group.
his associates arrived in
lost in
so
to be in the mind of
now
preparations
on
course,
great deal in that direction.
a
State Cordell
sions,
European markets, the Berlin Boerse
Like other
Neighbor policy has, of
complished
equities again advanced yesterday, but inter¬
national issues drifted lower.
and trade
periodically, and all indica¬
delegation to improve relations at this time.
tensive
French
diplomatic
point to slightly frantic efforts by the United
States
more
equities, while inter¬
scored in rentes and French
world
in
affairs is rediscovered
The Good
the
The importance
interesting than its predecessors.
V.
;
comments
are
sufficiently
admirable in
but it remains to be seen whether the
American countries will do more than smile
their way,
Latin
at
the
suggestion for mutual consideration.
dispatch of last Sunday to the New York
as
"exclusively
North
to
talists
been
in
The
Neighbor policy was aptly described in a Lima
Good
a
South at
and
"Times,"
policy working from
the expense of American capi¬
one-way
American
investors."
That long has
apparent to everyone but the State Department
the
United
Washington, and it also has been evident, as
Lima
dispatch likewise pointed out, that the
States has lost much
the result of its
prestige in Latin America as
failure to take a stronger stand on
3508
Financial
incidents
such
the Mexican
as
eign oil properties.
Latin American
Chronicle
confiscation of for-
troversies and
The report sets forth that other
countries
closely
intentions
unconcealed
Our Good
of
The
Italian
intentions
far
are
from clear, and it may be that
emulating the Mexican
Neighbors to the south
1938
no
mapped out, for the fascists
developments in the oil confiscation dispute, with
action.
10,
attempt to make political capital out
of the confusion.
watching the
are
Dec.
opportunists above
are
definite plan is
all, with their actions depending in good part
the
propose
of the trouble they evoke.
course
on
The current
also, it appears, to seek assurances from Mr. Hull
incident
that
Prance, which have been skilfully directed toward
diplomatic
no
military
or
pressure
would
be
applied by the Upited States in the event of such
assertions
confiscations.
Nice and
There is
no
for
need
emphasizing here the
trast thus set forth between the official
the United
States,
20 American
republics
will
doubtless
the
on
make
the other hand.
much
no
of
the
thinly disguised dictatorships
Grande, with
parading under the democratic banner.
even
Hull may
and
degree, but his
a
vital interests of United States nationals.
perhaps will make some
progress
Americans
the
race, as
20
the
to
enter
republics south
American
merely
of
armaments
armaments firms.
of
stand
matters
American
will wonder if the
us
for supplying business to
one
For
agreed that the Americas
Latin
in inducing the
world
President Roosevelt recently suggested, but
scheme is not
are
Mr. Hull
opinion of
to be that the idea is
sovereignties,
sure
excellent, providing the United
States foots the bills in
one
manner
The trade of the Latin American countries is well
worth
having, and it is obvious that this considera-
tion looms
large in the
delegation to Lima.
at this
juncture, for
Premier Edouard Daladier doubtless
,
Minister Neville Chamberlain and his Foreign Sec-
These circumstances led to the impres-
January.
sion
that
the
of
system
appeasement
Europe would be extended.
Italian
Deputies
their demands
shouted
for
been
in
French
Chamber
a
matter,
from
But
since the
claims
Italy,
be
to
seems
over
Japan and
forgotten
in
Washington that the trade of the United States is
even
more
American
worth
having, especially in those Latin
countries which
tremendous
exports
rely heavily
the
to
be
to
appear
centering
The French Governan
with
Saturday registered
emphatic protest
Italy against the demonstrations of the Depu-
ties in Rome.
The Italian
reply, made in the
ready for anything, and is ready to march, if
ever
dispatches from Bra-
Germany,
it
United
upon
States.
are
around that African colony.
sary,
against
France."
The British
attempted
sources.
The
Savoy
hardly to be taken seriously, but Tunisia is another
offices to restrain the Italians.
America
meeting
worse.
Corsica, Nice and
late the veritable flood of
other
in
territory, and matters
going from bad to
shouts,, for
pacts
Last week, however,
zil, Argentina and other countries have indicated of
Latin
was
retary, Lord Halifax, arranged to visit Rome next
trolled press, was in so many words that
propaganda sweeping
on
consulted by the British Government, before Prime
important than
more
numerous
Italy have been
but they seemed to be
of the United States
program
It is
France and
years,
ment last
another.
or
evidence
Ambassador to Italy by the French Gov-
an
Italian
increases is
arms
ment of
ernment.
since have
their
between
for several
military experts
as
provide additional
press
crisis is being manufactured,
quite capable
are
defending
Italian
more
the mend after the Munich compact and the appoint-
accom-
continues, as he has done heretofore, to disregard
a
Relations
poor
Mr.
plishments will be of little permanent value if he
Latin
that
endeavor to cement American relations,
possibly will succeed to
con-
con-
the rule south of
are
were
significant is their
trolled
sys-
of the dictatorships not
some
Even
tinuance, while comments made in the sternly
tern," but all his hearers will note mentally that
the Rio
Tunisia, Corsica,
Since Signor Mussolini permits
other opinions than his own to prevail in Italy,
spontaneous.
Mr. Hull
"American
of claims for French
Savoy.
it is idle to believe that the demonstrations
hand, and of the other
one
on
con-
policies of
demonstrations in Italy against
concerns
their
This
simple fact is carefully neglected in all comments
declared
every
the last week-end to
over
neces-
Government
its good
use
Premier Daladier
Monday that France is resolved "by
on
means" to
French
con-
Italy "is*
assure
territory.
the absolute integrity of all
Italy disavowed in
terms the demonstrations and press
the clamor continued and
finally evoked
ter-demonstrations in France.
diplomatic
comments, but
some coun-
With their
tongues
obviously in their cheeks, French students paraded
by the Latin Americans, and they hardly can be
in Paris, Thursday, and shouted for Venice and for
expected to bring it
the return of
up
at Lima.
Nor
are
they
Ethiopia to its Emperor.
likely to mention the vast total of defaulted dollar
dents
bonds, which give
international scene, and
so
touching
ment of the New York "Times"
the Good
affair.
A
little consideration
an
in the end would do far
com-
correspondent that
Neighbor policy is exclusively
Mr. Hull would be
for
point to the
a
of
such
a one-way
matters
by
interesting innovation, and
more
than his
present policy
himespheral "consideration for the welfare of all
of its
peoples."
they
European Crisis
may
the
amount to very
wicked another story may develop,
Meawhile
a
very
substantial
improvement
occurred in the relations of France and
owing to signature
pact arranged
document
has
Germany,
Tuesday of the non-aggression
on
some
weeks ago along the lines of
signed
at
Munich
Great Britain and the Reich.
#
Such inci-
to be an accepted part of
appear
little in the end, but if governmental intentions are
the
Another
now
on
Joachim
Sept.
von
30
by
Ribben-
trop, the German Foreign Minister, went to Paris
ONLY a little more than two months after the thethe head ofsignature to the understanding, which
at German an impressive delegation and attached
compact ended
European crisis
Munich
the
centering around Czechoslovakia, still another crisis
appears
to be developing
aggressive fascists,
the
as
across
usual,
trouble, but this time it
the Atlantic.
are
at the bottom of
seems
to
be Premier
Benito Mussolini's turn to stir the dust of old
The
con-
was
signed for France by Foreign Minister Georges
Bonnet.
The two governments
best endeavors to
assure
agreed to
use
their
pacific and "good neigh-
borly" relations between them, in the belief that
such relations constitute
an
essential element in the
-
Volume
Financial
147
consolidation
of
situation
the
maintenance of peace.
between
"no
them
remains in
in
Europe and the
They noted solemnly that as
question of
territorial or<jer
a
suspense," and they recognized that the
They agreed also
existing frontier is "definitive."
to remain in contact and to consult on all common
questions,
be
that international difficulties might
so
minimized.
This
light
treaty naturally throws an interesting
the
on
development between France and Herr
new
Hitler's partner,
who now is raising difficulties pre¬
cisely of the order that France and Germany agreed
On Thursday it was
to discountenance.
inquiries had been made of the Ger¬
in Paris that
authorities, who were said to have assured the
man
French
they did not back Premier Mussolini
that
French areas.
in his demands for Tunisia and other
It
intent
obtaining assurances from Berlin of
upon
Dispatches from
that the Reich
prefer to be well out of the newest contro¬
German
some
reported that the Italian dictator was
also
was
approval
versy,
and backing.
suggest
capitals
European
would
partly because Bismarck formally agreed to
ownership of Tunisia, and partly because
French
the Reich expects to
to
indicated
come
be well occupied for some time
extending its
in
sway
the Danube
It would appear, indeed, that the German
region.
establish in some
hegemony may be less easy to
countries than
was
thought likely for a time.
manian authorities have taken
down
over
a
Ru¬
drastic steps to put
fascist movement within their own country
that is modeled on German
lines, and in Berlin it
freely predicted that a revolution will occur in
the State.
Since revolutions can be manufactured
is
without much trouble in
occasioned
uneasiness.
much
bear out the hints that
interested in
this
at
Europe, these suggestions
current
however,
Germany may be but little
increase
in
and Italy nevertheless
gravity throughout the
Serious incidents were reported on
week.
proportion of
The Italian resi¬
populace is Italian in origin.
Tunisia made moves of their
dents of French
to
support Signor
own
Mussolini, by means of the wear¬
ing of fascist insignia and
demonstrations.
The
population objected, and clashes took place,
ended in the arrests of scores of Italians.
In
French
which
neighboring Italian Libya, troops were reported to
concentrating near the border.
These rumors
•be
were
there
close
in
viewed calmly in
that matters had
of virtually all
owners
1,000,000,000 marks.
lishes
sort of
a
Paris, but it was admitted
reached
study of all aspects of the
noted, especially, that Italy
a
stage requiring
situation.
It was
still has some 70,000 to
80,000 "volunteers" in Spain, who might be turned
toward the French border in the event of a military
property remaining
The newest decree estab¬
trusteeship for Jewish holdings and
enterprises, and as liquidation is
the
decrees
vious
business
wreckage of
imposition of a mass "fine"
establishments and the
of
the
after
hands
Jewish
owners
may
effected under pre¬
receive some com¬
pensation in Reich obligations. There is some ques¬
tion as to whether foreign Jews residing in the
Reich
affected, and on Wednesday fresh repre¬
are
sentations
on
this
score were
made by our State De¬
The indignities heaped on the
partment.
long-suf¬
augmented last Saturday,
through orders banning them from certain streets
and public places in Berlin.
These measures are
almost calculated to increase the desire of Reich
fering German Jews were
Jews to seek more
hospitable and tolerant shores.
the migra¬
give ample consideration to
In order to
problem, the steering group of the Inter-Gov¬
ernmental Committee on Political Refugees met in
tion
London, late last week, and
full conference in
Before
sented.
decided to convoke a
January of the 32
the
meeting takes
attempt probably will be
authorities to permit
nations repre¬
place another
made to induce the Reich
the refugees to take at least a
property with them when
little of their
emigrating.
Spanish War
|f*
FURTHER drastic testsbeofimminentand insurgent
loyalist in Spain, as
strength appear to
numerous
reports told this week
Indications that
early
week, when airplane bombing of helpless civil¬
was resumed by the fascist leader, Francisco
loyalist capital, Barcelona.
of the
such
this
ians
of a massing of
involve the fate
battle that possibly will
forces for a
a
might develop began to appear
test
Franco, in a manner that equaled the most brutal
exhibitions of previous months.
In obvious com¬
of the air,
General Franco sent dozens
<
Thursday in Tunisia, where a heavy
the
from its
mand
,
t
The crisis between France
to
do,
backing Italy on territorial demands
time.
continued
They
3509
Chronicle
squadrons
bombs
cruising
killed
scores
children, and also a
that these were
of
in loyalist territory, where
and hundreds of women and
handful of men.
It appears
merely the preparations for a
des¬
attack, in which the full strength of
the insurgent armies and their Italian "volunteer"
allies will be employed.
The impression in Barce¬
lona was that the insurgent effort will be made
with a view to the impending Anglo-Italian conver¬
sations in Rome, which possibly will result in the
withdrawal of more Italians from .the conflict.
Neutral observers who journeyed to French border
perate military
points reported an enormous massing of troops on
both sides.
The loyalists, meanwhilp, continued
quietly to discharge from service in their ranks
the real volunteers- from many countries who
all
gave
their aid to the government cause
in the con¬
flict.
Far East
<!lash.
Refugee Problem
ORDERLY consideration was started in London,
week, of the problem presented by
late last
the Jewish and
escape
Nazi
other refugees who are anxious to
the wrath and persecution
regime.
This matter becomes ever more press¬
ing, as Nazis are
lengths
of the German
pushing to truly extraordinary
their peculiar racial superstitions.
Monday a decree was
•ST
Last
issued in Berlin, taking control
INTERNATIONAL aspects of began long-drawn
the to assume
Japanese invasion of China
more
immediate importance this
week than the local
There were indications of
consultations that possibly will bring
military developments.
international
interesting results, and in
nese
endeavored
aggressors.
Japanese
as
the meanwhile the Chi¬
best they could to resist the
Only sporadic efforts were made by the
extend their gains in the Upper
to
3510
Financial
Chronicle
Yangtze region, while developments in the Canton
area
almost
were
equally
modest.
military authorities, however,
ning
salient, which
"silver
now
Chinese
located
are
at
reports emanated
United
for
because
part
of
headquarters
Chungking, and from that city
There
of developments that may
Nelson
T.
Johnson
were
announced
signs,
prove
some¬
of
warning
a
was
was
called
British
ment
adopted
issued to Japan at the
home
time
same
if Japan interferes
trade in China.
The
Mar.
4
July
1 1935
2M
Oct.
27 1938
2H
dispute with Japan, and Tokio warnings that
satisfactory settlement is "essential" failed to
ists,
on
authorities.
The Tokio
the other hand, made
intention to
area
control
and
rule
July
2
Dec.
2 1936
2H
4
Aug. 29 1935
4H
India
3
Nov. 29 1935
3«
7
Italy
Japan
4
18 1933
Jan.
1 1936
Jan.
Rate
Hungary...
Java
2 1937
4H
May
3.29
Apr.
3
18 1936
5
6 1936
Jan.
3.65
14 1937
4
5
Lithuania..
5
July
1 1938
5H
Morocco...
6H
May 28 1935
4H
3 H
5
Norway
3H
Jan.
4
Czechoslo¬
vakia
4
Danzig
Poland
5 1938
4H
Dec.
4
Nov, 19 1936
3X
Portugal
4
3
June 30 1932
3X
Rumania..
3 H
England
2
June 30 1932
3H
Aug. 111937
May
5 1938
May 15 1933
4H
Oct.
1 1935
6
Spain
5
July
Finland
4
Dec.
4 1934
4M
Sweden
3
3
Switzerland
2H
1H
1 1933
2H
Nov. 24 1938
Nov. 25 1936
2
4
Sept. 22 1932
5
Yugoslavla.
5
Feb.
6
Jan.
7
Denmark
no
in
.
.
Eire
France
Germany
.
.
JP
South Africa
2H
4 1937
17 1937
5
4H
4 H
4H
15 1935
Dec.
5
1 1935
6H
Foreign Money Rates
IN bills
LONDON onen market 1@1 1-16%, for short
discount rates against
Friday*
on
15-16%
were
secret
of last week.
Money
3^%.
the vast
15-16%
on
market rate
open
Friday
on
call at London
on
At Paris the
Dec. 8 from
Friday
was
raised
3% to 3J^%, while in Switzerland the
rate remains at
l%-3
Bank of
militar¬
of
as
Friday of last week, and 15-16@1% for
on
three-months bills, as against
on
the Moscow
4
3
vious
Holland.^.
Dec. 16 1936
Colombia..
Date
Established
3
Mar. 11 1935
3
Pre¬
Effect
Dec. 9
4H
Aug. 16 1985
Canada
Chile
was
move
Country
1 1936
6
fish¬
eries
a
3H
Belgium
Bulgaria...
Soviet Govern¬
stringent attitude in another
a
Rate
The Brit¬
on
"incalculable" consequences
with
vious
Greece
Tuesday that it is
•considering the granting of export credits to China,
and
Rate in
Date
Established
Argentina..
Bata'vla
1938
United States
China, Thursday, for consultation.
Government
Pre¬
Effect
Country
10,
Estonia
Wednesday of appeals to the
on
embarrassing to the Japanese.
Ambassador
ish
good
political
against the invaders.
moreover,
from
the Canton
recover
States, Great Britain, France and Russia
aid
what
lost in
was
bullets."
Rale in
Dec. 9
Chinese
said to be plan¬
are
extensive movement to
an
The
Dec.
England Statement
their
Chinese
captured by them in the last 17 months.
THE statement for the weeknote circulation, a
ended Dec.. 7 shows
£6,944,000 in
of
rise
cus¬
tomary at this time of year because of the approach¬
ing Holiday season and year-end.
Notes outstand¬
ing
Wheat Conference
compared
£487,752,000
aggregate
now
£492,830,691
PRECIOUS little has been accomplished Advisory
in recent
by the International Wheat
lost
Committee, but it
would have the effect of
years
that another meeting of
appears
this governmental
group
will take place in London,
Jan. 10, for study of the
existing wheat position
and possible action to curtail
production and pre¬
vent
dumping. Our Ambassador to Great Britain,
Joseph P. Kennedy, is Chairman of the committee,
and
London
reports indicate
meeting of 21 member nations
that
he
Australian, British, French and United
ernments.
will be
The
the
of the
States gov¬
agenda indicates that consideration
given "the present world wheat crisis," and
"what action the committee
its
called
at the request
constituent
crisis."
should recommend to
governments
to
Unfortunately, there is
that American
a
cope
with
that
good probability
delegates will endeavor to persuade
try some of the absurdities that
other countries to
steadily have marked New Deal treatment of
agricultural problems within the United States.
is
earnestly to be hoped that
of the Roosevelt
■countries from
the
It
the practical results
experimentation will dissuade other
embarking
on
such ventures.
Tam¬
but
year
on
resulted instead.
of the United
Brazilian market
a
was
consequence of that
States surplus on
issue
A year ago
increased
the international
the fiduciary note issue
be
added, however, that the previous refusal of Ar¬
gentina to join in international proposals had little
real
bearing on the problem, which now is more
acute than
ever.
%
note
temporary nature
The proportion
of
to liabilities
in consequence
of the above, to 44.3% from 29.7%
compares with 35.3% a year ago.
last
and
week
Public
reserves
bankers'
which
accounts
which
accounts
fell
securities decreased
rose
was
rates of any
banks.
Present
rates
at
the
leading centers
shown in the table which follows:
are
rose
or
not.
sharply
deposits decreased £4,477,000 and other de¬
posits increased £4,617,702.
£1,182,099.
an
The latter consists of
rose
off
£5,863,356 and other
£1,245,654.
the
to
discounts
£867,300, to securities.
latter
OF
securities
£314,799
amount,
and
advances
and-
The discount rate did not
Below
are
shown the
comparisons for previous
BANK
Government
£24,030,000 but other
Of
addition
ENGLAND'S COMPARATIVE
Dec. 7,
Dec. 8,
1938
1937
£
different
years:
STATEMENT
Dec. 9,
1936
£
£
Dec.
11,
Dec. 12,
1935
1934
£
£
Circulation
487, 752,000 492,830, 691 458, 852,044 410,930, 885 393
221,328
18 629,000
11,741, 792
17, ,490,611
7 926,190
6,842, 570
138 889,000 142,968, 106 125, 868,942
131,591, 435 140 260,653
Bankers' accounts. 102 944,906 106,310, 262
86, 984,500
94,387, 267 103 302,606
Other accounts
35 ,944,226
36,657, 844
38, ,884,442
36 958,047
37,204, 168
Govt, securities
66 ,136,000
81 ,717,564
87,243, 165
85 821,413
84.212, 941
Other securities
39 ,373,568
29 ,071,325
30,595, 535
20 749,244
221991, 392
Disct. & advances.
17 ,871,033
9,640 659
8 ,145,960
10,079 807
10 135,945
Securities
21 ,502,535
20 ,925,365
20,954 876
12,911. 585
10 ,613,299
Reserve notes & coin
69 ,861,000
50 ,462,796
54,748 147
49,132 107
59 .515,607
Coin and bullion
327 ,613,945 327,578 ,838 249 ,314,840
200,062 ,992 192 .736,935
Proportion of reserve
Public deposits
Other deposits
to liabilities.
THERE have been no changes during the week in
the discount
of the foreign central
was
the present increase is of a
Bank rate
Discount Rates of Foreign Central Banks
amount
early in 1938, after the strain of year-end
expansion had ceased.
It is not clear whether
Apparently as
incident, Argentina now has
It may
temporarily
was
£20,000,000 but the added
considered.
committee deliberations.
caused
canceled
the
joined the other great wheat-producing countries in
was
leasing £30,000,000 gold backing from the note issue.
change from 2%.
some
This
£23,017,000 in
on
items with
ing of
£6,983,534,
reserves
by the
Tuesday last, increasing the fiduciary
£30,000,000 to £230,000,000, thereby re¬
action taken
sults,
Washington realized recently when dump¬
Bank
Ordinarily these two changes
reducing
the present occasion a gain of
pering with world wheat market relationships is
quite apt to produce startling and
unexpected re¬
as
with
addition the
In
ago.
£39,534 of bullion.
reserves
note
a
_
44.3%
2%
Bank of
35.3%
35.20%
35.49%
40.16%
2%.
2%
2%
2%
Germany Statement
THE quarterly statement dated Dec. 114,300,000
7 showed a
contraction in
note
circulation of
marks, which brought the total down to 7,629,428,000
Volume
Financial
147
were
marks.
Notes
outstanding
a
aggregated
ago
year
3511
Chronicle
wiped out and the unsatisfied balance of such loans was
entry of non-Interest bearing loans to the State.
.9 fine, per franc,) under the
of Nov. 17, 1938; prior to
43 mg. gold, .9
fine, per franc; previous to that time and subsequent to Sept. 20, 1936, the value
was 49 mg. per franc; and before Sept. 26. 1936, there were 65.5 mg. of gold to
(at 27.5 mg. gold,
Revaluation of the Bank's gold
5,074,627,000 marks and the
000 marks.
foreign
and
A loss
of
also recorded in reserve in
was
of 400,000 marks, in bills of exchange
currency
checks
before 4,562,668,-
year
decree of Nov. 13,
1938, was effected in the Statement
that date and from June 29,
1937, valuation had been at the rate,
the franc.
advances of
260,500,000 marks, in
transferred to a new
New York
Money Market
800,000 marks and in other daily maturing obliga¬
tions of
The Bank's total gold
138,500,000 marks.
holdings remain unchanged
The
proportion of gold and foreign currency to note
circulation is
1.00%;
now
and the year before
registered
a year ago
years:
1.49%
it was
The item of investments
1.58%.
Following
comparisons for previous
V
.
REICHSBANK'S
Dec. 7,
Gold and bullion
1938
Reichsmarks
Reichsmarks
No change
Dec. 7,
70,523,000
70,773,000
.
1937
Reichsmarks
Silver and other coin
...
Investments
Other assets
Other liabilities
Propor'n of gold <fc for'n
'
1.58%
1.49%
1.00%
clrcul'n.
Figures of Nov. 30,1938.
$300,000,000 1%% Treasury notes due in five
The applications were
years.
allotments,
as
bills
9%
-
due
91
in
issue of $100,000,000 dis¬
an
and awards were at
days,
0.017% average, computed on an annual bank dis¬
count basis.
Bankers' bill and commercial paper
trading remained dull, at motionless rates.
loans
for
transactions, while time loans again were
all
1%% for maturities to 90 days, and 1%%
offered at
for four to six months'
of4France Statement
datings.
francs, which brought the total
A
109,466,895,295 francs.
outstanding
year ago
up
notes in cir¬
aggregated 91,933,487,180 francs and the
culation
before 87,272,527,930 francs.
French commerrecorded a loss of 1,215,000,000
year
cial bills discounted
of 2,566,000,000
francs and creditor current accounts
francs, while the items of credit balances
and
of 253,611
francs
A slight in-^
respectively,
93,000,000 francs,
crease
abroad and
against securities gained 1,000,000 francs
advances
was
Rates
the
kEALING in detail with call loan rates on
an
to
Call
Exchange held to 1%
the New York Stock
on
.
THE statement for the week ended Dec. 1 showed
expansion in note circulation of 2,669,000,000
that
The Treasury
the notes.
on
Monday
New York Money
Bank
enormous
so
announced yesterday, are only 7%
the bonds and
count
66,409,000
28,272,000
5,516,000
—114,300,000 7,629,428,000 5,074,627,000 4,562,668,000
671,354,000
703,254,000
—138,500,000 1,003,482,000
287,411,000
324,985,000
a433,631,000
Other dally matur. obllg
a
and
1936
Liabilities—
Notes in circulation
of course, the Treasury
was,
Reichsmarks
20,333,000
al0,572,000
5,569,000
"—400" 000
5,639,000
—260,500,000 7,253,215,000 5,361,283,000 4,704,575,000
127,710,000
137,803,000
al34,001,000
57,271,000
42,760,000
47,041,000
—800,000
521,899,000
390,926,000
846,069,000
+ 100,000
661,614,000
736,979,000
81374^550,000
Of which depos. abr'd
Reserve for foreign curr.
Bills of exoh. & checks.
The chief
from previous weeks.
offering of $400,000,000 2%% bonds due 1960-65,
on
Dec. 7,
over
market event
money
also sold last
for Week
Assets—
curr. to note
New York money
merely carried
t
STATEMENT
COMPARATIVE
Changes
Advances
CONDITIONS were unchanged this week inwere
the
market, and rates also
increase of 100,000 marks.
an
the various items with
are
70,773,000 marks.
at
shown in the Bank's gold
Stock Exchange
from day to day, 1% was the
ruling quotation all through the week for both new
loans and renewals.
The market for time money
continues
transactions reported
reported.
1 Y\% up to 90 days and
only
The
quiet.
occasional renewals at rates previously
were
Rates continued nominal at
13^5% for four to six months maturities.
for
prime
commercial
The
active this week.
the supply of prime paper
Rates
requirements.
for all maturities.
The market
has been moderately
demand has been good, but
paper
has been under the daily
unchanged at %@M%
are
•
holdings, the total of which is now 87,264,538,190
Bankers' Acceptances
proportion of gold on hand to sight
The
francs.
60.17%, compared with 53.39%
liabilities stands at
and 61.59% the previous year. No change
shown in.temporary advances to State, the total
'HERE has been
last year
was
remaining at 20,627,440,996 francs.
In
our
issue of Nov.
26,
we
instead of the correct amount, 27.5
was
27.6 mg.,
mg.
gold .9 fine
per
about 317,000,000
that
This
franc.
conclusion
mistaken
incorrectly stated in
gold value of the franc
these columns that the new
the
that
error
led
to the
us
had acquired
Bank
francs gold during the week and
only 31,400,000,000 francs of the increase shown
in the value of its
sulted
the
from
gold holdings during the week re¬
revaluation.
amount of the week's gain was
value; which is evident
the proper
Below
Actually the entire
due to the changed
when calculation is made at
rate.
furnish the different
we
items with
com¬
BANK
OF
Francs
Gold holdings..
Credit bals. abroad.
a
Dec. 1,
1938
Francs
Dec. 2,
1937
Francs
13,476,363
11,208,875,503
discounted _. —1,215,000,000
b Bills bought
*875,617,925
abr'd
c
Temp. advs.
Propor'n of gold on
hand to sight liab.
to
90
of
holdings
days.
—0.04%
unchanged
remain
at
the Federal Reserve Banks
THERE haverates ofno changes this week banks.
been the Federal Reserve in the
rediscount
following is the schedule of rates now
various
the
classes
of
paper
DISCOUNT RATES OF FEDERAL
in effect
at the different
8,679,874,776
934,525,167
20,627,440,996 26,918,460,497 12,998,092,309
60.17%
53.39%
RESERVE BANKS
Rale in
Federal Reserve Bant
1
New York
Philadelphia-.
61.59%
IX
—
Chicago
*
Figures as of Nov.
Kansas City
Includes bills
IX
IX
St. Louis
Minneapolis
17, 1938.
purchased in France,
b Includes bills discounted abroad, c In
the process of revaluing the Bank's gold under the decree of Nov. 13, 1938, the
-three entries on the Bank's books representing temporary advances to the State
IX
IX
Cleveland
Atlanta..-
Effect on
Dec. 9
1H
Boston
a
..
Dallas
The Federal Reserve Bank's
acceptances
Discount Rates of
Richmond
No change
for bills running
Bank is
$547,000.
5,640,971
+93,000,000
with¬
out int. to State..
1
from
Francs
7,141,245,923
1,457,838,272
3,638,100,492
87,272,527,930
10,729,793,611
3,860,929,860
3,832,279,255
109466,895,275 91,933,487,180
Note circulation—- + 2,669,000,000
35,558,930,272 18,454,856,021
•Credit, current accts —2,566,000,000
Adv. against secure.
y%% bid and 9-16% asked.
the New York Reserve
Dec. 4, 1936
16,261,307
French commercial
^ bills
9-16% bid and Yi% asked; for five
+ 253,611 87,264,538,190 58,932,022,187 60,358,742,140
+ 1,000,000
months,
and six months,
The bill-buying rate of
asked; for bills running for four
7-16%
Reserve banks:
Changes
for Week
bankers'
but bills have been in
ported by the Federal Reserve Bank of New York
for bills up to and including 90 days are XA% bid and
for
FRANCE'S COMPARATIVE STATEMENT
fair demand for prime
light supply and the market has been quiet.
There
has been no change in rates.
Dealers' rates as re¬
The
parisons for previous years:
a
acceptances this, week,
.
-
San Francisco.
IX
IX
IX
IX
IX
Previous
Dale
Established
2,
Aug. 27,
Sept. 4,
May 11,
Sept.
1937
Rate
2
1937
IX
1937
2
1935
2
Aug. 27, 1937
Aug. 21. 1937
2
Aug. 21, 1937
Sept. 2. 1937
2
Aug. 24, 1937
2
2
2
3, 1937
2
Aug. 31, 1937
1937
2
Sept.
2
3512
Financial
Chronicle
Course of Sterling Exchange
Dec.
10,
1938
The London "Financial News" index for 30 indus-
and
STERLING exchange is ruling on average firmer trial stocks, on the compared with 83 as 100,1,stood
1, basis of July 1, 1935 Nov.
with
much steadier than last week.
is very
The market
quiet and official operations play the major
part in the movement of quotations.
sterling
under
continues
flight from the pound
uncertainties
on
Nevertheless
with
pressure,
as a consequence
the Continent.
apparent
at 81.9
this
of the political
The range for ster-
Dec.
on
on
98.3 a year earlier, with the high record of 124.9 on
Nov. 18, 1936, and the low of 73.7 on Sept. 28 of
year.
Capital issues floated in Great Britain in November
£12,802,202, compared with £2,627,853 in
were
ling this week has been between 4.66% and 4.69% for
October and with £12,404,174 in November,
bankers'sight bills, compared with
The
of between
a range
$4.62% and $4.68 11-16 last week.
The range for
cable transfers has been between
compared with
$4.68 13-16
$4.66% and $4.69%,
of between $4.62 11-16 and
a range
week ago.
a
'
total
this
year
1937.
£108,501,656,
was
against £153,081,567 in 1937, and the current year's
showing is the lowest since 1930.
•
-
Withdrawal of foreign balances from London since
the
;
Following the improvement in sterling the London
11-month
crisis is reflected in the October statement of-
war
average
weekly
gold price has steadily declined from the record high
banks.
Deposits have declined £53,000,000 in the
of 150s.
past
Nov. 26 to 148s. Id.
on
on
Dec. 6.
on
offer in the London open market is
as
taken for unknown
few weeks it has been
The
gold
always reported
destinations, but in the past
clearly evident that the greater
part of the metal has been taken for the British
change equalization fund.
amount
has
been
On
ex-
days the entire
some
absorbed, while most of the'
so
remainder has been shipped to the United States.
Since Nov. 30 considerable
*
sent
to
France
continued
to
situation is
It
is
as
to have been
sums seem
increase,
that the
so
Paris financial
currently showing improvement.
now
that
apparent
the
four months,
strain to which the
been put.
London
the
of
cover
are
deposits.
$13,000,000,000 in July to
To these
sums
must be added the foreign
market and in stocks and bonds, to say nothing of
gold itself.
Reports
heard of
are
a
steady transfer
from London of foreign money which had not been
"hot"
as
ing the $15,000,000,000 mark.
An indication of the
but which had been held
money
the Bank of
pressure
England
issue
by £30,000*000 in
reserves
and
reserve
a
ratio
as
ex-
in the fact that
Dec. 6 increased the
on
of Government securities held
amount
backing for the note
to
measure
protect its
against the drain from the
year-encl expansion in note issue. The long-term expansion in British circulation during the past several
has been made possible by transfer of gold
years
number of occasions from the British
zation fund to the Bank of
The
on a
ling has made it impracticable
Bank.
'
bonds.
The
to transfer
gold to the
of
the
note
issue
is
100% by gold deposited in the issue depart-
ment of the
There is
an
increasing demand for American
on
the Continent.
discover from New York
sources
securi-
It is hard to
the evidence of this
investment.
Consequently it must be assumed that
much of the money
coming to New York from abroad
in recent months has been
otherwise privately
placed
on
deposit here
a
long time.
The British public
om(L„
apathy toward domestic issues.
or
employed.
The British investment market has
been
for
day
Gold
•
•
are
open
15-16%, three months 29-32%
"
offere in the London
on
on
offer at the time of price
follows:
was as
Monday £145,000,
day £783,000,
on
on
Tuesday £518,000,
on
Thursday £530,000, and
on
Wednes-
on
Friday
At the Port of New York the gold movement for
the week ended Dec. 7,
as
reported by the Federal
'Reserve Bank of New York,
follows:
was as
gold movement at new york, dec.
i-dec. 7, inclusive
Imports
Exports
,19'm,ooo £o5 fndfaand
Ndne
.
$19,272,000 total
Net
Change in Gold Earmarked for Foreign Account
$4,590,000
Note—We have been notified that approximately $3,839,000 of
received at San Francisco, of which $2,930,000
came
from
gold
was
Japan, and
®909'0a0 from Chinaabove
figures
are
week ended
for the
on
Wednesday. On Thursday, there were no imports or
exPorts of the metal, or change in "gold held earmarked for foreign account. On Friday $320,000 of
Sold was received from India. There
or
were no exports
change in gold held earmarked for
f°reign account,
Canadian exchange is reasonably steady. Montreal funds ranged during the week between a dis¬
count of 27~32% and a discount of 25-32%.
Tke following tables show the mean London check
rate 011 Paris> the London open market gold price,
and the price paid for gold by the United States:
declining
displaying
fixing each
On Saturday last £404,000,
£524,000.
of the metal
Bank.
ties in London and
York.
The
•
remainder
are
London
years.
tend slightly toward firmness,
Decrease:
fiduciary issue is that part of the Bank of
England's note issue which is secured by Governbacked
All the gold
exchange equali¬
The
ment
Two-months bills
England.
depletion during the past few months in the
gold holdings required for the defense of ster-
fund's
money rates
exchange equalization fund and for transfer to New
the British
on
seen
several
past
than
Between the end of
the pound is
on
market
the
approach-
September and Dec. 2 United States gold stocks have
increased by $364,000,000.
change fund and
for
open market
this week has been taken for unknown destinations,
understood to be chiefly for account of the British
more
are now
private
which had been invested in the London bill
and four- and six- months bills %%.
$14,000,000,000 in September and
many
banks which have undoubtedly been losing foreign
sterling since the end of September.
mounted from
outward
hint of the
a
only the 11 clearing
In addtion there
there
gold has been lost to the United States, as is evidenced
by the rapidity with which United States gold stocks
clearing
British equalization fund has
exchange
equalization fund has been severely strained and has
lost much gold in its efforts to arrest the decline in
Most of this
the
primarily to
This figure gives
The figures
banks in London.
classed
British
due
movement of capital.
money
the repatriation of French funds
balances
-
mean London check rate on Paris
Saturday, Dec. 3
177.77
Wednesday, Dec. 7_.
Monday,
Dec. 5
177.67
Thursday,
Dec. 8
177.61
Tuesday,
Dec. 6
177.51
Friday,
Dec. 9
.177.57
.177.39
Volume
Financial
147
conditions in Blegium. Ever since
LONDON OPEN MARKET GOLD PRICE
Saturday, Dec. 3
Monday,
__148s. 7%d.
Tuesday, Dec. 6
PRICE PAID
_148s. Id.
FOR GOLD
*.
Wednesday, Dec. 7__—148s. 5d.
Thursday,
Dec. 8
Friday,
148s. 3%d.
Dec. 5
Dec. 9
BY THE
UNITED STATES
148s. lid.
149s. lid.
(FEDERAL
RESERVE BANK)
Saturday, Dec. 3
$35.00
$35.00
35.00
35.00
Wednesday, Dec. 7
Monday,
Dec. 5
35.00
Thursday,
Dec. 8
Tuesday,
Dec. 6
35.00
Friday,
Dec. 9
Referring to day-to-day rates sterling exchange on
Saturday last
slightly
was
up
Bankers'
trading.
for demand and
mercial
at
crisis has been
sight
was
$4.66% for cable transfers.
count
ministerial
belga is most apparent
On Dec. 1, 30-day
at a discount of 2 points under spot and
were
90-day belgas
on
widened to 25 points on
The
10 points
was
Dec. 6, and is
The dis¬
Dec.
on
now
1,
15 points.
banking situation in Belgium is essentially
sound
and
were
it
the
for
not
general unrest in
Europe and the disturbed economic conditions pre¬
vailing throughout the world, the country's strong
banking position would be reflected in firmer
cur¬
The National Bank of Belgium adds to its
rency.
gold holdings from week to week, deriving most of its
gold from London.
Dec. 1
In the Bank's statement for
gold holdings
The Bank's ratio of
ratio of
at 3,492,000,000 belgas
appear
gold to notes
following
78.05% and its
was
gold to total sight liabilities
The
table shows the
was
69.27%.
relation
of
the
leading European currencies to the United States
dollar:
Old Dollar
\'
New Dollar
Parity
Parity
Range
This Week
a
3.92
6.63
16.95
Italy (lira)
13.90
5.26
Switzerland (franc)-..-
19.30
32.67
Holland (guilder)
40.20
68.06
b
France (franc)---
c
Belgium (belga)
a
New dollar
2.62% to
2.65
16.82% to 10.84%
8.91
5.26% to
5.26%
" 22.62% to 22.70%
54.32% to 54.42
parity as before devaluation of the European currencies
b
and Oct. 3, 1936.
Franc cut from gold and allowed to "float" on June 30,1937.
c
On May 5,
between Sept. 30
Com¬
francs to the
$4.65%; 90-day bills at $4.65%; documents for
1938, the franc was devalued on a de facto basis of 179
pound, or 2.79 cents a franc.
The London check rate
and seven-day grain
and grain for payment closed
Cotton
a
currently around 7 points discount.
are
payment (60 days) at $4.65%,
at
Dec. 1
the question of fin¬
over
quotations for belga futures.
belgas
sight bills finished at $4.66%; 60-day bills
bills at $4.66.
impending
The weakness of the
ances.
in
from previous close in
$4.68%@
$4.68 9-16; cable transfers $4.68 7-16@$4.68 13-16.
On Monday sterling was much firmer in dull trad¬
ing.
The range was $4.68 15-16@$4.69 9-16 for
bankers' sight and $4.69%@$4.69% for cable trans¬
fers.
On Tuesday sterling fluctuated more widely
in limited trading.
Bankers' sight was $4.68%@
$4.69%; cable transfers, $4.68%@$4.69%.
On
Wednesday sterling was lower and steady in a quiet
market.
Bankers' sight was $4.68@$4.68%; cable
transfers $4.68%@$4.68%.
On Thursday sterling
was off sharply due
to the Italian threats against
French colonies.
The range was $4.66%@$4.67%
for bankers' sight bills and $4.66%@$4.67% for
cable transfers.
On Friday the pound continued
under pressure. The range was $4.66%@$4.66 15-16
for bankers' sight and $4.66%@$4.67 1-16 for cable
transfers. Closing quotations on Friday were $4.66%
limited
3513
Chronicle
at
New York
$4.66%.
Paris closed
on
on
Friday
177.54, against 177.87 on Friday of last week. In
sight bills
on
the French center finished at
2.63, against 2.63% on Friday of last week; cable
Continental and Other Foreign Exchange
transfers
FRENCH Infrancs moved dollar the unit generally
irregularly during the
of the
week.
terms
followed sterling, but in terms
of sterling the franc
at
2.66 1-16, against 2.63 9-16.
Antwerp
belgas finished at 16.83% for bankers' sight bills and
•
at
16.83% for cable transfers, against 16.82% and
Final quotations for Berlin marks
16.82%.
40.08 for bankers'
were
advantage of Paris
at 177.32 on Wednesday, the most favorable quota¬
tion for the franc since the de jure stabilization
transfers, in comparison with 40.08% and 40.08%.
in
at
firmer, being quoted to the
was
May.
'
In the
since
early part of the week, as had been the case
mid-November, there appeared to be a con¬
siderable repatriation
of French funds from abroad,
chiefly from London.
However, this repatriation of
held abroad came to an abrupt close
in the later trading on Wednesday as the growing
anti-French demonstrations in Italy threatened to
French capital
mar
efforts toward a
general European appeasement.
demands was
The immediate result of the Italian
to
check
French
sustained
the
in
francs
market and to
cause
recovery
of
sterling and
New York foreign exchange
the
wide declines in the two units.
Heavy selling pressure
addition to the Italian
developed
on
the franc
as
in
dispute there was the pressure
consequent upon the continued unfavorable trade
balance.
The French control was compelled to give
occasional support to
Otily
a
the
currency.
few days ago the Paris authorities were con¬
London would
Italian lire closed at 5.26 for bankers'
of the
over
a
steady appreciation
the Paris
on
Czechoslovakia finished at
3.42%,
against 3.42; on Bucharest at 0.74, against 0.74; on
against
2.07,
2.07%.
on
Finland at
Greek exchange
Poland at 18.89, against
18.86%; and
closed at
0.85%, against 0.85%.
'
•
•
—♦—
EXCHANGE on the countries neutral during the
presents
features from those of
war
no
recent weeks.
close
new
The Scandinavian currencies
sympathy with sterling,
move
in
Holland
independently and
while the
guilder and the Swiss franc move
Sept. 26 when they were
have shown firmness since
detached from the sterling tie.
However, both the
guilder and the Swiss franc are currently somewhat
easier, due in part to the uncertainty felt with
respect to the course of sterling and the French franc
and in some measure to the movement away from
these currencies into dollars.
The
Netherlands
Bank
showed gold holdings of
from
reduction
the
statement
for
Dec.
5
1,461,000,000 guilders, a
week of 20,000,000
previous
market, the underlying French mone¬
guilders, due probably to transfer of gold to the
Holland equalization fund in connection with the
and economic situation shows no improvement
the trends characteristic of the past few years.
gold payment of the Mendelssohn's French credit
on Nov. 10.
The Bank's ratio of gold to total sight
money
market.
the exchange
tary
would result in
franc and lend increasing ease to
sight bills and
5.26% for cable transfers, against 5.26 and 5.26%.
Exchange
fident that the inflow of funds from
continue and
sight bills and 40.08% for cable
The
Aside from current factors affect-
Belgian currency after some weeks of com¬
parative firmness is again displaying an undertone
of ease.
This is due,entirely to disturbed political
liabilities
stands at 80%.-
Bankers'
at
sight
on
Amsterdam finished
54.34, against 54.39 on
on
Friday
Friday of last week; cable
3514
Financial
transfers
at
sight bills
againstj54.39; and commercial
54.34,
54.29,
at
finished
checks
22.71.
20.84% and cable transfers at
at
closed
Sweden
on
cable transfers
24.04% and
at
Checks
at
24.04%, against 24.12% and 24.12%; while checks
Norway finished at 23.46 and cable transfers at
on
23.46, against[23.53 and 23.53.
♦
■
■
■
1938
Conference
The
forthcoming conference at Lima, Peru,
Copenhagen
20.84%, against 20.90% and 20.90%.
10,
The United States and the Lima
and at 22.62% for cable
and
22.71
against
Dec.
Swiss francs
54.34.
against
closed at 22.6224 f°r checks
transfers,
Chronicle
likely to have before it,
as one
seems
of the principal items
of its
actual
tance
by the American republics to alien political
agenda, the question of united resis¬
doctrines and
that is
systems, and to foreign aggression if
attempted. A considerable effort
have been made to
appears to
the Latin American peo¬
arouse
■
ples to the dangers of German and Italian propa¬
EXCHANGEin allthe South American countries is
unchanged on important respects. The quota¬
tions for
of the South
most
nominal
a
as
Americans
exchange. The Argentine peso, which enjoys the most
freedom among
to reflect the
the South American units, is inclined
changes in sterling. Advices from Buenos
Aires state that October
the
wool exports are up
a
foreign trade figures indicate
probability that the turning point for the better
has been reached in
whole
are
the
Argentine
bankers'
Argentina's foreign trade.
Its
12%, while Argentine exports
closed
Friday at 31% for
on
sight bills, against 31.22
on
Friday of last
week; cable transfers at 31%, against 31.22.
unofficial
free
or
market
against 22.55@22.75.
at 5.90
quoted
close
5.19
(official),
The
22.60@22.75,
was
Brazilian mileris
(official), against 5.90.
at
as
highest since February.
paper pesos
quoted
are
Chilean exchange is
against
5.19.
cal
territorial
or
Peru
is
would make Latin America
There is
to attack.
the
or
Africa that
exposed than
more
inseparable from such
now
a program
subject of armament, and with the example of
the United States before them the other States may
not
unnaturally be expected to conclude that they,
should
too,
their
develop
establishments in
war
preparation for the day when national defense
become the supreme
issue.
general armament increase, but since Mr.
a
Roosevelt has
the
publicly promised, although without
backing of Congress, that in case of invasion the
United
States would
further
envisaged the Americas
of
united
front
to
before
comes
EXCHANGE on unfavorable to the Far East
largely the Far Eastern countries con¬
as
garded
has been the
Japanese invasion of
help defend Canada and has
as
offering
a
kind
European aggression, there is
for thinking that the general issue, if
every reason
it
may
Officially, there has been
public encouragement by the American Govern¬
no
ment of
nominally quoted at 20%, against 20%.
—»
their guard against politi¬
on
changes in Europe
largely
are
of the strict control of
consequence
ganda, and to put them
Lima
the
conference, will be
re¬
States.
tinues
China.
points
case ever
since the
Day-to-day quotations for all Far Eastern
affected by and
are
Closing quotations for
27.23, against 27.30
on
move
yen
question merits examination not only by it¬
were
Hong¬
bearing
against
16.08@16%;
49.90; Singapore at 54%,
upon
question of Pan-American solidarity.
doubt that German and Italian
against 29%@29 7-16;
16 1-16@16%,
Manila at 49.90, against
The
self but also because of its
checks yesterday
Friday of last Week.
kong closed at 29%@29%,
Shanghai at
with sterling.
carrying the endorsement of the United
as
some
time been
actively carried
the Latin American
States, and
against 54 9-16; Bombay at 34.87, against 34.00; and
represented it
Calcutta at 34.87 against 34.00.
ration for the conference.
as
the general
There is
on
in
press
a
number of
reports have
especially active at Lima in
The
no
propaganda has for
primary aim,
prepa¬
presum¬
ably, has been to win support for fascism and its
Gold Bullion in European Banks
political methods and, incidentally, increase the op¬
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
portunities for trade, but there is reason for sus¬
of
pecting that such intensification of propaganda as
par
exchange) in the principal European banks as-of
respective dates of most recent statements, reported
has taken
to
larly at discrediting the United States and weaken¬
by special cable yesterday (Friday); comparisons
us
are
shown for the
four
Banks of—
.corresponding dates in the previous
'
years:
1937
1936
1935
1934
£
£
£
£
£
England
327,613,945
327,578,838
France
295,811,223
310,168,538
Germany b-
3,007,350
2,509,500
Spain
c63,667,000
87,323,000
Italy
a25,232,000
123,418,000
25,232,000
115,138,000
98,457,000
115,590,000
96,054,000
Netherlands
Nat. Bele'm
Switzerland
Sweden
Denmark
Norway
_
_
249,314,840
482,869,937
1,906,850
87,323,000
42,575,000
200,082,992
192,736,935
527,239,347
658,514,5C5
3,362,155
2,872,200
a
propaganda offensive, the United States has
given it in Such things
of
speech
launched
90,666,000
65,081,000
in the Federal
47,491,000
52,342,000
106,207,000
99,431,000
70,308,000
71,513,000
and their
77,646,000
82,500,000
46,743,000
26,065,000
24,321,000
22,086,000
69,482,000
15,785,000
6,547,000
6,553,000
6,555,000
7,396,000
8,205,000
6,602,000
6,603,000
6.602.000
the Chicago "quarantine"
Roosevelt,
the
invectives
by public officials, including some high
90,209,000
32,857,000
6,536,000
as
President
42,575,000
service, against Nazism and Fascism
leaders, and resolutions of societies and
6,583,000
Total week. 1,100,394,118 1,080.863,876
1,137,664,627 1,097,207,494 1,250,937,640
Prev. week. 1,099,847,563 1,084,325,514
1,045.487,000 1,101.930,825 1,250.862,951
a
ing its influence at Lima. If provocation were needed
for
1938
place in recent months has aimed particu¬
public meetings which have assumed to represent
public opinion.
There was, doubtless, some further
ground for hoping that propaganda would succeed
Amount held Dec. 31,
1936, latest figures available,
b Gold holdings of the
abroad, the amount of which Is now
As of April 30, 1938, latest
figure available.
Also first
report subsequent to Aug. 1, 1936.
The value of gold held by the Bank of France Is
presently calculated, In accordance
with the decree of Nov. 13. 1938, at the rate, 27.6
mg. gold. .9 fine, equals one franc;
previously and subsequent to July 23, 1937, gold In the Bank was valued at 43 mg.
gold. .9 fine, per franc; before then and after Sept. 26, 1936, there were
49 mg. 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 holdings
(7.9881 gr. gold ll-12ths fine equals £1
sterling), the sterling equivalent of 296
francs gold in the Bank of France Is now
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
equaled £!.
Bank of Germany are exclusive of gold held
reported at £529,300
because of the presence
c
Italian
States,
upon
minorities
a
in
of important German and
the
larger
Latin American
relatively slender hold of democratic ideas
the minds of Latin American peoples, and the
fact that few Latin American States have failed to
show, in their list of rulers, one or more dictators.
Volume
A
united
were
Financial
147
front,
the other hand, would, if it
on
realized, confront Latin America with some
difficult situations.
for any
It would doubtless be
State that chose to do
would not improve relations with
expulsion
the States to which the
mails
the press
and
rigid censorship
citizens who had
propagandists belonged, the
would still be open unless a
set up, and the activities of
were
espoused Nazi
felt called upon to progagate
or
Fascist views and
them could with diffi¬
culty be curbed. A united front, moreover, implies
the
existence
of
an
actually embodied or
enemy,
prospective, to whose advances
resistance is to be offered.
the enemy
some
kind of joint
Who, what
or
where is
against whom Latin America would be
urged to combine its forces?
war
able for
Material weapons are
likely to
it would not
rope or
improve diplomatic relations with Eu-,
Asia if it
republics
effective against ideas, and
prove very
were
known that the American
were
arrayed in opposition to Germany,
Italy and Japan merely because in those countries
prevail.
dictatorships
front
united
is
The
provocative,
wishes to remain at peace
suggestion
mere
and a
of
a
State which
will not, if it is wise, de¬
or
jointly with others.
*
The role of the United States in
/
maintaining the
political integrity and independence of the Ameri¬
can
republics calls
joint policies of
any
are
United States
without any
of
role
dictator, is what the Latin American peo¬
and
and,
on
impairment of friendly
members, as that of a lord pro¬
frequent occasion, as that of a boss
indirectly an exploiter. Today, when the Mon¬
Doctrine has been
roe
for the
pushed aside to make room
policy of the "good neighbor," cooperation
for peace
and mutual benefit is emphasized.
ferences
be
in
in
If the
part the task of the United States, and the danger
tration
regarded by the Adminis¬
equal to, or inextricably bound up with,
as
that of this
country, the demand for preparedness
by land, sea and air may be expected greatly to out¬
run
the large plans
even
is already
which the Administration
American
thing that could happen at Lima would
avoid all commit¬
be for the assembled Powers to
joint action for defense, whether against
ments to
foreign isms or foreign material aggression.
If the
majority of Latin American peoples desire Fascism,
no
power
on
earth
can
show
States
(differences, it may
they feel entirely able to protect their own inter¬
ests and have
It is
this
on
no
excited fear of
will have to build.
ous
obstacles to
There
what, if
be described
may
minds."
as
are
an
admittedly
prevent them from "going
international "meeting of
a
"good neighbor" policy, Latin America
forgotten the time when the American Gov¬
boasted
ernment
of its supremacy
and assumed
that
not to its
were
liking. There
are
difficulties of
language and marked differences of national tradi¬
tion
No
culture.
and
that which flows to
direction of Latin
tourist
tide
comparable to
Europe is likely to turn in the
America, and the distances
■*'.!
great if one travels by sea.
Yet
hopeful
has bene
progress
States, to keep it from establish¬
It is as separate and
independent States, however, that they can best deal
problem. There is no reason to expect that
specious in theory and a wreck
made re¬
workable in Latin America. It will be
practice in Europe, can be revived and
spectable or
easier to void commitments if
the American repre¬
sentatives at the conference, while
giving all proper
emphasis to the ideas of the "good neighbor,"
from
refrain
emphasizing the armament issue or intimating
are
\
v
made, and it is cordially to be hoped that
the Lima conference may
hasten the pace.
The
re¬
ciprocal tariff agreements which Secretary Hull has
far
a
reciprocal tariff privileges go, from gaining
as
American
with
foothold in trade
substantial
countries
some
South
by credit extension or under¬
selling. It is ill the development of trade on a basis
States
which makes the United
for Latin
effort to
a
valuable market
America, without fear of dumping in an
get rid of some unmanageable surplus here,
j that the best success for cooperation is to be ex¬
pected.
.
There is less to be said for some of the
of
political
attention of
for
schemes
cooperation which have engaged the
previous conferences.
Ambitious plans
joint agreements to abstain from aggressive war,
to extend aid to other Powers if
and aid is
they are attacked
needed, and to submit all controversies to
elaborately contrived arbitration bodies belong to
to believe that the
thing
more
than
a
political leaders still affected
Kellogg anti-war pact was some¬
hollow pretense, and when the
League of Nations was still harping upon
collective
security and claiming an official voice in interna¬
tional
be in
disputes. How futile this kind of thing would
practice
can
be perceived by asking whether
States, if it were involved in a serious
dispute with a Latin American republic,
in
v
in mutual understanding
in their individual
collective security,
a
right to interfere by force in political situations
Fascist"; if they do not wrant it, they have the power
with the
seri¬
spite of President Roosevelt's announce¬
the United
ing itself in their territory.
some
legal phrase may be used,
a
In
of
ment
foreign aggression.
spirit of independence that cooperation
the time when some
supposed to have in hand. *
The best
size, population and wealth that the
noted, similar to those that obtain in Europe),
protection of all the Americas, however, is to be
to Latin America is to be
For all the dif¬
ples and their governments desire.
Latin
south, but
assumption by the United States of the
negotiated have been helpful, although they have not
relations with its
tector
countries to the
prevented Germany, which has been blacklisted as
long interpreted, to the increasing irritation
of Latin America and the
and the
determination if
the Monroe Doctrine the role of the United States
was
opinion could be
to be adopted. Under
careful
for
kind
are
taken, it is probable that cooperation between the
liberately invite discrimination or attack either by
itself
of Latin American
census
has not
not
avail¬
anything except national defense.
a
possible
propagandists and keep others from replacing them,
but
forces of the United States
that the
If
to expel foreign
so
3515
Chronicle
mit its case to the final
decision of
body in which Latin America was
an
would sub¬
arbitration
predominantly
if
be set
least at the present time,
represented. It would be well if such proposals,
pushed to actual discussion at Lima, could
aside
and
as
as
impracticable, at
obstacles to the informal, but far more
ef¬
cordial and helpful
everyday relationships in politics and trade, and a
conviction, which Secretary Hull and his associates
at Lima can do much to deepen, that a "good neigh-
fective, cooperation based upon
Vs
3516
bor"
Financial
means
nothing
cal
action
are
Jess than
more nor
bor and that elaborate
a
Chronicle
the
to
make
of
the
10,
1938
losses
already sustained (estimated at
$800,000,000 American currency), and the outlook for for¬
eign business men.
The partisan and propaganda standing
of the pamphlet is evidenced by the publisher's statement of
good neigh¬
agreements for united politi¬
not needed
extent
Dec.
neighborliness
belief that the circulation of the information in the United
effective.
States, Great Britain and elsewhere will "lead to the adoption
what is left of foreign in¬
rights" in China.
of determined measures to protect
vestments and commercial
The Business Man's
Credit Manual of Commercial
Bookshelf
Edited
tion
in China
Pages.
Shanghai: The
China
Weekly
The New Capital Flotations in the United
and for the
capital flotations in November reached
for
August,
a
$470,208,890 for July,
is found that March accounted for
a
$511,614,398 for
was
Dur¬
year
it
grand total of $245,-
747,393, February showed $200,518,612 of
new
issues, while
The grand total of $388,587,925 for November
an
comprised
offering for the Government of the
Dominion of Canada of $40,000,000 30-year 3% bonds due
Nov. 15, 1968, floated at 9734, to yield about 3,14%;
$25,000,000 Argentine Republic 10-year 434s due Nov. 1,
1948, offered at 9534. to yield about 5.08%; and $21,700,000
falling under the head of Farm Loan and publicly-
of issues
offered governmental agency securities.
We mention here that
our
compilations, as always, are
comprehensive, and include the stock, bond and note
issues by corporations, by holding, investment and
trading
very
companies,
and by State and municipalities, foreign and
domestic, and also Farm Loan issues and direct public offer¬
ings by governmental agencies.
Financing through the sale by borrowing corporations of
directly to the ultimate investor, usually a group
bond issues
of life
insurance companies, rather than through the medium
underwriters, continued during November.
During the
of
month
our
records indicate that
a
total of nine corporate
issues, aggregating $113,320,000, were placed privately or
semi-privately.
In the month of October a total of five cor¬
porate issues
the month of
for
a
total of
August
our
were so
placed for
September
$45,790,000
a
a
total of $10,700,000.
In
total of six corporate emissions
were so
records show that
a
placed.
In the month of
total of 14 corporate issues
aggregating $117,513,000
were
placed privately or semiDuring the month of July 15 different issues
amounting to $49,692,000 were placed privately or semiprivately.
In the month of June 20 issues amounting to
$90,385,000 were also placed privately.
During the month
of May six issues
aggregating $22,240,000 were placed pri¬
vately.
In the month of April nine issues amounting to
$17,117,780 were so placed.
In the month of March seven
issues amounting to
$61,035,000 were so placed.
In the
month of February three issues
totaling $35,050,000 were also
placed privately, and in January last three small issues total¬
ing $1,401,000 were reported as having been placed privately.
This makes a grand total of
$564,243,780 in corporate se¬
curities, covering 97 separate issues, placed privately or semiprivately in the first 11 months of 1938, and compares with
$425,351,000 of corporate securities, comprising 99 different
issues, so placed in the corresponding period of 1937.
privately
.
United States
$6.60.
Treasury Financing During the Month of
November, 1938
Secretary of,, the Treasury Morgenthau on Oct. 27 an"
nounced a new offering of $100,000,000 or thereabouts of
The bills were dated Nov. 2 and will
Tenders for the bills totaled $399,386,000, of which $100,241,000 was accepted.
The average price
for the bills was 99.993, the average rate on a bank discount
91-day Treasury bills.
mature Feb.
1,1939.
basis
being 0.027%.
Issued to replace maturing bills.
Morgenthau announced a new offering of
$100,000,000 or thereabouts of 91-day Treasury bills.
The
bills were dated Nov. 9 and will mature Feb. 8, 1939.
Ap¬
plications for the bills totaled $331,119,000, of which $100,729,000 was accepted.
The average price for the bills was
99.994, the average rate on a bank discount basis being
0.022%.
Issued to refund maturing bills.
Mr. Morgenthau on Nov. 9 announced a new offering of
$100,000,000 or thereabouts of 91-day Treasury bills.
The
bills
were
16
and
will mature
Feb.
15,
1939.
dated Nov. 23 and will mature Feb. 23,1939.
Tenders to the
offering amounted to $323,934,000, of which $100,323,000
was
accepted.
The average price for the bills was 99.993,
the average rate on a bank discount basis being 0.026%.
Issued to refund maturing bills.
«
On Nov. 24 Mr.
Morgenthau announced a further new
offering of $100,000,000 or thereabouts of 91-day Treasury
bills.
The bills
were
dated Nov. 30 and will mature March 4,
1939.
Applications for the bills totaled $325,620,000, of
which $100,304,000 was
accepted.
The average price for
the bills was 99.995, the
average rate on a bank discount
basis being 0.021%.
Issued to replace maturing bills.
Baby bond sales during the month aggregated $37,103,127.
Total sales of this type of securities
during the first 11 months
of 1938 have amounted to
$503,949,538.
In the following we show in tabular form the
Treasury
financing done during the first 11 months of the current year.
The results show that the Government
publicly disposed of
$7,579,842,138 in that period, of which $5,770,722,200 went
to take up
existing issues and $1,809,119,938 represented an
addition to the public debt.
For November alone the dis¬
posals amounted to $539,244,127, of which $502,141,000
comprised refunding and $37,103,127 constituted new debt.
UNITED STATES TREASURY FINANCING
MONTHS OF
DURING THE FIRST ELEVEN
1938
Detailed figures for first six months appeared In Issue of the "Chronicle" dated
July 9. 1938.
PUBLIC
Date
page
183)
FINANCING
Amount
First six
Dated
months
ing done publicly, in addition
July
Due
Amount
Applied for
Accepted
S
Offered
June 28 July
to "baby bond" sales, com¬
prised five single Treasury bill issues sold on a discount basis.
The details are recorded further below.
Nov.
dated
Subscriptions to the offering totaled $288,457,000, of which
$100,544,000 was accepted.
The average price for the bills
was 99.993, the
average rate on a bank discount basis being
0.027%.
Issued to replace maturing bills.
On Nov. 17 Secretary of the Treasury Morgenthau an¬
nounced another new offering of 91-day Treasury bills in
the amount of $100,000,000 or thereabouts.
The bills were
Government issues appeared in the usual
order during the month of November.
The month's financ¬
Men.
On Nov. 1 Mr.
$121,544,413.
$145,438,685 of corporate issues; $156,449,240 of State and
municipal securities;
New
re¬
$415,179,-
ing the months comprising the first quarter of the
January the grand total
Credit
of
States During the Month of November
Calendar Year 1938
grand total
against $764,759,873
as
June, $221,127,172 for May, $352,212,019 for April.
for
Ran¬
Eleven Months of the
corded for October, $238,812,755 for September,
181
Laws, 1939
W.
In addition to thorough revision of the sections deal¬
ing with business law and the section devoted to a summary
of State laws, there have been added new sections on the
Chandler Act, the Fair Labor Standards Act, trust receipts,
a calendar of corporation reports
and taxes, and a list of
uniform laws which States have adopted.
There is also a
summary of State laws relating to public improvement bonds
and the misapplication of construction funds.
pamphlet, consisting mainly of two
articles reprinted from the "China Weekly Review," is
interesting and timely for such facts as are presented.
The
material, gathered, it is stated, mainly from Japanese
sources ana in part from non-Chinese sources "with no axes
to grind," is intended to show in some detail the methods
employed by Japan to root out foreign interests in China,
$388,587,925 for the month,
Heimann,
out.
The material in this
New
H.
The annual volumes of this well-known manual grow with
the years, this 31st annual issue being the largest yet brought
Review
of
Henry
dolph Montgomery and Richard G. Tobin.
762 Pages.
New York: Na ional Associa¬
Japan's War on Foreign Business
74
by
%
total
Price
Yield
3,953.914.491
6
91
days
189,753,000
100,001,000 Average
99.994 *0.023%
July
7 July
13
92
days
14 July
21 July
20
91
days
210.024,000
187,824,000
100.214,000 Average
100.124.000 Average
99.990 *0.038%
July
27
91
days
264,955,000
J'lyl-30 Jlyl-30
10
yrs.
43,727,877
100.224,000 Average
43,727,877 Average
July
total
444,290,877
99.986 *0.054%
99.985 *0.059%
75
♦2.9%
Financial
Volume 147
3517
Chronicle
Features of November Corporate
Date
Amount
Dated
Offered
Accepted
Yield
Price
S
$
July
28 Aug. 3
4 Aug. 10
Aug. 11 Aug. 17
Aug. 18 Aug. 24
91
days
289,356.000
100,315,000 Average
99.984 *0.062%
Aug.
91
days
303,121,000
100.025.000 Average
99.989 ♦0.044%
91 days
285,722,000
100,493,000 Average
99.988 *0.047%
91
days
245,680,000
99.988 *0.048%
Aug.25 Aug. 31
91
days
251.175,000
100,057,000 Average
100,506,000 Average
Aug .1-31 Aug.1-31
10 yrs.
Augu
99.988 *0.047%
538,599,346
99.988 *0.049%
99.974 *0.103%
2.50%
100
1.125%
100,148,000 Average
91 days
228,970,000
Aug. 30 Sept. 7
91 days
Sept. 8 Sept. 14
218,660,000
Sept. 8 June 15 12-14 yrs. 4,884,592,750
Sept. 8 June 15
4J^ yrs. 3,088,775,200
91 days
Sept. 15 Sept. 21
260,895,000
100,000,000 Average
100
858,920,200
368,940,300
100,043,000 Average
Sept. 22 Sept. 28
91
days
Septl-30 Septl-30
10 years
99.973 *0.106%
99.964 *0.142%
100,026,000 Average
279,925,000
34,840,188
34,840,188
5
91
days
455,786,000
6 Oct.
13
91
days
425,732,000
100,040,000 Average
13 Oct.
19
91
days
Oct.
20 Oct.
26
91
days
320,338,000
297.144,000
100,028,000 Average
100,467,000 Average
10 years
40,215,609
99.992
99.995
99.995
99.994
100,125,000 Average
Oct.
•Oct.
Oct 1-31 Oct 1-31
Octob
*0.032%
*0.022%
*0.022%
*0.026%
*2.90%
75
40,215,609
Making further reference to the new corporate offerings
announced during November, we note that public utility
issues accounted for $79,530,000,
which compares with
$279,100,000 in October.
Industrial and miscellaneous is¬
sues totaled $65,908,685 in November as against $58,058,754 reported for them in October.
There was no railroad
financing during the month of November.
The total corporate securities of all kinds put out during
November was, as already stated, $145,438,685, of which
$121,300,000 comprised long-term issues, $40,000 was of
short-term maturity, and $24,098,685 represented stock
offerings.
The portion of the month's corporate offerings
devoted to refunding operations was $102,367,800, or more
than 71% of the total.
In October the refunding portion
was
$273,237,144, or more than 81% of the total.
In
September the refunding portion was $65,135,600, or more
than 43 % of the total.
In August the refunding portion was
$211,140,930, or more than 62% of the total.
In July the
refunding portion was $55,545,325, or more than 31% of the
total.
440,875,609
total
er
*2.90%
75
.
1,662,917,588
Septe mber to tat.
Sept. 29 Oct.
*2.9%
75
37,203,346
37,203,346
total
st
27 Nov.
2
Nov.
1 Nov.
Nov.
99.993 *0.027%
331,119,000
100,241,000 Average
100,729,000 Average
288,457,000
100,544,000 Average
99.993 *0.027%
99.993 *0.026%
91 days
399,386,000
9
91
days
9 Nov. 16
91
days
99.994 *0.022%
Nov. 17 Nov. 23
91
days
323,934,000
100,323,000 Average
Nov. 24 Nov. 30
91
days
325,620,000
Novl-30 Novl-30
10 yrs.
99.995 *0.021%
100.304,000 Average
75
*2.90%
37,103.127
37.103,127
539,244,127
Nove mber to tal.
*
Average rate on a bank discount basis.
Use of
Funds
Type of
Indebtedness
Refunding
561,690,391
3,953,914,491
6
bills
92-day Treas. bills
91-day Treas. bills
91-day Treas. bills
U. S. Savings bonds
July
13
20
...
27-July
1-30
July
Total
3,392,224,100
100,001,000
100,214,000
100,124,000
100,224,000
43,727,877
total
91-day Treas.
July
July
Accepted
100,001,000
444,290,877
First six months
400.563,000
43,727,877
50,021,000
50,109,000
50,269,000
50,409,000
50,020,000
50,294,000
3
91-day Treas. bills
100,315,000
Aug. 10
91-day Treas. bills
100,025.000
Aug. 17
91-day Treas. bills
91-day Treas. bills
100,493,000
100,057,000
100,506,000
U. S. Savings bonds
100,214,000
100.124,000
100,224,000
43,727,877
37,203,346
Aug.
Aug. 24
...
Aug. 31
1-31
Aug.
91-day Treas. bills
7
Sept.
50,486,000
287,771,346
250,828,000
100,148,000
91-day Treas. bills
49,916,000
50.224,000
49,648,000
37.203,346
538.598,346
Total..
100,148,000
8ept.14
91-day Treas. bills
100,000,000
100.000,000
June 15
234% Treas. bonds
858,820.200
15
368.940,300
397,239,100
26,850,000
Sept. 21
1J4% Treas. notes
91-day Treas. bills
100,043,000
100,043,000
Sept.28
91-day Treas. bills
100,026,000
34,840,188
100,026,000
1,662,917,688
824,306.100
June
U.S. Savings bonds
1-30
Sept.
Total
than
Features of November Private Financing
New
Total Amount
Security
Dated
In June
the refunding portion was $98,791,000, or
33% of the total.
In May the refunding portion
was
$25,691,650, or more than 40% of the total.
In April
the refunding portion was $66,750,000, or more than 85%
of the total.
In March it was $57,643,000, or about 70%
of the total.
In February the refunding portion was $62,325,590, or about 60% of the total, and in January the re¬
funding portion was $4,031,400, or more than 7% of the
total.
In November a year ago the amount for refunding
was $1,120,000, representing about 3% of that month's total.
more
Oct.
Financing
Amount
Applied for
Due
461,681,100
342,090,300
The largest
emission during November, 1938, which was
placed privately with a group of insurance companies and
which also was the largest refunding issue, was $40,000,000
Goodyear Tire & Rubber Co. (Akron, Ohio) 1st mtge. &
coll. trust 3 Ms, 1958, the proceeds of which are to be used
entirely for refunding.
Other sizable issues worthy of men¬
tion were: $34,000,000 Commonwealth Edison Co. (Chicago)
1st mtge. 3Ms, series I, June 1, 1968, priced at 104, and
$15,000,000 Connecticut Light & Power Co. 1st & ref. mtge.
3Ms, series H, Dec. 1, 1968, sold at 104.9124, to yield about
3.(X)%, both placed privately..
Included in the month's flotations was an offering of
$20,300,000 Federal Intermediate Credit Banks 1% consoli¬
dated debentures, dated Nov. 15, 1938, and due in six and
11 M months, priced at a slight premium over par value;
$950,000 Atlanta Joint Stock Land Bank 1M,% an(l 2%
refunding Farm Loan bonds, due Dec. 1, 1939-41, offered
at
2.00%; and $450,000 First
Ala., 3M% Farm
refunding bonds, due Nov. 1, 1945, priced at 100,
100, to yield from 1.00% to
Joint Stock Land Bank of Montgomery,
34,840,188
838,611,588
Loan
yield 3.25%.
During the month the Argentine Republic floated in this
country an offering of $25,000,000 10-year 4Ms, due Nov. 1,
1948, issued at 95M, to yield about 5.08%.
There were but two offerings during the month of Novem¬
to
,
Oct.
5
100,125,000
100,125,000
Oct.
13
91-day Treas. bills
100,040,000
100,040,000
Oct.
19-.
91-day Treas. bills
100,028,000
100,028,000
Oct.
26.-
91-day Treas.
bills
100,467,000
100,467,000
U.S. Savings bonds
40,215,609
1-31
Oct.
bills
91-day Treas.
40.215,609
440,875,609
Total
40,215,609
400,660,000
Nov.
2
91-day Treas. bills
100,241,000
Nov.
9
91-day Treas. bills
100.729,000
100,544,000
100,544,000
91-day Treas. bills
100,323,000
100,304,000
100,323,000
Nov. 16.
Nov. 23
-
91-day Treas. bills
Nov. 30
1-30
Nov.
U. 8. Savings
Grand
100,304,000
•
conversion privilege ends.
37,103,127
502,141,000
37,103,127
7,579,842,138
total
National Gypsum Co. $4.50 conv. pref. stock, convertible
$17 per share for the first year through
30, 1939, thereafter at $20 per share through Nov. 30,
1941, thereafter at $23 per share through Nov. 30, 1943, and
thereafter through Nov. 30, 1945, at $26 per share, when the
Nov.
539,244.127
Total *
kind-
into common stock at
37,103,127
bonds
right to acquire stock on a basis of one
another, namely:
60,000 shs.
100,241,000
100,729,000
91-day Tieas. bills
ber carrying a
or
5,770,722.200
1,809.119,938
$600,000 Richmond Radiator Co. 10-year conv. debenture 5s, Nov. 1,
1948, convertible for each $50 face value into 15 shares of
common stock until Nov. 1,1940,10 shares until Nov. 1, 1942,
and 6 shares thereafter to maturity.
The
INTERGOVERNMENT FINANCING
should be made in our figures
changes
following
published for May, 1938:
'
Issued
Net Issued
Retired
$
1938
$
NOTES
LONG-TERM BONDS AND
Allocation
$
1,018,785,000
448,921,000
1,000.000
*1,000,000
136.708.6o6
47,000
135,661,000
136.708,000
1,047,000
82,000,000
500,000
81.500,000
52.900,000
2.048,000
50,852,000
134.900.000
2,548,000
132,352,000
of Proceeds
134,661,000
1,467,706,000
First six months total
Issue
$1,540,000 John Shillito Co. AM %
Classification—
Miscellaneous
Add
serial notes
New
cap.
July—
Certificates
-
Notes..
Total..
The following
changes should be made in our figures
lished for November,
pub¬
1937:
LONG-TERM
BONDS AND NOTES
Allocation
August—
Certificates
Notes
.
Classification—
Oil
& 334
Total..
*
Transfer $9,000,000
STOCK
1,000,000
-
5,500.000
40,146,000
Allocation
x4,500,000
34,620.000
-
-
..
x5,626,000
*10.126.000
xl4,600,000
2,564,000
Add
Other Indus. &
33,500,000
-
-
Total
33,500.000
-
17,164.000
16,336,000
Other Indus. &
Add
Other Indus. &
Total 11 months.
Comprises sales of special
-
--
500.000
95..500,000
47.600,000
1,541.000
46.059,000
143,600,000
2.041,000
141,559,000
1,950,934.000
-
-
1,087,231.000
863.7C3.0 0
series certificates and notes;
certificates sold to
Service Certificate Fund and Unemployment Trust Fund, and notes to
Account, Railroad Retirement Account, Civil Service Retirement
Fund, Foreign Service Retirement Fund. Canal
Zone Retirement Act, Alaska
Railroad Retirement Fund. Postal Savings System and Federal Deposit Insurance
Corporation.
* Retired.
Adjusted
Old Age Reserve
New cap/'
James Hanley Co. common
*
Upson WaltonCo.common New cap.
The Hilton-Davis ChemlH
tnfg.
mfg.
mfg.
600,000
11,328
135,000
cal Co
*$330,000 new capital,
In the elaborate
96,000.000
Total
of Proceeds
30,936,000
November—
Notes
,
$629,940 Tampa Electric Co.
Public utility
Add
October—
Notes
Issue
Classification—
Add
45,646,000
14,600,000
35,520,000
Total
*
% debs., 1939-45
Refunding to New Capital.
September—
Certificates
Notes
of Proceeds
Issue
$9,000,000 Phillips Petroleum Co. 3%
New
c ap
$270,000 refunding.
and comprehensive tables on
the succeed¬
the foregoing figures for 1938 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison.
We also furnish a detailed
analysis for the "five years of the corporate offerings, showing
separately the amounts for all the different classes of cor¬
porations.
' '
Following the full-page tables we give complete details of
the new capital flotations during November, including every
issue of any kind brought out in that month.
ing pages we compare
.
Oi
H—1
CO
00
a>
81
K*
K*
00
J?
S3
29,80 0 10, 0 10, 0 92,0130 14.891,30
Refundi g 21,573, 0
21,573 0 10", 0 6.017,68 37.590,8
$
1934
8,2 6,70
Capital
8,2 6,70 10, 0 86,073.613
Neic
216,39463 819",897
Capital 30,58,75 2,936,103
Capit l
3,28 60 84,75",8091,750, 0 19,7369
~
$
New
ii1
1,20 , 0 28,0 0 ^6"6 ",0 0
£
29,80 0
21,573.0
21,573 0
21,573 0
$
8.2 6,70
60 ,0 0
1,20 , 0 6,426,70
1,20 , 0 6,426,70
60 ,0 0
8,2 6,70
Total
217, 450 17,253~,0d27,958 3 26,4 93
$
k?!* 2.£. ^
Neto
217,5340 2,0 ,0 27,0 0 "6 6",0 0
246.753,40
3,750, 0
3,750, 0 217,53.40 2,0 ,0 30,75 0 6 6I 6
Refundi g
187,6182 2,0 ,0 26,032815 ~6 06~,6
216,39463
819,897
819,897
30,587
2,930.1 3
2,930,1 3 29.3~r.572 3,897,28
250. 340 17,253 6 12,73.621.750, 0 382, 062
Refundi g
1,20 , 0 28,0 ,0 i i i: 6f0c,0 0j : : : : : : : 29,80 0 ioii :
Refundi g 21,573 0
1934
104,3 13
246,75340 3,750. 0
$
Total
1935
%
Total
la*
29,80 0
Total
1935
967,185
Capit l 29,31572
New
'
250,34
187.61,82 2,0 ,0 26,85271 "6 ",0
217,4.50
3.28,60
«.
$
Total
1936
Refundi g
$
750, 0
241,06 0 12,895 0 9.342,50
.,
_
14,80927 7,23,0 2,84,0
264,03750 23",5b0",6 28,45 0 64,85 702 380,13452
$
Total
154,926507 23,50 028,45 0 15,98240 2 ,86297
750, 0 5,62 , 0 6,498,250
109,7 243 48,7328 157,9052
SFTMONFAHVIEERBR
FGFLOAOMFVRTUIENEMORNAINHGCMDVNPERTGL,BR
bSfortamtFGuaonhoeigcyivenpddlrsnemsyl.
New
,
Total
31,20
685,0 0
750, 0
$
"27316 6 4,329,6 415,30
14,80927
8,904, 0 7, 69,7 332, 540 1,60 , 0 ~25~o",6 9,429,0 36,0 0 96,20 793
- 750, 0
750, 0
412,0 0
_
5,"16",0 10, 730 6,725,0 10.56720 18,09 0 5,429,0 415,30 10 ,0 0 17,510 5,"I6 , 6
79,20 84,70
84,70
50,0 0
2, 50, 0 5,038,768 6,4791 40 2,3"0,6 2",108", 28 24,05 0
79,20
5,724,5 0 "lo lo o 5,726,0 12, 045 9,654,0 7, 69,7 332,6 0 1,60 , 0 ,5974 0 9,529,6 41,720, 0
"
New
79,20
10,82 0 2,37 50 16,3790 109,370 50,6850 1,60,0 1,40350 50 ,0 0 10 ,0 27,10 0 46,820"
" 79",20 10,53 0 50 ,0 0 "106",0
-
'
$
10 ,0 0
Refundi g 6,725,0 10,56720 17,460 1, 0 , 0 17,5 10
Capital
750, 0
"
$
1936
YEARS
FYEOIVARS
Capital 96,20 793
$
15,6290 109.37,0 50, 0 1,60,0 10,3560", "io" ',6 27,0 0 36, ",0 241,06 0
850, 0 450, 0 4,58 ,768
37,20876 52,0 0 47.306,174
136,5492
Total
$
5,6 16 2",320', 0 24,6 16
850, 0 629, 40
2,108, 28
850, 0
270, 0
31,20 "850",0
2, 50, 0 37,20876
•
270. 0
Refundi g "850",6 0
$
1937
1, 20, 0 27",6 0 4. 1 ,290 32,5 1290
450, 0
Capit l 31,20 4,318,768
-
New
$
Total
40,0 0
12,30 19,780
4,318,6 5
_
_
_
..
CORPATE,
SOUM FARY Capital
New
$
40,0 0
37,6850 1,34,70 4,318,65
145,386540, 0 25,0 0 21,70 0 156.49,20 38,57925
GONREUPFWI
102,36780 40, 0 21.~76 . 65,612,651 169.80,451
Refundi g 83,9 150 18,436 0
$
1938
COISRTUPNHIAEED
36,08 768 25,0 .0 42,894 8 103,98 652
$
'
CAHARNTDE
43,07 85 25,0 0 150,83659 218,9074
-#
NOVEMBR anotdes_ . _ anonteds. _ anonteds. Governmt. governmGavctieM,su.n&icpal—tS_es,Poesin difnuclodset
1937
850, 0
Refundi g
Capit l
$
New
5,6 16 2",3 6I 6 24,0 0
Refundi g 43,9 150
Capit l
New
$
40,0 0
50,0 0
13,780 9,586,85
70,0 0
20 ,0 0
40,0 0
21,8 5066,0 ,0 60 ,0 05, 0 , 0 20 ,0 0 3,250, 0 37,6850
40,0 0
20 ,0 0
4,930, 85
270, 0
1,20
2, 50, 0 36,087s'
2, 50, 0 4,768,768 5,629, 46 2",326I 6 1,83 ,82 24,05 .0
462,0 0
24,09865 79,530 6,20,0 10,86 5 5, 70. 0240, 0 40, 0 462,0 0 3",25016 145,3865
18,436 0 57,1",50 4,65 ,30 40,6 ",0 102,36780
13,780 4,65",30
40, 0 83,9150
$
1938
40,0 0
65,70 6,0 ,0 60 ,0 05,0,0 20 ,0 040, 0 3",250, 0 12.30,
Total
1,83 ,82
629, 40
31,20
270, 0 850",
000
70,0 0
462,0 0
5,6 2,385 21,8 50 6,20 , 0 5, 30, 85 ,570, 0 240, 0 462,6 3,2561 6 43,07 8 5
~
NOVEMBR BNootaensd-s &cop_,manufctres oi. amannufdctrig &c . ht&roalcddi_inngg,, BNootanesd—s &cop,manufctres oi amannufdctri:g &c._ ht&roalddicinngg,, &cop ,manufctres oi amannufdctrig &lIZ1 _th&roacdldiningg.,,; I. &cop,manufctres oi amannufdctrig I"&C.1 II throalddingin",g&c,I securit
OF Domestic— Lobngo-ntedrmsShort-em_PrefsrtoecdkComstoocnkCandi — Lobnog-ntedrmsShort-em_PrefsrtoecdkComstoocnkforeign— Lboongn-tedrmsShort-emPrefsrtoecdkComstoocnk corpate toal Tfihguersees MOFONTH Long-Term
corpate
Corp ate—
Can dian foreignLoaannd USntiateeds
Railroads util es scteoall,E,quipmentMoatonrds industrial buildngsR,ub er Ship ing trust ,iscelan ous Short-TemRailro ds. util es sctoeall,E,quipmentMoatonrds industrial buildngsR,ub er Ship ing trust ,Miscelanous Stocks— Railroads util es sctoeallE,,quipmentMoatonrsd industrial buildngsR,ub er Ship ing trust M,iscelanous Total— Railroads util es scteoall,E,quipmentMoatonrsd industrial buildngsR,ub er_Ship ng. trust M,iscelanous.
MONTH
Grand
Total
Other
*
Other Farm
*
Total
Public Iron,
Other
Oil
Land,
Inv.
M
Total
Total
Public Iron,
Other
Oil
Land,
Inv.
Public Iron,
Other
Land,
Inv.
Total
PublicIron,
OUier
Land,
Inv.
Oi
CO
o
c
v»
S
»«*
fcj
"
g*40,00
8315,2 10 1,5 0 5"2",908,6Q,4,0 0 O::: 24,106. O470,970 75,0 0 t3",o758*6 16,0 0
"250.6 16,45 0
165,3 0 63,9470 52,0 0 2,958,0 15,0
134,905
-
24,106 165,2 0 2,908. 0 30,6539
I",2O ",6
43,8529 50, 0 10, 0 703,41 0 817,581
165,3 0 13,705
%
1,20",0
30,4850 50, 0 10, 0 298,30 19,26 3 78,0 73
$
1934
2,04981
$
1,935740 47,30 103,79546 12,573206
2,10 73852 76,0 0 1,057"0 1,8652 9 1,690 4,289 341
39,2450 65,8 643
721,7634 57 6,0 0 905,8 "70 345,761845 8,208,0 3,09 2 0
27,83406 8,45,0 37,94013 12,57306
36,82395
109,762 740,821 4 3,48,0
3,476§02,8 5,20 248.603,24 173,0 28 38,0 0 15,0 "0
434,06 4 8,0 0 78,50 372,5 60 1,0235684 3,250 5,2876530
$
1,658401
1935
$
'
_
~
.
rvej
1,2469781
1,90 3419
GFOCOVERREPNIMGNATT,,
•
1,75436 9
nej
62,50
_
6,340, 0 5,7925 13,6 70
2,758,0 19,63 10 531,254
un my
$
1,0 63 85
1,845 32
40. ,0 25,0 0 95,38 05 5,236,0 3,901263
1,82.49536
" 62",50 806,31 87 25",6 0 425,80 846,39 57 5,236,0
up i 753, 4610 3,582,0 36,120 5 12,83452
i\ew
8,4 5,0 1,78520 7,549, 20 102,78 9,30 51 5,075,0
26,706 50,13 09 51,73 20 83,5082 95,30425 1,60278 56,839401 9,23,750 1,78,0 26,70.
50 .0 0 10 ,0
245,0 0
203412716,0 9 ,682 ,0 7,2 4,80 "671,850 264,0 19,6 0 27,0 0 60 ,0 0 23,9506 3,514208 30,75.0 1,850, 0 2,0 ,0 8.125:6 5,0 0 "057',"0 0 5,20. 45,21 63 13,54276 7,462,40 4,56 20 25,41963 32,0 34 3,509,30 1,9250 92,16 53 436,10546 746,8290 1,729463 392,74 26 32,8 40 4,564,20 41.72,31 0,7234 20,4 0 27.10, 4,10930 1,9250 32.869,53
60 ,0 0
212813491,60 15 ,59 741 36,04752 0,73450 138,27 56 240, 1963 1,3720 17,510 31,420.57 2,7863047 15,0 0 2,0 0 8~,125",6 2,8750
Refundi g
2,108.726
CONOGRRPEUFAWPTIE
ACHANRDTE
bSatneyds
"
60 ,0 0
50 ,0 0
19,457 0 2",768",35 7,01,726 7,462,40 4,0 30 147,9 25 15,64329 10 ,0 l",9256 51,89362 249,32 73 240, 158 87,51429 148,2974 1,58950 4,0 ,30 187, 6539 41,83 1 9,072,0 9.529,0 1,9250 24, 305
New
1937
1,54209
37,63920 86,31025 54,9109 162,850 62,346581 12.06,75
80 ,0
Refundi g 123,6490 532,98 13 4,076 50 4",934",60 38,67 8 27,3480 23,780 3,20 ,50 79,6185 1,450. 0 35,42390
New
$
Total
125,46 216,50 18.369,50 135,0 4,0 ,0 6,04.0
25,930 1,063.4 195 159,07
1,754369
9 ,6 6
02",6b"o0", 750, 0 l"50"6 1,40 0
"
1867, 753", 183, 0695 5,890, 0 37,130 4,0 ,0 5.10, 0 753, 4610 2",0 :6
New
230,67.0 146,78349 130, 9604 3,724,650 18,49 53 0,81.095 194,35 7 9,678,0 3,14,90 "349,6 143.0,61 1,805279
2",o~b"6 6,340, 0 17,32145 1,248,92 46.38 057 932,50 "462",0 10 ,0 2.734520 69,185431 25,930
137172,08 5 218, 50 8,409.50 135,0 462,0 4,10,0 10,74.520 iooora»nn
1,082.7360 16,50.92
1
$
Capital 15,930 260,8 40 154,9 0
40,0 0
"
Refundi g 10, .0 803,21 5 4,520 38,71825 32,689305 12,47860 97,82 0 890"b6 1,0 .63 85 "750", 0
$
682,50
26.391859 351,9 06 125,09 0 654,132985 9,067149 162,850 4,934,60 10,823469 148,5 76 23,780 29.52359 1,8732,67
682,50
304,650
35,90. 46,3 .08 5,608 2 40,6 .54 12,73453 21.09,483 46,18037 2,49,490 70.96 10 390,18 50
650, 0
26,30 138.094,187 8,0590 3,420, 0 5.765,40 87,4612 147,8950 9,678,0 ~250"6 36,84.50 74,36149 4.350, 0 2,7608 1,350 1.940,
Capit l
1838
35,90. 84,0 0 91, 834 95, 1753 467,50 12,73453 273,49.064 167,524.80 3,176,90 "9 ,6 6 97,35 960 742,309 56 35,7690 80,61 34 29,076 53 3,87,50 23,4 53 402,7456 342,7032 3,056.0 3,826,90 ~34~9",6 172,89 60 2,3687956
351360349.6 70.49,0 32, 0 ,420, 0 10,7 0 126,5 0 175,24 0 3,056 0 650, 0 "250 0 0 39,58 0 5,80 , 0 38,20 0 1,350 2,740, 0
Total
523,90
506, 135 1,64235 9 24,5172 20,73450 23,90452 58, 12 1,3720 17,5 0 3,509,0 "64,967 0
7",50".6 35,76250 6422",486", 6.471,0 9523"0 , 7,50236 16,5904 3,509",30 40.276",03 187,2 73
2,1 50 245,0 0
60 ,0 0
24.7158 83,49569 14,5824 4,09650 39,8 24 23,958037 8,327,0 9,429,0 192,5 ~430 72,964753 15,70 1,250, 0
Capit l
$
1,985.4326
1,0235849 40, .0 64,970 12,98 30
*
.
"
$
1,829 016 1,07 9.0
$
OSUMFARY
6",0b",6 2,485,0
1936
YGFotfverhradnommgunicp.llyesFEN3IAOVMERF0LDSSUTOITNVSAH.HRED
YFENSIAMVOETFRLDIHONMAFLAUO.CRRPGDNLM
$
otal
1
1938
19,37 86 65,8 643 123,8960 1. 6,85714 170, 6 2,41",0 20,56347 106,28 50 6,392,0 4,b ",6 3,1580
4",0 0 7, 4 ,0
$
1,805279
ivtrtc
-• .
6,"ob :6o 39,2450 20,71"946 13,7620 12,09"87
123,8960 1.076,5 8 15.24,6 2',41",0 185,91450 10,28 50 6.392,0
%
Total
3,250, 0 157",0 6 41,32 47 3,0,0
i-npMat 74,36.149 6,3 08 195,80461 94,51349
'
1,658.401
20",ob'.O 5,0 ,0 2",45",0 6,0 ,0
4",0 :6 7.84 ,0
New
1,87326
$
"
Capitl 51,73 20 81,765.32 87,543 5~,0:6 45,024 50 4,218750 1,78,0 "ib :6 6 27,83406
tvejunaig 79,6185 37,6 920 263,57906 8,412840
$
1937
40 ,0 0 525,0 0
58 ,750
31,50 "550"8 ,7 21,350249 52",0 "310",20 10,5 0 3,27419 57,13 0 49,35 0 2,750249 1,0 ,0 "310",20 10,75 0 143.96,7
250, 0
1,935740
$
85,0 0 134,0 258,014 0 175,42.65 1,50 0
j.
30,48.50
46,0180 16,38952 175,6430 1,2048596 265,31920 14",0378 257,09 48 15,70 8,10, 0 4,b ",6 59,85 0
2,3687956 8,250 134,0 415,04 0 817,0492 4,80 0 3.827,5 48
$
otut
168,470 107,250 5,26,0 19,0 0
6,"O ",6 47,30 2,487"196 21,3 920 l"02,78 21,350248 5,075,0
Refundi g
1935
1,54209 84,0 0 459,3867 28,96.28
i\env
40 ,0 0 525,0 0
58 ,750
21,350249 ~"52 ",6 O "310,26 10,5 0 3,27419 26,10 157,08 28,016249 20, 0 ~3 10~,206 10,75 0 43,8529
58 ,750
20",ob 0 5,0 ,0 6~,0 ",0 4,730 6,0 ,0
175,6430 1,579240 239,0 7",94i",6 231,05 0 14,50 8,10, 0
%
Total
96,74526 21,90" 0 68,9482 1,57.0 1,70 6348
K^ujik
80 ,0 0 50 ,0
78,5260 7,0 ,0 23,0 0
New
719,64753 19,4570 79,46734 154,8 »539 8,0 ,0 15,Ob"0
$
60 ,0 0 50 ,0 40 ,0
Capit l 50,713 0 26,359 0
3.0928,0 48,0 0 78,50 350,620 3,409.762 1,750, 0 3,82160 82
ui vny 2,756138,047 35,76250 169,3 50 18,5 743 30, 0
1936
Refundi g 104,5 0 5,25 0 2,308, 0 3,50,0
1934
143,967 41050,1 ",698,4 582
%
Tntnl
isu
Total
78,5260 31,50 2,908 0 30,6539
$
CD
* *•
to
Total
I—1
<*
"120:6 0
~
21 ,0 0
1,67 'bo 2,758,0
13",78^56
10, 0 817,0 35 5,302,0 45,361879 32,90 35 12,47860 97,82 0 2,587,36 Ac/-ownoo
"*2b"3b0 '20,17354
6",370",54
1
*•*
*
3b~obo 40,0 0
1, 89,0
462,0
15,930 265,30265 16,2039 126,7918 15,93215 5,930,90 37,130 4,10,0 8,17,20
32 ".b 3,582,0 3,541, 25 1.248.92 40",~16"b3 932,50 462",0 10 ,0 2,714,2 0 49,015 7
~
"
notes_ notes. notes. governmt._ acis&_te,Posin: fiunobctaldinese N3O0V. Notes— —_ manufctrig &hco_lding, Notes-— , _ manufctrig -— &hocld—ing, - — manufctrig &c_ &hco~ld_ing, — &c— manufctrig — &holdcing,
3NO0V.
beCTEMNODNHS orpat Domestic Looanngd-tesrm Short-em Presftoc_rked Cosmtockon Candi— bLooanngd-tesrm Short-em_ Prestfocrked Cosmtockon foreign— bLoaonng-dtesrm term Cosmtockon corpate GCovaenrnmdiat.nforeignGLooavant,nMunicpal—Stes, Staes toal dfniguorets EMNODNTHS BLoaonng-dTesrm Railroads utiles&ccospotea,l,l,manqufuctipremsent aonid inadunstdrl &buildcngs, trtarudisngt,,Miscelanous BSoahonrt-dTesm Railroad_s utiles&ccospoteae,ll,, meanufntrt_. acaesnorid inadustrl - &buildcngs, trtarudisntg,,Miscelanous Railrioa.d_s utiles.&ccospoteaerl,l,,Emqaunufiptment aacesnorid indaustrl budings, — trtarudsing,,Miscelanous Railroads utiles ccsoopteal,l,,Emqanuuifpctmreesnt anoid inadunstdrl &bucild—ngs, trtarudsintg,,Miscelanous seccourpritate
Other
Short
11
Grand
Total
These
Total
Total
*
OtherFarm
*
United
11
Public Iron, Motors Other Oil__ Land, Rub er
E
Ship ing Inv.
Public Iron, Equipn Motors Other Oil_ Land, Rub er
Ship ing Inv.
Stocks—
Total
Public Iron, Motors Other Land,Rub er
Ship ng Inv.
Total—
Public Iron, Motors Other _ Land, Rub er
Oil
Ship ng Inv.
Total
Financial
3520
Chronicle
NOTES
AND
UTILITIES
PUBLIC
$4
*
'
(ISSUES MATURING LATER
FIVE YEARS)
THAN
& Electric Co. mtge. &, coll. trust
3M*. series D, Dec. 1, 1968.
Refunding.
Price. 104^; to
yield about 3.25%.
Offered by Estabrook & Co.; Stone &
Webster and Bloaget, Inc.; The First Boston Corp.; Blyth
& Co., Inc.; Bonbright & Co., Inc., and Kidder, Peabody & Co.
000 000 Blackstone Valley Gaa
'
1,038,700
(Wis.)
Gas
two
Industries,
Retire
$1.
new
steam
$10 per share.
Inc., 103,870 shares capital stock*
$400,000 indebtedness, purchase and install
boilers and provide working capital.
Price,
Offered by company to holders of its capital
stock.
1st & ref.
& Electric Co.
Newport
par
3Ks,
Refunding, retire open-account in¬
debtedness and bank loans and provide additional working
capital.
Price, 104.9124; to yield about 3.00%.
Sold pri¬
vately to a group of insurance companies.
1,000,000 Madison
mtge.
1st mtge.
4s,
375,000 Triumph
Par
Explosive
Reduce
$2.
Whitney-Phoenix
Inc., New York.
$9,586,685
1960.
SHIPPING
Upon
$462,000 American Export Lines, Inc., 44,000 shares capital stock,
par $1.
Provide funds for development of company's air line
subsidiary.
Price, $10.50 per share.
Offered by Lehman
Brothers; A. M. Kidder & Co.; A. G. Becker & Co., Inc.;
Hallgarten & Co.; G. M-P. Murphy & Co.; Wertheim & Co.;
Allen & Co.; Baer, Stearns & Co.; I. M. Simon & Co. and
Stroud & Co., Inc.
such reimbursement, the funds will be used for corporate pur¬
poses,
including payment of bank loans.
Price,
107.49.
Placed with Northwestern Mutual Life Insurance Co.; National
Guard Life Insurance Co. and Wisconsin Annuity & Invest¬
ment Board of Madison, Wis.
/2,800,000 Michigan Associated Telephone Co. 1st mtge. 4s, series A,
Nov. 1, 1968.
Price, 102; to yield about 3.89%.
Refunding
and provide additional working capital.
Offered by Bon¬
bright & Co., Inc.; Paine, Webber & Co., and Mitchum,
Tully & Co.
FARM LOAN AND GOVERNMENTAL AGENCY ISSUES
$950,000 Atlanta
Joint Stock Land Bank, 1%, 1 M% and 2% re¬
funding Farm Loan bonds, Dec. 1, 1939-41.
Refunding.
Price, 100; to yield from 1.00% to 2.00%.
Offered by Trust
Co. of Georgia, Atlanta, and Kidder, Peabody & Co., N. Y.
50,000 Platte Valley Telephone Corp. 1st mtge. 4Ks, 1958.
Re¬
funding.
Price, 102; to yield about 4.10%.
Offered by
Kirkpatrick-Pettis Co., Omaha, Neb.
20,300,000 Federal Intermediate Credit Banks 1% consolidated de¬
bentures, dated Nov. 15, 1938, and due in 6 and 11M months.
Refunding.
Priced at a slight premium over par value.
Offered by Chas. R. Dunn, New York, Fiscal Agent.
8,500,000 Washington (D. C.) Gas Light Co. ref. mtge. 4s, Sept. 1,
1963.
Refunding.
Price,
101.
Sold
to
Equitable
Life
Assurance Society of the U. S.; John Hancock Mutual Life
Insurance
Co.; Northwestern Mutual Life Insurance Co.;
Massachusetts Mutual Life Insurance Co.; Mutual Benefit
Life Insurance Co. and New England Mutual Life Ins. Co.
/
/ \\r
450,000 First Joint Stock Land Bank of Montgomery, Ala., 3M%
Farm Loan refunding bonds, Nov. 1, 1945.
Price, 100; to
yield 3.25%.
Refunding.
Offered by Trust Co. of Georgia,
Atlanta, Ga.
$65,750,000
IRON, STEEL, COAL, COPPER,
&c.
$6,000,000 McKeegport Tin Plate Corp. 10-year debentures.
Retir
bank loans and provide working capital.
Sold privately to an
insurance company.
OTHER
$21,700,000
FOREIGN
MANUFACTURING
for each $50 face value into 15 shares of common stock until
Nov. 1, 1940; 10 shares until Nov. 1, 1942, and 6 shares there¬
after to maturity.
Offered by company to holders of its
Government's public works program for the year 1938.
Price,
95M; to yield about 5.08%.
Offered by Morgan Stanley &
Co., Inc;; The First Boston Corp.- Brown Harriman & Co.,
Inc.; Smith, Barney & Co.; Blyth & Co., Inc.; Lazard Freres
& Co.; Lee Higginson
Corp.; Kidder, Peabody & Co., and
White, Weld & Co,
Other underwriters were: BancamericaBlair Corp.: Clark, Dodge &
Co.; Dominick & Dominick;
Estabrook & Co.; Glore, Forgan & Co.; Goldman, Sachs &
Co.; Graham, Parsons & Co.; Hallgarten & Co.; Harris, Hall
& Co. (Inc.); Hayden, Stone &
Co.; Hemphill, Noyes & Co.;
Hornblower & Weeks; W. E. Hutton & Co.; Ladenburg, Thalmann & Co.; F. S.
Moseley & Co.; E. H. Rollins & Sons, Inc.;
Schroder, Rockefeller & Co., Inc.; Securities Co. of Milwaukee,
Inc.; Speyer & Co.; Stone & Webster and Blodget, Inc.; Whit¬
ing, Weeks & Knowles, Inc., and Dillon, Read & Co.
v
stock.
OIL
$5,500,000 Pan American Petroleum & Transport Co. 1st preferred
mortgage 3M% note, series A, Oct. 1, 1939-50.
Retire notes
and provide for other corporate purposes.
Issued to Equitable
Life Assurance Society of the U. S.
LAND, BUILDINGS, &c.
$200,000 St. Sebastian's Catholic Church (Akron, Ohio) 1st
mtge.
4Ms, Nov. 1, 1939-53.
General corporate purposes.
Price
on
application.
Offered by Eckhardt-Petersen & Co., Inc.,
St. Louis, Mo.
CANADIAN
RUBBER
$40,000,000 Goodyear Tire & Rubber Co. (Akron, Ohio) 1st mtge.
& coll.
trust
3Ms, 1958.
Refunding.
Sold to insurance
companies.
*
-
MISCELLANEOUS
$3,250,000 F.
&
R.
Lazarus
&
Co., 25-year 4-4M%
loan.
Acquire
fee simple and leasehold title to
property now leased to com¬
pany, retire land trust certificates, acquisition of real estate
and erection and improvement of
buildings.
Sold
privately to
Equitable Life Assurance Society of the U. S.
SHORT-TERM BONDS AND NOTES (ISSUES MATURING
AND INCLUDING FIVE
YEARS)
UP TO
LAND, BUILDINGS, &c.
$40,000 Pearl Realty & Investment Co. (St. Louis, County, Mo.)
1st & ref. mtge. 4Ms, Nov.
1, 1939-43.
General corporate
purposes.
Price on application.
Offered by Dempsey-Tegeler
& Co., St. Louis, Mo.
STOCKS
VPreferred stocks of a stated par value are taken at
par, while preferred
no par value and all classes
of common stock are computed at
their offering prices.
stocks of
PUBLIC
UTILITIES
GOVERNMENT
$40,000,000 Canada (Dominion of) 3s, due Nov. 15, 1968.
Proceeds to
refund 2% notes due Jan. 1, 1939.
Price, 97 H.
Offered by
Morgan Stanley & Co., Inc.; The First Boston Corp.; Brown
Harriman & Co., Inc.; Smith, Barney & Co.; A. E. Ames &
Co., Inc.; The Dominion Securities Corp.; Wood, Gundy &
Co., Inc." Blyth & Co., Inc.* Bonbright & Co., Inc.; Goldman,
Sachs & Co.; Kidder, Peabody &
Co.; Lazard Freres & Co.;
Lee Higginson Corp.; Lehman Brothers;
McLeod, Young,
Weir & Co., Ltd.- Mellon Securities
Corp.; White, Weld &
Co. - Bancamericar-Blair
Corp.; Clark, Dodge & Co.; Dominick
& Dominick; Glore,
Forgan & Co.; Merrill, Lynch & Co.,
Inc.; Salomon Bros. & Hutzler; Hayden, Stone & Co.; Hornblower & Weeks; W. E. Hutton & Co.' F. S.
Moseley & Co.;
Royal Securities Corp., Ltd.; Union Securities Corp.; Esta¬
brook & Co.; Stone & Webster and
Blodget, Inc.; R. L. Day
& Co.; Hemphill,
Noyes & Co.; Schoellkopf, Hutton & Pome¬
roy, Inc.; Shields & Co.; A. G. Becker & Co., Inc.; Blair,
Bonner & Co.; Alex. Brown & Sons; Central
Republic Co.;
E. W. Clark & Co.; First of
Michigan Corp.; Graham, Parsons
& Co.; Harris,
Hall & Co. (Inc.); Hayden, Miller & Co.;
Jackson & Curtis; Otis & Co.; Paine, Webber &
Co.; R. W.
Pressprich & Co.; E. H. Rollins & Sons, Inc.; The Securities
Co. of Milwaukee,
Inc.; Starkweather & Co.; Wells-Dickey
Co.; Whiting, Weeks & Knowles, Inc.; Dean Witter & Co.,
and Dillon, Read & Co.
$13,780,000 Union Electric Co. of Missouri, 130,000 shares $5 preferred
stock, no par.
Provide for retirement of 7% and 6% preferred
ISSUES NOT
REPRESENTING
NEW
stock.
Price, $106 per share.
Offered by Dillon, Read & Co.;
The First Boston Corp.; Spencer Trask &
Co.; Stone & Webster
and
Blodget, Inc.; Blyth & Co., Inc.; Brown Harriman & Co.,
Inc.; Smith, Barney & Co.; Coffin & Burr, Inc.; Goldman,
Sachs
& Co.;
Union Securities Corp., and
Other underwriters were: Mellon Securities
Shields & Co.
Corp.; G. H. Walker
Co.; Harris, Hall & Co. (Inc.); Kidder, Peabody & Co.;
Lazard Freres & Co.; Glore,
Forgan & Co.; Lee Higginson
Corp.; F. S. Moseley & Co.; Riter & Co.; E. H. Rollins &
Sons, Inc.; The Securities Co. of Milwaukee, Inc.; Smith,
Moore & Co.; Tucker,
Anthony & Co.; J. E. Baker & Co.;
A. G. Becker & Co.,
Inc.; Hayden, Miller & Co.; Otis & Co.;
BVancis, Bro. & Co.; Gatch Bros., Jordan &
McKinney, Inc.;
Stifel, Nicolaus & Co., Inc.; Newhard, Cook &
Co:; Reinholdt & Gardner; I. N. Simon &
Co.; Stix & Co.; Crago, Smith
& Canavan; Hill
Brothers; Edward D. Jones & Co.; McCourt&
'
oasis*
public offering price
on a
1,417,500 Line Material Co. (Del.) 90,000 shares common stock,
pat
$5.
Price, $15.75 per share.
Offered by Blyth & Co., Inc.I
Paul H. Davis & Co.; Kalman &
Co.; Merrill, Lynch & Co.,
Inc.; Stern, Wampler & Co., Inc., and The Milwaukee Co.
$4,867,500
The Course of the Bond Market
This
share-for-share
most
IRON, STEEL, COAL, COPPER, &c.
$200,000 Truax-Traer Coal Co., 50,000 shares
common stock,
Provide funds for
week's
some
FV [$70,000 Venezuelan-Mexican Oil
Corp., 7,000 shares common stock,
f— Emrm
par 510.
Retire notes used for purchase and development of
31 properties. Placed privately.
new
INDUSTRIAL^AND'MANUFACTURING
to holders of its
»
84,995 General
capital stock.
Communication
Products,1* Inc., 84,995
New capital, f Price, $1 per
shares
share.
by William A. Lower & Co., Inc., Los Angeles, Calif.
r8SunjnuSt-S?K,', i)ar.51>
Offered
in
section
hond
and
prices
least
has
effect
on
had
the
Highest-grade issues have revealed
softness, but United States Governments have
strong, while subscriptions
were
been
in process for $400,000,000
2%s, 1960-65, and $300,000,000 l%s, 1943.
High-grade railroad bonds have displayed fractional im¬
provement.
~
$2,087,990 American Bosch Corp., 417,598 shares
capital stock, par $1.
Working capital.
Price, $5 per share.
Offered by company
reaction
railroad
medium-grade utilities.
OIL
OTHER
moderate
effect in the
no par.
purchase of common stock of Central
Barge
Co., acquire new equipment and additional
working capital.
Price, $4 per share.
Offered by company to holders of its
common stock.
Underwritten by J. M. Dain & Co., Min¬
neapolis.
FINANCING
$2,700,000 Dominguez Oil Fields Co., 75,000 shares capital stock, no
par.
Price, $36 per share.
Offered by Smith, Barney & Co.;
Dean Witter & Co.; Blyth &
Co., Inc., and Lehman Brothers.
750,000 Florida Public Service Co. 1st 48,1955.
Price, 83.
Offered
by The First Boston Corp.
nev-Breckenbridge & Co. and Whitaker & Co.
Offering made
subject to a prior opportunity afforded to holders of the com¬
pany s 7 % and 6% preferred stock to subscribe for the new
$5
preferred stock at the
Proceeds to
be advanced
by the Government to the City of Buenos Aires
for use toward payment of
property acquired in connection
with the widening and construction of streets and
any balance
above such requirements to be utilized in connection with the
$600,000 Richmond Radiator Co. 10-year conv. deb. 5s, Nov. 1, 1948.
Retire notes and accounts payable and
provide additional
working capital.
Price, 100; to yield 5.00%.
Convertible
common
GOVERNMENT
$25,000,000 Argentine Republic 10-year 4Ms, Nov. 1, 1948.
>
INDUSTRIAL AND
Co.,
150,000 shares common stock*
loans, working capital.
Offered by
Inc., and
MacBride, Miller & Co.,
bank
Co.,
Reimburse treasury for property purchased, constructed and
acquired between Dec. 31, 1934 and Aug. 31, 1938.
/
1938
privilege ends.
Offered by W. E. Hutton & Co.;
Blyth & Co., Inc.; Hemphill, Noyes & Co.; Johnson, Lane,
Space & Co., Inc.; Schoellkopf .Hutton & Pomeroy, Inc.;
E. H. Rollins A Sons, Inc., and fiallgarten & Co.
Other un¬
derwriters were: W. C. Langley & Co.; Riter & Co.; William
R. Staats & Co.; J. M. Dain & Co. and Cochrane,
Murray
Co., Ltd., Toronto, Ont., Canada.
Co. and Sun Life Assurance Co. of Canada.
Power Co.
10,
conv.
version
34,000,000 Commonwealth Edison Co. (Chicago) 1st mtge. 3}4s, series
I, June 1, 1968.
Refunding and provide for new construction.
Price, 104.
Sold to Metropolitan Life Insurance Co.; Equit¬
able Life Assurance Society of the U. S.; Prudential Insurance
Co. of America; New York Life Insurance Co.; Mutual Life
Insurance Co. of N. Y.; Northwestern Mutual Life Insurance
15,000,000 Connecticut Light &
series H, Dec. 1, 1968.
Gypsum Co., 60,000 shares $4.50
preferred
stock, no par.
Retire preferred stocks of $100 and $20 par
and provide for construction and equipment of a
plant in
New York City.
Price, $100 per snare.
Convertible into
common stock at $17 per share for the first
year through Nov.
30, 1939, thereafter at $20 per share through Nov. 30, 1941,
thereafter at $23 per share through Nov. 30, 1943, and there¬
after at $26 per share through Nov. 30, 1945, when the con¬
NOVEMBER, 1938
BONDS
LONG-TERM
Dec.
$6,000,000 National
DETAILS OF NEW CAPITAL FLOTATIONS DURING
in
Medium-grade and speculative railroad bonds,
spite of comparatively better traffic reports (car loadings
this week
were
for the third time this year
the corresponding weeks of
higher than in
1937), have been marking time.
Delaware & Hudson 4s, 1943, have gained % point at
while
Illinois Central
ref. 4s, 1955, lost
% at 51%.
56%,
Reor¬
ganization of the Chicago Great. Western and the Chicago &
Volume
Financial
147
Eastern Illinois RR. may be
Finance
Corporation's
capital in the amount
expedited by tbe Reconstruction
furnish new
of $11,500,000 to the aforementioned
to
agreement
recent
roads.
Bell Telephone
Co. 3%s, 1970, and New York Edison 3%s, 1966, have
held close to former high levels and fluctuations have been
in decidedly narrow range.
Lower grades among utilities
have been generally unsettled, with- a moderate tendency
toward weakness.. "A reactionary trend has been evidenced
particularly in the Memphis Power
unfavorable
in
turn
the
& Light issues, reflecting
negotiations for purchase of
Memphis. The com¬
87% this week. An
offering of $38,000,000 3%s, 1968, and $10,000,000 serial
debentures of Central Illinois Public Service Co. has been
the
company's properties by the City of
pany's 5s, 1948, declined 9% points to
the
extent
I of the new financing this week.
bond£ rose slightly at the beginning
of this
Industrial
as/a
levels
iOODY'S BOND PRICES
Lu
1938
Govt.
! Domes¬
Amusement
have
bonds
3% to 72 in R.K.O. 6s, 1941.
Daily
Bonds
by Ratings
Unlisted quo¬
103%/
The majority of foreign bonds turned softer towards the
closing sessions, with lower prices prevailing in almost all
departments.
In the speculative group, German issues lost
up to 3 points, while among other European obligations,
particular weakness developed in Italian bonds.
South
American
obligations continued to sag, with pronounced
softness in Argentine and Brazilian issues.
Japanese bonds
of reorganization
on news
ruled firm.
given in the following
tables:
All
120
Daily
RR.
P.
U.
111.23
Corp.
Prices)
120 Domestic
Corporate
Corporate by Groups
by Ratings
tic
Averages
Indus.
120 Domestic
Domes¬
1938
(REVISED) t
YIELD AVERAGES
(.Based on Individual Closing
Corporate by Groups *
Baa
A
Aa
Aaa
and bond yield averages
bond prices
Moody's computed
are
MOODY'S BOND
tic
Corp.*
Averages
proceedings.
67-70 against last week's close of
have been
tations
120 Domestic
*
-
McKesson & Robbins 5%s,
Trading was suspended in the
1950,
(REVISED) t
120 Domestic Corporate
120
Paper bonds have strength¬
5s, 1947, rising 1% to 98%.
weakened, the largest drop being
ened, the International Paper
(Based on Am age Yields)
U. S.
102%.
1 point to
fallen
advanced % to 103%.
1947,
The General Cable 5%s,
Oil bonds have been mixed.
week, but have smce receded
same
exception has been the Youngstown
an
4s, 1961, which have
& Tube
Sheet
1
and have closed at about the
week ago.
Steel issues have receded
although
slightly,
have
•
High-grade utility bonds such as Illinois
an
3521
Chronicle
Aaa
Baa
Aa
RR.
P.
U.
Indus.
3.97
3.09
3.44
4.03
5.30
4.85
3.65
3.40
9
Deo.
3.97
3.10
3.43
4.04
5.29
4.85
3.64
3.41
3.63
3.40
9— 112.60
8- 112.53
100.53
117.72
110.43
99.48
80.58
86.64
117.50
110.63
99.31
80.71
86.64
106.54
111.03
8
100.53
86.64
111.23
4.03
5.28
80.84
3.44
99.48
3.09
110.43
3.96
117.72
7
100.70
106.73
4.85
7— 112.55
3.63
3.40
100.88
111.23
5.27
4.83
86.92
4.02
80.96
3.43
99.66
3.09
110.63
3.95
117.72
6
6- 112.38
3.40
117.72
110.63
99.66
81.09
5
100.88
111.23
3.63
106.92
4.83
86.92
5.26
5.. 112.33
Dec.
106.36
106.73
111.43
3
106.73
3.95
100.88
117.94
110.63
99.48
81.22
87.07
99.66
81.22
87.07
106.73
117.94
110.43
99.48
81.35
87.07
106.73
1
100.88
111.43
1- 112.09
V
Weekly—
4.03
5.25
4.82
3.63
3.39
3.08
3.43
4.02
5.25
4.82
3.63
3.39
3.63
3.39
3.95
3.08
3.44
4.03
5.24
4.82
5.24
4.83
3.63
110.63
99.48
81.35
86.92
106.73
111.43
117.72
110.24
99.83
81.61
87.07
106.54
111.84
3.39
101.06
109.84
100.00
81,87
87.35
106.54
111.64
10- 112.46
117.72
100.35
117.50
109.44
99.48
80.84
86.50
105.98
111.43
4— 112.48
100.18
116.86
109.24
99.14
80.71
86.36
105.60
110.83
Oct. 28- 112.68
21— 112.59
99.83
116.64
109.05
98.80
80.20
85.65
105.41
14— 112,58
116.64
108.46
98.80
79.95
85.52
104.85
7— 112.53
99.48
99.14
110.83
110.83
116.43
108.27
79.45
97.28
114.51
107.30
76.88
85.10
82.13
104.30
8ept.30— 111.70
103.38
23- 111.37
16— 110.91
97.11
115.14
107.30
98.45
96.61
96.28
76.17
81.74
96.78
114.93
107.11
96.28
75.47
9- 111.85
97.95
115.78
107.69
97.45
77.36
2- 112.07
98.11
115.57
107.69
97.61
77.72
Aug. 26.. 112.38
19- 112.39
98.80
116.00
107.88
98.28
78.70
115.57
107.69
97.95
77.84
83.06
104.30
110.43
98.28
115.78
97.61
77.96
82.93
104.30
110.63
98.45
115.78
5
5- 112.16
107.69
108.08
12
12- 112.32
July 29- 112.17
22- 112.04
98.45
115.67
107.88
97.95
115.35
15- 112.12
96.94
114.72
8- 112.04
96.28
114.51
3.43
3.09
3.45
4.01
5.22
4.82
3.64
3.37
3.94
19
98.28
3.10
3.94
117.50
4.03
3.09
3.47
4.00
5.20
4.80
3.64
3.38
3.67
3.39
3.42
3.42
3.95
Nov. 25-
100,88
101.06
Nov. 25- 112.07
18- 112.14
3.43
Weekly—
!
,
3.43
3.08
3.95
2—
100.88
110.63
111.43
2- 112.14
117.94
3„ 112.27
3.09
3.95
—
4.02
18
10-
3.98
3.10
3.49
4.03
5.28
4.86
28—
3.99
3.13
3.50
4.05
5.29
4.87
3.69
21
4.01
3.14
3.51
4.07
5.33
4.92
3.70
14
4.03
3.14
3.54
4.07
5.35
4.93
3.73
7
3.15
3.55
4.09
5.39
4.96
Sept. 30
3.24
3.60
4.20
5,60
5.18
3.81
109.24
4.05
4.16
3.76
110.83
23
4.17
3.21
3.60
4.22
5.66
3.81
3.60
3.49
109.44
5.21
103.38
3.52
81.61
16—
3.84
108.85
5.22
102.84
5.72
83.33
103.74
109.84
83.19
103.93
110.24
84.01
104.30
110.83
4
Oct.
—
3.42
3.42
4.19
3.61
3.18
3.68
4.15
5.66
5.09
3.79
3.47
4.11
3.19
3.58
4.14
6.63
5.10
3.78
3.45
4.07
3.17
3.67
4.10
5.45
5.04
3.19
3.58
4.12
5.52
5.11
3.76
3.76
3.42
4.10
2
Aug. 26—
3.22
4.12
9
4.22
5.12
3.76
5.08
5.08
3.76
3.43
3.42
3.42
3.47
4.10
3.18
3.58
4.14
4.09
-
5.51
3.18
3.56
4.14
3.67
4.15
5.46
5.44
3.44
78.58
83.46
104.30
110.83
78.82
83.46
104.30
110.83
29
4.09
3.19
22
4.12
5.50
3.77
109.84
5.13
104.11
4.17
82.70
3.62
78.08
3.20
106.92
97.61
97.45
97.11
3.23
6.66
3.79
3.49
109.44
16
5.27
103.74
4.22
76.17
80.96
3.62
96.28
4.18
106.92
4.22
3.49
8
3.81
75.12
79.70
3.63
95.78
3.24
106.73
109.44
5.76
5.37
103.38
4.25
4.28
3.26
3.67
4.30
5.87
5.49
3.83
4.61
4.37
3.26
3.71
4.41
6.09
5.69
3.88
3.54
4.53
3.31
3.75
4.53
6.52
6.09
3.91
3.58
3.23
3.64
4.40
6.23
5.69
3.89
3.54
6.65
3.90
3.53
July
3.76
1— 111.96
95.29
114.09
105.98
94.97
73.76
78.20
103.02
109.05
1—
93.85
114.09
105.22
93.21
71.36
75.82
108.46
June 24..
111.80
102.12
June 24..
91.35
113.07
104.48
91.35
66.99
71.36
101.58
17-
112.01
107.69
75.82
101.94
10
93.69
69.89
108.46
10- 112.05
106.54
93.37
4.38
114.72
4.36
76.29
101.76
3.62
69.78
3.22
106.92
94.01
4.36
114.93
3
112.10
94.01
108.66
6.24
3.93
3.54
May 27- 111.77
20- 111.94
93.85
114.72
107.30
101.23
May 27
6.28
6.63
108.46
4.37
76.53
3.60
69.37
3.23
93.85
4.37
5.45
3.88
3.49
95.46
115.35
108.08
95.62
71.68
78.70
102.12
109.44
20
6.06
96.44
115.14
108.46
96.44
73.76
81.22
102.12
109.24
13—i
111.82
95.13
72.11
79.07
101.76
108.85
76.76
100.35
108.27
3-
13-
17
4.27
3.20
3.66
4.26
4.21
3.21
3.54
4.21
5.87
6.25
3.88
3.50
4.28
3.58
4.29
6.02
5.42
3.90
3.52
6
3.24
3.26
3.62
4.37
6.28
3.98
3.55
April 29
4.38
5.61
4.43
3.27
3.68
4.43
6.32
5.69
4.03
3.66
6.52
5.83
4.13
3.66
a
111.54
95.29
114.51
107.69
Apr. 29.. 111.42
22.. 111.48
93.69
114.09
106.92
93.85
69.37
113.89
105.79
92.90
68.97
75.82
99.48
108.08
22
92.90
74.21
97.78
3.76
104.30
66.99
3.33
112.66
91.05
4.54
91.20
14
14— 110.08
8-. 109.69
106.17
4.55
5.75
3.72
91.05
112.66
103.74
75.12
105.04
4.55
6.53
96.94
3.79
66.89
3.33
91.05
4.55
4.18
8
3.76
1- 109.58
88.80
112.45
102.66
63.28
96.11
3.34
4.23
89.10
4.70
6.11
1
6.92
104.30
4.68
71.15
3.85
4.46
5.76
3.63
110.34
91.97
113.89
106.92
75.01
98.45
3.62
66.03
3.27
92.43
4.49
4.09
Mar. 25
6.62
106.73
4.05
3.57
107.11
93.37
76.76
4.41
5.61
18
6.40
107.88
4.40
99.14
3.61
68.17
3.23
3.20
3.54
108.46
4.27
80.08
99.48
3.51
69.78
4.31
5.34
4.03
11
6.24
4.18
3.18
3.49
4.17
5.88
5.01
4.00
3.54
4
4.17
5.81
4.92
4.03
3.54
6-
Mar. 25-
18- 109.97
93.21
114.72
11— 110.57
94.81
115.35
109.05
95.46
110.70
96.94
115.78
109.44
97.11
73.65
84.41
100.00
108.46
4..
Feb. 25-
110.50
97.28
115.78
109.44
97.11
74.44
85.65
99.48
108.46
110.21
96.44
115.57
109.24
98.28
73.20
84.55
98.80
108.08
18-
95.95
72.43
84.14
98.62
107.69
81.61
98.45
106.92
11-
110.18
96.11
115.78
109.05
4..
110.16
94.81
114.51
108.27
94.49
71.15
28.. 110.07
94.33
114.72
107.49
94.81
69.89
79.70
98.62
107.69
21.. 110.52
96.61
116.00
109.05
96.78
73.31
83.33
100.18
14..
110.15
97.95
116.64
109.84
97.61
75.47
86.07
100.53
109.97
97.61
116.21
110.04
97.28
74.89
86.50
99.66
High 1938 112.68
Low 1938 109.68
High 1937 112.78
101.23
117.94
110.63
100.18
82.13
88.80
112.45
102.66
89.10
62.76
106.54
118.16
113.89
104.67
92.43
1937 107.01
94.81
109.84
107.30
94.49
71.46
Low
1 Yr. Ago
114.93
97.45
Dec. 9 '37 109.40
109.24
*
117.50
106.17
113.68
104.11
91.81
5.92
5.00
4.07
3.56
4.23
3.18
3.51
4.24
5.99
5.03
4.08
3.58
4.31
3.24
3.55
4.33
6.11
5.22
4.09
3.62
3.23
3.59
4.31
6.23
5.37
4.08
3.58
28
4.34
4.20
3.17
3.51
4.19
5.91
5.09
3.99
3.51
21
4.12
3.14
3.47
4.14
6.72
4.89
3.97
3.60
14
Jan.
4.14
3.16
3.46
4.16
5.77
4.86
4.02
3.54
4.70
3.34
3.85
4.68
6.98
6.11
4.23
3.76
3.43
5.18
4.79
3.63
3.36
—
7
112.05
71.15
106.73
96.11
104.30
Low 1938
3.93
3.08
4.31
3.47
5.07
4.22
3.76
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
104.30
High 1937
Low 1937
6.08
106.17
3.60
101.41
112.45
3.99
4.33
3.22
3.50
4.20
4.77
4.03
3.67
105.98
4.15
5.69
Dec. 9,
3.77
4.50
3.95
3.68
3.36
87.49
96.28
83.60
99.48
87.78
100.88
112.05
105.79
Year Ago—
1937
Years
Ago—
Dec. 9. 1936—
3.66
—
3.10
3.28
bond (4% coupon, maturing In 30 years), and do not purport to show either the average
Illustrate in a more comprehensive way the relative levels and the relative movement of
/
published in the Issue of July 23.1938, page 488.
. -
computed from average yields on the basis of one "typical"
movement of actual price quotations.
They merely serve to
being the truer picture of the bond market.
rleld averages, the latter
The latest complete
THE
4.22
High 1938
These prices are
level or the average
♦
3.60
4
2
2 Yrs.Ago
Dec. 9 '36 112.71
75.82
3.19
*
1
96.61
3.18
4.21
11
108.46
4.16
3.49
18
109.24
7—
25-
Feb.
109.05
Jan.
—
STATE
list of bonds used in
OF
computing these Indexes was
TRADE—COMMERCIAL EPITOME
Friday Night, Dec. 9, 1938.
for
a
while
year
ago.
electric
Car loadings continued at peak levels,
and automotive activity advanced
output
past
sharply to new 1938 highs.
Bituminous coal production,
steel ingot output and petroleum runs-to-stills registered
generally of a decidedly optimistic nature
seasonal let-downs looked for in many
industries.
The automotive industry is standing well out
in front and reaching new 1938 highs.
The motor output
the publication states.
Although scoring a lessthan-seasonal rebound from the preceding week, which in¬
cluded
Thanksgiving, electric power production in the
United States last week rose to a new 1938 high, totaling
Business
activity
showed
further
expansion
the
week, with reports
in
of
spite
the
425,000 and 450,000
units, according to informed trade observers.
This would
compare with 347,000 units produced in the same month
in
December
last
will probably be between
The "Journal of Commerce" weekly index of
advanced to 90.0% and compares with a
figure of 87.2% for the precious week and 78.6%
year.
business activity
revised
declines,
gain
6.2% greater than a year ago for the best year-to-year
since fall of 1937.
Last week's output, as reported
by
2,285,523,000 kilowatt hours,
compared with 2,183,807,000 kilowatt hours for the week
ended Nov. 26.
The latter figure was 5.7% above a year
ago.
Enlarged buying in railroad material and equipment,
Edison
Electric Institute, was
Financial
3520
Chronicle
NOVEMBER, 1938
LONG-TERM
BONDS
AND
FIVE
PUBLIC
*'
$4,000,000
(ISSUES MATURING LATER
NOTES
THAN
UTILITIES
Blackstone Valley Gaa & Electric Co. mtge. & coll. trust
series D, Dw. 1. 1968.
Refunding.
Price. 104^; to
yield about 3.25%.
Offered by Estabrook & Co.; Stone &
Webster and Blodget, Inc.; Tbe First Boston Corp.; Blyth
& Co., Inc.; Bonbright & Co., Inc., and Kidder, Peabody & Co.
privilege ends.
Offered by W. E. Hutton & Co.;
Blyth & Co., Inc.; Hemphill, Noyes & Co.; Johnson, Lane,
Space & Co., Inc.; Schoellkopf, Hutton & Pomeroy, Inc.;
E. H. Rollins & Sons, Inc., and Hallgarten & Co.
Other un¬
derwriters were: W. C. Langley & Co.; Riter & Co.; William
R. Staats & Co.; J. M. Dain & Co. and Cochrane,
Murray
Co., Ltd., Toronto, Ont., Canada.
1,038,700
$10 per
Par
and
SHIPPING
Madison, Wis.
FARM LOAN AND GOVERNMENTAL AGENCY ISSUES
$950,000 Atlanta Joint Stock Land Bank, 1%,
1M% and 2% re¬
funding Farm Loan bonds, Dec. 1, 1939-41.
Refunding.
Price, 100; to yield from 1.00% to 2.00%.
Offered by Trust
Co. of Georgia, Atlanta, and Kidder, Peabody & Co., N. Y.
50,000 Platte Valley Telephone Corp. 1st mtge. 4Ms, 1958.
Re¬
funding.
Price,
102; to yield about 4.10%.
Offered by
Kirkpatrick-Pettis Co., Omaha, Neb.
20,300,000 Federal Intermediate Credit Banks 1% consolidated de¬
bentures, dated Nov. 15, 1938, and due in 6 and 11M months.
Refunding.
Priced at a slight premium over par value.
Offered by Chas. R. Dunn, New York, Fiscal Agent.
^
8,500,000 Washington (D. C.) Gas Light Co. ref. mtge. 4s, Sept. 1,
a
1963.
Refunding.
Price,
101.. Sold
to
Equitable
Life
\
1
Assurance Society of the U. S.: John Hancock Mutual Life
Insurance Co.; Northwestern Mutual Life Insurance Co.;
Massachusetts Mutual Life Insurance Co.; Mutual Benefit
Life Insurance Co. and New England Mutual Life Ins. Co.
450,000 First Joint Stock Land Bank of
Montgomery, Ala., 3M %
Farm Loan refunding bonds, Nov. 1, 1945.
Price, 100; to
yield 3.25%.
Refunding.
Offered by Trust Co. of Georgia,
Atlanta, Ga.
$65,750,000
&c.
$6,000,000 McKeesport Tin Plato Corp. 10-year debentures.
Retir
bank loans and provide working capital.
Sold privately to an
insurance company.
»
MANUFACTURING
$600,000 Richmond Radiator Co. 10-year conv. deb. 5s, Nov. 1,1948.
Retire notes and accounts payable and
provide additional
working capital.
Price, 100; to yield 5.00%.
Convertible
for each $50 face value into 15 shares of common stock until
Nov. 1, 1940; 10 shares until Nov. 1, 1942, and 6 shares there¬
after to maturity.
Offered by company to holders of its
stock.
common
OIL
$5,500,000 Pan American Petroleum & Transport Co. 1st preferred
mortgage 3M% note, series A, Oct. 1, 1939-50.
Retire notes
and provide ror other corporate purposes.
Issued to Equitable
Life Assurance Society of the U. S.
LAND, BUILDINGS, &c.
$200,000 St. Sebastian's Catholic Church (Akron, Ohio) 1st mtge.
4Ms. Nov. 1, 1939-53.
General corporate purposes.
Price
on
application.
Offered by Eckhardt-Petersen & Co., Inc.,
St.
$21,700,000
FOREIGN GOVERNMENT
$25,000,000 Argentine Republic 10-year 4Ms, Nov. 1, 1948.
Proceeds to
be advanced by the Government to the
City of Buenos Aires
for use toward payment of
property acquired in connection
with the widening and construction of streets and
any balance
above such requirements to be utilized in connection with
the
Government's public works program for the year 1938.
Price,
95M; to yield about 5.08%.
Offered by Morgan Stanley &
Co., Inc.; The First Boston Corp.; Brown Harriman & Co.,
Inc.; Smith, Barney & Co.; Blyth & Co., Inc.; Lazard Freres
& Co.; Lee Higginson
Corp.; Kidder, Peabody & Co., and
White, Weld & Co.
Other underwriters were: BancamericaBlair Corp.; Clark, Dodge &
Co.; Dominick & Dominick;
Estabrook & Co.; Glore, Forgan &
Co.; Goldman, Sachs &
Co.; Graham, Parsons & Co.; Hallgarten & Co.; Harris, Hall
& Co. (Inc.): Hayden, Stone &
Co.; Hemphill, Noyes & Co.;
Horn blower & Weeks; W. E. Hutton &
Co.; Ladenburg, Thalmann & Co.; F. S.
Moseley & Co.; E. H. Rollins & Sons, Inc.;
Schroder, Rockefeller & Co., Inc.; Securities Co. of Milwaukee,
Inc.; Spever & Co,; Stone & Webster and Blodget, Inc.; Whit¬
ing, Weeks & Kqowles, Inc., and Dillon, Read & Co.
Louis, Mo.
CANADIAN
RUBBER
$40,000,000 Goodyear Tire
&
coh.
trust
& Rubber Co. (Akron, Ohio) 1st mtge.
3 Ms.
1958.
Refunding.
Sold to insurance
companies.
'
.
MISCELLANEOUS
$3,250,000 F.
& R. Lazarus & Co., 25-year 4-4M% loan.
Acquire
fee simple and leasehold title to
property now leased to com¬
pany, retire land trust certificates, acquisition of real estate
and erection and improvement of
buildings.
Sold
privately to
Equitable Life Assurance Society of the U. S.
SHORT-TERM BONDS AND NOTES
AND
(ISSUES MATURING
INCLUDING FIVE YEARS)
UP TO
LAND, BUILDINGS, &c.
$40,000 Pearl Realty & Investment Co. (St. Louis, County, Mo.)
1st & ref. mtge. 4Ms, Nov.
1, 1939-43.
General corporate
purposes.
Price on application.
Offered by Dempsey-Tegeler
Co., St. Louis, Mo.
STOCKS
W Preferred stocks of a
stated par value are taken at par, while preferred
stocks of no par value and all classes of
common stock are computed at
their offering prices.
PUBLIC
150,000 shares common stock*
loans, working capital.
Offered by
Inc., and
MacBride, Miller & Co.,
$462,000 American Export Lines, Inc., 44,000 shares capital stock,
par $1.
Provide funds for development of company's air line
subsidiary.
Price, $10.50 per share.
Offered by Lehman
Brothers; A. M. Kidder & Co.; A. G. Becker & Co., Inc.;
Hallgarten & Co.; G. M.-P. Murphy & Co.; Wertheim & Co.:
Allen & Co.; Baer, Stearns & Co.; I. M. Simon & Co.
and
Stroud & Co., Inc.
/2,800,000 Michigan Associated Telephone Co. 1st mtge. 4s, series A,
Nov. 1, 1968.
Price, 102; to yield about 3.89%.
Refunding
and provide additional working capital.
Offered by Bon¬
bright- & Co., Inc.; Paine, Webber & Co., and Mitchum,
Tully & Co.
INDUSTRIAL AND
Co.,
bank
Co.,
$9,586,685
poses,
including payment of bank loans.
Price, 107.49.
Placed with Northwestern Mutual Life Insurance Co.; National
Guard Life Insurance Co. and Wisconsin Annuity & Invest¬
OTHER
Explosive
Reduce
$2.
Whitney-Phoenix
Inc., New York.
(Wis.) Gas & Electric Co. 1st mtge. 4s, 1960.
Reimburse treasury for property purchased, constructed and
acquired between Dec. 31, 1934 and Aug. 31, 1938.
Upon
such reimbursement, the funds will be used for corporatepur-
STEEL, COAL, COPPER,
steam
stock.
1,000,000 Madison
IRON,
new
375,000 Triumph
provide additional working
capital.
Price, 104.9124; to yield about 3.00%.
Sold pri¬
vately to a group of insurance companies.
ment Board of
Industries, Inc., 103,870 shares capital stock'
Retire $400,000 indebtedness, purchase and install
boilers and provide working capital.
Price,
share.
Offered by company to holders of its capital
$1.
two
Power Co. 1st & ref. mtge. 3Ms,
Refunding, retire open-account in¬
loans
Newport
par
Co. and Sun Life Assurance Co. of Canada.
bank
1938
version
34,000,000 Commonwealth Edison Co. (Chicago) 1st mtge. 3M*. series
I, June 1,1968.
Refunding and provide for new construction.
Price, 104.
Sold to Metropolitan Life Insurance Co.; Equit¬
able Life Assurance Society of the U. S.; Prudential Insurance
Co. of America; New York Life Insurance Co.: Mutual Life
Insurance Co. of N. Y.; Northwestern Mutual Life Insurance
debtedness and
10,
common stock at $17 per share for the first
year through Nov.
30, 1939, thereafter at $20 per share through Nov. 30, 1941,
thereafter at $23 par share through Nov. 30, 1943, and there¬
after at $26 per share through Nov. 30, 1945, when the con¬
YEARS)
'3Ms,
15,000,000 Connecticut Light &
series H, Dec. 1, 1968.
Dec.
$6,000,000 National Gypsum Co., 60,000 shares $4.50 conv. preferred
stock, no par.
Retire preferred stocks of $100 and $20 par
and provide for construction and equipment of a
plant in
New York City.
Price, $100 per share.
Convertible into
DETAILS OF NEW CAPITAL FLOTATIONS DURING
UTILITIES
GOVERNMENT
$40,000,000 Canada (Dominion ol) 3s, due Nov. 15, 1968.
Proceeds to
refund 2% notes due Jan. 1, 1939.
Price, 97%.
Offered by
Morgan Stanley & Co., Inc.: The First Boston Corp.; Brown
Harriman & Co., Inc.; Smith, Barney &
Co.; A. E. Ames &
Co., Inc.; The Dominion Securities Corp.; Wood, Gundy &
Co., Inc.- Blyth & Co., Inc.- Bonbright & Co., Inc.; Goldman,
Sachs & Co.; Kidder, Peabody &
Co.; Lazard Freres & Co.;
Lee Higginson Corp.;
Lehman Brothers; McLeod, Young,
Weir & Co., Ltd.- Mellon Securities
Corp.; White, Weld &
Co.: Bancamerica-Blair
Corp.; Clark, Dodge & Co.; Dominick
& Dominick; Glore, Forgan &
Co.; Merrill, Lynch & Co.,
Inc.; Salomon Bros. <fc Hutzler; Hayden, Stone & Co.; Hornblower & Weeks; W. E. Hutton & Co.- F. S.
Moseley & Co.;
Royal Securities Corp., Ltd.; Union Securities Corp.: Esta¬
brook & Co.; Stone & Webster and
Blodget, Inc.; R. L. Day
& Co.; Hemphill, Noyes &
Co.; Schoellkopf, Hutton & Pome¬
roy, Inc.; Shields & Co.; A. G. Becker &
Co., Inc.; Blair,
Bonner & Co.; Alex. Brown & Sons; Central
Republic Co.;
E. W. Clark & Co.; First of
Michigan Corp.; Graham, Parsons
& Co.; Harris, Hall & Co.
(Inc.); Hayden, Miller & Co.;
Jackson & Curtis; Otis & Co.; Paine, Webber &
Co.; R. W.
Pressprich & Co.; E. H. Rollins & Sons, Inc.; The Securities
Co. of Milwaukee, Inc.;
Starkweather & Co.; Wells-Dickey
Co.; Whiting, Weeks & Knowles, Inc.; Dean Witter & Co.,
and Dillon, Read & Co.
.
$13,780,000 Union Electric Co. of Missouri, 130,000 shares $5 preferred
stock,
Provide for retirement of 7% and 6% preferred
Price, $106 per share.
Offered by Dillon, Read & Co.;
atock.
The First Boston
,
ISSUES
no par.
Corp.; Spencer
Trask & Co.; Stone & Webster
and Blodget, Inc.;
Blyth & Co., Inc.; Brown Harriman & Co.,
Inc.; Smith, Barney & Co.; Coffin & Burr, Inc.; Goldman,
Sachs & Co.; Union Securities
Corp., and Shields & Co.
Other underwriters were: Mellon Securities
Corp.; G. H. Walker
& Co.; Harris, Hall & Co.
(Inc.); Kidder, Peabody & Co.;
Freres & Co.; Glore, Forgan & Co.; Lee
Higginson
Corp.; F. S. Moseley & Co.; Riter & Co.; E. H. Rollins &
Sons, Inc.; The Securities Co. of Milwaukee, Inc.; Smith,
The Course of the Bond Market
subject to a prior opportunity afforded to holders of the com¬
pany's 7 % and 6 % preferred stock to subscribe for the new
$5
asis.
price on a share-for-share
IRON, STEEL, COAL, COPPER, &c.
$200,000 Truax-Traer Coal Co., 50,000 shares
common stock,
Provide funds for
This
most
some
-*
1
par $10/
properties.
Oil Corp., 7,000 shares
Retire notes used for
Placed privately.
common stock,
purchase and development of
"other industrial^nd'manufacturing
$2,087,990 American Bosch Corp., 417,598
Working capital.
~~
shares capital stock, par $1.
Offered by company
Price, $5 per share.
to holders of its
capital stock.
84,995 General Communication
Products,1* Inc., 84,995 shares
stock, par $1.
New capital, f Price, $1 per share.
Offered by William A. Lower & Co..
Inc., Los Angeles, Calif.
common
reaction
softness,
but
in
section
bond
prices has
and least
effect
on
had
the
Highest-grade issues have revealed
United
States
strong, while subscriptions
were
Governments
have
been
in process for $400,000,000
2%s, 1960-65, and $300,000,000 l%s, 1943.
High-grade railroad bonds have displayed fractional im¬
new
OIL
—
moderate
par.
purchase of common stock of Central Barge
Co., acquire new equipment and additional
working capital.
Price, $4 per share.
Offered by company to holders of its
common stock.
Underwritten by J. M. Dain & Co., Min¬
neapolis.
JPF"*f $70,000 Venezuelan-Mexican
week's
effect in the railroad
medium-grade utilities.
no
FINANCING
$4,867,500
McKinney, Inc.;
Stifel, Nicolaus & Co., Inc.; Newhard, Cook & Co.; Reinholdt & Gardner; I. N. Simon &
Co.; Stix & Co.; Crago, Smith
& Canavan; Hill
Brothers; Edward D. Jones & Co.; McCourtney-Breckenbridge & Co. and Whitaker & Co.
Offering made
Ereferred stock at the public offering
NEW
1,417,500 Line Material Co. (Del.) 90,000 shares common stock, par
$5.
Price, $15.75 per share.
Offered by Blyth & Co., Inc.!
Paul H. Davis & Co.; Kalman &
Co.; Merrill, Lynch & Co.,
Inc.; Stern, Wampler & Co., Inc., and The Milwaukee Co.
Moore &
'
REPRESENTING
$2,700,000 Dominguez Oil Fields Co., 75,000 shares capital stock, no
par.
Price, $36 per share.
Offered by Smith, Barney & Co.;
Dean Witter & Co.; Blyth & Co.,
Inc.,,and Lehman Brothers.
750,000 Florida Public Service Co. 1st 4s, 1955.
Price, 83.
Offered
by The First Boston Corp.
Lazard
Co.; Tucker, Anthony & Co.: J. E. Baker & Co.;
A. G. Becker & Co.,
Inc.; Hayden, Miller & Co.; Otis & Co.;
Francis, Bro. & Co.; Gatch Bros., Jordan &
NOT
provement.
in
Medium-grade and speculative railroad bonds,
spite of comparatively better traffic reports (car loadings
this week were for the third time this
year
the corresponding weeks of
higher than in
1937), have been marking time.
Delaware & Hudson 4s, 1943, have gained % point at
while
Illinois Central
ref.
4s, 1955, lost %
at 51%.
56%,
Reor¬
ganization of the Chicago Great Western and the Chicago &
Volume
Eastern Illinois RR. may be expedited
Finance
Corporation's
furnish
to
been
Trading was suspended in the
the
in
negotiations for
an
unfavorable
the
company's properties by the City of Memphis.
turn
The com¬
87% this week. An
$38,000,000 3%s, 1968, and $10,000,000 serial
pany's 5s, 1948, declined 9% points to
of
offering
debentures
of
extent
Industrial
financing this week.
the new
bonds
rose
levels
a
as
week
ago.
u.
s.
(REVISED) t
Daily
Bonds
Corporate by Groups
tic
Aaa
Corp.*
Averages
Aa
A
RR.
Baa
U.
P.
9— 112.60
100.53
117.72
110.43
99.48
80.58
86.64
106.36
100.53
117.50
110.63
99.31
80.71
86.64
106.54
Corporate by Groups
Corp.
86.64
80.84
7— 112.55
100.70
117.72
6— 112.38
5- 112.33
100.88
117.72
110.63
99.66
80.96
86.92
106.73
100.88
117.72
110.63
99.66
81.09
86.92
106.92
117.94
110.63
99.48
81.22
87.07
106.73
111.43
2- 112.14
100.88
117.94
110.63
99.66
81.22
87.07
106.73
111.43
112.09
.100.88
117.94
111.43
—
110.43
Weekly—
99.48
81.35
87.07
106.73
86.92
106.73
RR.
P.
Indus.
U.
3.09
3.44
4.03
5.30
4.85
3.65
3.40
3.97
3.10
3.43
4.04
5.29
4.85
3.64
3.41
—
3.96
3.09
3.44
4.03
5.28
4.85
3.63
3.40
—
3.95
3.09
3.43
4.02
5.27
4.83
3.63
3.40
3.63
3.40
7—
111.23
100.88
Baa
Aa
3.97
8——
Deo.
111.23
3- 112.27
Aaa
9-.—....
111.23
1
12
120 Domestic
by Ratings
tic
111.03
106.73
99.48
2121146295703
4
120 Domestic Corporate
Domes¬
Averages
Indus.
111.23
110.43
Prices)
All 120
*
8— 112.53
Dec.
(REVISED) t
YIELD AVERAGES
(Based on Individual Closing
1938
120 Domestic
*
by Ratings
Domes¬
MOODY'S BOND
Daily
120 Domestic Corporate
120
AU
Govt.
the following tables:
given in
are
(Based on Average Yields)
1938
bond prices and bond yield averages
Moody's computed
and have closed at about the
Steel issues have receded
MOODY'S BOND PRICES
67-70 against last week's close of
ruled firm.
beginning of this
slightly at the
week, but have since receded
same
been
Illinois Public Service Co. has
of Central
the
of reorganization proceedings.
news
on
tations have been
issues, reflecting
purchase of
particularly in the Memphis Power & Light
McKesson & Robbins 5%s,;.
Unlisted quo¬
103%.
The majority of foreign bonds turned softer towards the'
closing sessions, with lower prices prevailing in almost all
departments.
In the speculative group, German issues lost ,
up to 3 points, while among other European obligations,
particular weakness developed in Italian bonds.
South
American obligations continued to sag, with pronounced
softness in Argentine and Brazilian issues.
Japanese bonds
1950,
with- a moderate tendency
A reactionary trend has been evidenced
unsettled,
generally
weakness.
toward
Amusement
3% to 72 in R.K.O. 6s, 1941.
utilities
Lower grades among
decidedly narrow range.
Paper bonds have strength¬
Paper 5s, 1947, rising 1% to 98%.
bonds have weakened, the largest drop being
ened, the International
Bell Telephone
Co. 3%s, 1070, and New York Edison 3%s, 1966, have
held close to former high levels and fluctuations have been
High-grade utility bonds such as Illinois
in
point to 102%.
1
fallen
have
roads.
have
an
1961, which have advanced
4s,
bonds have
Oil
aforementioned
capital in the amount of $11,500,000 to the
&
Sheet
new
exception has been the Youngstown
% to 103%.,
been mixed.
The General Cable 5%s, 1947, <
although
Tube
slightly,
by tbe Reconstruction
agreement
recent
3521
Chronicle
Financial
147
-
6
5
3.95
3.09
3.43
4.02
5.26
4.83
3
3.95
3.08
3.43
4.03
5.25
4.82
3.63
3.39
5.25
4.82
3.63
3.39
3.95
111.43
3.08
3.43
3.95
3.08
3.44
4.03
5.24
4.82
3.63
3.39
3.95
3.10
3.43
4.03
5.24
4.83
3.63
3.39
3.94
2
4.02
3.09
3.45
4.01
5.22
4.82
3.64
3.37
5.20
4.80
3.64
3.38
Weekly—
Nov. 25
„ —
Nov. 25— 112.07
100.88
117.50
110.63
99.48
81.35
101.06
117.72
110.24
99.83
81.61
87.07
100.54
111.84
18- 112.14
106.54
10——.
3.47
109.84
81,87
3.09
117.72
100.00
3.94
101.06
111.64
10— 112.46
87.35
4.00
3.67
3.39
100.35
99.48
105.98
5.28
4.86
86.50
3.49
4.03
80.84
3.10
109.44
3.98
117.50
4—
4— 112.48
111.43
3.42
Oct. 28— 112.68
21— 112.59
100.18
109.24
3.99
3.69
116.86
110.83
4.87
105.60
5.29
86.36
4.05
80.71
3.50
99.14
3.13
4.92
3.42
105.41
5.33
85.65
4.07
80.20
3.51
98.80
3.14
116.64
109.05
4.01
99.83
110.83
3.70
3.73
14— 112.58
7— 112.53
99.48
116.64
98.80
110.83
4.93
104.85
5.35
85.52
3.54
4.07
79.95
3.14
108.46
4.03
3.76
99.14
116.43
108.27
98.45
79.45
85.10
110.83
4.96
5.18
3.81
3.42
3.42
3.50
Sept. 30., 111.70
23— 111.37
97.28
114.51
107.30
96.61
76.88
82.13
104.30
103.38
97.11
115.14
107.30
96.28
76.17
81.74
103.38
96.78
114.93
107.11
96.28
75.47
81.61
102.84
97.95
115.78
107.69
97.45
77.36
83.33
103.74
109.84
98.11
115.57
107.69
97.01
77.72
83.19
103.93
110.24
98.80
116.00
107.88
98.28
78.70
84.01
104.30
110.83
Aug. 26-. 112.38
*
19— 112.39
98.28
115.57
107.69
97.95
77.84
83.06
104.30
110.43
12— 112.32
98.28
115.78
107.09
97.01
77.96
82.93
104.30
115.78
108.08
97.61
78.68
83.46
104.30
110.63
110.83
5— 112.16
July 29— 112.17
22— 112.04
15— 112.12
98.45
98.45
115.57
107.88
97.45
78.82
83.46
97.95
115.35
106.92
97.11
78.08
82.70
104.30
104.11
96.94
114.72
106.92
76.17
80.90
103.74
109.84
109.44
109.44
8— 112.04
96.28
95.78
106.73
79.70
114.09
105.98
94.97
73.76
78.20
103.02
109.05
114.09
105.22
93.21
71.30
75.82
102.12
108.46
17- 112.01
10- 112.05
91.35
113.07
104.48
91.35
66.99
71.36
101.58
107.69
93.69
114.72
100.54
93.37
69.89
75.82
101.94
108.40
112.10
94.01
114.93
106.92
94.01
09.78
76.29
101.76
108.66
May 27— 111.77
93.85
114.72
107.30
93.85
69.37
76.53
101.23
108.46
20- 111.94
95.46
115.35
108.08
95.62
71.68
78.70
102.12
109.44
13- 111.82
96.44
115.14
108.46
96.44
73.76
81.22
102.12
109.24
0- 111.64
95.29
114.51
107.09
95.13
72.11
79.07
101.76
108.85
Apr. 29- 111.42
93.69
114.09
106.92
93.85
69.37
76.76
100.35
22- 111.48
92.90
113.89
105.79
92.90
68.97
75.82
99.48
108.08
14- 110.08
91.20
112.60
104.30
91.05
66.99
74.21
97.78
106.17
8- 109.09
91.05
112.00
103.74
91.05
66.89
75.12
90.94
105.04
109.58
88.80
112.45
102.06
89.10
03.28
71.15
90.11
104.30
Mar. 25— 110.34
91.97
113.89
106.92
92.43
66.03
75.01
98.45
106.73
109.97
93.21
114.72
107.11
93.37
68.17
76.76
99.14
107.88
18-
11
110.57
94.81
115.35,
109.05
95.40
69.78
80.08
115.78
109.44
97.11
73.05
84.41
100.00
109.44
97.11
74.44
85.05
99.48
108.46
18-
110.21
96.44
115.57
109.24
90.28
73.20
84.55
98.80
96.11
115.78
109.05
95.95
72.43
84.14
98.02
4„ 110.16
94.81
114.51
108.27
94.49
71.15
81.61
98.45
94.81
69.89
79.70
98.62
107.69
94.33
114.72
21- 110.52
96.61,
116.00
109.05
96.78
73.31
83.33
100.18
14-
110.15
97.95
116.64
109.84
97.61
75.47
86.07
100.53
7-
109.97
97.61
116.21
110.04
97.28
86.50
99.66
High 1938 112.68
Low 1938 109.58
117.94
110.63
100.18
88.80
112.45
89.10
100.54
118.16
104.67
62.76
92.43
71.15
High 1937 112.78
102.66
113.89
101.41
1937 107.01
94.81
109.84
107.30
94.49
71.40
83.60
Dec. 9 '36 112.71
*
117.50
106.17
113.68
91.81
100.88
105.79
THE
STATE
list of bonds used in computing
OF
week, with reports
in
spite
of
showed
further
expansion
year.
3.56
4.14
5.46
5.08
3.76
3.42
3.67
4.15
5.44
5.08
3.76
3.42
4.12
4.18
3.20
3.62
4.17
5.50
5.13
3.77
3.47
3.23
3.62
4.22
5.66
5.27
3.79
3.49
4.22
3.24
3.63
4.25
5.75
5.37
4.28
3.26
3.67
4.30
5.87
5.49
3.81
3.83
3.49
4.61
4.37
3.26
3.71
4.41
6.09
5.69
3.88
3.54
4.53
3.31
3.75
4.63
6.52
6.09
3.91
3.68
4.40
6.23
5.69
3.89
3.54
4.09
4.38
3.23
3;64
4.36
3.22
3.62
4.36
6.24
5.65
3.90
3.53
4.37
3.23
3.60
4.37
6.28
5.63
3.93
3.64
3.88
3.49
4.27
3.20
3.56
4.26
6.06
5.45
4.21
3.21
3.64
4.21
5.87
5.25
3.88
3.50
6.02
5.42
3.90
3.52
3.55
4.43
3.68
4.43
6.32
5.09
4.03
3.56
4.54
3.33
3.76
4.55
6.52
5.83
4.13
3.66
4.55
3.33
3.79
4.65
6.53
5.75
4.18
3.72
6.11
4.23
3.70
3.63
22—
8
4.70
3.34
3.85
4.68
6.92
4.49
3.27
3.62
4.46
6.62
5.70
4.09
4.41
3.23
3.61
4.40
6.40
5.61
4.05
3.67
4.31
3.20
3.51
4.27
6.24
5.34
4.03
3.54
4.18
3.18
3.49
4.17
5.88
5.01
4.00
3.54
4.16
3.18
3.49
4.17
5.81
4.92
4.03
3.54
25-
3.19
3.50
4.22
5.92
5.00
4.07
3.56
18—
4.21
4.23
3.18
3.51
4.24
5.99
5.03
4.08
3.58
11
4.31
3.24
3.55
4.33
6.11
5.22
4.09
3.62
4
4.34
3.23
3.59
4.31
6.23
5.37
4.08
3.58
3.99
3.5)
1
—
Mar. 25
18
4
Feb.
Jan.
28—
4.20
3.17
3.51
4.19
5.91
5.09
4.12
3.14
3.47
4.14
5.72
4.89
3.97
3.60
5.77
4.86
4.02
3.54
14
4.14
7
3.16
3.46
4.16
4.70
3.34
3.85
4.68
6.98
6.11
4.23
3.78
5.18
4.79
3.63
3.93
3.08
3.43
3.47
3.60
4.33
6.08
5.07
3.36
3.70
112.45
4.31
4.22
High 1937—
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
4.15
3.22
3.50
4.20
5.69
4.77
4.03
3.67
3.66
3.10
3.28
3.77
4.50
3.95
3.68
3.36
104.30
...
1937—-
Low
Year Ago—
105.98
Dec. 9.
112.05
Dec. 9.
1937
Years Ago—
1936
bond (4% coupon, maturing in 30 years), and do not purport to show either the average
illustrate in a more comprehensive way the relative levels and the relative movement of
1938.
the past
generally of a decidedly optimistic nature
the seasonal let-downs looked for
The automotive industry is standing
business activity
3.18
3.19
Low 1938
in many
The "Journal of Commerce'* weekly index of
advanced to 90.0% and compares with a
revised figure of 87.2% for the. precious week and 78.6%
last
3.43
4.09
104.30
well out
in front and reaching new 1938 highs.
The motor output
in December wrill probably be between 425,000 and 450,000
units, according to informed trade observers.
This would
compare with 347,000 units produced in the same month
industries.
3.76
3.99
TRADE—COMMERCIAL EPITOME
activity
5.12
these Indexes was publisned in the Issue
Friday Night, Dec. 9,
Business
5.51
High 1938
computed from average yields on the basis of one "typical"
movement of actual price quotations. They merely serve to
being the truer picture of the bond market.
The latest complete
4.14
3.27
Field averages, the latter
t
3.58
112.05
These prices are
level or the average
3.18
3.98
2
104.11
4.10
5.61
1
99.48
5.52
6.28
108.46
101.23
74.89
82.13
87.78
4.12
4.37
109.24
75.82
3.68
3.62
109.05
28— 110.07
107.49
96.61
4.10
3.19
5.04
5.11
3.58
106.92
109.24
5.45
3.26
107.69
114.93
3.44
4.10
3.24
108.08
11- 110.18
97.45
3.42
3.76
4.14
3.57
4.38
108.46
115.78
2 Yrs.Ago
3.45
3.76
3.58
4.28
108.40
97.28
96.28
3.78
4.29
'
90.94
Yr. Ago
Dec. 9'37 109.40
3.47
5.10
April 29
110.50
1
3.52
3.79
6
110.70
Low
3.49
3.84
5.09
3.17
May 27
4—
106.17
3.81
5.22
5.56
3.19
3
108.27
106.73
96.11
5.21
5.72
4.16
4.07
June 24
Feb. 25—
87.49
5.66
4.22
3.58
1—
114.51
Jan.
4.22
3.61
3.18
8
93.85
99.48
3.60
3.22
4.11
July 29.
110.83
95.29
—
3.21
5.53
5
96.28
—
4.20
4.12
Aug. 26—
1— 111.96
1
3.60
4.19
2
June 24— 111.80
8—
3.55
3.24
5.39
5.60
4.17
9
3.15
4.09
4.16
Sept. 3023
109.24
103.38
75.12
4.05
7
108.85
9— 111.85
2— 112.07
28
Oct.
109.44
10— 110.91
18.
for
of July 23,1938, page 488.
year
a
ago.
electric
while
•
*
Car loadings continued at peak levels,
and automotive activity advanced
output
1938 highs.
Bituminous coal production,
and petroleum runs-to-stills registered
declines, the publication states.
Although scoring a lessthan-seasonal rebound from the preceding week, which in¬
sharply to
steel
ingot
new
output
production in the
1938 high, totaling
6.2% greater than a year ago for the best year-to-year gain
since fall
of 1937.
Last week's output, as reported by
Edison Electric Institute, was 2,285,523,000 kilowatt hours,
compared with 2,183,807,000 kilowatt hours for the week
ended Nov. 26.
The latter figure was 5.7% above a year
ago.
Enlarged buying in railroad material and equipment,
cluded
Thanksgiving, electric power
week rose to a new
United States last
3522
Financial
construction
steel,
Chronicle
Revenue Freight
plate, automotive requirements and
is definitely in sigbt for steel pro¬
tin
miscellaneous
business
ducers,
Age" reported in its mid-week summary of
Year-end caution in buying, the magazine
the
"Iron
industry.
states, does not obscure an improved outlook for business
in the first quarter.
Falling off in orders this month is
not
drastic, while prospects that will build up mill tonnage
early next year continue to accumulate.
The magazine
estimates ingot output at mid-week at 60%, off half a point
from
week.
last
residential
Department of Commerce estimates that
building will show
a gain of 30% to 40% next
regarded as too conservative by some trade observ¬
ers.
Among building material manufacturers it has been
held that a rise of 60% to 70% may be expected.
For this
year about 300,000 new dwelling units were constructed as
year are
against 284,000 units in 1937.
A total of 475,000 to 500,000
predicted in the trade.
Daniel C. Roper,
Secretary of Commerce, said this week that all indications
in 1939
units
is
point to one of the most active Christmas trade seasons in
several years.
The Commerce Department head said busi¬
men
in most leading cities expected Christmas sales
would exceed last year's.
The belief of retailers, he added,
was backed
by statistical evidence of the recent improve¬
Dec.
10,
1938
Car Loadings in Week Ended Dec, 3
Total 649,086 Cars
Loadings of revenue freight for the week ended Dec. 3,
1938, totaled 649,086 ears, a gain of 87,002 cars, or 15.5%,
from the preceding week, a gain of 28,761 cars, or 4.6%
from the total for the like week
a year ago, and a
drop of
18.3%, from the total loadings for the cor¬
responding week two years ago. For the week ended Nov. 26,
1938, loadings were 13.4% above those for the like week of
1937, and 17.4% below those for the corresponding week of
1936.
Loadings for the week ended Nov. 19, 1938, showed
a gain
of 1.9% when compared with 1937, and a drop of
20.7% when comparison is made with the same week of 1936.
The first 18 major railroads to report for the week ended
Dec. 3, 1938, loaded a total of 304,830 cars of revenue
freight on their own lines, compared with 265,455 cars in the
preceding week and 292,888 cars in the seven days ended
Dec. 4, 1937.
A comparative table follows:
96,209
cars,
or
REVENUE FREIGHT LOADED AND RECEIVED FROM
(Number of Cars)
CONNECTIONS
ness
in industrial and
ment
other lines.
the
hands
of
consumers,"
stated by the Commerce
this
activity
he
said.
It
was
Department that total construction
be the highest since 1930, and
would
year
prospects pointed to a further increase next year.
tion
automobiles
of
Canada
this
time
16
further
week
and
trucks
in
the
United
Produc¬
States
and
topped
the 100,000 mark for the first
according to the estimate of Ward's
Automotive Reports.
Output was placed at 100,705 units,
a rise of 2,910 units above the
preceding week and 14,942
in
months,
units
greater than the corresponding week of last year.
Ward's at the same time revised its estimate of November
production upwrard to 378,000 units.
This is the first time
in any month this year that the total has
improved over
automobiles
also
pointed
out
that
the
position
the model year recently closed.
ican
Railroads reported today
freight
This
was
with
the
of
increase
an
preceding
week,
this
dampened
stantial
the
observed
in
as
from
the
interest
today.
week
to
a
articles
decrease of 51,964
The rising tide of
totals
The
became
to
new
weather
winter
gain
and
clothing,
not
was
high
rain
Dun
as
&
sub¬
however,
year ago.
less for
pay
in
before,
the level of
lower-priced
tendency
of
a
though milder
even
consumer
Bradstreet
ceded
week,
and volume re¬
Buyer preference for
more.
unmistakable;
the
individual
purchases, combined
with the lower average of
prices, pulled dollar volume under
last year.
In the wholesaling markets attention this week
was
focused
Christmas
on
chandise fell
off
goods.
Orders for
spring
mercantile
the
nature.
weather
credit
past
rating
week
agency
reported.
The
weather
contained
nothing of a spectacular
At the beginning of the week
abnormally cold
prevailed in the Southeastern
States, but else¬
where there
was
a
reaction to higher
temperatures, which
reached the Southeastern section
early in the period. Rain¬
was frequent
in central and northern Pacific
areas,
but otherwise fair weather
prevailed until near the middle
of the week, after which rainfall
was
general from the
fall
Mississippi Valley eastward, except locally in the extreme
Southeast.
In the East,
freezing weather extended to ex¬
treme
not
northern
Florida, but oddly enough a considerable
interior, including the western Ohio Valley, did
have freezing temperatures
during the entire week.
In
area
in the
the West the line of
freezing extended generally to southern
Kansas.
Zero temperatures were confined
to the interior
of the
Northeast, Greenville, Me., reporting the lowest, 10
degrees below
zero
on
the
3d.
In the
West Gulf
sections
the minimum ranged from 42
degrees at New Orleans, La.,
to 54 degrees at
Brownsville, Tex. The week as a whole
was remarkable for abnormal
warmth
throughout
practi¬
cally the entire country, the Government
report states.
In
the New York
City area the weather was pleasant during
most of the
week, will sharply cold conditions prevailing
at times.
Today it was raining and cold
here, with tem¬
peratures
was
ranging
from
49
to
62
degrees.
The
forecast
for overcast with occasional
rain tonight and Saturday
morning.
Warmer
and
probably fair
Sunday.
Overnight
at Boston it was 44 to 52
degrees; Baltimore, 46 to 54;
Pittsburgh, 34 to 40; Portland, Me., 42 to 48; Chicago, 32
to 44; Cincinnati, 38 to
52; Cleveland, 34 to 48; Detroit,
34 to 46;
Charleston, 50 to 60; Milwaukee, 30 to 38; Savan¬
nah, 50 to 56; Dallas, 38 to 64; Kansas
City, 26 to 42;
Springfield, Mo., 26 to 42; Oklahoma City, 30 to 56; Salt
Lake City, 34 to 56; Seattle, 44 to
56; Montreal, 34 to
and
44,
Winnipeg, 4 to 18.
Nov. 26
Dec. 4
1938
1938
1937
20,832
18,307
22,833
5,186
27,649
22,537
25,237
Chesapeake & Ohio Ry
Chicago Burlington <fc Qulncy RR
Chicago Mliw. St. Paul A Pac. Ry
Chicago & North Western Ry...
20,556
18,806
18,901
13,826
5,246
13,102
12,797
8,406
8,574
7,227
5,085
17,583
15,242
16,052
7,488
7,391
7,169
20,302
16,701
18,649
7,393
7,028
7,275
14,328
12,020
14,106
10,025
9,046
9,559
Gull Coast Lines
3,517
3.C39
3,519
1,164
1,169
1,399
International Great Northern RR
1,879
1,521
1,884
1,743
1,860
2,382
Missouri-Kansas-Texas RR
4,235
3,699
4,814
2,452
2,488
2,511
Missouri Pacific RR
14,218
12,434
15,547
8,065
7,704
New York Central Lines
N. Y. Chicago & St. Louis Ry...
Norfolk & Western Ry
8,308
36,388
30,893
35,489
37.190
33,254
35,022
5,040
4,248
4,234
9,305
8,799
8,386
20,974
18,319
16,979
4,064
3,809
3,762
Pennsylvania RR..
54,504
47,867
51,477
35,666
30,841
33,321
5,574
4,820
5,486
5,121
4,736
4,601
Pere Marquette Ry._
Pittsburgh & Lake Erie RR
4,667
4,703
3,664
27,444
Southern Pacific Lines
25,847
4,452
28,561
7,842
5,456
8,346
Wabash Ry
5,140
Total.
4,569
4,252
AND
RECEIPTS FROM
(Number of Cars)
4,182
7,396
7,753
6,983
.
304.830 265,455 292.888 177.851
TOTAL LOADINGS
7,703
163.678 168,442
CONNECTIONS
Weeks Ended—
Dec. 3. 1938
Nov.
26,
*1938
Dec. 4, 1937
Chicago Rock Island & Pacific Ry.
Illinois Central System
22,816
20,755
23,584
30,675
27,450
St. Louis-San Francisco Ry
32,426
12.266
10,650
13,659
65,757
58,855
69,669
.....
Total
The Association of American Railroads in
week ended Nov. 26, reported as follows:
Loading of
This
cars.
week in
revenue
was
freight for the week ended Nov. 26, totaled 562,084
increase of 6,322 cars
an
1937, but
a
reviewing the
decrease
or
of 217,668
1.1%
cars
above the corresponding
27.9%
or
below the
same
week in 1930.
Loading of
393
cars or
revenue
14.5%
freight for the week of Nov. 26
decrease of 95,-
was a
below the preceding week due to observance of Thanks¬
giving Day.
Miscellaneous freight loading totaled 224*180 cars a
decrease of 43,014
cars below the
preceding week, but an increase of 10,427 cars above the
corresponding week in 1937.
"
Loading of merchandise less
cars,
Coal
cars
loading amounted
week in
Grain
lot
freight
129,890
totaled
decrease
a
to
a
120,403
cars,
a
decrease of 13,244 cars below
decrease of 1,035 cars below the corresponding
1937.
and
grain
products
loading totaled
below the preceding week, and
cars
the corresponding
week in
and grain products
decrease of 4,535
cars
carload
below the preceding week, and
below the corresponding week in 1937.
the preceding week, and
6,963
than
decrease of 24,097 cars
a
of 4,646
mer¬
somewhat, but last minute calls for holi¬
day items maintained volume at the level of last week, the
news
Dec. 3
1937
of
15.5%, compared
28,761 cars, or
or
increase
an
4.6%, compared with a year ago, and
cars, or 7.4%, compared with 1930.
Christmas buying swept retail sales
ground
that
The Association of Amer¬
77,002 cars,
Dec. 4
1938
definitely
over
649,086 cars of revenue
loaded during the week ending last Saturday.
were
Nov. 26
Atchison Topeka <fe Santa Fe
Baltimore & Ohio RR
was
that the industry has passed its crossroads and
is on the way to a vastly improved
Received from Connections
Weeks Ended—
1938
Last year's November output
376,629 units.
The report
increase was concrete evidence
and trucks
Own Lines
Dec. 3
the comparative 1937 figure.
of
on
Weeks Ended—
"Industrial production
experienced a sharp rise in November and distribution re¬
corded an improvement in the flow of general merchandise
into
Loaded
below the
1937;
the
a
29,159
cars,
decrease
a
of
decrease of 3,377 cars below
Western
Districts
alone,
loading for the week of Nov. 26 totaled 18,308
cars
grain
cars, a
below the preceding week, and a decrease of
1,796
corresponding week in 1937.
Live stock loading amounted
below the
In
preceding week, but
ponding week in
1937.
In
to
an
the
13,769 cars,
a
decrease of 4,288
increase of 1,421
Western
above the
cars
Districts alone,
cars
corres¬
loading of live
stock for the week of November
26, totaled 10,430 cars, a decrease of 3,983
below the preceding
week, but
ponding week in 1937.
cars
Forest
products
an
increase of 869
below the preceding
week,
but
an
cars
above the
corres¬
Mi
loading totaled 25,588
cars,
decrease
a
increase of 613
of 2,948
above the
cars
cars
corres¬
ponding week in 1937.
Ore
loading
amounted to
preceding week,
week in
1937
but
an
12,337
increase
cars,
of
a
2,981
.
decrease of 512
above
cars
the
"
,
Coke loading amounted to 6,758
cars, a decrease of 327
preceding week, and
a
decrease
of 62
cars
below
the
cars
below the
corresponding
,
cars
below the
corresponding
week
in 1937.
Five
Central
districts—Allegheny,
Pocahontas,
Southern,
Northwestern
and
Western—reported
week in 1937.
All districts,
increases compared with the corresponding
The Eastern and Southwestern districts
reported decreases.
however, reported decreases compared with the correspond¬
ing week in 1930.
*
1938
Four weeks in January
>oui weeks In February
1937
2,256,423
2,714,449
1930
3,347,717
2,155,451
2,763,457
3,506.236
lour weeks in March..
2,222,864
2,986,166
3,529,907
live weeks In April
2,649,894
3,712,906
4,504,284
2,185.822
2,170.984
3,098,632
2,962,219
3.642,357
2,861,762
3.794,249
4,492,300
.four weeks in
May
_.
Four weeks in June
Five
weeks in July
Four weeks In August...
Four weeks in September
Five
weeks In
October
.
2,392,040
3,100,590
3,733,385
3,687,319
2.552,621
3,169,421
3,759.533
3,541,982
4,000.394
4,767,297
Week of November 5
673,333
728,765
Week of November 12
636,710
685,926
881.517
Week of November 19
657,477
644,927
829,023
Week of November 26.
Total
934,715
562,084
555,762
779,752
27,519.447
34,917,863
42.395.342
In the
we
LOADED AND
REVENUE FREIGHT
RECEIVED FROM
Total Load*
Total Revenue
Railroads
Total Loads Received
Total Revenue
from Connections
Freight Loaded
Railroads
1937
1938
1936
1937
1938
1937
1938
1936
1937
1938
NOVEMBER 26
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED
Received
from Connection*
Freight Loaded
when
1938.
During this period 55 roads showed increases
compared with the same week last year.
undertake to show also the loadings
roads and systems for the week ended Nov. 26,
following
for separate
3523
Chronicle
Financial
147
Volume
Southern District—(Concl.)
Eastern District—
544
505
1,099
896
168
215
Nashville Chattanooga & St. L.
1,387
6,615
1,426
1,998
6,132
1,395
7,543
1,741
8,699
1,595
8,417
1,716
13
27
39
48
5G
1,059
3,495
7,739
1,231
4,140
8,515
5,332
8,385
431
235
1,915
Bangor A Aroostook
Boston
A
Maine
Chicago Indianapolis A Loulsv.
1,809
Central Indiana
Central Vermont
Delaware a Hudson
West.
Delaware Lackawanna A
Detroit A Mackinac
Detroit Toledo a Ironton.
102
2,388
1,066
202
318
3,091
11,644
4,422
9,891
6,877
155
138
1,718
2,697
11,034
6,510
1,599
988
847
Lehigh Valley.
6,514
2,030
6,694
2,212
195
203
24
15
1,350
...
7.997
2,246
3,374
2,184
Maine Central.
Monongahela
Montour
3,317
1,807
30,893
7,663
1,105
4,248
4,760
1,137
4,820
System
N. Y. N. H. A Hartford
Western.
New York Ontario A
Louis
Pittsburgh A Lake Erie
Pere Marquette.
30,478
7,589
1,184
3,594
3,780
4,750
1,466
9,028
2,927
4,470
2,398
38,405
9,705
1,838
4,592
7,147
6,068
33,254
9,713
1,439
8,799
32,573
9,679
4,195
4,736
3,861
1,422
8,119
4,495
26
25
475
236
456
326
331
412
151
186
907
887
1,244
1,348
1,058
471
587
789
784
4,452
4,624
5,415
2,905
3,612
6,983
2,883
116464
116,826
146,042
132,355
129,976
North..
a West Virginia
Pittsburgh Shawmut A
Pittsburgh
471
Rutland
Wabash
Wheeling A Lake Erie
Total
2,442
Ft. Dodge Des Moines A
Central Western
Bingham A
388
10
5
Chicago
17
15
Chicago
1,058
4,923
1,414
5,894
9,605
9,522
464
42
29
Denver A Rio
383
214
267
25
31
Denver
220
144
205
26
14
2,178
2,333
1,170
29,891
704
569
840
844
47,867
10,175
8,669
47,897
1,109
61,625
13,278
14,721
Pennsylvania System
Co.
Union (Pittsburgh)....
Reading
11,285
6,804
25
41
2,773
4,167
4,532
1,249
1
102,704
102,027
138,517
78,672
76,831
18,806
18,319
3,907
Total
17,638
15,856
24,887
8,574
3,809
7,737
Pocahontas District—
Chesapeake A Ohio
Norfolk A Western
Virginian
4,096
37,590
41,032
Total
Southern District-
Northern
RR. of Ala-
Alabama Tennessee A
Atl. A W. P.—W.
12,235
133
155
284
1,099
787
580
602
13,307
52,051
236
151
924
3,466
1,032
22,810
4,354
Quincy.
A Illinois Midland
Rock Island A Pacific
A Eastern Illinois
Colorado A Southern
—
Grande Western
A Salt Lake
Denver City—
Illinois Terminal
Nevada
Clinchfield
Columbus A
Greenville
Durham A Southern.
155
160
2,541
2,242
515
488
402
428
342
57
57
1,436
1,555
4,560
9,387
1,559
2,100
3,276
1,509
4,244
95
133
168
251
268
1,421
1,106
1,680
1,288
1,085
65,965
77,301
39,120
37,226
18,307
2,221
20,353
2,567
20,850
2,841
5,246
1,754
5,278
1,994
414
389
82
100
15,242
2,089
9,950
2,311
1,341
15,665
7,391
7,157
2,087
11,482
3,111
1,427
3,554
608
883
6,904
2,404
7,046
2,072
4,038
14,345
1,594
10,813
2,553
1,183
3,406
1,130
2,478
1,244
2,605
855
795
806
13
928
1,414
992
1,634
1,146
1,927
904
1,550
1,181
1,386
326
306
416
1,757
1,237
1,456
142
131
436
828
313
281
19,650
4,432
5,011
1,135
20,287
17,549
242
287
■312
908
1,055
15,955
15,505
14,782
8,076
8,560
522
463
504
5
15
1,586
1,482
1,459
1,832
1,870
100,726
98,492
104,365
46,129
48,000
Utah
Western Pacific
Total
District—
Southwestern
110
Western—...
Gulf Coast Lines
Fort Smith A
1.527
3,199
2,110
158
182
831
1,772
1,601
1,998
1.528
2,026
1,516
1,527
1,199
2,043
1,006
1,866
1,163
142
166
206
370
429
269
275
325
724
770
750
743
218
2,941
3,978
290
424
973
913
158
184
225
937
1,300
1,835
1,559
230
3,699
3,837
13,415
4,353
15,618
2,488
7,704
2,439
8,055
346
420
317
276
Missouri-Kansas-Texas Lines
145
347
243
Missouri Pacific
181
809
Quanah Acme A
A Texas.
Litchfield A Madison
Louisiana Arkansas
Valley..
Missouri A Arkansas
179
118
71
98
6,889
2,611
3,595
6,802
5,177
8,274
2,666
7,727
5,435
3,770
2,062
2,981
3,509
191
224
237
41
60
22
17
31
27
37
45,685
68
59
Galn8vllle Midland
704
702
1,038
1,324
1,219
353
300
452
430
480.
49.083
55,277
30,535
32,902
Francisco
St. Louis Southwestern.
Texas A New Orleans....
1,540
958
974
Texas A
1,336
1,670
18,808
19,912
22.798
9,131
9,598
18,570
17,751
23,648
4,694
4,292
137
155
191
441
307
124
134
237
269
323
*
revised
year's figures
Note—Previous
Previous
St. Louis-San
Pacific
Wichita Falls A Southern
Wetherford M. W. A N. W...
Total....
2,008
2,663
3,304
figures.
Balance at End of
Selected
and Balance Sheet Items
Steam Railways for September
Income
Bureau
The
of
of Class I
of the Interstate Commerce
statement showing the aggregate
Statistics
Commission has issued a
and balance sheet items of class I
railways in the United States for the month of Sep¬
totals of selected income
steam
tember.
revision and were compiled
from
141 steam railways. The
present statement excludes returns for class I switching and
terminal companies.
The report in full is as follows:
figures are subject to
136 reports representing
These
TOTALS FOR THE UNITED
STATES (ALL REGIONS)
For the Month
of Sept.
For the 9 Months
1938
1938
1937
1938
Other Income
stocks, boi
companies.
Cash
deposits.................
Time drafts and deposits
Special deposits..
Loans and bills receivable
—
........
Traffic and car-service balances receivable
Net balance receivable from agents and conductors..
Inc. avail, for
accounts receivable
Materials and supplies
Interest and dividends receivable.....
Rents receivable
—
Other current assets
Miscellaneous
Funded debt
Loans and
1,976,698
1,502,309
18,014,288
15,152,090
$69,961,301 $289,747,915 1563,645,488
fixed charges- $59,674,920
Fixed charges:
Rent for leased
12,620,106
Interest
39,546,475
roads A equip.
deductions
.....
Other deductions...
3..
Total fixed charges....
fixed charges
Contingent charges
Income after
Net income
Depreciation (way A structures
and equipment)
Federal income taxes
219,192
assets.
maturing within 6 months b.
bills payable c
car-service balances payable
and wages payable
Miscellaneous accounts payable
Interest matured unpaid....................
Traffic and
stock
On preferred stock
98,818,236 113,252,253
13,183,559
39,437,135 a356,650,319 a357,740,318
2,053,101
1,918,088
222,340
Dividends matured unpaid
...
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest accrued..
Unmatured rents accrued
Other current
01,794,277
1,554,921
53,412,311
47,920,206
126,939,669
329,887,139
21,062,616
1,520,528
6,515,426
383,794,201
24,844,808
2,193,446
8,762,789
Total current
17,118,267 dl07,638,728
9,115,860
1,007,740
$81,442,456
151,599,049
146,884,342
28,711,657
$72,395,710
$210,501,064
788,925,408
633,596,490
12,988.519
476,891,340
2,379,597
100,979,989
32,449,644
26,082,058
9.278,056
628,289,618
1,188,977
91,210,531
30,680,705
27,536,862
liabilities.
81,151,381
258,967,652
102,556,219
$2,183,342,593 $1,938,543,953
90,599,816
$6,276,573 $10,110,627 d$l76754,588
$78,372,088
$242,689,641
73,482,505
219,559,471
70,.500,819
liabilities..—.....................
$52,385,773 $52,843,034 $457,386,643 $473,045,672
7,289,147
1,012,574
9,157,360
Tax liability:
Government taxes..
United States Government taxes
United States
16,858,614
1,893,802
16,566,870
3,329,300
10,782,319
Other than
1,142,445
464,325
5,900,044
40,152,579
80,225,301
1,305,000
9,630,708
14,402,099
$53,803,726
$113,907,402
109.452.893
158.665.498
including the amount in default.
which will become due on account
a
Represents accruals,
b
Includes payments
(other than funded debt matured unpaid) within
month of report,
c Includes obligations which mature
after date of issue, ,d Deficit or other reverse items.
debt
Dividend appropriations:
On common
$448,660,657
10,975,022
40.782,230
142,111,136
10,653,709
60,064,079
54,891.319
141,666,350
9,824,587
18,522,021
$1,088,307,113 $1,335,400,346
Audited accounts
from income
$697,130,346
1937
161,651,618 $71,463,610 $307,762,203 $578,797,578
Mlsceil. deductions
$653,241,394
Demand loans and
of
$59,621,187 $205,074,353 $470,829,502
Income- $50,362,457
11,842,423 102,687,850 107,968,076
11,289,161
Total Income.
1937
$409,353,412
of affiliated
Selected Liability Items—
Net railway operating
September
Selected Asset Items—
nvestments in
Total current
Income Items
185
6,197
2,093
6,656
4,771
151
Pacific......
37
Savannah
1,169
1,860
3,060
12,470
743
3,827
932
Nashville
204
1,463
112
735
3,915
2,679
35
Mississippi Central
201
577
699
8,544
795
Macon Dublin A
532
321
191
150
Louisiana A Arkansas
528
Midland
125
196
3,039
1,521
International-Great Northern
Kansas Oklahoma A Gulf
Kansas City Southern
8,159
2,208
116
142
Burlington-Rock Island
29
Louisville A
16
46
932
Illinois Central System........
•
22
Florida East Coast
Georgia A Florida
Gulf Mobile A Northern
9,003
1,760
2,907
Pacific—
Union._.
Southern Pacific (Pacific)
Toledo Peoria A Western
840
Georgia
•
544
Peoria A Pekin
155
Carolina
Charleston A Western
306
11,419
503
North Western
327
—
331
9,829
435
—
379
Central of Georgia
331
10,573
...
Northern
8,086
3,344
Line
347
4,389
652
Missouri-Illinois
1,035
Coast
283
5,460
Fort Worth A
484
Coast—
Atlanta Birmingham A
518
7,129
Union Pacific System
13,260
3,355
West Virginia Northern
Maryland
13,823
1,579
84
2,636
1,168
30,841
152
104
455
4,300
Garfield
341
553
521
314
436
District—
Fe System
Chicago Burlington A
Chicago
3,565
503
69,462
633
Lines..
9,591
2,569
6,945
2,843
7,028
2,832
4,176
9,006
'
Total.
12,993
1,153
Valley.
9,046
2,652
.
Spokane International
Spokane Portland A Seattle...
635
Long Island...
14,815
2,132
18,227
3,522
1,026
15,958
1,458
Ishpeming.
Northern Pacific
107
Penn-Reading Seashore
12,124
2,029
A Western
13,102
1,454
Pennsylvania...
54,920
522
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
522
Cornwall
57,183
South.
„.
Lake Superior A
31,371
3,251
1,316
102,346
5,838
Great Northern
Green Bay
341
Cambria a Indiana
Cumberland A
Pacific.
Omaha.
Elgin Joliet A Eastern..
1,519
4,270
♦
567
85.779
R
Duluth South Shore A Atlantic.
208
Ohio
631
692
Duluth Missabe A I.
22,959
408«
Central RR. of New Jersey
Atlantic
Chicago St. P. Minn. A
22,537
2,214
Buffalo Creek A Gauley.
Western
Chicago Mllw. St. P. A
456
Baltimore a
Bessemer a Lake Erie
Ligonler
Chicago Great Western
Alton...
\
Allegheny District—
668
188
298
Northwestern District—
Chicago A North Western
Atch. Top. A Santa
'
Akron Canton a Youngstown..
*53
125
12,240
2,164
16,698
3,579
Total.
7,146
2,936
Pittsburgh A Shawmut
376
169
Southbound.—
Winston-Salem
3,175
1,213
6,726
3,873
11,912
Tennessee Central
10,212
Lehigh a Hudson River.
Lehigh a New England
3,426
4,188
12,117
86,011
Southern System
127
Grand Trunk Western
3,525
8,157
19,363
331
1,124
..
848
986
340
7,857
16,180
253
Seaboard Air Line
246
Line.
Erie
N. Y. Chicago A St.
133
1,684
6,353
1,335
903
392
309
325
1,655
1,915
973
1,773
2,143
1,944
2,884
1,041
7,672
16,867
Richmond Fred. A Potomac
1,662
6,671
5,521
465
912
...
Piedmont & Northern
10,136
3,947
Detroit A Toledo Shore
New York Central
5,867
Norfolk Southern
1,959
2,098
1,055
1,632
2,294
Mobile A Ohio
505
1,260
Ann Arbor
of principal of long-term
six months after close of
not more than two years
3524
Financial
Moody's Commodity Index Lower
Moody's
Commodity
week
a
139.8
to
ago
The movement of the Index
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,jj
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
was as
follows:
higher.
141.2
140.9
Two weeks ago, Nov. 25--Month ago, Nov. 9--
5
6
7
8
139.9
139.1
140.0
139.9
Year ago, Dec. 9
1937 High—April 5
Low—Nov. 24
9-..-
139.8
141.8
For
148.8
144.6
1938 High—Jan. 10
Low—June 1
Prices
Dec.
Rose
Index
152.9
130.1
.
0.3
of
Wholesale
of
Point
a
During
The brick and tile, and structural steel subgroups remained
the
third
consecutive
Commodity
Week
Ended
malleable
Dec.
on
5
that
moderate
im¬
A fractional advance in
subgroup advanced 0.3%
index for the chemicals and drugs group as a whole.
Wholesale
fertilizers
The
prices
and
of chemicals,
for
the
% of the 1926
1935
showing unusual strength.
demand, cash
export
a
month.
Fowls
Corn
gained
rose
4c.
than
more
almost
recovered
advantage of low prices.
about
Wheat
jumped
rye
all
than 2c.
to reach
cent
a
of
more
last
as
of the major commodities
a bushel on improved
highest price in about
the
farmers held back offerings.
week's
severe
Other meats did little.
losses
as
buyers
took
Holiday demand brought
higher prices for the citrus fruits, notably oranges.
Some weakness
in textile
prices, partly as a result of lower row cotton
evident
was
and
pharmaceuticals,
prices
goods
for
and
remained
group
crude rubber
declined
mixed
Dec.
unchanged
0.9%
and
paper
Cattle feed advanced 0.7%.
following table shows index numbers for the main
and
not affect the
It remained at 76 3.
Prices for woolen blankets advanced slightly.
a verage.
wholesale
of
groups
com¬
five weeks and for Dec. 4, 1937. Dec. 5, 1936, Dec. 7,
1934.
8,
(1926=100)
Dec.
Nov.
Nov.
Nov.
Nov.
Dec.
1
Commodity Groups
26.
3,
1938
some
drugs
housefurnishing
pulp dropped 0.1%.
The
The "Annalist" added:
food products led the rise with
result of higher
firm.
were
index
Average
point to 80.2, the highest level since the early part of Octo¬
Farm and
as a
prices for fertilizer materials did
provement took place in the commodity markets during the
week ended Dec. 3.
The "Annalist" index rose 0.3 of a
ber.
a
metal
Prices averaged lower for
castings, scrap steel, babbitt metal, solder and pig tin.
iron
modities for the past
announced
the index for the metals and
prices for range boilers.
3
The "Annalist"
week,
products group index has remained at 95.0%.
144.4
228.1
10, 1938
Prices for yellow pine lath and flooring wer
the level of the preceding week.
at 87.7
Weekly
timbers.
The plumbing and heating
2—
3
"Annalist"
Dec.
and yellow pine
Index declined moderately, from
this Friday.
The principal
factors in the decline were lower prices for cotton, hides, hogs
and sugar.
Corn had a sharp advance.
141.2
Chronicle
All commodities
1938
5.
1938
Dec.
4,
1938
Dec.
5,
1937
8.
1935
1934
76.7
77.4
..
Dec.
7,
1936
77.3
77.3
77.4
77.3
82.0
83.0
80.9
69.1
68.3
67.8
67.6
67.2
73.9
86.7
79.1
»..i
Farm products
Foods
12.
19,
1938
71.7
74.3
74.0
73.9
73.9
72.9
80.7
84.8
86.4
74.9
94.4
95.0
95.1
95.1
95.3
99.8
99.4
94.8
85.0
65.6
65.7
65.7
65.7
65.9
69.8
74.6
72.9
69.3
..
Hides and leather products.
.
Textile products
Fuel and
lighting materials.
74.3
74.4
74.8
74.9
75.2
78.6
77.6
Metals and metal products..
95.0
95.0
95.0
95.3
95.3
96.3
88.0
86.4
85.4
Building materials
89.3
89.4
89.3
89.0
90.0
93.0
88.4
85.4
85.1
.
75.9
76.0
WEEKLY
INDEX
OF
WHOLESALE
COMMODITY
PRICES
Chemicals and drugs
76.3
76.3
76.4
76.2
76.3
79.4
83.3
80.7
77.8
Housefurnishing goods
quotations.
"ANNALIST"
87.7
87.7
87.1
87.1
87.1
92.1
84.0
82.2
82.4
M lscellaneous
72.4
72.4
72.5
72.5
72.4
75.1
74.1
67.4
71.0
.
Raw materials
72.0
71.6
71.4
71.3
3, 1938
Nov.
1938 Nov. 30,
26,
1937
84.0
*
♦
75.P
76.1
76.3
76.2
76.2
78.4
81.0
*
♦
Finished
Dec.
75.7
Semi-manufactured articles..
(1926=] 00)
80.7
80.6
80.7
80.8
81.0
85.9
83.2
*
79.3
79.3
79.4
79.5
79.5
83.8
82.2
81.3
77.8
80.7
80.8
80.9
80.9
81.2
83.9
81.7
78.9
78.3
Dec.
3,
All
commodities
farm
Farm products
79.4
Food products
78.3
86.8
73.8
Fuels
Metals
59.4
84.1
!
97.5
All commodities
"■Preliminary,
Wholesale
a
Ended
Prices
Dec.
3
Advanced
According
0.1% During
United
to
States
of
prices for farm products, Commissioner Lublin announced on
Dec. 8.
"The increase brought the ali-commodity index
of 813 price series to 77.4% of the 1926
average," Mr. Lubin
said.
"It is 0.1 % above the level of a month ago and
5.6%
below a year ago.'"
Commissioner Lubin also stated:
In addition to farm products, wholesale market prices of foods also aver¬
aged higher.
Hides and leather products, textile products, fuel and
lighting materials, and building materials declined fractionally while metals
1
metal
products,
chemicals
and
ended
housefurnishing goods,
and
It is 0.6%
past two years.
and 3.8% below the level of
Primarily
ties, the
as
raw materials group
higher than it
was
a
like week
a
month ago.
Compared with
a
New England
below the level
6.1% lower than It
was at this
Central Industrial
0.1%.
The group
week
of last
by the Department of
above, also stated:
grains, and livestock and poultry.
result
as a
Quotations
were
butter, cheese, dried fruits, vegetables, fresh beef, lamb,
dressed poultry.
Cereal products declined 0.7% and
Quotations were lower for flour, cured and fresh
and
dropped 0.4%.
a
month ago and down
This week's food index, 74.3, is up 1.9%
7.9% from
a
year ago.
As a result of weakening
prices for hides, skins and sole and side leather
the hides and leather products
group index declined 0.6% during the week.
No changes were reported in prices of shoes and
other leather manufactures
such
2.8
1.4
x2.2
x3.6
7.2
6.2
4.9
2.9
6.2
5.7
2.1
1.5
Total United States.
x
Decrease.
lighting materials
the lowest point reached this
year.
group dropped 0.1% to
Lower prices for Oklahoma and Penn¬
sylvania
for
gasoline
were
were
*ndex.
responsible
the
decline.
higher and prices for coal and coke
was
were
Prices
for
natural
Week Ended
WEEKS
1938
(THOUSANDS
OF
KILOWATT-HOURS)
1937
1938
1936
1932
1929
from.
'"
*'
1937
1
8
Oct.
15
22
Oct.
29
2,139.142
2,154,449
2,182,751
2,214,097
2,226,038
5
2,207,444
Nov.
Nov. 12.
Nov. 26
Dec.
group
2,275,724
2,280,065
2,285,523
3
Dec. 10
17
Dec. 24
Dec. 31...
Wholesale
—6.0
2,276,123
2,281,636
2,254,947
2,202,451
2,176,557
2,224,213
2,065,378
2,152,643
2,196,105
2,202,200
2,085,186
1,998,135
2,209,324
2,270,296
2,183,807
—4.1
—5.5
—3.0
—1.3
+0.2
+ 1.5
+2.1
+ 5.7
+ 6.2
.
1,499,459
1,819,276
1,806,403
1.798,633
1,533,028
1,824,160
1,525,410
2,168,487
2,170,127
2,166,656
2,175,810
2,169,480
2,169,715
2,196,175
2,133,511
2,242,916
2,278,303
2,274,508
2,080,954
1,777,854
1,506,219
1,507,503
1,528,145
2,157,278
2,169,442
1,815,749
1,798,164
1,793,584
1,818,169
1,718,002
1,520,730
1,531,584
1,475,268
1,510,337
1,518,922
1,806,225
1,840,863
1,860,021
1,637,683
1,563,384
1,554,473
1,414,710
Commodity Prices Advanced Slightly During
According to the National
the Week Ended Dec.
3,
Fertilizer Association
After fluctuating
throughout the week ended Dec. 3, with
advances slightly outnumbering
declines, the wholesale com¬
modity price index of the National Fertilizer Association
recorded
a slight
upturn, standing at 73.3% against 73.2%
preceding week.
A month ago the index (based on
the 1926-28 average of 100%) registered
72.9%, and a year
ago 78.7%.
The National Fertilizer Association, under date
in
the
of Dec. 5, further states:
Last
week's
rise
in the all-commodity index was
largely due to higher
prices for foodstuffs, with the food group average advancing to the
highest
point reached since early September.
In the farm product group a frac¬
tional drcp in cotton prices was more than offset
by rising quotations for
A small
due
to
decline
lower
decline
in
any
of
representing the
of
in
poultry
available because of
result
steady.
also recorded In the building materials
Lower prices were reported for rosin,
turpentine, red cedar shingles.
RECENT
Percent
was
A decrease of 0.1%
1
,
FOR
grains.
gasoline
1.6
6.6
4.6
woolen goods were steady.
for the fuel and
2.4
0.4
x0.2
6.5
gloves, belting, luggage and harness.
Lower prices for cotton
yarns, silk yarns, raw silk, burlap and raw jute
caused the index for the textile
products group to decline 0.2%.
Average
wholesale prices for clothing,
hosiery and underwear and worsted and
as
The index
2.2
xO.l
xl.O
*
3.1
year ago.
pork, lard, and oleomargarine.
from
5.8
12,1938
9.9
Rocky Mountain
Dec.
1.2% largely
Advances of 2.9% for dairy products and
1.2% for fruits and vegetables
caused the foods group index to rise
0.4%.
Important foods which aver¬
were
xlO.2
Southern States
white potatoes (Chicago and
Portland, Ore.).
The current farm products
index, 69.1, is 2.8%. higher than it was a month
ago and 6.5% lower
veal
Week Ended
Nov.
4.6
0.0
.
..
Nov. 19
higher for barley, corn, oats, wheat, cattle, live poultry (New York), eggs,
apples, peanuts, sweet potatoes and white potatoes in Eastern markets.
Lower prices were reported for
rye, cotton, lemons, oranges, hops and
meats
12.4
5.3
West Central
Oct.
as
Prices of farm products at wholesale
advanced
mutton,
Week Ended
Nov. 19,1938
6.1
Oct.
and Is 0.4%
time last year.
The announcement, issued Dec. 8
aged higher
Week Ended
Nov. 26, 1938
It is down
1
rose
of the corresponding
Labor, quoting Commissioner Lubin
was a
3, 1938
12.2
Middle Atlantic
It is 1.8%
year ago,
ago.
Average wholesale prices of finished products
than it
Week Ended
Dec.
Change
0.6% during the week.
rose
current
year ago.
Major Geographic
Regions
Oct.
of higher prices for
a
year ago.
index
The
PERCENTAGE INCREASE FROM PREVIOUS YEAR
below the corresponding week of November
The semi-manufactured commodities
group index fell 0.3
below a month ago and 3.2% below a
year
month and
2,285,523,000 kwh.
was
0.1% to the lowest point In the
4.9%.
index, 80.7, is 0.4%
1938,
1937, when production totaled 2,152,643,000 kwh.
1938, was estimated
2J83,807,000 kwh., an increase of 5.7% from the
be
to
result of strengthening prices for agricultural commodi¬
a
3,
of
DATA
respectively.
year ago
Dec.
The output for the week ended Nov. 26,
group of "all commodities other than farm prod¬
ucts," reflecting the movement in prices of non-agricultural commodities,
remained unchanged at 79.3.
It is 0.3% and,5.4% below a month ago
a
6.2%
week's output is 6.2% above the output of the
corresponding
Ifc The index for the large
The Index for industrial commodities fell
1938,
Ago
Pacific Coast
drugs,
miscellaneous commodities did not change.
'nd
Year
a
The Edison Electric Institute, in its current
weekly re¬
port, estimated that production of electricity by the electric
light and power industry of the United States for the week
week
Department of Labor, Bureau of Labor
wholesale commodity prices advanced
0.1% for the week ended Dec. 3 largely because fo higher
and
Output for Week Ended
Above
The United States
index
Not computed.
Electric
Department of Labor
Statistics'
than
86.8
Revised.
Commodity
Week
75.2
other
products and foods
89.1
79.9
*
thaD
73.5
70.5
80.2
-
86.8
*
70.7
104.2
69.3
70.5
-
97.6
69.3
86.8
—
Chemicals...Miscellaneous
commodities
89.7
Building materials
other
products
farm
61.5
84.1
All
81.3
59.5
-
-
73.5
------
Textile products
products
the
the
livestock and
reliable
livestock
stockyard strike in Chicago.
the group
prices
index for
prices;
of
averages
during the
miscellaneous
products
were
not
The only significant
week
commodities,
livestock
quotations
was
which
in
fell
the
off
index
as
a
declining prices for hides, cattle feed, and book paper.
Twrenty-three price series included in /"the index advanced during the
week
and 20
declined; in the preceding week there were 21 advances
Volume
and
23
and
18
declines;
preliminary while those for the preceding months are corrected in
declines.
actual reports received and vary slightly
WHOLESALE COMMODITY
WEEKLY
PRICE INDEX
Per Cent
Dec, 3,
Group
Bears to the
Ago
Ago
Dec. 4,
1938
26.
Nov.
1937
72.4
79.7
1938
1938
73.1
72.5
Fata and oils
56.1
55.5
55.3
71.1
70.0
70.7
68.3
65.3
65.2
64.7
69.3
Foods
...
Farm products
23.0
Of
63.9
Cottonseed oil
Total Index
.
1,
of
stock
1938,
was
the total stock
anthracite.
were
stock
decreased
Electric
coal
of
and
Cotton
48.1
48.2
48.3
50.8
50.0
47.7
67.8
Livestock
73.1
73.3
73-3
75.3
75.9
75.6
83.8
78.2
78.4
79.3
when
17.3
Fuels
10.8
Miscellaneous commodities
77.7
8.2
Textiles
59.6
59.7
59.4
62.7
7.1
Metals
90 7
90.8
90.9
Building materials
83.9
83.9
81.5
96.5
plants
power
on
increase of
an
plants consumed approximately 3,760,156 net
power
which
of
1938,
3,575,243 tons
were
tons
bituminous coal
anthracite, increases of 6.9% and 6.8%, respectively,
were
of
terms
days'
which
supply,
calculated at
is
the current rate of
1, 1938, to
enough bituminous coal on hand Nov.
83.3
93.6
utility
1.6%-when
1937.
8,194,634 tons were bituminous coal and 1,283,474 tons
Bituminous coal stock increased 2.1% while anthracite
was
98.1
6.1
electric
at
This
tons.
compared with the preceding month.
In
75.8
w
1938, and a decrease of 10.8% from Nov. 1,
1,
October,
184,913 tons
44.3
Grains
^
Consumption
and
hand
on
month are
accordance with
from the preliminary data.
1.5% when compared with Oct. 1, 1938.
utility
in
coal
9,478,108
compared with Oct.
Nov. 5,
Week
Week,
Each Group
total
The
Nov.
Year
Month
Preced'g
Latest
Stock
Coal
(1926-1928=100)
Compiled by the National Fertilizer Association.
25.3
Thus, the figures shown for the current
actual figures are available.
as
26 advances
there were
preceding week
second
the
in
3525
Chronicle
Financial
147
«
consumption, there
Chemicals and drugs
93.2
93.2
.3
Fertilizer materials
73
0
70.8
70.5
73.1
.3
Fertilizers
77.6
77.6
77.7
last
71 days, and
79.9
1.3
Farm
.3
97.1
combined
97.1
97.2
73.2
72.9
Residential
October
of
66% Over Year Ago, Secretary Perkins
Reports—Total Permit Valuations^ 26%lLHigher
78.7
Than October,
1937
which permits were
Tbe value of residential buildings for
in
issued
Production
October
The
in the
Energy
Electric
of
production of. electric energy for public use during
of October, 1938, totaled 9,966,736,000 kilowatt
according to reports filed with the Federal Power
This is an increase of 3.8% when compared
hours,
2% less than was produced
previous year. The normal
change from September to October is plus 2.3%.
The pro¬
duction of electric energy by electric railway, electric rail¬
road and other plants which generate principally for their
own use totaled 243,615,000 kilowatt hours, making a total
previous month, and is
production reported to the Commission for the month of
October of 10,210,351,000 kilowatt hours.
The production by water power in October amounted to
3,321,764,000 kilowatt hours, or 33% of the total output for
of generating plants available for
service amounted to approximately 38,335,000 kilowatts as
of Nov. 1, 1938.
This is an increase of 143,000 kilowatts
capacity
during November over that previously reported.
includes plants owned by electric railway, elec¬
railroads, Federal and State organizations, as well as
reported
This figure
tric
portion of .manufacturing plants which is allocated
production of electric energy for public use.
PRODUCTION OF ELECTRIC ENERGY FOR PUBLIC USE IN THE
that
to the
STATES
UNITED
of
(less than one-tenth of 1%). Total permit
during October, 1937.
valuations rose slightly in October as com¬
pared with September.
This increase, which is contrary to
the usual seasonal trend, was due to gains in the value of
new non-residential buildings amounting to 14% and in the
value of additions, alterations and repairs amounting to 8%.
The value of new residential buildings declined 10% from
valuations were 26% higher than
"Total permit
Statistics from 2,021 cities
of 59,265,000.
"During the first 10 months of 1938 the total permits
issued in the cities reporting to the Bureau for buildings
were valued at $1,409,421,000.
This is an increase of 1%
as
compared with the corresponding period of 1937.
The
value of new residential buildings over the same period
showed a gain of 12%.
There was a decrease of 3% in the
value of new non-residential buildings and of 16% in the
by the Bureau of Labor
having an aggregate population
"For the first six
were
By Fuels
By Water Power
four
September
October
August
September
October
1938
1938
1938
1938
1938
1938
230.558
281,354
541,044
567,818
East North
Central..
212,188
209,-599
West North
Central.*
155,223
139,977
507,074
416,673
351,394
558,640 1,793,335 1,701,105 1,869,153
192,701 2,003,457 1,995,891 2,146,638
479,435
457,979
497.437
141,326
842,205
761,565
621,70G
278,892
260,722
England
Middle Atlantic.
South Atlantic-
326.302
109,254
148,610
216,072
8,835
8,850
10.853
597.303
571,369
435,961
415.173
419,499
95,298
88,954
gain of
109.438
103,247
98,282
.
West South
Mountain
.
Pacific
21%
over
announcement
545,788
93.825
1,219.819 1,142,385 1,112,198
Central..
Central..
East South
371,805
Change from Sept.,
Class of
1938 to Oct., 1938
All Cities
Excl. New York
Construction
6.177,949 6,160.822 6,644,972
Total United States 3.757.539 3.437.659 3.321,764
-
New residential.
Production of Electric Energy
The
for Public Use
the
each of
for public use by 12-month
preceding 12 months is given below:
periods for
There
% Change from#
Previous Year
Production
Nov. 30.
Kilowatt-Hours
31. 1938
Feb. 28,
Mar. 31,
,
1938-.:.--1938....
Apr. 30, 1938
May 31,
June 30.
1938
1938
—
Aug. 31,
1938.
Sept. 30, 1938
31.
Oct.
1938
-
given
were
September.
October, 1937, by class of construction,
below for 1,531 cities having a population of 2,500 or over:
—
Class
1937 to Oct., 1938
All Cities
Excl. New York
of Construction
1
*—3
New residential
—4
New
—5
repairs
PUBLIC USE
% Produced by
1937
+55.0
+ 13.3
+44.1
+ 25.8
♦Decrease less
than 0.1 of 1%.
„
Compared with October, 1937, there was
number of family-dwelling units provided.
an
months of 1938 and the like
occurring between the first 10
period of 1937 are
increase of 74% in the
indicated below,,;
1937 to
1938
,
+ 9.6
Total
The changes
1937
*
— —
'
Water Power
1936 to
+ 51.6
+ 65.3
--
-
non-residential
Additions, alterations,
-—5
PRODUCTION OF ELECTRICITY FOR
Change from First
1938
Class of
Kilowatt-Hrs.
is
Change from Oct.,
+2
112,515.000;000
112,069,000,000
111,687,000,000
111 .605,000.000
1938
the new house¬
during October in these
percentage change from
data show production by
1937
+ 3.3
units provided in
+4
% Change
Month
family-dwelling
20,916
mmmm\
eliminated.
TOTAL MONTHLY
+ 9.1
+6
115,068.000,000
114,185,000.000
12-raonth periods, all seasons of
Included In each total, and the effect of seasonal variations is largely
Note—Since the above
tbe year are
The
+7
117,282.000.000
116,768.000.000
116,008,000,000
repairs
+ 10.2
keeping dwellings for which permits were issued
cities.
This is a decrease of 10% compared with
+9
113.323.000.000
31, 1938
July
+ 11
118,080,000,000 "
117,791.000.000
1937
Dec. 31, 1937
Jan.
Additions, alterations,
—3.3
—9.7
+ 7.8
- —
.
Total.....-..-.-,-
*•
12 Months Ended—
_ .
+ 14.2
+ 0.4
non-residential
New
production of electric energy
1938
11% under the corresponding months of 1937. For the
months, July to October, inclusive, however, there was
An
New
alterations and repairs.
months total permit valuations in
the same period of 1937."
by the Department of Labor, from
which the foregoing is taken, continued:
The percentage change from September to October in the permit valua¬
tion of the various classes of construction is indicated in the following
table for 2,021 cities having a population of 1,000 or over:
a
353,574
332,102
350,727
These data are based on reports re¬
September level.
ceived
value of additions,
Augusf,
Division
the
slight decrease
Kilowatt-Hours)
(In Thousands of
aver
to existing structures over the year period.
The
new non-residential buildings, however, showed a
repairs
value
the
public use.
total
65%
"There was also an
in the value of additions, alterations and
of 10%
increase
during the same month of the
The
of
increase
an
corresponding month of 1937," he said.
Commission.
with the
showed
1937, Secretary of Labor Frances
Perkins reported Nov. 26.
"This is the fourth consecutive
month in which the permit valuation for residential con¬
struction has been more than 50% higher than during the
month
the
October
corresponding month of
States
United
Permits'^ In¬
Building
creased
96.5
73.3
machinery
Ail groups
100.0
Value
was
enough anthracite for 215 days' requirements.
to First
Construction
Kilowatt-Hrs.
9.839.000.000
8,956.000,000
9,946.000.000
9,330.000,000
+ 13
—5
39
+ 12
—6
39
9,186,000.000
+18
—8
43
9.609.000.000
9.719,000,000
8.669,000.000
8.836.000,000
+ 14
—10
43
46
+ 13
—9
44
43
8,«58,000,000
9,282.000,000
9,935.000.000
9,598,000.000
9,967,000,000
+12
November
9,820.000.000
10.090.000.000
10.381.000.000
9,981,000.000
10.149,000.000
9.554,000.000
December
9,747.000.000
Ezcl. New York
42
39
All cms
38
8.442.000,000
10 Mos. in 1937
10 Mos. in 1938
January
February
March
April
May
June
July
August.
September
—
October
Total
117.791.000.000
Note—Above data are
for
public use and. in
—9
38
—8
33
31
—4
32
36
+4
—2
32
33
+2
38
-3
37
+9
37
solicited from all plants engaged in generating electric energy
addition, from electric railways,
electrified steam railroads,
Federal. State, and other plants. Accurate data are received
representing approximately 98% of the total production shown:
remaining 2% of the production is estimated and corrections Are made as rapidly
and miscellaneous
each month
1.9
—15.2
—5.1
38
+7
—2.4
—
—16.0
+ 0.9
39
—4
—3.2
non-residential.
Additions, alterations, repairs
New
41
+9
+ 11
+ 12.3
the"
Total
Hie
- -
-
Ui*lU
LU11CLICU
UJ
LUC
uuicau
vra
a
municipal construction, the value of buildings for which
contracts were awarded by the Federal and State governments in the
cities included
in the report.
For October, 1938, the value of these
buildings amounted to $16,700,000; for September, 1938, to $17,374,000,
and for October, 1937, to $2,984,000.
Permits were issued during October for the following important building
to
private and
projects:
New
In Hartford, Conn., for a school building to cost
for an office building to cost $750,000;
Haven, Conn.,
$470,000; in
in Stamford,
Financial
3526
Chronicle
the
for apartment houses to cost nearly $6,000,000; in
they
last
Borough of Queens, for one-family dwellings to cost over $2,400,000,
and for apartment houses to cost over $2,500,000; in Rochester, N. Y.,
for
a
factory building to cost over $900,000; in Yonkers, N. Y., for
apartment houses to cost over $1,000,000; in Philadelphia, Pa., for a
school building to cost $800,000; in Pittsburgh, Pa., for school buildings
to cost over $800,000; in Indianapolis, Ind., for apartment houses to cost
During October the amount of raw corton consumed by mills in New
Contracts
were
buildings
from Federal
awarded
funds for
a
post office
annex
in 1937.
tember but
was
about 16% lees than in Sep¬
.
.
.
employed in repre¬
establishments for the week including or ending
264,629,
increase of 2.071 employees, or 0.8%, when
an
the corresponding week in September.
There was an increase of 0.7% in
the amount of aggregate weekly payrolls between September and October,
according to the Massachusetts Department of Labor and Industries.
in
The
increase in employment between September and October was not as large
the average increase
as
which had occurred during the 13-year
of 1.6%
period 1925-1937, inclusive.
There has been
an average
decrease of 0.4%
between September and October in the amount paid in wages.
The
volume
saies
of
702
$20,734,985 in October,
1938
concerns
retail
establishments
.
.
.
Massachusetts
in
was
compared with $21,526,829 reported by these
as
in October last year.
This
was
a
decrease of 3.7%.
Decreases
reported in 9 of the 11 major classifications, the only two reporting a
gain being the lumber and drug groups, with increases of 15.5% and 1.7%,
respectively.
Families Provided for
in New Dwellings
Permit Valuation
of
New England is estimated to have been
This total
larger than in October last year by about 27%.
was
nearest Oct. 15 was
were
Geographic Division
.
compared with the number employed in these same establishments during
New Residential Buildings
No.
.
sentative manufacturing
OF BUILDING CONSTRUCTION, TO"
GETHER WITH THE NUMBER OF FAMILIES PROVIDED FOR IN
NEW DWELLINGS. IN 2,021 IDENTICAL CITIES IN NINE REGIONS
STATES, OCTOBER,
.
In Massachusetts the total number of wage-earners
VALUATION
OF THE UNITED
In each of the first nine months of the
In October, however, cotton consumption was 7.4% higher than
11,884,000 pairs in October.
for an extension tb a building
in the Brooklyn Navy Yard to cost nearly $600,000, and for barracks and
naval building at Norfolk, Va., to cost over $1,800,000.
I—PERMIT
compared with 61,673 bales in September and
year.
Boot and shoe production in
Providence, R. I., to cost nearly $900,000;
TABLE
as
cotton consumption was less than in the corresponding month
in October last year.
cost more
to
67,002 Dales,
was
current year
than $1,600,000; in
Houston, Tex., for an office building to cost $1,300,000; in Los Angeles,
Calif., for one-family dwellings to cost nearly $3,200,000, and for school
buildings to cost over $600,000; in Wyomissing, Pa., for a school building
to cost over $500,000;
in Tallahassee, Fla., for school buildings to cost
over $500,000;
in Annapolis, Md., for a State office building to cost nearly
$600,000, and in Tuscaloosa, Ala., for an auditorium and library for the
University of Alabama to cost nearly $600,000.
school
for
6.8% smaller than during the corresponding period
were
62,365 bales in October last
$500,000; in Dearborn, Mich., for one-family dwellings to cost over
$500,000;
in
Detroit,
Mich.,
for
one-family dwellings to cost over
and
less than
in October last year, and during the 5-week period ended Nov. 12
year.
England
over
$4,500,000,
were
freight carioadings
Borough of Manhattan, for apartment houses to cost over $1,600,000;
the
in
10, 1938
In Octooer department store sales in this district were about 2%
Conn., for apartment bouses to cost $807,000; in New York City—in the
Borough of the Bronx,
Dec.
-
,
Second (New York) District
Cities
Oct., 1938
196457—CMRBDAlioecsvhtmgnapd.
Sept., 1938
Oa., 1938
October
business operations
continued
the
upward movement, owing in large measure to ac¬
celerated rates of activity in important durable goods lines,"
"During
Sept., 1938
recent
All divisions..
...
2,021
*76,868,370 *85,140,846
20,916
23,277
New England
137
3,329,543
3,004,693
749
467
33,062,594
15,251,878
5,665
9,132
439
3,420
3,098
3,610,374
1,084
1,044
2,633
said the Federal Reserve Bank of New York in presenting in
669
Middle Atlantic
East North Central
2,212
West North Central.....
192
21,261,469
16,922,684
3,832,522
South Atlantic
244
8,533,628
94
1,338,849
West South Central
134
5,673,598
Mountain
103
1,919,100
7.795,222
1,328,157
5,258,514
2,050,806
Pacific
211
14,066.977
13,778,608
East South Central
3,990
New Non-residential
Popu¬
lation
freight
and wool mill operations were largely of a seasonal character
the railroads and sales of chain steres other than
over
creased
Oct., 1938
Sept., 1938
6a.,
1938
Sept., 1938
sales advanced
of 1930)
rose
*55,670,673 *48,731,446 *160,289,158 *169,605,234 59,265,401
11,930,828
8,557,179
West North Central
3,502,352
South
7,321,969
2,102,040
4,039,419
2,176,848
Atlantic
East South Central.
West South Central
Mountain
Pacific
10,247,841
Percentage change.
*4,191,456
5,438,318
9,492,585
2,022,490
10,513,339
1,798,957
3.008.025
2,039,594
10,226,682
*12,824,917
39,892,996
30,292.215
*9,386,828
in other years, but
as
less than usual.
Preliminary evidence indicates that there
7,178,836
18,692,484
4,348,414
11,601,652
21,413,606
9,569,253
6,354,298
28,496,281
4,787,846
1,246,191
In
28,661,305
6,223,770
further in November,
•4-14.2
3,983,386
further gain in the general
averaged substantially higher than in October.
have
more
doubled
than
mobiles continued
to
their
rise
Since
of production.
rate
during the month, and
June,
steel
mills
Assemblies of auto¬
manufacturers
car
are
reported to have revised production schedules upward, owing to retail sales
excess
of earlier expectations.
Cotton mill activity apparently increased
though mill sales of cotton goods during the latter
part of the month were reported to be lower than current output.
+0.4
For the
first three weeks of November electric power generation rose more than
seasonally, and department store sales in this district also appear to have
Bank
Debits
11% Lower Than Last Year
Debits to individual accounts, as reported by banks in
leading cities for the week ended Nov. 30, which included
only five business days, aggregated $6,942,000,000, or 10%
below the total reported for the preceding week and 11 % be¬
low the total for the corresponding week of last year, which
also included only five business days.
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919, amounted to
$6,368,000,000, compared with $7,049,000,000 the preceding
week and $7,183,000,000 the week ended Dec. 1 of last year.
These figures are as reported on Dec. 5,1938, by the Board
of Governors of the Federal Reserve System.
increased by more than by the usual proportions, while the movement of
freight by railway declined less than is usual.
(Adjusted for seasonal variations, for estimated long-term trend, and where necessary
for price
RESERVE DISTRICTS
Federal Reserve Distria
Nov.
30, 1938
Nov. 23, 1938
2—New York
15
18
2,857,644,000
374,299,000'
*434,112,000
3,347,103,000
3—Philadelphia
$447,866,000
3,236,222,000
410,151,000
509,053,000
292,989,000
239,370,000
1,073,907,000
176,779*000
157,624,000
276,520,000
25
452,265,000
250,215,000
24
26
17
214,806,000
1,027,763,000
245,296,000
140,074,000
28
224,832,000
41
16
Passenger
cars
Motor trucks
J
512,008,000
279,030,000
220,582.000
1,116,144,000
255,652,000
29
570,105.000
651,549,000
274
*6,942,218,000
$7,713,135,000
$7,817,257,000
168,924,000
211,105,000
63
71
65
82p
29
49
81
62
.
47
40
42
86
.
Cotton consumption
_.
Wool consumption
._
76
74 p
88
84
86 p
90
89 p
89 p
88
.
95
90
91
56r
107
90
.........
86
109
101P
101P
...
86
87
90
90
.
_
70
97
94
Crude petroleum
Electric power
...
;
...
92
91
90
92 p
86
63
52
54
63
143
103
111
108
Employment, manufacturing. United States....
100
80
82
83 p
Employee hours, manufacturing, United States.
88
69
71
74 V
.....
25
43
41
43
Non-residential building A engineering contracts.
46
66
61
80
75
77
........
Employment—
Construction—
Residential building contracts
Primary Distribution—
Car loadings, merchandise and miscellaneous
Gar loadings, other
86
66
70
Exports
87
84
78
78
79
79
76
69
83r
...
Imports
72
75
Distribution to Consumer—
Summary of Business Conditions
below excerpts
Department store sales. United States
Department store sales. Second District
in
the
Federal
from
89
.....
Mail order house sales
New passenger car registrations
made for customary seasonal changes."
stated:
95
75
89
90
88
44
43
69?
62
70
59
61
36
38
General price level.6
158
154
154
Cost of living.6
153
148
148
148?
112
109
109
109?
Composite index of
*
Not
adjusted
p
Preliminary.
r
a
wages, c
for
price
changes,
age=100; not adjusted for trend,
The Bank further
92
47
Dallas and San Francisco:
Bank of Boston, in its
"Monthly
1, states that "between September and
October in New England there was not much
change in the
level of general business activity, after allowances had
been
89
107?
100
Boston, New York, Philadelphia, Cleveland, Richmond,
Atlanta, Chicago, St. Louis, Minneapolis, Kansas City,
Dec.
81p
80
104
120
Velocity of Deposits—
Velocity of demand deposits, outside N. Y. City
Velocity of demand deposits. New York City.a
Federal Reserve
83
76
102
99r
...
the monthly reports on
business of the various Federal Reserve banks.
The follow¬
ing remarks are from the reports of the Reserve banks of
First (Boston) District
81
82
94
Chain grocery sales
Other chain store sales
Reserve Districts
59
58
135
*
,
Bituminous coal
387,709,000
147,732,000
240,230,000
187,779,000
689,176,000
18
Total
79
108
..
Copper.
Dec. 1, 1937
$415,995,000
12—San Francisco
1938
Machine tool orders*
17
10—Kansas City
Oct.
1938
Centers
Incl.
8—St. Louis
Sept.
1938
Industrial Production—
Steel
Meat packing
Tobacco products
Week Ended—
of
| Aug.
1937
Cement
No.
changes)
iOct.
Shoes
SUMMARY BY FEDERAL
of
was a
Steel mill activity, after rising
further, eased off slightly during the latter part of the month, but apparently
8,785,901
45,453,739
department store and mail order sales
level of business activity in November.
5,476,952
17,817,581
14,768,291
4,516,428
4,917,215
2,039,514
3,269,459
29,270,435
in¬
grocery
than is customary during October, and grocery chain store
more
(.Census
East North Central
The
as
Among series reflecting the rate of distribution of goods, shipments of
Unci. Alterations and
Repairs) Permit Valuation
*5,792,097
Review"
rapidly
rose
During October shoe produc¬
tion declined less than is usual at this time of the year, but moderate in¬
Total Construction
Buildings
England
give
substantial Increases in production of steel, pig iron, copper,
were
zinc, cement, and plate glass, and automobile assemblies
volume output of new models was attained.
creases in cotton
Permit Valuation
Middle Atlantic...
We
its indexes of business
1,
and activity at meat packing plants was little changed.
All divisions.
New
705
4,148
There
531
1,897
607
"Monthly Review" of Dec.
activity.
The Bank added:
—10.1
—9.7
Percentage change......
605
2,005
its
c
a
1919-25
average=100.
1926 average=100; not
& 1913
40
155?
aver-
adjusted for trend.
Revised.
Third (Philadelphia) District
"Industrial production in the
Philadelphia Federal Reserve
District, after advancing more than seasonally for two suc¬
cessive months, continued at about the same level in October
as in the previous
month, but was still noticeably lower than
Volume
a
year
Financial
147
3527
Chronicle
ago," said the Philadelphia Federal Reserve Bank,
which continued, in part:
output of durable
transportation equipment, and
building materials.
This upward trend continued in November.
Produc¬
tion of consumers' goods, on the other hand, declined from September to
October, and the output of anthracite coal increased less than is usual in
this period.
Production of crude petroleum in this district registered an
actual decline.
Early reports indicate a further recession in textile activity.
The number of workers employed at manufacturing and nonmanufacturing establishments increased 2% and the amount of wages disbursed. 7%
from September to October, but the volume of both continued substantially
The
October
level
was
sustained by the expanding
goods, including iron and steel products,
smaller than
Following
a
a
year ago.
...
sharp increase from August to
were
Seventh (Chicago)
September, wholesale trade
Because initial demand
manufacturers
improved further
of
recession
shown Improvement, but
upward movement,
contraction which was well
under way last year at this time.
producing areas rose quite sharply
foreign business continue to operate at rather low levels.
October, though down seasonally, was 23% greater
exceeded in one October since 1929.
production in
than last year, and only
Department and wearing
apparel
October, though improvement
was indicated by weekly reports in November.
Other lines of trade showed
moderate gains.
Conservative inventory policies are still being followed,
for despite the less-than-seasonal rise in sales, stocks on hand were little
changed in the latest month, after allowing for seasonal variations.
increased less than seasonally in
Fifth
(Richmond) District
Richmond, in its "Monthly
Review" of Nov. 30, reported that "seasonal expansion of
trade and industry continued in the Fifth Federal Reserve
District in October and early November, although the extent
of the improvement varied considerably."
The following is
The Federal Reserve Bank of
also from the "Review":
'
In some lines the increase in activity was not up to seasonal average,
while in others marked gains were registered.
A sharp rise in construction
work during October was perhaps the outstanding development of the
month, building permits issued in 31 cities totaling 48% more than permits
issued in October last year, and contracts actually awarded reaching the
second highest figure reported for any month in eight years.
.
.
.
There
was a, material increase in automobile sales in October in the Fifth District,
only partly attributable to the introduction of new models.
Coal pro¬
duction rose 8% in October over production in September, but the rise was
somewhat less than seasonal average.
In retail trade circles, the weather
during October and eariy November was exceptionally mild, and sales of
fall goods were materially retarded.
October department store sales in the
district advanced 12% over September sales, but over the past 10 years the
average increase
between these two months was approximately 20%.
Auction tobacco markets sold fewer pounds last month than in September,
but the better grades predominated and a resulting improvement in prices
brought the growers a higher total amount in October than in September.
Sixth (Atlanta)
___
District
According to the Nov. 30 "Monthly
Review" of the Federal
Atlanta, "the business improvement begun
in the second quarter of this year has continued without
reversal of direction in October, either in the country as a
whole or in the Sixth Federal Reserve District."
The follow¬
Reserve Bank of
ing is also from the
"Review":
in the Sixth District on the basis of latest
available data has been represented by expansion in residential construction
contracts, in the production of pig iron and electric power, in employment
and payrolls, and in farm income.
The increase in residential contracts In
October reversed a previous decline in September.
The October increase in
Increasing business activity
14% over September, and the production rate—the
than two and one-half times the rate in July.
Electric power production for September, the
latest available figure,
increased to the highest level on record.
Declines in business activity were represented by a small decrease in
wholesale sales and, after a previous steady increase for five months, in a
pig iron production was
largest In a year—was more
noted
preceding
the
from
District, attributable to
month.
a
Non-manufacturing
considerable extent to mild weather, but business
Sales of furniture and house-
half of November.
the first
though
than
a
month previous, aggregate
were
Al¬
number of wholesale trade groups had heavier sales in October
a
sales showed some decline from September
much below those of a year ago.
Eighth (St. Louis) District
Conditions" of the Federal
stated that "the greater part
of statistical series and data generally, bearing on Eighth
District business during October and the first three weeks of
November, reflects continuance of the upward trends which
began last summer."
The "Review" also had the following
the
In
Nov.
"Business
30
Reserve Bank of St. Louis, it is
to
say:
Production in the principal
what
and many minor industries increased in some¬
than the expected seasonal amount
more
well defined improvement
and was accompanied by
in employment in a majority of the manufacturing
centers.
As indicating
New machine tool orders received in October were about the same as in
the preceding month.
In the recent]recovery period, however, new domes¬
tic machine tool and foundry equipment purchases have lagged, and those
irregular.
for the period, incoming business fell off
above the 1928-37 average for October.
furnishings fell off during October in accordance with seasonal trend.
«
has lagged
Retail trade in this area was
was
improved in
This
however, is in decided contrast to the
y
store sales
was
BfcLess favorable trends than prevailed in September were noted during
October in the department store and retail shoe trades of the Seventh
they have been more
rise in employment,
mill operations in local
plants not doing a
earlier, and although output from furniture fac¬
year
and
period.
prevailing a year ago.
between
the third weeks of October and November, and were somewhat above the
national average.
It is reported that sheet and strip steel roUings, against
large commitments made in mid-October when price concessions were
available, are the most important factors in current ingot output.
Produc¬
tion facilities for these types are large in this district, which accounts for the
fact local plant operations, excluding Pittsburgh, have been above the
national rate since early in October.
Pittsburgh is a large producer of
heavy steels, and while gains have occurred there in recent weeks, demand
Shoe
a
increased their employment and payroll volumes in the current
groups
while causing a substantial
sufficient to restore it to levels
this product
or
a
sharp gain in October, while in the non-durable goods classification some
Cleveland, in its "Monthly
and
present sharp
month
a
As
Paper
October than
Employment and payrolls in the durable goods industries showed another
reported:
for
District displayed greater activity in
tories declined counter to trend
delivery of parts and materials to automobile assembly
plants.
That industry expanded operations in November
to the highest rate in more than a year in an effort to stock
dealers, following an apparent underestimation of public
interest in and demand for new cars."
The Bank further
Steel
demand for building materials has expanded.
either
dated Nov. 30, reports that "many
Fourth District Cleveland industries have advanced opera¬
tions further in recent weeks, largely because of pressure for
Other local industries have
time since the close of the third quarter
date to within 5% of the corresponding 1937 period.
Seventh
less than seasonally
moderate, and the total gain,
industry, had reached
mills in the
District
closely
Production of steel, largely
a level by
year.
result of this activity,
Review"
has not been
a
for the year to
products.
The Federal Reserve Bank of
revise production schedules
to
Building construction, as indicated by contracts awarded, re¬
further definite rise in October, the increase bringing the volume
1937.
corded
substantially below a year ago.
Stocks of raw materials for the most part are maintained at the low levels
which have prevailed over the past several months, while inventories of
finished goods have been reduced further, especially at plants producing
Business
has been greater than expected,
had
last
mid-November higher than at any
continues
Fourth (Cleveland)
cars
have
stimulated by activity in the automotive
of iron and steel prod¬
ucts, woolens, hosiery, and clothing.
Despite increases in both sales and
operations, however, the volume of unfilled orders has remained practically
textile
new
of the month
that
approximate
particularly in the case
unchanged from earlier periods and
for
automobiles
of
upward, and it appears that the November volume of output will
...
goods in this district has
The market for manufactured
the
by
say:
Manufacturing
since the middle of October,
District
automotive industry, Seventh (Chicago)
District industrial activity advanced steadily upward during
October, and preliminary data for November indicate that
this trend has continued," it is noted by the Federal Reserve
Bank of Chicago, in its Nov. 25 "Business Conditions
Report."
In several instances, says the Bank, current
volumes of output have attained or surpassed the levels
prevailing a year ago when the recession in business had
become quite marked.
The Bank also had the following to
"Led
and retail trade sales increased less than is
In both lines, however, the declines from a year ago
the smallest since last spring.
In addition, retail
lagging seasonal movement.
trade was affected by a
contracted slightly in October,
usual at this season.
consumption.
decrease of 2.3% in the rate of cotton
in its "Business Review" of Dee. 1,
the increased rate of industrial activity, consumption
electric current by industrial users
of
in the principal cities in October was well
The general
rate of operations in the iron and steel industry showed further improvement,
with steel ingot production at mid-November advancing to 51.5% of capac¬
ity, a new high for the year and the best since October, 1937.
Shipments
and the melt of pig iron during October also moved up to the highest levels
sustained, and has moved sharply upwards In November.
since last fall.
Lumber
,
production in the district remained practically unchanged from
September, and shipments and new orders were
still measurably larger than
In all fields of the district, production of bituminous coal
of the preceding month, but total tonnage lifted
current output.
in October exceeded that
Stimulated by broader demand,
increased 9% over September. ; . .
in production of petroleum, noted in each preceding
below that of a year ago.
about 15%
was
production at zinc mines in the area
The steady expansion
month this
continued in September.
year,
Measured by sales of department stores
retail trade in October was
1937; for the first 10 months this year cumulative to,tal
than in October,
smaller by
was
in the large cities, the. volume of
2.9% greater than In September and 7.5% less
7.2% than for the same interval in 1937.
of all wholesaling
Combined sales
and jobbing firms in October fell 7.9% and 1.9%, re¬
and a year earlier and for the 10 months the
11.7% smaller than for the same time in 1937.
spectively, below those a month
aggregate was
Ninth (Minneapolis) District
to the Minneapolis Federal Reserve Bank,
business volume in the Ninth District in October held about
According
even
with preceding
Nov. 28,
The building
last year
months.
In its "Monthly Review" of
the Bank also had the following to say:
and building material industries were well above
October
and country lumber sales were the largest since 1929.
Most other
showed declines.
Farm income decreased but farm product
indicators
prices showed little change.
The volume of business in October was about the same as in
after taking the usual seasonal changes into
one-third showed little change,
sales under the influence of
any
recent year
However,
the pre¬
One-third of our indexes were higher in October than
ceding two months.
in September
and one-third were lower.
consideration,
Country lumber
mild weather greatly exceeded the volume in
and were the largest for any month since October, 1929.
during the month was also partly
the unusually fine weather
responsible for the low level of
department store
business in October.
Both city and country
sales failed to show the usual increase and the rural de¬
partment store Index dropped to 91, the lowest point since last May
October since 1935.
After remaining unchanged for two
lowest for
the city
department store stocks index
Lumber
sales
in
and the
months
dropped two points in October.
one-third
board feet at 478 retail yards were nearly
and were one-fifth larger than in October last year.
from this district again increased in October and were
larger than in September
Iron ore shipments
the
largest for the current season but were
in October last year.
Business failures,
.
.
October than in September or
farm real estate
than in
only a little over half as large as
.
much larger in
The number of nonone-third smaller in September
both in number and in amount, were
in October last year.
foreclosures, however, was
September, 1937.
Tenth (Kansas City)
District
Bank of Kansas City, in its "Monthly
Review" of Nov. 30, stated that "department store sales
The Federal Reserve
3528
Financial
showed less than the usual seasonal rise in
Chronicle
October, partly
Dollar volume
because of the exceptionally warm weather.
shipments
above
Hemlock,
Southern
above
in
October, as in the first 10 months of the year, was about
7% less than in the corresponding period of 1937."
The
1937
the
Lumber
further said:
The value of October wholesale sales
compared with
as
only 7% lower than
was
a year ago,
under
year
a
ago.
promising factor in
.
.
Wholesale dollar inventories
Building operations continue the
,
the business situation.
Contracts awarded
and lumber sales 28% above a year ago.
Widespread November rains
Dry weather
winter wheat.
.
are
with
feet, and
respect
to
feet
feet
Production of crude oil
that
of
a
year
October resulted
in
year
by
ago
ago.
preceding month and
9.5%
the volume in
October
by reporting wholesale firms in
of
merchandise
4,025,000
Per
for
The
the
over
the
September, declined
Although four of the eight lines reported
preceding month, those gains
by large declines in other lines.
6% smaller than in October last
were more than coun¬
Sales in
October this year
In
feet..
feet,
the
feet
District industries in
October remained
the level of the preceding month."
following to
say,
seasonal
Cent
the
at
and
of
The Bank also had the
influences.
were likewise
Residential
estimated
became
more
usual
seasonal
increased considerably and there was
expansion in sales of
an
new
come
by avail¬
to home
Data
on
building
in the important lumber in¬
available, but
June.
on
Activity at
summer
taken place
during the past
Weekly
Report
plants
Week
industry during the holiday week ended
1938, stood at 50% of the 1929 weekly average of
production and 55% of average 1929 shipments.
Production
was about 60% of the
corresponding holiday week of 1929;
shipments, about 69% of that week's shipments; new orders,
output of motor vehicles reached the low point of the current
The progressive turn in November should be reflected in numerous
markedly, in contrast to the downturn
in
a
per
and
day basis.
New orders were
58% above those booked
as well as in steel mill activity.
The mills had already
slightly increased rate the preceding month, when a wider demand
a
corresponding week of 1937, nearly every reporting
region showing large gain over last year.
New business
was 35%
above, and shipments were 7% above output in
the week
ended
Coffee
softwoods)
was
of the preceding full week;
shipments were 11% below that
Week's shipments; new orders were 0.2% above the orders
of the previous week.
The Association further
reported:
During the
'«et
of
Dooked
were:
feet;
All
orders
week
softwoods
orders
Mills,
orders,
regions
above
of
ended
and
but
Redwood
above
More
of
large
Consumption
Year
During Five Months of
18.1% Above Same Period
Increased
Year
Dec. 2.
on
astonishing
Brazilian
coffees.
The Exchange further reported.
than
the
During
the
increased
five
disappearance
is
the
swing
to
months
deliveries of Brazilian-grown
throughout the world expanded by 2,381,368 bags, or 47.7%, whereas
disappearances of all other growths showed a decrease of 683,481
bags, or
coffee
.
15.5%,
In
against
the
the
United
similar
55.9%
or
43.8%, and elsewhere,
the
or
United
16.8%
ahead
States
in
period
States deliveries
or
of
550
combined;
mills
produced
Revised figures for
198,605,000
feet;
166.238,000
178,224,000
shipped
feet;
the preceding week
shipments,
in
Pine
the
and
week
California
ended
shipments
above
corresponding
week
Nov.
Redwood
200,011,000
26,
output.
of
1937;
1938.
reported
All
Brazilian
of
1937's
up
off
were
of
of
similar
100,000
290,481
1937.
Brazilian
period;
bags,
bags,
or
coffee
were
1,372,368 bags,
in
Europe,
up
or
21.6%.
Other
909,000
bags,
growths
in
14.1%, and off 393,000 bags,
Europe.
new
regions
All
regions
reported
all
regions
reported
Coffee
Exports During November Fell 23%
October—However, 11 Months' Total In¬
creased 47.6% Above Year Ago
Below
The New York Coffee and Sugar
Exchange announced on
Dec. 1 that exports of coffee from Brazil during November
fell 23% behind October's shipments and were the smallest
monthly total since November last year—the month in which
Brazil
a
feet.
Southern
reported
those
1938,
feet.
production,
production
except
26,
hardwoods
224,250,000
orders
Nov.
224,813,000
561;
was
Nov. 26.
Reported production (hardwoods
11% above the corresponding week of
1937; shipments were 24% above. Softwood production, ship¬
ments and new orders were,
respectively, 14% greater, 24%
greater and 57% greater than in last year's week.
Total
production reported for the holiday week ended Nov. 26 by
1% fewer mills was 16% below the output (revised figure)
and
Thus,
was reversed.
were
the
October, in which
the
revealed
hardwood mills.
weeks
in
which began in March and
associations
five
the automotive trades, the production of
through Novem¬
ber, 1938, than during the similar period of 1937, while in
Europe deliveries rose by 516,000 bags, or 11.7%, and in
other parts of the world the
gain was 100,000 bags, or 21.6%.
World consumption,
therefore, shows an increase of 1,697,887
bags, or 18.1%, the New York Coffee and Sugar Exchange
about 105% of that week's orders,
according to reports to
National
Lumber
Manufacturers, Association
from
on
which have
Mr.
the five months of the coffee
crop year, July
the
same
apparent in certain groups which
Consumption of coffee in the United States (as indicated
by disappearance) was 1,081,887 bags, or 24% higher for
lumber
the
New
Favorable
The most
World
Ended
covering the operations of important
In the holiday week ended
Nov. 26, 1938, reported new business was
slightly above the
previous full week; production and shipments were below
was
proportions in the, past summer,
Nov. 26,
and
Generally
rose
Crop
Movement,
Arscott
by sluggish
two months.
Lumber
Received
the decline in steel production,
has
months, and gains in copper mining and smelting have
of
Has
Upward
developed from farm implement, machinery and tool manufacturers.
of those industries has risen
assembly
Continued
Says
A. E.
Commerce—-Declares
of
been[handicapped
recorded
the basis of such information as
automobile
First 11 months 1938.
2,241,331
First 11 months 1937_--_.4,669,088
monthly review of business conditions in Canada,
Last
in
estimate
industrial operations continued during the past month.
as in
year.
Nov. 26, 1938
heaviest
November
this
month
output of many industries which are not closely related
are not
levels of the
but about
of
basis
allied industries,
weeks, paper and pulp production in the
Pacific Northwest is reported to have expanded somewhat from the low
regional
Vehicle
which
increased considerably in recent
softwood
7,331,000
markets consequent upon unseasonable weather became busier.
Employment and payrolls In these industries have also
little since last
The
industry's
the
November
Bank
noticeable improvement was in
more than seasonally since
and in other industries which produce building materials or
is reported, it appears that
aggregate output
but
Motor
in
Operations
On the other hand, industries
dustry, in which production has increased 40%
furnishings.
During
October, for recession
passenger
Further expansion during November is indicated
Much of the expansion has
increased.
and orders,
had shown quite rapid progress in the
early autumn."
Arscott continued:
data.
winter,
feet,
The advance does not appear to have been as general
Industrial output in the Twelfth District has increased
moderately since
home
mills
uptrend
in
in
building occurred.
Railway
freight business increased by the full seasonal amount during October.
In
the field of retail trade, department,
apparel, and furniture store sales
last
identical
issued Dec. 8, A. E. Arscott, General Manager of the Cana- 1
dian Bank of Commerce, Toronto, said that "the
In November, according to preliminary
decline
the
Industrial
Canadian
In his
active,
figures,
last June.
90
5,956,000 feet and 8,858,000
Noted
the
On
383,000
215,296
.376,629
Treaty
Reception
unchanged, after allow¬
building
customary at this time of year.
able
213,619,000
month
Trade
during October increasing from the September
practically all parts of the district, although some reduction is
automobiles.
respectively,
hardwoods,
ago
6,029,000
Increase
383,000 units.
Trend
about
at
the value of projects initiated
only
of
case
156,906,000
was
were,
received,
feet.
association
Canadian
in part:
Factory employment and payrolls
totals in
mills
orders
♦
Francisco, in its "Busi¬
Conditions Report" of Dec. 1, stated that
"output of
for
and
a year
Twelfth (San Francisco) District
The Federal Reserve Bank of San
ance
Reports
137,970,000 feet; shipments
was
November, 1938
October, 1938
November, 1937
but the year-to-year comparison
year,
favorable in October than in the earlier months of 1938.
Twelfth
were
7,803,000 feet.
industry's operations in November were 13% higher
than the corresponding month of last year.
For the first
11 months shipments were placed at 2,241,331, a decrease
of 52% under the same period of 1937.
The association's report is summarized below:
Eleventh District, which had increased substantially in
9% from September to October.
small increases
ness
feet,
week
same
was
the
distribution
was more
Mill
134,350,000
7,546,000
shipments,
and
volume
last
...
ter-balanced
Production
9,679,000
Manufacturers Association.
counter-to-seasonai decline from
under
reported for the
as
168,258,000
were
as
78% in motor vehicle shipments was in¬
of November as compared with
of the industry's opera¬
tions, according to the figures contained in the December
issue of "Automobile Facts," a publication of the Automobile
high temperatures during the first half of
were
week
158,435,000 feet.
business
October in the preliminary estimate
...
a
same
was
new
An increase of
a
buying, total sales for the month showed
were
it
and
135,833,000
dicated
wide margin.
a
sharp decline in department store trade and, while
cooler weather in the latter part of the month was accompanied
by increased
The
Shipments
1938, by 459 soft¬
Shipments
moderately during the month but remained
rose
The persistence of unusually
year.
ago
feet
Thirteen
Building activity in the Eleventh District increased sharply/rom Septem¬
ber to October, reflecting substantial increases in all classes of
construction,
the
and
feet;
"Monthly Business Review" of the
Federal Reserve Bank of Dallas, we take the
following
regarding business conditions in the Eleventh District:
a
reported production
26,
production of 445 identical softwood
a year
166,370,000
1
and the value of awards exceeded that of
give
28% above production.
reported production last week and
Dee.
the
for
Production
mills
Identical
Generally speaking, wheat is going into the winter in good
the
Northern
Cypress,
Hardwood
36% above the production of the
or
reported
as
23%
Eleventh (Dallas) District
From
Southern
except
1938
most
condition,
below
feet,
haidwood
110
or
Last week's
critical situation
a
Shipments
from
9,966,000 feet,
.
.
215,134,000
6% above production.
or
all
and Northern
reported for the week ended Nov.
24% above production.
or
are
and
year,
Hardwood
totaled
Reports
greatly improved the farm situation
gave
rapidly developing
was
mills.
feet,
In addition to drugs, sales of automotive supplies and industrial hardware
show recent improvement over last year.
15%
mills
decrease of 10% for the first 10 months of the year.
a
last
10,
week.
orders
wood
same
Bank
Dec.
announced
the
partial
abandonment of control and
program to regain lost export markets for coffee.
Novem¬
ber, 1938, shipment totaled 1,218,000 bags against 1,598,000
bags in October and 942,000 bags in November, 1937.
It was
further announced:
The United States during November took
775,000 bags against 861,000
bags the previous month, while exports to Europe totaled but 373,000 bagB
against 663,000 bags in October.
Other destinations made up 70,000 bag6
against 74,000 bags.
The sharp decline in exports to Europe represented,
to
a
large extent, a decline in shipments to Germany to 18.000 bags
Volume
against
that
monthly
average
this
from
Financial
147
condition
Brazil
shipments
be
remedied
that
200,000
will
admitting
Germany with payment in
Exports
from
Brazil
16,187,000
bags
against
1937,
the form
the
for
of
bags,
bags.
200,000
shortly
bags
first
10,968,000
gain of 5,219,000
a
about
of
are
of
in
advices
recent
have
seen
coffee
Indications
been
sold
"compensated" marks.
months
11
bags in
of
1938
totaled
have
corresponding period
the
21,000,000 Pounds,
Reports "Rayon Organon"—Poundage Figures
Inventories
and
of
47.6%.
or
November Rayon Shipments Totaled
Shipments
to
Made
Available
on
for
First Time
The Textile Economics
Bureau, Inc., New York, announced
Dec. 9 that for the first time in the history of the rayon
on
industry
ments
figures
to
available
now
are
and
consumers
stocks
showing
hand
on
at
ship¬
actual
the
close
of
The figures appear monthly in the
published by the Textile Economics
each month in pounds.
Organon,"
"Rayon
November shipments of rayon filament yarn
aggregated 21,000,000 pounds, or
Bureau, Inc.
domestic
to
consumers
substantially more than double the 9,400,000 pounds ship¬
ments in November, 1937.
In noting this, an announcement
by the Bureau further said:
with
Compared
pounds
due
three
for
the
to
finer
denier
be
from
the
39,700,000
deniers,
producers,
increasing
counts, lusters, and types of rayon yarn
November stocks canntit be called unwieldy.
definite inventory shortages today in some of the
these
there still are
popular yarns."
consumption
Rayon
and
stocks
on
hand
at the close of
each month
given follows:
.
Consumption
Stocks on Hand
November. 1938
21,000.000
39,700,000
October, 1938-..
24,500,000
1937..
9.^00 000
35,800,000
44,500,000
November.
Due
continued
to
activity
in
rayon
demand,
consumption
for
1938
for 1937, despite the slow business of the
Rayon shipments for the 11 months of 1938
aggregated 250,000,000 pounds, and thus are essentially equal to the
257,000,000 pounds shipped during the same period of 1937.
"The out¬
look for December shipments this year is substantially brighter than in
is
expected to exceed the total
early months of this year.
December,
dispatches from Calgary reported that the new oil
finally been passed after having
on the final
reading and has been signed by the
Lieutenant Governor.
The amendment provides for the
adoption of a broader base of compensation for those operators
whose markets may be
damaged by the enforced proration
of wells at present
producing at capacity.
It also provides
and gas conservation act has
been amended
for the establishment of
a compensation fund from the resale
be released to the Conservation Board
by any operator who feels that his operations are unprofitable
r
proration setup.
The official quotas went into
effect in Turner Valley Dec. 5.
The U. S. Bureau of Mines
reported in mid-week that
stocks of domestic and
foreign crude oil held in the United
of quotas which
may
States
1937," states the publication.
stocks
are
Dip—Daily Average Oil Production Off—Illinois
Output at New High
The Humble Oil & Refining Co. issued a new price schedule
week in which the highest posting on
is "40 and above," retroactive to Dec. 3.
gravity
It
was
pointed out, however, that prices are unchanged except for
the elimination of premiums paid based on gravities above
40 degrees.
Magnolia Petroleum Co. took similar action.
Under the new schedule, top prices by grades are West
Central Texas,
$1.03; Gray County, 96 cents; Carson
Hutchinson, 91 cents; Tombail, Raccoon Bend (Deep Sand)
and Satsuma, $1.31; Anahuac, Dickinson, $1.03; Refugio,
$1.28; Mirando, $1.23.
The posted prices for Liberty,
Orange and Barbera Hill crudes, formerly listed under
Anahuac and Dickinson crude, and for Pettus crude have
been discarded.
The price of Flour Bluff crude was cut
4 cents a barrel to $1.23 to eliminate the premium for gravity
above 40 in the previous postings.
On the same day as the news of the price readjustments,
incidentally, Humble Oil & Refining was notified by E. O.
Thompson, Chairman of the Texas Railroad Commission,
to appear at the Statewide proration hearing on Dec. 12 to
show, why it would not take ratably from the West TexasNew Mexico and Flour Bluff areas where it has served notice
to the Barsndaii Oil Co. that its connections will be dropped
at the start of the new year.
"The Railroad Commission is against pipe-line proration
purchases," Mr. Thompson
and it is the very heart
of proration
Pipeline proration and selective buying would
wreck any proration system."
It was also disclosed by the
Commission that it had been notified that the low price of
refined products, particularly gasoline, made it imperative
against discrimination in
said.
"This is required of us by law
.
for the East Texas
Refining Co. to shut down its Longview
The plant, which has a daily capacity of 10,000
barrels, has been running on a curtailed schedule for several
plant.
months.
An Associated Press
dispatch from Washington on Decem¬
reported that the State Department disclosed that this
Government was inquiring into a reported barter^ deal be¬
tween Mexico and Germany involving about $25,000,000
of oil taken from expropriated American oil properties in
ber 9
Mexico.
This announcement on
,
the heels of the news from Mexico
City of the near-completion of negotiations between the
and W. R. Davis, New York oil man,
Mexican Government
approximately $17,000,000 of oil during the coming year.
It was also reported by well-informed sources that this oil
would be exchanged for machinery and other industrial
products from Germany, where
shipped.
the
week
ended
Nov.
26
were
off
the lowest in nearly 18 years,
level below which
a
most
The Bureau of
closed
on
Wednesday.
The total is approximately 82,000
barrels
below the estimated daily
average market demand
for the final month of .1938 as outlined in the
cast of the U. S. Bureau of Mines late in November.
Substantially lower production in Oklahoma, California
and Kansas offset gains in Texas and Louisiana.
Oklahoma
was off 29,600 barrels to a
daily average of 417,550 barrels;
California off 17,000 barrels to a daily average of 646,700
barrels, and Kansas off 7,650 barrels to a daily average of
148,350 barrels.
A gain of 5,250 barrels in Texas production
lifted the daily average 1,272,800 barrels while Louisiana
was up 2,850 barrels to
260,900 barrels.
Members of the Interstate Oil Compact Commission, who
will meet in Dallas on Dec. 14-15, will
petition Congress for
reenactment of both the law creating that body and the
Connally Hot Oil Act, which forbids the inter-State shipment
of crude oil produced in violation of State proration rulings
or of refined products produced from such crude oil.
Further
cooperation among the major oil producing States will be
the theme
the oil would reputedly be
Dec.
with
the idea
oi
Federal law governing pro¬
a
distinctly unpopular.
changes follow:
Price
and Its Products—Humble Oil Readjusts
Schedule—Pipe Line Company Summoned
Before
Texas
Commission—Crude Stocks Again
and
of
to
and are fast approach¬
companies do not wish to slump.
Mines, however, believes that stocks of around
250,000,000 barrels provide a safe working level.
Daily average production of crude oil in the United States
during the weekended Dec. 3 was off 37,250 barrels to 3,233,650 barrels, the American Petroleum Institute
report dis¬
ing
duction
Price
schedules
close
270,563,000 barrels.
Domestic stocks
showed a decline of 1,293,000 barrels for the
period while
foreign oil inventories were off 99,000 barrels.
Current
Petroleum
early this
the
at
1,392,000 barrels
monthly fore¬
the "Organon," "that with the
states
3529
News
filament
of
by
fact,
reduction
held by domestic producers amounted to
realized,"
variety
more
a
which also reduces poundage.
yarns,
offered
In
was
Nov. 30 against 35,800,000 pounds on Oct. 31.
on
will
"It
there
shipped
Stocks of rayon yarn
pounds
however,
October,
during that month, which was not surprising,
holidays in November and also the more popular demand
24,500,000
Chronicle
5—The Humble Oil &
Refining Co. and the Magnolia Petroleum
Co. eliminated premiums of crude oils above 40 gravity in Texas, retroactive
to
Dec.
3.
Prices of Typical Crudea
i
per Barrel at Wella
(All gravities where A. P. I. degrees
Bradford, Pa
__$1.80
*
Lime (Ohio Oil Co.).
1.25
Corning, Pa
Illinois
.97
are
not shown)
Eldorado, Ark., 40.
Rusk, Texas, 40 and
$1.05
1.02
over.....
Darst Creek
1.09
1.25
Western Kentucky
Mid-Cont't., Okla., 40 and above.
_
Rodessa. Ark., 40 and above
Central Field, Mich
1.42
1.20
:
Sunburst, Mont
1.22
1.02
Huntington, Calif., 30 and over...
Kettleman Hills, 39 and over
1,22
1.42
Petrolla. Canada
2.15
1.25
Smackover, Ark., 24 and over
.75
REFINED PRODUCTS—REFINERY OPERATIONS SLASHED, DUE
TO
PRICES—MOTOR
LOW
FUEL
STOCKS
SHOW
SMALL
GAIN—GAS AND FUEL OIL INVENTORIES SLUMP'
A slash of 3.3 points in the operating rate of refineries,
which brought the total down to 78.9% of capacity, one of
the sharpest reductions in months, in the initial week of
December
was
due to the easing price structure for refined
informed oil men held.
The American
Petroleum Institute's report disclosed also that daily average
runs of crude oil to stills dropped 120,000 barrels to 3,175,000
petroleum,
barrels.
well
•
.
The contraction in
refinery rates also played
an
•
important
part in influencing the inventory figures on finished and un¬
finished gasoline.
A gain of only 527,000 barrels in stocks
much below the expansion for the comparable
period in previous years, lifted total holdings to 69,155,000
of motor fuel,
This total is more than 2,000,000 barrels less than
71,244,000-barrel total reported for the like 1937 date
by the American Petroleum Institute.
The most heartening statistical development of the week,
however, was the decline of 2,017,000 barrels in the record
holdings of gas and fuel oils during the week ended Dec. 3,
as reported by the American Petroleum Institute.
The slump
in inventories on rising demand was laid to both increased
consumption in the home market due to the cold weather
and to the sustained increase in industrial activity.
Stocks
had been hitting new high levels regularly week-by-week until
November when the long uptrend was arrested.
Prices of refined products showed a mixed trend.
Faced
with the usual saasonal C3ntractbn of demand,
gasoline
has been weakening in the wholesale markets at Eastern
barrels."
the
points.
No general price reductions have developed but
persistent talk in the markets of price-shading provides an
accurate indicator that the market is easing somewhat.
On
the other hand, prices of gas and fuel oil, bolstered by rising
demand and declining stocks, have been stiffening.
U. S. Gatolinf (Above 65 Octaue). Tank
J..$.07)4
Sncony-Vacuum.. .07)4
Tide Water Oil Co .08 H
Richfield OilCCal.) .07)4
Stand. Oil N.
Warner-Quinlan..
Cat Lot*, F.O.B. Refinery
Other Cities—
New York—
New York—
.07)4
$.07)4
Texas
Shell
Chicago
Orleans.
.08)4
Gulf
Eastern
New
.07)4
Cuif ports
Tulsa..
-.05)4
.06)4-.07
.05)4
04M-.04 Vt
$.05
\
Financial
3530
White, Tank Car, F.O.B. Refinery
Kerosene, 41-43 Water
I North Texas
New York—
$.04M
(Bayonne)....
F.O.B. Refinery
or
iTulsa.
Y. (Bayonne)—
I California 24 plus D
BunkerC
...$0.951
$1.00-1 25
0.95
ITulsa
J Chicago—
N. Y. (Bayonne)—
$.04^1
27 plus.--
|
$.053
28-30 D
$.02^-.03
1951 Boston
Brooklyn
cNot Including 2% city
3, 1938,
week's
by the United
$.17
17
sales tax.
Weekly Coal Production Statistics
The
weekly
current
coal
of
statement
the
National
pro¬
in the universal
this shows
decrease of 725,000 tons,
a
output in the
preceding week.
8.7%, from the
or
Activity
on
other days
was
week of Nov. 19, however, and the
daily rate of output shows an increase of 9.5%.
greater than in the
average
States Bureau of Mines in its weekly coal
United
The
the
for
was
Dec.
ended
States
4,
decline of
a
imposed by the various oil-
ended
The daily
1937,
ports for
Daily average produc¬
Dec.
3,
1938, is estimated
output for the week
average
3,387,000
totaled
barrels.
Further
and receipts in bond at principal
use
the week ended Dec.
3
totaled
1,180,000
weeks
ended
ended Dec.
ended
totaled
3
Dec.
Nov.
and
26
152,679 barrels daily for the four
3.
Receipts of California
oil at Atlantic and Gulf Coast ports for the week
barrels,
50,000
daily
a
7,143
of
average
Reports received from refining companies owning 85.6% of the 4,211,000estimated
barrel
indicate
that
the
potential
daily
industry
gasoline;
the week, and that all
daily during
bulk terminals, in transit and in
69,155,000 barrels of finished and
gas and distillate fuel oil, and
of the week,
pipe lines as of the end
to
ran
had in storage at refineries,
unfinished
capacity of the United States
stills, on a Bureau of Mines
refining
whole
a
as
3,175,000 barrels of crude oil
basis,
32,502,000 barrels of
119,115,000 barrels of heavy fuel oils.
Total
gasoline production by companies owning 84.6% of the total daily
refinery capacity of the country amounted to 9,658,000 barrels.
The
1938, follows in detail:
complete report for the week ended Dec. 3,
DAILY AVERAGE CRUDE OIL PRODUCTION
estimated united states production of coal in thousands
(Figures In Barrels)
•
with comparable data on production of
tons.
a
crude petroleum
B
Four
of M.
Calcu¬
State
Week
Change
Allowable
Ended
from
Ended
Dec. 1
Cal. Year to Date d
Nov. 26 Nov. 19 Nov. 27
1938
a—
1938
1938
1937
1929
7.600
8,325
cl,520
Daily average
1,388
Crude Petroleum b—
7,452 300,223 400,906 479,492
1,490
1,084
1,448
1,723
5,223
Coal equivalent of weekly output.
5,215
5,488 249.414 263,227 207,648
PRODUCTION
ESTIMATED
0
BEEHIVE
PENNSYLVANIA
OF
COKE
IN
ANTHRACITE
TONS
NET
417,550 —29,600
440,850
556,100
148,350
—7,650
151,650
168,800
—1,800
61,400
—100
74,700
72,350
—200
30,600
33,450
205,950
428,000
dl63,400
+ 850
204,100
190,050
North Texas
'•
<
West Texas
East Central Texas...
Southwest Texas.
+ 200
90,450
91,400
+400
+3,050
+2,850
370,750
223,600
416,900
226,300
209,100
191,900
90,950
.
Coastal Texas....
211,950
Total Texas..
AND
1,343,900 dl710082 1,272,800
1938
1937c
1929c
fuel,
Comm'l productlon.b.. 613,000 792,000 909,000 37,979,000 44,168,000 60,624,000
Beehive Coke—
16,400
2,733
United States total
Dally average
a
169,000
17,900
33,700
777,000
2,983
5,617
2,755
2,998,000
10,631
51,000
Wyoming
645,000 834,000 957,000 39,932,000 46,493,000 65,328,000
145,500
129,000 139,000 191,400
169,400
238.000
a
+ 2,850
259,400
246,300
—750
49,500
44,100
186,800
51,250
137,000
53,750
48,700
76.100
Montana
53,400
New Mexico.
—1,050
+50
3,750
4,300
—50
107,800
104,750
'
Total east of Calif.. 2,716,100
California.....
—950
12,050
3,600
108,200
12,600
3,900
100,300 dl08,400
Colorado
6,023,600
21,360
260,900
d52,000
Michigan....
Dally average
74,900
171,400
48,600
'
247,580
61,600
Eastern
Penn. Anthracite—
71,200
188,200
200,850 + 12,200
—550
50,650
248,000
Arkansas
Total, Including colliery
+ 5,250 1,264,700 1,304,350
+ 1,650
+ 1,200
72,550
Total Louisiana....
1937
240,600
188,350
Calendar Year to Dale
Nov. 26 Nov. 19 Nov. 27
1938
67,700
371,150
East Texas
Coastal Louisiana
1938
4,
1937
1938
73,950
30,200
159,000
North Louisiana
Week Ended
Ended
Dec.
3,
62,350
500,700
Kansas....
West Central Texas..
of historical comparison and statistical convenience the
production of lignite, semi-anthracite and anthracite outside of Pennsylvania,
b Total barrels produced during the week converted to equivalent coal assuming
6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of coal,
c Average
based on five working days, d Sum of 47 full weeks ended Nov. 26, 1938, and cor¬
responding 47 weeks In 1937 and 1929.
Includes for purposes
Dec.
Week
1938
Panhandle Texas
*
Previous
3,
{Dec.)
Oklahoma.
1
Total, including mine fuel
Dec.
ments
1937
Week
Weeks
lated
Require¬
Week Ended
a
barrels
compared with 12,464 barrels daily for the four weeks ended Dec. 3.
companies
Bituminous Coal
barrels,
daily average of 168,571 barrels, compared with a daily average of 133,429
barrels for the week
Day, Nov. 24, the production of anthracite in Pennsylvania
for the week ended Nov. 26 dropped to 645,000 tons, a loss
of 189,000 tons in comparison with the full-time week of
Nov. 19.
The average daily output for the five days of the
week, amounting to 129,000 tons, was 7% less than that of
Nov. 19, and 33% below the rate obtained in the correspond¬
ing week of 1937.
net
was
below the 3,305,800 barrels cal¬
Imports of petroleum for domestic
a
report stated that due to the observance of Thanksgiving
of
the
States Department of the Interior
weeks
four
3,245,900 barrels.
United
Reflecting time lost at the mines
observance of the Thanksgiving Day holiday,
7,600,000 net tons.
that
details, as reported by the Institute, follow:
duction of soft coal in the week ended Nov. 26 is estimated
at
figure
to be the total of the restrictions
at
Commission showed that the total
Coal
estimates
This
producing States during December.
tion
Bituminous
3,223,650 barrels.
was
culated
$.1591 Buffalo
1851 Philadelphia
$.1951 Newark
Institute
37,250 barrels from the output of the previous week, and the
current
Gasoline, Service Station, Tax Included
New York
1938
daily average gross crude oil production for the week ended
Dec.
Gas Oil, F.O.B. Refinery or Terminal
Petroleum
American
The
$0.90
Phila., Bunker C
1
1.75'
Dieeel
.03JI-.04
j New Orleans C
10,
Crude Oil Production During Week
Ended Dec. 3, 1938, Placed at 3,223,650 Barrels
Terminal
N.
Dec.
Average
Daily
I New Orleans.!.05tf-.05H
$ 04
I Los Angeles.. .03H-05
Fuel OH,
Chronicle
.
53,650
15,750
13,200
2,576,950 —20,250 2,582,550 2,683.900
589,700 cd615000
646,700 —17,000
703,100
663,350
Includes washery and dredge coal, and coal shipped by truck from authorized
operations, b Excludes colliery fuel,
working days in the three years.
c
3,305,800
Adjusted to make comparable the numberof
3,223,650 —37,250 3,245,900 3,387,000
Note—The figures Indicated above do not Include any estimate of
any oil which
ESTIMATED WEEKLY PRODUCTION OF
IN THOUSANDS OF NET
COAL, BY STATES
might have been surreptitiously produced.
TONS
These
a
(The current weekly estimates are based on railroad carloadlngs and river ship¬
ments and are
subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
are
Bureau of Mines' calculations of the requirements of domestic crude
oil based upon certain premises outlined In its detailed forecast for the month
December.
of
As requiremnets may be supplied either from
stocks, or from new pro¬
duction, contemplated withdrawals from crude oil Inventories must be deducted
from the Bureau's estimated
Week Ended—
*
ft
State
Nov.
Nov. 19 Nov. 12 Nov. 20 Nov. 21 Nov. 16
1938P
Alaska
1938P
1937r
Avge.
1929
1936
1923e
s
8
requirements to determine the
'
b Base allowable effective Dec. 1.
With the exception of Saturday, Dec. 17 shut¬
downs are ordered for all Saturdays and
Sundays during December. Calculated net
seven-day allowable for week ended Saturday morning, Dec. 3, approximately
1,242,279
barrels
dally,
2
2
2
3
239
217
245
274
244
409
c
70
Alabama
amount of new crude
to be produced.
85
84
77
144
100
d These are November allowables.
Arkansas and Oklahoma
Colorado
179
Georgia and North Carolina
Illinois...
1
1
916
871
1,130
1,228
1,150
1,571
Indiana..
329
305
384
474
342
536
78
73
99
97
88
Recommendation of Central Committee of California Oil Producers,
December allowables are not yet available.
128
Iowa
165
177
174
*
1
262
236
8
8
Kansas and Missouri
127
129
170
155
140
712
698
690
927
922
724
160
168
187
201
283
218
30
24
34
33
58
3.
35
Western
Maryland
-
DaUy Refining
Capacity
Crude Runs
to Stills
Stocks
of Finished and
Unfinished Gasoline
Stocks
of
District
Finished
Michigan
13
10
14
17
18
26
Montana
83
74
82
72
74
83
tial
New Mexico
38
33
31
40
59
62
Rate
North and South Dakota..
Ohio
83
75
67
44
849
460
419
479
617
484
764
East Coast..
Pennsylvania bituminous
1938
(Figures in thousands of barrels of 42 gallons each)
175
Kentucky—Eastern
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL. WEEK ENDED DED.
Poten¬
Reporting
P.
P.
Aver¬
Total
DaUy
Oper¬ >At Re¬
C.
C.
ated
age
•
s35
615
491
615 100.0
Unfin'd
79.8
fineries
4,645
Terms., Nap'tha
&c.
Distil.
12,233
Gas
and
in
1,159
Fuel
Oil
15,675
1,906
1,838
1,795
2,619
2,848
2,993
Appalachian.
149
128
85.9
94
Tennessee
73.4
893
96
741
102
116
106
117
1,738
245
90
514
89.5
415
80.7
18
18
21
16
4,980
29
4,993
479
18
Ind., Dl., Ky
Okla., Kan.,
574
Texas
8,594
Utah
96
80
80
101
141
112
419
342
81.6
256
74.9
281
270
3,273
254
291
266
217
2,575
Inland Texas
316
159
150.3
114
71.7
1,250
131
275
46
43
43
49
72
2,000
38
Texas Gulf..
943
838
88.9
780
93.1
266
1,691
1,645
7,044
13,855
1,402
2,000
2,098
1,271
1,585
La. Gulf
149
145
97.3
129
89.0
333
569
1,266
582
529
471
688
740
776
2,712
No. La-Ark.
100
55
55.0
32
136
68
148
124
160
152
184
Rocky Mtn.
118
64
54.2
47
73.4
1,080
78
740
1
1
87
s5
California
828
745
90.0
485
65.1
10,087
2,227
1,228
98,470
3,605
85.6
2,843
78.9
24,881
Virginia
Washington
West Virginia—Southern.®
Northern, b
Wyoming
142
Other Western States.c
Total bituminous coal
*
8,325
8,050
8,165
10,469
10,740
806
1,029
1,263
1,281
10,878
1,896
Reported
834
9,159
8,856
9,194
11,632
12,021
12,774
a
Includes operations on the N. & W.; C. & O.:
California, Idaho, Nevada and Oregon, d Data for Pennsylvania anthracite from
published records of the Bureau of Mines, e Average weekly rate for entire month,
p Preliminary,
r Revised,
s Alaska, Georgia, North Carolina, and South Dakota
Included with "other Western States."
I
Est.
205
* Less than 1,000 tons.
606
unrptd.
Dec. 3. '38
Virginian; K. & M.; B. C. & G.«"
and on the B. & O. In Kanawha, Mason and Clay counties, b Rest of
State, including
the Panhandle District and Grant, Mineral and Tucker counties, c Includes
Arizona,
58.2
.
321
4.592
888
xEst.tot.U.S.
Pennsylvania anthracite, d
Total, all coal
*
Mo
Nov.26,'38
4,211
4.211
332
34,723
2,970
4,211
3,175
37,693
4,211
3,295
700
5,771 148,267
110
3,350
25,581
37,821 z25,U0
5,881 151,617
5,805 153,634
40,787
6,919 119,836
U.S. B.of M.
xDee. 3, '37
x
in
y3,173
Estimated Bureau of Mines' basis,
Appalachian
area.
y
23,538
December, 1937 dally average,
z
Revised
Volume
Financial
147
Preliminary Estimates of Production of Coal for Month
of
100%.
This cancels the action
foreign field at 110%.
November, 1938
brought in
According to preliminary estimates made by the United
States Bureau of Mines and the National Bituminous Coal
Commission, bituminous coal output during the month of
November, 1938, amounted to 35,480,000 net tons, compared
with 36,428,000 net tons in the corresponding month last
year and 35,094,000 tons in October, 1938.
Anthracite pro¬
duction during November, 1938, totaled 3,737,000 net tons,
as against 4,439,000 tons a year ago and 4,165,000 tons in
October, 1938. The consolidated statement of the two afore¬
mentioned organizations follows:
for
Working
Work¬
Year to End
ing Day
(Net Tons)
of
Month
(Net Tons)
the
market
Buying
sumers
155,700
2,646
26
holding
25
2,435
__
b
24.5
domestic
account
Sales
the
month
in
for
1,487,000
October.
6.492
quiet,
ended
Dec.
amounted
Consumption
of
to
con¬
totaled
in
copper
most
as
6
only
3,287
12,524
this
tons
country
winter
is
expected.
contend,
but output
Producers
continued
period.
Mine production at present is
probably
will
to
the
quote
a
come
market
Valley.
receipts
smelters
at
reopened
recently
have
created
intake
an
time when sales of lead in the domestic market have been very
the reduction in the price on Dec. 6
a
This is believed to account for
from
6c.
to
4.85c., New York.
Business done during the last week involved
believe
continuing at
is
consumption
reluctant to buy during inventory
are
good
a
but
rate,
con¬
Some in the industry,
time.
than 65%
established its settling
Dec. 7.
basis at 4.85c., New York.
Zrno
and
Shipments .of Slab Zinc
Institute
Dec.
on
6
released
the
following tabulation of slab zinc statistics:
STATISTICS (ALL GRADES)—1929-1938
(Tons of
2,000 Pounds)
zinc improved
Inquiry for
during the last week, sales of the
common
1,700 tons, against 450 tons in the week
previous.
The London market steadied and sterling exchange was higher,
which
developments exerted a strengthening influence on the domestic
grades
amounting
domestic
to
about
November
The
market.
in
Zinc
The domestic quotation
Effective Dec. 6, the American Smelting & Refining
steady
on
only 15%.
covered and January
was
statistical convenience the
of historical comparison and
Production
SLAB ZINC
•
according to preliminary estimates, and another
Co.
American
into
came
considerably
Lead
slow.
more
26
47,097,000
3,029,500
185,000
anthracite and semi anthracite outside of Pennsylvania,
b Total production, Including colliery fuel, washery and dredge coal, and coal
shipped by truck from authorized operations.
Note—All current estimates will later he adjusted to agree with the results of
the complete canvass of production made at the end of the calendar years.
The
closed at prices
Japan
matters
continued
week
November
of
production of lignite and of
November
helped
operators
some
the
Producers
24
168,800
Includes for purposes
Dec. 7 amount¬
on
were
however, think buying will improve soon, as December requirements are not
a
.
Beehive coke
a
7
Domestic deliveries of refined for November should
well.
high,
liyiC.,
sumers
November, 1937 (Revised)—
Anthracite
the
in
copper
1,060 tons of lead, against less than 1,000 tons in the previous week.
b
Bituminous coal
the
tons
up
over
166,600
26
which
tonnage,
in stocks of refined
too
at
for
covered.
for
close to 60,000 tons,
come
reduction
1,350,000
785,400
produce
1
*
Bituminous coal.a
.
40,592,000
26
good
a
copper
well
78,288
against
is
of
Sales
problem at
36,428,000
4,439,000
October, 1938 (Revised)—
Beehive coke
24
68,000
Beehive coke
for
•
1,442,000
35,094,000
4,165,000
63,300
Anthracite, b
Anthracite
24.6
to
Sales reported abroad on Dec.
(Net Tons)
November, 1938 (.Prelim.)—
35,480,000
3,737,000
here
are
tons.
Heavy
Bituminous coal.a
23
strengthened prices in London and
this side of the water.
on
of November
per
Days
Nov.
move
ranging from 10.175c. to 10.450c., c.i.f. European ports.
down
Calendar
A vex age
Number
taken
The latest
good business abroad, sales by the Cartel
some
ing to 5,700 tons.
little
Total
3531
Chronicle
of
stocks
statistics
3,350
showing
fairly good,
were
Deliveries,
tons.
covering all
reduction
a
grades,
were
October, totaling 43,693 tons.
Under
present conditions, it was said, nothing short of an upturn in prices abroad
will help the domestic industry.
The price of zinc concentrate in the TriState district dropped to the basis of $29 per ton for jig, a reduction
actually
than
higher
little
a
in
of $1.50.
Produced
Shipped
Stock at
During
During
End of
Period
Period
Period
Retorts
Average
(a)
Shipped Operating Retorts
End of
During
for
Period
Period
Export
Tin
Unfilled
Orders
End of
Period
week, with
firm
was
631,601
504,463
300,738
213,531'
324,705
366,933
431,499
523,166
Year 1929.
Year 1930-..
Year 1931...
Year 1932...
Year 1933—.
Year 1934...
Year 1935.
..
Year 1930--.
75,430
6,352
143,618
196
.68,491
129,842
41
57,999
31,240
19,875
124,856
170
21,023
344,001
105,560
239
352,663
465,746
561,969
119,830
148
27,190
32,944
83,758
59
38,329
S32,341
44,955
0
42,965
137,915
51,227
33,775
0
46,953j
59,635;
56,229i
55,201.
24,616
40,285
42,786
40,613
0
18,183
0
13,963
13,774
0
60,219
49,701
50,643
14,081
0
13,561
11,227
13,517
0
602,601
436,275
314,514
218,517
:47,769
*23,099
18,660
23,653
28,887
18,585
26,651
February
March--
April
May
55,012;
-
50,526
49,181
48,309
50,027
52,645
June
July
August
September-..
October
47,737
40,345
43,635
43,660
43,724
44,186
46,199
50,163
51,089
50,324
*47,652
49,611
*46,311
48,812
*45,704
0
0
0
25,817
0
November--.
49,393
32,676
42,534
0
December...
61,474
28,675
65,333
o
39,948
40,588
41,177
43,429
43,205
46,171
48,520
51.715
50,578
*48,110
49,350
♦46,158
49,300
at
30,786
51,186
78,626
with
76,544
77,969
89,846
81,448
67,143
69,209
during the last
active
Higher prices in London and an improved
15,978
8,478
more
was
fair volume of sales booked each day.
On Dec. 6 the price
46c. and quotations rose steadily over the remainder of the
week, closing Dec. 7 at 46 %c.
Tin-plate operations are con¬
trade.
tinuing steady at 35%
This compares
November last
World's deliveries of tin amounted to 7,455 tons during November,
compares with 8,200 tons in October and 10,618 tons in Novem¬
31,539
which
including the Eastern and Arnhem
30,698 long tons at the end of November.
a month previous
and 24,389 tons in
was
carryovers,
year.
40,047
37,794
53,202
52,009
a
market
tin
domestic
the
feeling in Wall Street encouraged the
of capacity.
The world's visible supply of tin,
18.273
1937
January
in
Business
tons
ber, 1937.
,
99%,
Chinese tin,
44.350c.;
3, 44.350c.;
Dec.
Dec. 1, 44.700c.; Dec. 2,
nominally as follows:
was
5,
Dec.
4.500c.; Dec. 6, 44.760c.; Dec.
82,596
106,187
92,319
75,086
PRICES OF METALS
DAILY
("E. & M. J." QUOTATIONS)
Straits
Electrolytic Copper
Zinc
Lead
Tin
New York
Dom.,Refy. Exp., Refy.
61,151
St. Louis
New York
St. Louis
689,619
49,135
5.00
4.85
4.50
45.850
5.00
4.85
4.50
9.975
45.860
5.00
4.85
4.60
11.025
9.875
46.000
5.00
4.86
4.50
Dec. 6
45~383
0
46.200
10.000
11.025
Dec. 5
0
569,241
47,437
10.075
11.025
11.025
9.875
46.250
4.85
4.70
4.60
Dec. 7—
Total for yr.
Monthly avge.
11.025
Dec. 3
*46,192
Dec. 1
Dec. 2
,48,339
11.025
10.025
40.500
4.85
4.70
4.50
11.025
9.971
40.108
4.95
4.80
4.50
1938
January..
48,687
24,931
88,532
20
February
41,146
21,540
108,138
0
March
43,399
33,528
118,009
0,
April
38,035
20,806
135,238
0
May
37,510
24,628
148,120
0
30,799
29,248
149,671
o
26,437
*23,451
25,596
*22,073
29,767
*26,433
31,655
*28,099
32,427
28,411
42,423
*38,030
39,267
44,623
145.400
*41,669
41,644
,38,891
*34,583
*38,180
36,466
*33,130
34,691
*29,710
31,625
38,923
*34,977
29,023
35,321
*31,769
33,818
*30,317
28,071
*23,728
,'27,069
25,805
.39,350
*27,549
June
—
30,362
33,825
146,208
0
August
32,296
36,507
141,997
0
September
32,328
43,582
130,743
0
October.-.-"--
36,740
43,355
124,128
November
40,343
43,693
120.778
July—
—
,23.444
41,785
Average.
-
prides for calendar week ended Dec. 3 are:
Domestic copper f.o.b.
refinery, 11.025c.; export copper, 10.008c.; Straits tin, 45.950c.; New York lead,
5.017c.; St. Louis lead, 4.867c.; St. Louis zinc, 4.542c.; and silver, 42.750c.
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agenoles.
They are reduced to
the basis of cash, New York or St. Louis, as noted.
All prices are In cents per pound.
Copper, lead and zIdc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that Is,
delivered at consumers' plants.
As delivery charges vary with the destination, the
Average
figures shown above are
net prices at
refineries on the Atlantic seaboard.
Delivered
29,805
*26,471
130,554
prices Id New England average 0.226c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic
seaboard.
On foreign business In copper sellers usually name a c.l.f. price—Ham¬
burg, Havre,
*22,490
30,940
140,435
*27,648
31,912
*28,312
36,243
35,621
The c.l.f. basis commands a premium of
and Liverpool.
140.736
*31,509
0.325c. per
140.280
32,131
of
-
7,
45.000c.
pound above f.o.b.
refinery quotation
DAILY LONDON
Copper, Std.
Copper
PRICES
Tin, Std.
Zinc
Lead
Electro.
*
Equivalent retorts computed on 24-hour basis,
in total shipments.
a
Export shipments are included
Copper
Producers
Cut
"Metal and
Mineral Markets," in its issue of
Dec. 8,
re¬
pression
on
the
before
the trade.
news
became
Sterling exchange im¬
proved, which removed some of the pressure that has made
buyers here nervous for the last two weeks. In the domestic
market the feature pricewise was a reduction in lead of 15
Zinc was unchanged.
Domestic producers of anti¬
mony reduced the price %c.
Tin sold in fair volume. A
firmer tone prevailed in quicksilver.
The publication fur¬
points.
ther stated:
continued
215
216
15«i«
43 X
48 %
214
15b.
15%
13%
42*n
212%
15b.
15 %
13 %
13b.
42%
47 H
48
214 %
213%
13%
13"i.
214%
15 %
15*!.
13b.
43%
49%
215%
15 %
15*16
13ui.
13%
13%
lead and zinc are the
unsettlement
in
the foreign
market
for copper forced
production quotas. On Dec. 7 it
will restrict production for the
period beginning Dec. 15 and ending Dec. 31 to 105% of the basic
tonnages, and on Jan. 1, 1939, output will be established at the rate of
foreign producers to take further action on
was announced
in London that the Cartel
213 %
215
November Daily Pig Iron
over
%
135*
of the
official closing buyers'
official buyer's prices for the first session
Exchange; prices for copper and tin are the
sterling per long ton (2.240 lb.).
The "Iron Age"
coke
15
All are In pounds
Output Up 14.3%
in its issue of Dec. 8
stated production of
pig iron in November on a daily basis increased 14.3%
that in October, or from 66,203 gross tons a day to
75,666 tons. Output for the month totaled 2,269,983 tons
compared with 2,052,284 tons in October. The "Iron Age"
further said:
Dec. 1, operating at the rate of
compared with 115 furnaces on Nov. 1, producing at the
rate of 70,690 tons daily.
Eight furnaces were put in operation during the
month and two were taken off blast.
U. S. Steel blew in two furnaces,
Independents blew in five and took one off blast and merchant producers
blew one in and took one unit out of production.
Among the furnaces blown in were the following:
One Carrie and one
Gary, Carnegie-Illinois Steel Corp.; one Cambria and one Sparrows Point,
There were
121 furnaces In blast on
75,795 tons a day,
Copper
The
Prices for
London prices strengthened even
official.
49
43 H
London Metal
prices.
3M
43 H
42b«
—
Dec. 7
ported that the fact that foreign producers of copper partici¬
pating in the control agreement acted quickly to steady the
market abroad by reducing output made a favorable im¬
Spot
43b!
—
Dec. 5
Dec. 6
Output to Steady Market—Lead Price Lower
3M
42 H
Dec. 2
Metals—Foreign
Spot
Spot
3M
43 %
Dec. 1
Non-Ferrous
3M
(Bid)
Spot
3532
Financial
Bethlehem Steel Co.; one Campbell, Youngs townTSheet & Tube Co.; one
River and
Betty, Republic Steel Corp., and one Niagara* Tonawanda
one
Iron Corp.
The two furnaces blown out or banked included the Troy Furnace
unit, and one Bhethlehem furnace of the Bethlehem Steel Co.
Dec.
Chronicle
MONTHLY PRODUCTION OF OPEN-HEARTH AND
INGOTS—JANUARY,
BESSEMER STEEL
1938
1937, TO NOVEMBER,
1937 made 98.26% of the
open-hearth and 100% of the Bessemer ingot production)
(Calculations based on reports of companies which In
Corp.
>
Calculated Monthly
The number of available furnaces making pig iron has been decreased
from 239 to 238 by the dismantling of the Keystone furnace at
Calculated
Period—
Number of
Weetly
Weeks in
Production
Production
Reading, Pa.,
Month
Cross
Per Cent
Tons
of Capacity
(Cross Tons)
1,732.764
1,703,726
2,012.406
33.85
of the Reading Iron Co.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN.
1. 1933—GROSS TONS
1938
January
1933
39,201
67.448
67.098
18,348
19,798
17,484
20,787
28,621
42.166
65,900
64,338
56.449
55.713
51,570
24,536
64.134
54,138
March
April..
May—
——...
June
First six months.
...
.......
December——.
12
mos. average..
ST*:::::::::::::
"46*367
107,116
111.596
113.055
86,208
114.104
103,584
45.871
40.485
35.400
74,331
108.876
43 497
Secondquarter
First six months
116,317
113,679
56 015
93,311
66*203
66.891
75,666
September. .
67,960
96,512
98,246
100,485
Jlfljr
August
48,075
67,566
63.658
100,306
J
407,857
381.883
4.43
23.46
30.76
412,778
13.01
31.17
418.212
25.87
33.42
448,429
4.42
42.85
574,941
620,969
4.43
46.28*
4.29
4.28
7,186,79^1
547,357
13.13
34.41
461,691
39.00
3,117,934
3,572,220
52.45
703,823
62.05
832,685
81.32
4.414,699
.
November
40.79
4.718,436
October
84.27
1,065,110
1,103,675
1,177,952
4.00
4.43
1937
February
"
4.43
4.43
5,218,326
89.94
14,351,461
85.20
1.115,977
12.86
April.
5,070,467
90.25
4.29
34,632
MayJune.
5,151,909
4,184,723
88.79
34,415
74.48
1,182,020
1.162,959
975,460
Second quarter..
14.407,499
84.55
1,107,417
13.01
First sis months:
28,758,960
84.88
1,111,672
25.87
4,556,304
4,877,826
4.289,607
78.48
83.83
4.43
76.30
1,030,838
1.101,089
1,002,221
Third quarter———
13,723,637
79.58
1,045,212
13.13
Nine months.———
42,482,597
83.09
1.089,297
39.00
3,392,924
2,154,365
1,473,021
58.31
25,37
765,897
502,183
333,263
4.43
38.23
7,020,310
40.68
534.270
13.14
49,502.907
72.38
949,423
52.14
March
January
1.298,268
1,452,487
1,376.141
1,255,024
1,062,021
3,211.500
2,999,218
3,459.473
3.391.665
3,537,231
3.107,506
22,388
20,205
21,194
18,607
13,341
14,546
7,873,026
19,706,693
110,281
170,857
1,201,785
1,493.995
1,680,435
2,052,284
2,269,983
3,498,858
3,605,818
3,410.371
2,892,629
2,006.724
1,490,324
20,818
23.913
6,088
29,696
26,100
1,429,085
—-—
February
March
...
April
May....
June.......
..........
23,060
24,228
First quarter.
27,757
26,765
"
Half year..——....—.
,
4.29
.
1937—
y
January—
1938
4.29
30.39
18,005,938
Third quarter
Nine months...
Ferromanganese
1937
423,709
448,757
1,982,058
2,546,988
2.657,748
—
.
Pig Iron x
31.58
33.44
5.370.248
JUDe
112,866
1938
12.86
4.00
10.819,144
-
87,475
91.010
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE
(GROSS TONS)
4.43
1.638,277
April—
63,820
68,864
43,592
31.74
1.025,166
1.806.805
83.686
38 767
4.43
391,143
425,932
454,268
29.15
5,448,896
FIr8t (*uarter--
49.041
66,816
69.216
39,610
34,012
29.935
30,679
31,898
33,149
26.199
....
November.
57,661
67,821
69,142
60,742
43,764
36,174
38,131
July...———.....
August
September.
October
62.243
1938
103.597
65,351
62,886
65,816
80,125
85,432
47,666
45.131
January,..
February
1937
1936
1935
1934
1938
10,
4.43
4.29
*
July.——.—————*...
August..
September..........
October........—....
November....—
Decern ber........
Year
s
—
630
These totals do not Include charcoal pig iron,
y
26,348
August--
25,473
3,621
13,156
September-
324.961
......
Included In pig Iron figures.
October—
—
November-.-.
December..
Copper Production Outside of United States
The
American
Bureau
Metal
of
following accounting of production of
from
ore
issues
Statistics
copper
conjectural,
smelter
on
Estimates for Russia and Japan are
precise information is not available.
as
indicate
from" Moscow
the
in the world
originating outside of the United States,
basis, in short tons.
that
Fourth quarter———
Total..
Fourth
First
Second
Third
Quarter
Year
Quarter
Quarter
Quaiter
1937
Canada....
Third
Quarter
Mexlco. b...
1937
1937
1938
1938
1938
19,600
Chile
Peru..
Germany
Russia
68,400
1
13,600
9,700
49,10C
56,400
97,400
9,600
18,200
...
.....
62,500
227,300
98,700
437,000
37,600
9,000
62,100
90,700
19,400
9,600
18,200
"
4.42
of 1,341,856 gross tons based on annual capacities as of Dec. 31. 1937, as follows:
Open-hearth and Bessemer ingots. 69,964.356 gross tons.
Advices
production in the Urals has
Smelting of some Canadian ore in Japan,
apart from domestic production, points to a gain in output
for Japan.
U. S.foreign ore.a-.-
4.29
Note—The percentages of capacity operated are calculated on weekly capacities
Steel
First
Quarter Prospects Improving—Current
Buying Cautious
been increasing.
,
4.42
4.28
22,674
36,611.317
......
July
16,200
11,000
60,400
90,800
16,600
9,500
62,800
82,500
10,200
9,000
9,500
71.600
17,600
18.200
17,600
The "Iron
Age" in its issue of Dec. 8 reported that
end caution in steel buying does not obscure an
outlook for business in the first quarter.
year-
improved
The falling off in
orders this month is not drastic, and operations may not
decline much. Meanwhile, prospects that will build up mill
tonnage early next year continue to accumulate.
Age" further reported:
The "Iron
Enlarged buying programs in railroad material and equipment, con¬
steel, tin plate, automotive requirements and miscellaneous
struction
business
are
definitely in sight.
f26,000
f 26,OCX)
fl02,000
f26,000
f30,000
130.000
Yugoslavia
11,500
11,200
11,900
12,000
12.900
Other Europe.c.....
12,000
24,600
13,800
25,100
43,100
53,900
14,000
15,600
16,003
50,000 tons of steel will be needed for freight cars now pending, including
96,600
f25,600
127,000
f30,000
2.100 for the Norfolk & Western, a new Inquiry for 1,000 gondola cars from
2,000
2,000
7,600
1.600
700
1,700
300
300
4,500
1,200
1.500
5,300
4,700
18,300
1,200
4,700
5.400
86,600
Japan.d_
.
India.
Other Asia
Australia..!
—
Africa, e
98.700
Totals
395,200
131,733
411,400
92,600
4,700
93.700
399,000 1,628,400
133,000
135,700
383,600
391,400
382,600
127,867
130,467
127,533
4.262
4.301
4.159
97,800
Railroad requirements, though
b^ow normal, are building up.
the Illinois Central and 400 for the Wheeling & Lake Erie.
