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•MS. 12133# Otc AOM. ! 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 Series J 2 *57 118M 8 A 10M Gen mtge 6s series B Gen 4 Ms series C 95 104 M A 10M Gen mtge 5s series A {♦Providence Sec No Am Edison deb 5s J 68 14M - 3M 68 101H , 12M * 3M 1st gen 5s series C 1st 4Ms series D. 96 - 8 98 M 110M 13 M •4M .1952 WIN 1st gen 5s series B 107 M V- 12 M 109 100 M • 96 M 109M 12 H Series G 4s guar Series H cons guar 4s Series i con8 4 Ms 103M 107 3M 1996 O A 130 98 110 J 1957 M N 11M 104 M 110 72 *4 14 8 S 4 Ms A. .1952 Wl 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 Series C 4 Ms guar Series D 4s guar 35 92 63 109M O 76 J Pitta C C C A St L 4Mb A Series B 4Mb guar 109M J A Norf A W Ry 1st cons g 4s North Amer Co deb 6s conv 103M S Wl N 50 .1937 J {{♦Philippine Ry 1st s f 4s Phillips Petrol conv 3s 4 105M 40 62 73 _• 3 .1949 Wl 5s series A sec )Phlla Electric 1st a ref 3Ms... .1967 {♦Phlla a Reading C a I ref 6s. .1973 ~98M 108M .... 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 7M J 4 4 11 6M 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 4M 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 {♦2d gold 4 Hb --1937 113M 43M 112M 43 20 M O 1942 1990 .1974 F 11 N Y A Putnam 1st con gu 4s..1993 A O N Y Queens EI Lt A Pow 3 Hb 1966 M N {♦N Y Providence A Boston 4s 72 *116M O General g 4 Ms series C General 4 Ms series D. 11 6M D O General 5s series B 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 ♦General 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 M 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 3. - 105M 112M 95 • 94 92 M 1st g 4 Ms series C .1980 Wl s Phelps Dodge conv 8Mb deb.. .1952 J D 64 M 94 121M 125 112M 117M 15M 61 79 104M Peoria a Pekln Un 1st 6Ms... .1974 F Pere Marquette 1st ser A 6s... .1956 J 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 ♦Non-conv debenture 3Ms—1947 Wl s ♦Non-conv debenture 3 Ms.-1954 A O N Y A Long Branch gen ♦Non-conv debenture 4s 15M *96M 62 M *61M Wl N 1973 Wl N A ser 83 M 1970 1st 4s series B 1949 Purchase money gold 4s 109 1965 Peop Gas L a C 1st cons 6s 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 - IjOW 103 M 109 M 108M 108M 83 H - 258 107M 1968 Debenture g 4 Ms General 4Mb series D Gen mtge 4 Ms series E Conv deb 3Ms - 105 M 108 4s sterl stpd dollar.May 1 1948 WIN 1970 A O 1 11 96 104M *106 Gen mtge 3Ms series C General 4 Ms series A General 5s series B 74 104 M 9 106M 94 M * J 1943 WIN 1948 WIN No 90 94 94 M Since Jan High 106M O A. 1977 c"0 Asked A 89 D A 26 H 62 30 104 65 50 103 M 57 55 30 1st M 4Ms—1960 J 82 N Y Chic A St Louis— •Ref 5Ms series A •Ref 4 Ha series C S Consol sinking fund 4Ms—..I960 Wl N 48 M 62 Range •M Friday's Bid Low A —1997 J 1942 J Ref A lmpt 4Mb ser A Lake Shore