The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
tc 13
1337
lommtrria
COPYRIGHTED IN 1837 BY WILLIAM B.
DANA COMPANY, NZW
YORK.
ENTEREO AS
SECOND-CIASS MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK,
lM"edWSeX,,Copy~ NEW YORK,
VOL. 145.
BROOKLYN TRUST
"f
Chartered 1866
President
NATIONAL BANK
The
For
Member Federal
CITY
THE
OF
NEW YORK
CHASE is
tra-
ditionally a bankers' bank.
BROOKLYN
NEW YORK
THE CHASE
OF
New York
George V. McLaughlin
NO. 3781 i
DECEMBER 11, 1937
BANK
COMPANY
NEW YORK, UNDER THE ACTOP MARCH 3, 1879.
years
many
it has
Deposit Insurance
TRUST
Corporation
COMPANY
served
large number
a
of banks and bankers
as
New York
correspondent
and
depository.
reserve
White, Weld & Co.
Members New York
New York
Deposit Insurance Corporation
Member Federal
Stock Exchange
Boston
STATE
AND
Amsterdam
London
MUNICIPAL
United States
BONDS
Representatives' Offices
Government
Buenos Aires
Paris
Securities
The
Hallgarten & Co.
SAN FRANCISCO
PHILADELPHIA
AND OTHER PRINCIPAL
9-5000
Chicago
Philadelphia
Boston
San Francisco
CHICAGO
NEW YORK
Wall Street, New York
Telephone: BOwling Green
BOSTON
NEW YORK
Chicago
Incorporated
63
corporation
Establshed 1850
London
Co.
Brown Harriman &
FIRST BOSTON
Washington
Representatives in other leading
Cities
CITIES
Wertheim & Co.
120
The
Broadway
State and
New York
Amsterdam
London
.~
y,...
& CO.
CARL M. LOEB
61
BROADWAY
Berlin
Barr Brothers & Co.
.
.
$37,500,000
INC.
Chicago
New York
London
Paris
IOO
BROADWAY
57TH ST. &
40TH ST. &
EDWARD B. SMITH & CO.
FIFTH AVE.
MADISON AVE
NEW YORK
Service to
Banks and
Dealers since
1888
New York
31 Nassau Street
BOSTON
PHILADELPHIA
CLEVELAND
Municipal Bonds
Company
Capital Funds
NEW YORK
Amsterdam
New\orkTrust
LONDON
European
Representative's Office:
8 KING
WILLIAM STREET
HORNBLOWER
&
WEEKS
Established 1888
LONDON. E. C 4
Correspondent
<40
Members New
Edward B. Smith & Co., Inc.
Minneapolis
CHICAGO
St. Louii
Member of the Federal Reserve
the New York Clearing
Wall Street
NEW YORK
*
System,
House Association
and of the Federal Deposit Insurance
Corporation
York, Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
II
Financial
Chronicle
Dec. 11,
BAKER, WEEKS
A. G. Becker & Co.
& HARDEN
Incorporated
J. & W.
Seligman & Co.
Investment Securities
Established 1893
Members
New York Stock Exchange
New York Curb Exchange
Commercial Paper
No. 54 Wall Street
Philadelphia Stock Exchange
Chicago Board of Trade
Investment Securities
NEW YORK
52 WALL
Chicago
*
STREET, NEW YORK
Graybar Building, New York
New York
1937
London
Correspondents
Commercial Trust Bldg„ Philadelphia
Buhl
Building, Detroit
6 Lothbury, London, E. C. 2
And Other Cities
SELIGMAN BROTHERS
Bourse Building, Amsterdam
Notices
Leading Out-of-Town
Investment Bankers and Brokers
Kingdom of Bulgaria
7% Settlement Loan
BIRMINGHAM
NEWARK
1926
Dollar Tranche.
The Trustees of the
above-named loan have
from the Bulgarian
received
New
MARX & CO
Jersey State & Municipal Bonds
sufficient
for
the
interest
Newark Bank & Insurance Stocks
foreign
of
Government
exchange
32J/a
to provide
cent,
per
of
the
coupon No. 22 due on
Bondholders
coupons
BIRMINGHAM, ALABAMA
sums in
payment
may
January 1,1938.
accordingly surrender their
for payment at
this rate under the
conditions described in
the League
Committee's announcement of
Loans
December 24,
SOUTHERN
MUNICIPAL
CORPORATION
AND
BONDS
J. S. R1PPEL & CO
18 Clinton St.
Newark, N. J.
DETROIT
HARTFORD
The Trustees have
also received from the
Bulgarian
Government
certain
sums
in
sterling and dollars
representing
capital
repayments made by the
Refugees, and
sums
these
are
being applied to redemption.
The
Trustees
also
announce,
for
the
information of
bondholders, that since the
publication of their
announcement of the
9th June,
1937, the Commissioner of
the
League of Nations in
Bulgaria has submitted
to them draft of the
decree law for the relief
refugees.
As the
Commissioner was of
the opinion that the
measure was
necessary
and that the
proposals were
of
MICHIGAN MUNICIPALS
Specialists in Connecticut
and
CORPORATION
Securities
BONDS
WATLING, LERCHEN & HAYES
Members
York Stock Exch.
New York Curb Assoc.
Detroit Stock Exchange
Chicago Stock Exch.
334
BUHL
BLDG.,
DETROIT
6
CENTRAL
Tel. 5-0151.
ROW
A. T. T.
in
AND
Exchange
HARTFORD
Teletype—Hartford
WEST
564
PALM
BEACH
MICHIGAN MUNICIPALS
Specializing in
Government
while
Loan
the
remain
other
in
revenues
of
excess
by the
to
the
above
notice
the undersigned
will,
Trustees, be prepared to
holders
the
of
Dollar
the
January
Bonds
at
Members of Detroit Stock
Exchange
CARLBERG & COOK, INC.
Palm
Beach—West Palm
Beach, Fla.
Bell System Teletype: W-Palm
Beach No. 84
unders;gned
on
$11.38 for each $35
each
$17.50 coupon
with
an
1,
the
the
PENOBSCOT BUILDING,
DETROIT, MICH
service
heretofore.
Referring
Trustees,
FLORIDA BONDS
securing
the
requirements.
Capital
repayments,
which
should be increased and made
more regular
by the new Law, will continue
to be remitted
to the Trustees and applied
to amortisation
as
Charles A. Pa reel Is & Co.
that
without
the
BEACH
objection
the consent of the
Commissioner on behalf
of
the
Trustees.
This
provision
was
incorporated in the Law as
finally passed.
The
practical
effect
of
the Law
is
to
reduce the rate of
interest payable by the
refugees from 81/2% to 4% and
to require
amortisation of the debt within
20 years by
equal half-yearly payments.
As under the
previous system, the interest
will continue
to
revert
to
the
Bulgarian
monthly
PALM
no
principle, but that they
considered
bad debts should be
written off
no
PUTNAM & CO.
Members New York Stock
New
reasonable, the
Trustees replied that
they had
pay
the
to
the
of
coupons
of
after
coupon
upon
coupons,
1938
office
or
of
directed
as
either
that
and
$5.69
surrender
appropriate
of
date,
of
for
such
letter
of
transmittal.
Speyer
MILWAUKEE
&
Co.
J. Henry Schroder Banking Corp.
American Fiscal Agents.
ST.
LOUIS
New
York, December
10,
1937.
WISCONSIN
CORPORATION SECURITIES
Teletype—Milwaukee 92
EDGAR, RICKER&CO.
750 North Water
Street,
Milwaukee, Wis.
Dividends
Srn<
&
GA/NT LOUIS
KAUFMANN DEPARTMENT
so^ouvi st
STORES, Inc.
Common Dividend,
Foreign
Members St. Louis Stock
Exchange
Hong Kong & Shanghai
in manner prescribed
of the
Colony.
of 1929
Authorized Capital
(Hongkong Currency) HJ50,000,000
Paid-up Capital (Hongkong
Currency).._HJ20.000.000
Reserve Fund in
Sterling.
£6,500,000
Reserve Fund in Silver
(Hongkong Cur¬
rency)
Reserve
Liability of Proprietors
kong Currency)
A.
72
G.
HJ10,000,000
(Hong¬
Missouri and Southwestern
Stocks and Bonds
have
declared
dividend of
forty cents (40c) per share on the Common
Stock,
payable January 28, 1938, to all holders of
record
January 10, 1938.
Cheques will be mailed.
a
TENNESSEE
61
CORPORATION
Broadway
New York
Smith, Moore &Co.
St.
HJ20.000.000
KELLOGG, Agent
WALL STREET, NEW YORK
Directors
The
extent and
by Ordinance No. 6
69
Pittsburgh, Pa., December 8, 1937.
OLIVER M. KAUFMANN, Treasurer.
BANKING CORPORATION
Incorporated in the Colony of
Hongkong.
liability of members is limited to the
The
Louis
The First Boston
St. Louis Stock
Corp. Wire
Exchange
December 10, 1937.
The Board of Directors of Tennessee
Corpora¬
tion has this day declared a dividend of
ten (10c)
cents per share on the issued and
outstanding capi¬
tal stock of the company, payable December
1937, to stockholders of record
business on December 17, 1937.
23,
at
the
close
J. B. McGEE, Treasurer.
of
No. 3781.
DECEMBER 11, 1937
Vol. 145
CONTENTS
Editorials
page
3701
3713
3714
Financial Situation
and the Labor Board.
The Labor Bill
World Recovery.. _
World Politics and
Comment and Review
November
New
United States During
3716
..3720
Issues in Great .Britain.
Capital Flotations in the
New
Capital
Week
on
■
the European
3705
Stock Exchanges
. .,
3706
Economic Situation..
Foreign Exchange Rates and Comment
Foreign Political and
Course of the Bond
..3710 & 3759
3720
Market..
Indications of Business
3721
Activity
...
Week
on
the New York
Stock Exchange
Week
on
the New York
3704
Curb Exchange
. ..
3758
News
3737
3757
3808
and Discussions
Current Events
Bank and Trust Company
General Corporation
Items
and Investment News
3844
Dry Goods Trade
State and Municipal Department
.
3845
Stocks and Bonds
3759 & 3773
3763
Auction Sales
-3763
New York Stock Exchange—Stock Quotations
__—3774
New York Stock Exchange—Bond Quotations..3774 &3784
New York Curb Exchange—Stock Quotations
3790
New York Curb Exchange—Bond Quotations
...—3794
Other Exchanges—Stock and Bond Quotations
3796
Canadian Markets—Stock and Bond Quotations
3801
Over-the-Counter Securities—Stock & Bond Quotations .3804
Foreign Stock Exchange
Quotations.
Dividends Declared
Reports
Foreign Bank Statements
Clearings
Course of Bank
...
Federal Reserve Bank Statements
General Corporation
and Investment News
Commodities
The Commercial
Markets and the Crops
.
Cotton
Breadstuffs
"
.
'
•
'
,
*•
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. Rlggs. Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens. London, E. C. Copyright 1937 by William B. Dana Company.
Entered
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, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months;
South and Central America, Spain. Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain. Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
per
agate line
Contract and card rates on request.
NOTE: On account of the fluctuation in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
Published Every
as
Saturday Morning by the
VIII
Financial
Chronicle
It takes all
FARMERSThey our newest
are have
partners.
refine
From
farm
motor
wheat,
cotton
.
.
.
ing
of tons
oats,
of
corn,
seed, sugar cane
...now comes a new
able
a new
oil.
thousands
products
way
burn
and remark¬
oil-purifying material.
It is called
Refined
Process,
Furfural.
oil
cleansed...rendered
is
your
tain
washed,
gine. Then
as you
drive.
for oils that
con¬
a worn
every
and dirty en¬
stroke drinks
A
Furfural
QUART
oil, during the refining
acts on
proc¬
simply by passing through it, washing and
dissolving out those heavy and wasteful impur¬
ess,
oil.
Taking
you get
without
Your
Oil.
always found in all crude oils.
your
longer
to tar, lower¬
non-lubricating elements.
free of the wasteful impurities
Texaco Motor Oil lasts
oil level
They make
can
Being all-lubricant oil, New
THIS
substances that
change
Don't pay
completely-
up or
means
by this Furfural
motor
of those
none
llt 1937
crankcase. It contains
your
actu¬
ally made possible
to
in
Dec.
out
impurities
full lubrication,
buying
so
nearest
a
form
gum,
tar and carbon.
finer oil with full lubricating
The
re¬
power.
Texaco Dealer
sell you
much oil.
New Texaco Motor
Stop in and let him check
oil today, and start
you
getting finer, longer-lasting,
pure
ities that
sult is
lubrication for
your car.
TUNE
EVERY
8:30
4
in
EDDIE
CANTOR
WEDNESDAY
EST
in
"TEXACO
NIGHT-COLUMBIA
7:30 CST
9:30
MST
TOWN"
NETWORK
8:30 PST
The Financial Situation
then
ton
from
writers,
Lord
many
caused business
"de¬
them,
or
record-breaking
arrived
at
warning
the
unless
that
the
new
system"
tration before
he
developed
promptly
labeled
the months to come,
the
"recovery
a set of measures soon
and relief program," upon
which
many
billions of
dollars
has been
Sound Sense
again failed," after
which
plans of their own
formulated and
be
will
given effect for the purpose
of
problems that
solving
have
proved too much for
individual
Those who
of
assume
economic
an
vere
initiative.
have
to
course,
this role
Re¬
Paul
failed,
not
add
of
the
that
plans of the politicians will
not be in the least
to
pleasing
If all
private business.
this
continues
spread
to
"American
olies
in
distribution
It believes in free domestic
will
the people the point
presently be reached
where it will be
treason to pass
making
fore
kind of
a
by without
genuflections
idol
the
be¬
of "cooper¬
ation."
What
Wanted?
private initiative and energy.
Such com¬
petition is needed to stimulate industrial
activity and efficiency.
Upon it improved
living standards for the American people
depend.
matter
both
"3.
incentive
Yet
to
the
thoughtful
with the experience
past two or three
to
^
speak
period,
it
of
of the
decades,
no
appears
earlier
to
wages
"5.
and hours in
Taxes that
are
fair both in amount and
our
economic system.
are
Platform
of
sentences
American
the
invitation
of
which the
in
depressions
that
others
before.
To
each new period of
and strain
gone
to be of a new
remedies
which
appears
variety, and
are
each
time
usually given new names
and new dress—and some¬
self-respecting and intelligent manu¬
of the country could resolutely stand
not only for 1938 but for the years to follow.
We commend them to our readers.
every
times
new
characteristics.
So it is that a
journeyed to Washington- upon
President Hoover and at the
engaged in conferences, after
publicity staff of the Administration then
public of the promises made by
and that to cure the
attracted
to lift
of
to
some
substantial
following
be
practical executives to do this
forget what
stress
facturer
office told the
upon
in
great
perhaps most, of the
in
have
extracted from "The
Industry for 1938"
platform
a
attempted without suc¬
cess
unanimously by the National Asso¬
Manufacturers in convention as¬
sembled on
Wednesday last.
They might
well serve without important emendation or
public to clean off the shelves of the retailers.
Most of the executives who in the early years of
"White House solemnly
was
of
inquire
collapse
cor¬
apart
permit
rank and file to
adopted
extensive additions as a
enough
to
many,
porations will invest those savings in pro¬
ductive enterprises only if a reasonable profit
can be anticipated by so doing."
the
1929
Individuals and
Depressions usually
far
time
of savings by indi¬
viduals and corporations and the investment
of those savings in constructive enterprises
are
essential to the successful operation of
schemes designed
one
are
,vv
accumulation
"The
short duration,
end it through coopera¬
tion.
in character.
just what is meant by
the
to
manufacturing.
candidly and realistically
"cooperation" and just what
it is likely to accomplish if granted liberally by all
concerned.
Not many business men need to be
reminded of other periods of adversity when "whole¬
sale weeks" were solemnly marked on the calendar
during which retailers were exhorted to buy goods
and thus relieve the
groaning shelves of manu¬
facturers and primary distributors, or when other
weeks were labeled "retail weeks" and reserved for
to
inimical to the public
*
evidence of more
brought forth a thousand
Federal control of prices,
*
runneth
contrary, every
than very
and
Freedom from
only the most elementary
precaution
if it gave
interest.
"4.
man
sharp recession in business,
to
prevention of abuses
degree
since the
that,
of
not to the
capital to invest in
existing and new enterprises.
Limiting government regulation to the
An
is
memory
the risk involved.
"2.
a
experience has
plainly shown to have been
unwise.
The truth of the
"Competition and individual initiative can
be promoted by:
"1. Opportunity for the individual to be
rewarded according to his achievement and
ciation
student of business familiar
competition based
which
These
"Cooperation" Is
operated" in
on
*
among
labor.
or
and
business
the
community certainly "co¬
industry is opposed to monop¬
production,
spent
were
which
with
given its chance and has
"once
White
the
entered
cried to the Adminis¬
him "for heaven's sake do something,"
politicians will decree
that this system
their
readjusting
in
Roosevelt
President
When
not)
or
order of things.
House, in 1933, after having
responds promptly to the wishes of the Adminis¬
tration and banishes the hazards of unemployment
and want that threaten us in
still alive and active.
are
exhortation
affairs to the
independently
has added
"capitalistic
of the
Some of
and others like them, doubtless still regret
lack of promptness (whether influenced by
House,
official
official promptings,
from
or
their
More than
pace.
observer, whether from convictions
one
a
a
trade and industry is labeled
by the present occupant
assumption"
whatever it is that has
activity to decline during the past
pression," "recession/'
few months at
"an
White
"cooperation" to put an end to the
behalf of
admitted
not
present current ebb in
speech-makers, and from the
cry is now raised in
else, the
whom
knows
the full existence of which was even
by public officials just as the
depression,
FROM commentators, to be innumerable Washing¬
what appear from "inspired" editorial
readily
ourselves by our
depression.
With the
Demands
growth that has now taken place in the
"managed economy" notion, and
Washington of an
and
guide the
all strange
about
ness,
belief that it must control
business community, it is not at
that we now hear again a great deal
cooperative effort to effect recovery in busi¬
and that the campaign should take
demand that business cooperate
in whatever program
tion.
with the presence
Administration which has long
been saturated with the
a
be
designed to enable us
boot straps from the quagmire
program
Broad
at
can
Nor is it
tory, that the
definite in
seems
the form of
with Washington
wise to the Administra¬
surprising, in light of New Deal his¬
demands should be broader and less
similar occasions in
substance than on
3702
Financial
the past.
to
seem
Chronicle
The authorities at Washington in effect
the profit and loss account.
willingness to modify (how extensively is not yet clear) some of the hampering measures
don
express
of the
sort
same
now
community
shut-downs
they demand that
ing the unemployed and ending the depression.
the hope of profit, and the factor that dictates
curtailment of operations is loss
or
the fear of loss. Appeals to business
To
number,"
as
add to its contributions the Administration is will-
are never
likely to be productive of large
ing to render
nent results.
which
it
to
unsound the conditions under
more
will
sponsor
make somewhat
more
"housing program" and
a
liberal the subsidies it is
ready
Now
to all this there
as
Truths
truths that should not be lost to
is that
that
if
he
what is wanted
sight.
of the
One of them
business
need
need for exhortation.
no
public officials trouble themselves
attention to
does not
the
opportunity.
If
to
business
one
for
not to
man
the
amount of
cajoling
profit
is
not
real,
it
exists.
risk
must
The
his
own
investor
funds and
trusted to him has his
the
or
those
of
methods of
own
to him.
Emotionalism and appeals to
patriotism or prejudice have little to do with
practical decisions in
such matters.
fallible.
Business
men
course, not
in-
undertakings that do not
profitable, but they
situations than
that
of
They at times overlook profit possibilities
and at others enter into
prove
are,
they
ments to
are
the
are
better judges of such
politicians and they know
Attempts to explain
are.
legitimate profits, to gloss
away
over
impedi-
restrictive
programs that tend to hinder normal business
operations are not
likely to be
particularly successful,
and, if they
short.
cess
but if
it
are, actual results soon cut their
The
is
real
quickly enough
Nor need
variety.
the
it
will
be
without
recognized and seized
any
kind
of
"ballyhoo."
opportunity be of the get-rich-quick
It need only be commensurate
with
the
risk involved.
To go one
man
is
respond readily only to the profit
appeal.
him to proceed with profitless
taxes
or
and you
that
likely
Call
enterprises,
convinced that the
other means be
exhort in vain.
enterprises
when there is
no
are
promptly taken from him,
Of
never
profit.
or
profit will through
course
this is not to
say
continued in
operation
It is sometimes less expen-
sive to
operate at least in part than it is to close
plants down.
Nor is it implied that the business
man
is
a
soulless and heartless individual with
of the milk of human kindness in
his veins.
none
Within
certain limits he may be influenced
by consideration
of others to take
steps or refrain from taking steps
when
a
the
even
middle
having. To assert
the
steering mechanism of
as
our
economic
it has always been, is to imply that
modern
man
and
nature have
perhaps disappeared
or
altogether.
occurred,
Of
course
because it
such
no
has
not
as
any
progress toward the more abundant
life is that which not
mankind
oc-
likely to occur, it is still true that
policy which best assures, indeed which in
degree assures,
syssome
only takes into consideration
it
is, but also rests squarely upon the
profit system which, when faithfully followed, requires each man to add more to the sum total of
wealth
own
than
he
enjoyment.
merely impede
they
himself is
may
Such
a
progress
able
to
acquire for his
system gets results; others
no
matter how
faithfully
do homage to fine generalizations.
It is
precisely because the policies of the past few years
have, while doing lip service to the profit motive,
often proceeded as if there
we
are
which
today afflicted
solutions
are
were
with
no
the
such
thing, that
difficulties
for
being sought with something
approaching panic.
These reminders of certain
elementary and obvi-
truths not only afford a basis for
appraising the
likelihood of success of
ous
many
being offered by
a
of the prescriptions
great variety of ill-informed and
misinformed
people, but they also serve to make
quite clear the general nature of what must be done
before
step farther, the business
upon
when he is
the
sue-
opportunity for profit must be real,
before dreamed of
curred and is not
en-
the real nature of
opportunities presented
system, so-called, that
(perhaps without fully realizing it)
hope of profit is not still both the motor
change has
who
others
a
two has made it possible
underprivileged third to have many of
undergone radical change
no
determining
the
or
of the most basic attributes of human
man
executive
set
assume
tern, just
stump speech-making by the
or
politicians is likely to convince the business
that
to
from
for
profit system,
ever
and
still alive in the breasts of millions
opportunity
the
things of life that not
or
of Americans.
If
even
that the
the eagerness, to take the initiative for
say
as
third had
his
long before the politicians ever think
of it, another will. The desire to
acquire and accumulate the good things of
life, and the willingness,
this purpose are
to sup-
seem
way one of the most
the good
it
see
Be
of business but to
simple matter-of-fact
a
or perma-
these is not, as some
as
man
during the past century
Nor
call
Should
Utopian dreamers of the day
known
with dispatch to take advantage
of any
opportunity that may be presented to him to
there is
constantly making,
are
elementary and most vital ingredients in what is
is
man
It
to condemn the
out in
proceed
make money,
the
pose,
certain fundamental
are
As
To make such statements
of
Fundamental
the politicians
*.
grant for that purpose.
Some
to
or
philan-
men as
thropists to conduct their business as philanthropists would "for the greatest good of the greatest
its merits by absorb-
prove
But when all is said
business to continue and to expand is profit
causes
or
being planned; and
the basis of these concessions
on
the business
11, 1937
and done, the fact remains that the major force that
previously adopted, but will not entirely abaneven for the
present, if they can help it, further
measures
Dec.
different
course
of
action
is
indicated
by
permanent progress may be expected.
In
general, what is required is simply to alter public
policies in such a way that the average business man
once again finds it to his
advantage to proceed with
his business in reasonable expectation of
being able
to make at least a modest profit and to
keep at least
a
reasonable portion of it after it is made.
of
course
True
it is that the artificialities that have been
introduced into the business system during the
past
half
dozen
years
have brought
some
troublesome
maladjustments which only the business community
itself can remove, but these difficulties can be
and
would be eliminated with
icy
was so
dispatch
adjusted that repairs
once
were
public pol-
both possible
and worth while to those who manage business.
The
urgent need is for public policies that would make
Volume
Financial
145
reasonable
profits possible under good management,
alert
initiative, and driving
ance
that this
energy,
profit would not at
on
be taken in
here
and
all
Translate
.
this
into
action,
and we
should
greatly reduced expenditures by government
from the Federal household all
through the political
system to the smallest taxing unit, thus laying the
for
much
taxes
lower
taxes.
We
should
likewise have
greater rationalism in the levying of such
as are
necessary
taxes for the purpose
for
in
any
taxes in a way
willing
even
event. We should levy
should be the response
The
response
It may or may
gers
to admit the existence of a
What in these circumstances
of the business community?
should be, and probably will be, to
its affairs
manage
as
prudently
as
it knows how.
not by so doing expose itself to dan¬
of a resurgence of the punitive spirit at Wash¬
ington, but in following any other course it would
be
'
inviting bankruptcy.
of collecting revenue and not
effecting doubtful reforms.
Federal Reserve Bank Statement
.
We should collect
to do the least harm to the economic
mechanism, and therefore the least harm to those
who
there, has not yet reached the point at
recession in business.
A Pro gram
The Presi¬
balancing the budget.
part, while making a few concessions
which he is
S
basis
his
dent
taxes.
have
not interested in
and give assur¬
once
3703
Chronicle
depend upon the economic mechanism for their
living—that is to say, all of us. We should not only
resolutely refrain from the adoption of wages-hours
legislation of the kind now under consideration at
Washington, but also quickly repeal the so-called
FEDERALthe week ended last statistics indicate
Reserve banking Wednesday these
that in
again refrained
institutions
United
of
portfolio
adding to their
from
States
Treasury
securities,
possibly because the quarter-date Treasury financing
was in progress.
There were, however, a few other
The Treasury
changes of interest in the figures'.
Wagner labor law, and of course abandon such
its general account with the Reserve
institutions, and largely as a consequence of this
pointless punitive measures as the Holding Com¬
tendency the
pany
Act, many of the provisions (we think all of
busily built
also fell
curity Act, and a dozen others of the same kind.
as
course,
the
give up the notion of subsidizing the farmer,
would-be home owner,
effort to stimulate
power.
industry
and
or
many
others in an
to create purchasing
It goes without saying that we should drop
the idea of
employing inflation for similar purposes.
There would be no need to
create artificial
stimulate business or to
purchasing power. Business would
itself, and in proceeding vigorously with
constructive affairs would create all the purchas¬
stimulate
its
only way that it is pos¬
sible really to create it. For the same reasons the
energy that now goes into exhortation and threats
ing power required in the
would be conserved for the production
to business
of
we
of
should set
Possibly.
In no other
way can real progress be attained. To proceed, as
many in Washington would have us do, to stem the
approach them as rapidly as may be.
reserve
deposits fell
$70,000,000, and the estimated aggregate
Wednesday
was
$1,050,000,000.
Contrary
bank and "other" deposits
with the regional banks seem to suggest some
larger
A
central
gold transactions than are admitted, officially.
drop of $46,554,000 is noted in the foreign
bank
that
deposits, and it is a reasonable assumption
the
foreign
institution
concerned purchased
stabilization fund with part or all of
this sum.
The item of "other deposits," which
includes cash of the stabilization fund, moved up
gold from
our
$32,845,000 at the same time.
Our officially ad¬
stock receded $10,000,000, to
mitted monetary gold
an
aggregate of $12,764,000,000.
Currency in cir¬
$23,000,000 in the weekly period,
culation advanced
but this is much
under normal expectations.
In the week to Dec. 8
But at least
such ultimate goals for ourselves and
perfection?
of
variations in the foreign
goods and services.
Counsel
member bank
$70,190,000. Excess reserves over legal requirements
them) of the securities Act, the so-called Social Se¬
Having taken such steps as these we should, of
up
the Federal Reserve banks
their holdings of gold certificates,
the total now $9,121,907,000.
The need of
added $2,000 to
with
tradesmen for till money caused a
drop in the re¬
and total reserves thus
fell $11,079,000, to $9,442,877,000. Federal Reserve
current recession would delay, not hasten, the day $ notes in actual circulation increased $15,396,000 to
when we may enjoy a more abundant life. To build
$4,294,885,000.
Total deposits with the 12 banks
were $18,693,000 lower at $7,523,763,000, with the
hope of more than mere temporary, if possibly fever¬
ish, activity from expedients such as thase is to
precise changes consisting of a decline of $70,190,000
invite
severe
There is
fact it
disappointment.
perhaps no need to point to the fact, for
plainly is, that little evidence has as yet come
authorities at Washington intend
to proceed in this way. For a time Congress was ap¬
parently much concerned, perhaps still is in a rather
vague and pointless way concerned, with its duty
to take steps designed to halt the recession now un¬
der way, but it has been in session nearly a month
and not only has accomplished nothing of a con¬
structive nature but the outlook for such action
to
light that the
seems
case
be less promising than was the
three weeks ago. It apparently is deter¬
if anything to
two or
which
it does not understand, and which can hardly fail
to be exceedingly costly both directly and indirectly.
It is seemingly becoming reconciled to the passage
of a woges-hours law that can hardly afford en¬
couragement to business. It appears simply to be
mined to enact
gional banks' "other cash,"
in member bank reserve
an
increase of the
deposits to $6,836,282,000;
Treasury general account balance
$241,843,000; a drop of foreign
$225,938,000, and
a gain of other deposits by $32,845,000 to $219,700,000.
The reserve ratio fell to 79.9% from 80.0%.
by $65,206,000 to
bank
deposits by $46,554,000 to
Discounts
to
by the regional banks
increased $357,000
$17,390,000, while industrial advances
receded
Open market holdings of
declined $3,000 to $2,825,000, and
$14,000 to $18,450,000.
bankers
holdings
were
bills
of United
Government securities
$2,564,015,000.
States
quite unchanged at
Government's Cotton Report
complex agrarian legislation
THERE iscurrent cotton question of theAgriculture
no longer any
the
for the immensity
of
crop
Department's report based on Dec. 1 condition (the
last of the season) not only confirms earlier forecasts
but raises the Nov. 1 estimate
by 503,000 bales. The
3704
is
crop
Financial
and labor relations
16,178,042 bales, about 86% of the in¬
ness
1,
dicated crop, had already been ginned.
34% greater than this
as
1926 and it
largest
per
has,
1926,
in
192.8
The
largest
pounds
per acre
will be
surpassed this
in
freight rate increase application, and the need for
more
Such
year.
a year was
that production
pounds,
The
Dec.
pondered
was
the
But the yield
although
above
1
report
legislation
to about
by
on
designed
27,000,000
acres
on
the 1930
while
Congress
reduce
to
planted
and production
acres
course of a hearing on housing,
Eccles, Chairman of the Board of Governors
Marriner
of
Federal
the
about
the
Reserve
budget.
flux, Wall Street
ing the temper and the intentions of Congress and
the Administration.
In the listed bond market all these
considerations
a like role.
The Treasury announced last
Monday the terms of the December financing, with
the offering of $450,000,000 in
eight-year 23^%
bonds and
it
five-year 1%% notes well received.
appeared that the issues
fresh
interest
small
gains resulted.
calculated 1937
same acreage
000
To
yield, the
would be around 14,300,-
the
even
per acre
economic
Washington this might suggest that
neophytes in
crop
planning
Is
a
rather hazardous
occupation.
Of course, it
doesn't do anything of the kind.
The price of cotton fell several
points just before
the report was issued on
Wednesday but
and closed higher
appearance
rose
follow¬
ficant that
a
in older
issues, and1
High grade corporate bonds
improve fractionally, and it is signi¬
industrial flotation of
$10,000,000
new
bonds found
ready buyers.
In the speculative
tions of the bond market the main trend
ately upward.
the losses of the next.
this week
all
interest
and
the
and
on
still
the New York Stock
centered
probable
Silver attracted much atten¬
tion, since the Administration is faced by the need
a
redefinition of its program on that metal.
were inclined
toward softness.
months.
The
business recession
small
On
the
on
market
Europe still is in
the dollar
on
the
New
York
Stock
touched
Exchange 7 stocks touched
carried out.
stocks
great
Despite the lack of
were
of
majority
preferred to sit
A
ments.
was
in
to
resiliency,
the sidelines and await
on
good deal of switching for tax
at all times, but
progress
failed
normal
particular importance, for the
of investors and traders obviously
no
bring
market idled
about
even
large-scale
purposes
such activity
dealings.
The
along, with the recessions slightly
suggestion
carriers
deserve
national
at
press
conference
early consideration by
Commerce
for rate increases.
that
a
Commission of the
A better tone
more
and
pronouncement
For the week
purchases and sales
were
the
the
Inter¬
application
a
few stocks
as a
whole, however,
closely balanced.
An
extraordinary amount of discussion developed
during the week regarding all aspects of the business
situation.
tion
was
of
Here in
the
New
National
held from
York the
annual
conven¬
Association of Manufacturers'
Tuesday to Thursday, inclusive, and
leaders from many fields of the
variegated industries
of the
country expressed in
vigorous and forthright
language their universal
tration
that
Adminis¬
antagonism and repression has become
of the main
ness
conviction
contributing factors in the
decline.
The
lessened taxation and
need
a
for
more
a
the
the
levels.
On
year
the
new
4
stocks
while 57 stocks
New
York
Curb
high levels and 47
low levels.
new
Stock
Call loans
Exchange remained
New
York
half-day session
shares;
on
the
011
unchanged
Stock
Exchange the sales at
Saturday last
on
Monday they
were
were
566,970
835,760 shares;
on
Tuesday, 965,250 shares; 011 Wednesday, 1,520,430
shares; on Thursday, 1,082,318 shares, and 011 Fri¬
day, 1,075,260 shares.
On the New York Curb Ex¬
change the sales last Saturday
on
Monday, 180,445
shares;
shares;
were
on
111,500 shares;
Tuesday,
188.110
Wednesday, 262,000 shares; 011 Thursday,
179,385 shares, and on Friday, 185,792 shares.
on
Diminished trading and narrow movements
best describe last
Saturday's market.
can
The tendency
toward lower
price levels was evident early 011 Mon¬
day, and leading stocks ended the day with losses
of
fractions to
hold out little
gress
and
two
points.
Traders
in
the
main
hope that the special session of Con¬
will benefit business in
they
results.
are
any marked degree,
inclined to bide their time and await
Little
of consequence
day, and stocks drifted in
an
took place
on
Tues¬
aimless fashion
the
better
on
part of the day to close irregularly higher
the strength of a mild
buying spurt in the final
hour.
Share
technical
ing
on
ties
came
by
low
touched
budget,
reasonable attitude
Exchange
high levels for the
new
York
busi¬
current
balanced
one
new
1%.
On
by
previous small recessions
made up in most
sections, while
were
showed net gains.
that
occasioned
was
at
develop¬
pronounced than the advances until
yesterday, when
a
fillip was supplied in the form of President Roose¬
velt's
New
pressure
gold shipments.
inordinately thin, owing in large part to the excessive
regulations under which all operations now must be
changes
but the
easily offset by relatively
remains
equities
ex¬
modest capital flow
a
progress,
mild and
was
touched
for
Base
Foreign
toward
of trade in coming weeks
course
un¬
day usually offset by
one
change dealings indicated that
SMALL and irregular price movements occurred
Market, with
sec¬
moder¬
was
Commodity markets remained
certain, with the gains of
metals
The New York Stock Market
When
vastly oversubscribed,
were
manifested
was
also tended to
for
the day.
on
still in
matters
inclined to await word regard¬
was
(157 pounds)
yield
System, expressed dubiety
With all these
would yield about 8,500,000 bales
output of the
ing its
regulation of the carriers received
played
It is interesting to observe
the basis of the
bales.
223.1
was
than 18%.
more
issued
was
11,000,000 bales.
that based
yield
reasonable
airing. ; In the
an
It appears that this yield
year
in 1938 to 27,000,000
acreage
while
recorded
in 1898.
proved most impressive.
held on the railroad
were
as
far from the record yield expected from
this year's plantings, now calculated at 264.6
pounds
acre.
conviction that
a
capita^
earnest¬
an
acreage
average, was
per
and
Washington, hearings
1937
regard to
emphasized with
was
n,
occasion, been
on
record, 17,978,000 bales.
on
acre
in that year
was
In
No crop in
history has attained such size although
cultivation in other years
much
Mr. Roosevelt and his advisers with
regarded
Dec.
at
Dec.
placed at 18,746,000 bales and the figure
as a substantially accurate one for
now
must be
Chronicle
one,
prices, if for
moved
Wednesday.
in for
but nevertheless
no
other
reason
than
a
modestly higher in heavy trad¬
However, at closing time equi¬
some
downward revision in
values,
showed
gains of tractions to
one
,
Volume
Financial
145
Dulness pervaded
point in the main body of stocks.
dealings
ments
and irregular price move-
Thursday,
on
brought
sagging tendencies which devel-
on
oped into losses at the close.
failed
te
alter its course,
to
Yesterday the market
and declines were again
rule, although net gains were enjoyed by some
issues.
General
against 43%
Electric
closed
Edison Co. of N. Y. at 25
Gas &
N. J.
Elec.
at
at
43
at
against 26%; Columbia
9% against 10; Public Service of
34% against 36%; J. I. Case Threshing
Machine at 95
at 68
yesterday
Friday of last week; Consolidated
on
against 90; International Harvester
against 67%; Sears, Roebuck & Co. at 57%
against 57%;
Montgomery Ward
&
Co.- at 34%
against 36%; Woolworth at 38% against 38%, and
American Tel. & Tel. at 150
Union closed
of last
against 150%.
Western
yesterday at 26% against 27 on Friday
week; Allied Chemical & Dye at 162 against
161; E. I. du Pont de Nemours at 116% against 117;
National
Cash
national
Nickel
Register at 17 against 17%; Interat
against
43%
43%;
National
Dairy Products at 14% against 15; National Biscuit
17% against 19%; Texas Gulf Sulphur at 29%
at
against 30%; Continental Can at 41% against 41;
Kodak
Eastman
Brands at
Mfg.
against
Standard
160;
8% against 8%; Westinghouse Elec. &
U.
17%;
Lorillard
107%;
against
107%
at
against
165
at
Alcohol
Industrial
S.
16%
at
at 21%
against 21%; Canada Dry at 14% against 15%;
Schenley Distillers at 28% against 29%, and National Distillers at
22% against 23%.
The steel stocks touched lower
United States Steel closed
58%
ground this week,
yesterday at 56% against
Friday of last week; Inland Steel at 69
on
3705
Chronicle
643,000 kilowatt hours as compared with 2,065,378,000 in the preceding week, which contained a
holiday, and with 2,133,511,000 in the corresponding
week of last year. Car loadings of revenue freight
for the week to Dec. 4 were reported by the Associa¬
tion of American Railroads at 623,337 cars, an increase of 64,710 cars over the previous week, but a
decline of 121,958 cars from the same week of 1936.
As indicating the course of the commodity markets, the December option for wheat in Chicago
closed yesterday at 95%c. as against 95c. the close
on Friday of last week.
December corn at Chicago
closed yesterday at 55%c. as against 53%c. the close
on Friday of last week.
December oats at Chicago
closed yesterday at 31%c. as against 31 %c. the
close on Friday of last week.
The spot price for cotton here in New York closed
yesterday at 8.22c. as against 8.08c. the close on
Friday of last week.
The spot price for rubber
yesterday was 15.48c. as against 15.50c. the close
on Friday of last week.
Domestic copper closed
yesterday at 10% to 11c. as against 10%c. to lie. the
close on Friday of last week,
In London the price of bar silver yesterday was
18 15/16 pence per ounce as against 19 9/16 pence
per ounce on Friday of last week, and spot silver in
New York closed yesterday at 44%c., the close on
Friday of last week.
In the matter of the foreign exchanges, cable
transfers on London closed yesterday at $5.00% as
against $4.99% the close on Friday of last week,
and cable transfers on Paris closed yesterday at
3.40 l/16c. as against 3.39%e. the close on Friday of
last week,
against 71%; Bethlehem Steel at 55% against 54%,
Youngstown Sheet & Tube at 39% against 41%.
and
In the motor group,
at
6% against 8%
Auburn Auto closed yesterday
Friday of last week* General
on
34% against 36; Chrysler at 56% against
Motors at
In the
58%, and Hupp Motors at 1% against 1%.
rubber group,
Goodyear Tire & Rubber closed yester-
day at 20% against 21% on Friday of last week;
United States Rubber at
Goodrich
at
17%
27% against 28, and B. F.
against 17%.
Recessions were
present among the railroad shares this week.
Penn-
sylvania RR. closed yesterday at 23 against 23% on
Friday of last week; Atchison Topeka & Santa Fe
40% against 41%; New York Central
at
against
Union
20%;
Southern Pacific at
way
Pacific
at
at 19%
87 against
90;
22% against 22; Southern Rail-
at 14 against 14, and Northern
Pacific at 13
Among the oil stocks, Standard Oil
against 13%.
of N. J. closed
yesterday at 44% against 45% on
Friday of last week ; Shell Union Oil at 16% against
17%, and Atlantic Refining at 20% against 21.
the
copper group,
day at 32% against 31% on Friday
American
and
of last week;
Smelting & Refining at 49 against 49%,
Phelps Dodge at 27% against 26%.
Trade
in their
and
industrial reports remain
implications.
Steel
Institute
lowest level
perturbing
Steel operations for the week
ending today were estimated
and
In
Anaconda Copper closed yester-
by the American Iron
of capacity, or the
at 27.5%
since the week of Nov.. 12, 1934.
The
operations at 29.6% last
week, 41.0% a month ago, 84.6% four months ago,
and 76.6% at this time last year.
Production of
electric energy for the week ended Dec. 4 was re-
figure was comparable with
ported by the Edison Electric Institute at
2,152,-
European Stoc
ar ets
IRREGULAR price movements were the rule this
* week on stock exchanges in the leading European financial centers, with the net changes small
in all cases. Traders and investors in London,
Paris and Berlin plainly were awaiting further indications of the world business trend. There were
ample indications that the recession which started
in the United States last September rapidly was
spreading to other countries, and even the optimistic
business forecasts in England failed to obscure this
fact. The total of British unemployed increased by
108,954 in the period from Oct. 18 to Nov. 15, according to a report published in London last Monday.
In France the prevailing trend is toward lessened
activity, and it is significant that fugitive funds
which lately have moved back to Paris remain idle
there, owing to the difficulty of profitable employment under a French "New Deal" which somewhat
resembles our own. In Berlin a good deal of uncertainty prevails, but this is "normal" under the Nazi
regime.
International political discussions attracted much interest on all foreign markets, since
they bring up at least a faint possibility of appeasernent and continued peace. But no definite indications of the trend of the conversations were available. European markets remain keenly sensitive to
the trend at New York, and here also the result was
mixed, owing to the rapid variations of New York
quotations.
Trading on the London Stock Exchange was extremely quiet in the initial business session of the
week. Gilt-edged issues edged lower, while small
gains predominated among British industrial securi-
3706
ties.
Financial
Most
precious and
firm, but the silver
for
the
base
and
other
and
commodity issues.
lower.
Christmas
done
firm.
The
Gold mining
supply.
did oil and
as
Speculative interest waned
as
The
gilt-edged
list
was
Program
BEFORE the end of this year it will be necessary
Washington to
for
the
Administration in
define its silver
the
to be laid out will prove more
course
will
expire at the year-end.
chase Act the
un¬
apathy at London became
more
pronounced
Thursday, and changes in that session
or
quite
were
modified.
Commodity issues, international obliga¬
the
other
at
Modest demand
little
change.
noted
was
yesterday, in London, for
gilt-edged issues, but industrial stocks were uncer¬
tain.
dealings
resumed
were
optimistic tone prevailed, but
an
amount of
liquidation developed and
at the lows for the
The
Variations
on
Tuesday
held
close
international securities
changes here also
unchanged
to
were
were
former
not in
small.
remained
the open
securities listed
losses,
ex¬
The French
decline
of issues.
that
took
Losses of
a
in
almost all
point
or
two
of
nounced in
The
liquidation
became
time.
for the
was
the only reason adduced
tendency, which affected fixed-income
only to a small degree.
After
Wednesday, prices tended to
and
small
close.
fractional
There
and
the
The
tone
buying
on
were
gains
also many
movements
improved
were
on
the increase.
corded in all
a
weak
recover
on
opening
the
predominated
on
Boerse,
at
the
small losses, however,
quite inconsequential.
Thursday, with investment
Small advances
departments of the market.
issues
were
A
re¬
good
brief session last Satur¬
a
that urged the necessity
combating business
in
reached
these
the
to
in
was
study of this
a
in monetary matters
problems
times.
sensible
the nature and
ficient
depres¬
as
well
as
Quite properly, the report pointed
that few graver
out
make
are
faced by
Financial
The
conclusion that
causes
of
govern¬
Committee
knowledge of
depressions is not yet suf¬
possible the determination
adequate remedial
pro¬
Tuesday's dealings, with losses ranging
points in almost all groups.
take
to
informa¬
report the Economic Committee
factors.
ments
recorded
more
for
economic
The Financial Commit¬
a report
means
In this
nature,
mod¬
from fractions to three
Selling by tired holders
emphasis.
to
urged to join with the group
heavy industrial stocks, chemical, electrical and
other
leading issues.
Fixed-interest obligations
stable.
sanity.
League ended
finding
sions.
descriptions
were
110
contributions
day, by adopting
Other
a
level need
economic
tee of the
in
were
and
other
The Berlin Boerse started the week with
sharply,
a
valuable
some
tion
International issues gained.
erate
expiration of
political body is close to the vanishing
point, the Geneva organization continues to make
as
showed
French equities marked
on
If the absurdities of the silver
League Economic Studies
the
while
waver¬
ALTHOUGH the value of the League of Nations
the
small
price has been
advantages of permitting the world price
to find its proper
Bourse also were
dull, with
exception of Suez Canal shares, which dropped
sharply. In quiet trading yesterday, rentes showed
on
35,000,000
to be continued, it is plain that the
are
more
•
than
was
an
Treasury loan.
The London
might reach the market
the
and
suffering from the neglect occasioned by
new
less
cost to the United States could be reduced
extremely quiet Thursday, with
books for the
not
mines, while China, India and
understanding.
program
French equities hovered around
group
annually
their
the market.
this
pat¬
situation
little
from
of silver
levels, while
a
absorb
ing of late, in the expectation that large amounts
favor, although
The
States, Canada, Mexico, Peru and Australia,
Spain agreed to prevent dumping of their holdings
Rentes and
only minor changes in both directions.
rentes still
to take
This pact
on
small, with pub¬
figures, and the international
market
maintaining th world price.
soon
same
displayed in rentes that have
change guarantee.
former
were
Wednesday, although
on
was
for
ounces
a
Rentes, French equities and
conspicuous by its absence.
stocks
interest
silver agree¬
were
closings
international securities all followed the
French
of the supplemental
would
day, which represented modest
losses for the session.
tern.
a
reorientation of
a
provided that the five producing countries of the
the Paris Bourse,
on
set the trend toward lower levels.
lic interest
eminently sensible
so
The need for
United
Monday,
modest
could be
that Con¬
assume
policy also is emphasized by expiration
year-end
measures
Commodity issues and international securi¬
last
silver
the
to
no reason
ment, whereunder eight countries agreed
ties receded.
When
infinitely better, of course,
could be led to take
gress
to recede.
showed
It would be
step at this time.
tions
securities
subsidy represented
the world level should be ended
over
dropped, but there is
unimportant.
Small fractional gains appeared in
gilt-edged securities, while industrial stocks tended
and
price far
if the entire silver remonetization
program
on
pur¬
an ounce
Under the Silver Pur¬
it is clear that the outrageous
a
Treasury
price is again to be determined, and
by
Commodity issues improved, and
inquiry also developed for transatlantic stocks.
reasonable
The procla¬
domestically mined silver at 77.57c.
changed, and only fractional variations appeared in
some
re¬
policy, and it is to be hoped that
industrial stocks.
The
to two points.
were up one
Silver
chases
was
Wednesday.
Prominent issues
mation whereunder the United States
the
advanced, and little business
season
again prevailed yesterday, despite small deal¬
and sensible than that of recent years.
were
and Anglo-American
up
11, 1937
change in
International issues
uncertain, with Brazilians
stocks
ings.
a
were
stocks receded,
copper
lower level
dull, Tuesday, with gilt-edged
was
and industrial stocks alike in
other
were
tone
Dec.
Anglo-American favor¬
foreign securities
London market
issues
shares
on a
metal, occasioned by fears of
the United States program.
ites
metal
dropped
group
Chronicle
or
preventative
course.
of
an
But
ex-
*
perience teaches, the committe agreed, that depres¬
sions
nomena,
are
localized, but
requiring collective action.
urged to augment
were
ness
longer
no
our
world phe¬
Greater efforts
knowledge of the busi¬
cycle, with the aim of limiting the extremes of
booms and economic collapses.
mittee of the
which these
eration.
ever,
to
are
a
The Economic Com¬
session
on
Monday, in
suggestions received favorable consid¬
This group
selected
the formulation of
which
could
League began
both
subscribe.
producer
If the
a
as
its first task, how¬
policy
and
on raw
consumer
League
groups
materials
countries
can
make
volume
progress
Financial
145
along these lines, it is likely that some of
prestige of the organization will be restored.
the lost
American
3707
Chronicle
United States policy, and it accords with the Good
Neighbor program of the Administration. Highly
commendable, moreover, is a further declaration by
y\repeg ^jia^ ^he nations of this continent should
Diplomats
]^r
FOR one reshufflinganother, important diplomatic refrain affairs. unwarranted interference in develreason or of the it appears that a de- other's from Taking as his text the recent each
cided
in
by
held
posts
for us, he pointed out, to "determine for our Amer-
Hugh R. Wilson, Assistant Sec-
ican neighbors how their sttictly private affairs
should be conducted."
Mr. Welles called for
if he
proves acceptable to Berlin.
When Mr. Dodd resigned he spoke of "real discouragements" experiretary of State, will receive the appointment
enced in the difficult German
post, and there was a
curious
emphasis in his statement upon the kindly
German
population, all of which led to the assumphad considerable difficulty with the
that he
Nazi
regime.
There were rumors in Washington,
Thursday, that Robert W. Bingham, our
dor to the Court of St.
Ambassa-
James, soon will resign his
It was suggested that Joseph
post, owing to illness.
P.
Kennedy, who is concluding his study of our
mercantile marine,
will be appointed to the London
Some reports have indicated of
Ambassadorship.
late that the
patience and tolerance while the Brazilians determine their course, rather than "vehement recriminations predicated upon false premises and even
falser conclusions." The coup whereby President
Getulio Vargas assured his own continuance in the
Brazilian Presidential office was considered thoroughly in keeping with Latin American traditions
and a not especially alarming step. Decrying the
tendency to interpret the Brazilian move as a march
toward fascism of the European type, Mr. Welles
emphasized the traditional friendship between the
United States and Brazil, and expressed the hope
that it will be enhanced through the years to come,
diplomatic posts at Paris and Moscow
be involved in the current reshuffling, but there
no
definite information to support such state-
European Diplomacy
may
is
of the
Ambassador to Germany was
expected
long
as
following day.
tion
opments in Brazil, he urged that citizens
Washington, Tuesday, and in Berlin
announced in
the
in Europe is
resignation of
United States refrain from passing judgment upon
the political activities of other countries. It is not
Dodd
William E.
Ambassadors
our
The
progress.
ments.
jPVlPLOMATIC journeyings were continued this
JL-/ week in Europe, with all indications pointing
to
Foreign Policy
a
There
complete resurvey
is still
no
of all aspects of affairs.
authoritative information regard-
SEVERALof the United States were the foreign ing the conferences heldthe GermanyCouncil, and a
policy interesting declarations on made this
fax, Lord President of in Britifeh by Lord Haliby State Department officials, but they
week
little to the available store of
this
added
public information on
highly important subject. Secretary of State
decision of the Adminis-
Cordell Hull defended the
tration not to
apply the neutrality legislation in the
struggle between Japan and China, while
current
Under-Secretary of State Sumner Welles defined to
extent
some
the
United States.
to a series
is
of questions on
rather
them
policy
a
was
the
was
in
the Far East, most of
More
obvious.
significant than
the
question whether the State Department
using the Neutrality Act as an instrument of
policy.
eign
In the reply made public by the House For-
Hull
lacking
Affairs Committee, last Monday, Mr.
exists.
course,
and it is probably due to a realization of
Hull added the comforting com-
necessary, be settled by force.
If this
accurate, the conversations assuredly are
application of the Neutrality Act depends
that fact that Mr.
ment that "the State
Department keeps constantly
in mind the fact that the
Act is to
the
principal
purpose
of the
keep the United States out of war."
The Latin American
was
discussed
policy of the United States
by Mr. Welles, last Monday, before
of George Washington
Inter-American Center
University, in Washington.
To a degree, Mr. Welles
brought up to date the application
of the Monroe
declaring that any interference in
American republics by non-American Powers would
be a matter of immediate and grave concern not
Doctrine,
by
but to all other American
This is now understood to be
only to the United States,
republics, as well.
the
"Times" from "Augur," who often reflects the views
of the British Foreign Office, that the French Min-
finding by the President that a state of war
This is a mere begging of the question, of
and that
upon a
of visits, late last week, to the capitals of the French
allies. When he passed through Berlin, Saturday,
M. Delbos was met by the German Foreign Minister, Konstantin von Neurath. Last Tuesday it was
reported in a London dispatch to the New York
ister was informed in the course of his brief Berlin
stop that the Reich would not bargain on the question of colonies. Baron von Neurath is said to have
added bluntly that the colonial question would, if
pointed out that a declaration of war was
■
of
Hull
to a House resolution calling for answers
response
rest
American
Latin
The statement by Mr.
similar reserve is being exercised with regard to
the real conclusions of the British and French Governments, reached when Premier Chautemps and
Foreign Minister Delbos visited London. Unofficial
reports are agreed, however, that a colonial redistribution formed the basis of the talks, with the
democratic countries anxious to obtain in return
some
genuine guarantees from the dictatorial
States. Foreign Minister Delbos started on a round
sense
of
Latin
American
policy,
as
well
as
report is
not begin-
ning auspiciously.
official call
to Poland, where he arrived late last Saturday.
After a stay of four days, M. Delbos joined with
Foreign Minister Josef Beck in a statement to the
effect that both nations remain devoted to the
Franco-Polish alliance. In unofficial reports, it was
hinted that some difficulties were encountered,
mainly in connection with a French desire for assurances that Poland will base her relations with Germany and Czechoslovakia upon French lines.
But
M. Delbos was reassured, it appears, regarding the
political trend within Poland. Fears that Poland
will turn toward a real totalitarian form of governForeign Minister Delbos paid his first
3708
Financial
ment, and possibly join with other fascist States
a
general
alliance,
found
were
baseless.
day.
started
was
in
an¬
faithful
its Little Entente
to
promises, and there¬
France, it
was
understood
that
practical matters of military strategy were sur¬
Of especial importance is the
question of Rumanian permission for Russian use
veyed in the talks.
of railroads
event of
giving
of state to
Italy
than
more
a
the
Little
Entente, but for
the loyalty of the country has
year
been
questioned.
The old animosity that marked
Italo-Yugoslav relations has disappeared, and states¬
of
the
two
countries
creasing frequency.
undertaken
grade
by
month.
as
have conferred
with
The trip to Rome this
a
Foreign
return
Minister
Important
for
a
journey to Bel¬
Galeazzo
political
in¬
week
Some Italian officials
gained the
stated, that Yugoslavia might
of Italian
Shanghai, the Japanese forces staged
parade" late last week, which
was
leave the Little
drawal
the
of the
Thursday, and it
important announce¬
an
This may take the form
in accord with
of
a
Nanking, and thus perhaps force the Chinese
Gov¬
The advance up the
Yangtze
almost entirely unopposed
by the Chi¬
nese, who seem to have exhausted their
powers in
was
the
long and bitter contest for Shanghai.
Carefully
prepared defense positions were
abandoned, one
after the
other, and by Tuesday the advance forces
the invading
army halted before the walls of
Nanking.
The tomb of Dr. Sun
Yat-sen,
Mountain, one of the holiest of Chinese
doubted
was
on
Purple
shrines, was
by % Japanese, and it is
hardly to be
that
the
created
were
preceded, as usual, by huge air¬
plane squadrons, which
machine-gunned retreating
troops and made all Chinese operations
difficult.
Generalissimo Chiang Kai-shek fled from
Nanking
in an
airplane just before the Japanese reached the
walls.
The main
before
the
city
body of the invading
on
Wednesday, and
thereupon began to issue ultimata
the
defenders.
strenuous
nese
In
vessel
But there
the
request.
war were
In the
much
course
Wuhu, above Nanking,
gunboat, and the captain of
injured.
The usual protest was
on
British
a
was
lodged by Great Britain, and the usual apology was
made by Japan.
There were no indications this
be
of
efforts to
under way
mediate
in
the
conflict.
a
Tokio
"deal" might
whereby German would gain'a foot¬
China, in return for abandonment
hold in Northern
of the German claim to Pacific
World War
settlement and
islands lost in the
now
under mandate to
Japan.
Spanish Civil War
SEVERE fighting was resumed in the Spanish
Thursday, after
lull of
war
month
little
on
a
than rest
more
the
halt
were
in
on
the
gained
their
the
by
a
defense
than
more
of
one
underground
negotiations for peace.
If such discussions actually
place, they apparently have terminated without
result, for the battle was resumed with traditional
intensity
on
and
Madrid.
near
Thursday, both
The
on the Aragon front
insurgent forces of General
Francisco Franco took the
offensive, while the loyal¬
they beat the attackers back with heavy
Sporadic airplane bombings were reported
ists claimed
losses.
throughout the week.
the conflict
was
agreement
on
drawal
3,000
The
of
London
The international aspect of
improved to
both
sides
a
to
volunteers
slight degree by
the
from
Non-Intervention
suggested
other
an
with¬
countries.
Committee
met
on
Tuesday to study the replies to this proposal, which
is of Italian
origin. Although it is known that the
insurgents have far more foreign "volunteers" than
the
loyalists, the latter apparently considered the
making. A little irritation was occa¬
effort worth
sioned
by
an
insurgent contention that
the
communication of the
proposal to General
were
mere
Franco
regime, but such mat¬
not
permitted to stand in the way. There
will be additional
delay, however, as the London
group promptly started a long argument as to the
personnel which is to supervise the proposed with¬
drawals.
"
northern
standstill, with the
Chinese
area
reasons not
the
war
was
entirely clear.
at
a
military
Discount Rates of Foreign Central Banks
Hav¬
ing captured four of the five desired
Provinces, it
was
assumed
that
the
Japanese would smash
through Shantung as well, but
movements
a
took
constituted recognition of his
for evacuation
that
impression
ters
indications that
than
So protracted
arms.
conflict
army camped
Japanese
more
during which the huge opposing armies did
the
might be attempted by the Chi¬
troops left in the city.
the
on
a
distinctly unfortunate impression
thereby upon all Chinese. The advanc¬
ing Japanese
with
previous happenings.
Japanese air raid
bombs fell
presented and
was
hastily complied
Other international incidents of the
was
this week in their endeavor to take
the
surrounded
Japanese troops
Japanese
on
JAPANESE invaders of China made swift progress
capital,
of
by United
peremptory demand for with¬
observer
Valley
this the pre¬
of the International Settlement
guarded
States Marines.
A
week
Japanese Invasion
capitulate.
by the
previous
on
enlargement of their sphere of action, but
they made the mistake of attempting to seize a part
dispatches suggested, however, that
resignation from the League of Nations.
ernment to
"victory
a
marked
was
dis¬
impression, it
even
Stoyandinovitch left
today.
be that the Japa¬
may
is to be attributed to these incidents.
pause
last
Entente eventually and
join the Rome-Berlin axis.
Unusual political
activity was apparent in Rome,
generally surmised that
especially skilled, and it
At
rendered
are
operations that the Chinese
were
cussed, according to Rome reports of Thursday, and
attention also was
paid to economic matters.
ment will be made
communications
It is in such
Ciano,
questions
some
after M.
are
yet de¬
text for
neighbor.
was
member of
a
difficult.
nese
not
countryside in back of the advanced Japa¬
positions, and
its Czech
on
paid last Monday by the Yugo¬
slavian Premier, Milan
Stoyadinovitch, and inten¬
sive diplomatic discussions followed in
Rome. Yugo¬
slavia is
the
1937
11,
beginning to
are
Czechoslovakia, in the
access to
German attack
a
Fascist
was
nese
important Province have
Chinese guerilla bands
bombing of the invading troops.
As
occasions, the Japanese tried to make
diplomats were not idle, while the French
Minister moved from
country to country. A visit
was
roam
Wednes¬
on
Dec.
that
veloped.
Since the Bucharest regime has been fairly
fore to the alliance with
men
toward
From
Poland, M. Delbos journeyed to Rumania, where
other series of conversations
Chronicle
THERE have been
the discount
in
central banks.
are
no changes during the week
rates of any of the
foreign
Present rates at the
shown in the table which follows:
leading centers
Volume
Financial
145
CENTRAL BANKS
DISCOUNT RATES OF FOREIGN
Effect
Dale
vious
Dec. 10
Established.
Argentina..
Austria
July
10 1935
Batavia
4
July
1 1935
Belgium
2
May 15 1935
Bulgaria...
6
Aug. 15 1935
Mar. 11 1935
2H
2
Holland
Hungary...
4
4^
234
India
3
Aug. 28 1935
Nov. 29 1935
Ireland
3
June 30
7
Italy
434
May
Jan.
24 1935
4H
Java
July
18 1933
5
Jugoslavia
3
vakia
Jan.
Jan.
2
5
Sept. 25 1934
Finland
4
Dec.
England
4 1934
3
Germany
_
.
Nov. 12 1937
4
France
Greece.....
Sept. 30 1932
Jan.
41937
6
1 1935
1 1936
before at
a year ago
70.62%.
The
ratio is now
reserve
it was 61.59% and the year
Below
furnish the different
we
comparisons for previous years:
6
July
Morocco
Norway
4
May 28 1935
Dec.
5 1936
Poland
5
Oct.
Portugal...
4
Aug. 11 1937
Rumania..
434
334
Dec.
Spain......
5
July
Sweden
Switzerland
234
134
Nov. 25 1936
South Africa
53.39%;
634
7
June 30 1932
Estonia
6 1936
14 1937
Feb.
5
19 1936
items with
3.65
Apr.
5
334
2 1937
Oct.
65,904,918,441 francs.
6
Jan.
334
234
534
434
334
1 1936
4
4
■
_
1932
18 1936
534
634
Lithuania-
Czechoslo¬
_
.
year
at
5
Japan
4
4
stood at 60,358,742,140 francs and the previous
234
434
334
334
3
3.29
Colombia..
Denmark
2 1936
Dec.
4~
Chile
Danzig....
Ilate
Established
Dec. 10
1 1936
Mar.
3M
3K
Canada
Country
Gold last
remaining at 58,932,022,187 francs.
year
vious
Date Y
Effect
Rate
Country
total
Pre¬
Rate in
Pre¬
Rate in
3709
Chronicle
25 1933
4
'
4'
STATEMENT
FRANCE'S COMPARATIVE
Changes
for Week,
Dec
Dec. 2,1937
Francs
Francs
Dec.
4, 1936
6
434
7 1934
6
4
10 1935
1 1933
OF
434
334
May 15 1933
Dec.
BANK
v>
634
Gold holdings......
Credit bals. abroad,
58,932,022,187 60.358,742,140 65,904,918,441
17.217,034
5,640,971
16,015,106
No change
No cliunge
French commercial
a
3
bills discounted._
2
b Bills bought abr'd
Adv. against securs.
Note circulation
Credit current accts
Foreign Money Rates
6, 1935
Francs
Francs
c
7.141,245,923 10,084,517,900
1,296,641,126
1.457,838,272
933,127,889
3,860,509,955 3,638,100,492 3,392,124,587
+ 1,803,000,000 91,933,039,450 87,272.527,930 81,689,278,475
—2,803,000,000 18,455,493,601 10,729,793,611 11,637,604,583
8,650,830,082
—995,000,000
—14,000,000
+ 186,000,000
Temp. advs. with¬
out int. to State..
26,918,460,497 12,998,092,309
No change
Propor'n of gold on
IN bills Friday market discount rates for short
LONDON open
%%, as against 15-16@1%
on
were
Friday of last week, and 13-16@%% for three-
on
months'
bills,
as
against 13-16% on Friday
of last
Money
Vi%.
At Paris the
market rate remains at
Switzerland at 1%.
3and in
c Rep¬
Bank.
at rate of 43 mg.
gold, 0.9 fine, per franc; previous to that time and subsequent to Sept. 26, 1936,
gold valuation was 49 mg. per franc; prior to Sept. 26, 1936, there were 65.5 mg.
on Treasury on 10-billion-franc credit opened at
Since the statement of June 29, 1937, gold valuation has been
resenting drafts
of gold to the franc.
England Statement
tion, making the total increase since
Nov. 24, £12,-
attended
As the present week's gain was
loss of £118,288 in bullion, the decline in reserves
Notes in circulation as of
amounted to £7,272,000.
Dec. 8
aggregated £492,830,000 which compares with
£458,852,044
a
Public deposits fell off
ago.
year
Of the
latter amount £637,391 was an addition to bankers'
accounts and £92,341 to other accounts.
The reserve
£243,000 and other deposits rose £729,732.
proportion dropped sharply to 35.3%,
40.2%
for
week
a
the
ago
compared with
But
and 43.5% two weeks ago.
£20,000,000 increase in the fiduciary note
issue announced Nov.
16, the proportion would now
the proportion
was
35.2%.
Loans on government securities in¬
creased £8,420,000 and those on other securities fell
only 22.5%.
amount to
off
which
A
year ago
The latter consists of discounts and
which decreased £881,543 and securities
rose
with
No change
£246,899.
was
made in the
show the different items
comparisons for preceding years:
2% bank rate.
BANK
OF
Below
ENGLAND'S
showed
we
Gold
523,000 marks.
Dec. 9,
Dec. 11,
1937
1936
1935
A loss
_
Other accounts
12,
Dec.
13,
1933
1934
recorded in
was
85,821,413 72,906,692
20,749,244 22,044,016
8,400,921
10.135,945
Dlsct. <fc advances
12,911,585 10,613.299 13,643,095
Securities
20,954, 876 20 ,925,365
Reserve notes & coin
54,748, 000 50 ,462,796 49,132,107 59,515.607 69,814,357
Coin and bullion.... 327,578, ,838 249 ,314,840 200,062,992 192,736,935 191,705,790
87,243, 165
30,595, 535
Govt, securities
Other securities
_
81 ,717,564
84,212,941
29 ,071.325
22,991.392
9,640 659
8 145,960
Proportion of reserve
to liabilities
35.3%
2%
35.20%
2%
35.49%
2%
40.16%
2%
47.53%
2%
THEfurther expansion inweek ended Dec. of showed
statement for the note circulation 2 1,803,a
121,000,000 marks.
tion of
total up to a new
Circulation a
year ago aggregated 87,272,527,930 francs and two
years ago 81,689,278,475 francs.
An increase was
668,000 marks last year and 4,044,580,000
Increases appeared in deposits abroad,
in other assets
and in other liabilities.
ratio
rose
Below
we
against securities of 186,-
commercial bills dis¬
counted, bills bought abroad and creditor current
Bank's
decreased
995,000,000 francs,
14,000,000
respectively.
The
gold holdings again showed no change, the
The
reserve
slightly to 1.49%; a year ago it was 1.58%.
furnish a comparison of the different items
for three years:
REICHSBANK'8 COMPARATIVE STATEMENT
Changes
Reichsmarks
Assets—
abr'd
Res've in for'n currency
checks
Silver and other coin
Bills of exch. &
.
Advances
Investments...*
Dec. 7. 1935
Reichsmarks
Reichsmarks
88,277,000
66,409,000
70,523,000
21,141,000
28,272,000
20,333,000
+ 34,000
5,296.000
5,516,000
5,569,000
—172,000
—185,203,000 5,361,283,000 4,704,575,000 3,951,769,000
155,626,000
127,710,000
137,803,000
—4,417,000
41,695,000
57,271,000
42,760,000
—3,337,000
661,602,000
521,899,000
689,983,000
—37,000
+ 9,536,000
—
736,979,000
661,614,000
778,885,000
.
Oth. daily matur.
oblig.
Other liabilities
—121,000,000 5,074,700,000 4,562,668,000 4,044,580,000
735,486,000
671,354,000
703.254,000
—62,692.000
290,417,000
287,411,000
324,985,000
+ 291,000
1.49%
+ 0.03%
New York
TITTLE
Dec. 7, 1936
+ 67,000
Gold and bullion
Of which depos.
1937
Reichsmarks
Dec. 7,
for Week
activity
was
2.31%
1.58%
Money Market
apparent this week in any
l—i
department of the New York money
and
rates
market,
merely were continued unchanged from
previous levels.
The Treasury sold last Monday a
further issue of
$50,000,000 discount bills due in 101
with
0.119%
earlier.
unchanged,
for all
at
average
on
a
similar issue a week
Bankers' bill and commercial paper rates
were
and 2,803,000,000 francs
marks the
previous year.
loans on the
high of 91,933,039,450 francs.
accounts
Notes in circulation now
5,074,700,000 marks, compared with 4,562,-
total
000,000 francs, which brought the
francs
circula¬
obligations of 62,692,000 marks and in note
record
000,000 francs, while French
in foreign currency
days, at 0.129% average discount, computed on an
annual bank discount basis.
The rate compares
Bank of France Statement
also recorded in advances
reserves
checks of
4,417,000 marks, in advances of 3,337,000 marks, in in¬
vestments of 37,000 marks, in other daily maturing
10,079,807
Bank rate
70,aggregated 66,88,277,000 marks,
ago
185,203,000 marks, in silver and other coin of
Propor'n of gold & for'n
curr. to note circul'n.
492,830 ,000 458 ,852,044 410,930,885 393,221,328 381,891,433
14,544,387
7,926,190
6.842,570
11,741 000 17 ,490,611
142,968, 106 125 ,868,942 131,591,435 140,260,653 132,324,874
106,310, 262 86 ,984,500 94,387,267 103,302,606 95,561,394
37,204,168 36,958,047 36,763,480
36,657, 844 38 ,884,442
year
a
172,000 marks, in bills of exchange and
of
Liabilities—
£
£
Public deposits
Dec.
Statement
409,000 marks and two years ago
Other assets
COMPARATIVE STATEMENT
Dec. 8,
Other deposits.
Bankers' accounts
■
slight increase in gold and bullion of
a
Notes in circulation
Circulation
'
HPHE statement for the first quarter of December
£634,644.
advances
'
67,000 marks, which brought the total up to
a
a
.v
Bank of Germany
open
THE statement for the £7,154,000 inDec. 8circula¬
further expansion of week ended
note shows
by
b Includes bills discounted abroad,
Includes bills purchased in France,
a
1
Bank of
457,000.
70.62%
61.59%
53,39%
+0.16%
call at London on Friday was
week.
on
hand to sight liab.
transactions, while time loans were
1 %%
Call
1%
continued
with little business done.
New York Stock Exchange held at
for maturities to 90 days and
months' datings.
1%% for
four to six
New York Money
Rates
DEALING in detail with call loan rates was the
on the
Stock Exchange from day to day, 1%
ruling quotation all
through the week for both new
3710
loans
Financial
and renewals.
The
market
for
time
Chronicle
equalization
money
continues quiet, no transactions
this week.
90
Rates continued
days and 1 %% for four
The market
for
active
very
this
having been reported
nominal at 1%%
up to
week.
Paper
been
supply and the demand has been strong.
quoted at 1% for all maturities.
in
Bankers'Acceptances
demand is still in
been
i
supply.
There has
The official quotation
by the Federal Reserve Bank
of New York
for bills up to
and including 90 days are %% bid and
asked; for bills running for four months,
7-16%
as
One
from 1 to 90
days; M% for 91-to 120-day bills, and
1% for 121-to 180-day bills. The Federal Reserve
Bank's holdings of acceptances decreased from
$2,quoting the
same
rates
those
as
open
market acceptances
are
reported by the
Federal Reserve Bank of New York.
The rates for
It is generally believed that the United States
years.
gave further support in
the following
At price fixing time in London on Monday
days.
price of 18 7-16d.
drop of
a
Bid
X
Prime eligible bills
A
Bid
Asked
%
90 Days
Bid
Asked
Prime eligible bills
—160 Days—
Asked
—120 Days—
Bid
Asked
A
A
60 Days
Bid
Asked
■
full
a
per ounce was set for
X
30 Days
■
MAM
spot silver,
and at 18 3-16d. for two-
penny,
months forward
delivery, a drop of lj^d., the lowest
May, 1934. The previous low for this
19 3-16d.
was
213^d.
on
All the
activity
Aug. 28, and the high
on
exchanges
now
showing slightly increased
are
preparations
as
Bid
Asked
X
A
A
FOR DELIVERY WITHIN THIRTY
DAYS
Eligible member banks
%% bid
%% bid
Eligible non-member banks..
being made for
are
year-end settlements in all markets.
there is
was
April 6.
For this
reason
greater demand for exchange for purely
commercial requirements.
The fact that United
a
and November has had
SPOT DELIVERY
—180 Days—
in
authorities
States exports were
exceptionally
follows:
are as
sterling
Treasury
bought approximately 1,000,000 ounces of silver on
Monday when the London price for the white metal
broke sharply to the lowest level in three and a
half
year
3^2% for bills running
dealers
a
assigned for the show of firmness
reason
the New York Reserve Bank is
Open market
to
averse
sterling in the early part of the week is the active
level since
$2,825,000.
exchange
operates to keep the rate
possible below this level.
9-16% bid and Yi% asked; for five and six-months,
Y%% bid and 9-16% asked. The bill-buying rate of
828,000 to
but
support of the United States Treasury in the London
silver market.
It is believed that the
larger volume, though the
of the
change in the rates.
no
issued
as
excess
far
as
are
THE market for prime bankers' acceptances has
been moderately
stronger this week.
Prime
bills have been available in
market,
1937
convinced that the British
are
exchange equalization fupd is
good
Rates
the
in
11,
rate in excess of $5.00 and
has been
paper
has
funds
traders in the banks
to six months' maturities.
prime commercial
Dec.
an
heavy in October
important effect in
ing dollar demands abroad and
easiness due to the business recession
the resultant outflow of
in
creat¬
it not for
were
on
un¬
this side and
foreign funds from New York
the
past few months, these commercial require¬
ments for dollars
might be expected to lend firmness
to the United States unit.
Discount Rates of the Federal Reserve Banks
THERE have been
rediscount
for
no changes this week banks.
in the
of the Federal Reserve
rates
The
following is the schedule of
the
various
However, London and Amsterdam observers
classes
of
rates
at
paper
that in the last week
less
in effect
situation
the
different
new
Reserve banks:
movement
Effect
here
Date
Previous
Dec. 10
Established
Rate
IX
Sept. 2 1937
Aug. 27 1937
Sept. 4 1937
2
May 11 1935
2
Aug. 21 1937
2
Boston
New York
on
1
Philadelphia
ix
ix
ix
IX
IX
IX
IX
IX
IX
IX
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
IX
It
2
Sept. 2 1937
Aug. 24 1937
Sept. 3 1937
Aug. 31 1937
2
3 1937
2
2
2
cable transfers went above $5.00.
In
slightly more active market. The range
sterling this week hias been between $4.99
$5,00 7-16 for bankers'
sight bills, compared with
a
of between $4.98J^ and $4.99 9-16 last week.
The range for cable transfers has been
between
range
$4.99 3-16 and $5.00J^,
compared with a range of
between $4.98 9-16 and
$4.99^g a week ago.
underlying factors in the foreign exchange
new
pound
are
New
York
increased
features from those of the
in
financial
of
on
seek
the
financial
cause
interests
in
more
in favor of the markets,
stocks, based
July 1, 1935
on
as
100,
was
98.4
Dec. 2, compared with 97.4 a week earlier and
120
a
year
The high record
ago.
18, 1936 and the low
London ' "Economist"
exchange requirements.
stood at
exchange
to
The London "Financial News" index of 30 indus¬
trial
modity prices, based
various
continue
measure.
circles,
weighted
the normal seasonal trend with
respect to commercial
It is not possible to discern
funds
including commodities, all of which give evidence of
having reached a fairly stable level.
The
the
ceased.
more
tional factors
sterling continues firm, contrary to
of
foreign
practically
encouraged concerning the trend
European political affairs and find the interna¬
the undertone of
operations
has
year-end balances in London.
foreign
precautionary
London feel
Nov.
in
likewise made at this time from
many parts
as a
anxiety
However day-to-day rates fluctuate,
the
decidedly
While the Far Eastern situation continues to
past few weeks.
officially
a
American
evident that the outward flow of
from
Furthermore,
Wednesday's
exchange tended to favor New
a
market present no
into
improvement in the situation
any
of the world to settle
the
market and thereafter
The
on
business
evidence of
Contributing to the firmness of the pound are the
heavy purchases of sterling by both the Dutch and
the French
exchange controls.
Large transfers of
2
Sept.
seems
capital
STERLING exchange gave indication weekgreater
of when
firmness
early part of the
for
capital
foreign funds will again arrive
funds
York in
foreign
the
to
some
volume, though hardly to the extent of the move¬
ment during the years from 1934
through 1936.
Course of Sterling
Exchange
in
of
2
Aug. 21 1937
respect
2
Aug. 271937
with
state
there has been much
Thus far this movement is not
marked, but
Rate in
Federal Reserve Bank
more
this side and there is
on
securities.
DISCOUNT RATES OF FEDERAL RESERVE
BANKS
abroad
concern
now
or
weeks
77.0
earlier,
on
on
Dec.
79.7
a
as
was
124.9
41.6 in June,
index
of
British
the average of 1927
as
on
1932.
com¬
100,
1, compared with 78.4 two
month earlier,
and 60.4
on
Volume
Sept. 18, 1931 just prior to the suspension of
Although there
•
Monday,
business situation and outlook.
immediate
the
to
alarm as
British retail sales continue at
high level, as indi¬
a
circulation of the Bank of
cated by the increasing
Ehgland, which is expected to reach record levels
during the Christmas
In the four weeks
season.
preceding Christmas last year there was an expansion
in note circulation of £28,549,000.
If a similar rise
the total circulation by Christmas
this year,
occurs
will exceed
£514,000,000, which would compare with
the previous
record of £503,877,000 in August, 1937.
surpassed in
As this record is almost certain to be
any
event, the Bank of England took
tion
a
its
few weeks ago to
the precau¬
obtain permission to increase
fiduciary issue.
London money rates are
slightly firmer, a seasonal
year-end manifestation, and it is believed that the
rates will in all probability recede after the turn of
the
Two-months' bills are %%, three%%, four- and six-months' bills %%.
year.
months' bills
present gold hoarding seems to be less
active in London and the amounts of gold coming
For the
into the open
market
less than at any time in
are
Saturday last at
fixing time was £112,000, on Monday £101,000, on
Tuesday £338,000, on Wednesday £490,000, on
Thursday £238,000, and on Friday £212,000.
At the Port of New York the gold movement for
the week ended Dec. 8, as reported by the Federal
Gold
weeks.
many
on
Reserve Bank of New
offer
York,
on
was as
Dec. 10
PRICE PAID FOR GOLD
STATES (FEDERAL
BY THE UNITED
RESERVE BANK)
Wednesday, Dec.
8
Thursday,
Dec.
9
Friday,
Dec. 10
>__$35.00
35.00
35.00
Referring to day-to-day rates, sterling
exchange
Dec. 6
$35.00
35.00
Tuesday, Dec. 7
35.00
Saturday, Dec. 4
Monday,
Saturday last
on
was
—
steady in limited trading,
change from previous day's range.
showing little
$4.99%@$4.99%; cable trans-"
On Monday the pound
was firmer.
The range was $4.99 5-16@$5.00 7-16
for bankers' sight and $4.99%@$5.00% for cable
transfers.
On Tuesday the pound continued firm in
more active trading.
Bankers' sight was $4.99 11-16
@$5.00 5-16; cable transfers $4.99%@$5.00%.
On
Wednesday exchange worked more in favor of New
York.
The range was $4.99%@$4.99 13-16 for
bankers' sight and $4.99 9-16@$4.99% for cable
transfers.
On Thursday sterling was steady in a
more active market.
The range was $4.99 9-16©
Bankers'
sight
fers $4.99
was
3-16@$4.99 5-16.
$4.99% for bankers' sight and $4.99%@$4.99 13-16
On Friday the pound was firm
for cable transfers.
in
$4.99 15-16
and $5.00@$5.00%
Closing quotations on Friday
fairly active trading.
The
range was
@$5.00 3-16 for bankers' sight
for
cable transfers.
$5.00 1-16 for demand and
were
$5.00% for cable
sight
Commercial
transfers.
finished
bills
at
60-day bills at $4.99; 90-day bills at
$4.99 15-16;
$4.98%; documents for payment (60 days) at $4.99;
and 7-day grain
for payment
bills at $4.99%.
Cotton and grain
closed at $4.99 15-16.
FRENCH fact which might easily relative steadi¬
francs continue to show be interpreted
a
ness,
None
$1,894,000 from Canda
139s. lOd.
139s. lOd.
Dec.
Friday,
Continental and Other Foreign Exchange
Exports
Imports
139s. lid.
Thursday,
139s. 9d.
Tuesday, Dec. 7
follows:
2-DEC. 8, INCLUSIVE
GOLD MOVEMENT AT NEW YORK, DEC.
8
9
139s. lid.
Dec. 6
unemployment in November, London markets seem
to indicate that there is no cause for serious
GOLD PRICE
Wednesday, Dec.
Saturday, Dec. 4_>___139s. ll^d.
sharp increase in British-
a
was
LONDON OPEN MARKET
gold
payments by Great Britain.
3711
Chronicle
Financial
145
as
98,000 from India
indicating
a
radical improvement in the outlook.
the French exchange fund has been
In recent weeks
$1,992,000 total
.
Net Change in Gold Earmarked for
Decrease:
dollars, thus contributing to the support
Note—During the week there was an export of $10,000,000
of gold to
reduced $10,000,000 as shown by
the daily statement of the United States Treasury.
We have been notified that approximately $451,000 of gold was received
at San Francisco from Australia.
The
above
figures
are
for the week ended on
On Thursday there were no imports
Wednesday.
exports of the metal or change in
or
imports
or
exports
gold held ear¬
On Friday there were
marked for foreign account.
no
of the metal or change in
gold held earmarked for foreign account.
Gold held in the inactive fund, as indicated in the
;
daily Treasury statements issued during the week
ended last Wednesday, was as
The day-to-
follows.
the
past
GOLD HELD IN THE
Daily Change
+$8,389
—4,990,147
+12,514
+ 8,534
—4,996,824
+1,961
Amount
Date—
$1,242,545,167
Dec. 3
1,237,555,020
Dec. 4
1,237,567,534
Dec.
6
1,237,576,068
Dec. 7
1,232,579,244
1,232,581,205
Dec. 8
Net Decrease for
the Week Ended Wednesday
$9,955,573
Canadian exchange is
treal funds
Mon¬
premium of
inclined to firmness.
ranged between
par
and
a
3-64%.
The following
on
tables show the mean London check
Paris, the open market gold price,
price paid for gold by the
Saturday, Dec. 4
Monday,
Dec. 6
Tuesday, Dec. 7
147.09
147.08
147.09
and the
United States:
MEAN LONDON CHECK RATE ON
exceed bids.
Wednesday, Dec. 8
Thursday,
Dec.
Friday,
Dec. 10
9
147.07
147.08
147.09
was
attributed to
year-end
maturities and payments.
At
political and
present there is a lull in the
problems of France and the franc naturally
derives some benefit from the cessation of agitation.
fiscal
derive
satisfaction from the
Business
circles
assurance
of being spared the imposition
some
and other control measures, though
still advocated
of socialistic
such action is
by the extreme left-wing adherents
of the Government.
francs is due to the opera¬
exchange equalization funds.
francs
future
are
ruling at discounts
However,
under spot,
though these discounts have declined sharply in the
past
few
around
weeks.
Thirty-day futures are ruling
1% points under the basic cable rate and
90-day futures generally call for a discount slightly
under six points.
The discount really indicates an
expectation of: future difficulty for the unit.
Its
implications are seen in the fact that the two strongest
currencies, the guilder and the Swiss franc, are at
premiums for both 30- and 90-day delivery.
Fears concerning the future of the franc are still
keen.
Industrial and business activity is causing
concern as a result of the reduction in both domestic
and foreign
PARIS
This
purchases of foreign currencies in view of
tions of the
TREASURY'S INACTIVE FUND
Dec. 2
have tended to
The steadiness in spot
day changes are our own calculations:
rate
In
The inactive gold account was
France.
offered more freely than
of sterling.
few days offers of francs in Paris
buying sterling which was
Foreign Account
$2,251,000
markets resulting from the rise of French
prices.
The national debt of France increased
23,946,000,000 francs during the year ended Aug. 31,
amounting to 384,591,000,000 francs at that date.
3712
These
Financial
Chronicle
figures
do not include railroad and local
indebtedness, or the war debts owed to the United
States and Great Britain.
will
abandon
soon
the
belga
Belgian
and
25.08%.
for
trade
Belgium. The franc represents 46.491 milli¬
of gold 0.900 fine (41.842 milligrams of fine
gold), the par value of which is 80.02784, in United
as
the French unit
as
from
cut
was
this
months
of
receipts
year
of
the
Buenos
Aires
Customs
approximately 314,000,000
pesos ($105,000,000 at the official rate of
exchange).
This compares with
243,000,000 pesos (881,500,000)
dollar valuation the
belga
Under
newly created belga
the
was
Argentine paper pesos closed on Friday, official
quotations, at 33.34 for bankers' sight bills, against
33.28 on Friday of last
week; cable transfers at 33.34,
against 33.28.
The unofficial or free market close
as
old
worth
13.90 cents.
The quoting and use of the
belga seems
never to have
given entire satisfaction in Belgium.
A few days
ago in
was
29.35@29.45, against 29.35@29.45.
Brazilian
milreis, unofficial or free market rates, were 5.45@
5.55, against
5.50@5.65.
Chilean
exchange is
nominally quoted at 5.19, against 5.19.
Peru is
nominal at 24%,
against 24%.
reply to a suggestion in Parlia¬
ment that the use of the
belga as a monetary unit
should be dropped and the
country returned to the
franc
as the sole
unit, the Minister of Finance stated
that difficulties did in fact result from the existence
of two monetary units and that it
4
appeared desirable
to cease
using the denomination of belga. However,
the principal aim in
quoting belgas, he asserted, was
to differentiate between the
Belgian franc and the
French franc.
It is considered
preferable at the
moment, he asserted, to defer a solution of the
EXCHANGE
sents
weeks.
curred
The
following table shows the relation of the lead¬
ing European currencies to the United States dollar:
Old, Dollar
\
New Dollar
Parity
(franc)
Parity
This
a
Week
3.92
6.63
Belgium (franc)
Italy (lira)
13.90
16.95
5.26
8.91
Switzerland (franc)
Holland (guilder)
19.30
32.67
23.11
to
23.16%
40.20
68.06
55.56
to
55.73%
3.39% to
3.40
16.99% to 17.01
5.26% to
5.26%
New dollar parity as before
devaluation of the European currencies
between Sept. 26 and Oct. 3, 1936.
b The franc cut from
gold and allowed to "float" on June 30, 1937.
a
The London check rate
on
Paris closed
on
Friday
147.09, against 147.08 on Friday of last week.
In New York
sight bills on the French center fin¬
ished at 3.39
15-16; against 3.39% on Friday of last
week; cable transfers at 3.40 1-16, against
3.39%.
Antwerp belgas closed at 17.00% for bankers' sight
bills and at
17.00% for cable transfers, against
16.99% and 16.99%.
Final quotations for Berlin
at
40.33
for bankers'
sight bills and 40.33
transfers, in comparison with 40.27 and
were
cable
Italian
lire
closed
at
5.26% for bankers'
sight bills and at 5.26% for cable
transfers, against
5.26% and 5.26%.
Austrian schillings closed at
18.93 against
18.91; exchange on Czechoslovakia at
3.51%, against 3.51%; on Bucharest at
against 0.74%;
0.74%,
Poland at 18.97%, against
18.98;
and on Finland at
2.21%, against 2.21.
Greek
exchange closed at 0.91%, against 9.91%.
on
4
EXCHANGE on moving in close sympathy with
firm, the countries neutral during the
war
is
sterling.
The Holland guilder and Swiss
franc, as
during many weeks past, display an
independent
firmness owing to the
eagerness with which
foreign
currencies seek safety in these
countries.
Bankers' sight on Amsterdam closed on
Friday at
55.63%, against 55.56 on Friday of last
week; cable
transfers at 55.63%,
against 55.56; and commercial
sight bills at 55.58, against 55.51.
Swiss francs
closed at 23.13% for checks and at
23.13% for cable
transfers, against 23.11 and 23.11.
Copenhagen
as
a
operations.
on the Far Eastern countries pre¬
features from those of recent
new
move
in
Great
Britain,
close relation with
its
to
military
both the United States
to
a
credit
vast exodus of silver from
alarmed centers of China to
from time
Asiatic
interests have sent
presumably to support
operations, and there is
the
of
consequence
Meanwhile, Chinese
large quantities of silver
and
Range
no
All these units
sterling.
Jap n continues to send large amounts
of gold to both Great Britain and
the United States
to support the
yen against its deficits in trade in¬
question.
40.27.
11
in the first 11 months of 1936.
equivalent to five Belgian francs.
marks
to
House have amounted to
currently quoted,
gold on June 30,
The law of Oct. 25, 1926 also created the
for
most
The
the first
1937.
b France
quoted in New
this year increased
30%, as
compared with the same period last year.
This
reflects a sharp increase in
foreign trade.
Thus far
States currency prior to devaluation of the dollar.
At present the Belgian franc has
approximately the
the French franc
not
exchange position of most of these
countries gives promise of
improvement as a result
of their increasing
exports.
Reports recently re¬
ceived in New York from the
Argentine Information
Bureau show that Argentine customs
revenues
in
unit of
as
are
the
EXCHANGE on the South American inclined is
part steady and countries
grams
value
Spanish pesetas
firmness.
The Belgian franc of 100 centimes was stabilized
under royal decree of Oct. 25, 1926 as the
monetary
same
Norway closed at 25.12%,
25.12%, against 25.08% and
on
—•—
transactions.
>
1937
York.
currency unit and return to the
franc,
which is the currency
employed in internal business.
.Use of the begla is restricted to
foreign
25.73; while checks
and cable transfers at
its
as
11,
25.78, against 25.73
Belgas continued firm, ruling above par (16.95
cents), but future belgas are at discounts, 30-day
futures being three points and
90-day belgas ruling
between eight and nine points under the basic cable
rate.
It appears entirely probable that the Brussels
Government
Dec.
checks finished at 22.32, and cable transfers at
22.32,
against 22.29 and 22.29.
Checks on Sweden closed
at 25.78 and cable transfers at
Hongkong, which
time
finds its way to London.
For
the most part this Chinese silver from
the interior
is in the form of coin.
Closing quotations for yen checks yesterday were
29.13, against 29.09 on Friday of last week.
Hong¬
kong closed at 31.30(5^31%, against 31%@31%;
Shanghai at29.60@29 13-16, against 29%@29 13-16;
Manila at 50 3-16,
against 50.12; Singapore at 58%,
against 58 11-16; Bombay at 37.76, against
37.68;
and Calcutta at
37.76, against 37.68.
Gold Bullion in
European Banks
bullion (converted into
THE following table indicates the amounts of gold
pounds sterling at
par
of
exchange) in the principal European banks as of
respective dates of most recent statements, reported
to us by special cable
yesterday (Friday); comparisons
are
shown for the
four years:
Banks of—
corresponding dates in the previous
1937
England
1936
1935
1934
£
£
£
£
327,578,838
310,168,538
France
Germany b_
Spain
Italy
Netherlands
Nat. Belg'm
249,314,840
482,869.937
200,062,992
527,239,347
2,509,500
c87,323,000
a25,232,000
1,906,850
87,323,000
42,575,000
47,491,000
90,209,000
42,575,000
52,342,000
115,138,000
Switzerland
96,054,000
77,646,000
Sweden
26,065,000
Denmark
106,207,000
82,500,000
24,321,000
3,362,155
99,431,000
46,743,000
22,086,000
192,736,935
658,514,505
2,872,200
90,668.000
65,081,000
£
191,705,790
616,632,308
17,259,550
90,435.000
76,361,000
70,308,000
76,681.000
71,513,000
69,482,000
15,785.000
77,744,000
61,710,000
7,937,000
6.573,000
6,547,000
6,553,000
6,555,000
7,396,000
6,602,000
__
Norway
1933
6,603,000
6,602,000
6,583,000
14,341,000
Total week. 1.080,863,876 1,137.664,627
1,097,207,494 1,250,937,640 1,236,839,646
Prev. week. 1.084,325,514 1,045,487,000
1,101,930,825 1,250,862,951 1.239,656,154
a
Amount
Bank of
held
Germany
Dee.
are
reported at £1,002,750.
31. 1936. latest figure available,
b Gold holdings of the
exclusive of gold held abroad, the amount of which Is now
c Amount held Aug. 1, 1936, the latest figure
available.
The gold of the Bank of France
of
gold, 0.9 fine, equal to
within
less
than
a
year,
was
revalued
on
July 23, 1937, at 43 milligrams
one franc; this was the second change in the gold's values
the previous
revaluation took
place on Sept. 26, 1936,
when the gold was given a Value of 49
milligrams to the franc as compared with
65.5 mgs. previously. On the basis of 65.5
mgs., approximately 125 francs equaled
£1 sterling at par; on basis of 49
mgs., about 165 francs equaled £1 sterling, and at
43 mgs.. there are about 190 francs to £1.
Volume
Financial
145
The Labor Bill and the
the
of
action
The
House
getting the Black-Connerv wages and
gratifying
as
far
as
more
extensive powers.
has
come
forward
considera¬
which is
it goes. It means, prob¬
displace.
in
the Committee, and in its original form will not
again be presented. That, of itself, is something to
necessarily
Unfortunately, however, it does not
of wages
lation
that the question of Federal regu¬
mean
and hours is dead and done for.
Precisely what kind of regulation a majority of
members of the House would like to see, or
there is
actually
a
majority in favor of regulation
debates, but it seems prob¬
mine from the record of
able that, out
demands of
of the conflicting opinions and the
particular groups, a revised wages and
bill will in due course be brought
hours
The main issue,
while
amendments
Committee
and to that extent lessen
the
consequences,
attack
on
deprive
may
the
distinctive features
the likelihood of mischiev¬
will be mis¬
consequences
changes are proposed.
chievous whatever
The
forward.
accordingly, is still with us, and
Rlack-Connery bill of most of its
ous
the
whether
particular kind, would be difficult to deter¬
of any
directed mainly at two
points.
The first was the
board, appointed by
responsible to him, with authority
proposed creation of a Federal
the President and
to
prescribe, and through the courts to
imum wages
enforce, min¬
and maximum working hours for every
agriculture and
board decided
prescriptions should apply. The board
important industry in the country,
transportation excepted, to which the
that
such
might not, however,
less than 40
week of
prescribe a minimum wage of
maximum working
cents an hour or a
more
than 40 hours.
It is an open question
limitation, the plan did not
delegation to the board of a legislative
whether, even with this
involve
power
a
which, under the
Constitution, is vested ex¬
the power given
clusively in Congress. In any case,
to
board
the
was
make the board an
The bill would
industrial autocrat whose inquis¬
unprecedented.
detail of the
industries with which it dealt, and from whose de¬
crees there would be no recourse save in an apeal
to the courts. As a step toward Executive dictator¬
itorial
authority would extend to every
ship, the bill
deserved to rank with the Agricultural
the later crop control pro¬
Adjustment Act and
Valley Authority Act and the
TVA's," and the demand for
a reorganization of the executive departments.
The
second point of attack was the authority given to
the board to extend its control, under circumstances
of which it would practically be the judge, to intra¬
state as well as interstate industries, thereby invad¬
constitutional prerogatives of the States
contributing further to Federal usurpation.
ing the
and
President of the Ameri¬
can Federation of Labor, and John L. Lewis, Chair¬
man of the Committee for Industrial Organization,
both favor a Federal regulation of wages and hours,
Although William Green,
neither has been
able to approve the
Black-Connery
/
with
an
Mr. Green, however,
alternative proposal
an
it would
minimum wage of
objectionable as the bill which
Instead of indicating a
hour and a
maximum 40-hour week,
and
Federal agency discretion to say where
he would make the figures
mandatory. The proposal seems to be aimed partic¬
giving
a
they should be applied,
"The South," Mr. Green was
ularly at the South.
conference on Dec. 4,
.
.
.
Some¬
body has got to persuade Southern manufacturers
that if they are going to sell their goods they must
develop a market by increasing purchasing power
among their own people.
So long as they keep
wages down to $5 or $6 a week in the South, it will
be proverty-stricken.
They must choose between
poverty and buying power. ... In this plan we
are wiping out the argument of unfair competition."
quoted as saying in a press
"has
economic idea.
got the wrong
follow Mr. Green's
It is difficult to
dustrial
wages
are very
reasoning. In¬
low in the South, but
if
doubled arbitrarily by Fed¬
statute a good many employers would be forced
of business and unemployment would be ma¬
they were more than
eral
out
The enforcement of the law,
the Department of Justice
of $100 for violations, also presents
increased.
terially
which would be left to
a
fine
difficulties, although not,
apparently, to Mr. Green.
be devolved
burden which would
Asked whether the
of Justice would not be very
if violations were extensive, he
could only reply that he believed that most indus¬
trialists were law-abiding and that it was "reason¬
able to assume the Government will arrange the nec¬
the Department
upon
great, especially
machinery to make the law effective."
proposals, nor any similar ones,
essary
Neither of these
be
should
countenanced by Congress.
Industrial
subjects for govern¬
ment prescription.
It has been suggested that if
the experiment is to be tried, it should be begun
with those industries in which wages are notori¬
ously low and working hours unduly long. No one,
surely, wishes to see labor overworked or underpaid.
wages
and hours are not proper
Once a statutory
regulation is begun, however, ex¬
perience shows that
is not
an
are
it is certain to be
extended. It
discriminate between
or working conditions
possible in practice to
industry in
bad
which wage
and others in
which such conditions are
better, and political pressure is al¬
at hand to force an enlargement of the regu¬
list. Federal regulation applied to any indus¬
only somewhat
ways
lated
try would be
only an entering wedge
tion to others.
posals, the Tennessee
proposed seven "little
as
40 cents
with
Black-Connery bill has been
the
another Federal board with
make them desirous of
still
ably, that the bill will undergo radical changes
be thankful for.
Labor Relations Board to
and then
sending it to the Committee on Labor for
tion is
in
much to criticize in the
They have found too
actions of the National
hours bill out
of the Committee on Rules
of the hands
bill.
Labor Board
of Representatives
3713
Chronicle
can
No statutory
possibly take account
for its applica¬
prescription, moreover,
of essential differences in
occupations, or of seasonal or part-time occupations,
or of differences in living costs between various sec¬
tions of the
and decrease
country.
The increase in money wages
in working hours
istered over a long
which have been reg¬
series of years have been accom¬
plished, not by statutory interference but by suc¬
cessful bargaining between workers and employers.
organized labor has been
important factor, and it is strange to see repre¬
sentatives of organized labor calling for legislation
which, if it were enacted, would not only freeze wage
In
attaining this success
an
and hour
standards for the
time-being but also jus-
,
3714
\
Financial
Chronicle
tify further interference by government in direc¬
tee
tions which organized labor has shown it does not
"I
want.
lengths
personal
which
to
go
exhibitions of the
claim
The most
end, here and
the
a
subpoena to Hartley W. Barclay, editor of a trade
journal, to produce at a hearing of the Board at/
gation of the Weirton Steel Co., and the grilling
by
an'
attorney and trial examiner of the Board of
that the
affect
a
representative of the Board
Barclay subpoena "does not in the
the
issue
of the freedom
that "the issue is whether
press," but
Company, directly
not it
or
the
not the article was the
or
creation of the Weirton Steel
indirectly, and whether
of
remotest
was
created
or
for
the
Labor
Eelations
which will
Board,"
so
far
There is
a
the
as
"the"
common
State of
ring of indepen¬
dence to these words that should not
go
at
but
governed by a
are
be enforced
Oregon is concerned."
a daily newspaper at
Mary's, Pa., regarding his editorial policy and
specifically about his own editorial work and opin¬
rejoinder of
National
law
unnoticed
Washington.
World Politics and World
St.
The
the threat of gangster rule.
now,
ramifications of the Federal law recently
governing the rights of labor are still con¬
rights of human justice
Harry T. O'Brien, publisher of
ions.
jurisdiction.
over
fusing to the minds of most public officials, includ¬
ing apparently the members and representatives of
authority which the Board
Steubenville, Ohio, the records regarding an article
criticizing the Board for its conduct in the investi¬
Organization
11, 1937
determined," Governor Martin declared, "to
the sovereign rights of the citizens of
Oregon
enacted
of
re¬
to be found in the issuance of
are
Industrial
The many
have
already been abundantly showrn by the actions
appears to
to
interference
government
and industrial rights may
the National Labor Eelations Board.
cent
am
assert
The
with
for
Dec.
is
There
no
more
striking fact in the world his¬
tory of the past four
ing
domination
hardly
any
of
Recovery
five
or
than the increas¬
years
economic life
by
politics.
country in the world today
laws allowed to
operate without the interference of
government policies whose chief aims
The law of
In
are economic
are
political.
supply and demand is repeatedly upset
purpose of interfering with the rights of em¬
ployees contrary to the Wagner labor Act," is not
likely to carry conviction. Unless an editor may
production, artificial stimulation of production, de¬
struction of surplus crops, or tariffs and
quotas
freely
that restrict international trade.
a
express
his opinions regarding the merits of
public controversy
servants,
ticles
or
the conduct of government
admit to his columns contributed
or
which he
regards
interest, the freedom of
stitution guarantees is
truthful
as
the press
only
a
and
ar¬
of public
which the Con¬
form of words.
The whole labor situation in this
country, in all
its aspects, has become a matter of serious
National
concern.
The
Wagner Act, which
collective
governs
bargaining, is heavily weighted against employers
bargaining provisions and its definitions of
in its
-
unfair labor
practices, but there is no apparent dis¬
position in Congress to amend or repeal it. It is im¬
possible to
convince the
Labor Eelations
average
citizen
Board, created to enforce
one-sided statute,
is
or can
be
a
a
cessation
There is still the
the
nor
provisions it deals with have availed
about
hours
a
of
violent
possibility of
labor
a
grossly
the Act
to
bring
controversies.
Federal
wages and
law, shorn, perhaps, of the odious features of
Black-Connery bill and different from
the sub¬
stitute which Mr. Green has
proposed, but neverthe¬
less
embodying
the
idea of
which
shows itself almost
lation
and
Some
of
a
dictatorship
policies of the New Deal.
increasing willingness of police officials
number of communities to
curb the
violence
strikers, and in such decisions
as the one
recently
by the New York Court of Appeals de¬
fining the limits beyond which picketing may not
handed down
lawfully
go.
It is to be hoped that such incidents, lo¬
cal and all too few
as
yet, may multiply. The action
of Governor Martin of
Oregon, on Tuesday, in prac¬
tically ignoring the Federal Labor Board and or¬
dering a collective bargaining election, under State
supervision, in the lumber industry of the State, is
an
aggressive step which will be watched with spe¬
cial interest.
in
For four months the lumber
Oregon has been paralyzed by
a
industry
quarrel between
the American Federation of Labor and the Commit-
Prices and wages
kept at artificial levels by government action,
government competition with private capital is set
in production and distribution, currency stand¬
up
ards
are altered by government legislation or
decree,
banking is dominated by government departments,
the
bureaucratic
of unproductive officials is
army
being constantly increased, and taxes
are
raised and
multiplied to meet the demands of increasingly lav¬
ish government
world is
indeed whose
anced
Every country in the
expenditures.
heavily in debt, and the countries
budgets, if balanced at all,
by artificial and specious
The economic appearances
ation
are
not bal¬
means.
which the world situ¬
nominally described
as
Back
raising
maintaining the standard of living, regulating
duction
and
are
or
pro¬
relieving unemployment
markets,
safeguarding national credit
or
obvious political
which the efforts are intended to serve.
purposes
In
few
are
presents are, accordingly, misleading.
of all the efforts
country the aim is to increase the power of
one
the central
authority by bringing industry, business,
agriculture and finance under government control;
in
another, to support a dictatorship more or less
firmly established; in another, to repair the losses
of the World War and
encouragement, on the other hand, is to be
found in the
in
Federal
everywhere in the legis¬
enforced restriction of
as
are
the
non-partisan body,
and neither the decisions of the Board
whose
that
by such contrary devices
commercial
tional
an
political prestige and
importance; in another, to attain na¬
self-sufficiency and
In many
for
recover
an
assured independence.
countries national defense and preparation
expected war are an important, and in con¬
spicuous instances the overruling motive. When, ac¬
cordingly,
one
looks at the prospect of general world
the interplay
recovery,
forces is
one
First in
of political and economic
things to be considered.
of the main
importance, and common to many coun¬
tries, is the problem of armaments. The armament
programs
in which Great Britain, Germany,
France and
ing the
stimulus
past two
to
years
have given an enormous,
various forms
of industry and trade.
demand for certain
shipbuilding and the*
They have created an abnormal
raw
Italy,
Japan in particular have engaged dur¬
materials,
stimulated
Volume
Financial
145
carrying trade, and given large employment to labor,
whole, they have been the most potent force
On the
such
in
as
recovery
1935.
artificial
The abnormal de-
has taken place since
Essentially, however, the force has been
its
and
operation very uneven.
mand for
rise in
raw
materials has occasioned an abnormal
prices, the expansion of armament
drawn labor from other
has
far the larger
industries
industrial fields, and
part of the program has been financed
with consequent
Somedistant future, the supposed
by huge additions to public debt,
heavy increases in present or future taxes.
time, in the not very
need for armaments will have
been supplied, and the
problem of curtailing the work of
have been
of
and
industries which
draft,
running, so to speak, under forced
redistributing the labor which
armament
preparations have engrossed will have to be faced,
Germany in particular, the
For Great Britain and
countries which have led all
others in the armament
widespread economic dislocation, and of political pressure to rectify it, will
be not unlike those which were met with in this
race,
the possibilities of
country when the
inflated industries that developed
had to be demobilized and a
during the World War
found for return to normal
way
conditions of peace.
illustration of the economic unsoundness of extreme absorption in armament preparations is found in the recently published figures
A
significant
unemployment in Great Britain.
of
According to
of Labor, as summarized
in a dispatch to the New York "Times," "in the
face of the ordinary seasonal trend usually favoring
the
report of the Ministry
employment,
the registered
unemployed workers
Oct. 18 and Nov. 15. Most
industries, except coal mining, were affected, including building, textile, clothing, motor and electrical
industries, hotels, road transport and distributive
trades. The report came as a considerable surprise
in view of the fact that government expenditures,
rose
by 108,954 between
high peak and as a
operating
at capacity. The greatest employment shrinkage is
shown by the consumer industries." The figures, it
was stated, recall "the widespread agitation for an
investigation of large rises in the cost of living without commensurate increases in purchasing power."
principally for arms, are at a
result of these many
The total
heavy industries are
15 was
whose occupation was
unemployment figure as of Nov.
1,499,203, exclusive of persons
agriculture.
Just
as
high
tariffs, quota
3715
Chronicle
restrictions on im-
riers which is indispensable to a general revival of
international trade is hindered, accordingly, not so
much by the difficulty of adjusting international
economic interests as by the political understandings or discriminations to which trade treaties have
contributed.
■■■>;-'. * :
The efforts which Great Britain has made to prevent a further widening of the breach between dictatorships and democracies have an important bear-
ing upon general European and world recovery,
With the practical common sense which has often
characterized its foreign policy, Great Britain is apparently coming to realize that a stand-off attitude
toward political and economic dictatorships cannot'
any longer be maintained without impairing its political influence and limiting its opportunities for
foreign trade. Between the rigid and comprehensive
governmental control of industry and trade that
prevails in Fascist Italy and Nazi Germany, and
the moderate and irregular control that obtains in
Great Britain the difference is great, but since there
is no reason to expect that either of those dictatorships will soon disappear, a way must be found to
deal with them both economically and politically,
II is the search for this way that appears to be engaging the earnest attention of the British Government in its efforts to reach a common understandirig with Rome and Berlin. An agreement involves,
on the British side, an abandonment of the criticism
and denunciation with which a mention of dictator. ship has commonly been attended, and adjustment
of commercial exchange to conditions in which dealings must be carried on with closely regulated industries or government monopolies. If two systems
of government, diametrically opposed in principles
and methods, can be made to work together harmoniously in political and trade matters, the interests of world peace and world economic recovery
will alike be served. To what extent the war in China may have retarded world recovery cannot yet be determined,
Over against the considerable increase in Japanese
imports of armament materials, and the much
smaller increase of the same kind that is to be
credited to China, must be set the heavy loss of life
0n both sides, the great destruction of public and
private property in China, and a considerable diminution of the Japanese gold reserve. There is much
reason to expect, however, that the acquisition of
control by Japan of large areas in China will mean
substantial reduction in American and
European
and restrictions on foreign exchange have been used to promote national selfsufficiency, so trade agreements, particularly in
Europe, have been made with an eye to political
quite as much as to economic effect. In a Europe
in which suspicion and apprehension have become
in most States a national habit of mind, and in
which the open or supposed designs of two or three
great Powers are widely feared, every commercial
agreement necessarily involves some measure of political rapprochement, and mutual understandings
are built up where
there is no alliance in name.
As few of the trade treaties negotiated in the past
fewr years embody the most favored nation principle,
or extend their reciprocal concessions to non-signa-
a
negotiated by
commonly tends to emphasize the group divisions and alignments with
which Europe is spotted. The removal of trade bar-
Finally, it is to be noted that the Anglo-American
commercial treaty, if one is concluded, will be governed by political as well as economic considerations. In a speech at an Empire unity meeting on
ports or exports,
tories as in the
Secretary Hull,
reciprocal agreements
each treaty
trade with that country. The parts of northern
China which Japan particularly covets possess huge
deposits of coal and iron, there are important oil
resources awaiting development, and the possibilities of cotton production are immense, and to the
extent that Japan can obtain these and other prodnets from a nearby region which it controls it will
free itself from dependence upon markets elsewhere,
The "open door," already barely ajar as far as China
is concerned, is not likely to be opened wider under
Japanese domination. Japanese imperialism, in
other words, may well bring about a veritable revo-
lution in European and
American trade with the
Far East.
3716
Financial
Chronicle
Thursday Neville Chamberlain, British Prime Min¬
will have
ister, took pains to
a
without
his hearers,
assure
although
Dec.
strong political cast.
a
If to this be added
recent clear intimation from London that the
debts will not enter into the
specifically referring to the treaty, that im¬
tribution
the
agreement may be expected to make to
tariff
policy of imperial preference would be
Since
imperial preference is
of the
one
which
negotiations, the
perial interests would not be sacrificed and that
maintained.
1937
11,
an
Anglo-American
is left in doubt.
covery
war
con¬
commercial
world
re¬
It is to be hoped that the
by which the political unity of the
Department of State will not overlook the political
Empire has been cemented, it is clear that trade
implications which the whole question obviously in¬
negotiations with this country,
volves.
principal
means
The New
with all others,
as
-:;-v
■■■'■•"'V-'-'"".■-
Capital Flotations in the United States During the Month of November
and for the Eleven Months Since
the First of
January
.-."'A
There is nothing to be said about the
new
UNITED
financing in
STATES
TREASURY
FINANCING
MONTHS
this country
consists simply of
As
matter of
a
Date
fact, the record
amounting to $52,000,000, making
$134,348,274 of
new
Dated
which consisted of
refunding of outstanding issues, leaving
Due
for
Jan.
Feb.
September, with
105,265,000
131,040,000
125,862,000
124,392,000
134,878,000
days
10 273 days
17 273 days
191,855,000
179,465,000
154,486,000
24 273
134,519,000
4 Feb.
11
18 Feb.
Feb.
Feb.
days
total.
26 Mar.
105
days
111.863.000
Feb.
26 Mar.
273
days
June, with $261,441,234 for May, and with $317,092,098
for April.
In March the grand total was $382,057,701, in
Mar.
98 days
4 Mar. 10 273 days
Mar.
7 Decl5'36 12-16 yrs,
114,519,000
153,617,000
130.196,000
483,910,000
140,722,000
106,662,000
$521,550,323, and in January it
was
was
Mar.
Mar. 11 Mar. 17
$617,-
Mar. 17 Mar. 24
furnish
importance of United States Treasury issues,
below
a
summary
during the first 11 months
days
Mar. 24 Mar. 31 273
days
of
of
the
securities
new
the current
sold
New
72 days
273 days
273
was
The average price for the bills
offering
accepted.
was
99.917, the average rate
being 0.226%.
Issued to replace
maturing bills.
Mr. Morgenthau
on
Nov. 4 announced
a
new
$50,000,000
was
the
was
offering
totaled
$126,458,000, of which
The average price for the bills
accepted.
average rate
on a
bank discount basis
Issued to replace
maturing bills.
On Nov. 11 Mr.
)f
offering of
or thereabouts of
127-day Treasury bills.
The
dated Nov. 10 and will mature March
17, 1938.
99.928, the
$50,000,000
The bills
were
or
being
dated Nov.
Applications
which
$50,050,000
to the
was
17 and will mature
March
17,
offering totaled $156,317,000, of
accepted.
The
the bills
average
price for
was
99.952, the average rate on a bank discount
being 0.143%.
Issued to replace
maturing bills.
Secretary of the Treasury Morgenthau on Nov.
basis
18
a
further
an¬
offering of $50,000,000 or thereabouts
114-day Treasury bills.
The bills were dated Nov.
will mature March
18,
totaled
$137,294,000,
a
Subscriptions
of which $50,012,000
The average
price for the bills
on
was
to the
was
99.963, the
bank discount basis
being 0.117%.
offering
accepted.
average rate
Issued to replace
days
Apr.
273 days
139,477,000
135
148 days
141
the
following w show in tabular form the
Treasury
financing done during the first 11 months of
1937.
The
results show that the
Government disposed of
of which
$3,911,836,700 went to take up
$1,704,691,300 represented
$5,616,528,000,
existing issues and
an
addition to the public debt.
For November
by itself, the disposals
aggregated
225,000, all of which constituted
refunding.
$200,-
*0.373%
99.708 *0.386%
Average
Average
99.695
Average
99.951
Average
99.656 *0.454%
99.935 *0.224%
100
Average
Average
Average
50,177,000 Average
50,153,000 Average
50,004,000 Average
50,044,000
50,049,000
50,022,000
50,025,000
50,300,000
50,024,000
99.461
99.901
99.512
Average
Average
Average
Average
50,052,000 Average
6 May
273
13 May
122
days
May 13 May
May 20 May
273
days
days
115
days
273 days
171,777,000
169,035,000
171,119,000
185,551,000
total.
99.787 *0.543%
99.458 *0.715%
May 28 June
May 28 June
273 days
273
108
3 June
2
7 June
days
years
140,170, 000
179,085, 000
131,178, 000
2,499,349, 100
years
2,496,326,
days
June
7 June
5
June
10 June
273
days
140,238, 000
June
17 June
273
days
273
days
127,407, 000
123,676, 000
400
50.027 000 Average
50.140 000 Average
99.480 *0.685%
99.863
0.430%
50,019, 000 Average
99.532
50,112 ,000 Average
426.290, 000
1.75%
50,015, 000 Average
99.531
99.566 *0.572%
0.619%
1,153,106,300
July
273
days
133,100.000
50,010,000 Average
155
days
120,248,000
July
273
days
141,935,000
50,060,000 Average
50,000,000 Average
July
148
days
144,990,000
July
July
273 days
156,436,000
July
July
July
142
July
273 days
137,791,000
151.608,000
135 days
165,122,000
273
days
129
days
133,795,000
148,448,000
273
days
122
days
273
days
117
days
273
days
99.628 *0.490%
99.819 *0.419%
99.610 *0.514%
50,136,000 Average
50,015,000 Average
50,012,000 Average
99.837 *0.397%
99.620 *0.502%
50,032,000 Average
total.
99.632 *0.485%
99.852
*0.372%
350,265,000
July 29 Aug.
4
July 29 Aug.
4
Aug.
5 Aug. 11
Aug.
5 Aug. 11
Aug. 12 Aug. 18
Aug. 12 Aug. 18
Aug. 19 Aug. 25
Aug. 19 Aug. 25
50.000,000 Average
50,047,000 Average
50,086.000 Average
50,057,000 Average
146,268,000
79,813,000
140,846,000
50,018,000 Average
50,048,000 Average
days
95,371,000
118,091,000
50,043,000 Average
50,001,000 Average
110 days
103,158, 000
273
days
123,622, 000
104 days
Sept. 2 Sept.
Sept. 2 Sept.
Sept. 7 Sept.
Sept. 7 Sept.
Sept. 9 Sept.
Sept. 16 Sept.
Sept. 23 Sept.
*0.228%
*0.211%
99.638 *0.478%
99.927 *0.216%
99.652
*0.459%
99.892 *0.322%
99.603
*0.524%
50 ,072,000 Average
99.871
*0.422%
99.861
400,300,000
273
days
273
days
160,209, 000
159,174, 000
433,507, 900
342,135, 800
176,174, 000
159,031, 000
273
days
120.959, 000
days
273
15
2
days
mos.
years
to tal.
6 273
99.534 *0.615%
*0.480%
*0.711%
1.25%
100
2.00%
Average
99 557 *0.584%
Average
99.666
0.441%
Average
99.709
0.384%
50 ,016,000 Average
99.461
433 .507,900
100
342 ,135,800
50 ,010,000
50 ,015.000
50 ,116.000
1,126.124,700
7 Oct.
13 273
days
Oct.
14 Oct.
20 273
days
183,266,000
134,079,000
163,285,000
Oct.
21 Oct.
27 140
days
143,108,000
total
50,090,000 Average
50.103,000 Average
50,025,000 Average
50,065,000 Average
99.669 *0.436%
99.675 *0.429%
99.725 *0.362%
99.899 *0.261%
200,283,000
Oct. 29 Nov.
3 133 days
Nov.
4 Npv. 10 127 days
Nov. 11 Nov. 17 120 days
Nov. 18 Nov. 24 114 days
173,632,000
50,119,000 Average
99.917 *0.226%
126,458,000
50,044,000 Average
156,317,000
137,294,000
50,050,000 Average
50.012,000 Average
99.928 *0.201%
99.952 *0.143%
Nove mber to tal
Average rate
99.915
99.646 *0.467%
99.924
50 ,028,000 Average
50 ,224,000 Average
total
Aug. 26 Sept.
Aug. 26 Sept.
*
.
99.562 *0.578%
July
er
99.888 *0.375%
100
June
Octob
0.617%
50.030 ,000 Average
99.574 *0.562%
50,000, 000 Average
99.586 *0.545%
426,494, 300
100
1.375%
July
Septe mber
99.838 *0.479%
50,044 000 Average
50,182, 000 Average
July
Sept. 30 Oct.
*0.531%
99.440 ♦0.738%
99.820 *0.507%
99.452 *0.723%
50,045, 000 Average
50,120, 000 Average
total.
st
99.801
400,543,000
June
Augu
*0.661%
*0.667%
99.776 *0.545%
99.469 *0.701%
50,045 000 Average
July
♦0.711%
*0.450%
*0.643%
99.897 *0.513%
99.499
99.494
50,014 000 Average
50,072 000 Average
June
2.50%
99.956 *0.173%
Average
135,389,000
June
*0.402%
*0.179%
99.602 *0.525%
99.896 *0.440%
Average
138,172,000
164,362,000
days
128 days
May 20 May
*0.401%
99.717 *0.373%
350,516,000
days
Oct.
maturing bills.
In
of
24, and
1938.
50,023,000
50,004,000
50,055,000
50,010,000
483,910,000
50,081,000
50,012,000
50,020,000
132,280,000
July
Morgenthau announced another
offering
thereabouts of 120-day
Treasury bills.
1938.
nounced
273 days
126,121,000
154,224,000
134,330,000
150,313.000
June 24 June
bank discount basis
99.696
99.717
50,024,000 Average
273
May
*0.199%
*0.333%
99.738 *0.345%
99.726 *0.361%
50,385,000 Average
50,025,000 Avergae
50,027,000 Average
May
$50,119,000
0.201%.
159,783,000
Apr.
Apr.
Apr.
15
Apr. 15
Apr. 22
Apr. 22
99.961
99.760 ♦0.316%
99.747
50,015,000 Average
50,038,000 Average
May
will mature March
16, 1938.
Subscriptions to the
totaled $173,632,000, of which
$50,044,000
days
79,650,000
April total.
November, 1937
to
8 Apr.
Apr.
50,055,000 Average
50,125,000 Average
50,022,000 Average
Apr. 29 May
Apr. 29 May
May
6 May
Secretary of the Treasury Morgenthau on Oct. 29 an¬
nounced a new offering of
$50,000,000 or thereabouts of
133-day Treasury bills.
The bills were dated Nov. 3 and
Tenders
Yield
984.449,000
Mar. 31 Apr.
Mar. 31 Apr.
and give
year,
Treasury Financing During the Month of
were
88,640,000
99,782,000
122,846,000
178,883,000
Marc h total.
•
particulars of the different issues.
bills
days
days
79
Apr.
on
discount basis.
a
85
days
days
Mar. 17 Mar. 24 273
financing comprised four single Treasury bill issues sold
on
92
Mar. 24 Mar. 31
United States Government issues, of
course, appeared in
the usual order during the month of November.
The month's
we
4 Mar. 10
Mar. 11 Mar. 17 273
121,520.
Because of the
Price
200.461,000
Feb.
a
1
250,255,000
273
August, with $343,577,370 for July, with $559,649,812 for
February it
FIRST
Amount
Accepted
total.
Feb.
$183,827,304 for
days
days
days
20 273 days
27 273 days
28 Feb.
Feb.
The
with $195,818,620 for October,
compares
$223,502,510
21 Jan.
Jan.
net addition for
a
14 Jan.
Jan.
71
6
6 273
13 273
7 Jan.
Jan.
the
the month of strictly new capital of only
$93,390,984.
grand total
Dec. 31 Jan.
Dec. 31 Jan.
Jan.
a
financing of all kinds done
during the month, $40,957,290 of
with
Amount
Applied for
.
Offered'
issues, $46,515,774 of State and municipal issues, and two
month's
1
THE
the floating of $35,832,500 of corporate
Farm Loan emissions
of
DURING
1937
during the month of November except to refer
to its diminutive character.
total
OF
on a bank
200,225.000
discount basis.
99.963 *0.117%
Volume
Financial
145
USE
Dated.
Jan.
6,
Jan.
In October the
OF FUNDS
was
$50,000,000
$50,180,000
$50,055,000
6.
71-day Treas. bills
273-day Treas. bills
50,125,000
13.
273-day Treas. bills
50,022,000
50,022,000
Jan.
20.
273-day Treas. bills
50,015,000
50,015,000
Jan.
27.
273-day Treas. bills
50,038,000
50,038,000
$250,255,000
$200,255,000
Jan.
Total.
Feb.
3
273-day Treas.
273-day Treas.
17....... 273-day Treas.
Feb. 24....... 273-day Treas.
Feb.
refunding portion
of the total.
or
$50,000,000
bills
bills
$50,385,000
$50,385,000
50,025,000
50,025,000
bills
bills
50,027,000
50,024,000
50,027,000
$200,461,000
10
$39,385,636,
the
$200,461,000
$50,000,000
$50,027,000
50,035,000
50,030,000
483,910,000
50,012,000
portion
Total.
Mar.
3
105-day Treas. bills
than 25% of the total.
$56,136,146,
was
or more
or more
In August
than 53%
July the refunding portion was $56,780,528,
In June the refunding
40% of the total.
or more
3
273-day Treas. bills
In
than 35% of the total.
May the refunding portion was $87,210,363, or more than
52% of the total; in April it
50,024,000
$50,023,000
Mar.
Mar. 10
98-day Treas. bills
Mar. 10
273-day Treas. bills
2K% Treas. bonds
50,055,000
50,010,000
Mar. 17
92-day Treas. bills
483,910,000
50,081,000
Mar. 17
273-day Treas. bills
than
more
Treas. bills
50,020,000
50.008,000
50,015,000
5.0142,000
Mar. 31
273-day Treas. bills
50,177,000
50,153,000
50,004,000
$984,449,000
$733,980,000
$250,469,000
$50,044,000
50,049,000
50,022,000
$50,000,000
$50,093,000
50,025,000
50,000,000
50,325*000
50,000,000
50,076.000
it
was
than
or more
$224,520,551,
or
$203,516,962 or nearly 69% of the total.
was
a
In
the amount for refunding was $154,-
year ago
50,189,000
273-day Treas. bills
79-day Treas. bills
or more
$181,055,483,
In January the refunding
63% of the total.
November
Mar. 31
was
than 56% of the total; in February
portion
50,012,000
$86,535,499,
was
53% of the total; in March it
50,004,000
15 1936.
or more
$149,341,150,
was
$69,652,500,
5o",b8T66o
Feb.
Dec.
In
than
more
was
In September the refunding portion
Indebtedness
Refunding
Accepted
refunding portion
than 53% of the total.
New
Total Amount
Type of
Security
3717
Chronicle
Mar. 24
85-day
Mar. 24
Total.
Apr.
72-day Treas. bills
7..
273-day Treas. bills
7
Apr.
Apr. 21.
273-day Treas. bUls
148-day Treas. bills
Apr. 21......
273-day Treas. bills
14......
Apr.
Apr. 28
141-day Treas. bills
273-day
bills
50,052,000
Treas.
$200,022,000
$150,494,000
135-day Treas. bills
May
May
$50,045,000
May
$50,059,000
50,099,000
Federal Intermediate Credit banks 1^%
50,140,000
Nov.
50.064,000
50,120,000
Treas.
bills
50,044,000
Treas.
bills
50.000.000
50,201,000
May 26
273-day Treas. bills
50,182,000
50,019,000
$400,543,000
$200,064,000
$200,479,000
$50, 112,000
50, 030,000
$50,000,000
$50,142,000
Total.
2
108-day Treas. bills
2..
273-day Treas. bills
June
50, 000,000
15
16.
June 23
1%% Treas. notes
IH% Treas. notes
273-day Treas. bills
273-day Treas. bills-,
June 30
273-day Treas. bills
to
at
50,015,000
$1,153,106,300
Total,...,,.
50,120,000
50, 015,000
$550,180,000
$50,010,000
July
7.
July
14.
155-day
July
14.
273-day Treas. bills
July
21.
148-day Treas. bills
$50,010,000
50,060,000
50,000,000
50,136,000
July
21.
28.
28.
273-day
Treas.
bills
Treas.
bills
50,012,000
273-day
Treas. bills
following
$602,926,300
bills
well
as
complete summary of the
a
the
November and the 11 months ended
CORPORATE.
OF
FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL
FINANCING
50,091,000
50,159,000
convertible feature-of
Farm Loan issues—brought out in
as
$50,000,000
50*.060,000
or a
with November:
SUMMARY
50,060,000
furnish
we
United States during
50,032,000
July
Treas.
carrying warrants,
another.
50,015,000
142-day
July
273-day Treas. bills
conspicuous corporate offerings made
new
no
offered
value.
over par
financing—corporate, State and city, foreign govern¬
new
ment,
50,045,000
50, 120,000
or
In the
552,784"306
426, 290,000
50, 045,000
were
kind
one
also an issue of $27,000,000
debentures, dated
was
1937, and due in six and nine months,
15,
premium
a
in November
50,000,000
300,000,000
There
yield about 1.87%.
There
426, 494,300
273-day Treas. bllLs
15
June
2% consolidated debentures, series C,
offered at 100%,
dated Dec. 1, 1937 and due Dec,1, 1940,
50,000,000
115-day
June
offering of $25,000,000 Federal Home Loan
$50,000,000
273-day
June
was an
three-year
November
50,072,000
50,027,000
19..
June
Phillips
privately, all of which comprised refunding.
Included in the financing done during the month of
50,014,000
May 26
June
$9,000,000
was
Corp. 3%-3^% serial notes due 1939-45, sold
Petroleum
122-day Treas. bills
12......
19..
May
It
1937.
of
bills
Treas.
273-day
12
May
refunding issue worthy of mention sold
one
128-day Treas. bills
273-day Treas. bills
5......
5......
May
but
was
November
during
banks
$350,516,000
Total.
than 58% of that month's total.
or more
'
There
50,022,000
50,300,000
50,024,000
Apr. 28
926,507
49,885,000
Refunding
New Capital
1937
Total
Month of November—,
Corporate—
$350,265,000
$200,298,000
$50,000,000
Domestic—
$149,976,000
$50,000,000
Total
$50,047,000
135-day
Treas.
bills
273-day
4.
Treas.
bills
Aug. 11.
129-day
Treas.
bills
Aug. 11.
273-day
Treas.
bills
50.057,000
Aug. 18.
122-day Treas. bills
50,018,000
Aug. 18.
Aug. 25.
273-day
Treas.
bills
50,048,000
117-day
Treas.
bills
50,043,000
Aug. 25.
273-day
Treas.
bills
Short-term
4.
50,145,000
49,983,000
50,010.000
50,034,000
$400,300,000
$200,238,000
$200,062,000
$50,072,000
$50,028,000
$50,072,000
31,320,000
850,000
450,000
3,212,500
450,000
3,212,500
Common stocks
49,998,000
50,083,000
850,000
"
-----
Preferred stocks
50,047,000
50,086,000
Aug.
,000,000
22,320,000
Long-term bonds and notes
Aug.
Canadian—
and notes
Long-term bonds
Short term
Preferred stocks
Common stocks
50,001,000
-
Other foreign—
Total.
and notes
Long-term bonds
Short-term
1..,.^.. 110-day Treas. bills
1.,^.... 273-day Treas. bills
Sept.
Sept.
Preferred stocks
Common stocks
50,028,000
Treas. bills
50,027,000
50,224,000
Sept. 8
273-day Treas. bills
Sept. 15.._„„. 273-day Treas. bills
Sept. 15
1K% Treas. notes
Sept. 15
2% Treas. notes
Sept.22
273-day Treas. bills
273-day Treas. bills
Sept. 29.
50,213,000
50,016,000
Sept.
8
104-day
...
433,507,900
...
342,135,800
433,507,900
342,135,800
50,015,000
50,015,000
50,116,000
Oct.
6....... 273-day
13....... 273-day
20.
273-day
Treas.
Oct.
27
Treas.
:.
140-day
50,025,000
52,000,000
46,515,774
40,957.290
134,348,274
30—•
Corporate—
50,103,000
50,025,000
50,065,000
bills
11 Months Ended Nov.
50,090,000
50,090,000
50,103.000
bills
Treas. bills
Treas. bllLs
4,107,290
Possessionsii-v--
Grand total.
$100,285,000
27,000,000
93.390,984
Municipal—States, cities, Ac
United States
50,116,000
$1,126,124,700 $1,025,839,700
Oct.
Oct.
25,000.000
Farm Loan and
*
35.832,500
- - -
government
Government agencies...
Other foreign
9,850,000
42.408,484
Canadian Government-
50,010,000
Total.
25.982,500
Total corporate
50,010,000
50,065,000
Domestic—
Preferred stocks.
$200,283,000
$200,283,000
3
133-day
Treas. bills
$50,119,000
Nov. 10
127-day
Treas. bills
50,044,000
$50,119,000
50,044,000
Nov. 17--...
120-day
Treas.
bills
50,050,000
50,050,000
114-day
Treas.
bills
50,012,000
50,012,000
$200,225,000
44,276,080
- -
194,409,065
191.609,953
Preferred stocks
$200,225,000
-
Short term
Nov. 24
-
776,153,851 1,459.631,700
81,950,000
37,673,920
457,959,887
263,550,822
278,216,178
86,606,225
683,477,849
bonds and notes..
Long-term
Short-term...—----...
Total.
_
Common stocks
Nov.
Canadian—
bonds and notes..
Long-term
Common stocks
Total
Other foreign-
bonds
Long term
Grand
and notes.
Short-term..
$5,616,528,000 $3,911,836,700 $1,704,691,300
total.
Preferred stocks
Features
Proceeding
of
of November
now
with
our
Common stocks...
Corporate Financing
Total corporate..
analysis of the limited volume
November,
corporate offerings announced during
we
government-.. -—- -.
Government agencies.
Municipal—States, cities, &c
Other foreign
find
Public utility issues
November,
was
accounted for
vember,
October.
There
in No¬
against
Of the total corporate
to
The
while
short-term
issues
amounted
aggregated only
was
617,150,590
3,300,000
-.
,
These figures
any agency
In
the
do not include funds
obtained by States and municipalities from
tables
on
the two succeeding pages we compare
foregoing figures for 1937 with the
for the four years
years
of
amounts
used for refunding
$9,850,009, or more than 27% of the total.
corresponding figures
preceding, thus affording a five-year com¬
We also furnish a detailed analysis for the
the corporate offerings, showing separately
for all the different classes of corporations.
five
the
give complete details
including every issue
kind brought out in that month.
of the new
of any
415,014,000
817,169,725
4,800.000
of the Federal Government.
the
parison.
258,014,000
170,019,135
1,500,000
1.924,473,537 1,678,517.953 3,692.991.490
Grand total.....
*
Following the full-page tables, we
'
portion of the month's financing
purposes
October.
offerings put out in November, long-
comprised $31,320,000, stock offerings
$3,662,500,
$850,000.
in
compared to $21,306,000 recorded for
as
term issues
$81,864,OCX)
Possessions-..-.- —
United States
totaled but $5,850,000 in
financing for the account of railroads
as
new
no
157,000/100
Farm Loan and
$29,982,500, which compares with $25,929,000 for that group
in October.
1,113,772,947 1,163,984,818 2.277,757,765
88,250,000
85,000,000
3,250,000
...........
Canadian Government.i---
*
that other industrial and miscellaneous issues
-
—
flotations during November,
CO
'a
0
6.51 ,250 82,6~8"0',536 89.1 ,786
75.0 0 10 ,0 0
6,51 ,250
6,3 6,250
SO
New
Refundi g 21,573 0
1934
8.2 6,70
Capital
8,2 6,70 10, 0 86,07361
1935
Total
246,75340 3,750,6o
250, 340 17,253 0 12,713 621,750, 0 382, 062
Total
Refundi g 216,39463 '819.897
217, 450 17,253 0 27,958 3 26,4 93
1935
SFTMOANHFVEREIBR
FGFOOLAMVREFUERINNITMGAMCONNDHFPVTRE,GBR
bSfortamFtouGaneiohcyiegnpvddlsrensmyal.
Total
$
750, 0
241,06 0 12,895 0 9,342,50
Refundi g 14,80927 7,2 3, 062,84 ,0
154,926507 23,56~0,6 28,45 0 15,98240 2 ,86297
750, 0
Capital 96,20 793 5,62,0 6,498,250
109,7 243 48,73,28 157,9052
31,20 850, 0 450, 0 3,21 ,50
35,832,50 52,6 ",0 46,51 74 134, 8274
$
1936
$
New
Total
s
850, 0
Refundi g 9,0 ,0
Capital 2,30 "~45~06 3,21,50
CORPATE,
SUMARYIOF
CIOSRTUPNHIAEED
GONREUPFIW
9,850, 0 27,6 "0 4,107,290 40,957290
25,98250 25,6"o ,0 42,084 93, 0984
$
1937
$
New
CAHARNDTE
NOVEMBR anonteds. anonteds. anontesd- Governmt governm-_Gacits,.M&unicp_al—eSts,Posin dfinuclodoset
6,436,250
P2 5,6 6 ^,6286,256
6,51 ,250
75,0 0
2 5,0 0
6,436,250
2 5,0 0
6,51 ,250
Total
Otber
Grand
Other Farm
*
*
6,286,256
21,573 0
60 ,0 0
60 ,0 0
1.20 , 0 28,0 .0
21,573 0
8,2 6,70
29,80
21.5730
0
1,20 , 0 6,426,70 *~600~,0
246,753.40
3.750, 6
8,2 6,70
3,750, 0 217,53.40 2,0 ,0 30.750. 0 "60 ",0 0
Refundi g 187,6182s2,0 ,0 26,032815 "6C~0 ,6
216,394.63
819,897
819,897
30,58.7
2,930,1 3
2,930,1 3 29,31~,572 3,897,28
Capital 29,31"572
"0 6
967,185
New
Total
1936
166"
Refundi g 6,725,0 10,56720 17,460 1, 0 , 0 "665,17.51,0
New
8,904, 0 7, 69,7 3 32, 540 1,60 , 0
250, 0
750, 0
9,429,6 36,o ",6 96,20 793
685,0 0
79",20
273,0 0
14,80927
~
Capital
750, 0
750, 0
31,20 850.od
217,450
3.28,60
79,20
10,53 0 50 ,0 0 "~io" ,6 i6,~826", 2,37 50 16,3790 109,370 50,6850 1,60 , 0 1,4035050 ,0 0 10 ,0 027,10,0 46.S20 264,03.750
4,329,0 415,30
5,10 , 0 10, 730 6,725,0 10,567.20 18,0 9 0 5,429,0 415,30 10 ,0 0 17.5 1,0 5.10 , 0 154,926507
79,20 84,70
79,20 84,70
~4 i"2~,65 5,724.5 0 "io~ ",6 5",'72"o,6 12, 045 9,654,0 7, 69,7 3 32,6 0 1,60 , 0 5,974,5 0 9,529,6 f,720", 0
109,7243
850, 0
Refundi g
9,0 ,0
9,0 ,0 "85"0,6
Capital
5,0 ,0 2,3 0",6 15,0 0
50,0 0
850, 0
New
250,34
187,6182 2,0 ,0 26,85271 "~60 "f6
4
5,0 ,0 2",32"0, 0 24,"06 ,0
Total
1937
15,6290 109,370 50. ,0 1,60 , 0 f,35"o,6 ~"io" ,6 27,0 0 36,0 ,0 241.06, 0 750, 0
1,362,50
2,30
50,0 0
2, 50, 0 3,6 2,50 5,8~50 6 66622,3 0", 1,362,50 24,05 0
2, 50, 0 35,8 250
850, 0
1,362,50
~
9,0 ,0
9,850, 0
2, 50, 0 3,6 2,50 606b,56 ", 2,"3 0",60 1,362,506 15,0 0
2, 50, 0 25,98250
NOVEMBR BNotoesa—n•ndds -&coper,mnuft acesori maanunfcdtrig -&c »•h&toracldd—iinngg,, BNooteasn—ds &coper,mnuft acesori,amannufdctrig -&c. ht&roalddiicnngg,, utiles&ccoop_aelr,,mnuft acesoriindamuannsutfrdcitrlig b&uildncgs, ht&troraulcdds—iinntgg,,,Miscelanous >—utiles&ccoopael,r,manufcts eoriindamuansnutfrdctlrig b&uildncgs, htt&roraulcdds—iinntgg,,,Miscelanous csoercpuritate
OF Domestic— Lbonogn-tedrmsShort-emPrefstrocekdComstocoknCandi— Lbonogn-tedrmsShort-emPrefstrocekdComstocokn foreign— Lboongn-tedrmsShort-emPrefstorcekdComstocokn corpate toal Tfighuersees MOFONTH Long-term
Corpate—
Candian foreign Loaannd USntaiteeds
Railroads util es sctoeall,,Equipment Moatonrds industral buildngs,Rub er Ship ingtrust ,Miscelanous Short-em Railroads util es sctoeall,,Equipment Moatnords industrial buildngs,Rub er Ship ingtrust ,Miscelanous
MONTH
6,2lV,250
217,"5340 2,0 ,0 27,0 0 0 0
$
264,03750 23,56"0 28,45 0 64,85 702 380,13452
—
" 2 5.6 6 6,21 ",250
29,80 0
~
3,28,60 84,754,8091,750, 0 19,7369
New
75,0 0
New
YEARS
FYIEVARS
Capital 30,587 2,930,13
60 ,0 0
1,20 , 0 28,0 0
1,20 , 0 6.426,70
Capital
s
$
Refundi g 21,573 0
1934
104,3 13
Total
:a:: : "75.*5<6 0
5::: :&: :
New
21,573,0 i6. "o~,6 6,017,68 37,590 8
New
vo
Capital
29,80 0 10",6 0 10, 0 92,0130 14,89130
$
s
K*
•i
Refundi g
1933
,358"279 86, 952
29.S0.0
Total
b
S*
&)
75,0 0
1
Total
2,3 2, 57 2,3 2, 57
Refundi g
Capital
o
jr«.
"~7 5~,6 10 ,0 06,3 6,250
Total
1933
o
«<I
Total
Public Iron,
Other Land,
Oil
Inv.
Public Iron,
Other
Oil
Land,
Inv.
Total
Stocks— Railroads
ste l,Equipment and
Total
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Total—
Railroads Public Irsoten,l,Equipment Moatnodrs Other
Total
Oil
Land,Rub er
Ship ingInv.
CO
Q
ft)
Total
$
'
138,49150 8,20370 14,875 12,87.51
3 2 1.6*0",0
8
~
Refundi g
f,2"o6", 6
165,3 0 13,705
1560. 0
$
■
Capit l o50,713 0 26,3590
New
M
$
1935
New
483,09.2 0 8,0 0 78,50 0 350,62 0 3 .409,762 1,750, 0
2,7 5 6
New
GFOCOVREREPNIMGNATT,,
OSUMFARY
$
3,8211,7600.6348
96,74526
Capit l 719,64753 19,457 0 79,46 734 154,8 539 .8,0 15,6 *60
1,459631.70 81,950 457,9 8728,1678
21,90 0 68,9482 1,57,0
8,250 415.04,6 817,69 25 4,80,0
3,60291,40
Refundi g 76,15381 37,6 3920 263,5082 86,0 25
1,639841 85,0 0 258.0146 170. 9,135 1,50 0 1,6785,93
Capital 683,4789 4,27608 194,0 65 19,60953
1937
3,250, 0 5"0,7516 647,150 9 3, 0 , 0
.
1,37294
New
bStoanyeids
CNOGORRPEUATPFWEI
ACHANRDTE
250, 0
525,0 0 310,20
57,13 0 49,35 0 58 ,750 2,750249 1,0 ,0 40 ,0 0 10,75 0 143,967
525,0 0 "3210",
0 10,5 0 3.274,19
f,350",249
2
1,935740
4,0 ,0 7, 4 ,0
1,658401
20, 0 5,0 ,0 2,45,0 6,0 0
6,0 ,0 39.245,0 20.71,946 13,7620 12,0987
19,37 80 65,8 643 123,8960 1, 685714 170, 6 2,41",65 20,56347 106,28 50 6,392,0 4,0 ,0 3,1580 1,763.241,57
10 ,0
27,83406
6,0 ,0 2,485,0
«
8,4 5,0 1,785,2 0 7,549, 20 102.78 9,3 0.351 5,075,0
"
26,70 50,13 09 51,73 20 83,5082 95,30425 if,602",78 56,839.401 9,23,750 1,78,0 26,70 36,82.395
50 ,0 0 10 ,0 0
245,0 0
60 ,0 0
24,80 178, 6*50 264,0 19.6 ,0 27,0 0 23,950* 3,514208 30,75 0 1,850, 0 2,0 ,0 8,125,0 5,0,0 7, 50, 0 5,20 45,21 63 13,54276 7,462.40 4,564,20 25,41963 32,0 34 3,509,3 0 1,9250 92,16 53 436,10546 746,82 90 1,729 4,63 392,74 26 3,28 40 4,564,20 41,72 13 0,7234 20,4 0 27,10 0 4,109,30 1,9250 32.869,53 4,06 3,46
716,0290 1,682 40 37,20
60 ,0 0
27285491,603 1,59 741 36,04152 0,73450 138,27*56 240, 1963 1,3720 17,5 0 31,42057 2,7863047 15,0 0 2,0 ,0 8,125,0 2,87,50
Refundi g
8724, 158 3,4956 14.5824S 4,096,50 39,8 24 23,958037 8,327,0 9,429,0 60 ,0 0
Capit l
New
192,5 "430 72,964753 15,70 1,250, 0
7, 50, 0 35,76250 42, 6 28 6,471,0 523~,906 7,50236 16,5904 3,509.3 0 40,276 30 187,2 3
"
523,90
506, 135 1,6423569 24,5172 20,73450 23,90452 58, 52 1,3720 17,510 3,509,0 79,46 0
9 ,0 0
349,0 0
467,50
35,906 81,950 91,*28 394 4,87 24 12,7345 269,37412 16,89 02 3,176,9 0 97,25 960 736,1 065 320,6570 781,6 394 27,01 243,87,50 23,4 53 379,20642 3 ,745302 3,054 0 3,826,9 0 172,9 60 2,7 5 6
Refundi g 123,6490 518,0 13 4,076 50 4,934,605 31,58 27,3480 23,780 3,"20",56 76,15381 1,450, 0 35,4239 0 "8*0 *6
682,50
162,850
37,63920 86,31025 54,27 0 162,850 61,25^71 12,0675 "6582"0 , 26,3*91"85 350,17 4 125,09 0 639.742S5 98.35,120 4,934,60 93,584639 148,576 23,760 29.5* 2",359 1,639841
$
1,4596370
$
Capit l
New
S
9 ,060
349,0 0
35,9*0",65 4,27608 4,978,142 40,6 54 304,650 12,7345 208,14 39 45,79307 2,49* 490 70,86 10 386,019 8
650, 0
190,8670 134,69187 8,058903,420, 0 5,765,40 75,87,612 138,49750 9,678,0 2*50*,6 36,8450 683,4789 4,350, 0 2,76,08 i,7"o ,6
~
N3O0V. note-s notes- notes- •,governmt acies.&Ct-, 1,924735 filnucdse N3O0V. Notes— . — manufctrig h&oldcing, Notes— manufctrig &hocld—ing,
&holdcing,
195,670 14,23409 128,659043,724,650 18,49 53 285,630 184,290537 9,678,0 3,14,90 143,20 61 1, 37294
bDCHEMNODNTS orpate- omestic— Loonang-ndtedrsm Short-emPresftocrekd Comstocokn.Candi— bLoonang-dtersmShort-em—PresftorcekdComstocokn foreign-— bLoonang-dtersmShort-emPresftorcekd Cosmtocokn corpate CGoavnerndmiant foreignLGooaavnntd, Municpal—St ,PSostaeiens toal fdignuoorest EMNODNTHS BLoonagn-ntdedrsm Railroads utiles&sccotopeall,,,Eqmuanipufmcterenst anodi indaunstrdil b&uildcngs, ttrraudsintg,,Miscelanous Shorat-emnJBds Railroads utiles&sccotopeaelrl,,,Eqmuainpufmtent aacesnorid indaunstrdl &buildcngs,Ruber—. ttrraudsintg,,Miscelanous Railroa.ds utiles&cscotpoeaerll,,,Eqmunipufmtent acae;snorid &buildcngs, ttrraudsintg,,Miscelan.ous Railroads utiles&sccotoepall,,Equmiapnumfcetrnets, anodi
Total
Other
11
Grand
Other Farm United
*
3,0928
60 ,0 0
50 ,0 0 10 ,0 0
19,457 0 2,768,35 7,01,726 7,462,40 4,0 ,30 147,9 25 15,643294 *529,10 6 51,89362 249,3 27 240, 158 87,51429 148,2974 1,5890 4,0 ,30 187, 6539 41,83. 1 9,072,0 9,529,0 1,9250 24, 305 96,74526
2,12,50 245,0
650, 0
314,6570 652,1780 132, 50 3,420, 010,7 0 107,34650 165,84 0 3,056 0 "250,6 639,58 0 5,80,0 37,0 0 2.50,6
Total
1937
58 ,750
31.50,
30,48.50
46,0180 16,38952 175,6430 1,2048596 265,31 920 14,0*378 257,09 48 15,7 0 8,10, 0 4,0 ,0 59,85 0 2,10 73,852
123,8960 1,0765 8 15,246 2,41,0 185,9 450 10,281.50 6,392,0
Refundi g
Total
1936
168,470 107,250 5,26,0 19,0 0
134,905
80 ,0 0 50 ,0 0
145, 6 0
6,0 ,0 47,30 2,487196 21.3 ,920 102.78 21,350248 5,075,0
4,0 ,0 7,84 ,0
New
4,063,46 1,02356,84 5,2876530
104,8260
75.0 0
58 ,750
40 ,0 0 525,0 0
21,3*50"249 "52 16 0 310,20 10,5 0 3,27419 26,10 157,08 28,016249 20, 0 "310",20 10,75 0 43,8529
58 ,750
16,450
90 ,0
12,0 0 34,210 3,54.15 "859*269 90,82354 1,795,120 1,08,56
20, 0 5,0 .0 6,0 ",65 4,730, 0 6,0 ,0
175,6430 1,579240 239,0 7,941,0 231,05 104,5 0 8,10, 0
*
48,0 0 78,50 0 372,5 60 3. 25,0
Refundi g 2,756 38047 35,76250 169,3 50 18,51743 30, 0
Total
5109,5762",740,821 4 3,48,0
36,82395
3,47620,8 5,20 248,60324 173,0 28 38,0 0 15,6 "0
Total
1936
27,83406 8,45,0 37,94013 12,573206
75,0 0
'
Capital 51,73 20 81,76532 87,543 5.06* 6 45,02450 4,218,750 1,78,0
2,10 73852 1,057 6 1,08652,9
YGFotevhdfrnarmgmouni.clplyesFEN3MIESFOAUVITLRDNSO0AHSTHR.ED
YFN3EMEFTIMAOLVIALUNRDFOHA0OSCRRP.DGNML
Capit l
$
78,5260 7,0 ,0 23,0 0
*
Total
721,7634 57 6,0 0 905,'8 76 345,761845 8,208.0
Refundi g 1,658 40,1 39,2450 65,8 643
60 ,0 0 50 ,0 0 40 ,0 0
32,17 8 87,9045 57,960 78 19,5740 12,0 0 36,8*95",0 5,9 ",10 20,316978
~
250, 0
75,0 0
859,269 909,0 0
9,045 92,18 978 2,951 12,0 0 127, 854 1,795.120 5,9 ,10 1,08 56 365,4368
137, 843
r
73,12870 2,147", 8 30,1*76",0
165,350 63,9470 52,0 0 2,958,0 15,0
Refundi g 104,5 0 5,2 50 2,308, 0 3,50 0
75,0 0
~
16,750 7,0 ,0 3,54,15 8*59,269 90,648.54 1,795,120 1,08,56
24,106 70,9470 75,0 0 3,758,0 16,0 0
$
1934
——- 76,0 0
1,69 0
1,93574,90 47,30 103,79546 12,573206
40 ,0 0
8315,2 10 1,5 0 2,908,0 4,0 ,0
Total
89,0370 9,147, 8 3,54,15 8~59,269 120,8 54 1,795,120 1,08,56
066
175",
23,610 16,50" 0
New
143,967 405.YiVI6 98,4 582
New
90 ,0
Capital 12,0 0 10,720
30,4850 50, 0 10. ,0 298,30 19,26 3
_
Capital 78,5260 31,50 2,908,0 30.6539
$
5,9 ,16
43,8529 50, 0 10, 0 703,41 0 817,581
$
Total
14,8705 7,27,0 23,9520 19,5740 12,0 0 5.co"65
Refundi g 80.627,50 32,5180 1,725,0
1933
145, 6 0 63",960 41,98315 1,40,0
13 ",3 2
24,106 165,2 0 2,908,0 30,6539
$
5,9 *,15
$
Total
20,316978 60, 0 12,6 "0 3,1238
New
Total
"
V 92,6750 43,290 1*,7325",0 j~g9"O*~ ",6 o 138,49150 7O2, 7,0X39,7520 19,5740 12o,0 0 fT5",175.6
365,4368 60, 0 75,906" 475,260.73 1,40,0
mm
1,60 * 0
Refundi g 14,8705 71,52870 32, 17 8
$
Capit l 23,610 16,750 14,875 89,6 73
mrnm—
"133",
CO
t—
£3
These
Total
*
11
Public Iron, Motors Other Land, Rub er
Oil
Ship ingInv.
Public Iron, Motors Other Land,
Oil.
Ship ingInv.
Total
Stocks—
Public Iron, Motors
Oil
Land, Rub er Ship ingInv.
Total
Total—
Public Iron, Motors
fv-.
3720
Financial
DETAILS OF NEW CAPITAL FLOTATIONS DURING
NOVEMBER, 1937
of the
Dec.
UTILITIES
$5,000,000 Potomac Electric Power Co. 1st M, 3^8, 1966.
Improve¬
ments and betterments.
Placed privately with Metropolitan
Life Insurance Co. at par.
whose securities have been offered; issues
redemption of securities previously held
Kingdom; short-dated bills sold in anticipa¬
tion of long-term borrowings; and loans of
municipal and
county authorities which are not specifically limited.
In
all cases the figures are based upon the prices of issue.
or
in the United
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
[Compiled by the Midland Bank Limited)
EQUIPMENT MANUFACTURERS
$2,320,000 General American Transportation Co. equip, trust 3s due
serially 1938-52.
New equipment.
Placed privately with a
life insurance company.
1919
$15,000,000 Colombian Petroleum Co. 3% serial notes, 1943-47.
New
capital.
Placed privately with life insurance companies.
9,000,000 Phillips Petroleum Corp. 3%-3ki% serial notes due 1939-45.
Refunding.
Placed privately with Metropolitan Life Insur¬
Co. and Mutual Life Insurance Co.
ance
11 Months to
Year to
Nov. 30
Nov. 30
£33,107,000
33,021,000
-A;-
1922
J
_
£190,762,000
15.501,000
196,442,000
204,906,000
9,742,000
1920
1921
228,131,000
202,065,000
209,602,000
—
-..w--
.
1923
13,468.000
1924
BONDS AND NOTES (ISSUES MATURING
AND INCLUDING FIVE YEARS)
21,401,000
197,479,000
TO
195,495,000
221,561,000
1927
48,769,000
223,103,000
288,352,000
1928
257,505,000
308,515,000
364,185,000
273,163,000
225,581,000
at their
no
par
27,970,000
337.823,000
12,945,000
248,466,000
19,910,000
220,297,000
85,974,000
108,726,000
126,515,000
137,148,000
11993356——JJaannuuryry.
1931
due
note
yield
4.00%.
4,409,000
1932
10,807,000
1933
12,787,000
1934
coupon
to
13,056,000
stated par value are taken at par, while preferred
value and all classes of common stock are computed
a
offering prices.)
INDUSTRIAL AND MANUFACTURING
$80,000 Applied Arts Corp. (Grand Rapids, Mich.) 20,000 shares
common stock.
Working capital; new equipment.
Price, 4.
Offered by company to holders of its common stock.
Under¬
written by L. A. Geistert & Co., Grand Rapids.
247,500 Cessna Aircraft Co. 150,000 shares capital stock.
General
corporate
purposes.
Price,
$1.65.
Marache & Co. and Searl-Merrick Co.
Aircraft
12,544,000
171,606,000
184,648,000
1936
20,939,000
197,010,000
153,0*2.000
208,228,000
12.400,000
by
Paul
J.
Corp.
Products
Construct
Co.
2,000 shares 5%
preferred stock.
plant; machinery and equipment; additions, &c.
Offered by A. H. Crawford Co., Inc., Columbia,
new
Price, 102.
S. O.
ISSUES
Products
Co. 20,000 shares common stock.
Con¬
plant; machinery and equipment; additions, &c.
Price, 17KOffered by Neergaard, Miller & Co.; McAllister,
Smith & Pate, Inc.; A. M. Law &
Co., and G. H. Crawford
Co., Inc.
struct
new
Co.
corporate purposes.
San Francisco.
137,500 shares common stock.
General
Price, 2.
Offered by Robert C. Newell,
$1,362,500
OIL
$50,000 Brookline
Oil
Co.
corporate purposes.
i
50,000
shares
capital stock.
General
Offered by Palmer, Miller &
Price, 1.
Co., Los Angeles.
MISCELLANEOUS
$750,000 Alexander's
Department Stores, 125,000 shares common
Further store expansion; additions to
working capital.
Price, 6.
Offered by Thomas & Griffith.
stock.
1,250,000 American
common
Business
Credit
Corp.
stock.
Working capital.
Clarence Hodson & Co., Inc.
200,000
Price,
shares
Offered
.
A
by
con¬
Of¬
$25,000,000 Federal Home Loan Banks
three-year 2% consolidated
debentures, series C, dated Dec. 1. 1937, due Dec. 1, 1940.
Provide funds to meet expansion of FHLB
System.
Price,
100 Vg, to yield about
1.87%.
Offered by the 12 member
banks of the System.
[ 27,000,000 Federal Intermediate Credit Banks
1M%
debentures,
^ov. 15, 1937, and due in six and nine months.
Re-
f
Offered
by
1937—Janury
1936
7,081,462
9,590,367
4,108,238
7,007,995
May
22,440,935
19,727,811
19,505.122
11,410,592
12.048.454
20-610.166
53.909,166
18,410,698
24,402.925
24.514.648
14.997.397
August
September.
9,878,332
11
6,682,428
6.747,571
23.446,272
October
7.719,440
4,706,804
12,543,554
£171.609,269
11.217,941
£150,189.757
£182,824,210
each
DISTRIBUTION
UNITED
four shares of 6% preferred stock and one
share of
Price, $110 per unit.
Offered by Bankers Bond
Co., Inc., Louisville.
common.
KINGDOM
BY
United,
CAPITAL
ISSUES
IN
THE
MONTHS
India and
Ceylon
Other
Foreign
Countries
£
14,433,000
February
Brit.
Countries
£
£
Total
£
957,000
2,346.000
1,135,000
660,000
568,000
1,202,000
16,592,000
586,000
872,000
164,000
287,000
12,620,000
12,386,000
4,108,000
19,728,000
20,610,000
53,909,000
June._
v
9,688,000
11,076,000
3,443,000
18,788,000
19.571,000
49.999,000
3,622,000
4,761,000
1,921,000
6.682,000
375,000
222,000
7,719,000
545,000
15,000
3,136,000
March->_
.
April
May
August
September
152,248,000
December
capital, which are subject to revision, exclude all
borrowings
by the British Government for
purely financial purposes;
shares issued to
vendors; allotments arising from the capitali¬
profits; sales of already
resources
137.000
176,000
5,000
254,000
4,707,000
188,000
1,395,000
11,218,000
2,852,000 182,824,000
33,019,000
18,502,000
6,877,000
April..
194,000
8,795,000
17,196,000
15,344,000
20,712,000
February
232,000
1,356~666
73,000
27,000
2,014,000
268,000
128,000
2,939,000
3,537,000
8,018,000
22,730,000
November
451,000
18,271.000
months
30,000
173,811.000
16,997,000
155,000
1.572,000
1,090,000 22,264,000
24,802,000
8,043,000
9,756,000
April...
1,770,000
1.528,000
3,763,000
2,069.000
935,000 20,692,000
190,808,000
March
751,000
964,000
33.963,000
221,000
19,687,000
6.961,000
10,456,000
19,505,000
84,000
4,346,000
....
12,544,000
2,852,000 171,606,000
828,000 17,210,000
161,934,000
March
11
690,000 15,815.000
9,686,000
Year
February
P> The following statistics have been
compiled by the Mid¬
land Bank Limited.
These compilations of issues of new
13,000
9,204,000
months
Year
New Capital Issues in Great
Britain
118,000
7.344,000
3,940,000
December
nothing to the capital
£217,221,225
NEW
Kingdom
September
com¬
prising
zation of reserve funds and
undivided
issued securities which add
OF
[Complied by the Midland Bank Limltedl
October
unit
£153,081,567
20,211,176
December
GEOGRAPHICAL
7,141,184
1,963,697
13,855,183
12,400,174
£197,010,049
13,041,644
13,056,095i
August
REPRESENTING NEW FINANCING
Packing Co. 1,000 units,
6.194,413
9.546,101
£137,148,113
months
20.305,459
26,943,859
20,939,125
July
$110,000 Fischer (Henry)
10,671,858
11,257.125
11,947,382
July
June
i
1937
£27.614.265
June
May
$52,000,000
ISSUES NOT
MONTHS
£33.963,149
19,687,120
6,961,500
10.456.037
March
11
GOVERNMENTAL AGENCY ISSUES
value.
BY
1935
£16,592,347
12,620,080
12,386,235
October
$2,250,000
Priced at a premium over par
Chas. R. Dunn, New York, fiscal
agent.
KINGDOM
1934
November
funding.
UNITED
July
class
250,000 Automobile Finance Co. 10,000 shares
6% cumulative
vertible preferred stock.
Working capital.
Price, 26.
fered by Webber-Simpson &
Co., Chicago.
FARM LOAN AND
THE
£10.853,233
January
February
Year
275,000 Watrola Mfg.
IN
173.293.00
[Compiled by the Midland Bank Limited]
November
350,000 Sonoco
V
CAPITAL
April
Offered
210,000 share?
common
stock.
General corporate purposes.
Price, 1.
Offered by Rutland,
Edwards & Co., Los Angeles.
200,000 Sonoco
111,418,000
143,502,000
1937
NEW
OTHER
210,000 Security
101,836,000
130,828,000
1935
STOCKS
stock of
199,174,000
29,425,000
28,111,000
1929
UP
UTILITIES
$850,000 Brokcton Gas Light Co. five-year 4%
Nov.
1,
1942.
Refunding.
Price,
100;
Placed privately.
(Preferred stocks of
247,484,000
1926
1930
PUBLIC
£197,910,000
422,527,000
375,748,000
1925
^^^.
SHORT-TERM
Month of
November
■■-
:■
OIL
$24,000,000
1937
11,
company
for conversion
LONG-TERMS BONDS AND NOTES (ISSUES MATURING LATER
THAN FIVE YEARS)
PUBLIC
Chronicle
31,000
34,000
2,405,000
2,581,000
1,467,000
4,792,000
18.411,000
24,403,000
153,000
78.000
6.194.000
9,546,000
26.944,000
20.939.000
568,000
1,572,000 197,010,000
1,487,000
20,211,000
3.060.000 217,221,000
407.000
27.614,000
17,000
10,672,000
20~666
11,947,000
678"bob
24,515,000
20,305,000
11,257,000
May
7,135,000
8,313,000
i,obb~66o
2,097,000
June
22.611,000
396,000
July
14,558,000
141,000
830,000
4,481,000
1,125,000
586,000
53,000
7.141.000
32,000
680,000
2,000
1 964,000
13,855,000
12,400,000
August
6.503.000
September
1,867,000
13,141,000
October
November..
11
96,000
11,372,000
1,015.000
128,101,000
months
11,411.000
1,634,000 21,031,000
13,000
2,315,000 153.082,000
The Course of the Bond Market
This
week
has
seen
lower-grade rail bonds.
advanced,
mained
but
firm,
not
as
rapid
strides
in the recovery of
Utilities and industrials have also
spectacularly.
have
United
Treasury Department offered
1%% five-year notes and 2 %%
subscription.
High
States
this
grades
have
Governments.
week
re¬
The
$450,000,000
eight-year bonds for
One of the largest
oversubscriptions
of
cash
on record
resulted.
High-grade
trend to
were
have
continued
to
show
a
were
Chicago Union Station 3%s,
up %, while Virginian 3%s, 1966, at
unchanged.
bonds
in
a
market
of
moderately
higher
transactions closed higher than a week ago.
Line 1st 4s, 1952, gained 1%
at 50
were
tional
up
gains
1%.
being
volume
of
Atlantic Coast
points at 91%; Erie 5s, 1975,
Defaulted rails have been mixed, frac¬
offset
by
similar
declines.
Missouri
Pacific 5s, 1965, picked up 1%. points at 24%, while Chicago
Great Western 4s, 1959, closed at 18, losing 1.
Utility bonds of all grades have recorded moderate ad¬
bonds
slightly higher levels.
1963, at 107%
104%
railroad
road
Medium-grade and speculative rail¬
vances,
with
some
tapering
off in
the
latter part
of the
week.
Among high grades, Central Illinois Light 3%s, 1966,
advanced 1% to 106% ; Pacific Tel. & Tel.
3%s, 1966, gained
% at 102%.
In the speculative group Penn-Ohio Edison 6s,
Volume
4s, 1955, rallying to 97, a
2022, scored
trend were
Brooklyn Union Gas 5s, 1950, which declined 8% to 68, and
El Paso Electric 5s, 1950, which closed at 101, off 2.
Industrial bonds of all grades have generally improved,
1950,
rose
2% to 97%; Utah Power & Light 6s,
although
some
declines of consequence have been
principally among lower
Standard Oil
have not done
Exceptions to the general
gain of 2% at 78.
a
1%
witnessed,
In the oil section,
again stood out; at 99% they
among
MOODY'S BOND
(Based
1
1937
C7.
All
S.
Daily
Domes¬
foreign bond market has shown
.
Moody's computed bond prices and bond
yield averages
given in the following tables;
are
BOND
MOODY'S
PRICES (REVISED)
YIELD
AVERAGES (REVISED)
(Based on Individual Closing Prices)
1937
Domes¬
Daily
Averages
Corp.
h.
R.
120 Domestic
30
Corporate by Groups *
tic
Corpora
tic
by Ratings
120 Domestic Corporate *
All 120
120
120 Domestic Corporate *
120
Govt.
Bonds
w.) closing
favor, Childs Co. 5s, 1943, adding
Average Yields)
on
Paper company bonds
The chain restaurant group has been
weak.
the liquor
by rising 2% to 98%.
Strength has been general
the obligations of packing companies, Wilson & Co.
issues
lower at 96%.
The
ranging issues.
(N. J.) 3s, 1961,
gain of 2%.
well, Mead Corp. 6s, 1945, (w.
so
3% to close at 67%.
moderately improved
sentiment as nearly all South American issues have sold
at better prices.
Japanese bonds also have firmed.
Among
European issues Italian bonds have been conspicuously
in
McKesson & Bobbins 5%s, 1950, led
%.
were up
3721
Chronicle
Financial
145
by Ratings
Fo»
Aa
Aaa
A
Baa
R.
P.
R.
U.
elgns
Indus.
A
Baa
99.66
106.17
Dec. 10—
4.26
3.24
3.59
4.02
3.66
107.49
83.06
5.11
114.51
73.20
5.92
95.62
94.97
4.30
Dec. 10— 109.38
99.48
105.98
9„
4.26
3.24
3.59
4.03
3.67
107.49
83.33
5.09
114.51
73.42
5.90
95.62
94.97
4.30
9„ 109.40
107.49
94.81
8-
4.31
114.51
3.59
95.62
105.98
3.67
8_. 109.26
99.48
4.03
83.33
5.09
73.42
5.90
99.31
105.79
7-
4.29
3.25
3.61
4.04
3.68
107 11
82.66
5.14
114.30
72.76
5.96
95.13
94.49
4.33
7— 109.26
99.14
105.60
6—
4.29
3.25
3.61
4.05
3.69
107.11
82.93
5.12
114.30
72.76
5.96
95.13
94.65
4.32
6— 109.29
99.31
105.79
4—
4.29
3.25
3.62
4.33
5.96
5.16
3.68
82 40
4.04
72.76
4.31
3.25
3.63
4.34
6.00
5.19
4.04
3.68
4.34
3.26
3.63
4.36
6.12
5.27
4.06
3.70
4.34
3.26
3.63
4.36
6.12
5.27
4.06
3.70
Aa
Aaa
Corp.*
Averages
4— 109.31
95.13
114.30
106.92
94.49
3
94.81
114.30
106.73
94.33
72.32
82.00
99.30
105.79
3-
94.33
114.09
106.73
94.01
71.04
80.96
■98.97
105.41
1-
2
109.28
—
109.31
—
3.24
4.26
5.69
5.65
109.27
94.33
114.09
106.73
94.01
71.04
80.96
98.97
105.41
104.30
Weekly—
Nov. 26—
4.40
3.27
3.76
5.78
98.62
4.08
69.37
79.70
5.37
93.37
6.28
113.89
106.17
4.40
93.37
3.66
Nov.26— 109.14
106.36
19„
4.32
3.26
3.65
5.72
98.97
4.06
81.22
5.25
94.33
71.89
6.04
94.65
114.09
3.62
19— 109.30
106.92
4.34
'■■J
83.06
99.14
12-
4.26
3.26
4.05
73.53
5.11
95.13
5.89
X07.30
4.29
95.62
114.09
3.60
12- 108.59
106.92
3.62
95.46
107.30
5.61
107.49
99.14
3.60
83.19
5.10
4.05
73.53
5.89
114.30
3.25
4.27
95.78
4.25
3.59
108.77
5—
Oct. 29— 108.60
96.11
114.00
106.73
95.78
74.89
107.11
3.61
5.66
99.14
4.05
84.01
5.04
106.54
22-
5 77
1
—
Weekly—
5„
Oct. 29
4.23
3.26
3.63
4.25
4.21
—
5.77
3.29
3.60
4.24
5.71
4.90
4.10
3.64
5.74
4.90
5.69
108.34
96.44
113.48
107.30
95.95
75.58
85.93
98.28
75.24
85.93
107.17
15-
4.22
3.29
3.66
95.62
98.11
4.11
113.48
107.11
4.26
96.28
3.61
15— 108.44
107.30
8-
4.13
3.29
3.60
5.69
99.14
4.05
88.36
4.73
108.08
78.33
6.48
113.48
97.11
4.17
97.78
3.56
8— 108.39
4.67
4.01
3.58
5.42
113.48
108.66
107.69
5.40
97.95
4.12
98.45
3.29
108.36
4.09
3.53
1
1-
4.00
3.58
5.39
Sept .24— 108.47
98.45
113.27
108.46
98.11
17— 108.36
99.66
113.48
109.24
98.97
10
99.66
113.27
109.24
99.14
83.60
22
—
—
107.78
—
5.75
79.32
99.83
79.20
88.95
100.00
107.69
Sept.24-
4.09
3.30
3.54
4.11
5.41
4.69
108.85
17-
4.02
3.29
3.50
4.06
6.23
4.58
3.52
5.33
90.59
100.63
3.97
81.48
108.46
10-
4.02
3.30
3.50
4.05
5.21
3.54
5.38
100.38
3.95
90.90
4.56
81.74
99.66
89.25
109.24
3-
3.96
3.28
3.48
4.02
5.07
4.48
3.60
5.28
101.58
3.91
92.12
3.96
3.27
3.49
4.02
5.04
4.45
3.91
3.50
5 28
3.48
5.33
5 08
3— 108.04
100.70
113.68
100.64
Aug.27- 108.28
20- 108.86
100.70
113.89
109.44
99.66
84.01
92.59
101.68
109.24
92.75
109.64
3.94
3.26
3.47
4.44
84.41
6.01
109.84
100.00
4.00
114.09
101.94
3.89
101.06
Aug. 27—
20-
13—
3.90
3.22
3.43
3.95
4.98
4.36
3.87
3 45
6—
3.90
3 23
3 41
3 95
5 00
4 37
3 88
3 45
5.09
30-
3.91
3.23
3.43
3.96
5.02
4.37
3.89
3.47
5.13
3.43
3.95
4.96
4.30
3.90
3.50
5.13
18— 109.12
101.76
114.93
110.63
100.88
84.83
94.01
102.30
110.24
6— 109.49
101.76
114.72
111.03
100.88
84.55
93.85
102.12
110.24
July 30— 109.52
101.58
114.72
110.63
100.70
84.28
93.85
101.94
109.84
23- 109.22
101.76
114.09
110.63
100.88
85.10
94.97
101.76
109.24
23-
3.90
3.26
16-
3.91
3.52
5.20
108.85
3.91
94.97
101.58
4 30
85.24
4.95
113.89
100.53
3.97
101.58
110.24
3.45
108.90
3.27
16-
3.50
5.15
113 89
110 24
100 53
85.24
109.24
4.29
3.94
95.13
4.95
101.58
3.27
3.97
108.59
3.91
3.45
9—
9-
108.39
100.38
113.68
109.84
100.00
2-
3.95
3.28
3.47
2-
108.66
3.53
100.18
3.99
94.33
5.05
4.34
83.87
4.00
June 25—
3.96
3.29
3.48
4.01
5.05
4.34
3.53
5.12
94.33
108.66
4.01
99.83
'3.98
4.96
4.29
3 96
3.50
5.13
4.24
3.95
3.50
5.11
5.19
101.06
July
108.36
100.70
113.48
109.64
99.83
93.87
18— 108.44
101.41
113.89
110.24
100.35
85 10
95.13
100.70
109.24
18—
3.92
3.27
3.45
95 95
100.88
109.24
11-
3.90
3.27
3.44
3.96
4.92
109.05
4-
3.91
3.29
3.45
3.98
4.92
4.27
3.96
4.26
3.97
5.17
3.51
100.70
3.52
June 25—
101.76
113.89
110.43
100.70
85.65
4—
108.59
101 58
113 48
110 24
100 35
85.65
95.46
May 28-
11— 108.53
85.65
95.62
100.53
108.85
May 28-
3.92
3.30
4.92
110 04
100.35
3.98
101.41
113 27
3.46
108.73
109.84
86.07
95.46
100.88
108.66
21—
3.91
3.31
4.89
113 07
100.35
3.98
101.58
3.47
21- 108.22
86.21
95.13
100.88
108.27
14—
3.93
3.35
4.88
112.25
99.83
4.01
101.23
109.44
3.49
107.97
87.21
95.78
101.23
108.08
7-
3.91
3.34
3.51
3.99
4.81
3.39
3.55
4.03
4.86
14—
4.27
3.95
3.53
5.27
4.29
V
3.95
3.55
5.38
4.25
3.93
3.56
5.37
4.30
3.96
3.62
5 41
3.64
5.31
108 03
101.58
112 45
109.05
100 18
Apr. 30— 107 59
100.70
111.43
108.27
99.48
86 50
94.97
00 70
106 92
Apr. 30—
3.96
100.70
23-
3.96
3.40
4.28
86.92
95.29
4.83
107.69
99.48
4.03
100.70
111.23
3.58
23— 107.17
106.54
3.96
3 64
5.33
111.03
87.21
106.54
3.96
100.70
4.26
95.62
4.81
99.48
4.03
107.88
3.57
100.70
3.96
3.41
16. ^ 107.79
16-
98.45
99.31
4.03
3.48
5.33
109.64
85.65
4.09
99.48
107.11
3.61
107 23
9—
4.04
3 70
105.41
4.33
94.49
4.92
3.99
3.43
3.59
4.07
4.85
4.29
4.01
5.36
99.83
2„
3.66
106.17
4.03
4.76
4.23
3.96
3.60
5.33
4.76
4.23
3.95
3.60
5.26
7—
9„
95.13
2—
107.19
100.18
110.63
107 49
98.80.