About
Rail inquiries,
which may appear in larger volume next month, Include 25,000 tons for the
Chesapeake & Ohio,
13,000 tons for the Norfolk
& Weston and 5,000
tons for the Nickel Plate.
Monthly average.
Dally average.
4,296
4.337
4.461
a Copper content of ore and matte
Imported at 95%, Including receipts from
Cuba admitted duty free,
b Imports of blister copper into the United States from
Mexico, except that the total for 1937 is the reported production,
c Partly esti¬
mated; Includes Finland, Great Britain, Spain, France, Norway, Sweden, Italy,
Rumania, and Belgium ex-Katanga; copper from Katanga matte smelted In Belgium
Is credited to Africa,
d Refined copper,
and Union of South Africa,
e
Comprises Belgian Congo, Rhodesia
f Conjectural.
Construction steel awards
are
heavier,
totaling nearly 41,000 tons of
fabricated structural material, more than 11,000 tons of reinforcing bars
and 9,200 tons of plates.
New structural steel projects for which inquiries
have been issued total upward of 43,000 tons, while 16,800 tons is pending
in new reinforcing bar projects.
Automobile companies may make new purchases before the end of the
month.
more
Last week's assemblies probably would have totaled
100,000 or
had It not been for strikes.
Tin plate purchases are expected to
develop in large volume shortly after
the first of the year, present operations being about 30 to 35%.
November
For
the
Steel
fifth
This weekrs ingot production is estimated at 60%
Output 14.6% Above October
consecutive
month
production
of
-
open
hearth and Bessemer steel ingots in November was higher
than in the
preceding month, according to
a
report released
Dec. 7 by the American Iron and Steel Institute.
Output in November totaled 3,572,220 gross tons, an
increase of 14.6% over the total of 3,117,934 tons in October,
and of 418% over the total of 1,638,277 tons in June.
Production last month exceeded the total for November,
1937, by almost 66%.
It was the first month this year in
which output was larger than in the similar month of 1937.
In producing the November tonnage the
industry operated
at an average of 62.05% of
capacity, the highest rate since
September, 1937, when the industry averaged 76.30% of
capacity.
In October, 1938, the rate was 52.45% and in
November, 1937, 38.23%.
An average of 832,685 gross tons of ingots was
produced
weekly during November, as against an average output of
703,823 tous per week in October and 502,183 tons per
week in November, 1937.
last week.
down
a
half point from
While there have been declines in the Pittsburgh, Cleveland-
Lorain, Wheeling-Weirton and Buffalo districts, operations are higher at
Chicago, Youngs town and in southern Ohio.
even
Elsewhere they are holding
with last week.
November output
average rate of
about 14.6%
of ingots, at 3,572,220 gross
62.05%
over
was
tons, representing an
the largest since September, 1937, and was
that of October.
The reaffirmation of steel prices for the first quarter by leading
companies
was
steel
generally expected by the trade, although under similar
conditions in the past a price advance probably would have been attempted.
The only important price change is on black plate, recently quoted at a
price of 3.15c.
gauge
a
base
lb., Pittsburgh, which has been reduced to 3.05c. for 29
and lighter.
New extras, effective Dec.
1, are being
published.
Although wire prices have been reaffirmed for the first quarter, no action
has been taken
on
merchant wire products, which, because
irregularities, probably will remain
of extras
on
mails may be delayed
on a spot
of persistent price
basis for the present. Revision
until orders and prices
are
firmer. Several
bolt and nut producers have temporarily withdrawn prices on all headed
and threaded items with the explanation that quotations are
facturing costs. New prices
on a
Pig iron prices probably will be reaffirmed this week.
announced is
below manu¬
higher level will be out soon.
The only action
by Lake Superior charcoal iron makers, who will continue
present prices through the next quarter.
ferromanganese have been reaffirmed.
Prices
on
ferro-alloys other than
Volume
ventories,
50c. a
while
in the East quotations are steady. The "Iron Age" scrap
17c. lower at $14.75; a decline of 25c. from the Nov. 22
Reflecting the year-end business lull, scrap prices have declined
at
Pittsburgh and
composite price is
been
carrying season at an end, the 1938 movement
placed
or
AGE" COMPOSITE PRICES
11993324
Dec. 6, 1938,
in
Finished
second
,
regarded
1938
2.512c.
2 512c.
Mar.
1936
2.249c.
2.062c.
2.118c.
1.953c.
1.915c
2.192c.
2.402c.
1935
1934
1933
1932
1930..
1927
than
Oct;
Mar.
Mar.
Jan.
Jan.
May
Mar
Oct.
Nov.
2.211c.
2.249c.
2.016c.
2.056c
1.945c.
1.792c.
1.870c.
1.962c.
2.212c.
May 17
1937
9
Dec. 28
Oct.
1
Apr. 24
Oct
3
Sept. 6
Jan.
7
Jan.
4
8
2
10
8
2
2
15
29
1
Pig Iron
Dec. 6, 1938, $20.61 a Gross Ton
One week ago
$20 61
One month ago
20.61
furnace and foundry irons at
June 21
9
$19.61
20.25
19.73
Nov. 24
18.73
18.84
17.90
16.90
14.81
18.21
19.71
Nov.
May
Dec.
Jan.
Jan
Jan.
V36
1035...
1934
1933
1930
1927
——
Steel
$14.75
Mar.
.
-
and Chicago
Low
Hfoh
1936
1935—
.
.
1932
..
1930
1927
$11.00
12.92
12.67
10.33
9.50
6.75
6.43
11.25
13.08
Nov. 22
$15.00
21.92
17.75
13.42
13.00
12.25
8.50
15.00
15.25
Mar.
Dee
Dec.
Mar.
Aug.
Jan.
Feb.
Jan.
30
21
10
13
8
12
18
17
'
■
Steel Institute
and
Iron
American
The
7
16
9
23
25
3
6
9
Nov. 22
June
Nov.
June
Apr.
Sept.
Jan.
July
Dnc.
Dec. 5 an¬
on
nounced that telegraphic reports which it had received
cated that the operating rate of steel companies having
indi¬
98%
of the steel capacity of the industry will be 59.9% of capacity
for the week beginning Dec. 5, compared with 60.7% one
week ago, 61.0% one month ago, and 27.5% one year ago.
This represents a decrease of 0.8 points, or 1.3% from the
estimate
for the week ended
fQtft
193g—
1937-
1938.
Weekly in¬
Oct. 25, 1937, follow;
Nov. 28,
dicated rates of steel operations since
1938—
M
7
30.7%
14
31.0%
May 31
Sept. 12
Nov. 15
36.4% Feb. 21
30.4%
June
6
Sept. 19
Nov. 22.
31.0% Feb. 28
29.6% Mar. 7
29.3%
June
13
Sept. 26
44 0%
39.9%
45.3%
47.3%
46.7%
Oct.
3
47.9%
Oct.
10
51.4%
July
49.4%
22.4% Oct. 17
11
32.3% Oct. 24.„-53.7%
18——36.4% Oct. 31——56.8%
61.0%
25
37.0% Nov. 7
62.6%
1
39.8% Nov. 14
61.9%
8
39.4% Nov. 21
60.7%
15
40.4% Nov. 28
25
52.1% Jan.
31
30.5%
Nov.
1
Nov.
8
48.6% Feb.
41.0% Feb.
Oct.
Nov. 291
Dec.
Dec.
29.9%
-.32.1%
27.5% Mar. 14
27.4% Mar. 21
6
13
33.7%
May 16—'—30.7% Aug. 29
May 23
29.0% Sept. 6
26.1%
26.2%
27.1%
June 20..--.28.0%
June 27
28.7%
35.7%
July
July
Jan.
.—32.6%
32.7%
3.—-25.6% Apr. 18.-^.32.4%
32.0%
10
27.8% Apr. 25
17
2
30.7%
29.8% May
Jan.
24
23.5% Mar. 28
4
19.2% Apr.
Dec. 20
Dec. 27
Apr. 11
1938—
Jan.
Jan.
32.7% May
30.4%
9
July
Aug.
Aug.
Aug.
5
42.8% Dec.
Aug. 22
"Steel" of Cleveland, in its summary
markets,
on
5
moderate gradually.
Consumer
is not unlikely.
ler
was
up
from 20,840 to 25,270, Ford from 14,000 to 17,850 and
from 9,965 to
extend current prices into next quarter gen¬
stabilize orders and operations. In
the absence of price advances the incentive to anticipate forward needs
through heavier buying at this time has been removed.
Mindful of in¬
the Norfolk & Western, while
Rail inquiry is headed by 13,000 tons for
the market shortly for 25,000 tons.
of Reclamation Denver is inquiring for 3,160 tons
United States Bureau
Bessemer & Lake Erie
of rails and 1666 tons of accessories.
200 freight cars, and city of Baltimore has placed 40
products.
take about
navy
Four
Another battleship ordered by the
involves 11,000 tons of miscellaneous steel, in addition to a heavy
tonnage of armor plate.
Awards of fabricated structural steel were
principally
substantially heavier last week,
result of the placing of the Narrows bridge, Tacoma,
as a
Brooklyn, N. Y., bridge, taking 17,000 tons.
second con¬
totaled
201,477 gross tons, against 196,395 tons in September and 336,993 tons in
October, 1937.
Exports for 10 months this year were 1,786,624 tons,
compared with 2,867,340 in 1937 period, when foreign sales were at a
secutive
month.
increased during October for the
all
of
Shipments
excluding
products,
scrap,
record level.
September to 20,921 in October
Imports of 194,974 tons the
sharply from the 402,431 tons received the
Imports declined from 23,470 tons in
and compared
with 29,502 tons a year ago.
first 10 months of 1938 were off
before.
year
Lower operations at
responsi¬
47% ,
points at 56.5%.
Other districts showing de¬
5 points to 72% ; Wheeling, off 4 points to 62;
Pittsburgh and Chicago principally were
The former slipped 3 points to
ble for the latest dip in steel making.
while Chicago was down 2
creases
were
Cleveland, off
Buffalo, off 2 points to 49.
production was higher at
37% ,
2 points in New England to 76, 4 points at Youngstown to 65, 5 points at
Cincinnati to 75, 2 points at Detroit to 84 and 3 points at St. Louis to 51.5.
Scrap is easier in most markets, the composite being down 21 cents to
$14.75, the first drop since the first week of October.
Scrap weakness
also lowers the iron and steel composite 1 cent to $36.36, while the finished
Except for Birmingham, unchanged at 75%
,
in eastern Pennsylvania to
Gains included 3 points
other centers.
$56.50.
steel composite is unchanged at
production for the week ended Dec. 5, is placed
at 61% of capacity according to the "Wall Street Journal"
of Dec. 8. This compares with 613^% in the previous week
and 63% two weeks ago. The "Journal" further reported:
Steel ingot
U. S. Steel is estimated at 56 A%
♦
against 58% in the week before
two
weeks
Leading independents are
ago.
30
77
56 A
.—
2
61
33
—
2
70
A
,
+
82 A
+
1
2
35
IX
31X
A
15A
57
+
A
31 A
+
2A
27A
1933
30
+
2
27 A
IX
15 A
1A
27
—
2
43
—
ISA
26^
1930.
37
1929.
—
—
64
-v-
—
82
...—.
1928
—
—
63 H
1927
+
3
65
2A
82
—
—
—
65 H
2A
■
Federal Reserve banks and $8,000,000 in
of $55,000,000 in gold stock and
$7,000,000 in Reserve bank credit, offset in part by an
increase of $56,000,000 in money in circulation.
Excess
reserves
of member banks on Dec. 7 were estimated to
be approximately $3,440,000,000, an increase of $60,000,000
with
Treasury cash and increases
for the week.
Dec. 7,
+
IX
3
82
2A
2A
2
2
—
2
—
63
IX
3A
+
—.
62
3
—
3
.
2
+
1938
(+) or Decrease (—)
Nov. 30,
1938
(not Including
$15,000,000 commitm'fcs—Dec. 7)
Other Reserve bank credit
Industrial
Dec. 8,
1937
advances
Total Reserve bank
Gold stock
credit
-
15,000,000
5,000,000
2,591,000,000
-14,367,000,000
2,775,000,000
Treasury currency
8,966,000,000
Money In circulation..'
—
6,844,000,000
Treasury cash
2,681,000,000
Treasury deposits with F. R. bank..
407,000,000
Member bank reserve
balances
-4,000,000
—21,000,000
+55,000,000 +1,603,000,000
+ 1,000,000
+152,000,000
+ 7,000,000
+ 90,000,000
+ 2,130,000,000
+ 56,000,000
+253,000,000
—8,000,000
—77,000,000
+
Non-member deposits and other Fed¬
834,000,000
-3,000,000
—1,000,000
+8,000,000
+ 1,000,000
941,000,000
165,000,000
+126,000,000
the week ended Dec. 7 will be
Dec. 7, 1938
8
Bills discounted
Bills bought
+
33
1
pages
credit outstanding
Increase
U. S.
+
26
2
.—
$
eral Reserve accounts
3568 and 3569.
Changes in the amount of Reserve bank
and related items were as follows:
on
2A
67
+
+
46
A
+
28
3
1934
1932
64
IA
2
+
1935
h
Independents
U. S. Steel
Industry\
1938
Since
member bank reserve bal¬
ances increased $90,000,000.
Additions to member bank
reserves arose
from decreases of $77,000,000 in Treasury
The statement in full for
and
credited with 64% ,
64% 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:
60 A%
compared with 63H% in the preceding week and
During the week ended Dec. 7
found
Wash.,
and a
requiring 16,404 tons of shapes, reinforcing bars, cable and piling
'
deposits
will
boats placed by the maritime commission
cargo
16,000 tons of hull steel.
with the Federal Reserve Banks
Week
has ordered
trolley cars.
lucrease
The
Chrys¬
all others
11,070.
1931
erally was looked for and will tend to
,
General
Motors' assemblies last week increased from 40,125 units to 44,505.
1937
seasonal influences commenc¬
tapering in demand and production through the year-end
Decision of the industry to
the holi¬
A year ago output totaled 86,848.
day interrupted operations.
1936
for delivery Is less urgent, and with
ing to be felt, a
corresponding
from last year.
by active retail demand, automobile production last
59.9%
pf the iron and steel
Dec. 5 stated:
Activity in steel markets continues to
pressure
10% ahead of October and 14% higher
far this year to exceed the
98,695 units, against 84,930 the week before, when
to
rose
so
Output for 11 months was off 52%
influenced
Iron and steel export trade
13.081
1937
1933
Aug. 11
May 14
Jan. 27
Jan.
3
Dec. 6
Dec. 16
Nov. 1
17.83
16.90
13.56
13.56
15.90
17.54
6
1
5
5
7
4
Scrap
14.501
One year ago
Still
week
first month
year ago,
1937 period.
steel
July
6
Feb. 16
fBased on No. 1 heavy melting steel
514.92(
quotations at Pittsburgh, Philadelphia
One month ago
a
Shipbuilding awards continue to bolster prospective business in heavy
Gross Ton
a
One week ago
and
Low
High
1937
Chicago,
Philadelphia,
Buffalo,
Valley
Southern Iron at Cincinnati.
$23.25
23.25
1938
natural development,
a
the Chesapeake & Ohio is expected in
'Based on average of basic Iron at. Vahey
23.25
One year ago
as
Since the early-November
only 2 points.
to
November pig iron production was
Low
Hi oh
Dec. 6, 1938,
a
fiat-rolled steel
2.286c.
2.512c. i
the
brought the total reduction from
61%
point to
bulge in
certain extent was the result of heavy forward buying of
at price concessions, some compensation for this excess is
half peak
operations to
Last week's decrease
lull in steel demand as yet is small.
production of 1
2.286c.{
.
One year ago
Steel
(Based on steel bars, beams, tank plates.
wire, rails, black pipe, sheets and hot
rolled strips.
These products represent
85% of the United States output.
2.286c. a Lb.
One month ago
pending.
are
>
The present
One week ago
Automobile production is at a new
slightly heavier,
plates and shapes have
Needs of miscellaneous users generally are
sustained.
large projects involving fabricated
steady.
19.263,011 gross tons, lowest since 1932.
THE "IRON
their purchases this
requirements.
peak since August, 1937; railroad inquiries and orders are
while several
With the Lake Superior ore
to regulate
be expected
may
Steel consumption is well
peak.
was
consumers
month in line with early
Chicago, though steel production there is higher than last week,
ton at
3533
Chronicle
Financial
147
-----
—
-
Government securities———
6,000,000
1,000,000
2,564,000,000
Nov. 30.
$
(+)
or Decrease
Since
1938
—1,000,000
—
Returns
Dec. 8. 1937
—
—
Member
Below is the statement
$
—11,000,0000
—2,000,000
of
Banks
in
New
York City and
Chicago—Brokers' Loans
(—)
banks
of the Board of Governors
of the
the New York City member
and also for the Chicago member banks for the current
Federal
Reserve System for
3534
Financial
Chronicle
10, 1938
0
week, issued in advance of full statements of the member
banks
United
whichjvill<notj3ej]ivaila^^
,
in
reporting"member
of'weekly
as8et8 andmabilities
central
reserve
banks
1938
_
investments—total..
Dec. 8
1938
Nov. 30
1937
i.im
1938
1937
^Con^erciai""fndustriaf~"and 3'080
i?soa
7,927
.
2,962
3,590
525
518
865
1,424
1,801
341
339
442
Js?
67?
7?o
3!
3o
T?8
ul
??
?I
Loanatobank»-.:i"I"l"I
connection with the Reich
08
95
38
....
2
.
416
427
52
51
57
2,853
3,049
939
942
899
Obligations fully guaranteed by
V>
809
809
364
118
117
100
4.065
i.m
2.4M
Hi
HI
m
66
64
56
36
35
31
Cash In vault
Balances with domestic banks..
71
70
66
213
213
467
477
52
53
The
American
63
The
Embassy
Since
Demand deposits—adjusted
6,864
6,767
5,917
1,635
1,622
604
662
468
467
454
115
115
228
62
62
45
2,659
2,625
1,936
681
682
523
426
445
370
10
9
1
InDrmSucdSs!:....
7
1 490
1,490
1 483
1.483
Foreign banks
Borrowings—
Canlta)1
Capital account"~ ~ "
account...
1 490
1.490
211
911
'
in
Reserve
o^mbei^Banks SL™*^
taneously
with
are
given out
the figures
selves and, covering the
for the
,
juviix auu
Reserve
distinction
such
no
the
in
sections
banks
for-f
Jem to liquidate or 6ell their real estate and industrial enterTherefore, it was believed that American Jews owning property
understood that the British Embassy had called attention of the
was
interests be
Mea"^ile ^as of the Nuremberg orsan of theof 1935, (®hte
s.ch^!arz® Korv*> racial laws A J!* so as
revision
to make
demanded
WOmen
them-
^
week, instead of being held
same
of the law—forbidding Jews
sections
involved.
t
^
Thursday, simul-
on
certain
German Foreign Office to London's apprehensions lest British
^
As explained above, the statements of the New York and
^
Chicago member banks
for instructions.
officials have been
Washington
American
decrees
Germany might be affected.
It
r.
System for the Preceding Week
detailed
bidding Jews to acquire real estate and empowering German officials to.
prises.
D
asked
have
to
Funk
the
decrees made
Funk's
"
MpmW
a
acquire, pawn or sell precious metals and jewels without official permits
compel
t\f
of
to German and Stateless Jews.
But American officials found
oil
248
258
sent
and requiring them to deposit all securities in banks—applicable specifically
....
258
have
to
American property rights.
said
was
publication
Herr
to
6
__
today
trying to obtain an official German interpretation of them.
1 486
605
deposits.,,.
understood
was
Department^expressing belief that the .anti-Jewish
announced on Monday [Dec. 5] by Economics Minister
Walter Funk may affect
Liabilities—
United States Govt, deposits—
decrees
property
Embassy
State
rePort t0 the
159
461
net
v
from Berlin it was stated:
United States Government—
P«.fu«-rta
5, ordering Jews
In Associated Press advices of Dec. 7
order.
terms of the
*
•
ESS^hlsr'KiVbMii::
Return^
decree of Dec.
with standing instructions, had insisted on protection and
exemption of American nationals and property from the
11
417
Complete
a
1
~
,
in Germany to abandon retail trade by the end of this-year,
2,863
other Joans
fnmnUfA
.
Mr. Welles said that the American Embassy, in accordance
tr. s. Gov't direct obligations..
Time
.
,
,
eminent regarding anti-Semitic decrees. The latest United
States protest, according to the State Department, was in
other loans for purchasing or
Other assets
Anti-
on
Berlin had again made representations to the German Gov-
1*920
woo
1,424
Sa^^rbVou^mfdiaiV™:
Germany
to
conference on Dec. 7 that the American Embassy in
press
*
Dec. 8
1938
7 846
agricultural loans
Protests
Acting Secretary of State Sumner Welles revealed in
77" T:——T
Dec. 7
Nov. 30
Again
from Retail Trade After 1938
cities
(in Millions of Dollars)
Dec. 7
States
Jewish Decree—Asks Exemption of American Nationals and Property from Order Banning Jews
well
as
as
liable.
men
previous American note to Germany dealing with anti20,
Jewish decrees was referred to in the "Chronicle" of Nov.
until the following Monday, before which time the statistics
page
3235.
covering the entire body of reporting member banks in 101
cities cannot be compiled
In the
of
returns
the
the entire
Federal
the week, ended with
rdltr T'eT
following
cities
e
the
ows
Increases
the
for
week
\
of
,
"'
.
Recognizes Present French Boundries, but
no
Mention of Colonies
of settling differences
signed in Paris on Dec.6
by Joachim von Ribbentrop, German Foreign Minister, and
George Bonnet, French Minister of Foreign Affairs. The
A pact renouncing
the
„
changes for the
$74,000,000
in
balances
reserve
war as a means
Reserve
banks, $97,000,000 in demand deposits—adjusted, and $28,000,000
in "other securities," and a decrease of $23,000,000 in United States Gov-
mention
"ZLerdal, Ldmtrw'and
t°th °f*hjch
New
York
City and
at all
agricultural loans increased
declined
Loans to brokers and
$3,000,000
dealers and
all
reporting member banks.
Holdings
$27,000,000
banks.
of
in
United
New
Holdings
-
States
York
all
direct
in
increased
Demand
deposits—adjusted
and
San
in
the
Francises
obligations
declined
$28,000,000
in
New
at all
reporting member banks.
Time deposits
increased
$6,000,000 in the New York district and declined $5,000,000 in the Cleve-
City
and
Kansas
$7,000,000
declined
City
districts,
all
each
reporting
$13,000,000 for the week.
in
the
member
Philadelphia,
banks
in New York
Cleveland
showed
net
a
and
increase
A
amounted
Minister
of
Affairs
Foreign
name
and
on
$1,000,000
The French Government and the German Government share fully the
conviction that pacific and good neighborly relations between France and
of the essential elements in the consolidation of the
one
situation in Europe and the maintenance of general peace. The two governments wiU in consequence use their best endeavor to assure the developnient of relations between their two countries in this direction,
n
■
cf
a
territorial
definitive
of the principal assets and liabilities of
re-
for the
behalf of their governments have agreed as
The two governments take note that between their countries
to
30.
summary
Ribbentrop,
von
follows during their meeting in Paris, Dec. 6, 1938:
x
Nov.
Joachim
Deposits credited to foreign banks increased
Borrowings of weekly reporting member banks
the
"
$4,000,000 in New York City.
on
M.
Germany constitute
district.
Deposits credited to domestic banks increased $42,000,000
of
Wireless message to
German Reich,
Actipg in the
$20,000,000 in New York City,
$13,000,000 each in the St. Louis
$12,000,000 in the Boston district, and
$97,000,000
land
a
in
M. Georges Bonnet, Minister of Foreign Affairs of the French Republic,
and
York
district,
districts,
°fet:A
An unofficial translation of the
New York "Times," under date of Dec. 6 follows:
'
increased
Cleveland
possessions.
It follows the anti-war
the pea-ce-pact of Munich,
(p3.gGS 2014 and 2015).
City and at all reporting member banks.
$17,000,000
colonial
Fans treaty, as furnished
$7,000,000
$23,000,000 at all reporting member
securities
of
accord signed at Munich, and
banks.
member
increased
.
Government
$16,000,000
reporting
»
City and
other
of
at
other loans each
was
agreement also, on the part of Germany, recognizes present
boundaries of the French Republic, although it makes 10
Federal
with
ParU-
at
Reich
gmemberweekW loi leading
„,troperie ended Nov. SO:
bank*
principal
Pact
Peace
Sign
Means of Settling Differences—
as
between France and Germany
'
,
War
Makes
of
close of business Nov. 30:
,
Germany
Renounce
System respecting the
body of reporting member banks
Reserve System for
....
and
France
following will be found the comments of the Board
of Governors of the Federal Reserve
the
order remains in suspense and they solemnly
frontier
between
their
two
countries
as
it
is
no
question
recognize as
at
present
established.
^
porting member banks, together with changes for the week
Jt
and the year ended ^0v.
Mn
30, 1938, follows:
Increase
(+)
or
Decrease
.0Nov. .voN
1938
3 23,
Assets—
f
Loans and investments—total
$
21,325,000,000
Loans—total
(—)
1. 1937
$
4-19,000,000
—56,000,000
+14,000!000 —I,124io0o!o00
8,317,000,000
^
third
are resolved, under the reservation of their special
powers, to remain in contact on all questions
party
interesting their two countries and to consult together mutually in
mT" Dec.
eTOlUtl°n of the6e
IT" «*'
the present declaration, which enters into effect immediately.
j
3,866,000,000
338,000,000
—771000,000
—3,000,000
—137,000,000
712,000,000
+7,000,000
—164,000,000
572,000,000
1,169,000,000
117,000,000
open market paper
—3000000
+1,000,000
—78,000,000
Loans to brokers and dealers In
securities
Other
loans for purchasing
carrying securities..—
or
Real estate loans
Loans to banks
Other loans
Unhed'states Gov^me^t...^!
...
2.460.000,000
Liabilities—
Demand
Time deposits
United States Governmen
+49,00o!o00
—2s!ooo!ooo
+143,000,000
716,013,000,000
—
deposits
bJmls.:....
Foreign banks.
Borrowings
.....
„
..
.
o, in summarizing
the
Guarded by thousands of mobile guards in shiny helmets who surrounded
RDirited into Paris in
8p_,
^
a
roundabout,
mannor
that
hrnntrht
hiR
train into th«
a roundabout manner that brought ms tram into tne
T
rarely used Invahdes station to thwart
any hostile Lefist demonstrations.
From then on, through the signing of the "no-more-war" pact by Rib-
bentrop and French Foreign Minister Georges Bonnet in the historic clock-
+28,000,666
guard the Nazi leader.
+1,963.000,000
+ 4,000,000
.
+361,000,000
+ 74,000,000
+139,000,000
Edouard Daladier after the pompous ceremony of the pact signing,
+3,000.000.
+591,000,000
understood
.....
+
.
97,000,000'"+ MO+OOOTOOO
5,124,000,000
534,000,000
—1,000,000
—110,000,000
—3,000,000
+118,000,000
6,212,000.000
508,000,000
1,000,000
+13,000,000
+1.162.000.000
+ 4.000,000
+ 90,000,000
—2,000,000
—5[000,000
Tntftr—hflnk u6DOSit8'
Domestic
r.
room of the Quai D'Orsay at 3:28 p. m., every precaution was taken to
-----
deposits—adjusted
»
+564,000,000
1,682,000,000
3,220,000,000
443,000,000
...
Balances with domestic banks
+ 2,000,000
+4,OOo!(K)0
+7i(K)0,000
—23,000,000
7,337,000.000
Reserve with Fed. Res. banks
Cash in valut...
+1,000,000
8,106,000,000
Other securities
•
United Press .Pans advices of Dec.
signing of the treaty said in ^
part:
^
him wherever he turned, Chancellor Adolf Hitler's "traveling salesman" was
1,543,000,000
^rect obligations.
nhn
the
mi«ht rlsk leadln« 10
international difficulties.
s
^ith whereof the representatives of the two governments have signed
Commercial, industrial and agricultural loans
,
^
The two governments
relations with
■
Mr. Ribbentrop, in
to
have
^
a
private discussion with Mr. Bonnet and Premier
expressed
Berlin's reluctance
to
Intervene
was
between
France and Italy and silence the Fascist clamoring for French-held Corsicia,
Tunisia and Nice.
After
Mr.
a
State dinner tonight, Mr. Bonnet held further conversations with
Ribbentrop and it
was
learned he
was
informed that although the
Berlin-Rome axis is
as strong as ever the German Government does not
support Italian aspirations regarding Tunisia and Corsica and had no part
in the Fascist clamor for the French-held territories.
Volume
P The
pact, signed
initialled
was
1.
Financial
147
the spot where the Briand-Kellogg anti-war treaty
on
Alsace-Lorraine,
over
STATEMENT
as an
as
3.
They will
consultation instead of guns to settle any disputes in
Current gold and subsidiary coinIn Canada
For the time-being the accord will remain within the framework of the
four-power pact that dismembered Czechoslovakia.
terned after the
Mr. Ribbentrop and Mr. Bonnet indicated that they hope soon to widen
The pact contains
no
time limit and is to remain in force indefinitely.
determination that Franco-German relations shall con¬
for
a
broad
Franco-German
exchange of views,"
furnished
the com¬
munique said.
»
"In the course of the conversations of M. Bonnet and Herr
the principal
European problems
were
examined, particularly those con¬
recognized
on
both sides that the development of relations be¬
tween
both countries
on
the basis of formal recognition
would
serve
was
not
only their
essential contribution
to
common
the maintenacne of peace.
"It is in this spirit that the foreign ministers of the two
made
with
and
balance
governments with third powers, expresses the will for
4,448,525
and
foreign and colonial public
curities other than Canadian
road to general
of the Rome-Berlin axis,
continued operation of her
164,903,452
123,873,950
Rising Trend in Canada's Commercial Loans Noted by
Annual
Montreal's
,
The rising trend of commercial loans in Canada, the wide¬
spread influence upon its industrial and commercial enter¬
prises expected from the tri-partite trade treaties and pros¬
pective stimulation of Canadian manufacturing industries by
British armament orders were brought to the attention of
Bank of Montreal stockholders at their 121st annual meeting
Dec.
by Sir Charles Gordon, President, and G. W.
5
Spinney, Joint General Manager.
Although it has been a year of great uncertainty in respect
to the immediate future, and a year consequently of some
hestitancy in business, Sir Charles said that the volume of
bank's commercial loans had
the
shown
sufficient
marketable
value
to
66,076,260
51,595,802
848,217,597
142,081,384
cover
Elsewhere than In Canada
Other current loans & dlscts. In Canada..
and discounts in
Canada show
an
increase of $27,800,000
to
they
the
provide
position
as
most
dramatic
22",847*,915
demonstration
yet
given
of Canada's
the natural liaison between Great Britain and the United States.
and commercial enterprise
in the Dominion.
loss
Deposit
to
these
what
a
manufactures,
Minister
the
73,965,337
57,104,867
of
63,929,170
5,468,814
11,249,363
5,976,786
11,591,817
2,163,532
1,906,341
Finance
circulation...
Shares of and loans to controlled
cos...
Other assets not Included under the fore¬
going heads
3,423,987,295 3,399,779,941 3,298,987,096
Total assets
LiaWUles
101,188,747
104,044,340
112,206,341
31,107,742
48,693,138
32,431,107
5,000,000
43,566,965
40,526,894
37",470*354
749,356,786
Notes In circulation.
725,046,724
679,125,141
Balance due to Dominion Govt, after de¬
ducting adv. for credits, pay-lists, Ac.
Advances under the Finance Act
Balance due to Provincial governments.
Deposits by the public, payable on de¬
mand In Canada
Deposits
by
notice or
payable after
public,
the
on a
,655,782,101 1,632,585,066 1,583,694,718
426,210,980
425,218,339
419,061,412
fixed day In Canada...
Deposits elsewhere than In Canada
Loans from
other
banks
In Canada,
secured, including bills rediscounted..
Deposits made by and balances due to
Due to
United
than
In
Canada
and
letters
of
356,006
1,326,765
58,562,632
3,695,736
2,556,395
133,750,000
Liabilities not incl. under foregoing beads
Dividends declared and unpaid
fund
or reserve
36,968,501
57,104,867
3,002,413
1,416,864
133,750,000
145,500,000
63,929,170
3,207,435
2,551,540
133,750,000
145,500,000
credit out¬
standing
Rest
11,280,503
35,904,380
the
Bills payable
and
11,264,393
37,971,811
338,447
Kingdom
Kingdom
Acceptances
17,692,959
10,308,035
banking correspond¬
banks and
ents In the United
Elsewhere
14,048,763
13,542,703
other banks in Canada..
145,500,000
Capital paid up
Canada has given
3,411,289,564 3,382,106,435 3,283,701,36ft
Total liabilities......
cooperation
Note—Owing to the omission of the cents In the official reports, the footings
the above do not exactly agree
in
with the totals given.
without sacrifices and not without some misgivings
sacrifices
may
portend.
Partly
as
compensation for
giving way to American producers in the British market and partly as com¬
pensation for
with
73,459,400
5,470,843
11,519,526
per contra
for the security of note
the,two largest English speaking nations, so important at this
juncture in world affairs, would not have been possible.
that cooperation, not
as
11,475,903
8,746,584
4,198,243
73,292,115
less amounts (if any) written off
Liabilities of customers under letters of
credit
9,817,994
8,328,235
4,352,966
than cost
not more
at
94,314,723
9,432,517
8,214,712
4,180,516
pro¬
"Without Canada's coopera¬
tion," he added, "the agreement making for closer commercial
as
industrial
premises
26,384,622
58,562,632
estimated
loans,
22,803,236
114,110,233
municipalities
towns,
Mortgages on real estate sold by bank
Sir Charles declared that
These treaties, he said, will affect in more or less degree every
between
the
53,200,038
143,100,257
1,789,964
cities,
Real estate other than bank premises
last year and $47,900,000 over two years ago.
Sir Charles' further remarks were summarized as follows:
Reviewing the trade treaties just signed by the representatives of
81,520,704
769,731,884
173,452,175
114,527,417
Loans to Provincial governments
Loans
over
United Kingdom, the United States and Canada,
60,134,869
44,963,394
828,903,218
Loans to the Government of Canada
measurable in¬
a
Standing at $178,700,000, the bank's current loans
crease.
182,903,952
133,786,565
tures, bonds and other securities of
a
Bank
Meeting—Declares Tri-Partite Trade Treaties Will
Every Industrial and Commercial Enter¬
prise in
Canada—G. W. Spinney Urges "Pay
As
You
Go"
Principle
for
Government
and
Municipalities
Affect
on
165,722,461
126,697,555
Call and short
vided for...
of
86,395,247
,128,974,762 1,093,995,502
se¬
and school districts
Bank
118,672,683
Provincial
ish,
Non-current
at
3,915,135
22,788,808
117,156,769
Government
Railway and other bonds, debs. & stocks
military alliance with Soviet Russia.
Gordon
4,419,390
33,496,842
Government securities
1,120,144,775
Canadian municipal securities and Brit¬
Elsewhere
President
48,913,047
193,522,918
5,900,900
24,074,815
108,876,484
26,431,278
United Kingdom
Dominion
appeasement."
acknowledgment of the
52,829,014
211,484,816
5,086,264
28,548,736
127,776,485
Due from banks and banking correspond¬
ents elsewhere than In Canada and the
peaceful cooperation
Germany
8,529,272
due
Due from banks and banking correspond¬
ents In the United Kingdom
countries signed
in mutual respect and thus marks an important step on the
from
other banks
on
Deposits
relations of the two
Thus France, while recognizing the strength
10,610,436
(not exceeding 30 days)
loans In Canada on stocks, deben¬
the declaration which, while reserving the separatate
won
4,603,003
3,926,269
including bills rediscounted
of their frontiers
would constitute an
but
interests,
5,282,417
5,328,019
Loans to other banks In Canada, secured,
Ribbentrop
cerning the political and economic relations of France and Germany.
"It
Cheques
from other banks in Canada
"The Paris visit of the Foreign Minister of the Reich on Dec. 6
occasion
1937
57,383,287
228,459,996
7,140,785
30,485,182
115,500,046
Notes of Bank of Canada
United States & other foreign currencies
this evening said
tinue "on the basis of mutual recognition of frontiers."
the
Oct. 30,
10,249,938
Total.
Notes of other banks
they had examined both economic and political problems troubling
a
Sept. 30, 1938
Dominion notes
Deposits with Bank of Canada
general political and economic problems.
Mr. Ribbentrop and Mr. Bonnet in a joint statement
Europe, including
DOMINION
It is pat¬
Anglo-German anti-war declaration of Sept. 30, but both
its scope to include more
THE
5,201,334
5,048,604
Elsewhere
the future.
that
Oct. 31, 1938
Assets
Neither nation has any territorial claims against the other.
use
OF
good neighbors, forever settling the
example to the rest of Europe.
2.
Munich
OF THE BANKS
OF CANADA
CONDITION
OF
decade ago, provides:
a
France and Germany will live
dispute
3535
Chronicle
lowering of
our
Member
Trading
on
Canada has received advantages in the American market
New York
Weeks Ended Nov. 12
New York Stock and
Curb Exchanges—Figures for
tariffs all along the line in favor of American
and Nov. 19
^
for
a
wide variety of the products
freer
of the farm, the forst, the fisheries and'
Primary producers in every province have long desired
the mines.
access
to
the great market to the
South, and we all hope that
the
advantages which it offers to them will result in such a general increase
the
in
purchasing power of the nation as to offset the added competition
which many
manufacturing industries will be called upon to face."
stimulating effect
Canada's manufacturing industries, Sir Charles informed the bank's
Among the more immediate factors destined to have a
upon
stockholders, is the prospect of the country contributing to the armament
Contracts already ha\e been negotiated,
requirements of Great Britain.
he reported,
and it is hoped that additional business will follow.
Although the recurrent crises in Europe, the situation in
the depression
Canada's export trade,
had been satisfactory.
said, had maintained a fair rate of production,
of many
setback to
Sir Charles reported that business throughout the
Dominion during the past year
of mining
the Orient and
in the United States have all combined to give a
Most industries, he
with the marked activity
contributing in increasingly important measure to the welfare
subsidiary enterprises from coast to coast.
largest since 1932 and of high quality, and the
Grain crops were the
harvest resulted in a marked
improvement in railway traffic.
In his address
as
Joint General Manager, G. W. Spinney
pointed out that, as custodians of savings, banks and large
investment companies were seriously concerned about the
constant upward trend of Government and municipal debts.
While admitting that deficit financing in certain cases during
depression years was unavoidable, he said that if public
credit was to be preserevd it was clear that the "pay as you
go" principle should be reestablished as quickly as possible
and appropriate measures taken to pay off the debts already
incurred.
Comparative Figures of Condition of
Canadian Banks
the condition of the Canadian
banks for Oct. 31, 1938, with the figures for Sept. 30, 1938,
and Oct. 30, 1937:
1
In the following we compare
Trading in stocks
this
members,
on
New"York Stock Exchange by
the
except odd-lot
dealers,
amounted to 3,524,098 shares
for their own account,
during the week ended Nov. 19,
by the Securities and Exchange Com¬
yesterday (Dec. 9), which amount was 20.72% of
toUl transactions on the Exchange of 8,502,210 shares.
During the previous week endvd Nov. 12 (as announced by
the SEC on Dec. 2) round-lot purchases and sales of stocks
for the account of the members, except odd-lot dealers,
totaled 3,339,410 shares; this amount was 18.69% of total
transactions for the week of 8,928,690 shares.
The week
ended Nov. 12 included on]y four trading days, the Ex¬
it
was
announced
mission
changes havijng been closed on
Nov. 11, Armistice Day.
Nov. 8, Election Day, and on
promulgated figures showing the
relation of trading by members of the New York Curb
Exchange for their own account to total transact'ons on the
Exchange.
During the week ended Nov. 19 the member
trading was 588,230 shares, or 20.82% of total transactions
of 1,412,350 shares, while in the preceding week (Nov. 12)
the Curb members traded in stocks for their own account
in amount of 451,190 shares, which was 18.39% of total
The
Commission
also
volume of 1,226,815 shares.
the SEC is in the series of current fig¬
being published weekly, in accordance with its program
embodied in its report to Congress in June, 1936, on the
"Feasibility and Advisability of the Complete Segregation of
the Functions of Broker and Dealer."
The figures for the
week ended Nov. 5 were given in our issue of Dec. 3,
page
The data issued by
ures
3381.
The data
with
the
published
are
based
New York Stock
upon
weekly reports'filed
Exchange and the New York
Financial
3536
Curb Exchange by their
classified
are
as
respective members.^These reports
follower
Chronicle
to London and from
York _New York
New
York
New
Stock
Curb
Exchange
Exchange]
Total number of reports received
Reports
specialists..........
showing other
105
210
105
68
297
other
showing
Reports
earmarked
purchaser desire to import directly from South Africa gold
there
to his
Any substantial gold exported directly
account.
from
Capetown to New York, of
apparent to South Africans the true destination of the greater part of
its gold
course,
have
a
desirable effect in making
production, which provides the basis of the country's prosperity
and purchasing power,
trans¬
actions Initiated on the floor..
3.
Capetown to another destination, the report stated.
75
211
304
....
American
an
more
82-i
825
Reports showing transactions as
2.
Exchange
1,083
1,081
1.
Stock 4
Exchange
M
±
19
New York
Curb
1938
Direct shipment to New York, for example, will now be possible should
£~Week Ended Nov.
12-
10,
between the costs of railage, ocean freight, and insurance from Capetown
_
Week Ended Nov.
Dec.
according to the report.
trans¬
actions initiated off the floor.
356
117
342
124
4. Reports showing no transactions
423
558
439
584
Odd-Lot Trading on New York Stock
Week Ended Dec. 3
Exchange During
Note—On the New York Curb Exchange the round-lot transactions of specialists
York Stock Exchange odd-lot
the functions of the New
Curb Exchange perform
dealer as well as those of the specialist.
The number of reports in the various classifications may total more than
the number of reports received
entries in
than
more
because, at times, a single report may carry
classification.
one
The Securities and Exchange
strictly comparable with data similarly
in stocks in which they are registered are not
designated for the New York Stock Exchange, since specialists on the New York
The following data made available by the SEC shows the
proportion of trading on the New York Stock and New York
Curb Exchanges done by members for their own account
during the weeks ended Nov. 12 and Nov. 19:
public
ODD-LOT
STOCK
TRANSACTIONS
CIALISTS ON THE NEW YORK
STOCK TRANSACTIONS ON THE NEW YORK STOCK
ACCOUNT
OF MEMBERS *
EXCHANGE FOR
Total for
Total round-lot volume
Round-lot
members
lot
Total for
for
Cent
of specialists
PURCHASES
(Customers' Orders to Sell)
No. Ord.
Nov. 28, 29 & 30._
Vcuue
Shares
428,182 $14,796,903
25,773
Dec. 1,2 <fc 3
Bought
Total for week..
18,145
481,396 $14,989,789
10,348,904
11,532
295,949
711,893 $25,145,807
29,677
777.345 $24,115,771
283,711
Total
879,830
922,030
1,598,570
initiated
8.95
Odd-Lot
1,801,860
523,040
532,970
"
Sold
Total
602,790
1,116,040
5.91
of
New
Policy
on
York Curb Exchange Revise
Limited Orders
The odd-lot dealers of the New York Curb Exchange have
informed the Committee of Arrangements that on and after
513,250
1,056,010
Dealers
10.60
the
on
floor—Bought
6.56
Dec. 15, 1938, they will trade odd-lot limited orders selling
through their limit on the following basis:
If the effective round lot sale in
transactions
9,125,982
■-
796,250
802,320
-
Sold..
3. Other
Value
Shares
No. Ord
15,430
10,343
and odd-lot
which they are registered—
transactions
AND SPE¬
DEALERS
SALES
dealers):
»
1. Transactions of specialists in stocks in
2. Other
ODD-LOT
Trade Date
8,502,210
(except transactions for odd-
accounts
OF
STOCK EXCHANGE—WEEK ENDED
1938
(Customers' Orders to Bug)
a
of
account
3,
Per
Week
a
8,928,690
transactions
DEC.
•
12 Week End.Nov.19
Per
Cent
Week
B.
Dec. 8 made
on
(SHARES)
Week Ended Nov.
A.
Commission
for the week ended Dec. 3, 1938, of the
corrected figures on odd-lot stock transactions of odd-lot
dealers and specialists on the New York Stock Exchange,
continuing a series of current figures being published weekly
by the Commission. The figures for the weeks ended Nov. 19
and Nov. 26 were given in our issue of Dec. 3, page 3382.
The data published are based upon reports filed with the
Commission by odd-lot dealers and specialists.
a summary
initiated
off
the
stock Is more than one-half point away
a
from the limit, an odd lot order to sell will be filled at
floor—Bought
315,010
369,820
Sold
271,890
334,308
a
price one-half point
less than the effective sale and if to buy, at a price one-half point more than
the effective sale.
Total
684,830
4. Total—Bought
3.83
1,634,300
Sold
606,198
3.56
1,705,110
Examples
(1) An order is entered to purchase 10 shares at 25 and is in the hands
1,664,970
1,859,128
of the odd lot dealer.
is executed at 24 H.
Total
3,339,410
18.69
3,524,098
20.72
Round lot sales
is executed at 25 K
specialists and odd-lot dealers:
1. In round lots—Bought
229,140
207,490
Sold
Total..
195,420
202,830
436,630
1,089,874
1,142,788
Sold
occur
at 24and then at 26.
The order
Under the old method the price would be 25.
•
ing the approval of
In
2.34
1.139,528
1,111,840
member of the Committee of Arrangements.
a
applying the above policy, members' attention is called to the fact
that the
2. In odd lots—Bought
The order
25 and then at 24.
An odd lot dealer may charge in excess of one-half point only after receiv¬
398,250
2.45
occur at
(2) An order is entered to sell 10 shares at 25 and is in the hands of
the odd lot dealer.
C. Transactions for the odd-lot accounts of
Round lot sales
Under the old method the price would be 25.
same
refers to transactions
single day only and does not
on a
cover
period of time.
a
Examples
Total...
2,232,662
STOCK TRANSACTIONS ON THE
NEW
YORK
2,251,368
(1) An
EXCHANGE FOR
CURB
ACCOUNT OF MEMBERS * (SHARES)
Week End.Nov. 12
Total for
Week
A. Total round-lot volume
B. Round-lot
transactions
Total for
1,226,815for
account
Per
Cent
Week
a
a
of
specialists
in
of
*
*
135,095
171,495
Sold
164,635
196,845
Total
299,730
transactions
initiated
38,760
Total."
60,425
67,835
v
74,910
transactions
368,340
12.22
36,150
Sold
Initiated
off
13.04
»
4.54
128,260
3.05
the
floor—Bought
34,535
42,015
Sold
rt
41,380
50,250
1
Total
opens on
Dec. 3 at 24.
open order is entered on Dec. 2 to sell 10 shares at 25.
Dec. 2 is 24On Dec. 3 the stock opens at 263^.
on
The
The 10 shares
The high
The 10 shares
are
such price, less the odd lot differential.
New York Stock
Exchange Decreased
During November
on
announcement said.
3.24
91,630
3.12
mation obtained by the New York Stock Exchange from its
members, was 587,314 shares, compared with 669,530 shares
on Oct.
28, it was announced Dec. 8. Of the 1,244 individual
stock issues listed on the Exchange on Nov. 29, there were 33
issues in which a total short interest of more than 5,000 shares
existed, or in which a change in the short position of more
than 2,000 shares occurred during the month, the
Exchange's
short interest
■■■
76,550
The total short interest existing as of the close of business
the Nov. 29 settlement date, as compiled from infor¬
on
the
on
floor—Bought
3. Other
on
sold based
Short Interest
Bought...
Other
(2) An
sale
Dec. 2 to purchase 10 shares at 25.
on
The stock
•
such price, plus the odd lot differential.
on
stocks
In which they are registered—
2.
Dec. 2 Is 25H
1,412,350
members:
1. Transactions
order is entered
open
on
purchased, based
are
Week End.Nov. 19
Per
Cent
low sale
The total number of issues in which
reported
was
of Nov. 29,
as
1938
was
a
483,
compared with 474 on Oct. 28.
In the following tabulation is shown the short interest
existing at the opening of the last business day of each
,
4.
Total—Bought
205,78 0
245,410
Sold
273,300
•
314,930
'
Total
451,190
18.39
588,230
20.82
month since Nov. 30, 1936:
1936—
C.
Odd-lot
transactions
for
account
of
specialists—Bought.
1,230,579
1,136,814
Dec. 31...
73,816
°
"
4
173,806
members,
195,960
their firms and their
partners, including special partners.
966,935
967,593
1,097,858
Apr. 29.
Oct.
29
1,214,082
26
1,314,840
1,426,522
.1,384,113
May 31--......1,343,573
June 30
-.1,050,164
Nov. 30
1,184,215
July
Mar. 31
1,199,064
Dec. 31
1,051,870
Aug. 31.
Jan.
31
1,222,005
Oct.
Feb.
28
1,141,482
Nov,29
29
Feb.
30
of twice total round-lot volume.
May 28
1,012,186
1,040,964
In calculating these percentages the total of members'
transactions is compared with
twice the total round-lot volume on the Exchange for the reason that the total of
June 30
944,957
Shares in members' transactions
.1,007,736 Mar. 31
Aug. 31
Sept. 30
1937—
Jan.
Total
* The term "members" includes all Exchange
a
1938
„
July 30
Apr.
Sold
t
1937—
Nov. 30.
106,621
89,339
99,990
as
per cent
members' trading transactions Includes both
purchases and sales, while the Exchange
volume includes only sales.
Market
Value
of
1938—
Bonds
29
833,663
729,480
588,345
Sept. 30.
Listed
on
28
New
669,530
....
York
587,314
Stock
Exchange Nov. 30 Below Oct. 31
|
Regulations Introduced for Earmarking Gold in
South Africa
On Dec.
lowing
6 the New York
announcement
Stock
Exchange issued the fol¬
showing the
total
market
value
of
r The South African Reserve Bank has introduced regula¬
tions under which gold buyers and hoarders
may buy South
African gold and maintain it to their credit in South Adrica.
bonds listed
The
Exchange, with
at the London
On Oct. 31, 1938, there were 1,376 bond issues aggregating
$50,224,879,868 par value listed on the Exchange, with a
total market value of $45,539,193,999.
gold must, however, be purchased in the London market
price, with sterling, according to a report to
the United States Department of Commerce from the office
of the American Commercial Attache at
Johannesburg, which
further said:
destination
of
the
on
demand
or
on
private account
may
be shipped to
debited with any difference, lower or higher.
close
issues aggregating
In the
Gold earmarked In South Africa
any
As
on
a
the
of
Exchange
business
on
$50,301,123,815
on
Nov.
par
Nov. 30:
30,
1938,
value listed
there
on
were
1,389
bond
the New York Stock
total market value of $45,441,652,321.
following table listed bonds
ernmental and industrial groups
are classified by gov¬
with the aggregate market
value and average price for each:
Volume
Financial
147
3537
Chronicle
per $100 par value of bonds at Oct. 31, 1938.
Re¬
garding its monthly tabulation, the Exchange's announce¬
$85.23
Oct. 31, 1938
Nov. 30, 1938
Market
Aver.
Market
Aver.
Value
Price
Value
Price
cities, &c.)._ 29,261,245,500 106.68
58.30
1,810,357,831
Foreign government
Autos and accessories
16.173,422 86.86
250,524,098 104.41
Financial
classification
$
$
U. S. Govt. (lncl. States,
,377,436,587 107.07
,830,217,274 58.65
16,555,028 88.91
249,735,659 104.08
±
92.33
90.35
86,902,005
_„,i
88,926,515
79.63
Chemical
Electrical equipment manufacturing..
Food
curities
1938.
227,540,856 101.80
98,851,157 101.19
78,963,388 93.08
Rubber and tires
98,678.711 101.01
Amusements
77,966,706
9,909,896
92.03
48.82
10,093,034
94.14
52,619,104
of issues
the
on
Exchange, the amount of the se¬
total market value thereof as of Nov. 30,
the table indicates the monthly totals
For comparative purposes,
value thereof
beginning with January, 1938.
The tabulation released
on
by the New York Curb Exchange
Dec. 2 follows:
49.73
52,156,075
number
outstanding, and the
of all stocks and bonds and the aggregate monthly market
79.33
26,554,976
38,252,217 109.40
26,656,030
37,763,888 108.00
225,648,697 101.48
Building..
ment said:
► The Exchange also released the usual monthly tabulation showing by
94.54
Land and realty
Machinery and metals
Mining (excluding Iron).
59.11
122,746,022
536,500,761 104.96
Petroleum
95.06
85,630.155
Paper and publishing
86,879,536
96.70
33,850,066
6,091 985,701
57.13
6,196. 836,373
638 013,914
58.03
1 489,600
80.00
Railway oper. and holding companies
99.57
674 858,121
1 415,120
76.00
3,103 987,063 105.17
90.14
176 441,299
1,069 528,322 101.79
Steel, iron and coke
Textile
...
Gas and electric (operating)
Gas and electric (holding)
98.49
1,072 011,837 102.04
46.38
211 656,046
20 038,750 102.50
15 080,838
53.11
15 022,16C
53.38
11 ,597,220
4
4 408,682 106.13
Leather and boots
56.09
168 ,328,162
57.33
66.43
164 ,662,259
1,033 ,938,746
1,033 ,523,248
?
385
215,799,691
423,975,938
1,345,339,115
6.28
402
6,912,159.704
16.30
787
639,775,629
8,257,498,819
12.91
Totals.
Preferred Stocks—b
Listed
116
12,180,038
387,625,772
31.82
Unlisted
205
43,638,067
1,971,428,042
45.18
321
55,818,105
2,359,053,814
42.26
Totals..
$
Bonds—
Unlisted
35 ,383,950 102.65
586,730,786
552,584,266
4,132,109,406
3,447,094,386
83.42f
3,999,678,652
84.76#
10,035,115,672
13.45r
13.98r
391
Totals.
90.67
90.34 45,539,193,999
4,718,840,191
$
Shares
All Stocks—
Jan.
table, compiled by us, gives a two-year com¬
total market value and the total average
price of bonds listed on the Exchange:
The following
of the
parison
31, 1938
28,1938
Mar. 31, 1938
1,125
Feb.
1,125
Apr. 30, 1938
1,120
745,981,856
747,140,258
744,101,064
708,388,141
10,447,518,333
8,399,747,953
9,335,307,623
9,244,421,764
Market
Average
Price
Value
Price
89.26
43,920,989,575
93.88
June
1.
44,170,837,675
93.33
May 1
June 1..
42,782,348,673
42,486,316,399
42,854,724,055
41,450,248,311
42,398,688,128
42,346,644,435
July
1.
44,001,162,031
93.89
June
30.
43,756,515,009
88.98
Aug. 1
44.296,135.580
92.98
July
30.
90.19
Sept. 1
43,808,755,638
93.93
Aug. 31_
31.
44,561,109,796
44,182,833,403
44,836,709,443
45,539,193,999
Nov.30.
45.441,652,321
Jan.
1
45,053,593,776
97.35
Jan.
1„_
Feb.
1
45,113,047,758
45,007,329,915
96.83
Feb.
1..
Mar. 1
89.48
Mar. 1__
1
44,115,628,647
96.64
Apr.
Apr.
-
May 1___..
1__
92.76
Nov. 1___-.
Oct.
90.11
42,109.154.661
Dec.
Sept. 30.
91.51
43,270,678,790
42,591,139,774
1_—
.
701,450,163
10,130,531,753
1,112
695,119,500
10,606,403,563
15.25
Aug. 31, 1938
1.112
31, 1938
1,112
1,108
695,593,734
10,247,873,288
10,112,166,000
10,857,743,581
10,616,552,633
14.74
1.113
695,128,502
696,217,021
696,036,676
5,205,858,132
5,124,613,832
6,087,310,157
5,084,609,357
5,067,340,577
July
Nov. 30,
89.70
88.68
85.71
87.82
1938
87.78
31, 1938.
397
Feb.
28, 1938.
395
89.40
89.08
90.67
90.34
1938.
393
Apr. 30, 1938.
393
May 31, 1938.
June 30.1938.
394
30,1938.
413
Aug. 31, 1938.
408
Sept. 30,1936.
406
31. 1938.
395
391
Mar. 31,
July
Oct.
15.60
15.26
S
391
4,975,483,445
4,960,855,345
4,912,688,973
4,891,468,791
4,769,344,891
4,718,840,191
r
79.97#
3,856 561,998
4,090 638,360
76.80#
4,128 .834,825
4,159 ,816,491
4,215 ,542,942
4,095 ,969,122
4,041 ,981,002
4,064 .875,631
3,999 ,678,652
81.48#
80.97#
80.45f
83.61#
84.97#
83.38#
82.63#
85.23#
84.76#
Revised.
a
4,153, 134,843
4,149 560,132
Includes warrants and debenture rights.
securities not necessarily designated as "preferred" but which as to
b Includes
Represents, as to listed securities, amounts actually outstanding as at dates of
above tables.
As to unlisted securities, the amounts outstanding are as per the
c
At the invitation of William
McC. Martin Jr., President
Stock Exchange, representatives of
New York
14.52
dividends, or assets, or both, rank prior to Junior securities.
Listing Program
the
14.44
$
All Bonds—
Jan.
Representatives of Four Exchanges Meet with Officials
of New York Stock Exchange in Discussion of
of
13.17
1,115
Nov. 30,1938.
Oct.
_
13.17
1,119
30, 1938
30, 1938
May 31, 1938.i
Oct.
$
1938—
%
1937—
11.28
Sept. 30, 1938
Average
Value
1,123
701,819,915
June
Market
94.18f
73
318
Listed
66.31
34 ,844,850 101.09
45,441,652,321
All listed bonds.
Price e
Shares
Unlisted
,362,160 105.01
43 ,115,652 125.86
43 183,534 126.05
Tobacco
Foreign cos. (lncl. Cuba & Canada)..
Miscellaneous businesses
Average
50.50
Shipping services
Ship building and operating
U.S. companies operating abroad.^..
Total
Market Value d
Listed
52.90
12 ,257,595
Business and office equipment.......
Amount
Common Stocks—a
89.80
175 903,951
54.07
261 813,150
Miscellaneous utilities
SECURITIES AS OF
1938
Outstanding c
of
Issues
3,065 228.677 105.13
20 209,813 103.38
Communication (cable, tel. & radio)..
No.
30,
96.09
34,177,431
and equipment manufacturers
NOV.
58.39
121,238,307
508,878,595 104.68
95.78
Retail merchandising
NEW YORK CURB EXCHANGE MARKET VALUE OF
the
Philadelphia Stock Exchange, the Detroit Stock Exchange,
the Cleveland Stock Exchange and the Washington Stock
Exchange met in New York on Dec. 8 to discuss the recently
issued report of a Sub-committee of the Committee on Stock
List relating to listing requirements.
latest report
issued prior to the date of each period indicated in the above tables.
price on Ia"t trading day of each period, or in the absence of
d Based on last sale
a
sale
such day, the mean of the closing bid and asked price on
on
such day.
In
the last trading day
closing bid price was used in computing market values.
e Average price found by dividing the total market value by the total shares of
stock or principal amount of bonds outstanding,
f Expressed in dollars per $100 of par value.
some
instances, in the absence of both sale and asked price on
in each period, the
Those present were:
Philadelphia
Stock
Howard H. Yocum,
Detroit
Stock
Exchange—Howard
Butcher
Jr.,
Exchange—George
A. Miller, President, and Clark
Stock
Exchange—Percy
W.
Brown,
Mr. Martin welcomed the visiting group and
explained briefly the objec¬
New York Exchange in the new listing program
of the
on Nov. 30
Shares Compared with 20,714 Shares
Exchange Short Interest
position in stocks dealt in on the New York
month of November, reported as of
amounted to 17,981 shares, compared with 20,714
shares on Oct. 31, the Exchange announced on Dec. 8.
Creole Petroleum Corp. capital stock had the heaviest
short interest with a total of 1,869 shares, an increase of
Curb Exchange for the
Nov. 30,
M. Johnston, President.
The New York Exchange was represented by Mr. Martin,
President, Edward E. Bartlett Jr., Chairman of the Board;
John M. Hancock, Chairman of the Committee on Stock
List; H. Allen Wardle, Chairman of the Sub-committee,
which prepared the report on listing requirements, and John
Haskell, Director of the Department of Stock List.
The
announcement by the Stock Exchange also says:
tives
Curb
Totaled 17,981
on Oct. 31
The total short
Acting President, and
Cecil B. Whitcomb, Secretary.
Washington Stock Exchange—James
York
New
C.
"
Wickey, Executive Vice-President.
Cleveland
and
President,
Counsel.
1,123 from the previous month.
Seversky Aircraft Corp.
capital stock was next with 1,679 shares contrasted with
798 the previous month.
The Fisk Rubber Corp. common
stock was the only other issue in which a short interest of
more than one thousand shares existed, its total being 1,200
shares.
which has
the Board of Governors upon the recommendation of the
Stock List.
Mr. Hancock outlined the program in some
been adopted by
Committee
on
detail, emphasizing the mutuality
of interest among the Exchanges in this
Bank of New York Finds Business
Strengthened—Limit of Rise Far from
Reached
if
Capital
Goods Industries Can Be
Brought into Circle
National
its
there is a national interest.
The securities of local companies, he pointed
listed upon the various local Exchanges.
raised in connection with the listing program of the
out, should properly be
Details which were
New York Exchange were
derstanding,
The
freely discussed in the interest of a complete un¬
public which listing on
obvious advantages to the
formed the basis for much of the discussion.
Representatives of other Exchanges will confer with officials of the New
organized Exchanges affords
York Exchange over
The
the next few weeks.
adoption of the Sub-committee's report was
26, page 3236.
reported
to the month of November as having been
period of rising production and employment, with
again proving greater than most people expected,"
National City Bank of New York, in its December
Referring
"another
the gains
the
Letter," finds "business sentiment strengthened
proceeded," but it adds "no one would say
that the doubts as to the extent and duration of the recovery
have been wholly thrown off, or that the way is clear for a
"Monthly
the rise has
as
in these columns of Nov.
City
Sentiment
The New York Exchange, Mr. Hancock explained, invites to
list the securities of soundly-managed, seasoned companies in which
program.
sharp revival of new
on
Monthly Report of Market Value of Securities Listed
on New York
Curb Exchange—Value of Stocks on
Nov.
30, $10,616,552,633, Against
Oct. 31—Total Value of
The New York Curb
all stocks
on
$10,857,743,581
Exchange
on
Dec. 2 announced that
the Exchange at Nov. 30, 1938,
gregate market
on
Bonds Also Declined^
had
an ag¬
value of $10,616,552,633, as against $10,-
857,743,581 aggregate market value at
Oct. 31, 1938.
The
price of each share was $15.26, compared with $15.60
end of the preceding month.
The total market value
average
at the
of all bonds was
par
$3,999,678,652, equal to $84.76 per $100
value, as against
$4,064,875,631 total market value and
enterprise."
In part, the bank goes
to say:
need
chief
The
in
ment
the
now,
industries
if business
which
is
to keep
thus far
is improve¬
backward, and this is
moving ahead,
have been
precisely where the outlook is uncertain and opinions divided.
no
limit to the business that can be carried on in this country,
the
limit imposed
by productive capacity, if all the
There is
short of
industries are going
together and supporting each other.
But obviously depression in
reduces the market for all.
The automobile industry is making
a strong showing this
fall, but not as strong as it would if the railways,
the
machinery and heavy equipment manufacturers,
factory and com¬
mercial building, foreign trade, and the other relatively depressed occupa¬
along
any
one
tions
like
more employment to people who undoubtedly
automobiles.
The textile and apparel industries are
than at this time last year, but of course the unemployment
were
to
better
buy
giving
would
doing
in the
3538
Financial
the
limits
mentioned
areas
ability to buy clothing, except
as
derived from
relief payments.
The
essence
$2,961,000 for 1937.
with
pares
Dec.
amounted to $1,623,000.
the
of
situation
that
is
automobiles,
household
apparel,
and consumer goods industries and services generally are in a
where each is providing better business for the others; residential
equipment,
circle
Chronicle
previously set
reserves
$724,000 for the
Profits realized on securities sold have
Recoveries
on
items previously charged off and
are no
which
up
longer required are estimated at
year.
By the end of the year if the plan for the dividends as outlined Is carried
$2,150,000 will have been declared in dividends and
building and public works have joined in the improvement; and all these
out
together are giving support to the producers of steel and other metals.
the capital goods industries can be brought into the circle, the limit
down other securities, $740,000 to charge off or
If
the rise is far from reached.
of
Conversely, it is recognized that
flatten¬
a
States
Government obligations.
With such
Government securities it has seemed wise to
Stock Exchange
time.
against our portfolio.
Therefore,
if
use
the
profits arising from sales
This policy is being pursued at the present
further
any
holdings
large amount of
a
profits
Government
on
securities
are
realized before the end of the year, they will be added to these reserves.
The New York Stock Exchange made known on Dec. 1
the fifth group of changes in stock ticker symbols 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 issues.
The fourth group of changes, which became effective Dec. 5
were reported in these columns of Dec. 3, page 3382.
The
stock exchange to become effective Dec. 12 follow:
From
To
AL8
reduce the book value of
miscellaneous items, and $1,215,000 to set up reserves against our
as reserve
Further Changes Made in New York
Ticker Symbols
estimate that
we
$310,000 will have been added to undivided profits, $307,000 used to write
of United
ing out will be inevitable unless they are included.
10. 1938
In part,
Mr. Baker^also said:
I know you would like me to say something about the outlook for your
the coming
company during
financial
here
situations
the task
conditions,
When
year.
and
abroad
one
had only the economic and
consider
to
difficult enough,
was
in
forecasting
business
but now, when one also must
consider the disturbed foreign situation and the possible actions of Govern¬
ment bureaus and
agencies with their vast regulatory powers and with their
control of the money market and of the spending of
impossible to
To the
express
business
man
opinion with
an
immense sums, it is
degree of confidence.
any
investor, large
or
.
small, there is nothing
or
.
so
dis¬
.
Allied Stores Corp.-
LS
A WW
American Water Works & Electric Co., Inc
AWj
he is operating so
BDL
Barnsdall Oil Co
BD
his transactions prove unprofitable.
BHY
tion that the people of this country would like to see business men relieved
BV
fielding Heminway Co.
BH
Bush Terminal Co
GY
General Cigar Co.
GRL Pr General Steel
-
—BSH
ITR
Inter lake Iron Corp
Pittsburgh Ft. Wayne & Chicago Ry. Co
UNC
Union Carbide & Carbon Co
__
if he
tion.
INI
Castings Corp., Cv. Pfd
company
In noting that "there are a number of very serious matters
awaiting solution which are bound to have their effect on
business conditions," J. Stewart Baker, Chairman of the
Board of Directors of the Bank of the Manhattan Co. of
New
York, said, in his anntial report to the stockholders
Dec. 6, that "to my mind the most important is the
problem
of balancing our national budget, which in
simple language,
means that our Government does not
spend more than it
Our budget should be balanced," he said,
"by
reducing expenses to a minimum and increasing taxation
sufficiently to cover this minimum."
In part, he added:
A
Government.
these
now
carried
by
on
undertakings
business
borrow
would
on
make
such
a
use
of
large scale.
Of
the
vast
part:
A year ago I told you that the future
earnings of your company would
depend on two things: First, the general level of interest rates and,
second,
the
credit
nounced
a
In
April the Secretary of the Treasury "desterilized"
value of $1,392,000,000, thus putting this amount of
money into
structure.
reduction
Reserve System.
At
in
the
same
reserve
time
the Federal
Reserve
Boad
an¬
requirements for members of the Federal
This released about $750,000,000 to the banks for loans
The President accompanied these moves
by a statement
that he would ask for additional
large appropriations to be spent or loaned
for public works.
Immediately the general level of interest rates declined
and the demand for loans decreased.
It was evident that for the quarter
ending June 30 the net operating earnings of
your company, not including
the sale of securities, would not be sufficient to cover the
quarterly dividend of 37 H cents per share which it has been
on
paying.
cordingly,
your
actions of
our
directors
after
Government
on
considering
the
the earnings
probable
effect
Ac¬
of these
of your company, decided it
would be wise and in the best interests of
your company to,fix the quarterly
dividend at 20 cents per share.
They believed that a dividend of this
amount could be maintained under current
business conditions and in spite
of low interest rates and the small
demand for commercial loans.
Barring
general decline in business
of
was announced
Henry Morgenthau Jr.
Morgenthau said, $100,983,000
Secretary
amount,
an average
D.017%.
rate of
2
to
p.
m.r
Eastern Standard Time, Dec. 5.
Reference to
the offering appeared in our issue of Dec. 3, page 3385.
following
regarding
the
bids
accepted
to
The
is
offering
Secretary Morgenthau's announcement of Dec. 5:
from
Total applied for, $354,169,000
the
Total accepted, $100,983,000
Range of accepted bids:
High,
"
100.
Low,
99.995; equivalent rate approximately 0.020%
Average price,
99.996; equivalent rate approximately 0.017%
(24% of the amount bid for at the low price
New
was
.
.
accepted.)
Offering of $100,000,000, or Thereabouts, of 91-Day
Treasury Bills—To Be Dated Dec. 14, 1938
Tenders to
of
offering of $100,000,000,
a new
91-day Treasury bills to be received
a
banks,
the branches thereof,
or
thereabouts,
at the Federal Re¬
up
Standard Time, Dec. 12, were invited
on
of the
or
to 2 p. m., Eastern
Dec. 8 by Secretary
Treasury Henry Morgenthau Jr.
be received at the
Tenders will not
Treasury Department, Washington.
The
bills, which will be sold on a discouht basis to the highest
bidders, will be dated Dec. 14, 1938, and will mature on
March 15, 1939; on the maturity date the face amount of the
bills will be payable without interest.
There is a maturity
of a similar issue of
Treasury bills on Dec. 14 in amount of
$100,000,000.
The following is from Secretary Morgen¬
thau's announcement of Dec. 8:
and investments.
profits realized
to the offering
The tenders to the offering of Treasury bills were received
at the Federal Reserve banks and the branches thereof
up
serve
conclusion, Mr. Baker said " 'pay as you go' should be
policy!"
In referring to the bank's affairs, Mr. Baker
stated, in
a
tendered
was
thereabouts, of 91-day Treasury bills dated
■
national
the volume of loans.
$354,169,000
or
accepted at
credit
In
gold with
of
1938, and maturing March 8, 1939, it
this
was
To
that are available.
Thus, private loans would gradually take
place of Government obligations in the portfolios of the banks—a
healthy change both for the banks and the Government.
.
your
will benefit accordingly.
total
Dec. 7,
facilities
our
experimenta¬
If it does,
the
Not only would this reduce its expenses but it would make
it unnecessary for the Government to
finance
activities
the business man and
Dec. 5 by Secretary of the Treasury
tion of bureaus and agencies, and a general reduction In the number of
people
on our Government's payroll.
If this is to be done business must be en¬
the
on
belief his business activity will increase.
$100,000,000,
The necessary reduction can and should be achieved
by the elimination of
waste, duplication and unnecessary governmental activity, the simplifica¬
of
Already it has had its effect
Received to Offering of $100,000,000 of 91-Day Treasury Bills Dated Dec. 7—
$100,983,000 Accepted at Average Rate of 0.017%
receives.
undertake certain
of judgment,
or error
further signs that he is not to be exposed to more
it is my
as
to
fault of his
Tenders of $354,169,000
You Go" Should Be National Policy, According
to J. Stewart Baker, of Bank of Manhattan Co.—In Annual Report to Stockholders Says Net Operat¬
ing Earnings of Bank for Year Will approximate
$2,375,000—Special Dividend of 10 Cents a Share
to Be Paid in Last
Quarter
the
sees
no
Recently there has been some indica¬
PFT
UK
?
couraged
changed that, through
of this uncertainty.
GCR
SC Pr
^
FW
"Pay
concerting as the possibility of having the laws and regulations under which
They (the bills) will be issued
denominations
of
$1,000,
in bearer form
$10,000,
$100,000,
only, and in amounts
$500,000,
and
or
$1,000,000
(maturity value).
No
tender
for
an
tender must be iii
amount
less
than
multiples of $1,000.
$1,000 will be considered.
Each
The price offered must be expressed
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 without cash
deposit from incorporated banks
and trust companies and from
responsible and recognized dealers in invest¬
ment securities.
10%
are
Tenders from others
of the face
amount
accompanied by
bank
or
an
of
must be
accompanied by
a
deposit of
Treasury bills applied for, unless the tenders
express
guaranty of payment by an incorporated
trust company.
or
some unforeseen
governmental action which
would adversely affect banks, it is
my opinion that your company can con¬
tinue to pay this amount as a
regular quarterly dividend and add something
to undivided profits.
Your directors had in mind that at the end of each
year they would consider the results of the
operation of the bank during the
12 months period and if
earnings and general conditions warranted it, would
declare a special dividend based on the
results attained.
In accordance
with this plan and in
keeping with the past policy of paying out to stock¬
holders in dividends as large an amount
of the
earnings
as
is consistent with
sound management, they intend to
declare in addition to the regular divi¬
dend for this quarter a special dividend of
10 cents per share.
The payment
of this special dividend should not be
considered as an indication that such
a dividend will be declared at
the end of every
year, for this will depend on
the results of each year's operations.
.
The average rate of return
.
.
loans and securities in the
year 1937 was
2.48%
The average rate for the first 11 months of this
year was 2.21%
or a decline of more than
^ of 1% .
This decline in rate and the decrease
in the demand for loans
by our customers have reduced considerably our
income from interest.
on
Immediately after the closing hour for receipt of tenders
1938, all tenders received
up to
on
Dec.
12,
at the Federal Reserve banks or branches thereof
the closing hour will be opened and public announcement of the
ac¬
ceptable prices will follow
as soon as possible thereafter, probably on the
The Secretary of the Treasury expressly reserves the
following morning.
right to reject
any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in
any such respect shall be final.
Those submitting tenders will
thereof.
be advised of the acceptance or rejection
Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve banks in cash
funds
on
Dec. 14,
or
other immediately available
1938.
The Treasury bills will be
exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be
exempt, from
all taxation, except estate and inheritance taxes.
Treasury Decision 4550, ruling that Treasury bills
(Attention is invited to
are not
exempt from the
.
Based
the earnings for the first nine months
and on estimated earnings
for the last three months, net
operating earnings for this year, not including
profits on the sale of securities, will approximate
gift tax.)
No loss from the sale
shall be allowed
as
a
deduction,
any tax now or hereafter
or
or
other disposition of the
Treasury bills
otherwise recognized, for the purposes of
imposed by the United States
or any
of its posses¬
sions.
on
$2,375,000.
This
com¬
Treasury Department Circular No. 418,
as
amended,
and
this
notice
prescribe the terms of the Treasury bils and govern the conditions of their
issue.
Financial
Volume 147
Dec. 15 Financing Operation—Offers $400,000,000 22-27-Year 2%% Bonds and $300,000,000
Five-Year 1^% Notes—Offering Also Makes Pro¬
vision for Exchange of $941,613,750 Notes Maturing
March 15 for Bonds or Notes Offered for Cash or
treasury
2% Bonds—Holders of $922,000,000
Exchange Offer—No Preferential
Allotments—Cash Offering Over-Subscribed
New Nine-Year
Notes
Accept
The amount sought by the Treasury on
for cash
was
$400,000,000
offering, $300,000,000
or
or
the bond offering
thereabouts and, on the note
thereabouts.
On the basis of the
announced percentages of subscriptions allotted
that the Treasury sold a total of $401,240,000
it appears
bonds and
Dec. 15,
and accrued interest. The 2% bonds will mature on
1947, and the iy$% notes become due Dec. 15,
1943; neither of these issues is subject to call for redemption
Dec.
15,
prior to maturity.
This is the second time the Treasury
in
straight
the nearest $100
"new
year.
the/Treasury's current financing involves the issuance
possible total amount of
1^2% Treasury notes of Series C-1939 maturing March 15,
1939, were offered the privilege of exchanging such maturing
notes for additional amounts of either the Treasury bonds
and some $941,000,000 in
"new money"
for the first time.
Details of the
Treasury this week completed its quarterly financing
for Dec. 15, having floated an issue of 22-27-year 2%%
Treasury bonds of 1960-65 and an issue of five-year 1^%
Treasury notes of Series B-1943, offered for cash in amount
of $700,000,000, or thereabouts. At the same time, holders
The
contained
in
bonds and notes offered
new
the
STATES OF AMERICA
UNITED
2
TREASURY BONDS OF 1960-65
H%
from Dec. 15, 1938
Dated and bearing interest
Due Dec. 15, 1905
United States at par and accrued
Redeemable at the option of the
Interest payable
June 15 and Dec. 15
1938—Department Circular No. 598—Public
to be made par for par, with an adjust¬
of Dec. 15,1938. In his announce- •
Office of the Secretary
'
I
ment the
that the present exchange offering will be the only
opportunity afforded the holders of these maturing notes to
exchange them for other interest-bearing obligations of the
United States. The Treasury bonds were offered for cash in
amount of $400,000,000, or thereabouts, and the notes in
amount of $300,000,000, or thereabouts.
The right was
reserved by the Secretary of the Treasury to increase the cash
offering of bonds or notes by an amount sufficient to accept
all subscriptions of maturing notes tendered in exchange.
The Treasury made a preliminary announcement on Dec. 2
of the type of securities to be offered in its mid-December
$1,641,613,750 financing, as was noted in our issue of
Dec. 3, page 3385.
The Treasury Department yesterday (Dec. 9) made a
preliminary announcement of the results of its Dec. 15
financing.
Of the $941,613,750 outstanding Treasury notes
of Serices C-1939, maturing March 15, 1939, $922,000,000
accepted the offer of exchange of new securities on a par for
par basis.
Of the total exchanges, $695,000,000 was for the
hine-year 2% Treasury bonds of 1947, $188,000,000 for the
22-27-year 2%% Treasury bonds of 1960-65, and $39,000,000
for the five-year llA% Treasury notes of Series B-1943.
A departure was made in the allotment of cash subscrip¬
tions, in that no preferential allotments were made; hereto¬
fore it has been the practice to allot subscriptions of $1,000
in full.
It is said that this privilege has been abused and
consequently ail subscriptions were allotted on a straight
percentage basis.
Cash subscriptions to the 22-27-year
2lA% Treasury bonds aggregated $5,732,000,000 and allot¬
ments were made on the basis of 7 % of the amount sought.
$3,346,000,000 was the total of subscriptions to the offering
of five-year 1 A % Treasury notes of Series B-1943 and allot¬
ments were made on the basis of 9% of the amount sub¬
scribed
.
closed at *the close of
offered. The exchange
books were closed at the close of business Dec. 7.
In each
instance subscriptions placed in the mail before midnight on
the day of the closing of the books, it was announced by
Secretary Morgenthau, "will be considered as having been
entered before the close of the subscription books."
Secre¬
cash subscription books were
The
business Dec. 5, the day they were
Morgenthau issued the following announcement
on the closing of the books:
tary
on
Dec. 5
Secretary of the
that
the
Treasury Morgenthau announced last night
subscription
books for the current offering of
bonds of 1960-65 and of
or
Cash
(Dec. 5)
Treasury
Dec. 5, for the receipt of cash
subscriptions for either issue addressed to a
branch,
12 o'clock
before the close of the
The
2%%
Treasury notes of Series B-1943 closed at
subscriptions.
Federal Reserve bank
or to the Treasury Department, and placed in the mail before
midnight, Dec. 5, will be considered as having been entered '
the close of business
-
1H%
subscription books.
for the issue of 2%
close of business Dec. 7, for the
of subscriptions in payment of which Treasury notes of Series C-1939,
subscription books
for both issues, and also
Treasury bonds of 1947, will close at the
receipt
tendered.
for any of the three issues addressed to a
maturing March 15, 1939, are
Exchange subscriptions
Reserve bank or
branch, or to the Treasury Department,
mail before 12 o'clock
Federal
and placed in the
midnight, Dec. 7, will be considered as having
of the subscription books.
of the amount of cash subscriptions and the
been
entered before the close
Announcement
allotment will
bases of
probably be made on Dec. 9.
The details of the
offering
were
Washington, Dec. 5,
1938
'■
Offering of Bonds
authority of the
Second Liberty Bond Act, approved Sept. 24, 1917, as amended, invites
subscriptions, at par and accrued interest, from the people of the United
States for 2%% bonds of the United States, designated Treasury bonds of
1960-65. The amount of the offering is $400,000,000, or thereabouts, with
the right reserved to the Secretary of the Treasury to increase the offering
by an amount sufficient to accept all subscriptions for which Treasury
notes of Series C-1939, maturing March 15, 1939, are tendered in payment
The
1.
and
Treasury, pursuant to the
of the
Secretary
accepted.
•
Description of Bonds
II.
The bonds will be dated Dec.
1.
date at
and
the rate of 2%%
Dec.
15
each
in
They will mature Dec. 15,
United States
15,1938, and will bear interest from that
per annum,
payable semi-annually on June
until the principal amount
year
15
becomes payable.
1965, but may be redeemed at the option of the
15, 1960, in whole or in part, at par and
and after Dec.
on
accrued interest,
on
any
interest day or days, on
four months' notice of
the Secretary of the Treasury shall
the bonds to be redeemed will be
determined by such method as may be prescribed by the Secretary of the
Treasury. From the date of redemption designated in any such notice,
interest on the bonds called for redemption shall cease.
2. The bonds shall be exempt, both as to principal and interest, from
all taxation now or hereafter imposed by the United States, any State,
redemption given in such manner as
In case of partial redemption
prescribe.
or
any
of the possessions of the
United States, or by any
local taxing
gift taxes, and (b)
graduated additional income taxes, commonly known as surtaxes, and
excess-profits and war-profits taxes, now or hereafter imposed by the
(a) estate or inheritance taxes, or
authority, except
States,
United
associations,
upon
or
the income or profits
corporations.
amended, the principal
owned
partnership, association, or corporation,
for in clause (b) above,,
shall
from the taxes provided
The bonds
3.
24, 1917, as
the aggregate $5,000,
Bond Act, approved Sept.
of which does not exceed in
by any individual,
be exempt
of individuals, partnerships,
of bonds au¬
The interest on an amount
by the Second Liberty
thorized
deposits of public moneys,
circulation privilege and will not be entitled to any
will be acceptable to secure
but will not bear
the
privilege of conversion.
4. Bearer bonds with interest coupons
attached, and bonds registered
issued in denominations of $50, $100,
$500, $1,000, $5,000, $10,000 and $100,000.
Provision will be made for
the interchange of bonds of different denominations and of coupon and
registered bonds, and for the transfer of registered bonds, under rules and
regulations prescribed by the Secretary of the Treasury.
5. The bonds wll be subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United States bonds.
as
principal and interest, will be
to
III.
•
■
Subscription and Allotment
the Federal Reserve banks and
Department, Washington. Banking insti¬
subscriptions for account of customers, but
only the Federal Reserve banks and the Treasury Department are authorized
to act as official agencies.
Others than banking institutions will not be per¬
mitted to enter subscriptions except for their own account. Cash subscrip¬
tions from banks and trust companies for their own account will be received
without deposit but will be restricted in each case to an amount not ex¬
ceeding one-half of the combined capital and surplus of the subscribing bank
or trust company.
Cash subscriptions from all others must be accompanied
by payment of 10% of the amount of bonds applied for. The Secretary of
the Treasury reserves the right to close the books as to any or all subscrip¬
tions or classes of subscriptions at any time without notice.
2. The Secretary of the Treasury reserves the right to reject any subscrip¬
tion, in whole or in part, to allot less than the amount of bonds applied for,
to make allotments in full upon applications for smaller amounts and to
make reduced allotments upon, or to reject, applications for larger amounts,
or to adopt any or all of said methods or such other methods of allotment
and classification of allotments as shall be deemed by him to be in the
1.
Subscriptions
branches
tutions
and at
will be received at
the Treasury
generally may submit
action in any or all of these respects shall be final.
subscriptions in payment of which Treasury
notes of Series C-1939 are tendered will be allotted in full. Allotment notices
will be sent out promptly upon allotment, and the basis of the allotment
public interest; and his
Subject to these reservations,
will
be
publicly announced.
made available by Mr.
Morgenthau on Dec. 4, for publication on Dec. 5. The bonds
and notes, offered for cash at par and accrued interest, and
the exchange bonds, offered at par, are dated and bear
interest from Dec. 15, 1938; the interest is payable semi¬
annually on June 15 and Dec. 15. The 2%% bonds are due
Debt Service
TREASURY DEPARTMENT
ment of accrued interest as
and
interest
and after Dec. 15, 1960
on
the Treasury notes offered for cash subscription, or for a
series of nine-year 2% Treasury bonds of 1947, the ex¬
Secretary of the Treasury called attention to the
fact that Treasury notes of Series C-1939, maturing March
15,1939, are now outstanding in the amoun' of $941,613,750,
Department
circulars:
new
any case
this week are
Treasury
official
following
ol
change in
of securities
$1,641,000,000, of which $700,000,000
exchange issues. The
money" issues would push the national debt over the $39,000,000,000
the
would be
denomination
or
has borrowed "new
In the Sept. 15 financing, referred to in
these columns of Sept. 10, page 1571, the Treasury offered
$400,000,000 2K% bonds of 1950-52 and $300,000,000 1 A%
notes of Series A-1943; both issues were also offered in ex¬
change for $433,460,900 of l%% notes which mature on
Dec. 15, 1938.
As to this week's offering, Washington
advices Dec. 4 to the New York "Times" noted:
money" this
In all,
with adjustment, where necessary, to
be redeemed at the option of the
in whole or in part,
may
and after Dec. 15,1960,
on
at par
would be no preference
subscriptions for both issues made on
No preferred allotments;
percentage basis
1965, but
United States
$301,140,000 notes for cash.
The Treasury statement that there
shown in making adotments read:
3539
Chronicle
IV.
Payment
accrued interest, if any, for bonds allotted on
cash subscriptions must be made or completed on or before Dec. 15, 1938,
or on later allotment.
In every case where payment is not so completed,
the payment with application up to 10% of the amount of bonds applied
for shall, upon declaration made by the Secretary of the Treasury in his
1.
Payment at par and
3540
Financial
discretion, be forfeited
Chronicle
Dec.
to the United States.
Any qualified depositary will
be permitted to make payment by credit for bonds allotted
to it for itself
UNITED
1H%
and its customers up to any amount for which it shall be
qualified in excess
of existing deposits, when so notified by the Federal
Reserve bank of Its
district.
subscription.
and
should
V.
As
1.
fiscal
authorized
Due Dec. 15. 1943
on
the
requested
basis and
United
to
to the
up
States,
receive
Washington, Dec. 5, 1938
Reserve banks
to
make
are
offering,
Treasury
may at any time, or from time to time,
amendatory rules and regulations governing the
will be communicated promptly to the Federal Reserve
which
or
banks.
2%
1. The Secretary of the Treasury, pursuant to the
authority of the
Second Liberty Bond Act, approved Sept. 24, 1917, as amended, invites
subscriptions, at
with
the right reserved
offering
TREASURY BONDS
OF
II.
that date at the rate of 1
1947
and
Description of Notes
Dec.
15
in
each
H%
year
Dec.
1938, and will bear interest from
15,
payable semi-annually on June 15
per annum,
until the principal amount becomes
They will mature Dec. 15, 1943, and will
Interest payable June 15 and Dec. 15
payable.
not be subject to call for redemp¬
prior to maturity.
2.
1938—Department Circular No. 599—Public Debt Service
The notes shall be exempt, both as to
principal and interest, from all
taxation
(except estate or inheritance taxes, or gift taxes) now or hereafter
imposed by the United States, any State, or any of the possessions of the
United States, or by any local taxing authority.
TREASURY DEPARTMENT
Office of the Secretary
3.
Washington, Dec. 5, 1938
Offering of Bonds
Treasury,
Secretary of the Treasury to increase the
amount
an
The notes will be dated
tion
Secretary of the
to the
sufficient to accept all subscriptions for which
Treasury notes of Series C-1939, maturing March 15, 1939, are tendered
1.
Due Dec. 15, 1947
The
by
Secretary of the Treasury.
Dated and bearing interest from Dec.
15, 1938
1.
notes of the United States, designated Treasury notes of
The amount of the offering is $300,000,000, or
thereabouts,
Series B-1943.
STATES OF AMERICA
I.
and accrued interest, from the people of the United
par
8tates for 1H%
in payment and accepted.
•
HENRY MORGENTHAU JR.,
UNITED
Offering of Notes
allotments
by the Secretary of the
the respective districts, to issue
allotment
The Secretary of the
I.
•
indicated
notices, to receive payment for bonds allotted, to make
delivery
of bonds on full-paid subscriptions allotted, and
they may issue interim
receipts pending delivery of the definitive bonds.
2.
TREASURY DEPARTMENT
Office of the Secretary
Federal
subscriptions,
amounts
Treasury to the Federal Reserve banks of
prescribe supplemental
1938—Department Circular No. 600—Public Debt Service
15, 1938, on
following acceptance
General Provisions
of the
agents
and
1938
Interest payable June 15 and Dec. 15
the
accompany
Accrued interest from Sept. 15, 1938, to Dec.
the maturing notes ($3.770718 per $1,000) will be
paid
of the notes.
10.
AMERICA
TREASURY NOTES OF SERIES B-1943
Treasury notes of Series C-1939, maturing March 15, 1939, with
15,1939, attached, will be accepted at par in payment
bonds subscribed for and allotted,
any
OF
Dated and bearing interest from Dec. 15, 1938
coupon dated March
for
STATES
The notes will be
accepted at
during such time and under such
par
rules and regulations as shall be
prescribed or approved by the
of the Treasury in payment of income and
Secretary
profits taxes payable at the
to
pursuant
the
authority
of the
maturity of the notes.
Second Liberty Bond Act, approved
Sept. 24,
4.
The notes will be
acceptable to
1917, as amended, invites
from the people of the United States for
2% bonds
of the United States, designated
Treasury bonds of 1947, in payment for
which
nations of $100,
deposits of public moneys, but
will not bear the circulation privilege.
subscriptions, at
may
par,
only Treasury notes of Series C-1939, maturing March
15, 1939,
The amount of the offering under this circular will
be
be tendered.
limited
to
the
amount
of
Treasury
accepted.
that date at the rate of 2%
per annum, payable semi-annually on June 15
Dec. 15 in each year until the
principal amount becomes payable.
They will mature Dec. 15, 1947, and will not be subject to call for
redemp¬
tion prior to maturity.
and
2. The bonds shall be exempt, both
as to principal and interest, from
imposed by the United States, any State,
or any of the
possessions of the United States, or by any local
taxing
authority, except (a) estate or inheritance taxes, or gift taxes, and
(b)
all taxation
graduated
now
or
hereafter
additional
excess-profits
and
States,
associations,
taxes,
commonly
war-profits taxes,
the income
upon
or
income
corporations.
now
as
hereafter
or
profits
or
The interest
known
imposed
individuals,
or
on
an
surtaxes,
amount
by
and
the
partnerships,
of bonds
by any individual,
partnership, association,
be exempt from the taxes provided for in
clause
or
corporation, shall
(b) above.
3. The bonds will be acceptable to secure
deposits of public moneys,
but will not bear the circulation
privilege and will not be entitled to any
privilege of conversion.
4.
as
Bearer bonds with interest
coupons attached, and bonds registered
to principal and interest, will be issued in
denominations of $50,
$100,
$500, $1,000, $5,000, $10,000 and $100,000. Provision will be
made for
the interchange of bonds of different
denominations and of coupon and
registered bonds, and for the transfer of registered
bonds, under rules and
regulations prescribed by the Secretary of the
Treasury.
5. The bonds will be subject to the
general regulations of the Treasury
Department, now or hereafter prescribed,
governing United States bonds.
III.
1.
at
the
Reserve
banks
and
branches and at the
Treasury Department, Washington. Banking insti¬
generally may submit subscriptions for account of customers, but
only the Federal Reserve banks and the
Treasury Department are au¬
as
official agencies.
the right to close the books
as
The Secretary of the Treasury reserves
to any or all
subscriptions or classes of sub¬
scriptions at any time without notice.
2. The
Secretary of the Treasury
scription, in whole
or
the right to reject any sub¬
bonds applied
reservations, all subscriptions will be allotted
Allotment notices will be sent out
promptly upon allotment.
IV.
1.
Payment
pleted
on or
Payment
at par for bonds allotted
hereunder must be made
before Dec. 15, 1938,
or on
or com¬
later allotment, and may be made
only in Treasury notes of Series
C-1939, maturing March 15, 1939, which
will be accepted at
par, and should accompany the
subscription. Coupons
dated March 15, 1939, must be
attached to the notes when surrendered,
and accrued interest from
Sept. 15, 1938, to Dec. 15; 1938 ($3.770718 per
$1,000), will be paid following acceptance of the
notes.
V.
1.
As
fiscal
authorized
agents
and
of the
requested
to
United
receive
Federal
subscriptions,
Reserve
to
make
Federal
Reserve
banks
and
the
banks
and
Treasury Department
companies for their
are
own account
will be received without deposit but will be restricted in each
amount
the
not
exceeding
subscribing bank
one-half of the
or trust company.
combined
capital
and
case
to
an
surplus of
Cash subscriptions from all others
must be
accompanied by payment of 10% of the amount of notes applied
The Secretary of the Treasury reserves the
right to close the books
for.
to any or
as
all subscriptions or classes of subscriptions at any time without
notice.
2.
The
Secretary of the Treasury
scription, in whole
for,
to
make
or
the right to reject any sub¬
reserves
in part, to allot less than the amount of notes
allotments
in
full
applications
upon
and to make reduced allotments
Upon, or to reject,
for
smaller
applied
amounts
applications for larger
amounts, or to adopt any or all of said methods or such other methods
of allotment and classification of allotments as
shall be deemed by him to
be in the public interest; and his action in
any or all of these respects shall
Subject to these reservations, subscriptions in payment of which
be final.
Treasury notes of Series C-1939
ment notices
will
tendered will be allotted in full.
are
publicly announced.
IV.
1.
cash
or
Payment at
Payment
and accrued interest,
par
subscriptions must be made
later allotment.
on
Allot¬
be sent out promptly upon allotment, and the basis of
the allotment will be
or
if any.
completed
on or
for notes allotted
10%
on
before Dec. 15, 1938,
In every case where payment is not so
completed,
of the amount of notes applied
Secretary of the Treasury in his
discretion, be fprfeited to the United States.
Any qualified depositary will
be
permitted to make payment by credit for notes allotted to it for itself
and its customers
up to any amount for which it shall be qualified in excess
of
existing deposits, when
district.
the
on
Treasury
for
so
notified by the Federal
Reserve bank of its
notes of Series C-1939, maturing March
dated March
coupon
15, 1939, with
15. .1939, attached, "will be accepted at par in pay¬
notes
subscribed for and allotted, and should accompany
Accrued interest from Sept. 15, 1938, to Dec. 15, 1938,
the maturing notes ($3.770718
per $1,000) will be paid following ac¬
any
subscription.
ceptance of the notes.
V.
1.
As
fiscal
authorized
on
the
and
basis
of the
agents
requested
and
up
to
to the
General Provisions
United
States,
receive
subscriptions,
amounts
Federal
indicated
Reserve
to
by the
make
banks
are
allotments
Secretary of the
Treasury to the Federal Reserve banks of the respective districts, to issue
allotment notices, to receive
payment for notes allotted, to make delivery
of notes on full-paid
subscriptions allotted, and they may issue interim
receipts pending delivery of the definitive
2.
The
Secretary of the Treasury
prescribe supplemental
or
notes.
may at any time, or from time to time,
amendatory rules and regulations governing the
offering, which will be communicated promptly to the Federal Reserve
banks.
HENRY
banks
are
MORGENTHAU JR.,
Secretary of the Treasury.
Secretary of the Treasury may at any time, or from time to
time,
prescribe supplemental or amendatory rules and
regulations governing the
offering, which will be communicated
promptly to
'
,
HENRY MORGENTHAU
JR.,
'
the Federal
Reserve
'
Secretary of the Treasury.
Income
Tax Form Designed to Simplify Returns
85% of Nation's Business Corporations Ap¬
proved by Secretary of Treasury Morgenthau
for
allotments
The
Reserve
to act as official agencies.
Others than banking institutions
will not be permitted to enter
subscriptions except for their own account.
Cash subscriptions from banks and trust
New
States,
receipts pending delivery of the definitive bonds.
banks.
Federal
General Provisions
on
the basis and up to the
amounts indicated
by the Secretary of the
Treasury to the Federal Reserve banks of the
respective districts, to issue
allotment notices, to receive
payment for bonds allotted, to make
delivery
of bonds on full-paid
subscriptions allotted, and they may issue interim
2.
generally
only the
the
at
Treasury Department, Washington. Banking insti¬
may submit subscriptions for account of customers,
authorized
ment
reserves
in part, to allot less than the
amount of
for, to make allotments in full upon
applications for smaller amounts
and to make reduced allotments
upon, or to reject, applications for larger
amounts, or to adopt any or all of said
methods or such other methods
of allotment and classification
of allotments as shall be deemed
by him
to be in the public
interest; and his action in any or all of these respects
shall be final.
Subject ,to these
in full.
but
received
the
for shall, upon declaration made
by the
Federal
tutions
thorized to act
tutions
Subscription and Allotment
be
the payment with application
up to
Subscription and Allotment
Subscriptions will be received
Subscriptions will
branches and at
au¬
thorized by the Second Liberty Bond
Act, approved Sept. 24, 1917, as
amended, the principal of which does not exceed in the
aggregate $5,000,
owned
III.
1.
The notes
in registered form.
of Series C-1939 tendered and
The bonds will be dated Dec. 15, 1938, and will bear
interest from
United
$500, $1,000, $5,000, $10,000 and $100,000.
will not be issued
Description of Bonds
secure
Bearer notes with interest coupons attached will be issued in denomi¬
,
II.
1.
notes
5.
A new
four-page corporation income tax form intended,
it is stated to provide simplified returns for
approximately
85% of the country's business organizations was approved
Nov. 30 by Secretary of the Treasury Morgenthau. With
exceptions, corporations with total receipts of
on
certain minor
not
more than $250,000 and net income of not more than
$25,000 will be provided with the new Form 1120A.
For
1937 business operations, all
corporations made their returns
Volume
3541
Chronicle
Financial
147
Carried out under
You
Guy T. Holvering, Commissioner of Internal
Revenue, the development of the new return for smaller
corporations was a continuation of the program of simplifica¬
tion undertaken last year by Secretary Morgenthau and
Roswell Magill, former Under Secretary of the Treasury,
and inaugurated with improved returns for individual in¬
come.
It was stated in a Treasury Department announce¬
papers
ment which went
millionaire."
the six-page Form 1X20, it was stated.
on
the direction of
The smaller corporation form for use beginning with the 1938
the preparation
not
ruptcy,
of
as
of
than
more
:
.
and
Those
effect to the changes made
Collectors
The revision of the
whose
returns was the work of the Committee on Internal Revenue Forms,
T. C. Atkeson, J.
are:
E. Jenkins, and George Targett of the
Income Tax Unit and H. C. Armstrong and W. D. Freyburger of the
Office
of the Chief Counsel of the Bureau of Internal Revenue.
Lauds
Roosevelt
and
Processes
Democratic
Nation to Continue in Liberal Path—In
Address at University of North Carolina He Con¬
Urges
tends New Deal Must Pursue Policies
President Roosevelt, addressing the student forum at the
University of North Carolina,
Dee. 5, in
on
speech broad¬
a
cast
throughout the Nation and to foreign countries, declared
liberalism in government is here to stay, and that
birth, wealth or political position no longer carry the right
that
Although it had been thought that the President
to govern.
address would
his
discuss
at
the foreign
policy
political refugees,
he mentioned these matters only by bare implication when
he said that although "there may be those in the world who
believe that a regimented, people, whose every thought and
action is .directed by one man, may give some type of
length
of the United States and the question of
people
security which is pleasing to them.
But whatever
than my abiding belief
a
convictions I have, none is stronger
that the
security and well-being of the American people can
best be served by the democratic processes."
The President stopped at Chapel Hill, N. C., the site of
the
University,
fortnight's vacation in
Following his address he continued to
he arrived Dec. 6.
Chapel Hill Mr. Roosevelt repeatedly
in democracy, and said that the people
after completing
Warm
Springs, Ga.
Washington, where
his
In
speech
at
expressed his faith
of
United
the
could
States
a
best
the cause of
serve
world
by demonstrating the workability of democratic insti¬
peace
He said that the results of the November elections
tutions.
did not constitue
crushing blow to the cause of liberalism
a
in this
country, and indicated that he intends to carry on
the "liberal program" of the New Deal.
In some quarters
the
speech
Democratic
interpreted
campaign.
was
1940
the
as
effort
opening
in
the
"We live In a world of change.
So long as it is inconstant
Law defines
.
a
is
It
of
recognition
Carolina
.
.
this
of
.
.
there
if
I
and
a
is
Society is
in law.
.
philosophy
that
has
of
that
philisophy that
the University
made
And it is
brings
me
my
so
of
recognition
willingly
to
I
great institution
came
then because
Josephus Daniels—told
Carolina liberal,
my
me
those
old chief—that great
I should
see
for myself
of learning which was thinking and acting in terms of
who
been
lost
in
this
It
Woodrow Wilson
recover
conservative
our
social system ground which
predecessor,
and
spirit which the Nation
seemed
was
for
one
of
our
national
to
restore
some¬
had gained under
tragedies
that
just
beginning to accomplish definite improvements
of America, the World War not only interrupted
course, but laid the foundation for 12 years of retrogression.
I say
advisedly because it is not progress, but the reverse, when a nation
the
his
his
Roosevelt.
Theodore
when
seeking to
under
the fighting liberal
of
thing
was
goes
living standards
through the madness of the 20's, piling up paper profits, hatching all
of speculations, and coming inevitably to the day when the bubble
manner
unthinking liberals in this world who see nothing but
tragedy in the slowing up or temporary stopping of liberal progress.
It
is only the unthinking conservatives who rejoice when a social or economic
reform fails to be 100% successful.
It is only the "headline" mentality
that
is
only the
exaggerates
whether
fact
of
or
distorts the true objectives of those in this Nation,
they be the President of
President
dish
person—a
of the United
change and
the University of North Carolina or the
States, who, with Mr. Justice Cardozo, admit the
seek to guide change into the right channels, to the
greater glory of God and the greater
of
"grilled
practitioner
believer in the capitalistic system,
a
You have read
eggs.
have
that,
in the United
to remember that
forces
killed and buried—with
come
to life again, with
before.
men
in
public life have
protested
against
by Presidents of the United States.
even
Wilson
Woodrow
and
and
Roosevelt
Theodore
hardly call them mollycoddles.
a
letter of Theodore Roosevelt the other day, written to a
spring of 1908, and it will, I think,
He
it.
He said:
the Pacific Coast.
on
interest and amuse you
writing to a man who was fighting for social
was
good of mankind.
guilty of the most
other, succeed in escaping punishment,
iantly, no matter what the biggest business men may say, no matter what the
mob may say, no matter what may be said by that element which chooses to regard
itself
You are in a fight for plain decency, for the
socially the highest element.
as
plain democracy of the plain people who believe in honesty and in fair dealing between
and man.
Do not get disheartened; and keep up the fight."
man
Theodore
mother's
Roosevelt,
trained
side,
of
born
as
a
an
old New
young
man
York family, Southern
on
our
Western
on
frontiers,
perhaps the first American President in modern times who knew the
Nation.
In the letter which I have read, and with this national
his
was
whole
back¬
ground, it seems to me what he said in effect was, first, that the American
and must have, a definite objective for the improvement of
the improvement of social and economic conditions;
second, that these objectives must be carried out by definite action, and,
third, that on the attaining1 of them, the President and the Government
and the people as a whole must have two essential qualities—first, a sense
people have,
government,
of
of
or
for
of humor.
because
the part of the people themselves,
proportion and perspective, and, second, goodwill and a sense
Almost
every
lack
a
on
crisis of our history since 1789 has become a crisis
the part of leaders or on
both, of some of these essentials.
birth of the Democratic party, at a time when
The very
President Wash¬
without
itself was domi¬
nated by the great commercial and shipping interests of the seaboard, and
failed to give recognition to the needs and the desires of the masses of
the inhabitants of the original 13 States who did not subscribe to the theory
that birth, wealth or political position could give to the possessors of these
qualifications the sole right to govern.
Hence the Democratic party.
A generation later a Government dominated by the other extreme—the
plainer people from the back country, from the Piedmont and the slopes
of the Alleghanies, paying scant attention,,to the ship owners of the sea¬
board, drove our Nation into the second war against Great Britain.
And
here in the South it is worth remembering that the first suggestion of,
secession from the Union was proposed by delegates from the New England
ington publicly
parties,
expressed the hope that the Nation could be rim
due to the simple fact, that the Government
was
States
the Hartford convention
in
both
cases
tolerance
inevitable—the
point
of view were absent.
war
between the States.
the Nation was confronted not by a sectional
but by a struggle for economic and social control—a period
the control of our National Government by groups of individuals
scene
difference
saw
changed and
who, owning their Government
plea of development of our
their
we
national
generation went by and it was the same lack of tolerance, the
a national point of view, which brought about a war which
not
The
the
in 1814.
the
and
lack of
was
lifetime of people
the
must
through owning vast financial power, used
national resources that they might feather
nests.
own
admit,
who
are
still with us there were men whom,
who pushed railroads across the
had courage and vision,
plains, opened mines, dammed rivers, created
and left in their wake vast aggregations of
political power..
spaces
vast aggregations of capital,
national and State and local
In a sense, those were glorious days, because the wideopen to those native Americans and those who were
work in new fields.
life that surrounded our
were
Rocking hither from the centers of Europe to find
A current author emphasizes the perfection of
He draws a picture of the complete lack
and infers that every American of those
of the country he or she lived in, lived in a
Utopia of work and play to which we should seek an immediate return.
A few days ago, in Georgia, I talked with an old friend whom I have
known for 10 years.
He was what might be called an old-fashioned South¬
ern
conservative.
We got to "reminiscing" about the old days when I
first lived in Georgia.
He reminded me of the days when cotton was
selling at 5c. a pound, and, while he admitted that the ramifications of
population half a century ago.
of any
restraints on any individual
days, no matter what part
especially of court decisions during the past
somewhat beyond him, he allowed that some principle of
crop control—cotton and tobacco—decided on by a majority of the farmers
themselves, was the most democratic way to prevent the return of 5c. cotton.
He reminded me of two little banks in Warm Springs, Ga.—banks in
which many thousands of dollars of local savings had been deposited—of
the failure of both of these banks and the loss of the savings, and of the
fact today that deposits in the banks of the United States are safe, and
he remarked:
"I hope that that type of liberal legislation will not be
our
bursts.
It
plunge the
when you see .
.
.
men of wealth, of high business, and in a sense
of high social standing, banded together against you.
My dear sir, I want you to
feel that your experience is simply the experience of all of us who are engaged In
this fight.
There is no form of slander and wicked falsehood in which the New
York papers, not only those representing the lowest type of demagogy, but those
representing the Interests that call themselves preeminently conservative, pre¬
eminently cultured, have not Indulged as regards myself.
From all I can gather
the feeling against me, not only in Wall Street, not only in the business houses of
the greatest financiers of New York, but also in most of the uptown clubs.
.
.
.
It is Just in these places that the feeling against me has been most bitter.
As a
matter of fact, I do not care a snap of my fingers about it.
I do not care whether
they think well of me or think ill of me.
But I do care a very great deal to do this
work without flinching, on the one hand, and, on the other hand, without becoming
angered and irritated to a degree that will in any way cause me to lose my head.
"Now, so it with you and your associates.
You must keep reasonably good
natured; but above all things you must not lose heart; and you must battle on val¬
open
days the leadership of the Nation was in the hands of a great
President
had
to
and especially
In
today and tomorrow and not in the tradition of yesterday.
In
could
political decency
vhlch
There is change whether we will It or not."
from the days of my first visit to, the university, nearly
quarter of a century ago.
North
a
far cry
a
mild-mannered
atrocious crimes who, from Borne cause or
Chapel Hill today.
It
the
quote from
can be no constancy
representative of liberal teaching.
recognition
your
.
relation not always between fixed points, but often between
points of varying position.
North
friend in
6ame
If a body of law were In existence adequate for
the civilization of today, it could not meet the demands of tomorrow.
.
reading
was
Another
The late Justice Cordozo of the Supreme Court wrote a few years ago:
.
Cleveland
In
The President's address follows:
inconstant.
a
on
"Now and then you must feel downhearted when you see men
of Internal Revenue during the first week in January.
in
morning
every
employed,
knew
of the
control, and that epithets far stronger than any
economic
who
us
other
the
changers
driving the Nation into bank¬
was
short order they
had
they
that
our
of
Quotes Theodore Roosevelt
I
The forms will be available for release and distribution by the
President
than
true
ogre—a
of
about
was
an
breaker
inventor
a
little brothers would be sent to the
the cemetery, yet I ask you
way to
providing
quired by law.
members
of
I
least,
the
money
the United States have often been
forms of
Grover
possible to aid the taxpayers in computing their tax liability as re¬
were
their
on
also
the
devotee of scrambled
a
very
rich,
as
balloting last November, the liberal
strength
is
of
that
years
exceedingly
an
have used have been
I
by the Revenue Act of 1938 and to make such other changes as
necessary
am
of
are
certain
incomes
small incomes.
All income tax forms have been revised to give
perhaps,
me,
your
breakfasted
I
inevitable result that in
It
the sameprinciple
which has been applied for years to individuals in the matter of
smaller and simpler form for taxpayers with
and
time have read your news¬
the
the
of
.
In general this change makes effective for corporations
a
of
six
for
you
breakfast
liberal forces in
the
Detailed instructions with respect to these items
$25,000.
also have been omitted from the smaller form.
I
my
result
a
form.
The items eliminated relate to the more complex tax computations
that
that
at
am,
both domestic and foreign,
for
States
the time -of the corporations' officials in
the basic surtax credit, which apply only to corporations with net
think
have heard
and
peace,
and
applicabe to about 85% of the corporations have been omitted from
new
I
destroyer
the wicked utilities,
of
war,
Actually,
taxable
more
the
into
that
a
bloody fields of battle in Europe, that I
studying items and instructions because all the items and instructions which
are
royalist,
You
Nation
of the return as it is physically more managable in
save
You
for the first
me
cee
the air
on
Communists,
traditions.
temple.
preparaton, whether completed manually or by typewriter.
Moreover, they said, it will
heard
with
economic
of the Bureau of Internal Revenue said, will materially facili¬
year, experts
tate
ancient
to say:
on
undergraduates who
and
consorter
six
Federal
years,
repealed."
legislation, and
were
Financial Chronicle
3542
and Negroes who
He reminded me of the white men
families. % 100
heads of
me
advances for
1932 when the States of the Union were going broke and
losing their credit because the whole burden of the relief of the starving
was placed on their shoulders, without the contribution of one dollar from
the Federal Government.
He reminded me of the complete lack of any
program—of the days when a home-builder was charged 15%
20% to borrow the money to build his house; of the days when slum
clearance was a beautiful ideal on paper, and nowhere else.
And when he left he said:
and
the United States the way you do, but I know this
well.
I don't understand the actual working out of
the Government has been starting in these past
six years.
But I know this section of the country, and 1 want to tell you that
there is a new spirit abroad in the land.
I am not talking Just about the fact that
there is more buying power, that houses are painted that were never painted before,
that our banks are safe, that our roads and schools are better.
What 1 am talking
about is that all of our young people in my section of the country think that we
are 'going places'."
"Young man, I don't know
section of the Nation pretty
all these new-fangled things that
Those
words, "going places,"
two
seem
to be an
America
than
that life never
before, that
ever
living,
conviction
the
represent
to
the part
on
that there
remains static,
an
of
opportunity to
find
are
way
a
young
people of
better days ahead
of life, to earn a
of
national defense program, which he emphasized was still in the study stage.
1. Pump-priming and the question of unemployment will not be a factor
in whatever rearmament ana military modernization program is recom¬
mended by experts now investigating the nation's needs in the light of tech¬
nical improvements abroad in the machinery of war.
2. The Administration has good reason for doubting the accuracy of
suggestions that American airplane manufacturers are lagging foreign build¬
ers In construction and design.
3. In his contemplated message to Congress on the subject of national
defense Mr. Roosevelt will not include a proposal for the conservation of
natural resources which might be needed in the conduct of war. No thought
has been given to subsidizing domestic production of manganese because it
would be too expensive.
4. While the War and Navy Departments have recommended the ac¬
cumulation of certain metals 'such as nickle, tin and others in which this
have to be handled separately
recommendation be would make to Congress on the national
country is deficient, such questions would
from any
defense*
essential in modern
the
on account
public works expenditures.
These observations were made by the President in connection with the
The press
civilization.
They
10. 1938
Federal Government by States
tion to repayment to the
He reminded
in cash the whole year round.
the
of the days in
social security
Dec.
as
never saw,
conference also included
admission by the
an
President that he expects to meet Anthony Eden, former
British Secretary, who arrived in the United States yester¬
day (Dec. 9).
raise a family in comfort and security, are better today and
tomorrow.
There may be those in the world who believe
be better
will
that
regimented people whose every thought and action is directed by
a
man
one
by the democratic processes which have made this country strong
and great.
The future, however, rests not on chance alone, not on mere conservatism,
fatalism, but on the affirmative action which we
What America does or fails to do in the next few years
mere
smugness,
take in America.
bearing and influence on the history of the human race
come than
most of us who are here today can ever
far greater
has
a
for
centuries
to
conceive.
We are not
only the largest and most powerful democracy in the whole
for leadership that world
world* but many other democracies look to us
democracy may survive.
United States.
They are
I am speaking not of the external policies of the
exerted on the side of peace and they are exerted«
strongly than ever before toward the self-preservation of democracies
more
through the assurance of peace.
What I would
home.
emphasize is the maintenance of successful democracy at
Necessarily,
democratic
within
methods
a
nation's, life
entail
Lending
to
Enabling
Assumption of Financial Obligations
served
mere
Federal
Indicates
Georgia May Be Resumed—Says State's Legislators
Have
Found Constitutional Loophole
and well-being of the American people can best be
belief that the security
Roosevelt
President
give some people a type of security which is pleasing to
have, none is stranger than my abiding
may
But whatever convictions I
them.
President
Roosevelt
told
a
press
conference
at
Warm
Springs, Ga., on Dec. 2, that Georgia legislative leaders had
found means of circumventing the State's constitutional
prohibition against contracting financial obligations except
for restricted emergency purposes, and he indicated that
it would not be necessary to cut off further Federal public
works appropriations, as he had indicated would be done at
an
earlier press conference, Nov. 22
(referred to in the
"Chronicle" of Nov. 26, page 3240),
Governor Rivers of
Georgia attended the press conference on Dec. 2, and also
assured newspaper men that a way had been found to har¬
the State's constitution with borrowing from the
monize
Federal Government.
As to the
conference, we quote
as
follows from Associated
change—the kind of change through local processes described by Mr. Justice
Cardozo—the kind of change
to meet new social and economic needs
Press advices from Warm Springs, Dec. 2:
through recognized processes of government.
Because we live in an era of acceleration, we can no longer trust to the
on
He
,
evolution of future decades to meet these new
us
problems.
They rise before
generation means so much in our current
affairs.
They are part of the picture in their 20's without having to
wait until they have passed middle age,
That is why I myself associate
is. why
the
reported that he and Georgia officials were agreed
public works funds in the future.
The President did not go into details, hut Governor E. D. Rivers, who
today and they must be met today.
That
[the President]
plans to enable the State to participate legally in its share of Federal
his
attended
younger
all
interview, told newspaper men that enabling legislation was
he
prepared and
expected
no
difficulty in getting it through.
amend the State Constitution.
He
added that it would not be necessary to
myself so greatly with the younger generation.
That is why I am happy
and proud to become an alumnus of the University of North Carolina,
The President's remarks were made in response to questioning.
He had just received Governor Rivers, Lawrence S. Camp, Federal Dis-^
typifying, as it does, American liberal thought through American action.
trict Attorney
who was defeated by Senator Walter F. George in the sena.primary, and James L. Gillis, Democratic State Chairman—a visit
which he described as purely social.
torial
President Roosevelt Plans to Renew Recommendations
for
Legislation for Government Reorganization
send to Congress a
recommending the enactment" of legislation to
reorganize the Government agencies, was disclosed by Mr.
Roosevelt yesterday (Dec. 9), according to Associated Press
accounts from Washington, which also stated:
Plans of President Roosevelt to again
message
Asked whether
#
had assured him that
the Governor
Georgia would take
steps to obtain its full share of Public Works money, in view of his
criticism of the State's failure to pass legislation permitting it to borrow,
the President
of
replied they
were
agreed and the matter would be taken care
all right.
"Our
Governor Rivers
attitude,"
interjected, "will
be
one
of coopera¬
tion/'
The President conferred with Government reorganization experts yes¬
terday.
very
He said at his press conference today that the conference reported
United States Supreme Court Denies
Plea of Thomas J*
Mooney in Further Move for Release from Prison
good progress.
The legislation he will request will be broad
in
scope,
The Chief Executive said he had
no
Idea whether there would be funda¬
mental changes in the new program as
Term
he said, adding
that he understood various members of Congress planned to introduce bills.
compared to that which passed the
Senate in the last Congress but met defeat In the House.
The United States Supreme Court on Dec. 5 rejected an¬
other attempt by counsel for Thomas J. Mooney, designed
to liberate him from the Federal penitentiary at San
This
tin.
was
Quen-
noted in the following Associated Press dis¬
patch of Dec. 5 from Washington:
President Roosevelt Believes Cost of Armaments Pro¬
Should be Put on "Pay-as-You-Go" Basis—
Warns, However, He Does Not Necessarily Favor
Increased Taxes—Will See Anthony Eden While
Former British Foreign Secretary is in United
gram
States
The
new
United States national defense
program
should
"pay-as-you-go basis," President Roosevelt
conference on Dec. 6. At the same time, Mr.
Roosevelt warned against any assumption that he advocated
paying the expense the same year it was incurred, or that he
would propose new taxes in connection with the Adminis¬
tration's armament expansion plans.
The President also
said that it must not be forgotten that the Federal Govern¬
ment also collects revenues each year other than from taxa¬
tion, and it should not be concluded that increased taxation
was necessarily a
corollary of the "pay-as-you-go" theory.
A Washington dispatch of Dec. 6 to the New York "Times"
summarized in part his remarks as follows:
a
press
So Important did White House aides consider the President's statement
that Stephen T. Early, Press Secretary, called in
newspaper men
conference to elucidate Mr.
as
Roosevelt's
after the
off-hand comment substantially
follows:
His position is that he is determined to
pay for the national defense year
by year. However, that does not of necessity mean, because of other com¬
pensation budgetary adjustments that may be made, that there will be in¬
creased taxation.
Moreover, the President fra* not yet determined to go
ahead with expansion of the national defense, even aside from the question
of increased taxation.
Repayments by States Cited
"
From the President's and Mr. Early's remarks the
impression was gained
that the Administration
was
optimistic that
new
levies for paying the cost
of whatever increased defense expenditures are authorized might be avoided.
In this connection, Mr. Roosevelt seemed
particularly anxious to call atten¬
i
intended to
compel
to file
California
a
petition for
officials
to
writ of habeas
a
show
that
Mooney
is
rightfully held in prison.
Apparently the next step in the long contest for freedom will be a pardon
"application filed with Culbert C. Olson when he takes office on Jan. 3 as
Governor of California.
to
be placed on a
said at
The tribunal denied permission
corpus
Mr. Olson has said publicly that he
be innocent and that
believed Mooney
he would give prompt consideration to a
pardon
application.
In
asking the Supreme Court to grant
a
habeas
corpus,
writ, John F.
Finerty, Washington lawyer, proposed that Mooney be brought here to
testify personally before the justices. Immediately after the court turned
.
him
down
today, Mr. Finerty reoffered a similar petition.
An earlier reference to the Supreme Court's
reconsider plea
page
declination to
for review appeared in our Nov. 26 issue,
3241.
_____
United States Supreme
ning A. F. of L.
solidated
Edison
Court Voids NLRB Order Ban¬
Bargaining Agent with Con¬
as
Co.
of
New
York—Tribunal
at
Same Time
Upholds Federal Authority Over Intra¬
state Utility Companies
The United States Supreme Court on Dec. 5 overruled
part of a National Labor Relations Board order directing the
Consolidared Edison Co. of New York and its subsidiaries to
abrogate contracts with the International Brotherhood of
Electrical Workers, an affiliate of the American Federation of
Labor.
At the same time, however, the Court upheld the
NLRB contention that although the company is intra-State
in character, the Federal Government has competent juris¬
diction because some of the company's power is supplied to
inter-State activities.
It was believed that this latter prin¬
ciple, as defined by the Court, may be extended to the entire,
utility field.
Financial
Volume 147
A. F. of L. leaders declared that
majority of the Court held that there was no proof that
the company's contracts with the A. F. of L. were made "to
A
opinion that the
Board's argument
signed contracts with the I.
to choose a collective
"entirely too broad to be sustained."
bargaining agency
employees opportunity
giving
conclusion
was a
direction to the company to cease
The court concluded that the
agency only for its own members.
bargaining agency for the workers.
tion union
the bargaining
was
Brandeis,
Court
of the
Division
Justices
Stone and Roberts
Federa¬
the Labor Board has received in a long
with the upholding of the Wagner Act, which
created the Board.
Board officials, despite the setback regarding the
I. B. E. W., set great store by the conclusion concerning jurisdiction over
intranstate activities which extended into interstate fields.
from Washington Dec. 5 had
regarding the rulings:
The sharply-divided tribunal reminded the Board that it was given
no express authority in the Wagner Act to invalidate contracts with in¬
dependent labor organizations and that the scope of its power is restricted
to taking such affirmative action as will effectuate the policies of the law.
"We think that this authority does not go so far as to confer a punitive
jurisdiction enabling the Board to inflict upon the employer any penalty
The United Press accounts
the following to say
punitive
not
because he is
engaged in unfair labor practices
command affirmative action is
"The power to
.."
.
.
...
hand, the Court held
companies' alleged illegal conduct.
other parts of it
alleged labor espionage.
company
having acted in an
Banks,
The
make
the Board has erred.
consummate the
represented a device to
alleged illegal conduct, its complaint should
company's
The A. F. of L.
given an
affiliate, Mr. Justice
Hughes contended, then should have
opportunity to be heard and evidence
attempt to sustain the charge.
brought forward in an
it
was
left
employers."
"These
material
,
Act was
in
should have been
Instead, he said, *
membership in
the part of the
conjecture to what extent
induced by "any illegal conduct on
matter of mere
a
brotherhood was
the
.
rights
cannot be brushed aside as im¬
of the rights whch the Labor Relations
(of the Brotherhood)
for they are the very essence
passed to protect and the
professing to effectuate
Board could not ignore or
the policies of the
override them
Act." the decision said.
also had the following to say as to the
affecting intra-State commerce:
The Board's contention that it has jurisdiction over local utilities that
service interstate industries, which the company disputed, also was up¬
The United Press
Courts ruling
held.
In so doing,
are
would hamper
Previously
had
reaffirmed the new interpretation
the Court
of the
which it adopted in validating
National Labor Act—that industries operating in intra-State commerce
subjected to Federal regulation if industrial strife or other emergencies
interstate commerce
the
to
keep
clause of the Constitution
interstate traffic.
the
tribunal had ruled
persistently that the Government
hands-off intrastate industries. The National Recovery
first Guffey coal control Act fell before this in-
Administration and the
tepretation.
the
ruling designed to define the "service establishments"
the Wage-Hour Act, the Administration denied on
Dec. 7 the claims under this category made by banks, insur¬
In
a
companies, newspapers, radio stations, utilities, stock
brokers, security dealers, advertising agencies and similar
ance
concerns.
Clark McReynolds,
today in a separate
NLRB order in the Consolidated case should have
Justices Pierce M. Butler and James
conservatives, cited these decisions
bench's stout
opinion holding that the
been killed in its entirety on jurisdictional grounds.
"Asseveration of need to uphold our dual form
of government and the
protection of the States and the liberties of the people
against unauthorized exertion of Federal power does not assure adherence
to or conceal failure to discharge the duty to support the Constitution,"
the Butler-McReynolds opinion said.
safeguards set for
York on Dec. 6
boards notices advising employees of
In discussing the effects of the
rulings, the New York "Sun" of Dec. 6 said:
Spokesmen for the National Labor Relations Board, the A. F. of L.
The
Consolidated Edison Co. of New
on its bulletin
the Supreme Court decision.
posted
and the Congress
of Industrial
probable effect of the
Organizations differed considerably over
decision on other union
Dec. 7 to the New York
also said:
Advices from Washington
"Herald
Tribune" from which we quote,
The ruling was
prepared by Calvert Magruder,
General Counsel, and
Paul Sifton as an interpretation of
and will operate to bring a large segment of
public by Acting Administrator
made
section 13 (A)
(2)
of law
business under the rigid 44-hour a
The
Act
week provision.
exemption from the wage and hour provisions for
the greater part of whose selling or
provides
"retail and service establishments,
servicing is
in
intrastate
In its interpretation today, the
commerce,"
division said:
"Service establishments are
usually local in character and
render a service
to the ultimate consumer for direct consumption.
The service is usually
purchased in small quantities for private use rather than for industrial or
business purposes"
...
establishments which are exempt from the
include restaurants, hotels, laundries,
Typical examples of service
law,
the
ruling said,
exemption
barber shops, beauty parlors and funeral homes.
Magruder said his opinion with respect to the non-exemption
Mr.
of
doubt in respect of some of such classes
embrace all possible subclassifications"*
sense," the ruling added, "every business performs 'servke,'
companies "is not free from
these
of businesses and does
"In
broad
a
yet no one would
not purport to
seriously urge that all types
of businesses were eligible for
(exemption section of the Act). It would be
surprising, indeed, if Congress had intended by the one word 'service,' as
used in the phrase 'retail or service establishments,' to grant an exemption
broad enough to include all of the above-mentioned classes or businesses,
and there is nothing in the legislative history of Section 13 to support such
exemption under Section 13
conclusion."
+
York State Multiple Housing Law
Unconstitutional—State Court of Appeals
Part
of
New
Section
Granting
The New York State
Prior
Lien
on
Held
Voids
Improvement
controversies.
the
Court of Appeals
decided on Dec. 6
making
part of the State's Multiple Dwelling Law,
assessments for improvements to oid-iaw tenement houses
that
a
in
prior lien on any mortgages, was un¬
constitutional.
The ruling was handed down in a test case
brought by Central Savings Bank of New York City, the
New
amended accordingly.
have been
been
Justice Hughes
He said that if the Board
charge that the contracts
a
Not
&c.
from
Assessments
upheld by the Court .
procedural complaints were
carefully explained where
Companies,
Insurance
Exemption
to
under
„
to
right to Act on such contracts.
Provisions of WageHour Law According to Interpretation Made Public
by Administrator Andrews
testify, and in other hearing pro¬
cedure.
intended
the question of these
procedure
extremely narrow ground, was one of
Newspapers,
Entitled
"unreasonable and arbitrary" manner
allow certain witnesses to
by refusing to
of the opinion will show that
and does not affect the Board's
a
denied due process of law guaranteed under
followed by the Board during hearings on the dispute, and ac¬
cused the Board of
Labor
had no jurisdiction oyer it;
contended that the Board
charged that it had been
procedure
the National
careful reading
A
of the Board's order, the
which compelled reinstatement of six workers
allegedly discharged because of union discrimination and banned recognition
of the International Brotherhood of Electrical Workers, an A. F. of L.,
affiliate, as the exclusive bargaining agency for all of its workers.
The basis of the dispute was the Board's order to the Consolidated
Edison Co., to abrogate the seven contracts with the A. F. of L., affiliate:
stop alleged discrimination against members of the United Electric and Radio
Workers of America, a Congress of Industrial Organizations affiliate; rein¬
state the six workmen; stop encouraging workers to join the A. F. of L.
The
contended that the
from continuing to seek relief
Relations Act against collusion between "em¬
garages,
the contractual phase
Although it rejected
union and stop
by obtaining preferential
Other C. I. O. spokesmen
employers."
contracts was decided on an
union estaolished by
Court upheld
of the workers
cost
According to the New York "Times" Charles Fahy, general
board, said:
.
remedial,
that the continued existence of a
unfair labor practices or of a union domin¬
ated by the employer is a consequence of violation of the Act, the con¬
tinuance of which thwarts the purposes of the Act and renders ineffective
any order restraining the unfair practices.
Such a situation existed, it said,
in the Pennsylvania Greyhound Lines case in which invalidation of a con¬
tract ordered by the NLRB was upheld.
This condition did not exist in the Consolidated case, the majority opinion
held.. It described as "entirely too broad to be sustained" the Board's
position that the Consolidated A. F. of L., contracts were the fruit of unfair
labor practices and "simply a device to consummate and perpetuate" the
the other
On
company
the
counsel of the
line of decisions, beginning
The Court held.
that the Court's
seeking to ad¬
but cold comfort to labor organizations
at
of the findings.
opinion was the first blow
that it may choose
themselves
decision would not hinder the organization
supported Chief Justice Hughes
that the Chief
Justices Butler
and McReynolds wanted the Board rebuffed in every particular.
Technically, the ruling might be recorded as 6 to 2, for Justices Reed
and Black concurred in part, while Justice Butler and Justice McReynolds
,
Cold Comfort
ployers and A. F. of L. Unions."
Justices Reed and Justices Black thought
Justice should have sustained every action of the Board.
stood fast against any
Finds but
general counsel for the O. I. O., remarked
Lee Pressman,
treatment from
position toward the A. F. of L.
contracts," said Mr. Green.
with regard to union
vance
under the Board's
Supreme Court has knocked the props out from
"The
arbitrary, prejudicial and grossly unfair
under
•
completely.
The
A. F. of L. unions."
decision "can give
left undisturbed, including a
recognizing the I. B. E. W. as exclusive
of the NLRB order were
Other portions
itself In cases where
entered into between employers and
"it has illegally abrogated contracts
B. E. W. without
Hughes said in the
Chief Justice
that Edison had illegally
Green, A. F. of L. President,
asserted that it would force the Labor Board to reverse
unfair labor practices which
discriminated against the Congress of Industrial Organiza¬
tions.
Regarding the Court's conclusions, a Washington
dispatch Dec. 5 to the New York "Times" said:
victory
the ruling was an out and out
for their Federation over the O. I. O. William
and perpetuate"
consummate
3543
Chronicle
York City
a
Dry Dock Savings
of the properties
involved, against the City of New York and Alfred Rheinstein
as
Commissioner of Housing and Buildings.
Cnief Judge
Frederic E. Crane wrote the court's opinion, which was con¬
curred in by his six associates. Regarding the findings of the
court, United Press advices from Albany said: *
Emigrant Industrial Savings Bank, the
Institution and Fanny Messer, owner
This law shoving
the mortgage lien
into second place at
the behest or
is un¬
contrary to all his contractual obligations
constitutional both under the Federal and State Constitutions,
desire of the mortgagor
Judge
Crane said.
The decision did not
The court
affect other sections of the housing law.
the banks and Miss Messer and
directed judgment for
added:
premises for the expenses of
making alterations or repairs in accordance with the orders of the De¬
partment of Housing and Buildings shall at all times be subject and sub¬
ordinate to the plaintiff's respective mortgage liens."
Judge Crane, explaining operations of the law, said that housing officials
may order improvements and alterations to be made in old law tenement
houses.
If the owner does not desire to comply with the law and incur the
expense he can close up the building or devote it to other usee.
If he desires to continue the tenement, he may make the alterations at
his own expense or permit the city to do it for him.
In making these
determinations, the mortgagee is not consulted.
The mortgagee not being
in possession, has no option whatever, but must sit idly by while the de¬
partment or the owner proceeds to diminish the value of his lien.
The work being done
.
.
the expenses become a lien upon the
property ahead of his mortgage, all of which is final as to him.
The law
affords him no opportunity to be heard as to the reasonableness of the
"Any liens
imposed upon the respective
.
proceedings or the expenses.
His property is thus taken without
of his contract with the mortgagor
Article 1, Section
The case
came
held by the banks.
question involved.
3,500 mortgages
sole
due process of law
and the obligation
provisions of
impaired contrary to
10 of the United States Constitution.
to the court as a test action involving
approximately
Constitutionality of the section was the
3544
Financial
Chronicle
Mr.
Leading: Industrialists Oppose "Incentive Tax" in
Testimony Before Senate Finance Subcommittee
—Advocate Lower Federal Levies
as
Recovery—Views of Edsel Ford,
his
M.
Federal taxation
Giannini,
would
be
the best
in the "Chronicle"
Previous testimony
Dec. 3, page 3387.
who testified Dec. 6
of
was
President of the Ford Motor Co. and
said
he
believed
incentive to business
Testifying
as
reduction
a
taxes
profit-
son
of
,
"as
good
Mr.
to pay them just as high wages as we can and produce at
possible, thus creating volume production."
an
as
low cost
from
$80,000,000,000 to $90,000,000,000
the national
income will be
hearings
economist, said that the Nation's bill for the depres¬
$132,000,000,000 in national income,
or about one and
one-half times the value of the goods
produced in 1929. According to a Washington dispatch,
Dec. 1, to the New York "Herald Tribune," Dr. Lubin testi¬
fied after Senator Joseph C.
O'Mahoney, Democrat of
Wyoming and Chairman of the committee, officially known
as the Temporary National Economic Committee", read into
the record a statement outlining its aims.
Chairman O'Mahoney stated that the committee members
were "deeply sensible of the responsibility that tests upon
them to utilize the broad powers with which they have been
vested," and added that the joint congressional. Administra¬
tion group is seeking only "economic facts."
The "Herald
Tribune" account also said: *■
'
merce
a year.
"Let the
budget go out of balance," Mr. Schwartz said. - "If you lower
materially now, business will increase so that the national income
will
soon
reach
$80,000,000,000 or $90,000,000,000, and revenue will
balance outgo.
Then we' can turn to the serious business of balancing
the budget."
Willard H. Dow, President of the Dow Chemical CO. of Midland, Mich.,
opposed incentive taxation to encourage profit-sharing.
Mr. Dow thought capital as represented in money holdings was "scared"
own
The full committee attended the open
noon
"is to
this
The
paid
to
He
said
there
been
bonuses
no
for1
the
last
10
counsel
grocer,
told the committee that
a
on
total,
Dec. 5 voiced oppo¬
of
a
Mr.
Hazelett, author of
to
of their
tax
in
such
a
productive facilities.
a
way
as
said,
was
or any
to
class of the
it "too
"It proposes to tax those calling strikes to support the strikers until
reemployed," Mr. Hazelett said of his plan.
It proposes the elimination
of relief by giving people a
permanent opportunity to work.
Moreover,
it proposes a tax on idle money with no tax on money in reasonable use."
Mr. Hazelett argued that the right to strike had not improved the con¬
dition of labor because a strike reduced production "and therefore real
wages," and because capital also might strike in retaliation.
"The fact that capital can live much longer on its accumulation than
labor," he said, "makes the strike of the latter absolutely futile."
Frank Gannett, Rochester publisher of the Gannett news¬
A. L. Marsh, Detroit manufacturer, and Wilford I.
King, New York University professor, all indorsed the prin¬
Dec. 1, which also said:
)
of
prologue, Dr. Lubin contended that the eight depression
/,-•
...
of
$1,250
increase
in
or
less,
or
a
total
combined income of
averaging about $720 would contribute,
income
demand of
consumer
a
spent as follows:
Food,
more
than $3,100,000,000.
This sum
$800,000,000; clothing, $416,000,000;
fuel, light and refrigeration, $213,000,000; house
equipment, $224,000,000; transportation, $385,000,000;
$73,000,000;
care,
stated:
recreation,
$234,000,000, and medical care,
Dec. 1, it
.
Mr. Lubin's estimate that
lost since
did not
1929
compare
Dr. Willard L. Thorp,
•
economic adviser to the Department
Commerce, told the committee on Dec. 2 that develop¬
ment of large corporate enterprise has been partly respon¬
sible to the Sherman Anti-Trust Act, although that law was
of
designed to prevent this particular occurrence. A Washing¬
ton dispatch of Dec. 2 to the New York "Journal of Com¬
merce" outlined this testimony, in part, as follows:
The
tation
reason
the
for
law
allocate markets
upon
the
the merger
same
of interpre¬
collective action to
and production and fix prices without imposing restraint
of the group into a single huge enterprise to accomplish
this, he declared, is that through the process
prohibits a group of corporations by
purpose.
papers;
ciples of profit-sharing and incentive taxation to encourage
it, according to Associated Press accounts from Washington,
Assistant Secretary
$132,000,000,000 of national income has been
with his figures of losses attributed to
unemployment, agriculture and declining dividends.
His associates explained that the $132,000,000,000 loss listed for national
income was adjusted to the 1929 price level, while the other estimates
were
not price-adjusted.
Thus, it wps said, the individually-estimated
losses could not be considered a breakdown of the aggregate income loss.
.
He
make
Patterson,
In Associated Press advices from Washington,
was
high rate of employ¬
by anybody
he
C.
$208,000,000.
Moreover, he advised the Government
production."
The idea,
expensive" for business to remain idle.
Richard
"Herald Tribune" advices also had the fol¬
incomes
to
personal
"to discourage the withholding from the people
of
William O. Douglas, Chairman of
Trade
Treasury;
furnishings' and
book Cn incentive taxation, urged that present
the fruits of production and the stoppage
machinery
Federal
are
Commission;
housing, $613,000,000;
institution, told reporters after the hearing that Federal tax policies
tax rates be reduced to all firms which maintained a
the
say:
annual
said,
would be
profit-sharing plan operating
offered a "psychological handicap" to the expansion of business.
urged revision, of the tax structure to promote individual initiative.
ment
the
of
had
An
he
for a novel system under which
high levies would be clapped on persons
responsible for strikes by labor or by capital.
This, he argued, would lead
to a high rate of production and of
reemployment.
L. M. Giannini, President of the Bank of America, San Francisco, who
tell
Representatives
$4,000,000,000.
as
C. W. Hazelett, President of the Hazelett Metal Co. of New York, said
that "unsound tax laws" had been enacted in recent years.
He called
the committee to
and
A statistical analysis of the wage-earning families of the United States
showed, he said, that about 5,200,000 of these families, or 55% of the
reported in the following
dispatch of that date from the Associated Press in Wash¬
ington:
policies,
Utah,
also cost the Nation $119,000,000 in wages, $20,000,000 in dividends
stockholders, $38,000,000,000 in gross farm income, and 43,435,000
to
bonuses,", he added, "because we
Witnesses before the subcommittee
of
years
figure that you can't take it with you."
in his
the
of
man-hours of work.
sition to Federal tax
Democrat
Thurman Arnold, head of the
Department of Justice; Garland S. Ferguson,
Commission; Herman Oliphant, general
Exchange
In part, the
profits.
"We have been very liberal with our
appeared, before
of
lowing to
system of profit-sharing with employees had reduced waste and increased
company
and
Division
In his four-hour
Gristede, New York chain
King,
Commerce, and Leon Henderson, Executive Secretary of the committee.
months
company's most profitable.
Diedrich
Securities
Chairman
beginning in 1934 had been the
years
H.
Sumners, Democrat, Texas, and B. Carroll Reece, Republican,
Anti-Trust
because earnings had not been sufficient, but he testified under questioning
by Senator Herring that the three
William
Senators William E.
The departmental representatives
the
wage
had
Wu
are
Tennessee.
shares profits, the witness explained, by a system of
all of 3,600 employees except the President and the
company
Treasurer.
and
Hatton
averaging $1,935 in 1937.
He' said
considerably above the average for the chemical industry.
was
bonuses
annual
of the committee
Idaho,
business?"
hearing, but some left before the
the other congressional
Borah, Republican of
In addition to Chairman O'Mahoney,
recess.
members
"I think that is very properly stated," Mr. Dow replied.
Mr. Dow said that his company, which is now involved in a case brought
before the National Labor Relations Board by the Congress of Industrial
an
Opening the
Dec. 1, Dr. Isador Luhin, Department of Com¬
on
sion of 1330-38 has been
$65,000,000,000
and that incentive taxation would do little to revive business.
"The incentive you prefer, then," interposed Senator Vandenberg,
National Income—Edsel Ford and Dr. Willard
Nation's leading industrialists and economists.
taxes
Organizations, paid
Co.,
lies in the United States, began its hearings on Dec. 1, and
in the course of its first few sessions heard many of the
this year.
its
Manufacturing
Hoskins
The Temporary National Economic Committee, created by
Congress to conduct an extensive investigation into monopo¬
as
as
mind
the
the Wagner Labor Relations Act, told the committee
on
Thorp Among Others Heard
10%.
Philadelphia textile machinery manufacturer, express¬
ing views similar to Mr. Ford's, suggested that taxes be lowered immedi¬
ately to a rate which would balance Government revenue and expenses if
have Government
of
effect.
in
Walter Schwartz,
were
system would lead to stabilization of annual
a
...
Appear Before Tem¬
National Economic Committee Investigating
Effect of Monopolies—Hearings Expected to Cover
Many Months—Dr. Lubin, Department of Com¬
merce Economist, Says Depression Cost $132 Billion
$6-a-day wage scale in 192Q.
It now main¬
tains an investment plan by which all employees may deposit a percentage
of their wages.
They receive a guaranteed interest of 4 *&%, plus special
returns paid semi-annually.
These special returns, the witness said, have
the national income
As gross income increased,
increase
porary
a
Officials have estimated that
reserves.
would
Business Leaders and Economists
From 1914 to 1919, inclusive, Mr, Ford, testified, his
company had paid
$77,565,000 in profit-sharing in excess of the established wage scale for
the motor industry.
In 1920, he explained, the company changed to a
system of cash bonuses, paying out $6,750,000 in bonuses for 1919 and 1920.
much
on
Profit-Sharing
Mr. Ford said the Ford Motor Co. believed in the
principle of sharing
profits directly through high wages.
Largely as a result of that policy,
he said, there has been no serious labor troubles in the Ford
plants.
"We try to be more than fair to our
employees," he added.
"We try
as
profit-sharing systems
.
caustically
he
didn't talk to his men any more about the firm's profit-sharing plan
"because "I understand it's against the law—you might influence them
against joining a union."
.
.
.
Mr. Marsh asserted that his employees had received an average of 30%
of their annual wages as their share of the firm's profits since the plan
The committee is studying the question of allowing such credits in the
hope of encouraging production and the sharing of profits with employees.
reached
.
,
Senate
instituted
capital
on
President
Marsh,
commenting
*
Committee, he expressed
opposition, however, to granting special tax credits for plant expansion,
purchase of equipment and regularization of employment, asserting they
"might lead to consequences difficult to handle."
The company
return
workers.
income of
Henry Ford, its
be
the
said he believed such
He
outlined
Edsel Ford and
would
and
went into
any."
before the
of
.
automatically.
As it
both would drop.
Reserve funds, kept separately for capital and labor, be said, could be
used in depression periods to bolster declining wages and to pay dividends.
ington advices of Dec. 6 said:
Mr. Ford,
ms
decreased,
other industrialists
said that lower
taxes would aid materially in promoting industrial recovery.
In a summary of their testimony, Associated Press Wash¬
founder,
of
operation
10.
newspapers
wages
Senate Finance Subcommittee which is studying proposals
sharing with employees.
the
centage going to labor, to capital and
possible stimulus for business was the consensus of opinion
among business leaders who testified this week before the
for so-called "incentive taxes" designed to encourage
that
had proved a bulwark against labor disturbances and had
efficiency and profits.
Professor King suggested that establishment of a flexible wage scale by
industry might be the best means of sharing profits.
He said the gross
income of a corporation might be divided into units, with a fixed per¬
and Others
That reductions in
Dec.
asserted
increased
Aid to Business
L.
Gannett
jfr. Arnold Takes Up Issue
His criticism
head
of
that
his
erroneous
the
of
the
anti-trust
division
Act
hopes
in the suit
was
division
now
not shared,
of
the
however, by Thomas Arnold,
Justice Department,
who declared
that this interpretation" of the law »is
being pressed against Aluminum Co. of America.
to, prove
,
Volume
'
That
trust
is
interpretation, newspaper interpretation,
common
a
but
law,
Financial
147
make the record clear that
specific decision
Growth
numbers
in
he
1936,
to
275,000 in
no
in the Aluminum case."
...
to 530,000
Beginning with 1924, he added, the
1936.
Importance of corporate activity by branches of industry in the contribu¬
to national income was also cited by Dr. Thorp.
In 1937 over 90%
tion
entire business of manufacturers was done
of the
branch
It
come.
by corporations, and this
total national in¬
light and power,
industry contributed about one-fourth of the
of
estimated
was
manufactured
practically
all
electric
communication companies
and
gas
that
Small Business Dominant
are
corporately owned.
On
a
business community is
still dominated by small firms when considered from the standpoint of the
number of small firms in operation, big corporations supply the greatest
number
of
jobs.
of the Committee,
he would recommend the free
whether
other
to
occasion had the Ford company's patents
one
been licensed for
He testified that his company was not
from its patents, but in producing motorcars.
ested in making money
inter¬
William S. Knudson, President
Dec. 6, suggested that the
Government might devise a dual patent policy to provide
different treatment for large and small businesses.
Mr.
Knudson's comments were described in the following Asso¬
Mr. Arnold, in questioning
Motors
General
of
Corp.,
ciated Press Washington
would
Motors
not
chief
the
of
one
advices of Dec. 6:
abolished General
but, under questioning, ob¬
be greatly handicapped if they
if the patent laws were
research
manufacturers
General
that
Other
inventions.
on
program
would
their monopolies.
protect
asserted
He
even
its
continue
small
that
cculd
that
said
Knudsen
Mr.
nomic
Henderson, Executive Secretary
Leon
only
system
royalty fee, Mr. Ford said.
served
••
him
industries.
"Every industry has its own problems," the witness replied.
"The sys¬
tem has benefited the automobile industry and is well worth looking into."
Thorp told the committee that although the
Dr.
asked
O'Mahoney
licensing
patent
since 1910,
roost marked
corporations has been
number of
declined sharply, on the other hand, from approximately
about 225,000 in 1932.
The number then rose to about
partnerships
325,000
of
90%.
rise of
a
made
said, the number increasing from about 260,000
[Dr. Thorp]
in
we
that, I think,
on
Senator
of the anti¬
Mr. Arnold said, "I wish to
such distinction, and we will get a
arguing the point,"
without
3545
Chronicle
existence,
Motors
exercises no monopoly on its
patented
have brought out that
reliances of the 6mall manufacturer for continued eco¬
on the other hand,
is his right of monopoly over his
witnesses
before
the committee
patented. inventions.
activity^- Officials of the General Motors Corp., testifying before
had been halted.
He presented a list of moves designed to
the committee, Dec. 6, were praised for their attitude toward
correct this
situation, and said that it was possible to
the use of patents.
Representative O'Mahoney, Chairman of
achieve the 1929 level of production once more.
He added
the committee, said that the automobile industry, through
said
Dec. 3 that the growth of
on
that "we must go
American economic
far beyond that if we are to preserve our
report of this testimony in
Washington disjoatch of Dec. 3 to the New York "Times":
The former WPA economist told the committee that there was a "residual
about 1,000,000 unemployed in 1929," but 6aid that under an equal pro¬
institutions."
a
of
duction
would
there
today
peak
that
added
We quote from a
have
would
21
points above the
production,
be
to reach
we
7,000,000 or more unemployed. He
140 in the Federal Reserve Index of
the 1929 em¬
continuously grow¬
1929 peak, to get back to
This he explained on the basis of a
ployment situation.
ing available labor force.
Mr.
Isador
the lower
growth
Mr.
Thursday.
logue"
income groups
Lubin asserted insufficient purchasing
.to be the key to the difficulty. , . .
Issue
of
as
Posed
by
power
"Why have
a
Witness
who is the coordinator
and full utilization of our mag¬
resources?"
nificent
retained by the complex mechanism
still
asserted:
degree of
which is producing
services this year."
that "appreciation gives way to bewilderment and
remember" the depression losses, both in terms of dol¬
lars and human suffering.
The loss in dollars, if the rate of growth from
1899 to 1929 had continued to date, would be $293,000,000,000, he de¬
clared, while the human losses were shown by unemployment figures.
Mr. Henderson offered an unofficial estimate that the total of unem¬
$62,000,000,000 of goods and
He
however,
added,
perplexity when
we
February, when it
put at 10,569,000.
that while the number of unemployed varied between about
March, 1933, and about 7,000,000 in July, 1937, the low
ployed in the country dropped by about 1,200,000 from
was
estimated at 11,793,000, to October, when it was
declared
He
14,000,000
in
of recent years, the available labor force grew continuously
48,000,000 in January, 1929, to about 54,800,000 .today.
Between
March, 1933, and the high point in 1937, he stated,
from
point
about
9,600,000 persons found
President
Ford,
Edsel
jobs in private enterprise,
about
including those indus¬
stimulated by PWA.
tries which were
of the Ford Motor Co., said
has permitted full use of its
on
400
patents, covering almost every phase of automobile manu¬
facturing.
His testimony was reported as follows in a
Washington dispatch, Dec. 5, to the "Herald Tribune":
that his company
5
Dec.
fren licensing of patents was praised by Thurman
Department of Justice , anti-trust division.
Alvin
Macauley, president of the Packard Motor Car Company, another witness
today, said the Ford policy "looks pretty good."
'the feud between Henry Ford and the Association of Licensed Automobiie^Manufacturers, predecessor of the Automobile Manufacturer's Asso¬
ciation, \has^ continued through the years, and the Ford company has re¬
policy of
Ford
The
of
head
Arnold,
mained -out
the
both groups.
of
committee's first witness today, said that the Ford Motor
organized in June, 1903, and that in October of that year
Ford, the
Mr.
Company was
Licensed Automobile Manufacturers, which controlled
the Selden patent, brought suit against the company.
The Selden patent covered "any and all kinds of gasoline automobiles"
of
Association
the
the Attorney General, explained. Under
disclosed that his father applied for a
license under the Selden patent.
Mr. Cox asked Mr. Ford to tell the com¬
mittee what had happened, and the witness testified as follows :■>
"I can't recall exactly the date this took place, but It was at one time during
the course of the early days of the Ford Motor Co. when we were a small manu¬
facturer and getting started.
The association had been started and had acquired
numerous motor companies as members.
These members paid a license fee to
Hugh B. Cox, Special Assistant to
Mr. Cox's questioning, Mr.
Ford
Selden patent .
Inquired of one of the officers of the association if it were
association and become a member as the other motorcar
were
He was told. I understand, he had best go out and manufacture some
motorcars and gain a reputation and prove that he wasn't a fly-by-night producer,
the
association under the
possible
companies
"My father
to
Join this
b°tore he
"T.
father
.
membership in this association."
observed that it would have been difficult
should ask for
Mr.
Cox
to gain
a
reputation in the motor
for Mr. Ford's
industry if he could not obtain
Later,
patent, under which a manufacturer paid $15 a car.
the rate was changed to IVa.% of the sale price.
"If the patent had been
sustained," Mr. Ford replied, "I think the
Ford Motor Company would have been put out of business or would have
become a member of the association, one or the other."
Henry Ford won
his case in 1911, after eight years of litigation.
When Mr.
Ford concluded his testimony Senator William E. Borah,
rights to the
Republican, of
Mr.
Ford
Idaho, asked him for suggestions on patent
had two suggestions: placing of some
said he
changes.
restriction on
patent
patent in¬
patent application is allowed to remain in the
office, and reinstatement of the policy under which notices of
fringement must be given to companies accused of infringement.
the
poor
work
"the
length of time a
the
research
behind in technological
way
are
department of General Motors,
job.
and
development," he said.
"We are
ashamed of our time for doing such
We've got a lot of men out of work and a lot of money out of
lot of materials pot in use."
In fact I am rather
at all.
ahead
trol
Despite this question and the complex problems it involved, he
"We are left with a tremendous sense of appreciation for the
coordination
"We
not
heads
6 committee that "one-man invention is not very possible these
eMost of them, he said, are worked cut as part of a general problem.
001111111
a
is called upon
The committee
not had full employment
we
0
days."
in
investigation, as follows:
the
lh
who
'
v tt
„
of
question at issue was put by Mr. Henderson,
The
progress.
declaring
business
halted
of
view
throttling of competition a major cause
the Nation, was at variance with the,
Lubin, Labor Department economist, who opened the "proin
Henderson,
the
of
practices, had materially contributed to industrial
Previously, Charles F. Kettering, Vice-President
of the company, had said that the big problem facing the
Nation was to create new industries to put men and money
to work, while William S. .Knudson, President, said that
at this stage in the development of the automobile it was
virtually impossible for anyone to make a "revolutionary
invention."
From an account from Washington to the
"Journal of Commerce" we quote:
its patent
specifically to inquire into
concentration of economic power in and financial con¬
over American industry."
The resolution providing for
signed by President Roosevelt in June.
appeared in these columns June 11, page
3471, and June 18, page 3884.
Some of the other items
regarding the inquiry were noted in our issue of Aug. 27,
page 1279.
inquiry
the
was
Reference thereto
I. C. C.
Extends Bituminous Rates
bituminous coal, which would have
will be continued indefinitely, the
Interstate Commerce Commission ruled on Nov. 30.
The
railroads estimate that the present high rates will produce
$19,374,421 more revenue this year than they would earn!
freight rates on
The
expired Dec. 31, 1938
otherwise.
Commissioners
Lee
the
Pocahontas lines, the principal bituminous carriers, in the
continuance of the high level after Dec. 31. The "New York
Joseph B. Eastman and William E.
the majority's decision to include
declined to concur in
reporting the increase states:
who wrote the partly concurring opinion In which Mr. Lee
joined, assailed the Pocahontas lines for their "arbitrary refusal" to join
in a pooling plan to share their excess revenues with other railroads.
He
admitted the Pocahontas roads were correct in holding that the commission
could not compel them to join a pooling arrangement if they did not so
Times" in
Mr. Eastman,
desire.
however, to withhold approval of rate Increases, if
will result in unjust and unreasonable rates," he said.
"Here no increase in the rates of the Pocahontas lines would be warranted,
save for the needs of other railroads.
That Deing so, the resulting rates will
have power,
*'We
we
find that they
not, in
my
opinion be just and reasonable, unless the carriers concerned
the law permits to apply the increased revenue to the
furnish it3 only justification, and this they arbitrarily refuse
take such steps as
needs which
to
'
do."
Commission
The
observed that "bituminous
coal is by far the most
single source of railroad earning, and in recent years has pro¬
16% of the total operating revenues." It warned that continu¬
the increase might spur the use of competitive fuels, notably natural
important
duced 15 or
ance
of
gas.
"The
situation," the Commission
tion of all
tion,
holders,
said, "challenges the serious
considera¬
stake in the well-being either of railroad transporta¬
employees, the taxing authorities and the security
who have a
including the
and the managements
of the railroads, or
of those who are con¬
responsible for conditions in the coal industry. But these
conditions cannot control in our determination as to whether the present
rates on coal may be continued as being just and reasonable on and after
Jan. 1, 1939.
In view of the present level of railroad expenses and taxes,
we find upon the whole record in this proceeding that the present rates are
cerned with or
be so for the indefinite future."
the matter of pooling might be a proper
special Inquiry by the Commission.
just and reasonable and will
The majority suggested that
subject for a
Plan for Valuation of Tennessee Utility
SEC—J. A. Krug Tells Joint Congressional Com¬
mittee of Objections—W. L. Wilkie Replies
TVA Rejects
by
presented to the Joint Congressional Com¬
investigating the Tennessee Vailev Authority, J. A.
Krug, chief power planning engineer of the TVA, on Dec. 7
announced the rejection of the proposal of Wendell L. Wilkie,
President of the Commonwealth & Southern Corp., that the
valuation of the corporation's properties in the TVA area be
In testimony
mittee
3546
Financial
Chronicle
fixed by the Securities and Exchange Commission as a basis
of sale to the TVA.
Mr. Krug asserted that he was au¬
thorized to speak for the TVA Board of Directors. This
decision
the
was
first
official comment
Mr.
on
of years,
proposaljwould require
a score
requires an immediate solution and arbitration
basis fixed by the SEC) would take a long time.
4.
Fixing of
created the
a
(on
Industry must
commercial
a
likewise the act
TVA
does not
a
fair price
which
it
His
next
we
Mr. Stettinius expressed himself in favor of social
security legislation.
He said that without
passing on the details of the Social Security Act, and
although
will
must
determine
the
value
within
a
order.
He gave his concept of economic
security, which he said he believed most
of the citizens hold today, as follows:
60-day
"It
require
of cities to
enter
the
entire
arose
business blindfolded,
comes rather
scores
strangely
Mr. Lilienthal proposed in writing on March 4,
1938, that
be
property
the
on
the power
purchased
points raised by Mr.
at
time
one
Krug until
No
...
we
dificulty
refused to accept the
than their true value is preventing a
building program on the part of the
utilities throughout the country in the next few
running into billions
years
I
as
Again
we
Stettinius discussed the mutual
their social
projected
recognized
responsibility became convinced
benefits
plead with the Federal government in simple justice not to
destroy these properties, but to
they have invested in them
or
It
pointed out
was
adopted
or
as
to
social insurance
Insurance
Companies
Made
Smallest
Additions
United States Bond
to
—T.
A.
Phillips
Insurance
Holdings in 1938 Since 1932
Addresses Association of Life
Presidents—E.
R. Stettinius
Discusses
problems
W.
Minnesota Life ^Insurance Co. of St. Paul, said
on Dec. 2 in
address before the annual convention of the Association
of Life Insurance Presidents in New York
City.
On the
a
supervision
might be
at the
cross
roads.
fact
that
Mr.
and
Phillips' address was reported as follows in the New
York "Journal of
Commerce" of Dec. 3:
Phillips declared.
*
life insurance companies
probably been greatly exaggerated,"
Pointing out that railroad holdings of the
companies
today account for only 12.1%
of total life insurance
assets, he continued:
"It must be remembered that
the percentage of
mileage in receivership
a measure of the
losses taken by investors.
There is hardly a road
is not
bankruptcy today that is
of its senior
liens, and
cipal and interest
on
not
paying all
most of the
or a
part of the interest
receivership roads
are
on some
paying both prin¬
equipment trust certificates.
"Another major consideration is the fact
that the present railroad diffi¬
culties are not a sudden
development but have accumulated over a
period
creates
In
Mr.
on
in
have
years
addition
brought about in the
to
He
and
social and economic
Carey
and
been
now
not
are
overcome
insuperable,"
and
he
of the
many
declared.
remaining
of solution."
Urges End of "Economic Fallacies"
to
Merchants
Association
of
Under
New
York
Link Public With Business
Welfare
said,
is-working to translate
What
income.
When
we
are
of
idle
full
we
After all, business is only
people.
It is business
the
earn
stride,
income.
no
a
spoke
Carey, who is
a
Vice-President
of
on
behalf of the
is
>
When
pro¬
everybody profits—workers,
■
.
abstract
plans
business, he declared,
and what helps business helps him..
swings along in
investors.
an
its
hurts
Mr.
Carey's
address
the
Merchants
Association said:
contract with the problems that arise."
Railroad Problem
not
were
ductive enterprise
"In my opinion our
present system should be continued," he said.
"It
responsibility and yours to see that insurance supervision remains on
high level of effectiveness and that it maintains its
present intimate
assets.
done
.
are in the process
managers,
our
.
been
When business slows
up the Nation slows up.
for all of the activities of all
of
its
$431,000,000,
reaching the total of $3,254,000,000. The
proportion increased from 11.7%
to 12.8%
"Other" stocks and bonds, which
would comprise the industrials,
increased $253,000,000,
rising from 5% to 5.7% of the total admitted
had
another name
or Federal supervision with its
multipliicty of rules, regula¬
tions, civil service employees and interference where least
expected.
The effect of the present
railroad situation
"although not to be minimized, has
.
ership, Mr. Carey
highest courts,
any year since 1928."
this
age benefits contemplated under Federal
into productive action.
hurts the average
man,
He says:
continuation of State supervision as
upheld by the
The increase in
holdings of Government securities for the year is $188,000,000.
In contrast,
public utility securities were increased
that
"Economic fallacies must be
swept away and theoretical
must give
place to common sense," W. Gibson
Carey Jr., President of the Yale & Towne
Manufacturing
Co., said on Dec. 7 in a radio broadcast under the
auspices
of the Merchants Association of
New York.
Business lead¬
He
"The total of United States
bonds held by the companies now amount®
to $4,551,000,000, which
represents a decline of 17.9% total assets from
the peak of
18.1% last year," he said. "This is doubly
gratifying.
First,
it means that a
larger portion of new funds is being invested on a more
favorable interest basis and,
second, it reflects improvement in the
mortgage
and corporate bond markets
sufficient to permit larger commitments in
those categories than in
1937, larger indeed than in
of their
fancies
.
insurance
two
relationships.
Seeks
Mr. Julian, who is State
Superintendent of Insurance of Alabama, urged
the continuation of conservative State
supervision, which he declared had
proved its value strikingly.
He declared
cooperation
and "Theoretical Fancies"—Radio
Address
also quote:
asked if it should be
through insurance many
full
level of protection higher than that
provided through
better adapted to the needs of the
group and the
Auspices of
preceding day, Edward R. Stettinius Jr., Chairman of the
Board of the United States Steel
Corp., discussed before the
convention the
responsibility of industry to society.
A
warning against possible Federal supervision of insurance was
given by lYank N, Julian, President of the National Associa¬
tion of Insurance
Commissioners, in addressing the Con¬
vention, according to the New York "Times," which we
in
a
and
difficulties
Gibson
an
Mr.
the
"Many of them have
Life insurance companies in this
country in 1938 recorded
the smallest increase in
holdings of United States Govern¬
ment bonds since 1932, T. A.
Phidips, President of the
the
specialization and large-scale production.
He
pointed out that the so-called industrial
revolution, although it raised the
general standard of living, none the less created
complex problems in human
"These
F. N. Julian of United States Insurance Curbs
that
with
employers in the last
many
Mr. Stettinus traced the
changes
life of the Nation
through
and social
Responsibility of Industry to Society—Warning by
is
that
individual," he said.
Life
obtained
legislation.
"Through these plans the employers and employees have
undertaken
responsibilities for
appraised by the SEC.
be
have revised pension plans providing for old
age retirement.
independent of the old
the investors the money which
repay to
their value
could
employees."
drew attention
proposed.
„
me
contribution to employee
security
by industry and insurance in the group field,
saying:
"In helping men to help themselves
industrial leaders who
of dollars.
No greater single thing could be done to restore economic
pros¬
perity than the working out of this problem on a fair and rational basis such
seems
Mr.
price proposed by TVA.
Again I wish to repeat that the duplications of utility properties with
Federal funds or the combined efforts of the Public Works
Administration,
TVA and power boards to force the utilities to sell their
property at less
to
that employees expect to work
during their produc¬
tive years at wages which permit of an
improving standard of living and a
modest backlog of protection
against adversity.
This is often visualized
an an unencumbered
home, a savings account, and insurance
against the
major hazards of life—death, sickness, accident,
unemployment and old
age.
It is a natural instinct of mankind to reach for
safeguards against
these hazards."
period.
We will also agree to pay all necessary costs which SEC
may
incur in the employment of engineers and others to determine the
value.
The other objection that it would lead to confusion and
from the TVA.
that its machinery may need readjusting, he is
convinced
principle of social security by the enactment of that
a great advance, one deeply desired
by the people and
deserving to be protected by all who cherish the
well-being of the social
objection to my proposal to arbitrate is that it will lead to
In order that there may be no question, however,
SEC
aware
the recognition of the
legislation represents
This is not true.
the
to
economic
not to continue to raid and compete with utilities wherever
will agree that
"Industry must strive
upon the wholehearted support,
Social Security Law Endorsed
they may be located.
delay.
its affairs with due regard
standard of living."
In other words, that there is nothing in the act by which the
can agree
must manage
relations," he said.
so doing, it
may
sympathy and understand¬
ing not only of our great body of employees and their families but
the
public as well. Only thus will we achieve a better social as well as
the TVA Act
in
area
strictly
objective; instead, it
safely depend
by arbitration and that
permit TVA to limit the
.
adjust its operations to the highest purposes of life and, in
restrictive boundary for TVA would violate the act which
Two of his objections are purely legalistic, namely, that
.
to the whole field of human
Following Mr. Krug's testimony, a statement was issued
by Mr. Wilkie wherein he said the objections were "entirely
without merit." The statement, in part, follows:
operate.
manage its affairs with due regard to the whole field
of
While the realization of industry's
responsibilities to society is growing the
general welfare calls for even greater progress, Mr. Stettinius said.
"No longer can industry plow a single furrow toward
a single
"yardstick" power measuring agency.
does not authorize the TVA to arrive at
1938
Mr. Stettinius declared in a prepared address
read by
William Beye, Vice-President of the Steel
corporation in charge of indus¬
trial
relations.
It Is "of such dubious legality that it would lead to years of
litigation."
The problem
101
practice of writing
human relations,
business blindfolded.
2.
the
We also quote from the "Times" of Dee.
2, discussing the
proceedings of the previous day:
of municipalities to enter the
3.
follow
to total assets and have been taken in stride."
Wilkie's
.
That the
insurance companies
defaulted bonds down to market prices, losses have been
taken gradually
they occurred. Such losses as have occurred have been minor In relation
follows:
power
since
as
recommendation, which was proposed on Nov. 23 before the
investigating committee and noted in our issue of Nov. 26,
page 3245.
Under date of Dec. 7 Washington United Press advices
enumerated Mr. Krug's objections to the arbitration offer as
1.
and,
Dec.
director of the Merchants Association
the
Chamber
of
Commerce
of
the
of New
United
now
being carried on in New York City by the Merchants
the Chamber of Commerce of
the State of New York, the New
of
York
States,
"What Helps Business Helps You"
campaign,
which
Association,
York Board
Trade, the Brooklyn Chamber of Commerce, the Chamber of
Commerce
of the Borough of
Queens, the Bronx Board of Trade, and the Staten
Island
Chamber of
"Without
check
many
all
know
the
devastating
that
"America
capital
that
Commerce.
....
,
■
_
sacrificing reasonable humanity we must
things," Mr. Carey declared.
"Taxes are
a
certain
result of
still
have
amount
possesses
made
the
her
taxation
check
one
is necessary.
of
and
double
these.
We
We also know
taxation.
excess
will-power that have carried
of
business
her
leadership,
She
supreme.
forward.
still
the
has
We must
for
workers
the
and
stamina
substitute
the
and
confidence
doubt, and replace inaction with action.
We can do that if we all
understand the truth of the statement that 'What
helps business helps you.'
"Every man who contributes his time and energy to the day's
job is a
part of business.
That takes in all of the millions of workers
there are,
whether they labor in
office, factory
or
elsewhere."
♦
Governor-Elect O'Daniel of Texas Changes Plans
Re¬
specting State Finance Agency—RFC to Assist
State Administration in
Financing New Industries
In indicating that he had
given up his original plans with
respect to the formation of a State finance
agency
along
Corporation to aid
industries, Governor-elect
the lines of the Reconstruction Finance
in the
development of the State's
Financial
Volume 147
W. Lee 0'Daniel of Texas
was
that? "I
my
be carried
can
will
be
reported
as
stating on Nov. 19
for industrialization
with the aid of the RFC.
More money
have found that
out
available
it
and
program
will
be
not
The Houston "Post" of Nov. 20 also
O'Daniel
as
The
to delay
reported Mr.
necessary
action."
"I
from a tour of West Texas,
community to name
have asked each
that
in
committee to study
community
and
to
a
industrial
of
and clothing.
cloth
"They proved to me it can be done," he
being
made
"My inauguration suit
said.
Technological College at Lubbock.
They
sheep."
the RFC plan the Federal agency will put
Texas
the
at
processed the wool produced by Texas
O'Daniel said that under
Mr.
up
dollar-for-dollar basis.
financed by small investors,
provide half the money necessary.
This will take the development
enterprises out of the hands of men who are in the upper income
for new industries on a
money
"Under
plan the new industries will be
my
who will
of
new
he said.
bracket,"
Mr. O'Daniel said also that
by communities supporting
the new industries,
by business leaders in the respective communities.
will be eliminated," he said, "and fly-by-
stock will be bought
"Commissions to stock salesmen
night enterprises will be done away with."
Asked for comment on criticism expressed
by Elliott Roosevelt
Friday
World News" broadcast series in repard to
plans to pay the $30 a month pension, Mr. O'Daniel said:
"Mr. Roosevelt was giving 'just another man's opinion.'
After all, the
Legislature hasn't yet met.
It's a little early to talk about that.
"I know the pension can be paid, and in talking to business men over
the State I have found they are in favor of paying the pension because
they believe that by pegging it where it is, radical plans may be headed off.
"We don't want radical plans similar to those gaining foothold in other
start here."
Warning by Julius H. Cohen
croachment
of
National
Rights—General
were
referred
Amendments
of
Julius Henry
State
Chamber of
Com¬
York
Cohen, general
En¬
on
Government
Counsel
Endangering
counsel of the Port of New
criticized the plan of
Federal Government
exemption of the properties, bonds,
revenues and agencies of the States and municipalities, and
in addressing the monthly meeting of the Chamber of Com¬
merce of the
State of New York said that increasing en¬
croachment of the National Government on State rights
menaced the very existence of our democratic form of gov¬
officials
end
to
tax
ernment.
the proposals
constitutional
M. Wood and Henry Epstein, Solicitor
speaker said that the unsoundness of
demonstrated by such competent
The
been
had
lawyers
as
David
General of New York State.
the
But
than
worse
He added:
of the Departments of Justice and Treasury
the constitutional interpretation itself.
The proposal is
strategy
is even
that if
operative as to future bonds,
to contend before
the United States Supreme Court that full constitutional power to tax all
securities exists, and when they succeed in establishing this, where will be
the protection against the taxation in the future of now outstanding bonds?
Mr. Cohen, who is also general counsel of the New York
State Chamber of Commerce, predicted that the States and
municipalities would unite in a common front to defeat any
attempt by Congress to end tax exemption of the prop¬
erties, bonds, revenues and agencies of the States.
He
referred to the creation of the Port Authority as an illus¬
tration of the sovereign right of States to enter into com¬
pacts without surrendering their property and their enter¬
prise to the Federal Government.
The same right was
will
Congress
door
the
then
pass
will
an
be
Act which will be
open
for these two departments
Federal Government a year ago in the
Hinderleider case, involving a compact between Colorado
and New Mexico, and was successfully defended, he said.
Reference was also made to the position taken by New York
attacked
by
the waiver or surrender of any
whether sovereign or proprietary, following the
State rights,
appointment
in 1930 of the St. Lawrence Power Development Commis¬
sion, of which Mr. Cohen was Vice-Chairman and general
counsel.
He pointed out that the States of Vermont, Con¬
necticut, Massachusetts and Rhode Island are now fighting
for similar protection of State rights in a joint effort to
control the power in the navigable streams and were being
opposed by Federal flood control agencies, the speaker said.
Chamber
The
for
in
whole
years
these
on
tax
topic of taxing State and
Federal
at
low
Fort
Federal bonds has been presented
the basis that there was something unequitable and unfair
Of course, all thoughtful persons know there is
immunities.
Tax immunity is the means by which the
the States achieve results, through getting money
nothing unfair about it at
Government
or
rates of interest.
all.
It has a very
Authority know, because
practical significance.
and
have to raise just so much more money with
tunnels, and our tolls must be adequate, and
pay
back the interest and
We in the
that we
for every dollar of interest more
pay we
to
Commerce
of
ultimately the debt.
of
the
State
of
New
York
1 four amendments to
the Wagner Labor Relations Act creating the National Labor
Relations Board, which it regarded as the most important
changes essential to the promotion of industrial peace.
The report from the Chamber's Committee on Industrial
Problems and Relations, presented by Chairman Lewis R.
Gwyn, urged (1) the creation of two distinct agencies for
the prosecution and adjudication of complaints;
(2) the
requirement that the Labor Relations Board must determine
which union shall be recognized as the proper collective
unanimously recommended on Dec.
bargaining agency; (3) giving employers the right to
initiate
proceedings, and (4) making it an unfair labor practice for
either employers or workers to use coercion, intimidation or
violence or to repudiate a contract.
The committee, in its
report, declared that the Wagner
Act had failed to promote
and the denial to employers of the right
to initiate proceedings was criticized.
The following are
the amendments to the Act recommended by the committee
peace,
and endorsed by the
Chamber:
separate agencies, one for prosecution
the ordinary rules of evidence prevailing
followed.
Under the present provisions the
(1) An amendment to create two
the other
and
in
law
of
courts
adjudication;
for
be
should
with itself.
It appoints a trial
One of its own lawyers tries the case.
recommendations to the Board, and the
makes its final decision upon the complaint which it originally
to itself.
This procedure is a travesty on justice.
files
petition
National
Labor
Board
examiner
whose
salary it pays.
examiner
trial
The
made
reports
a
its
amendment to require that the Board, when requested by the
other interested party, must determine (as between two
or
more unions)
when the proper bargaining representative is in doubt,
which union and its representative must be recognized as the proper col¬
lective
or any
bargaining party.
provide that the employer or any other
right to appeal to the Board that the
union now has.
The fact that the law does not permit employers as well
as
workers to initiate proceedings is unjust.
(4) An amendment to provide-that it shall be an unfair labor practice
for anyone
(either side) to use coercion, intimidation or violence or to
repudiate a contract.
Workers and employers should be barred from the
benefits of this law in any case when they have instigated illegal acts in *
(3) An
interested
should
amendment
party
the pursuance
has
the
same
of their objectives.
Associated with Chairman
Frederick
Brunt and
which to build bridges
continue long enough
Gwyn on the committee were:
Coykendall, Fred B.
Frederic T. Wood.
Dalzell, Jeremiah R. Van-
Commerce Reaffirms
Waterway Project
Upon motion of George Nichols, Acting Chairman of the
Committee on Internal Trade and Improvements, the Cham¬
ber of Commerce of the State of New York unanimously
adopted a report and resolutions reaffirming its opposition,
dating as far back as 1920, to the St. Lawrence seaway and
State
York
New
Chamber
of
Oppostion to St. Lawrence
repeatedly expressed the
and
"In
the opinion of your committee," said the report, "no change
in conditions has occurred which impairs the soundness of
the position taken in the past by this Chamber.
In fact,
developments during the last decade have decreased the
prospects of the St. Lawrence project becoming a valuable
utility."
Members of the committee who signed the report
are:
Mr. Nichols, Acting Chairman;
Jonathan Bulkley,
Louis S. Cates, John W. Hiltman, Arthur M. Reis and
project.
power
The Chamber has
proposed development was commercially
unsound and a waste of public funds.
belief that the
economically
Harold
S.
Sutton.
Standards Association Marks\20thl Year^ of
Activities—President Barnum Seesj^Increasing
American
Its
Chances for
William L. Batt,
dent
the
of
Its Usefulness
President of SKF
International
Industries and Presi¬
Conference, was
Management
Stand¬
guest speaker at the annual meeting of the American
ards Association, held on Nov. 30 at the Hotel Astor,
New
twentieth year of the
American
activities as national
clearing house for the standardization work of American
industry, including health and safety codes.
The increasing
opportunities for usefulness by the Association were
meeting marked the
Standards Association's
This
York.
stressed on Nov. 30 by
part, he also said:
In
This
New
Commerce
the
State against
by
Labor Relations Act
York State Chamber of
Wagner
to
Recommended
(2) An
Against Increasing
Finds Action
Democratic Form of Government
New
York Authority,
a
immoral.
employer,
of
understand
be cut down means
as
Board
plans of Governor-elect O'Daniel
to in these columns Nov. 19, page 3098.
The earlier
merce
problem
housing
can
speaker reminded his audience that even in the case
privately-held property tax 'immunity was not regarded
industrial
evening on his "Texas in the
States to
the
of
Four
Mr. O'Daniel said
the governmental agency "would release funds for business to any extent
necessary for complete industrialization of the State."
"The State administration will do everything possible to promote action
on the plan," he said.
"We've done a lot of talking in Texas about develop¬
ing our resources, but very little has been done."
In listing industries which he believes can be built up on a sound basis
in
Texas, Governor-elect O'Daniel included the processing of wool and
is
studied
it perfectly.
deduction of one
per room per month for the tenant to pay.
Now, you have your
choice:
You can get cheap rooms for the people of New York City by
permitting money to be borrowed at low rates of interest on tax-exempt
securities; or by making up the difference in subsidies.
outlining the plan to be carried out under the RFC,
manufacture
have
toward obtaining industries
work
needed."
In
who
dollar
The
who returned Friday
said;
conditions
Those
Every dollar of interest that
follows:
Governor-elect,
3547
Chronicle
Dana L. Barnum,
retiring -President
organization in addressing the meeting.
Mr. Barnum
that during the past three years the Association has
of the
said
national con¬
brought together "representatives of the great
sumer and retail organizations in a comprehensive
standards for goods
Important undertakings have already been
for the
development of
has unlimited
of the proceedings
Association said, in part:
field
In
V
and
a
the program
summary
program
sold at retail.
started in this
possibilities/'^
at the meeting the
3548
In
Financial
speaking
taking
Mr.
part,
the
of
Barnura
the Chamber
trom
the A.
this
A.
S.
South
be
called
American
not
only
but
trade
to
to
which
the
attention
Aires
to
that
Association
United
the
of
States
H.
of
proportion
we
of
Barnum
ernment
has
the
to
of
work
14
for
active
the
projects
prevention
in
of
the
occupa¬
newly-organized Highway Traffic Standards
17 national organizations and Gov¬
us
in
standards
safety
for
traffic.
There
organized by industry for a definite purpose.
point where it is providing services which industry
a
20
successful
Standards
briefly,
and
operation
to
credit;
served
we
F.
M.
of
officers
who
have
used
the
standards
of
announced
existing
Vice-President
the
Standards
that
during
standards
of
the
company
years
Testing
affected
to
to
Eleven
in
of
the
of
The
We
and
as
member
a
of
the
Board
of
S. A.,
and It. P. Anderson of
1.
adopted
in
its
at
experience
the convention
annual
recent
Boards, in
convention
reso¬
Mil¬
in
real
held early in
was
has
the
in
only
just
been
estate
business.
While
November, the text of the
made
available.
An
item
the
meeting appeared in our issue of Nov. 26,
3245.
During the convention the delegates heard Representative
Patman of Texas in
address
an
Nov.
on
9 in which he pre¬
dicted the adoption of the Patman Anti-Chain bill at the
coming session of Congress.
On the same day Paul H. Ny¬
strom, Professor of Marketing at Columbia University,
criticized the bill in a speech before the convention
which,
on Nov;
12, adopted the following resolution:
Whereas, it is probable that a bill will be introduced in the next Congress
which would impose
upon chain store organizations operating in more than
I
store
punitive
taxes
which
would
compel
their
dissolution
directly
dislocation
to
of
the
stability of real estate
this
every
of
real
method
estate
American
direct loss of taxable values
and
local
of
merchandising
values
in
the
city,
and
involving
for
business
would
revenue
It
will
farmers
to
not
and
if enacted,
centers
municipal
adversely affecting business
and
governments
be harmful to normal
This
31
in
development of
States, the District of
protecting the
equally dangerous, ignorance
Association, which
brought about
MacChesney
our
Act,
State
of
tion of
these groups
because
will
there
be
more
practically within the limits of individual States.
in part:
told
are
are
that
every
of
<
in
public
independent
business
We
that
done
about
Only
few, if
Mr.
that
1,000,000
and
all
(1(
retail
of
chain
the
Texas
however,
from
the
Here,'
come
laborers.
we
.
.
.
stores
resolution
a
throughout
"would
and
the- country,
dislocate
prostitute the
taxing
it
upwards of
"the
disapproved
destruction
conven¬
opposing the
Patman
power
of
the
of
worthy enterprise by
Publishers Association, the
Newspaper
measure
as
a
all in
menace to
actually happen if the Patman bill becomes
driven out of existence,
are
a
the
law:
there will be higher
...
will
a
been
has
be
in
the
general
their
on
If this bill
oars.
earning easier
decline
in
are
now
efficiency
Iowa and
stations in
gas
in
distribution just
elsewhere which
operated independently.
were
Without
and retailers will find it possible to rest a
competition, wholesalers
(3)
and
Texas, and the Texas Federation of Labor,
If the chain stores
more
passed
earners
chain
which
formerly operated by chains but
little
bad-
are
living.
what will
There
there
of
.
Labor, at its annual
State, have condemned his
own
prices.
(2)
as
the
State,
condemned
for
weapon
Even
Association of
see
volume
We may note,
landlordism
farmers
ownership system.
wage
of
and
taxation
of
a
standard
us
5,000,000
destruction
forms
absentee
Federation of
home
own
earners"
to
Patman'p
Nation's
Let
for
rivals."
Southwide
Mr.
the
Absentee ownership
agriculture.
in
from
competitor
so-called absentee
the
wage
Government
business
in spite of the fact
that
complaints from the managers and employees of the
any,
Patman's
Speaking
declared
bill
system
abuses
their
recently the American
in
bill.
of
from
not
chains under this
tion
and
apparently intended to suggest the evils suffered
are
tenant
complaints
very
before
than
greater
"absentee ownership."
They
odious
and
is
by independent retailers is gaining in proportions.
told
are
some
the
have
monopolies and that
are
of distribution continues to show that the number
census
retailers
sounding words.
under
flaming words that the chains
driving independent retailers out of business,
W.
tual
...
is passed,
these wholesalers and retailers
are other businesses that
.
will
.».
.
stand in their
way
prbfits.
Babson
Rebirth
Required
,
He
on
of
Umenployment Problem—Spiri¬
Employers and Wage Earners
Says
to
Put
Unemployed
Back
to
Work
put the final 3,000,000 unemployed back to work
a
spiritual re-birth
economic
on
wage-workers," said Roger W.
the part of employers and
Babson in addressing the
Philadelphia
on
Dec. 8, when he dis¬
Unemployment be solved?''
"By
the
on
Columbia
and
public from fraud and,
real
as
of
one
the
its
part of real estate operators,
earliest
drafting of
which,
estate
under
the
a
services
model
real
leadership
associations,
have
to
the
estate
of
local
become
calling of
license
real
the
Act
estate
basis
of
thinking of the good of the country
part:
unemployment.
one or more
having them.
brokers and salesmen
a
measure
for
the licensing
is expected to be before the
Legislature
session,.
Jan.
3,
1939.
1, has already been filed.
This
2.
A
bill,
which
will
bill will be introduced
be
by
part:
numbered
a
number
in
in
the
About one-third of our 9,000,000 unemployed
are
idle
of the following six reasons:
industry, while men are refusing to take their places
as
home.
Labor Unions which
are
forcing employers to install automatic machin¬
which temporarily throws more out of work.
3.
address stated, in
Women
workers
ery
Representative Patman in his
meet
President Roosevelt, however, has done nothing to eliminate the causes
1.
yet under 6uch legislation
whole, rather than
including employers, wage-workers, and investors.
These
people are now lacking faith in God and man. Only as their
faith is revived will new industries be developed, new mills
be built and this remaining 3,000,000 be put to work.
In his address, Mr. Babson, conceding that "President
Roosevelt has done many good things," went on to say in
for
protection afforded by real estate license laws in those States
as a
the temporary comfort and profit of us as individuals.
Men
do not work for bread alone and this applies to all classes,
to secure the
will
manufacturers,
Professor Nystrom, addressing the meeting on "The Fal¬
lacies of Anti-Chain Store Taxation," had the following to
for
States not
owners
,
practically all the existing license legislation in the field), pledged itself
to continue to assist its member boards and State associations
R.
persons.
designed to break the vast monopolistic chain Btore system
the United States into smaller groups, and to confine the retail distribu¬
"To
formally
Congress
between
bill is
requires
the resolution points out.
11.
battle
a
uneconomic system.
an
spiritual re-birth," said Mr. Babson, "I mean the long-range
Such license Acts,
adopted in
Hawaii, have shown their value
estate
longer
owned stores.
a
recovery;
report under date of Dec. 3 said:
coming
much
a
sub-
commurtity life.
its
to
govern¬
After noting the adoption of resolutions
favoring the
strengthening of real estate license laws, an Association
at
the
1.000.000 people.
small
cussed the subject "Can
six
of
This is the direct opposite of the monopolistic picture.
voluntaries and cooperatives composed of individually
apply to
and would,
real
be
company
within which
years
agree
constitute
Benefits
7.
Penn Athletic Club in
In
to
6.
kind contemplated by the
proposed Patman Act is not in the public interest
of
holding
foi old age assistance.
buyers for their products.
occur
Now, therefore, be it resolved, that this Association express to members
Congress its conviction that the enactment of Federal legislation of the
now
They will not
one
Lower retail prices through clean competition.
if
legislation of the character proposed were enacted
by Congress and would
entail a widespread disorganization of commercial
property use and a conse¬
not
be
not insisting upon any certain
am
5.
Roger
.disruption
and
law.
a
under
Compensation by payment of taxes to State and Nation by absentee
who today are hogging valuable local privileges.
their
or
revenue;
boards
States.
hardly
companies, however, that will
willing
attempt to correct
an
inevitably discover that there
estate
I
be
does not
question
of
(the
will
and
•
Whereas, skilled management of chain store organizations has tended to
improve the character of retail districts, to stabilize land values and thus
real
operate;
United
It will, therefore, be" necessary for them
will
reorganization ;
The
units,
becomes
Employment for more than
tenants
page
is
the
the interstate chains have two
fact,
engaged in
Needed
We
license laws of the various States by raising the
qualifica¬
tions required of licensees both as to knowledge and as to
of
in
4.
waukee, endorsed resolutions strengthening the real estate
Whereas,
.
Reasonable security to small business men.
say,
The National Association of Real Estate
contributed
chain store
proposal
State corporations
2.
F. M.
Urges Strengthening of State
License Laws—Convention Adopts Resolution to
That Effect—After Hearing Arguments on Patman
Anti-Chain Bill, by Representative Patman and
Prof.
Nystrom,
Delegates
Approve
Resolution
Opposing Measure
Slate
retail
3.
American
Real Estate Association
relative to
they
.
State.
time;
chain
are
they
rsolutions
this
period of time.
the American Petroleum Institute, New York, was reelected
what
that those
reason
which
in
areas
companies
35
liquidate their unprofitable units.
standards
approved.
the
in
chain
owns
interstate
if
into
up
one
new
Vice-Chairman of the Standards Council.
and
the
dispose of their unprofitable units, which will be those outside
boundaries of
21
It. E. Zimmerman, Vice-President of
Steel Corp., was elected Vice-President
States
S. A.
apprentice
20
seriously
break
period
of the Standards Council, which is in charge of stand¬
lutions
about
are
American
Vice-President of the
as
ardization activities of the A.
of
chain
by this proposal.
the
Farmer, Vice-President of the Elec¬
trical Testing Laboratories, New York, was reelected Chair¬
centers
for
interstate
State.
one
Upon enactment into law, this bill will provide:
Association
United
of the A.
chain
of
year
been
have
Electrical
Council
paint field, several in the petroleum, and several
three
Standards
and
retail
being subject to the tax.
we
field.
for
1,500
without
Farmer,
Chairman
the
engaged
are
have acknowledgment by industry
have the confidence of industrial executives,
good;
we
Directors since 1935.
quent
restrict
to
decreasing.
are
to
our
Edmund A. Prentis of the firm of Spencer, White & Prentis, New York, was elected President of the Association at
the meeting.
Mr. Prentis, a trustee of Columbia University,
has
is
boundaries of
through taxation
allowed
enforcement
Association,
in
are
mental
proposal
.
Our bill proposes that
revisions
electrical
one
is
have
tried and found
bodies and
Reporting
man
approach
about
There
be
of
years
are
Laboratories
the
this
to the
or
are
affected
safety codes."
these
area
average
The
was
worth of the work;
24
object of
studied
chains
interstate
without.
have
regulatory
and
have
instead, they
this October," Mr. Barnum pointed out, "the American
years ago
methods that
the
of
this question believe it is the only safe constitu¬
problem of dealing with interstate chain stores.
No one can present reliable figures
showing that the number of inde¬
pendent stores has increased in lines of business in which the prominent
bringing together
interested
today reached
"We
attention
the
to
is
Association
cannot do
and
and
groups
"Twenty
called
the beginnings
which
Standards
of
also
to
diseases,
Committee
It
The
tional approach to the
building field,
tional
who
1938
including myself, from a numbed of States.
bill pending in the present
Congress.
It is numbered
smaller
a
method
10,
Congress,
similar
a
to
The
Dec.
of
9464.
stores
he said.
Mr.
is
R.
of
have,"
now
Members
There
request
representative
the trade that
protect
recent
a
a
Chronicle
is
"Industrial groups feel that
Argentine.
increase
even
in
Buenos
at
the
in
work
particular
Commerce
of
stationed
advisable
is
international
t
Loss of Foreign Trade through high tariffs, excess labor costs, and
"isolation" policies.
4.
High School Instruction which is creating the desire for an
without struggle or sacrifice.
easy
life
Volume
5.
Investing in
Johnson, organizer for the Packing House Workers' Organiz¬
ing Committee, said union men had voted unanimously to
return to work after officials of the Union Stockyards &
Transit Co. agreed to enter into a written contract.
The following, regarding the return to work of the strikers,
is from the Chicago "Journal of Commerce" of Dec. 5:
Legislation attempting, artificially, to fix prices, wages and
Foolish
hours of work, based upon socialistic propaganda which scares
people from
enterprises.
new
Constantly widening breach between the birth rate of the employing
6.
The unemployment problem will never be solved
and wage-earning strains.
until the
employing strain increases its birth rate, while those dependent
employing them reduce their offsprings.
upon others
3549
Chronicle
Financial
147
Approximately 575 workers will have returned to work today and opera¬
According to Mr. Babson "the cure for these six unfor¬
tunate factors will come slowly, although a return to normal
business will absorb a large proportion of these first 3,000,000
unemployed."
tions
expected to be at
are
"If
Gerard
Swope Says Engineers Should Work for Welfare
Man—Head of General Electric Co.
Calls New York State Unemployment Insurance
Law "One of Worst in Union" in Testifying Before
0.
he left off and report at
1.
the
that
"You're
under the
Act the
,
fected.
On Dec. 5 the piembers of Flint Local 581
voted to accept
negotiated by Homer Martin, President of
the U. A. W. A., and returned to work on Dec. 6.
The
following is from an Associated Press Dec. 6 dispatch from
Flint, Mich.:
■
the settlement
And
you
unless it is in¬
can't have that unless
involved.".
From Associated Press advices from
Asked whether self-regulation
State and
we
quote:
Directly
strike
"There has
The
never
been
a
or
indirectly more than 25 ,C00 workers were affected by the
of the
result
as
closely
geared
production
machinery of various
General Motors Corp. units.
Swope asserted that it was "not imposible
Mr.
Federal laws,
Albany
of industry was possible under the existing
but difficult."
time," he said, "when you could get unanimity
6,400
Fisher
plant force here, directly involved, numbers approximately
Buick operations were soon curtailed, however, and 14,000 of
men.
their workers became idle.
employers on the question of labor relations."
among
No. 1
line of the General Motors Buick division at Flint were af¬
"not
"entire burden is carried by the
in the administration of the Act.
of their money is
some
Fisher Plant in Flint, Mich., Ended—Wage
Dispute Involved 25,000 Auto Workers
at
America, a Congress of Industrial
Organizations unit, in a dispute over the demands of workers
in two departments of the plant for day wages instead of
piece-work rates.
At the start of approximately 6,400
Fisher employees and 3,000 workers on the final assembly
"worst in the Union,"
going to have any responsibility by labor
not
referred to
Automobile Workers of
employer," and added:
terested
were
Settlement of the strike at the Fisher Body Plant
entirely possible" under existing statutes.
declared
hours,
in Flint, Mich., was announced on Dec. 5 by the General
Motors Corp.
The strike was called on Dec. 2 by the United
of the National Labor
conception
the
Swope said mutual responsibility of employers and workers is
He
sole and exclusive bargaining agent for
Negotiations for settlement of the strike
our Dec. 3 issue, page 3392.
Strike
member whether he thought Government here is
Describing unemployment insurance law as the
Mr.
as
working conditions and other conditions of employment.
3. Sign a mutual agreement as a result of such negotiations.
Board is eminently fair."
mediation
agreeing to:
Recognize the P. W. O. C.
all appropriate employes coming within the category of the union.
2. Continue negotiations on the union demands regarding wages,
is "offered"
Relations
Board that the (labor relations) Act was only for the protection of labor,"
he said.
"I don't mean all agencies of Government are unfair.
The
by
his usual hour and place."
Prelude to the vote of the union to return to work was a written state¬
they're not."
shown
Henkle, General Manager of the Union Stockyards and Transit
T.
ment from the company
impartial" in dealing with labor and industry, Mr. Swope replied:
is
out of
in progress.
Roosevelt's commission
Sweden, said a
by the Government "but you don't have to accept it or be bound by
"There
was
Co. said, "The company is glad to have each man return to his post where
findings."
"Of course
days in which to
"The men refuse to work
in England and
labor relations
He told the Committee that in England and Sweden mediation
"fair and
again,"
affiliated
The C. I. O. union accused A. F. of L. men of attempting to
"scab" while the strike
"voluntary compliance" should feature industry-labor agreements.
Asked by a committee
Mr. Johnson also said that "approximately fifteen men"
the union."
Chairman of President
was
studied
stated that the company
with them," he said, "and we'll give the n ten days to join up or get
In
Swope, who
Organizing Committee,
days in which to reach the written agreement.
join the Committee for Industrial Organization.
taken:
recently
.
"historic victory" for workers in the
with the American Federation of Labor would be given ten
Gerard Swope, President of the General Electric Co., in
testifying before a New York State joint legislative com¬
mittee hearing at Albany on Nov. 30 declared that the
State's unemployment insurance law is "one of the worst in
the Union."
As the only witness before the joint legislative
committee studying industrial-labor relations and the worth
of the profit-sharing systems.
Mr. Swope asserted real
cooperation between employer and employee will not come
"by mandatory law."
This was noted in the Albany
"Times-Union" of Dec. 1, from which the following, is also
Mr.
as an
agreement isn't reached by that time, we'll call the men out
an
he said.
Working
Albany Committee
which
normal rate of activity.
packing industry, Henry Johnson, Assistant National Director of the
Packinghouse Workers
would be given ten
of
a
Hailing the company decision
meat
The interruption finally extended yesterday
Fisher Body Co., plant workers in Pontiac
Mich., and
This, he continued, was because of "fear of the law as it exists."
(Dec. 5) to 600
Discussing the sufficiency of profit-sharing systems to bring about co¬
today to approximately 5,000 Pontiac Motor Co. men in Pontiac.
between employers and workers, Mr.
operation
Swope said it "was not "
at
enough in itself."
"It
is
very
It
desirable,"
he
"and we—General
added,
of normal and that Buick was operating normally.
90%
practice it when there are any profits to share."
»
unemployment insurance fund is created through
an annual tax of 3% on employers' payrolls.
Speaking before the annual meeting of the American
Society of Mechanical Engineers in New York City on
Dec. 6, Mr. Swope said that the welfare of the working man
should be one of the principal aims of engineering, and that
The State
Much of the industrial strife of recent
selves.
ate of the Congress
and the goodwill of the
individual.
If this groundwork is well laid, then in time efficiency, as
well as the happiness and well-being of the individual, may be secured.
"In this way we can come nearer to the ideal that we have endeavored to
"This
build
means
up
patience and
socially, by
appeal to the
reason
having not only a political deomcracy butalsoan
industrial democracy."
of the
of the
work
engineer,
America was able before, during and
tration
days to shorten the work
Mr.
are
Livestock Handlers
Ending
still lie ahead of us."
Written Contract
strike
of
livestock
handlers,
which
when the strikers
agreement, pending
of
the
differences
had closed the
terminated
on Dec. 5
returned to work under a ten-day truce
Chicago stockyards since Nov. 21, was
further negotiations.
An adjustment
reached on Dec. 4, when Henry
was
corporation announced that it had received assurances from the local
union would penalize members responsible for the unauthorized
and any one
sought
leaders
Union
agreement
an
and
responsible for any future unauthorized strikes. The
increase in the piece-work rate.
company officials met last night and reached
an
the dispute that started Thursday
for settlement of
agreement was ratified overwhelmingly by
which was attended by 2,000 members, officials
The
No
mention of
the
wages
The
4,000
[Dec. 1].
the union meeting today,
said.
made in the agreement between the company
was
committee.
union
It
was
announced that any grievances would
usual procedure.
workers of the
Nash plant in Kenosha and
apprpximately 2,600 employees of the Seaman Body Co.,
Milwaukee, Nash-Kelvinator subsidiary, who had been made
idle because of the Nash plant strike, returned to work
on
Dec. 5.
.
of Manufacturers Adopts "Pro¬
American Progress" Co-Operation of
Industry and Government Necessary to Insure
Progress—Tax Revision Essential to Recovery
The National Association of Manufacturers which opened
its annual Congress of Industry in New York City at the
Hotel Waldorf-Astoria on Dec. 7, adopted unanimously on
Dec. 8 its "Program for American Progress," in which it
declared that "the first concern of business continues to be
recovery and jobs."
"America's progress" said the Pro¬
gram" "depends upon a united effort of industry, commerce.
National
gram
at Chicago Stockyards Return to
Strike—Company Agrees to Sign
Associated Press Kenosha
described this action as follows:
the
sit-downers
after the National Recovery Adminis¬
week materially, with increased wages,
"to accept the minimum wage and maximum hours
accomplishing the desired results
A
The
that
sit-down
be handled through
being imposed by law, without the
Work
advices of Dec. 3
Swope said, industry in
that
disruption of industry, such as has
occurred in other places where similar laws were put into effect."
"A beginning in Social security legislation has been made, but this work
has not reached a finality, either in scope or method.
Much remains still
to be done.
Greater understanding of objectives and better methods for
and now, again,
.
but agreed to withdraw its order
negotiations.
Dec. 3 pending
and
See Elasticity Demonstrated
Because
discharged the 300 men responsible
announced that it had
for the cessation of work,
on
'
of Industrial Organizations.
The union
5.
On Dec. 2 the company
voted to return to work on Dec.
well as to the machines them¬
sought.
a
4,000 work¬
ers into idleness, was repudiated on Dec. 3 by a vote of local
members of the United Automobile Workers Union, an affili¬
times, Mr. Swope declared, could
efficiency," he said, "this is not
the only factor to be considered.
Since industry is a part of democracy and
a democracy is made up of human beings, the development and education
of these human beings, to provide for their growth, happiness and well-being,
"Sit-Down" Strike of
Wis., Plant of Nash-
"sit-down" strike Dec. 1, forcing approximately
realized that their skill must be ap¬
"Although management must stand for
W.
unauthorized strike of 300 workers of the Kenosha,
The
...
must be
A.
Wis., plant of the Nash-Kelvinator Corp., who went on
''Times" of Dec. 7 said in part:
have been avoided had the engineers
Members
Repudiate
300 Workers in
Kenosha,
Kelvinator Corp.
U.
engineering skill should be applied toward the creation of an
industrial democracy within the framework of a political
democracy.
In quoting from his speech, the New York
plied to the men operating the machines as
Pontiac was
expected to resume work tomorrow (Dec. 7).
Co.—
Electric
,
announced this morning chat the Fisher No. 1 plant was operating
was
Association
for
Financial
3550
Chronicle
agriculture and labor in co-operation with the government."
This was prefaced by the statement that —
The United States is nearing the end of nine years of
development in its economic life.
Never before In our history has
•
a
being.
It has been
among us;
long
so
period passed without
a
re¬
high point in industrial production and individual well-
cording
new
sharply arrested
period of trial and difficulty for even the most favored
a
of distress and anxiety for the less fortunate.
Enterprise has been
discouraged, the flow of new capital reduced and employment retarded;
the resulting depression has
Dec.
"Permission to file consolidated returns.
"Corrections in the statutory definitions of net income. Improved treat¬
of inventory
ment
profits and losses, and simplification of depreciation."
At the Dec. 7 session Charles R. Hook, President of the
American Rolling Mill Company, pleaded for peaceful co¬
operation among government, labor and the management of
industry said the New York "Herald Tribune" which
observed:
Mr. Hook offered five suggestions of possible common ground on which
borne down heavily on the typical American
these three forces might co-operate, the major suggestion
family.
"What
dicated
industry suggests for America's future"
recognizing the necessity of unemployment relief,
obligation is to create healthy business by eliminating the
the
primary
of
causes
un¬
employment.
Desire for healthy business is not alone the interest of
the vital
likewise
industry, but is
of—
concern
being "increased
production to reduce unemployment."
Senator
follows in the "Program"
as
While
in¬
was
10, 1938
Every owner of a lot, a home, a farm.
Joseph C. O'Mahoney, Chairman of the Tempor¬
National Economic Committee, which is conducting the
Washington inquiry into so-called "Monopolies" addressed
the Congress on Dec. 8 at which time he stated that both
private monopoly and totalitarian control of business by the
State are equally objectionable to Americans.
In part the
ary
"Times" added:
The millions of industrial workers and all others who perform services,
and who together
Instead, he said, the efforts of government and people must be bent
receive 85% of the national income.
64 million holders of life insurance policies, since these are backed up
largely by investments in private business.
toward the preservation of competition in
Success
10 million individual stockholders in American companies.
business
6 million investors in building and loan associations.
Industry pledges its
best efforts in this
national
endeavor.
Including
operations and policies and full recognition of
own
these
of
to
efforts
"to draw
sometimes
To preserve
(2) Labor relations.
and
(4) Purchasing power.
sought
industry,
labor
and investor,
Stand in
"We cannot succeed
(7) Government economy.
gether in
(8) Government competition.
Under the heads "Business Responsibility" and "Govern¬
Business Responsibility
generally are
fixing prices, limiting
same
time retain the ad¬
producer
and
is
consumer
essential.
"Bewildering Crisis"
without the other," he said.
one
"We stand to¬
bewildering crisis with the world rushing headlong backward
of hatred
and force.
Ours is the
opportunity to teach
good-will can achieve
a
lasting prosperity."
3,600
rights
of
public.
the
Such
Employees of Chrysler Plant in New Castle,
Ind., Return to Work, Ending Strike
cus¬
tomers, employees and stockholders, and with recognition at all times of
policies
contribute
to
understanding,
Employees of the Chrysler Corp. factory in New Castle,
Ind., to the number of 3,600, returned to work on Dec. 5,
promote harmony and thus tend to increase jobs and raise living stand¬
ending
ards.
The
Industrial management should therefore—
Interest itself actively in the economic and social needs of the times,
1.
present suggestions to meet the problems involved, and tell the story of
industry's views and accomplishments to the public.
Publish
2.
financial
and
stockholders
frequently
simple and informative
other operations.
more
In order
to
maintain
quality
standards;
both
concerning
employees and
develop
and
ex¬
perimentation; make price adjustments as rapidly as improved manu¬
facturing processes and other economies will permit without injustice or
Injury to employees, creditors and owners, including stockholders.
4.
So manage its financial, inventory and customer credit
policies
5.
sound
relations
Conduct its business
with
its
employees
that it is at all times
so
as
a
forth
set
in
the local community in which it operates.
7.
Encourage effective functioning and co-operation of associations
consider community,
to
State and national problems.
function
of the
government
Laws
destroy
Private
citizens
private
*
business
when
enterprise cannot compete successfully
enterprise carried
on by government.
In the final analysis deficits
by government enterprise are always paid by the taxpayer.
If and when public enterprise is
undertaken, the field in which it is
clearly defined and shut off from the
area
in which
terprise is
The
Dec.
a
and
increasing
government
*
competition
with
private
more
of
to
get out
that co¬
the^ way of industry and those who believed
operation finally had become the only way.
In part the
"Times" also said:
The
cooperators prevailed
same
Manu¬
polls.
industrialists selected
most representative of American
manufacturing enterprise,
In the "Times" of Dec. 9 that
came to
a
program
of tax revision,
quote:
Recommendations of Mr. Spalding's committee for the tax
policy adopted
congress were:
question
did
not
or
intercorporate dividends.
"Taxation of corporate profits at
a
mention
the
measure
State legislation which
Kent, director of the Bankers Trust Co. of New York, told
the
convention
increase
an
most
the
important
The
Nov.
on
in
29
that
issuance
it
of
uncertainties
is
new
useless
to
securities
which
face
hope for
until
business
the
are
.
,
following regarding the meeting is from the New York
"Times" of Dec. 1:
"Parade
Most of the
day
was
given
of Progress Planned
over
by the delegates to
an
executive session,
at which Paul S. Willis was reelected President and resolutions
the
three days of
however,
gram,
discussions
was
a
were
of nationally-known
promotion
Cooperation
of
all
summarizing
adopted.
A feature of yesterday's pro¬
special luncheon at which 800 members and their
divisions
of
the
an
industry-wide "Parade of
brands to
industry,
be
launched
including
April
6.
manufacturers,
brokers, wholesalers, voluntary and corporate chains, organized independent
and super-market operators, was pledged for the project.
Tax
In
its resolution
on
Measures
discriminatory tax
measures
the organization stated:
"Industrial democracy is a fundamental principle of the American plan of govern¬
The application of this principle means freedom of business In ordinary
trade, subject to that legislative regulation which is required to maintain
uniform rate.
"Elimination of what is left of the tax on undistributed
profits.
"Elimination of the normai individual tax on dividends.
a
com¬
petitive order, to assure fair dealing and relationships, and otherwise to protect
promote the public welfare.
And the exercise of that freedom, subject to this
restraint, is essential to the economic and social well-being of the country.
or
"Therefore, Be It Resolved by the Associated Grocery Manufacturers of America,
Inc., that it condemns Federal or State legislation which Is purposed and effective,
whether directly or indirectly, arbitrarily to prohibit or limit any mode of business."
Senator Joseph C.
O'Mahoney of Wyoming, Chairman of
Economic Committee investigating
the Temporary National
monopoly, addressed the convention on the subject of "Gov¬
ernment and Business."
tax base.
on
attack
ment.
government finance of the National Association of Manu¬
facturers.
A vital feature of the
program is a broader in¬
come tax base said the "Times" from
which we also
in
Agree¬
adopted by the Congress
Industry on Dec. 8 after presentation of a
report by A. G. Spalding, Chairman of the Committee on
"The elimination of the tax
an
effective, either directly or indirectly, arbi¬
trarily to prohibit or limit any mode of business."
Fred I.
the
essential to recovery, was
"Broadening of the income
Con¬
Anti-Chain
resolution
grocers
as
American
by the
Opposing
Stores—Annual
is purposed and
they reported yesterday only by taking points
contradictory drafts submitted.
as
Batman
directly, but criticized "Federal
ment on the document that
viewed
the
Progress"
of the
10% margin that President Roose¬
velt seemed to have in the recent election
and opinion
The resolutions committee,
consisting of 63
out of
Resolutions
Chain
Addresses
guests cheered the announcement of plans for
in the resolutions committee
facturers Association by about the
union
Representatives
three-day convention in New York City, included
en¬
major deterrent to the flow of job-creating capital into business.
once
O.
Resolutions adopted Nov. 30 by the Associated
Grocery
Manufacturers of America, Inc., in the final session of their
Program adopted, said the New York "Times" of
9 it represented a compromise between those who
wanted to tell government and labor
Adopt
Bar
to
Hears
removed.
private enterprise functions.
Continuing
I.
its members
are
by Senator O'Mahoney,
Fred I. Kent, W. L. Thorp, and Others
economic.
own
when created
to operate should be
The C.
seeking 100% organization.
Aimed
vention
The
not
compete with its
in the production and distribution of the
things used by the people.
Government business will invariably
competition with it.
of Labor.
bill, which is scheduled to be
re-introduced during the forthcoming session of Congress.
is primarily political,
was neither conceived nor constructed to
Federation
Grocery Manufacturers
on
Government Competition
The
Congress of In¬
of the Die Sinkers Union said that negotiations on the ques¬
tion of affiliation of their organization with the 0. I. O.
would be continued further.
the
desirable citizen of
a
affiliate, and the Die Sinkers Union
98% of the plant's employees
claims that
following section of this program.
6.
been in progress since Dec. 1.
of a dispute between the
because
United Automobile Workers of America,
production, distribution and employ¬
be maintained continuously.
Maintain
had
closed
was
dustrial Organizations
to effect the maximum volume of
ment that can
strike which
and that it was
improve
of market research, technical research and
means
a
plant
of the American
statements
interest
directly in company problems and operations.
Consistently
products offered by
"
by
newcomers from the field."
the world that only a free progress governing themselves with tolerance and
that their human responsbilities in¬
aware
clude the operation of business with regard for the best interests of
of
Senator
Competition" the "Program" stated:
Business men
with
a
the doctrines
to
(9) Foreign trade.
in
by permitting
interference,"
"is the method by which trade associations
exploit the public
to
healthy competition and at the
(6) Taxes.
It
however,
Senator O'Mahoney maintained.
(5) Regulation versus control.
as
attained,
"government
wouid be to permit one element in society
vantages of large-scale business organization, the cooperation of agriculture
(3) Tools for more jobs.
3.
so
production or attempting to exclude
(1) Business responsibility.
the
while retaining
which will affect all others."
ruies
"This," the Senator said,
have
Industry's program includes specific suggestions with respect to:
be
cannot
itself without
regulate
O'Mahoney declared, for to do
its social responsibilities.
ment
form which
the public interest.
44 million saving depositors.
detailed review of its
a
the advantages of private enterprise at the same time would conserve also
O'Mahoney
said that
According to the "Times," Senator
business
in this country has
grown
great that State lines no longer exist and; therefore, the
Federal Government has been fully justified in regulatory
so
measures.
These
measures
at
present
are
not
aimed
at
Volume
Financial
147
restraining business, he said, but
are
designed to help busi-
Chronicle
able
been
?^SSA° exPan(*' ^ was noted in the "Times," from which
the
following is also taken:
In
instance
every
State
where
Federal Government, he
been
have
powers
turned
over
to
the
grown
said,
unable
have
we
Neither
been
business
the years, he went on, and business is no
to
with
cope
groups,
catering to a
Because of this fact, he
increasingly urban.
problem.
unemployment
the
problem, he said,
appealing for cooperation between government and business without hatred,
ill-feeling or name-calling as a means to solution of all problems and as a
means
to liberty, which he said was earnestly desired by 95% of the
government alone
nor
can
the
solve
people.
opening session
in part,
described,
was
follows
as
institute
An
devoted
maintained
annual
by
of
convention
food
to
the
Associated
the
dedicated to the
research,
industry,
food
indicated
effort
that
public health
the proposal laid before the
Grocery Manufacturers of America
The speaker also
industry should make "every reasonable and consistent
costs in order to lower food prices" as one objective of
in this
research
M.
convention
A.
Willis,
were
Hotel
the
G.
A.
discussed at the first day of the
Waldorf-Astoria,
M.
had gone over the dam" since 1908,
said that membership in the
today is the largest in its history.
adhered
manufacturer's
trade
Mr.
to,
operations
relations,
meeting which
President,
A.
.
.
Membership requirements in the Association in the
steadily
a
consumer
.
meanwhile have been
Willis said.
This requirement includes that a
must reflect good management, satisfactory
and
employee
relations, sanitary factory con¬
advertising, and the like.
ditions, properly labeled merchandise, truth in
another industry,
manufacture, C. S. Ching of U. S. Rubber Products, Inc.
rubber
were
addresses
on
the previous day as
follows:
Speakers at yesterday's session included W. T. Kelley,
the Federal Trade Commission, and Dr. Willard L. Thorp,
Studies of
Economic
principal
of Nov. 30 reported
chief counsel of
Special Adviser
of
new
securities, but for the like 1938
period of 1938 to $614,000,000."
Dr.
told
Thorp
the gathering
last half dozen years
the belief of former
that during the
something of a groundswell challenging
there has been
that large enterprises were efficient and were fairly desirable.
in sharp contrast with the theory held during the
years
said, was
people felt that the country was the gainer
when
This,
1920s,
by big business.
that the requirements of the Federal
amended by the Wheeler-Lea Act are plain and
Kelley in his address declared
Mr.
Commission Act as
Trade
susceptible of
in
commissioned
medical
and consultant with
and
the
all
misinterpretation and the Commission is fully
necessary
machinery for requiring truthfulness
no
implemented
and candor
advertising.
r
by Corporations of Stock of Competing Companies
Apply Where Less Than 10% Interest
Is Involved—Other Recommendations
*'
,
—Would Not
In its annual
report for the fiscal year
1937-38, submitted
officer
Wheeler-Lea
to
the
trative
law
is
a
Commission
Tbe
Clayton Act,
7 of the Clayton
Act to make unlawful the acquisition by any corporation, directly or
indirectly, through a holding company, subsidiary, or otherwise, of any of
the stock or assets of a competing corporation, when either is engaged in
Recommendation
interstate
is
renewed
for amendment of Section
present
Section
corporation of the
and
power
through such acquisitions shall be
halted in order to prevent
monopoly.
The
as
Commission's further recommendations are
and
Patman
and
The
Commission
collect
and
has
publish
been
Reports
proposal
is fully implemented
as
a
adviser
judicial and adminis¬
Government control of industries is
*
its
follows
as
outstanding
investigations: general
general
include
reported
under
General Investigations
and machinery Industry was com¬
and printed.
.
(2) fresh fruits, vegetables and grapes
Investigation of the agricultural implement
pleted and a report transmitted to Congress
Reports on the (1) agricultural income, and
investigations, completed in the last preceding year, were printed.
Investigation of the motor vehicles Industry was in progress at the
close of the
fiscal year.
was being
Inquiry into practices of certain newsprint manufacturers
the request of the Attorney General at the close of the year. .
► The annual report contains brief descriptions of more than
made at
100J general investi¬
u'hi'
1915.
General Legal
Work
investigations in pre¬
and desist from unfaiy
practices, and issued 305 complaints and 246 orders to cease and desist.
Two hundred and eighty-eight of the complaints charged violation of
Section 5 of the Federal Trade Commission Act prohibiting unfair methods
of competition and unfair or deceptive acts or practices in commerce.
approximately 1,800
completed
Commission
The
approved 576 stipulations to cease
liminary cases;
Robinson-Patman
Anti-Disorimiriation Act
of the Robinson-Patman Act, on June 19, 1936, the Com¬
instituted 515 field investigations of alleged violations of • the
Since passage
mission
of
486
statute;
reinvestigations
and
matters
number represented separate cases while 29 were
supplemental inquiries.
As of June 30, 1938, the
345 investigations, of which 321 were separate
supplemental inquiries.
Twenty formal complaints charg¬
this
or
_
had completed
Commission
24
issued during the year.
cover a wide range of producing and dis¬
tributing industries and of commodities, and provide a substantial crosssection of pricing and merchandising practices in current use.
.
.
.
ing violation of the Act were
The Robinson-Patman cases
the Courts
Cases in
successful in 18 cases
of these were before the United
Commission
The
Fourteen
courts.
was
before various Federal
States Circuit Courts of
the United States District Courts, and two before
United States.
Commission was unsuccessful in four other cases brought before the
States Circuit Courts of Appeals, although it was sustained in
these upon appeal to the Supreme Court.
Appeals, two were before
the Supreme
The
United
of
Court of the
Associations
of the
export trade associations organized under provisions
Webb-Pomerene or Export Trade Act had papers on file with the
mission as of June 30, 1938.
Shipments by such associations in
increased approximately $50,000,000 over their exports in 1936.
Forty-four
Periodical Advertising
Radio and
Com¬
1937
„
Review
and magazine advertising for false and
disposition of cases resulting from sue
continued by the Commission through its Special Board of
now known as the Radio and Periodical Division.
Examination of radio, newspaper
scrutiny
representations and the
was
Trade
Trade
practice
promulgation of rules
estimated to be more
Tbe
Practice Conference
conference
for 11 industries
members of tbe
Proceedings
the stage of final
having an annual volume of sales
proceedings advanced to
than a billion
dollars.
Commission are:
Garland S. Fergu¬
Carolina, Chairman; Cbarles H. March Minne¬
Ewin L. Davis, Tennessee; Williata A Ayres, Kansas
of Nortb
sota;
the
Com¬
and Robert E. Freer, Obio.
Chairman Ferguson is
Commission's representative on the National Economic
mittee conducting
the monopoly investigation.
sioner Davis is the Commission's alternate
Commis¬
representative.
Maloney, Member of New York Stock
Last 29 Years—Served on Board of
of Exchange from 1919 to 193/
Death of Peter J.
Exchange for
Governors
Maloney, a
Peter J.
member of the New
York Stock Ex¬
and a Governor of the Ex¬
change from 1919 to 1937, died on Dec. 3 at his home in
New York City. Mr. Maloney was the senior partner of the
Stock Exchange firm of Block, Maloney & Co. He was also
a former member of the Chicago Board of Trade.
During
Mr. Maloney's term as a Governor of the Exchange he
change for
the past 29 years
served on the
committees of
Arbitration, Pu^"
Maloney was Vicefrom 1929 to 1930,
from 1930 to 1937. The
Admissions,
and Business Conduct. Mr.
Chairman of the Arbitration Committee
lie Relations
Chairman
and
of that committee
is from a
Stock Exchange
announcement in
Diftttcr»*
Maloney
was
nees
the
career,
Chicago
at the
Board
1875 in Chicago, Illinois. Following
public school, Mr. Maloney commenced
of 14 with Robert Lindblom & Co.,
ot
born June 22,
graduation from Chicago
identified for many years with the
current industry reports, and
who will act
investigation of radio and periodical advertising:
Mr.
follows:
Periodic Industry
to
indicated
In
the Federal Trade Commission, Clayton, RobinsonWebb-Pomerene Export Trade Acts, trade practice conferences
activities
following
,
Com¬
1938.
amended, the
Competition Abroad
indicates
activities
Outstanding
legal
commerce.
7 declares to be unlawful the acquisition by one
capital stock of a competing corporation,, and in the
case
of holding companies, of the capital stock of two or more corpora¬
tions competing with one another, where substantial lessening of competition
may result.
It does not prevent the acquisition of physical assets with
similar results.
Elimination of competition by acquisition of physical
assets is a method increasingly employed by corporations.
The Commission suggests that Section 7, if amended as recommended,
should not apply where the corporations involved control, in the aggregate,
less than, 10% of the total output of any industry or branch thereof in the
United States, or of the sale of a commodity as to which the corporations
are in competition, unless the effect of the acquisition may be to restrain
competition or tend to create a monopoly in any line of commerce.
This amendment would have the advantage of creating a positive legis¬
lative standard, defining the limit at which corporate accretions in size
At
Trade
21,
activities during tbe year:
son
Regarding its proposal as to changes in the
as
dominions during the last year or more.
or
apparent in many of these summaries.
Investigation,
»
March
brief review of legislative,
The trend toward
presented.
Section 7 of the Act.
The report discusses the President's recommendation that a
Government bureau should collect and publish current statis¬
tical and other information regarding market conditions and
he in a position to warn against the dangers of temporary
overproduction, excessive inventories and other conditions
the Commission says:
per¬
comprehensive picture of world trends in trade and industrial
A concise and
misleading
affecting the welfare of business.
the
of
be
pertaining to business and industry as enacted or promul¬
measures
Nov. 29, the Federal Trade Commission renews
its recommendation for an amendment to the Clayton AntiAct, broadening the scope of
of
Act
Commission,
Laws and Unfair
contains
to Congress
Trust
Federal
amendments to the
the
Export Trade
Report of FTC—Recommends Amendment to
Clayton Anti-Trust Act to Prohibit Acquisition
appropria¬
it
respect to all matters relating to food, drugs, devices
Trust
one
Annual
that
cosmetics.
pointed out that in the first 10 months of
$224,000,000
of
Director
Congress
Surgeon General of the United States Public Health Service has detailed
the Department of Commerce.
1937 the railroads
period only
$15,000,000.
"The issuance of new corporate securities comes about
because business and industries in the United States wish to expand to
meet expected future needs or for the purpose of establishing new enter¬
prises," he said.
"During the 1920s average new issues a year were about
$7,000,000,000.
For the first 10 months of 1937 the total of all new
capital issues was only $962,000,000, and this dropped for the same
Kent
Mr.
issued
lack
the
advertising provisions of the Act
discussed by a representative from
"Wall Street Journal"
The
with
connection with the false
of
However, it has not
of
to
the Federal Trade Commission Act
in
gations conducted by the Commission since
Labor RelationsLabor relations
committees
principal
contained
as
anniversary of the Association.
"plenty of water
Remarking that
Association
at
the thirtieth
also marked
S.
field.
industrial relations
and
Consumer
G.
the
food
cut
to
scientific
he
Act
was
yesterday by its general counsel, Charles Wesley Dunn.
on
lists the
report
times
activity.
gated in 32 foreign countries
in the New York "Journal of Commerce" of Nov. 29:
Paul
The
mission
because
different
at
appropriation
mitted to undertake 6uch
The report
The
the
to
effectively
powers
recommended
Amendment of
Most trade is done through centralized
population which has
A.
Budget and
perform this work.
to
powers
these
use
has
[Senator O'Mahoney] asserted, it was solely for the
Conditions have changed with
longer local.
and
to
and
tions,
of stabilizing and helping business.
purpose
3551
with expressly granted
age
of Trade.
He remained
with that firm until 1893,
3552
when
he
Financial
became
Board
Chicago
associated
Trade.
of
John
with
In
C.
Roes
Mr.
1899
&
became
Maloney
Finley Barrell & Co., for whom he acted
as
"pit," and in
to membership
Stock
1909 he was also elected
Chronicle
associated
in the
10.
1938
Praised for Work in Japan
with
His work in Tokyo was an
wheat trader in the Chicago
a
Dec.
Co., also members of the
outstanding journalistic accomplishment.
Mr.
Stone wrote:
New York
At Tokio, very early in his service, Mr. Egan established a relation with
the Government which was easily more intimate than that of any other
Exchange.
jcurnalist.
Will of Clarence H. Mackay Head of Postal
Cable Corp.
Probated
His high sense of honor, his administrative ability and his tact
were appreciated
and soon won hin the confidence and esteem of the
Japanese authorities.
He was given official reports from the generals in
the field several hours ahead of any other correspondent and his wishes in
regard to the treatment accorded The Associated Press men at the front
were respected in a remarkable manner.
Telegraph &
will of the late Clarence H. Mackay, head of the
Telegraph & Cable Corp., who died on Nov. 12, was
probated in Surrogate's Court at Mineola, N. Y., on Dec. 7.
Mr. Mackay left $2,050,000 in cash or securities to his wife;
$25,000 each to one friend and eight grandchildren, and the
rest of his estate to be divided
equally among his three
children.
His house in New York City is left to his wife.
The value of the estate was not given in published
reports.
The death of Mr. Mackay was reported in the "Chronicle"
of Nov. 19, page 3103.
In announcing the filing of the will,
The
His cordial
Postal
the New York "Sun" of Dec. 7 said:
To
his
cash
to
in cash
widow,
be paid
or
the
$2,000,000.
Ellin
as
well
Mackay
writer and
song
former
Anna
Case,
the singer,
as
or
other
two
left
receive
the Mackay town
house at
furnishings with certain stated exceptions.
wife of Irving Berlin, the widely known
children
will
share
Mackay's will which
equally in the residuary
filed in Mineola Sur¬
was
rogate's Court today.
John who,
This
were set
forth in the will in behalf of Mr. Mackay's
with his two sisters, was the child of Mr. Mackay by his
first wife.
The will directs that John Mackay shall receive certain of the
New York city household furnishings upon Mrs.
Mackay's death and that
he shall receive the household
Arthur by the
farm machinery, books, prizes, trophies,
family portraits and other items on
Mackay estates at Harbor Hill and Gardiner's Island, L. I., and the
Deep River Lodge at Jamestown, N. C.
In
codicil dated July 7 last, Mr. Mackay
children the sum of $25,000 each.
a
bequeathed to eight grand¬
The
Mr.
Mackay said in his will: "I earnestly request my children to
as
far
me and my
as
they
5,
1904,
described
as
story concerning the siege of Port
news
agencies had any official report.
the scene,
at
man
arrangements for transmission.
9,500 words
ran
The dispatch
as
published.
by Richmond
sent
was
but Mr. Egan made the
He first wanted to charter
a
steamer
to
take the dispatch from Port Arthur to Chefoo, but the Japanese
objected
countered with an offer to have a dispatch boat carry the
message
90 miles "at their leisure."
and
Flew Own Flag on Junk
This
not
satisfactory to Mr. Egan and he pressed the Foreign Office
and obtained permission to send it on a junk which carried a white cotton
was
flag bearing his initials, M. E.t in red.
The transmission cost of that
one
story was $1,783.
Mr.
Egan had also covered the Boxer uprising, the Philippine insurrec¬
tion, the assassination of President McKinley, the American tour of Prince
Henry of Prussia, the American and Canadian tour of King George V, who
then Prince of Wales; the trial of William Haywood at
Boise, Idaho,
and the Portsmouth peace conference.
He had also headed The Associated
Press bureau in London.
are
pre¬
able any heirlooms which they may inherit from
mother and hand them down
as
far
as
may
be practicable to
He returned to Manila in 1908 to become publisher
and editor of The Manila Times.
to become associated with
He
back to this country in
came
J. P. Morgan & Co.
.
.
1913
.
When Henry P. Davison, another Morgan partner, became the head of
the American Red Cross
to
during the World War he asked Mr. Egan to go
Mr. Egan served there until shortly before the
Washington with him.
in
war
1918, when he became
Pershing in France.
grandchildren are John William Michael Mackay,
Mary Rose
Mackay, Marie Louise O'Brien, Katherine O'Brien, Morgan O'Brien Jr.,
Mary Ellin Berlin, Linda Berlin and Elizabeth Berlin.
serve
a
4,385 words of cable and
14 hours to transmit.
Smith, The Associated Press
end of the
$25,000 Each to Grandchildren
,
Japanese before other
The story was
It required
furnishings, silver, automobiles, livestock,
the
the successful transmission of
was
was
Additional bequests
son
Nov.
on
"one of the notable achievements in the annals of American journalism."
$50,000 in
she
other securities, an additional
all its
Berlin,
estate, according to Mr.
he
He also directed that
Mrs. Mackay also is to receive
East 75th street
Mrs.
the
to her immediately.
equivalent in stocks, bonds
relationship with the Japanese Government enabled him to
accomplish what the New York "Times"
a
civilian aide to General John J.
After the armistice he returned
to the
United States
and resumed his duties with the Morgan firm.
Mr.
Egan
was
member
a
of the
Players,
India House,
Dutch Treat,
Coffee House and Brook Clubs in New York;
Metropolitan Club at Wash¬
ington; Savage in London; Tokio Club and University Club in Manila.
Funeral services were held yesterday (Dec.
9) in St. James
Church, 71st Street and Madison Avenue.
The following is the list of
honorary pall bearers:
s
General John J.
Pershing
John T. MeCutcheon
their descendants with the same
request.
"I give," says the will, "devise and
Edward W. Harden
A. E. Thomas
Wallace Irwin
James
remainder
James Preston
bequeath all the rest, residue and
of
my
estate,
of
every
situated, which shall belong to
me or
kind
and
description,
and
wherever
be subject to my disposal at the time
of my death, as follows:
"To divide the
of mine
same
into
as
many equal parts as there shall be children
surviving, and children of
mine who shall pre-decease me
leaving
descendants
me
surviving, and I give, devise and bequeath one of such
equal parts to each such child of mine me surviving, and one of such
equal
parts to the descendants me surviving collectively of
any such deceased
child of mine, in equal shares,
per stirpes and not per capita."
Mr. Mackay explained his failure to
include charitable bequests in his
will by stating that
during his lifetime he had made liberal donations to
charitable, civic and philanthropic institutions.
"I desire," the testament
said,
"that my legatee
free to do likewise without
any special direction
or
or
New
York
are
Mr.
Mackay's
son
and Frank L. Polk,
City, and Milton
Blackmar, of 31 North 22nd Street, East
The Guaranty Trust Co, of New-York
City was named as
contingent executor, to act if, through death, the number of executors is
Orange, N, J.
reduced to two.
"
•
Death of Martin Egan of Staff of J. P.
Morgan & Co.—
Those Serving as
Honorary Pall Bearers
Martin Egan, a member of the staff of J. P.
Morgan &
Co. for 25 years, and a former war
heart attack
correspondent, died of a
City on Dec. 7. Mr.
at his home in New York
Egan, who had been
66 years of age.
in
failing health for five
years,
was
Thomas W. Lamont issued the following
Morgan & Co. regarding the
statement at the offices of J. P.
death of Mr. Egan:
Martin Egan had been
loyal and devoted member of the firm staff for
25 years.
With an intimate
knowledge of the Far East and of many other
lands, gained through his long journalistic
experience, Mr. Egan had a
a
world-wide host of
friends, who were devoted to him and found joy in his
wit and whimsical humor..
Every member of our firm had for him the
highest esteem and warmest affection.
It was noted in the New York
"Times" that officially
Mr. Egan was a liaison officer between
the firm and the press
and public, but
actually his function in the banking house
was much broader.
He accompanied Mr.
Lamont, a partner,
to the Orient when the
Chinese Consortium was arranged.
Mr. Egan, who was born at
Martinez, Cal. on June 18,1872,
was the son of James and
Mary Canty
Egan. He studied
law, but, although admitted to the bar in California in
1898,
he did pot practice,
entering newspaper work as a reporter
for The San Francisco Chronicle.
his activities, the "Times" said:
In its further accounts of
then returned to the
United States to become New
York correspondent of The San
Francisco Chronicle.
Mr. Egan left The Chronicle to
join the staff of The Associated Press and
the outbreak of the
Japanese-Russian War found
of the bureau.
him in Tokyo in charge
Melville Stone, in his book
on
The Associated Press, says:
Long before the trouble between Russia and Japan had reached a
critical
stage I Ordered Mr. Egan, then of our New
York office, a gentleman of
wide experience and rare
ability, to Tokio to establish
bureau.
Vernon Munroe
George Barr Baker
Arthur M. Anderson
Robert H. Patchin
Charles K. Field
Julian Street
International Conference of American States
Opens at
Peru—Secretary of State Hull Confident
Meeting Will Mark Another Significant Mile¬
stone in Inter-American
Solidarity
The eighth International Conference of American States
Lima,
that
opened at Lima, Peru, yesterday, Dec. 9, under the chair¬
manship of Secretary of State Cordell Hull. Secretary Huil,
who arrived at Lima
that
Dec.
on
7,
out a statement
gave
day in which he expressed himself
on
"confident that
as
under ^the wise and statesmanlike
guidance of the Govern¬
ment of Peru the Eighth International Conference of Amer¬
ican States will mark another significant milestone in
ing."
Secretary Hull added:
look
I
those
and
forward
with
to
the
be
making
the
is
peoples,
I
greatest pleasure to
renewing friendships with
privileged to work at previous conferences
We are seeking common objectives on
been
friendships.
new
fair
and
the
have
assumption that
advantage of each of
that
in
we
sultation
with
whom
general
to
It
the
toward inter-American solidarity and understand¬
progress
is
for
the
good
common
will
spirit that,
with the sympathy and support of all of bur
hope to carry forward our program of cooperation, con¬
may
and
what
us.
friendship.
Under date of Dec. 8 Associated Press advices from Lima
said:
A_ series of
United
States
strated
with
that
informal conferences between Secretary Hull, chief of the
delegation, and heads of the Latin American groups demon¬
they
taking
were
President
Roosevelt's, solidarity
proposals
deep seriousness.
Some
enact
among
concrete
Europe,
but
it
the
Latin
measures
appeared
American
against
believed
envoys
political
and
that Secretary Hull
the
conference
cultural
himself
was
invasion
could
from
feeling his way
gradually and cautiously.
By
the series of
informative talks he began last night soon after his
the Secretary was said to be sounding out the attitude of all the
delegations before deciding to present any specific project for a
united hemisphere.
arrival,
other
Secretary Hull in*a radio address on Dec. 8 over an
Broadcasting Corp. program, shared in by Foreign
National
At the outbreak of the
Spanish-American War he was sent to Manila,
arriving there shortly after the battle of May 1. He remained until
the fol¬
lowing October and
Seward Prosser
Sir Willmott Lewis
Mitchell D. Follansbee
Junius 8. Morgan
beneficiaries be left
Secretary of State; William J. Deegan, of 975 Park Avenue.
*
Major Frederick C. McConnell
Allan Lindley
General William Mason Wright
John O'Hara Cosgrave'
Leffingweil
George Whitney
suggestion from me."
The New York "Herald Tribune" stated:
The executors of the estate
former Acting
Stanley
Lamont
Thomas W.
Russell C.
an
independent
Minister Carlos Concha of Peru, said, according to a cable¬
to the New York "Times":
gram
The
the
and
forthcoming conference must attempt "to secure peace throughout
and, as a corallary, preservation of our American institutions
world
our
of all
system
of
international
relations
based
upon
peaceful settlements
international disputes," in Mr. Hull's belief.
"We
are
continent,"
that, peace
ment and
determined
he
is
declared,
a
make
that
more
peace
"and
matter of
we
concern
effective the
shall
are
to
in
all
be maintained
agreement
of
measures
us.
We
on
that
shall
the
any
seek
American
menace
to
to
imple¬
already adopted to that end."
Volume
Financial
147
The cablegram also said:
Senor
Concha
Peruvian
maintenance
of
Concha
majority in
and
that
tion
to
defense
a
of
the present
by
govern
country," he said,
our
attributing
Government
his
and
the
to
Peruvian
"try
people
had
the
backing
of
"an
Government's educa¬
the
with pride to
highways, betterment of the indigenous population, irriga¬
Secretary
of
and
destitution.
of
State and
delegates
other
spent
busy
a
day paying
Rufus
a
way,
As
the
the
delegations of 21
United
conference,
shape
and
project
a
the conference got under
State
for
Department
existing
into
agreements
peace,
conciliation
duties in
Hie
He was ap¬
President
Roosevelt
Ecuador and the United
ground of political and
economic developments:
States recently
and
Secretary
American
nations
a
to accept
invitation to the coming meeting at Lima,
an
Peru, to which Mr. Hull and the other United States
aboard
the
"The
the
Clara..
liner, Santa
Mr. Clarke, who will assume his new
Mortgage Corporation, the two units having
vision over the Farm Credit Administration's
delegates
long-term farm mortgage field.
Nominating
Committee
of
of
13
District
Investment
Conference, Inc., Names F. Dunne
N. P. Hallowell for Governing Committee
The
Committee of District No.
Nominating
13 of the
Investment Bankers Conference, Inc., has nominated for the
Governing Committee Frank Dunne, of Dunne & Co., for a
succeeding term, and N. Penrose Hallowell. of Lee Higginson
Corp., to succeed Joseph R. Swan, of Smith, Barney & Co.
District
No.
13
embraces
the
States
New
of
York, New
Jersey and Connecticut. Members of the nominating com¬
mittee are John J. McKeon, of .Charles. W. Scranton & Co.,
New Haven; Meyer Willett of Willett & Bristol, New York;
and Pierpont Y. Davis, of Brown Harriman & Co., Inc.,
New York, Chairman.
to
contribute
trade
a
in
traveling
The basis exists
the American nations, and it is my sincere desire
possible way to the further • stimulation of that
among
every
trade.
this
"In
and
other
in
matters
inter-American interest,
of
v?orking with the representatives of Ecuador
for
good."
common
our
I anticipate
for those measures which are
,
♦
Chicago Association of
R. E. Bard Elected Chairman of
Stock
Firms—Other Officers and
Exchange
Gov¬
Named
ernors
At the annual meeting of the Chicago Association of Stock
Exchange Firms and the meeting of the Board of Governors
of the Association held Dec. 2, the following officers and
Governors
elected:
were
Roy E. Bard, Sutro Bros. &
Chairman
Co.
Thomas E. Murchison, Paul H. Davis & Co.
Vice-Chairman:
♦
Treasurer:
Leonard M. Spitzglass, Stein, Brennan
Secretary:
Dinner
James A. Cat heart, Harris, Upham &
Governors to serve three years:
Philip A.
Committee to serve one year: Ralph Chap nan,
Lizars &
Rawson
Lizars,
Hummer, Wayne Hummer & Co.,
Co., Frank M. Murphy, Harris,
Talcott, Potter & Co.
Wayne
Co.,
&
Chapman
G.
Rawson
by
.
Burrows & Hicks, Merrill W. Tilden,
^
Joseph A. Rushton, partner of Babcoek, Rush ton & Co.,
is the retiring Chairman, having served in that capacity for
York
.New
State
Savings
Loan
Industrial
Creates
Committee—Announcement
Consumer
Made
by
Watts
H.
Charles
Corp.
of
formation
The
announced
Beneficial
by
week
this
Charles
H.
Watts,
President
of
Corp. and its subsidiary, Per¬
Tlie function of the new committee, he
Loan
Industrial
Finance Co.
sonal
Consumer Relations Committee was
a
said, is to advise the officers and directors of the companies
under the Beneficial management on the needs of the gen¬
of consumer finance.
The public
point of view, he continued, should be "ably represented in
our management and policy-making groups."
In indicating
public in the field
eral
plans respecting its Consumer
says:
'
.
.
Relations Gouncil, Mr. Watts
'
,
Out of 105 banks present
to
organization,
wide
constituted
President,
that
and
we
at
present
Chairman;
director;
personnel
general public in the
of the
order
as
the
Finck,
IL
David
C.
legislation: 23 banks voted that additional legislation should not be sought
and 7 banks did not vote.
Twenty banks stated that their, boards had
additional banks stated that they
banks stated definitely that they
and 24 banks
C.
time, leaving the
no
question open as to whether they might engage in the
life insurance under any plan. Nineteen banks expressed
opinion as to whether their
The matter is now
Association for further
important
policy-making and management groups of this
consideration and appropriate action.
law, authorizing savings banks in New York
issue life insurance policies, becomes effective Jan. 1.
The present
State to
Signing of the bill by Governor Lehman
ABOUT
ITEMS
a
BANKS,
the
Eicher,
in the
former
in as a member
on
adoption of the Public? Utility
TRUST
COMPANIES,
&c.
meeting of the Board of Managers of the
24 and Saturday,
Dec. 31, 1938.
«
the Temporary National Economic Committee,
so-called "monopoly" committee.
Mr. Eicher was active
bership
last April 6 was
New York
Coffee and Sugar Exchange held Dee. 7 it was decided to
close the Exchange for trading purposes on Saturday, Dec.
At
field.
Representative from Iowa,
of the Securities and Exchange
Commission on Dec. 2.
Following this Mr. Eicher resigned
as a
member of Congress.
His term would have expired
when the new Congress convenes in January.
His resigna¬
tion from Congress automatically removed him from mem¬
€.
banks would participate.
being referred to the competent Committees of the
consists
in as Member of SEC—Resigns as
Representative in Congress
sworn
would not participate under a central plan
future in the sale of
V.
Eicher Sworn
Edward
was
of operation and the officers of 28
would recommend participation. Eleven
indicated that they would not so participate at the present
Five officers of the
E.
■
of the 134 in the* State, 75 voted to seek such
Dr.
advising us constantly upon the needs of the consumer, in
may more efficiently and economically be of service in this
most
the Association, in an
said:
noted in these columns of April 9, page 2300.
of Leon J. Ingram,
M. R. Neifeld, economist;
Smith, advertising manager;
F. C. Elbell, sales manager, and Alexander Williams, consumer relations
counsel.
All of these men are in constant touch with the public and, as
members of the Council, it will be their duty to act as the representatives
Council
The
assistant
*
Banks Association of the State of New York,
at a special meeting held Dec. 5 at the Waldorf-Astoria
Hotel, New York City, voted to seek permissive legislation
at the next legislative session to make possible a central
insurance association«form of operation of savings banks life
insurance in addition to the provisions of the present law. In
The Savings
already agreed to support a central form
'
Association to Seek
of Operation for
Banks
Legislation for Central Form
Savings Banks Life Insurance
announcement issued Dec. 6,
Relations
■
Benson, President of the American Bankers
President of the Dime Savings Bank of
describing the results of the vote,
three years.
Beneficial
,
Brooklyn, and Henry R. Kinsey, President of the National
Association of Mutual Savings Banks and President of the
Williamsburgh Savings Bank, were given a testimonial
dinner on Dec. 5 at the Waldorf-Astoria Hotel, New York
City.
The dinner, attended by over 900 persons, was
sponsored by the Savings Banks Association of the State of
New York to honor these men from its ranks, who simul¬
taneously hold two of the highest offices in the field of
banking, and also to honor others who have played important
roles in the history of savings banking in New York State.
Albert S. Embler, newly elected President of the State
Savings Banks Association, and President of the Walden
Savings Bank, Walden, N. Y., acted as toastmaster.
Dr.
Harold A. Stonier, Executive Manager of the American
Bankers Association, was guest speaker.
Oliphant & Co., Samuel J. Smith, Hulburd,
Chandler, Leonard M. Spitzglass, Stein, Brennan & Co.
Members of Nominating
Farwell,
Given
■
'
Henry R. Kinsey Honored at
New York State Savings Bank
Association and
Co., William McKenna, Jas. H.
&
and
Benson
& Co.
Whitney M. Sewart.
Warren
A.
Philip
Association
importance to large and small nations alike.
utmost
such
and
natural and prosperous international trade is of
development of a
for
are
super¬
lending activi¬
.
.
.
.
the
5
of
Washington about Jan. 1, will be associated with
trade pact, and Ecuador was the last of the Pan-
signed
on
3397.
Deputy Governor of FCA
Vice-President
Bankers
made during a brief visit to this country, had a back¬
statement,
by
operations of the Land Bank Division and the Federal
time the advices
same
over-the-counter
regulating
Deputy Governor of the Farm Credit Administration by
•
quoted stated that United
States delegates to the conference expressed the belief that
President Roosevelt's continental defense plan would be
adopted as a resolution, and not incorporated in a pact.
Items bearing on the proposed conference appeared in
these columns Nov. 19, page 3103 and Dec. 3, page 3396.
At Guayaquil, Ecuador, Dec. 4, Secretary Hull en route to
the conference pledged himself anew to efforts to stimulate
trade among the American Nations, according to the Asso¬
ciated Press, from which we also quote:
•
At the
Clarke,
the formal opening of
officials whipped into
Pan-American
accord.
one
It.
ties in the
nations assembled
States
coordinate
to
consultation
as
Commission
the
Governor F. F. Hill.
Farm
yesterday, Dec. 9,
the Associated Press said:
Act
Federal Land Bank of Columbia, S. C., was named on Dec.
the
attending various receptions in their honor.
From Lima
to
R. R. Clarke Named
immense
foreigners alike enjoyed the legal rights accorded
Maloney
Nov. 29, as was noted in these columns Dec. 3, page
maintained "absolute tranquillity,"
He said it
He pointed
relief
and
calls
who
men
the
markets—measures administered by the SEC.
regime of despotism and oppression."
a
declared
program,
official
the
the country."
Peruvians
works
The
the air
on
conscience
by civilized nations.
tional
time
3553
and
pointed
of
American
surprise
Dr.
his
1935
of
Government.
vain detractors
"In
to
devoted
Chronicle
Holding Company Act
have
Bankers Trust Co. of New York, who
completed a quarter century of
service with the bank,
has been associated with the bank
as
a
director and officer since 1900, were honored at a
dinner of the Quarter Century Club of the Bankers Trust
and John I. Downey, who
the University Club on Dec. 6. The officers who
completed 25 years of service with the bank and have
been admitted to the club are: John I. Downey, Vice Presi¬
Co., at
have
dent; R.
B. Galis, Assistant
Treasurer; C. G.
Haviland, As¬
John F. Rath, Assistant Secretary; H. L.
Simms, Comptroller; and F. W. Bristow, Assistant Treas¬
urer.
S. Sloan Colt, President of Bankers Trust Co. presistant Secretary;
Financial
3554
Chronicle
Co.
members of the Quarter Cen¬
new
Club.
♦
York,
Assistant Vice
and
James
Vice
from
Presidents
York Stock Exchange membership at
at the same
was
price
on
Club
Commodity
$71,000.
Dec. 2.
Mass., and
died at his home in Milton, Mass., on
Dec. 4. Colonel Spalding, who was 67 years old, was born
in Ithaca, N. Y., but moved to Cambridge with his parents
New
a
The previous
York
will
hold
City.
on
The
guest
Bell
»
Chairman of the Finance Committee
of New York University, has been elected a director of the
Fred H.
Hilton
appointed an Assistant Secretary of
Bank Trust Co., New York, at a meeting
of the Board of Directors of the company on Dec. 7.
also
Peterson,
York
National Bank
Cashier of
that bank
Mechanic's
appointed
the
Bank
the
at
time
it
in
was
1914, and
of
was
merged with
the
of
Brooklyn in 1926. Mr. Peterson was
Assistant Cashier of the Mechanics Bank after
an
in
and
merger,
of Jamaica
1929,
when
Mechanics
the
Bank
merged with the Brooklyn Trust Co., Mr. Peterson
ap¬
Assistant Secretary of the trust company. He
the company's Jamaica Office, 159-17
Jamaica Avenue, Jamaica.
pointed
an
been
has
located at
Thomas L.
Pryor, income tax specialist and head of the
Income Tax Department of the Brooklyn Trust Co. Brook¬
lyn, N. Y., died suddenly on Dec. 4 at his home in Brooklyn.
He was 58 years old.
Born in Mauch Chunk, Pa. on July
Chief of the Income Tax Division,
was
Bureau of Internal Revenue for the first New York District
for
several
prior
years
to
his
first
Brooklyn Trust Co. in July, 1929.
of
the
Committee
of
group
He
U.
was
S.
tax
of
connection
Mr. Pryor
Banking Institutions
specialists
enrolled
an
of
various
practitioner
with
taxation
before
the
'
4
cer
Jr.,
made
Vice-President
a
Dec. 8 that Charles E.
on
of
the
First
National
Spen¬
Bank
of
Boston, Mass., since March, 1920, is to be elected President
of the institution at
when
he
will
a
succeed
meeting of the directors
Philip Stockton,
who,
on
in
Dec. 22,
will
turn,
become Chairman of the Executive Committee.
Mr. Stock¬
ton has headed the bank since
1929, and was President of
the Old Colony Trust Co.
(the bank's affiliate) from 1910
to 1934.
The Boston 'Transcript" of Dec. 8
quotes him as
saying:
I
do not wish nor intend to
give less time or effort to the affairs of the
bank, but believe that Mr. Spencer is eminently qualified to fill the office
of
President and that
In
mentioned
Mr.
School
in
New
Bank
was
born
City,
the
in New
of
a
on
was
of Charles E.
and
the
Trust
Co.
of
State with
the National Bank
successively associated with the National
York, the National Bank of Commerce of
New
Waterbbry,
of
America
Conn.
He
of
has
New
been
a
York,
and
the
Colonial
Deputy Governor
of
the
Boston.
member of the Algonquin
Union
son
graduated from Rutgers Preparatory
then
was
of
League
Club
Executive Council of the
mittee
Brunswick, N. J.,
He
banking field in his home
He
Federal Reserve Bank
the
full executive responsibility.
President's career, the paper
"
Commerce
Co.
He is
he be given
new
1900.
Jersey.
of
Kansas
and
time
(Conover) Spencer.
He entered
Trust
is
says, in part:
Spencer
Sarah V.
of
it
briefly outlining the
of
Club, the Country Club of Brookline,
New
American
held
numerous
and
charitable
directorships of banks, telephone companies
institutions,
eral Public Service
among them being the Gen¬
Corp., and the Copley Square Trust Col
»
Alvin
V.
Lane,
Vice-President
a
of
York.
He
is
Bankers Association
a
member
and
of
of
the
the
Com¬
First
National
Dallas, Dallas, Texas, and one of the founders of
the institution, died in Galveston on Dec. 1.
He was 78
years old.
Born in New Orleans, La., Mr. Lane went to
Dallas in 1888 where with his father-in-law, the late Joseph
was
the
nucleus
of
the present First National Bank in Dallas.
At the time of
his death, among other interests, he was Treasurer of the
Dallas
Chamber of Commerce, Treasurer and a Director
Huey & Philip Hardware Co., Dallas Public Library and
the Museum, and a patron of the Smithsonian Institution
at Washington.
of
THE
Curb stocks
CURB
*
moved against the trend.
to move
gains
in
Aircraft stocks also
were
inclined
higher, Bell Aircraft and Lockheed showing modest
the session ended. Wide price changes wereapparent
public utilities and most of the mining ana metal
as
the
stocks
on
were off at the close.
Prominent among the changes
the side of the decline were Celluloid pref., 4 points to
,25; Consolidated Mining & Smelting, 3 points to 58; Gulf
Oil, 1 point to 37%; Jones & Laughlin Steel, 1% points to
3
of the
EXCHANGE
lower
during the fore part of the week
but the market gradually strengthened despite occasional
periods of irregularity due to profit-taking. Public utilities,
particularly the preferred stocks, were somewhat stronger
and aircraft shares moved forward under the
impulse of the
news from Washington that
Congress may be asked to appro¬
priate a special fund of $100,000,000 for the Army Air Corps.
Specialties were higher at times and mining and metal stocks
were irregular.
The turnover was light as the week opened,
but the volume gradually increased.
Except for some further gains in the preferred stocks of
the public utility group, curb shares continued to
sag all
along the line during the brief period of trading on Saturday.
The losses were not particularly
noteworthy, however, but
were largely in small fractions.
The transfers were down to
approximately 66,000 shares with 221 issues traded in. Of
these 96 closed on the side of the decline, 50 were
unchanged
and 68 were slightly
higher.
Specialties were generally
lower, mining and metal stocks and oil shares were quiet ana
aircraft issues made little change either way.
Lower prices prevailed in the main list on Monday but
there were a few scattered stocks in the industrial
specialties
and an occasional high grade issue in the utilities
group that
were
373^; Newmont Mining,
Banking Studies of the Association.
Winthrop Coffin, retired member
the
Bank in
the
Taxation, a
institutions.
on
banking
on
Treasury Department.
was
England Telephone & Telegraph Co., to enter the investment
banking firm of Estabrook & Co. as a partner, and contin¬
ued with that company until his death.
Colonel Spalding
secretary
was
-
Announcement
later,
Huey, he established the bank which
*
22, 1880, Mr. Pryor
commissioned
was
Upon his return from France after the close of the
Colonel Spalding resigned as President of the New
war,
was
was
he
of the Providence Telephone Co. from
Shortly after the start of the World War (in
a
Lieutenant-Colonel in 1917,
1919, being promoted to Colonel), he or¬
ganized the telephone companies' facilities for Government
an
City in 1875, Mr. Peterson joined the staff
the old First
President
years
use.
Assistant Secretary of the Brooklyn
Trust Co. Brooklyn, N. Y., died on Dec. 2 at his
home,
Ozone Park, L. I., N. Y., after a short illness.
Born in
New
was
which
two
——4
William
connected with the American
was
Subsequently, 1911, he was made Sec¬
a director of the Pennsylvania Bell
Telephone Co. In November, 1912, he was appointed Presi¬
dent of the New England Telephone & Telegraph Co.
He
1916 to 1918.
was
time he
the latter company.
—
the Corn Exchange
a
Telephone Co.
ond Vice-President and
Manhattan
Co., New York.
Mr. Payson suc¬
ceeds to the place left vacant by the retirement of John C.
Moore, it was announced in the bank's annual report, made
public Dec. 6.
For
of Boston., later joined the Bell Tele¬
phone Co. of Philadelphia as an engineer, and then rose
through several promotions to become General Manager of
Laurence G. Pay son,
of the
After preparing for college at Noble's School in
boy.
a
Harvard.
problems of agriculture.
Bank
World War veteran,
Boston, he was graduated from Harvard with an A.B. de¬
gree in 1892, received an A.M. degree in 1893, and a B.S.
degree in 1894 from the Lawrence Scientific School of
dinner
a
Dec. 15 at the Park Central Hotel, New York
speaker will be Carl Wilken, of Sioux
City, Iowa, one of the leading Western authorities on the
meeting
by Governor Coolidge, an office he held until
Philip Leffingwell Spalding, a partner in the
firm of Estabrook & Co., Boston, Mass., and a
banking
a
as
New
of
banking firm of Perry, Coffin & Burr, which spe¬
Colonel
*
The
#
World War veteran, died at his home in Milton,
Arrangements were made Dec. 7 for the transfer of
transaction
the latter company until
in the formation of the in¬
0
to
Assistant Vice President.
retary to
with
193S
1928.
Presidents; and Carroll J. Hester from Assistant Sec¬
Draper
remained
he resigned to join
Elevated Ry.
ing promotions of officers, made at the December meeting
of the Board of Directors of the bank: Thomas F. Bennett
F.
Coffin
vestment
Dec. 7 announced the follow¬
on
when
10,
cialized in the bond issues of electric public service corpora¬
tions.
In 1919 he was appointed a trustee of the Boston
the Continental Bank
Frederick H. Hornby, President of
& Trust Co. of New
Mr.
1898
sented mementos to the
tury
Dec.
2 points to 76%, and Valspar pref.,
points to 29.
Boston banking
investment house of Coffin &
Burr, Inc., died suddenly on
Dec. 2 in Winter Park, Fla. Mr.
Coffin, whose home was
in Brookline, Mass., was born in
Roxbury, Mass., 75 years
ago. He received his education at Newton
High School and
also for a time attended the
Massachusetts Institute of
Aircraft stocks moved briskly forward on Tuesday follow¬
ing the report from Washington that Congress may be asked
to appropriate $100,000,000 for the Army Air Corps.
Other
armament shares joined the rise and there was a fairly large
representation of the regular market leaders on the side of
Technology.
sales
While
a
resident of
Auburndale, he
was one of
a
group who developed the old Newton Street
Railway Co.
Later he became President of the
company.
The deceased
banker spent several years in the
chemical business, trans¬
ferring in 1888 to the electrical industry, and
ultimately
entering the employ of the Thompson Houston Electric Co.,
which subsequently was absorbed
by the General Electric
the advance
as
the session
came
to a close.
The volume of
higher than on the preceding day, the turnover
moving up to 234,385 shares, against 175,990 on the pre¬
ceding day. Outstanding among the gains were Celanese
pref. (1), 5 points to 90; Midvale Co., 5% points to 103;
United Gas pref., 5 points to 80; Childs pref., 3 points to 58;
Electric Bond & Share pref., 2 points to 63, and NilesBement-Pond, 1% points to 54%.
was
Volume
Financial
147
Stocks continued to move forward on Wednesday, par¬
ticularly in the morning dealings when the advances among
the market leaders ranged from 1 to 6 or more points and
several new tops were established. As the session progressed
considerable profit-taking appeared, especially among the
strong stocks of the opening hour, and some of the early
gains
were
canceled.
The transfers worked
to 252,190
up
shares, against 234,000 on the preceding day. Mining and
metals improved as Aluminum Co. of America climbed
upward 6% points to 123, followed by other members of the
group with smaller gains.
Aircraft issues were fractionally
higher and oil stocks were steady with modest changes on
3555
Chronicle
Dec. 2—First National Bank & Trust Co, in Asheville, Asheville, N. O.
Location of branch: Southeast corner of Brevard and Haywood Roads,
Sest Asheville, Asheville, N. C.
Certificate No. 1422A.
VOLUNTARY LIQUIDATIONS
Amount
D<^«2~;Th®First National Bank of Carpio, N. Dak
$25,000
L 1938.
Liquidating agents: Oscar Herum and
E. F. McGovern. both of Carpio, N. Dak.
No absorbing or
succeeding bank.
Dec. 2—The First National Bank of Rockland, Mich
Common
stock,
$25,000; preferred
stock.
37,500
$12,500.
Effective
Dec. 1,1938.
Liquidating agent: George Craze Jr., Rockland,
Mich.
No absorbing or succeeding bank.
CURRENT
NOTICES
the side of the advance;.
Light trading and receding prices were the features of
Thursday's dealings on the curb market.
Opening prices
were under the preceding close, and as the session progressed,
there was little or no change from the downward trend. The
losses were small, most of the changes being confined to
minor
fractions.
stocks
Aircraft
inclined
were
to
move
against the trend, Bell Aircraft climbing up to 27 %# at its
top for the day and Grumman Aircraft closed fractionally
higher. Public utilities were heavy, specialties were steady
and oil shares and mining
off on the day.
and metal issues
were
generally
TRANSACTIONS
AT
President of the
officers
First
elected
YORK
NEW
THE
CURB
EXCHANGE
William
Smith
Myers,
one
Foreign
Dec. 9, 1938
Shares)
Domestic
Monday
175,645
1,379,000
39,000
Tuesday
Wednesday
230,035
1,327,000
57,000
Thursday
Friday
225,920
1,770,000
1,315,000
42,000
•
252,315
1,435,000
1,393,000
,
12,000
1,850,000
1,338,000
179,394
1,262,000
24,000
44,000
1,330,000
1.128,864
„
Totai
$7,844,000
$192,000
$143,000
A
York
New
held
—Hoit,
1,128,864
1,107,232
44,930,910
100,032,357
$7,844,000
$7,042,000
The
since
218,000
$329,404,000
6,792,000
143,000
92,000
0,215,000
9,517,000
$8,179,000
_
$7,352,000
$342,411,000
firm
Foreign corporate.....
11,793,000
Vice-Presi¬
and
years,
Fred
Co.,
Walter
and
and
F.
Harold
B.'
Barton,
elected
were
&
Elmer
E.
directors for
plans
the National
as
alternates.
for participation at
Security Traders Association, to be
in August, 1939.
Troster,
the
in
Lee Sherman
arrange
announced
Crocker
the
that
National
First
firm
has
Bank
opened
Building,
San
a
Mont¬
1
and
that
been
specialists in the over-the-counter securities business
L.
Frank
has
Moran
been
appointed
local
equipment has been installed to facilitate over-the-counter quota¬
and
tions,
be
direct private wire to the New York office of the firm will
a
maintained
in
order
firm
offer
to
markets
dealers,
to
brokers
and
banks.
San Francisco office is
The
Other
offices
Mr.
maintained
are
Moran,
that
F.
city
for
Childs &
the
to be opened
the fourth office
in New
by the firm.
Chicago and Boston.
York,
representative in
the firm's
local financial circles,
in
San
is well
Francisco,
known
having been associated in the investment business
past
12
formerly
He
years.
associated
was
with
Co., Heron & Co., and Schwabacher & Co.
according
Oldenbuttel
the Bankers
has ben elected President of
the
to
made at the
announcement
Cashier
Assistant
is
and
Trust
Assistant
Ciuh of
annual meeting.
Officer
of
the
elected were: Vice
President, Daniel T. Rowe, Vice President of the Kings Highway Savings
Bank; Secretary, Austin Tohey, Assistant Vice President Bank of the
Manhattan Co.;
Treasurer, Chase L. Day, Assistant Vice President Na¬
tional
City Bank.
Next year the Bankers Club of Brooklyn will mark
the celebration of the twenty-fifth anniversary of its existence.
—Paul
Other, officers
Co., members of the New York Stock Exchange and
Davis &
H.
Brooklyn.
of
principal Exchangee, announce that T. P. Burke, formerly President
P. Burke & Co., Inc., of Indianapolis, has become associated with
T.
as
co-manager,
N.
all
of whom
Paul
Davis
H. Lauter,
associated
at Indianapolis.
The Burke firm was dissolved
been maintained in Indianapolis, Fort Wayne,
had
Terre
and
H.
Foster,
& Co.
Offices
5.
Bend
South
J.
Dalzell and
K.
Herman
P. Burke & Co., Inci, have become
also with T.
were
H.
Dec.
with Willis B. Conner Jr. of their Indianapolis office.
Charles
Gimbel,
of
as
Bank
National
Ind.
Houte,
Dyer & Co., sugar brokers, announced Dec. 1
—B. W.
Total
&
has
$422,228,000
-
Jr.
Second
1914.
Modern
with
-
O'Kane
Co.,
deWillers
D.
Other
representative.
$400,918,000
192,000
Bonds
Domestic
Foreign government
Rose
office
E.
Stocks—No. of shares.
two
C.
Stuart Coxhead and
convention of
Street,
gomery
them
1937
1938
1937
1938
for
Titus,
Roggenburg and T. F. Mackessy
New York City
in
Francisco
ot
Curb
Exchange
directors
A.
meeting will be called shortly to
other
Jan. 1 to Dec. 9
Jr., of John J.
of Hardy &
New
elected
Mitchell, H. B. Smith, A. Retallick and Cyril Murphy were
delegates to the national convention, with J. C. Fitzpatrick, Oliver
the national
$8,179,000
Week Ended Dec. 9
Sale* at
elected
Kimberly, J. H. Marache,
Mr.
Total
$833,000
$24,000
17,000
9,000
38,000
11,000
$18,000
O'Kane
of
was
Smith.
B.
year.
Peoples
$791,000
J.
Harold
to succeed
F. Webster,
William
—Charles Oldcnbuttel
Corporate
65,555
Saturday
Porter,
Stanley
Brooklyn,
Foreign
Government
of
W.
1939,
David
Bonds (Par Value)
Stocks
John
were:
K.
were
in
(Number
for
dent; W. R. Wittich, of Bond & Goodwin, Treasurer,
Saunders, of Dominion Securities Corp., Secretary.
C.
Week Ended
Association
Vice-President ;
elected
Irregular price movements dominated the trading on
Friday, and while there were a number of small gains scat¬
tered through the list, the trend of the market was toward
lower levels.
Trading was extremely quiet the transfers
dipping to approximately 179,000 shares against 226,000 on
Thursday. Outstanding among the declines were Aluminium
Ltd. 2% points to 136%; Safety Car Heating & Lighting 3
points to 61 and Humble Oil 1% points to 65%.
As com¬
pared with Friday of last week the range of prices was to
lower levels, Aluminium Ltd. closing last night at 136%
against 139 on Friday a week ago; American Gas & Electric
at 30 against 31; Carrier Corp. at 17% against 18%; Cities
Service at 6% against 7%; Electric Bond & Share at 9%
against 10%; Fisk Rubber Corp. at 9% against 10%;
Humble Oil (new) at 65% against 66% and New Jersey Zinc
at 55% against 57%.
DAILY
At the annual meeting of the Security Traders Association
_
York, Benjamin H. Van Keegan, of Frank C. Masterson & Co.,
that George Gordon
of the New York Coffee & Sugar Exchange, Inc., had
champagne—the prize offered by this firm each year
member of the sugar trade who most closely calculated the size
Paton, statistician
awarded
been
for
THE
that
AAA each December. Mr.
3,657 tons of the quota fig¬
ure—6,832,157 tons—announced by the AAA late on Dec. 3.
of
LONDONiSTOCK EXCHANGE
each
Fri., *
Sat.,
Boots Pure Drugs
Mon.,
Tues.,
Wed.,
Thurs.,
Dec. 3
Dec. 5
Dec. 6
Dec. 7
Dec. 8
Dec. 9
39 /7%
99/6
£35%
5/£19
39/1%
98/£34
4/9
39 /7%
99/6
-
British Amer Tobacco.
39/9
99 6
£37%
5/£19
66/3
28/6
£36%,
CableA Wire ordinary.
5/-
Canadian Marconi
£19
Central Mln& Invest..
Cons Goldfields of S A.
65/-
Courtaulds S & Co
29/6
£8%
Beers
De
Distillers
Ford
Ltd..
Holiday
A
17/4/0
1/3
-
£8%"
RioTinto
£14%
-
16/6
110/£36%
£4*i«
29/37/23/3 'r
23/4%
Roan Antelope Cop M_
Rolls Royce
Royal Dutch Co
-
Shell Transport
Swedish Match B
Unilever Ltd
United Molasses
—
Vickers
West
132/-
£11%
75/£8%
£14%
ImpTobof GB&I—132/London MidlandRy
£11%
Metal Box
75/Rand Mines-—
£8%
91/6
11/6
17/6
4/6
1/3
23/0
£12%
75/6
£8%
£14%
£8%
110/£37
£4%
28/6
37/6
22/23/-
21/6
23/1%
16/108/9
£30%
£4
28/6
37/21/6
22/6
staff
and
Euler,
C.
Shelmire
prepared
£0%
£6%
£6%
£6%
&
unification
23
131/£12%
75/£8%
£14,
Oct.
losses.
The New York
of
28/37
jail of the Red River Parish
Cape May County Bridge Combonds (New Jersey), dated Oct. 1, 1938, due
house and
bridge revenue
a
meeting of the Board of
and
of Arnold, Dorr & Co.
Mackey is the brother
Managers of the New York Coffee
Mackey, President of the Exchange.
Chandler A.
Wheeling, W. Va., members of the New York
Kemper Nelson Jr., who was formerly
I. du Pont & Co., is now associated with them as manager
—McGregor, Irvine & Co.,
21/22/1%
Exchange,
Stock
-
with
of
Francis
their
bond
—James
£6%
of
that E.
department.
Co., is now in
New York office.
York Produce Exchange announces that Henry J. Drake,
Co., Inc., has been elected to regular membership.
formerly with the Kenneth B. Thistle
department of Pelz & Co. in the firm's
New
Broenniman
—Newburger, Loeb & Co.,
40 Wall Street, New
special analysis on Southern
—Bristol
their
December
—Albert
AUTHORIZED
M.
E.
&
York City, have issued
market quotations.
Broadway, New York City, have prepared
list of current over-the-counter
—William H. Combs & Co., 61
Trust Co. of Battle Creek, Battle
Nov. 25—The Nassau County National Bank of Rockville Centre, Rock"
ville Centre, N. Y.
Location of branch: Northwest corner of Nassau
Road and
Sood Ave. in the Village of Roosevelt, Nassau County, N. Y.
announce
Seipser,
their December
OF TITLE
To: First National Bank of Battle Creek.
Stock Exchange, have
paying agent for the Dec. 1 interest on the
the court
elected
was
£4
for
Exchange held Dec. 7, Donald M. Mackey
to membership in the Exchange.
Mr.
Sugar
a
Certificate No. 1421A.
York
1, 1963.
—At
,
16/110/£30%
bonds
4%
mission
Department:
BRANCHES
the New
"The Revenue Act of 1938," which hriefly
individual taxpayer's, with particular
July, Louisiana, and for $1,000,000
Police
-
following information regarding National banks is
Comptroller of the Currency, Treasury
Creek, Mich.
Sheldon and George
affects
it
—Manufacturers Trust Co. is
from the office of the
1—The City National Bank &
members of
as
emphasis on short- and long-term capital gains and
of the firm is located at 67 Broad Street.
—The
Dec.
law
Sanders, J. D.
with them in Philadelphia.
office
NATIONAL BANKS
CHANGE
Beane,
new
the trading
The
A. M.
McLaughlin,
pamphlet entitled
a
the
17 4/1/3
.
R.
has become associated with them on their sales
Abbott, Harry Bancroft, H. A. Brunswick, Joseph
have become associated
—Fenner
reviews
John
E.
H.
New York Stock Exchange, announce
members
& Co.,
Schiller
M.
that
F.
Witwatersrand
Areas
Johnson
H.
Henry
91/11/-
£8%
£14
16/6
64/4%
29/6
23/0
132/£12
75/-
16/110/£36%
£4
28/37/3
—R.
that
within
tons—was
figure—6,828,500
£18%
65/30/£8%
91/11/6
17/4/6
1/3
131/-
23/6
HudsonsBayCo
65/7%
30/-
£8%
11/6
Gaumont Pictures ord.
£19
91/11/6
17/3
4/6
1/3
23/-
90/6
Co.
Electrlc & Musical Ind.
39/3
100/£36
5/-
quota which is announced by the
the sugar
Paton's
Quotations of representative stocks as received by cable
day of the past week:
the
Willett,
115
Railway Co.
Broadway,
New York City, are
distributing
"Over-the-Counter Review."
Colby and
H. Wesley Harbison have
joined the sales staff of
Cornelius & Co., Inc.
—Strauss
bulletin
on
Bros.,
32
Broadway, New York City,
Lanova Corp.
have prepared a special
3556
Financial
Chronicle
Dec.
1938
10,
American
Manufacturers
Trust
Company,
through
purchases, for both deliveries, together with some nervous
bear-covering have absorbed offerings comprising Eastern and speculative,
as well as Indian, sales.
Bombay has continued reluctant to follow the rise with the result that
quotations have on occasion been above the shipping parity and, as noted
elsewhere in this letter, silver is now on its way from Bombay to London at a
season of the year when the flow should normally be in the other direction.
The maintenance of the present level depends upon the dollar-starling
exchange.
its
long established connections with the leading
banks in
offers
all important
complete
commercial
national
and
centers,
international
The following were the United Kingdom imports and exports of silver,
registered from mid-day on Nov. 14 to mid-day on Nov. 21.
banking facilities.
MANUFACTURERS
Imports
COMPANY
TRUST
Exports
France
Other countries
Principal Office: 55 Broad Street, New York City
United
£22,518
12,327
Belgium
EXCHANGE
RATES
We
record for the week just passed:
EXCHANGE
RATES
CERTIFIED
BY
FEDERAL
BANKS TO TREASURY UNDER TARIFF
DEC. 3.
TO DEC. 9.
1938,
IN LONDON
ACT OF
RESERVE
Nov. 17
Noon
Nor. 16
Nov. 17
19 9-16d.
--43 cents
43 cents
20 l-16d.
19%d.
20 l-16d.
19 9-16d.
19%d.
5
Dec. 6
Dec. 7
Nov. 22
19.563d.
ENGLISH
Dec. 8
lev
$
S
%
%
FINANCIAL MARKET—PER
.168241
.168325
.168311
.168244
.012325*
.012325*
.012325*
.012325*
.012325*
.034191
.034204
.034204
.034195
.034200
Denmark,
.209125
.209504
.209443
.209221
.208506
.208318
Engl'd. pound aterl'K 4.686458
4.694097
4.692708
4.687430
4.671527
4.607847
.020608
.020675
.020656
.020631
.020547
.020545
Sat.,
.012375*
.034180
Finland, markka
France, franc
Germany
..
.026383
....
.026421
.026454
.026414
.026300
.400775
.400662
.400662
.400606
.400681
.008591*
.008608*
.008614*
.008003*
.008571*
.196375*
.196375*
.196375*
.196375*
.052600
.052603
.052600
.052603
.543644
.543927
.543900
.543705
.543261
Norway
.235390
.235821
.235740
.235500
.234712
.234512
krone
Poland,
,188175
...
esrudo
..
leu
peseta
.188175
.188300
.042466
.042568
.042512
.042531
.042400
.042387
.007307*
zloty
Portugal
Rumania
Spain,
..
.007278*
.007350*
.007350*
.007350*
.007350*
.049675*
,049740*
War Loan...
Switzerland
.188525
,188525
.050925*
dinar
.049740*
.241737
.241487
'.240668
£98%
£108%
Fri.,
Dec. 8
Dec. 9
20 3-16d.
20 l-16d,
148s. 5d.
£108%
148s. Ud.
£70%
£70%
£98%
Holiday
1960-90
The
States
price of silver
on
Bar N.Y,
the
£98%
149s.
£70
£98%
£98%
(for.)
same
Closed
per
£108%'
£108%
£108
(in cents) in the United
ounce
days has been:
42%
42%
42%
42%
42%
64.64
.226233
.226327
.226400
.226211
.022800
.022800
.022800
.022775
S. Treasury
(newly mined) 64.64
64.64
64.64
64.64
64.64
U.
.240431
.226433
.022800
.
.049783*
.241812
.226872
franc
Yugoslavia,
Holiday
Thurs.,
Dec. 7
20 l~16d.
20%d.
.049740*
.188525
.241368
.....
Sweden, krona
Dec. 6
20d.
British 4%
.052603
.543722
pengo..
lira
Wed.,
Tves.,
Dec. 5
20%d.
Gold, p.fineoz.l48s.7%d. 148s.3%d. 1488. Id,
£70 %
£70 %
.196375*
.196375*
.052600
Italy,
per oz..
Consols, 2%%_ Holiday
British 3%%
.008564*
Netherlands, guilder
Hungary
Mon.,
Dec. 3
Silver,
.020287
.400021
relchsmark
Greece, drachma...
CABLE
closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
$
.168308
Czeehoslov'la. kortin«
krone
period
$4.72, and the lowest $4.65%.
The daily
Dec. 9
as
Bulgaria
was
York
*
belga
43 cents
43 cents
The highest rate of exchange on New York recorded during the
.108235
Europe-Belgium
43 cents
-.43 cents
Nov. 18
Nov. 19
Nov. 21
20%d.
19.99d.
Nov. 21
Nov. 22
Nov. 23
1938. INCLUSIVE
Buying Rate for Cable Transfers in New
Value in United Statrs Money
Dec.
(
19%d.
19%d.
19 15-16d.
Unit
Dec. 3
YORK
(Per Ounce .999 Fine)
19%d.
19%d.
Nov. 18
Nov. 19
Average
1930
Oz Std.
2 Mos.
Cash
NEW
IN
Bar Silver per
from Nov. 17 to Nov. 23, 1938,
Country and Mannar <
£777,970
£38,654
Coin not of legal tender in the United Kingdom.
Quotations during the week:
cable transfers in the different countries of the world.
a
6,577
Deposit Insurance Corporation
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now
certifying
daily to the Secretary of the Treasury the buying rate for
FOREIGN
14,450
Other countries
Pursuant to the
give below
x7,563
Hungary
x
FOREIGN
29,260
-
Saudi-Arabia
3,809
European Representative Office: 1, Cornhill, London, E.C. 3
Member Federal
of America.£720,120
States
France
.022800
Course of Bank
Clearings
Chefoo (yuan) dol'r
Hankow (yuan) doi
.167250*
.168666*
.167833*
.166333*
.167000*
.165750*
Bank clearings this week will show
with a year ago.
Preliminary figures
.167250*
..168666*
.167833*
.166333*
.167000*
.165750*
.158875*
.159937*
.159000*
.159125*
.158531*
.158687*
Tientsin (yuan)dol
,174812*
.176187*
.175875*
.174750*
.174000*
.169000*
Hongkong
.292265
.292906
.293062
.292906
.291875
.291437
1
upon
Shanghai (yuan)dol
Asia—
China—
dollar
British India
Japan, yen
Africa
South
.350125
.349675
.348554
.273459
.273290
.273150
.272135
.271959
.544687
.545562
.545500
.544087
.543000
.542750
3.733562
3.741250
3.738906
3.734531
3.722656
3.718984
3.747937
3.754500
3.753125
3.748958
3.736718
3.734921
dol
.348350
—
pound
New Zealand
,350287
.272971
..
Australasia
Australia
.349478
rupee
..
Ita Settlem'ta
Str
.
pound
Africa
pound
4.640410
4.645750
4.646093
4.640000
4.624500
4.620000
North Amerlca-
increase compared
compiled by us based
telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, Dec. 10)
bank clearings from all cities of the United States from which
it is possible to obtain weekly clearings will be
10.8% above
those for the corresponding week last year.
Our preliminary
total stands at $5,106,500,095, against $5,512,255,711 for
the
same
week in 1937.
week ended
—
an
At this center there is
a gain for the
Our comparative summary for
Friday of 19.5%.
the week follows:
Canada. dollar
.991718
.991830
.901897
Cuba, peso
Mexico, peso
.999333
.999333
.999333
.999333
.999333
.999333
.199700*
.199840*
.199920*
.199920*
.199920*
.199920*
.989166
,989375
.989296
.989375
.988945
.988828
New York
.312250*
.312960*
.312815*
.312505*
.311380*
.311110*
Philadelphia...
.058660*
.058640*
.058640*
.058640*
.058640*
.058640*
Boston
.051766*
.051766*
.051766*
.051766*
.051766*
.051766*
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
Kansas City...
St. Louis
.569840*
.569800*
.569800*
.569800*
.569800*
.569800*
San Francisco..
.616100*
.617520*
.617280*
.616650*
.014687*
.614258*
Newfoundl'd
dollar
.991875
.991445
.991308
South America-
Argentina
Brazil,
Per
1938
1937
$3,066,652,981
$2,566,712,452
286,000,000
266,000,000
+ 7.5
184,975,298
157,443,488
+17.5
70,099,013
68,677,247
+ 2.1
76,600,000
122,297,000
68,100,000
+ 12.5
125,344,000
—2.4
Chicago
peso
mllrels
Chile, peso—official
"
export
Colombia
Clearings—Returns by Telegraph
Week Ending Dec. 10
peso.....
Uruguay,
Cent
+ 19.5
—5.2
240,779,830
Pittsburgh
Detroit
82,226,928
72,537,439
Cleveland
70,264,277
Baltimore
•Nominal rate.
52.015,937
89,531,312
73,714,244
67,634,159
53,283,287
$4,312,001,599
$3,777,220,019
776,748,480
732,416,305
+ 6.0
$5,088,750,079
1,017,750,016
$4,509,636,324
+ 12.8
1,002,619,387
+ 1.5
$6,106,500,095
$5,512,255,711
+ 10.8
THE ENGLISH GOLD AND SILVER MARKETS
We
reprint
the
Eleven cities, five days
following from
the
weekly
circular
of
Samuel Montagu & Co. of
London, written under date of
Nov. 23, 1938.
Other cities, five days
Total all cities, five days
All cities, one day
GOLD'
The Bank of
on
England gold reserve against notes amounted to £326,414,426
Nov. 16 last
showing no change as compared with the previous Wecnes-
day.
Business during the week in the
open market has been on a rather smaller
scale, only £3,200.000 having been dealt in at the
daily fixing. The rapidity
of the decline in
sterling has deterred rather than encouraged arbitrage
operators who have gceerally been
apprehensive of a sudden reaction in the
trend.
There
has
been
quite a steady demand from the Continent and
prices have been fixed daily with a small
premium over the dollar parity.
The authorities have not had
to supply all the gold
required as the higher
prices attracted private sales, while on
Tuesday some West African and
Rhodesian gold came on offer.
Today's price, 149s. 2d., is the highest
since March 6,
1935, when the record high price of 149s. 4d. was reached.
Quotations:
Per Fune Ounce
gov. 17
147s. io^d.
Nov. 18.
g°vgov.
gov.
gov.
-
147s. 7d.
1921---22
147s. nd.
147s. ll%d.
148s. 9d.
23
i49s .2d.
Average
148s. 2%d.
The following were the United
Kingdom imports and exports of gold,
registered from mid-day on Nov. 14 to
mid-day on Nov. 21.
Imports
British East Africa
Australia
New Zealand..-.
British Guiana
Anglo Egyptian Sudan
Palestine
Netherlands
Germany
Belgium..
France
Switzerland
Other countries.
<■__
£26,878
321484
9,270
9,461
2,428
4,344
31,135
Exports
United States of
America. £6,789,557
Netherlands
Switzerland.
392,713
17,892
33,249
Syria
Morocco
5,270
Other cuontries.
11,244
9,887
23,341
51,034
220,675
7,361
£428,298
£7,249,925
£55,000.
SILVER
The further appreciation of the dollar has
been reflected in higher prices,
quotations today, at 20 %d. for cash and 19 %d. for forward,
comparing with
20d. and 19%d. on Wednesday last.
+3.9
—2.4
+ 14.2
Complete and exact details for the webk 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
present further
results
for
the
has to be estimated.
detailed statement, however, which
cases
In the elaborate
below,
week
we
able to give final and complete
previous—the week ended Dec. 3.
we are
For that week there was an increase of
of clearings for the whole
country
1.6%, the aggregate
having amounted to
$6,319,964,452, against $6,222,857,542 in the
1937.
Outside of this city there was
the bank
a
same week in
decrease of 4.1%,
clearings at this center having recorded
a
gain of
6.0%.
We group the cities according to the Federal Re¬
districts in which they, are located, and from this it
appears that in the New York Reserve District (including
serve
this city) the totals record
Reserve District of
a
gain of 5.4% and in the Boston
8.7%, but in the Philadelphia Reserve
District the totals register a less of 2.5%.
In the Cleveland
Reserve District the totals show a decrease of
6.7% and in
the Richmond Reserve District of
7.0%, but in the Atlanta
Reserve District the totals show an increase of
Chicago Reserve District has
TheSS, Stratheden which sailed from
Bombay on Nov. 19 carries gold to
the value of about £230,000 and silver to the
value of about
Total all cities for week
—8.2
—1.6
a
5.0%.
The
falling off of 7.7%, the St.
Louis Reserve District of 5.1% and in the
Minneapolis Re¬
serve District of
7.3%.
In the Kansas City Reserve Dis¬
trict the totals
are smaller by 2.2%, in the Dallas Reserve
District by 4.6% and in the San Francisco Reserve District
by 7.4%.
In the
districts:
following
we
furnish
a summary
by Federal Reserve
3557
Volume 147
The
SUMMARY OF BANK CLEARINGS
volume
transactions in share properties on the
Exchange for the first 11 months of the
1935 to 1938 is indicated in the following:
'
of
New York Stock
Inc.or
1938
Reserve Dists.
1937
Dec.
1936
S
%
$
years
1935
S
Week Ended Dec. 3, 1938
Federal
9
1938
1937
1936
1935
No. Shares
No. Shares
No. Shares
No. Shares
28*,264,484
261,461,589
285,468,997
3,807.637,795
3,614,150,13^
+8.7
+ 5.4
325,928,793
"
4,664,698,712
3,941,067,871
PhiladelphialO
**
408,492,733
418,958,827
—2.5
450,679,387
404,621,994
"
300,110,239
321,641,669
—6.7
333,373,585
264,354,191
February
24,151,931
14.526,094
58,671,416
Cleveland..
151,788,740
130,183,579
March
22,995,770
60,346,280
67,201,745
60,884,392
51,016,648
16,860,057
61,673,795
159,265,706
179,102,686
49.663,714
May...
17.119,104
14.004,244
34,606.839
18,549,189
30.439.671
June..
24,368,040
16,449,193
39,609,538
20,613,670
21,428,647
let
Boston
2nd
New
3rd
4th
12 cities
York. 13
5
6th
Richmond .6
"
142,531,498
153,249,521
—7.0
6th
Atlanta
"
168.272,750
160,245,981
+ 5.0
154,714,446
Chicago ...18
St. Louis... 4
"
483.277,967
523,671,375
—7.7
564,305,623
475,443,007
"
146,782,530
154,738,265
—5.1
155,559,945
"
104,935,300
113,198,392
—7.3
113,314,828
98,773,193
"
134,295,519
137,337,942
—2.2
148,765,282
135,291,791
11th Dallas
6
"
67,498,768
70.736,125
—4.6
69,243,807
61,744,187
Fran__ll
"
50,248,010
19,409,132
14,404,525
136,616,125
Minneapolis 7
10th Kansas City 10
January
135,906,011
7th
Month of
8th
10
9th
12th San
First quarter.
April
271,834,869
293,467,722
—7.4
285,062,340
265,472,514
6,319,954.452
6,222,857,542
+1.6
7,418,435,488
6,334,943,460
2,624,586,184
2,736,532,872
—4.1
2,907,289,231
2,523,877,498
352.740,400
429,555,535
—17.9
452,076,311
441,088,386
Second
Total
112 cities
Outside N.
Canada
Y. City
32 cities
....
We also furnish
today
a summary
of the clearings for the
was a decrease
Federal
Inc.or
November
Dec.
1936
71,789,026
92,229.688
107,079.790
200,493,888
300,659,953
352,984,228
231.928,172
41,558,470
61,127,611
46,658,488
27,922,295
43,995,282
50,467,182
The
following compilation
■
29,254,626
57,459,775
the clearings by months
covers
since Jan. 1, 1938 and 1937:
CLEARINGS
MONTHLY
Clearings, Total All
Clearings Outside New York
Month
1938
$
Jan
Feb...
Mar
_.
1937
$
1938
1937
$
$
%
24,287,036,964 29,911,437,829 —18.8 10,874,874,717 12,388,120,613 —12.2
19,668,017,707 26,056.830,610 —24.5 9,105,237,020 10,736,876,028 —15.2
25,246,493,756 32,223,936,055 —21.7 10,804,819.072 13,234,908,581 —18.4
%
1st qu. 69,201,548,427 88,192,204,494 —21.5 30,784.930,809 36,359,905,222 —15.3
April- 24,001,408,874 28,806,739,444 —16.7 10,301,185,935 12,733,155,854 —19.1
May.. 22,397,847,304 26,592,492,289 —15.8 10,014,696,237 12,025,069,993 —16.7
—8.2 10,584,652,619 12,406,319,897 —14.7
June.. 26,336,054,460 28,682,536,223
S
S
%
S
S
34,726,590
83,328,705
November
1935
Reserve Dists.
29,427,720
42,925.480
30,872,569
October
November
1937
34,793,159
26,563,970
33,854,188
....
Nine months
and in the Philadelphia
Reserve District of 4.0%.
The Cleveland Reserve District
suffers a loss of 6.4% and the Richmond Reserve District of
2.0%, but the Atlanta Reserve District enjoys a gain of
4.8%.
In the Chicago Reserve District the totals are smaller
by 7.8%, in the St. Louis Reserve District by 3.0%, and in
the Minneapolis Reserve District by 7.6%.
In the Kansas
City Reserve District the totals show a diminution of 4.1%,
in the Dallas Reserve District of 2.4%, and in the San
Francisco Reserve District of 3.7%.
November
20.722,285
17,212,553
23.826,970
Third quarter
increase of 8.0%
1938
75,184,668
124,848,382
38,773,575
20,728,160
$24,135,849,003, and the 1937
November
81,651,855
260,754,540
August...
September
aggregate $24,375,291,881.
In the New York Reserve Dis¬
trict there is a decrease of 0.1%, but in the Boston Reserve
an
69,605,221
228,870,927
July
body of clearings houses of 1.1%, the 1938
aggregate of clearings.being
District there is
55,491,388
117,165,183
quarter
Six months
For that month there
month of November.
for the entire
22,408.576
22,336,422
2d qu. 72,735,310,638 84,081,767,956 —13.5 30,900,534,791 37,164,545,744 —16.9
1,148,754,271
1,063,459,998
+8.0
1,215,933,835
1,171,947,943
York. 15
"
13,528,140,399
13,547,272,187
—0.1
16,183,525,613
14,534,605,843
Philadelphia 17
4th Cleveland. .19
M
1,631,621,886
1,559,535,502
+4.0
1,636,783,483
1,541,452,663
"
1,216,178,418
1,299,304,524
—6.4
1,296,151,364
1,072,572,480
6th
Richmond .10
"
609,747,447
622,274,169
—2.0
592,777,232
526,288,004
July
6th
Atlanta
16
"
712,918,201
680,604,787
-+4.8
657,179,815
568,677,125
31
Aug... 21,992,946,733 24,751,647,781 —11.1 10,237,892,787 11,631,057,054 —12.0
Sept.. 24,074,168,789 26,749,876,903 —10.0 10,503,028,455 12,041,123,135 —12.8
1st
Boston
2d
New
14 cities
3d
7th
Chicago
"
1,944,306,845
2,108,288,956
—7.8
2,092,362,245
1,901,237,725
8th
St.
7
*'
600,700,765
619,572,028
—3.0
641,975,518
Minneapollsl6
444,783,290
481,425,300
—7.6
454,735,098
417,783,228
10th KansasCity 18
"
"
731,195,550
762,554,429
—4.1
768,693,512
11
"
493,267,767
505,152,639
—2.4
465,502,148
398,350,233
Fran. .20
"
1,074,204,164
1,115,838,292
—3.7
1,078,367,697
23,997,735,045 28,777,683,184 —16.6 10,528.997,891 12,677,430,429 —16.9
665,145,576
11th Dallas
..
572,726,107
9th
6 mos. 141936859,065 172273 972,450 —17.6 61,685,465,600 73,524,450,966 —16.1
1,036,091,109
Louis..
12th San
Total
24,375,292,811
—1.0
11,034,428,040
11,328,368,062
—2.3
.
27,083,987,830
9 mos.
02;
24,406,878,036
11,388,046,928
21,135,849,003
194 cities
Outside N. Y. City
3rd qu. 70,064,850,567 80,279,207,868 —12.7 31,269,919,133 36,349,610,618 —14.0
OJ
C>
212001709,632 252553 180,318 —16.1 92,955,384,733 109874061,584 —15.4
1
26,618,575,405 27,521,969,267
—3.3 11,531,047,752 12,656,979,589
—8.9
1
24,135,849,003 24,375,292.811
—1.0 11,064,428.040 11.328.368,062
—2.3
10,353,396,827
J
The
Canada
32 cities
We
1,661,720,521
+2.6
1,619,350,496
1,694,940,641
1,735,144,338
course
of bank
last four years
append another table showing the clearings by Federal
Reserve Districts for the 11 months for four years:
is shown in the subjoined statement:
CLEARINGS AT LEADING CITIES IN NOVEMBER
BANK
Month
(000,000
11 Months
11 Months
Inc.or
11 Months
11 Months
1938
1937
Dec.
1936
1935
V-
Boston
New
Philadelphia 17
4th Cleveland..19
"
Richmond .10
"
11,123,716,522
"
3d
6th
$
1
Dists.
14 cities
York. 15
152
19,093,957,777
—10.3
12,789,142,032
16,140,702,451
6,276,463,879
6.946,417,261
•
12,415,717,362
Chicago..
11,184,743,846
17,821,967,390
16,014,999,106
—20.8
13,845,520,105
10,963,276,178
—9.6
6,197,424,916
5,289,765,171
6th
Atlanta
16
"
7,183,464,078
7,743,535,921
—7.2
6,684,645,743
5,729,504,378
7th
Chicago...31
"
20,621,430,541
24,983,317,061
—17.5
22,531,089,545
18,915,431,673
8th
St.
7
"
6,206,554,052
7,033,098,913
—12.1
6,508,448,835
5,613,839,425
9th
Mlnneapollslfl
"
4,702,900,611
5,257,394,475
—10.5
4,773,751,121
4,357,889,895
9,178,701,791
—14.3
Louis..
8,337,573,835
10th KansasCity 18
11th Dallas
11
"
"
5,215,250,428
5,537,237,845
—5.8
4,701,034,712
12th San
"
11,428,221,201
13,080,120,940
—12.6
11,805,304,272
7,866,942,930
.
7,409,304,577
1 to Nov. 30
1936
Jan.
1938
$
1,285
1,319
985
907
1,052
1,207
1,012
1,483
1,557
S
S
147,205 170,591 173,067 166,004
11,949
14,115
15,587
13,127
10,660
9,624
9,435
10,926
14,053
1,547
1935
1937
$
*
13,047 15,696
1,191
.
_
$
$
.13,071
Boston.