coll gold 3Ms._ Sale Price Low F —1946 Ref A lmpt 4 Ms series A 2013 Bel A lmpt 6s series C 2013 Conv secured 3Ms 1962 10-year 8MB sec a f Range or Last c «5 -a. Week Ended Dec. 9 1 1938 10, Week's Friday Range or 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 103M 82 84 105M 105 M 105*4 92 M ~~14 100 ..1997 75 {♦Northern Ohio Ry 1st guar 5s— ♦Apr 1 1935 A sub coupons..1945 ♦Oct 1938 A sub coupons 5 38 38 1945 *36M 23 Remington Rand deb 4Mb w w_1956 Wl s Rensselaer A Saratoga 6s gu 1941 WIN t Republic Steel Corp 4 Ms ser A1950 M S Gen mtge 4 Ms series B 1961 F A 40 "82 ♦Ctfs of deposit stamped Apr'33 to Oct *38 coups.. North Pacific prior lien 4s 1945 1997 Q Gen lien ry A Id g 3s Jan 2047 Q Ref A lmpt 4Mb series A...-2047 J Ref A lmpt 6s series B 2047 J 34 M J J Connecting Ry 1st 4s 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 - M ~.i. 5 *105 , 1 56 4H 3M 107 108 13 98 34 101 100M 101 *4 41 106 106 107 60 103 M 104M 36 106 M 91M 101 *4 98 H 107 M 96 M 104 M 113 M 113M 2 HIM 114M 110 113 D *107 108 103 110 J 113 113 5 109 116M 1946 J J 115M 115M 6 110M 118M 1961 J Otis Steel 1st mtge A 4 Ms..—1962 J J 102 103M 50 90 M 106 M Ore-Wash RR A Nav 4s 103 J . M 78 M 78M D 1st A ref mtge 3 Ms ser I....1966 J ext g 4s. .1938 F 1938 J Pacific Tel A Tel 3Ms ser B..1966 A 59 79 45 53 79 Paramount 3Ms Pictures deb 6s conv debentures 1955 F 1955 J 1947 Wl Guar 4s ser E trust ctfs 28-year 4s 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 ^ 108M *101M 105 A 82 Roch G A E 72 M 8 92 50 M 13 28 M 50 M 22 22 10 20 25 M 29 2 27 32 Gen mtge 5s series E Gen mtge 3Ms series H Gen mtge 3 Ms series I 70 16 102 M 108M 98M 103 . 3 105 98 105M M 58 99 10 56 M 63 81 100 83 42 57 87 M 94 M 95 *4 88 75 95M 50 50 H 9 31 M 62 57 83 94 X 122 S * *100 D 1 122 68 A 13 - *101 D 102 - *99 101 96 M 3 - 118H 122 60 72 97 M 103 M ^ 100 M 95 M - _ 100,^ 95 H — M *. 11 99 H 103 M 90 103 M 88 M 104 83 100M *103M - 4Mb.. 1941 J J J J 1947 J O SafewayStores s f deb 4s 41 40 % 29 28 M 44 M 16 M 25 12 20 M - 4 4 - *108M 9 107 M 110 108 110 8M 118M 122 - . 19 9*4 7M 20 M # 4M 4 3. « - 4M *5M 7M 5*4 - 5M 4M 6M *105 105M 105M •- 17 1996 J J *._. 93 % * 16 M 35 4M 10M 15 5*4 12 M 100M 106M 25 105M *106M 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 ^ J - « - - 43 ..... 42 *4 64 62 2 12 18M 1 14M 60 50 69 11M 157 8M 8X 11 221 7 9*4 9H 11M 10M j~~J ♦Certificates of deposit ♦Con M 4 Ms series A 1 ♦Ctfs of deposit stamped.. 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 19M 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 ♦Stamped 33M 24 M 15M *122M ' - {{♦R I Ark A Louis 1st 4Ms.. 1934 Wl s 1948 A 33 M 24 M *13M *. 1962 Wl 8 ♦Ruhr Chemical sf6s 24 M 2 -29 105 1949 AO 1967 M S 3 28 28 105 96 101M 28M 28M * 4Mb series D..._. 