86.64
Mar 25—
108.40
101.23
111.84
108 27
99.48
87 93
98.11
100.70
107.30
Mar. 25-
3 93
3.37
3.53
98.11
100.88
107.30
19-
3.93
3.37
3.54
4.05
3.32
101.23
111 84
108.46
99 14
87.93
3.87
3.55
5 30
101.76
12..
3.90
100.35
108.27
4.15
112.86
97.45
4.66
102.30
89.40
3.98
110 76
109 24
3.50
12—
5-
3.79
3 49
5 24
109.44
3.81
103.38
4.09
98 45
4.57
101
90.75
3.90
103 74
110.43
4.55
111.82
114 09
3.26
5—
4.47 '
5.13
114 72
110.83
102 12
90 59
109.84
3.78
103.93
4.08
98.62
4.68
103 93
3.23
3.88
112.18
3.78
3.42
26-
Feb. 26-
104 11
110.83
104.11
3.77
5 13
12
102 48
3.42
112
114 30
3 25
19—
19„
3.77
3.49
109.44
4.06
98.97
4.55
91 05
3.86
3.75
3.22
3.41
3.84
4.52
4.02
5 18
99.66
11„
3 46
110.04
3.76
104.30
3.72
3.18
3.37
3.81
4.51
4.00
3.72
3.43
6.19
3.39
5.34
5.39
19—
Feb
109.32
76
91.51
112.20
104.48
114 03
111 03
102 84
5„
112.34
105.04
115 78
111.84
103.38
91 66
100.00
105.04
110.63
29..
112.21
105.41
116 64
112.25
103.56
91 51
100.00
105.04
111.43
22-
112.39
106 17
117 72
113.27
104 30
92 38
101 23
105.79
15—
112 53
106 36
118 16
113.48
104 48
92 28
101
23
106 17
8-
112 71
106 36
117 94
113.89
104.48
91.97
101 23
Hlgh 1937 112.78
106.54
118
113.89
104.67
92.43
101.41
11
Jan.
Low
1
—
1937 107.01
Yr.
16
106.17
106.17
29—
3.70
3.14
3.35
3.80
4.52
4.00
3.72
3.66
3.09
3.30
3 76
4.47
3.93
3.68
3.36
112.05
22-
15—
3.65
3.07
3.29
3.75
3.93
3.66
3.35
112.25
4.47
3.08
3.27
3.75
4.49
3 93
3.35
5.43
3.65
3.66
112 25
8-
3.07
3.27
3.74
4.46
3.92
3.66
3.34
5.08
3.76
5.78
Low
105.98
93.21
69.27
79.57
96.28
104.30
113.89
104.11
91.81
100.88
105.98
112.05
106.17
110.43
80.58
94.01
88.36
97.78
105.22
yields on the basis of one "typical"
price quotations.
They merely serve to
♦Thesei prices are computed from average
level
the average movement of actual
or
field averages, the latter being the truer picture of the
The
slowing
showed
advance
clines
considerable
for
of
down
Although
was
steel
business activity so far remains
car
gains
loadings
over
index
electric
output
last week's activity, their
de¬
production, automotive activity
and petro¬
Commerce.*'
The busi¬
leum, according to the "Journal of
ness
and
substantial enough to offset further
not
of this
authority showed a decline to
74.3 last
77.8 for the
previous week and 100.3 for a year ago.
Although steel
production has declined for the twelfth consecutive week
from 80% of the industry's capacity on Sept. 13 to 27.5%
this week, "there are increasing signs of a turn in the situa¬
tion which may not be fully apparent until the December
inventory period is past," according to the current review
by "Iron Age," which points out that the usually sensitive
scrap market is beginning to feel this change even without
the stimulus of steel mill buying.
It is stated that railroad
orders are conspicuous in an otherwise quiet market.
Or¬
week
and
compares
with a revised figure of
ders for about 100,000 tons
the
week.
The
3.67
4.41
6.29
5.38
3.27
3.77
4.50
3.95
3.67
3.30
5.65
3.44
3.66
4.36
5.30
4.73
4.13
3.71
6.34
Atchison
within
$4,800,000 for 43
of rails have been placed
has
4.19
Dec. 10*35
bond (4% coupon, maturing in 30 years), and clo not
Illustrate In a more comprehensive way the relative levels
Friday Night, Dec. 10, 1937.
unchecked.
3.48
3.09
Ago
to show el^er^ averaKe
and the relative movement of
bond market
TRADE—COMMERCIAL EPITOME
OF
THEJSTATE
Yr.
2 Yrs.Ago
2 Yrs.Ago
96.78
4.40
3.66
DOC.10'36
1
5.41
4.22
High 1937
117.72
106.17
3.64
1937
109.64
93.37
Dec.10*35 107.58
Jan.
112.45
A on
Dec.20'36 112.68
5-
expended
stainless
steel cars and
Western
Pacific has ordered
quate
this
with
a
most
revenues
enable
again
purchaser ranks
budget balancing and tax law revision as
leadership as the country's largest
Federal
vital steps for
try.
for all forms of transportation to
reenter the buying market and
to
industry
assume
According
Vice-President of Transporta¬
of America, a rate increase for the rail¬
vital need.
He' states that need for ade¬
Association
roads is
diesel locomotives, and the
400 freight cars.
D. Conn, Executive
to Donald
tion
seven
restoration of economic stability in this coun¬
November factory sales of American
automobile manu¬
preliminary
On
the basis of this estimate operations represented an in¬
crease of 8% over October sales, but ran 10% behind Novem¬
ber. 1936, results.
Factory sales for the first 11 months are
estimated at 4,656,530 cars and trucks, or 14% increase
over
the 4,097,316 units sold in the like month last year.
Production of electricity
in the United States totaled
facturers
aggregated 363,538 units, according to
estimate of the
Automobile Manufacturers Association.
ended Dec. 4, a
week of
Edison Electric Institute reports.
Secretary
Daniel C. Roper disclosed that the Bureau
2,152,643,000 kilowatt hours in the week
loss
of
4.1%
last year,
of
the
Commerce
compared
with
the corresponding
/
q
3722
Financial
Chronicle
of Foreign and Domestic Commerce estimates the 1937 ex¬
cess
more
1936.
An increase in exports of agricultural products was
responsible for the improvement, he said.
The Bureau of
Agricultural Economics estimates the cash income of Amer¬
ican farmers during the first 10 months of 1937 was approxi¬
mately $751,000,000 above income for the same period last
It is estimated the total income, including govern¬
year.
payments, at $7,087,000,000 this year compared with
$6,336,000,000 last
in
the
Car loadings of revenue freight
Saturday totaled 623,337 cars, an
year.
ended
week
last
increase
of 11.6% over the previous week, which included
Thanksgiving Day holiday, the Association of American
Railroads announced today.
Compared with the same 1936
the
period, the latest total revealed
decline of 16.4%, while
a
REVENUE
FREIGHT
LOADED
that the gain over the previous week ranged from 3% to
6%,
and over the like week of 1936 from 4% to
15%.
The out¬
the
week's
weather
the
were
abnor¬
mally low temperatures, with freezing covering all sections
of the South, excepting parts of Florida and
Texas, and the
heavy
In
snowfall
in
the northern
New York
of
part
State.
Florida, at the close of the week, freezing weather
tended
far south
as
government
of
the
it
states
damage
heavy in the
is
from
ex¬
the Lake Okeechobee district.
as
too
this
The
early to determine the extent
latest freeze,
but it is
probably
of tender vegetation in parts of Florida
at least.
Citrus fruits apparently escaped with little or no
harm.
Near-zero weather tightened the grip of a three-day
storm
Loaded
case
rescued
were
on
roads
six- and
seven-foot
snowdrifts.
Earlier
force of 52 miles
a
in
hour.
an
the
reach
to
them.
Deaths
cold mounted to eight in
frigid
whirled
and
York
and
City
clear.
tures
were
plunged to
Today it
ranging
the
area
zero
as
in the mountains.
weather
has
from
been
In the
generally cold
fair and cold here, with tempera¬
to 32 degrees.
The forecast was
22
Overnight at Boston it
tonight and Saturday.
22 to 36 degrees; Baltimore, 24
was
Pittsburgh, 10 to 20; Portland, Me., 16 to 34; Chicago,
8 to 16; Cincinnati, 12 to
24; Cleveland, 14 to 18; Detroit,
12 to 14; Charlestown, 34 to
52; Milwaukee, 8 to 16; Savan¬
nah, 30 to 54; Dallas, 26 to 28; Kansas
City, 6 to 22; Spring¬
field, Mo., 8 to 20; Oklahoma City, 20 to 22; Salt Lake City,
40 to 54; Seattle, 40 to 46;
Montreal, 16 to 24, and Winni¬
2 belowT to 4 above.
Declined
0.9
of
Wholesale
Point
During
Commodity
Week
ber, 1936
Missouri
Pacific
dropped almost
a
to 85.9 for Dec. 7, as contrasted with 86.8
in the
week and 88.0 a year
ago.
The latest
since the first week in
ist" added:
$8.79,
a
Novemberjof last
$9.34.
of the
sustained
ii
•
•
—
were
compared with
as
year
,j| The "Annal¬
Fowl
selling at
an average
price of $21.06
$13.28 in the preceding week; hogs
compared
prices
preceding week
grain prices advanced.
were
12,124
3,060
1,527
3,837
13,380
30,478
3,594
15,856
4,234
16,979
51,477
Pennsylvania RR
Pere Marquette Ry
3,664
Southern Pacific Lines
28,561
Wabash Ry
x
7,737
7,169
7,275
9,559
6,945
7,118
1,399
2,382
2,511
8,308
35,011
8,386
3,762
33,321
4,652
4,182
29,246
x7,753
6,115
7,703
6,878
6,143
16,547
9,573
7,157
8,726
8,563
9,591
1,463
11,310
1,499
2,001
2,043
2,439
3,043
8,055
32,573
9,373
46,147
11,459
4,959
8,119
3,466
29,891
44,590
4,525
3,819
x7,992
7,146
x9,277
9,752
6,525
6,260
292,638 260,523 355,281 168,640 161,230 215,657
Excludes
Orleans
5,276
12,993
7,227
4,839
17,237
43,159
5,259
24,169
67,364
24,351
4,624
5,456
Total
12,797
16,745
3,263
2,206
47,897
4,720
3,822
5,433
Pittsburgii & Lake Erie RR
5,243
17,850
21,160
15,958
35,470
RR
New York Central Lines
interchanged between S. P. Co.-Pacific Lines and Texas & New
cars
Co.
RR.
TOTAL
LOADINGS AND
RECEIPTS FROM
CONNECTIONS
(Number of Cars)
;
Weeks Ended—
Dec. 4, 1937
Nov. 27,
1937
Dec. 5, 1936
Chicago Rock Island & Pacific Ry.
23,584
21,218
25,875
Illinois Central System
32,426
28,978
36,094
St. Louis-San Francisco Ry
13,569
12,093
15,386
69,579
62,289
77,355
Total
The Association of American Railroads, in
week ended Nov. 27 reported as follows:
Loading of
This
reviewing the
freight for the week ended Nov. 27 totaled 558,627
revenue
decrease of 121,673 cars, or 17.9% below the
correspond¬
ing week in 1936 and a decrease of 142,423 cars, or 20.3% below the same
cars.
was a
week in 1930.
Loading of
88,624
cars,
All three years include Thanksgiving
holiday.
freight for the week of Nov. 27
revenue
was
a
decrease of
13.7% below the preceding week.
or
Miscellaneous freight loading totaled 216,409 cars, a decrease of
41,408
cars below the preceding week, and a decrease of
62,494 cars below the
corresponding week in 1936.
Loading of merchandise less than carload lot freight totaled 134,622
cars,
decrease of 25,224 cars below the preceding week, and a decrease of
11,142
cars below the corresponding week in 1936.
a
121,005
cars,
a
decrease of 6,889
cars
below
the preceding week, and a decrease of 30,540 cars below the
corresponding
week in 1936.
Grain and grain products loading totaled 32,917 cars, a decrease of
6,682
below the preceding week, but an increase of 1,933 cars above the
cars
1936.
In the Western districts alone, grain and
loading for the week of Nov. 27, totaled 20,499 cars, a
decrease of 3.634 cars below the preceding week, but an increase of
1,793
cars above the corresponding week in 1936.
v
Live stock loading amounted to 12,362 cars,
with
moved
Under
$8.43, while lambs
higher,
the
but gains
were
did not
leadership of wheat, all
Most dairy products were lower and
sharp losses
by citrus fruits.
•
ing week in 1936.
}
|
1
■
ummmmmmmmmm
.ammmmmmmmmmmmmm.
.
WEEKLY INDEX OF WHOLESALE
..
Nov.
30,
1937
Dec.
in
Forest
cars
below the corresponding week
•
products
loading totaled 25,117
week, and
a
cars,
a
decrease
decrease of 7,464
cars
86.8
of 1,688
below the
cars
corre¬
sponding week in 1936.
Ore loading amounted to 9,358 cars, a decrease of 2,688 cars below the
preceding week, and
a
decrease of 4,011 cars below the corresponding week
in 1936.
Coke loading amounted to 6,837 cars, an increase of"235
preceding week, but
~
cars
above the
decrease of 4,372 cars below the corresponding week
a
•
All districts reported decreases
revenue
compared with the corresponding weeks
freight In 1937 compared with 1936 and 1930 follows!
1937
8, 1936
1936
79.6
81.3
*61.5
t61.5
89.2
89.4
Metals
79.8
104.1
tl04.2
69.7
67.1
89.1
89.1
86.5
Miscellaneous
75.1
75.2
71.1
85.9
86.8
2,778,255
3,003,498
88.0
...
Four weeks in August
Four weeks in September
Five
3,506,899
2,415,147
2,543,651
3,515,733
3,618.960
3,351,564
2,786,742
4,593,449
3,812,088
3,572,849
3,115,708
weeks in July
2,512,137
3,897,704
2,976,522
Four weeks in June
Five
1930
4,246,552
2,955,241
Four weeks in April
Five weeks in May
93.6
68.9
Chemicals
2,974,553
Four weeks in March
88.9
82.3
*
Building materials
3,316,886
weeks in January
Four weeks in February
95.3
Textile products
Fuels
All commodities.
decrease of 2.838
a
1936.
Five
84.5
be¬
In the Western districts alone, loading of live stock for
preceding week and
Loading of
(1923=100)
Dec. 7, 1937
cars
in 1936 and 1930.
COMMODITY PRICES
Farm products
Food products
decrease of 4,280
the week of Nov. 27 totaled 9,575 cars, a decrease of 3,639 cars below the
in 1936.
■
THE "ANNALIST"
a
low the preceding week, and a decrease of 3,583 cars below the
correspond¬
below the preceding
hundredweight,
against
as
losses
erase
as
full point
preceding
figure is the lowest
On Dec. 7 good and choice steers
$8.20
17,638
14,345
16,052
18,649
RR
22,543
34,088
25,988
22,959
14,106
3,519
1,884
4,814
15,532
N. Y. Chicago & St. Louis Ry
Norfolk & Western Ry
more
hundredweight,
20,353
corresponding week in
severe losses sustained
during the past
than offset gains in many industrial
commodities,"
the "Annalist" announced on Dec. 9 that its
Weekly Index
of Wholesale
Commodity Prices
were
1936
International Great Northern RR
Missouri-Kansas-Texas
grain products
was
short-lived and the
a
1937
Gulf Coast Lines
Ended
7—IndexlLowest]Since First Week in Novem¬
Reporting that "last week's rally in livestock prices
week
1937
18,901
Coal loading amounted to
"Annalist"JPWeekly Index
Dec.
1936
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw. St. Paul & Pac. Ry
Chicago & North Western Ry
to 36;
Prices
Dec. 5
1937
was
for partly cloudy and
moderately cold
peg,
Nov. 27
un¬
and
another
Snowstorms
Northwest.
the
Ended—
Dec. 4
day the
coasting accidents
Pennsylvania yesterday
from
Weeks
Dec. 5
22,670
25,237
the central and western sections of the State
across
the mercury
New
in
swept
wave
from
Received from Connections
Many of Buf¬
falo's large factories were closed because workers
able
Lines
Ended—
Nov. 27
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
»
gals attained
CONNECTIONS
1937
near Buffalo.
A 40-mile wind swept Buffalo, almost nulli¬
fying efforts of snow-plows to free hundreds of cars caught
in
FROM
Dec. 4
up-State New York last night as the death toll
eight and new snow squalls struck many areas.
Scores isolated in drifts for 24 hours
Own
on
Weeks
on
reached
RECEIVED
a
corresponding week of 1930 showed a de¬
cline of 20.8%.
Encouraging developments in trade and
industry during the week were reported today by Dun &
Bradstreet, Inc. In the retail division this authority states
of
AND
(Number of Cars)
contrast with the
standing features
11, 1937
16.4%, from the total for the like week of 1936, and
a decrease of
2.4% from the total loadings for the corre¬
sponding week of 1935. For the week ended Nov. 27, 1937,
loadings were 19.9% below those for the like weeks of 1936,
and 2.3% under those for the corresponding week of 1935.
Loadings for the week ended Nov. 20, 1937, showed a loss
of 18% when compared with 1936 and a drop of
0.1% when
comparison is made with the same week of 1935.
The first 18 major railroads to report for the week ended
Dec. 4,1937 loaded a total of 292,638 cars of revenue freight
on their own lines,
compared with 260,523 cars in the pre¬
ceding week and 355,281 cars in the seven days ended Dec. 5,
1936.
A comparative table follows:
cars, or
of merchandise exports over imports at $100,000,000 or
than three times the $33,000,000 favorable balance in
ment
Dec.
2,954,522
3,062,378
3,718,983
4,475,391
3,752,048
3,725,686
3,182,943
4,017,319
weeks in October
Revenue
Freight
Car
Loadings
Gain
64,710
Cars
in
Week Ended Dec. 4
Loadings of revenue freight for the week ending Dec. 4,
1937, totaled]623,337 cars.
This is a gain of 64,710 cars,
or 11.6% above the
preceding week; a decrease of 121,958
4,097,448
4,751,349
732,145
759,615
881,517
Week of Nov.
f Revised.
6
13
689,614
784,980
647,251
789,772
829,023
779,752
Week of Nov. 27:
preliminary.
Week of Nov.
Week of Nov. 20
•
558,627
680.300
701,050
35,683,801
33,285.658
43,096,392
Total
?
In the following we undertake to show also the loadings
for separate roads and systems
for the week ended Nov. ?7.
During this period 18 roads out of a total of 138 roads showed
increases when compared with the same week last year.
Volume
145
*
1936
1937
Mb
Eastern District—
1,247
544
Boston & Maine
Chicago Indianapolis & Louisv.
505
583
896
1,387
6,615
1,426
Ann Arbor
Bangor & Aroostook
1,998
7,543
1,741
1,236
6,989
1,313
215
234
8,417
1,716
10,778
2.472
27
Central Vermont.
....
17
1,335
5,332
50
92
976
39
1,231
Central Indiana.
1,662
6,671
5,521
1.882
7,802
6,471
4,140
8,515
Delaware Lackawanna & West.
Detroit & Mackinac
8,385
4,460
8,212
235
Delaware & Hudson
465
225
102
129
2,373
1,327
3,177
15,912
8,947
1,835
1,468
7,545
2.677
10,212
11,644
Grand Trunk Western.
3,175
4,422
10,838
4,125
Lehigh & Hudson River
155
138
116
1,124
2,697
11,034
6,510
1,599
1,329
847
1,809
Detroit Toledo & Ironton
Erie.
..
..
i
New York Ontario & Western.
N. Y. Chicago & St. Louis....
Pittsburgh & Lake Erie
Pere Marquette.
38,405
4,592
7,147
6,068
4,076
5,367
5,453
475
259
26
17
412
314
186
233
887
.......
New York Central Lines
N. Y. H. H. & Hartford
1,466
9,028
2,927
4,470
2,398
331
_
Monongahela
Montour...........
342
456
*.
Maine Central
318
1,350
7,997
2,246
3,374
1,137
30,478
7,589
1,184
3,594
3,780
4,720
Lehigh & New England
Lehigh Valley
2,388
202
Detroit & Toledo Shore Line..
1,244
983
1,058
1,317
Pittsburgh & Shawmut
...
Pittsburgh Shawmut & North..
Pittsburgh & West Virginia
9,705
1,838
6,694
6,982
2,457
3,398
1,849.
34,109
9,341
2,212
266
203
Wheeling & Lake Erie
Total.
380
848
340
279
7,857
16,180
8,157
19,363
6,364
16,887
3,426
3,873
11,912
Tennessee Central
376
453
322
631
Winston-Salem Southbound
125
188
142
567
85,652
102,346
83,791
55,044
2,109
9,591
2,569
6,945
2,843
Seaboard Air Line
Southern System
Total
■
__
Chicago
Chicago
Chicago
Chicago
518
Great Western
723
675
14,815
2,132
18,227
3,522
1,026
12,116
1,764
15,986
3,387
Milw. St. P. & Pacific
St. P. Minn. & Omaha
Elgin Joliet & Eastern
508
784
990
4,723
3,123
7,146
2,442
8,750
3,247
146,042
127,703
130,017
167,349
521
341
522
521
633
31,371
3,251
24,633
2,251
12,993
1,153
16,408
341
—
388
292
Buffalo Creek & Gauley.
160
2,242
494
402
428
342
718
57
Minn. St. Paul & S. S. M—.
Northern Pacific
9,003
1,555
4,560
9,387
1,427
4,127
8,471
1,509
1,760
2,907
Minneapolis & St. Louis
.
Spokane International
133
168
96
268
Spokane Portland & Seattle
874
1,680
1,792
1,085
66,251
78,024
66,953
39,335
20,353
2,567
20,850
2,841
17,110
2,556
5,276
1,994
414
389
329
100
14,345
1,594
10,813
2,553
1,304
3,406
15,665
13,670
1,140
9,597
2,807
1,563
4,007
7,157
Total.
2,486
8
Atch. Top. & Santa Fe System.
Alton...
......
Bingham & Garfield
1,058
1,414
5,894
1,266
5,448
15
12
4,923
9,522
11,394
Chicago Burlington & Quincy..
Chicago & Illinois Midland
..wiii..
383
464
626
29
70
Chicago Rock Island & Pacific-
Cumberland & Pennsylvania..
214
267
332
31
31
Chicago & Eastern Illinois.
Ligonier Valley
144
205
164
14
22
Colorado & Southern
2,333
1,170
29,891
13,260
1,249
43,588
Fort Worth & Denver City
17,494
Illinois Terminal
-
249
9,433
515
1,436
4,244
Lake Superior & Ishpeming
—
-
306
11,419
503
—
ii i'- .1 i
347
4,389
331
...
Green Bay & Western
Central RR. of New Jersey-
377
5,306
9,829
Ft. Dodge Des Moines & SouthGreat Northern.
Cambria & Indiana
wi -
518
7,129
803
22,959
1,316
—
_
Bessemer & Lake Erie
.
152
535
455
4,300
Duluth South Shore & Atlantic.
Central Western District—
Allegheny District—
/Cornwall
1,097
12,124
2,029
15,958
3,565
Chicago
& North Western
1.678
10,367
5.883
6,082
587
942
Northwestern District—
Belt Ry. of
Duluth Missabe & I. R...
5,415
3,612
Akron Canton & Youngstown.
Baltimore & Ohio
392
298
40
471
.........
1,041
309
Richmond Fred. & Potomac
42,254
12,230
4,624
2,905
1
928
Piedmont Northern.
15
116,796
Rutland
Wabash.
1937
Southern District—(Concl.)
Norfolk Southern
32,573
9,679
1,433
8,119
3,861
4,525
1,627
from Connections
1935
1936
1937
1936
1937
1935
Freight Loaded
Railroads
from Connections
Freight Loaded
■ fl
Total Loads Received
Total Revenue
Total Loads Received
Toial Revenues
NOV. 27 J
FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED
REVENUE FREIGHT LOADED AND RECEIVED
Railroads
3723
Chronicle
Financial
■
2,730j
1,498
Denver & Rio Grande Western.
Long Island.
704
569
675
Penn-Reading Seashore Lines.
844
791
47,897
11,285
6,804
1,109
61,625
13,278
14,721
3,244
Nevada Northern
41
84
76
2,773
3,355
2,766
4,532
6,586
Peoria & Pekin Union
102,027
138,517
112,147
76,831
106,374
Pennsylvania System
Reading Co
Union (Pittsburgh)..........
West Virginia Northern
Western Maryland..........
52,237
11,248
8,861
797
16
1,214
1,849
1,755
1,38b
828
951
281
;
17,638
15,856
24,887
22,810
19,103
17,157
920
795
727
4,096
4,354
2,945
7,737
3,466
1,398
1,032
Virginian..
39,932
10,001
13,633
131
s'oii
14,930
19,650
17,549
287
312
360
15,505
14,782
12,925
463
504
729
1,482
1,459
1,306
1,870
98,197
104,365
89,686
47,573
137
4,698
Toledo Peoria & Western
Pocahontas District—
—
992
91
46
Western Pacific
Norfolk & Portsmouth Belt Line
2,605
806
1,146
1,927
1,456
436
North Western Pacific
Utah..
Chesapeake & Ohio
7,046
2,072
1,123
1,414
1,634
1,237
Union Pacific System
Norfolk & Western....
883
795
Denver & Salt Lake
Southern Pacific (Pacific).....
Total...—........
2,087
11,482
3,111
1,427
3,554
Total.
1,055
8,560
15
\V\
4,869
A
1,289
774
Southwestern District—
236
284
182
155
133
580
787
657
1,135
1,433
Coast—
528
699
571
743
804
8,159
2,941
8,544
3,978
7,514
3,635
3,827
2,208
424
307
913
4,626
2,742
1,144
Atlanta Birmingham &
Atlantic Coast Line
Central of Georgia
290
Charleston & Western Carolina
204
3,060
2,668
1.527
3,199
2,110
158
182
158
1,998
1.528
2,026
1,527
1,546
1,342
Louisiana Arkansas & Texas
166
206
129
429
Litchfield & Madison
275
325
334
770
Midland Valley
750
743
673
Missouri & Arkansas
158
184
96
230
3,837
13,380
4,353
15,618
4,407
13,282
2,439
8,055
Kansas Oklahoma <fc Gulf
Kansas City Southern
Louisiana & Arkansas
2,064
276
298
Missouri-Kansas-Texas Lines
145
110
243
194
Missouri Pacific
932
720
809
776
Natchez & Southern
37
42
59
103
Quanah Acme & Pacific
St. Louis-San Francisco
Columbus & Greenville
420
Durham & Southern
181
Florida East Coast
795
Galnsville Midland
35
V
.
w
1,537
i
Texas & Pacific....—------
5,177
1,934
8,274
2,666
7,727
5,435
2,648
224
237
261
60
17
31
24
37
51,194
58,160
51,666
52,206
23,648
4,292
1,032
11,721
5,074
191
152
307
376
Wichita Falls & Southern
237
116
323
335
Wetherford M. W. & N. W
1,959
2,098
1,944
1,506
2,456
1,655
1,875
2,884
1,915
2,476
Note—Previous year's figures revised.
1,038
9,598
Staple
Terminal RR. Assn. of St. Louis
Total.
2,062
2,981
3,509
14,589
* Previous figures.
index of
Moody's Commodity Index Declines Slightly
of
7,647
2,354
6,993
4,912
2,155
6,802
444
974
134
Index
98
3,770
6,889
2,611
480
Mississippi Central
Mobile & Ohio
40
115
St. Louis Southwestern
1,219
314
1,689
18,617
17,738
702
Macon Dublin & Savannah
Nashville Chattanooga <fc St. L.
17
64
118
Texas & New Orleans
747
452
1,670
22,798
155
Louisville & Nashville
185
35
300
Georgia & Florida...........
Illinois Central System
2,053
179
1,540
19,912
17,751
Georgia....................
Gulf Mobile & Northern.
532
1,463
2,043
1,006
1,866
1,163
1,559
1,300
Commodity
compared
week ago.
Prices of hides, wheat, corn, cotton,
department store sales
Prices declined
slightly this week, closing at 148.5 on Friday, as
a
216
323
937
346
with 148.9
124
191
1,079
Clinchfield.
Moody's
125
196
International-Great Northern..
Southern District—
Alabama Tennessee & Northern
171
116
Gulf Coast Lines.———..
Atl. & W. P.—W. RR. of Ala-
177
Fort Smith & Western
52,846
Alton & Southern
Burlington-Rock Island
38,510
Total.
16,933
wool and coffee ad¬
(1923-1925 average=100)
Sept.,
Total monthly
94
94
102
Adjusted for seasonal variation
Without seasonal adjustment
93
103
100
105
steel scrap.
The movement of the index during the
that
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Dec.
Dec.
Dec.
Dec.
week, with
com¬
follows:
3
148.9
4
6
149.2
Two weeks ago, Nov.
Month ago, Nov. 10
149.3
Year ago, Dec.
7-
148.6
148.9
148.8
148.5
Dec. 8Dec. 9
Dec. 10
26
10
1935 High—Dec. 28.-—
Low—May 12
1936 High—April
5
Low—Nov. 24
on a
'reportjby federalireserve districts
Percentage Change
from a Year Ago
Federal Reserve Districts
*
;
Governors
October to
Under
date
November
of Dec. 8
the Board of Governors of
New York
Philadelphia.
the
„
...
...
Cleveland.......... .......Richmond..
System states that "department store sales
showed little change from October to November, although
a slight increase is usual at this season, and consequently
the Board's seasonally adjusted index declined from 93%
to 91%.
The 93% level had prevailed during most of the
months of this year."
The index for the past three months
and for November, 1936 follows.
Federal Reserve
of
Number
of
29
+6
+ 13
30
10
26
14
+8
24
.
..
18
32
—1
+10
69
—2
+8
34
17
+1
+4
40
21
+4
+5
+9
+6
24
+1
...
.....
+7
4-3
Kansas City
+ 13
Dallas
...
P Total
•
32
54
32
+4
Minneapolis._
San Francisco
54
+6
_
Rt, Louis
Included
11 Months
53
...
Atlanta...
Chicago
+6
—3
Cities
Reporting
+3
+5
November
Boston...—................
of
Number
Stores
144.6
Department Store Sales of Board
of
Federal Reserve System from
than last, so
daily average basis the comparison with November,
1936 shows a 3% decline.
Sales in the first 11 months of
1937 were 7 % larger than in the corresponding period of 1936.
145.4
152.3
196.9
208.7
162.7
228.1
Decline in Index of
the
however, the
sales in November were, according to
Board, 1% larger than in November, 1936;
month had one more business day this year
as
Nov., 1936
Oct., 1937
91
vanced, while silk, cocoa, rubber, hogs, copper and sugar
delined.
There were no net changes for silver, lead
and
parisons, is
1937
Nov., 1937
November figures
preliminary; In most cities tbe montb
day this year than last year.
18
20
9
97
36
531
262
had one more business
Financial
3724
Wholesale Commodity Prices
Ended
Continued
to
reached during the
Of the
major commodity groups included in the composite index,
10
three—farm products, metals and metal products, and miscellaneous
Five groups—foods,
modities—advanced.
leather
textile
products,
products,
building materials,
and
chemicals
and
com¬
hides and
drugs—showed
Fuel and lighting materials and house-
lower levels than the week before.
furnishing goods remained unchanged.
Kaw material prices registered the first advance in over two months and
increased
during
0.4%
the
week.
The
present
index—75.7—is
3.7%
below the first week in November and 9.9% lower than the corresponding
week
of last
Semi-manufactured commodity prices continued the
year.
decline which has continued since the third week in August and dropped
0.6%.
The decrease for the three and one-half months has been 9.5%.
The index—78.4—is 3.3% below that of a month ago and 3.2% below the
level for the week ended Dec.
0.2% during the week and
above
a
5, 1936.
Finished product prices decreased
1.3% lower than 4 weeks ago and 3.2%
are
commodity
prices
declined
0.2%,
index for "all commodities other than farm products."
according
to
the
The index for the
1.9% above that for last
Industrial commodity prices,
year.
measured
as
remained unchanged from the level of last week.
for
a
with
month ago,
a
industrial commodity prices
they
year ago
are
2.7% higher.
In noting the remarks
nouncement
0.5% lower and compared
of Commissioner
Lubin,
an
an¬
by the Department of Labor also said:
Following the sharp decline of the two preceding weeks, market prices of
farm
products
turned
upward
and
advanced
0.7%.
The
increase
was
largely accounted for by higher prices for grains and livestock and poultry.
Other farm products including eggs, apples, potatoes, and wool decreased
1.0%.
Quotations
were
higher for
were
steady.
products
0.5%.
copper,
14.8%
year ago.
for
the
and
Agricultural implement prices
metals declined
metal
rose
products group advanced 0.2%
1.8%.
Average prices for nonferrous
fractionally and plumbing and heating items remained
changed from the preceding week.
crude
rubber
advanced
6.4%.
and other miscellaneous commodities showed
Wholesale food prices declined 1.0%
in fruits and vegetables,
prices
were
hominy grits,
corn
Cattle feed prices
as
no
un¬
prices
of agricultural implements,
and
drugs
index.
group
The
drugs
and
pharmaceuticals
and
fertilizer
materials subgroups remained
unchanged at last week's level.
The building materials group index decreased
0.1% as a result of lower
prices for yellow pine lath, oak and poplar lumber, carbon black, china wood
oil, rosin, and prepared roofing.
Yellow pine flooring and turpentine ad¬
Average prices of brick and tile, cement, and structural steel re¬
vanced.
mained steady.
The fuel and lighting materials group index was
of the
unchanged at 78.6%
Prices of anthracite and bituminous coal, and coke
1926 average.
advanced and
Oklahoma fuel oil and Texas gasoline declined.
A decline of 0.1%
in furniture did not affect the housefurnishing goods
For the third consecutive week it has stood at
group index as a whole.
92.1
Wholesale
of furnishings
prices
were
stationary.
The
Department of Labor said that the Bureau's index
includes 784 price series weighted
according to their relative
importance in the country's markets and is based on the
average for the year 1926 as 100.
The following table shows
index numbers for the main
groups of commodities for the
past five weeks and for Dec. 5, 1936, Dec. 7, 1935, Dec. 8,
1934, and Dec. 9, 1933:
(1926=100)
Dec.
Commodity Groups
paper and
All
copra,
eggs,
Nov.
Nov.
13
Dec.
6
Dec.
5
1937
1937
7
Dec.
Dec.
8
1936
1935
9
1934
1933
82.0
82.0
82.9
83.2
83.8
83.0
80.9
76.7
79.0
73.9
73.4
75.9
77.8
77.7
86.7
79.1
71.7
56.0
80.7
products
81.5
83.2
83.6
84.3
99.8 100.2 101.8 103.0 104.2
70.0
70.5
71.0
71.6
84.8
86.4
_
Foods
Hides and leather products.
_
69.8
74.9
63.3
99.4
94.8
85.0
89.0
74.6
72.9
69.3
75.9
78.6
79.0
78.9
96.3
96.1
96.6
'94.6
95.1
88.0
86.4
85.4
83.3
93.0
93.7
93.8
94.0
94.4
88.4
85.4
85.1
85.3
80.0
78.6
78.6
79.4
79.6
79.8
77.6
75.9
76.0
74.5
80.1
83.3
92.1
92.1
92.1
92.1
92.2
84.0
82.2
82.4
81.S
75.1
75.0
75.4
75.0
75.5
74.1
67.4
71.0
65.6
75.7
80.7
77.8
73.6
1.7%
78.2
78.6
84.0
*
Semi-manufactured articles..
78.4
78.9
79.7
80.0
81.1
81.0
*
*
•
85.9
86.1
86.6
86.5
87.0
83.2
♦
*
*
All
commodities
farm
Average
glucose, lard,
20
1937
commodities
Raw materials
All
(New York market), rye and wheat flour,
meal, lemons, oranges, fresh beef (New York market),
beans, coffee,
Nov.
1937
Finished products
a smaller
Dairy products advanced slightly.
27
1937
Miscellaneous
pulp,
of decreases of
Nov.
4
»
Housefurnishing goods
de¬
change during the week.
a result
1.1% in meats, 2.0% in other foods, and
cocoa
reported in
were
materials....
Chemicals and drugs
lower for cheese
bacon, cured pork,
yarns,
was reported in prices of work trousers.
Building
for agricultural implements,
Average prices for pig zinc de¬
Average prices for automobile tires and tubes,
decrease for cereal products.
falling
Fuel and lighting materials..
Metals and metal products..
Prices
pig tin, and motor trucks also advanced.
Quotations for
of
woolen
vehicles, and plumbing and heating fixtures.
Textile products
un¬
clined sharply.
clined 2.7 %.
result
a
0.2%.
Lower prices were also reported for cylinder oils.
Weakening prices for chemicals, principally fats and oils, and lower prices
for mixed fertilizers were responsible for a 0.3% decrease in the
chemicals
Farm
metals
as
paper and pulp,
timothy seeds,
Lower prices were reported for corn, rye, cows, fair
good steers, live poultry (New York market), and other farm products.
The current index—73.9—is 4.9% below the level of a month
ago and
a
0-7%
The clothing subgroup remained
Wholesale prices of cattle feed dropped 5.2%; crude
rubber, 0.7%; and
to
index
jute.
scrap steel and nonferrous metals including antimony,
quicksilver, solder, pig tin, pig zinc, and copper and brass
No changes
motor
and sweet potatoes.
The
raw
barley, oats, wheat, calves, good to
choice steers, hogs, sheep, alfalfa hay, peanuts, clover and
below that of
index dropped
group
Falling prices for
electrolytic
Compared with the index
are
togetherjwith
Average wholesale
manufacturers caused the metals and metal products group index to decline
1.5% below the level for the corresponding week of last month and
group is
by the index for "all commodities other than farm products and foods,"
textile
changed although a decrease
year ago.
Non-agricultural
leather
to the lowest point reached this year.
1.6%
burlap, manila hemp, and
88.3.
was
drop
The
It is 7.1% lower than the high point
week ended April 3, when the index
and
prices for cotton goods, silk hosiery, raw silk, silk yarns,
below the corresponding week of last month and
1.2% below the level of a year ago.
declines in prices of hides, sldns,
prices of shoes
He added:
The accumulated decrease of 6.3% during the preceding nine weeks placed
the current index 2.1%
higher
were
lower prices for luggage caused the hides and leather products group index
Lubin said,
stands at 82.0% of the 1926 average."
"now
Quotations
This
week of last year.
announcement made Dec. 9
"The index," Mr.
Lubin.
by Commissioner
Dairy products advanced 0.2%.
week's food index—83.2—is 2.7%|below
the corresponding week of last month and 3.4% below the
corresponding
United States Department of Labor,
an
11, 1937
for cheese at New York,
beans, copra, lard, oleo oil, pepper, edible tallow, and
cocoa
and raw sugar.
poultry,
Dec. 4 remained unchanged from the
preceding week, according to
were reported
for butter, rye flour, hominy grits, dried apricots, lamb, mutton, dressed
commodity prices of the Bureau
Statistics,
Labor
for
pork, veal,
vegetable oils.
the week ended
of
Lower prices
wheat flour, dried peaches, raisins, fresh fruits, fresh beef, cured and fresh
States Depart¬
Labor
The index of wholesale
Dec.
in cereal products.
Unchanged During Week
4 According to United
Dec.
of
ment
Chronicle
farm
*
other
77.0
♦
*
than
other
than
products
commodities
75.4
83.8
products and foods..
84.0
84.5
84.5
85.1
82.2
81.3
77.8
74.1
83.9
83.9
84.2
84.0
84.3
81.7
78.9
78.3
77.6
Not computed.
raw
edible tallow, and coconut and peanut oils.
Higher prices were
reported for butter, sweet potatoes, fresh pork,
mutton,veal, dressed
sugar,
poultry (Chicago market), and cottonseed oil.
80.7—is 4.3% below the corresponding week
below
a
Electric Production During Week Ended Dec. 4 Totals
The current food index—
of last
month
and
2,152,643,000 Kwh.
4.8%
The
year ago.
Average prices for building materials declined 0.7% during the week.
building materials items showing price declines were cedar,
light and
Douglas fir, yellow pine flooring, and spruce lumbers, red cedar
shingles,
rosin, door and window frames, sewer pipe, and prepared
roofing.
Minor
were
subgroups remained unchanged at last week's
week of 1936.
Continued declining prices for hides and skins
largely accounted for the
0.4% decrease in the hides and leather products group.
Average prices for
shoes and leather were slightly lower and other
leather products
0.3% because of lower
the
The
textile products
chemicals
and
group.
drugs group decreased 0.3%.
Average prices for
and drugs and pharmaceuticals advanced frac¬
chemicals
were
tionally.
Fertilizer materials and mixed fertilizers remained
down 0.5%
the preceding week.
at levels for
The indexes for the fuel and
lighting materials and
housefurnishing goods
for any of the
groups were stationary.
sub-groups of these two groups.
No change
During the preceding week ended Nov.
Bureau of Labor Statistics had
in wholesale prices of farm
and
leather
An
New England
Middle Atlantic
1937
Week Ended
Nov. 13, 1937
x6.4
x6.9
0.2
2.3
1.7
x5.8
x0.3
xl.9
West
xl.6
x0.9
1.8
0.8
x5.4
x3.0
0.0
0.9
Rocky Mountain
11.6
10.6
16.4
17.9
3.5
5.3
6.7
6.6
x4.1
x3.2
2.5
0.3
Central
Pacific Coast
Total United States.
Decreases,
y
Adjusted to Include holiday conditions both
products, foods, and hides
announcement
Change
1937
1936
Sept. 4
Sept. 11
Sept. 18
2
Oct.
9
wheat, calves, cows, steers, hogs,
lambs, wethers, live poultry at Chicago, eggs,
lemons, oranges, and wool!
Higher prices were reported for cotton, fresh
apples in the New
market, alfalfa hay, peanuts, flaxseed, and white
Oct.
16
__
Oct.
23
__
Oct.
30
York!
potatoes.
The current
products index—73.4—is the lowest in the past three
years.
5.7% below the level of a month ago and 14.2% below a
It is
year ago.
during the week largely because
of decreases of 6.1% in fruits and
vegetables, 3.5% in meats, and
0.6%
1935
1932
1929
1936
Sept. 25
farm
1937
from
by the Depart¬
Oct.
declined 2.0%
years.
(THOUSANDS OF KILOWATT-HOURS)
Per Cent
Week Ended
Live¬
xl2 0
20,
x6.9
Quotations
prices
Week Ended
Nov.
27 the index of the
products group registered the largest
decline—3.3%.
food
yWeek Ended
Nov. 27. 1937
xl2.5
DATA FOR RECENT WEEKS
stock and poultry dropped 5.3% and
grains decreased 2.3%.
were
lower for barley, corn, oats, rye,
Wholesale
1937
x2.1
reported
ment of Labor
farm
Week Ended
Dec. 4,
Central Industrial
x
was
bearing on prices during the week ended Nov.
27, issued Dec. 2, had the following to say:
The
,
y
•
dropped 1.1%, due to weak¬
ness
products.
Regions
Southern States
jute.
for
Major Geographic
change.
prices for cotton textiles, raw silk, silk
yarn, burlap, manila hemp, and
All sub-groups with the exception of knit
goods shared in the decline
The Institute's statement follows:
PERCENTAGE INCREASE OVER PREVIOUS YEAR
including
no
The index for the textile products
group declined
for the week
4, 1937, totaled 2,152,643,000 kwh., or 0.9%
above the 2,133,511,000 kwh.
produced in the corresponding
level.
luggage, gloves, and harness showed
industry of the United States
power
ended Dec.
reported for yellow pine lath and Ponderosa pine lumber.
The brick and tile and cement
Institute, in its weekly statement,
disclosed that the production of
electricity by the electric
Important
advances
Edison Electric
Nov.
6
Nov. 13
Nov. 20
Nov. 27
Dec.
4
Dec.
11
Dec,
18.
__
2,320,982
2,154,276
2,280,792
2,265,748
2,275,724
2,280,065
2,276,123
2,281,636
2,254.947
2,202,451
2,176,557
2,224,213
2,065,378
2,152,643
2,135,598
2,098,924
2,028,583
2,170,807
2,157,278
2,169.442
2,168,487
2,170,127
2,166,656
2,175,810
2,169,480
2,169,715
2,196,175
2,133,511
2,243,916
2,278,303
+ 8.6
+ 2.6
+ 12.4
+ 4.4
1,809,716
1,752,066
1,827,513
1,851,541
1,464,700
1,423,977
1,476,442
1,490,863
1,499,459
1,506,219
1,507,503
1,528,145
1,761,594
1,674,688
1,806,259
1.792,131
1,777,854
1.819,276
1,806,403
1,798,633
+ 5.5
1,857,470
+ 5.1
1,863,483
+ 5.0
+ 5.1
1,867,127
1,863,086
+4.1
1,895,817
+ 1.2
1.897,180
1,913,684
1.938,560
1,533,028
1,525,410
1,815.749
1,520.730
1,798,164
1,531,584
1,953,119
1.876,684
1,475,268
1,510,337
1,969,662
1,518,922
1,793,584
1,818,169
1,718,002
1,806,225
1,983,431
1,563,384
1,840,863
+0.3
+2.5
—6.0
+ 0.9
1,824,160
Volume
Financial
145
3725
Chronicle
Basic Information as of Sept.
Further Decline in Wholesale Commodity Prices During
30
Week Ended Dec A Reported by National Fertilizer
Association-—Index at Lowest Point Since July of
1937
tive
price index, compiled
by the National Fertilizer Association, dropped during the
week ended Dec. 4 to the lowest level reached since July,
week, the wholesale commodity
100%, the index last
week stood at 78.7% as compared with 79.2% in the preced¬
ing week.
A month ago it registered 81.7%, and a year
ago, 81.S%.
The announcement by the Association, under
1936.
Based
date of Dec.
Last
the
the 1926-28 average of
decline
the
in
reflected
all-commodity index
commodities and
industrial
food
offset
price
further
price
advances
falling to
a
in
and
cotton
crude
price
the
fuel
price
in
the
metal
in
the
indexes representing
and
A slight decline was
average
Fractional
price index.
during the week
occurred
upturns
the prices of building materials and chemicals
Domestic service.
Other ultimate
in
the
preceding week there
second
were
declines and
44
18
(650,238)
(238,914)
22,282,652
21,561,465
3,797,185
516,177
62,928
3,861,459
568,030
—
consumers
71,132
—
25,937,755
26,783,273
As
reported
Power Commission,
Federal
the
to
for certain
with deductions
plants not considered electric light and power enterprises.
October
Building Construction Reported 4% Below
September by Secretary Perkins—5% Below Octo¬
ber, 1936
Building
activity
valuations,
month
the
or
October
in
of
on
by
the
year,
Nov. 27.
permit
previous
Secretary
"Reports
the Bureau of Labor Statistics from 1,496 cities
population of 2,500
a
either
corresponding month of last
of Labor Frances Perkins announced
received by
measured
as
during
than
lower
was
show that the total value
or over,
permits issued during the month
4% less than in
was
September and 5% less than in October, 1936," she said.
"These decreases
advances.
WEEKLY WHOLESALE
(1926-1928=100)
Compiled by the National Fertilizer Association.
Latest
Week,
Group
Each Group
Preced'g
Bears to the
Total Index
Week
Nov.
Dec. 4,
1937
1937
Month
Year
Ago
Ago
27,
Nov. 6,
Dec.
The
5,
1936
1937
were brought about by a decline in indi¬
expenditures for new residential buildings and addi¬
tions, alterations and repairs to existing structures.
There
was a pronounced increase in the value of new non-residential
buildings," Secretary Perkins pointed out, adding:
cated
COMMODITY PRICE INDEX
Per Cent
79.9
Foods
25.3
The
85.4
68.3
100.8
70.2
74.2
44.2
42.7
69.4
67.8
of
of
of 20%.
issued showed a decline of 27 %.
66.9
102.2
77.1
84.0
79.5
tions,
84.0
84.7
79.7
of
Miscellaneous commodities..
*79 3
80.7
82.3
80.8
in the value of new non-residential
8 2
Textiles.
*62.7
64.6
66.1
74.8
7.1
Metals..
98.1
99.1
99.6
89.1
—
Building materials...
Chemicals and drugs
83.3
83.2
84.6
83.3
96.5
96.4
95.1
96.5
.3
Fertilizer materials
73.1
73.2
73.2
69.1
.3
Fertilizers
79.9
79.9
80.5
74.7
.3
Farm
96.5
96.5
96.4
92.6
*78.7
79.2
81.7
81.8
6.1
1.3
machinery
combined
and
alterations,
to
repairs
existing
increase
The value of addi¬
existing structures showed
decrease
a
In contrast, there was an increase of 40%
16% over the year period.
buildings.
During the first 10 months of 1937 the aggregate value of all classes of
building construction for which permits were issued in the cities having a
of 2,500 or over which reported to the Bureau of Labor Sta¬
population
tistics, amounted to $1,394,558,000, an increase
the
over
corre¬
provided in these cities for 1,52,073 families, a gain of 8% over
the like period
New 1937 low.
of 12%
During the first 10 months of 1937, dwelling
period of 1936.
sponding
units were
All groups
100.0
Sep¬
to
an
|g|
67.1
10.8
less than in
repairs
value of residential buildings for
1936, the
October,
Compared with
which permits were
83.8
Livestock
Fuels
and
There was, however,
with the previous month.
*75.3
Grains
17.3
16%
was
alterations,
additions,
decrease
a
22% in the value of new non-residential buildings, comparing October
83.0
44.3
Cotton
67.1
65.9
*69.3
Farm products
residential construction
new
value
showed
83.1
83.2
61.6
68.3
Cottonseed oil
23.0
79.6
63.9
Fats and oils
of
value
tember.
structures
•
(869,802)
(303,934)
large).
_
Commercial—Small light and power
Large light and power
with
drugs.
Thirty-eight price series included in the index declined during the week
and 22 advanced; in
the preceding week there were 34 declines and 11
advances;
Farms In Western area (lnoiuded with commercial,
the index of textile prices
three years.
during the week, with a decline in
petroleum more than offsetting a slight rise in coke.
Continued
weakness in non-ferrous metals was responsible for another decline
by
registered
Farms in Eastern area (included with domestic)
of eight items included in
resulted in
silk,
low point for the last
new
613,409
33,970,021
A small upturn occurred
livestock.
result
the net
average,
615,953
34,293,580
Total generating capacity in kilowatts
Number of Customers—
*
the
group moving downward and nine advancing.
Although cotton and grains
were
higher during the week, declines in other farm products took the
group index to the lowest level reached 6ince December, 1934.
Declining
prices for cotton goods, wool, woolen goods, and burlap, which more than
in
Internal combustion
6, continued:
week's
weakness in
on
24,007,834
9,348,778
9,538,257
Water power
Continuing the downward trend for the eleventh consecu¬
1936
24,139,370
Generating capacity (kw.)- -Steam.
Last Year
of the previous year.
In
noting the foregoing, an announcement by the United
States Department of Labor also said:
.■
September Sales of Electricity to and
Revenues from
Ultimate Consumers
The following
The percentage change
cost
of the
various
from September to October in the number and
of construction is indicated in the following
classes
table for 1,496 identical
cities having a population of 2,500 or over:
statistics covering 100% of the elctric light
and power industry, were
Electric Institute:
released
on
Change from Sept., 1937, to Oct., 1937
Nov. 26 by the Edison
Class of
Construction
Number
Estimated Cost
SOURCE AND DISPOSAL OF ENERGY AND SALES
TO ULTIMATE CONSUMER8
—1.5
+ 22.0
Additions, alterations, repairs
—4.0
—19.7
—9.5
—3.7
Total
Percent
1937
1936
Change
There
Kilowatt-hours Generated
6,806.453,000
9,167,820.000
+ 6.4
285,167,000
11,516
units
dwelling
provided in the new housekeeping
143,472,000
98,891,000
+ 98.8
92,536,000
Total kilowatt-hours generated
6,424,733,000
2,743,087,000
9,753,904,000
By water power..
+ 5.9
2,947,451,000
-
-
were
of 12.3%
dwellings for which permits were Issued In these cities, a decrease
*(.Net):
377,703,000
..
—15.6
New non-reeidential
Month of September
By fuel
—13.4
New residential
242,363,000
+ 55.8
as
+ 7.5
compared with September.
compared with October, 1936, by class of con¬
The percentage change
struction, is shown below
for the same 1,496 cities:
Additions to Supply—
Energy purchased from other sources
Net International Imports
Change from Oct., 1936, to Oct., 1937
—6.4
Class of Construction
Number
Total
Deductions from Supply—
Energy used In electric railway departments
Energy used In electric and other depts
42,702,000
106,296,000
148,998,000
Total
Total energy for distribution
—
9,982,609,000
Energy lost In transmission, distribution, &c
1,277,761,000
Kilowatt-hours sold to ultimate consumers -.
8,704,848,000
Sales to Ultimate Consumers
147,338,000
9,262,845,000
1,352,613,000
7.910,232,000
+ 5.2
+ 10.0
325,466,000
99,363,000
Railroads—Street and lnterurban.
Electrified steam
Municipal and miscellaneous
Total sales to ultimate consumers
—15.7
—9.6
—4.9
Total
73,070,000
+ 0.6
8,704,848,000
7,910,232,000
$175,596,900
+ 6.4
+ 40.2
*
of 25.0% was shown in the
provided in these cities.
occurring between the first
10 months of 1937 and the
+ 10.0
$186,846,800
Compared with October, 1936, a decrease
number of family dwelling units
—2.1
73,495,000
1,585,775,000
4,976,960,000
167,403,000
lighting
—6.2
—7.8
+ 1.1
+ 7.8
97,314,000
Large light and power (wholesale)
—27.4
New non-residential
—5.5
1,261,410,000
1,402,087,000
4,539,501,000
196,710,000
338,091,000
1,478.435,000
Commercial—Small light and power (retail).
Estimated Cost
—19.6
........
Additions, alterations, repairs
—0.4
(Kwh.)—
Domestic service
M unicipal street
40,572,000
106,766,000
New residential
The
+ 17.2
+ 13.1
+ 9.6
changes
corresponding period of 1936 are
indicated below:
—14.9
Change from First
—3.7
to
Class of
10 Mos.
in
Number
Estimated Cost
+8.0
+ 8.5
+ 13.8
Additions, alterations, repairs
12 Months Ended Sept. 30
+ 16.8
New non-residential
Total revenue from ultimate consumers
+ 6.2
+ 16.4
+ 8.6
+ 11.7
New residential
Total
Per Cent
1936
1937
Change
74,173,940,000 66.319,789,000
40,445,304,000 36,298,617,000
(net)
contracts
+ 11.4
included
114619244,000 102618406,000
+ 11.7
3,216,933,000
+ 33.8
2,118,594,000
2,175,149,000
+ 12.7
KiJowatt-hours sold to ultimate consumers.. 98,805,302,000 86,581,715,000
+ 14.1
+ 7.5
Total revenue from ultimate consumers
Important Factors—
Per cent of energy
$2,170,007,700 $2,019,138,900
+ 5.4
buildings
35.3
35.4
Permits
projects:
in
of
of
Domestic Service (Residential Use)—
Avge. ann. consumption per customer (kwh.)
785
709
+ 10.7
Average revenue per kilowatt-hour (cents)..
4.46
4.80
—7.1
Average monthly bill per domestic customer
$2 92
$2.84
+2.8
awarded
the
report.
the number and value of buildings for
by Federal and
October,
For
which
State governments in the cities
1937,
the
value
of these
public
amounted to $3,020,000; for September, 1937, to $12,343,000,
1936, to $9,943,000.
were
issued during October for the following important building
In Brookline,
Mass.,
for
a
school building to cost
$400,000;
Cambridge, Mass., for library and classrooms, Massachusetts Institute
Technology,
to
cost
$1,300,000; in New York City—in the. Borough
of Brooklyn, for apartment houses to cost over
»
generated by water power
were
in
of Labor Statistics show, in addition
and for October,
—2.6
116803573,000 103659490,000
distribution
Energy lost In transmission, distribution, &c 17,998,271,000 17,077.775,000
Energy used in electric railway & other depts
Total energy for
construction,
private
+ 11.8
4,302,923,000
Total kilowatt-hours generated
Purchased energy
—
The data collected by the Bureau
to
Kilowatt-hours Generated *{Net):
By fuel
By water power
1936
First 10 Mos. in 1937
Construction
Manhattan,
for
apartment
houses
to
cost
$1,200,000; in the Borough
$1,650,000 and
building to cost $5,000,000; in the Borough of Queens, for a factory
to
cost
over
$300,000 and
a
Philadelphia, Pa., for a school building to cost nearly $1,400,000; in
I
a
school
building
school building to cost nearly $400,000; in
Chicago,
Financial
3724
Wholesale Commodity Prices
Ended
Dec.
of
ment
Labor
for
4 remained
1.2% below the level of
10
It is 7.1% lower than the high point
a year ago.
reached during the week ended
Of the
% during the preceding nine weeks placed
April 3, when the index
major commodity groups included in
88.3.
was
the composite index,
three—farm products, metals and metal products, and miscellaneous com¬
Five
modities—advanced.
leather
products,
textile
groups—foods,
building materials,
and
products,
chemicals
and
hides and
drugs—showed
Fuel and lighting materials and house-
lower levels than the week before.
furnishing goods remained unchanged.
Kaw material prices
increased
0.4%
registered the first advance in
during
the
The
week.
present
over two months and
index—75.7—is
3.7%
below the first week in November and 9.9% lower than the corresponding
of last
week
Semi-manufactured commodity
year.
prices continued the
decline which has continued since the third week in August and dropped
0.6%.
The decrease for the three and one-half months has been 9.5%.
The index—78.4—is 3.3% below that of a month ago and 3.2% below the
level for the week ended Dec. 5,
0.2% during the week and
above
a
Finished product prices decreased
1936.
1.3% lower than 4 weeks
are
Non-agricultural
commodity
prices
declined
0.2%,
index for "all commodities other than farm products."
group is
and 3.2%
ago
year ago.
according
to
the
The index for the
1.5% below the level for the corresponding week of last month and
1.9% above that for last year.
Industrial commodity prices,
as
measured
by the index for "all commodities other than farm products and foods,"
remained unchanged from the level of last week.
for
a
with
month ago,
a
industrial commodity prices
they
year ago
Continued declines in prices of hides, skins,
to
drop 1.6%
0.5% lower and compared
and leather
to the lowest point reached this
prices of shoes
were
higher
were
dressed
togetherfwith
0.7%
prices for cotton goods, silk hosiery, raw silk,
burlap, manila hemp, and
changed although
copper,
electrolytic
jute.
raw
decrease
a
Falling prices for
Average wholesale
year.
steady.
The textile products group index dropped
of
falling
silk yarns, woolen
yarns,
as
result
a
The clothing subgroup remained
un¬
reported in prices of work trousers.
was
and nonferrous metals including antimony,
quicksilver, solder, pig tin, pig zinc, and copper and brass
scrap steel
manufacturers caused the metals and metal products group index to decline
0.5%.
No changes
motor vehicles,
reported
were
in prices of agricultural implements,
and plumbing and heating fixtures.
Wholesale prices of cattle feed dropped 5.2%; crude rubber,
0.7%; and
paper and pulp, 0.2%.
Lower prices were also reported for cylinder oils.
Weakening prices for chemicals, principally fats and oils, and lower prices
were responsible for a 0.3% decrease in the
chemicals
drugs group index.
The drugs and pharmaceuticals and fertilizer
for mixed fertilizers
and
materials
subgroups remained unchanged at last week's level.
The building materials group index decreased 0.1% as a result of lower
prices for yellow pine lath, oak and poplar lumber, carbon black,
chinawpod
oil, rosin, and prepared roofing.
Yellow pine flooring and turpentine ad¬
vanced.
Average prices of brick and tile, cement, and structural steel
re¬
mained steady.
The fuel and lighting materials group index
was
unchanged at 78.6%
of the
1926 average.
Prices of anthracite and bituminous coal, and coke
advanced and Oklahoma fuel oil and Texas gasoline declined.
Sc
A decline of 0.1% in furniture did not affect the
housefurnishing goods
group index as a whole.
92.1
Wholesale
Compared with the index
are
2.7% higher.
are
Quotations
This week's
lower prices for luggage caused the hides and leather products group index
He added:
2.1% below the corresponding week of last month and
Dairy products advanced 0.2%.
and raw sugar.
week of last year.
unchanged from the
announcement made Dec. 9
82.0% of the 1926 average."
reported for cheese at New York,
fresh fruits, fresh beef, cured and fresh
beans, copra, lard, oleo oil, pepper, edible tallow, and
cocoa
food index—83.2—is 2.7%|,below
the corresponding week of last month and 3.4% below the
corresponding
Lubin said,
The accumulated decrease of 6.3
the current index
an
"The index," Mr.
by Commissioner Lubin.
stands at
poultry,
United States Department of Labor,
Dec.
were
1937
for butter, rye flour, hominy grits, dried apricots, lamb, mutton,
commodity prices of the Bureau
preceding week, according to
"now
pork, veal,
vegetable oils.
Statistics,
Lower prices
wheat flour, dried peaches, raisins,
Depart¬
Labor
week ended
the
Dec. 11.
in cereal products.
Unchanged During Week
to United States
4 According
The index of wholesale
of
Chronicle
For the third consecutive week it has stood at
of furnishings
prices
were
stationary.
The Department of Labor said that the Bureau's index
includes 784 price series weighted
according to their relative
an¬
importance in the country's markets and is based on the
average for the year 1926 as 100.
The following table shows
Following the sharp decline of the two preceding weeks, market prices of
index numbers for the main
groups of commodities for the
past five weeks and for Dec. 5, 1936, Dec. 7, 1935, Dec. 8,
In noting
nouncement
farm
the remarks of Commissioner
Lubin,
an
by the Department of Labor also said:
products
turned
upward
and
advanced
0.7%.
The
increase
was
largely accounted for by higher prices for grains and livestock and poultry.
Other farm products including eggs, apples, potatoes, and wool decreased
1934, and Dec. 9, 1933:
1.0%.
Quotations were higher for barley, oats, wheat, calves, good to
choice steers, hogs, sheep, alfalfa hay, peanuts, clover and
timothy seeds,
and sweet potatoes.
to
Lower prices were reported for
corn, rye,
cows,
Dec.
Commodity Groups
fair
index—73.9—is4.9% below the level ofamonth
below that of
The
a
index
ago and
14.8%
the
and
metals
products group advanced 0.2%
1.8%.
Average prices for nonferrous
rose
changed from the preceding week.
un¬
Prices
for agricultural implements,
Average prices for pig zinc de¬
pig tin, and motor trucks also advanced.
clined sharply.
Ail
Quotations for
crude rubber advanced 6.4%.
Cattle feed prices de¬
Average prices for automobile tires and tubes, paper and pulp,
and other miscellaneous commodities showed no
change during the week.
Wholesale food prices declined
1.0%
as
a
result of decreases of
1.7%
In fruits and vegetables,
1.1% in meats, 2.0% in other foods, and a smaller
decrease for cereal products.
Dairy products advanced slightly.
Average
cheese (New York market), rye and wheat
flour,
lower for
corn
meal, lemons, oranges, fresh beef (New York market),
cocoa beans, coffee, copra, eggs, glucose, lard, raw
edible tallow,
and coconut and
peanut
oils.
Higher prices
for butter, sweet potatoes, fresh pork, mutton,veal, dressed
poultry (Chicago market), and cottonseed oil.
The current food index—
80.7—is 4.3% below the corresponding week of last month and
4.8%
a
were
reported for yellow pine lath and Ponderosa pine lumber.
The brick and tile and cement
subgroups remained unchanged at last week's
level.
Continued declining prices for hides and skins
largely accounted for the
0.4% decrease in the hides and leather products group.
Average prices for
shoes and leather were slightly lower and other
leather products
including
luggage, gloves, and harness showed
no
prices for cotton textiles,
0.3% because of lower
silk, silk yarn, burlap, manila hemp, and
All sub-groups with the exception of knit goods shared in the
decline
for the textile products
group.
raw
jute.
The
chemicals
chemicals
and
drugs
group
decreased
0.3%.
Average prices for
down 0.5% and drugs and pharmaceuticals
advanced frac¬
tionally.
Fertilizer materials and mixed fertilizers remained at levels
for
the preceding week.
The indexes for the fuel and
lighting materials and
were
housefurnishing goods
groups
were
stationary.
No change
for any of the sub-groups of these two
groups.
During the preceding week ended Nov.
Bureau of Labor Statistics had
82.0
and
leather products.
An
announcement
77.8
9
83.8
83.0
80.9
76.7
79.0
77.7
86.7
79.1
71.7
56.0
81.5
83.2
83.6
84.3
99.8 100.2 101.8 103.0 104.2
84.8
86.4
74.9
63.3
99.4
94.8
85.0
89.0
69.8
74.6
72.9
69.3
75.9
80.7
products group registered the largest
decline—3.3%.
Live¬
5.3% and grains decreased 2.3%.
Quotations
for barley, corn, oats, rye,
wheat, calves, cows, steers, hogs,
lambs, wethers, live poultry at Chicago, eggs, lemons,
oranges, and wool,
Higher prices were reported for cotton, fresh apples in the New
lower
market, alfalfa hay, peanuts, flaxseed, and white potatoes.
farm products index—73.4—is the lowest in the
past three
5.7% below the level of
food
a
month ago and 14.2% below
prices declined
of 6.1%
2.0%
a
York,
The current
years.
It is
year ago.
during the week largely because
in fruits and vegetables, 3.5% in
meats, and 0.6%
70.0
1933
70.5
71.0
71.6
Fuel and lighting materials..
Metals and metal products..
78.6
79.0
78.9
77.6
96.3
96.1
96.6
94.6
95.1
88.0
86.4
85.4
83.3
93.0
93.7
93.8
94.0
94.4
88.4
85.4
85.1
85.3
79.4
79.6
78.6
materials
78.6
79.8
75.9
76.0
74.5
80.0
80.1
83.3
Housefurnishing goods
92.1
92.1
92.1
92.1
92.2
84.0
82.2
Miscellaneous
82.4
81.8
75.1
75.0
75.4
75.0
75.5
74.1
Raw materials
67.4
71.0
65.6
75.7
75.4
77.0
78.2
78.6
80.7
84.0
77.8
*
♦
Semi-manufactured articles..
78.4
78.9
79.7
80.0
81.1
81.0
Finished products
85.9
86.1
86.6
86.5
87.0
All
commodities
farm
All
other
*
*
83.8
other
84.0
84.5
84.5
85.1
82.2
81.3
77.8
74.1
83.9
83.9
84.2
84.0
84.3
81.7
78.9
78.3
77.6
than
farm products and foods..
*
*
*
#
than
products..
commodities
73.6
*
83.2
Not computed.
Electric Production During Week Ended Dec. 4 Totals
2,152,643,000 Kwh.
Edison Electric
Institute, in its weekly statement,
disclosed that the production of
electricity by the electric
light and
industry of the United States for the
power
week
ended Dec. 4, 1937, totaled
2,152,643,000 kwh., or
above the 2,133,511,000 kwh.
produced in the
0.9%
corresponding
week of 1936.
The Institute's statement follows:
PERCENTAGE INCREASE OVER PREVIOUS YEAR
Major Geographic
Regions
y Week.
Ended
Dec. 4,
■
New England
Middle Atlantic
1937
yWeek Ended
Nov. 27. 1937
xl2.5
Week Ended
Nov.
xl2 0
20,
1937
Week Ended
Nov. 13,1937
x6.4
x6.9
x2.1
0.2
2.3
1.7
Central Industrial
x6.9
x5.8
x0.3
xl.9
West Central
xl.6
x0.9
1.8
0.8
Southern States
x5.4
x3.0
0.0
0.9
Rocky Mountain
11.6
10.6
16.4
17.9
3.5
5.3
6.7
6.6
x4.1
x3.2
2.5
Pacific Coast
Total United States.
Decreases,
y
Adjusted to include holiday conditions both
0.3
years.
(THOUSANDS OF KILOWATT-HOURS)
Per Cent
Change
Week Ended
1937
1936
1937
1935
1932
1929
from
1936
by the Depart¬
stock and poultry dropped
Wholesale
83.2
75.9
DATA FOR RECENT WEEKS
ment
of decreases
82.9
73.4
Dec.
8
1934
27 the index of the
of Labor bearing on prices
during the week ended Nov.
27, issued Dec. 2, had the following to say:
were
82.0
Dec.
7
1935
_
products
reported
in wholesale prices of farm
farm
Dec.
5
1936
Building
x
was
dropped 1.1%, due to weak¬
products, foods, and hides
ness
The
Dec.
6
1937
Foods
change.
The index for the textile products
group declined
*
Nov
13
1937
73.9
Hides and leather products.
The
year ago.
Average prices for building materials declined 0.7% during the week.
Important building materials items showing price declines were
cedar,
Douglas fir, yellow pine flooring, and spruce lumbers, red cedar
shingles,
rosin, door and window frames, sewer pipe, and prepared
roofing.
Minor
advances
Nov.
were
reported
below
20
1937
products
Textile
bacon, cured pork,
sugar,
Nov.
1937
commodities
Chemicals and drugs
clined 2.7%.
hominy grits,
27
1937
Farm
metal
metals declined fractionally and plumbing and
heating items remained
were
J
year ago.
for
Agricultural implement prices
prices
Nov.
4
!
good steers, live poultry (New York market), and other farm products.
Thecurrent
'
(1926=100)
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Oct.
2
Oct.
■
-
mm
9
-
»
Oct.
16
Oct.
23
mm-
Oct.
30
»
Nov.
-
6
Nov. 13
mm
Nov. 20
mm
Nov. 27
Dec.
4
Dec. 11
Dec, 18
2,320,982
2,154,276
2,280,792
2,265,748
2,275,724
2,280,065
2,276,123
2,281,636
2,254.947
2,202,451
2,176,557
2,224,213
2,065,378
2,152,643
2,135,598
2,098,924
2,028,583
2,170.807
2,157,278
2,169,442
2,168,487
+8.6
+2.6
+ 12.4
+ 4.4
+ 5.5
+ 5.1
+ 5.0
1,809,716
1,752,066
1,464,700
1,761,694
1,423,977
1,674.688
1,827,513
1,851,541
1,476,442
1,490,863
1,857,470
1,863.483
1,499,459
1.506,219
1,806,259
1,792,131
1,777,854
1,819,276
1,806,403
1,798,633
1,824,160
1,815,749
1,798,164
1,793,684
1,818,169
1,718,002
2,170,127
+ 5.1
1,867,127
1,863,086
1,528,145
2,166,656
+4.1
1,895,817
1,533,028
2,175,810
2,169,480
+ 1.2
2,169,715
+2.5
2,196,175
2,133,511
2,243,916
2,278,303
—6.0
1,897,180
1,913,684
1,938,560
1,953,119
1,876,684
1,969,662
1,983,431
1,525,410
1,520,730
1,531,584
1,475,268
1,510,337
1,518,922
+0.3
+0.9
1,507,503
1,563,384
1,806,225
1.840,863
Volume
Financial
145
3725
Chronicle
Basic Information
Further Decline in Wholesale Commodity Prices During
Week Ended Dec .4 Reported by National Fertilizer
Association-—Index
Last Year
week,
the
price index, compiled
wholesale commodity
by the National Fertilizer Association,
dropped during the
week
reached
ended
1936.
Dec. 4
Based
ing
A
week.
81.S%.
ago,
date of Dec.
Last
the
in
group
food
78.7%
as
and a year
The announcement by the Association, under
month
it registered 81.7%,
ago
decline
the
in
price
the net
average,
the
during
week,
Total generating capacity in kilowatts
Number of Customers—
Farms in Western area (inoluded with commercial, large)
index
livestock.
A
of eight
result
declines
further price
small upturn occurred
reflected
in
items
_
products
farm
Commercial—Small light and power
Large light and
Other ultimate
by the
and
new
fuel
price
average
during the week,
in
the
preceding week there
second
21,561,465
were
declines
44
3,797,185
516,177
568,030
power
71,132
62,928
26,783,273
25,937,755
consumers
Total ultimate consumers
i
As reported to the Federal Power Commission, with
plants not considered electric light and power enterprises.
for certain
deductions
October
Building Construction Reported 4% Below
September by Secretary Perkins—5% Below Octo¬
ber, 1936
;
Building
and
18
activity
valuations,
month
the
or
in
October
lower
was
than
received
of
either
corresponding month of last
on
permit
by
the
previous
Secretary
year,
Nov. 27.
"Reports
by the Bureau of Labor Statistics from 1,496 cities
population of 2,500
a
measured
as
during
of Labor Frances Perkins announced
with
drugs.
Thirty-eight price series included in the index declined during the week
and
22 advanced ;
in the preceding week there were 34 declines and 11
advances;
!-
(650,238)
(238,914)
22,282,652
3,861,459
Domestic service
the
took
A slight decline was
with a decline in
crude petroleum more than offsetting a slight rise in coke.
Continued
price weakness in non-ferrous metals was responsible for another decline
in the metal price index.
Fractional upturns occurred during the week
in the indexes representing the prices of building materials and chemicals
a
(869,802)
(303,934)
included in the
Although cotton and grains
other
low point for the last three years.
falling to
registered
33,970,021
-
level reached since December,
index to the lowest
-
Farms In Eastern area (included with domestic)
1934.
Declining
prices for cotton goods, wool, woolen goods, and burlap, which more than
offset advances in cotton and silk, resulted in the index of textile prices
group
615,953
34,293,580
Water power
Internal combustion
24,007,834
9,348,778
613,409
*
all-commodity
moving downward and nine advancing.
higher
were
July,
since
100%, the index last
compared with 79.2% in the preced¬
industrial commodities and
in
level
6, continued:
week's
weakness
lowest
the 1926-28 average of
on
week stood at
the
to
1936
24,139,370
9,538,257
Generating capacity (kw.)- -Steam.
Continuing the downward trend for the eleventh consecu¬
tive
1937
July of
Lowest Point Since
at
of Sept. 30
as
show that the total value
or over,
permits issued during the month
4% less than in
was
September and 5% less than in October, 1936," she said.
"These decreases
advances.
WEEKLY
(1926-1928=100)
Compiled by the National Fertilizer Association.
Latest
Per Cent
Week
Group
Each Group
Preced'o
Bears to the
Total Index
1937
27,
1937
Month
A oo
Week
Nov.
Dec. 4,
Nov.
Year
Ago
6,
1937
were brought about by a decline in indi¬
expenditures for new residential buildings and addi¬
tions, alterations and repairs to existing structures.
There
was a pronounced increase in the value of new non-residential
buildings," Secretary Perkins pointed out, adding:
cated
WHOLESALE COMMODITY PRICE INDEX
The value
Dec. 5,
1936
tember.
79.9
Cotton.
67.1
85.4
68.3
100.8
70.2
74.2
83.0
44.3
Farm products
23.0
83.2
65.9
*69.3
Cottonseed oil
61.6
68.3
Fata and oils
79.6
63.9
Foods
25.3
44.2
42.7
69.4
66.9
102.2
of
The
a
83.1
of 22%
residential
new
of
value
showed
structures
construction
additions,
There
Compared
which permits
1936,
the
value
.
_
existing
increase
of residential buildings for
issued showed a decline of 27 %.
were
67.1
77.1
84.0
79.5
tions,
84.0
84.7
79.7
of
*79 3
80.7
82.3
80.8
The value of addi¬
in the value of new non-residential buildings.
*62.7
Miscellaneous commodities
Sep¬
to
an
|g|
October,
with
83.8
10.8
less than in
repairs
however,
in the value of new non-residential buildings, comparing October
67.8
Livestock
Fuels
16%
and
was,
with the previous month.
*75.3
Grains
17.3
was
alterations,
decrease of 20%.
and repairs
alterations,
16%
over
to
existing structures
showed
a
decrease
In contrast, there was an increase of 40%
the year period.
64.6
66.1
74.8
7.1
Metals
98.1
99.1
99.6
89.1
During the first 10 months of 1937 the aggregate value of all classes of
6.1
Building materialsChemicals and drugs
83.3
83.2
84.6
83.3
building construction for which permits were issued in the cities having a
96.5
96.4
95.1
96.5
73.2
69.1
Textiles
82
1.3
73.1
73.2
.3
Fertilizer materials
.3
Fertilizers
79.9
79.9
80.5
74.7
.3
Farm machinery
96.5
96.5
96.4
92.6
*78.7
79.2
81.7
81.8
population of 2,500 or over which reported to the Bureau of Labor
*
combined
were
10 months of 1937, dwelling
provided in these cities for 1,52,073 families, a gain of 8% over
the like period
New 1937 low.
Sta¬
increase of 12% over the corre¬
an
During the first
sponding period of 1936.
units
All groups
100.0
$1,394,558,000,
tistics, amounted to
of the previous year.
In
noting the foregoing, an announcement by the United
States Department of Labor also said:
September Sales of Electricity to and
The percentage change
Revenues from
cost
Ultimate Consumers
of the
various
from September to October in the number and
of construction is indicated in the following
classes
table for 1,496 identical cities having a
population of 2,500 or over:
The
following statistics covering 100% of the elctric light
and power industry, were released on Nov. 26 by the Edison
Change from Sept., 1937, to Oct., 1937
Class of
Institute:
Electric
Construction
Estimated Cost
Number
SOURCE AND
DISPOSAL OF ENERGY AND SALES
TO ULTIMATE CONSUMERS
Month of
New non-residential
—4.0
+ 22.0
—19.7
,
—9.5
Total
Percent
1936
—15.6
—1.5
Additions, alterations, repairs
September
1937
Change
There
Kilowatt-hours Generated
—13.4
New residential
were
11,516
units
dwelling
provided in the
—3.7
new
housekeeping
dwellings for which permits were issued in these cities, a decrease
*(Net):
By fuel—
6,806,453,000
By water power
2,947,451,000
6,424,733,000
2,743,087,000
9,753,904,000
9,167,820,000
+6.4
285,167,000
92,536,000
143,472,000
+ 98.8
98,891.000
—6.4
377,703,000
242,363,000
of 12.3%
+55.8
Total kilowatt-hours
generated
+ 5.9
as
+ 7.5
compared with September.
The percentage
change compared with October,
struction, is shown below
1936, by class of con¬
for the same 1,496 cities:
Additions to Supply—
Energy purchased from other sources
Net International imports
—
Change from Oct., 1936, to Oct., 1937
Class of
Construction
Estimated Cost
Number
Total
_
Deductions from Supply—
Energy used in electric railway departments
Energy used In electric and other depts
42,702,000
106,296,000
40,572,000
106,766,000
+5.2
—0.4
Energy lost In transmission, distribution, &c
148,998,000
9,982,609,000
1,277,761,000
Kilowatt-hours sold to ultimate consumers..
8,704,848,000
147,338,000
9.262,845,000
1,352,613,000
7,910,232,000
1,478,435,000
1,585,775,000
1,261,410,000
1,402,087,000
4,976,960.000
4,539,501,000
167,403,000
196,710,000
—3.7
—2.1
73,495,000
99,363,000
73,070,000
8,704,848,000
$186,846,800
7,910,232,000
$175,596,900
---
—15.7
—4.9
—14.9
338,091,000
..
+ 40.2
—7.8
—9.6
Additions, alterations, repairs
+ 9.6
325,466,000
97,314,000
-—6.2
New non-residential
+ 17.2
—27.4
—19.6
New residential
+ 10.0
Total
Total energy
for distribution
Sales to Ultimate Consumers
+ 1.1
+ 10.0
(Kwh.)—
Domestic service
Commercial—Small light and power
(retail).
Large light and power (wholesale)
Municipal street lighting
Railroads—Street and lnterurban
'..
Electrified steam
-
Municipa) and miscellaneous
Total
+ 7.8
—5.5
+ 13.1
Compared with October, 1936, a decrease of 25.0% was shown in the
number of family dwelling units
The
changes
occurring
provided in these cities.
10 months of 1937 and the
below:
between the first
corresponding period of 1936 are indicated
Change from First
to First 10
Class of
+ 0.6
Number
Total sales to ultimate consumers
10 Mos. in 1936
Mos. in 1937
Construction
Estimated Cost
12 Months Ended Sept. 30
+8.0
+8.5
+ 13.8
Additions, alterations, repairs
+ 6.4
+ 16.8
New non-residential
Total revenue from ultimate consumers
+ 6.2
+ 16.4
+ 8.6
+ 11.7
New residential
Total..
Percent
1936
1937
Change
The data collected by the
to
Kilowait-hours Generated *(Net):
+ 11.8
contracts
+ 11.4
included
114619244,000 102618406,000
+ 11.7
4,302,923,000 3,216,333,000
(net)....
Energy used in electric railway & other depts 2,118,594,000 2,175,149,000
116803573,000 103659490,000
Total energy for distribution
Energy lost In transmission, distribution, &c 17,998,271,000 17,077,775,000
Kilowatt-hours sold to ultimate consumers.. 98,805,302,000 86,581,715,000
+33.8
By water power
Total kilowatt-hours
generated
Purchased energy
Total revenue from ultimate consumers
Important Factors—
•
Per cent of energy generated by water power
$2,170,007,700 $2,019,138,900
+5.4
+ 14.1
+ 7.5
Average revenue per kilowatt-hour (cents)..
Average monthly bill per domestic
customer'
buildings amounted
to $3,020,000: for
projects:
September, 1937, to $12,343,000.
1936, to $9,943,000.
Permits were issued during
October for the following important building
In Brookline, Mass., for a school building to cost $400,000;
Mass., for library and classrooms, Massachusetts Institute
in Cambridge,
of
Technology,
of Brooklyn,
to
cost $1,300,000; in
New York City—in the Borough
for apartment houses to cost over $1,200,000; in the Borough
35.3
35.4
785
709
+ 10.7
4.46
4.80
—7.1
to
$2.92
$2.84
+2.8
Philadelphia, Pa., for a school building to cost nearly
of
Domestic Service (Residential Use)—
Avge. ann. consumption per customer (kwh.)
were
and for October.
—2.6
+ 12.7
construction, the number and value of buildings for which
awarded by Federal and State governments in the cities
in the report.
For October, 1937, the value of these public
private
74,173,940,000 66.319,789,000
40,445,304,000 36,298,617,000
By fuel
Bureau of Labor Statistics show, in addition
Manhattan,
for
apartment
houses
to
cost
$1,650,000 and
a
school
Borough of Queens, for a factory building
school building to cost nearly $400,000; in
building to cost $5,000,000; in the
cost
over
$300,000 and a
$1,400,000; in Chicago,
Financial
3726
Chronicle
for seasonal
(Adjusted
111., for factory buildings to cost over $400,000 and store and mercantile
Dec. 11,
variation,
year-to-year growth,
C., for apartment houses to cost $665,000; in
D.
Washington,
000; in
S. C., for steamship pier to cost $300,000; in Tulsa,
Charleston,
Okla.,
$1,130,000; in El Paso, Texas, for store and
school building to cost
a
necessary
Oct.,
Aug.,
Sept.,
Oct.,
1936
1937
1937
1937
107
115
Dayton, Ohio, for retail store buildings to cost nearly
$500,000; in
$800,000; in Minneapolis, Minn., for a school building to cost nearly $250,-
for
1937
where
$600,000; in Detroit, Mich., for factory buildings to cost nearly
cost
$400,000; in Cincinnati, Ohio, for store and mercantile buildings to cost
over
and
for price changes)
buildings to cost nearly $300,000; in Evanston, 111., for a college dormitory
to
lor
Industrial Production—
Stee!__».
110
108
140
145
135
68
Motor trucks.r._
79
125
84
cars .r
103
95
Copper
Passenger
$250,000;
cost
to
$400,000.
houses to cost over
Contracts
factory
Quartermaster Corps of the War
De¬
CONSTRUCTION, TOGETHER WITH
OF BUILDING
COST
for
Sacramento, Calif., to cost nearly $400,000.
partment for officers' quarters in
ESTIMATED
Texas,
f
awarded by the
were
Houston,
in
Los Angeles, Calif., for apartment
buildings to cost nearly $300,000; in
129
124
62
THE NUMBER OF FAMILIES PROVIDED FOR IN NEW DWELLINGS
1,496 IDENTICAL CITIES IN
NINE REGIONS OF THE UNITED
STATES, AS SHOWN BY PERMITS ISSUED, OCTOBER, 1937
IN
Bituminous coal—.,
88
86
92
Crude petroleum
Electric power
88
100
98
98 p
94
99
96
94 p
Cotton consumption
Wool consumption
104
108
102
101r
106
84
56p
Shoes
114r
105
90 P
87 p
Meat packing—.——
building
mercantile
101
82
86
Tobacco products
77
93
Cement
93
85 p
88
95
93
71
58
59
127
165
206
143
96
104
102
100P
90
95
88
87 P
34
33
27
26
53
68
44
47
...
Machine tool orders*
Employment—
Employment, manufacturing, United States
Employee hours, manufacturing, United States.
New Residential Buildings
No.
Percentage
Geographic
Cities
Families
Change from
Provided
of
Division
Estimated
Cost
Percentage
Change from
Cctober,
Sept.,
Oct.,
for
October,
Sept.i
Oct.,
1937
1937
1936
1937
1937
Construction—
Residential building contracts
;
Non-residential building & engineering contracts.
1936
Primary Distribution—
1,496
$45,141,689
—15.6
—27.4
11,516
—12.3
—25.0
Car loadings, merchandise and miscellaneous
Car loadings, other.
130
All divisions
2,997,318
—0.8
—21.9
614
+ 6.2
—11.5
Exports
Imports
New England
Middle Atlantic
361
10,836,489
—39.4
2,320
—16.7
East North Central.
320
10,017,747
—14.4
—15.9
1,906
—16.5
—9.5
West North Central.
136
—17.6
—20.1
720
—25.2
—20.5
South Atlantic
175
2,522,542
5,553,494
940,085
3,066,279
—24.1
—15.1
1,692
—12.2
—12.4
—0.4
—65.4
362
—17.4
—63.8
+4.0
—1.0
East South Central..
67
West South Central.
97
61
Mountain.
Pacific
—11.1
—17.2
1,217
—19.9
446
—10.8
—13.2
—9.0
—26.8
2,239
—10.0
—21.2
New Nonresidential
Percentage
Population
(.Census
Change from
of 1930)
Percentage
Estimated
Change from
Cost
Sept.,
Oct.,
October,
Sept.,
1937
1936
1937
1937
1936
$
+22.0
3,066,064
8,224,746
2,425,165
—23.5
—1.9
+ 16.4
West So. Cent.
Mountain....
—19.6
+2.0
—47.1
Paclflo
—11.2
—7.3
+ 12.6
+25.3
—13.9
—61.5
Indexes of Business
of
New
—3.7
8,403,527
45,034,054
23,619,676
6,425,418
12,061,523
2,894,625
7,635,057
3,013,158
14,559,015
+ 5.2
—63.9
3,794,120
1,100,088
3,279,967
976,111
3,516,127
East So. Cent.
—4.9 58,327,009
—0.4
93
89
89
87
80
82r
82
96
91
94 p
94p
Other chain store sales..
96
91
95 r
94
Mail order house sales
+ 36.4
—16.7
—6.7 14,652,811
—44.8
—14.0
4,432,337
—22.6
—19.6
4,971,932
—14.4
—47.5
2,050,147
3,141,531
1,096.630
5,066,355
—6.5
—9.3
—15.0
—7.2
—10.4
—39.2
Recession
Continued
in
Bank
New
of
evident in Septem¬
was
November,"
York
in
says the Fed¬
presenting,
in
its
The Bank further states:
Steel output,
of
as
try the
tion
estimated
at
about
the rate prevailing at the
schedules
restrict
new orders and closer adjust¬
further, and at the close of the
30%
in
expansion
plants, and
some
below
those
of
capacity,
spring peak.
deferring of volume output by
difficulties
labor
low level of
a
incoming business, fell
operations,
one-third
result of
a
output to
a
planned
only about
In the automobile indus¬
major
a
were
producer,
a
recurrence
of
[this
activity
rather general adoption of produc¬
in the season contributed to
of
declined
showed
power
decline
in
omit.—Ed.]
we
further
in
considerable
a
the
decrease.
of
movement
shows.
It
November,
freight
reported
was
and
On
the
the other
the
that
cotton
of
generation
hand,
railways
mill
electric
half
first
Final
over
appears
November.
of
data
for
October
33
37
70
69
70
46
44
45
47
lower.
further
of
was
steel
shown in
ingots
and the rate of consumption
average,
The
dollar
of the year,
in
output
average
p Preliminary,
contraction
in
volume
of machine
and shoe production also
of
was
no
volume
of
pronounced
available retail trade statistics.
declined
24%
cotton
tool
the
but
by
orders
from
The
1923-25
and
average,
for
110
October
new
28,000
of
industrial
Federal
to
the
There
lowest
an
waB
point
increase
Reserve
production compiled
System for October
was
by the Board of
at 103% of the
compared with 111 for September and 117 for August,
as
October,
sales
showed close to
of
index
of the
of
1936.
department stores, mail
the usual
seasonal
advances
order
over
houses
and
September.
chain
stores
Registrations
cars
were
estimated at 197,000 units, a decrease of
from the September figure, which is less than the decline that
passenger
cars
occurred
last
City
little changed from the previous month, while in New York City
was
some
advance
Recent
trict
are
The volume of check
year.
was
transactions
outside
developments
in
retail tTade in
the Second Federal
accompanying diagram [this
of
we
usual
substantially
of
in
York
Dis¬
series adjusted
diagram that stocks
adjusted for seasonal changes, were reduced
September and October from the rather high level
the
during
Reserve
omit.—Ed.], which
of sales and stocks of department stores, both
seasonal variation.
It appears from this
merchandise
stores,
several
between
increases
that
has
preceding months which resulted from the rapid rise in stocks
August, 1936, and February, 1937, when there were substantial
in
prices.
Sales, however,
have
held
prevailed since the autumn of 1936.
close
a
153
153p
241
242p
1913 average=100, not adjusted for trend*
Revised.
his
In
monthly review of Canadian business, issued
A. E. Arscott, General Manager of the Canadian
Commerce, Toronto, said that "while irregularity
is still noticeable in Canadian industry, it is less than might
have been expected under the deflationary influences of the
recession in American business."
"Our Analysis of in¬
dustrial activity in November," Mr. Arscott noted, "shows
Dec. 8,
Bank of
further decline from that of October in
some
branches of
manufacturing—certain textile, leather footwear and forest¬
ry units—but a gain in various types of heavy industry and
comparative steadiness in others." Mr. Arscott continued;
In October
expressed the opinion that
we
a
large seasonal production in
the automotive trades would help to sustain general
industry during the
autumn and early winter months.
The activity in these trades has been
greater than expected.
Production of automobiles and trucks in October
exceeded that of the like month
of last
year
by 50% and for
October in all but three years of the past decade.
tire
group
facturers
of industries, which includes
as
well
as
a
great
any
other
Production in the
en¬
number of parts manu¬
the automobile producers themselves,
rose
again in
November.
No
marked
change
has
occured in
iron
and
steel
production,
nor
is
in prospect before then end of the year.
The output of pig iron in
October increased slightly over that of the preceding month, to reach the
one
highest point in
than
more
seven years,
while production of steel, though
not
showing the upward trend of last year, was prcatically equal to that
of September.
Construction failed
months.
The value
by
of
small margin to maintain the gain of former
a
new
contracts
awarded
in
November
was
about
25% below that recorded in October, and while it exceeded that of Novem¬
ber of last year, adjustment to the lower cost basis of the last-mentioned
that
the volume of
new
work undertaken had
declined.
Construction actually in progress, however, has remained on a higher level
than
n
a
year ago, as a result,
of course, of the rising trend of new contracts
earlier months.
Improvement in Canadian Business Cited by President
Gordon of Bank of Montreal—Says Only Handicap
Was
to
the
average
level
Failure of
Crops in Portions of Prairie Prov¬
inces—Jackson
Dodd
Also
Addresses
Annual
Meeting of Bank
Business conditions in Canada have much
improved and
favorable contrast with the conditions of but two
years ago, Sir Charles Gordon, President of the Bank of
Montreal, said on Dec. 6 in addressing the bank's 120th
annual meeting in Montreal.
The one really serious handi¬
cap, according to Sir Charles, was in those portions of the
Prairie Provinces where drought caused total or partial
present
a
failure of the crops.
Jackson Dodds,
joint general manager with G. W. Spin¬
presented to the meeting the bank's financial statement
covering the fiscal year ended Oct. 30 the financial state¬
ment was previously referred to in our issue of Nov. 27,
page 3437.
Mr. Dodds, in presenting the statement to the
meeting, referred particularly to the increased demand for
commercial loans.
Pointing out that current loans in
Canada for all the banks have risen during the year ended
Sept. 30 by $75,000,000, and that for the Bank of Montreal
the growth during its fiscal year to Oct. 30 had been $23,000,000, bringing the bank's total to $182,500,000, Mr.
ney,
shows indexes
for
New
indicated.
indicated in the
r
159p
161
164
152
241
September
textile mills was 9%
fell
reduced.
156
147
219
_
the
production of larger proportions than in 1936, but smaller
than in 1935.
Sugar meltings advanced following the sharp decline in
September, and output of lead was seasonally higher.
In the meat packing
industry, slightly more than the usual seasonal increase appears to have
Governors
41p
Irregularity Noticeable in Canadian Industrial Activity
During November, According to A. E. Arscott,
General Manager of Canadian Bank of Commerce
automobile
occurred.
...
...
wages, ar
Not adjusted for price changes,
month discloses
indicated
production and in railway freight shipments,
movement other than seasonal
Daily
66p
64
41
68
the November
to have
largely of a seasonal character, and department store trade in the
metropolitan area of New York showed nearly the usual increase during
the
66
67
Velocity of demand deposits, outside N. Y. City..
Velocity of demand deposits, New York City
been
industrial
117P
Bank debits, outside New York City
Bank debits. New York City
early
automobile assemblies in Nevember, and weekly esti¬
mates indicated
that production in
November dropped below the corre¬
sponding month of 1936 for the first time this year, as the accompanying
diagram
93
93 r
107
110
"Monthly Review" of Dec. 1, its indexes of business activity.
month
86r
100
a
"The recession in business which
ber and October continued during
ment
101
New passenger car registrations.r
88p
5,402,244
+ 35.9 17,513,022
Activity of Federal Reserve Bank
York-—Business
Reserve
82p
+ 6.1
November
eral
88
Department store sales, United States
*
+40.2 123,646,053
+ 14.6 + 115.6
+ 152.0 + 337.7
Mid. Atlantic. 27,229,991
South Atlantic
95
Department store sales, Second District
Chain grocery sales.........._
$
divisions.. 53,612,379
West No. Cent
83p
86
Composite index of
East No. Cent.
71
80
86
Distribution to Consumer—
General price level.a
Cost of living.a..
Oct.,
1937
New England.
74
85
91
Cost
October,
All
74
83
70
Money Payments—
Total Building Construction
Unci. Alterations <fc Repairs)
Buildings
Estimated
—43.9
—35.3
1,255,741
7,951,994
.
149
—
—18.3
74
80
...
Volume
Financial
145
The
Dodds said that, while the increase was welcome, it was not
with the growth in the volume of business
improvement in commodity prices.
ber.
In considering
the various factors which had contributed
to the reduced
demand for banking accomodation, Mr. Dodds
must be recognized that many of them are not
said that it
of a passing
for
first
10
in April.
this
Crop
yields this
previous years.
of business
with 91
this index was 90.
However, in the
rate of industrial production was
period last year.
A year
the
year
Activity
cello¬
appliances and
of air conditioning—to mention
today's necessities and the same will
industries, aeroplane building, radio, rayon and
same
ago
average
have been substantial, exceeding the average for
year
Income
from the sale of crops and livestock
farmers
of
the
continued
several
in
largest
.
.
.
years,
recently
although
•
show the usual rate of
trade establishments failed to
retail
at
smaller than usual
was
power
index of productive activity therefore
in. September, 92 in August, and a
combined
prices of farm products have declined.
the birth of the automobile
One does not need to look back many years to
has
of electric
output
The
compared
as
months
products
and motion picture
the
period.
85
high of 101
banks.
the
in
gain
to
12% higher than in the
always coming into being, resulting in new sources
are
bituminous coal decreased
and
oil
crude
manufactures,
of
declined
scientific research, new in¬
On the other hand, thanks to invention and
dustries
The
during this
He added:
nature.
output
sharply, while production of anthracite increased from September to Octo¬
commensurate
and the
3727
Chronicle
to October, but there was
improvement in
phane manufacturing, the providing of homes with electric
increase
artificial refrigeration, and the introduction
Sales this year to the end of October con¬
tinued larger than
last year.
This was also true of wholesale trade.
Inventories of merchandise at retail and wholesale establishments are larger
Yesterday's luxuries are
only a few.
'J
be said tomorrow.
the
?-.v;
than
the failure of crops in some portions of
the Prairie Provinces, Sir Charles said that "were Canada
as dependent as formerly upon the cash returns derived from
the export of wheat, the fact that this year's crop of that
commodity falls short of the average would be calamitious."
In
commenting
His remarks
on
further summarized
were
As matters stand, however, this partial
Even
more important is
the fact that Canada has been demon¬
of the
supply and demand are
concerned, "were almost the reverse of what they were 12
months ago.
Then, despite the fact that production in
nearly all lines was increasing sharply," the Bank pointed
out, "output was unable to keep up with demand."
The
country in late November, so far as
of base metals.
of bleached sulphite pulp.
out that whereas Canada was until quite recently
Bank also said:
reached practic¬
which
would attain
year
due to the fact that
and for
tries
of
been
worked
States
Sept. 30, last, was around $395,000,000 greater than the
ended
trade with
In the past two years formal trade agreements have been con¬
countries.
cluded with not less than 15 countries, and today Canada was one of the
few countries in the world which employed no trade quotas, no exchange
restrictions, and no embargoes other than those associated with the
traffic
in arms.
world-wide civil and international strife," he said,
"If the remedy for
"lies
co-operation,
economic
international
in
Canada, I think it
can
I
as
believe it
does, then
be said, is doing its full share along that line."
Reserve Districts
We
below
give
of
business
the
has
ReSvjrve
Federal
reports
banks.
The
on
fol¬
lowing remarks are from the reports of the Reserve Banks
of
San Francisco:
Atlanta,
City, Dallas and
Richmond,
Louis, Minneapolis, Kansas
St.
Chicago,
Cleveland,
Philadelphia,
Boston,
«
First (Boston)
in the history
in
than
of
the
England during October "was substantially lower
New
in
Review"
"Monthly
September,
allowances
after
had
been
made
for
customary seasonal changes and the declining rate of activ¬
ity which was prevalent in practically all major industries
in this district was similar to the decrease reported for the
entire
The following is also from the review:
country."
Freight
smaller
in
department store sales in New England were
than in the corresponding month a
loadings and
car
October of the current year
ago.
boots
of
Production
shoes
and
in
New
England
during
October
was
with a decrease in the output of
about 21% having occurred from the September production level and a
decline of about 34% from the October production of last year.
Shoe
to
estimated
have
been
pairs,
9,299,000
this district during the first 10 months of the current
year was slightly larger than in the corresponding period of 1936.
.
.
.
Between September and October the Massachusetts Department of Labor
production
and
in
Industries
and
a
reported
a
the number of wage earners
decline of 2.7% in
representative manufacturing establishments in Massachusetts
of 8% in the amount of aggregate weekly payrolls.
In
employed in
decrease
1937,
October,
Massachusetts
as
was
that month a year ago, employment in
the amount paid in wages was 1.4%
compared with
1.8%
less,
raw
cotton
but
higher.
The
October
amount
was
of
62,934
bales,
as
by
consumed
compared
England mills during
74,378 bales in September
New
with
consumption on a
daily average basis in New England decreased about 28% between Septem¬
ber and October.
Usually both more cotton and wool are consumed in
October than in September, and the declines this year were contra-seasonal.
and
83,721
The
October
sales
bales in
volume
amounted
by these concerns
"Business
to
October
of
743
a
year
retail
ago.
Raw wool
in
Massachusetts during
with
$22,801,176 reported
establishments
$22,885,230, as compared
production
conditions
November operating
in
caused
has
in
the
Philadelphia
District
gen¬
stated:
for immediate actual
and steel mill operations has
a
been the sharpest
.
.
than
supplying dealers
the increase, for
reduced to four days a week. This
high rate in October, being up more
a
schedules were
contraction
at
local
many
parts,
accessory,
and
material
district, including rubber, glass, hardware and other fac¬
tories.
Electrical supply, foundry equipment and machine tool makers
were
able to continue operations at relatively high rates because of the
this
in
plants
large volume of orders on hand.
The curtailment was evident first in a reduction
factories, but recently there has
of the number of hours
been a decrease in actual
...
quite well in October, after allowing
being about 6% above last year.
In November a less than seasonal increase was evident, and reports indi¬
cated that sales were running slightly behind 1936, when volume was
expanding rapidly.
Dollar value of department store inventories was 23%
Department
higher
on
store
sales held
up
variations, daily average sales
previous, but part of this represented
Oct. 30 than a year
prices.
V
Fifth
V"^
higher
"
(Richmond) District
"failed to make sea¬
early November, and a number
of indicators were more unfavorable than for many months,"
it was reported in the Nov. 30 "Monthly Review" of the
Federal Reserve Bank of Richmond.
"Employment slumped
badlv," it was noted, "and from the entire district, except
West Virginia coal fields, come reports of reduced forces,
shortened hours, or both."
The review also said:
Textile mills in the Fifth District were forced to curtail operations by
lack of new orders and many cancellations of old orders, accompanied by
burdensome
inventories
in
department
was
Both
material reduc¬
Retail trade in
up better through October than most other lines,
volume than in October, 1936, and wholesale trade
built
up
in
two
or
three recent months.
mills have made or are planning to make
manufacture, until inventories can be reduced.
and rayon
tions
but
District general business
gains in October and
sonal
in
stores held
slightly less
five reporting lines declined from
last year's figrues.
Nov. 8 forecast a record cotton yield
of
18,243,000 bales this year, but spot cotton prices, already slightly
below 8c. per pound, were not affected by the unfavorable report, govern¬
ment loan plans serving to peg prices at present levels.
It appears that
cotton growers will receive less cash this fall from their crop than they
received in the fall of 1936, but if and when proposed subsidies are paid
on
part of the 1937 crop the total receipts from this year's crop may
approximate the 1936 receipts.
Tobacco growers are in a much more
favorable position, having materially larger yields which are selling for
in
of
four
Department of Agriculture on
The
slightly higher prices than a year ago.
Sixth
"In
October
much less than
sale
trade,
(Atlanta) District
the Sixth District increased
seasonally, and there was a decline in whole¬
retail trade in
contrary to
the usual seasonal trend," it was
by the Atlanta Federal Reserve Bank in its
Review" of Nov. 30.
The Bank further reported:
stated
reporting retail firms in the Sixth
"Monthly
District increased
September and were 3.5% larger than a year ago. Daily average
sales by 28 firms which have reported over a long period of years increased
considerably less than seasonally from September to October, and the
seasonally adjusted index declined from 127.8% of the 1923-25 average
for September to 109.6% for October, a decrease of nearly 15%.
Total
sales by the 49 reporting firms during the first 10 months of 1937 were
8.3% larger than in that part of 1936.
...
Volume of sales reported
by 70 wholesale firms declined 8.7% from
10%
slackening in industrial activity and
in employment," said the Federal Reserve Bank of Phila¬
delphia in its "Business Review" of Dec. 1.
"The usual
seasonal improvement in trade has not materialized to the
extent that
had been expected."
Continuing, the Bank
at
was
October sales by 49
in October last year.
Third (Philadelphia) District
erally reflect a further
iron
seasonally from September and well above last year, but
with new models apparently was the primary factor in
cotton
year
in
of the industry.
In the Fifth
District
Boston Federal
Reserve Bank said that the level of general business activity
1
Dec.
The
indus¬
plant
declining, but new buying is only
contraction
The
for seasonal
monthly
the
from
excerpts
various
reported in small volume in most
was
where the large backlogs of midsummer have
operations have receded; in some instances the
been very sharp.
Inventories are being used for current
worked at most
Federal
in this
occurred
and
district,
down
employment.
Business Conditions in Various
Summary of
accumulation
needs.
Auto
to further trade with other
the business men neglected opportunities
ordering
new
activity and are
Great Britain.
At the same time he noted with satisfaction that neither the Government
nor
this
contraction
for the 12
Britain, the trade with the United States
Great
than
months
Four fifths
Great Britain and the United States, adding
Canada bought more largely from the United
inventory
some
■
.
November
In
$320,000,000 would represent a favorable balance.
some
of this total trade was with
that
period.
approaching $2,000,000,000, of
total
a
that
recognized
now
■
#
Canada's foreign trade, he said, had grown by leaps and bounds
calendar
continued
In respect to employment, he said that on
Oct. 1 the government's wage earning employment index
the
Ordering in advance of actual needs was quite general, causing unfilled
to accumulate and plant facilities to be expanded.
This situation
with little variation through the first half of 1937, and it is
order*
The annual value of its manufactured products amounts to
ally the point at which it stood on the same date in 1929.
District and in most industrial areas
in the Fourth
of gold
of the exports of lumber, asbestos and gypsum,
$3,000,000,000.
(Cleveland) District
Fourth
Canada now employs 600,000 people in 30,000 workshops, mills
than
more
in this district has declined further.
Current
market for factory products has been unusually
According to the Nov. 30 "Monthly Business Review" of
the Cleveland Federal Reserve Bank, business conditions
provides only 35% of the exports and other forms of industry the
and factories.
'v.;
.
.
activity
generally are smaller than they were a year ago.
unfilled orders
regarded as a country devoted almost entirely to agriculture, today agri¬
balance.
ago.
indicate that the
quiet and sales have decreased sharply since the middle of last month.
In
lines
the volume of new business continues greatly reduced, and
by the higher price for this
exception of iron Canada was now the world's largest exporter
culture
some
most
production and of the output of industrial metals, remarking that with the
He further pointed
year
follows:
as
As instances of the latter he referred to the remarkable growth
of newsprint and
a
Manufacturing
reports
strating in the past year a remarkable resiliency in productive enterprise.
He spoke also of the growth
September
failure of our greatest cash crop
Is partly offset from the national standpoint
year's crop.
from
early part of November.
over
September to October, and was
4.6% below October, 1936.
The cumulated
3728
total
for
that
part
Financial
the
January-October period
of
last year.
decline in wholesale
This
however, 15.5% larger than for
was,
time in
the third
is
trade from
Chronicle
16 years to record
in its
a
the
September to October.
was
larger than
September last
of
other
in
recent
Daily
5.6%, and the amount of
continued
this district
in
smaller than in
was
cottonseed
at
but
oil
in
mills
the
showed
and
month since May, 1936.
any
a
declined
year
slightly
The
in
ago.
Reserve
(Chicago) District
Bank
of
of
Chicago,
in its "Business
declining trend through October and into November, and
the level of activity was below that of a year ago, when it
relatively high for the season."
in
narrowed,
increases
evidence
in
than
greater
experienced
the
seasonal recessions
less than
or
the monthly comparison.
in
period of the tendency
the part
on
There
customary
of manufacturers
below
and
stove
and
year.
last
Activity
furnace
pulp
previous.
production
.
....
.
Because
.
In
employment
reporting
seasonal
from
ment
with
less
or
than
is
either
payrolls
and
in
the
month
a
the
paper
a
or
the
in
in
same
considerably
foundries, of
casting
production
and
a
only
the
in
increases
year
declining
increased
automobile
district
were
recorded
were
for
October
larger percentage.
equaled
those of
business
so;
seasonal
a
the
over
in
In the retail shoe trade,
year
both
lines
below dollar volume in the
the
district
month
same
district
this
a
year
measured almost 3%
year
to date to less than 5%.
year
in
sales
in
stores
during October and for
declined
.
about
.
7%
.
from
declining about 3%, groceries 10%
However, total sales were 4% larger than in October
7%.
lower
sales
than
a
the middle
from
was
about
drugs
of
year
dry goods
drugs,
better
and
the first
For
ago.
is
sales
hardware
10 months
were
also
the
year
of
than
conditions
turned
September to the middle of October.
have
been
Employment
unusually
for
favorable
year.
maturing
and
The
growing season has been long and yields of
particularly in northern portions of the district, have
slightly better than anticipated earlier, indicating a further
late
many
of
2% and payrolls 6% larger than in October of last
harvesting late
crops.
crops,
out
easing of the feed situation.
Eleventh
preceding
evidenced
declined
from
downward
a
stances
operations
ported 'the Federal
(Dallas)
District
Depart¬
month
and
Due
fall
in
and
part
to high
winter
September,
in
accordance with
below
Reserve
customary
gain
sales
average
from
of
a
some
Dallas
in
in¬
ago,"
year
re¬
Dec.
its
1
It stated:
which retarded
October,
to
equal
wholesale
at
of
those
to
reflected
failed to show the
2%.
increasing only
of
a
ago.
year
decline
non-seasonal
a
buying of
consumer
department store business
September
about
were
merchandise
October, and in
those
Bank
temperatures,
merchandise,
Daily
Distribution of
of 6%
from
that of a month earlier, and was 3% less than in October, 1936.
A
contraction, contrary to seasonal, was also evidenced in the cotton textile
industry, and .operations were below those in October last year.
.
Except
ditions
for
the
declining
continued generally
in
the
of
6,189,000
Eleventh
District
bales
somewhat, but
price
The
1.
Twelfth
farm
of
The
1936
con¬
feed
crops
total
a
reduced
was
production.
District
(San Francisco)
Industrial activity in
agricultural
production of cotton
by 92,000 bales to
for
forecast
above the
crops,
indicated
further
increased
Nov.
on
level
favorable.
was
continued well
sales scarcely more than
trend.
in
trend
were
"Monthly Business Review."
the furniture trade they failed to do
and in
ago,
increase
.
rose
month
a
this latter comparison.
slightly
than
greater
totaled smaller than
ago
in
district,
last October, although because of the one less
trading day in the current
period daily average sales exceeded those in the month last year by a some¬
what
seasonal
gain for the
although
year,
year
in most manufacturing groups,
trade
usual
over
sales
grocery
sales
store
and
factories,
than
increased
wholesale
of
September, and gains
previous,
furniture
month earlier;
a
off
at the
ago
declined.
groups
recessions
of
year
malleable
October
employment
higher in mid-October than
however,
in
a
fallen
and
steel
lower
was
industrial
total
has
manufacturers, at
industry
industry,
below that of
likewise
at
year.
"Business and industrial activity in the Eleventh District
50 points
iron
department
reporting
usual
wholesale
and
Operations of steel producers in this district have been curtailed sharply,
in the middle of November output of steel
ingots, at only 27%% of
Pig
last
further
was
and
capacity, averaged almost
month
same
6% larger than a year ago, all
sharing in this increase.
't ^V.V;-:
Following a decline in the preceding month, employment and payrolls
larger volume
a
the
lines
merchandisers to reduce inventories.
time.
at
the
October, sales of
the value of wholesale
the
groups
were
of
hardware
Weather
corresponding 1936 period, but margins of gain were
partly because of one less trading day this October, and in the
majority of
value
last
It further noted:
merchandising phases continued in October to show
of trade than
sales
than
narrowed the
somewhat
a
Most
of
less
September to
Conditions Report" of Nov. 30, stated that reporting groups
of Seventh District industry, with few exceptions, "followed
was
volume
much
has
and
Federal
under
were
The decrease in sales from October of last
ago.
declined 13% from
district
above that month
well
Seventh
The
sales
the first time this year fell
consumption of cotton
September to October and
Operations
retail
Dollar
18.9%
was
well above September
were
years.
average
October
week's payroll
a
and both
year,
"Monthly Review" of Nov. 30, said that October was
month of the year when department store and
The following was also noted by the Bank:
increased
ber of workers
11, 1937
first
other
Employment and payrolls at 6,315 firms in the six States of this district
0.8% and 0.6%, respectively, from August to September.
Num¬
Dec.
the Twelfth District receded some¬
what further in October, some reduction in factory employ¬
took place, particularly in the lumber industry, and
ment
Eighth
(St. Louis)
District
payrolls declined
Recessionary trends in general business in the Eighth
District, which began in the late summer, continued at an
accelerated
Bank
of
in
during
pace
November, it
October
and
first
the
half
by the St. Louis Federal Reserve
"Monthly Review" of Nov. 30.
"Distribution
its
merchandise
and
activities at manufacturing establish¬
sharp contraction from the recently high
levels," the Bank said, "and in a majority of instances fell
below the rate prevailing at the corresponding
period a
year ago."
It also had the following to say:
ments
In
underwent
contrast
and
the
with
public
general
was
prices
this
both
on
security
This
spot
area
tion
the
in
quarters to
markets
showed
.
scale, and
.
continued
and
and
in
there
jobbing
in
1936,
volume
also
of
October
a
by
for
low
new
field
was
the year
reflected
in
ingots at
decline
in
result
a
November.
States
those
five-year
of
Nov.
on
Oct.
1
is
a
Contrac¬
employment and
during
and
ago,
The
4,681,000
was
and
throughout
October
the
and
based
report
in
the
half
bales,
for
with
per
yields in
acre
in
for
cotton
increase of
an
1
of
United
conditions,
larger than the
are
the
Eighth
267,000 bajes
comparing with 3,404,000 bales
crop,
produced
Indiana
over
in
1936.
and Illinois
one-half
Available
demand
sales
sion
have
Noting
that
the
Ninth District
was
but
little
a
below
volume
of
District
business
the
October
in
volume
of
other
the
year,
recent
ing city stores continued to be about 10% larger.
first
last
period
Other
months
10
year
were
shoes
at
.
of
were
and
5% and
country
business
volume
6%
stores,
that
Cumulative sales during
larger
than
respectively.
were
below
.
the
the
in
.
6ame
.
October,
1936,
.
District
trucks
in
during
1937
total sales at country lumber yards and sales of groceries and
wholesale.
Hardware sales by representative wholesalers in the
.
Ninth
Mining
of
city
at
indicators
level
little
a
were
North Dakota
October,
but
were
the
in
activity
larger
below
much
district
the
and total
6ales
of
passenger
larger than in October last
continued
at
record-breaking
a
relatively
volume
of
and
cars
year.
high
the
level
last
12
months.
Tenth (Kansas City)
An
increasing
District
indicate
that
since
area.
orders
year
the
New business received
Oct.
on
earlier.
31
.
years,
.
consumer
the value of retail
upswing in evidence since 1933.
continued
reported
sales close
Since
expan¬
during 1937, year-period comparisons
exception
citrus
fruits,
season.
declined
of
1936
to
only
were
.
early last spring, when
highest level within recent
has not
unusually large during the past
have
a
many
levels.
output
of
most
district
crops
was
Prices of farm products, however,
substantially from the levels reached last spring.
Temporary
Cessation in Upward Movement
During
October
Reported
by
Levels
of Wage
National
Industrial Conference Board
At least
temporary cessation of the upward movement
a
in wage levels is indicated
National
Industrial
hourly
Average
regular monthly
month.
A
Board, made public Dec. 6.
by the Board bearing on the report said:
earnings
in
the
25
industries
covered
by the
Board's
October as during the previous
in average hours per week resulted in a reduction of
worker's weekly pay envelope from $27.39 in September
survey
decline
the contents of
to
by the latest wage report of the
Conference
the
$27.13 in October.
were
the same in
The economic status
of
wage
earners
in manufactur¬
0.4% drop in employment between
September and October, and by a subsequent drop of 4.3% between October
and
November, indicated by the results of a special telegraphic survey
ing
also adversely affected by an
was
Conference
Board's
high
trend
trend
in hourly
earnings
since
the beginning of the year.
The
however, was reached last May, and the
downward.
Employment in the 25
combined has also shown a continued decline since May.
point in
in
Board.
investigations show that up to October there was a steady
weekly
subsequent
industries
earnings,
months
has been
Reserve Bank of
Retail trade at both city and country department stores in October was a
little below the level of October last year, and merchandise stocks at
report¬
the
the
unfilled
and
progressively smaller, and during the past two months
have
With
the
sales
off,
those reported
as
not continued
become
upward
in
slightly larger than in October last
months, the
Minneapolis, in its "Monthly Re¬
view" of Nov. 27, had the following further to say:
,
Federal
measures
retail
retailers
fall
large
as
attained
has
in
by the
1866.
(Minneapolis)
unchanged.
were
declined considerably more than seasonally, reflecting
by mills continued to
The
Ninth
sales
sharply curtailed operations in the Douglas fir
about
district,
first
Nov.
on
instances
most
estimate
reporting began
crop
generally
major productions, according to the
Agriculture's
bumper
a
the
year
1
highest since
further
store
An announcement
conditions
average.
forecast
also
fall
all
of
of
(1928-32)
District
the
Yields
Department
exceeded
Corn
ideal
improved
prospects
crop
the
of
furniture
Lumber production
this
in
payrolls from September to October.
As
while
adjust¬
are
mills
at mid-November.
a
following to say:
the
.
Production of steel
the
sales
with
contrasted
as
the
in
investigated
had
Department store sales recovered from the decline recorded in September,
commodity
in
weakness
lines
being rapidly reduced, and manufacturers
recorded
a
steel
industry declined sharply, reflecting
being placed with mills, foundries nad machine
accordingly.
industrial
was
and
"orders
are
merchants
developments before expanding
decreases
month
year.
iron
cautious
await
wholesaling
same
by
purchasing
year,
emphasized by the decline
was
future
the
the
new
output
general
and
and
the
in
of
Backlogs
ing their
conservative
Of
with
Activities
shops.
a
all
preceding month this
curtailment
the
large majority
a
compared
half
attitude
markets.
Bank
first
of
on
disposition in
commitments.
as
the
Reserve Bank also
of
noted
was
more than seasonally.
In noting this, in
"Monthly Review" of Dec. 1, the San Francisco Federal
its
show
number
decreases
of
as
lines
District
of
activity in
compared with
a
the Tenth
year
ago,
ac¬
cording to the Federal Reserve Bank of Kansas City, which,
Motor
Industry's
November
at
Factory Sales Estimated
363,538 Units
"November factory sales of American automobile manu¬
were placed
at 363,538 cars and trucks in the
preliminary estimate released Dec. 8 by the Automobile
facturers
Manufacturers Association.
On the basis of this estimate, November
operations
repre¬
8% increase over the preceding month and a
10% decrease under November, 1936.
Factory sales for the It-months period of this year were
placed at 4,656,530-:14% above the 4,097,316 units sold
during the corresponding period of last year.
The report which is based upon factory shipments is
sented
an
summarized below:
November, 1937
October, 1937
November, 1936
..363,538
337,979
405,799
11 months 1937
11 months 1936
4,656,530
.4,097.316
Volume
Financial
145
Industrial
Employment in United States Decreased
October, Secretary of Labor Perkins
Reports—Payrolls Increased $4,200,000
80,000
in
Employment
in
combined
the
manufacturing
and
non-
manufacturing industries surveyed monthly by the Bureau
Labor
of
Statistics, United States Department of Labor,
80,000 in October as compared with September,
while aggregate weekly payrolls for the period covered in¬
creased $4,200,000, Secretary of Labor Frances Perkins an¬
decreased
nounced
Nov. 22.
on
145,000
mately
A decline in
workers
of the country was
employment gains
in retail trade.
manufacturing
the
in
employment of approxi¬
industries
partially offset by substantial seasonal
in anthracite and bituminous coal and
Miss Perkins said that the reports
Chronicle
preceding
have
of
the
October,
shows
usual
A
similar
a
addition
from
September
and manufactured
sufficient
size
electric
over
increases
also
were
in
in
decline
the
10
these industries, however, were not of
in manufacturing industries and the
non-manufacturing
(metalliferous
industries
producing,
petroleum
and telegraph,
laundries, dye¬
telephone
bus operation and maintenance,
motor
ing and cleaning, brokerage, insurance, and private building
Gains in
industries
employment
of
in
Decreases
the
clothing,
as
machine
and
a
electrical
shops,
the
month
interval.
months.
machinery,
cotton
goods,
women's
number of additional industries in which contra-seasonal
over
the month interval.
The October, 1937, index of
employment (100.4)
factory
seven
over
October have been shown in nine of
in
The current decline is attributable to recessions
blast furnaces, steel works, and rolling mills, foun¬
18 years.
occurred
declines
workers
145,000
factory employment
industries
and
dries
construction).
6hown in 31 of the 89 separate manufacturing
approximately
preceding
such
in
were
The decrease of 1.7% in factory employment indicates
surveyed.
decline
a
shown in
Year-round hotels and electric light and power
crude
and
railroad
seasonal
It
fell below the levels shown in the preceding
1929.
The October payroll
(100.2)
and is
1937,
approximately the same as in December,
level
The
approximately 80,000
workers in the automobile
reflected increased activity due to production of the
to offset the substantial declines shown in other
October
in
of
increase
An
industry
1929.
durable goods group of manufacturing
the month interval for the pay-period
employment in the
remained unchanged over
industries
covered.
new
of
and served
models,
beverages,
preserving,
cream,
in
manufacturing
Beet sugar
1936, level (104.7).
These indexes indicate that
for every thousand workers employed in each of these groups in the index
base period (1923-25 equals 100), 973 workers were employed in October
in the durable goods group and 1,037 were employed in the non-durable
in department, variety, and general
merchandising stores and mail order houses, combined with seasonal expan¬
sion in apparel, furniture, wood, coal, and ice, and a number of other lines
of retail trade resulted in an estimated increase of 59,000 retail trade
workers over the month interval.
This increase is somewhat less than
the
in
increase
average
employment
in
trade
retail
Wirework
and
models,
new
resulted
28.6%.
rose
employment
in
October over
the
October during the
7,100, respectively.
The
increase of 10,500 workers in bituminous coal mining in October, on the
other hand, is well above the average October gain in the five preceding
years
(1,800).
In year-round hotels the estimated increase of 3,200 in
employment compares favorably with the preceding five-year averages.
Employment in the electric light and power and manufactured gas industry
mining
five
preceding
are
below
the
which were
years,
average
6hown
were
1.7%.
industries.
Other
textile
and
Gains
ranging from 2.0%
in which
October and quarrying and non-metallic
reduce operations.
The loss of 1.4% in metalliferous mines
first recession in this industry since November, 1936.
Crude
recedes
mines
also
marks
the
in
petroleum producing companies
series of gains which began in
reported a decrease of 0.7% following a
January of the current year.
Telephone
reported 0.5% fewer employees, this decrease
10 months.
Electric railroad and motor
bus operation companies decreased their forces 0.4%, and brokerage and
insurance firms reported decreases of 3.0% and 0.1%, respectively.
companies
and
telegraph
also
marking the first decline in
employment conditions in the
non-manufacturing industries of the
States is from an announcement issued by the De¬
following
The
manufacturing
United
Factory
Weekly
regarding
October,
to
aluminum
of
and
seasonal
products and
12.0%,
water
Manufacturing Industries
decreased 1.7% from September to October.
increased 0.1% over the month interval.
Factory em¬
decreased between September and October in nine of the
employment
ployment
has
employment advances
newspapers
The
paper
box
shown were
were
(1.5%), baking (1.3%),
primarily
accounted
recessions
and
carpets
for
the
Radio
and
a
20.2%
declines of
reported
rugs
largely to labor
respectively, due
heating apparatus plants reported
workers.
Steam and hot-
troubles.
decrease of 5.5% in number of
5.2% fewer workers,
decreases of 5.4%
and 4.7%, respectively.
Men's clothing establishments showed a loss of
4.6%, and stove factories a decrease of 4.4%.
Seasonal losses were also
shown in brick, tile, and terra cotta (4.0%), boots and shoes (3.8%), and
fertilizers
(3.6%).
Among the remaining industries reporting decreases
between
September and October were blast furnaces,
steel works, and
silk
and
phonograph
factories
reported
goods and cotton goods plants reported
rayon
rolling mills (2.9%), leather (3.0%), steam railroad repair shops (2.7%),
woolen
worsted
and
electrical
(2.7%),
goods
machinery,
furniture
and
apparatus,
supplies
(2.5%), millwork (2.4%),
(1.9%), paper and pulp
(1.1%), petroleum
book and job print¬
(1.5%),
foundries and machine shops (1.3%), cement
refining
(1.1%),
women's
(0.7%),
clothing
and
ing (0.7%).
of
indexes
The
supplied
returns
base
weekly
in
used
taken
Reports
during
earnings
100.
They have not
received in October,
as
were
computed
from
been adjusted for
1937, from 23,198
employing 4,481,498 wage
pay-period ending nearest
establishments
manufacturing
are
establishments in 89 manufacturing
computing these indexes is the three-year
representative
1923-1925,
variation.
payrolls
and
factory employment
by
The
industries.
average,
seasonal
the
whose
earners,
Oct.
15
were
$113,555,831.
The following
general
indexes
tabulation shows the percentage of change in the Bureau's
of
each of
October in
factory employment
the
Year
Payrolls
In¬
De¬
crease crease
1919
Year
Year
crease crease
•
1929__
1.1
2.1
3.5
1921..
.5
mm
1930-.
1.1
1931
mm
A
mm
:
2.1
'~mm
3.0
mm
4.1
1932
1922..
2.9
2.2
1934..
2.8
1924..
2.8
1934—
5.1
.6
1935..
1.5
1925..
6.0
1935..
3.8
.4
1936..
1.3
1926-
3.0
1936—
6.5
.9
1937-
1937—
.1
1932..
2.9
—
—
1924
1923..
.8
1922
-
1925
1926
1927
-
1928
.3
—
1.8
1933..
1.1
mm
m
1927-
1.7
m
"mm
3.4
.3
1933
.8
1928--
—
--
—
«•#.
De¬
crease crease
1929..
3.3
1920-
1931-
2.4
1919..
1930-
1.0
Year
crease crease
.4
„
„
In¬
De¬
In¬
De¬
3.5
-
1920
1921
September to
and payrolls from
1919 to 1937, inclusive:
19 years,
Employment
In¬
«...
mm
mmm
mm
—
INDEXES OF EMPLOYMENT AND PAYROLL TOTALS IN NON-MANU¬
FACTURING
INDUSTRIES—OCTOBER,
1937, AND COMPARISON
SEPTEMBER, 1937, AND OCTOBER,
WITH
1936
.
Payrolls
Employment
P. C. Change
Industry
Index
Sept.
a
Oct.
1936
1937
1936
+ 1.3
+ 10.9
75.8
+ 1.8
+3.6
+ 11.0
+9.9
71.6
+ 1.2
+ 11.2
95.6
+3.6
+ 15.1
105.7
+ 1.6
+ 13.9
+ .3
71.5
—.1
51.0
+62.3
+5.6
+5.2
86.0
+ 10.7
+8.6
+52.1
+ 1.0
+ 1.6
+3.9
+5.7
+3.8
+3.7
88.0
+ .8
+3.9
Telephone and telegraph
light and power
79.7
—.5
+8.0
and manufactured gas..
98.7
+ .1
+5.0
73.4
—.4
51.0
+5.7
+2.9
General
Oct.
1937
79.3
94.0
92.1
107.8
Retail
a
95.8
—
merchandising.
Trade—Wholesale
Sept.
Oct.
1937
Oct.
1937
P. C. Change from
from
Index
Other than general mer¬
chandising
Public Utilities:
Electric
Electric railroad and motor
bus operation <fe
ma Int.
Bituminous coal
82.8
Metalliferous
82.9
—1.4
+2.2
+2.1
+29.2
81.7
—0.6
Quarrying <fe non-metallic.
63.4
—2.4
—2.2
49.6
—1.1
+ 7.4
77.7
—0.7
+5.5
70.3
—1.2
+ 18.1
+2.2
+ 11.8
+8.2
Mining—Anthracite
Crude petroleum
Services:
producing
Hotels (year-round)
89.2
+ 1.4
+4.5
b77.8
Laundries
89.8
—4.1
+2.6
81.5
—3.5
Dyeing and cleaning..
Brokerage
85.7
—1.2
—0.9
71.6
—1.7
c
—3.0
—4.1
c
—3.2
c
—3.3
c
—1.1
+6.0
c
—3.3
+ 1.7
+4.1
—2.8
+ 14.2
Insurance
Building construction —
a
c
b Cash payments only: value of board, room and
Data are not available for 1929 base.
Preliminary,
computed,
c
+ 7.4
—0.9
tips cannot be
Non-Manufacturinff Industries
The
ment
payrolls
sugar
lighting
shown in
were
decreases in canning and
preserving (39.9%),
ice cream
(15.9%), tin cans and tinware (13.7%), beverages' (9.3%), millinery
(8.7%), and butter (5.7%).
Establishments engaged in the manufacture
and
partment of Labor:
cane
2.4%
refining.
to
(0.6%).
gains for
September to October in each of the five preceding years for which data
are
available.
Employment in laundries and dyeing and cleaning estab¬
normally
of 5.9% and 5.4%, respectively.
increase of 4.9%, and gains of 3.1%
pottery, and
industries
and cigarettes
September
the
lishments
men's
manufacturing
Cottonseed oil-cakemeal, and jewelry
dyeing and finishing (1.6%),
cigars
firms
establishments
of 1.9%, and the agricultural implement industry
gain
a
of
gain
a
substantial
only
Among
and
incident to the
17.6%.
Payrolls in
reported an increase of
operations
the slaughtering and meat packing and
in
hardware, rubber goods,
18,600 and
1/10 of 1%.
non-manufacturing industries reporting declines, the more
pronounced losses were in the private building construction and laundry
industries.
The decrease of 3.3% in employment in the private building
construction industry is contra-seasonal, gains having been shown from
increased
in
gain of 6.3%.
a
of
Confectionery
workers
of
were,
to peak-season activity.
due
expansion
establishments reported an
3.0%
equipment
preceding five-year period (76,000).
Likewise, the increase in wholesale
trade of approximately 16,000 workers and the gain of 4,000 workers in
anthracite
nor¬
are
reported gains
in virtually
surveyed
The increases
establishments also reported seasonal gains
1923
goods group.
gains
preserving, ice cream, tin
industries
resumption
a
1% below the October,
Substantial
In addition
(89.0).
1936
firms reported an employment increase
expected
an
industry,
number
cotton goods, men's clothing, silk and
The employment index for the durable
is 9.1% above the October, 1936, level (89.2), while
1937, non-durable goods group employment index (103.7) is
October,
of
industry
11.8%
(97.3)
goods group
the
ice
goods, and boots and shoes.
automobile
furnishings reported
Employment in the combined non-durable
major durable goods industries.
goods industries decreased 3.4%.
Among the non-durable goods industries
in which sharp recessions in employment were shown were canning and
rayon
the
is at the level of November,
is below the levels of the months March to August,
index
October,
canning and
Among the 58 industries in which employment declines were shown from
companies also reported additional workers on their
offset
to
quarrying,
mining,
gain of
89
196.7%, reflecting
interval.
year
The gains
occurred
that
losses
a
employment gains in the coal mining indus¬
October
to
gas
in October.
payrolls
the
over
the seasonal
to
wholesale trade.
retail and
shows
1936,
the
instances, seasonal.
industry showed
surveyed in
600,000 workers,
industries
combined
the
in
comparison of aggregate weekly payrolls shows an increase
nearly $43,400,000
In
tries
She continued:
employment
1937, with October,
October,
and
of
of
comparison
weekly payrolls
18 years.
the October, 1937, payrolls index
and
over
in
employment from September to October.
this
mining industries."
(96.7),
12.6%
of
declines
all
introduction
"The aggregate weekly
preceding
contributing to the October employment decline.
Thirty-one of
in
for the
partially due to the fact that the
September payroll totals were depressed by the observance
of Labor Day and certain religious holidays which occurred
during the Sept. 15 pay period," Miss Perkins said.
"More
than 40% of the increase in the aggregate payroll over the
month interval was in the anthracite and bituminous coal
1936
gain
a
seasonal
factors
were
ing nearest Oct. 15, and do not cover employment conditions
of the month.
the
electrical
machinery industry, and contra-seasonal losses in cotton
gGods, women's clothing, knit goods, furniture, and book and job printing
In
was
while
available,
are
of
the
of
latter part
data
11
mally reported in October, decreases of 2.9% (approximately 14,000 work¬
ers) in the blast furnaces, steel works and rolling mills industry, 1.3%
(6,000 workers) in foundries and machine shops, 1.9% (5,100 workers) in
received
increase
in
beverages, and certain other industries in which recessions
cans,
by the Bureau of Labor Statistics relate to the period end¬
payroll
October
October, 1937, index of factory employment (100.4) is 3.8% above
level
(100.2)
to
in
which
for
years
increased
The
the
18
3729
16
and
surveyed, with indexes of employ¬
where available, and percentage
October, 1936, are shown below. The
average for 1929 is used as the index base, or 100, in computing
numbers for the non-manufacturing industries.
Information for
non-manufacturing industries
payrolls
for
October,
1937,
changes from September, 1937, and
12-month
the
index
earlier years
is not available from the
/
Bureau's records.
3730
Financial
INDEX
NUMBER8
OP
EMPLOYMENT
MANUFACTURING
AND
PAYROLLS
Chronicle
IN
tries
Employment
7/111
PayroUt
6*
McLnu/ddUTinff industries
a
Oct.
Sept.
Oct.
1936
a
Oct.
Sept.
Oct.
1936
1937
1937
1937
102.1
96.7
100.2
100.1
89.0
97.3
97.3
89.2
101.6
99.4
85.3
103.7
107.3
104.7
98.5
100.9
93.7
105.7
108.8
98.9
107.3
112.9
121.4
107.9
120.6
129.7
101.8
According to a statistical summary of data from 6,343
manufacturing and non-manufacturing establishments .in
Illinois, employment during October decreased 1.8% below
September and wage payments dropped 0.7 of 1%, it was
announced on Nov. 26 by the Division of Statistics and Re¬
search of the Illinois Department of Labor.
In the an¬
nouncement issued by the Illinois Department of Labor, it
93.2
117.9
Durable goods
Non-durable goods
1937
100.4
All Industries
11, 1937
Employment and Payrolls in Illinois Indus¬
Reported Below September by Illinois De¬
partment of Labor
INDUSTRIES
(Three-Year Average 1923-1925=100.0)
iy**M**Mft
Dec.
October
Durable Goods
further stated:
was
Iron and steel and tbelr product®,
Including machinery
not
Blast furnaces, steel works, and
rolling mills
-
Bolts, nuts, washers, and rivets
84.8
87.5
78.5
96.7
96.9
86.6
Cast-iron pipe
61.9
64.9
66.3
46.3
48.9
49.6
(not Including silver
and plated cutlery), and edge
Cutlery
tools
89.9
—
89.9
83.0
85.9
86.7
78.3
hot-water
September-October change
1% in employment and
As compared with
67.7
69.6
51.8
114 6
101.4
92.9
creases
76.9
72.7
66.0
of employment for all reporting industries rose from 83.6 in October, 1936,
77.4
73.0
66.5
72.2
65.5
117.0
93.9
97.8
108.8
82.3
74.9
81.8
83.9
68.5
114.0
102.7
104.1
122.9
97.2
96.2
98.4
89.7
99.9
103.6
94.1
178.6
170.3
164.0
182.1
166.8
151.5
machine tools, fUes and saws)
Including
trans¬
128.6
130.7
109.6
134.3
134.3
102.7
149.7
147.2
97.5
200.7
189.2
105.9
136.3
136.5
118.8
148.9
146.5
116.5
119.0
portation equipment
Agricultural Implements
121.3
99.6
124.7
124.1
92.7
Cash registers, adding machines
and calculating machines
Electrical machinery, apparatus
and supplies
to 90.2 in
151.2
153.6
113.1
158 7
Foundry A machine-shop prods.
110.4
111.9
95.6
114.0
114.2
90.2
Machine tools
157.7
157.6
126.1
170.9
165.5
122.4
197.5
208.3
218.3
162.9
173.9
177.9
82.9
84.0
73.3
81.0
85.2
66.3
147.8
151.2
133 1
128.4
142.8
128.9
121.5
107.0
102.1
128.0
104.4
Radios and phonographs
Textile machinery and parts
—
Typewriters and parts
—
Transportation equipment—---
158.8
99.9
789.3
Aircraft
Automobiles..
—
766.8
619.0
731.4
670.4
95.8
527.7
,132.3
112.5
110.0
135.8
105.6
101.5
67.9
68.5
Locomotives
Shipbuilding
....
58.7
82.0
*64.1
Cars, electric A Bteam-rallroad.
October, 1937, while the index of payrolls
during the
Statistics
64.4
'? 39.5
*'56.0
55.0
27.0
105.9
106.2
102.7
122.9
119.0
103.2
a
4
Railroad repair shops
58.9
60.4
Electric railroad
63.4
63.4
^63.4
Steam railroad
58.6
60.2
i
60.4
,
79.7
59.7
65.6
63.1
63.9
69.1
i
67.7
Research
employed.
60.2
1 65.6
62.9
114.1
108.3
109.7
110.1
131.0
117.2
115.8
135.7
110.6
Brass, bronze A copper products
113.1
114.8
111.3
106.8
113.2
102.9
time-
127.3
130.4
128.0
116.1
101.9
88.8
81.7
84.1
97.3
90.9
104.4
98.6
80.7
Stamped and enameled ware..
Lumber and allied products
117.7
101.1
100.2
Smelting and refining—Copper,
lead, and zinc
127.0
106.5
recording devices
Jewelry
Lighting equipment
Silverware and plated ware
79.5
71.8
80.1,
81.4
92.0
93.0
79.1
90.8
88.6
67.8
154.1
153.2
154.3
156.4
149.2
154.4
82.8
'
68.4
69.6
71.7
69.2
65.4
68.2
63.5
86.9
...
89.1
86.9
77.1
78.2
76.9
Lumber:
MUlwork
54.3
55.6
53.4
51.4
53.2
Sawmills
52.7
54.6
52.4
49.5
52.6
47.1
71.4
72.7
69.1
69.7
69.9
62.5
Stone, clay, and glass products..
Brick, tile, and terra cotta
50.2
52.3
49.6
44.2
46.4
49.8
41.3
69.1
69.9
65.5
72.2
72.8
62.0
109.9
111.1
103.6
119.0
118.7
103.0
43.4
44.9
44.3
38.5
39.8
38.1
78.8
Cement
Glass
77.0
77.1
73.2
66.8
——
—
of
Carpets and rugs
Cotton goods
98.7
—
-
87.6
98.5
104.3
84.6
87.1
88.5
94.9
'
97.1
81.3
85.3
85.1
99.4
93.4
68.3
84.5
89.8
198.3
97.8-
97.6
85.0
92.4
86.5
101.6
96.8
95.9
99.8
Dyeing and finishing textiles.
112.2
Hats, fur-felt
Knit goods
83.1
85.5
83.3
61.5
69.2
60.9
115.7
116.5
121.3
122.4
116.9
124 2
75.6
79.9
81.5
62.6
68.2
67.0
68.5
70.4
78.5
54.1
57.6
60.4
112.3
114.4
118.3
87.6
87.0
91.5
103.7
108.7
108.0
80.7
83.9
82.1
151.0
152.2
163.3
119.1
Silk and rayon goods
Woolen and worsted goods..
Wearing apparel
Clothing, men's
Clothing, women's
110.5
114.8
94.4
94.9
97.7
111.5
106.3
89.1
88.9
89.6
87.4
84.2
127.7
138.3
112.3
95.4
51.8
Shirts and collars
Boots and shoes
56.7
56.6
35.1
49.0
38.3
119.2
123.5
112.5
103.0
female
Within the manufacturing classification of
industry, 2,279 reporting es¬
tablishments, the number of male and female workers decreased 3.0% and
2.9%, respectively.
Total
92.7
92.8
66.1
71.6
94.0
92.9
58.4
64.5
67.4
89.7
92.5
97.2
95.0
98.6
2.2% in the number of female workers.
Total wages paid to male and
female workers increased 0.1 of 1% and 3.0%,
respectively, during October
in comparison
with September.
Average Weekly Earnings—October
Weekly earnings for
124.2
125.4
133.2
111.5
Baking
138.5
136.7
132.6
137.6
136.1
119.0
Beverages
202.6
223.3
190.7
222.3
253.0
198.9
86.4
facturing industries
Changes
in
man-hours
In the
a
non-manufacturing
In the
ber
were
In
1,677 firms reported
a
decrease of less
manufacturing establishments the
39.3
average
compared with 38.4 in September,
as
hours worked in Octo¬
or an increase of
2.3%.
non-manufacturing classification, the average number of hours
per week during October was 40.6, or 0.5 of 1% less than in
8ep-
worked
ember.
Weekly
Report
91.6
82.7
70.4
73.8
65.1
187.2
311.5
197.3
188.3
307.1
179.2
95.4
The
74.0
91.8
100.2
98.0
88.7
271.7
238.7
100.7
201.9
68.8
67.2
75.9
64.2
60.1
61.4
62.5
62.1
64.5
57.8
56.5
54.7
56.1
55.8
56.6
68.2
70.0
60.9
63.2
62.8
65.4
56.5
54.9
53.9
107.7
107.7
104.0
105.0
103.7
96.5
104.8
102.8
105.5
109.1
103.3
108.0
117.3
119.1
110.7
116.9
117.6
101.9
98.1T
98.9
94.3
92.2
92.8
84.8
107.4.
105.9
104.8
107.2
103.8
100.6
127.8
128.6
120.3
138.5
139.0
114.4
Chewing and smoking tobacoo
products.
128.3
128.9
120.2
137.4
137.7
113.9
Chemicals
135.2
137.4
129.9
150.3
150.9
124.7
Cottonseed—Oil, cake A meal
127.9
120.7
103.5
119.1
112.4
84.5
Druggists' preparations
Explosives
114.6
114.1
104.4
128.8
127.3
112.6
97.3
97.6
93.2
110.8
106.4
96.2
81.5
84.6
76 9
83 3
97.2
69 7
Paints and varnishes
131.6
132.4
128.6
134.4
131
119i6
Rayon and allied products..
Soap
407.1
407.1
361.5
391.0
393.6
307.6
102.5
103.1
107.1
122.0
122.1
105 3
125.8
127.2
120.6
142.1
143.1
115i9
97.5
98.0
97.9
93.9
97 4
96 8
77.5
78.7
78.4
70.4
75.9
64^8
shoes, tires, and Inner tubes.
137.4
134.7
132.9
139.9
132.6
128.1
production and 41% of average 1929 shipments.
The week's
reported production was 7% greater than new business
booked
and
Rubber tires and Inner tubes..
86.6
88.3
89.0
83.5
90.4
93.8
October, 1937, Indexes preliminary, subject to revision.
to
8%
the
greater
than
reported shipments.
Due
holiday, reported production
appreciably lower and new orders were
Thanksgiving
shipments were
slightly less than in the preceding week.
Reported pro¬
duction, shipments and orders were all below the corre¬
sponding week
of
1936,
even
though
the
maritime
strike
seriously
was
retarding operations at this time last year.
National production reported for the week ended Nov. 27,
1937, by 7% fewer mills was 23% less than the output (re¬
vised figure) of the preceding week; shipments were 13%
below shipments of that week; new orders were 7% below
that week's orders, according to reports to the National
Lumber Manufacturers Association from regional associa¬
tions
covering the
operations
of important hardwood
and
softwood
mills.
1937,
shown by softwood mills reporting for both 1937
and
was
1936
1936;
the
same
Production
18%
as
shipments
below
were
booked
were:
hardwoods
orders
Mills,
of
and
27,
softwoods
136,887,000 feet.
574;
the
ended
week
output in
The Association
During the week ended Nov.
of
in
Nov.
27,
corresponding week
of
23% below last year's shipments of
week; new orders
1936 week.
feet
Rubber goods, other than boots
Ended
industry during the holiday week ended
1937, stood at 43% of the 1929 weekly average of
and
64.2
86.8
91.6
Movement—Week
lumber
Nov. 27,
57.8
65.8
89.4
271.6
Lumber
of
Nov. 27, 1937
partly
group,
the
72.9
..
Total hours worked by male
of 1%
86.3
Petroleum refining
September.
by male and female employees, respectively.
Average actual hours worked in October by 531,411 workers in the 3,854
enterprises reporting man-hours were 39.6 as compared with 39.0 in
Septtember, or an increase of, 1.5%,
80.7
Rubber products
Rubber boots and shoes
with
in total man-hours worked by male and female workers
Within this classification of industries, 1,282 concerns showed
decrease of 1.0% and an increase of 2.2% in the total man-hours
worked
89.0
Fertilizers
compared
as
were 1.0% less in October than in
Septem¬
Hours worked in 2,063
manufacturing establishments reporting man-
ber.
80.7
Other than petroleum refining.
October
hours for male and female workers
separately, decreased 0.7 of 1% for male
workers and increased 1,1% for female workers.
98.2
and petroleum refining
during
terprises the total hours worked
76.8
Newspapers and periodicals.
and
In the
women.
In
91.0
Book and Job
manu¬
for male
the manufacturing classification of industries,
2,177 enterprises re¬
ported man-hours for male and female workers combined, and in these en¬
76.8
Paper and pulp
Printing and publishing:
In the
$27.29
were
1%, while total hours worked by
85.4
Paper and printing
Boxes, paper
reporting industries
female workers increased 1.2%.
82.2
Cigars and cigarettes
weekly earnings
average
all
women.
For male and female workers combined, in all
reporting industries, the total
76.9
and snuff
in
$16.13 for
number of man-hours-decreased 0.7 of 1%.
workers during October decreased 0.8 of
69.2
Tobacco manufactures
combined
and
non-manufacturing industries weekly earnings averaged $27.10 for both
sexes combined; $30.13 for male and
$14.50 for female.
Ioe
Slaughtering and meat packing.
Sugar, beet
Sugar refining, cane
sexes
men
female workers combined; $29.80 for male and $16.53 for
Flour.
cream
both
averaged $27.23; $29.85 for
99.0
137.8
Canning and preserving
Confectionery
1.3%
1,909
enterprise.
establishments reported increases of 0.9 of 1% in the number of male and
74.0
125.5
Butter
wage payments to male workers declined
while total wages paid to women increased 0.2 of 1%.
In the non-manufacturing classification of industrial
115.9
89.3
90.4
Leather
Food and kindred products
com¬
as
117.6
120.7
Millinery
Leather and its manufactures
7.1%
90.5
135.7
Corsets and allied garments.
Men's furnishings
was
combined.
101.6
91.7
93.6
wares
1.0% of the total number of workers reported
or
The weighted average rate of increase
workers employed during October as compared with
Total wage payments to male workers declined 1.0% while
total wages paid female workers increased 0.7 of
1.%.
than 0.1
B
Non-Durable Goods
Textiles and their products
Fabrics
Wage increases
forces, showed decreases of 2.3% in the number of male and 1.9% in the
number
66.1
Marble, granite, slate A other
products
Pottery....
by the Division of
of October.
of 6,574 workers in manufacturing and non-
Changes in employment and total wages paid, according to sex.
Re¬
ports from 4,188 enterprises which designated the sex of their working
99.7
104.5
watches and
were received
weighted average of 7.3% in September and 6.6% in August.
a
64.0
112.7
—
increases
during the month
manufacturing industries,
as
63.5
Aluminum manufactures
Non-ferrous metals A their prods.
wage
affected the pay envelopes
pared with
from 71.4 to 83.6
rose
period.
same
and
The index
September.
Engines, turbines, tractors, and
water wheels
of 7-9% In employment and 17.1% in total wages paid.
Forty-eight reports of
98.4
Wire work
a
1937, indexes show In¬
60.7
79.3
allied
In total wages paid.
84.8
113.4
work
and
decrease of less than 0.1 of
a
1936, the October,
85.6
73.2
Tin cans and other tinware
Chemicals
was
increase of 1.9%
an
October,
73.0
Tools (not Including edge tools,
.
a
1923-1936,
94.5
108.3
Cotton small
represents
period,
92.6
heating
apparatus and steam fittings.
Furniture
employment
14-year
71.6
Stoves
Clocks and
in
For the
the records of the Division of Statistics and Research show: that
inclusive,
Structural A ornamental metal-
not
change
change.
94.5
—
Plumbers' supplies
Machinery,
September-October
represents a contra-seasonal
93.6
Hardware
and
current
greater than seasonal decline, while the decrease in total wage payments
the average
Forging®, Iron and steel
Steam
The
production,
feet; orders, 146,960,000 feet.
were
42% below orders of the
further reported:
1937,
536
combined;
Revised
189,440,000
mills
produced 146,197,000
shipped
135,379,000
feet;
figures for the preceding week
feet;
shipments,
155,795,000
Volume
All
TABLE
below
production in the week ended Nov. 27, and all except these two reported
shipments below production.
All regions reported orders below those of
corresponding week of 1936; all but West Coast reported shipments below
last year's week, and all softwood regions reported production below that
but
of similar
1936
West
Coast
Northern
and
pine
reported orders
totaled
feet,
Mill
Identical
Last
week's production
feet, and
a year ago
feet
128,460,000
feet
and
and
3%
or
Stocks
Receipts
1,
or
Oct. 31,
Usage
1937
Hawaii
0
330
115,540
107,576
8.294
53,957
52,529
4,878
__
Puerto Rico
...
Philippines
England.
8
928
931
&
0
8.07j
144
144
0
*1,960
13,767
8,468
*7,259
57,796
578,067
557,816
78,047
Hongkong
Other foreign areas.
Total.. „.;w—....js
Compiled in the AAA Sugar Section from reports and information submitted on
Forms SS-15B and SS-3 by importers and distributors of direct-consumption sugars.
•Includes sugar in bond and in customs' custody and control.
TABLE
feet.
380,100
*52,051
China and
*57.608
385.657
8.071
3,450
Cuba
Reports
of 448 identical softwood mills was 135,648,000
it was 165,497,000 feet; shipments were, respectively,
166,159,000 feet, and orders received, 131,304,000
227,898,000
Stocks on
Deliveries
on
Jan.
1937
the production of
below
DIRECT-CON¬
(In Terms of Short Tons of Reflneu Sugar)
Source of Supply
132,010,000
OF
DELIVERIES
1937
27, 1937, by 454 soft¬
reported for the week ended Nov.
AND
RECEIPTS,
SUMPTION SUGAR FROM SPECIFIED AREAS, JANUARY-OCTOBER,
the
same
mills.
Shipments as reported for the same week were 129,135,000
feet, or 5% below production.
Production was 136,149,000 feet.
Reports from 98 hardwood mills give new business as 4,877,000 feet,
or 51% below production.
Shipments as reported for the same week were
6,244,000 feet, or 38% below production.
Production was 10,048,000 feet.
mills
wood
3—STOCKS,
week.
Lumber orders
3731
Chronicle
Financial
145
regions
4—DELIVERIES
DIRECT-CONSUMPTION
OF
FROM
SUGAR
CONTINENTAL CANE SUGAR MILLS
Deliveries of direct-consumption sugar by Louisiana
Statement of
Sugar Statistics of AAA Covering First
and Florida mills amounted
of refined sugar, during the first 10 months of 1937.
to 77.673 short tons,* in terms
*
Months
10
Year
The
i937-~~Delivertes
of
Above
Reported
Ago
TABLE
on
Dec. 1 its
and others.
cane
refiners, beet
Total deliveries of sugar during the
to
sugar processors,
5,754.497 short tons, raw
value, totaled 5,495.898 short tons.
(The
during 1937 are con¬
verted to raw value by using the
Territory of Hawaii
Distribution of sugar in the
factor 1.0571, which is the ratio of refined
the Territory
of Hawaii for the first 10 months of 1937 was 27,186 tons and for Puerto
Rico It
Stocks of sugar on
refiners, 164,128 short tons; refined sugar held by refiners, 311,138 short
523,898 short tons, and direct
(in terms of refined sugar) 78,047
equal 1,137,113 short
These stocks, converted to raw value,
short tons.
compared with 1,357,110 short tons on the same date last year.
tons,
as
Such
stocks
do not include raws
for processing held by importers other
than refiners.
Section
of the
201
Sugar Act of 1937 provides that the Secretary of
Agriculture, in determining the sugar requirements of consumers in the
continental United States for any calendar year,
"shall use as a basis the
distributed for
consumption, as
quantity
of direct
indicated
by official statistics of the Department of Agriculture, during
consumption sugar
the 12-month period ending Oct.
31 next preceding the calendar year for
shall make allowances for a
deficiency or surplus in inventories of sugar and changes in consumption
as
computed from statistics published by agencies of the Federal Govern¬
ment
population and demand con¬
respect to inventories of sugar,
with
The distribution of direct consumption sugar in the
year
continental United
ended Oct. 31, 1937, which will be used
basis in determining sugar requirements
as a
follows to the National Lumber Trade
1937:
Orders Received
Shipments
Production
19361
1937
1936
1937
1936
1937
698,201
600,493
30,135
714,360
48,775
583,145
39,040
759,952
48,621
19,534
841,749
57,535
737,241
Softwoods
808,573
630,628
763,135
602,679
899,284
Hardwoods
1
Production during the four weeks ended
of consumers for the calendar
Nov. 27, 1937, as reported
weeks of 1936. Soft¬
of 1936 and
14% below the record of comparable mdls during the same period of 1935.
Hardwood output was 20% below production of the 1936 period.
Shipments during the four weeks ended Nov. 27, 1937, were 17% below
those of corresponding weeks of 1936, softwood showing loss of 16% and
by these mills, was 9% below that of corresponding
wood
production in 1937 was 8% bolow that of the same weeks
hardwoods, loss of 38%.
Orders received during the four weeks
below those of corresponding
ended Nov. 27, 1937, were 33%
weeks of 1936.
Softwood orders in 1937 were
weeks of 1936 and 35% beldw the same weeks of
Hardwood orders showed loss of 66% as compared with correspond¬
31 % below those of similar
1935.
ing weeks of 1936.
On Nov. 27,
softwood mills were
135 days' average production (three
1937, gross stocks as reported by 477
4,253,650 M feet, the equivalent of
1934-35-36), as compared with 3,966,448 M feet on
year average
Nov. 28,
days' average production.
27,1937, unfilled orders as reported by 471 softwood mills were
1936, the equivalent of 125
On Nov.
ditions."
States during the 12-month period
as
•
the determination is being made, and
which
reported
Raw sugar held by
hand Oct. 31 were as follows:
consumption sugar held by importers
Lumber During Four
(Figures in 1,000 Feet)
Total lumber
tons; refined sugar held by beet factories,
of
Barometer for the four weeks ended Nov. 27,
72,319 tons (Table 5).
was
Shipments
1937, was as follows:
The distribution of sugar for local consumption in
27,188
72,319
We give herewith data on identical mills for four weeks
ended Nov. 27, 1937, as reported by the National Lumber
Manufacturers Association on Dec. 9:
By
refiners, 3.800,895 short tons (deliveries shown in Table 2, less exports);
by beet sugar factories, 987,474 short tons (Table 2); by importers, 557,816
short tons (Table 3); and by continental cane sugar mills, 77,673 short
tons (Table 4),
These deliveries, converted to raw value, totaled 5,754,497
short tons.
and
An average of 560 mills
continental United States, in form for con¬
during the period Janury-October,
sumption,
*
Weeks Ended Nov. 27. 1937
produced to meltings of raw sugar during the years 1935 and 1936.)
sugar
.....
.......
...
Puerto Rico..
Production
refiners' deliveries for domestic consumption
total
LOCAL CONSUMPTION IN
PUERTO RICO, JANUARY-
(Short Tons, Raw Value)
first 10 months of 1937 amounted
Deliveries during the same period
value.
last year, in terms of raw sugar
FOR
AND
HAWAII
OF
TERRITORY
SUGAR
importers,
the Sugar Section said:
In issuing the report
OF
OCTOBER, 1937
monthly statistical statement
covering the first 10 months of 1937, consolidating reports
obtained from
5—DISTRIBUTION
THE
Sugar Section of the Agricultural Adjustment Ad¬
ministration issued
Deliveries
Adjustment made in deliveries during January-September period.
during October amounted to 7,842 short tons in terms of refined sugar.
15 days' average production, compared
equivalent of 32 days' average
X
466,843 M feet, the equivalent of
with
1,002,181 M feet on Nov. 28,1937, the
production.
1938, amounted to 6,965,170 short tons, raw value.
following is the statistical statement of the Sugar
The
States
1—RAW
1937*
OCTOBER,
The 11th
'
1
Deliveries
Stocks on
Jan. 1,
Meltings
Receipts
Lost by Stocks
for Direct
Fire,
Oct.
on
31,
1937
Consumption
1937
Ac.
6,779
62
3,366
1,353
0
28,713
22,638
0
67.517
30,491
of Sugar
Off-Shore
Received by United
First
During
Areas
11
monthly report on the status of the 1937 sugar
quotas was issued on
(In Short Tons, Raw Sugar Value)
Spurce of Supply
from
Months of 1937
SUGAR:
REFINERS' STOCKS, RECEIPTS, MELTINGS,
AND DELIVERIES FOR
DIRECT CONSUMPTION FOR JANUARY-
TABLE
Short Tons
4,852,050
Section for the first 10 months of 1937:
Dec. 7 by the Sugar Section of the Agri¬
cultural Adjustment Administration.
The report shows that
the quantity of sugar charged against the quotas for all
including the full-duty countries, during the
period, January-November, amounted to 4,852,050
tons, raw value, said an announcement by the AAA,
off-shore
areas,
11-month
Cuba
42,366 1,576,788 1,583,600
Hawaii
36,369
814,192
824,557
Puerto Rlco__
55,862
699,438
686,430
11,947
Continental,
ings. <fcc.)
32
0
9,454
5,516
5,516
0
0
0
89,885
91,671
0
0
5,313
0
926
924
0
0
2
199,685 4,148,457 4,170,927
13,025
62
164.128
..
Other countries
Miscellaneous
827,027
151,202
1,495
114,646
0
7,099
a
847,066
46,042
Philippines
Virgin Islands
0
(sweep¬
—
Total
*
Compiled in the AAA Sugar Section from reports submitted on Forms SS-15A
by 18 companies representing 23 refineries.
The companies are:
American Sugar
Refining Co.; Arbuckle Brothers: J. Aron <fc Co., Inc.: California & Hawaiian Sugar
Refining Corp., Ltd.; Colonial Sugar Co.; Godchaux Sugars, Inc.; William Hender¬
son; Imperial Sugar Co.; W. J. McCahan Sugar Refining & Molasses Co.; National
Sugar Refining Co. of New Jersey; Ohio Sugar Co.: Pennsylvania Sugar Co.; Revere
Sugar Refinery; Savannah Sugar Refining Corp.; South Coast Corp.; Sterling Sugars,
Inc., Sucrest Corp. and Western Sugar Refinery.
a Includes sugars received at refineries in Louisiana from their own sugar mills
and not chargeable to continental quota until marketed as reflnered sugar,
short
which continued:
Puerto Rico,
for entry
countries
include, in addition to the sugar actually entered before Dec. 1, 1937 (all
quantities certified for entry, including such certified quantities In transit
The report
Includes all sugars from Cuba, the Philippines,
Islands, and Hawaii recorded as entered or certified
from those areas prior to Dec. 1, 1937.
Statistics on full duty
the Virgin
on
Dec.
1.
after final outturn
data for all importations are available.
|
197,724 short tons of sugar, raw value, charged against the
There were
continental sugar cane areas and 1,056,597 short tons, raw
for the continental sugar-beet area during the
Data for November are not yet available, i
The quantities charged against the off-shore areas during the first 11
months of the year are as follows:
quota for the
value,
against the quota
first 10 months of this year.
(Tons of 2.000 Pounds—96 Degrees)
1937 Sugar Quotas
Established Under the
Area
1937
Amounts Charged
Latest Regulations
TABLE 2—STOCKS, PRODUCTION. AND DISTRIBUTION OF CANE AND
BEET SUGAR BY UNITED STATES REFINERS AND PROCESSORS.
JANUARY-OCTOBER,
The figures are subject to change
1937.
weight and polarization
Against Quotas
(In Terms of Short Tons Refined Sugar as Produced)
Cuba............
Domestic Beet
Refiners
Refiners and
Companies
Beet Factories
mm
2,052,782
1,085,304
Philippines.-.
Less amount
2,115,987
86,805
reallotted on Sept. 10..
998,499
Initial stocks of refined, Jan. 1, 1937..
Production
_
Deliveries
Final stocks of refined, Oct.
31, 1937-.
a987.474
1,139.288
4,542.689
4,846.941
523,898
835,036
249.080
890.208
3,921,525
♦3,859,467
311,138
621.164
Compiled by the AAA, Sugar Section, from reports submitted by refiners and beet
factories. .
*
Deliveries Include sugar delivered against sales for export.
The Department of
Commerce reports that exports of refined sugar amounted to 58,572 short tons during
the first 10 months of 1937.
a Larger than actual deliveries by a small amount representing losses In transit,
through reprocessing, &c.
Puerto Rico
Hawaii
-
-
-
--
971,902
883,303
...
--
867.387
1,038,333
Foreign countries—other than
Cuba ...
860,165
8,348
Total
9,869
114,641
91,466
5,160,632
Virgin Islands
4.852,050
sugar
Direct Consumption Sugars
Direct
consumption sugar
is included in the above amounts
against the various quotas, since the
charged
direct consumption sugar quota
is
3732
Financial
Deluded In the total quota for each area.
cates the
The following tabulation!
polarizing 99.8 degrees and above and
sugar
sugars into
ditions
of the outturn weight and polarization for each
operating within the industry, may result in
a
new
con
approach
pricing policy, In the opinion of the "Organon".
stand out
on
as having a
bearing on future production:
First, the characteristic growtn of new industries such
of direct
cargo
11, 1937
in the industry, coupled with
Without reviewing the well-known rapid growth of the
rayon yarn in¬
dustry in the United States, it is pointed out that at least three point*
^during the remainder
polarization groups is based
now
to rayon
sugar
polarizing less than 99.8 degrees.
The last column shows the balance available for entry
of the year.
The separation
faf
separately
Dec.
The current temporary curtailment
1937 direct consumption sugar quotas and charges against such
quotas during the period January to November, showing
reports
Chronicle
cf
consumption sugar entered against the quotas J
the very high
(In Short Tons—98]Degree Equivalent)
yarn
cost
a
as rayon;
second,
represented by fixed costs In the
producing division; third, the fact that
has not made
and sold at
Quantity Charged Against Quota
proportion of total
over recent years,
the industry
"normal" profit on investment unless yarn was produced
nearly 100% of capacity.
These three factors, the paper adds, considered together with the future
Area
1937 Quota
SugarPolar- SugarPolarizlng 99.8
izlng Less
Degree <fc
growth of the industry "and that ultimate time when a stabilized demand
for rayon yarn will have been reached
by the industry, suggest there may
have to be a new approach to rayon yarn pricing
policy over the next
Balance
Charges
Than 99.8
Above
Total
Remain¬
Degrees
ing
several years.
Cuba
375,000
Puerto Rico
120,033
*337,106
113,690
29,610
7,650
Hawaii
Philippines..
a37,894
375,000
12,343
18,832
120,033
26,482
"Specifically, instead of pricing
80,214
62,264
5,544
67,808
12,406
610,863
100%
520,710
74,013
595,323
15,540
demand), it may be necessary for the
rayon
carry costs and show
Total
rayon yarn so
only be obtained by operating at
can
3*,134"
a
low that
a
plant capacity
normal profit
(coupled with
producer to price his yarn to
profit at say 70%, 80%, or some other percentage
of his .capacity."
Revised.
•
Quotas for Full-Duty Countries
The 91,466 short tons, raw value, charged against the
quota for foreign
Cuba is the total of charges made
during the first
countries other than
11 months of the year
The
against the quotas for individual full-duty countries.
following table shows, in pounds, the 1937 quotas for those countries,
the
amounts
charged against the*"quotas during the January-November
period, and the amounts which may be admitted during the remainder
November Flour Production Statistics
c
General
Mills, Inc. summarizes the comparative flour
production as totaled for the mills reporting in the following
milling centers.
The mills annually account for approxi¬
mately 65% of the total estimated United States flour
production.
of the year.
PRODUCTION
OF FLOUR
(NUMBER OF BARRELS)
b Charged
Area
1937 Quota
a
■
Against
Balance
Quota
Month of November
1937
Belgium
2.837,292
Brazil
Canada
595
0,439,248
545,433
1,238,033
2.575
Hongkong
Colombia
395,578
Costa Rica..
198,566
Czechoslovakia
64,287,821
2,037.859
Guatemala
1,348,881
Netherlands
Peru
a
3,253,158
358,329
5,293,472
107,146,044
Oil"
2,158,440
4,057,700
182,931,543
40,350,457
as Increased by
Supplements 1 and 2 to General Sugar Quota Regulations,
b In accordance with Sec. 212 of the Sugar Act of
1937, the first
10 short tons of sugar, raw
value, Imported from any foreign country other than
Cuba have not been charged against the
quota for that
country.
Ship Coffee to Nationalist Spain
The New York Coffee & Sugar
Dec. 7 that it has received the
Exchange announced on
following cablegram from
Rio de
Janeiro, Brazil:
"Exterior Commerce Council" has decided to allow coffee
shipments to
Nationalist Spain.
General Franco sounded out possibilities of receiving
coffee shipments some time
ago but such exports are only now possible
following the abolition of exchange restrictions.
Stocks of Brazilian Coffee in New York Licensed Ware¬
houses Reported at Low Level
f New York licensed warehouse
totaled but 61,123 bags on Dec.
stocks
of Brazilian coffee
7, believed to be the smallest
stocks
for at least
this
century—equivalent to about four
days normal needs, the New York Coffee & Sugar Exchange
announced on Dec. 7.
Stocks touched their high of the
ear on
Aug. 2 when 207,954 bags were reported in wareouses licensed
by the New York Coffee & Sugar Exchange.
The
Exchange's
The small stocks
change of coffee
announcement continued:
are
due in
policy
a
large part to the transitory period in Brazil's
which
held
back
shipments
from
that
during the first part of November.
country
Today 525.000 bags are afloat from
Brazil to United States
ports, against but 206,600 bags on Nov. 24.
The
few cargoes which have
arrived during recent weeks have gone
straight
Into consuming channels
rather than supplementing the depleted New
York stocks.
A consequence of the small
supplies of Brazilian coffee In
New York has been a
price for "spot" coffee as much as two
cents
pound
once
above
cent
a
that
quoted
for
shipments
during
1938,
and
more
per
than
pound above the price quoted for coffees to arrive later
this
month.
♦
Production of Rayon Yarn Further
Curtailed During
November Due to
Temporary Slack in Demand Re¬
ports
"Rayon
Organon"—Production
85% of Capacity
Because of
of rayon
a
yarn
Equaled
further curtailed
in
the
United
States
during November, according to the "Rayon Organon,"
pub¬
lished by the Textile Economics
Bureau, Inc., New York.
Operations in the industry last month were equal to about
85% of capacity and further curtailment to around
65% of
capacity is expected during the current month, based
upon
trade advices, said the announcement of
the Textile Eco¬
nomics
Bureau, which added:
Individual rates of curtailment
vary widely, according to the publica¬
tion, ranging from a few per cent of
capacity in the case of some companies
to complete shutdown in the case of
others.
fci Deliveries
ments
of
rayon yarn
last month
again showed
equaled 252
as
ducers' stocks of yarn, as
a
drop during November.
measured
compared with 366 for October and
a
Ship¬
by the "Organon's" index as
1936 monthly average of 669.
Pro¬
result, again increased, amounting to 1.8 months'
supply at the close of November compared with 1.1 month's
supply at, the
end of October.
a
Its
and
5,205,838 28,445,445 29,284,086
6,056,655
6,841,113
Products—Crude
Output
Lowest
Confiscation
Law
Upheld—Three
More
Defendants Dismissed in Anti-Trust Trial—Govern¬
ment Wins Elk Hills Suit
A reduction of 38,800 barrels in
daily average crude oil
production for the country for the week ended Dec. 4 carried
the total off to 3,387,000 barrels—the lowest since March
13,
last—and 4,300 barrels below the December market estimate
of the Bureau of Mines,
according to statistics
compiled by
the American Petroleum Institute.
The total was under estimated demand for second
consecu¬
tive week, last week's
below-consumption
first since mid-1935, prior to which the
total being the
industry goes back
many years to find a comparable period when the Nation's
wells failed to turn out sufficient black
gold to meet the
indicated demand.
Compared with actual output a year
ago, however, production last week was up 491,100 barrels.
Small gains shown
by Louisiana and California were more
than offset by substantial declines in
production in Texas,
Oklahoma and, Kansas.
The Lone Star State turned out
1,304,3.50 barrels uaily, against the State quota of 1,354,413
barrels fixed Nov. 16 and the December Federal recommenda¬
tion of 1,399,800
barrel., and off 17,600 barrels on the week
due entirely to the Sunday shut-down in the East Texas field.
An 11,700-barrel cut in the Oklahoma
production total
pared output to 556,100 barrels daily, against the State
quota of 550,000 barrels and the Bureau of Mines' suggestion
for the State of 588,800 barrels.
Kansas was off 10,500
barrels to 168,800, against the State allowable of
176,700
barrels and the Bureau's total of
186,000 barrels daily.
Despite the fact that California was the only oil-producing
State to receive
increase in its
an
December allowable
as
suggested by the Bureau of Mines, output there was up
2,600 barrels to 703,100, against the new recommendation
of 679,400 barrels
daily set by the Federal agency.
Louisiana
producers lifted their output by 3,600 barrels to a daily
average of 246,300
barrels, which compared with
a
State
quota of 253,975 barrels and a Federal recommendation of
244,000 barrels for December.
Stocks of domestic and foreign crude oil held in the United
States slowed down their decline in the final week of Novem¬
ber, dropping only 168,000 barrels in contrast to losses of
more than
3,000,000 barrels suffered during the first three
weeks of November.
temporary slackening of demand, production
was
2,143,665 11,193,994 11,052,483
1,735,658 8,896,039 9,202,933
177,210 2,298,767
2,187,557
1,149,305
Since March—Boost East Texas Production Despite
Shutdown—Oil Stocks Again Decline-—Texas "Hot
3,380.624
6,216,140
Brazil Decides to
Petroleum
19,561,104
229,282,000
Quotas
Series 4, No. 2.
Lake, Central and Southern
990,552
3,380,624
Total
1936
5,611,452
Southwest
Pacific Coast
2,100.337
107,146,044
United Kingdom
Unallotted reserve
1937
1,313,729
2,098,340
1,755,602
443,781
12,551,978
901,022
2,100,337 J.
24,854,576
Nicaragua
1930
End. Nov. 30
2,037.859
1,500,855
4,154.180
Mexico
Northwest
Grand total of all mills reporting
51,735,843
1,500,855
Haiti
4,893,815
842,455
2,575
196,525
2,041
2,538.374
2,538,374
Dominican Republic
Dutch East Indies
5 Mos.
2,837.292
595
China and
A
Remaining
The Bureau of Mines
placed Nov. 27
stocks at 304,156,000 barrels, indicating that the
slackening
in the rate of decline was due to the
sharply lower production
in American oil fields.
The decision handed down
Court
on
Texas
hot
Dec.
oil
6
upholding
confiscation
by the United States Supreme
the constitutionality of the
laws
was
hailed by William
meaning that when the State
proves that crude oil has been produced in violation of the
conservation acts, the way is now clear fo t1
State to seize
McGraw, Attorney General,
as
the oil and sell it for the benefit of the 1*
s
treasury.
Justice
Butler read
the
majority op" m, Associate
Justices Stone and Cardozo dissenting, vLich
gave
the
State of Texas the right to institute connsca on
proceedings
a Texas State Court
against alleged illeg
oil being held
by the trustee in bankruptcy for the Trinity Refining Co.,
whose affairs are being administered
by a Federal District
Court sitting in bankruptcy.
The Lower Court had held
in
>
Volume
Financial
145
property in the custody of the bankruptcy
though illegally produced.
Approximately 3,500,000 barrels of crude oil have been
confiscated and sold by Texas officials since the State con¬
fiscation law was passed in May, 1935 and it is estimated
that there is an equal amount of hot oil current stored in
East Texas steel storage tanks and earthern pits.
"The decision," Mr. McGraw pointed out, "will prevent
innumerable corporations which might be subject to the
provisions of reorganizations from going into court and claim¬
ing any number of barrels of alleged hot oil and thereby
stop the State from taking action against the oil, and in so
doing, circumvent the conservation statutes."
that the oil
court,
was
acquittal for three more
price-fixing anti¬
Wis., were granted on Dec. 7 by
Judge Patrick T. Stone. J. A. Welch of Shreveport,
La., sales manager of the Louisiana Oil & Refining Co.;
R. R. Irwin, of the Kansas City office of the Socony-Vacuum
Oil Co., and Ira Smith of Tulsa, Okla., gasoline buyer for
the Standard Oil Co. of Indiana, won acquittals.
suit
in Madison,
Federal
Originally 23 companies and 46 of their executives and
named in the suit which went before a
jury on Oct. 4 on charges of conspiring to fix and maintain
artificially high prices of Midwest gasoline. Judge Stone has
reduced the number of companies involved to 16 after deny¬
ing a general motion to direct the acquittal of all of the
defendants. Previously, he had dismissed five of the indi¬
viduals. On Dec. 9, dispatches from Madison reported that
all defendants with the exception of H. O. Audrian of Tulsa,
attorney for Tide Water Oil, were denied motions for ac¬
other employees were
quittal by judge Stone.
The Government
was
more
fortunate in its West
Coast
against the Standard Oil Co. of California, United States
District Judge Leon R. Yankwich handing down an opinion
on Dec. 4 in its favor in the Section 36 case of the United
suit
Co. of California. The decision
to the section in Elk Hills Oil
Calif., and awarded damages
Both the Government and the
oil company are appealing from the decision, the former
seeking interest on the damages and the latter fighting for
what it deems to be its right of title.
Governor Marland, of Oklahoma, has notified Governor
Carl E. Bailey of Arkansas that he is planning to call a con¬
States
against Standard Oil
the Government title
district in Kern County,
amounting to $6,164,102.
gave
consider conservation
measures and crude oil price control on either Jan. 17 and
24, the Governor disclosed in Oklahoma City on Dec. 10.
ference
State
oil
of
governors
to
Texas..
$.04
$. 05 % I Los Angeles...
.03%-.05
iNorth
(Bayonne)
$1.25
Bunker C
yVt/;
New York
Brooklyn
z
.181
V
barrels for the week ended Nov. 27
and 135,464 barrels daily
Atlantic and Gulf Coast ports for the week
totaled 77,000 barrels, a daily average of 11,000 barrels
Receipts of California oil at
ended
Dec.
4
barrels for the week ended Nov. 27
ended Dec. 4.
Reports received from refining companies owning 89.0% of the 4,159,000
barrel estimated daily potential refining capacity of the United States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines'
basis, 3,230,000 barrels of crude oil dally during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week. 70,193.000 barrels of finished and
unfinished gasoline and 121,319,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 94.8% of the potential
charging capacity of all cracking units indicates that the industry as a whole,
on a Bureau of Mines' basis, produced an average of 745,000 barrels daily
compared with a daily average of 16,714
and 12,893 barrels
daily for the four weeks
during the week.