—13.2
—13.8 178,522,878,238 170,986,021,806
17,135,188,239
"
$
New York..—
9
9
%
12,808,555,549
206,816,497 176,615,372,409
of November-—1936
1935
1937
1938
omitted)
7
'
Reserve
Federal
1st
2d
clearings at leading cities of the country
for the month of November and since Jan. 1 in each of the
1,477
16,207
18,055
16,863
15,359
356
373
375
346
3,800
4,411
4,056
3,580
Pittsburgh.....
466
521
546
455
4,995
6,770
5,946
San Francisco..
602
605
583
586
6,364
7,181
6,497
5,858
Baltimore
276
.283
273
2,955
3,320
3,009
2,515
2,967
2,651
2,234
Philadelphia...
.
St. Louis<_
.
...
233
Cincinnati
Kansas
251
251
219
249
4,749
'
2,585
355
Minneapolis..
390
326
4,000
4,847
4,320
3,961
389
357
313
3,918
4,677
3,810
3,083
272
_
375
391
City...
Cleveland
304
282
262
2,961
3,382
3,016
1,533
4,792
2,788
1,292
Total
194citlea 262,755,134,040 304,450,442,396
Outside N. Y. City
—13.7
115.550,860,525 133,859,409,235
3,817,224,841'
15,391,753,482
174
166
162
137
1,723
1,789
407
470
428
404
3,943
5,398
(142
138
139
131
1,626
134
129
132
131
1,469
1,326
1,477
1,463
1,499
44
42
48
43
469
515
481
88
85
80
73
900
998
925
753
129
140
141
133
1,736
108
114
112
103
1,523
1,161
1,341
St. Paul.....—
1,393
1,144
Denver.
Fran..20
138
144
139
123
New Orleans.
Detroit
Louisville....
..
Omaha
294,147,356,077 270,673,854,372
—13.7 121,080,640,178 104,669,876,211
Providence...
Milwaukee...
.
a..
Buffalo
Canada
32 cities
15,679,083,196
17.201.137.483
—8.8
17,440.451,833
15,411,515,60s
Our usual monthly
detailed statement of transactions on
the New York Stock Exchange is appended.
The results
for November and the 11 months of 1938 and 1937 follow:
-
Month of
Description
1938
27,922,295
Stocks, number of shares.
29,254,626
1938
381,042,190
Bonds
Railroad and misc. bonds 1130,133,000 $135,316,000
State, foreign, &c., bonds
21,316,000
U.S. Government bonds.
4,419,000
Total bonds
....—
51,298,394,000 $1,934,900,000
27,359,000
223,031,000
321,724,000
9,819,000
120,831,000
337,908,000
1155.868.000 $172,494,000 $1,642,246,000 $2. .694.532.000
78
66
802
877
774
661
172
169
1,795
1,921
1,666
1,544
101
121
94
868
948
924
745
144
151
137
134
1,557
1,833
1,566
1,321
65
City.
70
66
57
631
772
676
584
44
45
48
496
561
535
502
»
Total
...
aU........24,136 24,375 27,084 24,407 262,756 304,450 294,147 270,674
11,328 11,388 10,353 115,551 133,859 121,081 104,670
Outside New York. 11,064
We
our detailed statement showing the figures
separately for November and since Jan. 1 for
and for the week ended Dec. 3 for four years:
now
add
for each city
two years
CLEARINGS FOR NOVEMBER, SINCE JANUARY 1, AND
Month of November
1,334
75
186
95
j
.......
Total
1937
269,974,653
1,069
1,143
....21,720 21,878 24,669 22,353 237,343 275,916 268,796 249,93
2,416
2,497
2,415
2,054
25,413
28,534
25,351
20,74
Other cities...
.
1937
417
46
Memphis,
Hartford.
Eleven Months
November
1,368
79
Richmond.....
Salt Lake
1,345
1,266
182
Indianapolis
Seattle.
1,225
1,526
4,088
FOR WEEK ENDING DEC. 3
Week Ended Dec. 3
11 Months Ended Nov. 30
Clearings atInc. or
1938
1937
$
Federal
Flrst
Rese
rve
Dec.
1938
%
Dec.
or
'
1936
Dec.
1938
1937
$
$
1937
$
612,306
752,042
—18.6
•
%
i
1935
$
$
756,020
749,133
District— Boston—
2,309,598
8,594,824
+ 26.6
—1.3
89,734,694
31, 690,219
QQ
625,160
—9.9
2,451,784
2,548,810
—3.8
3,839,025
2,125,082
984,693,528
3,282,740
1,507,294
907,443,537
+ 8.5
9,435,332,909
10,925! 906,366
—13.6
242,454,705
221,307,980
+ 9.6
+ 3.3
29,458,639
32, 722,863
—10.0
626,441
621,680
+ 0.8
280,307,115
691,483
246,978,871
3,178,531
1,995,493
—24.5
17,127,961
1,764,246
+ 7.5
18,450,693
18, 509,682
18 852,781
—7.5
1,896,068
"316", 930
383,014
—17.3
351,387
988,927
385,961
2,924,089
Maine—Bangor
8,486,415
Portland—
Mass.—Boston
Fall
Inc.
Inc. or
River
Hoi yoke
Lowell
25,571,237
—19.3
—2.1
749,540
3,692,456
2,978,112
+ 24.0
31,353,118
34 072,634
—8.0
757,327
683,028
+ 10.9
14,422,966
13,584,805
+ 6.2
142,730,147
156 ,302,280
—8.7
+ 17.2
8,821,694
+ 3.5
101 ,475,506
—15.1
3,917,647
2,278,551
820,456
3,590,434
1,711,039
46,009,896
43,698,380
+ 5.3
560 ,647,862
—11.5
2,098,084
11,878.548
+ 1.3
Conn.—Hartford
+ 5.5
13,425,561
13,041,278
New Haven
18,511,294
17,516,444
+ 5.7
86,121,740
496,394,149
186,681,694
3,861,920
15,125,246
12,533,214
3,295,152
9,130,023
204 ,825,799
—8.9
4,564,749
4,483,007
+ 1.8
4,495,921
3,867,153
7,591,600
7,164,300
+ 6.0
71,255,300
82 ,735,200
—13.9
44,261,000
42,280,600
+ 4.7
469,179.300
514 ,877,400
—8.9
11,847,000
+ 1.9
12,975,600
2,344,902
2,129,434
+ 10.1
24,324,941
26 ,311,797
—7.6
12,076,700
1,883.162
1,563,244
+ 20.5
1,901,556
10,251,500
1,198,550
1,148,754,271
1,063,459,998
+8.0
11,123,716,522
12,808,555,549
-13.2
284,264,484
261,461,589
+8.7
325,928,793
285,468,997
New Bedford
Springfield
Worcester
Waterbury
R,
I.—Providence.
N. H.—Manchester...
Total (14 cities)
./
>
3558
Financial
Chronicle
CLEARINGS
Month of
Notember
10.
1938
(Continuei)
11 Months Ended Nov. 30
Week Ended Dec. 3
Clearings at—
Inc.
or
Inc.
or
1938
Second Federal Res
erve
Dec.
1938
1937
$
%
$
$
%
41,735,978
Bingham ton
4,543,998
4,567,366
128,531,103
140,292,540
2,356,313
2,137,142
Jamestown
2,831,706
3,066,696
New York
13,071,420,963 13,046,924,749
Rochester.
31,027,143
33,778,297
Syracuse.
15,929,735
19,790,796
Utlca
3,371,306
3,739,971
Westchester County.
15,845,761
16,054,377
Conn.—Stamford
18,452,506
20,869,076
—12.2
463,274,918
54,579,823
1,393,250,918
+0.6
59,691,777
1,736,467,156
31,533,532
—8.6
—19.8
—22.2
36,327,376
—10.8
+0.2 147,205,273,515 170,591,033,161
—13.7
+ 0.5
—8.4
_
.
—
1,684,683
83,388,751
128,192,898
3,846,915
1,898,902
72,972,566
Northern New Jersey
115,511,386
Oranges
4,004,043
Total (15 cities)
13,528,140,399 13,547,272,187
Third Federal Rese
rve
Harrlsburg
...»
Lancaster
Lebanon
Norrlstown
Philadelphia
Reading
York
Pottsvllle
Bols
Hazleton
Del.—Wilmington
N. J.—Trenton
Fourth
cities)
1,483,000,000
Re
serve
Ohio—Canton
Columbus
Hamilton
Lorain
Mansfield
Youngstown
Newark
Toledo
County
Franklin
...
Greensburg.
Pittsburgh
Erie
—8.1
—19.5
+ 10.9
*
+ 1.3
+ 13.1
+ 12.7
351,002,949
191,723,174
36,262,099
169,092,667
189,512,163
18,683,873
390,143,973
Md.—Baltimore
Frederick
D. C.—Washington
Total
(10cities).....
Sixth
Federal
Rese
Tenn.—Knoxvllle
—22.6
Nashville
+2.9
3,936,336
3,086,414
534,717
26,687,790
—22.7
—25.6
523,893
28,506,629
24,988,028
30,420.453
+ 1.8
52,122,531
47,357,490
.
3,807,637,795 3,614,150,134
+ 5.4 4,664,698,712 3,94+067,871
—21.2
541,823
54+375
—1.8
26,141,620
—18.8
401,139
541,020
—25.9
*470,000
45+150
+25.9
16,161,124
15,844,560
+ 2.0
480,094
505,959
—5.1
—11.8
475,351
350,225
105,152,355
56,031,300
20,391,414
19,043,142
16,207,000,000
109,114,365
66,665,116
22,913,519
1,500",366
1,22+241
+22.6
1,212",368
1466*474
—11.0
23,222,807
—18.0
393",000",066
+4.2
—7.6
+8.1
+4.3
—3.6
—16.0
395,000,666
403",OOO'OOO
—2~0
436,000,000
—3.5
66,860,930
70,217,095
—4.8
1,415,781
101,704,976
—12.4
2,660,824
1,443,910
3,244,672
—19.8
43,977,173
67,001,085
13,445,883
6,029,958
116,082,555
51,500,632
—14.6
1,008,466
82,647,626
—18.9
1,588,168
1,448,908
2,616,067
1,154,978
1,723,150
—2.3
—4.1
16,525,622
—18.6
6,696,202
31,550,292
—9.9
—13.0
—8.9
—22.1
+37.6
—6.0
18,055,000,000
—10.2
+ 1.7
—12.7
—7.8
27,454,129
163,496,368
181,462,000
169,144,721
206,224,500
—12.0
4,001,000
6", 190", 100
—35+
4","212",000
3~,196", 100
+4.0
17,135,188,269
19,093,957,777
—10.3
408,492,733
418,958,827
—2.5
450,679,387
404,62+994
86,230,517
2,515,425,269
3,917,920,693
480,332,300
24,061,496
11,461,703
67,806,394
99,425,443
56,205,800
197,356,444
8,464,811
9,928,309
—22.5
250,977,118
—7.2
389,218,043
+ 0.4
—3.3
48,020,400
1,838,479
+ 18.6
1,612,785
—46.5
—1.7
—11.9
7,320,586
10,458,396
—9.6
5,485,804
21,266,882
929,472
—10.7
116,262,178
—15.0
X
—15.2
—16.2
—17.8
25,439,262
18,061,233
94,447,398
57,810,843
72,715,642
10,916,300
16,988,000
—35.7
95,077,366
17,820,200
1,478*.008
1.6*59",567
—10.9
1,939" 788
1,200", 660
—20.9
—25.6
10,645,921
68,720,633
—6.2
—29.7
265,278,967
X
—3.6
104,915,879
—28.2
71.052,881
X
X
62,423,851
98,412,207
—36.5
141,513,444
X
60,152,258
'
584,626,300
„
—13.5
—25.8
2,966,700,721
4,677,287,743
—20.5
11,670,900
—5.4
605,282
—44.5
4,071,121
5,706,439
—18.7
7,236,207
8,249,748
—10.5
4,994,676,994
—26.2
+ 2.7
6,769,507,420
82,005,631
126,654,479
X
X
X
X
—12.3
520,842,012
X
—28.7
723,070
—16.6
6,302,324
10,284,305 ,—21.1
—12.2
695,887
129,151", 466
135,654,372
—+8
149,815,598
120,956" 806
264,354,191
—18.4
8,721,871
—13.6
68,076,516
100,464,299
—28.7
—0.9
—6.4
12,789,142,032
16,140,702,451
—20.8
300,110,239
321,641,669
—6.7
333,373,585
1,551,001
11,049,000
186,333,602
—7.3
15,226,461
—15.2
396,903
366,916
+ 8.2
355,849
203,194
—5.0
5,060,943
—2.2
110,972,000
1,795,001,822
52,569,915
17,947,496
130,941,000
7,829,551
+ 10.9
17,644,815
1,038,544,392
609,747,447
622,274,169
—2.0
6.276,466,879
+ 7.2
181,365,771
—2.3
4,754,021
19,555,527
283,281,593
1,595,744
101,263,187
—2.7
3,039,000
—5.4
41,957,785
43,769,303
—4.1
3,425,000
40,741,829
37,307,188
64,993,932
1,258,238
1,232,717
+ 2.1
1,482,116
1,083,535
—17.0
71,343,231
77,638",850
—8".i
77,52+856
—9.6
24,701,341
27,202,735
—9.2
28,259,090
24","728",844
6,946,417,261
—9.6
142,531,498
153,249,521
—7.0
151,788,740
130,183,579
183,923,063
158,646,594
2,954,756,626
2,874,000
—6.6
—19.1
91,209,683
56,288,799
176,368,987
86,366,060
46,738,194
—2.7
—5.0
—15.3
1,921,004.058
14,972,364
71,923,107
231,500,000
4,824,273
—1.4
+3.5
4,573,555
3,302,411
+ 18.4
47,000,000
»
—10.0
—11.0
+ 11.6
815,444,801
854,978,336
—4.6
+3.9
2,620,800,000
—8.4
58,000,000
43,789,696
48,086,959
837,104,676
58,981,873
966,719,325
997,398
—13.5
17,710,713
56,400,000
*1,500,000
—14.0
989414
1,198",363
—17.5
1,199",432
967*477
—7.5
15,092,000
17,905,000
—15.7
16,706,000
15,709,000
—11.7
22,130,349
26,42l" 431
8*4
19",'709", 800
16~,323*767
—13.0
1,676,777
1,830,822
—8.4
1,547,574
+368,163
+ 5.9
36,442,991
4,651,885
—3.7
70,998,628
—2.4
41,363,651
774,564,117
4,733,077
+3.0
52,020,474
83,002,240
6,750,232
3,891,296
+ 10.7
+3.9
853,712,644
71,825,871
39,067,376
4,508,000
—11.0
46,405,000
7,047,391
1,419,249
—1.7
76,294,305
—4.2
15,913,347
75,648,422
16,128,884
—1.3
710,702
4,014,000
6,930,183
—8.9
2,401,600,000
47,842,623
—5.8
7,031,016
8,169,835
—13.9
1,359,603
669,304
+3.0
'
82,537,317
41,384,235
54,474,000
63",396",818
3,659,818
17,010,571
57,400,000
1,153,025
3,693,669
4,042,554
,
—7.5
3,788,604
20,142,386
60,430,766
3,464,000
—5.3
District— Atlanta—
Meridian.
1,423,734
+ 5.2
—0.1
Vlcksburg
1,145,438
2,340,182
1,007,316
1,274,535
1,804,728
+0.6
+27.5
Jackson
450,000
554,395
3,320,007,839
19,076,310
1,148,579,157
Miss.—Hattiesburg
3,625,996
436,895
10,493,000
182,128,856
4,948,182
8,679,921
4,623,988
*18,575,000
275,589,590
2,034,357
101,236,049
Montgomery
La.—New
2,612,133
3,874,535
19,847,297
30,955,666
,
District —Cleveland—
91,888,641
6,956,107
Mobile
2,596*947
1,569,535,502
4,480,716
69,270,861
4,876,297
Ala.—Birmingham
4,839,721
—1+6
—23.4
2,610,713
4,395,863
3,475,377
Tampa
—26.6
4",258",997
;
17,884,000
1,438,504
Columbus
723,253
12,107,146
80,242,638
Fla.—Jacksonville
—15.4
—25.1
District— Richmond—
Augusta
661,896
+ 6.0 4,511,146,257 3,811,065,962
—13.5
8,871,764
8,244,449
24,466,645
1,631,642
650,186
240,600,000
Macon
29,900,000
18,745,482
21,230,950
6,650,011
16,047,111
Ga.—Atlanta
39,300,000
803,627
827,922
4,443,058
*
rve
7,203,085
1,149,165
—6.1
—13.8
1,299,304,524
Greenville
413,119
42,769,698
1,216,178,418
Columbia
3,986,725
—6.4
40,175,161
+6.9
N. C.—Durham
,
—8.7
152,206,846,497 176,615,372,409
+4.1
—0.1
—9.8
C.—Charleston
3,695,378,268 3,486,324,670
8,247,365
9,537,004
4,414,440
6,018,071
3,637" 513
1,633,996,195
7,647,418
Richmond
—14.5
—3.0
812,642,972
5,147,952
S.
836,966
—16.4
1,224,449,378
6,895,183
rve
715,717
+ 11.3
S
9,763,047
1,460,038
—10.8
—9.9
W. Va.—Wheeling
Total (19 cities)
Fifth Federal Rese
—26.6
40,631,525
—12.5
Ky.—Lexington
W. Va.—Huntington..
Va.—Norfolk
658,209
174,303,742
207,606,317
68,432,337
103,393,207
7,537,395
67,430,654
71,673,247
City
—10.2
483,084
229,280,391
19,958,795
960,898,762
8,118,643
611,191
5,502,997
Oil
Warren
1,294,458
31,800,000
—10.0
$
6,188,745
7,693,623
232,902,114
390,727,674
47,221,900
2,179,638
863,046
6,445,905
9,449,572
4,899,592
18,392,222
789,908
335,634
588,082
466,087,994
6,473,500
Cincinnati
Cleveland
—7.7
—23.4
8,436,093
1,162,629
35,400,000
1935
1936
%
9,960,341
1.631,621,886
Federal
Pa.—Beaver
2,038,684
1,681,975
5,969,194
9,564,289
3,563,038
6,055,720
1,271,334
617,545
3,593,053
12,730,906
17,983,500
Wllkes-Barre
Total (17
*2,350,000
1,405,043
9,660,439
.5,012,859
1,768,257
8,524,888
5,223,104
1,882,880
1,818,474
1,547,000,000
Scranton.
Du
2,260,660
1,748,754
*2,306,950
Bethlehem
Chester
24,526,632
32,396,255
District— Philadelphia
Pa.—Altoona
Dec.
$
6,464,143
—9.3
Newark.
1937
$
460,730,009
Elmlra
J.—Montclalr
1938
District —New York—
36,644,921
Buffalo
N.
Inc. or
Dec.
S
N. Y.—Albany
1937
—20.8
—16.8
+ 1.0
15,779,780
1,358,385
"
"
—11.8
+
—5.6
—14.8
+0.9
x
X
■
X
X
x
"
198" 703
153,740
—22*6
"209", 103
"164,218
Orleans....
173,698,946
165,978,674
+ 4.7
1,722,670,091
1,789,408,534
—3.7
45,302,283
39,468,248
+ 14.8
35,158,269
33,932,810
Total (16 cities)
Seventh Federal Re
712,948,201
680,604,787
+ 4.8
7,183,464,078
7,742,565,921
—7.2
168.272,750
160,245,981
+5.0
154,714,446
135,906,011
—25.8
408,891
—2.2
124,853,093
774,138
95,408,463
+2.3
3","748",498
2",388",005
ll". 5
2~,30+346
+29+642
Mich.—Ann Arbor
Flint
Rapids
Muskegon
Bay City
Wayne.
18,615,158
—5.9
300,918
5,397,647,078
59,208,032
—27.0
111,662,145
405,791
114,143,453
46,767,153
118,071,654
—21.0
3",136",225
3,065,824
1,876,014
2", 1*12" 175
Bend.i.
152,033,947
—22.3
—19.6
18,800,641
—16.4
63,5.36,206
23,359,262
76,534.306
—17.0
2,723,028
—23.3
23,397,721
32,059,868
—27.0
3,143,663
4,824,623
—14.5
28,544,976
32,895,382
53,780,528
—13.2
13,539,800
+ 6.4
122,454,682
+ 5.1
802,135,049
58.783.131
='204,209,830
57,461,469
899,838,241
169,740,569
876,564,648
72,100,560
—27.9
75,271,175
6,400,956
5,842,044
Terre Haute
Wis.—Madison
Milwaukee
Oshkosh
Sheboygan
Watertown
20,011,170
5,638,729
87,828,974
1,373,503
2,629,976
401,611
1,153,968
5,293,107
-
City...
—8.7
22,382,869
4,872,367
—10.6
85,377,646
+ 2.9
2,071,905
—33.7
2,942,886
—10.6
+ 15.7
46,411,287
'
—13.7
—8.5
Ames
1,008,907
1,311,815
—-23.1
1,231", 130
1,040,975
17","171",000
+ 19.9
2+250*000
15,990*600
—18.5
1,348,294
15.2
5,033,708
1,171,672
5,211,112
+ 15.1
240,786,602
—3.4
1,559,531
5,082,909
1,064,283
3,642,267
53,496,709
998,231,744
+ 7.4
—9.9
20",754", 130
21,627*515
-=4.6
14,985,480
23",796",391
19,378,075
23,222,524
—35.5
29,990,475
34,464,478
—13.0
1,080.072
9,890,425
+ 13.8
3,260,405
+ 12.4
1,309,878
11,082,793
3.870,729
3,187,248
'
448,485
—10.5
—12.2
—16.7
4,840,626
13,062,091
5,510,936
1,385,518
52,759,368
14,790,376
53,496,443
—11.7
+ 6.3
—1.4
36,151,284
37,513,039
—3.6
1,229",404
—3.0
396,791,434
149,997,714
413,502,371
150,567,423
—4.0
14,454,272
10,257,178
3,665,456
872,975
1,836,557
1,519,091
1,191,068,115
4,933,259
17,729,149
HI.—Aurora.
Bloomlngton..
Chicago
Decatur
~
—2.2
8,944,383
8,731,141
+ 2.4
18.747.132
19,286,142
30,539,798
20.649.788
—38.6
—6.4
—6.6
910,233
13,127,214,417
"376*,820
+141.6
—7.3
15,586,920,431
"413", 598
"33+612
—15.8
293.506,922
48,757,152
167,494,131
+ 6.9
1,114,857
200,775,039
—16.6
4,360,259
—16.5
67.477.789
66,039,548
—23.1
—8.1
51,917,633
59,972,639
1,128,961
1,401,356
—0.6
—16.8
5,801,358
354,147,768
1,209,679
5,218,608
+270,425
1,550,356
313,883,077
45,603,612
335,197,608
914,290
4,095,485
1,225,858
1,410,055
—12.4
+ 16.9
6,970,971
—16.8
5,289,699
492,467
1,944,306,845
2,108,288,956
Re
Cape Girardeau
Independence
Ky.—Louisville
.....
Ill .—Jacksonville
Qulncy
Total (7 cities)
+602", 213
9,977,740
—57.6
Springfield.
Sterling
Federal
+3.7
892,433
4,311,008
Total (31 cities)
.
1,622,286
1,284,679,138
Rockford
Mo.—St. Louis
—0.4
4,327,107
4,221,708
18,599,726
5,162,124
5,756,437
592,073
Peoria
—
20,589,000
4,979,198
"
Tenn.—Memphis
—14.3
.
—19.5
14,014,777
Manitowoc
Iowa—Cedar Rapids..
Des Moines
Eighth
—9.0
2,025,653
7,324,544
14,412,198
79,142,004
Indianapolis
Sioux
17,512,144
3,942,944,182
12,755,686
4,134,953
Gary
South
+ 10.2
—13.3
—26.4
2,688,279
Lansing
Ind.—Ft.
1,572,816
469,677,858
6,747,937
6,122,996
2,087,359
Jackson
.
District —Chicago—
1,732,870
407,392,729
4,969,017
11,604,393
1,628,584
Detroit
Grand
serve
—4.7
—9.2
"
+21.9
+6.5
—7.9
607,704
3,328,274
852,422
1,292,469
—7.8
20,621,430,541
24,986,317,061
—17.5
483,277,967
523,671,375
—7.7
564,305,623
475,443,007
356,282,942
3,431,056
439,346
373,468,848
—4.6
4,411,149,591
—13.9
91,800,000
98,100,000
—6.4
3,286,191
+ 4.4
3,800,113,115
34,629,324
99,900,000
86,200,000
474,920
—7.5
142,278,329
95,355,889
138,011,393
101,477,141
+ 3.1
5,089,090
1,469,311,142
—5.0
867,804,066
375,203
2,538,000
305,535
+ 22.8
2,548,000
—0.4
3.379,315
26,228,000
600.700.765
619.572.09iR
—3.0
rt.sn+jjs+niw
serve
District —St. Louis—
,
38.733,216
—10.6
5,733,547
—11.2
1,626,455,472
948,447,923
3,262,164
—9.7
33",458",899
33",412,768
+0.1
28,123",497
29,454" 061
—8.5
20,815,631
22,557,497
—7.7
27,96+448
20,462,064
+ 3.6
X
X
X
X
,x
29,317,000
—10.5
708,000
668,000
+ 6.0
575,000
500,000
7.063.09+913
—12.1
146.7R2.5S0
154.738.265
—5.1
156.559.945
136.616,125
Volume 147
Financial
Chronicle
CLEARINGS
Month of
3559
(Concluded)
11 Months Ended Nov. 30
November
Week Ended Dec. 3
Clearings atInc.
Inc. or
or
1938
s
rve
Dec.
1938
1937
%
%
$
$
%
District— Minneapolis
16,393,313
+ 2.1
304,432,239
—10.5
1,269,666
114,106,944
+ 8.0
14,558,822
—4.9
1,144,383,249
16,778,202
5,485,013
108,479,114
Winona
1,656,555
498,078
S.
—11.7
—1.9
1,190,000
+ 0.9
793,000
—8.5
3,289,245
7,555,851
D.—Aberdee:
Sioux Falls...
+ 10.7
564,117
10,100,861
1,201,000
725,960
Mlnot
1,495,762
9,911,794
Fergus Falls..
N. D.—Fargo..
Grand Forks.
2,952,957
+ 11.4
7,012,082
726,800
+ 7.8
100,325,252
11,051,000
8,583,492
32,815,954
70,418,277
+16.6
6,678,026
Huron
847,200
Mont.—Billings.
3,641,894
3,833,738
12,367,172
-
11,114,000
32,826,813
71,537,442
6,751,110
36,261,667
33,576,732
38,178,869
—9.9
—2.3
5,043,463
6,626,761
126,761,384
1,476,985,384
—12.0
4,378,044
624,170
—20.3
—0.1
129,228,507
14,806,224
576,122
+3.4
6,281,536
112,591,089
.1,325,658,134
175,522,212
6,523,658
570,596
8,110,193
13,854,427
2,013,513
+ 64.8
+ 6.9
+ 6.3
182,260,147
6,429,882
—10.2
32,874,340
29,702,071
+ 10.7
33,188,690
89,695
119,749
2,800,889
32,258,961
2,887*508
—3.7
+ 1.5
—1.6
1,966*.724
2,143*034
—8". 2
2+41,763
—13.4
3,360,501
3,583,491
—6.2
4,218,062
2,828,690
—7.5
21,236,132
—5.5
—17.5
88",776",330
95,029,200
—"e'.e
IOO",930+74
89,20+661
—11.7
2,928,116
2,940,157
—0.4
3,612,421
3,11+081
+ 19.7
—8.2
6,014,474
—15.9
467,259,987
—13.2
+ 2.6
29,674,117
1,345,097,885
31,894,519
—7.0
—4.0
1,526,324,317
—11.9
2,438,177
+ 4.1
26,664,341
31,050,426
—14.1
1,595,670
+0.8
14,884,280
14,672,071
+ 1.4
762,564,429
—4.1
7,866,942,930
9,178,701,794
—14.3
—5.8
5,627,681
4,440,319
227,286,613
22,239,861
—8.4
—4.6
—5.0
34,159,573
—r7.1
12,903,000
—13.6
+ 3.2
—15.2
—10.9
2,289,242,254
208,922,297
327,119,311
2,461,138,651
219,094,106
376,969,181
132,278,000
1,974,659,112
23,219,132
44,365,127
—5.8
—2.4
5,215,260,428
5,537,237,845
17,272,710
1,556,910,279
341,770,037
24,151,163
1,833,254,020
443,221,000
52,299,979
62,283,977
12,060,000
1,523,911,100
37,083,830
772,427,469
175,504,796
District —San
Franc!
^
Pasadena.
—23.7
1,941,384
151,198,337
—5.0
41,118,000
—40.1
4,859,990
—2.7
6,406,850
—1.2
130,162,684
—5.2
3,450,306
—1.7
11,033,967
1,344,260,139
29,698,057
69,547,765
—7.2
631,231,660
13,706,744
14,275,533
—4.0
10,088,535
—3.5
135,847,863
90,944,597
6,833,067
+ 10.5
72,941,190
16,749,679
4,145,000
15,443,503
3,457,384
+ 1.9
192,495,455
—8.0
37,273,000
1,106,000
3,812,000
15,211,039
—8.3
San Jose
-
Santa Barbara
-
Stockton
42,998,290
57,936,616
148,765,282
135,29+791
1,610,456
—6.5
1,569,356
1,175,563
53",837",551
—5.0
53",692",820
46",616",379
7,077" 152
3,285,000
8,04 7" 03 7
—12+
7*."035",853
7,747*692
2,998,000
+ 9.6
2,786,000
2,784,000
1,111*845
1,068,639
+ 4.0
"872",240
£,024*813
3,375,936
3*,174,442
+ 6.3
3",287",538
2,395,740
67,498,768
—7.0
70,736,125
—4.6
69,243,807
6+744+87
34,299*823
—4.6
—14.9
77,601,740
199,323,714
43,180,343
191,869,893
6,364,071,814
—10.1
41,913,146
7,180,867,872
141,050,455
71,432,642
35,849,135
—0.3
125,766,792
68,087,830
100,381,467
604,540,439
13,418,155
6,690,138
6,935,540
—3.5
10,160,141
—3.3
—28.5
—2.3
8,916,000
—40.0
36,734,970
11,352,000
1,020,539
+ 10.7
1,155,105
9,90+000
985,017
28",023*. 624
—1 +
29,156^968
26","087+63
17,255,325
—17.8
34","945",424
27,628" 6 52
,
—22.9
34,142",012
a5,349,600
1,129,390
—15.1
19",438+57 —l"l" 2
17,731*805
15,556,820,
—7.0
—8.5
—11.8
—19.9
—18.3
—22.6
,
87,787,271
171,450,303
—1.5
—12.6
3,022,412
602,436,410
12,066,168
9,824,192
...
Francisco
—2.2
8 CO
7,552,087
Modesto
137,337,942
1,505,322
—5.8
14,624,412
505,152,639
17,069,903
Berkeley
Long Beach
1,104,252
51,"l43",513
—8.2
9,735,968
•
"653~087
—19.7
12,775,692
156,857,869
64,536,956
—
+ 72 +
134,295,519
+ 4.0
15,918,478
170,890,535
—18.0
1,014,000
123,365,977
3,392,165
Calif.—B akersfield
+3.6
—-6.0
—3.4
4,727+05
4,922,834
—13.7
+4 +
4,74+314
4",314",852
—8" 6
4,265*088
4,165,099
—7" 9
172",29+666
+ 8.3
3,544,584
—6.7
+802,558
"
M12~233
4,282 +i 3
—11.4
170,38"i".656
—10.8
3,543,059
1,702,378
1,868,386
184,92+000
3,271,306
1,824,716
—10.6
—14.5
—4.7
108,896,530
—7.8
271,834,869
2,091,438
—10.7
2,286,948
163,428,959
2,960,074
1,966,855
1,806,552
293,467,722
—7.4
285,062,340
265,472,514
1,115,838,292
—3.7
13,080,120,940
—12.6
Grand total (194 cities)
24,135,849,003 24,375,292,811
—1.0
262,756,134,040 304,450,442,396
—13.7
6,319,964,452 6,222,857,542
Outside New York
11,064,428,040 11,328,368,062
—2.3
115,550,860,525 133,659,409,235
—13.7
2,624,586,184 2,736,532,872
Total (20 cities)
1,074,204,164
11,428,221,201
CANADIAN CLEARINGS FOR NOVEMBER,
Month of
SINCE JANUARY 1, AND FOR WEEK
Dec.
$
%
Canada—
Toronto
561,524,956
484,130,818
183,791,113
76,531,780
644,776.828
Montreal
646,457,368
Winnipeg
196,686,003
76,851,837
86,744,959
;
Ottawa
^
St.
John
Victoria.
London.
Edmonton
Regina
Brandon
917,943,814
227,810,416
—9.8
116,555,835
—15.2
232,563,446
+ 7.7
—5.3
272,242,036
83,810,573
78,185,044
82,580,250
—12.7
121,381,136
183,162,474
+38.7
192,527,586
134,136,450
189,416,176
170,630,652
15,413,975
22,675,829
64,252,025
16,139,058
23,952,266
+4.7
—10.4
—0.7
+8.6
381,917
—6.1
—11-2
—9.3
302,668
—12.2
—5.0
20,323,565
13,272,223
1,748,794
2,823,637
3,065,274
+ 12.8
—8.0
239,874,976
121,657,312
259,659,543
280,564,071
91,078,999
—16.3
156,810,243
140,809,619
36,942,660
20,292,185
24,055,234
6,230,238
2,677,309
5,735,548
5,836,081
2,079,077
1,637,477
3,367,939
4,055,693
2,948,197
—9.9
977.784,967
—4.2
—3.0
—8.0
—9.5
—3.3
—22.8
—18.7
+ 7.6
—9.2
—38.3
—28.5
166,966,856
134,344,682
49,050,851
21,825,685
27,028,342
,
—18.0
+ 4.1
—31.8
—1.4
—32.5
.
—4.3
+ 19.3
349,145
352,309
530,930
517,233
+ 2.6
478,305
1,189,053
1,279,266
—7.1
1,629,748
702,809
962,785
878,085
607,232
1,827,131
695,586
5,998,408
5,546,954
+ 8.1
2,440,925
4,360,397
+ 11.9
26,910,657
28,226,606
—4.7
465,306
563,013
—17.4
—15.5
42,070,339
34,423,560
29,401,007
11,122,225
28,249,116
45,774,517
—8.1
1,039,407
—21.6
—6.8
815,214
585,298
—27.8
—7.8
636,163
810,759
720,116
—0.9
3,171,465
Medicine
Hat...
Peterborough
Sher brooke
Kitchener
Windsor
3,749,982
—15.4
2,792,098
1,228,247
2,707,829
3,291,338
5,046,437
12,252,060
New Westminster
2,959,347
1.122.723
—5.7
3,400,815
3,156,962
—20.4
Prince Albert
1,555,204
3,983,625
2,610,191
3,528,684
1,421,768
Moncton
4,823,942
14,426,934
3,369,470
2,592,726
Kingston
Sarnla
2,853,765
2,176,470
Sudbury
4,338,843
Chatham
1,661,720,521
Total (32 cities)
*
Estimated,
x
1,619,350,496
No figures available,
the Federal Reserve Bank branch
ve
2.210.724
4,545,313
a
+ 9.4
+ 4.3
51,443,616
130,983,461
—8.6
14,457,026
—15.4
—1.5
34,753,222
26,510,135
26,563,469
24.906,619
—4.5
46,758,043
—0.7
—19.1
+ 2.6
15,679,083,196
51,529,372
145,902,764
16,657,616
37,816,217
dtting Spokane from our tabulation for
638,787
253,032
643,918
627,192
974,699
694,201
575,388
314,022
653,510
717,378
216,316
214,503
+0.8
567,412
694,265
—18.3
+ 1.9
770,618
705,061
—0.2
1,132,382
2,719,494
1,207,848
3,381,766
+ 9.3
——6.2
—19.6
1,183,174
3,331,423
—13.2
265,318
320,461
—17.2
377,482
781,783
'—13.2
809,789
806,240
640,424 T—12.8
1,161,953 —19.2
619,316
670,712
576,500
488,460
—10.2
1,149,218
2,489,138
357,120
—8.1
678,301
26,767,588
28,087,700
—1.0
558,740
22,817,893
+ 9.2
440,289
543,445
—19.0
540,100
+ 1.0
1,137,164
1,114,815
+2.0
1,052,753
847.148
46,290,704
352,740,400
429,555,535
-17.9
452,076,311
441,088,386
17,201,137,483
939,205
—5.4
-8.8
The Spokane Clearing House declines to continue to report
the time being.
-
—11.7
—7.1
653,470
stated reason that the discontinuance
those for periods Prior to Oct. 1, 1938. We
1938 figures from October, 1937, Instead of
bank clearings for the
in that city on Oct. 1, 1938, has resulted In a sharp decline In the clearings figures from
and month on the basis of the percentage of decline in the October,
calculated the estimated figures for the week
32,960,272
+ 4.6
—15.1
36,932.149
31,902,092
11,222,238
30,417,899
32,342,772
133,413,176
63,220,516
17,643,008
24,699,812
5,963,628
2,637,930
4,719,861
7,447,853
1,877,992
1,918,075
3,371,181
4,561.934
4,254,167
+ 5.6
2,732,154
3.685,248
Fort William
150,580,503
—6-8
—20.8
Saskatoon
59,853,646
7,097,223
2,804,499
5,560,093
5,889,618
1,984,355
1,903,411
3,104,736
4,419,762
4,347,643
—12.3
Moose Jaw
Brantford
1935
%
—13.4
*
1936
Dec.
1937
120,986,333
114,472,852
39,763,109
18,430,828
14,846,653
4,456,782
•2,348,382
4,705,508
6,075,765
1,416,895
1,613,738
2,274,811
3,881,842
3,517,031
5,829,146,304
5,340,430,511
1,892,100,382
897,046,934
8,262,053
7,316,069
12,659,714
1,587,010
Leth bridge
—5.8
—12.6
12,105,033
24,797,299
28,336,601
7,263,558
10,599,040
17,735,751
18,408,276
_•
787,848,086
25,264,451
21,022,360
30,521,914
7,336,894
Harpllton
Calgary.."
+ 7.0
+0.4
2,907,289,231 2,523,877,498
Inc. or
1938
Dec.
%
8
5,254,776,929
4,910,879,093
1,637,938,991
+ 12.9
1937
1938
92,039,668
22,089,991
10,915,132
Quebec
Halifax
—3.0
,
—4.1
ENDING DEC. 1.
Inc. or
Inc. or
1937
1938
+ 1.6 7,418,435,488 6,334,943,460
Week Ended Dec. 1
11 Months Ended Nov. 30
November
Clearings at-
Vancouver
883*305
388*827
—3.0
6,329,491
-
674+57
670,308
—7.8
4,727,455
Salt Lake City
—17+
"57+027
"
—13.2
121,996,000
1,916,091,271
19,750,225
46,152,656
a24,646,000
—
"473", 140
+ 6.2
67,128,100
51,577,423 <—12.7
71,322,610
45,030,243
+ 10.9
1,481,926
Portland
~
"
Distrlc t—Dallas—
143,583,133
Ariz.—Phoenix
128,963
3,103,711
405,600,443
serve
Ore.—Eugene
113,654
*—0.4
+ 10.5
8,422,492
13,770,811
Utah—Ogden
—16.7
165,039,247
23,144,295
4,846,789,920
147,632,185
493,267,767
Idaho—Boise
118,197
137,846
98,472
106,350.840
4,346,412
1,554,039
Spokane
98,773,193
10,083,121
3,870,713
1,274,658
Yakima
113,314,828
142,913,488
Wichita Falls
.
—7.3
104,685,164
1,816,868
.
113,198,392
+ 2.5
Port Arthur
.
104,965,300
—8.1
175,829,011
2,141,718
Seattle
656,119
3~,582",364
2,724,092
—20.4
181,505,143
WashBelllngham
602,560
3,124*260
137,278
—12.3
Houston
cities).....
+ 5.3
+ 13.2
3,010,310
464,139
Galveston
La.—Shreveport
795,225
2,880,351
—5.2
44,143,210
2,590,164
143,564,230
6,239,755
Texarkana
837,366
375,087,748
12,074,065
4,067,872
216,732,951
21,117,443
31,725,553
11,146,000
Worth
"669",738
3,260,488
—13.2
3,999,724,482
130,368,936
5,055,868
eserve
El Paso
701*041
—11.2
731,195,550
Dallas
+ 8.5
—5.0
126,729,009
32,811,778
410,402
11,371,928
407,242
Beaumont
761*675
—1.6
35,123,341
2,658,694
137,794,452
2,538,628
1,608,583
Texas—Austin
2,664", 902
826+02
—0.1
114,166,121
—2.6
10,412,872
1,863,112
354,504,461
cities)
2","400",717
District— Kansas Clty-
940,617
Wyo.—Casper
+ 8.2
—9.0
8,316,039
Pueblo
2,250~648
—1.1
—10.5
12,734,716
Denver
2,434,267
—14.2
2,668,932
Parsons
Colo.—Colo. Springs..
25",096",972
■—0.6
9,999,287
5,257,394,475
612,529
St. Joseph
Carthage
Okla.—Tulsa
63,583,242
29,840*699
+0.2
—4.7
—5.2
497,275
Mo.—Joplin
Kansas City
—5.2
29,9~55~578 —is'.e
—4.3
2,428,173
361,302
Wichita..
San
73,253,589
25,286,278
4,702,900,611
rve
Topeka
$
3,179,856
3,532,991
73+12,560
+ 2.0
—7.6
Manhattan
Riverside
69,445,062
—6.6
+ 13.7
10,407,127
133,633,012
15,822,492
Total (11
—12.5
+20.9
Hastings
Fort
—12.9
481,425,300
Neb.—Fremont...
Total (18
3,301,326
283,014
Omaha.
1935
$
%
2,875,437
444,783,290
Lewistown.
Tenth Federal
1936
Dec.
$
—16.7
3,740,378
3,371,778
13,041,400
234,003
Great Falls...
Total (16 cities).
$
1,224,856,730
16,741,689
5,730,424
105.292,323
2,960,551,344
1,371,229
Paul
1937
174,821,777
3,382,302,782
14,266,556
145,604,241
272,383,704
St.
1938
-
16,737,742
Rochester
Inc. or
Dec.
$
Minn.—Duluth_.
1937
3560
Financial
CALLS AND
SINKING
Shares "
FUND
185
list of bonds, notes and
preferred
a
stocks of 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—
Abbotts Dairies, Inc., 6% bonds
Addressograph-MuJtigraph Corp., serial debentures
Aluminium, Ltd., 5% sinking fund debentures
American Gas & Electric Co. 5% debentures....
Athens Railway A Electric Co., 1st mtge. 5s 1950
Bayuk Cigars Co. 7% preferred stock
Bethlehem Steel Corp. 25-year 4 34 % bonds
*
Capital City Hotel Co., Inc., 1st mtge. 634s
l>ate
Pace
3300
Dec. 23
Dec. 15
2520
Jan.
1
Dec. 21
Jan.
Jan.
2521
3149
2860
1
15
1
315'
3447
Dec. 21
3605
Dec.
Jan.
Central Power & Light Co. 1st rutge. b34»
Connecticut Light & Power Co. 1st & ref. 324s
Connecticut Ry. & Lighting Co. 1st mtge 4 348
Container Corp. of America 1st mtge. 6s
Crown Willamette Paper Co. 1st mtge. 6s
Delaware Electric Power Co. 534 % gold debs., 1959
Dominion Gas Co., 5% coll. trust bonds,
17
...Jan.
1
3153
3452
Jan.
1
3011
Dec.
Jan.
15
3156
3157
3454
-
1
Dec. 31
Jan
1, *39
1034
East St. Louis & Interurban Water Co.—
First mortgage bonds, series A
Fiat
(Turin.
Italy)
7%
& B
Jan. 1,
39
1
268
2683
Dec. 23
Jan.
1
3610
2866
bonds, 1946
Jan
*
Flatbush Industrial Building, 1st mtge. bonds
Gair Realty Corp., 1st mtge. 5s
General Public Service Corp.
534% debs._
J;in.
Georgia Carolina Power Co.. 1st mtge. 5s
Jan.
Goodyear Tire & Rubber Co.. 1st mtge. 5s, 1957
Dec.
Goodyear Tire & Rubber Co. 5% bonds, 1957
Dec.
*
Greenwich Water & Gas Systems, Inc, coll. trust 5s
Dec.
Hackensack Water Co
ref. mtge. 5s, 1977
—Dec.
f irst mortgage 4s
1952
Apr.
Hackensack Water Co. gen. & ref. mtge. 534s
.Jan.
Holland Furnace Co. 5% conv. pref. stock
Jan.
Hoover Ball & Bearing Co. 1st mtge. 6s
Jan.
Houston Gas Securities Co., 5% coll. trust bonds
Dec.
*
Hydro-Electric Corp. of Va., 1st mtge. 5s
Dec.
Indiana General Service Co., 5% 30-year 1st mtge. ods—Jan.
Inland Steel Co. 1st mtge. 3s...._
Jan,
*
International Ry. Co., 5% mortgage bonds
Dec.
International Salt Co. 1st mtge. 5*
June
1
1
30
30
.
•
15
3160
1
3459
21
3310
3611
2395
3459
16
1
15
20
3611
3460
1
Jan.
5460
1
3460
15
3613
Jan.
Liquid Carbonic Corp., 10-year 4s, 1947
Michigan Associated Telephone Co., 1st mtge. 5s.
Narragansett Electric Co. 1st mtge. bonds, iy66
Nashville Railway & Light Co
1st mtge. 5s, 1953
National Gypsum Co. preferred stocks
New Orleans Public Service Inc. gen. lien 4Ms
*
Ohio Power Co., 1st & ref. mtge. 5s
Phelps Dodge Corp. 3 34% debentures, 1954
*
Pittsburgh Coal Co., 20-year 6% debentures
*
Pittsburgh Steel Co., 20-year 6% debentures
Platte Valley Telep. Corp. 1st mtge. 6s, 1947
3162
1
Dec.
*
*
1
Feb.
Jan.
Kansas City Gas Co. 1st mtge. 5s
Kansas Power Co. 1st mtge. 5s
10
3614
1
3464
1
2695
..Jan.
Jan
Jan.
1
3464
Dec. 24
3166
Jan.
3618
2699
1
l)er. 15
Dec. 20
Dec. 20
3619
Jan.
1
3025
Jan.
3
Jan.
3
2600
Republic Steel Corp gen mtge. 4 Ms
Dec. 30
Riordon Pulp & Paper Co,, Ltd.. 30-year 1st mtge. 6s_ .—Dec. 31
Ruberoid Co 4% series A dividend notes
Dec. 20
3169
Public Service Co. of Nor. 111. 1st lien & ref. bonds:
Series E
Series F
--
-
—
San Antonio Public Service Co
1st mtge. 6s—
Jan.
Sibley Manufacturing Co., 1st mtge. 7s
—Jan.
*
Strawbridge & Clothier, 7% preferred stock;
Dec.
Super-Power Co of Illinois—1st mtge. 4MS, 1968
Dec.
1st mtge. 434p. 1970Dec.
Tidewater Associated Oi.1 Co. 15-yr. 3M% debs., 1952—Jan.
Union Electric Co. of Mo. preferred stock
-Jan.
United States Cold Storage Co 1st mtge. 6s
^
Jan
Virginia Elec. & Power Co.. 1st & ref. mtge. bonds
—Mar.
Washington Gas Light Co., ref. mtge. 5s.Jan.
West Disinfecting Co. 1st mtge bonds, 1940
——Jan.
Woodward Iron Co. 2d mtge
5% bonds.
Feb.
*>arnaru
following securities
were
$30 lot
$12,50 lot
par $1; 10 Continental Shares, Inc., conv. pref.,
Corp.; 5 British Type Investors, Inc., class A,
17
1
I
100
,li
Springfield Ry. Cos. preferred,
.
.$2.50 lot
Regional Produce Market
7
3
Congress Street Assts.,
$100
Oil
Co.
Co., $40 paid in liquidation,
certificate
of
trustees.
—
—
par
_——
—$15 lot
.134-134
—
—
...
„
——
—
.
.$2334 lot
—
$37 lot
Shares
—
par
$2 lot
$100
—
par
—
234
$105 lot
.
1,275 11-25 Stevens Waiden Inc. B
1,000 Arcade Malleable Iron Co. common A
39 Stirling Mills, par $100; 7 Shirreffs Worsted Co.
can Super Power common
—
134
—
$25.
—
—
—
—
—
common and
.$110 lot
—
$100 lot
44
-
$10 lot
1 Electric Bond & Share Co. common, par $5; 36 Profile &
Flume Hotels Co.;
10 warrants Boston Metropolitan
Buildings, Inc., and $600 Eastern States
Refrigerating Co. 7s, certificate of deposit
_T__$15 lot
17 Factory Buildings Trust, par $100.1
-
Massachusetts
State
Street
Building
Associates,
Trust,
par
$100—
par
$100—
—
$134 lot
50c.
—
1 Boston Chamber of Commerce Realty Trust 2d
pref., par $100;.$1,000 Uni¬
versity Club Badminton Assn., Inc., debenture, series B
$1 lot
6 The Wyoming Co. common, par $100; 3 Isaban Coal
Co., par$l_—
70c. lot
100 Victoria Gypsum Co., Ltd.,
common, par $100.
1
230 National Investors Corp., par $1
—
6
_
162
Cheney Bigelow Wire Works, pref.,
75 New England Lime Co. common
168 Pierce Butler Radiator common
100
25
Belding
units
Hemlnway
Reed
Prentice
Co.
par
$25.
—
Pennsylvania Co. for Ins. on Lives & Granting
Annuities,
12234 Security Bank
Trust Co., Phila., par $10—15 at
1034 National Bank of Oiney, par $10-
t. c.,
par $5
common
50
J,,M, Sons Building Co., 1st pref.,
Corp.,—.—
Bryn
$5,000 New York & Greenwood Lake Ry. prior lien 5s, May 1946
12 J4
Stocks
-
50
6
l
$6 lot
$1 lot
Bonds—
Percent
Established 1874
DeHaven & Townsend
Members
New York Stock
Exchange
Philadelphia Stock Exchange
New York Curb
Exchange (Associate)
-
PHILADELPHIA
NEW YORK
1513 Walnut Street
3
to
30 Broad Street
Philadelphia Stock Exchange
Dec,
9,
both inclusive, compiled from official
sales lists
Soles
Last
Par
American Stores
AmeiLan Tel & Tel
100
10
Bell Tel Co of Pa pref.. 100
Budd (E G) Mfg Co
*
Chrysler Corp
Week's Range
f«r
Sale
tf Prices
Week
Price
Low
834
14834
1834
1203-2
5%
£
Curtis Pub Co
*
com
Electric Stor Battery.. 100
General Motors
10
3034
Pennroad Corp
148
Range Since Jan. 1, 1938
Shares
Low
S8*
8h
14934
636
5
.50
*
High
Aug
,
Mar
Mai
2334
221
July
12134
Dec
334
Mai
734
8434
Nov
204
36
230
4
com
Mai
Phila Rapid Transit
Aug
3434
Nov
632
55
4834
3734
2134
3
334
215
Mar
*
5334
Nov
Feb
3
3734
634
734
July
May
Mar
734
734
IX
1934
134
1934
2034
9,199
3,423
234
234
100
2
Aug
11534 11634
3034
3034
134
234
297
112
Feb
50
4
£0
Philadelphia Traction
Salt Dome Oil
Corp
234
8
4
Scott Paper
734
134
330
445
434
834
1734
332
234
34
34
34
Westmoreland Inc
Westmoreland Coal
Mar
3
*
2
Jan
ht
796
334
1,053
3J4
34
35
10
Apr
1034
3534
600
1
434
32
78
50
:*
2
740
.*
...
United Corp.com
..1
Preferred, j
United Gas Impt com
Preferred
2934 Apr
134 Sept
361
ht
1734
Tonopah-Belmont Devel.l
Transit Invest Corp
Preferred
Union Traction
434 Mar
134 Mar
1434 May
134
734
1
904
3254
35
1034
1134
11234 11334
834
834
34
*
*
*
9
834
657
8,306
180
134
134
2234
834
9934
500
9
834
Oct
834
Mar
117
3034
Oct
Mar
4
50
Nov
34
334
234
150
2134
2534
358
1
Phila Elec of Pa $5 pref.. *
Phila Elec Pow pref
25
Nov
11134
1234
11234
42
50
v t c
1134
325
1834
1834
11934 12134
5 34
634
7834
8034
534
634
2954
3134
3 34
Pennsylvania RR
Penn Traffic
834
37
*
_
High
4734
—
Horn & Hard (N Y) com.
634
50
Bonds—
8
Mar
•
934
234
3034
234
118
Dec
July
July
Jan
Jan
Feb
Oct
Nov
3234
234
434
July
834
Nov
Jan
2734 May
51
Oct
Jan
34
Feb
Mar
Nov
Jan
134
234
334
Nov
Mar
434
Oct
Oct
Mar
Mar
Mar
Apr
Mar
$1,000
Apr
Mar
Oct
3734
1234 Nov
11334 Dec
Jan
1034
1034 May
934
Nov
No par value.
$1
—
we
we
show
are
bring
current week.
the
grouped in two separate tables.
In the
together all the dividends announced the
Then
we
dividends
follow with
a
second table in which
previously announced,
but which
have not yet been
paid.
Further details and record of past
dividend payments in
many cases are given under the com¬
pany name in our "General
Corporation and Investment
News Department" in the week when
declared.
The dividends announced this week are:
& int.
534
Per
Name of Company
32
27c.
-
par
$1 lot
_•
...
14
r
Co
common,
.$1 lot
^
$900 Valley Forge Military Academy (James P.
Rothwell, Jr.), real estate 6s,
June
15,
1934—
.31 flat
$600 Manufacturers Golf & Country Club deb.
3s, due July 1, 1952 (J-J 1).$105 lot
$5,000 Rittenhouse Hotel gen. mtge.
income, due 1935, with 50 shs. Rittenhouse Equities, Inc., v. t. c.
$30 lot
$2,000 Northwestern Elevated RR. 1st 5s,
1941, stamped
$6 lot
first
3534
—
5 Berkshire Fine Spinning Assts., $5 preferred
new
V.—.
$50
DIVIDENDS
$ per Share
46 First Nat. Bank & Trust Co., common, Greenfield, Mass.,
par $10
1 Worcester County Trust Co. common, par $10
300 Boott Mills, par $100.
Inc.,
5
$1 lot
....
par
—
Dividends
By Crockett & Co., Boston:
4 Angus Co.,
18
,..$6 lot
$100-..
Mawr Trust Co.
'
100 Continental Securities
Corp. $5 preferred
25 Continental Securities
Corp. common
29
Per Cent
Orchard
par
434
.
...
—
...
20 Ajax Hosiery Mill, prefeired,
par $50
10 Ajax Hosiery Mill common, no
par..
5 Frankford & Southwark Passenger
Ry. Co.,
50
2934
10734 at 5
'
par
♦
Mortgage Corp. 1st serial, July 1944, with 1 sh. v. t. c. stock;
$1,100 Am¬
bassador Hotel Corp. 6s, March 1943, coupon March
1932 & sub. on; $4C0
Book Cadillac Properties prior inc. April
1947, with $13.75 int. ctf. and
12M common v. t. c. stock.
...$155 lot
$5,000 New England Power Assn. 5Ms, 1954
92 & int.
Indian
534 and
734
Bonds—
20
16
par $10
10 Third National Bank & Trust
Co., Camden. N. J., par $75.
5 Bryn Mawr Ice Mfg. & Cold
Storage Co., capital, par $25
400 Railroad Shares Corp.
common, no
234
$500 No. 12 East 86th St. Bldg. 634s, May, 1936; coupon
May 1932 & sub.
on, stamped; $200 London Terrace 3-4, June 1952,
reg., with 2, common A;
$500 Camden Rail & Harbor Terminal 634s, Jan. 1943; $515 North Carolina
Shares
—
200
;
__
50
Elec & Peoples tr ctfs 4s '45
45c.
...
$19 lot
v.
% per Share
Co., par $50
Philadelphia, par $50-....
7% preferred
125 Ameri¬
..$65 lot
18 United States Envelope Co. common, par $100
2,000 The New England Slate Blackboard Co., par $5
6 flat
'
Nat'l Power & Light
—
Realty Trust prior preferred,
132 Moxie Co, convertible preferred
1,196 19-25 Stevens Waiden Inc. A,
31
Stocks
7 West Jersey Title & Guaranty
10 City National Bank of
-$734 lot
Community Theatre common and 10 preferred
200 United Brick Corp. A and 50 common
*——.———r
15 Insurance Building Corp. common.
Per Cen
By Barnes & LofJand, Philadelphia:
__10c. lot
10 Dedhain
.$176 lot
—
•
Lehigh Coal & Nav.
Lehigh Valley..
10534
—
7 Boston Chamber of Commerce
53 34
$5, and 10 Mid-South Cotton
70 American Super Power common and 67
Crompton Trust, par $100..;.
10 Ludlow Mfg. Associates
25
—
Bonds—
$1,000 Bellevue Hotel Co. 2d mtge. income reg.
6s, Jan. 1, 1960
Barber Co...
234
:
...
$86 lot
$100; 30 Devonshire Building Trust pref., par
par
3474
3475
20
-
$100; 25 North
par
38 State Street Exchange, par $100; 24 Old South
Building Assn., par $75; 13
2406
2878
I
25
1
.
-
—
pref., par $25; 25 North American Mines, Inc., class A,
American Mines, Inc., class B
:
!
3030
—
.....
$100
par
Providence & Worcester RR., par$100.—•;—
12 Pelzer Mfg.
—
—$1 lot
par $75;
28 Angus Co. old common, v. t. c.; 46 old
preferred5 Boston & Providence RR., par $100; 20 Boston
3472
1
% per Share
—
——
lot
lot
Congress Street Assts..$230 lot
5 The Myakka Co., par $100; 2,000 Bolivian Petroleum
Co.; $3,223.49 The
Mortgage Loan Co. ctf. of ben. int.; 10 J. B. Shearer &
Co., Inc., pref.,
par $100: 10 J. B. Shearer <fc Co., Inc., partic.
certificate
$10 lot
3472
By R. L. Day & Co., Boston:
—
lot
par
Corp..
Stocks-
15 Northampton National Bank & Trust Co
30 Brookside Mills, par $100
100 Associated Textile Cos., preferred-_L
lot
lot
Holding Corp..
$100; 5 Chatham Phenix
par
50 State Street Exchange, par $100; 24 Old South
Building Assn.,
30 Devonshire Building Trust, pref., par $100; 13
3622
3172
3172
17
'
lot
25 cts.; 10 Fort Dodge
Des Moines & Southern RR. common,
par $100..
$80 lot
10 North & South American Corp. commno
A, par $1; 2 Columbian Holding
Wednesday
on
lot
.
Friaay
sold at auction
1
5
12
...
3 4-100 North Texas Co. common, par $10
$3
$500 The Armstrong Rubber Co., Inc., partic. operating certificate
.$4
13 Congress Street Associates, par $100; 30 Devonshire
Building Trust pre¬
ferred, par $100; 38 State Street Exchange, par $100
$180
50 Hanover Street Trust, par $100; 1 Boston & Maine RR.
prior pref., par $100 $5
32 Pierce Mfg. Corp., par $100; 150 Neild
Mfg. Corp., par $100
$25
1,000 Burco, Inc., warrants; 100 units Cooper River Bridge Co
$65
40 Washington Building Realty Corp. pref.,
par $50; 24 common
$4
15 Stator Refrigeration, Inc.; 6 Central Public
Utility Corp. class A, par $1;
5 Central States Electric Co.
common, par $1; 3 15-40 Huron
SALES
Stocks
par
10 units Thompson's Spa
3169
2875
of the current week:
Shares
13c.
pref.,
2u
$10—
Dec,
The
Uampanire
6
inc., new common, par $1.,
Victoria Gypsum Co., Ltd., common v. t.
c., par $100
15 Trustees Real Estate Associates,
par $100
week.
AUCTION
1
$1 lot
*
——
100
2876
16
.
■„
3026
1
—
Announcements this
2600
'39
1
—
•
3619
Co., par $25——
Co., common
Manufacturing Co., par $10
70 Angus Co.,
3160
9
'
Mining
500 Securities Co. of New
3611
2533
1
Algomah
Post Office Square
74
26 '39 2533
—_
Clearfield Coal & Iron Co. 1st mtge. 5s
3458
28
,
Jefferson &
3160
3309
3309
1
1938
10,
$ per Share
25 Congress Street Associates, par $100
NOTICES
Below will be found
Dec.
Stocks
,
REDEMPTION
Chronicle
80c. kt
8
Abercrombie & Fitch Co. pref. (s.-a.)__
Adams Express Co
Share
_
J
$3
10c
When
H
olders
Payable of Record
Jan.
Dec.
1 Dec.
24 Dec.
24
15
-
Volume
Financial
147
Shaie
of Company
Adams Oil & Gas (quar.)
5c
Agfa-Ansco Corp
Inc., $7 cum. pref. (quar.)
Albany & Susquehanna RR. (semi-ann.)
Allied Products Corp—
American Bemberg 7 % preferred
American Business Credit Corp. class A—_—
American Capital Corp., $3 preferred.American Crystal Sugar, preferred (quar.)
American Cyanaxnid Co. class A & B com. (qu.)
5% cum. conv. preferred (quar.).
American Express Co. (quar.)
_•
50c
Air Associates,
$1M
$4M
Payable of Record
28 Dec.
19
Dec. 20 Dec.
3 Dec.
Jan,
15
19
1 Dec.
24 Dec.
17 Dec.
15
Dec.
Jan.
50c
_
Dec.
t*14
. _
I olders
When
Per
Name
Dec.
7c
Dec.
Duplan Silk Corp., preferred (quar.)
Eastern Steamship Lines, preferred
Ea&ty Penn RR. 6%
14
17
5 Nov. 30
50c
Dec.
SIM
Jan,
24 Dec.
3 Dec.
10
—
15c
Jan.
3 Dec.
15
1 H%
$1 k
Jan.
Jan.
— _.
i
-
1 Dec.
15
15c
Dec.
21 Dec.
14
Famous
15c
Dec.
22 Dec.
16
Jan.
3 Dec.
20c
Dec.
1
16
Jan.
3 Dec.
20
20
12
Dec.
Dec.
Jan.
3 Dec.
20
2M%
Dec.
Dec.
7
Dec.
13
Jan.
Dec.
27
Jan.
10
15
Jan,
16 Dec.
27 Dec.
3 Dec.
3 Dec.
Jan.
3 Dec.
Extra
Fafnir
Bearing Co. (final)
Fear (Fred) & Co. (quar.)
Federal Knitting Mills (liquidating)
Ferro Enamel Corp. (no action).
Fisk Rubber Corp. (initial)
Preferred (quar.)
Florsheim Shoe Co., class A (quar.)..
Class B (quar,)
Food Machinery Corp—
Preferred (quar.)_
13
15
2 Dec.
15
Jan.
16
Dec.
3 Dec.
15 Dec.
Feb.
Jan.
Dec.
3 Dec.
23 Dec.
Dec.
2u
lo
25
7
12
10
General
31 Dec.
15
Dec.
22 Dec.
1 Dec.
15
General
15
Dec.
3P Dec.
17
$6 cum. preferred (quar.)..
General Theatres Equipment-
Jan. *3 Dec.
20
Bankers Trust Co
Bank of the Manhattan Co. (quar.)..
23
Dec.
31
14
—
—
Jan.
50c
Jan.
3 Dec.
20c
.......
3 Dec.
3 Dec.
14*
3 Dec.
13
13
13
Granite City Steel (no action).
Great Lakes Dredge & Dock Co.
28 Dec.
Dec. 28 Dec.
16
Greyhound Corp. (quar.)
9
3 Dec.
—
— .. — ,.
SIM
Jan.
Dec.
40C
Dec.
Beneficial Industrial Loan—
10c
,
Birmingham Electric S7 preferred.......—,,
$6 preferred
Bliss & Laughlin—
—.
Preferred (quar.)
i______
1
Boyd-Richardson Co., 8% 1st pref. (quar.) —
Bralorne Mines (increased) (quar.)........
|
—
_
.
-
—
Jan.
Dec.
Jan.
Dec.
50c
Jan.
37Mc
$2
_______
........
—
_
Bridgeport Machine, pref. (quar.)_____
Briggs Mfg. Co
Broad Street Investing (quar.)....
Bucyrus-Monighan, class A (quar.).
_— ....
—
—
_———
preferred (partic. div.)_
Buffalo National Corp., 6% preferred (s.-a.)___
Burlington Steel Co. (quar.)
Calamba Sugar Estate common (quar.)
Preferred (quar.)
—'
California Baking Corp. pref. (quar.)
Camden & Burlington County Ry. (s.-a.)__.__
Campbell (A. S.) Co., Inc. (final)...
Canadian Wirebound Boxes, Ltd., $1M class A.
—
—
— —
_
—
_
—
—
___.
10
Jan.
Dec.
17 Dec.
15
Jan.
10 Jan.
2
50c
Dec.
Jan.
45c
Jan.
SI
SIM
Dec.
25c
_
24 Dec.
16
3 Dee.
20
1 Dec.
10
Dec.
Dec.
20 Dec. 10
31 Dec.. 17*
15c
31 Dec.
Dec. 22 Dec.
Jan,
3 Dec.
40c
Jan.
35c
Jan.
SIM
Feb.
62 Mc
Jan.
75c
17*
15
15
3 Dec. 15
15 Jan. 31
3 Dec.
15
25c
Dec.
t3lHC
J75c
Jan.
Dec.
Dec.
28 Dec.
20
2 Dec.
15
31 Dec.
16
50c
Jan,
25c
Jan,
Dec.
16
Capital Administration preferred A (quar.).
75c
Jan.
Carnation Co.
50c
Jan.
50c
Dec.
Canadian Westinghouse Ltd. (quar.)
Cannon Mills Co.
____—
(semi-ann.)—...
— __ —
_
SIM
20%
20%
(quar.)—_
Carreras Ltd., Am. dep. rec. A (final)..
American deposit receipt B (final).
Carriers & General Corp. (quar.— _
— —
.
Jan.
5c
Jan.
19
12
12
24 Dec.
Dec. 24 Dec.
Dec.
15c
Co.
Dec.
Dec.
19 Dec.
3 Dec.
Dec.
20c
Dec.
12
7
7
Great Northern Iron Ore
Heller (Walter
Extra
Preferred
7% prior preferred (quar.)
5% preferred (quar.)
—
—
—
—
—
_
7% preferred (quar.)——
6% preferred (quar.)
__
_
_
_.
International Cellucotton Products Co. (quar.)
Coronet Phosphate Co
Corroon & Reynolds $6 pref.
8% preferred (quar.)
12
Dec.
16 Dec.
27 Dec.
Dec.
23 Dec.
13
23 Dec.
Dec. 20 Dec.
Dec. 20 Dec.
13
10
Jan.
Dec.
15
Jan,
Dec.
16
Dec.
17
10
_____
28 Dec. 17
Jan. 21
25c
Dec.
$5
Jan.
31
SIM
Jan.
31 Jan.
21
...
Preferred (semi-annual)
Delaware RR. Co., (s.-a.)
;
—
Detroit Steel Products
Mines.
3
Feb.
Jan.
16
Dec.
Dec.
9
16
15
SIM
SIM
Jan.
Dec.
13
Jan.
Dec.
13
Jan.
Dec.
16
17
Dec.
Dec.
Dec.
12
Dec.
15
Marine Midland Trust
4
—
Dec.
Mar. 21
45c
Dec. 21 Dec.
14
Dec.
28 Dec.
17
Jan.
20 Jan.
5
SIM
31Mc
Jan.
20 Jan.
5
14
$2
Dec. 27 Dec. 17
Dec. 29 Dec. 22
Dec. 15 Nov. 30
12-15-39 Nov. 30
Dec. 15
Dec. 24 Dec. 17
Dec. 24 Dec. 17
Jan.
Dec. 15
Dec. 20
Jan,
Jan.
Dec.
22 Dec.
16
(div. passed)
Preferred (quar.)
Jan.
65c
—
SIM
Dec.
t40c
SIM
Jan,
50c
Dec.
Dec.
3 Dec. 20
20 Dec.
10
—
—
3 Dec. 20
23 Dec.
10 Dec.
16
6
Tan.
19
15 Nov. 30
3 Dec. 15
3 Dec, 12
1 Dec.
14
Dec. 31 Dec.
Tan.
3 Dec.
21
16
10
20c
Dec. 20 Dec.
30c
5c
Tan.
15 D3c. 31
Tan.
31
Co
McColl-Frontenac Oil, pref. (quar.)___
McCrory Stores Corp
McKee (A. G.) & Co. class B (quar.)——
Class B (extra)——
Merchants & Miners Transportation Co.
Michigan Central RR. Co. (semi-ann.)
Middlesex Water Co., 7% preferred (s.-a.)
Midwest Piping & Supply (extra)
Missouri Edison Co. $7 preferred
Mitchell (J. 8.) & Co., 7% pref. (quar.)
M. J. & M. M. Consol. Oil (extra)
Modine Mfg. Co—
Moneta Porcupine Mines, Ltd
Monongahela West Penn Public Service—
7% preferred (quar.) —
—
— .
Montgomery Ward & Co.
(quar .)
Tan.
15 Dec.
31
Tan.
6 Dec.
23
2°c
Tan.
3 Dec.
16
Dec.
22 Dec.
10
Tan.
16 Dec.
16
Tan.
Dec.
15
Dec.
Dec.
5
Tan.
1M%
1H%
Tan.
14 Dec.
14 Dec.
31
31
31
Tan.
14 Dec. 31
3 Dec. 15
Dec.
15 Dec.
5
10c
Dec, 20 Dec.
10
Tan.
3 Dec.
15 Tan.
12
3
3 Dec.
16
Dec. 22 Dec.
15
40c
12c
25c
SIM
75c
25c
75c
25c
$25
Tan.
Tan.
Tan.
19 Dec.
12
5
20 Dec.
Tan. 15 Dec. 31
Dec. 23 Dec. 13
Tan.
2 Dec. 20
Dec.
Dec.
Tan.
2 Dec. 20
Dec. 29 Dec. 17*
Tan. 31 Tan. 21
3 Dec. 27
Tan.
SIM
22 Dec.
Dec. 20 Dec.
SIM
Tan.
Mc
Dec.
15c
-
25c
3c
Dec.
15
10
Dec.
16
21 Dec.
6
3
Dec. 20 Dec. 10
Jan.
15 Dec. 31
—
— ___
43 Mc
25c
Tan.
3 Dec.
15
Jan.
14 Dec.
16
2.5c
Tan.
Jan.
14 Dec.
3 Dec.
16
SIM
(quar.)
Corp-— — —
Mother Lode Coalition Mines (liquidating)
Muskegon Piston Ring— —
Mutual Investment Fund Shares—
Morristown Securities
Tan.
15 Dec.
15 Dec.
37 Mc
50c
—
Master Electric
Class A
Tan,
Tan,
37 Mc
50c
—
(quar.)
Extra
— -
Dec.
50c
—
Marlin Rockwell Corp
Dec.
70c
25c
-
Marine Midland Corp—
Dec.
Jan.
T$3M
50c
1M%
Inc
Louisville Gas & Electric Co—
7% cumulative preferred (quar.)
6% cumulative preferred (quar.)
5% cumulative Dreferred (quar.)
Lykens Valley RR. & Coal (semi-ann.)
Magnin (I.) k Co. (quar.)—.
Mallory (P. R.) & Co., Inc. (resumed)
Manufacturers Trust Co. (quar.).^
Dec.
Jan.
14
Dec. 23 Dec.
10c
— ———
Los Angeles Industries,
Dec.
14
2 Dec.
30C
—
Jan.
Dec.
20
2 Dec.
$1.05
—
Locke Steel Chain Co. (ouar.)
Dec.
3 Dec.
Tan,
Tan.
10c
—
Jan.
25c
Dominquez Oil Fields Co. (year-end)
Duff-Norton Mfg. Co. (irregular)
Lehman Corp
5
Dec.
Tan.
Dec.
5°c
Dec.
Jan.
13
15 Dec.
20
5
20C
25c
75c
SI
Detroit, Hillsdale & Southwestern (s.-a.)______
—
Little Schuylkill Navigation RR. & Coal
Jan.
17
2 Dec.
75c
15
9
Dec. 28 Dec.
3
3 Dec.
75c
—
—
—
Dec.
Dec.
S3M
7
Dec. 20
17 Dec.
8
Tan.
25c
(quar.)
Dec.
50c
Preferred (quar.)
Class A
Preferred, (quar.)
SIM
20c
—
...
Kimberly-Clark Corp. (quar.)
Koppers Co., 6% preferred
Kresge Dent. Stores, pref. (quaj\)
Lambert Co
Lano-Wells Co. (irregular)
Langendorf United Bakeries, Inc., class B_
Class B (extra)
Little Long Lac Gold
5c
Dec.
Tan,
Jan,
SIM
15
S25
$25
7
Jan.
Dec.
t75c
SIM
SIM
...
7% pref. (quar.)
Dec.
25c
—
Dec.
15c
(quar.)
Dec.
$2
10
Tan.
25c
— _
62 Mc
Mar.
—
Dei sel - We mmer-G i 1 ber t
Diamond Portland Cement Co. (final)
Dominion Foundries & Steel Ltd
6 % preferred
—
—
Lionel Corp. common (interim)
—
Corl).—
(special)
Cuban American Sugar, pref. (quar.)
Cunningham Drug Stores, Inc
6% preferred B (quar.)__
Davega Stores Corp., pref. (quar.).:
Davidson Btos., Inc. (irregular)
Davis Coal & Coke capital distribution
Capital distribution
Dejay Stores, Inc..
Devoe & Raynolds, A & B
International Vitamin Corp—
— —
Crum & Forster Insurance Shares
Common A and B
Dec. 21 Dec.
16
50c
Special
10
15
25c
—
12
21 Dec.
15
SIM
tSIM
—
12
22 Dec.
Dec.
1 Jan.
25c
———
A
Crandall-McKenzie & Henderson, Inc
Crum& Forster (quar.)
—
Dec. 22 Dec.
Dec.
1 Dec.
20c
;
15
Dec. 17
23 Dec. 14
Dec. 24 Dec. 20
Jan. 20 Dec. 15
Dec. 30 Dec. 15
Dec.
3 Dec,
$2
(quar.)
10
15
Tan.
X$2K
$4M preferred (quar.)
Continental Bank & Trust
10
Tan.
Keith-Albee-Orpheum, preferred
:—
Jan.
23 Dec.
Dec. 23 Dec.
Feb.
Keystone Custodian Fund, series S-2—- — ——
Keystone Public Service Co., $2.80 preferred--.
Consumers Power Co. $5 pref. (quar.)
31 Dec.
31 Dec.
Dec.
tSIM
15
m
Dec.
SIM
37Mc
7Mc
Jan.
.1
Dec.
International Nickel (Canada), pref. (quar.)..
2c
Bonus
8
Jan.
International Power Co. preferred (quar.)
International Shoe Co
15
Consolidated Retail Stores pref. (quar.)
Consumers Gas of Toronto (quar.)
27 Dec.
15 Dec.
3
3 Dec.
3 Dec.
Consolidated Min. & Smelt. Co. (Canada)
Dec.
15
Jan,
SIM
*50c
Jan.
5
19
4c
—
Dec.
17
17
5
3 Dec.
22 Dec.
Kansas Gas & Electric
—
17
50c
Extra
10
—
27 Dec.
Dec. 27 Dec.
Dec.
SIM
SIM
37 Mc
■
10
—
15
Dec.
Indiana & Mhichigan Electric Co.—
10
.
Dec.
15 Dec.
15 Dec.
Dec.
35c
;
3 Dec.
—
Jan.
50c
_
3 Dec.
.
17
35c
.
3 Dec.
—
15
Dec.
16
SIM
—
Jan.
—
Dec.
Jah.
12Mc
(quar.)
Humphreys Mfg. Co.
6% preferred (quar.) ——«
Ideal Cement Co. (quar.)
Jan.
Chicago Towel Co
$7 preferred (quar.)
Cincinnati Gas & Electric 5% pref. (quar.)..
Cincinnati & Suburban Bell Telephone (quar.)_.
Clark (D. L.) Co
Cleveland Cincinnati Chicago & St. Louis
5% preferred (quar.)-...
Coca-Cola Bottling Corp.
(Del.)—
Class A & B (quar.)__
Class A & B (extra)
■
Compo Shoe Machinery Corp. (quar.).,.
Consolidated Cigar Corp
Prior preferred (quar.)___
9
Jan.
37 Mc
Preferred
Jan.
$1
$2
SIM
SIM
$1.12
Dec.
37 Mc
—
Houston Oil Fields Material—
tSIM
tSIM
SI
Jan.
50 c
$6 preferred
7% preferred-..Central Patricia Gold Mines (quar.)
$2
9
Mar
SIM
SIM
Jefferson Lake Oil Co., Inc., 7% preferred
Joliet & Chicago RR. (quar.)
...
17 Dec.
25c
...
17
_
Dec.
25c
SIM Preferred (quar.).—
Hinde & Dauch Paper
Preferred (quar.)..
,
Holmes (D. II.) Co., Ltd. (quar.).
Hobart Mfg. Co. class A (extra)
Homestake Mining Co. (monthly)
3 Dec.
■_
16
Dec.
26 Dec,
26 Dec.
37 Mc
Hilton-Davis Chemical Co. (quar.)
Jan.
Extra.
Dec.
SIM
31 Mc
(quar.)
Hickok Oil Corp., A & B—_____
SI
tSIM
Chicago Burlington & QuincyRR
Chicago Flexible Shaft (quar.)
26 Dec.
20c
—
Irving Trust Co. (quar.)
Dec.
13
16
20 Dec.
Dec.
10c
...
Jefferson Electric
10c
10
Dec.
43 Mc
25c
E.) & Co. (quar.)-..
16
...
22 Dec.
14c
16
....
14
Dec.
20c
——
3 Dec.
Extra
10
10c
31 Dec.
Chamberlain Metal Weather Strip
Dec.
Dec.
3%
t50c
(quar.)
Co., Ltd—
.
Christmas dividend
Dec.
Dec.
34 Mc
Hartford Fire Insurance
—
16
13 Mc
.
5M% conv. preferred (quar.).____;
Guaranty Trust Co. (N. Y.) (quar.)
Hamilton Cotton Co., $2 conv. preferred
Harding Carpets Ltd
—
1
1
Dec.
SIM
—
Griesedieck-Western Brewery (final)
Hawaiian Electric
Jan.
30c
...
(quar.)
15 Dec.
50c
Extra..
Preferred
5Dec.
Dec.
20c
...
Dec.
—
12
Dec.
12
50c
—
Jan,
—
20
Dec.
75c
Jan.
— _
Dec.
24 Dec.
Dec.
Jan.
17
,
(extra)
Properties
SIM
S5
—
20
17
5c
——
37Mc
pref
7% cum. 1st partic. preferred
20
3 Dec.
22 Dec.
15
15c
—
Central Aguirre Assoc. (quar.)_...
Central Hanover Bank & Trust Co. (quar.)___.
Central Maine Power 6% preferred
—
—
28 Dec.
Jan.
56Mc
10 Dec.
Dec.
Cebu Sugar Co. (irregular)
Celanese Corp. of Amer. 7 % cum. prior
Dec.
25c
—— _
15
3 Dec.
31 Dec. 16
1 Dec. 20
7% preferred (quar.)
Glidden Co. preferred (quar.)
Globe Hoist Co. (irregular) —
Grand Rapids Varnish (quar.)
Extra—
3 Dec.
23 Dec.
23 Dec.
20
Dec.
Dec.
50c
—
JS1M
Canadian Celanese Ltd.
19
40c
Jan.
18c
Budd Wheel Co. 1st pref. (quar.)
1st
Dec. 24 Dec.
15 Dec.
Dec
14 Dec. 31
14 Dec. 31
20c
10C
■
Extra
9
Dec. 24
SIM
—
—
SIM
SIM
15
9
Jan.
75c
Jan.
Jan.
21 Dec.
SIM
—
_
Jan.
75c
16
Dec.
25c
...
Jan.
;—...
Breeze Corp. common
;
8
Dec.
20c
Extra-
15
14*
—
—
Co
23 Dec.
SIM
—
10c
....
-----.
Bird Machine Co. (quar.).
Oil
31 Dec.
Jan.
15c
—
Dec.
Dec.
37Mc
—
Dec.
20c
25c
(quar.)
Giddings & Lewis Machine Tool Co
Gilmore
Jan.
10
3 Dec. 20
3 Dec. 20
31 Dec. 15
SIM
Printing Ink Corp. (quar.)
25c
—
Beatrice Creamery Co. (quar.)
3 Dec.
Jan.
20 Dec.
Jan,
12 Mc
25c
—
General Time Instruments, pref.
UK
20 Dec.
Dec.
SIM
Dec.
—
___—
Dec.
25c
_.
75c
—
Baldwin Co., 6% preferred (quar.)
50c
SIM
Candy Co. class A (quar.)
Class A (extra)
Dec.
25c
—
Dec.
ii
Formica Insulation Co
Foster & Kleiser Co., 6% pref. A (quar.)_
Fundamental Investors, Inc__—
General American Investors preferred (quar.)
25c
Atlas Corp. common—
Autocar Co. S3 cum- partic. pref. (quar.)
Balaban & Katz Corp. (no action)
—
—
Jan.
:20c
:45c
:
(quar.)
Carter (J. W.)
—
—
Jan.
1 Jan.
Players, Canadian (quar.)
Extra.
15
Dec.
35c
—
Preferred
Jan.
Fairchild Aviation Corp
37 Mc
Co. (irregular)
Associated Breweries (Canada) (quar.)
Extra.
lc
8
16
SIM
Arkansas Missouri Power
Extra
15
10
87 Mc
—
(quar.)
1 Dec.
15
25c
.........
Aro Equipment
Preferred
15
Jan.
15
Dec.
3 Dec.
30c
(quar.)
...:
....
...
Appalachian Electric Power $7 pref. (quar.)....
.....
3 Dec.
3c
Equadorian Corp., ordinary
SIM
Preferred
Extra.
20
3 Dec.
15 Dec.
25c
-—i.'.—
-
■__
$6 1st preferred (quar.)
Animal Trap Co. of America..
Special
28 Dec.
Dec.
Jan,
Dec.
UK
— —
_
(quar.)
(quar.),
Dec.
50c
50c
50c
Preferred (quar.)
$1
50c
—
... _.
American States Insurance (Ind.) (quar.)
American Water Works & Elec. Co., Inc.—•
Preferred
19
13
3 Dec. 20
50c
American Snuff Co. (quar.)...
Extra
J an,
43 Mc
(qu.)__
—_
American Potash & Chemical
American Seati ng Co
Preferred
Dec. 20 Dec.
25c
75c
8% preferred (quar.)..
$2 preferred (quar.)..
.
Dec. 27 Dec.
25c
SI.60
17 Jan.
15c
_
...
American Investment Co. (111.) 7% pref.
Preferred
16
16
7
Jan.
50c
American Fork & Hoe—
Extra.
guar.
—
19
3 Dec.
Dec. 23 Dec.
Jan.
t50c
SIM
(s.-a.)Edison Bros. Stores (extra)
Electric Products Consolidated (s.-a.)
Elmira & Williamsport RR., 7% preferred".
El Paso Natural Gas (quar.)
Emerson Drug Co., class A & B (quar.)
— __
_
3561
Chronicle
15c
Jan.
3nc
Dec.
15c
25c
16
15
7
23 Dec.
Dec. 27 Dec. 15
Dec. 27 Dec. 15
3 Dec.
When
Per
Share
Nam', of Company
Dec.
c
Narragansett Racing Association (irregular) __
Nashville & Decatur RR. Co., 75*% gtd...—
National Candy Co. 1st & 2nd pref. (quar.) —
National City Lines
National Funding Corp., A & B (quar.)
A & B (extra
Natomas Co. (quar.)
Dec.
Jan.
10c
50c
Jan.
935*c
175*c
75*c
20c
Extra
Nehi Corp
Preferred (quar.)
_ — ___
New England Power Assoc.. $6
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
*1?
50c
$1,311* Jan.
$1
Jan.
33 1-3
50c
Jan.
preferred
$2 preferred
Newmarket Mfg. Co
—
New Orleans Public Service $7 preferred
Dec.
Z.
Jan.
Dec.
New Process Co
25c
Dec.
25c
—
North American Rayon, class
Preferred (quar.)
Dec.
Dec.
Jan.
25c
A & B
75c
Northwestern Teleg. (semi-ann.).
Norwalk Tire & Rubber 7% pref.
Oahu Railway
Extra
Dec.
25c
Noblitt-Sparks Industries..
Noma Electric Corp
Noma Electric Co. (reduced)
(quar.)—....
& Land Co. (mo.)
'
-—.
Ohio Public Service, 7% pref. (monthly)
6% preferred (monthly)...:
Jan.
$15*
875*c
Jan.
Dec.
15c
Dec.
58 l-3c Jan.
Jan.
50c
5c
Extra
Twin
12
20 Dec.
8
27 Dec. 13
27 Dec. 13
1 Dec. 15
1 Dec. 15
3 Dec. 15
3 Dec. 15
15 Dec.
7
3 Dec. 15
23 Dec. 19
24 Dec. 19
20 Dec. 12
20 Dec. 12
17 Dec. 15
2 Dec. 23
3 Dec. 16
4 Dec. 19
10 Dec.
3
,
Pantheon Oil
(quar.)
___—
Paramount Pictures 1st pref. (quar.).
2nd preferred (quar.)... — . —
Patino Mines &
_—...
Extra.
—
_
Preferred
Preferred
9
5
50c
(semi-annual)
Pickle Crow Gold Mines, Ld. (quar.)
Pittsfield & North Adams RR. (s.-a.)
2 Dec.
2 Dec.
10c
Dec.
15 Dec.
Dec.
15 Dec.
7
15c
$11*
$11*
UK
Public Service Co. (Colorado) 7% pref. (mthly.)
58 1-3 c
6% preferred (monthly)
5% preferred (monthly) z
Public Service Co. of New Hampshire—
Jan.
50c
41 2-3c Jan.
—
$6 preferred
$5 preferred
(quar.)_
(quar.)
__
Putnam (Geo.) Fund (Boston)
Pyrene Mfg. Co.,
Mar.
_
15
Abbott Laboratories (quar.)
16
9
Extra (stock dividend)
43*% preferred (quar.)
40c
Dec. 23 Dec.
Jan.
3 Dec.
9
Dec.
15 Nov. 30
Dec.
15 Nov. 30
Dec. 20 Dec.
Dec. 23 Dec.
15
__
i
Sheller Mfg. Corp. (resumed)
Sieloff Packing Co
Skelly Oil Co. preferred (quarl)
Smith (L. C.) & Corona Typewriters
(quar.)
(guar.)
15
Dec. 23 Dec.
16
Jan.
3 Dec. 23
Dec. 23 Dec.
Dec. 15 Dec.
Jan.
15
13
7
3 Dec.
15
Dec. 22 Dec.
15
Dec.
Dec. 15
Preferred
(guar.)
Stein (A.) & Co., preferred (quar.)__
Sterling Brewers. Inc_
Stix, Baer & Fuller Co. 7% pref. (quar.)__
Sun Life Assurance of Canada
(quar.)
Superior Oil Corp. (special)
Supersilk Hosiery Mills, 5% preferred (s.-a.)
Supertest Petroleum, registered (s.-a.)
15
24 Dec.
14
$1.20
3 Dec. 31
Dec. 20 Dec. 10
20
Jan.
15 Dec. 20
Dec. 20 Dec. 10
Jan/ 15 Dec.
75c
$15*
435*c
25c
Dec.
31 Dec.
$15*
$15*
$15*
$15*
$15*
$15*
$15*
t$15*
$15*
Jan.
2 Dec.
15
Jan.
2 Dec.
15
Jan.
3 Dec.
31 Dec.
14
30 Dec.
1 Jan.
16
Feb.
Jan.
2 Dec.
Jan.
2 Dec.
15c
Jan.
3 Dec.
15
15
15
15c
Jan.
3 Dec.
15
TVhen
Dec.
Jan.
15*
Dec.
Dec.
Allied Mills, Inc
Jan.
20*
Dec.
7
Dec.
Dec.
15
16
$11*
Jan.
$1K
Dec.
Dec.
Dec. 20
55c
Jan.
Jan.
Dec. 20
$2
Jan.
3c
Jan.
Dec. 31
Dec. 31
lc
Jan.
Dec.
75*c
Dec.
Dec.
25c
Dec.
Dec.
$11*
31
5
Feb.
Jan.
25c
Dec.
Dec.
14
5
17
$11*
Dec.
Dec.
17
37J*c
Jan.
34 l*c
Jan.
15 Dec. 20
15 Dec. 20
22 Dec.
23 Dec.
9
2 Dec.
16
15 Dec.
1
15
Dec.
28 Dec. 14*
Dec. 31 Dec. 26
3 Dec. 15
Jan.
19 Dec.
50c
Dec.
50c
Dec. 24 Dec. 15
10
Dec.
19
Dec.
Dec.
19
Jan.
Dec.
Dec.
15
Dec.
10
Dec.
Dec.
15
Jan.
Dec.
16
Dec.
Dec.
Dec.
16
$21*
Jan.
Dec.
16
50c
Jan.
Dec.
16
10c
3 Dec.
Jan.
3 Dec. 20
23 Nov. 29
23 Nov. 29
3 Dec. 13
Jan.
3 Dec.
Dec.
20 Dec.
Jan.
13
2 Dec.
14
Jan.
2 Dec.
16
Dec.
3 Dec.
13
3 Dec.
13
Feb.
Jan.
15 Dec.
15 Dec.
2
2
15 Dec.
2
15 Dec.
2
Dec.
Amer. Cigarette & Cigar held
American Factors, Ltd. (monthly)
American Gas & Electric Co. (quar.)
Preferred
(quar.)
15 Dec.
2
Dec. 30 Dec.
Jan.
1 Dec.
15
15c
Dec.
20 Dec.
15
10c
Dec.
35c
Dec.
10 Nov. 30
15 Nov. 15
$15*
38Kc
10
$13*
American Hardware Corp. (quar.)
American Hawaiian Steamship Co
American Hide & Leather 6% preferredAmerican Home Products Corp. (monthly)
American Maize Products
Preferred (quar.)
American Metal Co
American Meter Co
;
American Optical Co. 7% preferred (quar.)
American Power & Light Co. $6 preferred
$5 preferred
American Public
Service, 7% preferred
American Safety Razor
(quar.)
American Seal-Kan (Del.)
American Service Co., $3 preferred
American Smelting & Refining Co., pref
American Sugar Refining, prer. (quar.)
American Superpower Corp., 1st pref
Feb.
25c
Jan.
1 Dec.
17
25c
Dec.
24 Dec.
10
1 Jan.
9
Dec.
28 Dec.
13
20c
Tan.
25c
Dec.
$15*
Dec.
3 Dec.
20 Dec.
20 Dec.
10
25c
Dec.
20 Dec.
50c
Dec. 21 Dec.
t75c
Jan.
$15*
Jan.
t75c
t623*c^ Jan.
t$25*
40c
Dec.
Dec.
lnc
Dec.
t$3
$15*
Dec.
9
5
3 D^?c.
2 Dec.
17
2 Dec.
9
9
20 Nov. 30
17 Dec.
6
15 Dec.
1
Dec. 23 Dec.
22 Dec.
Jan.
3 Dec.
Jan.
3 Dec.
$ii
16
10
10
9
5*
10
This
covers the Oct. 1, 1938 div. and regular
quarterly dividend.
American Sumatra Tobacco (quar.):
American Surety Go. (s.-a.)
Dec.
16
Jan.
Dec.
16
Dec.
Dec.
7
Jan.
Dec.
9*
American Toll Bridge (Del.)
Dec.
Dec.
5
Anaconda Copper
Jan.
Dec. 31
15
3 Dec. 20*
Dec.
Dec.
Preferred (quar.)_*_
J
American Cities Power & Light, $25* class A_
Option div. of l-32nd sh. of cl. B stk. or cash
American Export Lines, Inc. (quar.)
Jan,
Dec.
24*
Dec.
75c
41 2-3c Jan.
15 Jan.
Dec.
:
Extra
25c
15
15
Jan.
American Cigarette & Cigar, stk. div. of 1-40
sh. of Am. Tobacco Co. com. for each s
16
Dec.
31 Dec.
1
15
15
Jan.
American Chicle Co. (quar.)
16
15
1 Dec.
Dec. 31 Dec.
Preferred (quar.)
Dec.
Dec.
22 Nov. 30
Dec. 21 Dec.
American Chain & Cable.
Preferred (quar.)
Dec.
58 L3c Jan.
Jan.
50c
9
14
Dec. 27 Dec.
(quar.)
Jan.
50c
3 Dec.
Jan.
1
Dec.
Jan.
t75c
13
Dec., 22 Dec. 15
Jan.
50c
80c
k2
Jan.
-
Dec.
3
12 Nor. 22
Dec.
Allis-Chalmers Mfg. Co__.
Alpha Portland Cement
Dec. 20
$11*
9
12
15 Jan.
Aluminum Co. of America
16
Jan.
75c
24 Dec.
Dec.
_
Allied Products class A (quar.)
Allied Stores Corp., preferred (quar.)
14
Feb.
Jan.
Dec.
43!*c
t$3M
5
Holders
Jan.
American Can Co.
10c
5
Jan.
25 Dec.
Jan.
$6 preferred (quar.)
Dec.
25c
1
Payable of Record
Allied Chemical <& Dye Corp. (quar.)
Allied Finance Corp. (Baltimore, Md.) (special).
Allied Laboratories (quar.)
j.
Dec.
$11*
$11*
15
Dec.
Dec.
Feb.
Dec.
Dec. 22
$4
15
Dec.
Dec. 20*
Dec. 10
$11*
15
Jan.
t75c
pref. (quar.)
25c
13
3 Dec.
Dec.
Ordinary stock (extra)
Ordinary registered (s.-a.)
Extra
1 May
20 Dec.
$1
Preferred (extra).
Alabama Power Co. $7
Dec.
50c
15
Dec.
Jan.
Dec.
Dec.
$11*
$11*
15
May 15
June
25c
(guar.)
Extra
6% preferred B (s.-a.)
Tappan Stove Co
Texas Corp
Title Guaranty Co., $75* preferred
Tivoli Brewing Co
Toledo Edison Co. 7% pref. (monthly)
6% preferred (monthly)
f
5% preferred (monthly)
1 Feb.
6% pref. (quar.)
Aluminum Mfrs., Inc. (quar.)
7% preferred (quarterly)
l..
American Bank Note
Preferred (quar.)
Southern California Edison Co. Ltd.
Original preferred (quar.)
55*% preferred series C (quar.)
South West Penna. Pipe Lines
Spartan Mills
Springfield Gas & Electric, $7 pref. A (quar.)__
Spring Valley Co., Ltd. (liquidating)
Squibb (E. R.) & Sons
Stk. div. in $6, 1st pref. stk. at the rate of
l-100th sh. of pref. for each com. shs. held.
Starrett (L. S.) Co. (quar.)
1
Mar.
Alabama Great Southern RR. Co.—
15
5 Nov. 25
15
45c
(quar.)
ScrantonElectric, $6 preferred (quar.)
Selected American Shares, Inc
Selected Industries, Inc., $55* prior stock
Selected Industries, $55* prior pref. (quar.)
Seven-Up Bottling Co. (St. Louis)
5 5*% con v. preferred (semi-annual)
Sharon Steel Corp. preferred
(quar.)
:__
Sheaffer (W. A.) Pen Co., 8% preferred (quar.)
Sheep Creek Gold Mines (quar.)
June
Supply Mfg., class B_
Class A (quar.)
Aetna Ball Bearing Mfg
__i
Agnew-Surpass Shoe Stores preferred (quar.)
Agricultural Insurance (quar.)
$3
$11*
Scott Paper Co. $4 5* cum. pref.
_
Acme Steel Co.
50c
Ross Gear & Tool
St. Croix Paper, 6% preferred (s.-a.)
St. Louis, Rocky Mt. & Pacific Co., pref__
Sangamo Electric Co
;
$25*
$15*
$15*
$14
10
Dec.
15
16
50c
20 Dec.
Jan.
3 Dec.
21 Dec.
Dec. 21 Dec.
371*c
50c
$11*
Dec.
Aero
Dec.
$4
__
10
10
Addressograph-Multigraph (quar.)
Dec. 23 Dec.
5c
1
Jan.
15
Dec. 28 Dec.
$3
13
20 Oct.
;
15
Dec.
$11*
15
21 Dec.
17
Oct.
—
3 Dec.
50c
_
1 June
Apr. 20 Apr.
July 20 July
Share
Company
1 Feb.
Jan.
25c
_
10 Dec.
Dec. 27 Dec. 20
Jan., 20 Jan. 10
Per
Name oj
16 Dec.
85*c
27 Dec.
Dec.
we
Dec. 23 Dec.
$11*
$11*
Dec.
July
15
5c
Reliance Mfg. Co. (111.) pref. (quar.)
Remington Arms Co., Inc
Preferred (semi-annual)_
Rensselaer & Saratoga RR. (semi-ann.)
Reliable Stores Corp. (year-end)
Preferred (quar.)
Rex Hide, Inc. (final)
Reynolds Metals Co. preferred (quar.)
Preferred
Feb.
Jan.
15 Nov. 30
3 Dec. 27
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
15
1
20c
______
»
3 Dec.
3c
Reed Drug Co. (Dela.) class A (quar.)
Common
Reed Roller Bit (quar.)
Extra
Extra
Jan.
Mar.
3c
2%
z
Below
25c
35c
(final)
common
Red Indian Oil Co. (resumed)
Reece Folding Machines
15
17
+50c
_____
Dec. 31 Dec. 15
3 Dec. 31
Jan.
3 Dec. 15
Jan. 20 Dec. 31
Jan.
3 Dec. 20
Plough, Inc...
Plymouth Cordage Co. (quar.)
Pocahontas Fuel Co., 6% pref. (s.-a.)_
Porto Rico Power Co., Ltd., 7% pref. (qu.)
Potomac Electric Power, 6% preferred (quar.)__
53* % preferred (quar.)
Premier Gold Mining (quar.)..
Providence Washington Insurance Co. (R. I.)
Special
23
Dec.
$15*
$15*
_
Jan.
$21*
13
2 Dec.
$15*
—
15
7
10c
-
Jan.
50c
Pick (Albert) & Co
Jan.
50c
23 Dec.
$3
$15*
;quar.)
.quar.)
(quar.)
_—
Dec. 31 Dec. 15
5*
1 Dec. 15
$1.31
IK Jan.
Extra
Preferred
9
3 Dec
15
Dec. 30 Dec. 20
Dec. 30 Dec. 20
(semi-annual)
Philadelphia Baltimore & Western
Phillips Packing Co. preferred (quar.)
Phoenix Insurance Co (quar.)
1 Jan.
Dec.
$1
—
16
5
Feb.
Jan.
35c
—
5% preferred (quar.).
5% preferred (quar.).
Washington Ry. & Electric, special.
Waukesha Motor Co. (quar.)
Wayne Knitting Mills
Western Assurance (Ont.) pref. (s.-a.)
Western Dairies, Inc., $3 preferred
Western Grocers Ltd. (quar.)_
Preferred (quar.)
— —_
Western Light & Telephone Cp. $1 <5* pref. (qu.)_
Western Pipe & Steel Corp. (Calif.) (quar.)
Western United Gas & Electric 65*% pref. (qu.)
6% preferred (quar.)
West Jersey & Seashore RR. (s.-a.)
West Kootenay Power & Light rpef. (quar.)
West Penn Electric class A (quar.)„
West Penn Power 7% pref. (quar.)_
6% preferred (quar.)
West Texas Utilities $6 preferred
$6 preferred (quar.)
Wetherill Finance Co. (quar.)
:
6% preferred (quar.)
Jan.
50c
16
20c
5*.class A
Washington Ry. & Electric 5% pref. (s.-a.).
Dec. 22 Dec. 12
Jan.
3 Dec. 15
Jan.
3 Dec. 15
$1K
$15*
$15*
16
28 Dec.
$1
Vulcan Detinning.
Preferred ;quar.)
Dec. 24 Dec. 19
20 Dec.
27 Dec.
Dec.
Preferred
Dec. 20 Dec.
15 Dec.
Dec.
30c
Dec. 24 Dec. 16
Dec. 24 Dec. 16
20c
Telep. (year-end dividend)
Pennsylvania Exchange Bank (s.-a.)
Pennsylvania Power & Light $7 pref. (quar.)
preferred (quar.).
$5 preferred (quar..
Peoples Collateral Loan Corp. (s.-a.).
Dec.
Dec.
2%
Vogt Mfg. Corp
Preferred
Sept.301
25c
$2
15
40c
—
Peninsular
Jan.
lc
Telegraph
Vermont & Boston
3 Dec.
20 Dec.
16
27 Dec. 20 1
3 Dec. 20 j
3 Dec. 20 1
Vapor Car Heating (resumed)
3
Dec.
Dec.
Oct.
Dec.
Jan.
15c
25c
15
Dec. 24 Dec.
15 Mar. 31
15 June 301
$2
15
75c
16 Dec. 31
Apr.
July
$4 5*
Victor Chemical Works
Dec. 15 Dec.
3
Dec. 22 Dec. 15
16 Dec. 31
$11* J an.
Dec. 23 Dec. 16
25c
Dec.
1 Nov. 28
Dec. 24 Dec. 16
Ii|
1
Jan.
$25*
$15*
Extra
3 Dec.
75c
$1
Enterprises Consol., Inc
Penney (J. C.) Co. com. (quar.)
21
15c
(quar.)
Utah Oil Refining Co. (increased)
Van Camp Milk preferred (quar.)
50c
Pacific Lighting Corp., preferred (quar.)
Pacific Tin Corp. (special stock).
—....
17
3 Dec.
15 Dec.
t50c
Preferred
Dec. 29 Dec. 24
Dec. 29 Dec. 24
Dec. 22 Dec. 12
50c
24 Dec.
Dec.
15c
Universal-Cyclops Steel
Universal Leaf Tobacco Co., Inc. (quar.).
30c
Pacific Can Co___
Dec.
Jan.
8
15c
Walker & Co., $2
$15*
$15*
15
United States Petroleum (s.-a.)
Orange & Rockland Electric Co—
6% preferred (quar.)
5% preferred (quar.)
Oriental Consolidated Mining Co
Oswego Falls Corp
23 Dec.
$15*
United Stores Corp. preferred
3 Dec.
Jan.
Dec.
10c
Co~,~7 ~6%
preferred (s.-a.)
7%
15
16
Jan.
Jan.
$1$3
pref. (quar.")___
United Artists Theatre Circuit 5% pref. (qu.)_
United Bond & Share Corp., Ltd. (quar.)
Quarterly
Quarterly
Quarterly
United States" Internat. Securities 1st pref
8
20 Dec.
3 Dec.
Dec. 22 Dec.
1 Dec.
95c
r - r - -
Coach
Union Investment
17
Holders
Payable of Record
$15*
625*c
(quar.).
Tri-Continental Corp.
Tunnell RR
(St. Louis) (s.-a.)
Dec. 21
1 Dec.
27 Dec.
Share
of Company
Toledo Light & Power Co. pref.
Trico Products Corp. (guar.)
10 Dec.
5
Nov. 15
Dec. 20
10 Dec.
20c
41 2-3c
20c
5% preferred (monthly)
Oilstocks Ltd. (semi-annual)
Name
10, 1938
When
Per
Holders
Payable of Record
30c
Mutual Telephone Co. (Hawaii) (Irregular) ___
Nanalmo-Duncan Utilities, 65*% preferred..
Dec.
Chronicle
Financial
3562
American Telep. & Teleg. (quar.)
American Thermos Bottle pref. (quar.)
American Thread Co., pref. (semi-annual)
American Tobacco Co., preferred (quar.)
(resumed)
5c
25c
Mining Co
Anchor Hocking Gass Corp., common
$63* convertible preferred
Andes Copper MiningArkansas Missouri Power. 6%
25c
$13*
$2 3*
87 5*c
125*c
13*%
15c
Dec.
Dec.
1
Jan.
Dec.
10
Jan.
Dec.
15
Jan.
Dec. 20
Jan.
Nov. 30
Dec. 10
Dec.
1
Jan.
Dec.
Dec.
Dec.
6
Dec.
Dec.
2
Jan.
25c
Dec.
Dec. 20
16 Dec.
9
$13*
Dec.
15Nov.30.
$15*
pref. (s.-a.)
Volume
9
12
15 Dec.
3
Dec.
15 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
Dec.
•IS
(quar.)
(quar.)
$1X
Associated Public Utilities Corp
12 He
Dec.
$1
Feb.
$2H
$1H
Atchison Topeka <fc Santa Fe Ry. preferred
Atlanta Rirm; & Coast RR. 5% pref (s a.)
Atlanta Gas
Light, 6% pref. (quar.)-Atlantic Coast Line Co. (Conn.)
Atlantic Refining Cs. (quar.)
Jan.
Dec.
25c
Dec.
2 Dec.
12
15
21 Nov. 28
15 Nov. 22
1 Dec.
SI
75c
Dec.
10c
Dec.
15 Dec.
Dec.
10c
;
62c
Jan.
S1H
Jan.
%l%
S1H
Jan.
2 Dec.
10
Jan.
2 Dec.
10
Dec.
31 Dec.
15
Dec.
60c
10c
Dec.
15 Dec.
1
25c
Dec.
19 Dec.
10
18 He
Dec.
25c
Dec.
15 Nov. 30
15 Nov. 30
25c
- -
...
——
_
"
-
9
Dec.
15
Jan.
Dec.
16 Dec.
25c
Dec.
*1H
25c
Jan.
15 Dec.
3 Dec.
5
2
Jan.
3 Dec.
2
t*5H
Dec.
10c
Dec.
S1H
2Hc
25c
—
Dec.
62 He
Dec.
Extra
Bearer
(quar.)_
2nd
2
15 Nov. 30
15 Nov. 30
2 Dec.
2 Dec.
15
15
15 Nov. 30
16 Jan. ' 5
Canadian Malartic Gold Mines
Canadian Oil Cos., Ltd. 8%
pref. (quar.)
Canfield Oil Co. pref. (quar.)
Cariboo Gold Quartz Mining Co.
15 Nov. 25
3 Dec. 20
31 Dec. 17
31 Dec. 17
3 Dec. 15
1 Jan.
14
5
7
1 Dec.
15
Jan.
Dec.
2 Dec. 15
15 Nov. 15
Dec. 20 Dec.
10
Dec.
16 Dec.
Dec.
2
3
t$i
Dec.
Dec.
12 Dec.
20 Nov. 30
15 Nov. 30
Dec.
15 Nov. 30
37Hc
Dec.
15
Dec.
15
25 Dec. 31
16 Dec. 31
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
3 Dec. 15
15 Nov. 30
3 Dec. 15
3 Dec. 15
10 Dec. 23
2 Dec. 16
16
2 Dec. 15
16 Dec. 31
2 Dec.
Inc., 6% pref. (quar.)
Case (J. I.) Co., pref. (quar.)
Central Cold Storage (quar.)
Jan.
Jan.
16
Dec.
Jan.
5
20 Dec.
2 Oct. 20
24 Dec. 20
7
3 Dec.
S1H
Dec.
2c
Jan.
Jan.
3 Dec.
7
Dec.
21 Dec.
Dec.
20 Dec.
14
10
Dec.
Jan.
15 Dec. 10
1 Dec. 12
Dec.
15 Dec.
Dec.
15 Dec.
%m
Central Eureka Mining Co
Non-cumul. preferred
(quar.)
_ _
6% preferred-.
Central Illinois Securities Corp., preferred..
Central New York Power, preferred (quar.) _
Central & South West Utilities, $7 prior lien—
$6 prior lien
Central Steel & Wire Co. 6% preferred (quar,).
Champion Paper & Fibre pref. (quar.)
Chapman Valve Mfg. Co. (quar.)
Preferred,
Preferred
1
Dec.
Dec.
1
Dec.
Dec.
1
Dec.
Nov. 25
Dec.
Nov. 25
$1
10c
Dec.
Nov. 25
Jan.
Jan.
Dec.
Dec.
2
Dec.
Dec.
Jan.
Dec.
1.06 H
75c
Jan.
Dec.
Jan.
Dec.
2
10*
10*
9
$1H
$1H
Jan.
Dec.
Jan.
Dec.
Jan.
Dec.
15
Mar.
Feb.
15
Dec.
Dec.
$1.06^
Wise.),
Dec.
Dec.
14
10 Nov. 30
Dec. 10 Nov. 30
1
Dec. 23 Dec.
(Bait.)
—
Dec., 27
Dec.
90c
Jan.
Jan.
30c
pref. (quar.)
HZ8
50c
partic. pref. (qu.) —
$1.40 conv. pref. (qu.)
a.—
$2H cum. pref. (qu.)_
A.
Crown Cork International Corp., class
24lDec.
2 Dec.
15 Nov.
3 Dec.
(interim)
pref. (quar.)
—
Crystal Tissue Co. 8% pref. (s.-a.) —
Cuneo Press, Inc. 6H % pref. (quar.)
—
Curtiss-Wright Corp. class A (quar.)..
—
Dairy League Co-operative, 5% pref, (s.-a.)-—.
£
Corp. (semi-annual)
—
.
—
-
-
-
------- -
—
Davidson-Boutell Co., 6% pref. (quar.)
Davis Coal & Coke Co., capital (distribution) —
Capital distribution
—
Dayton & Michigan RR. 8% preferred (qu.)_
Delaware Fund, Inc
De Long Hook & Eye (quar.)
— —
Dentist's Supply Co. orN.Y. 7% pref. (quar.).
Deposited Bank Shares N. Y., series A
Payable in stock.
Detroit Gasket & Mfg
(gemi-annual.)
— —
(resumed)
;
Devonian Oil Co. (quar.)
Dewey & Almy Chemical Co. (quar.)
20 Nov. 30
20 Nov. 30
;-
1
16
15
12*
10
15
15
2
1
1
15
15
10
1
30c
Dec.
Dec.
Jan.
Dec. 31
Dec.
Dec.
2
10c
Dec,
Dec.
10
10c
Dec.
Dec.
10
35c
Dec.
Nov.
25c
Dec.
Nov. 30
25c
Dec.
Nov. 30
3
14
Dec.
Dec.
56 He
25c
Dec.
Nov. 29
Jan,
Dec.
—
(interim)
(quar.)
2U Dec.
10
1 Dec.
15
Dominion Textile, Ltd.
(quar.)
(quar.).——
(quar.)
10*
Jan.
Dec.
13
Dec.
Dec.
14
Jan.
Dec.
20
Dec.
Dec.
1
Dec.
Nov. 25
$1H
Dec.
Dec.
2
25c
15c
Jan.
Jan.
Dec.
Dec.
3
15
10c
Dec.
Dec.
15
$1H
Jan.
Dec.
15
$25
Dec.
Nov. 30
$25
Jan.
Jan.
Nov. 30
Dec. 15
lie
Dec.
1
Jan.
Dec.
20
Dec.
Dec.
23
Dec.
2H%
Jan.
Jan.
Dec.
Dec.
25c
Dec.
Nov. 15
Jan.
5 He
25c
Dec.
3
20
5
20
20
15
Dec.
30c
Dec.
$1H
$1H
Dec.
3-1-39
Dec. 15
Feb.
1
Jan, 17
Jan
3
\1\VK
25c
62 He
7Hc
Dec.
Dec.
Dec.
Jan.
in h
Jan.
Jan.
Jan.
10
Dec.
Dec.
15 Nov. 25
2-10-39
Dec.
8
Jan.
20
Jan.
6
Dec. 31
5
15
3 Dec. 15
3 Dec. l5
16 Dec. 31
Dec. 29 Dec.
$1H
$1H
t$lH
10
Dec. 20
10
5
15 Nov. 30
15 Nov. 25
15 Nov. 25
75c
150c
pref
(quar.)
Doernbech Mfg. Co. (Nevada)
Dominion Glass, Ltd. (quar.)
Preferred (quar.)
Preferred
15
$1H
$1H
25c
—
$7 prior preferred (quar.)
$7 preferred B (quar.)
Diamond Match Company partic.
Distillers Corp .-Seagrams, Ltd—
Class A
3 Dec.
4c
-
Extra
Feb.
Jan.
15 Dec.
15 Dec.
3 Dec.
3 Dec.
Dec.
Dec.
Jan.
2c
—
Foundry (semi-annual)
Detroit Steel Corp.
Preferred
Dec. 20 Dec.
$2
Series B-l
Detroit Gray Iron
Jan.
Jan.
$1
$1H
%IH
S1H
Crown Zellerbach Corp.
.
Dec. 31'Dec.
5
15
50c
Publishing Co
Crown Cork & Seal, Inc.,
Extra
lJ'an.
Dec.
25c
_-
(quar.)
Feb.
Jan.
Dec.
$1X
(qu.)
—
Darby Petroleum
3 Dec.
Dec. 15 Dec.
$5
pref. (quar.)--
10
30
3 Dec.
40c
preferred.—
Extra
Davia & Frere
15 Nov. 30
Dec. 15 Nov
Feb.
1 Dec.
50c
-
Crowell
Dec.
25c
Extra
SIX
15
6
$1H
Credit Acceptance Corp.
Creole Petroleum Corp.
Dixie Vortex Co.
Dec.
37 He
6H% preferred (quar.) —
—
Cooper-Bessemer Corp., prior pref
Stk. div. of l-20th sh. of com. for each sh.
prior preference held.
Copperweld Steel Co
Cosmos Imperial Mills, Ltd. 5% pref. (quar.)-Crane Co. preferred (quar.)
Creameries of America, Inc. (quar.)
15 Nov. 19
Jan.
15
Dec.
Dec.
60c
Preferred (quar.)
9
20 Dec.
1 Jan. 10
Dec.
1
Dec.
$1M
Continental Telep. Co. 7%
Dec.
Dec.
Dec.
Dec.
Dec.
- -
25c
Casualty (extra)
Continental Gas & Electric prior pref.
Continental Oil Co
;
Continental Steel Corp. (resumed)
Dec.
15 Nov. 19
25
Dec. 10
Dec.
Continental
t25c
Dec.
15
15
Dec.
(quar.)
2 Dec. 20
Dec.
2
Jan.
Consolidated Investment Trust (quar.).
Dec.
50c
Dec.
of 6% pref.
Consolidated Gas Elec. Light & Pow.
Jan.
S1H
1
Dec.
Consolidated Film Industries preferred
S1H
tSl
tSl
S1H
S1H
1
Dec.
(qu.)..
5
5
15 Nov. 30
15 Nov. 30
_
20
Dec.
Securities—
$2H non-cum. preferred (semi-ann.)
Consolidated Edison Co. of N. Y. (quar.)
8c
Extra
Central Illinois Light Co. 4H % pref.
Central Illinois Public Service $6 pref
S1H
12Hc
12Hc
10c
Carpenter Steel Co
Carter (Wm.) Co.,
Dec.
Dec.
Crum & Forster
25c
8c
& Teleg. Co. (quar.)
7
25c
(quar.)-..—
Extra
Dec. 20
Dec.
Consolidated Diversified Standard
Continental Can Co., Inc., $4H
2Hc
$2
—
Dec.
-
Continental Baking Co.,
8
31 Dec. 31
31 Dec. 31
t$2
(quar.) —
Dec.
Jan.
preferred (semi-ann.)
10
3c
Electric (quar.) —
Dec.
2
Dec.
Consolidated Biscuit Co
20
15 Dec.
•«
SI
S1H
(quar.)
Dec.
- —
31
1
Jl5c
Dec.
Dec.
50c
$2
25c
$
(quar.)
3 Dec.
14 Dec.
15 Dec.
I25c
Dec.
Dec.
—
20 Dec.
Dec.
Jan.
130c
tlH%
T$2
$1H
Dec.
Jan.
Utilities Corp." $7"pref7 A (quar j
Consolidated Laundries Corp., $7H
Continental Assurance Co. (quar.)
3 Dec.
3 Dec.
44c
(quar.)
Carolina Telep.
15
15 Dec.
50c
—
Canadian General Investments, reg.
Bearer
30 Dec.
J20c
Foundry, preferred
Canadian General
15
-
Corp., Ltd. (quar.)_.
preferred (guar.)
Canadian Cottons, Ltd.
Preferred (quar.).
6%
6
15 Dec.
50c
Canadian Car &
1
15 Dec.
20 Dec.
3 Dec.
37 He
7% cum. preferred (quar.).
Canada Permanent Mortgage Corp. (quar.) —
Canada Wire & Cable preferred (quar.)
Canadian Canners Ltd., 1st preferred (quar.)
Telep.
for each 12 shares held)
22 Nov. 22
25c
Extra
NOv. 25
■
(quar.)_
preferredCo. (Madison,
Consol. Amusement Co. (one share
50c
—
Canada Northern Power
Preferred
10
3 Dec. 21
J8c
--
Dec.
Congoleum-Nairn, Inc. (year-end div.)—
35c
'
13
Dec. 20
Dec.
(qu.)
Connecticut Light & Pow. Co., (quar.)--Consolidated Aircraft Corp. (special)
Dec.
Calgary & Edmonton Corp., Ltd
California Ink Co., Inc. (quar.).
Calumet & Hecla Consolidated Copper Co.
Canada Bud Breweries
Canada Cement Co. 6H% preferred
Canada Malting, registered (quar.)__--__
10
Dec.
Jan.
:>_•
Coniaurum Mines, Ltd--
Jan.
—
Dec.
Dec.
40c
15 Nov. 29
8
12 Dec.
21 Nov. 30
2 Dec.
8
Jan.
$6 preferred B (guar.)
$6H preferred C (quar.)
Confederation Life Assoc. (Toronto! (quar.)
Jan.
—
Dec.
$3
H
npa At
H
$1H
(quar.)
Commonwealth
30c
7 % preferred (quar.)
15
$21.40
$4H convertible preferred (qaur.)
flH
Butler Water Co., 7% pref. (quar.)
Calamba Sugar Estates (quar.)
Dec.
40c
20 Dec.
Feb.
(quar.)
Dec. 20
Jan.
5
8
$1
Commercial Investment Trust Co.
15 Dec.
15 Dec.
Dec.
Burgess Battery Co—
Burt (F. N.) & Co.
Preferred (quar.)
Preferred
15 Dec.
15 Dec.
Dec.
Jan.
30c
(year-end) —
(quar.)
00^ preferred
Dec.
Dec.
5c
Columbian Carbon Co.
1
Dec.
Dec.
$2
$1H
Commercial Alcohols, Ltd., 8% cum. pref.
Commercial Credit Co. (quar.)
9
Dec.
Dec.
75c
Extra
15
Dec. 20
Dec.
$1H
$1H
Columbus & Kenia RR. Co
Commonwealth
$2
preferred (quar.)
■
Jan.
10c
partic. pref
$1 cum. partic. preferred (extra)
Common (increased)
8
211
Nov. 28
75c
21
27 Dec.
Dec.
1
Nov. 28
Dec.
50c
Commonwealth & Southern
Dec.
Dec.
Dec.
20c
;
1
50c
Jan.
Dec.
$1H
$1H
Hobbing Machine (quar.)
13
Dec.
40c
Borden Co., common (quar.)
Dec.
25c
Borg-Warner (special)
:
Bornot, Inc., class A
150c Dec.
Dec.
$2H
Boston & Albany RR. Co_
$1H Jan.
Boston Elevated Ry. (quar.)
40c Jan.
Boston Herald-Traveler Corp. (increased)
50c 'Dec.
Boston Wharf Co. (semi-annual).
Dec.
$3
Boston Woven Hose & Rubber Co., preferred..
Dec.
50c
Bower Roller Bearing
flH Jan.
Brazilian Traction Light & Power pref. (quar.). _
Dec.
50c
Bridgeport Gas Light (quar.).
Dec.
75c
Briggs & Stratton Corp. (quar.)
Dec.
7Hc
Bright (T. G.) & Co., Ltd. (quar.)
Dec.
$1H
6% preferred (quar.)..
Jan.
20c
Brillo Mfg. Co., common (quar.)
".
Jan.
50c
Class A (quar.)
Dec.
25c
Bristol Brass Corp.-..
:
—-Jan.
British Columbia Electric Ry. 5% pref. (s.-a.).- 12 H%
J50c Jan.
British Columbia Power, class A (quar.)
Dec.
50c
Brunswick-Balke-Collender (special)
Jan.
$1H
Preferred (quar.)
Dec.
25c
Brooklyn National Corp
.
1S1H Dec.
Buckerfield's 7% preferred.
:
Dec.
$1H
Buckerfield's, Ltd., 7% pref. (quar.)
Dec.
50c
Buckeye Pipe Line (irregular)
$1H Jan.
Bucyrus-Erie Co., pref. (quar.)
Dec.
Budd Wheel Co. $7 partic. pref. (quar.)....—
Dec.
$7 partic. preferred (partic. div.)
Jan.
40c
Buffalo Niagara & Eastern Power, pref. (quar.)
1st
„
1
$1H
15 Dec.
15 Dec.
62Hc
Extra
Dec. 20
$1H
Feb.
19
26
25c
(quar.)
Dec. 30 Dec.
Dec.
Dec.
Dec.
30c
Columbia Baking Co. $1 cum.
15
Dec. 23
Dec.
21 Dec.
21 Dec.
1
Jan.
$1H
Extras.
1
25c
_
.
—
2 Dec.
...
Berghoff Brewing Co. (quaf.)„_
Bethlehem Steel Corp., 7% pref. (quar.)
5% preferred (quar.)
B-G Foods, Inc., 7% preferred
Binks Mfg. Co
Birmingham Water Works, 6% pref. (quar.)—
Bishop Oil Corp
Black & Decker Mfg
Bloch Bros. Tobacco Co. 6% pref.
Bohn Aluminum & Brass
■
Bon Ami Co. class A (extra).
Class B (extra).
Bondholders Management, Inc., class A (s-a.) _ "
Jan.
10
Dec.
Dec.
S1H
Colgate-Palmolive-Peet Co. preferred (quar.) —
Colonial Ice Co., $7 cumulative pref. (quar.)__
Cumulative preferred series B (quar.)_,
Colt's Patent Fire Arms Mfg. (quar.)
15 Nov.22
3
3
16
14
Bellows & Co. class A (quar.).
Dec.
Dec.
25c
Coca-Cola International Corp.
Class (semi-ann. )_
Jan.
Jan.
Nov. 14
20
Dec.
Class A
9
Jan.
Dec.
Dec.
(semi-annual)
Extra-,-
2 Dec.
Jan.
Belding-Corticelli, Ltd. (quar.) —
Preferred (quar.)
Bell Telephone of Canada (quar.)
Bell Telep. of Penna., preferred (quar.)
-
Dec.
Dec.
Nov. 29
Dec.
Coca-Cola Co..
31
Jan.
5
Dec. 20 Dec.
3 Dec. 15
Jan.
3 Dec. 13
Jan.
15 Dec.
6
Dec.
Dec.
Jan.
Cluett, Peabody & Co., Inc. (year-end)
Preferred (quar.)
Coast Counties Gas & Electric Co., 6% pref
1
50c
SI
Dec.
Clorox Chemical Co. (quar.)_
1 Nov. 30
15 Dec.
50c
(Quarterly)
Preferred
Dec.
S3H
Jan.
Year-end dividend
Cleveland
3
Dec. 12
Dec. 12
Nov. 28
Jan.
Clearing Machine Corp. (initial)
Cleveland Electric Illuminating (quar.)--- —
25c
■
Dec.
Dec.
Clearfield & Mahoning RR.
15 Nov. 30
1 Nov. 29
1 Nov. 29
Jan.
2H %
Creek RR
Extra.
10
20
Jan.
—
Beecb-Nut Packing Co. (special)
1 Dec.
10
37 He
$1H
Avery (B. F.) Co., preferred (quar.)
Baldwin Co., 6% pref. (quar.)
Bangor & Aroostook RR. (quar.)
Preferred (quar.)
Bangor Hydro-Electric, 7% pref. (quar.)__
6% preferred (quar.)
Bank of America (Los Angeles) (quar.)
Bank Group Shares (final)
Barber (W. H.) Co. (quar.)
Basic Dolomite, Inc.
—
Bathurst Power & Paper Co., class A__._r
Bayuk Cigars, Inc., common
Special
,.
Preferred (quar.)
—
Beattie Gold Mines, Ltd
Beatty Bros. Ltd. 7% 2d pref. (semi-ann.)
Beech
15 Dec.
6
Dec.
6
Nov. 25
Nov. 25
...
10 Nov. 29
Atlas Press Co.
Extra
13
Dec.
Jan.
_
6
Atlas Powder Co
(quar.)
Dec.
Jan.
Extra
9
Feb.
Preferred (quar.)
Jan.
Chicago Pneumatic Tool $3 pref. (quar.)
$2H preferred (quar.)..
Chicago Rivet & Machine
Chile Copper Co
Christiana Securities (final)
Preferred (quar.)
Chrysler Corp
Churngold Corp
...
Cincinnati N. O. & Texas Pacific (s.-a.)
Common (extra)...
Cincinnati union Terminal 5% pref. (qu.)—
City Baking Co., 7% pref. (quar.)
City Ice & Fuel Co. common (quar.).
Clark Equipment Co. (resumed)
Preferred (quar.)
12
1 Jan.
19,Dec.
stk. of Cbes. & Ohio
Chesapeake & Ohio Ry
Preferred (quar.).
Chesebrough Mfg. Co. (quar.)-_-_
9
17 Nov. 30
1 Dec. 30
Jan.
Preferred
com.
Ry. for each share held.
Common
1
Dec.
10c
(quar.)
Six-tenths sh. of
^
Dec. 31 Dec. 15
Dec. 31 Dec. 15
22 Dec. 12
$1H
Extra
Investment Co.
1
2 Dec.
Dec. 15 Dec.
Dec. 22 Dec.
50c
12 He
50c
Ashland Oil & Refining (quar.)_
Associates
12 Dec.
Jan.
Asbestos Corp., Ltd. (quar.)
Preferred
12 Dec.
Dec.
40c
Dec.
Chesapeake Corp., stock dividend
1
Dec.
30c
Anheuser-Busch, Inc. (quar.)
►•Extra
Armour & Co. (Del.) preferred (quar.)
Armstrong Cork Co., 4% pref. (quar.)
(Final)
Arnold Constable Corp
Payable of Record
Share
Name of Company
Payable of Record
I Holders
When
Per
Holders
When
Per
Share
Name of Company
3563
Chronicle
Financial
147
3 Dec.
Financial
3562
When
Per
Share
Namc of Company
Mutual Telephone Co. (Hawaii) (irregular)
Nan a J mo-Duncan Utilities, 64% preferred.
Narragansett Bacing Association (irregular)..
Nashville & Decatur RR. Co., 74% gtd.__—
National Candy Co. 1st & 2nd pref. (quar.)--_
National City Lines
Dec.
Jan.
35c
93 He
Jan.
$1*4
Jan.
17>*c
—
2$c
10 Dec.
5
1 Nov. 15
4 Dec. 20
1 Dec. 21
1 Dec. 12
Dec. 27 Dec.
Dec. 20 Dec.
17
Dec. 20 Dec.
50c
--
National Funding Corp., A & B (quar.)
A & B (extra
—
Natomas Co. (quar.)
8
Dec. 27 Dec. 13
Dec. 27 Dec. 13
1 Dec. 15
1 Dec. 15
$1,314 Jan.
Jan.
3 Dec. 15
81
33 1-3 Jan.
3 Dec. 15
Dec. 15 Dec.
50c
7
Jan.
3 Dec. 15
Dec. 23 Dec. 19
Dec. 24 Dec. 19
25c
25c
Dec. 20 Dec. 12
Dec. 20 Dec. 12
25c
Dec. 17 Dec. 15
25c
Jan.
2 Dec. 23
75c
3 Dec. 16
$14 Jan.
50c
$2 preferred
Newmarket Mfg. Co
New Orleans Public Service 87 preferred
New Process Co
Extra
Ohio Public Service, 7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
Oilstocks Ltd. (semi-annual)
.
Extra
Orange & Rockland Electric Co—
6% preferred (quar.)
5% preferred (quar.)
Oriental Consolidated Mining Co
Oswego Falls Corp
Pacific Can Co
Pacific Lighting Corp., preferred (quar.)——
Pacific Tin Corp, (special stock)
Pantheon Oil (quar.).
Paramount Pictures 1st pref. (quar.)2nd preferred (quar.)..—
Patino Mines & Enterprises Consol., Inc
Penney (J. O.) Co. com. (quar.)
Dec. 29 Dec.
50c
Dec. 22 Dec.
Dec. 15 Dec.
30c
50c
$14
Dec. 24 Dec.
15c
Dec. 24 Dec.
Dec. 24 Dec.
75c
75c
Pennsylvania Exchange Bank (s.-a.)
Pennsylvania Power & Light $7 pref. (quar.)
86 preferred (quar.)
85 preferred (quar.)
Peoples Collateral Loan Corp, (s.-a.)
Dec. 22 Dec.
Jan.
3 Dec.
Jan
3 Dec.
$14
$14
814
50c
81
(semi-annual)
16
16
19
20 Dec.
20 Dec.
20 Dec.
Dec.
20c
Philadelphia Baltimore & Western
Phillips Packing Co. preferred (quar.)
Phoenix Insurance Co
(quar.)
12
3
Dec. 22 Dec. 15
16 Dec. 31
$14 J an.
Dec. 23 Dec. 16
25c
Dec.
1 Nov. 28
24c
Dec.
-
24
24
Dec. 29 Dec.
3 Dec
Dec. 30 Dec.
Dec. 30 Dec.
Jan.
9
9
5
12
15
15
15
20
20
814
Dec. 31 Dec. 15
1 Dec. 15
$1,314 Jan.
--
50c
—
2 Dec.
15
Jan.
2 Dec.
10c
-
Jan.
50c
Extra
Dec.
15
7
50c
(semi-annual)
Pickle Crow Gold Mines, Ld. (quar.)
Pittsfield & North Adams RR. (s.-a.)
10c
-
7-
15 Dec.
Dec.
Dec. 15
Dec. 31
3 Dec. 15
Dec.
$2 4
Plough, Inc
Plymouth Cordage Co. (quar.)_
Pocahontas Fuel Co., 6% pref. (s.-a.)
Porto Rico Power Co., Ltd., 7% pref. (qu.)
Potomac Electric Power, 6% preferred (quar.)__
54% preferred (quar.)
Premier Gold Mining (quar.)__
Providence Washington Insurance Co. (R. I.)
Special
15 Dec.
33
Jan.
15c
Jan.
$14
Jan.
83
Jan.
$14
Jan.
$14
Mar.
Mar.
1 Feb. 15
Jan. 16 Dec. 16
Dec. 23 Dec.
9
25c
Dec. 23 Dec.
9
40c
58 1-3 c Jan.
3 Dec. 15
Jan.
3 Dec. 15
50c
41 2-3c Jan.
3 Dec. 15
Pyrene Mfg. Co.,
-
Reece Folding Machines.
Reed Drug Co.
Common
2fs
20c
Dec. 21 Dec.
Dec. 21 Dec.
Dec. 23 Dec.
16
50c
Dec. 23 Dec.
16
25c
__
Reliance Mfg. Co. (III.) pref. (quar.)
Remington Arms Co., Inc
Preferred (semi-annual).
Rensselaer & Saratoga RR. (semi-ann.)_-Reliable Stores Corp. (year-end)
Preferred (quar.)
Rex Hide, Inc. (final)
Reynolds Metals Co. preferred (quar.)
Ross Gear & Tool
$14
5c
83
84
50c
374c
50c
$15*
ScrantonElectric, 86 preferred (quar.)__.
Selected American Shares, Inc
Selected Industries, Inc., $54 prior stock
Selected Industries, 854 prior pref. (quar.)
Seven-Up Bottling Co. (St. Louis)
54% con v. preferred (semi-annual)
Sharon Steel Corp. preferred (quar.)
Sheaffer (W. A.) Pen Co., 8% preferred
(quar.)
Sheep Creek Gold Mines (quar.)
Extra
-------
Sheller Mfg. Corp. (resumed)
15
15
3 Dec. 23
Dec. 23 Dec.
Dec. 15 Dec.
13
7
Jan.
3 Dec. 15
Dec. 22 Dec. 15
Dec. 22 Dec. 15
Dec. 15
Jan.
3 Dec. 20*
Dec. 20 Dec. 10
Dec. 24 Dec. 14
Feb.
1 Jan. 20*
3 Dec.
7
Dec. 22 Dec.
Jan.
1 Dec.
15
1
Dec.
Dec. 27 Dec.
$15*
Jan.
82
3c
Jan.
Jan.
lc
Jan.
Dec.
3 Dec.
16
16
20
,20
1 Dec. 20
20 Dec. 31
14 Dec. 31
14 Dec. 31
5
15 Dec.
(guar.)
$14
Dec. 21 Dec.
Feb.
1 Jan.
25c
Dec. 28 Dec.
5
17
$14
Skelly Oi 1 Co. preferred (quarl)
_._2
Smith (L. C.) &, Corona Typewriters
(quar.)____
Dec. 28 Dec.
17
14
Southern California Edison Co. Ltd.
Original preferred (quar.)
374c
5 4 %jpreferred series C (quar.)
South West Penna. Pipe Lines
344c
50c
Spartan Mills
Springfield Gas & Electric, 87 pref. A (quar.j__
Spring Valley Co., Ltd. (liquidating)
Squibb (E. R.) & Sons
Stk. div. in 86, 1st pref. stk. at the rate of
l-100th sh. of pref. for each com. shs. held
Starrett (L. S.) Co. (quar.)
-
Preferred
-
.
(quar.)
Stein (A.) & Co., preferred
_
(quar.)___
Sterling Brewers. Inc
Stix, Baer & Fuller Co. 7% pref. (quar.)
Sun Life Assurance of Canada
(quar.)
Superior Oil Corp. (special)
Supersilk Hosiery Mills, 5% preferred (s.-a.)
Supertest Petroleum, registered (s.-a.)
Extra
Ordinary registered (s.-a.)
Extra
6% preferred B (s.-a.)
Tappan Stove Co
Texas
Corp
Title Guaranty Co., 874 preferred
Tivoli
Brewing Co
Toledo Edison Co. 7% pref. (monthly)
r
6% preferred (monthly)
5% preferred (monthly)
(quar.)__^
Preferred (quar.)
Preferred (quar.)
Walker & Co., 824 class A
Washington Ry. & Electric 5% pref. (s.-a.)__
5% preferred (quar.).
$4
$15*
50c
50c
15 Dec. 20
15 Dec. 20
Dec. 28 Dec. 14*
Dec. 31 Dec. 26
Jan.
3 Dec. 15
Jan.
Jan.
Dec.
19 Dec.
10
Dec.
24 Dec.
15
—
(quar.).
preferred
}JLCiCilcu (ijuoi
25c
Dec.
Dec.
19
$14
$14
Dec.
Dec.
19
Jan.
Dec.
15
10c
Dec.
Dec.
10
435*c
X$34
Dec.
Jan.
Dec.
16
10c
Dec.
Dec.
16
$24
pref. (s.-a.)
preferred
Western Grocers Ltd. (quar.)
Preferred (quar.)
Western Light & Telephone Cp. 815* pref. (qu.)_
Western Pipe & Steel Corp. (Calif.) (quar.)
Western United Gas & Electric 64% pref. (qu.)
6% preferred (quar.)
West Jersey & Seashore RR. (s.-a.)__
West Kootenay Power & Light rpef. (quar.)
West Penn Electric class A (quar.)
West Penn Power 7% pref. (quar.)
6% preferred (quar.)
West Texas Utilities 86 preferred
86 preferred (quar.)
;
,
15
13
Dec. 27 Dec.
Jan. 20 Jan.
20
Apr. 20 Apr.
July 20 July
10
Oct.
10
10
10
20 Oct.
20 Dec.
Dec.
$24
$14
$14
Mar.
1 May 15
1 Feb. 15
June
1 May
June
15
15
Dec. 2f> Dec.
13
3 Dec. 15
Dec. 24 Dec. 14
.Tan.
3 Dec. 31
Dec. 20 Dec. 10
Jan.
$1.20
t75c
75c
Jan.
$14
434c
Tan.
15 Dec. 20
15 Dec. 20
Dec.
20 Dec.
Dec. 31 Dec.
25c
10
15
2 Dec.
15
2 Dec.
15
Jan.
$15*
$15*
$15*
$14
m4
$14
Jan.
Jan.
$1**
3 Dec.
15
Dec. 31 Dec.
14
Dec. 30 Dec.
Feb.
1 Jan.
16
5
Feb.
1 Jan.
5
Jan.
2 Dec.
15
Jan.
2 Dec.
15
15c
6% preferred (quar.)
Jan.
3 Dec.
15
Jan.
3 Dec.
15
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
we
Per
Name oj
lVhen
Share
Company
40c
5%
$14
25c
35c
124c
374c
25c
Holders
Payable of Record
15
Dec.
Dec.
9
Jan.
Dec.
12
Jan.
Jan.
3
Nov. 22
Dec.
Dec.
Dec.
Dec.
Dec.
9
Jan.
Dec.
16
Dec.
Dec.
1
15
^2
$14
Jan.
Dec.
75c
Jan.
Dec. 20
Alabama Great Southern RR. Co.—
')
Ordinary stock (extra)
Preferred (extra)
Alabama Power Co. $7 pref. (quar.)
$6 preferred (quar.)
Allied Chemical <& Dye Corp. (quar.)
Allied Finance Corp. (Baltimore, Md.) (special).
Allied Laboratories (quar.)
Allied Mills, Inc
Allied Products class A (quar.)
Allied Stores Corp., preferred (quar.)
Allis-Chaimers Mfg. Co
Alpha Portland Cement
Dec.
Nov. 29
Dec.
Nov. 29
Jan.
-
Dec.
13
Dec.
13
Jan.
Dec.
Dec.
9
Dec.
Dec.
15
Jan.
Dec.
14
Dec.
Dec.
13
Jan.
Dec.
14
Jan
Dec.
16
•
Dec.
Nov. 30
Dec.
1
6% pref. (quar.),
Aluminum Mfrs., Inc. (quar.)
7% preferred (quarterly)
Jan.
Dec.
Dec.
15
Dec.
Dec.
15
Dec.
Dec.
15
Jan.
Jan.
Dec.
13
Dec.
Feb.
Jan.
13
24*
20*
Aluminum Co. of America
-
-
Preferred
-
(quar.)
(quar.)
Jan.
Dec.
American Chain & Cable
Preferred (quar.)___
Dec.
Dec.
Dec.
Dec.
2
American Chicle Co.
Dec.
Dec.
2
Dec.
Dec.
2
Dec.
(quar.)
Extra!
American Cigarette & Cigar, stk. div. of 1-40
sh. of Am. Tobacco Co. com. for each s
Amer. Cigarette & Cigar held
Preferred (quar.)
American Cities Power & Light, $25* class A
Option div. of l-32nd sh. of cl. B stk. or cash
American Export Lines, Inc. (quar.)
American Factors, Ltd.
(monthly)
-
American Gas & Electric Co. (quar.)
Preferred
(quar.)
$1**
385*c
15c
10c
35c
$14
American Hardware Corp. (quar.)
American Hawaiian Steamship Co_
American Hide & Leather 6% preferred--,
American Home Products Corp. (monthly)
American Service Co., $3 preferred
American Smelting Sc Refining Co., pref
American Sugar Refining, pref. (quar.)
16
Dec.
16
Dec.
16
50c
Jan.
Dec.
25c
75c
Jan,
Dec.
16
16
Jan.
Dec.
16
Dec.
Dec.
7
Jan.
Dec.
9*
American Toll
Dec.
Dec.
5
Anaconda
Jan.
Dec. 31
10
1 Dec.
Dec. 20 Dec. 15
Dec. 10 Nov. 30
Dec. 15 Nov. 15
Feb.
1 Jan.
9
1 Dec.
17
25c
Dec. 24 Dec.
10
t75c
Dec. 28 Dec.
13
25c
Jan.
20c
Jan.
3 Dec.
16
Dec.
Dec.
20 Dec.
20 Dec.
20 Dec.
10
Dec.
50c
$15*
t75c
t62^c
1$24
40c
l^c
t$3
$15*
quarterly dividend.
American Sumatra Tobacco (quar.)!
American Surety Co. (s.-a.)
American Telep. & Teleg. (quar.)
American Thermos Bottle pref. (quar.)
American Thread Co., pref. (semi-annual)
American Tobacco Co., preferred (quar.)
Dec. 21 Dec.
25c
9
5
17
3 Dec.
Jan.
2 Dec.
9
Jan.
2 Dec.
9
Dec. 20 Nov. 30
Dec. 17 Dec.
6
15 Dec.
1
Dec. 23 Dec.
Dec. 22 Dec.
Dec.
10
Jan.
$14
$2 4
874c
10
Jan.
3 Dec.
Jan.
American Superpower Corp., 1st pref
This covers the Oct. 1, 1938 div. and regular
Dec.
2
15
25c
American Public
Service, 7% preferred
American Safety Razor (quar.)
:
American Seal-Kan (Del.)
Jan.
15 Dec.
Dec. 30 Dec.
Jan.
25c
American Meter Co
American Optical Co. 7% preferred (quar.)
American Power & Light Co. $6 preferred
Jan.
2
$15*
American Maize Products
Preferred (quar.)
American Metal Co
Jan.
50c
1 June
15c
Wetherill Finance Co. (quar.)
50c
t75c
1
$1
Wayne Knitting Mills
Western Assurance (Ont.)
Western Dairies, Inc., S3
25c
80c
10 Dec.
Dec. 21 Dec.
$14
25c
$5 preferred..
Dec.
Dec.
July
+50c
Washington Ry. & Electric, special---—
Waukesha Motor Co. (quar.)
American Can Co.
Jan.
3 Dec. 27
27 Dec. 17
83
$14
$14
$14
$14
(quar.)
15*
Jan.
15 Nov. 30
Dec.
25c
Preferred
31 Dec.
55c
Dec.
Jan.
$2
30c
Vulcan Detinning
Dec.
81
75c
23
$1
Vogt Mfg. Corp
$14
17c
13
2 Dec.
35c
American Bank Note
Preferred (quar.)
Jan.
17
Dec. 23 Dec.
'
Telegraph.
22
45c
Feb.
20c
preferred (quar.)
29 Dec.
$14
$14
16
Jan.
2%
Victor Chemical Works
Dec.
7m
Packing Co
Jan.
5
16
28 Dec.
1 Jan.
Dec.
$2
j
.
15 Dec.
Dec. 27 Dec.
$1
(quar.)
—
Preferred (quar.)..
Utah Oil Refining Co. (increased)
$3
50c
„.
St. Croix Paper, 6% preferred (s.-a.)
St. Louis, Rocky Mt. & Pacific Co., pref
Sangamo Electric Co
Scott Paper Co.$4>* cum. pref. (quar.)__
Preferred
Dec.
84c
(Dela.) class A (quar.)
Reed Roller Bit (quar.)
Extra
Sieloff
15 Nov. 30
15 Nov. 30
20 Dec. 15
Dec. 23 Dec. 15
5 Nov. 25
Dec.
Dec. 28 Dec. 15
5c
Dec.
25c
44% preferred (quar.)
Acme Steel Co. (quar.)
Addressograph-Mnltigraph (quar.)
Aero Supply Mfg., class B
Class A (quar.)
Aetna Ball Bearing Mfg
Agnew-Surpass Shoe Stores preferred (quar.)
Agricultural Insurance (quar.)
35c
(final)
common
Red Indian Oil Co. (resumed)
Jan.
Dec. 20
Dec. 20
Dec. 20
lc
Abbott Laboratories (quar.)
Extra (stock dividend)
Dec.
Sept. 30
Jan.
$4 4
Steel
Universal Leaf Tobacco Co., Inc.
Below
June 30
Oct.
Dec.
$24
UB
Dec.
Mar. 31
15
Public Service Co. of New Hampshire—
86 preferred (quar.)
85 preferred (quar.)
Putnam (Geo.) Fund (Boston)
Dec. 31
Apr.
July
15c
(s.-a.)
$14
$14
7% pref. (mthly.)
6% preferred (monthly)
5% preferred (monthly)
Jan.
t50c
1st pref
7% preferred (s.-a.)
Universal-Cyclops
1
15c
United Stores Corp. preferred
20 Dec. 31
3 Dec. 20
3 Dec. 15
1 Feb.
Dec.
United States Petroleum (s.-a.)
5%
O/g
17
Dec. 21
Dec.
15c
Vapor Car Heating (resumed)
$14
$14
Dec.
Dec.
Jan.
$14
United States Gauge Co.
Preferred
Dec.
16
15
$14
—
~ —
States" Internat. Securities
Van Camp Milk
8
Dec.
15c
uarterly
Quarterly
Extra
Dec.
Dec.
10c
(quar.)
United Artists Theatre Circuit 5% pref. (qu.)United Bond & Share Corp., Ltd. (quar.)
Quarterly
United
15
Dec.
95c
Co
Vermont & Boston
4 Dec. 19
10 Dec.
3
10 Dec.
20c
3
58 l~3c Jan.
3 Dec. 15
Jan.
50c
3 Dec. 15
41 2-3c -Jan.
3 Dec. 15
Dec. 24 Dec. 16
20c
Dec. 24 Dec. 16
5c
40c
Public Service Co. (Colorado)
Coach
Dec.
Jan.
Jan.
S1U
Union Investment Co., 7.6% pref.
Dec,
Dec.
Peninsular Telep. (year-end dividend)
Preferred
Twin
Jan.
Dec.
-
—
(quar.) —
Folders
Payable of Record
$14
624c
Co. pref. (quar.)
(guar.)
874c
1
Pick (Albert) & Co
Toledo Light & Power
Trico Products Corp.
Tri-Continental Corp. 86 cum. pref.
Tunnell RR. (St. Louis) (s.-a.)
15c
Railway & Land Co. (mo.)
Extra—
Jan.
"if
Noblittr-Sparks Industries
Noma Electric Corp
Noma Electric Co. (reduced)
North American Rayon, class A & B
Preferred (quar.).
Northwestern Teleg. (semi-ann.)
Norwalk Tire & Rubber 7% pref. (quar.)-----.
Preferred
8
10c
Extra
Nehi Corp
Preferred (quar.)
New England Power Assoc., $6 preferred
Oahu
Dec.
814c
Share
Name of Company
10, 1938
When
Per
Holders
Payable of Record
30c
..
Dec.
Chronicle
3 Dec.
Dec.
9
5*
10
Jan.
15 Dec.
3 Dec.
10
Jan.
14 Dec.
15
1
Jan.
0
124c
Jan.
14%
Jan.
1 Nov. 30
3 Dec. 10
5c
Dec.
Dec. 20
Bridge (Del.) (resumed)
Copper Mining Co
15 Dec.
1
25c
Dec. 22 Dec.
6
Anchor Hocking Gass Corp., common
15c
Dec.
15 Dec.
2
$64 convertible preferred
58 L3c Jan.
Dec.
15
Jan.
50c
41 2-3c Jan.
Dec.
15
Andes Copper
Dec.
15
Arkansas Missouri Power. 6%
Jan.
1 Dec.
20
25c
Dec.
16 Dec.
9
$14-
Dec.
15 Nov. 30
$14
Mining
pref. (s.-a.)
Volume
1
2 Dec.
9
Dec.
15 Dec.
22 Dec.
1
12
Dec.
15 Dec.
3
Dec. 31 Dec.
Dec. 31 Dec.
15
15
Dec.
Asbestos Corp., Ltd. (quar.)
Dec.
Jan.
Dec.
Extra
Common
(quar.)
Chesebrough Mfg. Co. (quar.)
12
Dec. 31 Dec.
Dec. 31 Dec.
9
Jan.
Dec.
Co. (Conn.)
Atlantic Refining C». (quar.)
Atlantic Coast Line
Dec.
,
10
Jan.
2 Dec.
10
Jan.
2 Dec.
31 Dec.
10
Dec.
15
Dec.
19 Dec.
10
Dec.
15 Nov. 30
15 Nov. 30
Dec.
Preferred
1
Jan.
"
3 Dec.
13
Dec.
9
3 Dec.
3 Dec.
15
Jan.
Jan.
Dec.
Jan.
1
15 Dec.
5
3 Dec.
2
2
9
Commercial Alcohols, Ltd., 8% cum.
Commercial Credit Co. (quar.)
Preferred
(quar.)
Jan.
—
1
Jan.
Dec.
30 Dec.
13
$4)4 convertible preferred (qaur.)
-—$ 1.0634
75c
Commonwealth & Southern preferred—------
Utilities Corp.$7 pref. A (quar.)
Jan.
Dec.
Jan.
Dec.
Mar.
Feb.
(Madison, Wise.),
Telep. Co.
Dec.
21 Nov. 30
2 Dec. 10
8
15
15
25
Dec. 22 Dec. 10
Preferred
(quar.)..-
6
Dec.
------
Dec.
Jan.
Jan.
2
15 Nov. 30
15 Nov. 30
2 Dec.
15
2 Dec.
15
Dec.
Jan.
(quar.)
16 Jan.
Jan.
pref. (s.-a.)-_
15 Nov. 30
14 Dec. 31
*-
Dec. 20 Dec.
—
5
10
3 Dec. 20
15 Dec.
8
Dec. 31 Dec. 31
Dec. 31 Dec. 31
Dec. 15 Nov. 25
Jan.
—
Dec.
Brooklyn National Corp
preferred
Buckerfield's, Ltd., 7% pref. (quar.) —
Buckeye Pipe Line (irregular)
Bucyrus-Erie Co., pref. (quar.)
Budd Wheel Co. $7 partic. pref. (quar.)
$7 partic. preferred (partic. div.)—
Buffalo Niagara & Eastern Power, pref. (quar.)
1st preferred (quar.)_.—
Burgess Battery Co
Burt (F. N.) & Co. (quar.)
—
Preferred (quar.)
Butler Water Co., 7% pref. (quar.)-.
Calamba Sugar Estates (quar.)
Buckerfield's 7%
Jan.
40c
3
Dec. 31
Dec. 31
Jan.
3
Dec.
20
Dec.
17
17
15
Dec.
Dec.
$1H
$1
Feb.
Dec.
1 Jan.
15 Dec.
30c
Jan.
3 Dec.
$1H
Jan.
3 Dec.
14
5
?
Dec.
15 Dec.
40c
Jan.
35c
—
Jan.
15
15
15 Nov. 15
1 Dec,
2 Dec.
t8c
Dec.
50c
Dec. 20 Dec.
25c
Dec.
t20c
10
Dec.
16 Dec.
2
-
m
37)4c
3734c
50c
12 Dec.
3
Dec. 20 Nov. 30
Dec. 15 Nov. 30
60c
Dec.
15 Nov. 30
Dec.
Dec.
Ltd. (quar.) —
|30c
Jan.
Dec. 31
7% cum. preferred (quar.)
-—
Canada Permanent Mortgage Corp. (quar.) —
Canada Wire & Cable preferred (quar.)
Canadian Canners Ltdf., 1st preferred (quar.) - .
nk%
Jan.
Dec. 31
Dec. 15
Jan.
Nov. 30
Dec. 15
Jan.
Dec.
15
Dec.
23
Jan.
Dec.
16
Jan.
Dec.
16
Jan.
—
Canadian General Investments, reg.
Bearer
Jan.
Jan.
(quar.).
Electric (quar.)
Dec.
Dec.
15
Jan.
(quar.)
Dec. 31
Jan.
(quar.)
Canadian Malartic Gold Mines-
Dec.
Jan.
Oct.
20
Dec.
—-
pref. (quar.)
pref. (quar.)
—
Cariboo Gold Quartz Mining Co. (quar.)Canadian Oil Cos., Ltd. 8%
Can field Oil Co.
Dec.
5
Dec.
20
Jan.
7
Dec.
Dec.
14
10
Dec.
Jan.
Dec.
Dec.
12
Dec.
5
Co. (quar.)
Carpenter Steel Co
(Win.) Co., Inc., 6% pref. (quar.)
Case (J. I.) Co., pref. (quar.)
Central Cold Storage (quar.)
Carter
Dec.
Extra
Central Illinois Public Service
Dec.
7
5
Nov. 30
Nov. 30
Central Eureka Mining Co
Non-cumul. preferred
Central Illinois Light Co. 4)4 %
pref. (quar.)
-
$6 pref
Jan.
Dec. 20
Dec.
Nov. 19
Dec.
Nov. 19
Central Illinois Securities Corp., preferred
Central New York Power, preferred (quar.)
Dec.
Dec.
Feb.
Jan.
Central & South West Utilities, $7 prior lien.$6 prior lien
Central Steel & Wire Co. 6% preferred (quar.)
Champion Paper & Fibre pref. (quar.)
Nov. 30
Dec.
Dec. 20 Nov. 30
6% preferred
Chapman Valve Mfg.
Co. (quar.)
10 Nov. 30
1
23 Dec.
3734c
Dec.
15 Nov. 30
50c
Dec.
Feb.
25c
Dec.
90c
Jan.
$134
(qu.)
Jan.
—-
(Bait.) —
\
30c
Consolidated Investment Trust (quar.)
Consolidated Laundries Corp., $7>4
Continental Assurance Co.
pref. (quar.)
•Jft
(quar.)_
Continental Gas & Electric prior
40c
— -
$134
pref. (qu.)
25c
——
(resumed)
—
—
,
pref. (qu.) —
Continental Telep. Co. 7% partic.
6)4 % preferred (quar.)
Cooper-Bessemer Corp., prior pref
—
Stk. div. of l-20th sh. of com. for each sh.
prior preference held.
Copperweld Steel Co
--Cosmos Imperial Mills, Ltd. 5% pref. (quar.) —
Crane Co. preferred (quar.)
—
Creameries of America, Inc. (quar.)
Extra
$1
$154
$154
$154
30c
U
Extra
'
,
Publishing Co—
Series B-l
9
10
Dec,
Dec.
10
Jan.
Dec.
15
Dec.
Detroit Gray Iron
Co. (interim)—
Class A (quar.)
Doernbech Mfg. Co. (Nevada) (quar.)
Dominion Glass, Ltd. (quar.)
Preferred (quar.)
Dominion Textile, Ltd. (quar.)-:—
Preferred (quar.) —
Dec.
3 Dec.
3 Dec.
3 Dec.
2
1
1
15
15
10
1
Dec.
Dec.
Jan.
Dec. 31
Dec.
Dec.
2
Dec.
10
Dec.
Nov.
10
3
Dec.
Nov. 30
Nov. 30
25c
Dec.
50c
Dec.
Dec.
5634c
Dec,
Nov. 29
25c
Jan.
Dec.
10*
Jan.
Dec.
Dec.
Dec.
13
14
123|c
14
6,*
20
1
Jan.
Dec.
Dec.
Dec.
Dec.
$4
Nov. 25
2
3
15
15
Dec.
Dec.
25c
Jan.
Jan.
15c
10c
Dec.
Dec.
Dec.
Dec.
$134
Jan.
Dec. 15
$25
Dec.
Nov. 30
$25
$1
Jan.
Jan.
Nov. 30
Dec. 15
15c
Dec.
$134
11%
234%
Dec.
1
Jan.
Dec.
20
Dec.
Jan.
Dec. 23
Nov. 15
3
Jan.
Dec. 20 Dec.
Dec.
10
5 Dec. 20
Jan.
20 Dec.
10
Dec. 20 Dec.
10
25c
Dec.
15 Dec.
5
Dec.
30c
Dec.
15 Nov. 30
15 Nov. 25
$154
$154
75c
Ltd—
Dixie Vortex
___
25c
-----
Dewey & Almy Chemical Co. (quar.)
$7 prior preferred (quar.)
$7 preferred B (quar.)
Diamond Match Company partic. pref
Distillers Corp-Seagrams,
Preferred (quar.)
10
Dec.
4c
(resumed). —
(quar.)
Dec.
Dec.
Jan.
2c
Detroit Steel Corp.
12*
Nov. 15
Dec. 15
Jan.
$2
Foundry (semi-annual)
(gemi-annual.)
Devonian Oil Co.
2 Dec.
15
Jan.
3
Dec. 20
Dec. 15
Dec. 15
Dec.
25c
*
24lDec.
Dec.
Dec.
534c
•
Detroit Gasket & Mfg
Dec.
1
16
15
25c
,
Davidson-Boutell Co., 6% pref. (quar.)
Davis Coal & Coke Co., capital (distribution) Capital distribution
—_
—
Dayton & Michigan RR. 8% preferred (qu.)—_
Delaware Fund. Inc
De Long Hook & Eye (quar.)
Dentist's Supply Co. or N.Y. 7% pref. (quar.).
Deposited Bank Shares N. Y., series A
Payable in stock.
an.
10c
:—
David & Frere (quar.)--Extra
15 Dec.
1J
Dec. 31'Dec.
10c
—--
$2 34 cum. pref. (qu.).
Crown Cork International Corp., class A
Crown Zellerbach Corp. (interim)-Crum & Forster pref. (quar.) —
Crystal Tissue Co. 8% pref. (s.-a.)_ —,—i—
Cuneo Press, Inc. 634% pref. (quar.). —
Curtiss-Wright Corp. class A (quar.)
Dairy League Co-operative, 5% pref. (s.-a.)- —
Darby Petroleum Corp. (semi-annual)- -- -- —
Dec.
Feb.
35c
cdnv. pref. (qu.)
Crown Cork & Seal, Inc.,
10
30
5
3 Dec. 15
3 Dec. 15
1 Dec.
Jan.
—-
Credit Acceptance Corp. $1.40
Creole Petroleum Corp—
15 Nov
27 Dec.
Jan.
$5
preferred
pref. (quar.) —
Continental Baking Co.,
Continental Can Co., Inc., $4)4
Continental Casualty (extra)
10
Dec.
—
Dec.
Jan.
Dec.
Extra
Carolina Telep. & Teleg.
Dec.
Dec.
$134
Continental Oil Co
Continental Steel Corp.
Preferred (quar.)
14
25c
Consolidated Gas Elec. Light & Pow.
Crowell
10 Nov. 30
Securities—
Consolidated Film Industries preferred
Cniisr
6
Dec.
preferred (semi-ann.)
PfflffiTToH
15
pref.
—
Consolidated Biscuit Co
Preferred,
1
Dec.
19 Dec.
Dec. 23 Dec.
■
50c
Preferred
6%
21 Dec.
Dec.
Jan,
— -
for each 12 shares held)
31 Dec.
Dec.
Coniaurum Mines, Ltd
Connecticut Light & Pow. Co., (quar.)
Consolidated Aircraft Corp. (special)
Consol. Amusement Co. (one share of 6%
Dec. 21
|Dec. 22 Nov. 22
15
Dec.
Congoleum-Nairn, Inc. (year-end div.)
15 Nov. 29
12 Dec.
3
Dec.
$6 preferred B (quar.) —
$6)4 preferred C (quar.)
Confederation Life Assoc. (Toronto^ (quar.)——
20 Dec.
Jan.
2
Dec. 15
Commonwealth
15 Dec.
15 Dec.
| Jan.
2
10*
10*
9
Jan.
15 Dec.
15 Dec.
Dec.
2
Jan.
Commonwealth
$2)4 non-cum. preferred (semi-aim.)
Consolidated Edison Co. of N. Y. (quar.)
Canadian General
15 Dec.
15 Dec.
Dec.
15
—
15 Jan.
Jan.
Dec. 30 Dec.
Dec. 15 Dec.
——
10 Nov. 25
10 Nov. 25
Commercial Investment Trust Co. (quar.)
Brazilian Traction Light
(quar.)
1
10 Nov. 25
1
Consolidated Diversified Standard
2nd preferred
1
15 Dec.
15 Dec.
15 Dec.
1
Canadian Car & Foundry, preferred
Canadian Cottons, Ltd. (quar.)
1
Dec.
Dec.
15
(quar.)
1
15 Dec.
Dec.
15 Dec.
Bearer
1
15 Dec.
Dec.
pref. (qu.)
20 Dec.
3 Dec.
Extra
Dec. 20
20 Dec.
Dec.
Dec.
Canada Northern Power Corp.,
Dec. 20
20 Dec.
Dec.
,
Dec.
Extra.-
Dec.
Dec.
Extra
Dec.
Co
15 Dec.
2
Dec.
—
Jan.
7% preferred (quar.)——
Calgary & Edmonton Corp., Ltd
California Ink Co., Inc. (quar.)
Calumet & Hecla Consolidated Copper
Canada Bud Breweries
Canada Cement Qo. 6)4% preferred
Canada Malting, registered (quar.)—-
15 Dec.
Jan.
—
Bower Roller Bearing
(special)
15 Dec.
15 Dec.
Jan.
i- —
Columbus & Kenia RR. Co
Dec.
(quar.)
15 Dec.
Dec.
Columbian Carbon Co. (quar.)
3 Dec.
Dec.
—
10
15 Nov. 25
Jan.
pref
Common (increased)
Dec. 27 Dec. 21
8
Dec. 211 Dec.
—n
15
24 Dec. 13
3 Dec. 20
Dec.
Albany RR. Co
Elevated Ry. (quar.)
Herald-Traveler Corp. (increased)
Wharf Co. (semi-annual)
Woven Hose & Rubber Co., preferred-.
Preferred
3 Dec.
21 Dec.
Dec.
Dec.
pref—
$1 cum. partic. preferred (extra)
15
8
1 Dec. 20
Dec.
Dec.
Boston &
Brunswick-Balke-Collender
20 Dec.
Dec.
Columbia Baking Co, $1 cum. partic.
16 Dec.
Dec.
British Columbia Power, class A
8
Dec.
Dec.
Dec. 21 Dec.
Dec. 21 Dec.
—
Bristol Brass Corp
British Columbia Electric Ry. 5%
5
20 Dec.
Dec.
Jan.
-
& Power pref. (quar.)
20 Dec.
Dec.
Extras
15
3 Dec. 20
Dec.
(year-end)
16 Dec. 23
14 Dec. 20
Dec.
Bridgeport Gas Light (quar.)
Briggs & Stratton Corp. (quar.)
Bright (T. G.) & Co., Ltd. (quar.)_
6% preferred (quar.)
Brillo Mfg. Co., common (quar.)
Class A (quar.)
—
1
15 Nov. 28
15 Nov. 28
Dec.
Jan.
Dec.
Jan.
Borden Co., common (quar.)_
Boston
15 Dec.
Dec.
Dec.
Dec.
,—
Bornot, Inc., class A
2 Dec.
Dec.
Borg-Warner (special)
1 Jan.
—
Dec.
class A (s-a.)__
Extra
1
Feb.
19
26
Colgate-Palmolive-Peet Co. preferred (quar.) —.
Colonial Ice Co., $7 cumulative pref. (quar.) —
Cumulative preferred series B (quar.)
Colt's Patent Fire Arms Mfg. (quar.)
15 Nov. 22
9
2 Dec.
1
Dec.
1
Dec.
Coca-Cola International Corp.
Class (semi-ann.)
15
Dec.
10
Jan.
—
Jan.
—
Bondholders Management, Inc.,
22 Dec.
Dec. 22 Dec.
Class A
Jan,
—
Bon Ami Co. class A (extra)
Class B (extra)
Dec.
—
Extra
Jan.
Jan.
Jan.
3 Dec. 20
12 Nov. 14
22 Dec.
——
------
Coca-Cola Co
15 Dec. 31
5
Dec. 20 Dec.
Jan.
Dec.
Dec.
—
Coast Counties Gas & Electric Co., 6%
Jan.
Jan.
(quar.)
6
15 Nov. 29
Dec.
Cluett, Peabody & Co., Inc. (year-end)
15 Dec.
15 Dec.
1
Dec.
Dec.
16 Dec.
Clorox Chemical Co. (quar.)
1 Nov. 30
Jan.
Dec.
Dec.
Jan.
—
-
12
12
15 Nov. 28
—
Year-end dividend
Preferred (quar.)_
__
Cleveland Robbing Machine (quar.)
2 Dec.
Dec.
(quar.)
Clearfield & Mahoning RR. (semi-annual)
Clearing Machine Corp. (initial)
Cleveland Electric Illuminating (quar.)
1 Nor. 29
2 Dec.
Jan.
-
Preferred
15 Nov. 30
1 Nov. 29
Dec.
—
Bohn Aluminum & Brass
Boston
20
Jan.
-
Boston
10
15 Dec.
1 Dec.
Jan.
Belding-Corticelli, Ltd. (quar.)
Preferred (quar.)
Bell Telephone of Canada (quar.)
-.
Bell Telep. of Penna., preferred (quar.)Bellows & Co. class A (quar.)
-—
Berghoff Brewing Co. (quar.)
Bethlehem Steel Corp., 7% pref. (quar.)
5% preferred (quar.)
,
B-G Foods, Inc., 7% preferred
Binks Mfg. Co
Birmingham Water Works, 6% pref. (quar.)-__
Bishop Oil Corp
Black & Decker Mfg
Bloch Bros. Tobacco Co. 6% pref.-------—--
Boston
15 Dec.
Jan.
Beecb-Nut Packing Co. (special)
(Quarterly)
Extra
10 Nov. 29
6
19 Nov. 25
19 Nov. 25
Jan.
-
6
Dec.
;
RR—_
Creek
1 Jan.
Dec.
i
Avery (B. P.) Co., preferred (quar.)
Baldwin Co., 6% pref. (quar.)
Bangor & Aroostook RR. (quar.)
—
Preferred (quar.)
Bangor Hydro-Electric, 7% -pref. (quar.)
6% preferred (quar.)
__
Bank of America (Los Angeles) (quar.)
Bank Group Shares (final)
—
Barber (W. H.) Co. (quar.)
Basic Dolomite, Inc
Bathurst Power & Paper Co., class A_
Bayuk Cigars, Inc., common
Special
Preferred (quar.)
Beattie Gold Mines, Ltd
±Beatty Bros. Ltd. 7% 2d pref. (semi-aim.)
Beech
12
15
21 Nov. 28
15 Nov. 22
Dec.
(quar.)
Extra
9
1 Dec.
Feb.
Preferred (quar.)
Atlas Powder Co
Atlas Press Co.
2 Dec.
Dec.
-
17 Nov. 30
1 Dec. 30
Jan.
Dec.
—
Chicago Pneumatic Tool $3 pref. (quar.).$2)4 preferred (quar.)
Chicago Rivet & MachineChile Copper Co
Christiana Securities (final)
Preferred (quar.)
Chrysler Corp.
----Churngold Corp
Cincinnati N. O. & Texas Pacific (s.-a.)
—
Common (extra)
Cincinnati Union Terminal 5% pref. (qu.)
City Baking Co., 7% pref. (quar.)
:
City Ice & Fuel Co. common (quar.)—
Clark Equipment Co. (resumed)
12
15 Dec.
Dec.
6
1 Dec.
Extra
22 Dec.
Feb.
13
1 Dec.
Preferred
Dec.
(quar.)
3 Dec.
Jan.
stk. of Ches. & Ohio
Chesapeake & Ohio Ry
Dec.
Preferred
19 Dec.
Jan.
com.
Ry. for each share held.
Preferred (quar.)
Associates Investment Co.
Associated Public Utilities Corp.
Atchison Topeka & Santa Fe Ry. preferred
Atlanta Hirm. & Coast RR. 5% pref (s a.)
Atlanta Gas Light, 6% pref. (quar.)___--
3
Dec.
Jan.
Six-tenths sh. of
1
Ashland Oil & Refining (quar.).
(quar.)
Share
of Company
Chesapeake Corp., stock dividend
12 Dec.
12 Dec.
Anheuser-Busch, Inc. (quar.)
►»Extra
Armour & Co. (Del.) preferred (quar.)
Armstrong Cork Co., 4% pref. (quar.)
(Pinal)
Arnold Constable Corn
When I Holders
Payable of Record
Per
Name
Payable of Record
Share
Company
Holders
When
Per
Name of
3563
Chronicle
Financial
147
-
t50c
til 34
25c
6234c
734c
$ik
Dec.
Dec.
15 Nov. 25
15 Nov. 25
3-1-39
2-10-39
8
Dec.
15 Dec.
Feb.
1 Jan. 20
6
17 Jan.
3 Dec. 31
Jan.
Jan
Dec. 29 Dec.
Jan.
3 Dec,
5
15
3 Dec.
15
15
$154
t$134
Jan.
t$154
Jan.
Jan.
3 Dec.
16 Dec. 31
3564
Financial
Per
Name
Dominion Coal Co., Ltd
Draper Corp.
Preferred
Jan.
75c
Jan.
Dec.
3
$1
75c
75c
Jan.
3 Dec.
3
Jan.
3 Dec.
22 Dec.
Jan.
5oc
Debenture (quar.)
Eagle-Picher Lead Co. 6% preferred (quar.)..
Early & Daniel Co.. pref. (quar.)
Preferred (quar.)
Preferred (quar.)
East Mahanoy RR. (s.-a.)
Eastman Kodak Co. (quar.)...
Preferred (quar.)
Eastern Theatre Ltd
Dec.
Edison Bros. Stores, Inc. (quar.)
5% cum. preferred (quar.)
Electric Controller & JVifg
Dec. 15
Dec.
7
3 Dec. 15
14 Nov. 29
25 Jan. 10
Jan. 25 Jan. 10
Jan.
2 Dec. 15
Dec. 31 Dec. 20
Dec.
Jan.
__
3-31-39 3-20-39
6-30-39 6-20-39
1
19
15 Nov. 30
15 Nov. 30
Dec. 30
Dec.
21 Dec.
21 Dec.
1
1
Dec.
15 Dec.
5
25c
Dec. 20 Dec. 15
Dec. 20 Dec. 15
Dec. 15 Nov. 15
5uc
SIX
Six
six
Jan.
5
15 Nov. 30
16 Dec. 30
16 Dec. 30
Jan.
1
Dec.
15 Dec.
1
1
...
»c
Dec.
11
t$4
Dec.
12 Nov. 30
Jan.
56Xc
SIX
Jan.
3 Dec. 16
3 Dec. 24
Jan.
3 Dec.
16
SIX
six
87 Xc
30c
Jan.
.3 Dec.
16
3 Dec.
16
2ec
15c
t7Xc
15c
15c
Jan.
Dec.
Dec.
Nov. 30
It
Jan.
3
Dec. 2;
Dec. 20
Dec. 29
Feb. 2b
Federal Mining & Smelting preferred
(quar.)_
Federal Mogul Corp
!
Feltman & Curme Shoe Stores preferred (qu.)__
Fidelity & Guaranty Fire Corp
Fifth Ave. Coach (quar.)
"56" Petroleum Corp
Finance Co. of America (Bait.) common A & B__
7% preferred class A (quar.)
First National Bank of Jersey City
(quar.)
First National Bank (Toms River, N.
2C
Hibbard, Spencer, Bartlett& Co. (monthly).__
c
Dec.
10
Dec.
10
Dec.
9
Dec.
21 Dec.
6
10c
Dec.
15 Dec.
2
Dec.
3C
Dec.
20
Dec. 28
20c
Holland Furanee Co., preferred (quar.)
SIX
Dec.
9
(Calif.)
50c
Dec.
15 Dec.
5
Honolulu Gas Co., Ltd. (extra)
Honolulu Oil Corp.. Ltd. (quar.)
60c
25c
Dec.
1C
Dec.
1
Hooker Electrochemical Co
Hoover Bail & Bearing
$1
3oc
Home Fire & Marine Insurance
Horn & Hardart Co.
Hoskins
60c
(N. Y.) (year-end div.):
15c
Manufacturing Co
Finance Corp. (quar.)
Preferred (quar.)
Houston Oil Co.. preferred
Hudson Bay Mining & Smelting Co., Ltd
#1
8
Dec.
Dec.
2/
$1
$1
37Xc
Illinois Bell Telephone.
Dec. 31
27
J75c
(quar.)
Dec. 31
14
Dec.
Dec.
Jan.
3 Dec.
Jan.
Dec.
3 Dec.
23 Dec.
Dec.
23
Dec.
15 Dec.
$2
Dec.
Feb.
14
Jan.
62 Xc
Hygrade Sylvania Corp.
Jan.
SIX
six
— _
Preferred
Jan.
_
15
Dec.
15
Dec. 31 Dec.
Dec. 31 Dec.
9
87 Xc
5uc
50c
3c
15c
8Xc
1%
87 Xc
9
3
3 Dec.
1
Jan.
1
Jan.
International Coal & Coke Co
International Business Machines (stock div.)_.__
Common (quar.)
Dec. 24 Dec.
Dec. 24 Dec.
International Harvester Co. (quar.)
International Mining
International Nickel of Canada.
International Ocean Teleg. Co. (quar.)
14
14
Dec. 31 Dec. 24
3 Dec. 28
3 Dec. 13
15 Dec.
i
Dec.
Dec.
15c
Dec.
5%
SIX
15 Dec.
5
Dec.
14 Dec.
2
SIX
Dec.
15 Dec.
SIX
20c
Jan.
" 2
Dec.
15 Nov. 19
six
Gaylord Container Corp. (quar.)
Preferred (quar.)
General Acceptance Corp. (quar.)
Glass A (quar.)
General American Transportation Corp
General Baking Co
Dec.
Jan.
25c
68 Xc
15c
15c
Dec.
Dec.
SIX
;
Dec.
Preferred (quar.)
$2
lc
50c
25c
20c
10c
General Gas & Electric
Corp. $5 pref. (qu.)_
General Investors
Corjp
Dec.
15
__
Dec.
1
Dec.
35c
General Box Co. (quar.)
General Cigar Co
General Discount Corp. (Atlanta,
Ga.)
General Electric Co
General Fire Extinguisher (quar.)__
1
6
.
SIX
6c
Dec.
15 Dec.
15 Dec.
28 Dec.
Dec. 22 Dec.
Dec. 22 Dec.
Dec. 24 Dec.
Dec. 15
Dec. 20
Dec. 22
Dec. 10
_
10
10
2
Nov. 29
Dec.
9
Dec.
2
Nov. 28
Dec. 15 Nov. 15
Dec. 20 Dec.
2
Jan.
3 Dec. 10*
Dec. 12 Nov.* 17
General Mills, Inc., 6% cum. pref.
(quar.)_____
General Motors Corp
SIX
Preferred (quar.)_______
General Outdoor Advertising, class A
General Railway Signal, preferred
"ft
Jan.
9
Dec.
22 Dec.
15
six
Jan.
19
(quar.)
(N. Y.) (quar.)
75c
Feb.
_
25c
25c
General Steel Wares, Ltd.,
7% cum. pref. (s-a)_
General Telephone Corp.
(quar.)
Extra
$3 convertible preferred (quar.)
General Telephone Tri Corp., common
General Water, Gas & Electric Co
$3 preferred (quar.)
:
Dec.
3 Dec.
14 Dec.
Dec.
14 Dec.
7
$3.05
Dec.
15 Dec.
15 Dec.
1
6
15
25c
Dec.
20c
Dec.
75c
$1
I
Jan.
15 Dec.
Dec.
Dec.
22 Dec.
7
6
15
__
10c
(initial)
Jan.
2 Dec.
15
Jan.
2
Dec.
15
Jan.
30c
$5 preferred (quar.)
Georgia RR. & Banking Co. (quar.)
Gibraltar Corp., partic. pref.
3 Dec.
3 Dec.
12
Jan.
SIX
SIX
S2X
Georgia Power Co. $6 preferred (quar.)__
Jan.
75c
_
Jan.
25c
;
_
"__
Preferred (quar.)
Girdler Corp. (quar.)
Extra
25c
15c
SIX
Feb.
12Xc
SIX
(quar.)_HI.
Dec.
Dec.
Goebel Brewing (quar.)
Godchaux Sugars, class A
Preferred (quar.);
Gold
& Stock Tel eg. Co. (quar.)
I
Goldblatt Bros., Inc.,pref. (quar.)_;_
Golden Cycle
Corp
II
Goodrich (B. F.) $5 preferred
$5 preferred (quar.)
Goodyear Tire & Rubber Co., $5 pref. (quar.).
Goodyear Tire & Rubber (Can.) (quar.)
Extra
40c
SIX
t$i
six
Jan.
62Xc
$1
Jan.
1SIX
SIX
"eU
Jan.
Dec.
Jan.
IIIIIIIIIIIII!
Jan.
IIII_I
25c
Dec.
35c
25c
Jan.
Jan.
Jan.
$1?*
Jan.
75c
Dec.
$3
15c
Dec.
9
10
2 Dec.
15
1
30c
3
10
Dec. 20
28 Dec.
7
Dec.
17
5
1 Mar.
Dec. 23 Dec. 15
Jan.
16 Dec. 20
Dec. 20 Dec. 13
Dec. 31 Dec.
2
Jan.
t,2s1
Jan.
15c
5uc
Transfer books will be closed
as
Jamaica Public Service, Ltd
7% preferred (quar.).
7% preferred B (quar.)
...
Jarvis (W. B.) Co
Jersey Central Power & Light 5 X % pref. (qu.)
6% preferred (quar.)
7% preferred (quar.)
;
Jewel Tea Co. (final)
Johns-Manville Corp. (resumed)
Preferred (quar.)
Joslyn Mfg. & Supply.
Preferred (quar.)
;
Kalamazoo Vegetable Parchment Co
Kansas City Power & Light, nref. (quar.)
Kansas Electric Power Co., 7% pref. (quar.)__
6% preferred (quar.)
Kansas Power Co. $7 pref. (quar.)
$6 preferred (quar.)_
;
Katz Drug Co. preferred
(quar.)
Kaufmann Dept. Stores, pref. (quar.)
Kaynee Co., preferred tquar.)
Kearney (James R.) Corp., 6% pref. (s.-a.)___
Kelley Island Lime & Transport
Kennecott Copper Corp. (final)
i
Ken-Rad Tube & Lamp.
Kerlyn Oil Co., class A (quar.)
Kimberly-Clark Corp. (quar.)__
Preferred (quar.)
Kings County Lighting. 7% pref. B (quar.)
6% preferred C (quar.)
5% preferred D (quar.).
j._
Klein (D. Emil) (quar.)
Preferred (quar.)
Kleinert (I. B.) Rubber
KX6S&6 (S S )
Kroehler Mfg. Co."6"%"ciass A~ p r ef. ~(quar" )IIZZZ
Kroger Grocery & Baking Co. (extra).:
6% pref (quar.)
;_
7% preferred (quar.)
Kysor Heater Co. (quar.)
Laclede Steel
Co. (extra)
Lake Shore Mines, Ltd. (quar.)
Landis Machine 7% pref. (quar.)
Link Belt Co.
Preferred
Preferred (quar.)
14
15
Dec. 29 Dec.
Dec. 15 Dec.
Dec. 15 Dec.
9
1
10
_
Dec.
15 Dec.
Dec.
Dec.
15 Dec.
1
15 Nov. 30
43%c
SIX
lXc
$1
Jan.
3 Dec.
1
15
Jan.
3 Dec.
15
Jan.
3 Dec.
15
Dec.
15 Dec.
1
SIX
SIX
SIX
Jan.
1 Dec.
10
Jan.
1 Dec.
10
1 Dec.
10
SI
Dec.
20 Dec.
6
50c
Dec.
231Dec.
9
l'Dec. 16
Jan.
$15*
Jan.
75c
SIX
Dec. 15 Dec.
Dec. 15 Dec.
Dec. 20 Dec.
15c
SIX
Six
SIX
SIX
SIX
SIX
SIX
SIX
75c
fan,
Jan.
1 Dec.
Jan.
3 Dec.
3 Dec.
Jan.
2
Jan.
5
1
9
14
15
2
Dec.
15
20
Dec. 20
Jan.
1 Dec. 15
Dec. 31 Dec. 10
Dec. 24 Dec. 20
Jan.
3 Dec.
15
25c
Dec.
15 Dec.
10
$1
Dec.
37^c
Dec.
23 Nov. 25
20 Dec. 10
8Xc
Jan,
Jan,
Jan,
3
Dec.
12
3
Dec.
12
Jan.
15
25c
SIX
SIX
SIX
$1 X
2 Dec.
10
1
Dec.
Jan.
1
Dec.
Jan.
1
Dec.
15
25c
Jan.
2
Dec.
20
62 Xc
25c
Feb.
1
Jan.
20
30c
$1^
30c
SIX
SIX
Dec.
15
24 Dec.
15
Dec. 12 Dec.
Dec. 31
1
Dec. 20 Nov. 29
Jan.
2 Dec. 20
Feb.
1
Jan.
17
(quar.)
(quar.)
Lincoln Service Corp. (quar.)
Extra
1
6% preferred (quar.)
7% preferred (quar.)
1
Lion Oil Refining (quar.)
15c
Dec.
15 Dec.
5
10c
Extra
6
14
21
Dec, 21
25c
pref. (quar.)
9
1
Dec.
25c
37 Xc
Extra
15
_
15
15 Dec.
1*
15 Nov 30
23 Dec.
of 12-10-38.
Irving Air Chute (quar.)
12 Dec.
19 Dec.
3 Dec.
15 Dec.
2 Dec.
2 Dec.
Dec.
50c
15
15 Nov. 15
3 Dec. 15
15
Dec.
Dec.
lXc
(quar.)
2 Dec.
2 Dec.
__
3 Dec. 31
15 Dec.
1
16 Dec. 31
Dec. 30 Dec. 10
Dec. 15 Dec.
1*
Dec.
Si
25c
Interstate Natural Gas.
Lang (J. A.) & Sons (quar.)
Lava Cap Gold Mining
Lawyers Title Insurance Corp., class A (s.-a.)
Leath & Co., preferred (quar.)
Lehigh Coal & Navigation
Lehigh Portland Cement Co. 4% pref. (quar.).
Lehn & Fink Products Corp., common
Leslie Salt Co. (quar.)
Lexington Utilities, SOX pref. (quar.)
Li bbey-O wens-Ford
Life & Casualty Insurance Co. (Tenn.)
Liggett & Myers Tobacco, pref. (quar.)
Lily-Tulip Cup
Llndsav Light & Chemical Co.. pref. (quar.)
Line Material Co
2 Dec. 17
3 Dec. 31
3 Dec. 10
2 Dec.
1 Jan.
Jan.
Jan.
25c
1
Dec. 29 Dec.
60c
i
1
Mar.
10 Nov. 30
Dec. 31 Dec.
9
Dec. 31 Dec.
9
Dec.
S5
62Xc
(qaur.j
Dec.
Dec.
Jan.
si*
1
Dec. 20
1 Jan.
15 Dec.
15 Dec.
Jan.
Dec.
_
Jan.
5c
Globe-Wernicke Co. 7% preferred (quar.)
15 Jan.
9
Dec. 20
Mar. 20
Dec. 19
12
12
t50c
_
12 Dec.
12 Dec.
10 Dec.
15 Dec.
SIX
Investment Co. of America (quar.)__
Investors Royalty Co., Inc. (quar.)__
Irving (John) Shoe Corp., 6%
5
1
Apr.
40c
International Power Security $6 pref. A
International Products, pref. (semi-ann.)
Preferred
15 Nov. 30
1
SIX
100%
25c
Gatineau Power Co. (quar.)
Preferred (quar.)
_,
12*
37Xc
2Xc
7Xc
__
5% cumulative preferred (quar.)
Great Western Sugar
(quar.)
Preferred (quar.)
Greene Cananea Copper
Greene Railroad Co. (s.-a.)
Greening (B.) Wire Co., Ltd. (quar.)
Griggs, Cooper & Co. 7% pref. (quar.)
Group No. 1 Oil
Gulf Oil Corp
Gurd (Chas.) & Co., Ltd
10
Dec.
Dec.
International Radio, stock dividend
15c
Fruehauf Trailer Co
Game well Co., preferred
(quar.)
Gannett Co., Inc., $6 pref. (quar.
Preferred (quar.)
Dec.
1
International Salt Co. (quar.)
Extra
■
25c
1
3
1
_
9
Jan.
1
2
17 Nov. 26
Dec. 31 Dec. 15
Dec. 31 Dec. 15
Dec. 15 Dec.
5
12
31
Jan.
13
Dec.
15
10
10
3
Jan.
15 Dec.
15c
Dec.
3 Dec.
Dec. 31 Dec.
Dec. 22 Dec.
15
S3
Dec.
__
1
Dec.
Jan.
Dec.
16
12 Nov. 18
Nov. 26
SIX
SIX
six
Dec. 15 Dec.
Dec. 20 Dec.
Dec. 12 Dec.
J25c
(quar.)
Gorham Mfg. Co. common
Grant (W. T.) Co., common
50c
5Xc
Preferred (quar.)
Frankenmuth Brewing Co. (quar.)
Razor Co__
(Daoada)
3 Dec. 22
Dec. 28 Dec. 13
Dec. 23 Nov. 16
Jan.
Jan.
60c
Gillette Rubber Co. (quar.)
leased lines (s.-a.)
4Xc
.
common
Fohs Oil Co., common
Ford Motor of Canada, class A & B
(quar.)
Fox (Peter) Brewing Co.
General Reinsurance Corp.
Extra
Central, 4%
imperial Life Assurance Co
Dec. 15 Dec.
2
Nov. 3C Nov. 17
Dec. 22 Dec. 15
Dec. 23 Dec.
2
Dec. 23 Dec.
8
SIX
$2
Household
5
15 Dec.
15 Dec.
5
10
5
Jan.
Dec.
1
Dec.
Dec.
c
21
JlOc
Dec.
Dec.
1£
Dec.
Imperial Tobacco of Canada, ord. (interim)
Incorporated Investors (irregular)
Indiana Hydro-Electric Power Co.
7% cumulative preferred (quar.)
Indianapolis Power & Light 61^% pref. (quar.)_
Indianapolis Water Co.. 5% cum. pref. A (quar.)
IngersoJl Rand Co., Dref. (semi-ann.)
Inter-City Baking Co., Ltd. (irregular)
20c
<
Dec.
Jan.
Dec. 27 Dec.
Dec. 27 Dec.
SIX
1
Nov. 28
Dec.
1
Jan.
tS 3X
1
3
Dec. 2b
S3X
Creamery, pref. (semi-ann.)_
9
15
Dec.
S2
Hewitt Rubber Corp
Dec.
13
8
If
60c
Dec.
20
8
16*
i
SIX
(quar.)._
Humble Oil & Refining
Huron & Erie Mortgage (quar.)
Hyde Park Breweries Assoc. (increased)
Dec.
Dec.
Dec.
Jan.
SIX
Dec. 15
Nov. 21
Dec. 20
Dec.
Jan.
15c
10
(
Dec.
lc
:
16
Dec.
Nov. 30 |
Dec.
2
2C iJan.
6
1C Dec. 31
Jan.
(quar.)__
8c
Fiscal Fund, Inc. (bank stocks).Insurance stocks.
i
Dec.
Jan.
Illinois
62Xc
J.) (quar.)
First National Stores (quar.)
First Realty Corp
12
2uc
SIX
75c
Jan.
3c
Hercules Powder Co. (year-end div.)
Hers hey
5
Dec.
50c
75c
Extra
Glens Falls Insurance Co.
Preferred
Jan.
Jan.
May 31 May 16
Apr.
1 Mar. 18
3c
25c
50c
Faultless Rubber Co
Federal Bake Shops, Inc
Preferred (semi-annual)
Suarterly
ette Safety
■
3:
Si
25c
._
Extra
Jan.
25c
__
—
Flintkote Co.,
Dec.
SIX
Extra
i
Dec.
SIX
SIX
SIX
15c
Hein-Werner Motor Parts Corp. (quar.)
Helme (Geo. W.) Co. common
Extra
1(>
Jan.
15c
Hedley Mascot Gold Mines, Ltd. (quar.)
Dec.
Dec.
4Uc
7% preferred (quar.)
Harbison-Walker Refractories, pref.
Harrisburg Gas, 7% preferred (quar.)
Hartmau Tobacco Co. $4 prior preferred (quar.)
Harvey Hubbell, Inc. (quar.)
Hazel-Atlas Glass Co. (quar.)
Dec
>
Dec. 3:
SIX
(quar.)__
B (quar.)
6
Dec.
Participating stock
Empire Star Mines Co
Emporium Canweli common
pref. A (quar.)
Engineers Public oervice $5 pref. (quar.)
$5X preferred (quar.)
$6 preferred (quar.)
Erie <fc Pittsburgh RIi
Esquire-Coronet, Inc. (quar.)..
Ex-<Jeii-0 Corp. (increased)
Excels!or Insurance Co. (Syracuse) (s.-a.)
Falcon bridge Nickel Mines, Ltd
Fa]staff Brewing Corp. (quar.)
Quarterly
Preferred (seml-ann.)
Fanny Farmer Candy Shops (quar.)
Hammermill Paper Co., 6% pref.
Hanes (P. H.) Knitting Co. Class
3 Dec.
15 Dec.
50c
—
Jan.
mx
Jan.
Dec.
40c
50c
Hamilton United Theatres, Ltd., 7% pref__
Hamilton Watch Co
Hazeltine Corp. (quar.)_.
Hecla Mining Co
50c
50c
(Del.) 7% pref. A (qu.)__
6% preferred B (quar.)
*
Emerson Electric Mfg. preferred (quar.)
Empire Power Corp. $6 cum. preferred
3
6
Electric Storage Battery Co. (final)
El Paso Electric Co.
115 Nov. 30
11> Nov. 30
Dec.
3 Dec.
Preferred (final).
Electric Vacuum Cleaner Co., Inc. (reduced)...
Electrical Products Cdnsol. (Seattle) (s.-a.)
ElectroluxCorp. (quar.)..
Elgin National Watch Co.
Dec.
Jan.
Dec.
25c
Dec.
—
5
7oc
Extra
SIX
SIX
43 ?4c
$5X preferred (quar.)
15 Dec.
25c
Holders
Payabl e of Record
Hackensack Water 7% preferred (quar.).
Gulf States Utilities $6 preferred (quar.).
Dec.
62Xc
1938
10.
When
Per
Share
Name of Company
15
SIX
SIX
SIX
SIX
SIX
*IH
SIX
SIX
SIX
SI A
SIX
(quar.)
I.) de Nemours & Co. (year-end)__
Preferred (quar.)
Dec.
Holders
Payable of Record
J38c
$6 pref. (quar.)
(quar.)___
Dravco Corp., 6% preferred (quar.)..
Duke Power Co. (quar.)
du Pont (E.
Whin
Share
of Company
Chronicle
Dec.
5
65c
Dec.
15 Dec.
12 Dec.
t$l
*\X
l7Xc
Dec.
Jan.
1
15 Dec.
5
15 Dec.
3 Dec. 15
3C
Dec.
22
Dec.
1
Dec.
lb
$3
Dec.
14
Dec.
3
02 Xc
10c
Dec.
22
Dec.
Dec. 24
Dec.
7
3
Jan.
2
Dec.
13
Dec.
14
Dec.
Dec.
Dec.
15
15
Mov.29
50c
Dec.
15
13c
Jan.
2
Dec.
15
SIX
Jan.
2
Dec.
13
Dec.
15
Dec.
1
Dec.
15 Dec.
3
Jan.
15
$1
75c
65c
SIX
30c
IX%
20c
25c
Vtar.
SIX
six
Apr.
25c
Dec.
25c
Dec.
six
SIX
25c
Jan.
Dec.
Dec.
1
1
3
12
12
12
12
Dec. 24
Dec.
1
8
STov. 29
Dec. 27
Feb. 10
Mar. 15
Dec.
15
STov.30
STov. 30
Vov. 30
tfov. 30
Dec.
15
Volume
Star
New York &
Jan.
60c
Dec.
Queens Elec. Light & Power (qu.)_
Newberry (J. J.) (quar.)
Dec.
Newmonc Mining Gorp
Dec.
Niagara Hudson Power
1st preferred and 2nd pref. A & B (quar.).—
Niagara Share Corp. common B
Preferred A (quar.)
3 Dec. 20
10 Nov. 25
10 Nov. 25
Dec. 31 Dec. 21
3 Dec. 24
Jan.
Mar. 25 Mar. 25
5uc
Dec.
50c
Dec.
31
t$3H
preferred
13
31 Dec.
Dec.
15 Dec.
12
23 Dec.
Dec.
Jan.
22 Nov. 22
1 Dec. 19
Jan.
50c
Dec.
six
Dec.
75c
Louisville & Nashville RR
5uc
1*
t$ltf
Dec.
15 Nov. 30
15 Nov. 30
Dec.
t$lH
Dec.
37 %c
Dec.
91%
Dec.
———-
15 Nov. 30
24 Nov. 30
23 Nov. 29
Northwestern Engineering Co
Northwestern
1
Dec.
21
Northwestern Yeast (liquidating)
$3
3
Dec.
Norwich Pharmacal
15c
Jan.
15
15
—
3c
75c
Dec.
Oahu Sugar
15 Nov. 30
Dec.
15 Nov. 30
15 Nov. 28
Dec.
23 Dec.
Dec.
23 Dec.
Dec. 23 Dec.
$15*
Preferred
(quar.)^
—
Co. (final).....
Manischewitz (B.) Co., pref. (quar.)
Mapes ConsoL Mfg. Co. (quar.)
55c
Mahon (R. C.)
1
7% preferred (semi-ann.)
,
Margay Oil Corp. (quar.).
i;—...
Maryland Fund. Inc
Massachusetts Fire & Marine Insurance..
Dec.
20 Dec.
25c
10 Dec.
Dec.
Dec.
Dec.
15 Dec.
8
Dec.
20 Dec.
Dec. 23 Dec.
2
37Hc
25c
75c
......
—
Melchers Distilleries, Ldt„ 6% preferred
Dec.
Dec.
30c
(s.-a.)_
z5c
Memphis Natural Gas
Mengel Co., 5% pref. (semi-ann.)—,
Merck & Co. $6 pref. (quar.)
7 % participating
Otis Elevator Co
Dec.
$1%
Jan.
■
Mesta Machine Co
91X
91%
91%
91%
10c
60c
$3
50c
50c
preferred-.
8% preferred (quar.)
$2
'
Midvale Co..
Midwest Oil
$2
$2 %
—
...
.....
Co. (s.-a.)
50c
—
Mississippi River Power 6% preferred (quar.)
Mississippi Valley Public Service Co.—
6% preferred B (quar.)
:
Missouri Gas & Electric
Mitten Bank & Trust Co. (Phila.)
...
—
91%
91%
Mobile & Birmingham RR.,
15
Jan.
Dec.
2 Dec. 20
15 Nov. 30
15 Nov. 30
3 Dec.
2u Dec.
1 Dec.
15 Dec.
Dec. 15 Dee.
Jan.
Dec.
1
1
15
11
1
2 Dec.
15
15 Dec.
1
June
1 May
10
Jan.
7
Jan.
Jan.
3 Dec.
Jan.
2 Jan.
Jan.
50c
91%
—
20c
8% pref. (quar.)
3 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
Dec. 10 Nov. 18
30c
$1H
Jan.
50c
Jan.
75c
8% convertible preferred (quar.).
—
Myers (F. E.) & Bro._
National Biscuit Co
—
;
National Bond & Investment.(quar.)
....
Preferred (quar.)
_—
National Bond & Share Corp. (special)
National Breweries, Ltd. (quar.)...
— .—
Preferred (quar.)
—
National Casualty Co. (Detroit) (extra)
National City Lines, $3 pref. (quar.)
Dec.
Dec.
6c
(resumed).:
6% pref. (quar.)..
Mutual Chemical Co. of Am.
Mutual System, Inc. (quar.)
Dec.
50c
Muskogee Co
Dec.
25c
—
Dec.
$2
;
Dec.
40C
Dec.
20c
Dec.
$1X.
Dec.
15 Nov. 15
21 Dec. 10
21 Dec. 10
Jan.
14
15
20c
75c
3 Dec. 15
Dec. 22 Nov. 30
Feb.
1 Jan. 14
50c
Feb.
7 He
Dec.
20c
—
National Dairy Products
Preferred A & B (quar.)
16 Dec. 31
27 Dec. 15
50c
—
National Container Corp
15 Nov. 23
28 Dec. 15
16 Dec. 31
43c
—
:—
15 Nov. 15*
1
15 Dec.
1
15 Dec.
Dec. 21 Dec.
Jan.
3 Dec.
10c
Dec.
91%
12%c
$1%
91%
30c
25c
—
'25c
1 Jan.
14
10 Nov. 21
15 Nov. 29
3 Nov. 29
9
Dec. 24 Dec.
2
Dec. 15 Dec.
Jan.
1 Jan. 20
Dec. 22 Dec. 12
3 Dec. 15
Feb.
Jan.
Dec.
25c
J.)_.
Jan.
23 Dec.
3 Dec.
13
6
40c
Co., 7% pref. (quar.)...
Telep. & Teleg. (quar.)
New Idea, Inc. (special)
New England
Dec.
15 Nov. 30
25c
New Bedford Cordage
Dec.
15 Nov. 30
.91%
91%
Dec.
20c
Dec.
15c
Dec.
— ---
$1X
& Light Co., $6 pref. (qu.)..
(quar.)
New Jersey Power
$1H
50c
New Jersey Zinc
& Western Ry
Merchandise (extra)
New York Mutual Telegraph (s.-a.)
NY PA NJ Utilities Co., $3 non-cum. pref
New York Power & Light 7% pref. (quar.)
$6 preferred (quar.)
2
21 Dec.
5
5
21 Dec.
Dec. 29 Nov. 30
Dec. 29 Nov. 30
Dec.
$2
New York Lackawanna
Dec.
Jan.
10c
New York
'
75c
75c
10 Nov. 19
7
15 Dec.
Jan.
3 Dec. 13
2 Dec. 13
Jna.
3 Dec.
9
5
Dec. 15 Dec.
3 Dec. 31
Jan.
Dec. 29 Nov. 30
91%
—
3 Nov. 21
Dec. 21 Dec.
92%
$2H
$1X
Omnibus
Harlem RR. Co
New York City
Common
(quarj
(quar.)—
—
...
Jan.
91%
Jan.
15
3 Dec. 15
3 Dec.
(quar.)
■_—
Peoples Drug Stores, final
Preferred (quar.)
Perfect Circle Co. (quar.).
----...
10*
Dec.
21 Dec.
10
Jan.
14 Dec. 31
$1H
Petroleum Corp. of
1
6 Nov. 29
6
21 Dec.
1 Dec. 16
Dec.
21 Dec.
Jan.
1 Dec. 16
9
23 Dec.
$1
5
3
Jan.
16 .Tan.
75c
Dec.
20 Dec.
1
50c
Dec. 22iDec.
3
$1K
Dec.
15 Nov. 30
lc
Jan.
Dec.
Jan.
16 Dec. 31
15 Dec.
2
2 Dec. 10
2 Dec. 10
$1
91X
70c
Jan.
30c
Dec.
15 Dec.
1
Dec.
20|Dec.
9
50c
15
Dec. 26 Dec. 15
Jan.
I Dec. 15
Jan.
iiS
40c
1 Dec.
Dec.
20 Nov. 19
15 Nov. 30
Jan.
25 Jan.
11
Jan.
3 Dec.
3 Dec.
15
15
Dec.
15 Dec.
2
Dec.
Jan.
15 Dec.
5uc
Dec.
15 Dec.
5
1
91X
7 He
91X
$1 X
75c
Dec.
Jan.
2
2 Dec. 20
35c
Dec. 21 Dec.
Dec. 30 Dec.
41c
Dec.
25c
Jan.
37 He
$1
Jan.
3 Dec.
Jan.
3 Dec.
2
2
"91%
Dec.
22,Dec.
12
50c
Jan,
1 Dec.
9
10c
Jan.
10c
1
Dec. 15 Dec.
12-10-38
1-3-39
3-10-39
4-1-39
7-1-39 6-10-39
9-10-39
10-1-39
12-10-39
1-2-40
25c
America
...
7%preferred (quar.)
$1
$1X
$1H
91H
$1H
*1H
35c
15c
7
8
15 Nov. 25
5*
Dec. 15 Dec.
Dec. 15 Dec. ' 5*
Dec. 20 Nov. 25
Dec.
Dec.
Dec.
1
15 Nov. 15
15 Nov. 15
20 Dec.
15 Nov. 15
15 Nov. 15
14 Dec. 15
Dec. 27 Dec. 15
Jan.
3 Dec. 20
5
Dec. 15 Dec.
Dec.
Dec.
Jan.
Dec.
Jan.
15 Nov. 28
9
1 Dec.
Jan.
1 Dec.
9
Jan.
1 Dec.
24 Dec.
9
Dec. 24 Dec.
28 Feb.
6
1
Dec.
*—
Feb.
6
Dec.
14 Nov.
7*
Dec.
14 Nov.
14 Nov.
7*
Dec.
7*
Dec. 27 Dec. 16
20 Dec. 31
Corp., A and B
Jan.
—
Jan.
15 Nov. 30
12 Dec. 20
Dec.
15,Nov. 30
Dec.
Dec,
Dec.
15 Nov. 30
15iNov. 25
15 Nov. 25
Dec.
--------
each $100 In
div. or cash.
Preferred (quar.)-------
Insurance
16 Dec. 31
Dec.
preferred
preferred
15 Dec. 15
3
21 Dec.
16 Dec. 31
Dec.
Dec. 23 Dec.
Dec, 22 Dec.
preferred
Raybestos-Manhattan Inc
Reading Co., 2nd pref. (quar.)
Reeves (Daniel), Inc. (quar.)--Opt. div. of 1 sh. of pref. for
Nov. 26
Jan,
—
Quaker Oats Co. (quar.)
Special
—
Preferred (quar.)
Radio Corp. of America common
Railroad Employees
3
Dec. 15 Nov. 19
2
Dec. 23 Dec.
Dec. 22 Dec. 12*
Dec. 28 Nov. 28
5
Dec. 15 Dec.
Dec.
5% preferred (quar.)-----
$3H cum. conv. 1st
Dec.
20
7
3
16 Dec.
9
22 Dec.
16 Jan.
Jan.
130c
5M% preferred (quar.)
6% preferred (quar.)
Extra
Dec.
Jan.
Dec.
Dec.
Pullman, Inc.
Reliance
15
Dec. 20 Dec.
-
(Irregular)
...—....
Petroleum & Trading Corp., class A-,
—
Philadelphia Co. $6 preferred (quar.)$5 preferred (quar.)
Philadelphia Diary Products Co., Inc.—
Prior preferred
- - - - - Philadelphia Electric Power, preferred (quar.) —
Pioneer Gold Mines of British Columbia (quar.)
Pitt Oil & Gas Co. (resumed)
Pitts. Ft. W. & Chicago Ry. 7% pref. (quar.) —
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
r
7% preferred (quar.).Pittsburgh & Lake Erie RR
—-—-—Pittsburgh Plate Glass
—
Plymouth Oil Co. (quar.)
Polaris Mining Co. (irregular)
—
Pollock's, Inc., 6% preferred (quar.)
Pollock Paper & Box Co. 7% preferred (quar.)—
Power Corp. of Canada Ltd., (interim)
6% cumulative preferred (quar.)
—
6% non-cum. par tic .-preferred (quar.) — — .
Pratt & Lambert, Inc
Preferred Accident Insurance (quar.)
Procter & Gamble, 5% pref. (quar.)Public Investing Co., original stock (quar.) —
Cashable stock (quar.) — ------ — — - - - — Public Service Electric & Gas Co., $5 pref. (qu.)
Public Service of New Jersey-8% pref. (quar.)
7% preferred (quar.)
$5 preferred (quar.)
—
6% preferred (.monthly)
6% preferred (monthly)
Publication Corp
Original preferred (quar.)
80c.
Dec.
3 Dec. 15
—
Pet Milk Co. (quar.)
B
3
Jan,
50c
91%
—
Peter Paul, Inc--------—
Pure Oil Co.
20 Nov. 25
Dec. 20 Nov. 25
2 Dec. 15
Dec.
50c
——
Penn Traffic Co. (semi-ann.)
Penna. Water & Power
Permutit Co
1
15
13
Jan.
1 Dec. 13
Dec. 15 Nov. 30
Dec. 15 Nov. 30
Dec. 29 Dec.
$2
$1 Yi
50c
Preferred
92%
$2%
....
Jan.
91%
Munice Water Works Co.,
New York &
Preferred
15
40c
(s.-a.)—
$5 preferred
8
15 Nov
3 Dec.
3 Dec.
3 Dec.
(quar.)
Common
17 Dec.
Dec.
Dec.
.
National Lead Co
Preferred A (quar.)
Preferred B (quar.)..
National Oil Products (interim)
National Standard Co
National Steel Corp
National Sugar Refining Co. (N.
National Transit... — „ —Neisner Bros., Inc. (quar.)
Dec.
$1%
A com. (quar.)
(quar.)
(quar.)
1
40c
Mountain Producers Corp.
Class A
Pennsylvania RR
Pennsylvania Salt Mfg
Jan.
5uc
92%
Morris Finance Co., class
Muskegon Piston Co.
Pennsylvania Telephone Co., 6% pref.
13
Jan.
—....
(quar.).
13
13
Dec.
Dec.
87 He
Preferred A & B (quar.)
Moore (W. R.) Dry Goods (quar.)—
Morris & Essex RR. Co
Preferred
Dec. 24 Dec.
Dec. 24 Dec.
Jan.
—
....
10 Dec.
Dec. 21 Dec.
Dec.
20 Dec.
$1.82
(quar.)
1
15 Nov. 30
Dec. 15 Nov. 30
Dec.
50c
15c
preferred (quar.)
preferred (participating)
)
_
Paraffine Cos., Inc. (quar.)
Preferred (quar.)
Park & Tilford, Inc., preferred (quar.)—-—-Parker Corp. (final)
—, — _ — —
Paton Mfg. Co., Ltd., 7%
pref. (quar.)
Paymaster Consol. Mines, Ltd
Penick & Ford, Ltd., common
,
Pennsylvania Edison Co. $5 preferred (quar.) —
$2.80 preferred (quar.)_.
—
Pennsylvania Electric Switch Co., pref. A-.-.
Pennsylvania Glass Sand
Preferred
30lDec. 15
Jan.
$1H
91H
26
Dec.
25c
-—
3 Dec.
Jan.
t50c
t25c
$4 % class A preferred (semi-annual)
Moore Corp., Ltd. (quar.)
....
Motor Wheel Corp.
3 Dec. 15
1
Dec. 15 Dec.
2 Dec. 20
Jna.
Jan.
$1 %
_
Class B common
29 Nov. 30
Dec. 29 Nov. 30
Dec. 29 Nov. 30
Dec.
$2
4% pref. (s.-a.) —
Extra
Dec. 29 Nov. 30
Dec. 29 Nov. 30
75c
Mock, Judson, Voehringer Co., Inc
7% preferred
...
-------—
Monolith Portland Cement, 8% preferred
Monolith Portland Midwest Co., 8% pref
Monroe Chemical Co., preferred (quar.)
Monsanto Chemical (quar.)
:
Telegraph
Class B preferred (quar
1
Dec. 10 Dec.
Dec. 23 Dec. 10
Dec. 29 Nov. 30
$1
—
5
15 Dec.
Dec.
30c
'
Class A
16
Dec.
Jan,
Class A
15
2 Dec.
Dec. 15 Dec.
1
Dec. 15 Nov. 15
50c
(quar.)
Pahang Rubber Co., Ltd. (irregular)
Panhandle Eastern Pipe Line (irregular)
23 Dec.
15 Dec.
U
Dec.
5
17
13
23 Dec, 13
5
15 Dec.
15 Dec. 3
22 Dec. 10
22 Dec. 10
23 Dec.
40c
10c
Preferred (quar.)
Pacific Western Oil
Jan.
.
$1H
Pacific Telephone &
50c
91%
Dec.
12Hc
13
Dec.
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.)_
—
Michigan Associated Telephone, 6% pref. (qu.)
Mickelberry's Food Products (resumed).
$2.40 preferred (quar.).
Midland Grocery Co., 6% pref. (s.-a.)
Midland Steel Products Co
Dec.
43 He
15c
—
13
25c
Metal & Thermit Corp. (quar.)
-
preferred (quar.)
Pacific & Atlantic Telegraph (s.-a.)
Pacific Finance Corp., common
Merritt-Chapman & Scott Corp., preferred....
Messenger Corp
....
„
Pacific Indemnity Co.
Extra.
31 Dec. 20
1 Dec. 20
Dec.
Jan.
50c
$1 Yi
$1.30
$2
Preferred (quar.)
5
Dec. 31 Dec. 15
Dec. 15 Nov. 30
91X
...
28 Dec.
28 Dec.
Dec.
%IU
15 Dec.
3 Dec.
$ 1.67 H
preferred A
(quar.)-
Oneida, Ltd. (quar.)
2
23 Dec.
10 Nov. 21
Dec.
—
«.—
Omnibus Corp
Preferred (quar.)
15 Nov. 30
8
15 Dec.
25c
— ....—
Extra..
Jan.
$5
$2
(quar.)
Mead Johnson & Co. (quar.)
16
Dec.
lif
7% preferred (quar.)
20
Preferred (quar.)
$1^
Dec.
pref. (quar.)
Oklahoma-Interstate Mining,
Oklahoma Natural Gas, pref.
5
3c
Masonite Corp. common
10
3
3 Dec.
15
70c
Ohio Water Service Co.. class A
Oklahoma Gas & Electric, 6%
5
Mathieson Alkali Works (quar.).
20 Dec.
Dec. 20 Dec.
Jan.
Dec.
It
91H
Preferred (quar.)
3.5c
Master Electric Co. common...,
25 Dec. 31
Dec.
Dec. 26 Dec.
Dec. 20 Dec.
Extra
Dec.
Ohio Oil Co
15
15
Jan.
11
16
Dec.
Jan.
50c
$1H
Jan.
16
9
50c
Jan.
Dec.
20
91%
.....
...
—
3
Dec. 20 Dec.
25 Dec. 31
50c
75c
50c
20c
75c
•_
Dec.
J30c
40c
Marchant Calculating Machine Co
Extra.
Dec.
$1H
Dec.
1
Mar.
(quar.)
Ohio Forge & Machine Co. (irregular)
16
5
3 Dec. 15
1 Feb. 15
1
15 Dec.
5
12 Dec.
Jan.
Preferred
15 Dec.
Dec.
30c
75c
$iH
10c
Dec.
Ohio Finance Co
Dec.
25c
—...
,—
—
Dec.
"
$2H
5
Dec. 22 Dec.
Dec. 19 Nov. 29
Dec. 22 Nov. 29
10c
70c
...
Co., Ltd. (monthly)
A (irregular)— -
25c
—
6
$2
Extra
55c
•_
6
Dec. 24 Dec.
Dec. 15 Dec.
$1H
(quar.)
Ohio Confection, class
5c
Magma Copper Co
Magor Car (quar.)
-
Novadel-Agene Corp. (quar.)
5c
(quar.)
Macassa Mines, Ltd.
Extra
—
Co
Nova Scotia Light & Power
1
1
15 Dec.
15 Nov. 30
Dec.
2c
(quar.)
1 Dec.
15 Dec.
Dec.
Dec. 24 Dec.
50c
Telegraph (semi-annual)
Jan.
Jan.
2
14 Dec.
$1H
MP A
-
$1H
McKenzie Red Lake Gold Mines (qu.)
Extra..
10
5
15 Dec.
McGraw-Hill Publishing
McKesson & Robbins, $3 pref.
MacKinnie Oil & Drill
24 Dec.
Dec. 21 Dec.
Dec.
...
6H%pref. (quar.)
Lynchburg & Abingdon Teleg. Co. (s.-a.) —
3 Dec. 17
24 Dec. 10
10c
Co.
Lunkenheimer
Dec.
2uc
pref. (quar.)
Lord & Taylor (quar.)
Loriilard (P) Co. (final)
Preferred (quar.)—■Los Angeles Oil.
Louisiana Land & Exploration Co. (quar.)
Louisiana Southern Utilities 7% preferred.—
6 H % preferred
;
6% preferred—.... — ...
Louisville Gas & Electric (Del.), class A (quar.)
(interim)
Norfolk & Western Railway (quar.)
North American Co. (final)
Preferred (quar.)
North American Edison, $6 preferred (quar,)__
North Central Texas Oil Co. (final)
Northern Empire Mines, Ltd
Northern Illinois Finance Corp. (extra)
Northern Ontario Power Co. (quar.)
6% preferred (quar.)
Northland Greyhound Lines, Inc
6 H % conv. preferred (quar.)
Dec.
Dec. 22 Dec. 10
Dec. 15 Nov. 28
Dec. 15 Nov. 30
Feb.
1 Jan. 16
25c
Norando Mines Ltd.
91X
92%
_
Gas
Loose-Wiles Biscuit
25c
$1H
50c
Niles-Bement-Pond
13
3
$2
50c
$1H
Holder*
I
Payable of Recora
Share
of Company
20c
Extra
Loew's (Marcus) Theatres, 7%
Lone Star Cement Corp
Name
$1.10
67c
$2
$3H
Liquid Carbonic Corp. (quar.)
Little Miami RR. special guaranteed (quar.)
Original capital
Lock Joint Pipe (monthly)
8% preferred (quarterly)
Lockhart Power Co., 7% preferred (s.-a.)_
Loew's, Inc. (quar.)
When
Per
When
Holders
Payable of Record
Per
Share
Name of Company
Lone
3565
Financial Chronicle
147
(Philadelphia)
-----
20c
3566
Financial
Per
Narru, of Company
Share
Remington Rand, Inc. (interim)
Preferred (quar.)
Reno Gold Mines Ltd. (quar.)
Rheem Mfg. Co. (quar.)
Rich Ice Cream (extra)
6X% preferred (quar.)
Jan.
SIX
lMc
Jan.
20c
Dec.
Dec.
Dec.
Dec.
Dec.
Jan,
Jan.
Dec.
$1
SIX
50c
Richardson Co. (final)
Risdon Mfg. Co. 7% preferred (quar.)
Riverside Silk Mills, $2 preferred (quar.)
$1
75c
50c
Robert's Public Market, Inc
Rochester Telep., 0X% pref. (quar.)
Roeser & Pendleton, Inc. (quar.)
Roos Bros. Inc. (Del.) (resumed)
10c
Jan.
Jan.
Jan.
Safety Car Heating & Lighting Co
Safeway Stores, Inc. (quar.)
5% preferred (quar.)
6% preferred (quar.)
7% preferred (quar.)
St. Joseph Lead Co
St. Lawrence Corp. Ltd., 4% class A conv. prefSt. Louis Bridge Co. 6% 1st pref.
(semi-ann.)__
3% 2nd preferred (sexni-annual)
St. Louis Rocky Mtn. & Pacific Co
."
Dec.
Dec.
16
16
16
9
Dec.
1
Jan.
Jan.
25c
Dec.
Dec.
2nd preferred
8% deb. A (quar.)__
7X% debenture B (quar.)
7% debenture C (quar.)
0X% debenture D (quar.)
Schenley Distillers, preferred (quar.)
Schiff Co. (quar.)
7% preferred (quar.)
5X% preferred (quar.)
Scott Paper Co. (quar.)
—
— -—
Extra
t50c
$3
Dec.
Dec.
Jan.
Jan.
25c
75c
Dec.
Dec.
Dec. 15
Nov. 25*
Nov. 30
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec. 20
Dec.
9
Dec.
t$6
$2
$1^8
SIX
SIX
25c
SIX
SIX
40c
20c
Scran ton Lace Co.
Seaboard Oil Co. (Del.)
25c
(quar.)
Sears Roebuck & Co. (quar.)
Security Engineering Co., Inc. (quar.)
25c
75c
10c
Extra
10c
7% cumulative preferred (quar.)
43Xc
62 Xc
SIX
Seeman Bros., Inc. Inc. (quar.)
Servel. Inc. pref. (quar.)
(quar.)
Shattuck (Frank G.)
10c
Shell Union Oil Corp
5X % cum. conv. preferred (quar.).
Sherwin-Williams (Canada), pref
Sherwood, Swan & Co., Ltd., 6% pref. A (qu.)._
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Nov. 30
Dec.
2
Dec.
2
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
1
Dec.
Jan.
Dec.
Dec.
Dec.
SIX
t$lX
10
Dec.
Dec.
Dec.
10 c
-
15
Dec. 16
Nov. 30
Nov. 30
35c
Extra.
Dec.
2
10
Dec, 10
10
15 Nov. 30
3 Dec. 17
Dec.
2
Dec.
Dec.
2
15
15
Jan.
Dec.
Jan.
Dec.
9
Simmons Co. (year-end
dividend}
Simonds Saw & Steel Co. (quar.)
Dec.
Dec.
2
Dec.
Dec.
15
Dec.
Dec.
15
Dec.
Dec.
7% cumulative preferred (quar.)
Simmons Broadman Publishing preferred
15c
15c
SIX
Simon (H.) & Sons Ltd. (interim)
Dec.
Dec.
'
Dec.
Siscoe Gold Mines Ltd. (quar.)
Dec.
Skelly Oil Co
Dec.
Nov. 15
Nov. 19
Dec.
9
Dec.
Dec.
Dec.
Jan.
Dec.
9
Dec. 20
Jan.
Dec. 20
Dec. 20
Nov. 30
Dec".
15
Dec.
14
Dec.
Dec.
14
Dec.
10
Dec.
Dec.
12
Dec.
1
3
9
Dec.
2
Dec.
13
Dec.
10
Dec. 10
Dec. 20
Dec.
1
Dec. 12
Mar.
1
Nov. 15
Nov. 15
Nov. 15
Nov. 30
Nov. 30
Nov. 16
25c.
Dec.
Dec.
Nov. 16
Nov. 30
Jan.
Dec.
Dec. 31
Dec. 19
SIX
15c
Dec.
Jan.
75c
75c
50c
Jan.
Dec.
Dec.
Dec. 19
Dec. 20
Dec. 20
Dec. 15
Nov.
1
10c
15c
Dec.
Dec.
Dec.
Dec.
2Xc
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
Nov. 15
Nov. 25
Dec.
5
Dec.
2
Nov.
Dec.
Dec.
Dec.
21
Dec.
16
16
5
25c
25c
37 Xc
2Xc
Preferred (quar.)
Talon, Inc
Teck-Hughest Gold Mines (quar.)
Telautograph Corp
Telephone Bond & Share Co., 7% 1st pref
$3 1st preferred
Texas Corp.
(quar.)
Texas Gulr Producing
Texas Gulf Sulphur (quar.)
Texas Pacific Land Trust ctfs. of
prop, interest.
8ub-sh. ctfs. for sub-shs. in ctfs. of
prop. int._
June
Dec.
Dec.
Dec.
Dec.
Dec.
Dec
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Preferred
40c
50c
40c
30c
Dec.
1*
5
5
Nov. 30
Dec. 10
Dec.
9
Dec.
5
5c
Jan.
Dec.
75c
Dec.
75c
Dec.
SIX
6SHc
Feb.
Jan.
Jan.
80c
10c
Dec.
Jan.
10c
Dec.
Dec.
Dec.
Dec.
9
1
1
Dec.
1
Jan.
Dec.
15c
28c
12c
50c
15c
50c
$15
15c
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
15
15
17
9
Nov. 18
Dec..
2
Dec.
1
Dec.
1
16
Dec.
Dec.
2*
Jan.
Dec.
2
Dec.
Nov. 21
Jan.
Dec.
Dec.
2
Feb.
Jan.
75c
10c
'
Dec.
Dec.
2
Dec.
Dec.
Dec.
Dec.
S3X
SIX
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
*.).
(quar
9
Dec.
Dec.
l'i£
2
8
10
Dec.
Dec.
Jan.
50c
2X%
7
16
Dec.
Dec.
1
9
1
Nov. 29
Nov. 29
Dec.
5
Nov. 30
58 L3c Jan.
53c
Jan.
50c
Jan.
Dec.
15
Dec.
15
Dec.
15
Dec".
6.36% prior preferred (monthly)
6% prior preferred (monthly)
United Molasses Co., Ltd. (final)
15%
United New Jersey RR. & Canal (quar.)
$2X
United Public Service
15c
United Public Utilities, $3 preferred
f75c
$2 X preferred
t68^c
United States Graphite Co
25c
United States Gypsum Co. (quar.)
50c
Preferred (quar.)
SIX
United States Pipe & Foundry Co., com. (quar.)
50c
United States Playing Card Co
United States Potash Co., Inc., 6% pref.
(quar.)
United States Rubber Co., 8% 1st preferred
United States Sugar Corp. preferred
(quar.)—
Preferred (quar.).
20
Nov. 30
Dec.
1
Dec.
1
Dec.
10
Dec.
13
Dec.
13
Nov. 30*
Dec.
16
Dec.
1
9*
Jan.
5
Apr.
July
5
Dec.
_
United States Tobacco Co. (year-end
div.)
Preferred
9
9
Dec.
Jan.
25c
Talcott (James), Inc. (quar.)
5J^% partic. preferred (quar.)
Dec.
SIX
(quar.)
Improvement#(quar.)
15
SIX
(quar.)
Dec.
June
75c
Preferred (quar.)
United Gold Equities of Can. (standard
shs.) —
United Gold Mines Co
United Light & Railways 7% prior pref. (mo.)
Dec.
Standard Oil of Kentucky
(quar.)
Extra
Standard Oil Co. (N. J.)
(s.-a.)
Class A (quar.)
1
Dec.
5
Nov. 29
Nov. 29
Universal Products.
(quar.)
Tacony-Palmyra Bridge (quar.)
10
Dec.
Dec.
25c
Engineering & Fundry Co
10
_________
Sutherland Paper Co., common
Swift & Co. (quar.)
Sylvanite Gold Mines, Ltd.
Dec.
Dec.
SIX
United Gas & Electric Co. 5% pref. (s.-a.)
United Gas & Electric Corp. pref. (quar.)
United Gas
Dec.
t20c
United Chemicals, Inc., preferred
United Dyewood Corp. pref. (quar.)
United
13
40c
;
Union Premier Food Stores (quar.)
United Aircraft Corp
United Biscuit Co. of America pref.
United Carbon Co. common
United Carr Fastener (quar.)
12
Standard Oil Co. (Indiana)
(quar.)
(quar.)
Nov. 25
Nov. 25
50c
37 Xc
50c
50c
Union Pacific RR
Dec.
Standard Brands, Inc.
(quar.)
Preferred (quar.)_
Standard Oil Co. (Cal'f.)
Sunset Oil Ltd. (interim)
Sunshine Mining
Sussex RR. (s.-a.)
Twin Disc Clutch Co
Underwood Elliott Fisher Co
Union Carbide & Carbon Corp
Union Gas of Canada (quar.)
Dec.
Square DCo
Staley (A. E.) Mfg. Co
$5 cumulative preferred (quar.)
7% preferred (semi-annual)
Standard Brands, Inc. pref.
(quar.)
Sunset-McKee Salesbook Co. B
(quar.)
Dec.
Dec.
United Stove Co. (reduced)
Universal Consolidated Oil-
Sperry Corp
;
Spicer Mfg. Corp.
i
Spiegel, Inc., 5X% preferred (quar.)
Sullivan Consolidated Mines
Sun Oil Co., common
~
1
...
Strouss-Hirshberg Co. (resumed)
-
Dec. 31
Nov. 20
Jan. 31
convertible preferred
(quar.)_
5J*£% preferred (quar.).
Twentieth Century-Fox Fi
ilmCorp.
Preferred (quar.)
Dec.
Jan.
Sterchi Bros. Stores, 1st pref.
(quar.)
Sterling Aluminum Products
Sterling, Inc. (extra)
6% pref, (quar.)
Dec.
Jan.
Preferred O
(quarJ
Southern California Edison Co., Ltd.—
6% pref B (qu.).
Southern Canada Power Co., Ltd.
Preferred (quar.)
Stedman Bros., Ltd. (quar.)
Jan.
—
....
5% cumul. preferred
Stearns (Fred.) & Co
15
SIX
SIX
SIX
SIX
(Semi-annual y)
Dec.
Jan.
preferred (quar.)..
Common (quar.)
1
Southern Calif. Edison,
original pref. (quar.)...
A div. in cap, stock of 3 shs. of
Standard Oil
Co. for each 200 shs. $25
par value held
Standard Oil Co. (Ohio)
15
25c
Tokheim Oil Tank & Pump
Troy & Greenbush RR. Assoc. (s.-a.)
Jan.
Corp
Preferred (quar.)
South American Gold & Platinum Co
South Carolina Power Co., 1st $6
pref. (quar.)..
South Penn Oil Co
South Porto Rico Sugar Co.,
(quar.)
6% cumul. preferred (quar.)
Southern Colorado Power,
7% preferred
Southland Royalty Co
Southwestern Gas & Electric 7% pref.
(qu.)
Southwestern Portland Cement Co.
(quar.)_
8% preferred (quar.)
Sovereign Life Assurance, 25% paid ctfs
Sparks Withington Co. preferred (quar.)
Spencer Trask Fund, Inc
1
9
Nov. 29
Nov. 30
Nov.
Skinner Organ Co
i
Sloss-Sheffield Steel & Iron, pref. (quar.)
Smith (Howard) Paper Mills
6% pref. (qu.)
1
Dec.
Dec.
Dec.
50c
__
Dec.
Dec.
Dec.
$1
SIX
Special
-
Dec.
6
Dec. 20
Dec. 10
Dec.
—
Nov. 10
Dec.
—
Timken-Detroit Axle
Todd Shipyards
-
Dec.
SIX
SIX
Roofing Co., Inc. (quar.)
Truax-Traer Coal Co.
Dec.
Dec.
Dec.
Extra
1
15
25c
25c
Tide Water Assoc. Oil, $4X. preferred
(quar.)
Tilo
Dec.
Dec.
Dec. 15
Nov. 15
Dec.
6
25c
10
Dec,
Dec.
Jan.
SIX
Preferred (quar.)
Thompson Products
Preferred (quar.)
15
15
15
Jan.
50c
5
12
25c
Savannah Electric & Power
50c
tS3X
Thew Shovel Co
Dec.
Dec.
Dec.
Jan.
25c
Special
Thayers Ltd., S3X preferred
Jan.
Jan.
Jan.
Jan.
50c
60c
Dec.
17^c
(quar.)
San-Nap-Pak Mfg., Inc
Preferred (quar.)
Savage Arms Corp
Class A
6% preferred (monthly)
7.2% preferred (monthly)
Thatcher Mfg. Co. (quar.)
Dec.
Jan.
Holders
Payable of Record
SIX
SIX
SIX
$1.80
Dec.
10c
—
6%
5% preferred (quar
6% preferred (quar
7% preferred (quar
7.2% preferred (quar.)
Dec.
Dec.
Jan.
$1
SIX
SIX
six
Six
1938
Tennessee Electric Power Co.
Jan.
Dec. 20
Dec.
9
10,
When
Share
Dec.
25c
San Francisco Remedial Loan Assn.
Per
Name of Company
25c
60c
75c
Roser & Pendleton. Inc. (quar.)
Ruber old Co., year-end dividend
Extra
Dec.
9
Dec.
9
Dec. 10
Dec.
1
Dec.
6
Dec. 15Dec.
5
Dec.
3
Dec. 20
Dec. 15
Nov. 30
Dec. 20
Dec. 10
Dec. 10
Dec.
75c
Rubinstein (Helena)
Class A (quar.)
Sonotone
When
Holders
Payable of Record
20c
Richfield Oil Corp.-
Chronicle
United States Trust Co. (quar.)
Dec. 21
Dec.
1
Dec
10
Dec.
10
Dec.
10
Upper Michigan Power & Light Co.
6% preferred (quar.)
Upressit Metal Cap Corp., 8% preferred
Utah Power & Light Co. 7% preferred
Nov. 21
$6 preferred
Nov. 21
Dec.
9
Valley RR. Co. (N. Y.) (s.-a.j.
Van de Kamp's Holland Dutch Bakers___
Extra.
SOX preferred (guar.).
Tool
Vapor Car Heating Co.. Inc., 7% pref. (quar.).
Veeder-Root, Inc. (quar.)
Dec.
M
Dec.
Dec.
Van Norman Machine
Dec.
Dec.
Dec.
Extra
Ventures, Ltd
Victor-Monaghan Co. 7% preferred (quar.)
Viking Pump Co. (special)
Preferred (quar.)
Virginia Electric Power $6 pref. (quar.)
Dec.
Dec.
Dec.
1
Dec.
Wagner Electric Corp
Waldorf System, Inc
Walgreen Co. 4X % Pref. ww (quar.)
Walker (H.) Gooderham & Worts
(quar.)
Preferred (quar.)
Ward Baking Co., preferred
Rr., guaranteed
1
Dec.
Nov. 29
Vulcan Oils Ltd.
Ware River
16
Dec. 20
—
15
Dec.
5
Dec.
16
Nov. 25
Nov. 25
Nov. 25
Dec.
12
Dm.
(s.-a.)
Washington Water Power $6 pref. (quar.)
Welch Grape Juice Co.....
Preferred- (quar.)
j
Preferred (quar.)
Preferred (quar.)
Wellington Fund. Inc. (quar.)
Wesson Oil & Snowdrift Co., Inc
common
31
Nov. 25
Nov. 21
...
Feb.
14
May 15
Aug. 15
Dec.
15
Dec.
Extra
15
Dec.
West Virginia Water Service Co.$6 cumulative preferred (quar.)
Western Exploration Co. (quar.)
Dec.
15
Dec.
Jan.
15
Dec.
15
Westmoreland, Inc. (quar.)
Weston (Geo.), Ltd—
Jan.
Dec.
15
Jan.
Dec.
15
Weston Electrical Instrument
Dec.
Dec.
Jan.
Jan.
Dec. 20
Jan.
Jan
Dec.
17
Dec.
17
Jan.
Dec.
15
Class A
(quar.)
Wheeling Steel, $5 prior pref
Co. 7% pref. (quar.)
Whitman (Wm.) Co., Inc., 7% preferred
(quar )
Will & Baumer Candle Co., Inc., preferred
(qu.)
Wilson Products, Inc
Wisconsin Gas & Electric Co., 6% pref. O
(qu.)_
Whitaker Paper
Wisconsin Investment Co
Wisconsin Michigan Power Co., 6% pref.
(qu.)_
Wlsconsin Power & Light Co., 6% cum. pref—
7 % cumulative preferred
1$
Wisconsin Public Service 7% preferred
6H% preferred
6% preferred
-
Wood
(Alan) Steel preferred
Wright Aeronautical Corp
Wright-Hargreaves Mines (quar.)
Dec.
Nov. 30
Dec. 31
Dec.
Dec.
Dec.
Dec.
Nov. 26
Nov. 30
Nov. 30
Nov. 30
Dec.
i
Dec.
Dec.
i
i
Dec.
Dec.
Extra
i
Dec. 15
Nov. 25
Nov. 23
Jan.
—
Nov. 30
Nov. 30
Nov. 30
Nov. 23
Jan.
Interim
9
13
Jan.
Jan.
Wrigley (Wm.) Jr. Co. (extra)
Monthly
Monthly
Monthly
Yale & Towne Mfg. Co
Yellow Truck & Coach 7 % preferred
Youngs town Sheet & Tube, preferred (quar.)_
»
$1!
Dec.
;
Feb.
Mar.
Dec.
Dec.
20
Jan.
Jan.
20
1
Feb.
20
Mar. 20
Apr.
Jan.
! Dec.
Dec.
Jan.
;
Dec.
9
16
Dec.
17
Transfer books not closed for this dividend,
t On occount of accumulated dividends.
% Payable in Canadian funds, and in the case of non-residents of Canada
a tax of 5% of the amount of such dividend will
be made.
deduction of
Volume
Financial
147
New York City
The weekly statement issued by the
Clearing House is given in full below:
STATEMENT
MEMBERS OF THE NEW YORK CLEARING HOUSE
WEEK ENDED STAURDAY, PEC. 3. 1938
OF
FOR THE
ASSOCIATION
Net Demand
Deposits
Average
$
date last year:
Average
S
Undivided
Dec.
$
108,404, 000
505 ,113,000
61,239, 800
4,279, 200
540 ,980,000
4,673,000
13,552, 100
157 ,720,000
20,000,000
26,107, 900
475 ,877,000
National City Bank
77,600,000
20,000,000
90,000,000
42,305,000
21,000,000
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover BkATr Co
59,145, 000 al,606 ,375,000
514 ,917,000
55,282, 700
182,041, 200 &1.440 656,000
Flrst National Bank
,108,000
,492,000
c816
71,133, 600
18,549, 700
50,000.000
4,000,000
100,270.000
Irving Trust Co
510 ,534,000
45,129, 400
15,000,000
10,000,000
Corn Exch Bank Tr Co.
30, 1938
251
from
Bankers Trust Co
25,000,000
Title Guar & Trust Co..
10,000,000
1,055, 600
5,000,000
9,088, 100
102 ,031,000
12,500,000
27,938, 900
338 ,423,000
7,000,000
7,000,000
8,229 .500
80 ,040,000
85 ,724,000
Total
$
t__
*
5,109,042,000 5,151,777,000 3,504,112,000
1,619,000
1,653,000
1,484,000
77,918,000
99,619,000
99,100,000
5,209,626,000 5,253,049,000 3,583,649,000
reserves...
Bills discounted:
Secured
direct
by
U. 8. Govt, obligations,
fully guaranteed
1,902,000
347,000
3,650,000
300,000
1,668,000
2,249,000
4,098,000
214,000
3,587,000
218,000
3,592,000
1,004,000
4,599,000
250,391,000
or
250.391,000
370,360,000
194,671,000
370,360,000
194,671,000
212,930,000
337,095,000
189,679,000
815,422,000
815,422,000
739,704,000
820,891,000
821,481,000
749,405,000
66,000
4,950,000
62,000
71,000
8,402,000
135,667,000
9,969,000
13,214,000
1,368,000
Other bills discounted
50,923,000
913,814,700 10,576,935,000
Other cash
2,633,000
9,238 600
United States Treasury.*
Redemption fund—F. R. notes..
6,466,000
47,718,000
4,398.000
31,096,000
2,507,000
5,587,000
23,523,000
448,000
617.009,000
Continental Bk A Tr Co.
Chase National Bank...
Marine Midland Tr Co..
New York Trust Co
Comm'I Nat Bk A Tr Co
Public Nat BkATrCo.
Totals
*
,691,000
131,406, 300 d2,218 ,718,000
44 ,197,000
3,679, 600
eS31 ,140,000
78,313, 500
500,000
Fifth Avenue Bank
43
13
,199,000
National, Sept. 30, 1938; State, Sept.
As per official reports:
Total bills discounted
Bills bought In open market
....
Industrial advances
United States Government securities:
Bonds
Treasury
Treasury
523,075,000
....
8, 1937
Dec.
$
*
•
Gold certificates on hand and due
10,452,000
35,374,000
163,879,000
6,176,000
58,748,000
91,079,000
45,756,000
24,540,000
2,481,000
6,000,000
Bank of Manhattan Co.
Chem Bank A Trust Co.
Nov.
7, 1938
$
Assets—
Bank of New York
1938,
corresponding
Deposits,
Surplus and
Members
of the Federal Reserve
business Dec, 7,
previous week and the
comparison with the
Time
Profits
*
Capital
Clearing House
The following shows the condition
New York at the close of
Bank of
in
Bank of
of the Federal Reserve
New York
Condition
City
Weekly Return of the New York
Clearing House
3567
Chronicle
notes
bills
Total U. S. Government securities..
30, 1938; trust
companies, Sept. 30, 1938.
Includes deposits In foreign branches: a
$263,332,000; 6 $86,590,000; c
$6,715,000;
Total bills and securities
d $98,620,000; e $32,579,0C0.
New
The
of
returns
are
Federal Reserve notes of other banks...
number of banks
members of
not
following
Due from foreign banks..
publishes regularly each week
and trust companies which
the New York Clearing House.
The
"Times"
York
a
Uncollected items
Bank premises.
...
All other assets...
the figures for the week ended Dec. 2:
are
INSTITUTIONS
IN
NOT
FOR
BUSINESS
NATIONAL
6,235,504,000 6,270,475,000 4,500,377,000
Total assets...
OF
CLEARING HOUSE WITH THE CLOSING
WEEK ENDED FRIDAY, DEC. 2,
1938
5,688,000
164,570,000
9,791,000
15,834,000
174,192,000
9,791,000
15,988,000
......
THE
FIGURES
BANKS—AVERAGE
AND STATE
Liabilities—
F. R. notes In actual circulation
Disc,
Dep. Other
Including
and
Investments
Manhattan—
Dep.,
N. Y. and
Banks and
Gross
Bank Notes
Elsewhere
Trust Cos.
Deposits
Res
Other Cash,
Loans,
$
Foreign bank
Other deposits
$
$
S
$
Deposits—Member bank reserve acc't.
U. S. Treasurer—General account...
Grace National
22,816,300
115,700
6,776,200
2,426,200
28,167,200
Sterling National
19,671,000
4,814,119
732,000
5,972,000
2,905,327
5,951,000
261,274
6,910,900
382,900
1,602,200
376,300
8,422.100
5,191,700
115,900
675,800
556,000
5,944,200
4,931,503,000 4,977,079,000 3,300,971,000
28,494,000
382,693
948,653,000
1,014,943,000 1,011,073,000
4,580,040,000 4,585,111,000 2,938,379,000
111,656,000
73,582,000
55,467,000
82,514,000
75,256,000
78,715,000
168,422,000
243,130,000
217,281,000
Trade Bank of N. Y.
Total deposits
7,182,354
Deferred availability items....
Brooklyn—
Capital paid In
Lafayette National..
People's National...
TRUST
*
All other liabilities
Res. Dep.,
Dep. Other
Banks and
Trust Cos.
Deposits
.....
.
of
total
reserve
deposit
to
and
87.6%
F. R. note liabilities combined
$
$
S
%
$
*5,791,500
9.135,200
2,805,800
Federation
216,828
1,420,801
61,0,568
2,149,411
*1,530,258
*5,028,600
23,229
11,003,456
11,103,151
204,000
246,300
20,837.900
Fiduciary
11,870,441
Fulton
19,749,200
Lawyers
27,968,200
62,199,793
*8,866,000
81,382,000
33,651,121
United States
Contingent liability
65,406,500
569,500
28,215,000
2,104,873
13,143,650
5,291,000 110,617,000
43,264,004
make
84.3%
476,000
Industrial
3,483,000
4,774,000
v
ad-
3,411,000
t "Other cash" does not include Federal Reserve notes or a
bank's own Federa
Reserve bank notes
Includes amount with Federal Reserve as follows:
ciary,
to
87.7%
86,000
;v.
27,000
vances
82,324,771
3,602,000
Commitments
.
bills purchased
35,435,700
*50,626,508
on
for foreign correspondents
Brooklyn—
Brooklyn..
Kings County...
*
7,744,000
9,117,000
2,242,000
8,210,000
4,342,000
6,235,504,000 6,270,475,000 4,500,377,000
Total liabilities...
Ratio
56,742,800
9,357,446
Manhattan—
Empire
129,123,000
51,053,000
51,474,000
159,178,000
50,906,000
51,943,000
7,744,000
166,444,000
50,906,000
51,943,000
7,744,000
8,210,000
3,811,000
Gross
Elsewhere
Cash
....
Reserve for contingencies.....
N. Y. and
Loans,
Disc, and
......
Surplus (Section 13-B)
FIGURES
COMPANIES—AVERAGE
Investments
Surplus (Section 7).
$939,830;
Fulton,
$4,721,100;
x
Lawyers, $8,171,400;
These are certificates given by the United
over
States Treasury for the gold taken
31, 1934, devalued from
from the Reserve banks when the dollar was, on Jan.
100 cents to
Empire, $2,051,600; Fidu¬
difference, the difference Itself having been appropriated as
United States. $31,-
the extent of the
profit by the Treasury
59.06 cents, these certificates being worth less to
under the provisions of the Gold Reserve Act of. 1934.
357,256.
Weekly Return for the Member Banks of the Federal Reserve System
giving the principal
obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System Upon the figures for the latest week appears in our department of "Current Events and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System,
Items of the resources and liabilities of the reporting member banks in 101 leading cities from
Commencing with the statement of May 19, 1937, various changes were made In the breakdown
an announcement of the Federal Reserve Bank of New York of April 20,1937, as follows:
which weekly returns are
of loans as reported In this statement
describedln
of loans and discounts.
This classification has been changed primarily to show tht
loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
•ntside 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,
The changes In the report form are confined to the classification
amounts of (1) commercial, industrial and agricultural loans, and C2)
Subsequent to the above announcement, it was made
would each be segregated as "on securities" and "otherwise
A more detailed explanation
LIABILITIES OF WEEKLY
ASSETS AND
Phila.
%
$
I
8,556
1,160
1,818
8,317
584
loans
3,866
259
338
69
144
brokers and dealers In secure.
Other loans for purchasing or carrying
712
25
577
Loans—total
Commercial, Indus, and agrlcul.
Open market paper
Loans to
598
2,961
708
379
650
528
2,143
318
164
253
242
981
159
334
'
423
640
239
308
824
184
229
108
169
466
194
81
153
24
10
10
3
34
3
4
17
19
19
24
3
6
34
6
1
4
11
32
270
33
32
16
15
79
13
7
12
14
49
82
221
58
171
32
29
94
49
7
23
21
382
2
1
1
4
8
1
1
3
95
1
114
504
104
172
69
85
113
45
"64
43
"45
185
351
805
326
160
1,439
229
159
216
193
725
8,106
1,682
406
31
868
96
95
41
42
230
61
14
52
37
115
131
1,250
290
278
66
88
468
100
42
129
56
322
3,220
obligations
U. 8. Govt.
United States Government
1,127
159
72
162
106
337
7,337
Federal Reserve Banks.
318
3,097
4,205
235
373
139
104
19
41
18
11
67
11
7
12
170
162
281
154
134
415
118
112
274
218
282
75
570
27
205
16,013
1,038
5,124
250
534
Other assets—net
81
25
141
140
1,306
domestic banks
10
443
2,460
Cash In vault
10
86
108
36
40
86
34
17
22
781
1,124
432
348
2,343
460
280
495
419
949
7,344
995
285
735
197
183
886
186
118
142
133
1,014
128
38
29
21
34
100
17
2
21
31
103
271
121
362
216
280
LIABILITIES
deposits—adjusted
—
Time deposits
Government deposits..
Inter-bank deposit
Domestic banks..
6,212
Borrowings
2,696
305
347
25
446
9
---------------
907
10
15
1
353
*~18
"~22
29
""*6
22
5
"~~8
7
"299
23
3
795
363
95
91
388
91
97
332
1,619
226
83
242
57
3,684
j
,
224
1
245
1
1
1
liabilities
Capital account
238
508
Foreign banks
Other
%
%
672
117
Obligations fully guar, by
Other securities
United States
San Fran.
Dallas
1,543
Loans to banks
Demand
(In Millions of Dollars)
Minneap. Kan. City
572
Other loans...
Reserve with
"other loans
1,169
securities
Real estate loans
Balances with
3,341
1,530
St. Louis
Chicago
Atlanta
%
1,152
$
21,325
investments—total
Cleveland Richmond
New York
Boston
ASSETS
Loans and
REPORTING MEMBER BAJSfKS IN 101 LEADING CITIES BY DISTRICTS ON NOV. 30.1938
Total
Reserve Districts—
Federal
known that the new items "commercial, industrial and agricultural loans" and
secured and unsecured."
"Chronicle," page 3590.
of the revisions was published in the May 29.1937. issue of the
I
3568
Financial
Chronicle
Dec.
10,
1938
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System
was
showing the condition of the 12 Reserve banks at the close of business
for the
System
on
Wednesday.
Thursday afternoon, Dec. 8,
on
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
resources and liabilities separately for each of the 12 banks.
The Federal
statement (third table following) gives details
regarding transactions in Federal Reserve notes between the
as a
week last year.
Reserve note
The second table shows the
Reserve Agents and the Federal Reserve banks.
returns
for the latest week
in
appear
our
The comments of the Board of Governors of the Federal Reserve
System
department of "Current Events and Discussions
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE
BANKS AT THE CLOSE OF BUSINESS DEC. 7.
Dec.
Thru Cipher' (000) Omitted
7,
1938
ASSETS
Gold ctfs
on
Nov.
30,
N-.w
1938
1938
$
hand and due from U. 8. Treaa.
x.
23,
Nov. 16.
1938
Nov.
9,
1938
Nov.
2,
1938
Oct.
26,
1938
Oct. 19.
1938
1938
S
11,661.721
11,601,717
10.33H
11,287,700
8,141
8,803
362,857
11.317.698
9,071
351,798
11,197,209
10,815
357,940
11,403,701
9,677
369,332
11,252.711
10,007
368,202
378,785
9,665
374,312
11.020.211
9,669
363,211
12,017,471
Total reserves
the
Oct. 12.
1938
345,743
Redemption fund (Federal Reserve notes)
Other cash *
upon
11,492,201
11,970,472
11.865,396
11,782,710
11,678,567
11,664,043
11,640,299
11,581,186
11.393,091
Bills discounted:
Secured
by
U
8.
Government obligations.
direct or fully guaranteed
Other bills discounted
3,655
3.643
2,904
4,680
3,120
4,902
3,176
4,365
2,870
3,470
2,846
2,602
6,106
3,193
7,081
9,299
7,235
6.072
545
541
541
541
541
15,821
15,199
15,417
15,163
15,148
15,336
15,446
15,507
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
787,327
1,164,565
612,123
787,327
1,164,565
612,123
787,327
1,164,565
612,123
1,164,565
612,123
2.564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564.015
2,564,015
2,564,015
2,587,464
2,586,362
2,586,524
2,587,523
2.587,782
2,587,127
2,586,074
2,589,362
174
174
176
176
176
180
m
21,573
620,779
44,117
51,736
Total D. 8. Government securities
8,078
545
2,586,090
-
7,800
545
180
180
23,642
616,017
44,119
51,076
23,737
644,074
44,193
50,682
28,212
803,547
44,203
50,011
22,447
586,654
44,282
24,375
718,302
44,305
22,532
617,394
49 544
21,908
621,464
44,202
48,917
23,103
556,371
44,203
48,567
47,732
48,849
15,341,940
Treasury notes
Treasury bills
6,547
547
2,564,015
United States Government securities—Bonds.
6,603
,547
15,485
Bills bought In open market.
Industrial advances
Other
3,757
2,480
6,043
Total bills discounted.
4,601
2,388
15,292,964
15,214.620
15,295,383
14,938,831
14,988,496
14,930,212
15,002,154
14,715,713
787,327
securities.-.!..
Foreign loans
on
gold.
Total bills and securities
Gold held abroad
Due from foreign banks....
Federal Reserve notes of other banks.
U ncollected Items——'
Bank premises
All other assets
Total assets-.-—-
44.305
LIABILITIES
Federal Reserve notea In actual circulation...
4,422,449
4,384,882
4,362,465
4,345,816
4,355,754
4,319,756
4,284.377
4,288,820
4.281,103
Deposits—Member banks'
8,966,268
407,377
210,718
365,517
8.876,481
483,982
208,097
8,818,335
474,316
8,546,166
577,766
218,033
8,685,986
575,944
201,272
8,740,083
584,153
8,693,189
609,102
212,494
197,372
366,168
350,438
8,726,623
543,576
202,848
322,597
312,482
224,845
161,598
144,453
8,400,218
703,407
199,462
176,287
9,949,880
9,934,728
9,855,170
9,795,644
9,654,447
9,688,047
9,698,328
9,644,116
9,479,374
Deferred availability Items.
Capital paid In
615,719
147,739
800,702
134,003
147,739
32,672
11,124
147,739
27,683
32,707
11,473
627,645
133,992
147,739
27,683
32,707
10,927
593,878
133,988
147,739
27,683
32,707
11,512
716,050
133,983
147,739
27,683
32,707
601,672
133,954
27,683
32,671
11,750
643,275
134,013
147,739
27,683
32,672
11,603
575,025
Surplus (Section 7)
Surplus (Section 13-B)
619,425
134,032
147,739
27,683
32,672
11,803
11,056
147,739
27,683
32,741
11,447
15,341,940
15,292,964
15,214,620
15,295,383
14,938,831
14,988,496
14,930,212
15,002,154
14.715.713
84.6%
83.6%
83.5%
83.3%
83.4%
83.3%
83.2%
83.1%
82.8%
76
240
324
324
324
324
338
338
157
15,147
14,328
14,335
14,345
13,318
13,320
14,541
14,537
13,696
4,687
5,712
4,994
4,755
352
240
5,353
227
6,147
5.579
4,535
231
967
7,663
493
416
415
346
519
562
682
530
530
457
496
162
211
546
229
367
401
404
435
278
650
583
507
379
260
216
6,603
6,547
7,800
8,078
7,235
6,072
9,299
23
153
198
128
83
165
"264
154
199
197
"264
83
94
94
85
199
83
165
165
94
94
reserve account...
United States Treasurer—General account.
Foreign banks
Other
deposits--
—
Total deposits.
134.049
—
Reserve for contingenciesAll other liabilities
Total liabilities
212.081
.
27,683
,
134,003
Ratio of tQtal reserves to deposits and Federal
Reserve note liabilities combined
Contingent
foreign
liability
on
bills
purchased
for
correspondents
Commitments to make industrial advances
Maturity Distribution of Bills and
Short-Term Securities—
1-16 days bills discounted
16-30 days bills discounted
81-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
166
423
Total bills discounted-.
6,043
1-16 days bills bought In open market._.
*6-30 days bills bought In open market
165
46
170
237
258
128
547
547
545
545
545
1,626
1,673
1-.434
1,523
582
316
1,338
88
330
753
1,114
1,118
790
947
321
..
94
154
1-16 days Industrial advances
16-30 days industrial advances
31-60 days Industrial advances.
61-90 days Industrial advances
Over 90 days industrial advances.
264
129
Total bills bought In open market.
738
640
718
478
327
547
660
463
553
766
702
891
12,114
12,107
12,258
12,370
12,439
12,603
12,203
Total Industrial advances.
12,468
12,004
308
541
541
541
541
1,273
1,283
1,361
1,110
-
326
277
226
356
15,485
...
securities
Total U. 8. Government
securities
15,199
15,417
15,163
15,148
15,336
15,446
15,507
95,330
82,358
187,657
110,523
180,923
2,005,185
1,996,192
2.002,752
95,810
110,523
174,968
175,847
2,006,867
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
193,485
98,243
95,330
184,098
183,592
179,228
1,951,892
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564.015
2,564,015
4,730,059
307,610
4,686,288
301,406
4,650,264
287,799
4,631,714
285,898
4,616,904
261,150
4,579,253
259,497
4,583,137
298,760
4.580,026
291,206
4,575.270
294.167
4,422,449
securities
61-90 days U. 8. Government securities
Over 90 days U. 8. Government
15,821
77,890
99,078
181,032
209,378
1,996,637
2,564,015
1-16 days U. 8. Government securities
18-30 days U. 8. Government
securities.——.
81-60 days U. 8. Government
Over 90 days other securities
7,081
596
264
81-60 days bills bought In open market...
61-90 days bills bought In open market...
Over 90 days bills bought in open market.
1-16 days other securities
16-30 days other securities
31-60 days other securities
81-90 days other securities
461
596
4,384,882
4,362,465
4,345,816
4,355,754
4,319,756
4,284,377
4,288,820
4,281,103
4,792,000
4.757,000
6,214
4,712,000
5,700
4,686.000
5,669
4,683,000
4,668.000
7,182
4,668,000
6,412
4.663,000
5,308
4,648,000
75,890
200,487
97,675
206,333
—
III
——II""
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agent
Federal Reserve Bank
Held b
In actual olroulatlon.
Collateral Held by Agent as
Security for
Notes Issued to Bank—
Gold ctfs. on hand and due from U.
8.
By eligible paper
United States Government securities
Total
collateral..
Treas.,
——
!
5,156
6,936
8.44C
•
4,797,156
4,763.214
4,717.700
4.691,669
4,689.936
4,675.182
4,674,412
4.668.308
4.656.446
4,727.309
"Other cash" does not include
Federal Reserve notee<
are certificates
given by the United States
Treasury for the gold taken over from the Reserve banks when the dollar was
devalued from 100 cents to 59.06
cents on Jan 31. 1934
these certificates being worthless to the
extent of the difference ths difference Itself
having been appropriated as profit by the Treasury under
provisions of the Gold Reserve Act ol
1934,
•
s
These
Volume
Weekly Return of the Board of Governors of
Three Ciphers (000) Omitted
certificates
on
hand
due
and
9
9
9
199,644
313,667
253,698
325,394
265,275 2,171,231
San Fran.
Dallas
City
9
9
764,719
1,484
1,319
904
575
629
736
875
618
202
389
533
10,007
36,708
99,100
24,847
20,588
19,963
13,118
48,027
19,274
7,135
15,046
13,055
1,743
28,882
345,743
540,369
754,303
370,902
279,022 2,219,994
345,543
261,451
329,246
212,901
795,344
698,770 5,209,626
767
206
158
203
48
286
108
110
14
1,368
601
273
65
227
119
64
147
533
55
4
300
223
430
167
350
255
643
69
214
1,368
479
Redemption fund—Fed. Res. notes..
Other cash •
Total
BUSINESS DEC. 7, 1938
Minneap. Kan
St. Louis
9
350,364
732,811
514,203
661,673 5,109,042
11,661,721
from United States Treasury
Chicago
9
9
9
9
9
9
9
ASSETS
Gold
Atlanta
Cleveland Richmond
PhUa.
New Yort
Boston
Total
Federal Reserve Agent at—
the Federal Reserve System (Conduded)
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
LIABILITIES OF EACH OF
WEEKLY STATEMENT OF RESOURCES AND
3569
Chronicle
Financial
147
12,017,471
reserves
Bills discounted:
'
Secured by U. S. Govt, obligations
direct and (or) fully guaranteed..
3,655
Other bills discounted
2,388
177
1,668
547
41
214
56
50
3,171
68,403
616
1,344
797
415
44
270
763
1,324
2,167
3,587
987
15,485
Industrial advances
79,168
36,947
32,096
32,792
17,446
34,774
28,943
62,242
101,177
117,101
54,649
47,473
84,870
125,535
48,504
25,805
51,438
42,812
53,181
61,551
28,725
24,952
65,984
25,495
13,564
27,036
22,503
92,064
48,391
222,761
257,820
120,321
104,522
276,389
106,791
56,815
113,248
94,258
202,697
107,187
58,059
114,177
95,106
204,274
787,327
59,255
250,391
1,164,565
612,123
87,647
370,360
46,069
194,671
2,564,015
192,971
815,422
U. S. Government securities—Bonds
Treasury notes
Treasury bills..
Total U. 8. Govt, securities.....
,
121,912
258,965
277,039
105,768
195,356
820,891
227,356
13
66
17
16
8
6
21
3
2
174
4,950
886
1,181
1,556
1,711
2,538
1,353
174,192
1,890
27,155
2,297
1,966
.
21,573
650
620,779
60,648
5
441
3,411
15,865
28,803
23,187
33,055
1,536
3,091
1,264
3,252
1,262
2,072
1,862
4,224
486,041
339,528
478,400
988,013
182,191
137,415
170,547
81.328
356,962
176,920 1,341,830
48,866
39,379
223,262
29,559
6,178
122,802
235,214
176,458
576,889
44,175
24,141
32,121
4,737
5,972
5,972
21,937
14,621
17,234
50,484
21,645
75,734
9,791
45,864
4,710
64,147
2,950
6,029
2,627
2,080
51,736
3,359
15,988
5,021
5,696
2,901
2,388
4,490
4,997
-
premises
All other assets..
15,341,940
961,746 6,235,504
824,223 1,090,337
550,390
412,620 2,584,813
4,422,449
Total assets.
387,298 1,014,943
319,173
424,425
210,298
149,856
LIABILITIES
F. R. notes in actual circulation
Deposits:
Foreign
Other
503,305
236,219
28,394
25,961
8,855
4,284
210,718
......
deposits
Total deposits.
14,827
78,715
20,181
33,639
18,946
27,484
217,281
7,970
13,444
...
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities..
m.\
Total liabilities—.
on
228,152 1,474,217
264,617
216,893
630,681
76,966
28,517
3,926
4,667
1,270
1,776
30,772
10,348
9,805
2,121
2,000
298
883
569,334
275,319
63,655
49,590
'21,500
50,906
12,213
13,320
13,466
4,997
4,964
4,474
51,943
13,395
14,323
5,626
22,387
7,744
4,411
1,007
3,409
730
1,429
545
2,874
1,448
8,210
2,000
3,176
1,022
1,401
1,602
7,035
1,215
412
680
1,446
363
412,620 2,584,813
486,041
1,212
3,811
800
550,390
824,223 1,090,337
961,746 6,235,504
15,341,940
....
1,138
266,465
47,277
bills purchased
for foreign
5,062
176,776
424,471
11,750
15,960
2,904
31,120
4,201
25,356
•3,153
1,001
3,613
1,142
3,892
1,873
935
446
377
339,528
478,400
.
7
7
3
3
9
1,479
2,218
1,482
159
58
334,766 1,043,572
2
216
1,320
3,411
525
15,147
—..
3,953
-
2
6
562
2
6
27
2
76
correspondents-. —
Commitments to make Indus! advs
334,766 1,043,572
5,618
4,645
166,444
32,671
Surplus (Section 7)
;
2,342
58,562
9,412
9,900
615,719
134,049
147,739
27,683
Capital paid In
24,506
59,015
7,208
491,452 4,931,503
9,949,880
Deferred availability items
*
367,926
365,517
bank..
Contingent liability
425,403 4,580,040
55,467
23,738
8,966,268
407,377
reserve account
U. 8. Treasurer—General account..
12
5
1,006
44,117
Items
Bank
39
16
16
2
2
68
19
24
2,586,090
Total bills and securities.
Due from foreign banks
Fed. Res. notes of other banks
Member bank
210
6,043
Total bills discounted.
Bills bought In open market
Uncollected
177
50
3,667
"Other cash" does not include Federal Reserve notes.
FEDERAL RESERVE
Three Ciphers (000) Omitted
9
88,677
414,681
4,749
7,349
57,719
137,415
170,547
81,328
356,962
207,000
143,500
185,000
90,500
424,000
336
157
623
67
214
207,336
143,657
185,623
90,567
424,214
200,523
18,332
142,164
988,013
182,191
164,000 1,020,000
167
337,183
18,010
22,553
11,284
387,298 1,014,943
319,173
424,425
210,298
149,856
410,000 1,135,000
340,000
448,000
225,000
1,614
908
260
223
9
180,160
9,613
162,152 1,009,590
21,577
12,296
221,582
446,978
403,306 1,123,063
108,120
16,008
9
9
S
San Fran.
Dallas
Minneap. Kan. City
St. Louis
9
4,792,000
In actual circulation
by
Chicago
9
9
9
4,422,449
Held by Federal Reserve Bank
held
9
4,730,059
307,610
Issued to F. R. Bank by F. R. Agent
Collateral
9
Atlanta
Cleveland Richmond
Phlla.
9
9
Federal Reserve notes:
New Yort
Boston
Total
Federal Reserve Bant of—
NOTE STATEMENT
Agent as security
for notes Issued to banks:
Gold
certificates on
hand and
due
from United States Treasury
177
5,156
Eligible paper
164,410 1,020.167
225,223
448,260
340,908
410,177 1,136,614
4,797,156
410
Rates
quoted
are
Treasury Bills—Friday, Dec. 9
0.05%
1939
14 1938
0.05%
Feb.
0.05%
0.05%
0.05%
Feb.
8 1939
Feb.
15 1939
Dec.
28 1938
Jan.
4 1939
1
Jan.
11 1939——..
0.05%
Mar.
1
1939
0.05%
0.05%
18 1939.
Mar.
6 1939—
0105%
Jan.
25 1939
0.05%
0.05%
New
the
York
Stock
Feb. 23 1939
Quotations for United States Treasury
Averages—See page 3585.
•
i
PARIS BOURSE
THE
stocks as
Dec. 3
Bank of France...--
32ds of
Figures after decimal 'point represent one or more
Francs
Pacific
—
Cle Dlstr
d'Electrlclte
Rate
Ashed
Maturity
102.15
Comptolr Natlonale
102.27
Coty
102.13
Courrlere
Mar. 15 1942...
103.27
103.29
Credit
15 1942...
1)4%
103.29
103.31
Credit
2%
2)4 %
104.28
104.30
Eaux des
102
102.2
1)4%
1H%
101.30
102
1)4%
102
102.2
Dec.
1 H%
102.19
100.8
Mar. 15 1941...
1)4%
1)4%
102.25
102.21
..
Sept. 15 1942...
15 1939—
June
102.27
S A.. — .'. —200
Lyonnalse cap—
du Nord.
Energie Electrlque du Littoral—
THE BERLIN STOCK
LIquide
NordRy...
Orleans Ry6%
Pathe Capital
EXCHANGE
—
Pechlney
Closing prices of representative
stocks
as
received by cable
of the past week:
Dec.
Dec.
Dec.
Dec.
Dec.
3
5
6
7
8
9
.
■Per Cent of
(4%) 117
116
163
Deutsche Bank (6%)
116
Deutsche Relclisbahn (German Rys.pf.7%). 124
Dresdner Bank (6%)
.110
Farbenlndustrle I. G. (7%)
148
Mannesmann Roehren (5%)..
.—.—109
Relchsbanks (8%)...
192
Siemens & Halske (8%)
-195
Verelnlgte Stahlwerke (5%)
107
163
116
124
110
147
106
190
192
105
Par
-
Rentes
Rentes
-—--
Perpetual 3%
1917..—
4%, 1918
4)4%, 1932, A
4)4%, 1932. B
Rentes, 5%.
Hollday
566
691
1,310
1920-
1,300
865
825
406
37
-
Rentes 4%,
Rentes
Dec.
Allgemelne Elektrlzltaets-Gesellscbaft
Berliner Kraft u. Llcht (8%)
Rentes
255
542
1,670
1,500
330
696
Kuhlmann
(PLM)
.
.
*>798
81.90
83.40
82.90
86.90
85.00
106.50
115
115
115
113
Royal Dutch
6,530
163
163
163
163
2,148
1,219
64
88
1.464
623
113
440
81
148
149
107
107
107
106
188
188
188
186
190
191
191
190
C & C
Schneider A Cle
Societe Francalse Ford
Soclew Generale Fonciere
Societe Lyonnalse
Societe Marseilles..
Tubize Artificial Silk preferred..
Union d'Electrlclte
105
105
105
103
Wagon-Lite.....--.
116
116
115
115
124
124
124
124
109
109
109
108
147
149
Saint Gobaln
878
200
544
Commercial de France...
Lyonnalse
Lyon
220
18,200
718
1,510
41
605
253
523
1,660
1,520
322
-
L'Alr
h day
872
d'Escompte
Energie Electrlque
15 1941...
Sept. 15 1939...
Dec. 15 1939...
15 1941
Mar. 15 1939—
---
102.13
15 1940—
Mar. 15 1940.
1)4%
1)4%
15 1940—
Dec.
102.18
June
-----
102.11
June
101,9
102.16
Dec.
d'Electrlclte^..
Generale Transatlantlque..
102.25
101.10
101.7
15 1943...
Cle
IH%
1)4%
101.8
15 1943—
Dec.
Ashed
Bid
Citroen B.
1)4%
1)4%
June
Cle General©
Int.
1,320
470
18,500
699
1,480
38
590
-
Rate
9,500
1,329
466
224
Canal de Suez cap
Int.
Dec. 6
Francs
9,400
-
Pays Bas
Banque de l'Union Parlslenne..
Banque de Paris et Des
Canadian
point.
Dec. 5
Francs
Notes—Friday,
Dec. 9
Bid
Exchange,
i
Quotations of representative
of the past week:
Maturity
the New
Yearly—See page 3585.
each day
a
on
0.05%
.
Jan.
...
at
Daily, Weekly and
Stock and Bond
0.05%
Securities
Exchange—See following page.
Transactions
Ashed
Bid
Ashed
Dec. 21 1938
Dec.
York Stock
for discount at purchase.
Bid
Government
States
United
United States
851
849
....
37
1,810
82.00
83.75
83.25
£7.25
85.25
107-60
6,440
2,145
' to
63
88
1,505
624
112
457
81
received by cable
Dec. 7
Dec. 8
Dec. 9
Francs
Francs
Francs
1,330
9,600
1,334
469
9,700
473
9,500
218
224
200
18,100
17,900
728
737
1,510
1,550
1,600
51
54
"
45
,
19,600
609
622
'
879
878
200
210
205
208
543
549
1,680
1,520
1,720
1,530
327
331
563
571
684
1,310
860
1,570
867
852
1,770
696
1,290
210
866
416
415
1,320
420
36
36
1,804
1,819
82.00
82.00
82.10
83.50
83.80
84.50
83.10
83.75
84.40
87.00
87.40
85.00
85.60
86.40
107.90
108.80
110.10
6,520
6,420
2,175
1,242
6,410
61
63
2,150
1,246
62
88
87
1,520
1,525
622
623
112
112
465
464
81
80
88.20
'
»
Dec.
3570
Stock and Bond Sales—New York Stock
10,
1938
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded
account is taken of such sales In
In the day's range, unless they are the only transaction
United States Government Securities
Below
furnish
of the day.
No
computing the range for the year.
the New York Stock
on
Exchange
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 32ds of a point.
we
a
Dec. 3
Daily Record of U. S. Bond Prices
Treasury
4 *s, 1947-52
Dec. 5
Dec. 6
118.20
[Hlgn
Dec. 7
118.26
Dec. 8
118.25
118.23
Dec. 3
Dec. 9
118.28
Treasury
Dec. 5
Dec. 6
105.22
High
4 Low.
118.26
118.22
118.25
118.23
118.27
Low.
105.22
loose
118.26
118.20
118.25
118.23
118.27
Close
105.22
2
16
20
2
22
Total sales in $1,000 units...
Total sales in $1,000 units
114.7
[High
-(Low.
(Close
4s. 1944-54
114.9
114.7
114.9
8
Low.
103.25
105.24
....
....
105.27
....
105.27
103.25
1
103.29
3
(High
113.6
5
104
....
103.30
104
104.2
....
103.30
104.3
122
...
.
103
102.26
102.26
102.30
102.26
102.26
7
103.2
....
......
'
Low.
mmmm
113.0
rn+rn-m
Close
...
—
.
...
113.0
Total sales in $1,000 units...
.
Close
113.6
Total sales in
113.6
102.30
59
102.11
102.15
102.14
102"i9
Low.
102.9
102.3
102.6
102.11
102.14
102.15
102.9
102.3
102.11
102.11
102.14
102.18
6
16
I
14
2*a, 1958-63
104.9
105.9
Close
105.11
105.9
105.9
105.9
Total sales in $1,000 units...
I Close
105.11
105.9
Total sales in $1,000 units...
3
105.9
105.9
2
18
High
■
3
15
2*8. 1945
....
Low.
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
106.28
Total sales in $1,000 units...
High
105.4
105.9
106.31
....
106.28
Low.
105.3
105.5
1
Close
Total sales in $1,000 units...
105.3
2*s. 1948
....
....
2
Close
....
....
106.28
Total sales in $1,000 units..
....
■
100.31
....
....
....
Close
(High
....
■
106.31
Low.
103.5
1
102.11
105.9
5
102.26
3
102.9
105.11
[High
j Low.
102.26
51
High
$1,000 units...
1
-
.
3*8, 1940-43
104.3
1
103.5
Low.
2*s, 1956-59
1
103.30
High
113.6
105.27
104.2
103.29
Close
2*s, 1951-54
----
Dec. 9
....
105.24
....
103.29
Total sales in $1,000 units...
114.5
114.5
Total sales in $1,000 units...
103.25
Dec. 8
105.24
*1
High
114.5
114.9
114.7
2*S,1948-51
Dec. 7
....
-
-
-
.
...
*
...
......
-
.
105.5
.
.
.
......
~
....
(Close
....
High
102.10
102.10
102.15
102.14
Low.
102.7
102.8
102.3
102.12
102.12
102.17
Close
102.10
102.8
102.9
102.15
102.14
102.18
Total sales in $1,000 units...
110
28
72
71
3
5
17
102.11
102.11
102.12
102.16
102.15
102.21
Low.
102.8
102.9
102.5
102.16
102.14
102.16
102.11
102.9
102.12
102.15
102.16
2*s. 1949-53
110
Total sales in $1,000 units...
1
(High
| Low.
I Close
3*s, 1941
8
High
[High
1 Low.
3*s, 1943-47
5
110
107.12
107.12
2*8, 1950-52
107.12
1
107.12
Close
107.12
107.12
1
1
Total sales in $1,000 units...
Federal Farm Mortgage
High
Total sales in $1,000 units
■
_
«
_
3*
109.26
(High
.
1944-64
109.25
109.25
109.25
109.25
109.23
109.26
109.25
109.25
109.26
109.25
109.25
109.26
109.25
109.25
*1
5
1
5
7
Total sales in $1 ,000 units.
3
109.25
109.29
109.29
109.27
109.26
109.27
109.26
109.27
109.26
109.27
109.29
109.27
109.26
109.25
Total sales in $1 ,000 units...
5
3*8, 1946-49....
4
109
[High
jLow.
109.1
109
(Close
5
....
109.1
109.4
Total sales in $1 ,000 units...
109.0
6
109.6
6
109.7
109.6
109.6
109.8
Home Owners' Loan
108.22
108.24
108.30
108.22
108.24
108.22
108.22
108.24
108.30
1
5
5
High
108.19
108.15
108.19
108.15
2
[High
106.25
100.29
107.1
107
jLow.
106.24
106.29
100.28
106.25
106.29
11
1
Total sales in $1,000 units...
107.1
"
107
*
107.1
2
17
104.6
104.5
104.5
104.8
104.8
104.12
104.3
104.3
104.4
104.8
104.8
104.6
104.3
104.4
104.8
104.8
6
100.28
[High
2 *8,1945-47
107
100.30
107
10
Low.
106.28
106.30
100.28
106.30
1
107
107
1
2
107
Close
Total sales in $1,000 units...
.
....
...
..
3
.
105.4
....
105.2
....
106.1
3
105.4
.
105.4
....
1
•
2
106.23
106.22
106". 24
106.25'
106.26
106.20
106.21
106.22
106.24
106.25
106.25
106.20
106.23
100.22
106.24
6
102.14
102.13
Low.
102.13
102.12
102.12
....
102.13
106.31
106.31
2
106.25
....
102.12
2
7
-
*4
104.13
102.15
5
104.13
*2
102.13
104.13
104.13
102.13
104.13
Low.
102.12
....
5
102.15
7
104.13
3
Odd lot sales,
bonds,'
f Deferred delivery sale.
above
table
.
includes
only sales
Transactions in registered bonds
Treas.48,1944-54.-_114.3
2*s, 1955^0-104.2
to 114.3
110
to 104.2
|
*
of
coupon
were:
Federal Farm Mtge
104.12
103
Treas.
107.1
107.1
107.1
United States
Treasury Bills—See previous
United States
Treasury Notes, &c.—See previous
2
106.25
8
102.13
12
102.13
9
High
104.8
31
105.30
3
....
3
Note—The
[High
Total sales in $1,000 units...
106.1
106
....
Close
Total sales in $1,000 units...
107.1
jLow.
(Close
2*8,1955-60
105.30
102.13
2*8,1942-44
107.1
4
106.1
106
3
105.2
1
105.30
High
Home Owners* Loan
3
107
(Close
3a,1951-55
106.27
16
....
105.2
....
106.27
—
ICO" "
....
Close
Total sales in $1,000 units...
108.15
108.14
----
.
....
105.30
ll.l
Total sales in $1,000 units...
....
Total sales in $1,000 units...
..
106.27
Low.
Home Owners' Loan
....
....-JLow.
(Close
....
5
—
i
106.27
....
106.27
106.20
3s, series A, 1944-52.
108.29
2*8. series B, 1939-49__
3s, 194048
....
107.1
3
106.27
Close
108.29
9
107.4
5
4m
High
108.29
(Close
Total sales in $1 ,000 units...
[High
jLow.
3*8, 1949-52
mi
....
105.30
Close
Total sales in $1,000 units...
8
107.2
.
105.30
Total sales in $1,000 units...
Federal Farm Mortgage
High
2*s. 1942-47
Low.
109.7
1
...
.
....
106.23
*»
Close
1
.
106.22
Total sales in $1,000 units...
Federal Farm Mortgage
High
3s, 1942-47
Low.
109.6
109.6
109
109.1
109
4
109.4
107.1
107.2
....
3
107.1
107.2
....
106.23
Close
109.25
109.25
[High
-{Low.
I Close
3 He. 1944-46....
4
107.4
....
Total sales in $1,000 units...
Federal Farm Mortgage
High
3s, 1944-49
Low.
109.26
3
102.18
107.2
....
.Close
109.26
(Close
102.16
7
21
«.
Low.
jLow.
3 *s. 1943-45
33
..
102.9
3s, 1942-47
105.31 to 105.31
page.
page.
New York Stock Record
LOW
AND
Saturday
HIGH
SALE PRICES—PER
SHARE, NOT
PER
CENT
Sales
STOCKS
NEW YORK
for
Monday
Tuesday
Dec. 3
Dec. 5
Wednesday
Dec. 6
Dec. 7
Dec. 8
Dec. 9
$ per share
$ per share
$ per share
$ per share
$ per share
Range Since Jan. 1
STOCK
Shares
*59%
*110
60
59i2
1333s *110
60
128
59
*110
*31%
45
*31%
45
*44
*32i8
46
*43
46
*43
10%
*21i8
*27%
6384
*%
1012
23
10%
*21i8
23
*65
73
934
*122
28
6434
1
9%
125
1%
12%
Us
12%
11
11
11
11
*1434
1612
24% 2434
10%
10%
182i4 182%
*11
1134
13
13i8
103s
26%
2634
62i2
7g
63
*65
934
*122
1%
12
1H8
64%
62
63
44%
45%
*17
18
*2i4
1 25g
20%
*70l4
71
*22i2
23%
17
56*4
*
17
56*4
18
2%
*18
70
*22S4
167g
*56i4
18
2%
20%
70
23%
173g
57
64
978
1
12%
45»4
27
1238
107g
113s
15%
24l2
*11%
125s
107g
61%
45
18
2%
*18
70
*2234
1634
60%
10
*43
46
103g
*22
46
10*4
*22
6384
78
45
*43
10%
28
63
6878
130
*31%
23
*27
z58%
*130
45
7g
27*2
63*2
7s
*56*4
*110
9%
125
97g
125
11%
lll2
16%
25
12
12
lll2
1638
247g
1638
127g
113g
6114
46
18
2%
22
1
10%
182
Us
1338
125g
11%
*42
10*4
II84
*61
63
127g
1158
*15
11
123g
1034
*61
4534
183g
47l8
23g
23g
1838
21
45*2
1812
*2*4
*17*2
70
7034
23
23
173g
1712
17%
*57
ou this
4*%
44
10*4
*27
Acme Steel
28
4,400
23
27%
64%
62
"~loo
63*2
7,900
7g
900
78
95«
....
61
day.
t
9*2
9%
7,600
~T~
6,900
2,800
*120
20
1
13*4
12i2
12*2
12*8
11*2
11*4
11*4
1,200
11
11
1,500
1534
*14i4
11
24
15*2
24*4
10
10*8
180*2 181
1134
300
5,300
No par
Address-Multlgr
100
2,800
45l2
*1814
2*4
46*4
21
*16
20
400
10,800
18%
N400
2*4
1,000
68l2
6884
23*2
17*2
23
23
173g
17%
58*4
58
Corp
Air Reduction Inc
Air
10
No par
Way El Appllanoe.iVo
"2,900
200
3,200
220
Def. deUvery.
$
per
Vlcksb'g Ry Co 100
Alaska Juneau Gold Mln
10
Highest
share
36*4 Feb
4
119% July 19
30*4 Mar 23
June
$
per
61
Lowest
share
Nov 17
45
Nov
55
Mar
37
Nav
09
Mar
Jan 14
4384 Dec
Vt Nov
52
Oct 22
30
Aug 30
% Mar 30
67
Aug
3
8»4Mar31
Highest
share $ per share
30
24
16% Mar 31
May 2
per
Oct 15
3
40
$
12384 Oct
6*4 Mar 30
14% Mar 31
18
par
l2*July 19
677s Nov 12
1% July 11
68% Oct 18
Oct
Oct
44% Nov
% Oct
85
Aug
22% Mar
28% Feb
36
Jan
80%
5*4
Jan
Jan
2
8
7
146
Oct
1
Oct
Mar 30
1% Jan 7
17% Jan 12
17*4 Jan 12
11
Oct
59
I73s Jan 12
10
Oct
21*2 Nov 14
2934 Nov 12
10%
Oct
58*2 Feb
52% Feb
95
Apr 16
78 Mar 31
6*4June 17
133s Feb
17%
16%
5i2 June 17
Albany & Susq RR
100
Allegheny Corp..
No par
6* % pf A with $30 war.100
5*% pf A with $40 war. 100
5*% pf A without war. 100
$2.60 prior conv pref.JVo par
Alghny Lud Stl Corp..No par
Allen Industries Inc
10,900
63
58
25
No par
125
Dec
Oct
11
Oct
734June 18
5
14% Sept 26
4% Mar 30
Allied Chemical & Dye.No par
Allied Kid Co
5
Allied Mills Co Inc... JVo par
12*4
*61
a
Co...
Adams Express
1,000
1034
1284
11*4
63*8
46*2
18i2
23g
In receivership,
100
No par
2,500
*107g
12U
105g
69*2
»2284
17*2
58*4
No par
conv pref
Adams-Mlllls
10*4
*22
7g
Abbott Laboratories
Abraham & Straus
45
23
2512
2412
25i8
105g
10*4
10*4
18314 *180*2 I8H4
703g
23
57
1,000
Lowest
Par
130
*31i8
1
*11
12
*11*4
12%
11*4
*18
91-
*122
127g
1134
59
EXCHANGE
Alabama &
H8
1278
Bid and asked prices: no sales
59i2
130
*31ig
*65
40% 182i2
h2 IO84
'
587g
*110
1
*123l2 125
H8
11
103s
23
*65
97g
*10%
11
*10%
11
*14,14
16*4
235g
2412
10%
10i8
18112 18214
*11
11S4
125g
1234
1034
11
46
6278
*78
7g
125
45
27
73
64%
45%
*18
10%
*22
5934
130
the
Friday
Range for Previous
Year 1937
On Basis of 100-Share Lots
Week
$ per share
Thursday
l
124
Mar 31
7
Mar 31
8% Mar 28
14*4 Aug 26
197
Oct 17
12»4 Oct 26
6*2
145
1584 Feb
Aug
5% Feb
5984 Feb
166
Oct
237g
258*2
17%
33%
21%
Dec
85
Oct
Nov
7*4 Dec
Feb
Apr
Mar
Aug
1478 July 25
13% Nov 9
10
Mar 31
70*8 Oct 28
49
No par
34*4 Mar 31
5584 Oct 17
34
No par
11*4 Apr 1
1*4 Mar 26
20
50
10
Mar 30
24
Jan 12
No par
55
May 27
78
July 13
51% Nov
52% Mar
114% Mar
(Del) newVo pr
American Bank Note
10
0% preferred
50
23
Nov
10
Mar 30
28% Oct 10
23% July 19
"io" "bet
~41% "jan
Allied Stores
Corp
No par
5% preferred
Allls-Chalmers Mfg
Alpha Portland Cem
Amalgam Leather Co Inc
6% conv preferred
Amerada Corp
4% Mar 26
100
38
1
Am Agrlo Chem
»
New stock,
r
Cash sale,
1
46*4 Apr 27
x
Ex-div.
y
6%
Oct
Oct
Oct 15
8*2
Oct
3% Oct 17
1*4
Oct
63
Nov
Ex-rights.
7
19
50
Oct
Deo
Jan
Mar
Mar
83%
Jan
3984 Jan
87g Mar
75%
Fen
5 Called for redemption.
Volume
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NEW
YORK
On Basis of
STOCK
Monday
Tuesday
Wednesday
Thursday
Friday
the
Dec. 3
Dec. 5
Dec. 6
Dec. 7
Dec. 8
Dec. 9
Week
$ per share
75g
45%
135
*130
122
122
*15
17l2 *-_.8I4
7%
*8
28
48%
20%
17%
117
*
12%
10
76
414
*6i4
414
*167
4%
4%
*167
500
4%
7%
*167
500
314
3%
3%
3%
3%
163s
I63fi
16%
16%
16%
3%
16%
8
8
8
8
8
8
13%
13
13
12%
14%
*14
*12%
*14%
1358
14
14
*4l2
434
*28
31
44
44
14
♦13%
4%
4%
31
43%
1%
14%
7
*28%
43%
44
44
1*2
15
6%
*1%
1%
14i8
6%
15%
14
6%
15%
~
6%
7%
24%
2412
24%
24%
24%
2534
25
68%
15%
43%
44
1%
1%
1%
*14
14%
6%
69
68
68
68
68%
68%
15%
*3%
15%
4
15%
15%
4
15
15%
15%
38
38
38
38
*67
"
43%
26
1%
*3%
*37
4
38
*160
162
20%
20%
*70
71%
16%
19%
32
51%
*139%
*60
*142%
31%
8%
*15%
23%
*101%
*19
.
14778
83%
87
*150
11*4
*158
162
*70
20%
20%
20%
70
70%
70
35%
36
7
35%
678
5%
35%
35%
16%
21%
101%
19%
149%
83%
*15%
86%
152
7
7
7
*30
38
*110%
16
*2%
*26%
*121%
800
148% 149%
10,900
8334
86%
2,700
11,700
*35%
36%
3534
3534
1,800
*30
*30%
38
32%
32%
33%
34%
35
*53
66
56
56
56
56%
5,200
...
*102% 103
5
5%
5%
5
44%
74
*50
*43%
*50
49%
50%
50%
*11
11
11%
*7%
7%
7%
75
75
*73
9%
978
9%
*121%
103
103
44%
74
50%
11
7%
75
9%
....
*121%
....
103% 103% 2:102% 102% *101% 103
5
5
5
5%
5%
5%
*42% 43%
*43
42%
43
43%
74
*50
5%
*50
51%
'52
11%
50%
11
11
74
*50
51
50
""400
7,200
700
4,400
*68%
70
*68%
74
70
*68%
69
*68%
70
*55
70
*55
70
*60
70
*55
70
*55
70
*55
*35%
37.
*35%
37
*35%
37
*36
37
*35
37
*35%
*93
98
*93
98
*93
98
*93
97
*91
95
*91
10
100
70
36
94%
37%
62%
36%
37 '
62%
24%
6%
36%
62
24%
25%
6%
7%
*10
12
12%
22%
23
22% 2278
*108% 111 1
*1087g 110
7%
7%
7%
734
25%
*6%
*10%
*43
44
43
63
63
61%
*125%
...
*125%
*6%
8
4%
*6%
*3%
3%
4
4%
*4%
29%
6%
31
30
6%
7
12%
6%
8
12%
12%
678
8
7%
*28
*90%
29%
91
*18%
19%
11%
li%
11
3334
*33
29%
*33
90%
18%
36%
38
36%
62
62
61
61
25%
6%
26%
24%
25%
99
*29
32
*29
*6
*19%
*51%
69%
16%
22%
21%
20
52
19%
70%
16%
109% 110
51%
69%
16%
•
6%
7%
29%
90%
18%
7%
*28
7%
7%
8
28%
91
19%
*27%
11
*11
11%
11%
33%
*33
33%
33
*108%
23%
17%
18%
*90%
18%
99
*97
22%
23%
22%
19%
20%
20
51%
52
51%
70%
71%
71
16%
16%
16%
110% *108% 110%
23%
23%
23%
*17%
50
*48
50
3034
26%
30%
*2534
31%
26%
30%
*25%
•
700
20,800
1,500
900
19
114
21%
*21
21%
16%
16%
*73
800
8,500
1,850
22,400
18,100
300
5,000
50
17%
17%
18
18%
113% *113% 113%
19%
19%
19%
*98%
99
99
70
11,900
1,600
20
2,800
75%
*73
75%
115
115
100
2,000
22%
75%
22%
19",600
*73
22%
23
20
20%
20
20%
53
19%
52%
69%
16%
20
52%
52%
52
52%
"
23%
21%
16%
72%
16%
109%
2334
71%
16%
108% 109
23% 23%
21%
22
16%
16
21%
16%
300
7%
*784
69%
1634
7 034
17
108
108
♦223s
23
2084
21
1534
16
3,000
1,300
35,200
1,200
1,300
1,500
1,100
4,100
*19
20
*19
20
20
20
*17%
22%
30
*48
52
*48%
52
48
48
*47
48
50
30%
*25%
31%
21,400
26%
800
31%
32%
30%
32%
3034
31%
26%
26%
;r26%
26*i
25%
26
Bid and asked prices: no
sales on this day.
t In receivership,
Deo
99%
Feb
128% May
4% Oct
160%
Jan
Dec
7
Deo
8
Oct
82
Oct
3%
Oct
26% Dec
3%
Oct
*27% Oct
24% Nov
July 25
a Def. delivery,
Bayuk Cigars Inc
preferred
Beatrice Creamery—
preferred w w
stock
Jan 22
May 27
Mar 31
4% Mar 25
6% Mar 26
1
2
Mar 25
12% Mar 30
5
Dec
6
Jan
Mar
33
Deo
95
Nov 29
447g Nov 10
72
Jan 14
2978Nov
8% July
14% Jan
27% July
109% Aug
97g Jan
48% Aug
68
106
Feb
Dec
88
June
70
32% Nov
66% Dec
94% May
104
55% Mar
Oct
29
9
Oct
20
18
Oct
11
10
8
101% Sept
7% Dec
39%
Oct
44
Jan
37
Mar
52% Mar,
38
Nov
94
7
101
Dec
133
Nov 15
4%
Oct
18%
6% Jan 12
568 Dec 6
36% Dec 5
3%
36%
2
Deo
Sept
15
Dec
July
7
10% Mar 30
9
Mar 30
2%
Oct
5
Oct
8%
Oct
10
Oct
30
Oct
89
Dec
10%
Oct
7% Dec
Mar
116% Feb
18% Mar
Nov 14
126% Dec
8
Feb
Oct
6
5
rCaahsale
71% Dec
18
34
9%
Mar
Jan
Jan
Feb
Feb
62% Mar
9% Jan
23% Aug
40% Mar
47% Mar
45
Feb
110% Feb
43% Mar
32
Jan
42
Jan
9
20
Nov
21%July 19
21
Nov 14
10
Oct
Jan 31
108
19% Dec 9
Oct 19
30% Mar 12
92
Nov
105*4 Mar
29%
Dec
43% Feb
114% July
15% Feb
115
Nov
102
94% Apr 2
6% Mar 31
67
Sept 26
8% Mar 29
115*4 Nov 22
9
July 19
16% Mar 31
2678 Mar 31
39%May 27
12%June 14
20% Nov 22
Mar 31
114% Nov 12
29*4 Oct 17
17%June 3
9% Mar 30
10% Mar 31
13% Apr 4
37 May 10
Feb
67%
9
7
10
21% Mar 29
75
24% Mar
101
50
9
Dec
125
10
No par
90% Apr 29
Nov
6
Jan
Dec
23% Oct 24
14
Oct 20
9
80
Oct
Oct
99is Mar
Nov
12% Mar 30
5
Mar 23
11% Mar 30
4%
2%
Feb
13*4
83
8
Jan 21
27% Dec
Oct
8
39% Nov 9
95
Nov 29
73% Sept
11
6% Mar 29
Apr
Feb
Mar
58
7% Nov 26
15% Nov. 9
25
Feb
46
121%
111
9
Aug
Mar 31
Apr
Feb
37% Jan
10% Feb
70% Mar
16% Feb
17% Jan
100
July
Mar 30
109
24% Aug
Oct
6
No par
100
26
No par
Feb
97
111
30
9
Nov
4
2% Mar 29
—50
Beech-Nut Packing Co
20
Beldlng-Hemlnway....No par
Belgian Nat Rys part pref
Bendlx Aviation.
5
Beneficial Indus Loan..No par
Best A Co
No par
Bethlehem Steel (Del) .No par
6% preferred..
20
7% preferred
100
Bigelow-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
6
w New
Mar 29
86
79% Feb
69% Mar
126
13% Jan 11
36
Juiy 21
98
July 19
5H% preferred....
Barnsdail Oil Co..
$5
5
22% Mar 31
2
Jan
Feb
Feb
8% Nov
Mar 30
2%June
Jan
20
Dec
75
4% Apr
14%
79
96
75
72
100
Feb
107
57
13
72
No par
20% Feb
29% Jan
94% Jan 31
63% Nov 14
27
50
Oct
4%
May 12
14
Deo
Jan
93
*52
Bangor A Aroostook—
50
Conv 5% preferred..—100
Corp
2% Dec
22
12% Nov 12
40
Oct
Jan
1037g Oct 24
7
July 19
72
Jan 12
Mar 19
July
Oct
116% May
122% Oct 19
Mar 29
66
Oct
10
96
7
8
4% July
31% Aug
1
39
4
{Auburn Automobile ..No par
No par
$5 prior A
......No par
Aviation Corp of Del (The)-.3
Baldwin Loco Works v t C--13
Baltimore A Ohio
....100
4% preferred.
100
1st
Apr
July 14
Mar 30
24% Mar 26
5% Mar 25
2% Mar 30
72
Nov 29
Austin Nichols
Barker Brothers
7%
Jan
58%
43
3% Mar 26
28% Mar 28
No par
Corp
Barber Asphalt
24
71%
16%
preferred
1,000
115
99
9% Oct 17
1017s Apr 12
5% Mar 30
38% Mar 26
36
Mar 29
105
Jan 3
1,800
,
Deo
7% July 19
Nov 9
series A—100
5
6% preferred....
Atlas Powder
18%
23
109
4% conv pref
Atlas Corp
11
7%
67
9% Nov 14
17% Mar 31
Beech Creek RR
8%
187
16% Nov 10
91
Aug
1
25
32%
17%
115% 115% *114
Oct
Mar 26
20
Fe—100
100
Atlantic Refining
1034
*98%
Nov 14
140
45
116
Line RR—100
Atl G A W I SS Lines—No par
5% preferred
—..100
32%
17%
19%
99
7%
5% preferred—
11
18%
Oct
21
Atlantic Coast
33
*113%
19%
*97%
Atch Topeka A Santa
11
17%
Oct
14
3% Mar 31
23% Mar 31
4% Mar 30
Goods——-1
6% 1st preferred—
100
7% 2d preferred
100
Assoc Investments Co..No par
5% pref with warrants..100
$6 pref without warrants 100
Jan
104%
152
Apr 16
68
100
7% pref
Jan
Jan
88% Aug 6
91% Oct 25
3% Mar 28
6
Mar 30
Associated Dry
Jan
56%
143%
25%
150
58% Mar 31
Apr 1
100
6% conv
27%
90
73%
26%
Oct
24
117% Mar 14
130
Co—No par
Arnold Constable Corp
6
Artloom Corp.....