1977 M S 8t Jos A Grand Island 1st 4s St Lawr A Adlr 1st g 6s 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 Paris-Orleans RR ext 5Ms....1968 Wl 8 Parmelee Trans deb 6s ..1944 A O Pat A Passaic G A E cons 5s 1949 Wl 8 •Paullsta Ry 1st s f 7s. 1942 Wl Penn Co gu 3Ms coll tr ser B..1941 F 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 Rlchm Term Ry 1st gen 5s 108M 106 M 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 Guar stpd cons 6s_ 91 107 ♦Rhlne-Westphalla El Pr 7s._. 1950 M N 1967 M 1st mtge 3Ms—— Oklahoma Gas A Elec 3Ms 4s debentures 40 52 1943 M S 1965 M N Ohio Edison 1st mtge 4s 1st mtge 4s 41 4 173 50 J ♦Stamped.. Ohio 49 50 Purch money 1st M conv 5 Ms '54 M N 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 Scioto V A N E lat gu 4a 1 MN 110H m S 109 J J J A o O 58 36 {{♦Wabash RR 1st gold 6s ♦2d gold 6s— 23 H 25 19 J *30 ♦Det A Chic Ext 1st 5s 1941 J *39 102 H 2 24 o 15H 2H 15H 51 9 3 12 2H 78 4 8H 6 7 4 8 9H 411 5H H 8% 158 5H 9 *44 H 46 2H 5H 2 2H 5 13 70 H 1962 D Western Maryland 1952 1977 1943 77 H 61H 86 H 21H 22 H 20 H 24 79 H 79 H 79 H 98 64 90 West N Y A Pa gen 79 H 99 H {♦Western Pac 1st 5s ser A.—1946 90 H 104H 97 103H 106 103H 106H 107 107H 101H 107 H 106 H 107 105H 108 H *110H 115 106 H 101H 101 101H 91H 91 91H 1H) H 101H 49 H 49 69 H 31 H 63 H 52 H 53 H 49 H 48 H 50H 74 48H 48 H 50H 181 30 63 H 48 50 H 50 H 182 30 H 59 60 H 42 43 H 63 83 H 85 1946 86 % O 1955 1955 1994 1956 1956 1956 J 5 Wheeling A L E Ry 4s ser D '79H 54 H 69H a O 79% J J *65 78 J *60 65h 110 110M 7 102h 102h 120 107 h 48 15h 6 9 19H 1 101 105H 4s 3 Ha aer B—1964 J D C 1968 J J Gas A El 4a aer D„1960 m N 5s—1955 71h 73 106H 14h J J 105 A 1946 1961 183 134 69 h 1st A ref 3s aeries lat M 4a Standard Oil N J deb 3a 55% 69 h So'western Bell Tel Staley (A E) Mfg "83 J O 81 45 H 83 23 H 26 60 28 67 D 104h 105h 53 100 J 102h '103h 102h 78 98 10>H D 95 102 J J 78 h 81h M 3Ha 1950 mn J J Tenn Coal Iron A RR gen 5s—1951 106H Swift A Co 1st B—1944 C—1944 Tenn Elec Pow 1st 6a aer A 1947 Term Aasn of St L lat g 4HS—-1939 1st cods gold 5a—————1944 TenD Cop A A F Third Ave Ry 1st ref Jan 1960 ♦AdJ Income 6s {♦Third Ave RR 1st g 5s a 113h 113h 113H '""2 J J 102H 102h 102H 16 a J D 89 J J D 81 H 81 H 104 H 116H 25 70 88 H 82 h 85h 29 69 88 H 30 71 H 87 82 H 84 h m St «96h 96 h 96 h 42 6h 7h *88 p 90 104h 105h 6H O A 39 h 40 J J J 105h D Oil 3 H» 1952 Co Ltd— series 1953 A Ohio Cent ref A Imp 3Ha 1960 57 h 58 ! O ~40 35 61H 110 mn ----- A f s 76 1962 J 108 O 45 9 3H 18 25 55 55 1 47 50 50 1 45 J M F 4H 4H "22 100H 100 H 101H 24 92 H J "~8H 40H 63H 103H 117H 121H 110 103 110 27 20 97 18 96 76 2 "38 lie" 108H 109h 59 111 108H J 59 H 111 H 24 35 110H 104 h 105h 8 u4h 114h 114h 94% 94 h 95 44 94 % 94 h 94 h 25 82 95 H 108h 4 103 108 H 81H 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