CRUDE RUNS TO
FINISHED AND UNFINISHED
STILLS AND STOCKS OF
(Figures In
Bradford,
Lima (Ohio Oil Co.).
—
Corning, Pa
.....
Illinois
1.35
„
Western Kentucky..
Mid-Cont't, Okla., 40 and above.—
Rodessa, Ark., 40 and above
Smackover. Ark., 24 and over
Central Field, Mich
...
—
1.40 Sunburst, Mont-^...............
1.30 Huntington, Calif., 30 and over
1.25 Kettleman Hills, 39 and over
0.90 Petrolia. Canada.———————
1.35
1.09
1.42
1.22
1.22
1.42
2.10
each)
thousands of barrels of 42 gallons
Stocks of
Crude Runs
to Stills
Finished and
of
Daily
C.
At Re¬
ated
fineries
676
669 100.0
669
East Coast.
P.
Total
Oper¬
age
Reporting
tial
Rale
86.1
5,762
Gas
Unfin'd
of
C.
P.
Aver¬
Potenr-
Stocks
Unfihished Gasoline
Finished
.....$1.27
1.25 Rusk, Texas, 40 and over.
1.27 Darst Creek
4, 1937
OIL, WEEK ENDED DEC.
GASOLINE AND GAS AND FUEL
District
shown)
Pa——————$2.20! Eldorado, Ark., 40.
fer the four
weeks ended Dec. 4.
Daily Refining
(All gravities where A. P. I. degrees are not
the
average gross
Wells
Prices of Typical Crudes per Barrel at
v
estimates < that
Institute
Petroleum
crude oil production for the week ended
Dec. 4, 1937, was 3,387,000 barrels.
This was a drop of
38,S00 barrels from the output of the previous week, and
the current week's figure was aLo below tho 3,491,300
barrel calculated by the United States Department of the
Interior to be the total of the restrictions imposed by the
various oil-producing States during December.
Daily aver¬
age production for the four weeks ended Dec. 4, 1937, is
estimated at 3,482,000 barrels.
The daily average output
for the week ended Dec. 5, 1936, totaled, 3,000,200 barrels.
Further details, a3 reported by the Institute, follow:
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Dec. 4 totaled 1,051,000 barrels,
a daily average of 150,143 barrels, compared with a daily average of 127,714
daily
crude oil price changes,.
were no
During Week
3,387,000 Barrels
Capacity
There
-
Production
Oil
Crude
Ended Dec. 4 Placed at
American
...$.175
$.1651 Buffalo
city sales tax.
Average
The
Included
Service Station, Tax
| Boston
.19
$.02%-.03
ITulsa
I
..—$.053
INewark
$.19
Not Including 2%
Daily
Terminal
Gas Oil, F.O.B. Refinery or
Gasoline,
z
1.35
I
N. Y. (Bayonne)—
IChicago—
27 plus
____$.04%I 28-30 D
z
$1.05
|California 24 plus D
INew Orleans C.
$1.00-1.25 Phlla., Bunker C
2.201
28-30 D
Diesel
Terminal
F.O.B. Refinery or
Fuel OH,
N. Y. (Bayonne)—
individual defendants in the Government's
trust
Car, F.O.B. Refinery
|New Orleans.-$.05%-.05%
I Tulsa
03%-.04
Kerosene, 41-43 Water White, Tank
New York—
even
Motions for directed verdicts of
3733
Chronicle
and
Fuel
Terms., Nap'tha
Distil.
&c.
Oil
11,306
1,246
14,526
1,064
146
129
88.4
90
69.8
901
1.604
217
Appalachian.
529
489
92.4
421
86.1
5,114
4,601
647
Ind.,Ill..Ky_
7,341
452
383
84.7
267
69.7
2,655
405
3,822
1,834
11,781
3,430
Okla.,
Kan.,
PRODUCTS—GASOLINE
FOUR-MONTH
SLUM ^-MARKETS HOLD
FUEL'OIL
STOCKS
HIGH—REFINERY OPERATIONS
STEADY—NAVY BUYS $3,996,720
AT
climbed 1,649,000 barrels during the week ended Dec. 4 to hit 70,193,000
barrels—the highest since July 31-—according to statistics
compiled by the American Petroleum Institute.
The customary seasonal contraction in demand, intensi¬
fied by cold weather which cut down motoring, sent refinery
stocks up 348,000 barrels to 39,082,000 barrels.
Stocks at
bulk terminals gained 1,228,000 barrels to 24,555,000 barrels.
Inventories of unfinished motor fuel rose 73,000 barrels to
6,856,000 barrels.
The gain in gasoline stocks—broadest in months—was in
the face of a 2.9 point slump in refinery operations to 78.3%
of capacity, the lowest since May 8, last.
Daily average
runs of crude oil to stills were off 95,000 barrels to 3,230,000
barrels.
Stocks of gas and fuel oil dipped as withdrawals
increased on the cold weather, dropping 297,000 barrels to
121,319,000 barrels.
The markets held firm on the whole as the refined products
branch headed into the final month of 1937. Strengthening
in the underlying price structure for fuel and heating oils
again was in evidence but no concerted advance was made.
Prices of gasoline displayed better than seasonal firmness.
The Atlantic Refining Co. on Dec. 10 posted a reduction
of Yz cent a gallon in the price of gasoline to dealers in
Philadelphia, paring the price to 7cents.
The company
made a cut of Y cent late last month.
Stocks of finished and unfinished gasoline
Navy Department announced the award of contracts
"totaling $3,996,720 for fuel oil from Washington on Dec. 9.
The purchase, calling for 4,346,150 barrels of fuel oil, repre¬
sent the navy's West Coast requirements for the first half
The
of
,
106
52.7
370
797
95.7
694
87.1
7,764
246
1,867
174
168
96.6
145
86.3
857
444
431
No. La .-Ark.
91
58
63.7
45
77.6
251
112
63
89
62
69.7
48
77.4
1,435
88
650
Rocky Mtn.
California.—
821
746
90.9
509
68.2
8,975
2~465
1,242
73,170
3,702
89.0
2,900
78.3
36,152
23,645
457
330
2,930
610
6,576 118,169
280
3,150
4,159
4,159
3,230
3,325
39,082
24,255
0,850 121,319
38,734
23,027
0,783 121,616
z3,002
Reported
Esta. unrepd.
33,734
19,271
6,321 110.913
xEst.tot.U.S.
4*37
4,159
Nov.27 '37
4,159
Dec.
j
U.S.B. of M.
xDec.
x
639
4*36
Estimated Bureau of
Mines' basis,
z
December, 1936 dally average.
PRODUCTION
DAILY AVERAGE CRUDE OIL
(Figures In Barrels)
B. of
Four
M.f
Week
Dept. of
Interior
State
Week
Change
Weeks
Allowable
Ended
from
Ended
Ended
Calcu¬
Dec. 1
Dec. 4
Previous
Dec. 4
Dec. 5
1937
Week
1937
1936
y
lations
(Dec.)
North Texas
West Central
West Texas
Texas.
East Central
East Texas
Southwest Texas—
65.700
33,950
33.600
+ 1.800
196,700
—9,100
+ 850
101.900
157.650
83.900
450,300
444,000
—2,350
246.100
175,000
—3,300
197.050
153,950
62.050
1,175,850
1,399,800 xl354143 1,304,350 —17,600 1,371,100
Total Texas
74,900
Total Louisiana....
244,000
253,975
33,900
73,750
79.700
+3,650
169,400
159,300
240,300
+ 3,600
243,150
239.000
44,100
137,000
Coastal Louisiana
—50
171,400
North Louisiana
—1,350
44,950
135.350
27.700
114,900
65.000
29,700
63,750
46,600
63,750
48,700
126,200
Eastern
72.850
—200
191,900
Coastal Texas
Arkansas
—200
91,400
Texas.
72,250
240,600
—
160.200
—5,100
416.900
Panhandle Texas—
629.100
33,450
176,700
180,100
190,050
550.000
180,000
567,600
72,350
588,800
Kansas—
556,100 —11,700
168,800 —10,500
67,700
Oklahoma.
+2,850
—1,150
—6,300
Gasolictq ,(Above 65 Octane), Tank
New York—
New York—
\e
N. J..T07%
Socony-Vacuum ..£.08
Tide Water Oil Co/ .08%
Richfield OIKCal.) .07%
Warner-Qulnlan
_
_
.07%
Texas.
Gulf
-
Shell Eastern
7% cents to dealers
Car Lots, F.O.B* Refinery
Other
Cities—
$.05 -.05%
$.07% Chicago
.08% New Orleans.. .O0%-.O7
.05%
.07% Gulf ports
Tulsa
.04%-.04%
...
51,800
57,100
Montana
H)j&ra gallon cut In gasoline prices to
Philadelphia
,-osted by Atlantic Refining.
Stand. Oil
56.6
833
La. Gulf
Wyoming...
0/,
Dec. 10—A
U. S.
201
Texas Gulf
Michigan
1938.
Representative price changes follow:
n
355
212
Inland Texas
REFINED
3,498
1,535
Mo
15,800
4,400
15,750
+ 750
15,350
4,300
+ 100
4,250
3.400
104,100
104,750
—100
104,800
82,050
Colorado
New Mexico.
Total east of
2,683,900 —41,400 2,775,400 2,427,200
Calif.. 2,811,900
703,100
079,400
California
1
allowable revised to
+2.600
706,600
573.000
3,387,000 —38,800 3,482,000 3.000,200
Total United States. 3.491,300
xNov.
18,100
1,354,143, effective Nov. 10.
Railroad Commission's order calls for
In addition, the
shutting down the East Texas
field on the
3734
Financial
Chronicle
following Sundays: Nov. 21 and 28; Dec. 5 and 12. "in order to take pressure tests
under more stable conditions."
y Complete details on December State allowables
might have been surreptitiously produced.
1937
Weekly Coal Production Statistics
not yet available.
No doubt all will be available for next week's report.
Note—The figures Indicated above do not include any estimate of any oil which
Dec. 11,
The National Bituminous Coal Commission in its
weekly
coal report stated that the total production of soft coal in
the week ended Nov. 27 is estimated at 7,206,000 net tons,
against 7,908,000 tons in the preceding week..# Loadings
was due to the Thanksgiving Day
holiday, and that production on all other days was higher
than in the preceding week.
Production in the week of
as
Preliminary Estimates of Production of Coal for Month
of
November, 1937
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, 1937, amounted to 35,300,000 net tons, com¬
pared with 41,879,000 net tons in the corresponding month
last year and 40,675,000 tons in October, 1937.
Anthra¬
cite production during November totaled 4,273,000 net
tons,
as against 4,334,000 tons a
year ago and 4,684,000 tons in
October, 1937.
The consolidated statement of the two
aforementioned organizations follows:
Total
Number
for
Month
of
Working
(Net Tons)
Days
Calendar
Average
Working
Day
(Net Tons)
Year to End
per
of November
(Net Tons)
indicate that the decline
Nov. 28, 1936 was estimated at 9,825,000 tons.
The Bureau of Mines in its weekly report said
that the
Thanksgiving Day in the anthracite region was
responsible for an apparant decrease in the total output for
the week ended Nov. 27, in comparison with the preceding
week.
Based on the five working days of the week however,
the average daily production of 190,800 tons increased
16.5% over the six-day average of 163,800 tons produced in
the week of Nov. 20.
In comparison with the correspond¬
ing week of 1936, also a five-day week, there was a decline
of 14.1 % in the daily rate.
The consolidated report of both of the above-mentioned
organizations follows:
observance of
ESTIMATED UNITED
STATES PRODUCTION
BEEHIVE
OF COAL AND
(IN NET TONS)
COKE
November, 1937 (.Prelim.)
Bituminous coal.a
35,300,000
Anthracite, b
24.5
1,441,000
403,037,000
24
178,000
45,310,000
26
4,273,000
169,400
Beehive coke
6,515
3,018,000
October, 1937 (Revised)—
Bituminous coal.a.
40,675,000
4,684,000
26
25
187,400
226,900
26
Nov., 1936 (Revised)—
Bituminous coal.a...
41,879,000
4,334,000
225,800
Anthracite-b
Beehive coke
a
luuiuucB
tur
yurpuBtw
ui
uinbunuai
388,314,000
188,400
49,813,000
25
9,032
cumimriHuu
uuu
statistical
c7,206,000
cl,441,000
28, 1936
9,825,000
1,965,000
7,908,000
954,000
Daily average
1,813,000
23
Nov.
983,000
1,318,000
Pennsylvania anthracite: b
8,727
23.1
Nov. 20, 1937
Nov. 27, 1937
a
Total. Including mine fuel
1,564,000
Anthracite b
Beehive coke
Week Ended—
Bituminous coal:
Total, including mine fuel
Dally average
1,460,800
convenience,
163,800
936,000
1,110,000
222,000
1,057,000
34,400
37,900
59,700
5,733
United States total
6,317
9,950
Daily average
tne
production of lignite and of anthracite and seml-anthraclte outside of
Pennsylvania,
b Total production,
including colliery fuel, washery and dredge coal, and coai
shipped by truck from authorized operations.
Note—All current estimates will later be
adjusted to agree with the results of the
complete canvass of production made at the end of the calendar year.
190,800
909,000
Commercial production.!
Beehive coke:
Calendar Year to Date f—
Bituminous coal:
1937
1929
1936
a
Total, including mine fuel
Dally average
406,989,000
1,443,000
389,731,000
1,379,000
1,727.000
h44,725,000
h49,064,000
h65,284,000
162,900
178,700
237,800
489,668,000
Pennsylvania anthracite: b
Total, Including mine fuel
Dally average
October Production and Shipments of'Portland Cement
_The monthly cement report of the Bureau of Mines" dis¬
closed^ that the Portland cement industry in October, 1937,
produced 11,374,000 barrels, shipped 11,190,000 barrels from
the mills, and had in stock at the end of the month
21,572,000
barrels.
Production and shipments of Portland cement in
October, 1937, showed decreases, respectively, of 8.8 and
14.5%, as compared with October, 1936. Portland cement
stocks at mills
19.3% higher than a. year ago.
shipments—89,839,000 barrels—in
1937, is estimated as $134,497,000.
According to the reports of producers the shipments totals
the
first
nine
months
of
1937
include
3,009,300
Daily average
b Includes
washery
and
dredgo coal and coal shipped by truck from
ESTIMATED
WEEKLY
PRODUCTION OF
railroad carloadlngs and river shipments and
on
subject to revision on receipt of monthly tonnage reports from
State sources or of final annual returns from the operators.)
are
Week Ended—
Nov.
1937 p
Sept. 1937
Alaska
Aug. 1937
July 1937
46.7%
53.1%
47.1%
54.4%
47.6%
53.1%
47.8%
Colorado
Production
1937
Shipments
1936
100
1,952
3,622
4,365
756
737
1,694
2,194
1,127
887
869
986
787
1,458
603
531
558
743
790
340
327
281
362
1,272
1,045
1,366
1,088
1,186
1,301
428
463
500
487
488
624
12,470
11.374
13,089
11,190
18,079
21,572
1,082
1,106
1,155
1,335
1,023
1,458
1,088
1,289
Oregon and Washington.
AND
236
277
1
8
8
1,089
1,401
1,571
365
344
463
350
400
536
72
56
128
114
82
86
Kansas and Missouri
167
137
149
159
157
175
653
821
927
715
824
724
193
189
202
172
326
218
33
34
32
35
49
8
8
16
13
17
26
Montana
76
69
77
80
88
83
New Mexico
32
30
39
36
62
62
Michigan
75
STOCKS
OF
64
835
s56
61
45
35
477
521
568
483
522
764
1,737
1,928
2,587
1,962
2,933
2,993
97
119
115
_
117
106
98
15
15
19
17
18
29
78
78
99
108
141
112
274
297
290
208
244
217
42
38
37
43
54
72
1,335
1,731
1,994
1,597
2,021
1,271
488
West Virginia—Southern.a
508
837
1,224
Mo., Neb., Kan., Okla. A Ark
173
173
1
585
684
440
742
776
141
179
184
1,677
643
341
1,135
1.053
1,133
146
*
1,218
Washington
2,430
736
Colo., Mont., Utah, Wyo. A Ida.
Total
8
409
151
1,045
Virginia
Texas
PRODUCTION, SHIPMENTS,
s
284
74
Texas
1937
1,861
1,243
California
3
172
75
170
Tennessee
of Month
1937
1,619
2,573
1,046
1,458
1,670
1.954
W.
2
259
Utah...
1936
810
East. Mo., Iowa, Minn. A 8. Dak
2
72
North and South Dakota
2,401
1,277
Avge.
1923©
231
*
Pennsylvania bituminous
Stocks at End
Eastern Pa., N. J., and Md
New York and Maine
1929
1935
1,075
Ohio
Ohio, western Pa. and W. Va
Michigan
Wis., ill., Ind., and Ky
Va., Tenn., Ala., Ga., Fla., A La.
r
2
Western
(In Thousands of Barrels)
1936
1936
82
Arkansas and Oklahoma
Maryland
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN OCTOBER, 1936 AND 1937
District
p
236
Alabama
Illinois
•
1937
Kentucky—Eastern
52.0%
40.0%
district and
State
Iowa
56.0%
COAL, BY STATES
(IN THOUSANDS OF NET TONS)
(The current estimates are based
Indiana
The 12 months ended...
authorized
c Subject to revision,
f Sum of 48 full weeks ended Nov. 27, 1937 and
correspondong 48 weeks of 1936 and 1929.
g Comparable data not yet available,
h Sum of 47 weeks ended Nov. 20.
1 Excludes mine fuel.
Georgia and North Carolina
1937
21,385
5,400
Nov. 20 Nov. 13 Nov. 21 Nov. 23 Nov. 23
RATIO OF PRODUCTION TO CAPACITY
Oct.
'
operations,
approximately
of production to
capacity the total output of finished cement is compared
with the estimated
capacity of 160 plants at the close of
October, 1936 and 1937.
Oct. 1936
6
6,051,900
1,528.100
10,634
—
estimated mill value of $4,844,000.
In the following statement of relation
The month
6
a Includes for purposes of historical comparison and statistical convenience the
production of lignite and anthracite and semi-anthracite outside of Pennsylvania,
2,567,000 barrels of high-early-strength Portland cement with
an
8
United States total
were
The mill value of the
the first nine months of
for
Commercial production.1
Beehive coke:
1,115
938
1,188
932
FINISHED
2,758
1,818
1,982
1,861
PORTLAND
CEMENT, BY MONTHS
Northern.b
Wyoming
126
Other Western
*
States.c
Total bituminous coal
7,908
Pennsylvania anthraclte.d
983
*00
All coal
OO
128
160
*
*
rH
8,688
10,317
*
8,312
87
85
11,173
10,878
999
1,267
1,028
1,323
1,896
9,687
11,584
9,340
12,496
12.774
Includes operations on the N. & W., C. A O., Virginian, K. A M., B. C. &
C.,
Mason, and Clay counties, b Rest of State, includ¬
ing the Panhandle District and Grant, Mineral, and Tucker counties,
c Includes
Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania anth¬
a
and on the B. & O. in Kanawha,
racite from published reports of the Bureau of Mines,
e Average weekly rate for
the entire month,
p Preliminary,
r Revised,
s Alaska, Georgia, North Carolina,
and South Dakota Included with "other Western States."
* Less than 1,000 tons.
(In Thousands of Barrels)
Month
Production
1936
January...
February..
3,650
3.475
March
5,311
8,612
April.....
May
June......
July...
August
11,104
11,377
11.503
12,599
September.
12,347
1937
6,616
Shipments
1936
3.917
1937
1936
22,686
"Metal
3.177
5,163
7,186
9,182
11.240
7.879
22,971
21.126
10,272
20.571
25,622
25.747
11,890
20.431
25,493
12,521
11,823
12.624
12,619
13,089
12.470
10,977
8,971
24.011
18,975
23.370
18,920
18.738
a21.388
11,190
18 079
21,572
6,246
112.396
19,281
12,237
12.291
12,773
8,942
December..
12.645
22,940
112.566
20,117
22,441
1
and
but
Mineral
Steadies
Copper Touches 10c.
Later—Zinc Lower
Markets" in
its
issue
of
Dec.
9
further stated:
Copper
Revised.
Note—The statistics given above are compiled from
reports
ceived by the Bureau of Mines from all manufacturing plants.
Metals-—Domestic
Week,
reported business booked in major non-ferrous metals in the
last week was on a moderately larger scale, inspired to some
extent by lower prices for both copper and zinc.
Inquiry
for metals was chiefly for first- and
second-quarter delivery.
Sellers, on the other hand, were a little shy about doing
business far ahead under present conditions.
The zinc
statistics showed a substantial gain in stocks for November.
Domestic antimony,
quicksilver, and refined platinum
were reduced in
price during the week.
This publication
24.394
25.059
8,443
November.
■
Early in
1937
4,689
5,837
10,402
11,634
11,163
11,597
11,894
11,223
11,374
October
Total
Non-Ferrous
Stocks at End of
Month
for
October
re¬
Continued
down to
dulness in copper at the outset of the week brought the price
10c., Valley, a reduction of one-half cent.
The decline was an-
Volume
Financial
145
smelter late on Dec. 2 and not much copper
nounced by a custom
sold on
the 10c.
and the 10 He. basis.
Good inquiry developed on the following day, and
the price gradually moved back to 10 He.
On Dec. 4 the market was
quotable at 10He. flat, with the situation on Dec. 6 about the same, except
that on the last-named date a little business was booked at 10He. and
that basis on that day; sales were
about equally divided between
week prices ranged from
10Hc. to 10He., Valley basis.
Sales for the last week totaled 5,967 tons,
against 6,005 tons in the preceding week.
The trade looks for a substantial
increase in domestic stocks of copper for November, and further curtail¬
above
some
In the last two days of the
10 He.
unless business improves.
The foreign market was firmer last week on a satisfactory volume of
business.
Operators abroad believe that production by the Cartel will
be reduced further.
World stocks of copper at the end of November will
production may be necessary
in
ment
3735
Chronicle
of the Carnegie-Illinois
Coal, Iron & Railroad Go.
PIG IRON IN THE UNITED
blast were a Mingo unit
The two furnaces put in
Fairfield unit of the Tennessee
Steel Corp., and a
DAILY AVERAGE
STATE8
BY
PRODUCTION OF COKE
MONTHS SINCE JAN 1,
1935
1930
,1937
18.348
39.201
47,056
65,351
103,597
19,798
45,131
52,243
57.448
62,886
107,115
57,098
65,816
111,590
28,430
February
March
1934
31,380
33,251
31.201
January
1933
57,561
55.449
80,125
85.432
86,208
113,055
114,104
103.584
17,484
May
2$270
20,787
28.621
05,900
55,713
June
20.935
42,166
64,338
51.760
28,412
24,536
54,134
54,138
74.331
108,870
112,800
110.317
April
First six months.
*
July
18.461
57.821
39.510
49.041
83,686
August
17,115
34,012
56 810
87,475
29.935
59.216
91,010
63.820
58,864
96.512
113,679
93,311
98.246
66,891
67,950
100.485
57,550
83,658
September
probably exceed 400,000 tons, according to early
''v
^
the last week, sales other than
4,965 tons in the preceding
week.
However, the demand was sufficient to hold prices on a steady basis,
feeling is now quite general that stocks, olf refined lead increased during
November by more than 5,000 tons.
The gain in stocks should not threaten
the price structure, producers contend. Shipments to consumers for Novem¬
ber, preliminary estimates indicate, amounted to 35,000 tons.
Quotations remained unchanged at 5c., New York, the contract settling
basis of the American Smelting & Refining Co. and 4.85c., St. Louis.
Buying of lead was on a reduced scale in
business totaling 2,780 tons, against
contract
Business
was
booked by St. Joseph
Lead in the East, on its own
19,753
59,142
60.742
October
estimates.
Lead
v
1932—GROSS TONS
1932
20.800
43.754
30.679
November
21.042
30,174
December
17,615
38,131
31,898
33,149
23,733
30,199
43,592
12
average
mos.
PRODUCTION
OF
OF
COKE PIG IRON AND
(GROSS TON8)
FERROMANQANESE
Ferromanganese y
Pig Iron x
brands,
1936
1937
1936
1937
24,766
23.060
January
November's
stocks
and
of
zinc
continued at
brought in
most
statistics
were
unfavorable, showing an increase in
5c., St. Louis, on Dec. 2
throughout the week.
The lower quotation
The price dropped to
17,167 tons.
that level
was
is
1938 delivery.
obvious
that
total
deliveries
Consequently, it
the month.
domestic consumption were
of zinc for
by the American Zinc Institute. A
of the foreign zinc delivered in November was High Grade,
larger than the 32,221 tons reported
large
part
3,391,665
3,537.231
3,107.606
2,580,240
34.415
15,649
19,706,593
13,528,226
170,857
128,058
3.498,858
3.605.818
3,410,371
2,594,268
2,711.721
2,730,393
2,991.887
2,947.365
3.115,037
23.913
29,696
26,100
20.348
20.205
25,473
24,368
June
Half year
The domestic
include any foreign metal that
shipped to domestic consumers during
24,988
27,757
20,765
34.632
22,726
April
May.....
1,823.706
2.040.311
2.403,683
2,648,401
24,228
3.459.473
Unfortunately,
inquiry for zinc for shipment next year.
some
of the demand was for second-quarter
slab zinc statistics for November did not
2.999.218
March
Zinc
8.211,600
February
at a premium.
2,025.885
July
August
September
i
October
Deoember
according to traders.
xTheee totals do not
The undertone of the market for tin was
include charcoal pig iron.
METALS ("E. & M. J."
November Production
Straits
Electrolytic Copper
ing tabulation of slab zinc
SLAB ZINC
■
'
'
Deo.
Dec.
Zinc
Lead
Tin
Shipped
Stock at
During
End of
New York
Louis
43.500
5.00
4.85
5.00
9.775«10.275
9.850
44.125
5.00
4.85
5.00
10.275
9.925
44.875
5.00
4.85
10.050
44.875
5.00
4.85
4.85
4.85
7... 10.150al0.275
10 000
43.875
10.150al0.275
10.000
43.750
5.00
.
6.00
End of
Period
Period
0,352
68.491
47,769
26.651
18,273
002,601
436,275
143.618
190
314,514
129.842
124,850
41
19.875
23,099
Year 1932
031,001
504,463
300,738
213.531
Year 1933
324,705
344.001
18,560
23.653
Year 1930
218,517
5.00
Lead
Tin, Std.
Copper
Year 1934
366,933
352,663
Year 1935
431,499
405,740
83,758
69
38,329
41,642
46.341
79,059
0
38,205
35,872
42,219
February
36,156
39,846
75,369
0
38,004
34,334
42,411
38.087
79,093
0
37,922
56,829
41,638
80,634
0
41,400
28,370
27,090
44,458
1936
ZM
Spot
3M
Spot
ZM
192 H
194 H
191H
15 H
167u
15H
16H
46
200 H
199H
16 H
17
43,180
42,239
May
44,833
44,875
43,905
81,562
0
41,048
41.582
84.855
0
45,481
41.819
88,517
0
July
40,700
41,308
38,176
38,135
43,542
46.013
80.046
0
51,775
70,482
0
38,326
53,963
0
41,733
39,157
45,670
50,887
43.103
46,940
59,512
44,955
42,965
40,125
*38,588
40,642
75,891
November
08,744
57,527
60,513
October
42,211
46,225
54,064
September
41,308
40.672
38,358
August.
♦38,461
*38,538
523,160
661,969
Monthly aver.
43,597
40,831
June
-
195H
16H
193 %
16 H
16',,
15H
.
15 H
417i«
41llu
Dec. 7
407i»
40 H
44 H
197
Dec. 8
40 M
407i»
44 H
194 H
Spot
15»»„
for the first session of the
the official closing buyers'
°i
1937
40,047
51,227
33,775
°{
February
37,794
46,953
24,016
0
18,183
of
59,635
53,202
Pig
Iron
Month
56,229
13,963
55,012
55,201
13,774
June
50,526
50,219
14,081
Of
July
49,181
49,701
13,561
Of
August
48,309
50,643
11,227
0
47,737
13,517
0
November Rate at 20-
Low
Age," issue of Dec. 9, reported that produc¬
tion of coke pig iron in November dropped to 2,006,724 gross
tons from 2,892,629 tons in October.
The loss in the dailyrate amounted to 28.3%, or from 93,311 tons in October to
66,891 in November. The daily rate last month was the
lowest since March, 1936, when it stood at 65,816 tons.
The "Iron Age" further states:
52,645
40,345
25,817
of
49,388
32.221
42,984
Of
The "Iron
1, the 113 op¬
erating at 58,965 tons daily, against 151 on Nov. 1, producing 83,850 tons
daily. Forty furnaces were blown out or banked and two furnaces were
put in blast. The United States Steel Corp. took 11 off blast and put two
in operation.
Independent producers took 20 off blast and merchant pro¬
There
was
a
net loss
of 38 furnaces making iron on Dec.
ducers blew out or banked
nine units.
Among the furnaces blown out or
banked were the following: One Du-
three Edgar Thompson, one Ohio, two Gary, of the Carnegie-Illinois
Corp.; two Monongahela, two Lorain, National Tube Co.; three
quesne,
Steel
Steel Co.; one Donner,
one Haselton, one River, one Betty, one Gulfsteel, and one Pioneer, Republic
Steel Corp.; one Susquehanna, National Steel Corp.; one Eliza, Jones &
Laughlin Steel Corp.; one Monessen, Pittsburgh Steel Co.; one Ashland,
American Rolling Mill Co.; one Jeannette and one Iroquois, Youngstown
8heet & Tube Co.; two Madeline, Inland Steel Co.; one Colorado, Colorado
Fuel & Iron Co.; one Swede. Alan Wood Steel Co.; one Shenango, Shenango
Furnace Co.; one Portsmouth, Wheeling Steel Corp.; one Zenith, Inter lake
Iron Corp.; one North Birmingham, Sloss-Sheffield Steel & Iron Co.; one
Woodward Iron Co. furnace; one MyBtic Iron Works furnace, and the
Cambria, two Lackawanna, one
Colonial Iron Co. furnace.
Steel ton, Bethlehem
50,027
September
October
November
•
Equivalent
78,026
40,285
♦35,719
42,786
*38,289
43,635
of
of
43,660
40,013
♦38.447
70,544
39.948
*37.851
40,588
*38,417
41.177
77,909
89,846
81,448
,
retorts
computed
on
24-hour
basis,
•39,019
43,724
♦38,930
♦48,270
♦42,519
44,186
59.209
*43,007
43,205
♦42,180
46,199
*45,175
46,171
♦45,147
82,596
60,183
48,520
♦48,387
ton (2,240 lbs.)
Drops 28%:
Output
52,009
April
65,173
37,915
*38,979
May
All are in pounds sterling per long
prices.
*38,607
35,968
0
January
Ill arch
the official buyer's prices
London Metal Exchange; prices for copper and tin are
Prices for lead and zinc are
°1
0
16 H
16'u
16H
151',,
40 H
40 X
44
40 H
Dec. 6
61,186
April
10
193 H
16 H
16 H
16«„
45
39 H
Dec. 3
30,786
36,189
37,778
37,888
Zinc
Electro.
Dec. 2
8,478
15.978
28,887
32,341
Total for yr.
Dally London Prices
(Bid)
148
27,190
32,944
December
4 are: Domestic copper f.o.b,
tin, 43.438c.; New York lead,
6.00c.; St. Louis lead, 4.850c.: St. Louis zinc, 5.125c., and silver, 44.750c.
The aDove quotations are "M. <fe M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash, New York or St. Louis, as noted.
All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
ZM
21,023
105,560
119,830
5.00
Average prices for calendar week ended Dec.
10.275c.; export copper. 9.800c.: Straits
Spot
170
239
18,585
5.00
refinery,
Copper, Std.
Period
Orders
Period
March
5.00
V
4.85
5.00
44.167
9.942
10.171
.
Unfilled
Retorts
During
January
5.00
Dec. 8
Average
57,999
31.240
Year 1931
9.825
4...
Avge
St.
St. Louis
Period
Retorlt
(a)
Shipped Operating
End of
for
75,430
Year 1929
New York
Exp., Refy.
follow¬
Export
Produced
,
Zinc
Dec. 6 released the
statistics:
During
9.775al0.275
Dec. 6
254,728
Included in pig iron figures.
STATISTICS (ALL GRADES)—1929-1937
(Tons of 2,000 Pounds)
■
,
;/
QUOTATIONS)
10.275
Dec. 3...
y
and Shipments of Slab
The American Zinc Institute on
Period
Dec. 2...
19,805
25,715
here would remain
DAILY PRICES OP
Dom., Refy.
15,919
The
fairly steady last week.
unchanged for the next con¬
tracting period, beginning Jan. 1, resulted in a fair amount of business
on Saturday, Dec. 4.
Since then, the market has been rather quiet, with
the trade awaiting the outcome of the meeting of the Tin Committee
scheduled for Dec. 10.
At the meeting the question of reducing produc¬
tion quotas for the first quarter to 85% or possibly lower will be settled.
It is rumored that Malaya will be given a larger export allowance.
Chinese tin, 99%, was nominally as follows: Dec. 2d, 41.750c.; 3d,
42.375c.; 4th, 43.125c.; 6th, 43.125c.; 7th, 42.125c.; 8th. 42.000c.
that tin-plate prices
20.058
30,018,797
Year
Tin
news
2.892.629
2,006,724
November
19,667
18,303
*47.190
51,809
51,715
♦49,860
50.324
♦49,706
43,429
48,084
50,578
♦48,110
47,923
*45,249
67,143
100,187
92,319
75,086
*45,088
*47.552
a
01,151
shipments
Export
are
included in total shipments.
♦
November Steel Output Down
37%
Tonnage of open-hearth and Bessemer steej. ingots pro¬
duced during November amounted to 2,153,781 gross tons,
a decline of almost 37% from October and 59% below March
peak month of 1937, according to a report released Dec. 7
by the American Iron and Steel Institute.
The total for November was the lowest monthly volume
since December 1934, when 1,964,257 gross tons were pro¬
duced.
Output in October of this year amounted to 3,392,691 gross tons, while the March tonnage was 5,216,666.
The November volume showed a decline of 50% from No¬
the
vember, 1936 when 4,323,025 gross tons were
produced.
producing the last month's tonnage the industry oper¬
ated at 38.22% of capacity, compared with 58.31% in Octo¬
ber and 76.94% in November of last year.
In
3736
Financial
Despite the sharp decline in steel output in recent months,
the total of 48,045,241
gross tons of ingots produced in the
first eleven months of this
year is nearly 5% ahead of outpdt
in the corresponding
period of 1928, the second
biggest steel
record.
Production in the first eleven months of that
year aggre¬
gated 45,846,977 gross tons, but over 4,000,000 tons were
produced in December of that year, raising the year's total
year on
to
49,865,185
tons.
gross
1929
period
54,312,279
was
this
of
year.
peak year, 51,409,267
7% more than in the
The year's total for
tons.
gross
MONTHLY PRODUCTION OF OPEN HEARTH AND
BESSEMER STEEL
INGOTS—JANUARY. 1936, TO OCTOBER, 1937
Calculations baaed
on
reports of companies which in
open hearth and
1936
made
98.29% of the
100% of the Bessemer Ingot production)
Number of
Weekly
Weeks in
Production
Month
*Per Cent
Tons
of Capacity
(Gross Tons)
4,724,939
4,413.832
5,216,668
81.43
89.91
1,066,578
1,103,458
1,177,577
14,355,437
85.23
1,116,286
90.27
1937—
February
March
First quarter
April
May.
84.25
4.43
4.00
4.43
12.86
Dec.
of 60c.
uninterrupted drop from $20.58 in the third week of August.
by the Southern Pacific, 30,000 tons by the Northern Pacific, 22,000
by the Western Pacific, 5,000 tons by the Kansas City Southern and
tons
2,936 tons by the Central of Georgia.
The St. Louis-San Francisco has
asked court permission to spend $1,072,827 for rails and track
supplies and
nearly $1,000,000 additional for
First six months
and locomotive repairs and shop tools.
anc| Nickel Plate roads will
market for rails in January.
buying generally is still at
the
come into the
stagnation point, there is
encouragement in the fact that
largest orders in eight
a leading Chicago
producer had the
Some of the current business will not be
weeks.
shipped until first quarter.
Indications continue to point to
moderate
a
rise in production by
mid-January.
Output of open-hearth and bessemer ingots In November totaled 2,153,781
tons, equal to only 38.22% of capacity, and the lowest
monthly tonnage
since December, 1934.
The November total was 37% below that of October
and 59% below March, the peak month of 1937.
Pig iron production also dropped sharply last month,the loss In the
daily
28.3%.
Total output was 2.006,724 tons compared with
2,892.629 tons in October.
The daily rate in November of 66,891 tons was
the lowest since March, 1936.
There was a net loss of 38 furnaces; on Dec. 1
the number in operation was 113
against 151 on Nov. 1.
rate amounting to
88.82
1,182,255
1,163,332
4.43
74.46
975,236
4.29
14,409,196
'
car
The Santa Fe has expended $4,800,000 for 43 stainless steel cars
and seven
Diesel locomotives and the Western Pacific has ordered
400 freight cars.
The Chesapeake & Ohio, Erie
84.56
1,107,548
13.01
is the announcement of
burgh, and $5.45 Gary,
There have been
Second quarter
No. 1
Railroad orders are conspicuous in an otherwise
quiet market.
Orders
for about 100,000 tons of rails have been placed within the
week—40.000
5,071,875
5,153,559
4.29
on
grade has gone up an average of 75c. a ton.
Dealer's bids on
automobile scrap at Detroit were above the
recently quoted prices.
The
Iron Age scrap composite price has advanced to
$13.08 from $12.92 after an
4,183,762
...
June
1937
11,
ton, and the Pittsburgh and Chicago levels
a
railroad
While steel
Calculated
Gross
a rise
heavy melting steel are unchanged for the third consecutive week.
While
the ordinary grade of melting steel has not advanced at
Pittsburgh, the
some
Calculated Monthly
Production
January
brought
tons
In the first 11 months of 1929, the
gross tons were produced, or about
corresponding
Chronicle
some
a
price developments, the most important of which
continuation of the present prices of $5.35. Pitts¬
on tin plate
28,764,633
84.89
1,111,891
25.87
4.556.696
78.49
4.42
inforcing bar distributers have
4.43
steel and rail steel bars out of
stock, effective Dec. 11, and all oustanding
jobs must be closed by Dec. 20.
While the
July
August
September
4.875.671
83.79
4,301,869
76.52
1,030.904
1,100,603
1,005,110
Third quarter
13,734,136
79.64
1,046,012
13.13
Nine months
39.00
4.28
through the first nine months of 1938.
Prices of black plate were reaffirmed for the first
quarter.
Concrete re¬
announced
a
reduction of $2 a ton on billet
change is nominally a reduction,
prices quoted recently by distributers have ranged from $8 to $15 a ton below
published resale prices.
On a Government project a bid of 1.83c. a
lb.,
Chicago, was made recently, or $15.40 a ton below the
published price.
42,498,769
83.12
1.089.712
October
3.392.691
58.31
4.43
Mill quotations to distributors
November
765,844
2,153,781
38.22
502,047
4.29
and
on
now
applies
1936—
January
February
3,039,804
2,956,891
52.39
686,186
4.43
54.53
March
57.46
First quarter
4.43
9.330,548
June
July.
August
September
64.80
717.734
13.00
69.99
4.29
67.61
914,593
911,371
926,706
885,604
4.42
72.11
944,534
4.43
74.05
969,950
4.28
69.68
70.75
4.43
4.29
Third quarter
12,250,046
71.23
932,981
33.526,142
65.40
856,570
4,634,246
78.15
November
4,323,025
76.94
steel
13.14
46,807,780
Total
1,010,779
68.36
895,329
52.28
on Thursday of
probably will be issued regarding American participa¬
statement
a
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Based
2.605c.
..2.605c.
._
2.274c
Corporation
a
OF
1
2.124c.
Jan.
Apr. 24
2.008c.
Jan.
2
Apr.
18
Feb.
2
Mar.
2
1933
2.015c.
Oct.
3
1.867c.
1.977c.
Oct.
4
1.926c.
2.037c.
Jan.
13
1.945c.
Dec. 29
1934
Dec. 7, 1937, $23.25 a Gross Ton
tabulation of the monthly shipments since
SHIPMENTS OF STEEL PRODUCTS
BY
MONTHS
YEARS INDICATED
FOR
Based
$23.25
One month ago
One year ago
8
on
average of basic iron at
furnace and
Valley
foundry irons at Chicago,
Buffalo,
Valley
and
23.25
Philadelphia,
19.73
-
Southern iron at Cincinnati.
High
$23.25
Mar.
1937
Low
9
$20.25
1936
19.73
Nov. 24
18.73
1935
Aug. 11
18.84
Nov.
17.83
May 14
1934
17.90
May
5
1
16.90
Feb.
Jan.
16
27
1933
16.90
Dec.
5
13.56
1932
Jan.
14.81
Jan.
5
13.56
Dec.
6
1931..
15,90
Jan.
6
14.79
Dec.
15
3
Steel Scrap
Dec.
7,
One week
TONNAGE
Mar. 10
Oct.
2.130c.
2.199c.
One week ago
steel
For the 11 months of 1937
shipments were 2,578,630 tons
above those for the
comparable 1936 period, an increase of
26 %.
Following is
2.084c.
Pig Iron
products by subsidiary com¬
panies of the United States Steel Corp. for the month of
November, 1937, were 587,241 tons, and for the 11 months
of this year
12,336,397 tons.
The shipments for
November,
1937, show a decrease of 205,069 tons from October.
1933:
2.330c.
1935
Shipments
Smaller
Shipments of finished
Low
9
Dec. 28
....2.330c.
1931
Steel
85% of the United States output.
High
2.605c.
Mar.
1937
1932
percentages of capacity operated are calculated on
weekly capacities
of 1,309,760 gross tons based on
annual capacities as of Dec.
31, 1936 as foUows:
Open hearth and Beasemer Ingots. 68,476,509
gross tons.
States
on steel bars,
beams, tank plates
wire, rails, black pipe, sheets and hot
rolled strips.
These products represent
1936
*—The
United
are
tion in world export markets.
One year ago
76.42
77.17
jobbers'
tons
At a meeting of the
European Steel Cartel at Dusseldorf
this week
4.42
4,424,367
Fourth quarter
a
16.750
York.
4.29
13,281,638
December
totaling
Co.
Among new projects of 11,000 tons is 2,560 tons for a lift
bridge and
grade elimination in connection with the Bronx-WhJtestone
bridge. New
Dec. 7, 1937, 2.605c. a Lb.
4.43
awards
a tool and die
shop for Ford Motor Co. and 3.000 tons for
plants at Bay City and Essexville, Mich., for the Consumers Power
One week ago
One month ago
1,023,532
1,007,698
1,000,988
heretofore, and
as
flat galvanized sheets has been restored.
5,150 tons for
39.14
October
on
structural
among
13.13
Nine months
40,000 lb. instead of 80,000 lb.
Outstanding
power
3.932,605
4,037.375
3,975,569
3.914,370
4,184,287
4,151,388
April
May
on
discount of 10c. per 100 lb.
4.14
3,333,853 '
714,225
752,563
are unchanged.
On flat galvanized sheets
formed roofing and siding the carload discount of
15c. per 100 lb.
1937, $13.08
a
Gross Ton:
(Based
on No. 1 heavy, melting steel
quotations at Pittsburgh, Philadelphia
and Chicago.
$12.92}
ago
One month ago
One year ago
13.501
16.50
i
High
Low
1937
Month
January...
February..
Year 1933
Year 1934
285,138
March
275,929
256,793
April
335.321
May
331,777
385,500
588,209
455,302
603,937
June
...
July
August
721,414
676,315
1,149,918
1.133,724
668,056
783,552
1,414,399
591,728
598,915
578,108
979,907
984,097
1,343,644
1,304,039
886,065
547,794
624,497
370,306
614,933
950,851
923,703
961,803
1,007,417
1,268,550
1,186,752
1,107,858
1,047,962
572,897
430,358
600,639
November.
December..
Yearly adjustment.
Total for
634.055
582,137
.
year*
343.962
686,741
366,119
681,820
882,643
418.630
661,515
1,067,365
+ (44.283)
—(19,907)
—(23,750)
—(40.859)
5,805,235
5,905,966
7,347,549
10,784,273
792,310
587,241
Signs Appear of
a Moderate Change in Steel
Situation
Age" in its issue of Dec. 9 reported that
although
steel ingot production has declined for
the twelfth consecutive
week, from 80% in the week
beginning Sept. 13 to 27^%
this week, there are
increasing signs of a turn in the situation
The "Iron
which
not be fully apparent until the December in¬
ventory period is past.
The "Age" further reported:
may
The usually sensitive scrap market is
beginning to feel this change even
without the stimulus of steel mill
buying.
Not only have declines been
checked in most markets, but some
advances have occurred,
notably at
Philadelphia, where export buying coupled with some mill
purchases has
Mar. 30
$12.92
1936
17.75
Dec. 21
12.67
June
1935
13.42
Dec.
10
10.33
1934
Year 1937
369,938
378,023
668,155
575,161
October
Year 1936
643,009
745.064
985.337
701.322
September.
Year 1935
$21.92
13.00
Mar. 13
9.50
Apr. ?3
Sept. 25
12.25
Aug.
6.75
1933
8
Nov. 16
9
.
The
American Iron
and
Jan.
3
8.50
Jan.
12
6.43
July
5
11.33
1932
1931
Jan.
6
8.50
Dec. 29
Steel
Institute
on
Dec. 6
an-
nounced that
telegraphic reports which it has received indi¬
operating rate of steel companies having
98% of the steel capacity of the industry will be 27.5% of
capacity for the week beginning Dec. 6, compared with
29.6% one week ago, 41.0% one month ago, and 76.6%
cated
that
the
one
year ago.
This represents a decrease of 2.1 points, or
7.1%, from the estimate for the week ended Nov. 29, 1937.
Weekly indicated rates of steel operations since Nov. 23,
1936, follow:
1936—
Nov. 23
1937—
74.3%
75.9%
76.6%
79.2%
77.0%
77.0%
1937—
Mar.
1..
14
Mar.
8
21
85.8% June
87.3% June
Dec.
7
Mar. 15
88.9% June
Dec. 14
Mar. 22
89.6% July
Dec. 21
Mar. 29
90.7% July
Dec. 28
Apr.
5
89.9% July
1937—
Apr. 12.....90.3% July
Jan.
4
79.4% Apr. 19
91.3% Aug.
Jan. 11.. ...78.8% Apr. 26
92.3% Aug.
Jan.
18.....80.6% May
3
91.0% Aug.
Jan. 25
77.9% May 10
91.2% Aug.
Nov. 30
Feb.
Feb.
1
8
Feb.
15
Feb.
22
79.6% May 17
80.6% May 24
28..
5
12
19
26
2
9
16
23
90.0%
Aug. 30
91.0%
81.6% May 31.....77.4%
7
76.2%
Sept. 7
Sept. 13
Sept. 20
82 5% June
1937—
76.6%
75.9%
75.0%
67.3%
82.7%
82.5%
84.3%
85.5%
84.6%
83.2%
83.8%
84.1%
71.6%
80.4%
76.1%
Sept. 27
Oct.
4
Oct.
11
Oct.
18.
Oct.
25
Nov.
1
Nov.
8
Nov. 15
74.4%
66.1%
63.6%
55.8%
52.1%
48.6%
..41.0%
36.4%
Nov. 22
31.0%
Nov. 29
29.6%
27.5%
Dec.
6
Financial
Volume 145
of the iron and steel
"Steel" of Cleveland, in its summary
markets,
Dec. 6, stated:
on
Some Indications
reversal
to
upward
an
important change
comes
While there is no expectation
general
movement,
Some steel producers booked as much
for
10,900
holiday week.
the
were
that whatever
same
period in 1929.
buying
of stocks in various lines.
business In November as in October,
continued
and
quiet until the end of the year, with some recovery after stock-taking
first quarter.
exceed
all
for the
for the
only exceeded those
40.9% greater than
if the remaining two months
for these 10 months the year's total will
It is estimated that
give tonnages equal to the average
from Inventory but some
The leading producer
time last year and retal
two-thirds of last year's volume.
Exports of steel products for 10 months not
period In 1936 by 198.7% but also were
The forward look indicates
leveling of demand.
of
same
will be favorable.
Consumers continue to operate largely
a
figure
of an immediate
sentiment is
of small lots is being done, indicating depletion
indicating
revised
reported dealer stocks were 85,000 ahead of this
deliveries
production has
appearing that the decline in steel
are
reached close to the bottom.
3737
Chronicle
preceding years except the six
1915 to 1920 Inclusive,
level ever reached in the
years
Scrap shipments for 10 months are at the highest
3.520,812 tons, practically double
Imports of steel products in October were
history of the steel industry, totaling
those of the
same
practically
the same
period in 1936.
September and considerably lower
in
as
than in
somewhat better demand in all lines through
October, 1936.
bottom of the
current movement, as indicated by a rise of 50 cents in steelmaking grades in
the East and unchanged quotations at other important consuming centers.
It appears that present prices are too low to tempt tonnage out and supplies
are becoming scarce.
Railroads are holding back some of their usual offer¬
ings and other producers are laying down scrap rather than sell for low prices.
Just how much influence is exerted by export buying is difficult to determine
but in the East it is a factor.
It seems probable no decided rise in price will
occur before the end of the year, dealers hoping at best for an end of the
composite of
steelmaking scrap shows an increase.
The composite now is $12.91, a rise
of 16 cents from the previous week.
This is caused by advanced prices in
the East, where competition for export tonnage has enlivened the market.
The iron and steel composite is unchanged at $38.86 and the finished steel
Apparently the scrap market has reached practically the
decline
slight rise.
or a
Various adjustments in the production last
week resulted in a net loss of
Central eastern seaboard
1 point, to a national operating rate of 30.5%.
gained 4 points to 31%, New England 5 points to 32 and
The rate held unchanged at Chicago at
to 31.
Cleveland 3 points
30%, Buffalo 21, Birming¬
declined 2 points to
At Youngstown the rate
ham 54 and St. Louis 20.6.
35%, at Pittsburgh 3 points to 34, at Wheeling 5 points to 30, at
Cincinnati
50.
Pig iron production in November declined 28.2% from the October
15 points to 14 and at Detroit 9 points to
average
This is the lowest rate since March,
daily rate, to 66,925 tons.
In November last year the rate was
1936, when It was 66.004.
98,331
to 2,007,740 tons, lowest since
30.5%
production dropped
Total
tons.
Output for 11 months
this year totals 35,205,374 tons, a gain of 7,647,862 or 27.8% over the
corresponding period in 1936.
In four months this year, since July, a
total of 78 blast furnaces have been blown out, 37 being lost during Novem¬
ber.
November operations were at 49.1% of capacity, lowest rate since
o
For the first time in 13 weeks, since
the end of August, the
'iv-.-.+ '/:<>
composite at $61.70.
the "Wall Street Journal" of
placed the average steel ingot production for the en¬
tire industry at 30%, compared with 32% in the previous
week, and 35% two weeks ago.
U.S. Steel is estimated at
33%, against 31% in the week before and 35% two weeks
ago.
Leading independents are credited with 28%, com¬
pared with 32h£% in the preceding week and 35% two weeks
.For the week ended Dec. 6,
Dec. 9
ago.
The
following table gives
a
comparison of the percentage
of production with the nearest corresponding week of pre¬
vious years, together with the approximate changes, in points,
from the week immediately
preceding:
February, 1936, when 1,838,932 tons were produced.
Automobile production rebounded to
86,848 last week, highest since the
28,000 over Thanksgiving
first week In November, and a gain of almost
and
1
1935
57
+
31**
27**
1933
30
**
+ 2**
+ 2
1932
15**
—
1**
15**
1931
26**
—
1**
27
1930
37
—
13.700 last
1929
64
—
82
—
24,075 the preceding week;
1928
General Motors assemblies were 42.075, against
+
+
—
2
43
—
3
65
—
2**
82
—
+
65**
31**
15**
**
+
+ 3**
35
1 **
—
—
82 **
+ 2
27**
+ 2**
63**
1927
4**
1
67
+ 2
daily
week, compared with 7.960 the week before.
Chrysler 20,700 compared with
+
77
1936
—
Ford has increased production to a rate of 3,000 units
produced
46
33
1934
March, 1936, when it was 48.5%.
holiday week.
28
70
2
+ 3
2
30
Independents
U. S. Steel
Industry
1937
2**
+
2
—
26
2
33
—
3
63
—
1**
82
—
2**
62
2
—
1**
2
3
3
+ 2
16.020; and all others 11,003, against a
Current Events and Discussions
The
Federal Reserve Banks
with the
Week
ASSETS AND LIABILITIES OF
IN
During the week ended Dec. 8 member bank reserve
bank
from increases of $23,000,000 in money
reserves arose
deposits with Federal
$5,000,000 in Treasury cash other than
in circulation, $65,000,000 in Treasury
Reserve banks and
in part by increases of $9,000,000 in
bank credit and $2,000,000 in Treasury currency
and
and
of
decrease
a
member banks
on
$1,050,000,000,
Inactive
$12,000,000
non-member deposits
in
Excess reserves of
Federal Reserve accounts.
other
a
Dec. 8
were
estimated to be approximately
$70,000,000 for the. week.
decrease of
gold included in the gold stock and Treasury cash
amounted to $1,233,000,000 on
Dec. 8,
a
decrease of $10,-
000,000 for the week.
The statement in full for
the week ended Dec. 8 in com¬
Changes in the amount of Reserve
and
related
items during
bank credit outstanding
week and the year ended
the
Loans and Investments—total..
Loans—total
Increase
(+) or Decrease (—)
Since
Dec. 8, 1937
*
V;':
Dec.% 1936
17,000,000
3,000,000
+ 11,000,000
securities
2,564,000,000
Industrial advances (not Including
$13,000,000 commitm'ts—Dec. 8)
18,000,000
Other Reserve bank credit
9,000,000
Bills bought....
U. S. Government
Total Reserve bank credit
Gold stock
Treasury currency
2,612,000,000
..12,764,000,000
2,623,000,000
—7,000,000
+5,000,000
+ 9,000,000
—10,000,000
+2,000,000
+144,000,000
+1,558,000,000
+ 98,000,000
+105,000,000
+94.000,000
+1,250,000.000
+ 65,000,000
+149,000,000
—70,000,000
with F. R. bank..
Non-member deposits and other Fed¬
eral Reserve accounts
708,000,000
—12,000,000
Money in
circulation
Treasury cash
Treasury deposits
+ 23,000.000
—5,000,000
+ 201,000,000
Banks in New York City and
Chicago—Brokers' Loans
Below is the statement of the
Federal Reserve
banks,
Board of Governors of the
System for the New York City member
banks and also for the Chicago
member banks for the cur¬
member
which latter will not be available until the coming
rent week,
issued in advance of full statements of the
Monday:
1,919
659
Dec. 9,
1936
'
2,078
601
__
31
Otherwise secured & unsec'd
1,568
235
1,575
*
*
31
411
410
*
191
191
*
30
29
*
Loans to brokers and dealers.
770
77
♦
710
1,059
229
77
131
38
131
30
*
130
237
190
3,049
39
44
232
—
_
39
Other loans for purchasing or
carrying securitiesReal estate loans............
Loans to banks
Other loans:
On securities
Otherwise secured & unsec'd
13
2
13
2
237
196
2,990
3,722
21
36
899
22
36
904
1,116
364
924
2,451
56
66
477
375
920
2,543
52
76
483
454
1,054
2,486
61
79
487
100
256
608
31
159
63
100
256
607
29
161
62
97
265
627
39
189
81
5,917
662
5,802
722
6,387
605
1,486
454
*
*
*
*
Obligations' ully guaranteed by
United States Government
Reserve with Fed. Res.
.....
banks..
Cash in vault.................
Balances with domestic
banks..
Other assets—net..........
Liabilities—
Demand
ann
....
deposits—adjusted....
Time deposits
,
1,480
453
1,609
438
47
228
228
83
45
45
^
„rr>
1,936
370
7
374
1,985
380
2,501
409
523
6
529
6
652
6
----
----
1,483
United States Govt, deposits...
1,483
421
1,452
19
248
18
247
26
237
Inter-bank deposits:
Foreign banks.....
Borrowings......
....
-
Capital account
*
14
6
25
,
U. S. Govt, direct obligations...
—
373
Comparable figures not available.
V":;/
Complete
♦
Returns of Member Banks of the Federal
System for the Preceding Week
York and
Thursday, simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until
the following Monday, before which time the statistics cover¬
ing the entire body of reporting member banks in 101 cities
As
explained above, the statements of the New
Chicago member banks are given out on
cannot be
Returns of Member
f
1,920
665
Reserve
+ 9,000,000
6,836,000,000
6,591,000,000
3,622,000,000
242,000,000
Member bank reserve balances
$
8,745
3,515
Open market pa per., i.......
+ 134,000,000
Bills discounted
$
7,819
3,534
agricultural loans:
On securities...
Other liabilities
Dec.J., 1937
$
7,927
3,590
and
industrial,
Commercial,
1, Dec. 9, Dec. 8, Dec. 1,
1936
1937
1937
1937
233
Assets—
Domestic banks...
1937, were as follows:
Dec. 8,
8, Dec.
1937
Other securities...
parison with the preceding week and with the corresponding
date last year will be found on pages 3772 and 3773.
v
Chicago
New York City
Dec.
inactive gold, offset
Reserve
BANKS
CITIES
(In Millions of Dollars)
in member
Reductions
$70,000,000.
decreased
balances
WEEKLY REPORTING MEMBER
CENTRAL RESERVE
In the
compiled.
following will be found the comments
of Governors of the Federal Reserve
returns
of
the entire
body of reporting member
Federal Reserve System for the
close of business Dec. 1:
the
The condition statement
of the Board
System respecting the
banks of
week ended with the
of weekly reporting member
banks in 101 lead¬
following principal changes for the week ended Dec. 1:
of $46,000,000 in commercial, industrial and agricultural loans
ing cities shows the
Decreases
$5,000,000 in loans to brokers and dealers in
securities, $8,000,000
in
Financial
3738
"Other
securtiee "
$53,000,000
000,000 in time deposits; and
demand
in
deposits-adjusted,
$39j
and
increase of $44,000,000 in deposits credited
an
Commercial, industrial and agricultural loans declined
York
that
City. $11,000,000 in the Chicago district.
$21,000,000 in
all
member
reporting
Loans to
banks.
"Other
loans"
New
United
States
Government
direct
obligations
increased
$14,000,000 in New York City, declined $6,000,000 in the Cleveland dis¬
trict, and $5,000,000 each in the Boston and San Francisco districts, all
reporting member banks showing a net decline of $3,000,000 for the week.
Demand deposits-adjusted declined in nearly all districts, the principal
decreases being $39,000,000 in New York City, $11,000,000 in the Phila¬
$8,000,000 in the Chicago district.
delphia district, and
declined $20,000,000 in New York City and
member banks.
Philadelphia
Deposits
banks.
member
reporting
the
in
district,
credited
and
to
$44,000,000
foreign
banks
all
at
declined
$2,000,000 during the week.
of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and year ended Dec. 1, 1937, follows:
,
Dec.
'
Increase (+)
1, 1937
Assets—
Dec.
2,
Z
679,000,000
—6.000.000
4,058.000,000
—40.000.000
♦
475,000,000
—4,000,000
*
—1,078.000,000
—38,000,000
+629,000.000
cultural loans:
On securities
Otherwise secured and unsec'd
Open market paper
♦
Loans to brokers and dealers in
securities
—6,000.000
—1,000.000
—1,000 000
+4,000,000
+5,000,000
On securities
738,000,000
+ 9,000,000
♦
Otherwise secured and unsec'd
830,000,000
+6,000,000
—3,000,000
*
—1,210.000,000
—2,000,000
—8.000.000
—369.000.000
—20,000,000
+ 3,000,000
Real estate loans
Loans to banks
be
to
-
U. 8. Govt, direct obligations.
7,963,000 000
.....
Reserve with Fed. Res. banks
Cash in vault
5,374,000,000
304,000,000
Balances with domestic banks
1,869,000,000
to
—13,000,000
+19,000,000
14,612,000,000
Domestic banks....
—97,000,000
—643,000,000
—53,000.000
—39,000.000
Many sections of the country
+44,000,000 —1,221,000,000
—2,000 000
—32.000.000
+3,000.000
+ 6,000,000
418,000,000
6,000,000
-
—33,000.000
+197,000,000
Comparable figures not available.
expected
Japanese
Approxi¬
the city.
Japanese
naval authorities against the aerial
bombing of two British
merchant ships and damage to a British
gunboat at Wuhu.
During the attack the commander of the British gunboat
Ladybird and two other seamen were wounded.
The Sino-Japanese
conflict was last reported in the
4,
3571.
page
American
Dec. 4 warned American citizens to be
leave
Embassy
ready to
Nanking on short notice, and to be prepared to board
the gunboat Panay for
safety.
About 30 Americans were
in Nanking early this week.
Most of them were missionaries.
In describing the attack on
Nanking, United Press advices
of Dec. 9 from that city said:
were
emplacing machine guns and
the Yangtse River front, outside the
city walls at 7
field
two
pieces
on
a. m.
The batteries
adjacent to the United States Navy Club and
directly opposite the
anchorage of the American gunboat Panay, of the Yangtse River
patrol,
on which many Americans from the
city had taken refuge.
upon
reported.
by Brazilian shareholders, according
report.
The Cash Office of Foreign Credits at Budapest, Hungary,
on
Dec. 6 that it will pay, through its corre¬
announced
spondent in New York, Schroder Trust Co., at the rate of
$8.75 per coupon detached from each $1,000 bond of 11 of its
issues, pursuant to its offer of July 23, 1937.
The offer of
July 23 was referred to in our issue of July 24, page 525.
and
which payment is now offered
coupons on
follow:
Aug. 1, 1937,
bonds,
gage
bonds,
issue,
dollar
series
issue,
7%% series
Hungary
Steel
of the Hungarian-Italian Bank, Ltd., 7%% mort¬
coupons
dollar
Corp.
7%
closed
A;
Hungarian-Italian
A-B;
National
sinking
A
series
fund
Bank,
gold bonds,
first
Central
7%%
Ltd.,
Savings
Bank
issue;
Rima
dollar
sinking
30-year
mortgage
fund
bonds,
gold
dollars.
Oct.
1937,
1,
garian
lang
Farmers
of Farmers National Mortgage Institute 7%
coupons
sinking
mortgage
National
Mortgage
fund
Nov.
1937,
1,
Ltd.,
Land
Mortgage
B.
Dec.
of
coupons
issue;
mortgage
land
bonds,
dollar
71/&% 35-year sinking fund mortgage
Hungarian
7y2%
Institute
Mortgage
Land
sinking
fund
land
7%%
Institute
series A dollar bonds;
Hungarian
gold
mortgage
bonds,
bonds.
dollar
1937,
1,
dollar
of
series A-C.
sinking fund land mortgage gold bonds,
seriee
Hun¬
1928,
bonds
7%
Institute
Hungarian-Italian Bank,
issue;
gold
of
coupons
City
of Budapest
external
6%
sinking fund
gold bonds of 1927 ; and British and Hungarian Bank, Ltd., 7Vz^o 35-year
sinking fund mortgage gold bonds, dollar issue.
Announcement will be made
Capture of Nanking by Japanese troops was
momentarily late this week, as more than 200,000
infantry closed in on the former Chinese capital.
mately 300,000 Chinese troops were defending
Meanwhile, on Dec. 7, Great Britain protested to
was
on 11 Issues—Payment
Being Made Under Offer of July 23
+
Japanese Near Capture of Nanking—Former Chinese
Capital
Defended
by
300,000
Troops—British
Protest Japanese Bombing of Ships
dependent
are
Hungary^to Pay $8.75 Interest
—852,000,000
—2,000,000
6,060,000,000
Foreign banks
Chinese
plebiscite for approval
the mining industry in Brazil, the proposed constitution
to
Brazilians or organizations established
to the
of
Liabilities—
Demand deposits—adjusted
Time deposits
5,234,000,000
United States Government deposits
416,000,000
Inter-bank deposits:
Dec.
a
comply with the provisions of the articles, the report
later.
gold bonds, dollar issue,
of
In¬
provides that authorizations or concessions to operate will be granted to
in
1,118,000,000
2,859,000,000
Other securities
The
which
In regard
*
by
United States Government.....
on
and
among
issued
mortgage
"Chronicle"
Bank
The effectuation of this requirement is dependent on regulations
stated.
—128,000.000
—305,000,000
or
Other loans:
officials
Requires
constitution, which will be submitted to
new
time" in
+15.000,000
68,000,000
loans for purchasing
carrying securities
Borrowings
Brazil
constitution
new
The issues
876,000,000
650,000,000
1,167,000,000
Other
♦
The
1936
—61,000.000
Commercial, industrial, and agri¬
guaranteed
of
at an early date, provides that the banks and insurance companies already
Z
21,381,000,000
9,441,000,000
Loans—total
(—)
or Decrease
Since
No*. 24, 1937
Z
Loans and investments—total
fully
General
of Brazil recently promulgated
other things, that banks of deposit and
insurance companies will only be authorized to operate in
Brazil if|the shareholders are Brazilians, according to a
report by the American Consulate General, Rio de Janeiro,
made public by the Department of Commerce on Nov. 24.
An announcement by the Commerce Department also said:
The
on
summary
Obligations
under
down, houses and buildings burned
were cut
foreign banking ^for credit and financial facilities, it
Borrowings of weekly reporting member banks amounted to $6,000,000
Dec. 1, an increase of $3,000,000 for the week.
A
forces
Chinese
the countryside outside the walls
established in Brazil and affected by these articles will be given a "reasonable
-/
$7,000,000
by
seen,
Stockholders Be Brazilians
surance
Time deposits
$39,000,000 at all reporting
Deposits credited to domestic banks Increased $33,000,000 in New York
City,
All trees
Constitution
provides,
.■
of
continued
could be
as
increased
$5,000,000 in New York City and $15,000,000 at all reporting member
-'/banks.
Holdings
As far
and^bridges destroyed.
brokers and dealers in securities declined $8,000,000 in New York City and
at
be
would
resistance
Tang Shen-chi.
11, 1937
$6,000,000 in the
Boston district, and $46,000,000 at all reporting member banks.
$5,000,000
Dec.
had been stripped.
to domestic banks.
New
Chronicle
promptly
as
possible, the
as
Cash Office states, with regard to payment under the offer
of
23,
July
covered
1937,
of
coupons
on
other
Hungarian
loans
by that offer.
Suspension of Bond Service Payments by El Salvador
Protested by Bondholders' Committee
The
El
Salvador
Bondholders
Protective Committee
has
sent a
vigorous protest to the Government of the Republic
against the suspension of bond service payments as of
Jan.
1, 1938, which
Nov.
on
26.
The
has
done
London,
announcement
was
voted by the Salvadorian Congress
British Council
in
likewise.
the
In
fied
is
by the present
the
in
financial
was
due
Jan.
full
this
likely
direct contact with
who
in
or
condition
sent
to
purpose
on
are
on
Bondholders,
foregoing,
all issues of
an
that it considered such action unjusti¬
Salvador
the
the situation
promptly—five
the
future economic situation of the republic
of
Government.
The
coupons
Salvador bonds
of the
The
or
committee
through its Secretary, Mr. Bradford,
Salvador several weeks ago.
1938,
1,
and
Foreign
also said:
matter
The committee stated in its protest
by
of
noting
six
monthly
are
and sinking fund
expected to be paid
instalments
deposit with the fiscal agent
in
New
required
for
York, and the
December instalment is to be remitted promptly.
were
-
To the south
across
a
and
east
devastated
of the
city, the Chinese
countryside.
In their path was being leveled.
Foreigners
said
the
who
Chinese
hold out for
reached
garrison
the
Everything
New fires
waterfront
commanders
inside
confident
indefinite period within the walls.
an
battalions," similar
to the
one
which
held
out
in
It
was
toward
were sworn to
destroyed
the
that
walled
they
city
could
A number of "death
a
warehouse after the
Japanese conquered the Chapei district of Shanghai,
Their members
be
were
being formed.
defend Nanking to their last breath.
revealed that
Hankow
and
Chinese counter-attacks had cleared the
roadway
that the United States Acting
Military
Attache,
Captain Harry McHugh, had departed for the up-river city at
day on instruction from Washington.
were cut
^Foreign observers of
mausoleum.
not to leave a
with
the Chinese lines reported that the Japanese
the exception
The Chinese
were
of the
area
around
Dr.
Sun
were
Yat-sen's
carrying out their "scorched earth" policy
"single blade of grass" for the Japanese.
The correspondent,
was
Settlement Loan 1926, announced on Dec. 10 that Jan. 1,
1938 coupons off dollar bonds of this loan, presented with
during a 40-mile tour yesterday of the city walls,
informed that the Japanese had been driven back several miles and
appropriate letter of transmittal, will be paid
an
after
and $5.69
in full settlement for- and against sur¬
This payment represents 32^% of the
on or
that date at the rate of $11.38 per $35 coupon
per
$17.50
coupon
render of coupons.
interest then due and is in accordance with the arrangements
made a year ago.
Sales
nine miles from the east gate, and that the
countryside for miles around
burning,
American
hilltop nine miles east of the
off and surrounded yesterday afternoon, and that
Japanese
forces began to advance with tanks after starting a brush fire for a
screen.
The Chinese were given up for lost.
Many detachments of Chinese troops
at the front were described as exhausted, unfed and
freezing during the
last two days.
was
1 Coupons of Kingdom of
Bulgaria 7% Settlement Loan 1926
noon yester¬
Chinese said that 300 Chinese troops on a
city
to Be Paid on Jan.
Speyer & Co. and J. Henry Schroder Banking Corp., as
Fiscal agents for the Kingdom of Bulgaria 7 %
retreating slowly
could
burning.
from
were
were
that
were
32^%
on
National Securities
Above
September
But
Exchanges During October
Below Year Ago, Reports
SEC
Announcement
was made on Dec. 2
by the Securities and
Exchange Commission that the dollar value of sales on all
registered securities exchanges during October amounted to
$2,008,800,147, an increase of 14.1% over the value of sales
in September, and a decrease of
21.9% from October, 1936.
The Commission's announcement said:
Stock sales, including rights and warrants, had
an
increase of 14.1% over September.
489.259,
an increase
a
value of $1,827,291,954,
Bond sales
of 13.9% over September.
were
valued at $181.-
Volume
Total sales
90,781,454
of stock,
shares,
of bonds sold
amount
including rights and
38.0%
or
$268,386,875, an
was
NEW
October were
Total principal
increase of 26.1% over Sep¬
YORK
EXCHANGE—TRANSACTIONS IN ALL
OF MEMBERSa (SHARES)
CURB
warrants, in
V..
/,
1937
Week Ended Nov. 13,
>■
Total for
Per
Week
Cent, b
tember.
)F The
for 95.7% of the value
two leading New York Exchanges accounted
of all sales
of
of stock sales and 99.9%
registered exchanges, 95.2%
on
The total
of sales
value
increase of 37.3%
over
on
all
Round-lot
transactions of
\Suf
Sold..
i
Trading on New York Stock and New York
Curb Exchanges During Week Ended Nov. 13
Nov. 13, in relation to total transactions on the
above the
previous week ended Nov. 6.
46,740
49,605
2. Initiated off the floor—Bought.
Sold
Round-lot
of
transactions
Exchange
account of members
members:
during the week ended Nov. 13
13 and the week ended Nov. 6
Exchange and
Total
a
Curb
of stock effected
13
those exchanges as
Stock
are
based
upon
Exchange and the New York
members.
TRANSACTIONS OF ODD-LOT DEALERS AND SPECIALISTS
ODD-LOT
IN STOCKS. RIGHTS
SALES
Initiated oft floor..
number
no
Trade Date
Nov. 30———
1---
2..—-----
Exchange
1,074
213
106
70
129
582
reports
in
...
Value
Market
...
stocks
which
in
registered"
320
447
..............
the various classifications may total
are
because, at times,
not
strictly
a
On
more
single report may
comparable with
of specialists
data similarly
Exchange perform the functions of the New York Stock Exchange odd-lot
dealer, as well as those of the specialist.
YORK
NEW
EXCHANGE—TRANSACTIONS
STOCK
FOR
ACCOUNT OF MEMBERSa
'
Week Ended Nov.
306,966
4,583,687
10,939,923
1,068,076 $35,359,886
32,515
880,510 $30,496,805
IN
ALL
Bonds
of
the
8
Dec.
Listed
York
New
As
of Dec.
STOCKS
(SHARES)
Week
the
market value of
aggregating $47,175,-
the New York Stock Exchange, with a total
$42,109,154,661.
On Nov. 1,
there were 1,376 bond issues
aggregating $47,-
value listed on the Exchange, with a total
market value of $42,591,139,774.
In the following table,
listed bonds are classified by governmental and industrial
264,366,806
groups
par
and average price
with the aggregate market value
_____
Per
Nov.
Dec. 1. 1937
Cent, b
7,401,690
Total volume of rouni-lot sales effected on the Exchange
Exchange ssued
Stock
for each:
13, 1937
Total for
York Stock
New
on
1, 1937 there were 1,375 bond issues
452,551 par value listed on
market value of
designated for the New York Stock Exchange, since specialists on the New York
Curb
3,740,050
128,984
11,201
161,900
following announcement showing the total
listed bonds on the Exchange on Dec. 1:
*Note—On the New York Curb Exchange the round-lot transactions
"In
113,073
4,659
Exchange Dec. 1 Below Nov. 1
entries in more than one classification.
carry
4,353
6,005,843
11,339,164
12,414
42,877
866
287
3 and 4
5,807,358
5,425,787
169,687
4,666,615
6,757
Dec.
Value
Shares
No. Ord.
6,313
5,989
6,090
Dec.
Value
7,393,918
5,954,346
249,621
177,922
145,301
171,685
323,547
10,352
7,264
Nov. 29———*.—
Dec.
Exchange
than the number of reports received
Shares
No. Ord.
On the New York
Curb
'jJ
.........
(Customers' Orders to Sell)
New York
transactions
of
PURCHASES
0Customers' Orders to Buy)
distinguished
Total for week..
Other than as specialist:
Initiated on floor................................
The
AND WARRANTS ON THE NEW YORK STOCK
EXCHANGE—WEEK ENDED DEC. 4, 1937
Reports showing transactions:
Reports showing
follow:
for the week ended Dec. 4
Curb Exchange by their respective
————
During
for the week ended Dec. 4 of the daily cor¬
transactions of odd-lot dealers and
specialists in stocks, rights and warrants on the New York
Stock Exchange was made public on Dec. 9 by the Securities
and Exchange Commission, continuing a series of current
figures being published weekly by the Commission.
The
figures for the week ended Nov. 27 were given in the "Chron¬
icle" of Dec. 4, page 3573.
The data published are based upon reports filed daily
with the SEC by odd-lot dealers and specialists. The figures
Stock
As specialist*..
their
A summary
reports filed with the New York
.
and
their firms
rected figures on odd-lot
New York
-
members,
Odd-Lot Trading on New York Stock Exchange
Week Ended Dec. 4
The total round-lot volume for the
——
Exchange
only sales.
These reports are classified as follows:
Number of reports received
all
• s>j'
transactions to total Exchange transactions.
In cal¬
culating these percentages the total of members' transactions is compared with
twice the total exchange volume for the reason that the total of members' trans¬
actions includes both purchases and sales, while the total exchange volume Includes
exceeded by 10.2% the ticker volume (exclusive of rights and warrants).
published
Includes
b Percentage of members'
Curb Exchange, total round-lot volume in the same week, 1,315,290 shares
The data
"member"
the New York Stock Exchange, 7,401,690 shares,
on
9.8% larger than the volume reported on the ticker.
was
151,269
term
Exchange represent the volume of
on
from the volume reported by the ticker.
week ended Nov.
The
partners, including special partners.
round-lot volume for the New York Stock
New York
the
sales
77,940
73,329
-
Sold........
Day, and Nov. 2, Election Day.
Trading on the Stock Exchange for the account of all
members, except odd-lot dealers, during the week ended
Nov. 13 totaled 3,289,067 shares, which amount was 22.21%
of total transactions on the Exchange of 7,401,690 shares.
During the preceding week trading for the account of Stock
Exchange members of 2,928,477 shares was 21.54% of total
trading of 6,798,040 shares. On the Curb Exchange member
trading during the week ended Nov. 13 amounted to 549,110
shares, or 20.87% of total transactions of 1,315,290 shares
this compares with member trading during the previous
week ended Nov. 6 of 440,610 shares, or 19.75% of the total
volume of 1,115,260 shares.
The data issued by the SEC are in the series of current
figures being published weekly in accordance with its pro¬
gram embodied in its report to Congress in June, 1936, on
the "Feasibility and Ad visibility of the Complete Segre¬
gation of the Functions of Broker and Dealer." The figures
for the week ended Nov. 6 were given in these columns of
Dec. 4, page 3573.
The Commission, in making available
the data for the week ended Nov. 13, said:.
all round-lot
stocks in which registered:
Bought
comprised of five trading
20.87
549,110
Odd-lot transactions of specialists In
days, the Exchanges having been closed on Nov. 11, Armistice
The figures given for total
—
Total.
also
was
Both the week ended Nov.
were
295,980
253,130
Bought
of trading for the
the percentage
higher than the preceding week.
12.72
334,715
Total.
Total round-lot transactions for accounts of all
On the New
>.*
3.66
184,065
150,650
Sold
Curb
York
y?v? **
i
which
In
stocks
In
specialists
registered—Bought
Sold
Exchange,
•
96,345
Total.
According to data issued by the Securities and Exchange
Commission yesterday (Dec. 10), trading by all members
of the New York Stock Exchange, except odd-lot dealers,
in all stocks for their own account during the week ended
4.49
118,050
Total.
Member
;
65,175
52,875
1. Initiated
"
September.
except
members,
of
transactions
specialists In stocks In which registered:
on the floor—Bought
$1,115,345. an
exempt exchanges was
1,315,290
the Exchange...
Total volume of round-lot sales effected on
bond sales.
was
STOCKS
FOR ACCOUNT
total.
September's
over
3739
Chronicle
Financial
145
1,1937
transactions
of
members
except
transactions
Sold
Total
578,350
554,840
Total.
transactions
of
specialists
In
stocks
in
Total round-lot transactions of members, except transactions
of odd-lot dealers In stocks In which registered—Bought._
Sold
Total
In round lots—Bought...
Sold
Mining (excluding Iron)
10.61
Total
Petroleum
—
Paper and publishing..
—.
Price
«
--
v
2,103,047
16,862,142
85.60
98.82
242,688,680
99.88
91.07
96,129,471
94.85
20,706,205 67.29
35,578,819 99.73
223,748,673 95.39
149,924,926 99.16
75,061,302 84.85
10,592,564 51.71
61,313,624 89.21
127,786,149 57.57
414,771,475 100.06
69,750,734 90.47
35,502,209 81.97
65.87
Business and office
...
..........
Tobacco
—
operating abroad...
Foreign cos. (Incl. Cuba A Canada)
_.
Miscellaneous businesses...........
All listed bonds
90.69
26.18
234,466,474
99.55
154,114,256 101.93
79,178,937 89.69
50.41
10,679,761
92.30
53,200,286
61.67
136,875,991
416,835,273 100.55
72,596,696
93.76
34,946,820
7.418.393,906
93.53
69.28
489,476,625
94.55
2,662,238
28.18
2,598,775,822 101.68
168,116,999
85.69
164,251,910
83.78
1,007,669,744
99.54
47.26
247,010,175
49.53
18,300,000
equipment
Shipbuilding and operating..........
Leather and boots
468.691,069
2,591,601,336 101.65
22,232,046 72.25
38,194,920 103.37
231,798,234
Miscellaneous utilities
U. 8. companies
941,4.58
1,161,589
.....—-
(operating)........
Gas and electric (holding)
Communication (cable, tel. A radio)..
Gas and electric
Shipping services
3.4
78.52
2.353,467
Steel, Iron and coke
Textile
22.21
25,729,793,716 104,27 26,618,841,701 103.82
60.78
2,069,869,838 63.02
1,963,948,361
7,037,626.285
Railway and equipment
399,670
(Including odd-lot transactions of specialists):
.
....
Machinery and metals
;0
504,090
Sold
—
—
Land and realty
104,420
Total
equipment manufacturing.
Food
Rubber and tires..
1,697,542
1,591,525
registered:
Bought
Electrical
3.95
—
RetaU merchandising
3,289,067
In odd lots
Building
Amusements
Transactions for account of odd-lot dealers In stocks In whichl
2.
Value
15.458,033
240,803,833
91.361.146
—
....
Chemical
834,220
737,070
1,571,290
—
Forelgn government
Autos and accessories......—
Financial
which
...
Total
1.
7.65
584,587
registered—Bought
States, cities, Ac.)
U. S. Govt. (incl.
284,972
299,615
Sold..
Sold
Aver.
Price
$
1,133,190
Initiated off the floor—Bought
Round-lot
Market
of
specialists and odd-lot dealers In stocks In which registered:
1. Initiated on the floor—Bought
2.
Aver.
Value
Round-lot
Market
91.50
19,700,000
98.50
14,480,173
12,514,455
47.15
54.49
4.609,671 104.08
42,403,597 122.98
166,159,774 54.90
1,057.088,802 65.12
34,604,375 98.87
42,109,154,661
1,013,020,920 100.07
50.49
15,505,149
13,663,440 69.50
4,608,210 104.05
42,705,688 123.85
176,947,948 57.81
1,069,869,463
64.92
35,200,000 100.57
89.26 42,591,139,774
90.1i
3740
Financial
The following table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
Chronicle
Average
Market
Price
Value
Value
Average
Price
As of Dec. 1, 1937, New York Stock Exchange member total net
of these member total
this date,
$
1
Feb.
*
1
Jan.
93.50
40,347,862,478
I
1937—
91.85
39.398,759.628
1
Feb.
1
Member borrowings are not broken
1.69%.
those on other
collateral; thus these ratios usually will exceed the true relationship between
on
all listed shares and their market values.
$
45.053.593.776
97 35
45.113.047.758
96 83
Mar. 1
40,624.571.422
94.44
Mar. 1
45.007,329.915
96 64
Apr.
41.807,142.328
94.47
Apr.
1
44.115.628.647
93.88
1
borrow¬
The ratio
borrowings to the market value of all listed stocks,
therefore
was
down to separate those only on listed share collateral from
borrowings
1936—
Jan.
1937
11,
ings In New York City on collateral amounted to $687,786,579.
on
Market
Dec.
May 1
41,524,856,027
93.90
May
1
43,920,989.575
93.33
June
1
39.648.252,468
93.83
June
1
44.170.837.675
93.89
July
1
41,618,750.056
94.24
July
1
44.001.162.031
92.98
As of Nov. 1, 1937, New York Stock Exchange member
total net borrowings in New York City on collateral amounted
to
The ratio of these member total borrowings
$725,622,872.
to the market value of all listed
stocks,
Aug. 1
41.685.172.818
94,78
Aug. 1
44.296.135,580
Sept. 1
42,235,760,556
95.39
Sept. 1.
43.808.755.838
93,93
92.76
Oct.
1
43,305,464,747
95.79
Oct.
1
43,270.678,700
91.51
therefore 1.62%.
In the following table listed stocks are
industrial groups with the aggregate
Nov. 1
43,179,898,504
95.92
Nov.
1
42.591.139.774
90.11
average
Dec. 1
43,779,640,206
97.01
Dec. 1
42,109,154,661
on
that date,
was
89.26
classified by leading
market value and
price for each:
Nov. 1,
Dec. 1, 1937
1937
Market
Clarifying Changes Effective Jan. 1—Withdrawals
from
Restricted
Accounts
of
Commodity
Mandatory
A general
Permitted—Segregation
Security
Trading
Made
and
extension and maintenance of credit by brokers, dealers and
announced
exchanges,
adopted and
was
by the Board of Governors of the Federal Re¬
serve System on Dec. 4, to become effective on Jan.
1, 1938.
The Board explained that the principal changes made as a
result of the revision are technical, and were
adopted "with
view to clarifying and simplifying this
regulation."
a
The
revised
regulation, the Board points out, makes no change
in the level of margin
requirements and contains no pro¬
visions requiring liquidation of
outstanding commitments
or
reduction of outstanding loans.
The Board also amended on Dec. 4,
existing regulation
separating
that
so
and
accessories
effective Dec. 6, the
a
Value
Price
$
3.292,198,920
28.39
17.49
1,017.633,646
19.48
4,768,563,045
Chemicals
Building
23.61
54.84
2.737,885,903
912.094,785
Financial
60.75
540,428,078
Farm
machinery
Amusements....
Land and realty..
!
Machinery and metals..
Mining (excluding Iron)
.......
Petroleum..
Paper and publishing.
Retail merchandising
Railways and equipments
Steel, Iron and coke..
...
25.83
5.241,609,970
555,287.809
26.09
1.676,977,080
2.612.714,810
330,928,679
633,555,342
319,811,553
32.465,959
1,561,445,705
1.625,327,487
4,674,178.321
335,291,477
1,939.724,579
;
Electrical equipment manufacturing
Foods..
43.47
1,725,931,080
44.75
28.90
2,755.289,681
30.48
31.33
3V6.213.572
*762,748.892
'67.10
47.38
379.183.696
17.84
35.62
21.16
6.49
36,153,068
7.00
24.85
1,709.494.601
27.25
24.93
26.59
26.60
1,733,838,638
5,388,434,380
394,261,961
2,208.228.982
24.35
18.89
28.07
22.21
31.52
3,443.811,550
46 23
25.20
215,489,539
1,788,216,943
25.20
13 63
1,298,366,557
13.37
87 43
13.25
3,415,198,359
152,220,113
90.99
141.631,545
225,302,340
Communications (cable, tel. & radio).
Miscellaneous utilities
31.40
2.279.475.505
15.68
1,323,456.175
3,281,504,786
Aviation..
3.693,749.420
41.39
1.788.621,496
Gas and electric (operating)
Gas and electric (holding)
29.26
2,039,973,933
180.446.429
Textiles
Business and office equipment
broker will have the option of
transactions in commodity futures
customer's
a
Autos
...
members of national securities
Aver.
Price
$
Rubber and tires
revision of Regulation T, which relates to the
Market
Value
Revision of Regulation T Covering Margins—Board of
Governors
of
Federal
Reserve
System
Issues
Aver.
9.81
246,081,618
10.71
28 30
367.505.925
32.45
320.604.141
...
18.72
14.24
3.75
9,554.656
26.433,351
8.73
28.988.015
9.57
85,139,995
157.509,750
14.37
89,934,582
15.18
23.07
182.437.394
26.73
1,488,117,618
55.92
7.857,392
Shipping services
Ship operating and building
Miscellaneous businesses
Leather and boots
4.56
Garments
1,414.324,150
23.950.196
53.14
from the customer's margin account in securities
pending the
14.27
28.190.722
16.79
taking effect
U. S. companies operating abroad
601,172.873
18.82
680.557.352
21 23
Foreign companies (incl. Cuba & Can.)
952,899,285
24.81
1,040,385,204
27.05
Jan. 1, 1938, of the revised regulation which
on
requires a mandatory separation of such transactions.
temporary amendment follows:
Tobacco.........
This
Be
is
it
of Regulation T—Effective Dec. G,
resolved, That, effective Dec.
further
section
11
amended
reading
by
adding
1937, Regulation T,
6,
the
at
end
thereof
after
28.92 *44669978,318 *31.77
Revised.
1937
We
amended,
as
Section
12
a
new
follows:
as
40,716,032,19u
AU listed stocks
*
Amendment No.
..............
give below
a
two-year compilation of the total market
value and the average price
of stocks listed
on
the Exchange:
1
Section
13.
Special
Commodity
Account
Market
Notwithstanding any other provision of this regulation:
(a) in a special commodity account recorded separately, a creditor may effect
and carry for any customer transactions In
commodities, and such a special account
when ro recorded shall be excluded from all
calculations Involving any combined
account or any other special account: and
► (b) On or before Dec. 31, 1937, the creditor shall transfer
to the
special com¬
modity account
of a
customer
from
the
combined
account
and
from
other
(1) all open trades or contracts In commodities
carried In such combined account or such other
special account, together with (2)
funds In an amount equal to the amount of
margin customarily required by the
creditor on all such open trades or contracts so
transferred plus any net loss on such
open trades or contracts or minus any net profit (not
exceeding such margin) on
such/)pen trades or contracts
a
y
special account of such customer
A
not
special
commodity account established pursuant to this section
be used in
shall
Market
Average
Value
Price
Value
Price
$44.02
*31.77
28.92
1936—
1937—
1
$46,954,581,555
$35.62
Feb.
1
Feb.
1
1
38.61
Mar.
1
Apr.
1
60,164,457.052
51,201,637,902
51,667,867,515
37.98
Mar.
38.85
Apr.
May
1
Jan.
1
Jan.
Sept.
1
40.58
Aug.
Sept.
Oct.
1
55,105,218.329
40.88
Oct.
1
Nov.
1
58,507.236,527
43.36
Nov.
1
$59,878,127,946
61.911,871,699
62,617,741,160
62.467,777.302
57,962,789,210
57,323,818,936
54,882,327,205
59,393.594,170
56,623.913.315
49.034.032.639
*44,669,978,318
Dec.
1
60,019,557,197
44.26
Dec.
1
40,716,032,190
1
47.774.402,524
June
1
July
l-r~
Aug.
1-—
49.998,732,557
50.912.398.322
54,066,925,315
54.532,083.004
May
for the purpose of evading or circumventing any of
If a customer has with a creditor both a
any way
Average
35.74
1
37.35
June
1
38.00
July
1
40.30
1
1
45.30
45.46
46.26
41.80
41.27
39.21
42.30
40.51
35.07
the provisions of this
regulation.
combined
treat
account and
the
creditor
special
such
combined
no
special
a
commodity
commodity account, the creditor shall
account
the
if
as
had
customer
with
T, the
System said that
regulation is
submitted
was
last
based
July for
on
the tentative
comment
all
to
draft that
the
Federal
Reserve banks and the national securities
exchanges.
Board further commented:
The
revised
ties
in
40%
the
customers
proceeds
affecting such
of
accounts
which may be
placed in
absorbed
the
into
The revision
such
restricted
on
a
"when
substantially with those adopted
in
further
liberalizes
requirements
account.
incorporates rules
dealings in securities
changes
It
by providing that a customer may make a deposit
a "special miscellaneous account" instead
of being
so-called
also
withdraw, under specified conditions,
may
sales.
conformity with
prescribing margin requirements for
issued"
by
certain
the
rules
basis.
These
principal
of
the
requirements
national
Securities
The
cash
revision
accounts
also
by
ties
shall
vision
date
continues
clarifies
providing
broker must obtain
in
provisions
that
settlement
the
to be
typical
made
the
relating
seven-day
from
and
from
for
Dec.
$44,669,978,318
1,
for
time
a
of
within
ex¬
Exchange
in
special
which
the
purchase of securi¬
the
purchase.
Pro¬
extending the period in exceptional
cases.
Market Value of Listed Stocks
change
the
transactions
period
the customer
case
to
agree
securities
Commission.
on
New York Stock Ex¬
$40,716,032,190,
Nov.
Compared
1—Classification
of
with
Listed
Stocks
as
The New York Stock
Exchange announced on Dec. 3 that
of Dec. 1, 1937, there were 1,252 stock issues
aggregating
the New York Stock
Exchange
with a total market value of
$40,716,032,190.
This com¬
pares with the revised figures of 1,255 stock issues,
aggre¬
gating 1,405,885,842 shares listed on the Exchange Nov. 1,
1,408,078,066 shares listed
on
with a total market value of
$44,669,978,318, and with 1,202,
stock issues aggregating, 1,356,122,270
shares, with a total
market value of $60,019,557,197 on Dec.
1, 1936.
In mak¬
ing public the Dec. 1 figures the Exchange said:
Revised Schedule of
by Committee
New
York
come
from
Fee
liberalizes requirements affecting so-called re¬
providing that in the case of sale of registered securi¬
such accounts,
of
The
regulation
stricted accounts by
Revised.
account.
In explaining the
changes made to Regulation
Board of Governors of the Federal Reserve
the revised
*
the
Rates
Recommended
Quotations and Commissions of
Stock Exchange—Would Increase In¬
Non-Member
from
Member
on
Commission
on
Commissions
Commissions
Inactive
Accounts
11% and
6%—Monthly Service
Proposed—Governing
Committee to Vote Dec. 15
The
Governing Committee of the New York Stock Ex¬
Dec. 8 received from the Committee on Quotations
and Commissions a report recommending a new schedule of
commission rates on stocks, which, it is estimated, would
involve an average increase in the revenue of firms from nonmember commissions of about 11%, and from member
commissions of about 5%.
The report also proposed the
change
on
establishment of
a
$3 minimum commission
on
transactions
involving $50 or more, and a $2 minimum monthly service
charge on inactive accounts. The Committee on Quotations
and Commissions, which is headed by Bertrand L. Taylor
Jr., did not make any recommendations covering commissions
on bonds,
explaining that it has been conducting a study
with a committee on bonds
which has not yet
been
completed.
In submitting the report to the members of the Exchange,
Charles R. Gay, President, revealed that the Governing
Committee also received
result in
an
an
amendment which he said "would
estimated increase of
18%
over
the present
non-
member commission revenue, as compared with an estimated
11% increase in revenue which would result from the rates
by the Committee on Quotations and Com¬
missions," Mr. Gay added "it also recommends higher rates
of member clearance and give-up commissions than those
proposed in the report of the Committee on Quotations and
recommended
Commissions."
Mr.
Gay said that the Governing Committee has deter¬
to consider the two recommendations at a special
meeting called for Dec. 15.
Either proposal will result in
amendment of the constitution of the Exchange.
Under
mined
Volume
145
Financial
Chronicle
Exchange procedure, the members of the Exchange have up
to two weeks to vote on the action of the
Governing Com¬
mittee and if a majority of the
membership is against it,
slump
it does not become effective.
The Stock Exchange, in an
explanation of the report
the Committee on Quotations and Commissions, said
tries."
of
^hat
the proposals provide, in general, for the
following changes:
1. Substitution of
sions
mated
new
transactions
on
in
and flexible
increase in the
average
formulae
shares, rights and
revenue
for
non-member
warrants,
of firms
from
commis¬
involving
esti¬
an
2.
tion
Establishment of
for
a
non-members
in
shares, rights and warrants, when the amount
involved in the transaction is
either $1 or 6%
$50
or
and of
more,
charge of
minimum
a
of the amount involved in the transaction, whichever is
ments
4.
therefrom
Service charges on inactive accounts based
of approximately
5%.
the number of items in
on
such accounts, with a $2 monthly minimum.
lowing
In
by the
Committee
Quotations
on
on
and
Bonds, have
committee
not
Commissions,
in
the
with
consultation
been completed.
that in view of the
changed character of the business and the
increased costs of conducting such business, the existing
rates of commission should be readjusted."
The volume of
transactions on the Exchange, the report points out "is an
essential element in determining the amount of revenue
which would be produced by any schedule of commissions.
As this volume may fluctuate within
very wide limits, the
committee felt that a flexible schedule should be adopted
which could be readily adjusted to meet changing condi¬
tions."
The Stock Exchange's explanation said that the
proposed adjustments in commison rates would, it is esti¬
mated, result in the following changes in the realized revenue
of member firms:
in
production
prices
the
2.
11%
in
the
revenue
3. An
estimated
increase
average
revenue
commissions on transactions in all listed stocks of
from
member
estimated
increase
non-member
commissions
on
round-lot give-up and
in
2.
The rates and. therefore, the commission
lot give-up transactions in
rates
and,
the
from
revenue
clearance transactions in
revenue
the
commission
give-up transactions in 10-share-unit stocks will
t 4.
The
commission
from member odd-
100-share-unit stocks, will be unchanged.
therefore,
revenue
from
member
from
revenue
members of the
Stock
committee considered the
the monthly costs of
will
create
income
is
clearance
transactions
some
Exchange.
on
and
the
It is
is
of
to
and
in
that
time been made
In
natural
will
by
expenses
curately the anticipated income from this field of
dictation
the
accounts.
from
running
revenue.
ac¬
However, the
is
Oct. 31
of
on
Dec. 10
the following announcement showing the total value of
mercial paper outstanding on Nov. 30:
inevitable
is
as
line
com¬
as
more
total
This figure for Nov. 30 compares with $323,400,000 out¬
standing on Oct. 31 and with $191,300,000 at the close of
November, 1936. Below we furnish a two-year compilation
of the figures:
1937—
pressure
But
fixed
and
and
free of unneces¬
scope,
it
operate,
must
the
the
rigid
wage
rather
arbitrary
practices
labor
raising
is
balance
are
''give"
no
When
upon
thrown into
costs
the points
flexibility,
or
understanding
or
than
costs,
All of these tend
programs.
automatically put
there
if
It is the
inflexible
the
costs,
the economic system.
is
the
of
disorder,
its
no
im¬
and the
and unemployment greater.
worse
that
sooner
later
to
disparities
trade
or
obstacle
improvement, and
early and vigorously
as
in
prices
will
present
if the question
the inventory situation has been
they have
manufactured goods
have been reduced, notably in the textile and apparel group, but others are
unchanged at the 1937 peak, some even still advancing.
Business will not
readily improve while disparities among prices are increasing.
The pro¬
ducers of the commodities which have declined sharply are losing purchas¬
the
prices
the first year or
since
in general
are
lower than
now
of the recovery;
so
some
terms of the goods which have not been marked
down, and
producers of the latter are losing markets and employment.
Government to Effect Revival of Business
Urged by J. Stewart Baker in Annual Report to
of
Bank of
Manhattan
Co.—Net
Stockholders
Earnings for Year Approximately $3,550,000 Com¬
with $4,022,819 in 1936
pare
"If the
government would relieve business of the unrea¬
under which it is operating, I feel sure
sonable handicaps
that
we
would
revival of business activities that would
see a
bring back prosperous times," said J. Stewart Baker, Chair¬
of
To
the
do
on
relieve
the Bank
of
Board
the
1936—
$267,600,000
243,800.000
1936—
June
lation
by
government should
thereby taxes which have added to the costs
case
of the undistributed profits tax, have penalized the accumu¬
corporations
of
reserves
provide
to
for
the
rainy
day
which
comes.
balance the budget, which will remove the fear of higher taxes
value will not be altered
their
Fourth,
as
And last,
lasting
Apr. 30
173,700.000
Dec. 31
215,200,000
Mar. 31
180,200.000
who make
191.300.000
Feb. 20
175.600,000
June 30
284,600,000
Oct.
31
198.800,000
Jan.
177,721,250
May 31
286,900,000 Sept. 30
285,000,000 Aug. 31
197,300,000
205.200.000
Dec.
31
171.500.000
our
290,400.000
187,600,000
Nov. 30
178,400,000
those
a
decision of the Executive.
this is the acme of "unfair competition."
in punishing those who may have acted illegally or unethically,
penalibzing
"But all
merely by
business that directly competes with private
engaging in
cease
enterprise,
Nov. 30
these
or
our
activities.
business
legitimate
and other
acts
designed to "encourage business will have
far reaching effect unless men and women believe that those
laws and those who administer them feel sincerely that the
prosperity of our country depends upon the business activity carried
within its borders.
A healthy revival in business will not come until
future
on
legislators and administrators in Washington regain the confidence of
who
his
In
November More Pronounced, National
City Bank of New York Points Out Tax and Eco¬
nomic Adjustments Are Necessary—Declares Tax
System Discourages Saving and Enterprise—Cites
Danger in Fixed Cost, Crop Control, Wage Agree¬
ments, &c.
to say:
on
handicaps the
disturbing, the fear of confiscation through further devaluation
or otherwise.
Third, take the necessary steps to fix the exact value of our dollar in
terms
of gold so that business may enter into contracts confident that
184,300.000
With Slump in
these
more
331,400.000
329,000,000
324,700.000
21
of
some
Co. of
the currency
of
avoid
1935—
of
Manhattan
the
following:
inevitably
30.....$168,700.000
May 31
business
of
the annual meeting of the stock¬
Mr. Baker went
Dec. 7.
First, reduce expenses and
.
no
produce, those who distribute and those who consume.
report Mr. Baker stated that the actual earnings
of the bank for the first nine months and
estimated earn¬
ings for the last three months indicate net operating earn¬
for the year of approximately $3,550,000, which will
$550,000 over the amount paid out in dividends. He
ings
be
added:
This
compares
with
net
operating
earnings
of
$4,022,819
for the year
1936.
men
may
think
as
to the duration of
Of
our
gross
operating earnings, approximately 74% will represent in¬
15% commissions, fees and service charges, 4% net
the recession, it is plain that they are taking no more risks
terest
and
than they have to, but are following policies of the utmost
profits
on
prudence," says the National City Bank of New York in its
December "Monthly Letter," in which it notes that "the
2.24% while this year it should be about 2.46%.
upon
revision;
tax
which
upon
periods,
relationships
material
Raw
Second,
a
of $311,000,000 of open market paper outstanding on Nov. 30, 1937.
"Whatever business
and
arbitrary increase in
the
hours
keeping
cost
the chief
be faced
could
or,
Reports received by this bank from commercial paper dealers show
31
and
in
considerable
shorter
in
and
price
and, in the
July
burden
the
from
economy
terms
constant
system;
needed.
cooperation
holders
The Federal Reserve Bank of New York issued
-
relief
schemes and price-supporting
disruption becomes
man
Paper Outstanding as Reported
by New York Federal Reserve Bank—Total of
$311,000,000 Nov. 30 Compares with $323,400,000
Mar. 31
it
the
which
saving and
penalize risk-bearing,
surtaxes
some
the
to
as
the
over
introduction
correction
It
The propor¬
Commercial
Apr. 30
be
government
New York, in his report at
Sept. 30
Aug. 31
July 31
by
system
discourage both
competition.
economic
prices get out of
fixed
a
in part, the estimated actual cost of servicing inactive accounts.
31
high
impair the self-balancing ability of
of custodianship and
service charge rates, as recommended, were designed, in general, to offset,
Oct.
tax
to
by giving enterprise
government
the crop control
by banks
recommending
bookkeeping and billing such
$311,000,000 Feb. 28
323,400,000 Jan. 31
the
ways
danger in the situation is allied to the last point.
comes
in
agreements
where
16%
from
tax penalizes
there
capital,
obstruction,
and
and
before.
ever
before,
ever
it Is
place,
of capital,
or
put to reproductive use, in which
some
gains tax and
investment
subsidize
elements
to
not
Furthermore,
surplus
that
of
The second
danger
first
One of the first needs in the current situation is to encourage
encourage
sary
the
1923-24,
savings by corporations.
heartening to know that revision of the tax system in some respects
formation
and
In
in
income than
national
operates
The capital
promised,
the
made.
existed
is routed into government treasuries, and by and
capital.
undistributed
to be
than
use,
the
years,
more
enterprise.
inactive customer accounts, the
responsibilities and
1937—
decline
in
tion of inactive accounts to total accounts varies greatly with the volume of
Nov. 30
up¬
an
commodity
this question expose
to
answer
in
and
impediments to the formation
productive
collected
ing power in
member
trading on the Exchange and, therefore, it is impossible to estimate
Value of
16%,
only
Measures by
Service charges in various forms have for
many
points
greater
are
into
20% in recent
Service Charges
and
short time, the
the total
be unchanged,
10-share-unit stocks will be decreased.
schedule of minimum service charges
prices
recession
faced, the prospect for an early turn for the better would be immeasurably
10.8%.
5%
that
And will the
two
are
greater proportion
themselves
100-share-unit stocks.
|l 3. The
How
enhanced.
of approximately
stock
in
large the income thus diverted is
been
An
21%,
In
a
interruptions
temporary
Importance of Price Disparities
Member Rates
1.
other
from
10-share-unit stocks.
the
in
there
100-share-unit stocks.
commissions on transactions in
than
hardly disturbed.
were
answer
free
its
A
only
was
plain that there
An estimated decrease of slightly more than 3% in the revenue from
member
the indus¬
dangers to be guarded against?
trade
of approximately
non-member commissions on transactions in
in
it is natural to ask why, in
further
gone
for example the 1923-24 decline.
portance,
Non-Member Rates
the foregoing,
has
general
1. An estimated increase
non-
a
enterprise.
in
its report stated that while it "was
reluctant to recommend any change which would increase
the non-member rate of commission, it became convinced
j
curtailment
work off inventories, and cut production where
to prevent stocks of goods from piling up."
Fol¬
discussion of the factors in the recession, the
view of
trend,
to
No recommendations are made at this time for
changes in non-member
and member bond commission rates as the studies of such rates
further
bank says:
5.
Committee
and
necessary
In
3. Adjustments in the member commission rates, involving an estimated
lows and
new
"The
tendency in all lines," says the hank, "is to
hold buying down to nearby
requirements, reduce commit¬
greater, when the amount involved is $1 or more, but less than $50.
average increase in the revenue derived
has
become
more
pronounced during
staple commodity and security prices de¬
with
clining to
recession
S3 minimum commission charge on each transac¬
business
November,
non-member com¬
missions of approximately 11%.
in
3741
In
1936
discount,
securities and the remaining 7% miscellaneous income.
the
average
rate
of
return
on
securities
and
loans was about
3742
Financial
see
materially,
taxes
be
may
deposits
will
of
we
for next year Mr. Baker said:
New York (New York, New Jersey, Puerto Rico and the Virgin Islands)
approximately
In
loans.
increasing demand
indication
in
is
normal
latter
the
Federal
the
their
demands
Board
Reserve
by
rates
in
^
firmer
in
the
1%.
of
increase
action
Federal
Indeed,
of
this
the
desired
and
turned
over
is determined
several
The
done
to
Banks
interpreted
as
structure.
shown
as
subsequent
a
these
use
Immediately
interest
no
evidence of firming.
This
indication that the Government
an
level
which
has
the
normal
prevailed
the volume of business that is
on
the
volume
business
of
will
depend
done by the Administration in Washington and by
firms and corporations want to do business. This
is
.
.
the
in
is the
it
of
scales
sole
Business
.
for the existence
reason
be
cannot
business
judgment
will not embark
possible losses men
conducted
the
possible
business
on
business
of
without
risk
following to
the original
that
interest and
insure
morale.
of
rights
and
indicated
still
profits
outweigh
ventures.
per
the
who
it
to
or
the
continue
was
Currency,
liquidation of
receiverships of National banks during November.
This
makes a total of 892 receiverships finally closed or restored to
solvency since the Banking Hobday of March, 1933.
The
Comptroller's announcement continued:
time
66.4%
the plan had
a
share for stock issued
per
tendency
the
plan,
account
on
leaving about
$68
be
to
of
about
paid,
$37
being deducted
compared with
as
share.
per
from
salaries
an
The amount
to
permit
into
and
further
participant to
above
the
payments
accepted this
the
original
take
plan.
The
take
to
already
arrangement
this situation
his shares
up
obligation
unconditional
In
payments.
immedi¬
them
made.
up,
at
Participants
while only
unconditional
4 preferred
instalment
notes
Regarding the meeting the New York "Times" of Dec. 8
said:
the
of
30,000 who
own
by
report,
discussion
no
attended yesterday's
of those present and,
any
board
the
Company
stock of
of
came
directors
up
were
in
the Bank of
the meeting.
re-elected
and
total of 1,107,534
a
1,106,567
being
by
by
retiring
The
unanimous
vote
were
Baker's
members
of
the
of
shares
Out of 2,000,000 shares of the bank
voted, 967 votes being cast in
was
represented
No questions
from the reading of Mr.
apart
present or represented at the meeting.
outstanding,
meeting.
FINALLY CLOSED
AND
Total Dls-
Name and Location of Bant
Per Cent
Per Cent
bursern'ts
Total Dls-
Dividend
including bursem'ts
of
failure
Declared
Ofjxets
to Total
to All
Allowed
Trigg National
a
a
a
Glasgow, Ky
Liabilities
Claimants
1-28-32 $518,845
...
11-25-33
a
92 85
89 5
91 8
87 5
Bank, Romulus, N. Y. 12- 7-33
Bank, Seaside Heights, N. J__
2- 3-32
Bank, Franklin, Ind....
4-10-34
113,095
109.06
660,766
RomuJus National
6.45
110.76
123,739
57.1
73.08
10-10-32
381,136
76.44
69.2
Farmers National
Bank, Freeport, Pa.. 12-13-33
9- 5-33
Lorimor, Iowa
First Nat. Bank, Briadwood, 111
10-27-33
604,284
91.17
89.48
173,986
239,277
128,208
55.75
40.25
IF
3-31
9-21-34
100.32
101.
81.22
65.55
92.06
89.25
64.89
55.5
6-10-32
235,449
103,785
267,340
12-19-33
344,194
109.2
115.55
10-25-33
158,108
103.7
103.65
10-27-31
Bank, Rock Falls, 111
Nat. Citizeas Bank, Charlestown, W. Va.
First National Bank, Oregon, Wis
Ripley, N. Y
Cardlngton, Ohio
48.78
62.75
7-30-31
298,724
52.52
10-29-31
199,065
246,236
92.99
92.25
3-33
101.59
101.67
9-
6-33
563,506
94.97
90.45
10-
9-33
First National Bank, Everly, Iowa
First National Bank, Clay Center, Kan._
8-
Merchants National Bank, Galena, 111..
First National Bank, Silverton, Ore
a First National
Bank, Clinton, Ky
First National Bank, Sesser, 111
First National Bank, Yorba Linda, Calif..
a First National Bank,
Russellton, Pa
a
3-33
10-
114.9
48.36
105.9
First National Bank.
First National Bank,
First National Bank,
a
145,779
Citizens Nat.
First National
a
55 75
223,956
83,726
First National Bank, Lyons. Ga
a First Nat. Bank, West
Milton, Ohio
First National Bank, Graceville, Fla
a
68 29
10-30-33
a f irst National
Bank, Cayuga, Ind
First National Bank, Story City, Iowa.,
a
44.03
104 217
103.54
423,244
8-15-32
199,677
76.52
62.53
9-26-34
365.249
105.68
109.84
12-26-30
193,967
66.S5
53.66
1-12-32
134,046
82.17
12-28-33
497,550
100.97
105 75
10-
9-33
242 396
103.13
104.6
12-
8-33
133,002
79.53
Bk., Kenmare, N.D. 12- 8-33
First National Bank, Arcadia, Fla
1-26-32
Dothan National Bank, Dothan, Ala
1-30-30
138,158
58.69
19.
369,996
60.30
34.483
921,025
71.73
58.6
163,620
104.11
367,080
234,338
87.12
a
First National Bank, Central
City, Colo,
First National Bank, Marmarth, N. Dak.
Flrst-Kenmare Nat.
Farmers & Merchants National
Bank,
Rock wood, Pa
4-20-34
Peoples Nat. Bank, Point Marion, Pa
10- 8-31
b Union Nat. Bank, Atlantic
City, N. J.. 12-13-33
72.3
70.
a
person
proxy.
Bank,
First National Bank, Hankios, N. Y
First National Bank, Grand River, Iowa
Coast Nat.
a
Manhattan
NATIONAL BANKS LIQUIDATED
OR RESTORED TO SOLVENCY DURING THE MONTH OF
NOV., 1937
a
shareholders out
active
1933, to Nov. 30, 1937, amounted to $886,080,041.
INSOLVENT
a
making
of all
creditors
to
following are the 35 National banks liquidated and
finally closed or restored to solvency during November:
a
any
an
544
of
of 79.36% of total liabilities,
distributed
The
the rate of
at
$386,206.
asked
Dividends
Total dividends paid and distributions to depositors of all receiverships from
March 16.
a
by the shares purchased aggregated $467,754 in March of this year
when they were executed, and have been paid down as of November 16th to
the
of their claims.
receiverships during the month of November, 1937, amounted to $4,878,192.
However, under the terms of the plan partici¬
was
relieved from
under
50
or an average return
while unsecured creditors received dividends amounting to an average of
to stimu¬
secured
About
the
of
favorable price,
of
over
number
the
month.
enter
share
per
to
to
plan
of
a
participants had paid $77.12
year
participants under
at
at
conditional obligation to complete payments; those who
the company for any reason, or the estates of those
a
were
decided
was
ately,
$37
the
employ
died,
value
per
had only
pants
left
under
share
the
to
plan which
company
the operation
share respectively still
per
market
due
50c.
the
At March 1st of this
accruing
$58.50
of the
purpose
share under the plan, and $61.52
per
Comptroller
Dec. 9 the completion of the
continuity of service of the members of the staff
being defeated and instead
was
O'Connor,
on
35
Dale
by permitting them to acquire stock in
to impair
T.
F.
announced
say:
found
was
J.
Banks
and
respect to the disposition of the plan of March 21,
1929, under which clerks and officers were purchasing stock
of the company on an instalment basis, Mr. Baker had the
It
of 35 Receiverships of National
Completed During November
aggregated $326,140,289,
depend
and
With
late
Liquidation
creditors of these 892 receiverships, exclusive of the 42 restored to solvency,
country
state;
organizations.
31,062,000
69,728,000
Los Angeles (Nevada, California, Arizona and Hawaii)
their
on
Individuals,
their
Alaska)
of
reduce
said:
loans will
our
what
on
Congress.
the
declined
Total disbursements, including offsets allowed, to depositors and other
also
volume of
unless
credit
have
be taken
keep interest rates at the low
throughout
largely
bonds
certificates to the Federal
Through
41,262,000
39,394,000
38,833,000
Topeka (Nebraska, Colorado, Kansas and Oklahoma)
Portland (Montana, Wyoming, Idaho, Utah, Oregon, Washington and
years.
Baker
Mr.
is
then
since
of geld
accounts.
the
into
way
and
its
to
of the Treasury must
action
for
credit
for
softened
equivalent amount
an
their
found
funds
rates
circulation
attempt
an
North Dakota and South
Dakota)
little Rock (Arkansas, Mississippi, Louisiana, Texas and New Mexico).
them
Banks
Reserve
an
the Governors
was
86.204,000
110.726.000
34,487,000
66,592,000
Indianapolis (Michigan and Indiana)
Chicago (Illinois and Wisconsin)
Des Moines (Iowa, Minnesota, Missouri,
large
a
from doing so.
When this action did not accomplish
results, the Treasury took $300,000,000 of "sterilized" gold
keep
to
and
in
in
Reserve
sign that they believed money rates would rise and as
part
due
Government
spite of the
having
fall
lina. Georgia, Alabama and Florida)
Cincinnati (Tennessee, Kentucky and Ohio)
distinct signs
customers
50,655,000
35,535,000
Winston-Salem (Maryland, District of Columbia, Virginia, North Caro¬
the
and
1937
$65,751,000
Pittsburgh (Pennsylvania, Delaware. West Virginia)
and
Company
your
prevail
saw
we
the
the
December.
and
of August in
year
them,
done, assuming
which
commercial
our
moving and
crop
November
for
part
rediscount
for
and
earnings of
interest
July of this
become
reduce
to
said
is
the
of
from
money
would
money
the
to
measure
that
that
all
same,
rates
June and
for
working
when
the
things, the
two
on
its
constantly
are
Therefore,
greater.
average
depend
volume
of
although
11,
the costs of operating our business will go down
indication that
no
Dec.
Boston (Maine, Vermont, New Hampshire, Massachusetts, Connecticut
and Rhode Island)
In viewing the prospects
1
Chronicle
a
108.35
82.
7.649
39.36
Formerly in conservatorship,
b Receiver appointed to levy and collect stock
covering deficiency In value of assets sold, or to complete unfinished
assessment
liquidation.
Reference to the
FHLBB Reports $660,229,000 in Home Mortgage Loans
Advanced by Active Savings and Loan Associations
during October
page 3424.
liquidation of National banks completed
made in
was
these
columns
Nov.
of
27,
in First 10 Months of Year
New homo mortgage loans made by
all active savings and
loan associations in the United States aggregated $060,229,000 in the first 10 months of this year, an
average of slightly
more
was reported in Wash¬
Dec. 4 by the Federal Home Loan Bank Board.
on
Despite the drop in residential building, the Board said,
home loans made by savings and loan associations have
held up
unusually well,
an
home-financing institutions
American home mortgage
indication that these thrift and
are
bearing
lending.
an
increasing share of
The announcement by
the Board continued:
In
the
10
from January to October, inclusive, all active as¬
$182,226,000 in loans for new construction; $232,931,000
months
sociations reported
for home purchases;
$139,043,000 for refinancing; $42,074,000 for
State-chartered
member
institutions
of the
are
or
not
amounting
to
$266,411,000
members of the FHLBS had
or
new
closed
by Gerard S.
Co.
Des
Home
Loan
Bank
40.4%.
loans
Associations
which
of
life
Mr.
year,
of
Nollen
have
estimated
that
new
$700,000,000
64,000,000
over
the
new
will
persons
policy holder averaging
The figures issued
by the Board
cover
were
compiled by its Division of Research
the activities of all active associations
throughout
Those associations which
are not
active for any reason were
not included in the survey.
districts,
including
State-chartered members,
Federal savings and
loan associations, and non-member institutions, few the first
this year, were as
follows:
1936.
insurance
than $1,700
new
since
insurance
1931
and
He said that
at
the
end
of
an
year
for
the
increase
approximately
the
year,
each
of insurance.
Mr.
Nollen
payments
mately
will
have
also reported
to the convention that in the current year the
policy holders and beneficiaries will total approxi¬
Of that amount, he said, $950,000,000, or 40%,
death claims, and the remainder, $1,450,000,000, will
of benefits
to
$2,400,000,000.
have
gone
surrender
as
living
to
gone
values,
policy
policy
holders
dividends
as
and
matured
disability
endowments,
and
double
annuities,
indemnity
payments.
Total new loans made by all active associations, by Federal Home Loan
Bank
life
business
of
by the end of the
in
$2,400,000,000 in Benefits
loans made by all types of active associations totaled
compared with $66,411,000 in September and $63,757,000
in October, 1936.
the country.
new
business
have
more
companies
$16,000,000,000
aggregating $101,965,000
as
and Statistics and
insurance
placed approximately
the largest annual increase of
15.4% of the total.
During October,
$63,621,000,
Nollen, President of the Bankers Life
approximately $110,000,000,000 in
Moines, that
insurance
is held in the United States by
64,000,000
policy holders, the total amount being the largest ever held,
he said, in United States
legal reserve companies.
The fur¬
ther comments of Mr.
Nollen, Chairman of the convention,
as given in the New York
"Sun," follow:
will
Federal
System made loans during the 10 months totaling $291,853,000 or 44.2%
of the aggregate new lending.
Federal savings and loan associations had
loans
Speakers
At the annual convention of the Association of Life Insur¬
ance Presidents
in New York City, on Dec. 2, it was dis¬
recon¬
ditioning; and $63,955,000 for other purposes.
new
$110,000,000,000 in Life Insurance in
States
a
Record
Figure,
According to
Gerard S. Nollen—New Sales in 1937
Highest Since
1931—Totals
Presented
at
Convention
of
Life
Insurance Presidents—Other
United
than $66,000,000 per month, it
ington
new
Approximately
10 months of
The
total
of
$3,000,000,000.
reserve
life
all
He
insurance
$5,000,000,000,
life
insurance
estimated
that
companies
derived
almost
for
disbursements,
the
inccme
of
he
all
the current year
entirely
from
said,
United
will
exceed
States
will amount to
premiums
and
income
legal
over
from
Volume
Investments
investments.
will
holders
Financial
145
total
representing the savings of the
64,000,000 policy
has made life insurance liquid
and, while it is undoubtedly subject to some
abuse, it has become such an integral part
$25,000,000,000, he 6aid.
than
more
3743
Chronicle
An
address
convention
the
at
the
of
Board
the
of
Chairman
by Alfred P. Sloan Jr.,
General Motors Corp., in
capital and
week ago, page
3591.
At the meeting it was revealed by Michael J. Cleary,
President of the Northwestern Mutual Life Insurance Co.
of Milwaukee that as life insurance companies increased
their total admitted assets by more than $1,350,000,000 dur¬
ing the year 1937 they not only invested the fresh capital
in securities but, in addition, drew down their cash $160,000,000 to purchase securities.
The bulk of these purchases
consisted of government bonds, but other classes of invest¬
ments also showed substantial increases, said the New York
"Journal of Commerce" of Dec. 3, which, in thus reporting
he
which
urged
of
government,
Headquarters of All Treasury Enforcement Agencies
Covering State of New York Located on Same Floor
of New Federal Office Building in New York City
improved coordination in protection of the Federal
and currency as the aim, headquarters for all Treas¬
ury enforcement agencies covering the entire State of New
York have been located on the same floor in the new office
With
revenue
building of the Church Street Post Office Annex at Church,
Barclay and Vesey streets and West Broadway in New
York City, Secretary Morgenthau announced Nov. 30.
His announcement continued:
'
Cleary had to say, continued:
Mr.
what
cooperation
referred to in these columns a
labor, was
by Mr, Cleary are based upon the portfolios of 49
companies possessing about 92% of the assets of all United States legal
reserve
life
companies,
the changes for the month of December being
The
read
figures
of the business that any step
probably be unwise.
backwards at this time would
*
S* From scattered offices about the city, the Treasury agents have now been
brought together on the eighth floor
of the Church St. structure and are
equipped to act upon all complaints and reports
set up and
of violations of
frauds upon the Government.
the laws prohibiting
The agencies affected
and their office entrances In the new building are
follows:
as
Room
estimated.
Total Bond Holdings
the investments of the com-
revealed that more than half of
Mr. Cleary
bonds about equally divided between government and
corporate obligations, with mortgages occupying second place.
The bond
aggregate was $13,500,000,000, or 55.7% of assets, and the increase almost
$1,600,000,000 for the year.
Holdings of United States Federal obligations advanced $725,000,000
and
State and municipal bonds within
the United States $124,000,000.
There were increases of $264,000,000 for utility and $259,000,000 for rail
issues.
Total mortgages showed little change, but there was a distinct
panied
are
volume
The
in
to urban
farm
from
transfer
total
now
of
represented
This
assets.
mortgages.
new
a
'
,
$4,416,000,000, or 18.2% of
high both as to amount and per¬
Federal securities held
was
of the total. This was a
the total. Utilities were
11.7%, both the amount and the per cent, representing
Rails totaled $3,134,000,000, or 12.9%
in amount, but not in the proportion to
centage.
record
$2,826,000,000, or
highs.
new
Remarks
Confidence
"in
our
free
of Charles A.
institutions
Thinning
and in our conception
of ordered
urged by Hon. Charles A. Dunning, Canada's Minister of
address before the convention.
"If present and future generations of our people are to have confidence
our
institutions of government, it is vital that we do not take them
liberty"
was
Finance,
in
in
for
an
granted,
fundamentals
but continuously, in season and out of season, remember the
upon which our confidence alone can be based,"
Mr. Dun¬
ning declared.
He continued:
things are of greater moment today
than
for many years past.
Confidence in our free institutions and in
our
conception of ordered liberty is vital to the welfare of our people.
Confidence can only be based on faith, and faith is fostered by understand¬
ing.
To me, there never was a time in our history when our people
required to think and talk more about the why and wherefore of what
we have than the present time."
,
'
804
810
Bureau of Narcotics
Intelligence Unit (Bureau of Internal
813
Revenue)
818
Alcohol Tax Unit
£ In line with Secretary Morgenthau's program of coordinating the Depart¬
ment's activities in carrying out law enforcement responsibilities, offices of
Treasury agencies in 14 other headquarters cities will be brought together
Federal structures make space available.
whenever new
$145,843,000 Received to Offering of $50,000,000 of 101Day Treasury Bills, Dated Dec. 8, 1937—$50,142,000
Accepted at Average Rate of 0.129%
Announcement
bids of $145,843,000 had been re¬
that
ceived to the offering of
$50,000,000,
or
thereabouts, of 101-
day Treasury bills, dated Dec. 8,1937, and maturing Mar. 19,
1938, was made on Dec. 6 by Henry Morgenthau Jr., Secre¬
tary of the Treasury.
The tenders were received up to
p. m., Eastern Standard Time, Dec. 6,
Reserve banks and the branches thereof.
2
at the Federal
Of the amount
received, Secretary Morgenthau said, $50,142,000 were ac¬
cepted.
Previous reference to the offering of bills was made
in
our
issue of Dec. 4, page 3577.
The following
is from Secretary Morgenthau's announce¬
ment of Dec. 6:
"I believe that these
President of the National Association
of Insurance Commissioners and Superintendent of Insur¬
ance of
Virginia, pointed out that some 3,500,000 persons
No.
803
Customs Agency Service
United States Secret Service
Total applied
Total accepted, $50,142,000
for, $145,843,000
Range of accepted bids:
100.
High
99.962 Equivalent rate approximately 0.135%
Low
Average price
99.964 Equivalent rate approximately 0.129%
—
(98% of the amount bid for the low price was
accepted.)
George A. Bowles,
depend on the insurance
business for their livelihood.
L. Christiernin,
of $50,000,000, or Thereabouts, of 94-Day
Treasury Bills—To be
Dr.
Medical Director of the Metropoli¬
tan Life Insurance Co,; M. Albert Linton, President of the
Provident Mutual Life Insurance Co. of Philadelphia, and
Dr. Alexis Carrel of the Rockefeller Institute were among
those who addressed the meeting.
Charles
New Offering
Tenders to
a new
Dated Dec. 15, 1937
offering of $50,000,000 or thereabouts,
94-Day Treasury bills, to be received at the Federal Re¬
banks, or the branches thereof, up to 2 p. m., Eastern
Standard Time, Dec. 13 were invited on Dec. 9 by Henry
of
serve
Morganthau Jr., Secretary of the Treasury.
The tenders
will not be received at the Treasury Department, Wash¬
ington.
Revision in Rates on
Insurance-Policy Loans Urged by
York State Insurance Superin¬
Fix Sliding Scale Between 43^
Louis H. Pink—New
Would
tendent
and
6%
Revision of the New
loans
York State limits on interest rates on
policies was urged on Dec. 8
against new life insurance
State Superintendent of
by Louis H. Pink,
Insurance, who
proposals to the Joint Legislative Committee on
Revision. Mr. Pink asked that a sliding
of interest be charged on loans against life insurance
made his
the Insurance Law
scale
policies within certain broad limits.
The law at present
provides for a fixed rate of interest and almost all companies
charge 6%.
Mr. Pink said that his plan would protect the
companies against loss in making loans, would not require
changes in investment policies and would not harm non-bor¬
rowing policy holders.
An official summary of his plan said:
Superintendent Pink would have the law establish a minimum policy
loan rate of 4H % and a maximum of 6%.
Within these limits the Super¬
intendent of Insurance would have power, with the advice of the Insurance
Board, to fix the rate of interest and would be guided by the rates on the
highest grade industrial bonds, to which he would add one per cent as an
allowance for the expense to which the insurance companies are put in mak¬
the change, Mr. Pink said:
The vice of the present law is that both the company and the policy¬
holder are under a contractual relationship during the entire life of the policy
under which loans, when procured, must be at the rate originally fixed in
the policy.
This rate may have been fair when the policy was taken out
but in three or six or nine or 15 or 25 or 40 years it may be either too high or
too low.
There is under the present law no possibility of fluctuation to
a
statement proposing
meet the
changed conditions of the times.
The report of
that it was even
1906, following
then the practice to
the Armstrong
inserted in the policies
to
their
for the year 1865 showed
make loans on policies by some com¬
considered as an asset. It was not until
investigation, that a standard provision was
which compels the companies to make loans
the Superintendent of Insurance
these loans were
panies and that
by law
policyholders.
The fact that
loans for
substantially the full reserve
value of the policy
practically all companies, as a mat¬
ter of practice, pay the cash surrender value of the policy upon demand is a
strong point of salesmanship in the selling of life insurance.
This practice
can
be obtained upon
demand and that
bills will be sold on a discount basis to the
Department's Dec. 15 financing operation.
of bills are as
The nine issues
follows:
1937, due Dec. 16, 1937.
1937, due Dec. 16, 1937.
dated July 28, 1937, due Dec. 17, 1937.
dated Aug. 4, 1937, due Dec. 17, 1937.
dated Aug. 11, 1937, due Dec. 18, 1937.
dated Aug. 18, 1937, due Dec. 18, 1937.
dated Aug. 25, 1937, due Dec. 20, 1937.
dated Sept. 1, 1937, due Dec. 20, 1937.
dated Sept. 8, 1937, due Dec. 21, 1937.
$50,060,000 dated July 14,
50,136,000 dated July 21,
50.012,000
50,000,000
50,086,000
50,018,000
50,043,000
50,072,000
50,224,000
In his announcement
of bills,
of Dec. 9 bearing on the new offering
Secretary Morgenthau
They (the
ing policy loans.
In
The Treasury
highest bidders.
They will be dated Dec. 15, 1937, and will
mature on March 19, 1938; on the maturity date the face
amount of the bills will be payable without interest.
An
issue of $.50,012,000 will mature on Dec. 15.
There is also
maturing from Dec. 16 to Dec. 21 nine issues of Treasury
bills amounting to $450,651,000, which, as noted elsewhere
in our issue of today will be paid off in cash with funds from
the Treasury's working balance as part of the Treasury
stated:
form only, and in amounts or
$10,000, $100,000, $500,000, and $1,000,000
bills) will be issued in bearer
denominations
of $1,000,
(maturity value).
No tender for an amount less than
t
$1,000 will be considered.
Each tender
The price offered must be expressed on the
basis of 100, with not more than three decimal places, e. g., 99.125.
Frac¬
tions 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.
Tenders from others must be accompanied by a deposit
must be in
multiple of $1,000.
of the face amount of Treasury bills applied for, unless the tenders
accompanied by an express guaranty of payment by an incorporated
of 10%
are
bank or trust company.
Immediately after the
closing hour for receipt of tenders on Dec.
13,1937,
banks or branches thereof up
to the closing hour will be opened and public announcement of the accept¬
able prices will follow as soon as possible thereafter, probably on the follow¬
ing morning.
The Secretary of the Treasury expressly reserves the right
to reject any or all tenders or parts of tenders, and to allot less than the
all tenders
received at the Federal Reserve
3744
Financial
amount
applied for, and his action In any such respect shall be final.
submitting tenders will be advised of the acceptance or
Chronicle
Those
The
at the price offered for
Federal Reserve banks
Treasury bills allotted
in cash or other
immediately available funds
Dec.
on
/The Treasury bills will be exempt,
*
gain from the sale
all taxation,
as to principal and interest, and
any
disposition thereof will also be exempt, from
other
or
except e3tate and Inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills
gift tax.)
shall be allowed
of any
tax
as
now
or
other
or
possessions.
Treasury Department Circular No. 418, as amended, and this
notice
prescribe the terms of the Treasury bills and govern the
conditions of their
Issue.
;.y-,
„
,
will
■■■."
.
In
at
€-1942.
to
In
1,
1938,
either
$1,000
any one
were
subscription.
The cash
at
$1,000
the
of
to the
financing
6,
Dec.
same
the
quarterly financing
In
commenting
Journal" of
The
fact
the
on
that
market.
It
for
For
to
pa6t
bills.
in
was
due
in
Treasury
has
confined
its
act
ing
for
due
notes
1936,
1953
that
and
the
government
callable
in
1949.
In
were
4, page
Street
offered
.
contrast
recent
good
Treasury
condition
financing
which
the
but
situation
operation
to
days
condition
on
these
moved
the
new
the
five-year
the
had
been
and
to
narrow
securities.
in
both
other
be
accorded
issues
of
issued
in
the
same
Treasury bonds
These
provisions
today.
forms, bearer
two
1%%
bonds
are
with
bonds
and
agencies.
either
will
be
issue
Cash
for
their
restricted
in
subscriptions
own
each
be
for.
Exchange subscriptions
panied
accompanied
by
tendered
The
like
a
in
10%
by
face
of
and
case
Cash
for
amount
bonds
2%%
of
an
surplus of the
from
bonds
trust
without
offering to
and
notes
or
and
received
each
subscriptions
the
amount of
banks
be
combined capital
either
for
from
will
account
or
all
notes
should
others
applied
he
accom¬
Treasury notes of Series
A-1938
payment.
right
is
reserved
to
close
the
hooks
as to
any or all subscriptions
at any time without
notice, either for the
the Treasury notes and with
respect to the cash offering
or with
respect to the exchange offering cf either.
Subject to the reserva¬
tions
set forth
in
the official circulars, all cash
subscriptions will be
received subject to allotment and
exchange subscriptions will be allotted
classes
or
of
subscriptions
Treasury bonds
in
or
full.
Payment for
made
or
bonds
any
completed
on
notes
or
before
or
allotted
Dec.
15,
cash
on
1937,
Feb.
1,
bonds
notes
1938,
or
attached,
notes
from
will
subscribed
Aug.
1
to
be
for
Dec.
accepted
and
15,
allotted,
at
subscriptions
or
Treasury notes of Series A-1938, maturing Feb. 1,
in
par
and
later
on
1938,
with
must
due
for
payment
accrued
be
allotment.
coupon
interest
on
any
such
1937
($9.701087 per $1,000), will be paid
following their acceptance.
Special Treasury bills aggregating $450,000,000 mature
immediately
after Dec. 15, and about
$158,000,000 interest on the public debt becomes
payable on that date.
2%% Treasury notes of Series A-1938. maturing
Feb. 1, 1938, in the amount of
$276,679,600 are now outstanding.
Tlie following are the offocial
Treasury
describing the offering:
Department cir¬
culars
UNITED
STATES OF AMERICA
for
Dated
Interest payable
the
the
Premiums
threw
obligations
spread
were
1*4%
unusually
markets
between
hid
for
the
most
is
when
in
the
notes—terms
generous—the
a
of
wet
blanket
the
Federal
their
1937—Department
Circular
1937—Due Dec.
June 15 and Dec.
No.
Office
15,
1945
15
579—Public
Treasury Department,
Debt
of
Service
the
Secretary,
Washington, Dec. 6, 1937.
1%%
apparently
September,
bearing interest from Dec. 15,
I.
matur¬
offered
were
of
and
then
1.
Offering of Bonds
The
Secretary of the Treasury, pursuant to the 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
of
for
1945.
with
the
2%%
bonds of
the
United
States, designated Treasury bonds
offering is $250,000,000, or thereabouts,
right reserved to the Secretary of the Treasury to increase the
by an amount sufficient to accept all subscriptions for which
The
amount
of
the
offering
Treasury notes of Series A-1938, maturing Feb. 1,
payment
and
II.
the
new
securities,
1.
gradually.
high-grade bond market has
that
date
been
evidenced
June
15
and
not
be
will
2.
The
bonds
at
of the
now
are
will
the
Dec.
be
rate
15
in
Description of Bonds
dated
of
subject to call
Dec.
2%%
each
15,
per
year.
for
or
hereafter imposed
possessions
of
the United
1937,
and
annum,
tendered
in
-
will bear
payable
interest
from
semi-annually
They will mature Dec.
redemption
on
15, 1945, and
prior to maturity.
as to principal and interest, from all
by the United States, any State, or any
States, or by any local taxing authority,
The bonds shall be exempt, both
taxation
1938,
accepted.
yields and
by the increasing interest which institutional
investors are beginning
to show in top corporate
obligations and also by the fact that with com¬
mercial loans declining,
banks, especially in the big
metropolitan centers,
are giving renewed
buying attention to government bonds.
accorded
be
and
must
bonds
and
years,
none
time
market
Last
considered
bond
the
15-month
outstanding short-term
down
confidence
or
but
at
the
offering.
notes
stock
premiums diminished
Renewed
prevailed
September,
latest
2%
earlier
of
which
last
receive
financing and
Government
those
the
involved
few
a
unsettled
on
to
Treasury rotes will
are
will
attached,
official
for
but
bond
From
.
March, holders of
1953,
cash.
In
the
as
not exceeding one-half of the
subscribing bank or trust company.
were
issuances
last
.
quarter
four and
three-quarters years.
offered 2%%
bonds, due in
in
bonds
coupons
as
deposit
Treasury's policy of converting its short-term debt
into gradually
lengthening maturities was slowed up.
Last September the
offering in¬
volved five-year 2% notes
and
15-month
1%% notes.
Last June the
Treasury sold 1%% notes, due in two and a
notes,
of
1942, and
2%% TREASURY BONDS OF 1945
December,
cash—2%s
the
year
taxation
amount
high-grade
the
the
on
to
the
and
notes
from
Treasury
companies
on
Treasury has reverted to its policy of
issuing bonds
for cash again instead of
holding to notes is seen in some quarters as an
indication of
Washington's renewed confidence in the
cash
maturing
and at the Treasury
Department, Washington.
Banking institu¬
generally may submit subscriptions for account of
customers, but
only the Federal Reserve banks and the
Treasury Department are authorized
were closed
financing, the "Wall
Dec. 6 said:
A-1938
banks
day they
was made in our issue of Dec.
Series
exchanging such maturing
Treasury notes, the exchange
the
or
of
of
tions
over
by mid-December
quarterly tax collections expected to amount
to about $450,000,000. Previous reference to the
plans of the Treasury for
its
privilege
branches,
amount up to
opened, while the exchange books were closed at
the close of
business Dec. 8.
However, cash subscriptions placed in the
mail before
midnight, Dec. 6, and exchange subscriptions
placed in the mail before
midnight, Dec. 8, were considered
as
having been entered before the close of the books.
The financing did not
represent any "new money," as the
proceeds of the offering
will, in effect, be used to pay off in
cash nine issues of
short-term Treasury bills
totaling $450,651,000, falling due immediately after Dec. 15.
The Treas¬
ury on Dec. 15 will also be
required to meet about $158,000,000 interest on the public
debt; any of the Feb. 1
maturity of notes not tendered in
exchange for the new
bonds or notes will be
paid off in cash by the
Treasury.
The Treasury's fund will be
reimbursed
3577.
the
Treasury bonds
Treasury bonds and
interest
^
business
the
Treasury bonds of 1945, and
1\% Treasury notes of Series
notes
registered as to both principal and
interest; both forms will be issued in the denominations of
$50, $100, $500,
$1,000, $5,000, $10,000 and $100,000.
The Treasury notes will be issued
only in bearer form with coupons
attached, in the denominations of $100,
$500, $1,000, $5,000, $10,000 and $100,000.
Subscriptions will be received at the
Federal
Reserve
Press
allotted 8% but not less than
$1,000
subscription books
close
2%% Treasury
offered
are
for
of
payable semi-annually.
They will mature Dec. 15,
subject to call for redemption before that date.
be
not
The
$1,000
allotted 7 % of the amount of their
subscriptions, but not less than
$1,000 of any one subscription.
For the note3
subscriptions, up to and including $1,000, were allotted
over
holders
today offering for subscription,
Federal Reserve banks,
$250,-
Treasury notes, respectively, now
outstanding.
specifically set forth in the official circulars issued
were
in full and tho3e
is
the
and
exchange for
an
annum
The
made
allotted in full and those amounts
were
through
made
exemptions
by Secretary Morgenthau yes¬
terday (Dec. 10) that the cash subscriptions for the new
bonds aggregated
$4,084,000,000 and for the new notes
$2,702,000,000, while virtually all of the maturing
Treasury
The Secretary said that
subscriptions for the bonds in
interest,
rate
per
by
and including
be
will
amounts sufficient to
accept all subscriptions of the matur¬
ing notes tendered and accepted.
tendered in
are
out¬
par
for par with an adjustment of accrued
interest as of
15, 1937, and to the extent such
exchange privilege is availed of, the
offering of bonds or of notes may be increased.
The 2^%
Treasury bonds of 1945 now offered for cash, and in
exchange
for
Treasury notes maturing Feb. 1, 1938, will be dated Dec.
15, 1937,
and will bear interest
from that date at the rate of
2*4% per annum
payable semi-annually.
They will mature Dec. 15, 1945, and will not
be subject to call for
redemption prior to maturity.
In view of the
comparatively small size of the issue, and the
early maturity date, no
provision is made for redemption
prior to maturity.
The 1%%
Treasury notes of Series C-1942, also offered for
cash, and
in
exchange for Treasury notes maturing Feb.
X, 1938, will be dated
Dec. 15, 1937, and will bear
interest from that date at the
for par with an adjustment of accrued
interest as of
Dec. 15, 1937.
The right was reserved to the
Secretary of
the Treasury to increase the
issues of notes and bonds
reported in United
night, which added:
accrued
or
The
to
par
the new securities.
This was
advices from
Washington last
notes
Dec.
addition, the notes and bonds
notes of Series A-1938 have been
and
par
Feb.
holders
was
Treasury. bonds and
as
of the offering,
Sept. 5, issued for
Sept. 6, Secretary Morgenthau said:
notes
of $276,079,600 of the
2%%
Treasury notes of Series A-1938, due Feb. 1,
1938, in ex¬
change for the maturing notes, the
exchange to be made
Announcement
exemptions from taxation
of
announcement
C-1942.
of
offered
notes
same
issues
thereabouts, of eight-year 2
$200,000,000, or thereabouts, of five-year
Secretary of the Treasury Henry Morgenthau
Jr.,
an issue of
$250,000,000, or thereabouts, of
eight-year 2y2% Treasury bonds of
1945, and an issue of
$200,000,000, or thereabouts, of 'five-year 194%
Treasury
Series
bis
000,000,
offered for cash
of
of
Secretary of the Treasury Morgenthau
subscriptions greatly in excess of the amount
offered, the Treasury Department this week
successfully
completed its Dec. 15 quarterly financing operation.
The
Treasury on Dec. 6, in accordance with an announcement
also
other
publication
With
notes
columns
standing.
Treasury Offers $250,000,000 of Eight-Year
23^% Bonds
and $200,000,000 of Five-Year
1%% Notes in Dec. 15
Financing—Also Offered in Exchange for
$276,679,000 of 2y8% Notes Due Feb.
1—Books Closed—•
Cash
Subscriptions Total $6,786,000,000—$450,000,000 of Maturing Bills to Be Paid in Cash and
$158,000,000 of Interest on Debt
were
quarterly financing in
be accorded the
accorded
Dec. 5 by
u, 1S37
interest from Dec. 15,
1937, and will mature on Dec. 15,
1945, and likewise will not be subject to call for
redemption
prior to maturity.
Secretary Morgenthau explained that
"in view of the
comparatively small size of the issue, and
the early
maturity date, no provision is made for
redemp¬
tion prior to
maturity."
Both the new bonds and
are not
exempt from the
disposition of the Treasury bills
a deduction, or otherwise
recognized, for the purposes
hereafter imposed by the United States
or any of its
No loss from the sale
these
to
must be made at the
15. 1937.
i
in
Dec.
September was referred
Sept. 11, page 1674, and Sept. 18,
page 1826.
The new 194% notes will< be dated
and bear
interest from Dec. 15,
1937, and will mature on Dec. 15,
1942, and will not be subject to call for
redemption before
that date.
The 2*£% bonds will also be dated
and bear
rejection thereof.
Payment
last
Volume
Financial
145
(b) graduated
and excess-profits
States,
upon
the income or profits of individuals, partnerships, associations, or
corporations.
The interest on an amount of bonds authorized 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 by any
individual, partnership, association, or corporation, shall be exempt from
(a)
except
estate
war-profits
inheritance
or
income
additional
and
taxes,
taxes,
the taxes provided for
will
privilege
to
bonds
public moneys,
of
..,
with
interest
of
interchange
$50, $100,
$10,000 and $100,000.
Provision will be made
of different denominations and of coupon
$5,000,
$1,000,
$500,
bonds
registered bonds, and for the transfer of registered bonds, under
for
and
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
III.
1.
branches
tions
and
received
subscriptions
submit
may
account of
for
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
subscriptions except for their own account.
Cash
subscriptions from banks and trust companies for their own account will
be received without
deposit but will be rettricted in each case to an
permitted
exceeding one-half of the combined capital and
not
amount
enter
to
trust
or
The
sub¬
whole or in part, to allot less than the amount of bonds
to make allotments in full upon applications for smaller
in
for,
of the
Treasury
the right to reject any
reserves
allotments upon, or to reject, applications
to make reduced
and
amounts,
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
for
by him to be in the public interest; and his action in any or all of these
respects shall be final.
Subject to these reservations, subscriptions in
which
of
payment
allotted
in
attached will be issued in denomi¬
$1,000,
$5,000,
$10,000 and $100,000.
registered
form.
issued
in
Subscriptions
branches
and
the
at
Treasury
Allotment
full.
of Series A-1938 are tendered will be
will be sent out promptly upon allot¬
notes
notices
publicly announced.
of the allotment will be
ment, and the basis
received
Payment
at par
payment with application up to
to
not be
act
official
as
from
received
banks
without
authorized
and
of
agents
requested
receive subscriptions,
to
Reserve banks
Federal
States.
United
the
without
and
up
to the amounts indicated by the Secretary
bsnks*
''
HENRY MORGENTHAU JR.,
C-1942
580—Public Debt Service
Secretary of
in
whole
for,
in
part,
I.
The
Second
of
Secretary
Bond
Liberty
the
Act,
Dec.
6,
respects
make reduced
to
or
allotment
shall
be
the right
reserved to
by
an
of the
invites
$200,000,000, or thereabouts,
the Secretary of the Treasury to increase
the
amount
II.
The
1.
notes
will
be
that date at the rate of
Dec.
and
be
The
notes
taxation
all
hereafter
the
3.
rules
of
in
4.
15,
per annum,
payable semi-annually on June 15
15, 1942, and will not
for redemption prior to maturity.
exempt, both as to principal and interest, from
(except
estate
or
inheritance
taxes,
or
gift taxes)
imposed by the United States, any State, or any
will
notes
and
be accepted
regulations
Treasury
of
in
as
now
or
of the possessions
full
in
allotments upon, or
to
reject,
applications
adopt any or all of said methods or such other
and classification of allotments as shall be deemed
in
full.
Subject
Treasury
Payment
at
par
cash subscriptions
or
reservations,
to
these
of
notes
Series A-1938
notices will
Allotment
IV.
1.
later
on
and
be
are
out
sent
subscriptions in
tendered will be
promptly
upon
allot¬
Payment
accrued interest,
In
case
every
payment with application
shall,
up
any,
for notes allotted on
before Dec. 15, 1937,
where payment is not so completed,
10% of the amount of notes applied
to
the Secretary of the Treasury in
declaration made by
upon
if
must be made or completed on or
allotment.
the
his
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, so notified by the Federal Reserve bank
of its district.
Treasury notes of Serie A-1938, maturing Feb. 1, 1938,
with coupon
dated Feb. 1, 1938, attached, will be accepted at par in
payment for any notes subscribed for and allotted, and accrued interest
on the maturing notes from Aug.
1, 1937, to Dec. 15, 1937 ($9.701087 per
$1,000), will be paid following acceptance of the notes.
Payment through
surrender of Treasury notes of Series A-1938 should be made when the
discretion,
1.
As
be
forfeited
and under such
shall be prescribed or approved by the Secretary
income and profits taxes payable at the
will be acceptable to secure deposits
bear the circulation privilege.
fiscal
authorized
the
to
United
States.
Any
General Provisions
'
and
United States,, Federal Reserve banks are
to receive subscriptions, to make allotments on
the
of
agents
requested
the basis and up to
the amounts indicated by the Secretary
the Federal Reserve banks
to
notices,
to
full-paid
on
of the Treasury
of the respective districts, to issue allotment
for notes allotted, to make delivery of notes
allotted, and they may issue interim receipts
receive payment
subscriptions
pending delivery of the definitive notes.
2. The Secretary of the Treasury may at
any time, or from time to
amendatory rules and regulations governing
which will be communicated promptly to the Federal Reserve
time, prescribe supplemental or
the offering,
banks.
HENRY
MORGENTHAU JR., Secretary
of the
Treasury.
Washington Following
Off Coast of Florida
—Gum Infection Which Prompted Shortening of
Vacation Reported Much Improved
President Roosevelt's Return to
Curtailment of Fishing Trip in
President Roosevelt reached
Washington on Dec. 6 fol¬
lowing his brief vacation spent on a fishing trip off the coast
of Florida.
The President returned earlier than planned be¬
cause, it is said, of the delay in the closing of the gum wound
resulting from the extraction of an infected tooth. Following
an examination by the President's dentist, Lieutenant Com¬
mander Arthur H. Yando, of the Navy dental corps, the
White House Secretary Stephen T. Early, reported according
to
Washington advices (Dec. 6) to the New York "Herald
that both Dr. Mclntire and Dr. Yando were
RFC Had
-
Need of Maintaining
reported
was
as
saying yesterday
Commerce Commission should
seek to preserve the solvency of the nation's railroads with a
view to retaining them under private management and private
ownership. His comment followed the announcement of the
action of the Commission in overruling a petition by the
(Dec. 10) that the Interstate
railroads for
an
immediate 15% increase in freight rates.
had to say we quote the following
As to what the President
from Associated Press accounts
from Washington yesterday
(Dec. 10):
Discussing the financial situation
President said the quicker a final
of the carriers at a press conference, the
determination was reached on the roads'
application for higher freight rates the better it would be all around.
The President, at his press conference said he wanted to avoid Govern¬
that railroad receiver¬
being taken to adjust their
ownership but at the same time he pointed out
ships could not continue without some steps
financial setup.
Asked whether a Government subsidy was
a
of public moneys, but
Urged Higher Rates
Roosevelt
President
payment of
sub¬
and the basis of the allotment will be publicly announced.
ment,
ment
taxing authority.
at par during such time
the notes.
The notes
not
1937, and will bear interest from
They will mature Dec.
United States, or by any local
maturity
will
Dec.
shall be
The
the
1%%
each year.
subject to call
2.
of
15
Description of Notes
dated
reject any
to
than the amount of notes
upon
applications for smaller
Solvency of Railroads Following Action of ICC In
Overruling Roads' Petition For Freight Increase—
At Conferences with President Chairman Jones of
sufficient to accept all subscriptions for which
Treasury notes of Series A-1938, maturing Feb. 1, 1938, are tendered in
payment and accepted.
offering
the right
reserves
to
final.
of which
payment
allotted
Offering of Notes
Treasury, pursuant to the authority
approved Sept. 24, 1917, as amended,
v
The amount of the offering is
Series C-1942.
in
by him to be in the public interest; and his action in any or all of these
1937.
subscriptions, at par and accrued interest, from the people of the United
States for 1%% notes of the United States, designated Treasury notes of
with
be
allot less
to
allotments
make
to
of
the Treasury
or
larger amounts,
methods
will
President Roosevelt Comments on
Office of the Secretary,
Department,
Washington,
1.
will
Cash
account will
exceeding one-half of the combined capital
amounts, and
for
but
deposit
restricted
own
pleased to find that the healing appeared to be proceeding
more normally than they expected.
The President, whose
fishing cruise was referred to in our issue of a week ago (page
3577), was obliged to forego his^proposed^visit to War.
Springs and Gainesville, Ga.
payable June 15 and Dec. 15
1937—Department Circular No.
Treasury
institutions
their
for
Tribune"
1937—Due Dec. 15, 1942
from Dec. 15,
Dated and bearing interest
Interest
■'1
Secretary of the Treasury.
SERIES
TREASURY NOTES OF
1%%
•
STATES OF AMERICA
UNITED
banking
than
companies
trust
notice.
The
2.
are
to make allotments on
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 receipts
pending delivery of the definitive bonds.
2. The 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 the Federal Reserve
the basis and
and
each case to an
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 notes applied
for.
The Secretary of the Treasury reserves the right to close the books
as
to
any
or all
subscriptions or classes oi subscriptions at any time
not
amount
General Provisions
V.
fiscal
As
Others
agencies.
permitted to enter subscriptions except for their own account.
subscriptions
subscription is tendered.
1.
banks
Banking institu¬
subscription is tendered.
10% of the amount of bonds applied
for shall, upon declaration made by the Secretary of the Treasury in his
discretion, be forfeited to the United States.
Any qualified depositary
will be permitted to make payment by credit for bonds allotted to it for
itself 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.
Treasury notes of Series A-1938, maturing Feb. 1,
1938, with coupon dated Feb. 1, 1938, attached, will be accepted at par
in payment for any bonds subscribed for and allotted, and accrued interest
on the maturing notes from Aug.
1, 1937, to Dec. 15, 1937 ($9.701087 per
$1,000), will be paid following acceptance of the notes.
Payment through
surrender of Treasury notes of Series A-1938 should be made when the
the
Reserve
Washington.
Treasury Department,
generally may submit subscriptions for account of customers, but
only the Federal Reserve banks and the Treasury Department are author¬
Payment
and accrued interest, if any, for bonds allotted on
cash subscriptions must be made or completed on or before Dec. 15, 1937,
or
on
later allotment.
In every case where payment is not so completed,
1.
Federal
the
at
tions
V.
IV.
The notes
and Allotment
Subscription
be
will
for
Secretary
scription,
applied
coupons
III.
1.
company.
without notice.
2.
interest
$500,
$100,
be
with
surplus of the
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 subscriptions or classes of subscriptions at any time
bank
subscribing
of
not
applied
the
at
will
scription,
Federal Reserve banks and
the Treasury Department, Washington.
Banking institu¬
at
generally
United States bonds.
Subscription and Allotment
be
will
Subscriptions
nations
be
bonds registered
and
attached,
coupons
Bearer notes
ized
deposits
secure
privilege and will not be entitled to any
principal and interest, will be issued in denominations of
to
the
the United
by
(b) above.
acceptable
5.
and
taxes,
surtaxes,
as
imposed
conversion.
of
Bearer
4.
as
be
bear the circulation
not
gift
or
known
hereafter
or
in clause
will
bonds
The
3.
but
taxes,
commonly
now
3745
Chronicle
proposition
was
one
oil and other industries.
planned, he warned that such
which would be working toward straight State
probably would be done with
socialism and once that was started the same
3746
Financial
Chronicle
RFC Loans
The Administration's
_____
Mr. Roosevelt said the administration had
railroads, adding that the ICC
to deal with the
Asked
definite plan to help the
Federal agency authorized
no
the only
was
RFC
the
Wednesday, only in relation
to one or two roads which seem to need
very small amount of temporary
At
conferences
Reconstruction
which
Jesse
to be revived.
was
H.
Jones, Chairman of the
Corporation held with President
Finance
day (Dec. 10)
Roosevelt
on Dec. 8, Mr. Jones is said to
have indicated to
the President the need of the railroads for
additional reve¬
nue.
"If a
series of
disastrous receiverships
is to be
avoided," Mr. Jones warned the President (we quote from
Its
Commission."
native.
That
was
Failing that, there
railroad
a
but
was
subsidy, but
The
All
substantial
a
the motor
he
unless
bus and
there
motor
argued, would drive
railroads
merce
supervision
After
C.
between
Th
tion
the
deal
carriers.
White
An
of
Motor
carriers
The
of
views
of
the
a
the
House
carriers
lesser
and
for
such
15%
a
increase
decision
the
has
are
Mr.
son
and liaison
in
fares
passenger
be held
after
increase
the
drop
Mr.
in
Jones,
carriers has
ings.
The
while
business
steadily
failed
carriers
submitted
been
falling
of
increases
Wtihout
increased
cannot fail
to default
Receiverships, he added,
securities
of
the
the
loss
a
I.
C.
the
RFC
of
C.
In
noting that
while
Mr.
the
November
House
this
on
ment that
gross
and net
briefs
the
argued,
the
that his presence at the White
subject, followed quickly after the
announce¬
the Senate railroad finance
1 would be turned into
a
hearings after Janu¬
"recovery forum" for the car¬
to the belief here that a
major
recovery program for the steam carriers is in the
making.
In part the "Wall Street
Journal" added:
What
Interstate
consideration
of
of
a
than
proposed
Commerce
have
Revival
creation
force
other
measures,
the
not
the
been
increases
have
under
received
revealed, but among them
office
permanent,
expense-savjng
rate
Commission,
of
Federal
similar
Coordinator
agency
cloaked
believed to
with
Transportation
more
be:
or
authority to
projects.
2.
Resumption of RFC railroad lending, where
necessary in the present
emergency, to carriers certified by the ICC as not
being in need of reor¬
ganization, pending a decision on higher rates.
The
creation
Commerce
of
a
by President Roosevelt
depression.
This
"coordinator"
new
Commissioner
Joseph
to
B.
long has been urged by Interstate
who originally was drafted
Eastman,
help bring the
railroads out
of
the
mire
of
the
ministrator
by
House
Wage and
Under
Labor
Hour
Bill
by Sole Ad¬
Department Approved
Committee—Committee
A. F. of L. Would Result in
States Chamber of Commerce
Holds
Bill
of
Confusion-—United
Committee Advocates
Continuance of Voluntary
Agreements
The wage and hour
proposals of the American Federation
Labor, made public on Dec. 5 by William
Green, Presi¬
dent of the
Federation, has failed of support by the House
of
Committee
Labor, Mary T. Norton, Chairman of the
committee, having advised a representative of the Federa¬
tion on Dec. 6 that the
latter's bill, with a flat 40-hour
The Administrator
employer
choose
a
and
labor
group
repre¬
the
to
go
Administrator,
would
support
at
came
lower
a
attended
caucus
.
compromise by
minimum
other controversial
on
a
reached
for
vote
which
in
wages
the
provisions.
by 75
members who
or more
Bankhead, Majority Leader Rayburn and Repre¬
Pennsylvania, the party whip, to "stand by the Ad¬
of
to
before
come
to
13.
the
a
week ago, page 3582,
for consideration
House
President
made
known
Green
the
of
the
intention
A.
of
F.
the
recommend
proposals of its Executive Com¬
Dec. 5 the provisions embodied in
on
Federation's
40-hour
week
for
by
a
any
dispatch, Dec. 5, to the
child
in
of
wage
40c.
sub-standard
labor and
convict
hour
an
and
industries
labor
a
maxi¬
engaged
in
prohibited.
violation
against each employee shall be punishable
$100 fine, the Justice Department,
through its Federal District Attor¬
to prosecute offenders on complaint ,n the Federal
District
Exemptions--The
higher
shall
workers
with
commerce,
Enforcement—Each
and
pay
it
apply
specified in
law
shall
hours
shorter
to
the
not
entered
affect
wage
into
agricultural, transport
and
by
Courts.
agreements
collective
certain
other
providing
bargaining,
classes
of
for
nor
labor
bill.
Emergencies—In
cases
of emergencies, maximum hour
provisions shall
apply, but employers will be required to
pay time and a half for work
excess of eight hours a
day or 40 hours a week.
"The great
advantage in the measure we propose is its
straightforward
simplicity," Mr. Green said.
"It carries out in full the
letter, the spirit
and the objectives of President
Roosevelt's recommendations to
Congress."
not
in
Opposing the enactment of the Administration's
wage and
bill, a committee of the United States Chamber of
hour
Commerce submitted to the latter's
directors on Dec. 6 a
report advocating the continuation of the
present voluntary
agreements between employers and
employees, United Press
accounts from
Washington, Dec. 0. said:
The
committee
circumstances
ministration
hours
that
like
for
would
authorized,"
"The
barriers
States
the
that
repetition
of
produced
of
of
interstate
be
goods
rates
Federal
control
of
wages
and
hours
"in
no
desirable."
the
procedure of National Recovery Ad¬
development of voluntary agreements respecting
wages and
be binding on all concerns in an
industry should not be
wage
and
and
should
commerce
imposed
through
Federal
elsewhere under
labor
hours
of
statutes of
work
for
be
kept
conditions
the
State
adult
free
legislation
of
not
from
any
enabling the
meeting the
destination.
employees
of enterprises
through voluntary action
employers and employees, negotiating either
individually or collectively."
engaged in industry and
of
that
be
might
bar
requirements
a
committee concluded.
channels
to
found
would
"Anything
"Wage
of
last
com¬
Speaker
is
new
agency, as envisioned by Mr.
Eastman, would be
adjunct and would be equipped to keep a
permanent watch on the
transportation system and to advise the President and
Congress regarding
necessary legislation.
Administration
however, they had
Wages and hours—Uniform minimum
ICC
an
would
indicated in these columns
was
interstate
Administration
are
of
consideration
advisory
New York "Herald Tribune"
gave as follows its major pro¬
visions as outlined by Mr. Green:
Jones
declined to discuss his
than to say they related to
Street Journal" of Dec. 9 reported
of
use
from
would
turn,
section of the country, a
Washington
that
into the hands of receivers.
with
Senate
substitute. • Noting that the Federation
deliberately aims at the elimination of minimum wage
differentials, such as the South has long demanded, for
earn¬
carriers
conflict
the
bill
impor¬
showing
riers, lent further credence
1.
the
tonnage
of
other
railroads, the "Wall
from its Washington bureau
for
by
Federation
are
with the President
said,
Monday next, Dec.
L., who on Dec. 3
on
of
of the year.
none
by
had opposed the bill as a
whole, on the ground that
differential in pay scales between the North and the
a
Boland
bill
neys,
talks
by
As
the
and
costly, aside from the eventual washing out of
reorganizations.
in
urged
mum
Chairman
their securities and fall
insure
return
a
operating costs have been mounting
prices of ccnimodities and in the wages
in
revenues,
on
to
in
spokesmen
in
recommendations
mittee, made public
10% and
measure.
direct
v.;'
of
These,
confer¬
Southern
..
ministration."
man
nothing of the railroad executives,
to
Southerners
not
sentative
roads.
here,
number
Representatives
were
off,
labor.
to
sectional
completed
are
group's
The compromise
Drop
revealed
24%
the effects
have
has
because
feel
to
as
from
certain
on
hearings
in
determining wage-hour standards.
equal
South, in
for
freight rates and
announced until the end
to say
loadings
car
This drop has varied
in
entire
is
passed
.
com¬
conferred
bill
-j-
industry.
Party leaders
subject to the
Jones
each
Northern
independent agencies as the I. C. C.
hearings for ten days on the applica¬
horizontal
probably will not be
alarmed
sharp
figures.
ary
rates
did
alone,
in interstate
in
an
entire
South.
.
President,
Alarmed at Loadings
What
paid
engaged
railroads.
to
it
being hauled by the
Roosevelt, the President's eldest
Regional hearings will
at best
tant
the railroads
commerce
The A. F. of L. bill
was
to
be adjusted
introduced in the House
on
Dec. 8
by Representative John F. Dockweiler
(Dem.) of California.
M. S. Eccles of Reserve
System in Presenting Views on
Housing Bill Sees Delay in Budget
Balancing With
Business
Recession—Proposes Amendment
Before
on
Senate
Sub-Committee—Secretary
Heard By House Committee
to
Bill
Wallace
That tho present business recession would
operate to pre¬
early balancing of the Federal budget was the view
expressed on Dec. 8 by Marriner S. Eccles, Chairman of
the
Board of Governors of the Federal
Reserve System, in in¬
maximum week and 40c. minimum
hourly bill, would result
in such confusion that no
action could be
expected at this
session.
The A. F. of L. proposal would
vest
vent the
authority in the Justice Department.
from Washington, Dec.
6, said:
dicating to the Senate Banking and
Currency Committee
his attitude toward the
Administration's proposed
housing
legislation.
Responsibility for the slump was placed by
Mr. Eccles
"It
would
the Senate
be
bill
impossible
back to
this
of the Federation.
She
the
also
House
ooint
of
warned
floor
to
substitute
the
administration
United Press advices
A.
F. of L. bill
by sending
committee," Mrs. Norton told W. C. Houeman
against any effort to substitute the A. F.
because of basic differences which
would
order.
of
L.
bill
tubject it
to
on
a
on
accept or reject them and call for a new report.
If the second
report failed to satisfy him, he could start all over with a new
committee.
Under the legislation as it
stands, the maximum work week could be
set
as
low
as
40
hours and the
hourly wage rate could be fixed as
high as 40c.
•
Commission has been
conducting
somewhat
is
for
now
aid
an
for
Most
increase
tonnage
idea
the
enough
won
who could
Included
control, and henee their
those
as
his
stating
lines.
great
in
the
on
senting the public.
he said, would not greatly benefit
corresponding increase in the rates of
a
bill
Committee
behind-the-scenes
of
apparently
Administrator
authorized
'V;'.".,.
.
appoint
groups
rates,
truck
C,
time with James
some
in
was
a
motor
under I.
are
same
the
to
Carriers
increase
.
as
would
Mr. Jones came to the defense of the
railroads as one
having a direct
interest in their solvency, as the RFC carries on
its books
many large loans
the carriers.
railroads
single
beard
day
a
attacks
Republican
single Administrator amendment envisions the
mittees
as
ended
leaders
off
committee's
five-man
decision
Administration
stave
summer.
to
Even
and hour
wage
amendment
said:
committee's]
which
to
The
the
Mr. Jones put
it after his conference with the
President, "we can't subsi¬
dize everything."
Continuing the dispatch to the "Herald
Tribune" said:
the
in
support
alter¬
one
[the
ences,
Washington advices Dec. 8 to the New York "Herald Trib¬
une"), "the railroads must have the full 15% increase in
freight rates they are now seeking from the Interstate Com¬
merce
Black-Connery
by the House Labor
an
(as provided in
Norton.
The amendment to the
pending bill, adopted by the
House Labor Committee on Dec. 9
by a vote of 9 to 6, pro¬
vides for a single Administrator in the
Department of
Labor.
Associated Press advices from
Washington yester¬
a
financing. He shook his head when asked
whether the post of Federal co-ordinator of railroads
rewritten
11. mi
proposing administra¬
Department instead of a five-man board
the pending bill) was submitted by Mrs.
was
planning more loans to railroads, the
President said he had discussed that with Jesse H.
Jones, RFC Chairman,
on
ordered
was
Dec. 3, at which time
tion by the Labor
problem.
whether
Dec.
on unbalanced
prices and wage payments and he
declared that the situation would continue
until adjustments
realized, said a Washington despatch Dec. 8 to the New
York "Journal of Commerce" which
also had
are
the
to say:
following
Volume
Financial
145
The disparity between
incomes of organized
workers, farmers and Govern¬
cited by him as contributing to the recession, as well
breach between farm prices and the costs of some major industrial
ment employees was
the
as
him
crease
as
"what we're trying to
in¬
and explained that he took the position last spring that any
in Government activity would mean only to increase prices, where¬
program,
the Government should
curtail spending to prevent
maladjustment than that
and avoid
a
veloping.
The trouble, he said, was
greater
of Government money.
Reserve Board policies the
in stopping the spending
Mr. Eccles attributed to
inflationary movement that had
to the
acceleration of costs
de¬
too low
which even then was
that the Administration was
application of brakes
gotten under way.
wont defeat the purpose
Eccles explained
Mr.
of the bill."
that Congress was
the desired
8% to 10%. I don't see how
we can expect to have a deflated interest rate and an inflated price struc¬
ture, they just don't go together." he said.
Chairman Eccles testified that the pending bill "will help railroads very
materially," in response to a question whether or not the bill would chiefly
aid the well-organized building trades.
He added it would help em¬
rates were from
he declared, as when interest
He would not
ployment generally.
Wallace
Supports Housing Bill
declared
it
that
would have been most
fallen from a higher point,
Views on Prices
'
Eccles told
Mr.
the Senators he
high last spring—it was the
did not believe that
lack of balance in prices that
prices were too
caused the diffi¬
culty.
Increase in reserve
but it certainly
restrained expan¬
severely last spring for
of the situation may have
He said that the Board
sion.
put on the brakes, he said,
of the slack, and giving of notice by the
requirements did not
did take up some
Board that it was conscious
had been critized
Board's
putting on the brakes earlier and it was found desirable that the
statement explaining that the situation had not
been
created by monetary matters, but was induced by monopolistic conditions
In industry.
Had prices continued to go up our economy would have
Chairman issue a
been even more out
of balance.
Committee on Dec. 8, Mr.
inducements than those thus far
testifying before the Senate
In
Eccles stated that greater
proposed would be necessary to attract
President Roosevelt's housing program.
counts from Washington on Dec. 8 said:
Mr. Eccles
to the
1.
suggested two alternative changes
Federal housing act to attract
Exempt 3%
private capital to
in proposed
amendments
by the Federal Housing
Increase the
The rate,
tracted, he said.
proposed 5% interest rate.
would average 5K%. would give the
after servicing and taxes were sub¬
of only about 3 M %
The return is too small to
compete, for instance,
with
bonds, he pointed out.
Mr. Eccles previously indicated lack of enthusiasm for the proposed in¬
terest rate, which has been defended by the FHA Administrator, Stewart
"no panacea" for
He said the bill was
the Nation's economic ills
and
problem. ■
He was unable to give the committee any definite plan for reduction
of these costs, which are ascribed in part to the conflict between the Ameri¬
can Federation of Labor and the Committee for Industrial Organizaton,
materials were a vital
but said he expected them to
decrease.
developed the need for amendments In the Housing Act,
was felt the cost was too high, at GH% on the principal of
Experience has
he said, as it
mortgages issued
by the Government.
been no mechanism to cover the four-family
the $6,000 class and the limited dividend class of
Pointing out that there has
unit structures between
would fill that gap. He proposed
10%.
"Do you consider that sound for both the bank and the Government?"
Senator John G. Townsend Jr.,-Republican of Delaware, asked.
"Of course there is possibility of Government loss," Mr. Eccles replied,
"but that seems small compared to the benefits of the program."
Mr. Eccles said there was a question whether the 5% rate was "high
enough to attract private capital."
In addition, he said any foreclosure costs have to be absorbed by the in¬
stitution and such costs may run from $300 to $500 in eastern States.
"If we could get the leaders of business and labor to reorganize the
need for reduction of costs— the advantage of annual rather than higher
hourly wage for labor— we would get a better balance," the witness said.
"The factor at the bottom of our difficulties today is disequilibrium In
home building,
he said the amendments
payment from 20 to
reduction of the down
regard to agriculture and
other economy."
revealed that the FHA is making
a study of the possibility of uniform foreclosure fees to avoid "outrageous"
costs in some States.
He testified before the House Banking and Cur¬
rency Committee,on the proposed amendments.
Abner Ferguson,
In
our
FHA chief counsel,
a week ago, page 3581, referring to the
embodying President Roosevelt's housing
issue of
introduced
proposals, we noted what Mr. Eccles had to say in a hearing
on the legislation on Dec. 2 before the House Banking and
Currency Committee.
Mr. Eccles likewise appeared before
the House Committee on Dec. 3 on which date also Secre¬
tary of Agriculture Wallace was heard.
In an account of
that day's hearing the "Wall Street Journal" reported the
following from its Washington bureau:
Private investors would not be interested in cooperating in the Admin¬
istrations' housing encouragement program if the interest rate were less
than 5%, Marriner S. Eccles testified yesterday before the House Banking
and Currency Committee.
The Chairman was attempting to answer in
advance those members of Congress who seek to legislate an interest rate
of 4% or less.
I would certainly favor doing so,"
He pointed out that baby bonds issued by the
for Government-insured mortgages
"If it
were
possible to get a low rate,
he told the Committee.
2% to 2.9%. If building and
loan companies, marketing certificates which mature over a period of
years, are to attract private funds, he continued, they must pay 3% to 3.5%.
"It becomes impossible for them (the building and loan companies) to
charge 3% to 3.5%, with the expense of making the loan, making collec¬
tions, etc.
The problem becomes whether or not the 5% or 5.5% will
Government after the
interest the
second year pay from
lenders."
Act, would provide an
that farm income and the
in¬
presented charts showing
Secretary
He sought
to demonstrate that increase in the industrial workers' income meant pur¬
chasing power for the farm products which would benefit agriculture.
of the industrial workers
fluctuate along parallel lines.
that
contentions of Mr. Eccles
that the costs of the program must be lowered and thought
that this could be done if the costs of material were kept in
their proper relationship with the costs of labor.
From the
same despatch to the "Journal of Commerce" we take the
Advices Dec. 3 to the
"Journal of Commerce" stated
Secretary Wallace agreed with the
following:
the House Committee recog¬
be speculated upon in pre¬
They are, as outlined by Representa¬
tive Walcott (Rep., Mich.) and agreed upon by the Chairman, as follows:
1. Reduction in foreclosure costs by action of State legislatures.
2. Willingness of people to buy homes.
3. Inducement of home construction by a lowering of building and
testimony before
Chairman Eccles in his
elements that must
nized that there are three
dicting any success in the program.
labor costs■ ■ ■;
■•
;^
Stresses Mass Production
ministration might do to
home
suggestion to the Committee as
bring about a lowering
to what the Ad¬
of construction costs but
future operating along the lines of
In the automobile industry, he pointed out,
construction In the
industry.
automotive
the
decreased as demand increased and
the indus¬
production basis.
indorse a proposition put forward by Representa¬
tive Barry (Dem., N. Y.), that the plan be modified to encourage con¬
struction of homes costing in excess of $6,000.
The program provides that
homes of less than this amount may be purchased through FHA at only
Mr. Eccles would not
10%
a
down payment.
Mr. Barry
The pending bill, to
Interest rate of 5%.
amend the F3deral Housing
minimum be allowed to apply on the
priced homes and that a 20% down
proposed that the 10%
of the cost of higher
first $6,000
McDonald.
that costs of labor and
in
try went on a mass
tax-exempt Government
bills
The
come
quality improved and cost
which with insurance
investor a return
Wallace appeared before the Committee
Housing Act to stimulate construction.
favor of the bill amending the
visualized
Ad¬
for a down-pay¬
$6,000 or less would lead to frequent fore¬
had asserted that depreciation on a home
amounted to that percentage.
of Agriculture
Secretary
He could not offer any
ministration from taxation.
2.
Committee members
in the first year usually
United Press ac¬
private capital;
debentures to be issued
10% on homes costing
closures.
,
,
believe the provision
He also testified that he did not
ment of
psychological effect.
unfortunate to have the
cycle of inflation continue.
Had it continued it would merely have car¬
ried the country along a little longer on the basis of increasing costs; it
would have built up more credit that would have to have been liquidated;
the National economy would have been more out of balance, and the de¬
cline, when it began, would have been more severe because we would have
He
of
faced with other elements
trades are as high in many instances,
Labor costs in the building
cost.
bank funds and the sterilization of im¬
directly responsible, but stated it created
ported and newly mined gold was
not
do is
that the impounding of idle
agree
entering the lend"
commented at that point,
stimulate activity—to get it going without re¬
We want to put an interest rate in here which
Steagall (Dem., Ala.)
gard to the interest rate.
He was confronted
with the slum clearance
been in sympathy
subsidy or by the Government
Committee Chairman
in his viewpoint.
being none too encouraging
with the fact that he had not
of money to the home builder, he said*
to reduce the cost
ing business."
much
with
only'way
"The
either is by Government
products.
^ Mr. Eccles warned the Committee that they were not to expect too
from the building program and heard some of their number charge
3747
Chronicle
the remainder. He said that such a provision
not to be offered as a relief measure
building.
The Chairman said, however, that persons who can afford to pay more
than $6,000 for a home should be able to pay more than 10% down pay¬
ment.
He added that higher priced homes are also a greater risk because
of limitations of the market for such homes.
"The shortage today is not in the higher priced homes," he said,
"The
shortage is in the lower priced field.
There is still a surplus of higher
priced homes."