No par
Jan
Feb
20% Oct 27
Sept 14
99% Sept 2
12% Mar 30
111
Mar30
58
Mar 30
Armstrong Cork
Atlas Tack
7%
18%
Jan 11
50
*32%
114
18%
19
31
68%
7% Dec
11% Jan 18
Jan
154
148
Oct 11
pf7% gtd 100
Armour A Co of Illinois
6
$8 conv pref
No par
40
14,600
*
22%
Nov 10
19
82
100
•
31
*48
16%
90%
90
18%
18
18%
*17%
16%
21
100
*26%
7%
28
88
33
99
200
7,400
6%
7%
6%
6%
7%
27%
90%
19%
11%
16%
20
21%
6%
6%
6%
22%
21%
16%
20
22%
1,400
4,900
...
_.
115% 11534 *114% 11534 *115% 115%
7%
7%
*7%
7%
*7%
8
75%
*73%
75% *72%
*72%
75%
2134
'
22%
17
17%
17%
17%
17%
18%
18%
18%
18%
18%
*113% 114
*113% 114
*113% 114
18%
18%
18%
18%
18%
18%
99
25
16,000
61%
2534
*60%
*10
17%
18%
*97
37%
36%
37%
63
25%
40
91
*584
7
*5%
6%
6%
11
11
*10
*10% 12
12%
11
22%
22%
22%
22%
22%
22%
22%
108% 108%
108% 108%
108% 108% *108% 109%
734
7%
7%
7%
7%
8
7%
8
43
43%
43% 44
44%
43
44%
43%
43%
-67% 67%
67
67
65%
66%
63%
63%
62%
*125%
125% 126% *125%
*125%
6%
6%
*6%
7
*6%
6%
*6%
6%
7%
*3%
3%
4
3%
3%
*3%
3%
3%
3%
5
4%
4%
4%
4%
5
4%
5%
5%
3134 3184
34
35
33
33%
35
36%
36%
684
7
7
7%
7%
6%
7%
6%
6%
13%
12%
13
13%
12%
13
12%
13
12%
6%
'
37%
62
24%
Nov
20
Armour ACo (Del)
7% preferred
"moo
800
*68%
62%
Oct
125
105% Mar
Dec
6% Mar 31
June 10
100
7% preferred
9%
36%
Nov
46
12
Andes
1,600
94%
41
Mar 31
800
7%
*91%
Mar
2
300
77%
9%
94%
Feb
58
Oct
7%
*91%
29
7
*73%
94%
36
24% Deo
122
38
Feb
15% Dec
7% Oct
20% Oct 17
7%
*91%
46% Mar
101% Aug
2
16% Mar 31
Jan
Oct
Mar 31
77%
94%
7
Feb
Deo
Jan
Feb
Jan
170
Oct
61% Nov 14
148% Aug 30
Dec
Jan
Mar
63% Deo
80% July 20
140
Feb
Mar
29% Feb
Oct
16%
10
*7%
*91%
Oct
140
Copper Mining
20
A P W Paper Co
No par
Archer Daniels Midl'd.No par
"""366
*73%
9%
91
Oct
9%
217s Aug
5
113% Oct 19
7%
91%
Oct
26
42% Oct 17
64% Oct 31
77%
10%
68%
91%
Dec
3
31
May 26
Mar 29
7%
68%
26
10% Mar 31
97
Apr 6
10%
9%
Nov
207a Jan 12
23% Nov 9
35% Jan 11
68% Nov 9
Jan 17
17% Mar
68% Feb
24% Nov
100
29
*73%
984
29%
13%
68%
129%
31%
16%
87%
72%
AnchorHockGlass Corp No par
$6.50 conv preferred.No par
7%
10
Oct
Anaconda W A Cable—No par
11
11
Oct
3
900
77%
7%
*74
10%
Mar
Mar
Mar
Mar
Feb
125
$5 prior conv pref
26
Anaconda Copper Mining..60
74
3:50
11%
11%
11%
*50
51%
74
52
Oct
42",700
....
43
5
43
•
*121%
53
25
59
*121%
Oct
Nov 12
5*4 Deo
300
33%
3284
*54
56
18%
18%
18%
18
18
18%
18
18
17%
112% *110% 112% *110% 112% *110% 112% *110% 112% *110% 112%
15
15
*15
*15
17
17%
*15
17%
*15
16
17%
2%
2%
*2%
3
2%
2%
*2%
3%
*2%
3
3%
28
28
28
28
28
28
*27
27%
28 ,r 28
28%
121%
45% Apr
Founders Ine
10
Elec.No par
$6 1st preferred
No par
American Woolen
No par
Preferred
100
Amer Zinc Lead A Smelt
1
37
*29
37
Oct
14%
10
10
13
12
24% Nov 12
Mar 29
130
'
34%
33
*53%
18%
14
21
23
47% Nov
41% Nov
19% Oct
165% Jan
22% Apr 1
28% Mar 31
Am Water Wks A
800
*30
Oct
Oct
Oct
Nov 17
29% Jan 18
7% Oct 17
Mar 31
103
11%
55%
52%
4%
27%
20%
32%
1%
20
19
29% Nov 10
7% Mar 26
Am Type
200
5%
<
Nov 14
57gNov 15
Mar 30
19
100
6% preferred
800
11%
6%
Feb
3% Mar 29
No par
No par
American Sugar Refining.. 100
Preferred
100
Am Sumatra Tobacco. -No par
Amer Telep A Teleg Co
100
American Tobacco...
25
Common class B
25
2,800
8584
*18
44
,
6,600
5%
*32%
*120% 103
,
100
11%
59
17%
"2",400
8534
7
Jan
Jan
21
15
14% Dec
7% Oct
2% Oct
2
207. July
Mar 26
23
American Stove Co
5%
6%
Jan
38%
58%
99% Mar 30
20
Mar 29
American Stores
12%
33%
32%
*53
2,100
86%
38
*30
8,600
8%
145
5%
11%
68%
Oct
14% Sept 28
33%
500
5%
37
7%
*85
Deo
5%
79
25
100
4H% conv pref
10,800
7%
17%
12% July 20
44% Nov
2% June
20% July
8% July
American Seating Co.
150
Jan
Mar 26
Oct 4
Nov 26
Mar 30
Mar 29
6% preferred
100
Amer Steel Foundries. -No par
7%
13%
30%
1%
13%
4%
12%
100
150
Oot
36
American Safety Razor.
1,200
Jan
2%
148% July 1
13% Mar 30
58
Mar 29
1,300
13%
2
25% Feb 25
100
American Rolling Mill
100% 101%
*18
19%
7%
7%
7%
12%
Mar
Mar 29
61%
86
Jan
225
2
300
83%
17
Oct
12
137%
2I84
Oct
5% July
16% Mar 31
9
Mar 30
700
16%
2184
5
175
9
.18.60
.IVo par
Amer Ship Building Co.No par
Amer Smelting A Refg.lVo par
Preferred
100
American Snuff.....
26
*15%
7% Nov 14
Jan 22
177
$5 preferred
No par
Am Rad A Stand San'y.JVo par
"lV,900
51
Oct
10
No par
Preferred
69
Nov
2
6% Mar 30
No par
$6 preferred
Jan
80
2% Mar 30
13% Mar 29
No par
No par
Amer Power A Light
33%
Jan 18
6% July 25
2% Mar 31
2,500
24,000
15%
20
32%
32%
8%
86% 86%
27149% 150
99% Mar
12%
16% Jan 12
83
5% Jan 12
45
Oct 17
122
Nov 23
1,500
20
*60%
83%
83
30% Mar
6% conv preferred
100
American News Co new No par
38
7
6%
21%
Oct
Oot
17% July 25
100
16%
32%
101% 101%
*18%
19%
148% 149%
8%
978 Nov 14
Nov 14
Mar 31
162
49%
8%
16%
21%
23% Mar
15
June 17
100
1934
33%
8%
Jan
Oct
Mar 29
10
8,200
1584
*143
32%
5%
36%
37
32%
145
29
44
Amer Metal Co Ltd
37%
3234
37%
*135
8%
34
86%
5%
5%
*143
145
Dec
100
Amer Mach A Metals
5%
5
60%
Apr
Aug
20%
5%
No par
Preferred
26%
26%
52%
112
July 19
Amer Mach A Fdy Co—No par
200
120% 120%
32%
160
Oot
20
American Locomotive..No par
2,800
38%
69
60%
61%
15
3%
*158
137
Oct
90
6% non-cum pref
100
Amer Internat Corp...No par
15%
*19%
51%
138% *134
*85
89
86%
5%
5%
*5%
*85
86%
89
*86%
19%
32%
19%
32%
5234
11%
86
1
American Ice
15%
19%
15%
9
6
American Home Products.-.1
20%
69%
69%
15%
6% preferred
Jan
Oct 21
Nov
Dec
60
American Hide A Leather
200
1,200
2,800
6,100
1,000
2,900
14%
3%
37%
70
15%
15%
15%
al5%
15%
16%
19%
19% 20
19%
19%
19%
32
32
31%
31% 31%
32%
62
51%
52%
5134
50% 51%
*136
139
140
138% *136%
141
*60%
61% *60%
61% *60%
61%
*143
*142% 147
*142% 147
146
32
33%
33%
31%
32%
32%
8%
8%
8%
8%
8%
8%
*15%
16%
*15%
16% *15%
16%
22
21%
22
21%
22%
23%
101%
101% 101% 100% 101
102%
19
19
*18%
19% *18%
19%
148% 148%
148%
148% 148%
148%
83%
84
83%
*83%
83%
84
85%
87
86%
86%
152
*150
151% 151%
155
151%
7%
7%
7%
7%
7% •
12
12
12%
12
11%
11%
300
Feb
125
117
May 26
Mar 29
1,900
6734
162
Oot
104% Feb
33% Aug
No par
1,200
15
19%
20%
20%
71
20%
No par
100
1%
14%
6%
24%
68
68
*158
162
*158
162
Oct
Sept 28
2% Mar 25
4
Mar 29
177
Jan 22
43%
6%
4
36
8% Mar 30
1%
*120% 122
*120% 122
*120% 122
*120% 122
*120% 122
26
26
25%
26
*25%
26
*25%
26
*25%
26%
5%
5%
5%
5:
5%
5%
5%
5%
5%
5%
38
39
2:37% 38
38
38
*38
39
37%
38%
33
33%
33% 2733
33%
33%
33% 33%
3334
34
16%
16%
16
16
16%
16%
16%
16%
165s
16%
*158
3,000
14%
39%
Feb
No par
$6 preferred
No par
Amer Hawaiian SS Co
10
4%
24%
*3%
Jan
71
68
43%
6%
25%
2738%
174
9
29
15
4
121
Oct
Oct
Nov
88% Mar 31
13% Sept 15
4% Mar 29
29
68
40%
Dec
No par
$7 preferred
1,000
4%
69
151%
15%
$72 d preferred A
12%
14%
*13%
14
6%
Amer A For'n Power
900
1,000
8
24%
38%
3%
*334
1%
14
Amer European Sees
It)",800
17%
12%
14%
4%
30%
43%
1%
4%
*28%
4%
31
*28
30
*11%
Oct 13
Nov 9
Nov 9
Nov 9
9% Mar 29
89% Feb 18
100
Amer Express Co
3
2%
8
105%
176%
34%
57%
23%
100
American Encaustic Tiling..1
2,500
4%
*16
8
13
7%
160
No par
6% 1st preferred
230
500
*167
16
16
8
13
4,400
300
3%
2%
3%
16%
14
14%
4%
4%
4%
'
.30
3%
16%
9%
72
8
500
*167
Dec
Co NJ25
American Colortype Co
10
Am Comm'l Alcohol Corp..20
American Crystal Sugar
10
5,600
4%
Oct
109
Am Coal Co of Allegh
""960
9%
28
Aug 24
No par
5% preferred
American Chicle
600
11%
9%
4%
4%
*6%
Preferred
7%
72
72%
6%
7%
L*12%
9%
4%
500
*167
500
72
100
.No par
100
Am Chain A Cable In
100
17
11%
9%
11
74
4%
6%
4%
5,200
*7%
7%
7%
12%
9%
9%
73
1,000
20%
20%
17
8%
12
10%
75%
*6%
8
*6%
8
9%
*74
46
*44
3,400
*114% 125
*117
121
121
*117
17
12%
12%
10%
76
21
*114% 125
121
17
12%
11
46%
21
21
28
27%
28%
Feb
Feb
31%
80%
Oct
9
135
70*4 Jan 8
160% Mar 30
12% Mar 30
27
Mar 31
26
American Car A Fdy
7
14% July 29
52
Apr 21
114
100
Preferred
200
175
*173
share
per
$ per share $ per share
$ per share
6% Mar 31
23% Mar 81
1
Fdy.lVo par
5% % conv pref
American Can
5,000
94%
93%
175
46%
48%
20%
8
76
40
28
*114% 125
121
135
94%
*173
29%
8
76
12l2
175
48
121
*130
Am Brake Shoe A
1,700
93%
29%
47%
20%
117
121
*1012
12l2
29%
46
135
*130
95
*170
175
175
45
$
American Bosch Corp
2,500
7%
7%
46
Highest
Lowest
Highest
Lowest
Par
Shares
$ per share
7%
7%
45
135
94%
95
94%
122
122
45%
*130
135
*130
130
130
94
95%
95%
*170% 175
*170% 175
28
28*2
27% 27%
46% 46%
*47% 48%
20
20
20%
20%
*11414 125
*114% 125
95%
7%
47
7%
7%
46%
7%
4534
$ per share
$ per shaer
$ per share
7%
45
7%
44%
100Share Lots
EXCHANGE
Saturday
7%
45%
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
Sales
CENT
NOT PER
for
$ per share
3571
New York Stock Record—Continued—Page 2
147
83
Jan 11
25% Oct 19
9%
13%
Oct
Oct
Oct
7%
Oct
Oct
82%
Dec
8%
Oot
90%
15
Oct
Nov 14
29
Dec
77% Nov 12
41
Oct
14
Oct
56
18% Nov 10
35% Feb
20% Jan
115
Aug
28%
Feb
88% July
30% Feb
23% Jan
62% Jan
105% Mar
20
Jan
Feb
Feb
Jan
22% Dec
129%
69%
24% Nov 9
19% Nov 12
13% Nov
38
21% Oct 28
15% Dec
85% Nov
9
Oct
29% Mar
32%
Jan
Jan
July 25
60
Deo
94%
Sept 14
35% Jan 17
16
Oct
49% Mar
15% Mar 31
3012 Oct 11
21
Oct
48%
19
55
xEx-dlv. v Ex-rights. 5 Called fnr redemption
Feb
New York Stock Record—Continued—Page 3
3572
LOW
HIGH
AND
SALE
PRICES—PER
SHARE, NOT PER
CENT
STOCKS
Sales
NEW
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Dec. 3
Dec. 5
Dec. 0
Dec. 7
Dec. 8
Dec. 9
$ per share
104
104%
$ per share
104
104
$ per share
104
104
$ per share
t per share
Shares
*104
10412
51
50i2
12
51
51
12
12
51%
12%
17%
30
16%
17%
30
31
12
16%
17%
17
30
30%
*2%
24%
2%
24%
*5%
12%
28%
6%
12%
29%
29%
2%
a:24%
*5%
*34%
*41%
38%
42%
*2
*96
38%
4%
33)2
22%
14
18%
2%
18%
*2
*12%
13
7%
20%
*3%
7%
2012
3%
12
12
On Basis of IOG-Share
42%
12%
40%
17
17
17%
16%
*33%
36
*33%
10%
10%
*32%
*21%
13%
0%
44%
4%
33%
22%
13%
18%
*2%
18%
2%
12
44%
4%
7%
3%
11%
35%
1%
7%
5%
5%'
33
8%
*44
45
*115
86%
*104
105
21%
95
14
*91
101
46%
*934
39%
102
40%
10
39%
102
*28%
9%
39%
32%
*86%
*U
*2
29%
9%
39%
33
88%
%
2%
*%
2%
*11%
%
2%
12%
*%
*%
%
35%
17%
20
20%
51
*50
1%
7%
%
2%
*2%
15%
15%
37
*45%
*%
47
53,
534
32
5%
33
33
97
16,400
67%
67%
67%
15%
67%
19%
334
4
109% *109% 110%
7
*6%
7%
6
6
*5%
4%
4%
4%
4,900
3,600
5
*91
9%
978
37
*9
10
10
10
41
103
*102
29
28
29
*9
9%
9%
39
%
33%
87%
*%
%
*2
2%
*11%
2%
12%
2%
*12
2%
12%
%
%
%
%
%
2%
h
%
%
%
%
2%
1578
37%
*37
*46
47
*46
*9%
*13%
11%
12
*33
*9%
*13%
39
14%
%
%
%
2io
12%
2%
*12%
2%
12%
%
%
%
%
%
39
36%
47
46
40
58
*%
1%
1%
1%
*34
1
10%
%
10%
14
14
12%
12%
37%
h
1
10%
12
12%
37%
80%
75
75
62
*52
113
113
28
28
-
72
55%
22
22
*127
129
*1000
*18
20%
5
5
6%
7
6%
61
16
16
15%
1534
*96
98
*15%
16
*29%
30%
6%
6%
32
80%
9%
4%
19%
79
129% 129% *128% 130
*60
61% *60
61%
32
78%
9%
4%
19%
*
*112%
27%
*61%
56
22%
18%
*5
6%
534
15%
15%
95%
15%
*29%
6%
76%
79%
4%
72%
56%
22%
129
129
130
130
61
61
*1000
16
4%
78%
113
28
28
*61%
56%
22%
*127
*52
21
20%
*
69
113
113
72%
22%
27%
*61%
5534
22%
72%
129% *127
56%
22%
129%
129% 130% *129% 132%
*60
62
*60
*1000
61
33%
*106% 108
*8
20%
18%
"
18%
*5
5%
5%
6%
*5
5%
7
16
15%
16%
15%
15% 16%
95% *95
96%
16
15%
1534
15%
16
*29%
30
33%
14%
33%
14%
104
14%
20%
18%
*31%
30
30
15%
29%
16
*15
30
293g
.
•
Bid and asked prices: no sales
on
this day
£ In receivership.
13
Dec
1
90
Dec
115
9
72% July 21
52
Oct
28
Mar 28
82%
39%
12%
107%
June
41%
Jan
24%
Jan
200
Certain-Teed Products
00
2
100
6% prior preferred
3,000
2,200
300
3,900
9,200
12,700
1,500
1,600
100
....
Checker
Cab
Preferred series A.',
100
J Chic A East 111 Ry Co
4%
300
450
""900
2,000
900
"5",600
1,400
60
1,100
33
1,400
Preferred
preferred
conv
No par
($2.50) cum dlv No par
J Chic Rock 1st A Pacific
100
7%
0%
preferred
100
preferred
Chicago Yellow Cab...No
1,000
70
7,700
200
6,800
100
10,100
40,900
2,200
15,700
90,300
cDef. delivery,
3
Oct
18% Mar
Dec
32
1
4
Oct
%
Dec
1%
Oct
-
19
Jan
Nov
9
39% Nov 14
47
Mar
Jan
3% Mar
7% Mar
% Dec
2% Dec
19%
6%
Oct
33
Feb
28% Dec
45
Aug
0% Mar
Feb
Nov 17
1% Jan 20
9
3
% Dec
6
2% Jan 12
July
7
%
Dec
1%
Oct
1
Oct
6%
Oct
3% Mar
10%
Feb
8% Mar
12
Oct
13% Nov 14
3
Oct
1578 Mar
Oct 16
5
...5
No par
Climax Molybdenum ..No par.
Cluett Peabody A Co..No par
Preferred...
Coca-Cola Co (The)
..100
No par
3% Mar
25 May
35% Mar
7% Sept
59
Jan
30
31
31
26
5
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
Class B
2.60
Columbian Carbon v t c No par
v t c
No par
preferred.No par
Columbia Gas A Elec. .No par
0% preferred series A... 100
5% preferred
100
Commercial Credit
10
111
Nov 15
57
Dec
92
Feb
Feb 28
58
74
July
4
75
Mar 26
115
Aug 31
2
76
July
Mar 29
Mar 31
Jan
3
976
20
June 24
9% Mar 30
3% Mar 31
4% Mar 29
4
Apr 1
13% Mar 29
13
Mar 29
53% Apr
9
1
Mar 30
27% Apr 1
6% Mar 30
67
60
3
May 16
Mar 30
84
Mar 38
May
Commercial Solvents..No par
6% Mar 30
90
Jan 31
Commonw'lth A Sou. .No par
$0 preferred series...No par
1
Mar 29
25
Mar 31
Commonwealth Edison Co..25
22% Mar 30
9
% Dec
*
Feb
76
Apr 7
Mar 26
Nov
15%
07%
32%
10%
31% Mar 31
sale.
21%
60
4 H % conv preferred
100
Comm'l Invest Trust.-No par
$4.26 conv pf ser *36.No par
r Gash
135%
Oct
5% Nov 9
27% Oct 19
23
Rights
80
Dec
11
Mar 24
87%June 29
No par
Colo Fuel A Iron Corp.No par
Oct
40%
Mar 22
100
100
36
2
..No par
conv preferred
51
Ex-dlv.
v
Jap
Jan
88% Nov 9
13% Jan 12
64
10% Mar 26
105% Mar 30
57% July 8
May 5
7% Mar 30
78 May 31
13% Mar 31
.No par
Coca-Cola Inter Corp. .No par
Colgate-Pal moll ve-Peet No par
New stock,
4% Mar
13% Mar
10
Dec
70
n
Mar
Oct
19% July 26
100
30,900
90% Mar
68% Mar
100
Oct
5
9
Feb
2
1% Jan 10
1% Jan 10
5% July 22
Mar 30
106
oonv
%
Feb
48
7
July
1
% Sept 15
Clev El Ilium $4.60 pf.No par
Clev Graph Brbnze Co (The).l
Clev A Pitts RR Co 7% gtd.50
$2.75
Deo
Feb
63% June
1% Jan 10
5% Jan 10
15% July 19
8
37%June
CCC&StLo uls RyCo5%pref 100
400
Oct
89
82
111
Mar 29
4% 1st preferred
293s
31
Feb
12
25
Equipment.i.
Columbia Plct
Nov
5
23%
10
City Stores
5%
z 40
Jan
Jan
86% Mar
27%
22%
Corp
0% preferred
Collins A Alkman
2
Jan 17
Mar
14% Mar
115
12% Jan 12
No par
Class A
Oct
Jan
Mar 25
City Ice A Fuel.......No par
6H% preferred
100
City Investing Co
100
Clark
6
Jan
8
Chlckasha Cotton Oil
Chllds Co
Chrysler
July 20
9
Mar 31
1
Dec
3% Oct
18% Oct
103% Dec
25% Nov
1% Feb 23
4
Oct
Sept
34%
9
% Nov
% Dec
% Dec
22
3%
95
Jan
Jan
par
940
500
5
% Aug 17
100
100
1,200
% Dec
Nov 12
89
1% Mar 23
6% Mar 31
Colonial Beacon Oil
15%
Apr 26
2
Colorado A Southern
50
June 18
70
par
470
2,000
1,600
22
100
Chicago Pneumat Tool.No
100
""500
27% Mar 30
8% Mar 31
100
"4366
4
2% Sept 28
Chile Copper Co
41,300
6
33%
12%
48%
38%
June 14
0
100
Pr pf
400
Oct
Mar
May
Chicago Mall Order Co
6
JChlc Mil 8t P A Pac.-No par
6% preferred
...100
tChicago <fc North West'h.100
$3
3,100
46
106
June
18
100
preferred
12% Oct 22
17% Mar 31
94
Jan
59% Oct 15
4% Mar 30
6% preferred
100
t Chicago Great Western.. 100
100
200
Aug 26
26% Mar 29
6
Chesapeake Corp
No par
Chesapeake A Ohio Ry
25
400
1,400
2,100
1,400
3% Mar 31
88
1
Cham Pap & Fib Co 6% pf.100
Common
No par
7
18% Dec
Century Ribbon Mills.-No par
Preferred
100
Cerro de Pasco Copper.No par
300
6%
6%
6%
6%
6%
6%
6%
6%
6%
*74%
77
76%
76
75% 75%
77
77
79
*68
68% 68%
69
69
69
69
69
69
69
"68" 68"
56%
56%
56%
56%
56% 57%
57%
58
57
57%
58
57%
*107% 109
*107% 108% *107% 108% 108% 108% *107%
108% 108% 108%
60%
60%
59%
60
60%
61
60%
61% z59%
60%
59% 60%
*10834 110
110
*108% 110
110
*109% 110
*109
110
*108% 110
9%
10
934
9%
9%
9%
9%
9%
9%
9%
9%
9%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
47.
47
46% 47% *46% 48
46% 48
45
x45% 46
45%
26%
26%
26
26%
26%
26%
26
26%
26.
26%
26%
26%
SM
*32
®#4
•«i
9.
532
hi
hi
»84
%
9
Sept
16% Nov
90
Oct
104
106% *104
108
*104
108
*8
*8
*8
20%
20%
20%
19
19%
19
*18%
19%
*18%
5
5%
5
5%
5%
43g
7
7%
7%
7%
6%
6%
7
*5%
7
*434
*4%
5%
16
16%
16
16
*15%
15%
15%
15%
15%
15%
15%
15%
96
*95
96
*95
96
90%
Feb
105% Aug
41% May
Oct
*1000
104%
Jan
100
Dec
June
""440
61
129%
97
8
69
28
72%
56%
22%
22%
*127
129%
*129% 130%
105
30%
14%
104
4%
20%
27%
*61%
5534
*60
*1000
1478
14%
1434
14%
14%
105%, *103% 105
*104% 106
32
1
32
31%
32
78%
9%
75%
*111
27%
57%
12
Deo
Nov
4
62
*4
4%
20%
*
70
75
75%
9%
13%
26% Nov
5
2
July
12% Dec
97
40
96
37%
77%
*9%
4%
21%
20%
*
34
*30
62
%
1%
9%
13%
11%
9!
113
28
*30
81
*9%
,
1934
69
*106% 108
*8
*37
2%
15%
35%
46
%
1
.
*9%
*13%
75
12%
2%
15%
2)35%
*45%
1%
*34
*9%
16
%
2%
1%
*52
*4%
19%
%
36%
*46
2%
75
*65
%
2%
16
39
9
%
84
62
12
*9
Mar 30
9
82
5
Nov
9% Apr
191% Aug
8% Jan 10
6% July 25
104
Apr 2
2,000
2%
15%
1
27
%
16%
37%
%
10
27
100% Oct
80
Feb
35% June
111% Nov 30
14
July 25
510
102% 102%
2%
%
100
No par
100
Aug 4
July 25
68
102
99% April
6% Dec 7
4
Mar 29
1,200
1,500
.
prior preferred
5%
500
2%
10%
*36%
*34
1%
7%
Celotex Corp. new
120
29% Mar 31
100% Jan 4
Oct
13% Nov
2% Oct
Central III Lt 4V$% pref.,100
Central RR of New Jersey. 100
1,000
14,700
%
16
'
22% Nov 10
4% Jan 12
107% July 25
Dec
37% Dec
90
Jan
17% Mar
61% Jan
18% Mar
52% Jan
Central Vloleta Sugar Co... 19
90
87%
234
2%
16
preferred
100
Celanese Corp of Amer.No par
Jan 17
61
700
2,900
4141
47
*15%
37%
9
%
7s
%
284
par
4%
Nov 23
89
Oct
Nov
200
33%
%
100
8% Aug
45
2% Mar 25
02% Mar 31
98% Jan 3
Dec
6%
28
38% Mar
Oct
32%
2%
100
No
31
28
14
13
July 25
Oct
44
8% Jan 10
42
2
4% Mar
34% Mar
03% Apr
12%June
9%
Oct
39%
12
I
Mar 30
May
Aug
2
85%
2%
11%
%
2%
11%
Dec
Feb
24
38%
*2
49%
Jan
48%
3
33%
80%
2%
Dec
Feb
5% July 25
9%
39%
%
34% Mar
12%
18%
Mar
Mar 20
38%
32%
%
41
Oct
Oct
Jan
Feb
Mar
40
3234
*85%
%
39
*85%
2
2%
9%
*102% 103
28
28%
*9
9%
9%
*9
38%
32% 6 33
*85% 8778
38%
41
9%
91
Oct
Feb
preferred
Central Agulrre Assoc..No par
Central Foundry Co
1
97%
46
103
28
9%
20
10
6%
8,700
600
1
preferred A
"3J00
*91
97%
46%
40
41
103
38%
32%
88%
*2
48
41
9%
*102% 108
2878 29%
*91
97%
47
*39
38
38%
*31%
*85%
*91
97%
46%
46
46%
75
20%
5
21
Caterpillar Tractor
100
15%
*65%
19%
*49
*7
60
*93
101
Oct
Oct
51
37% Apr 29
25
Case (J I) Co
Preferred
1,000
15%
67%
20
4%
*6%
*5%
4%
$3
3,100,
93
62
*31
3%
15%
67%
19%
*49
*106% 108
100
Capital Admin class A
600
92
*4%
45%
*102
7%
16%
62
*103% 105
7%
95
109%
33% Mar
Oct
5%
16%
24% Jan 11
8%May 27
12% Mar 30
par
..No par
Cannon Mills..
400
15%
7%
*91
14%
5
Canadian Pacific Ry
17,000
94%
*49
14%
Campbell W A C Fdy..No
Canada Dry Ginger Ale
Canada Sou Ry Co
30
5%
321
1534
78%
14%
50
5%
95
7
Oct
1%
10
Jan
July
Jan
23%
7
Oct
24
Oct
Feb
14%
*5%
2%
0
15
37%
95
4
Feb
Mar
Dec
700
10,700
2178
19% 20%
18%
19%
4
4%
4%
4%
110% 110% *109% 110%
*6%
7%
0%
7%
*6
*5%
*4%
5%
*4%
Jan
13
10
16
15
4
July 25
98
65%
45%
18%
35%
11%
45%
18%
36%
9%
62% Sept
0% Feb
1
20%
22
Oct
2% Oct
24% Deo
10% Oct
684 Dec
Feb
117% Mar
14% Jan
20%
6
111
July 19
Oct 17
5
15% Nov 12
44% Nov 10
Oct
Oct
Carriers A General Corp
*65
35
July 25
July 19
Oct
Dec
2%
Oct
Carpenter Steel Co
67%
0%
76
Nov 17
Nov 18
Jan 11
Oct 19
Jan
1
600
45%
Oct
4
17%
3%
3%
88%
86%
86% 86%
117% 117% *115
117% *113% 117%
45
46
45
45%
45% 4534
104% 104% *104
106% *104
106%
23%
23%
22% 23
22% 22%
105
Jan
0
2% Jan 10
800
*104
24%
25%
Dec
10% Oct 17
20% Aug 24
21% July 22
46% Nov 15
17%
88
Jan
34
Mar 31
3%
90%
45
Jan
50
Jan 24
Mar 31
*3%
87
102%
52%
1
19
116% 117%
53
Dec
6% Mar 30
60
19
45%
Dec
45
6%
19
*18%
334
80%
Jan
Jan
Callahan Zinc Lead
19
3%
Jan
Calumet A Hecla Cons Cop..5
19
3%
38%
5*800
"
18%
7%
Dec
5,500
16
45
Jan
6%
1%
Carolina Clinch A Ohio Ry 100
75
*1000
13
8
7
24
15% Mar 30
par
53%
47
Oct
15% Dec
10
Mar 30
No par
No
Packing
preferred
Dec
Dec
1
16% Aug
Mar 31
Byron Jackson Co
22
25*4 Nov
Mar 31
20
Feb
Feb
7%
17%
*32
0
Feb
28
22% July 25
312 Jan 15
17% June 30
31
28
30
31
California
40
1
129
5,500
534
7%
*44
7778
9%
*127
800
18%
300
4
55%
17%
15%
*49%
1%
7%
82
111
*70
*17
6
59%
21
39
16% Mar 30
2% Mar 30
..30
No par
Participating preferred..100
240
51
Mar 26
Byers Co (A M)
45
1%
112% 112%
27% 27%
*61%
72l_
56% 56%
22% 22%
6% conv preferred
Butte Copper A Zinc
78
*%
1%
4%
19%
800
2,400
2,100
*44
*7»
70
35
1
10
Feb
Oct
13% Oct 13
Mar 26
14% Mar
1% Mar
6% Mar
5%May
£Bush Term Bldg gu pf ctfs 100
Butler Bros
82%
8%
75
4%
Bush Terminal
110
81
75
19%
No par
Co.
23%
Nov 25
100%
7%
54%
5%
15% Mar 20
13% Mar 31
6% Mar 29
Burlington Mills Corp..;..
44
*7%
*9%
*
Bullard
Burroughs Add Mach..No par
7%
Oct
14% Oct 24
Apr 18
3% Mar 31
3
Aug
Oct
18
Aug 26
Nov 10
Jan 13
41
75
25
34
2%
7
Nov 9
Aug 20
23% Oct 14
27%May 27
6% Mar 20
5% Mar 31
No par
81
75
78%
34
*44
preferred
Jan
60% Aug
15% Mar
Oct
14% Nov 29
46% Nov 29
*10% Mar 31
10% Mar 29
..100
44
12%
39%
79%
9%
*35
40
3% Mar 20
5% Mar 30
No par
1,400
3%
11%
45%
7%
3
Feb
Aug
28
15% Dec
12
Mar 30
1% Mar 25
No par
100
Budd Wheel
3,300
20
18
Oct 25
3
Jan
25
22*4 Dec
14%
37%
40%
42%
2%
12% Mar 30
28
Oct 19
Jan 10
8% Aug 24
5% Mar 31
5
preferred
1,100
7,400
7
3%
33
28
Mar 20
Bulova Watch
500
9
11
5%
*32
Mar 29
4
15 May 31
10% Mar 31
No par
Budd (E G) Mfg
460
13%
20
18%
14
1,400
20%
3%
11%
16%
Dec
8
1
9%
50
13%
17%
6%
16%
17%
45%
19%
*46
7%
70
23
*10
1%
10
Bucyrus-Erle Co
6,900
,
13%
17%
8
Deo
Bruns-Balke-Collender.No par
2,400
9
8
11
82
1%
15
1%
9%
23
17%
19%
51
July 19
Jan 12
Mar 23
14%
19%
36%
4%
$6 preferred series A.No par
Brooklyn Union Gas...No par
"MOO
13
4%
32%
4
7
2
6
Brown Shoe Co
32%
2
20%
3%
11%
*35%
17%
19%
*49%
1%
8%
16%
16%
18%
50
5%
51
1%
7%
19
18%
3%
12%
36%
17%
20%
35%
17%
%
37
9%
*13%
11%
3%
12
8,400
2,400
2,900
40%
10%
5,800
*42%
13%
7
1,500
95
20
4
*20%
378
12
2
*11
73a
20%
100
22%
*63
4
1,300
5%
44
14
June
45
86%
13%
*110% 111%
*7%
7%
0%
6%
*4%
5
1,400
1%
9%
123g
97
17%
2
7
20
3%
1178
35%
17%
20%
*4978
1%
7%
14
17%
14
*11%
7%
23%
9
1
8
105
22
70
35*
96%
534
44%
4%
33%
23%
46% Apr
82
117
*93
21
2%
12%
20
3%
45%
*104
21%
*93
*13%
*02%
*20%
3%
86%
*115
45%
18
2
23
43 ig
4%
*32%
93
Oct
*44
19
19
117
45%
18
4%
33%
14,900
36
6
Oct
39
Bower Roller Bearing Co..17
Brewing Corp of America -_3
Bridgeport Brass Co ...No par
Brlggs Manufacturing..No par
Brlggs A Stratton
No par
Bristol-Myers Co
6
Brooklyn A Queens Tr.No par
16 preferred
No par
Bklyn-Manb Translt_.No par
*33%
*12%
9%
'
6
76%
Oct 14
8
82%
3%
14
6%
Nov 26
52
45
*7%
*44
20
3%
80%
*96%
4534
4%
33%
23%
143s
7%
32
82% *___
*19
10%
97
0%
44%
18%
2%
5%
97
10%
97
14
4%
32%
22%
13%
18%
*45
32
12%
10%
6%
45%
4%
32%
2234
*16
5%
32
36
xl2%
9%
10%
45
16%
18%
*33%
13%
13%
100
0
49
18%
*40
*31%
*7%
*
1%
*7%
16
10%
12
7%
20%
3%
11%
20
13%
*96
100
0
13%
36
105
5
2
42
16%
6
Jan
16
10
13%
41%
16%
10
Apr
100
8,900
share
per
82
Bond Stores I no
1,000
2,600
Highest
$ per share
share
40
Borden Co (The)—
Borg-Warner Corp
6
per
No par
Class B
Boston A Maine RR
12%
28%
$
per share
700
16%
35
2
$
2,400
16,100
9,500
30%
2%
25%
Year 1937
Lowest
Highest
No par
Bon Ami class A
130
41%
1%
9%
12%
40%
38%
41%
17
30
13%
51
49
2%
9%
12%
41%
*49
18%
2%
2%
10
51
*40
41%
29%
38%
4134
Par
13%
2%
*24%
5%
12%
28%
534
13%
29
Lowest
370
15%
Range for Previous
Lots
EXCHANGE
61%
30
25
13
*49
1%
7%
10%
19%
13%
42
38%
24%
6%
12%
28%
*34%
41%
*1%
9%
57g
13%
28%
*34%
104
1234
2%
10%
*17%
20%
1%
25%
5?8
29
*2
13%
4278
35%
17%
20%
7%
2%
10
37%
17%
20%
10
16%
3178
1278
42%
*34%
17%
20%
-
28%
*34%
2
12
47
4%
*32%
22%
*13%
6
13%
104
*51
104%
61%
12%
12%
16%
10%
30%
31
10
*90
*44
*578
12%
104
*51%
51%
12%
13%
41%
12%
41%
16%
*33%
13%
6%
12%
16%
31%
2%
25%
2%
25%
25
2
10
13%!
10%'
51%
12%
2%
42
2
35
51%
41%
*34%
*41
17%
100
24%
"
12%
28%
28
13%
43%
6
2%
12%
2%
10%
10%
13%
42%
17%
*33%
*12%
10%
#
Range Since Jan. 1
STOCK
Week
$ per share
YORK
Dec. 10, ms
30% Nov
9
Jan 27
60% Nov
7
25% July 22
129
Nov 30
142% Aug
Dec
2
Oct
17%
Dec
98
May
102% June
19% Dec
82
Oct
24% Nov
Mar
Feb
10% Mar
Aug
103% Apr
48
113
Jan
48% Aug
90
Jan
41
Deo
13%
Dec
110%
Dec
2978 July
13278 June
170% Apr
3
93%
Oct
61% Nov 12
56%
Jan
59
8ix
Oct
24% Mar
970
17
May
Nov 10
104% Dec
8
39% Oct 18
107% Nov 15
29
Feb
8
23% Nov 10
8«4 Jan 12
11% Jan 10
10
June 30
22% July 19
22% July 19
98% July 25
19
Nov
9
95
Dec
18
Deo
98% Nov
26
Jan
Oct
Dec
8
Dec
30
Jan
7%
Dec
29
Jan
16% Dec
10% Dec
32
05
10
Nov
Oct
Dec
9% Oct 17
x4%
Oct
83
Oct 15
70
Oct 27
Jan
Feb
5%
25%
5978 Nov 10
108% Nov 21
104%
62%
112% Mar
45
Apr
11%
35% July 19
z68% Oct
64% Dec
30% Dec
80
Dec
Nov 10
34
Dec
112% Oct 28
12% July 29
2% Oct 27
55% Oct 28
86
Dec
5
Oct
64
June
5
517« Feb
27% Mar
Aug
31% Aug
125% Apr
39%
46%
207g
108
101
69%
114
801
120
21%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1
Oct
4%
Jan
34
Oct
75%
Jan
28
May 11
«i«Nov 23
Ex-rigbts.
5 Called for redemption.
New York StOCk&Record—Continued—Page 4
Volume 147
LOW
AND
HIGH
SALE
PRICES—PER
fltapttfl
Sales
SHARE, NOT PER CENT
NEW
for
Range Since Jan. 1
YORK STOCK
On Basis of
Monday
Tuesday
Wednesday
Thursday
Friday
the
Dec. 3
Dec. 5
Dec. 6
Dec. 7
Dec. 8
Dec. 9
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
6%
6%
6%
26%
26%
*7%
*7%
6%
2634
*634
7%
*634
7%
26%
2634
8%
734
26i2
*7%
*4i8
26%
8x2
734
*434
26%
26
26%
25x8
26
8%
10%
10
10%
8i2
8
8
*6
8
25%
2534
*24%
25%
*7%
*314
25%
*8%
8%
*8%
8%
8%
8%
884
634
634
*20
7%
*6%
6x2
0i2
25i2
30
2,000
24%
9%
*7434
80
*7434
80
*74s4
80
*75
80
*75
80
*81%
84
*82
84
*82
84
*82
84
*82
84
82
82
2
2
2
11%
11%
11%
29%
29%
102% 10284
*6%
03g
884
8%
*3%
334
*3%
3%
18
*15%
1%
1h2
29%
1%
*10%
28x4
29%
10134 102
102%
*6
6%
6%
6%
6%
6%
8%
*3%
884
8i2
8%
8%
8%
3%
*15%
93%
102
102
319
3
3%
18
3%
*15%
18
*15
93%
*93
94
*93
3%
3%
3i2
800
28i2
3,800
102
*6
6%
6
6
8i2
3x2
3%
8%
8i2
8%
*3
3%
3x8
r--
9334
14
14%
14%
1434
1334
1334
13%
14
20
20%
20
20%
19
19 x2
19
19
2
4,700
1,800
101%
38
37%
*114
37%
115
*114
101
38
9%
9%
35%
35%
2%
35%
34%
3
2834
19»4
9%
27%
28l2
%6
*2334
48
*63
64
ll7
2334
47%
62%
177
*4%
*175
434
36
4%
*25
'
8
*7%
734
35%
36
*34%
40
*35
2534
47%
24%
24i2
47i2
24x2
24%
1,000
47x2
47%
510
*33%
35%
*333g
63
177
434
115% 115%
25%
25%
115
734
35i2
35
35%
36%
200
8
25
19
100
85
Mar 31
No par
No par
6U Mar 31
4,500
Crown Cork & Seal....No par
100
$2.25 oonv pref w w..No par
Pref ex-warrants
No par
2214 Mar 30
29
Apr 13
25% Apr 1
712 Mar 29
3534
35%
*35
40
*32%
3512
*32%
34%
*30
35
Crown Zellerbach Corp
13%
12%
13
1234
1234
*87
89l2
88%
88%
86
8684
86%
86%
*86%
87x2
240
37%
38i2
38
3834
37%
37%
36l2
37i2
3,000
Crucible Steel of America.. 100
*86
90
37l2
*87%
92
85
86
•
1234
*is0
*%
5%
5%
*72%
75
*13
%
7%
*71%
6
13%
6
13%
534
45*4
4534
44%
13
12%
90
*6%
5%
%
7%
*%
*6%
12%
92
92
*87
%
%
6%
*%
6i2
*6i8
5
75
72
13%
13
13
0x8
45%
5%
45%
5
lZ
5
*71%
13
13%
13%
5%
5%
534
45l2
4514
45%
6%
6%
6%
6%
6%
6%
634
25%
26%
26%
2634
26i8
*72
----
83
*72
83
*43%
83
'
45
45
45
*72
^
~22i2
6x2
23%
23%
23i2
23i2
7%
6%
6%
18%
634
634
*6%
634
*16%
18%
*16%
18%
44
6%
25%
*72
77
46
23
6i2
600
*1634
18%
100
634
2412
80
Preferred
1634
20%
6%
5,600
12,500
%
400
10634 107%
2i2
2l2
Diesel-W emmer-Gllbert
500
203s
6%
110
111
*2%
2%
*6
28
*41
41%
*9
9%
2034
35
734
34i2
34%
28%
41%
28x8
41%
41%
*34
*105
*212
*5
29i2
27x2
41%
%
109
*34
27%
2,280
27%
800
41%
41
27%
41%
8%
1,200
1,200
6,000
89
*3134
*89
41%
89%
89
89
*89x2
90
12
12
41%
8%
19%
89%
8%
20%
8%
19%
12
12
*12
8934
800
3134
12%
3134
33
33
33
*31»4
12%
33i2
*3134
33i2
90
19%
32
*19
18%
19%
17%
18%
18
18%
1834
19i2
19
19%
31%
32
32
32
3112
32
32
32
32
32
5,800
2,400
32
31*4
*5%
6%
*5%
68%
68%
67%
13234 134%
*132% 134
18
•
18
*9%
16%
*17%
*10%
11
*10334 111
144% 145%
934
16%
,
16%
*10%
6%
5i2
584
*5x2
6%
*534
6%
70%
72%
70%
7134
69%
7034
16
11
18%
19
*9
10
*9l2
10
17%
19%
10%
18
11
11
*10%
110
*108
108% 109
144
146%
144% 146
1
143% 145
*10%
9
109
144
9%
300
30,100
11
*10%
«
-
139
138
139% *138
138%
*13712 139
138% 13812 *138l2 138i2
120
120
120% 120% 120
121%
120%
120x2
120% 120% *119
118% 118% *117
118%
118% *117
118%
118% 118% 118% 118% *117
15
15
15,
14%
14%
1434
1434
15%
1434
1434
15%
1434
6%
6%
*178
178
178
181
6l2
634
181% 182
300
170
170
17C
170
*20%
21%
3%
*31%
3%
33%
u%
2%
10%
35%
3234
*31
6%
31%
33%
11%
2%
10%
35
20%
3%
33
2012
6%
3%
33%
*134
1,300
3%
3%
3%
3%
35x2
34%
35%
1h2
10%
11%
11%
1134
12%
2%
2%
10%
2%
10%
2%
10%
2x2
10%
1034
34
34
34
35
30%
3034
31%
32
32
35x4
31%
36x2
32x4
2934
30
30%
3034
1%
29%
2
*184
29
2
*134
29
29
1%
1%
29%
42%
28%
41%
*42
42%
42%
*110% 111
*110% 111
8
8
7%
8%
8%
*42
*110% 111
8
*66
68%
*71
78
8'
68
67
67
*65i2
71
71
71
71
71%
*76
80
76
76
*74l2
*65%
72%
*74
111
2%
2l2
10
460
2,800
3%
34%
11%
2%
11%
2i2
'
2%
10
10%
35%
35%
10i8
35i2
31
31
31
30i4
3OI4
H2
2884
1%
2834
*40
134
28%
1,700
10,200
900
1,700
Hz
*40
4334
2,700
900
2834
2,300
200
43%
*11012 111
*110% 111
8
8%
8%
8%
8i2
67
*65l2
66i2
68
*65i2
111
71
71
*69%
71%
*74x2
71%
2,000
3OI4
80
*73%
76
.
Duquesne Light 6% 1st pf.100
Inc. ......1
Eastern Rolling Mills—
5
Eastman Kodak (N J) .No par
6% cum
21,000
30,300
31
3OI4
4ix2
1,600
3,200
21
34%
11%
100
No par
Eastern Airlines,
170
35
(,
30
*3
3's
34%
21%
deb.
$4.50 preferred
2012
21%
34%
20%
10
29%
42%
20%
21%
33%
11%
31%
170
170
20%
2%
'
29%
170
6% non-voting
11,700
6%
6%
181% 182%
18134 182
*164% 170
6%
6%
6%
179
170
Duplan 811k
No par
8% preferred
100
Du P de Nem (E I) & Co..20
w
7,900
*120
6%
~
30
*138
178
-
144% 145
14434
*166
-
110
*109
30
..100
preferred
100
500
2%
1%
2
1%
2
1*4
1%
1%
2
134
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
314
3%
3,200
2
2
*2%
2x4
2%
2l4
2
2%
*2
2%
600
*4%
4%
4%
4%
*2i8
4%
21.1
434
4%
4i8
4i8
*4
4%
600
*4%
2
1%
..
11%
11%
19%
*1%
6%
6%
*5%
61*
34%
34%
*30%
34%
3134
29%
35%
30%
*13%
14%
13%
14
82%
120
*79x2
120
*97
82%
120
•»
-
1%
100
1,700
9,400
11%
21
11%
2134
1h2
2034
21
1,700
14,200
1%
*1%
2
*1%
2
*1%
2
300
*51.2
3534
29i2
*13%
*79i4
634
6
6
6
6
6
30
36%
3634
*115
-
36%
29l2
15
82%
125
*97
28
*14%
79X4
115
4
4%
4%
4%
4%
3
3
3
3
3
1%
*1%
12%
22%
11%
*21
-
36
11%
1
3634
3634
'36%
28
28%
28l4
28i4
15
14%
14i8
*13i2
15
79.4
80
80
*7934
82%
*110
118
115
*107
"4%
4%
*2%
3
1%
28i8
118
*97
*97
*97
~4%
1%
1%
12%
3%
4%
*3
1%
21%
2
*97
2%
19%
20%
2
*110
79
12
11%
19%
*1%
*79
2
1%
11%
19%
.
2%
1,200
400
20
200
.
4%
4%
4%
3
2%
3
1%
1%
1%
3,300
1%
1%
1%
*22%
25
*24
25%
*25
25i2
25x2
25i2
*23
25
*23
25
*8434
88
*8434
88
*8434
88
88
*8484
3434
8734
*8434
1%
34%
34%
*18%
243,
*
35
35%
34%
24% *_
_
*8434
35%
34%
35x8
2434
*181?
2484
Bid and asked prices; no sales on this day *
*
35%
2434
35
34%
*
X In receivership,
a
90%
Oct
109
Jan
19% Nov
20% Nov
27
Nov
Oct
*
6
Jan 20
3184 Mar
29
Jan
9
8
Oct
13
Oct
58% Mar
5
Oct
24% Mar
I84
88%
Oct
Deo
146%
5
Oct
22
May
12%
29%
18%
Oct
Deo
Oct
30
May
4178 Nov 30
30
Nov
9
Oct 24
734 July
6
10%
Feb
Jan
70%
Feb
Oct
30%
40%
Feb
Feb
Dec
23
684
10
Oot
29
Apr
Mar
60%
Oct
96
Mar
6
18
Mar 30
Jan 12
15
Oct
25
Jan 12
27
Oct
41%
Jan
10%
Oct
4084
Feb
5
Deo
"l2%
Mar
77%
Jan
2518 Oct 6
3478 Aug 16
8U Jan 20
7278 Dec 7
140*8July 7
24i2 July 19
Mar 30
Mar 26
14
Oct
79% Nov
21
14384 July
Dec
55
Jan
8%
Dec
39%
JaD
7
1%
Oct
8%
Jan
17%
Jan
12
Oct 10
10
Oct
115
Jan 27
100
Nov
122
9
98
Nov
180%
13812 Nov 28
120i2 Dec 5
118i2 Dec 3
15i2 Dec 1
8I4 Nov 12
130
Oct
135%
107%
112
109%
Oct
Oct
115%
Jan
2%
Oct
17
Mar
187
Nov 10
144
Nov
198
Aug
171
Apr 20
150
Apr
104
Nov
151«4 Nov
6
3584 Nov
I2I4N0V
Mar30
9
9
4
Jan 11
14
Oct 17
37%
Jan
Jan
Feb
Nov
Feb
15%
-
Dec
284
14%
235s Nov 9
63s July 25
Mar 23
Deo
16
Dec
46%
Fob
Oct
Oct
16
Feb
7%
Feb
Oct
Jan
384
3%
0%
Mar
4612 Oct 17
41«4 July 2
Mar 31
27
Oot
26%
92%
24
Oct
87
Jan
Nov 10
22
Oct
44%
Jan
35
234 Nov 16
2978 Nov 12
4518 Nov 10
17
Feb
3
33
Apr
6
5
111
2i2 Mar 29
38i2 Mar 31
71
40
Mar 31
72
46
Mar 29
94>2 Apr
20%
July 19
1938 Dec
6
Apr 23
Jan
Feb
17
34
2184Mar 31
% Mar 26
"14% 6"ct
Jan
29
Jan
234 Mar 30
33
Nov
60
Feb
100
Nov
115%
Jan
IOI2 Oct 28
li2Mar 29
184June 21
3
Oct
1784
Oct 27
41
Oct
78%
Jan
Jan
Oct 25
45
Nov
81
Feb
79l2 Oct 26
2?8 Jan 11
6I4 Jan 3
884 Jan 6
6i2 Jan 6
61
Nov
86%
Feb
984
Jan
Dec
7
1%
Deo
4%
Oct
Oct
8%
23% Mar
35% Mar
6
Oct
28% Mar
2i8 Mar 26
6
Oct 18
3
Oct
5i4Mar31
10i8 Apr 9
li8 Mar 31
3i2 Mar 30
19i2May 27
22i2May 31
0% Mar 30
67
Apr 11
52i2 Apr 5
96i2 Feb 2
2i8 Mar 30
1% Mar 30
16
Oct 27
6% Dec
14% Jan
34% Mar
2
100
1
June
4
Sept 14
1214 Mar 30
6778 Jan 4
22i2 Mar 30
15
Son« Co.No par
Cash sale
Feb
4078 Oct 24
218 Sept 14
0is Mar 29
22i2 Mar 31
Stores4H% pf—100
Fidel Phen Fire Ins N Y..2.50
r
Jan
24
Oct 19
2
100
New stock,
18%
Oct
303s Oct. 29
Mar 30
13*4 Mar 30
Fed Dept
n
Oct
8
47s Jan 24
10i2Mar 30
Federated Dept 8tores.No par
Def. delivery.
0
12%
Dec
11
157
Fajardo Sug Co of Pr Rico..20
Federal Light A Traction
16
$0 preferred
100
Federal Min A Smelting Co 100
Fllene's (Wm
27
24
6
2i2 Jan 10
1
3
1334 Nov 28
314 Mar 31
12112 Mar 31
Federal Water Serv A.No par
3,500
Jan
Feb
18% Nov
116
Mar 31
109i2 Apr
11134 Jan
Federal Screw Works ..No par
2434
Mar
62
Oct 25
Nov
884 Nov
130«4 Mar 31
100
100
2384
80
17
90*2 Mar 31
100
100
2,000
109% Jan
8% Mar
243s Nov 16
8i2 Mar 28
Federal Motor Truck..No par
8734
1%
,
Oct
Deo
23i2Novl0
91'8 Nov 16
102
par
900
Oct
8%
64%
Nov
25
Mar 31
134May
par
2,400
2
25U Feb 25
6i2 Mar 25
Fairbanks Morse A Co.No par
Preferred
39% Dec
Feb
Mar 18
15
Exchange Buffet Corp .No par
Fairbanks Co 8% pref
20%
iih4 Dec
87% Jan 27
..3
Ex-Cell-O Corp
Oct
iii4 July 29
4i2June
6
.....6
Evans Products Co
4
Mar 30
31
Eureka Vacuum Cleaner
*2
1%
Mar
17
27>8 July
preferred
—100
Engineers Public Service
1
$5 conv preferred
No par
$5H preferred w w..No par
$0 preferred
No
Equitable Office Bldg..No
J Erie Railroad
4% 1st preferred
4% 2d preferred
2
43
29U Nov 9
884 July 20
Mar 30
12
Co
1%
134
*134
Jan
Dec
50
05i8June 17
8i28ept20
28®4June 2
6%
10,000
Jan
12
5
4
Eltlngon Schlld...
No par
Electric Auto-Lite (The)
5
Electric Boat
.....
3
Elec A Mus Ind Am shares
Electric Power A Llght.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
60
Eaton Manufacturing
Jan
127
11
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
200
18%
16%
11
109
18
18
19
*18
*18
*10
*10334 111
133x2 133%
133% 133%
133l2 133%
Jan
17«s
14%
Dec
83
Mar31
4%June 11
Doebler Die Casting Co
27,800
1,400
3
Oct
70
Jan
718 Oct 2 L
28UNov 16
2084 Jan
3H2 Jan
No par
Class A
200
7134
13334 13334
19
*17%
934
934
19
*9%
9%
15*4
*5%
68%
6i4
69
June
26
A..No par
.No par
Ltd.JVo par
6% pref with warrants..100
Dixie-Vortex Co
No par
400
12
12
Diamond Match
Mar
Dec
215s July 18
8I4 Aug 11
56
Aug 10
84 Nov 16
Distil Corp-Seagr's
9
20%
Devoe & Raynolds
%
8I84 Mar
136
3
87
2i8Sept
6% partlcp referred
25
Diamond T Motor Car Co—2
19%
9
*20%
734
Oct
7% Mar 29
100
preferred
90
26i2
27%
32
1134
6%
734
27%
9
12
*1
26%
*1
2a4
Mar 29
4i2 Mar 29
Co.—100
*27%
734
21%
89
2I2
2%
Delaware & Hudson
34l2
27%
9
12%
*34
%
10834
*107
4
2034
9%
21
90
*89
4
*5
734
21%
%
110
*2%
28%
41%
*9
21
4
734
34
28
*105
110%
33%
*27%
734
33%
*34
34
34
%
h
2%
3
76
1634
2034
6%
*110
h4 Jan 7
13i2 Feb 7
6I4 July 14
Det & Mackinac Ry
16%
20%
6%
6
108»4 Apr
tDenv & R G West 6% pf. 100
Detroit Edison
......100
16%
21%
6%
*16
Dec
Oct
130
17
20%
6%
30%
Nov
400
17
21%
66%
80
4
17
21
6%
Dec
94i2 Jan 17
Apr 8
%June 30
9
17
20%
6%
Jan
34
Oct
10
100
17
20%
6%
Jan
Feb
Dec
Delaware Lack & Western—50
17
20%
6%
Jan
100%
8%
1334May 27
1934 Mar 29
500
Aug
2884
21
No par
20
Deere & Co
37
Deo
57%
DaytonPow&Lt4pf-100
Davison Chemical Co (The). 1
1,400
17
6%
6
26
preferred
115
Feb
28% Nov
Nov 15
15'sNov
13% Mar 29
0i4June 4
102i2 Jan
Conv 6%
Nov
6%
7
373s Nov 14
13% Mar 31
Cutler-Hammer Inc....No par
Davega Stores Corp....
21
56%
9
18
No par
preferred
16,500
20%
v
$8
2,100
8
8
7%
7%
7%
7%
7%
7%
111% 111% *100% 111% *110% 111% *110% 111%
20
19%
19i2
20%
19i2
19%
1934
20%
24
24iz
24%
24i2
*2334
24% *2334 24%
7%
7%
7%
7%
*110% 111% .110% 110%
19
19
19
1984
Cushman's Sons 7% pref.. 100
10
40
314 Mar 30
125s Mar 30
48is Jan 11
...1
1
Class A
88% Dec
Jan
10% Mar
443s Jan 111
35
...No par
Preferred
Curtlss-Wright
10
*43%
22%
6%
17
17
Packing
60
Curtis Pub Co (The)..No par
7,800
22% Nov
4384 Nov 12
68t2May 31
12 May 25
43s Mar 31
Cudahy
3,600
35,400
72
*6%
*16%
44
48i2
22%
72
18%
5%
105s July
Mar 29
3
100
Preferred
1,000
2,900
5%
25i2
*6%
*16*2
*23%
13
634
22%
24%
13
26%
24
*23%
20
Oct
2«'%Nov 10
5
6% Mar 31
Cuba RR 6%
1,900
5%
4434
*23
23%
5
75
13%
*43x2
•
(The)
No par
preferred... 100
Cuban-American Sugar
10
90
3
9212 Nov 16
Cuba Co
1,400
5
6%
2534
83
«.
-
h
*65
.5%
44
26%
<
Jan
171%
Apr
47% Jan
25% Apr
68
100
Preferred
400
6i8
x2
6
74
5%
6%
2534
*43%
7%
5%
72
2534
*72
%
*6X4
%
7
5
*71%
5%
75
*86
2,600
Feb
71%
153
Dec
Mar
77
Oot
70
$5 conv preferred... No par
37
6
35%
50%
Jan 12
19% Mar 31
5
13
89%
3734
Oct
9% Oct
4684 Nov
42l2 Oct 8
117U Nov 12
Crosley Corp (The)
40
Oot
4
53s Nov 10
6% conv preferred
Cream of Wheat ctfs
3534
%
1
177
700
21% Apr
Oct
3
Jan
37%
5% Jan
10984 Feb
69% Jan
108% Deo
2584 Jan
4284 Jan
3% Feb
49
July
Nov 29
70% Oct
Jan 31
*85
13
50
1
Apr 1
Apr 12
2% Mar 20
l
*37
*1234
Apr
700
35%
35%
40
8
*35
Oct
2h%Nov 10
Dec
"11
2534
40
Dec
5%
23
3584 July 25
*7%,
35%
36%
1O078
Mar 20
10
3
2534
*35
3712 Dec
9
3012 Nov 12
8
1,100
Nov
21% Mar 30
%May 20
21% Mar 30
»«« Nov 28
102
Co
June 30
1178 July 20
2534
110
40
*35
116
Refining....25
Coty Inc
Crane
49
5
Jan
Oct
7it
June 17
zB3
Preferred
5,500
15,500
30i« Mar 30
8
26
7%
3534
5
Jan 12
9.c*sNov
2534
110
115
25%
734
37%
1
Apr
13%
Oct
100
Corn Products
3,200
4i2
4%
36%
35%
108i2 109
4i2
36
38%
63
177
62%
*175
177
4%
4%
4%
37
63i2
62%
*175
177
38%
47
Motors
Rignts
Continental Steel Corp.No par
Corn Exob Bank Trust Co..20
»32 218,000
*24%
47%
62l2
63%
4%
40
34%
Continental Oil of Del
"64
177
37
734
14,400
"84
47%
115%
115% *115
26%
2634
26%
*115
28%
1784
47%
62i2
4%
Continental
9*l
47i2
37%
28i2
69,800
17«4
24l2
*175
17
2734
2%
l»64
24i2
63%
29
28i2
24
177
36
36%
29%
"e*
®32
25
48
2812
212
3534
2i2
Oct
Oot
Continental Insurance. _.$2.50
35i2
2%
28%
Oot
3
65
5,800
3534
25s
Jan
Feb
177s Apr
10*8 Jan
13%
103i2July 25
0
35%
2i2
Oct
Oct
107
35%
234
Oct
7
1
$4.50 preferred...—No par
34i2
314
108
10»4
Continental Diamond Fibre..5
35%
2%
Nov
234july 16
300
20
92
9
17»4 Oct 14
2078 July 27
2,300
Continental Can Inc
Jan
Jan
Nov
li4Mar 29
05i2 Mar 31
7,800
.
Jan
I884
497s
9»4May 27
8% Mar 20
38%
100
684
Oct
5284 Apr
38
38%
preferred
Oct
92% Aug
37% Apr
*94
101
39x2
8%
1
4U
211, Dec
Oct 24
1
Oct 17
Dec
Jan
Oct
39
10134
3834
234
3
....No par
Mar
Deo
102
39
115
9%
9%
35*8
2%
28%
Class B
Mar
95
7984
*113% 114% *112% 112% *112% 114
9
834
9%
9%
914
834
8%
101% *100
37%
114
11434
1%
87
Oct
484
3
1%
94
1%
1%
Oct
63
10
Container Corp of America.20
2,600
2
65
22
Continental Bak cl A..No par
14%
101
2ij8ept 14
2% Mar 19
Apr 18
20
2
Aug 17
788 Oct 13
10*4 July 13
7i2 Jan 7
55s Jan 12
Mar 30
7
187b
Nov
104
887b Apr 10
27b Mar 30
78
14
2
Mar 31
Consumers P Co$4.50 pfNo par
1934
2
Mar 20
1
Oct
75
412 Mar 20
17
.No par
5% preferred v t o
3
Oct 14
8678
238
1214
34U
5
§00
4/400
14%
2
Jan
Mar 31
20%
2
71
10
14
2ig
101% 102%
4Si Mar 30
lOisSept 17
4U Mar 29
55
Apr 1
100
20%
2
5
per
884 Oct 28
14% July 6
263s Nov 25
103s Nov 14
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) v t C..25
1,000
9334
No par
Consol Oil Corp
900
3x2
16i2
93%
93i2
94%
3'8
3%
preferred
91b Aug
29
Mar 29
No par
Consol Laundries Corp
900
22,200
*12%
18
*15
$5
1
Mar 29
Highest
share $ per share
4ig Oct
19% Feb
20
Dec
45% Mar
712 Dec
19% Jan
Jan
67b Deo *22
8
26
July
pot
$
share
0
1
$2 partic pref
Consol Edison of N Y..No par
38,100
102%
28%
100
100
6 H% prior pref w w
Consol Film Industries
1,300
102%
3%
18
1%
1
No par
preferred
7%
.
10%
102
3%
3%
2834
Consol Aircraft Corp
Consolidated Cigar
50
1%
11
28%
__
10%
1%
1%
11%
11
102
95
*92%
29%
28%
2
1%
11%
28%
37s Apr
per
16
Conn Ry A Ltg 4H% pref. 100
16,500
9i2
734
$
$ per share
No par
Congoleum-Nalrn Inc. .No par
Congress Cigar
No par
80
2
Conde Nast Pub Ino
100
1,500
*7434
*11
Par
7%
26
Year 1937
Lowest
Highest
Lowest
500
684
634
26
20i4
7i2
Range for Previous
100-Share Lots
EXCHANGE
Saturday
20%
3573
*
June
Ex-dlv.
1
y
22% Dec
7
25b Nov
2
IH4 Jan 12
4034 Nov 12
3584 Oct 22
10l2 Oct 15
84% Nov 10
1%
7%
684
Jan
23%
Oct
Oct
Oct
71%
28
Oct
70
Jan
Oct
Dec
29%
Jan
7%
7284
28
Jan
Jan
103
Jan
7
60
Nov
150
Mar
99i2May 17
5% Aug 10
90
Oct
129
Apr
2
Oct
11%
Feb
45s July 25
2%
11%
Feb
1
1%
6
Jan
Oct 14
148,
Oct
Oct
Dec
43*4 Mar
Oct
108% Mar
133
Nov
2% July
29
905, Oct 15
30l2 Nov 14
Z06
22%
Oct
Oct 20
20
Dec
25
Ex-rights,
45%
3984
Jan
Feb
t Called tor redemption.
New York Stock Record—Continued—Page 5
3574
Sales
NEW YORK STOCK
the
SHARE, NOT PER CENT
STOCKS
for
SALE PRICES—PER
HIGH
AND
LOW
Dec. 5
share
ver
Dec. 6
Dec. 7
Dec. 8
Dec. 9
$ per share
% per share
f per share
*23*4
2334
*96
97
23*4
*963g
42
*41
42
26
26
34*s
34 ig
41*%
2512
19*2
*3*4
♦34
*18*2
*33s
34*4
24*4
95
*87
35
*34
*107*2 1081?
23 *2
*87
*87
93
3*2
35g
358
24*2
50
45
45
27*4
28*8
28*4
*258
278
3%
27*4
2*4
3*2
*11*4
3*2
*42*2
3*2
*11*4
12
28
13
41*4
26*8
34*2
41%
26%
35*4
18*2
3*8
33
2334
24l2
2*2
37g
12*4
33
*87
33g
50
28
23g
37g
12%
35
900
Florence Stove Co—..No par
18*2
100
Florsheim Shoe class A .No par
3
400
t Follansbee Brothers..No par
900
Food Machinery
33*2 33%
106*4 106*4
23*2 24%
92
3*4
42*2
2734
2*4
384
89
3*4
3*8
*35
28
27%
2*2
3*2
11*2
2*2
3*2
11*2
12
Fllntkote Co
7,500
60
2,300
135g
135s
14
*14
15*2
*14
15%
14
14
95
95
*93
95
*93
95
*93
95
6
6
*6
6
6%
1834
*18*2
1812
*51
53
*51
6*8
6*8
6*8
6*g
6*2
18l2
1812
1834
1834
*51%
778
187g
*18*2
19
*18*2
19
53
*51*2
53
*51*2
53
8
7%
8
*61
53
8
8
8
8
*99
102
*99
101
97g
3%
1334
14*2
31
*26*8
*65
75
23*8
125
125
23*2
2338
41
41
4134
37
*114
*42
50
23%
3684
114
42
*»4
78
*42
50
70*4
70*4
70*4
12278 12278
78
42*4
40%
36%
114
78
34
49
*42
70*4
126
373g
37*s
114
123*4 123*4
40
40*2
*38
*39
7*4
*7
7*8
*7
10*4
10
42
*7
*10
*107
*107
*138
215g
"184
13g
203g
216s
*85
90
90
158
20*2
12212 12278
47*2
475s
12358 12334
47*8
1*2
158
20
10
*10*8
*107
mm mm
*138
2034
1*2
215g
*85
90
1*2
1*2
*20
3584
20*2
3534
35
20*4
355g
26
26
25
25
2584
*15
15*2
15
15*4
15
*16*2
18
•163a
18
1634
"22%
99*8
22*2
"22*8
99*8
22%
8
8
65
55
*
*
13
13
77g
5412
1212
60
60*8
59
24
24
*48
49
23*2
*46
2*4
2*2
2*2
25s
2%
212
74
74
22lg
22*2
22
68
68
67*4
*74
32
32*8
32%
*100*4 101
101
5*4
5
*47g
*72
75
3534
*
"2284
8
784
54
54*2
127g
127g
597g
2384
*55
49
*47
23*2
48 84
42
----
*107
13g
2U2
1*2
2034
36*4
13*4
60
24*8
49
10*8
1*2
20
20
35*2
25*2
15*4
*16%
36
_22%
23%
77g
55
13
22l2
67*4
3284
101
133g
24
78
*73
233s
6784
337g
223g
677g
3334
23*4
22
68lg
343g
3564*4
5*4
78
101
514
*101
5%
*73
78
1*4
1*4
*72*4
1*4
13g
1*4
138
1*4
138
6*2
6*2
65g
65g
684
7
7*4
1*2
1*2
11*2
11*2
*13s
11*4
13s
11*4
1%
11*4
684
1%
11*8
11*4
*17
18
*2534
*23*2
26*4
2334
15
15"
24*4
24*2
23%
26*4
2384
1484
243g
28*8
28*8
2734
28
*140
17
145
*40
*25*4
*140
49*2
2534
41
*35
25*2
*23*2
1434
*40
25*4
*35
17
140
49*2
2534
*40
*40
40
*35
145
2534
7,100
1,400
33*2
28,400
101*4 101*4
*434
5*4
500
205s
1934
20*4
1978
123s
1238
12
123g
12
*1
1*8
1
*18
1984
*14
*28*4
*33*4
*1034
5
*4i2
20
*19*4
29*4
3378
11*2
*28*4
17
*16l2
1
17
25
26
25%
26*2
*140
12
1
1
IS
21
29*4
33*4
29*4
33
33
11*4
*11*2
16l2
24
*140
42
40
20
12
57,600
3,600
*17*2
29*2
33*4
29*2
*33
11*4
*15*2
*16
17
*99
100
99
99
100
*95
100
*95
100
30
30
*612
*75
—
-
-
7"
77%
*135
684
75
"
-----
*135
7
634
75
*74i2
4
4
3%
*334
*10434 110
*104% 110
1034
10%
103s
105g
*106
112
*159
161
*15*2
16*2
72
713s
*13234 133*4
5612
*102
56*2
37g
106
105s
111
111
*107
161
161
161
*15*4
16
71*2
72
157g
72
133*4 133*4
134
*55
♦55
105*2 *102
60
105*2 *102
140
7*8
77*2
IO84
111
161
73
134*4
60
105*8
*46
47
45
45
45l2
46*8
*110
8%
14%
*107*4
-----
61*4
61
*30*2
61
33
31*2
14
14*8
143s
71
*69i2
70*2
*10212 105i2 *10284
758
75g
7*2
47
47
46%
1*4
*1*2
1*4
*5
*5
6*2
33*8
3278
33*8
7*2
7*2
7*4
2*4
2*8
2*8
14%
14%
14ig
*23
*23*4
23*2
43*2 43*2
4234
8
8*4
8*4
*
-
74*2
*105
6%
75
*74*2
20
46
*19*4
4634
45
----
-
-
-
—
Mar 31
85
preferred ...No par
Gotham Silk Hose.....No par
conv
Preferred
100
Graham-Paige Motors
Granby-Consol M S Ac P
900
•50
1
-.6
pref series...No par
Granite City Steel
No par
8
Mar 30
83
conv
Dec
1% Dec
27% Nov 12
17
Oct
July 21
85
Nov
2% July 25
1
Oct
Oct
Green Bay Ac West RR
Green (H L) Co lnc
100
...1
Greene Cananea Copper ...100
Greyhound Corp (The) .No par
5)4% preferred
Guantanamo Sugar
10
122
Apr 12
July 6
13*8 Mar 30
35
NOV 9
Jan 19
July 18
Jan 11
85
Nov
9
2678 Oct 17
68ig Dec 7
36*g Nov 0
106
Nov 12
6l2 Nov 14
71
Nov 30
2
Jan 12
87g Oct 15
2i4 July 19
1414 Nov 5
223g Nov 12
Oct
1*8
Oct
2
Oct
*83% Dec
12*4 Dec
46
Dec
16*8
Oct
72i, Dec
314 Dec
55
Oct
1%
Oct
3
Oct
1*8
10
Oct
,
Oct
Oct
Dec
78
Oct
3*4
Oct
5
100
6% preferred....
100
Hat
Corp of Amer class A..1
6)4% preferred w w
100
Hayes Body Corp
2
Preferred
6% cum preferred
Hershey Chocolate
100
No par
Dec
50*2 Sept
15*2 Oct
Jan 10
7s Mar 31
30
No par
129
7*8
24
preferred
28% Nov 14
7*2
10
Hanna (M A) Co 85 pf.No par
Harbison-Walk Refrac.No par
6
Oct 3l
50
Oct 14
25
Printing
140% Dec
Oct
20*2 Dec
2312 Oct
Nov 10
26
Water
7% preferred class A
Jan 14
10
June 30
Mar 29
$4
43
13
8
6%
Dec
21
100
preferred
HackeQs&ck
Oct
6*4
49*2 Oct
19*8 Dec
60
4
Mar 28
12
1*4
28
24
Apr 28
30
Apr
35
1
Mar 25
Mar 31
Jan 12
6i2 July
7
Nov
60
12
Oct
Nov 16
12
Nov 12
23*8 Dec
261, Apr
4*4 Oct
17*4 Dec
JuDe
6
13i2 Nov 15
2U4 Jan 15
Oct
88*4June 30
101
Nov 14
95
83
June 23
100
Nov 12
92
15
Mar 29
34*4 July 25
18
Oct
120
7
3
1
121
Dec
*7*4 Jan 19
5
Oct
Apr
4%June
60*4 Mar 31
l%June14
76*4June 1
5i2 Mar 25
75
Dec
Nov 29
618 Oct 19
107% Dec 8
)l*g Nov 30
Oct
55*4 Dec
1*2
81
Oct
Nov
5*a Deo
May
5
111
Dec
5
86
Dec
Jan
8
161
Dec
2
129
Nov
Oct 25
11
Mar 26
42*4 Mar 31
126*4 Jan 19
40
140
Nov
Mar 19
20%
Oct
75
Dec
7
50
Nov
135
Oct
4
125
May
Oct 25
60
39*4 Dec
No par
80
Mar 28
105*4 Nov 18
83
Hlnde A Dauche Paper Co. 10
Holland Furnace
No par
15
Sept 28
17
Jan 31
16*8 Dec
161, Oct
98
Jan 10
21% Nov 3
52*8 Oct 6
118
Aug 31
13*4 July 19
25U Jan 12
108
May 27
66
Aug 15
35*4 Oct 25
18ig Oct 19
72% Nov 18
105*4 Nov 29
5%
conv
conv
preferred
preferred ...No par
Hollander Ac Sons (A)
Holly Sugar Corp
7% preferred
5
No par
100
Homestake Mining
12.60
Houdaille-Hersbey cl A.No par
■
Class B
Household Fin
No par
com
stk.No par
5% preferred
...100
Houston Oil of Texas v t C..25
Howe Sound Co
6
100
5%
preferred
100
Hudson Bay Mln A Sm Ltd 100
3,000
Hudson Motor Car
8,500
Hupp Motor Car Corp
Illinois
1,000
Central
No par
100
Leased lines 4%
RR Sec ctfs series A
»
New stock,
5*4 Mar 28
ll%June 1
102
100
1000
r Gash sale.
Marl6
48i8 Apr 1
17i2Mar31
6
Mar 30
46i2 Jan 4
831, Jan 26
6
Mar 31
23i, Mar 30
1
May 7
9*4 July 20
Jan 13
53*8
3*8 July 14
Mar 29
9*8 July 14
205s Mar 30
93
Nov
Nov
7*4
Dec
161,
Oct
109
z39%
21
6
44
78*2
4*4
37
1*8
31,
Oct
Oct
Dec
Oct
Oct
Dec
Oct
Oct
Oct
35*8 Nov 10
3
5
Mar 30
%June 15
1
6% preferred series A... 100
180
600
Def. delivery
16*4 July 19
July 20
712 Feb
Mar 26
Hudson A Manhattan
14,700
56
7*4 Mar 31
3
preferred
2,600
10,400
Oct
Feb 26
61
34% Mar 29
No par
4,400
100
8
12
------
6,100
3
100
120
700
Jan
Gtiif Mobile Ac Northern...100
20
2,800
Oct
8
32
400
200
8
23% Apr
No par
7,100
95
Dec
Hercules Powder..
800
8
June
Great Western Sugar..No par
Preferred
100
6%
Oct
2712NOV 9
11*8 Feb 26
155g Nov 14
28*4 Nov 10
6,000
5,300
100
9% Mar 30
12*8 Mar 31
10
2,500
2012 NOV 14
Dec
81
4434 45*4
110*4 110*4
7
19*4 Dec
140
200
16*4 Nov
13
25
320
Nov' 9
22
100
45*4
a
Oct
Oct
*99
Aug 30
No par
200
t In receivership,
Oct
3i2
81,
July 18
Hercules Motors
19»4
,
Oct
21*2
95
Gt Nor Iron Ore Prop ..No par
Great Northern pref
100
190
*19*4
-
111
30
2,300
20
-
7
May
28*8 Dec
24
1
-
2*g July
Oct
117
10i8May 26
19
Apr 5
Hecker Prod Corp...
Helme (G W)
-
Nov 10
Nov
48
20
7,400
—
12% July 22
110
Oct
*4
33
10
preferred
5%
10*8
10*4
10*2
107*4 *104% 107*4
-
28*a Nov
20
Grant (W T)
25
—
52% Mar 30
*4 Mar 29
2i, Mar 31
Mar 31
Hazel-Atlas Glass Co
—
69*4 June 17
25s Mar 30
1
(The) Co..
500
200
15i8 Mar 31
1
Grand Union
2,300
112
112% *110
112i2 *110
*10834 112
9*8
9*4
9
8%
9*4
*8*2
884
*8*2
*8*2
15
13
1212 13i2
13*2
12l2 13%
1384
13*2
107*4 107*4 *107*4
*107*4
*107*4
61*4
61*8 6U2
6034
60%
60% 62
60*2 60%
32
3I84 *31
*31*2 32
31*2 *31*2 32
*31*4
14*8
14*4
14*4
14*4
1484
14*4
14*2
143s
14*2
71
71
*70
70i2
71*2
71*2
70*2
70*2 *69
105
*130*4 10512 *10278 104% *103
104%
104% *103
75g
7*2
77g
7*4
778
7*4
7%
7*2
7*2
463g
46*2 46%
46*2
46*2
47*2 48*4
46*2 46*2
1*2
13g
1*2
1*2
1%
1%
1%
1*2
1*2
*5
6%
5*4
*5
5*4
5%
638
6*8
*4%
33*8
327g
32
32»4
333g
3212 33*2
32% 32%
7*2
7%
7%
7*2
77g
7%
778
7%
7*2
2 *8
2
2*8
2*4
2*8
2%
2*8
2*4
2*8
15*4
143s
143g I53g
14-%
15*4
15%
14%
15%
24
24
2434
25*2
24l2
25*2 25*2
2484 2534
43
43
43
4234
43
42*2 43*8 241*2 41*2
8
9
8*2
9%
8»4
*8*2
884
9*4
884
97s July 23
28l2
51%
3*8
37,
Mar 30
June 18
334
3%
Aug
637, Nov 12
124l2 Nov 3
45
July 22
13
37
10
106*2 106*2
16*2
*19*4
3,000
50
32
10
6*8
4
107*2 107*2
10%
*135
160
*158
*156*4 160
17
16*2
16*2 16*2
75
75
74
3574
7334
74*4
134
134*4 134*4 134
134*2 134
58
*55
*55
58
58*2 *55
105*2
103% 10484 104*2 104*2 *104
16
Bid and asked prices; no sales on this day.
—
2834
125
9
3
67
No par
30
30
Mar 29
5% preferred
No par
Goodyear Tire Ac Rubb.No par
Hamilton Watch Co
100
161
16
20
9
-
Goodrich Co (B F)
Hall
17
5
00% Apr 26
30
100
28
Nov 10
50
7218 Dec
37i2June 18
Gold Ac Stock Telegraph ColOO
800
100
1
Mar 29
2is Sept 26
11%
*15
100
6%
74*2
384
111
161
20
16
4
107*2
1034
lOSg
110*2
20
112l2
74*2
4
—
6%
♦106
20
9
*135
7
74*2
4
20*4
*15*4
*107*4
140
634
107
*20
*110
140
300
June
1
100
29*2
9
0%June 13
60
Sept 28
Apr 1
1*4 Mar 26
33*4
*
2834
28*2
200
20
11*4
17
1.900
98
Mar 31
1
8%
4*2
29*2
11*4
4)4% conv preferred
Gobel (Adolf)
Goebel Brewing Co
18
*13
19*4
100
—
1%
4*2
*95
*135
*1
434
100
2912
3,600
12
98
287g
------
19%
100
30
40
*35
98
29l2
4,200
12*8
1*8
100
•
142
25%
100
30*2
4,000
49*2
100
293g
25%
*40
*98
16i2
19,300
25*2
18
Glldden Co. (The)
400
*25%
*98
*16*2
2,900
23»4
1434
24%
20%
19*2
11%
*33
1184
500
24%
*23*4
42
25*2
*4*2
19*4
21
1634
*24
26
*13
5
1,000
49*2
*1
♦15ig
*4*2
*19*4
2914
700
*16*4
142
*35
20*4
5
11*4
25!%
9,000
2,100
10%
14%
41
18l2
*33
15
243g
247g
1484
24*4
12
*4l2
*1914
*28*4
11
153s
197g
*1414
11
15
40
5
33*4
23%
2O84
12*4
21*8
20*2
29*4
33*4
17
2434
•
No par
No par
------
1%
*1%
1034
17
1,200
1%
634
6*2
24*2
40
1*8
78
1*4
1*4
6%
1%
11*8
*40
1*8
*73
78
23%
49*2
26*4
30
64%
25
140
1,600
22%
23*2
25%
3,300
33
247g
23*2
26
49l2
3,200
64
<,
No par
86 preferred
300
2%
2*2
22
*73
1*2
11*2
1734
*17
17*8
17*8
2434 25*4
*23*2 235g
1434
H84
2334 25ig
25*4 2734
140*4 140*4
20*4
*412
*19*4
1%
11*2
23
4734
100
Glmbel Brothers
500
65
1*4
6*2
1*2
9
11712 Nov 25
ll2 Oct 17
Nov
.
preferred
6%
------
2%
5*2
40*8 Nov
7
Dec
33%
*5
12*4 Mar 30
Nov
16
23
102
6*4 Mar 29
101% Apr 9
li4May 21
387s Nov 10
Gen Time Instru Corp.No par
22*2
33
Oct
Oct
200
4734
80
Oct
Oct
Oct
6,200
*73*2
Oct
2i2
6*4
14*4
Oct
12%
80
Oct 27
19%
5
117
8% Mar 23
14i8May 23
700
*74
6
Gen Theatre Eq Corp .No par
5384
78
Oct
65s July 25
1,700
5234
78
136
Oct
Nov
13*2
91,
Gillette Safety Razor ..No par
85 conv preferred
No par
78
6%
91
31*, Nov
18
General Tire Ac Rubber Co..5
2*2
7
58% Nov 9
lli8 July 27
14
6,100
*46
Sept 29
9*8 Nov 10
102% Dec
2612 Oct 14
4H4 Nov 10
6,300
23%
48
9
34
7%
60
Feb
13
22%
12%
19%
13*s Mar 29
7*2
*56*2
Jan
Oct
19% Nov
52
10
Jan 13
?*4
Oct
6
I7*g Nov 10
4
Oct
Oct
1*8
Dec
8
Oct
6^8 Mar 30
12
Apr 6
28*4 Nov 10
16
Oct
23
44
Nov 10
34
Dec
10*4 Nov 12
5
Doc
Mar 30
3*8 Apr
xKx-dlv.
v
2
Ex-rlghts.
Jan
106%
4
lSig Mar 31
"22%
13*4
5834
23%
48%
2*2
2%
33
Nov
Oct 27
No par
86 preferred
7%
1234
11% Dec
10% Oct
88
General Refractories—No par
Gen Steel Cast 86 pref. No par
22%
*56
Jan
15% July
x39% June
730
357*2
54
Mar 31
Mar 25
"22*4
99*8
4
1
16%
*
4
.1
16%
99*8
Jan
25i2Mar31
Ill's Apr 25
21i2Mar 30
Sept 15
18
*
118
3
z&5
Xl4%
25
Mar 25
50*8 Jan
100
16
*2*2
5*4
5*4
6,000
No par
Railway Signal—No par
6% preferred
Gen Realty Ac Utilities
15
2%
101
Gen
..1
No par
1,000
*2*2
101
General Printing Ink
2,900
2l2
101
No par
% Mar 30
25
-No par
20
2%
323g
10
preferred..
Common
Jan
2
Dec
8%
Jan
32%
Oct
Gen Outdoor Adv A...No par
1,700
1%
7
3
34
100
3,700
1%
July 20
Jan
7*2 Mar
Nov 10
6% preferred
1*4
30
July
18
Feb
Oct
48
General Motors Corp
86 preferred
Gen Public Service.
90
18
95
Apr
Sept
Dec
1%
37, Oct 25
57, July 19
Feb
Mar
Feb
Feb
Mar
Feb
83
Oct
No par
21*8
1*4
20%
*85
Oct
Mar
18%
Dec
35*4
2534
14*2
27g
67
900
rnmrnmm-
18
135
Dec
35
2*2
2234
10
mm mm
3
22
20
25g
*74
10
*107
Sept
66
No par
85
32
x99
86 conv pref series A.No par
General Mills
1,100
Deo
Feb 23
20
z2%
78
400
684
40
Nov 12
Gen Gas & Elec A
1,000
40%
684
1*2
54
60
48
123%
*36
2
130
3534
26*4
2*2
2*2
2*2
123
Nov
87
*16%
99*8
*55i2
23*2
57,100
Oct
28
No par
250
47*2
Dec
284
Mar 30
20
18
*54
123
47%
7,900
1,400
66
Mar 30
preferred
------
54%
11
General Foods........No par
%
Oct
207s Mar 31
108% Apr 1
27% Mar 31
22% Mar 30
108*4June 28
300
72%
58
98
11%
35
par
9,800
49
Oct
Oct
100
No
53,500
a4
27
No par
7% cum preferred
2434
.
15*4
734
No par
Cable
General Cigar lnc
84.50
6*2 Mar 31
Apr 12
212 Mar 31
5*4 Mar 31
115
5
35
27
*
No par
Class A
700
100
72*g
90
1%
General
------
1,800
*42
1%
22%
13g
*85
5,000
preferred
General Bronze
114*2 114*2
----
21%
90
Mar 29
36%
10*8
*107
June 15
Oct
per share
41%
107%
52%
46%
58*2
39*2
9%
80
58
4% Mar 31
29
41*8
7
48
Mar 29
36*g
30*8
034
13g
2234
1*2
26*2
1512
1634
54
mm mm
*85
90
*38
7*8
10*8
10
1®8
21*2
99lg
233g
77g
41
7
7*8
10*2
$8 1st
--
800
126
123
Sept 27
82
40*2
49
13
par
7% preferred
100
General Electric—...No par
41*4
37*2
*42
mm
23
126
*113*4 11434
34
34
49
30
75
22*4
72
72
71*2 71*2
123i2 123*2 35122% 123
48%
49*2
47*2 48%
123*8 123*4 123*4 123*2
70*8
12212 122*2
48
483g
*123*4 1235s
70*8
*40*8
30
*65
23
126
127
41%
37*8
114
23
23*4
23*4
1261a *125
41*4
37*8
115
*4
78
*4
*42
75
125
413s
37
115
367g
*114
31
23*8
23*2
125
*122
15l2
31
mm
MarlO
Nov 26
1%
55s Jan 12
4% Mar 29
5
*65
31%
No
$6 preferred..
General Baking
15*8
75
5)4% conv preferred
50
Gen Amer Investors-_.No par
6,200
75
31*8
-
1,600
6
4
*65
mmm— -
Gaylord Container Corp....5
Mar 30
912 Mar 29
Inc...3
Gen Am Transportation
30
*65
10
85
3,000
140
334
4*4
10
No par
preferred.....
5234
10
97g
*135
140
91
101*2
52 *2
53%
Mar 29
Gar Wood Industries
1,200
700
Dec
50
Gamewell Co (The)
Oct
Dec
295g Oct 28
1
11%
15
Mar 31
par
26% Deo
Oct 22
11
10
Oct
Nov
22
5
Jan
.....—10
2i, Mar 31
25
Apr 13
197s Mar 30
1% Mar 29
212 Mar 31
16%
90
39l2 Oct 17
4%
Highest
% per share $
21
37i4 NOV 14
109i2 Nov 12
300
29*2
30
78
10
101*2 *101
1412
143g
*28
z53
5334
*4
334
*70
77g
8
10212 *101
52
53i2
101
X0%
9*4
984
9*4
*133*2 140
*133*2 140
3%
384
*334
3%
1534
14% 15*8
14%
1434
*135
140
*135
37S
3%
14*4
8
101
53*2
97g
535g
934
978
140
*135
53*4
5334
53*2
9*4
53
*77g
101
6*8
Nov 12
30
Mar 29
13
50
*6
43i4 Nov 10
Mar 25
Gannet Co conv $6 pf_.No par
180
95
Nov 10
18
1,800
135s
95
267s
100
share
Oct 24
85
Sulphur Co
Gabriel Co (The) cl A__No
Gair Co lnc (Robert)
700
14
241, Mar 30
107s Mar 26
19*4 June 13
15
Apr 7
l%Mar 26
per
100
100
Free port
3,400
95
Apr 14
$
57 conv preferred....No par
Francisco Sugar Co
No par
F'k'n Slmon&Co lnc 7% of. 100
60
1,200
95
No par
Corp
Foster-Wheeler
2,500
•135s
(The)
4)4% conv pre!
630
50
27*4
2*4
334
1,900
90
3*8
42%
11*2
76
*34
24
23'4
16% Mar 31
6% preferred series A—100
First National Stores ..No par
41%
26%
98
Lowest
Highest
share
Firestone Tire Ac Rubber... 10
*18
106
per
500
23%
3
8
2,300
22%
*97%
41*4
25%
33*2
106
92
3*8
*42*2
2784
23g
3%
12*2
50
3*8
25*8
*87
3*4
*18
33*2
107*2
107
28*4
2*2
3*2
11*4
234
41%
267g
3534
18*2
3*4
3*4
92
*42i2
98
*18
34%
3*4
3*2
23*4
97*2
37g
107
107
23*4
97
41*2
26*4
3434
19
23%
97
35
19*2
35s
34*4
34*4
10634 10712
23*2 23i2
3%
*3*4
2234
26%
35
*34
•
19*J
*18
257g
25%
2384
9734
41*2
Par
Range for Previous
Year 1937
100-Share Lou
Lowest
Shares
97
417,
Range Since Jan. 1
On Basis of
Week
3 per share
233j
23*8
*96
Friday
S per share
Dec. 3
S
Thursday
1938
10,
EXCHANGE
JU!
Wednesday
Tuesday
Monday
Saturday
Dec.
T Called for redemption.
New York Stock Record—Continued—Page 6
Volume 147
LOW AND HIGH SALE PRICES—PER SHARE, NOT PER CENT
Sales
STOCKS
Range Since Jan. 1
NEW YORK STOCK
Saturday
Monday
3
Dec
Dec
% per share
5
.
7%
*7
112
25
*147
*147
87%
14%
8784
14%
5
5
5
5
9%
9%
9
9%
87
87%
14
14%
25
23
23
*23
*175% 177
177
179
177
69
59
58% 59%
*161% 164% *163% 164%
6%
6%
6%
6%
•3%
3%
3%
3%
•8%
884
8%
8%
'52%
135
12
44
*132
12%
44
*3%
*39%
*29%
52%
41
135
11%
43%
3%
42%
3%
3%
42
*38%
*29%
2934
32
52%
11%
30%
32
32
32
*28%
30%
28%
28%
*89
93
93
93
8%
8%
8%
8%
9%
9%
8%
8%
*14% 1484
14% 14%
73% 73% *73% 79%
*10% 10%
10% 10%
*20% 21
20% 20%
*120% 123
*120% 124
*73
73% *71
72%
99
99
99
100
*128
130
128
128
64
62
*120
14*2
14?g
5
5
5
5
878
8
8%
28
J**
8
*2684
28
95
*90
287g
94
91
91
4%
13%
2%
334
1334
14%
24
2%
24
27X4
*90
384
384
13X2
*2%
384
13%
10
5,800
3,300
178
180
178
177% 178% *177
59% 60%
68% 59
58% 59*2
1637g
164% 164% 164
164*2 *160
6*8
6%
6%
6%
6%
684
3%
3%
3%
3%
3%
3%
8%
8*8
818
8%
8%
8%
2,900
9,000
8%
284
*22
24
2%
23%
52% 53%
53% 537.
52%
*13284 135
*133% 135
*133X2
12la
12% 13%
11% 12%
45
45x4
43% 45%
47%
3
3
;
*2%
3%
3%
*38% 40
*38% 42
*38%
29
29% 29% *28
29%
32
32
31
31% 31%
29% 31%
30% 3O84 *29%
95
95
96
96
95%
8%
8%
8%
8%
9%
9
8%
8%
8%
87g
14
14% 14%
13% 14%
*73% 79% *73% 79% *73X2
11
11
*10
*10% 11
*20
*20
20
20%
20%
*120% 124
*120% 124
*120%
72
72
73
72% 73
100
101
100
IOI84 *10012
130
*123
*128
130
*128
13%
2i2
*22*2
53%
52*2 53
135
*133*2 135
13
12% 1284
45
4584
46*2
*2%
3%
3*4
40
3934
200
400
3.800
1,400
1,600
30.500
16,700
13,100
210
40
90
600
29*2
*28
3184
*31
29*2
3I84
31%
95l2
*28
31
1,100
1,000
95
95
410
884
9
14
8%
27,400
87g
8%
8%
13%
*73%
3,800
1,700
13%
79%
11*2
10*8 10%
*20
20%
20%
124
*120ig 124
7912
20
500
400
22%
*21
*14%
15
*14%
15
*91
95
*91
95
*91
95
*91
*12
12%
12
12
12
12
18%
11%
8
*7%
*86%
42%
12%
93%
43%
12%
*24
27
7%
*86%
42%
11%
*2
35
14%
27
*30
*5%
15%
21
*26
29
20
20
*11%
1984
*1584
16
20%
*5%
25
19%
28%
20%
11
11
*11
1984
*18%
1534
*4%
2434
12
19%
*18%
16
20.
16
*4'4
6%
*4%
6%
*23%
24%
24%
24%
21
21%
*113
20%
*113
4%
.
20%
119
%
%
27g
25%
*11%
25%
12
25%
11%
*32
33
31
*52%
6%
62%
6%
51%
36
^
*35
36
*9784 98% *98
98%
98% 98%
98% 9834
*174% 176% *174% 176%
*1684 17% *1634 1734
>35
35%
34% 3484
47% 47%
*46% 47%
; *18
18% *18%
18%
59
59%
5834 59%
*108% 109% *108% 109%
7
6%
58%
*3%
684
57%
334
68%
4
1984 19%
105% 106
21% 21%
7
5734
3«4
•v
*19%
35
27
*24i2
7%
92%
43*4
2*2
45
16%
16
16%
207g
20l2
*5X2
20%
6%
25%
20%
26
26
20
20%
11%
20
•
10%
*19
16
2484
22
21«4
11
*1012
16
34
%
%
3
3
25%
11%
31%
51%
26%
11%
31%
5234
6%
16
5
25%
*24%
5
*21
22
25
23
*115
_
"4%
20
*10%
18%
*1584
*4*4
24%
4%
%
.
16%
230
20*2
4,800
6%
28
600
4
*2
«.
%
A%
2%
234
234
26%
2584
2584
25i2
26
II84
31%
1184
11%
307g
52%
5%
11%
31%
10%
3O84
10%
3O84
53
62
52
52%
31%
53X4
6
6
6
2%
57g
67g
36
36
*34% 36
*34% 36
35% 35%
98% 98%
98% 98X2
98% 98% *97% 99
98
98% 9884
98% 98X2
98% 99
98*2
*175
*175
177.
177
177
176% 176% *174
*17%
*1684 1734 *1684 17«4
17%
17%
I784
337g 337g
34% 34%
35% 35X2 *34% 35
47
47
47
47
46
47X2
*45*2 467g
18%
18% 18%
I884
19%
18%
18»4 19
58
58%
59% 60%
59% 60%
58i2
68*2
108
108% 108% *1083g 109% *108% 109% 108
7
7
6%
6%
684
6%
612
684
58
58%
5712 58
67% 69
58% 59
3%
384
*3%
312
3l2
3%
3%
3*2
19%
19%
106
«
*
m
—
-
800
1,000
4,100
3,100
200
3,600
7,100
120
1534
48%
16
48%
7,800
60
1,100
1,600
29"
28
28%
4234
42%
18%
*34%
.1%
*7
15
8
16
884
*7%
11%
31%
584
*28"
*122
2734
42%
18%
34%
1%
5
8
11%
31%
1%
7%
*7
*15
9
13%
*1%
4%
29"
~
18%
*34%
18%
35%
*134
1%
*7
7%
*33%
*163%
*47%
*5%
*27
*122
28%
16
*1%
4%
7%
15
884
13%
1%
834
*13
13%
16
*1%
19
35
35%
134
18%
3518
1 x2
35%
-
*7
15
1%
1%
4%
5
4%
8
8
11%
12%
32
33%
134
*534
2%
6
5234
53
53
54
34%
33
33
33
33%
*
-
-
47%
5%
27%
*163%
15
914
5
-
7%
13X2
lh
5ig
12
*163%
47%
5%
5%
27% *27
I84
6
31%
6
....
4784
4%
27
48
5%
27
28%
2784
42%
*13
11%
"28%
*12214
27X2
42%
9%
31
48
-
13%
9
*5%
534
-
287g
43%
734
,
28%
*.«•
28%
42%
1834
42%
53
53
"28%
28%
M
27%
42%
'
•
*13
"29"
*12134
27%
42%
18%
18%
35%
34%
1%
1%
6%
1178
33%
2
.7%
12%
35
2»ie
584
53%
3234
5%
5434
3234
164% 164%
47%
48
4%
5
*25%
27t2
19
1*2
*7
7*2
12% »12%
9
8i2
*13
1%
5
684
11%
>32%
2*i,
*5%
*53
1312
1%
5*8
7:
11%
3312
2%
684
54
*27*2
*122%
27%
42ig
18%
35
28%
~
—
par
187g
*1%
*7
1%
7*2
13%
8%
13
8
13
47g
*26
4%
27
1,400
160
4,900
par
par
22
par
12% Mar 31
8
Mar 29
15 Mar 26
100
*1%
5%
67g
684
1%
5%
*94% 105
*94
99
94
94
94
94
12%
1234
*12
-12%
11%
12
11%
117g
12%
97%
*88
12%
*88
•
12%
12%
97%
12%
*92
1234
96%
12%
*92
97%
Bid and asked prioes; np sales on this day.
93%
10%
300
1,400
1,800
110
5
2,400
2,300
100
*93
98
30
11%
11
11
L900
4,900
12i2
12i2
92
12%
*90
J In receivership,
26
12%
95
a Def.
Mar 31
2% Mar 28
14% Mar 31
92
June 22
13% Mar 31
125
Apr 1
12% Mar 31
29% Apr 20
12%May 27
preferred—.......100
1
22
MacAndrews A Forbes.....10
Mar 29
116% Mar 30
No par
t Manhattan Ry 7% guar. 100
6% guar......100
100
delivery,
JVo par
No
No
preferred ox-wan.No
96 1st cum pref
.No
McGall Corp...—..JVo
McCrory Stores Corp
6% conv preferred.
n
New stock,
r
par
par
par
par
par
Feb
Mar
29
Mar
Oct
44%
Oct
35
14%
Nov 14
16
16
Nov 16
13
Nov
91
Nov 29
80
Nov
14% Oct 24
10% Oct 19
7
Oct
23% Feb
4
Oct
Oct
80
Deo
Oct 15
28% Nov
4% Oct
17% Deo
1% Oct
20
Dec
19% Jan
109% Jan
69% Mar
14% Nov 12
30
July 19
3% July 25
35
Deo
19% Jan 22
22% Oct 25
.
11
Mar 23
Mar 31
*
Ex-div.
V
110
8
July 13
31% July 23
4
71
Dec
14
Dec
6
Oot
18
Jan 12
30
Jan 12
17
Nov 12
Oct
8
24
10% Dec
5
Dec
9%
,
8
Oct
203
Oct
Oot
79
Oct
37% Nov 3
101% Nov 9
103% July 25
176% Deo 6
18% Nov 26
40% Nov 9
23
Oot
82
Dec
60
Nov 14
21% July 21
62% Nov 12
111% Oct 26
Nov
14
Oct
43% Dec
99% Nov
Oct 11
1
63% Oct 22
5% July 25
32
9
23% Nov 10
106
Jan 18
7
21% Deo
154
Nov 10
19% Oct
56% Jan
21% Jan
31% July
126
17
10
12
19
Jan 21
40% Nov 10
2% Oct 22
.10% Nov 9
20% Jan 13
10% Nov 9
16
July 23
2% Jan 11
7% Jan 11
16
Aug 6
14% Nov 10
35
Dec
7
2% Dec 8
7% Oct 27
2%
June
Oct
Oct
17% Dec
101
Oot
15% Dec
125
14%
61
13% Nov 10
92% Nov 10
Ex-rights.
113% Feb
Jan
23% May
83% Feb
63
Aug
26% July
87% Aug
110
43%
110
28%
Oct
Oct
Jan
May
28% Feb
147%
17% Dec
25
Dec
Jan
3% Feb
76% Mar
10% Jan
Oct
13% Oct
26% Oct
123% Nov
8%
18%
.
Jan
175
Oct
48% Nov
Jan
114
151
33
Feb
16% Mar
29
Aug
83%
Oct
May
16% Oct
18% Oot
Mar
24% Mar
3% Jan
18% Jan
43% June
21% Feb
68% Jan
83% Dec
5
Feb
51% Feb
Dec
Jan 10
0
Jan
17% Mar
27% Mar
Oct
4% Oot
% Deo
2% Dec
22% Deo
23
Jan
36% July
29% Jan
15% Jan
47% Jan
24% Jan
27% Jan
41% Jan
Oct
22
21% Nov
Jan
Mar
20% Mar
46% Apr
9% Mar
Dec
99
Jan
Jan
Mar
41% Mar
36
Feb
132% Feb
62% Mar
58% Mar
15% Jan
63
Mar
"l8% "Jan
8
.Dec
10
Oct
39
Oct
Oct
Oct
Oct
Dec
Dec
16% Jan
29% Jan
6% Feb
14% Feb
4%
9%
1%
5%
•
6%
7%
10
1%
Oot
Oct
Oct
6
27%
16% Dec
Dec
61
Jan
121.
Oct
5
22
1
46
115% Apr
20
1O0
Cash sale.
Jan
136
Oct 12
Mar 29
Jan
126
64% Nov
15% Dec
19% Mar 31
86% Nov 24
Feb 23
156
Aug 2 166
63
Oct 25
28% Mar 31
7% Aug 8
3% Mar 26
28% July 26
16%June 1
21
20
Apr 22
Mar 29
95
Nov 30
75
Apr 5
Jan 18
8% Mar 31 -16
25
7% preferred
100
May Department Stores...10
93 preferred w w
Mar 30
155
Mar
22
49% Aug 26
19% Oct 27
1% Dec 6
2%May 24
—
Deo
65% Nov
120
13% July 25
24% July 21
32% Nov 16
6% Dec 7
6% Mar 30
14% Mar 30
pref. 100
L.) Co..—...1
Maytag Co
49
Jan 10
24% Mar 30
10
Mai? 26
18% Mar 31
% Mar 29
4% Mar 30
5% Mar 26
2% Mar 26
Macy (R H) Co Inc.—JVo par
Madison Square GardenJVo par
Magma Copper........—10
Manatl Sugar Co
1
Mandel Bros..
JVo par
Martin (Glenn
Oct
~
Sept
*116
_
Mar 29
16
No par
1% Mar 31
4% Sept 14
93%
92
Apr 18
% Mar 26
Louisville Gas A El A..No par
93
*12
Mar 31
Maracalbo Oil Exploration..1
Marine Midland Corp
5
27
47g
Mar 25
12% Mar 31
Rights..
Martin-Parry Corp
No par
Masonlte Corp....
JVo par
Mathieson Alkali Wks.JVo par
47
*26
29
Louisville A Nashville.....100
91,000
53
47
81% Mar 31
Apr 9
14% Mar 31
20% Mar 26
10
Marshall Field A Co
5%
53
81
Mar 30
Mar 30
157
preferred......—-.100
5,900
45,300
20%
Jan 15
Nov
14
25
25
11%
32%
__
Dec
9
97
4
%Mar26
1% Mar 29
19% Mar 30
6% Mar 29
19% Mar 30
23% Mar 31
5% Deo 8
Long Bell Lumber A...JV0 par
2%,
11
31*8
8% Dec
70
Oct 11
7% July 25
1% Jan 12
5% Jan 13
29
July 25
14% Nov 21
35% Oct 21
68% Nov 10
Inc.............JVo par
Market St Ry 6% pr
Feb
15% Feb
8% Nov
36% Jan
107% Apr
26% Jan
80
Apr
127
Aug
87% Jan
120
Jan
Mar 29
9
490
Mar
110
Oot
*25% Oct 13
3
Manhattan Shirt....J...—26
9,500
0
52
Oot
7% July 20
28% Oct
102
Modified
Oct
13% Mar 30
par
-.5
preferred.....JVo par
Mack Trucks Inc
Oot
16
95
par
No par
LorlUard (P) Co
30
8% Mar 31
3%May 13
10% Mar 31
500
1%
47g
Mar 26
200
13
33*2
32% 33%
164*2 164% *162% 164X2
48
900
3
Feb
16% Mar 31
2% Mar 26
10
33
6% preferred...
2,900
3,600
2,400
35
33
47
"""406
—
27%
42%
Jan
1% Mar 29
12% Jan 7
9
Mar 30
par
Ludlum Steel
*28%
*121%
Mar 26
Feb
57is Feb
28% Jan
49% Jan
Oct
Nov 12
24% July 20
123
Oct 18
19
.1
Belt Co......'...JVo par
Loose-Wiles Biscuit
7%
Mar 29
78
par
Lone Star Cement Corp JVo par
5%
8
10
Deo
65
111% Oct 14
130 July
51
Llauld Carbonic Corp..JVo par
600
1934
106
207g 21%
1477g 148
Mar
73% Mar
135% Jan
19% Sept
68% Sept
19%
83% Nov 17
12% July 25
100
1,100
*19%
18
Jan
16% Jan
15% Apr
18% Jan
Oct
6
1,000
1,700
9,900
106
Jan 24
80
Lima Locomotive W1sa.No par
Loft
Mar 29
3
Lily Tulip Cup Corp...JVo par
10,600
*3,100
1,400
6%
26%May 27
6% Mar 31
100
96.60
4
Deo
2
6
63
Apr 5
4% Mar 29
Preferred..............100
200
11% Oct
11% Oct
par
100
Loew's Inc
Dec
Nov
12% Apr
10%May
25
4% conv preferred......100
Lehigh Valley RR
50
Lehigh Valley Coal... JVo par
6% conv preferred.......50
Lehman Corp (The)
.....1
Lehn A Fink Prod Corp
6
Lerner Stores Corp
No par
Llbbey Owens Ford GlJVo par
Llbby McNeill A Libby JVo par
Life Savers Corp...
5
Liggett A Myers Tobacco—25
Series B——.—.25
iiink
96
73
12
Lehigh Portland Cement
km
3,900
7,300
1,400
4,000
84
24
5% Mar 29
Laclede Gas Lt Co St Louis 100
500
22%
Jan 21
124
118
Kelth-Albee-Orpheum pf.,100
Wh'i conv cl A.l
200
100
6
Aug
162
127% May
6% Dec
29% Dec
2% Oct
48% Jan 21
30% Nov 25
35% Jan 24
35% Nov
8
June
49% Apr 1
12% Mar 25
Kelsey Hayes
5% preferred—
Lambert Co (The) ....JVo
Lane Bryant
.....JVo
Lee Rubber A Tire
2,100
120
2%
60
4*2
24%
26
234
100
16
4
%
6,500
20*8
11%
18%
Fob 10
58
Kendall Co 96 pt pf A—No par
Kenneoott Copper... ..iVo par
45
16%
20%
*5%
*21%
"
19% *19% 20
19%
.19%
*105% 107% *105% 107% *106
107ig
21
21%
21% 21%
21% 2184 *2084 20%
*149
151
*149
151
150
150
*147
14934 *143% 1477g
16
16
16
15% 15%
1534
1534
1534 1584
1534
*47
48
47
48
48
46»4 47
49%
4712 48
106
*31
4
122
Class B._...............1
300
40
Feb
Mar 31
16
..5
Keystone Steel A W Co No
Kimberly-Clark....... No
Kinney (G R) Co...
98 preferred........JVo
95 prior preferred-__JVo
Kresge (S S) Co
...
Kresge Dept Stores
No
Kress (S H) A Co
No
Kroger Grocery A ftak.JVo
June 17
Mar 28
July 23
Jan
120
Oct
15% Nov 10
62% Nov 9
Jan
189
Nov
140
113% Apr 30
44% Mar 30
preferred..........100
2,000
6
37
8
Kaufmann Dept Stores.912.50
32,300
Oot
67% Nov 10
Jan 19
6% Mar 30
Kansas City Southera....l00
11%
26%
2%
Oct
2
18% Oct
127% Nov
63% Nov
Oot
63
10
42*2
6
Oct
6
1
800
Deo
2% Deo
1%
12
-
4%
92
3
46% Mar 30
5% Ftb 4
No par
Kayser (J) & Co
Jan 11
6
13% Jan
64% Apr
111% July
11% Mar
2812 Mar
9% Apr
63% Apr
Oot
9% Oct 28
4% Jan 11
11% Jan 21
Mar 25
28
100
700
9
33% Feb
Nov
4% Mar 29
18% Mar 31
2% Mar 30
28% Mar 25
19% Mar 31
preferred
......100
Inter Telep & Teleg
No par
Foreign share ctfs
No par
Interstate Dept Stores.IVo par
Preferred..............100
400
Dec
20
Feb
July
131% Mar
Oct
138
6% Mar 31
7%
Island Creek Coal...
70
Jan 17
1%
164% Oct 29
36% Mar 31
Kan City P & L pf ser B No par
92%
19% Oct 17
22% Jan
47% Apr
Oct
9
Mar
132
5% preferred.....
.100
International Salt—.No par
International Shoe
.No par
Intertype Corp.
May 27
2
5% conv pref.
.....100
Internat Rys of Cent Am..l00
20
1,100
5%
3% Mar 31
15
700
100
*115
120
4
*2*8
*2584
19
5
*115
4%
19
*15%
1934
15%
*484
24%
5
6%
48
Int Nickel of Canada..7/0 par
Preferred
.
100
International Silver....
Mar 29
141
Int Mercantile Marlne.No par
Internat'l Mining Corp
1
Inter Paper & Power Co
June 10
6% Mar 30
Internat'1 Harvester...No par
Preferred
100
Int Hydro-Elec Sys class A. 25
Kalamazoo Stove A Furn
12%
7%
143
180
600
500
Oct
68% Nov
6% Oot
3% Oct
Mar 31
460
9*2
19%
2O84
14%
32
Nov 12
29
Mar 30
2
—No par
Preferred..............100
Jones A Laughlin St'l pref. 100
90
11%
7%
*31
35
19%
*20%
14ig
90
11*2
*86%
42%
11%
*24%
*2%
*8%
Sept 30
95
Mar 26
30
121% 121%
*11%
*7%
*86%
41%
11X2
ins
25%
6%
.26
20%
11%
1934
6
21
16
4%
:
2%
21
9%
19*2
20%
*5%
4%
6%
*35
6%
%
3%
*3
27
„2l«
1584
20%
2134
25%
11%
31%
62%
3
*24%
*113
4%
4%
%
*12
35
*15
6%
*26
*86%
43%
2%
35
15
20%
*5%
95
12%
734
92%
*2%
44
16
*91
43%
8
*24
2%
*14%
12%
7%
92%
44X4
12%
27
12
92%
42%
20%
6%
20%
14%
15ig
95
19%
21%
14%
21
*7%
*86%
42%
11%
*2
35
*15
21
7%
,*24%
2%
*1834
121%
*884
*18%
146
8
80
Johns-Manville..
9%
19%
21%
14%
144
Mar 26
$6
19%
Nov
2
3,600
19%
Deo
72
Nov
15
Intercont'l Rubber...JVC par
Interlace Iron..
No par
Internat Agricultural—2Vo par
128
19%
15
9
117
Prior preferred..
15
....100
Int Business Machines.iVo par *130
'
128
19%
10% July 13
30% Aug 24
Mar 25
Feb
Highest
$ per share % per share
5% Nov 15
9% Nov 16
34% Nov 9
98
Apr 25
5% July 7
16% Nov 12
3% Jan 17
100% 101
19
*21
1
t Interboro Rap Transit... 100
Intercbemical Corp
No par
6% preferred
100
130
19
9
20
Insuranshares Ctfs Inc
101
18% *17%
18%
18% 18%
121% *120
I2I84I *120
12134
12134 12184 *120
Inspiration Cons Copper
8 per share
56%June 17
7% Mar 30
3% Apr 1
2% Mar 26
1
60%
9%
19%
135
No par
No par
61%
9
100
.
Inland Steel...
preferred
63%
9%
18%
2134
preferred
14% Mar 31
60
Jewel Tea Inc
61
*8%
No par
1,000
61
9%
18%
io
Lowest
Highest
9 per share
4
Mar 29
No par
73
73
73
64
63
6%
..
500
4
r4
—
2,500
7,200
3,200
3,300
2,000
13%
2*2
24%
284
179%
6884 59%
16434 16484
6%
6%
3%
3%
8
.
95
28
62
*884
18%
4%
15Xg
5
27»4
»3«4
13%
62
*62%
*17%
1534
5
8%
•23
52
87%
15
Indian Refining
Industrial Rayon
Ingersoll Rand
3.900
1,300
M
87
9
*90
334
13%
2%
*148
.
89
6
94
.
Range for Previous
Year 1937
100-Share Lots
Lowest
Par
400
7
6*2
23% 23%
113% 113X2
87X2
14%
15
*90
*7
24
*148
*147
5
94
*132
25%
115
8%
2684
*90%
*3%
13%
2%
2%
8%
24*2
113% 114
8%
114
88%
27
3%
13%
Week
Shares
88%
*26%
4
Dec .9
$ per share
89%
27
13%
2%
Dec .8
87%
14%
27
On Satis of
EXCHANGE
f per share
24%
114
....
the
Friday
*7
$
8%
25%
25
Thursady
per share
Dec ,7
3 per share
26%
110% 112
7%
Wednesday
Dec .6
$ per share
7%
7%
26
26%
•109% 113
•147
Tuesday
3575
39
Jan
Jan
30% Mar
29% Apr
13%
Jan
74
Feb
41%
Jan
May
33% Dec
4% Oct
165
Jan
66
Mar
20% Dec
44
Jan
35
June
45
Jan
93
Nov
111
11% De c
36
Jan
24%
Feb
142
7%
*66
Oct
Oct
15%
Jan
Jan
106% Mar
1 Cahed for redemption.
N<3W York Stock Record—Continued—Page 7
3576
LOW
AND
SALE PRICES—PER
HIGH
Sales
SHARE, NOT PER CENT
Saturday
Monday
Tuesday
Wednesday
Dec. 3
Dec. 5
Dec. 6
Dec. 7
Dec. 8
$ per share
$ per share
*19
*97g
17%
17l2
7%
3714
9*4
7%
*36*4
9*4
*80
*11
78
67
27i2
*13%
47%
49
49
5%
27%
6
6
6
27%
*12
40
10%
15%
27%
114%
5%
5%
2%
778
2%
*4
84
%
1%
7%
105%
114% 114%
47%
48%
34%
38%
38%
*18
18%
4878
*32
36%
38%
18%
13*4
27%
147g
*15
*39
40
10%
109
81%
81
*110
113
113
5%
*53
7%
8
7%
%
1%
17%
*%
1%
*16%
1%
17
*%
*13%
13%
%
1%
16%
105
115
48%
*31%
38%
17%
13%
106
11534
50%
34%
38%
18
5%
,77
*46
*12
48
8%
*22
48
8%
8%
8*4
22
22
24
13%
13%
13%
13%
12%
13%
12%
13
24%
24%
24% 24%
*165% 167
*16578 167
*16%
16%
*16%
17%
96%
*92
22%
23%
22%
23%
23
12%
12%
*92
*113
106
115
60%
*31%
23%
12%
23%
12%
*113
115
96%
23
115
*46
8%
23
13%
13%
24%
167
*15%
5%
*92
23
23%
12%
115
16%
95%
8
8%
23%
13%
13%
24%
*167
16%
*92
113%
113% *110
113% *110
8%
8%
8%
8%
8%
5%
5%
*5%
5%
*5%
5%
27% 28 %
27%
28%
27%
27%
*110
1%
7%
%
7%
%
*%
16%
16%
*16%
104%
105%
104%
114%
115
114
49%
*31%
*35%
17%
49%
*31%
50%
34%
36
17%
14
5%
*35%
*35%
24%
24%
127g
12%
113
113
113
8%
*5%
28
8%
5%
»
197g
14%
13%
19
14%
19
14%
13%
14%
14%
14%
14%
25%
26%
26%
26%
26%
27%
z26%
27%
*18%
197s
*165
170
*164
170
*163% 170
139
139
138% 139%
*136% 139%
22% 22%
22% 22%
22% 22%
7%
7%
7%
7%
7%
7%
77
76
76
77%
76%
76%
17%
*23%
*66%
*
17%
*23%
*66%
23%
69
23%
69 •
*
75
3
3
17
17%
75
*23
11%
24%
3%
11%
*23%
3%
11%
24%
*68%
73%
*68%
73%
*36
38
*11
36
36
15%
*107% 109
14%
15%
15%
40
41%
17%
17%
16%
*107% 109
*16
27%
36%
*3%
27%
36%
8%'
*....
3
11%
*22%
35%
36%
4
*110
*110
123
23%
7%
77%
7%
78%
77%
17
17%
16%
23%
*66%
*....
3%
11%
*3%
*11%
24
*22%
15%
16
35%
7%
Motor
Mueller Brass Co
2,200
Mulllns Mfg
150
80
4,800
l'f, 500
240
3,200
9,500
11,700
500
Corp
Nash-Kelvlnator
1
National Acme
Corp
Nat Aviation
100
pref
7% cum
Nat Bond A Invest Co.No par
7% pref class B
Nat Dept Stores
8,900
No par
10
preferred
6%
41
41%
1%
1%
3%
1%
3%
%
•*%
%
*%
14%
15%
14%
15
81
85
85
89%
170
170
168
*107
109
*107
168%
Nat
Gypsum Co
National
1
10
Lead
7%
preferred B
17%
17%
16
16
16
18%
16%
29
347g
26%
z34%
*3%
*8
118
*110
28%
27%
347g
34%
4
8«4
118
123
17%
*16
8
34%
3%
3%
8
118% *112
123
*110
1,300
17%
1534
17%
15%
27%
34%
36,600
3%
3%
3%
8
*7%
8%
118%
118% *112
*110
123
123
140
16%
27%
8
3%
*112
40%
*110
27%
28
35
34
*1%
3%
*%
15%
87%
164
164
3,660
1%
3%
%
1%
%
%
lo
14%
15
14%
15
20,800
86%
15%
88
85
85
80
80
1,040
1687g 169
168
3%
%
I2
168
168
'3,700
2,100
168
1,000
108%
20
41,500
*107% 109
107% 107% *107
108% *107
35%
9%
9%
27%
18%
27%
108
18%
108
*8%
26%
8%
27%
143
*139
12%
*48%
*21%
*40%
*114%
68%
*6%
*4
12%
52
22
49
*17
17%
6%
*13
*28%
*39%
12%
9%
26%
6%
13%
28%
40
12%
9%
26%
18%
*105
18%
108
8%
2634
*139
8%
2734
143
12%
*48%
*21%
*40%
*114%
66%
68%
6%
7
4%
38
*33
4
17
*
12%
53
22
49
....
*34
9%
2634
18%
108
*8
27%
*139
38
*34
9%
27%
1834
108
9%
27%
18%
*105
8%
8%
27%
28%
143
♦139
143
*
8%
27%
143
13%
53%
51
51°
21%
21%
49
*40%
*114%
49
*40%
*114%
66%
6734
6%
6%
6
4
4
4
17%
*13
*13
28
28%
28
77g
13%
28%
67%
40%
12%
49
12%
*40%
*114%
66%
68%
6
6%
4
*4
13
6
No par
7% Mar 31
14%June 17
58
Apr 5
'
1
4 Ji % conv
serial pref... 100
Newberry Co (J J)
No par
5% pref series A
100
Newport Industries
1
N Y Air Brake
No par
New York Central
No par
New York
5%
Dock
preferred
28%
12%
13
12%
11734 118
148
148
*148
149
148
Rid and asked prices; notM es on!
148
his day.
12
*116% 119%
148
148
13
13
28%
28%
40%
12%
40%
12
100
4,500
2,600
3,300
119
130
*147% 148
40
119
t In receivership.
0
Del. delivery,
July
18%
Apr
Oct
44
Mar
14
22
9
17
12
Oct
171
127
4%
484
Oct
99% Aug
Dec
26% Nov
30
80%
Oct
75
Dec
75
Dec
3
Dec
12%
Jan
Oct
13%
22% Dec
57%
62
Dec
87
32
Dec
6%
99% Nov
9
Feb
Feb
Sept
6484 Mar
109
Jan
29
Oct
4184
Jan
Nov
10%
98%
Feb
65% Mar
15%
Oct
14
Oct
72
30% Nov
100
Mar
Jan
Oct
15
284
Jan 11
Oct
31% Mar
Oct
12%
25%
Oct
Jan
Jan
Oct
135
Jan
60
Ry Co—100
137
Mar
54
June
54%
Dec
97
Feb
2
Oct
4%
Oct
100
100
5% Mar 26
2% Jan 10
7% July
38
Mar 31
100
Pacific
1
Northwestern Telegraph—50
15%
Jan
5
30
Oct
76%
89% Deo
1%
Mar 29
108
6% Mar 31
North*n States Pow Co $5 pf.
Feb
Oct
198
100
No Amer Edison $6 pf.No par
6%
3
3
60
1
Oct
June
1384 Mar 31
1
5% Mar 30
87% May 3
75 June 21
—
Feb
1
1
4584 Apr
92% Sept 16
25 May 12
8% Sept 14
19%May 31
7% Mar 30
100
preferred A
Oppenheim Coll A Co..No par
No par
..100
preferred
No par
Steel.
$5.50 conv 1st pref.-No par
Outboard Marine A
5
Mfg
.No par
100
10
Coast
1st preferred
No par
No par
Pacific Finance Corp (Cal).lO
preferred
25
Pacific Gas A Electric
Corp
No par
No par
Pacific Mills
Pacific Telep A Teleg
100
.
83% Apr
4
1
Mar 28
1384 Mar 25
122
Jan 14
6% Mar 31
30% Apr
10
1
Mar 30
39% Apr 28
115
Apr 19
272
9
102
Apr
114
Jan
Oct
17%
Jan
Nov 22
3
102
Nov 10
93
Oct
104%
Jan
Jan 13
91
Oct
105
Jan
93%
35
Sept
30
2
Nov 23
1%
8
15
14% Jan 10
32% Feb 23
19% Nov 16
Sept
111% Sept
Oct
Dec
Oct
36% Mar
53%
Jan
6% Mar
Oct
40
9
Oct
24
Nov
22% Apr
73
Apr
26% Feb
6%
90
8
Oct
Nov
114
Jan
Feb
Nov
9
5%
Oct
19% Mar
29% Nov
9
20%
Oct
45%
10
147
Nov
125
9
6%
15% Nov 16
Nov
Oct
140
Jan
Feb
24% Mar
Mar
48
Dec
97
22% Aug 25
1284
Dec
28
52
Oct 11
44
Dec
75
Jan
115
Apr 19
114
May
115
June
60
Nov 16
76% Nov
Mar 30
11%
5*.
t Ex-dlv.
9%
14% July 25
101
Nov 22
Mar 30
1
2
17
6
Apr
Jan
Feb
2% Mar 26
10% Mar 25
3«4 Mar 29
9% Mar 26
2:2284 Mar 30
32% Mar 31
9% Mar 30
87
Jan
57%
Dec
40
100 rl 32W Mar 30
r Cash sale,
Oct
34%
5
No par
180
Oct
41
No par
Jan 13
Nov
Jan
484 Mar
14%
18g Mar 30
Omnibus Corp(The)vtc No par
Oct
48% June
1284 Mar 30
Oliver Farm Equip
%
Jan 11
57
50
Ohio Oil Co
7
26% Oct 17
Norwalk Tire A Rubber No par
Preferred
984 Mar
26%
1% Jan 15
1584 Dec 6
% Dec
100
60
63% Nov 15
l%June10
133
No par
11% Mar
2% Mar 30
% Jan 5
484 Mar 29
100
Northern Central Ry Co
nreferred
Jan
Nov
North Amer Aviation..
6
1484
5
pref
n New stock,
Oct
113
preferred
Pacific Ltg
Jan
17%
Jan 14
Mar 25
Mar 25
Jan
61
55
19% July 23
2
Mar 29
7
150
Dec
20% Dec
63% Dec
July 20
Nov 16
40
Jan
July
5
2
71
Oct
16%
37% July 23
10
Mar
Mar
18
Mar 30
Mar 26
35
38
153
Feb 25
108% Nov
Jnn
Oct
Dec
7
July
12% Aug
26
May
110
North American Co
2d
10%
1
Pacific Amer Fisheries Inc—5
80
24% Mar
Oct
Apr 28
Owens-Ill inols Glass C__. 12.60
100
Oct
Apr 25
Norfolk A Western
Pacific
112
6%
4
111
Conv preferred
8%
26% Feb
112% Mar
Oct
120
{NYNHA Hartford
Northern
Oct
104%
9
.1
3,800
8
12
106% Dec
Aug
5~800
17%
"13 "6~ct "38%" "Feb
Mar 30
Preferred
60
Jan
Feb
101
6
4%
3384
103%
18
20
Jan
Dec
Aug
128gMar 31
2
18% Jan
33% Mar
167
13
l%Nov 15
48% Nov 12
2I84N0V 10
22% Jan 10
38% Jan 12
Nov
Jan
Mar
110
{N Y Ontario A Western.. 100
N Y Shlpbldg Corp part stk.. 1
7% preferred.
100
{Norfolk Southern
100
Adjust 4%
Mar 31
99% Apr 26
9% Mar 31
24%
Jan
Feb
Mar
50
No par
preferred
N Y A Harlem
6%
28
1
67%
6
*4
Feb
71
90
178% Oct
145% Sept
2884 Nov
9% Oct
81% Nov
1
70
108%
20%
Nov 12
16% Oct 22
2%May 24
N a to mas Co
Outlet Co
"
Dec
May
31
3
Jan
Oct
17
145
4% Jan 14
6%
49
*40%
28
118
June
.No par
National Tea Co
Otis
100
6%
Nov 10
Feb 23
6^300
800
24
75
9,300
53
47% Mar
Oct
1
Otis Elevator
22
*114%
6684
6734
4%
160
500
12%
12%
*13
117
4,400
6,200
27
*6
118
32,400
143
17%
*117
50
22
6%
14
28%
41
12%
41%
"l'.eoo
*48
17
41%
700
8
25%
*139
*6%
4034
16,400
9%
8
17
*1234
28%
4034
40
27%
19
9
27%
6%
13%
6>%
800
35
*32
17%
17
17%
♦139
43,900
1834
107%
107% *105
22
12%
149
*148
8%
26%
*21%
118
*115
*105
*51
12%
4
12%
8%
28%
54
*6%
12%
108
22
12%
68
6%
40%
33
9%
27%
19
*21%
6%
13%
40
33
9%
27%
18%
*51
17%
6%
37
9%
28%
19%
600
Oct
82
10%
1%
Oct
8
Mar 31
No par
3%
5
63
6,800
1%
15
Mar 30
June
Feb
Mar
10
16% July 27
17% Mar 29
127
90
3
Nov
17
154
15% Aug
99% Mar
36%
Oct
7
July 25
NYC Omnibus Corp..No par
3%
1%
3%
4
Oct
Dec
Dee
Dec
30
6% preferred series A.-.100
1%
9%
3
23
N Y Chic A St Louis Co. —100
3%
1%
3%
%
1534
89%
4%
50
Jan
44
4
600
20
Mar
12%8ept 24
4,100
150
61
5H% Prior preferred--.100
6% prior preferred
100
'
40
40%
17%
Dec
21
(The) Pa--10
preferred
Nelsner Bros Inc
170
15%
40
$2
1,300
8,100
Oct 13
115% Nov 15
113% Oct 18
10% Oct 22
4484 Mar 31
""600
Feb
17%
National Supply
15%
26
20% July 26
National Steel Corp—.—25
75
15
Jan
Oct
1
Apr
800
700
38%
Mar 31
5,000
"l~606
Oct
9
12%
8%
6'4 July 9
30
Nov 14
6,500
3%
11%
24
*68% 73%
34%
34%
107% 108
Feb
66%
Apr
19
Mar 29
Mar 30
National Power A Light No par
3%
11%
*22%
Mar
46
Dec
94% Nov 19
25% Oct 21
30% July 29
10%May 27
1,700
11,900
21%
*33
100
—100
preferred A
6%
69
Dec
Nov
28
13% Mar 29
5
Mar 29
20%
21%
21%
21%
21%
21%
21% 22
21%
21%
21%
*56
57%
57%
*56
57%
57%
57%
57%
57% *56
57%
57%
16
15%
16%
16%
15%
1634
16%
16%
15%
15%
1538
15%
*101
*100% 102
*101
*101
10034 102
102% *102
102%
101%
102%
*81
84%
63
83
*82
83
83
*82%
84%
84%
*80%
85'
10%
10%
10%
1034
1034
11%
10%
10%
10%
10%
10%
10%
*100% 101%
101
101
101
101
*101% 105
100% 101
100% 100%
*31
33
*32
35
*31
*31
33
33
*31
33
*32%
33
4
4
*4
33t
3%
4
4
4
4
4%
3%
4
109
No par
Nat Distillers Prod
Nat Enam A Stamping.No par
Oct
21
168% Oct 21
Jan 17
Nat Mall A 8t'l Cast Co No par
68
40%
Mar 25
3%
3%
17%
11%
8ept
14% Nov 10
14% Nov 25
12% Mar 31
ll%Sept 28
200
Jan
Aug
109
12% Jan 10
106% Mar 30
105% Mar 30
1,800
Mar
10% July 27
July 29
15% Mar 31
100
100
No par
7% pref class A
Mar
Mar
50
29
Nat Dairy Products...No par
Mar
102
7% Mar 22
8% Mar 30
4,400
14,700
984
34%
6%
12%
40%
107%
30
3
54
6
Oct
16% Mar
Aug
2% Jan
6% Mar
6% Jan
34
Apr
Oct 18
37% Mar 29
684 Mar 30
150
Nov
105
48% Mar
62% Oct 21
110
Sept 28
Nat Cash Register
z71
15% July 22
Mar 29
4
12% Dec
8% July 26
64% Jan 13
Mar 25
Mar 30
77%
16%
*
32
Oct
35% Mar
36%
17% Nov
9% Apr 7
3484 Mar 26
96
Apr 6
20
Rights
41%
18%
4
26
1%
4
107% Nov 12
117% Sept 22
54% Oct 13
11% Mar 29
7%
14%
Oct
5% Oct
1% Dec
20% Nov
Mar 31
8
Oct
Dec
2
11% July 21
2% Jan 8
3% Jan 11
Mar 31
Nat Bond A Share Corp new No
N Y Lack A West
3%
5
10
Biscuit
National
25
""600
23
%
15
3% Jan 12
Mar 31
*60
1%
3*4
6
Nashv Chatt A St Louis—100
100
76%
1% Jan 11
1% July 25
Mar 30
65
23%
15%
Inc..
No par
Murphy Co (G C)
No par
5% preferred.,
100
Murray Corp of Amerlca.-.IO
Myers (F A E) Bros—No par
390
64%
73%
37
Co class B
1
preferred...No par
10
100
170
21%
3%
11%
24
conv
1
5% pref series A w w
10,900
68
3%
3%
11%
11%
*22%
24
73% *68%
35% *34%
1077g *108
15%
16%
$7
5
Wheel
Munslngwear
200
14%
7
% Dec
84 Dec
2234 July 25
27
24
75
1% Mar
484 Mar
% Dec
1% Dec
4%
50
Oct
17*4 Jan 13
10% Mar 31
Essex—i
Motor Products Corp.-No par
300
*66%
*
75
84 Jan 10
98%
40% Nov 15
5,900
*23%
23%
68%
2
9
6
27
26
29
5
6
8
38% Aug
19%
23
7%
78
17
72% Oct 13
Mar 31
137% 138
137% 138%
23%
23%
July 19
Mar 31
25
8
534
27%
*164
170
*164
23
107%
15%
16
26%
139%
107% 10734
17%
26
75
169
139
*68%
17%
*15%
17%
23%
68%
169
*68%', 73%
36
36%
41%
8%
8%
*117% 119
123
68%
41
*3%
4
23%
41
*117% 119
8%
17
19%
197g
108
Mar 26
22%May 27
14%
19%
14%
27
Dec
Nov 17
4
35
50
110
26%
*18%
27%
Oct
Oct
Mar
Morris A
26%
5
5
27
28%
26%
*18%
19
Mar
124
5
140
7%
*434
8%
120
2
113
111
113
8%
Nov
Jan
114
113
53
May
1,900
23
233g
12%
24%
12%
114
Jan
Oct 22
67
preferred
$4.60
1,000
23%
12%
24%
12%
114
122
49% Jan 28
100
Apr 1 *117
% Dec
% Dec
10%May
Jan
72% Mar
26% Feb
Oct
92
% Feb
Feb
Nov
111
600
13%
13%
13%
12%
13
13%
25% 253g
25%
167% 167% *166% 168%
16%
16%
116%
16%
*92% 95%
*9034
95%
*22
22%
*22
22%
100
10
4% leased line ctfs
Mission Corp
1,800
13%
23
{Minn St Paul ASS M...1C0
7% preferred
100
Jan
16%
14
No par
Montg Ward A Co Inc.No par
Morrell (J) A Co.
No par
300
22
No par
preferred
Oct
86
15
""490
13%
24%
168%
16%
95%
4% conv pref series B—100
1
Minn Mollne Power Impl
1
Apr
Dec
4%
Feb
93% Aug
87
36,200
*11%
12%
55% 56
*108% 10934
*108% 110
8
8
8%
7%
8
48
*46%
48
*46%
48
8%
8%
87g
8%
8%
25
Minn-Honeywell Regu.No par
76
Oct
101
30% Nov 14
July 28
Monsanto Chemical Co.—10
12
22
100
8% cum 1st pref..
Dec
3
111
800
54%
22
No par
900
12
23%
13%
14%
6
Copper
Mid-Continent Petroleum.. 10
Midland Steel Prod
50
1484 Oct 17
22% Jan 11
4,200
54
12%
55%
41
66% Dec
4
7% preferred series A -.100
{Missouri Pacific
100
6% conv preferred
100
Mohawk Carpet Mills
20
2,600
13%
25%
5%
36%
5%
6%
36%
14
33% Nov
4,500
17
13%
25%
16% lVov 12
47%Ju!y 25
Mo-Kan-Texas RR.—No par
2,300
Jan
June 13
11
Nov
73
4
26«4 Mar 30
5«4 Mar 31
12% Mar 30
15%June 4
6
1,500
35%
16%
26
500
13%
1%
7%
%
1%
17
104%
115
50%
34%
35
14%
26
*114
*8%
1%
1%
1%
51%
34%
23
24%
12%
115
13%
2
19
112% Jan
34% Apr
47»4 Mar
Jan
Mesta Machine Co
1,860
110
*46
23
166
%
7%
18%
14%
27%
5%
37%
12%
55%
%
%
%
%
13%
%
Dec
16% Dec
$6.50
*%
%
10
7% Nov 16
29% Nov 15
1
—50
50
Merch A Mtn Trans Co No par
20
3,400
Oct
78% Dec
1584 July 22
80
Oct 20
37% Dec
Miami
60
2
38%
110
8%
23%
13%
13%
25
167
13%
115%
17%
14%
26%
5%
36%
37
12%
48
%
1,609
5%
5%
*50
♦%
*%
107
38
*54
*46
,
83
7
67% July 27
5% conv 1st pref
110
113
*110
5%
60
-
14
12*4
5%
♦.50
111
82%
83%
113
*110
5%
2
*%
26
5%
83%
60
2
*%
%
%
14
37
113
2
%
%
25%
37
84%
111
110
5,400
3,300
1,000
10%
15%
27%
10%
15%
*26%
10%
15%
110
%
%
%
13%
2%
8%
7g
*%
*%
*11%
12%
*54
55%
55%
*108% 110
*108% 110
*108% 110
8
8%
7%
8
7%
778
56
5%
5%
60
13%
56
*117g
27%
1087g 109
Nov
32% Apr 1
3% Mar 30
14
May 31
Mengel Co (The)
360
110
6
11% Nov 10
95
Sept
28% J&n
42% Jan
42% Mar
16% Mar
47% Jan
No par
1,400
700
Apr 12
per share
21
6% Mar 26
55
Apr 5
"
15%
Mar 26
784 Dec
No par
16 preferred series A .No par
$5.60 pref ser B w w.JVo par
Melville Shoe
40
15%
*38%
26%
10%
16
25%
5%
5%
15%
26%
11
157g
27%
13%
37%
6% conv preferred
Mead Corp
41
June 14
6
70
Stores
2,000
5%
28%
27
1
100
No par
$3 conv preferred
"""300
48%
5%
16%
40
25%
26%
5U
17%
16%
147g
10%
*53
60
*27
40
27%
1534
28%
80%
80
27%
48
5%
28%
14%
15%
109
109
534
40
28%
10%
27%
49%
49
49
6
14%
104
11%
47%
40%
109
115
T,o66
66
11%
5
{McKesson A Robbing
Mc Leilan
80
65
10%
15%
25%
1%
1%
17l2 1778
104% 104i4
3,200
11%
*50
*55
37%
10%
11%
68
%
13%
11%
95
80
%
%
14%
2%
7%
%
1%
*26
*92
95
*50
7%
"
♦92
'
*66
%
*13%
18%
95
Q
12
*%
*36*4
*92
95
Q
68
*%
48%
9%
80
12
14%
115
9%
9%
*50
14
%
*32
3,800
*66
*113
*2%
28% Dec
17%
*11%
115
*13*4
Nov 16
17%
68
*113
*%
30% Oct
18% Dec
58$ Oct
17%
80
80
*%
63% Oct 27
26% Jan 12
9% Nov 16
17%
*50
81
*%
*92
40
5%
35% Mar 25
13%May 27
5% Mar 29
400
*12
60
Mclntyre Porcupine Mines..6
McKeesport Tin Plate
10
10%
50%
*66
27%
27*2
14%
11
400
20% Nov 22
12% July 27
3,700
9
Dec
Jan 31
Mar 26
MeGraw Elec Co—
Highest
share $
7
*9%
12
*80
512
9%
per
10
50
78
*5*4
*10*8
10%
15i2
1512
*2514
26%
*107% 109
*53
9%
$
share
1
50%
9%
per
McGraw-Hill Pub Co ..No par
2.000
50
10
50%
18%
$
$ per share
2,800
19
19
68
47
6%
41
41
17%
9%
Shares
$ per share
18%
9%
18%
*11
47
*5%
17%
95
*
67
47
17%
7%
37%
9%
10%
19%
*66
12%
*65
50%
17%
*80
95
19
50%
50*4
7%
36%
9%
51
18%
$ per share
$ per share
19
10%
50%
19
11
50%
17%
11
51
$ per share
18%
*9%
1912
Par
Lowest
Highest
Lowest
Week
Dec. 9
Year 1937
EXCHANGE
the
Friday
Thursday
Bangs for Previous
100-Short Lots
On Basis of
STOCK
YORK
NEW
for
Qec. 10.1938
Rants Since Jan. 1
STOCKS
51% Nov
9
43
Nov
149
Nnv
y Ex-rights.
Jan
Oct
15%
Oct
40
4
Oct
27%
Feb
Feb
Mar
10%
Dec
3284
Jan
22
Oct.
38
Jan
z34*4
Oct
5384
44%
9
10% Oct
110
Nov
152
3
135
*rv
140
4
19% July 19
Dec
23
Deo
2%
7%
Oct 2 5
119
IO384 Aug
z9%
Jan 17
Jan 11
21% Nov 22
9% July 19
15% July 23
30
Jan
Jan
Jan
Jan
* Called for redemption.
/
Volume
LOW
high
and
sale
prices—per
not per
share,
NEW
On Basis of
YORK STOCK
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Dec. 3
Dec. 5
Dec. 6
Dec. 7
Dec. 8
Dec. 9
Week
$ per share
$ per share
% per share
$ per share
$ per share
8 per share
Shares
*22
*20
24%
11%
4%
4%
4%
*6%
734
*634
*li4
1%
11%
99%
11%
*56
58
1%
*57%
*95
99%
*95
10%
11
94
92%
11%
1034
*9U2
11
11%
214
19%
10%
10%
56%
11%
7834
4%
22
36'"
*35%
*3%
18%
18%
*134
11%
22,900
4,800
IO84
10%
1034
11%
11%
11%
11%
11%
58
78%
78%
4,200
*1%
1%
200
22%
36"
*35%
3%
3%
14%
33%
*13
14
14
14
13%
14
32
32
32
32%
33
33%
*26
28
18%
*17%
18%
10
8
42%
75
87%
7
*67
75
2%
4%
%
87%
2
2%
*2
3%
*334
%
%
35%
*3
35%
39
*35%
*7
7%
*7
7%
*24%
25
45
*35
45
*40
45
115
*91
115
*91
115
•.
6
22%
70
8%
8%
*12%
13%
*40
42
*24%
25%
14%
%
14%
22
22
%
*8%
9%
12%
2%
*1%
2
10%
10%
1034
54%.
54%
30*4
12%
41%
*24%
26
36
36
14%
%
14
14%
14
22
14
21%
%
%
21%
*%
21%
8
*7%
13
12%
8
8%
12%
12%
2%
2%
2%
1%
11%
2
*1%
%
*10
10%
1034
*30
32
10%
10%
31%
*10
32
55
55
55%
55
116
116
116%
30%
30%
116
30%
102
30%
102%
102
102
3184
33
9%
10
9%
86
*83%
80%
80%
13
13
80%
13%
14%
7%
*13%
7%
14
7%
*75
63
63
2%
*18%
20%
*18%
95
-
14
10%
10%
55%
116
30%
29%
101% 10134
v%
7%
7%
7%
*75
95
*75
13%
7%
*12%
95
13%
14
*75
7%
19
19%
16%
16%
16%
17
17
16%
2234
23
23
23
23
*22%
*15
16%
15
15%
14%
14%
24
*47
55
2234
14%
21%
*17%
*4%
*47%
*8
11
*8
18
*4%
5%
*46%
.8%
*10%
*1834
55
8%
11
24%
18
*4%
5%
63%
2%
2%
2%
19%
1434
15
15
22
22
22
20%
1734
17%
5%
*4%
5%
*4%
*47%
5%
55
*8
11
55
50
50
*8
11
10%
*934
1334
*934
11%
*8%
1534
16
1534
16%
16
*73
76
73%
73%
75%
75%
*57
70%
69%
*67%
69%
2%
23
75%
69%
70
70
16
16%
16%
33%
17%
22%
21%
*72
*72
78
*68
m
15%
15%
33
31%
75%
76
*75%
*45%
53
*28
12%
*45%
12%
84%
*70
*884
9%
43%
43%
56
56
*75%
52
*45%
84
*70
*9%
*15%
*5
4334
56
56
6%
8%
8%
8%
*7%
9%
16%
44%
*2%
98
106
•
12%
*70
84%
934
9%
4334
44%
12
*75
9%
43%
4334
2%
-
400
8,000
400
75%
80
3,400
*70
81%
9%
*9
9%
3,400
44%
4,900
43%
11%
12
200
43%
*4%
~8%
8%
8%
834
8-%
9%
15%
30
*15%
*28%
1
*1
16%
30
30
1
1
44%
43
44%
*43%
43%
8%
*8%
6
8%
9%
43%
%
%
%
%
%
1%
1%
1%
*1%
*3%
26%
1%
2%
*2
28
*3%
2684
27%
85
*82%
85
82%
82%
*97
98
98
98
10534 10534 *105% 107
Bid and asked prices: no sales on
*97
9834
105% 105%
this day.
2%
....
26%
26%
26%
83
83
83%
83%
98%
98% *97
98%
IO534 106% *104% 106%
t In receivership,
21% Mar
3
Oct
3
8is Oct 28
4712nov 9
17*8 Mar 31
30
Mar 28
43
Nov
60
18i2 Nov
34i2 Nov
9
1314
Feb
6978 Mar
54i2
Jan
Apr 12
74
Nov 10
Dec
IOOI4
Jan
D4 Apr 25
3
Nov 23
I84
Dec
7i2
Feb
214 Mar 26
53s Nov 23
214
Oct
Oct
14 Mar 26
7514 Mar 29
June 25
114
4i8 Mar 30
32
I
Mar
62
7
•
Oct
20
Jan
8714
Jan
5*8
8% July 23
9
Nov
50
44-% July 19
30%
178
27,
Oct
Dec
Oct
4
Oct
Mar 31
4
Nov 14
3014
Jan 18
43
July 19
4
Mar 29
9
2
3% Feb
95i2 Aug
50i2 Mar
Sept 29
2714 Mar 31
July
7
Jan
Oct
i2
65
143*4 Oot 10
144% Oct 10
14
20U
Oct
64 * July
9i2
Jan
74i2 Jan
2084 Apr
333g
Jan
20i2 Jan
3
26U Nov 14
Oct
6
52
May 10
36
Dec
56
Feb
July 12
90
July 12
117
Aug
117
Aug
39
90
Oct
18!4
25
Oct
4
Dec
76i2 Jan
14U Aug
Nov
48'4
Dec
100i2 Aug
Mar 14
97U
Apr
141
July
914 July 26
I684 Jan 12
45g
Oct
20
Mar
8
Oct
43
Mar
35
5
May
Jan 17
914 Nov 14
3% Mar 30
3Q
75
June 21
174
41
Mar
145
412
7i2 Jan 17
314 Mar 31
20
4% May 26
712 Mar 29
Jan
Mar 31
2538 July 25
Creek Pocahontas No par
8
Mar 28
II
"
1512Nov 9
33s Jan 13
7
Pond
J Postal Tel A Cable 7% pf-lpO
Pressed Steel Car Co Inc
1
ISg Mar 30
Class
B
5
50
No par
5% pf (ser of Feb
Pub Serv Corp of
1 '29). 100
N J ..No par
No par
preferred
preferred
7% preferred
85
..100
100
100
6%
preferred
8%
Pub Ser El A Gas pf
15.No par
No par
No par
H2Mar26
1* Oct 3
1318 Nov 10
3884 Nov 9
59
Nov 14
25
Jan
li8 Jan 22
AH Jan 17
I3I4N0V 10
484 Mar 25
4i2 Mar 25
1384 Mar 30
39i2 Mar 31
114
Mar 25
Oct 27
101% Apr 23
122i4May 18
35i2 Jan 13
105i2 Oct 26
11884 Nov 30
112
134
86I4 Mar 31
Apr
8
132
Mar 29
112
Oct
Oct
47U Mar
13
Oct
297s Apr
9
Dec
2212 Aug
Oct
33ig Feb
8l2
i2
84 Jan 19
Sis Mar 29
Porto Ric-Am Tob
Jan
17l2 Nov
UNov 10
B.....No par
cl A.No par
No par
Poor A Co class
Jan 12
84
2i2
6is
3
1178
378
Jan
Jan
31
Feb
20
Oct
86
Feb
4314
Oct
66i2
118i2
5234
112i4
Jan
Jan
Jan
Feb
128i2
Jan
Jan
5i2
114i2 Mar
30% Oct
Oct
91
103i2
Oct
117
Oct
140 ig
7
132
Sept
Sept 21
110
June
162ig
11318
7218
39l2 Nov 10
Jan
I5i2 Jan
31% Feb
Nov 12
15012 Dec
117
Oct
Oct
Oct
Oct
Oct
ll2
2512
Oct
215«May 27
8i4May 26
81
Apr 19
98I4 Jan 18
74i2Junel8
No par
7
Mar 29
584
Oct
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer...No par
9
June 16
1518 Nov 10
I6I4 Jan 14
9% Oct 21
13'8
Dec
484
Oct 11
Jan
Jan
Feb
Feb
88i2 July 19
...100
100
preferred..
6%
5% conv preferred
Purity Bakeries
1..No par
85 preferred B
83.50 conv 1st pref..No par
JRadlo-Keith-Orphcum No par
Raybestos Manhattan. No par
Rayonler Inc
82
1
—25
50
......
preferred..
Reading
-—
1st preferred....
4% 2d preferred—...
Real Silk Hosiery—.;
4%
50
60
5
100
Rels (Robt) A Co 1st pref. 100
Reliable Stores Corp...No par
Reliance Mtg Co..
10
Remington-Rand
1
Preferred with warrants..25
Rensselaer A Sar RR Co... 100
Reo Motor Car
.......6
Republic Steel Corp.—No par
6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper A Brass
5
Class A
-10
7% preferred
-100
Preferred
5H% preferred
100
Reynolds Metals Co—No par
5)4 % conv preferred
100
Reynolds Spring
....1
Reynolds (R J) Tob class B. 10
2,200
2%
*1%
*134
*3%
1%
*134
%
Oct
15
3,800
1%
Jan
9%
.
-.5
Plymouth Oil Co.
4,000
2%
%
25
Dec
700
1%
Jan
Oct
17«4 Nov 16
13i8 Jan 11
Pittsburgh A West Va
100
Plttston Co (The)
No par
800
2%
*3%
27%
91
11
8% Mar 29
734 Mar 30
Dec
100
43%
48t2 Mar
87
Jan
Dec
Mar 29
200
1%
Oct
Dec
3OI4
Jan 15
6
15,600
30
9
30
38is
Mar
......
16
1734 July 25
July 25
43
45
50
58
*56
6%
1
27%
46,000
50
*43
8%
43%
17%
40
*32
7,700
700
70
16%
8%
*82%
27%
71%
75%
58
*5
'
21%
*67
700
12%
81%
*56
58
*56
78
50
*45
52
12%
30
3*
71%
17%
34%
*1534
*3%
106
16%
1%
43%
%
*97
71%
18
16%
1%
2%
86
72
17%
30%
%
28%
73
*1
1%
*384
28%
*82%
73
2%
4,400
10
2%
22%
71%
21%
74
*29
*15%
%
3
66
*834
15%
1%
%
1%
66
1%
*1
44%
71
2%
834
8%
*8
15%
30
1
100
10%
*66
74
6%
30
*15
30
1
*5
11
*10
74%
2%
22%
,
*45%
43%
10
75
2%
23%
2%
J
55
*74%
*75%
45%
5%
*4%
*47%
155g
78
9%
400
11%
*75%
80%
21%
15%
74%
78
9%
400
*8%
34%
12%
1,700
24%
15%
40
52
14%
*21%
*17%
11%
*33%
58
43%
30
12
*14
Mar
Dec
600
10%
33%
80%
9%
91"
8%
*8
1
78
12%
*53
6%
*5
12
31%
2,100
*8%
*15%
*69
76
69%
21%
400
17
23%
17
30
Pure OH (The)
*8
22
2%
21%
7534
2%
16%
Oct
45
400
19
19
Jan
Feb
3
May 21
1,600
3,400
4,100
Mar
11684
65i2
23
20,700
31,200
63
Oct
30
Pullman Inc
3,500
Dec
22
11014 Sept
Dec
......
78
*67
2%
22%
*65
2%
7%
63%
2%
*10
10%
-11%
16%
*76%
I*
100
70
*10
1134
16
2%
*21%
*17%
16
*10%
63%
2%
1834
21%
11
*10
11
*1.0
63
63%
-
27
5014 Mar
23
12,800
14
95
63%
2%
2234
2%
19%
62%
2%
-
Oct
July 29
40
-
Feb
20
4
12i2
30
200
*
Feb
Feb
2984
Oct
8
1,100
-
76i2
Dec
2i4
11% Apr
310
8,600
101
Oct
13'2
122.
5% Conv 2d pref
Procter A Gamble
115%
15
Dec
5% conv 1st pref
101
Jan
32
400
115
*115% 116
64
103*4 Mar
6*8 Jan
Aug
200
*
Nov
Jan
10i2 Jan
23% Mar
52
10%
2,500
Oct
7
30%
55%
55%
115% 116
29% 29%
*10
*29
16%
*21%
900
10%
10%
30
*22%
18%
4,400
2%
2,200
3,800
17
21%
12
%
2234
18%
1,400
1,300
1%
*22%
21%
3,200
a
*16%
2%
%
7*8
Oot
6>4 July 22
Mar 23
Jan
29% Aug
Oct
Oct 15
42
2218 Mar 26
J84 Mar 26
6'2 Mar 26
173s Mar 26
484
Oct
57i2 Nov
II4 Oct
115i2 Nov 23
Mar 29
15
Feb
20% Apr
100
5% pref class A
100
5M 1st ser conv prior preflOO
7% pref class B
200
63%
2%
18%
16%
63%
750
No par
Pittsburgh Steel Co
20
150% *150
150
*13%
95
*75
95
63%
2%
*13%
7%
-
800
Pitts Screw &
*131% 135
*131% 135
*150
5,100
42
135
*131
*131% 135
150% 150% 150%
*113% 116
*113% 116
114% *113% 118
*113% 116
32
32%
33
32%
33%
33%
33%
3134
32%
10
10%
9%
10
10
9%
10%
10%
10%
94
*83
94
*83
94
92
*84
*84
89%
*78
79%
79%
80
*77%
80%
80%
80%
80%
*13%
13%
13%
13%
1334
1334
13%
1334
14%
*132% 135
»
Pitts Ft W A Ch 7% gtd pf
8
8
8
No par
100
Bolt.__.No par
J5 conv preferred
30
21%
*21
12%
1%
3034
No par
5
Preferred
-.100
Pleice Oil 8% conv pref...100
Pillsbury Flour Mills
25
Pirelli Co of Italy ' Am shares"
Pitts C C & St L RR Co... 100
Pittsburgh Coal of Pa
100
6% preferred
-.100
Hosiery
Pitts Coke A Iron Corp No par
68
h
%
%
10234 10234
600
14
14
184
10%
*
100
80
%
30
preferred
Phlll.ps Petroleum
100
1%
116
300
22%
7%
34
%
54%
5%
*5
*20%
26
134
10%
10%
31%
5434
*
-
*
115
34
34
54
-
«
34
1%
10%
11%
10%
500
W
26
1%
10%
*10%
2
200
7
45
*39%
*22%
*%
84%
*75
14
26
21%
%
22
8
34
1434
25
*34
12%
2%
*22%
36%
26
%
*39%
41
41
41
*39
*148
150
7%
12%
%
*113% 114% *113%
*13%
13%
12%
2%
10
24%
*7%
66%
70
*68
70
*115% 117% *115% 117% *115% 117
*131% 135
32%
8%
*%
30%
31
102% 102%
*115% 118
150
8%
*115% 116
115
115
12%
2%
*1%
32
*30
8%
9
*8
*7%
8
*29
84
*%
1034
%
22
*12%
*2%
13%
5%
21%
10
pref series A... 100
No par
Phoenix
~
~
16934 *164% 16934 *164% 169%
8%
8%
8%
8%
8%
8%
12-%
12%
12% *12
13%
13%
22
*34
*5
21%
~
39
7
*9l"
No par
7%
14,500
24%
115
5% conv
*166
37
*24%
8%
*7%
*6684
170
*166
5%
21%
40
40
37
*34
8%
*12%
8%
70
*6634
170
21
~
5,100
Philip Morris A Co Ltd
Phillips Jones Corp
3%
*
preferred
7%
Phlla A Read C A I
100
41
*35%
45
*91
115
5%
22
*7%
8%
70
*6684
*166
170
*9l"
*3
243g
*
45
40
41%
40%
....No par
50
50
preferred
4,800
7
*38
7
*6%
24%
7%
24%
24%
#_i
6
*5%
22% '*20
*7%
834
*7%
*6684
*166
6
*5%
22%
*5%
*20%
24%
24%
$6
tPhlla Rapid Trans Co
140
134
*5%
39
*35%
39
86%
*128
Phelps-Dodge Corp
25
Philadelphia Co 6% pref.. .50
-
^
%
86%
%
3%
-
5
*4
41%
413g
*3
334
*35%
25
*24%
*9l"
*3
2
7
40%
41%
40%
40%
334
*3
4184
500
75
6
Brewing Co...No par
Pfetffer
400
2
No par
Petroleum Corp of Amer
20,300
39%
39%
4%
%
*38
7%
*65
prior preferred
preferred
Pet Milk...
4,000
41%
*7%
41%
Marquette
5%
5%
100
9
9
2%
*5%
7
*38
18%
87
86%
*128% 132
135
*5%
4134
39%
334
*7
7%
7%
*38
40%
39%
7
*16%
75
h
.
88
86%
*129
135
*5%
42
40
*35%
87%
*129
7
*38
40%
334
*3
88
131
%
%
*25%
70
39%
*4
4
4
190
7%
*2
39%
39%
100
100
100
700
28
42%
♦65
2
*5%
4134
40%
'
72%
131
135%
*38
40%
*65
Pere
13%
33
Feb
4434
37
10
Feb
8!4
Oct
8
23
25
25
24i2 Jan 15
31
Jan
Oct
D4
5H July 25
July 26
19% Mar 28
34%
4
1
3
110
Jan
Jan
Oct
12
21
14% Mar 31
100
32
9%
39%
*39%
*%
86%
%
*5
9%
7%
43
72
3%
4
%
87%
8
43
39
*2
3
*121
9%
*734
39
39%
*70%
4
42
*70
*39
*184
*9%
7%
4134
7%
40%
9%
*
10
934
*7%
41%
Peoria & Eastern
2%
18%
28
*1634
9%
7%
41%
17%
17%
9%
7%
42%
500
35
28
*33
30
*28
800
2%
135g
35%
*234
14%
32
35%
100
People's G L A C (Chic)... 100
6H% conv preferred
Jan
1
1578 Nov 12
12018 Dec 3
120% Dec
60
Peoples Drug Stores...No par
*112
37"
No par
RR_.
28*4
Oct
200i2
26*4
28
30
Mar 30
10
Corp v to No par
$7 conv pref
Pennsylvania
28
*26%
28
*112
3
2i2 Mar 30
10«2 Mar 30
Corp
$7 conv pref ser A...No par
200
19%
Mar 31
1% Nov 28
Penn Gl Sand
27,400
2»4 Oct
14%N0V
I3i2 July
58% Aug
85% July
2i2 Jan
Mar 30
55
10
Cement...No par
Penn-Dlxle
10
19%
20%
41
No par
Penn Coal A Coke
200
*120
No par
(J C)._
Penney
1,700
13%
*13
14%
19%
*26%
20%
28%
4
*21%
*120
14
30
22
*21%
*13%
22
4
4
4
4%
*35%
4%
1%
2.60
Pentck A Ford
600
57
1934
*1634
8«4 Mar 31
57
*27%
*26%
Patlno Mines A Enterpr No par
79
1%
*112
18%
3>2 Mar 30
*56
14
27
...No par
*79
32
27
D4 Mar 29
Pathe Film Corp
1%
*13
*16%
Parmelee Transporta'n.No par
57
14
*3%
3%
Parker Rust Proof Co
80%
*120
29
428s Oct 10
21*2 Oct 24
400
2
1%
20
li2 Mar 30
31'4 Mar 31
13
Mar 31
300
18%
*1%
10%
2
4%
22%
14
36
35%
3%
4%
18%
2
7934
*112
35%
Parke Davis A Co
Oct
Oct
18i2
No par
Park Utah C M
1,200
*27%
10978 Mar
Sept
8
1318 July 20
30
July 29
.33s Oct 17
6% Mar 31
16
Mar 29
Jan
Mar
8»2
8012
Oct 24
1
4,300
41%
4%
19%
_.l
57
23
*26%
19%
29%
Park A Tilford Inc
29%
2%
1%
*120
*112
700
x95
13U July 19
101
17»s
90
32i2 Nov
61% Nov 15
100% Oct 5
65
.100
10
2%
*1%
14
3,200
Mar 81
534 Mar 31
Mar 26
.1
1st preferred
6% 2d preferred
6%
I
8884 June 21
100
% conv preferred
Paramount Pictures Inc
41%
79%
4%
4
20
2%
78%
*19%
*1334
Oct
Sept
29
No par
Inc
41%
10%
11%
11%
57%
*56
4%
*26
29
*26%
10%
10%
10%
Oct
7
27%
2%
41%
18%
*134
22
14
14
*1384
120% 120% *120
19%
19%* 20
*112
134
4
9U Feb 25
2
Aug 3
50,100
1,200
ii%
93%
11%
1134
Oct 2 7
1
18%
41%
19%
1%
4
22%
4%
4134
96
6
6% Nov 22
share
per
29*4 Apr
123g Feb
Dec
3i4 Mar 30
Paraffine Co
11%
94%
11%
11%
1134
Panhandle Prod & Ref new_.l
500
100
*95
100
Jan 10
Pan-Amer Petrol A Transp._5
2,500
28
28%
2%
1%
58%
Highest
share $
per
1578
Marl8
10
$
$ per share
30
June 27
share
18%June18
per
Packard Motor Car....No par
..
2%
41%
28
2%
*18%
78
*1%
1%
*l-38
28
2%
41%
10%
1034
57%
78
*22
*26
58%
59
11%
*93%
*11%
95
1%
1%
7%
1%
4%
8
Pacific Tin Corp(spstk) No par
Pac Western Oil Corp
10
1,500
20,500
10%
*6%
4%
7%
*57%
11%
10%
4%
1034
*95
11%
95
18%
1%
*56
78%
100
11%
11%
2%
10%
56%
*95
95
42
9%
10%
99%
1134
1134
134
10%
58
58
95
18%
2
*134
58%
58%
99%
11%
28
41%
41%
*18*4
1%
7%
1%
11%
2%
4134
2lg
1%
4%
95
*26
28
*26
4%
*684
Par
Lowest
Highest
Lowest
700
21%
*19
20%
20%
1034
4%
*634
1%
11
10S4
4%
7%
*1%
1%
5834
11%
11%
4%
*634
11%
4%
734
11%
20
20
22%
Year 1937
100-Share Lots
EXCHANGE
the
24
Range for Previous
Range Since Jan. 1
STOCKS
Sales
cent
for
*21%
3577
New York Stock Record—Continued—Page 8
147
120
5,100
60
18
Mar 30
Mar 22
13%June21
234 Mar 25
3414 Mar 29
5
Apr 1
6% Mar 30
9
June 10
9% Mar 30
49i2May
40
Apr
li2 Mar
ll%May
39l2 Mar
38
May
2
28
30
31
29
26
Rhine
5
Aug
5
Mar
25
-10
Westphalia Elec A Pow.
No par
Ritter Dental Mfg
No par
Roan Antelope Copper Mines.
Ruberold Co (The)
-No par
t Rutland RR 7%
St Joseph Lead
pref
100
...10
JSt Louis-San Francisco—.100
6% preferred
100
JSt Louis South western--.100
6% preferred..
100
Safeway Stores..——No par
5%
20
6%
7%
100
100
-.100
preferred
preferred
preferred
u New
stock,
r Cash
sale,
7% Apr 11
1418 Mar 30
116
Nov
80
Jan
2i4
19l2
Oct
Dec
37% Aug
20
Dec
26
26
Dec
29i2
1818
Dec
47
Mar
3018 Jan 15
30
Dec
49
Jan
27i2 Jan 25
23
Dec
6i8 July 19
July 26
43*4
133s
Jan
Jan
39
22
•
Jan 13
58
9«4
Oct
76
Nov 15
8ig Oct
6112 Nov
69
Nov 29
69
Feb
35i2 Mar
29)8 Mar
Jan
94U
110
Feb
9i2
Feb
1*4
Oct
12i4
Oct
78U Nov 16
65
Dec
47U Mar
124
Apr
7712 Nov 14
60
Dec
U0>4 Mar
49*8 Apr
19% Oct 15
9
Oct
9
26
Dec
98
Apr
7684
Dec
139
Apr
64i2 Jan 21
1784 Jan 7
60
Nov
94
Sept 9
1214 July 26
80
46i2 Jan
40%
58i2 Jan 11
8'2 Jan 7
55
978 Nov 30
13i2 July 21
2034 Jan 19
85
Nov
Jan 21
Oct 1-3
33
May 28
Mar 30
Dec
2238
3*8 Oct 24
265s Nov 12
2i2 Jan 10
49U Oct 22
6
Jan
Mar
Dec
Dec
Mar 31
Mar 26
Dec
30
784
13i2July 13
17*8 July 25
Dec
83
712
Sept 13
2
Oct
10% Apr
Dec
Jan 1C
1
i2Nov 7
1% Mar 25
3ig
113gJuly20
11
13
25i2May 27
Feb
Jan
12% Mar
Dec
483s Oct 14
10
Sept 14
4% Mar
Feb
44
38
3384 Mar
5114 Jan
2384
18%
96i2
7% Mar 30
17i4Mar 30
65
Apr 37
8OI4 Dec
24%
107
2412 Jan 11
29i8 Jan 18
31
28
20
26
103s June 17
18
Oct
Oct
Oct
Deo
80
Jan 31
3714 Mar
I84 Sept
I434june
8tgMay
Richfield Oil Corp
200
a Def. delivery,
6OI4
884
85
6612 Oct 25
538 Jan 11
24
July 21
434 Mar 31
6
30
30
31
23
Common
13i2 July 20
1% July 20
338 July 20
6ig Jan 26
714 July 12
1284
67g
Oct
Nov
Dec
Dec
9584
30-38
112
Jan
Jan
Jan
34U
Jan
58
Jan
Oct
67
Jan
10'4 Nov
14
Feb
418
Oct
612
Oct
884
Dec
3U2
Feb
1818
17U
Dec
Oct
1912
Dec
1
Oct
2812 Nov
1
112
3i2
10
38
984
65
June
Feb
Mar
Oct
484 Mar
Oct
1118 Feb
20*4 Mar
3712 Mar
Oct
Nov
Dec
46
Jan
Mar 29
2984 Nov 25
8312 Dec 2
18
58
70
Dec
103
Mar
68
Mar 24
n9
Nov 14
86
Dec
113
Jar
79
Mar 26
108
Nov 18
x98
Dec
113
Feb
12
x Ex-dlv.
y Ex-rlghts.
T Called for redemption.
New York Stock Record—Continued—Page 9
3578
AND
LOW
HIGH
Saturday
Dec
share
per
19
77
*76%
*4
7*
85*
Dec
$ per share
17
165s
18i2
*70i2
*4
18%
70%
*7%
48%
8%
48%
8%
2
21
21
2118
37*
728*
*3
72
*314
717«
155s
37*
723*
157*
♦314
37*
72i2
731*
16
16
.
18
7%
4714
11%
*67I2
7*8
*40l2
48h
11
11
28
*27l4
28
71
11
*2714
16
18
17l2
*67l2
7I8
*4714
7U
70
7%
14 3g
148s
5*4
534
31%
55s
303g
584
307g
3
3
3
*234
2212
2184
22
20
97l2
*100ls 105
103
103
20
20
*1614
17
13l2
1358
13l2
1334
*113
114
23s
1984
2*8
19l2
*138
~22%
18
I884
27l4
27
*3*8
18ig
9
21
39l2
1412
*38s
7
6%
27%
27%
*27
6%
3134
6%
6%
32%
*31%
*2%
*21%
26%
3
3
22
21%
26%
96%
267g
96%
108%
17%
177g
19%
18%
27%
41
314
38l2
318
9
14U
197g
41
3%
3%
1412
44
*44
*8%
*19%
21
431?
45
44
16
13
12%
65
64%
27%
*6%
29,300
%
50%
5078
31
'
70
70%
934
*%
20l2
2684
*4212
50l4
♦303s
70i8
934
7
1314
13
*30
70
9l2
914
684
7
13is
6018
5058
30l2
7034
9%
634
13%
7%
684
7
13U
7i8
57
5784
57
12712 *125
12712
10
978
10%
103*(
*34
34
35
35%
314
3*8
3U
312
18i2
18%
18i8
18i8
125
7
714
57
57
*125
30
30
*30
*10i2
1878
2784
77g
*6
14
*1068
185s
27l2
784
■
1878
2734
778
6%
53
*47
4314
484
32i2
3212
3214
934
8's
2184
958
8i8
*584
43i8
484
0i8
4378
*23
24i2
♦563s
59
*414
*43l2
412
45
20
x2\h
*563s
414
*43l2
69
4U
45
4
4
4
4
*14
17
*14
17
2
2
*2
214.
*4
43s
25
125g
25is
278
Ws
125g
92
92
*284
*12
1678
48i2
.7
17
4914
*4
*2484
258
1U2
1212
9284
1634
48i4
48i2
714
7
*914
10
87g
*984
334
*4l4
*12
43g
14i2
26
26
35
35
*3%
*28
4
32
105s
4l4
6734
*115s
84
1178
84i4
I884
8312
*20i8
21
3684
m2
*16I4
37'4
1178
*68
*
17
118
69*8
4%
*13
25%
3478
*3%
30
4U
6784
77
414
14
35
4l2
0734
89
*90
26
30
lOSg
I884
8812
97S
384
917g
*345g
3i2
IO84
77
*116
4U
*1178
255g
1134
185s
89l2
*76
20»4
365g
1U4
*16i4
116
67i2
3l2
*30
11
11
414
6784
1178
84i8
187S
9112
77
2078
3814
12
17
116
68
3%
3%
18%
I884
30
30
3%
I884
8
187S
28%
'8%
6%
47
6%
*4%
68%
12
47
8
.
59
2%
4%
*114
68%
*18
18%
27%
8%
77g
*18%
19%
*56%
*4%
26%
284
2%
4%
26%
234
12
12
12
1284
1234
92%
17%
49%
13%
92%
I784
49%
93
17%
49%
7%
9%
7
684
9
10
10
37g
9178
3%
*90
4
4%
1384
*11%
25%
*34%
3%
26
35
4
31
30
11%
1034
4%
5
68%
12%
3%
18%
1034
6784
12%
85
10
4
284
*1184
1284
92%
*17
-
48
834
384
3%
1084
18%
27%
11,300
1,500
1,600
100
4,100
784
47
30
on
Swift International Ltd
Symington-Gould Corp w w.l
Texas A Pacific Ry Co
100
Thatcher Mfg..
No par
1%
234
13
13
92%
17%
49
1,100
*42%
378
4%
43%
37g
*14
$3.60
17
1%
*384
25%
2%
*11%
12%
92%
16%
48
1»4
1,200
900
600
4%
20%
2,300
234
1,300
14%
10,000
17
500
5,800
48%
4,000
0%
834
984
884
*9%
3%
884
45,600
4,200
978
400
384
8,C0O
37«
4%
12%
25%
34%
3%
4%
12%
25%
34%
27
3%
90
90
4%
Thermold
200
100
Co
__1
preferred
10
Third Avenue Ry
100
Thompson (J R)
25
Thompson Prods Inc..No par
Thompson-Starrett Co.No par
300
12%
92%
.No par
;
Preferred
$3 dlv
5%
91
$3.50
conv
cum
preferred.No par
Tide Water Associated Oil.. 10
$4.60 conv pref
No par
Tlmken Detroit Axle
10
Tlmken Roller Bearlng.No par
Transamerlca Corp...
2
Transcont'l A West Air Inc..5
Transue A Williams St'l No par
Trl-Continental Corp..No par
$6 preferred
25
12,000
20th Cen Fox Film Corp No par
34%
1,000
3
3
600
$1.50 preferred
No par
Twin City Rap Trans..No par
*26
30
30
100
Truax Traer Coal
Truscon Steel
10
Preferred
32i2 Apr 8
3984 Mar 31
17i2 Mar 29
6i2 Mar 29
3% Mat 30
45
119%
9i8
171s
134
86
86%
187g
85%
867g
17,600
6%June 13
15
18%
18%
4,900
90
88
89%
a,200
Union Pacific
78%
79%
80
1,100
800
3,500
78%
20%
39%
12%
20
20%
20
20%
3,400
38
38%
38%
3884
41,500
11%
12
11%
117g
14,300
16%
69%
16%
*114
*66
t In receivership,
900
17
700
116
10
67%
a Def.
1,000
delivery,
Mar 30
22i8 Mar 30
434 Mar 30
378May 27
Mar 31
Apr 4
4% Mar 31
8% Dec
128
Oct 21
Nov
2834 Feb
95i2 Apr
Nov
483s Mar
7%
101
Twin Coach Co
Union Bag A Pap new..No
5
Oct
143s Mar
325s Mar
Oct
65
14
723g
Jan
4
Jan
27% Dec
26% Oct
305s May
60
Feb
43
Dec
42
Nov
76
Mar
19% Dec
5312 Dec
48
Mar
75
Jan
4% preferred
United Biscuit
United Carbon
n
New stock,
6
r
Cash sale,
Aug
32
17i2 Dec
734 Oct
16
9
11
17
10
U2
Oct
8
Oct
19s
Jan
20% July
61*4 Feb
734 Mar
47% Mar
397s Jan
20%
Jan
15% Oct
22% Oct
4«4 Oct
4% Oct
6U Dec
285s Mar
33% Mar
41
2334
173s
Jan
1534
Jan
Dec
57i2
Feb
4
Oct
514
3434
Oct
29
Jan
2
Oct
2334
Oct
44
1212 Aug 6
113s Feb 10
26
July 22
25i2 Oct 28
60«4 Oct 26
578 July 13
5%
Oct
16% Jan
15*8 Jan
54% Mar
684 Mar 31
13
Mar 31
15
Mar 30
53%June 23
278 Apr 13
35
Apr 12
2% Mar 31
15
Mar 24
1
Mar 31
3% Mar 30
8% Mar 28
1% Mar 28
534 Mar 30
10% Mar 29
77i2 Apr 29
5
Mar 31
31% Mar 30
5% Dec 8
4
Mar 30
478 Apr 1
25s Mar 30
39
s
118
1
5
No par
Jan
38
June 27
Mar 31
Mar 31
Mar 30
Mar 30
14
Sept 14
1003s Jan 20
100
Feb
77%
Mar 30
19% Mar 30
No par
Preferred
20
Oct
Mar 30
20
6
Jan
3
44% Dec
7
17i8 Mar 31
553s Mar 31
5984 Apr 20
No par
Jan
28
57
100
Union Tank Car
United Aircraft Corp
Un Air Lines Transport
Feb
17l2
335s
43i2 Oct 28
4% Aug 1
23% Nov 12
Nov 10
Feb
21
Oct
21
50
5% Oct
65s Dec
6i2 Oct
Oct
2934 VCt
10% Nov
8% Jan
9% Oct
49% Nov
5%June
Jan
Oct
Dec
.%
9
9
Jan
Jan
8*s Jan
153s Mar
05% Apr
95s Mar
1*4 Mar 26
100
Oct
123g
10
18
15% Aug
16*4
107% Dec
Oct
49% Aug 6
584 Nov 12
75s Mar 30
par
Oct
Oct
2%
2%
143s Mar 10
July 20
Jan
378 Mar 30
32% Mar 30
2% Mar 29
25g Mar 29
Union Carbide A Carb .No par
Union Oil of California
25
4,500
8
8
Jan 11
Oct
56
Jan 13
53s July 25
I884N0V 10
2% Jan 13
5% July 19
287gNov 9
4
July 25
19
July 25
1584 July 25
98
July 13
193s Nov 9
55% Nov 9
1234 Jan 12
106s Oct 21
123s Nov 12
478 July 19
91
Nov
Jan
Ex-dlv.
4
9
683 Jan 10
15% Nov 18
28*s Nov 12
38
July 19
6
Jan 13
44
Jan 11
41
12
IO84
Feb
Nov 30
Mar 31
Mar 26
834 Mar 31
177g Mar 30
173s Nov 1
91® Oct 21
61*4 Dec 7
Ulen A Co...
No par
Under Elliott Fisher Co No par
4
67%
10»4
Mar 29
2334
16
Jan 13
13*s Nov
4
116
2
7
Oct
49
Jan 13
Mar 25
12
this day.
1
6
6684
16%
28
%June21
25i8 Mar 31
2434 Mar 30
July
July
1
4%
69%
Mar 29
Mar 30
12%
*114
23
13
10
6734
17
Mar 31
4% Mar 30
10
15U July 19
70i2 July 18
July 25
9U Jan 10
107i8 Feb
3i2 Jan 10
5i2 Jan 12
11% Jan 12
100
4%
69%
2
Dec
Dec
31
10% Sept 14
38s Mar 28
5% Mar 31
10i8 Mar 29
25i8 Mar 26
34%
1,400
12
110
Mar 18
No par
4%
14%
25%
*11
67«4
18%
Jan
77
12%
1034
Aug
No par
11%
4%
6784
1034
35
50
l%Junel3
6
pref.....No par
conv
The Fair
130
034
91
Dec
5
800
19%
20
58%
Jan
Dec
94
Texas Pacific Coal A Oil—10
Texas Pacific Land Trust
1
8
Feb
10
34
5,300
Jan
31
36
39
Mar 30
6% Mar 31
48%May 26
12i2 Mar 31
6% Mar 31
1
3,500
3,300
Mar
9
.9
9%
Jan
Mar
8
.50
5)4% preferred
Telautograph Corp
31%
78
69
Sweets Co of Amer (The)-.60
Swift A Co
25
31
93
*1634
10
32
1,000
24,800
4,800
85%
18%
88%
*114
Paper Co
Tennessee Corp
6
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur....No par
6
2078
38%
II84
68%
Sutherland
10
43%
4«4
78
387g
12%
1634
100
*5a4
427g
4%
300
18%
91%
19
0% preferred
Sunshine Mining Co
Superheater Co (The)..No par
Superior OH
1
Superior Steel
100
57g
44%
434
27
4%
13
2534
35%
180
7,400
9%
Mar
17% Nov
1
No par
4%
4
U2 Oct
55s Dec
19% Dec
Mar
Mar
45
No par
(The)
4%
26
9%
91%
30
1%
*3%
26
5%
9%
Studebaker Corp
Sun Oil
1,700
9%
36
30
8
*4
20
116
9%
35%
3%
Stone A Webster
4%
4
Mar 14
Jan
Jan
45
9,400
Without warrants
17
July 19
43s July 25
3,300
par
Talcott Inc (James)
*14
11
24
7%
9%
2
Mar 26
Mar 26
61%
*122% 125
9%
3%
Oct
Oct
7
9%
*178
D2
35%
13
61%
200
4%
43%
4
11
2,000
4%
Oct
Jan 21
12i8 July 26
7%
42%
378
Dec
4
June 17
484
4%
27
40is Nov 10
46
5
6
19%
20%
58%
Oct
1
7%
19%
20%
Oct
Feb
Jan
32%
6538
433s
60%
65%
117s
775s
Oct
9
15
Stokely Bros A Co Inc
784
*4534
*56%
17
31*8 Nov
Mar 30
155
Oct
22i8 Jan 12
21% Nov 10
1,500
11,800
25
Oct
17%
0%
13%
6
21
130
July
Mar 29
8
59
25
May 28
31%
4
Nov 12
6
8
20%
141
49
6
*56%
21%
4
Jan
5
100
Standard Oil of Indiana
Standard Oil of Kansas....10
Standard Oil of N J
25
6
578
*43%
42%
10
9%
8%
20%
4%
578
Oct
par
734
47
20%
Starrett Co (The) L S—No
Sterling Products Inc
000
June
63s
Jan 10
1
.
115
28
29
par
2,400
4,900
*7«4
*45'4
4%
Oct
Mar
Stewart-Warner
30
12%
I884
27%
13
110
3 >8
Jan
40i8 Feb
2934 Feb
23% Aug
Oct
163s Jan 10
2,400
32%
9%
8%
20
92%
76%
2O84
76%
20%
37%
II84
16%
3%
934
54%
114i2 Nov 29
4,300
4%
32
20
847«
97g
37%
Dec
2
No par
Stand Investing Corp..No par
Standard Oil of Calif .No par
10
Nov 23
4
1
$4 preferred
No par
$6 cum prior pref
No par
$7 cum prior pref—No par
Mar
Mar
19i2 Deo
16% Mar 30
784 Mar 31
par
JStand Gas A El Co.*.No
197
120
Oct
29
par
$4.60 preferred
No
t Stand Comm Tobacco
Nov
June
8% Mar 30
l7%June 17
2i4Sept27
...2
Standard Brands
Oct
13
9%
17,500
20,300
31%
44%
934
8%
91
18%
27%
Spiegel Inc
4% Apr
26
605s Apr
102% Feb
Oct
1
Conv $4.60 preferred.No
Square D Co class B
Mar
U2
No par
preferred A..No
Nov
Feb
1778 Mar
58
67
6934j
*30
434
'
'
*9%
conv
Oct
96
Aug
3478 July 25
35i2 Jan 7
SOig Nov 14
583s July 25
3414 Nov 14
7U2 Nov 16
*4%
584
44%
47g
32%
83%
18%
„
*10%
18%
27%
88g
6%
*784
8%
Bid and asked prices; no sales
3%
27%
2%
16%
48%
124
30%
17
87S
*90
124
10%
36%
*14
7
384
125
10
*4
I684
7%
36
17
12%
13%
61
10%
45
12
31%
30
*43%
378
85s
9178
125
137g
784
6184
4%
43%
37g
7iS
384
6%
44%
9
*90
7
9%
6%
4934
4%
57g
*8%
97g
384
69*4
14
*92
50
50%
9%
6%
13%
7%
61%
19%
1U2
50
50%
70%
30%
125g
9284
33,000
9%
19
25
234
26%
267g
70%
*178
412
2534
26%
26%
97g
*14
2214
2634
267g
31%
7034
9%
8%
1934
21%
*56%
4%
43%
37g
20
300
98a
*30
32
%
70%
*10%
478
%
$3
5%
17% Oct
2i2 Nov
19% Aug 26
5% Mar 30
Spencer Kellogg A Sons No par
Sperry Corp (The) vtc^
1
Splcer Mfg Co
„.No par
4,000
9%
084
13%
7%
59%
14
484
19%
50
44
934
8i4
6>s
4384
434
19
*30
*4%
584
484
19%
%
Sparks Withlngton
Spear A Co
Feb
1053s
Jan 13
•
100
Spaldiog (A G) A Bros .No par
1st preferred
100
300
50
*784
327g
984
8%
434
784
15%
507g
60
800
7%
50
*6%
13%
7%
230
1,100
15%
3%
734
50%
31%
26%
26%
*42%
270
7,800
16
5034
31%
70%
27
1,900
50%
51%
%
27
57,600
4,000
3,300
3,900
26%
26%
19
*47
484
%
2%
64%
27%
6%
101% 101%
1%
2%
3%
3%
267g
27%
50%
6
7i2
*4i2
*534
*20
20
30
6
678
102
2%
3%
7%
15%
19%
1834
53
102
8
19%
%
28
684
30
*1058
18781
18%
27i2
27%
8
77g
6434
*27%
17
125
10%
35%
3%
3012
135g
578
7i2
8
*7i2
*47
77«
*15%
%
20%
2684
*42%
50%
27
8
17
*%
h
27
65%
101% 1027g
2%
2%
3%
3%
1984
*42%
45
7
20
44%
200
200
12
28
19i2
2,000
14%
684
65
384
600
3
8%
19%
No par
6% preferred
230
3
8%
19%
100
Mobile A Ohio stk tr ctfs 100
'
45
*27%
*14%
19%
Southern Ry
18,500
34«4
Nov
1914 Mar 31
9% Mar 31
26
Pacific Co
91
Oct 13
15
128
100
Southern Calif Edison
24,700
39
8%
8% preferred
3,600
14%
67g
2%
So Porto RJco Sugar...No par
12%
65
103
4,700
Feb
Feb
Oct 13
122
24
1034Mar31
Apr 14
1% Mar 29
1584 Dec 9
7
Nov 10
106
8
Mar 31
111
44
1534 Dec
20l2 Dec
838 Mar 29
South Am Gold A Platinum. 1
Feb
88
2
10
Socony Vacuum Oil Co Inc. 15
Solvay Am Corp 6)4% Pf-100
45
2784
2%
3%
7%
100
2,900
12%
634
103
Snider Packing Corp...No par
45
65
103
*102l2 103l8 *102
2l2
2l2
2h
212
3i2
35s
3i2
35g
8
8
76«
784
*15
17
17
*15i2
2,500
30,900
Jan
175s
98
Apr
*14%
2734
7
3
May
13
Southern
3%
45
14
65
Oct
24% Dec
1478 Nov
20
Mar
Oct
6%
14
Feb
42i2 Mar
120
Dec
334
44
16
3% Jan 17
Apr
91
35,600
*27g
39
1
Mar 28
12
12
34
Oct
Dec
24% Nov 12
3484 Jan 10
Mar 31
No par
$6 preferred
30
39
*84
100
15
35% Nov
Apr 5
Mar 30
Oct
Oct
60
18
»i8 Jan 11
Mar 30
Smith (A O) Corp
10
Smith A Cor Typewr...No par
29
18%
28%
*36
25
Sloss Sheffield Steel & Iron. 100
80
50
15%
65
12%
2%
I47g
18%
.10
6% preferred
22%
17%
19%
17
106l2 Oct
1,100
132
2084
Simms Petroleum
300
13
2778
fi014
Skelly Oil Co.
22
Mar 30
1
434 Mar 31
Slmonds Saw &, Steel..No par
300
4284
14%
65
*30
1,100
131
Mar 20
205s Apr
98*4 Mar
314 Feb
235s Feb
45% Jan
2is Jan
8i2 Jan
5U8 Apr
11% Mar
985s Aug
3% Oct
4934 Nov
1234 Dec
Nov 12
10
Mar 30
1%
16
July 19
93
3
No par
1,600
45%
1484
*44%
1234
45%
12%
3
9
Simmons Co
3
3%
8%
*19«4
4284
3%
2,500
18
Aug 11
6*4 Mar 12
,-No par
100
3
23
7012 Nov
©14 Nov
4912Nov
12% Nov
283s Oct
183s July
Silver King Coalition Mines..6
-
Mar 30
Mar 26
36
5H % conv preferred
100
2,600
26
39
9*
21
Shell Union Oil
5,100
78 Jan
27% Mar
5134 Mar
1
s
Oct
3i2 Oct
34% Nov
34 Oct
3
July 22
27% Feb 25
5% Jan 14
80% Oct 13
4614 Mar 31
$3.60 conv pref ser A.No par
Shattuck (Frank G)—No par
Sbeaffer (W A) Pen Co .No par
20
6
9*4 Mar 30
No par
-—No par
Sharpe <k Dohme
Jan
June 16
10
par
2134
22%
17%
19%
29%
*38
3
j
Corp. 11—No"
3
41
%
1% Mar 29
15% Mar 29
47
Trio
$5 conv pref
300
10% Nov 25
5078 Oct 0
3
Sharon Steel
3,100
13s Nov 25
Mar 30
343< Mar 28
100
*21%
257g
22
28%
Dec
No par
Qprt/pl
3,400
6%
3034
30%
26%
90%
*36
3%
39%
♦38
2778
684
7
27%
6%
71
June 14
*4 Sept 26
Sears Roebuck & Co—No par
10,700
13%
10584 10534
6%
31%
3%
22%
17%
18%
30%
66
26*4
2714
*42l2
*27
138
3%
42l2
125s
13
19
29
3%
*814
*19%
42%
1434
42
22%
18%
*38
39
3
2084
22%
17%
287S
*38
*132
28
27
10%
Feb 23
preferred
Seagrave Corp
100
48%
107«
28%
1334
634
85
3
Seaboard Oil Co of Del-No par
2,000
6%
*47%
28
»*8
200
10%
28
23
3l2
*814
*195g
39i8
1278
20
70
48
*05
19i2
70
70
*134
40h
3
44
678
1,000
10%
221Z
27h
41
*39
3%
*83s
*1938
3914
14l2
»42l2
1234
4,300
18
48
*138
i-
185s
27
3l2
39
318
-
22i2
17i2
*38
44
39
w -
22is
17]8
1784
*40
157g
70
62
1
100
No par
18
70
Dec
19
share
per
Oct
22
Sh Mar 29
No par
15
7284
15%
18%
*3%
11
6
1 Sea board Air Line
7234
384
21
4
Scott Paper Co
4-2%
Highest
share $
per
Jan
300
400
$
27% Jan
jSchuite Retail Stores
4,400
share
per
13*4 Sept 27
8% preferred
16
384
%
1%
$
Lowest
No par
5
100
1,100
73
1%
21%
97i2 *96l2
*96
96
96
106
10312
*100i8 105
107
110
*107
110
♦10312 1045s »103l2
103% 103% *102
1047g *102
1047g
19
19U
*19I4 20
19%
18%
18%
18
18%
*16
1714 *16i2
*16%
*16
1734
17% *16
17%
14
13l2
13l2 *13l2
13%
14
1384
13%
13%
1338
1378
1312
13%
137g
13%
1334
13%
1334
113
113
*11212 114
*112% 114
*112% 11334 *112% 114
238
2l4
23s
2%
2%
2%
2%
2%
2%
2%
I9I4
19i2
175g
1878
1584
16%
£7% 17% *10% 1684
*9584
*138
22i«
1714
12,100
11
3%
22%
26»4
97%
10414
10478
19%
17%
1434
137g
26
*97
700
%
8%
48
32%
22l8
*2578
75%
18%
%
1%
21%
14%
14%
14% xl4%
14%
10534 *105
10534 *105
10534
3H2
205s
Savage Arms Corp
%
*7%
48%
Year 1937
Highest
$ per share
Schenley Distillers Corp
5H % preferred
IO84
6
♦22
2.900
0,800
48
6
*2578
17
48%
%
I84
21%
384
73%
%
17*
2134
37*
7334
16%
18%
7%
Par
1734
28
*234
*31
%
78
1938
Range for Previous
100-Share Lots
Lowest
1634
11%
141S
10534 *105
*10414 105*4 ♦105
On Basis of
10,
EXCHANGE
17%
*75
48%
107«
*2714
1418
14%
884
48'«
17g
21%
*3%
7234
157g
18%
*6884
7%
21%
1534
18
70
19
*18%
*67%
7%
4714
;48
2
17
xl6h
%
'4
487*
STOCK
Shares
18
7)
83,
*134
$ per share
75«4
84
18%
75%
7*
$ per share
YORK
Range Since Jan. 1
Week
19
19
76%
8i2
48h
h
the
Dec. 9
76
185s
76i2
84
NEW
Friday
17
188,
h
2
8TOCKS
Sales
Dec. 8
1078
21 %
*ls4
2118
CENT
Thursday
7
.
$ per share
77
8i2
48i2
4914
NOT PER
17
16U
8i4
*47«4
i2
♦I84
812
*48%
%
SHARE,
Wednesday
Dec. 0
$ per share
16%
16i2
187s
Tuesday
5
.
PRICES—PER
for
JUT
Monday
Dec. 3
$
SALE
Dec.
0
9
Oct 27
70% Nov 25
1574 Aug
6
9078 Nov
22% July
99% Nov
83% Nov
21
10
10
10
23% Jan 12
39% Dec 7
1334 Nov 12
20
Mar
65g Oct
15% Nov
18% Dec
48
Feb
55
Oct
64
Jan
Oct
1334 Mar
3%
55
Nov
2ig
Oct
Sept
1% Oct
36
4
Dec
10
Oct
93%
13%
40
8%
Jan
Feb
Sept
Jan
15% Mar
2878 Feb
10% Jan
1%
6%
Oct
40«4
13i8
Oct
Dec
215s Feb
98% Aug
Oct
2878 Feb
72
834
Oct
Jan
36
Oct
79
Feb
10
Oct
17
Aug
4
Oct
2238
Oct
2738 Jan
113s Mar
5%
3%
82
Dec
Dec
109i8
Jan
Jan
4%
Oct
12
7
Dec
265s Mar
407g Mar
18%
25
234
Oct
Nov
Oct
50
17i2
Mar
Mar
Jan
39
Dec
94
Jan
7
Oct
25
Mar
1% Oct
46*4 Nov
878 Dec
6H4 Nov
17i2 Oct
80
Nov
78
Oct
22
Nov
1034
Oct
53g
Oct
Nov 14
15
118% Aug 19
73% Nov 10
110
fEx-rlghts.
Oct
36*4
Oct
Oct
Dec
67s
Jan
100i8 Jan
18*8 Sept
111
Feb
28% Feb
14834 Mar
9934 Jan
3U2 Feb
35i8 Mar
24% Jan
3014 Jan
11734 Feb
91
1 Called for redemption
Feb
New York Stock Record—Concluded—Page 10
Volume 147
LOW
AND
HIGH
PRICES—PER
SALE
NEW
for
On Basis of
YORK STOCK
Saturday
Monday
Tuesday
Wednesday
Thursday
Dec. 3
Dec. 5
Dec. 6
Dec. 7
Dec. 8
Dec. 9
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
20
1978
1978
3i8
3
3%
33%
5%
3234
33l2
55s
5%
73
7%
7
*73
76
7
7
7
*33
34
*33
7%
34
58
5734
5734
11
11%
1078
1H8
113
113
7%
7%
7
7
9%
1
*934
10%
103% 104
*17212
25%
5%
7%
518
*10
47g
47%
64i2
62%
II534
475g
65i2
*32l2
33%
6H4
625g
IHI4 H5l2
33%
33l2
*44
45
*44
253g
*5%
*9%
26
62
10
5
4%
5%
48%
49%
50%
102
10534 107% *101
65
60%
64
65%
67%
68%
*68%
69
62%
117
116
33%
334
33
33%
*44
447g
3%
3%
8%
1%
3%
United Paperboard
3
Mar 26
8% Oct 27
1,100
U 8 Freight
No par
4,600
600
500
U 8 Gypsum
U 8 Rubber...
—..10
21
52,000
2,500
2,100
U 8 Tobacco
"2,000
8
8
8
8
8%
2
2
2
2%
55
*50
55
*48
55
*48
55
*48
52
50
50%
13
12
12
*12i8
12l2
12%
13
*12
14%
*12%
12%
700
82
82
82
82
83%
84
84
84
84%
83%
*155
158
156
158
157
157
*158
160
*158
160
120
67
67
73
83
76
77
720
United Stockyards Corp
400
13
%
*22
%
%
%
*22
%
7s
%
%
26
70%
%
7,
78
*22
26
70%
73
%
%
%
*22
26
%
%
24
2478
3212
13484 *117
*71%
*7312
75
*11812
*11812
*117
*1%
2%
*H4
1«4
7%
17
17
*85%
87
.
*114
7i8
1634
86l2
75s
784
50l2
1934
7i2
50%
*19%
*1312
*2l2
14
*14
*36
42
*13
*2734
20%
30l4
*3%
*34
*33
*7934
*9414
578
39%
4
16l2
29
20l2
3014
37s
H8
33l2
80%
95
*101% 102
*91%
9134
♦124U 12434
117
*116
22l2
22l2
12
13434 *119
125
*119
125
*119
2%
86i2
75g
50i2
20U
14i2
25g
140
*37l2
*18i4
*29i2
*
19
38
19
30 %
80
268s
2638
1684
7%
50%
734
5078
20
*19%
*1334
2%
27g
42
42%
384
41
40
*13
*39%
3%
3%
21
21
20%
30%
30%
31
31
*3%
378
1%
33%
*3%
3%
3%
*84
*84
30%
33%
33%
*33
1%
33%
7912
79%
*9414
9434
10H2 10112
*74%
80
*78%
79%
*94%
9434
*94%
9484
II6I4 117
2234
23
1
*37l2
*18%
80
26%
40
170
91
91
230
125
30
117
130
3%
63g
*5%
1
1%
2434
28%
114% 115%
!%
*137
18%
*37%
28
19
*30
*
140
140
*137
*75"
26%
*18%
18%
38
*37%
19
19
*18%
38
19
30
30
18%
18%
30%
*
*75
2784
60
►_
60
80
27
*79%
*56
58
*57i2
577g
*58
59%
*58%
59%
*58
59
*1334
14
*1334
14
*1334
14
*1384
14
*1134
12
m2
7H
*7
7%
1%
*134
12%
7
1%
I84
3
3
3
3
3
2%
2%
2%
2%
5%
4i8
5
5
5
5
2%
4%
4%
4%
4%
4%
1%
3%
2%
44
*41
*10534
44
....
*41%
50'4
1934
24
24"
24%
50%
50
50%
4984
2OI4
20
20
20
*61
72
*61
72
*65
*50
87%
*50
*35%
87%
37
♦50
36%
51
*48
50
*63
72
*52
87l2
*3512
36
48
48
111
110
*717S
72i2
32i4
*31
1734
177g
108
*104
185g
49l2
1834
4978
36%
*45
108% 10934
24%
50%
20%
111% 113%
5
4%
43
*50
-
75
.109
24%
*24
49%
49%
19%
19%
24%
24%
25
2384
18%
18%
183g
187g
1884
3%
334
3%
334
3%
19
334
prices; no sales on this day,
18%
104% 104%
*1834
19%
49%
50%
23%
183g
3%
23%
19
3%
'
313g
31
17%
17%
104% 104%
I884
48%
*82
2434
1914
334
.
32%
23%
18%
3%
t In receivership,
20
1,100
9,500
3,000
19%
4934
1834
3%
9%
Oct
14%
Oct
97
Oct
115
Mar
3584 Nov
47
May
119
June
113
:30
30% Mar
42
97
13% Sept
28
Nov
2
Jan 22
•30
Mar
105
"2% "Oct
June
115
Feb
3
Dec
Jan 11
8
Oct
37
Jan
120% Feb 26
113
Dec
135
Mar
50
Dec
98
Mar
100
Mar 29
37
Mar 31
76
Mar 21
1
Mar 29
74
4% Mar 30
Dec
119% Oct 26
West Penn Power 7 %
6% preferred
pref. 100
100
Co—10
Telegraph-100
Mfg
1st
50
50
preferred
Instrum't. No par
No par
Westvaco Cblor Prod..No par
Weston Elec
2%
11734 Feb
1234
Jan
122%
Jan
10% Mar
18% Mar
3% Feb
10% July 22
2
Oct
2%
Oct
2%
Jan 11
Oct
16
6% Dec
18
Oct
19%
Feb
49
Feb
3%
Mar 31
54
Nov
"
32
Oct
1784 May 18
8
Mar 26
2
Mar 20
20
Nov 30
17
Oct
30
Mar 31
23
384 Mar 26
20
Mar 26
is4 Mar 31
Mar 31
5
Nov 10
25
Oct 13
17
Mar 30
34% Nov 10
Apr
8
1
Oct
33
Aug
4% July 16
1034 July 15
31
Apr
2
45
Mar 30
70
Oct
26% Dec
434 Oct
11
71
7%
19% July 27
4
July 16
51
July 20
8
July 19
16% Mar 31
Oct 15
1% Jan 28
4%
39
July 30
82% July 29
102% Jan
103% Deo
9784
126
Jan
2%
Dec
Oct
•
Mar
18
Jan
69%
12%
Jan
Jan
Jan
9
Nov
16
Oct
46
11%
Oct
38%
20
Oct
5084 Aug
2%
1
Oct
July
23%
Oct
73% Nov
35%
984
2%
56
Nov
Feb
Feb
Jan
Mar
84% Feb
3
8
84
Oct
108
88
Oct
1Q9
3
76
Oct
103
Aug
Feb
Aug
119% Nov
2
117% Oct
110% Apr
123% Mar
6
12»4May 31
24% Nov
9
14% Deo
29% July
Mar 31
116
111% Jan
2% Mar 31
Mar 25
3
% Mar 23
Nov 22
4%
Jan 10
2%
9
Jan 10
5%
Oct
Oct
1%
Jan 11
1
Oct
1%
Oct
3
3% July 22
10% Mar 31
1584 Mar 31
34% July 20
33% Nov 9
124% Nov 10
1
Dec
6I84 Mar 31
Mar 31
144
Oct 14
9% Mar 30
31% Mar 28
21
Oct 24
103
37% Nov 22
22% Dec
1784
Oct
87% Nov
113
Oct
1034 Oct
31% NOv
1084 Oct
21% Dec.
116%
Jan
1134 Mar
23% Mar
434 Mar
11% Mar
83% Jan
67®4 Mar
167% Jan
170
30%
39
Jan
Jan
May
27%
Feb
34%
30
20
Mar 31
20% July 26
30% Nov 16
100
60
Mar 19
60
5^ % conv preferred
100
Wheeling Steel Corp—No par
65
Apr 12
90
14% Mar 26
Mar 29
32«4 Nov 12
19
Oct
100
75
95
4
75
Nov
126% Aug
42
May 27
61
Nov 12
55
Dec
90«4 Aug
11
23% May
33% Feb
5%
conv
preferred
Co
35 conv prior
10
Mar 31
Mar 19
Jan
Jan
Oct
6
Oct
8%
Oct
3
Jan 22
1%
Oct
1% Mar 31
884 Mar 31
3
Mar 24
32
Mar 30
103
Oct 25
10% Mar 29
Woolworth (F W) Co
36
5M% preferred
100
Youngst'wn Steel Door. No par
Zenith Radio Corp
No par
Zonlte Products Corp
n New stock,
r Cash sale,
Mar
14%
Woodward Iron Co——10
100
65
Jan 21
2484 Oct 19
3%
Preferred
Jan
Apr
Aug
11
3% Aug
Young Spring & Wire..No par
Youngstown SAT
No par
126
16% July 25
1% Mar 30
Prior pf4H% conv
115
Dec
15% July 19
Sept 28
l%June 16
33gJune 16
Prior pref
Dec
90
Sept 23
6
10
70
6% Mar 31
Willys-Overland Motors
1
6% conv preferred
..10
Wilson & Co Inc—...No par
36 preferred
100
Wisconsin Elec .Power 6%pf 100
Worthlngton P&M (Del) No par
Preferred A 7%
100
4
5
3
Jan
11% Mar 29
42
Mar
9
14,300
a Pef. delivery,
12% Apr
74% Apr
Oct
105
Jan 20
Yellow Truck & Coach cl B..1
2,500
3,100
18%
2
4%
1,200
1,500
"V. 900
116% Nov
1584
28% Mar 30
200
Jan
44%
5% Mar•26
M
7084 Oct 27
27
Mar 28
1,100
21,000
Oct
1% Apr 13
series. 10
Wright Aeronautical...No par
W rig ley (Wm) Jr (Del).No par
Yale & Towne Mfg Co
25
170
47g Jan
2% Jan
58% Jan
39% Mar
Oct
Oct
19% Nov 25
preferred B—....-100
4>4 % series
10
500
400
8684
2334
16
28% Nov 9
36% Nov 12
823gMay 28
74
Mar 29
6%
75
*50
37
49%
*31%
1734
100
75
*63
36
36%
36%
36%
*45
49%
47% 47%
49%
*109
113
113
113% 113% *110
72
72%
713s 72
72% 72%
*36
2384
73
*65
75
42
*39
*106
20%
8712
Bid and asked
42
109
24%
50
2412
•
3,500
24%
49%
24
334
700
4%
20
*82
*1812
4%
4
•26
Mar_.
16
100
—100
7% preferred
0% preferred.
Wilcox Oil <fc Gas
4%
%
84 Sept 1
25% Mar 31
700
4,700
4%
4%
r
75
3
*2%
200
Jan
84
Co—
1
Wesson Oil <fe Snowdrift No par
34 conv preferred
No par
West Penn El class A..No par
800
2%
20%
24%
1%
21
2%
50
24%
*1%
21
2%
20%
73%
73%
72%
32% 32%
3178
3178
32%
18
18%
17%
18
17%
104%
104% 104% *103% 104% ♦104
19%
19%
19
19
19%
19%
50
50% 51%
51%
4834 4984
*82
8684
*82
87%
*82
87%
72%
32%
17'4
21%
3%
4%
*40%
10634 10634 *106
~2~5%
*24
14
Jan
108
7
1% Mar 26
Western Union
164
Oct
1% Jan 10
28»4 Oct 20
1%
i
%June 22
No par
Webster Elsenlohr
pref..-No par
White Dent'i Mfg (The 8 8) 20
White Motor Co
a1
White Rock Mln Spr Co No par
White Sewing Mach—No par
34 conv preferred
No par
134
*20%
2%
*41
""166
134
*234
*106
58
1,000
2l->
—1
Preferred
2",200
3%
43
58
2,500
684
2i2
4ig
26%
90
11%
*278
43
80
*75
684
21%
Wayne Pump Co...
Wheel &L E Ry
11%
*1834
*106
500
*1384
20
4%
"""506
7
20
Waukesha Motor Co
Class A
12
20
*484
50
4,000
14
20
par
Westing house El &
6%
*1%
par
par
5
Westingh'se Air Brake.No par
Il34
*18%
par
7,600
*1334
1%
pref....-No
{Warren Bros
..No
33 convertible pref..No
Warren Fdy & Pipe
No
33.85 conv
5,600
5,300
7%
20 3g
5
23,600
~1~866
12%
*158
*5
30%
26%
90
*79%
*79
7
100
Maryland.....-.100
4% 2d preferred
...100
Western Pacific......—-.100
6% preferred..
100
60
27
2784
90
12%
29%
*
♦75"
78
90
*78
7
140
19%
*37%
90
12
*136
xl834
*78
ni2
27%
113% 114%
38
90
*7
23%
26%
20
30%
19
27%
22%
19%
30%
80
140
1
*37%
19%
38
60
140
1
1
23%
2334
27%
2734
113% 115
23%
2378
277g
III84 114%
%
%
%
%
1
Jan
Jan
Nov
29
8
86
135
Dec
Nov
I884 Mar
51% July
1978 Jan
60% Feb
10»4 Feb
99% Mar
No par
Class B
63g
3%
*5%
Jan
May
Oct
Western
%
Feb
21
92% Aug
7% preferred
1,400
6%
84%
7184 Dec
Warner Bros Pictures
2,300
3%
83
Oct
Feb
47
Oct 29
158
"8%
984 Dec
84% Dec
May 11
9%
Oct
46
Dec
Nov 12
Oct
1
87% Dec
A .No par
3%
%
15
2%
8% July 25
20% Jan 10
...No par
23%
3%
534 July 21
10% July 29
3% July 25
52
Jan
9
1% Dec 7
5«4 Mar 31
l334June 10
Ltd No par
Preferred
Ward Baking Co. cl.
23%
*584
June 20
150
4% July 23
No par
2334
%
36
Jan
126% Mar
l%Mar 23
No par
No par
4^ % pref with warrants 100
Western Auto Supply
63g
1
200
91
23%
"
26
79%
103
48% Nov
100% Oct
Oct 10
116% July 19
Wells Fargo &
""966
91
3%
23%
500
102
3%
27%
19
*75"
33
*74%
1,700
1,300
*124
125
117% *116
117
23%
3%
1%
33
%
30%
70
30%
3%
38
*30
*30
*5%
3%
6%
%
1%
23%
23%
27%
2778
11112 112i2
138l2 139
'1712
18l2
23%
23%
23
*20
92
*124
117%
*116
117
117
300
79%
9434
102% 103%
91
91%
92
91%
9134
*9U4
9134
*124
125
*123% 125
124% 125
200
*74%
9434
102
102
13
28%
20%
33%
*33
3,000
13
28
30%
2034
14,200
490
3%
*34
14%
28%
2034
*28
500
200
41
3%
102
Walk (H) Good <fe W
5%
3%
14%
29%
21%
102
Walworth Co
37
534
3%
3278
500
284
*2%
Mar
75%
100
100
100
Walgreen Co
*35
6
Feb
105
Dec
-—100
{Wabash Railway
5% preferred A
5% preferred B_._
Waldorf System
38
5%
6%
118
68
Jan 21
100
Mar
72% Mar
1938 Jan
72% Mar
52% Nov
Jan 21
400
Oct
112
43% Dec
5%
2,200
Oct
20
9
100
pref...No par
Virginia Iron Coal & Coke. 100
5% preferred
.100
Virginia Ry Co 6% pref...100
Vulcan Detlnnlng
100
6% preferred
Va El & Pow 36
60
*36
2%
Oct
3%
32%
1,150
7%
Dec
24
234 Mar•29
1,500
13
65
July 25
•30
1534 Mar
Chem
Preferred..
20%
Nov 12
No par
1,400
4984
13
5
Victor Chem Works..
Va-Carollna
""906
7%
14%
*2834
*34
1%
2
4934
3%
*84
10
*19%
14%
*3%
710
20%
13%
2%
7%
4934
7%
49
29
29%
1,400
*19%
13%
*2%
7%
50%
20
14
*78
-
87%
29
20%
900
6
87%
16%
*13
3%
1,900
Vlck Chemical Co
134
7%
16%
*6%
87%
"i",666
5,900
6
40
134
*84
38
*36
1%
*1%
7%
1634
7
85
85
6%
39%
3l2
70
*75
*1%
16s4
7%
I684
*2
1412
%
*1712
2%
1%
7%
29
208s
30
384
1%
3%
*139
2%
1%
7%
1634
38
6
*5%
IHI4
*2%
38
3%
%
H4
114
2%
134
•
100
7% 1st pref
....
1%
2%
1%
5
Van Raalte Co Inc
43% Feb
15% Mar
22% Mar
Oct
Feb
Mar
11% Mar 31
14% Mar 31
1
No par
100
Vadsco Sales
Oct
27% Mar 30
% Dec 8
Vanadium Corp of Am.No par
700
180
75
*118%
1%
1%
*1%
14
14
74
1%
"3" 400
124%
*13
6I4
28
7%
50%
,
*118%
*118%
.
87%
*19%
76
124% *119
75
74
*28l2
3I4
24
*85
38
38
*i2
1
*1%
7%
16%
6
578
314
2712
1%
2%
134
7ig
1634
75%
75%
*118%
1%
38
38
*534
24
74
73%
{Utilities Pow & Light A
Oct
334
6%
3
Feb
134
-.100
8% preferred
Universal Pictures 1st pref. 100
25,400
3,000
12
*9
12
*9
2
1934
278
*7
2
*4978
5%
*3612
*3l2
12
*118
1%
2i8
*7%
*10
12
*10
13
*10
24%
2484
No par
Preferred
24
24%
243g
25
25% 25%
25%
3134
3134 *31% 32
3134 3134
3112
31l2
3134 3134
114%
114% *113
114% *113
114% *113
114% *113
*11284 114l2 *113
39
38%
39
38%
38%
*39
39%
3934
39% 39%
39i2
39i2
19
19
19
19%
19
19
19
19
*1884
18%
187g
187«
334
334
384
334
378
37g
378
37g
378
4
384
384
26 r, 26%
26
26%
26
2634
26%
26%
26%
26%
25l2 25i2
114
112% 113%
113% 114
114
114
*114
112% 113% 114
11478
*2%
3
*2%
3
2%
2%
*278
3%
♦278
3ig
♦2%
3ig
2434
*3184
Universal-Cyclops Steel Corp 1
Universal Leaf Tob
16%
7% June 13
48
Mar 31
37
No par
36 conv pref A
70
47% Sept
33g Dec 8
7% Nov 29
1% Mar 26
1
No par
United Stores class A..No par
24
*22
24
*22
24
1,900
%
Conv pref (70c)
600
3,900
%
%
'
%
25
2978 Dec
121
91«4May31
29% Mar 30
40
' Apr 25
No par
-
Jan12
NovI4
Oct 11
Nov 16
Feb
23% Mar
71% Nov 12
Mar 31
7% pref
21s
84
38
100
172
534 Dec
56% Nov
Mar 31
No par
137
154% Nov
109% Nov 21
7284 Oct 13
70% Mar 5
3
x44«4Mar31
*55
Nov
4
7
Mar 31
50
Preferred
53
Jan
Jan
Jan
49% Oct 13
45% Jan
..100
U 8 Smelting Ref & Mln...50
U 8 Steel Corp
20%
3478
71
Mar 29
21% Mar 30
2% Mar 31
8% 1st preferred
Preferred
Oct
35%
30%
7%
13%
June 20
13% Mar 31
3% Mar 30
53g Mar 26
No par
30,000
2,600
3%
Oct
5%
10% July 19
4% Mar 29
49
5,000
Oct
12% Nov 10
9
24
Nov
s4
Nov
U 8 Industrial Alcohol.No par
U 8 Leather
70
4%
Nov
50
pref
Nov 10
16% Feb
2434 Mar
100% Feb
9% July 23
173
50
*778
68%
conv
Nov 10
115
100
20
No par
2
Mar
1% Jan 18
Mar 31
55
U 8 Hoffman Mach Corp...5
%
13
.
162% Mar 28
20
100
.
3% Oct
5% Dec
85
6
3% Mar 26
534 Mar 30
100
Prior preferred
*2
67%
_
U 8 Realty & Imp
8
*61
-
May
% Dec
600
2%
<
62
-100
No par
-
114
4% Apr
No par
$5 first preferred
U 8 Dlstrib Corp
Conv preferred
334
158
10
U 8 & Foreign Secur
400
2%
*50i4
825g
Jan
800
*3%
*778
*156
113%
U 8 Pipe & Foundry
1%
*44
Oct
"2,900
3%
8%
33
44%
3%
101
Oct
10% Aug 20
No par
2%
*44
Jan
Nov 22
Mar 14
Partic & conv cl A
8%
33
4478
334
33lg
*44
17
Sept 17
35 preferred
1,400
11534
*3284
8684 Mar
Oct
1,300
67%
62%
11534
33
44%
338
8%
116%
63
Oct
9
6
12,100
62%
61%
64%
11734
Oct
52
12% Nov 10
100
100% 101%
60%
61
67%
61%
39% Oct 14
67% Aug 8
24
Mar 31
834 Mar 30
50
2%
United Mer & Manu Inc vtc.l
71%
43%
4%
47»4
2684 Apr
106% Feb
9% Mar
21% Mar 31
.6
43%
484
*66
71%
Oct
Dec
Jan
Jan
Mar
8% July 25
500
400
1,300
5%
6%
16
Mar 26
No par
No par
25
10
74
4678
Oct
10% July 18
Jan 10
80%
1
Mar
8%
Oct
5
No par
200
5%
44
43%
4%
7%
Apr
35
Oct
25%,
United Gas Improvt
35
9%
3
United Eng & Fdy
7% preferred
25
5%
10*4
*66
44
4334
11638
384
7%
75
*66
6384
*115
4478
334
26%
5%
10%
*5%
105% 107U
65i4
65%
*6814
70
69
62
114
26
10U
71%
44%
5
4958
4312
47g
IO384 10514
66
33
265g
10ig
484
33
5i2
6
7%
*31%
7%
734
3234
60
5
2
Oct 17
7% Jan 12
4% Mar 29
100
Preferred
United Electric Coal Cos
Highest
share $ per share
per
17% Dec
4% Oct 17
38
4%June 18
5
United Dyewood Corp.---.10
*172%
*172%
Mar 26
Mar 31
United Drug Inc
$
share
per
2084 Nov 10
1
2
22
140
9%
9%
108% 109
9%
9%
108% 109%
934
108%
1234 Apr
par
Lowest
United Fruit
4,000
18,200
600
34
6
6%
734
3234
734
*66
435g
107
6
200
$
share
per
No par
No
$3 preferred
10
1,700
*%
3
United Carr Fast Corp. No par
United Corp
200
7
34
35
*5ig
71ig
934
*172%
26
4634
41,100
7,900
3,000
7
6%
*%
.
Par
72
*68%
72
634
%
6%
6
934
10634
734
*32i2
514
43i8
475g
104% 10458
68%
106
10
*66
43%
4%
48
3
7
7%
*6%
*68%
7%
%
*172l2
26
5%
10
70
984
7i2
35U
26
105s
*66
66
9»4
*3212
7%
5%
5%
5%
5%
73
7%
7
*6
103% 104
*17212
5%
*6%
35%
5%
3
Highest
Lowest
300
1834
*17%
2%
32%
33
1
*%
7
95g
7%
34l2
26
478
1
*6
6i2
43%
86
*%
*534
*7%
*3234
912
*82
85
*58
7
9l2
9%
*82
32%
11
734
7
*17%
2%
3384
5812
113
*714
7%
34l2
19i2
3%
19
3
33%
34
35
*32%
35
*32%
*34%
5784
59%
59%
58%
5988
5834
59
11
11
1034
10%
107g
10%
lUs
113% *112% 113%
113l2 11334 *11234 113% *113
7%
*7%
7%
7%
*7%
8
*7i2
8
*6%
7
7%
7
*6%
7%
7%
7's
10
10
*9% 10
10%
*984
934
10%
*81
86
84%
85
86
84
84
*82
34
5734
113
*70
*7
7
79l2
73
3
5%
*7
*73
193s
318
3334
5%
784
*17ig
3278
5i2
*6i2
*17i4
33
Year 1937
100-S6ar« Lots
EXCHANGE
the
Friday
*17%
3is
Range for Previous
Range Since Jan. 1
STOCKS
Sales
CENT
NOT PER
SHARE,
3579
0%
6
Oct 26
Jan 10
5% July 19
60% Jan 21
IO684 Dec 7
27% Nov 14
Nov 9
53«4
27%
72%
75%
48%
65%
74
Oct 20
20®4 Jan 31
83g Jan 3
71
Mar 30
39
July
6
Oct 19
Oct 13
9% Mar 31
25% Aug 20
Mar 30
57% Nov 12
86% Nov 15
28
Nov 10
62% Mar 31
11% Mar 29
9
Mar 31
25«4 July
3
584 Mar
2®4
Jan
t Ex-dlv.
Oct
Dec
4984 Dec
10% Dec
7
7
18% Jan
684 Mar
46%
6% Jan
Jan
5% Sept
Sept
12
12%
Feb
9184 Mar
13% Dec
66% Jan
34
Dec
12
Oct
54%
Oct
112% Mar
40
Oct
100
34
Dec
38
Nov 18
109
1«4
2
4% Dec
4% Oct
3984 Dec
120
24
Oct
9
July 19
Nov 14
Nov 16
Nov 9
Nov
55% Mar 30
61% Mar 31
21»4
11
47
Jan
Mar
4084 Deo
54
Nov
Oct
128
Mar
58% Oct
2134 Dec
7% Oct
76
Jan
62%
Jan
Feb
68
Dec
12% Dec
34% Nov
70
Oct
11% Dec
2% Oct
37%
142
46%
Jan
Feb
101% Mar
Jan
115
43% Aug
9%
Jan
V Ex-rlghte. 5 Called for redemption.
Dec.
3580
NEW
YORK
10, 1938
EXCHANGE
STOCK
Bond
Record, 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,
which they
the only transactions of the week, and when selling outside of the regular weekly range are shown In a footnote In the week In
No account Is taken of such sales In computing the range for the year.
unless they are
occur.
Friday
Week's
bonds
Last
Range or
N. Y. STOCK EXCHANGE
Sale
Friday's
Week Ended Dec. 9
Price
Bid
&
Low
N. Y. STOCK EXCHANGE
Asked
Jan. 1
li
Week Ended Dec. 9
High
No.
Low
1944-1954
1946-1966
1940-1943
-.
Treasury 3 He
Treasury 3Ma
Treasury 3mb
Treasury 3Mb
3s
3s
2Mb
2Mb
2mb
2Mb
2Mb
2Mb
2His
- —1948
1949-1953
1950-1952
2Mb
Treasury 2 Ms
Treasury 2Mb
118.27 118.22
J
118.28
116 4
119.5
111.22114.23
114.5
114.5
114.9
S
113.6
113.6
113.6
110.8
105.9
105.9
105.11
104.13106.27
3^8
S
M
106.28 106.28
2Mb
107.18110.25
106.26108.14
1942-1944
Govt
&
O
109.25 109.23
109.26
22
107.2
110.5
109.25
109.29
19
107
110.3
109
109.8
23
105.27109.10
20
109.7
D
108.22
108.30
D
108.14
108.19
M
S
106.24
107.1
M
8
M
S
M
S
D
104.12 104.3
107.1
D
J
8
103.25107.4
101.27105.27
105.27
104.3
138
100.26104.7
102.26
103.5
113
100.14103.17
69
100.6 102.29
102.14106.12
102.18 102.3
♦106.7
105.3
102.19
3
106.14
105.9
'"l3
102.18 102.3
102.18
102.21
71
107.1
102.4
101
196
102.16 102.5
M
101.24 104.21
103.25
M
D
107.1
108.19
103.26 107.7
105.27 105.22
D
J
269
105.19108.31
105.2
104.3
M S
J
106.28
104.12
6
35
105.9
99.18102.20
100.4
102.23
M
8
107.1
M 8
105.4
105.2
9
103.28107.10
106.27
22
103.4
106.1
12
103.22106.18
3
102.13 105.11
105.4
106.27
106.26
33
103.9
F
A
102.15 102.12
102.15
35
101.9
103.13
J
J
104.13
104.13
5
101.5
104.15
•6s extl sf gold of 1927_ Jan 1961 J
♦Colombia Mtge Bank 6Mb—1947 A
1949 f
a
A
O
1948
Akershus (King of Norway) 48.1968
♦Antloqula (Dept) coll 7s A-.-1946
♦External
External loan 4mb ser C—-1949 F
-.1977 J
Denmark 20-year extl 6s._
External gold 5 Ms
25m
16M
25 m
25 m
95
17M
25 M
25 M
93
96 M
*
'
M N
106m
106 m
62
80 M
172
80 M
73
J
J
101
100M
103m
147
...1957 M S
101
101
103m
86
87 m
100
96
85m 102m
11
17
1945 F
1949 M
S
1955 J
J
86 m
a
MN
97 m
J
23
J
97 x
23
23m
♦19m
106M
♦Berlin (Germany) s f 6 Ms—..1950
107m
105M
27
20 M
1950 J
f 4Ms-4Ms--
9
9M
104
8M
19m
9
9M
63
8M
19m
8m
9M
40
8M
19 m
99 m
15
95
102
102m
5
95
102M
98
103
98
96 m
96 m
m
12X
*70
8
*60
78
♦Chile (Rep)—Extl s f 7s
♦78 assented
a
s
J
♦6s assented
1965 J
♦5Ms of 1930 stamped
♦5 mb unstamped
64
67
65
55 M
65 M
m
65 m
51
65M
20 X
20 M
19
22
65
65
15m
15m
97
15
15%
QQ
95
106M
30
100M
104 M 108 M
106%
20 m
108 M
109m
19 M
99
23
109%
93 M 103 M
112%
104M 123
99M 107
112 M,
21 M
21m
24
20
20 H
206
4
A
O
16 M
29 %
16M
26
23
38 M
28M
26
28
23 M
25 m
26M
25m
20*
♦(Cons Agric Loan) 6M8
♦Greek Government
8
1958
j
D
24 M
29 M
33
1964
*21M
*22 m
24
m
29
33
19
28
f ser 7s._1964 M n
♦7s part paid
♦Sink fund secured 6s
30 M
A
22 m
22 M
22 %
19M
29
27
82 m
70
85
21.M
1968 f
♦6s part paid
1968
21M
Haiti (Republic) s f 6s ser A—1952
♦Hamburg (Stato) 6s
1946
♦Heidelberg (German) extl 7mb *50
Helsingfors (City) ext 6 Mb
1960
82
♦
18M
16 M
20
fli03m
Hungarian Cons Municipal Loan—
♦7Ms secured s f g
1945
J
103m
9m
11%
102
22 M
20
105M
19
18 M
9
85
*10
14
9M
78 H
♦Hungary (Kingdom of) 7MS--1944
*38
44
37
59 M
36 m
32 M
43
F
1979 F
9M
11M
A
a
64
79 m
49 M
70 m
Irish Free State extl 8 f 5s_—1960 M n
a
O
52 m
4
52
25
50
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s
18
14
70 m
47
H
70 m
54 m
55
37 m
39m
3
36 m
72 m
53
J
35m
9
31 M
36 M
7
31M
35 m
54 m
a
o
35 m
31 m
35
31m
,35
110M
110'm
40
103
42
106
15 1945 F
Extended at 4Mb to
1951 J
ser
D
B *47 M
36 m
*103
8
75
75
79 m
76
78
54 m
59
A
84
84
86
Extl sinking fund 5 Mb
1965 MN
♦Jugoslavia (State Mtge Bk) 7s 1957 a o
♦Leipzig (Germany) s f 7s
1947 F A
67
65m
36
24 M
1M
1M
j
m
H
J
"98 h
98 m
89
102 M
99 m
J
16M
(US) extl 5s of 1899 £.1945 q
♦Assenting 5s of 1899
1945 q
♦Assenting 5s large.
♦Assenting 5s small
D
29 m
62 m
38
27 m
32 m
♦4s of 1904
1954 J
D
27
27
1954 J
O
1
27 m
29
26
32m
*21 m
22
18
26 M
♦Assenting 4s of 1904.,
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
22
32 m
32 m
"5
29
29M
6
16m
19m
14m
14m
32
14m
19 H
Milan
14m
16m
14m
10
14m
15m
33
15
14
14m
19m
14m
Mlnas Geraes (State)—
♦Sec extl s f 8Mb
16m
16m
31
15
19m
14m
Ten
14 m
1
16m
14m
Jan 1961
24
14m
16m
14m
16 m
16M
14m
*1*0 M
14«
5
14M
14m
15
19 m
16m
9
16m
15m
16m
"20
O
♦External sinking fund 6s.__1963 MN
♦6s assented
1963 MN
16m
"l6M
"25
*14m
Sept 1961 M S
o
1957 J
D
1957 J
16 m
D
1961 J
D
1961 J
D
14m
UM
24
11
6
M
2M
4
4M
*1
29
*20
*27
Jan 1961
27 M
72
8%
97 m
92 m
16M
23
*m
1
O
46
20 M
*%
104 m
101m
1942 M n
30
8
98
98 m
101M
97 m
1942 M N
44
2
j
15
39
27m
86
99
.
♦Mexico
103m
103m
O
61M
169
♦Medellln (Colombia) 6Ms
.1954 J D
♦Mexican Irrtg assenting 4M8.1943 M n
110m
102m
103m
1960
32
81%
65 M
103 h
110M
J
54
43
♦Lower Austria (Province) 7 Ms 1950 J
110M
1950 M S
v
U0M
113m
103 m
15 1960 A
*54 m
63 M
66
67 m
36
103 m
15 1980 J
171
10
J
J
J
12M 117M
109 m
Italian Public Utility extl 7s„.1952 J
a
For footnotes see page 3585
100
German Prov & Communal Bks
43
16m
*14m
83
*100
23
40
16m
♦Sink fund 6 mb of 1926
♦6 Ms assented
104
91M 102
20
54 m
*14M
♦6Ms assented..
D
1965
Holder) '65
♦German Rep extl 7e stamped. 1949
♦7s unstamped
1949
"53"
♦External sinking fund 6s...1962 A
♦6s assented
1962 A
♦Chile Mtge Bank 6M8
106M
99 m
*103m
53.
52 m
♦Extl sinking fund 6b.-Sept 1961
♦6s Assented
101
m
98 m
D
50 m
*60
-Feb 1961
f 6s_;
105
100
93
93 M
104%
98 x
D
53
1960
♦6s assented
J
50 m
♦Extl sinking fund 6s..Feb 1961
♦Ry ref extl
104
50
50% 105
104 m
a
♦External sinking fund 6s—1960 a
♦6s assented
78 M
75
100 m
O
F
1960
f 6s. .Oct
62 M
106
75
*102
...1954 J
6s.. July
62 M
9
110M
coupon on
10
102
75
MN
J
1967 J
s
72 %
52 %
100
75
75
J
M S
1961 J
1944 J
♦Carlsbad (City) i
8s
♦Cent Agric Bank( Ger) 7s
96 M
46
29
7M
J
1960
..Aug
♦6s Oct coupon on..'
72
in
60H
Japanese Govt 30-yr s f 6 Ms—1954 F
30-year 3s
♦Farm Loan
*72 h
10
102
11M
...1952 MN
July
58 m
11M
1967 J
6s
♦6s
101 m
24
16M
101M 107 M
110M
102 M
*10
23
1975 M N
Canada (Dom of) 30-yr 4s
18
19m
107 m
'103%
♦7s secured s f g
J
1946
♦Hungarian Land M Inst 7 Ms. 1961 MN
♦Sinking fund 7 Ms ser B
1961 M N
7M
78 a
13
106
M
*
1984 J
f 7s
♦Farm Loan s!
19m
107 m
80
64
101M
11
8
♦Stabilization loan 7Ms..---1968 M N
10-year 2mb
25-year 3Ms
7-year 2mb
90
♦5 mb 8tamp(Canad'n
24
9
M
1977 M S
3% external s f % bonds
Bulgaria (Kingdom of)—
64 M
71M
23
"44
D
J
1961 F
External
23 m
18
12
12m
D
1962
4Ms-4Ms
1976
External re-ad J 4Ma-4MS---1976
115m
9m
1927—1957
1952
Brisbane (City) s f 6s
1957 M.8
81nklng fund gold 5s
1958 f A
s f
107 m
18
2
20 m
f 6 Ms of
Refunding
20 m
108
105
12
12M1
♦7s (Central Ry)
♦6Ms stamped
External s f 4M-4M8
98
43
115
23
98M
17
104 m
♦External sinking fund 6s__-1968
105m
17M
21 m
113m
104m
1955
♦Brazil (U 8 of) external 8s
1941
♦External s f 6 Ms of 1926—1957
s
88
87 m
76 m
77
1961
43
72
German Govt International—
96 m
86
86
77
♦Bavaria (Free State) 6 Ms
♦Secured
88 m
8M
100m
77m
1956
1957
s
88 m
77
12
A
;
57 m
71m
1967 J
76m
5m
85 m
8M
97
1948 J
1945
♦Frankfort (City of) sf 8M8—1953
French Republic 7 Ma stamped. 1941
7M8 unstamped
-1941
External 7s stamped1949
78 unstamped
1949
O
External g 4 Ms of 1928
•Austrian (Govt's) s f 7s
♦6s stamped
57 m
5Ms 1st series
-—.1969 A O
5 Ma 2d series
1969 A O
♦Dresden (City) external 7s—-1945 M n
Finland (Republic) ext 6s
A
♦Buenos Aires (Prov) extl 6s... 1961
83
55
65 M
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s
1972 F
f 6s-_—
M 101M
100M
95m
58
67
8M
*7M
s
83
96 m
93 %
58
55
5
96
20-year
96
93 m
58
67
7m
o
♦Budapest (City of) 6s
96 x
26
26
25M
9M
D
s
25m
64
8M
♦External sec s f 7s 3d series. 1957
♦External
25 %
16 M
17
Customs Admins 5 Ma 2d ser. 1961 M S
9m
Antwerp (City) external 6s
1958
Argentine (National Government)—
f 6s
17M
25%
ism
65 M
6
O
s
25%
25%
66
6
f 7s 2d series.1957
External 30-year s f 7s
20 M
25%
65
4m
see s
External
10
25m
*62
7m
♦External
Belgium 25-yr extl 6 Ms
117
20M
O
2d series sink fund 5 Ma
*7M
7m
J
J
External 5s of 1927
20
22 M
10
55
10
O
Australia 30-year 5s
195
55
10
1945
1972
1965
18
20
18 m
66
6
f 7s series D
1971
"19k
19m
19m
64 m
6
f 7s 1st series.,..-1957
loan 4s Feb
19M
13
*62
8M
s
conv
30
100 M
F
1940 A
1940 A
5Ma of 1926
sm
8M
8M
s
8 f extl conv loan 4s Apr
16M
18
13
O
ser
8M
♦External
8 f extl
11M
59 m
1942 J
1955
J
♦External
8 f external 4mb
12M
82
A
—1962
J
f 7s series C._—1945
s
25m
25M
M 8
1945
f 7s series B
1
13%
A
Sinking fund 5 mb—Jan 15 1953 J
♦Public wks 5Ms.--June 30 1945 J
Czechoslovak (Rep of) 8s
1961 A
ser B
12M
18M
13m
*20
1951 M n
1944 M S
4 Ma external debt
1st
1947 F
♦Gtd sink fund 6s
O
1946 M n
♦Sinking fund 7s of 1927
1947 F A
Copenhagen (City) 5s
1952 J D
25 year gold 4 Ms
1953 MN
{♦Cordoba (City) 7s unstampedl957 F A
{♦7s stamped
1957 F A
J
Cordoba (Prov) Argentina 7s.-1942 J
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
18
12%
4
17
♦Sinking fund 7s of 1926
♦Costa Rica (Rep of) 7s.
12 M
74
12m
14%
12m
{♦Stamped extd to Sept 1 1935.^ M S
Dominican Rep Cust Ad 5 MB--1942 M S
Municipal—
♦Gtd sink fund 6s
s
1
High
106.26
Agricultural Mtge Bank (Colombia)
♦External
Low
14m
12M
External g 4mb
Apr 15 1962 A
Deutsche Bk Am part ctf 6s—1932
Foreign
No
High
14m
12M
D
J
5s
1951
♦Cologne (City) Germany 6 ms. 1950 M S
Colombia (Republic of)—
•6s of 1928
Oct 1961 A
Sinking fund 8s
1 1939-1949
2mb series Q
Jan
0qco
14m
12M
13m
♦Chinese (Hukuang Ry)
1 1944-1952 MN 106.25 106.20
2Mb series B._Aug
Since
Asked
14m
1960 M
♦Chilean Cons Munlc 7s
107.12
o
1 1942-1947
Mar
May
&
"l4 m
1962 MN
106.16 108.2
110
Home Owners* Loan Corp—
3s series A
Bid
A
1962 MN
♦6s assented
106.31
110
D
J
1961 A
....—.-1961
♦68 assented-.
♦Guar sink fund 6s..
107.12
May 15 1944-1949 MN 106.27 106.22
Jan
15 1942-1947 J
106.1
105.30
3s
Friday's
Price
Chile Mtg Bank (Concluded)
♦Guar sink fund 6s
a
D
J
15 1944-1964
..Mar
Range
Range or
Sale
Low
113.18
Federal Farm Mortgage Corp—
3s
Last
High
D
M
J
1941-1943
1943-1947
1941
1943-1945
1944-1946
....1946-1949
1949-1952
1946-1948
-—1951-1955
1955-1960
1945-1947
1948-1961
...—1951-1954
1966-1969
1958-1963
...1945
Treasury 3 Ms
Treasury 3M»
Treasury 3Ms--.
Treasury 2Mb
fel
Foreign Govt. & Mun. (Coni.)
A
—1947-1952
Treasury 3 Ms
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
bonos
Since
Government
U. S.
Treasury 4MbTreasury 4a
Week's
Friday 1
Range
■s.
14m
14m
15
14m
19m
14h
19 m
14 H
UK
14m
o
1952 J
1944 F
A
14m
14m
12m
18m
f 5b
3M
29
1
3
41
67
10
7m
3
6M
7
38 M
37
31
88
13
13
61
57 M
104 M
101M
105%
21
88 M 103M
103M 107%
105%
57
104
8
a
105
104m
8
104%
104M
105m
18
99 M
107 M
102m
102m
103m
40
98 H
104%
100 M
100m
101H
85
98 M 103M
99 M 104M
D
s
1
2M
153
7m
101M
%
104m
1970 J
Municipal Bank extl
100
3
3M
1
100
A
f ext loan
M
100
1
3
a
1963 F
-
10
M
o
o
12 m
1M
52
a
12 H
7
7m
1m
61
*47
1956
1965
12m
1
49 m
External sink fund 4Mb
External s f 4mb
s
1m
56 m
*47
Apr 1958 a
1943 F
f 5s
48
15
D
New So Wales (State) extl 5s.-1957 F
1SH
20
m
1959 M n
Norway 20-year extl 8s
20-year external 6s
12 M
1M
1959 M S
♦6s series A
"iik
1%
56M
J
a
1958 M S
♦Sec extl s f 6 Ms
♦Montevideo (City) 7s
14m
12m
*12m
J
J
(City, Italy) extl 6 Ms —1952
s
1M
23
m
{♦Small
4
1
1m
1M
l
{♦Treas 6s of '13 assent (large) *33 J
External
1M
*104
107 M
Volume 147
New York Bond Record—Continued—Page 2
bonds
N. Y.
STOCK
Last
tor
EXCHANGE
Range
Sale
dju.
Week Ended Dec. 9
Foreign Govt. & Man. (Concl.l
M
D
MN
53
28
41
102
14
96 X
44
....
9
9
J
D
8X
15
45
43X
5X
5X
S
8X
8X
86
62
32
62 X
5X
6
6X
10X
18
7X
15
9X
9X
80
7
13
62
7
A
O
41
41
42 X
9
37
A
O
50
50
51X
20
42
J
J
39X
3
♦Porto Alegre (City of) 8——1961 J
D
8X
12
J
J
8X
32
8X
39
7X
7X
MN
Queensland (State) extl
♦
8 f 7s__1941 A
F
Rhine-Main-Danube 7s A..
1
52
17
24
19X
19X
13
104 X
106 X
31
19
O
104 X
104
A
106
104 X
M S
9
1
31
6H
5X
18X
24
101X 108 X
94X 109 X
26
29 X
A
O
A
5X
29 X
6X
6X
F
7X
21
6X
6X
59
5X
5X
13
11
55
19X
19
9X
67X
82X
62
11X
10X
98 X
55
♦Prussia (Free State) extl 6X8.1951 M S
A O
♦External a 16a
67 X
103 X
104X
40
53 X
S
O
81
12
10X
Rio Grande do 8ul (State of)A
♦6s extl
O
7 X
7
J
8 f g.
D
6
6
M N
J
♦February 1937 coupon paid
♦Saarbruecken (City) 6s
1953
Sao Paulo (City of, Bratll)—
♦8a extl secured s f——
7
6X
62 X
6X
18
18
7
5X
fix
32
7
6X
(♦8s extl loan of 1921—..1936 J
J
Secured
..1940 A
f 7s
s
♦Saxon State Mtge Inst 7a
1945
6Xs—1946
Serbs Croats A Slovenes (Kingdom)
♦Sinking fund
g
6
O
J
D
18
1962 MN
♦8s secured extl
28 X
4)4s assented
__1958 J
...
27 X
.1
6X
5X
14
8X
6X
7
5X
14X
6X
40
11X
10X
"*5
16
a
F
41X
*
A
8ydney (City)
s
f 5Xs
1955
-
—
M
W
33
-
look"
100X
26 X
23X
26X
20
35
"7
101X
15X
34X
26
60X
33 X
25
41
29X
'
♦Slleslan Landowners Assn 6s.. 1947 F
17
13X
13
11X
47X
23
_
28X
♦30X
D
19
69 X
1
40
30
33
33
35
31
46
16
15X
17
221
17X
13X
10X
10 X
11X
17X
525
J
52
52
52 X
1952 M S
Tokyo City 5s loan of 1912
External
46
46
46
55 X
55 X
56 X
49
1961 a
f 5Xs guar
s
o
♦Uruguay (Republic) extl 8s... 1946 F A
♦External a f 6s
.I960 MN
*45
......
44
35
90
33
104X
a
..1964 MN
f 6s
3K-*-4Hs ($ bonds of '37)
external readjustment.
.1979 MN
3)4-4-4)4% ($ bonds of *37)
.
D
a
J
3 Xs extl readjustment
1984 J
Venetian Prov Mtge Bank 7s..1952 a o
♦Vienna (City of) 6s
.....1952 MN
37
52 X
42
60 X
■_
41
Beech Creek ext lstg3Xs_....1951
Bell Telep of Pa 5s series B
1948
Con ref 4s
51
38 X
54
40X
1
63X
38
40
33
37 X
63
38X
37 X
41X
39X
10
38X
6
37 X
43X
43X
38
60
38
42 X
X
•
-
*
*,
38
42 X
70
1
«.
w
.....
«,
15
39X
*56"
mm*.*.
...1951
4s stamped......
1951
Battle Creek A Stur 1st gu 8s.. 1989
1st A ref 5s series C
Belvldere Delaware
1958
Yokohama (City) extl 6s
1961 J
F
A
«.
-
«
—
-
*.
41
*37
A
-
*
-
D
34
57X
15X
108 X
101 X
50 X
18
69X
100H
30
58X
37
62
34
—
35X
43 X
66
Adams Express coll tr g 4s
Coll trust 4s of 1907
M
1948
__1943 J
..1943 J
Ala Gt Sou 1st cons A 5s
cons
4s series B...
warr
♦68
1
86
106
2
94
O
a71
a71
3
58
78
100
105
*105 X
D
103 X
O
O
103 X
-
P
35
77
2
40
*71X '
—
35
*35
«• m,
*
_
2
102
106X
95 X 103 X
35
54
35
-
118
16
128X
128 X
44
125 X 129X
1966
3Xs s f conv debs..........1952
98 X
206
27
116
28
43
1961 A O
24 X
23
25 X
46
{♦Boston A N Y Air Line 1st 4s 1956
Brooklyn City RR 1st 6s
1941
Bklyn Edison cons mtge 3X8—1966
Bklyn Manhat Transit 4Xs...1966
F
A
j
J
107
MN
73
gtd 6s_1941 MN
con
..—1941 j
1st 5s stamped
1st lien A ref 6s series A.....1947 MN
Debenture gold 5a_.—...... 1950 J D
1957 MN
—.1950 F A
Buffalo Gen Elec 4Xs series B.1981 F A
Buff Nlag Elec 3Xs series C—.1967 J D
Buff Roch A Pitts consol 4Xs_.1957 MN
{{♦Burl C R A Nor 1st A coll 5s 1934 A O
♦Certificates of deposit..
{Bush Terminal 1st 4a
38 X
5s
.............1965
J.
in"
Canadian Nat gold 4Xa
1957 J
Guaranteed gold 5a—July 1969 j
J
~
67
70
90
f deb 5s.......1953 J
conv
Deo 11954 j
d
Collateral trust 4Xs.______-I960 j
{♦Car Cent 1st guar 4s__—....1949 J
J
d
Coll trust gold 5s
5Xs—.1949
J
3 X 9 debentures
..1966 J D
J
•Am Type Founders conv deb.1950 J
Amer Wat Wks A Elec 6s ser A.1975 MN
16
108H H5X
13
119
108 X 117
113
121
4
108 X 116X
113X
21
123
123
108X 115X
117X 1-25 X
80
81
97
112 X
98X
95
Central N Y Power 3X8—
102 X
3
102 X
30
27
80
102X
Anaconda Cop Mln s f deb 4 Xs 1950 a
87
U2X 113X
99 X 106X
99 X 105X
6
97 X 116
84
106X
81
102X 107X
112X
112X
97
105
105 X
105 X
106
104 X
•1C9X
103
o
104X
105
112
103 X
105 X
s
f 4s
ser
4s series B.1955
4, „
-
30
36X
-
36 X
*
—
A
~
—
-
-
*96 X
96 X
1957 J
C (Del)
Atchison Top A Santa Fe—
General 4s.
♦Adjustment gold 4s
F
29 X
30 •
-
J
97
96X
1995 A
O
105
104X
92
86 X
99
45
47
3
35
47 X
105
105X
106
j
J
j
1955
1965
Trans-Con Short L 1st 4s....1958 J
Atl Knox A Nor 1st g 5s
Atl A Charl A L 1st 4 Xs A
1st 30-year 5s series B
D
7X
3X
24
3X
4
7
6
6X
8X
95
64
70
102 X
110X
104 X
*110X
j
«.w
~
~
~
110X
109X
89
104X
105 X 110X
25
46
*29
23 X
32
...1987 J
J
19 X
2
18
30X
107 X
9
101
107X
1962 A O
107"
A
41
m
s
107
71
72
68
53 X
68
53
54 X
20
99 X
...........
2
64 X
97 X
72
35 X
74 X
64
64
112X 117
115X
80
99 X
99 X
49
81X
99 X
99 X
101X
118
43
99 X
101X
10
118X
42
96 X
45
96 X
101X
117 X
95 X
96 X
60
24
9
88
95 X
F
96X
A
101 X
85 X
5s.
3s
1949 A
101 x
115
104
104 X
*104
99 X
♦Chic A Alton RR ref g
75 X
Chic Burl A Q—111 Div 3Xs—1949 J
J
Illinois Division 4s_—.—1949 J
J
1944 j
...1944 j
1959 J
..1953 M
{♦Auburn Auto conv deb 4X8.1939 J
Austin A N W 1st gu g 5s...—1941 j
Atlant'c Refln'ng deb 3s
3585
102
General
81
104X
1st A ret 4 Xs series B
79 X 101
87 X 106
"44
2
♦108X
_
106
*108X
J
-
105 X
U2 X
<-
3
-
4*
-
90
S
j
J
5
83 X
52
66
69
18
*76
68X
68
X
31X
103 X
^
_
33
32 X
15
30
53 X
3
102 X
*23
103X
38
*71
24
72
67
69
109
97
104 X
94
~
•
-
—
77 X
88
45
76 X
14X
14
69
X
53
105
63
77X
*28 X
j
S
*90"
83
66
X
103 X
100
112X
98 X 112
95 X
83 X
*82
J
1964 J D
10-year coll tr 5s
May 11945 MN
L A N coll gold 4s
Oct 1952 MN
J
Atl A Dan 1st g 4s
1948 j
J
Second mortgage 4s...
..1948 j
103
75 X 103 X
36X
32 X
60
60
53
102X 103X
15.
30
70
85
4s
—
O
109 X
10X
10X
97
96 X
103 X
.......1958 m S
F
A
O
{{♦Chicago A East 111 1st 6s... 1934
{♦C A E III Ry (new Co) gen 5S.1951 mn
♦Certificates of deposit
Chicago A Erie 1st gold 5s.
1982 mn
{♦Chicago Great West 1st 4s—1959 M s
{♦Chic Ind A Louisv ref 6s
1947 j J
♦Refunding g 5s series B....1947 j
96 X
♦Refunding 4s series C—
♦1st A gen
5s series A,
♦1st A gen 6s series B__May 1966 j
Chic Ind A Sou 50-year 4s.....1956 J
J
1969 J
{Chic Milwaukee A St Paul—
♦Gen 4s series A.
May 11989
♦Gen g 3 Xs series B—May 11989
♦Gen 4 Xs series C
May 11989
♦Gen 4 Xs series E—May 11989
♦Gen 4X« series F
May 1 1989
10
26 X
40
85
107 X
14
90 X
I11X
29
81 X 109
105
68
68
97 X
89 X
22
93
93 X
60
75
109X
90
90
90 D
4
85
90 X
17X
13X
13 X
18
17X
*80
20X
12
18X
12
*8
3X
*9X
3X
17X
j
369
42
82 X
20 X
242
12X
5
*24 X
17 X
9
17
13
15
3
4
18
66 X 108
22 X
15X
9
3X
4
70
60
7X
7 X
85 X
nix 112
♦111X
23 X
8X
7X
8X
13X
_____
*60
4
D
Chic L S A East 1st 4 Xs
12*
97 X
103X
88 X
J
J
1947 J
1966 mn
103
93 X
A
1st A ret 5s series A———.—1971 F
A
1977
97 X
106
106
112
♦111X
1989 J
1941 m 8
2d consol gold 4s
98 X 110X
97 X
106
U0X 121
"85 X
97X
104 X
1989 J
R A A Dlv 1st con g 4s
99 H
82
100
85X
95 X 106
97
100
Potts Creek Branch 1st 4s...1946
91
97 X
34 X
53
23
54 X
'115X
81
mn
96
95
78
107
53
26 X
38
91X
*87 X
99
10
10
118
21X
iex
Warm Spring V 1st g
42
7X
9X
26
86 X
2
7
12
26 X
38
105 X
12X
23 X
23
94 X 100
"~78
97
12
j
gold 4Xs_
...
*
D
General unified 4Xs A...
For footnotes see page
97 X
8X
18
4X
8X
4
70
O
26
50
9X
*109 X
102 X
19X
4X
8X
4X
..
56
92X
30 X
39
39
9H
4 X
...
59
J
Ref A imp mtge 3 Xs ser
88 X
„
-
1962 M S
..1946 j D
Atl Coast Line 1st cons 4s July 1952 M
Atl Gulf A W I 88 coll tr 5s
96
17 X
95
35
10
J
25 X
General
88
*
D
Cal-Aris 1st A ret 4 Xs A
*10
80X
91X
Ik
94X 108
j
Champion Paper A Fibre—
8 f deb 4Xs (1935 issue).... 1950 m s
81 deb 4X0 (1938 Issue)
1950 m s
Ches A Ohio 1st con g 5s......1939 mn
87 X
D
Rocky Mtn Dlv 1st 4s
91X
♦48 X
88 X
88 X
18
.1987
Through Short L 1st gu 4s...1954 A O
Guaranteed g 5s.
>......1960 F A
Central RR A Bkg of Ga—
mn
5s extended to May 1 1942..
Central Steel 1st g s f 8s.
.1941 mn
87
1995 M N
1955 J
Conv gold 4s of 1910..
..I960 J
Conv deb 4 Xs
.........1948 j
Conv gold 4s of 1909...
Conv 4s of 1905
2
'
«!
....1995 Nov
♦Stamped 4s
24
-
104
21
4s.....1961
1992
D..1996
Ref A lmpt M 3X8 8er E....1996
Craig Valley 1st 5e_
.May 1940
♦Anglo-Chilean Nitrate—
S f Income deb
...
1967 Jan
{Ann Arbor 1st g 4s...—...—1995 Q j
Ark A Mem Bridge A Term 6s. 1964 M 8
89
44
92X
"*5X
A
73
90
103X
110X I14X
115
102 X
105
10
14
79
112X
37
106
79
"72
17
51
112
93
97 X
*7
25
100
X
98X
112X
98 X
97
112X
97X
92 X
*
1951 F
1966 A
I20X
118X
""*3
115X
114X
*100
21
98
116
119X
..1946
98 X
94
80
8
74 X 109
117X
80 X
♦Mid Ga A At Dlv pur m 6s_1947
♦Mobile Dlv 1st g 5s
{♦Cent New Eng 1st gu
Central of N J gen g 5s.
General 4s
102
104X
96
115X
115X
Central Foundry mtge 6s— ....1941
Cent Illinois Light 3X8..
101X
—
79
118X
♦118X
117X
♦Mac A Nor Dlv 1st g 5s.... 1946
Certain-teed Prod 5Xs A.....1948 m 6
Telep A Teleg—
1943 MN
3)4* debentures—.........1961 a o
35 X
115
*8X
Cent Pacific 1st ref gu gold 4s—1949 F
102
26 X
115X
A
♦Chatt Dlv pur money g 4s..1951
41X
102
20-year sinking fund 6Xs
1st m
F
♦Consol gold 6s—
...1945 mn
♦Ref A gen 5X8 series B....1959 A O
♦Ref A gen 6s series C
..1959
47
102
J
9
23
1
j
1981 F A
1947 j d
1948 J D
{♦Central of Ga 1st g 5s-_ Nov 1945
109
16X
Amer
Armour A Co (Del)
♦Cent Branch U P 1st g 4s.
45
•»
38 X
63
95
102X
99 X 105X
D
1949 MN
5Xs_.
Am Internet Corp conv
10
85 X
49 X
61
9
123
101
53 X
5
124
114X
J
Canadian Pac Ry 4% deb stk perpet j
Coll trust 4 Xs
.........1946 m s
j
5s equip trust ctfs_.
.1944 j
7
108
27
r52:"
5
68 X
97 X
114X
104 X
...1955 M 8
52
11
59 X
80X
78 X
99
106X 108X
109
111X
106
10 >X
16X
44
94 X
115
33 X
S
2
39
95 X 107
52 X
X
Guaranteed gold 4 Xs.—.....1956 F A
Guaranteed gold 4X8—Sept 1951 m s
J
Canadian Northern deb 6 Xs—.1946 j
O
Am & Foreign Pow deb 5s.....2030 M
74 X
41
6
40X
94
115X
Gen mortgage 5s——
1941 m s
Cent Hud G A E 1st A ref 3 Xs.1965 m S
110
.84
108X
25X
6X
6X
*5
119
Cent 111 Elec A Gas 1st 5s
108 X
111
*69 X
40
J
50 X
S
7
29
6X
Guaranteed gold 5s.....Oct 1969 A o
Guaranteed gold 5s
....—1970 F A
Guar gold 4Xs
June 15 1955 J D
76 X
92 X
108 X
95 X
85
97 X
88X
100
21
24 X
25
52
25
X
108X
59
17
75X
110X
108 X
108 X
~94X
45
-
5
.96 X
108 X
73
108
54
107X
78X
39X
"""2
40X
95 X
•
35 X
20
107 X
107
106X
96 X
101
45X
45
41
12
85 X
107
73
19X
20X
18X
6X
38 X
85 X
40
{Bush Term Bldgs 5s gu
1960
Calif-Oregon Power 4s........1966
Canada Sou cons gu 5s A......1962
256
♦40
1952
44
92
92X 101X
82
100X
30
*30
76X
72 X
38 X
J
2
51
107X
107
Bklyn Union El 1st g 5s.......1960 F A
Bklyn Un Gas 1st cons g 5s....1945 MN
1st Jlen A ret 5s series B
Brown Shoe s f deb 3Xs_
7X
7X
*49
MN
5
•>97X
99 X 107
104 X 107 X
*106 X
25X
25 X
68
A
64
26 X
27 X
67
O
29X
263
1967 M S
___1955 MN
1st g 4X8 series JJ
Bklyn Qu Co A Sub
D
77
-
22 X
29
106 X
101X
97 X
—.......1944 J
67
50
29X
28 X
97 X
100
41X
36
30
20
105 X
100
105X
3Xs series E
64
*45X
104 X
25
25 X
19
41X
33 X
g
29
*
66 X
o
48
117 X
25X
♦Debenture 6s
1955
♦Berlin Elec El A Undergr 6 Xs 1956
Beth Steel cons M 4X8 ser D..1960
41X
76
108
99 X 100
115
119X
85
28 X
O
77
99
128 H
D
A
39
106
117X
1960
1950 A
♦Alplne-Montan Steel 7s
s
72X
87 X 102 X
102 X
102
D
34
112X
4o
104" "16
44
1950 A
5s......
stamped!.
American Ice
13
37X
106
O
Allegh A West 1st gu 4s....—1998 a
Allegb Val gen guar g 4s^
1942 M
Allied Stores Corp deb 4 Xs——1950 A
4Xs debentures...
..1951 F
Allls-Chalmers Mfg conv 4s
1952 M
Amer IG Chem
8
102
A
Alleghany Corp coll trust 5s
Coll & conv 58...
.....1949 J
conv
65X
101X
8
1946 A
1944 F
assented
Alb A Susq 1st guar 3 Xs.
♦Coll A
63 X
A
..1948 A
Albany Perfor Wrap Pap 6s... 1948
6s with
64 X
1947 MD
10-year deb 4X« stamped...1946 F
Adriatic Elec Co extl 7s..
.1952 A
1st
D
105
95
101X
Carriers A Gen Corp deb 5s w w 1950 mn
J
38 X
3 Xs—1943
cons
Cart A Adir 1st gu gold 4s
Celotex Corp deb 4Xs w w
companies
{{♦Abltibl Pow & Paper 1st 6s_1953
14
7
109
*
♦Berlin City Elec Co deb 6 Xs-1951
♦Deb sinking fund 6X8—1959
Cons mtge
1CX
70
'
135
♦102 X
Caro Clinch A Ohio 1st 6s Ser A1952 j
F
♦Warsaw (City) external 7a
16
27 X
17
54X
"
60
37
.
1978 J
1978 F
3X-4X-4»iss extl conv
4-4)4-4)4% extl readj
41
38
..1979 MN
external conversion..
7
2
13
44
*42
.....
♦External
J
Conv 4Xs.
.........I960 F A
Ref A gen m 5s series F
.1996 m a
j
Bangor A Aroostook 1st 5s....1943 j
Consol
Taiwan Elec Pow a f 5Xa.-__.1971 J
82 X
45
62
22
21
U
15
32 X
30
Boston A Maine 1st 6s A C
1st M 5s series II
20
40 X
37
209
30
20X
7X
*35
120
18X
44 X
30
21
2f
16
50
42
38
7X
28
"24"
♦7s series B sec extl
...1962 MN
•Silesia (Prov of) extl 7s......1958 J D
17X
30
16
20
18
*
...—
49
31X
18
11X
6
D
J
49X
17X
42
4
6X
11
d
78 X
39 X
16
1950 j
Big Sandy 1st 4s
-
-
O
14X
1
10X
6
*7X
6X
6X
353
16
d
High
102
1941 m n
73X
6X
5X
J
J
17X
16
96
34 X
Southwest Dlv 1st 3 Xs-5s
6
San Paulo (State of)—
♦7s extl water loan—
..1956 M S
J
♦6s extl dollar loan.........1968 J
16X
Low
73
49
P L E A W Va Sys ref 4s
45
24 X
6
No.
49 X
O
Certlf'cates of deposit
Tol A Cln Dlv 1st ref 4s A...1959 j"i
Ref A gen 5s series D
2000 m s
7
19X
*15
13
iox
iox
Cert'ficates of deposit...
1st gold 5s
.July 1948 A
Ref A gen 6s series C.......1995 j
115
7
67 X
24
j"j T~"
1957 MN
12
48
7X
6X
*15X
1952 MN
♦6)48 extl secured a f
•
63
D
Rome (City) extl 6)481952 A O
♦Roumanla (Kingdom of) 7s.-.1959 F A
High
♦100
_
57 X
*53
-
Jan, 1
16
57 X
Bait A Ohio 1st g 4s
July 1948 A
Refund A gen 5s series A....1995 J
—
Since
Ask
A
48 X
16
Baldwin Loco Works 5s stmpd.1940 MN
62«
—
Range
Friday's\
Bid
Low
High
22
-
|i
Range or
Sale
Price
18
M
1 Os 2d sear..1961 A
Last
EXCHANGE
52 X
53
MN
s
STOCK
Week Ended Deo. 9
43M
M
♦Nat Loan extl
Low
Y.
24
*56X
56 X
O
J
A.
N.
Since
101 x
*56
S
A
No.
High
21
bonds
Range
Jan. 1
Ask
*_
A
M N
ser
f3
or
A
Low
F
♦Extl 8 f 6b
Bid
Week's
Friday
Friday's
Price
3581
Week's
Friday
19 X
35 X
30
23
23 X
146
21X
23 X
23 X
23 X
22 X
25
19
24 X
54
20
36
24 X
20
21
35 X
23 X
6
19 X
34 X
Dec.
New York Bond Record-Continued—Page 3
3582
Y.
Sale
EXCHANGE
STOCK
Price
Week Ended Dec. 9
1952
1Mb aeries A extended to 1946—
Cuba RR 1st 5s g
Dayton Pow A Lt 1st A ref
Del A Hudson 1st A ref 4s
Chicago, III.
Y,
York,
T. 1-761 -<•
Y.
STOCK
-si
2
EXCHANGE
Week Ended Dec.
Range or
*
3%s~1987
paid . ....
& Pac Ry gen 4s.
1988
Aug 1938 25% part
{♦Chic R I
♦Certificates of
106% 108%
242
1936
J
.11%
10%
11%
30
4MB
3%
4%
113
3%
3%
5%
4%
Dec 1 1960
1963
1963
3 Mb guaranteed
—...1951
Chic & West Indiana con 4s...1952
1st A ret M 4Mb series D
1962
Chllds Co deb 5s
1943
D
1st mtge 3%s series E
1st mtge 4s series
1967
4s...1942
Cln UnTerm 1st gu 5s ser C...1957
1st mtge guar 3 Mb series D..1971
Clearfield & Mah 1st gu 5s
1943
J
14%
93
14%
A
O
*102
J
J
100
J
J
J
15%
22
18%
East Ry Minn
39
15
22%
43
7
12%
Ed El III Bklyn 1st cons
8%
22
7
11%
Ed El 111 (N Y) 1st cons
15
0%
11%
Electric Auto Lite conv 4s
262
3%
7%
16
9%
8%
2
15%
15%
D
J
D
8%
8%
J
D
9
8
9
4%
4
4%
M N
F
A
"15%
J
J
41
"303
15%
15
22%
19%
10%
14%
17
*13
51
14%
48
*44
5%
288
1939
g 5s. .1995
4s
5s stamped
Erie A Pitts g gu
Series C 3 Mb
5%
6%
66
5
7%
6%
8
49
5%
7%
6%
7%
32
6%
3
3
3%
69
3
3
55
72
♦Gen conv 4s series D
03
86
♦Ref A Impi
45
78%
♦Ref A lmpt 5b of
72
D
*02 %T
D
*55
*72
--
--
70
----
9
8%
5%
♦Series B
53
"9
46
70%
♦Erie A Jersey 1st s f 6s
44%
45
1967
1975
1955
1930
47%
23
36
54%
♦Genessee
River 1st s f 6s..1957
O
J
J
J
J
104%
100%
107
11
103
104%
105%
17
99
102
102%
m->
m
"i05"
M S
102
J
J
—
—
*84
"77%
O
A
87%
108
D
J
*
—
!•
MN
1955
1965
1951
15
48%
-----
J
107% 110%
102
108%
13
12
99%
99%
60
-
-
-
J,
"
108%
-
"32
109
**
**
---
6
38
J
J
40%
40%
41
6
33%
"89%
"88%
86%
89%
80%
79%
80%
*
-
-
—
-
1
108%
ioi"
100%
101%
102
102
1
89% 102
90
2
75
2
93% 105%
8
J
D
J
J
105i,j
J
J
*38
1
D
63
J
3%
8%
51
3%
10%
10%
2%
2%
17%
1%
50%
D
%
97
102
A
1940
A
Gen Motors Accept Corp deb 3s 1946
92%
85
104%
1
39
01%
39
56%
"59%
"5
106%
28
101% 106%
72
101
106%
5
89
102%
106%
106%
106%
101%
101%
101%
58%
J
15
J
15
O
D
100
D
99%
QQ
MN
102 6m
J
Gotham 811k Hosiery deb 5s w w '46
M
Gouv A Oswegatchie 1st 6a
J
102%
1
95% 103
60
60%
9
40
"40%
40%
41%
18
30
49
1942
Grand R AI ext 1st gu g 4 Ms. .1941 J
J
Grays Point Term 1st gu 5s...1947
95%
94%
95%
41
86
99
Gt Cons EI Pow (Japan) 7s... 1944
95
95
95
3
86
98
39
85
8
—
—
—
93%
91%
93%
104% 112%
*100
*109
-
^
-
106% 110%
.
— —
102%
105
106%
110
1st A gen s f 6 Ma
1950
1055jj
84
84
37%
21
13%
21
13
25
17
40%
25%
78% 100%
100%
52
100
55
85%
71
99% 103%
109%
S
107%
107%
108%
51
105
O
107%
107%
108
13
102% 109%
J
D
105%
105%
106%
28
J
J
105%
104%
105%
119
J
104%
104%
105%
262
103% 106%
100
111%
O
*
J
J
*109%
100% 111%
100% 101
-
107% 108%
—
"2
107% 108%
Gulf States Steel
106%
24
106
106%
31
103% 107
105%
104%
105%
24
97% 10.^%
♦Harpen Mining 6s
104
104
104%
88
99% 104%
Hocking Val 1st cons
{♦Consol Ry non-conv deb 4s..1954
J
♦Debenture 4s
1955
1965
O
♦Debenture 4s
1956
"l02"
J
♦Debenture 4s
*22
J
"
20M
25
102%
9%
-----
9
102
9%
9
9
109
5
28
26%
92 % 104
9%
2
9
8
40
11%
15%
1960
J
MN
107%
107%
108%
3
MN
106%
106%
107%
107%
107%
15
14
102% 107%
108%
20
107%
107%
M N
J
105%
D
J
D
J
D
•
31
104%
3
98% 105%
99%
38
104%
44
32
—
-
105
37
104%
104%
24
103»«
--
J
J
105%
98%
104%
A
1950 M N
1039JI
3
33%
36
32
100
99% 106
106%
100
102% 106%
29%
89%
93%
93
94
102
74
103%
J
82
82
83%
73
09%
J
71%
46
60
82
53
60
71%
74
*54%
60
*7%
8
6%
"73"
O
69
A
94%
95
"73""
106
106"
a
7
106
4
Hudson A Manhat 1st 5s ser A.1957
43
95%
99% 108%
100% 106%
"21%
27
40
119%
116%
116%
3
108
66%
67%
7
52
81
38%
"67%
24
101%
D
25
12
24
101
102
14
99% 103
47
13
33
33
36%
123%
123%
1
"45"
44%
45%
86
12
11%
12%
141
111%
111%
M N
F
93
76
100% 109
*106*i«
t
93
75
10
82
90%
95
81
55
70
166"
108%
M N
1949
10
55
107%
1952 J
J
95
103% 103%
M N
A
♦Adjustment Income Ss.Feb 1957 A O
39%
118% 123%
40
61%
11%
24%
106% 111%
3%s ser B..1970
1951
A
O
J
J
*82
82
98
1st gold 3 Ms
1951
J
J
*79%
...
79%
Extended 1st gold 3 Ms
1951
A
O
*79%
...
77%
93%
79%
1951
M
Illinois Central 1st gold 4s
83
68
{{♦Housatonlc Ry cons g 5s
1937
MN
Houston Oil sink fund 5 Ma A.1940
Illinois Bell Telp
105
98%
69
J
J
1944 A
101% 107%
100% 108
98% 105%
107%
72
82%
1949
g 4M8---1999
104% 109
103%
M N
83%
81
57
3%s_May 1 1965
May 1 1965
M N
83
81
J
Hudson Coal 1st s f 5s ser A... 1962
22
104
J
J
1961 A
1960 A
Hudson Co Gas 1st g 5s
80
64
Feb
16%
9%
57
99%
90%
17%
9%
56
67
9
9
_
28
9 M
9%
9-
50
88
1940
10-year deb 4Mb
Hoe (R) A Co 1st mtge
J
93%
85%
*50
fHackensack Water 1st 4s
105
106%
D
92%
*50
f 4M8
105%
J
99%
93%
J
Gulf States Utll 4s series C
O
94% 111%
J
..1952 J
s
153
J
1940
Stamped
O
23
83%
100
99%
1st mtge 5s series C
.-.1950
Gulf A 8 11st ref A ter 5s Feb 1952
O
108%
-
83
J
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
104% 109%
100
106%
-
60%
49
Feb
Gen mtge 3 Mb series I
108%
A
-
79%
75%
J
•Green Bay A West deb ctfs A.
108%
-
78%
A
1976
1977
1946
1940
1967
General mtge 4s series G
108%
108%
-
106%
102
D
F
J
Gulf Mob A Nor 1st 5 Ma B...1950 A
'98%
94%
.
103%
1952
General 4 Ms series E
106%
85
74%
103%
J
A—1961
General 5s series C
General 4Ms series D..
100
4
*25
D
100
84
101% 106%
119
102%
1973
Great Northern 4Ms series
General 5 Ms series B
95% 104%
56
103
106%
102%
65
71%
85
15%
96%
102%
102%
60
39
62
*15%
*35%
{{♦Ga Caro A Nor 1st ext 6S..1934
1st mtge4%s
1956
HGoodyear Tire A Rub 1st 5s. 1957
100
9
59%
J
{♦Ga A Ala Ry 1st cons 5s Oct 1 *45
64
106
105
5
102%
J
Gen S'eel Cast 5 Ms with warr.1949
-
106%
121
105
A
1951
1939
15-year 3Ms deb_
Gen Pub 8erv deb 6 Mb
58%
53%
121
*58
MN
1948
A
103 %
34
51
*121%
F
2%
2
1
1%
1%
*100
M N
J
64%
216
*3
1%
J
45
49
*"5
9
7%
M N
MN
93
35%
63
D
♦Consolidated Hydro-Elec Works
1st gold
3s sterling
gold 4s
111%
►
♦
8
85
75
O
53%
53%
51%
51
53%
A
Purchased lines 3 Ms
Collateral trust gold 4s
1953
M N
48%
50
1955
M N
57%
58%
I960
F
43
45
Refunding 4s
Refunding 5s
40-year 4%s
Aug 1
"37% "6l"
54%
M N
1952
1955
1952
Collateral trust
J
A
44%
34%
57%
44%
72
47%
J
1
I05ij2
8%
■
9
J
Gen mtge 4s series H
For footnotes see psee 3585
89% 101%
44
55
90
98
91%
*3
98
98
M
59%
99
---
60
1951
1942
106
89% 101
Goodrich (B F) conv deb 6s...1945
104%
F
97
20
♦Good Hope Steel A Ir sec 7S..1945
103%
1967
1970
1966
.1946
1943
1951
85
25
101
104%
102%
102%
103%
1956
1951
59
105%
100
J
105%
O
1958
4s.-1943
Conn Ry A L 1st A ref4 %s
1951
Stamped guar 4Mb
1951
Conn Rlv Pow s f 3%s A
1961
Consol Edison (N Y) deb 3%s,1946
3 Mb debentures
1948
3 Mb debentures
.-.-.-1956
3 M s debentures
1958
2
104%
J
71
26
from Sept 30 1938)
o80
105
101
1941
77
109%
M
a80
D
M S
1
104
109%
A
8
J
Gen Amer Investors deb 5s A..1952
f deb 6s
85
101%
75
A
Gas A El of Berg Co cons g 5s..1949
s
105
F
Francisco Sugar coll trust 6s...1950
♦Sinking fund deb 6 Mb
42%
9%
1952
Fort 8t U D Co 1st g 4Mb
43
9%
94
8m
101% 101%
73
104%
109%
1981
1965
..1968
1958
M
♦Certificates of deposit...
♦20-year
"il
73%
72%
73
*85
MN
J
Conv debs 3 Mb (interest
f Crown Willamette Paper 6s
Cuba Nor Ry 1st 5%s..
391
1945
-
MN
Conn & Passump River 1st
15-year deb 5s
Crane Cos f deb 3%s
Crown Cork A Seal s f 4s
11%
47
10%
1947 J
Commonwealth Edison Co—
1st mtge 3^8
'362
11
45
♦Certificates of deposit
100% 108
100
100%
J
Container Corp 1st 6s.
11%
11%
45
"11%
..1974 M 8
»
53
J
Gen Cable 1st s f 5 Mb A
104% 108
------
23
♦Gen Elec (Germany) 7s
105% 100%
*
36%
15
107% 112%
107
107
-
*105%
......
97%
10%
23
78%
99
51
17%
16%
103% 106%
96
106
*87
57
94
—
*105%
♦1st A ref 5s series A
73%
102%
10%
10
O
MN
{{♦Proof of claim filed by owner
87
96%
-
27
26
A
1946
1943
{♦Florida East Coast 1st 4 Ms..1959
92%
61
—
127
18%
J
{{♦Proof of claim filed by owner.
(Amended) 1st cons 2-4s...wl982
50
—
MM
19%
16%
*
1942
1954
1st Hen 6s stamped
30-year deb 6s series B
90%
95
1
— —
-
70%
17%
17
IFiat deb s f 7s
{♦Fla Cent A Pennln 5s
41
70
82
16%
1942 M 8
f 5s stamped
75
57%
*
s
100% 103%
33% 70%
38%
1942 M 8
series
Internationa
Fonda Johns A GIov 4 Mb
"53%
*60%
5s
1st Hen
103
101
36%
18
Federal Light A Traction 1st 6s 1942
59
26
72%
88
J
A
102
100
----
65
70%
"53%
17
102% 108%
23
108%
*36
71%
80
14
— — —
108%
108
92%
106% 110%
107%
108%
100
71
14
—
108%
*100%
M
"ios"
MN
J
71
-
95%
*103
1956
97% 105%
-
*109%
M N
Fairbanks Morse deb 4s
11
*
-
78%
77%
*10
A
109%
102% 106
77%
*103
1954
24
88
87
87%
M S
Ernesto Breda 7s
"l3
105%
37
1938
110
107
*65
102% 107%
2
104%
—
131% 134
94% 109%
106
109%
38
107%
105"
90%
103%
100
1
*50
♦N Y A Erie RR ext 1st 4s._1947
A
98% 108
68%
30
83%
100
♦
1953
5s of 1927
23
111
105
107
107
"l05%
1953
1953
♦Conv 4s series A
51%
D
A
D
{♦Erie RR 1st cons g 4s prior.. 1996
♦ 1st consol
gen Hen g 4s
1996
11
14
106
8
*134%
3 Ma ser B—.1940
*
1940
7
D
16%
110%
1965
1965
El Paso A 8 W 1st 5s
3
15%
MN
6%
M S
1952 F
Elgin Joliet A East 1st g 5s
1941
J
EI Paso Nat Gas 4Mb ser A...1951
109
102% 106%
100% 105%
11
49
81%
33
88
20
109%
iioM
Nor Dl v 1st 4s. .1948
1956 MN
6%
J
105"
East T Va A Ga Div 1st 5s
9%
15%
15%
D
1st mtge3%s
105
14%
*"l5%
MN
J
1st mtge 3^s
106
105
J
J
♦Consolidation Coal s f 5s
105%
O
50
20
96
96
D
A
32
32
95%
J
J
9
111
*28"
3%s...1965
1942
Consol Oil conv deb3%s
D
MN
4%
42
42
111% 114%
107
112%
103% 110%
"55"
{{♦Dul Sou Shore A Atl g 5S-.1937
deb 3 Mb 1951
of Upper Wuertemberg 7s
J
8
7%
12
3
3
"l2
*
Duquesne Light 1st M
A
Conv debs 3 Mb
110%
*110%
D
17%
O
series II..
1st mtge 3%s series I
110%
S
J
18%
F
1st mtge 3%s
O
M
13
Columbia A H V 1st ext g 4s...1948 A
1st mtge g 4s series F
112%
13%
15 1961 J
debentures
3%
112%
*20%
112M
35
Columbia G A E deb 5s—May 1952 MN
Debenture 5s
Apr 15 1952 A O
Commercial Credit deb 3%s
J
8
A
14%
D
4s... 1993
D
General 5s series B
....1993
J
Ref & lmpt 4 Mb series E
1977
J
Cairo Dlv 1st gold 4s
1939
J
Cin Wabash & M Dlv 1st 4s. 1991
St L Dlv 1st coll tr g 4s
1990 M N
M S
Spr & Col Div 1st g 4s
.-1940
J
W W Val Dlv 1st g 4s.
1940
Cleve-Cllffs Iron 1st rntge4%s_1950 M N
J
Cleve Elec Ilium IstM 3%s.._1965
Cleve & Pgh gen gu 4 %s eer B.1942 A O
Series B 3 Mb guar
1942 A O
J
Series A 4%s guar
1942
Series C 3 Mb guar
1948 M N
Series D 3%s guar
—-1950 F A
A
Gen 4Mb series A
1977
J
Gen & ref mtge. 4 Mb series B.1981
O
Cleve Short Line 1st gu 4 %s._.1901
O
Cleve Union Term gu 5%s
1972
o
1st s f series B guar
1973
o
1st s f 4 Mb series C
1977
D
Coal River Ry 1st gu 4s
1945
A
Colo Fuel & Iron Co gen s f 5s. .1943
♦5s income mtge
1970 A O
Colo & South 4 Mb series A
1980 MN
Columbus Ry Pow & Lt 4s
31
13%
Cleve Cin Chic & St L gen
Columbus & Tol 1st ext 4s
8%
13%
MN
1st mtge3%8
4%
7%
3%
13%
{♦Choc Okla & Gulf cons 5s...1952
Cincinnati Gas A Elec 3%s..._1906 F
Cin Leb & Nor 1st con gu
J
3%
8
O
G
1966
♦Detroit A Mac 1st lieD g 5s..-1995
♦Second gold 4s
,.-.1995
Detroit Term A Tunnel 4%s.-1961
Dow Chemical deb 3s
1951
Dul MIssabeAIr Range Ry 3 %sl962
{♦3d mtge 4Mb..
1944
Guaranteed 4s
A
Apr 1978
52
13%
M N
16
10%
11%
A
M N
4
15
9
11M
J
F
M N
4%
8%
J
J
J
2%
752
3
Chicago UnloD Station—
1st mtge 3Mb.~
3
18
3%s...
June 15 1951
Memphis Dlv 1st g 4s
1951 J
Chic T H & So'eastern 1st 5s.-I960 J
Gold
Consumers Power
106%
18%
J
1951
Ch St L & New Orleans 5s
2%s
106 M
106%
12%
MN
Commercial Invest Tr
105% 108%
12
1960
Jan
108
106 m
5
59
......
-
Debenture 5s
105
105
106%
MN
75
MS
5s
103
25
13%
{♦Secured 4Mb series A—..1952
♦Certificates of deposit
gu
56
106%
14%
14
AO
lnc
103%
106
2%
1934
♦Conv g 4%s
107
103
106 m
13
deposit
{♦Refunding gold 4s
♦Certificates of deposit
13%
3
106%
103"
13%
M N
M N
J ♦Secured 0%s
High
7
52
105% 109 %
28
59%
106
108%
J
"H""
O
A
1987
1936
♦1st ref g 5s
May 1 2037
♦1st & ret 4Mb etpd.May 1 2037
♦1st & ref 4Mb ser C-May 1 2037
♦Conv 4%s series A
1949
t|♦Chicago Railways 1st 5s Btpd
♦4%s stamped
Low
511
9%
9
160
9%
2%
M N
4s
No
Nigh
Low
A
F
...1987
♦Stpd 4a non-p Fed lnc tax 1987
♦Gen 4%s etpd Fed lnc tax. .1987
♦Gen 5a stpd Fed lnc tax
1987
♦General
Since
*~~2
57%
J
M
Jan. 1
40
108%
54%
58%
35
31%
J
Gen A ref mtge 3 Mb ser
{♦Chic Mllw St P A Pac 5s A. .1975
♦Conv adj 58
Jan 1 2000
{♦Chic A No West gen g
Ask
A
Bid
40
54m
56 M
Hioh
Low
J
{♦Des Plains Val 1st gu 4 %8.__1947
F
Detroit Edison Co 4 Ms ser D..1961
Gen A ref M 4s ser F
...1965 A
Range
Bonds Sold
Friday's
Sale
Price
9
43%
3
J
{♦Den ARG West gen
♦Assented (subj to plan)
Week's
Last
19
J
{♦Des M A Ft Dodge 4s ctfs._.1935
Friday
N.
O
MN
MN
B
No.
38%
*36%
108m
1951
♦Ref A lmpt 5s ser
BONDS
A
3 Mb 1960
1936
5s. Aug 1955
do. 543
Hell System Teletype
D
{{♦Den ARG 1st cons g 4s
{♦Consol gold 4 Mb
Randolph 7711
<DIgby 4-5200
J
Jan. 1
High
43
Stamped as to Penna tax
133J°' *ra.Sfll'St'
One Wall Street
D
Since
Friday's
A
Ask
36%
36 M
J
1943
Del Power A Light lst4%s
1971
1st A ret 4Mb
1969
1st mortgage 4 %s
j
1969
Den Gas A El 1st A ref s f 5S...1951
MUNICIPAL "BONDS
J
J
1946
6s series B extended to
'New
bid
Low
Hennett Urns. & Johnson
Range
Range or
Last
BONDS
N.
1938
10,
Week's
Friday
48%
31
52%
"43
12
39
66%
104
23
49%
Volume
New York Bond
147
Record—Continued—Page
4
3583
Week's
bonds
N
Last
Y. 8TOCK EXCHANGE
Sale
Week Ended Dec. 9
Bid
<fc
Lore
1950 J
d
Litchfield Div 1st gold 3s..-1951 j
Loulsv Dlv <fc Term g 3*8—1953 J
J
Omaha Dlv 1st gold 3s
1951 F
St Louis Dlv & Term g 3s.—1951 J
a
Gold 3 Ms
1951 J
Springfield Div 1st g 3*8—1951 j
Western Lines 1st g 4s__
1951 F
111 Cent and Chic St L & N O—
47
1
62*
J
53
{♦Manhat Ry (N Y)
♦Second 4s
2013 j'd
Manila Elec RR A Lt s f 5s—1953 M S
Manila RR (South Lines) 4s._.1939 MN
95
1
50
75
49*
52
161
29
55 *
46
48
20
28
51m
104*
4
105*
104m 107 m
27
*59
"66m ~90""
67
*8*
20
12 M
96
m-*-* *•
♦99*
J***
108*
109
37
64*
68
81
64*
66
7% notes.—1932 m s
conv
•
41M
41*
64
conv
1947 a
♦Adjustment 6s
A
ser
42 m
10
♦1st g 5s series C
Internal Hydro El deb 6s
17*
131
3*
57
15*
15*
16*
16*
73*
52*
96*
75
55
3
1944
.1941
85
Int Telep & Teleg deb g 4 Ms—1952 J
Conv deb 4 Ms
1939 J
J
1955 f
A
20
♦1st ext 4 Ma—
12
12
20
♦Con ext 4mb
31
35 m
42
80 m
98m
68
54
90
♦1st A ref gold 4s
2
77
85
♦Ref A ext 50-yr 5s ser A...1962 q
7
69M
75
39 m
74
174
69*
42m
10
4
55*
95*
96
78 m
88
1990 j
D
1902 J
j
.1962 j
J
78
20 M
40*
16m
36
40-year 4s series B
60
75 m
74
♦Cum adjust 6s ser A*
68*
34
106*
107*
26
D
104*
105
10
20
70
♦Karstadt (Rudolph) 1st 6s—1943 m n
♦Ctfs w w stmp (par $645). .1943
20*
21
27
27
5
94*
4
1946 M S
j
Kentucky Central gold 4s
1987 J
Kentucky A Ind Term 4 Ms.—1961
Stamped
.——.1961
{♦Mo Pac 1st A ref 5s ser A
♦102
♦General
19
27 m
♦1st A ref 5s series F
1977 M
27 m
♦Certificates of deposit
♦1st A ref 5s series G—
1978 mn
80
104
*
41
21m
♦Certificates of deposit
4s
95
99 m 108m
72
72
95
95
90
1961
unguaranteed
Kings County El L A P 0s_—1997
Kings County Elev 1st g 4s.—1949
*50
92
165
165
1
150
165
84
6
71
84
98
1954
1954
*96
Kinney (G R) 5 Ms ext to
1941
Koppers Co 4s series A
1951 mn
j
Kresge Foundation coll tr 4s. .1945 J
3 Ms collateral trust notes.—1947 f
{♦Kreuger A Toll secured 5s
Uniform ctfs of deposit
1959
M
A
1942 F
1
88
2
95
99*
100*
106*
99*
95
102
36
16
95* 104*
26
14*
1
14*
5s 1937 extended at
2d gold 5s
77
24
70
31*
90 M
43
48
27
43
47
61*
47
1
47
3% to—1947
1941 j
1997 j
.—
43*
43*
3
41*
53*
Montana Power 1st A ref
42
49*
Montreal Tram 1st A ref 5s
J
88
11*
75
*58
J
D
1
42
87*
5
1975
Lehigh C A Nav s f 4mb A
1954
Cons sink fund 4 Ms ser C—-1954
Lehigh A New Eng RR 4s A
1965
Lehigh A N Y 1st gu g 4s
1945 m s
Lehigh Val Coal 1st A ref s f 58.1944 f A
27*
s f
1st A ref
s
1st A ref
s f
28
28*
65
f 5s
90*
Gen A ref
s
f 5s series B.
Gen A ref
s
f 4 Ms aeries C
f 5s series D
35*
11
48
75
10
48
71
84*
85*
11
78*
95
27
90*
9
66
42 m
99 m
Mut Un Tel gtd 6s ext at 5%..1941
90*
45
45
1
26 K
45
Nash Chatt A St L 4s ser A
27*
27*
27*
3
18m
1
19 m
39 *
40
72
85
76
-
»
76
78
4
42
42
2
30
62
Leh Val N Y 1st gu g 4 Ms
52
52*
6
34
57*
1940
4 Ms assented
21
67
11m
32
♦4Ms July 1914 coupon on..1957 J
21
66
14
25
♦4 Ms July 1914 coupon
off..1957 J
21*
5s assented
13
33 *
38
24*
27
15m
16 m
40
23*
3
16 m
27
5s.„1941
A
112
5s
.1946
f
A
Lombard Elec 7s series A.—1952 J
118
128
131
♦4s April 1914 coupon off
19
121m 127
18
•
99
d
101*
101*
56
56
*60
Long Dock Co 3M8 ext to.—1950
Long Island unified 4s
1949 M 8
62
94
m 102m
7
102*
50
63 m
90
57*
75
-
-
-
„
65
80
82*
7
80
1949 M S
81
81
82*
4
•73
1949 M S
80*
80*
81
4
5s
73*
87
88 m
88 m
1944 A
O
128
128
128
18
126
F
a
122
121*
122
10
115m 125
J
77
81
45
1951
Louisiana A Ark 1st 5s ser A..1969 j
Louisiana Gas A Elec 3Ms.--.1966 M S
Louis A Jeff Bridge Co gu 4s..1945 M
77-
107*
107*
*105
105*
100
S
17
107*
100*
129m
1st A ref 5s series B
1st A ref 4 Ms series C
20
06*
3*
1*
66*
10
48
48
49
18
60*
18*
50
50
66 M
3*
1 %
2003
2003
100
a
92*
92*
a
2003
87*
2003 a
1st A ref 3Ms series E
'
a
83*
*74
93
7
87*
1
83*
2
48
67
75
28*
29*
30*
28
50
42*
28m
31 *
5
25
45*
13m
14*
65
10
24
18
38
14*
14*
25*
23
30
13*
18
18M
16m
*16*
4m
16*
"11%
ISM
16*
"s%
16*
3m
""4 *
is*
4s.. 1986
Paducah A Mem Dlv 4s
1946 f
*97
99*
St Louis Dlv 2d gold 3s
1980 M S
*80
86
Mob A Montg 1st g 4 Ms
1945 M s
*108
j
South Ry Joint Monon 48—1952 J
1955 MN
Atl Knox A Cln Div 4s
Lower Austria Hydro El 6 Ms.1944 F
For footnotes see page 3585.
a
74
74
*104
75
93 m
90
85
96
74
104*
-
107m
76
-
1
18*
82
112
D
68
80
98
111 m
22
98 m
14*
14*
107m
f
65
13*
28*
32*
98
97 m
97*
41
32
112
8
74*
99
108
85
100
84
99
96
101
72*
69
74
80
55*
24
53*
46*
53*
48*
4
49
103*
*114*
103*
29
"98"
74
47
71*
34*
34*
02
t0
20
36
37
9
*101*
100
103*
105*
104*
100*
105
104*
105
132
13
9
65*
104*
112
116
100
50
71
18
39
90* 101
92* 104*
100 M 105
M
M
M
.
*
M
2*
*M
*M
M
M
1
1*
*
1*
*
1M
"l*
H
7
108*
57
121*
19*
*17
18
18
""* ""2*
103
"3
108*
19
116* 121*
22*
""
32*
8
18
31
124*
21
120
120
123*
123*
6
107*
108
♦
F
2
50
6
19
104* 108*
38
75
34
53
101*
90
66*
66*
15
47
32
32*
2
23
35
35*
4
22
38
35*
.
35
36
32*
37
"l"6
69*
102*
101*
*33
A
120* 124*
94
deposit
1954 O A
3*
1*
123*
123*
35m
1956 A
2*
2*
65
121*
"32 m
1956 F
1
""* ""2*
108*
108*
107m
♦
107
100
*1
A
1953
>
101
98
70
j
1955
75
73
72*
71
"53*
67*
66*
79
V-
^7
50*
99*
95*
8*
Q
98* 107*
108
99M
103*
25*
23
60
53
♦
♦1st 58 series C
♦Certificates of deposit
23
33*
*M
1954
♦1st 5 Ms series A
15*
103*
*
♦Certificates of
25*
18
5
*52 m
30M
6*
81
"65*
103
47
3
14*
24
O
{{♦N O Tex A Mex n-c inc 5s._ 1935
1st 4 Ms series D
294
2
45
101M
74
23
47
21
New Orl Pub Serv 1st 5a ser A.. 1952
♦1st 5s series B.
15
138
*M
N J Pow A Light 1st 4Ma.....I960
1st A ref 5s series B
25*
23
25*
29
101m 107*
107m
14*
14*
27*
32 m
101 *
109
-
18*
16*
3*
18*
16*
47*
101*
m 105
83m 102
14*
25
21
N O A N E 1st ref A Imp 4 Ma A 1952
97
308
16*
16m
*16*
28
8
196
18*
15*
"11%
4
"T*
16m
O
j
♦Consol guar 4s
...1945 J
New England Tel A Tel 5s A—1952 j D
1st g 4 Ms series B
1961 MN
New Orl Great Nor 5s A
1
19
85 m
60
65
79
J
3
14
9*
14*
6*
6*
70*
52
25
49 m
31
09*
102
39
1945
8
2
SH
3*
34
31*
29m
{♦Naugatuck RR 1st g 4s.....1954 MN
d
Newark Consol Gas cons 5s. —1948 J
{♦New England RR guar 5s
11
*
1965 j
New Orleans Term 1st gu 4s
1940 J
1st A ref 4s series D
♦
72
5*
7*
6*
1983
Louisville A Nashville RR—
Unified gold 4s
A
5*
5*
6*
7*
5*
♦Assent warr A rets No 4 on '51
N J Junction RR guar 1st
Lorlllard (P) Co deb 7s
1951
J
112M
Nat Steel 1st coll s f 4s
o
a
4s stamped
105m
21
129*
126*
109*
6
70
m n
♦
Guar ref gold 4s_.