In response to Representative Fish, Mr. Eccles said he did not believe
that the program would bring about an increase in the general price level
of building supplies, although there might be increases in some isolated
payment be required on
justified since the program is
would be
but
as
a
plan to stimulate home
Instances.
"The
construction Industry
"that when prices
is
should have learned by
be no
improvement of business
reached and there can
tivity for
United
j—4
generally.];'
Supreme Court
Against Aluminum
States
Suit
now," he warned,
high a saturation point
activity and there is not anything like ac¬
of materials have become too
Approves Government
Co. of America—Also
Upholds State Taxes Against
Contractors—Other Decisions
Income of Federal
Court on Dec. 6 handed down
interpreted as victories for the
Government, when it granted permission for the Government
to proceed in New York with its anti-trust suit against the
Aluminum Co. of America, and also approved State taxation
The United
States Supreme
decisions which were
two
of Federal contractors. The latter decision
five-to-four vote, and was written by Chief Justice
The suit involving the Aluminum Co. was re¬
ferred to in the "Chronicle" of Aug. 7, page 858.
The
Supreme Court upheld the ruling of a three-judge Federal
expediting court.
This opinion was delivered by Justice
McReynolds.
Chief Justice Hughes and Justice Roberts
did not participate in the case.
A Washington dispatch of Dec. 6 to the New York "Times"
discussed this ruling and other Supreme Court decisions as
of the income
by a
Hughes.
was
follows:
Justice
and
McReynolds merely
examining the
pediting court was correct.
"This severs the red tape
ahead with the
I am
commented that after hearing
records and briefs the
and the Department
case," Attorney General
of Justice can now go
Cummings commented.
"Naturally
gratified."
In one of a score
of decisions today, the
Court, through Justice
upheld the $1 Georgia poll tax. a requisite to vote
American Civil Liberties Union supported Nolen
on
arguments
high court found that the ex¬
i
Agrees to Labor
the tax.
The Court
agreed to review the case
California, against the
Butler,
in national elections. The
R. Breedlove in the fight
Case Review
Packing Co., of
Board, which was sua-
of the Santa Cruz
National Labor Relations
*
3748
Financial
talned by the Ninth Circuit Court.
Chronicle
In another decision the Court denied
the
to the
Commercial Telegraphers Union, an A. F. of L. affiliate, a
temporary
injunction to stop the Labor Board from
accepting a petition for an election
among telegraphers of the Postal company.
As these orders
were
of
handed down, union hosiery workers at the
Apex
that
"Japan
With
an
far
as
far
appeal verdicts
tant
killing a' Bridgeport policeman,
In
In
a
was
challenged by
gold
bonds called for
and
Policy of United States as to China
Indicated by Secretary Hull in Answer to
Questions
by Representative Case—Says President Has
Not
Found
State
Incident
to
of
War
Exists,
and
That
Neutrality Act Is Dependent
Decision
where
Action
the
Inquiry
Government regarding
State
Hull
Dec.
on
6
submitted
to the policy of
as
China,
Secretary
to
the House
Foreign
information bearing thereon, and inci¬
the Neutrality Act, the question of
the amend¬
ment or repeal of which had
prompted the resolution.
Sec¬
retary Hull, in answer to one of the
questions, states that
"neither the Chinese Government
nor the Japanese
Govern¬
ment has declared war on
the other.
The President of the
United States has not found
'that there exists a state of
war.'"
Mr. Hull adds that "the
entering into force of the
restrictive provisions of the
Neutrality Act
is left
to and is
dependent upon decision of the President
that
there exists a state of
war," and Mr. Hull adds that the
policy of the Department "is dependent
upon that decision."
Replying to a further question,
Secretary Hull states that
"the United States maintains
no armed forces in
the Japa¬
nese Empire."
"In China," he says, "there are
armed forces
of the United States at
Peiping, at Tientsin, and at Shang¬
hai," and he states that the "American armed
forces in
China are there for the
protection of American nationals."
"They have," he says, "no mission of
aggression."
The
resolution
of
inquiry was introduced in the House on
Nov. 24 by Representative
Francis H. Case of South
Dakota,
and referred to the
House Committee on
Foreign Affairs.
As
introduced, the text of the resolution follows:
dentally
on
...
H. RES. 364
Resolved, That the President of the United
States
incompatible with the public
interests, to transmit
Representatives,
formation, viz.:
1.
Has
2.
Is
Is
the
the
earliest
practicable
is
requested,
to
the
the
moment,
if
not
House
of
following
in¬
the capital
4.
Has
United
of
Has
United
moving
or
preparing to
that
advised
of. the
caused
removal
by
and
arms
of
conflict
a
ammunitions and
shipped by United States citizens
going by cash or credit?
7.
Does
a
8.
Is
legation from
of
the
United
States
the
of
legation
armed
and
forces?
citizens
If
of
the
between
so,
implements of
to
such
any
war
armed
being sold by
forces?
Are
or
they
'I
it
by putting this law
and aid the
into effect
now
than
And again:
"I
am
not
and
special
issuing
exceptional
States
statements
not
are
dagger in these
to ruin
9.
we
countries that
should
are
the world."
What
territory
armed
or
Fascist countries of
Europe more
by not putting it into effect.'
help
China, but I
want
to
stick
a
trying to create dictatorship and
trying
-
forces
waters,
and
of
for
the
United
what
safe
are
in
China,
Clerk
of
furnish
the
Committee
the
Committee
House
Resolution
of the
United
Information
through
the
acknowledged of
364
on
on
a
Foreign
Foreign
letter
of
Nov.
25
Affairs,
asking that
Affairs
a
"requesting certain
press
has
and
been
official
(a)
American
Furthermore,
valid
passports
for
the
travel
citizens
and
is
I.
the
report, in
information from
R.
Barnes,
Department
duplicate,
on
the
President
constantly made publicly
available
statements
affords
the
a
Department
and
to
in
way
from
is
areas
for
not
China,
in
save
circumstances.
to
foreign
whether
countries,
such
under
including China and Japan.
These
While exporters of such arms and munitions
sales
existing law
made
are
on
to
inform
cash
a
or
that
the
to
cash
the
on
Department
credit
a
of
basis,
State
it
is
the
basis.
China
With
and
to
Japan
regard
the
the
to
on
a
seventh
Japanese Government
dent of the United
(see
are
Public
Resolution
question,
has
States has
transactions
neither
declared
not
found
No.
27,
war
involving shipments
the
Chinese
the
on
"that there
Seventy-fifth
Government
other.
exists
The
Congress,
With
is
regard
to
the
dependent
state
a
this
of
Act
war."
The
mind
policy of the
With
regard
forces
of
United
the
to
in
entering
into
fact
the
that
of
out
the
force
of
the
in
reference
to
The
Department of State keeps
principal purpose of the Act is to
the
war.
ninth
question,
the
Empire.
Japanese
States
Department of State
that decision.
upon
the
keep the United States
armed
the
Neutrality Act of May 1, 1937, is left to and
decision of the President by a
finding that "there exists
upon
in
question,
of the
is dependent
constantly
eighth
war"
approved
May 1, 1937).
restrictive provisions
Presi¬
state, of
a
In
United
China
States
there
maintains
armed
are
no
forces
at
Peiping (527 United States Marines), at Tientsin
(784 United States Army), and at
Shanghai (2,701 United States Marines).
The
American
Tientsin,
pursuant
to
Government maintains small
and
other
the
interested
concluded between
was
ernments,
including
maintained
for
China
che
the
detachments at
governments
provisions of
the
maintain
so-called
and the
American
Boxer
representatives of
Minister
to
Peiping and at
similar
Protocol
the
China.
detachments,
of
1901, which
interested gov¬
These
troops
are
general
purpose of providing protection to American
Embassy personnel) and, in case of emergency
calling for evacuation, making available an armed escort.
At Shanghai the Government of the
United States (as well sb
nationals
(including
the
various
other
governments)
ment
at that
place
has since 1927 maintained
a
small
detachment
of
in
armed
the
International
forces
for
the
Settle¬
purpose
of
assisting in protecting the large number of citizens
residing in that area
from the
dangers incident to serious disorders beyond the control of
local
the
authorities.
Also,
These
there
naval
are
vessels
form
a
control of
of
of
part
the "United
the
United
trouble
in
which
American
of
and
few
South China ports and the
of
that fleet.
lives
a
States
States
and movements
the commander-in-chief of
vessels, with the exception
in
of
vessels
in
Chinese
Asiatic
Fleet,
these vessels
are
waters.
based
under
at
the
Normally, except in times
property
endangered,
are
small gunboats
the
on
these
Yangtze River
Philippine Islands.
authority for stationing naval vessels of the United States in
in the Sino-American
Treaty of 1858 and in some¬
what similar provisions of treaties
between China and other
provisions
foreign Powers,
inure
to
the
benefit
of
the
United
States
through moet-
favored-nation treatment.
nationals,
have
primarily against
mission of
no
protection
to
is
mobs
aggression.
these
remove
It
or
has
forces
longer called
no
are
for,
there for the protection of American
other uncontrolled elements.
They
been
when
and
the
intention
performance
such
remains
of the
of their
its
American
function
desire
and
of
ex¬
pectation.
rendered
current
situation
important service
together with
and
with
area
in
making
our
in
including
possible the
nationals
and
our
of emergency in
China, these forces have
protecting the lives of American nationals,
diplomatic and consular
establishments,
our
maintenance of
uninterrupted
diplomatic and
consular
communications
establishments
in
involved.
There
The
at
also
are
documents,
Hull
and
enclosed
for
convenience
of
reference,
indicated below, which contain statements
policy which the government is following.
as
enclosures
various
referred
times
this
to
were
year
and
chiefly
press
various
in
addresses
made
statements
issued
regard
the
public
to
the
by
Secretary
by the State
House Passes Farm Bill
Compulsory
Tobacco
and
Affecting Five Crops—Provides
of
Cotton, Wheat, Corn,
Rice—Senate Expected to
Approve
Control
Measure Next Week
from
States."
which
of
understanding of the Department
House For¬
eign Affairs Committee:
is
enclosed
are
Nov.
on
Japanese
or
following is the reply of Secretary
Hull, addressed
Representative McReynolds, Chairman of the
receipt
Office
purpose?
The
The
there
questions,
Foreign
removal
danger.
Department.
States
fifth
the capital
issued monthly.
are
required
attitude and
saying that
Suiyuan Province) and
Shansi Province, as
in
Yellow River in
every
is
During the
Btate of
think it will aid
Japan
and
Chinese
a
war exist in
China?
face that the Department of
State is using the
Neutrality Act
as an instrument of
policy, as indicated by the following statements
of the
Chairman of the Committee on
Foreign Affairs on the floor of the House
of Representatives on
Nov. 17, 1937, to wit:
"
to
third
the
orderly
an
Government
Are
the
by
American armed forces in China
whom ?
6.
its
move
citizens
the
The
country?
consideration
States been
State
to
issued
present
which
Department of
(in
Taiyuan
as
Chinese waters is found
China?
the
China to leave
5.
States
Paotow
at
beyond
regard to the sixth question, there, is enclosed a
copy of the state¬
ment issued by the
Department covering the exportation for the month of
October, 1937, of aims, ammunition and implements of war from the
and
Japan seized Chinese territory
by force of arms?
pressing deeper into Chinese
territory?
head
miles
Manila; and the distribution
Japan
3.
at
rail
50
With
Such
on
the
as
some
tip of Honan Province and
there
certain
Affairs Committee
in
as
regard
possible
nor
In response to a resolution
of
the United States
of
from
United
Attitude
Chinese
diplomatic and consular officers in China have from the
beginning of
conflict between China and
Japan urged that American citizens
China, because of the dangers incident to continued residence
there,
withdraw, and the American Government has facilitated in
investment"
on
knowledge
of
areas
ican
^
Interest
public
certain
over
as
in
The Court swept its decision calendar
almost'clean'today. Issues pending
Involve whether public utilities shall be
valued on a "prudent
pay
control
of
the present
decision, the Court found, through Justice
Butler, that
Texas was entitled to sue in the
State courts to confiscate
alleged "hot oil"
held by receivers for the
Trinity Refining Co.
basis, whether the Treasury must
matter
a
20, 1937, in
of China from Nanking, and (b) a
statement issued by the
Department of State on Nov. 22, 1937.
With regard to the fourth
question, the Department of State and Amer¬
seven-to-two
redemption in advance of the maturity date and
whether Federal agents
may
legally tap
telephone wires
to
gain
Information
in
criminal
investigations.
in
are
is
looks upon the Chinese
people as an enemy nor does she harbor
reference to the removal of
of oil
a group
forces
it
In
statement
decision read by Justice Sutherland the
court sustained the
validity
a
armed
question,
convenience
questions
of
With
jeopardy.
of the Puerto Rican anti-trust
law, which
first
the
to
Shantung
the Shanghai
area
Japanese forces have advanced in the
Nanking and now occupy a line
approximately 75 miles dis¬
Nanking.
Province.
first convicted of second
degree murder, but when the State
appealed
he was retried and sentenced to death.
In the petition to the
Supreme
Court he pleaded double
companies.
the
west
south
direction
Frank Palko, accused of
regard
in
as
With Justice Butler
dissenting, the Court, in a finding read by Justice
Cardozo, upheld the Connecticut law allowing the State to
cases.
in
regard to the second question, the armed forces of
Japan have, as
reports appearing currently in the press, advanced in North
stated
the northern
was
to
never
Injunction suit brought by the Worcester
County Trust Co., executor of
the estate, to prevent California from
asserting a claim for taxes.
in criminal
comment
11. 1937
for
In connection with this question reference is made to a statement
Oct. 27, 1937,
by the Japanese Foreign Office in which it is
on
China
entertain
offered
However,
any territorial designs."
the
could'not
is
364.
declared:
was
Worcester, Mass.
The First Circuit Court held that inferior courts
Resolution
Japanese
issued
opinion read by Justice Stone, the Court affirmed a First
Circuit
Court finding relating to taxes
by California and Massachusetts on
H. Hunt of
House
rgard
territory.
an
estate of Robert
in
there
reference,
With
a new brief asking review of the Third
Circuit
Court decision against a "sit-down strike"
staged last summer.
Recently
the Supreme Court asked the
hosiery workers to say why the question they
In
Dec.
listed
follows:
plant in Philadelphia filed
brought was not moot.
Today's brief answered that the_company
suing the union for damages In connection with the strike.
questions
answers
to
most
of
The House
yesterday (Dec. 10) passed, by a vote of 268 to
a compulsory crop control bill for
cotton, wheat, corn,
tobacco ana rice.
Prior to passing the
measure, the House
yesterday reversed a stand taken earlier in the week and
restored provisions in the bill
providing for compulsory regu¬
lation of wheat
production, by a roll call of 219 to 175. The
129,
Volume
Financial
.*45
previous action, taken on Dec. 6, was by a vote of 85 to 76.
Although the House has passed its farm bill, and the pos¬
sibility is that the Senate may dispose of the legislation next
week, it appeared likely this week that the special session of
Congress will end without final adoption of a general farm
program, inasmuch as a deadlock may ensue in conference
over the provisions of the Senate bill sponsored by Senators
Pope, of Idaho, and McGill, of Kansas, and that of Chairman
Jones of the House Agriculture Committee.
Senator Barkley, of Kentucky, the Administration's floor leader, expressed
the opinion on Dec. 9 that unless the conferees can agree on
a measure by Dec. 22, it will go over to the regular session
in January, since it would be impossible to induce a majority
of Congress to return to Washington between Christmas and
New Year's Day.
The House on Dec. 9 had defeated by a vote of 99 to 93 an
amendment by Representative Coffee of Nebraska, which
sought to eliminate from the bill the compulsory marketing
control features on corn.
On Dec. 7 the House had defeated
a
motion to strike from the Jones bill
provisions for control
of the cotton crop.
The amendment was rejected by a vote
of 80 to 51.
In commenting on the House bill, and also on
the Senate measure, Washington advices
New York "Times" of Dec. 10. said:
Chairman
Jones
of Dec. 9, to the
chamber today to within three pages of a vote on that measure
Its final disposition by adjournment tomorrow despite
separate roll calls on various amendments, motions
In the other chamber, Senator
and predicted
the prospects of five
and final passage.
Barkley, the Democratic leader
of the bill's passage this week, saying it could not
despaired
reach a final vote before
Tuesday (Dec. 14).
differences between the two bills can¬
Thus the tedious task of composing
not
begin until the end of next week, and most of those who will
House in
conference
speak for the
opposed to stringent control provisions written
are
into the Senate draft.
In the Senate the only test
of administration strength today came on an
amendment proposed by Senator Bailey to
liberalize the tobacco section by
permitting exemption from quotas and penalty taxes for about
flue-cured tobacco crop and varying percentatges
Defeated by a vote of 36 to 34, the amendment
marketing quota should
70% of the
provided that the farmer's
not be reduced more than
pounds or less, and if the 10-year average was
10% of his average
15,000
10,000 pounds or less the
Federal
a
Senate cotton bloc in demanding, by amendment,
Government
buy
up
6,000,000 bales of the current
data
group
same
result
that the
Mr. Goss's
Credit Corp. to continue purchasing cotton, up to
on
measures on
Commodity
the 6,000,000 bales, until
12 cents at which time purchases
the
would cease..
Dec. 8, an account from
Washington that day, to the New York "Journal of Com¬
merce" of Dec. 9, had the following to say:
By
a vote
of 108 to 83, the House rejected an amendment to the Jones
bill,
proposed by Representative Patman (Dem., Tex.), making it compulsory
upon
the part of the Commodity Credit Corp. to
farmers
on
all agricultural products.
make parity loans to
He argued that the amendment was in
by Congress last session when it passed the
line with the principle adopted
Guffey Coal Act to provide "fair" prices to coal operators.
As the House
was
rejecting the Patman amendment, the Senate approved
PopeMcGill bill and defeated by a one vote margin an amendment offered by
Senator O'Mahoney (Dem., Wyo.), to meet the objections of Secretary of
Agriculture Wallace to the bill, providing that compulsory marketing
quotas on corn shall not operate until the corn crop exceeds normal supplies
by 15%. The bill states that the quotas shall operate above 10%.
the parity loan plan on
While
aimed at
wheat, cotton, and corn embodied in the
defeated the proposal
elimination of the cotton marketing quota, the
the House
on
Dec.
7 had
Senate defeated by a 51 to 25 vote an amendment by Senate
Minority Leader Charles L. McNary to provide for a three-
rather than a permanent program; as to these actions
by the Senate and House, advices from Washington, Dec. 7,
appearing in the New York "Times" of Dec. 8, commented:
year
Both chambers thus
particularly was
a
loans
of
Goss, "foreclosures have shown
the
third
declined
foreclosures
26% and
Land
in
extent
34%,
the
while
of compulsory control of wheat.
Saying in effect that it desired compulsory control of cotton marketing
through quotas and penalty taxes, but that such restrictions must not
apply to next year's crop, the House first defeated an amendment by
Representative Kleberg, Democrat, of Texas, to strike control provisions
from the cotton section and then
Bank
by the
the Federal Land banks continue to show
of foreclosure, while commercial banks show the highest."
rate
Mr.
Goss
recorded
include
also
month
new
loans
the number of farm mortgages being
during the third quarter of 1937, which
was less than for any other three-
renewals,
third
quarter
5%
of
less than a year ago,
1934.
an increase in volume of
of 1936 and 45% from the
corresponding period in 1934.
Commercial banks and insurance companies
have shown a steady increase in recordings since 1934, the former increas¬
ing nearly 100% and the latter more than 200%.
Individuals continue to
account for a larger proportion than any other group, but have shown no
increase in the actual amount of recordings since 1935.
Mr. Goss explained that it is to be expected that with such a large
volume of refinancing of farm mortgage debt as has been done by the
Federal Land banks and Land Bank Commissioner in the last four years
the amount of new business being written would be small.
The Land Bank
and Commissioner loans are made on a long-term amortized basis, and they
lending
continue
agencies
represent nearly
now
to show
40% of the total farm mortgage
so
third quarter
loaned
about
of
13.4%
1937
of
33.7%;
individuals,
the Land banks and Land Bank Commissioner
total amount of farm mortgages recorded;
the
commercial
banks,
28.4%;
insurance
companies,
"others," 6.7%.
17.8%, and
Constitutionality of Pending Farm Bill Questioned by
Senator Borah and Various Members of Congress—
King Sees Trend to Dictatorial Govern¬
ment—Representative Bruce Barton Speaks in
Senator
Behalf of
Middle Class
Opposition to production control proposed in the farm
bill pending in the Senate was declared by Senator Borah
(Republican) of Idaho in the Senate debate on the measure
on Dec. 3.
In his declarations against the bill Mr. Borah
questioned the constitutionality of
I pause to ask by what authority, under
tion, under what constitutional principle
Agriculture, in advance of the production
drafted, would not permit the use of market¬
marketings of cotton and wheat next
might not be invoked unless the
of the probable
demand for those commodities during the ensuing marketing year. For both
wheat and cotton the date for such a proclamation has passed.
In opposition to Senator McNary's proposal to limit the bill to three
years, Senator Barkley, the Democratic leader, said that the measure could
be considered as of emergency character only for 1938.
"We were called into special session to form a program so that the farmer
would know what he should do in 1938," he said. "As^far as other years are
concerned, there is no emergency and this program will be permanent.
should have given advance notice
end with 1940 we would have a
super-normal granary."
Any Month
According to FCA
Farm foreclosures in August were the smallest for any
month during the last four years, according to an announce¬
ment made Dec. 3 by A. S. Goss, Land Bank Commissioner
August Smallest for
During Last Four Years,
its provision, saying:
what provision of the Constitu¬
of law may the Secretary of
of the crop, in advance of its
moving toward interstate commerce channels, say how much wheat or corn
the people of a
State may produce.
Where is the authority for such
things ?
The
Clause
of the Constitution;
of
tion
bill is based upon the Interstate Commerce
but if we may say in advance of the produc¬
theory here is that this
any
wheat or corn how much a farmer may sow, we
of Massachusetts in advance of cutting
manufacturer
the shoe
may say to
the leather
of the
other
Secretary having jurisdiction of the subject matter, could fix the amount
of production of everything that might be considered ultimately likely to
in interstate commerce.
I know of no authority for that action
upon
the part of the Secretary of Agriculture, and yet this is the real
how
many
interstate
shoes he may manufacture; and under this construction
commerce
clause the Secretary of Agriculture, or any
move
crux
of the measure.
Senator Borah
,
asserted that "this bill, if
enacted, would
accomplish two things":
First, it would place the American farmer under complete
bureaucratic
V.
control;
bring about reduction of crops
the country.
Second, the bill would
hungry and in need in
From
Washington advices, Dec.
when millions are
3, to the New York
"Jour¬
also quote:
Instead of crop curtailment, he said, the government should concentrate
on purchase of surplus supplies for distribution
to the Nation's needy.
"Thirty million people in this country do not have enough to eat," he
shouted, "and in that direction lies the danger of revolution."
Commerce"
nal of
NO
Senator
it beihg stipulated that such devices
debt in the United
this removes a large block of farm mortgage business, more than
half of which heretofore had been financed on a short-term basis.
During
States,
of Alabama, that the^control phases
ing qotas and penalty taxes on excess
Farm Foreclosures in
1937, is estimated
and 61% less than during
recordings, showing 5% over the third quarter
already approved be invoked next year.
Secretary of Agriculture
The
which data are available.
during the three months ending Sept. 30,
$159,000,000, or
the
total farm
the lowest
that
out
and
period during the last four years for
total recorded
at
pointed
throughout the country
both
declined
lenders
private
When compared with the
the loans.
of
aging
we
rejected even more decisively a proposal
by Representative Hobbs, Democrat,
The House Farm Bill, as now
of
total
47% below the corresponding period of 1934.
The increase
Commissioner foreclosures is accounted for to a considerable
was
mortgage debt held,
triumph for the leadership, which had been beaten
Were the measure to
follows:
as
exception
supported administration ideas and the House action
yesterday by nine votes on the question
year,
the
Mr.
of Southern Senators who succeeded In
ing to filibuster adjournment, the proposal would direct the
As to action
remarks
by the Land Bank Commissioner," said
a decline on all types of loans during
quarter of 1937 compared with a year ago.
Federal Land Bank
"With
until the
during the last two Congressional sessions by threaten¬
the market price reached
compiled in 1933," Mr. Goss said. , An an¬
by the FCA further summarized
first
were
the
throughout
nouncement made available
price reached 12 cents a pounds.
Supported by the
month
During the
Administration.
Credit
United States by all lenders
numbered only 2,991.
For the third quarter of 1937 fore¬
closures totaled 9,719, compared with 12,560 for the corre¬
sponding period in 1936—a decline of 23%.
"The current
estimate is the smallest for any three-month period since
cotton crop
through the Commodity Credit Corp. to be held off the market
cotton loan demands
Farm
V
>
Meanwhile, leaders saw trouble ahead for the Senate measure as a
of action of
the
foreclosures
the
of other types
production during the preceding 10-year period if the average was
reduction would not exceed 5%.
of
Private
the'House Agriculture Committee drove the lower
of
3749
Chronicle
Compulsion, Senator
Ellender (Dem., La.)
Ellender Says
pointed out that farmers are not
compelled
law, are not prevented from planting as
is only when marketing time comes that
the Secretary may interfere.
Senator Borah answered that the marketing
quota provisions are another form of drastic control.
When Senator Ellen¬
der suggested that the principle of the new bill was no different from
that of the existing Soil Conservation Act, Senator Borah replied;
"I dp not think one unconstitutional measure justifies another."
"I see no escape from the conclusion," Senator Borah continued, "that
through the process of fixing the amount which a farmer may devote to
these acreages, following it up by a contract which obligates him to do
certain things, and following that up by a provision that if he does not
do the things the government withdraws all support, all loans, soil con¬
servation payments and everything else—the farmer is effectively compelled
to do or refrain from doing the things specified in the bill."
■
Commenting that the Secretary of Agriculture had suggested in his
annual report that control of agriculture wa3 only a first step ; that there
would be other steps for control of industry and labor, Senator Borah
comply with the proposed
much as they like, and that it
to
S3.1 dl
•
"It
>
'
may
consent."
be that such a thing is
coming, but it will not
be with my
3750
On
Financial Chronicle
Dec.
4
Senator
declared it to be
toward
King of
Utah,
in
opposing the bill,
trend away from democratic ideals and
a
ing
to a Washington dispatch,
'Times," which, in part, said:
Dec.
4,
to
the
New
it, and
of the
of
the
when
opened, Senator Vandenberg asked Senator Pope,
bill, what part Secretary Wallace had in
drafting
farm
informed
that
the
Secretary appeared only at the invitation
committee, Senator King took the floor to
"This
bill
illustrates
the
unwise
The
themselves
into
committee
Farm
The
benefit
"seduce
to
measure
from
away
where
up
Bill
Senator
Borah
unconstitutional,
as
"There
Senator
"It
is in
Mussolini
King
such
to
declared
fix
denouncing the
that
the
prices, and
has.
King
it
it
bill
is
"is
not
a
a
bill
bill,
so
Federal
a
far
I
as
recollect, containing
than the bill now
agent
that
violated
the
war
and
enacted
or
bill
was
unconstitutional
clause"
of
such unlimited delegation of
peace," he asserted.
"If any such
it
any
reaches
the
courts,
it
will
been
power
monstrous
undoubtedly
granted
measure
be
declared
unconstitutional."
He
characterized the bill
"as
a
milestone
new
cracy."
to
avoid
was one
was
which would be working toward
statred the same probably would
with
the
the only
was
no definite plan to
help the
Federal agency authorized to
problem.
Describing the railroad situation
the most difficult faced by the
as
the President recalled
nation,
a 1934 statement
by former Co-ordinator Joseph B.
Eastman saying the carrier situation had
improved temporarily but that no
one
the commerce commission felt
on
was
a
permanent solution
was
at
hand.
no nearer a
permanent solution to-day.
The President indicated that the roads must
readjust over-capitalizations
and abandon more
trackage in areas that might be served by only one rail¬
road and where trucks and buses could do the
Mr. Roosevelt said
regarding the question of competition that there had
grown up a natural
thing, namely, that shippers in
on
the
march
bureau¬
of
a
if they had two roads to choose between
given community felt
they would get better service even
In many of these instances, he
continued, one
railroad could have handled the whole
business.
were
the
same.
He said he
thought the country was coming to a gradual elimination of
competition in service between parallel roads just for the sake of
competition.
If that is the trend
to-day,
abandonment of
more
he said, it meant further consolidations and
trackage.
He felt there
trackage that could be abandoned.
was
still
a
large amount of
two
on
the
Constitution, and,
delegation of power to the Secretary of
contravenes the Tenth
Amendment, protecting
he said.
before has
the
"welfare
wanted
some
Roosevelt said the administration had
Western
Railroads
Granted
unlawful
The bill, also
of
times
contended
it
rights,
"Never
."
.
permitted
Agriculture.
States'
.
Mr.
11, 1937
steps being taken to adjust
Government subsidy was planned,
be done with oil and other industries.
railroads, adding that the ICC
if the rates
in
a
authority
in
harmony with the views of those who wish to turn over to the
full power such as Stalin
has, such as Hitler has, such
grounds—first,
second,
be
of
King charged,
a
he
time he pointed out that railroad
same
that
once
said
job.
yesterday
Government
Senator
in
been
off
proposition
He added that the question
Senator
conference
press
Asked whether
a
straight State socialism and
course."
consideration.
Federal
as
has
never
concentration
of
designed,
left
proposition and an attempt
regulate interstate commerce."
greater
legislation."
policies."
patchwork
under
draft
"Patchwork"
were
sound
help
accustomed to the executive
so
matter
a
Called
and loans
payments
farmers
Taking
to
and
rooms
that it iB
us
he warned that such
course
Senate, he added, however, "has become
departments thinking for
their financial setup.
deal
pursued in drafting important
It is not wise to have department officials
legislation to be rushed through.
insinuate
say:
his
at
receiverships could not continue without
York
When the Senate session
Dec.
Roosevelt
Government ownership but at the
dictatorial centralized form of
government, accord¬
a
co-author
President
•
Permission
Raise
to
Fares
The Interstate Commerce Commission
on Dec. 3
granted
railroads operating in the Western and Southwestern terri¬
tories passenger fare
increases^estimated^to yield
an
addi¬
tional $2,500,000 in annual revenues.
-" ■
The increases authorized
by the commission for roads
operating in the Western and Southwestern sections of the
country follow:
On Dec. 3 Representative Bruce Barton of
New
his first speech in the House, referred to the
increased cost
of
living and its effect
the
"so-called middle class."
"Times" reported Mr. Barton
on
dispatch, Dec. 3, to the
stating that he believed it
as
Barton
"Since
clothes,
City
as
we
bill?
I
this
not
quote
of Nov.
newspapers
two
The
will
clear
be
to
sentences
to
the
from
raise
the
Nation
price
just
dispatch
a
of
who
to
food
is
the one-way
going to
New
the
York
14:
"
Speaker,
pardoned
a
for
the
uncomfortable
of any importance in
groups
labor.
One
needs
another group,
the Congress
to
newcomer
to
in
these
feeling that
there
are
now
only two
States—farmers and unorganized
himself and
be
reminded
that
there
is
also
the so-called American middle class.
The Middle Class Is Defined
"It
numbers
and
men
in
its
ranks
professional
men
and
small
women,
business
shopkeepers, white-collar workers and the thrifty who have saved a
by their toil and invested it in the shares of American
few hundred dollars
industries.
"Time
to
when
was
the
as
these
backbone of
capable of political
The
quence.
needs
idea
people
the
they
be
regarded highly;
were
Nation.
pressure,
seems
to
is
But
are
unorganized,
they
were
with
currently treated
no
referred
lobby,
of little
as
in¬
conse¬
unsound
that
the
Nation
has
lost
its
backbone
or
backbone.
no
"This,
I
think,
an
assumption.
The middle class is longsuffering and slow to anger, but it is beginning now to stir.
I think
my
Democratic colleagues from New York
go
back
to
the
Manhattan, the
of
the
cotton
warm
fields
tobacco
of
will
hear
a
murmuring when
Brooklyn,
fields
of
the rolling
Harlem, and the
Bronx.
wheat
sunny
they
fields
of
Tice fields
"They will
be
pushed
have to
ICC
hear voices asking
'Why should our cost of living always
higher and higher?
Why are we always the ones selected to
foot the
bill?' "
Denies Railroads'
Appeal For Immediate Rate
Increase—-President Roosevelt Says Commission
Should Keep Roads Solvent
r|
The
Interstate Commerce Commission
overruled Dec. 10
petition by the nation's railroads for an immediate
15%
increase in freight
rates.^ The action was announced by
Commissioner Clyde B.
Aitchison, at the outset of the hear¬
ing now being held on the carriers'
request for a
a
rate
permanent
boost in that amount.
The
announcement
of
the
decision
came
shortly after
President Roosevelt said that the
Commission should seek
to preserve the
solvency of the nation's railroads with a view
to retaining them under
private management and private
ownership.
Discussing the financial
situation of the carriers at a
press
said the quicker a final
determina¬
the roads' application for
conference, the President
tion
was
reached
on
rates the better it would be all
around.
higher freight
Commissioner Aitchison issued the
following
lent:
cents per
mile and
a
basis
of
[180%
over the present rate.
class fare, with a six months'
limit,
a mile to a basis of 1 5-16.
A one-way transcontinental special coach fare of
1.5 cents per mile to be
increased 14.5% and the round-trip transcontinental
six-months' limit exexcursion fares to be increased about
5.
The higher rates will be effective ten days
announce-
me to
announce that the
petition of the
after'the
Commission files its
notice.
Important roads benefiting by the order are Union Pacific, Atchi¬
son, Northern Pacific, Great Northern, Boo Line,
Chicago, Milwaukee, St.
Paul & Pacific; North Western, Rock
jlsland, Missouri, Kansas & Texas;
Missouri Pacific, Southern Pacific and St. Louis-San
Francisco.
Southern Railroads
Officials
nounced
of
on
the
Postpone Rate Inquiry
Interstate
Dec. 9 that
Commerce
Commission
an¬
investigation of class rates on
freight from and within Southern territory had been post¬
poned indefinitely. The action was taken, they said, at the
request of Wilbur La Roe Jr., counsel for a group of Southern
public service commissioners and shippers who obtained an
ICC order for the investigation a year
ago.
Attorneys and ICC spokesmen said abandonment of the
class rate case did not affect a
pending plea by nine Southern
Governors for reduced commodity
rates^between Southern
and Northern points.
They explained however, that several
members of the Southern Governors Conference had
joined
the public service bodies
unofficialy in urging the class rate
adjustment.
Mr. La Roe emphasized the
investigation would be resumed
when evidence regarding railroad
operating costs in the South
an
became available.
"This is
no surrender," Mr. La Roe said. "The South
by
gives up its attack on Southern rates, which are
40% higher than those in the North, this being simply a
temporary withdrawal because conditions are unfavorable
for proceeding at this time."
no
means
Ten
Business
ment
ment
to
Leaders
Railroad
Send Messages of Encourage¬
Executives—Dangers of Govern¬
Ownership Stressed
Ten leaders of
business,\industry and politics on DecTS
3,000 representatives of railroads and rail¬
equipment manufacturers, who attended the annual
meeting of the New York Railroad Club.
Most of the
messages emphasized the importance
of normal railroad
employment to national prosperity and advocated measures
to increase railroad revenues so that
buying power may be
restored.
C. M. Chester, Chairman of the General Foods
Corporation, stressed the dangers of government owner¬
ship of railroads. Important points in other messages were
summarized as follows by the Railroad Club:
sent messages to
road
"For each $7 that agriculture adds to our total national
income, trans¬
portation contributes $8," was the declaration of Col. Leonard
P. Ayres,
noted economist and Vice-President of the
Cleveland Trust
Co.—adding
that "if you think"agricultural
prosperity is important for our national well-
ought to think that the prosperity of transportation is
equally
important."
-4
you
was
no
business
can
prosper
when its'best'customer is in the poor house
the argument advanced
by Bruce Barton, member of Congress from
New York and nationally-known author and
advertising man, for public
support for efforts to permit the railroads to make more
money.
Associated
Press in
a
Washington dispatch to the
New York "Sun" further stated:
of
basis of 190 %.
Round-trip station-to-station first
being,
railroads, filed yesterday afternoon, Dec. 9, to make
effective immediately
the 15% increase in freight
rates, is overruled."
The
a
;;;
a
the basis of 1 2-3 of the one-way fare of 3 cents
That
"The Commission has directed
mile to
4.
on
days might perhaps
these United
pinch
a
All-year excursion fares 10%
city.' "
"Mr.
1
fare of 2 cents
3.
and
'Secretary Perkins announced today that living costs for
families in the lowsalaried and wage-earning
groups in 32 large cities showed an
average rise of 0.6%
n the three months
ending Sept. 15.'
Miss Perkins said:
'New York City reorted the highest rise,
2.2%, due largely to the Increase in food costs In that
be
fares from 2 to
car
round-trip thirty-day limit coach fare from
13.34%.
law
make
to
2.
a
follows:
of
effect
ought
the
pay
spoke
the
One-way tourist sleeping
corresponding increase in round-trip fare.
A
false assumption that
only two
groups
(farmers and the unorganized laborers) were the
only ones which could effectively exert pressure for
legis¬
lation.
The dispatch continued:
Mr.
1.
York, in
Shippers of freight, themselves, and not alone the railroads would benefit
by increased freight rates, it was contended by James Ford
Bell, Chairman
of General Mills,
Minneapolis, Minn.
Mr. Bell held that inefficient trans-
Financial
14S
Volume
inevitably follow government operation of
business"—hence the corol¬
portation service which would
the railroads would "strike at
the very heart of
railroads to charge enough for their
government ownership will save money in the long rim
lary that to permit the
services to avoid
for the shippers
the higher rates.
who will have to pay
transport, by large fleets of trucks,
by Ralph E. Flanders, President of the
Jones & Lamson Machine Co., Springfield, Vt.
Little business, on the
other hand, has neither the capital nor the traffic to go into the transpor¬
tation business as a side line, and hence is dependent for its very existence
Big industry can supply its own
barges and ships, it was pointed out
on
>
efficient railroad service.
undistributed profits tax was advocated by Chairman
Interstate Commerce to give needed relief
and also as a "positive act to signify the disposition of
The repeal of the
Lea of the House Committee on
to the rail carriers
recovery."
Congress to aid business
in the efficiency of railroad service through scientific
by the suppliers of railway equipment were
Vast improvements
research now being carried on
Engineering at Purdue University.
Comments by Grover Whalen, President of the New York World's Fair,
on the relation of the railroads to the success of the fair; by Chief of Staff
Malin Craig of the U. S. Army on the necessity of railroads to national
defense; and of Glenn Griswold, publisher of "Business Week," on railroad
"subsidies" to other interests in the community, completed the symposium.
Dean Potter of the School of
foreseen by
Transportation Association Points
of Adequate Revenues for
Out Necessity
In
of
Roads
tinued, in part:
confronting us today is intelli¬
determined cooperation between government and
business—government and all the people.
It cannot be sectional; it cannot
be class; it cannot be political.
It cannot be achieved if we let ourselves
steps for restoration
that
believe
friend
The
umpire—the senior partner—and that it is the govern¬
to it that business plays the game squarely,
charge too much for its service.
The government must be
fair, of course, as fair as a father to a family of children, and there
be
should
1930
in good times
economic groups
either
except the collapse of
withdrawal of transportation from the
fact that regulation has limited profits of
while requiring them to share equally with other
not the country
is
session
^—j
stages
It
the realities of these
many
multiplying in the minds of
of
a
would
a
sorry
of Railroads
people were
Railroads are
declared that
inherent patriotism
to believe that the
I
almost
all char¬
pensions,
them have
closed their shops, and all of them are laying off men, for the very good
that they do not have sufficient earnings with which to hire and
buy.
Few of them have any appreciable amount of credit left.
.
. .
Every phase of our economic system demands the sincere and sympa¬
thetic cooperation of business and government, and between the various
elements of business, if our problems are to be solved.
And solved
reason
they must be.
recessions, or the fears that have
people, we have not reached the
with the greatest abundance of
Income Largest
Recommendations
"I have too much faith in the
Daniel
and good sense of the American people
ultimate answer will be another depres¬
too
much
faith
in
the patriotism and
reason
increase
recovery
"A few
period."
recovery
estimated
weeks ago,"
said Mr. Jones, "it
national
excess
have
"National income paid out," he says, "is
increased more than $9,000,000,000 to
$68,700,000,000," while,
it
is
added, the
produced is estimated to be somewhat in
estimated national income paid out.
The
income
of
the
increase in prices during the year
portion of the gain in income, but
resulted from a substantial increase In the
report states that "the
1936-37 accounted for a
the major part
seemed that the
by the next fiscal year, and if we
can get business started again and people back to work, it
probably can be, but not otherwise. Furthermore, we should
to
approximately
for the
it
budget could be balanced
fiscal year ended June 30, 1937, extending
movement in progress during
four years."
Secretary Roper (whose report was
to Congress on Dec. 6) says that "the general
during the fiscal year was reflected in the largest
in the national income experienced so far in the
or
government is what we make
of Commerce
improved substan¬
annual report of Secretary
"economic conditions
submitted
whatever it is that is slowing up business, and I
repeat that statement here.
The reason we roost often hear is fear of
Washington—fear of government, but that is not a good reason.
Our
the alarm,
Roper,
broadening the recovery
the past
ability of our business,
remedy.
C.
tially during the
and
of
in
in Recovery Period—
Economic Recovery Indicated by Secretary
Roper in Annual Report—Increase
National
and avoid another
being made every day to ascertain the cause and to find a
I have stated publicly that I did not understand the
fear, or
*
Commerce
agricultural and industrial leaders to believe this.
I have too much faith
in the integrity, the statesmanship and the sound judgment of our public
servants to believe It, and I refer particularly to the Congress and the
President of the United States.
I know all is not well, and so do they.
So do you. I know that effort
is
heavy
entirely.
He went on to say:
have
properties, improving and maintaining our transporta¬
construction of any character.
still our most important single factor in employment and
According to the
Jones
sion."
the
goods industry.
They are out of the market now
Recent increases in wages and the cost of supplies of
acter, together with provisions for social security and railway
have got the railroads up against a blank wall.
Many of
the
another depression.
there is a very marked slowing
unable to compose their differences
of
ing homes, business
depression.
Mr.
assured of tax
tion systems, or
comfortable and pleasant existence, the Amer¬
everything imaginable for a
ican
if,
1
...
Gain in
commentary
helpful if
revisions within a very few months, including
capital gains tax.
If we are to avoid another unhappy period, everything must be done that
can
be done that will create work, and everything must be removed that
interferes with the growth and expansion of business and industry, build¬
depression.
be
Pulling in different directions
allowed to advance at the expense
Congress,
of
We are
lower.
Notwithstanding
been
No class should be
it will be up. . . .
to Congress, the first item mentioned was a
tax laws.
He did not intend that this should take prece¬
legislation for which he called Congress to meet, but it
that he realizes some modifications are desirable.
It
very
modifications
all business activity.
substantially
the
clearly
be
perative.
distinctly off; operations in the great
are
with any situation.
cope
these changes could be brought about at this
particularly with respect to corporations which need
every dollar of their earnings after normal taxes, for plant improvements,
or to pay debts.
If this is not feasible, Congress might provide that the
changes when made apply to this year's business.
The principle of the
undistributed surplus tax in so far as preventing unnecessary accumula¬
tions is a good public policy.
But as now written, it works a hardship
on
the great majority of corporations, those that need their earnings for
expansion, and for debt payment.
Relief to these taxpayers is im¬
would
Industrial production is down; car loadings
steel industry have dropped to a
low level; production in the heavy goods and motor industries is on the
decline; unemployment is increasing, and orices of farm commodities are
in
up
of the
showed
is slipping into
questioning the fact that
no
.
I prefer to believe
dence over
adequate to analyze accurately
the causes for the present state of business, or for the state
of our mind, and I make no pretense to having the wisdom
that can point unerringly to a solution," Jesse H. Jones,
Chairman of the Reconstruction Finance Corporation, noted
on Dec. 3 that "in recent weeks there has come a definite
and marked recession in almost all lines," and added:
In many quarters we are beginning to hear the question debated as to
or
.
.
a
the President's message
revision
Stating that "I do not feel
There
willing to cooperate with government and to
responsibility and tax burden, that should properly
other class; no group at the expense of any
should never be necessary for labor to
any
together.
Cooperation Between Government and]Business Neces¬
sary in Balancing of Budget and Combating]Recession, Says Jesse H. Jones of RFC in Address Before
Southern Society—Comments on Promised Relief
whether
essentially
are
In
Taxpayers and Problems
interpretation and
importance than
Strikes
moved approximately the same ton
miles of traffic in 1936 as for the average of 1930-31 but total revenue for
this service was about $500,000,000 less.
Mr. Conn stressed the lack of sound national transportation policy
which has resulted in the duplication of facilities and investments far in
excess of public need, giving the
opinion that this condition has been
allowed to develop over a period of many years until it accounts for the
to
if not greater,
other group.
get fair treatment.
Public opinion will support labor in all fair demands and will not support
industry that is unfair to labor.
The reverse is equally true.
One thing is certain: we all either go up together or we go down
of
within the industry.
equal,
to government.
business or
to
successfully
can
that the railroads
present chaotic condition
of
people are
will wreck the ship.
for their own services."
Conn said
from my observation the
people of business, a working people.
Every
farmer, shopkeeper or manufacturer, every bank, railroad or insurance
company, everyone, including labor and the professions, is a part of, or
dependent upon, business, and all are happy when they are making head¬
way.
All of these working together with government, or substantially all,
the effects of depression.
in the price
Mr.
is
itself.
the full share of
We
removed, just at a time when
crease
law
the
of
go to business, but the taxes must be levied so as not to stifle business,
>jind the regulation must ,be fair.
Our trouble probably is that govern®ment and business do not often enough sit around the same conference
table.
I know that committees are formed from time to time and con¬
ferences had, and I know that they have not produced satisfactory results,
ago," he observed, "the so
year
1
...
feel that government
us
business
Most
called surcharge in railroad rates
prices were on the upward trend and
all forms of business could have afforded to pay the surcharge and more.
Nevertheless, during the interim period, all transportation agencies have
paid the advance in prices for materials, supplies and labor, with no in¬
"A
was
of
administer them, and
assume
buying market, due largely to the
carriers
many
law
the
been followed by the
have
favorites.
no
supervision is government inter¬
ference, and in the administration of our laws it sometimes appears that
way.
Every National Administration must take the blame or the credit
for
its bureaus and
bureau heads.
Congress passes the laws, but the
Tribune":
pointed out that all depressions
speaker
and is rapidly learning, that
not
does
administration
remarks is from a
patch to the New York "Herald
Government must be the
enemy.
our
responsibility to see
ment's
and
bureaus
Finance
and the
Washington dis¬
is
business must learn,
government is the
Transportation
of economic stability in this country.
government
our
business, but
of
the
spoke before the annual meeting of the
Section of the Association of American Railroads,
following regarding his
friendly,
cordial,
8, Donald D.
Mr. Conn
key to the situation
In my opinion, the
gent,
Dec.
dustry to reenter the buying market and again assume its
leadership as the country's largest purchaser, citing this,
with Federal budget balancing and tax laws revision as vital
of hungry
The
and
government come to a better understanding.
Business and
government must be partners, partners willing to share re¬
sponsibilities and to cooperate honestly and confidently.
Business and government are necessary to each other."
Mr.
Jones, whose remarks were delivered before the
fifty-second annual dinner of the New York Southern
Society, at the Waldorf-Astoria, in New York City, con¬
all forms of
for
balanced at the expense
budget
people, or if it endangers the welfare of our country.
budget can never be definitely balanced until business
pointed out the need for adequate
transportation to enable the in¬
Association of America
revenue
on
Vice-President
Executive
Conn,
Washington
in
address
an
the
want
not
Too
Donald D. Conn of
3751
Chronicle
1
volume of goods
and services produced." Aggregate income
is added, while about 70% above that
during the year, it
of 1932-33, was
one-fifth below that of
1928-29. It is pointed
3752
out
Financial
"since
that
than
year
probably
in
no
prices
lower
End
during the past fiscal
deficiency in 'real' income was
were
1928-29, the
than half of this percentage."
more
Chronicle
Despite
certain gains which he mentions in the volume of industrial
unable to
and
large number
a
of workers
Some
of
"Journal
On
the
in
Washington
for
States
be
to
Standards
of
United
the
report
advices,
Dec.
indicated
were
and
of
of
Bureau
held
session
in
further
loans
to
therewith
Fisheries
fishery
provide
to
for
the
next
development of industry and
indorsed
cooperatives
legislation
and
to
designed to
provide for
service
by the bureau; pending legislation to create
Mr.
census
a
commerce
understanding of what is happening "to our industrial or¬
ganization and to our government," and to do their part to
"put an end to the forces threatening the destruction of
making
cover
in
connection
division
of
individual initiative
water
ance
He
the
are
been
has
thereby
between
cooperation
considering and advising
rendering
increasingly
and
government
service
in
business
of
the
social
mention
the
man's
security,
only
point of view
foreign
few,
a
is
trade,
business.
of
matter
a
housing and taxation,
commerce,
gratification both
for
business
of
program
to
and
must
be met?
"Sit-down Strike"
belief that
Roger
W.
"the
Babson,
in
Athletic Club in Philadelphia on Dec. 9 declared it
view that "much better business is ahead."
In his
best describe the extraordinary conditions today by
talking
about "sit-down strikes".
There surely have been three of these
during
1937, each operated by an entirely different group of people.
These three
can
groups of strikers have been the primary cause of the present
slump.
as an antidote for the
poison, one more sit-down'strike
the situation.
I believe that
will
we
see
Yet,
be needed to
may
clean up
.
out
of
the
to
the
by
such
of
tremendous
obligation
upon
benefits,
threaten the
operations
a
resultant
embarking
and old-age
even
surpluses
corporate
doubt, to keep
no
needed.
not
of
with
when
a
should
we
destruction
which
all
to
national
such
con¬
of the
costs
.
billion
A great part,
were
confronted
and
During the
were
men
same
expended
employed at
a
during the
time when
period the government 6pent
$11,000,000,000 for relief.
With
the government
courage the creation of
has
been
economic
debt $37,000,000,000,
greatly reduced, and
safer
a
an
all time high, and corpo¬
penalty tax provided by law to dis¬
future surpluses,
very
what about the next depression?
foundation of all business expansion, and there
saner
law of business development
history than to expand business out of surplus.
no
or
in
our
whole
Stating that it is not too late to repair the harm that has
done, Mr. Adams said bankers "must become active
been
participants in the affairs of government, local,
remarks, Mr. Babson said:
Perhaps I
men
rate surpluses
his
as
opening
when
insurance
equipment
.
They have been the
slump is only
addressing the Penn
present
that
unemployment,
unemployed,
unemployment
and
depression.
on
the
hamper the usefulness and
plant
the
temporary"
to
Twenty-seven
Expressing his
gov¬
present social security setup a special in¬
public, and asked how many "expectant
extraordinary
very
Roger W. Babson Sees Better Business Ahead—Believes
Slump
Only
Temporary—Discusses
"Sit-down"
Strikes
and
Says to Correct Picture Congress
the
widespread
as
relief
tinue to
Administration."
Should Go
the
on
not
furnish
through the proper channels
problems in such significant fields
on
air
it
problem
further
"The practical value of a sober presentation,
as
not
Is
problems than
more
on
effective
democracy in
they and their employers contribute for their benefit
being saved but spent."
In part, he added:
moneys
before,
of
beneficiaries of the Social Security Act understand that the
of
the Business Advisory
Council with reference to
affecting trade and industry have been of valuable assist¬
conduct of the department's affairs, the report said.
"The Council
ever
called
tax
come
foreign nations.
activities
in
in business and
ernment."
government
on
Adams, who is Executive Vice-President of the Utah
Bank at Salt Lake City, urged the bankers
present to do their part in bringing about a proper public
measures
Recommendations
Federal
Chapter of the
Banking, declared that "we cannot
State National
projects, and research in the Northern Pacific to aid in solving the increas¬
ingly acute problems resulting from threatened exploitation of Alaska
fisheries by
City, at the twenty-
capital gains tax, high income tax, and undistributed profits
all tend to restrict the ability of the
country to pro¬
tect the unemployed and to further the interests of labor."
1940.
pollution in the public health service; fish piotection works
,
of
York
New York
of
ties
through research in the physical sciences.
The
Institute
dinner
be blind to the fact that constant harassing of
public utili¬
and industry, the imposition of such burdens as the
as
5, to the New York
legislation fixing standards of weights and
States
delivered in New
Orval
Association,
taxes
the next regular
at
United
the
the
business relief,
for
government
annual forum
American
the Secretary recommended:
legislation,
new
Bureau
of
address
an
fourth
of Commerce":
Legislation
of
features
the
upon
W. Adams, President of the American Bankers
secure
in
A.—Tax
Progress
employment in private industry."
"Out¬
standing industries in which activity was subnormal," he
says, "included construction, the railroads, and some lines
of mining."
follows
B.
Calling
still
were
Threatening individual Initiative in
Urged by Orval W. Adams, President of
Burdens, He Says, Also Restrict
Business
A.
production during the year, Secretary Roper states that
"many of the productive resources of the Nation were not
being utilized,
Dec. 11, 1937
Forces
to
national.
time,
We
must
give
effort and
our
our
to
the
cause
of
State and
government
means," he declared.
our
"We must
take vigorous
personal part in organizations established to
the institutions and the liberties of the American
preserve
people.
another sit-down strike
In 1938 which will end the
present slump.
In
observing that "to
one more
correct the
picture there ought to be
Congress should
go on a sit-down strike and refuse to
stamp for the White House.
longer be
This brings us right up-to-date.
a
persecuted—
During the course of his remarks, Mr. Babson noted that
the labor "sit-down" strike of 1937
"was very effective in
forcing employers to increase
wages
to reduce hours.
no
and in forcing Congress
Labor leaders have since
learned, however,
sit-down strike will force the
public to buy goods."
Inpart Mr. Babson added:
During the past two years, labor has been
enjoying
with F. D. R.
Both of these honeymoons
therefore, will
reductions.
witnessed in
these
see
fewer strikes, almost
Unfortunately, 1938
1937.
so
new
while.
1938,
scared
unemployment than
was
employers this spring that
This
new
but will be in full operation
In the long run
employment adjusts itself in connection with
increased production and
suffer.
a
labor-saving machinery.
labor-saving machinery is just being delivered;
during 1938.
honeymoon along
for
wage increases and many wage
may see more
Labor leaders
employers ordered much
no
a
are now over
new
In this
industries; but in the meantime, the workers
case, however, they have
only John L. Lewis to blame.
But whoever is to
blame, these labor strikes were the first cause of the
pre¬
sent
slump.
Describing the
second
strike, Mr. Babson
For
some
years
Wall Street needed
Congress
a
strike
"a
as
has
.
.
.
spectacular decline is business
due to the fact that we had
the end of the recovery from the depression is
criticized as fallacious in an analysis of the economic situa¬
tion issued by Alex. Brown & Sons of Baltimore in a booklet
entitled "What Happened."
It would appear it was noted in the
survey that business
a short time
ago was approaching "normal" and is currently
somewhat below.
However it is observed the cyclical up¬
swing usually following a long depression had not run its
full course and there were forces at work which
promised an
era of good business if we did not
spoil the situation ourselves.
The current sharp business recession
says the analysis would
activity and security prices
was
reachea
to
seem
indicate that
the
constructive economic
forces at
work had
suddenly been overbalanced by the influence of
stronger restraining forces.
These restraining forces is it
further stated were a series of "mass fears."
Fears such as
those of a
European war, a French crisis, and labor dis¬
turbances in this country, seem in the light of
perspective
to have
been important but incidental alarms.
The main
apparently was the fear of the result of the Government's
financial policies and its attitude towards business.
The
analysis adds:
fear
If this be
a
sound diagnosis, then there is hope, for it is within the
power
The situation is serious but it
do little to
definitely
so
large
create
create
a part
can
"necessity" buying, it
activity in the larger
of
so
check the plunge downward.
be remedied, for while Government
our normal national
can
areas
can
by maintaining confidence
of "optional" buying, which is
business.
.
As to the third
group of people "now starting another
strike," incident to higher prices, Mr. Babson stated that this
third strike, where the
buyers are sitting down at home, in¬
stead of going out
shopping, is the final reason for the present
slump."
Business
The belief that the recent
been
Congress over-did its Wall Street
whip¬
pings and finally Wall Street just sat down
This has retarded the
sale of bond and stock
issues, hence preventing corporations from
securing
funds for extensions and new
industries.
Yes, Wall Street has been on a sit-down investors'
strike since last August.
As a result,
many stock and bond prices have declined
tremendously.
Confidence has been undermined and
re-employment slowed up.
These
Investors' strikes were the second
cause of the
present slump.
Of course,
both confidence and
re-employment, will be resumed some
day.
.
Analyzed
in
Booklet
&
Sons—Constructive
Brown
of the Administration to check this fear and
abusing Wall Street.
No doubt
spanking when the Democratic Administration came
Into power five years
ago.
Recession
Alex.
Forces Viewed Overbalanced by Stronger Restrain¬
Forces—Main Fear That of Result of Govern¬
ment
Financial
Policies
and
Attitude
Toward
sit-down" investors
in part stated:
by
ing
no
if the people are to
enjoy employment and the Federal Government is
to
balance its budget.
I believe Congress will see the light and do
this.
Business
Issued
rubber
There is
economic reason for the present
slump in business or securities.
We have
completely conquered the sit-down strikes of two groups.
The public,
which makes up the third
group, is reasonable and willing to quit its
buyers
strike; but to bring this about Congress must show some sense
and courage.
Congress should remember that so long as we are
working under the present
economic system, business leaders must be
encouraged—not
that
Current
sit-down strike," Mr. Babson said:
It is
becoming increasingly evident that the Administration understands
this situation and is
now at
work upon it.
One of the most
important of the hopeful factors is the
expressed determination on the part of the Administration
to develop the best method of
securing an easy flow of long
term funds into the areas that
require long term capital, for
the expansion of old industries and for the aid of sound new
ones.
An announcement regarding the further observations
in the booklet
says:
In analyzing the lag in
capital issues, the review stated there
are
certain
provisions of the Securities Act which may well have tended to
discourage
originating houses from financing reasonable corporate needs.
Provisions
Volume
Financial
145
relating to liabilities Involved have had a
tendency to restrict issues
of new
small concerns.
Disclaiming any intention of attacking the .Securities Act as a whole or
the Commission, the review states that in acting to open and stimulate the
capital securities market, we must first examine fairly, in the light of recent
experience, the statuatory channels through which new security issues must
in order that unnecessary obstructions may be removed.
securities not only by large
3753
Chronicle
corporations but also by many
policy with ultimate reduction
"Eliminate taxes which serve to destroy
Douglas Blames New Deal for Business Re¬
cession—Speaks Before Economic Club of New
York—Senator Glass Also Criticizes Administration
Policies, Which Are Defended
by Joseph P.
nedy and Wayne C. Taylor
Ken¬
'
"Pump-priming" by the Federal Government will simply
a day of reckoning, Lewis W. Douglas, former Director
of the Budget, told the Economic Club of New York at its
annual dinner on Dec. 7.
Plans for the dinner were dis¬
cussed in the "Chronicle" of Nov. 27, page 3434.
Other
criticisms against Administration policies were voiced by
Senator Carter Glass of Virginia.
Defenders of the New
Deal were Wayne C. Taylor, Assistant Secretary of the
Treasury, and Joseph P. Kennedy, Chairman of the Mari¬
time Commission and former head of the Securities and Ex¬
delay
change Commission.
The addresses were outlined
as follows in the New York "Times" of Dec. 8:
Douglas,
Mr.
Roosevelt Administration
the
held
who
in part
responsible in
business recession because of its attacks on private
and other factors, urged the Government, the Republican party
large measure for the
business
meeting the emergency.
and business to cooperate in
attacks on business,
"revitalize" private enterprise, press vigorously for reform of taxes that
handicap business, modify its attitude on wage rates for the sake of lower
prices, soften its policy toward the utilities for the sake of private business
He
the Administration cease its
advocated that
spending, make good its promises to stop
gram
the Government's spending pro¬
the expenditure of public funds.
and return to Congress its power over
r
"Endeavor to retire some Federal debt
"Gradually refund tax-exempt
Douglas Fears for Democracy
suggested that the New Deal defer some
of the world and thus lead to
Mr. Taylor
the triumph of collectivism.
economic future of the Nation
declared confidence in the
statements of President Roose¬
velt, Secretary of the Treasury Morgenthau, other Administration spokes¬
men and members of Congress in favor of balancing the budget and stopping
the
building industry and
I* He attacked special interests that have
nounced members
been beneficiaries of that program
much as one foot from the trough," and de¬
of Congress now obstructing the Government's economy
Mr.
unworthy to represent their States
and sections in Congress.
Taylor was greeted with cheers
the budget,
Ovation
ments that will preserve
ovation when Mr. Cravath lldlI. sued nis
Mr. Glass was introduced
financial editor of the New York "Times,"
who recalled that in 1913 he attended a similar dinner at which Mr. Glass
made a speech on his bill that created the Federal Reserve Act. Mr. Noyes
paid tribute to Senator Glass for his sound financial policies and said that
in 1913, as now, he was "a rockbound supporter of common sense."
I- The Senator said he was totally in disagreement with nearly everything
that had been done in Washington and with nearly everything that had been
proposed. He expressed a "belief in the fundamentals of constitutional
Senator
Glass received
an
rising spontaneously.
audience
the
in mere political expediency."
I
Referring to budget-balancing, Mr. Glass declared "it may be that
Mr. Taylor will tell you when and how that will be done," but he said he
believed "it can never be done by undertaking to spend the Nation into
government and not
prosperity."
progress.
comply with shouted requests
End Business Recession Proposed
W. Young—Blames New Deal for Present
Slump—Remarks of Japanese Consul General
present business
recession will end by next spring,
President of the C. W. Young Management
Corp., said on Dec. 8 in an address before the Executives
Club of New York City. In another speech at the same meet¬
C. W. Young,
Wakasugi,' Japanese Consul General, listed
what he said were the causes of the current conflict between
China and Japan. Mr. Young charged that the present Ad¬
ministration in Washington was responsible for the business
slump and he proposed a ten-point program designed to
restore confidence; this was briefly indicated in the New York
ing, Kanama
follows:
as
In concluding Mr.
Mr. Young
Young said:
urged legislation that would
contracts as employers.
"Discourage
pressure
make unions as responsible for
Other suggestions were:
for collective bargaining
and shorter hours and
business depression and the stages of business
recovery, in order to permit a recovery in production.
Increase Govern¬
ment debt, if necessary, at such times and give the needy a cash dole large
enough to prevent inhuman hardship but low enough to encourage job
higher wage scales during a
seeking.
"Permit
and
Between Repre¬
O.—Parleys Fail
Resumed Dec. 21—Issues Dis¬
Conferences
F. of L. and C. I.
Be
and
order as
encourage
pressure
and collective bargaining
prosperity and earnings progress
creasing distribution.
Green and Lewis.
cussed Between Messrs.
representatives of the American
the Committee for Industrial Or¬
The conferences between
Federation of Labor and
view to
the two
discontinued this week when talks be¬
ganization, which have been in progress with a
effecting an adjustment of the differences between
labor
bodies, were
L. and Chairman
Dec. 3. It was made
that date that the committees which had previ¬
Green
President
tween
of
A. F.
the
of
Lewis of the C. I. O. were concluded on
known
on
ously conducted the conferences—resumed on Nov. 4 (later
recessed from Nov. 9 to 18), following the deadlock on
Oct. 27 of the earlier negotiations—will come together again
21.
Dec.
on
earlier
The
Oct. 30,
columns
referred to in
conferences were
page
2778, and Nov. 6, page
2944.
conversations on
Dec. 2 to bring about a truce, their meeting then having
been the first in some months.
Reporting the conclusion of
their conferences, United Press accounts from Washington,
Green
Messrs.
Lewis
and
entered
into
Dec. 3, said, in part:
second
The
face-to-face
conference
between
Messrs.
session
failed
m.
p.
reach
to
agreement on any of the many
an
Green
Lewis and
[Dec. 3], after the latter had spent the entire
with the Federation's Executive Council.
The two met
began at 8
day in a
yesterday
points raised in the
controversy.
the two-year struggle—dual unionism—re¬
not be hurdled to effect a peace, it was,
international union heads broke with the
Federation first because they complained that the craft unionists which
dominate the A. F. of L. refused to aid in bringing workers in mass
The
that
issue
mained
precipitated
object which could
the
Lewis
Mr.
and
10
production industries into one big union for each industry.
Since the break the C. I. 0. has reached a membership
approximately 4,000,000 and dominates
The problem of dividing
industries.
0.
I.
F. of L. is the paramount
and the A.
strength of
the automobile, steel and textile
the large industries between the
controversial issue.
hours.
Mr. Green emerged first from the meeting
He said he and Mr. Lewis
had a "general discussion, but reached no conclusions, although we agreed
to report the status of the negotiations to the full committees on Dec. 21,
11
at
Mr.
said
that
the
a.
tonight lasted more than two
m."
strolled
Lewis
under
out
of the
agreed procedure these
the
controversy to the
five minutes later and
would he held in Washington, and
conference room
of the subcommittees
the meeting
full committees
would report the status of
with "no decisions and no recom¬
groups
mendations."
"What
He
anticipating
committees may
full
the
refused to go
Lewis said.
conclusions" in
but both he and Mr. Green seemed
do is problematical," Mr.
beyond his statement of "draw your own
future
developments,
pessimistic.
Mr. Green was
effective.
Earlier, however,
prove
"hopeful" that the conference
tonight
•+•
Gerard Swope
Urges Revision
of New York State Un¬
employment Insurance Law—Also Suggests
ment of Old Age Pension Provisions
Amend¬
York State Unemployment Insurance
provide for smaller contributions by industries which
actually reduce unemployment was proposed on Dec. 8 by
Gerard Swope, President of the General Electric Co., who
addressed a meeting of the Bond Glub in New York City.
Mr. Swope also suggested that old age pensions should be
broadened to cover workers not provided for at present. He
charged that the present law does not encourage stabilization
of employment.
Mr. Swope discussed conditions in several
Revision of the New
Law to
-
C.
"Times"
Results—To
of
that he was still an enthusiast
Ten-Point Program to
The
Peace
of
sentatives of A.
for "Morel"
he had gone to Washington as an
situation.
by
;
,
Adjournment
but he declined
enthusiast for the
for the New Deal.
Whether they liked it or not, Mr. Kennedy continued, Mr. Roosevelt
was going to be in 'office for three more years and he urged the business
men to cooperate with the President in his efforts to improve the economic
Mr. Kennedy said
New Deal and added
of democracy, one that
realism and
of stability, balance,
♦
would
speech he received another ovation
When he closed his
to
for us the American type
be in this chaotic world an example
can
The meeting
by Alexander Dana Noyes,
noble but we have
such long term
Now we need some
labor policy and technique
to more smoothly operate our economic machinery.
Regardless of whether we were formerly or still are Republicans or
Democrats we all believe in democracy.
We all hope for realistic adjust¬
C.
Senator Glass Receives
name,
objectives have been quite
far in their direction.
We need to develop a sound National
policy.
understood.
for his statements on balancing
and applause for those against further spending and subsidies
and for his attack on members of Congress who are obstructing the Presi¬
dent's current efforts to economize on governmental expenditures.
j|t Paul D. Cravath, President of the club, presided at the discussion, which
was on the general subject of "Balancing the National Budget.*'
;
\m
In the last five years our
not gone very
but
for refusing "to remove as
program as
"/f'
farm program.
justified by the repeated and vigorous
Government's big spending program.
the baiting of business,
formulation of a sound
Young also advocated an immediate end to
Mr.
these
of its social reforms
to strengthen American democracy against the danger of being overwhelmed
by the world-wide wave of "authoritarianism," warning that another de¬
pression here might lead to an economic collapse of all the great democracies
Mr. Douglas
hide."
such tax-exempts in which capital can
'
,
was
undistributed-profits taxes 100%.
each year from the annual revenue.
securities until there are no longer any
"Abolish the capital-gains and
stimulation of the lagging
Lewis W.
spending cannot be reduced immediately,
in view.
business incentive.
"If the high rate of Government
at least adopt a
under law
in order to maintain
in¬
European
countries, which he recently
In America a
workman has to work three
visited, and added:
and six-tenths minutes
for his
and his family, and In the nearest
country in Europe, it takes 18 minutes of work, or five times as long; more
than food, which was two and a half.
And in the country that is furthest
away, it takes 42 minutes, or 12 times as long.
In other words, they don't
try to cater to the workman in the same respect that however much you
might decry the development of our private industry and the public utili¬
ties, they have made it available for more than 22 million homes in America,
and now we regard it as an exception, even in the poorest, if the household
hasn't electric light and appliances.
But in Europe, the reverse is the case.
Therefore, as you survey this field, from the standpoint of the working
man—and I use that advisedly, because you see in the papers that there is
a great difference of opinion even in organized labor of the wages and hours
bill—the bill that the Senate did pass wouldn't affect the hours of one
person, not even the Chairman in the General Electric Co., and wouldn't
affect the wages of anybody, not even an office boy.
It would affect very
radically and very rigidly the wages and hours in certain sections of our
country and in the smaller companies, and the administration of such a law
would be well nigh impossible and add tremendously to our already great
kilowatt hour
costs
of energy for his home
of government.
3754
Mr.
Financial
Swope observed that
Chronicle
important thingTthat many
of the States have done is to
give so-called merit ratings and
encouragement to industry to decrease unemployment, or
to promote stabilization or
guarantee of employment.
He
one
still
Of course, that is
never
States,
have done that, have
as
I said, in
the United
States
contributory basis of employee and employer, and also given
so
some
Association
of
An
our
It rests the
It makes business and industry the twin
on
Dec.
Industry adopted
Weir.
These views
were
of operations of the
notion."m
laid down by C. M. White,
Vice-President in charge
Republic Steel Corp.; by Lewis H. Haney, Professor of
the National Association of
Manufacturers.
Particular
was placed on the need for
repeal of the capital gains
tax and the Federal tax on
undistributed
of the magazine "Mill and
Factory."
Mr. Barclay came here to address
Meanwhile, at
disregard of
Dec. 6, a number
on
of
speakers denounced the Committee
Organization as a "racket."
Speaking before
on Dec.
9, Ernest T. Weir, Chairman of the
National Steel Corp., urged the
Government to revise its
labor policy.
the Association
Speaking at the opening session on Dec. 7 of the
Congress
Industry conducted by the National Associa¬
tion of Manufacturers, Lammot du
Pont, President of E. I.
du Pont de Nemours &
Co., described business as blanketed
by "a fog of uncertainty" and he declared that "the
present
fear that we face of "a
rapidly ascending tax scale" "stands
of American
like
a wall in the
path of industrial expansion." Comments
by Mr. du Pont, as given in the "Wall Street Journal"
follow:
"A recent
survey of more than 100 factories
women showed an
average
investment of
employing 112.000
and
than $8,000 per
employe of
more
which almost $3,000 was
working capital," Mr. du Pont said.
3,000,000 industrial Jobs that do not now
exist, it will take
invested
men
"To create
$25,000,000,000
a
two years or perhaps even ten
years in advance of any
hope of return on It."
year,
New Things Must Be Produced
"New jobs,
wealth, farm prosperity cannot be picked like
dreams
and theories out of the
air," he said. "They can be produced
only through
planned research, planned development, and
by planned expansion of
plant, sales, administrative and other
the planned
new
facilities, which means at every step
expenditure of capital months and
years in advance of one
And this must be
penny of return.
intelligent planning.
"All forward-looking industrial
activity is planned.
It is based on what
the planners believe will be the
needs and conditions of
one, 5, 10 or even
20 years hence.
Before a new factory is built or an
old one is enlarged,
before a pound of raw materials is
ordered or a dollar is
appropriated for
wages, advertising and other
expenses, industry must know
with
reasonable
degree of certainty the conditions that will
prevail
wheels begin
turning.
some
once
the
the
In further consideration of the
Nation-wide experience of
industry with
labor during 1937, the
"scrapping" of the Wagner Act and of the National
Labor Relations Board was urged.
Wages were declared to be "inflated"
and the "right of a laborer to his
job" was labeled a "vicious
Suggestions for ending the current business recession were
presented this week in New York City at the annual
meeting
of
for Industrial
to
In another
The New York "Times" of Dec. 7 described
speeches before
the Industrial Council as follows:
Pont,
meeting of the National Industrial Council
adopted by
was
9, in which amendments
by the Association.
Hears
Sug¬
gestions for Ending Recession—Many Speakers at
Meeting Declare Against New Deal Policies—Tax
Revision
Urged—Remarks of Lammot du
a
but reward honestly earned.
National Labor Relations Act were
proposed.
item we refer to the platform for American
merit ratings,
corporate profits.
are
goes
system of private enterprise.
18-point platform of labor relations
the Association
a
stress
Industry
iP""**
Manufacturers
C. M. Chester and Ernest T.
We
.
success is not loot,
genius of
sovereign power In the people.
that that industry which stabilizes
employment will pay less into the fund.
♦
National
.
servants, not the masters, of the people."
of the
put it on
philosophy
"That is the
going to be accomplished
industry to that, and
.
public wants.
"Therefore, public good will always remain the life blood of
business,
guarantee
difficult thing, and it is
a
11, 1937
succeeds only as it wins public
approval.
free people, a free society.
a
and in this
That really Is the important and significant
thing. It isn't the insurance
for unemployment that you really
want, it is the stabilization or
unless some encouragement is given to
or
"The public, the consumer, is the
daily judge of business.
up or down, succeeds or fails, as it satisfies the
added:
of work that you want.
Dec.
"For business fails
Economics at New York
University, and by Hartley W. Barclay,
Editor
fth
the
National
Industrial Council in
subpoena of the NLRB, which had ordered him to
appear
with all his records
showing the origin of an article which he had published
"The
as
a
True
Story of Weirton."
At the moment
yesterday when the
subpeona required him to be in Steubenville, O., he mounted
the platform
in the Jade Room of the Hotel
Waldorf-Astoria to explain that he considered
the subpeona an "invasion of the
freedom of the press."
Says he Had "Open Mind"
Mr. Barclay, as to the Weirton
story said, neither he nor his publication
had received any
money or advertising from E. T. Weir and owned
no
stock in the National Steel
Corp.
He said he had collected his material
with an "open mind" and had
written and published the
questioned article
as "the honest
viewpoint of an editor."
He said also that he had
kept his present speaking engagement before the
National Industrial Conucil because it
had been made two months
ago.
Thereafter. Mr. Barclay devoted himself to
his program topic, "Labor
Racketeering."
The "Times" of Dec. 8
reported proceedings at the Asso¬
ciation meeting on the
preceding day as follows:
An attack
on
taxation
that hampers
business, and particularly on the
undistributed profits tax, was made
yesterday by Max Graves, President of
the New York State Tax
Commission, in an address before the National
Association of Manufacturers at the
Waldorf-Astoria Hotel.
The prospect of tax revision to
unburden business was hailed
by Com¬
missioner Graves as "a new and
refreshing development."
He continued:
"First and most important is the
repeal of the undistributed profits tax.
You know its effects as well as I.
It penalizes prudent
management, the
use of earnings to restore
impaired capital, or to pay debts,
enlarge a plant
or expand business, or to
pile up a surplus earning during the
good years to
carry the company through the bad years.
"I cannot now and never have been
able to think of a sound
argument In
support of this tax.
Says Labor Relies
"If
we are to
to make
money,
on
Good Times
be prosperous
industry must have
but to retain
unskilled), the farmer and
a
part of it.
every man,
an
opportunity not only
The welfare of labor (skilled and
and child in the
country
depends upon business expansion and increased
production.
Yet, taxation
can be and is so
high as well as so unscientifically laid as to dis¬
courage, I can almost say, prevent the
establishment of
woman
of business
Business Groping in Fog
new
"Obviously, then, when
over a
_
the future is
uncertain,
business Is uncertain.
automobile driver who blinded
strange road fearful of the ditch.
an
leave it there.
It is
time for post mortems.
no
amount to
definite period,
tax
a
reduction, because it would decrease the
high and
rising cost the taxpayer must bear to
determine what taxes he owes.
The present fear that we face a
rapidly ascending tax scale, as well as new
taxes, the nature of which
nobody can guess, stands like a wall in the
path
of industrial
expansion.
ever
"Once dependent wholly
man's
own
industrial
ingenuity is
era
of
on natural
the
now
adaptation,
materials," Mr. du Pont said, "only
From an
limiting factor in industry.
have entered
we
a
new
era
of creation."
Pi At the dinner which marked the
closing sessions of the
Congress of American Industry on Dec. 9,
Colby M. Chester,
Chairman
of
delivered
for
an
the
National
Association
of
Manufacturers
address in which he said that the
time has
come
"coalition of government in which
labor, industry and
government itself would join." In the
New York "Journal of
Commerce" he was quoted in
part as follows:
a
"I believe that
minded,
as
American
conscious of. and
group of citizens in this
"There
are
business today is
are
dishonest
selfish
men
or
men
in
any
in
as
honorable,
as
socially-
as
worthy of its great responsibility as
any
other land," said Mr. Chester.
business, there
business.
chiselers in business, there
are men of
exactly the same
are
And there
stripe In politics, in the professions, on the
farms and in the factories.
And this will be so, I fear, for
centuries to come.
an
"But if dishonesty were the rule
rather than the
exception, business, as
institution, would have long ago paid the
penalty in the court of public
opinion."
Mr. Chester declared that
was
progressive and liberal.
and accident insurance and
industry had
a
record which proved that it
Old age pensions,
group life insurance, health
to
some
extent
unemployment, he said, are
not new to business.
Hundreds of home-owning
plans and savings plans
have for years been fostered
by business organizations, he added.
"Business has
not
only been conscious of its
responsibility but it has
been doing something about it for at least
20 to 30 years," he said.
a
part of our population, said to be
one-
our
people, as being underprivileged.
I quarrel with
the figures, but I do have some firm
convictions
with regard to these people and their
welfare.
All too
neither the assertion
nor
often, I believe, they
have been led to think their condition
is due to the sins of business.
They
come to dislike to a measurable
degree business
have
men,
others
who
may
be
grouped
under
the
general
bankers and any
of capital and
heading
In
a
simplification of the tax structure,
may be almost more important
than the actual level of taxes.
Simplification of the tax structure
would,
a
indeed,
is made to
business."
Tax Structure
Simplification Needed
"At this Juncture, the
stabilization of tax rates over
plus
"Frequently reference
fourth to one-third of
"Today, industry is blanketed by just such a
fog of uncertainty.
"Perhaps the uncertainties of the recent
past, which were, in part at
least, the outgrowth of world conditions
beyond any one nation's control,
justify and excuse the uncertainties of the present. That
is for history to
decide.
What has been done,
wisely or unwisely, is behind us.
Let us
the expan¬
or
sion of old industries.
by fog, feels his way
It becomes like
to
discussing a report of the Association's special committee
study business cycles, the New York "Herald Tribune"
of Dec. 9 said:
For
manufacturers, the Committee
"As far
as
advised:
possible smooth out the valleys of production and
employment,
many companies.
If seasonal declines happen to
already accomplished by
coincide with general beuiness recession
then the latter is made much more
serious.
'
"Consistent with the character of the
industry and the interests of
ployees, customers and stockholders, manufacturers should seek
tain
flexibility and
must be
avoid rigid prices and rigid costs.
to
em¬
main¬
The demand for goods
kept fairly consistent if periods of extensive
unemployment
be avoided.
are
to
"During periods of prosperity manufacturers should realize
not
that they may
be permanent, and
give careful thought to the dangers of too
hasty,
expansion.
unconsidered
"Manufacturers should use periods of
company business recession to
make repairs and improvements which can
reasonably be deferred when
business is good.
"Companies should review their capital structures,
with
reference to providing safety in
any phase of the business cycle.
"Manufacturers should be
conservative in
particular
granting and seeking credit,
realizing that they should not act
as bankers for their
customers, or seek
from their suppliers.
"Careful observation and study of the margin between total
costs and the
selling price, with analysis of both original and
replacement costs, permits
action which tends to assure fair
average profits and avoid rigidities which
banking facilities
may assist in creating depressions and making them more
severe."
Mr. Weir's address
"Sun" of Dec. 9:
was
reported
as
follows in the New York
Mr. Weir
at the
was a principal
speaker on the last of the three days of sessions
Waldorf-Astoria Hotel, attended by some 2,000 business men and
sponsored
by the National Association of Manufacturers.
Today was
called "labor day," and was
given over entirely to discussion of the topic,
pre-eminently important at present, of employer-employee relations.
Strikes in this country in 1936 cost
$370,000,000 in wages lost by the
workers, income lost by employers and the value of goods which labor
and
Financial
Volume 145
employers, working together, would have produced
than ten-fold to somewhere near S5.000.000,000, he
final record for the year is written "it will be
undeserved
(d)
Taxes which
which make
than 2.500
no
of labor turmoil in our history,"
unduly burdensome both in amount and character,
are
ize companies burdened with
He said that "collective bargaining," with its
A critical business recession has set
ment
spending.
(f)
Legislation which stimulates labor controversies
or
which is unfair to
i Industry, he asserted, should protect employees against coercion to join
national unions, against the check-off and against the closed shop, all of
Tariff policies which
(g)
worker's freedom.
Industry Adopted by National
Association of
Manufacturers Urges Removal of
Burdensome Taxes—Calls for Encouragement of
Platform for American
of foreign goods competing
increase imports
domestic industry and labor, by extending the
and getting nothing in return.
benefits of reciprocal
(h)
(i)
•
Increasing ^Government competition with private enterprise.
Increasing centralization of economic and legislative power in the
American
industry seeks
these
unanimously adopted on Dec. 8 by the Congress of American
Industry, meeting in New York City under the auspices of
the National Association of Manufacturers, went on to say:
living will be reduced and
Industrial
there
hazards of
of
all citizens
freedom.
Political
are
without
exist
cannot
and cannot
political
where, as in some foreign countries,
exist
personal dictators, where minorities have no constitutional
American
industry
opposes
Fascism,
that the welfare of the average citizen
or
industry stimulates the natural desire
progresses as
of people
numbers.
When factories ,prosper—America
makes those products available to increasing
When this happens,
factories prosper.
government col¬
vA-i
VIII—Peace
American industry wants peace.
People sometimes
for its products and
rights,
dictation.
Communism
lectivism in any of its forms.
of
depends on the welfare of industry.
£\Our Nation
of
standards
handicaps to business, production and employment.
The 1937 business recession shows
in removing
century trend of improved living
a
where all private acts are subject to Government
understanding of business prob¬
Such understanding will result in the removal
by Government.
freedom
freedom does not
'
confidence needs sympathetic
Business
cooperation
the
"stop" signals; unless they are removed the American standard
reversed.
forward—producing more goods, and therefore more
legitimate private competition.
lems
in the endeavor
hands of the Federal Government.
Declaring that "what this country needs is business con¬
the "Platform for American Industry for 1938"
jobs—if it is permitted to face the future with only the natural
cooperation
to secure such protection.
fidence,"
Business will move
giving the benefits
Adequate tariff protection is vital to Amer¬
ican labor; American manufacturers offer their
Freedom from Federal Control
Initiative,
Prices—Wage and Hours, &c.
of
"unfair practices."
with
Private
and all coercion;
employers and under which only they can be guilty
tariff provisions to those not parties to the agreements,
of
the threat of such
controversies: which does not protect employees against any
in."
which, he asserted, operate against the
'
Continued unbalanced Federal budget caused by excessive Govern¬
(e)
phrase, and that "collective
profits and dis¬
earnings, which penal¬
debts, which restrict the amounts spent for
plant expansion and improvement.
suggestion of horse trading,
cooperation" would be better.
"Recently," he said,
"national labor unions hade made uneconomic
demands which forced prices upward and caused consumer buying to decline.
poor
hundred
over one
allowance for previous losses when taxing
criminate against companies with widely fluctuating
he said.
was a
and
and in¬
to all.
could not reflect suffering, injury and loss
strikes, "the worst and most costly period
of industry
been the result of private industry producing more for distribution
years
In the first six months of this year there were more
of life.
Constantly increased individual welfare has for
come.
figures did not include losses due to prop¬
Mr. Weir explained that these
erty damage and added that they
regulation
have the effect of redistributing existing wealth
income instead of endeavoring to produce more National wealth
found that the average Ameri¬
disputes."
share of the cost of labor
Federal
public safeguards.
necessary
Policies which
(c)
involving
uncertainty
beyond the field of
declared, and when the
family has paid $160 to $175 in 1937 as its unwarranted and
can
(b) Continued
but did not produce and
This year the loss jumped more
distribute to the Nation. Mr. Weir said.
3755
Chronicle
true.
In addition
to the
morla issues involved,
more
than
prospers.
This is not
American manufacturers
realize that the losses in human lives and injuries are
result in overwhelming loads of
:C,
It is opposed to war.
that industry prospers through wars.
say
irreparable.
Wars
debt and in subsequent depressions which
wipe out any apparent profits.
The manufacturers of the United States want international peace.
From the
platform
also quote in part as follows:
we
Basis
support to the principles of this
This
As industry has progressed in
only if American industry produces more so
that all can have more.
by:
advance can be assured
of
Encouragement
As it progresses in the
initiative—the
private
Pledge for
the
Future
Eager to contribute to the progress of the Nation, we pledge our
people can be resumed and continued
The onward march of the American
141.
A
of Future Progress
basis
of competitive
'
American industry.
of sound industrial practices by industry.
2.
Maintenance and extension
3.
Equitable employment relations throughout industry.
4.
Creation of new and broader
5.
Cooperation with agriculture.
8.
Peace.
At its meeting on Dec. 9 the Association adopted an
18-point labor program, in which an amendment to the
National Labor Relations Act was proposed. Addresses at
Sound Government policies.
7.
the past so has America.
future so will America.
Constructive efforts to alleviate
6.
fuU
platform.
markets.
depression effects.
the
opposed to monopolies in production, distribution
It believes in free domestic
and energy.
competition based on private initiative
industrial activity
for the American people
Such competition is needed to stimulate
Upon it improved living standards
and efficiency.
be promoted by:
for the Individual to be rewarded according to his
Competition and individual initiative can
Opportunity
An incentive to capital to invest in
Limiting Government regulation to
3.
to
both existing and new enterprises.
the prevention of abuses inimical
Freedom from Federal control
of prices, wages and hours in manu¬
and in character.
Constantly increasing research to produce new and wanted products
Taxes that are fair both in amount
6.
The accumulation
of savings by individuals and corporations and the
investment of those savings
will invest those
economic system.
doing.
be anticipated by so
can
in constructive enterprises are essential to the
Individuals and corporations
savings in productive enterprises only if a reasonable profit
successful operation of our
.
.
II—Maintenance and Extension
American industry
change
.
of Sound Industrial Practices
believes in self-analysis.
It welcomes change where
is desirable.
It has a record
to extend its
It seeks
of voluntarily improving its business methods.
present high standards
of business conduct.
.
.
.
Commissioners
discussed was the regulation of securities
issues,
of the companies,
taken into consideration.
those considered in this connection:
had the most experience in securities regulation?
the general public were
The following questions were among
States have
Are there any weaknesses in
the
are
What
about
are
these laws ?
comparative advantages or disadvantages
from the standpoint
Where
and new jobs.
Utilities
Annual
of
solution of these problems, the interests
the investors and
What
facturing.
6.
Report
growing out of the requirement in most States for Commission approval
of the issuance of stock and other securities by public service corporations.
Which
the public interest.
4.
and
Convention
The National Association of Railroad and Utilities Com¬
missioners this week announced the publication of the 49th
annual convention proceedings of the organization.
In its
announcement, the Association said:
In discussing the
involved.
achievement and the risk
2.
Railroad
One of the major problems
depend.
1.
of
Association
I—Encouragement of Private Initiative
labor.
referred to elsewhere in this issue.
was
Publishes
American industry is
or
meeting
of these law*
of regulation?
competitive bidding?
the
lines
of demarcation
between regulation and
private
management?
Should limitations be
imposed upon the Issuance of non-par
stock?
p Should stock issues be permitted which result in passing control of the
another company?
How far should a regulating commission go in promoting refunding
issuing company to
operations?
)k The address of Commissioner Robert E. Healy of the Securities and
Exchange Commission on the "Work of the SEC with Special Reference to
Trends in Public Utility Finance," was a noteworthy contribution.
His
address dealt with the administration of the Public Utility Holding Co.
Act of 1935.
*
Ill—Equitable Employment Relations
Steady employment is one
The attainment
of the objectives of industrial management.
of this objective is best promoted by industrial peace and
and employees.
To further improve employment relations the National Association of
Manufacturers advocates specific employer procedures to promote co¬
cooperation between management
operation between management
employee harmony.
.
.
Government policies
and employees and thus achieve employer-
.
VI—Sound
Government
Policies
should establish and maintain conditions in which
trade and commerce can
be conducted most
successfully by private enter¬
prise in the interest of the public.
The public needs Government policies
which will aid business and calls upon the Government for co-operation to
this end.
American industry renews
measures
the furtherance of
of the American people.
only when it produces and sells
its pledge of cooperation in
will promote the best Interests
which
American manufacturing is prosperous
goods, providing jobs
for workers.
It sees the road to greater production
developing new products, in attract¬
both operations and improvements, and by co¬
operation between employers and employees.
But manufacturers find "road-closed" signs erected at many points.
and employment
ing
in improving old and
private capital for
They may be
(a)
summarized as:
Legislation which reduces incentive to
construction industries.
durable goods and
vestment
into
private
employment.
invest funds, especially in the
Increased flow of capital in¬
expand production and
enterprise is essential to
D. Barney & Co.
January—New Firm to Be Known as
Smith, Barney & Co.
Edward B. Smith & Co. and Chas. D. Barney & Co.,
both of New York, will merge on or about Jan. 1, 1938,
according to an announcement made on Dec. 9 by Joseph
R. Swan and John W. Hanes on behalf of their respective
firms. The new firm will be known as Smith, Barney & Co.
The merger brings together two of the older firms in New
York, both of which originated as investment banking houses
in Philadelphia. The new firm will be among the largest
underwriting houses in the country. Both houses are members
of the New York Stock Exchange. In explaining the merger,
the joint announcement of Dfec. 9 said:
The purpose of the merger is to make more complete facilities available
to the clients of both firms while eliminating the cost of parallel services.
The purposes and policies of the two firms have long been similar.
The New York office of Smith, Barney & Co. will be at 14
Wall Street. Offices will be maintained in New York,
Philadelphia, Boston, Chicago and London, England. The
firm will have representation in other important centers.
The following is also from an announcement in the matter.
Edward
to
B.
Smith & Co. and Chas.
Merge in
3756
Financial
Edward B. Smith & Co.
Chronicle
founded in Philadelphia in 1892 and has
waa
bringing
with
them a substantial part of the organization of the
Guaranty Co.
which, until the Banking Act of 1933. had been the security affiliate of the
Guaranty Trust Co.
Edward B. Smith & Co. has been
years
one
1942.
D.
Barney & Co.
was
Commodity Club of New York
established in Philadelphia In 1873 and,
Dec.
until 1902, served a clientele largely in that city. In the latter year the firm
opened
New York office and became
a
Exchange. It is
does
a
a
Smith, Barney & Co. will have memberships in the principal security and
commodity exchanges In the United States.
16—A.
W.
evening of Dec. 16.
At
A. Rushton Reelected Chairman of
Association of Stock Exchange Firms
the
Stock
annual
Exchange
Governors
officers
of
and
Chicago
meeting of the Chicago Association
Firms and the meeting of the Board
the
Association,
Governors
Chairman—Joseph
A.
Rushton,
held
elected
were
Babcock,
of
of
3, the following
Brewster
&
to
serve
the
Co.;
Murchison,
Paul
Rushton
Warren
years
Members
Jackson
Maynard
Lizars
&
of
H.
A.
Davis
reelected—Robert
Lamson,
&
Co.,
Lanjson
and
J.
Fischer,
&
Bros.
Joseph
A.
Co.;
Thomas
Rushton,
E.
Nominating Committee to
York Stock Exchange Appoints
Committee to
Study Administrative Changes—Salaried President
Ex¬
change on Dec. 8 authorized President Charles R. Gay to
appoint a committee of not more than nine members "to con¬
sider all aspects of a further
development of the organization
and administration of the
Exchange." The members of the
committee were named by President
Gay
yesterday (Dec.
10).
The resolution adopted by the Governing Committee
directed the new committee to consider,
among other things,
"the advisability of making the
Presidency a salaried office,
of
transferring greater administrative responsibility to
executives, and of making the function of standing commit¬
tees
supervisory rather than administrative, and to report its
recommendations to the Governing Committee as
promptly
as possible.
The committee was also authorized to "em¬
ploy such expert assistance as it may deem advisable."
Mr. Gay, in his answer last week to the
statement of
Chairman Douglas of the Securities and
Exchange Com¬
mission, indicated that he intended to appoint a committee
to study and report on the
desirability of transfering greater
administrative responsibility to salaried executives under
committee supervision.
This statement of Mr. Gay was
given in our issue of Dec. 4, page 3575. The
new
following are the
Gay yesterday
committee by Mr.
Adolph A. Berle Jr., of the law firm of Berle & Berle, and
special counsel
for the Reconstruction Finance
Corporation.
Trowbridge Callaway, of the investment banking firm of
Callaway, Fish
& Co., and President of the Better
Business Bureau, New York.
John A. Coleman, partner of
Adler, Coleman & Co.
Carle O. Conway, Chairman of the Board of the
Continental Can Co.,
Inc.
Maurice L. Farrell, senior partner of the Stock
Exchange firm of F.
Smithers & Co., and a Governor of the
Exchange.
S.
Kenneth C. Hogate, President of the "Wall
Street Journal."
William McC. Martin Jr., a partner in the St. Louis
firm of A. G. Ed¬
wards & Sons.
Thomas H.
Mclnnerney, President
Products Corp., and
a
and director of the National
Dairy
member of the Business Advisory Counsil.
John W. Prentiss, partner of Hornblower &
Weeks, investment bankers.
Robert
R.
Atterbury Resigns Several Positions with
Stock Clearing Corporation of New York
Stock
Exchange
The New York Stock
Exchange announced on Dec. 9 that
Robert R. Atterbury, a member of the
Exchange since 1913
and a Governor from 1917 to
1924, has resigned as a Director,
member of the Executive
Committee, Treasurer and Secretary
of the Stock
Clearing Corp. Mr.
Atterbury had been
an
officer of the Stock
Clearing Corp. since 1920. Charles B.
Harding has been elected a Director; Edward E. Bartlett
a
member
of
the
Jr.,
Executive
Committee,
Broderick, Treasurer and Secretary.
President
Roosevelt
and
Arthur
Nominates
Jerome N. Frank
as
John W. Hanes
Members of SEC
F.
and
President Roosevelt yesterday
(Dec. 10) nominated John
W. Hanes of North Carolina and Jerome N. Frank
of New
York as members of the Securities and
Exchange Commis¬
sion.
Mr. Hanes, a member of the New York Stock Ex¬
change, will succeed James D. Ross, who resigned on Oct. 10
when appointed Administrator of the Bonneville
Dam, refer¬
to which was given in these columns of Oct.
ence
2491.
16,
page
Mr. Frank, former counsel for the
Agricultural Ad¬
Be
Guest
Mr. Rucker, who is President of the
of
prices.
to
with the idea of bringing about
Celebrate 40th
better public
the city
has made in 40 years.
The anniversary of the Association
will also be observed on Dec. 21
by a dinner organized by a
group under the Chairmanship of William Fellowes Morgan,
with Dr. Nicholas
Murray Butler, of Columbia University,
understanding of New York by showing the
scheduled
a
progress
the principal speaker.
With the announce¬
plans, the Merchants' Association made public a
statistical compilation showing some of the
changes in the
as
ment of its
'
Be Considered
Governing Committee of the New York Stock
members named to the
course
program
Curtis,
New
to
to
Nov. 27 that as part of the observance of its 40th
Anniversary
it would conduct a "Reveal-New York-to-New Yorkers"
Babcock,
Reference to the nomination of the above-named officers
was given in our issue of Nov.
27, page 3436.
The
Dinner-Meeting
Boston
Con¬
duct Program to Reveal New York's
Progress
The Merchants' Association of New York announced on
Russell,
serve one year—Reuben
Thorson,
Chairman; Ralph Chapman, Farwell, Chapman & Co.;
C.
Ivison, Abbott, Proctor & Paine; Rawson Lizars, Rawson
Co., and Samuel J. Smith, Hulbard, Warren & Chandler.
&
to Hold
of
Anniversary with Dinner Dec. 21—Will Also
Co.
&
Rucker
Merchants' Association of New York
Cathcart, Harris, Upham & Co.
three
,
& Co.
& Co.
Secretary—Whitney M. Stewart.
Governors
•
Eddy-Rucker-Nickels Co., marketing counsel, will speak on
"Long-Term Commodity Price Trends and their Effect upon
the American System."
In the course of his address, the
Commodity Club's announcement said, Mr. Rucker will
discuss the factors affecting
productivity, employment, and
:
Rushton
Vice-Chairman—Roy E. Bard, Sutro Bros.
Treasurer—James A.
Dec.
.
The Commodity Club of New York announced on Dec. 8
that Allen W. Rucker, Boston business economist, will be
the guest speaker at its second
dinner-meeting of the season,
to be held at the Park Central Hotel, in New York
City, the
substantial underwriting business.
Joseph
-
Speaker
member of the New York Stock
of the larger New York Stock Exchange houses and
one
:
of the largest
underwriting houses in the United States.
Chas.
11. 1937
justment Administration, will take the place of James M.
Landis, who resigned to become Dean of the Harvard Law
School on Sept. 11; Mr. Landis' resignation was referred to
in our issue of Sept. 18,
page 1837.
President Roosevelt
nominated Mr. Hanes for the term ending June 5, 1940.
Mr. Frank was named for the term which expires June 5,
conducted a general investment business since that date with offices in
New York, Philadelphia, Boston and Chicago. In 1934 Joseph R.
Swan,
then President of the Guaranty Co. of New York, together "with a number of
the senior officers of that company, became partners of the
firm,
During recent
Dec.
social economic structure in New York in the last
40 years.
In announcing its
plans the Association said:
Emphasis will be placed
on
the part that business has played in the de¬
velopment in order that
the public may understand the
interdependence
.between successful industry and trade and the advancement of
every civic
educational and cultural Interest.
The program is to be carried on over the radio,
through an exhibit at the
Public Library, and by the distribution of
many revelations of the City's
progress based on research.
The program will have the cooperation of numerous
public officials in¬
cluding the Mayor, Health Commissioner John L. Rice, Superintendent of
Schools Harold G. Campbell and of other
groups and individuals whose
lives have been identified with the
development of New York.
Annual Meeting of American Provident
Society to Be
Held in New York City Dec. 13
The annual
meeting of the American Provident Society
City on
important feature of the meeting will be the
unveiling of the world's largest book available for public
inspection.
This colossus among books will be "dedicated
to young people who strive to advance their
financial ages
as
fast as they grow older in
years."
An announcement
by the Society said:
will be held at the Town Hall Club in New York
Dec. 13.
An
Another important item
Legion of America,
Provident
a
on
the program is the launching of the Provident
national
Society to train
organization sponsored
young
by the American
people in the prudent
use
of money.
Brief addresses will be given by Lewis
Gawtry, President of the Bank for
Savings in the City of New York; John H. Finley, Editor; and others.
Charles
Mills
deForest,
Managing Director of the American
Provident
Society, will release
a statement of progress made during the
past year.
The American Provident Society, a non-profit
organization for education
in
personal
economics, with
national
headquarters at
51
Madison Ave.,
New York City, was started in
economic depression.
1930 in the midst of America's greatest
Its directors indued: Lawson Purdy, James Fleming
Hosic, Roswell C. McCrea, Robert W. Sparks, Ira L. Anderson, Charles
Mills deForest, William F. Atkinson, Philip A. Benson, Robert S.
Fletcher,
George D. Graves, William E. Hall, George W. Mlxter, Paul Sturtevant
and Oliver J. Troster.
Fifth International Heating and Ventilating
Exposition
to Be Held in New York Jan. 24 to 28
The Fifth International Heating and
Ventilating Exposi¬
tion will be held at the Grand Central Palace, New
York,
during the week of Jan. 24 to 28, 1938. This event, other¬
wise known as the Air Conditioning Exposition, will be under
the auspices of the American Society of
Heating and Ventilat¬
ing Engineers, whose 44th annual meeting will be held during
this same week in New York.
Winter heating of homes,
public buildings, and factories, and air-conditioning on a
year 'round basis are themes which will be coordinated and
amplified. Three floors of the Palace have been engaged and
most of the space is already under contract to exhibitors.
Meeting of Economists and Bankers Dec. 15 Under
Auspices of Society for Stability in Money and
Banking to Work Out Solution of Monetary and
Banking Problem
Efforts to crystallize a program for monetary and bank¬
ing improvement will be made at the annual conference of
leading economists, bankers and industrialists, to be held in
New York City, Dec. 15, under the
sponsorship of the
Society for Stability in Money and Banking, according to an
announcement
by Dr. Joseph E. Goodbar, President of the
Volume
Financial Chronicle
145
old and had retired from active business six months
A native of New York, Mr. Axman was taken early
in life to Chicago by his parents.
At the age of 16 he went
to Texas and later moved to Kansas City, Mo., where he
opened a clothing store.
This he disposed of after the
Spanish-American War and went to Cuba, where he was
engaged in the export trade.
Early in the century he came
to New York and eventually became associated with Laden¬
burg, Thalmann & Co., continuing that connection until
years
of the
and of
academic training.
Both large and small institutions in
banking and insurance, economists and various associations
Society.
It is stated that the Board of Governors
Society is inviting experts of business, of banking,
be included,
will
ago.
representative cross
and banking prob¬
in order to obtain a
section of current thinking on financial
In his announcement Dr. Goodbar said:
lems.
Every 6tudent of banking has been forcibly impressed by the
called
with the fact that we are far removed
"little depression,"
solution
correct
of
varying schools of thought are
more
possibly
the
severe
than that
few
years,
at latest,
next
recent sofrom the
six months ago.
Economists^ of
coming to believe that another depression,
of the early 30's, is to be expected within
unless effective remedial action be taken
problem.
banking
and
monetary
our
Murry W. Dodge, former Vice-President of the Chase
Corp., formerly an affiliate of the Chase National
Securities
Bank of New York, died on Dec. 6 at his home in New York
promptly.
City, at the
this makes it
be given
such
serious
proposals,
opinions
the
on
coordinated revision in banking practice
and
The
as
needed,
particularly important that soundly worked-out proposals
consideration.
The purpose of this conference is to make
and by bringing order out of the chaos of conflicting
subject of banking reform, to bring about an intelligent
public feels definitely that banking reform of some kind is
The
and
is
conference
well
who
others
as
and in bank credit control.
interested,
are
be privileged to attend, also all
will
represent all views on banking and monetary
in 1923 to become
Corp.
which
readjustments
can
the Federal Reserve Board."
By preventing the
"unwitting abuse of the banking process," he said, "the
supply and
of Commerce in New
super-planning board, Dr.
which "in turn would
of subordinate planning boards" in
constantly growing variety of indus¬
If direct control comes about, a
activities
the
"deal with
order to
a
Trust Co.
means
was
control by "bureau in¬
said.
Such a system of control,
he holds, "would be far from inviting, since it would mean
control by a bureaucracy which, by its very nature, restricts
quisition,"
Goodbar
Dr.
"To remedy monetary
more
disorders at the source, through the
likely to maintain high levels of production in connec¬
tion with high
standards of living."
The Governors of the Society for Stability in Money and
Banking include the following:
Roscoe Pound,
A.
P.
Dean Emeritus of Harvard Law School.
Giannini, Chairman of the Board, Bank of America, San Francisco.
Jules I.
^
C.
Professor
de Haas of Harvard
Garis
J.
Professor
Arthur
Professor
of
Theodore
D.
Hudson
B.
Yanderbilt
♦
Mayron L. Whitcomb, President of the Merrimac National
Bank of Haverhill, Mass., for the past 15 years, died sud¬
denly at his home in that city on Dec. 5. Mr. Whitcomb,
who was 75 years old, was formerly a partner in the Winchell
Shoe Co. He retired ten years ago in order to devote his full
time to the bank.
Southern
California,
Grayson of the Wharton
School
of Finance,
Uni¬
Administration, Yale Uni¬
Dean
of
the
College
of
Commerce, University
of
Los Angeles.
We quote the paper:
The dividend, to be distributed by check within
Sattgast, President Sioux Falls College, South Dakota.
Charles
D.
Fichtner, Dean of the School of Business, University
of
dividend,
the
Professor
of
Economics
and
Statistics,
department
amounts to
$237,228.33.
$446,455.77, having been ordered paid by
3%, amounting to
of
court
the commercial
in
66% has been paid to savings department depositors, the last
29.
Oct.
on
Northwestern
University.
Dr.
of
A total
.Arkansas.
Secrist,
hand
on
few weeks, will bring
a
in the commercial department to 80%, eight dividends
75% having been paid previously,
Joseph A. Levy, Assistant
General, who presented the application to the court, said the
totaling
cash
R.
Horace
will
paid shortly to depositors in the commercial department
of the defunct City Bank & Trust Co. of Hartford, Conn.
Attorney
E. Roberts, banker and economic adviser, New York.
George
C.
5% dividend, amounting to $207,062, has been authorized
be
Hastings, Professor of Industrial
MsClung,
Trustee of the Roosevelt
a
of the Board to succeed the late Charles Louis Sicard.
the total percentage
L.
elected
by Judge John A. Cornell of the Superior Court, and
University.
versity.
Beid
was
From the Hartford "Courant" of Dec. 4 it is learned that
Gayer of Columbia.
J.
appointed Treasurer
♦-—
a
Graduate School of Business.
Pennsylvania.
versity of
was
member of the Chase staff.
a
Richard V. Schnibbe
Bank of Richmond, Va.
Boushall, President Morris Plan
Professor J. Anton
Mr.
merged with the Chase National Bank. Since that time
he has been
Bogen, editor "Journal of Commerce," New York.
Thomas
,
organized in 1926 he
was
System," Dr. Goodbar said, "would be far
Reserve
1926
Savings Bank, Brooklyn, N. Y., at the December meeting
restrains initiative."'
Federal
Between 1914 and
York.
was
and retained that post until 1930, when the Interstate Trust
tries and
occupations."
Control by "direct action"
Executive ViceCorp.
During his
was
Forbes
connected with the Loan Department of the
Federal Reserve Bank in New York. When the Interstate
Aumack
Goodbar declared, would be necessary
direct
Harris
a
♦
through
integrity of prices and profits as a reflection of
demand can be maintained."
Chase
he had been
Harry P. Aumack, an Assistant Cashier of the Chase
National Bank, New York, died at Paul Kimball Hospital in
Lakewood, N. J., four hours after he was stricken with a heart
attack while calling at the First National Bank of Toms
River, N. J. Mr. Aumack who was born in Brooklyn in 1892
received his first banking experience with the National Bank
effected
be
Vice-President of the Chase Securities
Continental Paper and Bag Corp.
development, Dr. Goodbar, whose comments were made inci¬
dent to the coming conference, said there is one alternative
and
that is to "maintain an
approximate equilibrium
banking
a
Director of many large utility corpora¬
tions and at the time of his death was a Director of the
career
activities of
through
born in New York
was
From 1931 to 1933 Mr. Dodge
President of the
policies.
Nov. 25, that "direct control over the pro¬
the Nation" is an imminent economic
In warning, on
ductive
Mr. Dodge
Bertron, Griscom & Co., Inc., in 1912 and Mr. Dodge was
made a Vice-President in 1918.
He resigned from this firm
economists,
be truly non-partisan, and all bankers,
to
of 59.
age
and graduated from Yale University in 1899.
He started in
business with the banking firm of Bertron & Storrs, New
York, and some time later when the firm became Bertron,
Storrs & Griscom, he was made a partner.
The firm became
organizations and societies interested in economics, money or banking, will
be entitled to send delegates to the conference, which is truly intended to
and
3757
According to the Hartford "Courant" of Dec. 3, Horace S.
Goodbar,
attorney and
President of the Society for
Bush, formerly Manager of the Riverside Trust Co. of Hart¬
Secretary-Treasurer of the
J. C. Edwards,
retiring because of ill health.
Stability in Money and Banking, is the author of "Managing
ford,
People's Money," published last year by Yale University
Press.
The Society's headquarters are in New York, at
Chester Trust Co., Chester, Conn., to succeed
the
36
West 44th
who
Conn.,
is
has
♦
BANKS,
TRUST
COMPANIES,
The Fifth Avenue Bank of New York announced
on
Dec. 8
the election of John S. Burke, President of B. Altman &
as
a
Director of the bank.
&.c
Co.,
Mr. Burke is Chairman of the
Board of the Fifth Avenue Association, Inc., a Trustee of the
Director of the Retail
President of the Friedsam
Franklin Savings Bank, New York, a
Dry
Goods
Association
and
Carl
of
Egan
has approved the
of
Commossioner
the
third intermediate
Banking and
Insurance,
K. Withers, as liquidator of the Mechanics Trust Co.
N. J., and directed that a third dividend of
Bayonne,
amounting to approximately $225,000, be paid to the
depositors and creditors immediately. The paper continued:
5%,
Dividends already paid
the
bank
15%,
Foundation, Inc.
of
report
V,
"Jersey Observer" of Dec. 2 it is learned that
the
Vice-Chancellor
ABOUT
elected
-V
Street.
From
ITEMS
been
was
operating
making
total
a
by the Commissioner were 25% and 10%.
under
paid
the
of
Altman
55%.
Act,
The
the
total
depositors
claims
While
received
amount
to
$5,617,110.78.
Court Judge Aaron
District
An additional dividend of
5%, totaling $104,000, was sent
depositors and creditors of the closed Mercantile
Bank and Trust Co., New York, Superintendent of Banks
William R. White announced recently.
The depositors it is
stated have received 84% of their deposits since the bank
closed April 12, 1933.
on
Dec. 4 to
requested
a
New
The
York
State Banking Department on
Dec.
2
to open a
City.
.
branch office at 453-455 East 86th St., New York
'-'-"V
■
*
Charles D. Axman, formerly
associated with the private
banking house of Ladenburg, Thalmann & Co., New York,
died on Dec. 6 at his home in New York City.
He was 87
was
allowed $15,000 in May,
second allowance of that amount, but was granted $7,500 by
Vice-Chancellor Egan.
.
♦
made in the personnel of the
McKeesport, McKeesport, Pa., at the
The following changes were
National
recent
Bank
of
annual reorganization meeting of the directors,
learned
authorized the Corn Exchange Safe Deposit Co., New York,
Melniker, who
from
"Money
and
Commerce"
of
Nov.
20.
it is
Reed
Albig, formerly Executive Vice-President of the bank, was
elected President of the institution to succeed his father,
the late J. W.
Albig; George J. Regensburger was
elected a
office of Cashier,
and Charles F. Doty was appointed Assistant Cashier, a
newly-created position.
F. W. Walker is Chairman of the
Vice-President while retaining his former
Board
and
a
Vice-President of the institution.
3758
A
Financial
Chronicle
plan proposed last August for final cancellation of the
certificates
of beneficial interest of the City Certificates
Corp. of Baltimore, Md., issued in connection with the reor¬
ganization of the Union Trust Co. of that city, in December,
1933, has been declared effective, Thomas B. McAdums,
President of both companies, announced on Nov. 29.
Under
the terms of the plan each holder of less than
the certificates
of
amount
be
paid cash in full, while other holders will receive part cash
and part stock.
The Maryland Trust Co. of Baltimore has
been
designated
stock
provided
stock
distributions
make
to
the payments
and
deliveries
widows' and orphans' fund scheme, and
£5,000 to fund for
staff insurance scheme, leaving a balance of
£192,144, out of
which the directors recommended a dividend for the second
half year be paid on the "A" shares at the rate of
of
plan.
The proposed cash and
aggregate $4,8G0,244.
The Baltimore
for
in
the
"Sun" of Nov. 30, from which this information is obtained,
16% per
annum, calling for £105,000 (after deducting income tax of
£35,000) and a dividend on the "B" shares at the rate of 10%
per annum, calling for £18,750 (after deducting income tax
of £6,250), leaving a balance of
£68,394 to be carried for¬
ward to the current fiscal
year's profit and loss account.
went on to say:
In
carrying out the plan the Union Trust Co. filed during the day with
State
the
Commission amendments
Tax
increase
ing an
its capital stock
in
to
its
of $10
corporation
par
value to
authoriz¬
papers
$3,000,000 from
$2,500,000.
additional
The
in
the
of
form
60,000 shares will
be paid to the City Certificates Corp.
stock
a
provided under the settlement plan.
dividend
as
At
a
National
Total
the institution on Nov. 1,
1937, were
£58,746,628 (as compared with£54,435,960 on Oct. 31,1936),
while total deposits and other credit balances
(including
provision for contingencies) were £46,055,659 (as against
£42,017,265 last year). The paid-up capital of the institution
*
.
special meeting, on Dec. 2, stockholders of the
Stockyards National Bank of St. Louis, Mo., ap¬
plans to increase the bank's capital from $750,000
$1,000,000 through declaration of a 33%% stock divi¬
dend.
In noting this, the St. Louis "Globe-Democrat" of
proved
3
The
account.
to
Last
surplus,
was
effected
the
year
this
increasing
by transfer of $260,000 from undivided profit
transferred $250,000 from undivided profits
account
$900,000
the
at
end
of
1933. :%v
to
$1,000,000,
where
at the present time
it
with only
compare
v;>
4
Paul
E.
Sehroeder,
has
who
teen
connected
with
maintains three offices in London and 377 branches and subthroughout Scotland. J. M. Erskine is General
Manager. The annual general meeting of the shareholders
will be held on Dec. 16 at the head
office, Edinburgh.
Mo., for
First-
THE
Louis,
past
four
years,
& Trust
recently
joined
the
Owensboro
Bank
President.
C. E. Field is President of the institution.
Co., Owensboro, Ky.,
as
a
Vice-
♦
It is learned from the Los Angeles "Times" of Dec. 1 that
promotion of A. C. Torrey from Assistant Branch Manager
auditing staff of the California Bank of Los Angeles,
and advancement of F. C. Beyer from New Account Teller
to pro Manager of the Main and Jefferson office of the
to the
institution
was
announced
on
Nov. 30 by T. E. Ivey, Vice-
President of the bank.
William R.
Morehouse,
Vice-President of the SecurityAngeles, Calif., died in that
city of Dec. 7.
The deceased banker, who was a former
President of the Savings Bank Division of the American
National
First
Bank
of
a
Los
Bankers Association, was born in Bay City, Mich., 58 years
and began his banking
ago,
career in 1904 with the Union
Savings in Los Angeles.
He was the author of
books on banking, including "Banker's Guide Book,"
Bank
of
seven
"Constructive Consumer
in
Relations,"
and "How to
Succeed
Bank."
the
of
J.
Belnap, President of the Consolidated Paper Corp.
Montreal, Canada, was elected a director of the Bank of
Montreal at the bank's annual meeting on Dec. 6 to succeed
Senator Patrick Burns.
Mr. Belnap, according to
the late
the
Montreal "Gazette" of Dec. 7, is President of the St.
Maurice Valley Paper Co., Ltd; U. S. Hoffman Machinery
Co.; Chairman of the Executive Committee and director
Worthington
Pump & Machinery Corp. of New York; a
Worthington, Simpson, Ltd., of London, Eng¬
Dominion Engineering Works, Ltd.; Canadian Loco¬
director
land;
motive
of
Co., Ltd., and Anticosti Shipping Co., Ltd.
covering the fiscal
year
EXCHANGE
and while price movements
were somewhat higher on Wednes¬
day, the improvement was not maintained as the week pro¬
gressed.
Mining and metal stocks were in good demand
and a few selected issues made moderate
gains.
Some of the
high-priced industrial specialties registered substantial ad¬
vances, but with the exception of a few special issues
including
Gatineau Power stocks, public utilities have been
compara¬
tively quiet.
Curb stocks were fairly steady
during the first half of the
two-hour trading period on
Saturday, but scattered realizing
toward the end of the session checked the advance
and held
the gains to minor fractions in
many instances.
Dealings
light, the transfers for the day falling to 112,000 shares
Copper stocks were fairly firm
due to renewed activity abroad,
public utility shares were
quiet and the oil issues were firm, but there was very little
change from the previous close.
Stocks closing on the side
were
with 274 issues traded in.
of the advance included
among
& Smelting, 1 point to 53;
others, Consolidated Mining
to 85;
Jersey Zinc, 1 point to 59, and Jones & Laughlin Steel,
134 points to 373^.
Irregular price movements dominated the trading until
the final hour on Monday when there was a brisk
upturn that
canceled many of the early declines.
Some of the higherpriced stocks among the specialties and public utilities
recorded small gains but the list, as a
whole, was down.
Mining shares were without special feature and oil stocks
were
comparatively quiet.
The number of issues traded in
Sherwin-Williams, 2% points
was
391 with 102 advances
shares
closing
and
157
declines.
Among the
the upside were American Hard Rubber, 2
points to 16; Brill pref., 5 points to 2934; Consolidated Gas &
on
Elec. of
♦
The 120th annual report of the Bank of Montreal
(head
office Montreal, Canada),
ended
Oct. 30, and presented to the shareholders at their annual
general meeting on Dec. 6, shows profits for the year, after
deduction of Dominion and Provincial Government
taxes, of
$3,408,328 (as compared with $3,181,501 a year ago), which
when added to $1,036,534, the balance to credit of
profit and
loss brought forward from the
previous fiscal year, made
$4,444,862 available for distribution. Out of this sum the
following allocations were made: $2,880,000 to take care of
four quarterly dividends at the rate of
2%, and $400,000
appropriated for bank premises, leaving a balance of $1,164,862 to be carried forward to the current year's profit and
loss account. Total deposits are shown at
$717,799,105, up
from $691,312,054 a year
ago, and total assets at $829,633,compared with $805,081,998 last year. The bank's
paid-up capital and rest fund, at $36,000,000 and $39,000,000, respectively, remain unchanged. During the financial
950,
CURB
Trading on the New York Curb Exchange was quiet and
the trend generally downward
during the fore part of the week,
New
h—
L.
fund has
the
examination staff of the Federal Reserve Bank of St.
the
reserve
offices
stands.
now
unchanged at £2,250,000, but its
increased
from £3,050,000 to
£3,100,000, as noted
The Commercial Bank of Scotland was founded in
1810. In addition to its head office in
Edinburgh, the bank
bank
and surplus of $2,000,000
Capital
been
above.
said:
dividend
of
resources
remains
to
Dec.
11, 1937
dividend on the "A" shares at the rate of 16
% per annum, and
£18,750 (after deducting £6,250 for income tax) on the "B"
shares at the rate of 10% per annum; £50,000 was added to
reserve
fund; £50,000 to heritable property accounts;
£30,000 contributed to officers' pension scheme; £10,000 to
$32.75 in face
is, it is reported, entitled to
Dec.
£395,664. This, when added to £65,230, the balance of un¬
divided profit brought forward from the
previous year, made
the sum of £460,884 available for distribution. Out of this
amount, the report shows, £140,000 (less income tax of
£35,000) was applied in July in payment of a semi-annual
Baltimore, 234 points to 68; Montgomery Ward A,
points to 130; Safety Car Heating & Lighting, 4 points to
85, and Sherwin-Williams, 5 points to 90.
On the side of the
decline most of the changes were fractional.
Quiet trading and irregular price movements were the
2
dominating features during the most of the dealings on
Tuesday. During the forenoon the market was inclined to
move downward but
gradually strengthened as the day pro¬
gressed and
a number of the more active shares showed im¬
provement though the gains were generally small.
Royal
Typewriter was in demand and moved up 134 points to 4534;
Consolidated Mining & Smelting forged ahead 3
points to 56;
Pittsburgh Plate Glass advanced 134 points to 89; Jersey
Central Pow. & Light 7% pref., 2 points to
84; Childs pref.,
1 point to 37, and
Montgomery Ward A, 2 points to 132.
Mead-Johnson moved up 8 points to 103 on a small
overnight
sale.
as
five offices were opened and five were closed throughout
the Dominion of Canada. Sir Charles B.
Gordon is President
of the institution and Jackson Dobbs and G.
W. Spinney,
Joint General Managers. We are
referring elsewhere in our
issue of today to the remarks of Sir Charles Gordon
and Mr.
Dodds made at the bank's annual
meeting.
year
4
The annual statement of the Commercial Bank of
Scotland,
Ltd. (head office Edinburgh),
covering the fiscal year ended
31, 1937, shows net profits for the 12 months, after
providing for all bad and doubtful debts and national defense
contribution, and allowing for rebate, interest, etc., of
Oct.
Higher prices
market
an
among
appearance
the specialties and oil shares gave the
of strength on Wednesday despite
the fact that the transfers
utilities
metal
were
issues
the stocks
were
comparatively light.
Public
offerings and mining and
moderately active.
Prominent among
off due to increased
were
closing on the side of the advance were Aluminum
Co. of America, 2 points to 81; Babcock &
Wilcox, 2 points
80; Gatineau Power 5% pref., 434 points to 7434; Pitts¬
to
burgh Plate Glass, 3 points to 92, and Youngstown Steel
Door, 434 points to 21.
Industrial specialties, particularly those in the
high priced
brackets, attracted some speculative attention on Thursday
but considerable profit
taking developed during the closing
hour and many of the early
gains were sharply reduced.
Scattered through the list were a number of slow
moving
Volume
Financial
145
3759
Chronicle
registered modest advances on a comparatively
but with few exceptions stocks in the general
list were only fractionally higher than the preceding close.
Mining shares were quiet, public utilities were irregularly
lower and most of the oil issues were down.
Mead Johnson
issues that
small turnover,
overnight gain of 5 points to 108; Singer Manu¬
facturing Co. advanced 6 points to 236 and Montgomery
Ward A 2 points to 134.
The market continued to move irregularly downward on
registered
We
New York correspondent for
act as
commercial banks in all parts
of the world.
an
MANUFACTURERS TRUST COMPANY
PRINCIPAL OFFICE
compared with
Commonwealth
dipping to 26%, against 27% on Friday a week ago;
Gulf Oil Corp., at 3734, against 39; Humble Oil at 62, against
63; Newmont Mining at 62, against 633^; Niagara Hudson
Pwr. at 8, against 9; and South Penn Oil Co. at 37, against 38.
below the preceding close. As
last week prices were lower.
BROAD
55
Friday, and while the recessions were not particularly heavy,
they extended to all sections of the list. Mining and metal
stocks were inclined to move against the trend but the gains
were small.
Oil shares were weak and public utilities, as a,
AND FOREIGN DEPARTMENTi
YORK
STREET. NEW
Member Federal Reserve System
Association
Corporation
Member New York Clearing House
Member Federal Deposit Insurance
were
group,
Friday
of
UAILY
AT
TRANSACTIONS
YORK CURB
THE NEW
CERTIFIED
RATES
EXCHANGE
FOREIGN
Edison
DEC. 4.
1937 TO DEC. 10.
Noon Buying
FEDERAL Rt SERVE
1930
1937. INCLUSIVE
Rate for Cable Transfers
in New York
Value in United Stales Money
Country and Monetary
EXCHANGE
BY
UNDER TARIFF ACT OF
BANKS TO TREASURY
Unit
Dec. 4
Bonds (Par Value)
Stocks
(Number
of
Shares)
Week Ended
Dec. 10, 1937
Foreign
Government
Corporate
$590,000
$24,000
1,250,000
1,209,000
1,399,000
23,000
19,000
32,000
29,000
15,000
1,157,000
1,437,000
78,000
18,000
32,000
24,000
188,110
262,000
... .
Wednesday
Dec. 9
$
$
8,000
Dec. 10
$
.188914*
.189028*
.188942*
.188992*
.189000*
.169973
.169982
.169950
.169933
,170000
.012725*
.012725*
.012725*
.012750*
.012725*
.012725*
.035133
.035130
.035147
.035150
.035139
.035153
Denmark, krone
.222812
.223092
.223137
.223025
.222981
.223166
England, pound sterl'g
.992041
.998500
.999416
.995791
1.996333
i.000333
Finland, markka
.022037
.022093
.022050
.022086
.022068
.022093
France, franc
.033935
.033971
.033991
.033961
.033963
.033998
.403057
.402923
.403108
Bulgaria, lev.
$622,000
1,292,000
1,256,000
1,436,000
1,253,000
1,493,000
$8,000
180,445
Monday
Tuesday.......
Dec. 8
$
.169924
Blegium, belga
Total
111,500
Saturday
Dec. 7
$
.188871*
Austria, schilling
Foreign
Domestic
Dec. 6
$
Europe—
Czechoslo'kia,
koruna
185,792
...
....
1,107,232
Total...........
|
i
$756,212,000
17,486,000
$786,092,000
674,000
92,000
256,000
$7,352,000
Total
.009158*
Holland, guilder
.555589
.556496
.556721
.556000
.556010
.556139
Hungary, pengo
.198250*
.198150*
.198500
.198325*
.198325*
.198450*
.052609
.052609
.052606
.052610
.052609
.052611
.251088
.251170
.251004
.250989
.251175
.250795
.189500
.189450
.189400
.189433
.1894)3
.189333
.045237
.045216
.045250
.045233
.045250
.045250
.007292*
.007328*
.007350*
.007300*
.007310*
.007341*
Spain, peseta
.063214*
.063333*
.016785*
.061785*
.061500*
.061571*
.257389
.257643
...
.257254
.257544
.257602
.257431
franc...
.231075
.231278
.231457
.231283
.231233
.231292
.023120*
.023130*
.023110*
.023090*
.023140*
.023140*
dol'r
.294791
.294791
.294895
.294791
.294791
.294791
Hankow (yuan) dol'i
218,000
$14,621,000
$422,228,000
Foreign government
Foreign corporate
.009164*
.294791
.294791
.294895
.294791
.294791
.294791
.294791
.294791
.294791
Sweden, krona
$400,918,000
11,793,000
9,517,000
$7,042,000
.009172*
Rumania, leu
126,115,675
Bonds
Domestic
.009170*
Portugal, escudo
1936
100,032,357
3,592,585
1,107,232
Stocks—No. of shares.
1937
1936
1937
;009153*
Poland, zloty
New York Curb
Exchange
.402911
.009135*
reichsmark
Germany,
Norway, krone
10
Jan. 1 to Dec.
Week Ended Dec. 10
Sales at
$7,352,000
$92,000
$218,000
$7,042,000
.402754
Greece, drachma
Italy, lira
179,385
Thursday
Friday
.403173
$13,691,000
12,394,000
Switzerland,
Yugoslavia, dinar
Asia—
China—
Chefoo (yuan)
Shanghai (yuan) dol
LONDON STOCK
Quotations of representative
day of the past week:
stocks as received by cable
Canadian Marconi
Central MIn & InvestCons Goldfields ol 8 A.
Crown Mines
Courtaulds 8 & Co
De Beers
Thurs.,
Frt.,
Dec. 9
Dec. 10
103/9
5/~
445/73/1^
295/45/6
103/1H
5/1^
104/17/9
23/6
5/414
Distillers Co
Ford Ltd....
Gaumont Pictures ord.
A
2/114
"
103/9
103/9
5/l>+
5/lJi
450/450/71/3
72/6
296/3
295/45/9
45/3
£11%
£11 W
103/102 /6
17/9
17/9
22/1H
22/5/6
5/6
2/.
2/-
195/185/-
2/6
.294791
.294791
.294791
.312031
.311953
.311718
.311875
.377348
.311750
.311750
.376775
.377152
.377323
.377145
.377084
Japan, yen
.290687
.290922
.290956
.290939
.290820
.291006
.586000
.585500
.586000
.586250
Holiday
73/1^
295/45/6
£ll»i6
£11%
102/9
16/6
21/9
5/6
2/-
102/6
16/9
21/9
5/6
21-
192/6
182/6
New Zealand
24/3
146/3
24/6
145/9
24/6
145/-
146/3
145/-
146/3
pound
16/414
66/9
12/9
47/6
£7*4
16/6
£3714
£421az
7/3
16/414
66/3
13/114
47/6
£7»i6
17/£3894
£i2ht
7/3
188/9
56/-
187/6
56/-
35/3
146/3
25/3
33/114
35/6
147/6
25/3
33/114
& 8m
Gold
Vflnes of Kalgoorlle.
16/414
66/9
13/3
47/6
£7%
17/3
Metal Box
Palmletkull Gold M...
Rand Fr Est Gold
Rand Mines..'
Roan Antelope Cop
M.
£3714
£4nn
7/3
191/3
58/36/6
152/6
26/33/114
Royal Dutch Co
Shell Transport..
M...
Sub Nigel Mines
Triplex Safety Glass...
Unllever Ltd
Corp
._
Molasses
West Rand Consol M__
West
North
Areas
£7H
-
THE
America—
Canada, dollar
.000299
1.000294
.000312
1.000108
.999843
1.000000
Cuba,
.999000
.999166
.999166
.999166
.999166
.999166
.277500
.277500
.277500
.277500
.277500
.277500
.997851
.997600
.997343
.997500
.333183*
.333145*
.333312*
peso
Mexico, neso.
Newfoundland,
Argentina, peso-.——
Brazil (official) mllreis
(Free) milrels
.332783*
.333141*
.333450*
x
x
.055785
.055900
.055357
.055300
Chile, peso—official..
.051680*
.051680*
.051680*
.040000*
.040000*
.040000*
"
"
export..
BERLIN
£7»u
£7h«
Dec.
4
6
117
116
Handels-Gesellschaft (6%).
134
Llcht (8%)...
168
A. G. (5%)—118
134
168
118
119
122
-143
Rys pf 7%)-130
113
155
.......-.144
118
122
142
130
113
154
Berliner Kraft u.
Commerz-und Prlvat-Bank
(5%)
Deutsche Bank (5%)
Dessauer Gas
Deutsche Erdoel (6%)
Deutsche Relchsbahn (German
4%)
Farbenlndustrie I. G. (7%)
Gesfuerel (6%)-.—...——
Hamburg
Elektrlzitaetswerke (8%)
Hapag
Mannesmann Roehren
(434%)
143
148
79
H®
16/9
£38^
Relchsbank (8%)
(8%)
Salzdeturth (6%)...........
Siemens & Halske (8%)
Rheinlsche Braunkohlen
205
232
....177
201
204
231
177
200
.040000*
.040000*
.535500*
.540525*
.800000*
.800000*
.531900*
.534000*
.800000*
.800000*
.800000*
.800000*
♦Nominal rates; firm rates
notlavallable.
.051680*
xNo rates available.
CLEARINGS
33 /9
>
; £4??«
elearingsjthis week will again show a decrease com¬
pared with a year ago.
Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended today (Saturday,
Dec. 11) bank clearings from all cities of the United States
from which it is possible to obtain weekly returns will be
14.8% below those for the corresponding week last year.
Our preliminary total stands at $5,492,869,751, against $6,449,221,924 for the same week in 1936.
At this center there
is a loss for the week ended Friday of 16.5%.
Our com¬
parative summary for the
7/3
190/56/'37/9
151/3
26/-
7/3
185/56/35/6
148/9
25/6
33/114
£714
Bank
week follows:
Clearings—Returns by Telegraph
Week Ending Dec. 11
Dec.
Dec.
Dec.
7
8
9
10
240,779,830
——
Boston.Kansas City—
San Francisco...
115
115
115
134
134
168
168
168
168
Cleveland
118
118
118
118
289,000,000
—8.0
157,443,488
179,939,000
—12.5
68,677,247
77,130,605
78,200,000
125,009,000
101,750,982
—11.0
77,547.293
70,967,507
55,618,602
—4.9
—14 2
800,171,440
$4,395,318,545
783,356,135
$4,577,391,459
915,478,292
$5,178,674,680
1,270,547,244
—11.6
$5,492,869,751
$5,492,869,751
$6,449,221,924
—14.8
68,100,000
125,344,000
St. Louis
134
1936
$3,072,984,686
267,170,870
266.000,000
Philadelphia
134
Per
Cent
1937
$2,566,712,452
...
Chicago
114
Baltimore
89,531,312
73,714,244
67,634,159
—16.5
—9.9
—12.9
+ 0.1
—12.0
119
117
118
119
122
122
122
122
141
141
143
142
130
130
130
113
113
113
113
153
153
155
155
142
142
143
147
146
78
78
114
115
114
80
81
203
203
205
207
231
231
177
177
177
177
198
197
198
198
Detroit.
.
„i
-
-
-
- - —-
— -———- - -
63.283,287
$3,777,220,019
—4.7
—4.2
78
113
Pittsburgh
131
80
Nordeutscher Lloyd
.040000*
£714
66/6
13/3
47/6
£7%
-Per Cent of Par
Elektrizltaeta-Gesellschaft
.054525
.051680*
.529700*
STOCK EXCHANGE
Dec.
x
.055428
.051680*
.534000*
New York
Dreadner Bank
.997812
COURSE OF BANK
16/3
68/3
13/+
47/P
£794
17/£35 %
£4^2
16/6
representative stocks as received by cable
day of the past week:
■ , /
Dec.
Berliner
.997767
dollar
South America—
142/6
145/-
Closing prices of
Allgemeine
4.946640*4.951562* 4.952968*4.950390* 4.949921*4.954218*
Uruguay, peso
Wltwatersrand
each
012946*4.011250* 4.010178* 4.013j60*
Africa—
South Africa, pound..
Lake View South
United
983437*3.980520* 3.981041*3.984270*
976875*3.982343*
005089*4.011294*
Australia, pound
25/145/-
24/9
145/-
Imp Tob of G B & I..
Union
.585812
Colombia, peso.
2/6
2/714
2/7J4
IMP8...
So Kalgurll Gold
.585312
Singapore (S. S ) dol '
&
Exploration
Finance of Australia.
Hudson Bay Mln
445/-
195/180/-
192/6
192/6
193/9
185/-
2/6
(E)
Geduld Prop Mines...
Gold
Wed.,
Dec. 8
£11^
.
Electric & Musical Ind.
Geduld
Tues.,
Dec. 7
104/4^
5/3
470/72 /6
296/3
47/-
.294895
Australasia-
Mon.,
British Amer Tobacco.
.294791
Hongkong, dollar..
Dec. 6
Dec. 4
.294791
India, rupee
EXCHANGE
each
.Sat.,
.294791
Tientsin (yuan) dol'r
THE
.294791
294895
Eleven cities,
five days.
Other cities, five
days
Total all cities, five
All cities, one
days.
day..
+2,8
—27.9
143
148
Total all cities for
*
week
Estimated.
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
furnish them today, inasmuch as the week ends
by the
cannot
today
(Saturday) and the Saturday figures will not be available
today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
/
In the elaborate detailed statement, however, which we
until noon
FOREIGN
EXCHANGE RATES
requirements of Section 522 of
of 1930, the Federal Reserve Bank is now
Pursuant to the
.
the Tariff
certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below a record for the week just passed:
' '
'/
Act
further below, we are able to give final and complete
for the week previous-—the week ended Dec. 4.
For that week there was a decrease of 16.1%, the aggregate
of clearings for the whole country having amounted to
present
results
3760
Financial
$6,222,857,542, against $7,418,395,700 in the same week in
1936.
Outside of this city there was a decrease of 5.9%,
the bank clearings at this center having recorded a loss of
22.7%.
We group the cities according to the Federal Re¬
serve districts in which
they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals show a falling off of 22.5%, in the Boston
Reserve District of 19.8%, and in the Philadelphia Reserve
District of 7.0%.
The Cleveland Reserve District suffers a
loss of
3.5%, but the Richmond Reserve District is able to
show a gain of 1.0% and the Atlanta Reserve District of
3.6
%.
In the Chicago Reserve District the totals are smaller
by 7.2%, in the St. Louis Reserve District by 1.2%, and in
the Minneapolis Reserve District by 0.1%.
In the Kansas
City Reserve District there is a decrease of 7.7%, but in the
Dallas Reserve District there is
the San Francisco Reserve
In the
following
2.2%, and in
inc.
a
Reserve Dists.
Boston
New
2d
12 cities
Dec.
Wayne
Indianapolis-South Bend
Terre
Haute.
-
Wis.—Milwaukee
la.—Cedar
Rap.
Des Moines...
Sioux City....
111.—Blooming ton
Chicago
Decatur......
1935
1934
Cleveland..
S
%
I
S
325,928,793
285,468,997
243,155,894
"
3,614,150,134
4,664,698.712
—22.5
3,941,067,671
418,956,827
450.679,387
—7.0
404,621,994
21,250,0(30
—19
1,559,53d
5,082,909
21,627,515
1,080,072
9,890,425
23,796,391
1,309,876
11,082,793
3,870,729
413,598
914,290
4,095,485
1,225,858
1,410,055
Springfield
523,671,375
—8.
—8.
+ 6.
210,065,969
33,412,768
22,557,497
717,084
11,947,000
832,452
15,990,000
—24.
1,064,283
3,642,267
+ 2.
—9
3,764,126
16,390,889
769,783
—15.8
19,378,075
1,002,213
9,977,740
3,187,248
—8.9
334,012
682,610
354,147,768
—5.4
313,883,077
232,506,029
1,209,679
5,218,608
1,270.425
—24.4
607,704
592,591
—21.5
3,328,274
2.771,502
—3.5
852,422
538,368
1,550,356
—9.0
1,292,469
1,201,070
—7.2
475,443,007
365,460,133
—17.
—10.8
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
Mo.—St. Louis..
—1.8
99,900,000
98,100,000
Tenn.—Memphis
2,388,005
1,291,642
1.040,978
564,305,623
3,260,405
376,820
335,197,608
Rockford
.....
554,841
77,354.685
1,834,312
1,965,900
—18
28,123,497
+ 18.8
—19.3
2,697,293
86,200,000
29,454,061
27,961,448
8,339,598
29,462,064
71,100,000
24,141,994
18,210,447
319,208,766
*
3,748.498
2,301,346
1,231,130
Peoria......
3,432,637,725
"
5
York. 13
4th
S
261,461,589
408,891
124,853,093
1,171,672
5,211,112
Lansing
Ind.—Ft.
774,138
95,408,463
o
405,791
114,143,453
3,065,824
2,112,175
1,311,815
17,171,000
Detroit
Grand Rapids.
Total (18 cities)
—19.8
Philadelphia 10
3d
1936
1934
1935
Seventh Feder al Reserve D istrict—Chi cago—
Mich .-Ann Arbor
Ky.—Louisville..
Federal
1st
1937
or
Dec.
%
CLEARINGS
Inc.or
Week Ended Dec. 4,1937
1936
1937
2.9%.
summary by Federal Reserve
OF BANK
11, 1937
Week Ended Nov. 27
districts:
SUMMARY
Dec.
Clearings at—
District of
furnish
we
increase of
an
Chronicle
321,641,669
333,333,797
—3.6
264,354,191
5th
Richmond
6
"
153,249,521
151,788,740
+ 1.0
130,183,579
Atlanta
10
"
160,245,981
154,714,446
+3.6
135,906,011
"
523,671,375
564,305,623
x
x
x
575,000
+ 16.2
500,000
454,000
154,738,265
156.559.945
—12
136,616,125
113,908.441
117,871,153
18
x
668,000
Quincy
112,177,876
6th
III.—Jacksonville
-
Total (4 cities).
7th
Chicago
—7.2
475,443,007
365,460,133
Ninth Federal
8th
St.
4
"
154,738,265
156,559,945
—1.2
136,616,325
113,906,441
Minn.—Duiuth—
9th
Minneapolis 7
"
113,198,392
113,314,628
—0.1
98,773,193
85,532,042
10th KansasClty 10
11th Dallas
6
"
137,337,942
148,765,282
—7.7
135,291,791
102,774,671
"
70,736,125
69,243,807
+2.2
61,744,187
49,146,677
12th San
"
293,467,722
285,062,340
+ 2.9
265,472,514
205,325,216
Louis-
Fran..11
Total.-
112 cities
Canada
32 cities
3,301,326
73,253,589
St. Paul
29,955,578
N. D.—Fargo
S. D.—Aberdeen
Mont.—Billings
6,222.857,542
7,418,395,700
—16.1
6,334,943,460
5,357,262,563
2,736,532,872
Outside N. Y. City
2,907,249,443
-5.9
2,623,877,498
452,076,311
—5.0
441,088,366
Helena
...
Total (7 cities)
.
Tenth Federal
Neb.
Week Ended Nov. 27
—
Fremont.
Omaha
Inc.
1937
1936
Reserve Dist rlct—Boston
Kan.—Topeka
or
Dec.
1935
*
752.042
756,020
—0.5
—33.6
749,133
2,125,082
246,978,871
669,098
1,856,291
211,029,256
653,621
325,746
622,414
621,680
—10.1
749,540
383,014
351,387
+ 9.0
385,961
New Bedford—
683,028
988,927
—30.9
820,456
3,295,152
3,917,647
2,278,651
13,425,661
3,590,434
2,892,143
—7.9
1,711,039
11,878,548
—11.5
4,483,007
4,495,921
—0.3
R. I.—Providence
11,847,000
12,976,600
—8.7
N. H—Manches'r
1,563,244
1,901,556
—17.8
13,041,278
3,867,153
10,251,500
1,198,550
1,440,999
10,464,942
3,328,666
8,740,600
1,132,118
Springfield
Worcester...
221,307,980
2,098,084
Conn.—Hartford
New Haven
Total (12 cities)
—21.0
—15.9
Pueblo
.
Total (10 cities)
261,461,589
325,928,793
Feder al Reserve D {strict—New
8,436,093
Bingham ton...
1,162,629
....
—6.3
2,004,902
669,738
656,119
1,712,770
611,989
+ 32.0
—7.8
3,582,364
3,399,448
113,314,828
—0.1
98,773,193
85,532.042
—19.8
285,468,997
35,400,000
Elmira
658,209
Jamestown—
836,966
9,763,047
1,460,038
39,300,000
803,627
827.922
New York....
3,486,324,670 4,511,146,257
9,537,004
8,871,764
Syracuse
6,018,071
4,839,721
Westchester Co
4,258,997
2,596,947
Conn.—Stamford
3,874,535
3,936,336
Rochester
Reserve Dis trict—Kans
+ 8.6
509,315
City
as
118,197
113,654
+ .40
128,963
3,103,711
33,188,690
2,141,763
+ 6.9
—12.2
95,029,200
2,940,157
571,027
388.827
Eleventh Fede ral Reserve
Texas—Austin...
1,610,456
117,047
108,321
2,107,974
25.645,010
2,434,662
—5.8
3,612,421
—18.6
3,111,081
4,218,062
100,930,474
—10.5
+ 0.1
—15.0
674,457
—40.5
883,305
1,104,252
529,542
653,087
148,765,282
-7.7
135,291,791
102,774,671
1,010.140
37,414,237
6,380,412
2,486,000
49,146,677
1,569,356
53,692,820
7,035,853
+ 2.6
2,786.000
872,240
3,287,538
+ 22.5
—3.4
69,243,807
+ 2.2
61,744,187
2,998,000
1,068,639
.
532,013
District—Da Has—
70,736,125
Galveston.....
2,320,845
66,222,905
2,756,352
—15.3
1,175,563
46,616,379
7,747,692
2,784,000
1,024,813
2,395,740
53,837,551
8,047,037
Ft. Worth...
W ichita Falls
89,695
119,749
2,800.889
32,258,961
2,887,508
2,828,690
89,207,661
3,174,442
Dallas
La.—Shreveport.
N. Y.—Albany..
Buffalo
2,391,308
701,041
602,560
3.124,260
137,337,942
+ 0.3
+ 14.4
+ 7.6
1,855,888
243,155,894
Total (6 cities).
Second
21,116,808
2,400,717
3,583,491
Colo.—Colo. Spgs
Lowell
Fall River
55,790,404
25,096,972
2,250,648
761,675
795,225
2,880,351
29,702,071
2,143,034
.
Mo.—Kan. City
St. Joseph
3,839,025
280,307,115
691,483
_
.
Wichita
1934
_%
2,548,810
Portland.
3,179,856
63,583,242
+0.4
137,846
2,724,092
Lincoln
Clearings at—
Mass.—Boston.
+ 0.2
113,198,392
.
Hastings
Me.—Bangor
—6.6
404,604,994
We now add our detailed statement
showing last week's
figures for each city separately for the four years:
First Federal
3,532,991
73,112,560
29,840,699
2,028,081,271
429,555,535
Reserve Dis trict—Minn eapolis
Minneapolis
York—25.0
—20.4
—9.9
—18.1
+ 1.1
—22.7
+ 7.6
+ 24.3
+64.0
7,203,085
6,502,196
1,149,165
917,053
29,900,000
24,700,000
661,896
492,912
723,253
526,148
,811,065,962 3,329,181,292
8,244,449
7,622,524
3,625,996
3,041,171
2,612,133
1,559,931
3,086,414
2,395,937
450,000
514,744
Twelfth Feder al Reserve D istrict—San
W'ash.—Seattle
34,945,424
Spokane
8,916,000
1,020,539
28.023.624
Yakima
Ore.—Portland
.
_
Utah—S. L. City
19,438,157
4,727,405
Cal.—Long Beach
36,734,970
11,352,000
1,155,105
29,156,968
17,731,805
4,741,314
Franc Isco
—4.9
—21.5
34,299,823
9,901,000
—11.7
985,017
743,348
—3.9
26,087,463
15,556,820
4,314,852
4,165,099
163,428,959
2,960,074
1,966,855
22,273,660
+ 9.6
■—0.3
27,125,482
9,348,000
13,149,535
J.—Montclair
Newark.
Northern N. J.
Total (13 cities)
Third Federal
Pa.—Aitoona
+ 2.1
26,687,790
30,420,453
28,506,629
52,122,531
—41.6
3,614,150,134 4,664,698,712
Chester
—6.4
—22.5
24,988,028
47,357,490
18,679,387
36,604,430
554,395
541,029
541,823
*470,000
+2.3
+ 15.1
541,375
451,150
331,498
x
Scranion.
Wllkes-Barre..
York
N. J.—Trenton.
Total (10
cities),
Fourth
475,351
1,212,368
+ 6.4
1,224,241
403,000,000
436,000,000
—7.6
1,448,908
2,616,067
1,154,978
1,443,910
3,244,672
1.274,635
—19.4
1,723,150
Philadelphia...
Reading
1,804,728
4,212,000
+47.0
1,423,734
3,196,100
310,000,000
1,022,385
2,024,556
1,132,626
1,094,754
2,385,000
418,958,827
450.679,387
-7.0
404,621,994
319,208,766
+ 1.0
+ 0.3
—9.4
—4.5
350,225
1,166,474
393,000.000
1,145,438
2,340,182
1,007.316
x
62,423,851
104,915,879
16,988,000
1,659,567
Cleveland
Columbus
Mansfield
Youngstown...
Pa.—Pittsburgh
Total (5 cities).
Va.—Norfolk
Richmond..
S. C.—Charleston
Md.—Baltimore
.
D. C.—Wash'gt'n
Total (6 cities)
.
Sixth Federal
Tenn.—Knoxvllle
Nashville
Ga.—Atlanta
Augusta
Macon
Fla.—J'ksonvllle.
Ala.—Blrm'gham
Mobile
321,641,669
366,916
3,039,000
43,769,303
+ 10.3
1,939,788
—14.4
149,815,598
—9.5
—4.7
x
333,373,585
—3.5
57,810.843
72,715,642
11,670.900
1,200,000
x
43,193,431
58,620,318
9,523,100
1,125,105
x
120,956,806
264,354,191
cities)
265,472,514
205,325,216
+3.1
—16.8
77,638,850
27,202,735
—3.7
203,194
3,464,000
37,307,188
1,083,535
63,396,818
24,728,844
153,249,521
151,788,740
+ 1.0
130.183,579
112,177,876
3,302,411
15,779,780
47,000,000
1,358,385
967,477
15,709,000
16.323,767
1,368,163
2,670,197
12,167,706
1,232,717
Reserve Dist rict—Atlant
3,659,818
17,010,571
57,400,000
1,153,025
1,198,363
17,905,000
20,421.431
x
4,573,555
17,710,713
56,400,000
*1,500,000
1,199,432
16,706,000
19,709,800
1,547,574
x
+0.1
—4.0
+ 1.8
—23.1
—0.1
+ 7.2
+3.6
+ 18.3
x
209,103
—5.0
39,468,248
35,158,269
+ 12.3
160,245,981
154,714,446
99,207
3,942,000
33,901,598
1,074,099
54,696,838
18,464,134
+3.6
+ 1.2
cities)
6.222.857.542 7,418,395,700
—16.1 6,334,943,460
5,357.262,663
Outside New York 2.736.532,872 2,907.249.443
—5.9 2,523,877,498
2.028,081,271
.....
Week Ended Nov. 25
Clearings at—
Inc.
1937
1936
Canada—
or
Dec.
x
164,218
33,932,810
135,906.011
43,000,000
1,043,959
863,242
14,094,000
16,016,002
1,119,720
x
134,000
26,762,327
1935
156,810,243
166,966,856
134,344,682
—6.1
140,809,619
Winnipeg
36,942,660
49,050.851
—24.7
Vancouver
20,292,185
24,055,234
6,230,238
2,677,309
21,825,685
—7.0
27,028,342
—11.0
7,097,223
2,804,499
5,560,093
5,889,618
1,984,355
—12.2
1,903.411
3,104,736
4,419,762
—14.0
—32.2
Ottawa
Quebec
Halifax
Edmonton
5,735,548
5,836,081
2,079,077
1,637.477
3,367,939
4,055,693
Regina
2,948,197
Calgary
Victoria
+4.8
150,580,503
133,413,176
63,220,516
+ 8.1
—21.5
1,827,131
1,726,253
—19.9
695,586
637,660
818,088
750,488
540,217
—4.5
+ 3.2
—0.9
+ 4.8
+ 8.5
—8.2
563,013
1,039,407
+ 8.0
974,699
Fort William
810,759
878,085
—7.7
694,201
New Westminster
720,116
214,503
638,787
253,032
+ 12.7
—15.2
694,265
705,061
1,207,848
3,381,766
320,461
643,918
+ 7.8
627,192
1,183,174
3,331,423
377,482
809,789
619,316
+ 12.4
575,388
314,022
653,510
717,378
Brandon
381,917
Lethbridge
517,233
Saskatoon
1,279,266
Moose Jaw
Brantford
Peterborough.—.
Sherbrooke..
Kitchener
Windsor
Prince Albert
+ 1.5
—15.1
+ 0.6
+5.9
452,076,311
-5.0
441,088,386
117,871,153
x
No figures available.
258,166
674,161
636,850
404,604,994
+ 73.2
540,100
429,555,535
Total (32 cities)
367,612
596,218
333,245
904,146
646,891
541,887
501,553
691,366
670,712
1,161,953
...
Sudbury
+ 3.4
5.062,674
4,617,879
1,176,928
1,898,571
1,052,753
640,424
Chatham.
—3.5
1
1,149,218
2,489,138
543,445
Kingston
Estimated,
+2.1
1,114,815
781,783
*
+ 9.4
357,120
806,240
653,470
576,500
488,460
847,148
Moncton
146,239,609
121,703,312
67,776,993
16,187,970
5,313,739
4,359,803
2,383,283
4,259,968
6,061,006
1,949,933
1,629,777
3,358,748
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
352,309
607,232
4,347,643
349,145
478,305
1,629,748
702,809
962,785
Sarnia..
1934
%
Medicine Hat
a—
—20.0
—7.7
(112
London
—11.3
+ 7.4
Grand total
St. John
210,065,969
355,849
198,703
.
+ 2.9
Hamilton
97,604,015
3,425,000
40,741,829
1.482,116
77,524,856
28,259,090
1,830,822
Miss.—Jackson..
285,062,340
Jose
Santa Barbara-
Montreal
x
—9.2
Reserve Dist rict—Rlchm ond-
W.V a.—Hunt'ton
Vlcksburg
La.—N. Orleans
x
68,720,633
95,077,366
17,820,200
x
135,654,372
Fifth Federal
1,806,552
293,467.722
San
.
Toronto
.
Cincinnati
—8.5
3,403,900
2,998,119
121,541,827
1,923,276
1,370,751
1,437,318
<
Francisco
351,365
866,582
Feder al Reserve D istrict—Clev eland-
Ohio—Canton...
+ 0.4
+ 7.3
San
3,941,067,871 3,432,637,725
6,190,100
Lancaster
4,265.088
172,291,000
3,544,584
1,802,558
2,286,948
Pasadena
Reserve Dis trict—Phila
delphi
505,959
Bethlehem....
Total (10
523,893
184,927,000
3,271,306
1,824,716
2,091,438
Total (11 cities)
—1.6
534,717
4,282,113
Stockton
N.
Volume
TREASURY CASH AND CURRENT LIABILITIES
The cash
holdings of the Government as the items stood
Nov. 30, 1937, are set out in the following.
The figures
are taken entirely from the daily statement of the United
States Treasury of Nov. 30, 1937.
^
»
CURRENT ASSETS
Bona*—
$49,800,000.00
3% Conversion bonds of 1946-47
28,894,500.00
118,367,560.00— $197,062,060.00
2H % Postal Savings bonds (14th to 49th ser.)
Treasury bonds:
5
Outstanding (outside
2,899,192,499.00
of Treasury)
6,306,943,098.09
reserve
-
Exch. staDlllza'n
334%
234%
254%
254%
254%
254%
2M%
9,938,342.81
156,039,430.93
fund. 1,800,000,000.00
11,172,113.370.83
Gold in general
fund:
Inactive
..
weight
1,601,966.968.32
$346,681,016 of
against
Treasury notes of 1890 outstandnog.
$1,170,772 of
secured by
United States notes and
Treasury notes of 1890 are also
silver dollars in the Treasury.
SILVER
Assets—
921,304,983.26
503,914,162.00
811 ver dollars
$
Sliver ctfs. outstanding.
Treasury
notes
of
of 1951-54.
of 1956-59.
bonds or 1949-53...
1,379,906,738.00
1890
outstanding
1,170,772.00
44,141,635.26
'
Sliver In general fund...
sales.........43,279,034.50
Unclassified
1,425,219,145.26
Total.
Total bonds
Treasury Notes—
$276,679,600.00
618,056,800.00
455,175,500.00
596,416,100.00
433,460,900.00
1,293,714,200.00
526.233,000.00
941,613,750.00
426,554,600.00
1,378,364,200.00
738,428,400.00
2H % series A-1938, maturing Feb.
1,1938..
2% % series B-1938, maturing June 15,1938..
series C-1938, maturing Mar. 15,1938..
2H % 8eriesD-1938.
1 H% series E-1938,
2H% series A-l939.
\% % series B-1939,
1J4 % series C-1939.
maturing Sept. 15.1938..
maturing Dec. 15,1938..
maturing June 15,1939..
maturing Dec. 15,1939..
maturing Mar. 15.1939..
15,1939..
15,1940..
maturing June 15.1940..
maturing Dec. 15,1940..
maturing Mar. 15,1941..
maturing June 15,1941..
maturing Deo. 15,1941..
1H % series A-1940, maturing Mar
..1 ,601,966,968.32
811 ver (as above).
44,141,635.26
United States notes
2,787,322.00
Federal Reserve notes..
15,774.175.00
Gold (as above)
473,057.50
Fed. Reserve bank notes
1,084,599.50
National bank notes
Subsidiary silver coin...
'
Minor coin
Treasurer's
59,300,000.
8,476,918.43
Other deposits
2,044,170.87
*
64,855,981.21
disbursing
courts,
and other
Uncollected
items,
ex¬
14,231,001.35
of
156,007,606.76
other
3
o!o6L 29*^60
Balance
(as
140,988,683.35
830,779,282.04
Working balance
Philippine Treasury:
retirement
series
fund,
3,366,000.00
1938
3,674,000.00
4% Alaska RR. retirement fund series, ma¬
turing June 30, 1941 and 1942
2% Postal Savings 8ystem series, maturing
June 30, 1940
Deposit
Federal
279,000.00
30,000,000.00
PN|
90,000,000.00
Corporation
Insurance
series, maturing Deo. 1, 1939
Certificates of Indebtedness—
4% Adjusted Service Certificate Fund series.
maturing Jan. 1, 1938
J^ll ,587,680,950.00
$31,800,000.00
2H% Unemployment Trust Fund series, ma-
393,945,571.96
note 1
1,535,750 1 7
Govt, officers—
1,242.514,603.09
above)...........
Seigniorage (silver) see
other
Service
1938 to 1942
'
Increment on gold
1,328,931.20
of
today:
Inact. gold (as above)
Foreign depositaries:
To credit of Treas¬
U. S
Foreign
4%
2%
17.012,008.07
U. S
Govt, officers
credit
335,031.62
changes. Ac
credit of Treas¬
40,000,000.00
372,900,000.00
to 1942
Nat.
notes(5% fund
of
lawful money)
depositaries:
credit
bank
485,038,000.00
472,100,000.00
ma¬
4% Civil Service retirement fund, series 1938
4% Canal Zone retirement fund, series
Deposits for:
Redemption
bank
3% Railroad retirement account series,
turing June 30, 1942
to 1942
,
officers, Ac..
132,298,398.26
sales of Govt.secur.
urer
3% Old-Age Reserve account series, maturing
June 30, 1941 and 1942
lawful
Postmasters, clerks of
Special depos. acct. of
To
$10,575,361,950.00
Savings
reserve,
342,143,300.00
series B-1942, maturing Sept. 15,1942..
Trustees,
System:
5%
336,947.85
....
Fed. Reserve banks..
urer
of
Postal
5,223,291.15
3,458.190.70
% series C-1941,
4,477,476.29
Post Office Dept
Board
1
*
737,161,600.00
676,707,600.00
503,877,500.00
204,425,400.00
426,349,500.00
1H % series A-1942, maturing Mar. 15,1942..
2%
money
Collections, Ac
To
4,331,197.86
officers:
Deposits in:
To
out¬
standing..
Silver bullion (recolnage
value)
Unclassified-
checks
Deposits of Government
417,824,447.03
Silver bullion (cost val.)
Nat.
1H% series C-1940,
1J4 % series A-1941,
1% % series B-1941,
Liabilities—
60o,631,000.00
2,402,636,000.00
573,831,000.00—
turlng June 30, 1938.
Treasury bills (maturity value)..
To credit of Treas¬
urer
2,608,228,140.44
1,843,556.72
U. S
850,959,106.40
$21,915,269,155.65
..........
........
% series B-1940,
GENERAL FUND
Assets—
931,594,189.25
-
$350,801,150.00
500,157,956.40—
1H% series D-1939,maturing Sept
...1,425,219.145.26
Total
^
$184,764,109.50
343,014,707.75
360,536,337.50
......
Adjusted Service Bonds of 1945
(Government Life Insurance Fund series)..
3%
Liabilities—
$
•
811 ver
1948-51....::::.:.:.:...:
of
Series C
12,774.080.339.15
Total
of 1945-47
Series B___
140,988,683.35
218,463,681.88
In working balance.-
12,774,080,339.15
of 1955-60
Series A
of
the gold dollar
Total
of 1949-52
United States Savings bonds:
result, from reduc¬
in
bonds
bonds
bonds
bonds
bonds
bonds
1,242,514,603.09
Balance of Increment
tion
755.434,500.00
834,453.200.00
1.400,528.750.00
1,518.737,650.00
1,035,874,400.00
491,375,100.00
2,611,095,150.00
1,214,428,950.00
1,223,490,350.00
1,626.687,650.00
981,837,550.00
1,786.360,050.00
3% bonds of 1946-48
fund—
Fed. Res. notes
Gold
352.993.450 00
544,870,050.00
818.627.000.00
-
3H% bonds of 1943-45
334% bonds of 1944-46
fund—Bd.
of Govb., F. R.Sys
Redemption
489,080,100.00
454.135,200.00
—
1% % bonds of 1940-43
3H% bonds of 1941-43
3H % bonds of 1946-19
3% bonds of 1951-55
3H% bonds of 1941
Gold certificates:
Gold ctf.
1,036.692,900.00
bonds of 1946-56
bonds of 1943-47
Liabilities—
12.774,080.339.15
$758,945,800.00
434 % bonds of 1947-52
4% bonds of 1944-54...
GOLD
Gold
-
3% Panama Canal loan of 1961.....—.—
AND LIABILITIES
Assets—
Note—Reserve
3761
Financial Chronicle
14$
$36,511,217,105.65
Total Interest bearing debt outstanding
Matured Debt on Which Interest Has Ceased-
2,764,235,747.20
Old debt matured—Issued prior to Apr. 1,1917
resulting from the Issuance of silvej
of the sliver acquired under the Sliver Purchase Act o1
amount returned for the silver received under the President's proclama¬
2)4% Postal Savings bonds..
3)4 % ,4% ,and 4% First Liberty Loan bonds
2,764,235,747.20
Total
Total..
$4,539,120.26
47,140.00
(excluding Postal Savings bonds)
Note 1—This
item
represents seigniorage
certificates equal to the cost
1934 and the
tion dated Aug.
9, 1934.
certain agencies today
26,408,850.00
-
v
MONEY HOLDINGS
TREASURY
1,404,300.00
1927-42....
2,332,150.00
34,474,750.00
683,650.00
22,012,700.00
4>£ % Third Liberty Loan bonds of 1928
4Yt. % Fourth Liberty Loan bonds of 1933-38..
3H % and 4H % Victory notes of 1922-23
Treasury notes, at various Interest rates
Ctfs. or indebtedness, at various interest rates.
$2,068,027,473.90.
was
of 1932-47
4% and 4\i% Second Liberty Loan bonds of
Note 2—The amount to the credit of disbursing officers and
following compilation, made up from the daily Gov¬
ernment statements,
shows the money holdings of the
Treasury at the beginning of business on the first of Septem¬
ber, October, November and December, 1937:
The
6»33^8°9'2x
8,oK'2??'!X
Treasury bills
Treasury savings
certificates
Debt Bearing No
-
256,975.00
.........
ink W2 485 2fi
^105,502,485.26
~
Interest—
United States notes—
156,039,430.93
Less gold reserve
$190,641,585.07
Net
Net
Net
Net
Net
Sept. 1, 1937
Oct. 1, 1937
Nov. 1, 1937
Dec. 1, 1937
Deposits for retirement of National bank
Federal Reserve bank notes
$
Holdings in U. S. Treasury
$
*
$
gold coin and bullion. 1,839,778,147 1,716,738,015 1,783,993,334 1,758,006,399
462,303,030
446,293,625
463,706,191
449,096,580
silver coin and bullion
2,787,322
2,996,094
2,685,041
2,510.959
United 8tates notes..
916,812
1,084.600
778,993
1,037,767
National bank notes.
14,403,260
15,774,175
14,271,225
13,469,707
Federal Reserve notes
Net subsidiary silver
Minor coin, Ac
Total cash In Treasury.
fund
447,131
675,758
3,764,784
TK llT?-MUry
Total gross
5,223,291
5,502,362
2,318,390,636 2,188,977,685
156,039,431
156,039,431
6,222,776
—
COMPARATIVE
552,317,000
127,894,104
Dep. In National banks—
To credit Treas. U. S.
14,979,478
16,817,015
14,098,840
32,173,933
2,185,515
2,513,600
17,012,008
30,064,298
1,843,557
2,864,681
STATEMENT
When War Debt
Was at its Peak
Dec.
31, 1930,
Lowest Post-War
Debt
$1,282,044,340.28 $20,590,701,648.01 $16,026,087,087.07
306.803.319.55
1,118,109.534.76
74,210,460.05
485.038,000
_.
767,955,000
161,160,388
31,1917,
Pre-War Debt
Net bal. in general fund.
685,310,000
167,558,590
....$37,093,523,041.22
Aug. 31, 1919,
Gross debt
Treaa'y bonds.
PUBLIC DEBT
March
Cash balance in Treas.. 2,162,351,205 2,032,938,254 2,120,154,443 2.095.114,805
Treasury notes and cer¬
tificates of Indebtedness
3,258.107.99—476.743,450.31
debt
2276193,874 *2251154,236
156.039,431
156,039,431
Dep. in spec'l depositories
account
o?
2,032,046.25
473,057
3,237,759
5,068,640
375,870
5,372,060
5,721,667
Net Fed. Res. bank notes.
Less gold reserve
and
Old demand notes and fractional currency
Dep. In Fed. Res. banks
.
To credit dlsb. officers.
29,358,197
2,195,036
2,600,297
29,763,341
1,478,808
Net
cash
in
Gross debt less net bal.
In general
Cash In Philippine Islands
Deposits In foreign depts.
132.298,398
2,967,617
fund
capita..,
$12.36
$250.18
$129.66
4.196
3.750
of int.
interestbearing debt outstand-
Computed
rate
per annum on
(per cent)
Treasury
$1,207,827,880.23 $25,478,592,113.25 $15,719,283,767.52
2.395
Gross debt per
3,064,415,045 3.013,024,187 2,851,937,495 2,764.235,747
150.007,607
176.137,262
102,224,194
labilities.
153,362,415
and In banks
Deduct current
Available cash balance. 2,902,190.851 2,859,661.772 2,675,800,233
♦
Includes on Dec. 1, $418,161,395 silver bullion and
Nov. 30, 1936,
a year Ago
Oct. 31, 1937,
Last Month
Nov. 30, 1937
'
2,608.228,140
$3,458,191 minor, Ac., coin
$33,794,162,718.16 $36,956,368,228.85 $37,093,523,041.22
2,608,228,140.44
2,675,800.232.96
1,405,614,615.48
Net bal. in general fund.
Gross debt..
not included in statement "Stock of Money."
Gross debt less net bal.
In general fund....
PRELIMINARY
DEBT
STATEMENT OF
UNITED STATES
NOV.
THE
30, 1937
preliminary statement of the public debt of the United
the basis of the daily
Treasury statement, is as follows:
The
States Nov, 30, 1937 as made up on
$32,388,548,102.68 $34,280,567,995.89 $34,485,294,900.78
capita...
$262.36
a$285.07
a286.21
of Int.
per annum on interestbearing debt outstand¬
ing (per cent)
2.578
2.550
2..550
Gross debt per
Computed
a
rate
Subject to revision.
3762
Chronicle
Financial
Trust
^GOVERNMENTjRECEIPTSjANDJEXPENDITURES
the courtesy of the Secretary of the Treasury,
we are enabled to place before our readers today the details
of*Government receipts and disbursements for November,
1937 and 1936, and the five months of the fiscal
years
&
1937
$
Internal Revenue:
Unjust enrichment tax
$
tlon in weight of gold dollar..
453,837
699
1,749,560
3,868
271,559,657
99,705
183,639,417
178,692,290
6,333
31,513,357
35,452,288
:■.'///.
-
87,168
.
..........
Panama Canal tolls, &C
2,917,003
1,523,643
11,165,265
4,579,551
5,516,581
19,122,076
20,184,243
6,774,318
91,174,151
90,083.548
1,311,066
28,276,226
d78,818,069
104,307,791
31,886
295,568
acc'ts
,v
Other miscellaneous
5,220,522
5,583,313
40,614 /82
242,7/4,058
2,310,530,2*7
Old-age
125,000
575,000
6,847,800
25,329,290
49,909,695
78,173.000
9,242,000
261,536,000
28,182,000
1,250,000
100,000
..........
national
7
Departmental
47,552,085
4,613,715
-
control
29,817,008
246,707,484
2,434,690
31,528,255
9,376,641
11,673,661
83,934,172
47,179,521
16,772,371
a
Reclamation projects a b
Panama Canal a
13,639,642
4,155,495
....
1,433,654
Social Security Act
U. S, Housing Authority
75,589,783
279,917
o4,082,996
d237,524
5.220,763
6,665,174
19,307,255
32,527,758
305,301
,
a
823,029
1,592,034
14,753,149
127,289,823
•
.
Receipts—
.
;
Treasury
..........
28,786,375
165,747,884
U.
—
37,359,787
225,915,002
--
a..
49,208,256
47,924,520
243,371,055
30,975,993
67,459,533
S.
bills
savings
......—
36,179
26,448,784
27,369,507
147,557,142
Farm Credit Administration.a
135,103,616
200,365,000
200,341,000
1,501,695,000
28,893,292
25,704,046
155,554,337
229,258,292
226,045,046
1,658,249,379
1,713,294,118
1,036,150
6,676,500
6,358,500
116,332,450
1,101,385,000
459,977,250
(incl.
bonds
141,931,868
42
•
123,971,351
21,582
'
-
211,292,190
10,931,926
Farm Security Admlnls.a....
Civilian Conservation Corps a
273,453,602
102,985,354
'•
.
197,381,138
Agricultural Adjust. Program
290,597,247
23,951,508
Treasury savings securities.
154,748,115
46,394,657
51,140,344
6,017,018
unclassified sales).......
32,573,944
Veterans' Administration
22,281,758
Treasury bonds....—..
5,000,000
——
-
5,683,758
Market operations:
Cash.
■.
Navy
d32,000,000
Public Debt Accounts
74,386,893
d237,524
5.000,000
..
Army
687.231
d 4,000,000
106,401,760
Excess of receipts or credits
Excess of expenditures
16,924,721
...
1,019,268
31.190,477
a...
DIst. of Col. (U, S, share)
defease:
Total
206,650,175
10,030,000
Postal deficiency C
Retirement Act.
dl,000,000
..........
263,973
Investm'ts A transfers (net)..
Beneflt payments
and
work
harbor
"
'
16,095,035
a
Public buildings a..
Public highways a
500,000
Benefit payments
Railroad retirement account:
1,640,862,173
Expenditures—
General:
.......
...
reserve account:
Investm'ts A transfers (net)..
23,524,449
327.129,65 7
receipts..
•
4,280,720
of
Other..........
25,801,832
National
checking
retirement
Investments
10,903,870
Seigniorage......
.
in
Unemployment trust fund:
23,234,881
Railroad
138,349,986
amended).
196,128
30,745,321
flood
accounts.......—.
For
..........
obligations.
3,703,750
and
393,582,602
(sec. 13b. Fed. Res. Act, as1
.-.V-',■";yr.
4,332,591
River
27,188,836
gold:
-
1.
17,465,801
29.402,454
bank notes
Other
Total
38.257,791
274,921,843
Melting losses, Ac
Payments to Fed. Res. banks
se¬
Principal—for'n obllga'ns
.
1,336,500
1,515,446
10.209.985
Chargeable against Increment onI
5,915
4,228,103
16,952
...
Interest—for'n
180,539
163,585
90,145,231
85,308,750
of Govt, agencies (net), Ac
curities:
All
$
80,222/29
5,559,551
Transactions
419,833,874
958,662,866
4,115,983
receipts:
Govt,-owned
36,423
1936-37
$
15,299.820
Expenditures—
Trust
670,747,36 1
1,077,001,001
55,696,018
employees..
Customs
$
21,514,054
Unemployment trust fund
$
33,291,550
their
of
accounts
July 1 to Nov. 30
1937-38
1936
Seigniorage
1936-37
147,585,216
Taxes under Social Secur. Act
Proceeds
1937 38
36.848,828
Taxes upon carriers and
November
$
1937
July 1 to Nov. 30
1936
$
181,451,983
tax
Mlscell. Internal revenue
Miscellaneous
Trust
of
1937
11,
112,418,778
Month of November
Accounts
Special
Recelrts—
Income
—Month
Increment
t.old, &c.
Receipts—
1936-37:
1937-38 and
General
Accounts,
on
"Tlirongh
Dec.
Adjusted service bonds
Exchanges:
103,832,717
di,998,131
2,066,876
Tennessee Valley Authority..
4,125,652
4,816,336
19,455,278
17,408,894
Interest
9,175,122
8,226,308
268,810,784
262,778,341
Customs
1,099,486
1,022,282
6,215,039
6,349,400
Internal revenue..
2,631,291
2,167,767
14,719,383
12.773,182
350,809
477,173
2,090,618
775,604,200
Treasury notes
Treasury bonds
4,256,074
on
the
public debt...
d2,051,303
4,039,164
511,870,800
.
....
775,604,200
511,870,800
261,536.000
Sub-total
28,232,000
Refunds:
Processing tax on farm prod.
Sub-total
2.
302,830,603
274,840,643
1,772,184,371
Special series:
41,000,000
205,000,000
Railroad retlrem't acc't(notes)
10,000,000
40,000,000
.
1,554,522,753
Civil service
Recovery and relief:
Mtge, Corp.
In
—reduction
Int.
1,338,089
Federal Land banks
1,338,089
23,097,827
1,935,983
64,264,237
661,407
12,073,485
5,633,809
10,112,337
Public highways
30,129,047
2,215,110
2,248,621
Reclamation projects b
5,579,301
546,024
30,090,148
52,640,264
155.442,952
control
2,390,972
8,615,806
15,395,239
14,000
(notes)
3.019,111,079
2,414,292,368
200,457,000
15,079.950
1,829,694
534,458,341
828,557,625
33,055,506
91,453,655
167,453,172
2,400,273
4,746,000
11,180,593
Certificates of Indebtedness
583,324
4,459,230
22,998,653
14,228,469
Treasury
Treasury
231,227,000
1/11,447,000
1,107,960,000
Market operations:
Cash:
Treasury
3.720,210
72,795,000
243,983,546
Expenditures—
378,106
169,656,326
3,227,084
Home Loan system
578,899,000
62,689,940
4,803,174
Aid to home-owners:
Emergency housing
U. 8. Housing Authority...
227,000
9,242,000
359,486,442
Total public debt receipts..
15,437,538
Other
•
129,192,000
Sub-total.....
100,073,698
Works Progress Admin
500,000
Alaska Railroad retlrem't fund
'/
River and harbor work and
Rural Electrification Adin.
363,000
469,000
fund
retirement
(notes)
1,323,066
Relief
3,720,209
bills..
36,200
bonds
116,950
659,550
825,650
1,530,900
notes
874,050
38,235,250
23,045,000
4 93,000
.....—+■
U. S. savings bonds
Adjusted service bonds
670,468
1,010,442
6,329,288
12,387,893
13,790,618
67,181 949
62,506,712
376,400
Admin, for Indus. Recovery
d236
5,525
d5,3l7
10,069
Miscellaneous:
5,165,671
2,278,649
24,609,050
10,556,584
24,477,600
44,132,000
591,217,750
717,350
2,402,250
2,148,950
6,389.350
Fourth
6,460,523
Admllllstra'n
Farm f-'ecurlty
6,473,400
First Liberty bonds.......
Federal Housing Admin...
723,450
1,669,300
4,280,800
10,052,800
600
2,000
719,500
901,140
20,388
61,526
231,880
209,998
Postal
Sub-total
3.
43,700,000
367,000
(notes)
Canal Zone
rate
mortgages
Public works (incl. work relief)
All
71,300,000
Foreign Service retlrem't fund
Federal Farm
flood
fund
retirement
(notes)
Agricultural aid:
on
9,242,000
78,178,000
Uuemploy. trust fund (ctfs.).
Old-age reserve acc't (notes)
158,862,262
Revolving funds (net):
Agricultural aid:
271,917,798
859,474,835
Liberty bonds..
Savings bonds
Other debt items
1,403,355,618
National
e
bank
and
notes
Fed. Res. bant notes
Commodity Credit Corp..-
19,599,433
655,556
25,885,478
Farm Credit Admlnlstra'n.
di,739,426
d2,620,056
d9,269,269
20,791,523
47,346,934
92,791,992
d3,452,042
di08,465
di,294,091
29,226,591
57,700,672
1,555,736,571
1,809,245,344
775,604,200
511,870,800
775,604,200
511,870,800
10.000,000
5,800,000
70,000,000
1,800,000
1,300,000
7,800,000
7,300,000
25,000
15,000
112,000
119,000
38,000
9,000
99,000
1,863,0P0
11,324,000
18,811,000
77,557,000
222,331,629
282,328,975
2,350,201,771
2,398,673,144
658,909,309
15,619,224
dil,768,425
die, 106,269
7,895,650
271,004,975
5,343,670
220,468,629*
Sub-tOtal
d60,590,500
Public
Exchanges:
works:
Loans and grants to States.
municipalities,
AC
Loans to railroads...
Treasury
..........
notes
..........
Treasury bonds
_
Sub-total
Miscellaneous:
Bank
Export-Import
of
Washington.....
Reconstruction
423,586
loans
Adjusted
d30,727,199
23,284,111
Sub-total
25,461,435
account
70,135,751
d240,074,558
Civil
d222,785,824
Canal
55,355,218
.....
73,255,000
Fed. Dep. Ins. Corp. (notes).
102,090,518
137,154,812
4,556,050
36,279,450
38,277,100
643/75,600
539,875,836
3,089,329/07
Excess of expenditures.
*2,885,460,165
Increase
(+)
or
88,000
5,000,000
46,735,300
351,255,000
1,321,300
Total expenditures
fund
,
2,93V,730
(sinking
fund, Ac.)
retirement
Sub-total
55,000,000
retirements
Zone
(notes)..
retirement
funds (U. 8. share)
6. Debt
50,000
fund
(notes)
72,000,000
2,937,730
retirement
Foreign Service retlrem't fund
^''
14,000,000
service
(notes)
"
Sub-total
certificate
Unemploy. trust fund (ctfs.).
206,000,000
Adjusted service ctf. fund
employees'
dl4,376,386
*
5,423,013
41,000,000
Railroad retirement account..
service
fund (certificates)
4. Transfers to trust accts.. Ac.:
Govt,
149,758
and
expenditures..
reserve
858,060
Finance
Corp.—direct
Old-age
974,832
Special series:
38,365,429
Decrease (—)
in Rublic Debt—
Market
Excess of receipts.
Excess of expenditures
216,345,943
307,101,777
operations:
Treasury
778,749,160
bills
Certificates of Indebtedness..
1,244,597,992
Summary
Excess
of
expenditures
(+)
or
receipts
Excess
of
expenditures
(+)
+ 307,101,777
1.321,300
4,556,050
+778,749,160 +1,244,597,992
36,279/50
—116,950
—659,550
—825.650
—874,050
—38,235,250
—534,915,800
+16,848,970
other debt items
v
+216,345,943
—6,575,000
—36,200
Bonds
Less public debt retirements..
+90,248,000
-30,886,000
—92,000
—1,530,900
Treasury notes
+3,550,747
+86,926,537
+620,608,344
—20,388
-61,526
—231,838
—209,998
—5,343,670
—7,895,650
—29,226,591
—57,700,672
+20,381,224
National bank notes and Fed¬
eral Reserve bant note3__._
38,277,100
or
Sub-total
+9,825,812
—36,283,429
+108,821,309
+127,329,000
—2,082,000
+ 560,088,000
—4,762,000
+137,154,812
—38,365,429
+668,909,309
+15,619,224
...
receipts (—) (excluding public
debt retirements)
+215,024,643
+ 302,545,727
+ 742,469,710 +1,205,320,892
Special serle8___
Trust accts., increment on gold,
Ac., excess of receipts (—)
or
expenditures (+)
Total
+23,951,509
—102,935,354
+135,103,616
209,007,625
326,497,236
639,484,356
1,341,424,508
4,280,720
6,847,800
25,329,290
49,909,695
+204,726,905
+ 319,649,436
—6,017,018
a
Less nat. bank note retlrem'ts
Additional expenditures on these accounts are
relief"
and
"Revolving funds
included under "Recovery and
(net)," the classification of which will be shown In
he statement of classified receipts and expenditures appearing on page 7 of the dally
Treasury statement for the 15th of each month.
Total
excess
of
expenditures
( + ) or receipts (—)
+ 614,155,066 +1,291,514,813
Increase (+) or decrease (—) In
general fund balance
b General expenditures under this caption for the fiscal year 1937 are Included In
"Departmental."
"Recovery and relief expenditures" under this caption for the
year 1937 include only Boulder Canyon project, other reclamation projects
fiscal
—€7,572,093
—358,014,865
+ 54,754,243 —1,275,895,588
for that year
being Included in "Public Works—All other."
The expenditures under this classification for the fiscal year 1938 are exclusive
$718,699.88 on account qf transfers of appropriations from the Post Office
Department to the United States Maritime Commission pursuant to the Act of
c
Increase (+) or decrease (—) in
the public debt
debt
at
Public
of
+137,154,812
beginning
month or year
—38,365,429
+668,909,309
+15,619,224
36.956,368,229
33,832,528.147
36,424,613,732
33,778,543,494
of
June
29,
Public debt this date..
37,093,523,041
33,794.162.718
37.093,523,041
33,794,162,718
U.
8.
on
p.
a
1936
(49 Stat.
1988).
Maritime Commission
are
These transferred funds when expended by
classified
on
this page as
the
"Departmental," and
7 on the 15th of the month as "Departmental—U. S. Maritime Commission."
Excess of credits (deduct),
e Details are shown In supplementary statement.
t
Volume
THE
Financial
145
GOLD
ENGLISH
AND
Quotations during the week:
MARKETS
SILVER
IN
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 17, 1937:
;V;'
Nov.
on
in
stated that
as
Chancellor of the Exchequer
the middle of November the fiduciary note issue would
of
House
the
In reply to a
Nov. 3.
10 showing no change as compared with
question
y.!/..:"-
amounted to £326,406,625
The Bank of England gold reserve against notes
from
Commons,
be temporarily raised from
the
£200,000,000 to £220,000,000.
This arrange¬
and it is contemplated
Bar Silver per
(Per Ounce .999 Fine)
Oz. Std.
2 Mos.
Cash
19 9-16d.
Nov. 17
19 9-16d.
Nov. 18
19#d.
19#d.
Nov. 19
Nov. 20
19 ll-16d.
19 9-16d.
Nov. 22.
19#d.
19.656d.
Nov. 18
19#d.
19.531
Nov. 23__
-.19 ll-16d.
19 ll-16d.
Nov. 19.
Nov. 20
_19#d.
19#d.
Nov. 22
Nov. 23
Nov. 24.
Average
YORK
NEW
IN
LONDON
We
gold
3763
Chronicle
,
...
—
_
—
—45
45
45
45
— .45
45
cents
cents
cents
cents
cents
cents
New York recorded-during the period
lowest $4.99#.
The highest rate of exchange on
from the 18th to the 24th November was $5.00 Jig and the
ment is to meet the seasonal demands for currency
that it will obtain for about two months.
000 of bar gold was available at the
In the open market about £2,700,-
continued to be in keen demand for the Continent and the amounts
were
The
offered
1 Jd. to Is. 2d.
readily absorbed at prices showing a premium of from
over
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
dollar exchange parity.
Quotations:
Sat.,
Dec.
Silver, per oz..
•
Per Fine
Equivalent Value
of £ Sterling
12s. 1.51d.
12s. 1.25d.
■■
12s. 1.29d.
12s. 1.55d.
12s. 1.68d.
12s. l.Sld.
12s. 1.52d.
,
"vOunce
140s.
140s.
140s.
140s.
139s.
139s.
Nov. 11
Nov. 12
Nov. 13
Nov. 15
Nov. 16
__
___
—
__
——
Nov. 17
Average
l#d.
4#d. r'i-s.
4d.
Id.
11 #d.
lOd.
140s. 1.42d.
The SS Strathnaver which sailed from Bombay on
Nov. 13 carries gold to
the value of about £145,000.
18#d.
18 7-16d.
19 7-16d.
Consols, 2#%_
Dec.
7
£74#
10
Dec.
9
Dec.
18#d.
139s. lid.
139s.lld.
£74#
Fri.,
Thvrs.,
8
18 15-16d.
18 5~16d.
139s.lOd.
139s.lOd.
£74#
£74#
Holiday
£74#
Holiday
£101#
£101#
£101H
£101%
£101%
Holiday
£112
£111#
£112
£112#
£112#
•
British, 3%%
W. L
British 4%—
1960-90
"
The
States
Bar N.
U.
the end of last week was not maintained and
The slight recovery seen at
Dec.
6
Dec.
Wed.,
Tues^
Mon.,
4
Gold.p.fineoz. 139s.11 #d. 139s.9d.
_
price of silver
on
the
Y.(for.)
same
cents) in the United
44#
44#
44#
50.00
50.00
44#
'
50.00
r7-v v.':-J
77.57
77.57
77.57
1
(newly mined)
(in
50.00
50.00
S. Treasury
ounce
per
days has been:
44#
Closed
U. S. Treasury.
SILVER
CABLE
MARKET—PER
FINANCIAL
ENGLISH
Gold
daily fixing during the week.
77.57
77.67
77.57
during the period under review there was a downward tendency influenced
#d. owing to
19#d. for two months delivery the difference widening to
demand being
The Indian Bazaars and speculators both
mainly for spot.
Conditions are quiet, but sellers show reluctance to
movements and the undertone of the market seems
bought to America.
follow
downward
Bar Silver per
Nov. 11
19#d.
19 #d.
15—£.:.19#d.
Nov. 17_
—
Average.
—.19 ll-16d.
—
—___
19#d.
19.719
Nov. 10
19 11-16U.
19 9-16d.
19#d.
19#d.
19.646d.
19 13-16d.
Nov. 12______ 19 13-16d.
Nov. 13
_19#d.
—
YORK
NEW
IN
(Per Ounce .999 Fine)
Oz. Sta.
2 Mos.
Cash
45
45
45
45
45
—45
Nov. 12
Nov. 11
__
—
—
Nov. 13
_
—
Nov. 15Nov. 16
The highest rate of exchange on New York recorded during the
from the 11th to the 17th November was 15.02 and the lowest $4.98.
By R. L. Day & Co., Boston:
$ per Share
$3 paid in liquidation
56c
$100; 42 Northwestern Realty Co. pref.,
par $100; 67 Associated Manufacturers, Inc.. pref., par S100; 67 Assoicated
Manufacturers, Inc., common; 12 Boston Chamber of Commerce Realty
Trust, 2d pref., par $100; 167 Cimarrones Fruit Co. prior preference, par $100;
167 Cimarrones Fruit Co. common; 501 Gardner Petroleum Co. common; 28
National Boston Montana Mines Corp. common, par $1; 127 Cities Service
Refining Co. preferred, par $100; 64 Cities Service Refining Co. common;
267 The Jesseup & Moore Paper Co. common, par $100
$205 lot
100 Western Union Telegraph Co., par $100
26#
10 Indian Motocycle Co. preferred, par $10
10
25 Shannon Copper Co., par $10..-.—
—
--$2 lot
Stocks
cents
cents
cents
cents
cents
cents
period
circular written under
We have also received this week the
>•
1937:
considerable time.
.
..
(
.
Quotations:
Nov. 18
Nov. 19
Nov. 22
Nov. 23
Nov. 24-_
—
-
— —
—
—
;
—
—
—
—
—
—
— —
. — „
— —
— —
Equivalent Value
of £ Sterling
\
Ounce
Nov. 20
i
140s.
140s. Id.
140s.
140s. Id.
140s.
140s. Id.
12s.
12s.
12s.
12s.
12s.
12s.
1.64d.
1.55d.
1.64d.
1.55d.
1.64d.
1.55d.
Co., par $25
Real Estate Trust, par $1,000.-.
140s. Yd.
12s. 1.59d.
—
——
.
— — ———
—
......
_
—
Germany
16,263
——_
Switzerland..
.
.
450
....
1
Minnesota Mining & Mfg.
4 Fall River Electric
—
6#
25
Co
—
50
Light Co., par $25
50#
4#
—$2 lot
50 Richland Collieries common; 100 Richland Collieries preferred; 60 Lewis
Mears Co. class B
$26 lot
20 Lloyds Casualty Co., par $10; 12 Cities Service Refining Co. pref., par $100;
6-20 Canada Steamship Lines, Ltd., 5% preference, par $50; $1,000 Motor
Mart Trust 7s, March 1, 1936; $1,000 Professional Center Building 1st 7s,
Co. common.-pur $100
40 Temblor Oil of Massachusetts, par $5
4 3-5 United Central Oil Corp
1 U. S, Envelope
-
-
-
--S23
-
——
By Barnes & Lofland,
Philadelphia:
Stocks
$ Per j^rf
<
Electric Passenger Ry, Co. certificate of deposit
_..$8 lot
Mfg. Co., par $10
2#
$157.96 portion of depositor's claim of Commercial National Bank of Phila¬
delphia Trust Funds against United Security Trust Co., in liquidation, in
the original amount of $157.96.
Reduced by dividends to $95.29
$8 lot
22# Colonial Memorial Park, Inc., preferred; 70 common
25 Colonial Memorial Park, Inc., preferred; 50 common
$100 ot
10 Colonial Memorial Park, Inc., preferred; 45 common
......$50 ot
5 Colonial Memorial Park, Inc., preferred; 10 common
.$50 lot
10 United Security Life Insurance & Trust Co. of Pa
-----f.1 }°i
5 Kendall Products Corp. 8% cumulative preferred...
$1 Jot
5 Kendall Products Corp. common
.......
—
*1 lot
15 Integrity Trust Co., par $10.
—
20 Insull Utility Investments. Inc., common, no par
$1 lot
$2,500 Georgia & Florida Ry. non-mtge. income deb. 6s, 1952; 140 non-voting
preferred; 120 non-voting common
$200 lot
Per Cent
Bonds—
Co. 4#% 1st mtge. gold bond, 1931
Oley Ry. Co. stock gold trust certificate, 5%....—
The Trappe & Limerick Electric Street Ry. Co. 4#s,
$1,000 Oley Valley Ry.
69,222
31,523
30,121
Portugal
Other cuontrias
81
^..$100 lot
—
_
—
8#
-
;
10 Saco Lowell Shops common
Shares
—
—
_
2
$60 lot
$1 lot
-
-
77 Wissahickon
—
—
...
_
-
Corp. common
11 Rockland Light & Power Co., par $10
1 Columbian National Life Insurance Co., par $100
10 New England Southern
250 Glen Willow Ice
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 15th instant to mid-day on the 22nd instant;
Exports
Imports
Argentina
£2 463,648
British South Africa
£1,744,355
British India—
3,000
British West Africa
73,156
Finland
25,850
Tanganyika Territory
7,021
France
18,017
Kenya
17,167
Netherlands——.
123,160
British India
210,619
310,500
Belgium——
Australia.
;
313,620
Switzerland..
623,670
U. S. A—
1,150,548
—
9
U#
r
—
July 1. 1947
Per Fine
Average.
Light Co., par $25
50 Old Colony Trust Associates
5 Merchants
The Bank of England gold reserve against notes amounted to £326,
406,625 on Nov. 17 showing no change as compared with the previous
Wednesday,
:
--V' Y::In the open market about £1,800,000 of bar gold changed hands at the
daily fixing during the week.
The demand from the Continent was suf¬
ficiently keen to maintain prices at a premium of about Is. 0d. over dollar
exchange parity, but the steadiness of the dollar was reflected by quo¬
tations, which varied only between 140s. and 140s. Id.
The figures below show an import from the United States of America of
£1,150,000 of gold, this no doubt representing gold officially acquired as the
result of recent operations in support of tne dollar. It is interesting as being
tne first important inflow of gold to this country from the United States
some
$ ver Share
Stocks
174 Springfield Gas
43 American Mason Safety Tread
GOLD
for
.
By Crockett & Co., Boston:
Shares
date of Nov. 24,
Wednesday
of the current week:
110 Northeastern Realty Co. pref., par
*
LONDON
IN
Nov. 16
following securities were sold at auction on
600 Amoskeag Mfg. Co. common,
Quotations during the week:
Nov.
The
Shares
steady.
SALES
AUCTION
by weakness of the dollar; prices today were quoted at 19 #d. for cash and
.......$3 lot
.$1 lot
1931..
..$1 lot
14,409
N etherlands
France.
-
-
_
—
v-
-
-
-
-
i
—
Other countries.-
$1,000
$1,000
12,806
—
NATIONAL BANKS
£3,568,295
£3,690,830
The SS Maloja
value of about
which sailed from Bombay on Nov. 20 carried
gold to the
The
following information
from the office
£284.000.
gold output for October, 1937 amounted to 983,577 fine
ounces as compared with 983,975 fine ounces for September, 1937 and 977,425 fine ounces for October, 1936.
The Transvaal
quietly steady and prices showed a variation of only
Business was moderate, but fairly general,
and selling operations by the Indian Bazaars
and demand from America for silver for prompt delivery, buying orders
from the latter quarter, however, being mainly limited to 19 Yd.
The market has been influenced by the steadier tendency of the dollar
and no important change is anticipated in the near future.
It has been reported from New York that purchases of silver by the
United States Treasury during the first nine months of the year amounted
to 175,000,000 ounces.
*
The tone has been
COMMON CAPITAL STOCK
26—The Sellersville
$15,000to $40,000.
jq-ov
—_x£l,319,540
4,490
8,748
Hongkong
Japan
—
Argentina
exports of silver
the 22nd instant;
Exports
Imports
Irish Free State
z2,285
Australia.
——11,224
11,500
Belgium
Other countries
1,240
£S,900
x26,035
— —
x22,463
—
x7,132
——..——_ xl,113
—v.— x3,312
x2,410
U. S. A
_
New Zealand
Aden
Egypt.
Arabia.
Madras..
Syria
Canada
France
—
—
Sweden
Poland
1
Other countries
«
£1,359,027
x
Coin not of legal tender
in the United Kingdom.
in the United Kingdom,
z
-
2,200
10,763
2,350
1,557
4,941
£93,176
Coin of legal tender
INCREASED
National Bank, Sellersville, Pa. from
Amount
$25,000
VOLUNTARY LIQUIDATIONS
the chief factors being buying
The following were the United Kingdom imports and
registered from mid-day on the 15th instant to mid-day on
Currency, Treasury
Department:
SILVER
l-16d. during the past week.
regarding National banks is
of the Comptroller of the
Nov
29—The Farmers
Effective, Nov.
National Bank of Colfax, Washington
6,1937. Liq. Agent, E. A. Stravens,
Colfax,
Absorbed by The Old National Bank & Union Trust
Co. of Spokane, Wash. Charter No. 4668.
Nov. 30—The Little Ferry National Bank, Little Ferry, N. J.,
100,000
Wash.
Common stock,
$25,000 preferred stock, $50,000
Effective, Nov. 23, 1937.Peter A. Wiseman, care
75,000
Liq. Agents, Loftus V. Bunn and
of the liquidating bank. Absorbed
by The City National Bank
N.J. Charter No. 12014.
& Trust Co. of Hackensack,
DIVIDENDS
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
The dividends announced this week are:
Dividends
are
Financial
3764
Per
Name of Company
Share
Abbott Laboratories (extra)
Acme Glove Works, iLtd. (quar.)
10c
siil
30c
Common
—
American
(quar.)
31
20
Dec. 22 Dec.
16
Dec.
14
43^
Dec.
24 Dec.
24 Dec.
14
Jan.
Diamond T Motor Car Co.
Dec. 20 Dec.
10
Dixie Vortex Co., common
Common (extra)
Jan.
3 Dec.
20
$ih
Jan.
3 Dec.
20
Dec. 21 Dec.
15c
Dec.
35c
(quar.)
—
Dec.
$1U
_
82
25c
Feb.
24 Dec.
24 Dec.
1 Jan.
---
15
Dec.
20
Dec.
Dec.
20
18
37 He
50c
22 Dec.
10
Eason Oil Co.
22 Dec,
10
Dec.
Jan.
10
3
Dec.
Dec.
16
Jan.
Dec. 21
50c
Feb.
Feb.
1
Jan.
Dec.
15
Dec.
Dec.
10
Dec.
(quar.)
(quarterly)--—
23 Dec.
27 Dec.
18
—
Dec.
-----
Dec. 23 Dec.
4
25c
Dec.
4
American Investment Co. of 111., 8% pref.
Jan.
43Hc
$1H
Jan.
Jan.
Eaton Mfg.
50c
(quarterly)
7%
—
—
—
(qu.)
(quarterly)
preferred
(quar.)
American Maize Products, pref.
American Republics Corp
American Superpower Corp.,
30c
'-
$1H
$1H
1st pref
American Water Works & Electric Co., 1st
pref-
30c
Apex Electrical Mfg. Co
Preferred
$1H
(quarterly
Appalachian Electric Power $7 preferredArcade Cotton Mills 6% pref. (semi-ann.)
25c
Arkansas-Missouri Power.Arkansas Power & Light Co.,
$1H
81A
$7 pref
$6 pref. (quar.)
Extra.--,
———. —
Preferred (quar.)
3 Dec.
15
Optional div. of 99-1000th sh. of com. or
Elmira & Williamsport RR. 7% preferred
Emerson Drug Co., A & B (quar.)
8% preferred (quar.)
Esquire-Coronet, Inc. (quar.)
European Electric, class A & B
Fanny Farmer Candy Shops (quar.)
—
Fedfral Knitting Mills (liquidating)-
$10
$2H
3714c
Jan.
3 Dec.
18
50c
Jan.
18
——-
Dec.
Dec.
20 Dec.
4
Dec.
Dec.
27 Dec.
24 Dec.
17
17
Fulton Service Corp.
Dec.
27 Dec.
17
Fundamental Investors, Inc.-
JExtFSf
—
Dec.
1
Gardner-Denver Co.
Dec.
15 Dec.
11
$2
Dec.
15 Dec.
10
Jan.
25 Dec.
22
Dec. 30 Dec.
17
Dec.
Extra
— —
—————Budd Wheel Co., 1st pref. (quar.)
First preferred (participating dividend)
$1
45c
_
-
.
—
_
-
Dec.
20 Dec.
31 Dec.
17*
31 Dec.
17*
$1
30c
Jan.
3 Dec.
20
Jan.
3 Dec.
10
$1 H
Jan.
Chicago Electric Mfg. Co., $2 class A pref.
Chicago Flexible Shaft (quar.)
Chicago Towel Co. (increased)
7% preferred (quar.)
Cincinnati & Subruban Telephone (quar.)_
City Baking Co. 7% pref. (quar.)
Claude Neon Electric Products (quar.)
Climax-Molybdenum
(quar.)
Steel
Corp. (extra)
Coronat Phosphate Co
Coty, Inc. (resumed)
Cream of Wheat Corp., stock transfer ctfs.
Crow's Nest Pass Coal Co
Crucible Steel Co., 7% preferred
(quarterly)
(quarterly)
-
-
General Paint Corp., com. and
Feb.
21! Dec.
8
15'Jan. 31
15'Jan. 31
Dec.
10 Dec.
1
37Hc
Jan.
IDec.
20
181
Jan.
5 Dec.
22
175c
tl50c
140c
*$1H
Jan.
3 Dec.
15
Jan.
15 Dec. 31
17
Dec.
31 Dec.
Dec.
31 Dec.
81H
Jan.
Jan.
15 Dec. 31
3 Dec. 18
Dec.
17
10 Dec.
4
75c
Jan.
Dec.
20
$1H
81H
20%
Jan.
Dec.
11
Jan.
Dec.
11
Dec.
Dec.
9
15 Dec.
10
Dec: 17 Dec.
17
Dec.
17 Dec.
17
60c
Dec.
17 Dec.
17
(quarterly)
1 Dec.
15
Dec.
22 Dec.
17
Dec.
20 Dec.
12
$1
Jan.
4c
Jan.
3
Dec.
17
3 Dec.
75c
Dec.
20
Dec.
15
5
50c
Dec.
28 Dec.
20
$1
Dec.
18 Dec.
8
30c
Dec.
27 Dec.
16
50c
Dec.
20 Dec.
10
$2
Dec.
28 Dec.
18
__
class A——-
67c
Jan.
30c
-
17
3 Dec.
3 Dec.
31
Jan.
Granite City Steel Co—
Great Northern Iron Ore
;
—
(Ft. Wayne, Ind.) —
—
preferred
7 % 1st & 2nd
pref ."(quar.) _ —
6% preferred (quarterly)
Hubbell (Harvey,) Inc., common.
c<
20 Dec.
10
1 Dec.
Jan.
3 Dec.
15
17
Dec.
Dec.
23 Dec.
15 Dec.
15 Dec.
Dec.
27 Dec.
17
Dec.
27 Dec.
17
Dec.
27 Dec.
J 5 Dec.
17
3 Dec.
3 Dec.
24
10c
$1H
37 He
87 He
81H
$1H
t$3H
t75c
$1H
$1H
50c
Extra
17
30c
Dec.
Indiana Michigan Electric
16
Dec.
Dec.
23 Dec.
23 Dec.
28 Dec.
20
$1
40c
$1 H
Dec.
Dec.
Jan.
Jan.
17
10
9
10
24
Dec. 31 Dec.
16
31 Dec.
16
3 Dec.
Dec. 24 Dec.
18
20
Dec.
15
Dec.
Jan.
Jan.
22 Dec.
3
15 Dec. 10
Nov. 30 Nov. 12
Dec.
Dec.
10 Nov. 26
Dec.
10 Nov. 26
Dec.
24 Dec.
14
Dec. 24 Dec.
14
23 Dec.
Dec. 23 Dec.
13
3 Dec.
Dec. 22 Dec.
Jan.
3 Dec.
15
Dec.
Jan.
13
4
6% preferred (quar.)
——
7
Installment Credit Corp. 7% preferred
Inter-Island Steam Navigation Co
(s.-a.) —
Interlake Steamship
International Button Hole Machine (quar.)
Extra
Dec.
Dec.
4
$2
Jan,
Dec.
17
182 H
Jan.
Dec.
Dec.
15
$4H
Dec.
13*
International Power Co. 7% preferred
20c
Jan.
Dec.
17
50c
Dec.
Dec.
15
International Vitamin Corp
Investment Co. of America (quar.)
$1
Dec.
Dec.
17
10c
Dec.
50c
Jan.
$1H
t$3H
Dec.
25c
Dec.
Dec. 14
Dec. 20
Dec. 11
Dec. 14
Dec. 14
3 Dec.
3 Dec.
7
30 Dec.
Dec. 15 Dec.
10
30c
Dec. 20 Dec.
Dec. 24 Dec.
15
15
10c
7% pref. (quar.)'——
10c
14
Dec.
Jan.
30c
3 Dec.
Dec.
$1H
t50c
25c
Jan.
Mar. 21
1 Dec.
5c
.—
—
Holmes (D. H.), Ltd. (quar.)
Homestake Mining (monthly)
Jan.
25c
25c
Dec.
17
17
22
13 He
81H
31 He
24
Mar.
27 Dec.
Dec. 27 Dec.
43 He
quarterly)
(quarterly).
Prior preferred (quarterly). — - —
5% preferred (quarterly)
Hollinger Consol. Gold Mines (monthly)
Home Telep. & Teleg. Co.
Preferred (s.-a.)
Dec.
10c
Oil
—
Jan.
20c
1 Jan.
Dec.
20
20c
$1 H
f40c
—
Preferred
Co"."
3 Dec.
13
15c
pref
(quar.)
Harshaw-Chemical Co. 7% pref. (quar.)
Hawaii Consol. Ry. Ltd., 7% pref. A
Hawaiian Agricultural Co. (monthly)
Heller (Walter E.) & Co. (quarterly)
Fire Insurance
Howes Bros.
14
40c
Brewery
Hamilton Cotton Co.. $2 conv.
*
Dec. 24 Dec.
$5
—.
Greyhound Corp. (quarterly) —
Extra, l~20th share of 5% $10 par pref. stock.
Preferred
(quarterly)
Extra.
23
75c
Great Western Life Assurance Co. (quar.)
hickok
17
J an.
3 Dec.
25c 'Dec. 23 Dec.
;
Certificates of beneficial interest
Griesedieck-Western
15
Properties-
Huron & Erie Mtge. Co. (Ont.) (quar.)
Incorporated Investors
Indiana General Services Co. 6% pref. (quar.) —
3
17
17
Jan.
10
14
17
27 Dec.
Dec. 27 Dec.
Dec.
56 He
convertible preferred-
4H%
Gold & Stock Telegraph (quar.)
Gorton-Pew Fisheries Co. (quar.)
17
Jan.
14
3 Dec.
3 Dec.
28 Dec.
20
$1H
17
Jan.
Co
20 Dec.
Dec.
17
Dec.
50c
Glidden
Dec.
Feb.
2 Dec.
23 Dec.
Dec. 31 Dec.
Dec. 27 Dec.
10c
Jan.
Feb.
$1
Jan.
25c
10
1 Nov. 26
$3
Dec.
$1H
17
15
Dec.
16
9
1 Dec.
27 Dec.
3 Dec.
Hotels Statler Co., Inc., 7%
10
10
23 Dec.
3 Dec.
13
20 Dec.
17
Dec.
Jan.
20
Dec.
$2
$1.12
13
25c
1 Nov. 26
16
13
13
25
3 Dec.
18
22 Dec.
22 Dec.
Dec.
23 Dec.
21 Dec.
Dec.
Jan.
Dec.
Dec.
11
Jan.
Hook Drugs, Inc
—
Hooker Electrochemical Co.
Dec.
24 Dec.
Dec. 22 Dec.
7.5c
Dec.
$2
t$l
11
Dec.
20 Dec.
Dec. 24 Dec.
Jan.
1 Dec.
—
Jan.
50c
24 Dec.
10
3.5c
Globe Knit Works 7% pref. (s.-a.)
50c
Goodyear Tire & Rubber Co., common
t63c
Goodyear Tire & Rubber (Canada) (quar.)——
J62Hc
Preferred (quarterly)
Extra.
Jan.
12c
15
Dec.
5c
Hanover
Dec.
15
Dec. 24 Dec.
15c
—
Preferred
Feb.
15
Dec. 24 Dec.
t$lH
Extra
Dec.
20
18 Dec.
Jan.
—
(quarterly)
General Printing Ink. common
Preferred
(quarterly)
— —
General Theatres Equipment (final)
General Tire & Rubber, pref. (quar.)
General Water Gas & Electric (quar.)
15
50c
20
15 Dec.
Dec.
1.5c
Preferred
10
62 He
75c
15 Dec.
Jan.
-—
General Finance Corp. (quar.) — —
General Outdoor Advertising class A—
3 Dec.
37Hc
15
29,Dec.
2llDec.
14
Dec.
$2
——
-
Packing Co., common (quar.)
Special div. in 10-year 4H% conv. notes—.
General Baking ^quarterly)— —
22 Dec.
83
-
——— —
23 Dec.
Dec.
75c
(quar.)
-;——
-
Garlock
Dec.
75c
Special
Extra
Dec.
10c
— -
—
10c
70c
Congrass Cigar Co., Inc
Connecticut & Passumpsic River RR. Co.
6% preferred (semi-annual)
Consolidated Equities
Consolidated Retail Stores, Inc., 8% pref.
Consumers Gas of Toronto (quar.)
Continental Baking Corp., preferred
Crum & Forster
10
10
50c
(quar.)
Extra
50c
Year-end dividend
Cohn & Rosenberger, Inc
Continental Bank & Trust Co.
.
$1H
Central Patricia Gold Mines
Central Steel & Wire Co. 6% pref. (quar.)
Central Yioleta Sugar Co
Extra
10
$1H
$1
$1H
(Wm.) Co., Inc., 6% pref. (quar.)
Central West Co., common, voting trust ctfs
Chain Belt Co
1 Dec.
Jan.
Dec.
88
Capital Administration, pref. (quar.)
—
Carolina Power & Light, $7 pref. (quar.)
$6 preferred (quar.)
Carreras Ltd., Am. dep. rec. A & B ord. (final)
Less tax and expenses of depositary.
Chicago Artificial Ice Co
Chicago Burlington & Quincy
Chicago Daily News (semi-ann.)
$7 preferred (quarterly)
Chicago Dock & Canal (
(quarterly).
14
50c
Cannon Mills Co
Canton Co. of Baltimore (Md.) (s.-a.)
—
Feb. 28 Feb.
17
Dec.
—
(quarterly).
(F. N.)
—
Proferred (quar.)
Butte Copper & Zinc Co
Byron Jackson Co. (special).
California Packing (quarterly)
Preferred (quarterly)
Calif. Water & Telephone Co
6% preferred (quarterly)
—
Canada Foundry & Forging, class A (resumed).
Canada Packers, Ltd. (quar.)
—.
Canadian Breweries, Ltd., preferred
Canadian Celanese, Ltd
Preferred (quar.).
a
Canadian Fairbanks Morse, pref. (quar.)
Carthage Mills, Inc..
Preferred A (quarterly)
Participating preferred (quar.)
Celanese Corp. of Amer., com. div. deferred.
Prior preferred (quar.)
Celluloid Corp., 1st pref. (quar.)
Central Eureka Mining Co. preferred
Central Hanover Bank & Trust Co. (quar.)
10
25c
81M
-
Bulova Watch Co.
Burt
30 Dec.
15 Dec.
Dec.
81H
■■
—
Fyr Fyter Co., class A
Preferred.
Dec.
15*
10
25c
25c
17
lc
27 Dec.
20 Dec.
20 Dec.
50c
— •
Galland Mercantile Laundry
-
Dec.
Dec.
1
30 Dec.
Dec.
15c
1
1
15 Dec.
15 Dec.
25c
Dec.
25c
15 Dec.
15 Dec.
Dec.
Payable in 7% cum. pref. stk., $100 par.
Preferred (quar.)
Brpokline Oil Co. (initial)
—
Brown Fence & Wire Co., A (s.-a.)_
Bucyrus-Monighan, class A (quar.)
—
3 Dec. 18
5
20 Jan.
3 Nov. 26
Dec. 24 Dec. 17
1
Dec. 15 Dec.
Dec. 31 Dec. 15
20c
(increased)
Dec.
150c
15 Nov. 30
Dec. 20 Dec. 10
Dec. 20 Dec. 15
Dec.
Syfo
Mich.)
Fuller Mfg. Co. (Kalamazoo,
Dec.
—
—
2Hc
•»
»«•«
7Hc
12Hc
Boyd-Richardson Co., 8% 1st pref. (quar.)
Brazilian Traction Light & Power Co., ordinary.
Bridgeport Machine Co
;Stock dividend.
62 He
10c
Foresight Foundation, Inc., class A (s.-a.)
Frankenmuth Brewery Co. (quarterly)
12 He
Bond Stores, Inc
35c
15c
Fohs Oil Co., Inc
Food Machinery Corp
3 Dec.
20 Dec.
4
(quar.)
7% 1st pref.
First National Stores,
Florence Stove
$1
25c
-—------—-
— —
Firestone Tire & Rubber Co--
40c
-
5c
Farallone Packing
Fedders Mfg. Co., Inc., common
$2 H
—
15
Jan.
—
.—
15
Jan.
————
.
15
Jan.
50c
81H
$1 H
Machine (extra)
— -
50c
Finance Co. of Pennsylvania (quar.)
—
25c
-
13
25c
15
-
25c
— -
15
Dec.
1 Dec.
50c
—
-
_
-
Jan.
30c
50c
Dec. 23 Dec. 18
Dec. 27 Dec. 17
Jan. 21 Dec. 24
Jan.
3 Dec. 15
Jan.
3 Dec. 14
$1.45
Bishop Oil Corp..-------—.
3 Dec.
20 Dec.
Dec. 23 Dec.
Dec. 23 Dec.
50c
30c
Jan.
Extra-
7Hc
—
20
8
14
3 Dec.
Dec. 20 Dec.
Jan.
3 Dec.
15
Bishop Oil
Extra.
14
Jan.
cash.
31 Dec.
50c
Benson & Hedges, preferred—-Bethlehem Steel Corp
24 Dec.
Dec.
Barber (W. II.) Co. (quar.)
Extra
Preferred
Jan.
Dec.
tUH
Bank of the Manhattan Co. (quar.)
Bank of Yorktown (N. Y.) (quar.)
Continental
15
Dec.
$1.60
a*
Dec.
125c
Bankers Trust Co
Carter
3 Dec.
14
22c
$3H
'm Mt
^^
'
Shareholdings, preferred
Electric
13
13
23 Dec.
23 Dec.
22c
Association
15
75c
Extra
Jan.
Cls^s .A.
415
Dec.il8
14
31 Dec.
20c
Birdsboro Steel Foundry &
10
Power
24
8
17
20 Dec.
20 Dec.
Dec.
Dec.
Dec.
.—
—
-
Dec. 24 Dec.
Electric
3 Dec.
1 Dec.
Dec. 24 Dec.
120c
partic. pref
& Mt. Morris RR. (s.-a.)
—
Dec. 28 Dec. 20
Jan.
3 Dec.
7
Dec. 21 Dec. 18
Dec.
13
cum.
Extra
1 Dec. 20
Dec. 21 Dec. 14
Dec. 27 Dec. 15
Jan.
3 Dec. 10
Jan.
3 Dec. 17
Dec. 28 Dec. 20
Jan.
Co. (special)
Economy Grocery Stores Corp.
Electric Controller & Mfg. Co. (quar.)
Special
23 Dec.
Atlantic Oil Investment
►
Dec. 20
Dec.
Autocar Trucks
Avon Genes go
1
10c
Ashland Gil & Refining Co. (quar.)
Assoc. Breweries of Canada (quar.)
.
23 Dec.
Dec. 10
Nov. 27
Dec.
Jan.
$1H
American Hardware Corp. (quar.)
Extra
——
Dec.
Jan.
Jan.
Preferred (quar.)
Dec.
15
17
Jan.
25c
(quar.)
(quar.)
Class A
Dec.
Dec.
Jan.
Eastern Steamship Lines preferred (quar.)——
Eastern Steel Products, pref. (quar.)
Preferred
Dec.
75c
Eagle Warehouse & Storage Co
17
7
Dec.
$1H
8
3 Dec.
35c
20
10
Dec.
Dec.
Jan.
Dec.
7
Jan.
——-
11
20
Dec.
Duplan Silk (semi-annual)
Preferred (quar.)
Durham Hosiery Mills. 6% pref.
Dutch Ford (interim)
17
14
Dec.
Dec.
Dec.
37 He
3 Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Driver-Harris Co
15 Dec.
Holders
When
Payable of Record
20c
62
14
8
Dec.
M
(quarterly)
Dodge Mfg. Corp. (irregular)
Jan.
50c
20c
Dejay Stores, Inc. (quar.)
Devoe & Raynolds, A & B (quar.)
Preferred (quar.)
15 Dec. 31
Dec. 24 Dec. 15
Jan.
1 Dec. 18
68Hc
T$5
37Hc
31Hc
Davega Stores Corp
Preferred (quar.)
Davey (W. H.) Steel Co—
Davidson-Boutell Co. 6% preferred (quar.)
Deisel-Wemmer-Gilbert Corp
50c
-
—
Rubber.
Hard
15 Dec. 31
15 Dec.
1 Dec.
95c
preferred
50c
—:
Extra
Jan.
$1H
cl. B or cash.
American Gas & Electric Co., com
Preferred
Cuban Tobacco Co.,
Jan.
75c
Light, pf. (quar.)——
Option payment of 1-16th sh. of
American Coach & Body
American Crystal Sugar
6% preferred (quar.)
American Cyanamid, A & B
American Equities Co,, common
American Express Co. (quar.)
— —
Share
Shares—
Crum & Forster Insurance
Class A & B (special)
Jan.
10c
Aluminum Industries (quar.)
American Capital Corp., $3 preferred
—
18
14
$3
—
AlliediChemical & Dye Corp., com, (special) —
Allied Products Corp., class A con v. com
-.
3 Dec.
25c
——
—
Per
Dec. 20 Dec.
25c
Extra
Allegheny & Western Ry. Co
Extra—
Dec. 29 Nov. 18
Jan.
3 Dec. 18
Jan.
11, 1937
Holders
When
Payable of Record
Name of Company
6H% preferred!(quar.)
Adams jExpress Co
Air Reduction Co. (quar.)
American Cities Power &
|
Dec.
Chronicle
Dec.
24 Dec.
15
13
3
3
$1H
$1H
81H
90c
$2H
Jan.
Jan.
Dec.
2c
International Coal & Coke—
International Nickel Co. of Canada, pref
International Ocean Telegraph (quar.)
Investors Fund C, Inc., (increased)
Iowa Southern Utilities Co. (Del.)—
7% preferred
6H%
preferred
6% preferred
Iron Fireman Mfg. Co. (extra)
Jamaica Public Service Ltd. (quar.)
Preferred A & B (quar.)
—
Dec.
15 Dec.
J81H
Feb.
$1H
$1H
Jan.
1 Jan.
3 Dec.
7
10
3 Dec.
22 Dec.
13
13
18c
Dec. 23 Dec.
Dec. 20 Dec.
t$lH
Dec. 21 Dec.
8
t$lH
tSlH
Dec.
12 He
60c
Jan.
Dec.
11
13
21 Dec.
8
21 Dec.
Dec. 27 Dec.
Dec.
43 He
Jan.
3 Dec.
8
16
15
S1H
Jan.
3 Dec.
15
30c
Volume
Financial
145
Jan.
Irving Trust Co. (quar.)
Jersey Central Power & Light Co., 7% pf. (qu.)
6% preferred (quarterly)
5M% preferred (quarterly)
Johns-Manville Corp
n;: Extra.Preferred
Dec.
Dec.
Dec.
Dec.
(quarterly)
Joliet & Chicago RR. Co
Kansas Electric Power 7 % pref. (quar.)
f
6% preferred (quar.)
;
Kansas Gas & Electric, $6 pref. (quar.)
7% preferred (quarterly)
Kansas Power Co., $6 cum. pref (quar.)
$7 cumul. preferred (quarterly)
Kaufman Dept. Stores (quar.)
Keith-Albee-Orpheum, 7% pref
Kerlyn Oil Co. class A (quar.)
—
Keystone Custodian Funds, B l.(s.-a.)
Series B-2 (s.-a.)
King-Seeley Corp. 5M %|conv. pref. (quar.)
Klein (Emil D.) (quar.)
This payment incl. the ones ordinarily due
April 1 and July 1 of 25c. each.
Knapp-Monarch, $2M pref. (quar.)
Kysor Heater Co. (quarterly)
Jan.
_
-
Jan.
l\%
40c
ts5M
Jan.
Jan.
Jan.
Dec.
$1
15
27Mc
Jan.
50c
Dec.
3 Dec.
24 Dec.
62 Mc
15c
Dec.
Dec.
8M% cumul. conv. preferred (quar.)
Lexington Utilities Co. $6M preferred
Lionel Corp. (interim)
Lipton (Thomas J.), class A-.
——
K Preferred (quarterly)
-
Jan.
15
Dec.
2 Dec.
15 Dec.
4
7 Dec. 24
24 Dec. 14
Dec. 22 Dec. 16
Dec. 28 Dec. 24
Dec.
1 5Dec.
8
3 Dec. 20
21 Dec. 15
21 Dec. 15
Jan.
2oc
Dec.
Dec.
Jan.
Dec.
Dec.
23 Dec.
22 Dec.
13
8
Dec.
20 Dec.
13
Dec.
24 Dec.
17
.
-
-
Extra.
Dec.
20 Dec.
22 Dec.
Reliable Stores
6
13
13
Seaboard
18
18
2c
Dec.
15
Dec.
15
3 Dec.
15
412-3 c
Jan.
3 Dec.
15
3%
Dec.
23 Dec.
16
20c
Dec.
37 Kc
Dec.
24 Dec.
20 Dec.
15
14
Dec. 20 Dec.
Dec. 20 Dec.
14
;
25c
25c
Co., com
20 Dec.
Dec. 20 Dec.
$3M
Jan.
3 Dec. 27
15c
Jan.
1 5Jan.
Shawmut
4
4
$3
_
_
-
-
-
10
UK
7% preferred (quarterly....
........
t50c
6% preferred
—
—
UK
6% preferred (quarterly).
—
t50c
$6 preferred- — -........
—
UK
$6 preferred (quarterly).............. — .
15c
Milnor, Inc
.....................
25c
Mission Corp
t$12 M
Missouri Edison Co., $7 cum. pref
UK
$7 cumul. preferred (quarterly)..
$1K
Mitchell (J. S.) & Co., 7% pref. (quar.)
....
Molybdenum of America.-......-————_
Payable in 6% 5-year note3, callable at $102
on 30 days' notice.
Jan.
Jan.
3 Dec,
10
Jan.
3 Dec.
10
Signal Royalties Co. (Los
Jan.
3 Dec.
10
Jan.
3 Dec.
10
Dec.
1 Nov. 15
5% preferred
(quarterly)..................
Monumental Radio Co.
(Bait., Md.)
Moore Corp., Ltd. (quarterly)
Extra
....... _..i. ......
Preferred
(extra)
•
.
—
—
.
.. .
i-
.
Morrison Cafes Consol. 7 % pref.1 (quar.)
Morristown Securities Corp., common
■■
Extra
Co
SIM
UK
Dec.
23 Dec.
15
Dee.
23 Dec.
15
Oil Co. (Kansas) _ .
Standard Screw Co., common
$1
40c
40c
Dec.
24 Dec.
20
Standard Steel Spring Co., common
Jan.
Dec.
10
Star Petroleum,
Jan.
Dec.
10
Stedman Bros., Ltd
Dec.
10
Dec.
24
Stein & Co.
Jan.
Dec.
15
18
Sterling Brewers, Inc
- —
—Stolcely Bros. & Co. (no common div. action)—
7% conv. preferred (quar.)
—
7% non-conv. preferred (quar,) —
Sun Life Assurance of Canada—- — — — — — —
—
_
15 Nov. 30
lc
Jan.
15 Nov. 30
Jan.
6
Dec.
23 Dec.
3 Dec.
13
'
—
-
Jan.
Jan.
Jan.
Jan.
40c
%IK
UK
$1K
New Process Co
New River Co. 6% preferred
15
3 Dec. 24
3 Dec. 24
Novadel-Agene Corp..
April 1 & July 1, 1938 divs. amounting to
Ohio Public Service Co., 7% pref. (monthly)
25c
Dec.
25c
Dec.
25c
Dec.
25c
25c
Jan.
—
---
—
(s.-a.)--------------------------
Sweets Steel Co—-
Dec.
23 Dec.
14
Thew Shovel Co
Dec.
24 Dec.
15
-
-
— - - - - — —. - ~ -—
— — ----
22 Dec.
14
Dec.
23 Dec.
3 Dec.
15
SIM
SIM
Mar.
1 Feb.
15
Jan.
3 Dec.
16
6% preferred
5% preferred
Torrington Co
$2
Jan.
15
Traders
50c
Dec.
3 Dec.
23 Dec.
$1
Dec.
Jan,
Dec.
40c
75c
Dec.
Jan.
SIM
SIM
flM
25c
7% preferred B (quar.)
15 Dec.
15 Dec.
16
4
25c
Jan.
75c
Jan.
50c
Jan.
15c
Dec.
Jan.
29 Dec. 20
3 Dec. 15
24 Dec.
15 Jan.
15
Jan.
Dec.
17
Jan.
Dec.
Dec.
17
17
17
Dec.
10 !
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Doc.
3 Dec.
23 Dec.
23 Dec.
15 Dec.
24 Dec.
13 Dec.
15
16
15
8
15
7
24 Dec.
3 Dec.
15
Jan.
Dec.
15
Jan.
Dec.
Dec.
15
20
Dec.
Dec.
15
SI
Dec.
Jan.
Jan.
Jan.
40c
Dec.
Dec.
Jan.
Dec.
Jan.
90c
Dec.
SIM
Dec.
Oct.
Jan.
Common..
Apr.
1.5c
July
S3
7.62c
Dec.
3 Dec.
15
United Fixed Shares (registered)
Dec. 21 Dec.
10
--------—_——-—-— —
Common
—
pref—
24 Dec.
24 Dec.
1 Dec.
23 Dec.
15
15
14
14
17
16
3 Dec. 15
27 Nov. 24
1
15 Dec.
15 Sept. 30
15 Dec. 31
15 Mar. 21
Dec.
15 June 30
26 Dec. 16
15 Nov. 30
Dec.
15
50c
Jan.
62 Mc
37 Mc
Jan.
15 Dec. 24
5 Dec. 14
5 Dec. 14
7.62c
Bearer
(quar.)
United Shoe Machinery (quar.)
Preferred (quar.)
Dec.
5
Jan.
15c
United Securities, Ltd.
4
Dec.
20c
United Chemicals, Inc., $3 cum. & partic.
12
Dec.
20c
13
1 Dec.
16
1 Dec.
Common
10
Jan.
Dec.
Jan.
Jan.
SIM
SIM
Tung-Sol Lamp Works
Payable in 3 years interest bearing notes at
4% per year .
Tunnel RR. St. Louis (s.-a.)
Union Premier Food Stores
United Artisits Theatre Circuit 5% pref. (qu.) —
United Bond & Share Ltd., common
— .
10
Jan.
16
Jan.
25c
62 Mc
(quarterly)
Year-end dividend-.
Tri-Continental Corp., 6% pref. (quar.)..
15 Dec. 31
1 Dec. 12
9
Dec.
Jan.
17
Dec.
Dec.
43Mc
43 K c
t$3 K
37Mc
20
Dec. 20
3 Dec.
Jan.
15c
3.0c
Financial Corp. 6% preferred A (qu.)_.
15 Dec.
Jan.
Dec.
Jan.
41 2-3 c
(monthly)
(monthly)
15 Dec.
21 Dec.
Jan.
17
23
Dec. 21
Dec.
7
50c
Dec.
Dec.
14
Oct.
tSIM
62 Mc
Co. $7^ preferred-
Dec,
—
Dec.
SI
15
4
15
Dec.
UK
15
20 Dec.
14
14
Nov.
50c
Trico Products Corp.
29 Dec. 22
3 Dec. 15
6
10
11
3 Dec. 24
22 Dec, 18
Dec.
6221cc
13
Dec.
14
6
15 Dec.
Toggart Corp., $2K cumul. pref. (quar.)
Toledo Edison Co., 7% pref. (monthly). 58 1-3 c
Dec.
Dec.
15
Dec.
— _
Preferred (quar.)
Jan.
Jan.
3 Dec.
27 Dec.
27 Dec.
Jan.
Title Guaranty
11
13
10
SI K
Tinken-Detroit Axle Co
23 Dec. 17
Dec. 20 Dec. 10
Dec. 29 Dec. 22
13
13
15 Dec.
15 Dec.
24 Dec.
3 Dec.
15
Dec.
15
4
Dec.
14
Dec.
16
15
15 Dec.
15 Dec.
15 Dec.
lc
22 Dec.
15
21 Dec.
24 Dec.
Dec.
28 Dec.
3 Dec.
20 Dec.
22 Dec.
21 Dec.
SIM
Dec.
Jan.
22 Dec.
3 Dec.
20c
—
—
Tamblyn (G.) Ltd. (quar.)._-.
5% preferred (quarterly)..
13
16
15
3 Dec. 22
1 Dec. 17
50c
Technicolor, Inc
10
Dec.
16
S2M
(s.-a.)——
15
3 Dec.
Dec.
16
75c
25c
m1 m
(semi-ann.)
B
15
Jan.
.
—
•»'>■» «•>'«
Extra
3 Dec.
Jan.
.
—
pref. (s.-a.)
3 Dec.
58 l-3c
.
Supersilk Hosiery Mills 5%
Supertest Petroleum, Ltd.
Jan
50c
6% preferred (monthly)
412-3c
5% preferred (monthly)
t$3M
Ohio Seamless Tube 7% preferred
—
50c
Oliver United Filters, B
20c
Onomea Sugar Co. (monthly).
UK
Orange & Rockland Electric 6% preferred (qu.)_
$1K
5% preferred (quar.)
$2
Ottawa Car Mfg. Co. (resumed)
Pacific Coast Mortgage
27 Kc
Pacific Fruit & Products Co
—
40c
Special
:
_ «— ——_ —
87 Kc
Pacific Greyhound Line $3M pref. (quar.)
75c
Pacific Southern Investment, pref
$2
Pacific Telephone & Telegraph Co
Preferred (quar.)
Page-Hersey Tubes (quarterly)
_
Dec.
15c
class]AI(quar.)._
w■«*
Jan.
23 Dec.
3 Dec.
.
Salesbook, $1K
75c
Norwich & Worcester RR. Co., 8%Jpref—
15c
75c
—
(s.-a.) —
preferred A (quar.)----—
70c
North American Edison Co.. preferred—
Northwestern Telegraph (semi-annual) _
Dec.
Dec.
Dec.
50c
Extra
North American Co
Preferred (quarterly)
.
- -
-
—-—
CylcLSS JB
Sussex RR.
Dec.
25c
75c
Noblitt-Sparks Industries (quar.)..
■_
— ---
15
15
Dec.
f60c
New York Transit Co..—————
_
Ltd
(initial)
3 Dec.
3 Dec.
Jan.
Dec.
Jan.
27 Dec.
22 Dec.
Dec.
- -—- - —
6% conv. preferred
Preferred
]
13
Dec.
- - - - - - -
Jan.
t$l K
t50c
preferred
Newport Electric Corp., 6% pref. (quar.)
Extra
Standard
Superheater Co., all outstandinglstock—
All outstanding stock (quar.) --------
13
Jan.
60c
Sunset McKee
1 Dec.
Jan.
(Trenton, N. J.)—
15 Dec. 31
1 Dec. 21
15 Dec.
14 1
20
.—- - - -
27 Dec. 13
Dec.
Dec.
Extra
Dec.
10c
—
New Hampshire Fire Insurance Co, (quar.)
__
7
Dec.
—
Jan.
f$lK
... —
———,
.:—
.
23 Dec.
17 Dec.
10c
New England Power Assoc., 6%
$2 preferred
Dec.
50c
Co
(quar.)
—
Dec.
an.
25c
.—
National Grocers Co., 7% preferred—
_
(quar.)__
$1K
(quar.)
National Enameling & Stamping
_
Sovereign Investors, Inc. (extra)
Springfield Gas & Electric Co. $7 pref.
Sparks, Withington Co., pref. (quar.)
Spartan Mills (semi-ann.)
20c
...
National Candy 1st & 2d pref.
National Cylinder Gas (quar.)
Extra.
i
Inc. —--
Preferred (quar.)--——------------------
Standard Fire Insurance
50c
7% preferred (quarterly).. —
Nashville & Decatur RR. 7M % gtd.(s.-a-)—
Navarro Oil
-
Mines Co
Smith*(L. C.) & Corona Typewriters,
15
5c J
'
—
Natomas
Angeles) AKquar.)—
23 Dec.
f$3Kr
Dec.
SIM
'
Dec.
93 Mc
Mills, Inc., 7% pref..
(quar.)
Mt. VernomWood bury
Mutual System, Inc.
15*
15*
13
7
Jan.
50c
Dec.
UK
Motor Products Corp
Jan.
22 Dec.
2 Dec.
Dec.
30c
18
18
30c
Dec.
50c
3 Dec.
22 Dec.
(quarterly)
Dec. 31 Dec.
Dec. 31 Dec.
$1H
Jan.
_
17
65c
10c
6% preferred (quarterly)....__............
14
24 Dec.
15c
Jan.
Utilities
Montana-Dakota
31 Dec.
31 Dec.
Dec.
62 Kc
-
' E xtr a
Silver King Coalition
Sperry Cor p _
14
Dec.
Dec.
50c
Signal Oil & Gas Co., A. & B. (quar.)..
A & B (extra)-...-- —----- —
Jan.
24 Nov. 30
31 Dec. 14
Dec.
7
3 Dec.
27 Dec.
27 Dec.
—---------—
15
__
Dec.
22c
3 Dec.
3 Dec.
10
Dec. 20 Dec. 10
Dec. 20 Dec. 10
14
10c
22 Dec.
24 Dec.
21 Dec.
22 Dec.
————
Dec.
Dec.
15
Dec.
Dec.
- - -
-
Jan.
v
15
Dec.
Jan.
Special..
'
13
1 Dec.
14 Dec.
Jan.
Dec.
$5 Convertible preferred--—-------------Shattuck-DennMining Corp
____________
Sherwood Swan & Co. 6% pref. A (quar.)
10
15
13
21 Dec.
Dec. 21 Dec.
1 Dec.
Jan.
Dec.
20c
15c
...
21 Dec.
Dec.
UK
t59c
Extra————
.
Minnesota Power & Light, 7% pref
13
6
14
Dec.
31
Association
Sharon Steel Corp
8
23 Dec.
15 Dec.
Dec. 24 Dec.
Dec.
16 2-3 c
—
_
23
15 Dec.
23 Dec.
pref. (quar.)
^Commercial Corp. (quar.)
_
14
15
27 Dec.
3 Dec.
Dec.
Jan.
—
Seton Leather Co..—
Dec.
$314
—
27 Dec.
3 Dec.
Jan.
-
_
15*
15
Dec.
Jan.
5% preferred'A (quarterly)
— — —
Seagrave (Corp. (resumed)
—-——-—
Securities Holding Corp. 6% pref
Selected Industries, $5K pref. (quar.)
23 Dec. 16*
2c
Michigan Gas & Electric 7% prior lien
6% prior lien.——
—
—
Middlesex Water Co., 7% prer. (s.-a.)__
Midwest Piping & Supply Co., Inc., common
Extra
4
3
Dec. 24 Dec. 10
Dec. 24 Dec. 10
50c
25c
Extra
15
(mo.) 58 l-3c
Scranton Electric $6
1 Dec.
15
;
28 Dec.
Dec.
Dec.
(quarterly)
(stock dividend)..
Payable at rate of l-75th share of 2nd pref. for
each share of common'held.
25c
St. Louis, Rocky|Mtn. &]Pacific Co., common..
$1>*
Preferred (quar.).
$1K
St. Louis National Stockyards
San-Nap-Pak Mfg. Co., 70c. pref. (quar.)
Saratoga & Schenectady RR. (s.-a.)
33 1-3 c
Savannah Sugar Refining
RepresentsJpayment for Nov. and Dec.
Dec.
15 Dec
23 Dec.
10
Preferred
20 Dec.
Dec.
Dec. 20 Dec.
Dec. 15 Dec.
10c
Extra
20 Dec.
Dec.
Jan.
Rustless Iron & Steal
Dec.
Dec.
9
15
15
Remington Arms'Co
Preferred
(semi-annual)
Republicllnvestors Fund, Inc., com
—...
RepublicTetroleum Co., common
Republic Steel Corp., 6% conv. prior pref. A—
ni3K
6% convertible preferred$1K
Rice-Stix Dry Goods, 1st pref. (quar.)
$1K
2nd preferred (quarterly)
Richardson Co. (increased)
;
Roan Antelope^Copper Mines, Amer. shares
Twojadditional Amer. shs. for each share held.
Royalty Insurance Shares, A
Russell Motor Car Co. (quar.)
Dec.
81
6
Dec. 22 Dec.
Jan.
1 Dec.
20c
(semi-ann.)
Reliance Electrical & Engineering
Reliance Mfg. Co., pref. (quar.)
10
14
1 Dec.
1 Dec.
25c
—
Reliable Stores Corp
Extra
10
Dec.
15
10c
(quar.)
Corp. preferred (quar.)
Dec.
Jan.
6
Dec.
Jan.
25c
Reece Button Hole Machine
15
28 Dec.
_
40c
25 Dec.
24 Dec.
15c
15 Dec.
15 Dec.
16
50c
6% preferred (monthly)
5% preferred (monthly)
Pyrene Mfg. Co., common
15
Dec.
$1M
15
15
50c
,
Public Service Co. of Colorado, 7% pref.
15
Dec.
Dec.
$1
....
$
—
(special)
Pittsburgh Metallurgical (quar.)
Plough, Inc.
Providence Washington Insurance Co
20 Dec. 15
MK
(resumed) ———————
Michigan Cities Natural Gas kquar.)
$1.
1.31
Pick (Albert) Co.
75c
_ .
25c
-
50c
» ....
.
Extra
50c
Miami Copper Co.
...
Dec.
21c
-
-
Jan.
2c
. .
(quar.)--_
Philadelphia Bourse, 6% pref
Phillips Packing Co., pref. (quar.)
Phoenix Insurance (quar.)
3 Dec. 15
15 Dec. 31
3 Dec. 17
5c
_
Jan.
10c
........
_ .
3 Dec. 20
8
21 Dec.
20c
Massachusetts Investors Trust (year-end)
McCrory Stores Corp
McKales, Inc.......
—
Mead Johnson & Co., common...........
p»Extra
_
. —* . „
.
. _ . — . w i .
Merchants Refrigerating Co. (resumed)
Merck & Co., Inc
.....
24 Dec.
Jan.
Jan.
15
3 Dec.
Dec. 23 Dec.
Dec. 24 Dec.
Jan.
37c
25c
17
Dec.
UK
2VAc
50c
50c
....
.
,
Extra..
Dec.
3 Dec. 20
20 Dec. 10
37Mc
(qu.)_
Masco Screw Proddcts (quar.)
Mascot Oil Co
v.-.
10
2 Dec. 20
25c
25c
■—
--
15 Jan.
Jan.
25c
Marine Midland Corp
Marine Midland Trust Co. (quar.)
Extra
_
Dec.
15c
Manischewitz (B.) Co. pref. (quar.)
Manufacturers Finance Co., 7% 1st pref.
Manufacturers Trust Co., (quar.)
Preferred.
Jan.
50c
——— —
.
17
4
75c
Mack Trucks, Inc., common
Year-end
•
.
10
15 Dec.
30c
Locomotive Firebox Co
Lone Star Cement Corp. (year-end)
Los Angeles Industries, Inc
_ —
16
Dec.
37Mc
—
Locke Steel Chain Co
_
24
Jan.
Jan.
13
3 Dec.
3 Dec.
13
Jan.
Special
SIM
12Mc
12Mc
21Mc
t$2 M
*30c
G.), Inc. (extra)
_
5
28 Dec. 22
20 Dec. 10
20 Dec.
3 Dec.
15
23 Dec.
Dec. 21 Dec.
Dec.
$1
(quarterly)
Public InvestinglCo.
Dec.
11
Dec. 23 Dec.
Dec. 23 Dec.
Jan.
90c
10
3 Dec.
15 Dec.
Dec.
17
$3
Common
_
13
10
Dec.
Jan.
Dec. 22 Dec.
$1K
(quar.)
Petroleum Corp. of America
Petroleum Exploration, Inc.
13
28 Jan.
24 Dec.
95c
8Kc
$6 preferred
.
$7 preferred (quarterly)
Penn Western Gas & Electric Co
2 Dec. 20
3 Dec. 20
Jan.
25c
Lewis (Edgar P.) & Sons, Inc., common
_
2 Dec.
2 Dec.
Jan.
50c
Preferred (quarterly)
20
3 Dec. 15
3 Dec. 15
UK
17Mc
Le Roi Co
LuxClockMfgj
Penna. Power & Light, $5 pref.
37 Mc
Lang (John A.) & Sons, Ltd. (quar.)
Lawyers Title Insurance Corp. (s.-a.)
Lehman Corp. (quarterly)
Le Tourneau (R.
17
3 Dec.
50c
Extra
Lambert Co
Landis Machine Co., 7%*pref. (quar.)
Penn-MexlFuel Co
Jan.
$1
$1K
30c
Extra
17
Jan.
$1M
SIM
&tEnterprises'„Consol., Inc.—
shares!(special)
Penney (J. C.),Co_
American
17
24 Dec.
1 Dec.
Payable of Record
Patino Mines
6
20 Dec.
24 Dec.
60c
PackerJCorp. (extra)
3 Dec. 14
6
20 Dec.
6
20 Dec.
Dec.
Share
Company
Holders
When
Per
Name of
Payable of Record
Share
of Company
Holders
When
Per
Name
3765
Chronicle
—
Jan.
Financial
3766
Per
Name
Share
of Company
United Shirt Distributors (quar.)
United States Gauge Co. (s.-a.)
7% preferred (s.-a.)
12Mc
$24
SIM
$134
--
—
United States Lumber Co
lc
United States Petroleum Co. (s.-a.)
United States Smelting, Refining &
Common
(quar.)---
18
20
20
Dec.
Dec.
Jan.
25c
——
Dec.
25e
Dec.
$14
Dec.
Utica Knitting Co., 7% preferred--
t$lM
Dec.
6Mc
6Hc
sim
$i
----
Dec.
Holland Dutch Bakers (quar.).
L.
---
$6M preferred (quar.)
—
Dec.
Dec.
15 Dec.
23 Dec.
15 Dec.
15 Dec.
15 Dec.
15
6
10
10
28
6
28 Dec. 17
15 Nov. 23
20 Dec. 19
10
10
Asbestos
15
10
Vogt Mfg. Corp.
Preferred
5c
Dec.
40c
Dec.
10
Jan.
20 Dec.
3 Dec.
(quarterly)
Atlanta, Birni. & Coast Co., 5% pref. (s.-a.)—
quanta Gas Light Co., U
Atlanta vraa
6% LUIUUI. yici
/q cumul. pref
15
Atlantic Coast Line Co. or Connecticut
Dec.
24 Dec.
Waukesha Motor Co. (quar.)-
25c
— — -.
14
Atlantic Coast Line RR
Jan.
2 Dec.
16
Atlantic Refining Co., pref. (quar.)
75c
Jan.
20
SIM
43 Mc
Jan.
15 Dec.
15 Dec.
$1
—
Extra---.----—...—
6% preferred-.7 % proferred
-
31 Dec.
15
Babcock &
17
21
Feb.
Feb.
15 Jan.
21
Feb.
1 Jan.
5
Feb.
1 Jan.
5
14
Dem
18 Dec.
24 Dec
Dec.
24 Dec.
15
S5
35c
Dec.
SIM
6c
25c
...
Dec.
Jan.
20 Dec.
3 Dec.
10c
Dec.
27 Dec.
27 Dec.
90c
Dec.
20 Dec.
Dec.
23 Dec.
10c
—
-
WJR Goodwill Station (extra).--
Yellow Truck & Coach Mfg., 7% pref
t$14
Dec.
15
15
12
13
13
10
15
Below
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
Holders
Name of Company
Abbott Laboratories
of Record
Dec.
Extra
29 Dec.
16
25c
(Quarterly)—
_
22 Dec.
Jan.
Jan.
20 Jan. 15
1 Nov. 30
Jan.
11
1 Nov. 30
Extra
Preferred
3 Dec.
10
3 Dec.
10
Jan.
1 Dec.
15
Jan.
15
Dec.
1 Dec.
30 Dec
Dec.
15 Nov. 30
Dec.
15 Nov. 30
Jan.
15 Dec.
31
Jan.
3 Dec.
3 Dec.
14
Jan.
SIM
Jan.
Jan.
3 Dec.
3 Dec.
14
50c
SI
—
_
Jan.
Jan.
3 Dec.
Dec.
Jan.
Jan.
Dec.
-
16
14
15
15 Nov. 22
3 Dec. 10
10
15 Dec.
1
SI
Jan.
3 Dec.
15
$1 H
Jan.
3 Dec.
15
t$2
SIM
Jan.
15 Dec.
Jan.
15 Dec.
18 Dec.
23
20
$1.20
(special)
Belding-Corticelli, Ltd. (quar.)
(quar.)
Bell Telephone of Canada (quar.)
Bell Telep. of Penna.. 6 34% pref. (quar.)
Bellows & Co.. Inc., class A (quar.)
Bendix Aviation Corp
Beneficial Industrial Loan Corp., com
-
—
25c
Dec.
25c
Dec.
13 Nov. 20
30c
Dec.
20 Dec.
1
8734c
Dec.
25c
•--
1
20 Dec.
15 Dec.
13
Dec.
Dec.
24 Dec.
Dec.
15 Dec.
7% preferred (quar.)--_
5% preferred (quar.)
B G Foods, Inc., 7% preferred--Biltmore Hats, Ltd., 7% pref. (quar.)
Birdsboro Steel Foundry
Birmingham Water Works 6% pref. (quar.)
Black & Decker Mfg. (quar.)
Blaw-Knox Co. (year-end dividend)
Bliss & Laughlin, Inc. (quar.)
Jan.
17
3
6
Preferred series A
2
10
124c
Dec.
40c
Dec.
23 Dec.
20 Dec.
10
3 Dec.
15
3 Dec.
20
16 Dec.
24 Dec.
11
Dec.
Dec.
24 Dec.
3
Feb.
15 Jan.
4
Dec.
24 Dec.
3
3 Dec.
13
Class A stock dividend
Jan.
3 Dec.
13
Jan.
3 Dec.
15
2-200ths of
held.
tlM% Jan.
75c
75c
3%
8%
3%.
8%
$1M
$14
$44
Jan.
Dec.
Jan.
10
3
Dec.
16 Dec.
1
Dec.
27 Dec.
13
Dec.
27 Dec.
13
$134
$134
2 Dec.
21
Dec.
25c
Dec.
$134
$234
6% preferred (additional)
Aluminum Goods Mrg. Co
Jan.
Jan.
Dec.
22 Nov. 30*
1
21 Dec.
1 Dec.
8
20 Dec.
8
—
-----
Berghoff Brewing Corp. (quar.)
10
Aluminum Co. of Amer. (Pa.), 6% pref. (qu.)__
a
a
sh.
Boston & Albany RR. Co
9
75c
Jan.
-
_
m
Jan.
1
3 Dec.
9
3 Dec.
20*
6
SI
Dec.
22 Dec.
10
Mar. 25 Mar.
10
50c
Common
SI 34
1
15 Dec.
2
Brooklyn-Manhattan Transit—
Preferred (quar.)
Preferred (quar.)
Brooklyn Union Gas
Brown Fence & Wire Co., pref. \ (semi-annual)
Brown Rubber Co., Inc., common
—
Dec.
30 Dec.
Dec.
15 Dec.
4
Dec.
15 Dec.
4
Bruce (E, L.) Co.. 7% cum. preferred (quar.)..
3 34% cumulative preferred (quar.)
5
Brunswick-Balke-Collender
15 Jan.
24 Dec.
10
24 Dec.
10
American Hide & Leather preferred (quar.)
American Home Products Corp
Dee.
31 Dec.
23
20c
Dec.
24 Dec.
14*
20c
Jan.
3 Dec.
14*
$1
t$7
75c
Dec.
20 Dec.
20 Dec.
Dec.
21 Nov. 30
$1
Dec.
21 Nov. 30
75c
-
Monthly
American Ice Co., preferred..
American Locomotive preferred
American Meter Co
Special
American Optical Co 7% pref.
American Paper Goods. 7*7, preferred
(quarterly)IIIII
$1M
(quarterly)
American Power & Light Co. $6 preferred--
«1M
$5 preferred
I_I
Dec.
Jan.
3 Dec.
3
6
18
15c
I
...
—
Dec.
15 Dec
6
20 Dec.
1
Dec.
20 Dec.
16 Dec.
4
Dec.
23 Nov. 26
1
15 Nov. 15
$1
Refining (special)
Dec.
Dec.
Dec.
6
18 Dec.
16 Nov. 26
Dec.
22 Dec.
$1M
Dec.
21 Dec.
1
75c
Jan.
2 Dec.
9
25c
Jan.
2 Dec.
9
$134
Jan.
$1
Preferred (quar.)
-
Preferred (quarterly)
American Steel Foundries
1
2 Dec.
Jan.
3 Dec.
6
SIM
American Sumatra Tobacco Corp
Extra
Dec.
50c
Jan.
3 Dec.
6
25c
50c
15 Nov. 30
Dec.
15 Dec.
Dec.
15 Dec.
1
3 Dec.
9
1
$134
$234
Jan.
Jan.
15 Dec.
15
87!4c
1234c
Jan.
3 Dec.
20
Jan.
1
14%
Jan.
2c
•
Dec.
4c
Dec.
Nov. 30
3 Dec.
15 Dec.
15 Dec.
10
1
1
Amer. Water Works & Elec. Co., Inc., com
20c
Dec.
15 Nov. 19
Anaconda Copper Mining Co
50c
Dec.
20 Dec.
3
Dec.
Dec.
Nov. 30
Dec. 31
Dec. 31
1
Apr
Dec.
1
Feb
Feb.
14
Dec.
1
Dec.
Dec.
1
Jan
Dec.
24
Jan.
Dec.
24
Dec.
10
Jan
Dec.
20
Nov, 16
Dec.
Dec.
Jan.
Dec.
Dec.
1
17
Dec.
Dec.
17
17
Feb.
Jan.
15
Jan,
Dec.
Dec.
15
10
Dec.
4
Jan.
(quar.)..
Calamba Sugar Estate (extra)
Preferred (quarterly)
(Quarterly)
Calgary «fc Edmonton Corp.. Ltd
California Ink Co., Inc. (quar.)
Camden & Burlington Co. Ry. (s.-a.)
Campbell Wyant & Cannon Foundry (extra)
Canada Bud Breweries, Ltd
Canada Cement Co., 634 % preferred
Canada Malting Co. (quar.)
Dec.
15
Dec.
Dec.
1
Jan.
Dec.
15
Jan.
Dec.
15
Jan.
Dec.
15
Dec.
1
Dec.
10
Jan.
Dec.
15
Dec
Nov. 30
Dec.
Dec.
Dec.
Nov.
Dec.
Nov. 30
Dec.
—
I )ec.
Dec.
Extra
50c
(quar.)
15
Jan.
Jan.
Dec.
—
-
40c
J50c
Dec.
__
Butler Water Co- 7% pref.
Dec.
_
Jan.
Dec.
—
(quar.)
Participating pref. (participating dividend)
Buffalo Niagara & Eastern Power, 1st pref
Prior preferred (quar.)
Burgess Battery Co. (special)
Burlington Steel Co
50c
American Safety Razor (quar.)
—
Preferred
-
SI
Dec.
-
Budd Wheel Co., partic. pref
Bullard Co
Nov. 30
Dec. 15
Dec.
(special)
Preferred
Dec.
IS?
—-
—
Co.,
(quarterly)
Buckeye Pipe Line Co
Bucyrus-ErieCo., com. (interim)
Nov. 30
Dec.
Dec.
-
25c
Dec.
3
Dec.
Dec.
Apr.
50c
Dec.
23 Dec.
15 Dec.
Jan.
$134
Jan.
Dec.
15
14
Ian.
1
15 Dec.
Dec.
25c
29 Dec.
20c
Dec.
Dec.
40c
10
Dec.
50c
I__
$134
17 Dec.
75c
—
Extra--
15
Dec.
7 4c
50c
American Cigarette & Cigar Co. (stock
div.)
Payable at the rate of l-40th sh. Amer. Tob.
15
1
$134
British Columbia Power Corp., class A stock—
American Discount Co. (Ga.)
American Fork & Hoe (quarterly)
Preferred (quarterly)
American Hawaiian Steamship,
(quarterly)
Extra
3 Dec.
10
50c
8
Cigar Co. held.
Preferred (quar.)----
Jan.
3; Dec.
10c
15 Dec.
B for each sh. of Amor. Cigarette
21 Nov. 30
ll'Dec.
Dec.
&
Dec.
15 Dec.
Bristol Brass.
15 Dec.
1
Dec.
—
8
Special
15 Dec.
Si
Bourjois, Inc., common.—...
Bower Roller Bearing Co., common
15 Dec.
$134
Dec.
Jan.
Dec.
...
1
Dec.
11
lb
6
1
15 Dec.
Boston Woven Hose & Rubber Co., pref
17
3 Dec.
Dec.
Boston Elevated Ry. Co. (quar.)
1 Dec.
3 Dec.
Dec.
of
Jan.
Dec.
11
Dec.
SI
of
Bridgeport Brass Co. (quar.)
Bridgeport Gas Light Co. (quarterly)
Briggs Mfg. Co. (final)
Briggs & Stratton Corp
Bright (T. G.) & Co., 6% pref. (quar.)
Common (quarterly)
Brillo Mfg. Co. class A (quar.)
Common (quar.)
Jan.
11
Dec.
Dec.
class A stock for each sh. of class B.
Brazilian Traction Light & Power, pref. (quar.)
Jan.
Dec.
Dec.
S2M
Class B (extra).
L
Class B stock dividend—l-200th
3
2.5c
Dec.
sh. of class A stock for each share
15
25c
50c
—
16
$334
(semi-annual).
1
17
SIM
$2
15 Dec.
23 Dec.
15 Dec.
15 Dec.
Dec. 20 Nov. 26*
Dec. 24, Dec. 11
Dec.
_
31 Dec.
Dec.
Dec.
Dec. 31iDec.
3
9
25c
Preferred (quarterly)
Bohn Aluminum & Brass Corp
Bon Ami Co. class A (extra)
31 Dec.
$1M
Dec.
15 Nov. 15
1
15Dec.
3734c
—
Extra
Dec.
American Automobile Insurance (quar.)
American Bakeries Co
7% pref
21 Dec.
Dec.
50c
Dec
75c
Jan.
Dec.
50c
Dec.
Amalgamated Leather Cos., 6% pref. (quar.)
American Agricultural Chemical Co—
25c
$1 34
25c
50c
$1M
4
3 Dec.
3 Dec.
t$54
SIM
—
40c
Manufacturing, Inc. (quar.)
7% preferred (quar.)..
20
Dec.
25c
Belden Mfg. Co.
23 Dec.
Alpha Portland Cement
Extra
31
3
Bethlehem Steel Corp
15c
American Tobacco Co., pref. (quar.)
American Toll Bridge Co. (Del.) (quar.)
1 Dec.
3 Dec.
Jan.
16
13 Nov. 15
40c
American Surety Co
American Telephone & Telegraph (quar.)
American Thermos Bottle $7 pref. (quar.)
American Thread Co.. nref (semi-ann.)
Feb.
Jan.
SIM
:
22 Dec.
Allied Stores Corp., 5% pref. (quar.)
Allis-Chalmers Mfg. Co., common
American Sugar Refining
Preierred (quar.)
14
15 Nov. 30
15c
American Snuff Co. (quar.)
Extra
24 Dec.
25c
Packing Co. common (special)
23 Dec.
Extra
American Seating Co
American Smelting &
5
15 Nov. 22
Dec.
25c
,
Dec.
$6 preferred (quarterly)
Albany & Susquehanna RR. (s.-a.)
Allegheny Steel Co
Allied Laboratorlas, Inc. (quar.)
American Public Service. 7% preferred
American Radiator & Standard Sanitary
American Rolling Mill Co. (extra)
1 Jan.
Dec.
$1
Preferred (quarterly)
Dec.
Preferred (extra)
Alabama Power Co., $7 pref. (quar.)
common
23 Nov. 29
Dec.
Feb.
50c
Dec.
Preferred
-
13
SIM
3%
18 Mc
.
35c
Ordinary stock (extra)
-
15
Dec. 24 Nov. 29
40c
Extra.--
t37Mc
374c
Alabama Great Southern IiR. Co. ord. stock—-
.
1 Dec.
Jan.
10
Dec.
Addressograph-Multigraph (quar.)
Aero Supply Mfg., class A._
Class A (quarterly)
Class B (initial)
Aetna Ball Bearing Mfg. Co.
Agnew-Surpass Shoe Stores, pref. (quar.)
Agricultural Insurance Co. (N. Y.) (quar.)
Ainsworth Mfg. Corp., common
American Bank Note Co
Preferred (quar.)
American Can Co., pref. (quar.)
American Chain & Cable Co.Preferred
American Chicle Co. (quar.)
10
Dec.
Acme Steel Co. (quarterly)
Acme Wire Co., com. vot. trust ctfs. (extra)
Adams (J. D.) Mfg. Co. (extra)
Aluminum
29 Dec.
Dec.
(quar.)
M
M
16"
Dec. 31 Dec.
Dec. 31 Dec.
1 Dec.
Jan.
134 %
SIM
$134
Wilcox Co....
Baqgor & Aroostook RR. Co., common
Cumulative preferred
Bangor Hydro-Electric, 7% pref. (quar.)
6% preferred (quarterly)
Bastian Blessing Co. (quar.)_
Preferred (quarterly)
Bath iron Works Corp., payable in stock
Bayuk Cigars, Inc
Special
-—
1st preferred-Beatrice Creamery Co. (quar.)
Beech-Nut
SIM
$24
1
31 Dec.
62c
(s.-a.)
Beech Creek ItR. Co—
Young (L. A.) Spring & Wire (div. omitted)
Dec.
$234
1234c
$1.45
Baldwin Rubber Co. (quarterly)
SIM
SI 4
SIM
_ -
West Penn Power Co., 6% preferred
7% preferred-.
Wheeling & Lake Erie Ry. Co., common
White Rock Mineral Springs (quar.)
1st and 2d preferred (quar.)...
Wickland (J. V.) Development (quar.)
Wiser Oil Co. (quarterly)
Woodley Petroleum Co. (quar.)
Woodley Petroleum Co
—
Dec.
SI 4
—.
-
Avon Geneseo & Mt. Morris ItR.
Dec.
-
_
15
30 Dec.
15 Jan.
10
Feb.
1234c
30 Doc.
Dec.
21 Dec.
Dec.
$1
15
Dec.
SIM
—
West Kootenay Power & Light 7 % pref
West Penn Electric Co., class A...
Dec.
20 Dec.
30 Dec.
10
50c
—
9
7
10
50c
Atlas Powder Co. (special)-Atchison Topeak & Santa Fe, pref. (s.-a.)
Automatic Voting Machine (quar.)
20
18 Dec.
Dec. 15 Dec.
Dec. 21 Dec.
25c
(Quarterly)
50c
—
Dec.
Dec.
20c
$1
$14
Wayne Knitting Mills, common.Preferred (semi-ann.)
....
Western Grocers, Ltd. (quar.)..—
Preferred (quar.)
Western Light <& Traction, %\% pref. (quar.).
Western Pipe & Steel Co. (quar.)..
Jan.
75c
Extra
13
Jan.
25c
Mfg. Co.. $1.40 pref. (quar.)
(quarterly)
15
-
10
10
10
15 Nov. 25
2 Dec. 10
2 Dec. 10
2 Dec.
Jan.
35c
Extra
15
-
24 Dec.
50c
23 Dec.
23 Dec.
—-------—
Dec.
$1.20
—
22 Dec.
Sugar
Dec.
15c
Dec.
Waimanalo
6
$1M
Dec.
Walker Mining Co
17
14 Dec.
24 Dec.
$134
July
Telegraph Co—.
Dec.
3 Dec.
Dec.
$3
25c
--------
Jan.
25c
$2
30c
—
20 Nov. 30
20'Nov. 30
$1M
Victor Chemical Works----
Vermont & Boston
-
—
Dec.
50c
20 Dec.
1 June
Van Norman Machine Tool--
18 Dec.
Dec.
$1 M
Associates Investments
10
11
Dec.
15c
Corp. common
Special
$634 preferred (quar.)
Andes Copper Mining (resumed)
Arkansas-Missouri Power (initial)
6% preferred
Armour & Co. (Del.), preferred (quar.)
Armour & Co. (111.)
$6 preferred (quar.)
7% preferred (quar.)
Armstrong Cork Co
Art Metal Cons ruction (irregular)-Art Metal Works, Inc., common
20 Dec.
20 Dec.
20 Dec.
Holders
When
Payable of Record
30c
Anchor Cap
3 Dec.
24 Doc.
11, 1937
$1M
Anaconda Wire & Cable (extra)
3 Dec.
Dec.
Universal-Cyclops Steel Corp. (quar.)_
Van de Camp s
Extra
-■
23 Dec.
Dec.
Jan.
Universal Winding Co
Share
Company
Jan.
87 He
Universal Cooler Corp., A—
Name of
Jan.
$1
—
Per
Holders
Payable of Record
$3
Mining Co.
—
Preferred
When
Dec.
Chronicle
Nov. 30
Canada Northern Power Corp., Ltd.
Jan.
Dec.
7% cumulative preferred (quar.)_Canada Permanent Mtge. (Toronto, Ont.) (qu.)
Canadian Canners, Ltd., conv. pref. (quar.)
First preferred (quar.).
Canadian Car & Foundry. 7% pref. (quar.)
Canadian Cottons, Ltd. (quar.)
Preferred (quarterly)
Canadian Foreign Investment (quar.)
Preferred (quarterly)
Canadian General Electric (quar.)
Canadian Oil Co
Ltd. 8% pref. (quar.)..
Canadian Westinghouse Co. (quar.)
Canadian Wirebound Box, class A (quar.)__.
Jan.
Dec.
Jan.
Dec.
Jan.
-
..
-
4
36
31
31
15
Dec.
15
Jan.
Dec.
Jan.
Dec.
15
27
Jan.
Dec.
Jan.
Jan.
3 Dec.
llDec.
Jan.
liDec.
1
Jan.
l'Dec.
15
.Tan.
liDec. 20
Jan.
1 Dec.
Jan.
2 Dec.
17
17
1
20
15
/
Volume
Financial
145
25c
Carpenter Steel Co. common (Interim).
Case (J. I.) preferred (quar.)
Caterpillar Tractor stock dividend
Celanese Corp. oi Am. 7% cum. 1st pf. (s.-a.)
Central Aguirre Assoc
Incl. 38c. from net income of Luse Co.
Central Cold Storage Co. (extra)
Central Illinois Light Co., 4)4% pref
Central Illinois Public Service, $6 pref
Dec.
Dec.
31 Dec.
15
88c
Dec.
20 Dec.
4
50c
Dec.
6
16 Dec.
2 Dec. 20
Jan.
$1)4
$1
Dec.
$1
Dec.
Jan.
1 Dec.
Jan.
1 Dec.
$1
Extra
i
8
1 Dec.
24 Nov. 24
Jan.
Dec.
Dec.
Slfl
Extra
Dec.
$2)4
$1)4
62)4c
Chicago Junction Ry. & Union Stockyards
6% preferred (quar.)
^
Chicago Pneumatic Tool, $2)4 pref. (quar.)
$3 preferred (quarterly)
Chicago Rivet & Machine
Chile Copper Co
Christiana Securities Co. (final, quar.)
Chrysler Corp., common
Cincinnati Gas & Electric, pref. (quar.)
Cincinnati N. Orleans & Texas Pac. Ry. —
i
3 Dec.
3 Dec.
Jan.
1 Dec
1 Dec.
Jan.
75c
Jan.
Dec.
$1
Dec.
Dec.
$39.30
15c
30c
Dec.
50c
Dec.
'
-Extra
City Ice & Fue J Co
Citizens Water (Wash., Pa.), 7% pref. (qu.)
—
Clark Controller Co
•4P
Equipment Co. (quarterly)
Preferred (quarterly)
Clearfield <& Mahoning Ry. (s.-a.)
Cleveland Builders Realty Co. (reduced) —
A
•
Dec.
Dec.
$154
Dec.
$1)4
Jan.
10c
Dec.
50c
_
Cleveland Electric Illuminating common.—
Extra
Dec.
25c
Dec.
$1)4
$154
$4 )4 preferred
Jan.
Dec.
3
Peabody & Co., pref. (quar.)
Class A (semi-ann.)
Coca-Cola International
Extra
__
15 Dec.
21 Dec.
21 Dec.
3
8
8
Dec.
Jan.
3 Dec.
Jan.
10
10
10
13
21
Dec.
15 Nov. 26
Nov. 26
Dec.
Nov. 26
Dec.
Nov. 26
Dec.
Nov. 26
Dec.
Nov. 26
Dec.
Dec.
Nov. 26
Dec.
Dec.
6
pref. (quar.)___
„
_
Commercial Solvents Com.,
-
-
_ _
_
Commonwealth Distribution
stock
6% preferred B (quar.)
6)4 % preferred C (quar.)
50c
Commonwealth Water & Light,
$7 pref. (quar.)_
$6 preferred (quarterly)
Compo Shoe Machinery (quar.)
Extra.
-
Dec.
Dec.
Dec.
50c
Dec.
Dec.
Exceisior insurance Co.
Dec.
Dec.
Fafnir
10c
Jan.
Jan.
Falconbridge
Dec.
Nov. 26
Falstaff Brewing
Dec.
Nov. 26
Dec.
Nov. 26
Jan.
Dec.
10*
Famous Players Canadian Corp
Fansteel Metallurgical Corp. $5 pref.
Dec.
Dec.
10*
Faultless Rubber
Jan.
Dec.
10*
Dec.
Dec.
3
Dec.
Dec.
4
75c
Jjan.
10
$154
$1)4
$154
$154
$1 Yi
Jan.
3 Dec.
3 Dec.
Jan.
3 Dec.
15
Ferro Enamel Corp
Mar.
1
Feb.
15
Fidelity &
Jan.
3 Dec.
3 Dec.
20
Fifth
15 Dec.
15 Dec.
4
$1
Dec.
Dec.
$1
Dec.
4
15 Nov. 30
Dec. 24
1
Congoloum-Nairn, Inc. (quar.)
Connecticut Light & Power (quar.)
50c
Dec.
75c
Jan.
15 Dec
1 Dec.
15
Consolidated Biscuit Co
10c
Dec. 23 Dec.
4
Standard Securities—
Diversified
Consolidated
$2)4 non-cumulative preferred (s.-a.)
Consolidated Edison Co. (N.
Y.), pref. (quar.).
37)4c
$1)4
Dec.
Feb.
15 Nov. 30
3
1 Jan.
Preferred
(quarterly)
Consolidated Investment Trust (quar.)
5
15 Nov.
3 Dec. 15
Special
Smelting, (Can.) (s.-a.)
%1% preferred
(Arnold) Corp
Continental Can Corp., Inc.. $4)4 pref
Continental Casualty Co. (Chicago, 111.) (special)
Continental Gas & Electric, prior pref. (quar.)..
Constable
Continental
Oil
cl. A & B._
--------
J.) (qr)--
15
Jan.
15
Food Machinery
Jan.
15
Foote-Burt Co
30c
Dec.
15 Nov. 16
.........
Ford Motor Co.
Dec.
15 Nov. 16
Formica
Feb.
!1 V*
50c
1 Jan.
31 Dec.
Dec. 31 Dec.
Dec.
+50c
Dec.
12)4c
$1)4
Dec.
Jan.
30c
Dec.
$154
Jan.
18 Dec.
15 Dec.
15
8
8
4
4
_
partic. pref. (quar.)_
6)4% preferred (quar.)
Continental Steel Corp. (quar.)
__
Preferred (quar.)
*
Cooper-Bessemer Corp., $3 pref. (stk. div.)
Div. of l-20th of a share of common stock.
Corroon & Reynolds Corp., $6 preferred
■_
Cosmos Imperial Mills 5% preferred (quar.)
(Canada) (resumed)
Dec.
Jan.
Jan.
3 Dec
15
25c
Jan.
1 Dec.
15
General Candy Corp
$154
Jan.
1
Dec.
15
1
Dec.
10
13 Dec.
8
t$134
Dec.
4
13
20 Nov. 29
3 Dec. 15
-
--
General Public
Crocker-Wheeler Electric Mfg
10c
Dec.
22
Crowell Publishing Co., (quar.)
Crown Central Petroleum (Md.)
75c
Dec.
24 Dec.
10c
Dec.
28 Dec.
class A (quar.)
Crown Cork & Seal Co., Inc$2 )4 pref. (w.w.)
$2)4 preferred (x. w.)
25c
Jan.
3 Dec.
56)4c
56 34 c
25c
Crum & Forster Insurance Shares—
(quar.).
(quar.)
Curtis Publishing 7% preferred
Curtiss-Wright Corp., class A
Cutler-Hammer, Inc
Darby Petroleum Corp. (s.-a.)
David & Frere, Ltd. A (resumed)
.
.
—
Jan.
3 Dec. 23
8
15 Dec.
Dec.
$154
87'it
$2
Dec"
7
14
10
10*
Dec.
15 Nov. 30*
Dec.
15 Nov. 30*
Jan.
3 Dec.
Dec. 24 Dec
10
Dec.
20] Dec.
14lDec.
10
Dec.
15 Dec.
1
Jan.
50c
Dec.
(quarterly).
Advertising preferred
Utilities, Inc.
payable in cash or stock.
31 Nov. 30
15 Nov
26
25c
Dec.
15 Dec.
4
25c
Jan.
15 Jan.
4
25c
Dec.
15 Nov. 30
$5 preferred (quarterly)
General Railway Signal Co., common
Preferred (quarterly)
3 Dec.
15c
Dec.
24 Dec.
43)4c
Dec.
24 Dec.
8Xc
$25
Dec.
24 Dec.
87V4c
62)4c
$154
5 Yc
25c
(quar.)
Jan.
Jan.
15
14
14
14
16
3 Dec.
3 Dec. 22
Jan.
3 Dec.
Jan.
3 Nov. 26
15 Dec.
Dec. 15 Dec.
Dec. 20 Dec.
Dec. 20 Dec.
Dec.
4
1
1
10
10
$154
$1)4
Dec.
21 Dec.
6
Dec.
Dec.
21 Dec,
12 Dec.
6
15c
Dec.
3
31 Dec. 15
6
Dec. 15 Dec.
Dec. 18 Nov. 27
7
Dec1. 22 Dec.
_
Dec.
15 Dec.
Dec.
Jan.
6
Feb.
15 Nov. 30
2 Dec. 15
13
1 Jan.
Dec.
24 Dec.
Dec.
15 Dec.
Jan.
2 Dec.
15
Jan.
3 Dec.
20
20 Dec.
2
15
5
4
20 Dec.
17. Dec.
8
20 Dec.
10
Dec.
(quar.)
$1)4
Dec,* 15 Nov. 15
12c
Dec.
$1)4
$1 )4
$1)4
Jan.
$3
1 May 20
2
20 Nov.
15 Dec.
3 Dec.
Dec.
23 Dec.
25c
Jan.
Jan.
3 Dec.
3 Dec.
Feb.
1
25c
Dec.
75c
Jan.
25c
— .
Dec.
25c
—
$1)4
$1)4
$1)4
$2s1
1
10
13 Nov. 12
Feb.
1 Tan. 10
9
Doc. 21 Dec.
Dec. 18 Nov. 30
Dec.
$1)4
$1)4
—
(quar.).
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quarterly)
Georgia RR. & Banking Co. (quar.)
Giddings & Lewis Machine Tool Co
Gillette Safety Razor Co
$5 conv. preferred
8
3 Dec. 22
$1H
General Telep. Allied Corp., $6 pref. (qu.)
General Telep. Corp., com. (quar.) & extra-
Girdler Corp.
Extra
17 Dec.
8
1
1
Jan.
$6
—
Option div.
General Time Instruments
Preferred (quarterly)
Dec.
Dec.
.
Jan.
Tune
t-
14
25c
20 Dec.
2 Dec.
50c
—...
$3 conv. preferred (quarterly)
General Theatres Equipment Corp
20c
15 Dec
Dec.
15 Nov. 26
Mar.
1 Feb. 18
13
$154
$1
Preferred
Dec.
Jan.
9
Dec.
General Outdoor
preferred--
9
35c
Dec.
General Motors Corp
15
8% class A cumulative
31 Dec.
Dec.
10
15 Nov. 30
15 Nov. 30
Cuneo Press, Inc. Preferred
Dec.
Dec.
10
Dec.
Cuban Atlantic Sugar Co.
75c
Dec.
27 Dec.
27 Dec.
Dec.
8% preferred (quar.)
Cuban American Manganese Corp.-
1 Dec.
31 Dec.
15
Dec.
25c
1
Dec.
Crown Zellerbach Corp
Jan.
50c
$1)4
31
1
16
Dec.
50c
t$5)4
$1)4
$1)4
Dec.
15
2c
an.
Dec.
1
$1*4
25c
15 Dec.
15 Dec.
25c
25c
Crown Cork International Corp.,
6
50c
(final)
...
;
General Gas & Electric Corp. (Dela.)—
*$5 prior preferred (quarterly)
General Investors Trust— — ————1
General Mills, Inc.. nref. (quar.)
Dec.
Cresson Consol. Gold Min. & Milling
15 Dec.
17 Dec.
--
(quar,)-,
(quar.)
7% preferred
7% preferred
Dec.
•
Dec.
General Electric Co.
5c
Extra
t60c
30c
Gamewell Co.,
10c
Extra
8
General Cigar Co., Inc
Jan.
15 Dec.
3 Dec.
10*
Dec.
Creole Petroleum Corp
30 Dec.
Dec. 15 Dec.
Dec.
,
20c
.---
$154
$1H
Dec.
J
Creameries of America, Inc., com. (quar.)
6
$lk
X7Hc
125c
B
preferred
GanneU Co., Inc., $6 conv. pref
General American Investors, pref. (quar.)
General American Transportation Corp
General Box Co. (quar.V_._.-General Cable Corp., 7% preferred
1
$1)4
_L__
common
5% cumulative preferred (quar.)
15 Dec.
Dec.
-- -
Four-Wheel-Drive Automobile Co. (initial)
Fox (Peter) Brewing Co. (common)
Freeport Sulphur Co.. pref. (quar.)......
Fruehauf Trailer Co—
$1
$1)4
Crane Co.
15
20c
of Canada, Ltd., A and
Insulation Co. (quar.)... ._
Foundation Co.
7
Dec. 31 Dec.
$1)4
25c
Co
Continental Telep. Co. 7%
-
Corp. 4)4% preferred
..... ----- -
22 Dec.
6c
Fohs Oil Co. new
3 Dec.
3 Dec.
7
Dec.
$1)4
Light Co. $7 preferred (quar.).
preferred (quar.).
3 Dec.
$6
10
10
22 Dec.
50c
Florida Power &
Jan.
1)4
Extra
Consolidated Steel Corp.,
—
Flintkote Co., common
10
3 Dec.
Dec.
25c
Shoe Stores
7% 1st preferred--Fiscal Fund, Inc., bank stock series
Insurance stock series (s.-a.)_—
Fisk Rubber Co.. pref. (quar.)
Doc.
Consolidated Laundries Corp., pref. (quar.)
Consol. Mining &
(quar.)...
7% preferred.^ —
7% preferred class A
First National Bank of N. Y. (quar.)First National Bank (Toms River, N.
First National Stores (quar.)
50c
Consol. Gas of Baltimore (quar.)
5% 10-yr.deb notes
Guaranty Fire Corp
Coach-------Finance Co. of Amer. (Bait.) com.
$1)4
5% preferred (quar.)
—..—
Avenue
Jan.
3 Dec.
3 Dec.
Jan
$2
Preferred (quar.)
50c
Jan.
.Jan.
15c
Co. (quar.)
...—._ — _ —
Federal Bake Shops-—____——______
5% preferred (semi-ann.)
---Federal Insurance (J. C., N. J.) (quar.). — ....
Federal Mining & Smelting Co., common
90c
Dec.
30c
Payable 2.5c. cash and $1 in
Feltman & Curme
1
20c
Nickel Mines, Ltd- —.
90c
_
Co. (Balt.)--
18
23
$1*4
(N. Y.)
Bearing Co. (quar.)-----.---
$1)4
(Quarterly)
Consolidated Elec. Light & Power
1
Dec.
t$3
Extra
31
15 Dec.
$1 %
(quarterly) —
Preferred
50c
_______________
Compressed Industrial Gases (quar.)
Confederation Life Assoc. (Ont.) (quarterly)
15'Dec.
Dec.
Jan.
Jan.
3 Dec. 10
3 Dec. 10
3 Dec. 10
$6 preferred
$6 preferred (quarterly)
Ex-Cell-0 Corp
20
15 Dec.
1
15 Dec. 31
Dec. 29 Dec. 18
Dec. 29.Dec. 18
Jan.
Dec.
5614c
preferred A (qu.)
$5 preferred
(quarterly)
Dec.
Dec.
15Nov. 15
Engineers Public Service
Dec.
Jan.
1
15|Nov. 15*
25c
Dec.
25c
1
21, Dec.
75c
$1 )4
(qu.)
Dec.
15
21 Dec.
__
Dec.
$1)4
20c
Special year-end dividend
$6 cum. pref.
Participating stock dividend
Emporium Capwell Corp. (quar.)
Empire Power Corp.,
$5)4 preferred
$5)4 preferred
1
Nov. 30
15 Nov. 30
Dec.
Elgin National Watch Co
El Paso Electric Co.. $6 pref. (quar.)
El Paso Natural Gas Co
$5 preferred
1
10
__
Dec.
Dec.
cash.
or
Dec.
Dec.
(quar.)
Dec.
Optional payment, l-5th of a share of capital
Commonwealth & Southern Corp. $6 preferred-Commonwealth Utilities Corp., 7% pfd. A (qu.)
Dec.
Dec.
Dec.
30c
(semi-ann.)
4
Dec.
Dec.
Co. common...
Preferred (final)
Dec.
_
4
Dec.
Dec.
preferred (quar.)
Electric Storage Battery
4)4% cum.
15
Dec.
Jan.
Edison Bros. Stores, Inc. (quar.)
5% cumulative
15
Dec.
Jan.
-
15
Dec.
Jan.
Corp
10
2 Dec.
Jan.
— -
25 Jan.
Dec.'
Jan.
$1
$1
E xtra
'
...
$1.06)4
4M% conv. preferred (quar.)-.,
$1
Commercial Investment Trust, common (quar.)
$1
Extra
$4)4 conv. preference (quarterly)
$ 1.06)4
10
Jan.
Jan.
Jan.
50c
—
14 Nov. 22
25 Jan.
Jan.
10c
Commercial Alcohols, Ltd., 8%
Commercial Credit Co
3|Dec. 15
Dec.
Jan.
_
40c
& B (extra)
Columbia Broadcasting System, cl. A
Columbia Oil & Gasoline Corp.----.
10
7
Jan.
I.) & Co
25c
Extra
4
Dec.
Dec. 22 Dec.
25c
Participating preferred (quar.)
Dec.
Dec.
25c
Columbia Baking Co
15
Jan.
$2*4
—
Extra
15
15 Dec. 31
4
Dec.
Jan.
(quarterly)
Electrolux Corp.
Extra
3
3;Dec. 15
Jan.
(quarterly)
Ecuadorian Corp., Ltd., common (quar.)
Preferred (semi-ann.)..'
Eddy Paper
15 Dec.
Jan.
Preferred
20
10
14
1
24 Dec.
Dec.
preferred
6%
10
Dec.
_
Doc.
Eastman Kodak Co., common
Dec. 21
1
$134
$1)4
12)4c
$1)4
Colgate-Palmolive-Peet (quar.)
Preferred (quar.)
Colt's Patent Fire Arms Mfg. (quar.)
3 Dec.
Dec.
Jan.
$4)4 preferred
Eagle Picher Lead Co preferred (quarterly)
Eastern Gas & Fuel Assoc., 4)4 % pref. (quar.)__
3
15 Nov. 29
3 Dec. 20
15 Jan.
23 Dec.
$1$6
$i5|4
(quar.)
Jan.
Preferred
$2
Coca-Cola Co. (quar.)
Extra
3] Dec. 15
du Pont de Nemours (E.
75c
(qu.)_
Coast Counties Gas & Elec. Co., 6% pref.
1 Nov. 20
3 Dec.
Jan.
Dec.
Nov. 27
Jan.
Duke Power Co
15 Dec. 10
15 Nov. 29
75c
(quar.)_
Clinton Water Works Co., 7% pref.
Clorox Chemical (quarterly)
Dec.
Jan.
10
6
Dec.
Dec.
(quar.)
Draper Corp
Special
Dresser (S. R.) Mfg. Co., class A
20 Dec.
15 Nov. 30
Jan.
50c
Clark
Class A (semi-ann.)
S1fi
Dec.
Preferred
13
23 Dec.
Dec. 23 Dec.
Dec. 20 Dec.
$22)4
City Auto Stamping (quar.)
15
13
Dec.
15
Dec. 20
Jan.
Debenture
$5
Common (semi-ann.)
Common (extra)
15
13 Nov. 12
3 Dec. 15
Jan.
Feb.
7
Jan.
Dominion Glass Co.
15 Nov. 27
6
15 Dec.
15 Nov. 22
Dec.
$3
$1)4
a
20 Nov. 26
20 Nov. 26
Jan.
50c
Dec.
7
11
(quarterly)
Preferred (quarterly)
Dominion Textile Co., Ltd. (quar.)
8
Jan.
Dec.
Giorgio Fruit Corp., $0 partic. preferred...
Distillers Corp .-Seagrams (resumed)
Dixie-Vortex Co. (extra)
(Quarterly).
Class A (quarterly)
Doehler Die Casting Co
Dolphin Paint & Varnish, $2 class A
Dominion Coal Co., Ltd., pref. (quar.)
—
Dominion Foundries & Steel, 6% pref. (quar.)__
4
15
75c
$1
Preferred (quar.)
Chesobrough Mfg. Co. (quar.)
Cluett
20 Dec.
20
Mar.
pref. (semi-ann.)
pref. (quar.)
Diamond Match Do.,
Dec.
Dec. 20 Dec.
Dec.
Dec.
Di
Dec.
75c
RR. (s.-a.) —
Diamond State Telep., 6)4%
10
4
14
14
Jan.
Dec.
10
20 Dec.
Dec.
Dec.
.-
10
15'Nov. 30
Dec.
(quar.)
Dec.
$3)4
$1)4
$7 prior lien
Champion Paper & Fibre 6% preferred
Chesapeake Corp
Chesapeake & Ohio Ry. (quar.)
Dec.
Detroit Steel Products
1 Dec.
20 Dec.
Jan.
+$1$3
lien
16 Dec.
Dec. 23 Dec. 23
-
1 Dec.
1 Dec.
Jan.
$134
Dec.
N. Y., 7% pref. (quar.)
Detroit Hillsdale & Southwestern
Detroit Steel Corp.
Extra
2 Dec. 20
6
Jan.
this stock.
Foundry (s.-a.)
Detroit Gray Iron
Extra
15 Nov. 20
15 Nov. 20
Jan.
preferred
6% preferred
$5 pr pferr off
Central & South West Utilities, $6 prior
Dentists Supply Co. of
Devonian Oil Co
$3)4
_ _
$1X
Long Hook & Eye (quar.)
Dennison Mfg. Co., debenture stock
This div. liquidates all arrears on
1 Dec. 12
15 Nov. 15
Jan.
$1)4
6% preferred
Central Maine Power, 7%
De
Dec. 24 Dec. 20
Dec. 20 Dec. 10
SI Yi
Canfield Oil Co., pref. (quar.)
Payable of Record
Share
Name of Company
Payable of Record
Holders
When
Per
Holders
When
Per
Share
Name of Company
3767
Chronicle
Dec.
Jan.
Jan.
Jan.
Jan.
10
3 Dec.
15
14
1 Dec.
3 Dec.
3 Dec.
15 Jan.
15 Dec.
17 Dec.
1 Jan.
$1)4
12)4c
$1)4
Feb.
Dec.
Dec.
10
23 Dec.
23 Dec.
Dec.
Dec.
10
15
23 Dec.
Jan.
25c
18
13
17
15
15
1
1
1
3
10
15 Dec.
15 Dec. 1-0
3768
Financial
When
Name of Company
40c
25c
-
_
_
-
■-
-
-
Jan.
Dec.
50c
Jan.
$1
Jan.
S1H
Preferred (quar.)
Godchaux Sugars, Inc., class A
Preferred (quarterly)
Goebel Brewing Co
Jan.
2 Dec. 15
15 Dec.
4
1 Dec. 20
1 Dec. 18
1 Dec. 18
Dec.
23 Dec.
Dec.
23 Dec.
4
3 Dec.
10
5c
-
-
«—
2c
-
Goldblatt Bros., Inc. (quar.)-.
Opt. payment l-40th of a sh. of com. or cash
Preferred (quarterly)
Golden Cycle Corp.
Goodrich (B. F.) Co. $5 preferred (quar.)
Goodyear Tire & Rubber Co., common
$5 convertible preferred (quar.)
Gorham Mfg. Co., common, vot. tr. ctfs
Grand Rapids & Indiana Ry. (s.-a.)
Grand Rapids Varnish Corp
Grant (W. T.) Co
5% preferred
_——
—
60c
621l
Dec.
$1H
3 Dec. 10
15 Nov. 30
22 Dec. 17
50c
Dec.
Dec.
50c
Dec.
15 Dec.
1
t2
Dec.
20 Dec.
10
25c
Dec.
21 Dec.
10
15 Nov. 15
15 Nov. 15
16
Dec.
20 Dec.
1
Leslie Salt Co.
Dec.
15 Dec.
1
Jan.
1 Dec.
31
Jan.
3
Jan.
3
$5
$50
Extra
$15
75c
25c
_>
$3
SIX
Greening (B.) Wire Co., Ltd. (initial)
Greenwich Water & Gas System, 6% pref
Group No. 1 Oil Corp
Guaranty Trust Co. of N. Y. (quar.)
15c
Dec. 21
Dec. 21
Dec. 21
13 Dec.
6
Dec. 13 Dec.
6
Dec. 20 Dec. 10
Dec. 15 Nov. 30
Jan.
3 Dec. 15
Jan.
3 Dec. 20
-
Gulf States Utilities, S6
pref. (quar.)
$5H preferred (quarterly)
Gunnar Gold Mines, Ltd
Gurd (Charles) & Co., Ltd. (interim)
Hackensack Water Co., elass A pref. (quar.)
Jan.
Dec.
25c
-
Gulf Mobile & Northern RR,
preferred--Gulf Oil Corp
tlX
$100
3%
Dec.
Dec.
$1H
tlH
—
43Hc
25c
Paper 6% preferred (quar.)
tlX
mx
10
15 Dec.
1
10
3
15 Nov. 30
15 Nov. 30
Dec. 15 Dec.
1
Dec. 15 Dec.
1
Dec. 31 Dec. 17
Dec.
3c
30c
common
Jan.
3 Dec.
3 Dec.
17 Dec.
Dec.
24 Dec.
15
Jan.
Harbison-Walker Refractories Co., pref. (quar.)
Harrisburg Steel Coro_.
Hartman Tobacco prior preferred
(quar.)
Hazel-Atlas Glass Co. (quar.)
Hazeltine Corp. (quar.)..
:
-
4
14 Dec.
$2
$1H
37Hc
$1H
1H%
tlX
1
43 He
25c
Dec.
3c
Jan.
1 Dec.
1
3 Dec.
10
3 Dec.
10
Jan.
3 Dec.
10
1
29 Dec.
9
15c
Dec.
20 Dec.
5
10c
Dec. 20 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
10
75c
50c
t3X
__
1
6
23 Dec.
10
Dec.
23 Dec.
10
Dec.
Dec.
15 Nov. 26
25c
50c
Jan.
tlX
Holland Furnace Co
Preferred (quarterly)
Jan.
15, Nov.
26
17
3 Dec.
3 Dec.
17
80c
__
class A
Dec.
15 Dec.
10
25c
25c
Honolulu Oil Corp., Ltd.
(quarterly)
Dec.
15 Dec.
24 Dec.
3
Dec.
3 Dec.
20
15 Dec.
27 Dec.
17
62 He
Houston Oil Co. of Texas, preferred
Hudson Motor Car Co
Humble Oil &
Refining Co.
Jan.
37 Xc
Class B
Dec.
(quar.)--
Dec.
Dec.
62 He
20c
__
6%
25c
.
Dec.
Dec.
6
16 Dec.
1
27 Nov. 27
15 Dec.
1
30 Dec 20
Imperial Tobacco Co. of Canada, ord
Indiana Hydro-Electric Power
preferred
Indianapolis Power & Light preferred (quar.)
Indianapolis Water Co. 5% cum. pref--
I
...
Dec.
Jan.
3 Dec.
10
$2H
$2
$3H
noc
$1H
tlX
$1H
Illinois Central RR. Co. leased line
Imperial Life Assurance of Canada (quar.)
tlX
75c
_____
Refining Co
21
1 Dec.
Dec.
Jan.
Dec.
tlX
Home Insurance Co, of
Hawaii, Ltd.
(quar.)
Hummel-Ross Fibre Corp. (special)
Huttig Sash & Door Co. 7% preferred
Hygrade Sylvania Corp
Illinois Bell Telep
21 Dec.
31 Dec.
20c
Dauch Paper Co
Preferred (quarterly)
Hiram Walker-Gooderham & Worts
Preferred (quar.)
Houdaille-Hershey
6
25c
50c
&
Hoskins Mfg. Co
Dec.
5
Dec.
15 Dec.
3
Jan.
3 Dec.
11
Jan.
3 Dec.
31
Dec. 31
Dec.
Jan.
Jan.
Dec.
10
15 Nov. 30
1 Dec.
4
1
Dec.
11
15c
_
$1H
$3
Extra
International Shoe Co. (quar"II."""
International Silver Co., preferred
Interstate Home Equipment
Co., Inc. com
Extra
Interstate Natural Gas Co
I.-I
Intertype Corp., 1st pref. (quar.)
__
(semi-annual)
Investors Corp. of R. 1., 2nd cumul.
pref
$6 preferred (quarterly)
Investors Royalty Co.
(quar.)
Preferred (quar.)
_
1 Feb.
Dec.
23 Dec.
10
Dec.
1 Mar. 15
24 Dec. 15
Dec.
Jan.
Dec.
Jan.
Dec.
50c
25c
t25c
$1
6% preferred (quar.)
Katz Drug Co., pref. (quar.).
Kaufmann Dept. Stores, Inc.,
preferred
Kelley Island Lime & Transport
Kennecott Copper Corp
Special
Keystone Public Service Co. $2.80 pref
24
Dec. 31
Dec. 31
Dec. 21
Dec.
Dec.
3 Dec.
31
31 Dec.
Dec. 31 Dec.
Dec. 15 Dec.
11
Dec.
23 Dec.
13
20c
Dec.
22 Nov. 22
t$lH
j
-
1
Dec.
Dec.
1
Lone Star Gas Corp——.-
Ix>ng Island Lighting Co.. 7%
ser. A pref. (qu.)_
6% series B preferred (quarterly) —;—
Loose-Wiles Biscuit Co pref. (quarterly)
87 He
Jan.
11
4
1 Dec.
15
75c
Jan.
1
15
$1H
Jan.
1 Dec.
$2H
Lorillard (P.) Co. (quarterly)
Jan.
Dec.
30c
Dec.
17
3 Dec. 17
15 Dec.
1
15 Dec.
1
tlX
Dec.
10c
Dec.
15 Dec.
10c
Dec.
1H%
1H%
Jan.
15 Dec.
1*
15 Dec. 31
15 Dec. 31
(quarterly)--
Louisville Gas & Elec. Co. (Ky.), 7% pref. (qu.)
6% preferred (quar.).
5% preferred (quar
Louisville Gas & Electric class A & B (quar.)
Louisville & Nashville RR. Co. (extra)
Lunkenheimer Co preferred (quar.)
Jan.
1*
Jan.
15 Dec. 31
Dec.
24 Nov. 30
23 Nov. 29
3 Dec.
2
Dec.
tlx
Jan.
40c
Jan.
$3
J 10c
Jan.
Dec.
15 Nov. 15
tlx
Lykens Valley RR. & Coal Co. (s.-a.)
Lynchburg <fe Abingdon Telegraph Co. (semi-an.)
McColl Frontenac Oil (quar.)
Preferred (quar.)__
McCord Radiator & Mfg. class A (stock div.)
H of 1 sh. of funding stock for each cl. A held.
Jan.
15 Dec. 31
3 Dec.
15
3 Dec.
15
Dec.
15,Dec.
1
Jan.
10 Dec.
1
Dec.
Class A stock dividend-
20 Dec. 20
5 Dec. 15
H of 1 sh. of funding stk. for each cl. A held.
McKee (Arthur) & Co., class B (year-end)
McKeesport Tin Plate Corp., com
Jan.
McKenzie Red Lake Gold Mines.-
Dec.
McKesson & Robbins, Inc., stock dividend
Div. of l-25th of a share of $3 pref. stock
on the common.
$3 preference (quarterly)
McLeod Building Ltd. (new initial)--
Dec.
Dec.
15 Dec.
1
$1
Dec.
15 Dec.
1
$3
Dec.
21 Nov. 30
15 Nov. 26
tix
Dec.
25c
Dec.
tix
tlx
Mapes Consol. Mfg. Co. (quar.)
Marchant Calculating Machine (year-end)
Margay Oil Corp
Marion Water Co., 7% pref.
(quar.)
15 Nov. 30
1
15 Dec.
75c
■
Macfadden Publications, inc., preferred
Magma Copper Co., year-end dividend
Magnin (I.) & Co. (quar.)
Mangel Stores Corp. $5 pref. (quar.)
Preferred (quar.)
Dec.
Dec.
50c
Jan.
$1
25c
Dec.
tlX
tlX
-
Marlin-Rockwell Corp
Martin Custom-made Tires, 8% pref.
(quar.)_.
Maryland Fund (quar.)
Jan.
15 Nov. 30
15 Dec.
3*
15 Dec.
3
15
5
10 Dec. 20
2 Dec.
20 Dec.
Jan.
-
3 Dec. 20
Extra
Extra stock dividend
16 Dec.
9
Dec.
15 Dec.
1
5c
------
Dec.
10c
Dec.
5c
..—
.
Dec.
15 Nov. 30
15 Nov. 30
3%
_
Massachusetts Lighting Cos.
$8 preferred (quarterly).
$6 preferred (quarterly)
(quar.)
75c
Dec.
15 Nov. 30
Dec.
27 Nov. 29
15 Dec. 31
$2
Jan.
$1H
Jan.
15 Dec.
40c
52 He
Master Electric Co. (quarterly).
Mathieson Alkali (year-end div.)
Dec.
20 Dec.
Dec.
23 Dec.
31
4
1
9
Jan.
11T~
$2
11c
Dec.
Dec.
Dec.
$1.60
Dec.
$2
Jan.
7
10
*
1.5 Nov. 30
3 Dec. 15
Jan.
Jan.
Dec.
22 Dec.
15
Dec.
22 Dec.
15
9
Jan.
3 Dec.
3 Dec.
15
20
3 Dec.
20
7,5c
$2
$1H
$1H
tlX
tlx
tlx
tlx
40c
50c
$1
70c
25c
50c
$1H
25c-
62Hc
Dec.
20 Dec.
20 Dec.
Dec.
15 Jan.
15 Dec.
15 Dec.
Dec.
15 Dec.
Dec.
Jan.
Dec.
Jan.
Jan.
Jan.
Dec.
1
21
Dec.
6
50c
Dec.
20 Dec.
1
Dec.
31 Dec.
15
3 Dec.
20
7
Midland
1*
13
15 Nov. 15
15 Nov. 15
23 Dec.
Dec.
30c
$1H
period from July 1
Steel
Dec.
tix
tlX
tlX
Dec.
22 Dec.
4
Dec.
31 Dec.
10
1 Dec.
14
15 Nov. 30
3 Dec. 15
3 Dec.
15
1 Dec.
15
31 Dec.
10
Dec. 15 Dec.
1
Dec. 23 Nov. 26
Dec. 23 Nov. 26
Jan.
3 Dec. 15
Jan.
3 Dec. 14
Dec. 14 Nov. 29
Jan.
3 Dec. 14
Dec. 24 Dec. 14
Feb.
2 Jan. 20
Dec.
17 Dec.
22 Dec.
4
'37 to Dec. 31 '37.
50c
Dec.
29 Nov. 30
Dec.
20 Dec.
$3
$3
1 Dec.
16
4
Dec.
20 Dec.
4
Jan.
3 Dec.
22
Dec.
24 Dec.
15
$2
Jan.
1 Dec.
15
50c
Jan.
1
Dec.
15
$2H
Dec.
--_
MidvaleCo
Midwest Oil Co. (semi-ann.)
Miller Wholesale Drug Co.---..
9
Dec.
15 Nov. 15
12 He
Dec.
27 Dec.
15
50c
Dec. 23 Dec.
3 Dec.
14
$1H
Jan.
$1H
Jan.
20
15
$2
Jan.
3 Dec.
1
55c
Dec.
18 Dec.
10
Dec.
18 Dec.
10
Dec.
20 Dec.
Dec.
15 Dec.
10
3 Dec.
10
SI
30c
mx
tlx
50c
87 He
$1
5(Jc
i
(Quarterly)
$4H class A pref. (semi-ann.)
Montgomery Ward & Co., Inc
Class A (quarterly)
Montreal Loan & Mtge. Co. (quar.)
Moore < Wmi
h.1 Dry Goods (quar.)
2 Dec.
tix
.___
Monroe Chemical Co
Preferred (quar.)
—
18 Dec.
50c
—
Minneapolis-Honeywell Regulator (extra)
Mississippi River Power Co., 6% pref
Mississippi Valley Public Service Co.—
6% preferred B (quarterly)
Mobile & Birmingham RR.,
4% pref. (s.-a.)
Mock, Judson Voehringer
Preferred (quarterly)
Modine Mfg. Co
Mohawk Carpet Mills (quar.)
Monarch Knitting Co., Ltd., 7% preferred
Monongahela Valley Water Co.—
7% preferred (quarterly)
N
t2X
Jan.
15 Jan.
Dec.
24 Dec.
14
Dec.
14
22 Dec.
Dec.
15 Nov, 24
1 May
15 Dec.
10
3 Dec.
17
Jan.
Jan.
Dec.
i
Preferred (quarterly)
Mother Lode Coalition Mines Co
Motor Finance Com., extra (pay. in cash or stk)
65c
75c
$1H
45c
•'
$2
3
Dec.
50c
$1 H
S2H
t3X
t3X
1
June
50c
—
10
Jan.
Jan.
tix
Morris & Essex RR. Co
Morris Finance Co., class A, common (quar.)
Class A common (extra)
1
Class B, common (quarterly)
Class B, common (extra)
15 Nov. 24
Jan.
Products
8% preferred (quarterly)
$2 non-cumulative
Monsanto Chemical Co. (extra)
Dec.
$1
$1H
t$3H
t$3
-
_
Jan.
30c
Mesta Machine Co., common
9
27 Dec.
Dec.
50c
Mergenthaler Linotype (quarterly)
50c
1 Dec.
tlX
Metropolitan Edison Co., $6 pref
Michigan Gas & Electric, 7% preferred
6% preferredMidland Grocery Co 6% pref. (s.-a.)
1
Dec.
•_
31 Dec. 20
75c
Loew's (M.) Theatres, Ltd., 7% pref
For
17
Dec.
Jan.
Extra-.
Preferred (quar.)
Ernil) (quar.)
Preferred (quar.)
20
25c
t$2
t$3
37Hc
75c
Kansas City Power &
Light pref. B (quar.)
Kansas City Southern Ry.
Co.. preferred
Kansas Electric Power,
7% pref. (quar.)
15
18
Jan.
$1
Memphis Power & Light Co., $7 pref. (qu.)
$6 preferred (quarterly)
Mengel Co. 1st preferred
Dec. 21 Dec.
Dec. 12 Dec.
Dec. 15 Dec.
Dec. 15 Dec.
Dec. 15 Dec.
(Quarterly)
Klein (D.
15 Dec.
50c
(yoar-end div.)
24 Dec.
3 Dec.
50c
Extra..
Common
1 Mar. 15
Dec. 23 Dec. 15
Dec. 15 Nov. 21
$3
_
Mar.
Loew's, Inc. (quar.)
Memphis Natural Gas, pref. (quar.)
Apr.
t$lH
S1H
lHc
Joplin Water Works, 6% pref.
(quar.)
Joslyn Mfg. & Supply (quar.)
Special
6
9c
International Salt Co. (quar.)
Preferred (quar.)
8
9
45c
-
Kimberly-Clark Corp. (quar.)
24 Dec.
3 Dec.
23 Dec.
Dec.
62Hc
Extra
Jewel Tea Co., Inc.
Dec.
Jan.
25c
40c
International Paints. Ltd.,
5% preferred-_IIII.
5% preferred
;-____
International Power Securities, $6
pref. class A_
International Products, preferred
4*
4
Apr.
40c
Preferred (quarterly)
5%
$1H
________
13 Dec.
2 Dec.
Mead Corp. (quar.)
Melchers Distilling, Ltd., 6% pref. (s.-a.)
payable Dec. 1, 1942.
.___
Dec.
Jan.
10
1
Maytag Co
Payable in 5% deb. notes dated Dec. 3, 1937.
Ingersoll-Rand Co
Preferred (s.-a.)
Interlake Iron Corp.International Business Machines (stock
div.)
Common
International Elevating Co__
International Harvester Co.
(quar.)
International Mining Co
International Nickel of Canada
15 Dec.
15
15
—
_
Hercules Powder Co., new (year-end
div.)
Hershey Creamery Co. common
7% cum. preferred (s.-a.)
Hibbard, Spencer, Hartlett & Co. (monthly)
Hilton Davis Chem cal Co. common
15 Dec.
Dec.
25c
6
6
1 Dec.
Dec.
75c
$2
-
20 Jan.
11»
Jan.
Lock Joint Pipe Co. (monthly)
8% preferred (quar.)
Jan.
$1H
2
3 Dec. 14
Dec. 15 Dec.
1
Dec. 27 Dec. 20
Dec. 15 Nov. 20
Dec. 22 Dec.
7
25c
_
Extra
Liquid Carbonic (quarterly)
Lone Star Cement
1
$1
-
1
tlX
Hein-Werner Motor Parts Corp.(quar.)
15 Dec.
50c
-
15 Dec.
Jan.
Extra
-
Dec.
Jan.
Preferred (quar.)
Dec.
Dec.
Jan.
...
tlx
tlx
I
-
_v
Preferred (quarterly)
Louisiana Land & Exploration Co.
Extra
75c
Hearst Consol. Publishers, 7%
pref. A (quar.)..
Hecla Mining Co_Hedley Mascot Gold Mines, Ltd. (quar.)
5
6
Lord & Taylor (quar.)
$1
--
15 Dec.
15 Dec.
tlX
Extra
15 Nov. 26
10
Dec.
23 Dec.
50c
Lindsay Light & Chemical Co., pref. (quar.)
Link Belt Co., pref. (quar.)
(Quarterly)
Dec.
Dec. 20 Dec.
Dec. 15 Dec.
Jan.
3 Dec.
Dec. 15 Dec.
Dec. 15 Dec.
9
Dec.
3%
$1
—--------—-
3 Dec. 15
Dec. 31 Nov. 30
20c
1
16 Dec.
Dec. 31 Dec. 24
Jan.
3 Dec. 20
Feb.
1 Jan. 20
Jan.
3 Dec.
3
Dec. 15 Dec.
1
Dec.
...
75c
Hamilton United Theatres, Ltd.,
7% pref
Hamilton Watch Co. (quar.)
Hammermill Paper (increased)
13 Dec.
Dec.
—
Preferred (quar.)
Lion Oil Refining Co—
11
Dec.
(quar.)
Lima Locomotive Works, Inc..
Dec.
$2H
_
Preferred
14
2 Dec.
Jan.
Libby, McNeill & Libby pref. (semi-annual)
Libbey-Owens-Ford Glass.
Liggett & Myers Tobacco com. & com. B (extra)
Lily-Tulip Cup
15
14
24 Dec.
$1
16
1 Dec.
15 Dec.
tlX
Greene R.R. Co.
(semi-annual)
Greenfield Tap & Die, $6 preferred
1 Dec.
Dec. 24 Dec.
62 He
$1
1 Dec.
Dec.
15
15
5c
Jan.
..
15
Dec.
Lava Cap Gold Mining Corp
Lawrence Portland Cement
Lehn & Fink Products Corp., common
Lehigh Portland Cement Co. pref. (quar.)
(quarterly).
1
1 Dec.
1 Dec.
Jan.
t$i
j$i
Jan.
Dec.
15 Dec.
tlx
30c
$50
60c
debenture, on each SI,000 certificateClass B debenture, on each SI.000 certificate
Greene Cananea Copper
(quar.)
Dec.
Jan.
Lake Shore Mines, Ltd. (quar.)
Bonus
Landis Machine 7% preferred (quar.)----
25c
8
Holders
Payable of Record
Jan.
--
35c
Class A
2d preferred
Kingston Products (quar.)
Kings County Lighting Co., 7% ser. B. pf. (qu.)
6% series C preferred (quar.)
5% series D preferred (quar.)
Kleinert (I. B.) Rubber Co. (quar.)
Special
Koppers Co. 6% preferred (quar.)
Kresge (8. S.) Co
Kreuger (G.) Brewing Co., common
Kroehler Mfg. Co. 6% pref. A (quar.)
Kroger Grocery & Baking Co., 6% pref. (quar.)_
7% preferred (quar.)
Lackawanna RR. Co. of N. J—--------------
$1.40
6% preferred (quar.)
Indian
Dec.
11, 1937
When
Share
$2
Great Western Fuse Co. common
Great Western Sugar (quar.)
Preferred (quarterly)
Green Bay & Western RR. Co
Helme (Geo. W.) common
Extra;
Per
Name of Company
10c
-■
Great American Indemnity (N. Y.).
(s.-a.)
Great Northern Ry.,
prel. (resumed)
Great Western Electro Chemical
Hinde
Jan.
4
tlX
--—
Haloid Co..
Hamilton
Jan.
Dec.
I Holders
Payable of Record
Glens Falls Insurance Co. (quar.)
Globe-W ernicke
E xtra.
Chronicle
1
10
15 Nov. 30
2
Jan
2 Jan.
Jan.
3 Dec.
3
31 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
Dec.
10
Dec.
10
10
31;Dec. 10
Dec. 31 Dec. 10
Dec. 23 Nov. 29
Dec. 23 Nov. 22
Volume
Financial
145
13
Mountain City Copper
25c
Dec.
23 Dec.
Mountain Producers Corp. (semi-ann.)
Muncie Water Works 8% pref. (quar.)
30c
$2
Dec.
15 Nov. 15*
1
15 Dec.
25c
Dec.
20 Dec.
13
65c
Dec.
4
$1
$14
$1
Dec.
15 Dec.
22 Dec.
National Acme Co
50c
Dec.
National Battery Co.,
National Biscuit Co
55c
Jan.
Murray Corp. of America
Muskogee Co., bommon
Muskegon Piston Ring
_
Mutual Chemical Co. of Amer.. 6% pref. (quar.)
Myers (P. E.) & Co
preferred (quar.)
__
Dec.
Dec.
40c
Extra
Dec.
$14
-
Dec.
Register (year-end)
Dec.
25c
Dec.
Dec.
$14
„
Jan.
124c
Dec.
ilk
_v—
Dec.
Dec.
Feb.
National Malleable & Steel Castings Co., com_.
National Standard Co. (quar.)
50c
Dec.
50c
50c
Jan.
Dec.
div
sh. of $2 10-year prior preference
21
8*
3 Dec. 15
1
3 Dec.
8
22 Dec.
1-1 Oth of a
stock for each share held.
$l3/s
50c
$2 10-year prior preference.
$1^
-- -
—-
.
.
Dec.
75c
Dec.
$1
t50c
$14
pref—...
preferred
Dec.
Dec.
20
Jan.
Dec.
10
Jan,
Jan.
31
Dec. 15
Jan.
Dec.
Dec.
7
7
Dec.
Dec.
4
Dec.
Dec.
8
Dec.
Dec.
3
mDec.
Dec.
75c
50c
75c
4
Dec.
16
Dec.
Dec.
—
Dec.
Dec.
Dec.
Dec.
1
Jan.
Dec.
10
15
Jan.
Dec.
Dec.
Dec.
15
8
Dec.
Dec.
4
Dec. 22 Dec.
10
Dec.
50c
Dec.
Dec.
15 Nov. 30
Dec.
24 Dec.
Dec.
Dec.
22|Dec. 10
15 Nov. 30
10
16
Ontario Mfg. Co
Otis Elevator Co
------------Preferred (quarterly)
OtiS Steel 1st preferred (quar.)
Pacific & Atlantic Telep. (s.-a.)
Pacific Finance Corp. of Calif, (quar.)
—
—
—
-------—
Pacific Lighting Corp., pref. (quar.).Pacific Public Service, 1st preferred—-
16
Panhandle Eastern Pipe Line
(qnar.)
Park & Tilford, Inc
Extra
—
Dec.
Dec.
Nov. 30
64c
25c
Dec.
Nov. 30
Dec.
Dec.
Dec.
Nov. 30
60c
Dec.
Nov. 30
Deq.
Dec.
1
Jan.
Dec.
15
10
Extra.
- —
Rich's, Inc. (extra)
pref. (quar.)
-------
------------ -
Pennsylvania Edison Co., $5 pref-----------$2.80 preferred
Pennsylvania Gas & Electric, $7 pref. (quar.) —
7% preferred (quar.)
Pennsylvania Glass Sand Corp
$7 cum. conv. pref. (quar.)
Pennsylvania Power Co., $6.60 pref
(monthly)
$6.60 preferred (monthly)
$6.60 preferred (monthly)
$6 preferred (quar.)
— -—
Pennsylvania RR. Co-——.————Pennsylvania Salt Mfg
Penn. Water & Power Co., common (quar.) —
$5 preferred (quarterly).
—
Peoples Drug Stores, Inc., 64 % pref
Quarterly
Special
Perfect Circle Co. (quar.)
Dec.
10
21
DecJan.
Dec.
Dec.
Nov. 26
Dec.
Nov. 20
Dec.
Nov. 20
Dec.
Nov. 20
Dec.
Nov. 20
Dec.
Nov. 20
Dec.
Nov. 20
§
Dec.
Nov. 30
Dec.
Nov. 30
$14
$14
14%
14%
1 4 %
$14.
Jan.
3 Dec. 20
Jan.
3 Dec. 20
Dec. 10
Jan.
Dec.
Jan.
9
1
1
Dec. 15 Nov. 30
Doc. 24 Dec. 15
50c
Dec.
20 Dec.
$14
$14
Dec.
24 Dec.
Feb.
28 Feb.
Jan.
Dec.
1 Dec. 15
21 Nov. 12*
3*
21 Dec.
Dec.
21 Dec.
25c
40c
$14
rtOc
Dec.
Dec. 28 Dec.
Dec. 28 Dec.
1
15 Dec.
15 Nov. 30
1 Dec. 15
Dec.
50c
Dec.
50c
Jan.
1 Dec.
Dec.
24 Dec.
13
Dec.
14
15 Nov. 30
Dec.
15 Nov. 30
Dec.
15 Nov. 30
15 Nov. 26
Dec.
Dec.
25c
Jan.
$14
$4
Jan.
3 Dec.
13
3 Dec.
Jan.
Dec. 20 Dec.
Dec. 20 Dec.
15
9
Jan.
Jan.
9
3 Dec. 21*
4
3 Dec.
4
3 Dec.
3 Dec. 20
6
15 Dec.
Dec. 31 Dec. 15
Dec. 24 Dec. 10
Jan.
$14
$1
Jan.
Dec.
20c
Jan.
6
Dec.
Dec.
10
Dec.
Nov. 26
Dec.
Dec.
(quar.)
(quar.)
(quar.)-
—
$14
$14
—
$4
25c
—-
Common--
------
_
(quar.)
.
1
1
Dec.
Nov. 15
Jan.
Dec.
23
Dec.
Dec.
1
40c
Jan,
Dec.
15
Dec.
Feb.
15
5
Nov. 12
$14
Jan.
Dec.
70c
Jan.
Dec.
10
$ih
$14
Jan.
Dec.
20
10
Jan.
Dec.
20
Dec.
Dec.
.
Jan.
-
1 Dec.
10
20 Dec.
20 Dec.
10
the rate
of face value for each sh.
Notes
will bear interest at rate of 4% per annum,
with a due date of Dec. 20,1940
Rubinstein (Helena) (initial)
Class A (quar.)
Ruuu Mfg Go
(quar.)
Dec.
Dec.
Dec.
Dec
Dec.
Dec.
25c
Jan.
Dec. 22
10c
Dec.
Extra
Bridge Co., 6% 1st pref. (s-a)..
3% 2d preferred (semi-ann.)
Safety Car Heating & Lighting Co--Safeway Stores, Inc.,stockdiv_- —
1-100th of a share of 5% pref. stock for each
share held.
Div. resulting in a fraction of
less than 1-1 Oth of a share will be paid in
cash not later than Dec. 21; based on market
value of 5% preferred stock on Dec. 15.
8t. Louis
Dec.
Dec.
6
Dec.
Dem
10
$3 Jan.
$154 Jan.
Dec.
$3 4
Dec.
15
Dec.
Dec.
15
Dec.
Dec.
1
Dec.
10
Dec.
10
1 Dec.
ifi Dec.
10
Jan.
$14
$14
$14
5% preferred (quarterly)
6% preferred (quarterly)
7 % preferred (quarterly)
Jan*
75c
Dec.
Dec.
Jan.
Dee.
Jan.
Dec.
20
Sin
20
& Pow. Corp. 6% pref. A & B
7% preferred A & B (quar.)
Savage Arms Corp., 2nd preferred — ---Schenley Distillers Corp
$14
$14
$14
Preferred (quarterly)
Schiff Co., common (quar.)-___---——
$14
Jan.
50c
Dec.
7% preferred (quar.)
54% preferred (quar.)
Scott Paper (quarterly)
$15*
$14
Dec.
21
Feb.
21
Nov. 20
$3
Dec.
Nov. 30
$14
$14
$14
Jan.
Dec.
15
Jan.
Dec.
15
Dec.
Dec.
1
Remedial Loan Assoc. (quar ).
San Joaquin Light
—
Dec.
Dec.
11
$1
Dec.
Dec.
11
50c
Dec. 20 Dec.
8
Scranton Lace Co.. common
75c
Dec. 20 Dec.
8
Sear8, Roebuck (quar.)
'
75c
Dec.
Dec.
Dec.
10c
Dec.
——
—
-,—-----—
1
9
1
15 Nov. 30
15 Nov. 30
Dec. 20 Dec.
Dec. 24 Dec.
40c
25c
Extra
6
10c
St. Joseph Lead Co
Francisco
Dec.
6
10
50c
_...
Jan.
Feb.
6
of $1.40
55c
Dec.
1 Mar. 10
1 June 10
Apr.
July
$14
Mar.
11
25c
6
15
75c
20
23 Dec. 11
Dec. 16 Nov. 24
Jan.
3 Dec. 10
15c
Ruberoid Co. (quar.)
Year-end div. in promissory notes at
1
1 Dec.
23 Dec.
Dec.
$1
Ross Gear & Tool Co.
10
3
25c
Dec.
10
25c
Quarterly
Quarterly
6
25c
Mar.
15 Nov. 26
3 Dec. 13
15 Nov. 29
10
55c
14
Dec.
Dec.
27
$14
23
Jan.
Jan.
50c
Dec.
Jan.
15
Dec.
24 Dec.
50c
50c
Riverside Silk Mills, class A
Dec.
Feb.
10*
15
15
10*
Dec.
55c
10
.
21 Nov. 26
Dec.
10*
Dec.
50c
10
Dec.
Jan.
10
Dec.
Feb.
20
15
Jan.
25c Dec.
Dec.
24 Dec.
3 Dec.
64 % preferred (quar.)
Rollins Hosiery Mills, conv. stock (initial)
Koeser& Pendleton, Inc. (quar.)
$14
14
Dec.
24 Dec.
Nov. 15
7% preferred (quar.)
Pennroad Corp
Dec.
Tan.
Rochester Telep. Corp.
Dec.
10
Dec.
Dec.
—
15
40c
22
Dec.
Nov. 24*
Dei.
Dec.
Nov. 22
i
Dec.
Dec.
Dec.
25c
—
15
"Ml "4
11
17
15c
Dec.
payable in 2% 5-year conv. debs.
pref. (quar.)
— Ltd
Peninsular Telephone Co. (quar.)
Dec.
$14
preferred (quar.)
Co. (quar.)
Preferred (quar.)
6 4%
Ritter Dental Mfg.
31
A div. of 75c.
8
Dec.
50c
Dec.
Penick & Ford,
Dec.
4
31
$14
15c
Pathe Film Corp., $7
Dec.
Dec.
Jan.
60c
Class B
Richmond Water Works Corp., 6%
Dec.
stock.
Dec.
$14
7% pref. (quar.)
54% preferred (quarterly) —
$ 1.314
$1H
Reynolds M etals Co .,54% cum. pref. (quar.) —
60c
Reynolds (R. J.) Tobacco Co- - ------ - - -—
Dec.
■Jan.
Jan.
Revere Copper & Brass,
Dec.
15
15
Dec. 31
40c
—
Jan.
20 Dec.
Dec. 20 Dec.
20
Dec.
Dec.
River Raisin Paoer Co
25c
- ——
Jan.
Dec.
Dec.
Dec.
Dec.
12^c
(Daniel), Inc. (quar.)_:
Option div. 1 sh. of pref. for each $100 in d iv
$m
Preferred (quar.)
..
$14'
Reliance Grain Co., Ltd., 64% pref. (quar.) —
30c
Reliance Insurance Co. (Phila.).
Jan.
Jan.
6*
Jan.
20c
Extra
10c
50c
11
Reeves
40c
16 Dec.
23 Dec.
Dec.
50c
Reed Roller Bit Co., common—
Robertson (H. H.) Co
Roberts Public Market, Inc.
Dec.
Dec.
Nov. 17
Dec.
.
10
15
Park Utah
Extra
_
Dec.
Nov. 30
Parker-Wolverine Co
Extra
Preferred
Dec.
$1
50c. div. Dayable in cash or pref.
Consol. Mines (resumed).
(special)
(quar.)——----------———
Rapid Electrotype Co
(quar.)
Raybestos-Manhattan, Inc
Rayonier, Inc
-----————- - ....———- - $2 preferred (initial quar.)
Reading Co.. 2nd preferred (quar.)
Ralston Steel Car
Dec.
Dec.
Dec.
15c
Jan.
$1
$1
3
6*
Nov.
Queens Borough Gas & Electric Co.—
75c
6% cum. preferred (quarterly)
20c
Radio Corp. of America, common
---87 4c
$3 4 cumul, conv. 1st preferred-----------*
B preferred.
— \$314
15
50c
(initial).
Dec.
:8
15
$1
ParaffineCos., Inc. (quarterly)--
Dec. 31
Dec.
$1
Dec.
Playable in 7-year 34% notes.
Jan.
$14
Dec.
75c
Pacific Western Oil Corp..—
Pan American Petroleum & Transport
Jan.
$2
50c
Dec.
85c
—
—
(quarterly)
Jan.
$14
$14
Jan.
50c
*
......—
$14
t$1.30
t50c
—
———
(quar.)
—
(quar.)----
$14
$14
Dec.
Dec.
4
Nov. 26
$1 4
Preferred (with warrants)Rensselaer & Saratoga RR. (s.-a.)__
Dec.
3
Dec.
20c
37 4c
65c
Remington Rand, Inc
Dec.
Dec.
Dec.
$14
$14
Dec.
45 c
Nov. 19
62 ^c
Nov. 30
45c
10
16
20c
3c
50c
(quar.)
Mining (quar.)
Pressed Metals of America (quar.)
Pressed Steel Car 5% 2nd pref
Procter & Gamble, 5% pref. (quar.)..„--...i..
Prosperity Co., Inc., class A& B
Payable in 5% pref. stock.
Preferred (quar.)
Protective Indemnity Go
Public National BauK & Trust (quar.)__
Nov. 30
50c
1
Dec.
Dec.
50c
Preferred Accident Insurance Co.
Dec.
$1^
—
Dec.
Jan.
Dec.
w
Dec.
$14
—
.
Jan.
Jan.
Jan.
Dec.
43^c
_
Jan.
10
Dec. 31
|30c
$2
25c
Omnibus Corp. (Initial)—
Preferred (quar.)—
Oneida, Ltd. (quarterly)
7% participating preferred (quar.)..
Dec.
$3
$1 4
6% preferred (semi-ann.)...
—
Pollock Paper & Box Co. 7% pref. (quar.)
Ltd., coml (interim)
6% cum. preferred (quarterly)
6% non-cum. preferred (quarterly)
Pratt & Lambert, Inc
Power Corp. of Canada,
$1.80
(quar.)—
Jan.
1
Dec.
$1
10c
6% preferred (quar.)
14
60c
$1 %
(quar.)
Oklahoma Natural Gas 6% prior pref.
Old Joe Distilling Co. 8% pref. (quar.)
Preferred
5*
30c
30c
1st preferred
Dec.
$1 4
$1
30c
Extras
Pacific Tin Corp.
Extra
3
Dec.
Jan.
50c
(semi-annual).--
1
Dec.
25c
Year-end
50c
...-
Dec.
Dec.
Dec.
—
.
—
-
-------------
Extra
15
Dec.
t$14
$2
—
(quar.)
Pacific Indemnity Co.
( Extra
3
Dec.
Nov. 30
Dec.
20c
Ohio Water Service, ciass A
Oklahoma Gas & Elec. 7% pref.
Dec.
Jan.
Dec.
124c
North Central Texas Oil (final)-.Nova Scotia Light & Power Co. (quar.)
Ogilvie Flour Mills Co.. Ltd. (bonus)
Ohio Brass Co., com. class A & B
Ohio Confection Co., class A
Ohio Finance Co__--_Special (payable in 5% notes)
15
Dec.
$14
Jan.
35c
6% brior lien stock (quar.).
5% preferred (quar.)
54% preferred (quarterly)
6% preferred (quarterly)...—
—
Pullman, Inc. (special)—
Pyle-National Co., common
Quaker Oats Co. (quar.)-------.........
Preferred (quarterly)
—Quaker State Oil Refining Corp. quar.)
—
50c
-----
15
Dec.
$14
7 % prior lien stock (quar.)
Dec.
Dec.
8
Dec.
$1
t
Pure Oil Co.,,
$14
North American Aviation, Inc
Extra
15
15
40c
(quar.)
?: Extra.-—-iNorthwest Engineering Co., com
Northwestern Tel eg. Co. (s.-a.)
Norwich Pharmacal Co., common
Oilstocks, Ltd.
Dec.
45c
Norfolk & Western Ry.
Preferred
7
Dec.
$1^
--------——- -—-
_ -
Dec.
Jan.
$14.
Dec.
Dec.
Jan.
Public Service Co. of Oklahoma—
Dec.
Jan.
"si
New York & Queens Elec. Light & Power
Niagara Alkali Corp., 7% pref. (quar.).
Niagara Hudson Power Corp., common
Niagara Share Corp. of Md., cl. B com
Class A preferred (quarterly)
Ohio Oil Co.
Dec.
Dec.
75c
New York Lackawanna & Western
-
3
Dec.
20c
$5 preferred (quar.
7% preferred (quar.)-—
8% preferred (quar.)
—
------6% preferred (monthly)
Public Service Electric & Gas, $5 pref. (quar.)-.
7% preferred (quar.)
Public Service Co. of N. H., $6 pref. (quar.)-—
$5 preferred (quar.)
-
$1^
-
------
Dec.
$14
$2 H
$24
$24
$1^
New York & Harlem RR.Co
-
Dec.
Dec.
65c
Noranda Mines, Ltd
Dec.
Jan.
10
Dec. 20
25c
-
Public Service of N. J.
Nov. 30
Nov. 30
Jan.
Special
New Jersey Water Co., 7% pref. (quar.)
New York City Omnibus Corp. (special)
Co
22 Dec. 10
15 Nov. 30
4
4
15c
Niles-Bement-Pond
Dec.
Dec.
New Idea, Inc., common
$6
6
6
50c
---
Newberry (J. J.) Co.. (quar.).-.-.—-—
Newmont Mining Corp..
Year-end div. of l-10th of a share of Phelps
Dodge Corp. com. for each share of New¬
mont Mining Corp
New England Gas & Electric Assn. $54 pref—
New England Tel. & Tel. (quar.)
New York Mutual Tel eg. Co. (s.-a.)
New York Power & Light Corp., 7%
6
60c
Nehi Corp., common
Preferred
20 Dec.
Dec, 20 Dec.
Dec. 20 Dec.
Dec.
15 Nov. 30
6
Dec. 22 Dec.
Dec. 15 Nov. 30
55c
National Transit Co..
Neisner Bros., Inc.
50c
tlOc
$14
$14
$2 4
Premier Gold
5 4 % prior preferred
6% Preferred-
50c
Extra
1 Jan.
22 Dec.
1
Dec.
35c
Pneumatic Scale Corp., Ltd., com
—
1
Dec.
$1
Plate Glass Co
Screw & Bolt Corp..
Preferred (quarterly).
Plymouth Cordage Co. (quar.)
Plymouth Oil Co., common (quar.).
Pocahontas Fuel Co__
Dec.
Dec.
$14
$14
$14
m
Metallurgical Co------.-——...
4
Dec. 20
Dec.
6215
& Lake Erie RR
4
Dec.
Dec.
25c
(quarterly)
Petroleum & Trading Corp., class A
Pfaudler Co. (quar.)
Phelps Dodge Corp
Philadelphia Baltimore & Washington (s.-a.)
Philadelphia Co., $6 preference (quar.)
$5 cumul. preference (quarterly)—
Philadelphia Diary Products, 1st pref
Philadelphia Electric Power, 8% pref. (qu.)
Phoenix Finance Oorp
8% pref (quar.;..
Pioneer Gold Mines of B. C., Ltd
Pittsburgh Ft. Wayne & Chicago Ry. Co
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Payable of Record
37m
-
-
Pet Milk Co.
Preferred
24 Dec. 18
15 Nov. 26
Jan.
Nationa ISugar Refining Co. of N. J
National Supply Co. (Penna.), stock
10
22 Dec.
22 Dec.
Perfection Stove Co. (quar.)-Permutit Co
-
1 Dec. 30
15 Nov. 30
15 Nov. 29
3 Nov. 29
21 Dec. 10
Dec.
$14
Preferred A (quar.)
Preferred B
—
(quar.)
Dec.
25c
National Gypsum Co., 1st pref.
2d preferred (quarterly)
National Lead Co
75c
$14
National Distillers Products (extra)
10
15 Nov. 30
3 Dec. 15
3 Dec. 15
23 Dec. 14
Jan.
30c
National Dairy Products Corp
Preferred A <fe B (quar.)
21 Dec.
21 Dec.
Jan.
25c
-
__
National Casualty Co. (quar.)
15
10
20
15 Nov. 12*
21 Dec. 10
Jan.
25c
4
16
3 Dec.
Dec.
t50c
J43c
National Breweries, Ltd. (quar.)
Preferred (quarterly)
National Cash
Dec.
$3
5% preferred (with warrants)
(special)
National Bond & Share Corp.
18 Dec.
27 Dec.
20 Dec.
Dec.
36c
36c
National Bond & Investment Co_
Quarterly.
Dec.
Share
Name of Company
Payable of Record
Holders
When
Per
Holders
When
Per
Share
Name of Company
Chronicle
10
16
16
15 Nov. 30
15 Nov. 30
1
Dec.
15 Nov. 30
1
15 Dec.
15 Dec.
1
60c
Dec.
14;Dec.
1
75c
Dec.
15 Nov. 15
Financial
3770
Per
Name
Dec.
15 Dec.
50c
Corp
Payable in $25 par 6% pref.
Seeman Bros., Inc. (quarterly)
Serrick Corp., class A common
Per
Name of Company
Dec.
24 Dec.
62 He
Dec.
15 Nov. 30
22c
Dec.
15 Nov. 25
Extra
1
Dec.
21 Dec.
1
Dec.
20 Dec.
9
Jan.
3 Dec.
15
United Aircraft Corp
United Biscuit Co. of America, pref.
United Carbon Co
United Carr Fastener Corp. (quar.)
an.
3 Dec.
15
United Corp., common.
SIM
(guar.)
J
Simmons Co
wr&cj
Slmonds Saw & Steel Co
80c
Siscoe Gold Mines (quar.)
Extra
5c
lc
Skelly Oil Co..
50c
Sloss-Sheffield Steel & Iron (special).
Preferred (quar.)
SIM
SIM
8. M. A. Corp. (extra)
20c
Quarterly
Socony-Vacuum Oil (special)
Sonotone Corp.
—
—
15 Nov. 30
10
15 Nov. 27
Dec. 15 Nov.
Dec. 15 Nov.
Dec. 21 Dec.
Dec. 21 Dec.
Dec. 15 Dec.
Payable at rate of 2-100th of a sh. of 6%
pref., $100 par, for each sh. of common.
South Carolina Power Co., $6 pref. (quar.)
6
Jan.
3 Dec.
6
15 Dec. 31
Dec.
15 Nov. 18*
_
i
_
_
-—-
_
_
...
South Pittsburgh Water Co.,
7% pref. (quar.)..
6% preferred (quarterly)
5% preferred (semi-ann.)
South Porto liico Sugar Co., com. (quar.)
Preferred (quar.).
Southern Calif. Edison., original pref. C (quar.)
Original preferred (quar.)
Jan.
3 Dec.
28 Dec.
10
Dec.
28 Dec.
10
Jan.
15 Jan.
3
10
Feb.
15 Jan.
19 Feb
50c
Jan.
3 Dec.
9
2%
34Mc
37Mc
37 He
Jan.
3 Dec.
9
Sou. Calif. Edison. Ltd., 6% pref. ser. B (qu.)_
Southern Canada Power Ltd., 6% pref.
UM%
Southern Colorado Power Co., 7% pref
Southern Pine Chemical Co. 6% pref...
Southland Royalty Co
Southwestern Light, preferred
Preferred..;
Jan.
Dec.
Jan.
Dec.
15 Dec. 20
15 Dec. 20
15 Nov. 20
15 Dec. 20
Dec.
1
15
15 Dec.
1
14
Dec.
20 Dec.
10
20
Jan.
1 Dec.
Jan.
3 Dec.
3
Dec. 15 Dec;
1
Mar. 15 Mar.
1
Dec. 15 Nov. 15
Dec. 15 Nov. 15
Dec. 15 Nov. 15
Dec.
Dec.
15 Nov. 15
15 Nov. 30
20c
Dec.
15 Nov. 30
15 Nov. 15
15 Nov. 15
Dec.
15 Nov. 15
$3
Dec.
15 Nov. 15
25c
50c
.
Dec.
Dec.
$2
.
50c
75
(s.-a.)
Dec.
Dec.
15 Nov. 30
15 Dec.
31
Dec.
15
■
Special
Preferred (quarterly)
Standard Steel Construction Co., $3 cl. A__
Stecher-Traung Lithograph 7M% pref. (quar.)_
Co.
com.
for
of
each
Sierra
sh.
of
15 Nov. 26
15 Jan.
Dec.
15 Nov. 26
$1
50c
Starrett (L. S.) Co
Preferred (quarterly)
Dec.
Feb.
40c
Extra,
Jan.
Jan.
31Mc
Stanley Works (New Britain) (year end)
Preferred (quar.)
Quarterly
Power
15 Nov. 30
SIM
tSIM
$1.40
Dec.
15 Nov. 26
Dec.
30 Dec.
SIM
SIM
43 Mc
Dec. 30 Dec.
Dec.
31
Dec.
31
Dec.
S.
1
29
17
17
Dec.
18
Dec.
27 Dec.
15
,3
Co.
Pacific
Stone
&
Webster capital stock held.
Sudbury Basin Mines
Sun Oil Co., common
10c
25c
Doc.
15 Nov. 30
Dec.
16 Dec.
1 Dec.
....
1
5c
Dec.
Dec.
Dec.
Feb.
Preferred (quarterly)
Talcott (James) Inc., common
Jan.
....
Extra..
5M % participating preferred (quar.)
Tech-Hughes Gold Minos (quarterly)
Telep. Bond & Share Co., 7% 1st preferred
$3 1st preferred
Tennessee Electric Power Co.—
5% first prererred (quar.)
6% preferred (quar.).
^
7% preferred (quar.)
7.2% preferred (quar.)
6% preferred (monthly)
17
1 Dec. 15
15 Nov. 29
1 Dec. 15
10
Dec.
15 Dec.
1
21c
Dec.
15 Dec.
1
SIM
SIM
SIM
$1.80
50c
Jan.
3 Dec.
III"!
Jan.
3 Dec.
3 Dec.
15
Jan.
3 Dec.
15
Jan.
Jan.
Jan.
Dec.
Dec.
10c
50c
Extra
Dec.
50c
20c
Dec.
20c
15c
15
Jan.
60c
Texas Pacific Land
Trust, ctfs. of prop, intll"""
Sub-share ctfs. forsub-shs. in ctfs. of
prop. int.
Texon Oil & Land Co., common
Dec.
Dec.
15
3 Dec.
3 Dec.
15
2 Dec.
24 Dec.
10
15
10
23 Nov. 19
15 Dec.
1
15 Dec.
1
27 Dec.
8
"I
~~
"I"
Dec.
Dec.
15 Nov. 30
15 Nov. 30
15 Dec.
2
23 Dec.
15
SIM
Dec.
Dec.
Dec.
15c
Dec.
SIM
25c
75c
30c
8
10
(final)
Less tax and deposit expenses.
Amer. dep. rec. ord. register,
(final)
Less tax and deposit expenses.
10
Dec.
15 Nov. 26
25c
(quar.).
15
Jan.
17 Dec.
3 Dec.
Dec.
15 Nov. 26
4.5714% Dec.
"""
23 Dec.
25c
(extra)
Tobacco Securities Trust Co—
Amer. dep. rec. def. register
Jan.
27 Dec.
3 Dec.
SIM
Thatcher Mfg. Co.
(special)
Quarterly
Thermoid Co., convertible preferred
Thompson Products
21 Nov. 30
50c
Special
Tonopah Mining Co. (Nevada)
Trade Bank (N. Y.) (quar.)
Troy & Greenbush RR. Assoc. (s.-a.)
$3
3c
6% preferred (monthly)
United Molasses Co., Amer. dep.
rec.
6
6
Jan.
15 Dec.
10
20
Dec. 23 Dec.
6
3
Dec.
Dec.
24
Dec.
24 Nov. 30
24 Dec. 15
ord. reg.
15%
Dec.
15 Nov. 30
15 Dec.
1
15 Dec.
1
Nov. 30
Dec. 24 Dec.
Dec. 24 Dec.
15
6 Dec.
3
Jan.
15
Less tax and deposit expenses.
United New Jersey RR. & Canal (quar.)
United Profit Sharing Corp.
United Public Service Co
United Specialties Co
United States Gypsum Co. (quar.)
Extra
Preferred
S2M Jan. 10 Dec. 20
10c
Dec.
15c
—i
Dec. 15 Dec.
Dec. 24 Dec.
Dec. 31 Dec.
Dec. 24 Dec.
35c
50c
50c
(quar.)
—
United States Leather Co., 7% preferred
Preferred
SIM
tSIM
Preferred
SI
15 Dec.
15 June
Dec.
Dec.
Dec.
15c
$2
SIM
Jan.
15
15 Mar. 15
15
15 Nov. 29
15 Nov. 29
15 Nov. 29
3 Dec. 21
Dec. 20 Dec.
6
22 Dec.
23 Dec.
14
27 Dec.
15 Dec.
16
15 Dec.
15 Dec.
1
17
Dec.
Dec.
13
t$3
$ 1.16 2-3 Dec. 21 Nov. 22
Dec. 21 Nov. 22
$1
DePenture (semi-ann.)
S2H
Vanadium Corp. of Amer. (resumed)
Veeders-Root, Inc. (quar.)
Dec.
Dec.
25c
Extra
—
Ventures, Ltd., new
V.
Victor Equipment Co., pref. (quar.)
Viking Pump Co. (special)
Dec.
$2
25c
Dec.
1
1
SIM
Dec.
Dec.
1 Dec.
15 Dec.
15 Dec.
60c
Dec.
15 Dec.
1
Dec. 20 Dec.
Jan.
1 Dec.
Dec. 23 Dec.
3
10
22 Dec.
20 Jan.
20 Apr.
10
25c
Preferred
(quar
Virginia Electric & Power Co., $6 pref
—
„
Virginia Public Service, 7% pref. (quar.)
Virginian Ry. Co
Vulcan Detinning
Preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Vulcan Oils, Ltd. (semi-ann.)
Wagner Electric
Waldorf System, Inc., common
Walgreen Co. pref. (quar.)
Walworth Co., payable in cash or 3 full sharas of
pref. stock for any 100 shares of common.
Ward Baking Corp.. preferred
Washington Water Power, pref. (quar.)
Wayne Pump Co
Wellington Fund, Inc. (quar.)
SIM
SIM
Jan.
SIM
SIM
SIM
5c
SIM
20c
Wesson Oil & Snowdrift Co., Inc
Extra
25c
t50c
SIM
11
11
10
Dec. 20 Nov. 30
Dec. 20 Dec.
2
Dec. 21 Dec. 10
15 Nov. 26
Dec.
11 Dec.
6
Dec. 24 Dec. 10
Dec. 15 Nov. 25
2 Dec.
17
Dec. 30 Dec.
Dec. 30 Dec.
Jan.
3 Dec.
Jan.
3 Dec.
1-3--38 Dec.
15
tSIM
SIM
25c
25c
_
13
14
Jan.
50c
Westinghouse Air Brakes (Irregular)
Subiect to approval of stockholders.
Quarterly
Quarterly
Quarterly .,
Quarterly
Westinghouse Electric & Mfg
Participating preferred
1
15c
SIM
preferred
4
50c
12Mc
West Jersey & Seashore RR. Co. (s.-a )
West Virginia Water Service Co.—
Apr.
July 20 July
Oct. 20 Oct.
SI.125 Dec.
10c
.v.
Jan,
Dec.
....
cum.
8
8
8
Jan.
3 Dec. 10
Dec. 20 Nov. 30*
Jan.
1 Dec. 16
1 Dec. 16
Jan.
Dec. 20 Nov. 20
Jan.
(quar.)
Liquidating distribution
Universal Products Co., Inc
Upresit Metal Cap Corp., 8% preferred
Utah Power & Light, $7 preferred
$6 Preferred
Utica Clinton & Binghamton RR
4
14
3 Dec.
Apr.
July
United States Trust Co. (quar.)
United Verde Extension Mining
$6
Jan.
SIM
$2
—_
United States Tobacco Co., common
Common (special)
Extra
15 Nov. 24
SIM
SIM
SIM
(quar.)
Preferred
25c
--
(quar.)
15
15
15
15
Dec. 31 Dec. 15
Dec. 23 Nov. 27
Jan.
30 Dec. 31
25c
Apr. 30 Mar. 31
July 30 June 30
Oct. 31 Sept. 30
$2
$2
25c
May
25c
:
Jan.
25c
;
Westminster Paper Co. (semi-ann.)
Westmoreland, Inc
'J
Westmoreland Coal Co
Weston Electrical Instrument
Dec. 21
Dec.
Dec.
7
21 Dec.
7
1
3
Dec." 15"
SI
-
15 Dec.
1
Dec.
Jan.
20 Dec.
3 Dec.
20
20c
Jan.
tsi
SIM
(quarterly)
Weston (Geo.) Ltd
West Texas Utilities, preferred
Preferred (quarterly)!
Weyenberg Shoe Mfg. Co
Wheeling & Lake Erie Ry., intitial
Wheeling Steel Corp., $5 pref. (quar.)
6% preferred (quar.)
Dec.
25c
50c
Class A
3 Dec.
3 Dec.
15
Jan.
Jan.
20c
Dec.
$5
3 Dec.
28 Dec.
Dec.
$1
18 Dec.
Dec. 23 Dec.
Dec. 23 Dec.
2 Dec.
Jan.
2 Dec.
Jan.
SIM
Jan.
SIM
SIM
Whitaker Paper Co
Preferred (quar.)
Whitman (Wm.) & Co.. Inc.. 7% pref. (qu.)
SI
3 Dec.
1 Dec.
10
15
15
10
14
11
11
18
18
18
Jan.
Willys-Overland Motors, pref. (quar.)
15c
15
Winn & Lovett Grocery, class A
Dec. 22 Dec. 13
50c
(quar.)
Class B (quarterly)
Dec. 22 Dec. 13
25c
Preferred (quarterly)
Dec. 22 Dec. 13
;
Wisconsin Power & Light Co., 6% cum. pf.
Dec. 15 Nov. 30
SIM
(qu.)
Dec. 15 Nov. 30
7% cum. pref. (quar.)
S1.31M
Wisconsm Public Service Corp.—L
Dec. 20 Nov. 30
7% cumulative preferred (quar.)
SIM
6 M-% cumulative preferred
Dec. 20 Nov. 30
tar.)
SIM
Dec. 20 Nov. 30
6% cumulative preferred (qu<*r.)
SIM
Worthington Pump & Mach'y, 4M% prior pref- $4.31 M Dec. 15 Dec. 11
4 M % convertible preferred.
S4.31M Dec. 15 Dec. 11
Wright Aeronautical Corp
$2 ' Dec. 14 Nov. 26
Jan.
3 Nov. 24
Wright-Hargreaves Mines, L*
10c
monthly)
-
_
_
_.—■_
5c
-
Special
15 Dec.
1
15 Dec.
1
Youngstown Steel Door Co..
15 Dec.
1
Yukon Gold Co
15 Dec.
15 Dec.
3
15 Dec.
4*
15 Dec.
4*
80c
Jan.
Jan.
15c
Jan.
Dec.
Jan.
3 Nov. 24
15 Dec.
1
3 Dec. 20
3 Dec.
6
17 Dec.
Dec. 23 Dec.
20 Dec.
6
3
SI
25c
Jan.
10c
25c
40c
Interim
(special)
Wrigley (Wm.) Jr Co. (monthly)
Yale & Towne Mfg. Co
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
$1
37Mc
(quar.)_
Dec. 20 Dec.
Dec. 20 Dec.
Dec. 23 Dec.
Feb.
1 Jan.
17 Dec.
Dec.
Dec.
50c
Dec.
SIM
SIM
SIM
Truax-Traer Coal Co.. 6% pref.
(quar.)
Dec. 21 Nov. 30
10
Dec.
tsi
1M%
53c
Yellow Truck <fc Coach Mfg., preferred
Youngstown Sheet & Tube Co
>
5 M % preferred A
15c
5M% preferred (quar.)
Twentieth Century-Fox Film Corp
Preferred (quar.)
common
7
Jan.
3 Dec.
Dec. 24 Dec.
25c
Extra
11%
Todd Shipyards Corp
Union Carbide & Carbon Corp
15
1 Dec.
3 Dec.
50c
Special
31 Dec.
49c
.
Extra
Underwood Elliott Fisher Co.,
31 Nov. 25
31 Dec. 15
Jan.
Dec.
Jan.
50c
Preferred (quarterly)..
Tidewater Assoc. Oil Co.
Preferred (quarterly)
Tilo Roofing Co., Inc.
8
10c
68 Mc
10c
(monthly)
Texas Gulf Producing Co
Texas Gulf Sulphur Co
3 Dec. 14
15 Nov. 24
Dec.
SIM
58 l-3c
(quarterly)
United Light & Ry. Co., 7% pref. (mo.)
6.36% preferred (monthly)
6
Jan.
50c
50c
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge, class A (quar.)
Common (quarterly)
28 Dec.
30c
Swift & Co
Extra
15lNov. 24
Dec.
8%
68 Mc
75c
Sutherland Paper Co. (quarterly)
7.2% preferred
Texas Corp
Dec.
Dec.
40c
Common (stock dividend)
Preferred (quarterly)
Sunshine Mining Co
Jan.
3
2M%
—
5% preferred (semi-annual)
4
15 Dec.
24 Dec.
25c
Extra
sh.
SI
(quar.)
United Gas Improvement (quar.)
18 Nov, 30
Dec.
25c
75c
Standard Oil of Kentucky (quarterly)
a
75c
Dec.
25c
Extra
of
$2
Jan.
55c
1-10th
15c
25c
20c
Extra
&
1
10
31 Dec"." 15*
3 Dec. 15
18 Nov. 30
SIM
3M%
Standard Oil (Indiana) (quarterly).
com.
8
15 Dec.
Jan.
Dec.
SIM
SIM
Stix-Baer & Fuller 7% pref. (ouar.)
Stone & Webster, Inc. stock dividend
Four-fifths of a sh. of Engineers P.
3 Dec.
Dec.
75c
15 Dec.
31 Dec.
3
18
Jan.
Extra
United States Steel Corp. (resumed)
United States Sugar Corp pref. (quar.).
Dec.
1 Jan.
25c
15
Dec.
Dec.
15 Dec.
SIM
25c
-
Dec.
15c
pref. (quar.)
Common $100 par (semi-ann.)
Extra..
Standard Oil of Ohio (quar.)
4
United States Pipe & Foundry Co
com. (quar.)
United States Playing Card (quarterly)
$1.05
$4 H preferred (quar.)
par
10
15 Dec.
15 Nov. 30
1 Dec. 20
SI. 125 Dec.
Standard Oil of Calif, (quar.)
$25
15 Dec.
40c
_
com.
1
Dec.
Dec.
SIM
t62Mc
SIM
SIM
pref. (qu.)
;
J.),
15 Dec.
20c
50c
Sovereign Life Assurance, 25% paid ctfs
Spencer Kellogg & Sons, Inc. (quar.)
Spencer Trask Fund, Inc
Spiegel. Inc. pref. (ciuar.)
Square D Co
Staley (A. E.) Mfg. Co., $5 pref. (quar.)
7% preferred (semi-annual)
Standard Brands, Inc., common
(quar.).
Standard Oil Co. (N.
Extra
Dec.
Jan.
South
West Penna. Pipe Line
Southwestern Gas & Electric, 7%
Jan.
Dec.
Feb.
Special
3
Jan.
SIM
SIM
SIM
15
50c
United Fuel Invest.. Ltd., 6% preferred-
15
Dec.
3 Dec.
15 Nov. 20
Dec. 23 Dec.
7
Dec. 23 Dec.
7
Jan.
3 Dec.
1
Dec. 27 Nov. 24
Dec. 27 Nov. 24
20c
75c
Preferred
SIM
Jan.
Dec.
$1
(quar.)
United Gas & Electric Corp., pref.
United Gas & Electric Co.,—
Dec. 30 Dec. 10
Dec. 15 Nov. 15
Holders
SIM
United Engineering & Foundry Co., common—
United Fruit Co. (quar.)
10
37 He
77 He
South Penn Oil Co~_
Common
When
Payable of Record
50c
_
United Elastic Corp. (Jersey City, N. J.)
10
1937
11,
stock.
(quar.)_
S3 cum. preferred (quar.)
United Drug, Inc
I
United Dyewood Corp., pref. (quar.)
30
22
Jan.
30c
5c
Extra dividend is optional cash or
22 Dec.
20c
•
Soundview Pulp Co. stock dividend
cum.
Dec.
Dec.
Dec.
SIM
Smith (Howard) Paper Mills, pref. (qu.)
$4M
Jan.
90c
20
50c
preferred
20c
Extra
3 Dec.
Dec. 21 Dec.
40c
conv.
_
SIM
15c
SIM
(quarterly)
Sherwin-Williams of Canada, prer
...
25c
Union Pacific RR
Union Premier Food Stores, Inc. (quar.)
Shell Union Oil Corp., common
Extra
25c
,
for each class B common held.
Shattuck (Frank G.)
Extra
SIM
J20c
Union Investment Co
Servel, Inc. preferred (quarterly)
5M% cumul.
Share
Union Electric Co. of Mo., 7% pref. (quar.)
Union Gas Co. of Canada (quar.)
1
10
tock.
Class B stock dlv. of l-20th of a share class A
common
Dec.
Holders
Payable of Record
25c
Seaboard Oil Co. of Dela. (quar.)
Securities Acceptance
When
Share
of Company
Chronicle
1 Dec.
8
5
3
*
common
SIM
75c
SIM
75c
9c
Dec.
15
9
1 Dec.
15 Dec.
9
Dec. 22 Dec.
6
Jan.
Dec.
1
Transfer books not closed for this dividend,
t On account of accumulated dividends.
t Payable in Canadian funds, and in the
deduction of
a
tax of
case of non-residents of Canada,
5% of the amount of such dividend will be made.
Volume
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing House
The
STATEMENT
OF
ASSOCIATION
MEMBERS
FOR
THE
OF
WEEK
THE
NEW
ENDED
+
Dec.
Net Demand
Deposits,
Deposits,
Average
Average
Surplus and
Members
Dec.
Assets—
$
Bank of N Y & Trust Co
136,312,000
41,081,000
58,932,400 al,410,314,000
407,152,000
54,330,900
180,657,900 61,290,729,000
440,642.000
44,247,000
199,930,000
18,038,000
52,309,000
20,000,000
National City Bank..,..
Chem Bank <fc Trust Co.
77,500,000
20,000,000
90,000,000
Guaranty Trust Co
Manufacturers Trust Co
42,661,000
Cent Hanover Bk&Tr Co
21,000,000
Corn Exch Bank Tr Co.
15,000,000
10,000,000
50,000,000
4,000,000
100,270,000
500,000
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
7,000,000
523,431,000
894,916,300
First National Bank
Irving Trust Co
Continental Bk & Tr Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co..
Marine Midland Tr Co_
_
New York Trust Co
Comra'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
Totals
*
As per official reports: National,
companies. Sept. 30, 1937.
Other cash
Total
direct
Total
2,947,000
51,923,000
2,543,000
NOT
BUSINESS
IN
STATE
1,100,000
6,299,000
CLOSING
WITH
THE
FRIDAY,
DEC.
HOUSE
BANKS—AVERAGE
212,930,000
108,414,000
337,095,000
189,679,000
189,679.000
376,298,000
160,531,000
739,704,000
739,704,000
645,243,000
748.893,000
657,204,000
71,000
8,402,000
68,000
84,000
5,967,000
169,390,000
7,860,000
143,706,000
S. Government securities..
Total U
...
Due from foreign banks
Federal Reserve notes of other banks...
Uncollected items.
135,667,000
....—i,-*
9,969,000
... ...........—_ .
All other assets
9,969,000
10 864 000
13,214,000
Bank premises
12,940,000
36,163,000
4,500,377,000 4,585,960,000 4,251,090,000
Total assets
OF
FIGURES
Liabilities—
Including
N. Y. and
Bants and
Elsewhere
Trust Cos.
954,736,000
F. R. notes in actual circulation
948,653,000
886,042,000
Deposits—Member bank reserve acc't.. 2,938.379.000 3,018,691,000 2,937,157,000
92,101,000
111,656,000
U. S. Treasurer—General account
43,564,000
98.900,000
23,752,000
82,514,000
Foreign bank......
..........—
133,383,000
Other deposits.
168,422,000
96,380,000
..........
Gross
Bant Notes
Deposits
S
S
$
.......
.
3, 1937
Disc, and
$
4,605,000
749,405,000
Treasury bills
Dep. Other
$
4,562,000
1,007,000
212,930,000
.....
.....
Treasury notes
Res. Dep.,
Manhattan—
3,577,000
337.095,000
Bonds.
748,918,000
Investments
■#
3,216,000
1,346,000
1,004,000
4,599,000
advances..