1*
5*
♦Assent warr A rets No 6 on '77
Nat RR of Mex prior lien 4 Ms—
{♦Assent warr A rets No 4 on '26 J
♦4s April 1914 coupon on
1951 A
112
128*
125*
108*
"l25*
—1951
A.—1962
70
25m
45
112
debs. .1947
Little Miami g<m 4s series,
Loews Inc s f deb 3 Ms
66
75
♦
Llgget A Myers Tobacco 78—1944
conv
*56
O
1941
1st 50-yr 5s gu.—1965
Liquid Carbonic 4s
23*
3003 MN
——
1M
6*
♦
Assent warr A rets No 4 on'57
♦4s April 1914 coupon on
1977 AO
♦4s April 1914 coupon off—1977 A O
44
21*
23*
8M
3
3
7
j
20*
20
2m
j
19*,
20*
12*
j
20*
21
2003 MN
2003 MN
Leh Val Term Ry lstgug
5s assented
Lex A,East
♦4M8 Jan 1914 coupon on...1957 J
60
*1*
A
Rys of Mexico—
52
"4
7M
98
J
stpd
1951 j
Ma extended to
1940 J d
Nat Dairy Prod deb 3*- w W..1951 MN
Nat Distillers Prod deb 4Ms...1945 MN
Nat Gypsum 4 Ms s f debs
1950 MN
77
31*
73
*
Nat Acme 4
National
*29
13*
*7
-
21
—2003 MN
4 Ms
4 Ms assented
General cons 5s
12m
*11—
2003 MN
4s
42
*23 m
MN
1978 f
89*
19*
30*
"2
'38*
*—.
-.2003 MN
g
4s assented
cons
J
—1940 J
Lehigh Val (Pa) cons
General
j
12 *
97 %
Constr M 4 Ms series B
1955 m n
Mountain States TAT 3*s..l968 J D
Mutual Fuel Gas 1st gu g 5s...1947 m n
60
12
95 %
Nassau Elec gu g 4s
27*
—'«•
"6
14
"mi
1995 m n
54
38
74
*30
2000 J
58
Leh Val Harbor Term gu 5s.-.1954 f
1943
8
54
1974 f
Sec 6% notes extend to
Gen A ref
Morris A Essex 1st gu 3M
Constr M 5s series A
101
77
1955 a
102
31
80
*79* 103"
94*
70 %
*11
1955 a
78
97
55*
91
104*
103* 110*
99* 103*
8
5*
87 %
*82*
1955 a
95*
24*
10
90'
J
1941 J
..1955 a
57
—1964 f
5s
f 5s series A
54
1954 f
68.——
s
3*8.1906
57
♦
90
99*
1965 A
...
87*
13*
95
24
*31*
107 %
2..1960 A
1st mtge 4 Ma
6s debentures
55
■
13
3
l*
Monongahela West Penn Pub Serv
70
«...
86*
,
Lautaro Nitrate Co Ltd—
♦1st mtge income reg
s
60
42
8
Mohawk A Malone 1st gu g 4s. 1991 m s
Monongahela Ry 1st M 4s ser A '60 MN
70
*50
14
7%
*60*
1938 m
{♦Secured 5% notes
70
a
101M
7*
MN
5s..1947 f A
1977 m s
g
♦Ref A impt 4 Ma
Gen A ref
Lake Sh A Mich So g 3 Ms
1st A ref
{Mobile A Ohio RR—.
♦Montgomery Dlv 1st
43
Lake Erie A Western RR—
j
O
,—1981 fa
'
85* 100*
8
♦Certificates of deposit.
{♦Mo Pac 3d 7a ext at 4%.July 1938
96* 103*
104*
100*
100
t——1942 F
Coll tr 6s series B
98
105
101*
deposit
♦1st A ref 5s series I
104
100
♦Certificates of
'
101
S
Laclede Gas Light ref A ext 5s. 1939 a
Coll A ref 5 Ms series C
1953 f
Coll A ref 5 Ms series D
1960 f
Coll tr 6s series A
'
104*
1980 a
♦1st A ref g 5s series H
■
m
m"s
—1949 MN
♦Conv gold 5 Ms
82
83*
.1975
♦Certificates of deposit—
80
*
♦50
1st A ref 6 Ms
A
14m
.—1961
Kings Co Lighting 1st 5s
1905 f
J
27
93*
4 Ms
O
40
6
*25
(par $925)—1943
Keith (B F) Corp 1st 6s
1978 j
Jan 1967 A
Prior lien 4 Ms series D
103 m 108 m
103 m 106 M
*35
stmp (par $925)„1943 mn
44 m
Mo Kan A Tex 1st gold 4s
M-K-T RR pr lien 5s ser A
8
58*
5
8
J
13
16
j
{♦ Mo-Ill RR 1st 5s series A... 1959 j
6
65
.
1946 J
—1949 M
j
20
69
—
j
1978 J
30
J
Plain
j
♦1st A ref 5 Ms series B
32
79
J
warr
j
♦1st A ref 6s series A
30*
o
♦Ctfs with
5*
*38 J
gu
102
65
110
f
1938 J
g4s int
as to int
2
18
104
d
....1938 J
con
29*
68*
64*
-
—Apr 1950 J
w w
{{♦M St P A SS M
{♦1st cons 5s
{♦1st cons 5s gu
78
40
30
96
Kansas City Term 1st 4s
.-I960 j
Kansas Gas A Electric 4 Ms.—1980 j
♦Ctfs
:
98 m
90
♦78
*30M-
—
1950
74*
100m
1*
4
55*
57
94
105
142
65*
13
89
102*
109M
100M
1934 M n
1949 M 8
{♦Minn A St Louis 5s ctfs
85
68
87
85
.
a*
70
lo!""
"l3""
58 m
102 M
17* (36
34*
16*
10
*81
101
,.1939
.
58
98*
87*
95
43
24 *
*
J
{♦Mil Spar A N W 1st gu 4s.
.1947 M"S
J
{♦Milw A State Line 1st 3 Ms—1941 j
80 M
54
1939 J
-
♦25-year 5 Ms
{{♦K C Ft 8 A M Ry ref g 48-1936 A o
♦Certificates of deposit
a
27
100
34^
32M
29'
{♦Mid of N J 1st ext 5s.
.1940 a o
{{♦Mil A No 1st ext 4 Ms(1880) 1934 D j
83
99*
67*
3*
35*
30*
1952 MN
87
64
D
Jones A Laughlin Steel 4Ms A—1961 M S
Kanawha A Mich 1st gu g 4s. .1990 a O
Kan City Sou 1st gold 3s
6
1979 j
2m
11m
48 m
55
20
1951 M s
Ref A impt 4 Ms series C
86*
*
64M
J
{♦Iowa Central Ry 1st A ref 4s. 1951 M S
James Frankl A Clear 1st 4s—1959 j
102 M
21
11M
83
Int Rys Cent Amer 1st 5s B—1972 MN
1st lien & ref 6 Ms
-1947 f A
Debenture 5s_.
Jack Lans A Sag 3 Ms
1st gold 3 Ms
100
16*
37
4
1977 M s
f 7s
s
91*
"4
J
92 *
65
1
Internat Paper 5s ser A & B—1947
Ref s f 6s series A
1955 M S
Ref A Impt 5s
Michigan Central Detroit A Bay
City Air Line 4s
1940 j
69*
68
2
J
70
73*
*17
J
Mead Corp 1st 6s with warr..1945 MN
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
High
97* 107*
93* 105
44
o
♦Miag Mill Mach 1st
40
40
88*
1956
Int Merc Marine s f 6s
{♦Man G B A N W 1st 3 Ms—.1941 j
Marion Steam Shovel s f 6s....1947 a
Market St Ry 7s ser A...April 1940 Q
Low
34
30 *
D
37
102*
7
"42"
1959 MN
1956 j
68
25
88*
-1956
♦1st 5s series B
1st ext 4s
45 m
67*
102*
12
1977 M s
66*
o
No.
29
♦Mex Internat 1st 4s asstd
♦4s (Sept 1914 coupon)
64
A. .July 1952
ser
7
1942 MN
j
1952 J
deb 4s
Int Agrlc Corp 5s stamped
{♦Int-Grt Nor 1st 6s
100m
101m ho
42 m
71
140
45*
18
63*
♦Certificates of deposit
Interlake Iron
40
"96"
*
High
103 *
33*
o
♦Certificates of deposit
60
60
cons 4s. .1990 a
Since
Jan. 1
106*
♦
Gen mtge 4 Ms series A
d
1960 J
Manati Sugar 4s s f
Feb 1 1957 MN
60 M
A
{♦10-year
42
53
52
J
{Interboro Rap Tran 1st 5s_—1966 j
♦Certificates of deposit—...
J* 10-year 6s
1932 AO
1961
72
55
(Range
Asked
106
106
85
*
&
103*
s f deb 5s. 1951 MN
McKesson A Robblns deb 5MS.1950 MN
Maine Central RR 4s ser A—1945 J
d
60
60
Bid
Low
McCrory Stores Corp
*53*
*
1950 J
f
84
63
Range or
Friday's
Sale
Price
High
78
61
Week's
Last
so.
*45
j
j
{♦Ind & Louisville 1st gu 4s.—1956 J
Ind Union Ry 3Ms series B—1986 M S
Inland Steel 3.*s series D
Low
1
83*
62*
1st A ref 4 J^s series C——1963 J
Illinois Steel deb 4Ms
1940 a
♦Ilseder Steel Corp 6s
1948 F
Ind Bloom A West 1st ext 4s—1940 a
Ind 111 & Iowa 1st g 4s
N. Y. STOCK EXCHANGE
Week Ended Dec. 9
Jan.
90
1963 J
Joint 1st rel 5s series A
No.
bonds
Since
Bonds Sold
Asked
High
*72
*
J
a
Range
Friday's
Price
Illinois Central <Concluded)
Cairo Bridge gold 4s
Friday
Range or
32*
33*
32*
37
32*
....
86* 102*
84* 102*
24
70
30
22
"
8
66
5
37
23
30*
22
40
20*
35*
New York Bond Record—Continued- Page 5
3584
£
BONDS
*
Last
a.
t
Price
Week Ended Dec. 9
1945
J
c
J
♦108M
BONDS
Since
N. Y. 8TOCK EXCHANGE
2
Asked
<§<§
High
A
Low
Newport a C Bdge gen gu 4 Ms.
Range
42
Friday's
Bid
NO.
110
Jan.
N Y Cent A Hud River 3 Ms
Debenture 4a
High
108M 111M
Penn-Dlxle Cement 1st 6s A—1941 M
Mich Cent coll
A
64 M
63
66 H
45
O
76
76
16
A
O
53 M
53 M
77*4
54 M
125
38 M
A
O
56 M
56 M
58 *4
166
42
62
61M
63 M
51
51
15
67
94 M
98 M
65 M
Consol gold 4s
82 M
84
J
2013
A
O
53 M
1998
1998
F
A
63 M
F
A
gold 3 Ms
82
82
80
1
64
53
M
63 H
Mr
83
80
54 %
131
38
64 M
15
64
J
64
5
53
58M
—1974
1978
..Oct 1 1938
♦3-year 6s
A
O
53 M
50 M
54
M
S
45
44
45 M
A
O
1946 F
4s collateral trust
Conv 6% notes
1947
1965
1966
1st lien A ref 3Ms ser E
103
A
extended to—1947
1953
1st guar 5a series B
1953
N Y Dock 1st gold 4s
..1951
1st mtge 34*s
N Y Connect 1st gu 4 Ha A
N Y Edison 3Ms ser D
103M
A
A
F
A
F
a*
»
r-
8
80 M
102 M
106
A
200
71M
*
103 M
211
104
71
O
F
85
Penn Glass Sand
91M
65M
Pa Ohio a Det 1st a ref 4 Ms
73
4 Ms series B
1981 J
Pennsylvania P a l 1st 4 Ms— .1981 A
O
84
Pennsylvania RR cons g 4s
106
1
6
A
O
50
50 M
4
A
O
107 M
107
107 M
44
A
O
107M
107M
107M
30
124M
124 M
3
116M
117M
3
-T
-
51M
98
90
F
D
il7H
A
♦N Y a Greenwood Lake 5s..
1946 WIN
N Y a Harlem gold
2000
3 Hb
N Y Lack A West 4s
4 Hb series
*12
~
1973
B
65 M
Wl N
♦N Y L E A W Coal & RR 5Ma '42 M N
J
♦NYLEAW Dock A Imp 6s 1943 J
1956 J
*
Refunding gold
♦
45 M
*50
-
*10M
12M
+
*10M
13
*
m
_
«•
-
J
A
13M
216
51 M
3
4
4M
9
58 M
104
J
J
105M
N Y a RIchm Gas 1st 6s A
1951
Wl N
94 M
N Y Steam Corn 3 Ha
1963 J
J
101M
101 M
J
J
9M
9M
F
A
1946
10
Niagara Share (Mo) deb 6MS-1950
4
.1967 J
17M
5
12
23
79
"sH
5*4
4
ser
Deb 6 Ms series B
-
1961
A
F
..1957 Wl
Aug 15 1963 F
Deb6sserle8C
-Nov 15 1969 M N
North Cent gen A ref 6s
.1974 Wl
Gen A ref 4Mb series A.....1974 Wl
8
«* ^
m *. „
S
.1948 M S
109M
108 M
109M
75
89 M
92
3
*75
s
92
A
O
*103M
1942
A
O
1942
1945
1949
1953
M N
1940
99
115
109M
78 M 100
16
105
32
10
101
3
A
10M
110M
20
6M
31
105
111M
80M
89 M
D
*103
A
101
102
18
7
16
1
10
Ms
11M
1959 A
100M
*
8
101M
101 M
92 M
108 M
94 M 112M
9
2
90
112M
71M 104M
106
108
*
51
40
53 M
*
52
38
55 M
48 %
32
55 M
106
109M
100
115M
O
1948
91M
-
O
1960 A
Pitts y A Ash 1st 4s ser A
40
3
4
73 M
62
67
60
75
229
3M
12
4
*4
D
*46 M
6
108M
6H
Porto Rico Am Tob
110M
107M 108M
9
82
26
85
15M
53
14M
30
8M
60
9
119M
105M
105
32
106M
29
105
61
6
57
97
19M
17M
*98 M
D
1960 M s
1950 J
59 *4
improvidence
107 M
guar
s f
for deb 6s A
com
J
189
5
82 *4
18
7
3M
43
96
97 M
72
72
55 M
55
44 *4
9M
18M
103 M 108M
74 M
3M
85
8
32
43
32
82 M
98
43
96
2
it
,
stk (65% pd).— J
D
75
10
62 M
81
55
58
22
1997 J
Gen A ref 4 Ms series A
Gen A ref 4 Ms series B
115
14M
108M
3M
s
64 M
106
40
43
43 *4
13 M
80 M
1956 Wl
43
101
10
108M
{♦Debenture gold 6s...
1941 J D
Reading Co Jersey Cent coll 4s. 1951 A O
96H 105
74
46 M
*37 M
13M
1948 J
deb 6s
60 M
107
44 M
44 M
deb 4a.. 1957 WIN
Term 1st 4s
{♦Radlo-Kelth-Orph pt pd ctfs
107
59
*105 M
6s..1942
conv
—.1942
Purity Bakeries
104M 116M
107
*100M
D
1977
6s stamped
99 H 105 M
110
_
A
1974
{{♦Postal Teleg A Cable coll 5S.1953
Potomac Elec Pow 1st M 3MS.1966
Pressed Steel Car deb 5s
1951
97
102M
43 M
60
111
119M
101
1962
a
Port Gen Elec 1st 4 Ms
1st 5s 1936 extended to.
104 H
109M
96 M
*105M
100M
-
109
107M 117
107
110M
*111M
101
Pitts Va A Char 1st 4s guar
1943 M N
Pitts A W Va 1st 4 Ms ser A...1958 J
D
1st mtge 4Mb series B
1st mtge 4Ms series C
100
104 M 104 M
1
HIM
11
2
*115
111 M
109
105
*105
1963 F A
1964 WIN
93 M
103M 104M
105 M
104
105M
*103
1960
F
77 M
101M 108M
103
110M
105
...
*102M
J
J
guar 4
5
108M
*95
F
1977 J
106 M
cons
104M
*106M
O
37
9M
106
108M
M N
D
102
104 M
104M
„
r.
1975 A
98
105M
105M
63
1970 J
70
105 H
105M
12M
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2
*57
118M
8
A
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95
104 M
A
10M
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{♦Providence Sec
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J
68
14M
-
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68
101H
,
12M
*
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96
-
8
98 M
110M
13 M
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.1952 WIN
1st gen 5s series B
107 M
V-
12 M
109
100 M
•
96 M
109M
12 H
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Series H cons guar 4s
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103M 107
3M
1996 O A
130
98
110
J
1957 M N
11M
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72 *4
14
8
S
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51
12
109 M
{{♦Norfolk A South 1st g 6s... 1941 WIN
103 M
D
Series E 3 Ms guar gold
Series F 4s guar gold
33
3M
15M
103M
103 M
75 M
97 M 110M
110
Wl
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Series D 4s guar
35
92
63
109M
O
76
J
Pitta C C C A St L 4Mb A
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109M
J
A
Norf A W Ry 1st cons g 4s
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conv
103M
S
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50
.1937 J
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4
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40
62
73
_•
3
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sec
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....
F
D
103 M
O
{{♦Norfolk South 1st A ref 6s. 1961
♦Certificates of deposit
.1981 J
109M
♦
80 M
17
62 M
62
107
53 M
49 M
6
67 M
66
66
J
49
4M
40
M
Nlag Lock A O Pow 1st 5s A..1965 A
12M
18M
68
10
J
Nord Ry ext sink fund 6Ms...1950 A
93
100
*103
J
108
{N Y Rys prior hen 6s stamp.. 1968
{{♦N Y Westch A Bost 1st 4 Hb *46
Niagara Falls Power 3 Ms
1966
8M
105M 110
420
79
103 M
•
6
18M
23M
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J
4
4
11
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D
.60
40
108M
109%
10
75
1967 J
1946 J
113M 117
114M
107
107 M
11M
*48
Ref mtge 3Ms ser B
45
10
108 M
Pitta Coke a Iron
*60
N Y Trap Rock 1st 6s
6s stamped
5
4M
4M
A
J
Pirelli Co (Italy) conv 7s
11M
51M
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26
42 M
A
19
4
♦General gold 6s
1940 F A
♦Terminal 1st gold 5s
1943 WIN
n y Telep 1st a gen s f 4Mb—1939 M N
Apr
.1977 J
21
*108
{{♦N Y Susq A West 1st ref 5s 1937
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--1937
113M
43M
112M
43
20 M
O
1942
1990
.1974 F
11
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N Y Queens EI Lt A Pow 3 Hb 1966 M N
{♦N Y Providence A Boston 4s
72
*116M
O
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11
6M
D
O
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80
11
13 M
1955 J
79 M
91
101M
84M 101M
65 M
89
.1943 M N
Phila Bait a Wash 1st g 4s
22
103
60
11
D
..1967 J
{♦Harlem R A Pt Cbes 1st 4s 1954 WIN
—
78
78 M
5
99 M 116
29
35
4s..
75
34
28
66
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48
91M
92 M
92 M
61 *4
11
6
1992
111M
67
91M
.1956 J
11M
13M
{♦N Y Ont A West ref g 4s
106
89 M
91M
.1943 A
April
12 H
22
S
82
83
113M
11H
18M
5M
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109M 120 M
124
104
61M
~13~~ ~19M
12M
♦1st A ref 4 Hb ser of 1927
13
95 M
82
1984
1952
♦Conv deb 6s
13
5M
116M
112 M
~85~
18 *4
♦Debenture 4s
103 M 111M
74
95 M
2
61 *4
-
1940 A O
..1967 WIN
♦Collateral trust 6s
4s
Income
11M
llM
12
103M 114
18
83 M
82 M
103M
.1947 M S
11
~
11M
27
85 M
M
1981
5s
11
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-
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95
•
94
92 M
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64
M
94
121M 125
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61
79
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Phi la Co
*47 M
94
83
53 M
107 M
101H 108 M
101
.50
-
J
1948 J
♦Conv debenture 3 Hb
♦Conv debenture 6s
65 M
77
100 M 106 M
73
94
94 M
103M
Peoria a Eastern 1st cons 4s... .1940 A
61
95
6
65 M
*60
J
1955 J
1956 Wl N
♦Non-conv debenture 4s
99 M
*
---a,
4s
1941 M S
{♦N Y A N E (Bost Term) 48-1939 A O
{♦N YNHAHn-cdeb 4s
1947 Wl M
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15M
*96M
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*61M
Wl N
1973 Wl N
A
ser
83 M
1970
1st 4s series B
1949
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109
1965
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N Y A Erie—See Erie RR
N Y Gas El Lt H A Pow g 68—1948 J
-
1
High
95 M
108
102 M 109M
39M
109
114M
-
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103 M 109 M
108M
108M
83 H
-
258
107M
1968
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-
105 M
108
4s sterl stpd dollar.May 1 1948 WIN
1970 A O
1
11
96
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74
104 M
9
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*
J
1943 WIN
1948 WIN
No
90
94
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Since
Jan
High
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O
A. 1977
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A
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62
30
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50
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57
55
30
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82
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S
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Wl N
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62
Range
•M
Friday's
Bid
Low
A
—1997 J
1942 J
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Sale
Price
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F
—1946
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2013
Bel A lmpt 6s series C
2013
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1962
10-year 8MB sec a f
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Last
c «5
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Week Ended Dec. 9
1
1938
10,
Week's
Friday
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Sale
N, Y. STOCK EXCHANGE
Dec.
Week't
Friday
J
69 M
71 M
54
48 *4
58
93 M
J
J
69 M
69 %
1
67
93
102 M
102 M
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82
84
105M
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..1997
75
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guar 5s—
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5
38
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1945
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1941 WIN
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1961 F A
40
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1945
1997 Q
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2047 Q
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2047 J
34 M
J
J
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76
53 M
46
88 M
♦Rhelnelbe Union
1946 J
J
J
53 M
8
79
♦Rhine-Ruhr Water Service 68.1953 J
53 M
14
45
80
54
102
107
J
105M
106M
J
J
-
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~.i.
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,
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60
103 M
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36
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98 H 107 M
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113 M
113M
2
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110
113
D
*107
108
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110
J
113
113
5
109
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1946 J
J
115M
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J
102
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Ore-Wash RR A Nav 4s
103
J
.
M
78 M
78M
D
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ext g
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1938 J
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59
79
45
53
79
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3Ms
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conv debentures
1955 F
1955 J
1947 Wl
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ser
E trust ctfs
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ill M
111
111 M
D
107M
107M
108M
36
105M
105 M
105 M
32
A
60 M
O
For footnotes see pace 3585
3
65
63
6
60
*108
108M
^
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A
82
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72
M
8
92
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13
28 M
50 M
22
22
10
20
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29
2
27
32
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70
16
102 M 108M
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.
3
105
98
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M
58
99
10
56 M
63
81
100
83
42
57
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75
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62
57
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J
J
J
1947 J
O
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s
f deb 4s
41
40 %
29
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44 M
16 M
25
12
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107 M 110
108
110
8M
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-
.
19
9*4
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5M
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•-
17
1996 J
J
*._.
93 %
*
16 M
35
4M
10M
15
5*4
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100M 106M
25
105M
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108
7M
15
105M
J
99 M
106
60
57 M
57 M
*
{♦St L Peor A N W 1st gu 5s... 1948 J
St L Rocky Mt A P 5s sptd... 1955 J
{♦St L-San Fran pr Hen 4s A_. 195 J
J
.
J
^
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-
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43
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64
62
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50
69
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157
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11
221
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j~~J
♦Certificates of deposit
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1
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78
«i"s
10M
105
7
10M
9M
10 M
376
7M
9M
11
195U
11M
11M
10
Nov 1989 J
J
J
20
8M
10
180
52
8
*28M
J
{♦1st terminal A unifying 5s. 1952 J
♦Gen A ref g 5s series A
1990 J
84
49 M
1989 MN
109
46 M
60
14
103
-
60 M
60
J
♦Certificates of deposit-—
{ St L SW 1st 4s bond ctfs
110
♦108M
0.
♦Certificates of deposit
♦Prior Hen 5s series B
«.
1947 J
2d gold 68
1966 A O
St Louis Iron Mtn A Southern—
♦{Rlv A G Dlv 1st g 4s
1933 MN
♦2d 4s lnc bond ctfs
35
40
109M
D
Saguenay Pow Ltd 1st M 4 Ms. 1966 A
con
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48 M
40 M
J
1st
89 M 107
103 M 105 M
15
50
104M
O
1949 J
RR
33 M
108
106M
*39
-
1967 M S
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15M
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-
{{♦R I Ark A Louis 1st 4Ms.. 1934 Wl s
1948 A
33 M
24 M
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*.
1962 Wl 8
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2
-29
105
1949 AO
1967 M S
3
28
28
105
96
101M
28M
28M
*
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102M 107M
_
108M
.
105M
97 M
82 M
J
A
98 M
70
A coll trust 4s A
{♦Rut-Canadian 4s strap
106M 111M
102 *4 108M
63
J
8
28
69M
1952 WIN
1963 F
65
D
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..1944 A O
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1949 Wl 8
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1942 Wl
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Guar 3 Ms truet ctfs C
1942 J
Guar 3 Ms trust ctfs D
1944 J
60 M
D
Ref mtge 3Ms series C
D
1966 J
Paducah A 111 1st s f g 4 Ms
J
1955 J
Panhandle Eastern Pipe L 4s..l952 Wl S
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
40
99
29
J
con
{♦Rutland
Pacific Coast Co 1st g 5s
1946 J
Pacific Gas A El 4s series G...1964 J
1st A ref mtge 3Ms ser H...1961 J
{♦Pac RR of Mo 1st
l*2d ext gold 6s
94
22
D
♦1st
-
4s... 1946 J
1946 J
—
92 M
50 M
A
1939 J
125
95
112
99
J
1955 F
f 7s.
94 M
99 M
O
1952 J
s
71M
11
108
92*4
1952 Wl S
♦Rio Grande June 1st gu 5s
38
106 M
A
1955 A
J* Rio Grande West 1st gold 4s. 1939 J
98
113
1953 F
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108M
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58
106 M
Oregon RR A Nav
con g
91 M
M
...1952 WIN
♦Rlma Steel 1st
12
106M
*110
f 7s
Richfield Oil Corp—
4s s f conv debentures
106
D
s
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
105M
106M
D
1946 J
-
4M
3M
5
J
1966 J
4M
S
1972 J
107
100
......
Ontario Power N F 1st g 5s....1943 F A
Ontario Transmission 1st 6s
1945 Wl N
Ore Short Line 1st cons g 5s
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91
107
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1967 M
1st mtge 3Ms——
Oklahoma Gas A Elec 3Ms
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40
52
1943 M S
1965 M N
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41
4
173
50
J
♦Stamped..
Ohio
49
50
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Gen mtge 4 Ms series C
1956 WIN
Revere Cop A Br 1st mtge 4Ms. 1956 J
J
J
J
4s....1948
48
93 M
62 M
J
A
gu g
35
67
61
Northwestern Teleg 4Ms ext..1944 J
•OgAL Cham 1st
28
72
59 M
Ref A lmpt 6s series C
2047 J
Ref A lmpt 6s series D
2047 J
Northern States Power 3Ms_—1957 F
60 M
5
83
50
82 M
35
82
47
J
F
103M
35
8M
6M
15
13M
15M
13M
14
11H
67 M
20
.
38
38
19
20
28
13
27 M
llM
12M
44
9
18M
Volume
Fridays
BONDS
Week's
Price
Jan.
Bid
1947
4HB—1941
J
{♦St Paul E Or Trk 1st 4 Ha
F
"*3~~
A
6H
J
116
SAAAr Paaa 1st gu g 4a
1943
J
ISan Antonio Pub Serv lat 68—1952
San Diego CodsoI G A E 4a....1965
J
56H
110H
110H
1946
B
;
1989
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1
MN
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m
S
109
J
J
J
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58
36
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25
19
J
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1941 J
*39
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2
24
o
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51
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3
12
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78
4
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6
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411
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8%
158
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1962
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1952
1977
1943
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20 H
24
79 H
79 H
79 H
98
64
90
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97
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106
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107
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106 H
107
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115
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101
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91
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49
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63 H
52 H
53
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48 H
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74
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181
30
63 H
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182
30 H
59
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42
43 H
63
83 H
85
1946
86
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O
1955
1955
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1956
1956
1956
J
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79%
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C
1968 J J
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73
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J
105
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1946
1961
183
134
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lat M 4a
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1947
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69
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87
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A
39 h
40
J
J
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1952
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series
1953
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57 h
58
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35
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110
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59
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59 H
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95
44
94 %
94 h
94 h
25
82
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4
103
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58
8ts 5s—. 1952 A
.1953 m
United Drug Co (Del) 5s
.1944 m
U N J RR A Canal gen 4s
.1934
§ {♦United Rys 8t L 1st g 4s—.
.1946
U 8 Pipe A Fdy conv deb 3 Hs.
.1948
U 8 Steel Corp 3 Ha debs
.1951
♦Un Steel Works Corp 6 Ha A-.
.1951
♦Sec s f 6 Hs series C
.1947
♦Sink fund deb 6Ha aer A.
United Stockyards 4 Ha w w_. .1951
.1944
Utah Lt A Trac 1st A ref 5s
.1944
Utah Power A Light 1st 5s
.1947
{♦Utll Pow A Light 5 Ha
.1959
{♦Debenture 5s
O
United Cigar-Whelan
108
"81"
80 H
7
49
82
8H
7
6H
5H
5H
3
4H
4H
5
5
107 H
107 H
108
20
105H
103 H
106 H
104
110
15 H
14H
4H
4H
1961
D
M S
105 H
8H
6H
104
108H
5
5H
9
1948
-1961 M N
103 %
during the current week
104H 106 %
198
104
96
118
and not Included In the yearly
7s
which have
Stock Exchange bond Issues
1,1939 at 103.
Paper 6s 1951, Jan.
1946. Jan. 1, 1939 at 105.
at 102.
at 105.
105.
1939 at 110.
reported as being In bankruptcy, receivership, or reorganized
Bankruptcy Act, or securities assumed byjtuch companies.!
*
.
Friday's bid and
under
week^f
selling flat.f
♦ Bonds
transacted during the current week and not
Deferred delivery sales
z
No sales transacted during current
asked'prlce.
included In
the yearly range:
.
at the New York Stock
Daily, Weekly and Yearly
Stocks,
Dec. 9,
Railroad &
Number of
Week Ended
Miscell.
Exchange,
Shares
Bonds
1938
698,840
Total
4,531.650
680,370
Tuesday
985,930
1,104,880
739,150
Wednesday
Thursday--
254,000
1,008,000
1,024,000
1,033,000
274,000
8.490,000
97,000
208,000
7,544,000
7,759,000
$5,464,000
$1,237,000
$40,251,000
■"
.
70
110
26
"4
J
117h
118
5
107
9
104 %
149
101
1937
1938
1937
1938
276,186,203
4,531,650
6,045,988
$1,237,000
5,464,000
$2,351,000
$122,477,000
230,157,000
$340,934,000
5,766,000
33,5.50,000
39,132,000
1,342,733.000
1,992,864,000
$40,251,000
Stocks—No. of shares
$47,249,000
$1,695,367,000
$2,664,590,000
.
Stocks
Government
State and
,
390,279,638
— -
_
foretgn
Railroad and
industrial
330,792,000
123 H
104 h
Jan. 1 to Dec. 9
Stock
Exchange
Sales
$219,000
185,000
$645,000
741,000
Dec.
Week Ended
Sales at
New York
Bond
1,013,000
$33,550,000
322,480
Monday
Total
Slates
Bonds
$3,549,000
5,970,000
6,939,000
$2,685,000
5,044,000
5,672,000
7,208,000
6,423,000
6,518,000
Saturday
United
Stale,
Municipal <ft
For'n Bonds
81H
67 h
104 H
D
104h
109 H
107
19H
Total.
28
D
49
49 h
13
27 H
49%
30
27H
49 %
48 %
49%
27
27 H
49%
89 h
89 h
6
95 h
42
88 H
73
94
94 h
Stock and Bond Averages
49 H
D
48 h
J
48 h
O
A
95
94h
97 h
76
78 H
97%
97%
D
61
57 h
45
57h
122
45
77
are
the daily
stocks and bonds listed on
63
13
closing averages of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
,
Below
63H
60
63 h
63
103
A
101
O
"94h
O
99 h
a
m N
{♦VeraCrua A P 1st gu 4 Ha.—1934
{♦July coupon off
Va Elec A Pow 3 Hs ser B
1968
Va Iron Coal A Coke 1st g 5s—1949
Va A Southwest 1st gu 5s
2003
100
J
as
104 H
104
10
105H
104
.....
33
%
2H
107
107
m
s
m
s
*35
j
J
*50
o
57
30
20
15
Indus¬
Date
Rail¬
Utili¬
trials
*1
J
107h
43%
100
57 h
Bonds
Stocks
*104h
1957
1958
69 H
60S
h08h
25h
70
s
58-1941
4s series A
1955
a
109 H 116
96
83 H
J
s
VaDadlum Corp of Am conv
8
their entirety:
{ Companies
115H 119
104 % 113H
107H 114H
107 H
97
104h
2008 m
101H
94 H
71
7
10H
m s
Jst lien A ref 5s
June
.1970 A o
34-year 3 Ha deb.—
1971 m N
35-year 3 Ha debenture
1950 A o
United Biscuit of Am deb 5s—.
96 H
"27
.
H
7 H
"
105H
8H
8
following Is a list of the New York
87
105
7
115h
A
J
34
4
*109 H
Transactions
122h
108H
92 H
"~9H
92 H
O
J
96H
91 H 101
'"4H
D
79 H
35
94 H
101 H
93 H
63
110H
105H
98
95
98h
93 H
*101H
A
75 H
105 H
105
""I
107
107
M N
77 H
100
*102H
M
74 H
during
90
84 H 102
50
80
*10
.1945 m
,
28
MN
No sales.
30
*121h
J
Union Oil of
1st cons 58
22 H
Friday.
*67
D
MS
{{♦Union Elev Ry (Chic) 5a„.
.1942
Calif 6a series A—.
.1952
3Ha debentures-.1947
Udiod Pac RR let A Id gr 4a—.
1st lien A ref 4s
June 2008
77
22
4s *36
-
m S
.1945
Vandalla cons g
Cons s f 4a series B—
24 H
71
87 h
'
D
a
56 %
125
47 H
104
90
60
67
Section 77 of the
84 h
82 H
59%
Republic Steel 4Ha A 1950, Deo. 30 at
San Antonio Pub. Serv. 6s 1952, Jan. 1,
90
115h
D
57
Goodyear Tire A Rubber 5s 1957, Dec. 30
Hackensack Water 4s 1952. April 26, 1939
102H 106 H
109 H 114
99
108H
82 H
1st 6s dollar
Ujlgawa Elec Power a f 7a
Union Electric (Mo) 3Ha
Fiat
83 h
J
57 H
Ex-lnterest.
j The
103H 107H
91 %
S
71
transaction during current week, a Deferred delivery sale; only
current week,
n Odd lot sale, not Included In year's range,
§ Negotiability Impaired by maturity,
t The price represented is
the dollar quotation per 200-pound unit of bonds.
Accrued Interest payable at
exchange rate of 54.8484.JL
98H
70
111
56
Crown Willamette
*115"
Tokyo Elec Light
1st 4s
1950
Tol W V A Ohio 4s aeries C
1942
Toronto Ham A Buff lat g 4s.-1946
Trenton G A El l9t g 5s
1949
Trl-Cont Corp 5s conv deb A—1953
♦Tyrol Hydro-Elec Pow 7Hs—1955
♦Guar sec e f 7a
—1952
106h
61
15H
51H
48H
25
56
1940
4s ser C
been called In
83 h
1937
Tol St Louis A West
106h
10 6 H
(
J
Tide Water Asso
Tol
"70H
103h
36
68 H
Cash sale; only
r
x
103
95
26
F
1960
4s
*102
o
4s
~9~4%
58H
J
4b..-1949
sales transacted
Cash
transaction
87 H
105H 108
102 %
"9l""
91h
56
*No sales.
119H 125
102h
D
21 H
21
26
20 H
*2l" H
93
98H
range:
s
m
-1953
Texarkana A Ft S gu 5 Ha A—-1950
Texas Corp deb 3 Ha
1951
Texas A N O con gold 58—
1943
Texas A Pacific lat gold 5a
2000
Gen A ref 5s series B—
1977
Gen A ref 5a aeries C
1979
Gen A ref 53 series D
1980
Tex Pac Mo pac Ter 5 Ha A—-1964
Gen refund a f g
25
107
105H
-
46%
*121
s
m
Chem deb 6s
deb 6s aer
Tennessee Corp
"33
20 H
97 H 108 %
26 H
16
A Tube—
4s
1st mtge s f
e
107H
101
deb
Conv
106 H 110H
99 H 103
106
73H
4
4HB—1943
{♦Wor A Codd East 1st
YouDgstown Sheet
J
4H8
1943
♦Studebaker Corp conv deb 6a_1945
68 H
6
103H
70
35
83 H
87
31
85 H
♦Certificates of deposit
72
J
1953
2 Ha
Staten Island Ry 1st
{♦Wis Cent 50 yr 1st gen
120H
103 H
J
{{♦Wllkes-Barre A East gu 6s_1942
Wilson A Co 1st M 4s series A.1955 J
Conv deb 3Hs
1947 A
Winston-Salem S B 1st 4s.1960 J"
75H
64
105
101H 107H
"56
1966
{♦Sup A Dul dlv A term 1st
♦Certificates of deposit
Wisconsin Public Service 4s
O
53 H
21
22
M
J
93
52
79
107
D
1949
-
Wheeling Steel 4 Ha series A
White Sew Mach deb 6s
104H
77
80
67 %
76
J
J
65 H
65 H
J
J
1996
1951
{Spokane Internat 1st g
35 H
41
111
59 %
106 %
S
M
2361
1966
Registered
53 H
-
106 H 110H
81
1961
30-year 5s
1960
♦Westphalia Un El Power 6s..1953
West Shore 1st 4s guar
2361
102
91
91
5
1950 MN
RR 1st consol 4s
101H
48 H
101H
4H8-—1951 A o
coll)—1949 J D
lat 4 Ha (Oregon Lines) A—1977 M S
Gold 4 Ha
1968 M S
Gold 4 Ha
1969 MN
Gold 4 Ha
1981 MN
1st mtge pipe line
110
85 H
26-year gold 5s
Southern Natural Gas—
So Pac coll 4s (Cent Pac
116
109 H
1946 M S
♦58 assented
94 h
83
gold 4s
Western Union g 4 Ha
102
87 H
1st 4s
1st A ref 5 Ha series A-
103 H 108
120 H
110
♦111H
3
O
75
22 H
97
10
120H
107
J
48
98 H 106H
105H
109H
1966
43
121H 123
105H
120H
series 1
West Va Pulp A Paper 4Hb—
64 H
108 H
107H HO
102
105H
*123H
1963
62 %
106H
102 H
105H
Power 1st 5s ser E
1st mtge 3 Ha
49 H
104
106 H
109 H
S
M
90
28
90
106H
D
1967
Gen mtge 3 Ha
3
20
71
82
91H
50
t
D
1950
Westchester Ltg 5s stpd gtd_.
88 H
46 H
*162"
J
1939
Wash Water Power sf5s
96 H
J
63 H
72 H
(
A
28
F
68 H
*35
A
1945 F
62 %
1941
1952 a
—1951 1
Socony-Vacuum Oil 3 Ha
1950 A
8outh A North Ala RR gu 58—1963 A
South Bell Tel A Tel 3 Ha
1962 a
Southern Calif Gas 4 Ha
1961 m S
1st mtge A ref 4a
1965 F a
Southern Colo Power 6a A
1947 J J
Southern Kraft Corp 4 Ha
-.1946 J D
♦
1945 F
1st 40-year guar 4s
105
2
59
88 H
Wash Term 1st gu 3Hs.
i
10H
55 %
77 H
90 H
66
44 H
Certificates of deposit
11H
7
77 H
Warren RR 1st ref gu g
22
13H
108 H
100
90 H
90 H
18H
.
66
1939 M S
deb 6s
104 H
Skelly Oil deb 4s
8o'western
27
103H
1951 m S
1946 F A
St Louis Dlv 1st g
107 H
107
1941 MS
{♦Warren Bros Co deb 6s
3 Ha.- 2000 F A
Wa8hJngton CeDt 1st gold 4s. 1948 Q M
4 H
7
7
104
1951 M S
1952 J D
5a
6H
D
6s debentures
Warner Bros Plct
6H
8H
Simmons Co deb 4a
Mem Dlv 1st g
13
O
♦Ref A gen 6s series
West Penn
Devel A gen
10 H
O
4
Devel A gen
9H
1955 A
4H
5s
10 H
1956
4
4s aeries A
6s
6 Ha
O
Walworth Co 1st M 4s
3H
Devel A gen
14
1980 A
32
♦Ref A gen
109 H 117
20
11H
"l
16H
Southern Ry 1st cons g
7
24
3
32
"15 H
3H
4a
86
D
16H
1st 4a stamped
10
Walker (Hiram) GAW deb 4 Ha 1945
a
a
9
30
a
1950
10
24
F
4a
14H
13H
O
1
m's
10-year secured 3Ha
6H
6H
30
#♦ Atl A Blrm 1st gu 4a
-1933
{♦Seaboard All Fla 6s A ctfa—.1935 F
7a
73
23
17 H
Sile8lan-Am Corp coll tr
69
10
20
m S
1935 J
10 %
9%
12
8H
{♦Siemens A Halske a f 7a
♦Debenture a f 6 Ha
9H
10
14H
♦Certificates of deposit
♦Silesia Elec Corp 6 Ha
10H
6
6
Shlnyetsu El Pow 1st 6 Ha
42"
8
A
M
2
7
of deposit
30
"38"
.1978 A
5s series B
4 hb series C
18
2H
o
48
25%
44
25
15 H
"23"
35
1976 F
1975
{♦Wabash Ry ref A gen 6 Ha A.
♦Ref A gen
67 H
16H
38
*38"
S
105 H
25
*10
M
♦Toledo A Chic Dlv g 4s.... 1941
99 %
32
32
*16H
16H
15H
A
A
Shell Union Oil deb 3 Ha
A
♦Dec Moines Dlv 1st g 4s—. .1939 J
1941 A
♦Omaha Dlv 1st g 3H8
81H
109 H 113'n
108
111H
104
112H
5
110H
15H
a
1935
24 H
1954
45
*116
F
B certificates—
1939 F
30
1959
1945
42 H
75
16H
O
♦lat cons 6a aeries A
37
43 H
109
"l5"
a
{♦ Refunding 4s
105 H
42 H
109H H8H
110»,i
32
m N
2
No.
105H
Low
High
Low
High
105H
108H
16H
{{♦Seaboard Air Line lat g 4a—1950
{♦Gold 4a stamped
1950
♦Adjustment 6a
Oct 1949
So Pac RR 1st ref guar
Since
\ Jan.1
Ask
A
1939 MN
11
97
'
"
Friday's
Bid
1966 M S
9H
6
116
A
1946
{♦Schulco Co guar 6 Ha
♦Stamped
14
97 H
97 H
J
5a...1942
Santa Fe Pres A Pben lat
San Fran Term lat
Range
Range or
Sale
Price
Virginian Ry 3Ha series A
98
7
6H
6%
St Paul Ud Dep 5s guar
♦Series
EXCHANGE
STOCK
Week Ended Dec. 9
High
88
7
J
♦Stamped
1
Low
90
1940
1972
t Pacific ext gu 4a (large)
No
High
D
♦Guar a 16 Ha series
Y.
N.
Since
♦1st lien g term 4s
Low
St Paul A Duluth 1st con g 4a.. 1968
{♦St Paul A K C Sh L gu
St Paul Minn A Man—
Last
BONDf
Range
Friday's
A
Asked
Sale
Week Ended Dec. 9
Week's
Friday
gt,
Range or
Last
N. Y. STOCK EXCHANGE
♦Certificates
3585
New York Bond Record—Concluded—Page 6
147
"17
i07H
roads
ties
Total
65
Stocks
10
Total
10
First
Second
10
Indus¬
Grade
Grade
Utili¬
40
trials
Rails
Rails
ties
Bonds
28.85
21.21
106.73
21.47
106.89
88.99
28.99
105.84
147.63
50.37
75
Dec. 8—
92.84
75
48.01
48.17
88.79
147.39
105.66
9__
59.07
45
Dec.
92.73
35
48.62
107.01
92.79
105.90
89.09
148.73
21.72
50.64
Dec. 7—
29.44
21.77
48.45
106.86
89.09
29.13
105.84
148.33
50.74
Dec. 6-_
92.91
21.75
48.20
106.96
92.79
50.98
89.12
Dec. 5-a
29.01
105.74
147.47
21.83
48.29
107.01
92.81
51.55
105.91
89.32
106H
39
63 H
Dec. 3__
147.50
29.23
New York Curb
3586
Exchange—Weekly and Yearly Record
Dec.
10,
1938
NOTICE—Cash and deferred delivery sales are
disregarded In the week's range unless they are the only
transactions of the week and when selling ontstde
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.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb
Exchange for the
beginning on Saturday last (Dec. 2, 1938) and ending the present
Friday (Dec. 9, 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.
week
triuug
Sales
Last
Par
Acme wire v t
c
Week's Range
for
Sale
STOCKS
of Prices
Low
High
Price
5%
5
14 X
"m
5%
"2 H
oh
Invest
conv
Class A
2X
2%
60X
Mar
76
Oct
44 X
2
Mar
67
Oct
Mar
2X
Jan
Bowman-BUtmore
Apr
Aug
Aug
IX
X
Feb
iox
Nov
X
400
8%
400
6
'2"6oo
68
Mar
150
93
Apr
14 Yi
100
14%
Oct
14%
3%
1 Yi
22 %
Corp com*
IClec
4X
Aug
Nov
X
Apr
22 X
08X
IX
100
10 X
Mar
24 X
Apr
70 X
Sept
3X
July
Aug
Mar
16 X
Apr
Apr
IX
Mar
25%
25%
26X
IX
9X
4,800
32 X
11,700
112X 114%
4X
4X
2,200
1
9%
"30"
4%
30
24
28X
11X
24 X
28X
11X
500
650
Apr
50
8
Mar
21
June
17 Yi
17X
200
14X
Mar
20
15X
15Y6
1,100
10
Mar
22
June
18%
26%
16
200
%
26 %
~"~X ""x
26X
X
26X
X
9%
9
X
200
3
"w
5X
"""%
23,000
Yi
70
"l7"
70
18
600
■
"in
2 %
10
"i'x"ix "MOO
2X
10
3
300
2%
Mar
IX
65X
8X
3X
IX
2X
6X
83X
7X
4%
Apr
16X
109%
Nov
2X
Castle (A M) common..10
Mar
7%
Dec
Catalln Corp of Amer
1
Celanese Corp of America
7% 1st partlc pref... 100
Celluloid Corp common. 15
9X
59
Mar
86
Nov
5
Mar
9
July
3X
2,700
Mar
5%
Nov
8X
X
X
3X
6,100
2X
Mar
Aug
Apr
27
70
X
»!•
24 X
X
X
23X
25X
2,200
2,900
7X
4
16
Jan
%
Jan
Mar
Mar
200
600
Mar
3%
98
Mar
Mar
6X
X
X
6X
»!•
IX
7X
4X
Oct
Oct
*ia
Mar
6.000
X
IX
Jan
1%
11%
Sept
»!•
6is
1
Jan
Mar
2
2X
1,800
IX
11%
Jan
25
MOO
26 X
5%
30
Nov
Nov
July
Jan
3X
14.100
44X
44 X
29
45X
30 X
450
5%
17 H
6X
18X
7X
7X
100
1
1
300
Baldwin Rubber Co com.l
IX
IX
7X
~6X
7X
6X
7X
4,600
Charls Corp
9%
8%
July
2%
Jan
10 X
Bell Tel of Canada
100
Bell Tel of Pa 6%% pf.100
Benson A Hedges com
*
Conv pref
*
Berkey A Gay Furniture. 1
Mar
3%
Nov
46%
Nov
Preferred
....
Claude Neon Lights Inc
Jan
June
4X May
4,600
11,800
7,800
2X
100
29X
X
X
50
1,700
400
5X
25
30
Clinchfield Coal Corp.. 100
Club Alum "Utensil
Co...*
Cockshutt Plow Co com
*
Cohn & Rosenberger
Inc.*
Colon Development ord
July
July
Mar
63%
Mar
Mar
Mar
6% June
14
Nov
5%
Nov
29%
Dec
Mar
12
Apr
July
121
Mar
14X Mar
X May
»1. May
9X
33
Cleveland Tractor
9%
Oct
1
Nov
4%
May
147
Jan
7%
July
3
IX
8X
2%
10
Nov
167%
Nov
Dec
18
Aug
29%
Aug
1%
Jan
%
Jan
Mar
13
Oct
Mar
37
Oct
com
*
6% conv preferred... _£1
Colorado Fuel A Iron warr.
Colt's Patent Fire Arms.25
Columbia Gas A Elec—
Conv 5% preferred.. 100
Columbia Oil A Gas
Columbia Pictures Corp
1
Oct
Oct
Oct
6%
Mar
11
Oct
Mar
31
Nov
18
Apr
21%
Dec
Apr
Mar
Sept
July
Nov
33
Jan
15%
Mar
33
July
Jan
8
Mar
50
7X
5
800
300
5%
6X
21
14%
Jan
22%
3%
Nov
Jan
40
May
7%
Apr
6
Apr
Nov
Oct
2%
July
27%
26%
Apr
1% May
3,700
Nov
17
May
15X
14X
200
26
27%
200
24%
Oct
21X
800
18%
22%
Mar
105% 106%
14%
15%
800
88
Apr
Apr
106%
Nov
2,200
10
Mar
18%
3%
Jan
3%
%
July
2%
~~2X
2X
2%
200
1%
»ie
he
»i»
200
•i«
Jan
4%
Oct
39
Aug
Mar
Jan
Nov
Nov
5
Apr
Jan
18
31X
31
31%
100
2%
2%
IX
22
Jan
Oct
21
Oct
19
Mar
31%
Sept
Sept
Sept
4%
3%
Jan
1%
Apr
10%
July
Jan
300
1
Apr
21
1,500
1%
1%
X
7
"x
"MOO
X
Jan
15
Aug
500
17%
Apr
*1*
Oct
65%
17X
17%
6
16X
Mar
300
20
4%
85
4%
6%
Mar
10
5%
17
1%
12,400
92
775
Jan
5%
June
50
Dec
Mar
14
Mar
30
56
10
48
Sept
69
10%
Mar
14%
88%
13%
13%
13%
89%
89%
8%
89%
88
"88%
8%
180
200
6%
Apr
4% June
75%
Oct
,
Oct
Jan
92
Oct
Nov
June
10%
Nov
88%
50
64
Mar
88 %
Dec
1%
%
1%
X
1,000
1
Mar
2%
Oct
16,500
Sept
%
Jan
3%
9%
4%
625
"~h~<
3%
300
.
Dec
92
3
25
68% May
56
Aug
Aug
25
Apr
Apr
100
4%
Jan
7%
23%
25
4%
Jan
Jan
32
Sept
May
400
6
16%
20
Nov
80
16
Nov
July
88%
60
3,600
18%
6
"~4%
91%
Mar
10
80
16%
July
Apr
16
2,200
80
Jan
4%
24%
1%
24
X
Nov
1%
Feb
2
200
4
%
3
Mar
7% May
10%
300
6
Mar
17
4
4%
150
4
Dec
10
3%
3%
4
100
3
Mar
7%
Feb
4%
4
4%
600
3%
Mar
4%
Aug
7%
7%
100
6%
6
15
200
15
100
116% 116%
73%
75
5
June
5
Mar
8%
7%
21
12% June
50
850
Mar
97
40
July
Apr
Jan
Jan
Jan
5%
6
41%
4
39
49
Mar
117%
79%
9%
""266
%
June
"u
975
20%
Mar
62
Dec
5,000
5%
21%
Sept
11
May
62
7%
Jan
Nov
July
July
Jan
46
7,300
4
1,000
2
Mar
5
May
100
20
Mar
46
May
42%
Mar
47%
May
20
1
49
54
175
29
Feb
72
FOb
50%
"~6%
50%
6%
25
26
Feb
67
Feb
400
4
Mar
4%
600
6%
4%
20
1
100
1%
36
4%
20
1,500
37
400
4%
1%
5%
2,300
1%
600
2%
2%
1,300
7
7%
2%
500
2%
13
8%
4%
Mar
Sept
1
20
Jan
Oct
Nov
Jan
2%
Jan
2%
30%
Mar
Feb
39%
Oct
3%
1%
Mar
Feb
Nov
Aug
4
Mar
2%
2%
900
1
Mar
6%
3%
2%
7
"2%
Mar
12%
5% May
1% June
7%
3%
Dec
4%
Aug
9%
Nov
87%
Dec
Nov
3%
"~6%
~*6%
2%
1*266
83
87%
2,700
55
87
7%
56%
250
2%
5,100
2%
*
Commonwealth A Southern
Warrants
Commonw Dlstribut
1
Community P A L $6 pref *
Community Pub Service 25
Community Water Serv.-l
Oct
20 X
Clayton & Lambert Mfg._*
Cleveland Elec Hlum
*
Mar
June
113 X
X
5X
41%
Jan
Jan
Mar
30
14
*
Jan
Apr
Apr
28
*
Preferred BB
*
Cities Serv P A L $7 pref.*
$6 preferred.. 1
*
City Auto Stamping
*
1%
Nov
Nov
21
2X
6%
9%
2,000
100
Oct
10%
28
10
4X Mar
X June
'
200
53%
City A Suburban Homes 10
Clark Controller Co
1
7X
X
For footnotes see page 3591.
Cities Service common
22%
1
11
21%
X
Apr
8
2%
5%
15
1
Mar
5
29X
Oct
%
Mar
100
100
2X
7
14
33
Chief Consol
Mining.
Chllds Co preferred
11X
100
14
37
June
X
24X
6%
10
800
*
*
Jan
13 X Mar
19
June
1.100
24X
9X
warrants
Jan
88
2
21
Cherry-Burrell common..5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach...4
11
1
Chamberlln Metal Weather
Strip Co
6
3,000
100
1
*
Jan
21
Sept
May
%
100
Conv pref opt ser '29.100
Centrifugal Pipe
Jan
Nov
2,600
4%
76
23%
100
Dec
Aug
IX
7X
4X
29 X
10 X
100
2%
17%
6X
7% 1st prferred
100
Beaunit Mills Inc com..10
$1.50 conv pref
20
4
.......
preferred..
Conv preferred
25%
%
Mar
4 X
51
4X
pref erred
Preferred B
*
28
Cent Pow A Lt 7% pfd 100
Cent A South West Utll 50c
Cent States Elec com
1
Mar
Apr
IX
*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
Mar
Mar
33
19%
56
Mar
Mar
Apr
200
25
Jan
13
Class A common.....10
*
$7 dlv preferred......
1st preferred.
Cent Hud G & E com
6%
7%
14
28%
1
Products
1%
4
IX
Casco
Sept
15
5X
1
Jan
20
Nov
25
11
*
Jan
Feb
Nov
11%
1,200
*
Feb
Apr
67
30
Carolina P A L $7 pref
$6 preferred
Carrier Corp new conv
Carter (J W) Co common.
he
~~2X ~~3X
Babcock A Wilcox Co....*
Jan
4%
4X
100
Axton-Flsher Tobacco—
Blckfords Inc com
$2.50 conv pref
July
4
8%
Mar
IX
*22%
Mar
3X
com
2X
Oct
Mar
Sept
21%
1
com
Mar
100
7%
2%
2,900
24
Feb
Nov
July
July
3
100
4,900
3X
24
common
2X
2X
4X
3%
com
Carnegie Metals
Feb
1,900
25
Corp
Carnation Co
Oct
4
7,200
1,900
18%
4%
10,800
4
2X
6
9%
IX
3X
*
3
x4X
1%
Jan
Jan
8%
*6%
25c
Carman A Co class A
Class B
Jan
27%
Mar
Jan
Oct
9X
5
76
Aug
•i«
6,000
Mar
1%
10%
*
400
7X
83X
7X
%
7
500
7%
"~6%
Nov
260
3
9%
B non-voting
.....*
Canadian Marconi
__1
Capital City Products
2,700
"l«
Beech Aircraft Corp
Mar
Sept
Canadian Car A Fdy pfd 25
Canadian Indus Alcohol A*
Carib Syndicate..
Oct
Aug
5%
200
1%
17%
.....
Cables A Wireless Ltd—
X
2X
2X
2%
7%
13
Am dep 5>4% prefshs £1
Calamba Sugar Estate..20
Camden Fire Ins Assoc
6
Oct
Mar
June
7X
31
Dec
Apr
9%
7X
5
10X
*1«
Mar
8%
2%
10%
20
22%
Bunker Hill A Sullivan 2.50
Burma Corp Am dep rets..
Burry Biscuit Corp..l2%c|
Cable Elec Prods v t c
*
Nov
11%
7X
96
%
55
X
100
17
Jan
Oct
% June
Mar
5
200
1
1
32
Dec
Jan
2,800
X
com
Dec
Apr
16
9X
5%
.1
Purchase
Sept
X
100
25
Bellanca Aircraft
Jan
70
30
1
(L) Co
Oct
23
100
X
1
Oct
Apr
800
Basic Dolomite Inc com
Bath Iron Works
Corp
Aug
Apr
3,200
Bardstown Distill Inc
1
Barium Stainless Steel... 1
Barlow A Seellg Mfg A
5
Oct
11X
2*400
hs
7% preferred
July
14%
26
54
7X
Baldwin Locomotive—
Purch warrants for com.
Nov
July
Nov
100
X
Aviation A Trans
Corp
33
July
Oct
100
17
10
Buckeye Pipe Line
50
Buff Niag A East Pr pref 25
$6 1st preferred
*
Mar
»«*
xw
Oct
23
6X
w w
Bruce (E L) Co com
26
5%
800
3
Class A pref
*
Brown Forman Distillery. 1
$6 preferred
*
Brown Rubber Co com
1
Feb
Nov
Nov
12%
Apr
8%
1%
"l7X
pref... 100
July
Apr
44
Mar
5
20%
*
2
July
Mar
Am dep rets ord reg._10s
12%
37X
115%
5X
28 X
Mar
June
5
British Celanese Ltd—
Mar
Mar
Nov
8%
20%
£1
Mar
25
%
*
Jan
Jan
Nov
150
6%
Corp
3X
27 X
26
15
34
Oct
22%
1%
1
*
JBrown Co 6%
30X
Feb
Mar
%
Am dep rets ord bearer£l
Amer dep rets reg.
Nov
14%
4%
Brown Fence A Wire com.l
Mar
2X
100
11
Mar
%
Oct
July
104
38%
*
Oct
26
15X
38%
.100
30X
15X
X
8X
19X
500
1,400
—*
preferred
30 X
25
1
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..50
Bell Aircraft
IX
16
Common v t c
*
Assoc Tel A Tel class A..*
Avery (BF)
6% preferred
6% preferred
Warrants
66
50
IX
9%
Dec
11
British Amer Tobacco—
Mar
»u
1,500
325
IX
Brlllo Mfg Co common...*
Class A
*
900
2
20 X
"ix
British Amer Oil coupon..*
Jan
300
l
Automatic Products
5
Automatic Voting Mach..*
Corp class B
Class A
7%
Oct
IX
High
Sept
8
4%
Bright Star Elec class B.
Brill
July
125
114
20
100
12X
X
......_*
Austin Sliver Mines
Preferred
64
200
Option warrants.......
Assoc Laundries of Amer.*
Atlas Corp warrants
Atlas Plywood
Bridgeport Gas Light Co. *
Bridgeport Machine
*
Mar
2%
1
$5 preferred
100
Mar
6X
1,800
£1
Class A
Nov
IX
Assoc Gas A Elec—
Common
22
Mar
44
Industries
Amer deposit rets
Oct
Mar
X
112
25%
24 X
Arkansas Nat Gas com...*
Common class A
..*
Preferred
.....10
Arkansas P A L $7 pref..*
Art Metal Works com...6
Ashland Oil A Ref Co
1
Feb
Nov
8
20
American Thread pref...6
Anchor Post Fence......*
Angostura Wupperman..l
Apex Elec Mfg Co com
*
Appalachian El Pow pref *
{Arcuturus Radio Tube..l
5X
146X
Feb
IX
..*
*
Mar
Mar
22X
24X
2
com
16X
June
94 X
"1%
Amer Pneumatic Service.*
Amer Potash A Chemical. *
American Republics
10
1st $6 preferred
$6 Series preferred
Nov
1st preferred
2d preferred
Brazilian Tr Lt A Pow...*
Breeze Corp..
1
Brewster Aeronautical
1
British Col Power cl A
$2.50 preferred
...1
Amer Hard Rubber Co..60
Amer Invest of 111 com...*
Amer Laundry Macy.._20
Am Superpower
150
200
2%
X
22 X
68X
IX
X
American General Corp 10c
$2 preferred
1
Amer Seal-Kap
Nov
114
Nov
7%
50
5,800
*
Registered
2%
Class A with warrants.25
*
Aug
19X
124%
3
2,600
63
9%
11
Mar
Oct
67
500
60
*
Amer Centrifugal Corp..l
Am Cities Power A Lt—
Class A...
..26
Amer Meter Co
200
2.900
%
Class A common.... 10c
Common class B
10c
Amer Lt A Trac com...25
4
136 % 142
108 %
20
19)4
108
$3 preferred
$5.60 prior pref
6% preferred
26
Amer Mfg Co common 100
Preferred
100
Amer Maracalbo Co
May
12X
Amer Box Board Co com.l
American Capital
Baumann
X
8
13
5
com
6
100
6X
8
Bourjols Inc
33 X
Low
11
12X
7% 1st preferred
100
Borne Scrymser Co.....25
10
lie H 123 Yi
111
111%
American Beverage com__l
American Book Co....100
*
Nov
75
240
X
136 A
$6 preferred
6ix
Nov
58
8%
108 A
19 )i
Amer Cyanamld class A. 10
Nov
X
common.*
Class B n-v
10
Amer Foreign Pow warr
Amer Fork A Hoe com..*
Amer Gas A Elee com...*
Nov
X
Range Since Jan. 1, 1938
Shares
High
6X
*
62
8X
6% preferred...
100
American Airlines Inc.. 10
1
3X
23
Mar
Sept
Apr
Low
*
common
75
%
111%
Price
W) common
Bliss A Laughlln com
5
Blue Ridge Corp com
1
$3 opt conv pref
—*
Blumenthal (S) A Co
*
Bohack (H C) Co com...*
73%
121'A
Class B
Aug
& Machine Co com
56
10
com
Dec
62
com....25
Co common.
Ltd
Mar
*11
66
Week
Birdsboro Steel Foundry
Feb
22
Oct
1
1,600
34
Mar
11X
.—*
*
6% preference
100
Aluminum Goods Mfg..
Aluminum Industries com*
Associated
Nov
com
conv
Aluminum
10X
12X
for
of Prices
Bliss (E
pref
Allied Products
Aluminum
Blauner's
July
5%
7X
*
Allied Internat Invest com*
$3
Nov
37
1,900
AlJes A Fisher Inc com...*
Alliance
6
Jan
"1,200
10 X
Warrants
Alabama Gt Southern..60
Ala Power $7 pref
36 preferred
Apr
2.100
9%
common...*
preferred
June
Feb
2X
100
5%
Par
Week's Range
Sale
High
23
Air Associates Inc com—1
Conv
22
Sales
Last
STOCKS
Low
17 X
22
Agfa Ansco Corp com—.. 1
Mfg common. 6
Air Investors
Range Since Jan. 1, 1938
Shares
com...20
Aero Supply Mfg class A.*
Class B
*
Aliisworth
Friday
Week
%
n«
%
%
28
26%
28
26%
27%
%
1JH
Mar
3%
Mar
45
47% June
70
2%
13%
18
29,800
.
Mar
»u
600
%
Sept
July
Feb
Mar
550
17%
Sept
400
%
Apr
Jan
Oct
4%
Aug
16
25
'
Jan
Jan
Aug
% s,Jan
1%
35%
28%
I
Oct
Oct
Nov
Jan
Volume
iMSt
Week's
Sale
of Prices
Low
High
Par
Price
Range
Shares
Fox
15%
15%
16%
6W
6)4
6%
6%
7%
71%
Cousol Copper Mines
6
7
1
Consol Gas Utilities
70)4
Mar
8%
Oct
5,800
55
100
Consol Royalty Oil
10
Consol Steel Corp com—*
Cont G & E 7% prior pf 100
July
117
Nov
*16
Apr
1%
150
48 %
Apr
65%
2%
Mar
87)4
July
IX June
70
50
88
1)4
100
1)4
5%
6
1
2%
1,900
Mar
67%
~5H
Apr
X
8%
X
9)4
1,700
4 X
May
Cook Paint A Varnish—*
7%
8%
500
6%
Mar
7%
7)4
1,000
4% June
13 %
17%
Mar
7%
400
3%
Mar
X
700
Mar
•it
600
1,500
*
400
100
44 X
001 01 Of
15%
500
23
100
1
1
2X
35
23
"25
30
25
8X
,
1
Mar
June
Jan
Jan
1
1H
500
2
1%
700
July
11W
July
Jan
1%
Sept
20
1W
July
24
Aug
Dec
110
Mar
10W
May
16W
Oct
Apr
17W
Nov
Apr
26
Nov
5%
5%
17
3X
Mar
Mar
25
AUg
11X
3W
Feb
100
"i'% "i%
65
65
.
4%
Duval Texas Sulphur....*
7%
7%
Eagle Picher Lead
10
East Gas A Fuel Assoc—
12%
12%
1%
19%
1%
19%
9%
9%
Common
"l%
Eastern States Corp....
150
65
5%
5%
7%
13%
19
Mar
33 W
Dec
Apr
82 %
Nov
55 preferred
Gilbert (A
May
65%
Dec
81X
81
33 X
81X
65%
65%
65%
10
57
"32 "
""l"6
30
June
6
*
Apr
W May
7
Mar
36
Jan
Sept
Sept
17W
Feb
98
Oct
4
"32"
"32""
;
*
Co
Gilchrist
575
C) common..
Preferred
*
Glen Alden Coal
Godchaux Sugars class A
Class B.
5W
31
.
3,900
4
100
9W
88
*
Consol
V t c agreement
Feb
41
Jan
6W
July
Jan
♦
*16
Feb
3W
10
Apr
24
July
13 W
*
200
20
20
Mi May
2
Mar
22 W
W
5W
Dec
Mar
9W
Nov
Jan
Jan
3 W
Mar
11%
Nov
Mar
72
Nov
125
Aug
1,200
%
%
Mines
53 prelened..
Gorham Mig Co—
Oct
7%
Mar
26
*
Inc class A
W
31W
5W
5W
31
57 preferred
Oct
7
extend. *
18
W
"16
10,700
7 W
6%
7%
400
10%
10W
11
1,300
68
66 %
68
250
Oct
Grand Rapids
1W
Non-vot
stock...
com
36
1st preferred
100
123 W
123 W
50
Gt Northern Paper
25
37 X
38 W
7%
500
117W
25%
Apr
Apr
700
4%
7%
39 W
Nov
Mar
8W
Aug
3
19 %
Nov
3%
35%
July
Nov
37%
%
38%
*16
4,800
101W "ioow
101X
"""160
1% May
Oct
Oct
Nov
2%
Mar
Dec
18
Aircraft Engr
Grumman
Gull
Oil
X
1
Guardian Investors
Sept
24 %
Feb
*
Gypsum Lime A Alabast.*
Hall Lamp Co
*
Jan
Haloid Co
Jan
Hartford Elec Light
Jan
9
56 preferred...
Mar
67
Nov
Hartman Tobacco Co..
Mar
24
Oct
Nov
June
110%
Sept
2
Feb
67
Nov
X
Mar
54
Harvard
%
Brewing Co
1W
1
"28 X
Hazeltine Corp
Hearn Dept Store
Dec
3%
6% conv preferred...50
Hecla Mining Co
25c
"24""
Jan
Helena
*
X4%
8%
May
9X
Feb
7
Mar
14 X
Nov
1%
Sept
3%
Jan
6
IX
Mar
20
Jan
15
IX
7
Oct
Hummel-Ross Fibre Corp 5
Mar
6X
Oct
Jan
fHuylcrs of Del Inc—
2%
1%
Mar
2%
Mar
35
5%
July
3,100
IX
IX
Apr
2
Apr
1 %
60
70
July
Sept
6
Jan
13
Jan
Dec
W
July
20%
100
Oct
2W
Oct
16%
June
24%
Nov
Jan
58%
Nov
i»ii
2,400
58%
58%
59
60
50%
1,125
425
3.300
,
2,100
Jan
22
Feb
Mar
12
Oct
32
*18
UI«
3,600
9X
1,400
'it
800
9%
3,800
7%
22%
300
300
16%
~~6~% "ex
'""700
4%
Mar
19%
900
14%
Sept
23
9%
Nov
14 X
6%
W
7
"11
Mar
May
8%
1
7%
21%
-
rights..
%
'l«
16
13
•it Sept
Mi
68
Jan
Nov
Oct
74 W
100
48%
Mar
77%
Oct
26
Mar
75%
Oct
Sept
x8%
Sept
3%
ord reg—£1
21X
21%
*
21%
21 %
Ford Motor of France—
3X
22
21%
5H~
Jan
15W
July
Jan
9W
Aug
7%
100
6W
30
5
102
50
82
X
X
'X
Oct
Apr
X
200
Jan
Sept
8W
X
Oct
Sept
16
Jan
Mar
19W
103
May
Oct
1W
Jan
1H
Feb
Elec—
50
purch warrants.
Internat Metal Indus cl A *
Internat Paper A Pow warr
International Petroleum- *
W
Nov
Feb
X
July
13
Mar
69W
Nov
Mar
23
Nov
8W
Apr
23
Oct
W
Eeb
Apr
100
700
48 W
16 %
%
68%
%
8%
68
150
9
International Cigar Mach
7
Internat Hydro
Pref
17%
17
53.60 series
%
A stock
500
%
100
6
Oct
H May
8W Aug
3%
25%
3%
26%
4,500
4,100
Sept
Mar
24
Oct
International Products
Mar
24 %
Oct
Internat Radio
Mar
4W
Nov
21
Sept
31W
Mar
22W
3X
25%
Registered
Sept
31
Mar
1W
3 W
3W
Msr
4 W
9%
1,900
5,200
2W
8%
5
Mar
14W
%
*
X
200
W
Feb
Nov
1
Internat Safety Razor B_*
International Utility—
Class A
*
Class B
1
8%
7%
200
»18
%
%
1,800
%
Mar
1
Jan
*
9W
9%
9%
100
7%
May
10
Nov
24 W
Apr
35
Nov
Ms
Feh
Corp
Warrants series of 1940.
International
7
7
Ms
Ms
200
4%
5%
2,600
Jan
Mar
0
.
Vitamin...1
Interstate Home Equip..I
6X
102
100
preferred
preferred
$3.50 prior pref
3591
\
7
1
V t c common
$1.75
For footnotes see page
"560
15
7
Insurance Co of No Am. 10
3W
Apr
5,200
17
16%
Jan
Industrial Finance—
15
2 W
Oct
37W
16%
900
*
14 W
Mar
Sept
Nov
Nov
*
B
1,600
1%
dep rets—100 frcs
3
5X
5%
..—100
2,200
25
Mar
Mar
Class
72
Ford Motor of Can cl A..*
12
13 W
Dec
11H
1,100
19
900
30 %
22W
Apr
70
Mar
Mar
Mar
Mar
67
2
Mar
Non-voting class A
4%
Jan
1,300
19
Apr
39%
Jan
Nov
4
8W
19W
Nov
40
July
5%
22%
3 %
18
18
W
33 W
Nov
10
4,700
*
3W
6
2W
June
Sept
Sept
10W
10X
Mar
1W June
Oct
15W
Mar
62 W
3
X
14W
Mar
x9%
Nov
200
6W
Mar
July
8
24
—10
Jan
9
Jan
15
Indiana Pipe Line
62
Ford Motor Co Ltd—
500
Jan
July
Jan
Mar
Jan
July
Nov
2
W
Mar
W
12
6%
13%
6 W
8%
W
4
23%
Indpls PALO W% pf—100
Indian ler Ilium Oil—
6
Sept
56
Jan
3,700
200
1%
14 W
preferred
July
6W
Mar
July
31
Nov
72 X
Mar
"Jan
»i6
Mar
4%
1%
Imperial Tobacco of Can.5
Imperial Tobacco 01 Great
Britain A Ireland
£1
x8%
100
*
....
Mar
Sept
4
16
4%
Indiana Service 0% pf.100
•u
150
15
Mar
300
Jan
Tooo
Fanny Farmer Candy coml
72
600
5W
Imperial Chem Indus..£1
Imperial Oil (Can) coup..*
Registered
*
Dec
7%
9)4
3,600
2W
7%
67%
3%
48%
7W
Dec
60
Feb
*
Dec
Jan
Dec
4
11X
3W
3%
5W
58 %
Feb
Mar
50
8 W
24
Nov
*
Zinc......
59
28
28'
Mar
June
8
65 %
%
60
6% conv preferred
Dlv arrear ctfs
May
■
6%
7% pref unstamped .. 100
Hydro Electric Securities.*
Hydrade Food Prod.-...6
nygrade Sylvanla Corp..*
Illinois Iowa Power Co...*
9
6W
1
Illuminating Shares A
Jan
19
62
100
18
stamped—100
Dec
58 X
28
"9% "ll%
it
1
14X
-
Common
7% pref
150
74
1
1
(Phila). 10
15W
16%
Hussmann-Llgonler Co...*
Eureka Pipe Line com..50
1
Mar
65W
*
Mar
8%
*
5
11W
5
2
•it
9)4
300
July
Aug
July
Oct
Nov
17% May
1
Nov
13 W
106 %
2
51%
European Electric Corp—
Option warrants
67
Jan
900
50
9
41W
Mar
Mar
98 W
1,900
50%
1
Mar
l5W
100
2%
2A%
4%
Empire Gas A Fuel Co—
Equity Corp common.. 10c
27
500
Dec
Illinois
50)4
100
7%
14%
12W
Oct
37W
31W
"ii'%
38
8W
Jan
2%
20%
100
Sept
40
2W
2%
Empire Dist El 6% pf 100
6)4% preferred
100
7% preferred...100
8% preferred
100
Empire Power part stock.*
Emsco Derrick A Equip..5
11 %
Mar
21W
5%. preferred
Hubbell (Harvey) Inc
Humble Oil A Ref
..1
15
Nov
Mar
375
1%
9W
IX
20
6
6W
Horn A Hardart
2 W
....1
Mar
300
37 W
Jan
73
73
100
9X
200
36 W
Nov
1W
2%
*
*
7%
C) Co common.. 1
*
17W
Oct
1
8%
Sept
Apr
15%
Dec
2W
Mar
Mar
150
8W
2%
5%
5%
100
%
4%
500
Sept
600
2W
Jan
10W
3%
Nov
5
8%
2W
Oct
4W
Hey den
Hoe
300
23%
5
x4%
Hires (Chas E)
"loo
Electric Shareholding—
Oct
Mar
3,300
Horn (A
Jan
Jan
26
Mar
12
9%
Nov
Nov
2% June
Oct
6W May
8W
12%
Jan
13
13
,
25
w
Oct
Jan
30 W
Apr
Holophane Co common..
Holt (Henry) A Co cl A..*
Hormel (Geo A) A Co com*
31
Apr
14
27,
20
9
38
Dec
25
May
200
Jan
29 %
Mar
4 W
Chemical
10
Co cl A.
(R) A Co class A...10
Holllnger Consol G M...5
9%
Mar
13 W
400
Jan
Oct
,0
52
X
w
5%
6
18
2
common
24
"
Hewitt Rubber common..5
May
Nov
19
Co
Mar
7%
8W
Class A
Preferred
Nov
%
W
1W
1W
2% June
500
29
5%
5W
*18
700
500
„
800
1%
4%
28%
com.—5
Rubenstein
%
1
4%
1
Hat Corp of Am cl B com.
0W
Oct
*
Aug
Sept
15W
warrants
July
2
1
70
~~2 %
Jan
64
50
100
65
1
12
Apr
Apr
9
100
Mar
—1
Mar
200
1%
50
10%
Mar
9%
"ll'X "16%
9X
Oct
Juiy
1W
61X
13
1
7W
3 w
IX
9
Jan
1.700
Dec
June
61%
6
Apr
650
Nov
101W
25
%
1,600
July
90 %
Jan
Hartford Rayon v t c.-.l
11W
6,400
40 %
Feb
July
3%
13
Heller
3%
"460
Mar
81
5
"2% "2%
33
16 X
Dec
9
Jan
72
"37 %
25
Corp
Gulf States Utll 55.50 pref
W
Mar
Amer
Nov
Apr
26 %
58
Sept
42
B
95 W
4W
25
May
36
Class
July
100
6
33 W
W
1,600
Am dep rets
72
6
1
8%
36,300
1,200
preferred
Florida P A L S7 pref
Ford Hotels Co Inc
Dec
100
56
16
49 %
200
6,200
63
Ftsk Rubber Corp
Mar
49%
19 W
55
lire Association
Nov
40
49x
17W
60
Fldello Brewery
Jan
16W
Jan
9X
Flat Amer dep
July
1W
Mar
3 W
55
Ferro Enamel Corp..
53
Aug
"966
1% May
60)4
Metallurgical..
Mar
8W
"few
Mar
*
*
Fedders Mfg Co
30
15%
"l5W
X
Elec Bond A Share com..6
Fansteel
220
H
*
com.20
200
7,600
18
3
..1
Brewing
46
July
2%
Oct
Falstafl
48
80
2%
500
19
18
2
Falrcblld Aviation
Oft
Aug
*66
Feb
Co A stock
800
Economy Grocery 8tores_*
Esquire-Coronet
65
Grocery Sts Prod com..25c
"i'% "i% """800
3
B_._*
Easy Washing Mach B—*
$0 preferred series
preferred
50
2,500
1H
20
10 X
18
$7 preferred series A__
0%
100
Greenfield Tap A Die..
6%
prior preferred-100
preferred
100
4%%
Eastern Malleable Iron_.25
Elgin Nat Watch Co
'64
77W
July
58
Ws May
'84
75W
48
%
Nov
~i~500
5%
Electrol Inc v t c
Sept
1,300
Nov
July
16
"900
"1%
Electrographic Corp
Apr
Oct
46
W
Jan
15W
Nov
2W
May
13)4
1
.
19 %
Mar
15 W
103
1X
Durham Hosiery cl B com *
J0 conv pref ww
Mar
9
200
14
Grea* Atl A Pac Tea—
July
3-27
'11%
"ii"
18%
100
Common
July
Mar
8
100
Elec Shovel Coal $4 prel.
Nov
2X
40%
(Grand Natlon'l Films Incl
Varnish...*
Gray Teleph Pay Station.*
Jan
58
Dec
200
3%
3%
Dublller Condenser Corp. 1
Option
89 %
Mar
47
Elec P & L 2d pref A
Apr
IX
2%
10
A
Oct
Mar
75 X
Jan
Mar
Corp—
Class
Sept
7
21%
Dominion Steel A Coal B 25
Elec Power Assoc com
25 W
1W
400
18
Jan
7%
40
9W
Sept
10W
Georgia Power 56 prel...*
Gorham
Jan
Nov
19 W
41 %
53 preferred
Goldfield
14
Dobeckmun Co common. 1
preferred
preferred
Aug
0% preferred A.....100
Nov
11
Corp—5
Distillers Co Ltd...
£1
Dlvco-Twln Truck com..l
$6
12
'64
Gen Water G A E com
July
x27
Distilled Liquors
55
Jau
Mar
12 W
General Tire & Rubber—
5%
10
x27
Diamond Shoe Corp com. *
Corp
•it
300
30 W
30
%L7
Edison Br08 Stores
87
1%
13X
13X
preferred
conv
47%
5% June
2
2
10
Duro-Test Corp com
Nov
10X
$3
Mar
1% Dec
37% June
"i'% "1% "l,400
Detroit Steel Products— *
Duke Power Co
43
Nov
50
Oct
xl8
10W
6% pref w w
-.20
Detroit Gray Iron FdF-..l
Det Mich Stove Co oom__l
preferred
Mar
350
75
IX
Warrants
May
2X
25
300
8%
8W
70
Jan
Jan
300
IX
1W
Detroit Gasket A Mfg...
200
5%
5
.1
prel 100
Derby Oil & Ret Corp com *
A conv preferred
*
Stores
Dennlson Mfg 7%
Feb
5
Sept
8
10
14%
Jan
IX
27%
Nov
102
"14 x
1
Jan
12
Jan
7
4
Jan
5
14
3W
43 X
3%
76
Jan
3
"7% "7%
Elsler Electric
Oct
7,700
Davenport Hosiery Mllla
Dayton Rubber Mfg oom.*
6%
Mar
IX
X May
1%
28
38
*
$6 preferred
2W
9)4
Jan
Mar
Mar
Dec
17%
General Investment com.l
X June
1%
"166
5W
6W
17W
7W
*
prefB..*
7,000
9)4
14 W
ord reg.£l
General Telephone
10
Driver Harris Co...
Amer dep rets
Gen Rayon
6W% preferred
100
Darby Petroleum com—5
7%
Oct
6 X
Cuban Tobacco com v t c. *
Draper
Mar
%
De Vllblss Co com
Gen Gas A El 6%
7%
1 W
Nov
300
38
17%
Gen Flreproofing com
Nov
...25
Detroit Paper Prod
Sept
10W
53% May
com—25c
A
Nov
11 %
54%
Mar
Crystal Oil Ref com
Class
X
11
July
""300
9 W
Gen Electric Co Ltd—
IX
Crown Cork Internat A..*
Dejay
General Alloys Co
400
~~2~% '~2%
Mar
17%
20%
100
*
preferred
5%
Oct
Jan
1,200
•it
—
Oct
7%
86
2%
7X
July
6W
17%
"l's'w
20%
Gen Outdoor Adv 6% pilOO
Gen Pub Serv 50 pref
%
Cuneo Press Inc
Gamewell Co $6 conv
Aug
23
5 W
200
Gatlneau Power Co com.*
Nov
7%
preferred
preferred
conv
4% conv preferred
July
1
6%
1
*
100
pf..*
com
1%
Crowley, Mliner A Co—*
Crown Cent Petrol (Md) .5
Preferred
$3
Co
8
22%
Crown Drug Co
Fuller (Geo A)
21
22)4
Apr
8
,
17
17%
30
Cramp (Wm) A Sons com. 1
Creole Petroleum
i—5
Crocker Wheeler Elec_.—*
2W
1
18% June
1)4
Jan
400
78
15
Fruebauf Trailer Co
4% May
£1
Croft Brewing Co
partlc pref
8
1,000
50
6% conv preferred
Courtaulds Ltd
Com
1
5%
26)4
...*
$6 preferred A
Common
26)4
Cosden Petroleum com— 1
10X June
7W
Jan
1%
Apr
4%
14
1
Common
1,700
8
5%
High
Low
4W
4
Dec
88
Mar
51
preferred
Oct
July
5
*16 May
100
Cont Roll A Steel Fdy— *
*
Cooper Bessemer com
*
$3 prior preference
*
Copper Range Co
*
Copperweld Steel com.. 10
Corroon & Reynolds—
May
1,200
2,500
4>
preferred
74
Aug
6
58
~4W
Consol Retail Stores..— 1
Mar
1,900
1, 1938
Range Since Jan
,
Shares
High
Low
Price
Froedtert Grain A Malt—
lJi»
158%
%
%
Consol Mln A Smelt Ltd.6
Continental Oil ol Mex
Franklin Ryaon Corp
Sept
113
70 W
100
6% pref class A
Nov
7%
for
Week
of Prices
6
1
16%
Jan
3%
300
Consol G E L P Bait com
(Peter) Brew Co
Mar
3%
11
100
1
Sale
Par
Range
Week's
Last
High
Low
1
V t c ext to 1946
54
STOCKS
(Continued)
1938
Range Since Jan. 1,
for
Week
Compo Shoe Mach—
Consol Biscuit Co
Sales
Friday
Sales
Friday
STOCKS
(.Continued)
8%
3587
New York Curb Exchange—Continued—Page 2
147
3W
3W
5
500
2W Mar
2W June
1
June
9
Jan
W
Jan
4W
July
6
Nov
New York Curb
3588
Friday
stocks
Last
(Continued)
Week's Range
Sale
Par
Low
Interstate Power 17 pref-
4X
c..*
1
Superpower A...'
(F L) Co
1
Fireman Mig v t
Jacobs
4H
10
15X
10X
15X
Irving Air Chute
Italian
Low
Jeannette Glass Co..
17
10
17 X
350
Mar
May
11X Mar
7 X
Mar
X
Oct
2
May
IX Sept
h»
"SH
1,900
*:
200
3X
4X
1,900
IX
IX
300
*
Jersey Central Pow & Lt—
6X% preferred...—100
6% preferred..
100
7% preferred
100
Jones A Laughlln Steel .100
Julian A Kokenge com-..*
Kansas G A E 7%
78 X
33
X
22
pref-100
60
50
68
1,000
21
22
103"
2X
103"
2X
2X
2H
2X
3X
8X
Lion OU
72
4X
45
45
49H
48X
2%
49X
3X
Oct
Jan
3X
-3X
{i#
28 X
6
28 X
14 X
19X
Jan
Nebel
15X
Jan
12 X
Feb
Nov
102X
Jan
45
12 X
Feb
11
Jan
38
10
49
May
Sept
44 X
2,600
15X
19X
Aug
X
*11
3,050
May
Sept
6X
July
"w
Mar
Jan
32
Nov
July
10X
Oct
*he
Jan
2X
9X
Jan
IX
6X
IX
31X
200
1
150
24
'
IX
X
X
Dec
Mar
July
2,100
1,800
90
X
4
Mar
X
X
Oct
Mar
July
39
Mar
Oct
July
IX
X
June
45
Feb
100
10X
Dec
11
Dec
100
15
20 X
Dec
1
11
20 X
20 X
X
3X
May
4X
4X
200
6
3
17X
"ex
"0"
17X
Nov
7X
June
i'ooo
IX
4X
17 X
100
11 X
47
Jan
24
Sept
Mar
Mar
8X
July
July
2X
Mar
10
July
Mar
18 X
Nov
Feb
55
Oct
93
2X
15X
2X
400
1,000
125
10X
126X
"6(7
125
"00"
July
IX
7X
99
Mar
X
Mar
~i7X
17X
18
5X
90
Mar
3
Sept
25
60
Dec
60
Dec
13X
Mar
20 X
Nov
650
6X
~~4X
3X
4X
3
Mar
130
•
600
2
6,200
Oct
4X
Mar
21
5X
.
Mar
Mar
71
X
300
X
Mar
IX
X
IX
200
X
Jan
X
IX
34X
May
25
Apr
X
S16
200
X
he
2X
7X
X
1,300
2X
7X
X
3X
8
*u
'
t
•
IX
4,400
200
»ji
400
3
May
'•u
Jan
X
Dec
Jnn
6X
Jan
10X
Nov
Mar
Dec
6
4X
600
IX
Apr
5
X
400
X
Mar
IX
6X
600
6
4
99
50c
14X
99
*103
.
IX
2
8
X
8cpt
8X
Nov
1
^une
Apr
10
Feb
8X
400
7X
June
15
Nov
150
59 X
May
105
Nov
X
200
41
Miss River Power pref. 100
Missouri Pub 8erv com...*
114
X
3
115"
14
1
Monarch Machine Tool..*
5
13X
5
""70
Nov
Mar
24 X
69
Feb
June
78
115
2 X
Mar
14
700
ex
Jan
5X
2H
41
May
103
200
IX
17
IX
July
Oct
Dec
Aug
Dec
Class A preferred
NIles-Bement Pond
28 X
30
Moore Corp Ltd com
*
Conv preferred A....100
Common
*
preferred...
North Amer Rayon cl A..*
Class B common
—*
tMoore (Tom) Distillery. 1
0% prior preferred
7% preferred
Northern Pipe Line
100
10
cl A..100
Northwest
Apr
6X
20
Nov
500
122
Mar
7X
163X
Nov
150
20
Sept
31 X
Oct
20 X
May
May
Jan
5X
9X
Dec
Feb
May
Mar
Mountain Sts Tel A Tel 100
9X
9X
400
*
100
11
100
Mar
8X
100
7
5X
124X
Jan
Oct I
Nov
12
July
Sept
6
12X
10 X
Aug
June
9X
Oct
June
10
8X
3591.
11
Mar
6
'
20X
30
Jan
Apr
10
Jan
107X
90
91X
Apr
109X
Oct
Apr
103,
Oct
5
Mar
$3
13
3X
17X
2,900
Nov
13
3X
Dec
4X
40
10 X
Mar
21X
Oct
8,200
5X
Mar
Oct
7X
85 X
8
May
he
86 X
350
25
he
Jan
Apr
2X
Nov
Mar
00
1,500
Sept
70
82 X
X
10X
89 X
82 X
Mar
Pacific Can Co common..*
Pacific G A E 0% 1st pf.25
3 X
79 X
Oct
89 X
Apr
60
7X
Mar
IX
Sept
9X
2 X
3
Mar
6X
Oct
Mar
2X
Oct
IX
IX
300
*5X
x5 X
5X
2,900
IX
IX
3,600
62
IX
60 X
62
600
20 X
20 X
22
300
M
*
4X
Perfect Circle Co
Pharla Tire A Rubber
"86"
4
"8X
Phillips Packing Co
8X
14X
31 X
Mar
IX
Oct
3 X
Mar
4X
July
he June
he
Jan
Apr
84 X
Nov
50
Apr
91X
Nov
4
Mar
1,300
0X
Mar
14 X
700
8X
Mar
*18X
-
1!
Feb
Oct
Oct
23X
25X
100X 101
uox nox
20 X
June
50
87
100
May
May
101
300
109 X
93 X
Apr
115
Nov
June
100 X
Nov
114
12
39 X
3X
6
200
650
20
18
Mar
85
103
Aug
300
40 X
103X
IX
IX
5X
5X
3X
3X
103
33
34 X
112 X
Dec
Jan
Dec
Oct
Apr
275
89
99 X
Nov
Mar
10X
July
Mar
14 X
Oct
Jan
4CX
Dec
May
850
8X
0X
21X
2,600
105X
Oct
IX
Sept
100
4
June
7X
July
100
2X June
4X
July
2,000
2X
Jan
4X
Mar
31
31X
2,700
27 X
Mar
31X
Dec
28 X
28 X
50
25X
Oct
250
Apr
Mar
30X
108 X 108 X
67
67
31
7 X
7X
10
100
98X
40
12
108X
Apr
3X
Oct
Nov
74
Nov
8
Mar
Nov
"
15X
Apr
June
20 X
96
Sept
19X
Sept
7X
Feb
3X June
4X
Sept
*10X
Nov
87
16X
5X
17X
6,200
6X
40,500
11X
3 X
14
•
Feb
Nov
Aug
Jan
13 X
18
7X
30
30
7X
30
"666
12
Sept
19
20
13
May
23
18
13
18
13X
Mar
37X
Nov
Mar
8X
Oct
200
100
2X
21
Jan
Jan
Jan
31
Nov
Apr
112
Sept
24
Mar
29
Nov
46
July
50
July
107 X
2X
IX
IX
IX
7X
154X
8
15,100
1,000
98
99
IX
325
153
155
75
Apr
8X
Feb
Aug
1
IX
JUDC
Sept
2X
2X
Mar
9X
100 X
93 X
Nov
160
July
IX
Mar
4 X
May
79 X
74
Mar
Mar
121X May
19
73 X
72
73 X
71X
71X
72 '
400
75
*
Aug
19
59
Mar
75X
54 X
8X
8
8X
5X
1,000
Jan
Nov
Nov
Aug
Dec
Apr
86
July
Mar
24
28
Aug
200
3X
Apr
4X
Sept
8
112X
5X
Feb
117 X
July
Mar
31X
Feb
July
8X
July
Oct
30 X
30 X
2X
2X
2X
700
2X
Nov
4X
4X
4X
5X
3,100
IX
Mar
0X
23 X
23 X
25
550
10 X
Mar
31
16
17
1,300
zlOX
Mar
21X
Aug
X
Dec
IX
Jan
2 X ' Sept
3X
Jan
50
29 X
Phoenix Securities—
Pines Wlnterfront Co
1
Pioneer Gold Minea Ltd—1
Nov
Nov
15 X
32
11X
*
1
Conv S3 pref series A.. 10
Pierce Governor common. •
47 X
62
"""40
2.50
Common
Aug
Apr
100
.100
*
27 X
4X
9X
X
114
*
1
29
Mar
2,300
10
e
1
PeDn Cent Airlines com..1
Mar
4X
X
-
$2.80 preferred
—*
$5 preferred
*
Penn Gas A Eire class A..*
Penn Mex Fuel Co
1
Penn Traffic Co
Mar
12 X
47
86
Paramount Motors Corp.l
*
Feb
"87X
he
6X
com
Jan
Feb
X
Pantepec OU of Venezuela 1
B
Oct
Nov
31
42
16 X
Class
X
7X
11X
*
Parkersburg Rig A Reel—1
Patchogue-PlymouthMllls*
Pender (D) Grocery A...*
Dec
24 X
6X% 1st preferred...25
Pacific Ltg $6 pref
*
Airways
July
1,200
50
prior pref..100
Oldetyme Distillers
1
Omar. Inc
1
Peninsular Telephone
Preferred...
Penn Edison Co—
Jan
2,100
100
conv
Parker Pen Co
Nov
100
5X
*
preferred..;
Pan-Amer
July
55 X
Phlla Elec Co $5 pref
•
PhUa Elec Pow 8%
pref 25
2
5X
5X
"23 X
0%
Oct
52 X
Philadelphia Co common.*
Dec
4X
Jan
5X
100
Oct
Nov
3 X
2
Jan
54 X
Ohio Brass Co cl B com...*
Ohio Edison $0 pref
Ohio 0)1 6% pref
Ohio Power 0% pref
Oct
165
3X
Murray Ohio Mfg. Co
*
Mtekegon Piston Ring.2 X
Muskogee Co com
31X
38X
Jan
5,400
Mar
*
2X
4,500
Nov
Mar
82 X
14X
50
June
6X
4X
25
Mar
Mar
"l"7X
Engineering..*
Novadel-Agene Corp
*
Pennsylvania Sugar com 20
Pa Water & Power Co.—.*
Pepperell Mfg Co
—100
July
Sept
4X
5X
4X
?x
88X
Mar
0X
Nor European Oil com...l
Nor Ind Pub Her 0% pf.100
Penn Salt Mfg Co
3X
Ti«
Mar
18
50
Aug
Sept
700
42
100
700
100
No Am Utility Securities.*
Nor Central Texas OU.—5
July
Mar
1 X
145
1,000
200
3X
1
Pennroad Corp v t
3 X
175
Jan
7X
11
Nor Amer Lt A Power—
Ta Pr A Lt $7 pref
$6 preferred
12X
X
Oct
72 X
18X
17
*
Nov
28 X
"28 X
155X 159
29X
29X
17
Mar
100
Nineteen HundredCorp B 1
Nlplsslng Mines
6
Noma Electric
—1
com
Oct
Sept
45X
IX
7X
11X
5
4X
100
4
156X
IX
*10
July
X
16X
100
Mar
Jan
July
11
1,000
X
June
2,400
Soc
Nov
9X
13 X
IX
17
Monogram Pictures com.l
see page
2X
Mar
Mar
3
Mock, Jud, Voehrlnger—
$2.50
1,300
June
IX
39
Minnesota P & L 7% pf 100
2,000
ex
8 X
10
02
108
Page-Hershey Tubes com.*
3X
13
Mar
July
X
81
85 X
common.
Nor Sts Pow
Apr
Mar
4X
Niagara Share—
Class B
Oct
Mar
2,500
$1.30 1st preferred.....*
he
Aug
Oct
Jan
85
14X
106
Pacific P A L 7% pref—100
Pacific Public Serv n-v.._*
Oct
IX
5X
30
300
20
100
Jan
July
Oct
Nov
18X
Class A opt warrants
Class B opt warrants
Feb
X>
4X
Midwest Piping A Sup..
Mining Corp. of Canada.*
Minnesota Mining A Mrg
For footnotes
Nov
85
June
Sept
May
5
200
X
3X
she...
Nachman-Sprtngfilled
Feb
July
8X
7X
20
•
56 X
7X
7 X
Overseas Securities...—.*
*
Mtge Bank of Col Am shs
Mountain City Cop com 5c
Mountain Producers
10
July
79
.525
104
,
IX
6% 1st preferred
100
Ollstocks Ltd common...5
Oklahoma Nat Gas com.15
July
Dec
uie
Moody Investors part pf.*
July
54 X
X
Ohio P S 7% 1st pref—100
July
30 X
July
12
7X
IX
10
Oct
5
Nov
400
71
50 X
51
14
100
Aug
X
61
Mar
28
74 X
"70 X
10
A...
Montana Dakota UtU
10
Montgomery Ward A...*
Montreal Lt Ht A Pow.
Aug
Jan
Oct
3 X
20 X
400
Midland Steel Products—
Loan
Jan
Niagara Hudson Power-
$6
5X
16
-
...
Monroe
July
July
29 X
*
Common
Jan
Sept
Apr
®1«
Molybdenum Corp
Jan
Nov
Nov
Mar
Apr
54 X
55 X
1
5% 1st pref.
6% 2d preferred
1,200
July
July
IX
June
X
5
pf.100
Common...
Jan
10X
50
102
7
10
Founders shares
34 X
13,100
IX
17
—
New York Transit Co
42
Jan
Jan
Jan
10
*
Nov
IX
JaD
Jan
Corp—
Nov
Sept
Nov
400
*
preferred.
20 X
1
1
Mldvkle Co.
Mid-West Abrasive
Midwest Oil Co..
$6
N Y Shipbuilding
550
IX
31X
53 X
102
pref..100
23 X
IX
7X
X
20 X
N Y Pr A Lt 7%
25
X
3
114
May
29 X
79
Feb
70X
18X
5X
9X
11X
10X
Warrants
375
6X
31X
Dec
N Y City Omnibus
27 X
..»
aiv
N Y Auction Co com...
N Y Water Serv 6%
88
Steel Tube..2.50
non-cum
Feb
IX
78X
9,800
X
IX
Middle West Corp com..5
Warrants
Midland Oil Corp—
$2
May
24
22
25c
pref
12 X
76X
IX
7
Bumper Corp._l
conv
700
1
24
26
26 M
22 X
t c
$2
Mar
14X
76 X
3
Mar
;.
t c
Jan
800
IX
X
24
N Y Merchandise
Mar
Mexico-Ohio Oil
v
4,900
Newmont Mining Corp.10
Jan
5X
6X
pref erred. .15
\
IX
New Process Co
25
Metropolitan Edison—
Class A
Sept
«•"
25
Mar
2,300
Warrants
Class B
6X
N Y A Honduras Rosarlo 10
45,100
1
Sugar Co
Preferred
Middle States Petrol—
600
New Idea Inc common...*
1
5
Gas & Oil
7X
*
Oct
Jan
9X
*
Michigan
Michigan
Michigan
Michigan
New Haven Clock C©
Feb
30X
100
preferred
Jan
7H
IX
X
2
Aug
Mar
Feb
45
preferred..
100
New England Tel A Tel 100
16X
8X
*
Partlclpat
10 X
11X
6%
25 X
14
McColl-Frontenac Oil—
$6
32
1,600
1
105
*
Mar
27X
May Hosiery Mills Ino—
$4 pleferred
*
0X% A preferred... 100
1
100
13X
100
Sept
Sept
Aug
1
Massey Harris common..*
Participating preierred.*
Merrltt Chapman A Scott •
May
300
66 X
1
100
June
1
Merchants A Mfg cl A
com.
preferred..
lix
15X
200
Nov
*
com
7%
New Jersey Zinc
2
Comraunlca'ns ord reg £1
*
Memphis P & L $7 pref..*
Mercantile Stores com
*
Mar
12
7X
IX
New Mex A Ariz LaDd—.1
13
300
Margay Oil Corp
Memphis Nat Gas
Nevada Calif Elec
New F.ngl Pow Assoc
Jan
5,000
«*
*
he
4X June
July
15
16X
30X
Manlschewltz (B) corn...*
Mead Johnson & Co
Jan
Aug
600
7X
•u
3X June
July
1
Dredging
4X
i",200
Mar
100
IX
Jan
24
1
McWllllams
Mar
Sept
100
Nov
Mar
Manatl Sugar opt warr...
McCord Rad A Mfg B
Nov
Jan
X
6
X
11X
Mar
Ludlow Valve Mfg. Co...*
6% preferred
75
Feb
X
2X
5X
Feb
7 X
1
.1
38
6
Nov
""300
Packing
Master Electric Co
600
5X
3X
13 X
Louisiana Land A Explor.l
Marlon Steam Shovel
Mass Utll Assoc v t c
68 X
100
58 X
13
Louisiana P A L $6 pre!..*
Lucky Tiger Comb G M.10
*
July
41 X
85 X
19
7% preferred
100
6% pref class B.....100
preferred
38
41 X
Mar
9X
Mapes Consol Mfg Co
Marconi Intl Marine
Mar
Nelson (Herman) Corp...5
Neptune Meter class A..
Sept
13X
29X
*
Mangel Stores..
15
*
July
200
1
Lynch Corp common....6
100
Nebraska Pow 7% pref. 100
Nehl Corp common
1st preferred
19
*
Majestic Radio A Tel
Nov
com...
IX
1,400
25
Mesabl Iron Co
Metal Textile Corp
Jan
June
Long
conv
Feb
IX
10
19H
Lone Star Gas Corp
$6
5
Dec
4
64X
1
National Tea 5X % Pref. 10
Transit
12.50
Oct
July
Mar
64 X
National
Sept
11X June
4 X
Dec
1,300
4,300
28
14X
Refining
IslaDd Lighting—
Common
65
Nat Union Radio Corp—1
Navarro Oil Co
8X
14
*16
Nat Tunnel A Mines
3X
14X
Dec
9
Sept
he
54 X
Mar
37 X
Dec
Sept
13X
Mar
Mar
6X
11X
4X
Aug
Nov
(Oscar) Co
25
700
1,600
12
67
Jan
Nov
he
100
Oot
7X
11X
Apr
250
7X
13X
~~~4% "I"
Dec
1
Apr
6X
400
10 X
2X
1
common
Mar
Dec
37 X
*33 X *33 X
65 X
Conv part preferred.—*
National Steel Car Ltd..
iox
100
*
Lockheed Aircraft
*33 X
National P A L $6 pref...*
National Reilnlng Co—-26
Nat Service
Sept
May
13
Nat Rubber Macb
63 X
3X
Loblaw Groceterias cl A..*
Locke Steel Chain..
6
Loudon
Aug
High
Mar
2
National Sugar Refining.*
68
25
*
common
Jan
Oct
100
45
A Mach.l
prelerred
Nov
X
32 X
6,200
7
Nat Mfg A Stores com...*
National Oil Products
4
Jan
5X
*5X
Llpton (Thos J) class A—1
0%
Nov
43
h
11X
13
Mar
37 X
Develop—26
Lit Brothers
81
92
Low
3X
X
1,000
35
$3 conv pref
50
National Container (Del)-l
National Fuel Gas
7X
2X
X
400
4X
Luke Shores Mines Ltd-.l
Oil
Jan
Jan
Jan
11X
103
200
11X
11X
X
8
11
X
Nov
Range Since Jan. 1, 1938
Shares
7
6X
X
National City Lines com
7X
3X
74 X
High
*
113 X
5,700
Lane Bryant 7% pref—100
Lefcourt Realty common. 1
Leonard
Nat Bellas Hess
National Candy Co
Nov
Low
Nestle Le Mur Co cl A...*
4% conv 1st pref
100
Kress (S H) special pref. 10
Kreuger Brewing Co
1
Lackawanna RR (N J)_100
Lehigh Coal A Nav
1
Jan
Apr
700
8X
11X
11X
11X
11X
100
Le Tourneau (R G) Inc.
Lme Material Co
com
Price
1
IX June
10
72
1
preferred...
com
Mar
13
Kobacker Stores Inc.—
Conv
Nat Auto Fibre
Oct
May
4
5
Klein (D Emll) Co com
Klelncrt (I B) Rubber ColO
l>akey Foundry
July
X
""400
Kirkl'd Lake G M Co Ltd 1
Koppers Co 6% pref
Kresge Dept Stores
Par
22
....
Ken-Rad Tube A Lamp A ♦
Kimberly-Clark 8% pf-100
Kings Co Ltd 7% pf B 100
5% preferred D
100
Kingston Products
Klrby Petroleum
1
Knott Corp common
Week
28X
.....
5
Kennedy's Inc
for
of Prices
X
Nov
106
Week's Range
19X
18X
Mar
100
7X
Apr
Apr
Apr
24 X
89
52 x
6!
91X
35
77
89
Last
Sale
High
2X
1938
10,
Sales
STOCKS
(Continued)
Shares
—1
investors Royalty
Iron
High
Dec.
3
Friday
Range Since Jan. 1, 1938
for
Week
of Prices
Price
Exchange—Continued—Page
Sales
X
2X
X
100
2X
2X
1,200
Oct
Oct
Volume
Week's Range
for
Sale
of Prices
Low
High
Week
Par
Price
7K
July
Southern Union Gas
37 K
42 K
4K
Mar
UK
Nov
52 X
180
34 H
Jan
4K
Mar
Mar
62 K
100
10
Oct
Mar
115K
Oct
8
6K
1,200
55
400
104 K 106 X
6
H
10
10 %
June
June
IK
Nov
11
Mar
1,500
1K
Dec
3K
K
Sept
IK
Jan
Spencer Shoe Co
1,700
Mar
5K
Aug
Stahl-Meyer Inc
4^
19K
19K
19K
100
2K
2K
2K
300
June
16K
Aug
Standard Brewing Co
Feb
97
July
June
24
July
Aug
Standard Dredging
17
IK
Mar
2K
June
40
Aug
Mar
23
Dec
S1.60
*»•
5
1,100
"loo
6K
6K
Apr
3K
6K
3K
Mar
Mar
Mar
Aug
95
100
Mar
103K
1st preferred..-.100
Indiana—
6% prior lien
89K
89K
89X
20
90
6K
Jan
Standard Oil (Ky)
7K
8K
Jan
Standard
Nov
Jan
Jan
98
July
103
108K
Oct
K
Apr
37K
38
325
23 %
16
37K
*
Puget Sound Pulp A Tlm_*
Pyle-Natlonal Co oom—5
Pyrene Manufacturing.-10
Quaker Oats common
*
6% preferred
100
16 K
175
6K
100
10K
4K
'"Ik "l"k
preferred
500
4H
6K
7
Mar
Mar
May
May
47 K
23 K
7K
UK
114
100
116
Oct
152
Oct
Stinnes
Mar
17K
Mar
14
K
Feb
20
600
10 H
Feb
Sept
*
19K
IK
600
2K
500
5
32
100
6
Oil—-—50c
Eng'g—6
Reybarn Co Inc
1
Reynolds Investing
1
Rice Stix Dry Goods
*
5
32
*
common.*
Co
6
300
3i«
Relter-Foster
»i«
IK
3K
19
K
Feb
Sunray Drug Co
Oct
8K
2 K
K
2K
2K
3i»
5,300
2K
-1
3
May
36 K
May
Oct
Dec
6
•it
Jan
14 K
Nov
3K
Oct
Rolls Royce
Am dep rets
*
*
Ltd
Royal Typewriter
Russeks Fifth Ave
Rustless Iron A
Steel
'"loo
6H
Aug
25
Nov
4
Mar
14K
Oct
IK
IK
100
1
Jan
2K
July
4H
8
15,100
IK
Mar
4K
3H
Mar
9K
H
H
39K
K
40K
500
35
73 K
73 K
75 K
5K
9K
400
30 K
9K
100
1,100
Nov
Trans
18 K
Nov
500
IK
Mar
3K
Aug
l
Sept
2K
Jan
12 K
200
8
Mar
July
114
Nov
Dec
15
June
25
Feb
Jan
26 K
Aug
Mar
14 K
Nov
15K
16 K
pref
IK
32
K
4K
12K
.
Jan
15
29 K
110
10
■
20
10K
Oct
20
1,500
June
Brook
K
UK
IK
1K
1.600
3K
K
2,400
100
300
33
1
Mar
Mar
29K June
K May
2K
2K
Nov
Oct
Mar
35
IK
1,700
4K
12K
600
2
Mar
5
»!•
1
stock..—5
25
11
June
17
Jan
9
1
K
2,100
300
9
Mar
IK
June
Mar
5
69
69 K
200
48 K
67K
Allotment certificates—
70
150
49 K
12
75 K
Aug
Mar
75K
IK
Feb
Sentry Safety
Control
•u May
200
K
June
July
1
Be ton Leather common...*
Seversky Aircraft Corp—.1
Shattuck Denn Mining..6
Shawlnlgan Wat A Pow..*
Sherwin-Williams com—25
6% cum pref ser AAA 100
Sherwln-Wllllamjs of Can.*
Shreveport El Dorado Pipe
Line stamped
25
3
Serrlck Corp (The)
6
5
7H
K
4K
7
20
6K
5H
8
100
12,700
2,500
300
20 K
Aug
4
4
Mar
7K
IK
5K
17
Jan
Mar
Sept
6K
11K
ar22K
Oct
Nov
Oct
July
101K 105K
"13"
"£§"
.
950
25
Apr
117K
Jan
114 K
Aug
12
Sept
66
Oct
14
5K
Sllex Co common..——
Jan
Jan
14K
Oct
16
2
Paint.*
Simplicity Pattern com—1
Singer Mfg Co..
100
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
Sioux City G A E
Skinner
200
"60
Mar
Mar
Dec
16K
2K
5K
254
Mar
1st
Jut/
10
1,600
7
Jan
13
Nov
9
Mar
2K
Mar
100
29 K
Apr
39
600
39
Oct
46 K
400
26 K
Feb
7i«
K
400
K
Mar
K
Jan
300
Mar
20 K
5,800
K
14K
Mar
IK
26 K
July
25
44
Mar
76 K
92 K
50
83
K
34
68
Mar
7
Jan
Aug
2K
40K
28 K
27K
26K
26K
IK
40K
28K
26K
IK
200
Sept
3K
Jan
Apr
Mar
40K
Dec
28K
Aug
23 K
Mar
26K
Nov
IK
Mar
June
1.400
2K
100
34 K
700
25 K
500
300
zl4K
30
Oct
45
May
150
6K
Mar
21
Mar
15
Oct
5
Feb
Apr
Mar
500
2K
Mar
14K
4K
Nov
•
July
63
Oct
Oct
6K
70
125
72
16 K
Feb
75
Jan
2
Mar
44
Sept
Nov
•
20
Oot
104
85 K
Apr
98 K
102 K 102 K
Mar
109K
Nov
ha
Jan
K
Aug
K
Jan
200
*ia
Sept
IK
Oct
IK
4K June
K June
3K
Jan
7K
IK
June
July
8K
Oct
Mar
12K
42K
3K
Aug
100
K
2K
1,800
4K
4K
4K
2,500
400
7
900
5K
Jan
31K
9K
33 K
2K
7 K
3
7K
500
2
300
4K
Apr
5K
100
IK
Mar
8K
7K
Nov
5K
2
Mar
7K
,Oct
IK
13K
IK
13K
200
Mar
IK
Mar
100
11
12K
13
500
10
300
18
June
Mar
K
6K
14K
Jan
2K
"Th
IK
80
2K
74 %
H
K
Mar
2
1
Mar
Mar
Mar
2K
Mar
400
3
34,400
82
1,300
Mar
K
K
15,800
Mar
69
Oct
15
Mar
30
1
Oct
Jan
Sept
3K
12K
Oct
Jan
July
3K
4K
Nov
38K
IK
K
Nov
Aug
Nov
Oct
Jan
6K*
Jan
100
Jan
Oct
Apr
4K
Jan
—*
24 K
26K
2,900
IK
13K
Mar
34K
86 1st preferred
United
83
62
24K
United Shoe Macb
oom.25
4H
Preferred
25
1
.1
S and Int'l Securities—*
1st pref with warr
1*
S Lines pref
*
8 Playing Card..
10
S Radiator oom
..1
S Rubber Reclaiming.*.*
S Stores Corp com
•
87 conv 1st pref..
•
U
•
Universal
2
10
1
K
May
Utah-Idaho Sugar
..5
*
K
500
Sept
IK
82
.....
Jan
9
Nov
IK
1,900
83 K
950
41K
42 K
130
39
IK
5
Feb
3
85K
Nov
Jan
44 K
Nov
2K
3K
July
June
6K
Jan
8,000
8K
July
K
Mar
IK
Jan
Nov
300
K
600
74 K
250
42
Mar
70 K
IK
900
1
Mar
IK
•ta
®16
64 K
64
IK
Oct
22
F-b
200
2
Mar
2K
300
IK
Mar
Sept
6K
3K
K
3
Feb
6K
K
H
IK
Feb
Sept
7 .*7
2K
2K
Jan
»ia
1,400
2K
2,600
10
3
K
K
Th
2K
1
K
*11
200
*ia
»ia
3
700
Mar
~
Jan
Aug
Mar
•u
IK
Aug
Oct
3K
Aug
19
'
TjOO
9K
""260
3
1
""800
1
Mar
250
31
Mar
59 K
May
Mar
May
48
Aug
Oct
6K
8K June
Dec
9K
19K Nov
Jan
IK
IK June
7
l
Aug
5K
4K
"9"
Jan
32
50
4K
29
29
Th
Nov
10K
6K
4
„3K
5
""800
Jan
1
8K
2K
Jan
K May
60 K
Mar
10 K
10 K
Jan
6K
230
Sept
July
81 K
*10 K
Insurance.....8
Universal Pictures com—1
Universal Products Co...*
Oct
Aug
70
July
212
K
K
United Specialties com...
U 8 FoU Co class B—.
Oct
24
Co—
dep rets ord reg...
United N J RR A Canal 100
United Profit Sharing..25c
10% preferred
—10
United Shipyards cl A—.1
Class B—
1
►
Apr
*
preferred
IK
78
Jan
Am
U
Apr
Milk Products...*
Utah Pow A Lt 87 pref
3
Oct
5K
3K
600
Universal Corp v t c
Oct
IK
Oct
Jan
102
Mar
2,200
4
2K
Aug
4K
Jan
2
16
Mar
Nov
2K
Mar
Mar
Oct
July
3K
Nov
IK
3K
Oct
Sept
8
Mar
6K
34K
4K
Mar
Universal Consol Oil
IK
2K
Nov
15K
Apr
May
200
Deo
44
Nov
Mar
United WaU Paper
800
Jan
Aug
8
2,300
45 K
United Verde Exten.._60c
1,900
Feb
3K
100
2K
36
•n
Oct
IK
5K
2K
13 K
10 K
2K
IK
Jan
4K
5K
Feb
13
6,500
Nov
IK
3591.
2
Mar
3,400
U
3K
Th
Nov
K
U
IK
Aug
Mar
1
7K
2K
Jan
4H
Oct
2
13
Mills..
Co
Nov
5H
4K
«i«
1
Sonotone Corp—
Jan
4K
9K
75
100
1
5K
4K
2K
Option warrants..
United G A E 7% pref.
SI
Dec
Aug
Mar
2
8ept
550
K
1
87 pref non-voting.*
Oct
3K
8K
United Lt A Pow oom A.*
Common class B——*
Aug
July
10 K
Apr
600
Corp warrants
United Stores v t 0—
1*
For footnotes see paee
IK
2K
206
85
.1
1
Boss Mfg com.
1
South Coast Corp com...1
Souther® Calif Edison—
6% original preferred.25
6% preferred B
25
5K% pref series C
25
Southern Colo Pow cl A. 26
7% preferred
100
Solar Mfg.
2X
210"
7% pf 100
Organ..
Smith (H) Paper
206"
Nov
Oct
June
3K
2K
3
31K
United Gas Corp oom
U
93 conv pref
Simmons H'ware A
United
•it May
Simmons-Boardman Pub—
Nov
35
1
8K
*
*
Series B pref
*
Unexcelled Mfg Co.—-10
Union Gas of Canada
*
Union Investment com..*
Union Premier Foods Sts. 1
Union Traction Co
50
United Chemicals com—*
83 cum A part pref
*
Un Cigar-Whelan Sts.-10c
U
K
Oct
5K
Apt
60
preferred
Ulen A Co ser A pref
Oct
107
"mk
Mar
7K
80c dlv.
United Molasses
1
2K
24K
Apr
July
15K
Apr
9
Inc.—*
Class A--,
Aug
Sept
1
£1
5K
69
June
6
14
Tung-Sol Lamp Works— 1
Nov
Mar
Selfrldge Prov Stores—
Amer dep rets reg
3~66O
14,
Tublze ChatUlon Corp..
Nov
50
Co.—.10
Trunz Pork Stores
Jan
K
Selected Industries Inc—
95.60 prior stock
4
4
Common
Oct
71
Nov
100
26
20
4H
Mar
1
25
Mar
15K
100
2
July
July
42
2H
Screen
Plot
Lux
6
75
7,500
7% preferred A
Jan
1,200
Oct
July
500
To no pah Belmont
92
114
Selby Shoe Co
3K
Trl-Contlnental warrants—
6,400
4K
2
IK
Transwestern OU
3K
Apr
Jan
500
92
Shipyards Corp...
Toledo Edison 6% pref-100
Jan
17K
IK
24 K
Def registered 5s
Nov
18 K
Jan
Mar
....£1
Ordinary reg
UK
Apr
Nov
»u
0K
6
4
Todd
40K
Sept
11K
Mar
Tobacco Secur Tr—
Jan
12
Segal Lock A Hardware. _
Selberling Rubber oom...
Convertible
Texon Oil & Land Co
IK
IK
Common
7% 1st pf.100
pref—100
2
Thew Shovel Co com
5
Tllo Roofing Ino
1
Tlshman Realty A Constr*
Tobacco AUled Stocks
*
Tobacoo Prod Exports.—*
Tenn El Pow
Mar
12 K
2K
40
•ia
19 H
68
20
4
1
general—
2K
3K
K
Mar
Mar
Jan
Jan
Oct
1,400
K
K
Mar
48
Oct
IK
IK
300
5K
Inc class A—.1
Mar
IK
Warrants
3K
Aug
104
K Sept
K June
17K June
3K Mar
6K
Mar
275
June
8
K
55
See man Bros Inc
700
9
22
4K
33 K
2K
65
200
200
30
15
Taggart Corp oom
1
Tampa Electric Co com..*
5
July
K
Class B com
4K
8K
4,000
1
K
Swan Finch OU Corp
400
2ii
25K
90
43 K
1,100
*16 H
1
100
100
Devel 10c
Tonopah Mining of Nev.l
Apr
4
Scullln Steel Co oom
Securities Corp
Nov
June
43 K
'«!•
61
61
Lace common..
Service
July
79
22K
*
2«K
Corp Ltd—*
Scranton Spring
46 K
Mar
36
K
K
92 conv pref A
-1
Samson United Corp com 1
Savoy Oil Co
——5
Schlff Co common
—*
8covlll Mfg
25
Scran ton Elec 96 pref
Sept
Feb
July
Dec
16K
10 K
*2K
2K
*
oom—1
Car Heat A Lt
♦
Salt Dome Oil Co—
"9"
35
5K
*
50
St Regis Paper com...—5
7% preferred
100
OU
83 .30 A part
Jan
June
Mar
5K
700
1
5K% conv pref
-50
Superior Oil Co (.Calif)—26
Superior Port Cement
Dec
2,100
"40 K
Petrol
Ryan Consol
600
900
Ryerson A Haynes
Water
Apr
June
IK
4K
,
~~2 H
2K
1
92.50 conv pref
Scran ton
UK
17
*
13
12K
12K
International—.
Royallte Oil Co
St Lawrence
96 K
22K
'Wi "14K
ord reg—£1
oom—6
Roosevelt Field Inc..
6
Root Petroleum Co
1
J 1.20 conv pref
20
Safety
K
Apr
Ltd—
Rome Cable Corp
Uoasla
Aug
Feb
Mar
K
2,600
15
1,400
6
Texas P & L 7%
90
Inc—*
Roeser A Pendleton
K
1,400
8K
1
Taylor Distilling Co
1
Technicolor Ino common.*
Mar
17K
17K
3K
Oct
1
Nov
6
6K
20
19K
102 K 103
14K
18K
8K
6
Th
Jan
Rio Grande Valley
K
3K
IK
July
Nov
Mar
10K
4K
6
Feb
14 K
5
62
Mar
Mar
2K
Apr
450
3
K June
2K
600
1,700
Jan
Apr
11
2K
Tastyeast
4
Gas CoVoting trust ctfs
1
Rochester GAE6%pfD 100
July
8
»n June
1,400
Reliance Eleo A
Oct
5
May
com
Corp
23K
40
Mar
2K
(Hugo)
Sullivan Machinery
Mar
Aug
31»
1
1
*
5
*
*
*
1
Stroock (S) Co
Oct
Feb
29
S3 conv preferred
Aug
23 K
-.50
20
Sterling
Sunray
Raytheon Mfg oom..—60c
Red Bank Oil Co
*
Jan
18K
Jan
21
*
Sterling Brewers Ino
Mar
7K
K
Mar
*
6% 1st preferred
5% 2d preferred
Sept
475
July
18
8K
Sterling Aluminum Prod.l
May
13 K
10
K
12 K
100
Stein (A) <fe Co common..'
90
Oct
400
29
o.l
Steel Co of Can Ltd
Inc
Stetson (J B) Co
11
Co—
Radiator
Jan
Nov
Jan
Raymond Concrete Pile—
Richmond
Starrett (The) Corp v t
7
Aug
200
K
1
136
113
114
Ry A Light Secur com__.»
Railway A Utll Invest A..1
Reed Roller Bit
July
July
IK
K
1
Sterchi Bros Stores.
preferred
Reeves (Daniel)
17K
1
July
5
2
5
Oct
Mar
Nov
11
*
•Preferred
Standard Steel Spring
Nov
Jan
K
3
16K
K
Nov
97 K
June
22 K
*
Nov
91
Jan
K
22 K
9K
-1
48 K
Apr
May
22 K
Feb
Nov
3i#
Common class B
28K
75 H
Jan
Mar
16
22 K
102K
preferred
Jan
87
"
Oct
7K
39
May
K
K
100
5%
Apr
1
10
Jan
K
Common
"466
25
(Neb)
1IK
$7 pt pf
Puget Sound I A L—
Quebec Power
OU
22
§ Pub Utll Secur
$6
3K
T
Standard Oil (Ohio) oom 25
Standard Silver Lead.
Okla—
7% prior Hen pref... 100
J5
Mar
19
1
Jan
Standard Tube cl B
460
K
44K
25
43H
24
5K
28 K
100
conv
Standard Products Co
pref—100
Public Service of
K
preferred..20
Standard Invest |5K pref*
Public Service of
preferred
2,000
Standard Pow & Lt
83
preferred
*
Public Service of Colorado36
$6
30 K
Corp—
Common
9K
4K
5K
29 K
K
Standard Cap & Seal oom.l
Conv
preferred
10
33
43 K
17
600
5K
29K
*
*
10
*
*
July
25
12 K
5K
*
2K
1
*
Pressed Metals of Amer—*
Producers Corp
25c
Prosperity Co class B
*
Providence Gas——.—*
Prudential Investors
*
preferred
Jan
Apr
10
IK
IK
Am dep rets ord reg.—£1
Am dep rets ord bearer £1
2,200
*
$7 prior
8ept
5K
3
IK
25
Preferred A
95
Premier Gold Mining
151K
Oct
Dec
3K
100
12 H
*
K
4K
4K
"
IK
IK
K
K
June
135
100
Spanish & Gen Corp—
8
IK
High
Low
So West Pa Pipe Line..60
Jan
Week
3K
3 K
Southland Royalty Co...6
South Penn Oil
25
52
106
Price
South New Engl Tel... 100
Southern Pipe Line
10
Tooo
Prentice-Hall Inc com
7%
Shares
Par
~~8K
~8X
1
Pittsburgh A Lake Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass.-25
Pleasant Valley Wine Co.l
Plough Inc
*
Polaris Mining Co
25c
Potrero 8ugar common.—5
Powdrell A Alexander
6
Power Corp of Canada—*
6% 1st preferred
100
6% 1st preferred
for
of Prices
Low
High
Nov
800
7
50
Forglngs
Pratt A Lambert Co
Week's Range
Jan
Mar
6K
6Ji
Pitts Bees & L E RR
Last
Sale
High
Low
Postage
MCtCr
Pittsburgh
Shares
1, 1938
Range Since Jan.
STOCKS
(Continued)
Range Since Jan. 1, 1938
Last
Sales
Friday
Sales
Friday
STOCKS
(Continued)
PItney-Bowee
3589
New York Curb Exchange—Continued—Page 4
147
49 K
Nov
New York Curb
3590
Sales
Friday
Last
STOCKS
Week's
Sale
(Concluded)
Par
Range
High
Range Since Jan. 1, 1938
for
Low
Utah Radio Products—
2
Utility Equities Corp—
$5.60 priority stock - - -
5*
"iy
Conv preferred
-
100
1
7% preferred
Valspar Corp oom
a
54
H
754
9
200
Delaware F3 Pow 5 V4S.1959
104
354
6454
July
Denver Gas A Elec 5«.1949
10654 10654
Nov
June
%
Jan
Mar
254
Jan
%
Mar
*11
Jan
400
H
Sept
1,200
2%
1,600
7
2
Mar
Jan
♦054s
Aug
1*4
July
32
200
15* Mar
2054 June
1754
354
285*
36
July
Edison El B1 (Bost) 3 54s 05
Elec Power A Light 5s.2030
26 %
2754
300
11
Mar
28?*
Nov
Venesuela Mex Oil Co-. 10
"w
254
Mar
Petroleum1
pref—100
Vogt Manufacturing——*
i4
%
Mar
754
i?4
7754
1054
7Y
6*4
XI
»u
600
1,900
45
8H
*
5 Y»
Wagner Baking v t c
*
100
6
Wahl Co common
8%
5%
654
400
*
Waltt A Bond class A—
6
*
%
1
154
Wayne Knitting Mills—5
Welsbaum Bros-Brower—1
10K
1
1.25
"2*4
Class B
Walker Mining Co
Wellington Oil Co
Wentworth Mfg
%
Y
1Y
10 K
4%
2*4
2 %
Western Air Express
4
Dec
4?* June
IH Mar
65* Mar
15* Mar
1,200
6*4
Waco Aircraft Co
43
60
200
6
654
1154
1J*
754
Apr
Nov
July
Jan
July
Nov
1
July
Firestone Cot Mills 5s. 1948
Nov
First Bohemian Glass 7s '67
10 K
400
6
Mar
11
Nov
Florida Power 4s ser C 1900
"87%
' 4Y
100
45*
Apr
8
Aug
Florida Power A Lt 5s. 1954
93 %
3%
2*4
700
2?*
Dec
600
1%
Mar
4K
1,200
154
Sept
65*
3*4
454
Nov
1354
85*
8Y
Sept
'
Oct
75
~85~Y "85%
♦General Rayon 0s A. 1948
Mar
Gen Wat Wks A El 58.1943
865*
96
Oct
954
May
Mar
Dec
Georgia Power ref 5s..1907
Georgia Pow A Lt 5s_.1978
Jan
♦Gesfurel
5H
1.50
Sept
855*
254
7?*
054
65*
105*
954
Jan
600
200
654
June
May
Apr
5%
100
81
81
20
585*
Wolverine Portl Cement.10
2
75*
~~8
"7
*700
Apr
Apr
Petroleum
Woolworth (F W) Ltd—
13
135*
600
13
Dec
Grocery Store Prod 08.1945
Dec
8K
7%
8%
1Y
15*
5,800
3M
954
Jan
Oct
$103
July
105*
Jan
1940
1951
1st A ref 5s
1956
1st A ref 6s
1908
1st A ref 4 Hs
1907
82 Y
Aluminium Ltd debt 5sl948
105%
1085*
108% 108?*
1061
106'ai
Amer G A El debt 60—2028
f 5s called
,.2028
Am Pow A Lt deb 6s—2010
103 Y
98 %
104
100
Appalac Power Deb 6s 2024
Ark-Louisiana Gas 4s. 1951
Associated Elec 454s_.1953
Associated Gas A El Co—
97
88 Y
82 Y
89
6,000
84
39,000
105 Y 10GY
6,000
43*4.
isTooo
1948
Conv deb 454s
Conv deb 6s
Debenture 5s
1968
30
29
1949
28Y
28
I960
31
Registered..
■30%
29*4
Dl Pr & Lt 1st 0s ser A.1953
1st A ref 654s ser B.1954
98 54
1st A ref 5s ser C
965*
Oct
Nov
Aug
Electric Corp—
0s series A
.1947
lOGY
91K
Nov
054s series B
1953
5s series C
1951
Aug
108
5s with warrants... 1947
6s without warrantsl947
Sept
Nov
90 K
Apr
104
Nov
80
Jan
101%
51Y
Nov
a9l
98
1st M 6s series B
1957
5s series C_
I960
121?*
1998
Birmingham Elec 454sl908
Birmingham Gas 5«... 1969
845*
71
70
Broad River Pow 6s..1954
Canada Northern Pr 5s '53
*855*
Canadian Pac Ry 03—1942
Carolina Pr A Lt 5s.-.1950
Cedar Rapids M A P 5s '53
975*
975*
114
98
1145*
.1956
1st A ref 454s ser F_ 1967
1035*
102?*
1908
454s series H
1981
Cent Ohio Lt A Pr 6s..1950
Cent Power 5s ser D..1957
Cent Pow A Lt 1st 6s. 1950
Cent States Eleo 6s... 1948
1035*
102
1035* 1035*
102?* 1035*
10254 102?*
102?* 102?*
10154 102
94%
Mar
Apr
Apr
Jan
5s stamped
19^2
58 series B
1947
104
...1955
Cities Service 5s...
3,000
101 %
Apr
46
28.000
40%
Nov
72 54
73
*7254
72 54
104
4454
85
70
65?*
70
6,000
685* 197,000
68
11,000
6754
101?*
65?*
67
Debenture 5s
68
70
"l'ooo
68
3,000
Oct
Oct
Aug
Nov
Jan
Kansas Power 5s
103
72
735*
7454
1005*
Conn Lt A Pr 7s A... 1961
Conaol Gas El Lt A Power
Nov
♦7s without warr'ts-1941
Marlon Res Pow 4548.1954
10054
Jan
625*
Jan
87
9154
Deb 454s
stamped... 1943
Cont'l Gas A El 6s—.1958
Cuban Telephone 754s 1941
Cuban Tobacco 5s
1944
81?*
Cudahy Packing 3?*s.l955l
92%
3591
1055* 106
30
*26
99 54
9954
103?* 1035*
"90*"
89
Jan
28
28
50,000
Oct
Aug
Jan
10554
Nov
635*
Nov
98?*
Apr
Jan
Oct
106
97
Mar
103 54
Nov
112
7,COO
Mar
119?*
Nov
95?*
12,000
05
Apr
103
Dec
Mar
89
Nov
10354
Dec
7,000
78
Mar
93 54
Nov
25,000
05
Mar
885*
Dec
8.00C
93
Jan
1015*
Nov
61,000
84
Apr
106
Oct
25
Mar
30
Nov
84
Apr
4,000
29~000
conv
4548.1947
43%
Mar
7154
7154
Oct
Mar
Nov
Mar
7154
Nov
4s series G
1905
Middle States Pet 054s '45
Midland Valley RR 5s 1943
Apr
10254
July
Mar
Oct
Mar
1035*
765*
Oct
845*
Apr
99?*
Dec
40
Mar
35,000
52
Mar
23,000
94 %
Jan
10154
125 %
Apr
129
July
Jan
1105*
Nov
♦Munson S3 0548 ctfs.1937
Nassau A Suffolk Ltg 5s '45
70
100
3,000
245*
Apr
■
105
Apr
100
Mar
107
Apr
285*
97
77,000
88
Jan
104
55
8154
975*
101
38,000
Apr
83
8654
Dec
9554
6754
Feb
100
Sept
,
Feb
Nov
June
July
Jan
Aug
Oct
18",000
70
June
93
Jan
7,000
100
Apr
108
Dec
10854 109
93
93
5,000
1015*
85
875*
.
Mar
109 %
Oct
6,000
75 54
Jan
95
Apr
62
4,000
50
Apr
64 54
Aug
9954 100
93
30,000
8854
Jan
46,000
83
Apr
99 54
13,000
87%
Apr
104 ?4
Nov
24,000
01 ?4
Mar
86 H
Nov
70
Mar
61
61
98?*
9954
1035* 104
82
7954
82
101
Nov
Dec
Montana Dakota Power—
103%
1,000
21.000
10754 108
875*
1955
Mississippi Power 5s_.1955
Miss Power A Lt 5s
1957
28
8654
*86
Mllw Gas Light 454s..1907
Minn P A L454s
1978
1st A ref 5s
,
*75
Metropolitan Ed 4s E.1971
,42%
91
*1025* 102?*
Memphis P A L 5s A..1948
Mengel Co
'.
1065* 107
1952
Feb
79
Oct
79
Oct
Oct
8,000
2,000
102 %
Dec
10654
Jan
1,000
1205*
Feb
12454
Nov
59
9,000
8254 115,000
965* 1005*
5,000
53 %
635*
87 J*
Sept
65
1954
8854
1035*
93
935*
8654
885*
1005* 101
McCord Rad A Mfg 0s '45
Memphis Com ml Appeal—
Nov
91 %
40
1025* 1025*
12454 12454
103
995*
86?*
1095* 110
1035*
May
65
47
Mar
7254
July
92?*
93?*
905*
Mar
99
SeDt
58?*
815*
4,000
56,000
Mar
Ap t
6554
86
10054
Jan
Nov
Dec
8954
Miss River Pow 1st 5s.l951
Missouri Pub Serv 58.1900
554s
(BMt) 35*8 ser N.
1971
Consul Gas (Bait City)—
6s
1939
Oct
108
Mansfield Mln A Smelt—
7,000
725*
745*
7554
1005* 101
*128?* 130
88
1075*
30.000
7354 .141,000
56.000
7354
9854
~3~666
10254 103
88?*
Llbby MeN A Llbby 6s '42
Long Island Ltg 0s.-.1945
Louisiana Pow A Lt 5s 1957
Jan
1015* 1015*
72
"
1901
July
102 54 1025*
..1943
1947
75
43
Mar
Kentucky Utilities Co—
Mar
47%
5,000
454 s series C
1901
Kansas Elec Pow 3 54s. 1900
Kansas Gas A Eleo 08.2022
"9954
.
32'666
105
104?* 105
105
105?*
105?*
1C25* 102 J* 102 J*
*1195* 120?*
♦Leonard Tletz 7548—1940
Lexington Utilities 5a. 1952
Nov
10654
10754
Jersey Central Pow A Lt—
100?*
105?*
Nov
103
84
June
Gas—
Lake Sup Diet Pow 3 54s '0O
Lehtgb Pow Secur 0s-.2020
103
Apr
21,000
91
July
Mar
Apr
995*
Oct
4,000
10254
10154
50
86
Nov
805*
Mar
106
88
104%
Nov
Mar
Feb
104
8754
19,000
8554
6754
90
14,000
Apr
*106?*
93
1045* 1045*
Mar
19,000
25,000
835*
775*
5554
1948
41
64
79
101
82
32
Jacksonville
1*04* "
1909
575*
100?* 100?*
1901
1956
41
Nov
100?*
5s series B
654s series F
Mar
Nov
46
100
6,000
37,000
Nov
6054
Mar
100
775*
5s series I
Mar
3154
10954
Mar
1854
825*
054s series D
94
Jan
35
16,000
100 5*
Nov
100
107
63,000
1950
July
Jan
34,000
5854
40
454s series F
1958
Iowa-Neb LAP 5s—1957
July
Mar
Nov
Service—
6s series D
105
79 %
65
57
39
10354
10354
66%
Nov
Sept
8,000
Oct
25,000
865*
6754
455*
45,000
Nov
Sept
nave
c
Nov
4654
42
May
23%
«**»
Interstate Publl
5,000
13,000
39
......
1957
-.1952
56
59
6554
40
Nov
11554
86 %
92
July
Sept
8ept
Feb
Nov
10854
9854
23%
footnote*
0s
40
July
Sept
32 %
For
Debenture
9,000
85
100
58,000
6s ser A
...1955
53
25.000
64.000
Gen mtge 454s
Consol Gas Utll Co—
054s series C
Sept
Oct
555*
1949
58
May
74
Sept
Nov
305*
Community Pr A Lt 6s '57
Community P S 5s
1960
54
6154
Jan
Sept
90
2954
2854
554s._
495*
76
105
'535*
1952
43
12,000
40
Mar
54?*
1958
Debenture 5s
1969
Cities Service Gas 554s '42
Cities
Service
Gas
Pipe
28,000
685*
May
30
Mar
28?*
1900
Conv deb 5b..—.1950
57*4
675*
63 54
Mar
5654
Jan
Mar
1,000
71%
5,000
Jan
11154
20,000
101%
33,000
Nov
Apr
57
"e'ooo
Mar
89
107?*
47
7654
Sept
Mar
109 ?4
Apr
80
90
142
654s ex-warrants... 1954
985*
5,000
Mar
80
Jan
71,000
995* 134.000
Chic Jet Ry A Union Stock
Yards 5s
—1940
11054
Sept
5554
Apr
Cent States P & L 554s '53
Chlo Dlst Elec Gen 454s'70
|*Chlc Rys 5s ctfs
1927
Cincinnati St Ry 554s A *62
110
75
10454
1095*
4554
4354
70
98?*
Chicago A Illinois Midland
Ry 454s A
1956
1,000
Nov
4354
55 %
85
80
"8754 "ejjoo
106
Dec
90
80
129
86
Apr
Italian Superpower 08.1903
25,000
98?*
Apr
64
Isarco Hydro Eleo 78.1952
Isotta Fraschlnl 7s
1942
26,000
12,000
Mar
84
Jan
1225* June
73
Nov
79
3,000
,
Iowa Pow A Lt 454b._1958
Iowa Pub Serv 5s
1957
Sept
May
111
10054
10154
9,000
34,000
Nov
Nov
1145*
123
4,000
Nov
Mar
Mar
Nov
110
52,000
9754
915*
'
76
68
57
International Salt 5s-.1951
118
Nov
1903
Interstate Power 5s
Apr
10054
1st lien A ref 5s
Nov
Sept
Apr
International Power See—
Nov
110
Feb
Dec
79
53,000
36
117H
Aug
110
102 54
58 54
40
Mar
Oct
Nov
Apr
57
Apr
57
Dec
Aug
85?*
57
Apr
Oct
Mar
Nov
99
10454
10354
10854
June
-
1950
Mar
85
106
Indiana Servloe 5s
1st mtge 5s ser H
0s series G
May
30
10554
8754
1957
23
Central 111 Public Servloe—
6s series E
5s
02
Oct
8654
103?* Iu3 %
102
1035*
3454
Sept
5,000
10754 108
15*666
Sept
106
26
875*
715*
2754
20
99
,1005*
1005* 100 5*
87
885*
99
"875*
56
141?* 142
85
Nov
2,000
89
55
9,000
10054
July
56
22,000
Jan
June
55
1105* 110 J*
121?* 122
*121
12254
7654
15
1952
96 *4 101
Nov
25",000
6754
1957
82%
Oct
101?*
5054
107?*
68
7b series F._
Mar
Mar
Mar
7s series E
95
Feb
29
Mar
Oct
Oct
59
May
Oct
89%
Jan
June
1254
36K
3,000
65
43
37%
a91
Oct
43
Mar
Nov
Dec
47
Apr
Mar
Nov
Mar
10854
103
21%
104
July
93 54
Jan
Apr
13,000
21
2,000
Bell Tclep of Canada—
1st M 6s series A
1955
io'ooo
60
June
8154
Apr
61,000
Feb
July
90
32
Apr
53
Feb
75
1,000
30*4
92%
Feb
Feb
88?*
Indiana Hydro Elec 6s 1958
Indiana A Mich Eleo 5s '55
96%
62
51
If Indiana Gen Serv 5s. 1948
Nov
119%
Works—
1950
1950
8f deb 5 54s—May 1957
102
Avery A Sons (B F)—
3354
Indiana
JaD
Jan
68
Sept
62
~*3j)66
6154
65
*6154
10654 10654 "l'ooo
61,000
101?* 1025*
54,000
9854
9954
97
116,000
965*
1015*
Nov
80%
103 Y
Jan
June
Apr
Nov
103*4 103 *4
Nov
49?*
9754
35 Y
102?* 103
Atlantic City Elec 45*s '64
9854
Mar
78
Oct
8354
Mar
1,000
Nov
8554
79,000
20Y
2,000
19,000
8,000
2,000
Apr
87
47,000
29,000
32,000
30
77
Apr
~<lo66
99
Nov
76
Mar
29
35
42
Dec
Sept
53
Mar
74 *4
Dec
97?*
107
29
9654
.1949
Nov
Nov
85
Apr
62
2,000
46
*22 54
Hygrade Food 0s A—1949
Feb
79
Feb
Apr
65?*
4,000
54
Mar
42
743
104?*
i9"6o6
"73"
20 %
30
Conv deb 654s
1977
Assoc TAT deb 6 54b. A'65
Atlanta Gas Lt 454s..l955
Sept
99%
63
30
30
29 K
Nov
30,000
64
6,000
28%
Oct
98 54
72 54
60
29
98
10754
100% 1013^ 106,000
45 Y
42*4
58,000
95?*
Apr
Jan
Jan
Nov
2i"o6o
*101?* 102?*
1005* 10054
1005*
HI Northern Utll 5s... 1957
Oct
Mar
965* 108,000
523*
*48
1935
915*
Apr
74
78
77
44
1938
—1940
8GY
107%
109%
Dec
12.000
*5254
Nov
Apr
9054
♦Hamburg El Underground
Jan
Sept
Apr
Feb
95
i e'ooo
81?*
89?*
89?*
*10854 112
♦Indianapolis Gas 5b A 1952
Conv deb 4 Ha C
Cities Serv P A L 5 Ha.
1947
Apr
Mar
35.000
103 Y 103?*
101 %
70 Y
65
76
86 5*
7154
89 *4
♦Hungarian Ital Bk 754s'03
104 H
July
Sept
10554
52
1015*
7554
1085* 108?*
30
*85*
98
105
2,000
108?*
76%
Sept
30,000
100
Apr
Apr
Dec
98
98
100
103?*
99 *%
Nov
Nov
8054
84%
100
Jan
57
108 54
104?*
054s ex-warrants
1943
Houston Lt A Pr 3 54s. 1900
78
Oct
Nov
7,000
10354
89
Nov
Apr
a
103
Oct
Nov
10954
Feb
15,000
103
104
Oct
80
68
10254
9754
Heller (W E) 4s w w
Jan
Dec
10,000
10,000
101?* 1015*
5054
68^000
875*
895*
177,000
93?*
95
Houston Gulf Gas 08—1943
58 %
104
118
Sept
Jan
1061**
100
38
58
8054
Feb
18.000
104
100 ?4
254
75,000
loO
105
Mar
854
100
10654
83%
105Y
80*4
Mar
8354
Mar
6,000
75,000
1116
81K
Amer Beating 6s stp—1940
Arkansas Pr A Lt 5s..1956
103Y 103 *4 $14,000
98
99
47,000
98
62^666
99?*
Sept
102
97
Amer Radiator 454s—1947
Line 68
Hall Print 6s stpd
0« series B
1st A ref 5b
Apr
1
Alabama Power Co—
1st A ref 6s
9754
0?4
500
104
6,000
57
tHackeosaek Water 6s 1977
75*
Sold
1942
Mar
625*
*27
Guardian Investor* 6s_1948
Bonds
BONDS
May
63 54
95?*
62 %
Guantanamo A West 0s '58
A St Ry 5 54s
Yukon-Pacific Mining Co
8154
11054
59 5*
106
7,00C
80,000
81
(Adolf) 454s... 1941
♦Hamburg Elec 7s
13
6c
6% preferred
£1
Wright Hargreaves Ltd—*
0s series B
Gobel
Grand Trunk West 4s. 1950
Jan
Mar
Dec
Apr
157,000
63 54
855*
Gt Nor Pow 6s stpd..1950
81
154
*73
1953
0s
July
July
354 Mar
654 May
Woodley
Aug
Oct
*97
815*
Glen Alden Coal 4sa.. 1905
3
*4
104
Mar
Mar
8Y
22,000
965*
104
22?4
95*
5*
45*
45*
2?*
1
May
Apr
a8454
905*
1940
854
0754
6
Wolverine Tube com,-,
x
General Pub Serv 6s. .1953
1,100
Willson Products Inc..
Bethlehem Steel 6s
Gatlneau Power 1st 5s. 1950
"160
85*
Wisconsin P A L 7% Df 100
101?*
Jan
IK
5H
2K
"2H
-*
Wilson-Jones Co
♦Convertible 0«
stamped.1944
5Y
85 H
♦
Weyenberg Shoe Mfg
1
Williams (R C) A Co
•
Williams Oll-O-Mat Ht—*
locom
5s ex-warr
1
West Texas Utll $6 prefWest Va Coal A Coke
8
Dec
1%
Gary Electric A Gas—
Gen Pub Utll 0 54s A.1950
*
7?4
Oct
1025* 103
2
76
754
Sept
54
80
Dec
Mar
Oct
2?4
J10754 108
June
CO 0
2?*
27,000
J50 54
1907
t
Westmoreland Coal Co—
Baldwin
1953
54
Vot tr etfs com
TfAbott's Dairy 0s
054s series A
Erie Lighting 5s.
100
10
51,000
81,000
1
985*
400
50
May
754
tl04
Y
K
50
Dec
110
75*
59i*
99
IK
Jan
De<
72?*
7354
1085* 109
Finland Residential Mtge
Banks 0s- 6s stpd—1901
Oct
10654
Elec Mfg
Mar
Sept
16,000
105
1105* 1105*
73
Federal Wat Serv 5 54» 1954
Western Tab A Stat—
dep rets
1952
59 Y
1105*
1950
Marelii
General Bronze 0s
100
Westmoreland Inc
Amer
El Paso Elec 5s A
Empire Dlst El 5s
Eroole
Jan
Western Maryland Ry—
7% 1st preferred
-
54
Elmira Wat Lt A RR 5s '50
Jan
Mai
5*
♦Certificates of deposit
Eastern Gas A Fuel 4s. 1950
IH
43
High
9754
65*
6*4
1952
Aug 1
285*
Venezuelan
Low
10,000
105
654
1952
1
♦Certificates of deposit
•Deb 7s
$4 conv pref
6
Van Norman Mach Tool.5
Va Pub Berv 7%
'
Detroit Internet Bridge—
5*
154
54
954
Range Since Jan. 1, 1938
for
Week
Shares
High
Oct
1,100
500
Range
of Prices
Low
25*
7,300
5*
1H
15*
a
f Util Pow A Lt common
%
Week's
Sale
Price
High
154 June
1H
Apt
31% June
600
52
54
51
5154
Utility A Ind Corp com—
Class B.
2
Last
BONDS
(Continued)
Shares
10, 1938
Sales
Friday
Week
of Prices
Low
Price
Dec.
Exchange—Continued—Page 5
1944
'
915*
89?*
109?* 109?*
73
7454
99
99
*3
79
79
6,000
1075*
5,000
54
1,000
86
4
73
61,000
Aug
1105*
Nov-
Apr
78
Nov
Apr
100
July
15*
's'ooo
-92
Apr
June
72?*
Dec
55*
95
Feb
Jan
Volume
New York Curb Exchange—Concluded—Page 6
147
Friday
Sales
Friday
BONDS
last
Week's Range
for
(Continued)
Sale
of Prices
Low
High
BONDS
Week
Price
Nat Pow A Lt 68 A
2026
Deb 68 series B
Nov
Nov
Nov
Conv 6s 4th stamp. 1950
United Elec N J 4s..-J949
United El Serv 7s
1956
Nov
♦United Industrial 6%s *41
91 M
52,000
37
38
21,000
35
Oct
%
Jan
10,000
20,000
108
Mar
108%
111
Apr
120 X
80 M
Apr
99
Nov
3i"666
69
Apr
85 M
Nov
Jan
118%
Dec
40
Mar
61%
Oct
40
Apr
59 M
July
60
July
108 M 108 H
2022
118M
Nelsner Bros Realty 6a '48
Nevada-Calif Elee 68.1956
80~
118M 118M
100
*98
82 M
80
New Amsterdam Gas 5s *48
118
"55"
N E Gas A El Assn 6s 1947
118M
8,000
29,000
1948
Conv deb 6s
1950
"53
New Eng Power 3%s.l961
New Eng Pow Assn 68.1948
54%
107
56
54 M
6s
54 M
107
44
Mar
39M
54M
69.000
107 M
11,000
102
Feb
107 M
90M
92 H
15.0C0
70
Mar
90%
Dec
53,000
74
Mar
93 M
Nov
89 M
~91%
1964
115M
5,000
53 M
%
Apr
58 M
91 M
Dec
99 M 100
23,000
86 M
Feb
100
Dec
85 M
1942
25,000
63 M
89
Nov
N Y Central Elec 5%s 1960
2,000
93
Mar
June
10,000
76M
106 % 107 M
50,000
99 % 100 M 162,000
6,000
105M 105M
87 M
♦Income 6s series A.1949
45
May
105
Apr
108%
Aug
88
Apr
102
Nov
87 M
103 M 103 %
104%
Nov
N Y P & L
76M
Corp 1st 4 %s'67
107 %
NY StateE&G 4%sl980
99 M
NY4 Westcb'r Ltg 4s 2004
Debenture 6s
—1954
tll2
*55
59
103 M
Jan
110%
...
Nippon El Pow 6%B-1953
Nov,
Aug
45
Feb
84
105%
114
Apr
94
1956
Nor Contl TJtll 5%S-1948
93 M
47 M
13.000
94
48 M
16,000
108 M 108M
15,000
105 M 106
12,000
47 M
No Indiana G A E 68-1952
62%
1966
6s series D
1969
105 %
4 He series E
.1970
N'western Elec 6s stmpd'45
"99%
1945
107%
Ogden Gas 6s
Apr
70
1946
5s conv debs.—
Okla Power A Water 6s '48
8,000
37.000
6,000
75%
75
6%S
1959
Un Lt A Rys (Del) 5%s '52
United Lt A Rys (Me)—
105%
68 series A
1952
112%
6s Berles A
1973
72%
Utah Pow A Lt 6s A—2022
6a
♦58 income deb.
1941
1st 6s series B
~99%
57%
104%
Nov
Aug
Wlsc-Mlnn Lt A Pow 5s '44
Wise Pow A Lt 4s
1966
106%
93
Feb
106%
Nov
Yadkin River Power 5s '41
July
83%
Oct
96
Feb
112%
Oct
53%
Jan
80
July
64
Feb
87%
Nov
75
Feb
94%
Nov
75
Apr
95
75
Apr
89%
Nov
65
Apr
86%
July
8,000
3,000
9,000
1,000
19,000
83
20,000
1,000
21%
12,000
107% 107%
105% 105%
2,000
93 M
Apr
Apr
106%
Nov
♦York Rys Co 5s
104
Nov
Feb
105%
FOREIGN
AND
Apr
99%
103 M
Jan
108%
Nov
Dec
Jan
107
80 M
96
Stamped 5s
1947
83
Oct
♦20-year 7s
Apr 1946
23%
69
Apr
96%
Oct
Mar
103%
Aug
♦7sctfsofdep.Apr '46
♦20-year 7s
Jan 1947
*24%
100
Apr
106
116%
Feb
79
Oct
Apr
♦6s ctfs of dep
94
Sept
113% H3M
1,000
113
Apr
115
May
♦68ctfsofdep
Antioqula
(Dept
25,000
6,000
July
July
100
Jan
97
Feb
105%
Dec
96
Mar
110%
Oct
74%
Mar
99%
Nov
32
June
00%
Oct
103
Apr
106
June
105%
108
May
113M
*25%
*24%
Jan
108
Nov
Apr
101
Nov
96
Feb
5,000
30,000
58%
Apr
105%
94%
Nov
105%
86%
'47
Aug '47
*24%
Apr
*24%
'48
78M
39.000
65
Mar
82%
30%
94 M
2,000
28
Mar
34%
Jan
♦7s
ser
92 M
97,000
74 M
Mar
94%
Dec
♦7s
ser
B ctfs of dep. 1945
*7
1979
99% 100%
13,000
78
Mar
100%
Deo
♦7s
ser
C ctfs of dep. 1945
*7
II.III
Jan
25%
Jan
26
Aug
24
Aug
Nov
24
Nov
24
24
—.—
11%
1971
96 M
96 M
29,000
76
Apr
97%
Nov
♦7s
ser
D ctfs of dep. 1945
*7
11%
I960
98M 100
12,000
82
Apr
101
Nov
92 M
92 M
16,000
75
Mar
96
June
107M 107M
99 M
14,000
99
Mar
108
Nov
8,000
93
Penn Pub Serv 6s C—1947
1954
105 M 105%
Penn Water A Pow 5s. 1940
U04M 105 M
107M 107M
~4"66o
106 M
Nov
Apr
91M
25.000
78 M
Mar
82 M
5s series D
4 Ha series B
1968
Peoples Gas L A Coke—
4s series B
1981
1961
4s series D
Phlla Eleo Pow 5%s—1972
1962
'60
Pittsburgh Coal 83—1949
Pittsburgh Steel 6s...1948
Pledm't Hydro El 6 Ms
93
94 M
15.000
111M
111
112M
26,000
"52"
Mar
105%
108%
109
Dec
May
Jan
75 M
62
75M
54%
10,000
6,000
111
Aug
Mar
94%
96%
Jan
113%
Mar
AUg
""7%"
Oct
*6
11%
7
Aug
7
Aug
*6
11%
.7
Aug
7
Aug
♦7s 3d ser ctfs of dep.'57
*6
11%
6
July
7
July
18
Sept
21%
Feb
Dec
10%
Dec
70
Feb
♦Baden 7s
..1951
Bogota (City) 8s ctfs.. 1945
Bogota (see Mtge Bank of)
Buenos Aires (Provlnoe)—
♦Caldas 7%s ctfs of dep.*46
♦Cauca Valley 7s
1948
♦7s ctfs of dep
22 M
26I660
146 M 147M
26,000
*18%
*18%
69%
July
Apr
Apr
108%
Sept
109
July
23
Sept
65
Jan
June
20 M
Jan
48
104%
22%
Nov
May
130
Jan
147%
Dec
1980
102 %
*102»»«103%
102%102«3J
101M
21,000
101
Apr
Sept
104%
105
May
July
Pub Serv of Oklahoma-
107
Mar
Mar
107%
82%
Dec
*9%
6%s ctfs of dep.—.1959
6%8
1955
•99%
1953
97%
*9
Danish
1952
*30
♦German Con Munlo 7s '47
20
73 M
73 M
74
12,000
59
Apr
78
Oct
72 %
72%
73 %
10,000
53
Jan
77%
Oct
73
75
7,000
69
June
60 M
Oct
♦Ruhr
Safe Harbor Water 4Mb '79
Scullln Steel 3s
1961
Servel Inc 5s.
1st 4 Ms series B
ioi"
61
1970
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 5s. 1957
28
1,000
21
Mar
28%
Aug
76,000
106
Dec
lf0%
Mar
9M
128 M
Apr
18%
131%
July
Feb
24 M
25M
22,000
24 M
July
29M
1,000
21M
Jan
101
101M
21,000
96 M
Apr
61
63 M
8,000
38%
Apr
106M
Apr
104%
104
"82%
104% 104%
*103M 104 %
104
104M
72 M
72 M
islooo
84 M
21,000
82%
100
100
"7I666
2,000
99
Sept
Sept
Sept
Jan
28
Mar
Aug
18%
Aug
14%
July
14%
July
Sept
"i02:"
Sept
100%
Jan
39
June
59%
Mar
24
Nov
Aug
"3I600
19%
Jan
7,000
3,000
3,000
18%
Sept
23%
18
Sept
25%
Oct
19
Jan
12%
Mar
9%
Apr
14
7
Dec
18%
Feb
10,000
7%
Jan
10%
Aug
8%
*7%
1964
stamped.1951
Mtge Bk of Bogota 78.1947
♦6 % s ctfs ofdep
""7% "sept
"lO"
64
Feb
80%
Aug
June
*6%
*75
♦Issue of May 1927
25%
25%
♦7s ctfs of dep. May '47
21
*25%
"25%
♦Issue of Oct 1927.,
'
11
7
7
8%
♦Mendoza 4s
Oct
*107
1968
1st 4Mb series D
Jan
Nov
107
29 M
1948
Shawlnlgan WAP 4Ms '67
93 %
35
106
*131
24 M
♦Schulte Real Est 6S..1951
Scripp (E W) Co 5MS.1943
Feb
28
107
{♦St L Gas A Coke 68.1947
San Joaquin L A P 6s B '52
♦Saxon Pub Wks 6s—.1937
25 M
27
90%
2,000
20%
10%
1951
♦7s ctfs of dep—
Queens Boro Gas A Elec—
Apr
Sept
22%
24
8,000
2,000
20%
♦Medellin 7s stamped. 1951
*34
Oct
31I060 "96%
19%
1st A ret 4Mb ser D.1960
1952
Corp 6M8.1953
Housing 6Ms—1958
Jan
18%
21%
Puget Sound P A L 5 Ms '49
1st A ret 5s ser C
1950
A
10
———
20%
19%
21%
♦Lima (City) Peru 6%8 '58
♦Maranhao 7s
...1958
5 Ha series
Oct
45%
19%
98 M
♦Ruhr Gas
8%
3,000
14
99%
98
21%
19,000
21,000
H
Apr
10,000
22%
22%
1947
♦Secured 6s
78 M
107M
Aug
6%
2,000
26
25%
♦Hanover (City) 7s... 1939
♦Hanover (Prov) 6%s_1949
76 M
107
Oct
11%
9%
Danzig Port A Waterways
78 M
1966
4s series A
9%
Cundinamarca (Dept of)
External 6%s
Pub Berv of Nor Illinois—
f 1st & ref 4 Ms ser F1981
80%
Oct
9%
9%
9%
9%
♦6s ctfs of dep..Oct '61
Jan
107
105M
♦6s series A
5s—
6% perpetual certificates
Apr
"81666
11
Columbia (Republic of)—
♦6s ctfs of dep..July '61
104M
98M
102 M
1948
May
65
14
10
25%
Apr
7,000
$10
11
25%
Jan
22
41
,
10%
70
*62
1952
100
40
"3I660
08
1947
♦Prov Banks 6s B..1951
108
Aug
27,000
2,000
______
19%
16
.1952
♦7%s stamped
♦7%s ctfs of dep.—1946
Sept
26.000
"'in
Cent Bk of German State A
JuQe
64 M
*10
Feb
18 M
109
19%
Feb
Public Service ofNJ—
14 %s series E
Oct
ctfs of dep.*57
Feb
86
22 M
Aug
ctfs of dep_'57
79
1,000
*101
♦Prussian Electric 6s__ 1954
Oct
8%
ser
61
4,000
15,000
109
40
7%
Oct
ser
Sept
99 M
63 M
Oct
7%
......
♦7s 2d
May
20 M
107 M 107 M
64
4 Ms series F
Oct
7
1,000
7%
7%
65
99 %
105 M 106
1945
40
20 M
106
Potomac Edison 5s E.1956
1961
Potrero Bug 7s stmpd.1947
PowerCorp(Can)4MsB *69
A ctfs of dep.
♦7s stamped
♦Pomeranian Elec 6s—1953
Portland Gas A Coke 6s '40
104%
90 %
93
Phil a Rapid Transit 6s
,
♦7s 1st
Penn Ohio Edison—
B—1959
Dec
17%
20
11%
99 M
Deb 6 Ha series
Oct
lumbia—
Oct
75M
30%
6s series A
Feb
94
of) Co¬
92 M
97 M
May
72
1,000
25%
30
26
30
30
30
30 %
1st 6s
July
Agricultural Mtge Bk (Col)
9,000
94
26
109
Apr
GOVERNMENT
27,000
3,000
95
102 %
Mar
MUNICIPALITIES
Jan
Nov
105%
88%
75 M
Penn Electric 4s F
Nov
16,000
102% 104
90%
88%
88
88%
1964
Park Lexington 3s
Nov
Nov
86 M
102
1937
99%
Penn Cent L A P 4%s.l977
Pacific Pow A Ltg 5s—1955
107
June
12%
106%
99%
10,000
11,000
104% 104%
2,000
110% 110%
99
99% 159,000
60
16,000
57%
7,000
104% 105
*106
106% 167" iV, 600
47,000
99%
99%
102%
102»ie
92 M
July
82%
Feb
20
55%
3,000
79,000
113% 113M
113%
Nov
80%
Feb
93%
93%
87%
20
105%
104%
109%
♦7s ctfsof dep.Jan
Pacific Ltg A Pow 68-1942
30
94%
64%
83
1954
Wash Ry A Elec 4s... 1951
Wash Water Power 5s 1960
West Penn Elec 5s
2030
Pacific Gas A Elec Co—
Pacific Invest 5s ser A.1948
27%
Jan
Mar
4,000
22,000
86%
1946
June
Feb
56
Apr
93%
92%
85%
Va Pub Serv 5%s A..1946
1st ref 5s series B... 1950
Nov
57%
86
86
Sept
63
6,000
112% 112%
71%
72%
1944
Oct
56
116%
Sept
23
105% 105%
80
80%
80%
Apr
112%
76
Apr
11,000
102
24
1974
6 %s
Mar
30
105 M
58,000
93 M
93%
Pacific Coast Power 6s '40
7,000
~~8l666
*26
Wheeling Elec Co 6s.. 1941
99 M
104 M 105M
102 M 103 M
105%
26%
26%
1945
Nov
96%
Dec
97 M
42
26%
28%
73%
f 6s
West Newspaper Un 6s '44
West United G A E 5%s*55
107 M 107 H
102*16 102*16
Ohio Power 1st 6s B—1952
Okla Nat Gas 4%s——1951
105%
103 M 103 %
104 M 105
103 M
N'western Pub Serv 5s 1957
105
~6~6OO
73
s
Mar
Northern Indiana P S—
5s series C
25,000
56%
52%
*56
56~"
Mar
30
53%
58
56
53
West Penn Traction 6s '60
West Texas Utll 5s A 1957
Sept
No Amer Lt A Power—
6%s series A
High
Low
Shares
Waldorf-Astoria Hotel—
New York Penn A Ohio—
♦Ext 4%s stamped.1950
High
"73"
♦1st
United Lt A Pow 6s... 1975
4%s
New Orleans Pub Serv—
5? stamped
Range Since Jan. 1, 1938
for
Week
of Prices
Low
Ulen Co—
90%
91 M
108 %
Debenture 5%s
99%
91M
Mar
40,000
2030
62 M
Sale
Price
High
Low
Shares
Week's Range
Last
(Concluded)
97 M
{♦Nat Pub Serv 5s etls 1978
Nebraska Power 4%s.l981
6s series A
1. 1938
Range Since Jan.
97 M
97 M
3591
Sales
25%
30
Nov
♦7s ctfs of dep.Oct '47
31%
July
♦Mtge Bk of Chile 6s. 1931
103
Aug
Nov
♦7s ctfs of dep
1946
♦7s ctfs of dep..—.1947
1
—
13
79%
*24
25%
Dec
Oct
Jan
24%
25%
Sept
16%
23%
12%
Oct
23%
Oct
Apr
17%
June
96
Apr
102%
Feb
7
Mar
10%
6
"2I000
Feb
24
3,000
25%
26
25%
26
16
*24
Aug
13
Oct
Apr
10%
Jan
Sept
%
Mar
Nov
Mtge Bank of Columbia—
71
8%
Oct
107%
106%
Nov
106%
Nov
Nov
♦Parana
(State)
7s,.. 1958
53 H
Sept
73
Nov
Mar
86%
Nov
♦Russian Govt 6%s_—1919
Nov
♦5%s
—.1921
♦Santa Fe 7s stamped. 1945
May
♦Santiago 7s
.
♦Rio de Janeiro 6%s.l959
70
93 M
60.000
71H
Mar
104 M 105
107 H 108 %
21,000
101M
Apr
Ref M 3Ms B.July 1 *60
108% 108%
11,000
102M
Sept
Sept
108%
111M 111%
6,000
13,000
2,000
Apr
Apr
111%
106%
35 H
7%
7
%
%
7%
*6
*%
%
*♦
sm
10,000
2,000
%
%
27I666
Jan
Mar
I
Mar
Jan
65
Dec
104M 105M
106M
103 M
«.
July
1st A ref mtge
30
30
*24
30
99% 100
♦6%s ctfs of dep... 1947
Mtge Bk of Denmark 5s '72
106
*25%
*14%
2025
Southeast PAL 6s
92
91M
97%
8ou Calif Edison Ltd—
Debenture 3Ms....1945
104 M
1 1960
107 M
Ref M 3Ms-May
4s...1960
Sou Counties Gas 4 Ms 1968
Sou Indiana Ry 4s
1951
105
93
Apr
104%
Nov
range,
2.000
55 M
Mar
5.000
93
Mar
Nov
105%
Jan
{ Reported
in
traded flat/
No sales were transacted during current week.
- -
•
-
Mar
Mar
64
Nov
36 M
63%
Nov
Abbott's Dairies 6s 1942, Dec.
53 %
64
63
Nov
Amer. Gas A Electric 5s 2028, Dec. 21 at
Apr
85%
Nov
Hackensack
Mar
63%
Nov
Indiana General Service 5s
18%
Mar
37%
Oct
40
Sept
60%
Nov
Sept
55%
Nov
102»u
5,000
2,000
50
1,000
36
2191666
36
Nov
106%
Oct
*103 M 104 M
89 M
88 M
57 M
56
103 H
Apr
107%
Aug
16,000
65 H
Feb
6,000
35%
Sept
63%
Nov
98 %
94.000
82 H
Mar
100%
Jan
102 M 103 M
101
101
81,000
1,000
94
Mar
104%
May
90 H
Mar
89
89 M
23,000
75 H
Apr
101%
89%
Ms—1953
97
103M
2022
"89 %
55 M
56 M
48,000
44
Mar
65%
July
97
95
Oct
Aug
Tletz (L) see Leonard
~
-
which have been called
23 at 103.
106.
16 at 101%.
1948, Jan. I. 1939 at 105.
Water 6s 1977, Dec.
Ohio Power 5s series B 1952, Jan.
1, 1939 at 102.
,
4%s series E 1980, Jan. 3 1939 at 102%.
4%s series F 1981. Jan. 3, 1939 at 102%
Super-Power Co. of 111. 4%s 1968, Dec. 17 at 103.
1st 4%s 1970, Dec. 17 at 104.
e Cash sales transacted during the current week and not
Included In weekly or
yearly range:
No sales.
p
Under-the-rule sales transacted during the current
week and not Included In
weekly or yearly range:
No sales
z
56
.V
in their entirety:
Nov
*102% 103 M
^Super Power of 111 4 Ms '68
^lst 4%s
1970
Tennessee Elec Pow 5s 1956
-
5 The following is a list of the New York Curb bond Issues
Public Service of Northern Illinois—
50
—
receivership
37 M
59
5 Ms '52
Bonds being
31,000
59
Twin City Rap Tr
-
t Friday's bid and asked price.
♦
33,000
62 M
33
series A
Deferred delivery sales not Included In year's range,
n Under
In year's range,
r Cash sales not Included In year's
Ex-dlvldend.
62 M
31M
6s
a
sales not included
z
62
{Standard Pow A Lt 6sl957
Tide Water Power 6s_.1979
rule
62%
184,000
62
74,000
Stinnes
Texas Power A Lt 5s—1956
13%
Nov
♦Starrett Corp Inc 6s. 1950
Ternl Hydro-El 6
June
Nov
86 M
Texas Elec Service 5s.I960
July
16%
63%
*85M
59 M
(Hugo) Corp—
2d stamped 4s
1940
2d stamped 4s
1946
10%
Jan
63%
58 M
*68%
Jan
11%
Sept
59
gold debs
1957
Standard Investg 5 Ms 1939
11%
11,000
Sept
58 M
6s
29,000
47
136,000
58 M
Debenture 6s .Dec 11966
5,000
13%
13%
46 M
62
Jan
58%
13%
1961
No par value,
the
8,000
59 M
1948
1951
*
Nov
103 M 103%
58 M
6s
Jan
103
59 M
45
57
13%
Mar
Apr
Feb
89
1949
♦78.
85
59 M
Debenture
66%
Deo
80 M
81M
104% 104%
103%
So'west Pub Serv 6s..1945
Conv 6s (stpd)
109
10,000
46 M
So'west Pow A Lt 6S..2022
{Standard Gas A Elec—
6s
(stpd)
1948
102%
102 M 102 M
S'western Assoc Tel 5s 1961
8'western Lt A Pow 5s 1957
47
16.000
107
Deferred delivery
sales transacted during the
current week and not
Included
In weekly or yearly range:
No 8&l0§,
Abbreviations
Used
"vt c," voting trust
without warrants.
deposit; "cona,,, consolidated
'M," mortgage; "n-v," non-voting stoc
x-w*
Above—'"cod," certificates of
"cum," cumulative; "conv," convertible;
certificates;
"w 1," when Issued; "w
w," with warrants-
3592
Financial
Chronicle
Dec.
1938
10,
Other Stock Exchanges
Friday
York
New
Real
Estate Securities
Closing bid and asked quotations, Friday, Dec. 9
UMisled Bonds
Bid
Atk
VMUted Bonds
Atk
18%
500 Fifth Ave Inc—
B'way 38th bt Bldg 7b 1946
68
6%s 1949 (unstamped)..
Harriman Bldg 6s
1951
Lefcourt Manh Bldg 5s *48
Lincoln Bldg Corp—
5%s 1963 w-vt c
Marcy, The 6s.*
1940
165 Broadway Bldg 5%s'51
0%s unstamped
24
6 %s stamped
24
..—
11 West 42d bt Bldg—
6%s unstamped
1945
36
42 Broadway Bldg 6s_1939
68
45 E 30th St Bldg 5%s 1937
61 Fifth Ave Apt Bldg—
15
6s 1943
Reece Folding Mach Co. 10
Shawmut Assn TC_
*
for
of Prices
Week
Price
m,
*
-
•
Suburban Elec Sec Co—
2d preferred
29
Low
150
11
12%
15%
-
Range Since Jan. 1, 1938
Shares
1%
1%
565
1%
10%
13%
8
1,478
High
Dec
May
12%
Oct
Mar
5%
2%
17%
Oct
64
*
45%
32
Nov
46%
27%
27
46%
27%
115
*
177
17
Apr
28%
6
22
22
24
215
15
82%
81%
83%
1,466
50
Apr
Mar
42%
150
70c
1,306
Drill Co—
42
Utah Metal & Tunnel Co. 1
50
70c
Vt A Mass Ry Co
7
Warren Bros...
82
*
*
60c
100
Waldorf System.
6%
Feb
*
United Shoe Mach Corp.25
Preferred
25
68
10 East 40th St Bldg 6s '53
High
Union Twist
59
Place Dodge Corp—
Income 5s 1952 v t c
Low
Torrington Co (The)
29
Park
40
(Btamped)
Par
Stone A Webster
Bowker Bldg 6s —-.1937
Bryant Park Bldg—
(Concluded)
Week's Range
Scue
Stocks
Bid
Sales
Last
Exchange
3%
67
66%
6%
55c
44%
Nov
1%
June
7%
316
5%
Jan
Mar
3%
3%
Nov
Mar
56%
653
2
Oct
Nov
85%
Jan
38%
253
Dec
26
Sept
103
Jan
8%
4%
Jan
Nov
Bond*—
Baltimore Stock
Dec. 3
Dec.
to
Friday
Last
Par
Week's Range
of Prices
Price
Arundel Corp
Low
High
20%
27
(Com)_.50
Bait Transit Co
19%
25if
20%
27%
for
Mass St
Series A
sales lists
Ry—
4%s
Low
1,345
379
High
28%
50c
194
1.15
1.50
312
H
%
Mar
2%
20%
198
9%
Mar
24%
Nov
16%
17
261
71
71%
114
56%
Mar
116% 117
7%
7%
5
5%
14
14%
113% 114%
37
112%
Apr
62
7%
Bept
9%
Oct
1.357
4%
Mar
10%
"n"
Davison Chemical
100
com.
Eastern Bug Assoc com..
116%
......
1
Preferred
14
1
Fidelity A Deposit
Fidelity A Guar Fire
20
Guilford Realty com
Houston OH pref
1
113 if
10
20
Ma:
20
114%
30
1%
11%
May
2%
Oct
Mar
20%
Dec
93 c
Dec
20
1,119
5
88c
%
Apr
6
J urn-
10
88c
5
1.60
1.00
1.60
5,670
I
Dec
3
1.50
350
1
Dec
2%
Jan
32
32
16 if
15%
34%
i*i«
10 if
380
%
275
11
May
18%
646
16%
10%
1
Phillips Packing pref... 100
U B Fidelity A Guar
2
Dec
7%
Dec
J/2»u
Dec
Mar
10
34%
16%
Jan
Mar
12%
Oct
1.00
50
1
June
1%
Jan
83%
72%
1.00
83
A
39
72
June
94%
Jan
39
69%
Apr
75
Jan
Apr
72
Jan
Mar
18
Dec
72 if
72%
68
68
68
16 J*
16%
17%
1954
6s flat
122
19 if
10
66
1,934
122
SI.000
20
26,000
19%
21%
1976
Finance Co of Am 4% .1942
4%....
1947
23%
100% 101
96
8
Dec.
to
9,400
9,000
3,000
96
Boston Stock
Dec.
8%
120%
July
122
Dec
16
Mar
23%
Jan
16%
Mar
27
Jan
96%
Feb
101%
Nov
W2
Apr
96%
Nov
Week's Range
for
Sale
of Prices
Week
Price
Low
High
Range Since Jan. 1, 1938
Shares
Low
Common
,*
40c
40c
45c
478
32c
Mar
6%
60
1%
1%
1%
748
1
Apr
1st pref
50
Amer Tel A Tel
Bigelow-San Carpet
11,
149
11
11
11
Feb
2
Nov
Mar
16
May
2,284
110%
Mar
149%
Nov
U18
183
%
June
1%
Apr
10
%
com
Preferied—
100
80c
-
147% 149%
1
100
Boston A Albany
100
Boston Edison Co.
Boston Elevated
100
100
Boston Herald Traveler.
80
74%
126
51
17
June
80
10
62
Sept
78
74%
125% 127
437
60
Mar
834
108
Apr
z51
561
53
47%
Oct
29%
Nov
94
Jan
108%
Jan
134
July
68%
May
17%
17%
350
13%
Mar
20%
Jan
Common stamped... 100
Prior pref
-.100
2%
2%
2%
58
2%
Mar
5%
'4%
5
July
425
CI A 1st pref std
100
Class A 1st pref
100
Cia8sB 1st pref std.. 100
Class C 1st pref std. .100
5%
5
Nov
1%
1%
1%
711
I
Sep*
4%
July
1
1%
1%
218
1
Mar
3%
July
222
1%
Sept
4%
1%
1%
167
1%
Sept
4
1%
2
40
1%
Nov
18
Boston A Maine-
_
1%
Class D 1st pref std
100
Boston Per Prop Trust... *
_
_
Boston & Providence. .100
Brown-Durrell Co com..
Calumet A Hecla
25
Copper Range
11%
15
1%
"7%
7%
5
*
1
1
.
4%% prior pref
100
19%
6% preferred
100
9%
19%
9%
Common
100
1%
1st preferred
Preferred B
1%
100
Eastern Mass StRy—
100
Adjustment.
55%
*
com
8%
"~3%
1%
20
13
Dec
1
July
Preferred
Georgian Inc cl A pref.
21
.20
5%
Mar
10%
Oct
May
7%
Jan
352
1
Dec
3
Jan
859
19
Nov
52
May
345
9%
Dec
30%
Jan
2%
59%
3,147
%
2%
Dec
707
July
Apr
51%
Dec
900
3,046
1%
3%
830
18
20
120
13
21%
430
16%
25%
.
*7%
1%
6%
7%
%
v
25
21
t c
Mergenthaler Linotype..
Narragansett Racing Ass'n
23
Inc
4%
National Ser Co com t c_.
New Eng G & El Assn pfd
New England Tel A Tel 100
103
July
150
4%
June
424
6%
June
100
20c
Sept
1%
7%
11
60c
60
40c
125
2%
50
%
June
3%
5%
300
4%
Sept
9
2
23
4%
10%
55
1%
Mar
Mar
1,215
3%
Oct
5c
100
5c
June
11%
104%
55
20
Mar
55
Sept
1%
1%
460
40c
41c
1,810
1
1%
439
50
12%
19%
see
page
3595
15c
23
109%
68
Jan
Feb
July
Aug
Jan
July
Jan
Aug
July
July
Feb
Feb
July
Feb
June
Mar
79c
Jan
1
Dec
0
Jan
3%
Jan
55c
65c
474
35c
440
25c
12%
19%
202
20%
1,840
!
%
13%
•2H
225
13
6
Dec
1
30c
25
2%
28
Jan
Dec
37c
2%
...
Pennsylvania RR
Qulucy
Dec
81
38
41c
Mining Co
10%
282
1%
55c
50c
18%
1%
Certificates of deposit
Old Dominion Co
25
Pacific Mills Co
40
Apr
261
100
Old Colony RR.
Mar
4%
c
102
19
20c
860
24%
..2 60
North Butte
Jan
30
21%
25%
t
10%
New River 6% cum preflOO
NYNHAHRR
100
For footnotes
1%
Apr
2
com
Dec
3%
40c
15
Dec
4%
2
1
Royal Copper Co..
Mass Utilities Ass
Sept
18
5
Helvetia Oil Co
M alne Central
Oct
.
*
.
Apr
2%f >Apr
20
Hathaway Bakeries—
Class B
Jan
Dec
10%
%
7%
75
4%
4%
6
_*
Nov
235
3
1%
G11 chrlst Co
Gillette Batety Razor
July
654
20
Employers Group..-..
July
July
1%
13%
3%
13%
Apr
Jan
5%
13%
500
3%
15%
..100
Eastern SB Lines
53
205
12
448
1%
8%
5%
"
......25
East Gas A Fuel Assn—
Common
13
15
12%
for
of Prices
Week
Price
Low
%
1%
Sept
Nov
2%
Jan
High
Common (new)
4%%
~_
*57%
.
pref. 100
cum conv
*
"9%
Adams Oil A Gas
*
9
com
"n%
Allls-Chalmers Mfg Co...*
46
pref
*
Amer Pub Berv pre!
100
Amer Tel A Tel Co cap. 100
Armour A Co common
Aro Equipment com
Asbestos Mfg Co
9
*
Mar
400
4%
Mar
12%
Sept
3
100
250
225
44%
Dec
49%
20%
20
20%
Dec
35
Jan
64
2
Mar
7
50
Apr
7J
Nov
Sept
UO
Nov
Mar
6%
Jan
10%
200
5%
Apr
10%
Dec
1
100
%
Mar
3%
4%
250
2%
June
3%
3%
33
3%
Dec
1%
5%
3%
7%
7
7%
700
3%
3%
3%
750
12%
8%
o> I
1%
Mar
40
7
13
12
7
Dec
12
Jan
14%
July
7% June
11%
July
250
12%
8
Mar
13%
Jan
0%
June
Mar
Mar
13%
25%
8%
Nov
8%
May
Mar
22%
Jan
7%
19%
7%
7%
700
5H
19%
20%
550
12%
29%
32
2,616
16%
18
18
Mar
36%
70
10
Mar
18
Nov
5
8
Mar
21%
100
14
Sept
Apr
22%
15
850
6
May
17%
3
100
2%
6%
May
5%
7%
Bruce Co (EL) com..
21%
6
14%
14
Burd Piston
1
3
6%
7%
2,100
20%
5%
conv
10
pref
30
Common
Preferred
1
Prior lien preferred
Apr
25
14
14
40
9
Mar
14
67
67
68%
Mar
73%
Nov
%
1%
%
100
%
Aug
1%
July
250
3%
June
7%
July
1%
1%
Mar
2%
90
25%
10
90
Common
Crane Co com
60c
May
Dexter Co
18%
Juiy
24%
Jan
June
Dec
Mar
June
Jan
75%
850
25%
38%
Jan
80%
%
797
%
Sept
1%
Jan
%
60
%
Jan
%
Oct
7%
36
Nov
July
,
170
5%
Mar
70
50
70
June
30
57%
96%
May
111
Apr
112
Nov
'
6
9%
65
902
6%
400
8
10%
Mar
63%
5H
12%
Sept
Sept
Ma)
2%
N'nv
200
20
14
June
30
26
14
26%
12,950
22
Mar
28
13c
14
6%
%
2%
6%
5
6%
15c 205.800
15
-
25
-
51
*
6
24%
36%
50%
16%
1%
Dec
Ma)
3%
%
10
1%
4
com
Jan
4%
Oct
Feb
11%
July
1
%
Oct
24%
109
10
Mar
28%
Nov
37%
205
Dec
37%
52%
60
48
16%
50
11%
1%
36%
Ma)
A
pi
330
1%
400
6%
A
2
100
1%
Mar
11
11
2C
19%
20%
15%
11
270
5
10
16
20C
16
10
12
_
Aue
July
Sept
15
5
2
11%
2
.
Nov
Jan
7%
270
,
15
15
17c
Feb
140
Jan
Ma)
25
Mar
30
7
14%
Jan
100
2%
13%
13c
12
200
6%
%
Jan
10%
2%
22%
1%
July
88%
2%
22%
Dixie-Vortex Co—
Common
Eddy Paper Corp
2%
1%
1,540
9%
50
Decker (Alf) A Cohn com 10
Deep Rock Oil conv pre!.*
Deere & Co com
Nov
19,600
7%
com B *
Curtis Lighting Inc com..*
Dayton Rubber Mtg oom. *
July
16%
21%
2
35%
12%
70
1
Cudahy Packing pref.. 100
Cunnlneham Drug com2%
5%
Mar
12
50
78%
50
Sept
300
109
a
V t c pref part shs
Nov
%
■.*
Container Corp of Amer.20
Continental Steel—
Nov
105
%
25
c
2%
55
Apr
15
72
Commonwealth Edison-
Com ptsh A vt
140
Oct
June
15%
1%
Club Aluminum Utensil.. *
Coleman L'p & Stove com *
Consumers Co of 111
1,850
52
35
10
com
1
14
Chrysler Corp com
Cities Service Co—
Consol Biscuit
Jan
6%
15%
14
*
Compressed lnd Gases cap*
Jan
%
50
Chic Rivet & Mach
cap. .4
Chic Towel Co com
*
New capital
Rights (w 1)
41%
103
103
3
2%
Chic A N West Ry com 100
com...
390
6%
Chicago Rys pt ctfs 2..100
(New)
Aug
14
Preferred
Chic Flexible Shaft com..6
Chic Yellow Cab Inc.
July
14%
common..*
Convertible pref
24%
20
17%
100
250
*
Cherry-Burrell Corp com.5
Chicago Corp
Sept
Sept
250
16%
22
*
Cent States Pow a Lt pf
Chain Belt Co com
July
16%
•
...
Oct
Jan
10
20%
13%
*
Common
Nov
20
}
$1% conv pref
Central 8 W—
Mar
Oct
20
Campbell Wy antACan cap*
Castle A Co (AM) com.. 10
Cen Cold Stge Co com..20
Cent 111 Pub Ser S6 pref..*
Central 111 Sec—
Oct
650
6%
*
7%
21%
com
Jan
350
1
Bliss A Laughlln Inc com.5
Ring
10
Nov
Nov
300
11%
24
18
3%
2,400
11
Borg Warner Corp—
Dec
200
7
13
8%
Jan
Nov
5%
..
21%
Butler Brothers
Oct
3%
45
"22%
Class A
Jan
Nov
130%
5
(New) common
5
Brach A Sons (E J) cap...*
Brown Fence & Wire com.l
14
1,600
1
10
Berghoff Brewing Co
4%
Jinn
1,217
10%
Barber (W H) Co com
1
Barlow A Seellg Mfg A cm5
com
Aug
10%
12
5
*
com
Nov
Jan
5%
1
Aviation A Trans C cap.l
60%
123
7%
46%
11%
44%
20%
63%
5%
1
oom
Apr
Oct
120
70
147% 149%
5
Mui
Oct
High
36%
10
9%
3
-
4%
Low
650
123
8%
9
Advanced Alum Castings.5
Allied Laboratories conv.*
conv
60
57%
123
Adams (J D) Mfg com
Maj
June
Range Since Jan. 1, 1938
Shares
Abbott Laboratories—
Bastlan-Blesslng
28%
100
Assoc Gas AElCoclA
Week's Range
Sale
Par
Belden Mfg Co com
Bendix Aviation com
High
American Pneum Ser—
non-cum pref
Sales
Last
Stocks
Backstay Welt Co
Sales
Last
Isle
Friday
Auburn Auto Co com....*
Aviation Corp (Del)
3
Exchange
Friday
Par
Chicago Stock Exchange
Chicago Board of Trade
9, both inclusive, compiled from official sales lists
Athey Truss Wheel cap... 4
both inclusive, compiled from official sales
lists
9,
Stocks—
Preferred
Dec.
to
Altorfer Bros
Bait Transit 4s flat... 1976
SECURITIES
Chicago Stock Exchange
3
Dec
Sept
l*j«
398
88c
Bonds—
City 4s Annex I.
Dec
Jan
1.60
Rights wl
com
Dec.
(Vt
1.50
Northern Central Ry...60
Penna Water A Power com
94
Jan
105
Merch A Miners Transp.
New Amsterdam Casualty 6
Apr
Oct
35%
93c
Martin (Glen L) Co com..1
55"
10 S. La Salle St., CHICAGO
Oct
Mar
8%
—1
2,100
Members
New York Stock
Exchange
New York Curb (Associate)
Dec
June
88c
Common class A
94
Paal H.Davis & Go.
Jan
July
76%
8%
,r
Mar Tex Oil
North Amer Oil
11
23%
73%
117
27%
*
Second preferred
Dec
1%
19%
Dec
88
Jan
181
25
1st pref
16
l
172
1%
100
Mfrs Finance com v t
280
Apr
31%
.31
Dec
80
1948
July
1
100
80
Apr
Listed and Unlisted
Apr
21%
6% preferred
Mar
50
Nov
30c
Consol (ins E L A Fow__
49
450
Nov
June
17
20%
1.15
Brager Elsenberg com
$23,000
CHICAGO
Mar
12%
20%
30c
80
80
Range Since Jan. 1,1938
vto.*
oom
79
78
Week
Shares
Black A Decker oom..—*
1st pref v t o
*
1948
__I948
Series B 5s
Series D 6s...
Sales
Sale
Stocks—
Atl Coast Line
Eastern
Exchange
9, both inclusive, compiled from official
June
III
Dec
73
July
r%
Nov
3%
Jan
17%
On
3%
July
Dec
20
Feb
Sept
23
Nov
3%
•
Junt
6%
Jan
9%
Oct
16%
Jan
10%
Mar
21
Feb
Volume
Financial
147
Friday
Sales
Last
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Low
High
Week
Price
Par
Elee Household UtU cap.5
3%
Cincinnati Listed and Unlisted Securities
5%
Aug
Oct
20%
20A
650
15
Mer
25%
34%
36%
125
33%
Nov
38%
10%
11
400
4%
Apr
3%
200
3%
Dec
6%
Mar
10
150
8
Mar
11%
June
1%
Mai
2%
Jan
20%
2
1%
650
13
550
2%
3
General Finance Corp com!
2
12%
12%
new*
com
3%
10
5
com
FullerMfg Co com.
Gardiner-Denver
Mar
2%
10
Four-Wheel Dr Auto
Brewing
800
3%
High
Low
*
com
Flt/8 A Conn I) A D com
Fox (P)
3%
1, 1938
Range Since Jan.
Shares
*
Elein Natl Watch Co... 15
Fairbanks Morse
3593
Chronicle
3
850
10
Mar
16
Members
Cincinnati Stock Exchange
4%
2%
48%
Dec
8%
Teletype: OIN 68
Jan
Dec
New York Stock Exchange
BUILDING, CINCINNATI, O.
Telephone: Main 4884
Jan
Dec
TERMINAL
DIXIE
Jan
June
2%
W. D. GRADISON & CO.
Oct
Dec
11
Nov
Gen Household Utll—
3,450
%
Common
General Motors Cory
General Outdoor Adv
47 %
10
48%
47%
7
*
com
1,000
7
47%
Nov
100
Goldblatt Bros Ino com.
13%
Goodyear T A Rub com..*
32
34
7
50
13%
13
Jum
23 V
22%
Sept
36%
600
150
Mar
11 %
5
Mar
13%
Nov
5
Sept
8%
Jsd
7%
June
Apr
Sept
45%
Mai
11%
11%
350
Haralschfeger Corp com. 10
Helleman Brew Co G cap.l
5
5%
210
6%
6%
50
37%
37%
100
34%
14
14%
359
5%
"2H
2
2%
457
%
6
6
6%
350
263
6%
50
14%
37 %
25
Hlbb 8pen Bart com
Houdallle-Hershey cl B
*
.1
Hupp Motors com
Illinois Brick Co10
12%
5%
17%
Feb
Oct
June
2%
Oct
Mar
8 %
Oct
Mar
17%
Nov
Mar
29
Jan
7
/"Jan
'
5
14%
15%
Indep Pneum Tool v t c__*
Indiana Steel Prod com__l
21
21
Inland Steel Co cap.
.*
87%
88%
123
69%
July
94%
Not?
International Harvest com*
58%
60%
240
54*4
Sept
68
Nov
19%
23%
2,000
10%
June
24
Nov
15%
Mar
25
Nov
Illinois Central RR comlOO
~
—
15%
Jarvis (W B) Co cap....
Jefferson Elec Co com
22%
20 %
...
3
1
Kata Drug Co com
2%
5
Kerlyn Oil com A
2,850
Dec
2%
Jan
Oct
3%
500
3%
June
%
%
800
h
Feb
i%
May
3
20
5%
20
3,200
33
Mar
16
5
Mar
\%
Mar
3%
33
3%
500
2%
Mar
4%
6
6%
515
6
Mar
9
4%
......
3%
4%
29%
30%
20
Apr
4%
Aug
31 %
July
3%
Apr
20%
Nov
2%
July
July
lVs
19%
76
18%
Nov
1%
900
%
Dec
31%
31%
50
24%
Mar
1%
*
Loudon Packing com
5
Lynch Corp com
650
Dec
1%
coin'
2
Jan
Mar
2
18%
2
Lindsay Lt & Chem com. 10
Aug
24 %
3,200
29%
Lincoln Printing com..,
Feb
Nov
3%
*
Llbby.
Jan
12
35%
60
33
pref.100
5%
Mar
Mar
50
29%
2%
5
La Salle Ext TJnlv com
Liquid Carbonic
3%
10
29
""%
Kingsbury Breweries cap. 1
Preferred $3.50
150
3%
~29%
Kentucky Utll Jr cum pf 50
Lib by McNeill A
20%
10
Ken-Rad Tube A Lp cl A
Lawbeck Corp 6%
Leath A Co com
20%
July
4
100
4%
4
Dec.
to
1
38
650
1 %
Jan
Sales
Friday
Last
Stocks—
Par
Week's Range
for
Sale
of Frices
Low
High
Shares
Price
*
Aluminum Industries.
4
Amer Ldy Mach
'.'.20
Amer Prod prior pref.. ...7
'
Low
44
4%
18
17%
Range Since Jan. 1, 1938
Week
4
4
120
9
9
33
*
Champ Paper & Fibre.
—
1100
Preferred
102
*
Gin Union Stock Yard.
I.I*
III*
I*
Ilio
...
Dow Drug
Eagle-Picher
100
14
Nov
Feb
12
Apr
103
6
Jan
Jan
90
Nov
Apr
2%
16
Sept
July
75
160
Mar
10
Dec
*»
•*
«»
6
Mar
10%
100
4
Dec
7%
3%
10
3
May.
5%
Jan
12%
10%
20
7%
Mar
14%
Nov
100
Aug
13
29
110
9%
22%
Apr
29%
24%
""29
Ills
129
4%
3%
«*
8
4%
28%
m
—
—
*
Gibson Art..........
89%
Nov
Nov
6%
90
585
Dec
32
105%
12%
10%
•—
-
Hilton-Davis pref
2%
Feb
7%
«.
*
Formica Insulation...
June
10
183
103
2%
2 %
..50
Crosley Radio
Crystal Tissue...
May
9
Nov
May
94
26
89%
12%
60
Cin Telephone
5%
8%
18%
130
28%
lioo "102
...
28%
102% 102%
11
11%
..
102 %
*
Churngold.^
Cin G as & Elec pref
Cin Street
AUg
4
*
19%
3%
Dec
2%
.__*
Part pref
120
Feb
Mar
3%
5%
July
15
368
High
Mar
3%
3%
Carthage Mills
24%
25
23%
July
28
Jan
37
Nov
Jan
Oct
IMOV
Hobart A
*
34
34
35
30
Mar
Kahn
*
8
8
25
7
Mar
9%
Oct
21%
Nov
*
"20"
_2~,60
Kroger..
%
i.
Magnavox
19%
%
1%
%
54%
♦
P & G
55
*
Randall A
....
Marshall Field com
11
11
12%
4,178
6%
Mar
Mar
14%
Nov
U S Playing Card
Mapes Consol Mfg cap...*
20 %
20
20%
370
13%
Oct
21 %
Oct
U S Printing pref
10
5%
Mar
14%
Jan
*
W
M.
«•-»'««
M
Wurlltzer..-—
%
Mar
Jan
1%
80
%
55%
40
%
%
39%
Sept
Nov
Mar
59
17
8
June
18
Oct
3
1%
June
5
June
12
Dec
27
28%
«
12%
57
12
m
356
%
3
*
B___.
20%
17
'
._*
Moores-Coney A
B
%
Exchange
compiled from official sales lists
9, both inclusive,
Oct
Hall Printing Co com... 10
3,800
3
Oct
27%
10%
27
25
Cincinnati Stock
Dec.
Nov
Mar
6
10%
25
Gossard Co (H W) com..
Great Lakee D A D com.
Juii
29
553
10
,
115
1
Jan
2
Jan
Nov
%
Oct
Jan
Manhattan-Dearborn com*
8
Mer A Mfrs Sec cl A com.l
preferred
.
5%
Apr
31
16%
300
15%
Dec
20
5%
5%
2,100
2%
Mar
6
19%
Mar
29
Nov
24
lc
Stock purchase warrants
Midland United Co—
4%
400
1%
Mar
4%
4%
Mar
8%
3c
5,300
lc
Dec
2
Jan
July
6
%
%
%
1,350
•
3%
3%
3%
600
prllenlOO
%
%
20
7% prior Hen....... 100
%
Conv preferred A..
Feb
%
6%
Jan
Sept
Oct
278
9%
Nov
7%
7%
266
7%
Nov
10%
July
2
May
Sept
2
150
%
%
%
50
%
Dec
%
%
60
%
Nov
IX
1%
Sept
7
GILLIS lo*°J RUSSELLco.
Mar
Jan
July
Miller A Hart Inc conv pf.*
3
30
Minn Brewing com
7
50
1
...
Mddlne Mfg com
20%
*
79
Members Cleveland Stock Exchange
Jan
July
Oct
100
%
1
%
%
3
100
6% preferred A
7% pref A..
Jan
6%
21 %
4
32%
6
.
......
50
Ohio Listed and Unlisted Securities
Oct
4%
lc
Common
Midland Utll 6%
120
Oct
7,950
4%
6%
.111
Common
III 10
170
Oct
Mlckelberry's Food ProdMiddle West Corp cap...5
♦
Rapid
Oct
10
20
27
27
*
.
26
159*
McQuay Norrls Mfg com
McWllliamsjDredge com.*
8
26
8
McCord Rad A Mfg A...*
Prior
%
3
2% June
100
20%
18
Apr
Jan
7%
27%
Building, Cleveland
July
T. & T. OLEV. 665 & 566
A
Jan
5
Union Commerce
Telephone: OHerry 6060
Oct
Monroe Chemical—
3%
3%
100
Natl Bond Invest
16%
51
15%
16%
613
Muskegon Mot 8pec cl A.
48%
15%
Common
2% May
Cleveland Stock
Montgomery Wara—
Common
Nat Rep
...
com
8ept
39%
50
11
25
16%
54%
Oct
Apr
17
18%
to
Inv^Tr—
1
Cutnul conv pref stpd.. *
230
1%.
20
19
20
Noblltt-Sparks Ind com..5
24 %
22%
25%
Nov
2%
2%
400
2C
No Amer Car com
"x!3
June
%
1,000
350
Apr
3%
Oct
13%
Nov
Feb
Brewers Corp of Amer....
Oct
13
100
7
30
Northwest Bancorp com.. *
6%
6%
1,800
Northwest Eng Co com..*
15%
15%
NorthwUtll 7%
pref--100
13%
13%
Prior lien pref
100
41
41
18%
130
Parker Pen Co (The) com 10
18%
15%
15%
100
.13
Penn Elec Switch conv A 10
14
14%
400
11
Apr
41
Omnibus Corp v t c com.. *
Pennsylvania RR cap
19%
50
1
Pines Winterfront com
35%
Pictorial Paper Pkge
Poor & Co class B
"3%
;..
5% convert 2d pref
8%
Jan
50
8%
Mar
17%
Nov
Clark Controller
20
8%
Mar
19 %
May
Cleve Cliffs Iron
18%
Apr
13%
Sepl
19%
July
17
573
14*
Mar
%
500
%
Mar
150
24%
Mar
36
Aug
46
City Ice A Fuel
16%
50
*
Colonial Finance
24%
Jan
Jan
Dow Chemical pref....
Oct
Mar
4%
Jan
Faultless Rubber
...
7%
Sepl
15%
Nov
Fostoria Pressed Steel.
.
6
Sept
13%
Nov
29
100
29
29
Dec
Mar
3
July
Mar
117
Nov
200
1%
Mar
11%
170
7%
H
Mar
Mar
14
1,150
500
15%
Mar
28
745
47%
Mar
Mar
114
113
114
Dec
%
300
1%
86
160
2%
50
v t c
1
1%
2%
26
26
2
26%
73
71%
73%
1%
Sangamo Electric com
*
Sears Roebuck A Co oom.*
Serrick Corp cl B com
11
11
10
2%
1
2
250
2%
4%
*
Common...,
Sivyer Steel Cast com
50
9%
9%
104% 104%
*
pref—100
Spiegel Inc com—
2
S'west G A E 7%
12%
12%
10
9%
10
90
75
.
Mai
8%
12%
41%
June
July
Jan
65
34
107%
Jan
113
113
24
Nov
Dec
Jan
1,335
18
Dec
32
Mar
23%
Nov
13
Mar
20%
1,819
11
10%
200
10
May
55
14
Dec
31%
Jan
55
109
Jan
117%
July
45
60
Jan
15
66
66
17%
*
17%
70
25%
20%
22%
34
299
20%
6
Feb
21%
Jan
Oct
32
July
75
Sept
2
25
114
20%
100
15%
35
3
3
22
Dec
3
Oct
25%
Sept
36
Nov
Nov
29
Jan
Feb
32
50
...100
40
40
60
31%
Apr
40
Dec
Hanna (M A) $5 cum pref *
100
100
15
88
Apr
100
Nov
32
Grief Bros Cooperage A..*
pref..
—
26
35
Apr
5
5
205
5
Jan
6%
Jan
Aug
Interlake
34
35
140
27
Mar
44%
Jan
Jaeger Machine.........*
17
17
44
12
Sept
20
Jan
79%
Oct
14
14
55
13
June
5%
Jan
Kelley Isl Lime & Tran... *
Lamson A Sessions...
*
Aug
Harbauer Co...
*
...
Steamship
17%
Jan
Monarch Machine Tool..*
Deer
14
Aug
Murray Ohio Mfg
Ap
Dec
107
Nov
Jan
80
Dec
4%
4
,
Jan
18%
3%
50
6%
Jan
3%
100
Mar
June
6%
Feb
Apr
18%
Sept
12
17%
9%
........
National Tllfe.T-
1%
65
5%
Mar
13 %
.50
8%
June
12%
Sept
1%
*
.
17%
13%
National Acme
12%
4%
264
4
.
Miller Wholesale Drug.. .*
13
425
Nov
2%
Slgnode Steel Strap—
13
61%
Dec
20%
*
Halle Bros
Rollins Hos Mills com
June
!
Raytheon Mfg—
Aug
12%
14
*
Goodyear Tire & Rubber..
Great Lakes Tow
July
Sept
100
116% 116%
Goodrich (BF)
t,.
7%
8%
20
14
100
115
219
,
10
Electric Controller & Mfg *
215
Mar
July
80
Aug
4
19%
Commercial Bookbinding..
1%
41
70
19%
......
3%
_.
Quaker Oats Co common.*
Reliance Mfg Co com
.....
19%
—
49
220
72
1\2%
19%
10%
1
High
13
Apr
61
.....15
Cleveland Ry.J
Cliffs Corpvtc
Aug
4H
20
Cleve Elec III $4.50 pref...
July
June
70
5%
71
6
pref...^.
12%
3
Low
Shares
6
5%
II"
3%
60
High
9%
10%
1
.
Mar
29
*
Pressed Steel Car.
6
10
12%
com.5
Process Corp (The) com
Sept
20%
%
%
Peoples G Lt&Coke cap 100
6%
30
Week
of Prices
Low
Airway Electric pref...100
Apex Elec Mfg pref .... 100
7
10
Price
Range Since Jan. 1, 1938
for
July
13
*
Far
Stocks-
July
Apr
IX
Week's Range
Sale
July
26%
Northern Paper Mills com *
Nor 111 Finance com
VA
25
sales lists
Sales
Friday
Mar
13%
12
Exchange
9, both inclusive, compiled from official
Dec.
Last
National Standard com.. 10
Common
3
Nov
Dec
Dec.
1%
567
1%
June
3%
June
%
,-70
9%
12
Oct
Nestle Le Mur A..
Mar
1
2%
450
1%
Mar
3%
Jan
Nineteen Hundred Corp A*
29
29
40
28
Feb
12%
12%
50
7%
Mar
14%
Oct
Ohio Brass B
24
24
31
20
June
3%
110
2%
Mar
5%
Jan
Otis Steel....
12%
13%
25
26 %
3%
26%
27%
1,093
26%
Dec
Nov
10
10
9%
435
8%
Sept
29%
11%
~27%
27%
1,185
22%
Mar
29%
25
ISA
18%
2,800
15
Mar
20%
Nov
Troxel Mfg
Thompson (J L) com
25
Trane Co (The) common.2
150
3%
Mar
Weinberger Drug Tnc...
13%
14
900
13%
Dec
5%
17%
July
*13%
83%
86%
439
63%
Mar
Nov
11%
12%
Oct
29
20
July
2
1
Standard Dredge com
Conv preferred
Standard Gas A Elec com
Standard OH of Ind
5
Stewart-Warner.....
Swift
15
International
Swift A Co
-
3%
Union Carb A Carbon cap *
United Air Lines Tr
cap..5
2
Utah Radio Products oom •
Utility A Ind Corp
Conv preferred
Wahl Co com
4%
2%
216
183
Oct
Rlchman Bros
.*
Oct
Thompson Products Inc..*
Sept
114%
Oct
Mar
3%
July
%
50
39
34%
1,054
30
Mar
135
21
Oct
3
Aug
13
Oct
4
4
14%
100
19/
Jan
Jan
14%
26%
14%
,
14% Nov
9% May
34
Detroit Stock
Nov
Nov
H
Mar
Mar
1%
Dec.
3
to
Dec.
Nov
Jan
11%
July
26%
Dec
5%
July
Jan
20
Exchange
9, both inclusive, compiled from official
July
1,000
13%
June
20%
Jan
%
1,4)50
1%
750
1%
1,100
1
*
1
1
2
sales lists
Last
Sale
16%
17
30%
24%
20
25%
Sept
415
22%
8ept
33%
30%
Aug
Allen Electric com
115%
333
93 H
Sept
124%
Nov
Auto City Brew com
1
50
8%
Sept
12%
Jan
Baldwin Rubber com
1
22%
"ll3%
..60
112
9
Williams Oil-O-Matlc com*
9
2%
*
2%
100
2%
Mar
5
Par
Stocks—
Price
July
Bower Roller
Nov
1
4%
1,100
3%
May
5%
4%
5%
200
2%
Mar
5%
Nov
1%
50
1%
Dec
2A
July
Brown McLaren
975
9%
Mayj
25%
loly
18%
18%
19
Week
Low
Shares
Chrysler Corp com
VA
High
1Ji«
Jan
100
33c
Sept
75c
Jan
835
4%
Mar
12%
Mar
Mar
9%
28
Jan
Nov
900
1%
38c
38c
""7%
7%
7%
25%
195
28%
25%
29
18
1%
Nov
1,780
13%
37%
Aug
18%
589
15%
July
1%
1,050
1
June
May
21%
1%
2%
Oct
78%
78%
80%
1.178
36
Mar
88%
Nov
Briggs Mfg com
_*
Burroughs Add Mach....*
1%
3595.
for
Range Since Jan. 1, 1938
~VA
4%
Zenith Radio Corp com
of Frices
High
Low
1%
—....5
WoodaU Indust com.-...2
4%
Week's Range
Oct
Yates-Amer Mach cap...5
WlseonslnBanksharee com
Sales
Friday
FpH
30%
16%
Wayne Pump Co cap
1
Western Un Teleg com. 100
For footnotes see page
110
%
....
26%
....1
June
H
34
-
July
X
%
%
Walgreen Co common.—*
.
...._..*
.*
77% June
7%
X
■
Packer Corp
90%
13%
650
1%
Wleboldt Stores Inc com.
58
.
*
com..5
W'house El A Mfg com
19
103% 108%
20
U 8 Gypsum Co com
30
,.78
76
St Louis Natl Stkyds cap.*
5
3594
Financial
Chronicle
Dec.
Sales
Friday
Week's Range
Last
Sale
Stocks (Concluded)
Watling, Lerchen & Hayes
Pacific Distillers Inc
Members
New York Stock Exchange
Pacific Gas & Elec
Chicago Stock Exchange
Buhl Building
1
com.
134*
13 X
10
-
Range Since Jan. 1, 1938
for
Week
Low
Shares
10
186
49c
Jan
Mar
9
154*
July
Jan
94*
20
High
Oct
27c
1,300
134*
10
94*
May
28
284*
836
234*
Mar
30
28
28
28
267
26
Sept
28
404*
194*
104*
404*
194*
414*
110
329*
Mar
42
Nov
100
174*
May
204*
Nov
104*
34*
194*
104*
34*
38
38
Republic Petroleum com.]
54* % prefeh-ed
30c
1938
284*
.25
Pacific Public Serv 1st pf.*
Pacific Western Oil Corp 10
Telephone: Randolph 5530
25c
25c
54*% 1st pref...
25
Pacific Lighting Corp com*
DETROIT
of Prices
High
Low
Price
Pacific Finance Corp com 10
Preferred C...
10
New York Curb Associate
Detroit Stock Exchange
Par
10,
3 X
50
38
Nov
Dec
12
Oct
144*
Jan
860
3
Mar
64*
July
20
30
Mar
404*
Nov
2«
Rice Ranch Oil Co
Last
Par
for
Sale
Stocks (Concluded)
Week's Range
of Prices
Low
High
Week
Price
Range Since Jan. 1,1938
Low
Shares
1
18c
18c
18c
500
Richfield Oil Corp com
Warrants
*
84*
2,063
Mar
94*
Nov
24*
24*
100
1.10
Mar
24*
Nov
1
84*
24*
4%
84*
Ryan Aeronautical Co
Sales
Friday
4
5
15,715
1.05
Mar
5
Dec
28
410
23
Sept
31
July
244*
July
High
Security Co units ben Int.*
Continental Motors
com.
1
_
3
2X
Consumers Steel
1
1,355
1.00
Det & Cleve Nav corn
.10
..
Detroit Edison com
100
Det Gray Iron com
Det-Mlch Stove
.
„
V
^
Nov
100
IX
Mar
580
IX
May
3X
Jan
2
1,275
IX
June
3X
July
IX
13X
13X
262
22X
IX
13X
IX
ux
ux
-
^
May
16
1,352
9
Mar
22X
Dec
350
6
Mar
14 X
Oct
1,050
1
Mar
General Motors com... -TO
5X
6
325
4X
3
300
2
48 X
49 X
1,658
2X
2X
2X
540
2X
1.25
1.25
IX
1,087
Grand Valley Brew corn ..1
34c
33c
34c
Hoskins Mfg com..— ..*
Houdaille-Hershey B..
Hudson Motor Car
»
m
«.
J
111
Hurd Loack & Mfg com
16 H
14X
7X
14
ux
**
7X
m
Klnsel Drug com...... -.1
Kresge (S S) com
Masco Screw Prod
com.
McClanahan Oil
Transamerica Corp
Dec
July
94*
204*c
94*
:204*c
94*
50
99*
Oct
22c
5, .500
12c
Mar
39c
Aug
5c
6c
5c
4,000
4*c May
104*0
Aug
Mar
53X
3X
Jan
IX
Jan
31c
Oct
70c
Feb
130
6X
12X
Jan
571
14X
Mar
Sept
Mining—
Alaska-Juneau
Goldl_.l(
Black Mammoth Consol 10<
Calumet Gold
Cardinal Gold
Mines.. 10(
6
Mar
5X
Mar
10
37c
J
6c
6c
1,300
6c
June
22c
Jan
Oct
Cons Chollar GAS Mng.l
24*
24*
24*
200
14*
Sept
44*
Apr
Imperial Development.25(
lc
lc
lc
3,000
lc
Mar
34*0
Apr
....1
15c
13c
15c
1,100
15c
Oct
1
3c
3c
3c
3,000
3c
Mar
Aug
17 X
275
2,100
Oct
Tom Reed Gold
IX
Apr
Mar
85c
485
3X
Jan
Zenda Gold...
52c
600
40c
Mar
75c
IX
405
80c June
300
60c
15 X
Mar
IX
Mar
17
22X
Nov
Amer Rad & Std Sanitary.*
Nov
25
Anaconda Copper
IX
Jan
1.50
Mar
10
American Tel & Tel Co. 100
Nov
3%
Mar
Jan
Apr
Atlantic
50
1484*
334*
Refining Co...2/.
224*
Aviation Corp (The) (Del)3
Bendlx Aviation Corp.
L
55c
1.25
Jan
Borg-Warner
Corp.
5
234*
304*
Mar
5
Feb
Canadian Pacific Ry
25
54*
Micromatlc Hone com. ..i
2X
2X
200
2X
Dec
4X
Feb
Caterpillar Tractor Co
*
454*
94*
111
Reo Motor
.
Tom Moore Dlst
2X.
87c June
2.25
Oct
4X
1,9 X
5X
July
41X
2X
2X
658
3X
2X
2X
25
~
..i
25
2
2X
.
100
2X
110
►
Mar
Mar
31X Mar
1X May
1/230
3X
..i
..1
450
425
4%
3X
*
Rickel (H W) com.... ..2
.
8
41X
2X
2X
#
River Raisin Paper com
Scotten-Dillon com
lio
Standard Tubq B com
Tlmken-Det Axle pref.
Tlvoll Brewing com
IX
8
~
..£
com
1.75
3
1,650
100
150
3X
42
Oct
Jan
3X
Commercial
Solvents
*
25
Auf
3
Maj
74*
Nov
Jai
234*
Nov
3(
125
30
July
100
Sepi
454*
94*
14*
454*
94*
14*
50
54*
369*
84*
10C
1
Sept
24*
44*
480
34*
Mai
74*
Oct
259*
25
244*
Oci
Nov
109*
424*
374*
70
8
Sepi
279*
139*
242
28
Mai
454*
130
36
Ncn
39
Nov
224*
100
104*
Mai
264*
Nov
47
Sept
14*
44*
_...fi
254*
44*
254*
10
10
*
40J*
Jan
General Foods Corp
*
37
37
Jan
Goodrich (B F) Co...
Intl Nickel Co of Can
*
224*
*
224*
534*
International Tel A Tel
*
Jan
1,783
2X
27
Apr
Feb
4X
Mar
July
110
June
Dec
4X' Mar
54
Aug
234*
4
IX
Oct
25
304*
54*
4X
22
214*
234*
304*
54*
Mar
103
Oct
Nov
414*
50
Mar
Oct
184*
1494*
60
7
1
*
Mai
Mai
Maj
99*
112
224*
74*
•
Commonwealth A Sou...*
Electric Power A Light
General Electric Co
125
244
224*
Curtiss-Wright Corp
A
10
400
Mar
34*
Jan
334*
IX
2X
.
2,400
10
Oct
9c
324*
2
433
462
110
3
3X
16
1484* 1494*
7
Mar
AX
25c May
Unlisted—
Sept
com
7t
,
Jan
60c
Penln'Metal Prod
Feb
13
July
17 X
870
60c
25c
»
Jan
Nov
Sept
25c
-
Aug
34*
3X
*
July
204*
44*
600
*.
Jan
224*
Jan
Feb
64*
1,100
-»
1244
Mar
64*
July
Dec
5,000
*"*
Dec
174*
100
134*
Mar
80c
Parke Davis com......
54*
1,542
174*
Jan
Sept
94*
40
June
87c
8
7,602
34,390
34*
Mar
3
70
1.75
84*
74*
184*
24* June
26
24*
320
*
July
100
100
2
86c
.10
344*
2,097
24*
44 4*
100
27c
com
Mai
27
Oct
200
3X
com
Jan
1,080
76c
Murray Corp
214*
44*
34*
3X
Packard Motor Car
Mar
34*
1.00
Mid-West Abrasive com50c
94*
254*
44*
34*
3X
80c
635
3
23 X
26c
Oct
174*
44*
34*
2X
Hi
264*
-
3
10
.
Mich Sugar pref..
284*
Apr
Wellington Oil Co of Del.. J
23X
..i
com..
McClanahan Ref com
Apr
234*
Western Air Express
1
Yosemlre Ptld Cement pllC
1,634
*
Mar
254*
100
Jan
20 X
7.1
194*
200
Oct
2X
20 X
3
64*
184*
174*
1C
1,681
174*
84*
25
224*
284*
264*
54*
184*
444*
2
Union Oil of Calif
Universal Consol Oil
22
284*
264*
174*
264*
24*
444*
84*
264*
24*
Sunray Oil Corp
.1
Superior Oil Co (The)...25
Taylor Milling Corp
*
55c
205*
Lakey Fdy A Machcom ..1
Mahon (R C) A pref...
McAleer Mfg com
Southern Pacific Co
100
Standard Oil Co of Calif..*
50c
50c
.10
—.
25
2X
55c
com—_ ..1
Kingston Prod
26
_
Nov
900
-
224*
284*
264*
174*
6% pref B
54*% pref C
4X
12X
70c June
12
164*
•*
.*
.
com
July
80 Call! Edison Co Ltd—26
274*
8
Mar
"
12
2
Mar
25 X
Goebel Brewing com... ..1
_.l
Graham-Paige com
Hoover Ball <fc Bear com .10
Jan
28
June
150
6
""3"
July
10
3
U%
3
c -
Mar
77
Jan
2
IX
*
.;
Dec
IX
IX
.,—
General Flnancecom— ..1
3
1.50 June
Dec
IX
13X
f.
1
Gar Wood Ind com
67
21
~
Frankenmuth Brew com ..1
Fruehauf Trailer
111
May
70c May
60c
U4X
2X
~
Ex-Cell-O Aircraft com. ..3
Federal Mogul com
3.020
IX
IX
..l
-.5
Det Steel Corp com
-
«
Ji
.
—
200
76c
no
V-
com
Det Paper Prod com
IX
60c
75c
26c May
16c June
6
404*
94*
94*
50
54
70
144*
94*
450
Kennecott Copper Corp..*
Loew's Inc
*
42
42
434*
127
27
60
60
60
100
494*
494*
174*
154*
504*
Aug
74*
July
Mai
52
Nov
Jai
50
Montgomery Ward A Co.*
36
12
Aug
Oct
July
Jan
Oct
534*
Mar
Oct
479*
Nov
July
J*
ux
Mar
64*
60
Dec
.
*
..
m
40c
40c June
IX
4
100
3X
SeDt
6X
Jan
4
900
2X
Apr
5
Jan
*
174*
"3
100
2X June
5%
Jan
Nor American Aviation __1
164*
3%
Jan
North American Co
Oct
94*
4%
74*
44*
74*
198
Radio Corp of Amer
*
Republic Steel Corp.....*
214*
94*
44*
74*
214*
4
184
5
Mar
22
22
23 4*
362
13
May
254*
Nov
Sears Roebuck A Co..
724*
724*
950
59
June
674*
July
134*
134*
200
129*
Apr
154*
July
_.*
184*
Oct
21
Nov
*
1
64*
184*
64*
734*
139*
184*
64*
185
64*
74*
100
5
25
184*
184*
189*
40
Texas Corp (The)...
25
Tide Water Assoc Oil...10
434*
124*
434*
193
320
104*
Mar
154*
July
115
819*
Sept
819*
Sept
25
244*
Apr
384*
Nov
mtmm
-
*---
United Shirt Dlst com..
4
11*
Universal Cooler A
40c
3
*
4
Southern RyCo
Standard Brands Inc..
Studebaker Corp
.
4
Socony-Vacuura Oil Co. .15
com
Union Investment com.
*
B
Walker A Co B.......
IX
,
14*
150
IX
Sept
3X
♦
"
3X
100
IX
Apr
98c
Jan
'
Warner Aircraft com
Wolverine Brew
500
i
95c
.
..i
15c
_
..2
.
com
.
Wolverine Tube com„.
Preferred
92C
Sept
15c
2,423
1,200
53c
12c
12c
Dec
7X
'74*
100
3X
IX
Jan
X
Jan
'
100
88
88
16
May
80 X
Apr
9
Oct
88
Dec
New
York Central RR
*
Ohio Oil Co
..*
Packard Motor Car Co
Swift A Co
Wm. Cavalier & Co.
New York Stock Exchange
623 W. 6th St.
Los
7
104*
0
214*
100
15
94*
133
124*
449*
124*
854*
854*
86
384*
384*
United States Rubber Co 10
48.4*
U S Steel Corp
*
624*
Warner Bros Pictures
5
5%
Westlnghouse El A Mfg.50
Teletype L.A. 290
50
384*
.
San Francisco Stock Exchange
Angeles
7
Union Carbide A Carbon.*
Chicago Board of Trade
Angeles Stock Exchange
*
79
285
2,067
United Aircraft Corp
5
United Corp (The) (Del).*
MEMBERS
JLo»
*
255
174*
169*
3
1154*
3
484*
624*
54*
3
240
Los
3
to
Dec.
Angeles Stock Exchange
9, both inclusive,
compiled from official sales lists
Friday
Last
Sale
Stocks—
Par
Price
Bandlnl Petroleum Co...l
Barker Bros 5 X % pref.. 50
Barnhart-Morrow Cons.. 1
3
to
Week's Range
for
9,
of Prices
29*'
High
3X
1,250
High
2X May
5X
Oct
Par
15c
17c
200
20c
Dec
45c
Jan
3H
2X
3 X
2.300
IX
Mar
4X
Aug
8X
8X
8X
170
Armstrong Cork Co
*
*
17X
17X
156
Calif Packing Corp com..*
Central Investment
100
16 X
16 X
15 X
16 X
17 X
1.8 X
com.. 10
Broadway Dept Store
Byron Jackson Co
Chapman's Ice Cream
Chrysler Corp
*
1
1
5
80
80
Consolidated Oil Corp
*
Consolidated Steel Corp..*
8X
Consol Steel Corp pref
Creameries of Amer
v
8X
17 X
1
81
8 X
134
60
500
90
189*
10
1.00
36
Oct
Price
July
Blaw-Knox
July
21
Carnegie Metals Co
1
Clark (D L) Candy Co...*
Nov
Apr
1.45
Apr
Mar
Mar
88
Nov
10!*
July
2%
7X
Mar
Sept
7X
11X
July
6
5X
6
625
9X
10
200
4\i
4X
71%
200
54*
60
1144* 1159*
65
50c
47 X
383
8X
47%
455
255*
Apr
Mar
399
53 X
12
Jan
5%
420
3X
Mar
7
July
6 X
24
Mar
7
Goodyear Tire A Rubber. *
3X
Oct
32X
32 X
32X
333
17
Hancock Oil Co A
Apr
39
39
39%
437
25
May
1.00
700
65c
Mar
1.30
50c June
2!*
Oct
18c
Jan
*
com
Holly Development Co
Hupp Motor Car Corp
95c
1
1
2X
95c
2%
2X
100
9c
9c
3,025
3,710
2X
2%
30 X
2X
3X
3 X
3 X
Lincoln Petroleum Co.. 10c
9c
Lockheed Aircraft Corp..l
Los Ang Industries Inc...2
Los Angeles Investment. 10
29 X
28
732
1,400
7c
5X
Sept
35%
44
Nov
Oct
8ept
Mar
304*
Dec
Jan
34*
Mar
3X June
64*
July
2
Mascot Oil Co
1
50c
50c 52 %c
1.200
Jan
1
4X
4%
4 X
5,963
49c May
Mar
75c
Menasco Mfg Co
80c
Merchants Petroleum
4?*
Nov
1
22c
22c
22C
2,000
22c
Dec
50c
Aug
1
Apr
2X
Jan
21c
July
Mills Alloy Inc A.
*
1
1
1
Nordon Corp Ltd.
1
10c
10c
10c
Occidental Petroleum
1
*
For
footnotes
see
21c
page
'
21c
21c
3,000
3,000
30c
80c
80c
400
72Xc
Oct
1.20
Jan
6X
7
200
5
Jan
94*
July
3595
6c May
18c June
194*
July
1,610
50c May
Jan
Apr
14
Jan
5
Mar
20
Oct
74*
11%
10
1
Lone Star Gas
com..
*
Fireproofing Corp. .5
Penn Federal 44* % pref. 50
Pittsburgh Brewing com..*
Preferred
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
*
Oil A Gas
85c
94*
25c
Aug
Oct
24*
Jan
50 --•7
-
■
Jan
300
70c
Feb
294*
37
44
154*
684*
69*
Mar
73
84*
9X
1,214
Dec
74*
95c
324*
105
Mar
104*
Oct
July
July
Jan
July
60c
75c
2,400
50c
Nov
1.50
Feb
4X
2H
5
2,517
49*
14*
Apr
Mar
69*
34*
Nov
24
2X
265*
84*
59*
~2~X
Shamrock Oil A Gas
1
United Eng A Foundry...5
Vanadium Alloy Steel
*
Waverly Oil Works cl A..*
Westlnghouse Air Brake.. *
Westinghouse El & Mfg.50
Oct
25c- Aug
60c
4*
24*
Plato Glass..25
*
July
4
Screw & Bolt..*
com
Jan
74*
94*
294*
Steel Foundry.*
Plymouth Oil Co
5
Reymer A Bros
90c
1.75
Jan
Mar
71
5
Jan
80c
6X
1
Oceanic Oil Co
Pacific Clay Products
85
Mar
8
McKlnney Mfg Co
*
Mountain Fuel Supply.. 10
6%
Jan
104*
25
Nat'l
6X
7
248
366
July
5X
16 A
Jan
10
Nov
8
5X
Nov
Nov
7X
114*
Aug
8
53
4
69*
11
5
100
Koppers Gas A Coke pf 100
47X
Mar
Oct
Mar
10
Crandall McK A Hend_ j**
Duquesne Brewing Co
Follansbee Bros pref
Fort Pitt Brewing..
Harb-Walker Refractories*
10
75
5
148
299*
14*
Oct
com
15%
High
Mar
360
Nov
General Motors
51A
Low
ux
24*
44*
249*
360
10X
Gladding McBean & Co..*
Globe Grain A Milling..25
Golden State Co.
*
125
51 X
154*
254*
2%
69*
IX
68 X
340
Range Since Jan. 1, 1938
for
Shares
25c
Mar
Apr
15
High
IX
-7%
Nov
365
Low
25c
10
365
Sales
*
43
365
994* Sept
Apr
3560.
page
10
com
Preferred
60
Farmers A Merchs NatllOO
Oct
July
Consolidated Ice
301
1.10
8
5
10
3,100
.
Nov
34*
ux
65c 72 %c
55
684*
Mar
654*
Oct
44*
Mar
397
72
65c
24* June
230
10
Oct
Aug
60c
10X
lix
464*
6 4*
10
Mar
52c May
Dec
7
ux
6%
189*
50c
71X
1,452
Oct
Dec
184*
344* May
7
*
Oct
94*
64*
Electrical Prod Corp
4%
Jan
Apr
Columbia Gas A Electric.*
Emsco Derrick & Equip. .5
Exeter Oil Co A com..... 1
Douglas Aircraft Co
3%
Oct
Oct
94*
June
H
29*
69*
*
12X
Sept
9
Sept
384*
34*
24
100
20 X
20 X
Mar
9X
Preferred
Sept
Mar
7X
*
Arkansas Natural Gas
June
602
t c. -1
4%
6X
15
Apr
33
Oct
54*
of Prices
*
Bolsa-Chlca Oil A
24
14
254*
Week's Range
Allegheny Ludlum Steel-.*
32 X
50
Mar
50
Last
Stocks-
32 x
15c
33
July
135
Sale
Low
Nov
124*
494*
Fiiday
Range Since Jan. 1, 1938
Shares
Nov
26
Dec
both inclusive, compiled from official sales lists
Week
Low
Nov
17
Pittsburgh Stock Exchange
Dec.
Sales
3
:
Dec.
Nov
214*
Mar
94*
34*
534*
Mar
624*
Philadelphia Stock Exchange—See
Dec.
Mar
Mar
264*
1139*
24
2X
27
IX
IX
104X 105 X
8X
8X
5X
59*
22 %
22X
2X
3X
2X
2X
34 X
27
26 4*
2%
372
10
101
315
24
Nov
2
1
16
56
87
170
47
189
105
.
3
Jan
Mar
30
July
July
14*
Apr
114t*
Oct
94*
Nov
49* May
Dec
59*
159*
2
14*
Mar
Jan
Apr
11
254*
Oct
Jan
22
Mar
394*
27
15
25
Sept
45
568
115
14*
154*
624*
Dec
Mar
Mar
Oct
July
4
50
100
Jan
4
344*
IX
IX
28 X
264*
nix 1159*
Jan
Jan
Mar
194*
300
25
24*
33
Oct
Jan
June
Nov
1244*
Nov
3
Jan
t
Unlisted—•
Pennroad Corp v t
c
1
IX
2
82
14* June
Volume
Financial
147
3595
Chronicle
Sales
yriday
•
LOUIS MARKETS
Stocks (Concluded)
Par
Range Since Jan. 1, 1938
95c
95c
1.00
High
1.30
66c June
800
Sept
23 %
2134
2334
1,711
Mar
2434
Oct
10
55c
55c
55c
100
52o
Dec
1.50
Jan
10
*
1.60
1.60
1.60
133
1.50
Sept
1354
2.90 June
1834
385
19
Nov
1054
655
3%
Apr
11
Nov
40
40
40
142
32%
Apr
41
Nov
1
27%
2754
2754
186
13
Nov
Llbby McNeill & Libby..*
5%
29%
534
Langendorf Utd Bak A.
all
.
*
Lockheed Aircraft Corp_.l
Magna vox Co Ltd
Chicago Stock Exchange
934
9%
10
LeTourneau (R G) Inc
New York Curb (Associate)
Chicago Board of Trade
18
18
.
B
Leslie Salt Co
MEMBERS
Mar
3234
534
Dec
83*
Jan
2,807
5%
Mar
3534
Dec
65c
703
50c
Jan
1.13
Jan
470
854
Mar
1634
July
2,257
80c
Mar
434
Nov
65c
6
13%
1334
1
4%
434
National Auto Fibres com 1
Telephone Central 3350
Natomas Co..
11%
15
454
965
3%
Mar
560
754
Mar
1234
180
3%
Mar
>34
Mar
1354
Mai
283*
17c June
30c
8
11
Oct
105*
1154
634
6%
*
No Amer Invest com... 100
Apr
3034
28
Menasco Mfg Co com
St., St. Louis, Mo.
12
385
6
65c
2%
March Calcul Machine
315 North Fourth
Low
Shares
Hunt Bros pref
Mid-Weatern and Southern Securities
St. Louis Stock Exchange
Price
Hunt Bros com
Business Established 1874
New York Stock Exchange
Week
Honolulu OH Corp cap.--*
I. M. SIMON &CO.
on
for
of Prices
Low
High
1
Holly Develop Co
Enquiries Invited
Week's Range
Sale
ST.
iMSt
Aug
July
8
North American Oil Cons 10
St. Louis Stock
Dec.
3
Dec.
to
Sales
Friday
Last
Week's Range
Sale
Par
Stocks-
Price
of Prices
High
Low
634
1034
654
1054
25%
2534
25 34
10
18c
23c
2,600
2034
400
654
2,311
Range Since Jan. 1, 1938
for
Week'
534
600
4% May
634
673
6
Dec
10
610
1%
Mar
12
3,089
1.40
Jaii
2.35
Sept
23
Mar
2934
Nov
Nov
Occidental Petroleum
1
18c
Oliver Utd Filters A
*
Oliver Utd Filters B
lists
both inclusive, compiled from official sales
9,
6%
10%
Occidental Insurance Co. 10
Exchange
*
20%
6%
5%
Paauhau Sugar Plant...15
Pac Amer Fisheries com..6
High
Low
Shares
Pacific Can Co com
American lnv
*
com
Boyd-Welsh Inccom
25%
*
Central Brew
2%
25
2%
22
27%
May
2%
ISO
1%
2%
150
5
32%
120
Pacific Gas & Elec com..26
3
Oct
6% 1st pref
5%% 1st pref
2%
450
9
Nov
17c
Dec
Aug
Jan
35%
7%
Nov
1st preferred
10%
Nov
com
...
Dr Pepper com-..
33%
May
Pac Tel & Tel com
9%
28%
28%
85
23%
Jan
18%
125
,10%
July
21
Jan
18
Ely & Walk D Gds com.25
1st preferred
...
75
Emerson Electric pref__100
Falstaff Brew com
1
.
6
Hussmann-Ligonler com.. *
Preferred ser 1936
50
12
28 34
2,880
3134
2,152
27
Mar
3134
28
2834
4054
2534
32%
Mar
283*
Dec
637
Mai
43
Nov
108%
7%
108
10834
110
99
Mar
109
Nov
734
1,900
354
Mar
834
Nov
467
1354
Mar
Nov
273
7%
Dec
Nov
100
119
117
160
87%
Apr
100
147H
14734 14734
10
131%
Apr
149
1.30
130
1.00
Sept
634
315
3%
June
Oct
75
5
60
May
81
Sept
Puget Sound P & T com.. *
8
280
6%
Sept
10
Apr
R E & R Co Ltd pref... 100
40
40
4034
40
27
Sept
27%
Jan
50
Sept
16 %
16 54
17
628
8
May
25
Oct
Rayonier Inc com
Preferred—...
22%
2254
2254
110
Jan
Republic Petrol Co com
375
6%
1
Apr
8%
12
12
260
11
Oct
14%
50
15
45
Oct
50
40c
40c
50
30c
Nov
2
Nov
1
Feb
Richfield Oil Corp com
*
854
854
3,251
434
Mar
95*
Nov
6
July
Ryan Aeronautical Co—1
434
534
8,962
1.05
Apr
534
Dec
May
36
Jan
9%
Mar
15
Nov
Apr
9
Aug
Sherwood Swan & Co A. 10
18%
11%
10
Dec
18%
Dec
8oundvlew Pulp oom
20
11%
Dec
15
10%
602
11
125
103
20
10%
11
'"?%
Natl Candy com
1st preferred
_
2d preferred
7
_
Apr
554
Mar
2554
Aug
40
60
Mar
95
Nov
40
28
Apr
313*
Nov
94
31
31
31
So Calif Gas pref ser
A..25
13%
July
Southern Pacific Co
100
17%
1754
1834
1,351
934
Mar
223*
Jan
*
15c
15c
16c
1,425
10c
July
70c
Aug
6
520
434
Sept
63*
Feb
5,870
2534
Mar
345*
July
13
Mar
25
Nov
Dec
103
5
Mar
July
10
Sept
So Pac Fold Gate Co A..
.
534
6
SpriDg Valley Co Ltd —
Standard OH Co of Calif.
26
26
27
22%
22
106
53
95
June
107
90
20
77%
Mar
91
20
4
Apr
109
20
99
June
2
100
2
8c
426
2%
150
4%
4%
30
4
10%
10%
10%
15
3%
Apr
1354
4%
June
8%
Oct
United Air Lines Corp.-.5
12
12
12
Oct
8%
Feb
Universal Consol Oil
15%
1554
1734
16% June
36%
Aug
Victor Equip Co pref
4%
0%
31%
410
22 34
429
30c
30c
35c
1,400
30c
Dec
1.20
Thomas Allec Corp A....*
90c
75c
90c
120
75c
May
1.65
Nov
Tide Water Ass'd OiloomlO
12%
12 34
1234
378
Mar
1554
July
734
73,336
1054
534
Aug
Super Mold Corp cap...10
Texas Consol Oil Co...-.l
109
Dec
Dec
3
Jan
7c
Oct
15c
Dec
Transamerica Corp
75c
June
2%
Dec
Treadwell-Yukon Corp-
-1
48c
48c
Sept
7
Aug
Union Oil Co of Calif...25
1834
1834
Nov
Union Sugar com
55
6%
0%
■
July
240
6
6
6
6
6%
-
2
-
534
6%
25
_ _ _
15
31
31
Bonds—
25
$1,000
22
Sept
75
1.000
65
Apr
61
61
5,000
40%
24%
24%
7.000
19
25%
79
t United Ry 4s c-d's
9
9
280
280
19
19
on
until 5:30 P. M.
Pacific
Stock
Coast
Jan
1634
Am Rad&St Sntry.
Nov
American Tel & Tel Co. 100
16%
148%
48c
32 %
8
Sale
Par
Price
934
Alaska Juneau Gold Mln 10
Week's
Range
of Prices
High
sales lists
934
934
Week
395
9
Mar
16c June
1354
45c
Jan
25c
23c
25c
800
854
954
4,089
834
Dec
434
434
434
980
254
Jan
734
505
434
Mar
10
May
Mar
200
Sept
734
185
634
185
190
10
171
5
Nov
July
Mar
2134
Oct
Mar
2134
Sept
Sept
634
July
434
100
1754
no
1334
1834
1834
20
482
17
20
2054
334
2054
2054
40
Calaveras Cement com... *
334
3 34
318
3
Calif Cotton Mills com. 100
1134
1134
1134
100
634
Mar
25
Calif Packing Com cdwi..*
Calif Packing Corp pref.50
Carson Hill Gold Mln cap.l
35c
25c
35c
450
15c
June
1534
2034
2,188
1554
Mar
24
49 34
50 34
110
4534
Apr
52
36c
32c
36c
1,620
15c
Apr
4554
4554
103 34
Central Eureka Mining... 1
Preferred
1
354
334
*
Creameries of Amer v t o.. 1
Crown Zellerbach com—5
Preferred
*
Consol Chem Ind A
Corp com 10
100
50c
15 34
Caterpillar Tractor pref 100
Chrysler Corp com
5
Coast Cos G & E 1st pf 100
18
49 34
Caterpillar Tractor com..*
79 34
106
2234
Aug
22
434
1754
1934
534
Jan
Jan
434
1754
,
2
19
Mar
1
Byron Jackson. Co
*
Calamba Sugar com.-..20
Calif-Engels Mining
July
Nov
Jan
July
40o
Sept
4554
220
30
Mar
5734
July
103 34 103 34
10
9934
Mar
10634
July
3 54
334
3,090
1.65
JaD
434
Nov
334
334
4.50
1.65
Mar
434
Nov
79 34
612
3734
Mar
78
106
22 34
106
2254
10
230
101
Apr
2234 May
89
10634
33
Nov
Feb
Jan
454
454
454
100
334
Mar
454
Oct
12 34
1234
13 34
1,434
734
Mar
1534
Nov
86 54
8654
89
Mar
92
Nov
2.05
2.05
2.05
16
16
16
334
*
*
334
334
150
56
100
2
Dec
80
16
Nov
100
Jan
70c
Jan
3254
3254
411
21
May
Dec
4054
17
Oct
Jan
734
2
7%
2%
7%
734
310
2%
3%
22%
22%
22%
1454
15
1
1
134
31c
31c
31c
110
60c
Jan
4
4
4
408
2.25 June
6
Feb
510
2434 May
354 Mar
3634 Nov
29
44%
Apr
130
Nov
20
Oct
24
Nov
Del
.
15
*
_
"334
Oct
6,26
611
1,035
2854
654
29
654
634
865
38%
3654
3834
1,351
28?4
123%
22%
534
28
5
Jan
670
129
123
22 J4
1.40
1,960
23 34
1.50
*
20
1.50
6
6
Idaho-Maryland Mines.. 1
Inter Tel & Tel Co com...*
6%
634
1,050
834
1
30c
30c
31c
2.10
2.10
2.35
1,256
1,489
Dec
May
734
Nov
534
Aug
24%
1834
234
Aug
Oct
Mar
1034
1
Sept
28c
Jan
5
Aug
Mar
Feb
6
734
4434
Jan
Dec
Nov
Feb
2.60
1.06
4.95
375
pfdl
Italo Pet Corp of Amer
834
Dec
234
1354 June
10
7?s
834
8%
330
6
Mar
3 34
900
1
9
Feb
8
Aug
1154
Oct
230
Aug
50c
Jan
1.60
Mar
3 34»
Jan
10
lc
lc
lc
900
lc
Dec
17c
Feb
Bancorporatlon..*
2034
2034
2034
100
,1734
Apr
2234
July
15c
15c
15c
200
14c
Oct
38c
Jan
7
7
7
45
654
Feb
634
Oct
June
5334
Oct
May
954
Jan
Klelber Motor Co
M J & MAM Cons.
Feb
854
Engine..5
Oct
14934
2,460
Marine
High
Low
Anglo Call! Nat Bank—20
Associated Ins Fund Inc. 10
Bank of California N A. .80
1854
Apr
2,075
Italb Pet of Amer com...
Range Since Jan. 1, 1938
for
Mar
42c June
834
Honokaa Sugar Co
Exchange
Shares
1034
11134
1,225
Dominguez Oil Co
*
Gt West Elec Chem com.. *
Anglo American Mining.. 1
Doernbecher Mfg Co
280
313
July
954
Curtlss-Wrlght Corp
Sales
Low
Mai
7
Continental Oil Co Del—5
Francisco and Los Angeles
■
Aug
Coen Co's Inc A corn—_.*
both inclusive, compiled from official
Last
Preferred
July
Claude Neon Lights com.l
Co.
7-4150
Francisco Stock
Friday
DI Glorg Fruit
2955*
2334
14834 14934
45c
5
3
Hobbs Battery Co A
Preferred..-.
Jan
Api
25734
1434
371
45c
Gt West Elec Chem pref. 20
Beech Aircraft Corp
105*
Bancamerlca-Blalr Corp.-l
Bendlx Aviation Corp
5
Bunker Hill & Sullivan 2.50
Members New York Stock Exchange
Private Wire to own offices In San
Atlas Imp Diesel
May
7%
Aviation Corp of
Eastern Standard Time (2 P. M. Saturdays)
Cortiandt
Stocks—
6
7%
Argonaut Mining Co
are
111 Broadway, New York
9,
Nov
2034
1634
*
Nov
Columbia River Packers
Dec.
Mar
1254
Jan
Unlisted—
28
which
Exchanges,
Schwabacher &
to
22 34
Mar
634
Nov
Anglo Nat Corp A com...*
San
Dec
5%
20
Anaconda Copper Mln. .60
solicPed
•
634
280
Amer Toll Bridge (Del). .1
Orders
July
1,04C
9
70 %
Mar
June
Jan
83c June
223*
1,031
'
1941
t Scullln Steel 3s.
25
75
City & Sub 5s c-d's_..-».
St Louis Car 6s extd
125*
Mar
1734
910
Apr
Jan
135
6
Wells Fargo Bk & U
Dec
45c
1,534
634
634
634
10
483
48c
19
Tr. 100
Western Pipe & Steel Co. 10
Wagner Electric com _
Apr
July
2%
2%
Stix Baer & Fuller com.. 10
3
Apr
Mar
8c
*
;..*
—
Dec.
July
4%
11%
2
Sterling Alum com
open
634
70
94%
100
Preferred
230
2,648
554
2134
94%
1954
109
Scruggs-V-B Inc com
5
Scullln Steel com.
-___.*
*
5
5
3
534
534
5%
5
13%
381
7%
4%
100
*
Preferred A
Feb
25
7% preferred..
90
St Louis Bk Bldg Eq com.
St Louis Pub Serv com..
£%
90
Jan
Schleslnger Co (B F)—
105
.100
100
Rlce-Stix D Gds com—. *
1st preferred
•
103
Jan
420
4%
18%
11
1434
1,125
283*
10%
July
Mar
3 54
1254
25
Mo-Portland Cem com.
Jan
654
9%
354
1234
133
Natl Bearing Met pref. 100
2954
3%
733
Midwest Pipe com
1734 June
234 Mar
12%
6%
June
Feb
June
1
_
14%
9
Nov
8
1
.
32%
11%
July
Rheem Mfg Co
14%
U%
Jan
2.75
Dec
31%
18%
634
6%
1
25
_*
6
1.00
1.10
Johnson-S S Shoe com.__.*
25
.25
Dec
5634
245
Pig'n Whistle pref
144
Landis Machine com
734
119
121
50
Key Co com.-.-—.....*
Laclede Gas Light pref_ 100
20
734
7%
-
2%
Internatl Shoe com
734
647
2034
73*
1195*
2%
_
4034
1954
20
-.100
Preferred
Oct
June
6
Hydraulic Prd Brk com 100
Jan
107
7%
47
Hamllton-Brwn Shoe com *
Jan
49
75
1%
Griesedleck-Wt Brew com *
Jan
12
12
120
120
100
754
3034
"..*
Preferred
Mar
354
Feb
Aug
July
28
Common (new)'
6%
9%
6%
2.15
2.10
24
28%
40%
Pao Pub Ser non-v com..*
,)an
Nov
1
._
10
Mar
15
Feb
30%
.25
.25
Pacific Light Corp com
*
Pac Light Corp $6 dlv
*
*
Columbia Brew com
954
23
28 %
40%
2%
Jan
6
2.15
Dec
26
200
17c
32
Coca-Cola Bottling com_. 1
Oct
534
10
Aug
17c
17c
17c
100
Champion Shoe pre!
26
Nov
33%
2%
33
com...
Collins-Morris
25%
25%
*
Brown Shoe com
June
20
554
6
._*
Pacific Coast Aggregates 10
190
20
566
1
Monolith Portl Cem—
-10
8% preferred..
1,795
854
854
16%
North American Aviation. 1
439
6 54
8 54
150
8
Mar
1054
Oct
15 34
6
Nash-Kelvinator Corp...5
31
4934
16 34
440
634
Mar
1034
Nov
4834
554
49 J4
Montgomery Ward A Co.*
Mountain City Copper..5c
354
434 June
22
May
..20
534
2234
22 34
534
2 2 34
600
Pacific Portl Cem com. 100
2.40
2.40
3.00
438
1.60
55
55
56
60
44%
1234
1234
734
1234
734
Olaa Sugar Co
20
Onomea Sugar
Co
Preferred
100
-
Pioneer Mill Co
Radio
....20
Corp of America
634
7%
*
125
100
35
334
Jan
Jan
Nov
434
Jan
56
Dec
May
11
415
Aug
8
20
July
Mar
9
Oct
*
75c
75c
75c
100
30c
Oct
85c
Nov
So Calif Edison com.....25
22 %
2234
2254
,948
1934
Mar
24 34
July
Sears Point Co com
S P Gold Gate
2634
252
24
28
140
2534
5
5
5
45
7
7
7
734
*
Studebaker Corp com
734
7%
1
-
7
June
834
245
4
Mar
934
Oct
10
30
Dec
3634
Mar
Mar
3834
Nov
United Aircraft Corp cap.5
U 8 Petroleum Co..
1
38%
3834
3834
422
63c
United States Steel com..*
6334
63c
75c
6334
692
1.25
1.25
200
5
5%
534
534
5
7
7
8
•
No par value
a
2nd
Jari
r
Cash sale—Not included
Jan
t
Listed,
Llq
Dlv
n range
63c
100
25
Warner Bros Pictures
Vlca Co common
1934
1,600
6134
West Coast Life Tnsnr
Pay
for year
Nov
444
30
1.25
Dec
2834
Dec
30
pref...*
2634
Mar
5
30
Title Guaranty Co
Apr
2634
28
6% pref. 100
Standard Brands Inc
:
2634
28
5%% preferred......25
South Cal Ed 6% pref...25
40
1.65
71
Feb
Jap
JaD
Nov
4
654
3.50
Jan
Mar
1.00
80
Dec
May
18
754
July
June
1134
Feb
Apr
Endorsed
b Ex-stock dividend,
* Ex-dlvtdend
v Ex-rlghte,
t In default.
Nov
1834
111
1534
Mar
Emporium Cap well Corp.*
Preferred
(ww)
50
1434
14
14%
535
934
Mar
1554
34
34
34%
170
Mar
37
Emsco Derrick <fe Equip..6
1134
1034
1154
1,420
2634
634
Mar
1154
Oct
4634
Feb
El Dorado Oil
Works
Ewa Plantation Co
cap..20
Fireman's Fund Ins Co..25
cap..2%
General Motors com
10
General Paint Com com..*
Gladding McBean A Co..*
1834
1834
35
35
35
8234
8234
83
9
Gen Metals Corp
4734
9
4734
20
30
June
90
62
Mar
954
400
6
Mar
4954
1,532
2554
2154
88
Oct
June
1154
July
Mar
5334
Nov
Sept
10
734
7
565
6
834
834
834
210
654 June
1234
July
July
*
634
634
634
1,669
234
Apr
754
Nov
*
Hancock Oil Co of Calif A *
Hawaiian Pin Co Ltd
*
1334
1334
1334
140
1134
Apr
15
July
4034
4034
4034
1.50
2534
Mar
44
Oct
18
18
1934
803
18
29 34
Jan
Golden State Co Ltd
Hale Bros Stores Inc.,
754
Dec
NOTICES
CURRENT
July
—F.
M.
Morris
&
charge
of
Mayer announces that Henry W. Byrne, formerly
and A. Iselin & Co., has become associated
Co.
trading
his
securities, foreign moneys
—The
nounces
Smith,
New
that
York
J.
he will
and blocked currencies.
department,
Stock
Pierre
where
Exchange
Bernard,
has been admitted as a
firm
of
with William
with him in
specialize in foreign
Charles
Clark & Co. an¬
Merle*
formerly associated with Dick &
general partner.
Dec.
Chronicle
Financial
3596
10, 1938
Canadian Markets
LISTED
Provincial and
AND
UNLISTED
Montreal Stock
Municipal Issues
Closing bid and asked quotations, Friday, Dec. 9
116
6s
Sept
15 1943
May
11959
121
June
1 1962
108
1095$
45$s
Jan
15 1965
116
1175$
99
1005$
96
975$
116%
122 5$
4 5$8
June
2 1969
Dec
6s
92
93
45$s
Mar
2 1950
93
4s
Feb
1 1958
1075$ 109
45$s
"
95
90
1 1941
16 1964
Aug
5fl.
May
1 1901
110?$ 111?$
90
Province ol Quebec—
16 1960
16 1961
Apr
Apr
4Hs
12
12
3
12%
-Mar
1 1960
109
108
115
117
Nov
13
4%
Mar
105$
7
7
639
7
Nov
14
Feb
100
38
40
20
35
May
40
Nov
Cottons pref. 100
100
100
1
95
Apr
985$
Mar
Montreal Cottons
Montreal
25%
Sept
31
Jan
27
27
47
27
July
28
May
58
58
58
30
56
Jan
62
Jau
30
—.
79
82
78
82
National Breweries...
16 1946
76
1 1951
Oct
79
Preferred
Nor ana a
Ask
Bid
6a
July
Ask
80%
112
42
41%
44
Sept
1 1946
97
97%
975$
985$
Power Corp of Canada
1 1960
92
925$
Price Bros A Co Ltd
1 1956
Feb
45$s.
114
1145$
117
1 1951
.Sept
45$a-
4?$s.
Ask
117%
115
1155$
GMb
122H 123 M
1 1946
July
725$
Nov
June
34
Aug
4*
Mar
84
Nov
28%
27%
285$
400
23
Mar
31
77
77
6
77
Nov
86
Jan
98
985$
41
98
Nov
ion
Tidy
75
8
Oct
July
1 1957
1155$
115?$
4a
Jan
1 1909
114?$
115%
3s
Jan
1 1962
5b...
Oct
1 1969
1185$ 119
118?$ 1195$
9
Sept
165$
Jan
17
185$
Mar
22 5$
Nov
55
56
65
34
Mar
63
Oct
*
17
16 %
18
805
14
Mar
19
July
*
4%
11%
4%
11%
45$
115$
3
Sept
9?$
Jan
Sept
175$
Feb
Anr
1021.4
Feb
Feb
125$
Power
Preferred
99
100
*
109M
98%
9, both inclusive,
97%
15
Week's Range
for
Sale
of Prices
Week
Price
Low
Range Since Jan. 1, 1938
Shares
High
5
100
Preferred.
110
10
50
110
15
2%
2%
21%
21%
Associated Breweries.
16 M
17
Algoma Steel Corp
13%
14
201
8M
9
705
Alberta Pacific Grain A..*
Preferred
100
Batburst Power A Paper A*
Bawlf (N)
Grain.
*
Preferred
.100
Bell Telephone
100
'~21h
8%
1.25
1.25
167 M
Brazilian Tr Lt A Power.*
~~3H
Canadian
Celanese
Preferred 7%
25
*
562
147
5%
July
Aug
•
Feb
4%
475
61%
25
Mar
3
2% June
50
38
622
9
.Apr
128
24
Apr
Shawlnlgan W & Power..*
16
Sept
23
July
*
13
13
13
130
10
Mar
17
June
100
100
110
110
47
108
Aug
112
8
225
7
Nov
105$
22
10
Sept
15
241
56
Mar
75$
.
12%
93
24
87
June
12
70
9
June
26
10%
20
16%
7%
20
2%
310
9%
228
30
.19%
4%
Mar
7
150
17%
10%
20
Oct
2
95
54 5$
Mar
11
30
Oct
15
Nov
Tuckett Tobacco pref.. 100
United Steel Corp
157
158
75$
150
Apr
160
July
Preferred
230
3
Mar
8
Nov
50
25
45
Apr
50
Mar
*
50
50
5
595$
Apr
65
Jan
108
108
Mar
110
Sept
Apr
3
Jan
Mar
2%
Winnipeg Electric A
*
B
Dominion Bridge
Dominion Coal pref
♦
26
Canadlenne
Dominion Glass
100
Nova Scotia..
Royal
Dom Tar A Chemical.—*
6M
Dominion Textile
Dryaen
*
5%
Jan
Sept
180
Oct
197
Mar
223
July
303
27
295
June
3105$
Aug
184
69
170
Mar
191 %
Jan
184
208 %
3
to
Dec.
Sale
Far
Stocks—
,
Dec
Dec
June
June
Abltlbl Pow A Paper Co..»
6% cum pref
100
Pref ctfs of dep
7%
cum
Brewers A Distof Vano ..5
Jan
Brit Amer Oil Co Ltd
2,331
5%
6H
Mar
13%
July
Sept
66%
Oct
45$
118
1,361
17
Mar
563
10
JaD
Calgary Pow 6%
93
92
93
cm pf
100
Canada Vinegars Ltd
Can Breweries Ltd
Mar
20%
Dec
1.45
20
*
11
Mar
23%
Nov
Cndn Marconi Co
1
90
68
June
91
Dec
Cndn Pow & Paper Inv
Nov
5% cum pief
Can Vlckers Ltd
*
*
90 •
34 M
36
730
21
Mar
39%
17%
625
15
Sept
20
96%
June
110
Nov
Feb
150
May
Cndn Westlnghouse Co
July
Cndn Wineries Ltd
15
3,574
170
1
145
8%
1,257
; 163
58
150
6%
65
4
4%
Sept
Sept
1654
10
Jan
May
70
Jan
r%
cum
—
145$
14?$
580
11 h
Max
17
July
32 M
32%
105
24
Mar
34
24
45$
52
20
45$
105$
,
•
145
155$
.
Nov
116
Nov
4?$ June
Jan
5?$
7?$
Feb
Oct
22
145$
Aug
88
Aug
30
Oct
36
Jan
112
Oct
Feb
165$
25$ June
22
June
Apr
8
95c
85$
Mar
Mar
1.65
July
Jan
2
Jan
9
May
35$
Sept
3
Mar
125$
Nov
Nov
50
18
Mar
50
20
52
Dec
52
10
2
May
35$
Apr
1.60 May
2.00
Mar
1.85
July
Celtic Knitting Co...
*
•1.75
1.75
25
Commercial
*
1.15
1.30
1,510
1.30
,
52
35$
Alcohols
1
44
•.
35$
45$
45$
4 5$
165$
16>$
6%
"""65$
35$
*
l
100
8
42
Commercial Alcohol pref.f
Electrolux Corp
Apr
1.00
62
Consol Paper Corp Ltd.
Cub Aircraft.
Apr
Oct
Sept
75c
42
Consol Bakeries of Can
Sept
55C
1.00
145$
170
*
Jan
75c
220
20
2.50
_.*
Jan
5
"85c
JaD
200
1.10
100
pref
Jan
■-85c
85c
8
103
1.45
1.10
1.10
84?$ June
23
Sept
27?$ Sept
Oct
1405$
Oct
145$
20
9
1.25
5%
85c
_.*
79
85
45$
32%
'
1.35
8H
Mai
5%
X*
Eastern Dairies
1,136
32%
109
145$
*
13
285$
325$
109
*
21%
6
28
28
109"
*
Preferred
16
12
Sept
135$
400
101%
25$
1,446
Apr
215$
305
150
June
45$
195$
11%
Mar
2
13
20%
Ian
47
215$
Canada & Dom Bug (new) *
45%
835$
110
45$
Canada Malting Co Ltd..*
Can Nor P 7% cum pf.100
439
110
962
107
13
Jan
1,396
235$
215$
*
Mar
8%
July
British Columbia Packers *
10%
85*
61%
8M
33
3
Jan
Jan
Dec
0
20
4
235$
235$
3
Nov
Mar
Oct
25
3
32
Mar
30
35$
Mar
Mar
Dec
3
Bathurst Pow & Paper B_*
Beauharnols Pow Corp
*
1%
22
3
July
Jan
25
1385$ 138 5$
18%
July
2,204
101
Mar
Mar
23
104
...
95$
4%
22
1385$
7%
18%
5
High
Mat
21
"235$
ArDestos Corp Ltd.
6
Low
1.00
2,810
22
21
*
Aluminium Limited..
50
Range Since Jan. 1, 1938
for
Shares
2?$
*
July
July
July
25$
25$
.100
pref
16%
68%
4%
Price
Week
of Prices
Low
High
100
41
Sept
Sales
Friday
Week's Range
Last
Mar
Mar
Nov
both inclusive, compiled from official sales lists
9,
Mar
1,50
166
Montreal Curb Market
Dec.
106
450
62
62
160
159
ino
.
Sept
101
11H
2
303
*
65
June
95
174
2085$
June
100
1.50
1.25
297
164
174
205
9
160
1C0
132
100
17
CoaJ B 25
1.60
108
517
162
100
90
100
Preferred
Dominion Steel A
2.00
1.60
100
Commerce ..2
Montreal
88
8
20
17
6
1.75
1.75
♦
35
2%
5%
20 M
~3~5%
6 5$
65$
Banks—
862
690
Oct
50
15
58
100
27
755$
69%
.100
Viau Biscuit pref
102
2%
Oct
68
11
32
67
Jan
725$
3,561
1,160
2M
Oct
June
Feb
1651
Dec
16
July
68
♦
Jan
Jan
July
585$
-.100
Cndn General Invests
„*
Distillers Seagrams
*725$
125$
140
...25
Tooke Bros pref
Ndv
110
Jan
10
250
39
19 %
Crown Cork A Seal Co
75$
12
Dec
73
Oct
62
Sept
7
2 M
,
Aug
128
July
67
8M
July
2 75
20
Mar
5%
5%
13M
59
11%
Sept
Sept
15
8
25
6%
1.00
65
Nov
16%
Sept
101
2M
July
20
Dec
15M
30%
31M
6%
205$
720
July
8%
"l6%
.
Cockshutt Plow
new
Dec
14%
38
#
.
Con Mln A Smelt
13%
33%
2M
2M
95$
Canadian Cottons
Class B
Dec
168%
10%
*
Canadian Locomotive—
Canadian Pacific Ry
July
17
Mar
16 M
..ion
100
Canadian Indus Alcohol-
July
28
Sept
20
16 M
*
Canadian Car A Foundry.*
Preferred
26
5
Jan
Apr
12
Canada Iron Foundries. 100
60
Mar
92 M
92 M
Canada Forglngs class A .*
Class B
*
(new). *
.
11%
7%
8%
Canada Steamship
Preferred
2
12
250
15
60 M
Canadian Bronze
Jan
Nov
25%
♦
Can North Power Corp..;*
11
110
1,870
*
100
Feb
Apr
Aug
6,130
Building Products A
Preferred
June
9%
106
27%
2%
Canada Cement
Dec
Mar
Mar
1,921
Western Grocers pref. .100
3%
B
103 5$
2%
8%
95
215$
128
"42"
.
26%
2%
26 %
Bruck silk Mills
5
High
7
10
167M 168%
10
9%
9%
British Col Power Corp A. *
60
630
16
43 5$
Western Grocers Ltd
95
375
1.25
15
15
Low
60
10
Agnew-Surpass Shoe
5
110
Acme Glove Works...-.
90
1,435
45$
145$
'
40
Preferred
Sales
Last
Par
50
105$
20%
Paper pref 100
Steel Co of Canada
Exchange
compiled from official sales lists
Friday
Stocks—
5
75
205$
St Lawrence
Preferred
Montreal Stock
Dec.
1,545
99
4
4
60
preferred
13
1035$ 1035$
100
Saguenay Power pref
bt Lawrence Corp
Simon (H) & Sons..
*
Southern Canada Power.. *
to
785
Mar
335$
17%
St Law Flour Mills pref 100
108
1 1962
July
3
9
Feb
Sherwln Williams of Can
Grand Trunk Pacific Ry-
45$e.
Dec.
875
67
55
*
Regent Knitting
A
6s...
5b...
Mar
24
*
100
5% preferred
Canadian Northern Ry—
Canadian National Ry—
31
2
7,248
Ottawa Electric Ry
1 1954
July
Bid
Oct
25
9
Dec
Ask
Aug
44
80
100
Rolland Paper v t
Bid
Feb
43
Mar
78%
64%
Ottawa L H A Power—100
Quebec
89
Sept
38
25
64%
*
.*
4Mb
Bonds
Dec
34
44
"78%
4Mb
Dominion Government Guaranteed
70
100
425$
44
Mines
Preferred.
112?$
71
1,385
70
70
70
3,823
305$
25
_
6s
80%
1015$ 1025$
94
93?$
30
*
Oglivie Flour Mills
Canadian Pacific Ry—
15 1942
16 1944
I 1944
Sept
Dec
July
27
Mont LH &P Consol
...June 16 1943
45$s
Canadian Pacific Ry—
4mb
Nov
12%
795
...Nov
Railway Bonds
4s perpetual debentures.
Sept
130
65$
National Steel Car Corp..*
6s
14
125$
Niagara Wire Weaving
Bid
High
June
9
6
5s
16 1962
Low
15
_•
*
Laura Secord
5 5$ s
Prov of Saskatchewan—
1035$ 104 5$
Sept
6s
*
Telegraph
40
Montreal Tramways—100
Province of Nova Scotia—
45$8
Lang & Sons (John A)
Range Since Jan. 1, 1938
for
Shares
Montreal
1065$
105
Price
Par
Week
Montreal Loan A Mtge._25
Prov of New Brunswick—
4 5$8—
110
1095$
of Prices
Low
High
Range
Stocks (Concluded)
Massey-Harris
McColl-Frontenac Oil
Province ol Manitoba—
Week's
Sale
Ask
4s
1 1963
Sales
Last
1105$ 1115$
57 5$
f56
12 1949
July
..Oct
4 5$s
1 1942
Oct
5s.
Prov ot British Columbia—
6s
Bid
Provlnoe of Ontario—
61
5s.
1 1966
Oct
45$S
59
l 1948
Jan
6s
Ask
Bid
Provlnoe ol Alberta—
Exchange
Friday
3
90c
Mar
Dec
140
4
Mar
5$
Jan
90
13
May
16 5$
Dec
Mar
95$
Oct
Dec
35$
Nov
4
Nov
Paper
East Kootenay Power
English Electric A
M
7%
Gatlneau Power
13%
Preferred.
14
89
100
7M
July
David A Frere Ltee A
*
16
July
Dominion Stores Ltd
*
5?$
Mar
14%
Oct
*
55$
89%
Nov
Donnacona Paper A
Donnacona Paner B
123
75
230
3
June
5%
Aug
5
Mar
10V$
July
EasternDalries7 % cm pflOO
Fatrchlld Aircraft Ltd
5
155
45
Mar
04
Nov
Fleet Aircraft Ltd..;
60
53
June
585$
Oct
10
5
Mar
8%
June
190
4
Mar
5
June
U%
Mar
81
81
Goodyear T pref lnc '27.50
56
56
.
...
Gurd, Charles
40
Gypsum Lime A Alabas_r*
Hamilton Bridge
*
Bollinger Gold Mines
Howard Smith Paper
Preferred
*
*
Mar
7?$
July
"4%
45$
35
3 5$
Apr
75$
Jan
July
215$
22?$
870
15
16
535
9
Mai
155$
165$
925
in
Mar
215$
July
Frelman (A J) 6%cm pflOO
38
38
15
37
Mar
39
Aug
Goodyear T & R of Can.. *
79
79
5
64
July
655$
9
25
90
Ma'
98
Feb
20 %
Mar
35
Nov
June
*
Ford Motor Co of Can A. *
Fraser Companies
»
Hydro-Eleo Sees Corp
...
*16"
*
Ltd
Voting trust ctfs
155$
45$
*
45$
100
5$
14?$
35$ June
Sept
15
July
245$
Nov
20
Aug
45$
205
10
Intl Utilities Corp A
*
75$
75$
75$
5
6
Mar
95$
International Utilities B.
I
55c
55c
60c
400
60c
Sept
1 00
13
Intl Paints 5% cum pref.20
13
Dec
85$
Jan
Mar
Jan
18
3
50
Mar
670
Sept
53$
3
13
820
July
4
35
96
85$
Apr
740
1,485
33 %
Jan
Mar
475
15
32 M
8?$
3 5$
6
6
96
5$
4?$ June
660
11
5%
12
12
~32
3
235
45$
55$
6
.100
Hudson Bay Mining
15
260
5?$
6
15
10?$
6
9%
155$
3
6
5%
14 %
1,210
11
5%
6
*
390
35$
3?$
55$
11
Mar
7%
8
5,199
5%
55$
14
Jai
8%
4
100
Preferred...
.
'
"~7%
*
Mar
89
4
Rights
General Steel Wares
_
10
12
13%
.
650
105
7%
12
Foundation Co of Canada*
..
15
Oct
Apr
Sept
Dec
Jan
Aug
Jan
._*
165$
16%
17%
3,857
14%
Sept
1954
Feb
Imperial Tobacco of Can.5
15M
15%
7%
15%
4,408
13%
Jan
1554
July
Lake Sulphite Pulp Co
*
35$
35$
25
254
Sept
12%
Jan
7%
50
7
May
7%
Oct
Mackenzie Air Service
*
70c
70c
100
40c
Mar
1.45
July
~3~1%
31%
31%
25
23
Apr
32%
Nov
145$
270
7
Mar
52%
52%
54
2,367
37
Ma'
."8
Oct
Massey-Har5% cum pf 100
145$
505$
51
130
325$
Apr
03
July
23
23
210
17
Nov
23
July
McColl-Fron 6% cm pf. 100
92
92
85
87 %
Jan
101
July
25%
26%
140
24
30
Oct
147
1.35
Oct
25%
26%
2,402
22
Apr
Sept
2%
2%
10
Imperial Oil Ltd
Preferred
£1
Industrial Acceptance
*
Intl Nickel of Canada
*
Intl Bronze Powders
Intl Bronze Powder pref
Internat Pet Co Ltd
*
25
*
International Power.
Preferred...
Lake of the wnods
"§65$
26
*
*
Sept
15%
Melchers Distilleries
3154
Mar
Melcher*
5%
Aug
Mitchell (Robt) Co Ltd
77
100
.
2%
MacT.aren Pow A Paper.. *
77%
25
74
Mav
84
15*4
490
10
Sept
1854
Oct
•No par value.
1.50
*
Distillers Ltd pf*
Feb
15%
145$
*
6?$
16
6?$
155$
1.55
7
165$
200
5
155
7%
Sept
Marl
18
2?$
75$
21
Nov
Feb
Nov
Aug
Volume
Financial
147
3597
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Last
Shares {Concluded)
S3
of Prices
Low
High
Price
Par
Mtl Refrlg <fc Stor vot tr
Week's
Sale
Range
1
13
Low
Shares
13
*
5
100
78
May
Apr
2
Paton Mfg 7% cum preriOO
100
Jan
100
Jan
102%
Dec
100
Jan
Beattle Gold
100
100
100
121
6% ncpartic2dpref..50
Provincial 1 ransport Co. *
45
45
_
pf 100
Walkervllle Brewery
*
1.45
1.35
50 %
(H) Walk-Gooder & Worts*
Walker Good A Worta(H)*
50%
43%
Oct
50
5%
127
45
30
4%
104
7%
4%
May
June
19%
3
168
1.10
Apr
2
July
Mar
54
Nov
6,050
41,847
16
340
17%
May
20%
Nov
*
lc
Big Missouri
26c
.1
Blltmore Hats
Blue Ribbon
*
pref
••
-
Beaulor Gold
1
Sept
1.50
6%
Sept
Big Missouri Mines..
1
20o
20c
..1
613
2
Mar
249
146%
Mar
27c
26,350
20o
Feb
26c
2,000
10%
Mines—
8
100
33
21c
•
Bo bio Mines
33
30
20%c 23%c
44,200
10%
10%
4,275
24
1
10c
10c 10%c
Brownlee Mines (1936)
Capitol-Rouyn Gold
3%c
23%
1%C
1
lc
3%c
27
lo
Apr
Sept
2%c
Aug
12c
33o
Feb
Broulan-Porcuplne
25c
Sept
57c
Jan
British Dominion Oil.
*
5%c
Sept
15c
Oct
Brown OH
»
June
10c
l%c
Feb
3.20
2.20
1
13c
1
2.60
2.44
2.69
23,475
1.05
JaD
2.69
Dec
35
Mar
Eldorado Gold M Ltd.
1
2.32
2.37
2,970
1 40
*
5.20
5.40
121
4.25
Sept
Sept
3 25
Falconbrldge Nickel
6.95
Jan
Francoeur Gold M Ltd
*
24c
24c
700
2()C
Sepl
55 %c
Feb
Inspiration Mln & Dev
1
40c
40c
1,100
35c
July
45c June
7c
7c
2,030
7c
Sept
15%C May
1
Macassa
1
Mines
49%
Montague Gold
1.26
Pamour-Porcuplne
45
1,538
80c
Oct
Canadian
Canadian Breweries
2.90
Mar
4
Oct
Canadian Cannera...
1.37
62c
1.80
May
2.70
2.65
Jan
Jan
Jan
1.59
2,750
1.00
Sept
1 77
5.10
5.05
5.10
300
3 90
Mar
5.30
Nov
1
13%
13
13%
820
13
Nov
17%
Feb
Preston-East Dome...... 1
1.42
,1.42
1,450
Mar
1
93
Aug
1.40
1
.1
....
Preferred
40c
Sept
100
5c
Sept
42c
Jan
11,000
3%c
Apr
7%c
Nov
300
17c
Oct
18%C
Oct
Cariboo Gold
15c
1.21
Sept
1.48
May
1.18 Dn
3 40
Jan
Sept
1.39
Mar
1,000
1
1.30
1.25
1.35
5,816
91 %C
1
1.21
1.18
1.41
26,065
Sladen Mai......
1
75c
75c
82c
8,000
Stadacona
*
52c
50c
54c
37,081
29p
Sept
1
85c
85c
86c
2,950
65c
Sept
San Antonio Gold—
1
Slscoe Gold Mines Ltd
—
.
(new)
Sullivan Consolidated
50c
1.89
78c
1.23
Mar
3.30
3.30
550
2 60
Sept
3.60
Feb
""4%
4%
4%
625
4 30
Sept
5.60
Jan
25%c
25c
28c
15,210
17c
Sept
49c
36C
o36c
700
36c
Dec
60 %c
5.30
80
4.05
6.40
*
8.05
8.00
8.40
2,800
3.85
Sept
Sent
"9.45
20 %c
19c
21c
9,800
13C
Sept
43c
Jan
*
8.10
8.00
2,655
6 55
Mar
8 10
Walte-Amulet.
Cad.
Wright. Hargreaves
8.10
Jan
1.10
1.18
1.00
100
1.51
Sept
May
*
1.18
28c
28c
28c
1,000
22 %e
Sept
58 %c
*
2.22
2.07
2.22
4,300
1.67
Sept
3.10
Jan
..1
Brown Oil Corp.
32c
32c
32c
20c
Sept
46c
Feb
45c
32c
45c
2,500
12,700
Dec
7()c
Jan
-
........
Calgary & Edmonton
Calmont Oil
Dalhousle Oil Co
...
32c
Apr
*
30C June
65 %c
Mar
13c
13c
13c
700
13c
Dec
16%c
1.17
Co..
1.75
58,745
88C
Sept
1.75
1
lc
Dec
lc
*
1.00
Sept
2.20
Dec
51c
32%
Sept
1.06
1.30
20c
16c
20c
37%
41%
840
Ltd__25c
Royallte Oil Co.....
49
Dec
115
47
July
67
20
60
15
June
22
Jan
38
70
25
Oct
50
Nov
1.50
425
20%
102
4%
14%
18%
Mar
184
Nov
4
Sept
6
Aug
315
16
Apr
19
July
191
30%
36
995
18%
Mar
36
20
21
Sept
35
•
20
7%
24
2%
160
7%
35
89c 94 %c
89c
2%
7%
2%
5,300
14
15
1.80
6
"2.35
2.35
8%
Jan
Apr
3%
July
2.60
Aug
3.20
Feb
2,40
850
11,670
7,000
3,934
1.65*
Jan
1,85
Sept
6%c
Dec
2.55
70c
1.19
1.28
47c
46c
50c
8%
8%
8%
635
47c
45c
47c
28c
28c
4,400
3,300
45c
28c
19c
3%c
3%c
25
3%c
1.45
1.50
2,906
1.00
Dec
Sept
1.84
15
16%
264
11%
Mar
17
22c
1,400
20c
Mar
58%
61%
175% 178
2,628
»
"L50
Bakeries
,
Chlbougama
22c
1
"59"
Smelters
43,100
5,400
95o
Oct
Sept
1.73
July
35c June
80c
Aug
Mar
13%
July
Dec
85c
Mar
bept
43c
Jan
5c
Apr
63c
7
Sept
45%
Crows Nest Coal
Dark water
Dome Mines
173
Sept
199
Jan
100
27
Oct
38
Feb
6%c
500
43c 126,092
42c
31c
18c
17 %c
19c
4,400
19%
31%
21%
4,355
3,004
1
Distillers Seagrams
(new)
"204"
32%
Sept
Sept
46C
Mar
23%
Nov
27% June
34%
Aug
Sept
20
100
11
Apr
370
16
Sept
50
291
25%
Jan
32
32
32
40
29
Apr
33
11%
11%
12
Sept
5%
2,166
1,080
8%
5%
4%
June
...
6%
100
4%
Mar
10
8,950
6o
Aug
26c
Mar
8%c
9%c
13,100
5c
Sept
15C
Jan
2.70
99,575
2.45
1.05
Mar
Apr
107
Oct
Mar
65
Dec
24
37
8
Feb
34
Nov
"
65
29
125
2.32
2.32
2.40
20,230
1.38
Aug
Sept
6%
161
5%
Mar
26%
Sept
130
2,475
4,25
Sept
6.95
Jan
1,991
14%c
Sept
22%c
Nov
15c
19,800
ll%c
Nov
26c
Auk
24,100
1,900
3 %c
May
8c
Sept
30c
1,000
9c
Nov
25c
A r»r
2,000
3c
Sept
20C
Feb
Mar
24%
Oct
8c
Sept
Sept
22c
Apr
53c
8c
7c
8c
14c
14c
ni%
10%c 10%c
6c
22%
2,532
14%
12c
12c
23c
23c
25c
1,500
3,900
20c
13%
13%
384
88%
....
89%
45
21%
,
13%
Sale
Far
Stocks-
Price
of Prices
High
Low
28c
2%
2%
20%
20%
6%
preferred-
—
Alberta
I0o
Mar
8%
Mar
33
Sept
14
*
7%c
6c
7%c
2,6.50
3%c
3%c
4%c
10,300
6
l%c
4%
21 %c
Mines.
24c
58c
Goidale
May
Oct
60c
22
A P Consolidated Oil
1
22c
Aldermac Copper——
*
45c
Gold Mines—_—1
14c
22
22
10
10%
Jan
29
Aug
22c
945
12%c
36% C
Jan
50c
18,000
28c
Sept
70c
Feb
Granada M lnes
47,900
7c
Sept
33c June
95 r
Mar
1
1.20
1.05
1.20
15,100
65
3.15
3.15
3.25
382
2.60
Sept
4.15
12c
15c
6,100
lie
Kept
33c
Mar
8%c
8%c
9%c
10,290
Mar
16%C
79%
56
251
51%
Mar
58
2%C
Sept
4c
1,950
Sept
7c
Aug
Bank field
Cons
I
25%c
36c
24,100
17c
ll%c
1,5.50
IOC
30C
25c
30c
100
240
242
23,450
14
195
Mar
2
208
302
207
44 c
5c
3%C
9%c 10%c
5%c 5%c
"9%C
285
June
17
Feb
Grull Wihksne—
Jan
Gunnar
Feb
222%
July
310
Halliwell Gold
240
38
222
May
240
Feb
No
par
value
11%
1
""eoc
6
5,500
6%
17
50
6%
167
335
10
105
12
12c
81%
6%
17
Feb
14c
Aug
lie
Jan
Dec
9%
23%
Oct
Oct
July
Sept
13
Sept
33
Jan
* Oct
17
Dec
4%
9
9%c
Mar
c
14
Jan
June
Sent
Dec
5c
4%
Feb
Nov
,,
4c
500
2%c
Oct
10c
Jan
60c
61c
3,400
480
Sept
1.09
Mar
5%
7%
6
510
4
Sept
8%
Jan
8
4,500
Nov
9%C
Nov
4c
1
——1
Gypsum Lime A Alabas..*
Oct
•
•
—...
Gold
16
12
Greening Wire
03
1
6%
6%
Great Lakes Paper voting.
3,100
6,200
17%
6%
17
27c
Dee
Dec
205
Bank of Toronto
Sept
33 %c
302
100
2c
10c
33 %c
Bank of Nova Scotia—100
Bank of Montreal
ftc
Oct
Apr
2c
"
Oct
3%c
40C
52
Jan
14c
Dec
335
Jan
*
1
Ashley Gold
1
Astoria Quebec Mines
1
Auglte-Porcupine Gold—1
Bagamac Mines....
..1
Jan
July
3,500
....
Apr
Mar
60c
4c
Gran dor o Mines
Oct
40% c
10c
Graham-Bousqet
45c
July
Mar
8,539 ~14c
30c
June
7,700
8c
Dec
8,700
3c
55
Oct
Oct
5C
8c
f
1ft)
68c
8c
78%
22c
Anglo-Can Hold Dev—-*
Anglo Huronian
Arntfleld Gold
32c
Jan
May
Dec
3%c
Goodyear Tire pref
12 %c 14%c
Sept
Sept
2c June
25 %c
*
Mining
Goodyear Tire
100
4%
10%
90
......l
Gold Eagle—
Goodflsh
Mar
5c
5,500
24,408
Oct
7c
June
July
Pacific Grain-
Preferred
A mm
1.00
---1
Acme Gas A Oil
Alton Mines Ltd
"2,745
970
2%
23
24,300
11c
2%c
14%
Sept
5
10c
High
God's Lake
AbltlbL—-
20
25%c 30%c
10%c
Glides Lake Gold
Low
90
8
2%c
Week
Shares
3%
3
7%
7%
14o
Apr
Mar
7
74%
3%
Rights.
General Steel Wares
Mar
5.75
22
14c
10%c
Jan
3.25
32%
5.50
21%
12c
..
Dec
99
54
27%
5~60
2.70
15
25
22
Jan
104
104
Eldorado...—.........
Range Since Jan. 1, 1938
for
Jan
6%
8%c
65
Sales
July
7c
2.59
Exchange
Range
Oct
16%
8%
6%
1(
both inclusive, compiled from official sales lists
Week's
Feb
Nov
9%c
,
A
19%
7c
...
FederaJ-Kirklana.
Jan
Sept
56
12c
Last
216
189
17%
49
21
Mar
'
"49%
Dominion Foundry—...
205
204
Feb
23 %C
73
5c
17
Toronto Stock Exchange, Montreal Curb Market,
Friday
Nov
66%
149
'
9,
Feb
30
19%
Petroleum
Denlson Nickel Mines
Ford
Jan
Nov
42c
6%c
29
5c
Dec.
15c June
25c May
29
178
Canada Permanent Building, 320 Bay St., TORONTO
to
i
7%c
'
3
Jan
Mar
60c
...
32
Dec.
16
Sept
5
2
1.23
Coekahutt Plow
Dalies
Feb
10
2.37
Chromium Mining
McCarthy
Toronto Stock
1.28
6%c
7c
Chestervllle-Larder Lake
Consol
Jan
July
130
5%
3
27%
Canadian Commodity Exchange
Jan
10
Sept
6%
Members:
Dec
4%
Sept
June
65c
July
1,580
355
15
5%
5%
East Malartlc..
Mara &
Jan
18%
70c
Eastern Steel pref
"
9
Apr
Mar
2.52
Consolidated
Aug
21%
Apr
157
155
6%
7%
'
East Crest Oil
CANADIAN STOCKS
2.60 May
Sept
77
175
18%
90c
2,410
July
on
Mar
58
17
..
furnished
July
7%
.1
Dorva; Slscoe
Statistical Information gladly
16%
15%
31%
Apr
1.30
1,900
1,000
1,700
Apr
7%
Jan
16c
lc
*
OkaltaOlls
lc
41%
Hunter Valley Oil..
Prairie Royalties
4,000
6%
16%
Central Porcupine..
1
Chemical Research......1
Dec
36c 42 %c
42 %c
Foundation Petroleums
116
.
Aug
1.70
Davies Petroleum
9
3
Consumers Gas
Anglo-Canadian Oil
June
19%
"l8%
25
Central Patricia
Cons
Oil—
4%
170
*
P R
Nov
.1
Ventures Ltd
Mar
4%
Aug
Towagmac Exploration. .1
May
2
140
18
"20 "
Feb
5.30
1
.1
C
Jan
128
225
1.50
Oct
Sylvanlte Gold.1
Teck-IIughes Gold
Thompson Cad.,:
Canadian Oil
Jan
13
2%
.
35
170
Oct
May
27
57
M'- 4»*
4.
"36 "
*
Canadian Wineries
Feb
12c
1.04
Sherritt-Gordon
Malartlc
7c
1.21
St Anthony Gold..
Jan
Canadian
7c
65c
265
Canadian Locomotive. .100
60c
200
34%
Jan
2%
"58"
«,
25
7c
6%C
Jan
9
Canadian Dredge-...:
*
Cndn Industrial Alcohol A*
50c
._.*
Red Crest Gold
72c
*
6%c
.1
Quebec Gold.,
Reward Mining.
1.56
1.56
1
13
*
Canadian Cannera 1st pf 20
2d preferred
*
Can Car & Foundry
*
Feb
Pickle Crow Gd M Ltd—.1
Placer
Mar
138
*
2,700
200
Development
Bakeries preflOO
4.45
Apr
7
2%
*
60
Cndn Bk of Commerce. 100
Sept
Perron Gold Mines Ltd
140"
.100
Canada Steamships
JaD
14c
690
160
Canada Permanent
Jan
1.55
: 9
8%
8%
Jan
20c
1,050
July
62c
Mar
5.40
5,900
7
72
Aug
17c
Sept
May
20
Sept
,2.20
3
36
5c
16c
250
Nov
2.10
2.10
4
Mar
200
16c
4
Sept
4,295
2.10
19 %c
16
5c
80
1.55
22,150
58
*
1.40
17,400
40c
15
....*
Mar
Jan
3.10
2.24
25
Canada Wire B
53
May
Sept
Dec
Nov
16%
Canada Wire A
6 50
Mar
38
28%
Dec
71
Jan
Mar
28
15
Jan
22c
Sept
35
16%
Nov
3.50
35%
7%c
25
64
28c
4.
+
2,300
Dec
71
Preferred.
220
9%c
38
Feb
8%0 May
62
Apr
34
2.80
1.80
17%c
Sept
37
2.05
*
Jan
1
Pend-Orellle MAMCo.J
Sept
1%C
331
Canada Packers
4.35
.-•-*
10 %c
14,600
Oct
Canada Malting
...»
Canada Northern Power..*
Feb
1,355
J
«,
_*
1.50
Pato Consol Gd Dredging 1
Cad-.
Canada Cement....
58%
5.50
200
*
Preferred
2.60
990
15
:
Mar
51%
1.26
Canada Bread
5c
1
Gold-.
,
......
Sept
99c
1,900
25
........
2.60
1
O'Brien
1.28
49%
5.40-
51%
Mclntyre-Porcuplne—n
5
McKenzie-Red Lake Goldl
Apr
39%c
Sept
Lake Shore Mines
72c
26%
•
Calmont Oils
June
3c
1.20
Mar
35
<4
Calgary & Edmonton
Sept
27%
no; 400
49
U
«.
Burt (F N)
1.90
1,077
9c
Kirkland Lake Cold—1
46c
8c
M
*.
Aug
500
32%
8c
—
Jan
5
*
50
Nov
2.53
31%
8c
Jan
July
July
70c
14%
Mar
2.45
"32 %
34
Jan
*
Building Products...
22
15c
2%c
Bunker Hill
Mar
Sept
68 %C
62
Burry Biscuit pref
Feb
16%
26
Sept
Sept
2%c
Jan
July
7%
6c
60%
Feb
Nov
14%
Sept
20o
2%c
15c
Apr
Mar
24%
7%
4
1,500
51,400
61
62c May
21
30c
*
9%C
Dec
7%e
i
JaD
Nov
10%
22c
Buffalo-Canadian
Dec
31%c
7%c
—
29c
Buffalo Ankerlte
Sept
Mar
Sept
70c
-4
Jan
5c
Jan
7c
7,75
69c
Feb
18c
Mar
34
5
30c
1%C
Jan
11%
Sepl
Nov
1
...
58c
Sept
45c
1.27
•
Gold(New)
Preferred
Sept
2% June
"
.....
10
21c
6%
25
5,000
Nov
800
Feb
46c
Sept
4,000
Nov
50c
2%
3c
18,100
Jan
5%
168
2%
-
1
70c
6c
Jan
46c
*
...
22 %c
1
J-M Consol
B
,
400
90c
24c
2.33
150
21%
*
Dome Mines Ltd
East Malartlc Mines..
2,908
27%
*
Brit Col Power A
6c
1
21%
27
British American Oil
Jan
Duparquet Mining Co
Central Patricia Gold
21%
Oct
21c
1
1
131
69c
22c
Cartler-Malartic Gold
Central Cadillac Gold
4,914
4%
1,800
25
90c
10%
4%
»
Mar
3%c
25
90c
160
9%
4%
~
2,205
3%c
1
Bulolo Gold Dredging
5
Cndn Malartlc Gold.....*
24%
9%
6
Brantford Cordage pref.25
Brazil Traction
...»
Sept
20c
Bouscadiilac Gold-.
Nov
15
8
59
14c
1
:
„
July
Oct
95o
85
3%
25%c
'
*
"33"
..50
3,100
l%c
13c
A lexandria Gold
Arno Mines
39
4,540
25c
34c
4,314
45c
Sept
168%
167
5,000
lc
Jan
Sept
20c
'
3,000
2,000
49c
lc
48c
*
High
40
June
7%
25c
-.1
30
1.35
2%
•
Bldgood Kirkland
32%
31
7
Bell Tel Co of Canada. 100
150
20
48c
Home Oil
1.31
*
;.*
Beauharnols
Mines—
Wood
1.35
28c
26%
Nov
660
1.45
51
28c
_
Low
20
35
"27%
July
Aug
Oct
109
35
Shares
Brewers & Distillers
Aldermac Copper Corp
Pandora
*
Aug
101%
Sept
Bralorne
*
pref
cum
108
108
Sou Can Pow 6% cm
Mar
92
55
6%
4%
108%
4%
Quebec Tel & Pow A—...*
SI
50
Beatty Bros A.
6%
Week
35
Bear Exploration & Rad.. 1
1% May
14
Power Corp of Canada
6% cum 1st pref
for
of Prices
Low
High
Price
Par
Barkers Bread pref
Base Metals Corp
Jan
13%
Stocks (Continued)
High
1
86
102% 102%
pref
Range Since Jan. 1, 1938
Week's Range
Sale
Range Since Jan. 1, 1938
for
5
*
Page-Hersey Tubes Ltd..*
cum
Sales
Last
Week
1
Exchange
Friday
Sales
Friday
-*
7%C
3598
Financial
Chronicle
Dec.
1938
10,
Canadian Markets—Listed and Unlisted
Toronto Stock
Last
Sales
Week'* Range
Sale
Stocks (Continued)
Halcrow-Swayze
Harding Carpets-
Par
Price
of Prices
High
Low
214c
1
.
Toronto Stock
Exchange
Friday
214c
for
Range Since Jan. 1, 1938
Low
1,000
2c
Oct
420
2H
24,385
1.10
Jao
9?*c
Barker
9c
914c
11,900
7c
Hedley-M ascot Mines
1.35
1.30
1.35
1,700
15c
5,700
1
High wood-Sarcee.
3
12c
15c
*
Hinde A Dauch
*
505
15
1514
Bollinger Consolidated..-6
"UH
14?*
15
—*
1.70
1.15
24c
21c
24c
27c
31c
38,500
32
3314
2,095
68
69
Homestead Oil
...
1
Hudson Bay Mln 4 Sm._*
Howey Gold
Huron & Erie
32>*
...100
100
20%....
Imperial Bank
lOo
*
5
Imperial OU
Imperial Tobaooo
"~SH
814
210
10%
10%
25
Sept
17c
Mar
Silverwoods.
1.00
Sept
1.40
5c
Sept
Inter. Metals A
20%
57
6%
190
OH
6U
7714
10
—
Simpsons pref
Dec
3.40
JaD
49c
Sept
1.38
Mar
Sept
Sept
Dec
Slave Lake--..
--1
6?*c
6?*C
7c
8,000
6c
Sept
37c
*
45c
45c
45c
1,800
25c
Sept
3c
2 He
3c
4,000
2?*c
Nov
52c
50c
53c
29,983
28c
Sept
2
1.75
35
Nov
Spy Hill Royalties
Apr
75
Aug
Stadacona
34c
May
10
Mar
215
Oct
,
Oct
June
98 H
25c
Preferred...
2?*
25
15?*C
Jan
Sudbury Basin
*
2.60
2.51
2.60
760
1.65
Sept
3.80
Jan
May
90c
5,060
1.26
Aug
2%
25
83
Jan
Nov
Sullivan
Nov
Supersllk A
Oct
105?*
Preferred
1
37
Mar
58
26 y8
26
2614
2,714
22
Mar
31?*
5
9?*
Sept
Tarablyns
60c
July
Teck
•
714
714
507
70c
1,000
40c
May
Sept
Mar
Mar
8c
8c
Sept
1.75
1.93
2,500
33,724
7c
"l"S4
1
16c May
25c June
2.50
60c
60c
Aug
1.23
1.20
1.28
1,040
17,508
50c
......1
88o
Sept
1
6?*c
614c
7c
16,336
8?*c
Dec
1
49 %
49
1,484
44%
Sept
58?*
17?*
..*
4954
60c
1.50
59c
Aug
Dec
Jan
Mar
Toronto Elevators
Feb
Union
Oct
50
10%
Sept
314c
2,000
2c
Sept
5c
Feb
7.00
299
6,90
Dec
7.30
Nov
24c
Sept
74c
Mar
Waite
38c
13
53,800
1,673
12?*
81c
85c
4,900
80c
8?*c
8c
12c
64,349
6
25
1
32c
"79c
20
6
77c
Dec
14?*
Oct
Sept
4C Sept
1.13
Feb
6
81c
35,665
2.85
9,575
2.10
24
24
2414
361
19%
Mar
*
22
22
22
116
18
10?*
Sept
Sept
*
Mar
_.*
2.65
2.65
50C
215
11
8ept
5
52
June
4.75
8,250
4.15
Sept
5.70
JaD
1.34
1.24
1.34
2,200
1.06
June
1.68
July
2.00
1.95
2.01
1,500
1.50
Sept
2.90
Jan
14
14
July
42?*
42?*
42?*
86
86
1.12
Aug
Dec
West Turner Petroleum 50c
9?*c
8c
9?*c
27,200
7?*c
Sept
14?*C
Apr
12?*
755
Mar
13?*
July
12,100
5c
Dec
19 ?*0
Mar
4%
Mar
10?*
70
28
Mar
63
1,809
6
Dec
14
91
714
9314
66
80%
JaD
101
54
Mar
1
9c
9c
10c
11,600
7,000
9c
Oct
Mar
1.43
Sept
24c
70c
70c
75c
614c
614c
1,500
4c
Nov
8c
Apr
1.85
1.80
1.90
3,185
1.45
Mar
2.65
Oct
Minto Gold..
*
2J4c
2J4c
214c
1,000
2?*c May
4 V*c
Aug
38c
Jan
Monarch Knitting pref. 100
Monarch Oils
26c
Moore
Corp..
1
.....
*'
20
"idc
1.30
38
20
10c
1.28
3714
700
20
10c
11,055
20
500
1.34
20c
38
711
Dec
Nov
20c
Apr
2 56
Mar
Apr
38?*
Oct
165
12
143
B
100
228
228
10
1
National Grocers..!
Preferred
14c
__1
0%
100
c
634
National Sewerplpe
National Trust
172
Oct
179%
Mar
230
Nov
15c
49,022
5c
Seoi
15c
Aug
154c
700
l%c
July
3?*c
July
614
325
3?*
Sept
7?*
Fen
123
1
35c
Newbec Mines
»
614c
New Golden Rose
1
17c
123
10
115
Sept
15
360
12
Sept
190
100
Nay bob Gold
190
16c
1.71
1.70
'
7814
7814
NordonOil
1
11c
9o
Norgold Mines
.1
4?*C
Normetal.
_*
Northern Canada.
Northern Empire
_*
.....6
50,200
11,300
7,750
800
6,685
lie
190
Nov
13 %c
2c
Apr
May
11c
Sept
1.40
Sept
48
5,500
Mar
6c
19
210
Jan
Jan
Mar
79c
July
ll?*c
July
38c
2.15
84
Sept
19c
Mar
Jan
Nov
July
5c
1,500
2c
Mar
7>*c
74c
5,215
45c
Sept
1.14
Jan
3,288
950
27c
Apr
48c
Nov
7.00
8.75
5
Gold
19c
1.71
81
c
70c
*
North Star pref
434
614c
126?*
•
4514 c 4514 c
1
North Star Oil
10
34c 3914c
514c
Noranda Mines.
O'Brien
Apr
15
....
Nlpl88lng
14c
154
Dec
8ept
165
Morris-Klrkland
20
8c
100
1
8.80
July
354
Sept
8.95
Aug
13f
1
354
Dec
Sept
IV*
3?*
Feb
223
Aug
..1
2.55
2.55
2.80
3,275
2.10
Sept
5.45
Jan
Okalta Oils
•
1.28
1.03
1.30
14,900
85c
Sept
2.30
Jan
Oiga Gas.
*
2c
2c
2c
9,300
Omega Gold...
1
44c
Orange Crush
*
Oro
Plata
Pacalta Oils
Pandora-C8 dillac
-
*
Mar
72c
Oct
164
1.00
Mar
2.00
1
Partanen-Malartlc
45c
48c
4,950
30c
Oct
1.45
814c
6,520
4?*c
Sept
17c
104?*
16c
16c
1,000
"oh
554
654
-3,240
5c
8c
78
20,525
9,199
2.90
15c
Auc
63c
Feb
July
Mar
5c
Nov
-•'7?*
24?*c
614c
654c
3,300
4c
Sept
22c
45c
45c
48c
31,400
38c
Mar
69o
6c
6c
7c
55,400
6c
Dec
Perron Gold
1
1.60
6,555
98c
Sept
Photo Engravers
Pickle Crow
*
Pioneer
Powell
1.56
Power Corp
;
1.56
17
43c
Jan
Mar
8.20
Feb
Ymlr Yankee Girl
*
9?*c
9?*c
1,100
9c
Sept
Toronto Stock
Dec.
3
to
Dec.
Exchange—Curb Section
Last
Week's Range
Sale
Par
Stocks—
Price
4
4
10
13
15
195
*
1.00
1.00
100
75c
Consolidated Paper
Dalhousie Oil
»
"~6?*
6%
7%
4,872
3?*
*
44c
36c
45c
19,200
32c
_*
35?*
34?*
365
21?*
_*
80c
1
-
Foothills
Honey Dew
40c
Honey Dew pref
*
10
Humberstone
*
15
Malroblc
1
Montreal L H A P
*
National Steel Car
*
Oil Selections
*
Pawnee-Kirkland
Pend Oreille
—1
Robb-Montbray
—1
Robt Simpson pref.—. .100
Temiskamlng Mines..
United Fuel pref
-
1
.100
WalkervilleBrew
*
Prospectors Airways
18
160
15
Feb
Bid
86
Beaubarnois Pr Corp 5s '73
Bell Tel Co of Can 5s. 1955
100
Dec
Jan
25C
43
Apr
Sept
•
Manitoba Power 5?*s.l951
5 %a series
July
45
46?*
1947
97?*
99%
f05%
Montreal Island Pr 5 ?*s '57
Montreal L H A P ($50
105
Calgary Power Co 5s..1960
2.65
July
100
1.75
2.28
2,925
295
July
Canadian Inter Pap 6s 1949
Canadian Lt A Pow 5s 1949
52c
Apr
Canadian Vlckers Co 6s '47
Sept
2.62
Aug
Cedar Rapids M A P 5s *53
23?*
Deo
1.37
1.44
21,825
67c
May
1.90
Aug
52c
52c
52c
500
50c
Sept
98C
Mar
1,400
Red Crest
*
Reno
1
7c
20c
7c
5,995
5?*c
1,600
25c
36c
6c
20c
1
7c
7c
7c
45,000
6c
Ronda Gold Mines
1
20c
20c
21c
4,600
20c
25
25
181
38
12c
130
186
Sept
70c
July
Mar
Sept
15c
Dec
Mar
Nov
192
Sept
Gt Lakes Pap Co 1st 5s '55
Int Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
Sept
13V*-
20c
Mar
6 v*
July
Sept
1.55
25c
5?*s
6s
1956
3 ?*8
Sept
41
99
104
•
Oct
No par value.
•
---
50
102?* 103?*
98
Ottawa Valley Pow 5 ?*s '70
Power Corp. of Can 4 ?*s'59
104
97?*
99?*
98?*
5s
...Dec
1
1957
105
101?* 102?*
102
97
98
4s..-1957
98
100
100
Saguenay Power 4?*s A '66
77
105?* 106
104
105?*
2nd
43
100
conv
deb
4?*saerle8B
104?*
-.1966
89
91
1951
53
55
104
104?*
Smith H Pa Mills 4?*s '51
United Grain Grow 5s.1948
84
Sbawlnlgan W A P 4?*s '67
102
103
90
91
United Secure Ltd 5 %s '52
83
101?*
..1961
MacLaren-Que Pr 5?*s '61
1956
3 ?*s
1973
Montreal Tramway 5s 1941
63
64
4-58 series A
102?* 103?*
f Flat price.
n
1960
4-5s series B
Nominal
...
j
.
101?*
1965
Winnipeg Elec 4?*s
Jan
Sent
Jan 1 1950
-
49?*
30
Provincial Pap Ltd 5 ?*s '47
96
24c
7%c
8,600
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
24?*C
Jan
99?*
1939
value) 3s—
Price Brothers 1st 5s.-1957
76
Nov
48?*
99?*
..
118% 115
1956
Sept
12,700
15
4g
Fraser Co 6s
14c
4,900
Jan
98?*
98?*
90?*
Gatlneau Power 5a
33
2%
1.00
par
48?*
Feb
490
170
-
89?*
Aug
4114
434
«»
47%
27
Sept
Sept
1.25
10C?*
.1961
64c
165
414
45c
5?*s ex-stock
Dec
51
1.22
14
18
106
Dom Gas A Elec 6 ?*s,1945
Donnacona Paper Co—
Sept
Riverside Silk
Roche Long Lac
100
Consol Pap Corp—
1.40
4,300
1941
Mar
10
79
Minn A Ont Paper 6s. 1945
16?*
2314
Ask
79
48
Apr
,
-
45
Dec
2.23
1952
1958
Burns A Co 5s
Feb
Mar
22
B1
Maple Leaf Milling—
2?*s to '38-5 ?*e to '49...
---
110?* 110?*
17c
15c
Sept
M assey-Harrls Co 6s
Feb
lst5?*s
9%
....1
6?*C
30
July
48
1.76
Brown Co
1.37
60c
8and River Gold
42
47
Mar
550
1.24
Aug
23
Mar
1946
23c
5,100
1
Oct
4?*
Sept
Bid
65
84
12,125
*
Sept
16?*
31
Ask
04%
Alberta Pac Grain 6s_. 1946
1254
15c
Corp
245
Jan
Feb
118
Closing bid and asked quotations, Friday, Dec. 9
Abltlbl P A Pap ctfs 5s 1953
17c 2014c
53c
San Antonio
15
Nov
Industrial and Public Utility Bonds
1214
1214c
3,600
100
40
103?* 104
1
2
215
2.62
2?*c
Mar
June
July
Canada North Pow 5s. 1953
4114
lc
2.50
Canada Bread 6s.
*
1.30
105
1.00
Aug
1
Royallte Oil
2,000
July
45
Mar
*
St Anthony
4,415
Apr
2c
Sept
1.10
3.30
183
lc
2,000
5
1.10
Waterloo MfgA
5.30
100
Nov
Aug
Mar
Quemont Mines
:
July
2.00
8ept
2414c
Jan
2c
1.25 Sept
Sept
*
Nov
23c
31 %
50
2.20
5.00
Quebec Mining
Gold
72?*
Feb
1.50
3.80
*
20 V*
Dec
43
Nov
Mar
Mar
,
Jan
14
Oct
v
Feb
60c
1.50
1,415
1
E Dome
Apr
51
Nov
2
7%c
7c
39
1.50
90c
Sept
32
2%
20%
41%
41?*
"40
Nov
1,500
1.85
20V*
"~7c
Jan
39?*
1,910
115
2?*
"20?*
July
60c
26
1V*C
l?*c
*
Supertest ordinary
July
9?*
145
l?*c
115
Rogers Majestic
Shawinlgan
1.65
Mar
Nov
2?*
1.74
1.75
l?*c
Sept
9c Sept
?*c June
Sept
3,000
'
Feb
67?*
l?*c
115
12
1,700
Xc
2
-.1
8
125
30 %
65
"65"
25c
5
13c
?*c
30?*
?*c
Oct
17 %
Sept
5
15?*
-
35c
29
20
Jan
5%
Sept
2?* May
12
8,495
40c
10
12c
1
Klrkland-Townslte
80c
36
35
*
—
36
60c
Hamilton Bridge pref.-100
4,348
PreatoD
12c
Mar
Dominion Bridge
13
5.15
2.27
High
Sept
*
2.75
1
l%c
Canada Vinegars
Canadian Marconi
2.44
20c
10,000
Bruck Silk
2.65
*
Low
Shares
2c
l?*c
Range Since Jan. 1, 1938
for
Week
of Prices
High
Low
2c
1
Brett-Trethewey
sales list*
Sales
Friday
2.37
25c
Feb
30c
9, both inclusive, compiled from official
2.65
5.10
*
St Lawrence
Sept
2.38
Pressed Metals
Bank
13c
6.50
1
Prairie Royalties
Premier
Royal
10,500
20,898
19
i
Jan
21c
8.10
.....1
Gold
Rouyn
July
19c
Feb
Sept
4
1
18
18c
3?*
7.90
Oct
150
4.40
1
Cons
Apr
74
8.05
Nov
4.85
104
31c
Payore Gold
Paymaster
Apr
May
"20c
Feb
Apr
Mar
5c
4.30
1
Gold
Oct
1?*
Mar
1
Paulore
%
3c
214
July
4.30
.1
PantepecOll
Oct
9,333
100
Porcupine.
5?*c
48c
1.50
8J4c
...
Page-Hersey
Pamour
June
44c
1.50
45c
...
2c
1,000
9,200
1
Oct
1.00
25
A
Murphy Gold..
94c
Sept
lc
9c
1%
•
Mar
614c
25c
lc
8c
1%
Wood-Cadillac—
Oct
•
25c
lc
8?*c
*
JaD
Wright Hargreaves
Feb
*
25c
*
Winnipeg Electric A
9
July
...*
Model Oils.............1
12 "
.1
White Eagle
July
*
JaD
12
Mar
July
Corp
32c
*
Wee tons
Wiltsey-Coghlan
554c
McVlttie-Graham
20c June
8c June
34c
Jan
69c
6,100
Sept
July
9,300
13c
5c
4c
1.27
Nov
12?*C
13c
.1
12,000
3.75
1.20
Nov
20?*
7c
OCT
1.20
Nov
64?*
Mar
5c
Sept
1
9.45
Mar
17
7c
1.25
McKenzle Red Lake
Mar
30?*
930
*
l%c
35?*
1.02
1,446
20%
7.95
Westfiank Oil
545
1,076
31,035
51%
19?*
Nov
1,600
5114
8.50
50
20
Aug
1.50
5014
8.10
50?*
*
-
5
114c
50%
Preferred
37
1.50
5
*
*
Amulet....
Walkers
47
5c
100
Jan
Dec
114c
425
Nov
Dec
Dec
614
8
7.40
2
Nov
50
'
Mar
47
71c
6
JaD
26c
Nov
Sept
3
25
57c
6
9c
3,95
5
Mar
49
2,760
10
Sept
"o
2,250
5.25
170
July
-
7,700
6?*
5.10
3
Jan
...100
11c
6?*
5.15
>
47
6.55
1
*
9c
6?*
*
—
25
4.45
1.50
11c
*
United Steel—
3
Jan
Maple Leaf Milling
Jan
47
Mar
Manitoba 4 Eastern.....*
16?*
25
1.30
23c
Sept
*
3.50
25c
Jan
Aug
10%
Western Can Flour preflOO
17,093
69c 129,550
66c
2.45
25c
Western Grocers
,,4.725
54c 138,600
90
Sept
Jan
73
393
Western Canada Flour— *
5.50
58c
13?*
Mar
90c
7,900
8,575
Feb
2.99
41c
Nov
5
36c
1.45
Feb
5.35
48c
Feb
Nov
2.67
59c
48
6.00
5.50
1
18?*
Nov
24?*
22?*
2.70
1
Sept
35c
Wendlgo
1
Madsen Red Lake
11
40
1.35
*
Dec
11
1.38
13
16
52?*
,
136
"35c
Aug
MacLeod Cockshutt..—1
Malartlc
Jao
12?*
Jan
15c
Dec
Feb
52?*
13 %
Ventures
1214
3.60
4.55
1
-
United Oil
1514
81c
Sept
12
Gas
3c
38c
Dec
2.60
6,785
l
Towagmac
6.90
12J*
80
52?*
Toronto General Trusts 100
1514
Moneta-Porcuplne
De
2%
Mar
Sept
4.55
50
Ucbl Gold—
Lamaque Gold Mines....*
Laps Cadillac
...—1
1
1
3.45
12
*
—.
Preferred
Lamaque Contact—.—*
(New).....3
3.30
50
Toburn
Mining
Sept
1?*
*
—
Texas Canadian
Mar
Merland Oil
68c
70
10
1
40c
1
80
3.35
*
....
Tamblyns pref
Hughes
82c
Kerr-Addison
80
1
Sylvanlte Gold
Dec
McWatters Gold
70
Apr
Aug
1.00
2%
100
Sept
Mines
85c
—*
-
5,229
7%C
Mc In tyre
Oct
Sept
26,450
Preferred...
Oct
5c
814c
Preferred
54
24,550
714c
McColl Frontenao
35
9?*c
8c
Maralgo Mines
Massey Harris
34?*
75%.
Nov
Mar
68
ll%c
Gold
Jao
Mar
66
8?*c
1
Mines
4?*
12
473
68
Cons
Macassa
Sept
24
72?*
8?*c
Dec
B
2?*
28?*
*
10c
A
72
—*
Preferred-
25?*c
Loblaw
JaD
Straw Lake Beach—
1,100
Little Long Lac
.
May
72
100
•
Steel of Canada
7,400
Legare pref
Leltcb Gold
25
Jan
25c
77c
26?*
Standard Paving--
Sept
70c
•
9%
Sept
65
Southwest Pete
49c June
Oct
4
Jan
24c
Jan
Sept
Mar
28c
-
Jan
95
Sept
9,675
1014c 1114c
Oro
69
81c
2514c
Lebel
1?*
112
85
Oct
1
1
Cap Gold
Dec
1.16
1
Laura Secord
May
4?*
61,650
Mines
Lava
100
1.40
Jack Waite..
Lake of the Woods
Oct
4?*
Feb
74C
Jaoola
-
2.50
1.16
65c
Laguna Gold-.
Lake Shore
Sept
74c
5414
7%
Kerr Lake
1.00
1.25
52%
Intl Utilities B
Klrkland Lake
5
1
*
J M Consolidated
1.75
82
83
-100
52 H
Intl Utilities A
Jelllcoe
1.21
1.90
Sliver woods pref
*
International Pete
Sept
Sept
Slscoe Gold
July
20
75c
90c
Sladen Malartlc
15%
25
2,900
17,780
July
Mar
30c
93c
1.37
1.75
1.30
1
June
13 H
1,550
Mar
90c
1.25
50c
17%
May
5,900
High
34c
Sept
15H
19%
1514
10514 10514
100
14c
Jan
3?*c
1,000
Apr
Sept
40
77%
100
Preferred
Intl Milling pref
International Nickel
80c
20c
20c
Low
Shares
4?*
4%
Range Since Jan. 1, 1938
for
Week
Mar
14%
15
*
...
13?*
11
Price
Range
4?*
Sheep Creek
Feb
of Prices
Low
High
J
Sherrltt-Gordon
4,945
38
15 %
Inspiration Mining
Par
Gold
July
52
33
1714
Shaw key
July
1.75 123,728
814
207
207
1,876
4
Aug
2.93
12,600
29c
Home Oil Co
4?*c
Sept
1.70
3
Stocks (Concluded)
High
Week's
Sale
1.47
i
Sales
Last
Week
Shares
1.55
*
Hard Rock
Exchange
Friday
60?*
61?*
196 5
44
45
*
Volume
147
Financial
Quotations
New York
Bid
a3s
1 1977.
98
a3 Ms July 1 1975,
a3 Ms May 1 1954,
o3 Ms Nov 1 1954.
100
Jan
a4a
Nov
«4a
«4s
o4a
Oct
£<d
1 1066.
o4Ms Apr 15 1972.
101
112% 114
113M 114)4
113)4 114 H
04MsMar 1 1964
114
04)48 Dee
115
FUND,
mc.
Insurance Stock Series
Transcontinent Shares Corporation, Sponsor
118)4 119)4
LOS ANGELES
116)4
115)4 116)4
1)7)4 118)4
117)4 119
115
o4)4s May 1 1957.
o4)4s Nov 1 1957.
«4Ms Sept 11960
a4Ms Mar 11962
FISCAL
Bank Stoek Series
116% 118)4
117)4 118)4
117)4 119
a4)4sMar 1 1963.
04)48 June 1 1965.
a4 )4s July 1 1967.
o4)4s Dee 151971.
11980
Friday Dec. 9
116
04)48 June 1 1974.
o4)48 Feb 15 1976.
•4)48 Jan
1 1977.
o4)48Nov 15 '78a4)48 Mar 11981.
108% 110%
109
110)4
112 % 113)4
Art
114)4 L5M
117)4
116)4 117)4
o4Ms Apr
98%
103 M 104)4
108)4 110
May 1 1959.
May 1 1977,
-
City Bonds
Ask
103)4 104)4
103 % 104M
1 1958.
3599
Over-the-Comiter Securities
on
103 % 104 M
a3Ms Mar 1 1960,
o3Ms Jan 15 1976.
a 4s
May 1 1957,
Chronicle
118)4 119)4
120
121)4
JERSEY CITY
BOSTON
New York Bank Stocks
122)4 124
11979.
Par
Bid
Art
Par
Bid
Art
Bank of Manhattan Co. 10
Bid
3s 1974.*.....
......
52.30 less 1
4)48 April 1940 to 1949—
Hlgbway Improvement—
4s Mar A Sept 1958 to '67
Canal Imp 4s JAJ '60 to '67
Barge C T 4s Jan '42 A '46.
Barge C T 4)4s Jan 119451
Highway Imp 4)4s Sept '63
Canal Imp 4)4s Jan 1964—
Can A High Imp 4)4s 1965
Art
World War Bonus—
Canal A Highway—
5s Jan A Mar 1964 to '71
2.45
139
139
137
National Bronx Bank—.50
40
45
42
National City...
22
75
100
23)4
13)4
Commercial National..100
Filth Avenue..——.—100
Bid
61,50
Geh A ret 3d
3 Ms '76
Gen A ref 4th ser 3s 1976
ser
99
Art
Bid
4s 1946
4)48 July
6s
Apr
1952
—
1955—
5s
1962
Feb
—
—
.—.MAS 60.50 to 1.25%
1942-1960..—
—MAS
109)4 111
5)4s Aug
1941—
Hawaii 4)4s Oct 1956
Bid
Art
26
27 M
78 M
4)48 July 1952—.
6s
July 1948 opt 1243.
U S conversion 3s 1946
Conversion 3s 1947—...
5s
———
U S Panama 3s June 11961
Ask
Importers A Exporters...5
76
American AUlanoe—.10
19
M
24 M
26
Equitable.....5
American Home
10
111
115)4 117)4
68)
39%
42
Lincoln Fire..—........5
Ins Co of North Amer
10
3 Ms
12
37
39
Maryland Casualty...
I
Mass Bonding A Ins.. 12)4
American Reserve.—...10
27)4
29
Merch Fire Assur
60
52
Merch A Mfrs Fire New'k 5
2)4
3)4
52%
45)4
7%
33
36
Merchants (Providence) _ .6
National Casualty...... 10
26%
Boston ..............100
Camden Fire.....—....5
5%
6M
92
95
622
632
5
com
National Fire
1955 opt 1945
MAN
1944—.JAJ
4a 1946 opt
21M
New Amsterdam Cas....2
24%
New Brunswick
20 M
45
113M 116M
HIM 113
Connecticut Gen Life.—10
Continental Casualty....6
25)4
Northern...........12.50
98
109
Eagle Fire..—..—
2)4
Employers Re-Insurance 10
Excess...—.......——.5
Federal..———.
Fidelity A Dep of Md—.20
2%
26%
36%
3%
51M
New Hampshire Fire...10
New York Fire
.——..5
North River.
2.50
24
Natlonal.25
125
112
61
Fireman's Fd of San FT.25
Firemen's of Newark5
82
Franklin Fire...—....6
27M
111
109)4 lllH
Art
106)4 l067xe
lll'ie 111%
Carolina.
.—.—10
...
34 %
50
6H
7%
38%
40%
114
Pacific Fire
Phoenix
9%
'28%.
6
Accident
Reinsurance
.
Bid
Ask
Montgomery 3s—........
99
100
99%, 100%
New Orleans 5s
99 M
100 M
New York 5s
99M 100M
/4 M
—
Dallas 3s———
Denver 5s———
101
99M 100M
45
/42
Pacific Coast of Portland 5s
34)4
100
Oregon-Washington 5s—
35
/31M
Chicago 4%b and 5s.
/30
North Carolina 3s.—....
Ohio-Pennsylvania 5s
Central Illinois 5s
100
99)4 100)4
Phoenix
Chicago 4Ms
Fort Wayne 4Ms
Fremont 4Ms———
...
100
99
5s.
101
77
5s_—.
3s
Seaboard Fire A Marine.-6
12M
27
69
72
Great American...
Seaboard Surety..—...10
Security New Haven.... 10
Springfield Fire A Mar..25
Stuy vesant.———5
22
24
...10
22 M
9%
24
Hanover......—10
29)4
73)4
60%
28)4
M
8%
—.5
Great Amer Indemnity... 1
.
..
Hartford Fire
—10
Hartford Steamboller
10
...5
31
St Louis 5s
San Antonio 3s
80
82
Southern Minnesota 5s....
Southwest
5)4
JX
28
26
30)4
28)4
122
119
4)4
3)4
100
415
465
Travelers...
100
U S Fidelity A Guar Co—2
446
456
Sun Life Assurance
4
49)4
17)4
61)4
U S Guarantee.........10
57)4
60)4
31
33
75M
52%
U S Fire
30
Westchester
16)4
Fire..—.2.60
Chicago & San Francisco Banks
104 M 106 M
Par
99M 100M
Bid
Par
Ask
32
/30
100% 101%
13
/II
69
73
Union of Detroit 4Ms.....
99
206
312
Northern Trust Co..—100
220
Ask
324
513
.
528
Continental Illinois Natl
Bank A Trust—33 1-3
73
100
225
58—.—
—
Illinois Midwest 5s.'———
93
75 M
SAN
FRANCISCO—
Bk of Amer N T A 8 A 12 M
35k
33%
96
Iowa of Sioux City 4)48
93
96
100
101
86
88
,5s
.......———.
Virginian 5s
...—i——
86
89
Virginia-Carolina 3s—
First National..
230
100
100
& Trust.——.——.-100
Bid
Harris Trust A Savings. 100
American National Bank
99)4 100)4
5)4
232
101
107 M 108 M
Potomac 3s—————
100)4 102
100
102
78
4Mb———...—
.............
'
Greensboro
46
10J4
Halifax.. .
6
4
4)4
228
99H 100 %
Pennsylvania 3%s
98
99% 101
23)4
5
St Paul Fire A Marine...25
24
Home...
First Carollnas 5s.——.
Fletcher 3%b
101
6
102
First Texas of Houston 6s.
First Trust of
44
9)4
26%
21%
Globe A Rutgers Fire... 15
2d preferred... —15
6
18)4
34
25)4
Rossla..—————5
Globe A Republic
99)4 100)4
35
Rhode Island
23%
22 M
Glens Falls Fire.........5
Joint Stock Land Bank Bonds
/30
42 %
21
130
8
Corp (N Y)_2
Republic (Texas)
..10
Revere (Paul) Fire.....10
21%
16
25)4
16)4
32)4
10
40M
47
100
115)4 119
76)4
80)4
10
Providence-Washington
.
UH
30
14)4
26
-
—
Preferred
63 M
84 M
8
Northwestern
10%
28)4
10
Gibraltar Fire A Marine. 10
Burlington 6s———
4Hs
6
28
61)4 63 H
7)4
\ 8)4
122
119
National Liberty..——..2
National Union Fire
20
General Reinsurance Corp 6
Art
2%
4)4
55)4
49)4
8)4
4
10
Georgia Home——.10
Bid
10
2)4
American Re-Insurance. 10
7%
13 M
6M
19
120M
Bid
Art
JAJ 104"x« 104M
JAJ 104»w 104)4
3s 1966 opt 1946—.—MAN I04«ie 104)4
—
9
19 M
3.00
122 M
Federal Land Bank Bonds
3s 1955 opt 1945—.,
3s 1956 opt 1946
3)4
17)4
10)4
9%
67)4
Jersey Insurance of N Y—.
Knickerbocker
.5
21
American
Art
2H
16
22%
63.60
Govt of Puerto Rico—
109
Atlanta 3su———
Atlantic 3s.——..—.
Bid
Home Fire Security.....10
Homestead Fire
10
Fire Assn of Phlla—10
100)4 102
Bid
10
Life
114
City of New York.—...10
Honolulu
109
Aetna
Baltimore American...2)4
Bankers A Shippers
25
101)4
106)4 107 %
106)4 107%
107
Par
Art
47 M
no
American of Newark
1939-1941.
100
1959.—.....
Bid
45M
10
Agricultural. ........—25
United States Insular Bonds
4)48 Oct
18
10
—
108)4 109)4
Philippine Government—
15
103
52
American Surety..—...25
Automobile ...........10
100)4 101)4
George Washington Bridge
4)48 ser B 1940-53.MAN
23
Aetna Cas A Surety
Aetna
.
Inland Terminal 4)48 ser D
100
Gen A ref 3Ms—1977
29)4.
21
48
Insurance Companies
1939-1941.........MAS 60.35 to 1.00%
1942-1960.-.-.—.MAS
111)4 112)4
105)4 106)4
103)4 104)4
27)4
Sterling Nat Bank A Tr 26
Trade Bank..——12)4
112
115
Bid
107% 108%
Public National........25
1625
30%
131
Holland Tunnel 4)48 ser E
Gen A ref 4s Mar 11975
Gen A ref 2d ser ZHb '65
750
29%
11)4
3:10)4
131
Bonds
Art
Port of New York—
145
710
First National of N Y—100 1585
Merchants Bank
100
97
Par
Port of New York Authority
139
.12)4
National Safety Bank. 12)4
Penn Exchange.*..
10
Peoples National.—....50
Chaae..—......13.55
Bid
Ask
62.25 less 1
3s 1981....
17
37
Bensonhurst National. ..60
New York State Bonds
15M
Bank of Yorktown—66 2-3
Lafayette 5s——
Lincoln 4)4s
5s
99)4 100M
101
99 M 101
Surety Guaranteed Mortgage Bonds and Debentures
Bid
Joint Stock Land Bank Stocks
Bid
Art
Nat Union Mtge
81
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-6s '53
-
Bid
100
Par
45
Ask
New York
,.
Bid
100
10
75
53
1963
3-6s
Debenture
Atlantic
100
39
45
100
65
100
103
108
100
20
25
100
33
40
Potomac
100
85
85
65
San Antonio.—...
100
63
68
Des
Moines.—1.
....
100
55
First Carollnas...
100
4
6M
Virginia
Fremont
100
1
2M
Virginia-Carolina..
Lincoln
100
1M
3
5
100
1.55
7.5
1.75
85
63
74
Bid
1% A1 )4% due Dec 15 '38
1 % A1 M% due Jan. 16 '39
1% A 1 )4% due Feb 15 *39
1% due
Mar 15 1939
1 % A1 )4 % due Apr 15 '39
1% due—May 151939
Bid
Art
5.25%
6,25%
6.25%
6.25%
6.25%
6.25%
1%
1%
1%
1%
1%
1%
New York Trust
Par
Bank of New York
Bankers
—
County—
Brooklyn
Bronx
100
Bid
380
10
41
7
5
100
72
Art
390
43
6M
77
due...
due...
due...
due
due
due
.June 151939 6.30%
Companies
Par
i
Fulton
100
Guaranty ............ 100
Irving...
.——.10
Kings County——.—.100
Lawyers
25
82
Chemical Bank A Trust. 10
40
42
Manufacturers.........20
Clinton Trust—
60
55
65
Preferred———.20
Colonial Trust.....
25
12%
14)4
New York——————.25
Title Guarantee A Tr—.20
Corn Exch Bk A Tr
20
47
48
Empire
10
14
15
United States.........100
58 *
Potomac Franklin Deb
00
Potomac Maryland Deben¬
ture
Art
........
series A A D.......
Nat Cons Bd Corp 2-5s '63
Nat Deben Corp 3-6S.1953
Corp 3-6s
,..1953
94
Potomac Realty Atlantic
r
series B A C
Go
3-68—....——1953
Nat Bondholders part ctfs
Central Funding
'
/23
f23
84
62
27
27
^
m
56
....
....
1053
5i
Realty Bond A Mortgage
deb 3-6s
1953
62
Unified Deben Corp 6s 1965
47
Deb Corp 3-6s..
55
....
59
Miscellaneous Bonds
Bid
Bear-Mountain-Hudson
River Bridge 7s.—1953
% % notes Nov 2 1939.
Bid
Art
Art_
106)4
107)4
New York City Park¬
way Authority 3 Ms 68
3)4s revenue...—1944 h
104
3 Ms
Commodity Credit Corp
revenue—1949
b
2.25
less
1
2.75
less
1
100.19 100 21
Reconstruction Finance
Federal Farm Mtge Corp
1)4*
..Sept I 1939
101
101.2
2s——Dec
Anr
na
Federaf~NatF.
1
2s May 16
1941
100,16 100,18
Nov 1 1941
100 16 100 18
H % notes July 20
J4%
Fed'i Home Loan Banks
1939
1940
100.13 100.15
102.21 102 24
102.1
2)48....Dec 15 f65-'60
2s..
Dec 15 1947..
Trl borough Bridge—
4s s f revenue *77 AAO
4s serial revenue..1942
65
Treasury—
1943
62
Reynolds Invest'g 5s 1948
102 4
Mtge Assn
1943.opt'39
101.25 101.28
Home Owners* L'n Corp
1)48.—-June 11939
For footnotes see page 3601.
54
5t
Potomac Deb Corp 3-6s '53
47
Underwriters .......—100
10)4
51
53
Is-.—.......July
79
8%
57
.....1945
2-38...
Mortgage Bond Co of Md
Inc 2-58..
1953
.Sept 15 1939 6,35%
.Oct. 16 1939 6.35%
.Nov
1 1939 6 35%
—20
Continental Bank A Tr.10
....
5t
.July 151939 6.30%
.Aug 15 1939 6.35%
........
Central Hanover
84
Interstate Deb Corp 2-6s'56
—J
Federal Intermediate Credit Bank Debentures
.1953
Issues) 2-5s
Empire Properties Corp-
Carolina...
....
(all
Potomac Cons Deb Corp—
3-6s....—,
.—.1953
87
Cont'l Inv Bd Corp 2-52 '53
Cont'l Inv DebCorp3-6s "53
Denver
Pennsylvania.
87
Potomac Bond Corp
Dallas
North
1954
56
14
Ask
72
Series B 2-5s—
Associated Mtge Cos Ino—
Par
Atlanta
Art
Corp—
Series A 3-6s.--.--.1964
65 M
100.22 100.24
101.30 102
101.30 102
110%
111U
b
2 .00
Jess
1
4s serial revenue..1968 b
3.50
less
l
I
(V
Chronicle
Financial
3600
10. 193s
Quotations on Over-the-Counter Securities—Friday Dec. 9 -Continued
Railroad Bonds
Asked
Bid
Guaranteed Railroad Stocks
Akron Canton and Youngstown 5Hb
.1945
—
York Stock
Members
40 X
41X
4)4s
.1943
65
68
2-6600
27
.1944
23
-1955
95
.1956
63
.1951
72
77
.1961
98
100
.1995
41
43
————
...
NHSSB555
Bid
69
10.50
123
128
6.00
54
68
--.-60
2.00
68
61
64
.1950
64
67
.1978
87
90
.1959
Memphis Union Station 5s.
,
109
111
28
8.50
12
15
2.85
45
48)4
L)-—100
5.00
79 X
82)4
Cleve Cinn Chicago Ac St Louis pref (N Y Central)-.100
5.00
65 X
Cleveland As Pittsburgh (Pennsylvania)..
3.50
70 H
69)4
72)4
Betterment stock........
Delaware (Pennsy 1 van la)
2.00
42
2.00
41H
76
44
43)4
56)4
155)4
47)4
52
9.00
151
4.00
45
50.00
625
99
.1948
89
.1947
80
.1939
71
.1941
103
.1947
114
.1961
83
4s—
—_—.
——
Pennsylvania A New York Canal 58—..————
8.75
5.50
96
.2000
Norwich A Worcester 4)48
30
73 X
.1940
New York Philadelphia A Norfolk
100
..50
..........50
25
Fort Wayne A Jackson pref (N Y Central)...—...100
Georgia RR A Banking (L Ac N-A C L)..
100
Lackawanna RR of N J (Del Lack A Western)...—100
Michigan Central (New York Central)..
100
Morris Ac Essex (Del Lack A Western)
..60
—
—
—
New York A Harlem 3)48
X
....100
......
Kansas Oklahoma A Gulf 5s
Asked
66X
.......100
Carolina Clinchfleld A Ohio com (L As N-A C
105 X
66
New London Northern 4s
6.00
100
.100
...100
(New York Central).....
Boston As Providence (New Haven).....
104 X
.1953
3)4s.—
Indiana Illinois A Iowa 4s.-—
Par in Dollars
Canada Southern (New York Central)
107X
Illinois Central—
Dividend,
Albany A Susquehanna (Delaware A Hudson)
.1951
-1945
Louisville Dlv. & Terminal
Allegheny As Western (Buff Roch A Pitts)....
Beech Creek (New York Central)..-m
96X
-1962
——.
Florida Southern 4s..
(Guarantor lit Parentheses)
Alabama A Vlcksburg (Illinois Central)
29
.1940
Chicago Indiana A Southern 4s
Chicago St. Louis A New Orleans 5s
Chicago Stock Yarda Ss..
Cleveland Terminal A Valley 4s
Connecting Railway of Philadelphia 4s.
Duluth Mlssabe A Iron Range 1st 3)48...
Tel. RE ©tor
Guaranteed Railroad Stocks
Boston A Albany
-1939
4)4
Cambria A Clearfield 4s
vSinc«1855
.
99
—
...
—
STOCKS
36
96)4
-
Boston A Maine 5s
GUARANTEED!
NEW YORK
Boston A Albany
Extbomge
Dealers in
120 Broadvrif
-
.1939
—
—
Baltimore A Ohio 4)4s__„_
3o$cpb UJalkersSons
35
f32
/32
.1945
6s
Atlantic Coast Line 4s
800
3.875
34 M
36)4
100
60
5.00
56
4.00
81
4.50
1.50
40X
41X
--50
3.00
7.00
7.00
165
168)4
139
144
—
—
.1947
Terre Haute A Pecorla 68...--—.—
Toledo Peoria A Western 4a..
—...
.1957
—.—
United New Jersey Railroad A Canal 3)4s
Vermont Valley 4)4s
—
—
Washlngto County Ry 3Xs—
—
West Virginia A Pittsburgh 4s.
85"
102 X
92
88
104X
.1951
99"
96
.1946
Toronto Hamilton A Buffalo 4s
104X
101
.1967
—
X
70
.1942
91
74~"
104 X
....—
......
.1940
60
.1954
—
35
39
.1990
49
51
147
100
———
—
;
Toledo Terminal 4)4s-——
80
Pittsburgh Fort Wayne Ac Chicago (Pennsylvania).. 100
Providence A Worcester 4s—
59)4
83)4
Oswego Ac Syracuse (Del Lack As Western)
.—...60
Pittsburgh Bessemer A Lake Erie (U S Steel)..—...50
Philadelphia A Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 5s
Portland Terminal 4s
99~~
X
New York Lackawanna As Western CD L A W)
Northern Central
(Pennsylvania)
Preferred
.....
Preferred
—
Pgh Ygtn A Ashtabula pref (Penn)
100
Rensselaer A Saratoga (Delaware A Hudson)......100
St Louis Bridge 1st pref (Terminal RR)...........100
Second preferred
........—.100
Tunnel RR St Louis (Terminal RR)..
.......100
~6~82
Railroad
44)4
Bid
65 X
6.00
126
66
125
224 X
51'X
Valley (Delaware Lackawanna A Western)...
100
Vlcksburg Shreveport A Pacific (Illinois Central)... 100
5.00
67
Preferred
5.00
———....100
.........
Warren RR of N J (Del Lack A Western)...
West Jersey A Seashore
56 X
59)4
26)4
52 H
.50
3.50
......60
(Penn-Readlng)
3.00
..
5.00
65.75
5.00
—
—
Bid
Par
66.00
5.00
62.50
1.75
62.90
2.00
Pennsylvania RR 4Xs
62.00
1
Canadian Pacific 4X8...
62.75
2.00
5s
61.50
1.00
Cent RR New Jersey 4X8
65.25
4.75
4s series E due
62.40
1.75
2X8 series G non-call
61.50
1.00
65.75
5.10
65,75
5.10
66.50
5.50
;
66.50
5 50
Chicago RI A Pacific—•
Trustees' ctfs 3X8—-
85X
-
—
—
ChioMlIw
A8t Paul 4Xa
5s
73 X
74 %
Mississippi Power $6 pref *
Arkansas Pr A Lt 7 % pref *
83
84 X
$7 preferred
*
Mississippi P A L $0 pre!.*
Miss Riv Pow 6% pref. 100
Missouri Kan Pipe Line..6
Associated
Gas A
Electric
Original preferred
$6.60 preferred-.--
*
*
2X
$7 preferred-
*
5X
113X
5
Atlantic City El 6% pref *
Birmingham Elec $7 pref. *
3X
6X
7
$1.60 preferred
Monongahela
West
21X
110X 112X
137
87
89
78
80
Newark Consol Gas.
Central Maine Power—
86 X
89
*
81
79
88
Consol Elec A Gas $6 pref *
Consol Traction (N J). 100
Consumers Power $5 pref*
4
4.8 X
New Eng Pub
90
5X
52 X
100 X 101X
82
100
Dallas Pr A Lt 7% pref. 100
Derby Gas A El $7 pref.. *
1'15X
$0
cum
Essex Hudson Gas.
202
31
100
-
«•
37
Corp—
$6 cum preferred
$6.50 cum preferred
19X
21
20
—
21X
21
*
$7 cum preferred
*
Hudson County Gas—-100
23 X
202
Idaho Power—
$6 preferred--.——.*
106
112
114
100
Gas..*
23 X
Interstate Power $7 pref.*
4
States
—100
*
*
$7 preferred
.......*
Ohio Power 0% pref— -100
Ohio Pub Serv 6% pf—100
7% preferred
-100
Okla G A E 7% pref-100
25 X
6X
-
—
50
'
54
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pr. 1Q0
7% preferred—100
56'X
90 X
114X-
5% conv partlc pref—50
Memphis Pr A Lt $7 pref.*
2.25
1 50
Onion Pacific 4 Xe
61.25
0.50
63.50
2.50
Virginia Ry 4Xs——
61
63.50
2.50
Wabash Ry 4Xs
64.50
3.50
64.50
3.50
64.25
3.50
64.25
3.50
5Xs
Missouri Pacific 4Xa
5s.——.
99 X 101
x
Public
107 X
113X 115"
99 X
97 X
103 X 105 X
105
107
60 X
69 X
98 X
99 X
18
19X
4X
3X
Araer
81
68
8)
98
62 50
—
1.60
65 75
5.00
65 75
Western Maryland 4Xs.
Western'Pacific 5s
Utility Serv 6s. 1964
5.00
Kan Clt? Pub Sprv 4s, 1957
Kan Pow A Lt 1st 4Xs '65
49
50
23X
24 X
24 X
1978
26 X
28 X
25 X
27 X
89 X
91X
•
29.X
Missouri Pr A Lt
47 X
49
49
51
53
54
5X3-----1973
57
60
Narragansett Elec 3Xs '66
N Y, Pa A N J Utll 5s 1956
96
98
N" Y State Eleo A Gas Corp
8s without warrants.1940
95X
97 X
25
27
73X
105X 105X
95
95 X
102 X 103 X
Mtn States Pow 1st 6s.193"
1973
30
72
Lone Star Gas 3Xs —1953
Mich Consol Gas 4s 1963—
8-year Ss with warr_1940
.
.
3Xs-196rt
93
eix
23
25
Sink fund lnc
4X3—1983
25
27
Ohio Pub Service 4s..1962
Old Dominion par 5s.. 1951
G^h A Elec Co—
63X
95
4s..-*.—
Con* ref deb 4X8—1958
Sink fund lnc 4s
1983
96
106
106 X
103X
105X 105X
59 X
61X
103
,
.
.100
Rink fund lnc 5s., ..1983
145
137
Chain Store Stocks
Par
Bid
_Ask
Ask
Par
1
Bid
100
67
12 X
6
29
29
31
Peoples Light A Power
22
24
24
26
1st lien 3-68
...1961
Portland Eleo Power 6" '50
/12X
26
28
SJJnc 5Xs-6Xs.—1986
28
30
Public Serv Elec A Gas—
1st A ref 5s—
—2037
137
75
12
27
Sink fund lnc 5X8—1983
8ln,k fund lnc 4-53—1986
8 f lnc 4XS-5X"—-1986
Sink fund lnc 5-63—1986
Virginian Ry
1
_
7% preferred
Foods
lnc
*
—
8
100
comraan
Bohack (H C) common
"
85
*
2X
10
Gas A Elec. 3Xs—1968
Kobacker Stores
2X
7% preferred..
Kress (S H) 6% pref
3
4
Miller (I) Sons common._*
3
20
24
6X% preferred
100
Murphy (G C) $5 pref .100
17
24
103
111
100
Diamond Shoe pref
*
100
7% preferred
101
106
Reeves (Daniel) pref
Flshman (M H) Co Inc.-*
7
9X
$5 preferred
107
Cent Ark Pub Serv 5s-194«
94
Central CAE 5X3—1946
1st lien coll trust 6s. 1946
Cent Maine Pr 4s
ser
G '60
95
Pub Utll Co as 5Xs—194>
78
69
71
103
5s
Par
Cuoan Atlantic Sugar._7X
Eastern Sugar Assoc
1
Preferred
l
.
For footnotes
see
Bid
9X
5
14
page 3601.
6s series
104
105 X 106 X
IX
65X
Ask\
10X
Par
Savannah Sug Ref
com.
..
6
15X'
3X
45
46
Tel Bond A Share 5s.-1958
44
45X
Toledo Edison 3X3—1968
104 X
101X 102X
Utlca Gas A El Co 5s. 1957
122 X
Coll lnc 6s (w-s)
.1954
Cumberl'd Co PAL 3Xs*66
Dallas Pow A Lt 3XS.1967
,
85X
46
Crescent Public Service—
"
West Indies Sugar Corp—1
83 H
45
35
33
1
4X
103X 103X
109 X 101X
43 X
44X
1st mtge 4s——-1963
Sioux City G A E 4s.. 1966
Sou Cities Utll 5s A.. 1958
1962
Ask
Bid
San Antonio Pub 8erv—
1962
1962
B
X
80
Republic Service coll 6s '51
St Joseph Ry Lt Heat A Pow
4X8
4
1947
Cons Cities Lt Pow A Trac
Consol E A G 6a A
104
76 X
Income 5Xs with stk *52 f
1
Cities Service deb 5s. .1963
65
Sugar Stocks
108X 1C8X
104X
—1968
80
Central Public Utility—
30X
207X
Pub Serv El A Gas 3X« '68
Pub Serv of Northern 111
1st mtge 3Xs
12X
74 X
28X
.*
107X
82
78
,
99
100
United Cigar-Whelan Stores
80
1st A ref 8s—. .—2037
Blackstone Valley—
Borland Shoe Stores
B /G
95
ioex 107 X
1965
North^Boston Ltg Prop's—
Secured notes 3 X* .1947
Ohio Power 3Xs 1968
Assoc
49
38
Lehigh Valley Transit 6s '60
Lexington Water Pow 5s *68
4973
deb 4Xs
Conv deb
78X
UOX 110X
,
Income deb 4X8---1978
Conv deb 4a
1973
lilX 112X
106 X 106 X
/53X 58 X
25 X
27X
Inland Gas Corp 6X3-1938
1978
197K
Ask
103 X 107
Idaho Power 3Xs
1967
Indianapolis Pow A Lt—
Mortgage 3Xs
1968
104X 105X
Income deb 4s
108 X 110X
*
Bid
72 X
Income deb 3Xs
Income deb 3Xs
Assoc Gas A Elec Corp—
65
76 X
47 X
40
107X 108
1st mtge 4s
1963
f debenture 4X8.-1948
Associated Electric 5s. 1961
8
63
..100
Ask
X
70 X
38
Appalachian Elec Power—
100 x
99
7% preferred... ——100
Utah Pow A Lt $7 pref
88
88
5X8
Oil
83
80
Utility Bonds
Bid
Conv deb 5s
*
1
80
——
"
Amer Gas A Power 3-6s '53
Conv
7% preferred
6s—
70
55
52 X
101X 102 X
59 X
$5 preferred
—.
Texas Pacific 4s
5X8
United Gas A El (Conn)—
60
—
28X
27 X
2.50
4.00
27X
26X
2.50
63 50
64.75
57 X
20
1.50
63.50
Internat Great Nor 4Xs.,
25
24X
57 X
62.00
5s
J 25
1.25
108)*
Texas Pow A Lt 7% pf-100
Mass Utilities Associates—
1.50
62.25
Tenn Elec Pow 6% pf-100
Toledo Edison 7% pf A-100
Union Elec Co of Mo— •
5.00
97
63.00
90X
'59
2.25
03.00
87X
«23 X
63.10
5s
94
106X
City G A E $7 pf.100
22
4.00
4.00
Southern Pacific 1X8
5s—L-
-
4X8
61.80
-
Maine Central 5s...—..
101 x
6% preferred D——100
56
98
64.75
5X8
1.00
Rochester Gas A Elec—
6% pref series B
97
64.75
3'.00
Southern Calif Edison—
Jer Cent P A L 7% pf.. 100
88 X
Kan Gas A El 7% pref. 1001 xl 12 H
93
95
-
64.00
i
ux
100
Pacific Pr A Lt 7% pf—100
Penn Pow A Lt $7 pref-—*
Sioux
Jamaica Water Supply—
2.00
61.75
5S-
39X
Power—
Ohio Edison $6 pref
62.00
Long Island 4X8
92 X
2.00
62.50
5a
Illinois Central 4X8
5s——
Queens Borough G A E—
6% preferred
-—100
Republic Natural Gas..—1
108
7% preferred
preferred———*
7% cum preferred—-100
(Del) 7% pref
(Minn) 5% pref-
84
'
New York Power A Light—
Northern
93
-
iox
*
Nqw Orl Pub Serv $7 pf—*
—
2.50
62.50
1937-50
Hocking Valley 5s
12
~
5.00
65.75
Erie RR4Xs
38 X
5X% Pf-*
Serv Co-^
$7 prior Hen pref
Continental Gas A El—
7)4% preferred
100
63.10
Reading Co 4X8
1937-49
Southern Ry 4X8
5.00
65.75
30X
9
New Eng G A E
7% preferred--.——100
$6 preferred
100
Cent Pr A Lt 7% pref-1001
Interstate Natural
28X
100
7% preferred
2.00
Pere Marquette 4X8
4X8-
65.75
Denver A R G West 4X8-
Great Northern 4Xs——.
67
*
—
27X
2.00
July
Dec 1
St Louis Southwestern 5s..
6H
25
88
25
2.60
A
St Louis-San Fran 4s.-
5X8
25
6% preferred----.-...*
Federal Water Serv
114X
5X
Mountain States Power—.
Nassau A Suf Ltg 7% pf 100
Nebraska Pow 7% pref-100
7% preferred
62
20X
,
25
-
67X
Penn
Pub Serv 7% pref
09 X
05
70"
Buffalo Niagara A Electern
Carolina Pr A Lt $7 pref.
59 X
66
-
4X8
62.60
Jan
Chesapeake & Ohio—
4X8
Ask
5.00
N Y N H A Hartf
Northern Pacific 4X8
5s.
Alabama Power $7 pref.
66.00
4.75
Chicago A Nor West 4X®
Ask
5.00
2.00
5s—
55
5.00
65.75
5s
1.00
65.75
NY Chic A St L 4Xa
65.60
Canadian National 4X8-
59)4
62)4
29 a
Bid
61.50
5s
Utility Stocks
Par
4X8—
5s
62.90
3X8 Dec 11936-1944...
5s—
Public
2.25
65.75
58—
70
5.00
63.00
5 00
Boston A Maine 4Xs—
55
6.00
New York Central
65175
229
6.00
3.50
5 00
65.75
130
10.00
100
1-75
64.40
Atlantic Coast Line 4X&-.
5s
Ask
New Orl Tex A Mex 4Xs—
Baltimore A Ohio 4X8—<
131
63
Bid
Ask
52.50
68)4
3.00
United New Jersey RR A Canal (Pennsylvania)....100
Utlca Chenango A Susquehanna (D L A W)__
Equipment Bonds
44
Texas Public 8erv 5s..1961
Western Pub Serv 5Xs *60
109
68 X
.
88
88
70X
90
104 X
90"
Dallas Ry A Term 68.1951
Federated Utll 5Xs—1957
57 X
58X
Wis Elec Power 3 Xs—1968
104 X
104X
67
09
106 X
107X
Havana E'en Ry 5s. ..1952
/ 37X
Wisconsin G A E 3X3-1966
Wis Mich Pow 3X8
1961
—
106X 107X
Volume
Quotations
WE
Over-the-Counter Securities—Friday Dec. 9—Continued
on
TRADING
ACTIVE
MAINTAIN
2 54s.
Roxy Theatre—
GOODBODY & CO.
REctor 2-54£5
1st 48 (w-s)
1939
54
Walbrldge Bldg (Buffalo)3s
1950
17
18
19
20 X
30
f28
1956
18
with stock
58
1st 554s
19X
60 Park Place (Newark)—
\
41%
.......1947
1st 3
Wall A Beaver St Corp—
61 Broadway Bldg—
Bid
Par
39
41
1957
3054
33 54
,
1
Investors Fund C
3s with stock
11.27
...1951
w-s
Westinghouse Bldg—
616 Madison Ave—
A.?*
Md
Par
Ask
1st 454s
1950
3%a with stock
Investing Companies
42
40
2 Park Ave Bldg 1st 4s 1946
1956
Sherneth Corp—
Cities
Connecting Branch Offices in leading
Private Wire System
1958
—
Trinity BIdgs Corp—
Savoy Plaza Corp—
3.6s with stock
2s
64
Textile Bldg—
67
65
...1957
Exchanges
921 Bergen Avenue
Tel. Journal Sq. 2-4400
Teletype JCY 1518
Broadway
115
New York City
Tel
38 %
1955
1st mtge 4s
Jersey City Office
Main Office
Syracuse Hotel (Syracuse)
Iftt 3s
1955
Rittenhouse Plaza (Phlla)
sk
A
Bid
Ask
hid
Principal Stock and Commodity
Mortgage Certificates
Real Estate Bonds and Title Co.
UNLISTED
IN
MARKETS
Investment Trust Issues
Members N. Y. Slocl Exchange and other
3601
Chronicle
Financial
147
1st
7254
1948
mtge
12.03
*
12.71
13.52
Affiliated Fund Inc.. .15*
4.01
4.44
Corp..*
215*
3.44
235*
Series B-l
25.2,7
27.75
3.81
Series B-2
21.11
23.16
53c
60c
Series B-3
14.19
15.59
Am Insurance Stock
5
554
Series K-l
14.10
15.47
Assoc. Stand Oil Shares..2
5%
5%
Series K-2
10.54
11.70
Series S- 2
14.05
15.56
Series S-3
12.81
14.32
Series 8-4
4.79
5.36
5.69
Maryland Fund Inc.__10c
1 221.19
6.24
22.48
11.54
12.61
Admlnls'd Fund 2nd Inc
♦Amerex Holding
Shares..-'.:
Amer Business
Inc 25c
Corp*
Amer Gen Equities
Corp
Nat- Invest
Bankers
Boston
654
5%
♦Class a
3.59
Shares..10
Basic Industry
16.43
Inc
Fund
Funds
Keystone Custodian
17.57
Mass Investors Trust
A...1
Inc..5
1
17c
32c
25.38
27.14
Canadian Inv Fund Ltd—1
22.80
10.27
11.12
.1
1
pflOO
3.58
3.90
Inactive Exchanges
24.52
Century Shares Trust...*
Foreign Stocks, Bonds and Coupons
British Type Invest
Broad So Invest Co
Bullock Fund Ltd
Chemical Fund
BRAUNL & CO., INC.
1554;
1454
......26c
1.36
5.97
6.36
1
13.40
14.41
7.77
2-5422
3.36
Voting shares
National Investors Corp. I
Tel. HAnover
N. Y.
52 William St.,
8.41
Common
75*
7
Commonwealth Invest
10
Mutual Invest Fund
2.40
New England Fund
Corporate Trust Shares..1
Series AA_
1
2.33
2.81
1
1
10
2.81
Foreign Unlisted Dollar Bonds
N Y Stocks Ino—
Accumulative series...1
1.51
♦Continental Shares
Series A A mod
Series ACC mod
♦Crum A Forster com
»«*"-«•
*»
Agriculture
m-m *»
«•
Automobile
J-.-
2.33
...
—
7.06
7.65
Antloqula 8s
Building supplies
8.48
9.17
8.11
8.77
Argentine 4 54s
.1948
Bank of Colombia 7 % 1947
9.16
9.90
J
Insurance stock
34%
32 54
Anhalt 7s to
Electrical equipment.
♦Crum A Forster Insurance
5.94
10.91
Bank stock
36
24
116
.100
♦8% preferred
9.13
Railroad equipment
7.88
8.53
Steel
8.58
9.28
17.23
15.94
;
ctfs.
1953.*
1
Series 1966
1
-1
No Amer Tr Shares
2.63
Series 1965
....
2.81
Plymouth Fund Ino.—10c
♦Putnam (Geo) Fund
Quarterly Inc Shares. _ 10c
5% deb series A.
11.25
Representative TrustShslO
Republic Invest Fund.25c
Selected Amer Shares. .2 >4
10.09
10354
10.59
32c
35c
Selected Income Shares...
4.25
Eaton A Howard Manage¬
17.48
18.27
Eqult Inv Corp (Mass)..6
Equity Corp S3 conv pref 1
28.55
30.37
Fidelity Fund Inc.......*
19.82
21.34
First Mutual Trust Fund—i
series A-l
29
26
7.40
8.04
Bank stock
2.26
2.51
Sovereign
Insurance
series—10c
stk series. 10c
3.23
3.58
Fixed Trust Shares A... 10
9.72
—10
7.66
-
-
+
~
Foundation Trust Shs A.l
4.15
99
17.72
19.38
B
5.75
5.15
A2
...♦
Fundamental Tr Shares
J
Investors Trust-*
4.98
General
Group Securities-
Bremen
mx
12
Nat Bank Panama
Nassau
Call (Colombia)
Cauca Valley 754s
p
/li X
C....
6.82
3
10.07
10.95
(A
7s_—1947
754s
1944
1946
Ceara (Brazil) 8s
1947
Central Agric Bank
see German Central Bk
1154
8"
(C A
354
Mtge 7s
North German
1934
Series D__
4s
/14
2.46
A.l
5.98
Chilean Nitrate
5.36
City Savings Bank
Madgeburg 6s
2.52
Chile Govt 6s
7s assented
8.30
Trusteed Amer Bank Shs B
54c
60c
7.39
Trusteed Industry Shares
98c
1.09
Food shares new
U S El Lt A Pr Shares A.
13%
Trustee Stand Oil Shs
Series B
91c
26.81
7.41
Voting shares.
24.98
5.43
Wellington Fund
sh new..
24.40
20.50
7.07
lnvestm't Banking Corp
5.52
♦Bancamerlca-Blair
25.07
Tobacco shares new
1
Holding Corp
Investors..*
♦Independence Trust Shs.
Incorporated
30c
60c
17.61
18.94
1.06
1.31
Bid
B'way Barclay inc 2s„ 1066
Pomeroy Inc
Panama
/2154
/22
/2 2
121
Raarbruecken M
6sV48
Poland 3s
68
/22
/20
/20
..1948
Brooklyn Fox Corp—
3s
...1957
Chanln Bldg 1st mtge 4s'45
ChesebrougO Bldg 1st 6s *48
.1948
12%
Lewis Morris Apt
24
1950
35*8
—
..
1951
Building—
Income
70
71
/18
19
/18
/18
110%
19
19
19%
12%
49
50
53
51%
31
27%
5%s w-s
54
30
Equit Off Bldg deb 5s. 1952
Deb 5s 1952 legended...
50 Bway Bldg 1st 3s inc
'46
6— -7%
50%
43 %
47%
27 %
51
29
1939
1400 Broadway Bldg—
1st 6%8 stamped—1948
Fuller Bldg deb 6s
1944
1st 254-48 (w-s)
.1949
Graybar Bldglst Ishld 5s'46
Harriman Bldg 1st 68.1951
Hearst Brisbane Prop 6s '42
Hotel St George 4s—1950
Lefcourt Manhattan Bldg
1st 5s
1948
42 Bway 1st 6s
"
,
1963
——...1947
70
71
X
94X
London Terrace Apts—
1st A gen
3s w-s
1952
43%
1947
Metropol Playhouses Inc
S f deb 5s
1945
96
98
1946
Corp—
stmp—1956
N Y Title A Mtge Co—
4s with stock
31
41 %
49%
45
70
97
101
71X
27
29
75%
71
30%
44
48
59%
Santander (Colom) 7s.
stamped. 1942
1948
3ao Paulo (Brazil) 68—1943
Saxon Pub Works 7s..1945
31
Saxon State Mtge
-654
Slem A Halske
0 54s...
——
15%
State
Dawes coupons:
German
stamped
15 '38-
coupons:
Dec 1 *35 stamped
June 1 '35 to June '38- —
Grar (Austria) 8s
1954
German defaulted coupons:
July 1933 to Deo
Jan 1934 to June
July 1934 to
1933..
1934..
Dec 1936..
Jan 1937 to
Dec 1937..
Dec 1938...
Great
Britain A
51
e33
15 2%
53%
554 s series Q
e39
41
Guatemala 8s
Hanover
Harz Water
6s
44
f6%
Olicrom Corp vtc
40
Wks
1957
1953
1938
—1951
—
111
HI
199
6654
68
Mtge
0s-.1947
120
122
/28
/25
/25
35
/36
16%
/ 2154
122
122
f 19
/60
/21.
{5%
6%
122
121
/20
19
17%
JO
117
854
9
115
112
13
67
71
116%
15%
121%
121
124%
deb 08.2930 f550.
.
175*
65*
600,
Bk Jugoslavia
1966
1956
5s
17%
114%
2d series 5s
65
65
Coupons—
April 1935
1935 to April 1937
Oct 1932 to
19%
111%
Oct
Stinnes 7s
unstamped. 1936
176
J5 3
/2154
/80
1936 16 8
1946 174
162
Certificates 4s —1946
Toho Electric 7s
1955 173
115*
Tolima 7s
1947 J11
Union of Soviet Soc Repub
91.19
7% gold ruble
1943 *86.59
Certificates 4s...
155
135
127
J 27
/26
101
7s.—1940
Stettin Pub Utll
122
7s unstamped
-
102
Uruguay
34%
5%a series F-l
Ireland—
1960-1990
—1948
Haiti 6s—
40%
36
35%
/45
122
3454
4s
/49
5%a series C-2
...1947
8 %....
Santa Fe 7s
/34
Jan 1938 to
7X
5%s series BK
47
120
11854 12054
-
/29
Apr 16 '35 to Apr
69%
rex
-1948
8s ctfs of depo8lt-1948
Santa Catharlna (Brazil)
German Young
N Y Athletic Club— s
2s
4s scrip.
8s
/II
1940
Funding 3s.—
Dec 1934
54%
62%
Bk 0s '47
Salvador 7% —
1957
7s ctfs of depo8it.l957
110
/21
/10
Agricultural 6ft—-.1938
Conversion Office
German scrip
41
Ludwig Baumann—
1947
1951
Metropolitan Chain Prop—
6s
;
1948
Metropolitan Corp (Can)
-
German
93%
N Y Majestic
500 Fifth Avenue—
&Q%s (stamped 4s)..1949
52d & Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
Film Center Bldg 1st 4s *43
40 Wall St Corp 6s
1958
55
,
6ft
.Tr:
37%
1st 5s (L I)
33
Ask
52
1st 5s (Bkiyn)
33%
1953
A In
7548——1966
754s Income
1960
7s.
—1967
7s Income
1907
Farmers Natl Mtge 7s.'63
Frankfurt 7s to.
1945
French Nat Mall 88 6s '52
German At! Cable 7s..1945
German Building A Landbank 0 54s
1948
German Central Bank
11
European Mortgage
Loew's Theatre Rlty Corp
1st 6s
Eastern Ambassador
Hotel units
2
Bldg—
1st 4s
Lincoln
Court & Remsen St Off bid
Dorset 1st A fixed 2s..1957
20
Bid
10%
122%
Colonade Construction—
1st 4s (w-s)
1854
Mortgage Certificates
Lefcourt State 1st Ishld
67H
to..——1946
08.1953
(Ger'y) 054s '50
vestment
Ask
33
1945
Duesseldorf 7s to
Duisburg 7%
5
'1
5% scrip..--
1960
Coupons
..1936-1937
Porto Alegre 7s
1968
Protestant Church (Ger¬
many) 78--".
..1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
5s
1941
Rhine Westph Elec 7% '36
6s
1941
Rio de Janeiro 6%
1933
Rom Cath Church 0 54s '46
R C Church Welfare 7s *46
/66
J67
654s--—--
com...10c
38%
Broadway Motors Bldg—
4-6s
.10
Corp
Lexington Hotel units
1944
354
35
254
J35%
B'way A 41st street—
1st leasehold 3s
254
32
1945
78 to
/12
1946
Cordoba 7s stamped..1937
Costa Rica funding 6s. '51
Costa Rica Pac Ry 754s '49
58..—
1949
Cundinamarca 654s—1959
Colombia 4s
Dortmund Mun Utll
1.44
Real Estate Bonds and Title Co.
AldenApt 1stmtge38.1957
Beacon Hotel Inc 4s..1958
14.78
♦Schoelkopf, Hutton A
96c
Insurance Group Shares.
Corpl
Corp cl A..*
♦Class B
♦First Boston
2.56
Institutional securities Ltd
Bank Group shares...
•Central Nat
.
13.60
1948
Lloyd 6s '47
1947
Oberpfals Elec 78---.1940
Panama City 0 54s
1952
59
4.86
Steel shares new..
1902
Electric Pr
1.86
shares new..
Bk of
East Prussian Pow
4.33
B
1953
Budapest 7s
157
31
195
195
Oldenburg-Free State
/14
-
5s....1908
121%
129
A Ind
National Hungarian
assented....
i
Series C
0548-1946-1947
D) 6548.1948-1949
A B)
Hungary 754s
/26
Shs—
1
1
Landbank 654s '38
Nat Central Savings
1254
Central German Power
Trustee Stand Invest
2:0.79
1st
754s '40
Callao (Peru)
2:7.63
RR equipment
120
Municipal Gas A Elec Corp
Recklinghausen 7s. .1947
6.82
Chemical shares new...
♦Huron
Munic
48
3.71
Building shares new
Mining shares, new..
120%
1945
Bk Hessen 7s to '45
/22
/44
/II0
1953
2.43
.....
69
6754
135
—.
68.1940
B
8.67
Petroleum
Montevideo scrip... <
f22
121%
Munich 7s to..
AA
ShsA
1948
1941
7s.-.1957
Water 7s
Mannheim A Palat 7s.
fl9
5.88
5.71
Leipzig Trade Fair
Merldionale Elec
3.54
5.41
4.12
123
122
Leipzig O'land Pr 054s
55c
85%
27.95
25.24
150
Land M Bk Warsaw
15%
Caldas (Colombia)
Clc
2:4.97
2:3.78
8s '41
'40
7s.1953
Luneberg Power Llgbt A
3%
6%
Burmelster A Wain
16.82
15.40
2:3.97
/22
3%
Coal Ind Corp—
054s
Agricultural shares new.
......
170
145
1943
Koholyt 6548.-.-
/12
Buenos Aires scrip—
Aviation shares new....
Merchandise shares new
1982
1937
Nov 1935 to May
354
118
Brown
"80c
AutomobLe shares new.
Investing shares new..
-1940
Hungarian Bank
754s
82%
Supervised Shares
|,5-42
Coupons—
Nov 1932 to May 1935
14.
6454
5454
/53
153
Jugoslavia 2d series 5s. 1956
14
J22
British
10.60
15.84
/12
/28
(Germany) 7s. 1936
08
33.75
31.39
Corp
Brazil funding scrip
72c
D
4.57
*
General Capital
/t 4X
12.32
9.72
Corp.
Super Corp of Am Tr
4.45
Invest Inc.2
Fundamental
6s.-1931-51
Brazil funding
15.75
14.73
Investors.
♦State St Invest
7.09
6.52
Inc.
Foreign Bd Associates
'
51c
46c
Spencer Trask Fund
*
Standard Utilities Inc_60c
Fiscal Fund Inc—
B
.1953
Brandenburg Elec 6s.
6.35
1.42
112
Jugoslavia 5s funding.1956
f!9
f 13
/13
P
/3
/3
f5%
/20 54
-
5.65
.
25c
Dividend Shares
ment Fund
2.30
1.31
1
D
Cons
—1945
Bogota (Colombia) 8 548 '47
8s
1946
Bolivia (Republic) 8s. 1947
7s
1958
7s
1969
08
1940
"
3.80
111
Hungarian Discount A Ex¬
change Bank 7s
1936
Hungarian Cent Mut 7s
/2054
Cities 7s to
2.54
No Amer Bond Trust
2.93
122
*37
Hungarian Ital Bk 7 54s *32
92%
Bavarian Palatlnlte
2.75
Series 1958
1.34
Deposited lnsur Shs A...1
Deposited lnsur Shs ser B.
Dlvnrsitled Trustee Shares
C
3.60
,s'35-40-46-48
1945
93
7s '46
Housing A Real Imp
91H
Bavaria 654s to
1939
Hansa SS 6s
/2554
/2554
f21%
ill
Bid
Ask
/20
/32
1948
Barranqullla
52 %
Deposited Bank Shs ser A1
-.1946
7s.
10.03
8.44
...
.—194
_
9,11
9.28
Oils
Cumulative Trust Shares. *
Delaware Fund
8.42
Machinery
4.79
.100
♦7% preferred
Metals
111
10
♦Common B share
Bid
5.47
10.10
—
Aviation
125
Conversion scrip.
.
...
/35
Unterelbe Electric
f 1954
65
08. _ 1953
J22
7s
1947
1945
J21
J2 0
Vesten Elec Ry
Wurtemberg 7s to
/20
1 Park Avenue—
38%
2d
Hamburg Electric
6s...1941
42%
f21
1st 5%s '51
50%
52%
59%
6\%
1951
mtge 6s
73
103 E 57th St 1st
33%
165 Bway Bldg
46
*
Prudence Co—
49%
5%s
stamped...—1961
Realty Assoc Sec Corp—
5s
income
—
—1943
(41%
50
No
/Flat
value,
par
price,
n
6s
.
a
Interchangeable,
Nominal quotation,
b
ifasls price,
w i When
Issued,
Now selling on NewiYork Curb Exchange.
t Now listed on New York Stock Exchange.
t Quotations per 100 gold rouble bond, equivalent to
♦
Quotation not furnished by sponser or issuer
dlvldend.
v
e Ex-Interest.
w-s With stock, x ExEx-Ilauldatlng dividend.
d Coupon,
*
77.4234 grams of pure gold.
3602
Financial
■»
Chronicle
Dec.
10,
ms
&
Quotations
Over-the-Counter Securities—Friday Dec. 9—Concluded
on
Industrial Stocks and Bonds
Par
Alabama
Mills Inc
American Arch
bid.
•
*
—
5% conv pref
10
American Hard Rubber—
8% cum pref
-100
American Hardware
25
Mat
11%'
96%
28%
17%
27
20%
Singer Manufacturing..100
Singer Mfg Ltd
Bkenandoa Rayon Corp..*
50;
100
52%
5%
Columbia Baking com.
$1 cum preferred
*
Dennlson Mfg class A
Steel
^7%
%
Dentist's Supply com—.10
Devoe A Raynolds B com *
60
25
2)
34
37
23%
2%
4%
67%
Federal
.'
Bake Shops
*
Preferred
3f
FohsOUCo
Oarlock Packing com....*
Gen Fire Extinguisher..."
24
17%
*
100
com
15%
preferred
cum
5
York Ice
6
%
7%
%
8%
25 ^
%
9%
27%
17%
11
43
1st conv a f 6s
1940
Crown Cork A Seal 4**s '48
Crucible Steel of America
4 **8
1948
36
38
28
Muskegon Piston Ring. 2 %
10%
34
N Y
«\H
17
3"
Shipbuilding 5s._ 1946
99
WItberbee Sherman 6s 1963
Woodward Iron—
59
1st 6s
38%
2d
7%
100
.......1952
—
102
98% 100**
48
1962
104
109
98**
99
1977
106%
...
Huntington Water—
6s series B
Illinois Water Serv 5s A '62
102
99
mmm
108
Pinellas Water Co 5 **s. '59
Pittsburgh Sub Wat 5s '58
Plamfleld Union Wat 6s '61
Richmond W W Co 5s_1957
100
mmm
mmm
102
m
107
mmm
105
mmm
Roch & L Ont Wat 5s.l938
100**
...
106
4%s
1958
100
Water Service 5s. 1961
1st A ret 5s A
1967
ser B
mm
101
80
74
1960
102**
5s series B
1960
105
1955
103
Terre Haute Water 6s B '66
98
6s series A__
mmm
mmm
97**
105% 107
93
78
Pittsburgh Water—
Springf City Wat 4s A '56
1958
102
1st mtge 5s
6s series A
Indianapolis W W Secure—
84**
100
South Bay Cons Wat 5s '50
South
83
81**
1961
mmm
101% 102%
1966
6s
100
103**
Phlla Suburb Wat 4s..1965
mmm
—
1st mtge 3%s
1948
1948
Sbenango Val 4s
—1954
Indianapolis Water
100** 102*4
Scranton-Sprlng Brook
101
99%
101
mmm
Joplln W W Co 5s—1957
1958
105
104
Middlesex Wat Co 6**s '57
107
94
mmm
106
103**
mmm
102**
mmm
UdIod Water Sery 6**s '51
W Va Water Serv
4s..1961
105
1949
Texarkana Wat 1st 5s. 1958
102
1950
1st mtge 5s
mmm
98
mm'
103 J* 105
mmm
1951
96
99
95**
1st mtge 5 **s
1950
Westmoreland Water 5s '52
98**
99
101
102
104
Wichita Water—
6%s
1950
Morgantown Water 6s 1965
Muncle Water Works 6s '65
105
mmm
101
mmm
102
5s series B
III
105
Water 5s 1950
1956
101
6s series C.
1960
105
6s series A
1949
W'msport Water 5s.—1952
III
105
103** 105 '
Telephone and Telegraph Stocks
Par
Bid
Teleg (N J) com.*
Preferred
52%
m mm
112
Par
New York Mutual Tel. 100
102
Bid
167
170
118%
121 **
30
Emp A Bay State Tel..100
Franklin Telegraph
100
Corp—
Pac A Atl
mmm
25
mmm
95
Int Ocean Telegraph
100
Mtn States Tel A Tel..100
,
97%
69
15
18
31
125
*
29
100
HO
86.50 1st pref
100
So A Atl Telegraph
25
Sou New Eng Telep...100
14
17
151
153
117
120
Preferred A
Rochester
....
Telephone—
112
73
122
25
Wisconsin Telep 7% pf.100
mm-
45
♦
Telegraph
Peninsular Telep com
Ask
26
113% 115**
Bell Telep of Canada
100
Bell Telep of Pa pref:-.100
Gen Telep Allied
86 preferred
Ask
97
100
109
9%
3601.
General Corporation and Investment
News
RAILROAD—PUBLIC
NOTE—For mechanical
reasons
However,
FILING
OF
It
they
is
UTILITY—INDUSTRIAL—MISCELLANEOUS
not
are
always possible to arrange
companies in exact alphabetical order.
always as near alphabetical
position as possible.
REGISTRATION
STATEMENTS UNDER
SECURITIES ACT
The
following additional registration statements (Nos. 3888
to 3892,
inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of
1933.
The total involved is
Kaufmann Departmentapproximately $18,320,900.
Stores, Inc. (2-3888, Form A-2) of Pittsburgh,
Pa. has filed a
registration statement
covering 32,529 shares of $100 par, 5%
cumulative convertible
preference
stock
and
144,574 shares of $1 par
scrip certificates for fractional shares
reserved for con¬
offering is being made for the account of
four stockholders.
Edgar J
Kaufman is President of
the
company.
Filed Dec. 1. 1938.
Mellon Securities
Corp. will underwrite 15,529
shares.
Other
under¬
common stock and
version.
The
writers include Goldman,
&
Co., 7,500 shares.
Sachs & Co. 9,500
shares, and Kidder, Peabody
Pennsylvania
Power Co. (2-3889, Form
A-2) of Sharon, Pa. has filed a
registration
statement covering
42,000 shares $5 cumulative
preferred
stock, no par value.
Proceeds will be applied
toward redemption of all
old preferred and
for additions to
plant.
Bonbright & Co., Inc., will be
principal underwriter. Other underwriters
are:
Lehman Bros.,
Smith, Barney & Co., E. W. Clark &
Co., Stroud &
Co., Inc., W. H. Newbold's Son
& Co., and
Graham, Parsons & Co. W. H.
Samnns is President of the
company. Filed Dec. 1, 1938.
P*tr<>,eunVInvestors Trust (2-3890, Form A-l) of Los
has filed a
Angeles, Calif.,
registration statement
covering 40,000 units of beneficial interests
which are
be
,
to
offered at $10 per unit.
F. C. Hall, Inc. of
Oklahoma City,
according to the registration statement. Proceeds
used to pay F. O.
to be
Hall, Inc. as co-issuer for
royalty interests contracted for
purchase by F. L. Wilke
and then
Okia., is
a co-issuer
assigned to issuer.
Fred. L. Wilke may
rwr^er ^or reissuer and Petroleum Investors
Trust and Fred L.
Wilke may be
underwriters for re-coissuer.
Fred L. Wilke is President of
Petroleum Investors
Trust and F. C. Hall is
President of F. C. Hall, Inc.
Filed Dec. 2, 1938.
T^..,yn
Consumers
Power
Co.
(2-3891, Form
A-2) of Jackson, Mich, has filed
registration statement
covering $10,168,000 of 1st
mtge. 3%% bonds,
1, 1966. Filed Dec. 3, 1938.
(See subsequent page
for further
a
series of 1936, due
Nov.
details).
Pix Theatre
Circuit, Inc. (2-3892, Form A-l) of
Gary, Ind. has filed a
registration statement
covering 50,000 shares of class A
common stock,
par $5.
Proceeds from the issue will
be used to purchase
three theatres,
equipment, and for working capital.
The class A common
stock will be
offered publicly at $6
per share through
Warren-Franklin Corp. Samuel B.
Nissley is President of the
company.
Filed Dec. 6, 1938.
in
The last previous list of
registration
our issue of Dee.
3, page 3442.
statejnents
was
"
Western N Y Water Co—
5s series B
Monongabela Valley Water
Cuban Telep 7% pref-AOO
107
Income 5s..1962
conv
100
1952
6 **s series B
Am Dlst
20
26%
5s series B
14%
/16
1945
90
74 yi
1946
35%
♦
/wna/
1948
Scovlll Mfg 5%s
19
6s series A
101% 101%
79
52
5
deb 6s
71
Greenwich Water A Gas—
97%
74
24**
100
97%
fl2%
Nat Radiator 5s
106
5% preferred
...100
New Britain
Machine....*
New Haven Clock-
'
87
St Joseph Wat 4e ser A.'66
Scranton Gas A Water Co
67%
New Jersey
93
98H
/ 70%
Conv.
12
29
Casket
*
Preferred
*
Nat Paper & Type com...*
...
mmm
...
100% 102**
1948
mmm
90
Haytlan Corp 8s
1938
Kelsey Hayes Wheel Co—
100
66
Long Island Wat 6 **s_ 1955
98
Deep Rock Oil 7s
1937
Firestone T A R 3**s.l948
115
National
For footnotes see
page
2>%
26
8% preferred
100
Mock Judson A Voehrlnger
7% preferred
100
Ohio Match Co
3%
'26%
Preferred
•
Marlln Rockwell Corp
1
Merck Co Ino common..)
Preferred 6%%
Norwich Pkarmacal
90
96%
Cont'l Roll A Steel
Fdy—
10
2%
62%
1946
Monmouth Consol W 5s '66
109
Chicago Stock Yds 5s. 1961
42
com mon. *
1946
6s series A
Kokomo W W Co 5s
*
15%
23%
48%
8%
52%
50
American Tobacco 4s_1961
Am Wire Fabrics 7s..1942
mm
104%
Bonds—
8
m
101%
103%
42%
6%
100
mmm
105
1954
7%
105%
1950
1st consol 5s
101%
1957
-1962
21%
•
preferred
—1954
1st 6s series C
6s
12
82**
Peoria Water Works Co—
1st eoneol 4s
6s
6%
95%
77%
Penna State Water—
1st A ret 5s
101
15%
8
Ohio Cities Water 5**s '53
Ohio Valley Water 5S.1954
Ohio Water Service 5S.1958
Ore-Wash Wat Serv 5s 1957
Prior lien 5s
1941
97%
\%
17%
1%
15%
91
93**
100
*
♦
City of New Castle Water
13%
100
Machinery
mmm
90
§7
1951
Newport Water Co 5s 1953
1st coll trust 4KS..1966
94
•
100
Long Bell Lumber.
$6 preferred—
13%
46%
15%
<**
24 ^
103
2%
105
32
3
1951
5%s series A
43%
43
1
v t c
Worcester Salt...
7
23
Landers Frary A Clark..25
Lawrence Portl Cement 100
*
preferred
58
37**
mmm
Hackensack Wat Co 6s. '77
Wick wire Spencer Steel.-*
Wilcox A Glbb8 com....60
WJR The Goodwill 8ta_—5
5
30
1%
100
53
3%
mrnm
102
Connelisvllle Water 5s 1939
41%
_*
Welch Grape Juice com..6
7% preferred
.100
West Va Pulp A Pap com.*
$3
40
rnrn-m
1951
H
(Northam)—
W est Dairies Inc com
105%
5 %r series B
1%
86
104% 106
132
1%
3 %
14%
Harrlsburg Steel Corp
6
Interstate Bakeries $5 pref.
Klldun Mining Corp
J
King Seeley Corp com...)
128
84
conv
1957
—
m — m
Community Water Service
75
13
mm
104**
105
30%
Preferred
2%
38
Preferred
...100
Great Lakes 88 Co com..*
Great Northern Paper..25
2
28%
Warren
101
1954
5s
9%
1%
..1951
5**s
1954
6s
8%
5s series B
New York Wat Serv 6s *51
mmm
Chester Wat Serv 4 **s '68
Citizens Wat Co (Wash)—
18
Trico Products Corp
*
Tublze Cbaflllon cum pf.10
19
2%
Good Humor Corp
1
Graton A Knight com—..*
Macfadden Pub
6%
18
*
16%
63
x5
Foundation Co For shs...*
American shares
*
5%
*
Preferred
102
105
Coilt Water Service 4s 1961
42%
common
Veeder-Root Inc
65
6s series B
5s series B
Time Inc
35J*
Conv prior pref
4%
8%
United Artists Theat com. •
United Piece Dye Works.*
1%
99
Ask
New Rochelle Water—
mmm
City Water (Chattanooga)
Tennessee Products
29%
1957
6 Hs series A
37%
4%
Stromberg-Canson Tel Mfg
Sylvanla Indus Corp
*
8%
18
Dictaphone Corp
*
Dixon (Jos) Crucible...100
Douglas (W L) Shoe—
Draper Corp
3%
7%
25
bid
99
26%
210
35%
40%
20
Stanley Works it>c
5s series C
4
Taylor Wharton Iron A
3%
16
10
standard Screw
Ask
98
101**
Birmingham Water Wks—
Butler Water Co 5s
25
205
50
2%
5%
*
—
6%
46
10
Crowell Publishing com—*
7%
53%
4
Atlantic County Wat 6s *68
12%
14%
x2H
Scovlll Manufacturing..25
6%
common
*
com
18 **
Beneficial Indus Loan pf
Bur dines Inc common.
T--1
3%
11
Bid
Alabama Wat Serv 68.1957
Ashtabula Wat Wks 5s '58
%
12%
63
Bankers Indus Service A.*
101
*
36
Belmont Radio Corp
Chlo Burl A Qulncy
Remington Arms
11%
10c
..1
Manufacturing
15%
58**
*
*
98
1
33**
American Mfg. 5% pref 100
Andlan National Corp.— *
Art Metal Construction. 10
Chilton Co
•
Exploration
Pollak
Atk
10%
Petroleum Heat A Power.*
Pilgrim
Products—*
re
Bid
Corp..25
Pathe Film 7% pref..
Petroleum Conversion
12%
93
Water Bonds
Par
Pan Amer Match
3%
30%) 34%
American Cynamld—
Amer
Ask
.
2%\
giver
Adams Express Co.—IQ-Cent
Dividend—
The Board of
Managers on Nov. 6 declared a dividend of 10 cents
per
the common
stock, no par value, payable Dec. 24 to holders of
Dec. 15.
A like amount was
paid on July 12, last, and compares
with 30 cents Dec.
24 paid on Dec. 20 and on June
25, 1937; 35 cents paid
on Dec.
23, 1936, and 10 cents paid on
July 14 and on Jan. 10, 1936, this
last being the first
dividend paid since Sept.
30, 1931, when a quarterly
dividend of 25 cents per share was
share
on
record
distributed.—V. 147, p. 2520.
Agfa Ansco Corp.—To Pay 50-cent Dividend—
Directors have declared a dividend of
50 cents per share on the
stock, payable Dec. 20 to holders of record
Dec. 15.
An initial
like amount
was
on
Dec. 20, 1937.—V. 146, p. 3656.
Alco. Valve Co.—Earnings—
Sept. 30 '38
Net income.....
147,
-
9 Mos. End.
Period—
—V.
p.
common
dividend of
paid
Calendar
•
$49,178
3148.
1937
$97,373
Years
1936
$53,529
Alleghany Corp .—Collateral Purchased—
The Guaranty Trust Co. of New
York has notified the New York Stock
Exchange that, in regard to Alleghany Corp. collateral trust
indenture
dated April
1,1930, they have purchased and cancelled the 20-year collateral
trust convertible
5% bonds due April 1, 1950 (stamped pursuant to plan
dated March 15,
1934) aggregating $350,000 principal amount, against an
expenditure of "deposited cash"
amounting to $143,013.75.—V. 147, p.
3449.
Allied Mills, Inc.—2o-cent Dividend—
Directors have declared a dividend of 25 cents
per share on the common
stock, payable Dec. 27 to holders of record Dec. 13.
This compares with
50 cents paid on June 23
last, and $1.50 paid on June 15, 1937.—V. 147,
p. 2521.
Allied Products Corp. (Mich.)—To
Pay 50-cent Dividend
Directors have declared
stock, payable Dec. 24
dividend
was
to
dividend of 50 cents per share on the common
holders of record Dec. 14.
The last previous
a
paid by the Illinois corporation Dec. 24, 1937, and
amounted
to $1 per share.—V.
147, p. 3149.
American Meter Co.—Larger Dividend—
Directors have declared a dividend of 50 cents
per share on the common
stock, payable Dec. 21 to holders of record Dec. 5.
This compares with
40 cents paid on Oct. 15, last; 30 cents
paid on July 15 and April 15, last,
and a special dividend of $1 in addition to a
regular quarterly dividend of
75 cents per share was paid on Dec. 21, 1937.
See also V. 145, p. 3489.
—V. 147, p. 3149.
Volume
Financial
147
Aluminum Co. of America—Accumulated
Directors
have
Jan.
1
to
on
declared
dividend
a
Dividend—
of $1.50 per share
on
share.—Y. 147, p. 2234.
American Gas & Electric Co. (&
Period End. Oct. 31—
Subs.)—Earnings—
1938—Month—1937
1938—12
Taxes
—
$6,413,498 $72,324,699
$74,024,396
22,384,421
4,243,953
10,472,716
10,074,548
22,877,269
4,203,712
9,786,656
2,016,189
2,016,519
348,163
885,774
779,000
374,222
819,331
883,556
Maintenance
Depreciation.
...
«...
10,209,681
$2,271,463
Dr4,198
Operating income
Other income.
Total income........
Int. & other deductions.
Pref. stock dividends...
$2,319,870 $25,149,060
11,053
32,127
$26,947,078
223,696
$2,267,265
869,366
424,342
$2,330,923 $25,181,188
898,183
10,462,851
417,832
5,079,065
$27,170,774
10,957,726
5,014,398
Balance
$973,557
$1,014,908
$9,639,272 $11,198,651
Amer. Gas & El. Co.—
Bal. of sub. cos. earns.
stock
•
.
$973,557
213,653
$1,014,908
258,008
$9,639,272 $11,198,651
2,725,569
3,092,207
from
divs.
sub. companies
Other income..........
165,681
159,171
£273,242
£357,755
£310,245
15,346
221,392
12,917
160,369
143,166
6,190
2,146
5,444
4,379
7,305
6,559
149
8,163
other producers
Int. earned
Int.
in
on
.
invest. & deposits
current
account
Corp. (net)----
-
3,654
1,082
Motorship Caliche—operations
Motorship Caliche—Sale (profit)
Exchange difference
Sundry adjustments.
2,933
T
$941,318
...
$971,159
$16,382,073
829,863
2,134,243
2,133,738
$9,688,141 $11,284,229
Note—Figures'for periods prior to""jan. 1, 1938 restated, to include an
additional charge at the rate of $100,000 per annum for amortization of
debt discount and expense.
Figures for periods prior to Jan. 1, 1937 also
restated to conform with new classification of accounts.—V. 147, p. 3444. j/i
American Potash & Chemical
Corp.—To Pay% 1 Div
£523,840
£553,259
£493,566
89,997
15,000
12,127
88,685
15,000
2,937
77,027
6,470
4,556
,
8,873
nitrate and iodine.
Prov. for deprec. of motorship
Provision for exchange losses
Caliche
87
523
V
76
compared with the closing rates,
c This is the amount of net income subject to the service of funded debt,
pursuant to definition in sterling and dollar trust deeds as amended. ■ . -'.
Consolidated Balance Sheet June 30
Assets-
53,471
51,583
Ry. renew, res. fd.
a
£233,455
42,194
Bills & accts.
rec.
sundry
Corp..-..'
Sales
on spec.
a
Funded
W.
W.
Rolling Mill Co.—New Director—
Vice-President and Assistant General
Sebald,
—V.
147,
p.
3149.
American
-
Seating Co.—To Pay 50-ceni Dividend—
share on the com¬
stock, no par value, payable Dec. 27 to holders of record Dec. 13.
This
with $1 paid on Dec. 16, 1937; 25 cents paid on July 22, 1937,
on
Dec. 21, 1936 the company paid a 50-cent dividend and also an
optional payment of $3 in cash or l-10th of a share of common stock, these
being the first dividend payments made since April 1, 1930, when 50 cents
was disbursed.—V.
147, p. 3003.
•
; ,
mon
compares
pesos
of accu¬
stock, payable Dec. 23 to holders of
record Dec. 10.
A dividend of $1.50 per share was paid on Dec. 30,
1937
and one of $3 per share was distributed on Dec. 19, 1936.
Dividends on
this issue are cumulative only to the extent that they are earned.—V. 147,
p. 2079.
on
a
dividend of $3 per share on account
the $3 cumulative pref.
American Snuff
c
Co.—25-cent Extra Dividend—
of 25 cents per share in
addition to the regular quarterly dividend of 75 cents per share on the
common stock, par $25, both payable Jan. 3 to holders Of record Dec. 15.
Similar payments have been made on Jan. 2 of 1938, 1937, 1936, 1935, 1934,
1933 1932 and 1931.
An extra dividend of 50 cents per share was paid on
The directors on Dec. 7 declared an extra dividend
credits
3,500
—
Capital stock...
1,048,350
1,048,350
-..£9,171,793 £9,120,366
Total
iodine in process, mined caliche and
Represented by 2,096.700 shares of 50 Chilean
b Of salt
reserve,
c
cake,
each.-r-V. 145, p. 3966.
Arkansas-Missouri Power Corp .—Larger Dividend—
a meeting of the board of directors held Dec. 2, they declared a divi¬
share on the common stock of the corporation, payable
Dec. 23, to holders of record Dec. 12.
An initial dividend of 25 cents was
paid on Dec. 24, 1937 —V. 147, p. 3302.
At
dend of 35 cents per
of Del .—Listing—
Armour & Co.
Stock Exchange has approved the application to list 557,825
guaranteed cumulative preferred stock.—Y. 146, p. 3173.
The Chicago
shares of 7%
Armstrong Cork
American Service Co.—Accumulated Dividend—
Directors have declared
45,000
498,739
1,588,797
■
1,113
.-£9,171,793 £9,120,366
.
878,809
1,588,798
Deferred
7,836,524
507
materials and supplies,
and
mulations
397,705
7,849,912
Sundry prepd.exps
.
The directors have declared a dividend of 50 cents per
Deb, red. fund.
60,000
Ry. renewals
Manager of the
Less
299,976
388,913
Reval. reserve..
b Inventories..
a
209,670
209,670
capital
Working
6,989
7,231
427,373
posits & guar's..
Total
244,289
5,090,116
Statutory
56,265
notes
Nitrate Co.,Ltd.
company, has been elected a director to fill the vacancy left by the late
J. H. Frantz, Charles R. Hook, President, announced on Dec. 2.
Mr.
Sebald was employed by American Rolling Mill as an office boy in 1906
and a few years later became the company's only traveling salesman.
227,911
4,710,048
debt
Reserves—
Sundry invest., de¬
Capital assets
American
£91,928
fund,
spect of fiscal yr.
532,375
455,453
35,318
acct.
Invest, in Lautaro
regular quarterly dividend of 25 cents per share was
—V. 147, p. 1182.
when
expenses
debt serv. in re¬
Nitrate & Iodine
Cash
£59,295
liab. & prov. for
Bal. pay. on
Accts. with Chilean
1937
accr'd
Accts. pay.,
13.745
£290,944
1938
Liabilities—
1937
1938
Cash
distributed.
dividend of $1 per share on the common
b On sales of
liabilities,
Arising from the conversion of assets and
c£363,289
' c£426,814
£397,157
Balance.
currencies at different rates of exchange as
Inv. inU. S.Treas.
a
15,000
5,001
—5,142
7,900
3,270
522
798
9,560
al4,852
------
Othercharges
Exchange difference..
Sundry adjustments
stock,
no par value, payable Dec. 16 to holders of record Dec. 13.
Similar amount
was paid on July 29, last, and compares with $2 paid on Dec.
10, 1937;
$1.50 on June 22, 1937; $1.25 on Dec. 18, 1936 and $1 paid on July 1, 1936,
this last being the first payment on the common stock since June 30. 1931
Directors have declared
7,199
1,785
.
'
Approp. to working capital reserve
Approp. to ry. renewal reserve
Loss on commercial & other oper.(net)
Prov. for taxes on profits other than
181,165
70,699-
$1,436,575 $14,410,256
116,751
537,331
170,853
2,051,046
177,811
2,133,738
5,467
5,176
b8,600
-
Total income.
a
$1,357,726
Expense
67,743
Int. & other deductions.
170,853
Pref. stock divs. to pub..
177,811
-
Sales
with
—
Miscellaneous income
1,910,050
1,974,716
4,488
4,835
Total income.
^Balance.
sales
Prov. for reorganization expense..
applic. to Amer. Gas
& Elec. Co—
Int. from sub. cos......
Pref.
to,
& par tic. in
profits declared by, the Sales Corp.,
respect of new production, nitrate
iodine, less cost
Proit
on
nitrate
manufactured for
of
Ry. and port operations (net)
$6,300,590
1936
Years Ended June 30—
Proceeds
Mos—1937
Sub. Cos. Consolidated—
Operating revenue
Operating expenses:
Operating.
[Including Motorship Caliche Corp.l
1938
1937
account of
the
will amount to $2.25 per
Ended June 30
Consolidated Profit and Loss Account for Year
6% cumulative preferred stock, par $100, payable
holders of record Dec. 15.
Accruals after the current payment
accumulations
3603
Chronicle
Co.—Final Dividend—
Directors have declared a
r
final dividend of 50 cents per
,
share for the
record
1938 on the common stock, payable Dec. 22 to holders of
12.
A dividend of 25 cents per share Was paid on March 1, last.
During the year 1937 dividends totaling $2.50 per share were distributed.
year
Dec.
'
—V^147, p. 2859
Associated Breweries of
Canada, Ltd.-—Extra
Dividend
declared an extra dividend of 45 cents per share in
addition to the regular quarterly dividend of 20 cents per share on the
common stock, both payable Dec. 31 to holders of record Dec. 15/
An
extra of 25 cents was paid on Dec. 31, 1937.—V, 147, p. 2080.
4
The directors have
Gas
Associated
&
Co —SEC Asks
Electric
Company
,
Jan. 2, 1930.—V. 146, p. 1230.
for Data
Telephone
& Telegraph
Co.—Company
Report—Brands Recommendations as Unsound
and Contends Report Full of Errors and Unjustified Inferences—
The company, on Dec.'" 15, filed "a" brief at the Federal Communications
American
Assails Walker
Commission answering allegations made in the Walker report on the tele¬
phone investigation authorized by Congress in 1935.
The brief excoriates the report of Commissioner Walker and gives the
system's arguments as to why the Walker report "cannot properly be used
in whole or in part as the report the Commission will make to Congress."
The System's brief is 280 pages long and represents a summary of the
answers to the Walker report that it is prepared to elaborate if given per-
The brief gives four main reasons as to why the Commission
submit the Walker report.
These are that:
(1) The investigation on which the Walker report is based was, as a whole,
unfair; the hearings were ex parte and the whole procedure was incapable of
producing reliable conclusions.
(2) The Walker report is incorrect.
To a large extent the allegations of
fact and to a greater extent the inferences and conclusions drawn therefrom
are not true.
The report is full of errors in fact, misstatements of fact and
unjustified inferences and unsupported conclusions.
(3) The report is incomplete.
As to most subjects discussed, it does
not contain the important facts in their proper setting necessary to arrive
at sound conclusions.
It omits and disregards controlling facts, which if
considered would compel different findings and conclusions.
The facts
presented are in a large measure separated from significant surrounding cir¬
cumstances and distorted by improper emphasis.
(4) The recommendations are unsound.
Regardless of how the Walker
report was produced and regardless of what facts it alleges or conclusions
it draws, its specific recommendation^ are, not sound proposals for pre¬
sentation to Congress.
They are unnecessary.
In most instances they
would be detrimental to the telephone service.
In several cases they are
distinctly dangerous, and in one striding case so far reaching as to be
revolutionary in the field of regulation.—V. 147, p. 3302.
ipission.
should
not
American
Water Works & Electric Co.,
Inc.—Weekly
Output—
of the electric properties of American Water
week ended Dec. 3, 1938, totaled 45,697,000
of 8.3% over the output of 42,206,100 kilowatt
hours for the corresponding week of 1937.
Comparative table of weekly output of electric energy for the last five
years follows:
Week End.
1938
1937
1936
1935
1934
Nov. 12.., 44.359,000
44,513,000
47,728,000
43,446,000 34,257,000
Nov. 19--- 45,582,000
44,631,000
47,134,000 43,756,000 35,014,000
Nov. 26...*43,863,000 *40,793,000
46,495,000 44,400,000 35,437,000
Dec.
3-_- 45,697,000
42,206,000 *44.832,000 *42,434,000 *33,317,000
Output of electric energy
Works & Electric Co. for the
kilowatt hours, an increase
*
f
Includes Thanksgiving
Day.—V. 147, p. 3445.
Anglo-Chilean Nitrate Corp.—Interest—Earnings—
4H% annual income interest applicable to the dollar income deben¬
will be paid on Jan. 1, 1939, to registered holders of record at the close
of business Dec. 21.
Sterling bondholders will receive 2M% on Jan. 1, 1939, an interim pay¬
ment of 2M% having been made as to this Issue on July 1, 1938.
The
tures
on
Investments—
The Securities and
Exchange Commission, on
1938 regarding
Dec. 5 ordered the company
information as or Oct. 31,
in writing containing certain
investment accounts of itself and
to file a statement
panies.
each of its subsidiary com«
The information, which
must be filed not later
_
than Dec* 17, asks the
investment, including
acquired; principal
following: Name of issuer or debtor; description of
rate of interest of dividend; date when investment was
amount held carrying value; and investment pledged.
Officials explain that the Commission was merely
certain information about the system which is not at present
endeavoring to acquire
a part of its
record.
Files Answer to
Creditors* Petition
Denies It Is Insolvent—
with the U. 8. District Court of the Southern District
8 an answer to the petition in the proceeding brought
against it Nov. 15 by three alleged creditors for reorganization of the
company under Chapter 10 of the National Bankruptcy Act.
Company s
answer alleges among other things:
; ■ '
Y
. .
* ,
"That it appears on the face of said petition that the Court is without
jurisdiction to grant the relief prayed for in said petition.
"That said petition fails to state a claim upon which relief can be granted
under Chapter 10 of the Bankruptcy Act in that said petition does not
comply with the requirements of said Chapter 10 of skid Act.
"That the petition herein was not filed in good faith.
"Upon information and belief, that the petition herein was not filed for
the bona fide purpose of effecting a reorganization of the debtor under
Chapter 10 of the Bankruptcy Act.
.
"
"Upon information and belief that many of the allegations contained m
the petition herein, including the allegations that the debtor is unable to
meet its debts as they mature, that the debtor is insolvent, that the value
of the consolidated assets of the debtor have been artificially inflated, and
that the debtor has committed an act of bankruptcy and is in need of
relief under Chapter 10 of the Bankruptcy Act, were recklessly made without
reliable information from any source and were so made in an attempt to
Company filed
of New York on Dee.
,
confer
jurisdiction upon this Court to
entertain this proceeding.
Denies Insolvency
ti
insolvent, the company states:
.
.
. the debtor
solvent financial condition, that it is not in
of its indebtedness or any interest thereon
and that no default in the payment of any of its indebtedness or any interest
thereon is imminent or is anticipated by the debtor."
Pointing out that the company has no immediate maturities of principal
of any of its outstanding securities and has maturities of only $10,680,958
of principal prior to 1948, the motion goes on to point out the adequacy
In
denying that it is
alleges that it is in a sound and
default in the payment of any
°f'^Except' for
1933 and 1934 (when earnings were severely
of a general business depression), the annual con¬
of the debtor and its subsidiaries have at all times
exceed fixed interest charges of the debtor and all of its subsidiary .
"Since September, 1937, the consolidated net earnings of the debtor
and its subsidiaries have been temporarily affected by the general business
recession which commenced in the early fall of 1937, but notwithstanding
the
years
reduced as the result
solidated net earnings
such recession,
excess
such consolidated net
earnings have at all times oeen
debtor and its subsidiaries.
in
of the fixed interest charges of the
Earnings Trend
Upward
"Such consolidated net earnings have, however, prior to the filing
the petition herein, turned definitely upward, and the consumption
of
of
3604
Financial Chronicle
electricity in the debtor's system and in the electric industry generally
has been substantially higher than for the
corresponding period of 1937.
The outputs of the debtor's subsidiaries for the weeks ended
Nov. 18 and
Dec. 2, 1938, were the highest in the
history of the debtor's system.
"Various economies have been instituted during the current
year which
being reflected
are now
and its subsidiaries.
more
fully in the
current net
The present trend of such net
its
outstanding deben-
subsidiaries."
r»
has
,T
XT
Hnin
3
8%rbelow
2
08sf116
Gas
was
for November was
cubic
For the
to
to
?2
236^249
23
32^02
months
300 cubic
23,236,249,300 enhie feet.
>
'ended
400
'Sv
the
feet
gold bonds
stock, payable
Nov. 30.
of Utilities
on
Public
Service Co. or certificates of
deposit issued in respect of such bonds, who
have not exchanged them for
common stock of Associated
Public Utilities
Corp. in accordance with the amended plan of
reorganization dated
May 1,
1937, of Utilities Public Service Co., will receive the
dividend payable upon
(in the ratio of 50 shares for each $1,000 principal
amount of bonds or certificates
of deposit)
only after surrender of their
bonds or certificates of
deposit to the Huntington National Bank of Columbus, Columbus, Ohio, in exchange for shares of
such common stock.—
V. 147, p. 2235.
the stock issuable to them
Austin, Nichols & Co.—To Sell Grocery Business—
Thomas F.
statement
Our
on
McCarthy, President
Dec
of this company issued the
1'
following
and liquor business has
developed into the principal part
of our business and our sales
of these items for the first half
of the present
fiscal year, that is, for the six
months ended Oct. 31,
1938, are 20% greater
than in the
corresponding period last year.
By redwing lines and outlets, the
company has been curtailing its
grocery activity because it was unprofitable for the
company.
The grocery
inventory constitutes only about 30% of the entire current
inventory
The
company concluded arrangements
today to sell the grocery inventory,
grocery brands, labels, &c., with some
exceptions, to Francis H. Leggett &
Co.
The grocery
inventory is sold at replacement cost, and, in view of
the convservative manner in
which the company carries its
inventory, no
inventory losses of consequence are expected on the sale.
This transaction enables the
company to concentrate on the beer, wine
and liquor
business, and a few related grocery
specialties, and, as many of
the present outlets sell
alcoholic beverages, much of the
relationship with
customers
Tmrxtfcr
The
ifas
rw
as
as
*£2+
i
transfernl
own
transfer agent for its
Baker Hotel of
Dallas, Inc.
i
stock.
*
147,
p.
\
i
n
«
Earnings
aimriizatio^im^r^ a^n^r^w^po1
792
interest and mher charges, amounted
NovemFor the
year.
was
851
stations,
compared with 393
'
*
/■*
Loan
•
n
•
j
Corp.—Offering Price and
an
amendment with the
the price of an offering of 150,000
stock and <Uscl0,,lng the nameS °f pria<:ipal
Shares
names
to the
of
£[?• Mackuhin&& n^Xoud
iihf,
„
Co^Piner^ JaSav
t,?iYv 1 oJ
tJSJS 5? 12^' S . V. 147,
Tully & Co. and Rogers & Tracy, Inc. -V147
™
5
fi-G Foods, Inc—Accumulated Dividend—
J?"5'
the 7%
on
a dividend of $5.25
per share on account of
cumulative preferred stock, par $100, payable
holders of record Dec: 9.
n!. Itw ol ?qq7
ts
v
Previous dividend payments.
RJmL-c
Mfo
.
,
Pa
.i
rpni
,
a7
,
^o 1T'
1917.
r,
p.
on
record of
^
FEwrlonrl
i
V
-
'i^ i
,
'
a
i
dividend of 10 cents
u
per
share
stock, payable Dec. 21 to holders of record Dec. 15.
fi*® dividend paid since Dec. 23, 1937 when 25 cents
on
the common
This
will
be the
per share was dis-
tributed.
Dividends of 15 cents were paid on Oct. 22, July 30 and on
March 25, 1937; an extra dividend of 25 cents was paid on Dec. 21, 1936,
and an initial dividend of 50 cents was paid on Dec. 15, 1936.—V. 145.
P- 4110.
Birmingham Electric Co.—Accumlated Dividends—
The directors have declared a dividend of $1.75 per share on the $7 cum.
pref. stock,
no par,
and $1.50 per share
on
both PayaWe Jan.
the $6 cum. pref. stock, no par.
3 to holders of record Dec. 9. • Similar distributionsWere n^de in each of the seventeen preceding quarters.
Effective with the
current payments arrears on the $7 pref. stock will amount to $3.50 per
share and
on
the $6 pref. stock to $3 per share.—Y.
147, p. 3447.*
Rlackstone ViTlllpW^a* ^"FWfrrir
DiacKstone valley Gas a Liectric
_
Company has deposited
the Industrial Trust Co.
»
.
to $125,198.
■
.
■■
,
.
,
Chbston^autbo"zed
n.
_
funds necessary with the Pawtucket Branch of
for redemption of $4,045,000 of its 1st &
gen. mtge.
Boston ConsoliHatoH
To
Out mil
jposton v^onsoiiaatea Gas GO.
uuipui
The company reports output for November, 1938, of 1,131,406 cubic feet,
an increase of 1.1% compared with November, 1937.—V. 147, p. 3151.
„
^
Boston
p
.
& Maine
'n
RR.—Reconstruction Loan—
nn
,
The Interstate Commerce
Commission
on
r
Dec. 6 approved
a
loan of not
to^exceed^Sl^O0,000 to the road by the Reconstruction Finance Corporation
says
in part:
The aPPdcant requests an additional loan of
$1,500,000 for such term
as may be agreed upon in order to provide funds to enable it to
repair the
damage to its road beds, tracks, bridges, buildings, signals and other
equipment occasioned by the floods of Sept. 17-23, 1938 and the hurricane of
Sept. 21, 1938, which swept over a large
part of the
g
The loan is not
territory traversed by
necessary to enable it to meet current obli-
°n tbe n'8ht of Sept. 22, 1938
miles out of the total
mileage of 1,960.
more than 300 locations.
There were
_
^
«i«f
ac'Sq
oo'inn
to'dil
?nnrin
i?'n22
11
$o^'n}5
oHoo
S8S'28S
mouth
Baraeua Sonar Estates
Thfi^bnfrd
nn
f
of the principal
oi.
wo!
amount of the debentures and
? the respective dates. Payment will be
■ the Commercial(National Bank & Trust
York, 56 Wall Street.—V, 145, p.
4110.
v«rv
Barapua Supar Estat-^Q
iK™,
or^f}■
being notmed
are
^ Payment—
! -declared payable on Jan. 1, 1939, as interest
5 g income debentures due July 1, 1947, the sum
iell
1.93?- These two payments are equiv-
thfl
Co. nf New
of
Tntprpei
h!t?awJ »foeJ
th«
flfent^in
on
of
n
+
«
•
t'cipating
Trtiprpti
Pnvmcni
interest Payment
income debentures, due July 1, 1947,
payable as inter-
that the board of directors
has declared
i
Cn —7Q? CnJJpd
u>.
Donas cauea
bonds. Immediate payment of principal and accrued interest may be
obtained by presentation of bonds and attached coupons.—V. 147, p. 3447.
its Failroa<i*
^ot'iooPr^ati5n'
Y. 1401,
'i
V. 147,
If)
//
I
F
Directors have declared a
This compares with S3.50 paid
operations had ceased on about 1,000
Major flood damage occurred in
27 bridges and culverts destroyed or
Baltimore & Okio RR
Dorrrfw
damaged, 206 washouts, 22 landslides, and the
right-of-way was submerged
Th«
Tnfppafata
n"«r«Tv,j'f
u
".
at 45 locations.
The cost to repair the
damage caused by the floods and
J. Hamilton
hurricane is estimated by the
applicant at $2,200,000, of which $1,708,750
director of this company. V. 147, p. 3447.
will be chargable to
operating expenses and $49i,250 to capital accounts.
Baneor Hvdro-Flerf-rir Pn
Fnmonna
In tbe work of rehabilitation the
applicant is employing about 3,000 men
Pprind Friri
7VV,,,
an
leas
**
ino/
Gn,o
and in addition, contractor's forces and equipment are
being used, so that
Gross earn in es
77*
/o
fo'Til
service may be restored to the communities as soon as possible. The work
OneratinE exnense<T""*"""
$ '?n9'«n9 *2'?«?'q?c
requwes large quantities of steel, lumber, filling material, stone and riprap,
Taxes accrued
and other miscellaneous material and supplies. The applicant is at
present
Depreciation
P
o
i?'ioS
supplying funds for rehabilitation, but needs $1,500,000 in addition to
11,044
the
11,182
160,508
137,604
funds wrhich its
treasury can supply, for the maintenance of its railroad.
Net oner revenue
«ci
avo
«77
me
nm
ooo
—aoo
The applicant has filed a forecast of cash receipts and disbursements by
Fixed eharireff
g
$1'S2J'?1§
months for the period Sept. 30. 1938, to Dec. 31, 1940, which does not
25,738
24,011
303,165
288,130
include expenditures for rehabilitation of the
property damaged by floods
Surnlus
7/t1
KrtA
—and the hurricane. According to this estimate the
cash.balance of $3,003,017
Dividend on nref" stock"
30- 1938' would be S2,397.592 on Dec.
31, 1938, $3,379,702 on
Dividend on com stock
ock_
21 799
"
21,722
June §0. 1939, and $3,251,082 on Dec. 31. 1939.
21,722
260,659
220,836
The applicant has stocks and bonds in its
Balance
treasury which it offers1'to
$8,536
$6,300
$131,710
V. 147, p. 3005.
$159,176
deposit as collateral for the loan applied for as follows: Concord & Portsd
y'
in
3151.
i
•
The report of the Commission
Chicago, Chicago,
comPany.f C0™fr,05-Cap
vC°uf
disconV. 146,.p. 4107.
^
hAPn
tinue to act
c
.
i
A npnt
Thflrltiln!;l Tliirmioi
111
tal'stnok
>r
underwriters are listed as follows: Eastman, Dillon &
Co.,
Bancamerica-Blair Corp., E. H. Rollins & Sons,
Inc., Ladenburg, Thalmann & Co., Alex. Brown &
Sons, Hayden, Stone & Co., Riter & Co.,
will remain undisturbed.
tionhhprrsfr^nhaccou?t.8 PayabIe but this transacreduction to bank^Es —V. 147?p 2080 position and permit substantial
Products Corn
,
public afc
~
beer, wine
""Automatic
a.
accumulations
special meeting held on Nov. 11, 19.38. the
board of directors dedividend of 12 Vt cents per share on the
secured
.
The directors have decalred
Associated Public Utilities
Corp.—Dividend—
on
-10
^^§'§95,437
8,823,459
The price on the offering to stockholders is fixed at $50 per share.
nofc taken up by the present preferred stockholders may be offered
a Price of $$0 per share plus acrcued dividends,
to
3ft/£„, ?
'
common
ono
Securities and Exchange Commission fixing
9n
ended Nov. 30 sendout
Dec. 17, to holders of record at the
close of business
Holders of five-year convertible
.
Corporation announced Dec. 6 that it had filed
nf
inTt^h/smry0 outputof the 8ystem is currently running at the highest point
a
1937 month.—v.
Beneficial Industrial
Underwriters Named—
year ago.
a
corresponding month of last
„
Weekly Output—
At
in
Pittsburgh November gain
'
,
For the week ended Dec. 2, Associated Gas & Electric System reports net
electric output of 95,612,857 units
(kwh.).
This is an increase of 6,386,173
units or 7.2% above the
output of 89,226,684 units for the comparable week
a
clared
onr,
...
mUts' °r
enhie
.0„
$1,439,300 $12,883,398
973,609
8,341,772
Phnn^a
Prlor
1
S
400
4 Q«7
4.4/0
iV,
for
pr^SonTc^^he^pr^vio^°com^aSe1>^c^90'373
in? rv' S
sendout
UD
up
in/rpL?
000
___
11 months the net gain was 23,393, as compared with a gain of 68,780 in
corresponding period of 1937.
There was a total of 1,228,453 telephones
in service asor Nov. 30.
For Philadelphia, November gain was 2,331 phones, against increase of
.
an
0.e
$1,434,345
983,800
.
In
fit hi
406 927 023
...
0.0
jam in rnones
September of
fo
_ot.
Company reports a net gain of 5,204 telephones in service during
^er as compared with a gain of 3,721 in the same month a year ago
1,913
amounted
_irr
,
course
'a RnS^dSbne^unde^a^
"TTZ
$1,937,610 $17,725,632 $18,301,257
498,310
4,842,234
4,905,820
Includes possible refund of $40,000 for the month and
$256,000 for
x
For the month of November, Associated
Gas & Electric System reports
increase of 5.4% in net electric
output over November a year ago.
This is the best
comparative showing for any month since
November
~
the 10 months' period.
an
showed
71
_
,007
coo
"7
.
**
...
503,469
Net. oper. income
Net income
m
ZT* TTTZZTZZ »c~
$o,902,764x$56,709,275 $57,124,523
3,965,154
38,983,643
38,823,266
Net oper. revenues-$1,937,814
—
Y. 147, p. 2236.
1000
1938—10 Mos.—1937
$5,927,154 $57,012,506 $57,288,283
24,390
303,231
163,760
3,949,693
expenses
,
Operating taxes
r
828^fi02llQ I ta™ve^the rifrureof38fi !o98 ,421
„.j
of
—Fnm'irinv
~
nearly
$50,000,000, which from their designation alone, some accountants
might
class as 'current liabilities' but
alleges that at least one-third of said amount
did not represent liabilities which had to be
liquidated within 12 months
of the date of said balance
sheet, and that a considerable part of such
liabilities are of a character which will be
refunded in the normal
5.4% Out-put Increase for November—
Pa
r,f
Operating revenues—*$5,887,507
Operating
admits that the liabilities stated in the
consolidated balance sheet contained
in the annual report of the debtor for
1937 contains items
aggregating
\r
j
,:„® V?*
/not
1Mon*h—1937
$5,913,898
Uncollec. oper. revenue26,391
mentioning reductions in rates, the motion says:
"The debtor admits
reductions in rates charged
by the debtor's subsidiary operating
companies have reduced the amount of the debtor's net
earnings, but
alleges that the effect of such reductions upon the consolidated net
earnings
of the debtor have been to a
large extent offset by increased consumption,
extensions of service, and economies in
operation."
Concerning its assets and liabilities, the
company states:
"The debtor
s
P,
,
„
In
r
fn
,' i,
Period End. Oct. 31—
Operating revenues
that
*
*
were paid on Jan. 3, 1938, and Jan. 2, 1937.
d„ii
„
decreased by $5,000,000, but denies that such
decrease was the result of
any failure of the debtor's expansion policy either in new
construction or
acquisition of new properties, and alleges that such decrease was
principally
due to decreases in rates, increases in taxes
and general business depression."
of business."
t\ •
et.
Extra Dividend
extra dividend
an
the regular quarterly
to
°L.^ cents
expended in the year 1937.
Tne debtor admits that despite the expenditure of $219,000,000 for construction during the past 10
years the
gross annual income of its present
operating
01
/-
75 cents per share in
dividend of 25 cents per share on the
common stock, both payable Jan. 3 to holders of record Dec. 13.
Extras
addition
was
a
r*
The directors have declared
$219,000,000 for New Construction
"The debtor admits that its system has
grown by the acqusition of new
properties, but denies that it has not grown by expansion and
alleges that
during the 10-year period from 1928 to
1937, inclusive, the deotorte subsidiaries have expended $219,000,000 for
construction, of which $26,000,000
k.
.
.
Beatrice creamery to.
It says:
subsidiary companies
of New
York, 56'Wall St., N. Y. City, of coupon No. 13, on or after Jan.
1, 1939,
and of coupon No. 14, on or after July 1, 1939, accompanied
by duly executed ownership certificates, an amount
equivalent in each case to 3% of
the principal amount of the debentures to which such
coupon pertains will
be paid.—V. 145, p. 4110.
The Associated Gas & Electric Co. denies
categorically many of the
allegations in the petition of the three alleged creditors, and admits some
others.
193s
tures and will represent all current interest to said
respective dates.
Upon surrender to the Commercial National Bank & Trust Co.
earnings of the debtor
earnings is definitely
upward, and there is no reason for any belief that such consolidated net
earnings will not in the future exceed all of the fixed charges of the debtor
and
10,
est on the debentures on Jan. 1, 1939, the sum of $82,164 and as
interest on
the debentures on July 1, 1939, the sum of
$82,164, which is equivalent
in the aggregate to 6% of the
principal amount of the
RR. stock $10,000,
par value; Connecticut & Passumpsic Rivers
RR- st°ck, $176,000; Nashua & Lowell RR.
stock, $149,200; Northern
RR. Stock, $202,800; Pemigewasset VaUey RR.,
$21,700; Peterborough
RR. stock,
$41,700; Stony Brook RR. Corp. stock, $20,700; Troy & Bennington RR. stock, $7,600; Concord & Claremont New
Hampshire RR.
first mortgage 5% bonds, due 1944, $86,000; St.
Johnsbury & Lake Champlain RR. first mortgage 5% bonds, due 1944, $221,000; New York New
Haven & Hartford RR.
3H% debentures, due 1954, $30,000, and 4%
debentures, due 1956, $30,000; Springfield Terminal Ry. common stock
$100,000, preferred stock $82,500, and first mortgage
7%, due 1942, $125,900; Montpeiier & WeUs River RR. 4H% demand note, $395,000; Mount
Washington Ry. stock $211,500, Boston Garden-Arena
Corp. common
stock 320 shares and
preferred stock 217 shares; North Station Hotel Building. Inc., first mortgage 6% bonds, $56,000; North Station
Industrial
Volume
Financial
147
Building, Inc., 2nd mortgage 6% bonds, $318,444; prior preference stock
of the applicant, $197,100; and general
mortgage bonds of applicant as
follows;
3%, due 1950, $100,000; 5% series Q, due 1940, $84,000; 5%
series X, due 1942, $2,000; 5% series V, due 1942,
71,000; 5% series W.
due 1942,$7,000;5% series Z, due 1943, $3,000; 4H% due 1944, $30,000;
5% series EE, due 1946, $60,000; 5% series FF, due 1947, $3,000; AH%
series JJ, due 1961, $75,000; and 4% Connecticut River RR., due 1943,
In its conclusion the Commission states:
"On Jan. 27, 1938, we certified that the applicant might reasonably be
expected to meet its fixed charges without a reduction thereof through
judicial reorganization.
Less than a year has elapsed since then during
unprecedented business recession, and the territory
traversed by the applicant has suffered under the impact of a great catas¬
trophe. This period may not be relied upon as an accurate index of the future
earning power of the applicant.
But we are not required by the Act, in
connection with our approval of loans for purposes of maintenance to make
the certification referred to above. The express exception of such loans from
that requirement, in our opinion, shows tnat the Congress realized that at
least under exceptional circumstances the public interest in maintenance of
transportation agencies in safe operating condition must be recognized
through the loan of public funds. The entire amount of the loan now applied
for is needed by the applicant for the maintenance of its railroad.
While
we may not ignore the financial prospects of applicant in connection with
our consideration of its application for such aid, we consider that the cir¬
cumstances of this case as above stated justify our approval of the appli¬
an
cation."
■
•
Commissioner Mahaffie, dissenting states:
"The loan approved by the majority is for
;
maintenance of the railroad.
of the applicant to meet its charges is
required. However, I do not believe we properly can disregard the financial
prospects of a carrier even in such a case.
If larger sums than are likely
to be available are required for fixed charges, loans to pay, or to reimburse
the treasury, for maintenance merely prolong the agony.
For the reasons
I stated in dissenting from the approval of a loan to the Chicago & North
Western (decided Oct. 17, 1934, 202 ICC, 347,350) I think it unwise to
expend public funds in order to defer reorganization. The present and pro¬
spective earnings of this applicant indicate to me that reorganization of its
financial structure can not be avoided.
In view of this I would not, at
this time, lend it additional money."—V. 147, p. 4448.
Hence
no
certificate
as
to the ability
Bralorne Mines,
California Oregon Power
Year Ended Oct. 31—
Operating
Operating
expenses,
quarterly dividend of 20 cents per share on the common stock,
no par value, both payaDle Jan. 14 to holders of record Dec. 31.
Previously
regular quarterly dividends of ,15 cents per share were distributed.
In
15, July 15 and
addition, extra dividends of 10 cents were paid on Oct.
April 14 last.—V. 147, p. 2385.
°
Brantford Cordage
Co., Ltd.—Earnings—
1935
1936
1937
1938
"
income & other taxes.
$235,760
$298,273
y1,133,699
$268,117
x582,482
«...
yl,014,355
457
x Net
operating revenue and other income
Appropriation for retirement reserve
$2,548,476
300,000
$2,676,231
$2,248,476
Kent for lease of electric properties
238,880
Interest charges (net)
843,774
Amortization of debt discount and expense._
203,222
Amort, of preliminary costs of projects abandoned
45,047
Amortization of limited-term investment
7,270
Other income deductions
18,867
$2,376,231
237,430
840,467
203,171
45,047
6,058
14,343
Gross income.
Prem.
on
1st
...
Net income
$891,415
:
in accordance with the classifications of accounts prescribed
by
regulatory commissions effective Jan. 1, 1937 which differ in certain re¬
spects from the classifications previously followed by the company.
In
certain instances the figures prior to Jan. 1, 1937 have been adjusted in
accordance with the
new
classifications of accounts.
(2) No provision was made for Federal income taxes or surtax on un¬
distributed profits for 1936 as the company claimed as a deduction in its
final income tax return for that year the unamortized discount and expense
and redemption premium and expense on bonds and debentures redeemed
in 1936 which resulted in no taxable income for 1936.—V. 147, p. 3006.
Canadian
Celanese, Ltd.—To Pay Common Dividend—
Directors have declared
a
Assets—
3.548
of 40 cents per share
regular quarterly dividends
previously distributed.—V. 147, p. 1920.
The company recently sold $4,000,000 2 % % equipment trust certificates,
series P, to a
forms part of
syndicate headed by the Dominion Securities Corp.
This
$7,600,000 15-year 2%% equipment trust certificates for
rejected in early Sept. 1938.
Subsequently $3,600,000
were disposed of privately to a group of insurance companies.
No public
offering was made as the issue was to be sold to bank and insurance com¬
panies.
The issue is repayable in 14 annual instalments of $500,000 with
a final payment of $600,000.
The certificates will be issued under the
Philadelphia plan.
V
1
which bids
were
Earnings of
Gross
—V.
p.
y
Sheet Aug.
8%
bldgs., ma-
690,857
7%
Bills
& accts. rec.
397,606
339,630
Fire
insur.
'
1,077
7,543
prem.,
prepaid
x
...
Common stock..
pay.,
1938
147,
p.
600,000
722,500
_
80,000
80,000
17,562
12,766
38,696
$70,000
have declared a dividend of 37 He. per share on account
on the $1.50 cumulative class A participating stock, no
value, payable Jan. 2 to holders of record Dec. 15.
Alike amount was
paid Oct. 1, July 2, April 1 and Jna. 1, 1938, and on Oct. 1,1937; a dividend
of $1.37H was paid on July 2, 1937; dividends of 37 H cents were paid on
April 1 and Jan. 2, 1937 and Oct. 1 and July 1, 1936; 25 cents per share paid
in each of the seven preceding quarters and on June 30,1934, and 37 H cents
par
——
share distributed on April 1 and Jan. 2, 1934.
Accruals after the cur¬
payment will amount to $2.25 per share.—V. 147, p. 1482.
mBZ
—-r
SSSfMSmm
noon
——
•,
,
Bank of Montgomery, Montgomery, Ala., will until
Dec. 21 receive bids for the sale to it of sufficient first mortgage 6H %
gold bonds dated June 1, 1928, to exhaust the sum of $8,056 at prices not
exceeding 104H and interest.—V. 146, p. 746.
795,296
no par
$3,292,767 $3,496,551
Total
The directors
147,
p.
Tons milled
'
■.
••••■•■
1
oil producing interest.—
$43,679
expenditures for develop¬
Dividend—
share on the 7%
cum.
and a dividend of $5 per share on the 7% cum.
The $1.75 dividend will be paid on Jan. 1, 1939,
and the $5 distribution will be made on Dec. 31, both to holders of record
Dec. 16See V. 147, p. 1636, for record of previous dividend payments.—
series prior pref. stock
1st partic. pref. stock.
Y.
«
the extension of the company's crude
170,109
renewals.—V. 147, p. 1769.
Celanese Corp. of America—Participating
147, p. 2677.
...
V. 147, p. 264.
$213,788
...
Directors have declared a dividend of $1.75 per
Central
British American Oil Co., Ltd.—Treasury Stock Sold-—
Company has advised the Toronto Stock: Exchange of a ^ale of 150,000
shares of treasury stock to Robert Benson & Co., Old Broad Street, London,
England, at $20 per shpre.
The transaction secures an additional $3,000,000 of working capital with¬
out disturbing the Canadian market for the company's shares and deben¬
tures.
Proceeds from this sale will be used to replenish working capital
expended in connection with increasing capacity at the existing refinery,
Montreal, Quebec, towards cost of company's new refinery at Calgary,
Alberta, and for the improvement of the company's distributing facilities,
97,740
..$213,611
177
....
.....
...
Note—The above operating costs include all
ment, repairs, and
$138,344.—V. 147, P. 1769.
'
.....—
Operating profit before deducting depreciation, depletion, &c—
Net profit...-...—-
:
—...
—
Total revenue
Inc.—Earnings—
•
Corp.—Earnings—
Revenue from other sources...........*
3152.
1938—3 Mos.—1937
1938—9 Mos.—1937
$62,457
$47,193
$187,833
$159,680
y Earnings per share
$0.35
$0.24
$1.05
$0.85
x After depreciation, amortization. Federal and State income taxes;
y On
145,310 shs. common stock (no par) and after deducting preferred dividends.
At Sept. 30, 1938, the balance sheet showed total current assets, including
cash of $346,803, of $581,002 (not including company's own securities held
at a cost of $183,588) compared with current liabilities of $173,184.
Earned
surplus at Sept. 30, 1938, was $722,631.
At Sept. 30, 1937, total current
assets, including cash of $293,931, amounted to $544,63.3 (not including
company's own securities held at a cost of $176,374) and current liabilities
1937 and 1936.—V. 146,
Revenue from sale of bullion..
Period End.
'
extra dividend of 50 cents per share
Earnings for 3 Months Ended Sept. 30, 1938
.
Operating costs.
Brillo Mfg. Co.,
Sept. 30—
an
Carson Hill Gold Mining
on,the common
record Dec. 16.
This
30 last; $1.50 paid on
Dec. 23,1937; $1 paid on Sept. 30 and June 25,1937; 50 cents paid on March
31, 1937; an extra dividend of $1 paid on Dec. 21, 1936, and an extra divi¬
dend of 50 cents in addition to a regular quarterly dividend of 50 cents paid
Oct. 31, 1936.—V.
Dec. 3 declared
a
3176.
Briggs Mfg. Co.—To Pay 50-cent Dividend—
Directors have declared a dividend of 50 cents per share
on
semi-annual dividend of 50 cents per share on the common
stock.
The extra dividend will be paid on Dec. 19 and the regular semi¬
annual dividend will be paid on Jan. 3, both to holders of record Dec. 12.
in addition to
An extra of 50 cents was also paid on Dec. 22,
shares.—V. 145, p. 3812.
"
Carnation Co.—Extra Common Dividend—
847,364
737,465
stock, no par value, payable Dec. 24 to holders of
compares with 25 cents paid on Sept. 30 and June
•
-
The First National
p.
0
.
'
65,000
857,894
other taxes
412,850
412,850
..$3,292,767 $3,496,551
as
Increase
Prov. for Dom. &
Represented by 80,000
well
$3,967,000
Capital City Hotel Co., Inc.—Tenders—
Earned surplus...
as
1937
$4,037,000
..
3449,
|| Canadian Wirebound Boxes, Ltd.—Accumulated Div.-—
pei;
Res.fordeprec'n..
rts. & goodwill.
■
Ry,—Earnings-—
rent
$973,625
incl.
accr'd charges..
Trade-marks, pat.
to
$18,583
3449.
Earnings for 9 Day Period Ended Nov. 30
2d pref.
cum.
Accts.
1937
•
$961,150
stock..
1,283,184
Being entire
1938
1st pref.
cum.
stock...
.....
z
31
Liabilities—
1937
1938
*$582,482 y$l,133,699
$795,296
Includes capital surplus,
......
x
$5,092,639
Increase
,
of accumulations
chln'y & equip.$1,203,262 $1,203,526
Cash....
249,819
587,115
on
1937
$5,111,222
revenues.
147,
,
System for 9 Day Period Ended Nov. 30
The directors
2260,947
$737,465
Balance
x
dividend of 75 cents per share on the common
16.
This compares with a
stock payable Dec. 31 to holders of record Dec.
dividend of 25 cents paid on March 31, 1938 and
Traffic earnings
307,816
„
—
Balance, surplus.....
Total
are
shown
—V.
book
fBfx Earned surplus only,
capital surplus.
Inventories
119,000
78,632.
4,060
value of tr.-mks., &c-
Land,
$1,029,714
x Before
appropriation for retirement reserve.
Notes—(1) The revenues and expenses subsequent to Jan. 1, 1937,
pref. shs.
reduce
to
300,000
_
$1,250,115
112,868
$1,431,972
83,095
$850,599
51,243
debits.
redeemed
Transf.
.
......
Canadian Pacific
Miscellaneous
receivable, &c
:
$787,607
50,142
Total surplus..—
1st pref. divs. paid
2d pref. divs. paid
$4,675,025
1,946,401
$2,728,625
1,484
Dr53,877
notes and accounts
1938
def$8,146
x795,296
1937
,
$2,599,169
513
Dr51,207
on
•
clepre., doubtful accts..
Previous surplus
Disc't on shs. redeem'd.
1938
$4,640,249
2,041,080
maintenance and taxes..
Net operating revenue.
x
Interest
addi¬
a
Years End. Aug. 31—
Net profit after prov. for
Co.—Earnings—
.
Canadian National Ry.—Note Issue Sold—
dividend of 10 cents per share in
extra
an
•
revenues
Ltd.—Extra and Larger Dividend—
Directors have declared
tion to
3605
Merchandise and jobbing
$39,000.
which there has been
Chronicle
Greyhound Lines, Inc.—May Extend Bus Lines
The Interstate Commerce
Commission
on
Dec. 3 granted to this company
authority to extend operation of its lines between Collins Landing, N. Y.,
and the international boundary on the new Thousand Islands Bridge; be¬
tween Lima and Batavia, N. Y.: between Erie and West Springfield, Pa.,
and between Mount Pocono and Stroudsburg, Pa.
The authority covers transportation of passengers, baggage, express,
mail and newspapers. ~
The second and third changes authorized will enable
of new highway construction on its Boston to
while the.fourth will give an alternate route service to
Summer and Winter resorts in the Poconos.—V. 147, p. 1482.
the line to take advantage
Cleveland
run,
Central Patricia Gold Mines, Ltd.—Extra Dividend—
have declared an extra dividend of two cents per share in
to a quarterly dividend of four cents per share on the common
stock, both payable Jan. 3 to holders of record Dec. 15.
Like amounts
were paid on Sept. 30 last.—V. 147, p. 1769.
Directors
addition
Brown Fence & Wire Co .—Sales—
The company reports sales for the month
as
of November, 1938, of $282,952
compared with $208,946 for November, 1937, a gain of 35.41%.
months of the fiscal year beginning July 1, are
Sales for the first five
$1,404,476
as
gain of
against $1,264,098 for the similar period last year, a
11-11%.
•
that plans are being made to open two more retail
by spring of 1939.—V. 147, p. 3152.
Central Vermont Ry.—New Director—William O. Wise has been named a director
3153.
,
of this company.—V. 147, p.
,
The company reports
stores
Bunker Hiil & Sullivan Mining
& Concentrating Co.
—Earnings—
Operating profit
x
—
Before depreciation,
1938—10 Mos.—1937
$142,744
$262,471
$818,302 $2,867,601
depletion and Income taxes.—Y. 147, p. 2082.
1938—Month—1937
Period End. Oct. 31—*•
x
(p. N.) Burt Co.—To Merge—
Shareholders
of this
company
<
.
and the Moore Corp., Ltd., voted unani¬
into one to be known as the
mously on Nov. 30 to merge the two companies
Moore .Corp., Ltd.—V. 147, p. 3005.
"
•
Central
Illinois
Public
Service
Co.—$38,000,000 of
Offered—Offering was made Dec. 8 by an under¬
writing group of 35 members headed by Halsey, Stuart &
Co., Inc., of $38,000,000 first mortgage bonds, series A,
'S%% due Dec. 1, 1968 and $10,000,000 serial debentures,
33^ to 4%, due Dec. 1, 1939-48. The bonds were offered at
100 Vi and int. and the debentures at prices to yield 1.50%
for the earliest maturity to 4% for the last.
Other leading
members of the underwriting group are Glore, Forgan & Co.,
Securities
Financial
3606
Chronicle
Name—
G. Becker & Co., Inc., Harris,
Hall & Co., Inc., Bonbright & Co., Inc.; Brown Harriman & Co., Inc.; Lazard
Freres & Co.; Blyth & Co., Inc.; Central Republic Co.;
Kidder, Peabody & Co.; W. C. Langley & Co.; Lee Higginson
Corp.; F. S. Moseley & Co., and E. H. Rollins & Sons, Inc.
A.
Debentures, 3M%-4%
Dec. 1,1939-1948.
$500,000-.-3K% due
500,000
3M% due
600,000
3H% due
800,000
3lA% due
800,000...
----3Yi% due
dated
be
-To
Dec.
1,
1938;
to
be
Kidder, Peabody & Co., New York
W. C. Langley & Co., New York
Lee Higginson Corp., Chicago, 111
Lehman Brothers, New York
F. S. Moseley & Co., Boston, Mass
E. H. Rollins & Sons, Inc., New York
Smith, Barney & Co., New York.
A. C. Aliyn & Co., Chicago
Bancamerica-Blair Corp., New York
Estabrook & Co., New York.
Hemphill, Noyes & Co., New York
Hornblower & Weeks, New York
Otis & Co., Cleveland
Paine, Webber & Co., Boston
Securities Co. of Milwaukee, Inc., MilwaukeeStern, Wampler & Co., Inc., Chicago
due
„
-
1939
1940
1941
1942
1943
$800,000.
800,000
800,000
900,000
4% due 1944
4% due 1945
---4% due 1946
4% due 1947
3,500,000
-4% due 1948
Coupon debentures in the denom. of $1,000, registerable as to principal.
Semi-annual int. (J & D), payable at office or agency of the company in
Chicago or New York.
Redeemable as a whole at any time or in part from
time to time, on not less than 30 days' published notice, by payment of
the principal amount, accrued int. and a premium of 3% of principal
amount reduced successively by ^ of 1 % effective on first day of December
in each of the years 1939, 1940 and 1941, and by % of 1% effective on first
day of December in each of the years 1942 to and incl. 1946; if red. on or
after Dec. 1, 1947, without premium.
It is expected that debentures in
temporary or definitive form
will be ready for delivery
on or about Dec.
Stone & Webster and
Serial debentures,
—
3H%-4%
Nov. 6, '38
x Subject to the restrictions of the indenture, bonds may oe Issued there¬
under from time to time in any number of different series, as the board of
directors may determine, but the indenture will not fix the total amount
of bonds that may
be issued thereunder,
Capital Stock
Issue
6% cum., $100 par
Common stock ($40 par)
a593,000
10,413,720
purposes:
(1) Redemption at 103 and int., of $7,160,000 Central Illinois
'Public Service Co. first mtge. & ref. 5% gold bonds, series E,
due May 1, 1956, requiring, excl. of int
$7,374,800
(2) Redemption at 103 and int., of $26,260,500 Central Il¬
linois Public Service Co. first mtge. gold bonds, series F,
4ii%, due Dec. 1, 1967, requiring, excl. of int____._
27,048,315
$12,273,900 Central
Illinois Public Service Co. first mtge. gold bonds, series G,
5%, due Nov. 1,1968, requiring, excl. or int
12,580,748
C4) Redemption at 102^ and int., of $2,536,000 Central Illinois
Public Service Co. first mtge. gold bonds, series H, 4^ %, due
June 1, 1981, requiring, excl. of int
2,599,400
and
Redemption at 102H
int.,
depletion,
_
of
Business—The company is a public utility engaged
principally in generat¬
distributing and selling electric
energy
in
It also distributes and sells natural gas and
water, produces and sells manufactured gas and ice and, to a minor extent,
conducts a cold storage business and supplies steam heating service.
For
central and southern Illinois.
the calendar year
1937, the company derived approximately 83.5% of its
operating revenues from the sale of electricity, 6.8% from the sale of gas,
1.4% from the sale of water ,7.7% from the sale of ice and 0.6% from heating
and other activities.
As a part of its load-building program, the company
S6llS 8,pp)j
At Sept. 30, 1938, the
company supplied electric service at retail to
155,512 customers in 499 cities, villages and unincorporated communities
and to 6,177 rural customers in adjacent rural areas.
At the same date the
company supplied at retail natural gas to 22,289 customers in 20 cities and
villages, manufactured gas to 1,112 customers in one city and water to
6,886 customers in 6 cities.
It also sold ice at retail
or
wholesale in 20 cities
and villages and
supplied central steam heating service in one city.
territory served by the company has an.estimated population
650,000, is located in 61 counties in central and southern Illinois and com¬
prises an area of about 20,000 square miles, or about one-third of the area
The
of the entire
State.
The
territory served is chiefly dependent
upon
agri¬
mining operations.
Ice
Gas..
Water and heating...
Other (net)
-
1935
Years End. Dec. 31
1936
$9,285,833
1,005,250
773,050
325,330
33,267
$10,200,019
1,149,766
813,297
276,909
42,631
12 Mos. End.
1937
Sept. 30, '38
$10,832,016
996,982
886,502
222,440
36,980
$H,267,880
996,808
875.566
218,011
39,101
$11,422,733 $12,482,623 $12,974,921 $13,397,368
4,596,797
4,885,428
4,931,878
5,272,583
Maintenance
889,914
957,253
1,006,584
875,900
Prov. for retire, reserve.
1,482,629
1,484,622
Prov. for depreciation.
1,746",330
1,728",448
—
.
Amort, of franchises
5,148
5,979
1,093,459
1,224,917
Taxes—State, local and
miscell. Federal
Normal
come
Federal
tax
847,279
1,064,679
$162,848
in¬
107,300
125,000
156,990
$3,606,112
$3,983,339
$4,066,519
$4,132,547
The annual interest requirement on the $38,000,000 of series A bonds
will amount to $1,425,000.
The maximum annual interest requirement on
the $10,000,000 of serial debentures will amount to
$384,000.
is
$481,075
$0.10
on
a
direct
subsidiary
of the
7.'37
$0.69
$10,946
$1,403,562
'
stock
Nil
$2.10
Commission.
to
Company has asked the Interstate Commerce Commission for authority
issue and sell the $30,000,000 of 3J^% refunding and
improvement
mortgage bonds.
The
under
company also sought authority to issue conditionally and
its refunding and improvement mortgage $30,000,000 of
mortgage 4 H % bonds.
Public offering of the issue
is expected
the early part
Middle
West
Corp.,
which owned at Sept. 30, 1938, 22,620 shares
(approximately 8.1%) of $6
pledge
general
of next week.
—V. 147, p. 3451.
Chesapeake & Potomac Telephone Co. (Baltimore)—
Gain in Phones—
Company had a net gain of 1,052 stations in November, compared with
955 in the 1937 month and 1,403 in 1936.^
For the first 11 months net
;ain was 13,328 stations, compared with
17,019 in 1937 period and 16,88i in 1936.—V. 147, p. 1770
.
Chicago Burlington & Quincy RR. Co.—$2 Dividend—
The directors have declared a dividend of $2 per share on the
capital
stock, par $100, payable Dec. 27 to holders of record Dec. 17.
Like amount
was paid on Dec. 28, 1937, and compares with $4
paid on Dec. 18, 1936*
$2 paid on Dec. 28, 1935; $1 on Dec. 26. 1934; $2 on June 25, 1934, and $3
on Dec. 26, 1933, and June 25, 1932.
Prior to this latter date, $5 per share
was paid each six months up to and incl. Dec. 26.1931.—V.
147, p. 3451.
Chrysler Corp.—New President for Dodge Division—
W. J. O'Neil, Vice-President, has been elected President and General
Manager of the Dodge Brothers Corp. to succeed K. T. Keller, President
of Chrysler Corp., who held the office of President of Dodge since its ac¬
quisition by Chrysler Corp. in 1928.—V. 147, p. 3009.
.
Churngold Corp.—-Dividend Increased—5
The
directors
declared
have
a
dividend
of 35
cents
per
share
on
the
capital stock, payable Dec. 22 to holders o£record Dec. 10.
This compares
with 25 cents paid on Sept. 30, last; 20 cents paid on June 30 and on
March 30, last; 15 cents paid on Dec. 24, 1937; dividends of 10 cents
paid
on Sept. 30 and on June 30,1937; 30 cents
per share paid each three months
from March 20, 1936, to and including March 20, 1937, 20 cents
paid on
Dec. 20, 1935, and 15 cents per share disbursed on Sept. 20 and June
20,
1935, this latter payment being the first made since May 15, 1931, when a
quarterly dividend of 35 cents per share was paid.—V. 147, p.1187.
Climax Molybdenum
Period End.
Net profit
x
per
Sept. 30—
Co.—Earnings■—
1938—3 Mos.—1937
$2,200,350
$1,313,279
$0.87
$0.52
share
1938—9 Mos.—1937
$5,271,540
$5,338,187
$2.09
$2.12
After depreciation, depletion and Federal Income taxes.
Listing
The
on
common
Amsterdam
Amsterdayn—
stock of the company
Stock
will be officially listed Dec. 12 on the
by Ad ninistratiekantoor "Interland," asso¬
of Labouchere & Co., N. V.—rV. 147, p. 567.
Exchange
ciated with the banking firm
Colonial Beacon Oil Co.—To Delist Stock—
Application is being made to the Securities and Exchange Commission
to strike from listing and registration on the New York Stock
Exchange
the common stock (no par) of the
company because of ther small amount
outstanding. The Standard Oil Co. of New Jersey owns 1,437,549 (99.49%)
of the 1,444,970 issued shares, leaving only 7,423
outstanding in hands of
the public.—V. 147, p.
3305.^
n
_
===»
Colorado & Southern Ry.—New Director—
Chicago, to
serve
as
a
Burlington^&_Quincy.2^V^47,_p^3451._^^
Columbia Broadcasting System—November
Gross
Winter,
director of this company while holding a similar
position with the Chicago
Control— Company
Nov.
The Interstate Commerce Commission has authorized Wallace C.
i
Net oper. income
Nov. 6/38
The company has sold to Halsey, Stuart & Co., Inc., and Otis &
Co.,
Inc., $30,000,000 refunding and improvement mortgage 3H% 25-year
bonds, series F, sinking fund, forpar, plus accrued interest, according to
announcement made Dec. 2 by H. F. Lohmeyer, Secretary-Treasurer of
the company.
Bonds are dated Dec. 1, 1938.
The sale, according to company's announcement, is for
purpose of retir¬
ing an equal amount of first consolidated mortgage 5% bonds due May 1,
1939,
and
was
made subject
to
approval of Interstate Commerce
Earnings
Total
Operation
28 Weeks Ended
Nov. 7, '37
—V. 147, p. 2240.
x
Earnings Summary for Stated Periods
Particulars—
Oper. reve.i—Electric—
1.316
1.316
1.316
Fed.
share
per
common
culture and the mining of bituminous coal.
In 1937, about 14% of the gross
electric revenues of the company was derived from the sale of industrial
power for coal
int.,
taxes, &c
Earnings
...
ing, purchasing, transmitting,
1.316
500.000
.
1.974
1.974
1.974
1.974
1.316
1.316
1.316
Chesapeake & Ohio Ry.—Sells $30,000,000 314% Bonds
Amount
a$26,021,965
in respect of 346 shares of preferred
stock, $6 cumulative, no par, and 8 shares of preferred stock, 6% cumu¬
lative, $100 par, reacquired and held in treasury.
Note—-Cumulative dividends on preferred stock not declared or accrued
in the accounts of the company amounted at Sept. 30, 1938 to $5,836,739
or $20.50 per share.
Purpose—Net proceeds from the sale of $38,000,000 series A bonds and
$10,000,000 of serial debentures, in the estimated amount of $47,225,000
(exclusive of accrued int. and after deducting estimated expenses to the
company of $155,000), will, within 40 days after issue and delivery of the
series A bonds and the serial debentures, be applied, together with other
funds of the company in the amount of $2,378,262 (est.), to following
(3)
2.631
2.631
2.631
2.631
2 631
2.631
1.974
1.974
1.974
1.974
1.974
1.974
1.974
1.974
Net profits after deprec.,
being offered.
-Outstanding-
of capital
of amount
2.631
2.631
2.631
now
Authorized
-350,000 shs. 27S>797 shs.
5,922 shs.
25,000 shs.
350,000 shs. 260,343 shs.
Preferred Stock
$6 cum., no par
Inclusive
y
3.947
750,000
Weeks Ended
12
First mortgage bonds
5.263
3.947
Champion Paper & Fibre Co.—Earnings
Issuance—Bonds and debentures authorized by the Illinois Commerce
Outstanding
-—
x
y$38,000,000
— -—$10,000,000
10,000,000
7.895
6.579
750,000
750,000
750,000
750,000
750,000
750,000
750,000
750,000
750,000
750,000
500,000
500,000
500,000
500,000
500,000
500,000
—
Commission.
Funded Debt Giving Effect to Present Financing
Authorized
7.895%
7.895
^
1,000,000
1,000,000
750,000
Blodget, Inc., New York.
White, Weld & Co., New York
Dean Witter & Co., San Francs!co
Bacon, Whipple & Co., Chicago
Blair, Bonner & Co., Chicago
The Illinois Co. of Chicago, Chicago
Newton, Abbe & Co., Boston
Arthur Perry & Co., Inc., Boston
Tucker, Anthony & Co., New York..
G. H. Walker & Co., St. Louis
—V. 147, p. 3449.
,
15, 1938.
a
...
Central Republic Co., Chicago, III
principal amount reduced successively by M of 1% effective on first day
of December in each of the years 1939 to and incl. year 1962, and on first
day of June. 1963; and if red. on or after Dec. 1,1963, without premium. It
is expected that bonds in temporary or definitive form will be ready for
delivery on or about Dec. 15, 1938.
Serial
3,000,000
3,000,000
2,500,000
2,000,000
1,500,000
1,500,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
...
Blyth & Co., Inc., New York
'
Debentures
$3,000,000
Lazard Freres & Co., New York..
1968
Coupon bonds In the denom. of $1,000, reglsterable as to principal. Semi¬
annual Int. (J & D), payable at office or agency of the company in Chicago
or New York.
Red. as a whole at any time or xn part from time to time, on
not less than 30 days' published notice, by payment of principal amount,
accrued int. and, if red. on or before Nov. 30, 1963, a premium of 6H% of
1
10, 1938
Bonds
Halsey, Stuart & Co., Inc., Chicago, 111
Glore, Forgan & Co., Chicago, 111..
A. G. Becker & Co., Inc., Chicago, 111
Harris, Hall & Co. (Inc.), Chicago, 111
Bonbright & Co., Inc., New York
Brown Harriman & Co., Inc., New York
Bonds, Series A, 3H%—Dated Dec. 1, 1938; due Dec.
First Mortgage
Dec.
Billings—
sales in November aggregated $2,453,510.
against $2,654,473 in November 1937.
However, November 1938 billings
show a 2.8% increase over the $2,387,395 reported for October 1938.
Cumulative total for the first 11 months stands at $24,816,337, against
revenues
from
time
$25,935,500 for the like 1937 period.—V. 147,
p.
2862.
preferred stock
(no par) and 193,321 shares (approximately 74.3%) of
common stock (par $40) together
constituting 39.565% of the voting power.
All shares of preferred stock and common stock of the
company have equal
voting rights.
Of the preferred stock it now owns, the Middle West Corp.
has acquired 19,620 shares by purchase in the
open market since April 1,
1936.
Halsey, Stuart & Co., Inc., Chicago, 111., at Sept. 30, 1938, owned 67,022
(approximately 25.7%) of common stock, representing approxi¬
mately 12.3% of the total outstanding voting shares of the company.
Control of the company is not vested in Halsey, Stuart & Co., Inc. by
virtue of the ownership of said shares.
shares
Underwriters—The names of the several underwriters and the principal
amounts of series A bonds and percentages of serial debentures of each
maturity agreed to be purchased by them, respectively, are as follows:
Columbus & Southern Ohio Electric Co.—Bonds—
The Securities and Exchange
Commission announced Dec. 2, that
com¬
pany has filed an application (File 32-123) for exemption from the require¬
ment of filing a declaration in connection with the issuance and sale of
$2,000,000 of first mortgage and collateral trust 3H% t>onds, series due 1968.
The bonds will be sold privately to the John Hancock Mutual Life Insurance
Co. and Equitable Life Assurance Society of the United States,
The application states that the proceeds from the sale of the bonds will
be applied to the payment of notes in the amount of $500 and to reimburse
the company's treasury in part for moneys expended in connection with the
construction of additional electric generating facilities and substations and
the extension and improvement of its transmission lines. Public hearing on
the application will be held Dec. 20.—V. 147, p. 3305.
Volume
Financial
147
Commercial Investment Trust Corp.— Universal
Credit
Merger—
Corporation has acquired 100% common stock ownership of Universal
_Corp., the subsidiary which has specialized in the financing of
The New York Stock Exchange has approved the
Chronicle
3607
property, including land, buildings and equipment, is carried on the books
of the Sisters as of June 1,1938, at
$957,160.
Purpose—To refund outstanding indebtedness at a reduced interest
rate.—Y. 130, p. 2399.
ureQit
Consolidated Mining & Smelting Co. of Canada, Ltd.
Ford Motor Car sales.
listing of
additional 250,000 shares of Commercial Investment Trust
The corporation acquired all the preferred stock and 70%
an
common stock.
of the common stock of Universal Credit on
May 25, 1933, and has operated
it as a subsidiary since then.
The latest acquisition was 40,000 shares and
effected by an agreement signed Nov. 28.
In return for the 40,000 shares of Universal Credit common, Commercial
Investment Trust will give 200,000 shares of its own common stock, with a
market value of a little more than $12,000,000; $1,500,000 in cash, and
was
options to buy 50,000 shares of its own common at $32 a share, a privilege
now worth about $1,400,000, or a total consideration of about $15,000,000.
The listing statement at the Exchange discloses that Commercial In¬
vestment Trust had an agreement with the minority stockholders whereby
it could acquire the outstanding minority stock by the payment of between
$7,000,000 and $7,500,000 in cash, the exact amount determinable over a
period of time.
The Commercial Investment Trust stock to be issued will be
restricted
—Extra Dividend—
The directors have declared an extra dividend of $1
per share in addition
to a semi-annual dividend of 50 cents
per share on the capital stock, par $5,
both payable Dec. 31 to holders of record Dec. 9.
An extra of 50 cents was
paid on July 15 last and one of $1.50 was paid on Dec. 31, 1937.
Extra
dividends of $1 were paid on July 15, 1937, and on Dec. 31, 1936, and a
dividend of 50 cents was paid on July 15, 1936.—V. 146,
p. 3951.
Consolidated Retail Stores—Sales—
Period End. Nov. 30—
Years End.
Gas sales
1937
1936
1935
$5,319,528
1,488,017
309,142
9,697
$5,226,763
1,640,060
252,898
6,384
$5,234,375
1,688,708
228,971
7,661
$7,271,547
°'
$7,126,384
$7,126,104
$7,159,714
5,046,025
5,173,194
5,200,370
5,287,566
$2,225,523
94,499
$1,953,190
92,778
$1,925,734
77,632
$1,872,148
81,172
Total net income
$2,320,021
Transfer from reserve fd.
216,141
$2,045,968
460,991
$2,003,366
463.288
$1,953,320
504,215
$2,536,162
1,455,520
$2,506,959
1,436,767
$2,466,654
1,405,520
$2,457,535
1,405,520
1,080,642
1,070,192
1,061,134
1,052,016
Sept. 30—
produced
Merchandise sales,
Miscellaneous revenue.—
Total gross earnings.
& admin.
Prod, distrib.
Co.—Weekly Output—
The electricity output of the Commonwealth Edison Co. group
company sales deducted) for the week ended Dec. 3, 1938, was
kilowatt hours compared with 137,929,000 kilowatt-hours in the
(inter¬
145,607.000
correspond¬
Interest
ing period last year, an increase of 5.6 %.
The following are the output and percentage comparisons for the last four
weeks and the corresponding periods last year:
Kilowatt-Hour Output
Per Cent
Week Ended—
1938
1937
Increase
Dec.
3
-145,607,000
137,929,000
5.6
Nov. 26
136,265,000
127,068,000
7.2
Nov. 19--..
142,706,000
140,401,000
1.6
Nov. 12
140,626,000
134,600,000
4.5
—V. 147, p. 3452.
earnings"—II
Dividends
Plant and
buildin-gsl re'-
—«*
Spec.
Shs.
Commonwealth Investment Co.—Investments—
sur.
of stock
renewal fund.
145,552
140,552
140,552
$15.94
-
$14.06
$14.26
$13.90
$406,191
174,698
.
—
25,411
Maintenance
Taxes
-
Net operating revs.—
37,920
2,021,344
234,717
486,877
$149,178
230
$170,330
Z)rl,197
Non-oper. income (net)-
$4,654,395
$375,700
163,191
19,126
42,036
Operating revenues
Operation-
1938
Assets—
Other
$1,911,456
9,542
$129,026
3,465
$125,868
2,333
$1,497,137
70,090
33,987
842,227
discount and expense-
1,024
1.790
13,831
339
147
3,030
$51,508
$604,063
103,685
2,669
99,203
5,831
preferred stocks:
To parent company
$497,709
$430,320
$497,709
Balance applicable to parent company
$430,320
-
Balance of earnings applic. to parent company—-"
Earnings from subsidiary companies deducted in
arriving at above:
Interest earned-
-
-
.1
Interest not earned
•
Preferred dividends
Other
—
Miscell. earnings from subsidiary companies-..Common div. from subsidiary (not consolidated) _
832,036
10,191
2,669
6,485
828,991
6,414
5,831
6,952
4
„
73,117
al86,449
306
279
a$l .535,845
$1,351,908
892,571
889,001
a$643,275
$462,907
Other income
-
—
Exps., taxes <fe deductions from gross income.Amount available for dividends and surplus
,
$186,443 representing amount assigned to
109,038
Prov. for Dominion
(not
157,821
105,461
.27,076,467
26,789,989
& Ont. Govt, tax
and
27,076,467
26,789,9891
Total.
145, p. 3493.
Consumers Power
$535,354
Dividends paid and accrued on
To public
i
109,437
$
14, 555,200
14,555,200
Reserve fund
5. 791,075
6,007,216
Renewal fund
5, 859,733
5,418,238
Accounts payable348,757
339,993
Reserve for divs..
363,880
363,880
—
Co.—Registers $10,168,000 Bonds—
Company on Dec. 3 filed with the Securities and Exchange Commission
registration statement (No. 2-3981, Form A2) under the Securities Act
of 1933 covering $10,163,000 of 1st mtge. 334% bonds, series of -1936,
due Nov. 1, 1966.
According to the registration statement the proceeds from the sale of
$2,000,000 of the new bonds together with $1,200,000 to be received from
the sale of 43,636 shares of (no par) common stock to the Commonwealth &
Southern Corp. will be applied to the purchase of the physical properties
of the Citizens Light & Power Co.
The proceeds from the sale of the
remaining $8,168,000 of the new bonds, together with other treasury funds
will be used to retire on or before May 1, 1939, $8,168,000 of the com¬
pany's 1st mtge. bonds and 1st mtge. 4% bonds, series of 1934, due 1944.
The names of the underwriters and the amounts to be underwritten by
each are as follows:
Morgan Stanley & Co., Inc., $2,234,000; Bonbright
& Co., Inc., $2,234,000; The First Boston Corp., $1,000,000; Brown Ilarriman & Co., Inc., $1,000,000; Smith Barney & Co., $800000; E.W. Clark & Co.,
$800,000; Mellon Securities Corp., $800,000; Coffin & Burr, Inc., $500,000,
and Lehman Brothers, $800,000.
,
The registration statement states that Morgan Stanley & Co., Inc.
and Bonbright & Co., Inc., are authorized to engage in certain market
operations in the bonds "to facilitate the distribution of the new bonds by
attempting to stabilize the market prices of the new bonds.
The existence
of this provision is no assurance that any such transactions will be effected,
or, if effected, that they will not be discontinued at any time."
The bonds are redeemable in whole or in part after at least 30-days'
notice at the principal amount plus a premium of M of 1 % for each year or
fraction thereof of unexpired life until Nov. 1, 1963.
No premium will
be naid if the bonds are redeemed on or after that date.
The Securities and Exchange Commission on Dec. 5 announced that
a
2,090
$54,584
"
34,824
int.
Total
Debt
Net income
901,937
34,824
—V.
21,477
Miscell. inc. deductions-
1,212,281
288,632
insurance
26,998
835,405
of
Amortization
1 ,127,583
924,302
Prepaid taxes
$1,421,324
69,613
Gross income
1,984,886
due)
$1,665,262
243,938
Interest to public
Int. to parent company-
1 ,984,830
415,308
Accrued
$1,662,675
2,587
$1,920,998
423,861
investments
Capital stock—-
1937
$
Liabilities—
Acc'tR receivable-.
266,542
394,319
$149,408
23,540
$
Cash
$4,219,891
1,896,355
$169,133
40,107
Balance
Retirement accruals
1938
1937
$
;*
Materials, &c
1938—12 Mos.—1937
1938—Month—-1937
Period End. Oct. 31—
Includes
Nil
145,552
Plant, &c..——.22 ,480,183 22,258,388
Subs.)—Earnings—5
Community Power & Light Co. (&
has filed a declaration (43-172) under the Holding Company
Act in connection with the issuance and sale of $8,168,000 first mortgage
company
3 H % bonds, due 1966. The company
& Southern Corp.
Proceeds from the
treasury funds, are to
bonds, due 1944.
14,623 shares of
dividend, in
stock of General Public Utilities, Inc., received as a
lieu of cash,
Nil
Comparative Balance Sheet Sept. 30
Percentage of investments in the largest industries on Nov. 30 was as
follows:
Public utilities, 12.4%; building equipment, 10 %; merchandising,
8.7%; oils, 8.6%; machinery, 5.5%; financial companies, 5.3%; metals
and mining (non-ferrous), 5.3%; miscellaneous, 4.6%; foods, 4.3%; auto¬
mobile, 3.8%.
Net cash and government bond holdings represented 10.7%.
Company's
portfolio now includes 209 securities.—V. 147, p. 3156.
common
Nil
outstand¬
automobile.
a
Nil
acct.Sept.30i
ing ($100 par)
Earnings per share be¬
fore plant and bldgs.,
Analysis of the Nov. 30 investment portfolio of the company reveals
that since the end of the third quarter the management has been increas¬
ing equity holdings in the following major industries:
Building equip¬
ment, merchandising, oils, machinery, metals, miscellaneous, foods and
Total--
$8,489,73 7
1938
$5,562,836
1,485,037
216,446
7,229
Residuals
_
Commonwealth Edison
1938—11 Mos.—1937
$7,814,319
,786J0°
Consumers Gas Co. of Toronto—Earnings—
partially
to
transfer, the listing statement indicates.
The portion of the consolidated net income of Universal Credit applica¬
tion to the minority stockholders was given as follows:
1934, $1,693,434;
1935, $2,817,369; 1936, $3,628,228; 1937, $3,490,115. and for the first six
months of this year, $i,043,031.
The book value of the 40,000 shares on
June 30, last was said to be $5,485,496.—V. 147, p. 3155.
as
1938—Month—1937
$752'34S
-v^pVaon:
Public hearing on the
is a subsidiary of The Commonwealth
sale of the bonds, together with other
be used to retire the company's first mortgage 4%
declaration will be held Dec. 21.—V. 147, p. 3307.
in December, 1937.
Company and
Continental Baking
Units Plan $4,000,000 Note Issues—
The directors
and its subsidiaries, Southwestern Electric Co., Kansas
Utilities Co., Missouri Utilities Co. and Texas-New Mexico Utilities Co.,
have filed declarations with the Securities and Exchange Commission in
connection with the issuance of collateral promissory notes aggregating
The company
dividend of $5 per share on account of
pref. stock, par $100, payable Dec. 24, to
12.
This compares with $2 paid on Oct. 1, July 1
and on April 1, last; $4.50 paid on Dec. 24, 1937; $2 pai don Oct. 1, July 1
and on April 1, 1937; $4 paid on Dec. 24, 1936; $2 paid on Oct. 1, 1936;
dividends of $1 per share were paid in each of the 15 preceding quarters,
$1 50 per share paid on July 1 and Oct. 1, 1932, and reqular quarterly
dividends of $2 per share previously.—V. 147, p.3156.
holders of record Dec.
$4,000,000.
$1,350,000 notes of Community Power are to be sold to the Recon¬
Finance Corporation.
Proceeds are to be used to reimburse
for funds expended for construction and to supply Southwestern
Electric with funds to furnish equipment; machinery and facilities to the
other three companies.
The $1,250,000 notes of Southwestern Electric are to be acquired by
Community Power.
Notes of the other three companies aggregating
$1,400,000 are to be acquired by Southwestern Electric.
A hearing has
been set for Dec. 15.—V, 147, p. 3156.
The
struction
company
Continental Oil Co.—Listing—
Stock Exchange has authorized the listing of $21,071,600
2%% convertible debentures, due Dec. 15, 1948, upon official
notice of issuance and distribution; and 632,148 additional shares of capital
stock (par $5) upon official notice of issuance, from time to time upon con¬
version of the debentures; making the total amount applied for 5,370,742
shares.
For details of offering of debentures see V. 147, p. 3452.
,
The New York
10-year
Compania Hispano-Americana die Electricidad, S. A.
("Chade")—Interest Payment—
This company will
Corp.—$5 Preferred Dividend—
have declared a
accumulations on the 8% cum.
""Corroon
& Reynolds Corp.—Accumulated Dividend—
declared a dividend of $1.50 per share on account
The directors have
distribute, beginning on Dec. 12, against Coupon No.
accumulations on the 6% cum. pref. stock, par $100, payable Dec. 20 to
holders of record Dec. 12.
This compares with 75 cents paid on Oct. 1
and on July 1 last.
Dividends of $1.50 were paid on April 1 last, Dec. 13,
Oct 1 July 1 and April 1, 1937, and a dividend of $4 was paid on Dec. 15,
1936 this latter being the first dividend paid since July 1, 1931, when a
of
35, the sum of 22 Argentine paper pesos, 50 centavos on series A, B and C
shares, and four Argentine paper pesos, 50 centavos on series D and E
shares to apply on the dividend for the fiscal year of 1938.
Coupon No. 35
will be payable at the option of the bearers either in check on Buenos Aires
or in other foreign exchanges on the basis of the current rates for checks
on Buenos Aires.
Coupons are to be presented to the Guaranty Trust Co.
—V. 144, p. 4001.
regular quarterly
payment of $1.50 per share was
Crown Drug
of the Immaculate Heart, Scranton,
Offered—Dempsey-Tegeler & Co., St. Louis,
offering $300,000 1st & ref. mtge. 4% serial bonds.
Sales for Nov.,
Congregation
made.—V. 147, p. 2086.
Co.—Sales—
1938 were $699,864, as
compared to $705,475 for Nov.,
Pa.—Bonds
1937—a decrease of $5,611, or a per centage decrease of 0.8%.
Sales for Nov., 1938 included 80 stores, as compared to 90
are
Nov
Principal payable annually Nov. 15,1940, through
1950.
Interest payable M-N, at office of St. Louis Union Trust Co., St.
Louis, trustee.
Bonds in coupon form—$500 and $1,000 denomination.
Bonds may be prepaid on any int. payment date prior to maturity on 30
days' written notice at par and interest.
These bonds are the direct obligation of The Congregation of the Imma¬
culate Heart, Scranton, Pa. (the Mother house of the Sisters, Servants of
the Immaculate Heart of Mary).
Bonds are further secured by a deed of
trust in the nature of a mortgage on property in Carbondale, Pa.
The
.
stores for
The decrease in the number of stores is the result of
City properties.
Eliminating the sales of the Oldahoma City Stores for Nov.,
would show an increase in volume of $43,144, or 6.6%.—V. 147, p.
,
1937.
the sale
of our Oklahoma
Dated Nov. 15,1938.
Delaware Fund,
-
1937, it
3453.
Inc.—Dividend—
of directors of this company, a management type investment
declared a dividend of 15 cents per share, payable Dec. 15 to
holders of record Dec. 1.
An initial dividend of like amount was paid on
Sept. 1, last.—V. 147, p. 2528.
The board
trust, has
Financial
3608
[
Chronicle
company
effective, and will become treasury shares.
Upon the merger becoming
effective, there will be outstanding 82,093 shares of class A stock and 29,362
shares of common stock of Dixie Securities Corp., and the holders of the
class A stock of Dixie Securities Corp. will be entitled to receive on a share
for share basis the class A stock of the company, and the holders of common
stock of Dixie Securities Corp. will be entitled to receive on a share for share
basis common stock of the company,
A further result of the merger becoming effective will be that the separate
existence of Dixie Securities Corp. will terminate and the Dixie-Vortex
Common Stock
R.E.SmRT&Co.
INCORPORATED
EXCHANGE PLACE—NEW YORK
Teletype—N. Y, 1-1073
—
Co.,
Cornell-Dubilier Electric Corp. (&
Subs.)—Earnings —
Period Ended Sept. 30—
\2 Mos. *38
Gross sales, less discounts, returns & allowances.. $1,988,766
Cost of sales, net
—-—.....—-—
1,575,603
Selling, general & administrative expenses, net-.373,501
Provision for Federal income taxes
8,919
Combined net Income
...
Expenses of training new employees.
Net Income
Preferred dividends.
$2,748,566
2,084,426
414,279
35,174
$30,743
Common dividends.
11 Mos.*Z7
$30,743
26,792
.
-
-
-
-
$3,951
$0.12
—
Earnings per share on common.-.,.
...
$214,687
30,000
$184,687
2,574
x166,487
$0,69
$94j000 at the rate of $470 a share on the old common stoclc (payable
out of income earned prior to Oct. 31, 1936).
In connection with the decline in profits for the year ended Sept. 30,1938,
Octave Blake Jr., President of the company, says of current operations in
a letter to stockholders:
"There is an indication from the first two months of our new fiscal year,
namely, October and November, of an upward trend in capacitor sales.
It is, therefore, interesting to observe that November sales are 50% above
last year and the largest November in the history of your company. These
sales have been achieved in spite of the lower dollar value per unit."
x
Consolidated Balance Sheet Sept. 30
1938
deposits
cash on hand.
Demand
&
Notes,
trade ac¬
& accts.
(trade)
$176,812
$131,092
rec.
Sundry accts. pay.
*298,709
464,638
339.005
First mtge. debt-
668,799
Corn. stk. (par $1)
11,569
113,244
Subsc. to
Other curr. assets.
(at
y212,682
Deferred
$5,998
$102",652
161,121.
103,071
23,411
54,000
264,640
180,076
cbgs.
37,013
54,500
stk.
184,181
Paid-in surplus...
809",862
801,920
204,615
al93,101
surplus...
Total...
184,181
129,681
$1,662,253 $1,707,603*
Total.....
doubtful
Detroit Gray Iron Foundry Co,—Extra Dividend—
Directors have declared an extra dividend of four cents per share in ad¬
dition to the regular semi-annual dividend of two cents per share on the
common stock, both payable Dec. 20 to holders of record Dec. 10.
Extra
dividend of eight cents was paid on Dec. 20, 1937.
V. 147, p. 2680.
Detroit Steel
Divs. payable.-..
Marketable
sees.,
Accounts
cost...
at
360,572
accep'ts,
Notes,
a
and acc'ts rec.—r*
530,414
trade
Due
from
officers
and employees-_
2,218
4,652
Accr'd int. rec
Inventories
in
.
1,285,289
rec'ble
Note
(due
187,900
1941)
148,230
equip.. 2,379,694
Apparatus lent to
customers.-.-..
4,544
Patents, tradem'ks
and good will.. *
662,528
Deferred items...
58,777
payable-
-
.
—
1,000
674,337
52,625
$7,040,303 $6,885,9251.
Total..;
....-$7,040,303 $6,885,925
Total
reserves of $57,503 at Sept. 30, 1938, and $34,600,At Dec. 31,
b At cost (less reserves for depreciation of $2,254,719 at Sept. 30,
1938, and $2,133,173 at Dec. 31, 1937).
c Represented by 178,650 no-par
shares,
d Represented by 202,916 no-par shares.
Note—The company is obligated to pay,
during a period of 10 years
after April 30, 1936, certain expenses of Dixie Securities. Corp. not ex¬
ceeding $160,000 in the aggregate; at Sept. 30, 1938, the maximum amount
of this liability had been reduced to $104,035.—V. 147, i>. 3455.
a
After
1937.
$1,562,253 $1,707,603
Including earned surplus of predecessor company,
x After reserve8
accounts and cash discounts of $8,310 ($6,611 in 1937)*
y After reserves for depreciation of $395,443
($374,050 in 1937).—V*
147, p. 2527.
a
for
Sept.ZO'ZZ Dec. 31 '37
$111,656
$187,750
165,654
231,875
471,488 Acer. wages & exps
108,527
105,678
Accrued taxes
345,591
330,948
Note payable (due
in 1941)
281,071
187,900
187,900
4M% 5-yr. mtge.
bonds
'
3,066
787,100
787,100
3,788 Reserve for experi¬
mental dev.exps
1,442,443
62,266
45,000
c Class A stock
3,573,000
3,573,000
187,900 d Common stock-202,916
202,916
135,996 Capital surplus..;
333,905
320,103
2,246,440 Earned surplus.
899,853
1,175,589
Liabilities—
Sept. 30'38 Dec. 31 *37
.--.-$1,415,487 $1,385,772
10,286
&
prepaid exps.
Assets—
263,588
tr.-
mk0., pats,, pat.
llcenses&goodw.
Consolidated Balance Sheet
Cash.
b Plant &
230,032
121,879
cost)...
Trade names,
com.
1937
Earned
Inv. in real estate-
assets
Notes pay. (trade)
Accts. pay. (trade)
4,972
109,377
Inventories
Fixed
1938
Accrued liabilities.
cepts.
assets.
Investm'ts at cost,
Liabilities—
1937
the surviving corporation, will become vested with all the assets
consisting of $787,100 4J4%
five-year mortgage bonds and the obligation of the company to pay certain
liabilities and expenses of Dixie Securities Corp. in the amount of approxi¬
mately $100,000, will be extinguished by operation of law upon the merger
becoming effective. Before the merger becomes effective, Dixie Securities
Corp. shall have called for redemption at par and accrued int. on April 15,
1939, its 4 M % collateral trust bonds outstanding in the principal amount of
$787,100 and shall have placed with the trustee the funds required to effect
such redemption.
Upon the merger becoming effective, the company
will become obligated to pay a bank loan of Dixie Securities Corp. approxi¬
mating the amount required to make such redemption which, it is proposed,
will be paid at an early date by the company out of its cash and other current
$15,627
'
Assets—
is
and liabilities of Dixie Securities Corp.
The present funded debt of the company,
▼
Balance, surplus.
to be owned by Dixie Securities Corp. upon the merger becoming
The 82,093
shares or class A stock and 29,362 shares of common stock owned by Dixie
Securities Corp. will be acquired by the company upon the merger becoming
CORNELL-DUBILIER ELECTRIC CORP.
Tel.—Hanover 2-0510
10, 1938
effective, will continue to hold such shares of the company.
We maintain market» in
40
Dec.
Dome
Mines,
Ltd.—Production—
Bullion production in November was $603,667, against $612,263 in
October and $612,625 in November, 1937.
For 11 months bullion production totaled $6,690,759, against $6,875,174
in
same
period last year.—V. 147, p. 2528.
Dominion Stores,
Ltd.—Sales—
Sales for the 11th period ended Nov. 5, 1938, were $1,345,417, compared
with $1,498,566 in the corresponding period of 1937, a decrease of 10.22%.
Total sales for the first 11 4-week periods of 1938 to Nov. 5, amounted to
$15,768,003,
3455.
against $16,414,074 in the
same
period of 1937.—V.
147,
P.
Corp.—-^Official Resigns—
Clyde P. Craine has tendered his resignation as Vice-President of this
and its subsidiary, Craine-Schrage Steel Co. and as a director of
corporations.
Resignation is effective immediately and.was made
necessary by Mr. Craine's ill health, it was announced.—V, 147, p. 3307.
company
both
Detroit Steel Products Co.—25-cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
Dryden Realty Corp .—Trustee—
Sterling National Bank & Trust Co. has been appointed trustee of
$624,375 mortgage certificates on premises of the Dryden Realty Corp. in
connection with the reorganization of an issue of the Prudence-Bonds
Corp. known as the Dryden Apartments issue.
It has also been appointed
as transfer agents for the voting trust certificates for stock of the Dryden
Realty Corp.
stock, no par value, payable Dec, 22 to holders of record Ded. 16.
Like
paid on Nov. 10 last, this latter being the first dividend paid
1937, when 50 cents per share was distributed.
Bee also
V. 146, p, 2039, for detailed record Of previous dividend payments.—
V. 147, p. 2528.
Duff-Norton Mfg. Co.—•Dividend Doubled—
amount was
since Dec. 22,
Devoe & Raynolds
Co.—*Common Dividends Omitted—
Directors at their meeting on Dec. 7 decided to omit the dividends or¬
dinarily due at this time on the class A and class B common shares. Divs.
of 25 cents per share were paid on these Issues on Oct. 1 and July 1, last, and
previously regular quarterly dividends of 75 cents per share were distributed.
Delancey Kountze, Chairman, stated the current action was due to
decreased business and decreased raw material prices of certain com¬
modities which adversely affected company's profits.—V. 147, p. 1772.
Dewey & Almy Chemical Co.—Plan Completed—
and 105 for the class B preferred."
Following the exchanges, outstanding capitalization of the company
a maximum of 22,496 shares of the new $5 convertible pre¬
ferred, between 184,500 and 185,000 shares of common (non-voting) and
7,200 shares of class B common.
Each share of new preferred is con-1
vertible into 4 shares of common up to Jan. 1, 1942 and into 3 shares of
common thereafter up to Jan. 1, 1943.
The new preferred is entitled to
cumulative divs. from Dec. 16,1938.—V. 147, p. 3454.
will consist of
Co.—Listing
of
Stocks—Acquisition
of
Securities Co—
The New York Stock Exchange has authorized the listing of 82,093
additional shares of class A stock (no par) and 29,362 additional shares
common stock
(no par) upon official notice of issuance pursuant to an
agreement and act of merger, -with authority to add 82,093 shares of com¬
mon stock on official notice 6f issuance upon conversion of class A stock
making the total amount applied for 260,743 shares of class A stock and
493,021 shares of common stock.
The directors of the company and of Dixie Securities Corp. have approved
and ordered submitted to their respective shareholders an agreement
and act of merger of Dixie Securities Corp. with and into the company.
A special meeting of the stockholders will be held on Dec. 29, 1938, for the
purpose of considering and passing upon the agreement and act of merger
and a special meeting of the stockholders of Dixie Securities Corp. will be
held on Dec. 27, 1938, for the same purpose. It is expected that the merger
will become effective on Dec. 30, 1938. Pursuant to the terms and condi¬
tions of the agreement and act of merger, the holders of all issued and out¬
standing shares of class A and common stock of the company , except the
82,093 shares of class A stock jmd 29,362 shares of common stock of the
Duquesne Light Co.—Earnings-—
Year Ended Oct. 31—
Operating
1938
1937
$29,339,771 $30,914,454
revenues
Operatingjexpenses, maintenance and taxes-.--.— 14,938,554
Net operating revenue.'....
Other income (pet)
x
Successful completion of the plan recently proposed for readjustment of
the capital structure of this company was announced on Dec. 8.
With
formal exchange offers received from holders of more than 98% of the prior
preference and class B preferred stocks, the plan has been declared operative
and actual exchanges will begin at once.
They will be effected as rapidly
as possible on receipt of the old stocks by the company.
Under the plan, holders of the 14,283 shares of class B preferred may
exchange each share now held for one share of new $5 cumulative con¬
vertible preferred plus one-half share of common.
Holders of the 8,213
shares of prior preference may make the same exchange but had the option
of accepting $10 in cash in lieu of the one-half share of common.
To date,
holders of only 838 shares have indicated a preference for cash.
"Additional offers for exchange will be accepted'if submitted within the
next few days," according to a statement by Bradley Dewey, President
of the company.
"Although the plan as originally announced left the
question of redemption of unexchanged stock optional with the company,
the enthusiastic response by stockholders indicates that acceptance will be
virtually unanimous.
4ny small remainder of unexchanged stock will
therefore be redeemed at the call prices of 100 for the prior preference
Dixie-Vortex
Company paid a dividend of 50 cents per share on the common stock,
par value, on Dec. 10 to holders of record Dec. 6.
This compares with
25 cents paid on Sept. 10 and on June 11 last; a dividend of 40 cents paid
on March 18 last; dividends of 50 cents per share paid on Dec. 28, Sept. 15,
and on June 15, 1937, and a dividend of 40 cents paid on March 15, 1937.
In addition an extra dividend of 25 cents per share was paid on Sept. 15,
1937.—Y. 147, p. 1774.
no
x
...;
—
Net operating revenue and other income
Appropriation for retirement
reserve.
—
—
$14,732,310 $16,416,851
2,347,182
2,473,156
Gross income...
;
.$12,385,128
Rents for lease of electric properties
—
180,030
Interest on funded debt
2,450,000
Amortization of debt discount and expense——.
315,941
Other interest (net)
...
Appropriation for specizl
reserve.
-
Other income deductions
Net income—
15,015,295
—$14,401,217 $15,899,158
* 331,093
517,693
Cr140,626
500,000
127,763
$13,943,695
180,577
2,450,000
315,946
Cr6,279
500,000
125,317
$8,952,021 $10,378,134
-
Before appropriation for retirement reserve.
Notes—(1) The revenues and expenses subsequent to Jan. 1, 1937
x
are
shown
in accordance with the classifications of accounts prescribed by
regulatory commissions effective Jan. 1, 1937 which differ in certain re¬
spects from the classifications previously foollded by the companies.
(2) The above income account for the year ended- Oct. 31, 1937 has
been adjusted to reflect $80,118 of additional taxes applicable to the period
of 1936 included therein paid in 1937 and charged to surplds.—Y. 147,
p. 3012.
Eason Oil
Co.—Earnings—
Period End. Sept. 30—
1938—3 Mos.—1937
$57,032
<$9,638
x
Net loss
x
After all charges.—V.
Eastern
1938—9 Mos.—1937
$147,301
prof$49,704
147, p. 1486.
Steamship Lines, Inc. (& Subs.)—Earnings—**'
Period End. Oct. 31—
Operating revenue
Operating expense
Operating income
Other income.__ J
Other expense
Net income.....
1938—Month—1937
1938—10 Mos.—1937
$677,383
755,926
$8,126,324
7.399,820
$8,590,444
7.941,718
def$7b,543
806
$648,726
9,851
54,883
$726,504
12,319
546,658
def$73,229 def$132,620
$192,165
$104,344
$765,295
782,320
def$17,025
3,278
59,482
.
554,233
Notes—(1) The Oct. 1937 figures have been adjusted to show an increase
In net income of $7,025. representing the difference between the temporary
operating subsidy accruals for Oct., 1937 and the portion of the mail con¬
tract settlement applicable to that month, the settlement having been con¬
summated early in 1938 and included in the annual report to stockholders
for 1937.
The adjustment to 1937 figures is being given effect in compari¬
sons of monthly accounts during the last 6 months of 1938.
(2) The above statement covers operations after depreciation, interest,
rentals and local taxes, but
capital gains
or
before Federal income tax, capital stock tax,
losses and other non-operating adjustments.
„
>
,
To
accruals
the $2 no-par
on
holders of record
share
was
16.
Dec.
and Cyril J. C.
Emerson Electric Mfg.
convertible preferred stock, payable Dec. 23 to
A regular quarterly dividend of 50 cents per
3, 1938.—V. 147, p. 3013.
Maintenance
Retirement
res.
accruals
Taxes, incl. income taxes
_
Dr43,136
$157,116
43,436
1,381
$1,838,442
$2,264,440
524.857
10,531
528,549
10,520
$128,894
$112,299
deductions—B. V. G. & E. Co
$1,303,056
$1,725,370
38,826
77,652
Int. and amortization
Misceil. deductions
Balance
Balance
Assets—
a
$1,264,230
$1,243,249
1,243,249
$1,622,006
1,622,006
309,824
$1,553,073
....
$1,931,830
132,310
dividends and surplus—
1,351,425
93,664
d
1
c
1938—12
$51,457
34,187
$205,098
151,973
operating income-
$16,576
$17,270
794
$58,027
1,080
$53,919
$59,107
14,125
12,064
$14,275
1,487
$39,794
5,950
$47,043
$12,128
$12,788
$33,844
$1,196,851
Balance...
$41,093
5,950
$1,990,773
793,922
Balance
Interest & amortization-
Appropriations for retirement reserve
'
$1,111,660 $13,711,252 $13,640,947
5,590,315
5,608,071
preferred stocks, declared
Cumulative preferred dividends earned
but not
1,558,691
1,435,131
$4,283,717
Amount applicable to
Inc.—Weekly Input—
Ebasco Services,
kilowatt-hour system input of the
operating companies which are 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:
Increase
Dec. 1, 1938 the
Balance
a
18,665
$3,960,964
23,160
$4,265,052
$3,937,804
$4,265,052
$3,937,804
minority interests
applic. to Engineers Public Serv. Co.
applicable to Engineers Public
Balance of earnings
Service Co
Amortization on bonds owned by parent company,
included in charges above
8,257
...
American Power & Light
Electric Power & Light
p.
107,170,000
51,713,000
75.880,000
Co.-116,327,000
Corp. 55,726,000
National Power & Light Co..
Amount
9,157,000
4,013,000
2,538,000
1937
1938
Operating Subsidiaries of-—
147,
78,418,000
%
8.5
7.8
3.3
3456.
Goddard on Nov. 16 last directed the final discharge of
Michel Kirtland as receiver for the company.
The receiver Reported the
distribution among creditors of a first and final pro rata dividend of 21.78%
on claims filed and allowed.—V. 140, p. 2183.
Electrical Products Corp. of
"
—
- —
—
---—•-
shares outstanding..
1938
$239,514
$0.91
•-
.
Elk Horn Coal Corp .—Earnings—
Months Ended Sept. 30, 1938
depletion, depreciation, amortization of
other deductions
Earnings for Three
Net loss after interest,
leasehold equity and
Balance for dividends
(& Subs.)—Earnings—1938
reserve.—V.
147, p.
El Paso Natural
Period End. Oct. 31—
Maintenance.
income-net.
3013.
—
Provision for retirements
Net oper. income
Other income
y
390,255
1,234,686
•
42,573
44,736
,—
Interest
Amort, of debt expense.
'Net inc. before non¬
recurring income—
Non-recurring income &
$4,790,357
1,376,845
$4,482,348
1,284,416
103,030
103,382
425,304
545,783
392.982
514,079
28,686
48,990
$172,727
Total gross income...
108,654
9,250
$228,676
823
964
$173,550
32,535
2,654
$229,640
32,700
3,924
dividend
Service Co
within
308,605
589,243'
$3,768,314
$3,677,044
the
less minority interests and inter-company eliminations.
claim against engineers Public Service Co. or its
d Includes lederal income taxes of $883,601.
3457.
year,
Such amounts are not a
Equitable Office Building
1936
$1,444,672
125,631
$1,540,176
145,962
$1,579,722
162,079
$1,571,340
133,385
Total oper. income ...
.,570,303
$1,686,138
48,912
123,505
424,850
310,841
7,215
24,476
30,893
44,043
123,505
400,200
310,547
5,546
27,867
44,868
$1,741,801
40,492
123,505
391,500
299,543
6,098
18,187
38,751
$1,704,726
repairs.....
Depreciation
Maint. and
Real estate taxes
operating expenses
Prov. for doubtful accts.
Taxes.'
—
Alterations for tenants.
>
11,289
$2,350,684
400,134
32,682
$2,187,489
11,397
Net
$2,198,886
390,582
Other
exp.
with
.
$193,016
$1,917,867
7,890
65,049
10.092
71,196
67,036
62,707
$526,671
$648,276
7,123
$756,689
9,308
$695,938
8,215
general expenses. .
671
Ne(; inc. before int. on
$1,772,316
Drl9,942
$138,361
Dr 13,142
$1,759,174
funded
for
$138,361
8,632
$193,016
8,632
$1,897,925
103,579
$184,384
$1,794,346
-103,579
debt,
undistrib.
$527,343
profits
Fed. surtax on
debt.
Electric Shareholdings Corp.—Personnel—
Is a list of officers and directors of this company as of Dec. 6:
Board of Directors—Earle Bailie, J. & W. Seligman & Co.; Thurston P.
Tri-Continental Corp.; Henry C. Breck, J. & W. Seligman & Co.;
John W. Castles, Smith, Barney & Co.; Waddill Catchings, 6402 Chrysler
Bldg.; Otis A. Galzebrook, Jr. G. M.'P. Murphy & Co.; Kenneth J. Hanau,
David H; McAlpin, Clark, Dodge & Co.; Carl W. Painter, Cravath,
deGersdorff, Swaine & Wood .Cyril J. C. Quinn, J. & W. Seligman & Co.;
Francis F. Randolph, J. & W. Seligman & Co.; John R. Simpson, Fiduciary
Trust Co. of New York; Arthur F. White, The Donimion Securities Corp.,
Ltd.; Robert V. White, The Lehigh Coal and Navigation Co. and Albert
Blodgett,
Wiggin.
Officers—Earle Bailie, Chairman of the Board; Francis F. Randolph,
Breck, Cyril J. C. Quinn and Thurston P. Blodgett,
Vice-Presidents; Paul Bartholet, Vice-President & Treasurer; Gerard M.
Ives, Vice-President; Kenneth H. Chalmers, Secretary; William Renner
and Edwin S. Yarbrough, Jr., Assistant Treasurers and L. H. Couch and
W. G. Manning, Assistant Secretarys
$655,399
538,663
x3,000
552,521
18,000
x
$704,153
577,056
17,500
Federal income tax
loss$14,321
$63,877
$169,972
$109,598
1938 arising from
payable on income to Oct. 31,
of the corporation's 35-year 5% sinking fund
as required by sinking fund provisions.
This income is credited
account.—V. 147, p. 1487.
purchase, at less than par,
debentures
to
31,500
21,000
Net income
the
$765,997
564,525
undistrib,
profits
$1,655,595
.
tax &
Prov. for Fed. inc. tax..
The following
..
prov.
inc.
Fed.
Interest on funded
3308.
36,934
128,877
408,900
290,327
22.077
17.111
41,853
in connection
lease
at
139
Net operating income.
35,988
•
^
'
divs.
President; Henry C.
_
.
Other income.
$129,729
require
1935'
'
1937
corp.'s own offices)
Other operating income.
Other
$2,339,395
Corp.—Earnings—
1938
6 Mos. End. Oct. 31—
Rental inc. (incl. rent on
surtax on
Net income
Balance for com.
$3,985,648
2,323,537
2,323,537
a Before allowing for unearned cumulative preferred dividends of certain
subsidiary companies,
b Earnings of parent and subsidiary companies
applicable to Engineers Public Service Co. stocks, before allowing for loss,
c In investment in common stocks of subsidiary companies, measured by
cumulative dividends on preferred stocks of such compaies not earned
Public
Broadway
expense
Pref. stock div.
.....
Engineers Public
for loss
...
requirements of Engineers
Balance applic. to stocks of
Service Co., after allowing
1,198,690
After appropriations for retire¬
$424,257
Fed. income
tax)
H.
Allowing for loss
250,834
$4,357,557
Balance
Preferred
$4,236,483
256,983
^
419,502
and taxes
$390,536
120,179
10,321
Operation
—V. 147, p.
c
$3,101,241
Gas Co. (Del.) f&Subs.)-—Earnings—
1938—Month—1937
1938—12 Mos.—1937
Gross oper. revenues—
Taxes (incl.
b
—V. 147, p.
1937^
$3,179,399
and surplus
Includes non-operating
ment
$4,614,540
*
....
79,561
59,811
159,307
other subsidiary companies,
El Paso Electric Co.
x
$135,090
147, P. 1034.
12 Months Ended Oct. 31—
Operating revenues
x Balance after operation, maintenance
y
108,666
119,275
113,291
Expenses, taxes and interest
Calif.—Earnings—
Ended Oct. 31—
Net income
Earnings per share on 262,002
—V. 147, p. 3456.
Total
-
included in
Interest
Ry.—Final Payment on Claims
Federal Judge
—V.
Earnings from subsidiary companies,
charges above:
Preferred dividends, declared
Earnings from other sources
Eighth & Ninth Avenues
10 Months
$8,050,633
2,654,538
$8,103,181
2,260,773
on
declared
737.
For the week ended
—V.
3,535,884
6,049,086
$1,767,769 $21,836,563 $21,544,325
7,903,378
8,125,311
656,1;10
Balance
Dividends
$51,986,518
20,734,128
$1,826,754 $22,265,371 $21,667,420
Drl23,095
Dr428,808
Dr58,984
$2,035,143
Dr44,370
revenues—
Non-oper. income (net).
1938—12 Mos.—1937
$4,490,495 $52,594,300
1,779,542
20,313,960
306,105
3,617,564
578,094
d6,397,405
287,124
449,862
-
Net oper.
Subs.)—Earnings—
1938—Month—1937
Baiance
Balance
-V. 147, p.
$17,270
2,994
$13,615
1,487
Pref. stock dividends—
855,207
^...$3,481,390 $4,037,495
Total
$4,493,490
1,721,361
revenues
Maintenance
$16,607
2,991
Net incone..
883,100
1,240,056
622,752
Engineers Public Service Co. (&
Period End. Oct. 31—
Mos.—1937
$186,577
128,550
$53,125
30
Other income (net)
883,100
1,551,080
of
Taxes....
1938—3 Mos—1937
cum.
After reserves,
Operating
Operation
Co.—Earnings
$55,459
38,883
7%
stock
Common stock..
$3,481,390 $4,037,4951
32,553
b After reserve for depreciation of $1,559,542 in 1938
$1,500,627 in 1937.
c Represented by 387,770 shs. in 1938 and
310,014 shs. in 1937 of $4 each,
d Represented by 8,831 she. of $100 each.
—V. 147, p. 3158.
$1,418,215 $1,799,009
1, 1937 adopted
Period End. Sept. 30—
Operating revenues
Oper. expenses & taxes
Pref.
15,454
31,186
prep'd
service contracts
1
Total
125,925
15,503
Reserve for
128,984
Gas & Electric Co. on Jan.
Gross income.
15,454
500,000
80,154
payable
(contra)
1,357,813
'a
Power Commission system
Int. & other deductions.
15,503
div.
Surplus
of accounts, hence previous year's
12 months' ending figures are not exactly comparative, especially between
operation and non-operating income (net).—V. 147, p. 3455.
Net
...
Pref.
Pats., g'dwill, &c_
510
dividends and surplus..
East Missouri Power
1,884,299
$385,200
250,000
Notes payable
Def'd debit items.
$1,799,520
$1,418,215
Balance
Note—Blackstone Valley
1,559,630
$47,616
...
Accrued accounts-
Cash for pref. dlvs.
and
Balance available for
1,363
309,824
134.858
;
A.
Expenses, taxes and interest
the Federal
566,332
6,190
b Fixed assets....
Applicable to Eastern Utilities Associates
Earnings of sub. companies applicable to E. U.
Non-subsidiary income
Amount not available for
343,663
1937
1938
.
accts.
payable
recelv..
(contra)
&
Accepts.
Accts. and trade
&c
25,712
Sept. 30
Liabilities—
$124,957
$69,606
Advs. to salesmen,
$1,647,718
20,981
Sheet
1937
1938
Cash
Inventories
Applicable to minority interest
Total
to
accept,
I
Balance
surplus
def$179,271
$95,564
$459,054
including $50,883 portion of dividends in arrears paid during year
charged to earned surplus or the balance of arrears of $180,931 charged
paid-in surplus.
Not
and
$2,172,545
91,895
$173,240
43,084
1,262
$459,054
Net
x
$1,881,578
def$117,454
pref. stock
61,817
Dividend paid on 7 % cum.
304,685
748,600
1,096,704
1936
$544,054
85,000
$157,381
x61,817
%
11,335
(net)
Net income for the year
4,305,366
$159,509
Dr2,392
_
Preferred dividend
354,726
26,226
63,718
89,123
Other deductions
—1937
$8,627,899
$8,178,597
4,134,525
301,730
764,846
1,095,918
$693,302
1937
$186,381
29,000
1938
loss$106,120
income.
Provision for Federal & State inc. tax
$177,091
Dr3,851
Net oper. revenues
Non-oper. income (net).
Balance.
1938—12 Mos
1938—Month—1937
$708,913
347,458
21,394
63,741
99,228
Net
(& Subs.)—Earnings—
Eastern Utilities Associates
Period Ended Oct. 31
Co.—Earnings—
Years Ended Sept. 30—
last paid on Jan.
Operating revenues
Operation
Quinn.—V. 147. p. 3456.
account of
dividend of 50 cents per share on
a
Henry C. Breck
Executive Committee—Earle Bailie, Francis F. Randolph,
Pay 50-ceni Preferr ed\Divide\id—
Directors have declared
3609
Chronicle
Financial
147
Volume
surplus
Evans Products
Co.—Plans Stock Increase—
Stockholders at a special meeting on Dec. 23 will vote
authorized common stock to 500,000 shares
increase in
take care
of the conversion
on the
proposed
from 300,000 to
provision in the $2,000,000 debenture
planned.
Commenting on the plan, Edward S. Evans, President, stated:
"The wide trade and public acceptance of our new Evanoil space
and the adoption of our vacuum power gear shift unit by one of the
issue
heater
major
automobile manufacturers form the principal reasons for our expan¬
sion program.
In addition to providing us ample working capital we will
also utilize a portion of this new capitalization for Retirement of long-term
bank loans and commercial paper outstanding."—V. 147, p. 3158.
group
3610
Financial
Fairchild Aviation Corp.—Io-cent
Dividend—
Directors have declared a dividend of 15 cents per share on the common
stock, payable Dec. 21 to holders of record Dec. 14.
An initial dividend
of like amount was paid on Aug. 10 last.—V. 147, p. 3013.
FaUtaff Brewihg
„
x
After
interest,
depreciation,
Federal
and
1938
1937
$518,444
$1.06
—
450,151 shs. of common stock.-
on
State
$644,848
$1.34
Income
taxes,
Ac.
Fanny Farmer Candy Shops—Extra Dividend—
Directors have declared
an extra
dividend of 50 cents per share In addition
regular quarterly dividend of 25 centsper share
both payable Dec. 27 to holders of record
paid on Oct. 1, 1937.—V. 147,
p.
Total Sales to Dealers in
Dec. 15.
on the common stock,
Extra of 25 cents was
1938
1937
94,267
94,449
Federal Knitting Mills
March
74,567
109,555
109,659
104,115
101,908
90.030
55.431
36,335
123,835
200,256
April
May-
260,965
October
November.
238.377
216,654
203,139
226,681
188,010
82,317
166.939
195,136
160.444
In connection with the current dividend declaration. Col. Charles E.
Speaks, President, expressed optimism about the tire industry outlook for
the coming year.
The enthusiastic reception being given to 1939 automo¬
biles and the sharp rise in the nation's mileage indicate a good
year for both
original and replacement tire sales.
He also anticipates a strong upturn
abroad, where Fisk is now distributing its tires to more than 50 foreign
-
Building—Tenders—
are
Sursuant todate of Jan. 18,1934, that said Massasoit and declared operative
the provisions by the Massasoit. Corp. Corp. has convenanted
y it under
to deposit with the trustee designated in said plan of reorganization certain
funds, which funds are in the sum of $43,107.56 to be used for the retirement
of bonds of said issue at market.
Pursuant to said plan of reorganization the Continental Bank & Trust
of New York, Successor Trustee will until Thursday, Dec.
15, at 3
o'clock p. m. at it's office located at 30 Broad Street,
Borough of Man¬
hattan, City and State of New York, receive proposals for the sale and
delivery to it on or before Friday, Dec. 23,1938, of bonds of said issue in an
amount sufficient to exhaust as nearly as may be the funds available
for the
Co.
retirement of bonds
required by said plan of reorganization.
Ah coupons
maturing May 24, 1939 and thereafter shall be attached to said bonds.
—Y. 125, p. 3204.
as
,
Flintkote Co.—To Pay 60-cent Dividend—
Directors have declared a dividend of 60 cents per share on the common
stock, payable Dec. 20 to holders of record Dec. 13.
Last previous dividend
was a regular quarterly dividend of 25 cents
per share distributed on Dec.
20, 1937.—V. 147, p. 3159.
(M.
H.) Fishman Co., Inc.—Sales—
Period End. Ncv. 30—
Sales.
1938—Month—1937
$344,397
$303,369
..
Company operated 39 stores on Nov. 30,
30, 1937.—V. 147, p. 3014.
1938—11 Mos.—1937
$3,563,745
$3,406,094
1938, comparing with 35
on
Nov.
Formica Insulation Co.-—20-cent Dividend—
Directors have declared a dividend of 20 cents per share on the common
stock, payable Dec. 23 to holders of record Dec. 8. Last previous
payment
was a regular
quarterly dividend of 20 cents paid on Dec. 22, 1937.—Y.
147, p. 3159.
Franklin Rayon
x
Period End. Sept. 30—
Net profit
Shares common stock
Earnings
x
per
share.....
After all charges.—V.
1938—3 Mos.—1937
1938—9 Mos.—1937
$49,031
$25,880 loss$ 141,355
$174,992
220,635
220,593
220,635
220,593
$0.22
$0.11
Nil
$0.77
147,
p.
1925.
General
Baking Co.—-To Pay 35-cent Dividend—
"Directors on Dec. 2 declared a dividend of 35 cents
per share on the com¬
mon stock, par $5,
payable Dec. 22 to holders of record Dec. 10.
An extra
dividend of 10 cents in addition to a dividend of 15 cents was
paid on Oct. 1
last; dividends of 10 cents per share were paid on July 1 and
and
previously regular quarterly dividends of 15
tributed.—V. 147, p. 2244.
General Foods
A
July
August
September.
May 2 last,
cents per
share
October...
November.
Total.
1938
1937
56.938
63,771
76.142
78,525
71,676
72,596
61,826
34,752
16,469
92.890
159,573
June
July.
August
September
October
November
square
quarters for the company's 28 laboratories in various
parts of the country.
"Another division of General
Foods, Frosted Foods Sales
Corp., is ex¬
panding its operations to meet the
increasing public demand for Birds
Eye foods," the announcement continues.
"A new
quick-freezing plant
is being developed in Florida.
We are increasing the
output of quickfrozen beef, lamb and pork
products in Boston and extending the quickfreezing of farm products.
"Mobile
quick-freezing machines are used by the Birds Eye Frosted
Foods division, so that fruits,
berries, vegetables, meats, fish and poultry
cleaned, freed of waste, packaged and frozen in the field
when they are
freshest.
At present 50 items are
marketed.
Quick-frozen foods, it is
expected, will utlimately provide all parts of the nation with a
large variety
of foods regardless of season.
"Last year capital expenditures amounted
Total—.
approximately $6,700,000.
they were about $3,200,000.
Authorized for completion during
1938 were expenditures of
$6,750,000."—V. 147, p. 3159.
1936
General Investors Trust—Six-cent
Dividend-r—
The directors on Nov. 30 declared a
dividend of six cents per share on
company's shares of beneficial interest, par
$1, payable Dec. 20 to holders
of record Dec. 2.
This comparer with four cents
paid on Sept. 15 last;
three cents paid on June 15
last; two cents on March 15 last; 12 cents on
Dec. 15, 1937; 10 cents on
Sept. 15, 1937; 5 cents paid on June 15 and
March 15, 1937; 40 cents on Dec.
15, 1936, and 8 cents on May 1, 1936.—
V. 147, p. 3014.
General
Motors Corp.—November Car
Sales—The
Dec, 8 released the following statement:
com¬
T
October were 92.890.
months of 1938 totaled 785,158 compared with 1,11 months of 1937.
in the United States totaled
131,387 in November
117,387 in November a year ago.
Sales in
571,792 for the/san
Sales to
e
216.606
136,370
153,184
108,232
4,669
69,334
156.041
197,065
1,682,594
1.370.934
187.119
194,695
186.146
177,436
99.775
stock,
$10, and 1,875.366 shares of preferred stock, no par, $5 series, on the
Chicago Stock Exchange has become effective and has been admitted to
trading.—V. 147, p. 3159.
General Realty & Utilities Corp.
(&
Subs.)—Earnings
[Exclusive of Lefcourt Realty Corp.]
9 Months Ended
Sept. 30—
'
1938
Profit after int., ordinary taxes,
&c., but before
income taxes and
depreciation
Net profit after deducting depreciation
were
1937
$418,130
89,404
$484,630
169,122
Note—There has been excluded from income the loss for the nine
months'
period ended Sept.
30, 1938, of Lefcourt Realty
Corp., applicable to the
stockholdings of General Realty & Utilities Corp., which share amounts to
$166,518 after making provision for dividends on preference
pared with loss of $137,178 for the
stock,
same
as com¬
period of 1937.
There has been excluded from income the results
of operations of Central
Park Plaza
Corp., in which company has a one-half ownership.
Share of
these net earnings for the nine months
to
$9,270
2532.
period ended Sept. 30, 1938, amounts
against net of $16,374 in first nine months of 1937.—Y.
147,
as
General Shoe
Corp.—Earnings-
Years Ended Oct. Z\—
Net sales to
xl938
1937
customers..$13,257,663
Cost of merchandise sold
and all expenses
1936
1935
$14,039,436 $10,080,381
56,517,911
12,510,793
99,200
13,039,185
242,000
9,290,843
130,380
5,962,842
$647,670
$758,252
$659,158
$464,880
1,915,706
1.708,365
1,228,837
6,464
851,510
$2,563,376
$2,466,617
$1,894,459
39,800
$1,316,390
118.0J3
47,223
430
Net income
Surplus, Oct. 31, preeed-
Sundry mines adjustm'ts
Total surplus
Pref. diVs. cash
39.704
39,704
404,293
Common dividends, cash
Net sundry adjustments
511,208
Goodwill, charged off
x
90.188
39.900
28,281
share
per
$1,915,706
467,384
$1.27
$1,708,365
,$1,228,837
102,791
"
$6.02
72,201
$1.54
.
'
$5.88
1938 figures include subsidiaries.
Balance Sheet Oct. 31
Assets—
yl937
1937
$606,949
$503,437
res.
1,688,640
1,395,489
rec.
43,930
37,662
,
Cash in banks and
on
hand
Accts.rec., less
Miscell. accts.
Inventory of mtg.
mere
hand ise
963,686
Prov.
1,140,455
Deps.
200,790
Real est., bldgs., &
211,368
1,058,351
1,008,672
patents
"
1
1
.$5,547,413 $5,260,769|
y
of
248,842
Income
officers,
136,912
134,978
Reserves.........
107,718
170,154
496,300
496,300
Common stock...
X479.388
2,111,940
2,119,379
1,791,957
1,915,706
Earned surplus
and trade-marks
$1.
"208,917
for
8% conv. pref.stk.
„
equip., less depr.
126,242
6,766
empl. & others-
pure hase ac cts..
xPar
143,093
taxes
Employees stock
1937
$49,842
balances
923,046
merchandise...
Total
yl938
$63,750
Prov. for payroll <fc
1,025,707
Raw materials and
Goodwill,
Liabilities—
Accounts payableCustomers'
credit
royalty
.
_
Paid-in surplus
Total
Consolidated balance sheet.—V.
_
.$5,547,413 $5,260,769
147,
p.
1925.
General Telephone Corp.—Gain in Phones—
Corporation reports for its subsidiaries a gain of 605
company-owned
telephones for the month of November, 1938 as
compared with a gain of
1,290 telephones for the month of November, 1937.
The gain for the first
11 months of 1938 totals
12,988 (exclusive of purchases) or 2.92% as com¬
pared with a gain of 26,981 telephones or
6.57% for the corresponding period
of 1937.
General Telephone Corp. subsidiaries now include the
subsidiaries of the
General Telephone Tri Corp. (successor to Indiana
new
Central Telephone
pursuant to the reorganization plan of the latter
company).
The
subsidiary companies now have in operation a total of 458,409
companyowned telephones.—V.
147, p. 3457.
Co.
General Theatres Equipment
Corp.—25-cent Dividend
directors
have
declared a dividend of 25 cents
per share on the
capital stock, payable Dec. 22 to holders of record Dec. 12.
A like pay¬
ment was made on Oct.
18, July 16 and April 1, last, and compares with
50 cents paid on Dec. 23, 1937; dividends of 25 cents
paid on Sept. 28,
June 28 and March 31,
1937; 90 cents paid on Dec. 15, 1936, and an initial
distribution of $1.10 per share paid on Dec.
10, 1936.—V. 147, p. 2866.
Georgia & Florida RR.—Earnings—
—
•
October
75,727
92.907
132.622
105.159
152,946
150,863
139,121
103,098
22.986
97.746
148,849
150,010
199,532
180,085
162,390
187.869
157,000
58,181
—
consumers
coxupared with
1935
131,134
116,762
162,418
par
The
November sales of General Motors cars
and trucks from all sources
of
manufacture totaled 200,256
compared with 195,136 in November a
year
ago.
Sal<* in October were 123,835.
Sales for the first 11 months of
1938
totaled 1,119,840 compared with
1,956,453 for the same 11 months of 1937.
Sales of dealers in the United States
totaled 159,573 in November com¬
pared with 153,184 in Nova x ber a year ago.
Sales in
68.566
Unit8ales of Chevrolet, Pontlac, Oldsmobile Buick. La Salle
and Cadillac
passenger and commercial cars are included in the above
figures.
The registration of the corporation's
43,500,000 shares of common
are
to
108.645
127.346
66.547
1936
70,901
49,674
December
Surplus, Oct. 31, 1935 $2,119,379
479,388
manufacturing facilities of the most modern design.
Among the building will be a new research laboratory which will be head¬
143.905
109.059
137.781
1,680,024
April
May
Shares common stock...
feet of floor area, with
pany on
1.278.996
126.692
Sales to Dealers in United States
Earnings
$15,000,000 expansion program is being undertaken
by this corpora¬
tion, C. M. Chester, Chairman of the Board, announced on Nov, 25.
The program Includes new
plant facilities, enlargement of quick-freezing
apparatus, a new laboratory and other equipment.
A new coffee and tea plant is now
being built by 500 workmen on a
10-acre site on the Hoboken, N.
J., waterfront.
The work started on
June 6, last, and includes six structures which
will provide 500,000
In
1.720,213
117,387
December.
were dis¬
Corp.—-jExpansion Program—
19357
54.10
77.291
136.589
122.198
•
40.796
68,896
131,387
Prov. for Federal taxes..
Fruehauf Trailer Co.—25-cent Common Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable Dec. 14 to holders of record Dec. 2.
This compares with
25 cents paid on Dec. 24,1937; 50 cents
paid on Oct. 1, 1937, and an initial
dividend of 25 cents per share paid on
July 1, 1937.—V. 146, p. 2041.
1936
102.034
96,134
181,782
200,117
195.628
189,756
163,459
133.804
85,201
44,274
155,552
173,472
1.594,215
April
May---
P.
Corp.—Earnings—
92,998
51,600
196,095
198,146
178,521
153,866
163,818
156,322
88,564
107,216
89.682
March
March
being notified that
1937
63,069
62,831
100,022
103.534
92,593
76,071
78,758
64,925
January--.
February-.
January
February
..
Holders of 1st mortgage fee 6% serial gold bonds
1938
June
an initial dividend of 50 cents
per share on the
stock, payable Dec. 20 to holders of record Dec. 10.
This will
be the first dividend paid by the reorganized
company on the common
Flat bush Industrial
1,715,688
Sales to Consumers in United States
Directors have declared
1j35.
2.037.690
December.
Co.—Liquidating Dividend—
common
p.
239,114
134.697
181,188
167.790
124,680
39,152
127,054
182,754
185.698
2,116,897
June
a
Fisk Rubber Corp.—Initial Dividend—
147,
1935
98,268
121,146
169.302
184,059
1487.
liquidating dividend of $5 per share on the
no-par common stock, payable Jan. 5 to holders of record Dec. 27.
Like
amount was paid on July 20 last.
A dividend of $10 was paid on Feb. 1,
1938, and an initial liquidating dividend of $10 per share was paid on
Dec. 20, 1937.
A regular quarterly dividend of 62H cents per share was
paid on May 1, 1937; none since.—V. 147, p. 419.
countries.—V.
1938
1936
158,572
144.874
196,721
229.467
222.603
217,931
204,693
121.943
19,288
94,764
191.720
103,668
Total.
Directors have declared
10,
United States and Canada Plus Overseas
Shipment
July
August
September.
—V. 147, p. 2865.
to the
Dec.
68,896.
Sales for the first 11 months of 1938 totaled 882,882 compared
with 1,504,533 for the same 11 months of 1937.
January...
February-.
Corp.—Earnings—
10 Months Ended Oct. 31—
x Net profit
Earnings per sh.
Chronicle
Operating
—V. 147,
revenues
p.
3457.
Week End. Nov.30—
1938
1937
$24,400
$23,907
Jan. 1 to Nov. 30
1938
$1,015,664
1937
$1,208,956
Volume
Financial
147
Hershey Creamery Co.—$1 Common Dividend—
Gilmore Oil Co.—Extra Dividend—
Directors have declared
an extra dividend of 75 cents per share in addi¬
dividend of 25 cents per share on the common stock, both payable
15 to holders of record Dec. 1.
This compares with a dividend of
tion to
Dec.
a
50 cents paid on Sept. 28 last and an extra dividend of 30 cents in
to a
regular quarterly dividend of 15 cents paid
1925.
p.
3611
Chronicle
on
addition
June 15 last.—V. 147,
Directors on Nov. 29 declared a dividend of $1 per share on the common
stock, payable Dec. 21 to holders of record.
Dec. 6.
This will be the
first payment made on the common shares since Dec. 21, 1937 when a
regular semi-annual dividend of 50 cents per share was distributed.—Y.
147. p. 1780.
Hinde & Dauch Paper Co.—To
Grand National Films,
The
Inc.—Suspended from Dealing—
Exchange Commission has granted the application
of the company to withdraw its common stock, par $1, from listing and
registration on the New York Curb Exchange, effective at the ciose of the
trading session Dec. 9, 1938.—V. 147, p. 2533.
Securities
and
Pay 25-cent Dividend—
Directors have declared
a dividend of 25 cents per share on the common
payable Dec. 23 to holders of record Dec. 15.
A like amount was
paid on June 30, last and previously regular quarterly dividends of 50 cents
per share were distributed.—V. 147, p. 3309.
stock
Hodges Carpet Co.—Par Value Changed—
CW. T.) Grant Co .—Sales—
Period End. Nov. 30—
Sales
1938—11 Mos.—1937
1938—Month—-1937
$8,373,142 $79,318,553
$8,635,064
Stockholders at a recent meeting voted to change
from $100 par value to no-par.—V. 142, p. 1291.
Hooker Electrochemical Co.—Si Dividend—
—V. 147, p. 3015.
Great Lakes Dredge & Dock
Directors
the
on
on
Dec.
1
declared
Co.-—Extra Dividend—
extra
an
dividend of 75 cents per share
stock, payable Dec. 22 to holders of record Dec. 10.
An
per share in addition to a regular quarterly dividend
share was paid on Nov. 15, last.
See also V. 147, p. 2533.
common
dividend of $1
extra
of 25 cents per
Directors have declared a dividend of $1 per share on the common stock,
payable Nov. 30 to holders of record Nov. 17.
Like amount was paid on
Aug. 31, last.
Dividends of $1.50 per share were paid on May 31 last
and each
paid
was
three
months
Trustees have declared
distribution of 50 cents per share on
a
the cer¬
tificates of beneficial interest payable Dec. 20 to holders of record Dec. 13.
A dividend of 75 cents was last paid on Jan. 31, 1938.—V. 146, p. 754.
'H. L.) Green Co.,
_—
Stores in operation on
Inc.—Sales—
1938—Month—1937
1938—10 Mos.—1937
$2,819,138
$2,704,631 $24,448,371 $26,188,990
Period End. Nov. 30—
Nov. 30, last, totaled 133 compared with 138 on
Nov. 30, 1937.—Y. 147, p. 3015.
The
Greenwich Water & Gas
System, Inc.—Tenders—
extra dividend of 30 cents per
share in addi¬
tion to the regular quarterly dividend of 20 cents per share on the common
stock, both payable Dec. 25 to holders of record Dec. 16.—V. 147, p. 3015.
Grocery Store Products Co.—New President—
B.
C. Ohlandt
of this company.—V.
President
elected
been
has
147,
3160.
Guilford Realty
on
of record Dec. 19.
a
Hudson Motor Car
*
Co.—Earnings—
1937
1938
12 Months Ended Oct. 31—
income net.
tirement reserve.
Note—For comparative purposes
$9,833,968
Hamilton Cotton
y
After
Smith, Barney & Co.; Francis M. Barker, Balti¬
and Leroy E. Nelson, a Vice-President, of Chicago,
W.
was elected a director, joined the company recently as
147,
-.J
dividend of 50 cents per share on account of
stock, par $30,
-
' >!
'
'-—*
$1,268,729
1,233
$1,081,400
625
$130,815
62,993
.
$111,540
$111,540
58,857
$1,267,496
665,436
$1,080,776
$67,822
Operating revenues
Operating expenses-
$52,683
$602,060
$496,050
Net oper. revenues
Rent
for
lease
■
584,725
•
of oper¬
541
50
15,392
1,610
182,482
152,483
$49,287
38,757
>.
.....
50
18,485
ating properties
Operating taxes
Net income
1938—10 Mos—1937
$130,942
127
Operating revenuesUncollectibleoper. rev._
.
'
Corp.—Earnings—
1938—Month—1937
Period Ended Oct. 31—
B. Porter,
Vice-Presi¬
3310.
p.
Indiana Associated Telephone
$37,241
26,523
$417,968
292,311
$343,026
233,799
~rV. 147, p. 2867.
International Mining Corp.—Larger
Inc.—Dividends Resumed—
Hawaiian Electric,
the common stock,
This compares with $1.50
per share in 1934.—V. 147,
1.
tion to a
15
Co.
of
America—Committee Givbs Reasons for
Opposing Plan—
.
The bondholders committee,
of which Leonard
A. Wales is Chairman,
bonds due
in Of letter to. holders of the company's 15-year income debenture
Dec. 31. 1938, sets forth briefly its reasons for opposing the arrangement
olders committee, to scale down the supported in principle by the noteEroposed by the management and principal amount of bonds, extend the
maturity and reduce the interest rate, as follows;
(1) To reduce the debentureholders' claims to $1,000,000 and then
give to the present stockholders any substantial part of the equity so created
seems to be unjustified and unreasonable.
-
(2) The proposed arrangement gives no recognition to the fact that
$2,340,000 of unpaid interest would be due to the debentureholders before
distribution could be made to the stockholders.
(3) No arrangement or plan should be consummated until the acts and
record of the present management have been subjected to the proper
scrutiny.
;
■ ;... '
.....
'
.... ...
We believe that the present debentureholders should be assured a con¬
trolling voice in the selection of the board of directors which will insttall
the management of the company, and that this end should not be defeated
by any voting trust or other device.
The Committee is requesting authorizations to act on behalf of the deben tureholders, but no deposit of bonds is asked for at this time.—V. 147,
any
_...
.
3016.
quarterly dividends of 15 cents per share were
Healey Petroleum Corp. (&
The directors have
$98,987
$1.16
1937, and
—V. 147, p.
Hercules Motors
Period End. Sept. 30—
Net profit...
Corp.—Earnings—
1938—3 Mos.—1937
$33,727
$260,372
share on cap.
tributed profits.—V.
3018.
•
The New York
listing of 59,212 shs.,
preferred stock or such lesser amount not less
Stock Exchange has authorized the
(par $100) 5% convertible
than 42,000 shares, upon official notice of issuance pursuant to the offer
of exchange of the company, dated Oct. 27, 1938; and 91,198 shares
common stock
(par $50) in substitution for 91,198 shs. of common stock
of
listed and outstanding, and 118,424 shares of common
stock upon official notice of issuance in conversion from time to time or
shares of 5% convertible preferred stock, making the total amount applied
for: 59,212 shares of 5% convertible preferred stock and 209,622 shares
of common stock.
(See also V. 147, p. 2689.)
(par $100) presently
Time
charges
147. p. 1195.
1938—9 Mos.—1937
$68,089
$890,358
$2.86
but before provisions for surtax on undis¬
$0.84
$0.22
/
for Exchange Extended—
The time within
stock may be surrendered
preferred stock and 10-year 4%
including Dec. 19, 1938.
which 7% cumulative preferred
exchange
Consolidated Balance Sheet
Sept.SO '38
$971,663
902,656
$791,823
200,625
trade. 3,017,328
452
4,953,551
Investments
1,665,925
Due from employes
78,986
Inventories
3,274,832
chinery <fc equip.
x
After
$295,931
$241,330
64,044
220,262
trade
..
3,296
177,169
Prov. for taxes...
186,573
Pref. stk.div. scrip
(payable Dec.31,
1,771,929
79,935
sented for pay't)
1925,not yet pre¬
Pref. stock
4,441,757
86,019
4,443,516
84,983
16,063,690
for depreciation
$4,213,274 at Dec. 31.
24,956
5,921,200
stock— 9,119,800
392,707
Earned surplus...
Common
25,296
5,945,700
9,119,800
447,257
Total
16,118,336 16,063,690
of $4,407,963 at Sept. 30, 1938 and
1937—V. 147, p. 3311.
__16,118,336
reserve
payable,
5,412,751
Land, bldgs., ma¬
Deferred charges._
Accounts
Accrued liabilities.
Accrued int. rec'le
Total
Dec. 31 '37
Liabilities—
Notes & accts. re¬
ceivable,
Sept.30*38
Dec. 31 '37
U.S. Govt, secure.
x
_
$0.11
stock—
of
payable
Dec. 21
Dec. 21, 1936.—V. 146, p. 756.
International Silver Co.—IAsting—1
Cash in banks
dividend of $2 per share in addition to
regular quarterly dividend of $1.25 per share on the common stock,
par $25, both payable Jan. 3 to holders of record Dec. 10Similar amounts
have been paid at the beginning of each year since and including Jan. 2,
1929.
In addition a special extra dividend of $4.75 per share was paid on
Jan. 2, 1935—V. 146, p. 1553.
and
dividend of $1 was paid on
$6.32
(George W.) Helme Co .—Extra Dividend—
Dividend:—
dividend of $1.25 per share on account
A. ssctS"""'
Directors have declared an extra
taxes
a
$539,616
the
After
a
International Ry. Co.— Tenders—
Company announced that it will purchase for cancellation its refunding
and improvement 5% mortgage bonds to the extent of $850,718 now avail¬
able for that purpose.
Tenders will be received up to the close of business
Dec. 20 by its agent, Bankers Trust Co., New York.
No offer will be
accepted at a price exceeding $40 per $100 face amount of the bonds offered.
Accrued interest at the rate of 3% per annum from Nov. 1, 1938 to the
date of payment will be paid in addition to the purchase price of the bqnds.
After all charges.
Earns, per
declared
into new 5% convertible
debenture notes has been extended to and
Subs.)—Earnings$227,614
$2.66
loss$25.911
Nil
Net profit
Earnings per share
distributed.—V. 147, p 2634
accumulations on the 5% cumulative preferred stock, par $20,
Dec. 21 to holders of record Dec. 9
Like amount was paid on
for
X
Dividend—
dividend of 15 cents per share on the common
International Paints, Ltd.—Accumulated
dividend of 20 cents per share in addi¬
dividend of 14 cents per share on the common stock, both payable
to holders of record Dec. 5.—V. 146, p. 442.,
Haytian
Directors have declared a
stock, payable Dec. 20 to holders of record Dec. 13.
This compares with
10 cents paid on Sept. 20 apd on June 20, last, and previously regular
Ltd.—Extra Dividend—
Directors have declared an extra
x
more,
only; includes operations for the entire
payable Dec. 15 to holders of record Dec.
paid on Dec: 15, 1936 and one of 25 cents
p. 1928.
x
of New York, who is with
appropriations for re¬
Directors have declared a dividend of $1 per share on
x
He succeeds L.
J. Ford Johnson
147, p. 1779.
Hartford Times,
p.
President of the com¬
by the directors following a meeting of stockholders.
E. Wemple, who was President for about 15 years.
The stockholders elected several new directors, including
dent and General Manager.—V.
payable Jafa. 2 to holders of record Dec. 15.
The dividend will be paid on
Canadian funds and is subject, in the case of non-residents, to a 5% tax.
Like amount was paid on Oct. 1 and on July 1, last; a dividend of $1 was
paid on April 1, last, and dividends of 50 cents per share were paid in each
of the 12 preceding quarters, the April 2, 1935, dividend being the first to
be paid on this issue since the regular quarterly dividend of 50 cents per
share was distributed on Oct. 1, 1931.
Accumulations after the current dividend will amount to $6 per share.
Dec.
Illinois Zinc Co.-^New President—
James A. Hill of New York was on Dec. 5 elected
1,747,979
accumulations on the $2 cum. conv. sinking fund preference
—V.
a dividend of 37 H cents per share on the common
Dec. 10.
A like amount was
paid on April 1, last, and previously regularly quarterly dividends of
75 cents per share were distributed.—V. 147, p. 1195.
Directors have declared
who also
Co., Ltd.—Accumulated Dividend—
The directors have declared a
Corp.—Shipments—
4,123,460
period of Baton Rouge Electric Co. (except bus) and Louisiana Steam
Generating Corp. properties acquired Aug. 25, 1938.—V. 147, p. 3016.
<
share on the
City Bank Farmers Trust Co., as successor trustee, will receive on or before
Dec. 13, 1938, written proposals for the sale to it of a sufficient
amount of first mortgage 5% gold bonds, series A, to exhaust as nearly as
possible the sum of $8,334 available in the sinking fund for the purchase
of bonds at the lowest prices offered, in no event exceeding 103% of the
principal amount and accrued interest.
Proposals should be good for
acceptance on or before 3 p.m., Dec. 16.
Delivery of accepted bonds must
be made on or before Dec. 20.—V. 145, p. 3657.
pany
Operating revenues
$10,683,274
Balance after operation, maintenance and taxes.
4,509,689
y Balance for dividends and surplus.!
...
2,059,639
non-operating
per
dividend of 75 cents per share on account
x
Includes
15 cents
stock, payable Dec. 23 to holders of record
31, last, and on Sept. 30, 1937.—V. 147, p. 1639.
x
dividend of
noon,
the 6% cUm. pref. stock, payable Dec. 29 to holders
Like amount was paid on Sept. 30, June 30 and March
Gulf States Utilities
Pay 15-cent Dividend—
a
Hygrade Sylvania Corp.-—ZTVo-cent Common Dividend—
10,000,000 shares capital stock
Co.—Accumulated Dividend—
The directors have declared
declared
par
Shipments of Hudson cars in the United States for the week of Dec. 3
57% higher than for the same period a year ago, William R. Tracy,
Vice-President in charge of sales for the company, announced on Dec. 8:
"Retail sales for the week were greater than for any previous week in the
last 12 months, and 10% above the same week last year," Mr. Tracy said.
—V. 147, p. 3017.
Group Securities, Inc.—Registrar—
Manufacturers Trust Co. is registrar for
of this company.—V. 147, p. 2245.
of accumulations
stock,
Hydro-Electric Corp. of Va.—Tenders—
Greyhound Corp.—Extra Dividend—
p.
have
$2.50, payable Dec. 23 to holders of record Dec. 8.
This compares with 10 cents paid on Sept. 26, last; 15 cents
paid on June 25,
last: 25 cents paid on March 26, last, and on Dec. 24, 1937, and 40 cents
paid on Sept. 27, and on June 26, 1937, this latter being the initial payment
on the $1.50 par shares.
See V. 144, p. 4009 for detailed record of previous
dividend payments.—V. 147, p. 2867.
103 and accrued interest.—V. 147, p. 3015.
an
directors
common
were
The Boston Safe Deposit & Trust Co., will until 10 a. m. Dec. 28 receive
bids for the sale to it or sufficient collateral trust 5% 25 year series A bonds,
due April 1, 1952 to exhaust the sum of $20,009 at prices not exceeding
Directors have declared
In addition, a special dividend of $2
previously.
Oct. 20, 1937.—V. 147, p. 1340.
on
Hoskins Mfg. Co.—To
Properties—50-cent Dividend
Great Northern Iron Ore
Sales
the company's stock
$83,744,370
~
Financial
3612
International
Chronicle
10, 1938
portion of the estimated 1938 tax on the new basis.
An additional amount
of $12,390 applicable to the six months ended June 1938 is included in the
current 12 months figures.
The additional tax of $23,857 applicable to the
year 1937 has been charged to earned surplus.—V. 147, p. 3018.
Telephone & Telegraph Corp.—Meeting
Adjourned—
special stockholders' meeting scheduled to be held on Nov. 22 has
See also V. 147, p. 2247.
The
Dec.
been adjourned to Dec. 20.
Jefferson Electric Co.—Common Dividend Resumed—
International.,Vitamin Corp.—Earnings—
¥—
1938
1937
1936
3 Mo*.End.Sept.
Net income..
x
$47,406
Shs. of cap. stk. (par
x
$46,425
x$36,156
204,000
$0.23
$1)
Earnings per share
Directors have declared a dividend of 25 cents per share on the common
stock, payable Jan. 2 to holders of record Dec. 20.
This compares with
25 cents paid on March 31, 1938; $1.50 on Dec. 24, 1937; dividends of 50
cents per share paid in each of the three
preceding quarters; $1.50 paid on
Dec. 21, 1936, and quarterly dividend of 50 cents per Bhare paid
previously.
—V. 147, p. 576.
1935
204.000
$0.22
203,000
$0.17
$32,090
200,000
$0.16
After amortization, depreciation and Federal and State income taxes,
but before Federal surtax on undistributed profits.—V.
Utilities Co.
Iowa Southern
Period Ended Oct. 31—
of
147, p. 2534.
Jefferson Lake Oil Co.,
Del.—Earnings—
1938—Month—1937
Directors have declared
1938—12 Mo*.—1937
$350,101
$341,634
203,309
200,134
2,404,796
$141,500
$1,669,875
4,815
64,906
$1,667,508
87,935
$146,315
$1,734,781
58,520
Prov. for retirements—
30,000
12,5*6
6,932
26,250
702,234
15J.888
Amort. & other deduc'ns
$151,667
58,520
12,571
8,025
$42,551
$42,028
Gross operating earnings
$4,074,671
$4,038,015
Operating expense, main¬
tenance and taxes
Net oper.
earnings
Other income
Total net earnings
Int.
on
Int.
on
mortgage bonds,
other fund, debt-
Net income
r—
360,000
$427,713
147,
p.
$495,752
1938—3 Mos.—1937
$98,674
$193,010
1,706,508
$1,205,105
10,001
4.504
$1,805,190
38,982
$193,010
30,421
13,689
14,548
28,759
32,698
4,424
637
Expenses
Taxes, incl. prov.
for
U.S. capital-stock tax
Interest paid, other than
debentures
on
✓
the date of
acquisition
& accrued on
(not incl. int.
paid and accrued on
debs, held by
whollyowned sub. prior to its
dissolution)
139,560
32,689
187,063
157,560
612,240
396,446
225,761
Balance for dividends and surplus
800
$822,104 loss$177,412
630,240
on
As
494,616
207,490
23,009,558
644,373
702,106
23,653,931
$36,955
$1,245,001
Divs.
20,886,271
$133,690
Net
$1,099,328
b Income from realization of
restricted lire
as
the bonds
arose
were
taken out of
t
United
States
$336,302
114,016
$1,370,017
456,066
$1,132,091
456,066
$2,538,707
98,868
$786,543
396,027
$677,730
396,646
$2,840,435
1,590,592
$2,637,575
$390,516
114,016
$281,084
114,016
$1,249,843
456,066
$1,055,278
456,066
cost
to
$47,251
wholly-owned subsidiary
b
Kirsch
Co.—Earnings—
3 Months Ended Sept. 30—
Net income after all charges
1938
$129,134
mon
.....
■
'
'
Koppers Co.—Preferred Dividend—
J
81,883
,
$47,251
$1,088,319
Directors have declared a dividend of 75 cents per share on the
6% preferred stock, payable Jan. 1 to holders of record Dec. 14.
Like amount was
paid on Oct. 1, last, and previously regular quarterly dividends of $1.50
per share were distributed.—V. 147. p. 3312.
$1,647,093
186,258
Capital Surplus—■
745,032
(S. S.) Kresge Cp.—Sales—
pref. stock accrued but
*
—
$0,33
com¬
—V. 147, p. 2535.
over
$47,251
on
$61,126
$0.12
class A & B
1937
$31,252
.....
per share on combined
shares
of certain
Superpower Corp.
dissolution of wholly-owned subsidiary
Provision for dividends
not paid
1,582,296
Balance
$276,500
$167,068
$793,777
$599,212
a
Adjustments made subsequent to Sept. 30, 1937, but applicable to
periods ended that date have been given effect to in computing this increase,
b Before dividends on 7% junior
pref. stock.—V. 147, p. 2689.
1,334
368,577
-
of
market value at date of dissolution,
assets taken over by Italian
upon
$446,446
114,016
Earnings
Total.
Excess
$3,319,549
2,187,459
$2,721,602
118,833
$240,777
822,104
$3,569,450
2,199,434
Net income.
Divs. on 6% pref. stock.
12 Months
2,725
$882,787
546,485
$652,493
25,238
and
capital-stock taxes for prior periods
Net profit for period
$997,563
551,117
Int. and other deduc'ns.
Italy.
$777,577
income
$3,192,033
127,517
$775,796
10,753
'Gross income
1938
(Including Operations of Wholly-Owned Subsidiary to March 24, 1938, the
Balance, deficit at beginning of period
$3,428,194
141,257
_
Net oper. income
Other income (net)
Statements 6f Surplus for 3 and 12 Months Ended
Sept. 30,
Date of Dissolution Thereof)
»
3 Months
6% pref. stock.
$846,200
36,587
Income Account (Company Only)
Period End. Sept. 30— 1938—3 Mos.—a 1937
1938-12 Mos.-al937
Operating revenues
$1,946,403
$1,813,016
$7,246,190
$6,835,179
Oper. exps. and taxes.__
1,170,613
1,160,523
4,524,588
4,296,472
through the payment
of
expenses in Italy with restricted lire; through the purchase in Italy with
restricted lire of $1,200,000 principal amount of the corporation's
6% gold
debentures for retirement; and through the Italian authorities
permittting
the purchase and export from Italy of
$1,000,000 principal amount of
Kingdom of Roumania Monopolies Institute, 7% bonds, due 1959 for
9,500,000 restricted lire at a rate of 19 lire to the dollar, making the total
cost of the bonds $500,000.
The indicated market value of the bonds at
Dec. 28, 1937, the date of acquisition, was $370,000.
A reserve of $130,000
was provided, by a charge to income, to state this
investment at the market
value at the date of acquisition.
The purchase of these bonds represented
realization of lire inasmuch
$979,586
17,977
income *.
on
1938-12 Afos.-al937
$332,430
$222,285
$913,951
$676,025
a
Adjustments made subsequent to Sept. 30, 1937, but applicable to
periods ended that date have been given effect to in computing this increase,
b Before dividends on 7 % junior
preferred stock of Kentucky Utilities Co.
currency
parity of
exchange of $.052634.
$8,762,493
5,570,460
Gross income
at the official
of
After appropriations for retire¬
$9,167,489
5,739,295
Int. & other deductions.
20,520,990
365,281
2,539,999
Surplus—
y
Net opej\ income
Other income (net)..
$368,577 loss$503,960
2,219,723
320,277
Interest received in lire.
adjustment
Includes non-operating income, net.
reserve.—V. 147, p. 3018.
1937
$150,506
66,120
20,848
Kentucky Utilities Co. (& Subs.)— ■Earninas—
securities owned by the corporation
the corporation's bank balance in Italy are being
Dividends received in lire
Earned
3460.
Period End. Sept. 30—
1938—3 Mos.—al937
Operating revenues.
$2,450,970
$2,329,277
Oper. exps. and taxes—
1,471,384
1,483,077
'¥,975
exchange restrictions, in effect since November, 1935, have prevented the
of these deposits into United States currency, the cor¬
poration does not include them in income unless they are realized by other
means.
A comparative statement of all lire dividends and interest received
in the respective periods is given below:
Net
p.
$173,173
78,041
34,876
Balance after operation, maintenance and taxes.
x
direct conversion
a
each of the
1938
Operating revenues
deposited in Italy by the corporation's representative.
Equiv. in U. S.
of this department.—V. 147,
y
Dividends and interest in lire
on
x221,896
,
on
ment
secur—
lire
share
■
x
Net profit for periodand interest in
—
Cents per
12 Months Ended Oct. 31—
bl30,000
Prov. for U. S. inc. taxes
collected and
Stores, Inc.—Merger Plan—
Key West Electric Co.—Earnings-—
debs,
a
99,973 shs. of capital stock outstanding.—V. 138,
See list given on first page
Int. paid
of
on
Corn.-—
Registers with SEC—
indicated
market
value of Dec. 28,1937,
on sates
Securities
Net income.
at
Loss
Equal to $2.42 each
1573.
x Equal after pref. div.
requirements to 33
outstanding 564,963 shares of common stock.
Prov. to State invest, in
Kingdom of Roumania
Monopolies Institute,
7% bonds, due 1959,
Stores
on
1938
__-x$241,810
Kaufmann Department
8
Total
15
The Department of Stock List of the New York Stock
Exchange is in
receipt of information from this company of a proposed joint plan of merger
and agreement of merger which provides for the merger into the
corporation
of its wholly owned subsidiaries and Kaufmann Department Stores Se¬
curities Corp. and a change in the presently authorized
capital stock now
consisting of 5,250 shares of 7% cumulative preferred stock of $100 par
value and 600,000 shares of common stock of $12.50 par value
by the
creation of 65,000 shares of 5% cumulative preference stock of $100
par
value (convertible into common stock until Dec. 15, 1945) and an increase
and change in the common stock to 1,000,000 shares of $1
par value.
Upon
consummation of the plan, holders of the preferred stock will have the
privilege of exchanging their shares at any time during the period from
Jan. 1, 1939, to Feb. 28, 1939, for
shares of 5% cumulative preference
stock and eafch presently outstanding share of common stock will be ex¬
changed for one new share of $1 par value and 1-10 of a share of 5% cum.
preference stock of the surviving corporaton.
9 Months Ended Sept. 30—
1938
Gross sales, less allowances
$16,078,484
1938—12 Mos.—1937
Income from realization
of restricted lire b__- $1,205,105
Dec.
Inc.^—Obituary—
Department
x
p.
Corp.—Earnings—
a
payable
Secretary and General Counsel of this company, died
147, p. 3331, 2689.
Kaufmann
3161.
Period End. Sept. 30—•
Income—Dividends a_.
stock,
9 Months Ended Sept. ,30—
(Including Operations of Wholly-Owned Subsidiary to March 24, 1938, the
Date of Dissolution Thereof)
Interest
Inc.—Preferred Dividend—
dividend of 75 cents per share on account of
Net income
No provision has been made in the above statement for the Federal surtax
undistributed profits applicable to income included therein for 1938,
since the amount thereof cannot satisfactorily be determined at this time.
Italian Superpower
a
7%
Jewel Tea Co.,
on
—V.
on
Robert W. Muir,
Nov. 30.—V.
$1,755,443
702,234
151,071
91,385
315,000
93,945
the
cumulative preferred
to holders of record Dec. 5.—V. 147, p. 1197.
2,370,507
$146,792
4,876
accumulations
v
Period Ended Nov. 30—
1938—Month—1937
1938—11 Mos.—1937
$12,634,731 $12,531,175 $122500,355 $130089,800
During November company had 742 stores in operation, of which 684
Sales
Balance, Sept. 30, 1938.
147, p. 1491.
$902,061
-V.
Jamaica Public Service Ltd.
Period End. Oct. 31—
Operating
revenues
Operation
Maintenance,,Taxes-,
Net operating revs
Balance
Retirement accruals
Gross income
Interest & amortization.
rJZ?} i5C0?e-,-"^
Dividends declared:
a
J. P. S.
^
419,935
83,079
58,194
$887,218
407,250
84,234
31,342
$27,793
1,166
$375,391
5,398
$364,392
10,383
$28,959
7,500
$380,789
90,000
$374,774
90,000
$26,079
8,302
$21,459
8,780
$290,789
101,824
$284,774
104,694
$17,777
J. P. S. Co., Ltd.—Preference
™
$936,599
671
-
.
Preference B
Ltd.—Capital
$12,680
(S. H.) Kress & Co. —Sales—
Sales of this company for the month of November were $6,613,162, a
decrease of $784,306, or 10.6%.
The sales for the 11 months ended Nov. 30 were $67,758,378. a decrease
of
$5,496,716,
or
7.5%.—V. 147,
p.
3018.
Krueger Brewing Co.—New Director—
Lawrence
A.
Norton
succeed Joseph M.
has
been
elected
a
director
of
this
Byrne Jr., resigned.—V. 147, p. 1783.
company
to
■■
Lamaque Gold Mines, Ltd.—Initial Dividend—
Directors have declared an initial dividend of 10 cents per share
pany's stock, payable Jan. 3, to holders of record Dec. 20.—V. 147,
on com.
p.
1403^
Lane Bryant—Sales—
$188,965
$180,080
31,479
21,993
78,750
31,479
21,993
78,751
Period End. Nov. 30—
Sales.
Note—An Aumist, 1938, the Jamaican income tax
law was amended,
to Jan. 1, 1937, the tax
being .approximately doubled.
Be¬
ginning with July, 1938, the monthly figures include the
monthly pro rata
retroactive
were American and 58 Canadian.
Last year, stores in operation totaled
741 of which 686 were American and 55 were Canadian.—V. 147, p. 3018.
1938—12 Mos.—1937
$33,579
7,500
Non-oper. income (net).
t
(& Subs.)—Earnings-
1938—Month- 1937
$80,700
$70,684
35,529
33,377
7,159
6,741
5,104
2,773
$32,908
$902,061
—V.
1938—Month—1937
$1,126,194
147,
p.
1938—11 Mos.—1937
$11,782,158 $13,281,161
$1,148,292
3018.
Lane Wells
Co.—Earnings-
Period Ended Sept. 30, 1938
Net income
Earnings
per share on 360,000 shares
outstanding-
-
3 Months
$159,016
$0.44
9 Months
$469,475
$1.30
Volume
To
r
Pay 20-cent Dividend—
Directors have declared
the common
of record Dec. 10.
This compares
30 last, this latter being
with 30 cents paid on Nov. 1, last and on July
the first dividend paid on the $1 par shares.—V.
147, p. 2690.
Engaged also in the importing and exporting of drugs and chemicals,
general wholesaling of all drugstore requisites and the wholesaling
Langendorf United Bakeries, Inc.—Earnings—
Ended Oct. 22, 1938
Federal income taxes
111,000 no par shares, class B stock
the
Earnings for 17 Weeks
$151,494
$0.80
Net profit after charges and
share
per
on
—V. 147. p. 2690.
Lautaro Nitrate Co.,
As a next step the matter anticipates an application by the receivers for
inventory and an audit, together with the appointment of appraisers
by the court, to determine the financial condition of the corporation.
The purpose of the receivership is to conserve the assets of the corporation,
which has distributing houses in 70 cities in 35 States, the District of Colum¬
bia and the Territory of Hawaii, and to effect a reorganization so as to re¬
establish the concern and turn it back to the corporation.
an
dividend of 20 cents per share on
a
stock, par $1, payable Dec, 20 to holders
Earnings
of imported and domestic wines and distilled spirits, McKesson
has its manufacturing division and main offices at Bridgeport.
which is also affected by the
Ltd.—Interest—
$1,000 bond will be paid on Dec. 31, 1938,
to holders of first mortgage income bonds, due Dec. 31, 1975, of record at
the close of business on Dec. 2J, 1938.—V. 146, p. 281.
(& Subs.)—Earnings—
Lefcourt Realty Corp.
9 Months Ended Sept. 30—
.
x
1937
1938
*
$57,586
$105,039
Net loss...
After depreciation,
Lerner Stores
1936
$102,481
Federal taxes, &c.—V. 147, p. 1197.
C. F. Michaels,
$3,006,007
—V. 147, p.
3018.
Lincoln
Mtge.
Co. (successor to Lincoln
Co.)—Earnings—
Mortgage
Title & Guaranty
8 Months Ended Aug.
1938
$139,499
31—
N et loss
.,
—V. 147, p.
2536.
Corp.—Interim, Dividend—-
Lionel
interim dividend of 20 cents per share on the
common stock, payable Jan. 3 to holders of record Dec. 16.
A dividend of
70 cents was paid on Feb. 28, 1938, and a dividend of 30 cents per share
was distributed on
Jan. 3, 1938.—V. 147, p. 744.
Directors have declared an
<•
Called—
Liquid Carbonic Corp .—Bonds
of $250,000 10-year 4% convertible sinking fund debentures,
15, 1947 have been called for redemption on Dec. 15 at 105 and
accrued interest.
Payment will be made at the Guaranty Trust Co. of
N. Y. Each debenture called for redemption is convertible, upon surrender
for conversion at the office of the trustee, as agent of the company, with all
unmatured coupons appertaining thereto, on or before but not after Dec. 10,
1938 into 36 shares of common stock of the corporation, as provided in the
indenture.-—V. 147, p. 3162.
<
total
A
due June
Inc.—Earnings—
Loomis-Sayles Second Fund,
Interest on bonds
$22,087
27,039
Total income
$49,126 "
appears
no
The crude drug department, with
$19,814
5,803
2,573
2,495
307
831
1,578
1,032
3,700
expenses
2,863
2,966
Mass.
excise taxes
Committee
The
Stock List of the New York Stock
on
Exchange issued the following statement Dec. 7:
J. F. Thompson, Treasurer and a director of the company, and W. L
Cummings, a director, appeared before the Committee on Stock List of
York Stock Exchange today.
Their appearance was in response
the New
to a request made by the Committee on Tuesday for full information relat¬
ing to the company's answer to allegations made in connection with the
application for an equity receivership for the company.
Messrs. Thompson and Cummings assured the Committee of the com¬
pany's readiness to cooperate in every way possible in the effort to deter¬
mine the company's financial position for the information of security hold¬
ers and the investing public.
They explained that there had not been time
to elicit the facts necessary for any accurate statement of the company's
condition.
The Committee on Stock List was assured that such a state¬
ment would be made public at the earliest possible time.
The receivers for the company notified the Committee on Stock List
investigating the affairs of the company
that they are now
of
divs.
from
inc.
expenses
&
int.
profit on securities sold
Net
*
3Y.337
the securities of
Inc., will remain suspended because sufficient official
the public reasonably to appraise those securities is
not now available.
Bankruptcy Trustees Appointed—
William J. Wardell,
an
attorney,
10 or the Chandler Act,
the revised Federal bankruptcy law.
The action of the company in filing
in New York is expected to supersede that of a stockholder who had equity
receivers appointed by the Federal Court at Hartford, Conn, on Dec. 5.
The SEC has been granted permission by the Court to intervene in the
value
$4,359
$39,711
$39.00
$41.73
$36.59
securities was
Comparative Balance Sheet Sept.
Assets—
Securities at
1938
1937,
cost.x$7,076,522 $5,126,028
853,492
698,884
Cash in bank.....
on
div.
$71,031
1
per
1938
$6,275
5,850,925
15,940
"""571
$8,007,258 $5,857,200
Total
$6,865,385.
y Capital stock tax.
z Represented
211,803 shs. (par $10) in 1938 and 143,437 shares, (par $10) in 1937.147, p. 1346.
x
Market
value,
Los Angeles
b
bS.
Extended—
Ry. Corp.—Time
the time for making deposits and filing
$6,850,000 of outstanding underlying
bonds of the system has been extended to the close of business on Dec.31.
The company's letter to bondholders discloses that a substantial addi¬
tional deposit of bonds has been made during November. At the close of
business on Nov. 30 there had been deposited a total of $6,211,000 par
value of bonds, or 90.54% of the
total underlying bonds outstanding.
Although the very substantial percentage of bonds now on deposit has
indicated widespread approval of the plan, corporation calls the attention
of the non-depositors to the fact that the plan will not be feasible, in its
opinion, unless the holders of at least 95% of all underlying bonds assent
to the plan and deposit their bonds.
The plan called for an exchange of a new issue of first mortgage bonds
for the currently outstanding underlying bonds of the system, with maturi¬
ties on Oct. 1 and Dec. 1 of this year and Dec, 1 in 1940.
The new bonds
to be exchanged for the 1938 maturities will mature in 1948 and those to
be exchanged for the 1940 maturities will mature in 1950. They will bear
the same rate of interest as the present bonds, and will constitute a closed
first mortgage on all the property of the corporation.—V. 147, p. 3461.
Corporation has announced that
to the plan for refunding
assents
Corp.—Sales—
McCrory Stores
To
$3,186,117
75 cents per share on the common
Dec. 23 to holders of record Dec. 13.
This com¬
declared a dividend of
Directors have
with 50 cents paid on
paid since 1931.—V.
Dec. 20, 1937, this latter being
Charging waste
Stockholders—
and mismanagement
and presenting affidavits to the
his allegations, Attorney Vincent W. Dennis,
Hartford, as a common stockholder, on
Counsel of the City of
equity receivership
an
action in the U.
against the company, engaged in the
cosmetics and the distillation
and
Corporation
Dec. 5 filed
S. District Court at Hartford
manufacture and distribution of drugs
The litigation in no way
of spirits.
the corporation, it is said.
evidence contained in the affidavits signed by
Mr. Dennis, Federal Judge Edwin S. Thomas appointed as temporary
receivers Thomas J. Spellacy of Hartford and Abraham S. Weiss man of
reflects on the solvency of
On the strength of the
New Haven.
Brought by Mr. Dennis, who asserts
stock in his own behalf and in
common
shares of
stockholders who
he is a holder of some 2,000
the behalf of other
the action will require the establishment as a fact of the
allegation that in its last statement the corporation included an asset that
wish to join him,
is non-existent.
stock
1
exclusive control of an official of
of the company, told the
Dec. 7 and made public
of the company, a department under the
the company, Wilbur L. Cummings, director
officials.
The testimony was given
*
the Exchange Committee, Mr. CumiAings char¬
fantastic that we still can't believe them."
Mr.
Cummings outlined for the committee the discovery of the situation by
Treasurer, and his attempts to find out the facts which
apparently brought on the receivership.
The crude drug department of McKesson <fc Robbins would buy through
W. W. Smith & Co., a trading firm organized as an English partnership,
with offices in Montreal, operating here through a subsidiary New York
corporation of the same name, and in Montreal through a W. W. Smith
& Co., Ltd., a Canadian limited company.
McKesson & Robbins had a contract with W. W. Smith & Co. of Mon¬
treal, and New York, guaranteed by the English partnership.
Under that
contract the English partnership made all the purchases of the crude drugs
and also made sales or those crude drugs through their organization.
They
received nothing for purchases, but received three quarters of 1 % for sales,
and W. W. Smith & Co., the English partnership, guaranteed accounts
up to $900,000.
"That was that much Of the operation." Mr. Cummings
said.
"The accounts seem to have been paid through a firm called Manning
& Co. of Montreal whom we all understand was a sort of fiscal agent."
Julian F. Thompson,
"The bills to customers were
made out at Bridgeport
and at Bridgeport
maintained a whole department for this crude drug business.
a credit department which analyzed accounts and passed on
customers.
The books were kept there.
The bills were sent from that
department and collections were made from customers; ostensibly they
were instructed to pay bills to Manning & Co. of Montreal.
Manning &
& Co, rendered monthly balances to the company of their transactions,
showing in detail the bills that had been paid and the balance of cash on
hand.
The inventories were kept ostensibly in four warehouses in Montreal,
there
was
There
was
and these
warehouses
rendered a monthly statement
of inventory in great detail."
All of the profits of the crude
of income and outgo
^
drug department which were
$700,000
$800,000 a year were put back into the business.
period of nearly 15 years, the department has always shown
substantial profit, increasing each year, Mr. Cummings said.
"The
to
"Over a
a
other
operations have never
m"The
been required to
operations of the
interest on the
has
all
business,
come
take anything out of that depart-
business, the paying of
bonds, and the retirement
preferred dividends, the
of bonds out of the sinking
we
fund
of
in
cash developed from the other departments
the wholesale business and the manufacturing business;
out of the
let's say, last year
we earned 40 or
words, we have apparently reported earnings,
earned $1.60 on the common stock.
Now, perhaps
other
that department at all, you see, and carried the business.'
disclosure of the circumstances surrounding the department began
50 cents, without
The
first
Inc.—Equity Receivers Appointed
—Mismanagement Charged hy
court to support
the first dividend
147, p. 3019.
& Robbins,
McKesson
fictitious and
sheet would wipe
and leave a heavy balance sheet deficit,
testimony of two officials of the company before the committee on
list of the New York 8tock Exchange indicates.
All of the fictitious listing of assets occurred in the crude drug department
the
Pay Icy-cent Dividend—
stock, par $1, payable
pares
1938—11 Afo*.—1937
$3,306,461 $33,065,366 $34,238,191
1938—Month—1937
Period End. Nov. 30—
Sales
of the company may be
from the company's balance
earned and capital surplus
In his testimony before
14,208
$8,007,258 $5,857,200
'
Fictitious—
acterized the facts as "so
State taxes.
Tax refund rec
Wilbur L. Cummings, attorney
»
Nearly Fourth of Assets May Be
Dec. 8.
$31,337
payable.
Prov. for Fed. and
15,777
10,275
26,333
y9,300
expense.
1937
Cap. stk. equity z.„ 7,961,713
31,337
Accrued int. rec'le.
Total.
'
and member of the board.
Exchange
Liabilities—
Dividend
deposit lor
payable
Divs. receivable..
Deferred
30
1
to a resolution adopted by the board of
petition was filed oy O. F, Michaels,
all information given the press
Executive Vice-President, who has signed
since the first proceedings started, and by
Nearly one-fourth of the assets
share, on the
\
of market quotations for the
asset
The petition was filed pursuant
of the company.
The
directors
out the
period
ViceJudge Alfred C. Coxe
and C. F. Michaels, Executive
President, were named trustees Dec. 8 by Federal
of the Southern District of New York under Chapter
elimination of these items
inc. & realized profits
1
exps. & divs. paid for the
over
basis
17,932
35,345
of
Excess
Cash
$57,744
101
(prior yr.)_
Dividend paid
Net
$8,435
49,309
■
$35,696
Total.
Prov. for Fed. income tax
$38,030
68,346
$106,376
$24,216
11,480
—
and that any
testimony by either of them at this time would be useless.
The Committee on Stock List announced that trading in
proceedings.
Excess
approximately
$17,000,000 of book assets consisting of inventories and accounts receivable,
quite unrelated to the principal business of the company .which is the
manufacture and wholesaling of drugs and distilled liquor.
The extent to
which the assets of the crude department are involved will not be known
until an investigation is completed, although present indications are that
the loss is very substantial.
The receivers have satisifed themselves of
the solvency of the company and have advised all departments of the busi¬
ness except that involved to continue operations as usual.
information to enable
$18,101
1,713
$57,964
13,745
18,330
Management fee.
Custodian & transfer agent fees &
&
of the business is the only department
question of the company's solvency and
The crude drug department
assets.
involved and there
McKesson & Robbins,
1936
1937
$44,130
13,834
1938
3 Months Ended Sept. 30—
Income—Dividends
Miscellaneous expenses
Prov. for Fed. cap. stock
Dec. 6 issued the following statement:
on
Temporary receivers were appointed for McKesson & Robbins on Mon¬
day afternoon, Dec. 5, in the U. S. District Court at Hartford, Conn., on
the suit of a stockholder alleging mismanagement and deficiency in stated
was
1938—Month—1937
1938—10 Mos.—1937
$3,048,805 $29,672,083 $31,529,665
Period End. Nov. 30—
Sales
action.
Executive Vice-President of the company,
continuation in business.
Corp.—Sales—
& Robbins
With for¬
eign offices in Canada, Japan, England and Norway, the corporation also
controls McKesson & Robbins, Ltd., incorporated in Canada in 1927,
Interest amounting to $25 per
x
3613
Financial Chronicle
147
when
Mr.
Thompson, the Treasurer, according to Mr. Cummings,
the insurance did not cover the inventories ofthis
He was assured that the inventories were insured by W.
"caught the fact that
department."
W.
^M^Thompson investigated
Mr. Cummings
said.
"He
W. W. Smith & Co. on
his own initiative,"
communicated with Price, Water house
& Co.,
had annual reports on W. W.
produced these reports. Mr.
Thompson took photostat copies of the last two, the last one rendered
in February, 1938, in connection with the annual audit.
It showed W. W.
Smith & Co. to be a trading firm with ramifications over the whole globefounded three-quarters of a century ago; offices in London. Liverpool and
branches from Bombay to Greenland,^owning ships, and a net worth of
the
company's auditors, and they said they
Dun & Bradstreet's.
They
Smith through
between six
and seven million dollars."
Mr. Thompson "went to Dun
.
.
,.
.
,,
v
& Bradstreet s in New York,
communicated wi th their Bridgeport
that the reports of Dun & Bradstreet .which we had been getting were forgeries,
Mr. Cummings said.
They also said that they had all the appearance of coming from tjheir office.
You could mistake it for a Dun & Bradstreet report.
Mr. Thompson,
However,
asked them for a further check.
They
office and their Montreal offices, and said
3614
Financial
according to Mr. Cummings, pursued the matter and found that Manning
& Co. had only a woman Secretary in Montreal.
The Secretary said their
principal place of business was In Liverpool.
The receiver told Mr. Cummings that the man who handled all the
details of the crude drug department told the receiver that "the depart¬
ment is
just a shell, that the assets are not there."
The same man, Mr.
Cummings said, was the employee in charge of this department, and
shoulders the entire olame.
"The assets of that department at
Bridgeport on the books of the Bridge¬
port offices, are approximately 117,000,000, roughly $9,000,000 in inven¬
tories, and $6,000,000 to $7,000,000 in accounts receivable," Mr. Cum¬
mings said.
"It may be the whole thing is just a hollow shell. ' Mr. Cummings told
the committee.
"There may be nothing there.
That is the worst of the
picture.
There is no involvement of any other department of the business.
The manufacturing business is a healthy business and makes a profit.
There is
involvement of the wholesale business, and no involvement of
the manufacture and drug business or liquor business or the
wholesaling of
those liquors.
he
can," Mr. Cummings said.
Pointing out that the company had unsecured loans of $4,750,000, Mr.
Cummings said that the banks have been exceedingly sympathetic and
friendly.
"What their final attitude will be, I don't know," he added.
as
"One of the
Maple Leaf Milling Co., Ltd.—Stock Issued for Interest—
Market Street
Ry.—Earnings—
[Including South San Francisco RR. and Power Co.]
Year Ended Oct. 31—
Total gross revenues
Operating
1938
1937
$7,244,745
6,327,587
$404,513
7,946
$917,158
7,567
$412,459
„
$924,725
500,000
Cash.*
'38
x Net
operating revenue and other income
Appropriation for retirement reserve.
$6,781,337
loss$87,541
_
21,267
4,827
$424,725
463,263
23,258
3,720
$555,179
$65,517
441,543
Amortization of debt discount and expense
Other income deductions
r
Inventory of merchandise, liquor, &c
Inventory of drugs, &c
3,358,571
44,254,736
30,799,030/
200,707]
--
1,074,263
Customers' accounts, less reserve
Due from officers, directors and employees.
Miscellaneous current receipts, less reserve
27,363,205
26,271,232]
115,351
633,738
Non-current contract notes, less reserve
Non-current trade notes, less reserve
Non-current accounts, less reserve
97,477
944,813
164,467)
2,270,299
1,564,4081
202.352J
Trade and miscellaneous investments, less reserve
Debentures at cost
Unamortized debenture discount and expense.
469,848
112,743
964,4251
Other deferred charges
Before appropriation for retirement
—
—
_
Investment in & advance to subs, not consolidated
Total..
500,385
1,611",942
Ruling—
additional evidence was insufficient to justify altering its
Exchange Commission on Nov. 28 refused
change its opinion of Aug. 11 denying the San Francisco Stock Ex¬
change's application for extension of unlisted trading to Market Street
Railway Co. 6% prior preference stock.—V. 147, p. 3020.
to
(Glenn L.) Martin Co.-—Stock Offered—A group con¬
sisting of Smith, Barney & Co.; Blyth & Co., Inc.; Brown
Harriman & Co., Inc., and Otis & Co.,
Inc., released for
offering Dec. 8 on a when-issued basis a block of 57,847
shares of
common stock of the
company.
This stocks is being
offered through the exercise of rights
purchased from Glenn L.
-
Massachusetts
Total
Marine
1,000,000
181,131
1,374,202
4,657,419
5,461,649
■
Memphis that it
security holders.
company's steam generator.
The company would retain only its trans¬
mission lines to Arkansas and Mississippi plus
cash, securities ahd receivable
items.
The
city would take real estate with a rate base valuation of about
$1,100,000, which was excluded from the previous agreement,
including the
office building at Third and Madison Streets.
The Memphis Street Ry. owned by the
utility is not affected by the
proposed trade, except that, in case the company refuses to sell, it is ex¬
pected that a competing bus line with a lower fare will appear.
The price of $17,385,000 for the entire business of the
power company
compares with the agreement of Sept. 30 in which the
company accepted a
price of $13,500,000 for the electric business alone, excluding real estate.—
V. 147, p.3462.
Merritt-Chapman & Scott Corp.—Accumulated
Div.—
Directors have declared
1938—Month—1937
1938—10 Mos.—1937
$1,882,063
$1,849,875 $16,762,095 $17,488,800
Mack Trucks, Inc.—New Vice-President—
Charles T. Ruhf has been elected Vice-President of this
Mack Mfg. Corp.—V. 147, p. 2869.
cumulations
on
the
a dividend of $6,50 per share on
account of ac¬
6H% cumulative pref. class A stock payable Dec. 23
to holders of record Dec. 15.
A similar amount
was
paid
on
Dec. 24, 1937,
this latter being the first dividend paid since Dec.
1, 1931 when a regular
quarterly dividend of $1.62^ Per share was distributed.—V. 147, p. 2538.
Michigan Associated Telephone Co.—Bonds Called—
company, and the
Ail of the outstanding 1st mtge. 5% gold
bonds, series A, due April 1,
have been called for redemption on Jan. 10 at 104 and accrued
interest.
Payment will be made at the Continental Illinois National Bank
& Trust Co. of Chicago.—V. 147, p. 3462.
1961,
(R. C.) Mahon Co.—Final Dividend—
Directors have declared
a final
dividend of 55 cents per share on the
stock, payable Dec. 15 to holders of record Dec. 9.
A regular
quarterly dividend of 15 cents per share was paid on Sept. 15, last.—V.
145, p. 1745.
common
Michigan Bell Telephone Co.—Earnings-
,
Period End. Oct. 31—
„
CP. R.) Mallory & Co .—Common Dividend—
Operating
revenues
1938—Month—1937
.
Uncollectible oper. rev._
$3,471,439
8,024
Directors
have declared a dividend of 10 cents
per share on the common
stock, payable Dec. 20 to holders of record Dec. 10. This will be the first
dividend paid since Dec. 10, 1937, when 25 cents
per share was distributed;
like amounts were paid on Sept. 10 and June
10, 1937.—V. 147, p. 119.
Manhattan Ry.:—Sixth Ave. Line Sold
for $80,000 for Scrcrjr
sold at auction for scrap at $80,000, Dec.
5,
despite protests fro n representatives of the company, former owners of the
line.
Train service had oeen suspended
Sunday night, Dec. 4.
On Dec. 5, Manhattan Ry. stock interests and other
1938—10 Mos.—1937
$3,547,510 $33,339,876 $33,687,107
*
6,691
242,284
53,753
Operating revenues
Operating expenses.....
$3,463,415
2,048,481
$3,540,819 $33,097,592 $33,633,354
2,170,443
21,086,028
20,903,054
-Net oper. revenues—
$1,414,934
492,418
$1,370,376 $12,011,564 $12,730,300
428,029
4,422,790
4,197,487
_
Operating taxes
was
parties attempted
Eany in the day Supreme Court Justice Steuer denied
a
temporary injunction restraining the sale. Supreme Court
denied a request by Manhattan Ry. for a review of the
Transit Commission's order permitting condemnation of the
line.
Collins
The terras of the auction
saie
provided that the bidder be prepared to
demolish the line within 90 days.
The high bid was offered by George I.
Weissman. representing the Portland Mill Wrecking Co. of San
Francisco.
Experts estimated the value of the structure for scrap at
$300,000.
The deal by which the city acquired the Sixth Avenue
elevated line was
completed Dec. 6, when Mayor La Guardia presented a check for $3,500,000
to Van S. Mene-Smith, Chairman of a
bondholders' committee of the Man¬
hattan Ry. The city obtained the line for
$12,500,000, of which $9,000,000
was unpaid taxes.
The money will be held by the U. S. District Court
and "paid out to all
Manhattan Ry. bondholders as directed by the Court."
Federal Judge Robert P. Patterson on Nov.
Oct. 13 by Edward H.
25, confirmed "finally and
Childs, Special Master, of
the
Sixth Avenue Line to the Merle-Smith Bondholders
Protective Committee
for $12,500,000.
The Court directed that necessary steps be taken toward
transferring the property and ordered payment of $3,500,000 of the purchase
price by Dec. 6, and the balance on or before Jan. 9, 1939. New York
City
taxes are to be paid out of the second
instalment.—V. 147, p. 3313.
Mapes Consolidated Mfg. Co.—Extra Dividend—
Directors have declared an extra dividend of 50 cents
per share in addi¬
tion to the regular quarterly dividend of like amount on the common
stock.
The extra dividend will be
paid on Dec. 26 to holders of record Dec. 15,
and the regular quarterly distribution will be made on
Jan. 1 to holders of
'
The city's price of $17,385,000 is the same as was offered in
April and was
refused by Paul B. Sawyer, President of National Power &
Light Co. which
controls the Memphis company.^ It includes
$2,000,000 from the TVA
for certain of the largest transmission lines and
stand-by service from the
3019.
on
*
that in view of the fact that the offer meant a
heavy loss to its security
holders because the price was several million dollars less
than the invest¬
ment in the property It would have to submit the offer to its
b Represented by 605,964 no-
McLellan Stores Corp.—Sales—
absolutely" the sale
•
was
The
company's announcement was contained in its reply to the so-called
"finai offer' of $17,385,000 made by the City Board on
Nov. 30 for the
company's electric and gas properties in the city.
The company declared
The
to olock the auction.
Co.—Extra
Light and Water Commission
putting into effect as of Dec. 1, 1938, the same
electric rates as are now being charged by the
city's own distribution system
which is buying power from the Tennessee
Valley Authority.
Committee on Stock List of the New York Stock Exchange on Dec. 6
telegraphed to the chief executives of McKeeson & Robbins, Inc., in Fairfiled, Conn., and in New York City, requesting full information relating
to the company's answer to allegations made in connection
with the applica¬
tion for a temporary equity
receivership for the company.
Preliminary to the Exchange's investigation into the developments which
led up to the temporary
equity receivership, trading in the securities of
McKeeson & Robbins was suspended.
The securities affected are: common
stock ($5 par) 1,282,983 shares; $3 series cumul. conv.
pref. stock (no par),
605,964 snares; and 25 year 5H% conv. debentures, due May 1,
1950,
with a total par value
outstanding of $15,834,000.
Under the agreement contained in the
company's listing application, it
may be required to furnish, upon demand, such information
concerning
its affairs as the Exchange may need.—V.
147, p. 3313.
The Sixth Avenue "El"
Insurance
The company on Dec. 3 told the Board of
of
147, p. 3313.
Sales.,,...
Dec. 10*
Memphis Power & Light Co.—Company to Meet TVA'
Securities Suspended from Dealings by Exchange—
Period End. Nov. 30—
,
on
.
Rates—
976,153
375,000
$86,556,270 $87,182,766
After depreciation and amortization,
par shares.—V.
1
Directors have declared an extra dividend of $2
per share in addition to
the regular semi-annual dividend of $5 per share on
the capital stock, both
payable Dec. 15 to holders of record Dec. 8.
Similar payments were made
in December of each of the three
preceding years.—V. 145, p. 3660.
901,980/
4,647,419
5,640,883
Fire ,&
Dividend-*-
-----
995,127 *
355,855
1,000,000
184,321
company.
stock of record at the close of business
common
1938, will be offered the right to subscribe at $20
per share for common
stock ($1 par) to the extent of one share for each six shares
held. The rights
expire on Dec. 30, 1938.—V. 147, p. 3462.
b$30 ,298,200 $29,584,750
6 ,414,915
6,414,915
15,834,000
16,192,000
4,750,000
4,750,000
670,752
4,280,082
7,204,076
9,588,013
7,487,852
491,973
502,7501
1,523,619
Common stock, par $5
20-year 5H % convertible debentures
Notes payable to banks
Notes payable to others
Acceptances payable, &c
;
Accounts payable
Dividends payable
Accrued salaries, wages, commissions, &c
Accrued general taxes, license, &c
Provision for Federal and foreign income taxes
Reserve for contingencies and exchange fluctuations
Preferred stock of subsidiary
Minority interest in common stock of sub
Balance of obligations for assets purchased
Capital surplus
Earned surplus
Martin, President of the
Holders of
510,172
$86,556,270 $87,182,766
Liabilities—
$3 preference stock
reserve.
Declaring
659,230/
-
_
earlier ruling, the Securities and
1
4,106,204
12,057,9221
Contract notes, less reserve
Trade notes, less reserve
petition for
500,000
Gross income
Interest charges
Dec. 31 '37
$6,650,177
...
p.
,
Net loss
Oct. 31
a Land,
buildings, machinery, equipment, &c
Goodwill, trade marks, &c
a
$6,611,556
6,207,042
expenses, maintenance and taxes
x Net
operating revenue
Other income
x
Justice
an extra
Instructions have been issued to the Montreal Trust Co. and the Toronto
General Trusts Conp., transfer agent and registrar, respectively,
authorizing
the issuance of 3,170 class A
par tic. pref. shares of the company as of
Dec. 1, 1938, to the company's bankers in lieu of interest on the No.
2
bank loan, in accordance with the
capital reorganization.—V. 147, p. 2537.
Condolidated Balance Sheet
147,
was
1, 1937 and
paid on July 1, 1937.—V. 147, p. 1041.
baqks, the Manufacturers Trust, said that they had refused
Assets—
—V.
10, 1938
Similar payments were made on Oct
dividend of 25 cents
checks which hafcrcome jn this (Wednesday) morning."
a
Dec.
no
"The receiver satisfied himself of the integrity of every other branch of
the business, of the solvency of the company, and sent telegrams to all the
branches to continue business in the usual way, and all the company's banks
to cash checks, and it his purpose to pay bills as
they mature; that is, so
far
Chronicle
record Dec. 15.
Net oper. income
income.
:...
Net
—V.
147,
p.
$922,516
867,376
3164.
$942,347
884,714
.$7,588,774
7,084,394
$8,532,813
8,188,658
Michigan Gas & Oil Corp.—Pref. Stock Offered—Keeler,
Co., Inc., New York, on Dec. 6 offered 100,000
shares ($10 par) 5% cum. conv. pref. stock at $10
per share
Baker &
and divs.
History—Company
was organized Aug. 26, 1927 in Delaware under the
Royalty Corp., which name was changed in
Michigan Gas & Oil Corp.
cAt its inception company bought and sold oil and
gas royalties for its
own account in
Texas, Oklahoma, New Mexico and Kansas.
In 1929 it
acquired leasehold interests in Michigan and for several years
operated
producing oil properties in that State.
The company, however, has dis¬
continued its operations in Michigan and has transferred its
equipment
of New York Petroleum
name
1931
to
to its Texas properties.
In 1935 the company commenced development
operations in Loving County, Texas, in an area in which it held several
thousand
oil
well
acres
on
one
of leases and royalty.
In 1937 it completed a commercial
of these leases for the discovery well in the Mason
Pool.
Subsequently the company has concentrated its activities largely in this
area, having drilled four additional producing wells on the 280 acre
lease on
which
the
discovery well is located;
In 1937 the corporation
organized a
Pipe Line Co. (Del.).
wholly-owned subsidiary, the Mason
The Mason Pipe Line, completed in April, 1937 and
at present the sole outlet for the field, serves the
eight producing
the Mason Pool, transporting all the oil produced there
wells in
on division order'
contracts, aoout 70% of which is rim for the account of the
company and
the remainder for other
operators, and receives 10 cents per barrel as
gathering and transportation charges.
Volume
147
Financial
fr^r?HfrXhe 5r??entpreferred of the company is
Intention
stock,
S9^ffnnn- ^
nrndiirt&n'
^50m^^
707
Monolith Portland Midwest Co.—Accumulated Dividend
Directors have declared a dividend of 50 cents per share on account of
accumulations on the 8% cumulative preferred stock,
payable Dec. 15 to
noiders of record Dec. 1.
Arrearages after the current payment will amount
$75,000; working capital for general corporate
tiona^iof1June;30^^l938*Omi)any
to
'°^owin8 consolidated capitalizaAuthorized
Outstanding
*10,000 shs.
None
y$500,000
$191,950
_
~
P/efPT^ stock (no Par>
(,?1 par)-
Bank and trade loans
^no par^
option
100.000 shares 5%
granted
O.
to
M.
Mason;
cum.
pamyalue of the company's
reserved
shares
loans, secured by a deed of trust covering the 280 acre lease on which the
rive producing wells of
company are located, and by all the outstanding
T>ei^oS°n
Frick-Reid
equipment.
Conversion
l^116 Co.
Rights—Every holder of preferred stock shall be entitled to
certificates for
certificates for
deliver to the company,
properly endorsed, a certificate or
preferred stock and to receive in lieu
thereof, a certificate or
common
stock,
follows:
as
From
Oct.
11,
1938
Monroe Auto Equipment Co.-
1939—two
11,
Oct.
to
tAoff? °?\Preferred stock for three shares of common stock; from Oct. 11,
1939 to Oct.
11,1940—one share of preferred stock for one share of common
stock; from Oct. 11, 1940 to Oct. 11, 1941—five shares of preferred stock
for
common capital stock from $25 to $15 a share.
Co., and West Perm Railways Co., all registered holding companies.
American Waterworks & Electric Co., Inc., has filed an application for
approval of the acquisition of the securities.
Public hearing on the declaration and application will be held on Dec. 10.
—V. 147, p. 3314.
A supply loan of $25,492 owed to
Supply Corp. is secured by a chattel mortgage on lease
i
tne
Co.—Files
Service
The proceeds from,,the sale of the stock are to be used to discharge
$3,000,000 of open account indebtedness now owed by the company to
American Waterworks & Electric Co., Inc.
The company is a subsidiary
of American Waterworks & Electric
Co., Inc., The West Penn Electric
On Sept. 15, 1931
6 common stock was reduced to $1 per share and $897,765 was
capital surplus, z Consists of an aggregate of $136,500 bank
*
flT?
Public
Company has filed an amendment to its declaration under the Holding
Company Act to provide for the issuance and sale of 200,000 shares ($15 par)
capital stock to American Waterworks & Electric Co., Inc., for a
consideration of $3,000,000.
The declaration concerns the reduction of the
convertible preferred
150,000
conversion of preferred stock.
Penn
common
for
Sstock ($10 par), y 15,000 shares reserved for issuance underthe stated
a stock
suance upon
$8.20 per share—V. 145, p. 3503.
Monongahela West
Amendment with SEC—
zl61,992
*JS amendment of certificate of incorporation dated July 27, 1938 the
™Bi?2^*pr?fe!Fred 8tock was changed from 10,000 shares of 7% cum.
urchase
3615
quarterly dividends of 50 cents per share were distributed.
In addition, a
special dividend of $1 per share was paid on Dec. 22,1936.—V. 146, p. 3810.
to employ the proceeds
$850,000, for the
approximately
***, connection with the registration and filing
l Pduidation of bank loans and accounts payable,
? «^ional lease acreage, $450,000; additional
of
pmposes
Chronicle
9 Months Ended Sept. 30—
Net loss after all charges
—V. 147, p. 1495.
-Earnnigs—
}
1937
$30,204
1938
$45,378
.....
1937
$50,608
65,719
1938
Monsanto
Chemical
Co.—Preferred
Stock
Offered-—
Smith, Barney & Co. on Dec. 9 offered 50,000 shares of
cum.
pref. stock, series B (no par—$4.50 dividend) at
$112.50 per share.
$114,663
34,702
Holders of the cumulative preferred stock, series B are entitled to receive
dividends of $4.50 per share per annum, payable June and Dec. 1 of each
loss.$15,lll
72,168
$79,960
81,498
$43,578
2,901
$87,279
76,554
$1,537
Dr5,168
$40,677
$10,725
5,828
7,982
7,074
$6,705
23,194
four shares of common stock.
Underwriting' Agreement—Keeler, Baker & Co.,. Inc., 74 Trinity Place,
York, is the sole underwriter.
New
Consolidated Income Statement Years Ended June 30
1936
Total operating revenues
Total operating expenses
$27,153
25,874
Net operating revenues.
year, cumulative from the date of issue of each share.
at option of company at any time in whole, or from
Shares are redeemable
Directors have declared a dividend of 50 cents per share on the common
and non-cumulative pref. stocks, both payable Dec. 24 to holders of record
Dec. 13.
Like amounts were last paid on these issues on April 1, 1938.
time to time in part,
less than 30 days' notice, at $100 per share and accrued dividends,
plus, if red. on or before Dec. 31, 1943, a premium of $15 per share; if red.
thereafter but on or before Dec. 31, 1948, a premium of $12.50 per share;
if red. thereafter, but on or prior to Dec. 31, 1953, a premium of $10 per
share; or if red. thereafter, a premium of $7.50 per share.
Purpose—Net proceeds to be derived from the sale of the securities will be
added to the cash funds of the company. Cash funds have been, and may be
called upon for expenditures upon capital additions, replacements and
improvements to plants, processes and facilities, for the manufacture of
new products and to meet increased demands for
old products and the
continual changes in processes and equipment which are normal in the
chemical industry.
Company's expenditures for such capital purposes,
distributed among a large number or items, totaled approximately $3,700,000 during 1935, $5,200,000 during 1936 and $7,200,000 during 1937.
Listing—Company has agreed to make application for the listing of these
50,000 shares of cumulative preferred stock, series B, on the New York
Stock Exchange and for their registration under the Securities Exchange
—V. 147, p. 2870.
Act of 1934.
$1,279
44,857
Maint., repairs, deprec., &c
Net loss
*
Other income
.11".
Net loss
Income deductions
3.746
•
Prov. for Fed. inc. & excess profits tax
Prov. for Fed. surtax on undis. profits
Net loss
.
$29,899
$31,610
$44,422
—V. 147, p. 1785.,
Midland Steel Products Co,—To Pay 50-cent Dividend—
/
Underwriter—Smith, Barney & Co., New York.
Midwest Oil
Co.—Earnings—
9 Months Ended Sept. 30—
Gross profit
x
Net income
Capitalization
$757,818
-
1936
$1,247,401
116,278
1937
$1,344,660
571,714
1938
and in 1937,
Midwest
Directors
Piping & Supply Co., Inc.-—Extra Dividend—
have declared
extra dividend of 15 cents per share on the
stock, payable Dec. 22 to holders of record Dec. 15.
A regular
quarterly dividend of 15 cents per share was distributed on Oct. 15, last.
an
common
An
dividend of 40 cents
extra
Dec. 22,
cents on
was
1938, and one of 15
paid on Feb. 24,
1937.
1
Transfer Agent—
series A (nonpar
$4.50 dividend
identical with those of cumulative preferred stock, series A,
except as respects the premium payable per share upon retmmptioni and
upon voluntary liquidation of the company,
y Exclusive of 21,141 shares
held in treasury of the company of which 21,094
were acquired In ex¬
change for the company's minority interest in the Fiberioid Corp. at time of
company's acquisition of business and assets of that company on April 1,
x
Shares
are
'
i.
•
Earnings Years Ended Dec. 31
Gross sales less
Net
'
1938
(& Subs.)—Earnings-—
$24,699,315
£>362,470
4,517»483
profit from opers...
2,305,386
1,853,294
(Excluding National Pole & Treating Co.)
Gross profit
Selling, administrative and trusteeship expense
discts $8,83,1,128
7,767,806
....
_
....
..
....
Operating loss
Other income
_
$8,103
56,217
.
Net income before charges.
$48,114
24,962
5.172
1,975,978
6,861
Shut down expense
■
....
....
Head office depreciation.
..1
$1,964,858
Net deficit
Loss
12,926
CY947
86,118
retirement of capital assets
on
Gain
$1,063,322
1,071,425
...
Current interest being accrued and paid
Interest being accrued but not paid
sales of capital assets
Miscellaneous debits and credits (net debit)
on
$2,062,957
Net loss..
x
Surplus (incl. appreciation) at beginning of year
x
x
...—
4,359,285
$2,296,328
Appreciation from book write-up of properties ajmounting to not less
Surplus (incl. appreciation) at Sept. 30
than
$24,246,915.—V. 146, p. 3343.
Missouri Edison
Period End. Sept. 30—
Company and its subsidiaries are engaged in
widely diversified line of chemical products.
-
„
$67,954
43,749
$69,050
44,864
$24,205
Operating revenues..._
Oper. expenses and taxes
$24,186
3,591,015
4,468,703
the manufacture and sale of a
manufactured by the company and its subsidiaries are sold
In 1937 the foodstuff industry was the com¬
different industries.
pany's largest customer and accounted for approximately 15% of the net
sales of the company and its domestic subsidiaries.
The products used by
industry find
this
such
varied uses as flour bleaching;
sweetening and
flavoring of beverages; flavors in candy, biscuits and confectionery; as an
ingredient of self-rising flour, baking powder and animal foods; and as an
adjunct in butter, milk, cheese and canned.food production.
The next
largest customer in 1937 was the pharmaceutical Industry which accounted
approximately 12% of the net sales of the company and its
Products sold to this industry have varied uses,
for
subsidiaries.
domestic
including
bouquets and germicides for mouth washes and
medicinal soaps; and in many important organic medicinal products such as
aspirin. No other industry accounted for more than 10% of the net sales
of the company and its domsetic subsidiaries.
In 1933 through the medium of two intermediary corporations, Chemical
Investors, Inc., and Phosphorus Corp., the company acquired an interest
in Swann Corp., which corporation and its subsidiaries were principally
engaged in the manufacture of phosphoric acid and its derivative*. In 1935
Swann Corp.., Chemical Investors, Inc., and Phosphorus Corp. were
merged with and into the company.
Following this merger the company
purchased phosphate deposits in the States of Tennessee and Florida and in
1935 commence! the erection of its phosphate treatment plant in Maury
dentifrice bases; flavoring,
company
acquired, through its subsidiary
the Merrimac
Co., a 55% interest in the New England Alcohol Co., which
organized to manufacture ethyl alcohol. In addition, it subsequently
engaged in the manufacture of dry ice.
In 1935 Merrimac Chemical Co.
acquired the acid business (not including land or buildings) of the plant of
the Consolidated Rendering Co. at Bellerica, Mass.
„
.
Chemical
,
1938—12 Mos.—1937
$253,202
$263,978
171,276
163,665
1938—3 Mos.—1937
to many
COIrftW>33etSt
.
,
Co.—Earnings—
4,999,058
Business—Company was incorp. on April 19, 1933, in Delaware and on
1,1933, succeeded to all the business, assets and liabilities or Monsanto
Chemical Works, which was Incorp. in Missouri on Nov. 30, 1901.
,
The products
f
5,956,895
June
Earnings for 9 Months Ended Sept. 30, 1938
Sales (incl. railroad revenue) lees freight, allowances & cash
Cost of sales (incl. mill burden)..,
1935
(9 Mas.)
1937
1936
deducts.$22,222,816 $33,202,355 $28,848,438
•
Net Inc. after all charges
V
x50,000 shs.
1,725,000 shs. yl, 241,816 shs.
Common stock ($10par)_.
will be the sole transfer agent for said stock.-—V. 147, p.
Minnesota & Ontario Paper Co.
50,000 shs.
■
stock, series B (no par,
$4.50 dividend).........
Cumulative preferred
The Chemical Bank & Trust Co. has been discontinued as transfer agent
inTNew York City for this company's common stock, effective Dec. 1, 1938.
On and after that date the Mississippi Valley Trust Co., St. Louis, Mo.,
2251.
■
Outstanding
r
275,000 shs.
...
,
Cumulative preferred stock,
1938.
:
v\f
Adjusted to Reflect Present Financing
as
Authorized
Preferred stock
After
depreciation, depletion, provision for Federal income taxes, &c.,
after deducting $192,976 loss on storage oil contract and $25.167 loss on sale of securities.—V. 146, p. 2542.
x
upon not
was
.
Net oper. income
In 1934 the company
company was
$50,084
the company, which has since continued such development work.
In 1934 the company's British subsidiary, Monsanto Chen ical
$24,186
10,713
$91,164
$13,641
Net income
7
$13,473
$48,608
—V. 147, p.
3,216
3,216
12,866
12,866
$10,256
$35,742
$37,218
746.
Missouri-Kansas Pipe Line
At the annual
directors
42,556
$10,424
Balance
were
Co.—New Directors—
meeting of stockholders of this company, the following
Harold P. Childs, A. Faison Dixon, Hubert E.
elected:
William G. Maguire, Geoffrey R. Mellor, John R. Perry and
Vermilye.
Mr. Howard is a new member of the board, the
Large majorities of both classes of stock
represented at the meeting.—V. 147, p. 287Q.
Howard,
William M.
others
were
having been reelected.
Modine Mfg.
The
directors
common
eum
have
declared
a
dividend of 25
stock, no par value, payable Dec. 20 to
cents
per
share on the
holders of record Dec. 10.
with 50 cents paid on March 20; last; $1 paid on Dec. 20,
1937, and 75 cents paid on Nov, 1 and on Aug. 2, 1937; previously regular
Chemicals, Inc., upon its organization.
of processes
In 1936 the company acquired the
the development
petroleum.
minority interest and the
taken over by
dissolved, all of its business and assets being
w
.
works,
Ltd., was reorganized through the transfer of its business, assets and lia¬
bilities to Monsanto Chemicals Ltd., in exchange for all the ordinary
shares of the latter, and the name of M.onsanto Chemical Works Ltd., was
changed to Monsanto Holdings Ltd.
Upon the liquidation of Monsanto
Holdings Ltd. in December, 1937, all the ordinary shares of Monsanto
Chemicals Ltd. were transferred to the company.
At the time of its in¬
corporation in September, 1934, Monsanto Chemicals Ltd. issued and sold
to the British public 400,000 shares of 5lA% cumulative preference stock
(par £1).
During the last five years Monsanto Chemicals Ltd., and Its
predecessor have entered upon the manufacture and sale of admtionai
products, such as rubber chemicals, sulphuric acid, synthetic phenol ana
PhInai936 the company acquired the business,
assets, goodwill
and research
organization (exclusive of liabilities and current assets) of the^Thomas &
Hochwalt Laboratories, Inc., at Dayton, O.
Included in
assets
was
the outstanding minority interest in Monsanto
Chemicals, Inc., Thomas & Hochwalt Laboratories, Inc., was engaged in
general research work and these laboratories are now being operated as a
®?c^a<;9^r®d
Co.—To Pay 25-cent Dividend—
This compares
controlling interest in Monsanto Petrol¬
This company engaged mainly
for the manufacture of chemicals from
$92,709
42,625
$24,241
10,600
Pref. stock div, require¬
ments for period
a
$92,702
in
Gross income
Interest & other deduct.
acquired
$89,537
1,627
36
Other income (net)
division of the company's
research department.
Financial" Chronicle
3616
National Bond & Share
In 1938 the company acquired the business, property, assets and goodwill
j
'of Fiberloid Corp. which operated a plant at Springfield, Mass., for the
manufacture of plastics and molding compounds and which, Jointly with
Shawinigan Chemicals Ltd. of Montreal, owned a plant for the manu¬
facture of vinylacetal plastics at the same location.
In 1930 and 1937 a number of subsidiary corporations were liquidated
and all of their business and assets were transferred to the company. The
companies so liquidated were Rubber Service Laboratories Co., Elko Chemi¬
cal Co., Monsanto Petroleum Chemicals, Inc., Commercial Acid Co. (Mo.),
Commercial Acid Co. (111.), Virginia Fertilizer Corp., Monsanto Chemical
Co. of Ala,, Provident Cnemical Works, Wilckes, Martin, Wilckes Co.,
Iliff-Bruff Chemical Co., Federal Phosphorus Co., J ax Plant Food Co.,
Muscle Shoals Fertilizer Co., Swann Research, Inc., Urbain Chemical Co.,
Anderson Chemical Co., Swann Mining Co., Merrimac Chemical Co. and
Monsanto Holdings Ltd,—V. 147, p. 3314.
National Refining Co.—Urges Holders to
_
amended plan.
Each
Net loss before Federal taxes
—V. 146, p. 3511.
& sundry
Comparative electricity output figures for the period follow:
+2.13
—4.80
265,317,350
—3.94
98,643,300
104,179,430
—5.14
—1.95
y
1,052,816,990
1,027,510,880
—2.40
4,582,727,000
Moore Corp.,
on
Moore
an
extra
Like amounts
$773,799
$652,122
$348,208
1935
1937
$1,631,655
$1,405,735
$1,308,585
261,913
773,799
652,122
348,208
2>f5,320
Drl0,130
18,454
18,442
1936
*48,796
*1,363
Excess tax reserves..
Recoveries on
balances
in closed banks pre-
Distillery
viously written off.
Adjust,
Co.-—Transfer
Agent
of
invest,
English sub
Disconr
_
p.
just.
599
$1,504,804
Pay 30-cent Div.
Sept. 30
Earnings
x
on
per
share.
Transfers to
Dec.
assets
set up
accts.
2,469
qccts. receivable
Inventories...
Customers'
898,338
notes
equipment.
Angeles and Oakland plants and the balance for working capital.
The
by a mortgage on all real estate mills and plants, all stock of
Canadian Automotive Trim, Ltd., and assignment or letters patent.—
Total
-V.
Funding Corp.—Extra Dividends—
1938
1937
$1,059,806
$1,281,249
996,180
1,199,119
$63,626
111 ,440
$82,130
112,760
...$47,814
3,112
$30,630
4,904
$44,702
58,180
$25,726
65,396
...
Gross profit..
Selling and administrative expenses
-
-
1__
.
Surplus at Sept. 30Depletion accrued
Depreciation accrued3315.
year
$91,122
1,494
70,394
$22,222
747,915
$622,759
.
$102,882
2,073
299
$104,656
727,415
Amortization bond discount and expense—debit.._
Miscellaneous credits
Surplus at beginning of
(
$725,693
.
I—IIII
.
44,237
147,
564
43,742
207,082
35,697
2,083,400
139,510
1,198,052
74,620
158,347
_
1
p.
/$4,571,602 $4,822,499
Total
.$4,571,602 $4,822,499
3165.
Natomas Co.—Extra Dividendr—
.
: Directors have declared an extra dividend of 10 cents per share in addi¬
tion to the regular quarterly dividend of 20 cents per share on the com¬
stock, both payable Dec. 27 to holders of record Dec. 13.-—V. 147,
2696.
mon
p.
Nehi
Co,—Earnings—
9 Months EndedSept. 30—
Sales less freight, allowances and cash discounts..
Cost of sales (incl. mill
86,695
Goodwill..
/,
were paid on Oct. 20
last;
Extras of 2)4 cents were paid on
on July 2 and April 20
last, and on Dec. 20 and Oct. 20,1937.—
V.4.147, p. 2095.
4,117
78,766
1,101,702 Min. Int. In Eng¬
lish subsidiary..