457,000
4,098,000
discounted
3,120,000
448,000
United States Government securities:
2,988,000
56,065,000
Other Cash,
Loans,
3,650,000
Total bills and securities
CLEARING
AND
1,785,000
68,067,000
(<7) 5277,604,000; (6) 591,208,000;
FOR THE WEEK ENDED
NATIONAL
U. S. Govt, obligations,
fully guaranteed
bills
Industrial
7,314,000
39,433,000
publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House.
The
following are the figures for the week ended Dec. 3:
INSTITUTIONS
by
or
Bills bought in open market
"Times"
York
1,624,000
77,368,000
3,583,649,000 3,638,733,000 3,395,209,000
-
Other bills discounted
5,296,000
61.452,000
(c) $130,780,000; (d) 540,513.000.
The New
1.619,000
77,918,000
t
reserves
Secured
8,552,000
1937; State, Sept. 30, 1937; trust
Sept. 30,
Includes deposits in foreign branches as follows:
1936
Bills discounted:
24,858,000
4,619,000
9,030,956,000
9,
3,504,112,060 3,559,741,000 3,325,357,000
Redemption fund—F. R. notes
96,655,000
1937 Dec.
1,
hand and due from
on
United States Treasury.r
61,677,000
677,677,000
68.756,100
238,326,000
17,632,600
420,340,000
105.095,400
458,578.000
61,140,100
40,098.000
4,095,300
126,158,500 cl,818,536,000
47,129,000
3,529,900
<7740,170,000
76,151,400
12,434,000
1,301,800
95,691,000
9,061,900
273,570,000
28,125,700
75,881.000
7,976,700
76,922,000
8,665,900
1937 Dec.
8,
,
Gold certificates
11,238,000
370,455,000
13,252,400
25.804,400
6,000,000
Bank of Manhattan Co.
comparison with the previous week and the corresponding
Time
Undivided
Capital
in
date last j^ear:'
1937
4,
Profits
♦
Clearing House
following shows the condition of the Federal Reserve
Bank of New York at the close of business Dec. 8, 1937,
HOUSE
CLEARING
YORK
SATURDAY,
York
New
The
City
New York
weekly statement issued by the
Clearing House is given in full below:
3771
Chronicle
Financial
145
$19,052,200
19,298,000
Trade Bank of N Y._
4,672,294
Brooklyn—
6,278,400
Lafayette National._
110,700
7.990,300
3,284,800
26,591,200
712,000
6,943.000
3,159,000
26,558,000
302,931
2,589,755
184,774
6,571.940
Deferred availability Items
350,500
1,538,800
231,000
7,517,400
People's National
101,000
713,000
208,000
5,305,000
Capital paid in.....
Surplus (Section 7)
Surplus (Section 13b)
Grace National
Sterling National...
4,868,000
3,300,971,000 3,343,075,000 3,100,853,000
Total deposits.........—.......
129,123,000
166,374,000
137,147,000
51,053,000
51,045,000
51,474,000
51,474,000
7,744,000
50,261,000
50,825.000
7,744,000
8,849,000
9,369,000
.........—
7,744,000
9,117,000
2,242,000
Reserve for contingencies
TRUST
COMPANIES—AVERAGE
FIGURES
All other liabilities
Res. Dep.,
Banki and
Gross
Elsewhere
Trust Cos.
Deposits
$
Cash
Disc, and
Investments
S
$
Y. and
Ratio
of
total
to
reserve
deposit
and
84.3%
53,187,900 *10,080,500
8,761,257
247,930
Empire
Federation
Contingent
4,633,600
1,313,006
1,281,154
2,487,338
363,900
10,503.069
23,009,400
Lawyers
States
869,600
15,366,017
73,799,043
3,593,000
2,277,592
37,364,000
8,240,292
58,000 110,179,000
35,307,482
77,099,000
Kings County
*
...
Includes amount
30,522,798
with
Federal
4.775.000
purchased
correspondents-.—......
Commitments
36,553,800
vances
Reserve as follows:
to
make
industrial
ad-
....
8,844,000
t "Other cash" does not Include Federal Reserve notes or a bank's own
Federal
Reserve hemic notes
Brooklyn—
Brooklyn
85.2%
582,000
4,774/000
bills
on
10,821,710
18.025
358,500
liability
for foreign
68,279,600
10 748,000
*1,103,193
10,629,516
20,472,200
*6,403,400
27,252,400 *10,335,200
68,007,399 20,256,223
Fiduciary
Fulton
United
%
$
84.7%
476,000
F, R. note liabilities combined
Manhattan—
2,395,000
4,500,377,000 4,585.960,000 4,251,090,000
Total liabilities
Dep. Other
N.
Loans,
9,117,000
Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
X
Empire. $8,001,400; Fidu¬
These are certificates given by the United States
under the provisions
ciary, $728,219: Fulton, $6,121,300; Lawyers, $9,659,300.
of the Gold Reserve Act of 1934.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a 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.
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans as
an announcement of the Federal Reserve Bank of New York of April 20, 1937, as follows:
reported in this statement, which were
described in
the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
(1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
The changes in
amounts of
securities.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
market'* under the revised caption "open market paper," instead of in "all other loans," as formerly.
York City.
outside New
cial paper bought in open
Subsequent to the above announcement it was made known that the new items "commercial,
would each be segregated as "on securities" and "otherwise secured and unsecured."
A
more
ASSETS
detailed explanation of the revisions was published in the May 29, 1937, issue
AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN
Boston
S
ASSETS
New York
S
$
of the "Chronicle," page 3590.
LEADING CITIES BY DISTRICTS, ON DEC. 1, 1937 (In Millions of Dollar®
101
$
S
Atlanta
Chicago
$
Cleveland Richmond
Phila.
$
Total
Federal Reserve Districts—
industrial, and agricultural loans" and "other loans*
St. Louis
$
Minneap. Kan. City
Dallas
San Fran.
$
$
$
21,381
1,225
8,688
1,130
1,848
625
553
2,969
652
393
685
507
2.106
9,441
667
3,977
459
715
253
292
992
320
185
281
251
1,049
579
35
249
44
43
50
49
11
18
12
41
4,058
274
1,700
167
248
98
¥
144
554
145
84
159
148
337
Open market paper
475
83
202
21
18
15
4
52
10
7
23
3
37
Loans to brokers and dealers
$76
31
719
19
23
4
6
45
5
1
4
3
16
91
13
9
13
15
59
6
20
21
3721
1
1
a
15
10
81
Loans and investments—total
Loans—total
i
.
—
Commercial, Indus, and agricul. loans:
On securities
Otherwise secured and unsecured
__
15J
Other loans for purchasing or carrying
'*650
306
36
39
19
84
239
60
176
30
27
86
46
6
Real estate loans
35
1.167
securities
15
31
2
4
2
3
6
9
64
269
50
121
30
26
47
12
Loans to banks
~t*U
Other loans:
738
On securities
13
Otherwise secured and unsecured..
830.
55
262
60
43
40
55
61
31
54
28
38
103
United States Government obligations
7ACA
409
3,207
310
811
263
151
1,396
193
151
240
179
653
23
421
94
61
44
34
189
45
14
48
27
118
Obligations fully guar, by U. S. Govt.
1;)18
Other securities
2,859
126
1,083
267
261
65
76
392
94
43
116
50
286
5,374
286
2,661
222
333
138
101
808
137
72
166
117
333
i
Reserve with Federal Reserve Bank—
Cash in vault
304
69
18
37
17
10
61
10
5
11
10
20
117
153
130
181
135
96
319
97
76
194
158
213
95
24
16
23
29
204
1,313
Time deposits
.<
81
571
88
108
36
981
6,340
785
1,072
417
324
2,206
408
264
489
401
925
5,234
Demand deposits—adjusted
38
14,612
Other assets—net
LIABILITIES
United States Government deposits-.
36
L389
i
Balances with domestic banks
270
1,130
275
739
193
185
870
184
121
145
127
995
416
18
235
8
9
6
10
61
4
2
10
16
37
5,060
203
2,051
265
315
215
180
716
228
110
340
188
249
9
Inter-bank deposits:
Domestic banks...
Foreign banks
Borrowings
Other liabilities
Capital account
1
.
1
7
14
382
3
1
6
1
3
mm**.---
864
26
386
24
19
28
6
22
7
7
""328:
3,631
237
1,618
228
350
92
89
370
89
57
32&
418
2
Financial
3772
Chronicle
Dec. u, mi
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Dec. 9,
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
for the
System
as a
The comments of the Board of Governors of the Federal Reserve System upon the
and the Federal Reserve banks.
Reserve Agents
returns
for the latest week appear in our department of "Current Events and Discussions."
COMBINED RESOURCES AND
Three ciphers
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC. 8. 1937
Dec. 8,
(000) omitted
Dec. 1,
1937
1937
$
ASSETS
Nov. 24,
1937
$
Nov.
17,
1937
$
Not.
10.
1937
$
Not.
Oct. 13.
Dec. 9,
1937
1937
1936
%
%
$
Oct. 20.
1937
3,
1937
%
3
?
27.
Oct.
j
8,809,324
11,986
Total
9,381
9,124,896
9,381
9.126.391
9,421
9,438
9,646
319,183
325,221
306,008
308,145
315,489
303,903
293,765
247,464
9,453,956
9,451,625
9,458,406
9.440.280
9,442,422
9,451,301
9.439,730
9,430.300
9,068,774
12,210
12,072
14,414
4,282
14,711
6,265
16,950
13,268
3,994
7,369
17,890
5,536
13,193
4.961
11,597
4,266
5,291
10,183
2,005
17,390
17,033
15,863
18,696
20,978
24,319
23,426
18,484
23,451
5,999
2,825
2,828
18,464
2.828
2,832
2.830
3,088
19,332
19,352
19,450
2,830
19,478
2,830
18,589
2,831
19,266
2,832
18,450
reserves
9,940
9,123.898
9,287
9,126,389
9,787
322,264
9,442,877
hand and due from U. S. Treas.x
on
Redemption fund (Federal Reserve notes)
9,124.891
9,688
311,282
5,180
Gold ctfs.
Other cash *
19,622
25,493
|
738,073
738,073
738,073
j
1,168,463
657,479
9.121,907
9,121,905
9,122,402
9,126.889
"
Bills discounted:
Secured by
.
U.
direct or fully
S. Government obligations,
guaranteed..
Total bills discounted
Bills bought in open market
—
Industrial advances..
United States Government securities—Bonds..
-
'f
"
:
1,168,463
Treasury notes..
'
'
738,073
738.073
738,073
738,073
738,073
1,168,463
738,073
1,168,463
1,158,463
1,158,463
629,654
1,158.463
1,157,713
629,654
1,157,713
630,404
408,326
1,417,283
640,054
630,404
f
604,618
—-
657,479
657,479
648,179
Total U. S. Government securities
2,564,015
2,564,015
2,564,015
2,554,715
2,536,590
2,526.190
2.526,190
2,526,190
2,526,190
2,430,227
2,602,680
2,602,340
2,601,295
2,595.498
2,579,730
2,572,693
2.571,896
2,566,982
2,572,093
2,464,807
Treasury bills
-
Foreign loans on gold
—
Total bills and securities....
u
l
i
.
Gold held abroad.......
"""I73
""l73
173
""220
s
26,314
25,784
25.892
23.785
25,427
27,262
27,814
26,074
j
670,245
589,718
736,957
638.847
581,920
28,526
622,341
28.431
569,040
714,261
657,615
45,269
46,223
45,268
44.161
45,344
43,850
45,365
42,470
45,365
45,364
45.435
45,455
45,456
41,720
40,730
40,807
39,679
40,849
582,369
48,078
46,200
12,732,584
12.841,932
12,757,802
12,902,656
12,771,542
12,710,564
12,760,479
12,834.711
12,774,300
12,236,522
Federal Reserve notes in actual circulation
4,294,885
4,279,489
4,264,829
4,249.618
4,277,419
4,284,159
4,256,097
4.270.223
4,291,519
4,232,669
Deposits—Member banks'
6,836,282
241,843
6.906,472
6,948,9^7
6,922,400
6,879,403
6,888,943
6.950,730
6,938,802
6,918,902
6,730,939
176,637
272,492
186,855
113,302
270,068
214,742
135,165
266,227
237,178
139,237
272,742
209,879
110,826
94,046
225,938
219,700
253,936
227,788
265.891
218.679
81.557
276,444
202,130
83,231
283,014
174,745
65,198
163,415
"""181
Due from foreign banks
Federal Reserve notes of other banks
Uncollected
Bank
items
premises
All other assets
Total assets
-
—
178
"""l75
178
.
"""l73
173
•
J
\
LIABILITIES
reserve
account
United States Treasurer—General account..
Foreign banks
Other
-
deposits-
-
.
<
93,081
7,523,763
7,542,456
7,547,039
7,560,970
7.501,261
7,481.493
7,529,346
7,498,933
7.459,892
7,052,683
Deferred availability items
560,213
669,928
624,534
132.683
672,090
578,938
J
132,518
145,854
642,771
132,541
716,041
132,534
742,234
132,505
595,440
Capital paid in
Surplus (Section 7)...
Surplus (Section 13-B).
595,428
132,505
145,854
27,615
35,709
145,854
145,854
27,615
145,854
27,615
35,768
8,582
130,283
145,501
*
145,854
132,679
145.854
27,615
132,656
145,854
27,615
35,709
27,490
27,088
;
35,769
7,597
35,803
8,996
34,249
Total deposits
145,854
reserves to
foreign
8.338
8,823
8,151
8,339
27,615
35,742
7,579
35,111
f
12,841,932
12,757,802
12,902,656
12,771.542
12,710,564
12,760.479
12,834,711
12,774,300
12,236,522
V
80.0%
80.0%
80.1%
80.1 %
80.3%
80.2%
80.2%
80.2%
80.4%
35,734
35,742
i
deposits and Federal
Reserve note liabilities combined
liability
27,615
79.9%
,
Total liabilities
Contingent
f
27,615
35,733
11,987
12,732,584
Reserve for contingencies.
All other liabilities
Ratio of total
132,682
on
bills
purchased
for
1,683
1.888
2,169
2,486
2,586
2,219
2,326
1.855
1,511
13,137
13,249
13,316
13,431
13,522
14,403
14,488
714.554
fl4,654
21,491
15,349
correspondents..
Commitments to make industrial advances...
14,889
13,903
16,903
18,533
21,956
21,044
16,604
4,568
704
650
21,744
180
823
456
:v;f
Maturity Distribution of BUls and
Short term Securities—
1-15 days bills discounted
16-30 days bills discounted
x
381
478
247
301
625
604
628
403
426
429
515
612
824
268
275
383
237
277
347
448
492
478
348
148
Over 90 days bills discounted
760
679
808
933
966
836
552
334
234
520
17,390
17,033
15,863
18,696
20,976
24,319
23,426
18,484
23,451
5,999
767
586
485
544
232
297
171
26
26
1,950
1,269
1,451
1,990
„
495
31-60 days bills discounted
61-90 days bills discounted
Total bills discounted.
1-15 days bills bought In open market.......
16-30 days bills bought In open market
31-60 days bills bought in open market
61-90 days bills bought In open market..
Over 90 days bills bought in open market
539
485
544
232
297
200
1,451
174
1,919
1,966
117
222
273
Total Industrial
""791
"""353
297
196
25
2,310
2,285
2,331
2,828
2,828
2,831
^5,832
2,832
2,830
2,830
2,830
3,088
1,091
922
1,226
1,032
1,014
1,086
1,057
960
928
596
244
323
288
337
468
257
161
301
647
799
751
842
866
916
784
712
818
645
522
392
802
624
689
791
827
876
830
928
15,576
15,878
16,187
16,256
16,259
16,519
16,612
16,788
22,591
25,493
18,450
Total U.S. Government securities
18,589
19,256
19,332
19,352
19,450
19,478
19,622
33,103
30,190
27.349
28,285
57,016
29,686
16,011
63.358
145,392
2,294,197
141,932
2,277,987
59,655
57,016
43,749
147,816
2,283,632
31,370
60,168
52.853
29,539
51,768
29,539
31,255
59,486
139,147
2,266,763
29,685
41,783
57,681
31,255
32,103
31,370
26,333
141,932
70,582
2,279,085
28,285
38,083
54,053
147,937
2,295,657
2,564,015
61-90 days U. S. Government securities
Over 90 days U. S. Government securities....
18,464
46,083
advances
V
805
15,626
1-15 days U. S. Government securities
16-30 days U. S. Government securities
31-60 days U. S. Government securities
/.
435
1,037
16-30 days industrial advances
31-60 days Industrial advances
61-90 days industrial advances
Over 9C days industrial advances
•
158
545
615
2,825
Total bills bought in open market
y
2,564,015
2,564,015
2,554,715
2,536,590
2,526.190
99,674
2.352,114
51,768
2,351.335
2,352,485
2.133,618
2,526,190
2,526,190
2,526,190
2,430,227
137,175
1-15 days other securities
—9
16-30 days other securities
31-60 days other securities
61-90 days other securities
Over 90 days other securities.
.....
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
4,623,603
344,114
4,608.797
343,968
4,615,443
365,825
4,609,218
331,799
4,604,267
320,108
4,612,569
356,472
4,618,979
348,756
4,608,405
316,886
4,538,157
305,488
4,294,885
4,279,489
4,264,829
4,249,618
4,277,419
4,284.159
4.256,097
4,270.223
4,291,519
4,232,669
4,690.632
4,645,632
16,450
20,000
4.644,632
15,293
20,000
4,654,132
18,195
20,000
4,643,132
20,443
20,000
4,645,132
23,938
20,000
4,637,132
23.186
4,641,132
32,000
18,276
32,000
4,639,132
23,149
32,000
4,492,338
16,677
20,000
4,727,309
In actual circulation
4,665,962
371,077
4,682,082
4,679,925
4,692,327
4.683.575
4,689,070
4,692,318
4,691,408
4.694,281
4.586,628
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
By eligible
hand and due from U. S. Treas..
paper
United States Government securities
Total collateral..
*
"Other
x
These
cash"
are
cents on Jan.
...
does
not
Include
Federal
Reserve
notes,
f
Revised
4,290
90,000
figure.
certificates given by the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06
31, 1934, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profit by the Treasury under
provisions of the Gold Reserve Act of 1934.
*
Volume
Financial
145
Chronicle
3773
Weekly Return of the Board of Governors of the Federal Reserve System (
)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS DEC. 8
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
Fhila.
RESOURCES
S
5
%
%
Gold
certificates on hand and
from United States Treasury
Redemption fund—Fed. Res.
Cleveland Richmond
%
Atlanta
Chicago
St. Louis
$
$
$
$
9,121,907
notes..
9,688
311,282
Total reserves
9,442,877
677,709
Secured by U. S. Govt, obligations,
direct and(or) fully guaranteed..
488,184
689
872
667
1,647
404
839
468
76
260
77,917
19,865
22,986
20,118
13,367
39,193
13,609
8,716
21,617
12,757
693,995
1,240
30,200
534,466 3,583,648
508,738
701,567
336,723
235,743 1,815,966
296,427
201,848
302,323
199,993
725,435
373
30,937
315,938
220,729 1,776,369
186,976
280,630
192,664
1,208
3,650
2,396
635
546
160
50
279
262
246
448
483
147
243
2,451
2,370
200
5,180
109
15
212
739
163
5
17,390
1,454
4,098
2,879
782
789
4,821
309
175
262
1,018
425
378
2,825
18,450
738,073
1,168,463
1,004
293
269
2,922
4,599
1,794
127
753
237
663
477
998
1,528
212,930
3,585
62,423
98,823
767
53,770
85,125
71,847
113,742
38,687
32,308
81,173
32,379
23,895
36,058
28,709
63,894
64,002
128,508
72,310
28,844
37,829
21,285
45,448
55,607
51,150
28,780
57,085
47,899
61,247
34.462
51,260
657,479
32,120
25,574
101,151
56,917
2,564,015
186,794
739,704
216,853
249,591
134,396
112,238
281,991
112,483
83,009
125,263
99,731
221,962
2,602,680
191,375
749,405
223,610
251,409
137,089
117,285
283,406
112,973
83,988
126,838
101,234
224,068
Total bills discounted.
Bills bought in open market
Industrial advances..
-
U. S. Government securities—Bonds.
...
........
...
........
Total U. S. Govt, securities
Total bills and securities
Due from foreign banks
205
337,095
189,679
110
99
353
80
54
78
200
80
181
Total resources
16
8
6
21
3
2
5
5
13
1,913
20,116
2,001
782
1,538
502
47,379
73,942
26,709
16,756
31,930
24,070
3,388
32,598
3,006
4,836
6,228
1,947
51,047
2,709
3,333
56,562
1,246
52,264
2,198
4,599
2,345
13.215
6,418
4,723
2,700
1,704
4,117
1,674
1,913
1,356
1,590
3,355
2,687
1,509
1,551
3,159
46,223
premises
All other resources
18
8,402
135,667
9,969
811
569,040
........
71
451
45,269
items
13
26,314
Fed. Res. notes of other banks.
Bank
281,979
12,210
Other bills discounted
Uncollected
%
502,622 3,504,112
907
1,619
Bills discounted:
Treasury bills
San Fran.
%
%
$
due
Other cash *
Treasury notes..
Dallas
Minneap. Kan. City
1937
788,560 4,500,377
791,810 1,017,453
532,223
378.965 2,185,384
442,132
306,436
467,706
328,750
992,788
12,732,584
3,931
LIABILITIES
F. R. notes in actual circulation
4,294,885
288,739
948,653
322,903
438,519
214,340
162,721
992,066
180,991
139,095
168,841
89,234
348,783
Deposits:
Member bank
6.836.282
395,158 2,938,379
347,490
449,407
169,063 1,006,481
204,440
129,191
240,754
543,847
6,145
reserve account
U. S. Treasurer—General account.
Foreign
Other
241,843
225,938
219,700
bank
deposits
Total deposits.
7,523,763
Deferred availability items.
560,213
Capital paid in.
111,656
82,514
168,422
13,360
17,303
224,513
15,290
21,996
20,650
9,651
7,856
4,968
7,570
3,343
2,021
418,497 3,300,971
387,814
494,930
252,797
45,824
19.940
12,262
51,823
12,947
50,081
9,383
129,123
51,053
4,886
9,826
51,474
13,362
14,323
4,869
4,211
16,385
2,743
132,534
145,854
27,615
35,733
11,987
Surplus
Surplus
(Section 7)
(Section 13-B)
Reserve for contingencies..
other liabilities-
All
Total liabilities
12,732,584
Contingent liability on bills purchased
for foreign correspondents
Commitments to make Indus, ad vs..
'Other cash"
does
not
include
55,309
Gold certificates
375
2,035
17,868
183.424 1,073,714
hand
223,103
141,531
257,535
202,831
586,616
74,673
27,449
31,312
25,547
4,390
12,903
3,849
5,616
21,504
4,655
32,787
10,022
9,645
2,121
2,037
7,744
4,325
1,007
3,422
754
1,416
545
9,117
2,242
3,000
3,121
1,497
1,715
7,694
1,174
2,020
941
2,320
783
331
405
1,414
366
434
252
301
777
791.810 1,017,453
532,223
378,965 2,185,384
442,132
306,436
467,706
328,750
992,788
788,560 4,500,377
States
476
185
174
81
66
219
57
43
55
55
134
141
805
1,657
350
10
181
61
112
269
3.023
RESERVE
Boston
New York
Phila.
$
$
5
NOTE
STATEMENT
Cleveland Richmond
S
Atlanta
Chicago
St. Louis
S
8
S
s
338,938
465,572
227,085
371,077
50,767
130,876
16,035
27,053
12,745
4,294,885
288,739
948,653
322,903
438,519
341,000 1,080,000
4,023
1,435
342,000
2,675
4,665,962
339,506 1,079,529
.
S
$
4,727,309
Government
are
180,564
98,082
393,445
11,723
8,848
44,662
214,340
162,721
992,066
180,991
139,095
168,841
89,234
348,783
466,500
228,000
162,000 1,040,000
777
789
200,632
147,000
180,000
99,500
404,000
284
175
177
990
426
378
186,548 1,040,284
200,807
147,177
180.990
99,926
404,378
4,548
20,000
342,435 1,084.023
Securities
on
344,675
the
467,277
New
228,789
Transactions
at
the
New
page
Dec. 29 1937
0.20%
0.5%
0.5%
0.8%
0.8%
0.10%
5 1938
19 1938
26 1938
2 1938
Feb.
16 1938
Feb.
23 1938
Mar.
2 1938
Mar.
9 1938
...
Mar. 16 17 18&19 1938
Mar. 23 1938
Mar. 30 1938
Exchange,
3789.
Page 3789.
Bid
PARIS
BOURSE
Asked
Quotations of representative stocks
0.20%
12 1938
Stock
York
Daily, Weekly and Yearly—See
page.
Asked
0.20 %
91938.
$
144,243
5,148
for discount at purchase.
Dec. 20 21 & 22 1937.
Feb.
April 6 1938
April 13 1938
April 20 1938
April 27 1938
May *4 1938.
May
11 1938
May
0.21%
0.21%
0.21%
0.21%
0.22%
0.22%
0.22%
0.22%
0.23%
0.23%
0.23%
0.23%
0.23%
0.25%
0.25%
0.25%
18 1938
May 25 1938
June
June
8 1938.
June
0.10%
0.12%
0.12%
0.16%
0.18%
0.20%
0.20%
0.20%
11938
15 1938.
June 22 1938
June 29 1938
July
61938
July
13 1938
20 1938
July
each day
as
received by cable
of the past week:
Dec.
4
Francs
Dec.
6
Dec. 7
Dec. 8
Dec. 9 Dec. 10
Francs
Francs
Francs
Bank of France
6,800
6,800
7,400
6,700
Banque de Paris et Des Pays Bas
1,140
Banque de l'Union Parislenne..
448
1,139
437
1,145
440
1,132
437
Canadian
248
244
249
247
246
25,900
24,800
24,900
Pacific
Canal de Suez cap
652
Cie Dlstr d'Electricite
Cie Generale d'EIectricite
1
Francs
25,000
24,800
643
645
1,290
1,300
1,300
40
513
37
34
36
37
511
511
512
Comptoir Nationale d'Escompte
683
681
678
682
200
231
200
227
200
228
200
225
474
468
464
464
1,420
1,280
1,420
1,240
293
1,420
1,240
293
1,420
1,240
—
Transatlantique..
Coty S A
Courrieres
Credit
s
Lyonnaise
Lyonnaise cap
Energie Electrique du Littoral..
292
504
499
499
641
638
640
1,100
830
835
833
373
Rentes 4%, 1917
1,982
71.40
68.60
372
22
1,976
17.25
68.50
1,100
835
833
.
372
22
1,982
1,090
840
Rentes4%, 1918
68.40
68.30
75.60
75.70
74.50
95.00
5,540
2,026
1,065
Quotations for United States Treasury Notes—Friday,
L'Air
Dec. 10
Nord
more
32ds of
point.
Ry
—
Int.
Rate
Bid
Asked
Maturity
Dec.
15 1938...
1 H7o
100.31
101.1
Mar. 15 1940...
Dec.
15 1941...
IX%
1H%
1 H%
1H%
1H%
1H%
1 M%
1H%
100
100.2
Mar. 15 1942...
Sept. 15 1939...
Dec.
15 1939...
June
151941...
Mar. 15 1939...
Mar. 15 1941...
June 15 1940...
Dec.
15 1940...
101.6
101.8
Dec. 15 1942 wl.
101.7
101.9
Sept. 15 1942...
100.18
100.20
June
101.6
101.8
Sept. 15 1938...
15 1939
101.3
101.5
Feb.
101.14
101.16
June 15 1938
101.9
101.11
Mar. 15 1938...
1 1938...
Rate
1^%
1 H%
Pathe
Rentes
Bid
Asked
101.22
101.24
101.10
101.12
1 H%
2%
102.10
102.12
2 H%
102.6
102.8
2H%
2H%
2H%
3%
101.28
101.30
101.1
6%
22
Capital....
Pechlney........
Rentes, Perpetual 3%
,
Int.
Maturity
Hollday
Liqulde
Lyon (P L M)
Orleans Ry
or
101.3
100.9
Rentes
101.21
101.11
43^%, 1932, A
4Hi %, 1932 B
Rentes 5%, 1920
Royal Dutch.
...........
Saint Gobain C & C
Schneider
Societe
&
Society
74.50
95.20
6,550
2,033
1,086
Cie
Francaise
Lyonnaise....
71.00
68.50
68.30
75.50
74.30
94.90
5,610
2,040
1,063
67
110
290
371
68.30
75.50
74.40
94.90
5,630
2,015
1,063
67
67
111
1,285
1,237
1,242
1,237
485
152
148
408
401
483
150
402
400
91
90
91
90
Wagon-Lite
.
....
70 80
68.30
68.10
75.50
74.40
94.80
5,660
66
110
Tubize Artificial Silk preferred
480
371
22
1,965
71.00
68.40
Union d'Electricite
Marseillaise
1,090
832
69
...
....
832
112
Ford
Societe Generale Fonclere
Societe
101.19
101.9
1,410
1,240
635
1,100
200
497
Kuhlmann
Energie Electrique du Nord—.
one
....
1,290
Generale
Eaux
Figures after decimal point represent
6,700
640
1,300
Francs
Citroen B
Cie
Credit Commercial de France..
a
Fran,
Treasury Bills—Friday, Dec. 10
Dec.15 16 17&18 1937
Feb.
San
$
195,441
14,450
THE
Jan.
Dallas
Minneap. Kan. City
182,284 1,021,273
19,563
29,207
20,000
Exchange—See following
Bid
Jan.
1,262
1,847
4,774
Stock and Bond Averages—See
Jan.
1,142
138
4,690,632
,
United States
Jan.
3,877
3,851
1,764
16,677
quoted
4,070
3,613
and due
Total collateral
Rates
8,965
1,570
2,362
%
U. S. Government securities
United
3,351
Federal Reserve notes.
paper
York Stock
15,936
5,784
banks:
to
on
6,509
2,874
Total
from United States Treasury
Eligible
6,509
1,683
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank....
issued
9,897
5,162
16,345
2,892
3,116
1,003
FEDERAL
for notes
3,827
6,734
4,484
13,137
Three Ciphers (000) Omitted
Federal Reserve Bank of—
In actual circulation
Collateral held by Agent as security
39,977
26,036
1.220
187,559
6,728
483
150
....
Dec.
3774
Stock and Bond Sales—New York Stock
1937
11,
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded
in the day's
United States Government Securities
Below
furnish
we
the New York Stock Exchange
on
daily record of the transactions in Treasury, Home Owners' Loan and
a
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
Dec. 7
Dec. 6
Dec. 4
Daily Record of U. 8. Bond Prices
Dec. 8
Daily Record of U. S. Bond Prices
116.14
116.9
116.10
116.15
116.12
[High
{Low.
101.16
116.14
116.9
116.10
116.15
116.12
[Close
1
1
46
Total sales in $1,000 units...
1
Total sales in $1,000 mils...
15
High
106.31
106.28
106.31
107
107
Treasury
2Mb, 1948-51
107
Low.
106.30
106.28
106.25
106.30
106.31
107
Close
106.30
106.28
106.25
107
106.31
202
6
7
High
111.27
111.27
112
111.31
■
68
2 Ms, 1951-54
1
28
Total sales in $1,000 units.
\
•
Dec. 7
Dec. 8
101.16
101.13
101.10
101.14
101.10
81
19
32
56
6
100.25
100.22
100.30
100.29
100.29
100.24
100.21
100.27
100.26
100.27
100.24
100.22
100.28
100.27
100.27
16
10
9
110
7
100.18
100.17
100.16
100.16
100.16
100.17
.
101.20
101.17
101.12
101.17
101.17
101.18
101.17
101.17
100.14
100.14
100.17
Low.
111.27
111.27
112
111.27
Low.
100.12
100.13
100.15
Close
111.27
111.27
112
111.27
Close
100.14
100.13
100.17
1
3
18
Total sales in $1,000 units...
4
20
15
*
'
(High
110.13
{Low.
3Ms. 1946-56
110.7
110.7
110.13
110.7
2 Ms, 1956-59.
110.13
[Close
High
99.5
99.3
[Close
99.6
99.3
[High
.{Low.
2Ms, 1949-53
Total sales in $1,000 units...
3
Total sales in $1,000 units...
Federal Farm Mortgage
107.17
10
101.16
101.18
Total sales in 51,000 units...
4s, 1944-54
Dec.
101.14
High
■
■,-v'
.,
Dec. 9
101.14
[High
{Low.
[Close
107
Total sales in $1,000 units...
Federal Farm Mortgage
Dec. 6
116.13
Close
1943-45.
'
.
4
Dec
116.15
LOW.
4Ms. 1947-52
10
Dec.
116.10
116.16
Treasury
Dec. 9
116.9
High
3 MS,
No
unless they are the only transactions of the day.
range,
of such sales in computing the range for the year.
account is taken
.v'
16
5
99.15
99.18
99.17
99.2
99.1
99.6
99.15
99.16
99.2
48
99.3
99.3
99.15
99.15
99.17
76
49
30
72
80
High
103.11
Low.
107.17
Low.
103.10
.Close
107.17
Close
103.10
Total sales in $1,000 units...
1
Total sales in $1,000 units...
fHIgh
103.23
103.25
.; Low.
103.23
[Close
103.23
Total sales in $1,000 units...
2
ZHb, 1943-47
3s, 1951-55
3Ms. 1944-64
103.26
103.28
103.26
103.23
103.22
103.23
103.28
103.26
103.24
103.22
103.26
103.28
103.26
19
38
17
1
4
6
Total sales in $1,000 units...
104.27
High
Federal Farm Mortgage
103.24
104.25
104.29
104.26
105.2
High
102.30
102.29
102.30
102.29
Low.
102.27
102.29
102.30
102.29
Close
102.27
102.29
102.30
102.29
3
1
1
5
3s, 1944-49
Federal Farm
104.31
fHIgh
Mortgage
103.20
103.21
104.27
104.25
104.21
104.26
104.29
104.31
103.21
104.27
104.25
104.26
104.29
104.29
104.31
{Low.
[ Close
103.20
Close
103.20
103.21
$1,000 units...
25
14
11
22
6
Total sales in $1,000 units...
1
3s, 1946-48
{Low.
Total sales in
3 Ms, 1940-43
■
105.28
-
105.31
105.31
105.31
1
7
2
Ms, 1942-47
Home Owners' Loan
102.10
102.8
102.9
102.10
102.8
102.8
9
100.22
100.26
106.19
106.22
106.21
100.19
106.22
3
228
10
fHIgh
105.17
105.20
3s, series A, 1944-52
102.26
102.29
102.29
102.31
Low.
106.25
Total sales in $1,000 units...
High
102.26
102.25
102.23
102.27
102.29
102,28
Close
100.19
Low
Close
3Ms, 1946-49
102.9
102.10
Total sales in $1,000 units
[High
3Ms, 1941-43
102.9
Low.
106
Total sales in $1,000 units.
5
High
Close
106
105.28
Federal Farm Mortgage
106
105.28
(High
{Low.
[Close
3s, 1942-47
102.26
102.25
102.23
102.28
102.29
102.31
Total sales in $1,000 units...
Home Owners' Loan
105.19
.102.28
1
102.25
11
21
9
5
High
2Ms, series B, 1939-49..
101.8
101.6
101.2
101.7
101.8
12
101.7
Low.
105.17
105.20
105.19
Low.
101.5
101.4
101.2
101.4
101.7
101.7
[Close
105.17
105.20
105.19
Close
101.6
101.4
101.2
101.6
101.7
101.7
Total sales in $1,000 units...
1
4
1
Total sales in $1,000 units...
(High
105.13
105.13
105.15
105.15
Low.
105.13
105.13
105.13
105.15
Close
105.13
105.13
105.15
105.15
Total sales in $1,000 units...
I
10
27
5
106.28
106.25
3 MS, 1949-52.
•
106.21
High
1941
106.22
14
38
High
100.24
100.24
Low.
100.24
Close
100.24
Total sales in $1,000 units...
10
Home Owners' Loan
2Ms, 1942-44
39
22
1
100.24
100.25
100.26
100.25
100.21
100.24
100.25
100.23
100,24
100.22
100.24
100.25
100.26
100.24
23
1
16
14
2
106.27
Low.
106.21
100.22
106.28
106.25
106.21
106.22
106.28
106.25
106.27
2
2
16
106.28
106.24
106.27
106.27
106.27
106.22
106.20
106.25
106.26
106.26
106.22
106.21
106.27
106.26
8
7
12
2
*
106.27
Close
Total sales in $1,000 units...
5
Odd lot sales,
t Deferred delivery sale.
Note—The
above
table
includes
only
Total tales in
$1,000 units..
101.15
101.15
Low.
101.12
Close
101.14
9
High
2 Ms, 1955-60
Total salon
$1,000 units..
bonds.
Transactions in registered bonds
106.27
1
Treasury
4s
7
1
Treasury 3%s
Treasury 3Ms
1946-1956.
1
/High
{Low.
[Close
3Ms. 1944-46.
1
Treasury 2.Ms
1955-1960..
101.13
101.18
101.13
101.11
101.14
101.17
101.13
101.16
101.17
30
103
68
1944-1954...
to 110.4
.......105.28 to 105.28
26
101.19
United States
103.9
103.4
103.5
103.10
103.14
103.13
Low.
103.8
103.4
103.4
103.4
103.13
103.11
Close
103.8
103.4
103.5
103.10
103.14
103.11
13
4
24
Total sales in $1,000 units
111.25 to 111.25
....110.4
......
1940-1943
101.17
17
coupon
101.16
101.13
101.20
High
2 Ms, 1945-47
of
sales
were:
58
11
13
United
110.10 to 101.10
Treasury Bills—See previous
States
Treasury
Notes,
&c.—See
"vv
page.
page.
;
.
previous
v ''•
■
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
Monday
Tuesday
Dec. 4
Dec. 6
$ per share
37
37
*30
43%
*46
*19%
*22%
1%
51%
1%
*60
Thursday
Dec. 8
Dec. 9
$ per share
$ per share
$ per share
37
36%
36%
37
43%
*30
43%
*30
461.4
*45%
9%
9 v8
9%
9%
9%
49
47l»
9%
37
37
43i2
4712
*30
4714
934
10
20%
*19%
20%
20%
20%
23 %
23%
23%
231"
1%
1%
51%
23%
1%
1%
*158
1%
52%
51
51%
5112
5212
1%
1%
52%
1'4
75
12ii
12%
1*2
1%
14li
14*4
*12lo
14%
*12
15
*15
16%
NOT PER
Wednesday
46'.i
47
978
*
Dec. 7
$ per share
37
*37
SHARE,
CENT
Sales
*
1%
72
n%
1%
13%
*12%
*11%
12%
1%
14
'
20%
23U
2038
2378
Dec.
*365S
43l2
47U
*30
20
3734
43%
20
2312
1®4
5212
*20
22i2
1%
51i2
500
""600
12,200
600
1,600
1®8
800
52i4
n8
5,600
1%
11%
11%
111.1
1112
113s
1178
IH4
11S4
"5",900
1%
1%
1*2
1*8
138
1*2
13s
1%
8,900
72
1%
*
111
72
1*8
*
*1
Us
72
*
1,700
72
14
14
14
14%
13%
1512
*11%
15
*11
15
12l2
14i2
15
14
*14i4
*14i4
14
15
7,100
15
*1212
15
15%
*1334
HI4
*14%
18%
16%
14%
14%
16
16
15io
15i2
*1334
1534
500
19
18%
19
183.1
1914
181.1
8
8
8
,8
1834
734
163
160
163
18i2 18%
7i2
7i2
16018 163
4,700
8
14
11
14%
8*4
*511i
4412
13*2
*23g
*20%
8%
55
45%
13%
2%
22
161%
*9%
11
13%
8%
14%
52%
44%
53
*13
*2%
*20
8%
46%
13%
2%
21%
14%
53't
*
55%
53
54%
66%
54%
*62
*62
66%
*9%
13%
8%
54
43%
12%
2%
*20
53%
11
13%
,8%
54
46*4
13%
2%
21%
55%
66*?
7i2
7i2
734
164i2 166
*9i2
10
163
166
1378
958
135s
9%
1334
8%
8*4
812
*54
55
54
54i2
52%
527g
48'8
46'2
12%
4734
45
12%
12%
2i2
*21i2
557S
4634
127g
25g
2314
577g
9,700
6034
6034
100
4612
12i2
2i2
*20
5612
13
2%
22
2i2
22
234
22
5712
56
*64
66i2
*6234
66
14%
14%
13%
14
3-1338
14
53%
53%
54
53%
53%
J-531"
5312
13%
*51i2
1384
53%
Bid and asked prices; no sales on this day.
700
4,600
5734
*9i2
10
13i2
13i2
1,600
8ig
13,350
1,100
27,000
8
14
13%
*51I2
t In receivership,
53i2
a
100
1,300
1,900
per
Range for Previous
Year
of 100-Share Lou
1930
A
Mar
8
Mar
6
42
Mar
70
25
44
Nov 22
85
Aug 13
69
Nov 23
Oct 19
22*8 Mar 11
Apr
Aor
74%
7^8
17i2
16i2
1%
177, June
221, Jan
*1% Jan
68
Apr
35*4
Feb
37M
Oct
No par
No
pat
i2
Alpha Portland Cem
Oct 19
146
couv preferred..
Corp
..
Bank
Note
1
Oct
5
7
Jan 25
100i2 Jan 22
15*4 Feb 26
168
Aug 10
2
Jan
91
Mar
13
July
178 Aug
21
ij Jan
86l« Nov
6is Apr
103
Nov
171, Sep*
195
Mar
Oct 19
6*g Feb 18
21,
Oct 19
69*4 Feb 11
12*8
Apr
Jan
6lij Nov
Oct 20
59
121,
-an
60M Nov
Oct 19
68i| Feb 17
121,
Jan
60
10% Oct 19
52i« Feb 18
4558 Mar 16
27
13
Oct 19
6% Oct 19
145
Nov 23
9
Nov 26
10
Oct 19
6ig
par
Oct 18
497g Nov 26
Feb 11
237g Apr 12
258i2 Mar 9
1718 Aug 14
33is Jan 16
217, Mar
6
Mar
9
86
Apr
267s July
23
Aug
34
6*4
90
Jan 22
35*8
Jan 28
19*4 May
19
pa
51i2 Nov 23
53i2 Oct 19
Oct 20
10
x
Oct 19
53
10
Dec
Ex-div.
1
y
621, Mar 16
1147, Mar 11
IOH2 Jan 22
Jan
Oct
31% Nor
75
Jan
49
July
41*8
Jan 16
36
Dec
751,
Feb
66
Jan
Ex-rights,
4
Nov
20i« Nov
Jan
39*4
4
Oct
Aug
Jan
8312
.50
40*»
245
69
Nov
541, Nov
" "Jan
8i2 Oct 19
1% Oct 19
87, Mar 13
61, Nov
157
Oct 19
34
1
Cash sale,
5%
Jan
Feb
10
50
r
9
Jan 26
Nov
16*4 Nov
11
No par
No
Jan
9%
11
Am Agric Cbem (Del)..No par
Preferred
Oct 19
Mar 11
8
5% pre! erred
100
Albs Chalmers Mfg....As par
Amalgam Leather Coa Inc
36
4»s
100
Corp..... Yo
3
80%
97
industries lnc
1
Allied Chemical A Dye.No par
Allied Kid Co
5
Allied Mills Co Inc...-No par
Feb
Oct 15
10
Allen
n New stock,
Oct 19
28»i
44% Nov 24
$2.50 prior oonT pref. No par
Allegheny SteeJ Co... No par
6%
share
55
69
Appliance..No par
ViCksburg RR Co.. 100
American
per
8
Nov 26
6M %Pre! A with $40 warlOO
5M%Pref A wlihour warlOO
150
Highest
$ per share $
Nov
Allegheny Corp
No par
5M %Pref A with $30 warlOO
Def'd delivery,
share
37
Alaska Juneau Gotd Mie._
6%
$ per
36
Express
Amerada
share
No pa:
_
btetw Co
Allied Stores
Lowest
Highest
..No par
Straus
Air Way El
100
3,000
$
Address Muitlgr Corp
10
Advance Kumely
....No par
Air Reduction Inc
No par
300
*1334
8i2
•
14%
*62
A
Adams-Mlliis.
200
15
18'%
160%
Acm»
Art ami
Aia
8
*9*2
Par
Abbott Laboratories.
Albany A Susq RR
14
On Basis
Lowest
Abraham
1%
*
Range Since Jan. 1
STOCK
Shares
9%
20%
22%
9U
YORK
EXCHANGE
Week
47
47
10
2234
*158
52i4
•
10
$ per share
37
NEW
the
Friday
187S
160
STOCKS
for
Saturday
81
Nov
Dee
341, Nov
5*4
3914
Dec
Dee
1251, Mar
89
65i|
73
Nov
Ap»
Nov
f Called for redemption.
Saturday
Monday
Tuesday
Wednesday
Dec. 6
Dec. 7
Dec. 8
Dec. 9
36%
35%
84
83%
25
51
51%
*95
7%
16
15%
15%
15
15%
15
15
*80
87
*100
150
100
97
90
96
95
95
*22%
24
*22%
24
'
25
*434
5
9
*4
9
*6%
*80
25
-
11%
11%
20%
20%
*18%
*12
13
*12
20%
12%
4
4
*20 ®4
24%
*23%
24%
*36%
39
36%
*1®4
2
*134
2
17
*16%
17
2l7g
21%
15
1,000
Si
20
20%
11%
12
2
14%
5
5
30%
31%
30%
*101
105
*101
15%
5%
62
63
63
63
36%
36%
1,100
American
Home Products
1%
600
American
ice
16%
500
6%
7%
22%
7%
2,300
Amer
23%
13,400
16
•
8
2378
.
5,400
5%
2,600
Amer
3034
7,000
119
30
260
7%
7%
7%
45%
13,000
47
42%
45%
42%
43%
46
35%
36
34%
367x
36
38
3634
37%
44%
36%
4478
37%
13%
14%
14
14%
14
14%
13%
14
37,100
161
130
7%
7%
.44%
23%
237S
22%
75
75
74%
75%
73%
74
73%
74%
717g
72%
19%
19
19%
18%
18%
18
18%
1734
18
1734
17%
*18
22
23%
23
23%
22%
23%
*13
13%
*25
26
2578
2578
50%
47%
50
49%
24lo
51
*50
51
50
*101
125
125
126
126
9%
108
18%
*17%
149% 150%
67
66%
687s
138% 139
7%
7%
13%
14
87
87
29
*47
17
32%
32
34
49
49
49
*51
56
16%
16%
16%
109
*14
15
*3
4
1478
*3
4
'
*96%
*98%
*97%
*98%
6%
6%
6%
6%
*
100
"46%
77g
*7%
410
4
778
*4
85"
♦
~~8%
99"
*9534
98%
6%
63g
6%
0%
*657g
68
*66
66%
*81
97%
*81
97%
39
40-%
42%
£41%
42%
734
7%
7%
37g
4
4
8%
70
~~8%
"
~8%
8%
*37g
*
85
~8,700
7%
600
4
7%
4
"8%
8%
39%
38%
7%
7%
*378
85
*-%:-wv
85
*._
85
600
68
37g
4
""960
200
97%
300
70
*50
*50
82
*55
82
*70
80
*70 s;
*70
40
*35
39
39
39
£40
*35%
40
397g
*35
40
*35
*77
79
77
78
75%
76%
75
76
*75
77
75
75
74
75
401.1
413j
39
41%
78
74
74
4134
40%
*73
76
*73
*55
*
75%
75%
25%
2612
27
*5i2
612
*6
28i2
6i2
12
12i2
12%
12i2
12
13
21
2078
213s
205s
213s
104i2 1043i *10434 10712
83S
8i2
85s
83g
2034
41
20h
*1043-1 10534 *104-4 10734
8%
8i2
87s
87s
42
*41
*41
43
*45
50
45
45
110
110
110
110
*6
6I2
*8%
8%
207S
41
119
~
*__
—
2634
28ig
7,000
*5%
*1134
2OJ4
6%
100
12%
700
"e"
*.
6%
6%
6's
*018
6l2
8
8
8
8
8
8I4
778
3
*234
3
234
27S
227g
*234
3
612
3
*20%
2278
*1934
227g
*1934
2278
312
3%
3%
33i
358
37S
*21
358
3l2
37g
20
6
600
612
*234
*20
2278
*20
500
~~6~
8
*258
*6
3
48
3%
37g
734
3,500
314
700
227g
358
10/306
12%
9%
12&8
1538
15
34
*30
834
lis*
1434
*30
*253S
14U
117s
18
1034
297S
143g
117g
112
*111
18
1712
*92l2 105
*30
34
*97
1007$
17^8
1078
914
12ig
1214
15
15
1514
16
3234
34
34
*30
*
96
9%
*
96
1714
1734
18 >8
1058
1034
11
123g
15%
12%
96
*....
177g
*10%
15%
96
17%
27l2
*25l2
271"
2634
27
27%
2734
14l4
1438
1434
14%
1434
14
14%
lll2
1112
12
11%
11%
1034
11
11,400
1,400
*111
11112
*31
34
*95
105
110
111
112
*111
17%
17%
*110% 112
17
17%
*17iS
*
1734
*171g
17l2
92i2
97i8
*93
97i8
*94
96%
*94
*3114
34
*3114
34
*31
*94
96
96
96
8U
3312
3378
33%
34
33%
5234
52i2
56i4
56
58%
56%
15
15
15
147g
147g
1478
147S
14%
90
9134
*8934
91
89
92l2
91
92%
26
15%
26
26
26
2678
26
27
25%
1434
93%
2434
15
1434
1514
15l2
15i2
13
13
12.4
*155s
18
*1558
64
*40
1434
9234
27
15%
2434
27%
Bid and asked
12's
13
18
60
*15%
20i4
28
*27
25i2
12i2
123g
*1558
18
60
►
~27%
28
28
prices; no saiee on
Beech Creek RR
this day.
13
17%
17%
34%
32
32
58%
55%
15
14%
57% 109,900
1,800
14%
127g
13
28
82%
I27g
17%
*1434
*15%
18
28%
100
82%
13%
17%
1734
60
28
preferred
Beatrice Creamery
*82
1712
"3434
1st
mc
"26%
27%
j In
1.900
25%
2,300
15%
1,000
4,000
12%
*15%
18
27%
91
25%
13
28
1,500
*1434
*88
15%
60
*
10,100
2,100
*
13
18
60
"26"
27%
receivership,
27%
54,600
28%
1,700
95
Dec
9
98
Fob
09
Jan
90®4
Jan
Mar
88
June 29
104
Feb
9
7
21% Apr
II
Apr
Mar 13
Oct 19
44
Jan 18
Oct 19
57
Mar 11
Apr
13%
26% June
Sept
109
6
18% Mar 6
62% Mar 10
110% Feb
Jan
Nov 26
94
Mar 11
48
2
133
Jan 13
xlJ2
Jan
9
14
June
36% Feb
2
26% June
9% Feb
110
Dec
4% Oct 19
6% Oct 19
18% Jan
1
6*8 June
Oct 19
62% Mar 26
29% June
2% Oct 19
9% Jan 12
3% Sept 10
3
Sept 11
11% Jan 29
2% July
9% Jan 30
23% Aug 18
2% July
"l57t Apr
2
Sept 25
15%
3
Apr
Oct 19
Oct 19
Oct 19
40% Mar 17
30
Oct 19
45
100
—10
No par
x97
Nov 29
110% Feb
Oct 19
43% Mar
24% Nov
8% Nov 22
32
9
Jan 21
13%
Jan
...60
20
Nov 24
42
Jan 21
10
Oct 19
14%
Jan
9%
108
Oct 19
—...6
No par
......100
25
No par
50
10%
6
Steel (Dei)-No par
....20
7% preferred
100
Blgelow-Sanf Carp Inc .No par
6% preferred
Mfg Co No par
Blaw-Knox Co
...No par
Btoomlngdale BrothOTs.No par
Blumeothal A Co pref
100
Boeing Airplane Co..
6
Bohn Aluminum A Brass
5
Black A Decker
a Def. delivery.
94«4May
Oct 19
Beneficial Indus Loan.. As par
Best A Co
No par
Bethlehem
67% Feb 18
Nov 12
Co
20
...No par
Belgian Nat Rys part pref.
Bendlx Aviation
Jan
12% Apr
6
Feb 18
Beidlng-Hemlnway
1734
551S
Bayuk Cigars
Jan
Jan
Jan 28
100
Beech-Nut Packing
*17i2
533s
Inc
5H% preferred...
Barnsdall OH Co
100
1734
3434
54l2
3514
Barber Co
Barker Brothers
3,000
84%
7%
8%
95
5
.....100
Aroostook
...60
Bangor A
Conv 5% Dreierred
Feb
8%
4% preferred
$5 preferred w w
127g
47%
10
13
100
ctfs
8
133s
17%
Vot tr
Baltimore A Ohio
97
84%
18!S
35U
126
—
42
13
1778
Nov 20
38
Automobile—No par
No par
No par
(The)
3
{Baldwin Loco Works.No par
8
*82
2434 Mar
Jan
Aug
104
6
70% Mar 13
16% Feb 27
17% Jan 21
100
July 23
101% Sept 29
7% Oct 19
39% Oct 19
S5 prior A
A via u Corp of Dei
*94
1314
Nov 27
Jan
66%
1
5
Austin Nichols
*31
84i8
126
Jan
4% June
13% Feb 27
99% Mar
101
Auburn
8%
8ls
105%
9
No par
9978
12i4
6
18
6% conv preferred— ..100
Atlas Tack Corp
No par
42
*8112
Mar
111
3278Nov23
71
Nov 27
60
6% preierred —
Atlas Powder
8
8%
May
29
*92
13%
Apr
118
6% Oct 19
Dec 9
......25
conv pref series A... 100
Corp
1
8U
84i8
37
8
66% Mar 17
30
700
Feb 18
58
Atlantic Refining
July
3
10% Feb 10
Line RR—100
Ati G A W I SS Lines. .No par
5% preferred
100
105
8
*
1,500
14
1234
26
"7" 000
*11
*82
25%
1034
*253g
30
1458
1178
11134 11134
1734
1734
*92i2 100
13%
25
18
1034
11%
1314
23*2
100
14%
*2538
8U
,
35
*32
!
40
84%
8%
16
30,100
32,900
6,300
*
18%
11
83g
*82
1278
9
9%
127g
16
35
*32
185s
10
18
1078
9l4
934
127«
8%
323,i
96
96
17%
1034
11%
9
12I2
1512
June
40
2% Oct 19
Atlantic Coast
Assented.
87g
9
Oct 19
800
110
*44
46
May
121% Feb
47g Oct 19
warrants..100
Jan
97
18
4%
110
4
Oct 18
83
2
Feb 13
37% Jan 12
4% Oct 19
Co..No par
Jan
15%
73
Atlas
46
35
2434 Aug
64% Nov 24
90
Feb 4
30
Oct 19
$5 pref
500
110
Jan
Feb 23
without warrants 100
Santa Fe.,100
5% preferred
100
5% pref with
7,800
40
40
May
28
111
2% Oct 19
Nov 24
100
3% July
24
97
26
80
Feb 23
79% Feb 23
69% Mar 10
Oct 19
93
62'4 Sept
20
Oct 26
11034May
Atch Topeka A
10478 10478 *10434 10478
8
8
778
83«
40i2
Jan
7% Sept
Jan 12
Oct 19
9,100
40
92»4
14% Jan 18
79
Nov 20
2058
21
205s
1
Feb
107
74
800
13
46lS
46
46
46
t
*612
41
41
73%
7i2
13
26
27
61-i
73
2734
2658
611
13
*6i2
33,100
74%
74
4234
Apr
Oct 19
7
Jan
878 June
19%
35
140
~40%
10
88% Mar
136
3
29% Jan 13
8
96
Mar
87
4
20% Feb
Oct 20
39
100
6% 1st preferred..
7% 2d preferred
Assoc Investment
420
77
42%
"40%
27*4
6%
27
*12%
"""266
75
*
77
...
43%
75
75
£75
*
78
—
"41%
i
60
58
67
24% Nov
Dry Goods......
Associated
80
89
80
*55
5,500
300
67
70
*55
*59
*55
Jan 28
Oct 20
100
1
Preferred
8%
99
26% Nov 30
3% Oct 19
£27% Oct 19
........
Cable..No par
Anchor Cap Corp
No par
$6 50 conv preferred-Nfl par
Andes Copper Mining
20
A P W Paper Co
No par
Archer Daniels Midi'd.N# par
7% preferred..
100
ArmourACo(Del)pf 7% gtdlOO
Armour & Co of Illinois
6
16 conv pref
No par
7% preferred-.
100
Armstrong Cork Co..-No par
Arnold Constable Corp
5
Art loom Corp
IV o par
85
"7%
8%
_.. .
20% Mar
149% Apr
150% Jan 26
Oct 19
Anaconda W A
10,200
67
_
Jan
129
187
3% Oct 19
100
Amer Zinc Lead A Smelt
1
$5 prior conv pref....... 25
Anaconda Copper Mlalng..60
Preferred-
6%
*80
8
82
48% Apr
Jan 11
9978 Feb
Dec
24%
Jan 25
Jan 8
257g
4% Oct 19
No par
No par
|6 1st preferred
Woolen
"
98
5678
65% Dec 10
128%May 13
100
10
American
200
68
B.
Type Founders Inc
Am Water Wks A Elec. No par
3,400
27%
*9534
6%
*7%
7%
~~8%
98%
"41%
42
*
8%
"
A Teleg Co
Am
200
100
68
*
100
41%
"4l"
6%
143% Jan 13
Dec 10
*119
*119
6%
100
*98
68
68
69
*66
*
*26%
*119
*119
*119
*119
267S
2778
27%
*26%
1047g Oct 11
62
4
*3
4
Refining..100
2,000
16
*14
15
26% Jan 20
6% preferred
200
20% Apr
Jan 21
73%
Jan
1333s
6
8% Nov 22
26
Dec
7
100
26
..25
32% 156,600
27%
Feb
22% Oct 19
Foundries..No par
No par
Common class
16,100
109%
148
57% Mar
68% Jan 29
Oct 19
3,200
17%
Nov 16
Stores
Amer Telep
31%
*3
27
Jan
125
Apr
18
154
46
2
Oct 19
Dec
140
200
*14
4
*3
Jan
American Tobacco
33%
15
15
4
*3
27%
27%
28
14%
14%
6684
130%
Nov 23
Oct 19
2,300
6,500
17%
177g
"17%
109% *103
109% *103
*103
110
*103
105% Mar 11
Jan 28
24% Dec
Co.No par
Snuff
8,400
034
f *47
7
Oct
Jan
14
700
39®4
Dec
25%
2,200
53
31
3
Feb 20
Mar 19
Am Sumatra Tobacco ..No par
34%
*42%
Feb
68
Preferred.... ...... ....100
13,600
27%
18
17
101% Aug 18
29
American Sugar
*6%
27%
53
45% Mar 11
Oct 19
36
1,700
600
Jan
23>4 July
15% Oct 19
7% Oct 19
Amer Steel
200
Feb
18*4 Apr
157
Jan 21
17% Oct 19
4,400
4%
30%
3
29% Feb
170
Feb
18.50
American
88
43
Seating Co..No par
6% preferred
110
34%
32
*103
*14%
27%
31*4
30%
70
..100
American
39,500
34%
4%
67g
100
Mill
Rolling
41
38
*35
16%
110
*103
34
*48
49
*16%
34
Jan 12
122
*80
28%
084
34
*32
34
30%
32
7
6%
6%
28
2834
27%
287s
6%
6%
6%
*32
38
31%
28%
*27
6%
6%
*31
4%
4%
4-%
434
4%
27
434
434
478
29%
,434
72%
Oct 19
Oct 23
140
100
..26
126
32%
434
Oct 19
9%
.100
25
Smelting A Refg.No par
*101
88
26
No par
..No par
San'y.No par
Preferred....
126
*80
87%
87%
88
*841"
88
*84%
Jan 18
Ship Building
>
69
87%
Amer
300
34%
Oct 19
Amer
50
3234
3434
3234
Feb
31
690
50
*101
126
*101
33%
Jan
7%
35,300
50
*4934
x35%
50
300
Dec
Feb 15
25
125%
*122
Apr
Apr
118
16% Jan 13
800
*9
9%
93g
9%
9%
9
9%
9%
9%
9%
20
26
26
26%
26
26%
26%
26
26% 27%
109
*1077g 109
110
109
*109
110
10778 1077s *108
18%
*17%
1734
1734
18%
18
*173.1
*17%
17%
17%
149% 150%
14934 150%
149% 1507s
1483.1 150
149% 15034
62
63%
65%
65
64%
65%
66%
66%
66%
66%
67
65%
68
6734
07%
67%
68
68%
69:%
68%
138
138
137
£137
138
137% 1371" *137
139
139
7
034
634
7
678
7%
7
*6%
7
7%
14%
13%
14%
137g
1434
14
1378
14
13%
13%
27%
27%
*106
51%
*124% 126
51
*4934
126
29%
307g
297s
297g
9%
2834
497g
52%
123% 124
50%
*48
25
27%
50
497g
124
May
10
27
75
American
12%
12%
24%
48%
12%
26%
12%
12%
26%
25%
4634
*121
12378 1237s
*121% 12378
12%
12%
12%
13
13
21
Oct 19
American Safety Razor..
1,700
;
Oct 19
Oct 20
4H% conv pref
4,100
7134
23% Apr
66
Apr
8
13% Jan 20
68% Mar 10
129% Feb 1
29% Mar
3
Preferred
American
16% Sept
9% Apr
53
Am Had A Stami
15,300
22%
21%
70%
23%
5
17% Mar
125
Oct 19
3
Feb
27% Feb
100
S5 preferred.....
5,400
687g Feb
Oct 20
2% Sept
Co....No par
*6 preferred..
3,300
36%
161
161
al61
161
al61
165
*151
165
*151
153
153
1434
14
1478
14%
7%
Jan
484 Mar
Light...No par
Amer Power A
37%
7%
Oct
37
3
16
16
11
4
52% Mar
Nov 20
American News
47
7%
7%
Oct
31%
100
6% conv preferred.
100
30
11% Mar 13
65% Mar 13
19
19
19
19
4%
6% Oct 19
14% Oct 19
Amer Metal Co Ltd...No pa'
*101
Jan
Oct
Oct
Oct
Oct
2434 Nov 22
14%
5%
30%
31%
Apr
13
10% Oct 19
14%
101
101
687« Jan 22
21
Feb 6
Oct 19
Co..No par
Mach A Metals..No par
5%
n31%
Jan
Apr
25
53
100
Preferred...
7%
4334
7%
100
Amer Mach A Fdy
31%
12
14
Internat Corp...No par
15%
30%
63%
1
pref
non-cum
Oct
6% Apr
38% Jan 22
2%
20%
32%
1%
..No par
Deo
Jan
175
4
29®4
734 Oct 19
American Locomotive.-Ac par
70
*66
69
5
105
02%
1%
16%
1%
*65%
14%
32
*101
105
62
61%
37%
7%
5%
30%
25%
16
15%
307fi
24%
9*4
Jan 18
687g Jan 18
17
60
6% preferred
Deo
Nov
534 Oct 19
1
Hlne A Heather
6,300
1,000
27
Oct 19
10
Hawaiian S» Co
25%
22%
72%
5
105
*100
American
8%
*64%
15%
29
31%
Amer
24%
8
47S
1,300
16
16
22%
14%
14%
5
500
11
2
8
73
22
11
37
2234
*65
*18
11
24%
37%
*1%
2
161"
19
Deo
7% July
20% July
16% Jan
89
Apr
3% Apr
3
31
21
2
28
Mar
60%
100
13% Jan 22
19
No par
S8 preferred
19
£ll
24%
3034
2d Preferred
13% Jan
174
2% Oct 19
A o par
A...No par
17 preferred
1,700
784
5
.
Power... A# par
u
11
16%
76
17
225
Amer A For
5,400
4%
99% Mar
Oct 19
21%
4
12% Oct 19
Nov 29
175
10%
201.,
*67'8
4%
4%
Jan 25
30% Mar
33% Jan
Deo
137% July
87% May
Aug 12
29
100
21%
1%
734
76
*6?78
i. 14%
4%
37g
112
10
Co
11%
37
17
21
4%
3?8
Oct 19
23% Mar
141
May
30% Apr
22% Dec 4
5% Oct 19
8% Oct 19
90
Amer Express
12
2178
7%
73;
734
67g
300
*180
300
23%
36%
Nov
Oct 19
11
*22
111
11% Oct 19
86
Oct 19
Oct 19
23%
24%
Apr
5
12
*22
36%
7%
*4%
*180
4%
378
57
No par
Amer European Sees
25%
334
4
3384 Aug 25
150
Apr 25
80
2
11%
334
Feb
104% Feb
Oct 19
1st preferred
lOO
American Encaustic Thing.. 1
900
47s
4%
71
Dec
36
6%
4%
4%
*4%
478
478
300
May
American Crystal Sugar,
25
11%
334
2,200
20%
*18
3%
Am Comm'l
157g
87
15%
16
11%
11%
1134
1,400
*15%
*80%
9
*534
*180
*177% 300
*177% 300
4h>
4%
4%
4%
434
*23 •
25%
25
*23
25
11%
5
Dec
102
Alcohol Corp..20
157g
16
87
5
v
-
*177% 300
434
87
110
9
4
Co._-lC
American Colortype
15%
15%
1534
15%
15
87
9
Jan
(Alleg Co)25
*80%
16
1534
15%
14%
*80%
Jan
174
100
Am Coal Co of N J
1,100
7%
7%
121
Nv par
American Chicle
40
78% Dec 10
1517g Oct 22
15% Oct 19
No par
100
6% preferred
100
600
124
Cable Inc.lVo par
Am 'Jhaln A
24
Feb 18
25
Preferred...
95
*91%
*22%
40
160
100
American Car A Fdy
3,700
9,800
share % per share
Apr
70% Deo
80% Feb 18
1
Can
Preferred
300
Lowest
S per
$ per share
per share
28
Oct 19
109
100
conv pre!
American
14,000
17%
17%
*93% 112
77g
6*4%
130
50%
49%
100
778
778
734
7%
47g
4%
9
*7
177g
7%
15%
7%
434
17%
*22%"
25
*22%
16
434
18
150
*100
96
82%
17
*17%
150
96
*80
52%
17%
*100
7%
51
52%
100
*7%
52
50
110
23
27
52 i8
*95
13,800
165
165
26%
2634
18%
79%
78%
*164% 166
26%
25%
%
Fdy.No par
Am Brake Shoe 4
7,600
81%
2734
54
27%
*100
22%
166
24%
17%
17%
17%
80
16478 *163
25%
24%
50%
25%
*163
160
*163
164
164
42%
39%
*11512 118
118
*114
83
80%
Par
Shares
S per share
42%
115
115
82
80%
41
42%
37%
1101" 110%
*110% 113
83'%
82%
113
*110
39
34%
S per share
S per share
$ per share
$ per share
36
35
$ per share
Year 1936
Highest
Lowest
Week
10
Dec.
Previous
Range fo»
EXCHANGE
the
Friday
Thursday
Dec. 4
On Basis of
YORK STOCK
NEW
1
lOO-SAars Lou
Ranoe Since Jan.
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
LOW
3775
New York Stock Record—Continued—Page 2
145
Volume
wNewstook. r Gash sale. *
13%
92
Oct 20
47% Mar 17
21
Apr
Feb 11
39
Deo
8
35% Feb 1
20% Jan 17
115
Aug 16
18
Jan
8
100
Aug
43% Feb 19
35
Feb
114*4 July 14
85
Oct 19
28% Feb
9
Nov 10
105*4 Mar
32% Nov 13
9034 Oct 19
7% Oct 19
82% Dec 10
8% Oct 19
15
Oct 19
32
Nov 26
41
Oct 19
14
Oct 19
16*4 June
May
110
Feb
15*4 Feb
8
13
Dec
88% July
4
83
June
30% Feb 11
23% Jan 5
62% Jan
8
105% Mar 11
20
Jan 18
21%
Jan
20
Jan
48
Jan
45*4
10%
Apr
Apr
107% July
13% Nov 24
129% Feb 16
69% Feb 10
38
Jan 21
Oct 19
297a Mar 10
14% July
85% Nov 24
23
9
Nov 29
1714 Nov 15
Dec
3
50
16
Oct 19
21
Oct 19
23
28*4
Jan
Dec
7
18% May
94% Jan 16
77% July
3
48% Feb 13
107g
Apr
40%
Dec
32% Jan
49*4 Mar
Ex-dlv. y Ex-rlghta. 1 Called for redemption.
New York Stock
3776
LOW
AND
HIOH
SALE
PRICES—PER
SHARE,
Monday
Tuesday
Dec. 4
Dec. 6
Dec. 7
Dec. 8
$ per share
$ per share
$ per share
*84
86%
$ per share
.
88
85
85
41*8
41%
41
41
14
14
*41
14
Wednesday
85
14
13*4
Dec
88
88
41%
41%
13%
14
14
17%
17%
17%
18
17*4
17%
28
28*2
28%
27*4
28%
*4%
6
*4%
4%
27*2
4%
*1
Do
*1
1%
*1
4%
21*4
21*4
20%
20%
20%
21%
9%
9%
9*4
9%
9*2
25%
9%
25%
24%
*29*2
24*4
30
29%
29%
*31
31%
31
31
24%
24%
*29
2
1%
1%
1*4
1%
1%
1%
8
8
7*4
8
7%
7*4
7%
7%
10%
11
10%
10%
10
32
32%
32
32
32
32
20%
♦35%
36
20%
21
36
20%
36
.
37
9*4
9%l
9%
*76
8%
5%
5-%
5*8
50
5'2
4'8
32i2
19l2
6*4
20*4
6*4
21
18
18
177fi
2%
*8%
4%
32t2
2%
4*8
6*4
278
9*1
♦8%
*14
16
*8*4
9
18'4
2%
8*4
21
20%
2H4
8*4
3*8
10 "s
3434
*3314
20%
20%
19
23
23
*49%
17g
52
137S
14
15
15*2
14*4
45
44
30
8%
*29l2
7
*514
*3314
20%
3%
3*4
10%
22
*4978
1*4
52
8*4
9
45
*82i2
90
*84
t
85
15*4
*4
4%
91
1*4
8%
13
13%
1478
49
8
30
6i'»
42
90
*82%
*84
1514
147g
4
4
9412
100
100
99i2
52
50i2
52
14%
4%
4
93
98l2
99l2
50
15
97
97
"25"
63*4
*28*4
*83
100
25
2514
*63
63*4
29
*28
92
26
"25*
25
65
*63
65
2812
28
4
4
3*4
378
102% *101
102l2
*10^2
*10
111.1
11*8
6*3
6i2
6I4
6%
*95
578
*478
106
44
*95
43
44*8
9
9
35%
3 578
*
♦30U
*914
45*4
39%
41%
8*4
3512
*30
33
105
*43
45
39
*90
30
46
*8i8
90
85
15
*1%
£38%
92*8
*89
*1'4
1%
*3%
*312
4
1*8
*1U
1*8
5U
*512
578
312
"
*3
*234
1214
1214
1214
1
1
1
2is
2i4
214
2
2
178
5%
6
12
30%
114
*29i2
lU
3%
278
*2*4
*2i2
*6
12*4
*2912
1%
3
*212
*9i4
*13i8
12I4
Us
2i4
1U
3
10
13
13
*5
5
5*8
40
38%
9258
*89
1%
334
1*8
*5%
*2*4
12%
1%
3%
12%
1%
2
134
12%
12*8
117g
31
31%
31
*12*4
4%
234
*2%
13%
'5
*35
1*8
50
*1%
2*4
*9
9*1
12*4
478
234
2%
2%
*9
1234
12%
47g
434
59*s
57*8
5978
56%
59%
12*8
12*4
12l2
12*8
66
12%
12%
66
*65
66
65
65
63
75
12%
*63%
65
*50
*63
75
*50
75
*50
75
*58
*378
*2212
*35
4
378
24*8
*108
110
26
26
*7812
90
*22%
*108
25i2
*
—
50
378
50
*34
607g
57*8
12%
12%
3*4
3*4
3*4
22%
22*4
22%
22%
*108
26*8
90
577g
3*4
23*8
110
*35
25%
*
110
108
25%
90
26%
*
108
334
22
*108
28%
27
*
90
85
98
*927g
25
25*4
98
*94
25*4
*97
99
99
99
*10
39
*10
17
17*8
8
in2
10
18*4
I6I4
8
11%
*9i2
19*8
1914
1914
74
74
98
2434
*Io~
17
17
%
8%
*
39
12
1%
2%
5%
1134
£29%
1%
12
110
*21
*108
27*8
3*8
21%
110
*27%
*
28
74
73
73*4
10
9i2
10
9%
70
90
78*2
6934
*78
69*4
38%
89
*80
*7978
*
44
18
15%
*27*4
9%
78%
79
"38*8
*85
42*4
15
39%
45
9
15
78i2
96
214
15i2
"3834
n
10%
18
73
978
79
*9%
18%
17*8
17*8
29*4
3914
12%
10
18%
19
*27%
*77
9
18%
*
89
44*4
44%
45
96
95
95
74
15%
2934
10%
71
15
79
39%
*78%
£43%
40
"38%
87
*80
*79
87
45*4
*85
46%
95%
8*8
8*i
8%
8*8
2%
2%
43%
2%
45%
this day.
*85
8
2%
£43%
44%
95
8%
2%
45
17
934
15%
11%
17%
17%
72
*14%
2734
93g
2934
9%
68
2%
42%
17%
79
87S
on
1734
7334
68
3934
2i4
43%
Bid and asked priceejno sales
16%
8%
11%
9*2
173s
79
"39"
834
43
99
79
1434
2734
9%
95
7%
8
2
2%
42
t I** receivership,
43
a
6
Oct 19
100
24
Oct 19
91
Dec
Dec
16*2 Apr
54% June
22
Apr
30% Apr
Jan 11
100
Canadian Pacific Ry
Cannon Mills
25
Dec
34% Mar
6
28
6
Nov 27
33
Oct 18
Stamped
Carpenter Steel Co
90
100
Carriers A General Corp
Case (J 1) Co..
Jan xlOO
Jan
Nov 23
101
Nov 22
2
35%June
9*2 Apr 20
191*4 Aug 3
129*4 Jan 22
100
Feb
6*4 May
Jan
92%
15% Dec 10
92
115
5434
105% Aug 11
41%May 20
2
July
Jan
£91
Nov
21«4 May
Oct 19
41*4 Jan 15
4
Oct 19
24*4
Preferred
100
Cerro de Pasco Copper. No par
Certain-Teed Products
1
95
1,300
300
5,100
17,200
6%
prior preferred
.100
ChampPap A Fib Co 6% pf 100
Common
No par
Checker Cab
.
«
1,900
2,400
1,500
4,900
1,400
2,700
Chesapeake Corp
No
Chesapeake A Ohio Ry
700
"""966
1,700
2,000
270
"""§60
700
10
2,800
115
2,500
"2",800
300
10,500
100
4,400
50
"V,300
310
240
810
2,400
1,200
2,600
900
100
29,300
4,300
'Y,400
100
9,600
7% preferred
Feb 10
111
Feb
4
101
Mar
63%June 10
19
Aug
48
22%
69
Jan
25
31
Oct 19
6878 Mar
4
51
Jan
100
Feb 13
4*4 Mar 16
Oct 19
13% Mar 17
1
Oct 19
3
Oct 15
2%
10%
78
1%
Nov 24
Oct 19
Oct 19
4
Mar
18% Mar
6
12%May 19
32
Jan 20
3% Mar 18
7% Mar 17
Oct 19
3
Oct 19
par
6*4
Oct 19
33
Feb
45
8
1% Oct 19
1
Oct 19
6*2 Oct 19
12
Oct 19
3
Oct 19
Oct 19
6
No par
6% Mar
Oct 16
36
52% Nov 23
10% Feb 19
8*4 Mar 8
27% Jan 14
22% Jan 29
157gMar
80
7
Jan
Jan
85*2
Jan
Oct 19
Dec 10
92
Feb 18
Feb 16
74
July 15
5
2
Oct 19
10% Mar
22
Nov 24
179
Oct 18
179
102*4June 21
113
48
23
Oct 19
82
Oct
Special guar 4%
50
Climax Molybdenum..No
par
Cluett Pea body A Co ...No par
Preferred
100
47% Mar 31
24% Nov 26
13% Oct 19
37
120*4 Dec
1
93*4 Oct 19
No par
Colgate-Palmollve-Peet
No par
6% preferred
Collins A Alkman
No par
95% Nov 26
20*4 Oct 19
100
98*4 Nov 24
par
100
preferred
Colonial Beacon Oil
No par
Colo Fuel A Iron Corp .No par
Colorado A Southern
..100
4% 1st preferred
100
4% 2d preferred
100
Columbia Broad SysIncclA2.50
Class B
2.50
Columbian Carbon v t c No par
Columbia Plct v t c...No par
23*4
156*2
J&n
Oct 18
Jan
107%
Aug 10
7
33
90
Jan 14
82
Feb
50*2 Feb 26
48
Mar
Oct 26
297g July 15
1327gJune 3
170% Apr
69
July
June
48* "Apr
124
Jan
2
84
Jan
9
65%
Jan
25*4 Mar 19
13
June
104i2 Jan 6
62*4 Feb 13
112*4 Mar 11
45
Apr 12
100
Aug
51% Feb 10
27% Mar
5
39% Apr
8% Jan
28% Sept
19
Dec
Oct 19
30
Jan 14
19%
Jan
Oct 21
29
Jan 25
16
Jan
17% Dec 10
17*2 Oct 19
32
Nov 23
Oct 19
Oct 19
Aug 2
31% Aug 2
125*4 Apr 1
39% Jan 20
46% Jan 20
20% Jan 14
108
Jan
9
101
Jan 14
Dec
33*2 Oct 19
84
Nov 27
38% Nov 23
69% Jan
114
8
8
Jan 12
80% Jan 26
95
Oct 19
5
Oct 19
21% Jan 21
par
1
Oct 19
34
Oct 19
4% Jan 13
75% Jan 13
x
Ja**
Jan
48% Aug 16
9
68
var
Jan
Jan
par
Cash sale
Jan
Mar
4*4
z4% Oct 19
£68% Oct 19
pi ser *35.No par
86 preferred series...No
1
15%
72%
45
8%
10
6% preferred series A
100
5% preferred
100
Commercial Credit
...10
4\i> % conv preferred
100
Comm'l Invest Trust..No par
3,200
Jan 18
11% Oct 19
5*2 Oct 19
65
preferred .No par
Columbia Gas A Elec..No par
_
26
27
conv
Commercial Solvents. No
Commonw'lth A Sou...No
56% Jan 29
8% Oct 19
3% Apr
3% Apr
19*4 Jan
173s Sept
25
11
Coca-Cola Co (The)
Class A
Apr
3
60
8
Apr
1%
Mar 11
135% Feb 11
21% Feb 18
60
(The).l
2% Apr
6*4 May
12%
3% Mar 17
100
Clark Equipment
No pai
C C C A St Louis
Ry Co... 100
Clev El Ilium J4.50 pt.No par
Clev Graph Bronze Co
r
4
9
100
No
Jan
Aug 28
Nov
25
6j^% preferred
City Investing Co
City Stores
4
6
May
25% May
1% Apr
2% Apr
19% Feb 17
No par
Chrysler Corp
City Ice A Fuel
1% May
2% Jan
1% Apr
8
Oct 19
Jan
Mar 11
*4 Oct 19
2
1
10
Chlida Co
n New stock,
jan
6
100
25,500
Del. delivery,
97% May
90*2 Mar
No par
Chlckasha Cotton Oil
ronv
Nov
Nov 24
100
6% preferred
94.25
Feb
12
£40
1
12.75
57
Apr
8% June
57% Sept
29
conv
Apr
0%
4734
preferred ...ATo par
5%
Jan 14
82
Clev A Pitts RR Co
7% gtd.50
9,900
35
3
86% Mar 10
tChlc Rock Isl A Pacific.—100
Chile Copper Co
155',dd0
Dec
23% Feb 10
89% Oct 19
Ex-div.
v
120
Sept
Dec
3% Oct 19
18% Oct 19
103% Dec 2
25% Nov 23
Deo
Jan 11
14% Mar
100
Chicago Yellow Can
86
Jan
Deo
9%
par
6% preferred
100
IChicago A North West'n.100
conv
39%
37%
Oct 19
Chic Ind A Loulsv 4% pf—100
Chicago Mall Order Co
5
tChlc Mil St P A Pac-lVo par
Chicago Pneumat Tool. No
110
Jan
5
100
Preferred
32%
6*8 Nov
35UNov24
tChic A East 111 Ry Co... 100
6% preferred
100
tChlcago Great Western.. 100
4% preferred
100
13
Sept 23
54
253$
5
Preferred series A
300
_
Feb
June
8
3% Oct 19
9*4
186
143
Central RR of New Jersey. 100
Dec
Oct
Dec
Jan
116
I
100
Dec
103*4
Feb
Nov
2
Central Vloleta Sugar Co...J9
Century Ribbon Mills. .No par
30
53
87
91
300
3,700
Feb
18%
8
5,900
100
Aug
16
Jan 18
80
40
7% prior pref
Celotex Co
0U
68«4 Nov
Feb
99i2Nov 26
6% preferred
100
Celanese Corp of Amer.lVo par
Apr
12*4 May
4534 Jan
102
100
No par
37
106
100
Caterpillar Tractor
01% Jan 9
18% Mar 11
52% Jan 2
Apr
8
Oct
13*2 Nov 19
2% Oct 19
1
6
Jan
Nov 12
85
5
%
Jan 14
17% Mar
Nov 24
Capital Admin class A
1
$3 preferred A
10
Carolina Clinch A Ohio Ry.100
2
20%
678 Oct 19
No par
2
48% Feb
June 29
86%
*85
Jan
No par
9% Feb 25
33*4 Mar 9
96
40
39
2%
2*4 Oct 19
7
500
43
2
3
5i8 Oct 19
16*4 Oct 19
6
Jan
12% Jan 28
107% Jan 26
70
41%
Apr
36% Mar
14%
13%
29*s
82% Jan
79
*
1
Oct 19
39% Jan 12
39
6934
*
2i8
43
17%
7234
*14%
*28%
9*8
'
*Io~
17
12%
10
33
17%
25
*
39
1634
18%
*27i2
99
*16"
97%
25%
Jan
45% Feb
18% Mar
10
Oct 19
90
*95
98%
2534
8%
30
Partlc preferred
Apr
2*2
1
Oct 19
75
*3%
25
Jan 29
Feb
2
50
334
22%
9
11*4
24
30
400
63
35% Feb
39
Central Id Lt 4\£% pref..100
600
2,800
3%
2%
60
tBush Term Bldg gu pf ctfs 100
Butler Bros..
10
Dec
934
*58
Oct 19
134 Oct 19
7*2 Nov 24
100
5% conv preferred
Butte Copper A Zinc
Byers Co (A M)
Jan
20*4 Apr
Apr
May
*2%
75
15
11%
2
Jan 18
18% July 14
19
*9
58%
12%
Debentures
45%
106
500
55%
12%
6% Dec 10
Apr
9
1%
*34
65% Mar
10% Oct 19
Jan
8%
8
500
50
Oct 19
No par
Burlington Mills Corp
1
Burroughs Add Mach-_l\fo par
{Bush Terminal
—..Ne par
Jan
85
June
29%
3
26
...No par
9%
Feb 15
48% Mar
900
5*8
13
107% Sent
7
Oct 16
1%
534
3%
2
Jan
Oct 21
100
2
98
52
1,200
12%
1%
2%
Bulova Watch
Oct 19
2l2 Oct 19
No par
Bui lard Co
117% Mar 12
14% Jan 11
2*4 Oct 19
35
21
4%
1%
5%
*234
Budd Wheel
Nov 30
85
par
100
No par
90%
1%
'4
No
7
3
5% preferred
..100
Central Agulrre Aesoo.-iVo par
Central Foundry Co
1
600
*1%
60*8
12%
63%
*738
*9
16i2
2i8
42*4
600
106
13%
4%
834
10
35
"~8%
v-
100
46
100
-
7% preferred
Preferred
7,400
20,900
*1234
4%
12%
18*s
*18
*
39
8*4
12
*15i2
44
320
16
9*4
1234
4*4
10
8%
13
19%
*93%
2434
99
*11
*28i2
~39~
25
25
3y
15*4
8*8
IH4
15
98
25
♦
17
8i8
III4
*8i2
18*8
19i8
7334
98
*16"
39
*81
1,400
28
*92%
*2514
i«
20
101%
2812
28
28i4
30
28%
30
28%
30%
29% 30
15*4
1534
15*4
15
15*4
16
15%
15*8
1534
157fi
16
15%
*12014 124
*12014 124
*120% 124
*120% 124
*112% 124
*112% 124
11812 119
118i2 119i2 115
115
115% 116
115% 116
113% 114
57's
*57
57%
*57
5714
57%
57%
57%
57%
57% *57%
57%
978
10
9*4
10i8
10
9*4
10
10
978
934
10
934
*
300
3334
104%
*30"
30%
8%
8%
2*4
2%
7% preferred—
Budd (E G) Mfg
Jan
24% Feb
Jan
"YjoO
38
1*8
90
*47
28
50
24% Jan 11
6% Oct 19
6
Jan
41%
8%
*89
31
2*4
6
par
10%
54
2
5%
30%
10
102% Jan 2
52*4 Jan 14
1
Oct 19
10%
95
1%
3*4
1*8
5*4
3%
12%
1%
2%
2%
2%
*1%
2
35% Dec
54
800
45
90
6
*34's
57*4
50
*
104%
30%
12
1%
40% Jan
97*4 Feb
44*2 May
45
Sept
8% May
8% Jan
Jan 12
61
8,200
40%
8%
32%
5%
12%
3
53
Oct 19
38% Mar 19
90
15%
10
6
Bruns-Balke-Collender.lVa
Bucyrus-Erle Co
8
Dec
9i2 Oct 19
9934
101
46%
397«
2
1%
5*8
Oct 19
33
44
96
♦
34
*8%
12%
1%
2%
Dec
19*4
Jan
38% Jan 14
Canada Sou Ry Co
4
*95
46
*234
32
Jan
678 Oct 19
Jan
52
4334
834
38*4
1%
2%
$6 prerfered series A .No par
Brooklyn Union Gm
No par
Brown Shoe Co
No par
Dec
4%
Jan
9934
106
10
5%
*9
5
~30%
30%
5%
*2%
2%
3is
*9
3378
*
1*8
2%
1%
*5%
11*4
30%
1%
30i2
10
35
1%
1
12
13i2
*95
3%
*234
12%
2
6%
12*4
.
106
3%
Jan 13
6
40
*1%
41
8
30
1,100
*1%
Jan 23
Oct 19
Jan 12
26
1%
47
1
37% Feb 13
65
1*8
5%
3%
12%
47
29
Oct 19
*25"
3%
53% Feb 13
4
*63
3%
5978 Feb 11
Nov 24
Oct 19
10*2 Oct 19
25%
*1%
Oct 19
29
8,600
3,500
18,200
......
14%
yl2% July
43% Apr
18
No par
Brlggs A Stratton
6% Feb 25
65
*1%
5%
Aug 14
23% Feb 23
Oct 19
7
Apr
1% July
34
Oct 19
94
46
*89
Bridgeport Brass Co
No var
Brlgg8 Manufacturlng.iVo par
6
'
4% Jan 11
Oct 19
1
500
4%
*9%
447g
93%
18 %
Co. 17
1
"25"
10434
387s
15*4 Mar 23
*2 Oct 19
Calumet A Hecla Cong Cop..5
Campbell W A C Fdy._/Ve par
Canada Dry Ginger Ale
5
*63
8%
3978
Bearing
50% Aug 25
Oct 19
3
"4~500
4
95
41%
~30"
5
100
"25% "Jan
52% Sept 29
30%
98
834
9%
Roller
Jan 18
June
Aug 16
Mar 22
10
42
43*4
45
Corp
Maine RR
25
28
3:13*2 Dec
9
17*8 Oct 19
24% Oct 19
share
80% June
39
50
13,100
*5%
8%
30
Borg-Warner
1
15
Jan 22
12JS Oct 19
20i2 Oct 19
8%
*33%
*82%
*83%
14%
42%
£44%
93
46% Apr 13
Oct 19
50
6
87g
34*4
*9
978
76*4 Oct 19
5% preferred
Callahan Zinc Lead
48
42
I per
Byron Jackson Co..—.No par
California Packing
No par
8%
30%
6
427g
34*4
14*8
29
29
28%
28%
334
37g
3*4
3%
*100% 102% *100
102%
11%
11
10*8
11
10*8
77g
7%
778
7%
73s
6
6
*434
6
*434
6%
*95
1*4
8*8
13*4
4
*4
106
1,600
2,200
52
100
11%
104*4 104*4
32i2
978
46%
40
90%
*90
*95
44i2
87S
105
35
6%
478
106
34*8
11%
6*4
47g
18
22%
28%
3*4
100
700
26
28%
37g
10%
36%
64
63
101
*10
514
8*4
105
101
600
2,600
2,700
3,700
3J
*
92
*25%
28%
3%
*101
*478
92
70
20%
3%
8%
13%
14%
51
95
14%
8%
*22
8%
£99%
9934
51%
53%
51%
52%
*101% 102i2 *10H2 102l2 *101% 102% *101% 102% *101%
102%
19
19*8
18*8
1878
17
16%
17%
16*8
15*8
16%
*
*
95
2*8
83g
*49%
1*4
99% 100
50
5,000
2,400
4,300
8,700
1,300
1,000
18
97
147g
4%
99%
*97
4,400
*33%
*82%
*83%
*14%
4%
85
4
4%
33%
18%
6*8
*5%
90
85
io~666
Lowest
share
per
39
JBotany Cons Mills class A.50
Bower
$
No par
Bond Stores Inc....
Borden Co (The)
Boston &
Highest
share
per
No par
Class B
1,700
*30%
42
*84
5*8
18
4834
6%
*82
»
85
84
3%
10%
35%
1%
87g
137g
15*8
8
32
6%
*33%
8,300
49
20
52
*43
8*8
*30
6%
*33%
49
8%
30
6%
42
*44
8%
8%
20%
3*4
11%
3734
18%
22%
18%
15%
*44
15%
22
14
14*4
8*
2,600
4%
33%
18%
6%
17*8
2*8
8%
14%
*8%
2*8
*4978
1*4
834
13*4
14%
1%
87S
13*8
1514
96*2
18*4
22%
14%
90
~85~
*15
1%
100
9%
5%
8%
3*8
10*8
3638
37%
52
4,600
9
47
34*s
20%
6*8
183g
20
3%
22
7,900
1,800
36
*76
4%
15%
8%
U
*497g
18*8
10%
32%
20%
5*4
50
6%
17*4
*2%
8%
21
10%
34%
18%
34
97g
1,100
1,700
1,100
8*4
19*4
*35%
8*4
8%
Bon Ami class A
9
Bristol-Myers Co.5
Brooklyn A Queens Tr.No par
16 preferred
No par
Bkiyn-Manh Transit
No var
500
*7%
84
£19
8*4
£18%
2178
30
*5i2
*33i2
8*4
*2
9%
34
15
14%
32
4%
8*4
20%
87s
8%
8%
8*4
34
44
8i2
30%
*42
2%
8%
3*4
14
1514
878
2%
16
31%
2%
5%
678
18%
2*8
177g
3,500
10
49
4%
34*4
22*4
6%
1,600
16,400
36
*76
50%
18
19
9*4
9
5%
22
7
20
178
8%
13U
8*4
22
*10%
378
1078
37
1912
23
52
2
2278
*4778
2
33%
19
31
11, 1937
Range for Previous
Year 1936
100-Sftare Lots
I
84
*76%
5*8
4U
20
*35%
z9%
9%'
47%
4%
33%
8*4
20
3*4
107«
5*8
*14
8*4
20
3-8
10%
34*4
84
46
4%
33%
21%
6*4
17%
2%
8*2
7
*14
8%
fl44
4l2
33*4
2U4
32I2
8%
5%
'
20%
10%
100
10%
32*4
20%
10%
32*4
36
9%
*76
48
48
20%
*35%
9%
8%
84
——
20%
1.400
25%
2%
10%
4%
24%
*29%
*8
33
9%
9%
►
85
49
9*4
9%
10%
32*2
10%
27
*31
30%
31
*1%
600
11,700
12,400
25%
30%
31%
2%
8%
25
30
31%
*31
110
340
13%
17%
9%
Basis of
Lowest
1
10
On
Par
1
1%
20%
£9*4
26%
30
31*4
4%
£20
10
25%
30
31%
28%
4*2
Range Since Jan. 1
STOCK
Week
41
*12%
17%
26%
4%
YORK
Dec.
EXCHANGE
Shares
877g
41
18
*1
10
*86*2
17%
26%
1%
21%
20%
9*4
£13%
5
4%
*1
1%
Dec.
3
STOCKS
NEW
the
$ per share
88
17%
*13*4
9
$ per share
28%
*9*2
Sales
Friday
41%
*41
41%
Thursday
17*4
28%
20%
*35%
CENT
for
Saturday
*65
NOT PER
Record—Continued—Page
Jan 25
Ex-rights.
94
Jan
31
May
Dec
39%
14
Jan
90%
80*4
Jan
44
J&Q
Jan
100% July
55
Jan
97
Jan
14% June
2% Apr
59%
Apr
T Called for redemption.
$ per share
6*2
6*2
Dec. 8
Dec. 9
$ per share
$ per share
$ per share
23*4
6*2
2334
10*2
10*2
*10
6*2
24
2414
10
10*2
6*4
7
2434
2434
*24*2
9*8
9%
97g
978
*8
103«
*734
10*2
*8*8
10
*758
978
1212
12*2
1234
14;*s
14*4
7
12i2
*6*4
13**8
7
7*4
6*2
6*2
*678
15*8
734
68
*64
68
*64
68
*64
68
*64
68
*64
68
*64
74
*7034
74
*71
74
*71
74
71
71
*7034
74
*70
Par
23
*10
11
1034
*8
1034
*8*8
1378
*6i2
145s
135s
14
7*4
*6*4
18,900
200
634
Oct 19
8 Nov 24
6*4 Oct 18
8
Oct 19
4% Oct 19
21
100
100
65
63
Oct 18
Oct 21
1
1
Oct 19
preferred
7%
6H % prior pref w w
Consol Film Industries
10
500
15«
*1*2
158
*1*2
'1mm
414 Oct 19
Oct 19
92 Nov 26
3% Oct 19
7
Oct 19
100% Nov 29
2% Oct 19
% Oct 16
3
Oct 19
16
Oct 19
80*4 Oct 19
.No par
$2 partlc pref
7*4
6*2
634
634
1,100
263s
25i2
26*4
25
25*2
45,100
Consol Edison of N Y..No par
100*2
99*2
*434
991?,
9934
9934
1,300
5*4
*45g
5
1,900
958
938
934
934
9%
9*2
9%
9**8
978
9%
912
102
*100
102
*100
102
103*8 *100
103*8 *100
103*8 *100
4
4
4*8
4
378
4
*334
4
4
*3*2
4
38
38
3s
38
38
38
%
38
%
%
lg
38
5*4
5
458
5
5
*478
47ft
5
478
5**8
5*2
5i2
23
*20
22
20
20
*18*2
*19
23
21*2
*20
21% *18*2
85
85
*85
8938
*86
89%
88
86
*85*2
*86
24,400
No par
Consol Laundries Corp
5
Consol Oil Corp....
No par
500
Consol RR of Cuba 6% pf.100
13%
12%
1%
9,200
4,600
5,100
81%
700
26
20*8
257s
100*2 101*4
100
4*2
5
4*2
5
#4l»
5
5
7*4
25*4
7*8
7
25*8
2678
101*2 101*2
100*8
98
7
7
6«4
684
26*4
5
*658
9*2
*3*2
89%'
13%
14*8
12
17g
8078
14i4
13l2
1378
12
12
12*8
12%
*11*2
134
134
158
134
8034
807B
81*4
83*2
1%
82i2
41*2
42 lg
41*4
4134
42
10778 1077g
7*2
7*2
108
Consol Coal Co (Del) v t
C..25
100
5% preferred v t 0
100
Consumers P Co$4 60pf No par
200
48*8
49
49
60*4
607g
59%
61*4
22%
9*2
3,200
1*4
5,700
3,200
31
3034
32%
31%
32%
307g
16%
17
16
16*2
*16%
16%
49
49
61*2
6i
60*2
49
49
49
62%
62%
63*4
;
*89
221?
2234
91
91
23
23
23%
8*?
8*4
8%
8%
8%
32%
34%
32%
34%
*36*?
*33*2
34*2
*33*4
34*2
*33*2
34%
12%
na4
12*4
12*8
12*2
70*8
*65
68
313g
33*2
33
85*2
*79
851?
86
36%
68
71
68
3212
*75
88
36%
*33%
11%
36%
*68
70
31*2
33
1,400
14,400
200
$2.25 conv pref w w..No par
Pref ex-warrants
8%
33%
33%
300
12%
*11%
11%
9,100
68%
*65%
67%
400
32%
33*2
7,200
34*2
34
*34
78
*34
78
%
634
6
6
6
6
6*4
434
47g
434
434
4%
6i4
434
6*2
47g
7%
4%
77g
4%
93*4
*80*4
16*4
57g
6%
6
6*8
5%
57g
47%
47*4
47*4
47
47*2
45%
46%
4,800
2,400
334
3%
37g
3*2
3%
3%
4978 Jan 23
Jan 12
1334
14l4
137g
14%
13%
*54%
13%
13
60
60
24%
25
25
25
24%
24%
23%
24%
77g
14*2
14%
100% 100*2 *100*8 102*2
25*2
24%
26%
25%
22
22%
22% 22*2
15%
*1434
15%
15%
18*2
17*4
18%
17*2
87g
8%
878
8%
60
*5418
60
24
24
*22
24
24
241?
23*2
24
24%
*6%
14*4
7
7*8
*6*2
7*8
7*8
7*8
14*2
*1334
1412
14*2
14*2
*634
7*2
14*4
23*2
2334
*23
24
14
*100*4 102%
101
*100
101
*100*8 101*4 *100
24
245S 25%
*13%
25%
26
25*4
2378
22*?
22 *2
22l2
22
26%
22%
221?
22%
14*2
14*2
14%
15
15*8
15%
15
15%
18
18%
17*2
18*4
175g
18
1778
19
878
83s
8%
8*8
22*8
8*2
*214
94
*90*2
*
9
*6*2
7
19
*13
42
*357g
19
*34%
52*4 Apr
22
2134
223g
22%
*31*2
3212
32*2
321?
32%
32%
*32%
36
8
8
8
734
77g
778
8
15*2
1534
Delaware Lack A
100
tDenv A Rlc Gr West
500
Detroit Edison
*6*2
10
"300
*22
22%
21%
22
1,000
36
32
32%
15%
16*4
*6S
70
67%
67%
I57g
*1514
16%
*15%
16%
*15%
32
*32*4
32%
3234
3234
*32
33
*32
33
*15*4
32
22%
*21*4
16
16%
70
16*8
70
49%
1,800
10,300
*5*2
5%
400
38*8
36%
37%
89%
*90%
94
30,300
2,300
*21
29
21*2
21
21 *2
21 *4
21%
21%
21%
21%
21%
51*8
5034
51%
48%
50*4
49
4978
49
50*8
5*2
5*2
5*4
5*4
5*4
5*4
34*4
35*4
347g
363g
353g
38
37%
38%
36
88*2
90
873S
88
88*4
88*2
28
88%
90
89%
*20
29
10
29*2
*23
*21
*20
29
*24
29*2
*10*4
1134
934
10*8
*9%
10%
%
*3g
%
*%
5g
*%
*27g
3*2
*34
27g
1
3*8
27g
*3g
**8
1
*5g
*27g
9%
10
9%
*%
1,600
%
10*4
9%
%
*%
1
*%
*34
1
*34
1 '
2%
2%
2%
2%
234
2%
%
400
12
*11
12
*11
12
*11
12
*11
12
*11
12
*11
1
5*2
5%
*108% 115
*108% 115
*108% 115
*108*2 115
*108*2 115
*1081? 115
118
115
117% 119%
118% 119%
114*2 118
116*4 119*4
117
11834
132
*131% 13178
132
131% 132*2 *131% 133
*131*4 13134 131*2 131*2
110% 110%
110% 111
110% 111
11034 1107g
U034 11034
*110*4 11034
114
113
115
*113
114
114
1141« 114*2
113*4 11334
113*4 113*4
6*4
6%
6%
*6%
6%
6%
6-%
6*8
6*8
6*8
6*2
6*4
166
163
167
164
165
161
158*2 16034
15834 159*2
158
160*2
*158%
*158%
*158*4
*158*4
*158*4
*158*4
19
20
18%
19
19
19%
19
1878
20"
19&8 ~1934
*1934
4*8
4%
4%
4%
4%
4*8
4*4
4*4
4*4
4*8
43S
4*4
19%
187g
19% 20*4
20*4
197g
20*4
1912
20%
1934
20
20*8
7
6%
*6%
7
7*4
6%
7
6%
678
7
7
65g
4
4
4
4
4*4
4*4
4*4
4*4
4'4
4*4
4*4
4*4
13%
137g
14%
13%
14%
13%
1378
13*4
I37g
14
13%
135g
47
46
48
47*4
46%
47
46
46
47
45
46*2 47*4
43%
43%
45
44% 44%
45
43
43*2
4434
43*2
441?
44*2
26*2
26*4
27
*26*2 27
27
27
27
26*2 26*2
273i
2734
78
*%
78
*%
%
%
7g
78
78
*5s
78
*84
3
3
*234
3
*2%
*2%
27g
3
*2i2
3
278
3
19
19%
19%
*187g
19%
19
19%
19
19*4
19
19*4
19*4
35
35%
35
35
*35% 35*2
39
*35
35*8
35*8
*35
403g
103
103
106
102% 102*4 *100
102*2
102
106
*102
106
*102
7
7
6*2
7
67g
678
67S
7
678
7
7
_
»
»
-
--
-•-?
...No par
CastingCo 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
Class A
tDuluth 8 8 A Atlantic—100
6% preferred
...100
Dunhll) International
1
Duplan Silk
...No par
preferred
100
Nemours(E I)A Co 20
6% non-voting deb
100
8%
13,400
Du P de
800
240
2,100
4,600
Duquesue Light 5% 1st
Eastern Rolling Mills
Eastman
,
2,000
1,400
1,100
50%
*50%
567g
*46%
50%
*497g
51
59
a50%
59
*53
59
62
*56
62
*56
62
*52
*52
68
*57
52
*56
27g
278
8*4
83s
1234
1234
*834
934
4*4
4*4
*1058
1034
*15s
17g
*134
2
11
11*4
29*4
2938
*212
8
12i2
*8*4
4*8
10*2
*15s
*134
*10
28*2
234
734
12*4
12is
9*2
*834
9
4*4
1034
*4ig
10*2
*1%
134
178
178
1078
28*2
33*2
32
32"
*11
11*2
84
2%
8*2
9*8
4%
4*8
4
17g
10*2
*1%
1078
17g
1%
2
2
101?
10%
28
28%
-
34
10*2
10%
13%
12%
9%
10*2
84
*75
8%
8
13%
9
4*4
*31
2*2
2%
13
*95
11*2
3314
*11
2i2
8%
8
8*4
1234
*95
*95
2%
*2l2
11
12
29%
31%
10*4
*75
33
10%
84
400
JElk Horn Coal
6% preferred
Corp..No par
60
El Paso Natural
Gas
Corp
Endlcott-Johnson
190
preferred
.100
Engineers Public Servioe
1
1,400
9%
4%
4
4
10*2
97g
*1%
1%
178
*1%
1%
*134
178
2%
10%
287S
29%
10%
11%
30%
32
10*4
*75
84
*62
70
*95
105
......
3
3
1,700
*62
70
*65
70
*62
105
*95
105
*95
105
105
105
*95
*95
*95
4
4
*334
3*8
•
2
18
•
2
2
*2
18*8
2
1734
1734
*1778
Bid and asked prices: no
4*8
2*8
19
3
*3%
3*8
4*8
2
2*8
18
18*2
sales on this day,
3*8
*37g
2,400
10*2
*75
71
3
32%
*10
*67
3%
4%
2
2
1778
18%
*37g
2
17%
t In receivership,
$5 conv preferred
preferred
100
Fajardo Sug Co of Pr Rico-20
Federal Light A Traction.. 15
$6 preferred
100
Federal Min A Smelt Co... 100
Preferred
100
Federal Motor Truck..No par
Federal Screw Works..No par
Federal Water Serv A ..No par
Federated Dept Stores. A 0 par
6%
*31%
70
*3%
350
10%
*68
4*4
Fairbanks Morse A Co.No par
3,400
84
70
3*4
710
900
1,800
33
*65
3*4
11
2,200
*95
84
3*2
10
10%
29
4,500
2,400
6,400
8%
5%
No par
95)4 preferred w w..No par
$6 preferred
No par
Equitable Office Bidg..No par
Erie Railroad
100
4% 1st preferred...
100
4% 2d preferred
100
Eureka Vacuum Cleaner
5
Evans Products Co
5
Exchange Buffet Corp.N# par
Fairbanks Co...
25
8% preferred
100
2%
13
3
50
500
100
9
*75
*3*8
8
12%
3
Inc Am shares.—
Electric Power A Light-No par
$7 preferred
No par
$6 preferred
No par
Elec Storage Battery--No par
200
62%
9*8
*95
*95
*31*4
,
2%
4
1,800
4%
2
17%
500
......
100
800
1,700
a Def, delivery
n New stock
f Oash sale
Feb
4
Mar
44?a
Deo
40
Apr
Dec
25
69%
55% Apr
Oct
82% June
03% Aug
158
170
Aug
Deo
7% Mar
4
July
41
Oct
35
Mar
3778 Nov
15% Mar
35% Sept
60%
Dec
Jan
91% Nov
46% July
68% Nov
Dec
49% Nov
19% Dec
43%
7% May
9512 Apr
1*4 Sept
9
4
173g Jan
Apr
28
Sept
143g Jan 12
Jan 11
43
Mar
1
6*8
Jan
63*2
Jan
20% Feb 11
1678 June
6
4
99*2 Mar
838 Mar
2384 Mar
6
127
109*2 Jan
35*2 May
4
Jan
10*2
Jan
Sept
59
86
Jan 14
62
Feb 27
27
Oct 29
36*8 May
"Y%
Jan 16
18*2
24
Feb
Jan
5
27
Apr
6
109
107"
Nov
5
Jan
Dec
1
3184 Mar
27
Jan
5
19*2
Apr
583s Mar 17
3034
Jan
24*2 Mar 17
147f Apr
29
Jan
48g
107g Feb 18
Jan 7
128
19
4
May
Apr
116**
22
May
30
May 13
June
42
Jan
30*8
Oct
37*2
Oct
29
Mar 17
"m
Apr
96
Mar
9
25
Feb
9
19
Oct
41*4 Jan 25
Occ 15
13
76*8 Feb 19
36i2 Feb 2
40*8 Feb 4
23
Apr 10
N ov 20
30
44
Jan 11
40
Aug
93
Dec
60% Oct 20
15
Oct 15
27
Oct 19
10% Oct 19
35
Oct 19
5
Dec 2
26% Oct 19
79% Nov 26
27 Dec 2
9
Oct 19
14 Oct 25
% Oct 19
1% Oct 19
10 Oct 19
6
8
41*2
Jan
7*2
Apr
Jan 25
14334 July 13
55
Jan 16
50*8
Jan
29
Jan
7
5
5*2
3*2 Feb 19
8*4 Jan 16
1*8
478 July
17*2 Jan 19
13*8 Aug
Nov 20
Nov 24
Jan 19
114
Feb
98
180*8 Jan 18
133
Apr
130
Oct 20
135*2 Feb 19
129
Feb
106
4684
15%
Feb 17
51*8 Dec
123s Mar
77*4
39*4
Jan
1% Jan
122
1*2 Oct 19
150
Apr
Nov
4
152
July
37*2 Feb 11
10
Mar 17
28*2
Jan
584
45*2 Feb 11
10
Feb 23
3084
Apr
Apr
10
Apr
6
26*8 Jan 14
5
Dec
7*4 Feb
3234
Jan
8
29*2
Jan
44*2 Jan 10
393g
Dec
87
2
8
Jan 19
Jan 18
29
Jan 18
60
Feb 11
115*2 Jan 19
Jan
Feb
48
Jan
86*2 Feb
65
Jan
Nov
81
51
Nov
184 Oct
934 Jan
4*4 Oct
8*4 Oct
23% Mar
353g Mar
28*4 Mar
1
Oct
7*2 Oct
53i2 July
Aug
110
Jan
45
1*4 Oct
*2 Jan
1*2 Jan
22% Nov
7*2
78*4 Jan
Oct
Jan
45%
Oct
Oct
Jan
7
Oct 19
Oct
03s
92*4 Jan
41
7
5*2 July
Aug 16
164
17% Jan 16
5
*111% June
198
14*2 Oct 19
33 Nov 24
100 Nov 30
3
Jan
Nov 18
112
3
1512
334
3%
6%
27
24
22
% Oct 19
3
Jan
*8 May
115*2 Jan 22
17
Mar 5
Apr 2
Oct 19
Oct 19
Oct 19
Oct 19
Oct 19
Oct 19
Oct 19
Oct 19
Oct 19
Boat...--
46
2% Apr
3
MarlO
3
160
Elec A Mus
200
50
*54
5
Schlld
No par
Electric Auto-Lite (The)
6
Electric
24% Mar
28% June
8184 Mar
.100
4,700
46,900
51
55
59
135
109*2 Oct 27
2% Oct 19
Manufacturing Co
87%
17% June
35% Apr
3
8
47*4 Jan 28
25*4 Apr 13
pf-100
preferred
Jan
63% Dec
66*2 Jan
107% Oct 21
Eltlugon
300
*54
Nov
Nov 24
Eaton
55
*50
*
109
144
3,200
2,000
12,100
6,000
*48
50
50
Nov
Jan
Kodak (N J).No par
6% cum
7
59
4
67%
No par
$4.50 pref
1,200
--
.
No par
Co
Doehler Die
----
»
Jan
634 Oct 19
10
Oct 19
Car Co..2
Distil Corp-Seagr's Ltd No par
5% pref with warrants.. 100
Dlxle-Vortex
50
5*2
50
*5
Jan
1%
I8I4 Oct 19
25
6% participating pref
16%
15%
10%
5*4 Jan 15
IO934 Feb 17
12% Oct 15
34
Diamond T Motor
400
*15%
7%
7%
15% May
3734 Jan 14
3
Oct 19
5
.No pur
Match
26% Mar
35% Nov
373g Apr 13
885s Dec
5% non-cum preferred. .100
'taynolds A. .No par
Diamond
June
12*4 June
9212 Aug 16
1% Oct 19
6 % pf100
100
Ry Co...100
Devoe A
600
16%
70
1578
Det A Mackinac
19
35
77g
6
96i2 Oct 21
19% Nov 23
20% Nov 20
8
Oct 19
13
Oct 19
6
Oct 19
Western..50
10
70
15*2
6734
32*2
*15*4
32*2
2258
4934
10,700
*6778
1578
6734
15*2
*67
pref..100
.No par
Davega Stores
1,600
8,600
8*8
157g
preferred.
1,200
12,100
35
22%
*2134
22
$8
Cutler-Hammer Inc newNo par
43,600
2,300
*13
19
36%
2
6
Oct 19
Oct 19
Aug 19
Nov 20
18% Nov 23
6
Oct 19
1212 Oct 19
1
A
Cushman's Sons 7%
10
2%
% May
13*4 Apr
2
8%
67%
24
1
Corp
5
Conv 5% pref
25
Dayton Pow A Lt 4)4 % Pf-100
Deere A Co new
No par
Preferred
20
Dlesel-Wemmer-Gllbert
10
Delaware A Hudson
100
36%
3878
22
......
Class
270
*32%
77g
*13
39
38*2
.....
92
234
10
*6%
19
39
19
*33
»
Preferred
Curtlss- Wright
92
2%
94%
*13
*13
*13
*2%
94%
95
94
95
7
9*4
234
*2%
234
*2lg
90*2
*6i2
9
*6
234
90*2
2i2
*23g
*90
9*8
8%
8*2
*7
7%
147g
-
-
5*2 Sept
1% Feb 27
4512 Dec 10
900
*54*8
25
v.
No par
900
60
*24
4
1058 Jan
1578Nov26
4
Oct 18
3,100
60
*54*8
*54*8
Jan 23
1057g
Oct 19
3
100
23,000
14
378 Apr
11*2 Apr
101
Jan
IO884 Apr 15
Cudaby Packing.
....50
Curtis Pub Co (The)...No par
Preferred
Jan
102
13*2 Feb 26
1778 Apr 5
234 Oct 19
75
Oct 28
24,700
13*4
3*2
13%
*54%
6
15*4 Apr
'27*4 Apr
10078 Feb
100
10
Sugar
Cuban-American
500
338
No par
(The)
Cuba RR 6% pref
510
16
534
6
48
33S
13*8
13
100
16
16%
47*2
57g
47*2
338
33g
16*4
*75
84
*80%
Cuba Co
2,200
4%
100
Preferred
580
8
35g
7*8
48%
*57g
*48
434
85
16*4
17
*16
16%
1634
17
*163s
*82
80*4
77
78
76
34
58
34
*5g
No par
$5 conv pref
Crucible Steel of America.. 100
1,000
%
s4
*5%
4*2
6
Jan
4*8 Sept
9
Jan
64*2 Nov 23
21
Oct J9
80 Nov 26
% Oct 19
No par
Crown Zslierbach Corp
100
88
*78
88
*78
88
June
Jan 20
28*4Nov23
36% Dec 7
33 Nov 16
8% Oct 19
Crown Cork A Seal.. ..No par
34%
33%
3478
8
72*4
20
40
32%
*36*2
36*2
1,000
1,400
23
8*2
"
36*2
5,600
8,600
91
*90%
2278
23%
2234
800
478
28%
4%
27%
91*2
6,700
63%
166
166
v
210
50
*49*8
61%
166
166
*165
165*2 165*2 *164
478
47g
47g
4%
4%
4%
27
28%
28*4 287S
27*2 28%
41
33
17,900
1,400
3178
16*2
91
12
*75
7%
29*2
1*4
33*2
12*4
32*4
7%
28%
1%
32
33*4
*69
77g
29%
8*2
12*8
500
,
1*4
778
29
313g
33*4
108
Aug
1/6684 June
108
Oct 18
65
100
preferred
15
69*s Jan 9
40*4 Nov 24
108*2 Dec 2
S4.50 pref.....
No par *107% Dec 9
2534 Jan 23
Continental Diamond Fibre. .6
5% Oct 19
4234 Jan 23
Continental Insurance
$2.60
23
Oct 19
378 Feb 11
Continental
Motors
1
7s Oct 19
49
July 19
Continental OH of Del
5
24
Oct 19
355s Mar 8
Continental Steel Corp. No par
912 Oct 19
77
Feb 13
Corn Exch Bank Trust Co..20
4634 Nov 27
71*4 Jan 15
Corn Products Refining
25
50% Oct 20
Preferred
100
153
Apr 14 171*2 Jan 14
10*4 Mar 16
Coty Inc
No par
3
Oct 19
66*2 Feb 3
Crane Co
25
22*2 Nov 20
115
Aug 13
5% conv pref
100
88% Dec 6
37
Jan 16
Cream of Wheat ctfs...No par
21 Nov 23
2834 Jan 15
Crosley Radio Corp...No par
7
Oct 19
11,400
42%
108
8%
1%
8
*36
41
*36
41
No par
Class B
Continental Can Inc
29%
91
31*4
*76
1*4
834
33*4
3234
108
7%
90
834
90*2
1%
1%
1%
*81%] 84%
43*2
42%
*107% 107%
82%
43%
Jan
Jan
Mar 11
534
10% Oct 19
7% Oct 19
1
Oct 19
America.20
Continental Bak class A No par
28*2
*48*4
1651?
*162*2 165*2 ♦164
434
45s.
434
434
27*2 2834
267g 28
9
12%
1534
48*8
*2212
13%
30.
1534
88%
2212
12i2
Container Corp of
1*1
1*4
15*2
90
14
28%
28
15*2
*1434
13%
13%
14%
I27g
1%
1334
41*8
*106*2 1077g
*106*2 108
734
734
7*2
734
29
29*8
29
285s
1*4
13s
1*4
1*4
31
30*2 3114
30*4
24
tConsolldated Textile.-No par
2,900
1,400
Dec
2584 Mar
33*2 Jan
16
7
July
1884
share
16*2
4412
7
187g Jan 15
Mar 2
95
per
July
3078 Aug
87
86
14l2
12I8
178
8078
42%
No par
preferred..
$5
*100
26
share $
per
Jan 14
22
22
preferred
$5
9
share
per
19*a Feb 11
45i2 Mar 11
19*4 Jan 23
4% Oct 19
No par
Congress Cigar
..No par
Conn Ry <fc Ltg 4^ % pref. 100
Consol Aircraft Corp
1
Consolidated Cigar
No par
Congoieum-Nalrn Jnc
2,100
1,000
23*2
231^
10*2
1%
*1*2
1*2
1*2
1*2
1*2
134
*1*2
25
$
$ per share
Conde Nasi Pub Inc.—No par
700
634
*6*8
*6*2
Lowest
Highest
Lowest
Shares
$ per share
6*4
23
6*4
6*4
EXCHANGE
Week
10
Dec.
Dec. 7
9 per share
Dec. 6
4
Dec
Year 1930
100-Share Lois
On Basis of
NEW YORK STOCK
the
Friday
Thursday
Wednesday
Tuesday
Monday
Saturday
Range far Previous
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
AND HIGH
LOW
3777
New York Stock Record—Continued—Page 4
145
Volume
14*8
34*4
684
53s
28
Jan
Mar
Jan
Jan
Jan
6*4 Apr
11
Apr
10
Apr
11*4
Jan
12
Jan
23*8 July
4%
Jan
2*8 June
8*2 Apr
23*2 Oct
717g Jan
34*4
150
Mar
210*4 Jan
122*2
Jan
Jan
26
Oct
Jan
31*8
I884
Feb
Apr
7i2 Oct
70
293g Jan
74
Nov
103
Jan
84
Jan
60
Nov
160
Mar
37
Aug
90
Oct
129
2
Oct
2*4 Oct
1*4 Oct
17
Oct
t E<-dlv
Apr
11% Feb
11*2 Feb
697g Mar
7% Jan
3
Apr
Jan
2*2
43«4 Mar
20*2
6
y Ex rights
Jan
Jan
5 Called fo rrcdextptlon.
New York Stock
3778
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page 5
CENT
Sales
STOCKS
NEW
for
Saturday
Monday
Tuesday
Wednesday
Dec. 4
Dec. 6
Dec. 7
Dec. 8
% per share
$ per share
$ per share
*67 %
70 %
70
70
70
70
29%
29>2
29
29%
201s
92i2
32i2
19%
29%
20%
29%
2012
28%
20%
90%
32%
18l2
Friday
Dec. 9
Dec.
20%
20%
92
*87
*87
S
share
per
*69
70
29%
21
29%
20%
*897g
21
32
32%
32
32
18
19
17%
18%
*897g
31%
18%
90%
32%
j S
70
90%
*89%
i
31
30
18%'
*22
29
*22
29
*29
*17%
2%
3H2
21
*17%
22
*16%
20 %
*16%
20%
*16%
20%,
234
32
2%
32
2%
32i,i
2%
32%
2%!
32
2%
31%
*2%
*31
32
X0%
85
85%
80
86%
86%
18%
19
19
20%
19
2%
2%
86
86
80
18%
1912
18%
70
70
19
72
*67%
4i.i
4%
60
*67
4%
100
106
35
29
*1312
14%
13
14%
106
5%
5
23
90
100
*90
39%
13
13
13%
13%
13%
2
*1%
^
5
2
*21%
5%
22%
*15
16
90
*89%
90
90
90
*90
6%
100
40%
6%
6%
*90
6%
6%
6%
100
40
41%
5
7
100
41
42
40%
87
90
88
70
80
80
*90
25
25
24
24
*110
120
*110
120
42
44
43%
31%
32%
1%
31%
31%
1%
1%
45
*33
45
*33
54
*52
54
25%
54
*118% 123
35%
31
5%
10%
22%
100
1%
5
18
18
25%
26%
14
105
12%
13%
2
23
17%
257g
*85
2
103
2
20%
100
1%
*31%
5%
97g
22! 2
100
1%
*85
1%
18
18
26%
28%
28
26%
95
24%
14%
*17%
13%
17%
27
14%
13
9%
*47%
9%
56%
9%
*49%
27%
56%
27%
*44%
46%
*45
56%
26%
46%
9%
*50
9%
27%
>82
27%
2%
3%
*3%
2%
3%
10
9%
*47
26%
*65
92
18
92
17
2!o
31%
1%
45
42%
30%
3%
*._
3%
92
"l7%
1%
28%
1%
xl
12%
2%
56
557g
22%
56' g
*55
56
23
z2l%
22%
85
80
84%
85%
*4%
*58%
65
4%
*1%
13
16%
23%
21%
4%
*58%
*4%
5
*58%
60
2
1%
1%
1%
1%
4%
4%
41
4%
434
1%
1%
1%
1%
134
*127g
15%
*24%
21%
13%
16%
26
21%
*1%
*12%
15%
27
29%
4a8
1%
13
16%
23%
21%
14%
15
147g
26%
27%
29%
257S
29
131
*45~
18
11
64%
18%
11%
9
1%
17%
*6
22
9
4%
60
1%
4%
1%
*29%
'...,
*45
131
17%
1534
16%
27%
141"
14%
25%
25%
21%
147S
26%
29%
29
*__.
*40
29%
130
17%
17%
11
11%
1%
197g
197g
22
22
7
*6
7
22
21%
217g
1%
*24%
27
25
25
21%
*247g
*32
34
*32
34
*32
6%
6%
6%
6%
21
6%
64%
8%
*1%
8%
1%
*21
247g
*6%
23
6%
Grant (WT)
*85
90
18
18
*23%
24
103
51
20
Western Sugar..No par
Preferred
...100
7
6%
20%
200
10
6%
1,000
300
40
50
5,700
""600
Tioo
300
5,300
*85
90
*17%
23%
20
101
23%
101
*42%
51
*85%
90
*86
87
*17%
23%
101
20
24
101
•
10%
10%
21
21%
100
10%
10%
10%
20%
20%
20
*101
10%
20%
*101
20
*17%
23%
*100
2434
101
10
20%
41
85%
*17
24%
100
10%
20"%
*101
9%
20
85%
*17
19%
25
24%
*
100
10
9%
20%
20%
-
20
100
24%
2,400
102
*101
120
10
2,500
20%
2,300
8%
Gulf
49%
50
49%
49%
49%
50
25
25%
25%
49%
26
51%
26
27
27
25%
10%
26
10%
10%
5012
51
51
1,100
83%
*82
11
10%
10%
10%
52%
50
50
50
83
82
82
*81
11
50
10%
50
7%
7%
7%
7%
82%
7%
48%
2%
47%
*178
49%
47%
49%
*1%
2
*1%
2
*5%
6
*5%
6
*5%
7%
1%
57g
*5%
7%
7*4
7%
47%
*82
10%
50
83%,
7*4
7%
48%
50%
1%
7%
7%
7
7%
11%
19%
1%
11%
11%
11%
11%
12
19%
19
19%
19%
41
42
42
43
43
41%
201?.
41%
8%
*7%
8%
7%
1%
7%
1%
8
Bid and asked prices; no sales on this day.
8
t
1%
11%
*19%
*40%
7%
1%
12
8,100
1%
1%
6,400
11%
12%
14,000
7%
Oct 19
%
Oct 19
12
50% Mar
22
Apr
14%
8
Deo
11% Mar 18
4% Jan 11
1% July
9
5
0
8
30
Jan
30
7
33
June
12
Oct 19
25
Nov 19
26% Apr 17
434 Oct 19
Jan
24
July
9% "Jan
-
30%
6
20% Feb 10
Jan
Jan
Oct 19
31
Feb 16
14
Jan
108
Feb 18
xl04
Dec
100
June
6% preferred
Hat Corp of America
6H % preferred w
Hayes Body Corp
92
Oct 26
Oct 19
123
Oct 28
1
cl A
18
100
5
Oct 19
100
w
...2
Hazel-Atlas Glass Co
25
Hecker Prod Corp v 10.No par
Helme (G W)
25
Preferred
100
Motors
No par
120
Feb
9
117
106
Jan
0
11
Oct 19
150% July
25% Apr
preferred...No par
83
Nov 26
Hlnde A Dauche Paper Co. 10
Holland Furance
No par
15
Dec
preferred.-No par
Hollander A Sons (A)
5
Holly Sugar Corp
No par
conv
100
Homes take Mining
12.50
Houdallle-Hershey cl A. No
Dec
1
4
15% Oct 19
93
Nov 19
934 Dec 9
15% Oct 19
109
Oct 19
£39%
Oct 19
Dec
111
37
52%
120%
30%
43%
114%
52%
Jan 19
June
120
Aug
587s Sept
102
Sept
4
Feb
Jan
108
June
Mar
9
Jan
Jan
Mar
Nov
108
Feb
407
Dec
Oct 19
41
0
Oct 19
277a Feb 11
44
Oct 19
73
Jan 11
94
30%
19%
Jan
Jan
Mar 20
par
100
v t
0..25
5
Illinois Central
1
100
8078 Nov 23
434
Oct 19
17ia Jan 22
90% Mar 10
6% Jan 21
1% Oct 19
3% Oct 19
4
Oct 19
1% Oct 19
23% Feb 17
4% Aug 17
38
Oct 19
2,700
0% preferred series A... 100
16
Oct 19
240
Nov 23
140
Leased lines 4%
100
RR See ctfs series A...1000
39
8
0
Oct 19
*
16% Jan 21
8
20%
Cash sale.
Jan
Oct 19
37
41%
r
May
6
2
07% Jan 21
<23
Hupp Motor Car Corp
New stock,
64
135% Feb
No par
com
Hudson A Manhattan
100
5% preferred
100
Hudson Motor Car
No par
n
39% Feb 11
stk. No par
Class B
Household Fin
15% Jan 25
Nov 24
Nov 24
41
5%
Nov
4% Apr
99% Dec
12% Aug
89
No par
conv
104
129
Nov 24
J4
Jan
Jan 14
May 22
Hershey Chocolate
12
Feb 26
Oct 19
Jan
Jan
17% Jan 11
8
6
30%
120
107
50
preferred
5
Feb 20
117% Aug 13
Nov 23
125
cum
Jan 22
68% Mar
70% Nov 19
1% Oct 19
100
0%
105
140
81
20%
delivery,
Jan
Jan
41%
*7%
a Del.
Feb
Jan
136
Mar 2
Mar 10
Mar 10
Jan
31
17% Mar
69% Mar
34% Feb
42
In receivership.
145%
64%
39%
10%
Jan
32%
Oct 19
3%
20%
8
16
50%May 20
42% Jan 2
69
25
10
5
8
Oct 15
25
Howe Sound Co
700
7% Oct 191
Jan
28% Mar
Nov 26
5% preferred
Houston Oil of Texas
200
3% Apr
10
Apr
24% Aug
28% Jan
19
7,700
2
5% Jan 22
95
8,400
5%
Jan
June
1% July
par
7%
1%
5%
8
100
Hamilton Watch Co...No
49%
5%
Deo
8% Apr
6% preferred
100
Hanna (M A) Co f 5 pf.No par
Harbison-Walk Refrao.No par
100
5%
Dec
60% Sept 14
15% Oct 19.
10
7% preferred class A
Hall Printing
83%.
57g
7%
1%
197g
1%
600
2
1%
11%
19%
40%
*7%
11%
7%
48
"MOO
2
7%
7%
7%
50%
27
2
7%
7%
1%
7%
48%
10%
51%
129
No par
6% preferred.
Hackensack Water
2,300
50
*82
11
83
51
*25%
zlOO
Jan
Sept
2
Oct 19
23% Oct 19
23% Oct 19
par
preferred
100
Mobile A Northern.. 100
7% preferred
49%
*49
•
preferred
Guantanamo Sugar
__
49%
25
13%
9
47%
5H%
300
85.%
Feb
22% Dec 10
Hercules Powder new._No par
400
Jan
0% Nov
Jan 12
1
Great
80
51
3%
110
4% Feb
15
3
3,000
130
Jan
Deo
77
Oct 19
Hercules
*41
Oct
Jan
55%
5
Dec
l",806
*125
42%
86i8
*101
200
"
19%
90
27% Nov
92
Jan 18
Dec
1,700
2,200
44% Nov
66
Jan
10
8%
4
Dec
Oct
13%
22
8%
34
Jan
96
21
8%
25
Mar 11
141
10
8%
1%
*22%
6%
2138
84
Feb 17
20
5% pref
Greyhound Corp (The).No
25
1%
Ex-div.
y
Mar 17
39% June
22% July
54% June
6%
48%
Jan
Jan
3% June
8% Apr
13% May
18% Apr
07% Mar 11
30
72
Jan 20
58
Jan
26% Mar 11
11
May
Ex-rights
Deo
Dec
71
37% Dec
62% Sept
1
2,900
20%
0%
8
33,800
*32
13%June
Aug
6% Feb 25
8% Feb 19
116
48% Feb
15,200
32%
4%
48%
2
27% Feb
"moo
21%
he Oct
Oct 19
10%
27
Dec
Dec
70
9
10
10%
32%
*634
90% Mar
Gt Nor Iron Ore Prop.No par
Great Northern pref
100
50
89
July
30% July
1
14% Nov 20
11%
*25
43
1
26%
300
Oct 19
Feb
Dec
4
par
29%
1,600
6%
57
118% Mar
Aug 30
par
1,000
1%
Oct 19
3% Oct 18
Dec
June
31%
33%
32%
43% Feb 11
Oct 19
1,000
6,700
6%
77
Oct 19
17%
*20%
Jan 25
7
105% Jan
Jan
110
17
6
33>4
81
1%
17%
10%
27
Jan
1% Oct 19
55
Dec
2
Apr
26% May
Apr
Apr
4
Jan 18
3
27%
2438
Jan 20
88
Apr
32% Apr
100
Jan 28
1
Green Bay A West RR Co. 100
Green (H L) Co Inc
1
2334
684
48% Jan
70% Feb
58%
5
P
25
33
43
Motors
Union Co tr ctfs
29%
130
*41%
Graham-Paige
Granby Consol MSA
22%
15%
-
42
par
No par
S3 conv pref series...No
Granite City Steel
No
6
3%
4
117% Jan 22
61%
No par
400
*20% 22
*20%
*20% 21
20
20%
20
20%
*9.5
99
97% 97%
97%
*96
98
97%
*96
98
98
98
*92% 100
*92% 100
*92% 99
*95
99
95
95
92
92
22%
23%
22
22% 23
22%
23% 23%
23
23
23%
2178
*121% 127% *121% 127% *121% 127% *121% 127%
*121% 127
*121% 127
7
*6%
6
6%
6%
6
6%
6%
*6%
6%
6%
0%
*60
71
*60
71
*6011 71
*60%
71
*60% 71
*60% 71
2!o
*2.%
*2%
2%
2;%
2%
2%
2%
2%
2%
2%
238
95 "
*91
*88%
95
95
95
98% 98% *92
97
97%
97
7
6%
7
678
6%
6%
6%
6%
6%
6%
6%
6%
91
91
92
*91% 98
92
*93
98
*89
98
*89
98
*133% 150
*133% 150
150
*133%
*133
150
*133
150
*133
150
17%
18%
17%
17% *16%
18
17
17
17%
17
17%
17
61
63
61%
64
62
61% 61%
6334 *61% 63%
60
62%
*125
130
129
129% 129
129
*125
130
130
42
par
....100
2,100
*2478
7
preferred
Preferred
13%
*20
Jan 13
65% Feb
Jan
74
15%
*40~
69%
16%
21% July
*13%
zl5%
27%
*32
6%
105
50% Mar 11
13%
15%
29%
27
Jan 19
87*4 Mar 11
Grand
*1%
110
123% Nov
Mar 20
47% Mar 11
700
1%
243g
6%
19
54% Nov 24
16% Oct 19
3,900
64%
Jan
Oct 19
20,700
130
Jan
5%
13
No par
128%
64%
16%
17%
*40
18%
15% Feb
Oct 19
Gotham Silk Hose
(
Jan
Jan
Oct 28
1%
27
53%
118
2
1%
30
Oct
90
4%
26
10
70% Feb 11
43
Oct 25
Jan
July
1
1%
33
678
20%
40
conv
29
Jan
58
1
7% Oct 19
49% Oct 19
20% Oct 19
1
1%
29%
Feb
Feb
Telegraph Co 100
4%
22
6%
15
Nov
1U8 Dec
1%
15
130
50
1%
22%
129
No par
No par
preferred
conv
6% preferred
No
Goodyear Tire A Rubb. No
800
%
14
88% Feb 23
29% Mar 9
4%
15%
27%
297g
129
1,000
1,500
4%
9
Jan 18
Oct 19
No par
Goodrich Co (B F)
24,100
58%
58
22
11%
1%
*4%
60
15
17%
17%
6%
4%
56
Jan
56
Brothers
Gobel (Adolf)
Goebel Brewing Co
12*506
84
Dec
24
Gold A Stock
21%
22
10%
8%
1%
4%
1%
13%
15%
*27%
55%
20%
*80
15%
*40
8%
4%
*58%
134
2,200
17%
6
Jan
49
122% Feb
60% Jan
Oct 19
Oct 19
70%
140
33%
124
Oct 19
9%
Jan
Jan 13
64% Jan 29
65% Jan 18
Oct 19
14
18
Rights
3,100
3
"16%
18
1
par
par
17
Jan 23
20% Feb
444%
92
22
64%
17%
9
1%
*6
13
16%
25%
21%
24%
11%
*8%
13
151"
25%
*21%
64%
18
10%
13
4%
2%
3
<
85%
4%
69,100
2%
3%
Oct
Jan
34% Apr
Oct 19
8
Apr
Apr
Jan
Oct 19
preferred
Glldden Co (The)
100
10%
5%
Mar
3%
Oct 19
Nov
Deo
63% Feb
7% Aug
Jan
42%
7
Oct 19
18
2,400
92
1%
17
85
78
Oct
Feb
Apr
Deo
141
8
Glmbel
4
97
4
8
1,500
47
Feb
95
1,100
4,800
*19*
8
Dec
Feb
97%
35%
8% May
5
...100
3,300
7,600
9%
Jan
General Tire A Rubber Co.. 5
Gillette Safety Razor..No par
15 conv preferred
No par
12%
26%
22%
60
6% pref
9
64% Jan 21
13% Oct 19
10
*46%
%4
103
17% Dec
26
27
46%
Oct 25
21% Oct 19
3% Oct 19
8% Oct 19
Gen Time Instru Corp.No par
40
59
9
111
Dec
Nov
15%
44% Feb
Oct 19
No par
100
1
Feb 11
52%
Nov 16
May
1
31% Oct 19
45%
127
11% May
Jan 28
126% Mar 31
Oct 19
117
1
Public Service
Jan 16
152
Oct 19
48
No par
No par
9
300
53
85
Jan
163
Oct 25
3,800
177g
53
21
Apr
3%
4
Gen Steel Cast 16 pref.No par
Gen Theat Equip Corp .No par
55%
56
Jan
31%
65
33
10
16 preferred
No
General Refractories...No
2,460
96
9%
56
47%
8
4
Dec
Dec
Dec
11% Mar
48% Dec
Nov zl35
4
14
%
Railway Signal...No par
0% preferred....
100
Gen Realty A Utilities
..1
1,000
*55
22
*4%
7%
/42%
10
56
23% July
108
80iz Feb 17
19% Jan 14
Oct 13
34
No par
Gen
2*200
14
*95
85
July
3
105%
28% Nov 23
100
No par
5
Oct 19
66
Gen
11,500
30
14
1434
17%
21
63
Jan
19% Feb
15% Mar
22% Nov 26
No par
No par
General Printing Ink
16 preferred.
2,200
9,800
58%
9%
17%
9
32% Mar
No par
Common
"
1%
18%
26%
18%
96
50
18%
Electric
Foods
S5 preferred
Gen Outdoor Adv A
10
100
31
3
95% July
Jan
100%
Oct 19
108
68% Nov
42% Dec
56%
34%
15% July 19
14% Oct 19
100
100
6% preferred
General Motors Corp
1,400
1%
23%
22%
*85
26
2%
June
24% Apr
6%
$6 conv pref series A. No par
General Mills
No par
1,200
35"
5%
2%
24
87
*58%
1%
200
5%
100
*
32
2% Oct 19
.No par
Gen'l Gas A tllec A
20
35
22%
"17%
34
52
115% 115%
21%
*85
17%
117
preferred
General
Nov
5
No par
General
7,800
8,800
*118% 119
40
34%
34% 110,900
35
%4
92
7%
93,400
34
1%
18%
2734
2%
3%
i
43
52
17%
55%
17%
110
31%
1%
1%
116
26%
46%
25% Mar
3% Aug
Mar 25
33
31% Nov 22
5
7% cum preferred
General Cigar Inc
1,500
91
No par
Class A
600
24%
*24%
25%
110% *108
120
9
46%
2%
3%
700
*45
9%
557g
Dec
z39%June21
6I2 Oct 19
No par
18 1st preferred
25
85
%j
2%
20
25
25%
85
9%
27
*45
125
•
6
Bronze
57
45
7% Mar
Oct 19
Baking
Cable
12%
59
30% Sept
73
Nov 23
4
General
General
44
10
59
132
2%
2%
*3%
13%
10
59
26%
*45
46%
hi
13
13%
9%
88
3,900
General
17%
105% Nov
Apr
48%
Oct 19
3
8%
900
143g
Feb
40
z24%
32% Jan 13
3% Oct 19
20
par
6*166
"
4,300
*95
Jan
100%
9
Jan
117
10% Oct 19
42%
4%
30
15%
19%
1
10
share
per
116% Nov
49% Nov
30% Dec
Jan 14
83
Oct 19
par
Gen Amer Investors...No par
$6 preferred
...No par
Gen Am Transportation
5
100
*120
1%
18%
26%
96
59
5,100
12%
a:22%
18%
287g
*18
13%
6
Galr Co Inc (Robert)
f3 preferred
Gamewell Co (The)
No
Gannet Co conv 16 pf..No
Gar Wood Industries Inc
4%
*85
*95
10%
59%
10
59%
90
2,600
2,100
1%
19%
13%
9%
*58%
10
59%
50
6%
X7 h
8%
100
12%
1%
6%
Apr
18% Jan 12
1% Oct 18
1,800
31
14ij
Gabriel Co (The) cl A ..No par
Dec
38
Sept
135
20% Oct 19
330
2,200
534
2%
24%
95
95
Oct 19
90
42
33%
5%
100
1%
18%
28%
18
26%
24%
13%
17%
Oct 19
9%
9%
9%
9%
*100% 103
*100% 103
103
2%
223g
18
102
2
Dec
105
64% Feb
2% Oct 19
Fuller (G A) prior pref.No par
ffl 2d preferred
No par
4%
116
68
Oct 19
Oct 20
11% Oct 19
Freeport Sulphur Co
10
6% conv preferred......100
80
16
*90
1%
*33%
51
10
27
80
10
Dec 10
5,300
43
31
116%
33%
.100
....100
Machinery Corp
4conv pref
Foster- Wheeler..
40
5
7
43
33
116
104
*103
2%
21%
33
31%
5%
10
5%
9%
104
95
14%
19%
*17
5
*85
25
31
10%
*2
37
*115% 116
32lo
*10%
1%
25%
*95
115
*103
2%
23
Highest
share %
per
Feb
Feb
Mar
Feb
Apr
98
17% Nov 26
1% Oct 19
J Follansbee Brothers..No par
Food
40%
58%
39%
9%
S
share
per
107% Feb
62% Mar
Nov 22
F'k'n8lmonACoIno7% pf 100
190
21%
6%
6%
53% *52
53
53% *52
118% 118% *118% 121
X118
118
34%
36%
35% 36%'
34% 36
35%
*31%
104
*85
347g
115
5%
10%
*1%
1%
*118% 119
110
31
32%
1%
1%
30%
*115
*103
31%
No par
110
4,100
2
478
21%
*14%
*89%
*52
*33
8
Oct 18
29
12%
108
Nov
67.
14
6
125
24%
120
90
30
17 conv preferred...No par
Francisco Sugar Co
No par
2
90
25%
1%
31%
24%
*110
Rubber... 10
Stores.-No par
11% Oct 19
4%
44%
32%
1%
437g
5
*70
108% Mar 9
45% Jan 18
41% Mar 11
22% Oct 19
10% Oct 19
Fltntkote Co (The)....No par
12%
80
25
42%
100
13
100
'120
S
'
16
8%
National
share
300
4%
30
'
22%
41%
120
44%
1,700
30
2
4%
*21%
*14%
*89%
6%
6%
6%
*90
1.000
44
40
42
45%
23% 23%
22%
23
*105% 114
*105% 114
.
24%
Lowest
Oct 19
per
x65
Florsbelm Shoe class A.No par
,
7%
8
8
77g
8
8%
121% *119% 125
*119% 125
*119% 125
4%
*4%
4%
4%
41.!
4%
4%
4%
13
12%
13
12%
127g
12%
13%
13%
*24
26
27
26% *24
261?
26% 26%
43%
Year 1930
Highest
Florence Stove Co
9,100
32
*4%
30
16
6%
79
4%
30
22%
0%
*72
*4
30
*15
0%
80
First
1,060
8,400
S
6% preferred series A... 100
.
86%
106
2
Firestone Tire A
3,300
~3~566
19
30
121
*110
Range for Previous
100 Share Lou
-
4.300
32%
86%
20%
106
13
2
50
23%
4%
*21%
6%
40%
*80
On Basis of
Par
Fed Dept Stores 4Yi% pf__100
KJdei Phen Ftre Ins N Y..2.50
400
17%
*28%
*16%
*2%
31%
86%
18%
32%
*72
4%
5%
22%
15%
90
012
6%
6l2
6%
22%
2
*21%
15%
10
4%
*45%
45%
22%
105% 105%
*277g
30
30%
5%
*2112
*15%
*89%
72
45%
*30
1%
4%
22%
22%
*104
2
72'
72
*4%
50
*45%
22%
22%
2
Range Since Jan. 1
STOCK
Lowest
Shares
697g
29%
20%
90%
30%
17%
32%
20%
2%
28%
20%
20%'
30
29
22i.i
YORK
EXCHANGE
Week
per share
29l2
*25
*45%
10
* 67
18% 2:18
32%. *28
4<2
the
1937
11,
'
$ per share
*87
Thursday
,
Dec.
June
1 Called for redemption.
Nov
Saturday
Monday
Dec. A
1934
7712
1934
79
132
20
1834
a-80
82
82
*123
132
*123
19%
72
12%
7014
1134
7212
12t2
66%
12%
4
4
4
4
*37s
47g
*4%
434
*4%
4%
*41*
26
*25%
4%
1012
io%
10%
3
•'
4%
9%
3
3
3
24%
4.34
*4%
912
9%
9%
2%
24%
23%
67
68%
18,300
146% *140
146%
200
7%
4%
12,600
9
7*%
7%
4%
9%
734
4%
44
43%
4214
40%
41%
39%
41%
3
3
3
3
3
3
36
37'g
37%
34
*207s
221*
*20
2034
21
*20
21%
21%
200
22%
33
33%
33%
33%
*33%
3334
33%
33%
I,600
18%
19
*18%
19
1734
1734
400
77
*72
77
*19%
20
75
*71
75
7
7
7%
7%
7%
7%
7%
12%
13
7
1234
76
*70
76
13%
*10
13%
*16"
76
*22
23
*22
23
*116
118
*116
118
76%
13%
*10
10%
a22
22
118
*116
118
8234
85%
18
120
9
21
21
*167g
1734
13i2
13%
9%
9%
700
Intertype
100
Island Creek Coal..
9%
91*
17%
1734
800
Kalamazoo Stove
9
20%
20%
*19
21
17%
17%
18
18
*17
13%
*133g
1334
13%
*13%
87
*80
87
87
*80
87
1334
*80
87%
;
13%
*80
19%
9
*9%
9%
9%
934
9%
5%
5%
*5%
5%
534
5%
t
S
91
22*%
2034
21
*20%
21%
500
2%
500
Kinney
24%
2%
24%
24%
*22
*23
24%
15%
*23
15
15%
16%
*5i2
16%
16%
15%
1534
14%
16%
*14%
16%
16%
16%
17%
16%
1634
16%
16%
*534
6
*534
6
*534
6
*534
5%
*24%
30
*5%
16%
16%
16%
27%
16%
10%
10%
10%
12
21
21
22%
16
15%
*24%
1914
7%
714
17
16
21
23
23%
28%
36
34
15%
15
15%
14
15
14%
14%
*6
:
,7
-
13
13
7
7%
13%
*13%
7%
734
7%
1
'
7' 1
%
%
434
6.100
%
434
4% conv
-.1
4%
1,300
5
5
5
5
26%
26%
2634
26%
27
26%
25%
10%
10%
*10%
26%
26%
900
38
38%
6,200
8
8%
1,500
40%
25 ?:
25
4034
39%
40%
734
77g
7
8%
*8
*25
26
88%
/86%
86%
90
a-89
89
161% 161%
18
*16%
3034
31
30%
»38i4
43
26%
2634
40
40
39
40
8%
7%
8
7%
*25
27%
*25
26
88%
*85%
86%
*84%
86%
8834
8834
88%
164
ICO
162% 162%
18
*16%
18
*16%
18
31%
32%
40
40
43
40
19
19
19%
18%
18%
19%
19%
53%
52
54
51
52*%
52%
54
*10212 105*% *104% 105
105
1%
1%
40*%
41%
4%
4
4
19%
*19
1%
42
40
*4
*19
40%
3%
19%
*19%
50
4934
18%
18%
*29%
*29%
31
*29%
31
3%
3%
3%
1,500
Ixmg Bel;
19%
1834
1834
1,300
Loose
103% 103% *103% 106
16%
16%
17%
16%
103% 103%
1634
16%
60
4,400
132% 132% *130% 135%
17
16%
16%
16%
131% 131%
17%
17
2,100
51
■i
31
*134
"2%
2%
"*1% "2%
53
18%
31
8~~
7
*6
7
*13
16
*13
16
*6*%
7%
*6%
7
*11%
11*%
10%
11%
1%
634
1%
1%
134
63<
6%
1%
6%
*1%
1%
*1%
5%
*3
5%
834
*8%
8®4
*134
2%
29%
29%
10%
10%
14%
*3%
*1%
*30
1434
10%
14*%
334
% 3%
34
34
25
25
34
24%
"*6~
6
*13
6%
*8*
6
31
277g Jan 14
20% Apr
Oct 19
41% Jan 14
32
13
Oct 19
24
£3%
2,000
18
2,600
*29%
*123% 126
"123% 126
22
2134
2234
22%
29
29*34
30%
29%
10%
11
*10%
26
27
25%
"*134 "2%
16
*6%
15
7
15
*12
7%
7
6%
6%
6%
6%
6%
2,000
11
11%
10%
2,400
1%
1,900
Maracalbo Oil
6%
6%
6%
6%
634
6%
*1%
1%
*1%
1%
*1%
1%
*3
5%
834
*3%
5%
9%
2%
15%
16
16
16%
1534
24%
334
3%
34
33
2434
25%
16%
12%
10%
10%
10%
79%
*76%
79%
11
*76%
*80~
90
"
*80~
preferred w w
pref
$6 1st cum
90"
10%
10%
4,700
McCrory Stores
76%
79%
10%
*76%
79%
6%
conv
No par
No par
No par
No par
No par
McCall Corp
xl0%
11%
5
100
—.100
100
---100
$3 preferred ex-warr.
2,800
12%
79%
$3
Dec
20
May
57% Jan
22% July
4134 Mar 11
36
Feb 11
Oct
33
Jan
127%
27%
Jan
40%
Apr
8%
Jan
MarlO
34%
Jan
7% Jan 12
7
Mar 30
1%
Jan
Oct 19
63
Oct 15
Oct 16
30
21% Apr 6
16% Jan 11
39
Jan 14
32
Dec
Oct 19
16% Jan 20
12%
Dec
29% Jan 30
17% May
1
Dec
7
Corp
1
preferred
100
9% Oct 19
1%
Oct 19
5% Oct 19
1
Sept 10
3
Oct 19
1
1% Oct 19
26
Oct 21
8% Dec
9%
10
"7% "Jan
Jan 11
Oct 19
Dec
4%
Martin-Parry Corp
1234
13%
1234
500
140
2834 Jan 13
99
Mar 17
6
Maytag Co
5%
24
14734 Jan 20
6
1,400
5%
2334
Oct
Apr
9
8
58% Mar 8
15*% Jan 20
10
2,500
3734
21%
Jan
May
107
62% Mar
6
38
1,500
8
338
132% Feb
1
10
200
3,400
*3834
28% Feb
18% Oct 19
1% Oct 19
*145% 155
3%
25%
*1234
10%
Oct 30
8%
Martin (Glenn
33%
43% Jan 8
110 May 12
Jan
35%
18% Oct 19
27
Oct 19
15%
*3%
Apr
2«
75% Mar 11
1()34 Jan 26
Oct 19
Oct 19
26*% Oct 20
L) Co.---.--l
No par
MasonlteCorp
.-.No par
Mathleson Alkali Wks.No par
7% preferred.....
100
May Department Stores...10
15%
24%
13%
preferred
Apr
lo4% Feb
123% Nov 19
Marlln-Rockwell Corp
1
Marshall Field A Co...No par
32%
13
*76%
Oct 19
Jan
July
"43"
1
Jan 23
37g Feb
June 22
Apr
36
87% Aug 11
110
Oct
19
25%
267g July 26
48% Nov 24
13% Oct 19
14,900
4
*80 "
prior
6%
160
23%May 5
83% Feb 15
63
Aug 14
14% Oct 19
13,100
25
90~~
10-%
Mar
9784 Mar
Jan 13
157g Oct 19
Oct 29
"""166
34
*80 ~
79%
97
Jan 28
175
125
10
*3%
90~
4
114
18
31%
2434
90
1234
934
3334
*80
*80 ~
*27
3%
2434
12%
113% Feb
101
Exploration. .1
Midland Corp
Market Street Ry
6% preferred.
Marine
6% 2d preferred
34%
25%
6
90""
26
9%
*134
15
*31"
20
*8%
10%
33%
20
*3%
31%
4
1%
5%
9%
34
1%
8%
*134
♦I*3!
*28
9,700
5%
*29%
2l"
31%
634
5%
2%
*1%
*30
May
2%
25'
Manhattan Shirt
1*%
10%
100
10%
31%
13
15
1%
10%
6
100
11%
10%
*148% 155
38%
38
50
7
134
10%
25
6
~~8 ~
10*34
lO®!
2%
25
1
deposit—100
Preferred
100
Pref ctfs of deposit
100
Mandel Bros
No par
t Manhattan Ry 7% guar. 100
Modified 5% guar..
100
134
*8%
May
5
32
Certificates of
11%
884
7
Aug
9934 Nov 24
100
Sugar..
2
29
45% Nov 24
—10
Copper—
134
1%
24
10%
Magma
Jan
15*3g Mar
Oct 19
15% Oct 19
18% Oct 19
33
Nov 24
14
Oct 19
Mack Trucks Inc
1%
634
11
9%
2%
31%
*634
*12
15
6%
1234
1,900
2,700
Jan
47%
Oct 19
—
*6%
25%
*75
11
12
38% May
Nov 24
82% Oct 19
83% Oct 19
151 May 20
El A..No par
25%
5,400
May
5
No par
Macy (R H) Co Inc
No par
Madison Square Gard.-No par
"V, 800
"*lh "2%
"*7~
"7"
~~8~~
6
38
6%
9% Apr
89
Jan 16
79
July
2
18% Jan 18
43%June10
213g Feb 11
58% Jan 9
23
MacAndrews A
X Manatl
*25
38
100
31
1
34
Ludlurn
31
Apr
94% Apr
8% Jan
s4 Oct 19
Oct 19
Oct 19
July
15%
334 Jan 18
23
Jan
7%
12
1
24% Mar 17
3
Louisville A
18
1
4% Oct 19
23% Nov 23
8
Oct 19
June
15% July
6
277g Mar 11
Nov 12
100
Mar
51% Feb
203
Feb
Apr
4%
1784 Mar
5% Oct 19
934 Oct 19
Oct 19
14
Nashville.-—100
Steel—-----1
Forbes—-.10
preferred
No par
52
19%
Apr
Oct 19
100
Lorlllard (P) Co———-—10
7% preferred:.
..100
53
9% Mar
Feb 30
8
A...No par
Biscuit
25
Louisville Gas A
18% Jan
3% May
6
preferred
5%
52
*29%
"*1% ~2%
""s"
Wiles
18
>
*145% 155
155
148% 148% *145%
39%
38
39
393g
38
39%
5%
5%
6
51"
*5%
5%
*2334 2434
2334
2334
*23% 2434
*148% 155
100
....
~*e"
*6
834
19
19%
~
*3
3%
33i:
19%
Jan
1734 June
19% June
Lumber
lno
28%
3584 Aug
No par
Cement Corp No par
1%
41
17%
87
4
10
8
14
30
24% Jan 14
No par
Liquid Carbonic Corp .No par
Loew's Inc.—
No par
$6.60 preferred..
No parr
Lone Star
*123% 126
*123% 126
*123% 126
*123% 126
23
22%
21% 22%
22
22%
22%
22%
30
30%
293i 30
30%
293s
297g
29%
10%
10%
10%
10%
1034
10-%
10%
10%
26
27%
25
25%
25%
25%
251*
25%
~*6% ~~8~"
200
20% Mar
Dec
Dec
Feb
19%
19% Jan 14
47% Jan 23
Link Belt Co
Loft
50
18%
1.900
21,200
Lima
80
233g Feb 11
Oct 19
15% Nov 24
4
Oct 19
100
Corp..-No par
Locomotive Wks.No par
4,900
19%
*103% 106
*10314 106
*103% 106
17
17
17
17%
17
17%
132% 132% *131% 132%
132l2 132%
16%
16%
17%
16%
17%
167g
18%
19%
105
105
Dec
Jan
24% Nov 30
14% Oct 19
Preferred
3,100
1%
40%
3*'%
50
400
5012
19
48%
52
23%
20% Apr
Lily Tulip Cup
1%
4.
19
40%
Jan
27% Jan 18
110
Jan 14
35
30
B..———25
38%
19%
51
33
39%
Jan
17
6
29% Jan 2
157g Jan 16
1
1%
41%
19
32
1934
300
200
Jan
19%
71
Prod Corp
5
Corp
No par
Llbbey Owens Ford Gl.No par
Llbby McNeil! A Llbby No par
Life Savers Corp
5
Liggett A Myers Tobacco..25
Series
Nov
13
Jan 16
Mar 5
447g
35% July
50
137%
41
1%
41%
*1%
1%
51
19%
350%
3,900
6,100
33%
105% *104% 105%
*105
105
1%
8734
41
*40
200
400
86
88%
8734
164
3160% 160% *162
17%
*16%
16%
16%
34
40
26%
86
86%
3234
31%
29%
52%
1%
■
*25
27
86*%
19
*40 %
8%
*8
88
25
88l2
89*34
*16%
26
40
38%
*25
25
*161% 162
26%
*25%
27
*25
116
Oct 19
Lerner Stores
3,300
27
75% May
39% July
Feb 15
Jan 6
Oct 13
Lehn & Fink
10%
10%
800
10%
10%
1034
10%
10*8
26%
*10%
26%
207g
10*%
Feb
12
100
50
6% conv preferred
Lehman Corp (The)
May
20%
No par
Lehigh Valley Coal
Jan
58%
Mar 17
Mar 17
29
Nov 20
7
No par
preferred
47g
26%
27
12184
46
Nov 20
80
(The)——No par
No par
5
434
88
2
87%
14% Oct 19
15
Oct 19
Co No par
Lehigh Valley RR
II,500
*4%
1
1
5
%
'
121
8
Jan
136
Tire..
6
Lehigh Portland Cement—25
10
7%
7%
7%
24'
5
Jan
15% Nov 23
115% Apr 8
5
Oct 19
13
Apr
113
Jan
126
100
Jan
24% Aug
4
155
64'4 Nov
Jan
15
Aug
127
497g Nov 24
65% Nov 22
120
Mar 18
par
Apr
10%
82
7
6
26% Jan 30
30
Apr 15
Sept 23
Lee Rubber &
1,800
18%
100
*96
100
100
100
107% Apr
20% Oct 19
Lane Bryant
"""600
14
18
1834
1834
20
19%
1
(G R) Co
Lambert Co
7%
*6%
13%
7
1
■7%
7
1
*6%
13%
*96
100
*96
100
2,200
14%
*14
7%
13%
19%
19
19%
19%
2.150
*37%
*6%
7%
13
1,980
23
19
29
13
1
%
16
28%
8%
*95
125
*95
17
29
*6
13%
19%
*13
12%
2,700
16%
16%
16%
1612
16%
16%
16%
16%
8,500
"""166
27
27
28
♦26
27
*26
par
No par
15 prior preferred
No par
Kresge (S 8) Co..
10
Kresge Dept 8tores
No par
Kress (S H) & Co
No par
Kroger Grocery A Bak.No par
Laclede Gas Lt Co St Louis 100
5% preferred
100
950
16*%
8% Nov 10
36% Jan 18
72% Oct 18
9
Nov 29
par
11% Sept
157g Feb 19
9% Oct 19
preferred
f8
20
25
6
16
6
*21
161
*15
16%
Oct 19
63g Oct 23
Stores.fl2.50
Klmberly Clark
2%
24%
*2%
4
4684 Apr
*2%
23g
June
69% Mar
*20%
241
Apr
50
19% Nov 19
134 Oct 19
2%
2%
Oct
47
15
.100
Keystone Steel & W
3,600
Jan
Jan
Apr
Feb 19
28% Nov 8
5% Oct 19
20%
20%
81*
70", 700
8
2%
*6
90
Jan
3
19%
Mar 11
109% Feb
37%
384
23
Oct 19
8
Jan
Jan
Jan 30
Feb 16
Jan 25
Jan 4
Nov 29
36%
Feb
2%
1%
83*
57%
28'4
49%
6
90
8
125%
68% Sept 22
10
Feb 16
pf A .No par
Kennecott Copper
No par
383g
8%
Dec
43% May
733g' liar 10
13584 Jan 5
19% Sept 22
18
Apr 6
9% Apr 6
52
Kendall Co 16 pt
8%
21%
Deo
Feb
18%
4
83g
8%
*153g
*
90
8
Dec
1
8%
36%
Jan
13 3g
Jan
110
Class
"37%
*20%
*2%
29
900
8%
S%
*24?g
T,200
373i
39
4%
7
18®4
10%
Oct 19
Co
5
Kelth-Albee-Orpheum pf._100
Kelsey Hayes Wheel conv ol A1
"35%
21%
2%
24%
8%
*2l4
e
90%
Apr
Oct 19
Kayser (J) &
37%
75
8%
*21
*
90%
.'
400
534
Deo
Apr
284
Oct 19
& Furn—10
preferred
Kaufmann Dept
534
5% h 5%
160
16
City Southern
400
9%
9%
9%
834
37%
4%
13%
1334
91
36%
500
18%
57g
57g
*____
Kansas
20
Jan
65
L pf ser B No par
Kan City P &
600
20%
18%
1334
9%
*9ig
120
934
120
120
934
148%
30
1001
Jones <fc Laugh
120
par
Steel pref--100
570
*9%
par
Preferred
72%
18
120
Jan 18
Aug
100
No
No
72%
*17%
9%
Deo
5
105%
19% Oct 19
10
19
19
25
Dec
__1 05116
Johns-Manvllle
10
"121% 122
34
—
Jewel Tea Inc
9,000
82%
81
No
Corp
preferred
$6
""466
55
*53%
100
100
Preferred..
118
*116
par
Inter Telep
7334
72%
120
*119
22
*21%
*17%
1734
*80
10
55
*53%
1734
1734
171
20
1734
87%
*80
75%
118
*116
74
73
120
9%
9
*19
*20%
73%'
*119
120
*119
934
*87g
17*%
17%
18
*119
12
75%
82%
84%
8334
*121% 122
*121% 122
82
73%
17%
12
84
121
74%'
7434
75
72
80
121
82
84%
*120% 122
*120^4 122
12,300
22%
*2134
55
53%
55
53%
4l",000
8%
1,600
13
Oct 19
Oct 19
134 Oct 19
20
Oct 18
22% Oct 19
May 17
142
7
June
17
2%
Jan
14% Feb 13
8%
Apr
3% Mar 29
20
Jan 21
1%
Jan
634 Feb
39
Jan 20
6% Mar 27
5134 Mar
4
30% Mar lo
29% Apr 30
13% Jan 10
74
Feb 6
4134
165
6% July
1834
11%
May
Jan
6% Apr
8
27%
Jan 25
153%
Jan
Jan
2% July
41
Apr
Jan
Nov 23
66% Mar 11
43% May
4% Oct 19
23% Nov 23
15% Jan 11
44
Jan 13
13%
34
35
93
Deo
194
167g Jan 29
15% Apr 9
1% Oct 19
7% Oct 19
7%
Jan
162
834Sept
4% Sept
36% Oct
2% Oct
4% Sept
5% Mar
Apr
160
4
Jan
120
1277gMay 27
4834 Nov
Sept
112
56%
Nov 30
Oct 19
& Teleg
No par
Foreign share ctfs
No par
Interstate Dept Stores.No par
7%
734
10
10
23
*116
53%
52%
53%
preferred...
7%
7%
75
*71
*22
*51l2
12%
12%
*71
2284 July
Dec
100
-
734
12%
7%
12%
8
7%
63% Apr 14
138
.100
International Silver
77
*72
Deo
Oct 19
189
Am.. 100
7%
7
7%
6%
6%
*1234
*10
*72
75
*72
13%
13
*70
19%
19%
20
*20
Deo
18%
2% July
127% Nov 22
53% Nov 22
par
certlfs.-No
5% preferred-..—-—
International Salt.
No
International Shoe
No
840
38
37
5%
9% July
9% Apr 14
18%
par
Voting trust
38
38
Jan
28% Mar 11
Oct 19
.15
No
No
Internat Rys of Cent
*20%
*71
7%
734
38
660
333i
*1914
7
37%
2%
Oct 19
2
100
Co
5% conv pref
17,200
3%
22%
32%
32%
32
35
35
43%
3
3%
3%
3%
4134
44%
43
43%
41%
3
11% Marl6
6
Nov 23
Class C
413g
Apr
37
Preferred..*
Jan
107
par
Inter Pap & Pow
Class B
29,300
1034
10%
10%
18%
111% July 16
Dec
Oct 19
100
132
*126
132
10%
Oct
5
Jan 18
6
24% Deo
7% Jan
Jan
6%
May
6
Canada..No
Nov
10%
3
Int Nickel of
Deo
122
37
Sys cl A..?25
Marine.No par
Internat Mining Corp
1
4,400
140
1334 Jan 20
Int Mercantile
56,700
147
Aug
88% July
64% Apr 20
Int Hydro-Elec
800
9
8%
44%
43%
*126
10%
10
10*%
934
132
*126
132
132
'
May
125
6
33% Feb 23
9
2% Oct 19
Iron'
No par
Internal Agricultural..No par
Prior preferred
100
Int Business Machines.No par
Internat Harvester
No par
Preferred
100
300
106
Feb
Oct 19
97
Interlake
1,300
1,100
138
*137
4%
45%!
44
44%
42%
44%
4234
2%
1
*126
132
97g IOI4
Id*
9%
3
*136% 139
70
72
8%
4%
93g
*4%
13,000
Feb
5
July 30
1% Oct 19
Intercont'l Rubber....Wo par
300
10
per
131% Mar
Oct 19
3%
20
100
preferred
6%
50
4
9%
25%
146% *140
7%
7%
47g
7%
1,200
100
...
143
t Interboro Rap Transit--.100
Interchemlcal Corp
No par
*334
: :
25%
72%
*140
142
142
*
4
3
138
71
71*%
23%
144
Oct 16
5884 Nov 23
6% Oct 19
Inspiration Cons Copper...20
Insuranshares Ctfs Ine
1
22,500
1,800
1,000
Oct 19
Nov 24
132,
No par
Steel..
Inland
10%
4
26
138
135
914
132
10U
10
4%
*41,
44i2
43-">8
*126
97
4%
10%
67
734
7%
734
434
9l4
7%
97
98
25%
135
140
140
*13912 141
98
xlO
■
*24%
25U
*134l2 142
132
132
67i4
68I4
67%
69%
2514
2514
25%
23%
"e'ooo
Oct 19
16
72
100
preferred
6%
4%
23%
3%
4%
24%
4%
10%
3''
1
Ingersoll Rand
4%
24%
4%
4%
10
101*
3
3lg
*3
4
100
*4%
414
1,800
*130% 132
*130% 132,
69
72
71%
72%
73
1134
12%
12
12%
13%
*3%
4%
4
4
4
I23g
25
*96
100
*4
4%
Industrial Rayon...
83%
24%
25
25i2
25
.
100
100
*96
11%
8,000
82
5%
10
No par
No par
Indian Refining
400
17%
132
71
69%
121*
41*
71%
Shares
16%
share f per share
15% Nov
4% Jan
418g Nov
25% May
(
share
22% Jan 20
47% Apr 20
f per
$ per share
Highest
Lowest
Highest
Lowest
82%
82%
On Basis of
Par
1834
17
82%
the
$ per share
*7
734
734
734
NEW YORK STOCK
EXCHANGE
Week
10
Dec.
$ per share
734
19*%
*7%
7%
7U
80
*123
132
*123
Dec. 9
$ per share
$ per share
STOCKS
for
Friday
Thursday
Dec. 8
Dec 7
714
20
714
8
201*
7834
*7%
|
$ per share
$ per share
Wednesday
Tuesday
Dec. 6
Range for Previous
Year 1936
1
100-Share Lots
Range Since Jan.
Sales
CENT
PRICES—PER SHARE, NOT PER
HIGH SALE
AND
LOW
3779
Record—Continued—Page 6
New York Stock
145
Volume
Deo
44
Nov
22
36
Jan 2
24% Feb 11
103
Jan
Feb
2
92
45
111
12% Dec 1
734 Oct 19
266
Oct 19
43%
Jan 13
3
Nov 22
June
Apr
Jan
106% Mar
29
2% May
June
3780
LOW
New York Stock
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Monday
Tuesday
Wednesday
Thursday
Dec. 4
Dec. 0
Dec. 7
Dec. 8
Dec. 9
$ per «/iare
141-
14%
8)2
8%
37%
23 %
8)2
36%
22%
-
8%
143s
8)2
$ per share
1434
8%
37l2
24
8%
37
23%'
8)2
% per share
14%
14%
8%
87«
37%
23%
8%
33
37
23%
8%
*3278
778
147g
8%
37
23)2
8%
14%
8%
37
37
36%
23%
77g
3234
8%
23%
22%
8%
*70
90
*70
90
U?t
75
1334
*60%
14
70
70
70
*70
79
65
*55
59
*55
60
*55
*44)2
5*8
40
21
22
*00%
*55
*14'8
8?s
27
41
*41
8?s
00
7)2
104
104
7%
55
1
2
*15s
1 "'8
*1)4
2
18»4
3%
10)2
*17S
18%
*
2
2
1734
1734
312
312
11
113s
2
2
*3)4
3)2
17
1
2
3%
2%
*3%
16%
17
5
20%
1584
42%
9l4
20%
30%
9%
3%
17
3-%
17%
*16
3%
16%
3I2
17
3%
*92%
%
197g
12%
197g
12%
21
0
%
197g
34
%
34
%
19l2
12)4
197g
12%
12%
19%
12%
21 )4
20
20
19
1934
197g
12%
18%
6
6
6
6
6
02i2
*1238
6)8
02%
1234
*55
50
*104
66
*62%
61
107
12
12%
55
62%
*11
55
*52
*104% 107
h
22%
55%
2,100
h
16
33g
3,000
11%
1%
10,000
1%
87%
*110% 113
33% 34%
47",400
85
21
12%
12
19
177g
22%
12%
18%
22
41%
22
12
12%
1778
18
0
%
57g
46,000
7,900
2,500
2,600
57g
*104% 107
61
55
55
12
11
11
400
56%
*55
56)2
100
104
104
0%
0l2
0l4
0%
6%
0%
0%
6%
6
03g
47»4 ,47)2 *46
47% *46
46%
*40
47%
48
47%
*46
48
11
1078
107S
11)8
11
107g
11
1078
11%
11%
107g
11%
10
*13l2
15
*13%
*13%
14%
14%
15
13%
15%
15%
15%
125g 1234
12%
12%
12%
12%
I27g
127g
*12%
127g
11%
11%
8l2
8)2
8
8)2
812
8%
812
87g
9
8%
9
87g
187s 1878
187g
19%
18%
187g
18
18%
19
187g
17%
18%
*154
156
♦153% 150
*154% 156
*152
*154% 150
156
152
153
17)2
17)2
*16%
17%
*17
17%
17%
*16
17%
16
*16
16)
*._.
*75
84%
*75
82%
*75
84%
*75
84%
*75
84%
84%
*39
40
*38% 41
40
40
41
41
41
41
40% 40%
18
1734
18
18%
18%
18
18%
18%
17
18%
18
18%
15
1434
15i8
1458
14%
14'8
14%
15
15
14%
14%
147g
*105
11U2 *105
111% *105
111
111% *105
*105
111
*105
111
*105
10878
1087S 1087g *107
10878 108% 108%
1087g 1087g
109
109
8
8
8
*7%
*7%
7
7%
7
7%
7%
7
67g
*43g
5
5)2
*4%
5
*4%
*4%
4%
4%
438
4%
4%
2334 2378
23)2 237«
23% 23%
23%
237g
*22% 23%
22% 23
*
20
*1914
778
*145
*19
8
2534
20%
734
26%
*18%
8%
*132
135
135
23
23
23
*12
*14
04)4
22i4
*2414
65)4
8%
83g
22%
25
70
70
4%
87S
22%
24l4
*69
4
4)8
14
64%
22%
24%
697g
4%
*06
87s
9
25
*98
70%
70%
4%
9%
4%
9%
21%
25
80
69
4%
9%
24
*22%
*60%
21
*23%
72
4
9%
,
64
24
*69
20
18
*18%
18
8
7%
7%
7%
267g 27%
27 '4
26%
154% 155
*154% 155%
135% 135% *130
137
24%
24%
23 %
23%
8%
87g
8%
8%
3,
*%
*%
*1
*%
\
80
*60
45
*38
45
*38
45
*100
106
100
100
*100
106
*100
14
*11
*9%
1434
36%
203s
19
23
40
24
24%
*20%
4%
*3%
*9%
4
10
118
*113
123
*%
*60
14
147g
37
*38%
118
118
67
*02i 2
120
67
*118
123
lo
*04
"
2%
6%
*1%
5%
67
%
127g
12%
31%
30 )4
96
98
7%
14%
7'2
26%
14%
*91%
7%
108
*99
108
11)2
*33
*2%
*15%
12%
29%
14%
10%
1%
1%
1%
*1%
1%
189% *185
195
187% 187%
105
105%
105
105
*103
105
23
24
*22% 22%
22
21%
51%
51%
51% 52
51% 5134
8
130
*96
8%
98%
92%
*92
93
1378
*33
35
2%
*15%
278
20
26%
*128
98%
*91%
13%
35
8%
*96
127g
31)2
14%
96%
7%
*94
26
*1%
13
25%
"
7%
48
189
92%
*7%
14U
130
20
2%
12%
32%
14%
1278
33%
13
35
20
31
*
97%
94%
7%
7%
25%
25%
130
7%
24%
*128
66%
*10%
11%
11%
55
55
55)4
55
13%
12's
13
13
*25
13%
49%
70
68
69
66
107g
1078
107S
10%
5%
*5
14
♦
714
Bid
7%
*128
55
55
13%
14%
7%
23%
11%
56
*5
130
11
*50
*14
11%
25%
11%
49%
68%
1078
5
5
14
14
5%
15
7)2
7%
*
49
*114"
7%
69%
10%
*4%
1078
5
5
15
15
16
7%
and asked prices; no sales on
this day,
*42%
*114
_
68
7%
2%
20
1278
30%
12%
94%
7%
24%
*12%
107S
(-!"•- *114"
37
*95
73g
*13
*114
*34
127s
11%
*
13%
2%
*15%
12%
29%
15
7%"
64
*114"
12%
2%
5
B
1
par
68%
1038
7%
49
69%
10%
5%
17
9%
4%
f In receivership,
a
71
Mar
z24%
6% Oct 19
43
101% Nov
3034 Dec
79% Aug
108
62% Nov
20% May
12)2 Apr
9% Apr
9
Jan 21
33% Mar
2
90
Aug 20
39
Oct 19
Oct 19
387g Feb 25
12
Oct 19
28%
47)2
Oct
19%
Deo
15% Mar
Oct
3884
Jan
Jan
Dec
164)2
3734
Deo
100
Dec
107%
Deo
21
Apr
Apr
57% Aug 17
13
ser A w w
pref class
A
100 zl0734jUne
100
107
Jan 18
33%
Jan 13
103% Feb
3
153
3078
112% Mar 11
107%
Oct
112
107
Dec
112
10
Apr
20)8 Feb
1
;104% Oct 19
8
May 20
21
Depart Stores
No par
No par
17
Oct 19
35
Mar 17
25% June
18
Oct
19'
38
Mar
28
18
10
Lead
5% Oct 19
4
f
1078
100
153
127
18
5
Nat Rys of Mex 1st 4% pf.100
6% 2d preferred
100
National Steel Corp
25
National Supply (The)PcnnalO
$2
Oct 19
4% Oct 19
10
7% prferred A
24% Mar
..
Oct 19
Oct 19
July
9
Nov 19
Oct 19
%8ept 9
%Sept 11
55
Oct 19
9
44
Mar 11
26% June
171
Jan 22
155
Jan 29
137%
6178 Jan 22
1434 Jan 14
2% Jan 18
377g
Oct
54
171
Deo
Jan
147
Nov
Dec
01%
9% May
1478
78
Jau
3
%
Jan
1)2
57%
Apr
99% Aug 14
20% Nov 12
Nov 24
30
68
Dec 10
80%
22% Dec
12% Jan 15
13% Feb 25
57% Feb 13
05
1
87
37
100
9
Oct 27
9
Oct 19
1
10% June
32% Apr
78
12% Nov
13%
00
64% Mar 10
41
8
109
Jan 11
104)2
Apr
Apr
110
Nov
37
Mar 17
10%
Feb
43
Apr
Jan 18
9
Apr
40
Deo
64% Nov
10% Oct 19
41%
No par
No par
29
32)2
Jan
83
Deo
15% Oct 19
98% Feb 10
55% Mar 17
27%
Jan
49%
Oct
N Y Chic A St Louis Co...100
0% preferred series A... 100
NYC Omnibus Corp..No
par
14
Oct 19'
72
Marl7T
17%
Jan
30% Nov 24
100
Jan 22
36%
Jan
New
York
5%
Dock
,
15
..No par
preferred
5
Oct 19
317g Mar 19
127g Jan 22
25% Jan 22
50
110
Oct 19
135
Jan 20
50
10% pref
113
Nov 24
137
Mar 12
% Oct 18
2
IN
Y Investors Inc.. .No par
N Y Lack A West
Ry Co. .100
Conv preferred
Jan
97
Feb 10
90
9% Mar 8
26% Feb 25
078 Feb 11
3
Oct 19
3
Oct 15
30
100
Oct 19
No par
No par
t Norfolk Southern
Jau
Oct 15
1
part stk.. 1
;
Jan
Jan
1
Oct 23
4% Oct 19
t N Y Ontario A Western.. 100
Shipbldg Corp
119
125
7
Jan
2
100
7% preferred
N Y Steam $0 pref
$7 pref series A
3)8 July
10% May
69
JNYNH4 Hartford... 100
N Y
Oct 19
2% Oct 20
No par
N Y A Harlem
Nov 26
63%June 14
100
% Oct 19
73
June
9
19% Feb 11
76% Jan 22
102%May 3
ll2%May 5
4% Mar 3
Apr
7% Apr
4
July
9% Apr
57
May
83
Mar
Apr
1% Aug
93%
Jan
105
May
1,000
6%
preferred...
10,900
60
800
6,700
50
North Amer Aviation
1
No Amer Edison $6 pf. No
par
3
Oct 19
Oct 27
104% Jan
Northern Central Ry Co...50
Northern Pacific
100
91
Oct 14
105
Northwestern
Telegraph...50
34
Norwalk Tire A Rubb-.No
par
Preferred
50
Ohio Oil Co
No
15
97g Oct 19
1,900
300
50
2
Jan
19
Aug
Oct 19
Nov 23
227g Apr 5
73
Apr 20
26% Feb 16
6% Oct 19
125
No par
1 st pref..No par
54
Outboard Marine A Mfg
5
Outlet Co
No par
48
Def. delivery,
100
10
New stock
r
Cash sale,
17
July
107
8
Jan
24%
Apr
140
Feb
3
24% Mar 8
154% Oct 25
97
Mar
8
28
Jan 12
115
123
Jau
Jan
12% July
July
70
79
Dec
Jan 26
75
4
x
12% Aug
24% Jan
Feb 13
8
2% Oct 19
7)2 Oct 19
No par
No par
Aug
19% Mar 1
45% Jan 21
May 4
51% Nov 20
934 Oct 19
Pacific Amer Fisheries Inc. ..5
n
114
Jan 18
Oct 13
114
100
pref
Nov 27
1278 Dec
Owens-Illlnols Glass Co._12.50
2d
Nov 10
6% Oct 19
112% Jan 23
preferred
conv
950
Nov 19
5% Oct 19
20% Oct 19
prior
1st preferred
Jan
97% Ap^
237g July
40
90
100
Pacific Coast
Jan
Feb
Oct 19
$5.50
230
6%
98
24
par
8% preferred A
100
Oppenhelra Coll A Co.-No par
Otis Elevator
No par
Preferred
Jan 28
Apr
9
Oliver Farm Equip
No par
Omnibus Corp(The)vtc No
Otis Steel...
8
23%
52%
30% Mar 11
63% Jan 22
07g Mar 3
Sept 25
1% Oct 19
par
preferred
8
3478 Jan 14
57)4 Feb 3
17% Jan 21
93
6%
7,800
8
14% Oct 19
48%June 18
.
13,600
Jan
Nov
Sept 21
210
13,400
Feb
Deo
Nov 24
99% Nov
100
~~77g July
Jan 14
70
Feb
Feb
Oct 30
3% Oct 19
6% Oct 19
Jan
200
Deo
Oct 29
114
26,100
Apr
30% Nov
Jan 18
1
19% Nov 24
No par
6% pref series A
t New Orl Tex A Mex
Oct
150
23
No par
...
33% Mar
'
3
18% Apr 22
100
prior pref...
June
24% Nov
Jan 28
40
pref
Dec
32% Nov
28% July
112% Mar
272
100
Deo
22% Mar
Jan
Oct 19
40,000
Oct
Nov
Jan 28
Mar
18%
17% Dec 10
1
Apr
900
9%
102% July
14
Apr
180
10%
8%
108% Jan 26
20% Feb 11
102
500
5%
8
100
"8"306
17
Apr
100
68%
5
Jan
447g May
Nov 23
No par
...
17
May
Mar 13
8
Western
49
66%
10%
70
21
90
Dec
102
27
Jan
15% Aug 16
99% Mar 19
36% Feb 11
Dec 10
11
50
'5u
Mar 15
Norfolk A
13
*114
Oct 19
Feb 13
51
55
1!7%
*
26
8
43%
Adjust 4% pref
North American Co
11
13
Nov
28% Apr
260
58
10%
17
2% Nov
38% Jan 15
800
35,900
130
*51
13%
...
"""300
93
32%
12%
49%
13
77g
98
*92
35
12%
7%
*95%
13%
*2%
*15%
'
97%
*94
*128
*77g
13
*54%
8,100
*99
127g
317g
*126
130
6%
200
108
2%
25
1%
6%
*102
23%
51%
8%
98%
Jau
6% preferred B
100
Nat Mall A St Cast's Co No
par
National Power A Lt
No par
7,100
108
712
20
96
"4^266
7%
10
8
35
12%
28%
14%
3
6%
*1%
760
*91%
12%
*2%
64%
""2%
98
*95%
*15%
"2^966
46
98%
92%
13%
2%
*
64%
278
6%
1%
30
%
*89
738
*95%
20
2%
6%
*1%
6%
43 %
118
*40 %
105
34
100
123
%
47
22%
*2%
*15%
♦.J.2
118
*111
%
98
51 %
*33
678
123
600
*89
*103
Feb
3% Feb 26
par
Oct 19
1,060
98
51%
35
1%
120
2,800
4%
41
23%
Feb
71
% conv serial pref... 100
Newberry Co (J J)
No par
*92
22%
59%
Nelsner Bros lnc
98
*98
08
Jan
May 18
200
11
.
Nov
Jan
Dec
60%
16
National Tea Co
Natomas Co
21
4%
10
Deo
Mar
41%
145
300
40
51%
*32
67g
21
419
33%
103
3534
National
8,400
40
105
13%
278
6%
1%
"
10%
Feb
Jan 18
Nat Enarn A Stamplng.No par
Nat Gypsum Co
1
100
*88
*103
*91%
12%
65
61"
21
4%
10%
*111
"~2%
5%
21
*118
%
*
27g
6)2
1%
105
92%
13%
120
*111)2 123
%
105
*91%
4%
11
7%
Feb 17
Newport Industries
21%
4%
Oct
Feb
MarlO
No
N Y Air Brake
New York Central
10%
Feb
4
69
47% Mar 11
39
21
Dec
60)2
24
39
11
297g
9%
33%
40
Oct 19
40
21%
4%
Feb
Feb
Oct 19
6% preferred
Nat DlBtlllers Prod
10,600
3,600
Feb
5%
Dec 10
Oct 20
600
43
2%
6%
30
39% Nov 22
z%Nov 26
12% Oct 19
8% Oct 19
8
39
41%
Jan 23
Dec
Sept 24
10
39
42%
94
21
7% pref class B
400
2,700
407s
107% Aug 27
109
Oct 19
10
40
Oct 19
Nov 27
40
39
Nov 23
105
5
1,800
1,300
24
z71
46
11
2278
42%
1034 June
5% Jan
14% Jan
2
Sept
37g Jan
1978 Aug
79
May
6% Mar 17
12% Mar 17
6
143S
23%
42%
5
No par
106
23
Apr
9% Mar 17
Deo
12% Mar
2% Aug
2% Jan
34% Mar 17
1
preferred
11
24%
*111
conv
13%
23
34
Oct 19
Oct 19
Jan
57% Jan
1% July
2% Jan 23
Sis Mar 4
6% Jan 8
1% Oct 13
1% Oct 19
14% Oct 19
20
6%
3
Oct 19
Nat
15,200
11,800
3,300
20% 123,800
Aug
5%
100
Co
14
23
*1%
1%
*185)2 189
7%
100
108
10% Mar 11
3
7%
40
Nov
120
2
100
Mfg Co class
160
80
112
Dec
100
Brass
147g
19%
189
97
106
100
60
14%
20 %
189
97
45
19%
189
23%
52%
80
Apr
No par
15%
38%
189
23%
*51%
7%
22%
z65
119
15% Nov 26
4
9%
28
Sept
Mar 17
MarlO
No par
68
4
20%
*118
27g
278
2%
2%
6%
0'58
6%
6%
*1%
1%
*1%
1%
51"
5%
5'*'
47g
40
*38%
547g
40%
95
95
*92%
95
*103
*102% 108
108
*1%
1%
1%
1%
68
109
120
100
500
*8%
*23%
*60%
*37%
Jan
124
No par
par
2,700
""766
21%
Nov 24
Nat Bond A Share
Corp No par
Nat Cash Register
No par
Nat Dairy Products
No
5,600
20
conv
5% pref
10,100
2,000
7,400
5
98% Oct 19
4% Oct 19
7% cum pref
100
Nat Bond A Invest Co.No par
"""500
7,800
19"8
%
400
300
24
21%
4%
9%
10
53
48% Mar
Nashv Chatt A St Louis.. 100
National Acme
1
Nat Aviation Corp
No par
National Biscuit
10
200
2,700
16,400
21
38%
40%
21%
4%
2
80
*10%
14%
42
Mar
Nash-Kelvlnator Corp
2,000
7,000
197S
*22
*112% 123
%
18%
24
40%
*9'2
*9lo
14%
19%
40%
118
14
15)4
Feb
88
Myers F A E Bros
10,000
64%
4%
22%
*60%
*37%
30
20 >s
9%
*38
14
110
$7
400
*231"
69
9
*66
15%
37%
2
Jan 22
Munsingwear lnc
No par
Murphy Co (G C).__No par
5% preferred
100
Murray Corp of America... 10
4,700
63 %
65%
21%
24%
4
75
24
*22
11%
65
20%
23%
23%
*22%
'%
64
24
23%
87g
%
*%
*%
%
04
x20
25"
106
*1118
15)8
3512
1934
*120
8%
45
,
*38
25io
20%
8%
%
*%
63
9
27%
*25
8%
*u
«4
%
64
8
27%
207g
27%
*150)8 158% *152% 155
*136
*135% 145
145
24
z227g 23)2
25
135
23
87S
*18%
8
2512
168% *150% 158) 2
8I2
20%
7%
26%
20
Jan
106
40
*11
*104% 107
Oct 19
122
Mulllns
2,200
*50
*53 7g
31% Jan
40% Jan
534 Jan
zl7% Apr
5
20% Feb 23
35% Mar 10
Oct 19
Mueller
11
50%
104% 104%
6%
6%
Jan 10
72% Mar
Jan
67g May
Oct 20
Mother Lode Coalition.No par
61
*55
41
55%
91
Motor Products Corp_.No
Motor
Wheel
11
56%
3
Dec
Jan 13
Nov 24
Morrel (J) A Co
Morris A Essex
*50
12
9
8
86
par
370
'2
217g
10% Feb
47% Mar
14
Monsanto Chemical Co
10
$4.50 preferred
No par
Mont Ward A Co Inc. .No
700
41
Oct 19
15
5% conv preferred
Mohawk Carpet Mills
1,100
3,200
%
6
3%
Jan
Dec
87
Preferred series A
^Missouri Pacific
1,300
2,800
17
12%
Feb 16
Dec 10
Mo-Kan-Texas RR
2,000
3 <8
Dec
93% Aug 13
53% Dec
%Sept 15
1% Oct 15
78 Oct 19
300
10%
z95
14
preferred.No par
Minn St Paul ASS Marie. 100
"""670
17
101
2
Dec
33% Nov 23
4% Oct 19
10
Jan
11% Apr
z95
7% preferred
4% leased line ctfs
Mission Corp
h
134
1'8
8
100
1st pref
cum
$0.50
2
*1%
*10%
%
6%
5,500
55
12
Jan
pf-100
Minn-Honeywell Regu.jVe par
4% conv pref ser B
100
Minn Mollne Pow
Impl No par
130
7%
19
3
Mllw El Ry A Lt
0%
4^266
7
Apr
No par
8%
"
61%
63%
103% 103%
17
22
Mid Continent Petrol
Midland Steel Prod.
96
3
79
81
82
82
83
82%
85
83%
86
85%
♦llO's 114)2 *110% 113
*110% 113 *110% 113
*110% 113
30
3058
35)4 36%
35% 30%
*35
36-%
37
37%
*23)4
23
24)2
23
*23
23
24% 023
23
23
41)2 41 '2
41
41% 413s
41%
41
41
41%
41
%
8,800
8,600
240
Oct
8%
37%
17
19% Dec 10
6
...
38%
41
pref
100
Mercb <fe Mln Trans Co.No par
Mesta Machine Co
6
Copper.
June
14
24
112% Jan 14
34% Apr 19
59% Nov 27
1st
conv
Oct 19
share
70
No par
Miami
•
3%
*16
5%
50
20%
30%
96
*92%
$0 pref fieries A
900
95
6
per
16
78% Dec 1
11% Oct 19
No par
500
29%
32% Dec 10
1
$
19
Sept 21
28)2 Jan
42% Jan
42% Mar
10% Mar
47% Jan
30% Oct 19
100
9,200
95
Year 1930
Lowest
share
per
21
Dec 10
5
preferred
9
31%
95%
8
19% Oct 19
5% Oct 19
Stores
conv
$
12% Oct 19
No par
preferred
conv
41
8«4
20
11, 1937
Range for Previous
Highest
share
per
..1
>5.50 pref ser B w vr'aNo par
Melville Shoe
No par
Mengel Co. (The).....
1
2,400
21%
95
new
Mead Corp
"2,800
42%
1534
*40)2
42%
$3
McLellan
30
5
63
63
5934
64
*103% 104
*103% 104
7%
7%
7%
7)2
56
50%
56
56% 57
1
%
*34
1
*%
2
2
*1%
2
*1%
2%
1%
2
1%
*1%
17i2
17%
17%
17
*16%
3%
3%
33g
3%
3%
107g
11
11
11%
11%
2
178
1%
1%
1%
3%
10%
1%
3%
1034
900
79
19%
7%
54%
h
*1%
*1%
17%
McKeeson & Robblna
2,400
60
1534
61
7
50
1
*34
96
7,400
$
McGraw-Hill Pub Co..No par
Mclntyre Porcupine Mlnee..5
McKeesport Tin Plate
10
Ti6o
514
22
5
934
*92l2
*70
*55
*103% 105
7%
55%
96
*92%
5878
McGraw Elec Co
2,000
14
1534
1534
42
Par
1,100
6,100
6%
42 *
3078
97%
95
79
60
Lowest
1,500
*20%
297s
*95)2
29%
94
*13%
Range Since Jan. 1
On Basis of 100-Share Lots
YORK STOCK
Shares
8
Dec.
EXCHANGE
90
44
5%
22
9
77g
*70
1334
43%
21%
95
61
7%
54
5'g
2034
834
96
4334
21
20%
287g
60
*10312 105
43%
32%
8%
90
1334
*14i.i
41%
9%
*92%
0H4
14
7%
7
Week
14%
8%
37%
23%
778
32%
8
3234
*70
16%
41S4
9%
21
21)8
29)8
28%
*9ll2
90
13%
22
22
*14%
21
90
*92i2
14
44%
5%
15
41
*72
43%
5%
211
9%
2112
28%
91)8
91
*13%
5-
77g
90
21
21%
778
*70
*14)4
15
41%
*41
8'4
33
*14
8
*70
67%
4634
5)4
*55
46%
514
8
8%
*14
STOCKS
NEW
the
10
$ per share
14%
8%
33
33
Friday
Dec.
$ per share
15
8%
37%
237s
8%
33%
8%
33
33
Sales
for
Saturday
I per share
Record—Continued—Page
CENT
Oct 19
Ex-dlv.
y
June
9
47
Jan
114
July
103% Aug 11
23
Jan
7
15% Feb
1
40
3
Mar
27% Feb
Ex-rlghts.
2
13,
July
3% Jan
8% July
4% Jan
T Called for redemption
SALE PRICES—PER
AND HIGH
LOW
Tuesday
Wednesday
Thursday
Friday
the
Dec. 6
Dec. 7
Dec. 8
Dec. 9
Dec. 10
Week
Dec. 4
26
*15%
27%
38%
12%
*115
38%
38%
*12%
38%
12%
1234
115
119%
5%
14%
4%
*9
9«/-
*73s
934
*1%
1%
*1%
44%
38%
1%
45%
45%
3934
41
*91%
95
12
38%
12
12%
1134
115%
115
2
1%
*6%
1234
1%
6%
1434
434
*1%
43
43
42
70
434
11
23
2%
32%
18%
30
30%
30
31
18%
18%
18%
2%
30%
18%
*1%
1%
2
63S
6
638
4%
4%
5
4%
4%
4%
*22%
24
22%
22%
22%
23
16
15%
15%
17%
*15%
16
23
2338
22%
23
33
33
33
*30
*111
36
*4%
#
1134
5%
27i«
*
46
"*7%
"*7%
8
*31%
35
300
300
Pere Marquette
39
38
38
270
39
40
190
--Y
*3%
%
80%
*3
*
21%
46
"7%
35
35
35
6
*6
7
*50%
54%
52
*6
54.%
7%
"2" 160
7%
7%
8
"7%
8
12%
1234
13
12%
13
13
*43
4,800
1,100
13%
80
*43%
46
*43
46
45%
46
*43
46
*23
30
*23
27
25
25
25
25
25
25
150
47
*41
47
*41
47
20
1
500
18
*9
2
0
2
2
2
2
2
2
95
*60
95
*60
95
*60
95
15
*1118
12
12
11
1114
11
IIU
1078
3%
3%
114
18*2
*5g
3
3i8
*1
1%
4%
*378
934
*958
11
11614
36
*123
108
505s
478
1%
*1
4%
37g
378
3%
97g
934
10%
1034
10%
IOI4
10%
10%
*9%
10%
30
453g
116
116
35
33
45%
46%
36%
96
96
*108% 110
12312 12312 *123% 125
138
140
,138
14i2
7
7i8
97
98
49%
51
434
5
434
14l2
7%
96%
97
5114
47g
22
22
*20
2234
3334
*27
34
*27
34
24%
*134
*8%
10's
*1034
1414
*65
23J2
4i8
45
*38%
*H4
*8%
4%
45
1%
10
1%
10
10%
1234
14%
10
78%
2%
185s
70
*1%
*8%
*10
15
11%
14%
2%
*8%
*10
11%
15
*70
71
71
15%
1578
32i
*30
33%,
*83%
90
*83%
90
*50
70
*50
4234
*2i2
33i2
3i8
34
5
10%
5%
1034
10%
.501
21
*21%
*2%.
32%
1%
33g
158
*3%
6
*5
*10
10%
50
1%
5%
20
3%
5%
*10
Bid and asked prices: no
4134
64
10%
5%
10%
*9%
5%
50
3%
3-%
21
407s
*58-%
3
33
1%
8%
6
20
3
34%
1%
3%
6%
sales on this day,
3%
678
20
83s
41
41%
8%
41%
64
*58%
10
*9%
~3"300
100
4,400
14,900
10
5%
*9%
*49
5%
14,500
11%
*9%
10%
700
*49%
22
56%
600
51"
23
22
1,000
3
*2%
3
x33%
34%
33%
34%
6,000
13s
1%
1%
138
800
3%
*6%
*10%
3
3
3%
6%
6%
20
*10%
t Id receivership
7%
100
10
I
.......
Preferred with warrants..25
RensBel8»f A Bar RR
Reo
Motor
Co. ..100
Ca^-- v,i,y
Oct 20
91
103% Oct 19
Oct 25
117
132
110
Sept 29
June 17
534 Oct 19
Republic Steel Corp ...No par
100
p^ef ser A. 100
6% conv preferred
6% conv pnor
6
............10
Revere Copper A Brass..
Class A
7% preferred..
6M% preferred
Reynolds Metals Co
100
1,600
170
20
a Def delivery,
.100
...100
No par
100
1
Reynolds fR J) Tob class B.10
6^% conv pref
Reyno ds Spring
....
10
El A Pow
Richfield Oil Corp
No par
RJtter Dental Mtg
No par
Roan Antelope Copper Mines
Ruberoid Co (The)
No par
Rutland.RR 7% pref
100
8t Joseph Lead
10
Francisco.. 100
preferred...
...100
t St Louis-San
6%
X St Louis Southwestern..100
6% preferred
100
n New stock
2
19% Dec
18% Nov 24
r Cash sole.
x
4
6234 Jan 21
118% Jan
39
Apr
122%
Deo
Feb
50% Nov
Feb
113
July
July
8
103%
1281a Jan 21
113%
128
162% Jan 26
146
Apr
Apr
Apr
130
140% Jan 20
164
July
113% Jan 25
112
Jan
114
Apr
112% Feb
72% Feb
4
243, Feb 3
112% Feb 27
36%
Jan
144% July
69%
Dec
16
Aug
24% Mar
103
May
13384 Apr
Feb 15
91% May
117% Mar
23% Feb 25
9% May
20% Nov
107
18% Jan 21
12% Mar
115
Nov
6
Oct
984 May
16%
83%
Jan
Jan 15
80
5
68%
Apr
19%
14%
Oct
Jan
108% June
80
July
10% Apr 19
6
Jan
10% NOV
37% Aug 25
47
Mar 8
28%
Jan
38% Nov
35%
Jan
50*4
Oct
30% Dec
9
49
Jan 11
39
Jan
60
Dec
23
8
43%
Jan
8
37
JaD
47
NOV
Dec
3% Oct 19
Oct 19
Sept 11
8
Oct 21
8% Oct 19
984 Oct 19
8% Oct 19
61% Nov 8
60
1
78% Dec 9
1«4 Oct 19
gTjgJ*.-
Rhine Westphalia
49%
5%
...No par
Co.
preferred
Reliable Stores Corp___A'o par
Common
64
*9%
*2%
3
*12
40%
80
92
*80
9
100
16%
16
16%
92
33
*58%
22%
23
33>i
1%
*80
8%
10%
5%
10%
21
34%
15s
•
64
2278
*2%
338
*11
41%
16%
8%
49-%
33%
,*1%
*5
5%
9
51
•
6,200
70
17
51
15%
70
90%
*21
14%
90
16-%
51
*65
400
*50
90
22i2
8X700
*30
6
100
Reliance Mfg Co
1,200
15%
60
..50
Remington Rand
100
18%
*83%
17
21
73
60
500
73
70
92
*50%
15%
par
Reading
8,700
72
90
1034
No par
Raybestos Manhattan.No
1st
*57
34
*9%
No par
66 preferred B
No par
*3.50 conv 1st pref..No par
Rels (Robt) A
800
20
90
40%
100
..100
..100
Preferred
3,400
15%
32%
*59%
No par
JRadio-Kelth-Orpb
2%
*30
64
43% Oct 19
114% Mar 25
96% Dec 8
48% Nov 24
2% Oct 19
78%
18%
19%
834
Dec
No par
30% Oct 19
17%
17%
67%
Feb 11
6% pf (ser ol Feb. 1 '29). 100
Pub Serv Corp of N J..No par
Procter A Gamble
50,500
2%
21" J
87
K
Deo
66
31% Feb 11
31
Feb 10
65% Jan 15
13% Dec
484 Oct 19
78%
78%
18%
"17"
*934
72
86
*85
53g
13%
*61
19%
89
13
*11%
xl3%
86%
147S
Deo
6% Oct 19
Oct 19
Corp..10
1%
9%
12
Quaker State Oil Ref
10
14%
1878
9
10l2
9%
11%
85
1734
5'8
*8%
4
33% Feb
Oct 19
Radio Corp of Amer
45
72
19
92
*9
*1%
1%
10%
83
9
103s
78%
2'%
21
*85
413g
11%
14
*58
"l7~
*591"
*36%
10
1034
9
10
4
4
45
26% Mar
73%
500
*23%
25%
*36%
*1%
May
86
4
*23%
4
4
20
20
4% 2d preferred
Real Silk Hosiery...
45
1%
10
22% Aug 30
Oct
40% May
115% Deo
G
60
5% conv 1st pref
5% conv 2d pref.
4% 1st preferred
24%
Deo
29% Apr 22
Deo
500
*37g
Feb
27'4
Dec
700
23
Apr
3%
Jan
28%
28%
25%
*36%
41%
6
Dec
600
1,400
112% Nov
Jan
11%
107%June 28
85
Oct 18
100
9% Apr
Jan
Oct
Oct
21%
173i
64
4%
Oct
% Oct 19
13
Oct 19
H8% conv preferred
100
6% preferred
100
Purity Bakeries
....Nc par
400
Deo
1% Apr
Jan 12
3
4%
30% Deo
21
5
47% Mar
June
2%
58%
141
8% Oct 19
33,900
5,100
7,300
14
8% Feb
1
July 14
1% Oct 19
Z97% Apr 29
[834 Oct 19
51
23
*22
Jan 12
Deo
31
92
43
4%
4%
22
82
*70
92
4234
50%
r
.
38
*59U
51
53
7
Jan 12
28
Nc par
75
*62
75
14%
4
Oct 22
Pure Oil (The)
4,900
1% May
% Nov 24
384
31
834
"171*2
*85
6%
7%
177g
90
70
14%
15
2
13%
20
21,
^19
90
6%
8
8
3
Dec
11%
30%
78%
*30
8
Dec
45
25% Oct 19
730
Dec
27
7
No par
400
Deo
110
49
684 May
21%
*77
c
7%
11%
Deo
29
Jan
2
Full man inc
95%
*94
13%
23% Dec
Dec
22",800
1112*32 1112*32
96
7is Apr
8
16% Jan 20
30%
2%
1534
94
11%
12
1112*32 1112#32
*93%
36%
8
Mar
Mar 10
2% Oct 19
5% Oct 19
*20%
78%
70
37
3434
Mar
43
No par
22
2%
15%
11%
36% I
Dec
J Postal Tel A Cable 7% pf.100
Pressed Steel Car Co Inc
1
31
*76%
_
35%
77
29% Deo
Pub Ser El A Gas pi $5.No par
113
35% Apr
Deo
Jan
21%
78%
181S
137%
*112
210
2
Jan
18%
Jan
22
72
*80
113
140
7% June
2
76% Jan 22
14% Aug 16
100% Aug 14
Dec
7
7% preferred...
8% preferred.
140
62% Aug
Jan
$5 preferred
5,800
Dec
43
No par
6% preferred
90
Deo
4984
1%
200
4%
5
*60
212
700
Feb
37%
4%
23
72
69l2
*30
53%
*60
151
*92
10%
10%
14%
934
Deo
84
3% Jan 22
300
*62
97
lUs
147s
70
*
1%
10
10%
1034
7%
65
►
1914
153g
"
45
*814
10
1H2
7712
*66
*H4
241"
4
13,800
Dec
11%
11% Jan 22
300
15
15
14l2
2%
7712
4
*36%
10%
Mar
5238
1% Oct 19
% Oct 19
Poor A Co class B_...
5,100
46%
115% 115%
36%
3478
,
65
75
*
*221o
23i2
5
*4
434
l",3o6
88
Deo
25
12
Porto Rle-Am Tob cl A.No par
Class B
"
Nov
27%
20
par
Creek Pocahon..No
31
23
*22%
51
*22
*22
22%
*3838
7
Pond
Jan
16
18%
122
9
Conv pref unstamped
Pittsburgh A West Va
Plttston Co (The)
No par
Plymouth Oil Co
5
3%
101% July
Jan
2
100
26
100
100
6% preferred
Pittsburgh United
Mar
8
Dec
100
7% pref class B
Oot
12
16% Mar
July
4% Oct 19
8
Oct 19
5% pref class A...
100
prior pref 100
Pitts Term Coal Corp..
1
5 Yi 1st scr conv
45
45%
11534 11534
35%
34%
46
*112
36jk
No par
102%
70
18% Jan
578 Nov 30
48% Dec
Dee
54% Aug
33'% Jan 18
66
Feb 17
Nov 19
45
1,200
31
32
140
140
*14%
Pittsburgh Steel Co
31%
Z31%
35%
35%
800
100
6% preferred
38% Jan
5% July
July 26
9% Jan 20
4% Oct 19
25
Oct 19
98%
*96%
98%
*963g
108% 108% *10778 109
*123% 125
*123% 125
32
*115% 116
23
*27
*1
10%
15
50
3%
1%
10%
10%
31l2
46
*22
*22
9,600
3
958
136
98
518
12%
3%
1%
378
12%
3
*11%
11%
12%
11%
4
7
23
12%
100
334
12512
*14ig
51
*21
18%
*1
*11134
*112% 113
*11134 113
33
3434
34%
34-%
3334
3312
98
18%
18
3%
1134
12%
11%
121
1134
1178 1218
12is
Ul"»2lll2iaj *111«3J 112 11125321112S32 lll2%2lll2%?
*95
96
95%
95%
94
95
95
95
8
8%
778
,8
883
83g
883
8%
*85
18%
1,400
3,200
1238
■
7
1%
*11%
14
*11114 113
14%
714
*%
11%
96
9534
96
110
10934 *107
125l2 *123
137l2 136
1458
%
4
36
*947g
97
110
%
*278
H8
116
3512
*95
*1
46
116
*107
18%
30%
*27
36i4
183,
~Y,806
1034
4534
*116
1834
14
1238
3%
18%
1U
18%
*12%
15%
1014
9i2
40
*58
15%
4
*9
3114
H4
*11%
3,400
15%
16
*58
Us
4
1038
15%
14
14
15%
18
325s
200
0
1878
147g
*133
18
*60
18%
4512
*6%
2
H4
*28
1
1%
12%
*9
95
1638
*1
1
12
2
*15%
*%
3
*7S
1
10
10
*60
2i8
95
*60
1
18
*9
1%
*%
1
*9
*40
43
43
45
*40
100
784 Apr
68
May
19% Mar
74% Jan 13
20»4 Apr 6
20% Oct 19
37
Mar
66
6
87% Jan
64
Oct 19
8% conv pref... 100
25
Pirelli Co of Italy "Am shares'
$5 conv pref
No par
Plttsb Screw A Bolt. ..No par
46
1%
Pierce Oil
Plllsbury Flour Mills
1
3% Feb
Nov 22
4
Pitts Coke A Iron Corp No par
28
47
100
Jan 12
95% Aug 31
20
Jan 16
5% Oct 19
30
46
2
% Oct 15
Oct 19
Jan
81% jan
3% Jan
8% Jan
1% July
8
7% Feb
14
Oct 19
30% Oct 19
234 Oct 19
27
Oct 19
600
778
'
7%
12%
106% Jan
June 28
Oct 18
50
100
400
54%
45%
65
6
6
54%
10% June
25% Jan
54% Jan 14
2%
No par
6
Pittsburgh Coal of Pa
6684
13% Feb 19
2
34
*31%
7
*
500
46
"*7~
7%
1,100
21%
<
35
*32
35
6
7
*6%
*21%
18% Deo
59% Mar 10
76
No par
Preferred
Nov
Nov
123g June
Oct 19
No par
7% preferred
Phillips Petroleum
Dec
31
18% Nov 22
Phillip Morris A Co Ltd...10
Phoenix Hosiery.....
34
*26-%
46
26,800
3%
*3
34
7
"7%
7'%
4034
39%
7% preferred
Phlla A Read C A I
90
Jan
34% Nov 26
60
60
Phillips Jones Corp
77
*51
21%
*
8%
*6%
7%
7
3,300
12,800
%
41
21%
7%
80
7834
3%
*27%
34
4
%
82%
77
39%
41%
4%
21%
7%
*6%
*51
77
7%
46
•
4
122
Jan
16
21% Mar 11
9% Oct 19
$6 preferred........No par
20
*43%
1%
par
25
JPhila Rapid Tran Co
2%
4
*25
*43
91
56
Jan 11
87
3
Feb
7%
46ia Aug
25% Apr
64% Jan
Jan
3
Oct 15
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...60
Oct
58
Jan
Dec
Pfelffer Brewing Co...No par
70
Jan
Nov 26
2,200
4
Apr
4
48% Mar
11
30,400
300
"*2~
38
65% Feb
17
Mar
Oct 19
36
5%
t
6
Oct 15
35
38
2%
59% Nov
11684 June
9
27%
5%
Feb
Mar
3
6
Oct
45
30
100
No
27«4 July
28% Apr
110
6% preferred
Milk
Deo
74
June
9
Mar
63
6% Prior preferred
Pet
17
Feb
73
112% Nov
6% Jan
10% Mar
11684 Jan 27
2
100
100
38
8%
12%
13
~2~306
434
4%
12-%
8
8%
8
13
*
54%
54%
54%
*50
Dec
110%8ept 27
22
Oct 19
26
%
*27%
22%
*21%
7%
31
Peoples Drug Stores...No par
5%
*2
2%
*3
73s
*6%
8%
*5
50% Mar 17
28%
83%
8%
*6%
34
*27%
35
35
7%
*5
Oct 19
5%
"
40%
4%
40
20
18
*h>
81
*51
*3
21%
50
Pennsylvania RR
Jan
Jan
4%
2884
76% Feb 1
29«4 Feb 10
15
37
36%
70
8
3%
2134
22%
*21 %
Nov 24
15
*60
40%
738
Oct 19
14
6% conv preferred
100
People's G L A C (Chic)..100
Peoria A Eastern
100
70
77
*51
40
634
738
*6%
15
27%
5%
29
*3%
2% Oct 19
par
Mar
3% June
No par
$7 conv pref ser A
41
38%
*39
Apr
11% Apr
17% Nov
384 Deo
Jan
Aug
1%
Penn G1 Sand Corp v t cNo par
100
35
~*2~
4
*3%
34
Penn-Dlxle Cement...No
114
*_...
41%
*28
34
*2934
26,600
*36%
%
*3
2234
23%
39
81%
4%
200
39
23s
lo
*3
15%
*36
70
"*2~
77
15%
*31
27%
35%
79%
*6%
*6%
17
Penn
900
12%
%
40%
1,100
*112
5
5%
81%
7%
*51
600
434
35
11%
11%
27%
%
8%
2%
60
103'4Mar 8
6% Jan 23
12% Feb 2
57% Nov 23
1% Oct 19
No par
Coal A Coke Corp
10
69
7% Feb 18
Jan
9
64
Nov 23
37
(J C)
Petroleum Corp of Am
80%
77
Penney
No par
Penlck A Ford..
8,100
100
%
41%
1,400
66%
22
*13
10
40*4 May
23
Apr
3
7% Jan 14
2% Oct 19
3
Peerless Corp
600
4%
44
2134
5%
Deo
Dec
Jan
Mar
Nov
4% Jan1
6% June
*2%
484
36%
Dec
Deo
22%
37%
5%
47%
32%
10% May
5,000
82%
*6%
5
23% Mar 11
12%
%
40%
10% Jan
Oct 19
14%
79%
*51
Oct 19
8
12
35%
4"
*334
4
*3%
4
*14
*5
210
No par
Patlno Mines A EnterprlVo par
12%
*
70
"*2~
1% Oct 19'
Pat he Film Corp
14%
*26%
*
Parmelee Transporta'n. No par
4,300
12
1134
5
2%
900
18,000
6
*14
*14
1134
69
"*2~
39%
35"
1
2
14%
14%
35
29% Aug 25
*14
14%
34%
Oct 19
14%
14%
34%
12
16%
*14
26-%
Parker Rust Proof Co. ..2.50
41
39
5%
44% Feb
900
18% Oct 19
1
Utah C M
39
*36
41%
12
34% Jan 5
8% Feb 25
Oct 19
1378
3:6584
25
174
8% Aug
17% Jan
2% July
Oct 19
434
36%
*434
June
1
114
5
Oct 19
8
July
20%
7% Aug
28
*30
37%
59
1
4%
23%
103
28*4 Jan 28
200% Jan 28
2634 Jan 28
80i2 Oct 19
Park-Tllford Ino
16%
16%
39
41%
273g
6,500
109% Mar 18
8% Oct 19
100
10
MarlO
90
32% Nov 23
Sept 30
x95
1
6% 1st preferred
6% 2d preferred
39
*13
38
41
5%
100
*38
16%
39
*38
12
No par
Paramount Pictures Inc
40%
16%
*36
26%
Jan
4% Apr
74% Apr
97% Feb
109% Deo
4% Jan 25
May 13
121
No par
*112
5
4%
♦13
*13
Oct 19
Parke Davis A Co
36
36
35%
Oct 19
29
Park
114
114
*111
5
*4%
5%
1
100
conv preferred
Parafflne Co Inc
8%
22%
23
23%
23%
*31%
35
36
36
36
*4%
23
22%
*31
♦109% 114
*109% 114
36
*15%
23% Dec
13% Oct
12% Aug
13s Jan
18% Jan
67
Apr
200
1%
Dec
II84 Apr
6% Jan
800
183g
23g
July
47%
17% Jan 20
4,500
44
*2%
4%
22%
*15%
23g
2-%
2%
*2%
5
152
29% Apr 6
12% Feb 18
4,600
578
71
Jan
Oct 19
234
1384
69
71
70
70
140
Oct 19
39~ 500
1838
4%
44%
*4%
*42%
44
43
43
6834
4%
*4%
434
4%
Deo
2
Jan
149
Apr 28
7
3084
25g
6%
163
4
4% conv preferred
30
14
13%
Jan
12% Oct 19
10
Corp
2478
*22
2
6
14%
1334
14%
13%
2%
2%
2
5%
1034
11%
23
*17%
*15%
115s
58% July
118
No par
Western Oil
Packard Motor Car
1,700
38*
951
12|
93
107g
92l2
11%
2%
2%
24
4%
*22
12%
98
11%
*95
24%
11%
*23
25
2%
72
2%
2%
23i
.
*92
11%
♦1%
71
38
95
97
18
71
38
*92
12%
18
434
x38
95
98%
18%
12%
38
Jan
Pan-Amer Petrol A Transp__5
Pac
4414 """116
4414
45%
45%
123s
18%
4134
45
45
38
*91%
98
11%
133
188
12%
*23
100
6% preferred
100
834
*1%
97
32%
12%
4%
4134
*784
1%
12
2%
31%
6%
8%
*1%
52
11%
6%
08%
1%
95
23
100
Pacific Telep A Teleg
39% Nov
41
July
Deo
44% Dec
14% May
63% Jan 14
44% Jan 9
152
Jan 4
10% Oct 19
110
Nov 22
21,600
9%
39
234
31%
No par
1,800
5
*7%
37
113s
31%
14
478
*1%
*91%
23
2%
Pacific Mills
30
30 84
32*4 Jan 14
Jan 12
38
*34% Oct 19
^Panhandle Prod A Ref No par
1312
5
4%
No par
350
1%
11%
234
137%
14%
14%
5
Pacific Ltg Corp
300
137%
*137
8%
25
11%
*23
14%
4%
5
137
136
I43i
14%
113
113
115
xll3
116
136
136
*44%
97
1,800
1,000
115s
38%
12%
95
12%
38*
121
Oct 19
22
Highest
$ per share % per share
$ per share
I per share
11
Oct 19
Pacific Finance Corp (Cal)_10
Pacific Gas & Electric
25
200
10,900
3784
44%
3834
97
98%
*95%
5
*91%
12%
12%
1233
38
14%
4%
*734
*1%
1434
5
26%
38
136
135
135
*13434 135
14%
14%
26
*1334
38%
115
115%
15%
26%
Par
1412
26%
*13%
25%
153s
26%
Year 1938
Lowest
Highest
Lowest
Shares
$ per share
15%
1584
27
*15%
2634
37%
12%
16%
2634
% per share
$ per share
$ per share
% per share
2634
Range for Previous
EXCHANGE
Monday
$ per share
15%
*15%
On Basis of
STOCK
NEW YORK
1
100-Share Lots
Range Since Jan.
STOCKS
Sales
NOT PER CENT
SHARE,
for
Saturday
3781
New York Stock Record—Continued—Page 8
Volume 145
If
12% Oct 19
Oct
6
1%
Apr
Mar
6
12% May
22% Feb
8
16
30
29% Mar
9
94% Jan 30
Feb 18
110
9% Feb 1?
JS.i
mi!
.
1
.
If
47% Mar li
124
Apr 23
Oct 26
110% Mar 10
9
Oct 19
49% Apr 14
26% Nov 24
Apr 14
139
Apr 17
95% Jan 26
30% Jan 14
Dec
2
Nov 19
Oct 19
8
40% Dee
7
17% Aug
81
Dec
99% Sept
4% Jul.v
4%
31
Deo
Dec
24% NOV
98
25
Nov
90% Nov
114
Apr
8% Mar
16%
77
Ap
May
29%
128
Deo
Deo
78% May
104%
Apr
39«4
Deo
24% June
79%
Dec
10
Oct
90,
Apr
138
Oct
92
Dec
98
Nov
22% May
34
Feb
117
Jan
8
105
Apr
34% Jan 22
68
Jan
8
25
July
36% Nov
50
Apr
60% Nov
112
Jan
Oct 19
67
Jan 26
58% 8ept
65%
10% Nov 9
4% Oct 19
9
Nov 26
14
Feb 23
8% Nov
13%
65
Jan
Deo
I w-rsssrrxr
1
Nov 25
1234 Oct 19
80
Nov 12
Aug
16>4
100
35% Mar 31
67
60
Jan
65%
4% Mar
69
88
9%
13% Jan 16
Jan 20
83
6% Oct 29
31% Feb
4
44% Nov 23
17% Oct 19
1
Oct 19
86% Mar 10
38
June
4
26% Nov 24
65
9% Feb 19
Mar 11
19%
32
5%
22
"Feb
Jan
June
July
Feb
Jan
35
Mar
75*4
Deo
"16% "Feb
50%
Dec
Oct 19
4«4 Mar 17
1%
Jan
3% Mar
1% Oct 15
3% Oct 20
11% Feb 26
2%
Jan
684
1
10
Nov 19
Ex-dlv.
y
2034Mar
6
371; Mar 11
Ex-rlghts
7%
18
1 Galled for
Dec
Jan
15
Oct
Jan
37
Oct
redemption.
New York Stock
3782
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Monday
Tuesday
Wednesday
Dec. 4
Dec. 6
Dec. 7
Dec. 8
Dec. 9
$ per share
$ per share
24*4
$ per share
24
24
24%
92
9 per share
23%
24
92
*-.-.
*83
23%
92
,
Thursday
23%
*83
21%
90
93
93
93
*91
93
193
21%
93
104
104
*102
105
«I04
104
103
103
£98
102
29%
*74%
1
30
75%
7%
7%
38%
7%
38%
38%
%
A.
%
*19%
4%
57%
15%
8%
30
*62
70
15%
*8
5%
29%
75%
29
29%
14%
29%
75%
*75%
77
8
%
%
3%
3%
63
63
57%
55%
14%
8
19%
70
5%
*5
5%
*45%
48
*45%
*20
29%
*27
29%
17
100
100
8%
23
98%
8%
22%
*2%
8%
23%
3
3
*20%
31%
22
32
00%
72%
*88
72%
100
*22%
*14%
11%
15%
*110
20%
31%
*87%
*44%
99
98
8%
23
22
3
*2%
20%
71
*97
22%
15
11%
22%
14%
12
12
15%
15%
15%
115
2%
*110
2%
.22%
22%
14%
,14%
11
15
19%
*45
23%
2%
*26
8
19%
19%
*63
68
*5
5%
850
24
*28
32
*3%
38
29
3'
37
3
3%
8%
8%
*8%
*
75
*20%
13%
22%
*28
3%
*37
.
13%
14%
40%
12%
13%
13%
14%
12%
13%
*37%
10%
10%
10%
40%
10%
*37%
10%
50
51
50
14%
*37%
23
8%
23%
8%
22%
8%
*103% 104
3%
3%
5%
5%
11%
11%
23% 24
27%
27%
1%
*1%
104
3%
8%
104
3%
5%
*3
6%
11%
23%
31%
29%
33%
34%
33%
39%
40
22%
8%
104
11%
23%
26%
*1%
30%
*30
50
50%
23%
,
5%
27%
11%
*22%
26%
1%
1%
29
30%
.34%
33%
3,900
1,100
40
46%
27
*45
47
27
17%
27
"7'20
16%
3,500
99%
8%
23
800
8%
23
16%
*97%
8%
22%
3
3
3
100
4,400
92%
*87%
92%
78
£75
£100
*87%
72%
77
100
100
*100
23%
14%
11%
23
23
14
14
11
16
15
11%
15%
114
*110
7,900
2,400
92%
74
"'576
90
22
1,600
400
10%
14%
11
3,100
14%
15%
39,800
*110
114
13%
23%
5%
11%
29%
33%
29%
33%
30%'
29%
34%
43
43
*43
44%
45%
44%
*20%
15%
15%
28
28
2%
15%
21%
*8%
2%
15%
21%
12%
15
20%
*8%
15%
5%
*20
12%
17%
24%
9%
*8%
14%
28%
2%
15%
20%
12%
17%
24%
47
8%
9%
7
7%
7
8
17%
24%
9%
7%
8
*7%
7%
*7%
7%
*7%
7%
*7%
*43%
*4%
7%
42
3%
49
*43%
4%
7%
5
7%
42
42%
4
3
17
49
*43%
*4%
49
*9
17%
17%
24%
45
7
7%
7%
20
20
24
*55
60
*55
21%
23%
22%
23%
60
*20%
*22%
*55
60
60
*55
4
57
~*2~
5
*14
*56
4
35
2%
5
14%
3%
3%
*
*6'4
70
"2
4%
14%
3%
*3%
*12%
16%
14
*12
16%
*15%
*81
82
83
*56
4%
35
4
i
2
4%
14%
3%
14
15%
70
"2"
*4%
14
3%
*12%
15%
*57
4
35
2
4
*
"2
70
2
5
*4%
15%
15%
3%
3%
3%
3%
*12%
14
151?
83
83
*12%
14
15%
16
*81
86%
13%
13%
14%
13%
14%
14%
15
43
43%
11%
6%
42
43
43
43%
10%
5%
7»s
4%
11
11
11%
*7%
4
4
*80
91
*6%
*8
22
27%
*5%
7
10
22%
27%
5%
*48
52
8
8
6
*7%
8%
4%
4%
*80
7*
*8
21%
*27%
5%
48
*7%
88
7
,10
21%
29
5%
48
8
*80
6
7%
4%
88
7
7
*8
10
6
*8
4%
*84
6%
*8
21%
271.1
21%
5
5
*5
*48
52
7%
~*2~
*4%
14%
S3
28
21%
27%
6%
8%
4%
86
678
10
22
28
5%
*48
52
7%
8
9
2%
*2
15%
*80%
14%
43%
10%
*80
6%
*48
8%
51
9%
71%
10%
72%
9%
9%
9%
10
9%
71%
20
20
73%
20%
75
20%
74%
20%
73%
19%
87%
*82%
22%
22%
*88
*83%
22%
19%
10
90
88%
87
85%
22%
22%
20%
20%
88%
85%
22%
21%
—**16 »nd asked prices
52
52
86
87%
85
85
84%
20%
88%
84%
22%
22%
23%
22%
22%
22%
23%
85%
21
: no shI«b on thl« day
Jan
100
9
Oct 19
43% Mar 17
12%
Apr
100
15
Oct 18
60% Mar
Mobile & Ohio Stk tr ctfs 100
28
Spalding (A G) A Bros.No
par
1st preferred
100
Spang Chalfant & Co 6% pflOO
Sparks Wlthington
No par
Spear A Co
1% Oct 19
7
par
1
Jan
Jan
104% Jan 7
9% Jan 28
31
73% Sept 20
94
Feb
2
20
Oct 19
36
Jan
2
Oct 19
23% Jan 12
6
Oct 20
40
8% Oct 19
49
Nov 23
16
1
Nov
8
7% Oct 19
$4.50 pref......... .No par
Stand Comrd Tobacco
1
101
Oct 20
2% Oct 19
2% Oct 19
No par
No par
6% July
63% June
101% Mar
5«4
6%
Feb 26
2
$4 preferred
19
34
Oct 19
13% Dec
par
$3 conv preferred A..No par
tStand Gas & El Co
6
65% Jan 20
11% Mar 16
77% Mar 17
10
No par
Spiegel Inc
3
Oct 21
76
1
Spencer Kellogg & Sons No
Sperry Corp (The) vtc
Splcer Mfg Co
No
Dec
1% Oct 19
35% Oct 19
6
Oct 19
35
Aug 14
50
Jan 18
Apr
Jan
73% June
2934 May
15% Apr
13% Jan
44
Jan
28% Feb 11
95% Apr 28
48% Mar 8
16%
104%
12%
14%
32%
Jan 20
Oct
21%
14%
Apr
Apr
2
Jan 22
Mar
8
Mar
8
9% July
6% Apr
9%
Jan
24«4
Apr
3234
Dec
8
25
76
Mar
9
55%
20
Nov 26
48
Mar
5
58%
10%
1,700
2,500
24% May
54
Nov
8%
800
8%
*8%
14%
5%
15%
$6
cum
prior pref
No par
10
Oct 19
65
97
cum
prior pref
No par
14
Oct 19
72% Jan
1
Nov 22
300
*2
52%
S te wart-W arner
4
Jan 12
7
26s4 Apr
Stokely Bros & Co Inc
21,200
Stone & Webster
11,200
15
Studebaker Corp (The)
1
Sun Oil...
No par
800
160
9,100
3,400
...No par
6% preferred
75
Jan 29
65
21
Feb 11
16%
3
1
8
5% Oct 19
8% Dec 9
6% Oct 19
5
20
Sunshine Mining Co
10
Superheater Co (The) ..No par
Superior Oil
1
Superior Steel
...100
15%
20%
15%
20%
500
17
17%
23%
23%
9%
10%
14,400
7%
7%
8,600
*7%
7%
100
Talcott Inc (James)
9
70
5VS% preferred..
Telautograph Corp
50
42
6
4
8%
Symington-Gould Corp ww__l
8%
7
7%
20%
60
60
*5
5%
"
m
m
±
^
^
"500
70
4
4
35
.
84
12% Nov
1534 Jan
3% Oct 20
100
55
1
pref
3,800
$3 50 com pref
Tide Water Assoc Oil
$4 .50 conv pref
200
Nov 23
2% Oct 19
36
10
3%
85
Oct 19
9% Mar 15
684 May
Apr
Jan
6
Nov
33
Jan
Apr
par
400
5%
28%
15% Mar
Mar
100
8,800
3
65% Apr 22
59
Third Avenue Ry
15%
57% Feb 3
8% Jan 12
33%
Thompson (J R)
Thompson Prods Inc..No
Thornpson-Starrett Co.No
15
5
Oct 19
Jan 13
500
■
Nov
8
Feb 19
200
*81
Nov
17% Jan 21
Oct 19
64
1,800
3%
15
Oct 19
48
5%
15%
Oct 19
Oct 19
15%
14
14%
15%
Jan
Apr
Apr
Oct 19
Oct 19
14%
3%
6%
20%
Oct 19
Oct 19
Jan
19
*4%
1%
Jan
9% July
55
1
No par
conv
3
No par
Preferred
$3 div
Jan
2
64% Mar
10
100
Thermotd Co
..
27
7% Mar
..No par
Thatcher Mfg
$3.60 conv pref
The Fair
20
3,700
20% July 12
61% Feb 3
2334 Oct 19
5% Oct 19
5% Oct 19
15% Nov 19
'
.
"1%
2%
5%
15%
'
Jan
28%
2
No par
Texas A Pacific Ry Co
200
•
5%
*57
4%
*
6,200
2,400
22%
*55
70
5,000
21%
25
Sulphur
118
Jan
5% Oct 19
3434 Oct 19
5
Texas Gulf Produc'g Co No par
7%
20%
22%
24
1
Texas Pacific Coal & Oil
Texas Pacific Land Trust
Jan
4
125
33% Mar 31
2334 Jan 20
734
15%
22%
434
4%
6%
Texas Gulf
Jan
Dec
23
50
5,700
14%
9%
70
39% J*n 25
20% Jan 20
28% Mar 8
25
2,800
Feb 17
77% Jan 11
Oct 13
Swift A Co
3%
29%
8%
33% Jan 29
47% Mar 11
Swift International Ltd
52,000
Jan
Apr
17% Jan 20
Oct 19
3,100
40%
Jan
8
10
Tennessee Corp
Texas Corp (The)
jan
Mar
18
3,600
46
29
29%
1% Oct 19
Sutherland Paper Co
Sweets Co of Amer (The)
Without warrants
6
Oct 19
15%
20%
12%
17%
*40
Aug
Oct 19
7,900
3,600
12%
7
9
2%
46
Dec
18
2%
*9
Oct 19
46
118
100
2h
Sept 25
1% Oct 19
25
4% Nov 23
10
Oct 19
44
Mar 30
16% Jan 22
15%
Jan 28
6
13% Mar
1
93% Jan
13% Feb
4
3
£40
Sept
7% Jan
9% June
28
Jan
884 June
85
Oct
8% May
2
8% Jan 13
5
3%
8%
Jan
28% Feb 11
24%
Jan
15% Mar
1%
6%
Oct 19
10% Jan 25
No par
Oct 19
10
13%
Oct 19
40% Jan 25
21% Feb 4
Nov 24
Jan
98% Aug 13
Oct 19
par
4%
26
1484
14%
14%
7,700
No par
Timken Detroit Axle...
10
77
14%
28% Feb 11
12%
44
42%
43%
7,600
Tlmken Roller Bearing. No par
36
Oct 19
79
Feb
4
56
11
10%
11
7,300
11,300
Transamerlca Corp
2
Transcout & West'n Air Inc.5
10
Oct 19
17
Aug
4
Oct 19
Transue A Williams St'l No par
22% Jan 11
27% Jan 22
Jan
Apr
Jan
2
86
6%
5%
.
5%
8
8
500
3%
4
9,700
*80
86
6%
w
•»
w
«
».«.
Trl-Contlnental Corp..No
$6 preferred
i.
8%
5% Oct 19
3% Oct 19
par
No par
Truax Traer Coal
86
Nov 16
11% Mar
8
109% Jan 21
14%
JaD
Apr
Jan
10% May
7%
93
Jan
Jan
*8
6%
10
21%
21
21%
12,050
20th Cen Fox Film CorpNo par
18% Oct 19
40% Mar 13
27%
5%
7% Apr
22% June
26%
27%
3,400
50
31%
5%
300
$1.50 preferred
No par
Twin City Rap Trans..No par
25
*4%
21%
27%
5%
50
73%
20%
23%
43
10
*2
9%
65% Mar 11
Nov 24
*8
49
72%
20%
Oct 19
42
6
2%
2%
Feb
17
30% May 14
8%
4%
49%
52
Jan
25
Starrett Co (The) L 8..No par
Sterling Products Inc..
10
8%
*2
*2
150
...
Jan
Apr
2
32% Jan 13
Standard Oil of Kansas
10
Standard Oil of New Jersey.25
5%
4
49
2%
155
500
35
5%
43%
11%
6%
8%
11
4
*_
14%
13%
6
5%
*57
4
42%
11
7
5%
34
Oct 25
1734 Oct 19
25
70,200
3%
*23%
_
130
Mar
3% July
26
22
4
20%
24%
57
6% Feb 26
42% Jan 12
Sept
12% May
48%
42
£41%
3%
29%
8'%
20%
*22%
*5
100
1% Oct 19
20% Oct 19
21
110
44%
200
21%
24%
*55
No par
9
22
3,600
21
5%
Am Gold A Platinum. 1
June
44
7
*24
5%
South
So Porto Rico Sugar
23% Aug 14
115
24
5
8%
5%
Mar 18
45%
6%
39%
28%
5%
110
48%
*4%
8i->
*5%
Oct 19
Solvay Am Corp 5 ^ % pref 100
40% June
Feb
7%
30%
x7
Feb 15
Aug
4%
8%
7%
29%
2
7%
28%
n7'4
934 Oct 19
13
35
4%
8%
Snider Packing Corp.
No par
Socony Vacuum Oil Co Inc. 15
9
5
29%
Feb 16
No par
7%
42%
30%
8%
7%
29%
8%
Jan 11
40%
Feb 19
7%
301?
8%
*7%
8%
54%
Oct 19
Jan 11
9%
45
29
Oct 19
Feb
7%
4
8
13
13
50
7%
3%
Mar
Smith (A O) Corp..
10
Smith A Cor Typewr. .No par
60
8%
3%
120
Jan
Dec
Sept
Oct 19
7%
3%
June 17
64
28% Oct 19
10%
44%
*4%
7%
41%
5
96
19%
97%
26%
24%
10%
7%
7%
42%
7
4
2%
15%
20%
24%
41%
4%
7%
42%
MarlO
Standard Oil of Calif..No par
Standard Oil of Indiana. ...25
5%
47%
16%
20%
12%
17
24lo
15
578
2%
23%
9
8%
15%
17
197
35,300
12,500
10%
24%
9%
7%
9%
Nov 24
1%
341.1
57%
16%
8
29%
34%
11
24%
Dec
8% July
19a4 Jan
£3% June
29%
33%
*43%
30%
58%
*9
102
Stand Investing Corp..No
par
10%
1534
Oct
43% Jan
30% Apr
14% Apr
400
58%
20%
26
Jan
1,200
9
2G
4% Apr 21
4
Dec 10
Marl6
Jan
July
4%
3,600
5%
5%
*46
47%
47%
120% 120% *118% 121
*118% 121
15
14%
14%
14%
14%
14%
28% 29%
29
29
28% 29%
118%
2% Nov
18
26% Nov 24
8
105% Feb 2
17% Mar 11
68
20s4
89
1
Feb
23
10%
14%
MarlO
14
26%
58%
5%
461?
42% Mar 10
120
67
Square D Co class B
Standard Brands
5,700
9,300
Jan
1%
9
46
14%
27%
2%
15%
26%
1%I
10%
9%
14%
5%
23
Jan
11%
Sloss Sheff Steel A Iron
100
96 preferred
.No par
3,600
800
Jan
15%
Nov 23
No par
1,300
59%
88
Conv $4.50 pref
17,900
Nov 26
5% Oct 19
17% Oct 19
Jan
Apr
4
Feb
100
1,270
51%
23%
91
2
%
2
30% Aug
3% July
'
34%
23
13,800
Deo
Dec
1% May
7% June
17% Feb 10
60% Apr 22
102% Feb 4
650
58
10%
46
15%
20%
*21
11%
6,700
23
27%
14%
5%
14%
5%
*1%
9%
118
6
33,100
13%
8%
8%
104% 104%
3%
3%
■"
5%
5%
12
11%
3
27
10%
*120%
23
1%
58%
5%
3
14%
50
8%
8%
104% 104%
28%
9%
14%
5%
46%
46%
119% 120%
15
14%
28
28%
2%
2%
53
25
$5.50 preferred
40%
10%
Oct 19
June
11% Mar 1
98% Aug 18
Jan 21
75
*37%
10%
14%
15
11
93
34
6% Oct 19
6134 Dec 10
334 Oct 19
2
2
5
Jan
54% Apr
Feb
140
100
3% Oct 19
4934 Nov 23
13% Oct 19
July
Jan 14
Jan
65
300
24
Oct 19
27
9
44
5% preferred..
*22%
13%
13%
14%
40%
11%
1%
10%
5%
23
24
16
S per share
Feb 10
3434 Feb 19
Southern Railway
300
1% Oct 19
Feb
14% Nov 22
13,500
4,900
34% Nov 26
% Oct 19
Mar 15
24% Oct 20
40,600
9%
98%
3%
23%
45%
2%
8%
44
No par
5 H % conv preferred
100
Sliver King Coalition Mines.5
100
2%
Oct 19
93.60 conv pref ser A.No par
Sheaffer (W A) Pen Co.No par
74,400
700
11
9
Shell Union Oil
Southern Calif Edison
Southern Pacific Co
38
♦
75
1%
58
No par
No par
8% preferred
"3",900
3%
2%
*8%
9%
26%
10
47%
3
*22%
13%
*13%
*37%
10%
51%
24
3%
37
5%
12%
24%
10%
122
3
*8%
51%
1,500
30
3%
39
*
11%
8%
8%
104% 104%
3%
3%
30
*3%
14%
14%
40%
51
29%
'2,966
24
39
3%
9%
75
22%
*23
58%
*45
31
24%
29%
33
22%
13%
*37%
10%
42
15
;
23
39
"22%
44%
221?
58%
9
24
12%
24%
*9%
15 conv pref
Sharpe A Dobme
6% preferred
102
21%
*14
114
23«%
27%
10%
No par
No par
Skelly Oil Co...
*_
11%
58
Shattuck (F G)
Sharon Steel Corp
1,300
2%
*8%
24
43%
1
Dec
74% Nov 29
% Oct 19
3% Oct 19
100
2,500
2%
3%
3%
5%
42
No par
Line..-No par
19
*28
23%
8%
*20%
*57%
10%
Air
4-2% preferred
per
24% Nov 23
100
32%
*37
104
22%
37% July
18
22%
51
45%
27% Mar 2
51% Mar 17
32
*110
10%
44%
*20%
46
8% preferred.
Scott Paper Co
200
1,100
15-%
13%
13%
40%
22%
110% Sept
8
5%
14%
10%
24
45%
22%
3
19%
8%
*22"
Feb
33
3
24
113
19%
3%
75
z98
32
23
411
8%
Aug
100
33
*97
33
3
108
20
*87%
72%
23%
9
6
Simmons Co
No par
Slmms Petroleum..
10
Slmonds Saw A Steel..No par
23
14%
11%
15%
3%
Jan
32
100
3%
38
75
*22"
27
21%
29
*3%
38
3
*
21%
113
8
2%
23%
Nov 22
Servel Inc
2%
2%
2%
2%
2%
2%
2%
2%
2%
27%
27%
27%
27%
27%
27% z26%
26
26%
26
25%
25%
*132% 140
*132% 142
*132% 142
*130% 142
*132
142
*132
142
20% 21
20%
21%
21
20%
20%
21
21%
21%
20% 21%
21% 22%
20%
22
20% 22%
22%
23%
22%
23%
21%
23%
13%
14%
13%
14
13
13%
13%
14%
13%
14%
13%
14%
22%
Dec
90
11,700
19
100
96
100
29,300
61%
99%
6
58%
14%
*5
17
Mar
Seaboard Oil Co of Del.No par
Seagrave Corp
No par
Sears, Roebuck A Co..No par
£19
*26
103
300
£61%
*45
9 per share
46
Jan 13
Oct 29
No par
Schenley Distillers Corp
5
6H% preferred
100
JSchulte Retail Stores
1
t Sea board
share
Oct 19
4%
8,700
$
Lowest
21
*3%
57%
14%
5
Year 1936
Highest
92
7% preferred
Savage Arms Corp
900
19%
17%
8%
£22%
*2%
6,100
500
64
47%
29%
9
1
23
8%
5
24
1,900
3%
1937
Range for Precious
100
5% preferred..
6% preferred...
*19
15%
*110
114
115
14%
*63
92%
72%
71
59%
15
8%
8
20
100
58%
14%
31%
*97
100
*3%
23%
2%
20
71
23
4%
60
*17%
99%
8%
31%
90%
25
4%
57%
300
1%
8%
39%
>
38%
%
3%
1
3%
24%
4%
47%
29%
17%
99%
8%
*87%
32
39
%
3%
3%
900
5,600
75%
1
*7
23
5%
*26
17%
16%
17%
39%
1 ■1
*3%
1%
300
29
11,
No par
Safeway Stores
""130
15%
28%
75%
7%
7%
39
Par
5,100
92%
*14
14%
*1
7%
*38%
%
19
*4%
15%
8%
*7
3%
23%
4%
57%
15%
8%
19%
22
46
17%
1%
7%
39%
*7
1
1
Lowest
Shares
102
Dec.
Range Since Jan. 1
On Basis of 100-Share Lou
STOCK
Week
21%
"92"
100
9
EXCHANGE
on
30
75%
4%
56%
14%
*63
15%
38%
22
*4
5%
15%
*74%
1%
39%
3%
22
23
*4
1%
7%
15%
29
75%
%
3%
3%
23
15%
30
1
1
57
15%
10
*
90
93
*14%
29%
*74%
STOCKS
NEW YORK
the
$ per share
23
*85
93
15
Sales
Friday
Dec.
93
14%
CENT
for
Saturday
9 per share
Record—Continued—Page
52
9%
2%
54%
9%
*48
1,300
52
8%
52%
—
53
9%
9%
73%
75
20%
88%
84%
19%
23
23%
86
4,300
82%
*22%
23
21%
t In re**elvprwhlp.
22%
a
Pef
2%
Nov 23
'lelivry
Oct 19
17% Jan 22
94
Jan 20
Oct 19
25
Oct 19
0% Jan 25
46% Nov 24
100% Jan 8
18%Sept 17
Pacific
9
Oct 19
Union Tank Car...
United Aircraft Corp
Ve» m»ck
17% Oct 19
111
Feb 20
28% Feb
100
4% preferred....
r
4%
Jan
Apr
Mar 29
1%
...No par
Under Elliott Fisher Co No par
Union Bag A Pap new .No par
«
8
Mar 13
Oct 19
Union
900
26% Mar
7
61% Nov 23
86,300
3
40
Union Carbide A Carb.No par
Union Oil California
..25
600
Mar
1
3,900
f
12
100
Twin Coach Co
Ulen A Co
5,700
87%
82%
•
4% Oct 19
7% Oct 16
10
Preferred
6,500
23,900
19%
No par
Truscon Steel
-W.
3,600
2%
75
~
40
8%
*2
<P -
80
Nov 23
100
78
Oct 19
No par
22
Nov 24
31% Feb
10% Oct 19
35% Mar
Ca*n «mie
5
r
Ei-dtv
y
4
148% Mar 16
99%
Jan 13
E»-r»gr>t»
884 May
65%
Jan
2% June
74% June
*71% "Jan
2084 Aug
Jan
108%
90%
Jan
4
22%
Jan
5
20% Apr
^ Caller* f,r redempt
Saturday
Monday
Tuesday
Wednesday
Dec. 6
Dec. 7
Dec. 8
Dec. 9
8
8%
9%
7h
*81?
477s
47
46
227s
*20
4612
*21
37S
378
378
33i4
3378
4
3378
7i8
712
7%
*9%
10
*9
*
6%
37%
58l2
1034
58%
58
11
m8
10312 *101
*100
*65
8
9l8
9's
56
217g
21%
22%
21%
6%
6%
6%
6%
8%
8-%
8%
9
9%
9
978
67%
*66
67%
21
2%
54
1'4
1%
%
1%
1
25
16%
17%
16%
16%
16%
21%
21%
21%
*20%
*
104
"39"
39
*
60
..
106
*113
*2%
2%
2%
2%
2%
4%
4%
4%
4%
4%
*3%
*3%
8
8
*31"
6
*3%
5%
*8%
8%
8%
*20%
20%
20%
8%
21
201'
8%
41%
*18%
*11%
3%
*40%
7%
1878
*18%
1878
41%
*18%
13
*11%
12%
*12
3%
3%
41%
*40%
187s
*18%
41%
1878
121"
*12
13
*12
13
3
3
3
3%
4%
*13
15
73
41
*41%
7%
8
45
8
16%
*10%
16%
21
*20
21
*10
"
*11
*19%
4%
21
4%
4
500
600
187g
12%
45
40
4%
*12
22*400
100
4%
10,600
15%
700
15%
25%
26
*151"
16
15%
15%
1578
1578
15%
157g
*15%
*201 o
27
20
26
26
26
26
26%
*278
3
1%
29%
*21"
3
26%
*2%
26%
3
1%
29%
29
29
73%
73%
73%
600
*2%
*1%
1%
*1%
29
30
30
*2%
3
*1%
U"
*1%
1%
2878
2878
287g
2878
*1%
28%
73%
73 %
73%
3
,
1,700
2%
*1%
100
2%
1%
Pipe
Waukesha Motor Co
$4 conv
*73%
89
89
95
*90
230
89
95
90
98
98%
97
97
97%
98
*96
97%
1 GO
7%
99%
87
87%
150
6%
88
87%
87
89
87
87%
88
*113
17
17%
17%
*17
*8%
*1%
*2%
27%
24%
*4%
5%
5%
5
9%
1%
*8%
*1%
3%
278
27%
26%
27%
25 <f
25
25'«
978
'•*
1%
3
107% 110% rl0578 108%
*126
*126%
16%
*15%
*15% "16%
3478
*32
3478 *32
14
233s
*75
*90
26
13%
14
*23%
23%
105
*75
95
*90
25%
26%
88
*118% 119
118
*118% 119
118
119%
113%
11334
113% 113% *113
113% 113% *113
17
17%
17%
17%
17%
17%
17
17%
4%
4r>8
4'8
478
4%
*434
4%
4%
9%
*8%
9%
*8%
884
884
*8%
1%
*1%
1%
1%
1%
*1%
*1%
3
278
27g
27g
3%
3
278
*278
26%
2534
27%
26%
27%
26%
26%
2578
26%
26
25%
27%
27%
26%
24%
107% 110
109% 113
110% U4%
105%
*128%
*128%
*128%
*126%
15%
16
z!6
*15%
16%
16
16%
16
*32
347g
*32
3478
*32
3478
347
*32
1378
13
24%
*23%
105
*75
95
*90
26%
30
119
13%
14
*13%
14
14
*241i
24%
105
*75
105
r85
85
95
*90
95
*90
24/
24%
24i«
26
27%
26%
95
26%
25%
261
90
90
*80
95
*85
105
14
*13
24%
24%
40
2,400
600
100
100
2,000
10,200
11,500
29,300
"loo
1~300
600
25%
26%
100
*80
105
*80
*57
60
60
60
*58-
62%
109
62
63
62
*57
*57
*55
15%
16
*15%
15
15
*15%
15%
500
*15%
*15
15%
15
16
11%
10%
11%
11
11%
10®4
11
11,400
11
11
11
11
400
10%
*10%
*2
*15
*23s
27S
*6%
578
*55t8
10%
107g
11
1
2%
16
2%
278
7
57g
62
11
10%
10%
*2
"15%
*2%
2%
15%
2>g
10%
*10%
*2
15%
2%
278
3
278
*6%
7
6%
57g
6
578
*55%
38
38%
383s
19
19
18%
60%
39
1878
10%
2%
*10%
4*2
15%
2%
15%
27«
6%
*2%
21"
2%l
16
2%
3
6%
5%
6%
55
55
55%
55%
38
39
38%
38%
17%
18%
18%
19%
6
69%
*67
68
*65
67
66
*58
61
*57
60
*57
59
*58
40
40
*39
40%
*39
40%
52%
*50
*67
11
40%
578
2%
2%
2%
100
15%
15%
15%
15%
500
2%
*27g
6%
2%
2%
2%
2%
278
6%
2,200
5%
5%
4,400
*55%
38%
55%
38%
300
5%
3778
38%
17%
60
*45
60
*34%
38
47%
*41
*60
a:47%
74
*70
75
*62
74
75
80
68%
*62
63
6178
62
800
25
1,400
24,200
61
28
27%
25
11%
10%
27%
1078
25
10%
107S
95
22
95
95
21%
21%
21%
22
17
40%
80
1978
39
41%
*40%
42
77
77
*73%
80
40%
*73%
18%
19%
18%
80
18%
*74%
18%
47%
51
61
*7478
200
*49%
62
41%
"166
52
62
40%
40
37%
62%
22
4,300
64
*34%
62%
39%
18
64
*50
65
*91
12,200
17%
60
65
95
700
19
40%
68%
22
1,600
69%
67
51%
22
6%
*63
51%
*91
578
55
*48%
1078
6%
55
*47
*26%
3
*2
62
62
*24
25
24%
25
24%
11%
11
11%
10%
1078
96
99
11
98
19
100
19%
100
18%
101
20%
41%
1,350
18%
18%
3,700
39%
40%
32,500
80
*73%
19
17%
o
100
80
18%
1
6,600
a
mn
69% Jan 23
21
Apr
19%
Apr
Oct 19
Oct 19
108
109
103
II84 Mar
110
Apr
102
Sept
Jan
Jan
124% Sept
111%
11684
Deo
8%
6
23% Mar
6
Apr
12%
Feb
Apr
23% Sept
4
Feb
116%
15
83%
17g Nov
5% Aug
72% May
5784 Mar
6
34%
Jan
2507*
Dec
87% Nov 23
113
Oct 18
167%
Jan 22
Jan 22
94%
123%
4% Mar 17
Oct 15
11% Mar 17
Jan 22
1% Oct 19
170
1034 Oct 19
39
75
30
—100
10
-100
Young Spring A Wire—No par
Youngstown 8 A T
No par
115
90
Dec 10
126
No par
1
65
6
Mar 11
Aug
19
Oct 19
75
Nov 23
126% Aug 14
60
Oct 18
153%
Oct
160
Oct
33*4
Oct
1984 dune
31*4 Nov
39
Jan
32
July
Jan
35%
Oct
91
Nov
Jan
Oct
July 2120
397g Deo
21% July
109% Feb
84
July
34
99
90% Aug 31
14% Oct 19
23%May 15
Feb
Oct 19
33%
Feb 16
18%
8% Oct 19
I87g
Jan 25
13% July
1% Oct 19
Oct 19
46%
134 Oct 19
6%
6
11
2% Nov 19
6% Nov 24
4% Oct 19
52
Nov 29
35
Oct 19
12
Oct 19
54% Oct 20
40
Oct 19
34% Nov
3
6% Mar 22
Jan 4
Jan 25
5% Sept 7
12
Sept 7
12% Feb 27
91*4 Mar
65%
2%
Oct 19
Oct 19
11
87
Jan
Apr
71
Nov
8634
Mar 10
80%
100
40% Dec
54
NOV
62%
37%
142
1
Jan
140«4 Sept
62%
63
Aug
79
Jan 27
Feb 18
Jan 23
33%
Apr
51
8%
Jan
23%
Jan
42% July
41% Jan
163%
46% Feb 15
115
Deo
Deo
Oct
5
6
7
1017g Mar
Jan
6% June
June
70
44%
36®4
Jan
12
5% Mar
Jan
76
9
684 Nov
Nov
43
Apr
58% Oct 19
Dec
Jan
Apr
Mar
17
Apr
47
128
34% Nov 24
70
Oct 25
Apr
56
Oct 19
Nov 23
2%
23%
47
38
85
3%
16
28% Nov
17% Nov
112% Mar 25
Nov 27
22% Nov 22
7% Oct 19
2
Jan 20
Jan 22
45
-
100
Jan 7
Apr 13
3478
Jan
Jan
35%
May
27% Feb 23
Nov 23
Oct 19
23
Feb
97g
96% Nov
22% Jirne
Jan 22
6
30%
31% Nov 19
10% Oct 19
WorthlngtonP<fcM(Del)No par
Preferred A 7%—
100
Preferred B 6%
...100
Prior pref \4% series
10
Prior pref 4 4 % con vserles 10
Wright Aeronautical—No par
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B..1
Corp
Jan
Feb
25% Oct 19
17% Oct 19
preferred
PrnrUlPt.H C.nm
107
96
9"
8
Jan
29% July 12
Oct 19
1
Mach...No par
No par
Wilcox OH & Gas
5
Willys-Overland Motors
1
6% conv pref
-10
Wilson <fc Co Inc
No par
7nnl»o
Deo
83«4 Deo
Sept
Feb
87
5% Oct 19
White Sewing
Zenith Radio
Feb
Jan
91%
2% Oct 19
Erie Ry. Co. 100
preferred—
Jan
115%
2®4
78
4
Aug 26
123% Mar
9
"11%
62%
1
Au« 26
16
37% Deo
39% Dec
Aug
6% June
Feb 11
Oct 23
84% Feb
7% Nov
Nov
33% June
Mar 17
56
—
5 4%
Feb 19
50% Aug 10
9% Feb 1
2% Jan 6
38%
July 15
110% Apr
No par
Chlor Prod—No par
Preferred
46
117% Oct 19
100
preferred
Woolworth (F W) Co
Deo
1578
Oct 19
Jan 16
MarlO
76
100
$6
Deo
Jan 25
23%
A...
$4 conv
Dec
38%
12%
73% Nov 20
84
Oct 25
88
Oct 20
100
preferred
Deo
12®4
35%
1
Telegraph.100
Westlngh'se Air Brake.No par
Westlnghouse El & Mfg
50
1st preferred
— 50
Weston Elec Instrum't.No par
5% conv
18%
69
44
Nov 24
2% Oct 19
Union
Westvaco
105
9%
5
Nov
52
Jan
Apr
Jsn
Jan
20
100
Pacific
2%
Jan
Apr
Apr
1078
47%
4%
11% Oct 19
100,'
preferred....
Jan
18
12% Deo
4934 Nov
20
Nov
Apr
16
5)4% conv preferred —.100
Wheeling Steel Corp...No par
Preferred
100
$5 conv prior pref ..No par|
WhiteDent'lMfgCo(The S3) 20
White Motor Co.
1
White Rk Mln 8pr ctf. .No pari
4,500
105
Oct 19
Nov
Dec
Jan
Apr
5%
26%
1778
Jan 8
50% Feb 1
10% Feb 26
99% Mar 2
197g
61
39%
9
Wheeling & L
105
Oct 19
an1
Apr
30
92% Aug 18
18% Mar 11
51% July 15
Oct 19
7«4 Mar
9%
19% Feb 11
Feb 8
49
Oct 20
Feb
4%
10% Mar
4% June
Mar 17
Jan
2% Oct 19
10
90
90
*85
6%
Western
137% June
434 Oct 19
Oct 19
7% pref. 100
preferred..
-100
Western Auto Supply Co—10
Western
Maryland
100
Western
Aug
2
No par
No par
class A..No par
preferred
120
77fi
6%
2d
Jan 11
40
west Penn Power
4%
Aug
16
Oct 19
Oct 19
3%
——1
preferred
preferred
70
5
4
Deo
Mar 12
2% Aug
Dec
Deo
131% Aug
86
Feb
Jan
18% Mar 16
17
No par
-5
1334
May
xll4%
Alb
Apr
14
4
10% Mar 16
32
78
110
*75
Co.
4
5
122%
7% Oct 19
Oct 19
Deo
8%
58®4- Dec
Oct 16
18
Aug
80
114% May
7
98
Aug
48% July
Aug
Mar
Oct 23
2
49% Nov
Mar
28»4
109
12% Jan
Jan
135
Dec
116
Jan
4%
6
37
9
73
preferred
West Perm El
Class
~
12*4 Apr
74% Apr 6
Feb 15
115
June 29
Dec
1110%
5
Dec
30%
May
Mar
2% Oct 19
2% Oct 19
Gil <fc Snowdrift
Wesson
74
113%
72
2
Wayne Pump Co...—..^..1
Webster Elsenlobr
No par
99
119%
Mar 27
11734 Feb
100
Warren Fdy &
90
11334 *113
Sept 27
80
57
Apr
No par
convertible pref.-No par
73%
119% *119
40
52
t Warren Bros
98%
*87%
May 12
36
91
*118
Jan
Feb
47
113
S3.85 conv pref
91
87
2834
115
Pictures.. —-—6
No par
Warner Bros
73%
*90
39% Mar 11
44% Jan 20
Oct 19
Oct
2%
Apr
3% Oct 19
8
Oct 20
No par
6% Mar
June
16%
Oct 19
105
Walk(H)Good & W Ltd No par
Preferred
No par
Ward Baking class A...No par
Wells Fargo &
"i.m
30
238 Oct 19
100
100
100
B
58% Jan 20
18% Oct 19
No par
Co
....No par
4 % pref with warrants 100
Walworth Co..
No par
98%
89
Nov
July
Oct 19
66
4
Class
Oct 19
1
3534 Nov 24
100
preferred A
5% preferred B
74
*73%
Detlnning
Oct 19
9%
pref.-.100
100
5%
S3
•*""600
20
102
Jan
3%
47g Jan 13
2% Jan 20
14%
.100
tWabash Railway
Oct 19
57%
97
Am.No par
5
Preferred
7%
16%
20
16
1,500
3%
67% May
May 17
%
Walgreen
9,400
*3%
*41%
7%
21
221
34
Waldorf System
4114
*35
45
*35
45
*37%
4%
•>
14%
21
3%
45
21
*13
22
45
42
42
478
4%
*21
7%
45
*40
5
*391"
8
71"
45
*39
3%
45
*38
8
*18%
Co Inc
1,600
8%
8
8%
*40%
...
1,000
77g
74%
*72
87g
41%
4U"
45
74%
81"
4U?
*12%
778
*19%
8%
*18%
*3%
73%
77
*74%
73%
*40%
*35
20%
20%
Oct 25
8% Nov
16
5
8h
8%
87S
8%
74%
*73
73
73
2014
"5" "Apr
8% Feb 5
84% Jan 11
-.100
'
20
July
Oct 19
Apr
4,400
778
July
168
Aug
Preferred
.4%
*3
144
Oct
Nov
Vulcan
4%
8
Apr
160
9
92
125
4%
5
131
5
115
Virginia Ry Co 6%
4%
20
9
Jan
9% Feb
165
800
xS
Mar
169
Jan
200
2%
20
136
Apr
70
2%
*3
15434 Nov
Mar
5
Vlck Shreve & Pac Ry Co. 100
Va-Carollna Chem
No par}
6% preferred..
.....100
Va El & Pow $6 pref...No par
Virginia Iron Coal & Coke. 100
6% preferred
...100
2%
8
Dec
Jan
Jan
50
1st preferred
Vlck Chemical Co
2%
478
Apr
79%
463g
115%
153
Van llaalte
5
4%
75%
Jan
Jan 18
64
*56%
*119
125
Nov
103% Nov
72% July
Jan 19
Vanadium Corp of
2%
2%
49% Nov
101
Jan 21
210
113
113
64
*56%
*119
125
*119
113
64
*56%
64
125
*119
125
*119
125
*561».
64
*56%
64
*56%
*119
113
*112% 114%
1173
117% *112% 117% *112%
4%
16%
16%
1
Nov
Jan
126%Mar 11
150
Jan 22
Oct 19
11
Jan
68%
Apr 29
278
46
Apr
76% Jan 18
48% Nov 23
100% Oct 19
114
Oct 22
147
19%
7%
16%
47
Mar 11
Dec
Dec
86
60
107
*3
105
Jan
637g
108
2,600
20
Jan
164
3~900
*106
*13
16
*13
13
13
13%
*12
13%
3?8
25%
4
3%
4%
*3%
41
21%
Jan
Sept
104
Oct 20
59
*106% 107
107
107
107
*3%
Jan
Nov 29
'""766
24%
26%
71
Apr
Nov 26
7%
"3%
4
25
18%
29
400
59
_
"4"
4%
26%
26%
25%
25
*106
4%
*3%
4%
*11%
26
107
25%
26
107
*4
*
59
"4
4
52% Nov 23
63
Oct 21
...100
.100
Preferred
6,000
40%
Aug
47
no
"40%
40
97g
10
135
10
167g
20 %
*
110
*39"
40
;
*
80
""3%
4
110
"39%
39%
* v..
60
.
110
*38%
39
"V
4%
26
*
105
1,000
20%
16%
17%
21%
2134
*
7g
22
22
Oct
118
Universal Pictures 1st
1,900
*%
%
24%
69
4%
pref. 100
^Utilities Pow & Light A
1
Vadsco Hales
No par
"_340
1%
1%
1®8
62% Nov
Aug
878
72% Mar 31
Feb 18
45% Nov 23
Mln
preferred
8%
35
*33%
34
16%
17%
21%
*
100
*22
16%
2i78
56
11
20
Universal-Cyclops Steel Corp 1
Universal I>eaf Tob
No par
140
%
78
*20%
17%
*20%
113gf
*51
1%
25
3,200
......
*138
1178
20% Nov
Aug
31%
72% Mar 9
19% Jan 12
Oct 18
Oct 19
3%
No par
No par
—
140
34
*%
*22
1,700
Sept 23
Oct 19
24
....
56
*138';
1%
*1%
7«
*22%
26
*22
26
35
34%
1%
*78
Dl »
78
35
34%
35
35
35
56
140
100
20
preferred
50
50
U S Steel Corp
100
Preferred
....100
U S Tobacco
No par
Preferred..............100
United Stockyards Corp.
1
United Stores class A..No par
$6 conv pref, A
No par
-
2%
*50
Jan
49
15% Mar 13
85
Feb
169%
9
22% Mar 17
112
Mar 30
Preferred
500
*54
*54
*136
-
43% Feb
Oct 19
8% 1st preferred
63%
2%
2%
~
m
-
-
4%
4%
63%
*11
56
*130
•
_
23% Mar 22
70
Mar 22
Oct 19
Oct 19
U S Smelting Ref &
200
120
*145
Oct 20
z34
Jan
39%
125% Nov
160
6%
S Rubber
4,900
108%
108
*118
-■
-
4%
*50
12
*11
11%
140
*51%
54
140
*
2%
2%
63%
*50
-
Feb 10
334
U
58% 180,100
4%
4%
2%
2%
*11
11
11
"
4%
63%
*50
63%
*50
"4%
*145
172
80% May
May
137
4
6% Oct 19
23% Nov
Apr'
24% June
3478 Jan 13
Feb 3
Nov 23
53
154% Nov
..No par
U
'
*145
4%
2%
67%
56%
120
*118
120
20% Jan 19
Foundry
S Realty & linpt
100
67%
1077g 110%
111
110
108% 10978
*118
120
120
4%
57
Jan
10
Oct 20
Oct 19
U S Pipe &
8,000
59
*66
Nov
5
Partic & conv class A.No par
U S Leather...
6778
677g
57%
581?
55%
*67
60%
*66
*145
*125
*105
67
73
54
4%
56%
62
59%
69%
11%
....
54%
68
56%
69%
110
*38%
58%
56%
68
*51
*
57
54
*125
*
5%
28
56%
2-%
*22
5%
27
69%
4%
63%
7g
29%
6
29
29%/
*145
1%
31%
5%
27%
5%
27%
56%
58%
57% 59's
1073s 109%
107
107%
*117'2 127% *117% 127%
35
30%
57g
28%
Feb
100
Jan
Alcohol.No par
Prior
6
5%
20
Jan
16%
U S Industrial
8,500
4,800
37,300
9,100
31
26%
6
54% conv pref
77
*53
31%
30%
30
29%
30%
9%
9%
78
*55
79
*60
80
*70
86
6%
Apr
2
Oct 19
20
100
Corp—5
50
9,100
3,800
5,500
22
13
91
34
No par
100
20%
28i4
"4%
1,700
2078
5%
*66
*145
8
36
20
5%
267S
68
*11
8
36
*31
36
9
438
5%
S Freight
7% preferred
U S Hoffman Mach
170
Jan
3
2434 Mar
100% Feb
100
U S Gypsum
U
1,400
7,000
Nov
113% July
Jan
3% Jan 28
preferred
0% Nov
19%
14% Nov
No par
U S Dlstrlb Corp
Conv
Oct 19
Doc
8%
.
87
Jan
109
1137g Jan 14
16% Feb 8
Nov 23
6%
70
105
32% June
66%
86% Mar 19
17
Jan 14
Oct 19
3%
100
$6 first preferred
*31
8%
8%
8%
"
Oct 19
No par
163% 163%
163
163
162%
81"
36
55
67%
2b
162
Oct 19
U S & Foreign Secur
300
9
8%
24
1,100
72%
37%
68%
56%
66
4k
162
July
2,100
200
8
Jan
4
Oct 20
Fruit.
29% Aug
June
Jan
15
93
9% Mar 11
63
Mar 2
Oct 19
100
8%
5
6
Feb
9%
487g Aug
16% Feb
10% Apr
26% Apr 19
9
1%
70
73
5%
534
6
28r,8
*--■
8%
71%
Apr
106% Feb 26
101
8%
8%
8%
72%
8%
69
40%
Oct 19
No par
10
*7%
8%
8
7%
7%
8%
35% Nov
Apr
Nov 16
80
No par
No par
♦us
112
*1'8
Ik
lk
Jan
5%
68
3
Feb
258 Oct 19
6%
10
S5
300
75
*65
70
Oct 19
preferred
United Paperboard
678
634
7b
7
96% Nov
22%
4678 Jan 14
16
Mar 8
Oct 19
5
United Gas Improvt
United
2,700
70
25%
100
...
Jan
Mar 17
8% Jan 14
Oct 19
2
52
19,900
70
91
35
United Eng & Fdy
5734
57S
30
31%
6
27%
*66
57
*36
20%
*70
86
3034
59
Dec 10
19% Dec 10
United Electric Coal Cos
600
10l2
1078
1078
11
10234 10234 *10214 103
5
5i8
5u
5u
8%
9-4
9
*70
714
70
X162
59
42
United Dyewood Corp
~5~300
6u
35i2
5l2
7%
5%
8%
8
618
*3312
6i4
11734
.No par
5
preferred
Preferred
37
6>8,
Oct 15
No par
United Drug Inc
85
*36
30%
110
United Corp
300
10
*
85
Oct 19
United Carr Fast Corp No par
S3
31%
15
United Carbon
6,300
714
1
*9
10
*
lUs
70
7
7%
7i8
*9
10
5%
5%
53s
3,900
59
1%
8%
40
20
21
21
33%
lO^s
5%
266%
83S
*8
32i2
39
7
9%
*35
3312
33
58
75
*1U
160
85S
417s
8%
*36
41,900
♦lol^s 103
7
69
160
161
*160
378
6--%
102
5%
87g
87S
68
334
39
*65
U2
*7
8
67i2
378
85
58U
10%
10i2
70
*1
U2
4i8
34
6%
573s
714
a70
75
*1
400
7
38
102
103%
5%
7%
~4~90()
2038
10
613
7U
51
71.1
43l2
1912
7
7
38
*512
512
42
20%
4
85
6%
37%
59
11'8
6%
37i2
37%
4414
3312
10
678
*9
*
85
*....
83
*113
4312
24%
*
No par
Preferred
$ per share $ per share
share
13
Jan
25% Sept
Jan 12
37% Nov
16% Apr
Feb 10
33% Nov
24% Mar
Jan 11
Jan
117
111
Oct
Feb 6
per
No par
100
United Biscuit
x2034
37s
378
33
3^
*32%
34^
71?
10
"""906
2134
*20
22
United Amer Bosch___lVo par
45i2
44u
4512
4314
*20
221s
18%
17%
*113
*113
*113
*113
*113
*18%
18
I ver share
5% Oct 19
7
Oct 19
5
Un Air Lines Transport
10,700
8ig
9li
18
734
*8i8
Par
Shares
$ per share
8I4
914
7h
*8i8
914
18%
*8i8
18
18
18
18
18
*17%
*8is
9i2
*8i8
8
912
7b.
8ia
S per share
$ per share
8
8%
$ per share
$ per share
$ per share
$
Highest
Lowest
Highest
Lowest
Week
Dec.
Range for Previous
Year 1936
EXCHANGE
the
Friday
10
Thursday
Dec. 4
On Basis of
YORK STOCK
NEW
for
1
100-<S/»are Lots
Range Since Jan.
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
LOW
3783
New York Stock Record—Concluded—Page 10
145
Volume
6
Jan 27
43% Aug 31
9% Jan 16
83%
105
Jan
Jan
5% July
11%
55
87»4
122
Feb
Nov
Dec
Doc
Apr
Oct
Aug
42% Nov
9%
Jan
3784
Dec.
NEW
Bond
NOTICE—Prices
"and
are
YORK
1937
11,
STOCK EXCHANGE
Record, Friday, Weekly and Yearly
Interest"—except for
Income and defaulted bonds.
Cash and deferred delivery sales are
unless they are the only transactions of the
disregarded In the week's range,
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
which they
computing the range for the year.
occur.
Friday
BONDS
N.
Week's
Last
STOCK EXCHANGE
Week Ended Dec. 10
Y.
Range
Sale
or
Price
Bid
dc
No.
116.16
107
64
Mm S. Government
N.
Jan. 1
High
Low
15 1947-1952 A
O
15 1943-1945 A
O
15 1944-1954 J
D
15 1946-1956 M
S
15 1943-1947 J
107
106.25
111.27 111.27
110.7
D
103.26
STOCK EXCHANGE
Week Ended Dec. 10
107.17
1
103.22] 103.28
81
D *104.31 104.21
D 106
105.28
15 1940-1943 J
15 1941-1943 M
Govt.
Cordoba (Prov)
105.20
6
102.20108.24
105.13
106.27 106.21
106.28
26
104.24108.24
106.28
36
104
101.20
253
15 1949-1952 J
D
Aug. 16 1941 F
15 1944-1946 A
O
A
106.27 106.20
S 101.17 101.11
16 1955-1960 IVI
16 1945-1947 M S 103.11
15 1948-1951 M S 101.17
15 1951-1954 J D 100.27
16 1956-1959 M S 100.17
D
99.17
1 1939-1949 FA
1942-1944 J
J
105.15
43
123
195
99.2
104.16
100.21
100.30
152
98.4
103.17
100.12
100.18
60
99.18
3o5
99.1
98
101.22
103.11
6
102.30
10
103.21
6
101.8
105.23
99.6
104.10
101.7
106.10
100.11105.17
102.10
18
102.31 102.13
101.7
101.2
102.31
59
_1947 F
1948 A
♦External
s f
A
100.21
20 94
20
101.8
66
♦External
sec s
♦External
sec s
9
20
30
20
97
101
694
794
33
6
20
694
594
794
45
6
20*
6
19
594
1
5 *
ax
16 x
6
6
6
J
S
1956 Nl N
1957
9794
1
9594
8894
9394
8694
9594
104
8894
157
10594
10594
10094
104 94
1949 M
S
1955 J
J
s f 5S.-.1960 M S
''Berlin (Germany) s f 6 94s
1950 A O
♦External sinking fund 6s.-.1958
D
♦Brazil (U S of) external 8s._—1941
♦External s f 694s of 1926—1957 A
♦External s f 694s of 1927—1957 A
1952
D
O
O
D'
1957 IVI
8
1958 F
A
1950
♦Budapest (City of) 6s
D
1962
107*
.
-
-
-
-
99*
24*
23*
23*
22*
_____
a99
-----
M
19*
106*
102*
109*
99*
47
10594
35
10094
45
1
al04
16*
102
88* 103*
80
95*
80
94*
104* 110*
104* 110
99* 103*
98
104*
1
19*
107*
102*
110
9
18*
25*
105* 111
101* 110*
109* 118*
99
103*
,
3
15
99*
1
20
5
18
25*
18*
22*
20*
20*
19*
18*
25*
1
18*
25
22
*99
98*
102
21*
*100
♦Buenos Aires (Prov) extl 6s...1961 M
♦6s
stamped
1961 M 8
♦6 94s stamped
1961 FA
4*a-4*s
1977
s f 4*s-4*s——1976
4*s-4*s..
1976
65
8894
10594
5X
97
17*
20
21*
Buenos Aires (City) 694s B-2.1955
*80
54
~~6
3
23*
100*
108*
*75
21*
100
85
*70
15
87
33*
102*
97* 106*
80
93*
92
78*
63*
84*
118
70
41
64
16
65*
67
88
48*
65*
1975 M N
71*
71
1984 J
71*
11
53*
50
53*
21
J
J
♦Stabilization loan 7948-—-.1968 M N
a
f 6s
of
A
O
1928
3394
100* 103*
97* 101*
45
85*
86*
9994
9394
*4594
3894
3294
1694
1794
1794
8
M
N
J
D
1961 J
D
O
15
1494
1294
1594
1494
1494
1494
1594
1594
1394
1494
1394
1394
1094
*28
8
9994
9494
13
33
47
25
44
55
104* 110*
109* 114*
97
101*
96* 103*
98
99*
91
45
3894
"~3
33 94
12
3394
32 94
11
1794
1794
1794
95
alio
alio
100
23*
21*
"30"
1965 IVI N
O
A
♦Assenting 5s large
♦Assenting 5s small
page 3769.
23
30*
42
6
23*
29*
29*
27*
26*
25
35*
25
28
29*
17
104
20
17*
30*
18*
17*
18*
30*
27*
47*
62*
19*
19*
62*
♦75*
114*
81*
19
86
82
65
67*
42*
20*
83*
67*
172
67* 100*
185
52*
43
7
20*
20*
2
♦98*
104*
40*
6*
17
7
3*
2*
♦3*
5
6*
4
4
3*
4*
15
"2*
"3*
12
28
1*
6
4
4*
2*
5
12
25*
78
12
25
12
25
16
10*
11
31
1594
41
1294
32
9*
9*
8*
39*
18*
12
19
11*
19
12
56
12
40
20
126
44
4*
O
13*
13*
24*
24*
24*
24*
21*
21*
21*
22
21*
73
Norway 20-year extl 6s
20-year external 6s
External sink fund 4*8..
External a I 4 *s
4s
8
f ext loan
3*
11*
5
4
11
9
"21
2
9*
2*
9*
37
59
29
10*
S
12*
12*
58*
56*
101*
101*
26
10*
33
1
58*
56*
78
"56*
O
104*
103*
102*
A
D
A
Oriental Devel guar 6a
1953 M
S
s f
38
103*
102
*102*
*17*
64
64*
5s ser A
..1953 J
59*
101*
O
*
D
107*
107*
104*
103*
102*
1
♦Pernambuco (State of) 7a
•Peru (Rep of) external 7s
1947 M
1959 M
♦Nat Loan extl
8
f 6s 1st ser..1960 J
a
f 6a 2d aer..l981
68*
100
105*
100
105
1
17
59
18
77
104* 108*
105* 109
101* 106*
99* 104*
95* 102*
102* 104*
17
"65"
25*
31
52*
85
61
35
47*
79*
102
13
97* 103*
103
■
107
64
S
85
40*
41*
76
30*
10
11
24
10
12
12
13
14
11
12
84
11*
56
A
O
11*
10*
10*
O
59
59
60
O
73
72
73
56*
56
56*
J
34
8
104
104
41*
S
D
82
10
1963 M N
............1963 IVI N
26*
38
103*
1958 M N
Panama (Rep) extl 5*8
♦Stamped
101*
107*
106*
106*
S
1952 F
♦Extl
11*
58*
56*
101*
D
A
1955 A
13
12*
1963 F
Oslo (City) s f 4 *s
9
13*
65
1970 J
Extl deb 5 *s
3
12
Municipal Bank extl a f 5s
♦Nuremburg (City) extl 6a
^
8
11*
61*
A
1965 A
8*
3
12*
F
1944
17
62
1943 F
1956 M
43
26 A
100*|
S
♦68 series A
1959 M N
New So Wales (State
)extl 5S..1957 F A
External s f 5s
Apr 1958 A O
47
38
Milan (City. Italy) extl
6*s...1952 A
4*
1959 M
82*
89*
5*
4*
26*
26*
30*
40*
5*
♦2*
3*
♦Montevideo (City) 7s
48*
29*
19*
95
3*
1952 J
94
57
79*
66*
82
J
f 6*8
115*
65*
93*
"24
J
s
111
64
♦{Treas 6s of *13 assent(large) *33 J
♦{Small
J
♦Sec extl
30*
62
4
54*
21
1594
1594
60
20*
107
20
;
3*
1958 IVI
25
15*
105
78
78*
34
32*
93* 101*
94*
18*
20
3*
3*
4*
Mlnas Geraes (State)—
♦Sec extl s f 6*s
36
30
114*
...
40
15
1394
1394
95
31*
28*
35
62*
J
♦Nat Loan extl
see
25*
6
♦Poland (Rep of) gold 6a...... 1940 A
♦Stabilization loan a f 7a
1947 A
♦External sink fund g 8a
1950 J
For footnotes
25*
26*
"II
18*
J
1945 Q
124
12
21*
30
19
D
1945 Q
99
20*
18*
25
93*
18*
♦Medellln (Colombia) 6*8—1954 J
D
♦Mexican Irrlg assenting 4*s_1943 M N
♦Mexico (US) extl 5s of 1899 £
♦Assenting 5s of 1899
136
26*
26*
J
A
105* 130
29*
S
F
124*
92* 119*
29*
♦27*
1960 M N
IVI
1
25*
102
4
:
.....
♦18
J
17*
25
A
D
25
66*
100*
105* 109
29*
♦18
32*
1794
1794
1794
1794
1594
1594
20
15
9
J
23
A
M
25
95
IVI N
10794
11294
10094
10094
10594
O
S
105
98
106*
22
24*
21*
81*
55*
94
J
♦Jugoslavia (State Mtge Bk) 7s 1957 A
♦Leipzig (Germany) s f7s
1947 F
Lower Austria :Province)
7*8.1950 J
81
26
104
a94
M N
Extl sinking fund 6 *8
61
53*
♦104
J
82
81*
100
1946
f 5s
65
59
*99*
106*
♦Hungarian Land M Inst 7*8.1961
♦Sinking fund 7 *a ser B
1961
♦Hungary (Kingdom of) 7*s..l944
s
82
71
D
F
1794
►
k.-—
F
82*
19
94
Helslngfore (City) ext 6*8
1960
Hungarian Cona Municipal LoaD—
♦7*s secured s f g
..1945
60*
63*
59*
65*
62
D
A
1960 M S
1951 J D
(Republic) s f 6s ser A
1952
♦Hamburg (State) 6s...
1946
♦Heidelberg (German) extl 7*s '50
♦7s secured sfg
52
70
A
1954 J
33
Oct 1961 A
104* 107*
46
68
1968
1954 J
3294
1494
N
..1968 F
♦4s of 1904
1794
Jan 1961 J
12
64*
25
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
33 94
M
1
105*
101*
99*
2
68
♦(Cons Agrlc Loan) 6*s
1958 J D
♦Greek Government a f ser 7S..1964 M N
♦7s part paid
1964
♦Sink fund secured 6s
♦6s part paid
105
47*
69*
103* 105*
103* 105*
65
*20
O
31
3394
A
♦5*s stamp(Canad'an Holder)'65
♦German Rep extl 7s
Btamped.1949 A
♦7s unstamped
1949
German Prov & Communal Bks
33*
O
J
D
97* 102
102
*65
65
j~~D
1949
21*
M N
1794
1694
1594
1594
•Cologne (City) Germany 5 948.1950
Colombia (Republic of)
♦8e extl s f g
S
A
1962 M
♦Chilean Cons Munlc 7«
♦Chinese (Hukuang Ry) 5a
9994
J
External 7s stamped
7s unstamped
.....1949
German Govt International—
♦5*s of 1930 stamped..
1965 J
♦5 *s unstamped
1965
22
94
1961
98*
18
36*
100* 105*
101
104*
228
100
♦Frankfort (City of) s f 6*8... 1953 M N
French Republic 7*8
stamped.1941 J D
7*8 unstamped
1941
9
A
1954 J
M
99*
J
5
112
J
105*
100*
J
31
100
1950 M
1948 J
32*
100
6s..July 15 1960
105*
101*
1945 M S
32*
1944 J
1967 J
f
103*
103*
80
99
69*
103*
103*
O
...1967 J
2
102
64*
O
30*
1961 J
♦Sink fund 0*a of 1926
♦Guar 8 f 6s
♦Guar
31
10794
11294
♦Farm Loan sf 6s
Oct 15 1960
♦Farm Loan 6s ser A
Apr 15 1938
♦Chile (Rep)—Extl 8 f 7s
—1942
♦External sinking fund 6s..-I960
♦Extl sinking fund 6s...Feb 1961
♦Ry ref extl s f 6s
Jan 1961
♦Extl sinking fund
6s..Sept 1961
♦External sinking fund 6s.-.1962
♦External slnxlng fund 6a... 1963
♦Chile Mtge Bank 6 94s
1957
♦6s
O
1952 M N
s
102
67*
90
52*
84
4
al00*fal00* "~2
102
O
1969 A
99* 105*
99
102
71*
♦Farm Loan
6*s 1st series
Italy (Kingdom of) extl 7s
1951
Italian Cred Consortium 7s ser B
,'47
Italian Public Utility extl
7s...l952
Japanese Govt 30-yr s f 6*8...1954
99*
70
♦Carlsbad (City) sf8s
♦Cent Agrlc Bank (Ger) 7s
;
2d aeries sink fund 5*s
1940 A O
Customs Admins 6*s 2d ser.1961 M S
Irish Free State extl
68*
69*
Aug 15 1945 F
18
103
3
♦103*
A
1940 A
47
47*
97* 103*
97* 103*
67*
10-year 2*«
25-year 3*8
7-year 294a
30-year 3s
5 *s of 1926
18
70
1960 A
ser
is
69*
58
F
J
18
S
Canada (Dom of) 30-yr 4a
A
A
87
A
1967 J
18*
S
F
1955 F
145
O
f 7s
M
A
1951
138
F
s
M N
.1942 A O
23*
23*
A
♦Secured
15
23
Refunding
3% external s f $ bonds
Bulgaria (KlDgdom of)—
19*
103
69*
47*
Extl re-ad J
Extl s f 4 948-4 948
11
Haiti
D
Bergen (Norway) extl
10494
9994
al04
A
External 30-year s f 7s.-....1955
Sinking fund gold 6s
20-year sf6s
86
J
1945 F
♦7s (Central Ry)
Brisbane (City) s f 5s
20 *
20
9794
1955
f 6s.
6
6
594
1957 M
♦Bavaria (Free State) 694s
Belgium 25-yr extl 6*s
16
15
7
f 7s 3d series. 1957
External g 4*8 of 1928
Austrian (Govt) s 17s.._
89
1942 J
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7b
Finland (Republic) ext 6s
30
f 7s 2d series. 1957
Australia 30-year 5s
External 5s of 1927
Extl s f
20
7*
8 f external 4 *b.
—1971 M N
B f extl conv loan 4s Feb
1972 F
A
8 f extl conv loan 4s
Apr..-.1972 A O
s
7
1957
Antwerp (City) external 5s....1958
Argentine (National Government)—
External
2094
7
1945
f 7s 1st series
88
External g 4 *s
Apr 15 1962 A O
Deutsche Bk Am part ctf 6s
1932
{♦Stamped extd to Sept 1 1935.. M S
Dominican Rep Cust Ad 5 *8..1942 M S
98.16102.31
2094
100 94 * 100 94
694
7
O
1945
s f 7s series D
s
52*
88
J
Denmark 20-year extl 6a
External gold 5 *s
98.28103.2
100.26
.1945
7s series C
♦External
52*
J
D
Czechoslovakia (Rep of) 8s
Sinking fund 8s ser B....
99.24105.3
120
100.4
Akershus (Dept) Ext 5s
1963 IVI N
♦Antloqula (Dept) coll 7s A—1945 J
J
♦External
A
J
J
1st
96
77
1957 F
Argentina 7s..1942
30*
30*
101*
100*
93
1
99*
96*
80*
54*
103.18
96.6
33
24
80*
♦Public wks 5*8...June 30 1945 J
100.18106.16
98*
96
A
Sinking fund 5*8—Jan 15 1953
103.14
101.18
20
5*s 2nd series
1969 A O
♦Dresden (City) external 7s...1945 M N
♦Gtd sink fund 6s
f 7s series B
"99*
31
20
'6
1953 M N
104.30
99
103.4
101.10
& Municipals—
♦Gtd sink fund 6s
s
D
High
20*
14
1957 F
109.25
Agrlcultura JMtge Bank (Colombia)
♦External
-.1952 J
♦Costa Rica (Rep of) 7s.
..1951
Cuba (Republic) 6s of 1904
1944
External 5s of 1914 ser Ai.._1949
External loan 4*s
1949
102.24108.18
5
20
A
104.24108.24
105.29 105.17
Home Owners' Loan Corp—
3s series A
May
1 1944-1952 IVI N
Foreign
102.10107.30
104.20107.27
241
Since
Jan. 1
Low
High
20* '20*
20*
? 20*
20*
Range
Is
£8
Asked
20
1947 F
—
9
106.26
D
15 1946-1949 J
2*s series B__Aug.
2948 series G
1
♦Sinking fund 7s of 1927
Copenhagen (City) 5s.
25-year gold 4*s
106.19
Jan.
2*s...
109.12115.20
107.12114.9
104.28110.18
106.28
dc
& Mun. (Cont.)
♦Colombia Mtge Bank 6*«—.1947 A O
♦Sinking fund 7s of 1926
1946 M N
♦Cordoba (Ctty) 7s
♦7s stamped
106
Bid
Low
Govt.
113.16121.14
104.2 109.26
79
105.2
Price
High
S
Mar. 15 1944-1964 IVI 8 103.10
103.10
May 15 1944-1949 M N 102.29
102.27
15 1942-1947 J
J
103.20
Mar.
1 1942-1947 IVI S
102,8
3s
3s
25
7
Sale
101
312
112
110.13
107.17
15 1951-1955 M S
16 1946-1948 J
15 1949-1953 J
Federal Farm Mortgage Corp¬
ses
116.12 1-6.9
Range or
Friday
Y.
Foreign
Treasury 4*s-.l-Oct.
Treasury 3*8—Oct.
Treasury 4s
..Dec.
Treasury 3*8...Mar.
Treasury 3*8
JuDe
Treasury 3s
Bept.
Treasury 3s...-.June
Treasury 3*8—June
Treasury 3*a—Mar.
Treasury 3*8—June
Treasury 3 *s—-Dec.
Treasury 3*s
Treasury 3*8—-Apr.
Treasury 2*8—Mar.
Treasury 2*a
Sept.
Treasury 2*8—Sept.
Treasury 2*a.._June
Treasury 2*8—Sept.
Treasury 2 *s—Dec.
Week's
Last
BONDS
Since
Asked
Low
t:
Friday
Range
Friday
9*
9*
28
26
26
9
47
4
60
80
45*
64
41
62*
3785
Record—Continued—Page 2
New York Bond
145
Volume
Week's
Friday
Friday
Week's
Range or
Range
BONDS
Last
Last
Salt
Friday
Since
N. Y. STOCK EXCHANGE
Week Ended Dec. 10
Price
BONDS
N.
Y. STOCK EXCHANGE
Week Ended Dec. 10
Bid
Price
of)—
Rio GraDde do Sul (State
1946
1968
1966
1967
♦8s extl loan of 1921..
♦6s extl 8 f g
♦78 extl loan of 1926
♦7s municipal loan
A
J
1953
Brazil)—
Sao Paulo (City of.
extl
secured
♦6 %s extl
a
1952
1957
f
s
secured
San Paulo (State of>
f
♦6s extl Dollar loan
Secured 8 f 7a
♦Saxon State Mtge Inst 7s
♦78 series B sec extl
11%
4
11
34%
10%
11%
66
10
33
Boston A Maine 1st 5s
32%
22
10%
66%
28
60
32%
83%
Brooklyn City RR 1st 5s
38%
32
25%
43
20%
27
11%
12%
F
A
36 %
J
62%
36
IVI N
13%
12
13%
24
11%
M N
11%
10%
12
24
10%
17%
12%
43%
13%
46
M S
12 %
12%
38
U
35%
J
32 %
11%
12%
62
10
34%
53M
46%
53%
65
45%
98
19%
25
J
*22
22
25
IVI N
31^
30
31%
75
25
31%
M N
30%
29%
31%
48
24
31%
10
40%
57
31%
98%
*22
J
D
53
53%
F
A
*28
31%
F
A
*95
A
F
103d
(City) external 7s.-.1958
Yokohama (City) extl 6s
1961
♦Warsaw
103"
103
53
102
52
53
50%
52%
50%
53
50%
52
52%
52
99%
54%
65
47
27
47
70%
52%
78
83%
88
"16
54%
67%
July 1969
Guaranteed gold 5s
Oct 1969
Guaranteed gold 5s
1970
Guar gold 4%s
.June 15 1955
Guaranteedgold4%s_.
1956
Guaranteed gold 4%s..Sept 1951
70%
57
100%
Canadian Northern
39%
67
61%
86%
AND INDUSTRIAL
COMPANIES
RAILROAD
5s. 1953
{♦Car Cent 1st guar 4s
.
1998
1942
Allegh Val gen guar g 4a
Allied Stores Corp deb 4 %s
1950
1951
4 %s
4s.-.1952
1955
2030
AlplDe-Montan Steel 7s.
Am A Foreign Pow deb 5s
American Ice s f deb 5s
1953
Amer I G Ghem conv 5Ha
1949
Am Internal Corp codv 5%s._1949
Amer Telep
A Teleg—
5%s...l943
f Convertible debenture 4 %s. 1939
3%s debentures
..1961
20-year sinking fund
debentures
...
1966
♦Am Type Founders conv deb. 1950
Amer Wat Wks A Elec 6s ser A. 1975
Anaconda Cop Mln s f deb 4 Ma 1950
♦Anglo-Chilean Nitrate—
3%s
(Del) 4b series
C (Del)
Atchison Top A Santa Fe—
1st M s f 4s ser
96
series F
Bangor A Aroostook 1st 5s
76
57
57
5
57
74
98
98
2
97
107
74
76
69
71
101%
65%
64
66%
61
59
96%
38
93%
24%
72%
K-
"33%
107%
207
93% 102%
107% 112%
107%
101%
95
92
94%
94%
87% 100%
101%
102%
*99
101%
103
"59%
N
57
97%
103%
102%
96
M N
60
97%
104%
97%
105%
228
93% 102%
87
65
99
109%
16
86% 106%
112%
112%
112%
100*16 10C "32
111%
83
lOOh#
130
A
O
100%
100%
100%
D
100%
100%
100%
J
107
107
109
A
93
'l02%
O
101%
Q
J
86%
J
J
86%
86%
O
99%
32
105
2000
1960
1996
1943
188
Potts Creek
2d consol
109
106
*99%
100
112
105%
104% 109%
103% 110
103%
104
104%
105%
104% 111
105%
105%
105
107
112
112
110
114
111%
111%
110% 113%
107
108
Illinois
General
45
10
5
9
9
9
5
7
87
4s
series B__
A ref 5s series A
1st
118%
118%
19
116
116%
4
26
110% 116%
3
110% 116
128%
120
118%
113%
113%
113%
U3%
123%
125
94
25
99% 105%
113
9
109% 115%
101%
102%
25
98% 110%
90% 105%
98
55
101%
90
87% 106%
63
60
93
75
70%
97%
40
81%
D
*20%
24%
18
A
*25
70
71
N
14
8%
"96%
99%
27
60%
28
64
61%
61%
61%
24
24
85%
95
99% 107%
40
24
31
11%
18
34
90
244
65
125%
109
102
107
100% 108%
38
75%
3
43
104%
90
5
106%
106%
23%
45%
21
J
37
34%
37
16
28
88%
J
29%
28%
30
14
25%
78%
F
A
98%
97%
99%
A
O
F
A
J
"43"
'
1937
*
M N
1941
1948
"58
78
108%
101
97%
"76"
"77
93% 112%
159
66% 104%
95%
92
88
88
76
88
M
S
66%
62
66%
39
116% 125%
55
96%
M
S
105%
105
105%
10
104% 108
106
S
118%
105%
118%
MN
95%
M N
*116%
F
A
122%
105% 109
116% 128%
6
94%
12
96%
95
118%
41
93% 102%
96%
16
92% 102%
107% 111
108
J
*106%
J
*106%
J
*112%
J
*109
109%
115
M
*107%
108
108%
1989
1989
1941
A
30
J
M
deposit
gold 6s
1982
West 1st 4s—1959
Loulsv ref 6s
1947
♦Refunding g 5s series B
1947
♦Refunding 4s series C
1947
♦let A gen 5s series A
1966
♦1st A gen 6s series B_.May 1966
Chic Ind A Sou 50-yr 4s
1956
Chic L 8 A East 1st 4%s
..1969
30
28
22
36
58%
22
110
104
F
103%
F
108%
105%
106%
109
106%
J
...1958
1977
1971
105% 111%
108
120%
109
3
108%
102%
106%
109
20
107% 113%
117%
107
103%
108%
60
101% 116%
48
104% 119
*88
A
155
10
18
64
9
107
1
107
"l7%
16%
18%
16%
M N
15%
MN
107
88
90
101%
46%
45%
124
17%
19%
15
51%
14
15
3
12%
44%
13%
13%
1
13
43
13%
13%
1
10%
M N
6%
7%
10
5%
J
6%
7
14
5%
39%
28%
26%
"13%
J
J
J
J
D
274
93
92%
107%
110% 112%
*110
83%
24
*85
23%
25
96
O
J
74%
7
"69%
*106
A
J
32
60
14
65
65
15
36
23%
9%
*102%
18""
76%
7
25
J
75
33
15
*7
J
29
9%
24%
S
32
36%
10
9%
14%
14%
O
M
106%
101% 105%
107
111%
6
72%
75
J
89%
"16
60
D
J
90
83%
50
101%
108
A
{♦Chic Ind A
89%
24
97
*85
{♦Chicago Great
77
99%
80
87%
101%
108
Chicago A Erie 1st
75%
21
101
108
116
75%
114% 121
112% 118%
112%
111%
85% 105%
99%
73%
114% 121
86
101%
118%
92%
109% 116
113
118%
3
114%
99%
90%
73%
102% 105%
7% 42
104
119%
18
98
91%
83
54
3
43
104
118%
54
119
lOi"
*103
31
41%
"33
90%
116%
J
tf^Chlcago A East 111 1st 6s.-.1934
{♦C A E III Ry (new Co) gen 5s. 1951
♦Certificates of
32
83
44
41%
101%
RR ref g 3s
1949
Dlv 3%S—1949
Division 4s
1949
1st A ref 4 %s
93
*56
10
46%
118%
•»
Chic Burl A Q— 111
104 %
"48%
108% 112%
104% 105%
*106
*45
Chic A Alton
112
102
100
110%
25
M N
4s
132%
103% 107
*105%
110%
122%
116%
1960
V 1st g 5s
100
Chic Mllw A
St. Paul—
A
May 1 1989
♦GeL 4s series
B__May 1 1989
May 1 1989
♦Gen 4 %s series E—May 1 1989
♦Gen 4%s series F—May 1 1989
{♦Chic Mllw 8t P A Pac 5s A..1975
♦Conv adj 5s
Jan 1 2000
«Gen g 3 %s series
102
102
7
94
102
104
73% 108%
O
79
78%
81
D
45%
45%
47%
256
40
94%
83%
83%
87%
124
79
116%
51%
55
199
46
103%
73
75
21
67%
105
65%
53%
87
97%
106% 116
O
D
58
M N
gold 4s
100
M N
93
"l6i%
5s
May 1940
Branch 1st 4s—1946
R A A Dlv 1st con g
2
A
J
106
87
86
Craig Valley 1st
.
75% 100%
80
99%
J
A
65
116%
Ref
84
M N
24
30
23
103%
"24
106
75
114
27
102%
75
106
1
65
124%
%s——
1992
A impt mtge 3 %s ser D__1996
A Impt M 3%s ser E
1996
108%
"30%
69
106
107
General gold 4
102%
*97
76%
107%
106
113%
99% 107
102%
*102%
75%
106%
106%
52
38%
115%
106%
102%
104
75"
32
8
M
99
83
55
60
11%
Ches A
108
111%
219
44%
11%
110%
103
105%
57%
7
91
87%
87
41%
97% 105%
54% 104
103%
25
102%
►
54%
54
95%
108%
i>
"45
113%
Fibre deb 4%s *50
Ohio 1st con g 5s
1939
Warm Spring
A
102%
M N
39%
*—_.
A
41%
101%
103%
11%
Champion Pap A
38%
39%
S
F
102%
44
200
42%
74
34%
72
49%
*83
95
37
M
7%
6
36
36
7%
77
J
.1949
4s—1954
|*Cent RR A Bkg of Ga coll 5s
6s extended to May 1 1942
Central Steel 1st g s f 8s
Certaln-teed Prod 5%s A
114
Ref
Jan
32
9%
J
ret gu gold 4s.
Through Short L 1st gu
Guaranteed g 6s
96% 102%
96% 102%
83
J
9%
9
.....1949 \
Corp deb 5s w w
Cent Pacific 1st
100*18 113
171
J
9
9
J
A
F
J
f
M
100
1
J
M N
87%
54%
116
J
1951
4s stamped
1951
Battle Creek A Stur 1st gu 3s.. 1989
Beech Creek ext 1st g 3%s
1951
Bell Telep of Pa 5s series B
1948
1st A ref 5s series C
1960
35
95
J
B.1955
1957
3789.
"32%
O
122
51
107%
50
99%
46
316
38%
93%
37%
40%
576
33
82%
44
46
265
38%
93%
J
J
"64%
62%
J
J
M
8
"45"
*55%
43%
F
A
37%
M
S
44%
J
J
♦Gen 4%s series
C
{♦Chic A No West gen g
♦General 4s
3%s..l987
1987
111
59%
*112%
106
106%
105%
Con ref 4a
For footnotes see page
50
80
M
3%s-5a._1950
Ref A gen M 5s
51
D
ref 4s A...1959
series D
5
75%
J
5s stmpd.1940
4%s
57
8%
53
9%
11%
1950 F
Cart & Adir 1st gu gold 4s._._ 1198
J
Celotex Corp deb 4%s ww
1947 J
♦Cent Branch U P 1st g 4s
1948 F
t♦Central of Ga 1st g 6s.-Nov 1945 M
♦Consol gold 5s
1945 A
♦Ref A gen 6%s series B
1959
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur money g 4s_.1951
♦Mac A Nor Dlv 1st g 5s
1946
♦Mid Ga A Atl Dlv pur m 5s. 1947
♦Mobile Dlv 1st g 5s
1946
Central Foundry mtge 6s..
1941
Gen mortgage 5s
..1941
Cent Hud G A E 1st A ref 3 %s. 1965
F
Cent 111 Elec A Gas 1st 5«
1951 A
Cent Illinois Light 3%s
1966 J
{♦Cent New Eng 1st gu 4s
1961 J
Central of N J gen g 5s.
1987 J
General 4s
......
1987
110
M
gold 5s
July 1948
Ref A gen 6s series C
1995
PLEAWVaSys ref 4s
1941
Conv
101
98
1st
Ref A gen 5s
5
57
M
July 1948
1995
Southwest Dlv 1st
103
13
1960 J
1st 5«....-1938
68 ser A.Dec 16 1952
Carriers A Gen
110% 115
112%
55%
M S
Refund A gen 5s series A
Tol ACin Dlv 1st
.'
102%
1995
Nov
1995 M N
1995
J
D
Conv gold 4s of 1909
...1955
J D
Conv 4s of 1905
1955
J D
Conv gold 4s of 1910.....—I960
J D
Conv deb 4%s
1948
J
J
Rocky Mtn Dlv 1st 4s
1965 J J
Trans-Con Short L 1st 4s... 1958
M S
Cal-Ariz 1st A ref 4 He A
1962
J
D
Atl Knox A Nor 1st g 5s
1946
J
J
Atl A Charl A L 1st 4%s A
1944
J
J
1st 30-year 5s series B
1944
M S
Atl Coast Line 1st cons 4a July 1952
J D
General unified 4 %s A
1964
M N
10-year coll tr 5s
May 1 1946
MN
L A N coll gold 4s
Oct 1952
J
J
Atl A Dan let g 4s
1948
Second mortgage 4s
1948
Atl Gulf A W I 88 coll tr 6s
1959
Auburn Auto conv deb 4%s—1939
Austin A N W 1st gu g 5s
1941
4s
82
93% 105%
76
99%
t
A
General 4s..
Bait A Ohio 1st g
96
*76
Adjustment gold 4s..
Stamped 4s
Baldwin Loco Works
92
105%
F
1955
•
Dec 1 1954
106
90
1st A cons g
109%
90
*90
M
Term 5s. 1964
Armour A Co
56
90
A
1967
5 f Income deb
J Ann Arbor 1st g 4s
Ark A Mem Bridge A
63
60
D
—
Allegh A West 1st gu 4s
debentures
Allls-Chalmers Mfg conv
60
90
D
J
M
91%
85%
11%
1944 J
gold 5s
trust 4 %s
Caro Clinch A Ohio
1948
J
Coll trust 48 of 1907
1947
F
10-year deb 4Mb stamped.. 1946
A
Adriatic Elec Co extl 7s
1952
J
Ala Gt Sou 1st cons A 6s
1943
J
1st cons 4s series B
1943
A
Albany Perfor Wrap Pap 6s...1948
A
6s with warr assented
1948
A
Alb A Susq 1st guar 3 %s
.1946
F
Alleghany Corp coll trust 5s... 1944
J
Coll A conv 5s
1949
A
♦Coll A conv 5s.
.....1950
A
♦5s stamped
—1950
44
1946 M
ctfs
5s equip trust
Collateral
{(♦Abltlbl Pow A Paper let
4s
deb stk perpet
Coll trust 4 %s
Coll trust
Adams Express coll tr g
90
48
43
deb 6 %s—1946 *
Canadian Pac Ry 4%
16
40
48
70
1957 J
4%s..
Canadian Nat gold
72
46%
183
54%
J
Guaranteed gold 5s
45
10
114
100
53%
65
80%
99% 103
80
*65
73%
50
13
9
101
112
49
O
J
..1942 A O
1962 A O
A
Canada Sou cons gu 5s
78%
49%
8
63%
62%
49
13
61%
51
99%
107
50
..I960 A
....1940 J
♦Camaguey Sugar 78 ctfs
60
62%
F A
J *>
Consol 6s
68
89%
52%
1952 A O
1955 J J
{Bush Term Bldgs 5s gu
99% 106%
33
_
{Bush Terminal 1st 4s
Cal Pack conv deb
25
71
47
O
♦Certificates of deposit..
101% 106
52%
1979 M N
78.-1952 A O
1952,MN
28
90%
61%
1964 M N
6s
15
12
15
101
f 6s
al8%
20
53
J
Bklyn
MN
56%
Bklyn
w N
Bklyn
M N
1st 5s stamped
1941 J J
Bklyn Union El 1st g 5s
1950 F A
Bklyn Un Gas 1st cons g 6s
1945 " N 106%
1st lien & ref 6s series A
1947 M N
Debenture gold 6s..
1950 J D "68"
90%
1st lien A ret 5s series B
1957 M N
Brown Shoe s f deb 3%s_.
1950 F A
Bruns A West 1st gu g 4a
1938 J J
110%
Buffalo Gen Elec 4 %8 ser B....1981 F A
Buff Niag Elec 3%s series C..1967 J D
"46%
Buff Roch A Pitts consol 4%s..l957 M N
10
{|*Burl C R A Nor 1st A coll 5s 1934 A O
44
27
26%
1
47%
50
O
A
4%s series JJ
1941
Edison cons mtge 3%s..l966
Manhat Transit 4%s.._1966
Qu Co A Sub con gtd 5s. 1491
34%
5
cl8%
92%
♦Certificates of deposit....
35%
1957 M N
88...1946 F A
1960 M N "52%
3%-4-4%% extl readj
Venetian Prov Mtge Bank
33
23%
*20%
Trondhjem (City) 1st 5%s
♦Uruguay (Republic) extl
♦External s I 6s._
9%
14
40
50
12
"l2%
D
A C
10
11%
11%
11%
5
1st g
18%
*107%
1944 J D
1967 M S
1955 M N
1961 A
{♦Boston & N Y Air Line 1st 4s 1955 F
If ♦Botany Cons Mills 6 %s
1934 A
14%
99%
92%
1966 A
E
1st M 5s series II
11
11%
22%
100
28
18%
1
21%
22%
100
92%
21%
32%
20
12%
1971 J
1952 M S
1961 A O
Tokyo City 5s loan of 1912
External s f 5%s guar
(City of)
3
36%
Cons mtge 3%s series
11%
J
1958
♦Slleslan Landowners Assn 6s..1947
Syria (Province of) 7s
J946
Sydney (City) s f 5%s
1955
Taiwan Elec Pow s f 5%9
16%
104% 113%
106
113
Big Sandy 1st 4s
62%
♦Silesia (Prov of) extl 7s
Vienna
109
11%
O
(Kingdom)
1962
1962
♦8s secured extl
s
7
17
6%s.__:—1946
Serbs Croats A Slovenes
♦External
20
20
24
*18
High
TjOW
No.
25%
25%
deb 6 %s—1951 J
♦Deb sinking fund 6%s
1959 F
♦Debenture 6s
1955 A
♦Berlin Elec El A Undergr 6%s 1956 A
Beth Steel cons M 4%s ser D..1960 J
25%
25%
17%
108
*24
A
1950
1956
1968
..1940
1945
♦7s extl Water loan
♦Sinking fund g
19%
107%
20
1936
♦8s external
100
4
—
{♦8s extl loan of 1921
31
92
"l
19%
19%
107%
107%
D
6%s
1952
♦Roumanla (Kingdom of) 7s...1959
♦Saarbruecken (City) 6s
95
♦Berlin City Elec Co
20
95
MN
J
10
*11
3%s._1943 J
Belvidere Delaware cons
Jan. 1
High
Low
33%
11
Since
Friday
A
Asked
Bid
High
Low
14
13
11%
O
Rome (City) extl
♦8s
13
of) 8s
No.
High
Low
(Concl.)
D
1961
J
♦Extl loan 7 Ms
1966
IVI N
Prague (Greater City) 7%s
1952
M S
♦Prussia (Free State) extl 6%s. 1951
A O
♦External a t 6s_.
1952
A O
Queensland (State) extl s f 78.-1941
F A
25-year external 6s
1947
M S
♦Rhlne-Maln-Danube 7s A
1950
A O
♦Rio de Janeiro (City of) 8s
1946
♦Extl sec 0%s
1953 F A
Foreign Govt. &Munlc.
♦Porto Alegre (City
Jan. 1
Asked
A
Range
Range or
Sale
106
—j
4
116
Fed lnc tax 1987
stpd Fed lnc tax..1987
♦Gen 5s stpd Fed lnc tax....1987
♦4 %s stamped...
1987
|♦Secured 6 %s
1936
103
110%
♦1st ref g 5s
105% 116%
60
78%
100
101
103%
118%
118
118%
115% 121%
126%
126%
126%
69%
14
120
131
♦Stpd 4s non-p
♦Gen 4%s
May 1 2037
4%s stpd.May 1
♦1st A ref 4%s ser C.May 1
♦Conv 4%s series A
♦1st A ref
2037
2037
1949
J
30
29%
31
170
26%
66
57%
31%
39%
33%
25
J
"51"
28
69%
J
32
33%
24
28
69%
32%
33%
5
28%
71%
11%
13%
900
8
4%
610
3
12%
91
16
49%
71
17
52%
*25
J
J
F
12%
A
4%
4
36%
M N
18
17%
19
M N
20
19%
21%
21
21
8
18
52%
21%
22
67
17%
54%
20%
23%
61
18
56
M N
M N
M N
20%
37
M N
J
D
13
11%
J
D
12%
11%
24%
13%
13%
J
D
12%
7%
11
13%
M N
M N
24
24
7%
62
52
20
61
213
9
38
36%
96
9
36%
5%
24%
85
558
9%
3786
New York Bond
Record—Continued—Page
Dec.
3
Friday
BONDS
N
Y
STOCK
Week
8*
EXCHANGE
Ended
Dec.
Last
Detroit Edison Co 4 Ms ser D. .1961 F
Gen A ref 5s ser E
.1952 A
Gen A ref M 4s ser F
.1965 A
bid
N.
Y.
t|
STOCK
Week
EXCHANGE
Ended Dec. 10
21
Sale
Hid
<k
Feb 1
1937
F
Ken 4s.....1988
J
J
—1934 A
O
19
8%
1952 MS
♦Certificates of deposit
♦Conv g 4 Ms,..-I960 (VI N
J
Idc KU
5s
...Dec 1
Chicago Union Station—
Guaranteed 4s
65
53
D
65
*40
65
45
48
D
*40
55
37
55
109M
*101M
1st rntge 4s series D
1st mtge 3Ms series E
cons
General 5s series B....
F
A
J
102X
1977
J
4s..
13
99 M
94
102
101 M 108 M
95
108M
92 M 105M
68
67 M
34 M
102 M
1910 M
"'34
103
~21
22
11
106M
103
100M
86 X
"75"
Series B-3Ms guar..
Series A 4 His guar
...1942 A
Series C 3 Ms guar..
"72"
22
«
1
75 M
»
GO O
*102
-
87X
91H
*
-
-
-
-
-
-
-
-
-
-
-
*101M
.....
uox
*109
21
-----
Gen 4Ms series A.....
109 M
108
109M
*104
A
*
-
-
-
-
-
1977
A
105
105
Gen A ref mtge 4 Ms series B.1981
Cleve Short Line 1st gu 4Mb—1961
105
3
O
103
Cleve Union Term gu 5 Ms.—1972
103
103
10
O
103 M
100
102 M
100
105 M
89
103 M
102
f 5s series B guar
f 4 Ms series C
J
1973
o
1st s
1977
Coal River Ry 1st gu 4s
-.1945
Colo Fuel A Iron Co gen s f 5s_. 1943
D
♦5s Income mtge
o
A
1970 A
O
Colo A South 4Mb series A....1980 IVI N
Columbia G A E deb 5s...May 1952 IVI N
Debenture 5s
Apr 15 1952 A O
Debenture 5s
Jan 15 1961 J
J
Columnla A H V 1st ext g 4s.. 1948 A O
Columbus A Tol 1st ext 4s
1955 F A
Columbus Ry Pow A Lt 4s
.1965 M N
Commercial Credit deb 3^8...1951 A O
2 Ms debentures
1942 J
D
Commercial Invest Tr deb 3 Ms 1951 J
96
93
100 M
-----
46 M
95 M
94 M
Stamped
Conn Rlv
guar
Pow
100
-----
1951
107 M
------
104
104M
♦Consolidated Hydro Elec Works
of Upper
Wuertemberg 7s
1956
Consol Gas (N Y) deb 4Mb
J
102 M
89 %
94
106M
104
103
J04M 108
105M 111 M
110M HOM
3Ms
J
.1946 J
Copenhagen Telep 5s..Feb
Crane Co
s f deb 3 Ma..
Crown Cork A Seal s f 4s
Crown Willamette Paper 6s
Cuba Nor Ry 1st 5 Ms
D
15 1954 F
A
..1942 J
J
90
109
iobli "45
96 M
99 M
96
39
M
100
101
*107
41
25
104
93
.104 X
52
31
25
131
17
------
—
—
-
103 M
105
16
103 M
104
101M
101M
7
102 X
103M
9
D
41M
J
43 H
27
91
15
102 M
—
—
-
99
105M
-
17
105M
103 M
39
0
103 %
4
43
39
43 %
13
O
Dayton Pow A Lt 1st A ref 3 Ms 1960
*40
A
O
Del A Hudson 1st A ref 4s
Del Power A Light 1st 4
Ms
1st A ref 4Mb
106 M
106 M
8
61X
64 %
97
J
D
1943 IVI N
1971
Stamped as to Penna tax
{{♦Den A R G 1st cons g 4s
63 M
1969 J
*106M
*103M
*105M
J
J
1951 IVI N
1951
IVI
N
1936 J
{♦Consol gold 4M8
1936
{♦Den A R G West gen 5s. Aug 1955
♦Assented; subj to plan)
For footnotes see page
3789.
-
13M
J
F
A
♦Ref A lmpt 5s ser
B...Apr 1978 AO
{♦Des M A Ft Dodge 4s ctfs.._1935 J
{♦Des Plains Val lstgu 4Ms...1947 M 8
46
J
.1969 J
/ 5s
46
43
47 X
45
-
12
-
-----
-
105M
--
107 X
*107 M
13M
14M
14M
14M
0M
5M
6M
10
5X
10
-
-
—
—
-
—
—
-
107 M
-
27
40
15
4
103 M
20
41M
—
-
-
—
-
-
-
-
-
23
-
-
-
40 H
49
71 M
103 M 110 M
99 M 107 M
98 M
96 M
108M
101H
103 %
106 M
79 M
103M
99 M
97
103 M
107
102 H
101 M 100
30
65
64 M
62 M
42 M
35
55
101M
108
60
104
95 M
107
101H 105M
104 M
107
106M 108M
106M 108M
388
11
29
11
36 M
38
Gen Cable lstsf5Ms A.
15-year 3 Ms deb
1st
mtge
4 Ms
w
103
107M
107
110 M
50M
50M
50 M
90
119M
100M
98
101
—
I
*37 M
*37 M
44
44
■*-_
70
102M
67
96
4
|
57
*21
24
*18
71
3
M'
34
89
107
34
89
101M
125
100
*84
102 M
87 M
101 M
106
88
107M
105M
104M
106 M
102 M
s
D
C
*91
A
73 H
J
109
104 M
J
~9l"
98 M
89
91
88M
J
105 M
5
....
3
-
—
109M
105M
97M
105M
103 M
73 H
71X
J
J
95
104 M
95 M
91M
91
53
59
366
97 M
138
J
80
81
122
Feb
*55
65
1967
11M
10 M
O
UH
"26
~83~"
~~5
*106
O
81M
78
78
79
91 M
85M
1966 A
O
102 M
103
10-year deb 4 Ms
Hackensack Water 1st 4s
1946 A
O
103
1952 J
J
102 M
*107 M
14
91
*60
1949 J
.'1999
1944 A
83 H
J
J
O
117M
64 M
63 X
1937 M N
Houston OH sink fund 5Ms A.. 1940 IVI
Hudson Coal 1st s f 5s ser A
1962 J
Hudson Co Gas 1st g 5s
1949 M
Hudson A Manbat 1st 5s ser A. 1957 F
*42
*6
33
66
O
18
*97 M
93
J
O
58
~50M
55
50M
Louisv Dlv A Term g 3 Ms
g
*
93
"47"
60
59
40 M
40 H
1950
*
1951
♦
58
55 M
51 M
63 M
43
103 M
82
1953
80
1951
80
1951
75
1951
1951
"l
80
*90
*
115M
89
109M
108M
141 M
87
98 M
89
111 M
77 M
96
50
65
7M
106
15
100 M
81M 106M
75
103M
93M
99 H
105 M
105M
108
83 M
28
114M 126M
61
43
96 H
28
97 M
86 M
103 M
57 M
116M 124
48
14
101M
97
85 M
30 H
HO
111
20
101
"87
28
225
93
107M
96
59 M
"5l"
g 3Ms —1951
4s
18
93
J
A
86
99
8
...1955 M N
*51
103
O
1953 M N
19
*93 M
J
1955 M N
1952 J
54 X
107 M
1951 M
Purchased lines 3 Ms
Collateral trust gold 4s
120
107 M
1952 A
Refunding 4s
4
100
Illinois Bell Telep 3 Ms ser B... 1970 A
Illinois Central 1st gold 4s.
1951 J
1st gold 3 Ms
1951 J
.1951 A
64 M
48
99 M
18M
116M
U9 M
97
22
14
31M
*119M
52 ys
~o3M
100M
105M
118M
32 M
A
95 M
102M
ioo"
O
98 M
61
83 M
D
Feb 1957 A
95
69
90*"
N
N
111
95
97M
*18
117M
103 M
105M
108
24
106 X
*60
Omaha Dlv 1st gold 3s
St Louis Dlv A Term g 3s
Gold 3 Ms
30 M
95 M
95 M
1946
1 1968
44 M
52
M
J
Aug
97 H
19
94
J
Refunding 5s
40-year 4Mb
103 M
41 M
21 M
O
Cairo Bridge gold 4s
Litchfield Dlv 1st gold 3s
92
94 M
1946
Extended 1st gold 3 Ms
1st gold 38 sterling
Collateral trust gold 4s
105M
95
1940 M N
Income 5s
105
20
.
•
1961 A
♦Adjustment
44
98 X
98 M
94 M
J
1977
5s
41 M
29 M
102M
101 M
22
102 M
30
!
102
102 M
96
122 M
106 M
44
30
...
10 2 M
21
121 M
99
40
44
87 M
100M
96 H
98M
53
Feb
cons g
5
1
1
1952 J
Western Lines 1st
57 M
2M
103
Guir States Steel s f 4 Ms
Gulf States Utll 4s series C
{{♦Housatonlc Ry
6M
84 M
)
1976
Hoe (R) A Co 1st mtge
9M
2M
-
al07
J
Great Northern 4 Ms series A.. 1901
General 5 Ms series B
1952
General 5s series
1973
Springfield Dlv 1st
23
2M
D
..1950
♦Harpen Mining 6s
Hocking Val 1st cons g4Ms
20
D
Gt Cons El Pow (Japan) 7s....1944 F
Stamped
6
2M
103
J
*46 (VI
♦Debentures ctfs B
20 M
al07
50 M
J
22 H
•J*
103
D
Gen mtge 4s series H
Gen mtge 3Ms series I.
♦Green Bay A West deb ctfs A
96 M
5M
4M
55 M
194'
General 4 Ms series D
General 4 Ms series E
General mtge 4s series G
61
22M
1st gu 5s....1947
1st A gen s f 0Ms
233
7M
*W
*1%
O
1942 J
.
8M
J
A Rub 1st 5s... 1957 IVI N
Gotham Silk Hosiery deb 5s w
Gouv AOswegatchle 1st 5s
Grand R A I ext 1st gu g 4M9
87
<■.<
J
1956
-
81M
56
I
60
J
{{♦Ga Caro A Nor 1st ext 6s.. 1934
♦Good Hope Steel & Ir sec 7s. .1945
Goodrich (B F) conv deb 6s. ...1945
Goodyear Tire
49
17 M|—_
i
105
82
j
6M
J
A
86
5
7M
D
Gen Pub Serv deb 6 Ms
1939
Gen Steel Cast 5 Ms with warr.1949
{♦Ga A Ala Ry 1st cons5s Oct 1 45
32 M
12
42
"Tm
J
1951
98M 104M
'
94 Mi
*57 %
A
♦20-year s f deb 6s
1948 IVI N
Gen Motors Accept Corp deb 3s '46 F A
1
105
49
O
1940
*
97
M
D
.1947
♦Sinking fund deb 0Ms
7M
6
J
♦Gen Elec (Germany) 7s Jan 15 1945
4
4
95M 103M
98M 102M
97
103 M
49
J
N
Galv Hous & Hend 1st 5Ms A..1938
Gas A El of Berg Co cons g 5s.. 1949
Gen Amcr Investors deb 5s A.. 1952
5
15
1952
Fort StUDCo 1st g 4Ms
1941 J
Framerlcan Ind Dev 20-yr 7 Ms 1942 J
Francisco Sugar coll trust 6s...1956 M
9
3X
99
10
J6X
S
♦Certificates of deposit.......
144
*8M
49
D
1974 M
{{♦Proof of claim filed by owner. M N
(Amended) 1st cons 2-4s....l982
{{♦Proof of claim filed by owner M N
♦Certificates of deposit
7
69
99 H
J
80 M
48
96 M
94
7
11M
60
100M
96 M
J
103
35
100
95 M
88
Gulf Mob A Nor 1st 5Ms B
1950 A
1st mtge 58 series C
1950 A
Gulf A 8 I 1st ref A ter 5a Feb 1952 J
107M
3
99M
Fonda Johns A Glov 4Mb
112M 118M
109
114M
100
100M
12
*95M
98 M
107%
108 M
—
61
*70
Greenbrier Ry lstgu 4s..
15
13
98 M
105 M
92 M
119
8
100 H
41 M
19
89
102 M
99 M
11
16M
*100M
105M 112M
107M
100M 108M
15
53%
89
105 M
106
5
108%
99
99 M
18M
107M
96 M
53
103 X
100 M
101
104 M
106
103 M
103 M
115
108M
6
107M
114M
89
105
100
105 M
94
101
109
107 M
106
105 M
105
111 M
1
108
......
77 M
102
127
102 H
Cuba RR 1st 5s g.i
1952 J
7Ms series A extended to 1946.
J
6s series B extended to
1946
J
..
38M
112X
*17
1950 M N
1951 J
M 108
59
53
A
F
1951
99
77
108
D
1943 J
105 M
H2M
46
*17
------
111H
90
109
92 X
16M
16M
J
1960 J
..1966 M N
Container Corp 1st 6s
15-year deb 5s
17
J
1956
f 5s
95 M
92 M
89
*20
O
Consumers Power 3Ms.May 1 1965 IVI N
1st mtge 3 Ms
May 1 1965 N! N
1st mtge 3 Ma
..1970 M N
102 M 116M
100
113
20
95 M
♦Debenture 4s....
111M
107M
105
40
8
D
♦1st A ref 5s series A
40M
359
1942 IVI
Grays Point Term
107M
1955
105
94 M
96 M
♦Debenture 4s
109
93 X
92
107 M
J
107
288
94 M
93 M
89
I
8
1946
94 M
47 M
|
1st lien 6s stamped....
1942 M
30-year deb 6s series B—_ —1954
-
47 H
58
51
60 M
8
106
105
100
100
15
8
107 M
104
% 104 M
90
D
s
107 H
115M 118
67
98M
29
D
1st mortgage 4 Ms
Den Gas A El 1st A ref
104 M
82
97
1951
1st mtge
101
95
conv deb 3 Ms
1951
{♦Consol Ry non-conv deb 4s. .1954
♦Debenture 4s
1955
Consol Oil
b
104M 108M
109M
110M
105 M
1
M
102 M
f
♦Consolidation Coal
97 M 104 M
104 M 106 M
15
63
47
101
1951
4 His
100 M
44
106*"
90 H
1943
3Ms A
1961
Consol Edison (N Y) deb 3
M s. 1946
3 Ms debentures.
..1956
s
57
----
100 M
63
1942 IVI
{♦Fla Cent A Penln 5s
1943 J
{♦Florida East Coast 1st 4 MS-.1959 J
*111M
92 X
J
Conn A Passum ltlv 1st 4s
Conn Ry A L 1st A ref 4
Ms
96 M
*105M
International series
1st Hen s f 5s stamped
Fiat debs f 7s.
109M H3
-
108
5s
62
----
51M
48 M
105
A
Fairbanks Morse deb 4S-...--1956 J D
Federal Light A Traction lBt 5s 1942 IVI 8
60 Ml
53 M
53
~48M
105
8
F
64
....
J
1954
40 M
101
U0M
O
1942
—1950 F
..1938 IVI
103
60M
1947 IVI N
3d mtge 4Ms
55
104
*105
HOM
—1948 M N
s
111M
104 M
89
*
S
J
1940
Cleve-Cllffs Iron 1st mtge 4MS.1950 M N
Cleve Elee Ilium 1st M 3Ms—1965
J
Cleve A Rgh gen gu 4 Ms ser B. 1942 A O
Series D3^8 guar
N Y A Erie RR ext 1st 4s
35
105
87
104 M
26
109
105
W W Val Dlv 1st g 4s.
1st
107 M
113
103
1
g
104
11
104 M
M N
D
Ref A lmpt 4 Ms series E
f 6s
106M
103 M 107
80
106 M
52
92 M
M
J
110
D
.
J
s
95
105
♦
50 M
50
100 M
106M 112
f
~85M "46
52
52
O
1957
107M
105M
106M
*101M
108M
M N
1993
.
1975 A
1955 J
Genessee River 1st
99 M
*11
D
—.1993
.
O
53 M
1967 IVI N
Ref A lmpt os of 1930
Erie A Jersey 1st s f 6s
91
93 M
64.
82 M
58
59 M
98 M
48 M
1
96 Vs
O
1953 A
100 M
15
j
139 M
111
97 M
108M 113M
—
101
*102M
*102M
O
94 H
69 X
98
N
*
85
111
"31
101H
*
..1996 J
4s series D
72 M
110
95 M 116M
103M 107 M
9
—
111 M
102
101M
J
1953 A
20M
102
131
99 M
*109
O
113 M
60
3
98 M
10GM
O
—1953 A
109M 118M
100M 102 M
107
95 M
*103M
*131M
95M
D
90
70
103 M
Cairo Dlv 1st gold 4s..
1939
J
Cln Wabash A M Dlv 1st 4s. 199)
J
8t L Dlv. 1st coll tr g 4s
1990 M N
Spr A Col Dlv 1st
Ref A lmpt 5s of 1927
107M
41
107 M
A
80
93 M
67 M
-.1952 IVI
F
105
103 M
98 %
1st mtge guur 3 Ms series D..1971 IVI N
Clearfield A Mab 1st gu 4s
1943 J
J
Cleve Cln Chic A St L gen 4s
Gen
16
107M
1943 A
Cincinnati Gas A Elec 3Ms
1966
1st mtge 3 Ms
1967
Cln Leb & Nor 1st con gu 4s —1942
Cln Un Term 1st gu 5s ser C...1957
22 M
4
110
1962 M
.
7
50
80 X
107M
108
108
1940 J
B
conv
17
1996 J
Ernesto Breda 7s
1963 J
5s
25 M
*52 M
8
3 Ms guaranteed...-1951 M
Chic & West Indiana con 4s—1952 J
{♦Choc Okla A Gulf
22 M
"mx
69 M
...1963 J
1st A ref M 4Mb ser D
Chllds Co deb 5s
7%
6 M
6M
Series
~23M
1640 J
cons g 4s prior
1st consol gen Hen g 4s
Conv 4s series A
36
lo6
196
109 M
20 M
20 M
1941 M N
Erie RR 1st
*90
-1944 A
—
42 M
26 M
*86
l
D
1960 M
43 M
15%
5%
O
1st 5s—1900 J
1GM
1
9M
8M
5X
109 M
60
60
*40
1965 A
72
83 M
7
70
El Paso Nat Gas 4 Ms ser A
1951 J
El Paso A S W 1st 5a..—....1965 A
154
8M
I)
Chic T H A S'eastern
High
47
101
Lost
No
*40
1952
9M
"8M
8
D
J
4s— .....1951 J
4s
Erie A Pitts g gu 3 Ms ser B
Series C 3 Ms
7M
9
8
...
Cb 8t L & New Orleans 5s
.1951
Gold 3 Ms
..June 15 1951
conv
18M
18M
18M
8M
"m
♦Certificates of deposit..
{♦Secured 4 Ms series A
g
Low
50 M
20
9
105M
109 M
105
1st cons g 5s.. 1995 J
Elgin Joliet A East 1st g 5s
1
.
105M
108 M
.1995 J
5s stamped.,
A
♦Certificates of deposit
{♦Refunding gold 4s
Memphis DIv 1st
High
stpd
os
25% par paid
{♦Chic R I & Y Ry
Jan
El ill (N Y)
Electric Auto Lite
Since
Asked
Ia>w
{{♦Chicago Railways lot
Ed
Range
Friday
Price
3
High
111 M 110M
106M HOM
105 M 111 M
113M
108M
East Ry Minn Nor Dlv 1st 4s.. 1948 A O
East T Va A Ga Dlv 1st 5s
1956 M N
Ed El 111 Bklyn 1st cons 4s
1939 J
or
44
High
.....J
{{♦Dul Sou Shore A Atl g 5s._ .1937 J
Duquesne Light 1st M 3 Ms— .1965 J
Week's
Jan. 1
«a
D
.1995 J
.
♦Second gold 4s
♦2d 4s assented
Range
Since
§
113M
109M
109M
\Tahd
A
O
Range
«2
Asked
O
Detroit Term A Tunnel 4Ms. .1961 Ml N
Dow Chemical deb 3a
.1951 J
D
Last
I
&
.1995 J
♦1st 4s assented.
Friday
1937
-3
I
or
Friday
Price
fieri A ref mtge 3 Ms ser G.. .1966 M
♦Detroit A Mac 1st lien g 4s.. .1995 J
D
BONOS
Range
.
Sale
81
10
11,
Week's
107 M
93
92 M
50X
95
44 M
90
71
90 M
41M
90
56
36 M
103
93
104 H
80
109
98
80
102 M
70
89 H
88
90
100 M
83 M
92 M
98 M
100M
101 M
Friday
Week's
Last
Range or
Sale
Friday
BONDS
Y. 8TOCK EXCHANGE
Week Ended Dec. 10
N.
il
Price
Bid
&
L A N O—
A
1963
D
Joint 1st ref 5s series
Illinois Steel
46 *
Ind III A
Iowa 1st
106 Hi
106*
A
J
J
f ♦ 10-year 6s
!♦ 10-year conv 7% notes
♦Certificates of deposit—
32
101
108
55
56*
188
50
97
55
55
7
49
95*
17*
17*
19
22
13 X
56
57*
59
66
54 X
91*
56*
57
3
53
73
76
54
67
101
103*
55*
O
M
14
103*
55
A
57 *
S
—
A
5s stamped 1942
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A..July 1952
♦1st 5s series B
1956
♦1st g 5s series C
1956
Internat Hydro El deb 6s
1944
Int Merc Marine s f 6s
1941
Internat Paper 5s ser A A B—1947
Ref s f 6s series A
1955
M
N
1st 6s B__.1972
1st lien A ref 0*8
1947
Int Telep A Teleg deb g 4*8—1952
73*
O
M N
Int Agrlc Corp
{♦Iowa Central Ry 1st A
James Frank A
51
16*
20*
42
16*
147
46
90
55
56
47*
89*
HA I Namm A Son 1st 6s
92
36
89* 102*
Marlon Steam Shovel s f 6s
M
80 X
80*
82
23
76* 101*
Market St Ry 7s ser
80*
80*
1
80*
96*
97*
4
94
56*
86*
61*
236
38*
91*
548
74
60*
65
202
40
2*
3
10
J
J
60 X
J
J
91
64 X
F
A
M
S
81
M
S
A
81
94*
96*
O
32*
33
w w
1946
Kentucky Central gold 4s
1987
Kentucky A Ind Term 4*s—1961
Stamped
1961
Keith (B F) Corp
1st 6s
60*
28*
5
25
64
72*
73*
14
69
95
64*
66*
50
58* 100
109*
J
J
108
108*
3
106
J
D
105
105
2
*35
-
,
«.
*27
83*
83 X
M
J
*—
J
unguaranteed
1961
A P 6s
1937
Kings County Elev 1st g 4s—1949
Kings Co Lighting 1st 5s
1954
J
*100
A
*151
F
*75
1954
1941
J
4 His
Kings County El L
1st A ref 6 *s
Koppers Co 4s ser
Coll tr 6s series B
104
1
*98
J
'lol x
M N
101
101*
102*
99
J
J
F
*86*
A
Lake Sh A Mich So g
Lautaro Nitrate Co
23*
18
89
66
"66k
68
80
53*
67
38
54
70*
56
11
43
56*
49
85*
*95
101
100
100
101*
4s A—1965
4s
1945
ref s f 5s. 1944
1954
1st A ref s f 5s
1964
1st A ref s f 5s
—1974
Secured 6% gold notes
1938
Leb Val Harbor Term gu 5s
1954
Long Island gen gold
Unified gold 4s
Guar ref gold
ext to
4s
4s
4s stamped
27*
75*
28*
28*
32
M N
38
A
D
.—1952
1950
1938
1949
1949
1949
J
J
74* 100*
75
64
59* 103*
107
1944
1951
Louisiana A Ark 1st 5s ser A—1969
Louisville Gas A Elec 3*8
1966
Louis A Jeff Bdge Co gu 4s—.1945
deb 7s
5s
Louisville A Nashville
A
O
F
J
M S
M
RR—
J
Montana Power
39*
78
86
Montreal Tram
88
88
109
Gen A ref s f
129*
Gen A ref s f
126
136
Gen A ref s f
117
126*
103
97*
127
104*
28
110*
■
100* 106*
108
98*
41
63*
34
100
89
1940
2003
2003
2003
2003
Unified gold 4s
B
series C
1st A ref 4s series D
1st A ref 3 * s series E
Paducah A Mem Dlv 4s
1st A ref 5s series
lBt A ref 4*s
100*
3
91*
108
95* 101*
79*
63
100
106*
100* 103*
94*
89
7
89
5
o
A
gold 38—1980
4*8
1945
Monon 4s—1952
Atl Knox A Cin Dlv 4s
1955
Lower Austria Hydro El 0*8—1944
108
88
106*
104*
89
102*
103
18
108
19
104
20
98
19
S
'in*
J
85
85
111*
85
*
IVI N
82*
111*
98
97*
96*
7
—
97*
9
98*
33
A
O
.2013
j
D
*14
15
99
J
90
D
J
D
A
"58"
91*
58
103
1st ext 4s
3*8—
80*
103*
For footnotes see page
♦4s April
61*
96*
5s ser A.—1962
J
75
43
88*
J
47*
41*
50*
1962
48*
41*
42
16
37
70
1978
J
45
43*
45
40
38
79*
A
O
25
25
25*
94
21
80
F
A
24*
24*
52
19
48*
22*
3
18*
45*
"7*
23*
22*
7*
8*
303
22*
24*
284
5*
18*
24
24*
23
22*
23
10
18
47
24*
22*
24*
99
18*
48*
21*
23
13
19
46*
5
1975 m"s
1977 M S
deposit
1978
M N
deposit
"6*
5*
6*
517
O
24*
22*
*22*
24*
107
1981
M
M
II
*
"26*
46*
49*
47
18*
92* 100
75
74
97
21*
17
64*
10
22*
8*
9*
16*
17
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M
48*
18*
'395
~25
16*
S
18*
18*
17*
15
16*
49
88
21*
A
S
22*
*
S
F
M
84
IVI
N
"l"60*
106*
A
O
103*
103*
A
O
39*
98*
105
111*
34
100
108*
10
104*
94*
93*
39*
80
90
110*
106*
♦4« April
96*
85*
110* 115
85
97
106
95* 105*
90
105*
8
55
80*
25
90
48
80*
74
74*
77*
73*
69
67*
69
61*
M N
Nat Steel 1st coll s
f 4s
{♦Naugatuck RR 1st g 4s
A
70
J
J
27
D
F
IVI N
"98*
IVI N
101*
.'..1965
1954
1st g 4 *s series
B
1901
27Hi
57*
26
26*
7
23
53
12
33*
New Orl Pub Serv
92*
69*
92*
90
78*
J
12
12
12
41
58
....
70
26*
*97*
98*
101*
72
27*
100
99
102*
13
70
24
95
14
97
112* 119
23
142
97*
111
98*
03*
101
95* 107
100
100*
*1*
4
4
J
J
4
J
*1*
*1*
4
J
2*
2*
6*
4
13
2
AO
*2*
O
1*
2*
*2*
A
*1*
J
J
2*
2*
0*
2*
2*
7*
A
O
*1*
A
O
*1*
J
D
20
2
N J Junction
1st 6s ser A.-1952
i
1st A ref 5s Berles B
1955
New Orleans Term 1st gu 4s.-.1953
107
104*
IVI N
*55
D
♦117
J
*25
J
90*
82*
31
84
102
J
{♦New England RR guar 6s—1945
♦Conso! guar 4s
1945
New England Tel A Tel 6s A.. 1952
25
97
114*
64
J
J
25
80
61*1
12
106
J
5s—1948
5
*70
I
"e"
74
102* 107*
93*
05
116* 122*
■
23
*84
60*
*113*
79
IVI N
1914 coupon on
1951
♦4s April 1914 coupon off—1951
♦Assent warr A rets No 4 on '51
29*
5
86*
80
74*
M N
No 5 on '77
lien 4*8—
A rets No 4 on. 1920
43*
-
74
82*
M N
on...1977
off
1977
27*
*72
98* 104*
85*
79*
74*
1957
1957
42*
«...
78
"74"
100*
109* 115
93
99*
99*
*73*
♦4s April
•
87*
♦
♦Assent warr A rets
♦Assent warr
89
*73*
1914 coupon
1914 coupon
99*
87*
99*
87*
1st A ref 3*8.1960
1st A ref 6s
1941
6s series A
1955
5s series B
1955
4*s series C..1955
Nat RR of Mex prior
98
8
3789.
32
J
♦4* July 1914 coup off
1957
♦Assent warr A rets No 4 on '67
105* 111*
1939 IVI N
1941 J
90
5
40
71
"42k
1953 M
35
75
Prod deb 3*8 w w—1951
Nat Distillers Prod deb 4*8—1945
National Rys of Mexico—
111
1959 IVI N
Lt s f 5s..
(South Lines) 4s—
Manila Elec RR A
40
73*
RR guar 1st 4s.-1986
N J Pow A Light 1st 4*8
1900
New Orl Great Nor 5s A
—1983
N O A N E 1st ref A Imp 4 *8 A 1952
26
95*
95
71*
1955
Morris A
2000
Constr
1955
Constr
1955
Mutual Fuel Gas 1st gu g 5s—1947
Mut Un Tel gtd 6s ext at 6%-.1941
HNamm (A I) A Son—See Mfrs Tr
Nash Chatt A St L 4s ser A
1978
Nassau Elec gu g 4s stpd
1951
Nat Acme 4*s extend to—..1940
109*
12
59
*40
O
66
73*
Newark Conso! Gas cons
98 X
{♦Man GBANW 1st
2
85
97 X
♦Second 4s
23
89*
M N
Manila RR
33
108
112*
*96*
A
34
41*
D
D
Essex 1st gu 3*8
M 5s series A
M 4*s series B
92* 108*
16
107
8
32
J
♦4*8 July 1914 coup on
87*
*80
M
8
10
1990
♦4*s Jan 1914 coup on
93*
82
107
10
J
99* 103
112*
85
"_82*
37*
28
70
66
Gen A ref s f 5s series
100
92*
IVI N
McKesson A Robblns
135
70
100
"93*
8*
9
1959
4s
67* 100*
104*
100*
f deb 5s 1951
deb 5 Hb .1950
.1946
Maine Central RR 4s ser A...
1960
Gen mtge 4*8 ser A
1942
{{♦Manatl Sugar lstsf 7*8—
♦Certificates of deposit
{♦Manhat Ry (N Y) cons
4s .1990
♦Certificates of deposit—
McCror* Stores Corp s
125
116* 124*
153
107*
J
F
15
126*
121
75
o
St Louis Dlv 2d
Mob A Montg 1st g
73
O
O
1946
South Ry Joint
125
*118*
104*
84
14*
28*
gold 4s—1938
58—1947
♦Ref A lmpt 4*8
1977
♦Secured 5% notes
1938
Mohawk A Malone 1st gu g 4s. 1991
Monongahela Ry 1st M 4s ser A *60
Monongahela West Penn Pub Serv
1st mtge 4 *s
...1960
6s debentures
1905
76*
88
102 *
13*
M N
♦Montgomery Dlv 1st g
25*
ico*
8
13*
2*
30
{♦Mobile A Ohio gen
27*
32*
63
126Hi
3
22*
116
"73
3
"24*
62
*
A
J
10
F
J
Nat Dairy
Lorlllard (P) Co
2*
4
FA
1
S
21*
4
3*
deposit
MN
3d 7s ext at 4%.-July 1938
4
*
3*
s
gold 5*s
—1949
♦1st A ref g 68 series H
1980 A
♦Certificates of deposit-.
13
S
M
7
57
"4
72
*107
S
M
75
40*
57
5
M N
129*
D
IVI
20
15
54*
J
B
♦Certificates of
116*
"~97k
...—
7*
♦Conv
128*
"loik"
*
J
35
17*
16
16
S
99*
91*
3
♦1st A ref 6s series G
149
*123
O
3
77
77
85
90
"87*
s
♦1st A ref 5s series F—
116
D
A
77
83
*77
IVI
♦General 4s
38
128*
F
78
26*
105
*55"
IVI
A
Jan 1967
{♦Mo Pac 1st A ref 5s ser A
1965
♦Certificates of deposit
30*
32*
88
"iiek
O
35
105
97
M N
♦Cum adjust 5s ser
Mo Pac
98
16
7*
40-year 4s series B
Prior lien 4*s series D
32
O
O
100*
64*
Ml N
Liquid Carbonic 4s conv debs —1947
M N
Little Miami gen 4s Berles A—1962
Loews Inc s f deb 3*s
1946 F A
Long Dock Co 3*s
30
2003
J
Lombard Elec 7s ser A.
29*
94*
70
26*
27*
74*
M N
-
....
60
1
2
"24
99*
*
♦Certificates of
37
99*
97*
J
D
90*
26
99
5
♦1st A ref 5s series I
1940
A
97*
9*
9*
105*
*45
A
"99*
J
10*
104*
*
A
O
D
J
90
15*
100*
70
24
*12
A
J
12
8*
8*
98
64
88
14*
5*8
M-K-T RR pr lien
35*
85*
86
J
104* 110*
85* 108
10*
58
J
2003
General cons 5s
2003
Leh Val Term Ry 1st gu g 5s—1941
Lex A East 1st 50-yr 5s gu
1965
Liggett A Myers Tobacco 7s—1944
5s
..1951
J
105*
88
96
104
8*
60
37
J
IT
*166"
"15*
3
70
27 *
S
IVI N
J
3
*
Lehigh Val Coal 1st A
1st A ref 8 f 5s
J
M
102
102
102
J
J
60
97*
28"
J
1st Chicago Terra s f
109*
21*
2l""
J
60
78
5*
"24"
24
D
J
{♦Mo-Ill RR 1st 5s series A
Mo Kan A Tex 1st gold 4s
106*
98
1*
J
30*
*95
Lehigh A N Y 1st gu g
10*
4*
1938
1946
1949
1978
1941
int
58
"eo"
104*
6
6
6
102* 109*
1938
5s
60
1975
4s
cons
28*
30
Lehigh A New Eng RR
Lehigh Val (Pa) cons g
General cons 4*s
95
14
100
7
.1949
1902 Q
1st A ref 6s series A
99*
90
15
6
2
J
1st cons 5s gu as to
♦Certificates of
Lehigh C A Nav s f 4 *s A
1954
Cons sink fund 4*s ser C—1954
4*8
1st
70
*85*
101*
ioik
A
100
70
4s int gu.1938 J
M St P A S3 M con g
68*
54
"56k
Ltd—
Leh Val N Y 1st gu g
70*
54
3
101
O
J
1934
{♦Minn A St Louis 5s ctfs
♦1st A ref gold 4s
♦Ref A ext 50-yr 6s Ber A
50*
101
65*
65*
1941
3*8——1997
♦1st mtge Income reg
89* 102*
92
107*
s
{♦Mil Spar A N W 1st gu 4s.—1947
J
{♦Mllw A State Line 1st 3*8.-1941
1st ref 5*s series
96* 111*
68
93
D
25-year
10
91
10
107*
98*
107*
{{♦MllwANo 1st ext 4*8(1880)1934
1st ext 4*s
1939 J
Con ext 4*8
1939
119*
48
99
(Sept 1914 coupon)
114
98* 102
99* 104*
91
RR—
1937 extended at 3% to—1947
2d gold 58
99*
96*
IVI
115*
104
27*
lake Erie A Western
6s
35
26*
27
1942
1942
Coll tr 6s series A
18
104
99*
104
103
96*
*2*
♦4s
107* 108*
146* 161
83* 108*
83
100
J
to
A
...1951
Kresge Foundation coll tr 4s. .1945
3 His collateral trust notes—1947
{♦Kreuger A Toll secured 5s
Uniform ctfs of deposit
1959
Laclede Gas Light ref A ext 58.1939
Coll A ref 5*s series C
1953
Coll A ref 5*s series D
1960
Kinney (G R) 5*s ext
107*
79
N
S
109* 109*
*98*
J
9
M
89* 101*
99
107*
100
1
81*
1977
♦Mlag Mill Mach 1st a f 7s
1956
Michigan Central Detroit A Bay
City Air Line 4s
1940
Jack Lans A Sag 3*8
1951
1st gold 3*s
1952
Ref A lmpt 4*s series C
1979
{♦Mid of N J 1st ext 5s
1940
Mllw El Ry A Lt 1st 5s B
1961
1st mtge 5s.
1971
31
108
98*
*
70
79
*1*
83* 100
13
*108
J
84*
70
81*
1977
25
25
1
1
High
LOW
J
S
44
11*
21
14
*23
M N
40
47*
O
M
102* 105
M N
1961
Plain
102*
91* 106
26
14
No.
D
1947 A
♦Mex Internat 1st 4s asstd
9*
28*
28 X
1st 6s—1943
75
94*
80*
8
"65
J
High
97* 104
1943
A...April 1940 Q
Mead Corp 1st 6s with warr-.1945 IVI
Metrop Ed 1st 4*s ser D
-.1968 IVI
Metrop Wat Sew A D 5*s
1950 A
F
{{♦Met West Side El (Chic) 4s. 1938
92* 108
A
1950
102
80
3
10
O
A
80
96 X
D
J
Since
Jan.
Mfrs Tr Co ctfs of partlc In
95
2*
Range
g 2
Asked
dk
Low
73*
A
Bid
Price
10
Dec.
90
$645).-1943
(par $925) -.1943
(par $925).-1943
♦Ctfs with warr
Endec
49
F
Friday
40*
40*
stmp (par
stmp
21
Week
67
Apr 1950
Term 1st 4s
1960
A Electric 4*8—1980
♦Ctfs
17*
Range or
Sale
EXCHANGE
52
deposit
♦Ctfs w w
4*
STOCK
90
Clear 1st 4s—1959
Steel 4*s A..1961
♦Karstadt (Rudolph)
81
5*
Y.
71 X
Ref A lmpt 5s
Kansas Gas
6*
Week's
Last
BONDS
N.
J
4s_.1990
{{♦K C Ft S A M Ry ref g 4s. 1936
Kansas City
Friday
98* 102
17
42*
7
152
A
ref 4s. 1951
1st gold 3s
91
19*
19*
A
Kanawha A Mich 1st gu g
♦Certificates of
NEW YORK
A. T. A T. Tele. N. Y. 1-1598
104*
21*
J
Jones A Laughlln
Kan City Sou
Members New York Stock Exchange
Wall St.
63
Telephone WHlteball 4-2900
100*
J
1939
1955
Debenture 5s
105*
20
6
A
Int Rys Cent Amer
98 H
100
"20*
J
J
D. H. SlLBERBERG & Co.
43
23
*100
1947
Conv deb 4*8
104 X 104*
96 X 107
"T-
17
103 Hi
J
BANKS AND DEALERS
FOR
91H
87 X
37*
106* 108
6
166"
J
1932
1932
Interlake Iron conv deb 4s
105
17
{♦Ind A Louisville 1st gu 4s—1956
M
8
Ind Union Ry 3*s series B—1986
Inland Steel 3*8 series D
1961 F A
{Interboro Rap Tran 1st 5s—1966
♦Certificates of deposit
40 X
160
106*
BROKERS IN BONDS
High
Low
I
O
J
—
Since
Jan. 1
51*
44*
O
J
Ind Bloom A West
Range
S
49
48*
50
D
C
deb 4*s
c
High
A
1963
1940
1st ext 4s_-1940
g 4s
1950
1st A ref 4 *s series
q
<§<2
Asked
Low
Ill Cent and Chic St
3787
New York Bond Record—Continued—Page 4
145
Volume
107
80
119*
50
52
J
J
*25
39*
J
D
123
123*
10
M N
122
122*
4
A
*90
F
100*
106*
*58
116* 125*
100
96
82
74*
52*
118* 127*
101
104* 108*
106*
72*
75*
"56"
50
50
11
95*
95
96*
22
95
93*
95
26
75
76
4
98
85*
90* 103*
89* 103
100*
75
45
New York Bond
3788
Friday
BONDS
N. Y.
Last
STOCK EXCHANGE
Week
Ended Dec.
Range
Salt
10
or
Bid
O
1954 A
O
♦let fie serlee B
♦1st fie serlee C
1956 F
•1st 4 He series D
1956
1954
32
69 H
64 H
32
60
30
65 M
Pat A Passaic G A E
30
♦Paullsta Ry 1st ref s f 7s
32
62 M
57
110
113M
82
163
77 M
88M
72
A
A
85
90 M
72
206
86
70
63
Ref A lmpt 4
160
68
103
429
81 M
93 X
109M
76
89 H
105
23
69 M
72
81
82 M
96M 108M
187
59 M
98 H
97 M
80 M
N Y Chic A St Louis—
76 M
--.1974
—1978
Oct 1 1938
—
73 M
N Y Edison 3MB ser D
1st lien A ref 3Ms ser
69
53
1970 A
1960 F
92 M
93 H
101
1965 J
21
H7M
103M
117M
103M
163
87
General fis series B
1968 J
107 M
1
109
106
108M
117M
103M
109M
1970 A
"50 M
"5
Debenture g 4 Ms
General 4Mb series D
Gen mtge 4Ms series E
Conv deb3Ms
50 M
49M
45
42
*40
109M
108M 109M
47
72 M
14
46
105 M
37 M
45
72
40 M
60
J02M
102
102 M
102 M
"34
52
122M
122
122 M
7
Peop Gas L A C 1st
97 M 105 H
N Y Gas El Lt H A Pow g 5s..1948
116M 125 M
109 M 117M
97
N Y A Erie—See Erie RR
112M
N Y A Greenwood L gu g 68— .1946
N Y A Harlem gold 3 Ms
2000
N Y Lack A West 4s ser A—.. 1973
85
1973
95
113
7
*90
N Y L E A W Coal A RR 6Ms. 1942
1939
1947
21
19H
19M
1954
—
.1967
24 M
♦Debenture 4s
♦Harlem R A Pt Cbes 1st 4s..1954
9M
W<
.1955 J
♦General 4s
7
t#N Y Providence A Boston 4s..1942
N Y A Putnam 1st con gu 4s....1993
A
N Y Queens El Lt A Pow
M N
A
3 Ms—.1965
tN Y Rys prior Hen 6s stamp...1958
N Y A Rlchm Gas 1st 6s A
N Y Steam 6s series A
O
J
106M
1st mtge fis
1st mtge 6s
1951 M N
♦General gold 5s
♦Terminal 1st gold 5s
J
F
1940 F
J
1946 J
45
1950 M N
77
99
*46 M
116M
116M
A
101
100M
101M
102M
S
101M
102 M
98 M
North Cent gen A ref 6s
Gen A ref 4 Ms series A
1974 M
S
1974 M
98
75
9
Ref A lmpt 4Ms series A
Ref A lmpt 6s series B
2047
97
96M
97M
196
61M
61M
62 M
182
75
-
76M
17
90 M
236
81
78
81
2047 J
J
80
79 M
80 M
1938 A
D
Northwestern Teleg 4 Ms ext
1944 J
J
♦Og A L Cham 1st gu g 4s
Stamped
1948
J
Ore Short Line 1st
con
*13
11M
i02M
96 M
l'oVkj
33
109*»
101
34
102
50
109 M 109 M
96
106M
91M 100
109M 112M
95
101
111M
7
98 M 104
110
115
108M
116M
8
107 M 115
114
106
13
105
105 H
114
100 M
23
72
100 M
74
*50
62 M
*112
108M
116M
116
100 M
72
34
107M
108M
71
104M
104
104 M
35
100M
100 M
100M
50
102M
102 M
102 M
t
82
103
111
99 M 107M
94 M 100M
84
85M 102 M
95
102 M
99
105M
102M
102M
8
48
106
~97M
A
123
93
1
Pacific Tel A Tel 3Ms ser B—1966
Ref mtge 3Ms ser C
-.1966
Paducah A 111 1st s f g 4 Ms
1955
Panhandle Eastern Pipe L 4s_.1952
Paramount Broadway Corp—
121M
103 M 107 M
99 H 103 M
69 M
92 M
54
108M
*80
115
117
*116
'l05M
60
see page
3789.