39,820
5,883 Cap.
stock
(par
$10)
2,083,400
49,368 Res. for exchange
103,128
deprec. (foreign
1,780
subs.)
2,152,400 Earned surplus-.* 1.270,000
1
less amortization
Los
these issues
112,859
Patents, trademks.
note is secured
payable Dec. 20 to holders of record Dec. 8.
2,104,888
Deferred charges..
Proceeds will be used to pay off unsecured bank loans of $1,145,000, repay
$52,400 on real estate contract, $75,000 for machinery and equipment in
The directors have declared an extra dividend of
7K cents per share In
addition to the regular quarterly dividend of 17
H cents per share on the
class A and class B shares, all
53,566
109,714
Other investments
Property, plant &
'
$284,810
300,000
$197,830
300,000
——
and other exps..
National Automotive Fibres, Inc.—RFC Loan—
company has concluded at 5% a $1,500,000 loan from the Recon¬
struction Finance Corporation maturing in instalments
up to July 1, 1942.
The
147,'P, oolo,
Canadian & Eng¬
lish Inc. taxes
rec. (not curr.).
Prepaid ins. prem.
'
1937
1938
8,452
360,949
reo.
.
Employees' notes &
dividend of 25 cents paid on Dec. 6,
2252.
Net loss before charges
on funded debt.
* Excess of reserve
Liabilities—
1937
273,128
receivable
Sundry accts.
*
Directors have declared a dividend of 35 cents per share on the common
stock, par $1, payable Jan. 4 to holders of record Dec. 21.
This compares
with 25 cents paid oh Oct. 20 last; 50 cents
paid on Nov. 20, 1937; $1 paid
Interest
$1,405,734
yl34,170
$2.59
to the issuance of 268,340 shares of stock, $10
$453,450 Accts. pay. &accr,
expenses
...1
267,773
Notes payable
443,746 Res. for manage¬
ment, bonus.&c.
7,958 Prov. for XT. S. A.,
$527,891
....
securities
Customers' notes &
Narragansett Racing Association, Inc.—Larger Div.—
.
incident
1938.
Cash..
Market,
and claims.
Operating loss
$1,631,655
yl34.170
$4.86
fully depreciated or disposed of in prior years.
in prior years for Dominion income tax.
^
Assets—
147, p. 3314.
Other income (net)
$1,198,051
268,340
$2.88
Consolidated Balance Sheet Sept.
Muskegon Piston Ring Co.—Additional Dividend—
burden)
.$1,270,006
268,340
$0:98
tar value, in exchange for 134,170 shares parstock, withIn respect value of
1,341,700 previously outstanding, y No of value, z a stated of fixed
Directors have declared a dividend of 15 cents per share on the common
stock, payable Dec. 27 to holders of record Dec. 15.
A dividend of 50
cents per share, previously declared, will be paid on Dec. 15 to holders of
record Nov. 23.
See V. 147, p. 3165, for detailed record of previous divi¬
National Pole & Treating
1,161
X661491
capital stock account (by authorization of the stockholders
17. 1936)
previous.—V. 147, p. 3021.
Like amounts
268,340
Earned surplus, as at
As of Nov. 30 last there were in operation 201 stores as compared with
a
$1,675,235
452,824
....
Shs. cap. stk. (par $10).
Period End. Nov. 30—
1938—Month—1937
1938—11 Mos.—1937
Sales
$3,594,051
$3,442,527 $34,967,224 $35,930,012
12,1936, and
$2,084,479
536,680
as at
account.
(G. C.) Murphy Co .—Sales—
Nov.
$2,395,923
234,798
Sept. 30, '34
Transfer to capital stock
275.
a dividend of 30 cents
per share on the com¬
stock, no par value, payable Dec. 23 to holders of record Dec. 7,
This
compares with 45 cents paid on Dec. 23, 1937, and a dividend of 12)4 cents
paid on Dec. 21, 1936,'this latter being the first dividend paid since June
30, 1930, when 10 cents per share was distributed.—V. 147, p. 1495.
dend payments.—V.
8,169
...—
_
in
.....
DIvs. paid, less divs. on
stock held in treasury.
Fed. cap. stock tax ad¬
The directors have declared
p.
5,715
-
mon
—V. 147,
5,192
*
Total surplus:.
Net deficit
4,486
8,448
in
Value—par. co
Adj. of res. for deprec.
(parent co.).
diyidend of 40 cents per share In addi¬
the common stock,
Mother Lode Coalition Mines Co.—-To
Net loss
6,659
4,807
the book value of mar¬
ketable bonds to mkt.
will„be the sold transfer agent for said stock.—V. 147,
'
68,519
After
above)..
Excess reserve set up
tinned-—
National
126,374
1938
-The! Bank of Manhattan Co. has been discontinued as transfer agent in
New York City for the common stock of this company, effective Dec. 1,
198. On and after that date the National Bank of Detroit, Detroit, Mich.,
V.
187,724
Consolidated Surplus Account Year Ended Sept. 30
Merger Approved—
p.
3,038
61,700
Earned surp. at Sept. 30 $1,198,051
Consol. net income (as
See F. N. Burt Co. above.—V, 146, p. 3810.
ana on
$425,481
2,099
deducting provision for depreciation of plant and equipment of
$267,299, $258,665 In 1937, $210,034 in 1936 and $196,677 in 1935. y In¬
cludes undistributed profits tax of $2,000 for 1938 and $11,500 for 1937.
Ltd.—Extra Dividend—
value, both payable Jan. 3 to holders of record Dec. 7.
paid on Jan. 3, 1937.
Dec. 21
$785,787
13,400
scrapped
Prov. for U.S.A., Can.
English income taxes.
x
tion to the regular quarterly dividend of like amount on
193|>.—V. 147,
$987,855
$335,079
assets sold or
Net income.—
—1.12
4,531,204,000
no par
on
38,862
prior years to reduce
Directors have declared
a year
25,109
14,253
Sundry charges
—V. 147, p. 2251.
199
24,745
Min. stockholders' int. in
earns, of English sub—
.......
(Tom)
$386,618
18,844
Total earnings
Losses
November amounted to 403,081,000 cubic feet, a decrease
of 0.75% under the same month last year.
Output for the 11-months'
period amounted to 4,531,204,000 cubic feet.
Comparative gas output
figures follow:
1937
1938
%
Cubic Feet
Cubic Feet
Change
1st quarter...,.
1,-240,010,000
1,226,759,000
—1.07
2nd quarter...
1,327,445,000
1,299,300,000
—2.12
3rd quarter
^
1,175,398,000 1,168,594,000
—0.58
October.....
433,762,000
433,470,000
—0.07
November...
406,112,000
403,081,000
—0.75
1.
$760,678
$261,913
297,715,850
201,654,950
Gas output for
Cumulative
1935
1936
1937
$948,857
receipts—_
103,991,790
106,246,510
Cumulative
Earnings—
1938
$316,235
on sale of market¬
able securities—
276,216,980
October.*..*
*937
pf$266,810
Profit
%
Change
291,501,730
274,859,980
November
...
National Standard Co.
Years Ended Sept. 30—
Net operating profitOther income, int. (net)
x
Output for the 11-months' period amounted to 1,027,510,880 kilowatthours, or 2.40% down In comparison with the same period last year.
j
1938
$235,062
9 Months Ended Sept. 30—
Consolidated—Output—
compandor that month, 1,95% below the all time high reached in Novem-
were
preferred share had accrued dividends of $34 as of Oct. 1,1938, and
holders are entitled (but not required) to exchange it for 1 1-3 shares of new
prior preferred stock, which would have dividend accrual of $12 per share
on Oct. 1, and three-fourths of a share of common stock.
The letter calls attention to the profit decline; for nine months ended
Sept. 30, net loss before taxes, and subject to year-end audit, was $235,063,
comparing with net profit of $266,841 in the 1937 period.
Electricity output for consumption in the Montreal area during the month
of November, exclusive of secondary and export power, amounted to 104,179,430 kilowatt-hours, the second highest amount ever recorded by the
—.
Assent to Plan—
amended
recapitalization plan originally submitted Dec. 22,1936, has been called for
in a letter sent by the company.
The plan, validity of which was upheld by the Ohio Supreme Court,
was approved by holders of 70% of preferred shares and 86% of common
shares at a special meeting held Jan. 19, 1937, and the letter states that
approximately 72% of the old preferred stock has been deposited under the
payable Jan. 14 to holders of record Dec. 10.
Dividends of 25, cents were
paid on Oct. 15 and on July 15, last, and previously regular quarterly divi¬
dends of 50 cents per share were distributed.—V. 147, p. 3314.
1st quarter
2nd quarter3rd quarter.,..;.*
Corp.—Special Dividend—
Further deposits of preferred shareholders in connection with the
Montgomery Ward & Co.—-Extra Dividend—
1937
1938
Kilowatt-Hours Kilowatt-Hours
1938
10,
Directors have declared a special dividend of 10 cents per share on the
capital stock, payable Dec. 21 to holders of record Dec. 14. A dividend of
15 cents was paid on Oct. 15, last, this latter being the initial dividend on
the larger amount of stock now outstanding.—V. 147f p. 2539.
Directors on Dec. 2 declared an extra dividend of 25 cents per share in
addition to a quarterly dividend of like amount on the common stock, both
Montreal Light Heat & Power
Dec.
Corp .—To Pay Smaller Dividend-—
Directors have declared
a dividend of 50 cents
per share on the common
•stock, payable Jan. 1 to holders of record Dec. 15.
Dividends of $1 were
paid on Oct. 1 and Aug. 1 last and on Dec. 22, Oct. 1 and July 31,1937, this
latter being the first dividend paid since 1931.—Y. 147, p. 1786.
Neisner
Brothers, Inc.—Sales—
Period End. Nov. 30—
Sales,.—....
—V. 147, p. 3021.
,
1938—Month—1937
1938—11 Mos.—1937
$1,909,427
$1,914,244 $17,097,759 $19,383,323
(J. J.) Newberry Co., Inc.—SalesPeriod End. Nov. 30—
Sales
1938—Month—1937
1938—11 Mos.—1937
$3,963,253 $40,264,235 $42,156,717
$3,967,676
—V. 147, p. 3021.
New England Power
Association—Preferred Dividends—
Directors have declared a dividend, of $1 per share on the 6% pref.
shares and of 33 1-3 cents per share oii the $2 pref. shares, both payable
Jan. 3 to holders of record Dec. 15.
Similar amounts were paid on Oct. 1,
Juljr^l and April 1 last. Dividends are in arrears on both issues^—V. 147,
New Orleans Public Service Inc.—Preferred Dividend—
Directors have declared
accumulations
on
a
dividend
the $7 cum. pref,
of $1.75 per share on account of
stock, payable Jan. 3 to holders of
t
■
Volume
Financial
147
3617
Chronicle
record Dec. 15.
A like amount was paid on Oct. 1 and July 1 last, and a
dividend of 87
cents was paid on April 1 last, this latter being the first
dividend paid since April 1, 1933, when 87 K cents per share was also dis¬
from
tributed.—V.
The company, incorporated in 1890, is a public utility holding company,
with two principal direct subsidiaries. North American Edison Co. and
Washington Ry. & Electric Co., whoch are also public utility holding com¬
panies.
North American Edison Co. controls three major groups of oper¬
ating subsidiaries.
The territory served by them includes St. Louis,
Milwaukee and Cleveland.
The subsidiaries of Washington Ry. & Electric
Co. serve Washington, D. C.
The company also has substantial minority investments in Pacific Gas &
Electric Co. and the Detroit Edison Co.
In addition it controls North
New
147,
3465.
p.
Orleans
Texas
mittee to File Exceptions to
Ry.—Bondholders' Com¬
Mexico
&
Reorganization Plan—
The protective committee for the first mortgage bonds and 5 % non-cumu¬
lative income bonds, whose Chairman is George H. Walker, has notified
holders of such bonds that it will file exceptions to the reorganization plan
proposed by an Interstate Commerce Commission Examiner
last Oct. 24,
demanding more favorable treatment.
The railroad, known as the Gulf
Coast Lines, is a subsidiary of the Missouri Pacific RR.
Other groups of Gulf Coast bondholders are understood to be dissatisfied
with the treatment accorded them under the Examiner's plan, according
to the committee's notice, and the Missouri Pacific RR. has already notified
all parties to the reorganization proceedings that it intends to oppose the
Examiner's plan to the utmost.
The committee, believing that a prompt reorganization of the Gulf Coast
Lines was in the best interests of the bondholders, "reluctantly agreed to
recommend acceptance of the Stedman committee plan, if approved by the
Commission."
Concessions made in agreeing to the Stedman plan, accord¬
ing to the committee, "were made in the hope that plan could be put
through promptly."
Now that there has already been a long delay, and
further delay seems inevitable, the committee says it feels it must insist
that any plan shall take into account the earnings now being contributed
by the Gulf Coast Lines.
It seems clear to the committee that a prompt
reorganization cannot be carried out on the basis of the Examiner's plan.
Or the 1932-1934 average net available for interest of the Missouri Pacific,
International-Great Northern and Gulf Coast Lines, 8.0% was accounted
for by the Gulf Coast Lines, but for the 12 months ended Oct. 31, 1938,
this percentage was 26.3, according to figures in the committee notice.
Of
the gross revenues for the corresponding periods. Gulf Coast Lines con¬
tributed 10.2% and then 13.2%.
To Extend
Deposit Agreement Until April, 1943—
The Walker committee has been authorized to
extend the deposit agree¬
April 25, 1943, and urges bondholders who have not deposited
to do so.
Copies of the deposit agreement may be obtained from the
depositary, the Chase National Bank, 11 Broad St., New York, or from
the Secretary of the committee, Edward F. Hayes, 38 Wall St., New York.
Other members of the committee are: Alex Berger, Willard V, King,
ment until
B. A.
Tompkins, and George E. Warren.—Y. 147, p.
3465,
New York Central RR.—Abandonment—
The Insterstate Commerce Commission on Nov. 26 issued a certificate
permitting abaondonment by the company of that portion of its line of
railroad extending easterly from Caledonia to Holcomb, N. Y., approxi¬
mately 25.13 miles.—V. 147, p. 3465.
<
New York Lake Erie & Western Docks & Improvement
Co.—Interest—
The interest due July 1,
5%, due 1943, is
now
1938, on the first mortgage
being paid.—V. 146, p. 445.
New York New Haven & Hartford
bonds extended at
and
such
through hotels.
which may be
applied to toll calls originating at hotel guest room telephones is five cents
when the toll charge is 50 cents or less, and 10 cents when the toll charge is
over 50 cents.
The changes are to become effective Jan. 1, 1939.
The same rates at lobby public telephones are to be charged by the tele¬
phone company, whether these telephones are operated by the hotel or by
the telephone company.
The Commission also prohibited hotels from charg¬
ing for overtime on local calls, except for those calls for which the hotel is
charged overtime by the company.
Elimination of a special hotel private branch exchange schedule was also
ordered by the Commission.
This will remove from the telephone company's
tariff schedule a practice invovling payment of a 20% commission to certain
hotels on all their local and toll message charges.
Period End. Oct. 31—
need not be disclosed
Securities Act of 1933.
17,812,653
Uncollectible oper. rev__
91,317
Operating revenues...
Operating expenses
17,721,336
11,713,503
.
—
sell
Merrill
to Disburse
North Texas Co. (&
Period End. Oct. 31
Operating revenues.
a
Operation
Maintenance.
Taxes
Balance
-.
on
(3%)
Includes North Texas Co. only from
Northern States
Power Co.—•Weekly Output—
Northern States Power Co. system for the week
1938, totaled 27,993,696 kwh., an increase of 6.2% com¬
pared with the corresponding week last year.—V. 147, p. 3466.
Electric output of the
Northwestern Bell Telephone
$1,023,022
Operating taxes
27,138,797
30,663,424
28,968,688
Net oper., income,.—
Net income
....
—V.
Mortgage
Co.—Series F
dividend of 25 cents per share on the com¬
was
Offered-—Offering of 375,000
shares
were
offered by
a
prospectus;
share, the closing quotation for the
set forth in the prospectus.
Dillon, Read & Co.
announced Nov. 6 that the selling group books had been
as
closed.
were
*
sold to the underwriters by
American
Light Corp., which will use the proceeds
for reinvestment in securities or for other corporate purposes.
The North American Co. does not own any of the shares
Power &
offered by the prospectus
616,265
516,391
$8,968,994
3,707,855
$5,261,139
4,904,137
2872.
$9,118,841
3,646,426
$5,472,415
5,169,507
'
declared an extra dividend of $1 per share in addi¬
regular quarterly dividend of 50 cents per share on the common
stock, both payable Dec.
Oahu Ry. &
23 to holders of record Dec.
and will not receive any proceeds
13.—-V. 145, p. 3825
Land Co.—Extra Dividend—i '
dividend of 20 cents per share in addition
regular monthly dividend of 15 cents per snare on the common stock,
payable Dec. 10 to holders of record Dec. 3.
A special dividend of
80 cents was paid on Dec. 10, last.—V. 146, p. 117.
Directors have declared an extra
to the
both
Ogilvie Flour Mills Co.,
Ltd.—Earnings
1938
$419,386
207,396
1937
$863,631
235,961
1936
1935
$821,488
181,190
$914,584
wholly owned
subsidiary companies.
519,000
290,000
17,051
198,466
292,000
132,324
153,000
investments—
Years Ended Aug .31—
a
Profit on operations—
Investment income
Divs. from
Profit
on
Profit
realization
on
of
20,468
8,518
$1,264,881
73,283
77,273
81,384
17,667
18,133
18,882
2,632,880
$1,062,252
2,310,627
$930,824
$743,498
2,186,305
Dr174,022
—---
Total income-..
Provision for deprecia'n.
Provision for taxes—_.
$1,195,858
149,213
158,519
$1,588,058
155,172
Legal expenses
Contrib. to pension fund
Salaries & directors' fees
2,843
1,459
paid
to
exec,
75,260
of the company-
direc¬
17,395
tors-.-
Net profit
248,225
$792,627
for year—
Previous surplus
Adjustment applicable to
prior years
179,112
238,865
3,139
30,000
officers
Fees paid to other
188,779
1,447,471
172,500
246,293
2,448
33,023
fixed assets.—
made Nov. 6 by an under¬
group comprising Dillon, Read & Co.; The First
Corp.; Blyth & Co., Inc.; Brown Harriman & Co.,
Inc.; Smith, Barney & Co.; Stone & Webster and Blodget,
Inc.; Spencer Trask & Co.; Goldman, Sachs & Co.; Bonbright & Co., Inc.; Union Securities Corp.; Shields & Co.;
Kidder, Peabody & Co.; Riter & Co., and 62 other invest¬
per
$947,194
392,697
$545,497
Directors on Nov. 30
tion to the
Boston
$21 lA
p.
$2,876,037 $28,157,404 $28,006,619
1,928,843
19,188,410
18,887,778
$653,043
369,979
1938—10 Mos.—1937
$28,252,169 $28,089,747
94,765
83,128
Novadel-Agene Corp.—Extra Dividend—
Trustees
Dec. 31—
stock
The
147,
2,281
^
Corp.—25-cent Dividend—
common
Co.—Earnings—
Period End. Oct. 31—
1938—Month—1937
Operating revenues—... $2,917,591
$2,878,318
3,578,334
3,206,823
on
date of incorporation on March 2,
ended Dec. 3,
$2,908 ,777
1,885,755
&
Title
able
1938.—V. 147, p. 2873.
Net oper. revenues,..
24,126,646
compar¬
$14,931
Operating revenues—
„
49,492
50*554
—
Net income after income interest
a
,
not
$114,977
$12,464
$15,545
1st coll. lien bonds—Public: fixed int. (3%)
Balance
"Income interest
Prior
year's
figures
Operating expenses,-,.-
writing
Cities
$120,331
5,354
55,192,292
24,528,868
North American Co.—Stock
shares
596
115*874,661
of record Dec. 12.
This compares
with 40 cents paid on Feb. 23, 1938, Feb. 18, 1937 and April 15, 1,936, this
last being the first dividend paid since Feb. 1,1932, when a regular quarterly
dividend of 10 cents per share was distributed.—V. 146, p. 3963.
The
$16,142
335
53,457,163
26,318,366
stock, payable Dec. 20 to holders
stock,
$12,799
116,157,126
The directors have declared a
houses.
$329,221
10.850
$253,766
133,436
6.U65.360
2,487,026
/
$818,964
the price being
48
$28,235
12,093
$23,649
__
Equipment note interest
Int.
$329,173
$253,750
$28,235
16
Retirement accruals
.
ment
*
$23,649
Net oper. revenues—
1938—12 Mos—1937
$1,359,930
$1,409,377
\756,927
760,054
211,076
181,803
138,176
138,346
Non-oper.inc. (net)..—
17,8^9,156 169,614,289 171,066,953
2.652,955
Noma Electric
of
*—-■
Subs.)—Earnings
1938—-Month—1937
$119,162
$122,908
65,187
66,425
18,685
18,181
11,640
10,067
8,814
and Lawrence N. Martin, trustees for
liquidation of the $28,000,000 issue of mortgage investments known as
Series F-l, announced Dec. 6 that a distribution of $818,964 would be made
to certificate holders on Dec. 31.
It is calculated at $2.97 for each $99 of
principal of the certificates.
,
The announced distribution will be the eighth made by the trustees
since their appointment in May, 1935, and will bring the total to $4,673,891.
—V. 147, p. 749.
'
;
1
shares
_
Uncollectible oper. rev—
Aaron Rabinowitz, James L. Clare
mon
Lynch .& Co., Inc., Schwabcher & Co., Singer, Deane & Scribner,
Smith, Moore & Co., Stern, Wampler & Co., Inc., Wertheim & Co. and
Whiting, Weeks & Knowles, Inc., 2,500 shares each; Y. E. Booker & Co.,
Field, Richards & Shepard, Inc., Hawley, Huller & Co., Johnston, Lemon
& Co., Merrill, Turben & Co., William R. Staats Co., Stein Bros. & Boyce,
Stroud & Co., Inc. and Winthrop, Mitchell & Co., 2,000 shares each;, and
R. F. Griggs Co., 1,500 shares.—V. 147, p. 3465.
11.823,796
—V. 147, p. 3166.
York
to each, are as follows:
Dillon, Read & Co., 30,500 shares The First Boston Corp., 14,000 shares;
Blyth & Co., Inc., Brown Harriman & Co., Inc., Smith, Barney & Co., and
Stone & Webster and Blodget, Inc., 12,000 shares each; Spencer Trask &
Co., 10,000 shares; Goldman, Sachs & Co., Lehman Bros., and Mellon
Securities Corp., 9,500 shares each; Bonbright & Co., Inc., Shields & Co.,
and Union Securities Corp., 8,750 shares each; Kidder, Peabody & Co. and
Riter & Co., 7,500 shares each: Clark, Dodge & Co., 6,000 shares; Glore,
Forgan & Co., W. G. Langley & Co., Lazard Freres & Co., Lee Higginson
Corp., F. S. Moseley & Co., Otis & Co., E. H. Rollins & Sons, Inc., Schroder
Rockefeller & Co., Inc., Securities Co. of Milwaukee, Inc., Tucker, Anthony
& Co., and White, Weld & Co., 5,000 shares each; Central Republic Co.,
Hornblower & Weeks, Jackson & Curtis, and L. F. Rothschild & Co.,
4,250 shares each; Coffin & Burr, Inc., W. E. Hutton & Co. and Dean
Witter & Co., 4,000 shares each; Baker, Weeks & Harden, BancamericaBlair Corp., Eastman, Dillon & Co., Hayden, Stone & Co., Hemphill,
Noyes & Co., Laurence M. Marks & Co., G. M.-P. Murphy & Co., R. W.
Pressprich & Co. and G. H. Walker & Co., 3,750 shares each; A. G. Becker
& Co., Inc., Alex. Brown & Sons, Dominick & Dominick, Estabrook & Co.,
Graham Parsons & Co.,
Granbery, Marache & Lord, Hayden, Miller &
Co., Paine, Webber & Co. and Reynolds & Co., 3,000 shares each-A. O.
Allyn & Co., Inc., Bacon, Whipple & Co., J. E. Baker & Co., H. M.
Byllesby & Co., Inc., Hallgarten & Co., Carl M. Loeb, Rhoades & Co.,
3,118,175
—
Net oper. income
Net income
New
1, 1938, such as the plan of the com¬
registration statements filed under the
6,007,833
2,889,658
Net oper. revenues—..
Operating taxes.
17,967,398 170,521,067 171,788,254
78,242
906,778
721,301
in
Principal Underwriters—The names of the respective firms and corpora¬
tions and the maximum number of shares which the vendor has agreed to
1938—10 Mos.—1937
' 1938—Month—1937
under the
of the
to the Commission not later than Dec.
pany,
reduce and revise rates charged for telephone service to and
Under the Commission's order the maxmum surcharge
Operating revenues
furnishing transportation, gas and heating services and coal mining.
prospectus states that the North American Co. has submitted to the
Gross i ncome
ordered this company to
outstanding shares
Public Utility Holding Company Act of 1935, but that the details
for Hotel Calls—
The New York Public Service Commission has
are
plan have not been disclosed as they are tentative only and subject to change
The Securities and Exchange Commission has ruled that the details of
tentative plans of public utility holding companies submitted informally
a
Lower Telephone Rates
offered
as
The
Telephone Co .—Gain in Stations—
Company reports a station gain in November of 6,316 which compares
with a gain of 4,019 in November, last year, a gain of i0,040 in November,
1936, and a gain of 5,585 in November, 1935.
„
In the first 11 months of this year the station gain was 19,942 contrasted
with a gain of 90,907 in 1937; 92,513 in 1936, and 18,302 in 1935.
shares
the New York Stock Exchange.
on
Securities and Exchange Commission a tentative integration plan
On Dec. 1,
New York
The
sale.
listed
American Light & Power Co., a public utility holding company, the prin¬
cipal subsidiaries of which serve sections of Kansas and Missouri.
Certain
subsidiaries of the North American Co. are also engaged in other activities,
RR.—Official Retires
1938, Thomas F. Paradise retired as Treasurer.
Arthur W.
Bowman, Assistant Treasurer, has been appointed Treasurer, effective
Dec.
1.
E.
L.
Bartholomew, Cashier, has been appointed Assistant
Treasurer, effective Dec. 1.—V. 147, p. 3465.
the
are
2,189,803
Dr70,000
$3,050,627
$2,929,803
$3,251,484
$3,372,880
140,000
600,000
140,000
600,000
140,000
600,000
140,000
600,000
Surplus, Aug. 31
$2,511,484
Shs.com.stk.out.(nopar)
600,000
$2,632,880
75,000
$12.29
$2,310,627
$2,189,804
75,000
Total surplus
Preferred dividend
Common
(7%)
dividend ($8).
,
Earned per share
$100
75,000
$10.54
$8.04
3618
Financial
Chronicle
Balance Sheet Aug. 31
Water
y
1938
Liabilities—
$
In
and
owing by
956,242
on
In
hand
and
seeks
under
a
new
10, 1938
section
of
the
will be saved.
It is admitted that the duPont stock is by far the
valuable asset of the corporation and it is this asset which the
plan
to preserve.
So far as the alleged fraud is concerned, an error of
to
appear and be heard.
There is nothing In the moving papers which
be regarded as justification for an injunction pendente lite.
I cannot
say that dissolution is not in the interest of the stockholders.
The motion
1,007,063
2,626,890
can
1,882,926
will be denied."
The Pathe Film Corp. and other defendants were represented by
Phillips
Mr. Briggs, President of the Pathe Film Corp. said: "The
opinion
amts.
owing by wholly
& Nizer.
owned subs.
of
2,804,435
(current)
Total
a
Judge McCook 6peaks for itself."
[Two group of stockholders of the company representing, it was said,
2,445 shares of common stock filed injunction suit In the New York Supreme
Court, Nov. 29, seeking to enjoin the stockholders' meeting.]
cos.
1,605,618
1,984,059
1,840,274
Invest, (current)--
.12,795,526
13,032,976'
Total
12,795,526 13,032,976
Transfer of Stock Holdings Opposed by du Pont de Nemours—
After deducting selling and general expenses.
Represented by 600,000 (no par value) shares,
preciation of $3,643,555 in 1938 and $3,519,640 in
—V. 146, p. 1886.
x
Ohio Associated Telephone
Period End.
.
stockholders
over $100,000 in calculation is now conceded
by the plaintiffs and other
mistakes and omissions appear on examination of the papers.
The stock¬
holders' meeting is set for Dec. 13.
The plan can only be adopted on a vote
of 80% of the stockholders of a meeting where the objectors have the
5,000,000
2,632,880
413,857
1,872,642
975,494
receivable
Accts.
surplus...
the
right
461,217
874,030
Stocks
Provision for dlvs.
taxes
most
589,602
125,494
185,000
cos.
(non-current)
Shs.
850,657
amts.
Cash
z
payable
Reserve for taxes.
partly
owned subs.
Common stock..
Accts
Other lnv. A mtge.
8hs.
2,511,484
x
rights, <fcc._
pat.
2,000,000
2,500,000
555,048
43,994
186,000
5,000.000
2,000,000
2,500,000
Res. account
2,805,683
for
Justice McCook's opinion is as follows:
"Upon the argument it developed that the main purpose of the pro¬
posed dissolution is justified to the extent that at least a million dollars of
$
Earned
2,807,406
taxes
1938 Revenue Act.
1937
S
Preferred stock...
mill
pow.,
plants, &c
G'd will, t'dmarks,
substantial
save
1937
[ 1938
Assets—
Dec.
Operating
Oct. 31—
Manufacturing Co.
Net oper. revenues...
$62,342
183
$616,133
709
$62,159
41,619
$615,424
413,270
$606,968
385,005
$18,194
5,826
$20,540
$202,154
68,260
$13,594
$133,894
can
be stamped with a notice that if sold it must be offered to the plaintiff on
equal terms.
In 1924, both the du Pont and Pathe were engaged in the manufacture
use patents of the Pathe Cinema Societe
Anonyme.
They agreed to combine their resources in the manufacture of films and
organize the du Pont Film Manufacturing Co., Inc., in which the plaintiff
received 51% of the voting stock and Pathe 49%.
Subsequently when
Pathe needed funds it sold 4,900 shares to the plaintiff, later
redeeming
of films under license to
$221,963
6,946
$12,368
Operating taxes
plan
$608,765
1,797
$62,202
44,008
Operating revenues
Operating expenses
without first offering them to the plaintiff on equal
An alternative to offer the stock for cash is suggested, or, if neither
be accomplished, the plaintiff asks that the stock to be transferred
terms.
1938—10 Mos.—1937
$62,275
73
rev.
I. du Pont de Nemours & Co., Inc., on Nov. 30, began suit in
the U. S. District Court to restrain Pathe Film Corp. from transferring to
Pathe Film stockholders 3,000 common voting shares of the du Pont Film
Co.—Earnings—
1938—Month—1937
revenues
Uncollectible oper.
The E.
y After reserve for de¬
1937.
as Less reserve.
$163,952
58,011
3 500 sh&r©s
Net oper. income
'Plaintiff
Ohio Bell Telephone
Period End. Oct
'SI—
Co.—Earnings—
1938—Month—1937
$3,556,567
$3,559,991
Uncollectible oper. rev._
10,033
11,802
1938—10 Mos.—1937
$34,656,135 $34,911,454
195,332
55,512
Operating revenues...
Operating expenses
$3,546,534
2,269,113
$3,548,189
2,280,911
$34,460,803 $34,855,942
22,233,154
21,763.872
.Net oper. revenues
Operating taxes
$1,277,421
$1,267,278 $12,227,649
465,000
4.851.964
Operating
revenues
"
maintained
that
between it and the Pathe require
Pont on equal terms and alleges
that it will be placed at a great disadvantage if the voting stock falls into
the hands of many of the 7,000 stockholders of Pathe Film
Corp.
O. H. Briggs, President of Pathe, issued a statement declaring that the
complaint served upon Pathe by du Pont does not seek to enjoin Pathe's
plan of liquidation,
"du Pont's request to the court," Mr. Briggs con¬
tinued, is based upon the contract between the two companies, dated
Feb. 3, 1925, and seeks that either: (1) Pathe be restrained from
disposing
that
Pathe
first
offer
the
of the said stock without
agreement
stock
to
du
offering it to du Pont oh equal terms for cash,
if this can
510,534
Net oper. income....
Net
income
$766,887
732,261
$802,278
being
$7,375,685
7,309,491
785,986
made first to du Pont
$8,264,985
8,225,164
—V. 147, p. 3166.
Ohio Power
be done; or (2) if the Court will not grant the above request,
Pathe be required to stamp upon the du Pont Film certificates which are dis¬
tributed to Pathe stockholders a statement to the effect that the said
stock may not be sold by any stockholder of Pathe without an offer
$13,092,070
4,827,085
based
July 1,
1st and refunding mortgage gold bonds, 5% series B,
1952, have been called for redemption Jan. 1, 1939, at 102
and confined the restrictions to a
solution does not constitute a sale.
and int.—V, 147, p. 2873.
Oklahoma Gas & Electric
Year Ended Oct. 31—
Operating
Operating
"Pathe, of
1938
$13,293,175
7,618,280
maintenance and taxes.
1937
$13,003,181
Patino Mines &
6,944,269
$5,674,895
1,831
$5,676,726
1,200,000
*
Net operating revenue and other income
Appropriation for retirement reserve
x
1
seems
clear that Pathe's dis¬
Enterprises Consolidated—Dividend—
Directors
on Dec. 8 declared a dividend of 75 cents
per share on the
stock, par $10, payable Dec. 24 to holders of recdrd Dec. 19. This
compares with 25 cents paid on June 30, last and a special dividend of $2
per share paid on Dec. 23, 1937, this latter being the initial distribution
on the $10 par shares.
$6,058,912
2,732
$6,061,644
1,200,000
,
Gross Income....
$4,476,726
1,737,716
,
■
Earnings for 9 Months Ended Sept. 30—
■
19,197
43,843
The company reports for the nine months ended
Sept. 30,
but before providing for United States undistributed
$4,861,644
1,766,117
280,778
15,975
36,623
$2,405,638
Interest charges (net)
•
Amortization of debt discount and expense
Amortization of limited-term electric investments
Other income deductions
$2,762,151
270,333
'
taxes
1938, after
profits tax,
estimated net profit of 29,125 pounds sterling, exclusive of
£7,743 profit
investment securities transferred to
subsidiary company not consolidated,
and estimated profit of 1,913,613 bolivianos.
This
on
compares with profit
(excluding £19,852 received as a dividend from
by subsidiary company) and profit of 4,483.206
bolivianos for the same period in 1937.
Profits of subsidiary companies
of 66,929 pounds sterling
Net income
investment
Before appropriation for retirement reserve.—V.
147, p. 3466.
Old Dominion Power Co.
Period End. Sept. 30—
Operating
It
course,
common
Net operating revenue
Other income (pet)
x
x
'sale.'
will resist du Pont's attempt to limit in any way its
stockholders' rights to the du Pont film stock."—Y. 147,
p. 3466.
Co.^Earnings—
revenues
expenses,
on a
for
places limitations upon Pathe in the following words: 'Sell or otherwise
dispose of.'
Subsequent contracts drawn up in 1929, again in 1930, and
again in 1935, all carefully eliminated the words 'otherwise dispose of
Co.-—Redemption—
The company's
due
on equal terms.
Pathe has advised the company that du Pont's action is
contract which has since been superseded.
The original contract
"Counsel
are not taken up
until declared as dividends.
Production for the nine
months ended Sept. 30, 1938 was 6,065 tons of fine tin as
against a pro¬
duction of 6,184 tons for tne same period in 1937".
Tin in concentrates
shipped but not sold at the close of the 1938 period was valued in inventory
at £186 as against £212 at the close of the 1937
period.—V. 147, p. 1935.
(& Sub.)—Earnings—1938— i2 Mos.—1937
1938—3 Mos.—1937
revenues
$200,123
147,219
$201,554
155,319
$776,419
594,251
$766,009
571,545
Net oper. income
Other income (net)..
$52,904
$46,235
$182,168
$194,464
49
49
195
144
Gross income
Int. & other deductions.
$52,952
42,210
$48,283
41,707
$182,363
167,176
$194,608
166,462
Oper. exps.fc taxes
held
now
'
Peninsular Telephone Co.— Year-end Dividend—
The directors have declared a year-end dividend of 40 cents
per share in
addition to the regular quarterly dividend of like amount on the common
stock,
no par value.
The year-end dividend will be paid on Dec. 20 to
holders of record Dec. 5 and the
regular quarterly distribution will be made
Jan. 3 to holders of record Dec. 15.
An extra dividend of 40 cents was
on
Net income
$10,742
...
—V. 147, p. 1350.
$4,576
$15,187
$28,146
paid
Oswego Falls Corp.—30-cent Dividend—
Directors
on
Dec. 2 declared
a dividend of 30 cents
per share on the capital
15 to holders of record Dec. 3.
A regular quarterly
stock, payable Dec.
dividend of 10 cents
was
paid
on
Nov. 1 ,ast.—V. 147, p. 2542.
Pacific
y
Earnings
x
per share...
After all charges,
y
Pacific Portland
1938—3 Mos.—1937
$652,003
$1.34
On 420,000
Cement
A letter has been addressed
1938—9 Mos.—1937
$696,386
$1,321,592
$1.45
$2.51
common shares.—V.
147,
$1,446,134
$2.81
p.
1935.
Co.—May Recapitalize—
to stockholders proposing
recapitalization
plan which involves a $6,000,000 write-down of assets.
A special meeting
has been called in San Francisco
on
Dec. 19 to vote on the plan, upon
which the California
Corporation Department will hold hearings beginning
Dec. 21.—V. 139, p. 1412.,
Pacific
a
Telephone & Telegraph Co.—Gain in Phones—
This company and
subsidiary reports for November a net gain of 9,144
compared with 10,386 gain in November, 1937.
For the
first 11 months of 1938 the
gain was 63,326 stations,
telephones,
the
in
as
compared with 113, 070
corresponding period of 1937.
Directors
have declared a dividend of $2
per share on the common
stock, payable Dec. 21 to holders of record Dec. 10.
A dividend of $1.50
Was paid in each of the three
preceding quarters and previously regular
quarterly dividends of $2 per share were distributed.—V.
147, p. 3167. »'
Park &
a
Dec. 6 declared
an
extra dividend of $1 per share in
per
share
was
paid
Dec. 23, 1937.—V. 147, p. 3024.
on
Period. Ended Oct. 31—
Net
x
x
1938—Month—1937
profit
$16,844
1938—10 Mos.—1937
loss$7,833
After taxes, depreciation, &c.—V.
147,
p.
Pennsylvania Power Co .—To Issue Preferred Stock—
sold
publicly.
The company also proposes to issue a
1H % demand note in the amount
$3,000,000 to be dated on or about Dec. 27, 1938.
The proceeds from
the
note, together with additional treasury funds, are to be used for the
redemption of 40,027 shares of $6.60 preferred stock and 23,555 shares of
of
$6 preferred stock of the company at $105
to the date of redemption.
The Commonwealth & Southern Corp.
a
share plus accrued dividends
also
filed
an
application for
approval of the acquisition of the 10,000 shares of common stock for a
consideration of $300,000.
Public hearing on the applications and declara¬
tions will be held
See also
Dec.
19.
list given on first page of this department.—V.
Period End. Nov. 30—
Sales.
1938—3 Mos.—1937
$46,007
$199,995
146, p. 1723.
$612,640
1938—11 Mos.—1937
$1,776,922 $19,304,228 $19,960,650
Petroleum Heat & Power Co. (&
-
Subs.)—Earnings—
Consolidated Income Statement Year Ended June 30
1938
1938—9 Mos.—1937
$278,633
1938—Month—1937
$1,774,582
—V. 147, p. 3319.
Net sales
Pathe
Other income less financial deductions
Film
Corp.—Court Denies Minority
Plea for Injunction
Against Liquidation—
Stockholders
A decision and opinion
by Justice Philip J. McCook of the Supreme
Court, New York State was handed down Dec. 7 denying a motion for an
injunction applied for by a group of minority stockholders
against the
corporation and its directors.
The plaintiffs had sought to restrain the
holding of a special meeting now scheduled to be held Dec. 13, 1938 to ap¬
proposed plan for dissolution which the management stated would
1937
$17,641,413 $14,231,732
17,220,710
13,534,743
Cost of sales and operating expenses
$967 loss$ll7,613
3318.
Company, a subsidiary of the Commonwealth & Southern Corp., has
filed declarations and applications (File 43-170) under the
Holding Company
Act in connection with the issuance and sale of
10,000 shares (no par)
common stock and 42,000 shares
(no par) $5 preferred stock. The common
stock is to be sold to the
parent company and the preferred stock is to be
After charges and Federal income
taxes, but before provision for surtax
undistributed profits.—V. 147, p. 1203.
prove a
An extra dividend of
9.
Pennsylvania-Central Airlines Corp.—Earnings—
Tilford, Inc.—Earnings—
a
on
addition
per share on the common stock
20 to holders of record Dec.
Peoples Drug Stores, Inc.—Sales—
Larger Dividend-—
Period End. Sept. 30—
Estimated net profit..
on
regular quarterly dividend of 75 cents
both payable Dec.
$1.50
Greyhound Lines, Inc. (& Subs.)—Earnings—
Period End. Sept. 30—
Net income
Dec. 22, 1937.—V. 146, p. 2382.
Directors
to a
Pacific Can Co.—Dividend Resumed—
Directors have declared a dividend of 50 cents
per share on the common
stock, payable Dec. 22 to holders of record Dec. 15.
Previously dividends
of 25 cents per share had been distributed
each three months from Sept.
30,1936, to and including June 30, 1937; none since.—V. 147,
p. 3317.
x
on
(J. C.) Penney Co.-—Extra. Dividend—
.
Net profit from operations
$420,703
Drl29,175
$696,989
73,498
Net profit before provision for Fed. income tax..
Provision for Federal income taxes
$291,527
178,938
$770,487
Net profit transferred to surplus
Common stock dividends paid
$112,590
228,116
$612,761
364,985
Balance,
deficit
-
157,726
$115,526 sur$247,776
Volume
Financial
147
Chronicle
Consolidated, Balance Sheet June 30
Assets—
1938
Cash
1937
Pix Theatre
Liabilities—
$380,251
ceivable.^
1,791,063
1,797,341
and
Inventories.
1,985,880
1,382,519
$379,404
68,750
111,250
660,276
637,266
300,047
262,492
106,250
106,250
others—(un¬
Accts.
tax, &c._
Invest.
116,538
129,899
Mtges. pay'ble due
2,286,736
2,242,335
58,911
.
adv.
x
Int., taxes, &c._
to other co
d Fixed assets
Other assets & def.
on
demand.....
Res. for conting.
charges
and goodwill
75,000
75,000
.
187,674
254,198
1,824,928
2,708,503
1,477,109
407,542
Deferred income..
b Common
Patents, franchises
stock.
Capital surplus... 2,360,684
737,303
Surplus from oper.
Total
$6,700,316 $6,107,795
$6,700,316 $6,107,795
Total..
b Represented by 912,464 shares par $2 in 1938 and no
par shares in 1937.
After reserve for doubtful accounts and notes of $124,426 ($116,802 in
1937). d After reserve for depreciation of $1,737,022 ($1,692,599 in 1937).
—V. 147, p. 127.
Peter Paul, Inc.—Dividend Increased—
The
have
directors
declared
dividend
a
of 35
cents
share on the
per
shares, payable Dec. 30 to holders of record Dec. 2.
This compares
July 1 and April 1 last; a dividend of 70 cents
was paid on Dec. 10, 1937, and a dividend of 50 cents per share was paid on
Oct, 1,1937, this latter being the initial distribution on the larger amount of
stock now outstanding.—V. 147, p. 1644.
with 25 cents paid on Oct, 1,.
Petroleum Investors
See list given on first page
Trust—Registers with SEC—
of this department.
-
Philadelphia Co. (& Subs.)—Earnings—
[Excluding Pittsburgh Rys. Co. and subsidiary and affiliated street railway
and transportation companies]
1938
xl937
$40,312,825 $43,250,996
12 Months Ended Oct. 31—
Gross operating revenues..
Net operating rev. & other income before approp.
for retire't and depletion res., and after taxes
18,427,301
21,359,968
6,382,226
9,013,326
Consol. net inc. for divs.
on pref. & com. stock held
by public and minority int. of sub. cos. and divs.
on pref. and com. stock of Philadelphia Co
Figures for 1937 have been adjusted to reflect $80,118 of additional
applicable to the period of 1936 included therein, paid by Duquesne
Light Co. in 1937 and charged to surplus.—V. 147, p. 3167.
x
taxes
Phoenix
(Fire) Insurance Co.-—Special Dividend—
The directors have declared
a special dividend of 50 cents per share in
quarterly dividend of 50 cents per share on the
capital stock, both payable Jan. 2 to holders of record Dec. 15.
Similar
payments were made on Jan. 1, 1938, Jan. 2, 1937, Jan. 2, 1936 and on
Jan. 2, 1935.—V. 145, p. 3828.
addition
the regular
to
Pittsburgh Brewing Co,—Earnings—;
1
Income Account Years Ended Oct. 31 (Incl. Tech Food Prod. Co.)
After
depreciation,
$195,136
depletion,
$257,965
Federal
1938—10 Mos.—1937
$2,189,148
$2,371,936
$2.17
$2.26
income
&c.—V.
taxes,
147,
3320.
p.
Potomac Electric Power Co.—New Director—
Company has notified the New York Stock Exchange of the election of
William H. Lipecomb as a
director, succeeding Eugene E. Thompson,
resigned.—-V. 147, p. 2544.
Pressed
Increase—
A special
an
increase
c
no par
1938—Month—1937
Consolidated net profit
Earnings per share.
x
Acer, corns, wages,
118,447
143,608
&
Period End. Oct. 31—
payable
65,964
In
Plymouth Oil Co.—Earnings—
Notes pay. to bank
Prepaid, las., cons.
Circuit, Inc.—Registers with SEC—
See list given on first page of this department.
$68,185
secured)
Accta. & notes re¬
c
1937
1938
Note pay. to bank
$308,617
3619
£
Metals
of
America,
Inc.—To
Vote
P*an i® approved, present shareholders will receive two
o
of $10 par
on
Stock
•
meeting of stockholders has been called for Dec. 20 to approve
in the authorized stock from $150,000 par value to $500,000.
value m exchange for each share now held.
new shares
The plan also cails
for the sale of additional stock to underwriters to obtain funds for the retire¬
ment of the company's
mortgage debt.
President J.
W. Leighton sent the following letters to stockholders
regarding the proposed stock increase:
"The company s expansion program for 1936 and 1937 necessitated the
expenditure of approximately $545,000 for plant and equipment.
'In 1936 $225,000 was received from the sale of treasury
stock, and it was
planned to obtain $330,000 through the same channels in 1937, but owing
to adverse market conditions that
developed late in 1937 it was found
inadvisable to attempt permanent financing by offering stock for sale at
that time, so a temporary bank loan was obtained instead.
"Two of the largest car manufacturers have adopted our patented parts
used in the so-called knee action or independent wheel suspension.
This
increased demand for the company's products for 1939 car models made it
imperative to provide additional manufacturing capacity and working
capital.
In order to secure adequate bank loans for that purpose it has
become necessary to mortgage the compay's assets.
"A permanent financing plan has been developed whereby an under¬
writing firm has agreed under certain conditions to purchase between
$400,000 and $500,000 worth of stock at the equivalent of $20 per share
for the present stock net to the company.
The plan includes a broad
distribution of the stock throughout 10 or more States of the Union which
will provide a wider market for the company's securities and therefore
should be beneficial to the present shareholders.
To help this wider dis¬
tribution it
was
deemed advisable to increase the number of shares in the
market
by giving the present shareholders two shares of the new stock for
now held, and doubling the number of unissued shares.
"The underwriter will take up 40,000 to 50,000 shares of the new stock
in accordance with the above outlined agreement at the rate of $10 net to
the company per share, which is the equivalent of $20 per share for the
present stock.
'
"It is proposed to use the funds obtained from this sale of stock to pay
off the company's mortgaged indebtedness.
"The company's sales have been increasing since commencement of
production for 1939 models, being $217,969 for September—$291,074 for
October and $369,210 for November."—V. 147, p. 429.
each share
Prosperity Co.—Sales—
1938
1937
1936
1935
Sales & earns., all sources
$7,431,021
$8,519,970
$6,862,909
$4,848,368
Operating, &c., expenses
6,568,717
7,518,144
5,797,285
4,325,442
$862,304
149,475
133,141
163,696
$1,001,826
147,540
163,982
161,887
$1,065,623
147,862
$522,926
160,858
31,984
188,128
Oct. 31, were $1,822,032, compared with $2,759,229 for the first 10 months
of 1937, a decrease of 34%, according to the report.
19,324
91,334
"With orders booked to date evidencing a continuing improvement,
business of the company during the final quarter of 1938 is showing an
2,920
29,911
39,870
3,894
33,387
40,551
41,059
same
$363,159
302,51,5
$451,Z66
x423,507
$534,533
xl21,002
$20,015
x60,501
Net earnings.
...
Interest.
^ .
State and Federal taxes.
&c—
on assets disposed of
destroyed..
Prem. on own bds. purch.
Depreciation,
Miscellaneous
Net income
—
Dividends paid....
of inter-company
Exclusive
x
158.046
,
4,449
depreciation$7,644,347 $7,500,410
less
506.225
Cash
534,726
TJ. S. obllg. at cost
367,585
Cash In closed bks.
Liabilities-—
Notes & accts. rec.
177,290
First mtge.
Inventories..
516,357
589,864
Accrued
2,128
2,139
323,268
Investments
.....
.$6,006,175 XS6006.175
checks
2,459,000
72,684
2,459,000
49,180
49,180
139,241
out¬
133,344
161.770
905,718
829,038
214,400
214,400
.
Surplus by elimlna.
of inter-co. stk.,
ownership
x
.$9,992,082 $9,862,364
$9,992,082 $9,862,364
Total.
Co.
of
Hampshire-—Stock
New
'
.
•
.
]
Issue
-
A declaration filed under the Utility Act by the company
151,580
deposits.......
Service
Approved—-
Customers package
Earned surplus...
—
Public
3,560
State taxes.....
Total
a special dividend of 40 cents per share in
quarterly dividend of 25 cents per share on com¬
pany's capital stock, par $10, payable Dec. 23 to holders of record Dec. 9.
A special dividend of 40 cents was paid on Dec. 24, 1937 and 1936; 25 cents
was paid on Dec. 24, 1935; one of 10 cents on Dec. 27, 1934, and a special
distribution of 20 cents per share was made on Dec. 27, 1933.—V. 146/
p. 925.
Res. for Federal &
426,379
Other assets
.
bonds.
Accrued Interest..
1,001,530
Interest..
Providence-Washington Insurance Co.—Special Div.—
1Q37
standing...
246,358
September sales this year were $158,974.
the first 10 months of 1938 ended
Braun, President.
period of 1937," Mr. Braun states.
"The present improvement is
expected to continue into the new year."—Y. 145, p. 3665.
Common stock...
Dlvs.
R.
addition to the regular
1938
Accounts payable.
15,838
—
increase over the
The directors have declared
Preferred stock.
Plant & franchises,
an
Total net sales of the company for
dividends.
1937
1938
October, 1938, net sales of the company, showed
upward trend, as compared with the downward trend experienced in the
Balance Sheet Oct. 31 {Incl. Tech Food Products Co.)
Assets—■
A.
150,406
Loss
or
In
like month of 1937 for the first time this year, totaling $173,117, an increase
of 49% over sales of $116,427 reported for October last year, according to
Represented by 121,002 shares pref. stock (no par) and 119,245 com¬
stock (no par).—V. 147, p. 1936.
regarding sale
of 8.737 shares of $5 preferred stock has been declared effective by the
Securities and Exchange Commission.
The shares of stock are to be
initially offered to the public at $91 each.
The order was subject to condition that the stock will not be sold at less
than $90 a share to the public.
The Commission also requested the com¬
pany to report not later than the tenth day of each month the number of
shares sold on each day of the time previous calendar month, together
with the price of such sales and the agent to whom the sales were made.
This data must be furnished until the sale of the proposed shares has been
completed,—V. 147, p. 3320.
mon
Pittsburgh Coal Co.—Tenders—
of Pittsburgh will until noon, Dec. 20, receive
bids for the sale to it of sufficient 20-year 6% s. f. debenture gold bonds
The
Union
Trust
Co.
dated Feb. 1, 1929, to exhaust the sum of $1,100,608 at prices not ex¬
ceeding 105 and accrued interest.—V. 147, p. 3468.
Pittsburgh Steel Co,—-Tenders—
The
Union
Trust
Co.
of Pittsburgh
will,
until noon Dec. 20, receive
f. debenture gold bonds
bids for the sale to it of sufficient 20-year 6% s.
1, 1928, to exhaust the sum of $250,136 at prices not ex¬
ceeding 103 and accrued interest.—V. 147, p. 3468.
dated
Feb.
Pittston
Co .—Modification to Readjustment Plan—
Department of Stock List of the New York Stock Exchange is in
receipt of notice from the company of proposed modifications to the plan
of readjustment approved by stockholders of the corporation at a special
meeting held on Oct. 10," 1938, which will provide that the authorized.capital
stock shall consist of 100,000 shares of class A stock (no par) convertible
in certain eventualities into 11 shares of common stock and»2,175,000 shares
of common stock (no par) instead of 100,000 shares of class A stock (no
par), and 1,075,100 shares of common stock (no par), the additional shares
of common stock to be used to satisfy the conversion rights to be accorded
the class A stock,—V. 147, p. 3320.
The
.
Postal Telegraph Land Lines System—Earnings—
1938—Month—1937
1938—10 Mos.—1937
$1,929,547 $17,441,641 $19,577,878
$1,834,638
113,984
1.146,673
1,300,824
120,637
171.366
1,577,773
1,527,776
156,154
& amortiza'n..
120.685
996,598
1,127,241
90,636
All other maintenance..
1,322,144
1,411,852
12,842,306
14,246,141Conducting operations..
40,947
443,198
468,954
47,665
Relief depts. & pensions.
All other gen. & miscell.
374,644
375,606
37,886
33,064
expenses
—
Period End. Oct. 31—
Tel. & cable oper. revs__
Repairs
Deprec.
Net
$64,338
5,000
85,536
revs.
Taxes assign, to oper—
Operating loss
Non-oper. income
Gross
Net deficit
p.
$60,449
50,000
875,632
$53,942
3,168
$865,183
29,253
$299,427
35,057
corporation, announced the election
Morrison
Secretary of the corporation.
It was also announced that the board of
directors of the corporation has been reduced from 14 to 5 members.
The retiring directors consist of presidents of the Public Utility operating
companies in the Standard Gas & Electric Co. system.
These companies
purchased Public Utility Engineering & Service Corp. in 1935 from Standard
Gas & Electric Co., and Public Utility Engineering & Service Corp. at that
time was reorganized as a mutually owned service company to provide en¬
gineering and other services to operating companies in the Standard Gas &
Electric Co. system on a cost basis.
reorganization of the board of directors of Public Utility Engineering
this time, Mr. Hagenah said, is on account of negotiations
now in progress for-the reacquisition of the service corporation by
Standard Gas & Electric Co. as a wholly owned subsidiary.
By such reacquisition it is believed Standard Gas & Electric Co. would be in a better
position to more fully comply with the spirit of the Public Utility Act of
The
& Service Corp. at
that
are
*^On
Oct. 5, 1938, the board of directors of Public Utility Engineering &
Service Corp. elected Mr, Hagenah as President to succeed Bernard W.
Lynch, who previously had been President of both Public Utility Engineer¬
ing & Service Corp. and Standard Gas & Electric Co.
At that time, it was
announced, this change was made as a result of the reorganization of
Standard Gas & Electric Co. under Section 77B of the Federal Bankruptcy
Act and Mr. Lynch remained as President of Standard Gas & Electric Co.
The Board of Directors of Public Utility Engineering & Service Corp.
now consists of Mr. Hagenah, Henry C. Cummins, Bernard F. Braheney,
Mr. Morrison and Mr. Uhlendorf.
All of the present directors, with the exception of Mr. Uhlendorf, were
formerly members
of the Board.
Mr. Uhlendorf has been executive
engineer and Mr. Morrison has been treasurer of the corporation, which
position he will retain.
Mr. Cummins and Mr. Braheney continue as
Vice-Presidents.—V. 147, p. 2254.
Puget Sound Power & Light Co. (&
8
12 Months Ended Oct. 31—
y
Balance after oper., maintenance
Subs.)-—Earnings
1938
_
_
a
1937
.-$15,796,236 $16,625,132
Operating revenues
x
$26,198
3,386
Corp.—New
>
William J. Hagenah, President of the
48,000
782,763
Service
&
Engineering
as
$531,336
6,803,590
Balance for dividends and surplus
x
Includes non-operating income (net),
y
7,178,911
1,487,969
and taxes
1,826,783
After appropriations for re¬
tirement reserve.—V. 147, p. 3026.
$22,812
248,705
$50,774
249,489
$835,930
2,511,039
$264,370
2,460,852
$271,517
deficit
Deduc'ns from gross inc.
147,
$32,827
4,000
82,769
Utility
of E. D. Uhlendorf as a Vice-President and director, and M. A.
telegraph & cable1
oper. revenues
Uncollectible oper.
-V.
Public
VVice-President, <fcc.—
$300,263
$3,346,969
$2,725,222
Puget Sound Pulp & Timber Co.
Period Ended Sept. 30, 1938—
3026.
Net loss after all charges
—V. 146, p.
608.
,
(& Subs.)—Earnings
3 Months
$15,437
9 Months
$69,434
3620
Financial
Pullman
Chronicle
San Diego
Co.—Earnings—
$4,762,935
4,032.598
Total revenues
Net
$730,337
revenue
$337,345
$6,134,462
$164,223
$186,779
136,736
158,353
$1,670,350
1,411,841
Net revenue
$27,487
$28,426
$258,509
$304,289
revenues
Total net
$757,824
372,202
Operating income
—V. 147, p. 3026.
$365,771
348,592
$6,392,971
3,672,623
$6,300,917
2,693,020
$385,622
revenue
Taxes accrued
$17,179
$2,720,348
Interest
Fund of Boston, organized to provide a balanced
reports total assets of $1,436,571 on Dec. 1, 1938,
value of $14.99 a share.
On Sept. 30, total assets were
$1,148,392, amounting to $14.14 a share.
Although the dollar value of
the Fund's investment in equities has increased during the last two months,
the proportion of the total in this class of investment decreased from 67%
on Sept. 30 to 58% on Dec. 1.
Trustees of the Fund have declared a year-end dividend of 35 cents a
share, payable Dec. 20, 1938 to beneficiaries of record at the close of
business Dec. 15.
Including this payment, total distributions for 1938 will
amount to 74 cents a share, equivalent to approximately 5% on the average
value of the shares.—V. 147, p. 3320.
program,
Red Indian Oil Co.—Dividend Resumed—
Directors have declared a dividend of three cents per share on the common
stock, par $1, payable Dec. 5 to holders of record Nov. 25.
This was the
first dividend paid on the common shares since Dec. 15, 1937 when an extra
dividend of three cents in addition to
a regular quarterly dividend of three
share was distributed.—V. 146, p. 2058.
Folding Machine Co.—To Resume Common Divs.—
Directors have declared a dividend of five cents per share on the common
stock, par $10, payable Dec. 28 to holders of record Dec. 15.
This will
be the first distribution to be made
1937 when
the
on
common
regular quarterly dividend of five
a
shares since Dec. 28,
cents per share was
paid.
—V. 147, P. 1352.
.Reed Drug Co.
Directors
Dec.
on
declared
dividend
a
of 25
cents
Reliable Stores
on Dec. 4 declared a year-end dividend of 50 cents
per share
the common stock, no par value, payable Dec. 22 to holders of record
This will be the first dividend paid since Dec. 20, 1937 when an
Directors
on
Dec. 15.
dividend of 25 cents per share in addition to a regular quarterly
dividend of 25 cents per share was distributed.—V. 147, p. 2403.
extra
x
Balanceafter operation, maintenance and taxes..
y
Balance for dividends and surplus
The directors have declared a, dividend of five cents per share on the
stock, payable Dec. 23 to holders of record Dec. 13.
Last previous
payment was 18 cents on Dec. 23, 1937 and an initial dividend of 13 cents
was paid on Dec. 23, 1936.—V. 146, p. 1415.
share
3169.
J.
Rochester Telephone
Period End. Oct. 31—
Operating revenues.
____
Uncollectible oper. rev.
734
„
1938
$183,465
239,600
$0.77
1937
$664,640
231,560
$2.87
1938—10 Mos.—1937
$4,281,748
$4,154,981
7,360
3,681
Operating revenues—
Operating expenses
$439,081
297,080
$431,303
299,999
$4,274,388
3,050,309
$4,151,300
2,963,740
Net oper. revenues...
$142,001
53,208
$131,304
52,849
$1,224,079
551,416
$88,793
63,086
$78,455
53,236
$672,663
422,532
Calder and Albert
3026.
The directors
common
stock,
have
declared
no par
value,
a
of 50
Gordon.—V.
147,
Exchange
on
($1 par)
Nov. 23, approved the listing of 220,000
common stock upon official notice of
issuance upon conversion by the holders of convertible
notes, making the
total amount applied for 800,000 shares.
On Nov. 11, 1938 company had outstanding demand
promissory notes
in the total face amount of approximately $2,057,000.
The holder of
these notes proposed to the
company that $770,000 of these notes be made
convertible into common stock at $3.50 per share,
being the approximate
market price of the stock at that date, the holder or holders of said notes to
the right to exercise this conversion
privilege at any time prior to
Nov. 14, 1939.
At
a
meeting of the directors held Nov. 11, 1938, resolutions
were
upon
the exercise of the conversion privilege, either in whole
part.
•<
This compares with 30 cents paid on Oct. 1, July 1 and April 1 last; $1
paid
Dec. 20, 1937; 60 cents paid on Oct. 1, 1937, and in each of the four
preceding quarters, and dividends of 30 cents per share paid quarterly
previously.
In addition the following extra dividends were paid: 30 cents
on July 1, 1936; 50 cents on Dec. 31, 1935, and $1
paid on Feb. 10,1934.^V. 146, p. 3968.
Resigns—
Carl F. Sturhahn, President and Chairman of the Board of this
company,
resigned as President, effective Dec. 30, 1938, but will continue as
This action had been contemplated
has
or
in
.
The holder of the demand
promissory notes informed the company that
he would dispose of the $770,000 convertible
promissory notes to a limited
number of persons and he has also agreed if this conversion
privilege is
granted, he will immediately make a further necessary loan to the company
of $110,000 and that, if requested, he will make further
advances of $320,000
seven
months.
Income Statement for the Nine Months Ended
Sept. 30, 1938
Sales of airplanes, parts, service and
licenses,
of goods sold,
$4,475,362; gross loss on sales
expenses.
—.
Net loss.
$3,607,213; cost
$868,150
295,863
j.
____
Net loss from operations.
Other income
„
_
$1,164,012
17,141
___
_
_____
.
_
—
-$1,146,872
40,347
—
_____
Total loss—
$1,187,219
*
Net loss for period.
per share on the
payable Dec. 20 to holders of record Dec. 10.
on
unani¬
mously adopted authorizing the delivery to this creditor of $770,000 of
demand notes carrying the conversion
privilege and authorizing the issu¬
ance of 220,000 shares of common stock to the holder or
holders of such
cents
Rossia Insurance Co. of America—President
H.
Contra to provision for loss deducted in
previous year and re¬
flected in above figures
Pay 50-cent Dividend—
dividend
for
Seversky Aircraft Corp.—Listing—Conversion of Notes—
The New York Curb
Income deductions
Ross Gear & Tool Co.—To
appropriations
.
additional unissued shares
$734,876
484,049
—V. 147, p.
After
S. Yarbrough, Jr., Assistant Treasurers and L. H. Couch and W. G.
Manning, Assistant Secretarys.
Executive Committee—Earle Bailie; Henry C. Breck; Bayard F. Pope;
Cyril J. C. Quinn; Francis F. Randolph and Eugene W. Stetson.
Advisory Committee in re—Union Securities Corp.-—Members—Bayard F.
Pope and Eugene W. Stetson.
$1,187,560
452,684
Net oper. income
Net income.
y
Blodgett, Tri-Continental Corp • Henry C. Breck, J. & W. Seligman & Co.;
Foreign Power Co., Inc.; John W. Castles,
Smith, Barney & Co.; Albert H. Gordon, Kidder, Peabody & Co.; Kenneth
J. Hanau, Alfred Jaretzki, Jr., Sullivan & Cromwell: Sumner T. Pike,
Case, Pomeroy & Co., Inc.; Bayard F. Pope, Marine Midland Trust Co.
of New York; Cyril J. C. Quinn, J. & W. Seligman &
Co.; Francis F.
Randolph, J. & W. Seligman & Co.; Eugene W. Stetson, Guaranty Trust
Co. of New York; and Robert V.White, The Lehigh Coal and
Navigation Co.
Officers—Earle Bailie, Chairman of the Board; Francis F. Randolph,
President; Thurston P. Blodgett and Arnold Smith, Vice-Presidents;
Paul Bartholet, Vice-President and Treasurer; Ben .-Fleming Sessel, VicePresident; Kenneth H. Chalmers, Secretary; William Renner and Edwin
Operating
Operating taxes
net.
Industries, Inc.—Personnel—
to $420,000 within the next
Corp.—Earnings—
1938—Month—1937
$439,815
$431,303
income,
3027.
p.
Curtis E. Calder, American &
notes
(H. H.) Robertson Co.—Earnings—
Shares capital stock...
non-operating
147,
The following is a list of officers and directors of this
company as of Dec. 7:
Board of Directors—Earle Bailie, J. & W. Seligman & Co.; Thurston P.
common
Earnings per
—V. 147, p.
Includes
x
retirement reserve.—V.
1937
$2,143,696
980,360
353,938
985,955
361,527
have
Remington Arms Co.—Five-cent1 Dividend—*
9 Months Ended Sept. 30—
Net profit after charges and taxes—
3470.
Savannah Electric & Power Co.—Earninqs—
%
1938
Operating revenues
1 $2,227,189
was
Corp.—Year-end Common Dividend—
p.
12 Months Ended Oct. 31—
share on the
A dividend of
common stock payable Dec. 21 to holders of record Dec. 15.
10 cents was paid on July 1, last, and a dividend of 35 cents per share
paid in December, 1937.—V. 147, P. 1938.
147,
'
P. 2547.
per
22
$1,356,837
Directors have declared a dividend of 45 cents per share on the common
stock, payable Dec. 24 to holders of record Dec. 14.
Dividends of 15 cents
per share were paid on Oct. 1 and on July 1, last.—V. 147, p. 1206.
Alternate Members—Curtis E.
(Del.)—Common Dividend—
1
6,418
$1,369,761
Before appropriation for retirement reserve.—V.
Selected
of securities on Nov. 30, 1938, was
equal to $226.81 per $100 of collateral trust bonds, $239.98 per share
pref. stock and $18.14 per share of common stock.
On Oct. 31, 1938, asset value of common stock was $18.54 a share and
on Nov. 30,1937, was $13.43 per share of common stock.—V. 147,
p. 3321.
$2,023,507
620,000
61,954
Crl5,306
4,063
Sangamo Electric Co.—Larger Dividend—•
Railway & Light Securities Co.—Asset Value—
Reece
funded debt
Net income...
The company reports net asset value
cents per
on
Other income deductions..
x
a net asset
...
Amortization of debt discount and expense
Other interest (net)
$3,607,897
The George Putnam
affording
$3,308,507
1,285,000
$2,033,231
620,000
61,954
Cr24,902
...
Gross income
(George) Putnam Fund of Boston—Assets Rise—Div.—
investment
$3,304,444
$3,378,231
1,345,000
„
operating revenue and other income...
Appropriation for retirement reserve
$1,760,982
1,456,693
Total
(net)
Net
x
Total expenses
1937
$8,146,815
4,842,372
$3,377,904
327
Net operating revenue
x
Other income
$5,996,628
operations:
Auxiliary
1938
$8,383,006
5,005,103
Operating revenues
Operating expenses, maintenance and taxes
$5,236,467 $49,691,724 $52,578,516
4,899.122
43,557,262
46,581,888
1938
10
Consolidated Gas & Electric Co.— Earnings
Year Ended Oct.31—
[Revenues and Expenses of Car and Auxiliary Operations]
1938—Month—1937
1938—10 Mos.-—1937
Period Ended Oct. 31—
Sleeping car operations:
Total expenses
Dec.
Balance Sheet
■
as at
Sept. 30, 1938
Assess—
Cash
Liabilities—
hand and In banks..
on
Accounts
859,131
$328,087
receivable
$134,744
54,129
*
Inventories
670,478
Other accounts receivable (net)
Fixed assets (net)
7,589
payable
$2,020,000
Accounts payable (trade)
Salaries and wages
36,326
92,895
Other current liabilities-,
483,666
Capital surplus
120,991
Earned
10,961
Capital stock
943,849
Intangible assets (net)
Deferred charges
Other assets
Notes
580,000
1,326,815
deficit.
—
1,627,103
.
24,448
______
Chairman of the board of directors.
by Mr. Sturhahn for
some
time, according to the announcement, but was
year of service with the Rossia
deferred until the completion or his 35th
organization
Bertram
on
N.
meeting on Dec. 22, board of directors of this company will be
increased by two new members, D. Crena de
Iongh, President of Nether¬
lands Trading Society, and de
Monchy, Manager of Holland America
Line.—V. 146, p. 3678.
Royal Typewriter Co., Inc. (& Subs.)—Earnings—
Quarters Ended Oct. 31—
Net
y
'
1938
1937
$392,848
x
$643,245
$2.15
Earnings per share
profit
$1.22
After depreciation, income taxes, &c.
stock (no par).—V.
y
On 268,618 shares of
1936
$705,673
$2.38
common
147, p. 2254.
Safety Car Heating & Lighting Co.—$1 Dividend—
The directors
have declared
a
dividend of $1 per share on the common
value, payable Dec. 23 to holders of record DeC. 9.
Like
paid on June 1, last and compares with $3.50 paid on Dec. 23,
1937; $2.50 paid on Oct. and on July 1, 1937; $1.50
paid on April 1, 1937;
no
Total
...$2,439,894
Shaler Co. (&
par
Subs.)—Earnings—
Earnings for § Months Ended June 30, 1938
Net income after all charges.
Earnings
Royal Dutch Co.—Directors—
At its
stock,
$2,439,895
—V. 147, p. 3470.
Nov. 22.
Carvalho, First Vice-President of the company, who has
been with the institution in an official
capacity for the past 30 years, has
been named to succeed Mr. Sturhahn as President.—V.
146, p. 1565.
x
Total.t
$36,031
$0 21
per share on 99,845 shares class B stock
—V. 146, p. 1259.
Sheep Creek Gold Mines, Ltd.—Extra Dividend—
The directors have declared
an extra dividend of one cent
per share in
a quarterly dividend of three cents
per share on the common
stock, both payable Jan. 14 to holders of record Dec. 31. Like amounts
were paid on July 15 and
April 13 last and previously regular quarterly
addition to
dividends of two cents per share were distributed.
dends of one cent
per share were paid
July 15, 1937.—V. 146, p. 3820.
on
In addition, extra divi¬
on Oct. 15 and
Jan. 15, 1938, and
Sheller Mfg. Corp.—Dividend Reduced—
■
*
Directors have declared a dividend of 7 H cents per share on the common
stock, par $1, payable Dec. 15 to holders of record Dec. 5.
Like amount
was paid on
April 1 last and quarterly dividend of 12 H cents was paid on
Dec. 22, 1937—V. 146, p. 3356.
amount was
an
extra
dividend of $1 per share in addition to a
on Oct. 1, 1936, and prior to this latter
Dec. 23 and
dividend
or
$1 paid on
payment, regular quar¬
terly dividends of $1 were paid.—V. 146, p. 3969.
Sales...
Stores in operation
—V. 147, p. 3169.
1938—4 Weeks—1937
Subs.)—Earnings—
1938—3 Mos.—1937
$10,292
1938—9 Mos.—1937
$42,292
$50,546
$17,442
Signal Oil & Gas Co. (& Subs.)—Earnings—
i938
Safeway Stores, Inc.—Sales—
Period End. Nov. 26—
Sherwood Swan & Co., Ltd. (&
Period End.
Sept. 30—
Net inc. before Fed. tax.
1938—48 Weeks—1937
$28,415,496 $28,587,845$337,879,479 $351,172,470
3,172
3,300
9 Months Ended Sept. 30—
Net income
Earns, per sh. on combined class A & class B shs__
x
On
18^,064
combined class A and B shares,
class A and B shares.—V.
145, p. 3830.
$604,448
,
y
1937
$710,848
x$3.21
y$3.81
On 186,775 combined
Volume
Financial
147
Sierra Pacific Power
_
Period End. Oct. 31—
1938—12 Mos.—1937
$1,829,140
689,531
107,214
250,800
$73,489
1,417
$66,841
1,242
$835,101
3,853
$781,596
3,991
$74,907
7,631
$68,083
7,742
$838,954
90,826
$785,587
94,401
$67,275
11,347
$60,342
10,900
$748,128
132,190
$691,186
129,453
$55,928
Non-oper. income (net).
Balance
Retirement accruals
Gross income
Int. & amortiza'n, &c._
income..
$49,442
$615,938
$561,732
that
210,000
237,811
209,613
396,550
Preferred dividends declared
Common dividends declared
—V. 147, p. 3322.
Silesian-American Coro.-—Collateral Delivered—
Guaranty Trust Co. of New York has notified the New York Stock
Exchange, as trustee under collateral trust indenture dated Aug. 1, 1926,
that it delivered $150,000 of Bergwerkagesellschaft Georg von Giesche's
Erben 8K% sinking fund mortgage gold bonds due Nov- 1, 1945 against
cash representing reimbursement for the sale of these bonds to the latter
corporation's sinking fund, leaving $2,400,000 of said bonds as collateral
under the indenture.—Y. 146, p. 3356.
Siscoe Gold Mines,
Ltd.—November Production—
production was $172,214 from total of 18,018
of $9.55.
This compares with
average recovery
when
recovery
average
November, 1937 when
Sonotone
was
Corp.—Earnings—
Earnings per share
—V. 147, p. 3470.
Soundview
$160,542
$0.20
Federal income taxes.
u.
common
on
1937
$166,327
$0.21
1938
9 Months Ended Sept. 30—
Pulp Co. (& Subs.)—Earnings—
1937
1938
10 Months Ended Oct. 31—
$413,365
Net income after all charges
$1,602,922
—V. 147, p.3322.
Telephone & Telegraph Co.-r-Earnings
Southern Bell
1938—10 Mos.—1937
1938—Month—1937
Period End. Oct. 31—
$5,322,731 $53,382,471 $52,002,631
$5,506,781
Operating revenues
230,602
18,834
199,204
Uncollectible oper. rev..
24,857
Operating revenues...
Operating expenses
$5,481,924
3,566,311
$5,303,897 $53,151,869 $51,803,427
3,563,758
34.898,919
34,386,571
Net oper. revenues...
$1,915,613
793,117
$1,740,139 $18,252,950 $17,416,856
666,682
7,386,490
6,564,786
$1,122,496
$1,073,457 $10,866,460 $10,852,070
856,700
8,463,306
8,261,021
Operating
taxes.
—V.
146,
p.
3972.
Commercial
Standard
Tobacco
Co.,
Inc.—Favors
Dissolution—
Coimsel for the Securities and Exchange Commission, after studying
plans for the reorganization of the company has recommended partial or
complete liquidation of assets as more desirable than reorganization.
The company's principal assets consist of 80*.610 shares of class B common
stock of the Axton-Fisher Tobacco Co., most of which is pledged to secure
Coxe that about one-haif
funds to meet debts, but
liquidation were decreed.
The company, they said, had no function except to hold the block of
Axton-Fisher stock and that this cost $25,000 a year in salaries and oper¬
ating expenses. Reorganization expenses, they said, would be about $90,000
plus commissions to underwriters of a plan.
SEC counsel also pointed out that because large blocks of Standard
Commercial's stock are held by groups which are seeking control of the
company it might be impossible to obtain the consent required under the
law to make any plan feasible.
Further, they said that of the four plans, the so-called Wertheim &
Co. plan, which calls for the issue of only common stock, seemed to them
more
benefits would accrue if complete
to be the best.
Judge Coxe indicated that he agreed that the all-common-stock plan
would
be best for stockholders.
He suggested that the proponents or the three
other plans make an effort to reduce their plans to a common-stock basis.
The Court adjourned the hearing until Dec. 19.—V. 147, p. 3028.
tons milled
$185,551 in
and with 220,141 tons in
ton was $12.—V. 147, p. 3322.
$10.11
average recovery per
Net profit after charges and
1937
$ 16,422
indebtedness approximating $800,000.
The SEC's lawyers suggested to Federal Judge
of the pledged shares be sold to obtain sufficient
68,729
Net oper. revenues
October
1938
$13,903
$1,970,746
735,893
115,586
284,167
Maintenance
November
Ltd.—Earnings—
30—
$171,800
74,023
8,235
22,700
$174,979
Taxes
indicating
6 Months Ended Sept.
Net loss before depreciation
7,553
25.208
Operating revenues
Operation...
Net
Standard Chemical Co.,
Co.—Earnings—
1938—Month—1937
3621
Chronicle
Standard Gas & Electric Co.—Files
Integration Plan—-
Bernard W. Lynch, President, announced Nov. 30 that the regular
monthly statements have been discontinued and that hereafter these re¬
ports will be made quarterly.
Mr. Lynch further states:
On Aug. 3 William O. Douglas, Chairman of the Securities and Exchange
Commission, addressed a letter to the President of the company, requesting
that the company present, not later than Dec. 1, 1938, suggestions, plans
and programs, even though tentative, looking toward compliance with
those sections of the Public Utility Act of 1935 which deal with geographical
integration and corporate simplification.
In accordance with this request,
under date of Nov. 26, 1938, we submitted our plans.
We were previously
advised the Commission intended to treat such plans in confidence and
without prior consultation with any holding company filing
plans, disclose their details.
Although they are necessarily tentative, they
are more comprehensive than a mere statement of intention.
We believe
our proposals can be made the basis for a definite plan or plans.
Since the election in July of the new board of directors, in accordance with
the plan of reorganization consummated in August, Georges F. Doriot,
a director,
has resigned and Victor Emanuel has been elected to fill the
vacancy.
The office of Chairman of the Board was created and Mr. Eman¬
uel was elected to that position.
Changes have also been made in certain
official positions and the following are now the officers of the company:
Victor Emanuel, Chairman; Bernard W. Lynch, President; A. 8. Cummins,
Vice-Pres. & Sec'y; G. W. Knourek, Treasurer; E. H. Niehoff, Asst. Sec.
would not,
and Asst. Treasurer.
Negotiations are now in progress for the reacquisition by Standard Gas
Electric Co. of Public Utility Engineering & Service Co. as a whollyAt the present time all of the stock of the latter cor¬
poration, which is the service company for the operating utility companies
of the Standard Gas & Electric Co. system, is owned by these operating
&
Net oper. income
Net income
873,722
—V. 147, p. 3170.
Southern California Telephone
Co.—Gain in Phones—
Company, during November, had a net gain of 4,517 telephones in
service, against a net gain of 5,183 during November, 1937. For 11 months
to Nov. 30, this year, net gain was 28,599 telephones, against 48,251
during the corresponding months of 1937.
Telephones in service, Nov. 30,
amounted to 697,914.—V. 147, p. 1049.
Southern
Ry.—Earnings—
—Fourth Week Of Nov.
1938
1937
Jan. 1 to Nov. 30
1938
1937
$2,933,014 $108,137,354 $121,783,513
$3,091,803
Gross earnings (est.)
—V. 147, p. 3471.
Southern Utilities Co.,
Ltd.—Foreign Utilities Exempted
protection of
and Exchange Commission has
Under certain restrictions which it felt were necessary for
the investors in this country, the Securities
granted exemption from various provisions of the Public Utility Holding
Company Act to Southern Utilities Co., Ltd. ,and Great Northern Gas Co.,
Ltd., operating respectively in Alberta and Ontario, Canada.
Both com¬
panies are subsidiaries of North Continent Utilities Corp., a registered
holding company.
The exemptions granted will in each instance expire Dec. 31, 1940,
without prejudice, however, to applications for extensions.
In granting
the exemptions the SEC announced:
"The question as to which of the provisions of the Act are not neces¬
sary for such purposes has been before this Commission in similar cases
and as we held in those cases that although few of the applicant's securities
large number of American
security holders who have made investments in the securities of the parent
organization have an interest in the soundness of the capital structure and
management of every foreign company in which any of the funds of that
company have been invested.
"However, as in those cases, the Commission feels that it was the puroutstanding in the hands of the public, the
{>ose of Section 3 (b) that such foreign
nvolved in this application shall largely
this Commission with respect to
subsidiary companies as the one
be freed from the jurisdiction of
such of their activities as are essentially
foreign in their ijature and effects.
"In granting Ian exemption from such provisions of the Act as
mission feels will accomplish this result, the regulatory powers of
the Com¬
the Com¬
mission with respect to further investment of funds in foreign enterprises
by the United States investors should be retained as should also jurisdiction
over other matters
which_would affect persons in the united States.
Directors
on
a dividend of $1 per share on the common
certificates, $1 par, payable Dec. 19 to holders of record
Nov. 30 declared
This compares with 60 cents paid on July 29 last and on Dec. 22
and Sept. 9, 1937.
Dec. 12.
,
a
meeting of the voting trustees held on Nov.
30, 1938, Fred J. Fisher
1938—Month—1937
1938—11 Mos.—1937
$6,152,643 $44,239,609 $49,562,312
30—
-
1938—9 Mos.—1937
1938—12 Mos.—1937
Operating revenues
.$65,189,911
Oper. exps., maint. & tax 36,107,407
Net oper.
$66,963,769 $88,368,372 $89,742,522
35,540,401 48,512,134 46,552,341.
revenue....$29,082,504 $31,423,368 $39,856,238
Dr40,426
249,143 Dr7,416
Other income (net)
& other .
income.......--.-$29,042,078 $31,672,511 $39,848,822
Approp. for retirement,
deprec'n & deple'n res.
7,786,448
7,912,098 10,599,584
Amortiz'n of contractual
capital expenditures._
27,750
27,750
37,000
of common stock,
become effective and has been
of the company's 1,275,658 shares
Square D Co.—Dividend
Doubled—
dividend of 30 cents per share on the common
$1, payable Dec. 23 to holders of record Dec. 13.
This com¬
pares with 15 cents paid in each of the three preceding quarters; $1.05 paid
on Dec. 24, 1937; 35 cents paid on
Sept. 30 and on June 30, 1937, and a
dividend of 25 cents per share paid on March 31, 1937.—Y. 147, p. 2705.
Directors have declared a
(E.
427,937
$43,618,118
10,700,274
_
$21,227,880 $23,732,663 $29,212,238
Rents for lease of prop's.
306.307
306,240
408,410
Int. on funded debt
8,182,722
8,205,502
10,913,319
Amort, of dt.disc.&exp.
985,671
996,219
1,323,205
Other interest
209,862
96,125
286,154
Divs! on pref. cap. stock
guaranteed by sub. cd.
51,894
51,894
69,192
Approp. for special res've
375,000
375,000
500,000
Gross income
—
37,000
$32,880,844
408,273
11,039,687
1,347,129
133,462
69,192
500,000
Fed. & State tax on int.
on
203,873
of flood &
312,500
293,472
125,000
138,697
217,286
122,720
265,408
Crl88,684
(CY94,104
,0261,073
0111,808
-..$10,696,449 $13,329,435 $15,114,179
stocks
$18,937,740
8,948,178
constr'n...
Balance
280,944
125,000
re-
habilitation expense..
Other income deductions
Divs. on capital
held by public
218,632
187,500
funded debt.
Amortiz.
.
7,112,908
7,006,643
9,045,447
45,174
175,439
113,343
557,531
$3,538,367
-$6,147,353
$5,955,389
$9,432,031
301,538
301,538
402,051
402,Ool
38,875
314,457
144,655
420,238
$3,878,780
$6,763,348
$6,502,095
10,254,320
Minority int. in undist,
^
„
•
Bal. of inc. of sub. pub.
util.
cos.
applic. to
S. G. & E. Co
S.G.&E.Co.:
Divs. from non-affiliated companies.___
Int. on indebtedness of
Other inc. of
$5,653,273
$2, oh the Chicago Stock Excnange has
trading.—V. 147, p. 3028.
par
R.) Squibb &
The directors have
$43,190,181
Net oper. rev.
affiliates
Total
Expenses and taxes of
S.G.&E.Co
181,438
187,832
246,179
254,775
$3,697,342
3,314,228
55,510
$6,575,516
3,314,228
63,813
$6,255,916
4,418,970
77,128
-$9,999,545
4,418,970
51,621
50,393
130,970
52,417
160,254
71,039
184,388
72,4o3
213,671
admitted to
stock,
"
Subsidiary Public
Utility Cos.
Trading—
The registration
par
Period End. Sept. 30—
director of the Sperry
Spiegel, Inc.—Sales—
Period Ended Nov.
»•.
(Exclusive of Deep Rock Oil Corp., debtor under Section 77-B of the
Bankruptcy Act, and Beaver Valley Traction Co., in receivership, and
Pittsburgh Rys. Co., debtor under Section 77-B of the Bankruptcy Act
(subsidiaries of Philadelphia Co.), and subsidiaries and affiliates of such cos.J
fill the vacancy created by the
Lindsey Hopkins.
Mr. Fisher has been a
Corp. since July 22,1937.—V. 147, p. 1504.
death of
Sales
surplus account,
(Including Subsidiaries)
r
of Detroit was elected a voting trustee to
Admitted to
surplus, amounting to $111,173,241. and $8,826,758 from
to an account to be known as "reserve for investments."
net income..
New Trustee—
At
Co.
Int. chgd. to
Dividend—
Sperry Corp.— To Pay $1
stock voting trust
By such reacquisition it is believed Standard Gas & Electric
would be in a better position to comply with the spirit of the Public
Utility Act of 1935.
On Oct. 5, 1938, directors of Public Utility Engineer¬
ing & Service Corp. elected William J. Hagenah as President, succeeding
Bernard W. Lynch, who previously had been President of both Public
Utility Engineering & Service Corp. and Standard Gas & Electric Co.
This change is a result of the reorganization of Standard Gas & Electric
Co. under Section 77-B of the Federal Bankruptcy Act.
Pursuant to the plan of reorganization, directors authorized the creation
of a reserve in the amount of $120,000,000 by transferring the item of capital
companies.
Consolidated Income Statement
by SEC—Commission Simplifies Provisions Under the Holding
Act for Two Canadian Concerns—
*
•
are
owned subsidiary.
Sons—Dividends—
declared
a
stock dividend of 1-100th of a share of $6
cumulative first preferred stock for each share of common stock held and
a cash dividend of 50 cents per share, both payable Dec. 24 to holders of
record Dec. 15.
Similar stock dividend was paid on Dec. 27, 1937.
A
cash dividend of 50 cents was paid on Dec. 24, 1936, and on Dec. 1, 1936.—
—V. 146, p. 122.
Consol, net income.
Int. on funded debt
x
Other
interest
Fed. & State tax on int.
on funded debt
Amort, of dt. dis.
exp.
Consol. net income
x
$146,241
$2,984,804 y$l,504,391 y$5,242,830
Before'Seduction of income charges of
Standard Gas & Electric Co.
For the 12 months ended Sept. 30. 1938, includes approximately
$699,000 of undistributed earnings of subsidiary companies applicable to
capital stocks held by Standard Gas & Electric Co.
Of this amount,
approximately $563,000 is not available for distribution to 8. G. & E. Co.
in the form of dividends on common stocks of certain of the subsidiary
y
i
I
3622
19365
Financial
Chronicle
companies due principally to accumulation of dividends on preferred stocks
In prior periods and to the retention of surplus for other purposes.
Com¬
parable amounts for the 12 months ended Sept. 30, 1937, are approximately
S3,292,000 and $1,237,000, respectively.
The undistributed income of
Philadelphia Co. and subsidiaries does not include deficit of Pittsburgh
Hys. Co. and subsidiary and affiliated companies.
Notes—For comparative purposes the above figures have been revised to
give effect to elimination of Pittsburgh Rys. Co. and subsidiary and affili¬
ated companies and to reflect certain changes in classification due to the
uniform system of accounts which became effective Jan. 1, 1937. and the
uniform
system of accounts for public utility holding companies as
mulgated by the Securities and .Exchange Commission.
Statement
Period End. Sept. 30—
Dividends
from
public
utility affiliates
$3,298,254
on
$5,125,936
402,051
97,969
130.625
130,625
funded debt
314,457
144,655
interest
Fed. & State tax
on
:
on
sums:
,
$5,079,609
187,832
$5,803,267
246,179
$6,962,218
254,775
$4,891,777
3,314,228
63,813
$5,557,038
4,418,970
77,128
$6,707,443
4,418,970
51,621
int.
funded debt
50,393
52,417
71,039
72,453
130,970
160,254
184,388
213,671
$4,097
$1,301,065
$805,563
$1,950,728
Amort, of debt discount
and expense
Net
,.
income.
when $2,000,000 series A
Weekly Output—
or $5 per share thereafter to an incl. Dec.
31', 1940; or $7 per share there¬
after to and incl. Dec. 31, 1942; or $9
per share to and Incl. Dec. 31, 1944.
The warrants will expire Dec. 31, 1944.—V. 147, p. 3471.
Special Meeting—
Sunshine Mining Co.-—To Pay 40-cent Dividend—
A
special meeting of common stockholders has been called for Dec. 13
a director to succeed George F. Doriot, who
resigned Oct^5. Victor
Emanuel, President of Standard Power & Light Corp., whietnowns ap¬
proximately 53% of the outstanding common stock of Standard Gas &
Electric Co., Is expected to succeed him.
Succession of Mr. Emanuel is
anticipated because, as pointed out in the notice of the shareholders' meet¬
ing, Standard Gas & Electric common stock owned by Standard Power &
Light Corp. is expected to be voted for Mr. Emanuel.
He now fills the
vacancy caused by the resignation of Mr. Doriot whose actual term was
not to have expired until May 17, next.
Directors have declared a dividend of 40 cents per share on the common
stock, payable Dec. 24 to holders of record Dec. 10.
Dividends of 60 cents
were paid in each of the three
preceding quarters and previously regular
to elect
2 will
quarterly dividends of 75
Directors have declared
common
Corp.- -Earning
3 Months
$7,423
Joseph Rubin
x
common
stock,
y
1937
$121,392
y$0.97
x$0.38
-
On 125,000 shs. of
common
stock.
3204.
$5 per share.
time to April 1, 1942.—V. 147, p. 3172.
The option is exercisable
Thayers, Ltd.—Accumulated Dividend—
Directors have declared a dividend of $3.50 per share on account of
accumulations on the $3.50 first preferred stock, no par value,
payable
Jan. 1 to hold ere of record Dec. 20.
A like amount was paid on Jan. 1,
1938; one of $2.50 was paid on Jan. 2, 1937 and a regular semi-annual
dividend of $1.75 per share was distributed on Jan. 2,1936.-—-V. 145,
p. 3984.
Thew Shovel Co.—50-cent Common Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Dec. 20 to holders of record Dec. 10.
Like amount was
last paid on Dec. 23, 1937; a dividend of $2 was paid on Aug. 25,
1937, and
one of 50 cents per share was distributed on Dec.
15, 1936, this last being
the first payment made on the common shares since Dec. 15. 1931.—V.
147,
In¬
P.
1355.
also redeemable
in part, at option of corporation, at
any time on same notice
and at same price.
Each series A debenture share is convertible until five
days prior to redemption date if called for redemption
by registered owner
into common stock of corporation at
Thompson Products, Inc.—Dividends Resumed—
or
following prLes. To and incl. Dec. 31,
1939 at rate of $4 per share of common stock;
thereafter, to and incl. Dec.
31, 1940 at rate or $5 per share of common
stock; thereafter to and incl.
Dec. 31,
942 at rate of $7 par share of common
Directors have declared
a dividend or 25 cents per share on the common
value, payable Dec. 27 to holders of record Dec. 15.
This
paid on Dec. 23, 1937; 50 cents paid
on Oct. 1 and on
July 1, 1937 and a dividend of 40 cents paid on April 1.
1937.—V. 147, p. 3172.
stock,
no
par
compares with a dividend of 30 cents
stock; and thereafter at
rate of $9
par share of cam uon stock, the debenture shares
being valued
$25 per debenture share (tin principal amount
thereof) for purpose of
such computations.
Marine Midland Trust Co., trustee.
at
Corporation—Corporation, through its wholly owned subsidiary, Sunray
Oil Co., is engaged primarily in the
production of crude oil and natura, gas.
It is also engaged in
refining,
transporting, distributing and marketing
by-products thereof.
crude oil and natural gas and certain
Sunray Oil Oo.'s principal
producing oil operations
are located in Okla¬
homa, Texas, Kansas and California.
It has a refinery, a bultc station and a service
station at Allen, Okla.
It
also has two service stations at
Tulsa, Okla. The major part of its refinery
output is sold at wholesale in bulk.
There is no present intention of ex¬
tending retail activities.
It also has an interest in a natural gasoline
nlant
located in the K. M. A. oil field of Wichita
County, Texas.
Capital! zition—Consolidated capitalization of corporation and subsidiary.
Sunray Oil Co., at Aug. 31, 1938, was:
Funded Indebtedness—
Sunray Oil Co. 4% 1st mtge. installment
1938 payable $57,142.86
on
Outstanding
notes dated
20th of each
month
April
until
on March 20, 1941
x$2,214,286
Oil Corp. 5t^% cumulative convertible preferred
($50 par)
40,500 shs.
Sunray Oil Corp. common stock ($1 par)
y2,007,076 shs.
x Not less than
$600 of each $1,000 of the net proceeds of the sale of the
Sunray
Timken-Detroit Axle Co.—To Pay 50-cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
Dec. 20 to holders of record Dec. 10.
This compares with
$1 paid on Dec. 24, 1937; 50 cents paid on Sept. 20, 1937; a
quarterly divident of 25 cents and an extra of $1.25 paid on Dec.
21,1936, and a quarterly
dividend of 25 cents in addition to an extra dividend of 25 cents
paid on
Sept. 21, 1936, these latter being the first dividends paid since April 1,
stock payable
1931 when
series A debenture shares will paid in reduction of these notes
until paid.
Reduced to $2,100,000 as of Nov. 10, 1938.
y Includes 903 shares reserved
for exchange for stock of
merged companies still outstanding and unex¬
changed.
Purpose—No specific allocation of the net proceeds to be derived from
the sale of these $4,000,000 series A debenture shares has been
or can
be
made except that not less than $600 out of each
$1,000 of net proceeds will
be used to pay and reduce the 4% first
mortgage installment notes of Sunray
Oil Co. guaranteed by the corporation.
The balance of the net proceeds
will be added to the working capital of the
corporation and used in making
available to its subsidiary additional funds.
Corporation intends that such
funds be used in the aciuisition and development of crude oil
reserves, for
capital expenditures and for financing inventories and receivables, and for
such other purposes as the board of directors
may determine to be in the
interests of the corporation.
Corporation reserves the right to change the
purposes for which said balance of proceeds may be used.
a
payment of 20 cents per share was made.—-V. 147, p. 1647.
Tivoli Brewing Co
.—Earnings—
,
Period End. Sept. 30—
Net income
1938—3 Mos—1937
x$86,377
y$l54.035
1938—9 Mos.—1937
x$218,643
y$358,980
Before Federal taxes,
y After Federal taxes, equal to $0.25 cents per
share for the three months and $0.59 for nine months.—V.
147, p. 1940.
x
Toledo Edison
Co.—Definitive Bonds Ready;—
The Chase National Bank announced that definitive first
mortgage bonds,
are now available for delivery in
exchange for the temporary bonds at its corporate trust department, 11
Broad St.—V. 147,
p. 3324.
3H% series due 1968, due July 1, 1968,
stock
p.
of common stock, $25 par value, at
any
in line
Sunray Oil Corp.—Debentures Offered—John J. Bergen
Co., Ltd., and Burr & Co., Inc., offered on Dec. 0
$4,000,000 5% interest-bearing convertible sinking fund
debenture shares, series A (a corporate contractual
obligation
of indebtedness without fixed
maturity).
Price 100% ($25
per series A debenture share) and accrued interest.
Feb. 20, 1941. and balance
146,
-
(John R.) Thompson Co.—Options Granted—
&
1,
share
This company has notified the New York Stock Exchange that an
option
has been granted to Paul Moore as of Oct. 1, 1938, to
purchase 5,000 shares
147, p. 3323.
are
per
On 150,000 shs. of
—V,
8.942
They
1938
$57,723
-
.----.7,942
maturity.
'
Co.—Earnings—
9 Months Ended Sept. 30—
Net income
Earnings
-.5,018
6,830
Dated Nov. 1, 1938; retirement:
by operation of the sinking fund.
have declared a dividend of 80 cents per share on the
stock, payable Dec. 15 to holders of record Dec. 7.
This com¬
last; 80 cents paid on Dec. 15, 1937,
share paid on June 15,1937.—V. 147,
Tecumseh Products
...1,876
5,386
terest payable M & N 1 in each year.
Registered as to principal and interest.
Series A debenture shares are redeemable at 105 of the
principal amount on
any int. date on 60 days' notice through operation of
sinking fund provided
for their retirement in Jfeu of a fixed
directors
1646.
p.
are
Exchange of the election
director.—Y. 147, p. 3323.
pares with 20 cents paid on Sept. 15
and an initial dividend of 20 cents
per
Studebaker Corp,—Sales—
Mr. Hoffman reports that retail deliveries of the
1939 models
with purchases so that dealer stocks remain below
normal.—V.
as a
Tapoan Stove Co.—To Pay 80-cent Dividend—The
common
Sales were up 36% in November,
according to statistics released on Dec. 8
by Paul G. Hoffman, President of the corporation.
Mr. Hoffman reported
the sale of 8,830 cars and trucks last month
compared with 5,018 in No¬
vember, 1937.
This brings sales for the year to date to 47,612
compared
with 86,755 for the first 11 months of 1937.
November sales by Stude¬
baker during recent years follow:
1938-
America, Inc.—Director—
The company has notified the New York Stock
of
1934..
1935...'
on acquisi¬
McConway & Torely Corp. has been adjourned until Dec. 21.—
Sweets Co. of
$9,969
$0.08
$0.06
Company is inviting tenders for 2,000 shares of 7% preferred stock at
price not exceeding $105 and all accumulated, accrued and unpaid dividends
as
of Dec. 31, 1938.
Tenders must be submitted to Girard Trust Co..
Philadelphia, by noon, Dec. 16.—V. 146, p. 2549.
whole
initial dividend of 10 cents per share on the
16.—V. 147,
an
stock, payaole Dec. 28 to holders of record Dec.
V. 147, p.3172.
9 Months
Strawbridge & Clothier—Tenders—
as a
3323.
Symington-Gould Com.—Meeting Adjourned—
—V.
1932.
1933..-....-
p.
The special meeting of stockholders called for Nov. 30 to vote
tion of
Earnings per share..
146, p. 1729.
share were distributed.—V. 147,
2706.
P.
be entitled to vote at the
Period Ended Sept. 30, 1938—
Net income after all charges
cents per
Superior Oil Corp.—Initial Dividend—
meeting, according to notice to them.—V. 147, p. 3471.
6,117
.1,975
...2,499
1,583
-.-.1,084
war¬
purchase an additional 50,000 shares of such common stock when
additional $2,000,000 of the series A debenture shares shall have been
sold.
Each warrant will evidence the right of the holder to purchase 100
shares of such common stock at $4 per share on or before Dec. 31, 1939;
an
Electric output of the public utility operating companies in the Standard
and Electric Co. system for the week ended Dec. 3,
1938, totaled
112,503,4/1 kilowatt-hours, an increase of 4.9% compared with the cor¬
responding week last year.
Common stockholders of record Dec.
debenture shares shall have been sold; and
rants to
Gas
Standard Silica
,
series of debenture shares may be issued
certain conditions stated in the indenture, provided that not more
$9,000,000 principal amount shall at any one time be outstanding.
The debenture shares are not to be secured by any lien; but they.are to have
the benefit of a covenant by the corporation not to create any mortgage,
pledge or lien upon its assets or the assets of any subsidiary, unless the
debenture shares are secured equally and ratably with the indebtedness so
so secured, with certain stated
exceptions. The indentures will also contain
certain limitations upon the power of the corporation and its subsidiaries
to Incur indebtedness or to create certain mortgages, pledges or other liens
on their properties.
Tax Refund—Certain provisions are made for tax refunds to residents of
the States of California, Massachusetts and Pennsylvania.
Warrants—Corporation has agreed to issue to the principal underwriter
warrants to purchase 50,000 shares of unissued common stock ($1 par),
upon
than
429,238
$3,736,636
181,438
193208 19367
Other
funded debt and income
on
funded debt and income taxes.
operation during the past three years there
to be paid into it approximately the following
1935, $152,000; 1936, $189,000; 1937, $358,000; 1938 (to Aug. 31),
$214,000.
$6,009,304
402,051
$3,555,198
3,314,228
55,510
__
Gross income
Int.
$4,365,645
301,538
38,875
Expenses and taxes—
depletion, interest
on
50,182
35,104
72,834
653,455
1,113,654
683.633
Net
Income
$341,713
511,942
905,849
502,898
debenture shares.
Had the sinking fund been in
of
..
depreciation,
b Before interest
Income
Taxes
$18,116
91,330
172,700
107,900
Interest on
b Income Fund.Debt
$447,163
$87,333
Debenture Shares—Additional
affiliates
Total
Deprec. &
Depletion
Sinking Fund—A sinking fund to purchase or redeem series A debenture
shares is provided based substantially on 10% of the sale price of crude oil
and natural gas produced or under certain conditions, 7H % of outstanding
1938—12 Mos.—1937
97.969
indebtedness
on
Before
a
taxes,
pro¬
301,538
affiliate
Int.
Income
1938
10,
Ilesults of Operations
would have been required
Dividends from others.>
Interest on funded debt
of
a
$999,217 $552,054
1,363,494
710,039
19372,242,826 1,129,172
1938(8 mos.) 1,388,310
704,677
of Income (Company Only)
1938—9 Mos.—1937
Dec.
Condensed Statement of
Transamerica Corp.—Disputes SEC Charqes—
The following communication
Dec. 1, to stockholders of the
from
the
board
of directors
was
mailed
corporation;
You have
undoubtedly been informed that the Securities and Exchange
Commission will conduct a public hearing in Washington, D.
C., on Jan. 16,
to
determine whether the registration of the
capital stock of the corporation
on New
York, San Francisco and Los Angeles Stock Exchanges should be
suspended or withdrawn because of certain statements, claimed to be "false
and
misleading," contained in
the application for registration filed
pur¬
Exchange Act of 1934.
study of the items contained in the order for hearing has con¬
suant to the requirements of the Securities and
A careful
vinced your board of directors that at least 14 out of the 18 items on
which
the order is based relate
entirely to accounting practices.
The science of
accounting is not
an exact science.
The accountants of the Commission
own ideas as to what constitutes
good accounting practices and
have many other equally
reputable certified public accountants.
Out annual reports, ever since the
inception of the corporation, and the
financial statements (other than bank and insurance company
statements)
contained in the application for registration, have been certified
have their
so
by
a
Volume
Financial
147
nationally known firm of independent certified public accountants, while
the statements of banks and insurance
companies were taken from the
reports filled with the Comptroller of the Currency, the Superintendent of
Banks, and the Commissioners of Insurance.
These differences of opinion as to accounting practices, disclosed for the
time by this order for hearing, have no bearing upon nor do they
materially affect the intrinsic value of the capital stock of your corporation.
It is, to say the least, unfortunate that the SEC, before calling for a
public hearing, did not give us an opportunity to compose these differences
fust
of
opinion.
3623
Chronicle
The option tofMacBride, Miller
&|Co., Inc., is to be represented by the
registered in the registration statement.
These warrants are to
concurrently with the sale of the 150,000 shares of common stock
to the public at the rate of an
option to purchase one share of such common
stock for every three shares of such common stock sold to the public.
The
warrants
be issued
warrants are to be issued in
varying multiples aggregating the right to pur¬
more than 50,000 shares.
The price at which the warrants may
£ exercised is $2.50 per share up to the expiration of one year from the
effective date of the registration statement, and $3 per share up to the
expiration of three years from the effective date of the registration statement
chase not
Yoy may rest assured that your board of directors will take the necessary
steps to protect your interests, and we urge you not to allow yourselves to
Account Years Ended July
1938
1937
be influenced by this action on the part of the Commission to the extent
of sacrificing your holdings at prices substantially below real values.
We
can
assure
you
that your corporation has had a prosperous year
and that
ts
regular dividend will be amply earned.
Your board of directors is confident that after a full and impartial hearing
none of the statements contained in the application for registration will be
found to have been either false or misleading.
Three of the four items in the order for hearing which do not come under
accounting practices deal with the interpretation of the regulations of the
Commission and have no material significance.
The other item, however,
demands
a more detailed statement.
We refer to the item which suggests
that the corporation has failed to make complete disclosure as to the com¬
pensation paid to Mr. A. P. Giannini for the years 1932 to 1936 inclusive.
The corporation stated in its application for registration, as it has on more
than one occasion stated to its stockholders, that the annual compen¬
sation
paid to Mr. Giannini was at the rate of SI for each year since 1932
of the corporation by the over¬
Your board of directors stand upon
whelming vote of the stockholders.
that statement; any statement to the contrary would have been untrue.
In July, 1935 the directors of Transamerica Corp. recommended to the
board of Bank of America N. T. & S. A., which bank was at that time
when he was returned to the management
practically a wholly owned subsidiary of Transamerica Corp., that a reason¬
able salary be voted to Mr. Giannini for his valuable services to the in¬
stitution.
In Jan., 1938 the directors of Transamerica Corp. voted an
expense allowance to Mr. Giannini.
In both cases he declined to accept
any compensation or expense allowance whatsoever.
Your board of directors deeply appreciates the services rendered and the
personal sacrifices made by A. P. Giannini for the corporation since his
resumption of the management of its affairs in 1932.
He has given un¬
sparingly of his time and energy to restore the corporation to the position
of prominence which
it now occupies.
Your board is pleased to take this
opportunity to express its continued confidence in Mr. Giannini and is the
the success of the corporation under his management.—V. 147, p. 3472.
$1,191,550
31
1935
1936
$551,813
$895,034
$1,120,988
Returns, allowances and
discounts
98,609
12.4,148
91,524
92,692
Net sales
$1,092,941
$996,839
$803,510
$459,121
415,629
Cost of goods sold
(incl.
depreciation)
865,530
785,194
626,584
Selling, general and adm.
expenses, &c
128,940
143,324
114,370
71,215
Gross profit.
Other income..
$98,471
3,077
$68,320
4,327
$62,555
3,704
loss$27.724
1,292
$101,548
$72,647
20,513
$66,259
18,017
loss$26,431
12,546
Income deductions.
17,911
Prov. for Fed. and State
income taxes
Dividends declared.
19,231
8,560
7,924
$64,406
22,405
Net income
$43,573
40,720
$40,318
def$38,978
Comparative Balance Sheet
Assets—
Liabilities—
July 31 '38 Mar .31,''38
July 31,'38 Mar. 31, '3
Cash
$16
180
$40,416
Notes payable, &c.
Notes Ac. receiv..
167 050
336.492
Accrued liabs
Inventories
217 350
306,203
Dividends payable
3 008
1,925
Prov. for Fed. and
Notes, &c. empL.
4 712
5,267
Fixed assets (net).
174 135
174,987
32 361
26,903
40,625
15,528
6,878
Common stock....
7,882
6% preferred stock
19,723
$480,586
30.478
Other Investment.
$139,945
Intangibles
...
Deferred charges..
38 ,125
19,231
State inc. taxes.
Due to officers
1,362
41,515
200,000
119,100
275,502
Capital surplus....
95,640
Earned
43,733
surplus...
46,832
Transcontinental & Western Air, Inc.—Neti> Chairman
Election of T.
B. Wilson
as
announced by Jack Frye, President of the company,
of the Board of Directors oh Npv. 29.
following
a
meeting
Frye stated that Mr. Wilson will fill the vacancy caused by
resignation some time ago of Mr. Henry Dupont.—V. 147, p. 3324.
Mr.
Tri-Continental
The following
is
a
Total
Chairman of the board and a director was
-V.
list of officers and directors of this company as
of
M
Directors—Earle Bailie, J. & W. Seligman & Co.; Thurston P.
Blodgett, Tri-Continental Corp.; Henry C. Breck, J. & W. Seligman
& Co.; John W. Castles, Smith, Barney & Co.; Otis A. Glazebrook Jr.,
G. M.-P. Murphy & Co.; Kenneth J. Hanau; David H. McAlpin, Clark,
Dodge & Co.; Carl W. Painter, Cravath, deGersdorff, Swaine & Wood;
Cyril J. C, Quinn, J. & W. Seligman & Co.; Francis F. Randolph, J. & W.
Seligman & Co.; John R. Simpson, Fiduciary Trust Co. of New York;
Arthur F. White, Dominion
Securities Corp., Ltd.; Robert W. White,
Lehigh Coal & Navigation Co., and Albert H. Wiggin.
Officers—Earle Bailie, Chairman of the Board; Francis F. Randolph,
President;
Henry C. Breck, Cyril J. 0. Quinn, Thurston P. Blodgett,
Ragnar D. Naess, Arnold Smith, and Harrison Fuller, Vice-Presidents;
Paul Bartholet Vice-President & Treasurer; Kenneth H. Chalmers, Secre¬
tary; William Renner and Edwin S. Yarborough Jr., Assistant Treasurers;
L. II. Couch and W. G. Manning, Assistant Secretaries.
Executive Committee—Earle Bailie,
Henry C. Breck, Cyril J. C. Quinn,
Randolph.
Advisory Committee in re Union Securities Corp.—Otis A.
147, p. 2549.
After
count
Twentieth
per
share.
Net proceeds of the issue will be used for ad¬
capital.
Transfer Agent, Continental Bank
Chase National Bank, New York.
Company has
& Trukt Co., New York.
agreed to apply for listing
on a
Registrar,
recognized national securi¬
Century-Fox
Film
Corp.—Bank Liquidates
Securities and Exchange
The Chase National Bank has reported to the
1938, it sold from its holdings of stocks
Century-Fox Film Corp., 50,200 shares of common and
10,000 shares of preferred.
For the most part these sales were made in
private transactions abroad.
It is the bank's policy to reduce gradually its holdings of stocks (acquired
in readjustment of loans) which It is not legally permitted to retain in
portfolio indefinitely.
As occasion arises in the future the bank may sell
Commission that during October,
in the Twentieth
additional amounts from its holdings.
As of Nov. 1, 1938, the Chase National Bank owned
Twentieth Century-Fox Film Corp. common stock and
the
287,168 shares of
671,915 shares of
corporation's preferred stock.
To Distribute Gaumont-British Pictures—
.
Dec. 8 with Gaumont-British Pictures,
Century-Fox will take over the distribution of all Gaumont
pictures in the United States beginning Dec. 12.
Announcement of the arrangement was made jointly by Sidney R. Kent,
President of Twentieth Century-Fox, and Arthur Lee, Vice-President of
Gaumont-British of America, who stated that the deal was in the interests
In
ditional working
on
y$149,015
Part of Holdings—
Glazebrook Jr.
Triumph Explosives, Inc.—Stock Sold—Whitney-Phoenix
Co., Inc., and MacBride, Miller & Co., Inc., announce the
sale of 150,000 shares (par $2) of common stock at $2.50
1935
1936
1937
$181,562
$51,088
Federal income taxes.—V. 147, p. 3472.
and Francis F.
and Kenneth J. Hanau.—V;
(& Subs.)—Earnings—
1938
y$36,249
depreciation, depletion, interest, taxes, &c.
y Exclusive of dis¬
debentures purchased for sinking fund requirements and before
Net profit
x
$911,910
$652,922 '
Total.
2549.
p.
3 Mos. End. Oct. 31—
Corp.—Personnel—
'
147.
$911,910
Truax-Traer Coal Co.
the
x
Dec. 7:
Board of
$652,922
an
arrangement concluded
Twentieth
of economy.
"We have handled the physical distribution of Gaumont-British for sev¬
eral years in this country," said Mr. Kent.
"Naturally, there has been
considerable duplication of costs in this arrangement, so under the new
,
'
plan we will be able to make several
and ourselves."—V. 147, p. 3028.
of the principal underwriter.
Company was incorporated in Maryland, Aug. 15, 1933, under the name
of Triumph Fusee & Fireworks Co.
Name changed to present title March 3,
1938.
The plant and principal executive office of the company is located in
Sales
Cecil County, Md.
—V.
economies both for Gaumont-British
ties exchange upon request
Company is the successor to a business which was started by Josef
Decker and W. L. Kann in the early part of 1933 as a partnership.
In
July of 1933 approximately five acres of land were purchased a short distance
Elkton and the building of a factory was
commenced.
In Aug.., 1933, after the company was incorporated, it took
over the the assets of the predecessor partnership.
At its inception the company was engaged primarily in the manufacture
and sale of toy firework and novelty items for use in connection with 4th
of Juiy celebrations in the North and Christmas celebrations in the South.
Practicady all of the company's business the first year was of this type.
Toward the end of the first year the company began developing fusees
and track torpedoes for railway use.
This portion of the company's busi¬
ness has developed into a substantial volume and is a profitable part of its
business.
.
in business it was offered
uncompleted contract for aircraft float lights, a large number of which
purchased annually by the U. S. Navy. Company not only successfully
completed such contract but, through its research facilities, developed an
aircraft float light which under test showed an unusual degree of perform¬
ance.
Since such time this item has been purchased in large quantities by
the U. S. Navy.
Company has developed, or assisted in developing, during the past few
years, many other items which are now regularly used by the United States
During the second year that the company was
an
are
Government.
Company expects to enter the foreign field shortly with certain of its
products and to initiate negotiations for contracts with foreign govern¬
ments, and likewise private enterprise located in foreign countries.
Purpose—Net proceeds to be received by the company will be issued to
reduce bank obligations, and the balance will be used for working capital.
Authorized ( Outstanding
Capitalization—
Common stock (par
$2)
400,000 shs.
*275,502 shs.
July 31, 1938 Issued or subject to exchange.
Warrants—Transferable option warrants, each evidencing the right to
*
As of
purchase common stock at any time on or before one year from effective
date of the registration statement at $2.50 per share, or any time thereafter
and on or before the expiration of three years from effective date at $3 per
share, are to be issued by the company to the underwriters.
The warrants are to be issued in varying denominations at the rate of
option of one share for each ttir6e
the 150,000 shares sold through the
principal underwriter.
Underwriters—Principal underwriter MacBride, Miller &; Co., Inc., New
York.
Options—Company has granted two options for the purchase of its stock:
An option to G. H. Kann and W. L. Kann, and (2) an option to
(1)
The option to G. H. Kann and W. L. Kann is for the purchase of up to
50,000 shares for their own account or for distribution at their election
present and furture officers, directors and employees participating
in the management.
The price at which option may be exercised is $2.50 per share up to the
expiration of one year from effective date of the registration statement,
and $3 per share up to expiration of three years from the effective date of
the registration statement.
among
^
p.
United
3473.
Corp.—Opposition to Investing Program—
the
Opposition to
$8,000,000 investment program of
corporation was
Commission Dec. 8 by represen¬
of Philadelphia trust and insurance companies.
A representative of Insurance Co. of North America and several other
insurance concerns, whose aggregate holdings were 11,500 shares of United
Corp. preference stocks, objected to the spending of $8,000,000 on equity
securities of non-utility companies.
It was his opinion that United should use the $8,000,000 to purchase Its
own preference stock which, he said, would result in an immediate profit
to the utility.
A spokesman for a Philadelphia Trust Co. shared similar views.
Another
representative of a Philadelphia trust company, after making clear that he
was not appearing in any hostile capacity to the management of United,
said that to use income money to purchase equities was adding to the
voiced before the Securities and Exchange
tatives of
a group
t
.
speculative nature of the fund.
He recommended that further considera¬
tion by given by United Corp. to the advisability of exchanging portfolio
securities with its own security holders.—V. 147, p. 3473.
United Gas Improvement
John
the
E.
Co.—Files with SEC—
Zimmermann, President, in a letter dated
Exchange Commission, in reply to
Securities and
Nov. 17, 1938, to
the Commissions
1938, requesting that the various systems present to the
Commission not later than Dec. 1, 1938, "their suggestions, plans and pro¬
grams, even though they may be tentative, looking towards compliance with
Sections 11(b)(1) and 11(b)(2)" of the Publicity Holding Company Act of
1935, gives to the Commission a clear understanding of where U. G. 1.
stands with respect to the question of integration and simplification under
the Holding Company Act.
letter of Aug. 3.
The letter states in part;
U.
The
G,
I.
has total investments of
,
nn.
,
.
.
approximately $332,000.00(1 (at
being Investments in majority-owned companies, and
36% minority investments in other companies and miscellaneous items.
Some $195,000,000 of these investments are In two integrated areas;
(1) $157,000,000 in the great Industrial and residential area extending
cost
or
from
less), 64%
the
Delaware
River at Trenton across
Southeastern Pennsylvania,
Delaware, and a portion of Maryland to the Susquehanna River.
L. G. 1. s
original investment in this area was made in 1889.
(2) $38,000,000 in the State of Connecticut in companies serving the
greater portion of the State, including many imporant industrial centers.
U. G. I.'s original investment in Connecticut was made in 1883.
This in¬
vestment includes minority interests of $5,000,000.
.
Since its initial investments in companies now part of its two integrated
_
^
55 years, has continuously pureued a policy
of development and integration in these territories in order to obtain for
consumers the beneifits of large-scale unified, co-ordinated operations and
efficient management.
In some cases this has involved the acquisition or
other holding companies (which could not have been acquired. by the
operating companies involved) owning additional properties scattered
through various States. These properties, where possible. have subsequently
been regrouped, those not available for integration disposed of and the
areas.
MacBride, Miller & Co., Inc.
....
147,
Ben
outside the limits of the town of
Premier Food Stores, Inc.—Sales—1938—4 WeeM—1937
1938—48 Weeks—1937
$1,635,659
$1,274,857 $16,601,678 $12,526,042
Union
Period End. Dec. 3—
U. G. I., over a period of
holding company
dissolved.
3624
Financial
(1)
Pennsylvania-Delaware-Margland
Group
These Investments consist of stocks in gas and electric companies
serving
area in
Southeastern Pennsylvania, including Philadelphia* adjacent
Delaware, including Wilmington: gas service in additional territories in
Southeastern Pennsylvania, and electric service in Northern
Maryland
and Southern Pennsylvania in the vicinity of the Conowingo
Hydro De¬
velopment on the Susquehanna River.
All of these companies, covering
an
an area
of over 3,000 square miles, are interconnected with
respect to
electricity and to a great extent interconnected for gas service.
Throughout its 56 years of existence, Philadelphia, the nucleus of this
territory, has been the home of U. G. I.
Since 1889, U. G. I. has consist¬
ently increased its investment in its home territory, enlarged the area
served, added, merged, and consolidated companies until today there
stands as the predominant interest, its investment of
$132,000,000 in
Philadelphia Electric Co., the largest company in this integrated group.
NfcThe latter is an outstanding example of the way small isolated companies
have been replaced by one large company, the present Philadelphia Electric
Co., not including its subsidiaries, being the outgrowth of some 400 separate
companies.
Philadelphia Electric properties supply electric service in the
City of Philadelphia and in adjacent Southeatern Pennsylvania, including
Delaware County and substantial parts of Bucks, Chester and
Montgomery
Counties, and the Northeastern part of Maryland.
In the latter territory
is the large Conowingo Hydro-Electric Station on the Susquehanna River.
Service is supplied to an estimated population of over 2,800,000.
SGas serviceand rendered in substantial portions ofof Lancaster Chester,
is Bucks Counties and in small part Delaware, County
ontgomery
a
a
total population estimated at 750,000.
Gas service in the City of
Philadelphia is supplied by the municipally-owned gas works, operated
Under lease by The Philadelphia Gas Works Co., a wholly-owned U. G. I.
subsidiary.
The principal successive steps in forming the
Philadelphia Electric Co.
to
were:
(1) Building up by U. G. I. of The Counties Gas & Electric Co., serving
territory suburban to Philadelphia.
(2) The acqusition by U. G, I. in 1925 of The American Gas Co. (a
holding company), principally for the purpose of acquiring its controlled
Philadelphia Suburban Gas & Electric Co., which served suburban areas
of Philadelphia, on either side of U. G. I.'s Counties Co.
(3) Formation of Philadelphia Suburban-Counties Gas & Electric Co. in
1927, as a merger of these and 16 other smaller companies.
(4) The acqusition of The Philadelphia Electric Co. (predecessor) in
1928, giving U. G. I. control of the core of the present area served.
(5) The formation of Philadelphia Electric Co. in 1929, combining all the
companies into the present large company.
(6) The acquisition by U. G. I. of additional companies later merged into
Philadelphia Electric Co.
The acquisition of The American Gas Co. in 1925
(subsequently dissolved
in 1936 in the interests of corporate
simplification)
reasons:
*
was desirable for several
(1) It owned the Philadelphia Suburban Gas & Electric Co. which fitted
precisely into the U. G. I. expansion program.
(2) It owned the Luzerne County Gas & Electric Corp. which might, at
a future date, be integrated.
«.
(3) It owned properties in Iowa, which, with certain additions, made by
U. G. I., for the purpose of integrating the territory, were used in
exchange
for the Delaware properties, and the Chester County Light & Power
Co.,
now part of U, G. I.'s primary system.
►»» Consistently and coincidentally with the building up of the interest in
the present Philadelphia Electric Co., U. G. I. has developed other invest¬
ments in the same service area.
Adjacent to the Philadelphia Electric
properties in Pennsylvania, lies the territory in Delaware served by Dela¬
ware Power & Light Co., and in
Pennsylvania by Chester County Light &
Power Co., which, as mentioned above, were acquired in 1928
by exchange
of utility properties in Iowa, built into an integrated and interconnected
system by U. G. I. over a period commencing in 1889.
Somewhat later,
in 1930, Wilmington Gas Co. and two gas companies in New
Jersey were
acquired
as part of the same transaction.
The two latter companies were
immediately sold to Public Service Corp. of New Jersey for stock.
This
transaction placed these gas companies in the system in which they
properly
belonged and added gas service in Wilmington to the already-owned electric
service.
The Luzerne
County Gas & Electric Corp., mentioned above, serves gas
and electricity to the Wyoming Valley in the anthracite
mining territory
along the Susquehanna River, and gas only in Hazelton, in the southern
part of Luzerne County.
The Luzerne County Co. is indirectly intercon¬
nected with U. G. I.'s primary service area through the 220,000 volt inter¬
connection ring of Pennsylvania Power & Light Co., Public Service Electric
& Gas Co., and Philadelphia Electric Co.
The gas service of the Luzerne Co.
is divided into two disconnected divisions, operated as
separate units—25
miles apart—with sparsely settled mountainous country
intervening, and
susceptible of interconnection between themselves, nor with the major
not
group of U. G. I. gas companies below.
'
MkThe gas companies serving the AllentOivn, Bethlehem, Harrisburg and
Reading territories were all acquired comparatively early in the company's
history and are now considered as integrated companies in the U. G. I.
System, there being only a few small breaks in complete gas interconnection.
The Lebanon Valley Gas Co. came into this
group somewhat later.
The
company serving Reading Is directly interconnected with Philadelphia
Electric and purchases its primary gas supply from that
company.
•
These gas companies have been consistently built
up by U. G, I.
In
was purchased of a predecessor of the
Allentown-Bethlehem
Gas Co., serving Allentown.
By 1913 the
1885 control
properties of seven companies
had been consolidated into the Allentown
Co., and in that year the company
serving Bethlehem was merged, under the name of the present company.
In 1930, a merger brought two more
companies into the consolidation.
U. G. I. investmeht in the Consumers Gas
Co., serving Reading, Pa.,
and surrounding territory, dates from
1890, after which the service area
was consistently
expanded.
The present company was formed in 1913, as
a result of the
merger of two companies.
The Harriburg Gas Co. is the result of a
merger in 1924 of two U. G. I.
subsidiaries, the investment in one of which dated from 1894.
One sub¬
sidiary, the predecessor Harrisburg Gas Co., was itself the result of a merger
of two companies in 1903, and the second
subsidiary, Dauphin County Gas
Co., was also itself the result of a merger in 1905 of four companies.
The
Dauphin Co., at the time of its merger with the Harrisburg Gas Co., had
acquired 7 companies.
Thq Harrisburg Gas Co. service area is thus the
result of
a consistent program of
enlargement and simplification.
1925, U.G.I, acquired the gas companies serving the territory between
the Lebanon Valley
Gas Co., substantially all of whose
gas requirements are now purchased
from the Harrisburg Gas Co.
In 1931, another small company serving
adjacent territory was acquired and the company dissolved.
This group of U. G. I. gas
companies server an area of 147 square miles
and a population of
approximately 575,000.
In
Harrisburg and Reading, later merging them to form
(2)
Connecticut Group
Over the period dating from
1883, when it acquired
an
public utility properties in the State of Connecticut and
simplified their
corporate structures, so that at present U. G. I. has
controlling interests
in the Connecticut Light & Power
Co., furnishing electric (and gas) service
directly or indirectly to three-quarters of the area of the State; the Con¬
necticut Railway & Lighting Co., which leased
Connecticut
for 999 years its electric
Light & Power Co.; and in New Haven
Railway & Lighting Co.—From time
to time U. G. I. acquired
electric and street railway companies which by 1901 had
practically all been conveyed to Connecticut Railway & Lighting Co.
The
operations included Greenwich, Norwalk, Bridgeport,
Derby. Waterbury
stocks
Dec.
10, 1938
Connecticut Light & Power Co.—The gas and electric properties of the
Connecticut Railway & Lighting Co., which had been leased to the New
Haven railroad in 1906, were subsequently developed and combined With
other
properties in the State under u. G. I. auspices, as follows:
1916 and|1917, U. G. I. acquired the Seymour Electric Light Co.,
UnitedfElectric Light & Water Co., and reacquired from the New
Haven railroad |the Housatonic Power Co.
It also acquired the Rocky
River Power Co., the name of which was changed to the Connecticut Light
In
the
& Power Co.
In
««*
order
toTfacilitatefthe consolidation of companies In Connecticut,
and(other interests formed the Connecticut Electric Syndicate,
which inil917|acquired U. G. I.'s Connecticut holdings shown in the precedingfparagraph, and subsequently acquired the gas and electric companies
serving Meriden, the New Milford Electric Light Co., the Westport Electric
Co. andfthe Woodbury Electric Co.
In 1925, the Connecticut Electric Service Co. was organized and acquired
from the Syndicate all of the common stock of the Connecticut Light &
Power Co. and the other companies which were later merged into it.
Since
1925 the following companies were acquired:
U. G.
I.
Eastern Connecticut Power COi.1925 Northern Conn. Power Co
Bristol & Plainville Electric Co_1927 Waterbury Gas Light Co
Ousatonic Water Power Co
1927 Winsted Gas Co
Middletown Gas Light Co
1927 Rockville-Willimantic Ltg.
Gaylordsville Eeletric Co
Kent Electric Light & Gas Co,
_
1927
1928
1929
1929
1929
Co. 1930
Beacon Falls Electric Co
1931
Central Conn. Pow. & Lt. Co.. 1932
All of these companies that provide utility services have been merged into
Connecticut Light & Power Co.
In 1935, the holding company (Connecticut Electric Service Co.) was
eliminated through merger into the Connecticut Light & Power Co., which
now constituted owns and operates the properties formerly owned by
57 companies, in addition to being lessee of the electric and gas properties
of the Connecticut Railway & Lighting Co.
as
lm Power is also supplied wholesale to other companies and municipalities
serving inter alia Danbury, Bethel, Litchfield, Wallingford, Jewett City,
New London, Groton and Mystic, and other communities along the Sound.
Power is also sold to the New Haven railroad at Devon, for a portion of its
electrificiation requirements.
In addition to the Connecticut Railway & Lighting Co. and the Con¬
necticut Light & Power Co., U. G.T. controls.
Connecticut Gas & Coke Securities Co.—In 1927, U. G. I. acquired control
of the Connecticut Gas & Coke Securities Co., which was organized by
.
other interests in
1926.
trols New Haven
Hartford
Gas
„
Co.
The Connecticut Gas & Coke Securities Co. con¬
Gas Light Co. and has a substantial investment in the
Coke oven gas is purchased wholesale by the New
Haven
Gas Light Co. and by the Connecticut Light & Power Co. for its
and for resale to the Hartford Gas Co., througl a high pressure
running from Hew Haven to Hartford, owned and operated by
Connecticut Light & Power Co.
Minority Investments in Connecticut—Included in the U. G. I, Connecticut
investment are substantial minority interests in the United Illuminating
Co., serving Bridgeport and New Haven, Hartford Gas Co., Bridgeport
Gas Light Co., New Britain Gas Light Co., and Torrington Electric Light
Co.
These minority investments were made between 1927-32 as a further
step toward integration in Connecticut.
The depression and the general
utility situation left these plans uncompleted.
own
use
main
Mi^prity Investments in Holding Companies
In addition to its holding company system, as represented by these two
integrated areas, U. G. I. has substantial minority investments in other
utility holding companies to the amount of $100,000,000.
More than half
of this amount—$59,000,000—is represented by an interest in the Public
Service Corp. of New
Jersey, serving an area in New Jersey which is ad¬
jacent to an a logical contmuation of the important territory served by
Philadelphia Electric Co.
The two companies (and Pennsylvania Power
,& Light Co.) are interconnected by means of a 220,000 volt transmission
loop and also have an operating agreement for pooling generating facilities.
The properties of Public Service Corp. of New Jersey and Philadelphia
Electric Co. are also interconnected by substantial facilities at two other
points.
From its year of incorporation, 1882, U. G. I. has had
an interest in com¬
represented in Public Service Corp. of New Jersey.
This in¬
been built up, predominantly in the common stock, Until
today U. G. I. owns 28 H % of the voting securities.
This has been accom¬
panies
now
vestment
has
plished by turning in properties for stock,
by purchases for cash, exercise
of subscription and conversion
rights and when Public Service offered to
holders of stock in certain leased companies the option of one of three
plans,
U. G. I. elected to take common stock, rather than cash or
preferred.
U. G. I. minority investments in other
utility holding companies are—
Niagara Hudson Power Corp. (original investment 1896), the Common¬
wealth & Southern Corp. (original investment 1884), and Midland United
Co. (original investment
1906)—totalling $35,000,000. The same activities
looking toward integration of territories which built up the U. G. I. majorityowned companies and Public Service
Corp. of New Jersey were pursued in
the case of these other
minority investments.
In each case the present
holdings result from early investments by U. G. I. in operating companies
in the respective territories, these
companies having been expanded and
developed individually under the U. G. I. auspices to the extent possible.
In the further
building up of integrated areas, U. G. I. then co-operated
with other interests
by exchanging its operating company securities, for
purposes of unification, for those pf the holding company developing the
larger system, in many cases further assisting by making substantial addi¬
tional cash investments.
The carrying out of this program resulted
in
U. G. I.'s present
minority interests in these holding companies.
I^The only other investment in this group consists of a cash investment
made in American Water Works & Electric
Co.,
Inc.
Other Investments
The balance of U. G*I. investments,
$37,000,000, consists of miscellaneous
utility and
non-utility stocks, bonds, notes and advances, which include
two majority-owned electric
companies, one in Arizona and one at Erie, Pa.,
and two majority-owned
gas companies, one at Nashville, Tenn., and one
at Concord, N. H.
v
Thus
it is seen that insofar as its
principal investments go, U. G. I.
today is an integrated holding company within the spirit of the public
policy declared by Congress in the Holding Company Act of 1935, including
its substantial minority interests in other
regional holding companies and
certain incidental
non-utility investments.
The process of
integration itself and the policy of U. G. I. within an
integrated system has resulted „in a marked simplification of corporate
„
structures.
The
foregoing shows how
much has been accomplished by U. G. I. by
simplification over a period of years.
co-operation with the Commission to continue in
the future as in the past its
long-time policy, as opportunities and operating
conditions permit.
way Of integration and corporate
U. G. I. would expect in
interest in the
Waterbury Gas Light Co., U. G. I., in pursuance of its general policy of
integrating companies in geographical areas, has co-ordinated and developed
and gas properties to the Connecticut
Gas Light Co.
Chronicle
Weekly Output—
Weekly Output—
4
Electric output of system q(kwh.).__^
—V. 147, p. 3473.
United States Plywood
Dec. 3 '38 Nov. 26 '38
99,968,269
95,478,916
Dec. 4 '37
90,747,891
Corp.—Earnings—
Earnings for 6 Months Ended Oct. 31, 1938
Net profit after deprec.,
interest, Fed. income taxes, &c
Preferred dividend requirements
$129,429
32,155
of gas,
and New Britain.
U. G. I. also owned certain interests
which had not been
transferred to Connecticut Railway &
Lighting Co., but were sold to the
New York, New Haven & Hartford RR.
(through the Consolidated Railway
Co., later merged with the New Haven railroad), which
company in 1906
(also through the Consolidated Railway Co.) leased all the
property and
franchises of Connecticut Railway & Lighting Co. for
999 years. - Sub¬
sequently, in 1910, the New Haven railroad divided these utility interests,
subletting the street railway properties to the Connecticut Co. (a New
Haven railroad subsidiary) and the gas and electric
properties to Housatonic Power Co. (also a New Haven railroad
subsidiary which had been
acquired from U. G. I.)
Due to the
disaffirmation
of the lease of the
transportation properties
by the New Haven railroad, the Connecticut Railway &
Lighting Co. re¬
possessed its transportation properties, which have been operated directly
since 1936, bus service being substituted for
trolley operations.
Net income
Earns, per share
!.
on
191,000 shares of
common
$97,274
stock outstanding
$0.51
—V. 147, p. 3325.
United Stores Corp.—Accumulated Dividend—
The directors have declared
a dividend of $4.50 per share on account of
on
the $6 cumulative preferred stock, par $100, payable
Dec. 27 to holders of record Dec. 16.
A dividend of $6 was paid on Dec. 27,
accumulations
1937; $11.81)4 was paid on Dec. 15, 1936; one of $3 was paid on June l5,
1936, and one of 81M cents per share was paid on Dec. 15, 1934.:—V. 147,
P. 1054.
Universal
Cyclops Steel Corp.—To Pay 25-cent Dividend
Directors have declared
a
dividend of 25 cents per share on the common
stock, payable Dec. 28 to holders of record Dec. 16.
This compares with
12H cents paid on March 29, 1938 and previously regular quarterly divi¬
dends of 25 cents per share were distributed.—V. 147, p. 3174.
Volume
United Telephone & Electric
U. S. District Court
Corp.—Plan Confirmed—
Judge John P. Nields at Wilmington, Del.,
240(fn °rC*er confirinill8 the reorganization of the
p
Directors have declared
an
recently
extra dividend of $2
per
Dividend
Previously regular quarterly dividends of 75 cents per share were dis¬
tributed.
An extra dividend of $1.50 per share was paid on Dec. 28, 1937.
Comparative
Assets—
>■
Balance Sheet
July 9 '38 Dec. 25 '37
$
$
.
Deposit
on
Universal Products Co.,
Estd. Fed *1 taxes..
c245,891
709,085
123,849
300,967
264,425
199,463
mat'l
Accrued
16,500
purch. contract..
1,230,190
1,501,843
Cash in closed bks.
20,983
107,497.
107,497
Inc.—Dividend—
1,279
no par
d
7%
11,522,659 11,522,659
trademarks
259,510
pref. stock...25,600,800 25.600,800
82,975
82,975
Com. stock, cl. A
e
and
712,678
260,938
Rec'd from ven¬
dors
Res. for contlngs..
r
patents,
copyrights
1,083
731,279
payable
Goodwill,
_
directors have
stock,
taxes....
Accrd. int. on notes
27,067
Inventories
i
Prop. & plant..16,650,794 17,096,149
Deferred charges.
561,284
581,850
declared a dividend of 45 cents per share on the
value, payable Dec. 21 to holders of record Dec. 10.
This compares with 25 cents paid on Sept. 30, last; 15 cents paid on June
15, last; 50 cents on March 31, last; $1.25 paid on Dec. 21, 1937; 50 cents
paid on Sept. 30, June 30 and March 31, 1937; $1.25 paid on Dec. 18,
1936; 75 cents on Sept. 30, 1936 and 25 cents paid on June 30 and March
31, 1936.—V. 147, p. 1940.
The
1,500,000
1,000,000
638,572
124,903
b
com.
to
2,810,255 Accounts payable.
673,624 Salesmen's deposits
3,216,547
538,800
Accts. rec.'e (net)_
a
payable
banks
hand.
on
July 9 *38 Dec. 25 '37
Liabilities—
Notes
Cash in banks and
Invest'ts (at cost).
1647.
Ward Baking Co.
and
into Ward Baking Co.
share in addition
quarterly dividend of $1 per share on the common stock.
The extra
dividend mil be paid on Dec. 23 to holders of record Dec. 13, and the
quarterly distribution will be made on Feb. 1 to holders of record Jan. 17.
to a
of
The shares of stock will be issued in accordance with the provisions
certificate of consolidation of Ward Baking Corp.
a
corporation.—V. 147,
Universal Leaf Tobacco Co.—Extra and Larger
—V. 147, p.
3625
Financial Chronicle
147
f Com stock, cl.
B
100
100
4,915,520
.
Earned surplus
4,829,000
Total33,865,255 34,320,944
for depreciation of $17,146,965
July 9, 1938 and $16,943,117 at Dec. 31* 1937.
c Including $148,024
for instalments for the year 1937 not yet due.
d Amounts received from
vendors with respect to processing taxes in suspense,
e 82,975 shares
Total
.33,865,255 34,320,944
b After
For future deliveries,
a
reserve
at
Upressit Metal Cap Corp.—Accumulated Dividend—
The directors have declared a dividend of $3 per share on
the 8% cumul.
praf. stock, par $100, payable on account of accumulations, on
to holders of record Dec. 10.
Dividends of $2 were paid on Oct.
and April 1, last.
Utilities
Dec. 21
&
Power
Light
no par
f 500,000 no par shares.
value,
Accumulated Dividend—
The directors have declared a dividend of $1
Corp.—Atlas
Corp.
Claims
Against Company Approved by Judge—
accumulations
holders
for sums totaling slightly in excess of $3,200,000 representing claims
commissions for sale of U. P. & L.'s English properties and amounts
dividend
Judge Holly declared "it appears from the evidence that a thorough
investigation has been made by counsel for the trustee and I think the
recommendations of the trustee approving settlement of these claims should
See V. 147, p. 1509 for detailed record of
payments.—V. 147, p. 3325.
Directors
on
Dec. 2 declared a dividend of $1 per
Wesson Oil & Snowdrift Co.,
annual
hearing, declared that the position of Associated was one of neutrality.
Associated does not approve or disapprove a settlement but leaves the
matter up to the court to appraise on its merits, it was stated.
At the hearing, representatives of various protective committees for
different classes of U. P. & L. stocks were heard from and all approved
Sales
objector.
With the settlement of this law suit out of the way in
for
Vapor Car Heating Co., Inc.—-Dividends
Resumed—
1937
1936
1935
$1,000,785
$808,171
$840,104
Earnings per share
z$1.44
y$1.15
y$1.20
x After depreciation, taxes and other charges, but before possible surtax
on
undistributed profits,
y On 700,280
shares (par $5) capital stock,
z On 697,480 shares capital stock.—V. 147, p. 2878.
1938
Sept. 30-4-
$1,254,895
$1.79
Van Norman Machine Tool Co.— To Pay 60-cent Div.—
directors have declared a dividend of 60 cents per share on the
common stock payable Dec. 20 to holders of record Dec. 9.
Dividends of
40 cents were paid in each of the three preceding quarters; a dividend of
$1 was paid on Dec. 20, 1937, and dividends of 40 cents per share were
paid in each of the four preceding quarters and on Nov. 1, 1936, this
being the initial payment on the shares.
In addition, and extra dividend
of 20 cents was paid on Dec. 21 and on Nov. 1, 1936.—V. 147, p.3l;j74.
The
Inc.—New Director—
recent
J. D.
the board of this company at the
He takes the place of the late
1938—Month—1937
1938—11 Mos.—1937
$3,442,000 $32,237,000 $32,258,000
$3,618,000
3031.
Maryland Ry.—Earnings—
Western
1938—Month—1937 .
$1,305,824
$1,428,933
825,016
894,110
Operating revenues
$5,186,496
1,021,214
$448,201
19,871
13,875
$2,692,401
187,705
$4,165,282
112,341
221,727
130,407
$454,197
9,806
$2,767,765
$4,256,602
$534,823
$419,186
Operating income
86,622
36,646
11,300
Equipment rents1 (Cr.)__
Joint facility rents (Dr.)
*
Net ry. oper. income.
$444,532
9,957
Other income
!,
Earnings for 3 Months Ended Oct. 31, 1938
$10,575
Net income after all charges
$0.04
Earnings per share on 236,907 shares
—V. 146, p. 1093.
$464,003
$2,871,983
278.446
275,953
2,753,478
2.753,353
1937
1938
Operating revenues.
$18,065,695
Balance after operation, maintenance and taxes.
7,363,931
$17,616,234
3,447,316
3,407,220
x
Balance for dividends and surplus
x Includes
non-operating income—net.
tirement reserve.—V. 147, p. 3030.
y
......
y
7,184,722
After approprication for re¬
1937
1938
$306,089 $11,913,516
$286,210
earnings (est.)
30 cents per share on the common
stock, payable Dec. 21 to holders of record Dec. 13.
This compares with
20 cents paid on March 1, last; a year-end dividend of 25 cents paid on
Dec. 23, 1937; 20 cents on Dec. 1, 1937; 40 cents paid on Sept. 1, 1937 and
20 cents per share distributed on June 1 and March 1,1937.—V. l46,p.3207
Wagner Electric Corp.—2o-cent
Dividend—
Directors have declared a dividend of 25 cents per
share on the common
stock, payable Dec. 20 to holders of record Dec. 5.
A like amount was
paid on March 21, last; a dividend of $1.25 was paid on Dec. 20, last;
50 cents was paid on Sept. 30, June 21 and on March 20, 1937; $1.50 was
Dec. 21, 1936, and a dividend of 25 cents per
Sept. 21, 1936.—V. 146, p. 3531.
paid
on
on
Walgreen 6o.
'"Sales
Period End. Nov. 30—
Sales
—V. 147, p.
share was distributed
*
1938— Month—1937
1938—11 Mos.—1937
$5,533,114
$5,481,524 $60,348,867 $61,183,035
3474.
earnings (est.)_■__
—V. 147, p. 3326.
15,981,671
Nov.
30—
1937
Subs.)—Earnings—
1938
^37
$2,223,727 $2,166,203
Western Public Service Co. (&
776,861
Telegraph Co,
135,744
201,424
Balance for dividends and surplus
x
Includes non-operating income
(net),
retirement reserve.—V. 147, p. 3031.
y
y
After
appropriations for
'
Inc.—New Vice-Prest.—
Appointment of Emmett R. Shute, General Superintendent of Traffic,
the office of Vice-President in Charge of Traffic was announced on
Dec. 6 by R. B. White, President.
Mr. Shute succeeds the late James J.
Weich, who died on Nov. 9.—V. 147, p. 3326.
to
Weston Electrical Instrument Corp.—50-cent Dividend
dividend of 50 cents per share on the common
stock, payable Dec. 20 to holders of record Dec. 9.
This compares with
25 cents paid on Dec. 20, 1937; 50 cents paid on Sept. 20.1937; 25 cents on
May 14, 1937, and a dividend of 60 cents per share paid on Dec. 10,1936.—
147, p. 3326.
V.
•
...
Wheeling Steel Corp.—50-cent
Preferred Dividend—
$5 cum.
dividend of 50 cents per share on the
Directors have declared a
prior pref. stock, payable Jan. 3 to holders of record Dec. 13.
Like amount
was paid on Oct. 1 last and prior thereto regular quarterly distributions of
$1.25 per share were made on this issue.
Exchange Time Extended—
Corporation has advised the New York Stock Exchange that the time
which 6% preferred stock may be exchanged for $5 cumulative
convertible prior preferred stock and common stock of the corporation has
been extended to March 17, 1939.
The corporation further reports that
upon each surrender of 6% preferred stock for exchange during the period
Dec. 14, 1938 to Jan. 2, 1939, there shall be payable to the corporation an
amount equal to 50 cents per share of 6% preferred stock so surrendered.
—V. 147, p. 2710.
within
White Rock Mineral Springs
(John) Wanamaker—New Directors—
of marketing of the Graduate School of
Administration of Harvard University, was elected to the board
Philadelphia store at the annual meeting of stockholders,
held Nov. 30.
Carl W. Fenninger, Vice-President, Provident Trust Co.,
Philadelphia, was also elected a new director of the Philadelphia store.—
V. 145, p. 3673.
Malcolm P. McNair, professor
y
x
(Alan)
road.
bid was 100.317 for a 4*4% coupon rate.
The award was
subject to the approval of the Interstate Commerce Commission.
Although $475,000 bonds were authorized, the issue was closed at $378,000.
An agreement of extension and new coupons will be attached to the present
The winning
mortgage bonds.
■,
Co.—Listing, &c.
par), pursuant to plan of merger
dividend payments.—V. 147, p. 1510.
Woolworth Co.—Sales—
1938—Month—1937
Period End. Nov. 30—
_
$25,295,247 $25,143,307
Sales
—V.
1938—11 Mos.—4937
$253915,478 $257593,479
^
147, p. 3032.
Salt Co.—To Pay SI Extra Dividend—
dividend of $1 per share in addition
to a regular quarterly dividend of 50 cents per share on the common stock,
par $100, both payable Dec. 15 to holders of record Dec. 5.
Like amounts
were paid on Dec. 15, 1937.
Extra dividends of 50 cents were paid on Dec.
15, 1936; Dec. 31, 1935; June 29, 1935, and on Dec. 31, 1934.—V. 145,
Worcester
The directors
p.
with Ward Baking Corp.
dividend of 50 cents per share on account of
preferred stock, par $100, payable
See V.. 145, p. 3027, for detailed
(F. W.)
The New York Stock Exchange has authorized the listing of 256,008
shares of 7% cumulative preferred stock ,(par $100); 82,975 shs. of class A
of class B common stock (no
Co.—Accumulated Dividend—
have declared a
record of previous
have declared an extra
3675.
(Wm.) Wrigley Jr.
.
stock (no par), and 500,000 shares
Wood Steel
Directors
of $378,000 first mortgage
made
$316,802
On 250,000 shares common
accumulations on the 7% cumulative
Dec. 28 to holders of record Dec. 15.
Ry.—Bonds Awarded—
5% bonds, due Jan. 1, 1939, and
extended to Jan. 1, 1954, has been awarded to Brown Harriman & Co.,
Inc., and Stroud & Co., Inc., it was announced by Edward W. Scheer,
President of the company.
The Reading Co. owns all of the stock of the
$175,521
$90,095
$0.27
$19,868
Nil
$0.44
$0.99
stock which will be outstanding when all
the 2nd pref. stock has been converted into common shares,
y After
charges and Federal taxes.—V. 147, p. 2553.
x
of directors of the
Washington & Franklin
Co.—Earnings1938—9 Mos.—1937
1938—3 Mos.—1937
Period End. Sept. 30—
Net profit...
— _
Earnings per share
Business
common
to
$335,968 $12,257,625 $16,317,640
Operating revenues.
x Balance after operation, maintenance and taxes.
Reductions—,
Dec. 14 will consider amending
the Articles of Incorporation so as to reduce the authorized common shares
from 1,955,828 shares to 1,955,522 shares by canceling and retiring 306
shares now held in the treasury.—V. 147, p. 3474.
Ward Baking
1
1938
1937
1938
$344,109
Gross
Stockholders at their annual meeting on
issue
—Jan.
-Week Ended Nov. 30—
.
Walgreen Co.— To Vote on Stock
An
1 to Nov. 21
1937
1938
Jan.
Directors have declared a
Vogt Mfg. Corp.—30-cent Dividend—- •
Directors have declared a dividend of
$118,505
$176,043
$188,050
■Week Ended Nov. 21—1
Western Union
Virginia Electric & Power Co.-—Earnings—
12 Months Ended Oct. 31—
83,974
$4.54,489
Gross income
Net income
12 Months Ended Oct.'31—
Co.—Earnings—
Vento Steel Products
104,218
$4,340,576
Fixed charges..
Gross
1938—10 Mos.—1937^
$11,080,514 $15,016,353
7,676,899
9,829,857
$3,403,615
711,214
$480,808
61,622
Net operating revenue
Taxes
Chemical Co. (& Subs.)—Earnings—
3 Mos. End.
Net profit-
share on the common
Supply Co.—Sales—
Period End. Oct. 31—
the common stock of 25 cents per
payable Dec. 10 to holders of record Dec. 1.
A like amount was
paid on June 10, last; one of 50 cents was paid on March 10, 1938; $3 on
Dec. 10, 1937; $1 on Sept. 10 and June 10, 1937 and a dividend of 50 cents
per share distributed on March 10, 1937.—V. 147, p. 1789.
x
Western Auto
Period End. Nov. 30—
Operating expenses
share
Vick
meeting of stockholders.
O'Keefe.—V. 147, p: 3474.
Federal Court at
Chicago, the case now moves back to Washington before the Securities and
Exchange Commission where hearings will be continued on valuation of
U. P. & L. properties.—V. 147, p. 3474.
Directors have declared a dividend on
Keehn W. Berry was elected to
—V. 147, p.
one
1,
previous
—V. 147, p. 760.
for with this claim out of the way, the debtor corporation
(U. P. & L.) can proceed more speedily toward reorganization."
Counsel for Associated Investing Corp., in a closing statement at the
-
of
to
stock, payable Dec. 24 to holders ov record Dec. 14.
Last previous pay¬
ment was an initial dividend of $1 per share distributed on Dec. 24, 1937.
be followed,
save
share on account
Wayne Knitting Mills—$1 Dividend—
for
due
bearer notes held by Atlas Corp.
the settlement
per
the 7% cum. pref. stock, par $100, payable Dec. 24
Dec. 12.
Dividends of 50 cents were paid on Oct.
on
of record
July 1 and April 1 last.
Federal Judge William H. Holly on Dec. 8 entered an order approving the
claims of Atlas Corp. and Floyd B. Odium against Utilities Power & Light
on
of
1, July 1
See also V. 147, p. 1210.
The
/
Co.—Listing—
company's application to list
value, on the Chicago
,2.000,000 shares capital stock, no par
approved.—V. 147, p. 3176.
Stock Exchange has been
3626
Financial
Chrcnicle
Dec.
The Commercial Markets and the
10,
1938
Crops
COTTON—SUGAR—COFFEE—GRAIN
GOODS—WOOL—ETC.
PROVISIONS—RUBBER—HIDES—METALS—DRY
30 tons trading.
The market ruled heavy
exchange, there being no appreciable sup¬
port.
Offerings at no time ran heavy.
Local closing:
Dec., 4.52; Jan., 4.62; March, 4.76; May, 4.87; July,
4.98; Oct., 5.14; Dec., 5.24.
On the 5th inst. futures
closed 5 to 9 points net lower.
The opening range was
2 to 4 points down.
Sales totaled 206 lots, or 2,760 tons.
Londpn reported no change to l^d. loss on the outside,
the
on
Friday Night, Dec. 9, 1938
Coffee—On
the 3d insfc. futures closed 3 points higher
points lower in the Santos contract, with sales totaling
24 lots.
There was 6nly one sale in the Rio contract, which
closed 2 to 1 point down; There was some
light European
and trade selling, which was absorbed
by operators who were
covering shorts on the scale down.
While there were no
important developments in the actual market in the short
session, the tone continued easy both in Brazilian and mild
grades, and in primary and foreign markets the trend was
to 4
lower.
In
Brazil
Rio 7s
and 5s closed 200 reis lower at
13,500 and 15,700 respectively, while spot soft and hard 4s
were off 100 reis at
20,600 and 17,900.
Havre closed 2% to
ll/2 francs lower.
On the 5th inst. futures closed 11 to 4
points net lower in the Santos contract, with sales of 123
The Rio contract closed 5 to 8
points net lower, with
sales of 15 lots.
Near months, because of the appearance of
lots.
additional notices, showed maximum weakness.
were issued
against Dec. in the
Five notices
"D," reportedly by Levy and
T. Barbour Brown.
One was put out against the Rio "A"
calling for delivery of Ecuadors.
European selling and
lower cost and freight
offerings to this market played its
part in the declines.
francs.
The Havre market
was
off 11 to
12
Spot price in Brazil of Rio 7s,
was 13.60 milreis,
100 reis.
Clearances from Brazil last week were 376,000
bags, of which the United States took 307,000 bags, Europe
52,000, and "all others" 17,000.
up
On the 6th inst. futures closed 5 to 8
points net higher in
the Santos contract, with sales
totaling only 29 lots.
There
were no sales in the Rio
contract, with the nominal closing
for this contract 4 to 5
points higher.
Official denial of re¬
ports that there would be any change in the N.C.D. coffee
policy
that sales of coffee against the 1938-40 coffee loan
had been made, in addition to a
steadier tone in the actual
or
market, influenced some new buying and covering in coffee
futures today.
It was announced that coffee destruction in
the last half of November amounted
to 157,000 bags, against
171,000 in the first half.
The total for November of
328,000
bags compares with 636,000 in October.
This year so far,
2,526,000 bags have been destroyed.
Havre futures rallied
6/£ to 6% francs following the sharp break of the
previous
session.
Brazilian spot prices remained
unchanged.
On
the 7th inst. futures closed 2 to 5
points net higher in the
Santos contract, with sales totaling 18 contracts.
The Rio
contract closed 4 points down to
unchanged, with sales of
only 2 contracts.
The market was
generally quiet.
Santos
contracts in the early afternoon were
unchanged to 2 points
higher, while Rios were 4 points lower to 1 point
higher.
Six Rio notices were issued on
Ecuador coffee, which were
promptly stopped.
In Brazil Rio No. 7s on the spot were
100
lower.
reis
inactive.
offered
Cost and freight offers from
Mild
at
coffees
12%c.
were
yc.
Roasters
lower,
with
Brazil
were
Manizales
indifferent.
The im¬
portant question is the size of their inventories
plus coffee
not yet shipped.
On the 8th inst. futures closed
9 to 11 points net lower in
the Santos
contract, with sales totaling 34 contracts.
The
G°ntract elQsed 5 to 6 points
net lower, with sales totaling
only 9 lots.
Although selling pressure was comparatively
light, coffee futures were easy. In the Havre market futures
were
1
tinued
^t o 2 francs higher. - Although
buying of actuals con¬
reported that greater buying interest
freight offers from Brazil the range on
fully 100 points, or from 6.80 to 7.80. Offerings
light, it
existed.
was
In cost and
Santos 4s was
mild coffee were
or
unchanged, although it
was
reported that
Manizales have been done at 12 cents
flat, off y2 cent. Today
closed 1 to 5 points net lower in
the Santos contract
with sales totaling 26 contracts.
The Rio contract closed un¬
changed to 3 points off, with sales of
only 6 contracts. With
nothing
in
futures
drifted
lower, reflecting
an
afternoon
Santos contracts
were
Inis
the way of good
news to encourage
easier
buyers, coffee
tone
in
Havre.
4 to 5 points lower,
September selling at 6.40c., off 5
points.
Rios were
down 7 points, with
September selling at 4.16c.
Havre
futures were 214 to
3% francs lower. In Rio de Janeiro spot
with
N
o.
7 Santos prices
were
dropped 300 reis.
about 10 points lower.
Rio coffee prices closed
December
as
.4.09
May
4.14
Santos coffee prices closed
6.08
March
fi 20
Cocoa
1
16.32
_
On
point lower.
for
July
September
4.20
"
4.20
follows:
July
September
6.37
6.41
the
3d inst. futures closed
unchanged to
The opening level was 5
points off.
Sales
the short session
dropped to 85 lots or 1,139 tons.
London noted a loss of lj/£d. on the outside and
reported
futures on the Terminal Cocoa Market
net 13^d. to 3d.
while
futures
13^d.1
the
to
on
Terminal
Market
Cocoa
ran
net
4^d. weaker, with 420 tons changing hands.
Hedgi selling was the chief factor operating against values
today. The hedges were chiefly against new West African
crops.
Local closing: Dec., 4.47; Jan., 4.56; March, 4.70;
May, 4.80; June, 4.85; July, 4.89; Sept., 5.00.
On the 6th inst. futures closed 1 point higher to 2 points
lower.
The opening range was unchanged to 1 point up.
At
one time during the session gains of as much as 4 points were
in evidence.
Only 199 lots or 2,667 tons changed hands.
London lost l)4d. to 3d. on the outside and ran lj^d. lower
to unchanged on the Terminal Cocoa Market, with 380 tons
trading. Moderate hedging pressure continued in the local
market.
Local closing:
Dec., 4.46; Jan., 4.55; May,
4.80; July, 4.93; Sept., 5.00. On the 7th inst. futures closed
1 point up to 3 points down.
Transactions totaled 250 con¬
tracts.
Trading continued light.
There was little pressure
to
sell, but
other hand manufacturers
on
were
indifferent.
During early afternoon the market was 2 points higher to
2 points lower.
The turnover to that time was 150 lots.
Warehouse stocks were unchanged at 914,792 bags.
A year
ago they totaled
1,163,698 bags.
Local closing:
Dec.,
4.47; March, 4.66; May, 4.77; July, 4.88; Sept., 4.98;
Oct., 5.03; Dec., 5.13.
;
'
On the 8th inst. futures closed 2 to 8
points net lower.
Hedge selling originat¬
ing in producing countries depressed cocoa futures, the
market sagging back to the former lows.
Prices this after¬
noon were 4 to 6
points lower, with Decembier selling at 4.43c.
Trading to early afternoon totaled 170 lots.
The London
market was steady.
Warehouse stocks increased 1,400 bags.
They now total 916,183 bags compared with 1,170,243 ba^s
a
year ago.
Local closing: Dec., 4.45; Jan., 4.49; Mar \h,
4.61; May, 4.71; July, 4.81; Sept., 4.91; Dec., 5.05. Today
futures closed 1 point up to unchanged, with sales totaling
213 contracts. \ The cocoa futures market was
quiet and
steady, prices this afternoon being unchanged to 3 points
higher, with December at 4.45, unchanged.
Trading to
that time amounted to 150 lots.
The market apparently is
on an even keel with
hedge selling by producers about balanc¬
ing buying by manufactureis. The latter are willing to pay
Transactions totaled 248 contracts.
current
prices for cocoa, it would seem.
Warehouse stocks
decreased 1,700 bags overnight.
They now total 914,443
bags compared with 1,166,873 bags a year ago.
Local
closing: Dec., 4.46; Jan., 4.50; March, 4.61; May, 4.71;
July, 4.81; Sept., 4.91; Oct., 4.96.
Sugar—On the 3d inst. futures closed 1 to 2 points net
higher in the domestic contract.
Transactions totaled 255
lots.
The Wall Street house with the
ing connection
leading Cuban produc¬
prominent on the supporting side.
Late
business in Friday's session at the basis of 3c. accounted for
was
the firmer tone in futures.
In addition to
the previously
Friday, an operator bought
4,000 tons of Philippines for Dec .-Jan. shipment at 3c. and
refiners bought 19,180 bags of Louisiana raws at 2.87c.To¬
day no raw sales were reported.
The world sugar contract.
ruled steady on trade buying, with the market
closing V2 to
1 point higher.
Sales totaled 53 lots.
London was un¬
changed for raws and futures closed 3^d. lower to yd'.
higher.
On the 5th inst. futures closed 22 to 24 points net
lower.
Domestic sugar futures dropped the full limit of 25
points today (Monday) in the most active trading in more
than 514 years on the announcement
Saturday by Secretary
of Agriculture Henry A. Wallace that the
quota for 1939
would be 6,832,157 tons, at least 100,000 tons above trade
reported sales effected late
on
estimates and 200,000 to 300,000 tons above probable con¬
sumption.
The market opened 15 to 25 points lower, with
A technical rally of
3 to 9 points did not hold, but managed to
keep closing prices
Jan. and Mar. contracts off the limit.
a
fraction above the early lows. " Sales
the most active
j
as
December
May
Cost and freight offers
follows:
4.061
March
local
were
purchased, but
i
with
lower,
COMMERCIAL EPITOME
day since July 21, 19.^3.
sharply divided
totaled 71,000 tons,
on
Trade opinion
was
whether the decline fully discounted the
new
quota, which well-informed traders asserted was 300,000
tons in the excess of probable distribution.
While the only
sale of
reported today was one of 19,000 bags of
shipment at 2c. ex-duty of 0.90c. to
American, reports were current that duty frees sold at
2.88c., delivered.
World sugar contracts were 2 to 3 points
lower.
No weakness
wa| apparent in the London market.
On the 6th inst. futures closed 1 to 2 points net higher.
After the early selling resulting from overnight margin: calls,
as the result of the
sharp break on Monday, domestic sugar
raw
sugar
Cubas for late Dec.
Volume
Financial
147
today and closed above the previous final
quotations.
Compared with the volume of more than 1,400
lots in the previous session, the total traded today was more
or less normal at 362 lots.
On the opening, when the forced
futures rallied
liquidation
Mar.
was
entered, prices
were
down 3 to 7 points with
formidable
That price was below the
1.86c.
at
re¬
sistance level of 1.88c., which prevailed prior to Aug. 19,
the date on which it was announced by the Government that
that the beet sugar deficiency,
would not be re-allocated.
estimated then at 300,000 tons,
Further indication that the
the quota
department officials
today which implied that quotas would be reduced if found
necessary.
In the raw sugar market reports were current
that late in the previous session refiners bought about 10,000
tons of raw sugar at 1.9.5c., ex-duty, or 2.8.5c., delivered.
The world sugar contract closed 34 point lower to 34 point
higher, with sales of only 37 lots.
On the 7th inst. futures
closed 1 to 2 points up in the domestic contract.
Transac¬
tions totaled 283 contracts.
New speculative support came
into the sugar futures market today following the recent
Government is not satisfied with the reaction to
estimate is the unofficial statement by
drastic decline.
As
a
bid up
points from the
result domestic contracts were
1 to 3
points with Sept. selling at 2.04c., up 7
extreme low levels of yesterday forenoon.
market also showed improvement.
Cubas
ment were offered at 2c. compared with sales
The raw sugar
for Feb. ship¬
of three cargoes
Puerto Riean and Philippines
Refined sugar was steady,
but withdrawals were restricted to immediate requirements,
In the world sugar market prices advanced 134 to 3 points,
and finally closed 1 to 1% points net higher.
London fu¬
tures were 1 to l\i&. higher, while raws there sold at the
equivalent of 1.07c. a pound, f.o.b. Cuba.
On the 8th inst. futures closed unchanged to 1 point down
in the domestic contract, with sales of 328 lots.
The market
lost a portion of yesterday's gains under renewed liquidation,
but declines were held in check by buying which was be¬
lieved to represent hedge lifting against sales of actuals.
In
early afternoon the market stood 1 to 2 points lower. Trad¬
ing was moderately active, with about 400 lots done in both
the domestic and world contracts during early afternoon.
In the raw sugar market February Cubas were offered at
2c., while nearby sugars were 4 points over the March
future or at about 1.96c. a pound.
Refiner interest at 1.95
indicated perhaps that something had been done.
In the
world sugar market sugar contracts advanced for the third
consecutive session as prices continued to mount in London.
London futures were 34 to 34d. higher.
Raws were %d.
higher, while refined was marked up 134^. The world sugar
contract closed 1% to 2 points net higher, with sales of 188
yesterday at 1.95c. a pound.
sellers withdrew from the market.
lots.
unchanged in the
The
world sugar contract closed 34 point off to unchanged, with
sales totaling 122 contracts.
Domestic sugar prices turned
steady after falling 1 to 2 points on the opening, standing
unchanged to 1 point lower this afternoon with May at
Today futures closed 1 point down to
domestic contract, with sales totaling 166 contracts.
o'clock.
In
1.96c.
About 130 lots had been posted up to 1
the
market nearby Cubas were offered 4 points over
futures or about 1.97c. /A limited interest was
raw
March
higher than 2.75c.
withdrawn. That
price is equivalent to only 1.85c. for Cubas at present rates
of duty, but would be equivalent to 2c. with Cuba's duty
lowered to 75c. a hundred.
So far refiners have announced
no price changes.
In London futures were 34 to 134d. higher,
while sellers of raws were asking 6s. per cwt., at which level
the British Sugar Corp. took three cargoes of Cubas.
believed to exist at 1.95c.
on
With bids
no
duty free sugars, most sellers were
Prices
were as
January
March
...
follows:
—
,
May
Lard—On
the
3d
.
1.85 July__—
1.92 September
1.97
inst. futures closed
2.00
2.03
unchanged to 5
points higher on the near months and 5 to 7 points decline
on distant deliveries.
During the short session today trad¬
However, the nearby deliveries
continued inquiries for supplies
by English consumers. There were no export shipments of
American lard reported today.
Liverpool lard futures were
easier, the spot position closing unchanged, with January off
6d. and distant May off 3d.
Hog marketings at Chicago
continue light, due to the strike in the stockyards. • The
bulk of receipts are being diverted to the nearby markets.
Western receipts as reported on Saturday totaled 16,300
head against 8,400 head for the same day a year ago.
On
the 5th inst. futures closed 2 points higher to 10 points lower.
There was considerable selling attributed to the settlement of
the stockyard strike, which very likely will result in heavier
marketings of hogs.
No export shipments of lard were
reported from the Port of New York. Liverpool lard futures
were
quiet, unchanged to 3d. lower.
Hog prices were
quoted for the first time at Chicago in about two weeks.
The bulk of the transactions ranged from $7.30 to $7.60.
The late top price was $7.60, and the latter price represents
a decline of
10c. below the last top price reported, about
two weeks ago.
Western hog marketings were quite .heavy
and totaled 79,600 head, against 105,890 head for the same
ing interest was rather light.
remained fairly steady due to
day
a year ago.
On the 6th inst. futures
higher.
closed 7 points lower to 10 points
The opening range was 2 to 7
previous finals.
points lower than
Easiness in hogs caused by the heavy
3627
Chronicle
hog
receipts at the Western packing centers had a depressing
influence upon the lard market and attracted light selling
for both trade and speculative account.
Lard exports from
the Port of New York today were 309,480 pounds, destined
for London and Liverpool.
According to advices received
from London, prospects
of
a
good export business between
England and the United States for the coming year are
reported to be excellent.
Liverpool lard futures were un¬
changed to 3d. lower. Chicago hog prices were 10c. to 20c.
lower today, the late top price registering $7.35. Western
hog receipts were quite heavy and totaled 78,800 head against
78,600 head for the same day a year ago. On the 7th inst.
futures closed 2 to 10 points net higher.
Trading was very
light, with practically all operations in the distant May
delivery. Western hog receipts were below expectations and
this news together with the fairly active export demand and
the continued firmness in cash corn, which is the principal
for hogs, stimulated light buying for both trade and
speculative account.
The distant May option advanced 15
points on the later buying. Export clearances of lard from
the Port of New York totaled 128,000 pounds, estimated for
Manchester and Hamburg.
Liverpool lard futures were
unchanged to 3d. lower.
Hog prices at Chicago were 15c.
to 20c. higher on the close.
Sales were reported at prices
ranging from $7.35 to $7.55.
Western hog marketings
totaled 62,900 head, against 71,000 head for the same day
feed
a
year ago.
On
the
8th inst.
futures closed
unchanged to 2 points
Trading was light and -without significant feature.
Export clearances of lard from the Port of New York today
were extremely light, being only 8,400 pounds, destined fo**
Rotterdam.
Liverpool was unchanged to 9d. higher.
Western hog receipts continue heavy and marketings as
reported today totaled 66,300 head against 67,200 head for
the same day last year.
Bales of hogs ranged from $7.35 to
$7.55.
Today futures closed 3 points down to 2 points up.
Trading was light, with traders more or less uncertain as to
future developments, especially as concerns the movement
of hogs and the demand from abroad for lard.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
lower.
Thurs.
Wed.
Fri.
Sat.
Man.
Tues.
December
6.82
6.85
6.77
January
6.92
6.87
6.85
6.90
March
7.37
7.27
7.30
7.35
7.37
May...
7.55
7.45
7.45
7.55
7.52
6.82
6.85
7.55
6.87
Pork—(Export), mess, $27.3734 per barrel (per 200
pounds); family (40-50 pieces to barrel), $20 per barrel.
Beef: (export), steady.
Family (export), $22 per barrel
Meats: steady. Pickled
6 lbs., 13c.; 6 to 8 lbs.,
12%c.; 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.; 8 to 10 lbs., 15%c.; 10 to 12
lbs., 1534c.
Bellies: clear, dry salted, boxed, N. Y.—16 to
18 lbs., 13J4c.; 18 to 20 lbs., 13%c.; 20 to 25 lbs., 1354c.;
25 to 30 lbs., 1334c.
Butter: creamery, firsts to higher than
extra and premium marks—24 to 29%c.
Cheese: State,
held '37, 20 to 22c.
Eggs: mixed colors—checks to special
packs, 2134 to 32c.
'>
Oils—Linseed oil is reported as holding firm, influenced by
the firmer tone of the Argentine seed market.
Linseed oil in
tank cars is quoted at 7.8 to 8.0c. per pound; in tank wagons
at 7.8 to 8.2c.
Quotations: China Wood—nearby, 13.8 to
14.
Coconut: crude, tanks, nearby, .0334; Pacific Coast,
.02%.
Corn: crude, West, tank, nearby, .0634 to .0634Olive: denatured, drums, carlots, 92c., no offer; shipment,
no bid, but offered at 91c.
Soy Bean: crude, tanks, West,
.0534; L.C.L., N. Y., 6.81
Edible: coconut, 76 degrees,
.0834Lard: prime, 9c.
Cod:, crude, Norwegian, light
filtered, no quotation.
Turpentine: 2734 to 2934- • Rosins:
(200
pounds),
nominal.
Cut
Hams: picnic, loose, c.a.f.—4 to
$5.00 to $7.80.
switches, 78 contracts.
Prices closed as follows:
Cottonseed Oil sales, including
Crude, B. E, 634c.
7.55©
Ar)rll_
December
7.48©
January.
7.45@ 7.47 May
June—2
7.45© n
7.57© 7.58 July
February
March
......
Rubber—On the 3d. inst. futures
n
7.65© 7.67
-
7.65© x>.
7.74@ 7.75
closed 4 to 7 points net
The market was dull, trading being limited to only
390 tons, including 50 tons exchanged for physical rubber in
the actual market.
Spot standard No. 1 ribbed smoked
sheets in the trade declined l-16c. to 15 15-16c.
Activity in
the outside market was also very dull.
Local closing:
Dec., 15.85; Jan., 15.86; March, 15.86; July, 15.87; Sept.,
15.90.
On the 5th inst. futures closed 5 to 10 points net
lower.
Trading was quiet and without special feature.
Transactions totaled 1,560 tons.
Spot standard No. 1
ribbed smoked sheets in the trade declined l-16c. to 1534c.
After opening fairly steady, the futures market here declined
following the weakness at London. Prices rallied with securi¬
ties near the close, but the return was not great enough to
offset the early losses.
The trade bought and covered on
low.
downward move, while commission houses conducted
bulk of the selling.
The outside market was quiet.
Local closing:
Dec., 15.80; Jan., 15.76; Mar., 15.80; May,
15.81; July, 15.81; Sept., 15.84; Oct., 15.84.
On the 6th
inst. futures closed 14 to 20 points net higher.
Transactions
totaled only 1,620 tons, incl. 190 tons exchanged for physical
rubber in the outside market.
Spot standard No. 1 ribbed
smoked sheets in the trade rose to 16c., an increase of 34c•
With consistent buying, believed to be from Japanese
sources, crude rubber futures advanced sharply today.
The
the
the
3628
outside
Financial
market
again generally quiet.
.Local closing:
Dec., 15.97; Jan., 15.96; Mar., 15.96; May, 15.98; July,
15.99; Sept., 15.99; Oct., 15.99.
On the 7th inst. futures
closed 25 to 14 points net higher.
Transactions totaled 309
contracts.
After hesitating on the opening, the rubber
futures
turned
market
upward when it became apparent
rising and that other markets were
stronger.
Bidding for the Dec. position was the feature.
The position appeared to be congested and continued to
command a premium.
Japanese interests were credited with
buying the Oct. position.
Seventeen additional notices
were
issued, making 430 altogether.
London closed 1-16
to yd. higher. Singapore was 3-32, to yd.
higher.
Local
closing: Dec., 16.22; Mar., 16.13; May, 16.12; July, 16.16;
Sept., 16.20; Oct., 16.20.
that
securities
were
On the 8th inst. futures closed 14 to 20 points net lower.
There was a renewal of
Transactions totaled 87 contracts.
liquidation in the rubber market, but factory buying and
London support absorbed offerings to hold the decline in
check.
Trading was dull, with a total of only 660 tons to
early afternoon. At that time March stood at 16.02c., off
11 points.
London closed steady l-16d. lower to l-16d.
higher.
Singapore also closed irregular.
Trade advices
report heavy consumption of rubber continuing this month.
Local closing: Dec., 16.05; March, 15.95;
May, 15.98; July,
15.99; Sept., 16.00.
Today futures closed 4 to 7 points net
higher, with sales totaling 228 contracts. After opening 5 to
14 points lower, rubber futures
rallied, standing about 2
points net higher this early afternoon, with March at 15.97c.,
May at 15.98 and July at 16.01. It developed that lifting of
hedges by commission houses with Eastern connections more
than absorbed offerings, especially in deferred
positions.
London closed unchanged to l-16d.
higher. It was indicated
that United Kingdom rubber stocks had decreased
1,400
tons this week.
Singapore was 3-32 to yd. lower. Local
closing: Dec., 16.09; March, 16.02; May, 16.03; July, 16.04;
Sept., 16.05; Oct., 16.06.
Hides—On the 3d inst. futures closed 20 to 29
points net
The market continued its downward trend
today.
lower.
Opening the short session with the range from 11 to 15
points lower in the old contract and from 7 to 18 points
lower in the
new
contract, the list continued to decline with
turnover
in
the
old
contract
amounted
points decline, while
ranged from 6 to 14 points lower.
Buying
improved during the day and when the last bell rang the
market showed quite some
recovery.. Transactions totaled
80,000 pounds in the old contract, while in the new contract
trading amounted to 5,200,000 pounds.
There were three
new
contract
contracts
tendered
the spot market it
ciation sold 3,000
for.delivery against Dec. position.
In
reported that the Packer Hide Asso¬
light native cow hides at. 11c. a pound
was
and 2,000 branded cow hides at
lOj^c. a pound.. These
prices represent a decline of J^c.
Local closing:
Old con¬
tract: Dec., 10.65;
Mar., 10.91; June, 11.23; Sept., 11.38.
New
contract:
Dec., 11.25; Mar., 11.71; June, 12.03;
Sept.,. 12.38.
On the 7th inst. futures closed 12 to 9
points
higher in the old contract, with sales of 9 contracts. The
net
new
contract ciosed
12 to
16 points net
totaling 22 contracts.
higher, with sales
News that Chicago packers had re¬
sumed sales of spot
hides, together with the improvement in
securities and
other markets, caused the raw hide futures
rally 11 to 15 points.
Four additional notices were
issued, making 115 in all.
Trading in the new contract to
early afternoon totaled 4,080,000 pounds while sales of the
old were only 240,000
pounds.
Mar. new sold at 11.86c.,
market to
June
new
noon.
at 12.17 and
Sept.
at 12.49 in the early after¬
Certificated stocks of hides in warehouses licensed
new
by
exchange increased 924 hides to a total of 883,449
pieces.
closing:
Old contract: Mar., 11.03; June, 11.32.
New contract: Mar.,
11.83; June, 12.18; Sept., 12.54.
the
Local
On the 8th inst. futures closed 8
to 12 points off in the
old contract, with sales of 10
contracts.
The new contract
closed 11 to 10 points off, with sales of
70 contracts.
After
a lower
opening, the market rallied. In the afternoon, how¬
ever, prices stood about 4 points
lower, with March new at
11.79 and June
at 12.14.
Sales of spot hides in
Chicago
yesterday were estimated at 93,100 pieces. In the
Uruguay
market 8,000 heavy frigorifico steers were
sold at 11 15-16e.
Local closing: Old contract:
Dec., 10.65; March, 10.91; June,
11.23.
new
New contract:
March, 11.72; June, 12.08.
Today
10,
1938
with sales
totaling 5 contracts. The new contract closed unchanged to
6 points net higher, with sales totaling 44 contracts.
Like
other markets, hides started lower, initial prices being 22
points net lower. Later it became apparent that there was
scarcity of contracts on the offering side. As a result, prices
rebounded strongly, standing 12 to 13 points net higher this
a
Sales
afternoon.
of
old
contracts
pounds.
11.25.
to
early afternoon
new
totaled 640,000
up
totaled 80,000 pounds, while sales of the
Local closing: Old contract: March, 10.93; June,
New contract: March, 11.74; June, 12.08; Sept.,
12.49.
Ocean Freights—There
was a
moderate amount of activ¬
ity in the freight market the past week, -with the bulk of
tonnage chartered at steady rates.
Charters included:
Grain:
Portland, Ore. to United Kingdom and Continent,
(reported but not confirmed).
Gulf to United
Kingdom, spot basis, 3s. 6d.
Atlantic range, including
Albany to United Kingdom, December, basis, 2s. 9d.
At¬
24s. 6d.
lantic range, including Albany to United Kingdom, Decem¬
ber, basis, 2s. 9d.
Pacific Coast to United Kingdom,
December, loading.
Scrap: Atlantic range to Gdynia,
December, loading. Gulf to Japan, December 20-January 10,
$4, net form.
Gulf to Japan, January loading.
Gulf to
Japan, January 25-February 10, $29,600, lump sum. Sugar:
Cuba to United Kingdom and Continent,
January, 15s.
Cuba to Marseilles. December, loading.
Time: Round trip
transatlantic trade, prompt, 3s.
Trip across, December 15,
lay days, $1.70.
.
Coal—It is reported that the current cold weather
snap
that the Eastern part of the
country is experiencing has
demand for anthracite coal to move out fairly
good.
During the last few days, however, with a slight
increase in temperature the sales have decreased
accordingly.
Wholesale coal sales at Tidewater have been
fairly good,
especially in the buckwheat sizes.
One large factor states
that of all anthracite coal produced, buckwheat
represents
only 30%. Yet the orders for buckwheat sizes at Tidewater
are
approximately 50% of the current business.
Cold
weather has been the prime factor in
stimulating activity.
Many of the retail merchants in and around New York City
agree that consumers have stored less this summer and fall
caused
the
This, they claim, is largely
other factor.
Wool—Well informed observers
expect operations in the
wool market to be sustained around the
present level for the
next three months at least.
However, they feel uncertain
about the outlook after orders for
spring delivery now on the
books have been filled.
It is stated that mills
producing
wear have orders in hand sufficient to
keep
going at the present level of operations until past March
15.
Prices have been advanced 10c. a
yard over the quota¬
tions named at the
beginning of the season, reflecting the
active demand.
The feeling is rather
widespread that some
cloth for men's
them
in wool duties may occur next
year, when and if new
agreements
are
concluded with Australia,
South
Africa and Argentine.
Preparing its members for the pos¬
sibility of such action a recent bulletin of the National
Association of Wool Manufacturers states that "it is
cut
trade
360,000
pounds, while in the new contract the sales amounted to 7,080,000 pounds.
Local closing:
Old contract: Dec., 10.65;
Mar., 10.93; June, 11.25; Sept., 11.40.
New contract:
Dec., 11.30; Mar., 11.76; June, 12.10; Sept., 12.44.
the
Dec.
2 points up for the old contract,
due to the economic situation rather than
any
Prices for retail coal are the same.
to
On the 6th inst. futures closed
unchanged to 9 points net
lower.
The opening range was 13 to 14
futures closed
than under normal conditions.
fairly active selling in Mar. and June, meeting oniy scale
buying on the decline.
The trading in the old contract
totaled 480,000 pounds, while in the new contract sales
totaled 7,720,000 pounds, of which 280,000
pounds were ex¬
changed for actuals.
Local closing: Old contract: Dec.,
10.65; Mar., 10.90; June, 11.19.
New contract: Dec.',
11.30; Mar., 11.70; June 12.08; Sept., 12.45; Dec., 12.75.
On the 5th inst. futures ciosed
unchanged to 6 points higher
in the old contract and 6 points
higher to 1 point lower in the
new contract.
No important developments were
reported
in the domestic market for spot hides
today.
The tanning
interests still are reported
showing a fair interest, but no
purchases were reported.
The futures market opened weak,
but the tone
improved steadily during the course of the day.
The
Chronicle
was
entirely
unlikely that any projected cut in the duty on wool could be
effective prior to July 1, 1939.
Negotiations, however, may
in the
commence
.
year and for the following months an
uncertainty fully equal to that which dragged for months
over the British
pact may throw its shadow over the general
new
wool
industry."
It is asserted that domestic wool growers
will offer most strenuous
opposition to any lowering of raw
wool duties.
As this year comes to an end
growing interests
will have an
unusually large volume of wool on their hands
on which Government
loans have been received.
Silk—On the 5th inst. futures
lower.
Little interest was
closed unchanged to 2y.
displayed in the raw silk
very light, with only 110 bales
net
market today.
Volume was
sold, incl. 60 bales in the old contract, 50 bales in the No. 1
contract and
none in No. 2 contract.
Prices moved lower
the weakness in the securities market.
Yokohama was
4 to 6 yen up and Kobe was 3
to 6
on
yen better.
Grade D.
advanced 5 yen to 810 yen in both
markets.
Spot sales
amounted to 850
bales, while futures transactions equaled
2,525 bales.
Local closing:
Old contract—Dec., 1.71 lA\
Jan.,' 1.72; Feb., 1.71.
Contract No. 1—March, 1.68;
April, 1.67; May, 1.673^; June, 1.67; July, 1.67. Contract
2—March, 1.65; May, 1.64; June, 1.63; July, 1.63.
No.
On the 6th inst. futures closed
unchanged to l^c. higher.
today, but prices were
steady, influenced somewhat by the stronger action of the
Dullness continued in
the
market
securities market.
contract,
contract.
10
Transactions totaled 80 bales in the old
bales in No. 1 contract and none in No. 2
Yokohama futures
were unchanged to 8
yen off,
higher to 2 yen lower.
Grade D
dropped 2y yen to 870 y yen at Yokohama and declined
5 yen to 805 yen at Kobe.
Spot sales in both Japanese
markets totaled 800 bales, while futures transactions totaled
1,900 bales.
Local closing:
Old contract—Dec., 1.72 y;
Jan., 1.72; Feb., 1.72.
Contract No. 1—March, 1.69lA;
April, 1.68; May, 1.68Yi\ June, 1.68; July, 1.68. Contract
No. 2—March,
1.65; April, 1.65; May, 1.64; June, 1.64;
July, 1.63^2.
while
Kobe
was
1
yen
On the 7th inst. futures closed
old
unchanged to lc.
contract, with sales totaling only 11
up
in the
contracts.
The
Volume
No.
Financial
147
1 contract closed
3629
Chronicle
the town spot silk market, coupled with improvement in
other markets, caused improved demand for silk futures,
but trade continued light.
Sales to early afternoon totaled
12,631 to France, 13,172 to Germany, 16,349 to Italy, 43,476
Japan. 4,676 to China, and 30,960 to other destinations.
the corresponding week last year total exports were
209,480 bales.
For the season to date aggregate exports
have been 1,673,630 bales, against 2,776,705 bales in the
same period of the previous season.
Below are the exports
50
for the week.
unchanged to H cent up, with sales
The No. 2 contract closed 3 points up,
with sales of 5 contracts.
News of a revival of demand in
of
only 7 contracts.
bales, of which 20 were in the old contract.
Prices rose
3H cents a pound in the early trading.
The price of
crack doule extra silk remained unchanged at $1.79.
The
Yokohama Bourse closed 3 to 5 yen higher.
Grade D silk
was
unchanged at 807H yen a bale.
Local closing: Old
contract—Dec., 1.73; Jan., 1.73; Feb., 1.72. No. 1 contract
—March, 1.69H; July, 1.68H- No. 2 contract—Mar., 168.
On the 8th inst. futures closed Hc. up on the oid contract,
with sales of 4 contracts.
The No.. 1 contract closed 1 to
lHc. net higher, with sales totaling 10 contracts.
The
market seemed neglected during the early session.
Up to
early afternoon only ten bales had been done in the old con¬
tract, while no sales were reported on the new.
Prices of
futures were firm in sympathy with a rise in the uptown spot
market.
The price of crack double extra silk was marked up
He. to S1.79H a pound.
Yokohama Bourse prices were
1 to 6 yen higher.
Grade D silk was 5 yen higher at 812 H
yen a bale.
Local closing: Old Contract: Dec., 1.73H;
No. 1 Contract:
March, 1.70H; May, 1.70; June, 1.70.
Today futures closed unchanged in the old contract, with
sales totaling 10 contracts.
The No. 1 contract closed lc.
up to He. down, with sales of 9 contracts.
Silk futures
were steady with increased activity.
This afternoon prices
were
unchanged.
The turnover on old contracts was 90
bales, while 60 bales in the No. 1 contract had been done to
that time.
The price of crack double extra silk in the up¬
town spot market was He. lower at $1.79.
Yokohama
Bourse prices were 1 yen higher to 2 yen lower.
Grade D
silk in the outside market declined 2H yen to 810 yen a bale.
Local closing:
Old Contract: Dec., 1.73Hj Jan., 1.73.
No. 1 contract: April, 1.71; May, 1.69H.
1
to
In
to
Week Ended
Galveston.
Houston
Mon.
Sat.
6", 478
3,192
2,685
.
3,764
2,953
2,032
3,184
10,417
2,184
23,777
26,725
54
1,969
4,330
5,643
8,149
213
159
Christi..
Beaumont
„
-
New Orleans. .1.
Mobile
—
~
12
-
9,325
5,735
135
29
1,390
27
163
M.
12
*
23,044
1,248
40
1,716
70
91
1,616
564
>
*>
216
1,457
1,589
141
3,322
-
Total
Fri.
Thurs.
17,682
488
16,410
60,956
5,558
10,753
4,153
6,865
2,757
2,112
Lake
2",188
l'ioo
Japan
China
1,591
Houston
...
"266
Charles...
400
6,176
21,011
759
2,350
"l92
546
354
""126
120
Angeles
330
San Francisco.__
450
"_35
8", 377
5,364
Los
34,019
200
-
Mobile
Jacksonville
Total
12,890
12,631
13,172
16,349
43,476
4,676
1937
75,806
33,377
36,365
21,026
Total
1936
44,078
32,091
17,978
6.651
5,213
52,783
2" 000
From
8,742
196
Total
6,010
30,960 134,154
37,693 209,480
13,586 169,167
Exported to—
Aug. 1.1938 to
Dec. 9,
Ger-
Great
1938
Japan
72,549
41,435
130,300
57,865
55,676
20,287
72,882
52,012
12,606
56,943
20,442
23,952
1,240
Britain
Galveston
Houston
Corp. Chrlsti.
France
36,953
Brownsvllle
many
469,347
97,408
8,040
91,224
447,493
19,967
1,965
48,914
6,745
222,928
22,593
26",436
3,934
5,283
883
486
3,856
57,449
57",094
8,926
19,010
Lake Charles.
Mobile
Jacksonville
25,065
2,775
"""679
49,092
1,039
52,990
244,402
8,793
173
Orleans.
27,819
27,412
3,381
*
61
610
"257
5,051
Pensacola, &c.
Savannah_..r
1,382
110
150
4,882
216
3,000
410
Gulfport
5,579
12,693
500
"f,I6o
468
5,286
Norfolk
33
3,776
414
York...
New
3,007
155
600
288
Philadelphia
719
1,524
2,478
313
387
2,114
117,427
561
18
56
Boston
769
171
585
100
5,254
Charleston...
Total
Other
3.485 106,353
866
2,214
Beaumont
New
China
Italy
78,272
63,131
Exports from—
35,359
29
29
.
13". 328
4,446
1,392
_
Francisco
2,221
1,000
990
216
95,333
31,185
230,219 287,157
254,180 152,490
401,037
17,081 325,466 1673,630
Total 1937...
905,150 486,042
104,772
21,309 503,385 2776,705
Total 1936...
527,999 420.119
511,178 244,869
357.490 131 092
728 035
12 947 315.0-1 2492.733
Total
Wed.
Tues.
Total
8,603
Italy
many
New Orleans
Corpus Christi..
.....
In addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
Shipboard Not Cleared for—
Leaving
Dec. 9 at—
Ger¬
Galveston
Houston
New
Orleans..
France
3,700
3,943
1,5'JO
Other
Foreign
wise
Stock
Coast¬
many
Great
Britain
Receipts at—
Other
3,533
6,090
France
10,319
...
bales.
Corpus
Ger¬
3,921
San
Friday Night, Dec. 9, 1938
The Movement of the 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 77,815
bales, against 89,957 bales last week and 88,143 bales the
previous week, making the total receipts since Aug. 1, 1938,
2,617,438 bales, against 5,032,280 bales for the same period
of 1937, showing a decrease since Aug. 1, 1938, of 2,414,842
Great
Britain
Galveston
Los Angeles.
COTTON
Exported to—
Dec. 9, 1938
Exports from—
Total
3,400
3,483
3,000
14,200
3,000
27,300
780
9,640
145
2,013
3)0
650
7,31/
17,991
11,/y.
Savannah
Charleston
....
Norfolk
Other
"175
"173
Mobile
—
ports—
803,325
899,018
735,720
151,236
39,835
65,755
29,39 )
154,145
•
451
451
Pensacola, &c
Savannah
233
12
■
;
14
•
Charleston.
.
21
.
-
_
^
10
__
3
■
'
72
85
Baltimore
_
6
74.
9,690
4
17
307
196
196
15,826
77,815
....
21-,463
5,720
17,438
7,678
following table shows the week's total receipts, the
1, 1938, and the stocks tonight, compared
total since Aug.
with last year:
Stock
1937
1938
Receipts to
This
Since Aug
This
Since Aug
Week
Dec. 9
1, 1938
Week
1, 1937
Galveston
23,777
Houston
26.725
213
Corpus Christi
271,064
16,580
12
Beaumont.
New
780,696
825,132
570,187
23,044
1,248
Orleans
Lake Charles
12
Wilmington
23
307
9,194
2,766
10,724
613
451
&c
Pensacola,
Savannah
1,716
_
91
Charleston
Norfolk
New York
...
3,474
59
.
_
—
<*.
—
.
Boston
196
Baltimore
In order that
comparison
10,900
830,625
917,009
77,933
900,201
839,845
71,480
31.859
16,098
894,779
747,510
65,930
6,368
2,196
151,236
39,835
14,448
17,516
29,390
73,129
14,192
3,666
157,106
80,323
34,696
11,805
29,616
100
100
2,600
1,125
3,448
be made with other
may
975
years,
give below the totals at leading ports for six seasons:
1935
1934
1933
41,926
36,Ml
41,064
4,547
29,356
18,746
39,613
3,465
3,029
69,977
58,307
28,482
2,223
1,475
1,011
1,827
1,248
1,716
3,476
1,418
363
91
Orleans.
Mobile.
Savannah
Brunswick
1936
43,860
51,079
55,702
60,395
53,782
31,941
13,714
3,515
"3",678
"3",650
"4",307
5*462
1,168
1,105
1,048
438
2,566
1,342
23,777
26,725
23,0i4
Houston
New
1937
1938
Receipts at—
Galveston
■
...
Charleston
Wilmington
23
Newport News
59
863
307
__
Norfolk
2,766
637
All others....
"""884
"3",468
"3.S27
"7",528
"6",480
12",8l7
Total this wk.
77,815
165,506
133,018
177,455
109,945
177,899
Since Aug. 1
—
2,617,438 5,032,280 4,573,275 4,899,669 2,996,374 5,070,202
The exports
of
for the week ending this evening reach a total
12.890 were to Great Britain,
134,1,>4 bales, of which
-
9,316
36,747
8,896
38,464
4,090
23,495
27,476
62,285
22,863
24,492
49,013
94,647
57,256 2,878,424
10,462
8,947 156,666 2,974,793
5. 37 212,308 2,602,884
Speculation
in
cotton
for
future
delivery
during
the
past week showed no appreciable change, and this in spite
of the Government crop forecast.
The market appeared
to be more or less in the doldrums, due largely to the
prevails, -especially as concerns
growers in the
South as to
whether they want continued Federal control under the 1938
Agricultural Adjustment Act for the 1939 season.
Should
growers vote for control, it is assumed the Farih Act would
general uncertainty
Saturday's vote of
1937
77,815 2,617,438 165,506 5,032,280 2,935,680 3,131,459
Totals
we
111,642
163,158
72,589
7,034
32,633
—
—
_
_
.
.
that
cotton
effect, but with revisions.
On the 3d inst;
52,560
1,418
3,678
2,268
1937.
1936-
Total
continue in
1938
43,860 1,360,674
51,079 1,300,457
587
384,715
7,814
55,702 1,373,579
151,051
3,476
36,006
7,523
1,694
25,892
15,249
38,084
9,413
Mobile
Jacksonville
1938.-
Total
23
37
_
22
----
Totals this week.
The
12
12
Lake Charles
Wilmington
Norfolk
Total
market suffered
prices closed 14 to 19 points^npt lower. The
unusual break today.
The downward
an
of prices which developed in the cotton market on
Friday became more pronounced in today's session, when
prices showed further losses of 14 to 19 points. The opening
range was 3 to 6 points lower owing to weakness in Liverpool.
Prices continued downward with only occasional rallies
trend
throughout the session.
Highs of the day were made at the
opeiiing and lows at the close. The decline was the result
of heavy domestic and foreign liquidation, as well as hedge
selling partly for mill account.
The trade was the best
buyer at limits, but selling was more aggressive than buying,
and the demand was easily satisfied.
At the low of the day
the market showed losses of 36 to 63 points from the highs
of the past upward movement.
December showed the
smallest loss, and October the greatest.
The sudden down¬
ward plunge in prices following a long period of stability and
narrow price changes, came as a surprise to many, and from
this it is apparent that confidence has been undermined and
that longs were inclined to sell out and await developments.
Average price of middling at the 10 designated spot markets
was 14 points off at 8.33c., compared with 8.38c., the closing
price for December in the local market.
On the 5th inst.
prices closed net unchanged to 3 points higher, The market
was active during the short session today, and after an early
decline of 9 to 13 points, more than recovered these losses
in the iater trading.
Much of the early pressure came from
abroad in the form of liquidation from Liverpool and Bombay.
Foreign traders evidently had come to the conclusion that
the United States was planning some form of export subsidy
to dispose of the unsold cotton, in the government loan, an
Financial
3630
Market
opinion growing out of statements by agricultural officials
in Washington.
Moreover, the recent sale of 20,000,000
bushels of wheat to English millers at an undisclosed price,
has been given consideration abroad as an indication of
America's position on farm products.
Consequently, senti¬
ment has undergone a change, and foreign houses which were
long of cotton here on arbitrage operations, have been selling.
Trade houses were good buyers on the scale down, and during
the latter half of the day the market firmed considerably.
Average price of middling at the 10 designated spot markets
was unchanged at 8.33c.
On the 6th inst. prices closed 8 to 13 points net higher.
The market toned down quite a bit today, with prices firmer
and closing at the best of the day.
The liquidating move¬
ment, which had extended from Friday until Monday noon,
appeared to have run its course, and with contracts scarce,
prices advanced readily and showed gains of 22 to 24 points
from the low levels made on Monday.
The opening range
was 3 to 6 points advance in response to a steadier tone in
the Liverpool market and on a more active demand for the
near positions from mills and on foreign buying of the dis¬
tant months. Hedge selling by the South was comparatively
small.
Liquidation through commission houses was less
active and there was no important selling, except about
10,000 bales of October by a leading broker. At times the
market was very quiet, with narrow fluctuations and with
traders inclined to await developments.
The demand for
spot cotton was again quiet and little activity is expected
until improvement develops in the textile trade.
Average
price of middling at the 10 designated spot markets was
8.41c., or 8 points up.
On the 7th inst. prices closed 1 to 3 points net higher.
The cotton market was inactive today, and after moving
within a range of 3 to 5 points, closed steady near the best
of the day. The opening was 1 to 3 points higher in response
to advances in the Liverpool and Bombay markets and on
overnight trade and scattered buying. Foreign houses were
on both
sides, but on the whole foreign business was light.
Hedge selling was also of small proportions, and while the
demand was not aggressive, contracts were scarce aside from
moderate liquidation. Traders assumed a waiting position
pending the publication of the preliminary final crop report,
and also the referendum on Saturday, when cotton farmers
will vote on allotments for next season.
The crop figures
were not expected to furnish any new feature in the market,
although a slight reduction was expected from last month's
estimate of 12,137,000 bales.
The average of five private
crop estimates was 12,031,000, compared with 12,215,000 a
month ago.
The average of four estimates on the amount
of cotton ginned to Dec. 1 was 11,203,000 bales.
Average
price of middling at the 10 designated spot markets was 8.43c.
On the 8th inst. prices closed 5 to 10 points net lower.
A decrease
estimate
of
from
129,000 bales in the Government cotton
last month's figures
crop
to a total of 12,008,000
bales failed to have any noticeable influence on the cotton
market today (Thursday).
December liquidation still con¬
tinues
factor, the
from this source causing fairly
substantial declines.
The market opened steady at, 1 to 3
points lower, and during the first part of the day dis¬
played stability.
There was some pre-Bureau covering as
well
a
as
When
pressure
moderate amount of trade and scattered buying.
a
the
market
20-minute suspension
prices showed little
change, and both buyers and sellers were indifferent.
In¬
for
publication
reopened
of
the
creased offers in December
demand from
trade
after
1938
10.
and[Sales at New York
on the spot each day during the
indicated in the following statement.
The total sales of cotton
week at New York
the
For
convenience
which show at
closed
are
reader,
the
of
also add columns
we
glance how the market for spot and futures
a
days.
on same
SALES
Futures
Spot Market
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
Market
Closed
Closed
Barely steady.
Nominal
Nominal
—
Nominal
Nominal
—
Nominal
Total
6
6
_
loo
Steady
Steady.
Steady
Steady
Steady
Nominal
Contr'ct
Spot
100
400
400
—
300
300
—
"500
"500
Total week.
506
800
1,306
Since Aug. 1
27,740
56,100
83.840
Futures—The
highest, lowest and closing prices
week have been as follows:
at
New York for the past
Saturday
Dec.
Monday
Dec. 5
Dec. 6
Thursday
Friday
Dec. 8
Wednesday
Tuesday
Dec. 3
Dec. 9
Dec. 7
(1938)
8.51
8.32- 8.50
8.27- 8.34
Range—
8.38- 8.53
8.25- 8.38
8.41- 8.48
8.47-
Closlng.
8.38- 8.36
8.38
8.48
8.49
Range.
8.16- 8.32
8.0.5- 8.19
8.24- 8.29
8.28- 8.32
8.25-. 8.35
8.15- 8.20
Closing
8.16
8.19
8.29
8.32rt
8.26ft
8.18- 8.20
8.15ft
—
8.39
-
8.31
-
Jan.(1939)
-
—
-
Feb.—
Range..
8.29 ft
8.15ft
8.17ft
8.13- 8.21
8.03- 8.17
8.17-
Closing
8.14- 8.15
8.15
8.17- 8.31
8.10-
8.27
8.24- 8.25
.
8.23ft
8.23- 8.28
8.26n
Range..
Closing
8.21
8.12- 8.13
March—
—
8.25
-
-
8.16
April—
Range..
8.03«
8.03ft
8.05ft
8.15ft
8.18ft
8.12ft
7.93- 8.05
7.84- 7.99
7.98- 8.07
8.0.5- 8.10
8.02- 8.15
7.93-
7.99
7.93- 7.94
Closing
7.96
8.07
8.09- 8.10
8.04
7.94-
7.96
May—
Range.
.
Closing
—
—
—
June—
Range.
7.83 ft
7.94ft
7.96ft
Range..
7.70-
7.82
7.60- 7.74
7.74- 7.82
7.80-
Closing
7.70- 7.71
7.71- 7.72
7.82
7.83
7.60ft
7.60 ft
7.70 ft
7.72 ft
7.81«
Closing.
7.82ft
7.91ft
July—
.
—
—
7.76- 7.
7.66-
7.78
7.83
7.70
—
7.73
A ug.—
Range
Closing.
7.66n
7.57 ft
7.55n
7,45ft
7.39- 7.55
7.30- 7.37
7.44- 7.45
7.33
Sept.—
Range
_
.
Closing.
7.27-
Closing.
7.39
7.59ft
7.50ft
7.38- 7.51
7.40
7.61
7.42- 7.49
7.46-
7.48
7.50 ft
Range..
7.50
n
Oct.—
•
7.43
7.51
Nov.—
Range..
Closing
.
Nominal.
ft
'
'
*
Range for future prices at New York for week ending
Dec. 9, 1938, and since trading began on each option:
Option for—
Range Since Beginning of Option
Range for Week
.
Dec.
1938-
8.25
Dec.
5
8.53
Dec.
3
7.73
Jan.
1939-
8.05
Dec.
5
8.35 Dec.
8
7.74
May 31 1938
Feb.
1939.
8.18
June
7.77
9.50 Feb.
9.51
23 1938
Feb. 23 1938
8.74 June 28 1938
5
8.31
Dec.
8
7.84 Dec.
5
8.15 Dec.
8
June
7.60
Dec.
5
7.88
Dec.
8
7.27
Dec.
5
7.55
Dec.
8
1939—
July
1939—
May 31 1938
9.25 July
May 25 1938
8.37 Aug. 23 1938
7.81
May 31 1938
9.27
8.11
8.03 Dec.
1939.
May 1939—
Oct.
4 1938
8.20 Nov. 21 1938
7.60
Dec.
5 1938
9.05 July
8.12
July
8.12 Oct.
7 1938
7 1938
22 1938
1939-
3 1938
Oct.
3 1938
7.82 Oct.
Aug. 1939-.
Sept. 1939Ocfc.
3 1938
8.34
Mar. 1939—
Apr.
May 31 1938
18 1938
8.07
Sept.30 1938
Dec.
5 1938
8.01
Oct.
7.72
24 1938
Nov. 1939.
a
figures,
crop
Dec.
Chronicle
appeared, and with a less active
shorts, the December price, which has
recently been showing independent strength, was relatively
than the more distant positions.
Average price of
middling at the 10 designated spot markets was off 5 points
easier
Volume of Sales for Future Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
to 8.38c.
Today prices Closed 8 to 11 points net lower.
Prices for
futures again suffered further losses today in a
Open
moderate
of
volume
business
of
sales.
A
short
time before
Dec. 2
New York
cotton
Dee. 3
Dec. 5
Dec. 6
Dec. 7
Dec. 8
Contracts
Dec. 8
the close
active
December
positions showed declines of 8 to 11
points from the closing levels of the previous day.
Around
midday the market was 9 to 10 points lower.
Prices moved
lower in moderately active dealings on the
opening, with
initial
26.800
18,400
12,400
8,400
6,700
5,700
*28,300
Inactive months—
prices 5
to
7
points below
yesterday's last
quota¬
tions.
Selling by Bombay, cooperative brokers, Japanese
interests, the South and spot houses was the feature of the
early trading.
Most of
fixing for Eastern mills.
5
points
lower,
with
a
the
buying appeared
to
be price-
-
_
_
1,900
2,600
9,000
4,100
2,200
4,200
63,100
March
75,400
58,600
27,700
16,000
40,900
39,400
27,800
13,900
21,800
22,000
685,000
May
59,300
46,500
July
23,200
27,500
34,500
16,600
11.500
15,700
771,400
October
40.400
32,100
28,400
25,200
11,100
14,900
375,900
January (1939)
100
August (1939)
September.
3,200
—
Total all futures.... 208.600 178,600 190,100 109,800
60,400
85,300 2,550,200
After the call the market was 4 to
barely
steady
tone
in
623,200
Open"
New Orleans
evidence.
Nov. 30
Dec. 1
Dec. 2
Dec. 3
Dec. 5
Dec. 6
Contracts
Dec. 6
Shortly after, prices fell into
new low ground.
Liquidation
prices in the Liverpool market to
decline today, with closing
quotations 4 to 7 points lower.
and poor demand caused
The official quotation for
New York market each
Dec. 3 to Dec. 9—
middling upland cotton in the
day for the past week has been:
1,850
..
March
2,000
Sat.
Mon.
8.60
Tues.
Wed.
Thurs.
Fri.
8.69
8.72
8.66
Quotations for 32 Years
1930
1929
17.20c.
1928
20.00c.
1927
19.35c.
1919
39.20c.
1911'
1934
1926
12.40c.
1925
20.20c.
1924 —,23.25c.
1923
35.00c.
1918
29.10c.
1910
1917
1909
1916
29.95c.
18.75c.
1908
7.50c.
,13.40c.
12.75c.
9.20c.
15.10c.
14.95c.
9.25c.
1915
12.65c.
1907
,,12.15c.
...
-12.70c.
-10.20c.
1932
1931
5.90c.
..
6.00c.
10.30c.
1922
4,350
15,400
3,250
1.200
750
5,000
1.750
7.450
3,200
88,950
3,750
2.300
15,700
10,450
11.900
5,550
50
150
107,900
2,650
26.900
52.950
17,700
432,900
May
.
—
1,000
....
750
7,100
l'.OOO
98,300
March (1940)
25.10c.
1914
1921
18.10c.
1913
1920
16.25c.
1912
10.200
Includes 300 bales against
5.850
49.400
4,300
which notices have been issued, leaving net open
contracts of 28,000 bales.
8.57c.
1933
5,100
8,150
118,300
500
14,750
1,550
on
1937
8.20c.
1936-.. —12.84c.
1935
—12.05c.
.
250
7,750
October.
*
quotations for middling upland at New York
Dec. 9 for each of the
past 32 years have been as follows:
—
200
8.57
The
1938
5,550
14,850
July
Total all futures
New York
450
5*250
2,800
300
1,750
400
January (1939)
December..
8.59
Middling upland
December
The Visible
cable and
as
afloat
figures
are
are
Supply of Cotton tonight, as made up bv
as follows.
Foreign stocks as well
this week's returns, and consequently all foreign
telegraph, is
brought down to Thursday evening,
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for PYiday
only.
Volume
Financial
147
808,000
151,000
1,091,000
261,000
329,000
15,000
959,000
214,000
270,000
24.000
825,000
189,000
240,000
19,000
61,000
21,000
6,000
64,000
15,000
5.000
990,000
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
499,000
80.000
731,000
101,000
bales-
94,000
579,000
186,000
96,000
14,000
57,000
75,000
10.000
3,000
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
23~,666
7,000
5.000
Via Mounds, &c
5,775
Via Rock Island
50
829
3,586
29,761
3,994
30,627
64,420
1,510
1,982
73,514
335.236
45,873
531,161
43,828
550,143
216
11,035
613
193
Via
Virginia points
__
Via other routes, &c
u v oi id
luoai
4,079
178,076
5,282
10,900
3.813
98,881
Deduct Shipments—
Overland to N. Y., Boston, &c--
Egypt, Brazil,&c.,afl't for Europe
Stock in Alexandria, Egypt
Stock in Bombay, India
83,000
88.000
567.000
369,000
140.000
181,000
308,000
389,000
411,000
576,000
2,815,192 2,913,364
2,327,953 2,369,180
42,803
18,127
43.000
507,000
186,000
53,000
261,000
418.0JO
624,000
Stock in U. S.
331,000
543,000
3,131,459
3,496,222 2,610,850
47,552
22,095
2,935,680
ports.
Stock in U. S. interior towns
•U. S. exports
today
follows:
'
of American and other descriptions are as
Of the above, totals
•
444,000
243,000
68,000
176,000
94.000
168,000
241,000
87,000
507,000
55,000
136,000
200,000
24,000
56,000
137,000
81,000
99,000
369.000
243,000
68,000
261,000
Havre stock
stock
Other Continental
American afloat for Europe
U. S. port stock
__
2-935,680 3,131.459 2,815.192 2,913,364
3,496,222 2,610.850 2,327,953 2,369,180
22,095
47,552
18.127
42,803
U. S. ulterior stock
today
East Indian, Brazil, &c.—
Liverpool stock
193,190
aggregate net
of
540,000
364.000
57.000
46.000
29,000
21,000
39,000
53.000
40,000
30,000
-
Havre stock
stock..
Europe
Other Continental
Indian afloat for
24,000
48.000
15,000
61,000
83,000
140,000
88,000
43,000
53,000
181,000
130,000
186.000
418,000
624,000
Egypt, Brazil, &c., afloat--Stock in Alexandria, Egypt——.
Stock in Bombay. India
261,000
488.000
33,000
85,000
86.000
35,000
—.
Bremen stock
331,000
543.000
389,000
576,000
308,000
411,000
2,004,000 1,620.000 1,884.000
7,719.997 7,330,861 6,188,272
overland exhibits
a
decrease from a year ago
supply—
9,723,997 8,950.861 8,072,272
4.97d.
4.70d.
6.93d.
MiddJng up.ands, Liverpool
8.57c.
8.22c.
12.87c.
Middling uplands, New York
9.03d.
9.15d.
11.38d.
Egypt, good Sake!, Liverpool
3.98d.
4.02d.
5.71d.
Broach, fine, Liverpool
5.67d.
6.05d.
8.16d.
Peruvian Tanguis, g'd fair, L'pool
3.95d.
4.17d.
5.75d
O.P.Oomra No.l staple, s'fine.Liv
"WgcIC
6.50d.
12.00c.
lO.Old.
5.85d.
165,506
..
Southern consumption to
100,660
Dec. 9_
105,000
436,549
2.200,000
Excess
of
5,023,409
1,543,299
308,271
64,942
7,668,829
1,789,295
.
Southern
302,584
the
Towns
Interior
the
is,
•corresponding period of the previous year—is set out in
detail below:
Movement into sight in previous years:
1,505
Ala., Birm'am
694
62,993
Week
60,422
Season
46,181
4,383
Dec
Week
10
Quotations for Middling Cotton at Other
34
Montgom'y
11,836
145
9,436
4
9,399
3
10,370
77,240
1,206
98,260
440
41,970
594
53,253
96
42,914
1,173
84,589
254
67,204
548
66,136
Ark.,Blythev.
1,968
123,763
1,758
173,235
10,427
129,762
2,307
118,870
City
321
37,837
302
54,098
2,378
40,894
790
32,461
215
59,157
842
68,876
2,000
73,084
2,000
39,375
82
38,237
Selma
Forest
Helena
Hope
Little
810
50,019
61,942
1,020
906
27,844
201
Rock
18,942
498
37,145
688
29,063
596
26,869
97,889
1,459
147,088
4,622
126,184
2,108
104,325
429
38,422
640
43,296
1,745
36,873
835
Closing Quotations for Middling Cotton onSaturday
Dec. 9
Monday
Blufl.
125,215
4,941
982
138,403
47,349
6,537
142,495
4,270
86,768
4,696
53,298
4,740
37,429
465
19,634
307
15,882
237
18,730
434
33,035
1,535
37,168
476
5,006
148,349
2,199
136,554
158,449
6,497
2,703
98,558
3,794
128,280
2,245
140,743
700
35,650
Walnut Rge
481
^Ga., Albany..
212
47,371
12,027
32
18,302
7,425
2,262
81,022
83,942
Athens
Atlanta..—
Augusta.
.
_
.
-
34,891
■
600
5,900
34,800
1,000
17,200
Macon
142
25,061
657
39,363
392
36,446
299
35,501
Rome
470
14,636
150
31,438
270
15,772
200
22,494
393
84,734
1,246
3,519
136,354
4,261
Miss., Clarksd
2,088
110,064
5,996
95,488
91,907
8,594
180,890
6,457
77,989
85,827
Columbus..
151
25,647
225
44,276
999
34.646
206
34,148
1,605
180,604
5,422
146,672
9,754
238,191
134,306
161
30,592
331
1,447
59,630
8,559
1,547
34
Columbus-
_
La., Shrevep't
Greenwood.
•
.
400
Natchez
7,355
122
16,633
1,302
15,331
167
30,488
11,426
200
Jackson
26,384
498
26,697
2,043
912
23,281
44,347
26
44,463
941
55,749
4,220
39,439
61,276
1,192
39.982
Mo., St. Louis
5,915
68,739
5,872
4,373
7,109
73,456
7,109
2,519
N.C., Gr'boro
49
2,377
2
2,469
470
2,415
61
5,125
1,987
320,312
7,703
317,600
22,731
418,596
16,545
50,369
2,622
74,085
61,767
58,304
4,575
77,431
914,204 102,788 1403,417
42,545
14,170
1,060
1,433
69,343 1305,348
356
21,115
82,834
658,275
663
8,731
Vlcksburg..
Yazoo City.
.
Wed'day Thursday
Tuesday
8.17
8.37
8.17
8.35
8.26
8.28
8.44
8.11
8.22
8.46
8.24
8.69
8.75
8.72
8.75
8.35
8.87
8.35
8.31
8.15
8.03
8.03
8.13
8.34
8.42
8.08
Friday
8.22
8.66
8.70
Savannah—
8.59
8.60
Norfolk
8.65
8.65
Montgomery..
Augusta.
Memphis
8.25
8.25
8.74
8.75
8.35
—
Houston
8-05
Dallas
8.00
7.91
8.00
8.21
7.90
Fort Worth
8.35
8.84
8.35
8.31
8.15
7.91
8.35
8.21
8.05
7.90
Little Rock
New Orleans Contract
8.09
8.58
8.19
8.65
8.30
8.22
8.81
8.72
8.35
8.17
8.00
7.88
7.88
8.35
8.26
8.15
7.97
7.97
Market—The closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
for
Dec.(1938)
(1939)
February
Dec. 5
Tuesday
Monday
"
Wednesday
Dec. 6
Dec. 7
Thursday
Friday
Dec. 9
Dec. 8
3,254
8.41
8.49
8465- 848a
8575- 800a
8575- 868a
8.50
8.31
8295- 831a
8385- 840a
8395- 841a
8355-837a 8.275-8.29a
—
.
:
8.25
8.34
8.32
8.24
8.07
8075- 808a
8.17
8.19
8.15
8.05
7.82
March.,-.
8.36
7.83
7.91
7.90
7.80
7.43- 7.44
8.26- 8.27
April
May
June..
July
7905- 791a
August
September
October
..
7.52
7.51
—
7.57- 7.58
7.60
7.53
7545- 756a
7535- 755a
7595- 701a
7625- 764a
755fr- 757a 7.455-7.47a
Npvember
December.
26,540
2,384
Newport
Pine
'
1,543
Jones boro—
Markets
Week Ended
Jan.
40,370
768
989
Eufaula
5,762,197
Stocks
ments
Dec.
9
Week
Season
Week
\
-.9,074,624
8,671,791
-
1935—Dec. 13
Dec. 3
ments
Bales
Since Aug. 1Bales
-244,718 1936
336,182 1935
213,327 1934.:
Week—
1936—Dec. 11
Saturday
Ship¬
Receipts
618,763
25,102
Decrease.
1938
Movement to Dec. 10,
Slocks
Ship-
Receipts
560,208
47,224
.
New Orleans—
movement—that
Movement to Dec. 9, 1938
9,654",968
6,869",292
Total in sight Dec. 9-
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
Towns
196,844
....
373,213
202,962
*
37,765
Mobile
been 51,000 bales.
decrease over last
week of 33,391
bales, a gain of 773,136 over 1937, an
increase of 1,651,725
bales over 1936, and an increase
of 1,869,650 bales from 1935.
the
Aug. 1
5,032,280
2,617,438
337,971
2,068,000
215,568
*12,606
id to
Net overland t< Dec. 9
Galveston
Continental imports for past week have
The above figures for 1938 shows a
At
Week
Aug. 1
77,815
37,753
Receipts at por
ports to Dec. 9
7,854.347
Total visible
Since
Since
In Sight and Spinners'
Takings
1934—Dec. 14Total American
-1937
1938-
1,351,000
6,503,347
Total East India, &c
113,594
436,549
98,578 bales.
»
Manchester stock
6,063
37.765
foregoing shows the week's net overland movement
has been 37,753 bales, against 37,765 bales for
last year, and that for the season to date the
The
6,503,347
7,719.997 7,330,861 6,188,272
Total American
168
this year
the week
567,000
Bremen stock
75
337,971
8,120
.
Leaving total net overland.-37,753
*
Including movement by rail to Canada.
238,000
453,000
bales.
Liverpool stock
Manchester stock
U. S. exports
7,854.347
—9,723,997 8,950,861 8,072.272
Total visiblesupply
American—
130,000
764
7,711
1,784,000 1,551,000 1,308,000 1,020,000
Total European stocks
American cotton afloat for Europe
Aug. 1
73,481
7,109
1,850
173
4,882
70,342
306,322
Via Louisville
.
India cotton afloat for Europe—
67,630
81,221
5.872
441.000
483,000
592.000
693,000
Week
Aug. 1
Week
.
Total Continental stocks
Since
Since
Dec. 9—•
Shipped.—
Via St. Louis
.
-1937-
1938-
1935
1936
1937
1938
Dec. 9—
Stock at Liverpool
Stock at Manchester
3631
Chronicle
Tone—
Quiet.
Options...
Quiet.
Quiet.
Quiet.
Quiet.
Steady.
Steady.
Spot
Steady.
Steady.
Steady.
Steady.
Steady.
Issued—The 68th edition of
has just been published by
Comtelburo, Ltd.
Containing a complete statistical picture
of the cotton trade, the "Handbook" represents, one of the
New
Cotton
Handbook
the "Annual Cotton Handbook"
most
compact and
comprehensive works of its kind.
Al¬
though Far Eastern conditions have prevented the inclujion
of the Shanghai movement, the 1938 edition more than
makes up for this omission by including new features such
as quotations on the various grades of cotton in the Alex¬
andria market.
The books are available at the New York
office of Comtelburo, Ltd., 66 Beaver St.
Price $1 per copy.
•Oklahoma—
15 towns *_
8.
C., Gr'ville
Tenh.. Mem's
Texas, Abilene
468
231,893.
75
14,837
93
4,602
163
10,190
115
Brenham
257
13,582
379
3,990
86
13,050
142
3,072
Dallas
594
39,386
514
44,953
78,371
1,600
10,749
Paris
419
61,764
1,158
44,972
1,035
1,905
460
28,298
6,470
53
1,444
15,056
2
57
12,970
172
a42
a7,375
*01
a629
137
26,513
26
3,387
37,648
1,100
39,501
256
21,460
398
52,407
1,402
25,926
615
83,149
1,110
20.518
Agricultural Department's Report on Cotton Acreage,
and Production—The Agricultural Depart¬
ment at Washington on Tuesday (Dec. 8) issued its report on
cotton acreage, yield per acre and production as of Dec. 1.
None of the figures takes any account of linters.
Comments
on the report will be found in the editorial pages.
Below is
the report in full:
Yield per Acre
Austin
Robstown..
San Marcos
Texarkana
_
Waco
"Total. 56 towns 110,762 3528,738
*
123,36813496,222
Includes the combined totals
The
above
decreased
totals
during the week
that
the
12,606
936
227,461 4312,748 162.519 2610.850
of 15 towns in Oklahoma,
show
87,312
1,813
a
bales and
stocks
are
tonight
period last year. The
receipts of all the towns have been 116,699 bales less than
same
week last
year.
Overland Movement for the Week and Since Aug. 1—
give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
We
Friday night. The results for the week and since
.Aug. 1 in the last two years are as follows:
reports
States
cotton
crop
of 12,008,000 bales of 500
pounds gross
1937,12,399,000 bales produced
13,201,000 bales, the 10-year
have
885,372 bales more than at the same
the
United
compares with 18,946,000 bales produced in
in 1936,10,638,000 bales produced In 1935 and
San Antonio.
interior
A
weight is estimated by the Crop Reporting Board of the United States
Department of Agriculture, based on indications of Dec. 1, 1938.
This
is 129,000 bales, or about 1.0% less than was forecast a month ago, and
(1927-36) average.
The yield is estimated at 226.8 pounds per acre, which
compares with 266.9 pounds in 1937 and 179.8 pounds, the lO-year (1927-36)
average.
estimated at 25,346,000 acres, which is 25.5%
1937.
Allowing for the estimated abandonment
Harvested acreage is now
less than that harvested in
3.1%, the cotton acreage In cultivation on
been 26,144,000 acres.
The abandonment In
of
July 1 Is indicated to have
1938 was greater than aver¬
having been removed by farmers after July 1 in order to
compliance with the 1938 Agricultural Adjustment program.
COTTON REPORT A8 OF DEC. I, 1938
age, some acreage
be in
The
makes
Crop Reporting Board of the Bureau of
the following report from data furnished
for the season
Agricultural
Economics
by ctod correspondents,
cooperating State agencies.
The final total gmnings
will depend upon whether the various influences affecting the
field statisticians and
3632
Financial
Chronicle
crop
Produc'n (Ginnings)b
gross
500-lb. Gr.
Some advocate a return to unrestricted acreage and production, while
others feel that continuance of restricted acreage and production is neces¬
or
Congress.
Impasse
Acreage for
Yield per Acre
1938 Crop
voi.
Left
In cul¬
for
tiva¬
Aver
1938
age
1937
crop
1938
1927
crop
(Dec. 1
CDec.l
1936
1936
1,000
Lbs.
296
373
368
Lbs.
Lbs.
Lbs.
438
346
1,000
bales
bales
503
223
404
Carolina.
41
277
312
179
495
40
43
274
338
223
492
710
780
248
1,253
1,272
231
289
505
798
1,023
650
2,128
203
270
199
505
1,152
1,500
857
85
90
139
162
140
480
31
40
25
791
799
222
320
295
514
436
661
487
290
243
1,080
Florida
Tennessee
Alabama
2,160
194
1,159
1,631
Mississippi
2,600
2,680
207
372
316
515
1,462
2,692
Arkansas
2,388
2,444
193
298
269
521
1,182
1,904
Louisiana
1,224
1,245
199
337
264
518
655
1,104
Oklahoma
1,732
1,804
131
156
158
512
903
773
9,534
140
197
164
522
3,997
5,154
675,555.54
New
..4
104
391
490
459
507
89
163
355
501
458
510
127
313
336
356
570
602
510
225
738
423
23
24
254
361
356
500
12
23
17
25,346 26,144
179.8
266.9
226.8
42
400
0.7
1.6
77
48
400
2.5
1.5
269
229
518
20
12
21
179
188
46
52
37
b Allowances made for interstate
move¬
California
States
Ga. Sea Island.,
18.0
18.1
c
Fla. Sea Island.,
14.8
15.1
c
Ariz, Egyptian..
44
44
233
94
219
90
514.2 13,201
(Old Mexico)
a
94
Counting round "bales
as
half bales,
36,970
Tennessee
.133,124
227,771
939,575
235,473
Texas
M ississlppi
469,746
Virginia
Missouri
18,946 12,008'
—104,706
South Carolina
10,248
—
Louisiana
58
-
71,494
CCC Loaned $13,262,736 on 73,276,696 Pounds of Wool
Through Nov. 26—The Commodity Credit Corporation an¬
nounced Dec. 2 that through Nov. 26, loans aggregating
$13,262,736.32 had been made on 73,276,696 net grease
pounds of wool, an average of 18.10 cents.
This figure in¬
cludes repayments of $2,034,124.50 covering 11,426,674
pounds of wool.
Not Including production of linters.
c Included in
d Not Included In California figures, nor in United
State and United States totals,
-
Georgia
23,354
6,228
....
Oklahoma
591,093
__
California
d Lower California
ment of seed cotton for ginning.
North Carolina
16,170
Arkansas.
196
468
New Mexico
245,440
,
Bales
Slate—
Bales
.
Alabama
Arizona
95
206
on
State—
676
99
All other
c
1,340
205
Mexico
Arizona
United
1,715
.
Corporation announced that "Advices of
3,111,450 bales of cotton.
The loans average
pound.
Figures showing the number of bales on which loans have
been made by States are given below:
3,125
Texas
509
Through Dec. 1 Aggregated
Bales—On Dec. 2 the Com¬
8.87 cents per
570
9,153
2,128
Credit
CCC
of
3,111,450
on
Cotton Loans" received by it through Dee. 1 showed loans
disbursed by the Corporation and lending agencies of $143,-
400
2,064
Georgia
modity
15
884
Loans
$143,675,556
337
40
The feeling is growing that the Government has reached an
Its cotton program, and that new legislation is necessary.
Cotton
1,000
bales
857
Virginia
North Carolina.
South
1.000
acres
Missouri
(est.)
(est.)
1,000
acres
a
in
sary owing to the present high level of foreign cotton acreage and supplies.
The trend of though is towards the return to a price system unaffected
by Government loans and holdings, in which cotton prices will truly reflect
supply and demand conditions and permit American cotton once more
to move freely into world trade.
1938
est.)
1927-
:
bales
Aver,
CDec.l
,
1937
age
July
Wt. Bales
of
run'g
tion
vest
1938
and it is possible that one or more of them will be submitted to the next
still In the field will be more
favorable than usual.
har¬
10,
less
Aver,
harvesting of the portion of the
State
Dec.
States total.
Returns
Cotton
Ginned from
Crop of 1938 Prior to Dec. 1—
The Census report issued on Dec. 8, combined from the
individual returns of the ginners, shows 11,233,1-57 running
bales of cotton (.counting round as half bales and
excluding
linters) ginned from the crop of 1938 prior to Dec. 1, com¬
pared with 16,175,505 bales from the crop of 1937 and
11,493,140 bales from the crop of 1936. Below is the report
by Telegraph—Telegraphic advices to us this
evening denote that the 1938 cotton
crop has been gathered,
remaining in the fields.
The ripening of cotton,
picking and ginning advanced rapidly, and as a result the
crop was picked and ginned earlier than any crop on record.
cotton
no
Rain
Days
Texas—Galveston
Austin
ON
Corpus
El
RUNNING BALES
Alabama
1,049,261
Arizona
1,522,108
518,484
342,436
Florida...!
21,975
Georgia...';
835,403
34,989
1,414,324
1.030,418
11,103
Louisiana
Missouri
12,501
1,007,054
2,233,738
287,660
79,956
1
Oklahoma
120,198
651,299
622,336
937,936
454,463
492,774
2,888,584
4,491,270
32,570
2,137
2
0.78
72,
42
5757
82
44
63
38
44
dry
dry
Smith
*11.233.157
*16,175,505
*11,493.140
40
57
30
50
2
0.61
69
36
50
53
54
2
0.46
66
28
47
0.05
68
34
1
0.02
61
0.39
78
78
44
3
58
68
0.55
78
42
78
44
61
0.08
78
60
41
60
32
46
2
3
•
dry
2
*
2
'
0.03
EXPORTS—UNITED
STATES
Cotton
consumed
during
the
month
1
1.56
62
36
49
0.48
72
40
56
0.33
0.10
72
42
57
2
October,
1938,
amounted to
542,778 bales.
Cotton on hand in consuming establishments on
Oct. 31,
was 1,507,245 bales, and in
public storages and at compresses 15,312,719
bales. The number of active
consuming cotton spindles for the month was
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
WORLD
The
estimated
world's
Wilmington.
of
commercial
.
cotton,
*
exclusive
of
linters, grown in 1937, as compiled from various sources was
35,591,000
bales, counting American in running bales and
foreign 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»
Present
Position
season,
according
of the cotton situation and
outlook, recently
issued by Carl M. Loeb, Rhoades & Co.
This situation ,it
is stated, will be induced by the
large Government
a
survey
of the
staple.
The report also
1.12
58
32
45
2
0.70
64
32
48
2
L39
72
40
i_
in part:
If loans to growers are discontinued after this
season, and liquidation of
loan stocks is begun, cotton prices
thereafter will reflect supply and demand
conditions more closely.
Our studies indicate that the
Government loan
held
cotton
above
the
supply-and-demand price in 1937-38, and that
the same has been true during this season to
date.
Past experience suggests caution in
following any advance in cotton
prices that may occur during the next few
months, and indicates that any
advance resulting from an actual
shortage of spot cotton is likely to be
deferred
until the later part of this season.
At the same time it should
be remembered that conditions in no two seasons
are
exactly similar
The
stock of cotton in Government loans now is
larger than ever before*
while
general industrial activity has been increasing rapidly
'
In the cotton trade, methods are
being discussed for liquidating the
large Government holdings of loan cotton.
Some of these propose
sharp
restriction of acreage and production in 1939. with
growers to be paid for
restriction with cotton from Government
holdings rahter than with cash
It is probable that these various
proposals will receive wider attention
56
1
69
32
50
0.52
64
14
39
2
Nashville.
0.37
2
0.10
62
34
48
.
The following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Dec. 9, 1938
Feet
New Orleans
Above
Shreveport
Vicksburg
•
zero
..Above
Above
Nashville
zero
Above
Above
Dec. 10, 1937
Feet
of gaugeof gauge.
2.2
1.8
6.0
4.1
9.6
zero
of gauge.
of gauge.
1.8
5.6
zero
of gauge.
2.8
1.3
zero
,
Receipts from the Plantations-^-The following table
indicates the actual movement each week from the planta¬
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop
Week
j
which finally, reaches the market through the
Receipts at Ports
Stocks at Interior Towns
outports.
Receipts from Plantations
End
1938
1937
1936
1938
1937
1936
1938
1937
1936
Sept.
9. 195,347 309,808 271,456
2044,616
918.178 1339,682 290,308 361,614 391,307
16. 227,732 347,270 340,815 2198,739 1059.914
1499,275 381,855 480,006 500,408
23. 236.651 411,538 314,287 2390,140 1245,639
1077,862 428,052 606,163 492.874
30. 221.656 479,801 319,754 2633.565 1490.564 1832.036 465*081 724,826 500.519
Oct.
holdings
says
46
28
3
Tennessee—Memphis
Chattanooga
and
Outlook for Cotton
Surveyed
by Carl M. Loeb, Rhoades & Co.—A tight
spot situation
is in prospect for American cotton later this
to
•
tions.
STATISTICS
production
64
;
.
Raleigh
Memphis
of
60
2
.
bales.
AND
51
2
_
Charlotte
was
3,235 bales Sear-Island for 1938; 3,745 for 1937 and 859 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. 14 is 10,749,913
IMPORTS
59
70
Augusta
American-Egyptian for 1938. 7,949 for 1937; and 10,604 for 1936; also
STOCKS,
50
50
74
Macon..
South Carolina—Charleston.
North Carolina—Asheville....
The statistics in this report include 151,324 round
bales for 1938; 287,319
for 1937 and 262,706 for 1936.
Included in the above are 15,236 baies of
CONSUMPTION,
74
70
1937-38, compared with 142,983 and 41,130
bales of the crops of 1937 and 1936.
30
34
44
.
0.62
*
1 which
0.90
70
66
0.38
Pensacola
1,891
Includes 157,865 bales of the crop of 1937 ginned
prior to Aug.
counted in the supply for the season of
1.15
0.02
1
_
United States.
0.32
1
Orleans
-
58
1
2
Tampa
Georgia—Savannah
Atlanta
26,804
2,146
42
74
2
2,712,220
8,482
All other States..
72
Miami
705,282
410,297
Virginia
0.38
1.72
Birmingham
Montgomery
Florida—Jacksonville
279,794
South Carolina
1
3
503,488
Tennessee
Texas
60
68
2
Alabama—Mobile._
295,620
89,635
709,010
535,830
49
46
__
57
67
Shreveport
Mississippi—Meridian
Vicksburg
10,210
357,492
^
59
•
dry
dry
f
1,836,585
317,550
j
North Carolina
Paso
Louisiana—New
739,128
1,650,589
New Mexico
56
38
30
0.06
1
Little Rock
27,578
6.50,438
Mississippi..
65
38
Christ i
Rio
Arkansas—Fort
129,015
1.232,080
Kentucky
50
74
80
;
Oklahoma—Oklahoma City
1,120,659
166,970
1,540,483
California.!
54
61
Port Arthur
San Antonio
139,142
.......
38
36
52
Mean
Houston
1936
•
1,282,258
326,149
Arkansas.
47
76
72
82
80
Low
Palestine
half bales dk excl. linters)
State
1937
28
Dallas.
Del
1938
50
66
-Thermometer
dry
dry
dry
dry
dry
„-j
Brownsville
Number of bales of cotton ginned from the growth of 1938 prior to Dec. 1
1938, and comparative statistics to the corresponding date in 1937 and 1936'
as
71
Abilene
COTTON GINNING
(Counting round
High
0.76
Amarillo
in full:
REPORT
Rainfall
Inches
2
.
7. 183,369 441,721 330,033
2881,086 1715.693 1980,336 430,890 060.850
478*343
14. 205,107 379.066 370,723
3110,218 1904,035 2098,733 434,239 596,889 489,120
21. 300,646 323,319 378,683 3275,615 2051,912
2179,563 366,043 471,196 483,163
28. 150,872 313,437 385,111
263,541
3387,084 2129,804 2266,371
391.329 471,919
Nov.
4
256,332 263,182 259,641 3460,497
92,125 245,688 264,096 3610,308
18. 125,857 195,034 251,440 3518,088
25.
88,143 160,560 217,563 3524,821
10
2226.923
2387.570
2459.694
2501,559
2301,784 329,745 388,719 295.054
2342,886 141,936 406,335 305,198
2373,757 133,637 267,158 282,311
2397,188 94,876 202,425 240,994
Dec.
2.
9.
89,957 169,362 211,898 3508,828 254,908 2366,617
77,815 165.506 133,018 3496,222 2610,850 2327,953
The above statement shows:
73,964 213,711 181,327
65,209 230,448
94,354
(1) That the total receipts
plantations since Aug. 1, 1938, are 4,269,531 bales;
6,830,892 bales and in 1936 were 5,714,154
bales.
(2) That, although the receipts at the outports the
past week were 77,815 bales, the actual movement from
from the
in
1937
were
Volume
plantations was
65,209
bales, stock at interior
having decreased 12,606 bales during the week.
Shipping
towns
from all
seasons
reached 134,154 bales.
obtainable; also the takings
sight for the like period:
are
Cotton Takings,
or
up
amounts
Week
Bombay receipts to Dec. 8
Other India ship'ts to Dec. 8_
Alexandria receipts to Dec. 7Other supply to Dec. 7 * b
45,000
5,000
64,000
10,000
Total supply
273,000
9,723,997
360,353
273,353
87,000
6,532,036
4,613,436
1,918,600
266,896
39,000
*
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug.
1 the total estimated consumption by
Southern mills, 2,068,000 bales in 1938 and 2,200,000 bales in 1937—takings
not being available—and the aggregate amount taken by Northern and
foreign spinners, 4,464,036 bales in 1938 and 4,401,329 bales in 1937, of
which 2,545,436 bales and 2,541,529 bales American.
b Estimated.
India Cotton Movement from All Ports—The receipts
of Indian cotton at
Bombay and the shipments from all India
cabled,
ports for the week and for the season from Aug. 1 are
for three years/have been as follows:
\
1936
1937
1938
Dec. 8
Week
Week
Aug. 1
45.000
Bombay
Since
Since
Since
Receipts—
Aug. 1
96,000
372,000
39,000
443,000
Week
Aug. 1
442,000
Since Aug. \
For the Week
Exports
Great
Conti¬
China
Total
31,000
Conti¬
Britain
Jap'ndc
nent
Great
from—
nent
34,000
Britain
Japan &
.
Total
China
Bombay—
15,000
60,000
410,000
485,000
2,000
6,000
8,000
5,000
66,000
136,000
207,000
3",000
6,000
69,000
78,000
11,000
78,000
306,000
395,000
4,000
1,000
5,000
58,000
120,000
3,000
1938
1937..,'-.
1936
Other India-
50
■
692
6,216
1,436
951
1,565
7, Montello, 3,896--
-
3, Skjelbred, 3,650;
To Japan, Dec. 2, Kosiu Maru, 8,276; Dec.
Dec. 5, Akiura Maru, 5,756
To Liverpool, Dec. 3, West Cohas, 1,696
6.601,329
4,741,529
1,859,800
9,582
2,043
»
To Venice, Dec. 2, Cranford, 524; Clara, 912
To Trieste, Dec. 2, Cranford, 182; Clara, 769
To Susak, Dec. 2, Cranford, 863: Clara, 702
8,950.861
305,896
Antwerp, Dec. 2, Nashaba, 50
To Rotterdam, Dec. 2, Nashaba, 692
To Genoa, Dec. 2, Cranford, 2,320; Dec.
9,256,757 15,552,190
9,723,997
Of which other
To
126,000
1,001,200
158,000
8,950,861
Total takings to Dec. 9 a
Of which American
3,533
106
1,847; Dec. 5, Vigilant, 5,792;
Dec. 7, Delaware, 41; Koxholm, 1,902
To Gothenburg, Dec. 1, Tatra, 1,357; Dec. 7, Kosholm, 686-"-
9,654,968
48,000
9,000
10,084,350 16,256,033
Deduct—
Visible supply Dec, 9__
8,626
1,693
1,976
4,339",022
373,213
39,000
19,000
6,869,292
443,000
178,000
732,800
174,000
1,179
To Oslo, Dec. 1, Tatra, 106
To Gdynia, Dec. 1, Tatra,
7,858",941
202",962
762
Copenhagen, Dec. 1, Tatra, 667; Dec. 7, Delaware, 298;
Koxholm, 214
To Havre, Dec. 1, Nevada, 889; Dec. 2, Nasahba, 2,606; Dec. 3,
Langleebrook, 5,131
To Dunkirk, Dec. 1, Nevada, 1,693
To Bremen, Dec. 1, Kersten Miles, 1,557 Dec. 6, Gonzenheim,
8,768,544
9,757,388
American in sight to Dec. 9
The shipments in detail, as made
To
Season
Week
the
page,
week have
Bales
1937
Season
previous
a
from mail and telegraphic reports, are as follows:
Week and Season
Visible supply Dec. 2
Visible supply Aug. 1
on
653.
out of
gone
1938
shown
GALVESTON—To Ghent, Dec. 1, Nevada, 109; Dec. 2, Nashaba,
from which statistics
sources
News—As
exports of cotton from the United States the past
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
3633
Chronicle
Financial
147
17,682
1,696
Manchester, Dee. 3, West Cohas, 2,225
2,225
To China, Dec. 3, Skjelbred, 488
488
To Havana, Nov. 30, American Press, 122
122
To Puerto Colombia, Nov. 30, American Press, 309
309
HOUSTON—To Bremen, Dec. 3, Kersten Miles, 2,083; Dec. 3,
Gonsenheim, 3,962
6,045
To Japan, Dec. 3, Akiura Maru, 8,320; Dec. 7, Kunikawa
Maru, 2,433
*
10.753
To Copenhagen, Dec. 5, Delaware, 1,252; Koxkolm, 1,236
2,488
To Hamburg, Dec. 3, Gonzenheim, 645
645
To Genoa, Dec. 6, Cranford, 2,359
—
2,359
To Trieste, Dec. 6, Cranford, 1,568
1,568
To Venice, Dec. 6, Cranford, 1,631
1,631
To Gdynia, Dec. 5, Delaware, 359; Koxholm, 598
957
To Gothenburg, Dec. 5, Koxholm, 1,198
1,198
To Susak, Dec. 6, Cranford, 137
137
To Puerto Colombia, Dec. 1, American Press, 191—
191
To Buena Ventura, Dec. 3, Gonzenheim, 110
110
To Havana, Dec. 3, Gonzenheim, 538
538
To China, Dec. 7, Kunikawa Maru, 4,153
4,163
To Ghent, Dec. 8, Spaardam, 382
382
To Enschede, Dec. 8, Spaardam, 200
200
To Rotterdam, Dec. 8, Spaardam, 664
.
664
NEW ORLEANS—To Genoa, Nov. 29, Mongioia, 2,188
2,188
To Oslo, Nov. 30, Koxholm, 235
235
To Gdynia, Nov. 30, Koxholm, 500; Dec. 6, Vigilant, 2,200-2,700
To Stockholm, Nov. 30, Koxholm, 25
25
To Gothenburg, Nov. 30, Koxholm, 1,827
1,827
To Abo, Nov. 30, Koxholm, 100
100
To Liverpool, Dec. 3, Clare H. Stinnes, 290; Dec. 2, Eglantine,
2,7951
3,085
To Manchester, Dec. 3, ClareH. Stinnes, 25; Dec. 2, Eglantine,
3,218.
3,243
To London, Dec. 3, Clare H. Stinnes, 150--150
To Bremen, Dec. 2, Koenigsberg, 679
679
To Hamburg, Dec. 2, Koenigsburg, 2,078
2,078
To
-
178,000
To
5,000
14,000
19,000
34,000
92,000
126,000
10,000
16,000
26,000
81,000
132,000
213,000
4,000
4,000
31,000
39,000
73,000
180,000
410,000
663,000
1937
5,000
16,000
6,000
27,000
39,000
158,000
136,000
333,000
1936
13,000
22,000
69,000 104,000
92.000
210,000
306,000
608,000
275
Maasdam, 50
To Havre, Dec. 4, Nevada, 1,212
To Dunkirk, Dec. 4, Nevada, 900
1938—.—
1937—
—
1936—
To Rotterdam, Dec. 2, Maasdam, 656
To Japan, Dec. 1, Kunikawa Maru, 408;
Total all—
1938
Antwerp, Dec. 4, Nevada, 225; Dec. 2,
.
According to the foregoing, Bombay appears to show an
increase compared with last year in ^the week's receipts of
6,000 bales.
Exports from all India, ports record an increase
of 12,000 bales during the week, and since Aug. 1 show an
increase of 330,000 bales.
Shipments—We now re¬
ceive weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following nreHhe receipts and shipments
for the past week and for the corresponding week of the
Alexandria
previous two
and
Receipts
years:
892-_
1,212
900
656
Dec. 4, Munsterland,
1,300
100
-
-
Nov. 29, Talea. 100
:
Dec. 1, Cadmus, 241
To Panama, Dec. 2, Santa Marta, 7; Dec. 6, Contessa, 10
MOBILE—To Antwerp, Nov. 30, Jean Lafitte, 354
To Bremen, Nov. 28, Koenigsberg, 192
SAN FRANCISCO—To Great Britain, (?), 450
To Japan, (?); 5,364
To India, (?), 126
To Canada, (?), 70
CORPUS CHRISTI-—To Ghent, Dec. 8, Ostende, 200
— To Havre, Dec. 8, Ostende, 200
-—
LAKE CHARLES—To Liverpool, Dec. 4, Counsellor, 1,187
To Manchester, Dec. 41 Counsellor, 404
To Gdynia, Dec. 3, Tatra, 650
To Cartagena, Nov. 26, American Press, 109
JACKSONVILLE—To Liverpool, Dec. 5, Fluor Spar, 100
To Manchester, Dec. 5, Fluor Spar, 20
LOS
ANGELES—To
Liverpool,
(?), Damsterdijk, 180; Steel
Inventor, 150.
To Japan, (?), 3,477; President Taft, 2,003; President Van
Buren, 2,397; Nankau Maru, 500To China, (?), Tatuta Maru, 35
—
To San Felipe,
To Cartagena,
241
17
354
192
450
5,364
126
70
„
200
200
1,187
404
650
109
100
20
330
-
1938.
1937
1936
320,000
3,671,705
240,000
5,039,836
350,000
5,174,184
Alexandria, Egypt,
Dec. 7
Receipts (cantars)—
This week
Since Aug.
1._T
Total
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Cotton
This
Since
This
Week
Exports {bales)—
Aug.
1
Week
This
Since
Since
Week
1
Aug.
Aug.
1
6,571
71,392
24,000 284,039
10,616
81,559
76,315
26",565 229,341
11,804
2,000
30,000 338,417
To LiverpoolTo Manchester, &c
39,000 440,032
35,000 399.019
5,000 43,520
51,641
6,000
18,000 236,285
—
To Continent & India
1,000
To America
6,000
9,000
73.985
Density
.
.600.
Trieste
.60c.
Flume
d.45c.
.46c.
•6lc.
.45c.
.60c.
'
Piraeus
.85c.
1.00
.60c.
Salonlca
.85c.
1.00
d.86c.
1.00
#
Barcelona
Havre
Japan
Venice
Manchester Market—Our report received by cable tonight from Manchester states that the market in both yarns
and cloths is quiet.
Demand for yarn is poor.
We give
prices today below and leave those for previous weeks of this
and last year for comparison:
_
#
8)4 Lbs. Shirt¬
Cotton
.61c.
Shanghai
d.55c.
.60c.
Bombay x
.75c.
Oslo
.56c.
.71c.
Bremen
.46c.
.61c.
Stockholm
,61c.
.76c.
Hamburg
.46c.
Cotton
32s Cop
ings, Common
Middl'g
32s Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
Twist
to Finest
Upl'ds
d.
d.
d.
s.
d.
s.
9—
8H@
9H
9
@
9
3
4.71
11
@13
10
d.
s.
d.
♦
quotation.
No
x
16—
8 H@
@
9
3
4.81
1154@13
10
8 H@
9H
9H
9
23-
9
@
9
3
4.76
1194@13
30-
8H@
9h
9
@
9
3
4.80
ll)4@1294
1M@10
1)4 @10
434
5.33
3
the follow¬
stocks, &e., at that port:
Nov. 25
Dec. 2
42,000
42,000
54,000
1,078,000 1,088,000 1.074,000
521,000
528,000
516,000
24,000
58,000
.42,000
9,000
26,000
*2,000
160,000
153,000
147,000
65,000
55,000
60,000
Nov. 18
Forwarded
---------
Total imports
Of which American
Amount afloat
Of which American.--
@10
9 10K@10
spot cotton have
4.89
4.75
9 10 34 @10
134
4.82
12:15
9 10J4@10
134
4.89
518,000
67,000
24,000
130,000
49,000
and futures
daily closing prices of
been as follows:
Saturday
P. M.
Monday
Tuesday
Wednesday
Thursday
Friday
Quiet.
Spot
134
0
Dec. 9
47,000
1,091,000
Liverpool market for spots
day of the past week and the
5.08
10
.60c.
Liverpool—By cable from Liverpool we have
each
6.46
.716.
Leghorn
Gothenb'g
d Direct steamer.
small lots,
Only
ing statement of the week's imports,
d.
434
.60o.
.56c.
.61c.
The tone of the
s.
Sept.
.7lc.
d.55c.
d.55c.
Naples
.90c.
Genoa
Total stocks
Of which American.—
1937
1938
8)4 Lbs. Shirt¬
Copcnhag'n.56c.
*
Rotterdam ,46c.
Egyptian bales weight about 750 lbs.
This statement shows that the receipts for the week ended Dec. 7 were
320,000 cantars and the foreign shipments 30,000 bales.
Note—A cantar is 99 lbs.
ard
.60c.
d,45c.
Mancheeter.45c.
Stand-
Density
ard
Density
ard
.45c.
Liverpool
High
Stand¬
High
Stand¬
High
7,000
Antwerp
Total exports
d.
134,154
-
-
8,377
35
Quiet.
Quiet.
Quiet.
Quiet.
Quiet.
Ant
7-
14-
21
—
28-
8H@ 9H
8H@ m
8 H@ 9 M
9
@
9
3
5.00
9
@
9
3
5.24
9
@
9
3
5.19
8H@ m
9
@
9
3
5.20
11)4@12)4
1134@1234
11)4@12)4
11)4@12)4
9
9
@10
9 10)4@10
134
4.8*
(
Market,
Mid
{
1
5.01d.
.Upl'ds
Nov.
4„
8H@ 9 H
9
@ 9
3
6.09
10)i@12
9
10)4@10
134
4.65
10—
8H@ 934
8H@ 9 H
9
@
9
3
5.05
10J4 @12)4
9 10 >4 @10
134
4.63
9
@
9
3
5.08
1094 @12
9 10 34 @10
134
4.55
18-.
9%
9
@
9
3
5.22
1094 @12
9 10 34 @10
134
8 H@
934
9
@
9
3
5.14
9 10 34 @10
34
8)4@
9)4
8 10)4@
opened
(
i
I
6
to
9
25-
Market,
Dec.
9)4
4.97
9 1034
@10
34
4.70
Quiet but
pts. stdy;
decline.
1
4.93d.
Steady;
pt. 4 to
dec. to 1 pt
7 pts. 4
advance.
4.99d.
Steady;
to
5.04d.
Quiet but
P. M.
f Bately stdy Barely stdy
{
Steady;
13 to 15 pts 7 to 14 pts, 6 to
5 pts. stdy; 2 to 3 1 to 2 pts.
decline.
pts. adv.
decline.
decline.
Steady;
8 pts. 4 to
advance.
4.97d.
Quiet;
advance.
advance.
4.65
9-
1094@1D4
1014 @1194
Market
Barely stdy
4.64
2-
Futures.
4.96d.
Quiet;
Quiet;
6 pts. 1 pt.adv.to 4 to 7 pts.
decline.
4 pts. dec.
advance.
3634
Financial
Chronicle
Prices of futures at Liverpool for each day are given below:
Dec. 3
unfavorable
Southwest
Sat.
Mon.
Tues.
Wed.
Thurs.
d.
December (1938)
January (1939).,
March...
d.
d.
4.66
d.
d.
4.52
4.65
4.60
d.
d.
4.60
4.52
4.57
4.rg
4.5
d.
4.66
4.62
4.63
d.
d.
4.67
-
d.
__
4.60
4.68
4.65
4.65
4.66
4.61
.4.61
4.65
4.60
4.5
4.57
4.68
4.65
4.60
4.61
4.56
4.1 0
4.54
4.56
4.60
4.61
4.6'
4.62
4.57
4.57
July
4.57
4.P3
4.47
4.50
4.53
4.57
4.57
4.60
4.58
4.53
4.53
October
4.42
4.38
4.3 r
4.31
4.41
4.45
4.45
4.46
4.42
4.37
4.38
December
4.4'
January(1940)..
«•>
4.
«•
4.37
-
4.46
March..
-
-
»
-
4.30
*
-
-
4.43
-
4.47
-
*7
..
4.40
4.4
.
A
4.41
..
4.4'
—
4.45
—
__
DAILY
CLOSING
PRICES
OP
consumer
the
rate
of
the
lower
wheat
trend,
market,
done
buying in the flour trade.
of
flour
sales
lias
fallen
It
back
its
much
now
to
is
the
Season't High and
84 j
May
July._._
level
DAILY
heavy
December
and
there
attracted
cash
and
elevator
He. to He. net higher. The
one time during the session
because of profit taking, lost
part
of the gain. Unofficial
monthly domestic crop figures showed
winter wheat acreage
abandonment larger then normal and
indicated yields would be sub-normal on
the reduced
acreage.
The condition of winter wheat
record, with
one
was reported the lowest on
exception, and the 1939 probable harvest
forecast as the smallest since 1935.
Export purchases
of North American
grains today consisted of about 400,000
bushels of Canadain wheat and
100,000 bushels of corn from
the United States.
was
Somewhat enlarged trading
accompanied
The private estimates on domes¬
harvest averaged about 47,000,000
the upturn of wheat values.
tic seeding for the 1939
against 57,316,000 acres seeded the
preceding season.
A prospective
crop of around 524,000,000 bushels was
acres,
sug¬
gested, contrasting with 688,458,000 bushels harvested this
year.
On the 7th inst. prices closed
unchanged to 34c. lower.
Wheat prices averaged
fractionally higher, helped by cornmarket strength coupled with
drought reports from domestic
winter crop areas southwest and
west, as well as with a sharp
increase of domestic flour sales.
Late setbacks of Winnipeg
wheat
quotations, though, acted as a weight on prices in
Chicago.
Only a small export business in Canadian wheat
was noted,
300,000 bushels, and none from the United States.
Announcement that India had decreed an
import duty of
28H cents a bushel on wheat, counted also as a
handicap.
On the 8th inst.
prices closed
y8 to %c. net higher.
ports of Italian troop
movements, together with
bqshel Italian purchase of Rumanian
an
Re¬
8,000,000-
wheat, led to frac¬
of Chicago wheat prices
today.
Belief was
expressed in some quarters here that
the foreign political
news had become more
disturbing than at any time since
the Munich settlement.
Serving further to lift values were
unlooked for abrupt
jumps of Liverpool quotations as well
as a decided increase of
European takings of wheat from
Canada, totaling 1,000.000 bushels. In addition to the fact
tional upturns
that
as
the
Liverpool wheat market, due % to %c.
lower,
today 1% to l%c. higher, Chicago traders regarded
significant
exchange
the fact
rates
that
there
and nervousness
was
in
a
tumble in
securities.
British
Advices of
-—
67%
66%
Low
64 H
When
and
61
Made
Nov.
62%
62%
62%
64%
67%
66%
Sept.
Sept.
28, 1938
8, 1938
7. 1938
5. 1938
Oct.
WHEAT
FUTURES IN WINNIPEG
Mon.
Tues.
Wed.
Thurs. Fri.
59**
66%
62%
63%
625*
60%
62%
63%
60%
62%
63%
60%
62%
63%
61%
63%
64
exceed
to
the
amount
acknowledged,
250,000
Argentine corn quotations.
Besides, arrivals in Chicago continued to dwindle, totaling
cars today.
On the other hand, the market in
Chicago turned irregular in the late dealings, with trade
mostly local, chiefly selling of May against buying of De¬
cember.
Export purchases of 100,000 bushels of corn from
the United States were
reported. On the 7th inst- prices
closed 34c. to Hchigher. Jumps of 234 cents overnight in
Argentine prices led to a cent a bushel upturn in the
Chicago
corn market
today. Profit taking later reduced the gains.
Leading traders said soaring of Argentine quotations indi¬
cated the United States and the Danube
region had become
the only available immediate sources
of corn supplies.
It
was added
that regardless of
heavy feeding of low grade
wheat abroad, Europe would
require large quantities of corn
would
46,550,000.
64**
66^
66%
only 50
Prospects that unofficial
emphasize widespread moisture
winter crop areas, did much to raise
Chicago wheat prices 134c. today.
A substantial decrease
of 1,379,000 bushels in the United
States wheat visible
supply total also was a factor.
In addition, export sales of
about 750,000 bushels of Canadian
wheat were reported.
Contributing to the upward price trend on the Chicago
Board were reports that because of
unfavorable wheather
the Argentine wheat
crop this season would not exceed
255,000,000 bushels.
Recent estimates have ranged from
285,000,000 to 310,000,000 bushels.
The fact that no
closed
OF
81%
Fri.
On the 6th inst. prices closed
34c. lower to He. higher.
Corn averaged higher most of the session
owing to sympathy
with wheat and to firmness of
He. to 134c. net higher.
On the 6th inst.
prices closed
wheat market showed
gains at
of lc. a bushel, but later
64%
61)4
66%
62
believed
deficiency in domestic
of
Thurs.
66%
66%
bushels.
were
moisture relief had
appeared in drought regions of the
domestic Southwest in the last 24 hours
attracted notice.
On the other hand, an unofficial
report issued today estimated
the United Stages winter
wheat seeded area at 46,942,000
acres
compared with an estimate from the same source Nov. 1
Wed.
Fri.
CHICAGO
prices.
Export sales were estimated at 100,000 bushels on top of
500,000 sold yesterday, and it was disclosed Mexico had
bought 400,000 bushels of white corn early this week.
On
the 5th inst. prices closed
%c. to 134c. net higher.
Corn
values received quite a lift
today as a result of the strong
action of wheat and a
sharp rise of 1H to 2 cents in Argentine
corn quotations.
Export business in United States corn was
in¬
indications of some removing of
hedges, possibly against cash business in connection with re¬
cently announced subsidized sales to British millers. Decem¬
ber wheat moved up as
high as 63He., or He. net gain, while
May dropped to 65H> °r H net loss. On the 5th inst.
prices
tomorrow
Ttu.s.
81H
IN
Corn—On the 3d inst. prices closed
34c. to He. net lower.
Corn followed wheat,
ignoring evidence of improving export
demand as a result of recent
upturns in Argentina
developed
also
Thurs.
80%
64 %
Sat.
acreage
contracts
Mon.
24.1938 July
PRICES
December
bought December against sales of deferred deliveries in un¬
winding previous spreads.
The discount of about 3c. for
closed
Sept
CLOSING
May
July
as a result of a private
abandonment and subnormal
yields in the winter wheat belt.
Trade was not particularly
active, but it was enlivened by leading professionals who
of
YORK
Wed.
FUTURES
When
Made
I
Season *
June 15,1938 Decern oer
July 23. 1938 March
July 23.1938 May
73%
74%
69%
abroad.
counter the demand that
NEW
IN
80%
65%
6514
March
clear that
dull
wheat
63
December
curtail
Wheat—On the 3d inst. prices closed
Hc- lower to 34c.
higher.
Activity of spreaders who bought December wheat
contracts and sold options
expiring in May and July had a
very unsettling effect on wheat values and did much to
reports
WHEAT
July
Tlic
narrow
to
in
-—
prior to the spurt in the closing days of last week.
appreciable demand for flour is expected now unless
something of grave importance develops in the political
terests,
OP
December
with
done
Tues.
80
March
No
forecast
PRICES
May
seen
situation
CLOSING
_
has
Mon.
7SJ4
fiat.
Friday Night, Dec. 9, 1938
and
WHEAT
fir/.
BREADSTUFFS
dulness
that 500,000
were
100,898,000 bushels.
4.40
DAILY
general
drought
Thursday reached
No.2 red
fluctuations
especially
Indications, too,
4.43
Flour—Dulness again prevails in the flour market.
1938
stressed.
bushels overnight export business had been
from Canada.
Open interest in wheat on
4.41
4 .47
4 51
--
conditions,
also
given continued notice.
4.61
May
crop
were
West,
10,
Today prices closed unchanged to 34c. lower.
Reports
that Germany and Italy had
arranged to take over all that
was left of Rumania's
wheat surplus served as a market
stimulus.
Besides, European political uncertainties were
Close Noon Close Noon Close Noon Close Noon Close Noon Close
y New Contract
domestic
and
Fri.
to
Dec. 9
Dec.
from North America between
houses
buyers of
were
corn
and spring.
now
Commission
futures
on a
fairly large scale in
Chicago, and export interests were said also to have purchased
1 .futures. Contributing to the upward trend was scantiness
of Chicago
receipts, only 81 cars today, with rural offerings
displaying no evidence of any material increase
4
higher
except at a
level.
price
On the 8th inst.
prices closed % to %c. net higher.
displayed independent strength and
with
liberal
current
corn
export
that
as
business
high
nearly lc.
rose
factor.
a
800,090 bushels
as
Corn
bushel,
a
Estimates
of
were
United
States
were
bought today for overseas. This did not include
600,000 bushels of Government
corn, said also to have been
sold to go
abroad.
There
the Buenos Aires Grand
corn
market
quotations
after
A
confirmation.
was not
received
stimulus
scored
decided
additional
of
canvass
no
here
business
receipts
was
Exchange
in
corn
of
Chicago
were
had
again
country
upturns
ended.
meager,
elevators
Although
today, the
Argentine corn
open
when
last
Besides
only 72
night
Chicago
cars
today.
farmers
indicated
would
not sell com
freely unless prices advinced 6 to 10c. a bushel.
Today prices closed H to l%e. net higher. Corn climbed
briskly l%c. a bushel here today, whereas wheat failed
to hold
on
a
tine
fractional gains.
United States Government loans
together with shortage of Argen¬
brohght about a unique situation for
vast amount of
corn,
supplies,
have
this time of year.
Scantiness of domestic receipts has re¬
sulted, as well as increasing export trade,
including today's
purchases of about 500,000 bushels.
Corn values displayed
independent strength, largely
as
a
result
soaring of Buenos Aires quotations.
export demand
of notable
fresh
Chicago traders said
for
United States corn implied concern in
Europe over shortage of available supplies from
Argentina,
and that
prospects were for continued call by overseas im¬
porters.
Open
Fairly good takings today to go abroad were noted.
in
corn
on
Thursday reached 60,348,000
interest
bushels.
DAILY CLOSING PRICES
DAILY
:
CLOSING
PRICES
OF
December
May
July
50 v*
51^
Season's High and
December
63%
March—
56
July
60%
55**
When
July
July
July
Sept.
Made
65%
NEW
Tues.
YORK
Wed.
66
Thurs.
66K
67%
Fri.
68%
CORN
fiat.
47
March
CORN IN
Mon.
63^
_
May
OF
Sat.
No. 2 yellow
1
FUTURES
IN
CHICAGO
Mon.
Tues.
Wed.
Thurs. Fri.
48
48%
49
49%
51%
51 %
5)%
52%
51**
52 %
Season's
13. 19381 December
28, 1938 March
23. 19381May
24, 19381 July
51**
52%
Low
51**
52%
and
43**
52%
53%
When
53%
53%
Made
Oct.
18.1938
46
Oct.
.47**
48**
Oct.
Oct.
15,1938
18,1983
18,1938
Volume
j/gc. to %o. net higher.
strengthening that mar¬
ket, which was in marked contrast to the downward action
of wheat and corn. On the 5th inst. prices closed Y%g. to 7/gG.
higher. This market was firm in sympathy with the strong
action of wheat and corn.
On the 6th inst. prices closed
unchanged to %g. up. This market was relatively quiet,
though the undertone was firm in sympathy with the firm¬
ness of wheat and corn.
On the 7th inst. prices closed %g.
decline to Y%c. advance. There was little of interest in this
market, trading being more or less routine.
On the 8th inst. prices closed unchanged to %c. advance.
Trading was dull, though the undertone was steady.
Today
prices closed *4 to %c. net higher.
There was very little
to report concerning the market in oats, trading being light
Oats—On the 3d inst. prices closed
OP
174,000
34,000
54,000
21,000
24,000
113*666
Montreal
291666
1,565,000
Boston
Season's
High
284*
December
May
July
—
DAILY
ond
28**
.27**
CLOSING
27 %
27}*
Three
Sat.
28**
28^
December
May.
July
—
27**
28**
28**
28**
29
28
,
28**
29
28**
519,000
7,357,000
302,000
3,773,000
1,667,000
31,349.000
6,135,000
Sat.
.
46**
Sat.
45**
45**
-
415*
44**
Fri.
Thurs.
Wed.
Tues.
40**
39**
39**
39**
41** 42**
42** 43
BARLEY FUTURES IN WINNIPEG
PRICKS OF
41**
41**
40**
May
July.
Sat.
Fri.
Thurs.
Wed.
Tues.
Mon.
41**
37**
May
July....
*
37**
37
37
37**
38**
38**
December
38**
37**
37
38
37**
38**
37**
39**
-
38**
Spring Pat. high protein.4.90@5.10
Spring patents
4.45 4.65
Clears, first spring
4.05 @ 4.3 5
'
Btralghts....4.25@4.45
4.45@4,65
Hard winter patents..
Hard winter clears
Rye flour patents
3.50@3.60
Seminola. bbl., Nos. 1-3—5.25@5.35
good
Oats
Flour
Oats
Rye
Barley
Barrels
Bushels
Bushels
Bushels
1.2-0,3-0,2
Three Rivers..
1,965,000
38,000
97,435
577.000
73,545
93,000
The destination of these exports
Dec.
July 1 to—
Manitoba
Corn, New York—
No. 2 yellow all
'mm*
40 lbs. feeding..
rail
...
All the statements
.
Chicago, cash...
68**
below regarding the movement of
63**
55**
33-63
grain
—receipts, exports, visible supply, &c.—are prepared bv 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
31,005
406,841
1,536,000
So. & Cent. Araer.,
14,500
254,000
28,500
557,000
Rye
Wheat
Corn
Oats
bbls.196 lbs
Chicago
Flour
bush 60 lbs
bush 56 lbs
bush 32 lbs'
260,000
868,000.
176,000
117,000
Brlt.No. Am. CoLs
128,010
.53,000
74,000?
4,000
3,000
181,000
369,000
98,000
41,000
2,000
j
389,000
204,000
190,000
Peoria
43,000
90,000
499,000
84,000
24,000
Kansas City
17,000
1,048,000
350,000
271,000
136,000
3,000
*
22,000
4,145
87,484
381666
7091666
loo.doo
2,366,586
1,965,010
81,848,000
73,545
2,278.461
4,712,000
61,757,000
380,000 49,729,000
1,864,000
677,000
Total 1938
Total 1937
supply of grain, comprising the stocks in
visible
at principal points of accumulation at
seaboard ports Saturday, Dec. 3, were as follows:
granary
GRAIN
Wheat
Bushels
United States—
Boston
2,000
...
576,000
786,000
921,000
5,276,000
7,061,000
2,399,000
5,602,000
2,495,000
30,178,000
5,315,000
783,000
Philadelphia—
Baltimore
New Orleans.....—...
Galveston
.......
Fort Worth
Wichita
J
Hutchinson
St. Joseph.
Kansas
City
—.
Indianapolis
-—
—
—
1,522,000
—
Duluth
Rye
Bushels
1,212,000
11,951,000
10,756,000
160,000
9,654,000
-----
9,381,000
afloat--
Barley
Bushels
"
308,000
2,000
41666
47,000
25,000
"ilooo
180,000
32,000
23,000
'58,000
900,000
6,000
274,000
1261600
30I666
48,000
2,000
19,000
41666
9,000
1,000
721,000
2,367,000
6,232,000
905,000
4,216,000 2,674,000
845,000 1,498,000
298,000
29,000
9,595,000 13,868,000
2,429,000 1,930,000
-
Peoria...
Bushels
78,000
29,000
afloat...
»
Oats
- —
New York
"
lake and
STOCKS
Corn
Bushels
------
1,892,000
5,151,000
1,256,000
64,000
915,000
417,000
167,000
134,000
474,000
2,9031666
12,000
350,000
113,000
71,000
29,000
129,000
350,000
136,000
15,000
091666
984,000
508,000
595,000
146,000
397,000
403,000
5,337,000
461,000
11,000
3,658,000
5,556,000
3,973,000
1,470,000
1,185,000
1,948,000
2,000
4,000
2,000
155,000
4,149,000
754,000
455,000
812,000
290,000
677,000
793,000
557,000
123,171,000 45,530,000 17,249,000 8,516,000 11,312,000
Yate—Bonded grain not Included above:
Oats—On Lakes, 265,000; total, 265,000 bushels, against 80,000 bushels in 1937.
Barley—Duluth, 31,000: on Lakes,
431 000' total, 462,000 bushels, against 585,000 bushels in 1937.
Wheat—Hew
York
905 000 bushels; New York afloat, 238,000: Buffalo, 547,000: Buffalo aloat,
3,601,000: Erie. 2,138,000; on Lakes, 5,561,090; Albany, 851,000: total, 13,841,000
bushels, against 6,654,000 bushels In 1937.
.
.,
3, 1938
Total Dec.
Wheat
Lake, bay,
Ft. William
river &.seat)'d
& Pt. Arthur
& other elev.
3, 1938 —
Corn
Bushels
Canadian—
Bushels
29,095,000
Oats
Bushels
1,041,000
Rye
Bushels
169,000
Barley
Bushels
1,121,000
628,000
156,817,000
....
813,000
616,000
5,705,000
31,025,000
96,697,000
940,000
4,954,000
7,974,000
1,912,000
0,691,000
Am^Hcan1^—
82,000
16,000
123,171,000 45,530,000
156,817,000
CanadianTotal Dec.
3, 1938-279,988,000
17,249,000
7,974,000
8,516,000 11,312,000
1,912,000
6,091,000
45,530,000 25,223,000 10,428,000
18,003,000
world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Dec., 2 and since July 1, 1938, and July 1, 1937, are
The
51,000
63,000
174,000
47,000 23,148,000
5S, 000
383,000
6,000
20,000
129I660
Bushels
333,000 26,478,000
97,435
Other countries—
860,000
356,000
5,000
Toledo
14,000
290,000
191666
.
301,000
3,000
Duluth
1,478,000
780,000
Minneapolis
Milwaukee
bush 56 lbs bush 48 lbs
227,000
210,000
Bushels
Barley
634,000
...
July 1,
1938
3,
42,000
....
Total Dec.
Receipts at—
1938
45,872,000
35,069,000
22,000
2,000
4,000
Continent
Other Can.
of the last three years:
367,000
Dec.
Bushels
Bushels
West Indies
-
39 l/\I
Barrels
Since
July 1,
1938
3,
1938
1,019,261
15,285
-
m
Dec.
1938
Barrels
Kingdom.
United
"
m. — — mm mm
July 1,
3,
Week
Since
Week
Since
1938
Corn
Wheat
Flour
Week
and Since
Minneapolis...
United States C. I. F._.
Barley. New York—
985,000
for the week and since
Exports for Week
Milwaukee........
Rye,
135,000
22i1666
July 1, 1938, is as below:
Buffalo
Oats, New York—
2 Whit©,
80
No. l.f.o.b. N. Y. 75
30,000
38,000
4,712,000
1938..
Total week
Same week 1937
Detroit.---------
Wheat, New York—
No. 2 red, c.l.f.,domestic—
loslooo
eolooo
afloat—
GRAIN
371666
6,000
»
Nos.
4.50 @5.00
"ilooo
29I660
Halifax
On Lakes
Fancy pearl.(New)
17,000
1881666
1,565,000
Montreal
3.25
Coarse.
I32I666
3,000
116,000
Sorel
1.65
Barley goods—
45,435
281,000
New York
Chicago
2.45
i
Com flour
Nom.
Corn
Bushels
St. Louis.
_
Hard winter
Wheat
Bushels
Exports from—
Sioux City
FLOUR
seaboard ports for the week
are shown in the annexed
statement:
Omaha
follows:
Closing quotations were as
foreign ports
Receipts do not include grain passing through New Orleans for
The exports from the several
ended Saturday, Dec. 3, 1938,
When Made
Sept. 7,1938
Low and
39**
Mon.
37**
December..-
DAILY CLOSING
--
45**
45**
Sept. 7,1938
—
Nov. 7.1938
RYE PUTURES IN WINNIPEG
CLOSING PRICES OP
DAILY
41**
44**
45**
July 25. 19381May
Nov. 15. 19381 July
53**
1,049,000
327,000
6,441,000 11,220,000
through bills of lading.
The
41**
44**
When Made
I
Season's
July 14, 1938(December
High and
56**
Season's
December
May
July
Fri.
Thurs.
41**
44**
45**
44**
—
Wed.
Tues.
Mon.
40**
December
May
July
3,352,000 24,537,000
143,000
94,164,000
New Orleans
CHICAGO
RYE FUTURES IN
PRICES OP
CLOSING
135,000
30,000
145,000
87,388,000
on
%g. advance. This market was fairly active, with the trading
mixed. On the 7th inst. prices closed unchanged to ^c. up.
The market was quiet and unresponsive to the activity and
strength in wheat and corn.
On the 8th inst. prices closed *4 to %c. net higher.
There
was
no
aggressive buying in this grain, the market's
strength being influenced largely by the upward trend of
wheat and corn.
Today prices closed VsC. up to %c. lower.
Trading was light and without feature.
DAILY
60,000
2,087,000
335,000
Jan. 1 '37 13,159,000
closed Yg. decline to
On the 6th inst. prices
loslooo
Since
unchanged to Yg. off.
Trading was dull, with the undertone relatively steady. On
the 5th inst. prices closed %g. to Yg. net higher. This was
a rather light response to the strength in wheat and corn,
and was attributed to a lack of real interest on the part of
the trade, attention apparently being focused on wheat and
markets.
30,000
2,000
"elooo
Week 1937.
Rye—On the 3d inst. prices closed
corn
21,000
3L000
Jan. 1 '38 13,543,000 129,037,000
28**
29**
28 **
28**
29**
28**
281666
Since
Fri. •
Thurs.
Wed.
Tues.
Mon.
185,000
1881666
RIv's
Total wk'38
28 **
27**
27**
15,000
12,000
1161666
Halifax
28 **
28**
27**
28
27**
27**
27**
2,000
58,000
25,000
Sorel
28**
28** 28 }*
27}* 27**
When Made
I
Seasons Low and When Made
July 13. 19381 December—. 23
Aug. 16,1938
Dec.
7, 1938 May
23**
Sept. 6.1938
Dec.
6,19381 July
,24** Oct. 18,1938
PRICES OP OATS PUTURES IN WINNIPEG
26**
December
May
July
bush 56 lbs bush 48 lbs
65,000
Galveston..
Fri.
Thurs.
Wed.
Tues.
Mon.
Snt.
22,000
46,000
18,000
196,000
New Orl'ns*
CHICAGO
IN
FUTURES
OATS
Oats
bush 32 lbs
York.
*
PRICES
Corn
bush 56 lbs
Baltimore..
New
and without feature.
CLOSING
Wheat
bush 60 lbs
Philadelphia
Barley
Rye
Flour
bbls 196 lbs
Receipts at-
Cash houses bought December oats,
DAILY
3635
Financial Chronicle
147
Indianapolis
St,
Louis..
Omaha
St.
Joseph.
230,000
Wichita
1,000
64,000
7,000
-
62,000
12,660
8,000
Buffalo
I16I666
3I660
"2I666
8,816,000
Sioux City.
Corn
Wheat
15,000
Since
Week
Since
Since
Since
Week
July L
1938
July 1,
Dec. 2,
1937
1938
July 1,
1938
July 1,
Dec. 2,
Bushels
Bushels
Bushels
Bushels
Bushels
"
969,000
113,000
86,000
294,000
Exports
1938
Total wk'38
418,000
12,669,000
5.900,000
1,024,000
291,000
2,200,000
Same wk '37
404,000
0,063,000
11,606,000
2,156,000
550,000
2,438,000
8ame wk '36
426,000
9,871,000
4,366,000
1,915,000
271,000
2,029,000
Since Aug.
1938
1937
1936
Bushels
No. Amer.
Black Sea.
Argentina.
1
7,754,000 197,606,000 133,820,000
7,076,000 189,360,000 94,576,000
7,977,000 137.835,000 70,645,000
41,270,000
flour and grain at the
Saturday, Dec. 3, 1938,
Total receipts of
the week ended
53,746,000 10,030,000 52,377,000
63,872,000 18,090,000 51,298,000
9,203,000 53,914,000
Australia
.
82,122,000
405,000
780,000
602,000
37,388,000
7,344,000
51,250,000
10,486,000
31,855,000
9,912,000
1,152,000
16,112,000
10,312,000
India
Other
countries
seaboard ports for
follow:
4,729,000 113,196,000
4,176,000 54,512,000
1,110,000 20,180,000
201,937.000
Total... 11,769,000 254,732,000
3,551,000
754,000
1937
1,833,000
52,247,000
2,791,000
2,855,000
75,241,000 159,596,000
21,451,000
49,398,000
5,490,000 151,794,000 213,618,000
3636
CCC
Financial
Loans
Chronicle
Wheat
been made
by States
Form B
Bushels
Arkansas
Bushels
Form A
California
6.066
346.636
...
Illinois
Indiana
Iowa
689,435
90,907
2,632,121
•
Kansas
Kentucky
Michigan
2,421,421
118,459
74,466
Idaho...,
1,000
173,117
900,167
Colorado
.....
Arkansas—Little
176.047
3,^1.365
201,748
-
8,727
1,318,374
18,198
2,053,329
Missouri
Montana
2,262,713
Nebraska....
2,020,109
5.915,597
1.079,288
47,852
1.857,682
North Dakota
116,641
Toward
2-4.
1,289,343
122,602
1,534,953
501,108
347,839
947
25,909
2,382,697
Oregon
South
Dakota
Tennessee.
Te*as
r
121,975
....
;
tah
Virginia
Washington
New
250.944
...
Wisconsin..
2,341
the country,
246,939
the close
of the week
much
cooler
ment
and
were
giving
Comparisons with last
corresponding week of; ast
Board,
were
4%
In New York
Brooklyn stores the decline in the dollar
volume reached
while in Newark stores
a
loss of 11.6% was established.
Trading in the wholesale dry goods markets continued
be affected by
this factor to
weather
to
inventory taking activities, although the usual
rush of last-minute orders for
some
holiday goods served
to offset
extent.
Following the inventory period,
resumption of buying activities on the part of wholesalers
a
is
anticipated.
Some interest
facturers in cotton dress
was
shown by garment
goods, and
a
orders for January promotion sales also
Business
in
manu¬
moderate amount of
came
into the market.
silk
goods continued fairly active, with most
attention again being given to pure dye
crepes for Spring.
Prices ruled steady reflecting the growing
scarcity of spot
merchandise.
Trading in rayon yarns remained active.
Chief interest centered in the acetate
division, whereas buy¬
slowed down somewhat. While surplus
stocks in the hands of producers at the end of November
ing of viscose
showed
a
statistical
yarns
moderate increase
over
the previous month,
position of the industry continues
to be
the
regarded
optimistically, with the outlook for the volume of December
shipments substantially better than last
markets
year.
Cotton
Goods—Trading in -the gray cloths
remained dull, and total sales were believed to have
absorbed less than half of the current
output.
Water from the melting Bnow in the eastern States largely
penetrated
was favorable.
Very few outside operations were repotted.
Prices ruled
lower for most constructions.
and converters' hands
In the East
the general moisture situation, especially in a large south¬
is considerably better than previously.
In the Southeast a
are
Although stocky in printers'
reported to be of modest propor-.
tions, and the movement of finished goods continues steady,
buyers displayed little willingness to enter the market,
few local areas remain too dry, but in general there is now sufficient moisture
for current needs. West of the Mississippi Valley
precipitation was favorable
in the far Northwest,
bu$ otherwise the general outlook remains largely
unchanged.
The soil is unfavorably dry in most sections of the Great
Plains, though a few local areas, such as extreme northwestern Texas, the
southeastern counties of Wyoming, and extreme southwestern Kansas, are
in fairly favorable condition.
Some soil drifting was reported locally in Wyoming.
Chinook winds
the latter part of the week removed considerable snow in Montana and
improved highway conditions. The mild weather was generally favorable
for stock and some growth of winter grains was
reported in parts of the
western
customers
are, moreover, influenced by the fact that
generally at lower levels than in 1937.
Depart¬
store sales, the country over, for the week
ending
Domestic
of the
observed that
year.
9.4 %,
the soil and
Much
was
are
below the
The mild weather of the week, together with general rainfall, removed
almost entirely the heavy snow cover that prevailed last week in central
and northern sections of the East.
Also, the general mildness in the West
and Northwest greatly reduced the mantle that prevailed in some sections
interior.
desired, it
Nov. 26, according to the Federal Reserve
the Great Plains.
eastern area,
retail
on
year's volume
prices
the
there.
be
to
East, freezing weather extended to extreme northern Florida,
but, oddly enough, a considerable area in the interior, including the western
Ohio Valley, did not have freezing temperatures during the entire week.
In the West, the line of freezing extended generally to southern Kansas.
Zero temperatures were confined to the interior of the Northeast, Greenville,
Maine, reported the lowest, 10 degrees below zero, on Dec. 3. In the west
Gulf sections the minima ranged from 42 degrees at New Orleans, La., to
54 degrees at Brownsville, Texas,
The week, as a whole, was remarkable for abnormal warmth throughout
practically the entire country. The data show that temperatures averaged
near
normal in the Northeast and the Southeast, but elsewhere, in all
sections, they were decidedly above normal, the largest plus departures
appearing in the western Ohio Valley, the Lake region, and in the area
between the Mississippi River and Rocky Mountains.
In the northern
plains temperatures averaged from 10 degrees to 14 degrees above normal.
The data show also that, except in the extreme southeast, moderate to
fairly heavy precipitation occurred generally over the eastern half of the
country, the largest falls being reported from the Carolinas northward
and in the Lake region.
The heaviest rainfall reported in the East was
5.8 inches at Hatteras, N. O., and in the Far West 6.1 inches at Eureka,
Calif.
The amounts were heavy from northern California northward, but
there was practically no rain in southern California.
In fact, the week
was practically rainless in a large southwestern area
extending as far east
as
prevailing in parts of
somewhat retarding influence
a
preference to popular priced items.
much above normal.
•
had
business, notwithstanding the fact that holiday
buying is
now approaching its
peak. While store attendance left little
12,092
145,229
Wyoming
York, Friday Night, Dec. 9, 1938.
Less favorable weather conditions
■
prevailed in the eastern sections of the country, but there was another
reaction to warmer in the Northwest, with temperatures ranging generally
In
been
THE DRY GOODS TRADE
3,442,878
5,279.970
1,088,207
peratures which reached the southeastern section early in the period.
Kainfall was frequent in central and northern Pacific areas, but otherwise
fair weather prevailed until near the middle of the week, after which rainfall
was general from the
Mississippi Valley eastward, except locally in the
extreme Southeast,
A depression, central over northwestern Texas on
the evening of Dec. 1, moved rapidly northeastward across the western
Lake region, followed immediately by a second "low" from the Northwest
to the upper Mississippi Valley and thence northeastward.
These depressions were attended by general rains over the eastern por¬
tion of the country, with heavy fails in much of the central and north
Atlantic areas.
Abnormally heavy rainfall occurred also in northern Cali¬
Dec.
fields.
959
392,200
187,823
At the beginning of the week abnormally cold weather prevailed in the
southeastern States, but elsewhere there was a reaction to higher tem¬
on
in
have
2,755
5,284,773
Ohio
Weather Report for the Week Ended Dec. 7—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Dec. 7, follows:
fornia
Rock:
Favorable for cotton picking most of week:
Favorable for gathering corn and seed crops, most
gathered.
Plowing, butchering, clearing fields, and
work in timber progressed.
Favorable for wheat, oats, tame pastures,
and winter truck.
now
of which
Bushels
New Mexico
Oklahoma
48,093
65,886
Minnesota
and in Panhandle.
little
Form B
Bushels
State—
--—835
...
1938
10,
badly needed for germination of seed, much of which
was dry planted.
Truck fair to good on coastal plains, but poor to only
fair elsewhere.
Frost of last week practically wiped out beans and squash
in Rio Grande Valley, but other truck not as
badly damaged as previously
indicated.
Ranges drying rapidly; cattle continue fair to good; some
feeding necessary locally.
8mall amount of rice remains to be harvested.
General rain urgently needed, except on immediate coast, in extreme
east,
are:
Form A
State—
Dec.
of State where rain
Through Dec. 1 Aggregated
$29,916,186 on 50,690,711 Bushels—Announcement was
made on Dec. 2 by the Commodity Credit Corporation that
"Advices of Wheat Loans" received by it through Dec. 1,
1938, showed loans disbursed by the Corporation and held
by lending agencies on 50,590,711 bushels of wheat, aggre¬
gating $29,916,186,10, averaging .5913 cents per bushel.
Figures showing the number of bushels on which loans have
on
partly due to lack of confidence in the
and in part
current
owing to prevailing uncertainties
political outlook.
and the absence,
The easiness of the
so
far, of
raw
any concrete
mills to curtail their output, also served to
price structure,
over
the world
cotton
market,
measures
by the
depress sentiment.
is open, with considerable grazing
reported, but the range needs moisture badly in a large southwestern area,
extending from Texas to the Pacific Coast.
Additional reports on the southern freeze of last week show more damage
fined to occasional fill-in lots, as producers refused to concede
good many places than was thought a week ago.
Considerable harm
resulted in the eastern Carolinas, while in southern Alabama truck and
requests for
range
Business in fine goods continued quiet, and sales
*
in
were
con¬
a
satsuma trees
extensively damaged than at first thought; about
In Louisiana, contrary to indications
at tne time of the freeze as reported last week, it has
developed that con¬
siderable standing sugar cane was badly split; harvesting is at full
capacity.
In the Rio Grande Valley of Texas beans and
squash were practically
destroyed, but other truck was not damaged as badly as at first thought.
In Florida, the cold weather proved favorable in
coloring and flavoring
citrus fruits.
In California hardy truck is recovering from the freeze.
were more
30% of satsuma
Small
melting
Grains—In
the
eastern
wheat
belt
additional
moisture
from
and rain, together with mild temperatures, was favorable
for winter wheat; some growth is reported.
In general, wheat continues
in fair to good condition east of the
Mississippi River.
further improvement with mostly mild tem¬
peratures and sufficient moisture, but to the northward additional snow*
or rain would be
helpful.
In the Great Plains conditions continue largely
unsatisfactory, except in local areas.
In Nebraska the soil is generally
dry with wheat good in the east, but
poor to only fair in central and western parts of the State.
In Kansas
further deterioration is reported, especially in the western half where
many
are
bare, although the ground is covered in the extreme southwest.
In the eastern half of the
State
wheat
covers
the ground or shows in drill
rows.
In
Oklahoma and
Is
Texas, except in the Panhandle of Texas, moisture
needed badly.
In some southern and western counties of Oklahoma
wheat is the poorest in many years, while in
Texas, except the northwest,
much was seeded dry and is still ungerminated.
In Montana and the Pacific Northwest conditions continue
favorable,
with wheat entering the winter in very good
shape, although in Montana
seeded on stubble land and in the drier areas shows weakness.
Melting
snow and mild temperatures were favorable in the eastern
Great
some
while rains were
prices in print cloths were
to
•'
as
An outstanding exception
buying continued.
Closing
follows: 39-inch 80's, 6% to
3%c.
Woolen
Goods—Trading in men's
wear
fabrics slowed
down
perceptibly, chiefly because of the fact that clothing
manufacturers appeared to be covered on most of their
nearby requirements, Mill operations, fortified by the large
backlog of unfilled orders, continued very active. A feature
of the week was the price advance of 2lAa. a yard on topcoatings and woolen suitings, announced by a large pro¬
ducer.
Reports from retail clothing centers made a some¬
what less favorable showing, as adverse weather interfered
with the further covering of pent-up consumer needs.
Busi¬
goods broadened moderately reflecting
the growing willingness of garment manufacturers to cover
their fabric needs for Spring.
Active interest again existed
in tweeds, boucles and fleeces.
ness
It is too dry in southern
Weather
in women's
furnished
the
following
resume
of
North Carolina—Raleigh: Favorable for hog butchering at
beginning.
Field work slow account freeze and wet soil.
Truck rather badly damaged
in recent cold spell.
Foreign Dry
of
Bureau
conditions in the different States:
Still
Texas—Houston:
some
cotton and considerable
corn
ungathered.
Averaged about 6 degrees above normal; good rains on
and in extreme east.
Light rains in remainder of east, but
generally dry elsewhere.
Progress and condition of winter wheat gener¬
ally good in Panhandle and adjacent areas, but mostly poor in remainder
upper
active
wear
Basin,
helpful in northern California.
California.
The
which
6^c-; 39-inch 72-76's, o]/8 to 6c.; 39-inch 68-72's, 5 to 5^c.;
38K-inch 64-60's, 4K to 4^c.; 38^-inch 60-48's, 3 13-16
snow
In Missouri the crop shows
fields
price concessions.
in
voiles
were
trees were defoliated.
coast
a
new
Goods—Tradings in linens
gave
indications
substantial pickup after the turn of the year when the
British-American trade agreement will go into effect.
Meanwhile, scattered last-minute rush orders for holiday
gift items served to enliven current business in some measure.
Business in burlap continued inactive although prices ruled
to rumors of further curtailment measures
producing center. Domestically lightweights
quoted at 3.70c., heavies at 5.00.
steady, in
response
in the Indian
were
■
'
"
A:
Volume 147
Financial
State and
Chronicle
,3637
City Department
3,575,750 Minneapolis, Minn., bonds were awarded to a syndicate
headed by Phelps, Fenn & Co., Inc., New York, which pur¬
chased $2,825,750 relief, water works and impt. loans, due
Specialists in
from
1939 to 1958 incl. as 2Ms at 100.16, a basis of about
2.23%, and $750,000 refunding, maturing from 1939 to 1948
incl., as 2s at 100.426, a basis of about 1.92%.
Reoffered
to yield from 0.40% to 2.35%, according to coupon rate and
date of maturity.
Illinois & Missouri Bonds
2,042,000 Boston, Mass., various
purpose serial and sinking fund issues,
$1,392,000 are due from 1939 to 1953 and the other
$650,000 in 1983, were sold to Phelps, Fenn & Co., Inc.,
New York, and associates as
2%s and 4s at par, a net interest
cost
of about
2.58%.
The banking group confined the
immediate public offering to the $1,392,000 serial obligations,
which were priced to yield from 0.40% to
2.60%, according to
interest rate and maturity.
,
of which
Stifel, Nicolaus A CoJnc.
Founded 1890
106 W. Adams St.
DIRECT
CHICAGO
WIRE
•
314 N. Broadway
1,800,000 Middletown,
ST. LOUIS
Ohio,
3M%
electric
light
plant
mortgage
for by
bonds, due Dec. 1, 1958, were contracted
Van Lahr, Doll & Isphording, Inc., of Cincinnati.
revenue
1,650,000 Springfield, Mass., sewage disposal plant bonds, due $55,000
MUNICIPAL BONE? SALES
New issues
during the
total not
of
State
and
each year from 1939 to 1968 incl., sold to the First Boston
Corp.,
New York, and associates as 2s, at 101.629, a basis of about
IN NOVEMBER
1.88%.
Reoffered to yield from 0.15% to 2%.
1,600,000 Jefferson Parish School District No. 1, La., 4%, 4M %
and 4M % school bonds, due annually from 1940 to 1978 incl.,
municipal bonds brought out
recent month amounted to
$156,449,240.
The
were
only
was
present year, but
the largest recorded for
any
month of the
surpassed in volume the disposals in
month since January, 1937, when the output was
New
any
381.
Extent of the activity in November attains added
significance in view of the interruptions in business occa¬
sioned by the several holidays which were observed in that
period.
Although a number of unusually heavy flotations
were responsible in large measure for the
strikingly large
volume of business negotiated last month, of equal im¬
portance were the multitude of smaller awards by taxing
units in practically every section of the country.
Much
of this financing, as was true in October when the sales
reached $104,739,119, was occasioned by the Federal public
works program and reflected the necessity of issuing bonds
■
$40,000,000 New York, N, Y., serial and special assessment bonds, com¬
prising $25,000,000 3s, due from 1939 to 1973 incl., and
$15,000,000 2Ms, ^maturing from 1940 to 1944 .incl., were
awarded to a large syndicate headed by the Chase National
Bank of New York, at a price of 100.019, a net interest cost
of about 2.88%.
The 3s were reOffered to yield from 0.50%
to 3.15%, according to hmaturity, and the 2M» from 1,10%
2.20%.
Only other bidder at the sale, which was the third
completed by the city in the present year, was a group managed
by the National City Bank of New York.
25,000.000 Connecticut (State of) funding and building bonds, em¬
bracing $6,250,000 IMs due from 1939 to 1943 incl., and
$18,750,000 lMs, due from 1944 to 1958 incl., were taken
by an account composed of the Bank of the Manhattan Co.;
Ladenburg, Tbalmann & Co., and C. J. Devine & Co., Inc.,
all of New York, at 100.052, a basis of about 1.51%.
In reoffering the bonds the bankers priced the 1939 to 1952 maturities
to yield from 0.15% to 1.50%, according to rate and redemp¬
tion date, and the balance at prices of 99, 98 and 97,
This
marked the State's first appearance in the long-term capital
market for a great number of years and the issue in question
represents its total funded debt.
24,432,000 Massachusetts (State of) bonds were sold as follows:
$19,432,000 hurricane and flood damage issues, due yearly from
1939 to 1943 incl., were purchased as 0.75 at 100.19, a basis
of about 0.69%, by the Bankers Trust Co. of New York,
which did not make any formal reoffering of the obligations.
The remaining $5,000,000 of borrowing was made up of the
Bale of that amount of Metropolitan additional water bonds
to the First Boston Corp. of New York and associates as 2s,
at 101.659, a basis of about 1.90%.
These bonds, due $200,000 each year from 1944 to 1968 incl., were publicly offered
on a yield basis of from 1.10% to 2%.
1,086,000 Hamilton Township, N. J., 3M% sewer bonds, due yearly
from 1939 to 1978 incl., were awarded to the BancamericaBlair Corp. of New York and associates at 100.91, a basis of
about 3.43 %.
Reoffered to yield from 1.50 % to 3.50 %.
1,052,000 University City, Mo., new capital bonds were sold to a group
headed by the Mercantile-Commerce Bank & Trust Co., St,
Louis, as 2Ms at 100.27, a basis of about 2.23%.
The bonds,
due serially from 1944 to 1958 incl., were reoffered to yield
from 1,40% to 2.25%,
,
In the
following
report the issues which failed of sale
List embraces 29 separate, loans having
an aggregate par value
of $10,248,200. Page number of
'Chronicle" is given for reference purposes:
Works Administration.
.
*
2 Ms at par,
'
to finance the
refunding. The grand output has already greatly exceeded
the disposals in the full year of 1937, when the awards
aggregated $902,307,162.
The November financing included the following issues of
$1,000,000 or more:
at
account headed by Lehman Bros, of New York as 2 Ms and
a net cost of about 2.42%.
Due from 1940 to
1959 inc./, and reoffered to yield from 0.40% to
2.50%.
,
,
A breakdown of this figure shows that new capital issues
amounted to $846,399,575 as compared to $112,989,930 for
ysndicate headed by White, Dunbar & Co. of
a price of 100.0006, a net interest cost
of
a
Orleans
1,592,000 Nashville, Tenn., 2M% school construction and impt, bonds,
due from 1940 to 1968 incl., optional March 1,
1949, pur¬
chased by the National City Bank of New York and associates
at 101.919, a basis of abour 2.28%.
Reoffered to yield from
0.70% to 2.10% for maturities from 1940 to 1949, and at
prices of from 103.50 to 102 for the subsequent maturities.
1,200,000 Kansas City, Mo., water refunding bonds were sold to an
$207,228,-
municipal share of the cost of improvements
being financed jointly by the subdivisions and the Public
Moreover, the heavy output also
illustrated the highly favorable condition of the market for
tax-exempt securities.
This was singularly apparent in the
fact that despite the extent of the awards, most of which
were negotiated on terms
extremely pleasing to the issuers,
there was no apparent dislocation of the general price struc¬
ture.
As a matter of fact, the ease with which the issues
were absorbed by investment
sources, served to strengthen
the market for securities of all grades.
Some of the larger flotations completed in the recent
month included issues of $40,000,000 by the City of New
York, $25,000,000 by the State of Connecticut and $24,432,000 by the State of Massachusetts.
The "city" thus in¬
creased to $133,000,000 the amount of long-term financing
negotiated in the present year.
The Connecticut award
marked that State's initial appearance in the bond'market
for a number of years and the loan in question represents
its sole item of outstanding funded debt.
Another feature of
last month's financing was the
comparatively insignificant
portion accounted for by refunding loans.
The grand total
of $156,449,240 includes only $5,612,651 of issues of that
character. The Nov. 28 sale of $4,025,000 Baltimore, Md.,
bonds was later canceled owing to doubt as to validity of the
issue.
Further details appear in a report published on a
subsequent page.
In summarizing the results of State and municipal financing
during the 11 months of 1938, our figures disclose that last
month's unusually heavy output served to increase the total
awards for the entire period to no less than $959,389,505.
sold to
about 4.48%.
we
during November.
,
Page
3649
Name
Int. Rate
Anadarko, OkIa~.
x
**.,..**-
3348 aCharleston, W. Va_
3054 bCleveland, Ohio*....:.:.
-
x
**--
3047
...not exc. 6%
Daviess County, Ky......*.*■.-not exc. 4M %
Drayton, N. Dak
z
4%
Fabens School District, Texas..not exc. 4%
Flagler and Volusia Counties
3340
Ocean Shore Impt; Dlst.. Fla_
Floyd County S. D„ Ga
3348
Fort Worth S.
3056
Gallatin, Tenn
3192
JacksonParlshS.D.No.
3049
Jennings, La-..
3192
3497
3057
'
-
Sale postponed
Not sold
150,000
Bids rejected
Sale postponed
185,000
123,000
Bids rejected
Bids rejected
Mineola, Texas.*.—x
Oakes Park District, N. Dak—.not exc.
3340
5%
Paris, Tenn.*
**.__._*.*..not exc. 8%
Phoenix, Ariz:
not exc. Z% %
Riverside County S. D., Calif.
not exc. 5 %
St, Charles, Idaho..
..not exc. 6%
-
St. Mary Parish S.D., La. *-.V
*
SpokaneCo.S.D.81, Wash.*..not exc. 6%
University Heights, Ohio......
4%
3193
3202
3199
Vancouver, Wash......1
Waterford and Independence
3500
3493
"S. D.No. 9, Mlclu.
x
.....notexc. 4%
2899
Wishek, N. Dak.............*
2899
Williamston, N. C..
not exc. 6%
Yellowstone Co. S. D. 24, Mont.
x
3343
No bids
Bid rejected
1,052,000
13,600
...
-
Sale postponed
Issue rescinded
1,053,000
3500
3046
250,000
13,500
50,000
Report
No bids
Sale canceled
x
3346
3057
$60,600
1,629,100
3,000,000
4%-6%
4%
D., Texas-—..--
.....not exc. 5%
1,La..not exc. 6%
......notexc. 6%
3192
Lafayette, La.......
.......not exc. 5%
3197 cManchester, N. Y._.not exc. 5%
3341
Melville, La.
.....not exc. 6%
3046
Amount
x
90,000
88,550
25,000
,
Sale postponed
Sale postponed
No bids
65,000
No bids
10,000
200,000
1,175,000
No bids
Sale
postponed
Bids rejected
132,000
24,600
110,000
Bids rejected
418,000
138,800
50,000
Sale postponed
No bids
No bids
Sale
postponed
Issue rescinded
17,000
No bids
6,000
72,000
No bids
46,750
Sale postponed
No bids
bidder,
a State Supreme Court Invali¬
dated bonds,
b Postponement was caused by litigation in connection with issue.
New offering has been announced for Dec. 22-—V. 147, p. 3497.
c Bonds are being
x
Rate of Interest was optional with the
reoffered for sale on Dec. 13.
The recent month witnessed the disposal of quite a large
number of temporary loans by States and municipalities,
negotiated in anticipation of the sale
procedure was
which are par¬
ticipating in the
PWA program to get projects in con¬
struction prior to Jan. 1, 1939, as stipulated in the legisla¬
tion governing Federal allotment of grants for such improve¬
ments
In these instances, various factors made it necessary
to secure required funds on an interim basis rather than
through immediate application to the long-terni credit
market.
Then, too, other communities found it necessary
to borrow on a temporary basis due to failure of tax collections
to measure up to expectations, thus resulting in a shortage
of funds to meet the year's budget requirements.
In any
event, short-term financing amounted to $51,513,946, of
which $21,000,000 was accounted for by the City of New
York.
Interest rates on this type of credit continues to
reflect the existence of a large supply of investable funds in
some
of which
were
later date of long-term bonds.
This
followed in order to permit municipalities
at
a
.
the banks and other institutions.
.
Canadian municipal bond market during
November was the public sale in the United States of $40,000,000 Dominion of Canada 3% bonds for refunding pur¬
Feature of the
The issue was placed on the market by Morgan
Stanley & Co., Inc., New York, and associates at a price
of 97.25.
The Government was paid a price of 95.25 for
the loan which contains a maturity date of Nov. 15, 1968,
poses.
,
although the bonds are callable in whole or in part at varying
prices, depending on the date of redemption exercised by the
Dominion.
Aside from that transaction, which constituted
l
Financial
3638
municipal issue offered publicly in the
there were practically
no other municipal issues of consequence, as shown in the
fact that the total of Canadian municipal issues marketed in
November was only $41,831,867.
Premier William Aberthe first Canadian
United States since September, 1937,
hart indicated
Dec. 1 that the Province of Alberta will
on
again default on its funded debt when he stated that, under
present circumstances, the Government will not be able to
meet a total of $3,500,000 in bonds which mature during
January, 1939.
Mr. Aberhart disclosed that he again dis¬
cussed with Dominion officials
the subject of arranging for
_
refunding of the total provincial funded debt of about
$160,000,0o0. No information concerning the conference
was made public.
There was no United States possession
financing during November.
Below we furnish a comparison of all various forms of
obligations put out in November during the last five years:
a
1938
%
%
♦Temp, loans
JB.) 61,513,946
CanadianPlaced In U.S..
-
Placed In Canada-
Bds.ofU.S.Posses'ns
190
None
None
None
1,750,000
None
-.249,795,053 233,812,892 107,058,774 180,854,762 168,700,360
Total
York City $21,000,000 In Nov.,
1938; $24,200,000 in Nov., 1937; $25,500,000 in Nov., 1936, $25,000,000 In Nov.,
1935, and $50,900,000 In Nov.. 1934.
Includes temporary securities Issued by New
The
number
of
municipalities emiting bonds and the
number of separate issues made during November, 1938, were
497 and 601, respectively.
This contrasts with 556 and 065
for October, 1938, and with 304 and 351 for November, 1937.
For comparative purposes we add the following table,
showing the aggregate of permanent loans, excluding Cana¬
dian and United States Possessions issues, for November and*
the 11 months for
series of years:
a
For the,
Month of
,
1938
11 Months
November
$156,449,240
1937—-
—
—
— .
1920
1,034,567,913
988,081,613
627,711,624
629,435,991
273,572,370
47,564,840
1918
—
1909-
~
1908—.
1907
1905—
—
.
1904
1,398,557,694
1,220,179,240
1,241,650,345
1,305,270,172
119,688,617
57,602,117
1919
30,708,685
1912
13,021,999
1911....
19,738,613
1910-—.- 24,466,351
1,139,822,962
1,265,356,715
949,473,914
21,091,126
1913—
1,300,640,012
—...
1921;
1914..—...
817,084,792
1,020,350,584
1,086,582,809
817,751.815
475,200,703
731,527,808
1,210,494,7G0
47,300,174
64,855,702.
1935—
112,713,762
1934
92,091,301
1933—
82,680,536
1932..
29,588,884
1931
54,364,707
1930.— 88,682,310
1929
84,687,874
1928—171,281,282
1927
101,528,336
1926.— 71,074,222
1925
66,926,289
1924
34,765,203
1923..
98,621,514
1922-.
44,379,484
1936
Month of
For the
11 Months
November
1915— ..-..$28,815,595
$959,389,505
1903-1902.
18,906,555
28,427,304
4,408,381
12,511,550
25,888,207
32.597,509
14,846.,375
13,728,493
0,989.144
....
1900—-.
9,956,685
1899-8,790,489
1898
7,721,284
1897....
0.868,775
1890—
34,913,894
1895
6,524,901
$463,644,631
444,862,916
358,611,490
358,893,919
360,830.804
283.414,600
307,673,842
285,747,250
213,924,703
180,483,172
174,825,430
240,819,161
138,789,258
130,895,772
110,092,342
123.572,311
113,131.789
95,778,450
-
120,128,531
95,831.773
418,719.565
1894
—.
4,549.580
105,475,839
103.869,851
421,301.571
27,783,332
15,890,626
1916.— 18,813.239
1917—:
1893-——
7,309.770
60,114,709
We present herewith our detailed list of the municipal
bond issues put out during the month of November:
Page
Name
Rate Maturity
—3#-4 1940-1958
3341 Acadia Parish 8. D., La
3341 Acadia ParishS.D., La
.4#
3491 Ackley, Iowa
3191 Adams County, Ind——
3489 Adams Co. 8. D, 3, Colo.
_3
Amount
$160,000
30,000
17,000
33,000
1940-1958
.....
2#
1940-1950
3497 Adams-No.RlchlandTwp.S.D., 0.3#
3497 AdenaS.D„Ohio..
——3
years
66,000
1940-1963
20
3342 Adrian, Mich. (2 Issues)———2#-2#
1939-1968
3196 "Albuquerque, N. Mex
—
2H-31941 -1958
3492 Alleghany Co., Md
1943
—1#
—
—
.
3494 AUenhurst, N. J.
3195 Allen, Neb
—.3#'
.4#
3494 AlmaS.D., Neb
2#
3048 Alton Ind.S.B., Iowa
2#
3201 Amerillo Ind. 8. D„ Tex....
2)4
1939-1953
2)4
Ira, Conquest,
No.LN.Y
'
97,000
250,000
60,000
48,000
3202
3348
2898
3344
3201
3
8
—
——
3#
2)4
-.,-.2)4
—..2#
Ohio
4
3
3-3#
2#
1939-1943
4
3#
3343 Denton, Mont
—-53500 De PereS. D. 1, Wis——
2#
3346 Dickinson, N. Dak——
5
3054 DUlonvllle, Ohio-—---—
3192 Donaldsville, La
1941
1940-1959
1939-1953
1940-1954
1940-1962
3193 Dorchester Co., Md
3192 Dubuque Ind. 8. D., No. l.
3493 Duluth, Minn
3490 East Chicago, Ind
3497 East Cleveland, Ohio
2893
3054
3498
3054
3497
3491
100.16
,3.22
3057
3058
3198
—
-—.—
lss.)
—
1#
—3#
East Chicago, Ind————3
East Peoria, 111-—3
East Sparta 8, D.f Ohio
—.3#
Eastside, Ore6
East Cleveland, Ohio
—3
East Palestine, phio—
2#
East Longmeadow, Mass
1
East Troy 8. D. 4, Wis
2#
East Waterloo Ind. 8. D„ Iowa—2#
Edmonds, Wash
*
5
Elbow Lake, Minn
3
Elkhart Co., Ind
—2
Elkhart Co., Ind
1
2#
Ellensburg, Wash
2
Elmore Co., Ala—
3#
Emmetsburg, Iowa
3#
Escabla Co., Ala—
3#
Essex Junction, Vt
--2#
EvansvilleS. D.6, Wis2#
Fair port, Ohio—
4
-
,
-
-
——
2900 Falrview, Okla__
3192 Farnhamvllle 8. D., Iowa.—3493 Ferguson Sewer Dist., Mo
-
3
-—2#
30,000
loTii"
2.34
94,000
96.65
5.07
95,000
100.07
1941-1948
1941-1948'
15 years
1941-1958
100.17
3340 Ashburn, Ga.
—
3490 Auburn,Ind
3195 Auburn, Neb
3488
1)4
1941-1968
117,700
18,000
100.17
1939-1944
75,500
100.18
90.000
104,48
.—4
.....
..3
—
1939-1908
.4#
S, D., Pa
Barbour, Ala
2%
3H
——
3343 BatavlaS. D.2, N. Y
1.80
3049 Beauregard Par. S. D., La. (2 lss.) .5#
3190 Bedford, Lewlsboro & No. Salem
1941-1950
108.87
3049
100.03
3049 Franklin Parish 8. D.Ward 19, La.
3196 Blnghamton, N. Y
3194 Bloomer Twp. S.D., Mich
3494 BloomtngdaleS. D., N. J
100.20
2.48
100.1 r
V.98
—
3192 Boone, Iowa
2893 Boone Twp,, Ind. (2 issues).
3341 Boston, Mass. (2 Issues)
3341 Boston, Mass. (3 Issues)....
3057 Bountiful, Utah
3497 Bratenahl8.D,.Ohlo
2.37
2.14
3346
3490 Gary, Ind
3198 Geneva, Ohio..
3054
109,COO
101.21
70,000
£261,700
101.01
1939-1953
234,000
100.12
V.38
3340
1939-1943
30,000
42,000
100.03
2.24
3496
3342
3201
3339
.
71,500
£87,500
100.19
2.28
3194
101.25
2.37
3498
70,000
100.50
2.43
3341
4
1939-1953
1,292.000
100
2.58
3198
1939-1983
750,000
100
2.58
3346 Green Twp. 8.
1939-1954
1941-1953
103,300
75,000
101.50
2*31
2901 Greenville, 8. C
3345 Greenville. N. C. (2 lss.)
1942-1947
180,000
100.39
1.68
3499 Greater
1940-1964
20,000
101
3.10
1940-1949
3202 Brodhead-DecaturS.D.No.1, Wis .2)4
2895 Brookllne, Mass
1
1)4
1939-1948
9,500
330,000
10,000
30,350
85,000
49,000
3048 Brooklyn Ind. 8. D., Iowa
1940-1957
44.000
3049 Bristol County, Mass
1)4
..2H
1939-1948
1940-1953
100.31
2.69
100.10
2.59
loo'is"
*1*17
100.60,
2.17
100.76
1.10
101.87
2.31
"
4.00
100.31
100
100.76
100
3.45
100.02
100.92
101.93
100.31
5.00
2.43
5.00
3.11
2.02
1.71
—
101.36
100
100.09
100.07
101.81
1.17
3.67
2.85
100.29
101.13
100
2*86
15,000
sf.it
6.00
—
2~06
100 04
101.28
100.41
2L38
100
5.00
8,000
725,000
- 70,000
101
101.29
2.09
110,000
100.56
1.91
'
—
1944-1951
1943-1947
1940-1953
1939-1949
1951-1961
1940-1958
1946-1950
1940-1958
1940-1954
9 000
100,000
2.20
1*84
—
3*23
38,000
100.21
15,000
r70,000
100.03
2.24
122,500
rl0,500
-
101.22
100.50
2.10
40,000
1942-1956
1942-1958
15,000
125,000
'
—
100.30
100.08
2.97
2.74
70,000
.
—
1940-1959
-
44,000
5,000
01,000
155,000
24,200
4,966
-
100.60
100.12
2.38
1.72
*
67,500
25,000
100,000
101.49
100.01
0.74
100.14
1.73
46,000
£50,000
10,000
100.44
19,000
32,000
23,000
—
48,000
100.13
100.77
55,000
2.73
100.02
2.67
.1939-1953
80,000
100.15
l~72
1941-1965
1948-1957
125.000
250,000
100
4.15
1940-1952
37.750
100
—
—
8ewer
C
1939-1953
13,000
103.71
364,000
100.51
20.000
99.01
36,000
101.54
2.50
1.85
3.88
8,500
10,000
110,000
100.05
JOO.OOO
98.29
1939-19*6
1940-1950
1939-1946
1940-1950
35,000
40,000
rl6,000
10.500
100.34
100.07
100
101.33
2#
1940-1958
2#
1943-1970
2#-3# 1940-1963
Dist.,
2#-3 1939-1958
75,000
800,000
343,000
100.15
100.08
3 19
540,000
100.05
2.81
8,000
250.000
11,400
232,000
100.38
100
2.46
1.086,000 100.94
rl 12,500 ' 100.50
7350.000 100.43
ZA3
2897 Guttenberg, N, J
3190 Hamburg S. D. 1. N. Y
-
3500 Hamilton Co., Texas.
2901 Hamilton Co., Tenn. (4 lss.)
3052 Hamilton Twp., N. J
3191 Hammond School City, Ind
3051 Harrison Co., Miss
4.50
7,000
1941-1953
1939-1957
1940-1949
-
D., Ohio
......
1940-1954
1939-1968
1939-1953
-
1949-1957
1940-1959
100
40,000
.4
1939-1958
3
2.18
-i——
45,000
150,000
—
—3
lss.).... —1.90
Gold HU1, Ore. (2 lss.)
.3#
Goodhue, Minn. (21ss.)—2#
Grand view Heights, Ohio
3
Granite Falls, N.C
.—4#
Graham Ind. 8. D.t Tex
4
Grand Junction. Colo
2#-3
Grand Ledge, Mich
—__2-2#
Grants Pass, Ore
3-3#
Greenfield, Iowa
3#
Green Springs, Ohio..—...
3#
1940-1958
3493 Brlcelyn, Minn
104.41
—4#
—
Greenville
5.19
—
1#
—
Glrard, Ohio
S.
2.05
4-4#
—3#
3196 Garden City, N. Y
3496 Gastonla, N. C—
2)4
2#
2900 Bradford Co. Inst. Dist., Pa
3497 Branch H1U 8. D.. Ohio
3343 Brldgehampton Fire Dist., N. Y. .2.70
3190 BrightonS. D. No. 1, N. Y—2.60
108.19
100.01
100
1939-1953
1939-1955
2#
2)4
2.30
2)4
4)4
2#
1#
_..3#
-
14,000
—
3348 Glenwood City, Wis
3196 Glens FaUs, N. Y. (2
4
ClarksvlUe
3.00
101.12
.-3 H
3497 Fredericktown. Ohio
3057 Frlendswood 8. D
T
13,000
2)4
5*66
100
-I
"25,000
1.77
1939-1948
1939-1958
—...1.40
2.27
1940-1949
1939-1945
3.58
101.14
2.79
3.67
15,000
rlS.000
-
100.23
1944-1958
1939-1958
3*63
Y.ii
100
88,000
1940-1954
102.04
1, Mo
100.64
1939-1963
2.28
3.12
2.74
100.27
40,000
1939-1948
1939-1948
2.58
329,000
2H
2)4
-.2%
2.48
100.68
295,000
101*70"
1939-1958
— —
4.66
—I
10,000
180,000
420,000
1948-1958
3051 Franklin Co. 8. D.
2
3343 Bernards Twp. S.D.,N. J...
2*20
101.81
100.75
100.05
100.06
32,500
42,000
3341 Franklin Parish 8. D,, La.J-20years
3499 Franklin Twp. 8. D„ Pa
2#
1940-1950
1940-1964
746,750
20,750
3.00
100
107.86
100.13
100.03
8,000
r8,000
r22,000
1940-1949
1939-1948
1939-1959
2.39
1.95
3.84
,
900,000
33,000
—
--2)4
3)4
..
3498 Bethlehem 8.D.,Pa..
3195 Billings,Mont. (3Issues)..
3193
2H
3492 Benton Harbor, Mich.:
2898 Bolivar,
Genesee A
8. D. No. 1, N. Y__
1942-1962
3492
3341
101.32
209,000
110,000
300,000
60,000
2.21
3.50
100
42,000
34,000
1943-1949
1941-1958
1940-1962
1939-1948
1#
1939-1946
—4#
1939-1948
Forest Co. Sup. Dists. 1, 3, Mlss.3#
1939-1963
Foxborough, Mass——.—
0.75 1939-1943
Fr am Ingham, Mass...—
—.1#
1939-1958
Framingham, Mass
...1
1939-1943
Franklin Co., Ky
—4
1940-1957
25,000
160,000
S.D.No. 10, N. Y
3491 Bellevue, Iowa
3339 Benton County, Ark.
1941-1969
2.18
*1.45
101.66
352,000
———3#
—
3340 Augusta, Ga
2897 Baker,Mont
2900 BaldwinTwp.
3493
..........
3340 Ashtabula Co,, Ohio....
2.49
100.36
100.13
75,000
1939-1968
1941-1950
1939-1956
3048 Forest City, Iowa.
8341 Forest City, Iowa
Salem S. D, No. 1, N. Y—.... .2.20
,
1940-1950
3497 Finley, N. Dak
3346 Florence-Edon 8. D., Ohio——2#
2897 Florence Twp., N. J—
-—-2#
3194 Fergus Falls 8. D., Minn
3194 Fertile Ind. 8. D. 44, Minn——
2.18
2*19
100.28
100.03
100.46
100.36
100
365,000
150,000
10,000
27,000
12,000
1939-1968
1939-1958
1948
1942-1943
—
1941-1967
150,000
2.94
—,
18,000
15,000
90,000
3,000
1946-1952
3
——
3193 Easthampton, Mass. (2
2897 East Amwell.N. J
3047
2#
Iowa.l#
3H
1940-1955
1939-1958
2.21
100.66
135,000
—
—4-4#
2900 Donegal Twp. 8. D., Pa————.3#
3338 Annlston, Ala.(2Issues)....-
4%
2#
Wetheisfield, Ac.,
S, D.1. N. Y
—-2.20
3190 Argyle, Hebron. Ft. Edward A
100.42
85,000
£48,000
23,000
4
3
3051 Amory, Miss
————3#
3499 Andrews County, Tex...
..
3340 Angola,Ind.....
2)4
3202 Antigo,Wl8—
3196 Arcade, Java,
2.37
17,000
1942-1958
2-11 years
-
Como Sep. 8. D., Miss-
3499 Delmont S. D., 8. Dak
3054 Dennison, Ohiq
3040
50,000
—
>
8046
100.50
—
2#
Cory don, Ky
5.00
—
1.23
100,000
i-
Coldwater, Ohio
3*.9l
100.37
1939-1950
1940-1955
16,625
1#-1# 1939-1958 25,000,000
3340 Coos Co. S. D. 8, Ore
—2 #-3
1943-1949
41,250
3493 Corinth 8. D., Miss—
—3#
1939-1959
80,000
3344 Cornwall, N. Y
—
-2.30 1939-1958
86,000
3493 Cottonwood, Minn
-3
3-20years
18,000
3049 Coulee Des Jons D. D., La—-----5
1940-1958
50,000
3049 Covington, Ky-——3
1941-1970
275,000
3046 Covington Co., Ala—
3#
1948-1960
120,000
3338 Covington Co., Ala
3#
1941-1965
30,000
3054 Covington, Ohio
—'
30,000
Crowley, La
—4#^4# 1939-1973
200,000
3046 Cullman Co., Ala...,
——3#
1949-1965
r44,000
3492 Cumberland, Md
——3
1943-1952
50,000
2899 Cumberland Co., N. C
5-5# 1940-1964
200,000
3346 Curry Co. 8. D. 3, Ore
2#-3
1939-1952
14,500
5054 Cuyahoga Falls, Ohio-——
5#
1943-1952
180,000
3348 DarUngton 8, D. 12, Wis—
2# /1940-1942
rl7,000l
11943-1953
85,000)
3191 Decatur, Ga.----—
-3
l-30years
i25,000
3051
100.15
2.18
101.02
Ore.
3346 Congress Rural 8. D., Ohio
3339 Connecticut (State of)
3191
100.28
64,
D.
3340 Columbus, Ga. (6 lss.).:
3051 Columbus Sep. 8. D„ Miss
3498 CoquUie, Ore
,
8490
100.07
3H
Pa.
3198 Coldwater 8. D.,
3050 Colon, Mich
3348
100.60
8.
3046 Coffey Co., Ala
3342
8,000
Co.
3194 Cokato, Minn
100.37
60,000
—
3.75
22.000
—
(2 lss.)
3202
£175,000
1939-1963
1939,1958
1940-1972
1941-1968
1941-1966
1941-1960
1941-1970
15 years
3200 Clalrton,
100.20
1-3 years
1939-1958
2)4
3
Charleston,W.Va.(21ss.)-j..-2M-2M
CharlottesvlUe, Va
2#
Charlotte, N. C. (2 lss.)
2#
Charlotte,Gerry, Ac.,8.D. 1,N.Y.214
Chattanooga, Tenn. (2 lss.)
„3#-4#
„
3202 Clallam Co. 8. D. 47, Wash
3347 CoatesviUe, Pa
—
3049
L.
123,750
14,000
300,000
23,000
411,000
339,735
415,000
240,000
310,000
68.750
3199 Clackamas
3193
1940-1949
1939-1963
3343 Chouteau Co. 8. D. 2, Mont
3192
100.66"
3 #-4
3200 CoatesviUe 8. D., Pa
3*89 Contra Costa Co., Calif
4.00
100
100
350.000
3490 CenterScb.Twp., Ind
3348
100
1941-1968
1939-1950
3499 Childress Co., Tex. (2 lss.)
3490 Coal City, 111
1.76
100
70,000
1939-1943
1941-1963
S. D.
2.40
Ac.,
3.90
100.22
25.000
69,000
48,000
17,000
6,000
3054 Cass town, Ohio
4.24
10i".90"
£42,000
1939-1948
4
3190 Cato,
3.85
37,500
40,000
,
3347 Cartilage, Tenn—„
2.75
101
20 years
1939-1958
—
Basis
Ir7,600
—
3192 Ames. Iowa.®.
Campbellsvllle, Ky
4
3493 Canton, Miss
3195 Carbon Co. H; 8. D. No. 2, Mont .3 %
3340 carlyle. Ill
1
5
3492 Carrollton Twp S.D.No, 1, Mich.
3491
100.04
64,600
1939-1954
—
4
Basis
100
33.000
440,000
16,000
1940-1959
1 # -2
31.250
1942-1953
4
_
1938
W,
Price
Amount
1947
1944-1959
1939-1958
—2H
-
2892 Camden, Ark
100.007
Price
Maturity
hate
Cairo, Ga
3492 Cambridge, Mass. (2 issues)
3198
None
None
None
None
None
(New York City).
None
4,577.914
26,535,000
Dec.
3191
t
92,091,301
72,031,145
None
1,303.685
1,831,867 136,354,218
General fund bonds
*
None
Nope
40,000,000
f
I
64,855,702 112,713,702
40,899,887 39,856,000
47,306,174
50,152,600
Perrn't loans (U. 8.) 150,449,240
1934
1935
1936
1937
*
Chronicle
Page
Name
3201 Burlington, Vt
3
2#
3#'
3#
3#
—4
—
1939-1958
1939-1978
1942-1953
4.74
3.35
3.50
3.54
101.16
*2*73
3.50
2.81
Volume
Page
3343
Financial
147
Name
Rate
'
Hastings, Neb
3342 Hawley,
Maturity
Amount
---2)4
Minn
Basis
Price
25,000
3490 Hebron, Hi
3)4
1939-1957
20,000
100
3.75
2898 Hempstead, N. Y. (3 iss.)
1%
1939-1948
177,500
100.10
1.73
1939-1948
40,000
106.52
1.75
2896 Hennepin Co. S. D. 114, Minn...3
2%
3492
Hillsdale S. D. 1, Mich
1940-1960
85,000
1940-1944
68,200
100.16
1939-1958
155,000
3195 HindsCo.S. D„ Miss. (6 i8S.)_3)i-3H
3343 Holiandale, Miss
3)4
Holland 8. D„ Iowa
Hominy 8. D. 38, Okla
3498 Hood River,
3047 Howard
58,000
1940-1955
3)4-3)4
1939-1960
47,000
7117,000
200,000
100*66 "
IT 4
1939-1973
25,000,000
15,000,000
100.01
2.88
1940-1944
100.01
2.88
I""
2)4
1939-1955
4)4
1940-1958
16,600
100.37
2.45
<138,000
100.53
4.37
1941-1956
48,000
101.81
2.06
1941-1967
453,760
100.70
2.35
2899
—2)4
1940-1962
148,500
100.61
2.44
2)4
1940-1949
40,000
100
2.60
2
1941-1964
125,000
3)4-4 1940-1953
11,740
75,000
3056
North Belle Vernon, Pa..,
3493
Northfleld, Minn
<18,435
100.25
2.69
1943-1968
d75,000
101.57
2.40
Norwalk City 8. D., Ohio
3499 Obion Co., Tenn
1)4
3)4
1940-1949
100,000
100.11
731,000
100
3.50
3499 Oil City 8. D., Pa
3048 Oketo, Kan
2.60
1940-1978
164,000
100.33
2.58
3193
.3)4
14,000
100.07
50,000
106.30
3058
3048
3
D., Ohio.
Huron Co., Oblo
....3)4
Ilion, N. Y
2
Indiana State Board ol Agricul¬
ture, Ind
..-3
Indianapolis School City, Ind
2
3051
Inverness, Miss
Hull. Iowa
—
3491 Huntington Co., Ind
3198 Huntington-Aberdeen S.
3346
3196
3191
1939-1943
100.34"
4,000
3.38
1.99
100
100.10
3.92
1941-1954
13,600
1943-1952
200,000
1940-1957
93,500
100.35
(2.7G
Osnaburg Twp. 8. D., Ohio
3197 Ovid, N. Y.
1940-1954
15,000
100.93
2.59
2.95
100*86"
1.90
1941-1964
31,000
100.18
2898 Owegp, N. Y
2)4
625,000
102.14
2.75
3494
135,000
101.81
1.85
3197 Oyster Bay, N. Y
100.58
103.52
1.30
39,000
10b~.77"
2.43
11,000
100.25
2.22
49,000
100.27
1.86
41,000
100.06
100.45
2%
1941-1960
12,000
16,000
1943-1953
1.97
1941-1952
1-5 years
1940
1939-1953
Owensville 8. D., Mo
18,000
12)4
-
1941-1962
[2)4
rl5,000
4#
100.11
2
2%
Oshko8h,|Wis..__.
3199
57,000
..
2.63
1939-1948
Opelousa, La
3340 Osgood, Ind
3341
1.97
101
1)4
1940-1948
3196 Hudson Falls. N. Y. (2 iss.).
1.92
100.26
3
2%
2H
(2 iss.)
Basis
105.91"
2)4
12,000
Co., Ind
3196 Hudson Co., N. J.
1939-1958
2%
New London, Conn
1941-1946
3194 Houston Ind. 8. D. 15, Minn
P*ice
490,000
3495 New York, N.Y
-2)4
Ore
Amount
1940-1964
2
2899 New Hanover County, N.C
3201 NewBraunfeis.Tex
York, N.Y
3347 Northampton Twp. 8. D.. Pa
8,000
3055
issues)-—-.2)4
.2)4
3053,North Hempstead 8. D. 10, N. Y.2.40
ibi".2o~
8,400
Homer, 111
Maturity
35,000
3047 New Britain, Conn. (2
3049 Newbury port, Mass
3495 New
1.70
Various
30,000
2894
3340
3639
Rate
Name
3489
101.24
1%
3198 Hlcksvllle 8. D., Ohio
Page
3198 New Boston, Ohio
r75,000
..
;
Chronicle
1940-1958
85,000
102~23~
2.32
3341
3195 Jackson, Miss—
1939-1948
r240,000
100.17
2.47
3500
1942-1951
14,500
2.89
1939-1958
220,000
108.27
101.21
3494 Palmyra, Mo
3202 Park Co. 8. D. 1, Wyo
3347 Pawtucket, R. I
..3
1939-1958
25,000
250,000
1940-1948
35,000
2898 Peekskill, N. Y__
..1.40
1939-1943
25,000
1940-1944
63,000
100.28
1.42
1941-1948
1945-1946
200,000
100.82
1.65
3194 Pennington Co. S. D. 18, Minn..3
3050 Pepperell, Mass
1)4
1939-1946-
96.75
3346
1941-1947
45,000
1940-1953
2)4
3192 Iowa Falls Ind. 8. D., Iowa
3190
3495
■3340
3348
3056
3199
2)4
Jackson, Wis
.—..4
Jackson Co., Ala
--.3)4
Jal, N. Mex
5
Jay Co., Ind.
1)4
Jefferson Co., Wis
1 lA
Jefferson Co., Tenn
.4)4
Jefferson Co. S. D. 9, Ore—....2)4
-
—
..
3491
Jefferson Parish 8. D. 1,
1,600,000
,
\1941-1958
3498
3343
Kansas City, Mo
Kaukauma, Wis
2902
3052
.
Kearny, N. J
3495
Keene, N. Y„_
3490 Kellogg,
Idaho
3049 Kennebunkport,
3344
----
Me
Kenmore, N. Y..
12.20
3046
Kern Co. 8. D., Calif-_
Kingston, Pa
3340 Kokomo School City, Ind
3495
3495
3495
3199
2893
3047
3202
3054
3056
3199
3200
3343
3201
3341
3491
3202
3345
3491
3499
3051
2900
3492
3348
3489
3495
3055
Logan, Ohio
Lorain, Ohio
-'
3499
2)4
LosAngeles Co.8.D.,C Jf.(S. D.) .3)4
LosAngeles Co.8.D.,C-.liI. (8, D.)3)4
LosAngeles Co.,8. D.,Calif.(8. D.)3)4
LosAngeles Co.8.D.,Calif. (8. D.)3
LosAngeles C0.8.D.,Calif. (8. D.)3
LosAngeles C0.8.D.,Calif. (8. D.)4
Lyons S. D., Ohio__
3)4
Mabel, Minn
2)4
Mahoning County, Ohio
2)4
Maiden, Mass
—1)4
Manchester, N.H. (2 issues)
2)4
Marin County, Calif
Marlboro County, 8. C
3
3493
Mason, Mich
2899
3190
3190
3190
3190
3190
3339
3346
3194
3346
3342
3195
3339
3341
3489 Meriden, Conn
3051
Meridian, Miss. (2 issues)
3348
Merrill, Wis
3491
Mermentau, La
3193
Methuen, Mass. (2 Issues)
3201
4.00
3194 PontiacCity S.D., Mich
3053 Porter, N. Y
101.35
2.06
2894 Portage Twp. 8. D., Ind
3049 Portland, Me..
100.16
2.47
3193
100.14
2.17
100.10
1)4
2)4
Pullman 8. D. 249,
Wash.......2
1940-1949
1940-1947
110,000
185,000
101.27
2.40
3202 Rhlnelander, Wis
rl60,701
34,000
100.14
2.47
3058
100.14
2.47
3494 Richland Co., Mont..
3192 Richmond, Ky
".
110,500
100.20
2.48
3339
97,000
100.38
115,000
100.28
2.21
3500
103*81"
2.00
101.34
2.39
3339 Riverside Co., Calif....
3194 Robbinsdale, Minn
100.07
145,200
2.74
2)4
1939-1959
3199
100.74
40,000
100.27
2.95
3496
101.28
2.10
3201
100.90
2.14
3051
—
—
....
<*82,500
100.16
2.71
3049
150,000
100.01
3.69
3199
St. Helena, Ore
100.31
3491
6t. James Parish, La.......
3491
St. Joseph County, Ind
3.125
3194
St. Louis Co. S.D. No. 6, Minn...3
3342
St. Louis Co. 8. D. No. 30, Minn..3 )4
2897
St. Paul, Minn
50,000
100
4.25
15,000
100.58
2.58
50,000
100.85
1.59
lbb~.08~
175,000
1941-1961
1940-1948
185,000
1940-1959
§an Bernardino County, Calif
3490
40,000
20,000
1943-1952
3190
Sand point, Idaho—
2898
Santa Fe County, N. Mex
100
98,500
2.50
2.22
.
101.88
3.30
3340
Savannah,Ga
100.31
3.22
3340
Savannah, Ga-
100.40
3.22
3496
Searsdale 8. D. No. 1,
100.97
2.89
3498
Scio, Ore
100.05
2.99
2901
1944-1963
60,000
101.85
3.84
3494
35,000
100
3.50
3200
1939-1941
11,000
194,521
3200
100.45
100.06
2.22
3346
3497
1939-1948
335,000
100.19
1.46
1939-1958
150,000
100.25
2.47
135,000
10,000
lbo'.io"
100.02
3500
101.65
1.90
100.19
0.69
4~00
100.36
20 years
11,000
1943-1963
135,300
1958
5.00
101.09
1.82
3340
3198
2,825,750
lbi".32"
1939-1948
7750,000
1941-1957
95,000
Smlthvllle, Tex
100.33
3.72
3193
2.23
3498
Springfield,Ohio
100.42
1.92
3345 Statesville, N. C—
100
4.00
3)4
2
2)4
Springfield, Mass..
lbcT.Ie"
1,800,000
1939-1958
Springfield, Ky...
100
3494
2895 Stock bridge,
3491
Storm Lake, Iowa..
80,000
3199
Strut hers, Ohio
1939-1968
138,000
100.25
2.73
3500 Sturgeon Bay,
1939-1972
600,000
100.02
2.74
3058
1939-1955
17,000
Wis
Sundance, Wyo
3498
Taloga 8. D., Okla
3201
Temple, Tex
3492
3201
Nashville, Tenn
3494
Nashua, N.H
3343
Natchez, Miss
-
3058 Natrona County, Wyo
2)4
2)4
3
—-4
26,500
22,000
1941-1958
450,000
3.17
50,000
100.14
2.98
No
15, La
100*94"
2". 16
98.18
2.99
New Bedford, Mass
3198 New Bloomlngton S. D.,
Ohio
3
2)4
3
11,000
100.13
3.23
130,000
100.06
3.57
1940-1949
1941-1962
1-30 years
2-11 years
1940-1958
1939-1958
1939-1948
1939-1943
3,600
100.05
6.99
3191
1941-1964
170,000
100
5.65
3199
3343
2897
200,000
100.15
2.24
3051
1940-1968 <11,592,000
101.91
2.28
3497
1939-1958
103.67
1941-1966
150,000
1946-1958
55,000
1939-1946
3197
3~oo
<125,000
100
3195
3192
3048
3190
35,000
1939-1958
100.30
3190
20,000
101.50
3199
3343
60.000
180,000
1940-1959
23,000
lbb". 18*
3342
100.10
3201
101
2.89
3054
I
Tupelo, Miss.
1%
-.1)4
-.3)4
.-23^
6
-A)4
2)4
3
3)4
2)4
3%
2)4
3)4
Wahpeton, N. Dak
3.43
100.76
2.45
102
3.35
100
4.00
<135,000
25,000
rl 17,000
37,000
100.47
55,000
100.38
12,000
100.21
2.90
1940-1957
17,600
100.62
3.43
1939-1948
1939-1963
1945-1958
425,000
100.06
2.56
356,000
100.03
2.49
1939-1948
*
20,000
100.74
3.60
1939-1958
1943-1967
1943-1967
100,000
100*26"
2.62
r345,000
102.71
2.31
655,000
102.71
2.31
1940-1947
25,000
100.11
12,000
100.07
400,000
100.16
2"99
lbi".40"
¥.39
165,000
100.03
1.39
1.74
17,000
1.73
188,500
220,500
25,000
101.76
2.59
i"ob".6¥
¥.88
4.91
24,200
61,000
1941-1960
1942-1960
1939-1952
<124,000
21,000
100.71"
60,000
100.79
88,000
100.73
¥.85
230,000
100.13
3.98
1941-1963
1939-1944
236,000
100.44
2.21
1941-1948
368,000
100.16
1.72
1940-1958
neo.ooo
100.38
2.22
60,500
18,000
100
1.62
1,000
1941-1949
1943-1977
1940-1963
1939-1968
9,000
300,000
10b".29"
¥.20
101.01
>2.94
101.62
1.88
50,000
1,650,000
9,318
1941-1943
11,000
1939-1958
63,000
100.66
1.60
1940-1943
1939-1948
1940-1953
33,712
100.46
3.10
83,000
100.09
2.23
6,200
<125,000
6,000
4,000
100
4.50
1939-1953
<1275,000
100.04
1940-1962
90,000
100.78
¥.92
300,000
100.83
3.18
1940-1969
1939-1941
12,000
100
2.75
1940-1956
rl26,000
101.68
3.54
1943-1947
16,000
100.67
2.65
25,000
100.60
25,000
Idaho2tf
Umatilla Co. 8. D. No. 5, Ore
2)4
Union City, N. J. (2 issues)
3)4
University City, Mo
2)4
University of North Carolina.3)i-3H
Utlca, N. Y. (2 issues)
1.80
Valley Park Ind. 8. D., Mo
4
Van Buren Twp. 8. D., Ind-..--.2H
Vandenburg County, Ind
2
Ventura Co. S. D., Calif.,
2)4
Ventura Co. 8. D., Calif
2)4
Vernon Twp. S. D., Ohio
-Vineland,N.J
2)4
Twin Falls Co.H.S.D.No. 1,
Virginia, Minn
Waco, Texas (4 issues)
100.39
80.000
75,000
3194 Tyler, Minn. (2 issues)
5,000
Neverslnk.N
3492
Ohio
40,000
150,000
4)4
,3)4
3339 Troy, Ala
1941-1955
13,000
Y
3195 New Albany, Miss
3495
...
Tracy, Miss
3055 Troy City 8. D.,
Natchitoches Parish, Ward 5, 8. D.
3055 NelRonville City 8. D., Ohio
3051
1939-1948
2895 Natchitoches Parish, La.
2895
100.50
Ohio
3345 Tonawanda,N.Y
3346 Tippecanoe City,
103.14
13,000
1940-1958
1.16
1940-1950
.1941-1958
3195 Table Rock, Neb
2.96
1939-1958
2.66
104.09
-
Mass—....
88,000
50,000
3.90
100.58
99.000
1940-1953
1939-1978
1940-1959
1940-1958
3192
3491
100.04
1943
2)4
2,90
3
— —
4
Somerset, Hartland, Yates & Ridge¬
way S.D. No. 1, N.Y
2)4
Sonoma County, Calif
-.1%
South Bend School City, Ind —±._1M
South Orange, N. J
2)4
South Whitley, Ind
4
Southern Pines, N. C
4)4
Spartonburg, S. G
3
2.36
100.66
15,000
....
1939-1968
1939-1972
1939-1968
1939-1963
Sidney, Ohio
3489
100.26
15,000
178,750
1940-1949
3
Sea Bright, N. J. (2 issues)
4-5
Sharon, Pa
2)4
SharonHillS. D., Pa.....25i
Shawnee 8. D., Ohio
5
Shelby, N.C
1
2^-3
Shelby County, Ky
—4
Shelbyville,Tenn. (2issues)..
5
Shorewood Hills & Madison 8. D.
3346
3197
"*
101
1940-1959
..
3197 Shortsville.N.Y
1.18
100.81
8,000
1%
3347
100
80,000
61,450
N. Y
3348
117,000
1939-1953
3%
---2)4
2)4-2)4
2)4
"——2)4
No. 7, Wis....
,2.74
*
1940-1959
3049
3057
70,000
35,000
d23,500
5,000,000
2)4-5
2)4
Scranton, Pa
1941-1949
50,000
26,000
1940-1943
3)4
1)4
1)4
lbb" 19"
8,421
6,500
740,000
1940-1958
—4
3190 Sacramento City 8. D„ Calif
3348 Salt Lake City, Utah
45,000
18,000
..
d 19,000
102.20
1.73
Ridgeville 8. D., Ohio
Ridgeway 8. D., Wis
3202 River Falls, Wis...
247,000
42,000
2.20
100.25
175,000
3198
752,000
100.17
<145,422
3341
1.73
¥.75
1939-1963
3058
1.89
100.77
1939-1946
3)4
.3
3^-4
2)4
Rock County, Wis
..2
Rockwell 8. D., Iowa
3)4
Roanoke Rapids, N. C.
3)4-3)4
Rosevllie, Ohio.
...
....2)4
Royalton&HartlandS,D.l,N.Y_2H
San Antonio, Tex..
-.-3)4
St. Charles, Minn
.....3
"
St. Francisvllle, La
lOO.ib"
100
1)4
--.,..2)4
100.58
52,000
Ridgefield, Conn
4.50
2901
1.94
2.28
2.00
50,875
3)4
3346
r20,000
435,000
1940-1956
Rice juake, Wis
100
3495
2.39
16,648
1939-1958
100
3053
102.08
100
1)4
looiS"
3493
ioo.7e
12,000
3
200,000
3342
10b".72~
25.0C0
2
7420,000
3342
1939-1944
Reading, Mass.......
1939-1948
3489
2.24
1941-1963
......2
3
Ravenna, Ohio
1940-1949
1939-1951
1.74
100.13
Powell, Wyo....
1942-1958
3051
100.08
589,000
118,000
3057
3488 Montgomery,
2892
200,000
1958
Ramsey Co., Minn
1939-1947
1940-1949
1942-1958
1939-1958
100.15
10,900
3051
1939-1948
—3
29,000
3193
19,432,000
13,600
Ala. (2 issues)
4 )4
Montgomery Co., Md
2)4-3)4
Montgomery Co., Mo
Monterey Co., Calif
3)4
Monterey Co., Calif
3
Morgan S.D. No. 56, Minn
2)4
Mower Co. 8. D. No. 27, Minn—2)4
Munlslng, Mich
2-3
Murfreesboro, N. C
6
Myrtle Beach, 8. C
5)4-5)4
Naples, South Bristol, <fcc., 8. D.
No. l.N.Y
2)4
r370,000
1939-1963
2.20
3.75
25,000
Monroe City, Mo
1941-1948
-.2)4
3051
1939-1947
Monroe S. D., 8. Dak
4.00
2.38
1939-1943
3)4
3H
3497 Mlddletown, Ohio
-3)4
3050 Minneapolis, Minn. (4 issues)
2)4
3050 Minneapolis, Minn
2
3198 Minot 8. D., No. Dak
4
3493 Moberly, Mo
;
2)4
3051 Moberly 8. D., Mo
.....2)4
3500 Monongalia Co., W. Va—~
—2)4
3057 Monongalia Co., W. Va...
2)4
lbb"""
2.49
300,000
1941-1948
1941-1957
t7,700
200.000
2.38
50,000
—
1.21
1944-1951
100.78
1944-1951
1940-1946
1939-1948
1943-1957
101.16
2)4-3)4
...
Portland Water Dist., Me
3056 Pottstown 8. D., Pa...
7269,000
—
133,000
100.04
1939-1948
1939-1958
1939-1961
1939-1961
1940-1955
1941-1956
3.69
1939-1948
3058
"""
48,000
1944-1968
Mllford, Iowa
3195
2.40
100
Pontiac.Mich
3.96
100.30
100.15
%
3493 Midlands. D., Mich
3499
100.71
55,000
Mid vale, Utah
3491
3194
100.006
10,000
.4
2.22
15,000
1940-1949
4
3346 Pomeroy, Ohio
1940-1954
3%
-.1)4
25,000
-.4
—4
1)4
3
2)4
5
2
Melrose, Wis
2.75
)3^-4
100.26
240,000
2
Maysviile, Ky__.
3348
100"""
31,000
1940-1964
1941-1952
Massachusetts (State of) (5 Issues)
2.87
16,500
150.000
1939-1953
2*4
2895 Massachusetts (State of)
3193
100.28
20,000
2.42
1940-1955
1940-1949.
1941-1953
1940-1948
1939-1953
-—
25,000
1940-1949
3050 Pittsfield, Mass
100
1958-1967
2.19
1943-1949
3.38
15,700
1939-1958
IOO.45"
1939-1958
100
30,000
1940-1968
1939-1949
1944-1948
1939-1948
1.06
44,000
2%
100.11
47,000
23^
Lackawanna, N.Y
2)4
Lafayette, Fabius, Tully & Onon¬
daga 8. D. No. 7, N. Y
2)4
La Grande, Ore
—2-3
Lake County, Ind
2)4
Lake Highway Dist., Idaho
3)4
Lakemiils S. D., Wis
2)4
Lancaster, Ohio
2)4
Lancaster County, 8. C_
3
Lane Co. 8. D. No. 14, Ore
2)4-3
Lansford, Pa__.
4
Laurel, Miss. (2 issues)
--4)4
Laurens, B.C.
3
Lawrence, Mass. (2 issues)
2)4
Le Mars Ind. 8. D., Iowa.2)4
Leesburg, Va___
2%
Lenoir, N. C
3)4-3)4
Leon, Iowa
——;
3)4
Lewis County, Tenn
...
4)4
Lewis town, Mont
3H
Liberty, Pa..
-2)4
Lincoln, Mass..
--1)4
Little Chute, Wis
2)4
Little Rock, Ark
4
Lockport, N, YJ
—2)4
2.95
100.89
4)4
I
1949-1962
2)4
100.55
40,000
2.90
2899 Pitt Co. 8. D., N. C
1939-1949
1940-1943
Lackawanna, N. Y
1.35
185,000
Pima Co. S. D. 10, Ariz..
3.49
180,000/
—2)4
2)4
—
3048 Klngsley 8. D., Iowa
,.2
-.2)4
3055 Piqua City 8. D., Ohio
2)4
3056
—
1.84
100.14"
Phllmont, N. Y. (2 iss.)
4.48
3%
2^-5
3497 Kenton City 8. D., Ohio
Kern Co. 8. D., Calif. (2 iss.)
3046
-
100.01
rl95,000l
1939-1948
1939-1943
2
100
85,000
3^-3^ 1943-1958
2)4-2)4 1940-1959 rl,200,000
782,000
2)4
1942-1955
29,000
2)4 .1939-1953
10,000
-4
1939-1948
30,000
..2)4-3)4 1940-1958
95,000
2)4
1940-1954
d87,000
/2)4
1939-1948
Josephine Co. 8. D. 7, Ore
'
3197
45,000
La—..4-4)4
3)4 J1939-1948
3
3046
38,000
--
..2
Perry, Okla
3340 Perry Twp. 8. D., Ind...
18,000
1940-1978
Jefferson Rural 8. D.r Ohio
3200 Johnstown 8. D., Pa
52,000
4
3348 Jeffeison Co. 8. D. 43, Wash
3054
1-25 years
1940-1948
Page Co., Iowa...
1)4
---3)4
4
1-10 years
1942-1946
1939-1956
1944-1958
1941-1959
1939-1968
29,500
100.06"
4,946
100.07
2.48
114,000
100.88
3.37
1,052,000
100.27
2.23
386,000
100.03
3.36
263,000
100.02
1.79
30,000
i'OV.H"
¥.35
70,000
101.12
19,500
1940-1953
1939-1948
1939-1948
1939-1948
101.26
2.02
50,000
101.35
2.22
99,000
lbV.19"
¥.09
75,000
100.16
1.69
265,000
105.61
2.28
55,000
103.27
3.62
18,000
--------
1939-1953
1940-1944
1939-1968
1939-1958
1.77
250,000
,
Financial Chronicle
3640
Page
3488
Rate
4j^
Name
Walker County, Ala.
Y
3197 Wappingere Falls, N.
3056 Wanen S. D., Fa
3198 Washington, N. C_._
4.50
1.19
40,000
100.65
1*65
on
190,000
102.65
1.60
aggregating $5,049,000, as noted here on Nov. 19, bids were
accepted on 20 of the issues for a total of $3,856,000.
The following is the text of the official statement on the
1939-1948
25,000
100.19
1.87
36,000
102.46
2.21
1944-1945
r25,000
200,000
72,000
85,000
101.09
15,000
22,000
100.07
10,000
100
1941-1952
1939-1952
1939-1948
2-16 years
1940-1950
.2,40 1941-1968
1940-1958
3193 West
1941-1958
...4
Carroll Parish 8. D„ La..5-5)4
Des Moines 8. D., Iowa
2)4
1944-1955
1939-1958
.—2%
2901 Whitely Twp. 8. D., Pa
2)4
3496 White Plains, N. Y. (2 issues)...2>£
3202 Whlteflsh Bay 8. D. 1, Wis
.2#
3491 White River Twp., Ind
— 12)4
12)4
3347 West Warwick, R. I-
3497
27,000
102.85
2".45
196,000
100.05
2.24
105,000
100.55
2.20
56,375
100.18
56,375
133,647
r82,000
11,450
101.34
1939-1948
1939-1948
1940-1954
3342
2896
3496
3199
100.03
1.99
100.03
1.99
loT.eo"
2.53
1941-1961
72,000
419,000
100.01
2.90
1940-1958
242,000
100.02
2.66
1940-1947
100.81
2.30
15 years
(132,000
65,000
72,000
225,000
293,000
125,000
100.54
1939-1953
2H
Wilson, N. C. (4 issues)...—2)4-3
Wilmington, N. C. (4 issues) .2)4-2)4
Wlndber 8. D„ Pa.*
-2H
60,000
101.12
1940-1952
.-3
2)4
Worcester, Mass. (2 issues)*.*—1)4
Worthiogton, Minn
2
Worthington, Minn..
—...2
Wyandotte, Mich
...
1%
York town, N. Y..;
..2.90
Youngstown 8. D., Ohio
3
3494 Windside, Neb...
3500 Wisconsin Rapids, Wis
3193
1947-1949
1939-1948
100.64
1.92
100
3.00
101.17
2.37
1.23
100.09
T.83
9,928
1939-1952
100.33"
27,000
1941-1960
...
680,000
2.85
101.10
Total bond sales for November (497 municipalities,
Subject to call In and during the earlier years and to mature in the later year.
$51,513,946 temporary loans or funds obtained by States and
k Not including
municipalities from agencies of the Federal Government,
r
Refunding bonds.
We have also learned of the following additional sales for
previous months:
l,001.10l>er $1,000.
21,000 Comity of St. Louis, Minnesota, 4% county road bonds, MairsShaugunessy & Co., St. Paul, Minn., $1,100.20 per $1,000.
530,000 City of Bayonne, Hudson County, N. J., 4% port terminal
bonds, Dick & Merle-Smith, New York, N. Y., $1,038.19 per
$1,000.
15.000Township of Clark, County of Union, N. J., 4% trunk sewer
bonds of 1935, Outwater & Wells, Jersey City, N. J., $1,008.24
per $1,000.
12,500 Town of Silver City, Grant County, N. Mex., 4% sewage treatment plant revenue bonds, series of 1934, Town of Silver City,
Silver City, N. Mex., $1,000.00 per $1,000.
107,000 City of Hillsboro, Washington County, Ore., 4% sewer system
refunding and extension revenue bonds, E. M. Adams & Co.,
Portland, Ore., and associates, $971.60 pre $1,000.
57,000 Town of Dicksdn,,Dickson County, Tenn., 4% waterworks im¬
provement bonds of 1936, A. S. Huyck & Co., Chicago, 111., and
associate, $985.80 per $1,000.
281,000 City of Knoxville, Knox County, Tenn., 4% electric light and
power system bonds, Booker & Davidson, Inc., Knoxville, Tenn.,
and associates, $1,026.00 per $1,000.
90,000 County of Marion, Tenn., 4% school bonds of 1937, Booker &
Davidson, Inc., Knoxville, Tenn., and associates, $985.39 per
$1,000.
114,000 City of Stamford, Jones County, Taxas, 4% water revenue bonds.
The Ranson-Davidson Co., San Antonio, Texas, $992.00 per
$1,000*
34,000 The City of Morgantown, Monongalia County, West Virginia,
4% incinerator revenue bonds, The First National Bank of Mor¬
gantown, Morgantown, W. Va., $1,010.00 per $1,000.
»
Rate
4
-.3^
.4
Name
Page
$825,000 Long Beach City High School District of the County of Los
Angeles, Calif., election of 1933 4%% bonds, Bankamerica Co.,
San Francisco, Calif., and associates, $1,089.10 per $1,000.
180,000 Long Beach City School District of the County of Los Angeles,
Calif., election of 1933,4)4 % bonds, Bankamerica Co., San Fsancisco, Calif., and associates, $1,089.10 per $1,000.
750,000 Los Angeles City High School District of the County of Los
Angeles, Calif., election 1931, 4)4% bonds, Bankamerica Co.,
San Francisco., Calif., and associates, $1,104.13 per $1,000.
395,000 Los Angeles City School District of the County of Los Angeles,
Calif., election 1931, 4)4% bonds, Bankamerica Co., San Fran¬
cisco, Calif., and associates, $1,106.50 per $1,000.
208,000 The Town of Safford, Graham County, Arizona, 4% water rev¬
enue bonds
of 1936, John Nuveen & Co., Chicago, 111., and
associates, $986.47 per $1,000.
12,500 The City of Stuttgart, Arkansas County, Ark.. 4% sewer revenue
bonds, vinson-Hill, Inc., Little Rock, Ark., $957.60 per $1,000.
168,000 City of Fort Pierce, St. Lucie County, Florida, 4% electric revenue
certificates, Kennedy, Spence & Co., Inc., Boston, Mass., and
associates, $971.77 per $1,000.
14,500 Village of Bradford, Stark County, 111., 4% water revenue bonds.
Municipal Bond Corp., Chicago, 111., $965,117 per $1,000.
28,000 Village of Lansing, Cook County, 111., 6% sewage pumping
station and treatment plant bonds, M. V. Vick and Co., Chicago,
III., $1.092.60 per $1,000.13.500 City of Tawas City, Iosco County, Michigan, 4% general obll-
fation waterworks bonds, Municipal Bond Corp., Chicago, HI.,
__t$l56,449,240
covering 601 separate issues)
d
^
,
2.83
100.41
1940-1958
3197 Windsor & CoiesviJle 8. D. 1, N.Y.2
3051
101.52
101,48
1940-1953
3346 Willard, Ohio
3346
Washington, Dec. 2, 1938. ^
Twenty issues of bonds offered by Reconstruction Finance Corporation
public sale on Dec. 1, 1938 have been awarded to the highest bidders.
The face amount of the bonds sold was $3,856,000 and the sale price $4»083,764.87. a net premium of $227,764.87.
JESSE H. JONES,
at
Chairman.
100
1947-1953
3341 Williamsburg, Iowa (2 issues)...
3200
RECONSTRUCTION FINANCE CORPORATION
The bonds, the successful bidders and the prices paid were:
1940-1948
.2
Wichita, Kan
2.15
2.36
1939-1958
.2
3048 Wichita, Kan. (3 issues).
3048
2.18
100.32
100.47
(140,000
i4o;ooo
164,000
46,000
55,000
1941-1954
3
3499 West Mead Twp. 8. D„ Pa..
3.50
Awards of Municipal.Bonds—At the offering
sale:
1.29
100.41
on
Dec. 1 of the 39 issues of bonds of local units in 20 States
50,000
—
3192 Webster County, Ky
3341 West
100
3.00
Various
100.79
2.11
61,000
47,500
146,000
1939-1950
.....2.20
Statement
100.88
1939-1956
--
(2 lss.)
3489 West Memphis, Ark.
RECONSTRUCTION FINANCE CORPORATION
100
100.29
1940-1958
'3195 Wayne Co. 8. D. 9, Neb-...
3H
3341 Wayne Twp. 8ch Twp., Ind—...2H
3197 Webb, N. Y
3496 Wellsvllie 8. D. 1, N. Y
10.
25,000
125,000
'
~~2%
3048 Waukon, Iowa
Dec.
1945-1946
3198 Washington, N. C. (3 issues).2%-Z
3191 Waterbury, Conn. (3 issues)
2H
3193 Watertown, Mass
lh
3342 Watertown 8. D., Minn...—...
Basis
1939-1948
1%
—.—2
.1.90
2H
3
-
2902 "Walworth County, Wis
Price
180,000
10 years
1939-1948
Walpole, Mass....—
....1M
3198 Walsh County, N. Dak-*-.——2%
3492
2896 Waltham, Mass
Amount
Maturity
3499 Arlington S. D., Texas-....
3199 Athens S. D., Pa—3198 Bakersviile S. D„ Ohio
2893 Bancroft, Idaho
Maturity
1939-1951
Ill-
Price
Basis
100
4.00
100.33
3.94
7,000
1953
-2
845,000
25,000
12,500
1-20 yekrs
—
2893 Belvldere Park Dist..
Amount
2893 Berne, Ind
2*4
2893 Berne School Town, Ind .*...— ..
3500 Big Horn Co. S. D. 10, Wyo
3)4
1940-1949
20,000
26,000
1940-1954
\'ilA
1939-1953
13 H
1940-1958
10,200
51,500
38,000
100
2.00
100.40
2.17
100.20
3.22
36,000
1941-1950
'
2893 Boone Twp,, Ind
2897 Cedar County, Mo. (Sept.)-**-..3
2900 Clarion, Fa........
3
1940-1958
44,000
8,250
100
2.82
1942-1947
8,600
1940-1964
30,000
18,600
101.15
2.89
1940-1964
3)4
..3
3057 Hill County, Texas.*
3342 Holton Twp. S. D. 5, Mich-
2.72
1941-1953
3
2899 Greenwich, Ohio (Sept.)
101
1941-1953
...
3056 Hickory Twp. 8. D., Pa.**
3.47
100.31
-
/
2-3
12)4-3
2900 Gushing, Okla
2900 Dewey, Okla..*
3054 Gratis S. D.. Ohio-
100.23
60,000
6,000
2.92
1942-1960
67,000
90.000
102.17
2.92
1939-1943
10b".5O"
3.82
2%
4
2900 Independence Twp. S. D., Pa.—3)4
1941-1951
10,000
59,000
40,974
55,000
101.21
3.09
3342 La Crescent,
1943-1968
(227,500
101.80
2.86
30,000
100.50
1939-1948
60,000
16,500
100.22
2.45
2896 Hudson, Mich
2894 Hutchinson, Kan
*
-
-
1939-1968
*
2
....
Minn......
3
Muskingum S. D., Ohio
(Sept.)...
...8#
Marin County, Calif.
2>4
Minden Twp. 8. D. 1, Mich..—3.70
Nowatka, Okla. (2 issues) .....2-3)4
Oakland, Ore
-.5
Oneida County, Idaho
.......
Oxford, Mich
AH
Paris-Wyoming S. D, 6, Mich.
(Sept.)
—3H
Park & Big Horn Cos. S. D. 30,
Wyo. (Sept.)......— ——.3)4
Phoebus, Va
3)4
PUBLIC
3054 Little
3190
2896
2900
3055
2893
2896
2896
2902
3049 St.
Helena Parish
(Sept.)
8.
D.
5,
50,000
100
3.25
16,600
100
3.50
40,000
100.31
1-6 years
63,353
100
3.50
6,000
1943
1940-1949
8,127
10,000
100.27
2.65
8,000
100
6.00
8,500
6
*
4
—
2894 Shipley Con. 8. D„ Iowa
3201 Stamford S. D.,.Texas
2)4
100
4.00
100.70"
1939-1958
49,500
1940-1948
rl4,500
100.17
3.72
1940-1955
4
3199 Stillwater, Okla. (Sept.)
16,000
50,000
100.31
3.96
175,000
100.25
I
3346 Struthers, Ohio
3)4
3346 Sylvanla, Ohio (Sept.)...
v..4
2901 Three Rivers Ind. S. D., Texas...4
3051 Vlcksburg, Miss. (2 issues)
2)4-3
3341 Washington School Twp!, Ind...2)4
2900 Waynesburg 8. D., Ohio (Sept.).3)4
192,500
1-25 years
,
* 1940-1943
20,000
97
7,000
1940-1957
100
3.50
All of the above sales (except as indicated) are for October.
These additional October issues will make the total sales
(not including temporary
month
RFC and PWA loans) for the
that
this' vast volume
was
3,558 are non-Federal projects,
1,050 are Federal projects, carry¬
ing allotments roughly amounting to $200,000,000.
Additiohal jobs are entering buiiding phases daily as the construction
deadline of Jan. 1, set by Congress; approaches.
By that time, according
to the 1938 Act, all projects receiving PWA aid must be under construction.
This includes approximately $1,677,000,000 worth of work.
President Roosevelt signed the 1938 PWA Act on June 21, and allotments
were started the following morning.
Some $450,000,000 worth of projects
were allotted the first week.
Approvals continued at the rate of around
1,400 projects calling for $340,000,000 worth of construction monthly.
This continued until more than 7,300 projects had been approved.
Placing of this huge volume of construction on the market within a short
space of time was accompanied by a marked increase in production in the
heavy basic industries. Within the period in which PWA put the work on
the market, the index of steel ingot production, yardstick of the industry,
rose from 28% of capacity to 62.5%.
Likewise, cement production and
shipments jumped substantially.
This activity was reflected in other
industries supplying materials and equipment to the construction field.
Lumber and millwork, plumbing materials, brick and hollow tile and heating
equipment all reflected the orders which were engineered by the PWA jobs.
CANADIAN MUNICIPALITIES IN NOVEMBER
Page
Name
3348 Beauport, Que
3202 Canada (Dominion of)
3202 Canada (Dominion of)
3500 Canada
Rate
Maturity
4
1968
(Dominion of)
Charlemagne, Que
3058 Charlottetown, P. E. I
3202 Cornwall, Ont
3058 Dartmouth, N. S
4
.3)4
.4)4
3)4
3)4
3500 Etoblcoke Twp., Ont
3058 Forest Hill, Ont
Georgetown, Ont
—
Grand Meie, Que
3058 Hull, Que. (2 issues)
3500
.
4
$170,000
r40,000,000
~*25,000,000
*25,000,000
..5
76,000
103.30
3.77
22,382
25,600
102.37
3.24
102.18
3.26
35,000
100
...
3)4
2.94
98.56
4.14
98.07
101.47
98.59
r
3.19
4.41
99
4.20
Refunding bonds.
3.40
of
Municipal
Financial
1938 edition of "Financial Sta¬
and Cities," a copyrighted
booklet compiled and published by F. W. Horne & Co.,
Hartford, is now ready for distribution. The booklet gives
the population, assessed valuation, indebtedness, tax rate,
tax levy and tax collections of the 169 cities and towns in
tistics
of
Prepared—The
Connecticut
Towns
the State of Connecticut, as well as a
financial
97.50
Nov.. $41,831,867
Temporary loan; not included in total for month.
3.26
101.60
200,000
1939-1953
1939-1948
12 years
Total long-termf Canadian debentures sold in
4.60
102.18
325,000
39,000
30.0C0
82,340
1939-1951
4
4.20
150,000
8,108
15,000
292,500
295,937
60,000
1938,1960
3058 St. Jean Vianney, Que.
2902 Teck Twp., Ont
(2iss.).3)4-4
Statistics
98
Edition
Connecticut—New
1958
4)4
3348 Prince Edward Island (Prov. of)..3
2902 Revelstoke, B. C
4
3202 Truro, N. S
....
1939-1958
20 years
1939-1958
1939-1943
1939-1968
News Items
Basis
95.25
15,000
.4
3500 Nepean Twp., Ont.
3500 North York Twp., Ont....
Price
99.63
1939-1963
4
—3)4
*
Amount
1939-1963
3
3058
*
means
$104,739,119.
DEBENTURES SOLD BY
3348
or
ing of vast industrial orders.
This
released within 129 working days.
Of the jobs under construction, some
with a value of $851,667,000.
More than
26,430
1939-1943
The Public Works Administration has placed mote than a billion dollars«
of work under construction within five, and a half months after
President Roosevelt signed the 1938 PWA Act, Public Works Administrator
Harold L. Ickes announed today.
The swiftness with which the vast building program has been launched is
believed to have shattered all known records for Government building. As
worth
(Dec. 5, 1938), more than 4,600 projects costing in excess of
$1,050,000,000 are under construction, creating jobs and causing the plac¬
27,500
1939-1958
on
of today
4,560
20,000
La.
3343 Shelby, Mont
3055 Shelby City S. D„ Ohio
1.68
1939-1943
1944-1960
..—5
2897 Richland Co., Mont. (Sept.)
3)4
3051 Richland County H. 8. D., Mont.
(Sept.)—
4
3347*Polk County S. D. 2, Ore
2)4-3
2897 Riverton, N. J.......
2H
4.44
100.15
1948-1963
——.3
PinehurstS.D.,Ga
3.31
1939^1942
..
—
3053 Pulaski, N. Y...
3340
100.87
102.07
44,600
3,500
35,000
25,000
1939-1945
..
—
3058
1940-1944
1941-1956
WORKS ADMINISTRATION
Progress of Construction—We quote in part as
follows from a press release (No. 3530), made public by the
above Federal agency on Dec. 5:
/
Report
brief account of the
and the Metro¬
condition of the eight counties
politan District of Hartford County.
The supply of this edition is limited, and copies will be
only
upon
request.
Local Government Activities
Surveyed—The Municipal
study of the financial
Finance Officers Association has issued a
problems involved in the continual expansion of local
govern-
Volume
Financial
147
ment activities.
A
balance must be
achieved,^the survey
points out, between the maintenance of public services and
municipal financial resources.
Only a qualified affirmative
is given to this problem.
Recognition of the difficulties is urged upon all concerned,
and it is argued that expenditures should be made as effective
as
possible, services should be curtailed where
advisable,
present revenue sources utilized to the fullest extent and new
additional
or
revenues
3641
Chronicle
$5,921,559 at $18 per $1,000.
Total tax levy for all purposes;
028.96; 1936, $98,738.64; 1937, $102,306.30.
1935, $97,
Uncollected delinquent tax,
of value.
Bond issue
$7,068.96.
Property assessed at 80%
authorized at special election on Sept. 20, 1938.
incl.
1937,
ARIZONA BONDS
Market8 in all Municipal laauea
found.
New York, N. Y.—Relief Dejicit of $7,700,000 Seen—A
deficit in relief financing of $7,700,000 was predicted on
by Comptroller Joseph D. McGoldrick following an
by Welfare Commissioner William Hodson that
$79,000,000 would be needed for relief expenditures for the
fiscal year ending June 30, 1939.
ELY, BECK & CO,
REFSNES,
PHOENIX, ARIZONA
Dec. 5
estimate
The Comptroller has reported in a memorandum to members of the City
Council that the maximum yield from the various emergency taxes would be
$71,300,000.
Mr. McGoldrick's figures assumed the continuation of the
tax upon cigarettes.
In a letter addressed to the Comptroller, Commissioner Hodson declared
that the only possible variance he could see from the $79,000,000 figure
"would be upward."
"
"The probable reduction of Works Progress Administration employment
would increase substantially the city's home relief case load," Mr. Hodson
said.
"The current Federal appropriation will carry the present WPA en¬
rollment only to March 1, 1939, and there is every prospect of reduction at
that time thus placing an additional burden upon the city."
The Comptroller's memorandum to the Counciimen analyzed the esti¬
mated receipts for each of the emergency taxes and declared that during the
fiscal year ended June 30, 1939, they would exceed by $3,530,130 the re¬
ceipts of the fiscal year ended June 30, 1938, which totaled $67,769,870.
The estimated yield of the sales tax for the current fiscal year Mr. McGold¬
rick placed at $46,500,000, or $765,374 less than the previous fiscal year.
ARIZONA
OFFERED FOR INVESTMENT—An issue
BONDS
being offered by John Nuveen & Co.
prices to yield from 1% to 3.80%,
according to maturity.
Dated Aug. 1, 1936.
Due on Aug, 1 as follows:
$5,000, 1939 to 1957; $10,000, 1958 to 1961; $13,000, 1962, and $15,000,
1963 to 1966.
Prin. and int. (F-A) payable at the Chase National Bank of
the City of New York, or, at the option of the holder, at the office of the
SAFFORD, Ariz.—
of
$208,000 4% water revenue bonds is
of Chicago for public subscription at
Town Treasurer in Safford.
terable
as
to
principal only,
(These bonds were purchased from
poration on Dec. 1—V. 147, p. 3486.)
the Reconstruction
Finance Cor¬
ARKANSAS BONDS
Markets in all
State, County & Town Issues
Board
Approves Capital Budget for 1939—The
adopted the 1939 capital outlay budget
at a meeting held on Dec. 2, amounting to $140,849,618.50,
without curtailing the circumferential parkway funds.
Estimate
Coupon bonds of $1,000 denomination, regisTotal issue, $240,000, of which $22,000 remain
unissued.
Board of Estimate
approving the budget the Board made genera; cuts amounting to more
the City Planning
he was successful
in his parkway program, lost more than $1,000,000 in reductions in the
Park Department allocation.
Ml
The principal items in the budget are for subway construction, schools,
the circumferential parkway, hospitals and health structures.
Of the
total, the sum of $62,754,783 represents the renewals of authorizations ir
the 1938 budget, which were not expended this year; $38,755,045.09 is
authorized from reservations for completion of projects already begun, and
$39,517,790.41 new authorizations.
The budget, in its final form, was
approved by unanimous vote.
It now goes to the City Council, which
must ?ict within a month, but may not add any items.
SCHERCK, RICHTER COMPANY
In
LANDRETH
than $5,000,000 and reduced the amount as prepared by
Commission from $146,022,143.
Mr. Moses, although
^
Philadelphia, Pa.—Supreme Court Upholds City Wage
Business Tax—The State Supreme Court on Dec. 5
and
upheld the constitutionality of the 13^% city wage and
business tax, and invalidated all exemptions, according to
the Philadelphia "Evening Bulletin" of that date, which
continued in part as follows:
The Court, in an opinion by Chief
Justice John W. Kephart, went even
Council that it take steps
further than the ordinance, in proposing to City
to
collect the tax "at the source," or by the employer from the pay envelope
of the employee.
The tax applies
i^-TiiiKt
to
1938 incomes.
earn their living in the city, and disallowed exemptions to domestics
employed in private homes, farm laborers and farmers selling their own
produce in Philadelphia.
The Board of Revision of Taxes, which will make the assessments, esti¬
mated today that 1,000,000 individuals will be affected.
The Court also knocked out the provision of the ordinance that would
have permitted home owners or tenants to deduct from their gross incomes
the amount paid in taxes to the city on the properties in which they live.
The opinion of Justice Kephart was given on a suit brought by the Com¬
mittee of Seventy, which challenged the constitutionality of the entire
ordinance because of the exemption clauses.
Argument was heard last
Friday.
The ordinance, introduced in Council at the request of the Mayor more
than a year ago, and amended to make the impost IH% instead of the
original }4 of 1%, was passed finally by Council on Nov. 26.
The Mayor
signed it immediately.
who
Upheld by Court—The con¬
Philadelphia Authority/ which was
created as a means of obtaining money for municipal im¬
provements without additional borrowing by the city, was
also upheld on tha same date by the State Supreme Court.
The judgment was rendered "on the express condition" that
the city impose a rental charge for use of sewers sufficient
to make the authority a self-liquidating project.
Local
Authority
Bond
of
Also
the
Proposals and Negotiations
ALABAMA
Ala.—BOND OFFERING—Sealed I bids'* will be received
until 11 a. m. on Dec. 15, by H. C. Thomas, City Clerk, for the purchase of
an issue of $166,000 coupon public improvement bonds.
Interest rate is
not to exceed 5%, payable J-J.
Dated Jan. 3, 1939.
Denom. $1,000.
Due Jan. 3 as follows; $16,000 in 1940 to 1948, and $22,000 in 1949. Bidders
to name a single rate of interest in a multiple of X\of 1 %.
The bonds will
be sold to the highest bidder, but no bid for less than par and accrued interest
will be considered.
Prin. and int. payable in lawful money at the C&ntral
Hanover Bank & Trust Co., New York.
The full faith and credit of the
city are pledged for the payment of the bonds and the interest thereon, and
as security of the bonds and interest thereon, all the proceeds of the assess¬
ments that may be made by the City Commission against the property
benefited by the improvements are pledged for the payment of the bonds.
The legal opinion of Storey, Thorndike, Palmer & Dodge of Boston, will be
furnished the purchaser.
Enclose a certified check for $1,000, payable to
the City Clerk.
GADSDEN,
ALASKA
JUNEAU, Alaska—BOND OFFERING—Harry I. Lucas. Mayor,
will
of $93,000 not
4% interest coupon or registered municipal improvement bonds.
Dated Oct. 1,1938.
Denom. $1,000.
Due Oct. 1 as follows; $3,000, 1939;
$4,000 from 1940 to 1944, incl. and $5,000 from 1945 to 1958, incl.
Bidder
to name a single rate of interest, expressed in a multiple of 34 of 1%.
Principal and semi-annual interest payable at the First National Bank,
Juneau.
A certified check for 2% of the bonds must accompany each
proposal.
The bonds will be payable from unlimited ad valorem taxes on
all of the city's taxable property.
Total bonded debt of the city, including
proposed issue, is $289,000,. Assessed value for taxation, 1938 appraisement,
receive sealed bids until 4 p. m. on Dec. 20, for the purchase
to exceed
ARKANSAS
FRANCIS
ST.
LEVEE
BOND OFFERING—Sealed
DISTRICT (P. O. Weil Memphi.), Ark.—
bids will be received until 10 a. m. on Dec.
20, by W. O. Byler, Secretary-Treasurer of the Board of Directors, for the
purchase of a $500,000 issue of 3% refunding bonds.
Dated Jan. 1, 1939.
Due on Jan. 1 as follows: $75,000 in 1940 to 1944, and $25,000, 1945 to
Prin. and int. (J-H) payable at the National Bank of Com¬
Memphis, or at the Central Hanover Bank & Trust Co., New
1949, all incl.
in
merce
the basis of 6%.
reject all bids and to sell the bonds
the bid.
(This
notice supplements the offering report given in our issue of Dec. 3—V. 147,
p. 3489.)
The bonds are not to be sold for less than par on
York.
Tne above Board reserves the right to
at auction.
A certified check for $5,000 must accompany
CALIFORNIA
CALIFORNIA,
State
of—WARRANTS OFFERED—An issue of
$2,068,342.49 registered revolving fund warrants was offered for sale on
Dec. 9, at 11:30 a.m., by Harry B. Riley, State Controller.
Dated Dec. 13,
1938.
Due on or about May 29, 1939.
■
HILLSBOROUGH (P.O. 705 EI Camino Real, Burlingamt), Calif.—
by John A. Hoey, Town Cierk, that
until 5 p. m. on Dec. 12, for the purchase of a
$350,000 issue of water works bonds.
Interest rate is not to exceed 4^ %.
BOND OFFERING—We are informed
W
The exemptions invalidated include the $15 filing credit, which would
have exempted all incomes of $1,000 and under.
The Court also held the tax is applicable to non-residents of Philadelphia
stitutionality
BUILDING, ST. LOUIS, MO.
he will receive sealed bids
payableJ-D.
Dated Dec. I, 1938.
Denom. $1,000.
Due $10,000 Dec. 1,
Rate of interest to be in a multiple of \i of 1 %, and bidders
permitted to bid different rates of interest for different maturities of
the bonds.
Bids will be received for all or any of the bonds, at not less
than their par value and accrued interest as specified.
These bonds were
authorized at the election held on Sept. 27.
The legal opinion of Orrick,
Dahlquist, Neff & Herrington of San Francisco, approving the validity of
the bonds will be furnished.
Enclose a certified check for $10,000, payable
1940 to 1974.
will be
to
the
Town Treasurer.
LOS ANGELES, Calif.—BOND SALE—The two issues of bonds aggre¬
gating $15,250,000, offered for sale on Dec. 6—V. 147, p. 3489—were
awarded to a syndicate headed by Lehman Bros.; Halsey, Stuart & Co.. Inc.,
the Bancamerica-Blair Corp., and Ladenburg. Thalmann & Co., all of New
York, paying a price of 100.006,
which, calculated in accordance with the
of Water and Power, would give a net
about 3.62%, on the bonds divided as follows: $12,250,000
first issue, $8,740,000 maturing Dec. 15, $100,000 in 1939 to 1941, $50,000
in 1942, $100,000 in 1943, $50,000 in 1944 to 1946, $150,000 in 1947, $160,000 in 1948, $165,000 in 1949, $170,00 in 1950, $180,000 In 1951,
$190,000
in 1952, $205,000 in 1953, $220,000 in 1954, $235,000 in 1955, $250,000 in
1956, $265,000 in 1957, $280,000 in 1958, $295,000 in .1959, $310,000 in
1960, $330,000 in 1961, $345,000 in 1962, $360,000 in 1963, $375,000 in
1964, $390,000 in 1965, $400,000 in 1966, $415,000 in 1967, $460,000 in
1968, $475,000 in 1969, $490,000 in 1970, $505,000 in 1971 and $520,000 in
1972 as 3 54s, and $3,510,000 maturing Dec. 15, $535,000 in 1973, $555,000
in 1974, $575,000 in 1975, $595,000 in 1976, $615,000 in 1977, and $635,000
in 1978 as 3 Hs.
For $3,000,000 second issue, $1,750,000 maturing $250,000
Dec. 15, 1939 to 1945, as 254s, and $1,250,000 maturing $250,000 Dec. 15,
1946 to 1950, as 3s.
Other members of the syndicate are as follows: Hallgarten & Co., of New
York, Stranahan, Harris & Co., Inc. of Toledo; Hemphill, Noyes & Co.,
F. S. Moseley & Co., B. J. Van Ingen & Co., Phelps, Fenn & Co., Graham;
Parsons & Co., Stone & Webster and Blodget, Inc., Union Securities Corp.,
Paine, Webber & Co., all of New York; Schwabacher & Co., of San Fran¬
cisco; E. H. Rollins & Sons, Merrill, Lynch & Co., Estabrook & Co., all of
New York; Stern, Wampler & Co., Central Republic Co., both of Chicago;
Eldredge & Co., Darby & Co., Inc., both of New York; Field, Richards &
Shepard, Otis & Co., both of Cleveland; Arthur Perry & Co., Newton;
Abbe & Co., both of Boston; Sargent, Taylor & Co., of San Frandsco; Burr
& Co., New York; Kaiser & Co., of San Francisco; L. F. Rothschild & Co.,
of New York; Drumheller, PJhrlichmann Co., of Seattle; First of Michigan
Corp. of Detroit; Robinson-Humphrey Co., of Atlanta: Wells-Dickey Co.,
of Minneapolis; Stern Bros. & Co., of Kansas City; Equitable Securities
Corp., Pasadena Corp., of Pasadena; Geo. B. Gibbons & Co., Inc., Schlater,
Noyes & Gardner, Inc., Morse Bros. & Co., Inc., Charles Clark <fc Co., all
of New York; Kalman & Co., of St. Paul; Piper, Jaffray & Hopwood, of
Minneapolis; Brown, Schlessman, Owen & Co., of Denver; E. Lowber
Stokes & Co., of Philadelphia; Welsh, Davis & Co., of Chicago; Mlnsch,
Monell & Co., of New York; Brush, Slocumb & Co., Stone & Youngberg,
both of San Francisco; M. II. Lewis & Co., of Los Angeles; Campbell,
Phelps & Co., of New York; Hartley Rogers, Lyon & Co., of Los Angeles;
McDonald-Coolldge & Co., of Cleveland; Putnam & Co., of Hartford;
Hannahs, Ballin & Lee, William R. Compton & Co., Inc., both of New
York; Thrall, West & Co., of Minneapolis; Walter, Woody& Heimerdinger
of Cincinnati; J. K. Mullen Investment Co. of Denver; W. H. Newbold's
Son & Co., of Philadelphia; and Wheelock & Cummins of Des Moines.
formula used by the Department
interest cost of
BONDS OFFERED FOR
INVESTMENT—Offering of the 354% bonds
made at prices to yield from 0.59% for the 1939 maturity to 3.70%
1970-72 maturities. The 3 H % bonds are priced at 98 K for the 197374 maturities, at 98 for the 1975-76 maturities and at 9754 for the 1977-78
maturities.
The 254% bonds are priced to yield from 0.50% for the 1939
is being
for the
maturity to 2.25% for the
from
Prices of the 3% bonds range
for the 1950 maturity.
1945 maturity.
10254 for the 1946 maturity to 100
ANGELES COUNTY (P. O. Los Angeles), Calif.—SCHOOL
BOND SALE—The $132,000 issue of Redondo Union High School District
bonds offered for sale on Dec. 6—V. 147. p. 3489—was awarded to Barcus,
LOS
3642
Financial
Chronicle
Kindred 8c Co. of Chicago, as 3M«. paying a price of 100,12, a basis of
about 3.23%.
Dated De3. 1, 1938. Due from Dec. 1, 1940 to 1952 incl.
MENDOCINO
COUNTY
(P.
O.
Ukiah),
Calif.—SCHOOL
BOND
be received until 11 a. m. on Dec. 17. by
H. M. Burke, County Clerk, for the purchase of an $18,000 issue of Hopland
Union Elementary School District coupon or registered bonds.
Interest rate
for, payable to the City Treasurer.
(This notice supplements the offering report given in
12—V. 147, P. 3047).
4% .payable M-N. Dated Nov. 15, 1938.
Denom. $1,000.
Due $1,000 Nov. 15, 1939 to 1956.
Kate or rates of Interest to be in a
multiple of M of 1 %.
Different rates of interest may be fixed for different
maturities of said bonds, and it shall not be necessary that all bonds offered
for sale bear the same rate of interest.
Prin. and int. payable in lawful
money at the County Treasurer's office.
The best bid will be determined
by deducting from the total amount of interest which the District would be
required to pay up to the maturity of the bonds at the coupon rate or rates
specified in the bid, the amount of the premium, if any, bid therefor, and
Enclose
SAN
a
the validity of the bonds, will be furnished to the purchaser.
certified check tor $1,000, payable to the County Treasurer.
FRANCISCO,
(City and County), CaiiJ.—BOND SALE—The
issues of bonds aggregating $3,199,000, offered for sale on Dec. 5—
V. 147, p. 3489—were awarded to a svndicate composed of Halsey, Stuart
two
1938
par value
of the bonds bid
is not to exceed
approving
10,
by a decree of the Circuit Court of Duval
County,
The
legality of the bonds will be approved by Thomson, Wood 8c Hoffman,
or New York, whose opinion as to the
legality of the bonds will be delivered
without charge to the purchasers.
No bids for less than par value of the
bonds will be considered.
Enclose a certified check for 2% of the
OFFERING— Sealed bids will
the award will be made on the basis of the lowest net interest cost to the
District.
These bonds were authorized at the election held on Aug. 18.
The legal opinion of Orrick, Dahlquist, Neff & Herrington, of San Francisco,
Dec.
and confirmed
OSCEOLA
COUNTY
(P.
O.
Kissimmee),
our
issue of Nov.
Fla.—BOND
TENDERS
INVITED—It is announced by the State Board of Administration that it
will consider sealed offerings until Dec.
23, at 10 a. m., at the
Capitol in
Tallahassee, of road and bridge refunding bonds, dated May 1. 1936, of
following issues:
County-wide Special Road and Bridge Districts
Nos. 2 and 4.
All offerings must be firm through Jan, 7, 1939.
the
PORT OF PALM BEACH DISTRICT (P. O. West Palm
Beach),
Fla.—BOND TENDERS INVITED—It is reported by
George W. 8laton,
Secretary-Treasurer, that the Port Commission will receive sealed tenders
until 2 p. m., on Jan. 6, at 813 Citizens
Building, West Palm Beach, for the
purchase of refunding bonds of the district, dated July 1, 1937. Bonds ten¬
dered must be described accurately as to designation and bond
numbers.
All tenders must be firm for a period of 10
days from Jan. 6. The right to
accept any part of the bonds so tendered and to reject any or all tenders
is specifically reserved.
8c
Co., Inc., the Bancamerica-Blair Corp., Stone & Webster and Blodget,
Inc., Hemphill, Noyes & Co., Geo. B. Gibbons & Co., Inc., all of New York,
the First of Michigan Corp. of Detroit, and Banks, Huntley & Co., Inc. of
Los Angeles, paying a premium of $210, equal to 100.006, a net interest
cost of about 1.87%, divided as follows:
$1,943,000 school
of 1938 bonds; $1,296,000 maturing $216,000 Dec. 1,
1940 to 1945, as 2s, and $647,000 maturing Dec. 1, $216,000 in
1946 and 1947 and $215,000 in 1948, as 1 Ms.
I,256,000 hospital of 1938 bonds; $839,000 maturing Jan. 1, $140,000 in
1940 to 1944 and $139,000 in 1945, as 2s, and $417,000
maturing
$139,000 Jan. 1, 1946 to 1948, as 1Mb.
BONDS
OFFERED
FOR
INVESTMENT—'The
seuccssful
bidders
re-
offered the above bonds for
public subscription at prices to yield from0.40%
2.00%, according to maturity.
to
TULARE COUNTY (P. O. Vi.alia), Calif.—SCHOOL BOND OFFER¬
ING—Sealed bids will be received until 10 a. m. on Dec. 20,
by Gladys
Stewart, County Clerk, for the purchase of an $8,000 issue of Exeter School
District bonds.
Interest rate is not to exceed 5%, payable F-A.
Denom.
$1,000.
Dated Aug. 1, 1938.
Due Aug. 1 as follows:
$5,000 in 1960 and
$3,000 in 1961.
Principal and Interest payable in lawful money at the
County Treasurer's office.
The bonds will be sold for cash only and at not
less than par and accrued interest to the date of
delivery. Enclose a certified
check for not less than 5% of the amount of the bonds bid
for, payable to the
Chairman Board of Supervisors.
BRIDGEPORT, Conn .—BOND OFFERING—Terry W. Rodman, City
1940 to 1948, incl.
Registerable as to principal only.
Bidder to name a
single rate of interest, expressed in a multiple of M of 1%.
Principal and
(J-D 15) payable at the City Treasurer's office.
The Bridgeport
City Trust Co. will supervise the preparation of the bonds and certify as to
Interest
Senuineness of signatures payable to order of the and seal impressedrequired.
thereon.
certified check for 2%, of municipal officials
City Treasurer, is
.
Legal opinion of Ropes, Gray, Boyd en & Perkins of Boston will be furnished
Bonds will be delivered about Dec. 22.
DARIEN, Conn.—BOND SALE—The $311,000
coupon sewage bonds
5—V. 147, p. 3489—were awarded to a group
composed of
Hemphill, Noyes & Co., New York, H. O. Wainwrlght & Co. and Wash¬
& Co., Inc., both of Boston, as
lMs, at 100.427, a basis of about
1.70%. Dated Oct. I, 1938, and due Oct. 1 as fodows: $15,000 from 1939
offered Dec.
burn
1947 incl. and $16,000 from 1948 to 1958 incl.
Bankers re-offered the
yield from 0.25% to 1.85%, according to maturity. Other bids;
issue to
Bidder—
Int. Rate
Day, Stoddard 8c Williams and Cooley & Co
Halsey, Stuart & Co., Inc., and the R. F. Griggs Co
R. L. Day & Co. and Edward M.
Bradley & Co
Rate Bid
W\%
2%
2%
100.124
101.155
100.52
DELAWARE
Del.—BOND SALE— The $15,000 3%
improvement bonds offered Dec. 7—V. 147, p.
power and
3490—were
awarded to Laird,
Bissell & Meeds of Wilmington at par plus $2,117 pre¬
mium, equal to 114.113, a basis of about 2.05%.
Dated Sept. 1, 1938 and
$5,000 on Sept. 1 in 1955. 1956 and 1957.
Paul J. Nowland of Wil¬
mington, only other bidder, offered a premium of $523.50.
due
FLORIDA
-
.
-
Bank
Building
T. S.
'
Pierce. Resident Manager
FLORIDA
FLORIDA, State of—BOND
offerings of matured or
bridge, or highway bonds, time
warrants, certificates of indebtedness and (or) negotiable notes of various
counties and special road and
bridge districts, noted here on Nov. 19—
V. 147, p. 3191—it is reported
by W. V. Knott, State Treasurer, that offers
of bonds were received from 24
parties.
HAINES
CITY,
authorizing
Fla.—REFUNDING BONDS AUTHORIZED—It
is
order was signed
recently
the issuance of $952,000
interest rates
an
by Circuit Court Judge Barker
refunding bonds by the city, to bear
ranging from 2% to 5%.
JACKSONVILLE, Fla.—CERTIFICATE
SALE—The $1,175,000 issue
on Dec. 5—V. 147, p. 3339—
Phelps, Fenn & Co.; F. 8. Moseley
& Co.; Paine, Webber &
Co., all of New York; Newton, Abbe & Co. of
Boston; Fenner & Beane; J. N. Hynson & Co., both of New York, and
Chace, Whiteside & Symonds of Boston, at a
price of par, a net interest
cost of about
2.37%, on the certificates divided as follows;
$225,000 as
4s, maturing on Dec. 15: $100,000 in 1940 and
1941, and $25,000 in 1942;
^remaining $950,000 as 2Ms, maturing on Dec. 15: $75,000 in 1942;
$100,000, 1943 to 1950, and $75,000 in 1951.
CERTIFICATES OFFERED FOR INVESTMENT—'The successful
of electric revenue certificates offered
for sale
awarded to a syndicate composed of
was
ders re-offered them for
public subscription. The offering consists of
000 of 4% certificates priced to
yield 0.75% to
bid¬
$225,-
1.60%, and $950,000 of
2M% certificates priced to yield from
1.60% to 2.50%, according to ma¬
turity.
JACKSONVILLE, Fla.—BOND OFFERING—We
W.
bids
are informed by M.
Bishop, Secretary of the City
Commission, that he will receive sealed
until
10
a.
m
on
Dec.
20. for the purchase of
a
$250,000 issue of
refunding, Third Issue of 1938 bonds.
Interest rate is not to exceed
6%, payable J-D.
Dated Dec. 15, 1938.
Denom. $1,000.
Due $25,000
Dec. 15, 1940 to 19-19.
Prin. and int. payable at
Jacksonville, or at the
Manufacturers Trust Co., the fiscal
agency of the City, in New York.
The
bonds are direct obligations of the
city, secured by the net revenues derived
from the operation of the electric
light plant of, and by pledge of the entire
taxable property in the city, real and
personal, and are registerable as to
principal.
The bonds are authorized by resolution of the
City Council,
which resolution was approved
by the Mayor and concurred in by the
Commission of the city; and said bonds
will, before date of sale, be validated
coupon
'Bidder—
Price Bid
National Bank of Fitzgerald
Wyatt, Neal & Waggoner, Atlanta
103.75
103.10
-
NEWMAN, Ga .—BOND SALE—'The $60,000 issue of city hall bonds
offered
on
Dec. 2—V. 147,p. 3490—is reported to have been sold
at a
of 105.11.
price
IDAHO
Idaho—BOND
OFFERING— It is reported that sealed
m. on Dec.
14 by Stamey E. Watkins,
Village Clerk, for the pin-chase of a $26,500 issue of not to exceed 6%
semi-annual sewer system bonds.
Dated Oct. 1, 1938.
Denom. $1,000,
one for $500.
Payable on the amortization pian for a period of not exceed¬
ing 20 years from date of issue.
Prin. and int. payable at the office of the
Village Treasurer or at the First Security Bank of Idaho, Pocatello.
Enclose
a
will
be received
until
8 p.
certified check for 5% of amount bid.
V.
(These are the
147, p. 2893.)
bonds
offered
for
sale
without
success
on
Nov.
16—
'
-
PARIS, Idaho—BOND OFFERING—Sealed
bids will be received until
2 p. m. on Dec.
15, by W. Smith Hoge, City Clerk, for the purchase of a
$32,000 issue of coupon refunding bonds.
Interest rate is not to exceed
4M%. payable M-N. Dated Nov. 1, 1938. Denom. $1,000. Due Nov. 1
as follows: $1,000 in 1940 to 1945 and
$2,000 in 1946 to 1958.
All bids
must specify (a) the lowest rate of interest and
premium, if any, above
par, at which the bidder will purchase such bonds; or (b) the lowest rate of
interest at which the bidder will purchase the bonds at
par.
None of the
bonds will be sold for less than par and accrued interset to date of
delivery.
City Treasurer's office. The city will furnish
approving opinion of Pershing, Nye, Bosworth & Dick of Colorado,
Prin. and int. payable at the
the
and will also furnish the printed bonds.
Enclose
a
payable to the city.
WEISER, Idaho—BOND OFFERING—Sealed
certified check for 5%,
bids will be received
unti*
8 p. m. (Mountain Standard Time) on Nov. 16,
by D. A. Kramer, City
Clerk, for the purchase of a $33,000 issue of coupon water main replace¬
ment bonds.
Interest rate is not to exceed 6%, payable J-J.
Dated Jan. 1,
Due Jan.
1,
1941 to
1954.
None of the bonds will
be sold for less
than-par and accrued interest to date of delivery. All bids on the bonds
shall specify (a) the lowest rate and
premium, if any, above par at which
the bidder will purchase the
bonds; (6) the lowest rate of interest at which
the bidder will purchase the bonds at
par.
Principal and interest payable
at the City Treasurer's office, the State Treasurer's
office, or at some bank
or trust company in New York
designated by the Mayor and City Council.
Enclose a certified check for 5%, payable to the
city.
nished
TENDERS SUBMITTED—In connection
with the call for tenders up to Dec.
2, of sealed
unmatured original or refunding road and
reported that
Commission.
ing bonds of 1939.
Dated Jan. 1, 1939.
Denom. $1,000.
Due $500,000
on Jan. 1 from 1942 to
1945, incl.
Bidder to name a single rate of interest,
expressed in a multiple of M of 1%.
JPrin. and int. (J-J) payable at City
Treasurer's office or at the office or the fiscal
agent of the City of Chicago
in N. Y. City.
Bids must be for all of the bonds and state a price of not
less than par.
A certified check for $40,000, payable to order of the City
Comptroller, must accompany each proposal.
The bonds will constitute
general obligations of the city, payable from unlimited taxes and the pro¬
ceeds will be used to redeem $2,000,000 bonds
maturing Jan. 1,1930 Legal
opinion of Chapman & Cutler of Chicago and engraved bonds will be fur¬
FLORIDA
.
Branch Offices TAMPA
National
paying
price of 103.87, according to the Secretary-Treasurer of the City Bond
The issues are as follows: $10,000
city hall and jail; $35,000
school, and $18,000 sewerage bonds.
Other bids were as follows:
a
CHICAGO, III.—BOND OFFERING—R. B. Upham, City Comptroller,
will receive sealed bids until 11 a. m. (Central Standard
Time) on Dec. 15
for the purchase of $2,000,000
coupon, registerable as to principal, refund¬
Barnett National Bank Building
JACKSONVILLE
Ga.—BOND SALE—The three issues of 3% coupon
bonds aggregating $63,000, offered for sale on Dec. 5—V.
147,
p. 3047—were awarded to Johnson, Lane, Space & Co. of Savannah,
ILLINOIS
BONDS
Clyde C. Pierce Corporation
First
GEORGIA
FITZGERALD,
semi-ann.
1939.
MIDDLETOWN,
waterworks
will not be considered.
bids
Comptroller, will receive sealed bids until noon on Dec. 19 for the purchase
of $900,000 not to exceed 2M % interest coupon series C
refunding bonds.
Dated Dec. 15, 1938.
Denom. $1,000.
Due $100,000 on Dec. 15 from
to
LUCIE
INLET DISTRICT AND PORT AUTHORITY
(P. O.
is stated by J. R. PomeSecretary of the Board of Commissioners, that he will open and con¬
sider sealed offerings of refunding bonds dated July 1, 1936. at 2
p. m. on
Jan. 3.
The amount of bonds to be purchased will be determined
by the
Commissioners.
Offerings must be firm for at least 10 days or the same
ALAMEDA,
CONNECTICUT
the successful bidder.
ST.
Stuart), Fla.—BOND TENDERS INVITED—It
roy,
by the city.
COAL
CITY,
Delivery of bonds to be made at Chicago.
111.—BOND SALE DETAILS— The $14,000
provement bonds sold to the Channer
p. 3490—bear
from
4% interest,
street
im¬
Securities Co.
were sold at par
of Chicago—V. 147,
and mature $1,000 each Nov. 1
1939 to 1952 incl.
PRINCETON, III.—BOND SALE—The $10,000 3% fire truck and equip¬
ment
$2,000
bonds
on
offered Dec. 5—V. 147, p.
Dec. 1 from 1939 to 1943 incl.
W1NNETKA,
3340—were sold
,
locally.
Due
.
111.—TO
ISSUE $950,000 BONDS—H. L. Woolbiser,
Village Manager, reports that bids will probably be taken on Dec. 13 for
the purchase of $950,000 not to exceed 3% interest general
obligation bonds
"for the purpose of refunding the public benefit assessed in
special assess¬
ment
proceedings just confirmed by the Superior Court of Cook County,
whereby a grade crossing project will be constructed at a total cost of
$3,450,000.
It Is proposed to mature the issue serially on Dec. 1 from
1939 to 1958, incl.
Prin. and int. (J-D) payable at the Northern Trust
Co., Chicago.
Legality to be approved by Chapman & Cutler of Chicago,
who are said to have held that, as the issue is to refund a
"public benefit
liability," no referendum of the electorate is required.
The loan to be
obtained
from the
Public
Works
Administration
in
connection
with
the
project will be secured by $898,000 special assessment bonds, this amount
being the portion of the cost to be assessed by the various railroads whose
tracks are involved in the grade separation improvement.
The village has
only $6,000 bonds presently outstanding and these mature July 1, 1939,
according to Village Manager.
Assessed valuation of $22,270,527 Is based
on 37% of actual value, and bonds may be issued up to 5% for
grade sepa¬
ration purposes.
Special assessment public benefit bonds in the amount of
$98,900 are also currently outstanding.
BOND OFFERING—H. L.
Woolbiser, Village Manager, will receive
sealed bids until 8 p. m. on Dec. 13 for purchase of $950,000 not to exceed
3% interest public benefit judgment funding bonds.
Dated Dec. 20,1938.
Denom. $1,000.
Due Dec. 1 as follows: $35,000, 1939; $36,000, 1940;
$37,000, 1941; $38,000, 1942; $40,000, 1943; $41,000, 1944; $42,000. 1945;
$43,000, 1946; $45,000, 1947; $46,000, 1948; $48,000, 1949: $49,000, 1950;
$50,000, 1951; $52,000, 1952; $54,000, 1953; $55,000, 1954; $57,000, 1955;
$59,000, 1956; $61,000 in 1957 and $62,000 in 1958.
Bonds numbered from
109 to 158, being $38,000 due in 1942 and $12,000 in 1943. are callable on
any interest date on or after June 1, 1940 at par and accrued interest.
Bidder to name a single rate of interest, expressed in a multiple of M of 1
%.
Prin. and int. (J-D) payable at Northern Trust Co., Chicago.
Bonds are
Volume
Financial
147
(Central Standard Timq) on Dec. 28 for the purchase of $8,394.89
direct obligation unlimited tax judgment funding bonds.
Dated
1938.
One bond for $394.89, others $500 each,
Due $500 on
July 15 from 1940 to 1955 incl. and $394.89 on July 15 ,1956.
Interest
M.-N. 15.
Legal opinion of Matson, Ross, McCord & Clifford of In¬
dianapolis will be furnished the successful bidder.
p.
Ceralin payment of the village, payablethe villagead valorem taxes and
obligations of a judgment againt from an on account of grade
ed
separation.
A certified check for $2,500, payable to order of the Village
Treasurer, is required.
Successful bidder to furnish printed bonds
village will provide legal opinion of Chapman & Cutler of Chicago.
and
CRAWFORDSVILLE SCHOOL CITY, Ind.—BOND OFFERING—
MLnnich, Secretary of Board of School Trustees, will receive
(central standard time) on Dec. 20 for the purchase
of $105,000 not to exceed 4% interest school impt. bonds.
Dec. 1,
1938.
Denom. $1,000.
Due $7,000 on Jan. 1 from 1942 to 1956 incl.
Bidder to name a single rate of interest, expressed in a multiple of K of 1 %
Komulus D.
sealed bids until 10a.m.
Dated
payable to order of the
ad valorem taxes
McOord
Clifford of Indian¬
furnished the successful bidder.
Delivery will be made at any
and payable J-J.
A certified check for $5,000,
school city, is required.
Bonds are payable from unlimited
and approving legal opinion of Matson, Koss,
&
bank in the City of
Crawfordsville designated by the purchaser.
Ind.—CORRECTION—'The First National Bank of
111., purchased the $33,000 3% Public
Library Board bonds referred to in—V.l 47, p. 3490.
EAST CHICAGO,
East
Chicago,
Ind., not Chicago,
EVANSVILLE, Ind.—BOND SALE— The $190,000 bonds issued on
behalf of the waterworks district as a special taxing unit and bids for which
Stuart &
opened Dec. 2—V. 147, p. 3191—were awarded to Halsey,
Co., Inc., Chicago, as 2Kb, at par plus $2,337 premium, equal to
basis of about 2.11%.
Dated Sept. 1, 1938 and due Jan. 1 as
were
101.23,
follows:
a
$9,000 from 1940 to 1949
incl. and $10,000 from
1950 to 1959 incl.
bids:
of Chicago and
Old National
and John Nuveen & Co__^_
Share Corp. and Northern
Trust Co
-
-
Mercantile-Commerce
$631.00
2K%
Bank of Evansville
Harris, Upham & Co.
Indianapolis Bond &
Bank & Trust Co. and
2K %
588.81
2 K%
549.00
Alm-
258.40
2K%
stedt Bros
City Securities Corp. and Fletcher Trust Co
A. S. Huyck & Co., Bartlett, Knight & Co.
Doyle, O'Connor & Co
and
Other
Premium
Int. Rale
Bidder—
First National Bank
1,033.00
2,242.00
2K%
^
3%
GREENFIELD TOWNSHIP (P. O. Howe), Ind.—BOND SALE—
The $22,000 3% series A and B school bonds offered Dec. 8—V. 147, p.
3340—were awarded to the Central Securities Corp. of Fort Wayne, at
104.177, a basis of about 2.39%.
Second high bid of 102.904 was made by
Kenneth S. Johnson of Indianapolis.
Sale consisted 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
GUILFORD
dated Dec. 15, 1938.
TOWNSHIP (P. O. Plainfield),
Ind.—BOND OFFERING
Township Trustee, will receive sealed bids until 10:30 a. m.
purchase of $13,000 not to exceed 4K% interest com¬
munity building bonds.
Dated Dec. 1, 1938. Denom. $1,000.
$1,000 Jan. 1 from 1941 to 1953, incl.
Bidder to name a single rate
interest, expressed in a multiple of K of 1%.
Bonds are unlimited tax
obligations and the approving legal opinion of Matson, Ross,
Clifford of Indianapolis will be furnished the successful bidder.
Dec. 22 for the
Due
of
McCord &
SCHOOL CITY, Ind.—BOND SALE—The $20,500 school
Dec. 6—V. 147, p. 3340—were awarded to Doyle, O'Connor
Dated Nov. 1, 1938 and due as follows: $1,000, July 1,
$1,000, Jan. 1 and July 1 from 1944 to 1952 incl.; $1,000, Jan. 1
HOBART
bonds offered
& Co. of Chicago.
1943;
and $500,
July
1,1953.
INDIANAPOLIS, Ind.—BOND OFFERING—B. H. Nathan Swaim,
Acting City Controller, will receive sealed bids until 11 a. m. on Dec. 19
for the purchase of $600,000 not to exceed 3K% interest city hall refunding
bonds of 1938.
Dated Dec. 20, 1938.
Denom. $1,000. Due $33,000
July 1,1940; $33,000 Jan. 1 and July 1 from 1941 to 1948, incl., and
Jan. 1, 1949.
Bidder to name a single rate of interest, expressed in a mul¬
tiple of K of 1%, payable J-J.
A certified check for 2M% of the issue,
payable to the order of the city, is required.
The bonds are direct
$33,000
of the city,
taxable property.
tions
payable from unlimited
obliga¬
ad valorem taxes on all of its
"
BOND SALE—An issue of $62,000 bridge bonds of 1938, first issue, was
sold to the Indianapolis Bond & Share Corp. and the City Securities Corp.,
both of Indianapolis; jointly, as 2s at 100.05, a basis of about 1.99%.
Dated Dec. 1. 1938.
Denom. $1,000.
Due July 1 as follows: $6,000
from 1945 to 1953, incl., and $8,000 in 1954.
Second high bid of 101.14
for 2Kb was made by the Fletcher Trust Co. of Indianapolis.
INDIANAPOLIS SCHOOL CITY, Ind.—BOND OFFERING—A. B.
Good, Business Director Board of School Commissioners, will receive sealed
Dec. 13 for purchase of $135,000 not to exceed
bldg. bonds.
Dated Dec. 23, 1938. Denom. $1,000.
July 1,1941; $5,000 Jan. 1 and July 1, 1942; $15,000
Jan. 1, 1944; $10,000 Jan. 1 and $5,000 July 1, 1945; $5,000 Jan. 1 and
July 1, 1948; $10,000 on Jan. 1 from 1949 to 1953 incl. and $5,000 Jan. 1
from 1956 to 1959 incl.
Bidder to name a single rate of interest, expressed
in a multiple of K of 1%.
Prin. and int. J-J payable at the office of the
Treasurer of the Board of School Commissioners.
A certified check for 3%
of the bonds bid for, payable to order of the Board of Commissioners, is
12:15 p. m. on
bids until
5% interest coupon
Due
as
follows: $15,000
'
required.
LAKE
Dec. 28,
O. Evansville), Ind.—BOND OFr
FERING—G. W. Humphrey, Trustee, will receive sealed bids until 2 p. m.
Dec. 15 for the purchase of $44,000 not to exceed 4K% interest school
on
building bonds.
Dated Nov. 1, 1938.
Denorns. $800 and $1,600.
Due
$2,400, July 15, 1940; $1,600, Jan. 15 and July 15 from 1941 to 1953, incl.
Bidder to name a single rate of interest, expressed in a multiple of K of 1%
and payable J-D 15.
The bonds
are limited tax obligations and the
approving legal opinion of Davis, Pantzer, Baltzell & Sparks of Indian¬
apolis will be furnished the successful bidder.
(P. O. Francesville), Ind.—BOND OFFERING
S. Reish, trustee, until 1 p. m.
of $66,000 not to exceed 2K% interest bonds,
SALEM TOWNSHIP
—Sealed bids will be received by Elmer
Dec. 23 for the purchase
divided as follows:
on
$32,500 Civil Township bonds.
One bond for $1,720, others $1,710 each.
Due Dec. 15 as follows: $1,710 from 1940 to 1957 incl. and $1,720
in
1958.
33,500 School Township bonds.
One bond for $1,100, others $1,200 each.
Due as follows: $1,100, June 15 and $1,200, Dec. 15,1940; $1,200,
June 15 and Dec. 15 from 1941 to 1953 incl.
bonds
All of the
be dated
will
15, 1938.
Dec.
Principal and interest
(J-D 15) payable at the Peoples State Bank of Francesville.
A certified
value of the bonds must accompany each proposal.
check for 1 % of the face
Shelbyville), Ind.—BOND
of School Trustees, will
Dec. 19 for the purchase of
$86,000 not to exceed 4% interest school improvement bonds.
Dated Dec.
15, 1938.
Denom. $1,000.
Due $1,000, July 1, 1940 and $1,000. Jan. 1
and July 1 from 1941 to 1956 incl.
Bidder to name a single rate of interest,
expressed in a multiple ot.K of 1% and payable J-J.
A certified check for
$5,000, payaole to order of the school city, must accompany each proposal.
The bonds are unlimited tax obligations and the approving legal opinion of
Matson, Ross, McCord & Clifford of Indianapolis will be furnished the
successful bidder.
Delivery of bonds will be made at any bank in Shelby¬
SHELBYVILLE
CITY
SCHOOL
(P.
O.
OFFERING—Leo M. Kinman, Secretary of Board
receive sealed bids until 10 a. m. (C. S.
ville designated by the
T.)
on
purchaser.
IOWA
Iowa—BOND SALE DETAILS—We are informed by the
Town Clerk that the $17,000 town hall bonds purchased by the Carleton
D. Beh Co. of Des Moines, as 3s, at a price of 100.2058, as noted here—
V. 147, p. 3491—are coupon bonds, dated Dec. 1, 1938.
Denom. $500.
ACKLEY,
Interest
payable J-D.
Iowa—BONDS SOLD—It is reported that $20,000 sewer
purchased by the Carleton D. Beh Co. of Des Moines,
ALLISON,
bonds have been
paying a price of 100.55.
—E. E. York,
on
m.
3K%
PERRY SCHOOL TOWNSHIP (P.
INDIANA
apolis will be
3643
Chronicle
.
COUNTY (P. O. Crown Point),
'
Ind.—BOND OFFERING—
Auditor, will receive sealed bids until 11 a. m.
of $1,400,000 not to exceed 4% interest series B
advancement fund bonds.
Dated Dec. 27,, 1938. Denom. $1,000. The
issue will be composed of 20 separate series, due one each on June 1 and
Dec. 1 from 1940 to 1949, incl.
Interest J-D.
Bids must be made on
Joseph E. Finerty, County
on Dec. 23 for the purchase
provided by the County Auditor and approved by the Board of Com¬
A certified check for 3% of the bonds bid for, payable to order
the aforementioned Board, is required.
County will furnish at its own
Audubon), Iowa—CERTIFICATE SALE
offered for sale on Dec. 5—
awarded to the Carleton D. Beh. Co. of Des Moines,
Treasurer.
Due $9,000 in 1939 and 1940.
AUDUBON COUNTY (P. O.
The $18,000
issue of anticipatory certificates
V. 147, p. 3491—was
reports the County
The successful bid was an offer of $15
RAPIDS,
CEDAR
premium on 2Kb.
the
approving opinion of Chapman
& Cutler, of Chicago.
Enclose a certified
check for 3 %.
CONSOLIDATED SCHOOL DISTRICT (P. O. Mapleton), Iowa—BOND SALE—The $18,000 issue of 3% semi-ann. gymnasiumauditorium bonds offered for sale on Dec. 5—V. 147, p. 3491—was awarded
ro Jackley & Co. of Des Moines, according to the District Secretary.
The bonds were purchased for a premium of $300, equal to 101.66.
The
second best bid was an offer of $285 premium, submitted by the Carleton
MAPLETON
D. Beh Co. of
v'
Des Moines.
MAQUOKETA, Iowa—BOND OFFERING—It is reported that bids will
be received by the City Clerk until Dec. 12, for the purchase of a $19,000
issue of
swimming pool bonds.
SPRINGVILLE CONSOLIDATED SCHOOL DISTRICT (P. O.
Springville), Iowa—BOND OFFERING—Sealed and open bids will be
received until Dec. 15, at 2 p. m., by C. L. Burroughs, District Secretary,
for the purchase of a $70,000 issue or school bonds.
Dated Nov. 15, 1938.
Preference will be given to the bid of par and accrued interest or better,
specifying the lowest interest rate for the bonds. The District will furnish
the approving opinion of Chapman & Cutler, of Chicago.
These bonds
carried at an election held on July 19.
Iowa—BOND SALE—The $100,000 issue of sewer
sale on Dec. 5—V. 147, p. 3491—was awarded at public
Iowa-Des Moines National Bank & Trust Co. of Des Moines*
as 2^8, paying a price of 100.60, a basis of about 2.19%.
Dated Dec. 1,
1938.
Due from Dec. 1, 1940 to 1957 incl.
Other bids were as follows:
WEBSTER CITY,
bonds offered for
auction to the
Int. Rate
2 K%
"
Bidder—
of Webster City.. Des Moines—
Poik-Peterson Corp., Des Moines
Jackiey <fe Co., Des Moines
First State Bank
Premium
Carleton D. Beh Co.,
2M%
2K%
forms
expense
the approving
conditional bias will
legal opinion of Chapman &
be considered.
Cutler of Chicago.
No
O. Liberal), Kan.—BOND SALE— The $4,000
relief bonds offered for sale on Nov. 30—
purchased by the Smad-Milburn Co. of Wichita, as
2Kb,paying a price of 97.00, a basis of about 3.47%. Dated Sept. 1, 1938.
Due $500 from 1939 to 1947, incl.
Interest payable M-S.
SEWARD COUNTY (P.
issue of
MADISON COUNTY (P. O. Anderson), Ind.—BOND OFFERING—
John J. Iteddington, County Auditor, will receive sealed bids until 10a.m.
on Dec. 22 for the purchase of $60,000 not to exceed 3% interest advance¬
ment fund (poor relief) bonds, series O of 1938.
Dated Dec. 15,
Denom. $1,000.
Due $6,000 June 1 and Dec. 1 from 1940 to 1944 incl.
Bidder to name a single rate of interest, expressed in a multiple of K of 1 %.
Interest J-D.
A certified check for 3% of the bonds bid for, payable to
V.
1938.
proposal. The
approving legal
& Clifford of Indianapolis will be fur¬
registered public works
147, p. 3341—was
WILSON COUNTY
opinion of Matson, Ross, McCord
nished the successful bidder.
MUNSTER, Ind.—BOND SALE—The $7,000 fire department equip¬
ment bonds offered Dec. 5—V. 147, p. 3340—were awarded to A. 8. Huyck
& Co. of Chicago as 2Kb at par plus $74.90, equal to 101.07, a basis of
about 2.33%.
Dated Sept. 1, 1938 and due July 1 as follows: $2,000 in
1939 and $1,000 from 1940 to 1944, incl.
Other bids:
Premium
$43.75
2K%
14.00
Bartlett, Knight & Co
—
2 %%
7.50
Harrison & Austin
3 K%
21.00
NORTH TOWNSHIP (P. O. Hammond), Ind.—BOND OFFERING—
John J. Mehan, Trustee, will receive sealed bids until 2 p. m. on Dec. 12
for the purchase of $80,000 not to exceed 4K% interest park improvement
bonds.
Dated Nov. 1, 1938.
Denom. $1,000. Due $5,000, July 1,
1940; $5,000, Jan. 1 and July 1 from 1941 to 1947 incl. and $5,000, Jan. 1,
1948.
Bidder to name a single rate of interest, expressed in a multiple of
K of 1%, payable J-J.
A certified check for $1,000, payable to order of
the township, is required.
The bonds are payable from unlimited ad
valorem taxes and the approving legal opinion of Matson, Ross, McCord 8c
Clifford of Indianapolis will be furnished the successful bidder.
PATOKA SCHOOL TOWNSHIP (P. O. Winslow), Ind.—BOND
OFFERING—E. G. Richardson, trustee, will receive sealed bids until 1.30
Bidder—
Mercantile Bank of
Hammond
McNurlen A 11 unci I man—
—
Int. Rate
2K%
(P. O. Fredonia),
Kan.—BONDS SOLD—It is
purchased by
reported that $9,000 unemployment relief bonds have been
the W. E. Davis Co. of Topeka, as 2s, paying a price of 100.19.
Board of Commissionrs, must accompany each
unlimited tax obligations of the county and the
order of the
bonds are
$595
2,145
2,130
2,100
KANSAS
missioners.
of
J.
IoWa—BOND OFFERING—It is stated by L.
Storey, City Clerk, that he will receive sealed and open bids until Dec. 15,
at 10 a. m., for the purchase of an $85,000 issue of incinerator bonds.
Dated
Dec. 15, 1938.
Due Nov. 1, as follows: $7,000 in 1940 to 1942, and $8,000
in 1943 to 1950.
Prin. and int. payable at the City Treasurer's office.
The
bonds may be registered as to principal and are to be general obligations
of the city secured by ad valorem taxes on all the taxable property in the
city, and are to be issued under the provisions of section 6125 of
Code
of the State for the purpose of paying a portion of the costs of building and
constructing a sludge incinerator plant as an additional unit of the sewer
outlet and purifying plant in and for the City.
The City will furnish the
KENTUCKY
BRACKEN COUNTY (P. O. Brooksville), Ky.—BONDS OFFERED
PUBLIC—The Bankers Bond Co. of Louisville is offering for general
TO
in¬
$95,000 issue of 3K% school building revenue bonds at prices
to yield from 2.75% to 3.50%, according to maturity.
Dated Nov. 15,
1938.
Denom. $1,000.
Due Nov. 15 as follows: $2,000 in 1942, $4,000
in 1943, $5,000 in 1944 to 1949, $6,000 in 1950 to 1952, $7,000 in 1953,
$6,000 in 1954 and $7,000 in 1955 to 1958, callable after Nov. 15, 1943, at
103 and accrued interest.
Prin. and int. payable in lawful money at the
County Treasurer's office.
Legality to be approved by Miller & Grafton
vestment a
of
Louisville.
OWENSBORO, Ky.—BOND SALE DETAILS—It is now reported that
the $1,300,000 water and light plant revenue bnods purchased by BIyth &
Co., Inc. of Chicago, as 3s, at a price of 98.287 as noted in these
last August, were purchased by a syndicate composed of the said firm and
the Equitable Securities Corp. of Nashville; Granberry & Co. of New York;
James C. Willson & Co.. Dering 8c Co., Inc., Dunlap Wakefield 8c Co..
Smart 8c Wagner, Inc., all of Louisville.
The bonds are divided as follows:
$950 000 electric light and power bonds.
Due Sept. 15 as follows: $35,000
$95U,UW wectrm
P*
columns
and
u|n a
in
^
$39,000 in 1952. $40,000 in
in 1954, $42,000 in 1955. $44,000 in 1956,
$46,000 in 1958, $48,000 in 1959, $49,000 in 1960,
$52:000 in 1962, $54,000 in 1963, $55,000 in 1964,
1965, $58,000 in 1966, $59,000 in 1967 and $61,000 in
1953,
$41,006
ha 1957,
in 1961
$45,000
$51,000
$57,000
1968.
3644
Financial
Chronicle
350,000 water works bonds.
Due Sept. 15 as follows: $10,000 In 1940 and
1941, $11,000 In 1942 to 1944, $12,000 in 1945 and 1946, $13,000
in 1947 and 1948, $14,000 in 1949, $13,000 in 1950.
$14,000 in
1951, $15,000 in 1952 to 1954, $16,000 in 1955 and 1956, $17,000
in 1957 and 1958, $18,000 in 1959 and 1960, $19,000 in 1961 and
1962 and $21,000 in 1963.
incl.
Dated Sept. 15, 1938.
Denom. $1,000.
Prin. and int. payable at the
City Treasurer's office or at the National Depotst Bank, Ownesboro, or at
Fideility & Columbia Trust Co.., Louisville.
Legality to be approved
by Chapman & Cutler of Chicago.
I
BOND ISSUANCE UPHELD BY COURT—In connection with the above
as
follows from the Chicago
"Journal of Commerce" of
Nov. 30:
"The Kentucky Court of Appeals has held unconstitutional that part of
an Act of the 1936 General Assembly which provided that before
any
vision,
^
BRISTOL COUNTY
RUSSELL, Ky.—BONDS OFFERED TO PUBLIC—The Bankers Bond
Co. of Louisville is offering for general investment
a $40,000 issue of 3 %
%
semi-annual public scnool corporation bonds at prices to yield from
2.75% to 3.75%, according to maturity.
It is stated in the offering circular
that while $40,000 bonds have been authorized, only $25,000 are
being
sold at this time.
Dated Oct. 1, 19,38.
Denoms. $1,000 and $500.
Due
Oct. 1 as follows: $1,000 in 1940 and 1941. $2,000 in 1942 to 1953, $3,000 in
1954 to 1957 ad $2,000 in 1958.
Callable at 10244 on any interest date to
Oct. 1, 1943: thereafter at par.
Legality approved Dy Woodward, Dawson
EAST
at
0.23%
second
discount.
was
Due
awarded
Nov.
high bidder, named
a
15,
on
rate of
SALE—The Merchants Na¬
6 an issue of $30,000 notes
Jackson & Curtis of Boston,
Dec.
1939.
0.26%.
EVERETT, Mass.—BOND SALE—The $230,000 coupon bonds offered
Dec. 8—V. 147, p. 3492—were awarded to Foster & Co. and
Wood, Struthers & Co., both of New
York, jointly, as 144s, at 100.029, a basis of about
LOUISIANA
1.49%
EAST BATON
ROUGE PARISH SCHOOL DISTRICT
NO.
68
(P. O. Baton Rouge), La .—BOND OFFERING DETAILS—In connec¬
tion with the offering scheduled for Jan. 12, noted in our issue of Nov. 12
—V. 147, p. 3192—of the $70,000 school bonds, we are now informed that
the bonds mature on Jan. 1, as follows:
$2,000, 1940 to 1943; $3,000, 1944
to 1949; $4,000, 1950 to 1955. and $5,000, 1956 to 1959.
inclusive.
All of the bonds are
Bidder—
reoffered
on the following basis: $1,052,000 4% bonds,
priced to yield from
2.50 to 3.75% for maturities ranging from 1942 to 1955; and $1,448,000
3M% bonds priced at 10044 for the 1956-59 maturities and 100 for the 1960
maturity.
They are legal investment, in the opinion of the bankers, for
savings banks in New York, Massachusetts and Connecticut.
NEW
ORLEANS, La.—BOND CALLS—We are informed by Horace
P. Phillips, Secretary of the Board of Liquidation, City Debt, that the 11th
allotment of "New Public Improvement bonds," consisting of 750 4% bonds
of $1,000 each, dated Jan. 1, 1907, due on Jan. 1, 1942, will be
payable on
Jan. 1, 1939, on which date interest will cease.
He also states that the 13th allotment of "Constitutional Bonds"
(City
Fours), consisting of 620 4% bonds of $1,000 each, and 160 bonds of $500
each, all dated July 1, 1892, due on July 1, 1942, are also being called for
payment on that date.
Dec.
1
from
1939
to
Int.
—
—
Rate
Rate Bid
144%
100.33
2%
100.589
2%
100.585
HOLYOKE, Mass.—NOTE SALE—The issue
of $450,000 revenue notes
offered Dec. 5—V. 147, p. 3492—was awarded to the
First National Bank
of Boston at 0.12% discount.
Dated Dec. 5, 1938 and due June 8, 1939.
National Shawmut Bank of Boston, second
high bidder, named a rate of
0.15%.
NEW
BEDFORD, Mast.—BOND
SALE DETAILS—'The $180,000 con¬
National Shawmut Bank of Boston as
244« at
147, p. 3492—are dated Nov. 1, 1938, and mature Nov.
1,
Denoin. $1,000.
Interest M-N.
Coupon in form.
struction bonds sold to the
100.10—V.
1948.
NEWTON, Mass.—•NOTE SALE—The issue
of $13,000 1-year emergency
was awarded to the
Day Trust Co. of Boston at
West Newton Savings Bank, only other bidder, named a rate of
loan notes offered Dec. 5
0.19%.
0.35%.
NORFOLK
issue
being
on
Smith, Barney & Co. and Whiting, Weeks & Knowles
Halsey, Stuart & Co., Inc-_^..
COUNTY
k
are
$12,000
Due $2,000 on Dec. 1 from 1939 to
1953, incl.
dated Dec. 1, 1938.
Other bids:
Estabrook & Co_
headed by Blyth
BONDS OFFERED FOR PUBLIC SUBSCRIPTION—'The bonds
Due
Due $8,000 on Dec. 1 from 1939 to
1948,
30,000 water mains bonds.
Dec. 7-^-V.
147, p. 2894—was awarded to a syndicate
& Co.. Inc., of New York, paying a premium of $2,000
equal to 100.08, a net interest cost of about 3.82%, on the bonds divided as
follows: $1,052,000, maturing Oct. 1, $48,000 in 1942, $38,000 in 1943,
$33,000 in 1944, $28,000 in 1945, $22,000 in 1946, $20,000 in 1947, $13,000
in 1948, $1,000 in 1949, $110,000 in 1950, $151,000 in 1951, $150,000 in
1952, $147,000 in 1953, $146,000 in 1954, and $145,000 in 1955, as 4s, and
$1,448,000, maturing Oct. 1, $226,000 in 1956, $333,000 in 1957, $371,000
in 1958, $393,000 in 1959, and $135,000 in 1960, as 3 Ms.
The other members of the successful syndicate were: Lehman
Bros.,
Stone & Webster and Blodget, Inc.: Phelps, Fenn & Co.; Hannahs, Ballin
& Lee, all of New York; Wells-Dickey Co., of
Minneapolis; McDonaldCoolidge & Co., of Cleveland; Equitable Securities Corp., of Nashville;
Robinson-Hemphrey Co., of Atlanta; Marx & Co., of Birmingham; Hibernia
National Bank; National Bank of Commerce; Scharff & Jones;
Nusloch,
Baudean & Smith; White, Dunbar & Co.; Brown, Oorrigan & Co., all of
New Orleans; Fenner & Beane, of New York; Lamar, Kingston & LaBouisse; Woolfolk, Huggins & Shober; and Jac. P. Ducournau, all of New
Sale consisted of:
a
$120,000 municipal relief bonds.
1948, inclusive.
80,000 municipal relief bonds.
LOUISIANA, State ol—BOND SALE—The $2,500,000 issue of coupon
registered semi-ann. coupon or registered highway, series U bonds
OFIO&us*
BRIDGEWATER, Mass.—NOTE
tional Bank of Boston
& Hobson of Louisville.
on
(P. O. Taunton), Mass.—NOTE OFFERING—
Ernest W. Xiiroy, County Treasurer, will receive sehed bids
until 10 a. m.
on Dec. 13 for the purchase of
$11,000 emergency loan notes of 1938, dated
Dec. 15,1938 and payable Nov. 15,1939 at the Nationa*
Shawmut Bank of
Boston.
Notes will be sold on interest on a
360-day year basis-to-fouow
and no offer to discount the loan will be considered.
Denom.s $5,000 and
$1,000.
Certified as to genuineness and validity by the
above-mentioned
bank, under advice of Ripes, Gray, Boyden & Perkins of Boston.
coupon
offered for sale
Due $285,000 on Oct. 1 in 1966 and 1967.
MASSACHUSETTS
but merely extended to other cities the provisions of an existing
enabling cities of the third class to acquire or improve their electric
plants."
or
M-N.
Interest A-O.
mention of the referendum pro¬
no
1938
Bidder will be required to name a
single rate of interest for all of the
bonds, expressed in a multiple of ysth of 1%.
Principal and interest
payable in Baltimore.
Denom. $1,000.
A certified check for 2% of the
bonds, payable to order of the Mayor and City
Council, is required.
Bidder must state price per $100, with accrued
interest to date of settlement.
Delivery of bonds to be made Dec. 19, 1938.
power
tional because the title of the Act made
Interest
Dated Oct. 1. 1938.
city
an electric light, heat and
plant, the plan must be approved by a majority of the voters of the
city.
The decision was in the case of V. B. Booth against Owensboro.
It
affirmed the Daviess Circuit Court's ruling.
The case involved issuance of
$1,300,000 bonds by the city to rehabilitate its municipally-owned electric
light and power plant and water works, the proceeds of the bond issue to be
supplemented by a grant of $1,041,000 from the Federal Government,
Issuance of the bonds was held valid by the Court.
1
"The Court held the referendum provision of the 1936 Act unconstitu¬
is authorized to purchase, establish or operate
statute
10,
936,000 airport bonds, part of an authorized amount of not to
exceed
$2,500,000, of which $1,564,000 have
previously been issued.
Dated Aug. 1, 1938.
Due $72,000 on Aug. 1 from 1958 to
1970, incl.
Interest F-A.
860,000 Howard Street extension and viaduct bonds,
part of an author¬
ized amount of not to exceed
$6,000,000, of which $5,140,000
have
previously been issued.
Dated
Aug. 1,
1938.
Due
$172,000 on Aug. 1 from 1964 to 1968. incl.
Interest F-A.
570,000 water bonds, part of an authorized amount of not to
exceed
$10,000,000, of which $9,430,000 have previously been issued.
the
report we quote
Dec.
$1,158,000 water bonds, part of an authorized issue of not to exceed
$7,500,000, of which $2,680,000 have
previously been issued.
Dated
Nov. 1. 1938.
Due $193,000 each Nov. 1 from
1957 to 1962,
of $40,000
awarded to the
(P.
O.
Dedham), Mass.—NOTE SALE—The
offered Dec. 6—V. 147, p. 3342—was
Bank of Boston as 0.75s, at
courthouse notes
Second National
basis
of about
from
100.453,
a
1939 to 1942 incl.
0.57%.
Dated Dec.
1, 1938 and due $10,000 on Dec. 1
Second high bid of 100.43 for
44s was made by
Jackson & Curtis of Boston.
Of the 11 other bids
received, 10 named an
interest rate of
% and the last
one was for
Is, all at prjces above
par.
TAUNTON, Mass.—NOTE OFFERING—Howard
A. Briggs, City Treas¬
Dec. 13 for the purchase at discount
anticipation notes due in installments of $100,000 each
on the
following dates: June 14, 1939, Sept. 1, 1939 and Nov. 10, 1939.
Dated Dec. 15, 1938 and to be payable in either Boston or
New York City.
A different rate may be named for each
maturity, but bids must be for the
entire offering.
First National Bank of Boston will guarantee the
signatures
on the notes and
legality will be certified by Storey, Thorndike, Palmer &
Dodge of Boston.
urer, will receive bids until 11a.m.
of $300,000 revenue
on
„
ST. FRANCISVILLE, La.—BOND SALE DETAILS—It is now
reported
that the $25,000 public improvement bonds sold recently, as noted here—
V. 147, p. 3049—were purchased as follows:
$5,000 by the Bank of Com¬
merce & Trust Co. of St. Francisville, as 5s at
par, and $20,000 by Walton
& Jones of Jackson, as 544s, at par. Due from Oct.
1, 1940 to 1958 incl.
WALTHAM, Mass.—BOND SALE—The $95,000 municipal relief bonds
were awarded to Tyler & Co. of Boston as
144s, at 100.433,
offered Dec. 7
a
basis of about
as
1.66%. Dated Dec. 1, 1938. Denom. $1,000. Due Dec. 1
follows: $10,000 from 1939 to 1947 incl. and
$5,000 in 1948. Principal
and interest
(J-D) payable in Boston.
dike, Palmer &
Dodge of Boston.
Legality approved by Storey, Thorn-
Other bids:
Bidder—
MAINE
Int: Rate
Whiting, Weeks & Knowles
AUBURN, Me.—NEW OFFERING DATE—The $14,000 emergency
improvement bond issue originally announced for sale on Dec. 6—V. 147,
p. 3193—is being reoffered for award on Dec. 20.
.
Frederick M. Swan & Co.
Halsey, Stuart & Co., Inc
Estabrook & Co
Waltham National Bank
Merchants National Bank..
MARYLAND
ALLEGANY
Other
Bidder—
COUNTY
bids:
Int. Rate
,
Rate Bid
Smith, Barney & Co.; Harris Trust & Savings Bank
and W. W. Lanahan & Co
Alex. Brown & Sons
244%
244 %
101.5299
100.23
'
3 44 %
100.401
BALTIMORE, Md.—$4,025,000 BOND SALE CANCELED—Mayor
Howard Jackson announced Dec. 7 cancellation of the
Nov. 28 award of
Retail distribution
of bonds by the banks were
subject to the same
conditions, thus such sales likewise were canceled. Announcement of the
cancellation was made by Mayor Jackson, who said that
the bidders' counsel
had expressed doubt as to the
authority of the city to issue bonds under its
emergency powers to reimburse itself for
connection with relief.
The Mayor immediately called a
money previously
expended in
meeting of the city's Commissioners of
Finance and said there were three alternative
plans to be considered.
These alternatives were:
(1) Filing a test case at once and, if it is held
that the sale was legal, readvertisement of new
bids; (2) submission of a
loan-enabling Act to the next State Legislature, authorizing the city to issue
bonds for the purpose subject to a referendum in
May; and (3) liquidation of
the overdraft, which will be more than
$4,000,000 by Dec. 31, through
annual instalments out of tax levies,
beginning in 1940, as the budget for
next year already is before the City Council and cannot
be recalled.
BALTIMORE, Md.—rBOND OFFERING—Sealed
bids
addressed
to
Eugene H. Beer, City Register, will be received by the Commissioners of
Finance until noon on Dec. 12 for the purchase of
$3,524,000 coupon, registerable as to principal, bonds divided as follows:
100.369
100.219
National Bank of Boston
Dec. 7 an issue of $250,000 tax anticipation notes at
0.30%
Due Nov, 22, 1939.
awarded
discount.
on
WESTFIELD,
Mass.—NOTE SALE—The
issue
of
$100,000
notes
offered Dec. 6—V. 147, p. 3492—was awarded to the Boston
Safe Deposit
& Trust Co. of Boston at
0.117% discount.
Dated Dec. 9, 1938 and due
March 20, 1939.
First National Bank of Boston, next best
bidder, named
a rate
of
0.16%.
WESTFORD,
count.
Mass.—NOTE SALE—An issue of $50,000 notes was
on Dec. 6 to the Union Old Lowell National
Bank at 0.18% dis¬
Due Nov. 6., 1939.
Second National Bank of Boston, next highest
named a rate of 0.19%.
bidder,
WINCHENDON, Mass .—ADDITIONAL NOTE SALE— In connection
in Y. 147, p. 3492, of the sale to the Second National Bank of
Boston of $50,000 notes due Nov. 15, 1939, at 0.239%, we learn that the
bank also bought an issue of $13,850 due Dec.
2, 1939.
with the
report
101.90
$4,025,000 emergency relief bonds to Smith, Barney & Co. of New York
and associates as 144s, at
100.253, abasisof about 1.07%—V. 147, p. 3491.
This action followed withdrawal of their offer
by the successful banking
group after advice from legal counsel that there were doubts as to the
validity of the issue. All of the bids submitted at the sale were conditional
upon an unqualified opinion of municipal attorneys as to the
legality of the
loan.
100.667
100.06
100.77
100.57
awarded
Halsey, Stuart & Co., Inc.; First of Michigan Corp.
and Marburg, Price & Co
3%
Phelps, Fenn & Co., Inc.; Dougherty, Corkran & Ct).
and Robert Garrett & Sons
...
Rate Bid
144%
1%%
154%
154%
2%
2%
WEBSTER, Mass.—SALE—The Merchants
was
(P. O. Cumberland), Md.—BOND SALE—
The issue of $600,000 school bonds offered Dec. 6—-V.
147, p. 3341—was
awarded to a group composed of the Mercantile Trust
Co.; Mackubin,
Legg & Co.; Baker, Watts & Co.; Stein Bros. & Boyce, and Strother,
Brogden A Co., all of Baltimore, as 244s, at 102.979, a basis of about
2.59%.
Dated Ja,n. 1, 1939 and due $15,000 on Jan. 1 from 1945 to 1984
incl.
>_
MICHIGAN
ALPENA, Mich.—BOND SALE—The $121,000 hospital bonds offered
Nov. 29—V. 147, p. 3342—were awarded to the Alpena Savings Bank which
bid a price of par for $58,000 144s, to mature from 1939 to 1949,
incl., and
$63,000 244s, due from 1950 to 1958, incl.
Dated Aug. 15, 1938 and due
Aug. 15 as follows: $5,000, 1939 to 1948, incl.; $8,000 in 1949 and $7,000
from 1950 to 1958, incl.
Second high bidder was Ryan, Sutherland & Co.
of Toledo.
ANN ARBOR SCHOOL DISTRICT, Mich.—BOND OFFERING—
C. C. Crawford, Treasurer of Board of Education, will receive sealed bids
Dec. 14 for the purchase of $82,500 not to exceed 344%
until 2 p. m. on
interest coupon
building bonds.
Dated Jan. 2, 1939.
Denoms. $1,000
Due $16,500 on Jan. 2 from 1940 to 1944, incl.
Prin. and int.
(J-J) payable at the State Savings Bank, Ann Arbor,
A certified check for
2% is required.
Legality to be approved by Miller, Canfield, Paddock &
and $500.
Stone of Detroit.
Bidder to name the rate or rates of interest in
multiples of 44 of 1 %.
Bonds will be payable from ad valorem taxes within limit
prescribed by
State Constitution and, moreover, an additional
44 mill levy has been voted
for the five years 1939-1943 incl. Successful bidder to
pay the cost of printing
the bonds and legal
opinion.
BINGHAM TOWNSHIP SCHOOL DISTRICT NO. 4
(P. O. Box
30, St. Johns), Mich.—BOND SALE—The $37,500 school bonds offered
Dec. 1 (V. 147, p. 3194) were awarded to Paine, Webber & Co. of
Grand
'
Volume
Rapids
as
Financial
147
2s, at
par
plus $398.75 premium, equal to 101.06,
,Dated Oct. 15. 1938, and due $7,500
1944, incl.
on
a
basis of about
April 15 from 1940 to
Chronicle
SOUTH
3645
SAINT
be received until
PAUL, Minn.—BOND OFFERING—Sealed bids will
7:30 p. m. on Dec. 22, by E. L. Sloan, City Recorder, for
First of Michigan Corp., Detroit, second high bidder, offered
100.78 for 2sNine other bids were submitted for the issue at inter¬
rates of 2%, 2 M % and 3%.
the purchase of a $528,000 issue of coupon
sewage treatment plant bonds.
Interest rate is not to exceed 6%, payable F-A.
Dated Aug. 1, 1938.
ECORSE TOWNSHIP SCHOOL DISTRICT NO. 3 (P. O. Ecorse),
Mich.—BOND SALE—The $130,000
building and school site bonds
offered Dec. 5—Y. 147, p. 3493—were awarded to First of Michigan Corp.
and Braun, Bosworth & Co., both of Detroit,
jointly, at par plus a premium
of $151.26 for the 1942 to 1942 maturities as 3s and the balance as 2 Ms-
§12.000 in 1943 and 1944, $14,000 in 1945 and 1946, $15,000 in 1947,
to pay
est
Dated Nov.
Other bids:
1, 1938 and due $26,000
on
April 1, from 1940 to 1944, incl.
Bidder—
Premium
int. Rate
Crouse & Co., H. V.
Moore & Hayes
Sattley & Co. and McDonald,
3%
3%
3M%
Siler, Carpenter & Roose
Stranahan, Harris & Co. and Cray, McFawn & Co.
$417.00
275.00
503.27
"
FERNDALE, Mich.—TENDERS'WANTED—Jay F. Gibbs, City Mana¬
ger, will receive sealed tenders of 1935 refunding bonds and certificates of
indebtedness until 8 p. m. on Dec. 19. Tenders will be received as follows:
Series A, B, C, D and E refunding bonds to approximate amount of
$10,000.
Series F, G, H & I refunding bonds to approximate amount of
$10,000. Series A or B certificates of indebtedness to approximate amount
of $1,000. Series C or D certificates of indebtedness to approximate amount
of $1,000.
Tenders should fully describe the bonds and certificates offered, including
serial numbers and should state sum for which these bonds will be sold.
.
The bonds
urer
or
to
or
certificates purchased shall be delivered to the
Henom. $1,000.
Due
Aug. 1
as
$10,000 in 1941, $11,000 in 1942,
follows:
liS'2921948 to 1950' *17.000 in 1951 and 1952, $18,000
in 1953 and 1954,
and 1956' *20,000 in 1957 and 1958, $21,000 in 1959,
,in
*23,000 in 1960, and $25,000 in 1961 to 1968.
Bonds maturing in 1954 to
1968 to be redeemable after 30 days' notice published in the official news¬
paper of the city at the option of the city on any interest payment date up
to and including Aug. 1, 1948 at
102% of par, on any interest payment date
from and after Aug. 1, 1948 to and including Aug. 1, 1958 at 101% of par
and on any interest payment date from and after
Aug. 1, 1958 to maturity
at par.
There will be no auction.
Rate of interest to be in multiples of
34 of 1 %.
Each bid may name one rate for part of the bonds (having the
earliest maturities) and another rate for the balance, but no bid
may name
more than two
rates, and each bidder must specify in his bid the amount of
bonds of each rate.
The bonds will be awarded to the bidder offering to
purchase the bonds at the lowest interest cost to the city, such cost to be
determined by deducting the total amount of the premium bid from the
aggregate amount of interest upon all the bonds until their respective
maturities, disregarding any redeemable dates.
No bid of less than par
and accrued interest will be entertained.
Bids are required on forms to be
furnished by the city.
The city will furnish the approving opinion of Junell,
Fletcher, Dorsey, Barker & Colman of Minneapolis, which opinion will be
to the effect that such bonds are general obligations of the city.
Enclose a
certified check for $10,000, payable to the City Treasurer.
1M
.J
„
City Treas¬
the Ferndale Branch of the Wabeek State Bank, within seven
MISSISSIPPI
days of the date of mailing notice of acceptance of tender.
SALE—The $23,000 general obligation
water bonds offered Dec. 2—V. 147, p. 3342—were awarded to Crouse &
Co. of Detroit as 2Ms at 100.28, a basis of about 2.21%.
Dated Oct. 1,
1938, and due Oct. 1 as follows: $1,500, 1940 to 1944, incl.; $2,000 in 1945
and $4,500 from 1946 to 1948. incl.
Second high bid of 100.12 for 2Ms
was submitted by Stranahan, Harris & Co., Inc., of Toledo.
FLUSHING,
Mich.—BOND
COLUMBUS, Miss.—BOND SALE—The $281,000 issue of electric light
and power distribution system bonds offered for sale on Dec. 1—V. 147, p.
3195—was awarded to a syndicate composed of Cady & Co. of Columbus,
the First National Bank of Memphis, Lewis & Thomas of Jackson, Scharff
& Jones, Inc. of New Orleans, and Leftwich & Ross of Memphis, as 3%s,
paying a premium of $2,140, equal to 100.76, a basis of about 3.67%. Due
from Dec. 1,
HILLSIDE, Mich.—BOND OFFERING—Ralph L. Hughes, City Clerk,
bids until 7:30 p. m. on Dec. 12, for the purchase of
$100,000 not to exceed 4% interest electric light bonds, being part of an
authorized issue of $130,000.
Dated May 1, 1938.
Due $10,000 on May 1
from 1939 to 1948, nic..
Bonds maturing after May 1, 1940 are capable
in inverse numerical order on any interest date on or after that dare.
Prin.
and int. (M-N) payable at the Hillsdale State Savings Bank, Hillsdale.
The bonds are general obligations of the city, payable from unlimited ad
valorem taxe«.
Printed bonds and legai opinion of Miller, Canfield, Pad¬
will receive sealed
dock & Stone of Detroit will be furnished the successful bidder.
KALAMAZOO
Kalamazoo),
received by the Board of County Supervisors, up to 2 p. m. on Dec. 19 for
the
purchase of the following 5% semi-annual bonds aggregating $1,050,500:
$1,043,000 refunding road and $7,500 funding bonds.
We understand that the State Supreme Court has affirmed a decision of
the Chancery Court of Hancock County validating the issuance of these
bonds.
A certified
check for $2,000 is required.
1940 to 1960.
HANCOCK COUNTY (P. O. Bay St. Louis), Mis».—BOND OFFER¬
ING—It is stated by A. G. Farve, County Clerk, that sealed bids will be
HATTIESBURG, Miss.—BODD SALE—The $75,000 issue of refunding
on Dec. 1—V. 147, p. 3343—was awarded to a syndi¬
composed of the First National Bank of Vicksburg, Max T. Allen Co.
Hazlehurst, M. A. Saunders & Co. of Memphis, J. G. Hickman, Inc.,
of Vicksburg, the Citizens Bank of Hattiesburg, and the J. S. Love Co. of
Jackson, as 3Ms, paying a premium of $227, equal to 100.302, a basis of
about 3.48%.
The purchaser specified the same price for either callable or
non-callable bonds and they were sold on a callable basis. Due from Jan. 1,
1943 to 1968; redeemable on and after Jan. 1, 1945.
bonds offered for sale
TOWNSHIP
DISTRICT
SCHOOL
Mich.—BOND SALE—The
$15,000
NO.
school
15
(P.
O.
bonds offered
147, p. 3492—were awarded to E. H. Schneider & Co. of Kala¬
the only bidder, as 4s at par plus a premium of $50, equal to 100.10,
a basis of about 3.975%.
Dated Nov. 2, 1938, and due $3,000 on Dec. 2
from 1939 to 1943, incl.
"
Dec. 6—V..
mazoo,
cate
of
LANSING TOWNSHIP SCHOOL DISTRICT NO. 3 (P. O. Lansing),
Mich.—BOND OFFERING—O.
L.
Hart,
District Secretary, will receive
sealed bids until 8 p. m. on Dec. 12 for the purchase of $42,900 not to
exceed
5% interest coupon school bonds.
Dated Oct. 1, 1938.
One bond for
$900, others $1,000 each.
Due Oct. 1 as follows: $8,000, 1940 and 1941;
$9,000 in 1942 and 1943, and $8,900 in 1944.
Rate or rates of interest to
be expressed in multiples of 34 of 1%.
Prin. and int. (A-O) payable at
Bank of Lansing.
Bonds are payable from ad valorem taxes within limit
prescribed by State Constitution and an additional 7.5 mill levy has been
voted for the years 1930-1943, incl.
Successful bidder to pay for both
the printing of the bonds and legal opinion.
A certified check for 2% of the
issue, payable to the order of the District Treasurer, is required.
LUDINGTON,
Mich.—BOND
Thompson,
OFFERING—Dean
31, as follows: $6,000, 1940 and 1941; $5,000 from 1942 to 1949,
Prin. and int. (J-D) payable at City Treasurer's office.
Bonds will
payable solely from revenues of the municipal water system, after prior
payment of certain administrative expenses.
Sale of bonds is subject to
receipt of grant from the Public Works Administration.
A certified check
Due Dec.
incl.
be
Legal opinion of Eugene Christman, City Auditor.
MANISTEE, Mich.—BOND OFFERING—John S. Watson, City Clerk,
will receive sealed bids until 7:30 p. m. on Dec. 12 for the purchase of
$160,000 not to exceed 4 % interest coupon sewage disposal plant arid system
bonds.
Dated Nov. 15. 1938.
Denom. $1,000.
Due Nov. 15 as follows:
$7,000 from 1941 to 1956, incl.,,and $8,000 from 1957 to 1962, incl.
Rate
or rates of interest to be expressed in multiples of M of 1%.
Prin. and int.
City will pay for printing the
(M-N) payable at City Treasurer's office.
bonds and the cost of legal opinion must be borne by the successful bidder.
A certified check for 2% of the issue, payable to order of the City Treas¬
urer,
is required.
NEW HAVEN, Mich.—BONDS NOT SOLD—No bids were submitted
for the $33,000 4% water supply system revenue bonds offered Dec. 5—
V. 147, p. 3493.
Dated Dec. 1, 1938 and due Dec. 1 as follows:
$1,500
from 1941 to 1944, incl.; $2,000 from 1945 to 1956, incl. and $3,000 in 1957.
TOWNSHIP
WARREN
O.
(P.
Van
Dyke),
Mich.—TENDERS
sealed tenders
WANTED—William Lawson, Township Clerk, will receive
bonds, series A, B and C, dated Jan. 1, 1937 and 1937
certificates of indebtedness, series 1, la, 2, 2a, dated Aug. 2, 1937, until
2 p. m. on Dec. 13.
Approximately $9,000 is available for purchase of such
obligations.
of 1937 refunding
ZILWAUKEE TOWNSHIP (P. O. Saginaw), Mich.—BOND SALE—
The $55,000 water supply and water supply system revenue bonds offered
Nov. 25—V. 147, p. 3194—were awarded to A. S. Huyck & Co. of Chicago.
1938 and due Nov. 1 as fo.lows:
$1,000, 1941 and
$1,500, 1943 and 1944, and $2,500 from 1945 to 1964, inclusive.
Dated
Nov.
1,
$140,000 court house and jail bonds, taking $65,000 as 334s and $75,000,a*
314s. Dated July 1, 1938. Due from July 1, 1939 to 1958 incl"
(These bonds were originally slated for sale on Oct. 3, as noted
here—V. 147, p. 1958.)
56,000 county-wide refunding bonds as 314s.
20,000 County Supervisor's District bonds as 3Ms.
MISSOURI
City
Clerk, will receive sealed bids until noon (to be opened and considered at
7:30 p. m.) on Dec. 19 for the purchase of $52,000 not to exceed 334%
interest water revenue bonds.
Dated Dec. 31, 1938.
Denom. $1,000.
^or $1,000 is required.
LAUDERDALE COUNTY (P. O. Meridian), Miss.—BONDS SOLD—
bonds, aggregating $216,000, were pur¬
Scharff & Jones, Inc., of New Orleans:
It is reported that the following
chased recently by
1942;
MINNESOTA
CLARKSVILLE, Mo.—BONDS OFFERED—Sealed bids were received
Dec. 9, by W. W. Frank, City Clerk, for the purchase of a
$36,300 issue of electric light plant bonds, the interest rate to be named by
the bidders.
Dated Dec. 1, 1938. Denom. $500, one for $300. Due Dec. 1,
as follows:
$300 in 1939, $500 in 1940, $1,500 in 1941 to 1950, $2,200 in
1951 to 1954, $2,500 in 1955, $3,000 in 1956 and $3,500 in 1957 to 1958.^
until 3 p. m. on
B."Smith*
ELLINGTON, Mo.—BOND OFFERING—It is stated by P.
City Clerk, that he will receive sealed
of a $25,000 issue of water works bonds,
held on Sept. 29.
bids until Dec. 12, for the purchase
approved by the voters at an election
Mo.—BOND OFFERING—We are advised by W.
H
Council will receive sealed bids until
Hall for the purchase of a $68,000 issue of
improvement and extension bonds at not
less than par and accrued interest.
Said bonds are to bear date of Dec. 1,
1938, are to be of the denom. of $1,000 each, and shall bear interest at a
rate to be determined pursuant to sale of said bonds, payable on Dec. 1 and
June 1 in each year.
Both prin. and int. on said bonds will be payable at a
place to be designated by the bidder and approved by the City Council,
and said bonds shall m ature serially on Dec. 1 in each of the years as follows:
$3,000 in 1942, $4,000 in 1943 to 1957, and $5,000 in 1958.
Bidders are
requested to designate in their bids the rate of interest to be paid on said
bonds; provided, however, that the rate thus designated shall be an even
multiple of 34 of 1%, and all of said bonds shall bear interest at the same
rate.
Each bid must be accompanied by cashier's or certified check,
payable to the city, in the amount of $1,500.
The City Council reserves
the right to reject any or all bids and all bids must be made on the form sup¬
plied by the above Clerk.
The city will furnish the legal opinion of Charles
& Trauernicht of St. Louis and will pay for the printing of the bonds and
the registration fee at the office of the State Auditor.
Delivery of the bonds
KIRKWOOD,
Donworth, City Clerk, that the City
8 p. m. on Dec. 15 at the City
electric light and power system
will be made on or
before Dec. 27.
,
,
„
'
MOBERLY, Mo.—BOND SALE DETAILS—We are informecTby the
City Clerk that the $88,000 2)4% convention hall bonds purchased by the
Mississippi Valley Trust Co. of St. Louis, as noted here on Dec. 3—V. 147,
p. 3493—were sold for a premium of $59, equal to 100.067.
Registered
bonds, dated Nov. 1, 1938.
Due on Jan. 1 from 1939 to 1954.
Denom.
$1,000.
Interestjpayable_J-J.
"
<
-
(P. O. Minneapolis, R. R.
Minn.—BOND OFFERING—Sealed bids will be received until"
2 p. m. on Dec. 16 by Mrs. F. J. Kelley, District Clerk, for the purchase of
a $38,500 issue of auditorium bonds.
Due $2,500 in 1942, $2,000 in 1943
to 1947, $3,000 in 1948 and 1949. and $5,000 in 1950 to 1953.
Legality to
be approved by Junell, Fletcher, Dorsey, Barker & Colman of Minneapolis.
BLOOMINGTON
No.
SCHOOL DISTRICT
1),
OFFERING—Sealed bids will be received
12, by Norman L. Swanson, Village Clerk, for the
$21,000 issue of not to exceed 4% semi-ann. coupon sewage
treatment plant bonds.
Dated Sept. 1, 1938. Denom. $1,000. Due $1,000
Sept. 1, 1939 to 1959. Callable on any interest paying date on six months'
notice. The full faith and credit of the village will be pledged for the payment
of these bonds, which carried at an election held on Aug. 9, by a vote of
W
ROLLA, Mo —BONDS SOLD—It is reported that $42,000 2U% semi-,
ann. public sewer bonds have been purchased by Whitaker & Co. of St.
Louis.
Dated Nov. 1, 1938.
•,
It was reported later oy the City Clerk that these bonds were sold at a
price of 100.25.
•
,
MONTANA
MOOSE LAKE, Minn.—BOND
until 8 p. m. on Dec.
purchase of
a
163 to 45.
MORGAN
INDEPENDENT
SCHOOL
DISTRICT
NO.
56
(P.
O.
Morgan) Minn.—PRICE PAID—It is stated by the District Clerk that the
$50,000 building bonds purchased by a group headed by Piper Jaffray &
Hopwood of Minneapolis, as 2^8, as noted here on Nov. 26—V. 147, p.
a price of par.
Due from Dec. 1, 1940 to 1958 incl.
3342—were sold at
NEW ULM, Minn.—BOND
OFFERING— It is stated by A. C. Sannwald,
City Clerk, that he will receive both sealed and auction bids until Dec. 16.
at 7:30 p. m., for the purchase of a $35,000 issue of coupon swimming pool
bonds.
Dated Dec. 1, 1938.
Due Dec. 1 as follows: $2,000 in 1940 and
Bids will be received for bonds subject to option of
prior payment and redemption on Dec. 1, 1943, and any interest payment
date thereafter at par and accrued interest, and also for bonds without
option of prior payment, and the City Council reserves the right to sell
either type of bond which may be deemed most favorable.
The city will
furnish the bonds and the approving opinion of Junell, Dorsey, Barker &
Colman of Minneapolis, both without cost to the purchaser.
Prin. and int.
payable at the City Treasurer's office. Delivery of the bonds will be made
at the City Treasurer's office, or at the office of the purchaser in Minneap¬
olis or St. Paul, prior to Jan. 1. Enclose a certified check for $2,000, pay¬
$3,000 in 1941 to 1951.
able to the City.
.
.
GLASGOW, Mont.—BOND OFFERING—We are advised that sealed
bids will be received until 8 p. m. on Dec. 27 by G. D. Peterson, City Clerk,,
for the purchase of a $7,000 issue of not to exceed 6 % serr i-ann. park bonds.
Denom. $500.
Dated Jan. 1, 1939.
A certified check for $350 must ac¬
company the bid.
(At the same time an $18,000 issue of flood-control
bonds will be offered for sale, as noted here on Dec, 3—V. 147, p. 3494.)
GREAT FALLS,
center bonds
Mont.—BOND SALE—The $376,750 issue of civic
on Dec. 5—V. 147, p. 3195—was awarded to a
offered'for sale
syndicate composed of the Harris Trust & Savings Bank of Chicago, the
Wells-Dickey Co., the Northwestern National Bank & Trust Co., Bigelow,
Webb & Co., all of Minneapolis, and Ferris & Hardgrove of Spokane, paying
a premium of $1,200, equal to 100.318, a net interest cost of about 2 81%,
on the bonds divided as follows:
$190,000 as 2Ms, maturing $19,000 from
July 1, 1939 to 1948; the remaining $186,750 bonds as 3s, maturing on
July 1: $19,000, 1949 to 1957, and $15,750 in 1958. These bonds are stated
to have been sold subject to a favorable opinion by the State Supreme Court
as to the site of the building.
NEBRASKA
AUBURN, Neb.—BOND SALE DETAILS—It is now reported that the
$352,000 electric light and power plant revenue bonds purchased by Stern
Bros. & Co. of Kansas City, as 3Ms. at a price of 101.32, as noted here
recently—V
147. p. 3195—are more fully described as follows: Dated
Nov. 15, 1938.
Denom. $1,000.
Due.Nov. 15 as follows: $12,000 in 1940
and 1941, $18,000 in 1942 to 1958 and $22,000 in 1959.
All bonds ma-
Financial
3646
curing Nov. 15, 1946 to 1959, optional in their inverse numerical order
on Nov. 15, 1945, or any interest payment date thereafter (6 1-3-11 5-6-year
optional-average).
Principal and Interest payable at the County Treas¬
urer's office.
Legality to be approved by Bowersock, Fizzell & Rhodes
of Kansas City.
BEATRICE, Neb.—BONDS SOLD—It is reported that $100,000 audi¬
purchased by the Wachob-Bender Corp. of Omaha.
Sept. 23.
.
torium bonds have been
These bonds are said to nave been approved by the voters on
FORT
CALHOUN, Neb .—BOND SALE DETAILS— It is stated by the
Chronicle
Dec.
10,
1938
part of an authorized issue of $205,000 and price which must be obtained
at the sale is $105,000.
They are unlimited tax obligations and legal opinion
of Hawkins, Delafield & Longfellow of New York City will be furnished the
successful bidder.
A certified check for 2% of bonds offered, payable to
order of the city, is required.
are
EDGEWATER,
N.
J.—BOND SALE—The $125,000 refunding bonds
B. J. Van Ingen & Co.,
offered Dec. 6—V. 147, p. 3196—were awarded to
Inc., New York, and J. S. Rippel & Co., Newark, jointly, as 2s, at 100.08. a
basis of about 1.99%.
Dated Oct. 1,1938 and due Oct. 1 as follows: $10,000
from
1939 to 1950 incl. and $5,000 in 1951.
Other bids were:
City Clerk that the $18,000 4 Vi % refunding bonds which were sold, as noted
147, p. 2897—were purchased by the Wachob-Bender Corp. of
Omaha at par.
Coupon bonds, dated July 1, 1938.
Denom. $1,000.
Due $1,000 from Oct. 1, 1939 to 1956, incl.
Int. payable A-O.
VanDeventer, Spear & Co. and Colyer, Robin¬
GRAND ISLAND, Neb.—BONDS SOLD—It is reported that the follow¬
ing bonds aggregating $135,000, have been purchased by the KirkpatrlckPettis Co. of,Omaha: $100,000 city hall, and $35,000 park bonds.
a
Campbell & Co
Minsch, Monell & Co. and Dougherty, Cork-
^
Bidder—
Milliken & Pell.
son
t
ran
by Mrs.
Neb.—BOND OFFERING—It is stated
KEARNEY,
M. E.
Burke, City Clerk, that she will receive sealed bids until 8 p. m. on Dec. 19
for the purchase of a $50,000 Issue of not to exceed 3% city hall, jail and fire¬
men's
building bonds.
Denom. $1,000.
Dated about Jan. 10, 1939.
Bonds to mature serially as follows: $6,000 at the end of the second year and
for seven consecutive years thereafter: $7,000 due 10 years after date of
issue.
Redeemable after three years from date of issuance.
It is stated
that an annual tax will be levied for the payment of interest and principal
when due.
The city is reported to have no debt, either bonded, special
assessment or floating, and an assessed value of over $6,250,000.
A certi¬
fied check for $100 must accompany the bid.
NEBRASKA,
DISTRICT
carried the
State
UTILITY
of—MARKETING OF MUNICIPAL
ISSUE EXPECTED—The
"Wall
Street
Journal"
of
Dec.
6
following report:
"Unless there is
hitch in plans now
nearing completion, the first of the
new utility district offering will be made within the next week when approxi¬
mately $26,500,000 of Nebraska public power district issues are marketed.
Bancamerica-Blair Corp. is expected to manage the offering syndicate.
"The issue will probably consist of two district issues of which $21,501,000
a
will be for one and $5,000,000 for the other.
The bonds will be revenue
obligations, payable from receipts of the utility districts.
"The Public Works Administration last week permitted amendments to
the indentures securing PWA loans for the two Nebraska public power
districts, which makes way for the sale of securities to private bankers.
"Proceeds of the bond offering will be used for the purchase of properties
of private utility systems now operating in the territory.
It is estimated
that the ultimate cost of these systems may exceed $80,000,000.
The
districts involved are the Central Nebraska Public Power and Irrigation
District and the Loup River Public Power District.
"Those close to the financing negotiations say that the prices offered to
the
private companies represent fair values and no attempt has been made
to absorb them at condemnation
For this
prices.
reason,
it is anticipated
"Successful
power
consolidation
of the
various Nebraska companies into the
non-competitive publicly owned State-wide
grid system in the United States."
establish
the first
WINSIDE, Neb.—BOND SALE DETAILS—It is reported by the Village
Clerk that the $12,000 3% semi-ann. auditorium bonds purchased by the
Winside State Bank, at par, as noted here—V. 147, p. 3494—are due in
lO^years.
NEVADA
ELKO
COUNTY
(P.
O.
Elko),
Nev.—BOND
OFFERING—We
are
informed by the Clerk of the Board of County Commissioners that sealed
bids will be received by the said Board until 10 a. m. on Dec. 15, for the
purchase of
$99,000 issue of high school and gymnasium bonds.
a
rate is not to exceed
4%, payable semi-annually.
Denom. $1,000.
Interest
Dated
Sept. 1, 1939.
Due $9,000 from Sept. 1, 1940 to 1950 incl.
Bidders are
required to submit a bid specifying (a) the lowest rate of interest and
premium, if any, above par, at which such bidder will purchase said bonds;
or (b) the lowest rate of interest at which said bidder will purchase said
bonds at par.
No part of such bonds shall be sold at less than par and
accrued interest.
All bids shall be sealed and shall be accompanied by a
deposit of 5%, either cash, certified check or cashier's check, of the amount
of the bid.
It
is contemplated
from the Public
that a grant in sufficient amount will be received
Works Administration to make it unnecessary to sell in
of said bonds
No's 1 to 99, inclusive, in an aggregate amount of
$99,000 and bids to be received hereunder shall be for the purchase of
$99,000 bonds, more or less.
Any bonds in excess of said number, if issued,
shall be numbered consecutively from 100 upwards and shall, as aforesaid,
mature Sept. 1, 1951.
Notice of agreement of the United States to make the said grant is
anticipated prior to opening of bids, and if thus received, shall determine
excess
the amount of bonds to be sold hereunder at the option of the Board.
In
the event of the failure to obtain said PWA grant, the Board, reserves the
right to withdraw its offeir to sell any of said bonds.
to the conditions and contingencies herein recited.
All bids shall be subject
^
& Co
Rate
& Co
101.00
2 }i%
2^%
125
Bid
2M%
124
100.84
100.63
125
2H%
2H%
125
125
2H%
2H %
100.57
100.55
100.50
100.34
125
124
2H%
2H%
100.169
100.83
124
2M%
100.86
125
_
H. B. Boland & Co
Ira Haupt & Co
C. A Preim & Co. and
—
C. P. Dunning & Co..
Schlater, Noyes & Gardner,
Bride, Miller & Oo.
Boenning & Co
Inc., and Mac-
H. L. Allen & Co...
FORT
LEE, N. J.—FILES REFUNDING PLAN UNDER FEDERAL
BANKRUPTCY ACT—With holders of more than 58% of its outstanding
bonds assenting, the borough on Dec. 1 filed a petition in the United States
District Court at Newark, N. J. for permission to carry out a comprehen¬
sive refunding plan under the Federal Bankruptcy Act.
The borough has
been in default on its debt for about six years.
The petition was filed by
Hawkins, Delafield & Longfellow, New York, acting as counsel for the
Municipal Finance Commission of New Jersey, and Lawrence A. Cavinato,
acting as counsel for the borough.
The plan provides that creditors, for
the principal amount of their present bonds, will receive refunding bonds
dated June 1, 1938 and due June 1, 1978, redeemable at par and bearing
interest at the rate of 3H% from June 1, 1938 to June 1, 1943, and 4%
thereafter.
For delinquent interest, they will receive, in substance, pay¬
ment in cash of l-10th of the interest accrued to June
remainder
1, 1938 and for the
10-year 2% funding bonds of the borough dated June 1, 1938,
redeemable at par. The plan also provides for the creation of an independent
board, to be appointed by a Justice of the Supreme Court, to handle the
liquidation of foreclosed properties and tax liens owned by the municipality.
Fort Lee has outstanding a total of $4,041,200 bonds or which $2,351,000,
or 58.17%, have assented to the plan, according to W. E. Wetzel, refunding
agent. Of the outstanding bonds, $3,309,200 are direct obligations, of which
$1,924,(XX) or 58.14% have assented to the plan.
School bonds outstand¬
ing total $732,000, of which $427,000, or 58.33%, have assented to the
plan.
To make the plan fully effective, the consent of 66 2-3% of the out¬
standing bonds is necessary.
that the various entities will have little objection to merging their properties
with the district.
district will
Bid for
124
-
Rate
Int.
No. Bonds
here—V.
NEWARK,
N.
CORPORATION
J.—VOTES
TAXES—'The
Essex County tax board
$574,000,000 LEVY ON INTANGIBLE
City Commission voted to petition the
to levy assessments totaling $574,000,000 In in¬
tangible assets of 15 nationally known corporations with registered offices
If sustained the assessements will bring the city approximately
$25,000,000 in taxes.
The list of assessments includes: American Radiator
Co. $10,000,000 each for 1937 and 1938; Borden Co., $40,000,000 for each
year; D. L. & W. Coal Co. $15,000,000 for each year; Lehigh Coal Sales Co.
$4,000,000 each year; National Biscuit Co. $27,000,000 each year; A. G.
Spalding & Bros. $5,000,000 each year ; Sun Oil Co. $26,000,000 each year;
Liggett & Myers Tobacco Co. $27,000,000 each year; Underwood-ElliottFisher Co. $2,000,000 eah year; American Can Co. $36,000,000 each year;
and Tide Water Oil Co. $17,000,000 each year.
This action follows similar action taken in Jersey City and in Camden by
the municipal governing bodies there.
in Newark.
COUNTY
OCEAN
(P. O. Toms River), N. J .—BOND OFFERING—
Clerk of Board of Chosen Freeholders, will receive
m. on Dec. 21 for the purchase of $282,000 not to
exceed 6% interest coupon or registered bridge bonds.
Dated Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1 as follows: $10,000, 1939 to 1941 incl.;
$15,000 from 1942 to 1957 incl. and $12,000 in 1958.
Bidder to name a
single rate of interest, expressed in a multiple of M of 1 %.
Prin. and int.
J-D payable at Peoples National Bank, Lakewood, or at the Guaranty
Trust Co., New York,
Sum required to be obtained at sale of the bonds is
$282,000.
Bonds are unlimited tax obligations of the county and legal
opinion of Hawkins, Delafield & Longfellow of New York City will be fur¬
nished the successful bidder.
A certified check for 2% of the bonds offered,
payable ot order of the county, is required.
James
K.
Allardice,
sealed bids until
11a.
PLAINFIELD, N. J.—BOND SALE—A group composed of Shields &
Co., Minsch, Monell & Co., Inc. and H. B. Boland & Co., all of New York,
successful bidder for the $641,000 coupon or registered bonds offered
Dec. 5—V. 147, p. 3348—paying a price fo $641\696 for $640,000 bonds as
2.20s, ecjual to 100.265, a basis of about 2.17%.
Offering consisted of:
was
$365,000
sewer
bonds.
1940 to
^
Due Dec. 1 as follows: $16,000, 1939;" $17,000,
1944 incl.; $18,000 froid 1945 tb 1952 incl. aqd $20,000
1958 incl.
from 1953 to
276,000 school bonds.
NEW
Due Dec. 1 as follows: $11,000, 1939 to 1944 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 $12,000
!
HAMPSHIRE
NEW HAMPSHIRE (State of)—$2,800,000 NOTES AUTHORIZED—"
in
The Governor and Executive Council
recently authorized the borrowing of
90-day notes to provide $2,000,000 for flood control work,
$250,000 each for relief and for account of the aerial tramway commission
and $300,000 for State House annex building account.
$2,800,000
on
1959.
The bonds
the
1939 to
are dated Dec. 1, 1938.
In the reoffering the bankers priced
1953 maturities to yield from 0.40% to 2.15%; par for 1954-
1956 and 99.75 for the later maturing obligations.
NEW
BELVIDERE SCHOOL
DISTRICT, N. J.—BOND OFFERING—U. G>
Purcell, District Clerk, will receive sealed bids unt 1 8 p. m. on Dec. 13
for the purchase of $141,950
2M, 2%, 3, 314, SH, 3%, 4, 4H or 4H%
coupon or registered school bonds.
Dated Dec. 1, 1938.
Denom. $1,000,
except one for $500 and $450.
1948 incl.; $4,000 from 1949 to
Due Dec. 1 as follows: $3,000. 1939 to
1975 incl. and $3,950 in 1976.
The price
for which the bonds may be sold cannot exceed
$142,950.
Principal and
interest (J-D) payable at the First National
Bank, Belvidere.
The bonds
a£e unlimited tax obligations of the district and the approving legal opinion
of Hawkins, Delafield &
Longfellow of New York City will be furnished the
successful bidder.
A certified check for
to order of the
Board of Education, is
2% of the bonds offered, payable
required.
BEVERLY, N. J .—REFUNDING APPROVED—The proposal to issue
$23,000 refunding bonds was approved by the State Funding Commission
Dec. 1 subject to the understanding that the
pending tax sale is com¬
on
plete in all particulars and that the bond ordinance includes
covenant when presented for
approval of the
a
cash basis
Commission.
?rIr?,OI^LN9RALE SCHO°L DISTRICT,
TAILS—The
^
N. J.—BOND SALE DE¬
$42,000 4% school bonds sold to the State Teacher's Pension
147, p. 3494—mature serially from 1939 to 1953,
Registered bonds in $ 1,000 denom.
Interest A-0.
and Annuity Fund—V.
incl.
BURUNGTCN COUNTY (JP. O. Mount
Holly), N. J.—BOND OF¬
-John F. Miller, Clerk of Board of
Chosen Freeholders, will
FERING
receive sealed bids until Dec. 21 for the
purchase of $251,000 not to exceed
6% interest almshouse construction bonds.
Dated Dec. 1,
1938.
Due
Dec. 1 as follows:
$12,000, 1939 to 1948 incl.; $13,000 from 1949 to 1957
incl. and $14,000 in 1958.
mond of New York
Bid
Legality to be approved by Caldwell & Ray¬
City.
and
interest
(J-D)
payable
denoms.
Bid
2.20%
100.10
Buckley Bros...
641
Adams & Mueller
640
2.20%
2.25%
100.01
100.17
641
2.25%
100.109
641
2.25%
100.089
641
2.25%
100.084
639
2.30%
100.33
640
2.30%
100.28
Co., Inc.; Kean, Taylor &
Co., and Julius A. Rippel, Inc
Lazard Freres & Co.; Union Securities Corp.,
and Granbery, Marache & Lord
Blyth & Co., Inc.; R. W. Pressprich & Co.;
J. S.
Rippel & Co., and Van Deventer,
Spear & Co.
Halsey, Stuart & Co.. Inc.: Schlater, Noyes &
Gardner, Inc., and Equitable Securities Corp.
Lehman Bros.; B. J. Van Ingen & Co.; Inc.,
—
and Charles Clark & Co
Goldman, Sachs & Co. and
and Blodget, ,Inc
!
B. Carroll & Co.; C.
C. P. Dunning & Co., and
Smith, Barney & Co.; H. L.
Campbell, Phelps & Co
John
Mount Holly.
the County Treasurer, is required.
ENGLEWOOD, N. J.—BOND OFFERING—'Thomas J. Ahrens, City
receive seahxl bids until 8 p. m. on Dec. 20, for the purchase of
Sine Aaa'
$105,000
not to exceed 5% interest coupon or
registered school bonds.
1 1938.
Denom. $1,000.
Due Oct. 1 as follows:
$4,000 from
1958, mci. and $5,000 from 1959 to 1963,, incl.
Principal and
(A-O) payable at Chemical Bank & Trust Co., New York.
Bidder
a single rate of
interest, expressed in a multiple of M of 1 %. Bonds
Dated Oct
1939 to
interest
to name
Stone & Webster
'
640
2.30%
637
2.40%
100.76
640
A. Preim & Co.;
Campbell & Co._
Allen & Co., and
2.40%
100.309
100.22
WEEHAWKEN TOWNSHIP
(P. O. Weehawken), N. J .—BOND
OFFERING CANCELED— The call for bids until Dec. 14 for the purchase
of
as
$638,000 school and
sewer bonds—V. 147, p. 3494—has
been
contractor's bids make it necessary to increase the amount of
Bonds will be re-offered early next year.
canceled
the sewer
loan.
WEST NEW YORK, N. J.—BONDS NOT SOLD—No bids were sub¬
mitted for the $105,000 not to exceed 6% interest joint outlet sewer bonds
offered Dec. 6.—V. 147, p. 3495.
Dated Dec. 1, 1938 and due Dec. 1 as
follows: $3,000 from 1939 to 1953 Incl. and $4,000 from 1954 to 1968 Incl.
p. m. on the aboveof $1,000 and bidder
Principal
& Trust Co.,
payable to order of
for
Brown Harriman &
NEW
mulitple of M of 1 %.
at the Union National
Bank
A certified check for 2% of the issue,
Rate
641
ADDITIONAL DETAILS—Bids will be opened at 2
mentioned date.
Bonds will be issued in
is required to name the rate of interest in a
Int.
Rate
Bancamerica-Blair Corp.; Graham, Parsons &
Co., and MacBfide, Miller & Co
JERSEY
Other bids;
No. Bonds
Bidder—
ALBANY
COUNTY
(P.
O.
YORK
Albany),
N.
Y.—BOND
OFFERING—
Felix Corscadden, County Treasurer, will sell at public auction at 2 p. m.
on Dec.
12 a total of $896,000 coupon or registered bonds to bear interest
at
not more than
4% and described
as
follows:
$496,000 refunding bonds, series of 1939.
Due Dec. 1 as follows: $21,000
in 1939 and $25,000 from 1940 to 1958 incl.
Bonds to be refunded
mature in
1939.
300,000 highway and bridge bonds, series of 1938.
from
100,000 public works bonds.
incl.
Due $20,000
on
Dec. 1,
1939 to 1953 incl.
Due $10,000
on
Dec.
1 from 1939 to 1948
Volume
Financial
147
All of the bonds will be dated Dec. 1, 1938 and must bear the same rate
interest, expressed in a multiple of 1-10 of 1%.
Principal and interest
(J-D) payable at the State Bank of Albany.
The bonds are unlimited tax
obligations of the county and the approving legal opinion of Sullivan,
Donovan & Heenehan of New York City will be furnished the successful
bidder.
Before the auction begins each bidder will be required to deposit
a certified check for $17,920, payable to order of the County Treasurer.
or
_
ARCADIA UNION FREE SCHOOL DISTRICT NO. 8 (P.O. Newark),
N. Y.—BOND OFFERING—Zora E. Barker,
District Clerk, will receive
sealed bids until 3.30 p. m. on Dec. 16
for^the
to exceed 6% interest coupon or registered high
purchase of $357,500 not
school gymnasium bonds.
One bond for $500, others $1,000 each.
Due Dec. 1
1941; $10,000. 1942 to 1945 incl.: $12,000, 1946 to
1951 incl.; $14,000 from 1952 to 1956 incl. and $15,000 from 1957 to 1967
incl.
Bidder to name a single rate of interest, expressed in a multiple of
X or 1-10 of 1%.
Principal and interest (J-D) payable at the Lincoln
Alliance Bank & Trust Co., Newark.
The bonds are unlimited tax obliga¬
tions of the district and the approving legal opinion of Reed, lioyt, Wash¬
burn & Clay of New York City will be furnished the successful bidder.
A
certified check for $7,150, apyable to order of Edith M. Valmore, District
Treasurer, is required.
Dated Dec. 1, 1938.
as follows: $10,500,
Y.—CERTIFICATE
SALE—The
$2,950,000
tax
anticipation certificates of indebtedness offered Dec. 6—V. 147, p. 3494—
were awarded to the Manufacturers & Traders Trust Co.
of Buffalo at
0.65% interest, at par plus $11.11 premium.
Dated Dec. 15, 1938, and
BUFFALO,
due June 15,
N.
Other bids:
1939.
Bidder—
Int. Rate
Haisey,
Stuart
&
Co.,
Inc.,
Bancamerica-Blair
Corp., and Ladenburg, Thalmann & Co
0.74%
Phelps, Feun & Co., Inc.; Marine Trust Co. of
Buffalo; Goldman, Sachs & Co.; R. W. Pressprich & Co.; Kean, Taylor & Co., and Charles
Premium
$111.00
345.15
__1.125<
Clark & Co
3647
Chronicle
(P'
Arthur J.
a.
m.
°'
Huntington),
N.
Y.—BOND OFFERING—
Kreutzer, Town Supervisor, will receive sealed bids until 10:30
15 for the purchase of $37,000 not to exceed 5% interest
registered refunding water bonds.
Dated Dec. 1,1938.
Denom.
Dec.
on
coupon or
fi'RSR$3,000,
foIlows: $5,000 in 1951 and 1952; $8,000, 1953;
1954; $11,000 in 1955 and $5,000 in 1956.
Bidder to name a single
expressed in a multiple of X or 1-10th of 1%,
Prin. and
^ Payable at the Huntington Station Bank, Huntington Station,
with New York exchange.
The original bonds were issued in connection
with construction of water system in South Huntington Water District and
Greenlawn Water District.
All of the bonds, including the proposed issue,
are general obligations of the town, payable
primarily from a levy on prop¬
erty in the respective water districts, but if not paid from that source all of
the town's taxable property is subject to a levy of unlimited ad valorem
taxes.
A certified check for $740, payable to order of the Town Super*
visor, is required.
Legal opinion of Dillon, Vandewater & Moore of N. Y.
City will be furnished the successful bidder.
rate of interest,
MAINE, UNION, NANTICOKE, NEWARK VALLEY AND OWEGO
Uo. 1 (P. O. Maine), N. Y.—BOND
CENTRAL SCHOOL DISTRICT
OFFERING—Alton P. Lewis, District Clerk, will receive sealed bids until
2 p. m. on Dec. 19 for the
purchase of $16.5,000 not to exceed 6% interest
bonds.
Dated Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1 as follows: $8,000, 1941 and 1942; $9,000, 1943 and 1944;
$11,000 in 1945 and $12,000 from 1946 to 195.5, incl.
Bidder to name a
single rate of interest, expressed in a multiple of X of l-10th of 1 %.
Prin¬
cipal and interest (J-D) payable at the Endicott Trust Co.. Endicott, or
at the Guaranty Trust Co., New York City.
The bonds are unlimited tax
obligations of the district and the approving legal opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
bidder.
A certified check for $3,300, payable to order of the Board of
Education, is required.
coupon or registered school
MAMARONECK, N. Y.—BOND OFFERING—F. H. Bull Jr., Village
Clerk, will receive sealed bids until 2:30 p. m. on Dec. 14 for the purchase of
$68
$68,500 not to exceed 5% interest coupon or registered bonds, divided as
follows:
CHATHAM, N. Y.—BOND SALE—The $130,000 coupon or registered
bonds offered Dec. 5—V. 147, p. 3343—were awarded to the Hudson
City Savings Bank of Hudson as 2.20s, at par plus a premium of $130,
equal to 100.10, a basis of about 2.19%.
Dated Dec. 1, 1938, and due
Dec. 1 as follows: $4,000, 1939 to 1948, incl.; $5,000 from 1949 to 1958,
incl., and $4,000 from 1959 to 1968, incl.
Among other bid^ were the
sewer
following:
Int. Rate
& Co
2.60%
C. Allyn & Co.,
Bidder—
Rate Bid
C. F. Herb & Co., and H. C. Wain wright
E. H. Rollins & Sons., Inc., and a.
100.59
2.80%
100.538
100.317
2 90%
100.88
2.70%
Inc.-.Manufacturers & Traders Trust Co
Paine, Webber & Co., and Adams, McEntee &
Inc
Co.,
r
of
COBLESKILL, N. Y.—BOND SALE—'The First National Bank
Cobleskill purchased as 3s, at par, an issue of $42,493 garbage incinerator
and sewer bonds.
Dated Dec. 1, 1938.
One bond for $493, others $1,000
each.
Due July 1 as follows: $4,493 in 1939; $4,000 from 1940 to 1948,
incl., and $2,000 in 1949.
Principal and-interest (J-J) payable at Village
Treasurer's office.
HAMDEN, HANCOCK, WALTON, AND ANDES
SCHOOL DISTRICT NO. 1 (P. O. Downsville), N. Y.—
bldg. bonds offered Dec. 9—V . 147, p. 3495—
were awarded to E. it. Rollins 6c Sons, Inc., and A. C. Allyn
Co., inc.,
both of New York, in joint account, as 2.70s, at 100.387, a basis of about
2.66%.
Dated luec. 1, 1938 and due June 1 as follows: $4,300, 1941;
$4,000 from 1942 to 1948, incl., and $5,000 from 1949 to 1968, incl.
COLCHESTER,
CENTRAL
BOND SALE—The $132,300
Peekskill), N. Y.—BOND SALE—The $104,500
Dec. 6—V. 147, p. 3495—were awarded
H. Rollins & Sons, Inc., both of New
3.10s, at 100.003, a basis of about 3.097%.
Sale con¬
CORTLANDT (P. O.
coupon or registered bonds offered
to A. C. Allyn & Co., Inc., and E.
York, jointly, as
sisted of:
$66,000 Toddviile Water District Ext. No. 2 bonds.
follows: $2,000 from 1942 to 1968, incl., and
to
38,500 Crugers Oscawana Water District bonds.
Due
$1,000 from„1942 to 1948, incl., and $1,500from
All of the bonds are dated
to
Due Dec. 1 as
$3,000 from 1969
1972, incl.
Dec. 1 as follows:
1949 to 1969, incl.
Dec. 1,1938, and were re-offered by the
bankers
according to maturity.
Other bids:
Int. Rate
Rate Bid
Trust Co. of Buffalo, and R. D. White & Co. 3.20%
100.384
B. Gibbons & Co...Inc., and Adams, McEn¬
yield from 1.75% to 3.10%,
Bidder—
Marine
George
tee &
.
..._
3M%
100.33
3.40%
Co., Inc__„~
Roosevelt & Weigold, Inc.,
100.583
and Bacon, Stevenson &
Co
ROSE, BUTLER, LYONS, TYRE AND
DISTRICT NO. 2 (P. O. Clyde), N. Y.—
BOND OFFERING—E. O. Lansing, District Clerk, will receive sealed bids
until 2 p. m, on Dec. 12 for the purchase of $330,000 not to exceed 5%
interest coupon or registered school bonds.
Dated Dec. 1, 1938. Denom.
$1,000.
Due Dec. 1 as follows: $10,000, 1941 to 1945, incl.; $11,000,
1946 to 1950, incl.; $12,000, 1951 to 1955, incl.; $13,000, 1956 to 1960, incl.;
$14,000 from 1961 to 1965, incl., and $15,000 in 1966 and 1967.
Bidder to
name a single rate of interest, expressed in a multiple of X of l-10th of 1%.
Principal and interest (J-D) payable at the Citizens Bank of Clyde, with
New York exchange, or at the Central Hanover Bank & Trust Co., New
York City.
The bonds are unlimited tax obligations of the district and the
approving legal opinion of Dillort, Vandewater & Moore of New York City
will be furnished the successful bidder,
A certified check for $6,600,
payable to order of Edwin B. Palmer, District Treasurer, is required.
GALEN,
SAVANNAH,
JUNIUS CENTRAL SCHOOL
HEMPSTEAD
UNION
FREE SCHOOL DISTRICT NO. 20
(P. O.
Lynbrook), N. Y.—BOND OFFERING—Guy L. Gould, District Clerk,
will receive sealed bids until 12:30 p. m. on Dec. 16, for the purchase of
$298,500 not to exceed 5% interest coupon or registered school bonds.
Dated Dec. 1, 1938.
One bond for $500, others $1,000 each.
Due Dec. 1
as follows:
$10,500,1940; $10,000, 1941 to 1954, incl.; $13,000 in 1955 and
$15,000 from 1956 to 1964, 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 Lynbrook National Bank & Trust Co., Lynbrook, or at
the Irving Trust Co., New York.
Bonds are unlimited tax obligations of
the district and legal opinion of Hawkins, Delafield & Longfellow of New
York City will be furnished the successful bidder.
A certified check for
$5,970, payable to order'of the Board of Education, is required.
Falls), N. Y.—BOND OFFERING—
receive sealed bids until 10 a. m.
not to exceed 5% interest coupon
or registered bonds, divided as follows:
$12,000 home relief bonds.
Denoms. $1,000 and $500. Due Dec. 15 as
follows:
$1,000 from 1939 to 1944, incl. and $1,500 from 1945 to
(P.
HOOSICK
O.
Hoosick
V. Briggs 8haw, Town Supervisor, will
on Dec. 15, for the purchase of $30,000
1948, inclusive.
18,000 public
from
works bonds.
Denom. $1,000.
Due $2,000 on Dec. 15
1940 to 1948, inclusive.
dated Dec. 15, 1938.
Bidder to name a single rate
of interest, expressed in a multiple of X of l-10th of 1%.
Principal and
interest (J-D) payable at the Peoples-First National Bank, Hoosick Falls,
with New York exchange.
The bonds are payable from unlimited ad
valorem taxes and legal opinion of Dillon, Vandewater & Moore of New
York City will be furnished the successful bidder,
A certified check for
$600, payable to order of the town, is required.
All of the bonds are
HUME, ALLEN, CENTERVILLE, CANEADEA, GRANGER, BIRDSALL,
RUSHFORD. PIKE,
AND GENESEE FALLS CENTRAL
1 (P. O. Fillmore), N. Y.—BOND SALE—
The $170,000 school bonds offered Dec. 6—V. 147, p. 3495—were awarded
to the Bancamerica-Blaire Corp. and Roosevelt & Weigold, Inc., both of
New York, jointly, as 2j^s, at 100.43, a basis of about 2.46%.
Dated
Dec. 1, 1938, and due Dec. 1 as follows: $5,000, 1939 and 1940; $6,000 in
1941 and $7,000 from 1942 to 1963, incl.
Other bids:
SCHOOL DISTRICT NO.
Int. Rate
Marine Trust Co. of Buffalo, and R. D. "White & Co. 2X%
Union Securities Corp., and Bacon, Stevenson & Co. 2-70%
Manufacturers & Traders Trust Co
2.70%
E. H. Rollins & Sons., Inc., and A. C. Allyn & Co.,
Bidder—
Inc
2.70%
Rate Bid
100.371
100.54
100.448
100.444
Denom. $1,000.
$20,000 water bonds.
Due $1,000
on
Jan. 1 from 1940 to
1959 incl.
48,500 general village improvement bonds.
One bond for $500, others
$1,000 each.
Due Jan. 1 as follows:
$6,000, 1940; $6,500, 1941;
$7,000, 1942 to 1944 Incl. and $3,000 from 1945 to 1949 incl.
All of the bonds
are
dated Jan. 1, 1939.
Bidder to
name a
single rate of in¬
expressed in a multiple of X or l-10th of 1 %. Principal and interest
(J-J) payable at the Manufacturers Trust Co., New York. The bonds are
unlimited tax obligations of the village and the approving legal opinion of
Dillon, Vandewater & Moore of New York City will be furnished the success¬
ful bidder.
A certified check for $1,370, payable to order of the village. Is
required.
terest,
MANCHESTER, N. Y.—BOND OFFERING—Neal O'Harrigan Jr..
Village Clerk, will receive sealed bids until 2 p. m. on Dec. 13 for the pur"
chase of $88,550 not to exceed 6% interest coupon or registered sewer bonds.
Dated Dec. 1, 1938.
One bond for $550, others $1,000.
Due Dec. 1 as
follows: $2,550, 1939; $2,000 from 1940 to 1970. incl., and $3,000 from 1971
to 1978, incl.
Bidder to name a single rate of interest, expressed In a mul¬
tiple of X or l-10th of 1%.
Prin. and int. (J-D) payable at State Bank of
Shortsville, or at the Irving Trust Co., N. Y. City.
The bonds are un¬
limited tax obligations of the village and the approving legal opinion of
Reed, Hoyt, Washburn & Clay of N. Y. City will be furnished the successful
bidder.- A certified cneck for $1,771, payable to order of the village, is
required.
(This issue was originally offered Nov. 18 and the sale postponed.
eral changes have been made in the particulars of the issue.—V.
p. 3052.)
Sev¬
147,
Y.—MUNICIPAL DEBT WELL SECURED—From a
of the taxable, resources, the debt burden and the taxes re¬
quired to support debt and operating costs, together with due attention to
propective operations under the new city charter and provisions of the con¬
stitution, recently amended, and after giving consideration to the additional
debt incurred in connecton with transit unfication, there is apparently good
reason for confidence in the ability of New York City to deal with its fi¬
NEW YORK, N.
consideration
nancial obligations on a satisfactory basis, according
2nd Vice-President of the Chase National Bank, in an
to John S. Linen,
address before the
monthly meeting of the New York State Savings Bank Bond men on "The
Security Position of New York City Bonds." „
"The taxable resources are of great variety and ample to support the debt
permitted under the constitution," Mr. Linen said. '
The limitations on
debt are definite and effective.
Operations from a budgetary and fiscal
standpoint have been sound, with short term borrowing and tax collections
showing an improving trend.
Relief has been carried without any undue
strain or endangering of the current position and the city has performed a
noteworthy accomplishment in this connection which comparei favorable
with any city in the country.
The new city charter and constitutional
provisions, while raising certain questions which will have to be dealt with,
such as transit unification and pension requirements, are constructive and
assure operating policies on a basically sound foundation.
In comparison
with other large cities, the debt burden and tax burden are reasonable in
relation to resources
well
and with constitutional limitations
applying, they must
New York City obligations is at present
legislative provisions provide unusual
far as future prospects are concerned."
so.
All in all, the holder of
secured.
Constitutional and
remain
protections as
YORK, N. Y.—NOVEMBER TEMPORARY FINANCING—
financing by the city during the month of November was con¬
the $21,000,000 revenue bills which were issued on the
same day of the public award of $40,000,000 serial and special assessment
bonds to the Chase National Bank of New York and associates .—V. 147,
p. 3495.
«'
NEW
Short-term
fined to disposal of
NYACK, N. Y.—BOND OFFERING—William P. Bugbee, Village Clerk,
sealed bids until 3:30 p. m. on Dec. 20 for the purchase of $68,not to exceed 6% interest coupon or registered sewer bonds of 1938.
Dated Jan. 1, 1939.
One bond for $750, others $1,000 each.
Due Jan. 1
as follows: $2,750, 1940; $2,000 from 1941 to 1961 incl. and $3,000 frou
1962
to 1969 incl.
Bidder to nan e a single rate of interest, expressed in a n ultiple
of X or l-10th of 1%.
Prin. and int. (J-J) payable at Nyack National
Bank & Trust Co., Nyack.
Bonds are unlin ited tax obligations of the
village and the legal opinion of Hawkins, Delafield & Longfellow of New
York City will be furnished the successful bidder.
A certified check for
$1 375, payable to order of the village, is required.
ONEIDA, N. Y.—BOND SALE—The $53,000 refunding water bonds
offered Dec
8—V. 147, p. 3344—were awarded to Roosevelt & Weigold,
Inc
New York, as 2.10s, at par plus $222.60 premium, equal to 100.42,
a basis of about 2.05%>.
Dated Nov. 15,. 1938 and due Nov. 15 as follows:
$1 000 1939; $2,000, 1940; $3,000, 1941 to 1947, incl.; $9,000 in 1948
$10 000 in 1949 and 1950.
R. D. White & Co. of New York, second high
bidder, offered a premium of $184.27 for 2.10s.
will receive
750
and
SALE—The
147,
3496—
New
& Co.,
Paine
Webber & Co., R, L. Day & Co., all of New York; Schoeilkopf,
Hutton & Pomeroy, Inc., Buffalo; First of Michigan Corp., William R.
Compton & Co., and Martin & Chambers, all of New York, as 1.70s, at
100 107
a basis of about 1.69%.
Bankers re-offered the obligations to
yield from 0.25% to 2.10%, according to report, and reported the distri¬
bution of considerably m ore than half of the issue before the close of business
ONONDAGA COUNTY (P.
O. Syracuse), N. Y.—BOND
$2 599,000 coupon or registered bonds offered Dec. 9—V.
p.
were awarded to a syndicate composed of Phelps, Fenn & Co., Inc.,
York Northern Trust Co., Chicago; R. W. Preisprich & Co., Shields
The bonds sold are as follows:
St.-Burnet Ave. sewer bonds.
Due Dec. 1, as follows:
$2,000from 1939 to 1962, incl. and $3,000from 1963 to 1968, incl.
1 894 000 general bonds of 1938-1939, series A, to provide for local share of
cost of hon e relief in the county for fiscal year beginning Nov. 1,
1938.
Due Dec. 1 as follows: $152,000, 1939: $158,000, 1940;
$173,000 from 1941 to 1944, incl. and $223,000 from 1945 to
on
Dec
9.
$66 000 Jam es
639 000
refunding
bonds of 1938-1939.
1939; $30,000,
incl
All of the
.
Due Dec. 1 as follows: $34,000,
1949 to 1957,
1940 to 1948, incl.; $33,000 from
1958.
and $38*,000 in
bonds will be dated Dec. 1,
.
1938.
Denom. $1,000.
Y.—CERTIFICATE SALE— R. D. White & Co. o*
New York purchased on Dec. 8 an issue of $98,800 certificates of IndebtedSSat 0 70% interest, plus a premium of 18.85 Dated Dec. 12, 1938
and due on Dec. 12, 1939.
Salomon Bros. & Hutzler of New York, second
high bidder, named a rate of 0.73% and $5 premium.
PEEKSKILL, N.
Financial
3648
The county is to reserve the right to redeem
maturity at its option on any interest payment date on or
1941, but not prior thereto, upon payment of par, accrued
interest, and a premium equal to M of 1% for each year or fraction thereof
from the date of redemption to the date of maturity.
Both principal and
interest will be payable at the office of the County Treasurer, in any coin
or currency of the United States of America which at the time of payment
is legal tender for the pyament of public and private debts.
Bidders are to
name the rate of interest which said bonds shall bear, not exceeding 4%
per annum.
The rate named may be either a multiple of l-8th of 1% or a
multiple of l-20th (.05) of 1%. All bidders shall offer to pay exactly 102
Y.—CERTIFICATESALE—An issue of $100,000
recently to F. B. Eyre & Co. of New
STOCKTON AND
The bonds will be approved as to legality by Hawkins, Delafield & Long¬
fellow of New York City. They will be payable solely from revenues of the
projected parkway and will in no sense constitute an indebtedness of the
county government.
Proposals must be accompanied by a certified check
for 2% of the issue, payable to the order of the RFC. These bonds will be
sold on the condition that the successful bidder will not expressly or by
implication indicate to anyone that RFC, or the United States of America,
or any agency thereof, has any obligation or responsibility whatsoever with
respect to such bonds, or refer to or use the name of the RFC, or the United
States of America or any agency thereof, as an inducement to anyone to
purchase any of said bonds.
POMFRET^ CENTRAL SCHOOL
DISTRICT No. 1 (P. O. Brockton), N. Y.—BOND SALE—The issue of
$250,000 school bonds offered Dec. 7—V. 147. p. 3496—was awarded to the
D. White & Co. of New York, jointly,
Marine Trust Co. of Buffalo and R.
as2Ms. at 100.719, a basis of about 2.44%.
Dated Dec. 15, 1938 and due
15 as follows: $10,000 from 1941 to 1950 incl and $15,000 from 1951
Del
1960 incl.
to
Re-offered by the bankers to yield
according to maturity.
Phelps & Co
from 1.10% to 2.50%,
Other bids:
Bidder
Harris Trust & Savings Bank and Sherwood
Manufacturers & Traders Trust Co. and
Inf. Rate
& Reichard 2M %
Campbell,
Rate Bid
100.637
2M%
-
Union Securities Corp
Bancamerica-Blair Corp. and Roosevelt &
WYOMING COUNTY
Charles
100.329
2M %
Weigold, Inc. 2.60%
George B. Gibbons & Co. and Adams, McEntee &
A. C. Allyn & Co. and E. H. Rollins & Sons__
HaLsey, Stuart & Co., Inc
11
100.204
100.66
Co._ 2.60%
100.38
SOUTHEAST
Brewster),
N.
UNION
FREE SCHOOL
DISTRICT NO.
13
(P.
O.
Y.—BOND BALE—The issue of $110,000 school bonds
100.344,
as
a
Dated Dec. 15, 1938 and due Dec. 15
1949, incl. and $6,000from 1950 to 1959, incl.
basis of about 2.57%.
follows: $5,000from 1940 to
'• SOUTH
(P. O. Nyack), N. Y.—BOND SALE—'The $31,900
sewer bonds offered Dec. 6—V. 147, p. 3496—were awarded to the Manu¬
facturers & Traders Trust Co. of Buffalo as 2.70s, at 100.419, a basis of
NYACK
about 2.64%.
Dated Dec. 1, 1938 and due Dec. 1 as follows:
Other bids:
$1,900 in
Sherwood & Reichard
—
Marine Trust Co. of Buffalo
«
Roosevelt & Weigold, Inc..--
•
Int. Rate
2.70%
2.70%
2.90%
Rate Bid
100.33
100.30
100.31
COUNTY (P. O. Riverhead). N. Y.—BOND SALE—
$1,890,000 coupon or registered bonds offered Dec. 8.—V. 147, p.
3496—were awarded to a group composed of the Bankers Trust Co.,
Chase National Bank, Brown Harriman & Co., Inc. and Reynolds & CoM
ah of New York, as 1.60s, at 100.249, a basis of about 1.55%.
The bonds,
described beiow, were re-offered by the group to yield from 0.30% to 1.90%,
according to maturity:
SUFFOLK
The
$822,000 home relief bonds.
Due Dec. 1 as follows: $175,000 from 1939
to 1942 incl. and $122,000 in 1943.
522,000 general couhty bonds.
Due Dec. 1 as follows: $30,000, 1939 to
1942, incl.; $33,000, 1943; $35,000, 1944 to 1947, incl.; $34,000,
1948; $35,000, 1949, and $40,000 from 1950 to 1953, inclusive.
496,000 general refunding bonds.
Due Dec. 1 as follows: $50,000 from
1939 to 1947. inci. and $46,000 in 1948.
50,000 public works bonds. Due $5,000 on Dec. 1 from 1939 to 1948, incl.
All of the bonds are dated Dec. 1, 1938.
Other bids:
Int. Rate
Blyth & Co., Inc.; Estabrook & Co.; F. S. Moseley &
Co.; Phelps, Fenn & Co.; Roosevelt & Weigold Inc.;
Stone & Webster & Blodget Inc.
1.70%
Lazard Freres & Co.; Shields & Co.; Hannahs, Ball in &
Lee; Wm. R. Compton & Co., Inc.; Marine Trust Co.
of Buffalo; First of Michigan Corp.; Minsch, Monell
& Co., Inc
1.70%
Lehman Bros.; Goldman, Sachs & Co.; Manufacturers
kk & Traders Tr. Co.; Kean, Taylor & Co.; Bacon,
»
Stevenson & Co. and Associates
1.70%
Halsey, Stuart & Co., Inc.; Bancamerica-Blair Corp.;
Darvy & Co., Inc.; Geo. B. Gibbons & Co., Inc.;
Eldredge & Co., Inc.; Equitable Securities Corp.;
Schmidt, Pool & Co
1.75%
The First of Boston Corp.; B. J. Van Ingen & Co., Inc.;
A. C. Allyn & Co., Inc.; E. H. Rollins & Sons Inc.;
•
Shqrwood & Reichard
1.75%
Bidder—
T
.
_
Rate Bid
100.1911
100.038
Dated
bonds.
Dec.
1,
1938.
Denom.
$960, payable to order of the county is required.
Legal opinion of Dillon,
Vandewater & Moore of New York City will be furnished the successful
bidder.
YONKERS, N. Y.—NOTE SALE—An issue of $300,000 tax anticipation
York at 0.625%
notes was sold on Dec. 2 to H. L. Schwamm & Co. of New
Dated Dec. 7. 1938 and due March 1. 1939.
interest.
NORTH
CAROLINA
BLOWING ROCK, N. C.—BONDS TAKEN BY PWA—lt is reported
supply system improvement bonds have been taken over
that $66,000 water
by the Public Works Administration.
„
DREXEL, N. C.—BONDS SOLD TO PWA—A $52,000 issue of water
and paving bonds is said to have been taken by the Public Works
sewer
Administration.
"
GRANITE
FALLS,
N.
C.—BOND
OFFERING—Sealed bids will be
13, by W. E. Easterling, Secretary of the
at Raleigh for the purchase of a $10,000
issue of coupon municipal building bonds.
Interest rate is not to exceed
6%, payable A-O.
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 thd 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.
(A similar amount of bonds was sold on Nov. 29, as reported here on
Dec. 3—V. 147, p. 3496.)
11
received until
Local
a.
m.
on
Dec.
Government Commission
N. C.—BOND SALE—The three issues of coupon
Dec. 6—V. 147,
3345—were awarded jointly to F. W. Craigie & Co. of Richmond and
the Wm. B. Breene Co. of Winston-Saiem, divided as follows:
$40,000 water and light bonds for a premium of $71.23, equal to 100.178,
a net interest cost of about
3.31%, as follows: $19,000 maturing
Dec. 1, $1,000 in 1941 to 1945, $2,000 in 1946 to 1952, as 3Ms,
and $21,000 maturing Dec. 1, $2,000 in 1953 to 1962 and $1,000
in 1963, as 3Ms.
42,500 public improvement bonds at a price of par, as follows: $24,500
maturing Dec. 1, $1,500 in 1941, $2,000 in 1942 to 1951, $3,000 in
1952, as 3Ms, J-D, and $18,000 maturing $3,000 Dec. 1, 1953 to
1958, as 3 Ms.
10,000 funding bonds as 3Ms, at par. Due on Dec. 1 as follows: $1,000,
1946 to 1948; $3,000, 1949 and 1950, and $1,000 in 1951.
semi-ann. bonds aggregating $92,500, offered for sale on
p.
•
LUMBERTON, N. C.—BOND SALE—The four issues of coupon bonds
aggregating $82,000, offered for sale on Dec. 6—V. 147, p. 3496—were
jointly to the Wachovia Bank & Trust Co. of Winston-Salem, and
Lewis & Hall., Inc., of Greensboro, paying par for the bonds divided as
awarded
follows:
$25,000 water works extension bonds; $12,000 maturing $2,000 Dec. 1,
1940 to 1945, as 2Ms, and $13,000 maturing Dec. 1, $3,000 in
1946 to 1948 and $4,000 in 1949, as 2Ms.
25,000 public improvement bonds; $13,000 maturing Dec. 1, $2,000 in
1940 to 1944, $3,000 in 1945, as 2Ms, and $12,000 maturing $3,000
Dec. 1, 1946 to 1949, as 2Ms.
7,000 street improvement, series A bonds as 2Ms.
Due on Dec. 1 as
follows: $1,000, 1941 to 1943, and $2,000 in 1944 and 1945.
25,000 street improvement, series B bonds; $13,000 maturing Dec. 1,
$2,000 in 1940 to 1944, $3,000 in 1945, as 2Ms, and $12,000 matur¬
ing $4,000 Dec. 1, 1946 to 1948, as 2Ms.
NORTH
100.029
WILKESBORO, N. C —BOND OFFERING— Sealed bids will
be received until 11
the Local
100.136
100.0666
Albany Savings Bank of Albany
as 1.70s. at 100.05, a basis of about 1.69%.
Dated Dec. 1, 1938 and due as follows: $2,000 in 1939 and $3,000 from 1940
The Marine Trust Co. of Buffalo, second high bidder, offered
to 1945 incl.
100.097 for lMs.
a.
m.
on
Dec.
13, by W. E. Easterling, Secretary of
Government Commission, at his office in
Raleigh, for the pur¬
$48,000 issue of coupon refunding bonds.
Interest rate is not
to exceed 6%, payable J-D.
Dated Dec. 1, 1938, maturing on Dec. 1,
$12,000, 1945 to 1948, incl. without option of prior payment.
There will
be no auction.
Denom. $1,000; not registerable; prin. and int.
(J-D)
payable in lawful money in New York City; general obligations; unlimited
tax; delivery at place of purchaser's choice.
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 (having the
earliest maturities) and another rate for the balance, but no bid
may name
more than two rates, and each bidder must specify in his bid the amount
chase of
VAN BUREN (P.O. Baldwinsville), N.Y.—BOND SALE—The
$20,000
home relief bonds offered Dec. (4—V. 147, p. 3345—were awarded to the
to pay
refunding
LAURINBURG,
1939 and $2,000 from 1940 to 1954 incl.
Bidder—
registered
or
tions of the county,
required.
offered Dec. 9—V. 147, p. 3496—was awarded to A. C. Allyn & Co., Inc.,
and E. H. Rollins & Sons, Inc., both of New York, jointly, as 2.60s, at
County Treasurer, will receive sealed bids until
Dec. 16 for the purchase of $48,000 not to exceed 4% interest
Co., Warsaw, with New York exhcange.
The bonds are general obliga¬
payable from unlimited taxes.
A certified check for
N. Y.—BOND OFFERING—Clair C. Winship, City
Clerk, will receive sealed bids until 12:30 p. m. on Dec. 12 for the purchase of
$83,000 not to exceed 5% interest coupon or registered sewer bonds. Dated
Dec. 1, 1938. Denom. $1,000. Due Dec. 1 as follows: $4,000 from 1939 to
1955 incl. and $5,000 from 1956 to 1958 incl. Bidder to name a single rate of
interest, expressed in a multiple of M or l-10th of 1%.
Principal and
interest (J-D) payable in New York exchange at the Salamanca Trust
Co. or at the First National Rank, Salamanca.
The bonds are unlimited
tax obligations of the city and the approving legal opinion of Dillon, Vande¬
water & Moore of New York City will be furnished the successful bidder.
A certified check for $1,660, payable to order of the City Comptroller, is
SALAMANCA,
SETAUKET FIRE DISTRICT (P. O. East Setauket), N. Y.—BOND
OFFERING—Reginald A. Pfeiffer, District Secretary, will receive sealed
bids until 2 p. m. on Dec. 16 for the purchase of $45,000 not to exceed 6%
interest coupon or registered fire house and apparatus bonds.
Dated Dec.
15, 1938.
Denom. $500.
Due Dec. 15 as follows: $3,000, 1939 to 1942
incl.; $3,500 from 1943 to 1945 incl. and $4,500 from 1946 tol950 incl.
Bidder to name a single rate of interest, expressed in a multiple of M or
l-10th of 1 %.
Principal and interest J-D payable at Tinker National Bank,
East Setauket, with New York exchange.
Bonds are unlimited ad valorem
tax obligations of the district and the legal opinion of Dillon, Vandewater &
Moore of New York City wiii be furnished the successful bidder.
A certified
check for $900, payable to order of the district, is required.
on
$1,000.
Due $24,000 on Dec. 1 in 1949 and 1950.
Bidder to name a
single rate of interest, expressed in a multiple of M or l-10th of 1 %.
Prin¬
cipal and interest (J-D) payable at the Wyoming County Bank & Trust
100-29
2.80%
(P. O. Warsaw), N. Y.—BOND OFFERING—
Small wood,
B.
a. m.
coupon
100.41
£.60%
1,
and accrued interest for said bonds.
certificates of indebtedness was sold
York at 0.58% interest.
PORTLAND,
10. 1938
the bonds before
after Dec.
York City.
PORT CHESTER, N.
Dec.
and mature on Dec. 1, 1950.
PLEASANTVILLE, N. Y.—BOND OFFERING—W T. Guion, Village
Clerk, will receive sealed bids until 10 a. tn. on Dec. 16 for the purchase of
$10,000 not to exceed 5% interest coupon or registered water bonds.
Dated
Dec. 1, 1938,
Due Dec. 1 as follows: $2,000 in 1940 and 1941 and $3,000
in 1942 and 1943.
Bidder to name a single rate of interest, expressed in a
multiple of M or l-10th of 1%.
Prin and int. (J-D) payable at First
National Bank, Pleasantvllle.
A certified check for $200, payable to order
of the village, is required.
Legality approved by Dillon, Vandewater &
Moore of New
Chronicle
of bonds
a
of each rate.
The bonds will be awarded to the bidder offering
WAPPINGER, POUGHKEEPSIE, FISHKILL, EAST FISHKILL,
LA GRANGE, KENT AND PHILLIPSTOWN CENTRAL SCHOOl!
DISTRICT NO. 1 (P. O. Wappingers Falls), N. Y.—BOND OFFERING
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 enter¬
—John J.
Flood, District Clerk, will receive sealed bids until 2 p. m. on
Dec. 19 for the purchase of $537,000 not to exceed
5% interest coupon or
school bonds.
Dated Dec.
1, 1938.
Denom. $1,000.
Due
tained.
follows: $22,000, 1940 and 1941; $23,000, 1942 and
1943; $24 000,
1944 and 1945; $26,000, 1946 and 1947; $28,000, 1948 and
1949; $30,000,
19o0 to 1956, incl.; $32,000, 1957 and 1958, and $17,000 in 1959.
Bidder
to name a single rate of interest, expressed in a
multiple of M or 1-10th of 1 %.
Palmer and
to
registered
1
as
Prin. and int. (J-D) payable at National Bank of
Wappingers Falls, Wappingers Falls, with New York exchange.
The bonds are unlimited tax
obligations of the district and approving legal opinion of Dillon, Vandewater
& Moore of N. Y. City will be furnished the successful
bidder.
A certified
check for $10,740, payable to order of the
district, is required.
WESTCHESTER
COUNTY
(P.
O.
White Plains),
N. Y.—RFC
ASKS BIDS ON $1,800,000 COUNTY PARKWAY BOND&—H. A. Mulli-
^arl' y^®,asurer, of the Reconstruction Finance Corporation, will receive
office in Washington until noon on Dec. 12 for the purchase
s^Ii
of
ortrt
$1,800,000 not to exceed 4% interest coupon or registered cross
county
parkway revenue bonds. They are to be issued by the county for the purpose
of providing funds to pay the cost of a
revenue-producing parkway under¬
taking, consisting of the construction, reconstruction, improvement, better¬
ment and extension of the Cross
County Parkway from the vicinity of
f icetwood" in the City of Mount Vernon to the intersection with the Saw
Mill River Parkway in the
City of Yonkers with viaducts, bridges, ap¬
proaches and connections.
Bonds will be in denom. of $1,000 in coupon
form, registerable as to principal only, or exchangeable for
fully registered
bonds and will bear the rate of interest
(payable semi-annually commencing
June 1, 1939) named in the bid accepted.
They will be dated Dec. 1, 1938,
,
,
Bids
must
be
accompanied by
a
certified check
upon
an
incor¬
porated bank
or trust company, payable unconditionally to the order of
the State Treasurer for $960.
The approving opinion of Storey, Thorndike,
Dodge, Boston, will be furnished the purchaser.
ROBESON
COUNTY (P. O. Lumberton), N. C.—BOND SALE—
$45,000 issue of school building bonds offered for sale on Dec. 6—
Hall, Inc. of Greensboro, paying
a premium of $5, equal to
100.011, a net interest cost of about 2.21%, on
the bonds divided as follows: $15,000 as 2s, maturing $5,000 in 1940 to 1942;
the remaining $30,000 as 2Ms, maturing $5,000 from Dec. 1, 1943 to 1948
The
V. 147, p. 3496—was awarded to Lewis &
incl.
SALISBURY, N. C.—BOND TENDERS INVITED—It is stated by
Holmes, City Manager, that he will receive tenders until 9:30 p. m.
Dec. 20, on the following refunding bonds:
H. C.
on
$6,000 street and sidewalk bonds.
Dated Dec.
1, 1934.
Due
on
Dec.
Dated May 1, 1937.
Due
on
May 1,
1,
1959.
3,000 street and sidewalk bonds.
1962.
STATESVILLE, N. C.—BOND SALE—The $196,000 issue of
sanitary
coupon
tonds offered for sale on Dec. 6—V. 147, p. 3497—was
composed of R. S. Dickson & Co., the Southern In¬
vestment Co., Inc., both of Charlotte, Lewis & Hall, Inc., of Greensboro,
and Vance, Young & Hardin, Inc., of Winston-Salem, paying a premium
of $16.50, equal to 100.008, a net interest cost of about 4.10%, on the bonds
divided as follows: $156,000 as 4Ms, maturing on June 1; $8,000, 1941 to
1952; $10,000, 1953 and 1954, and $20,000, 1955 and 1956; the remaining
$40,000 as 3 Ms, due $20,000 on June 1, 1957 and 1958.
sewer
awarded to
a
group
Volume
Financial
141
THOMASVILLE, N. C.—BOND SALE—The $20,000 issue of coupon
refunding bonds offered for sale on Dec. 6—V. 147, p. 3497—was awarded
to R. S. Dickson & Co. of Charlotte, as 3s, paying a premium of $21.50,
equal to 100.107, a basis of about 2.98%.
Dated Dec. 1, 1938,
Due from
Dec. 1, 1940 to 1948 incl.
PIWADESBORO, N. C —BOND OFFERING—We are informed byW.E.
Easter ling, Secretary of the Local Government Commission, that he will
receive sealed bids until 11 a. m. on Dec. 13 at his office in Raleigh for the
purchase of an issue of $140,000 not to exceed 6% semi-annual coupon public
improvement bonds.
Dated Dec. 1, 1938, maturing on Dec. 1, $4,000 in
1941 to 1945, $5,000 in 1946 and 1947, $10,000 in 1948 to 1958, incl.,
without option
of prior payment.
There will be no auction.
Denom.
$1,000; coupon bonds registerable as to principal only; prin. and int. (J-D)
payable in lawful money in New York City; general obligations; unlimited
tax; delivery at place or purchaser's choice.
Each bid may name one rate
for part of the bonds (having the earliest maturities) and another rate for
the balance, but no bid may name more than two rates, and each bidder
must specify, in his bid the amount of bonds of each rate.
The bonds will
be awarded to the bidder offering to purchase the bonds at the lowest in¬
terest 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.
acompanied by a certified check upon an incorporated bank
or trust company, payable unconditionally to the order of the State Treas¬
urer, for $2,800.
The approving opinion of Reed, Hoyt, Washburn &
Clay, N. Y. City, will be furnished the purchaser.
DAKOTA
HARVEY SCHOOL DISTRICT NO. 38
(P. O. Harvey), N. Dak.—
bonds offered for sale on
BOND SALE—The $58,000 issue of coupon school
Nov. 7—V. 147, p. 2899—was purchased by the
as
4s at par, according to
State Land Department
Due from 1940 to 1959.
the District Clerk.
Dak.—BOND SALE—The $20,000 issue of 4%
semi-aim. water and sewer bonds offered for sale on Dec. 5—V. 147, p. 3497
—was purchased by E. J. Prescott & Co. of Minneapolis, paying a price of
102. a basis of about 3.79%.
Dated Nov. 1, 1938.
Due on Jan. 1 from
NORTHWOOD,
1941
N.
1958.
to
WEST
FARGO
November
Due $650
bonds at par.
an issue of $32,500 3M% gymnasium-auditorium
semi-annually for 25 years.
MIDDLETOWN, Ohio—BOND SALE DETAILS—The $1,800,000 3 M %
bonds purchased by VanLahr, Doll &
Isphording, Inc. of Cincinnati—V. 147, p. 3497—were purchased by the
bankers at a price of 95.
electric light plant mortgage revenue
PARMA
O.
(P.
Brooklyn
Cleveland),
Station,
Ohio—TENDERS
WANTED—It is announced that $75,000 is available in the sinking fund for
purchase of refunding bonds issued in connection with debt readjustment
plan and that sealed tenders of such instruments will be received by John M.
Graham, City Treasurer, until noon on Jan. 16.
Price must not exceed
purchased in sufficient amount to exhaust the
available for that purpose. Bonds tendered must be ready for delivery
not later than 10 days thereafter.
face value and bonds will be
sum
SUNBURY, Ohio—BOND SALE—The $25,000 sewer system and treat¬
plant bonds offered Oct. 12—V. 147, p. 2l26—were awarded to the
Dated Oct. 1, 1938 and due $2,500 on Oct. 1
ment
Farmers Bank of Sunbury.
from 1940 to 1949 incl.
TOLEDO, Ohio—BOND SALE—The issue of $3,600,000 waterworks
147, p. 3199—
extension first mortgage revenue bonds offered Dec. 8—V.
was
awarded to a syndicate composed of Harris, Hall &
Co., Chicago;
F. Rothschild & Co., Kidder, Peabody & Co., and Bancamerica-Blair
Corp., all of New York; Morris Mather & Co., Chicago; Goldman, Sachs
& Co. and C. F. Childs & Co., both of New York; Milwaukee Co. of Mil¬
waukee, and Graham, Parsons & Co., New York, on their bid of 100.008
for the first $3,434,000 bonds, due serially on Dec. 1 from 1941 to 1969
incl., as 2 Ms, and the remaining $166,000, maturing in 1970, as 2Ms, a
net interest cost to the city of about 2.73%.
Bonds are dated Dec. 1, 1938
and mature serially on Dec. 1 in slightly progressive annual instalments
ranging from $79,000 in 1941 to $169,000 in 1969, with a final payment of
$166,000 in 1970. Bonds due from 1961 to 1970 incl. are callable at 102 in
inverse order on Dec. 1,1956 or on any subsequent interest date. In addition
to the accepted bid, the purchasing syndicate made an offer of 100.20 for
the entire issue as 2 Ms, with the same callable feature.
Smith, Barney & Co. of New York and associates submitted bids of
100.089 for $1,920,000 2Ms and $1,680,000 3s, and 101.089 for $3,600,000
3s, at respective net interest costs of 2.90% and 2.94%; Lehman Bros, and
asscoiates also made two bids, one with a callable feature, both of which
figures a net interest cost of about 2.92%; Dick & Merle-Smith, New York,
offered to pay 100.017 for 2Ms and 3s.
(callable or non-callable), or a
2.946% basis, and 100.819 for all 3s; First Boston Corp. syndicate submitted
two tenders based on a net interest cost of about 2.97%; Halsey,
Stuart
L.
Bids must be
NORTH
3649
Chronicle
SCHOOL DISTRICT
NO. 6 (P. O. West Fargo),
of coupon building bonds of¬
N. Dak.—BOND SALE—The $45,000 issue
fered for sale on Dec. 2—V. 147, p. 3346—was awarded jointly to the First
National Bank & Trust Co., the Justus F. Lowe Co. and Piper, Jaffray &
Hopwood, all of Minneapolis, as 3 Ms, according to the
1, 1941, to 1958.
District Clerk.
Due
from Nov.
&
Co., Inc. and others bid
on a net
cost basis of about
2.99%.
TROY, Ohio—ORIGINAL SALE CANCELED—NEW A WARD MADE
—The sale of $100,000 sewage disposal plant and Lincoln Community Center
Building bonds, originally made to Field, Richards & Shepard, Inc., Cin¬
cinnati, as 2Ms, at 100.274—V. 147, p. 2899—was canceled as delivery was
delayed and the firm declined to accept the issue.
The bonds were then
purchased by the First Troy National Bank & Trust Co., Troy.
WOOSTER, Ohio—BOND SALE— The $325,000 sewage disposal plant
bonds offered Dec. 5—V. 147, p» 3199—were awarded to
construction
Braun, Bosworth & Co. of Toledo as 2Ms, at par
plus $2,313 premium,
equal to 100.71, a basis of about 2.44%.
Dated Dec. 15, 1938 and due
Dec. 15 as follows: $13,000 from 1940 to 1950 incl. and $14,000 from 1951
1963
to
incl.
Other
bids:
Int. Rate
able to order of the village, is
2M
2M
2M
2M
Fox, Einhorn & Co., Inc
CEDARVILLE, Ohio—BOND OFFERING—Pierre J. McCorkell, Vil¬
lage Clerk, will receive sealed bids until noon on Dec. 14 for the purchase o*
$3,500 4M% fire department apparatus bonds.
Dated Jan. 1, 1939.
Denom. $350.
Due $350 on Oct. 1 from 1940 to 1949, incl.
Int. A-O.
Bidder may name a different rate of interest, provided that fractional rates
are expressed in a multiple of M of 1%.
A certified check for $350, pay¬
required.
$1,958.00
6,176.00
5,789.00
5,073.00
2,888.88
2M %
j
Mitchell, Herrick & Co., et al.
First (leveiand Corp.. et al
OHIO
Premium
2M%
Bidder—
Brown Harriman & Co., Inc., et al_„__
BancOhio Securities Co. et al
%
%
%
2,457.00
1,725.00
Hatsey, Stuart & Co., Inc., et al
%
Weil, Roth & Irving Co., et al
■_
2M%
Charles A. Hinsch & Co., Inc., et al
—2M%
*
Wayne County National Bank, Wooster..
1M%
*
Bid only for first $78,000 bonds.
YORK TOWNSHIP
1,088.88
78.00
(P. O. Nelsonville), Ohio—BOND OFFERING—
receive sealed bids until 7:30 p. m. on
Vivian Dowler, Township Clerk, will
CINCINNATI, Ohio—BOND OFFERING—Henry TJrner, City Auditorwill receive sealed bids until noon on Dec. 27, for the purchase of $1,345,000
2M% coupon bonds, divided as follows;
$200,000 Locust St.-Calhoun St., et al., improvement bonds authorized at
"Nov., 1929 general election and payable from unlimited taxes.
Due $20,000 on Sept. 1 from 1940 to 1949, inclusive.
150,000 sewage pollution elimination bonds authorized at Nov., 1938
general election and payable from unlimited taxes.
Due $6,000
on Sept. 1 from 1940 to 1964, inclusive.
275,000 University Bldg. bonds authorized at the Nov., 1929 general
election and payable from unlimited taxes.
Due Sept. 1 as
follows;
$14,000 from 1940 to 1954, incl. and $13,000 from 1955
to 1959, inclusive.
720,000 waterworks bonds.
Due $18,000 on Sept. 1 from 1940 to 1979,
incl.
General obligations of the city, payable from general tax
levies, but also payable from earnings of the waterworks, in so far
as the same are sufficient to meet the requirements of these bonds.
exceed 5M % Interest coupon road
bonds.
Dated Jan. 2, 1939.
Denom. $500. Due $500 on
1939 to 1948 incl. Principal and interest (M-S) payable at the
of Nelsonville, A certified check for 5%, payable to order of
is required. Issue was authorized at the Nov. 8 election
Dec. 22 for the purchase of $5,000 not to
improvement
Sept. 15 from
Peoples Bank
the township,
•
^
All of the bonds will be dated Feb.
1,
R. J. EDWARDS, Inc.
Municipal Bonds Since 1892
Oklahoma City, Oklahoma
1939 and at the request of the
be exchanged for bonds registered as to principal and interest.
Denom. $1,000.
Bidder may name a different rate of interest, but such
fractional rate shall be M of 1 % or multiples thereof.
Different rates may
be bid for the respective issues, but all of the bonds of each loan must bear
the same rate.
Principal and interest (M-S) payable at the Irving Trust
Co., New York City.
Bids may be made separately for each lot or for "all
or none."
A certified check for 3% of the first $100,000 bonds bid for, and
1% of all bonds in excess of that amount bid for, payable to order of the
City Auditor, must accompany each proposal.
Approving opinion of
City Solicitor will oe furnished without charge. Any other opinion must be
Long Distance 787
AT&T Ok Oy 19
owner may
secured at bidder's cost.
1
,
COUNTY
CLERMONT
(P. O.
.
Batavia), Ohio—BOND SALE— The
$20,000 jail bonds offered Dec. 3—V. 147, p. 3054—were awarded to Pohl
& Co., Inc., Cincinnati, as 3s, at 101.14, a basis of about 2.91%.
Dated
Nov. 1, 1938 and due Sept. 1 as follows; $500 from 1940 to 1949 incl. and
$1,000 from 1950 to 1964 incl.
Among other bids were the following:
Bidder
Charles A.
Int. Rate
*
3%
k
3%
•
-
Hinsch & Co., Inc
BancOhio Securities Co_,
Weil, Roht & Irving Co.
------
—
3%
Prerriufn
$84.00
28.00
13.00
(P. O. Cleveland), Ohio—BOND SALE—A
composed of the First Cleveland Corp., A. C. Allyn & Co., Inc.,
Chicago, and Stifel, Nicolaus & Co., St. Louis, purchased $393,500 bonds
CUYAHOGA COUNTY
group
as
follows:
$236,400 bonds as 3 Ms at 104.68.
i.
Ohio—CERTIFICATE SALE—An
issue of $248,073 State School Foundation certificates, bearing 4% interest,
was sold to the Huntington National Bank of Columbus.
EAST
SCHOOL
DISTRICT,
LIVERPOOL,
Ohio—BOND
SALE—An
issue of $39,896.37
3M % swimming pool and equipment bonds was sold to the Sinking Fund
Trustees.
Dated Nov. 1,1938.
One bond for $896.32, others $1,000 each.
Due Nov. 1 as follows: $3,896.37 in 1940 and $4,000 from 1941 to 1949, incl.
SCHOOL DISTRICT (P. O. Cleve¬
SALE—The $220,000 high school addition bonds
were awarded to A. C. Allyn & Co.,
Inc., Chicago, as 4Ms, at 100.25, a basis of about 4.47%.
Dated Nov. 10,
1938 and due semi-annually in March 1 and Sept. 1 from 1945 to 1969 incl.
GARFIELD
land),
HEIGHTS CITY
Ohio—BOND
offered Nov. 14—V. 147, p. 2734
Fund Trustees pur¬
Dated Oct. 15, 1938.
incl.
GREENVILLE, Ohio—B*JND SALE—The Sinking
chased an issue of $13,000 4% fire equipment
Denom. $1,300.
Due $1,300 on
bonds.
Oct. 15 from 1940 to 1949
HAMILTON, Ohio—BOND SALE—The City
purchased $62,000 3% storm sewer bonds.
Board
and due Oct. 1 as follows: $8,000
Treasury
Investmen
Dated Dec. 1, 1938
fn 1940 and $6,000 from 1941 to 1949 incl.
COUNTY (P. O. Cincinnati), Ohio—BOND SALE—
The $500,000 sewer bonds authorized at the Nov. 8 general election—
V. 147, p. 3497—were sold to the County Sinking Fund.
HAMILTON
DISTRICT (P. O. Coshocton), Ohio—
Lennon & Co. of Columbus purchased during
LINTON RURAL SCHOOL
BOND SALE—George T.
TULSA COUNTY
SCHOOL DISTRICT NO. 33 (P. O.
City
25—
Tulsa. Route
SALE—The $15,000 issue of coupon building
28—V. 147, p. 3346—was purchased by the
First National Bank & Trust Co. of Oklahoma City, at rates ranging from
1M% to 3M%.
Due from 1941 to 1955 incl.
9, Box 395J) Okla.—BOND
bonds offered for sale on Nov,
OREGON
CLACKAMAS COUNTY SCHOOL
DISTRICT NO. 61 (P. O. Clack areceived until 2 p. m.
the purchase of $2,500
ma«), Ore.—BONDS OFFERED—Sealed bids were
Dec. 9 by Mary E. Talbert, District Clerk, for
school bonds.
Due in five years.
on
ECHO, Ore.—BOND OFFERING— It is stated by the City Recorder that
sealed bids until Dec, 19, for the purchase of a $3,200 issue
semi-annual water bonds.
Dated Jan. 1, 1939. These
bonds were aporoved by the voters on Nov. 29.
The bids will be received until 7:30 p. m. on the above date.
Due $500
from Jan. 1,1940AO 1946, incl.
A certified check for $200 must accompany
he will receive
of not to exceed 5%
the
157,100 bonds as 4Ms at 104.58.
DAYTON
OKLAHOMA
ANADARKO, Okla.—BONDS NOT SOLD— It is stated by the
Clerk that the $60,500 water works system bonds offered on Nov.
V, 147, p. 3346—-were not sold.
Due from 1939 to 1945.
bid.
MALHEUR COUNTY SCHOOL DISTRICT NO. 47 (P. O. Parma,
Idaho R. F. D. No. 3) Ore.—BOND SALE—The $2,500 coupon school
building bonds offered for sale on Nov. 28—V. 147, p. 3346—was awarded
to Tripp & McClearey, Inc. of Portland, as 3 Ms »t par, according to the
District Clerk. Due $500 from Dec. 1, 1941 to 1945 incl.
Ore.—BOND SALE— The $4,500 issue of refunding
sale on Dec. 5—V. 147, p. 3498—was awarded to Tripp
of Portland, as 3 Ms, paying a price of 100.37, a basis of about
Dated Jan. 1, 1939. Due $500 from Jan. 1, 1943 to 1951 incl.«M
SILVERTON,
bonds offered for
& McClearey
3.20%.
COUNTY SCHOOL DISTRICT
Ore—BOND OFFERING—Sealed bids will
WASHINGTON
Hillsboro),
NO. 29 (P. O.
be received until
by Mrs. P. R. Linehan, District Clerk, for the purchase
3M % semi-annual school bonds.
Dated Jan. 1, 1939.
Jan. 1 in 1943 to 1947, incl.
8 p. m. on Dec. 19,
of a $2,500 issue of
Due $500 on
YAMHILL COUNTY UNION HIGH SCHOOL DISTRICT NO. 7
O. Wiliamina), Ore.—BOND OFFERING—It is said that sealed bids
until 7 p. m. on Dec. 17, by Paul Fundman, District Clerk,
for the purchase of a $50,000 issue of not to exceed 4% semi-annual
bonds.
Dated Dec. 1, 1938.
Due Dec. I as follows: $2,000 in 1940 to
1944, and $2,500 in 1945 to 1960.
Principal and interest
at
(P.
will be received
school
payable
the
County Treasurer's office, or at the fiscal agency of the State, in New York
Citv
The bonds were duly authorized at an election held on Sept. 30.
The approving opinion of Teal, Winfree, McCulloch,
Shuler & Kelley
of Portland will be furnished the purchaser.
.Enclose a certified check for
$1,000
,
*
• ■
3650
Financial
Chronicle
$20,000 Bethel Township
Allegheny County, Pa., School District 2%s
Due Dec.
Dec. 29 for the purchase of $ 12,500 3 % registered water works bonds.
Dated
Dec. 31, 1938.
Denom. $500.
Due $500 on Dec. 31 from 1940 to 1964
incl.
Interest J-D.
A certified check for 2%, payable to orderlof the
JOHNSON & McLEAN
borough, is required.
LEMOYNE, Pa.—BOND
Incorporated
PITTSBURGH
bonds
PENNSYLVANIA
A. T. T. Teletype-PITB 289
BONDS
A. T. & T.
«
Teletype—Phla 22
Walnut St.
Philadelphia
PENNSYLVANIA
ARNOLD, Pa.—BOND OFFERING—Tom Tannas, Borough Secretary,
1,
1939.
Denom.
$1,000.
Principal and interest payable at the National Deposit
Bank, Arnold.
Legality to be approved by Burgwin, Scully & Churchill
of Pittsburgh.
A certified check for $2,000 is required.
Bonds were
voted at the Nov. 8 general election.
BELLEFONTE,
Pa.—OPTION GRANTED—Borough
Treasurer in¬
option until Dec. 15 was granted on the $70,000 not to exceed
disposal plant bonds offered Dec 7—V. 147, p. 3498.
Jan. 1 from 1942 to 1968, inclusive.
forms that
Due
on
an
sewage
thorized at
Dec.
W. H. New hold's Son & Co___
as to
principal only, water works improvement bonds.
Dated Jan. 1,1939.
Denom. $1,000.
Due Jan. 1 as follows: $2,000, 1940 to 1943, incl.; $1,000
1944 to 1953, incl., and $2,000 in 1954.
Redeemable on or after
Jan. 1, 1948.
Bidder to name a single rate of interest, payable J-J.
A
certified check for
2% of the bonds bid for, payable to order of the Borough
Treasurer, Is required.
Bonds will be issued subject to favorable legal
opinion of Townsend. Elliott & Munson of Philadelphia.
BROOKVILLE
Sealed
SCHOOL
COAL
They
were
TOWNSHIP
„
burgh.
149.38
99.33
59.29
770.00
SPR1NGDALE TOWNSHIP (P. O.
700.00
603.00
983.29
77.00
277.20
WHITAKER, Pa .—BOND SALE— The issue of $20,000 bonds offered
Dec. 5—V. 147, p. 3499—was awarded to Burr & Co., Inc., of Philadelphia
354s at par plus $41.80 premium, equal to 100.209, a basis of about
3.72%.
Dated Jan. 1, 1939 and due $2, jOO on Jan. 1 in 1940, 1941, 1943,
as
was consum¬
'
1944, 1945, 1948, 1950, 1951, 1953 and 1954.
DISTRICT,
O.
Ranshaw),
Pa .—BOND
Leach
S.
OFFERING—
Stroud & Co. and
Schmidt, Poole & Co., both of Philadelphia, jointly, as
basis of about 2.43%.
Dated Jan. 1, 1939, and due
Jan. 1 as follows: $6,000 from 1942 to
1945, incl., and $7,000 from 1946
to 1963, incl.
Bankers re-offerea the bonds to yield from 1.47
% to 2.42 %,
according to maturity.
The Bancamerica-Blair Corp., second high bidder,
offered to pay 100.567 for
2Mb.
2Hs, at 100.799,
a
DOYLESTOWN SCHOOL
EMAUS, Pa.—BOND OFFERING—Oscar T. Iobst, Borough
Secretary,
will receive sealed bids until 7
p. m. on Dec. 23 for the purchase of $75,000
2 )4 % coupon refunding bonds.
Dated Dec. 15, 1938.
Due as follows:
12.000, 1939; $4,000, 1940 to 1945 Inch; $3,500,
1946 to 1953 incl.; $4,Q00,
1954; $3,900 from 1955 to 1957 incl. and $4,300 in 1958.
Bonds may be
registered as to principal only and will be issued
subject to approval of
proceedings by the Pennsylvania Department of Internal Affairs. A
check for
certified
5% of the bid, payable to order of the borough, is required.
FRANKLIN, Pa .—BOND OFFERING—J.
G.
Crawford,
City
Clerk,
Dec.17 for the purchase of $75,000
only, improvement bonds to bear
interest at one of the
following rates, to be named in the bid: 1. \M. 1H
154, 2, 2)4, 2)4, 254 or 3%. Dated Jan. 1, 1939. Denom.
$1,000.
Due
will receive sealed bids until
coupon,
registerable
as
to
noon
on
principal
a8J?,Io^!: $5-000, 1940; $10,000, 1941;
$5,000, 1942: $10,000, 1943;
1947; $5,000 in 194^
$5:P£9kk9i4.; $10,000, 1945; $5,000, 1946; $10,000,
and $10,000 in 1949.
All or
any part of the bonds are redeemable by lot
on Jan. 1, 1941, or on
any subsequent interest payment date.
Principal
and interest (J-J) payable at
City Treasurer's office.
Bonds will be free
of all taxes except succession and inheritance
taxes levied under
any present
or future law of the
Commonwealth of
Pennsylvania.
City will print the
HARRISBURG, Pa.—BOND OFFERING— Robert
A. Enders, Director
bonds and issuance will be
subject to favorable legal opinion of Townsend,
Elliott & Munson of Philadelphia.
A certified check for 2% of the bonds
bid for, payable to the order of the
City Treasurer, is
required.
°f Finance, will receive sealed bids until
of $1,600,000 1)4, 154, 2,
noon
2)4, 2)4, 254
principal only, water improvement bonds.
f1
/kue.,15
as
or
on
3%
Dec. 20 for the purchase
coupon,
registerable
Dated Dec. 15,1938.
follows: $50,000 in 1942 and
as
to
Denom.
1943 and $75,000
from 1944 to 1963, incl.
Bidder to name a single rate of
interest, payable
J-D.
A certified check for
2% of the bonds bid for, payable to order of
the City Treasurer, is required.
Bonds will be issued subject to favorable
legal opinion of Townsend, Elliott & Munson
HEIDELBERG
of
Philadelphia.
(P. O. Loupurex, Box 185), Pa.—BOND SALE—
The issue of $10,000 bonds offered Nov. 21—V.
147, p. 3055—was awarded
to Singer, Deane & Scribner of
Pittsburgh as 4Mb, at 100.37. a basis of
I
Bidder—
$26.00
74.60
230.00
Rate Bid
Int. Rate
«
Bancamerica-Blair Corp.
First Boston Corp
2)4%
Halsey, Stuart & Co., Inc.
Dougherty, Corkran & Co
101.58
2)4%
•
-
Brown Harriman & Co., Inc
1
.:
:
PUERTO
DISTRICT, Pa.—MATURITY—The $12,-
000 3% bldg. bonds sold to the Doylestown Trust Cor. at
a price of 101—V.
147, p. 3347'—mature $1,000 on Oct. 1 from 1939 to 1950, incl.
Premium
354 %
4%
4)4%
K.
WILKES-BARRE
SCHOOL
DISTRICT, Pa.—BOND SALE— The
$210,000 school bonds offered Dec. 5—V. 147, p. 3056—were awarded to
M. M. Freeman & Co., Inc., Philadelphia, as 2)4s at 100.519, a basis of
about 2.20%.
Dated Jan. 2, 1939 and due $10,000 on Jan. 2 from 1942 to
1962, incl.
Other bids;
$50,000 not to exceed 5% interest refunding bonds.
COLUMBIA SCHOOL
DISTRICT, Pa .—BOND SALE— The issue of
$150,000 school bonds offered Dec. 2—V. 147, p. 3200—was awarded to
Int. Rale
Bros
Cunningham & Co
Johnson & McJLean, Inc-
Albert Long, Township Secretary, will receive sealed bids until
7:30 p. m.
on Dec. 14 for the purchase of
$100,000 improvement and funding bonds.
It was previously reported in V. 147,
p. 3498 that the township proposed
to sell
Other bids:
Bidder—
on
(P.
Harwick), Pa.—BOND OFFERING
—Mildred Sonneyfield, Township Secretary, will receive sealed bids until
7 p. m. on Dec. 23 for the purchase of $6,000 3% coupon bonds. Dated
Dec. 1, 1938.
Denom. $1,000.
Due $1,000 on Dec. 1 in 1942 and 1944,
and from 1946 to 1949 incl.
Interest J-D.
Purchaser to pay for printing
of the bonds.
A certified check for $1,000 is required.
Pa .—BOND
OFFERING—
Dec. 23 for the purchase of $60,000
3%
authorized at an election on Sept. 6.
bids will be received
bldg. bonds.
SPEERS (P. O. Belle Vernon), Pa.—BOND SALE—The $16,000 water
line bonds offered Dec. 6—V. 147, p. 320U-—were awarded to S. K. Cun¬
ningham & Co. of Pittsburgh as 3)4s, at 101.42, a basis of about 3.34%.
Dated Dec. 1, 1938 and due $1,000 on Dec. 1 from 1941 to 1953 incl.
Second
high bid of 100.78 for 3)4s was made by Johnson & McLean, Inc: of Pitts¬
$399.63
BOND SALE CONSUMMATED—Sale of the above issue
mated on Dec. 5.
1, 1938 and due Dec. 1 as follows: $2,000 from 1939 to 1963, incl.,
1964 to 1968, incl.
Second high bid of lo2 for 3s was
from
Premium
2%
Glover & MacGregor, and S. K,
Cunningham & Co. 2%
Singer, Deane & Scribner
2%
Bancamerica-Blair Corp
2 k %
Hemphill, Noyes & Co., and Phillips, Schmertz & Co. 2%
Leach Bros., Inc
Z%%
29.
SHILLINGTON, Pa .—BOND OFFERING— Benton L. Hemmig, Bor¬
ough Secretary, will receive sealed bids until 8 p. m. on Dec. 27 for the pur¬
chase of $20,000 2,2)4.2)4. 2 54,3,3)4,3)4,3k or4% coupon,registerable
bonds offered Nov. 29—V.
147, p. 3347, the offer being par plus $29.26
premium for 1 )4s, equal to 100.038, basis a of about 1.49%.
Dated Nov. 15
1938, and due Nov. 15 as follows: $10,000 from 1939 to 1945, incl., and
$7,000 in 1946.
Award is being deferred pending approval of a Public
Works Administration grant,
according to report.
Other bids were as
follows:
J
Nov.
and $3,000 from
BRADFORD, Pa .—HIGH BIDDER—Moore, Leonard & Lynch of
Pittsburgh submitted the best bid for the $77,000 park and swimming pool
Stroud & Co
on
Pa.—BOND
made by the McDowell National Bank of Sharon.
$5,000 on Jan. 1 from 1942 to 1964 incl.
Second high bid of 101.196 for
2Mb was made by the Bancamerica-Blair Corp.
124%
election
SALE—The $65,000 sewage disposal
bonds offered Dec. 5—V. 147, p. 3200—were awarded to Farrelly, Chrystal
6 Co. of Youngstown as 3s at
102.05, a basis of about 2.84%., Dated
DISTRICT, Pa.—BOND SALE—The $115,000
\%%
154%
l%%
an
SHARPSVILLE,
school bonds offered Dec. 17—V. 147, p. 3498—were awarded to
Hemphill,
Noyes & Co. and Phillips, Schmertz & Co., both of Pittsburgh, jointly,
as 2)4s. at 100.28, a basis of about
2.48%.
Dated Jan. 1, 1939 and due
Int. Rate
RICHLAND TOWNSHIP SCHOOL DISTRICT (P. O. Meridian
Road, Gibsonia), Pa —BOND OFFERING—J. Clark Stewart, District
Secretary, will receive sekled bids until 8 p. m. on Dec. 22 for the purchase
of $18,000 coupon school bonds.
Datea Jan* 1, 1939.
Denom. $1,000.
Due $1,000 on Jan. 1 from 1942 to 1959 incl.
Bidder to name a single
rate of interest, expressed in a
multiple of 34 of 1%.
Bonds will be sold
subject to approval of proceedings by the Pennsylvania Department of
Internal Affairs.
Purchaser will be furnished with legal opinion of Burg¬
win, Scully & Churchill of Pittsburgh and district will provide the bonds.
A certified check for
$500, payable to order of District Treasurer, is re¬
SHARPSBURG, Pa.—BOND OFFERING—H. J. Ilohman, Borough
Secretary, will receive sealed bids until Dec. 19 for the purchase of $100,000
to exceed 3)4% interset water and
light plant bonds which were au¬
Sale consisted of:
Bidder—
READING SCHOOL DISTRICT, Pa .—BOND OFFERING—John C.
Rhoads, Distilct Secretary, will receive sealed bids until 8 p. m. on Dec. 20
$340,000 1)4. 154. 2, 2)4,2)4. 2%, 3, 3)4 or 3)4% cou¬
pon, registerable as to principal only, improve, bonds.
Dated Jan. 1,1939.
Denom. $1,000.
Due-$20,000 on Jan. 1 from 1942 to 1958, incl.
Bidder to
name a single rate of interest,
payable J-J. A certified check for 2 %, payable
to order of the District
Treasurer, is required.
Bonds will be sold subject
to favorable legal opinion of
Townsend, Elliott & Munson of Philadelphia.
This is the issue mentioned in V.
147, p. 3499.
not
$50,000 bridge impt. bonds.
Due Dec. 1 as follows: $2,000, 1941 to 1948,
incl.; $3,000, 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.
Second high bid of 101.91 for
3s was made by Glover
MacGregor of Pittsburgh.
Halsey, Stuart & Co., Inc
Doughtery, Coraxan & Co
E. 11, Rollins & Sons, Inc
SALE—An issue of $16,000 street improvement
Dec. 1 to the Lemoyne Trust Co.
quired.
BETHEL TOWNSHIP SCHOOL DISTRICT (P. O.
Library, R. D. 1),
Pa.—BOND SALE—The $70,000 coupon bonds offered Dec. 5—V.
147,
p. 3347—were awarded to Johnson & McLean, Inc. of Pittsburgh as 294s,
at par plus $124.60 premium, equal to
100.178, a basis of about 2.73%.
BRADDOCK SCHOOL
on
for the purchase of
will receive sealed bids until 8 p. m. on Dec. 15 for the
purchase of $100,000
coupon bonds comprising $20,000 fire hall and police station, $5,000 fire
alarm system and $75,000 street improvement.
Dated Jan.
,4% interest
sold
PORTLAND, Pa.—BOND SALE—The $10,000 funding bonds offered
Dec. 5—V. 147, p. 3200—were awarded to Burr & Co., Inc., Philadelphia,
as 3s, at 100.019, a basis of
about 2.99%.
Dated Dec. 1, 1938, and due
Dec. 1, 1953.
Optional beginning Dec. 1, 1943.
A local taxpayer bid par
for 3s.
T—SOLD—Q UO TED
YARNALL & CO.
1528
was
McKEESPORT, Pa.—BOND SALE—The issue of $700,000 public im¬
provement bonds offered Dec. 5—V. 147, p. 3347—was awarded to a group
composed of the Bancamerica-Blair Corp., New York, Butcher & Shererd,
Philadelphia, Glover & MacGregor, Inc. and S. K. Cunningham & Co.. Inc.,
both of Pittsburgh, as 2Ms, at 101.876, a basis of about 2.07%.
Dated
Dec. 15, 1938, and due $35,000 on Dec. 15 from 1940 to 1959, incl.
Bankers
re-offered the bonds to yield from
0.85% to 2.13%, according to maturity,
CITY OF PHILADELPHIA
BO
UGH
10, 1938
JEFFERSON
(P. O. Codorus), Pa. BOND OFFERING—Leroy ARohrbaugh, Borough Secretary, will receive sealed bids until 7 p. n-. on
1, 1954, through Dec. 1, 1963, at 2.60% to 101
Telephone-Atlantic 8333
JJec.
about 4.17%.
Dated Dec. 1, 1938, and due $1,000 on Dec. 1 from 1939 to
1948, incl.
8. K. Cunningham & Co. of Pittsburgh offered a price of
100.48 for 4Mb.
100.799
2)4%
254%
2%%
100.159
101.417
101.08
RICO
PUERTO
RICO (Government of)—BOND OFFERING—We are in¬
by Ernest Gruening, Director, Division of Territories and Island
Possessions, that he will receive sealed bids at Room 6514, Department of
formed
Interior Building, Washington, D. C., until 11 a. m. on Dec. 14, for the
purchase of a $2,625,000 issue of Puerto Rico, series A to J, Isabela Irri¬
gation Refunding coupon bonds.. Interest rate is not to exceed 3%. payable
J-J.
Denom. $1,000.
Dated Dec. 1, 1938.
Due on Jan. 1. as follows:
$25,000 in 1940; $200,000, 1941, and $300,000. 1942 to 1949 inclusive.
In¬
terest rate to be stated in a multiple of X of 1 %, which must be the same
for all the bonds.
Prin. and int. (J. & J.) payable at the Treasury of the
United States at Washington, D. C. Each bid must be accompanied by a
bank draft or certified check for 2% of the par value of the bonds bid for,
payable to the above director, in New York City funds.
4
The issuance of these bonds will be effected in accordance with authority
contained in Section 3 of an Act of Congress, approved March 2, 1917,
entitled "An Act to provide a civil government for Puerto Rico, and for
other purposes," as amended by an Act of Congress approved March 4,
1927, and in accordance with the authority of the Legislature of Puerto
Rico as specifically granted.
Under date of Nov. 30, 1938, the Attorney General of the United States
rendered an opinion in which he passed upon the legality of the proposed
issue of bonds, a copy of which will be furnished to the successful bidder.
The United States Treasury Department authorizes the statement that
bonds of the Government of Puerto Rico are acceptable at par, under the
regulations of the Treasury Department, as security for deposits of public
moneys.
The Postmaster General authorizes the statement that these
bonds will be accepted at par as security for deposits of postal
savings funds.
They will also be accepted at par by the Government of Puerto Rico as
security for deposits of funds of t-hat government, or as security required
by any of the laws of Puerto Rico to be deposited with the Treasurer of
Puerto Rico.
Section 3 of the Act of Congress approved March 2, 1917, as amended
by the Act of March 4, 1927, provides that "all bonds issued by the Govern¬
of Puerto Rico, or by its authority, shall be exempt from taxation
by the Government of the United States, or by the Government of Puerto
ment
Rico
or
of any
political
or
municipal subdivision thereof,
or
by
any
State,
Territory or Possession, or by any county, municipality, or other municipal
subdivision of any State, Territory or Possession of the, United States, or
by the District of Columbia," and, under the provisions of Section 22
(b>
Volume
Financial
147
of the Revenue Act of 1936, the term "gross
income" does not include the
TENNESSEE
following, which shall be exempt under that title (4) interest upon (c) obli¬
gations of the United States or its Possessions.
Unless otherwise stated in the bid, each bid will be understood as being
of the bonds appded for. If the bid makes no mention
interest, it will be understood that accrued interest from Dec.
for all or any part
accrued
1938, to date of delivery, is offered by the
3651
Chronicle
COWAN, Tenn.—BOND •OFFERING— It is stated by G. P. Cooper,
Town Recorder, that seated bids will be received until 1 p. m. on Dec. 24,
for the purchase of a $25,000 issue of 5% semi-annual water works, heat,
light and improvement bonds, bids to be opened at the Bank of Cowan.
Due on Dec. 1 as follows: $1,000. 1943 to 1965, and $2,000 in 1966.
of
1,
bidder in addition to the price
named for the bonds.
If any bidder fails
the purchase price of bonds
designated by the Division of
payment, he will forfeit all
right to such bonds and to the check accompanying his bid.
•
Accepted subscriptions will be payable on Dec. 21, 1938 at a bank in
IS ew York
City to be designated by the Division of Territories and Island
Possessions, Interior Department, and the bank so designated will make
delivery of interim certificates, which will be exchangeable for the definitive
bonds at the office of the Secretary of the Treasury, Division of Loans and
Currency, Washington, D. C., as soon as the bonds can be prepared.
HENDERSON,
to make payment of
awarded to him, at the time and at the place
Territories and Island Possessions for such
Tenn.—BOND
OFFERING—It is reported that the
2 p. m..
City Recorder will offer for sale at public auction on Dec. 16, at
a $47,500 issue of water works, paving and refunding bonds.
A
check for $1,000 must accompany the bid.
certified
SCHOOL DISTRICT
(P. O. Hollow Rock) Tenn.—BOND SALE—The $7,500 issue of school
bonds offered for sale on Sept. 30—V. 147, p. 1965—^was purchased by the
Home Bank of Bruceton, and the Bank of Hollow Rock, at par.
It is stated that the bonds are due on Sept. 1 as follows: $500 in 1939
HOLLOW-ROCK AND BRUCETON SPECIAL
-
and $1,000 from
1940 to 1946.
"
ISLAND
RHODE
CRANSTON, R. I.—BOND SALE—The $100,000 coupon or registered
Estabrook & Co. of Boston
2s, at 101.06, a basis of about 1.80%.
Dated Dec. 1, 1938, and due
$10,000 on Dec. 1 from 1939 to 1948, incl.
Prin. and int. payable at First
National Bank, Boston, or at the Rhode Island Hospital Trust Co., Provi¬
dence.
Legatity to be approved by Ropes, Gray, Boyden & Perkins, of
Boston.
8econd high bid of 101.04 for 2s was made by Chace, Whiteside
welfare bonds offered Dec. 9 were awarded to
as
&
Symonds, Inc., of Boston.
EAST
PROVIDENCE,
bonds offered Dec. 6—V.
R.
I.—BOND SALE—The $50;000 hurricane
awarded to Stone & Webster
lMs, at 100.851, a basis of about 1.59%.
$5,000 on Dec. 15 from 1939 to 1948 incl.
147, p. 3499—were
and BJodget, Inc., Boston, as
Dated Dec. 15, 1938, and due
Other bids, all for 2s, were:
Rate Bid
Bidder—
Rhode Island
100.89
Hospital Trust Co__.
Estabrook & Co
100.839
*
Kennedy, Spence & Co
PAWTUCKET,
R.
100.719
:
I.—PRICE
PAID— The
$250,000
3%
highway,
by the city as reported in V. 147, p. 3347,
brought a price of 100.25, a basis of about 2.965%.
A bid of 100.125 was
made by Chace, Whiteside & Symonds, Inc., Boston.
The bonds were
sold to the First National Bank of Boston and publicly offered by Bond,
Judge & Co., Inc., and Burr & Co., Inc., both of Boston.
sewer
and water bonds sold
SOUTH
CAROLINA
2% of the amount of bonds
bid for must accompany
bid.
S.
optional
on any
interest paying date.
McMINNVILLE, Tenn.—BOND SALE—The $25,000 issue of school
improvement bonds offered for sale on Dec. 1—V. 147, p. 3057—was
awarded jointly to the City Bank & Trust Co., and the First National
Bank, both of McMinnville, as 3s, paying a price of 100.60, a basis of
about 2.92 %. The purchaser also agreed to pay the cost of the legal opinion
and the printing of the bonds.
Dated Sept. 1, 1938. Due from Sept. 1,
1941 to 1953 incl.
COUNTY
MADISON
O. Spartanburg),
site purchase and
147, p. 3201—was
& Co., Inc., of New Y'ork, Hamilton &
Co. of Chester, 8. C., and the Peoples National Bank of Rock Hill, S. C.,
as 3s, paying a premium of $81, equal to 100.054,,a basis of about 2.99%.
Dated Jan. 1. 1939.
Due from Jan. 1, 1942 to 1958.
The second best
bid was an offer of $1,591 premium on 3 Ms, tendered by the Provident
Savings Bank & Trust Co., and Weil, Roth & Irving both of Cincinnati:
school building bonds offered for
awarded jointly to Halsey, Stuart
SOUTH
basis of about 2.69%.
Dated Jan. 1, 1939.
option of prior payment.
Auditor, for the purchase of a $335,000 issue
is not to exceed 4%, payable J-D.
Due Dec. 15, as follows: $15,000
In 1941 to 1948, $20,000 in 1949 to 1955, and $25,000 In 1956 to 1958.
All bonds maturing after Dec. 15, 1948, being subject to redemption and
prepayment at the option fo the county at par and accrued interest on said
date and any interest payment date thereafter.
Prin. and int. payable
by the purchaser.
any suitable bank or trust company designated
bid for less than par and accrued iriterest can be considered.
No
The county
and the approving legal opinion Of Junell,
Fletcher, Dorset, Barker & Colman, of Minneapolis.
Enclose a certified
check for at least 2% of the amount bid, payable to the County Treasurer.
the printed bonds
LAKE COUNTY
NO.
3
(P.
INDEPENDENT CONSOLIDATED SCHOOL DIS¬
O.
Rutland),
S. Dak.—BOND OFFERING—It is
reported that sealed and oral bids will be received until Dec. 12, at 8 p. m..
by J. W. Woldt, Clerk of the Board of Education, for the purchase of a
$70,000 issue of not to exceed 3M% coupon semi-annual refunding oonds.
Dated Jan. 1, 1939.
Denom. $1,000.
Due Jan. 1, 1942 to 1957. All
bonds maturing after Jan. 1, 1949 being subject to redemption at the
option of the District at par and accrued interest on said date and any
interest payment date thereafter.
Prin. and int. payable at the First
National Bank & Trust Co., Minneapolis.
No bid for less than par and
furnish the executed
of Junell, Fletcher,
Enclose a certified check for
accrued interest can be considered.
The district will
bonds for said issue and the approving legal opinion
Colman, of Minneapolis.
$1,400, payable to the District Treasurer.
Dorsey, Barker &
PARIS, Tenn.—BONDS SOLD—It is now reported that the $200,000
bonds which had been scheduled for sale on Nov. 15, the
of which was postponed, as noted in these columns—V. 147,
p. 3057—have been purchased by Nichols & Co. of Nashville.
Dated
Oct. 1, 1938.
Due from Oct. 1, 1941 to 1958.
offering
State
TENNESSEE,
of—BOND
INDEPENDENT SCHOOL DISTRICT (P. O. Veblen)
S. Dak.—BOND OFFERING—It is reported that both sealed and oral bids
will be received by Orlando Risdall, District Clerk, until Dec. 19, at 2 p. m.,
for the following not to exceed 4M% bonds aggregating $36,500:
VEBLEN
$12,000 funding bonds. Due Jan. 1 as follows: $500 in 1940 to 1949 and
$1,000 in 1950 to 1956. Enclose a certified check for $250.
24,500 refunding bonds.
Due Jan. 1 as follows: $500 in 1940 to 1944,
$1,000 in 1945 to 1954, $1,500 in 1955 and 1956, $2,500 in 1957,
$3,000 in 1958 and $3,500 in 1959. Enclose a certified check for
$500.
Denom. $500. All bonds maturing after Jan. 1,
1949, shall be subject to redemption at par and accrued interest on said
date and interest payment date thereafter.
No bid for less than par and
accrued interest will ,be considered.
Prin. and int. payable at the First
National Bank & Trust Co., Minneapolis.
The approving opinion of
1, 1939.
Juqell, Fletcher, Dorsey,
Barker & Colman of Minneapolis will
OFFERING—We
are
informed by
that the State Funding Board will receive
Dec. 12, for the purchase of the following
consolidated bonds aggregating $1,080,000; $500,000 refunding, and $580,000 county reimbursement bonds.
Denom. $1,000.
Dated Dec. 1, 1938.
Due on Dec. 1, 1949.
The bidders are requested to stipulate the rate or
rates of interest the bonds are to bear in multiples of M of 1 %.
Different
rates of interest may be stipulated for such issues but tne same rate of in¬
terest must be stipulated for all bonds of the same issue.
Bidders may bid
for both issues or for one issue and may condition their bid upon the award
to them of all or no part of the bonds bid for.
No bid for less than par
will be accepted.
The bonds will be awarded to the bidder offering to take
them at the lowest rate of int. at a price not less than par and accrued int.
to date of delivery, unless a bid for both issues is received which will result
in a lower int. cost to the State over the life of all bonds of both issues than
any combination of bids for separate issues, in which event such bid will be
accepted.
As between bidders naming the same rate of interest, the amount
of premium bid will determine the award.
Prin. and int. payable at the
fiscal agency of the State in New York City, or at the State Treasurer's
office.
The bonds contain provisions for their registration as to principal
alone or as to both principal and interest.
All of said bonds are direct
general obligations of the State for the payment of which the full faith and
credit of the State are pledged, and as additional security therefor, there is
also pledged the annual net revenues of all toll bridges now operated by the
State or any State agency, the first $307,500 of the annual receipts of any
tobacco tax heretofore, or hereafter levied until and including the fiscal
Browning
Gordon
Governor
sealed bids until
11
a.
m.
on
proceeds of a tax of 5 cents per gallon upon gasoline,
all fees for inspection of volatile substances pro¬
6821 of the Code of Tennessee, one-half of the annual
year 1946-47, the annual
the annual proceeds of
proceeds of motor vehicle
registration fees now or hereafter
required to be
Said to franchise tax law, entire annual proceeds of franchise taxes imposed
the the State and the being Chapter 100. Public Acts 1937, and all of
y
said bonds are entitled to
the foregoing taxes,
the benefit of the proceeds of
and to share therein with any other obligations of the
might be entitled to share therein as provided by Chapter 165,
Public Acts of Tennessee 1937.
The approving opinion of Thomson, Wood
& Hoffman of New York, will be furnished.
Enclose a certified check for
fees and revenues
State that
2% of the face amount
of the bonds bid for, payable to the
State Treasurer.
COUNTY (P. O. Dresden) Tenn.—BONDS SOLD—Of
$400,000 issue of power plant bonds offered for sale at public auction
on Dec. 2—V.
147, p. 3499—a total of $275,000 bonds was purchased by
Walter, Woody & Ileimerdinger of Cincinnati, as 3 Ms, at a price of 98.71.
TEXAS
SCHOOL DISTRICT (P. O. Agua Dulce), Texas—
BONDS SOLD—It is stated by the Superintendent of Schools that $40,000
4% 8emi-ann. school building bonds approved by the voters on June 8
have been sold to the State Board of Education.
AGUA DULCE
AMARILLO INDEPENDENT SCHOOL DISTRICT (P. O. Amarlllo),
Texas—BOND SALE DETAILS—It is reported by the Superintendent
Schools that the $175,000 (not $307,000) school building bonds sold
as noted here—V. 147, p. 3201—were purchased by the
Amarillo
Bank, as 2Ms. Paying a premium of $500, equal to 100.2857.
Coupon
years after date of
bonds, dated Nov. 1, 1938.
Due in from one to three years af
Denom. $1,000.
Interest
issue; optional on any interest paying date,
payable M-N.
of
recently,
National
"HBORDEN COUNTY (P.
be furnished.
SOLD—It is stated
court house bonds ap¬
O. Gail), Texas—BONDS
by the County Judge that $20,000 3% semi-annual
proved by the voters on Sept. 30 have been sold.
Due in 20 years; optional in 10 years.
Dated Nov. 1, 1938.
,
on all *
CASTROVILLE SCHOOL DISTRlCl (P. O. Castroville), Texas—
BONDS SOLD—\t is reported that $6,000 3 M % semi-annual building bonds
have been purchased by the State Board of Education.
INDEPENDENT SCHOOL DISTRICT (P. O. Chil¬
Texas—BONDS SOLD— It is stated that $25,000 4% serai-annual
CHILDRESS
dress),
have been purchased by the
$500.
Dated Oct. 1, 1938.
and $1,000 from 1949 to 1968.
gymnasium bonds
MONROE INDEPENDENT SCHOOL DISTRICT (P. O. Monroe),
S. Dak.—PRICE PAID—We are informed by the District Clerk that the
$17,000 coupon building and equipment bonds purchased by the First
National Bank of Parker as noted here—V. 147, p. 3499—were sold as
3Ms, paying a premium of $210, equal to 101.235, a basis of about 3.34%.
Due from Dec. 1, 1939 to 1955 incl.
E.J. Prescott & Co. of Minneapolis offered $200 premium on 3M8.
Dated Jan.
Due on Jan. 1, 1949; without
Tenn.-MATURITY—It is stated by the City
Recorder that the $30,000 water main, general obligation bonds purchased
by Estes & Co. of Nashville, as 3Ms, at a price or 101.31, as noted here
on Oct. 15—V. 147, p. 2433—are due on Oct. 1 as follows: $1,000, 1939 to
1952, and $2,000, 1953 to 1960, giving a basis of about 3.37%.
MOUNT PLEASANT,
by Alberta Fellows, County,
of coupon funding bonds.
Interest rate
Dated Dec. 15, 1938.
Denom. $1,000.
TRICT
Jack¬
Planters
98.32, a
the
JERAULD COUNTY (P. O. Washington Springs), S. Dak.—BOND
OFFERING—Sealed and oral bids will be received until 2 p. m. on Dec. 12.
will furnish
composed of C. H. Littie & Co. of
the Cumberland Securities Corp. of Nashville, and the Union
National Bank & Trust Co. of Memphis, as 2Ms, at a price of
WEAKLEY
DAKOTA
at
Jackson), Tenn.—BOND SALE-—The
for sale on Dec. 6—V. 147, p.
son,
vided for by Section
SPARTANBURG SCHOOL DISTRICT NO. 34 (P.
C.—BOND SALE—The $159,000 issue of coupon
sale on Dec. 8—V.
O.
(P.
$171,000 issue of refunding bonds offered
349P—was awarded to a syndicate
electric plant
COUNTY (P. O. Spartanburg), S. C.—BOND
OFFERING—Sealed bids will be received until 11 a. in. on Dec. 19 by ,
R. H. Ashmore, Clerk of the County Board, for the purchase of an issue of
$125,000 coupon road improvement, Series C, bonds.
Denom. $1,000.
Dated Dec. 1, 1938.
Due on Dec. 1 as follows: $10,000 from 1939 to 1943
and $15,000 from 1944 to 1948, all inclusive.
Coupon bonds, registerable
as to principal only.
Prin. and int. (J-D) payable in New York.
The bonds are to be issued pursuant to Act No. 611 of the Acts of 1937 of
South Carolina, ,as amended.
The Act authorizes the county to issue not
exceeding $500,000 of bonds.
So much as is necessary of the gasoline tax
distributed by the State of South Carolina to the county during the life of
the bonds and for such period thereafter as may be necessary to pay the,
bonds is pledged to and required to be used and applied to the payment of
such principal and interest.
However, if, for any reason whatsoever, such
gaspline tax is insufficient or unavailable for the prompt payment of the
bonds issued pursuant to said Act as amended, and the interest thereon, as
they severally mature, then there is pledged in addition to the revenue from
such gasoline tax distributed to the county, the full faith and credit of the
county, and there must be levied annually upon all the taxable property
in the county a sum sufficient to pay such principal and Interest as they
respectively mature.
Bidders are invited to name the rate of interest which the bonds arte to
bear.
The rate must be a multiple of M of 1%, must not exceed 4%, and
must be the same for all of the bonds.
The bonds will be awarded to the
bidder offering to take them at the lowest rate of interest, at a price not
less than par and accrued interest.
As between bidders naming the same
rate of interest, the amount of premium will determine the award,
The
successful bidder will be furnished with the opinion of Reed, Hoyt, Wash¬
burn & Clay of N, Y. City that the bonds are valid and binding obligations
of Spartanburg County.
A certified check, payable to the order of the
SPARTANBURG
county, or cash, for
JACKSON,- Tenn.—BOND ' SALfi—Ttie~$55~00(fissue of 2 M % semi¬
school bonds offered for sale on Dec. 5—V. 147, P. 3347—was
awarded jointly to the Second National Bank, and the First National
Bank, both of Jackson, paying a price of 100.09, a basis of about 2.48%.
Due on Nov. 1 as follows: $1,000 in 1941 and 1942, and $53,000 in 1943;
annual
Wichita.
Denom.
1939 to 1948,
ELGIN,
Brown-Crummer Co. of
Due as follows: $500,
Texas—BONDS SOLD—The following bonds, aggregating
said to have been purchased by the Elgin National Bank:
$29 000, are
$18^000
street and
$11,000 sewer bonds.
NOT~cM-
(P. O. Hillsboro), Texas—BOND SALE
SUMMATED—It is reported that the sale of the $90,000 road improve¬
ment bonds to the Brown-Crummer Co. of Dallas, noted in our issue of
Nov. 26—V. 147, P. 3347—was not consummated as the voters did not
approve the issuance of these bonds at the election held on Nov.
-*4*. 4
HILL COUNTY
29..
~H0NEY~GR0VE INDEPENDENT SCHOOL DISTRICT (P. O.
Honey Grove), Texas—BONDS SOLD—It is reported by the Superin¬
tendent of Schools that $35,000 building bonds have been purchased by the
State Treasurer's Department.
*7
INDEPENDENT SCHOOL DISi »xICi (P. O. HuntsTexas—BONDS SOLD—It is stated by the Superintendent of Schools
lie,000 building bonds have been sold locally.
LAMPASAS, Texas—BOND OFFERING—It is stated by E. B. Moody,
Citv Secretary, that he will receive sealed bids until 7 p. m. on Dec. 20
for the purchase of an, issue of $100,000 electric system revenue bonds. .
Dated Dec. 15, 1938.
Denom. $r,000. Due Dec. 15 as follows: $3,000
HUNTSVILLE
ville)
that
3652
Financial
Chronieie
in 1941 to 1945, $4,000 in 1946 to 1950, $5,000 in 1951 to
1960, and $15,000
in 1961. Because of the various courses which
may be pursued the amount
of bonds required to be issued is at this time wncertain.
Therefore bidders
are requested to
submit bids on amounts as follows: from $50,000 to
less than
10,
1938
147, p. 3202—was awarded jointly to H. P. Pratt & Co., Richards &
Blum and Bramhall & Stein, all of
Seattle, paying par for the bonds divided
as 3Ms and
3Ms.
Due in from two to 20 years after date of issue.
$60,000, from $60,000
amount
Dec.
V.
WASHINGTON,
to $75,000, and from $75,000 to $100,000.
If an
$100,000 is issued the amount maturing in each of the
approximately the same proportion as
State of—POWER DISTRICTS ACT
TO
ABSORB
PRIVATE UNITS—A special
dispatch from Seattle to the/'Wall Street
Journal" of Dec. 2 reported in part as follows:
First transfers of private
power properties to public ownership under the
State of Washington's public utility district law now appear
likely to take
place during the next few weeks as negotiations in the southwestern part of
years set above will be reduced in
the amount of the issue is reduced.
The base bid in each instance should
be for bonds without option of redemption, alternate bids should be sub¬
mitted
on
(a) bonds with option of redemption in numerical order after
10 years from date, and (b) on bonds callable at any time after date in
numerical order beginning with those last maturing.
It is the
intention of the city to sell the bonds at the lowest interest cost that will
the State
have reached final stages.
Involved are the districts of Pacific,
Wahkiakum and Cowlitz counties and the West Coast Power Co.
(Peoples
Light & Power) and Willipa Electric (Federal Light & Traction).
Agreement on purchase price for the properties of West Coast Power has
been reached, and
preliminary agreement is understood to have been
made on the price or Willipa
properties.
Efforts are being made to con¬
reverse
bring a price of approximately but not less than par and accrued inter¬
est.
Bidders are required to name the rate or combination of two rates
for each issue with their bid which is closest to par and accrued interest.
summate both deals at the same time in order to market a
bond issue to cover both
purchases in the three counties.
Any rate or rates named must be in multiples of M of 1%. The bonds
and the Interest thereon will be payable from and secured
by an exclusive
on and pledge of the revenues of the city's proposed electric
light
and power distribution system.
No part of the principal or interest will
be payable out of funds raised by taxation. The city will furnish the
printed
bonds, a copy of the legal proceedings, the approving opinion of Gibson &
Gibson of Austin or of Chapman & Cutler of Chicago, and will deliver
the bonds to the bank designated, all without cost to the
purchaser. Enclose
a certified check for
2% of the amount of bonds proposed to be purchased.
representations.
LUBBOCK INDEPENDENT SCHOOL DISTRICT (P. O.
Lubbock),
Texas—BONDS SOLD—The Business Manager of the district reports that
$159,000 3% semi-annual building bonds approved by the voters on Sept. 2
have been purchased by the Brown-Crummer Co. of Wichita.
It is reported that sealed bids will be received
until Dec. 16 by the Clerk
of the County Board of
Education, for the
first lien
WEST
purchase of
WISCONSIN
Clerk, for the purchase of
COMBINED
Paine, Webber & Co. offered $30 premium
issued
on
3Ms, $850 premium
KENOSHA, Wis.—BOND SALE—The
paying
Due
on
Dec. 2—V. 147, p. 3202—
Washington, D. C.,
price of 100.077, a basis of about 2.74%.
Dec. 15, 1952.
a
on
to
coupon semi-ann. bonds aggregating $413,500,
for Dec. 8, as noted in these columns—V.
because of a technicality,'the nature of which was not
disclosed:
$318,000 school, series No. 79 bonds.
Denom. $1,000.
Due Dec. 20, as
follows: $10,000 in 1944 and $22,000 in 1945 to 1958.
50,000 street improvement, series No. 78 bonds.
Denom. $1,000.
Due
All warrants which you hold coming
witbin the above call may be col¬
lected at this office by presenting through your local bank.
Dec. 20, as follows: $8,000 in 1944 and $3,000 in 1945 to 1958.
30,000 fire house, engines and equipment, series No. 77 bonds,
Denom.
$1,000.
Due $2,000 Dec. 20, 1944 to 1958.
15,500 East Washington Ave., bridge, series No. 76 bonds.
Denom.
$1,000, one for $500.
Due Dec. 20, as follows: $1,500 in 1944
and $1,000 in 1945 to 1958.
Dated Dec. 20, 1938.
'
VICTORIA COUNTY (P. O. Victoria), Texas—BOND OFFERING—
It is stated by J. J. Woodhouse, County Judge, that he will receive
sealed
bids until 10 a. m, on Dec. 12 for the purchase of an issue of
$100,000 2%
semi-annual county jail bonds.
Dated Oct. 10, 1938.
Denom. $1,000.
Due April 10 as follows: $10,000 in 1939 to 1942 and
$20,000 in 1943 to
1945.
Prin. and int.
No bid of
ess than
par and accrued interest will be considered.
The bnods must be
paid for at either the Victoria National Bank or the Frost National Bank,
San Antonio, whichever
place may later be determined by the county for
delivery.
The purchaser will be required to take up and pay for such bonds
after five days' notice given by the County
Judge that such bonds have been
placed with either of the above banks for delivery, together with the ap¬
proving opinion of the Attorney General.
All bidders will be required to
submit their bids on forms prescribed by the Commissioners' Court and fur¬
nished upon application to the above Judge.
These bonds were authorized
at the election held on Sept. 17.
The printed bonds find approving opinion
of Dillon, Vandewater & Moore of New York will be
furnished.
Enclose a
certified check for $2,000.
MADISON
METROPOLITAN SEWAGE DISTRICT (P. O. Madi¬
son), Wis.—BOND SALE—At the offering at public auction on Nov. 30
liability sewer bonds—V. 147, p. 3348—a block of $165,000
was awarded to the First National
Bank of Chicago as 2.10s,
paying a
premium of $151, equal to 100.0915, a basis of about 2.09% i
Due on
Dec. 1 as follows: $1,000, 1941;
$2,000, 1942; $4,000, 1943; $6,000, 1944;
$8,000, 1945: $11,000, 1946; $14,000, 1947; $17,000, 1948;
$20,000. 1949;
$28,000, 1950 and $54,000 in 1951.
of the general
Other bids were
as
follows:
Bidder—
Int. Rate
Halsey, Stuart & Co. and T. E. Joiner
& Co
Channer Securities Co. and Paine, Webber & Co
RIDGEWAY
$30,000
SCHOOL
5s
SHULLSBURG
(CITY AND TOWN)
VIRGINIA
is stated by the City
Manager that at the election held on Oct. 18 the voters did not approve the
issuance of $269,400 in power plant bonds.
PETERSBURG, Va .—BOND
OFFERING—Sealed bids will be received
until noon on Dec. 20, by John P. Broome,
City Manager, for the pin-chase
of
a^Cissue of $15Q,000 3% coupon or registered funding and general im¬
provement of 1938 bonds.
Denom. $1,000.
Dated Dec. 15, 1938.
Due
orf Dec. 15 as follows: $8,000, 1939 to
1943; $10,000, 1944 to 1948; $11,000,
1949 to 1953, and $5,000 in 1954.
Prin. and int. (J-D) payable at the
Guaranty Trust Co., New York.
The purchaser will be furnished with the
legal approving opinion of Thomson, Wood & Hoffman of New York
City.
A certified check for
2% of the face amount of the bonds, payable to the
city, mu,st accompany the bid.
>
WARREN COUNTY (P. O. Front Royal), Va .—BOND OFFERING—
Sealed bids will be received until 2:30 p. m. on Dec. 15
by G. Tyler Miller,
Clerk of the County School Board, for the
purchase of an issue of $175,000
school bonds.
Interest rate is not to exceed 4%, payable J-J.
Dated
Jan. 1, 1939.
Denom. $1,000.
Due Jan. 1 as follows: $4,000 in 1940 to
1946, $5,000 in 1947 to 1952, $6,000 in 1953 to 1958, $7,000 in 1959 to
1965,
and $8,000 in 1966 to 1969.
The bonds maturing after Jan.
1, 1954, are
redeemable at any time after Jan. 1, 1954, on any interest
payment date,
in the inverse order of their number and
maturity.
Rate of interest to be
in multiples of M of
1%.
No bid for less than par and accrued interest.
The approving opinion of Thomson, Wood & Hoffman of
New York will
be furnished.
Enclose a certified check for 2 % of the
par value of the bonds
bid for, payable to the
County School Board.
WASHINGTON
Wash.—BOND
OFFERING—
Sealed bids will be received until 10
a. m. on Dec. 29 by S. Clifford
Davis,
County Auditor, for the purchase of a $300,000 issue of not to exceed
3%
semi-annual general obligation bonds.
Dated Nov. 19, 1938.
Denom.
$1,000.
Bonds to run for a period of five years.
The various annual
maturities will commence with the second year after the date of
issue of the
bonds and will (as nearly as practicable) be in such amounts as
will, together
with interest on the outstanding bonds, be met
by an equal annual tax levy
for the payment of said bonds and interest.
Bidders are required to submit
bid specifying: (a) The lowest rate of interest and
premium, if any, above
par at which such bidder will purchase said bonds; or (b) the lowest rate of
interest at which the bidder will purchase said bonds at
par.
Prin. and int.
a
payable at the County Treasurer's office.
SNOHOMISH COUNTY (P. O.
coupon
Wis.—MA¬
Enclose
a
certified check for 5%.
Everett), Wash.—BOND SALE—The
airport series A bonds offered for sale
on
Dec. 3—
JOINT SCHOOL DISTRICT
public auction on Dec. 17 at
$22,500 issue of coupon school bonds.
Interest rate is not to
payable A-O.
Dated Oct. 1, 1938.
Denom, $500.
Due
April 1 as follows: $2,000 in 1940 to 1942 and $1,500 in 1943 to 1953.
The
district will furnish the legal opinion of L. H. Rooney of
Shullsburg and the
bidder shall pay for printing the bonds without
expense to the district.
Enclose a certified check for $500.
2
p.
m.
exceed
a
3%,
CANADA
COVINGTON, Va .—BONDS DEFEATED—It
$150,000 issue of
Ridgeway),
NO. 6, Wis.—BOND OFFERING—We are informed
by M. S. Henderson,
District Clerk, that he will offer for sale at
A. T. T. Tel. Rich.Va.83
Tacoma),
O.
2.87%.
3.00% basis
Richmond, Va.
O.
(P.
$150
2,250
1,900
TURITY—It is stated by the District Clerk that the $26,000 building
bonds purchased
by Harley, Hayden & Co. of Madison, as 3s, at a price
of 101.00, as noted here—V.
147, p. 3500—are due $2,000 annually from
1941 to 1953, giving a basis of about
F. W. CRAIGIE & COMPANY
(P.
DISTRICT
Premium
2.10%
2.25%
2.25%
Harley, Haydon & Co., Madison
COUNTY
as 2Ms.
Dated Dec. 15, 1938.
MADISON, Wis.—BOND SALE POSTPONED— It is stated by A. W.
Bareis, City Clerk, that the sale of the following issues of not to exceed
4%
which had been scheduled
147, p. 3500—has been postponed
be confused with warrants that have been
put up as
the latter are not barred from purchase.
Warrants drawn against the Confederate Pension Fund are called
by
months rather than by serial number as there are four
distinct classes of
warrants drawn against this fund.
PIERCE
3%b.
various issues of school refund¬
ing bonds aggregating $33,500, offered for sale
awarded to Robert C. Jones & Co. of
were
as
Phone 3-9137
on
Dodgeville), Wis.
registered
building bonds offered for sale on Dec. 6—-V. 147, p. 3348—was awarded
to the Milwaukee Co. of
Milwaukee, paying a price of 102.38, a basis of
about 2.19%. Dated Dec. 1, 1938. Due from Dec.
1, 1939 to 1953 incl.
are paying at face value all warrants
the Confederate Pension Fund up to and including the
March, 1937, issue, regardless of whether or not they have been discounted.
We are purchasing all warrants drawn against the Confederate
Pension
Fund up to and including March, 1938, issue,
provided they have not been
discounted and are
supported by affidavit to that effect. These warrants
are purchased by
Special Act of the Legislature authorizing the State Treas¬
urer to purchase such warrants that have
nQt been discounted. Discounted
Due December 1, 1948 at
Village
coupon or
warrants.
PORTSMOUTH, VIRGINIA Water
is stated by the
DODGEVILLE SCHOOL DISTRICT NO. 1 (P. O.
—BOND SALE—The $85,000 issue of 2M
% semi-ann.
against
payable at the Victoria National Bank.
$18,000 issue of bridge and river improvement
LOCKS, Wis.—PRICE PAID—It
Clerk that the $38,000 issue of coupon
sanitary sewer, series B bonds purChased by T. E. Joiner & Co. of
Chicago, as noted here on Dec. 3—V. 147,
p. 3500—were awarded as 3s. paying a price of 95.657, a basis of about
3.47%.
Due from Dec. 1. 1940 to 1958 incl.
are
warrants are not
an
bonds.
Confederate Pension Warrants—We
collateral
issue of $346,500
CEDARBURG, Wis.—BOND OFFERING—It is reported that sealed
bids will be received until 7:30
p. m. on Dec. 13, by Fred W. Hilgen, City
general
on
or
before April 13, 1938, but not prior to
payable regardless of their number.
Warrants written prior to Sept. 1, 1936, come under the classification of
"outlawed warrants," and we request that you notify us if
you are a holder
of such
an
school bonds.
To Holders of General Revenue and Confederate Pension Warrants.
General Revenue Warrants—If written within the fiscal
year beginning
Sept. 1, 1937, and ending Aug. 31, 1938, we are paying at face value
general revenue warrants up to and including No. 146,814.
All
drawn
VIRGINIA
TAYLOR COUNTY (P. O. Grafton), W. Va .—BOND OFFERING—
TEXAS—STATE OF—REPORT ON
WARRANT
REDEMPTIONS—
The following statement was issued under date of Dec. 5
by Charley Lockhart, State Treasurer;
warrants
con¬
the next month.
Co. of Wichita, and Dillingham & McClung of
Houston, jointly: $35,000
city hall, and $25,000 street improvement bonds.
Due in from one to 11
years; optional after five years..
Sept. 1, 1936,
revenue
group
templating underwriting of the bond issue are engaged in analysis of district
Their reports are expected to be
completed shortly and if
satisfactory will clear the way for consummation of the purchases within
ODESSA, Texas—BONDS SOLD—It is stated by the City Secretary
that the following bonos were sold on Dec. 3 at par to the Ranson-Davidson
revenue
single
At the present time, engineers
representing the investment
9
MANTANE, Que.—BOND SALE—An issue of $200,000 4% bonds
sold
to
La
Corporation de Prets of Quebec.
1950 incl.
was
Due seriaby from 1945 to
MONTREAL, Que.—TO REFUND—City has
amounting to $1,451,189 for refunding purposes.
authorized
two
loans
NOVA SCOTIA POWER COMMISSION—INITIAL
FINANCING—
The first issue of bonds to be offered by the Commission was
recently
a group composed of the Bank of Montreal,
Royal Securities
Corp., Hanson Bros., McTaggart, Hannaford, Birks & Gordon, Harrison
& Co. and Mead & Co.
The group purchased an issue of $1,000,000,
bearing interest rates of 2, 2M. 2H, and 3% at a price of 101.28, a net
interest Cost of about 2.40%.
The bonds mature serially from 1939 to
1944 incl. and are unconditionally guaranteed
by the Province of Nova
awarded to
flco*ia.
PORT ARTHUR, Ont.—BOND SALE—Mills,
Spence & Co. of Toronto
various purpose bonds at a price of 103.08, a
about, 3 57%
Due serially in 15 and 20-year
periods.
purchased $199,680.14 4%
basi3
SALABERRY DE VALLEYFIELD, Que.—BOND OFFERING—Sealed
bids will be received until 4 p. m. on Dec. 14 for the
purchase of $40,000
4% improvement bonds.
to 1968, inclusive.
Dated Nov. 1, 1938, and due serially from 1939
TORONTO, Ont.—BOND SALE—Harris, Ramsay & Co. and Burns
Bros.
& Co., both of Toronto, jointly, were awarded
recently a total of
$2,761,000 bonds as 2s, 2Ms aud 3s at a price of 100.906, a net interest cost
of about 2.36%.
Award consisted of:
$1,100,000 2s due in four years.
521,000 2s due in five years.
442,000 2 Ms due in 10 years.
698,000 3s due in 20 years.
Following other bids were received:
Bidder—
Rate Bid
Bank of Montreal, Mills, Spence & Co., Bell, Gouinlock &
Co.,
McLeod,
Young, Weir & Co., Hanson Bros., McTaggart,
Hannaford, Birks & Gordon and C. H. Burgess & Co
Wood, Gundy & Co., A. E. .Ames & Co., and Dominion Bank
Harrison & Co., Fairclough & Co., Lawrence Smith and Seagram,
Harris &
Bricker
—
100.79
100.58
100.518
Dominion Securities Corp., Royal Securities Corp. and Imperial
Bank
—-
Bank of Nova Scotia, Bank of Toronto? R. A. Daly & Co., Coch¬
ran, Murray & Co., Dyment, Anderson & Co., Matthews &
Co., Midland Securities Corp., Fry & Co. and J. L. Graham
& Co
-
100.319
100.113
@FedFRASER