103 M
2
62
124M
108 M 124
108 M 123M
101
107M
112M 113
64 M
75 M
62
61M
62 M
60M
109M
109M
D
90 M
96
97M
54
54 M
J
J
10
10*
104
103M
75M
deb 4s._1957 IVI N
1956 M
J
7
56 M
98
41
75 M
104M
2
104
108M
48
88 M
51M
11M
104
328
9M
45 M
13
100
106
1
70
100
75M
7M
9
85M
"15
S
1948 J
110M
119M 124 M
J
1951
108
*110
104M
f deb 6s
14
*6l~~
61H
*45
guar
k
109
125M
111
109
114H
114M
113
126"
"64
J
s
111
109
D
J
Term 1st 4s
111
A
1960 M S
-
107M 111H
107 M 113M
106
113M
110M 113M
108
112M
*106
D
1974 J
for deb 6s A com stk (65% pd)
J
D
J ♦Debenture gold 6s
1941 J D
Reading Co Jersey Cent coll 4s_1951 A O
Gen A ref 4 Ms series A
Gen a ref 4 Ms series B
1997 J
J
J
7
28 M
85M
84M
85M
90
84 M
101
84
IVI
s
75M
120M
104M
78
76
78 M
4
93 M
91M
93 M
74
92M
93 M
25
92
X
94
56
88
112
112
I12""
112
""fi
110
212
82 M
105
84
84
77
100
J
1997
Remington Rand deb 4Mb w w.1956
Rensselaer A Saratoga 6s gu
1941
Republic Steel Corp 4 Ms ser A.1950
Gen mtge 4 Ms series B
1961
Purch money 1st M conv 5 Ms '54
Gen mtge 4 Ms series C
.1956
Revere Cop A Br 1st mtge 4Ms. 1956
93 M
M N
*
M S
F
A
82 M
M N
106M
110
98 M
"24
62 M
17
98 H 104 M
108M 108M
97
101M
60
99
60
7
26 M
18
78
100
97 M 100
22
32
98 H
♦Rhelnelbe Union s f 7s
1946 J
♦Rhine-Ruhr Water Service 68.1953 J
J
98M
26 M
20
J
20
*27
,1952 IVI N
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
29
1953 F
A
1955 A
O
2
18
f conv debentures
1952 IVI
8
1952 J
J
1955 F
30
"16
19 M
30 M
19M
19 M
30M
30M
84
92
29
30 M
14
30 M
3
88 M
A
J*Rio Grande June 1st gu 58—1939 J
♦Rio Grande West 1st gold4s_.1939 J
♦1st con A coll trust 4s A
1949 A
D
s
Rlchm Term Ry 1st gen 5s
♦Rima Steel 1st s f 7s
Roch G A E 4 Ms series D
Gen mtge 5s series E
90
90
48
48
45M
44"""
45M
O
20 M
20 X
22
8
108M
9M
20 M
15
1949
*10M
—
♦Rutland RR
1st con 4Mb
1941
♦Stamped
Safeway Stores s f deb 4s
1947
Saguenay Power Ltd 1st M 4Mb '66
*13M
11
108k
"2
18M
109 M
28 M
25 M
32 H
5
2
20 M
15
1
13
18
15M
12M
2
45
100M
100
101
14
109 M
13 M
11
15
M 103M
97
104M
107
112H
96
103M
97 M
92
59 M
63 X
55
59
59
59
94
34 M
99
*11—.
*11—I
1966
52 M
117
10
101
1996
84
116M
20 M
100M
♦
91M
44
107 H
8
101
^ St Jos A Grand Island 1st 4s—1947
St Lawr A Adlr 1st g fis
2d gold 6s
106
60
91
14
*115
ft*R I Ark A Louis 1st 4M8—1934
♦Ruhr Chemical s f 6s
1948
♦Stamped
48
80
*
♦Rut-Canadian 1st gu g 4s
101M 104M
J
1977 M S
1962 IVI
19
*104
♦
26 M
19
"30M
30 M
29
M 130 M
Richfield OllCorp—
102
St Louis Iron Mt A Southern—
♦JRlv A G Div 1st g 4s
♦Certificates of deposit
1933
IVI N
*♦S L Peor A N W 1st gu fis—1948 J
St L Rocky Mt A P fis stpd
1955 J
J
J*St L-San Fran
J
pr
♦Certificates of deposit
♦Prior lien 5s series B
♦Con M 4 Ms series A
62 H
17
J
17
18
15
89 M
88 M
48
♦70.M
74 M
70
85
"15 M
•15
16M
92
10M
37 M
13M
lien 4s A—1950 J
13
15
71
10
33 M
25
11H
10M
9M
8M
36 M
y
j
16
1978 M
S
14M
13 H
12M
1950
♦Certificates of deposit
75M
33
83
J
1950 M N
115M
98 X
83
J
♦Rhlne-Westphalla El Pr 7s
76
84 M 108M
84 M 108
106 M
84 M
IVI N
♦Ctfs of deposit stamped
For footnotes
103M
J
4s
101M
110M
1938
1955 F
14
103" "90
97
102
33M
101M
J
f g 3s loan ctfs
14
10
_
"19
D
—1938
s
14
100 H
fis. -1946 J
Pac RR of Mo 1st ext g 4s
2d ext gold 5s
109M
104M
107M
103
11M
1948 J
1977 J
conv
108
100 M
^♦Radlo-Keith-Orph pt pd ctfs
110
101
1966
1st M
161" M
97
D
ser I
76
76
D
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El 4s series G
1964
1st A ref mtge 3Ms ser H—-1961
Ms
9
10
J
Guar stpd cons 5s
-1946
Ore-Wash RR A Nav 4s
-1961
Oslo Gas A El Wks extl fis.., -1963
Otis Steel 1st mtge A 4 Ms— -1962
1st A ref mtge 3
11
A
g 4s_. -1946 J
cons g
81M
90 M 112M
60 M
82 M
70
106
107
Ontario Power N F 1st g fis—, -1943 F A
Ontario Transmission 1st 5s_. -1945 M N
Oregon RR A Nav
87
83
112
S
N
120
83
♦102M
J
J
_
Ohio Connecting Ry 1st 4s— -1943 M
Ohio Edison 1st mtge 4s
-1965 M
1st mtge 3Ms
-1972 J
Ohio Indiana A West 5s_.Apr 1 1938
Q
KOhlo Public Service 7s ser B -1947 F
Oklahoma Gas A Elec 3M8-- -1966 J
4s debentures
-1946 J
87
A
108M
108M
O
1962 F
ser
108M
85 M 102
*117 X
109M
125M
72 M
70
J
J
*U8X
68—1942
^♦Providence
82 M
72 M
87
F
J
1959 A
1960 AO
^♦Providence Sec
122
120
82
J
106
—
*70
2047
16
50 M
20 M
30
109
f*Postal Teleg A Cable coll 5s. 1953
Potomac Elec Pow 1st M 3M8-1966
106M
98M 105M
101M 106 M
95M 107
119
2047 J
108M
110
111
Pressed Steel Car deb 5s
97
125
Ref A lmpt 5s series C
Ref A lmpt 5s series D
Nor Ry of Calif guar g 5s
J
Purity Bakeries
S
April 1 1937 incl coupons. .1945
North Pacific prior lien 4s
1997 Q
Gen lien ry A Id g 3s Jan
2047 Q
1977 J
1st 58 1935 extended to 1950
32 M
55
4M
8
100M
108
O
Porto Rlcan Am Ton
31
guar fis—
♦Oct. 1 1934 A sub coupons-1945
♦Oct 1937 and sub coupons.-1945
♦Stpd as to sale of April 1 '33 to
D
1st gen fis series C
104
8M
112
62
22
*110M
♦110M
*110M
1964 M N
1975 A
1st 4 Ms series D
Port Gen Elec lBt 4Mb
22 M
12M
55
5M
12X
13
87
A
1970 J
1st gen 5s series B
109 M
108
11
117M
101M
102M
103M
4Ms
Pitts Y A Ash 1st 4s
95M 109 M
99 M
'
4M
100
106
101
11M
1961 F
1957 M
67
22
71
A
1st mtge 4Mb series C
98
0
cons
4s
106 M
106
16
D
1960 F
1963 F
cons guar
1st mtge 4Mb series B—
94 M
70
98
A
♦jNorthern Ohio Ry 1st
101
105M
106
A
69 M
2
1996 O A
Aug 15 1963 F
7
44
67
70
*94
12
Nov 15 1969 NM
Deb 6 Ms series B
Deb 6s series C
34
9M
103M
9M
A
11M
108M
*
Pitts Va A Char 1st 4s guar
1943 MN
Pitts A W Va 1st 4Mb ser A—.1958 J D
92 M
91
109 M
103 M
5M
g 6s...1941 MN
ser
53
98 M 107 M
107 M
98
10M
5
12
1957 MN
Series J cons guar 4 Ms
1O0M
104 M
*107M
♦Certificates of deposit
Norf A W Ry 1st cons g 4s
North Amer Co deb 5s
14
45
"70" ~
O
No Am Edison deb fis
32
33
106
5M
A
106
105M
14M
11M
5
12
\
1945 MN
1949 F
1953 J
Gen mtge 5s series A
Gen mtge 5s series B
Gen 4 Ms series C
105M
108M
102 M 108M
96
1
105M
1950 A
6
Series I
90
46
I
"
O
107
Series H
101H 109M
45
j"J
1946
33
15
1942 M N
Series F 4s guar gold
Series G 4s guar
95
107
1966 M S
1955 A
101M
67
8
105M
15M
1940 A O
1942 A O
Series C 4 Ms guar
Series D 4s guar
42 M
98
107
Pitts C C C A St L 4MB A
Series B 4 Ms guar
46 M
5
103M
103M
70
8M
31
106M
106 M
102
1949 M
*
Series E 3 Ms guar gold
74
7
2
11M
8Vs
D
|J*Norfolk South 1st A ref 5s.. 1961 F
^♦Norfolk A South 1st
99M
13
14
A
1946
Nord Ry ext sink fund 6 Ms
14M
A
M N
— 1943
N YTelep 1st A gen s f 4Mb— 1939 MN
ref mtge 3Ms ser B
1967 J
J
X*N Y Westch A Bost 1st 4 Ms.
Niagara Falls Power 3 Ms
Nlag Lock A O Pow 1st fis A...
Niagara Share (Mo) deb 6Ms..
78
90 M
105M
105M
1956 MN
{♦|N Y Susq A West 1st ref fis. 1937
1937
1*2(1 gold 4Mb—J—
N Y Trap Rock 1st 6s
6s stamped
127
37 M
65
98 M
106M
87
76
^Philippine Ry 1st s f 4s
1937 J
J
Plllsbury Flour Mills 20-yr 6a__ 1943 A O
Pirelli Co (Italy) codv 7s
1952 M N
Pitts Coke A Iron conv 4Mb A. 19521M 8
71
7M
20
90 M
1947 M N
101
91
91M
106
J
60
35
96
J
.1951 M N
--
92
45
"67" """2
67
129
119
108 M 117
47
*97M
O
116
109
1
19
32
101
103M
97M 119M
107
113M
4
16M
87
10M
188
123 M
109
35
37M
10M
5M
D
102
109
26
1
68
109
47 M
20 M
69
74
109
5s series A
♦Conv deb 6s
76 M 106
26
*114
44 M
154
100M
"28
71
73
D
1981 J
18M
46M
16 M
69
26M
113
*111
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7
78M
69M
100M
99
5M
107
J
t*Phlla A Reading C A I ref fis. 1973 J
32
69
12
A
1967 J D
Phlla Electric 1st A ref 3M8—1967 M 8
23
67 M
8M
107
95M 111M
111M
82 X 111 M
116M 121M
108 M 117M
1974 F
98
78
.1992 M 8
J*N Y Ont A West ref g 4s
sec
198
86 M
95 M
1943 M N
47
24 H
78
Phlla Co
D
100M 115K
105M 123
1977 J
General g 4 Ms series C
General 4 Ms series D
106M
80 K
70M
72 M
3 Ms deb-—1952 J
88 M
116M
109M
8
1956 J
conv
160
*101
1956 J
112M
116M
109 M 116M
89 H 103M
115M 120
141
26
*60
A
98
10
25
9M
O
1980 M
dge
108M
Apr
1974 F
20 M
19 M
2
21M
20M
20M
20 M
23
1990
1st g 4 Ms series C
101M 108M
22M
"10H
♦1st A ref 4 Ms ser of 1927—.1967
April
Phlla Bah A Wash 1st g 4s
General 5s series B
105
19M
25
.1940
♦Collateral trust 6s
95
23M
36 M
"20 H
1956 J
.1948
debenture 6s
*115
l65"
Peoria A Eastern 1st cons 4s—1940 A
90 M
99 K
86 X
1943 A
Peoria A Pekln Un 1st 6 Ms
Pere Marquette 1st ser A 6s
9
79
98
1947 M
84
105M
94M 109 M
99 M 102
85
20 %
21
1956 M
♦Conv debenture 3 Ms
♦Conv
21M
98
99M
88M
1952 A
6s
Phelps D
100 %
100
1947
99
1984 J
99M 107
105M
1941
87M
1981 A
Refunding gold 5s
97H 101M
100
N Y L E A W Dock A lmpt 5s. 1943
♦Non-conv debenture 4s.--. 1955
cons
93
89M
1st 4s series B
*102
♦Non-conv debenture 4s
105 M
♦Income 4s
113
Purchase money gold 4s.---1949
{♦NYANE (Bost Term) 4s. .
{♦NYNHAHn-« deb 4s—
♦Non-conv debenture 3 Ms—
♦Non-conv debenture 3Ms-.
7
uoh
Gen mtge 3Ms ser C
Consol sinking fund 4 Ms
General 4 Ms series A
O
96 M 106M
109
95 H
71M 100 M
102M
4s
*110M
110M
108
47
.....
N Y A Long Branch gen
122
111
174
1965
—.
101M
65
105
105 M
100 M 107,
109M 111
100M
92 M
1966
4Ms series B
*100
*110
Consol gold 4s
1948 M N
4s sterl stpd dollar May 1 1948 M N
102
102
76
103
82
107 M
95M 108M
88
75
*108M
107
69
62
1938
E
88 M
103 M
90
1953
1951
106«
104
92
N Y Connect 1st gu 4 He A——1953
Serial 5% notes
Certificates of deposit
50
101M
98M
88M
103M
101M
100 K
96
103 M 107M
104 M 110
82
64 M
1946
1st guar 5s series B_.
NY Dock 1st gold 4s
77
104M
103 M
"97"
402
4Mb series B
1981 J
Pennsylvania P A L 1st 4 Ms—1981 A O
Pennsylvania RR cons g 4s
1943 M N
96 M
80
18
81
O
77 M
80
98 M
Pa Ohio A Det 1st A ref 4 Ms A. 1977 A
97M
103
39M
88M
Penn-Dlxle Cement 1st 6s A—1941 M S
105 M
96 H
116M 122 M
104
Penn Glass Sand 1st M 4M8--1960 J
94 K
*78
93
96M
79
High
89
72 H
90
103M
87
71M
10
"60"
*
76M
Mich Cent coll gold 3 Ms—1998 F
4s collateral trust
1963 F
Low
42
1952 M N
28-year 4s
No
91M
♦102M
1944 J
83 %
Lake Shore coll gold
3-year 6s
F
1942 J
Jan. 1
75
*
8
Guar 3 Ms trust ctfs C
Guar 3 Ms trust ctfs D
Guar 4s ser E trust ctfs
94 M
Ms ser A
2013 A
3 Ms—1998 F
42
8
1942 M
78M
1942 J
High
91M
39M
♦118M
93
1944 A
97
Debenture 4s
A
Ref 4Hs series C--
1968
S
fis—1949 M
Penn Co gu 3Ms coll tr ser B__1941
106 M
104 M
69 M
cons
Since
Asked
74
74 X
M
86M
M N
Conv secured 3M8-N Y Cent A Hud River M 3MS-1997 J
dk
90
1947 M
35
Range
Friday
Bid
1955 J
conv debentures
36M
90
Ref 5H8 series
3Ms
38M
37M
A
Range or
Sale
Price
Low
Paramount Pictures deb 6s
34
37
C
61M
30
♦110
Last
Is
sa.
High
28
28
37 M
36M
A
82
Ref A lmpt 5s series
Low
5
37 M
35
3
10
1937
11,
Week's
Friday
I'
Dec.
34
F
O
Dec.
EXCHANGE
Ended
37 M
A
A
1946
2013
2013
1952
No
29 M
36M
♦31M
Week
Paris-Orleans RR ext 6 Ms
Parmelee Trans deb 6s
Newport A C Bdge gen gu 4M81945 J
N Y Cent RR 4s series A
1998 F
10-year 3Ms sec s f
Ref A lmpt 4Mb series A
Jan. 1
High
28
37M
♦Certificates of deposit
♦1st 6 He series A
♦Certificates of deposit
5
BONDS
N. Y. STOCK
Since
Asked
&
Low
tl*N O Tex A Mex n-c lnc 68—1935 A
Range
Friday
Price
Record—Continued—Page
Week's
X
15M
16M
14
15
13M
14 M
156
12
13M
129
26
33 M
33 M
30 M
Volume
New York Bond Record—Concluded—Page 6
145
BONDS
N.
Y.
8TOCK
Last
EXCHANGE
2734
♦Gen & ref g 5s series A
2034
i
1990
con g
'
1
2834
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1943 J
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*
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1966 IVI
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1939 F
1946 J
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J
J
J
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1
534
20
Warner Bros Plct deb 6s
634
2334
634
2234
139
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275
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9
49
854
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♦Series B certificates
1935 F
23
8
554
434
A
17
35
534
534
534
3634
234
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23
21
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47
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4s
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gu
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1955 A
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1955 A
121
3834
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334
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1951 M
1952 J
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Slleslan-Am Corp coll tr 7a
1935
1951
1946
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deb 4s
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98
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68
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1969 M N
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1981 M N
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1946
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—1950
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1955
1955
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1956
1956
1956
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1961
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1943
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8
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92
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1938
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97
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1947
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104
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J
♦Ctf dep Chase Nat Bank
♦Ctfs for col A ref conv 7s A. 1935 MN
Youngstown Sheet A Tube—
1st mtge s f 4s ser C
1961
98
9634
98
IVI N
during the current week
Cash sales transacted
e
Cash sale; only transaction during
r
and not included in the yearly
current week,
11034 1283*
Gen A ref 5s series B
1977
O
85
86
14
83
1979
O
86
83
86 34
74
82
interest
payable at exchange rate of $4.8484.
1980
D
8634
83
863*
63
80
S
1960
J
♦AdJ lnc 5s
I ♦Third Ave RR 1st g 5s
Jan 1960
o
1937
J
Tide Water Asso Oil 3 34a
1952
J
1953
D
nearing maturity.
reorganized under
{ Companies reported as being in bankruptcy, receivership, or
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
"* Friday's bid and asked
price. No sales
♦
Bonds selling flat.
z
Deferred
transacted during current week.
■
,
^
,
.
,
.
the current week and not included
delivery sales transacted during
in the yearly range:
No sales
10834
Tex Pac Mo Pac Ter 5348 A—1964
Bonds called for redemption or
108
Gen A ref 5s series D
Deferred delivery sale; only
week,
1063*
Gen A ref 5s series C
a
during current week,
» Under-the-rule sale; only transaction during
x Ex-Interest.
I Negotiability Impaired by maturity,
t Accrued
transaction
S
1944
Gen refund s f g 4s
1953
Texarkana A Ft S gu 5 34s A—1950
Texas Corp deb 3 34a
1951
Tex A N O con gold 5s
1943
cons
4434
14
14?*
current
deb 6s B—1944
C—1944
Tennessee Corp deb 6s ser
Tenn Elec Pow 1st 6s ser A
100
1034
86
1534
1334
O
S
8234 104
126
115
8
Tenn Cop A Chem
99?*
No sales.
100
—
713*
97?*
range:
693* 159
10234 10734
31
10534
1053*
95
100
----
-----
65
1053*
1003* 10634
168
100
*1003*
953*
10934
9834 1063*
1134
40
16
1023*
993*
773*
102
1
1434
143*
102
-
105
100
----
773*
10734
80
------
D
Staten Island Ry 1st 434s
-
-
6
72
713*
*
—
8534
53
1053*
55 34 11034
10134 1053*
71?* 103
4334
8434
71?*
J
Staler (A E) Mfg 1st M 4s
6834
*
------
J
Mobile A Ohio coll tr 4s
1938 M S
D
S-western Bell Tel 334s ser B—1964
S'western Gas A Elec 4s ser D—1960 M N
65
70
o
10934
8534 10834
10034 10034
79
11234
853*
O
97?4
101
109
9434
923*
*
J
98
6734
8834
101
92?*
47
40
♦1134
West Shore 1st 4s guar
San Fran Term 1st 4s
1334
60
14
♦6s assented
9834 102
105
10834
10134 10734
-----
lBt mtge pipe line 4
"ilk"
A
Westchester Ltg 5s stpd gtd—1950 J
100
100
*98 %
South A North Ala RR gu 5s..-1963 A
8outh Bell Tel A Tel
102
5434
*64
J
1951 J
Socony-Vacuum Oil 3348—
98
9734
93
52
1976 F
81
55
♦Certificates of deposit
Wash Water Power
Shell Union Oil deb 334a
97
91
D
1334
2034
~17
16
94
"I"
O
734
6s series A
cons
1980 A
4334
4
♦Certificates of deposit
{♦Alt A Blrm 1st
♦Ref A gen 5s series D
25
♦Certificates of deposit
♦1st A
1978 A
33
8234
14
♦Certificates of deposit
♦Ref A gen 4 34s series C
♦Certificates of deposit
2734
*1634
9834
86
10634
6834
♦Certificates of deposit
♦Ref A gen 5s series B
31
4 34
103J4
30
4434
1434
43
44
17
1073*
65
1
4134
110
101
*35
1941
19
*11154
50
37
*1111II—.
34s A. 1975
101?*
143
___
1934
*25
Oct 1949 F A
1939
gen 5
67
110
84
40
♦
♦Toledo A Chic Dlv g 4s——1941
{♦Wabash Ry ref A
45
103
73
38
1941
♦Des Moines Dlv 1st g 4s
♦Omaha Dlv 1st g 3 34a
17
105
104?*
6934
1954
115
110
104?*
7134
High
8
4134
10434 109?*
6434
s
2034
*25
1989 M N
If ♦Seaboard Air Line 1st g 4a. .1950 A O
{♦Gold 4s stamped
1950 A O
♦1st Hen g term 4s
Low
56
103
A
30
2034
O
1959 A
11234
*2034
Scioto V A N E 1st gu 4s
♦Adjustment 5s
{♦Refunding 4s
*23
2034
-1946 A O
634a series B
10934
112
Santa Fe Pres A Phen 1st 58. .1942 M S
124
82
10334
10834 112 34
10634 11034
31
85
109
4s—1965 M N
{♦Schulco Co guar 6 Ha
♦Stamped..'.
113
47
52
*
1939 IVI N
♦Det A Chic Ext 1st 5s
117
No.
45
52
J
37
10134 10634
110
S
.
O
1958 A
734
22
High
12
10
109
Va A Southwest 1st gu 4s
1st cons 5s
10334
117
113*
10934
8
20
934
1940 J
1972 J
D
1955 M N
Jan. 1
10934
Low
1942 J
Va Iron Coal A Coke 1st g 5s„ .1949 IVI
10934
Asked
A
Virginia El A Pow 4s
A
Since
Friday
Bid
Price
♦Vertlentes Sugar 7s ctfs
ser
Range
Range or
Sale
si
54
1534
St Paul Minn A Man—
tPaclflc ext gu 4s (large)
EXCHANGE
Ended Dec. 10
6534
2534
96
*1034
10
Last
S|
STOCK
Week
High
6934 100
36
7434
*96
A
Y.
Low
2734
4S--1968 J D
{♦St Paul E Gr Trk 1st 4348—1947 J
{♦St Paul A K C Sb L gu 434B-1941 F
No.
7134
3934
7134
♦2d g 4s lnc bond ctts
BONDS
N.
Since
Jan. 1
High
Low
1989 MN
J
Nov 1989
J
{♦1st terminal A unifying 58.1952
{St L SW 1st 48 bond ctfs
St Paul A Duluth 1st
Range
Friday
A
Asked
Bid
Pries
Week's
Friday
Range or
Sale
10
Ended Dec.
Week
3789
Week's
Friday
Third Ave Ry 1st ref 4s
-
-
-
-
-
105
32
63*
.
10034
203
73*
634
1
77
77
------
114
33
3134
46
1003*
99J4
733*
5 34
463*
763* 10134
30
963* 1013*
Tokyo Elec Light Co Ltd—
1st 6s dollar series
Tol A Ohio Cent ref A Imp 334 s 1960
1950 A
Tol St Louis A West 1st 4s
O
1942 M S
D
Toronto Ham A Buff 1st g 4s_. .1946
.1949 M S
Trenton G A El 1st g 5s
J
Tri-Cont Corp 5s conv deb A.. .1953 J
Tyrol Hydro-Elec Pow 7348--- .1955
Guar
sec s
M N
1053*
*10334
.1952 F
f 7s
------
93?*
1053*
104
-
—
-
-
103
— -
1
99?*
-
-
7434
10634
113*
11734
15
--
-
100
69
10634
1153*
Week Ended
Dec.
Bonds
FridayTotal
6,045,988
Thursday
110
103
1163*
9
10934
11134 11634
1063*
18
S
78?*
.1934 J
Ununited Rys St L 1st g 4s
deb 334s .1946 IVI N
U S Pipe A Fdy conv
U S Rubber 1st A ref 6s ser A.. .1947 J
♦Un Steel Works Corp 634a A. .1951
80
92
8
11034
10534 109
643*
7234 10334
5034
108
$5,766,000
$2,351,000
$47,249,000
2
23
II
P Total
11234
15
106
11,203,280
390,279,638
467,500,522
$3,797,000
$340,934,000
330,792,000
11,997,000
61,778,000
1,992,864,000
$77,572,000
$2,664,590,000
$3,358,206,000
1703*
104?*
102?*
10434
94
100
2534
2534
1
22
1073*
3334
25
25
2334
26
*25
2534
2534
3
8634
♦Sink fund deb 634s ser A... .1947
.1944
8634
18
1934
3234
3234
Utah Power A Light 1st 5s
.1944
88?*
75
.1947
88?*
5034
86?*
{♦Util Power A Light 534s
5034
51
19
41
51
503*
5134
8.1
41
82
as
the New York Stock Exchange
compiled by Dow, Jones & Co.:
673*
82
the~daily"closing~averages of representative
stocks and bonds listed on
69
.1959
"Below'are
85?* 1053*
84
106?4
Vanadium Corp of Am conv
Vandalia cons g 4s series A
Cons
s
5s.1941
1955
f 4s series B——
A
F
1957 M N
{♦Vera Cruz A P 1st gu 434s—1934 J
J
{♦July coupon off
1936
1937
Stock and Bond Averages
3634
111
Utah Lt A Trac 1st A ref 5s
{♦Debenture 5s
10
Jan. 1 to Dec.
10
1936
11434
Ill
.1951
♦Secsf 634s series C
7734
108
$39,132,000
$47,249,000
10534
.1944 Ml
8,449,000
9,404.000
5.766,000
10534
.1953 IVI
250,000
39.132,000
Railroad and Industrial
O
United Drug Co (Del) 5s
U N J RR A Can gen 4s.
426,000
$304,755,000
326,840,000
2,726,611,000
State and foreign
9134 10134
Un Cigar-Wbelen Sts 5s
1,106,000
1,177,000
6,045,988
Government
9034 1013*
83
6,917,000
7,977,000
7,622,000
6,964,000
9,930,000
Bonds
36
62
506,000
$2,351,000
Stocks—No. of shares.
45
52
906,000
1937
Exchange
95
.1952 A
1,176,000
882,000
New York Slock
953*
United Biscuit of Am deb 5s... .1950 A
$519,000
5,90-,000
5,858,000
8,518,000
Week Ended Dec.
Sales at
23
94
-
$3,960,000
965,250
1,520,430
1,082,318
1,075,260
Wednesday
Sales
$4,880,000
$401,000
544,000
224,000
566,970
835,760
Saturday
Tuesday
9334
-
Bond
Bonds
Mis cell.
Shares
9434
O
States
For'n Bonds
Number of
.1971 M N
.1970 A
34-year 3 34s deb
35-year 334a debenture
Total
Municipal A
State,
10 1937
______
United
Railroad A
Monday
1163* 12134
101
11434
■■
New|York Stock Exchange,
atYthe
Daily, Weekly and Yearly^
Stocks,
10234 1063*
44
113
______
9734
30
10634
112?4
10534
114?*
1013*
24
105
11234
S
123
90
11
-
9
106?*
S
1
118
*
11734
119
104
90
106
.1962 J
1053* 1053*
10234 10734
116
-
14
----
*9534
{{♦Union Elev Ry (Chic) 5s... .1945 A
Union Oil of Calif 6s series A... .1942 F
.1952 J
3 34s debentures
June 2008 M
96
-
109 34
7434
Union Pac RR 1st A Id gr 4s... .1947 J
1st lien A ref 4s
June 2008 M
-
-
105
A
10834
----
*96
.1945 M
UJigawa Elec Power s f 7s
Union Electric (Mo) 3?*s
1st lien A ref 5s
*11634
105
------
97
9934
*
Tol W V A Ohio 4s ser C
51
23
64
9834
D
83
129
61
63?*
Transactions
10734 1103*
«* — — —
1
82
—
—
—
—
—
—
-
—
—
— —
—-
8134 111
10
13*
20
Total
10
First
Second
10
Utili¬
70
Indus¬
Grade
Grade
UtUir
40
roads
ties
Stocks
trials
Rails
Ralls
ties
Bonds
534
4
Total
20
Rail¬
trials
11334
4
10
30
Indus¬
Date
1073* 111
110
Bonds
Stocks
93.58
126.72
32.17
21.98
42.81
104.24
103.11
63.36
103.61
Dec.
9
128.15
32.35
22.15
43.21
104.18
103.45
63.78
103.58
8.
129.80
32.64
22.52
43.76
104.09
103.31
63.93
103.53
93.72
Dec.
128.31
32.01
22.30
43.19
103.98
103.25
62.88
103.39
93.38
103.45
93.43
103.54
93.44
Dec. 10.
Dec.
7.
Dec.
6
126.21
31.91
22.28
42.71
103.90
103.49
62.89
Dec.
4.
127.79
32.62
22.41
43.29
103.99
103.39
62.84
93.75
New York Curb
3790
Exchange—Weekly and Yearly Record
Dec.
11, 1937
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 outside of the
regular weekly range are shown In a footnote in the week in which they occur
No account Is taken of such sales In computing the range for the year.
1
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. 4, 1937) and ending the present Friday (Dec. 10, 1937).
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
Sales
Friday
Last
STOCKS
Par
Mfg class A.*
*
Class B
High
Low
Shares
Conv preferred
Ala Power J7 pref
2,700
%
100
%
Oct
51%
50
51%
Dec
80
June
Oct
87
Jan
Oct
77
1%
13%
*
*
$6 preferred
X68
118
Feb
38
6%
Oct
22
Feb
*
Oct
4
May
i
h%
x68
70
80
55
61
62
30
60%
2%
1%
Allied Internat Invest com*
Dec
15
Nov
72 %
Nov
107%
Dec
80
77%
82
107% 112
2,950
14
Aluminum Industries com*
Ltd common
American Airlines Inc.-.10
>
109*
Book Co
71%
95
95
10%
1%
11
1%
Jan
Jan
July
Feb
Mar
Mar
Jan
""400
Oct
55%
Nov
140
Mar
Nov
131
May
1,000
"9% "9%
95
66
American Beverage com.. 1
American
Jan
16%
26%
177%
119%
17%
11%
Oct
1,150
50
119
7%
Oct
1
Oct
60
Sept
100
100
Amer Box Board Co com.l
32%
3%
•
6
75
21%
Oct
Feb
Jan
Jan
Mar
Apr
American Capital—
Class
A
10c
common...
3%
%
%
$5.50 prior pref
*
Amer Centrifugal Corp...l
Oct
Nov
700
*
$3 preferred
Nov
H
23%
10c
Common class B
11
1%
42
Mar
Feb
25
Class A with warrants 25
Class B
--1
.....
Amer Cyanamld class
Class B
10
1%
1%
$2 preferred
$2.60 preferred
27
400
22%
Amer
Aug
z2%
Dec
12
Oct
29%
111%
14,600
"28%
25
28%
110
4%
5
Oct
4
25%
700
17%
650
*
18
Am
Superpower Corp com*
1st preferred
13%
23
*
American Thread pref
Anchor Post Fence
6
%
24
42
Oct
32
Jan
37
Mar
18%
UVs
23%
200
Wupperman._l
Apex Elec Mfg Co com...*
Appalachian El Pow pref.*
Arcturus Radio Tube
1
26%
14
Oct
38
Feb
10
Oct
23
Oct
Oct
26 %
2834
51%
Jan
200
Oct
82
1,100
1,000
%
20
7%
1%
7%
7
18%
3%
6%
Oct
59%
Jan
600
3%
Dec
500
1
3%
2,200
Feb
12
100
103
10
1%
5%
8%
12%
110%
Jan
Jan
4
3
Feb
%
3%
22,300
61«
Dec
4,200
2%
Oct
4
2
Oct
5,000
6%
200
15%
8%
Feb
1%
Oct
9%
1
1%
9%
%
1%
%
1%
10,300
9%
9%
Nov
%
Oct
1,400
1,200
2,300
%
300
5%
'32
%
Oct
Oct
Dec
5%
39%
732
1%
80
31
Atlas Corp warrants
13%
1
10
80
Dec
90
4
800
3
Oct
20
Oct
13%
57%
32
1
*
380
1%
14
3,200
®i«
900
94
9%
29%
3%
Oct
Oct
%
1%
7%
1
Oct
3,800
%
2
900
8
400
1%
6%
Oct
7%
Automatic Products
5
Automatic Voting Mach..*
7%
8
300
6
Oct
9
1194
16%
Oct
Tobacco—
10
common
Babcock A Wilcox Co
*
Feb
for com..
7% preferred..
30
Baldwin Rubber Co com.l
Bardstown Distill Inc...
Barium Stainless Steel
1
Jan
Feb
Sept
Feb
Jan
Mar
Mar
Feb
Mar
Aug
Beech Aircraft Corp
15
Dec
43
Jan
Oct
156
Jan
1%
1%
5
7,300
2
Oct
10
Nov
17
Dec
Oct
16
Aug
500
8
600
1%
2%
8%
1%
1%
3%
8%
5
Mar
9,900
1%
Oct
8
Feb
100
8%
Dec
21
Feb
4%
1,500
1%
6%
3
1%
11%
400
Oct
3%
900
2
Oct
""50
3%
113% June
3
Dec
16
Sept
3,500
%
1,600
11
30%
30%
100
25
7
8
900
7%
8
1,500
'19% ~21
"l25
%
94
9
30 %
6%
12
....
8
u v common..*
'19%
Nov
400
1%
11
30%
158 %
50
18
1
Birdsboro Steel Foundry A
Machine Co com...
*
Blauner's com
Oct
8
7ib
see page
July
H
600
1,800
Purchase warrants
For footnotes
Dec
1%
18
5
5
13%
3
3
Conv pref
Bliss A Laughlln com
*
4%
691
15
Oct
Oct
Oct
Oct
Oct
x
32%
600
Aug
Jan
18
May
2734 Aug
1% May
July
Mar
Club Alum Utensil Co
Oct
150
3734
20
Oct
97%
200
90
Oct
16%
1,500
13 %
Oct
30%
5134
2534
10634
31%
Oct
5
%
1
1%
20
38%
Mar
%
5%
Mar
Oct
8
Mar
Aug
Oct
Jan
200
%
Oct
1%
Jan
1%
20%
Oct
5%
32%
Feb
Feb
Nov
Oct
20
Oct
Oct
3134
Feb
834
Jan
7%
Jan
3%
Jan
23% May
2%
%
Oct
6
Oct
Oct
Mar
%
Oct
2%
Jan
Oct
2694
834
July
Oct
5,100
20
200
20
1
1
88
89
31%
30%
33%
12,600
6%
6%
6%
700
1%
%
19
Oct
60
35
Feb
Oct
67 %
Aug
Oct
Feb
Oct
23%
6
14%
500
10
Oct
28
June
1494
3894
42 J4
3
3%
3,900
2
Oct
1094
250
80
Dec
80
83
Jan
3%
10294
97%
Oct
78
14
80
July
Sept
%
1,200
75
Jan
Jan
Feb
July
Jan
124
June
15
Mar
57
Mar
3
84%
12%
86%
"IlO
Oct
12
Oct
19
Jan
71
12%
Oct
72%
400
Oct
25
Oct
96
Feb
Nov
88
Oct
Feb
82%
105%
Mar
%
Oct
2%
Oct
2234
9194
6)4
294
2734
7
Oct
52
Jan
2%
Oct
Oct
3334
2694
Jan
3
300
7
Nov
25
71
Nov
1,700
9,300
1
Oct
I»ie
8
7
1,425
7%
79
79
2
2%
%
6%
16
Apr
Jan
Jan
Jan
17%
100
"7%
"260
3%
3%
400
2%
Oct
7
Mar
6%
7%
500
6
Oct
19
May
8
100
7%
50
95%
.....
"7"
3%
8
19
98%
98%
40%
9%
41
42
200
100
7
%
1,700
2%
36
23,000
30%
5,800
350
39
30%
26%
Cct
Nov
32
9%
%
2
2
Oct
Oct
Oct
7i«
Sept
30
25
1694
Feb
Sept
Apr
7634 May
1834 July
Oct
294
92%
594
60
Oct
1%
15
Oct
Oct
21
Nov
Jan
27J4
123
Oct
30
13
5%
58
Feb
Apr
Jan
Jan
Jan
Jan
5%
30
5%
3%
17%
1%
5%
*
3%
2,000
200
7934
Feb
28
30
Oct
76
Feb
4
Oct
1534
494
Feb
3
Sept
Feb
300
17%
Dec
40
1%
2,200
%
Jan
Mar
32%
19
Apr
"§7k"
'""260
Oct
334
1034
4834
5
5%
1,400
2
Oct
16
Aug
3
1%
3%
200
3
Oct
9
Apr
3
"37"
Oct
Oct
2%
Colt's Patent Fire Arms.25
£1
"ioo
"5%
2%
3%
5%
400
22
Dec
994
894
1%
2494
7434
3%
3%
2,100
2
Sept
100
3
Oct
6%
1,200
49
61
100
49
63
294
Dec
6%
2%
41
Oct
Oct
Jan
Jan
Mar
Mar
Feb
Feb
Feb
Feb
Apr
Columbia Gas A Elec—
Conv 5% pref erred ..100
Columbia Oil A Gas
1
Columbia Pictures com.
Jan
Dec
15
6%
Jan
Jan
Aug
3%
1%
9
warr.
Feb
Mar
3
*
Feb
Jan
Sept
Mar
11%
3%
Cohn A Rosenberger Inc.*
Colon Development ord
Mar
Feb
Mar
Feb
11%
July
Oct
15
Sept
Oct
21%
10
5%
300
Cockshutt Plow Co com..*
Mar
41
Oct
1%
12534
5%
Oct
3
Apr
11
38%
Clark Controller Co
1
Claude Neon Lights Inc-.l
Apr
200
100
City Auto Stamping..
*
City A Suburban Homes 10
Feb
39%
22%
""%
Preferred BB
*
Cities Serv P A L $7 pref.*
$6 preferred
15%
28%
12%
Oct
Nov
Feb
June
70
z
38%
%
1
*
Oct
Oct
Nov
Feb
Mar
2
..4
6% conv pref
Colorado Fuel A Iron
Oct
4
2%
"200
5
*
85
Nov
%
16
Sept
4
28
32
25
common
9%
~~3%
300
7
*
2%
39
1%
100
170
2%
159*
37%
Feb
15%
Cleveland Elec Ilium
*
Cleveland Tractor com
*
Clinchfleld Coal Corp.. 100
19
Jan
32
3%
Clayton A Lambert Mfg..*
18%
8%
33
Oct
96
100
warr
11% June
103
Dec
Nov
100
11%
Oct
U6% 116%
13
Berkey & Gay Furniture. 1
*
Oct
Apr
22%
1
com
3%
80
634 % pf-100
Hedges com
*
Crtfs for
Sept
17
7%
Oct
25%
25%
Sept
Preferred B
1%
Mar
1
*
Preferred
60
600
Mar
25
33
..*
Chic Rivet A Mach
Chief Consol Mining
Chllds Co preferred
900
2%
2634
Oct
25
1,400
Chicago Flexible Shaft Co 5
310
5
Oct
100
1%
1
Cherry-Burred com
Chesebrough Mfg
17
10%
16
9
Chamberlin Metal Weather
Strip Co
5
Charis Corp
10
80%
Bell Tel of Pa
Bliss (E W) & Co
200
8%
Conv preferred
100
Conv pref opt ser '29.100
15
10
Bickfords Inc common...*
$2.50 conv pref
6% pref without
7% preferred
76%
16
Feb
Mar
21%
38%
Cent PAL 7% pref
100
Cent A South West Util 50c
Cent States Elec com
1
15
20
Bell Aircraft Corp com___l
Bellanca Aircraft com
1
Bell Tel of Canada
100
1
33%
28
3%
.
Mar
Jan
Apr
Feb
Feb
Mar
Mar
60
Mar
Jan
Mar
Mar
Aug
12%
May
20
86%
Cities Service
100
com..
28
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
Jan
77
Jan
31
8% May
12%
79%
Barlow & Seellg Mfg A...5
Bath Iron Works Corp
1
Baumann (L) & Co com..*
7% 1st pref
Beaunlt Mills Inc
$1.60 conv pref
1
Jan
Locomotive—
warr ants
25%
33%
Cent Hud G A E com..
*
Cent Maine Pow 7% pf 100
% May
80
3%
25%
*
Centrifugal Pipe
Coast RR Co pref...100
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..50
5
Feb
Jan
Sept
*
&
Avery (BF)
3
Oct
3u
Option warrants
Assoc Laundries of Amer.*
1
13%
25%
*
1st preferred
1,000
100
1%
25c
$7 div preferred
Jan
1%
Class A
Benson &
Jan
96
1%
22%
8%
Celanese Corp of America
7% 1st partlc pref.-.lOO
Celluloid Corp common. 15
Oct
Oct
Oct
Oct
Oct
Jan
Jan
1944
Cptalln Corp of Amer__i_l
Oct
1%
£1
Atlas Plywood Corp..
Austin Silver Mines
Feb
Jan
1%
100
Oct
28
♦
com
12%
13%
10%
8%
%
Purch
Oct
700
1
common
66%
1
IBaldwln
Oct
200
470
*
Carnation Co
1
V to common
Marconi
Carman A Co class A
Class B
12
Common
Atlanta Birmingham
B non-voting......
Canadian
Carolina P A L $7 pref...*
$6 preferred
*
Carrier Corp
*
Carter (J W) Co common. 1
Casco Products
*
Castle (A M) com
...10
Oct
1%
27
Calamba Sugar Estate..20
Canada Cement Co com..*
Canadian Car A Fdy pfd 25
Canadian Indus Alcohol A*
Carnegie Metals
2%
2%
1%
21%
Oct
7%
1%
Oct
Apr
%
1%
2%
16%
3,400
"ioo
7
108%
11%
~"'h\
Cables A Wireless Ltd—
Amer dep rets pref shs £1
Jan
loSg
10%
$3 convertible pref
*
Warrants
Burma Corp Am dep rets..
Burry Biscuit Corp..1234c
Cable Elec Prod vtc
*
Apr
Nov
103
"~3%
Oct
$5 1st preferred
*
Bunker Hill A Sullivan 2.50
Burco Inc common
*
Jan
Oct
30%
11%
5%
2194
108%
3%
7%
16%
Oct
2
5
Buckeye Pipe Line
50
Buff Nlag A East Pr pref25
Jan
2
3%
Nov
3
8,000
*
Jan
8%
*
Class B
3
10%
10%
2,400
Am dep rets ord reg_-10s
British Col Power class A.*
99
Oct
3,300
7%
1
£1
Oct
Industries
$5 preferred
dep rets ord bearer£l
Dec
5
Amer deposit rets
Am
Amer dep rets reg
British Celanese Ltd—
%
3
8
*
75%
Assoc Gas A Elec—
Class A
9%
Sept
6%
22%
Registered
400
900
3%
6%
Ashland Oil A Ret Co
53
1%
Mar
British Amer Tobacco—
Capital City Products
Carlb Syndicate
Jan
Oct
2%
British Amer Oil coupon..
5,600
20%
3%
3%
Axton-Flsher
Oct
Mar
Mar
2
Preferred
..10
Arkansas P A L $7 pref...*
Elec
Nov
11
*
6,400
18%
3%
Associated
6%
2%
Sept
Apr
Oct
100
2
Class A
1%
79
6i«
com
59
Jan
Oct
%
7%
7% preferred
100
Brlllo Mfg Co common...
Class A..
7%
1%
3%
Art Metal Works
5,100
77
1
*
8
2%
Oct
Oct
2ft
1%
Arkansas Nat Gas com...*
Common class A
Feb
2,100
94
*
Angostura
Feb
Oct
79 %
%
25
*
Preferred
Jan
Jan
Mar
15
18%
Amer Potash A Chemical.*
Republics
10
Amer Seal-Kap com.....2
36%
Feb
May
Amer Pneumatic Service.*
American
Oct
Jan
8
27
1
Amer Meter Co
22%
12
Jan
x20
100
Amer Maracalbo Co
48%.
112%
Nov
15%
6% preferred
25
Amer Mfg Co common 100
Preferred
Oct
99
25
Laundry Mach__.20
25
21%
450
2,800
24
3%
3%
Corp class B
Bruce (E L) Co
Jan
Aug
Dec
Jan
2%
13%
2%
*
Jan
8
500
•
Jan
200
37
U%
13
%
7%
2%
32J4
800
100
Jan
5%
1%
Feb
11%.
Machine
Preferred
47
Oct
Jan
19
%
1,600
37
1
56%
Oct
200
6%
Oct
100
1%
2%
Oct
1,500
11
Oct
400
6
Dec
*
Amer Lt & Trac com
100
Bright Star Elec cl B
Jan
Jan
Jan
Oct
10
...
Brill
%
%
Aeronautical... 1
Bridgeport
%
2%
2
1%
10
6%
17 94
"l'%
3%
4%
48 %
43%
Oct
11
100
2%
27
13,300
1
9
1
17
1%
Class A pref
*
Brown Forraan Distillery. 1
$6 preferred
*
Brown Rubber Co com
1
10
23%
X2%
1%
Oct
Nov
Brown Co 6% pref...-.100
1,000
27
22%
X2%
Amer Hard Rubber com.50
Amer Invest (111) com
3%
27
"23 %
1H
31%
100
41%
Nov
100
200
4
Brazilian Tr Lt A Pow...*
Breeze Corp
1
Brewster
1 1937
High
1,300
*
..
Mar
26%
3%
3%
111%
1%
1
1
com.
1st preferred
July
27
*
Preferred..
7%
2d preferred
5V%
Oct
Low
6%
17
%
89%
23%
Range Since Jan
Shares
25
Oct
100
for
Week
1%
37%
6
100
Oct
29
*
Amer Gas & Elec com
American General Corp 10c
1st preferred
1%
1,400
28%
Amer Equities Co com...l
Amer Foreign Pow warr—
Amer Fork A Hoe com...*
7%
Borne Scrymser Co
Brown Fence A Wire com.l
28%
A. 10
n-v
1 Ys
37%
conv
78 %
i%
Range
Feb
Am Cities Power A Lt—
Class A
1
pref
*
(8) A Co
.*
Bohack (H C) Co com...*
$3 opt
Bowman-Blltmore
4%
68
..100
6% preferred
2%
24
Oct
Price
Blumenthal
Jan
Jan
Dec
Blue Ridge Corp com
Jan
Mar
%
100
of Prices
Low
High
JBotany Consol Mills Co.
Bourjois Inc
5%
5
Aluminium Co common..*
Aluminium
1%
Jan
5%
25
preference
6H
31%
Dec
10
Aluminum Goods Mfg...*
May
Sept
11%
pref
Class A
6%
Dec
Sept
7
200
Alles A Fisher Inc com..
conv
Mar
900
400
1,100
Alliance Invest common.
13
Jan
Sept
1%
1%
14
—
Gt Southern..60
Allied Products com
56%
24%
694
Oct
51%
1%
—
Warrants
Oct
Oct
2,200
1
Week's
Sale
Par
3%
24
9
1
Last
High
16
2%
23%
8%
Sales
Friday
STOCKS
Continued)
Range Since Jan. 1 1937
25
3%
23%
Investors common..
Alabama
of Prices
Low
for
Week
y*
Agfa Ansco Corp com
1
Alnswortb Mfg common..5
Air Devices Corp com
Air
Pries
Range
20
Acme wire v t c com
Aero Supply
Week's
Sals
Jan
Sept
Aug
Commonwealth Edison..25
Commonwealth A Southern
1%
1%
6,800
57
Sept
2%
29
26%
Warrants
26%
27%
4,300
%
%
'28%
20
%
20
%
Jan
Jan
Oct
33
Aug
%
Sept
»n
Oct
13
18
300
Jan
20 %
300
21
34
100
10434
1094
39
225
30
28
Oct
June
13,000
»ie
%
Commonw DIatribut
Community P A L $6 pref *
Community Pub Service 25
Community Water Serv.
250
1%
'tg
Jan
234
Jan
Oct
Oct
%
64
34
Oct
294
Jan
Jan
Mar
3795.
34
Sales
Friday
Range Since Jan. 1, 1937
STOCKS
Last
West's Range
far
(Continued)
Sale
of Prices
Loud
High
Wee t
Par
Price
Shares,
Cities Service Co.
High
Low
Common
Compo Shoe Mach—
v
13
t c ext to 1946
13X
200
Oct
8X
175*
BO UOHT—SOLD—Q VOTED
—1
5
114
1
Oct
2,000
X
48 X
3%
ix
100
7X
Continental Secur Corp..5
Last
Week's Range
(Continued)
Sale
of Prices
4X
2,800
2X
50
69 X
Par
Oct
Oct
Florida P & L |7 pref
Ford
10X
Oct
Am dep rets ord reg..£l
Ford Motor of Can cl A..*
100
"ox "Ik
S3 prior preference....*
Copper Range Co
*
Copperweld Steel com..10
2,600
"ioo
9
Oct
Oct
3X
17X
Oct
Nov
4X
Oct
5
~2~~
Corroon & Reynolds—
Common
1
2J4
~~2X
T
3~200
Franklin Rayon Corp
Oct
2X
1,200
Amer dep rets
Common
Conv
73*
M00
8X
Oct
10 X
Dec
50
65 X
75
Dec
400
IX
Oct
Oct
Oct
23
Feb
Oct
Oct
255*
1%
Aug
Mar
Oct
Crocker Wheeler Elec
*
Croft Brewing Co
24
1
7X
23X
7%
X
*
Crown
IX
26
18
Crystal Oil Ref com.....*
100
5X
IX
1,000
700
10
ix
18
1,100
25
18
X
300
~~3X ~~3~k
com v
t c.*
Cuneo Press lnc
3X
Dec
Oct
4X
8X
IX
16X
Oct
4*
65* % preferred
100
50
x
7%
7X
8X
300
9
Dejay Stores
3X
3X
3%
1,100
*
Preferred
Detroit Gasket & Mfg
Det Mich Stove Co com__l
Detroit Paper Prod
♦
De Vllblss Co com
IX
2%
3
23
2%
2X
19%
1
Detroit 8teel Products
Nov
5
Oct
600
13
1
Dominion Steel & Coal B 25
13
13%
14X
400
100
May
F
ov
Oct
Oct
July
10%
30
IX
IX
IX
68
69
1,000
50
10
Oct
May
Nov
1%
28X
17 X
100
Mar
Apr
Sept
Oct
50
Oct
96
"hk '~7X
~~7
6%
"~9%
6X
9X
10X
3X
6%
Feb
Feb
79
Oct
Mar
4
Oct
3%
Oct
7,800
7
Oct
2,600
2
Get
10X
Jan
Oct
80
Jan
4,500
800
Mar
3
*
4X % prior preferred. 100
6% preferred
100
Eastern Malleable
Eastern States
Corp
*
17 preferred series A—*
200
30X
550
26 X
Oct
71
Jan
ux
Oct
Feb
21X
22
75
20
Nov
26X
63*
823*
21
21
75
Oct
82 X
1,000
16 X
3
Jan
Jan
Jan
36 preferred series B—*
♦
Easy Washing Mach B
5X
13J*
Jan
12 X
Nov
23
Jan
10
Oct
24
2
Elsler Electric Corp
_.l
Elec Bond <fe Share com..6
*
*
35 preferred
4%
28X
36 preferred
"l2"
5X
1
Class A
Elec P & L 2d pref A
15
150
11X
12X
800
12
51,100
X
5X
Oct
10X
55
900
47 X
62
900
50
58X
"ix
IX
58 X
3X
3%
4X
4%
38
38
5%
2X
2X
---1
70
36 conv. pref ww
*
Elec Shovel Coal 34 pref..*
70
7
7X
11
11
.
11
1
IX
IX
16
24%
24X
33
33
31
32
Empire Dlst El 6% pf-100
500
4,200
4,000
40
500
100
65* % preferred
100
7% preferred
100
8% preferred
100
Empire Power part stock.*
Emsco Derrick 4 Equip..5
Equity Corp com
10c
Esquire-Coronet
1
Eureka Pipe Line com. .50
European Electric Corp—
Oct
Jan
Jan
Oct
2X
IX
22
Oct
Oct
Oct
2X
Oct
150
5
Oct
400
10
Oct
800
Oct
50
IX
20
Oct
100
22 X
Oct
60
Jan
100
25 X
Oct
72X
Feb
26 X
24
Oct
74
Feb
Oct
77
Mar
20
Oct
81
Feb
25
IX
Oct
Oct
60
Jan
Jan
"35X
37X
~35X
37%
36
38
""loo
100
22
"9X ~ld"
X
X
10
1
nx
""300
Nov
7
Oct
X
3,100
1,400
Oct
Oct
8
24 X
7% preferred
8%
16""
1
3X
6X
10
3%
6%
21X
1
Fanny Farmer Candy
Fansteel Metallurgical..
1
Feddera Mfg Co
5
1
1
22 X
%
xl9%
X
10
51X
51X
Corp
Fldelio Brewery
Fire Association (Phlla)
Feb
Feb
7% 1st pref
36 preferred
315*
195*
25*
11X
X
70
77
225
42
6
8X
Goodman Mfg Co
13
*
11X
Feb
Mar
Jan
Nov
473*
Feb
Oct
Aug
1%
3X
453*
27X
85*
Feb
Feb
Mar
Mar
Feb
Oct
IX
Oct
300
5
Oct
115*
Mar
Oct
255*
17X
15X
Aug
200
8X
Oct
1,400
15 X
Oct
400
53
120
X
41
Oct
Oct
473*
1%
825*
7
7X
1,200
x57
57 X
100
3 X
50
115
Oct
16
Feb
45X
125*
Feb
Aug
>
Feb
Mar
Feb
Jan
Jan
Oct
Oct
18X
Mar
Oct
92
Mar
July
Oct
Nov
23*
16X
165*
1
lsi«
95*
Rapids Varnish...*
"5
15
Jan
Oct
51
Feb
13
900
Oct
395*
Feb
Feb
2X
"800
17X
600
IX
9X
Sept
X June
27X Dec
Dec
2X
Dec
20X
900
525
7% 1st pref erred.... 100
Gt Northern Paper
25
1175* 118X
125
*
~6% "ex
"moo
Greenfield Tap & Die
x
1
x
1SJ*
Oct
225*
Dec
ww
Hewitt Rubber com
Jan
Feb
90
Nov
95
Oct
3
1,000
100
11X
54 X
IX
IX
300
'
A—10
Holllnger Consol G M...5
Holophane Co com
*
Holt (Henry) & Co cl A..*
Hormel (Geo A) Co com.*
Horn (A C) Co com
1
Horn A Hard art
*
Jan
lVy
Smelt—*
fHylere of Delaware
IX
X
24
*
Jan
155*
Aug
Nov
70
Oct
m
Jan
IX
100
X
Oct
4
400
4X
Deo
15
Feb
14X
14X
16X
1,300
7
Oct
18%
17%
Feb
8
83*
SX
700
Oct
5
33 %
34
300
33 X
Dec
52
95*
11
3,000
5X
Oct
Oet
255*
9%
7
"9X
6X
03*
"~7X "Tk
100
"300
31
33
400
11 J*
12
300
12X
13
500
Feb
Feb
Mar
Apr
Oct
11
4X
20
Oct
10%
Oct
28%
Jan
7X
Dec
165*
July
Nov
47%
Aug
31
Apr
Jan
Jan
45
June
Dec
35
Apr
9
Oct
15%
Jan
10
Oct
33%
11%
22%
Feb
36
12X
10X
5%
5
5
5X
300
23
24
225
100
23
100
10
Oct
Sept
10
2X
18X
Oct
Oct
9
415*
112
"21
21X
%
62
Nov
Oct
163*
9",200
15X
Oct
42
3,300
~23X
100
11
63*
64X
Nov
87
700
X
1
Jan
Mar
July
Jan
Jan
8ept
Feb
Feb
Oct
125*
July
Jan
4X
17
23
Mar
4X
60
16X
»
6X
10X
300
8
2
Feb
Sept
5X
53*
100
2
2
500
36
36
100
4X
lex
6X
10X
45*
1,400
is
900
7
1,100
11
200
6
Oct
273*
Feb
8
8
100
7% pref unstamped.. 100
Hydro Electric Securities. *
Hygrade Food Prod
5
Hygrade Sylvanla Corp.
Illinois Iowa Power Co...*
Ctfs of deposit
Apr
4X
lnc—
Preferrred
Jan
Nov
Dec
IX
7% pref stamped
Illinois Zinc
Jan
Nov
43*
I to.. .5
Humble Oil & Ref
Apr
43*
..100
preferred
Jan
Sept
8
10
Heyden Chemical
Co cl A
Hud Bay Mln &
1%
63%
Nov
Sept
Mar
Jan
6
Oct
14
Hires (C E)
(Harvey)
Oct
33
3
*
2
25
5
Heller Co com
Hubbell
16%
Oct
14
Rubenstein
Class A
5%
Oct
»t«
4X
50
25c
preferred
Hecla Mining Co
6%
Preferred
4
3
1
*
1
Co
Apr
14
Co com.*
Hartford Elec Light
25
cl B com.l
Hazel tine Corp
*
Hearn Dept Store com..5
Feb
47
2X
Hamilton Bridge
Hat Corp of Am
Jan
128
78 X
10
*
86 preferred
117%
Oct
3
6,900
39
Jan
Jan
Jan
Oct
48
116X
100
pref ♦
Gypsum Lime A Alabas—*
Hall Lamp Co
*
Haloid Co.
5
Aug
335*
4%
Oct
67
37
37X
Jan
Apr
27
Grocery Sts Prod com..25c
25
Feb
Dec
38
Oct
4X
5X
75*
Dec
8
SOX
5*
27 X
X
200
45*
107
10 X
11,000
10
48 X
48 X
*
Non-vot com stock
Feb
28
Oct
*
extend.*
Jan
5
85
Grand National Films lnc 1
955*
24
Nov
26
Apr
4X
Nov
13
IX
Oct
Feb
Oct
2X
8
3X
Mar
Oct
115*
May
Oct
35
55*
635*
335* May
135* May
Oct
Jan
July
85*
10
Nov
34
50
Imperial Chem Indust—
Sept
625*
Feb
200
8X
Dec
95*
Mar
Mar
ord reg__£l
85*
Imperial Oil (Can) coup..*
Registered
183*
18
85*
18X
3,700
14 X
17X
18X
500
14X
Oct
Oct
245*
18
24
Feb
12 X
Oct
15
Mar
35 X
Oct
5X
Oct
15
Mar
10X
36
Jan
10 X
Oct
Oct
84
Oct
105
Am dep rets
Imperial Tobacco of Can. 5
Imperial Tobacco of Great
Britain and Ireland..£1
13X
13X
100
Line...—10
6% pf-100
75*
8X
600
Indiana Pipe
Indiana Service
7% preferred
100
"l3~
13
"26
14
Indpls P & L 0X % PreflOO
Indian Ter Ilium Oil—
IX
*
Class B
IX
200
100
10
X
X
1
preferred
7%
4%
4%
X
Oct
5X
Oct
25*
22J*
Oct
75%
100
9
3795.
V
9
25
52
53
54
1.750
395*
Nov
Oct
Industrial Finance—
Vtc common
445*
IX
IX
Non-voting class A...
109 X June
Nov
32
600
*
S3 preferred
55
Gorham Mfg Co—
Helena
Apr
Nov
Oct
200
50
Gorham lnc class A
V t c agreement
Apr
Sept
6
Hussman-Llgonler Co....*
Oct
8X
23X
Sept
Jan
Feb
107
32 X
05
400
*
57 preferred
Mar
Oct
Nov
Oct
2,100
63*
Goldfleld Consol Mines.. 1
6
7
16 X
85
Feb
31
5%
30
30
61
5
400
51 %
8
6
150
7
23
Oct
20
8X
62
2,500
2,200
3X
Oct
35*
225*
5
A.*
Insurance Co. of No Am.
89
*
9X
5
100
1
100
For footnotes see page
8X
2,000
Hummel-Ross Fibre Corp 5
11X
First National Stores—
Flsk Rubber Corp..
3it
4,900
X
X
100
3
Falstaff Brewing
Ferro Enamel
600
X
Falrchlld Aviation
Feb
Illuminating Shares cl A.*
Option warrants
Evans Wallower Lead...
Oct
IX
Mar
.
Ex-Cell-O Corp
Godchaux Sugars class
Class B
Common
32
1
135*
42
Hoe (R) & Co class
7X
985*
22X
175*
5X
403*
1,500
Empire Gas & Fuel Co—
6% preferred
Mar
Nov
IX
5%
Elgin Nat Watch Co
Oct
52 X
IX
•
Electrol Incvtc
Oct
11
Option warrants
Electric Shareholding—
Electrographlc Corp com.l
ix
52X
1
Elec Power Assoc com
Common
5%
1,200
15
Economy Grocery Stores
Edison Bros Stores
IX
Mar
*
Gladdlng-MoBean & Co..*
Glen Aid en Coal
*
Hartman Tobacco Co
53
IX
100 %
300
8
8X
*
Preferred
Gilchrist Company
Feb
29%
IX
Jan
Dec
7
*
Hartford Rayon vtc
52
52
Jan
40
75
35 preferred
Gilbert (A C) com
Harvard Brewing
Iron.25
Feb
54X
Jan
62
Feb
30
40
89
S3 preferred
Georgia Power S6 pref—
Grand
100
Oct
45
100
Gulf States Uttl S5.50
Jan
6%
Rubber—
A
Jan
May
Mar
90%
IX
Gulf OH Corp
East Gas <fc Fuel Assoc—
Common
Tire
6% preferred A
Apr
IX
7X
10%
27X
X
Durham Hosiery cl B com *
Duval Texas Sulphur....*
Oct
423*
111
98
Nov
*
pref
conv
Nov
'«
Great Atl A Pac Tea—
Oct
52
X
12 X
"13"
General Telephone com.20
S3
40
40
*
Gray Telep Pay Station. 10
Aug
Jan
July
75
Jan
22
Oct
69
10X
50
Jan
July
Dec
10
Apr
5
14
Eagle Plcher Lead
10
295
Sept
Sept
Oct
104
1
35X
Sept
10
Duro-Test Corp com
Feb
Jan
100
100
11
Oct
13
700
2,500
3,200
Guardian Investors
100
*
Dubiller Condenser Corp. 1
3J* May
Feb
Apr
7% preferred
Duke Power Co
Feb
10%
Mar
19 X
55
7% preferred
Aug
195* May
20
Nov
5X% preferred
Driver Harris Co
89
July
64
15
1.500
100
Douglas (W L) Shoe Co—
8%
Oct
83
13 X
Domln Tar & Chem com.*
Draper Corp
87
Oct
2%
14X
lli«
Gen Water G & E com.._l
Oct
Oct
9
3X
X
X
Warrants
Feb
Feb
Feb
Jan
Apr
Jan
20
3X
135*
»
16 preferred
General
Apr
July
Oct
2X
15
16
£1
reg.£l
Gen Flreprooflng com
*
General Investment com.l
Feb
Feb
16
Dec
Nov
285*
10%
Divco-Twln Truck com_.l
50 X
1083*
16X
%
18%
15%
28 J*
Nov
100
400
Jan
33
Oct
2
Diamond Shoe Corp com.*
Distilled Liquors Corp
5
Dobeckmun Co com
6%
Oct
IX
10
Distillers Co Ltd
Aug
200
10
Preferred
Sept
12
IX
2H
Jan
19
Gen Pub Serv $6 pref
Gen Rayon Co A stock..
>11
2X
52X
23*
Gen Outdoor Adv 0% pflOO
Dec
814
1
6% pref ww
...20
Detroit Gray Iron Fdy...l
Amer dep rets ord
Jan
Jan
'i.
75
19
213*
Gen Electric Co Ltd—
Feb
June
50
Derby Oil & Ref Corp com*
Feb
15
6X
1
Sept
8X
16
13
100
"200
Dennlson Mfg 7% pref-100
Feb
2
*
5
Oct
16
Class A..
35
Defiance Spark Plug com *
Mar
725*
25
9
Davenport Hosiery Mills.*
Dayton Rubber Mfg com.*
Jan
1%
12
Sept
12,400
1,100
38 X
20
May
10
hs
5
com
loo
Feb
Aug
*10"
,...100
6% preferred
General Alloys Co
Oct
Nov
75
Gamewell Co |6 conv pf..*
Oct
Nov
ioo"
Jan
preferred
Sept
*
Curtis Mfg Co
6
Cusl Mexican Mining..50c
Darby Petroleum
Oct
X
4
""360
X
10
6% preferred
Cuban Tobacco
Oct
3
8,600
4
5
Drug Co com..25c
Preferred
900
X
10
Crowley, Milner & Co
4,500
8X
4
Crown Cent Petrol (Md)*5
Crown Cork Internat A.
24 X
14%
IX
Jan
"lOX
20X
6
5%
28
145*
10 X
Oct
Oct
Oct
6X
14
X
Oct
100
11X June
145*
Feb
500
£1
Creole Petroleum
Oct
800
Cramp (Wm) & Sons com.l
300
500
113*
Gatlneau Power Co com
5,400
Oct
4
Jan
73*
14X
July
2X
15
Jan
11
Nov
2
14%
55*
14
IX
13H
10X
2X
Oct
Feb
1
Fruehauf Trailer Co
1
Feb
Oct
5
4X
4
1
Jan
Mar
July
*
Oct
17
Nov
...15
7%
60
14
175
Mar
8%
295*
315*
2%
1
94%
com
1,700
18
100 frcs
5
Oct
conv preferred
Courtaulds Ltd
5
Ford Motor of France—
Nov
6%
1,200
5X
*
2
2X
5%
17
65
Froedtert Grain & Malt-
IX
Class B
03
S0 preferred A
Cosden Petroleum
750
Fox (Peter) Brewing
Oct
20
Cord Corp
Oct
21X
42 X
16X
5X
16X
Oct
4
8X
7%
High
Low
Shares
Motor Co Ltd—
4
52
7X
Range Since Jan. 1, 1937
for
Week
High
40
41X
250
*
*
Low
17
*
"2.000
5
10%
Price
Oct
"7k
5
*
com
STOCKS
Oct
»,$
Cont Roll & Steel Fdy...«
Sales
Friday
Oct
IX
78X
4
2-5383
Nov
300
77%
HA
Nov
3%
New York City
Teletype; N. Y. 1-1943
Wall Street,
60
Oct
1,050
58
90
Cont G & E 7% prior pf 100
Continental Oil of Mex
1
$4 preferred
Oct
110
IX.
8% preferred
100
Consol Royalty Oil
10
Consol Steel Corp com;..*
Cook Paint & Varnlsn
60
INC.
WILLIAM P. LEHRER CO.,
Oct
600
3X
3X
Oct
2X
3H
30
IX
53
1
14,500
115
1
Consol Mln & Smelt Ltd.6
Consol Retail Stores
600
5%
69%
4%
68
68X
100
Consol Gas Utilities
3%
3X
3X
Consol Copper Mines
6
Consol G E L P Bait com *
6% pre! class A
Oct
38
*
S3 preferred
Consol Biscuit Co
Preferred
and
Jan
Conn Gas 4 Coke Secur—
Cooper Bessemer
3791
New York Curb Exchange—Continued—Page 2
Volume 145
46
Jan
Jan
Jan
Jan
Jan
Feb
Feb
July
New York Curb
3792
Soles
Friday
STOCKS
Last
(Continued)
West's Range
Sals
Far
Pries
of Prices
High
Low
International Cigar Mach
Friday
Range Sines Jan. 1, 1937
for
19*
20%
18
20%
18
700
IK
50
3%
T, 100
28%
29%
3,300
2H
23%
2%
3%
300
31K
2K
6
0%
1,600
2*
%
10
Internat'l Paper A Pow war
3
International Petroleum..*
29
Registered
International Products..
2*
1
Internat Radio Corp
Razor B-*
International Utility—
Class A
-*
Internat Safety
Class B
Jan
Mountain City Cop com 5c
Mountain Producers
10
3K
18*
Sept
4
9
Oct
Oct
Dec
Mar
Sept
39*
Mar
38
Nov
Mar
Oct
Oct
8% Apr
15K May
1%
Feb
%
100
%
Oct
H.
%
2,600
7%
K
Oct
Oct
8K
8%
8
Oct
21%
3K
15K
Oct
38
Feb
Feb
Sept
*
11.76 Preferred
4
Interstate Home Equip..1
Interstate Hosiery Mills..
3K
Interstate Power $7 pref-*
Investors Royalty
16
Irving Air Chute....—-.1
Isotta Franschlnl Co—
Aug
Nat Mfg A Stores com...*
National Oil Products
4
4
1,500
3%
Oct
7
July
National P A L 16 pref...*
National Refining Co
25
Jan
Nat Rubber Mach
7i«
13
7%
8%
1,700
K
11%
6%
Oct
Oct
600
dep rets
20 Lire
Italian Superpower A
*
Warrants
1
%
1
*
6*
0%
0%
2%
2%
Jan
Nat Service
27*
18*
Feb
Conv part preferred
National Steel Car Ltd..
Nov
*
400
Oct
'32
%
Sept
Nov
1,000
4%
Oct
2%
*
18%
200
IK
Oct
14
-
Feb
Feb
Jan
Feb
Jersey Central Pow & Lt—
5* % preferred
6% preferred
100
7% preferred..
100
07%
07%
25
100
Jonas A Naumburg...2.60
Jones & Laughlln Steel-100
"83% ~84~~
2%
Breweries
10
10%
1
5*
10%
11
Nov
100
Jan
Oct
Nov
9%
126*
Jan
1%
27%
23%
350
%
43
"2% "3"
3
1
3
3%
'~49~~
7%
"~7%
Lackawanna RR (N J)-100
Lake Shores Mines Ltd
1
Oct
28*
3%
88*
65K
8*
8%
1%
Oct
21
10 K
%
Dec
36 K
Nov
Nov
1%
2K
Oct
3",650
2.100
8
102% 103%
11%
11%
7
X7%
200
100
Oct
Oct
100
Oct
10*
Sept
1,700
6
Oct
80
45
Dec
45 K
Oct
1%
Oct
Nov
45
48%
2%
50%
5,900
2%
800
10
Oct
114%
13%
17K
111*
12%
21K
78K
59%
9*
110
3K
13
4
300
5,500
19%
4,600
12 K
Oct
2%
9
450
1%
Oct
600
5
Oct
9%
8
10,000
4
Oct
5%
Oct
1
9K
8%
1
8%
*
7%
8%
7%
1%
...100
100
"36"
1%
40%
35%
2%
0%
.
2
47
3,500
5,800
30
37%
425
1
Nov
13
Nov
21
2
8%
Loudon Packing
*
Louisiana Land A Explor. 1
Lucky Tiger Comb G M.10
New Jersey Zinc
Jan
New Mex A Ariz Land
Apr
Newmont Mining Corp. 10
Feb
New Process
21K
Oct
44%
35%
7
18%
16*
14K
0%
Nov
93
Dec
80
2%
300
1 %
Oct
8%
16.000
0%
Dec
%
.....
Sept
0%
15K
2*
55*
5%
10K
Jan
N Y Auction Co
Jan
Jan
Feb
Mar
Feb
Feb
Nov
Jan
July
Feb
Massey Harris common..*
Master Electric Co
May
Hosiery
w
Oct
Oct
0%
5%
7
2,300
4K
Oct
13 K
Nov
1
Mills
14 preferred
5
Inc
»
w
X52
McCord Rad A Mfg B._.*
McWllllam8
Dredging
*
Mead Johnson A Co
3%
11
10%
*
103
Memphis Nat Gas com
5
Memphis P A L $7 pref._
Mercantile Stores com
*
Merchants A Mfg cl A
1
Participating preferred.*
Merrltt Chapman A Scott *
Warrants.....
6*% A preferred... 100
Mesabl Iron Co
Metal Textile Corp
4%
2%
Oct
24
2%
2%
3
*
48
1,100
%
100
50
150
%
1%
29%
60C
%
%
%
5,400
K
%
4%
4H
5%
2,100
8
8
8
»
300
20
Oct
Nov
Oct
K
1
26 K
Jan
Jan
Jan
Jan
3%
%
3%
600
%
Feb
Jan
Jan
Jan
Mar
Mar
Jan
Oct
13K
100
10*
Oct
%
100
102*
June
800
N Y
"400
"~5%
July
Mar
13
13
13
Jan
11
9K
61*
58
62
61
50c
01%
.....
10
01%
1%
0%
Midwest Piping A Supl.
Mining Corp of Can
63
75
...100
1%
100
7%
2,600
11%
61K
250
13
Oct
98
Nov
1,500
3,170
63
500
Class B
5
common
Class A pref
-.100
*
1%
27%
2
1,100
28
150
"3% "3%
""166
Molybdenum Corp
1
Monarch Machine Tool..*
Monogram Pictures com. 1
Monroe Loan Soc A
1
Montana Dakota Utll... 10
Ward A
8
8
9
0%
0%
7%
9,300
"l% "l%
"506
Common
5%
Montreal Lt Ht A Pow...*
22%
*
100
For footnotes see page
28*
22%
6
200
136
90
29
24
500
50
Oct
3K
Oct
550
8K
Oct
40
96 K
Nov
89
20
86 %
Dec
1,100
2 K
Oct
x
22
5
135%
Oct
98*
4
5K
73
4*
72*
Oct
37
6K
,
16
34
15*
115*
105*
6K
5%
5*
17
9*
75
"65"
"36" "33"
900
80
21,800
450
""75
Q
Oct
65
Jan
Oct
4
12*
5%
16*
Feb
Oct
100
Feb
94
Feb
Dec
79*
Aug
Feb
115
600
Oct
16
Sept
98
30
Oct
62
8
Dec
15
2,600
IK
Sept
4*
1,000
2K
Oct
2*
38
7,600
750
37
Oct
22*
700
20
NOV
51*
50*
51*
4,21 %
21
11*
900
20%
Nov
47%
K
Oct
300
K
68*
ht
2,400
69*
50
68
Oct
75*
75*
10
72
Nov
JNor Texas Elec 6% pf. 100
Northwest Engineering..*
13*
13
14
13
13
13*
23
25
Oct
4,800
7
Oct
300
11
Nov
1,100
20
Oct
32
Oct
67
Nov
110
300
103
Nov
HI*
110
111
170
102K
June
Oct
90
Sept
1,800
6K
Oct
250
19K
Oct
85
Oct
106
9K
7K
7%
20
8
20*
100
Oldetyme Distillers
"~2K ""2"
7*
"2K
"l",966
7*
100
*
**
2K
6K
*
pf.25
"28* "28* "29*
""800
26K
Oct
Oct
Nov
Oct
Dec
Oct
25 K
25
11*
18%
IK
Mar
Feb
Page-Hereey Tubes Ltd..*
Jan
Pan-Amer Airways
5
Pantepec OH
1
of Venez
52
5
18*
29*
"17" "l7"
5K
4*
52
10
5*
700
18*
200
Nov
50
Nov
2K
14K
30*
300
26
"26"
"2",600
*15
5*
19,400
101K
Paramount Motors Corp. 1
Parker Pen Co
Oct
98K
preferred
112
111*
104*
14*
14*
32*
5
15
6*
35*
89
50
pref
5*% 1st
28 K
41
37
107*
98
com.
33 preferred
conv
75
90%
103*
12*
107
100
com
Oklahoma Nat Gas
33
Oct
100
6% 1st preferred
Ollstocks Ltd
Sept
K
Ohio OH 6% pref
100
Ohio Power 6% pref... 100
Ohio P S 7% 1st pref
Oct
5*
*
com
7*
77
Oct
1
A.. 100
Oct
IK
5
Nor Ind Pub Ser 6% pf. 100
7% preferred
-.100
Northern Pipe Line
10
com cl
22
IK
IK
6% prior preferred
50
No Am Utility Securities.*
Oct
Feb
4K
*
2%
2*
IK
Nor Sts Pow
10
Feb
Parkereburg Rig A Reel..l
"l6* "l6* "~606
Oct
10
Jan
53
Oct
90
Mar
"23"
4K
14%
Patchogue-Ply mouth Mills*
Pender (D) Grocery A
*
Class B
*
Mar
13
Aug
Peninsular Telp com
Preferred
2K
3*
15K
14K
Oct
6
10
10*
38
29*
107*
89
Apr
8*
24*
54*
106*
Oct
26 K
Oct
Oct
Oct
Oct
Oct
9*
6*
30
Penn Edison Co—
K
IK
6K
Nov
Oct
Nov
Jan
IK
26K
5
Feb
Dec
43
98
Dec
4
Oct
"Th
4
""166
4*
300
3K
Oct
Oct
16*
11*
Oct
25
1
Oct
Nov
2*
4K
Feb
Apr
May
Sept
Feb
1
Pa Gas A Elec class A
Pa Pr A Lt 37 pref
Pennsylvania Sugar Co.
17
Jan
157
Feb
Sept
37
Jan
Pepperell Mfg Co
Dec
44
Jan
Perfect Circle Co
45*
Aug
Apr
*
36 preferred
Penn Salt Mfg Co
Nov
184
Oct
Oct
Oct
12*
30*
110
42*
2K
.
2*
"94K "93* "95*
87
*
50
2*
139K
87
138* 139*
3,900
""366
10
50
Penn Traffic Co
2.50
Pa Water A Power Co
*
*
Nov
8*
2*
9K
Oct
5*
17*
Sept
72
86
Oct
113
79 K
Oct
112
Oct
179
115
24*
20
100
Nov
3K
*
Nov
Oct
3K
49 K
5
Aug
43
109* May
1
120 K
27 K
22 %
27
53
Oct
28
Penn Mex Fuel Co
Pennroad Corp vto
5K
2K
30*
Dec
20
19
*
100
Jan
Oct
Oct
21
"23"
Jan
Oct
Feb
63
3K
37*
21*
Nor Cent Texas OH
Nor European Oil com
Mar
69 K
93
IK
4%
IK
Oct
Jan
Jan
Oct
4
15 K
91K
"36* ""766
ft
------
37 K
6%
Mar
Mar
98
"63" "~63~
122*
5
180
3795.
Oct
27 K
1
2K
2
129
Nov
27
Pacific P A L 7% pref..100
Pacific Public Service
*
31.30 1st preferred
*
Pacific Tin spec stock
»
12
"l%
*
*
700
Nov
IK
50 K
*97
89
27
36 preferred
*
North Amer Rayon cl A..*
Class B com
*
Pacific Can Co com
Pacific G A E 6% 1st
Jan
Voehrlnger
2.50
Dec
53
88
140*
30%
94%
Nor Amer Lt A Pow—
Feb
60
27%
8K
35
Nov
200
100
Jan
8
Minnesota Mining A Mfg
Minnesota P A L 7% pf
100
Missouri Pub Serv com..
Oct
Oct
"_70
100
100
Overseas Securities
Jan
Oct
Oct
Nov
oh
8
ay±
2
Oct
IK
on
8
Jan
106
7
80%
19%
19%
2%
23%
89%
0%
Oct
20
17
1
Oliver United Filters B._.*
Jan
Oct
59%
Nov
58
160k 102""
17
Jan
Feb
8
K
3
4K
Feb
Oct
Oct
Oct
53
*
Oct
Oct
30
6K
Niagara Hudson Power—
Common
10
Ohio Brass Co cl B
Ohio Edison 36 pref
Jan
Oct
9%
12%
3%
3%
28%
2%
112%
Oct
Shipbuilding Corp—
Aug
Apr
Mar
31K
11*
2K
80K
"I"
*
7
7
"400
Found ere shares
1
New York Transit Co
5
N Y Water Serv 6% pf.100
Novadel-Agene Corp
73
53*
"25% ~35%
35%
N Y Pr A Lt 7% pref..100
36 preferred
*
Mar
Nov
2K
13K
%
M
N Y A Honduras Rosarlo 10
N, Y. Merchandise
10
Nov
500
Sept
7K
IK
8K
2
3
»
Moody Investors pref
Moore Corp Ltd com
Class A 7% pref
Aug
37
2%
3%
125
28
♦
com
Jan
Mar
55% May
14%
Feb
44*
Feb
Oct
Oct
K
pref..
Midwest Oil Co
27
78
100
Oct
Oct
IK
K
Tis
*
Oct
Nov
18
1%
29%
Co
Montgomery
400
400
'it
Mid-West Abrasive
Mock, Jud,
Common
x4%
22
Oct
3%
t c
conv
Oct
Oct
1%
Middle States Petrol—
Class A v t c
Midland 011
2
90
l
Michigan Gas A OH
l
Michigan 8teel Tube..2 50
Michigan Sugar Co
*
Preferred
—110
Mid vale
75
58
21%
Metropolitan Edison pref *
Mexico-Ohio OH
*
Michigan Bumper Corp" 11
v
100
2,400
108
com..*
Partlc preferred
Class B
3%
11%
Nov
33K
22K
3%
16*
25%
7%
57%
Oct
2,400
*8%
I IK
13%
City Omnibus—
Warrants._
Nineteen Hundred Corp B1
Niplsslng Mines
____5
Noma Electric
1
10
82
Oct
18
5K
1%
*
Nlles-Bement Pond
Sept
2
Tioo
1
Jan
8K
100
19%
500
Apr
600
"18
l18
0%
May
5%
Oct
6*
Jan
15K
2
K
Oct
25%
5
19
Sept
100
2
2
d
47
Oct
Oct
Nov
2
Oct
K
10 %
17
5
SH
'is
Oct
2
91%
12%
Tioo
"4% "5%
500
Oct
Marlon Steam Shovel....*
Mass Utll Assoc v t c
Oct
Oct
"3",200
*
Jan
Oct
IK
2K
42*
17
55
1*
300
Communication ord reg£l
Margay Oil Corp
*
450
»fs """•is""*
200
Marconi Intl Marine—
65
warr
1%
Oct
60
warr
3%
*
Nov
2K
Class A opt
1%
*
21
Class B opt
3%
•
400
300
Niagara 8hare—
Oct
1
...
Oct
3
22
Mar
1
Oct
13%
19%
13%
Nov
Mangel Stores
15 conv preferred
26
Oct
N Y
6
~38* '39% ""250
*
25
common
Jan
Feb
Lynch Corp common
Majestic Radio A Tel
Manlschewltz (B) Co
Ma pes Consol Mfg Co
New Haven Clock Co
Feb
Feb
5% 1st pref
17%
*
*
5% 2d pref cl A
5% 2d preferred
5% 2d pref cl B
18%
12
18
45
4
6% preferred
100
New England Tel A Tel 100
Feb
...»
7% preferred
6% pref class B
New Engl Pow Assoc
Jan
Feb
Oct
Dec
Long Island Ltg—
Common
Feb
Mar
10 %
Oct
Oct
6K
5
Aug
19%
2,200
Oct
July
5*
Aug
39
Sept
13 K
50
14K
2K
400
100
30 %
34
%
600
25
*
7% preferred
Apr
1,900
8
23
Oct
*
New Bradford Oil
13*
2%
%
20%
20%
%
Dec
21
2%
..
Mar
Oct
19%
Lockheed Aircraft...
Lone Star Gas Corp
6,300
Nestle-Le Mur Co cl A...*
Nev-Callf Elec com
100
Jan
17
...5
Jan
Jan
10*
4%
»16
18
Locke Steel Chain
IK
78
20
20 *
*
1
1st preferred
Oct
.*
6% preferred
Ut Brothers com
14%
3%
300
7K
13K
Nelson (Herman) Corp ..5
Neptune Meter class A
*
Oct
Line Material Co
#16
com
common..
K
12%
3%
Develop
25
Le Tourneau (R G) Inc.. 1
Lion Oil Refining
Upton (Thos J) cl A
Mar
Corp
10%
2%
1
Oil
Oct
6K
200
88
*
*
30
Dec
5K
(Oscar) Co
Nehl
12
10
Langdendorf Un Bak A...*
Lehigh Coal A Nav
Nat Union Radio Corp..
Navarro OH Co
Jan
52
300
45
Lakey Foundry A Mach—1
Lane Bryant 7% pref..100
Lefcourt Realty com
Preferred
Oct
6
7%
103
Oct
7%
14%
National Transit
12.50
Nat'l Tunnel A Mines
*
90%
Oct
15%
Koppers Co 6% pref...100
Kress (S H) A Co pref... 10
Kreuger Brewing Co.
1
9K
4
7
Nebraska Pow 7% pref-100
Dec
Rubber. .10
Knott Corp common
Dec
25
Jan
105
300
Klrkl'd Lake G M Co Ltd. 1
Klein (D Emll) Co com..*
Leonard
81
27*
%
43
2%
Nov
0%
7%
M
*
89
Feb
0%
1
.1
Nov
Oct
30
Kings Co Ltg 7% pref B100
preferred D
100
Kingston Products
Klrby Petroleum
63 %
72
200
1,600
35
Keith (Geo E) Co 7% pflOO
Kennedy's Inc
5
Ken-Rad Tube A Lamp A *
""40
2%
37*
100% 100%
36 *
Julian & Kokenge com...*
Kansas G A E 7% pref-100
100
common.
National Sugar Refining.
National Tea 5K % Pref. 10
Nebel
155*
28%
13K
K
Mar
Jan
A*
3
Dec
800
conv
42*
24%
Sept
7.50
16
Oct
Nov
Nov
11
"~4%
1%
7%
*8~% "7
"OO
8
Jeannette Glass Co
124*
7
Feb
Mar
Amer
Jacobs (F L) Co
1
100
8%
%
7%
x%
Iron Fireman Mfg v t C..10
100
1,700
35
Oct
150
13
IK
4
Oct
5%
%
5
Oct
Oct
124%
11%
4
%
Oct
Apr
4K
.1,600
National Candy Co com. .*
National City Lines com.l
S3
High
8
4K
4%
9K
National Baking Co com.l
Nat Bellas Hess com
1
2K
25
«
1
Oct
9
200
100
Low
500
124 %
0%
2,700
27%
S
11
1
%
300
Range Sines Jan. 1. 1937
for
Shares
4%
IK
1%
124%
10%
4%
8%
30
Vitamin—1
IK
4%
3%
3%
27%
4*
New warrants..
Klelnert (I B)
Nat Auto Fibre com.
1937
West
High
">~5% "TH "oh "e'ioo
pref
50
National Container (Del)-l
National Fuel Gas
*
13.50 prior pref
Kingsbury
Mountain States Power.
Mountain Sts Tel A Tel 100
Murray Ohio Mfg Co
*
Muskegon Piston Rlng.2K
Nachman-Springfllled
1%
%
—...
International
Feb
Feb
Range
of Prices
IjOw
Price
Moore (Tom) Distillery..!
Mtge Bk of Col Am shs...
44
Oct
Oct
~~2% "3%
Internat Metal Indus A..*
28%
4H
Oct
9%
2,000
3,400
A stock purch warr..,
Par
High
Oct
West's
Sale
(Continued)
Low
11,
Sales
Last
STOCKS
Week
Shares
Internat Holding A In v..
Internat Hydro-Eleo—
Pref 13.50 series
Dec.
Exchange—Continued—Page 3
Nov
24*
2
Sept
Oct
95
Nov
151
Oct
37
69
"ol"
69*
200
62
65
79
475
58K
25
4%
Feb
Feb
Feb
Feb
Volume
Sales
Friday
Range Since Jan. 1, 1937
STOCKS
Last
Week's Range
for
{Continued)
Sale
of Prices
Low
High
Shares
Par
Pharis Tire A Rubber
Philadelphia Co
Price
1
4
*
com
Phlla Elec Co S5 pre!
Week
7%
8%
Nov
111
June
July
20
Oct
6%
200
7%
*
QUAW & FOLEY
High
Low
3%
400
4%
,
116%
Mar
30%
"30%
""25
30
Oct
34
3%
4%
500
2
Oct
15%
Oct
11%
Mar
Oct
40
Mar
1
Common
Conv pre! series A
2%
3%
2,000
11%
700
6%
1%
1%
100
3
3%
3%
1,800
3%
19
10
"io~~
*
com
1
Pines Winter-front
.....
Pioneer Gold Mines Ltd..l
Broad Street
30
10
33%
3%
Feb
1%
Oct
Nov
2%
Oct
6%
Telephone HAnover 2-9030
Jan
Feb
.*
j,
5%
8%
"89"
52%
Nov
6%
77
Oct
Nov
1%
Nov
3,100
1%
1%
100
7
*
..
90
8
92
5%
200
64%
7%
87%
7%
1,300
7
2%
3
4,300
2%
%
Potrero Sugar com
5
%
Powdrell A Alexander
5
3%
2%
1,400
%
1,500
4
14%
14%
25
Pratt A Lambert Co
*
20%
21%
300
Premier Gold Mining
1
2
2
2
1,100
Pressed Metals of Amer..*
19
19
19
100
*
"V%"
Providence Gas
•
8H
Prudential Investors
"V% "8%
'"466
*
8%
8%
400
Oct
Oct
98
16 preferred
Pub Ser of Col 7% 1st pf 100
6%
7%
preferred
102%
100
100
100
Sept
100
Oct
98
June
22
Oct
68%
10%
29%
280
14%
Common
15%
420
116% preferred
300
98
Jan
93
Feb
Nov
Sept
6% prior Hen pref.-.100
7% prior lien pref...100
30
82
80
80
120%
120%
Nov
Nov
103
106%
Jan
Oct
4%
Jan
26
Oct
10%
Oct
Oct
9G%
60%
14%
124%
Jan
Feb
150
Jan
%
300
%
%
31%
35%
195
15%
preferred
31%
$6 preferred
18%
725
Pyrene Manufacturing.. 10
Quaker Oats com
.*
6% preferred
100
8%
300
8%
6%
Nov
91
96
"9%
Ry. A Light Secur com...*
20
140
40
125%
Apr
16
Quebec Power Co
96
138
140
16
25
15%
Nov
25%
100
9%
Dec
28%
9%
9%
*16
Railway A Util Invest A..1
Oct
Class A
% June
*
*
%
%
15%
15%
50
%
300
1%
14
Oct
•
30
Nov
com...50c
1
Common
preferred
conv
Raytheon
Mfg
3%
»
4~~
Reeves (Daniel) com
Relter-Foster Oil
*
700
600
21
Oct
100
4
Nov
4
7i«
%
11%
Reybarn Co Inc
1
2%
Reynolds Investing
1
*
6%
Richmond
2%
%
1,900
300
12
200
11
Oct
Nov
2%
Nov
%
Oct
400
%
200
4
Oct
300
6%
1
Radiator
Nov
4%
24%
4
7i«
Reliance Elec A Engtn'g .5
Rice Stlx Dry Goods..
3%
3%
23%
Red Bank Oil Co
Reed Roller Bit Co
Oct
1
Oct
Jan
Jan
f
Jan
%
Feb
49
Mar
53%
7%
Mar
Feb 1
21%
46%
Sept
8%
1%
32%
5%
2%
13%
7%
Feb i
Mar
Feb
Sept
%
Nov
104%
July
Feb
112
July
110
Oct
12
Nov
13%
Nov
28
Roeser A Pendleton Inc..*
June
27%
15%
4%
13%
Aug
Rolls Royce Ltd—
Amer dep rets ord
reg.£l
Rome Cable Corp com...6
6%
Roosevelt Field Inc
1%
Root Petroleum Co
3%
$1.20
conv
500
1
3,300
2
100
$2.50
7%
2%
1
Rustless Iron A Steel
•
Ryan Consol Petrol..
*
Ryerson A Haynes com..l
Safety Car Heat A Lt
*
St. Anthony Gold Mines. 1
St. Lawrence Corp Ltd.. -*
$2 conv pref A
50
St Regis Paper com
5
conv
pref
7%
7%
8%
8%
9
40
3%
1%
1%
Scovlll
Scran ton Elec $6 pref
8c ran ton Lace Co com
Oct
Oct
36%
Oct
700
2%
Oct
6%
1%
Oct
8
3%
3%
3%
9,300
3%
700
3%
1%
100
28%
1%
25
1,400
Segal Lock A H'ware
1
1%
Selberllng Rubber com...*
2%
1%
200
1%
1%
2%
17
100
150
1
1
1
1%
1,500
Convertible Stock
6
9%
9%
9%
250
56
58
150
56%
$5.60 prior stock
25
Allotment certificates...
58
150
£1
1
7%
Shawlnigan Wat A Pow._*
com..25
"89%
Sherwln Williams of Can.*
Conv
Singer Mfg Co
1
100
1,600
Oct
Oct
Oct
4%
Oct
4%
2%
500
3
400
2
Oct
9%
200
9
Dec
1%
1,400
1
Sept
1%
Oct
7%
8
Sunray Drug Co
Sunray Oil
2%
32%
5% % conv pref
50
Superior Ptld Cement B_.
13%
12
12
*
2%
32%
950
8%
1,000
10%
Oct
5%
Oct
13%
Stroock (S) A Co
Sullivan Machinery....
Oct
3,200
2
500
3
33
32
Oct
Oct
10
$3.30 class A partlclpat
Swan Finch OH Corp
15
Swiss Am Elec pref.... 100
Oct
44
Apr
5%
98
4%
Taggart Corp com
1
Tampa Electric Co com..*
29%
28%
Jan
2,400
4%
Oct
400
25%
Nov
l732
25,300
%
Nov
%
Oct
%
Oct
Mar
Teck-Hughes
5%
July
Tenn El Pow
Rights
Jan
1
Mines
7% 1st pf. 100
100
Texas P A L 7% pref...
Texon OH A Land Co
8%
Apr
Apr
Jan
July
4
Oct
July
Nov
Oct
20
96
500
2
400
9%
800
5%
200
Oct
Nov
Oct
""2% "2%
♦
"366
3
Nov
65
3
Tlshman Realty A Const. *
Securities
3,200
3%
4%
11%
1
14
4%
13%
9%
101
101
2
Inc
7,900
53
Thew Shovel Co com....6
Tllo Roofing
Oct
4%
29%
5%
Feb
Jan
1
Ndv
5%
Nov
60%
Jan
4%
9%
Feb
Mar
%
Oct
16%
Oct
Oct
2
30
Jan
1
Oct
4%
8%
Dec
28%
101%
Dec
56
56%
Dec
Jan
%
104
Jan
Mar
Mar
Apr
2
Oct
Trust
Am dep rets ord reg
14%
£1
*
Toledo Edison 6% pref. 100
43%
44%
42
400
Oct
1%
£1
Am dep rets def reg
Todd Shipyards Corp
Oct
Oct
32 %
Oct
90
95
Oct
%
Transwestern OH Co
Tublze ChatUlon Corp
June
2
preferred
Unexcelled Mfg Co
10
♦
Union Gas of Canada
Union
Investment
United
Oct
18
20
83%
91%
1,850
72%
Nov
180
106%
Oct
114
Feb
com.
T%
28%
5%
Dec
1
10%
Aircraft
10
$6
July
United
Jan
..*
1
100
Jan
Apr
July
5%
Sept
16
Oct
29%
Mar
non-voting.*
6%
1%
1%
Oct
Oct
Oct
1
Dec
1
"16"
3%
1%
3,500
13%
6%
400
11%
100
4%
Oct
Oct
Apr
"16"
S3
Am
Milk
""260
10
3%
*
100
rets ord
Oct
July
•i«
Mar
1%
Feb
Nov
27%
3%
4%
30%
20
3%
28%
"69%
69%
Oct
2
Jan
til
Mar
Oct
1,100
78
Oct
Nov
69%
%
Nov
1,800
13%
124
3%
Feb
Jan
Jan
94
Jan
11%
Jan
4,000
1%
Oct
400
2%
Oct
11%
14%
Oct
75%
Jan
7,300
Jan
25
17
Nov
45
Feb
370
65
May
75
Feb
5%
10
13%
52% May
Mar
reg.
United Profit Sharing._.
Nov
30%
3
244
United N J RR A Canal 100
Preferred
2
20,200
Molasses Co—
dep
Oct
4
80
101
Products.,
preferred
1,100
Oct
Jan
800
4%
5%
92% 101%
1%
1%
20
•
9%
til
5
4%
1st preferred
United
Apr
100
»i«
Corp warrants
Common class B
FeD
6%
100
2
18",000
3%
7%
13%
370
2
Stg..l0c
1%
Nov
Oct
2
47
Option warrants
United G A E 7% pref. 100
Feb
Nov
Oct
9
3%
United Gas Corp com
35
Nov
1%
85
Jan
Nov
1%
4%
221%
2,300
Transport
United Elastic Corp
Oct
Dec
400
3%
$3 cum A part pref
United
30
31%
2%
100
Warrants
Un Clgar-Wheien
6%
%
Apr
Aug
1,200
13%
6%
.*
United Chemicals com—•
1st $7 pref
Sept
8%
«*!«
2
2
United Lt A Pow com A.*
Nov
17
Oct
Nov
8
30
Union Oil of Calif deb rts..
Jan
107% 108
17
18%
Nov
%
6%
8%
*
pref...25
Mar
Jan
Feb
Feb
Mar
28%
33%
154%
4%
1,100
5
80c dlv preferred
Ulen A Co 7%%
Oct
Oci
5,000
%
5%
~3%
Tung-Sol Lamp Works... 1
Union Stockyards
3%
Oct
5%
3
1
Feb
4,700
1%
2%
%
1
Class A
Oct
1,300
3
*
Trunz Pork Stores
Jan
%
..1
10
Common.
2%
1%
2
3795.
3
300
98
100
Skinner Organ com
*
Smith (H) Paper MM... •
Feb
Oct
2,200
Jan
Jan
8%
30
Nov
4%
2%
*1«
78%
6%
235
Oct
Feb
9%
2%
18%
Nov
4%
240
Sioux City G AE 7% pf
20
preferred
Technicolor Inc common.*
54% May
12%
6
240
Oct
8
1,400
1%
19%
5%
Jan
Oct
2%
1,800
4
*16
Sept
Oct
1,000
1,700
200
Trans Lux Plct Screen—
Oct
5%
Singer M fg Co Ltd—
Amer dep rec ord reg.£l
For footnotes see page
2d
Oct
%
2%
Oct
*16
6
30
109
4
2
3%
5%
Oct
21
2%
6
107
*
Mar
400
6%
1,000
100
May
4%
1,600
7,000
5%
2,000
J..50
preferred
55
*16
pref
Simplicity Pattern com
1st
26
Slmmons-Bro adman Pub—
Simmons Hard're A Paint •
6%% preferred
Sterchl Bros Stores
Oct
Oct
%
5%
Oct
Feb
Oct
1
Shreveport El Dorado Pipe
Line stamped
25
•
""600
9%
1332
Apr
Oct
Oct
13
23%
69
5
400
%
1
20
300
7% preferred A
100
Tonopah Belmont Devel.l
Tonopah Mining of Nev.l
Dec
50
2%
50
5,300
16%
Union Premier Foods Sts.l
100
1%
1%
#u
10%
2%
3%
Oct
20
108
Oct
Stein (A) A Co common..*
2%
1%
7%
%
1%
Oct,
Oct
Steel Co of Canada ord..*
Tobacco
4%
•
Severeky Aircraft Corp.._l
Shattuck Denn Mining..5
8
500
20
com
Tobacco Prod Exports
1H
Selfrldge Prov Stores—
Sllex Co com
Works
Starrett (The) Corp vtc.l
6%
Common
5% cum pref ser AAA 100
A Acid
Oct
Phosp
Jan
700
2%
17
Selby Shoe Co
*
Selected Industries Inc—
2,100
Oct
1%
29
1%
Dec
14%
"T% "7%
"10"
Trl-Continental warrants..
1%
13%
%
Jan
18
*
Sherwin-Williams
Wholesale
Standard
Apr
Oct
200
16
1%
1
Apr
Nov
Oct
100
2%
B
%
1%
Oct
16
50
%
15%
38%
11%
117%
6%
Jan
14
1%
8%
Feb
36%
*
com
7%
Mar
141
100
800
1%
Apr
109
Seeman Bros Inc
Seton Leather
Standard Tube cl
Oct
200
4
13
1%
"25"
20
51
Water Service pref
Sentry Safety Control
"T%
Nov
Nov
Oct
Sept
101%
101
%
73
57
50
22%
14%
18%
9
23%
Tobacco and Allied Stocks*
Scran ton Spring Brook
Amer dep rec
"22%
5%
27%
325
•
*
Securities Corp general...*
Aug
July
51
1,600
100
•
Manufacturing. .25
3%
1%
89
z78
7% preferred.
100
Samson United Corp com.l
Savoy Oil Co
5
Schlff Co common.......*
100
Nov
17%
13%
17%
8%
1
Jan
5%
Oct
May
4
9
1
1
5
16%
17%
14
Standard Steel Spring....5
Oct
55%
110%
14%
17%
16%
17%
*
Tastyeast Inc class A__
Taylor Distilling Co
35%
%
1,000
"TOO
%
*
sis
100
1,100
40
40
3%
...
Sanford Mills com
350
46
44
Typewriter
Russeks Fifth Ave
Oct
Nov
1%
5%
1
Standard Products Co
Standard Silver Lead
Oct
%
%
"5% "5%
100
Jan
Sept
Dec
35
600
£38
37
|
%
*
18
32
37
dep rets ord reg__£l
Nov
Oct
Get
1%
6%
1.900
20
25
9%
300
Rotalite Oil Co Ltd
Oct
Oct
1%
10%
Rossla International
Royal
5%
500
3%
1%
3
10%
20
pref
6%
6%
6%
6%
Sterling Aluminum Prod.l
Mar
Sterling Brewers Inc..
1
Feb
Sterling Inc
Apr
Stetson (J B) Co com
Mar j
Stiunes (Hugo) Corp
6
Jan ;
95%
Rochester G A E 6 % pf D100
Rochester Tel 6 % % Pf-100
5
Preferred
Jan
Jan
%
400
1
3%
10
'_»
Common class B
Rio Grande Valley Gas Co-
Voting trust ctfs
Oct
preferred
Standard Pow ALt
Jan
2
Nov
Raymond Concrete Pile—
$3
Nov
Dec
5%
Rainbow Luminous Prod
Class B
Nov
148
Standard Oil (Neb)
25
Standard Oil (Ohio) com 25
Puget Sound P A L—
15
25%
200
23%
Standard Invest $5% pref*
Standard Oil (Ky)
10
Feb
Oct
Nov
77
90
*
26%
Standard Dredging Corp—
$1.60 conv preferred ..20
Pub Service of Okla—
Pub Util Secur $7 pt pf
26
com
*
Standard Brewing Co
*
Standard Cap A Seal com. 1
Conv preferred
10
Mar
41
Oct
Cci
110
Sept
Stahl-Meyer Inc
Jan
Oct
115
120% 120%
100
117% preferred......100
Dec
33%
Am dep rets ord bearer £1
74
60
2%
10
July
Spencer Shoe Corp
74
16 preferred
Pub Serv of Nor 111 com..*
1,100
35
2%
65
Am
10
26%
•
b
35
West Pa Pipe Line. .50
Spanish A Gen Corp—
Public Service of Indiana—
17 prior pref
Oct
So
10
102% 102%
Oct
4%
100
preferred
Southland Royalty Co
South Penn Oil...
Oct
6
Prosperity Co class B
1%
300
1
Southern Pipe Line
Southern Union Gas
Oct
6
1,100
South New Engl Tel... 100
Oct
%
6%
....
Oct
1%
6%
1%
1
7%
Oct
1%
16
Low
Shares
5%% pref series C
25
Southern Colo Pow cl A. 25
Oct
1
"Ik"
1
5% original preferred.25
6% preferred B
25
Oct
15
High
1%
1
Corp
South Coast Corp com
Southern Calif Edison—
Oct
Power Corp of Can com..*
Low
Price
1
Soss Mfg com
Oct
3%
11
Producers Corp
Week
Sonotone
Oct
25c
for
of Prices
Solar Mrg Co
Dec
Polaris Mining Co
Week's Range
Sale
Par
Nov
2",900
"8%
60
60
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
"~7~
Range Since Jan. 1, 1937
Last
Nov
39
Pittsburgh Forgings
1
Pittsburgh A Lake Erie. 50
Pittsburgh Metallurgical 10
Plough Inc
Oct
4%
1,400
5%
Pitts Bessemer A L ERR 50
Sales
Fridau
STOCKS
(Continued)
Pltney-Bowes Postage
.
New York
Feb
Phoenix Securities—
Meter
Exchange
Feb
•
Phillips Packing Co
Pierce Governor
Curb
York
New
Members
Jan
pre!.25
Phlla El Power 8%
3793
New York Curb Exchange—Continued—Page 4
145
Jan
Oct
%
100
Oct
8
Dec
PONDS
Range Since Jan. 1,1937
Last
Weel's Range
for
Sale
of Prices
West
Par
Price
Low
High
United Shipyards cl A—1
Class B
13*
3*
United Shoe Mach com.25
703*
_
Low
Share*
1
71
13*
2,200
2,100
200
23*
3*
63
25
Preferred
43*
2,000
63*
63*
3,600
"200
47
6
M
U S Playing Card
.*
*
.-10
U S Radiator com
-.1
35*
U S Rubber Reclaiming..*
23*
13*
213*
33*
23*
3*
3*
1st pref with warr
U 8 Lines pref
U S Stores Corp com
*
*
17 conv 1st pref
United Stores
v
Verde Exten...50c
United
Wall Paper
Universal Corp vtc
-1
*T~
8
103*
33*
Oct
4%
343*
Mar
Oct
Oct
10
Mar
23*
3*
900
13*
Oct
14
Mar
600
3t< June
1
3*
13*
23*
x1
Dec
Oct
6
Jan
Oct
18
July
*
*
"2k
103*
1 33*
"Boo
103*
33*
2
M
100
13*
93*
100
33*
Oct
Oct
23*
43
M 23*
41
23*
141
k
"va
lUtll Pow A Lt common. ;1
41
Ht
75
3*
2
Oct
Oct
73
Feb
163*
600
133*
Nov
33
Apr
33*
3*
Sept
T.700
16
Van Norman Mach Tool. 5
Venezuela Mex Oil Co-.10
Petroleum... 1
13*
Va Pub Serv 7% pref. .100
723*
63*
Oct
Nov
23*
800
10
Jan
100
13*
113*
833*
Oct
123*
Oct
Nov
23
Aug
98
Aug
preferred
100
Wahl (The) Co common.*
1
Waitt A Bond class A...*
1
73*
3*
13*
83*
73*
3*
*13*
83*
.*
5
si 3*
Bros-Brower.. 1
200
Oct
6
Oct
100
3*
3*
400
Oct
Nov
100
6
Oct
5
43*
Oct
6
200
5
Oct
23*
2,600
2
Oct
33*
33*
200
23*
*
53*
6
1
Went worth Mfg
1.25
Western Air Express..... 1
Jan
23*
123*
*
Wellington Oil Co
Feb
30
7%
Welsbaum
93*
35*
Jan
Feb
793*
*
Class B
Oct
Feb
Jan
Mar
79
..*
Wayne Knit Mills
Oct
33*
900
West Cartridge 6% pf.100
Western Grocery Co.—20
23*
Oct
101
Feb
9
Oct
Western Maryland Ry—
100
Jan
183*
Feb
43*
113*
23*
Jan
5
Feb
Jan
Jan
93* Aug
103* Apr
133* Apr
7% Mar
133* Mar
1023*
Jan
213* Mar
5b
79
79
10
Gen mtge 43*s
1954
Consol Gas Utll Co—
64
102
60
West/Texas Utll $0 pref..*
West Va Coal & Coke
*
Denver Gas A Elec 68.1949
Det City Gas 6s ser A. 1947
5s 1st series B
1950
Detroit Internat Bridge—
♦63*s..
Aug 1 1952
♦Certificates of deposit
Aug 1 1952
♦Certificates of deposit
Eastern Gas A Fuel 4s. 1950
7
Oct
Oct
63*
Nov
"ik "4k
"loo
Empire Dlst El 5s
1952
Empire Oil A Ref 53*8.1942
73
Ercole Marelli
Oct
Firestone Tire A Rub 5s *42
First Bohemian Glass 7s '57
Florida Power A Lt 5s. 1954
2
Oct
Oct
Dec
10
Nov
0
Jan
General Bronze 6s
66
60
20
61
Oct
2
Oct
General Pub Serv 5s..1953
Gen Pub Utll 63*s A. 1956
43*
Oct
6
Oct
"Bk
"f.eoo
1
65*
100
Woolworth (F W) Ltd—
Amer dep rets
6c
173*
Wolverine Tube
Woodley
2
com
Petroleum
6% preferred
£1
Wright Hargreaves Ltd..*
Youngstown Steel Door..*
Yukon Gold Co
"63*
173*
100
*»•
163*
6
"75* "7k "5", 900
M 73*
20
16
215*
9,400
15*
13*
53*
143*
13*
5s ex-warr stamped. 1944
Gatlneau Power 1st 5s 1950
Deb gold 0s. June 151941
Nov
Deb 6s series B
1946
Oct
233*
63*
83*
Nov
303*
Jan
Sept
Oct
4k
Mar
Oct
Apr
Jan
Apr
1st A ref 5s
1960
1st A ref 6s
2
....1968
800
101
Mar
993*
Oct
56
Oct
93
Sept
101
Jan
Aug
130
Jan
Feb
18,000
18,000
"933*
1203*11203*
613*
783*
101
653*
80
102
97
1,000
38,000
195,000
32,000
60
1023*
1083* 1083*
1083*
Jan
Oct
105
Jan
Hall Print 0s stpd
86
Oct
1053*
993*
Jan
"853*
843*
1025*
71
Oct
102
Apr
104
Oct
1073*
1063* 1073*
52,000
106
}86
89
ioSk
803*
76,000
11,000
783*
68
1033*
87
Oct
1063*
109
Mar
23,000
98
Oct
94
67,000
89
Oct
403*
70,000
28
Oct
393*
933*
393*
Associated Gas A El Co—
Conv deb 63*8
1938
61
61
613*
283*
283*
29
283*
323*
28
293*
323*
333*
303*
303*
31
40
723*
1949
1950
Debenture 5s.
.1968
Conv deb 53*s
1977
Assoc T A T deb 534s A'55
Atlanta Gas Lt
43*8.1955
1,000
t
87
"30k
69
Convertible 6s
1960
Bell Telep of Canada—
1st M 68 series A...1955
1103* June
1193*
Jan
1023* Jan
1043*
Jan
673*
Jan
Oct
2,000
233*
203*
223*
22
40
48,000
3,000
75
6,000
1133*
1183*
1203*
1998
1283*
Birmingham Elec 43* s 1968
Birmingham Gas 6s
1959
833*
583*
1956
163k
1133*
1183*
1203*
1283*
823*
583*
843*
1025*
1063*
106
94
1013*
923*
1908
99
90
1954
Cent States PAL
63*8 '53
Chic Dlst Elec Gen 43*s'70
883*
423*
433*
453*
1063*
Chicago A Illinois Midland
Ry 43*8 A
1956
130
Oct
15*
Dec
XI
13*
98:665
703* 73
1063* 1063* 28,000
252,000
693* 71
U01
1043*
705*
Dec
1003*
Mar
573*
Oct
100
723*
100
883*
74
1043*
67
1043* 1043*
1043* 1053*
1043* 105
95
85
863*
84
843*
1023* 1023*
101
1013*
1013* 1013*
78
783*
83
73
743*
3795.
965*
Jan
Jan
12:666
100
Dec
1043*
29,000
85
Oct
9,000
65
Oct
1035*
933*
Oct
Jan
54
Oct
2,000
6,000
3,000
12,000
Jan
1033* June
63
Oct
733*
1083*
935*
Feb
Mar
1013*
102 5*
1033*
Jan
1043*
1053*
Dec
Jan
Oct
Mar
93
Aug
Sept
61,000
72
Oct
1003*
Jan
1013*
1045*
1025*
1015*
1013*
1043*
993*
Jan
Jan
Jan
Jan
Jan
Jan
13,000
82
Oct
72.000
99
Sept
3,000
96
Oct
96
Sept
78
Nov
82
Dec
583*
703*
723*
Jan
77
Mar
Oct
97
Jan
5,000
28,000
863*
65
313*
693*
7,000
6s series B
81
1st A ref
53* s
1st A ref 5s
Sf deb
ser B.1954
ser
C...1956
53*8...May 1957
Corp—
60
23
Jan
97
97
613*
92
2,000
883*
87
77
763*
893*
773*
873*
873*
873*
"2:660
Aug
1003*
Feb
Jan
Oct
74
Oct
995*
1,000
82
Oct
105
Jan
853*
Oct
1063*
Jan
70
Oct
99
Aug
108
Oct
Oct
101
Jan
79
20,000
Indiana Gen Serv 5s.. 1948
Indiana Hydro Elec 5s 1958
Indiana A Mich Elec 5s '55
5s
1957
Indiana Service 5s
1950
♦Indianapolis Gas 5s
1963
"803* "8~,666
80
1063*
1065* 106 3*
1113* 1113*
45
14,000
48
*45
ioBk
1055* 106
1153*
Jan
124
Jan
63*s series C
1955
60
125
Jan
7s series E
1957
62
613*
603*
62
4,000
128
Oct
145
Jan
7s series F
1952
61
60
62
99
Jan
Mar
102
Oct
91
Aug
Jan
1053*
Jan
1133*
July
1013* 1013*
913* 923*
985*
993*
27,000
49,000
34,000
993*
863*
Oct
Oct
95
9,000
873*
Oct
92
Oct
723*
9,000
7,000
88
70
03
Oct
863*
423*
883* 118,000
443* 44,000
443* 69,000
453*
39,000
73
Oct
31
Oct
33
103J
1043
913*
Dec
Jan
Jan
"56:666
32,000
78
Jan
Nov
823*
1035*
Mar
1065*
Jan
Apr
52
6,000
53
7,000
533*
Oct
Oct
Oct
77
Jan
833*
Feb
Nov
81
Feb
Mar
109
May
5,000
105
435*
273*
463* 197,000
27,000
293*
32
Oct
Oct
703*
695*
Jan
18
73
703*
73
18,000
62
Oct
96
Jan
643*
63
643*
16,000
583*
993*
993*
953*
953*
1063* 1063*
993* 100
2,000
5s series D_
1956
43*8 series F
...1958
Iowa-Neb LAP 5s... 1957
453*
1073* 1073*
2,000
5,000
9,000
Oct
92
June
92
July
Apr
1045*
99
Oct
Jan
883*
Jan
1045*
Feb
1043*
Feb
1063* May
Jan
10534
Feb
795*
*583*
t75
Oct
71
Oct
80
Feb
423*
453*
24,000
323*
Oct
71
Feb
37
1947
54
80
41
57,000
35
Oct
565*
Jan
105
43 3*
635*
105
2,000
103
Mar
1055*
1055*
Apr
43*s series C
1961
Kansas Elec Pow 33* s. 1906
100
793*
493*
1033*
1023* 1033*
*97
100
50,000
985*
Kansas Gas A Elec 08.2022
Kansas Power 5s
1947
Apr
1075* June
1113*
Dec
273*
5s series B
Oct
593*
Oct
Jan
1073*
Stamped
Jersey Central Pow A Lt—
Mar
Jan
Debenture 6s.
1952
Interstate Public Service—
Isotta Fraschlni 7s... 1942
Italian Superpower 6s. 1963
Jacksonville Gas 5s...1942
Oct
31
Jan
International Salt 5s.. 1951
Interstate Power 5s...1957
5s series B...
1961
Iowa Pow A Lt 43*8-1958
Iowa Pub Serv 5s
1957
Isarco Hydro Elec 7s. 1952
Oct
90
Feb
20,000
583*
483*
Mar
101
1095*
583*
573*
Mar
15,000
Mar
563*
Mar
27,000
"
1055*
573*
1143*
1063*
12,000
2,000
78
"56 k
A1952
Ind*polls P L 5s ser A. 1957
International Power See—
1065*
*1083*
113
1033*
:
Electric
Oct
Jan
Jan
27,000
Oct
Jan
100
1063*
1043*
69
883*
1013*
1043*
1143*
Oct
Dec
Sept
108
Jan
Oct
Nov
273* Aug
1043* Feb
1053* Sept
1033* June
333*
Apr
883* Feb
863*
Feb
Oct
69
Dec
953*
61
Jan
' Oct
Oct
Nov
Oct
Dec
833*
323*
843*
Mar
843*
Oct
733*
Oct
1023* Feb
373* Sept
97
18,000
Jan
58
203*
30,000
653*
653*
'/ '"
107
74
65
1073* 1073*
973* 983*
913* 92
Jan
Apr
Nov
Sept
25
"io",666
Jan
Jan
753*
1095*
91
27
61
*61
973*
2,000
"4",666
1,000
Nov
62
Oct
78
17,000
74
Oct
28
1005*
77
Nov
June
943*
102
4,000
92
69
Jan
107
Oct
9,000
*17
61
Jan
Feb
J an
1005*
"2:666
213*
873*
893*
893*
105
813*
101
Dec
Oct
105k
99
Jan
313*
Nov
803*
213*
Jan
88
43
55
92
Jan
Oct
1053*
88
68
76
Feb
Mar
Jan
56
1951
913*
1053*
Oct
Oct
76,000
1953
Jan
74
215*
*26
1949
111 Northern Utll 5s... 1957
111 Pow A Lt 1st 6s ser A '63
Oct
58
16,000
57
41
Jan
7,000
303*
673*
t50
90
9,000
763* 26:666
873* 105,000
75
1055* June
1,000
16,000
763*
110
11,000
109
Jan
Jan
Mar
Mar
Jan
Feb
5sserie8 C
16,000
3,000
923*
Dec
135*
123*
45*
43*
955*
115
63*8 series B
Feb
913*
3*
1053*
Jan
1093* Mar
1073*
Apr
1063* May
1023* May
61
24,000
4,000
Oct
4
13*
Jan
Sept
43
Jan
Oct
Oct
"4:606
5
Jan
36,000
1063* 1063*
*1053* 107
July
80
Nov
985*
19,000
623*
1113*
423*
101
92
Oct
5
61
7,000
88
Mar
Jan
July
Oct
27,000
2,000
48,000
933*
983*
1043*
973*
Oct
Oct
593*
95
Oct
Oct
Oct
97
Oct
843*
85
00
603*
9951
16,000
1947
903*
"7I3*
1961
see page
94
1133*
1183*
1203*
Jan
30,000
95
243,000
1255*
1003*11013*
6s series A
1133* 1133*
4Kb series H
1981
Cent Ohio Lt A Pr 5s._ 1950
Cent Power 6s ser D..1957
Cent Pow A Lt 1st 5s. 1966
Cent States Elec 5s... 1948
673*ii 174
Jan
Apr
1043*'105
833* May
•
1960
4^8 serF. 1907
May
1st lien A ref 5s
70
Jan
118
*523*
403*
*100
1053*
63*s with warrants. 1943
♦Hungarian Ital Bk 73*s'63
Hygrade Food 6s A...1949
Oct
55
94
903*
1095*
52
"6:600
633*
"75k
Heller (W E) 4s w W..1946
Houston Gulf Gas 6s.. 1943
Nov
107
8,000
37,000
25,000
Dec
1043* June
1043*
Jan
t72
74
1977
1947
1083* Mar
Oct
Works-
Carolina Pr A Lt 5s. ..1966
Cedar Rapids M A P 5s '53
Central 111 Public Service—
6s series A
Indiana
43*8 C...1948
Broad River Pow 5s..1954
Canada Northern Pr 6s '53
♦Canadian Pac Ry 6s. 1942
Jan
Jan
Oct
993* 100
1033*
1053*
95
Jan
Nov
30:666
Arkansas Pr A Lt 5s. .1956
Associated Elec 43*s_.1953
1st M 6s series B...1957
Apr
1073* June
1083* June
1003* Jan
1053* 1063*
*1073* 108
*1113* 113
993*
933*
Deo
1075*
Apr
106
82
♦Hamburg Elec 7s... 1935
♦Hamburg El Underground
A St Ry 53*8
1938
88
Dec
108
July
983*
5,000
95
Guantanamo A West 6s '58
Guardian Investors 5s. 1948
Oct
81
823*
1063* 1063*
Oct
105
17,000
3,000
87
2,000
44,000
86,000
4,000
Apr
1235*
69
97
100
For footnotes
1003*
107
27,000
106
6sserie8 B
102
*62
25,000
953*
933*
1063*
Amer Seating 0s stp.. 1946
Appalachian El Pr 5s. 1966
Appalachian Power 6s. 1941
Debenture 6s
2024
Ark-Louisiana Gas 4s 1951
53* s ex-warrants
107^
107
101
75
1st A ref
56,000
59,000
"4",666
1043*
943*
933*
863*
July
36,000
9,000
92
Jan
75
6s series E
1073* 108
1063* 1073*
91
102
Am Pow A Lt deb 6s..2016
Amer Radiator 43*8—1947
6s series G
Dec
Sept
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stpd..l950
$1,000
"82"
Bethlehem Steel 6s
♦Gesfurel 6s
1953
Glen Alden Coal 4s...1905
Gobel (Adolf) 43*s_._1941
103
1st A ref 43*8
1967
Aluminium Ltd debt 5sl948
Amer G A El debt 6S..2028
6s series C
Georgia Power ref 5s.. 1967
Georgia Pow A Lt 5s..1978
100
1961
Locom
1053*
105
Hackensack Water 5s. 1938
1st & ref 6s
Baldwin
1135*
1133*
1123*
1123*
863*
1941
103
1st A ref 5s
Conv deb
...
.1940
♦General Rayon 6s A. 1948
Gen Wat Wks A El 5s. 1943
BONDS
Abbott's Dairy 6s
1942
Alabama Power Co—
Conv deb 43*8
Conv deb 5s..
Jan
Jan
Apr
Grocery Store Prod 08.1945
..6
Jan
Deo
Gary Electric A Gas—
1
t
80
085*
1075*
66
11
«
Oct
403* June
1103*
104
100
1
Oct
36
1103*
1967
100
Wolverine Portl Cement. 10
363*
Apr
Jan
5,000
53* s '54
400
60
Jan
1043*
795*
Residential Mtge
Ht
*
103
Oct
10,000
+55
13*
113*
1
Oct
92
12,000
1953
Ht
7% pref. 100
88
4,000
78,000
Elec Mfg—
13*
113*
Winnipeg Electric cl B
713*
101
IWil-low Cafeterias Inc-.l
Wlllson Products
Feb
1133*
43*
J4J*
13*
1950
Com' preferred.......*
Wilson-Jones Co
*
Wise Pr & Lt
1083*
1043*
1013*
El Paso Elec 5s A
Banks 6s-5s stpd...l961
Firestone Cot Mills 5s. 1948
743*
13*
Jan
80
J* 1123*
1123* 1123*
112
1123*
112
97
"693*
Finland
300
83
15,000
543*
102,000
56
10,000
*50
Edison El 111 (Bost) 33*s '65
Elec Power A Light 5s.2030
Elmlra Wat Lt A RR 5s *56
4
23*
7
82
Dec
683*
102
♦Deb 7s
Erie Lighting 5s
Federal Water Serv
50
23*
Weyenberg Shoe Mfg
1
Williams (R C) & Co
»
Williams Oll-O-Mat Ht..»
80
Cuban Tobacco 5s....1944
Delaware El Pow 53*s 1959
Aug
83*
1203*
6s ser A stamped...1943
July
Oct
19
543*
583*
J106 3*1107
Cont'l Gas A El 5s... 1958
Crucible Steel 5s
1940
Cuban Telephone 73*b 1941
Nov
70
4 533*
103 5**104 }*
1939
03*8 series A
7% 1st preferred
100
Western Tab & Stat
♦
Westmoreland Coal Co...*
West N J & Seashore RR 60
[1003**102
Jan
Oct
Oct
42
Consol Gas El Lt A Power-
26
113*
45
Com*wealth Subsld 53*s '48 "163"
1023* 1033*
Community Pr A Lt 6s '57 *643* -$64
663*
Community P S 5s... 1960 1963* *953*?963*
Conn Light A Pow 7s A '51
J126 A 127
(Balt) 33*8 ser N—1971
Consol Gas (Bait City)—
150
23*
1075*
1965
Jan
300
16
80
12,000
231,000
583*
Jan
113
112J*
43*8 series C...1956
1st 43*8 series D
1957
Jan
"lk "VA
7% preferred..... ..100
Valspar Corp vtc com__l
Vot tr conv pref
5
Oct
Sept
90
07
1st M 5s series A... 1953
Jan
300
3*
1
54?*
1st
2
3
3,400
155
6
16
3*
*
63*s. 1952
53*8
1949
Commerz A Prlvat 53*s'37
Commonwealth Edison—
893*
Oct
32
*i«
f:i3*
1
102
z23*
63*
13*
3%
283*
103*
13*
20,000
933*
1943
Feb
Oct
Oct
1,000
91
923*
Cities Service Gas 53*8 '42
Cities
Service
Gas
Pipe
353*
Nov
3*
88
903*.
60
Oct
Apr
Jan
Feb
Nov
10131
10554
633*
1st M 4e series F...1981
43*
84
Nov
583*
583*
33*s series H
803*
Nov
62
Jan
Oct
43
87
583*
1st M 5s series B...1954
Jan
18,000
62
Cities Serv PAL
110
9,000
50
88
1950
Line 6s
Nov
106
48
1960
5s
1053*
106
48
Registered
Jan
Sept
800
Service
Conv deb 5s
High
Low
Shares
106
"96k
Apr
Sept
Jan
•
Cities
Range Since Jan. 1 1937
Week
1955
19
23*
433*
200
200
6s series B.
Oct
42
275
§*Chlc Rys 5s ctfs
1927
Cincinnati St Ry 53*8 A '52
83*
223*
Nov
23*
42
Walker Mining Co
13* J Jan
183* |Jan
13* Feb
4 V,
Feb
J*
1
Utility & Ind Corp com...5
Conv preferred.
.7
Waco Aircraft Co
Oct
Feb
13*
2,300
3,700
*
Wagner Baking vtc
Oct
H
100
Chic Jet Ry A Union Stock
Yards 5s
1940
Jan
H
5
Vogt Manufacturing
933*
23*
19
50
*
Class B
Feb
Mar
3
Nov
123*
Universal Pictures com—1
Utility Equities Corp
Priority stock
183*
Oct
Jan
Aug
100
13*
23*
23*
Universal Insurance
Utah Radio Products
15
1,000
10
Utah-Idaho Sugar...
Utah Pow A Lt $7 pref-.
473*
8
.2
Universal Consol Oil
Universal Products
73* May
43*
Jan
963*
Jan
33*
3*
United
Apr
Nov
for
of Prices
Low
High
Price
13*
213*
,1
t c
Oct
Oct
4
"53k '55"
63*
U S and Int'l Securities..*
Dec
Week's Range
Sale
High
Oct
37J*
United Specialties com—1
U S Foil Co class B
Last
(Continued)
1937
11,
Sales
Friday
Sales
Friday
STOCKS
(Concluded)
Venezuelan
Dec.
New York Curb Exchange—Continued—Page 5
3794
U3k
1133* 1133*
1,000
1,000
1103*
100
A'100 3*
Nov
935* June
98
Nov
Nov
98
1213*
1043*
Jan
Oct
Jan
Jan
Volume
Sales
Friday
BONDS
Last
Week's Range
Sale
of Prices
Low
High
Shares
I•
63*8 series D
63^s series F
1948
1955
5s series I
1969
98 3*
863*
813*
793*
95
95
943*
101
1023*
♦Leonard Tietz
73*8.-1946
Lexington Utilities 5s. 1952
Lib by McN & Libby 5s '42
Long Island Ltg. 6s._-.l945
101
863*
80
33*s *66
Lehigh Pow Secur 6s. .2026
82
80
813*
1023*
Jan
Jan
Southeast PAL 6s.—2025
Jan
"96"
96
94?*
1023* 1033*
100
1023*
1013*
Louisiana Pow <fc Lt 5s 1957
1033* 1043*
♦Manitoba Power
*723*
53* s1951
Jan
Ref M
Oct
1113*
Jan
Ref M
183*
Mar
263*
July
Oct
3,000
93
32,000
29
123
Mar
Oct
93
85
Oct
653*
Oct
Jan
Debenture 35*s
Jan
Oct
105
Nov
106
Feb
Nov
107
May
S'western Assoc Tel 5s 1961
102 3*
87
1065* May
S'western Lt A Pow 5s 1957
July
75
Oct
105
Jan
Marion Res Pow
43*8.1952
*953*
McCord Rad & Mfg 6s '43
79
84
Middle States Pet
M
883*
63*8 '45
Milw Gas Light
43*8
1967
43*s~~1978
92
Minn PAL
lst&ref 5fl
1955
102
Mississippi Pow 5s...1955
70
833*
Miss River Pow 1st 5s_ 1951
1093*
73
815*
833*
1093* 1093*
Missouri Pub Serv 5s. 1960
67
13,000
46,000
21,000
5,000
68
933*
933*
823*
733*
803*
1093*
1083*
1145*
13
975*
2030
Deb 5s series B
{♦Nat Pub Serv 5s ctfs 1978
713*
445*
Nebraska Power 43*81981
6s series A
2022
1145*
Neisner Bros Realty 6s '48
88
Nevada-Calif Elec 5s_1956
743*
88
933*
88
743*
1165* 1165*
573*
595*
New Amsterdam Gas 5s *48
1165*
573*
58
58
_1950
573*
573*
5,000
46,000
1954
825*
845*
825*
843*
14,000
55,000
13,000
583*
63,000
48,000
84
853* 103,000
1942
90
90
913*
♦Income 6s series A.1949
68
663*
68
Conv deb 5s
New Eng Pow Assn 5s. 1948
Debenture 53*s
593*
N Y Central Elec 53*8 1950
99
100
19,000
10,000
4,000
1013*
1073*
1013* 1013*
21,000
50,000
N Y A WestCh'r Ltg 4s 2004
Debenture 5s
1954
1065* 1073*
943*
943*
953*
1033* 104
J113
23,000
24,000
Nippon El Pow 63*8—1953
65
"7",000
N Y State E A G
43*s 1980
623*
65
63*s series A
1956
53*8—1948
No Indiana G A E 68-1952
82
82
......
83
23,000
403*
41
8,000
4,000
1083* 1083*
58
58
Standard Investg 53*8 1939
{Standard Pow A Lt 681957
70
70
573*
563*
723*
583*
♦Starrett Corp Inc 5s. 1950
Stlnnes (Hugo) Corp—
233*
233*
24
43
43
118
Apr
Jan
86
Oct
1073*
993*
973*
1063*
1025*
95
Oct
106
Jan
995*
1003*
1093*
Jan
79
64
Oct
Oct
Dec
68
Oct
78
Nov
107
Feb
67
Dec
75
Jan
Mar
92
June
1003*
143*
2d stamped 4s
2d stamped 4s
Feb
Jan
Jan
Apr
Nov
Feb
Jan
series
1966
C
993*
1969
5s series D
1970
N'weslern Elec 6s stmpd'45
993* 100
983*
mm-
mm-m
933*
1103
90
89
90
1945
103
103
104
Ohio Power 1st 5s B-.1952
5s
conv
1:1053* 1063*
953*
97
.«,
1946
debs
"6",000
10,000
1063* 1063*
1st A ref
43*s ser D.1956
Okla Nat Gas 43*s—1951
9,000
9,000
104
N'western Pub Serv 5a 1957
Ogden Gas 5s
26,000
995*
93
43*8 series E
863*
845*
88
81
Okla Power A Water 5s '48
81
82
Pacific Coast Power 5s '40
1023* 103
Pacific Invest 5s ser
1941
A. 1948
5s_-1942
A Ltg 5s_-1955
Pacific Ltg A Pow
Pacific Pow
115
185
m
m----
4,000
18",000
62,000
9,000
3,000
643*
1155*
3,000
90
643*
663*
1938
101
101
Park Lexington 3s
1964
132
37,000
1,000
36
Penn Cent LAP
43*8-1977
87
86
1979
1st 5a
96
875*.
96 '
1971
885*
873*
973*
955*
973*
1,000
7,000
89,
1950
Deb 53*s series B--1959
54",000
Penn Electric 4a F
67
603*
603*
603*
Texas Elec Service 5s. 1960
Texas Power A Lt 5s.. 1956
6s series A
2022
98
963*
98
Oct
107
Jan
Oct
Feb
Oct
Jan
Toledo Edison 5s
Twin
May
51
Jan
June
110
May
Oct
88
Dec
69
Oct
113
Apr
473*
Oct
45
Oct
1263*
Jan
110
Jan
993*
1213*
843*
Jan
85
Jan
Jan
44
Oct
845*
1013*
1025*
Oct
Jan
85
Oct
60
Oct
99
Nov
955*
92
1045*
107
5s series
107
102
102
5,000
1073*
1075* 108
1083* 1083*
.1954
D__
Penn Water A Pow 5s_ 1940
43* s series B
1968
Peoples Gas L A Coke—
4s
107
893*
Penn Pub Serv 6s C—1947
------
1981
series B
{♦Peoples Lt A Pr 5s__1979
534s._ 1972
1962
Piedm't Hydro El S3*s '60
Pittsburgh Coal 6s.—1949
Pittsburgh Steel 6s
1948
883*
12
Phila Elec Pow
Phila Rapid Transit 6s
88
865*
12
1113*
111
89
125*
1113*
165
60
74
60
--
62
106
1965*
120
♦Pomeranian Elec 68--1953
Portland Gas A Coke 5s *40
903*
595*
573*
106
1073* 1073*
-.1961
11075* 110
57
595*
595*
Potrero Bug 7s stmpd. 1947
Power Corp (Can)43*sB
♦Prussian
'59
995*
121
Electric 68.1954
30,000
11,000
13,000
6
,000
1,000
"3",666
995*
30
1,000
131
1313*
6,000
1st A ref 5s
110
1956
1966
43*8 series D
43$ 8 series E
1st A ref 43$ 8
4 3$ s series I
ser
1978
1980
F-1981
1960
-
«
mm-'-
,,
m
-
-
-
-
1033*
103
1043*
1103*
1055* 1055*
103
103
1023* 1033*
103
1033*
1043* 105
14,000
1,000
4,000
18,000
11,000
26,000
f 6s
1043*
94
100
1103*
54
Nov
Oct
Nov
Apr
Apr
Oct
1093*
1073*
1043*
1043*
1123*
863*
Jan
Aug
Jan
82
35
1959
68 series A
...1952
68 series A
1003*
693*
1946
Wash Gas Light 5s... 1958
107
Wash Water Power 5s 1960
West Penn Elec 6s
Oct
Oct
1013*
Oct
1053*
1043*
1053*
Oct
West United G A E
53*8 '55
Wheeling Elec Co 5s.. 1941
Jan
Wise Pow A Lt 4s
1113*
Jan
Jan
108
103
Feb
Oct
1053* May
1003*
Jan
1083*
Jan
Nov
100
Jan
102
Oct
108
Mar
393*
Oct
96
70
Dec
102
Jan
35
Oct
96
Mar
16
Oct
443£
37
37
Apr
May
102
Mar
1023*
Mar
70
Nov
55
Oct
53
Oct
Mar
Jan
56
July
495*
10654
1065*
983*
853*
Jan
Aug
Sept
Jan
Jan
Feb
80
Oct
106
102
Nov
106
Feb
98
Nov
113
Feb
923*
Jan
Oct
80
1063*
1043*
Jan
Jan
109
Apr
55
Oct
943*
31
Oct
55
111
Mar
Jan
773*
1023*
102
233*
673*
11,000
103
493*
Oct
203*
193*
Mar
Mar
47
Oct
63
Oct
973*
613*
Oct
102
Oct
Deo
June
1173*
793*
Jan
Feb
27
July
28
Aug
895*
945*
107
Jan
Jan
Jan
965*
115
Jan
Jan
893*
Jan
52
Oct
783*
18",000
74
Dec
103
Jan
845*
843*
83
Deo
102
Jan
90
91
3,000
16,000
85
Oct
1043*
Jan
84
85
19,000
81
Oct
1023*
Jan
80
80
1,000
75
Oct
101
Jan
16
17
37,000
11
Oct
t643*
"78"
74
"9l"
"so"
—
16
1043* 1053*
1053*
973*
"86
Oct
1043*
3,000
1053*
1053* 1053*
98
973*
1033*
tlOl
87 3*
86
39
393*
1043*
1937
11,000
1073* 1073*
104J*
14,000
108
Jan
1073*
106!
Deo
Jan
Feb
93
Oct
101
Nov
75
Oct
38
Nov
30,000
102
Oct
105!
U4j
993i
79j
1053*
105
1045* 105
11053* 1055*
Feb
108
105
Oct
1073*
Nov
893*
Nov
June
Dec
1023*
1073*
1003*
Jan
1033*
Dec
30
Dec
293*
7,000
"9",000
25,000
93
11043* 1045*
79
823*
33",000
79
203*
"80
Apr
13,000
40
91
Nov
June
60.000
1063*
913*
103
323* June
21
203*
7,000
11,000
205*
Jan
Jan
Feb
_
Jan
Apr
Jan
Jan
Jan
1133*
Mar
96
27,000
1966
York Rys Co 5s..
Nov
Nov
Mar
953*
Oct
773*
Yadkin River Power 5s '41
92
95
Oct
40
76
WIso-Minn Lt A Pow 5s '44
105
Oct
80
Oct
42
98
West Newspaper Un 6s '44
Jan
79
42
72
2030
1013*
1043*
88
Mar
98
West Penn Traction 5s '60
Jan
Jan
Jan
95
893*
Mar
95
70
235*
663*
4s.-.1951
West Texas Util 5s A 1957
Oct
95
Oct
"98"
62
233*
673*
1954
♦5s income deb
Nov
95
Oct
42
Waldorf-Astoria Hotel—
Jan
Jan
1083*
Jan
40
2,000
1,000
6,000
55,000
6,000
4,000
1944
6s
July
Feb
Oct
106
3,000
4,000
114
613*
1973
Va Pub Serv 53*8 A.. 1946
1st ref 5s series B...1950
Nov
Jan
Dec
383*
233*
1974
Wash Ry A Elec
1063*
Jan
Oct
3"66O
643*
114
1945
Utah Pow A Lt 6s A..2022
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
Agricultural Mtge Bk (Col)
♦20-year 7s
1946
84
51
993*
30
♦20-year 7a
Oct
♦73*s stamped
833*
Oct
95
Oct
843*
1948
80
Oct
May
73*
63*
106
Danish
Mar
1053*
Apr
1063*
1113*
1083*
833* May
53*
IO83*
74
Oct
Mar
Nov
Aug
Dec
90
Sept
6
Nov
21
Feb
Apr
29
Sept
27
1,000
24
5,000
100
303*
113
993*
195*
Jan
52
52
1952
63*8
203*
203*
203*
213*
1203*
♦Secured 6s
♦Hanover (Prov)
Jan
Oct
♦Maranhao 7s
213*
♦Lima (City) Peru
63*8.1949
63*s.'58
1123*
1143*
73*
1958
♦Medellin 7s series E.1951
Mar
52
Oct
77
Feb
Nov
108
Jan
160
Mendoza 4s stamped.. 1951
106
30
9,000
Apr
Apr
50
Apr
77
Feb
Jan
253*
253*
Aug
Aug
17
1,000
17
Jan
17
7,000
.......
213*
Mar
175*
13
20
Oct
107
Jan
Apr
25
Aug
Jan
Nov
85
1053*
Jan
108
Apr
109
Jan
57
57
Dec
81
Oct
104
Mar
25
July
1283*
Oct
147
Jan
107
Oct
103
Mar
1123*
1053*
Aug
Apr
105
July
100
Oct
101
Mar
1003*
Oct
102
Mar
94
Oct
63*8.-1959
Govt 63*8—1919
♦Rio de Janeiro
♦Russian
♦63*8 certificates... 1919
♦53*8
1921
♦53*8 certificates—1921
♦Santa Fe 7s stamped-1945
♦Santiago 7s
1949
Oct
33
July
7
Oct
21
Feb
Nov
963*
Apr
11,000
73*
693*
203*
Nov
Dec
273*
273*
213*
133*
4,000
Feb
Feb
Mar
Aug
1003* June
21
203*
213*
7,000
203*
133*
15
4,000
11
113*
963*
July
5,000
12
Nov
34
14,000
103*
Nov
353*
%
5,000
3*
5*
9,000
9,000
3*
1961
183*
15
11
12
983*
113
12
%
3*
3*
60
12
123*
*103*
103*
»
«
-
-
Oct
Apr
5*
Oct
Oct
Oct
Oct
623*
3*
3*
3*
-
♦7s
Aug
Mar
75
21J*
26
HO
975*
Mtge Bk of Denmark 5s '72
1958
Feb
18
213*
145*
♦Parana (State) 7s
Mar
96
1927
♦Mtge Bk of Chile 6s. 1931
6s stamped
1931
July
104
♦Issue of Oct
Aug
253*
293*
Apr
203*
1927
Feb
26
Sept
Mtge Bk of Bogota 78.1947
♦Issue of May
July
Jan
Mar
97
13,000
1947
♦German Con Munic 7a '47
Jan
96
275*
1023*
1UZ>4
1013*
20
99
*1003* 1013*
1993* 1015*
1955
♦Hanover (City) 7S...1939
Oct
943*
80
24
..1952
-
1953
External
Dec
76
Feb
62,000
Danzig Port A Waterways
Jan
105
53*8
5s
Jan
109
1003* May
1073* Mar
Mar
Feb
Mar
25
Sept
1,000
73*
27
♦Prov Banks 6s B..1951
♦6 series A
105
80
18
Cent Bk of German State A
Nov
Oct
86
80
8,000
20
*72
1952
1947
♦7s stamped
Oct
20
203*
(Province)—
♦Cauca Valley 7s
Mar
203*
1951
Buenos Aires
Oct
21
.1947
♦Baden 7s
Nov
Pub Serv of Nor Illinois—
5s series C
s
43*s
101
Jan
1045*
Dec
41,000
26,000
1073* 1083*
63
Jan
Jan
104
753*
"
85
38
Un Lt A Rys (Del) 53*s '52
United Lt A Rys (Me)—
Public Service of N J—
6% perpetual certificates
633*
63*8
53*s
Jan
183*
22,000
1,000
City Rap Tr 53*8 '52
♦1st
"
98
25
605*
Potomac Edison 5s E-1956
43*8 series F
5,000
1,000
1073*
United Lt A Pow 6s...1975
Jan
Feb
1962
United El Serv 7s__.1956
♦United Industrial 63*s.'41
Jan
843*
843*
Conv 6s 4th stamp. 195(J
United Elec N J 4s... 1949
Jan
Oct
98
196
87
1035*
Ulen Co—
Jan
81
so
4,000
23,000
5,000
1023* 1033*
Tide Water Power 5s. .1979
Tietz (L) see Leonard
67
1075*
973*
Nov
3,000
50,000
44,000
79
65
103
Oct
90
15,000
16,000
77
Penn Ohio Edison—
6s series A..
1053*
Nov
87
3,000
1,000
10,000
24,000
403*
403*
1053* 1053*
1053* 1053*
1053*
67
Dec
44
603*
79
71
1063*
1063*
59
Tenn Public Service 5s 1970
Ternl Hydro-El 63*s..l953
975*
1113*
11125* 1135*
Palmer Corp 6s
1946
Super Power of 111 43*s '68
1st 43*8.
1970
Tennessee Elec Pow 5s 1956
Pacific Gas A Elec Co—
1st 6s series B
1940
51
Jan
Jan
Nov
14,000
15,000
13,000
62,000
31,000
4,000
71,000
15,000
60
Jan
1023*
Jan
108
27~6O6
60
104
993*
993*
104
993*
59
58
Northern Indiana P 8—
6s
59
57
923*
923*
953*
953*
763*
753*
753*
102
1101
583*
593*
"583*
583*
No Amer Lt A Pow—
Nor Cont'l Util
1053*
59
New York Penn A Ohio—
Ext 43*s stamped._1950
N Y P A L Corp 1st 43*8 '67
Jan
1043* 105
58
New Orleans Pub Serv
5s stamped
1105*
104
1045*
1083* 1083*
59
23*
4
975* "r,66o
66,000
845*
755* 133,000
6,000
445*
9,000
1093*
10,000
1145*
713*
N E Gas A El Assn 58.1947
1948
5s
10,000
Mar
104
1043*
593*
Dakota Power—
53*8
1944
♦Munson SS 63*s ctfs.1937
Nassau & Suffolk Ltg 5s '45
Nat Pow & Lt 6s A___2026
Mar
Apr
108
14,000
4,000
14,000
5,000
11,000
6,000
11,000
104 J*
Debenture 6s
1951
Debenture 6s. Dec 11968
23,000
70
Miss Power & Lt 5s.__1957
Aug
Jan
923*
13,000
1073*
104
915*
915*
Mar
Oct
18,000
10,000
69
103
Nov
Oct
82
38,000
19,000
105
58
Nov
69
Jan
1053*
1043*
105
58
803*
813*
69
1093*
♦Certificates of deposit
♦Convertible 6a
1935
1003*
1033*
101
Oct
{♦Stand Gas A Elec 6s 1935
Oct
81
Jan
Oct
77
Aug
1,000
6,000
2,000
3,000
103 3*
1033*
Midland Valley RR5s_1943
Montana
84
76
Mar
70
Aug
895*
905*
993* 102
-
Mengel Co conv 43*8.1947
Metropolitan Ed 4s E.1971
95
88
Memphis P A L 5s A..1948
5,000
79
72
67~666
101
273*
High
Oct
80
943*
923*
♦Certificates of deposit
975*
98~
*85
So'west Pow A Lt 6s..2022
So'west Pub Serv 6s__1945
223* May
Low
60
1,000
60
t78
94
Sou Counties Gas 43*s 1968
Sou Indiana Ry 4s
1951
995*
93
60
1960
1015*
*23
Memphis Comml Appeal
Deb43*s
1952
33*s.May 1 1960
33*8 B.July 1 '60
1st A ref mtge 4s
28,000
Mansfield Mln & Smelt—
♦7s without warr'ts.1941
1945
48,000
29,000
"3",000
Range Since Jan. 1 1937
eek
Shares
Sou Calif Edison Ltd—
993*
65
Range]
of Prices
High
Low
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 5s. 1957
995*
1075*
1033*
993*
1015*
9,000
6,000
4,000
15,000
Week's
Sale
Price
High
Low '
Sales
for
I
Last
(Concluded)
—
Kentucky Utilities Co—
1st mtge 5s ser H...1961
BONDS
Range Since Jan. 1, 1937
Week
Price
Friday
I
for
(.Continued)
Lake Sup DIst Pow
3795
New York Curb Exchange—Concluded—Page 6
145
Jan
12,000
103*
Nov
10,000
95*
Nov
74
12
123*
5*
Jan
Jan
2
Apr
13*
13*
Apr
«a
203*
205*
Apr
Apr
Mar
Mar
Mar
1043* June
104
Nov
1053* May
Pub Serv of Oklahoma—
1966
4s series A
993*
1st A ref
43*8
ser
993* 1005*
703*
703*
715*
67
Puget Sound PAL 53*s '49
1st A ref 5s series C.1950
67
69
65
D.1950
663*
11,000
27,000
14,000
25,000
Queens Boro Gas A Elec—
1952
63*8.1953
63*8—1958
Safe Harbor Water 43*s '79
{♦St L Gas A Coke 6s. 1947
Gas Corp
83
•
.
m
—
— —
B.1958
*52
1955
Wks 6s.. 1937
♦Schulte Real Est 6s.
Scrlpp (E W) Co
Servel Inc 5s
109
109
129
^
m -
.
—
*
-* *•
——— —
1013*
.
-
203*
Jan
543*
Oct
923*
Jan
value,
a Deferred delivery sales not included in year's range,
n Under
included in year's range,
r Cash sales not included in year's
Ex-divldend. v Ex-interest.
X Friday's bid and asked price.
No sales were transacted during current week.
•
Jan
96
263*
-
18
Mar
Apr
1043*
7
Oct
1003*
Apr
129
112
263*
"2",000
125
1075*
22
Jan
4,000
27,000
1033*
"19",000
11033* 1033*
1033* 1033*
"5", 000
107
283*
253*
109
183*
107
Aug
Aug
Dec
Mar
range,
132
Feb
112
Nov
35
47
e
Nov
Apr
101H
1013*
1013*
Oct
Oct
Mar
Jan
1035*
Jan
1073* May
105
1043*
1053*
Feb
Feb
July
Cash sales transacted during
the current week and not included in
No Bales.
Mar
Dec
943*
,
^
Bonds being traded flat.
weekly or
yearly range:
Sept
23 3*
x
{ Reported In receivership.
1 Called for redemption.
Jan
Nov
No par
the rule sales not
'
Jan
Mar
1053*
24
1003* 1013*
11065*
103
------
223*
"looo
Dec
1,000
93*
1023*
1110
1,000
83
13,000
13,000
4,000
109 *
101
235*
.1951
53$S-1943
1948
Shawlnlgan WAP 43*s '67
1st 43*8 series B
1968
1st 43*s series D...1970
8
83
28
129
93*
mm---—
San Joaquin L A P 6s B
Sauda Falls 5s
♦Saxon Pub
1253*
203*
♦Ruhr Housing
San Antonio P S 5s
Jan
Oct
Oct
♦
53*8 series A
♦Ruhr
1053*
983*
603*
57
y
,
Under-the-rule sales transacted during the current
week and not included in
weekly or yearly range:
No sales.
a
Deferred delivery sales transacted during
the current week and not
Included
In weekly or yearly range:
No salee.
Abbreviations
Used Above—'"cod," certificates of
deposit;
'cons," consolidated;
"cum," cumulative; 'conv," convertible; "m," mortgage; "n-v," non-voting
"v t c," voting trusti ertlflcates "w 1," when issued; "w w," with warrants;
without warrants.
stock;
x-w.;
3796
Financial
Chronicle
Other Stock
Dec.
Exchanges
Sales
Friday
a
Exchange
Sale
Stocks (Concluded)
Closing: bid and asked quotations, Friday, Dec. 10
Unlisted Bonds
Ask
Bid
Unlisted Bonds
Bid
Ask
335*
1941
Place
Park
■
ssmm
Dodge
Corp—
1945
90
Bryant Park Bldg 05*sl945
11 West 42d at 65*S—1945
38
7s
—
616 Madison Ave
28
1938
21
77
250 W 39th St Bldgs 6s '37
12
Apt Hotel 6s5*
Low
Shares
1937
High
105*
326
85*
Oct
30c
mmmmmm
1
m
mm
m
30c
300
25o
Oct
45c
100
35c
Oct
45c
m.m
Int Button Hole Mach..10
18
Feb
20%
Common
18
Jan
25*
Jan
27
Oct
Mar
Jan
554
1
Nov
135*
100
135*
8
13
Oct
19
Dec
245* May
Oct
64
7
2
7
25
205*
20
2
229
26
282
15*
25
25
Linotype.. *
93
75*
20 5*
205*
Mass Utilities Asso vtc..*
Mergenthaler
10
15*
100
5% cum pref
18
2
15*
1%
Loew'sTheatres (Bost)_.25
Maine Central—
0
1943
•
Isle Royal Copper Co...25
10 East 40tb St Bldg 5fll953
Internat Commerce Bldg—
65*s
6
Range Since Jan. 1
for
Week
High
95*
*
Helvetia Oil Co T C
Income bonds v t c
B'way 38tb St Bldg—
Tmw
Hathaway Bakeries—
Class B
Alden (The) 6fl
Range
of Prices
Price
Par
Gillette Safety Razor
<
Week's
Last
New York Real Estate Securities
1937
11,
65*
Dec
15*
23
Jan
Mar
Jan
35*
56
Oct
Feb
Narragansett Racing Ass'n
Orders Executed
Baltimore Stock
on
Inc.
Exchange
1
Stein Bros.&Boyce
S.
6
Calvert
Established 1853
St.
39
BALTIMORE, MD.
100
com
PreferredNYNHAHRR
Broadway
North
Old
Louisville, Ky.
York, Pa.
Dec.
to
Last
Sale
Stocks—
Par
Arundel Corp
Price
Week's Range
*
At! Coast Line
17
17 K
(Conn)..60
30
Shares
Bait Transit Co
Oct
30
20
22
Nov
64
Mar
187
t c. *
1
1
2
2K
48
68
68%
113% 115
49
6% preferred
100
68%
115
32
23*%
Apr
Nov
3
Jan
2
Oct
9
Jan
62
Oct
%
110%
89%
5
Nov
10
Mar
70
Oct
93
15*
Oct
40c
Sept
Oct
9%
25*
295*
6
Dec
23
156
2,810
180
45*
4
45*
101
4
35c
35c
100
25c
115*
235*
115*
225*
125*
235*
461
50
105*
195*
_*
3
835
200
Jan
June
Oct
Oct
3
50
Mar
115*
Mar
10
Nov
Jan
Jan
10
10
5*
590
Dec
165*
145*
155*
1,187
65*
Oct
335*
Jan
25
91c
Nov
35*
Feb
1,032
245*
Dec
1
1
245*
245*
5
25
205*
25
175
185*
705*
695*
385*
715*
679
645*
Oct
68
375*
Sept
92c
99c
3,650
51c
Oct
8
85*
230
5
340
75*
25*
Oct
4
1
*
Mar
10
United Shoe Mach Corp.25
Preferred
25
Inc
Jan
Mar
15*
445*
Nov
*
Utah Metal A Tunnel
Feb
105*
145*
*
*
(new)
Union Twist Drill Co
Mar
98
30
140
35c
com
142
420
25*
3
Mar
Sept
715*
25*
^
Mar
x6
Oct
10c
1
10
■
70
25
99c
J*m'm'm
»
m~
45*
275*
39
Feb
415* May
33
Nov
Mar
98
Jan
465*
Jan
25* June
Feb
195*
Jan
125*
Oct
Bonds—
Eastern Mass St. Ry—
Series A 4 5*s
1948
62
62
$4,000
62
Dec
89
Feb
Series B 5s
1948
70
70
1,000
70
Dec
95
Jan
Jan
115
Oct
10
6
m
Warren Bros Co
14
1005* 1025*
^
Apr
115*
%
Oct
25*
400
25
100
Waldorf System
High
250
1st pref vtc
*
Consol Gas E L & Pow...*
corn v
Low
_
45c
Torrlngton Co
Week
of Prices
High
Low
m
2,875
200
5*
40c
Colony RR
Suburban El Sec
Range Since Jan. 1 1937
for
1005*
mmrn
Pacific Mills Co.
Sales
Friday
45*
2
15*
-
44c
Pennsylvania RR
Qulncy Mining Co
10, both inclusive, compiled from official sales lists
»
2.50
Butte
Shawrnut Assn T C
4
.
100
Stone A Webster.
Dec.
-
715*
25*
Ctfs of deposit...
Dominion Co
Exchange
»
100
Old
Members New York, Baltimore and Chicaso Stock Exchanges
Chicago Board of Trade
New York Curb Exchange (Associate)
Baltimore Stock
35*
%
«.
New England Tel A Tel 100
New River Co
NEW YORK
Hagerstown, Md.
35*
National Sprvlce Co com.l
National Tunnel A Mines.*
Jan
Eastern Sugar Assoc—
Common.....
...1
Preferred
..........1
Fidelity & Deposit
20
Finance Co of Am A
100
8K
Oct
305*
10
Oct
89
Oct
136
9%
9%
11
17%
18%
425
lA
18
**
100
1st preferred
25
"~7%
7%
26
%
%
28
7%
%
2
550
9%
2%
Dec
Oct
July
15*
Jan
7%
Dec
12 5*
Jan
%
Nov
2%
Jan
Oct
4 5*
Jan
4%
Listed
Mar
Apr
14
H
2
1,370
2
Oct
14
16
680
14
Dec
24
24
25
22
57 *£
57%
9%
9%
1%
90%
57%
10%
1K
90%
Penna Wat & Pow com...*
70
Phillips Packing Co pf__100
75
2%
15
CHICAGO
Jan
Apr
135*
235*
28
2%
1
Merch A Miners Transp..*
Monon WPennPS7% pf.25
Aug
48
138
2d preferred
Common class A..
5
424
common vt_
Mar Tex Oil
870
19
97
com 5
Houston Oil pref
Mfrs Finance
8
18
96
18
Northern Central Ry
IK
60
U S Fidelity A Guar
2
Western National Bank.20
13 K
205
41
Oct
488
5,895
57%
8%
1%
PaulH. Davis & ©a
Members
New York Stock Exchange
New York Curb (Associate)
Jan
Jan
275*
82
Oct
Dec
2
10 So. La Salle St., CHICAGO
Fen
Sept
Oct
104
Feb
95
Feb
3
90
70
20
68
Oct
75
60
75
Nov
13%
14%
33
33
1,873
70
103 J*
11
Oct
Oct
37
A
flat
5s
4
to
Dec.
10, both inclusive, compiled from official sales lists
Friday
Jan
95
95
$1,000
4,000
25%
25%
27
28%
100% 100%
101% 101K
1975
5%
1950
Drug&Chem 5**s *45
2,600
1,000
3,000
95
Dec
1065*
Jan
Oct
22 54
25
415*
Jan
Oct
995*
1005*
48
Jan
Nov
1005*
Dec
Jan
102**
Aug
Par
Price
Common
(new)
.*
com.
Boston Stock Exchange
New
Exchange
York Curb Exchange (Asso.)
conv
mm
to
Dec.
Sale
Stocks—
Par
American Pneumatic ServCommon
*
6%
non-cum pref
Amer Tel & Tel
51c
100
Boston Elevated
100
100
Boston-Herald-Traveller.
Boston A Maine—
Common
•
1505*
995*
1165*
505*
205*
..100
13
Class A 1st pref stpd. 100
Class A 1st pref
100
Class B 1st, pref std..100
Class B 1st pref
100
Class C 1st pref std.. 100
45*% Prior pref..... 100
6% preferred
East Mass St Ry—
Common
80c
15*
15*
1485* 1505*
995* 1015*
1165* 119
x50% x52%
19%
205*
45*
125*
35*
25*
45*
135*
45*
25*
495
51c
High
Dec
25*
65*
1875*
Jan
310
5*
139 %
Oct
475
995*
1165*
z50 5*
18H
Nov
147
Jan
Dec
160
Jan
1,058
428
205
Dec
Oct
11
500
35*
115*
562
3 5*
Oct
695*
305*
565*
Mar
Mar
650
5%
Nov
100
50
H
34%
Oct
5
300
3%
Nov
17
Jan
1%
100
1%
Oct
9
Mar
3
200
2%
Dec
9
Mar
85*
8%
Dec
85*
50
Oct
July
Mar
Feb
20**
23**
Feb
22
Aug
12 5*
12 5*
135*
75*
800
8%
Oct
750
4%
Oct
150
6
Oct
30**
14**
14**
43**
Aviation
com
5
1
1
65*
Feb
Feb
Feb
65*
7
205*
205*
22
16%
Oct
265*
265*
285*
1,350
24
Oct
12
13 5*
200
12
Dec
50**
22**
6
-
65*
150
5
Oct
15**
Feb
85*
9
1,150
6
Oct
30**
Mar
13
July
-
«.
-
500
Feb
Mar
Warner Corp—
(New)
6
com
com
Bruce Co (E L) com
Burd Piston Ring com
1
*
1
85*
45*
650
85*
1,050
550
85*
■»mrnmm
20
mmmmm
22
22
Castle (A M) common. .10
Central Illinois Sec—
Common
85*
1
Convertible preferred..*
Cent 111 Pub Serv pref...*
Central 8 W—
1
.»
*
common
Dec
Oct
Oct
20**
Nov
Mar
43
July
%
55*
500
505*
800
25*
2,400
33 5*
96
70
30
Oct
110
78
Oct
110**
Oct
20**
25*
25*
33
95
96
50
45*
40
135*
14
5
14
200
H
Oct
5%
Nov
48
Nov
1%
3%
12
Oct
Nov
Feb
18**
36%
5*
55*
*
..
50
4%
5%
17
495*
50
Central States PAL pref. *
Chain Belt Co—
(New;
55*
205*
45*
10
30
conv preferred
Aug
3%
19
Mar
Feb
Jan
181**
6%
75
Feb
Jan
Jan
Mar
Jan
Nov
15
25*
45*
Dec
Nov
185*
245*
Mar
80
Mar
Chic City A Con Ry-rCommon
*
15
3
Dec
21
Mar
Chicago Corp
•
25*
25*
372
35*
Preferred
*
32 5*
32 5*
33
40 5*
40
42 5*
2
1,050
50
1%
Oct
6%
Mar
95*
20
8
Oct
37%
Feb
45*
6
23
Mar
15
Nov
29
Mar
Chic Flexible Shaft com..6
50
6
Dec
245*
Mar
Oct
205*
Jan
Oct
175*
Jan
105*
Jan
Convertible preferred..*
Chicago Yellow Cab Co..*
81
Jan
133
65*
475
35*
35*
45*
78
2 5*
Oct
525*
53
30
505*
Nov
295*
53
305*
90
265*
Oct
80c
80c
10
80c
Dec
35
265*
Oct
51
25
Oct
Adjustment.
100
155*
25*
25*
25*
125
25*
35*
3
35*
225
7
35*
Aug
Mar
Jan
Mar
25
22
25
155*
155*
295*
165*
200
295*
50
2
2
Jan
Nov
Oct
**
Jan
6%
Mar
35
75
2
95*
100
•
100
35
10
95%
Oct
Oct
9
95*
450
6%
Oct
2
2 5*
1
3,200
1%
Oct
100
1
Oct
30
25
Nov
48
Feb
77
Mar
108
27%
5%
2%
Feb
Jan
Cities 8ervlce Co com
*
Club Aluminum Uten Co.*
2
28
28
28
26 5*
265*
20**
Oct
21
275*
215*
6,400
21
350
20**
Nov
35*
65*
15*
25*
625*
155*
95*
300
2
Oct
11
30
5
Oct
14**
July
Dec
3%
Aug
Oct
Commonwealth
25
7
Jan
Consolidated Biscuit
3
Oct
12
Jan
Consumers Co v t c pref. 50
Common pf sh B v t c__*
20
Nov
Jan
Cord Corp cap stock
15
275*
15*
Oct
Nov
Oct
535*
265*
Mar
47
Mar
35* June
1
37
Jan
Mar
May
Edison-
New
Compressed Ind Gases cap*
Dec
Lines
For footnotes see page 3800.
%
1%
32%
800
Coleman Lamp A St com.*
485*
7
General Capital Corp
*
Georgian Inc (The) cl A pf 20
50
6,300
Chi Towel Co—
95*
35*
5*
2 5*
5*
Chic A N West Ry com. 100
Chic Rivet A Mach cap___4
6
6
35*
common
Dec
5
30
Feb
Oct
Common
20
7
I
85*
Jan
135*
12**
4H
57%
15*
39
45*
15*
25*
-
84**
Oct
Dec
Preferred
Nov
29
Employers Group
m
Jan
Oct
4%
6
15*
39
mmmmm
2,650
430
6
100
_*
6
mmmmm
65*
35*
85*
100
Preferred...
43
65*
9
Jan
Nov
100
Eastern Steamship
Common
65*
11
Mar
Mar
100
pref
Jan
Jan
145*
Pref B
1st
Oct
48
550
Butler Brothers
2,474
Oct
30
40
5
35*
25
»
51c
6
25
East Gas A Fuel Assn—
Common
Week
Low
10
54
200
Brown Fence A Wire
Range Since Jan. 1 1937
Shares
Oct
31
3
100
Copper Range
High
Dec
7
45*
Class D 1st pref std. 100
Class D 1st pref
Calumet A Hecla
Low
Oct
9%
50
400
Oct
12
Prior lien pref
100
m
Nov
13
5%
50
..100
Boston & Albany..
Boston Edison Co
Prior pref
Price
5%
50
105*
31
m
Brach A Sons (E J) cap..*
for
Feb
55%
Jan
12%
12% Mar
14% May
Apr
17'%
Feb
23%
4%
3
12 5*
11
Borg
Sales
Range
of Prices
Nov
36
1,250
11
Bliss A Laughlin Inc cap. 5
Exchange
Week's
150
1,550
Bendlx
10, both inclusive, compiled from official sales lists
Last
37
75*
95*
105*
mm
31
Barlow A Seellg Mfg A com 6
Lewlston
Friday
High
Bastlan-Blessing Co com.*
Belden Mfg Co com
10
N. Y. Tel. CAnal 6-1541
Portland
Boston Stock
Dec. 4
m
m
pf*
Berghoff Brewing Co
Blnks Mfg Co capital
Bangor
Low
52
mm
mmmmm
Automatic Products com.5
Automatic Washer
Private Wire System
30 State St., Boston
Range Since Jan. 1 1937
Shares
55*
45*
75*
95*
4
*
com.
Athey Truss Wheel cap... *
UNLISTED TRADING DEPARTMENT
Boston Tel. LAP 7010
1
Associates Invest Co
New York Stock
55*
mm
mmmmm
Aro Equipment Corp com 1
Asbestos Mfg Co com
Members
for
Week
High
37
mmm
Amer Pub Serv pref
100
Armour A Co common...6
1887
Low
*
Adams Royalty Co com..*
Advance Alum Castings..5
Aetna Ball Bearing com._l
Altorfer Bros conv pref...*
Established
Range
of Prices
Abbott Laboratories—
Allied Laboratories
and Tyson
Week's
Sale
Allied Products Corp com 10
Townsend, Anthony
Sales
Last
Jan
1
Stocks—
Interstate Co
Read
Chicago Stock Exchange
Dec.
Mar
29J*
15%
Bonds—
Atlantic Coast L 6% ctfB..
Bait Transit Co 4s (flat) '75
Chicago Stock Exchange
Chicago Curb Exchange
Mar
18J*
Dec
Unlisted
Aug
Mt Vern-Woodb Mills-
Preferred
100
New Amsterdam Casualty5
North American Oil com..
SECURITIES
and
com.
1
5
Cudahy Pack'g Co pref-100
Cunningham Drg Stores 25*
Dayton Rubber Mfg com.*
35*
6
15*
2
15*
2
62 5*
60
145*
145*
9
100
1,150
1%
1%
33**
48**
Aug
Feb
Jan
Feb
320
59
Nov
12
Oct
5%
110%
26%
Mar
300
Oct
28%
Apt
350
5**
Feb
Volume
Sales
Friday
Week's Range
Last
Sale
Stocks (Concluded)
Oct
11%
Jan
15
Oct
25
Feb
50
21
40%
13%
3%
3%
3%
Feb
13%
Nov
2«%
14
Oct
12%
Oct
BALLINGER & CO.
Jan
50
21
Oct
40%
Mar
2%
300
2
Dec
5%
May
11%
12%
200
11
Dec
23%
July
10
10
24
24
24
Cincinnati and Ohio Listed and Unlisted Securities
Aug
2%
40%
13%
41
300
2,150
"40%
16
Fuller Mfg Co com
2
100
*
Household Util cap. 5
Elgin Nat Watch
2
1
12%
5
Gen Finance Corp com
......
Feb
19
9%
Oct
4%
1,300
3%
Oct
6%
1%
1
100
4
Gen Candy Corp A
2
5,500
1%
Oct
10%
Jan
42%
Mar
July
May
Common
1%
24%
24%
Goldblatt Bros Inc com..*
50
19%
Oct
7%
7%
200
6%
Oct
13%
6%
13%
700
9
Oct
12%
29%
7
150
6%
Dec
14
Apr
Haroischfeger Corp com. 10
Heileman Brew Co G cap.l
6%
180
5%
Dec
20
Mar
6
6%
6%
Heln-Wern Mot Pts com.3
5
5
(H W) com..*
"il3%
Great Lakes D & D com..*
pref.10
6%
42%
100
40
Nov
16%
100
16
Oct
"l0%
10%
10%
200
10
Nov
10%
10%
13
Jan
Feb
27%
Dec
13
300
10%
Dec
650
1%
Dec
7%
7%
106%
300
4%
Oct
106
190
92
Oct
22
23%
400
21
Nov
49
Mar
13%
18%
15%
550
13%
Dec
27
Feb
21
1,850
13%
Oct
29%
25
25
200
19%
Oct
51
Feb
42
106
100
42
150
39
Oct
55
Aug
4%
1,000
4
Oct
16%
Feb
7%
550
6
Oct
Mar
23%
15%
*
1
21
Jefferson Electric Co com. •
"42"
Joslyn Mfg A Supply com 5
Katz Drug Co com
1
4%
4%
7
Kellogg Switch & Sup com*
comA*
'
m
m
m
11%
25%
61%
6% preferred
4%
Aug
19%
111%
Aug
Jan
Feb
10%
Oct
12%
28%
30
11
19
Oct
43%
Jan
40
54
Oct
89
Jan
150
26
63%
mm m
25%
..50
100
Kerlyn Oil Co cl A com..5
Kingsbury Breweries cap.l
Ky Util Jr cum pref
Feb
Mar
1
200
%
Oct
2%
700
1%
Jan
7%
3%
3%
4%
5
850
3
Oct
13%
Stocks
Week's Range
for
Sale
of Prices
Low
High
Week
Par
Price
.100
92
(Concluded)
9%
150
19%
300
Oct
15%
4
150
Oct
32%
Oct
45
4%
6%
Nov
Aug
Jan
10%
Jan
Oct
100
1
12%
Oct
22
Jan
8%
Nov
27%
Feb
Oct
34%
12%
12%
-10
10
10
10
5
*
22
22
22
45
Early A Daniel
22
Jan
*
12%
12%
12%
50
11%
Nov
25
Jan
*
25
25
25
12
24
Oct
36
Feb
12
4
4
4
4
4
Dec
Insulation...
Gibson Art
Hatfield prior pref
—
Jan
5%
6
*
6
Oct
16
Jan
70
23
Oct
30%
Apr
33
33%
19
33
Nov
49%
Feb
8%
120
8
Oct
11%
Jan
95
96
12
93
Nov
101%
Jan
16%
16%
16%
10
15
Oct
24
Jan
4
127
Dec
131
Mar
25
4
8%
8%
100
pref
*
Kroger
4
25
96
*
Kahn com
6
24
33%
pref
A
6
24
100
Part pref
Hilton Davis
First
4%
79
97
12%
Cin Union Stock Yard
Hobart
353
5%
82
127
127
127
*
4
4
4
Moores Coney A
*
1%
1%
1%
370
Procter A Gamble
*
45%
45%
45%
170
1
2d pref
Leonard
8% pref.
213
*
Randall B__
213
213
2
_
2
*
Wurlitzer..
8%
8%
44
Oct
65%
211
Feb
2
2%
2
12
12
100
80
1
12
Feb
Jan
Mar
Jan
11%
Oct
75
Nov
12
1%
Apr
215
Nov
2%
.100
U S Printing
Dec
Nov
1%
Feb
6%
26
May
Mar
Oct
*
Eagle-Picher Lead
Formica
5
81
81%
100
Dec
92
11
Jan
Dec
..50
High
Low
Shares
92
92
5
.50
Cin Telephone
Mar
3%
Cin Street Ry
July
8
7%
5%
Nov
8
Cln Post Term pref
Feb
9
Jan
3%
%
2%
5
La Salle Ext Univ com
May
52%
23
1%
~"7%
Indep Pneum Tool v t c._*
Ken-Rad T A Lamp
Jan
1%
Hupp Motor com (new)_.l
Illinois Brick Co cap
10
Jarvls (W B) Co cap
Dec
41%
"41%
Houdaille-Hershey cl 13...*
Hubbell Harvey Inc com.5
111 North Util pref
Mar
20
*
Iron Fireman Mfg v X c
50
13%
25
16%
E) pref w w__25
Spencer Bart com..25
Hormel & Co com A
Oct
3%
20
20
Heller (W
Hlbb
50
Jan
Range Since Jan. 1, 1937
Last
Jan
11%
Oct
5
1,350
Sales
Friday
Gen Household Util—
Hamilton Mfg cl A
Tel. Cln. 363
Phone Cherry 6711—Belt Sys.
*
common
Gossard Co
CINCINNATI
TRUST BLDG.
UNION
Gardner Denver Co—
New
Trading Markets in
Active
150
16
*
Class A
Member• Cincinnati Stock Exchange
High
Low
Shares
3%
16
•
Dodge Mfg Corp com
Elec
High
3
Decker A Cohn com.:..10
Dixie Vortex Co com
1 1937
Range Since Jan.
for
Week
of Prices
Low
Price
Par
3797
Chronicle
Financial
.'45
3%
100
3%
Oct
Jan
Aug
Leath & Co—
-
*
Common
10
Le Rol Co com
Llbby McN A Llbby.__10
Lincoln Printing Co—
Common
*
Lindsay Light com
200
2%
2%
2%
1,350
39%
39%
30
30
"~2%
Loudon Packing com
*
Lynch Corp common
5
"30"
McQuay-Norris Mfg com. *
Manhatt-Dear'nCorp com*
50
26
56
29%
Nov
57%
Oct
4%
Jan
Oct
30%
Mar
Oct
3,350
9
4%
1,200
3%
Nov
7
2%
600
1%
Oct
6%
7%
6,250
3%
Oct
1%
1%
1%
300
%
%
%
%
600
3%
3%
4%
400
%
1%
2
2
120
2
Oct
1
1%
20
1
Nov
3%
60
1
24%
400
4%
150
Oct
1%
*
preferred A..
Jan
Oct
12%
Jan
9%
Mar
Last
Week's Range
for
5
Feb
Sale
of Prices
Week
Oct
8%
Jan
21
Oct
46%
Jan
4
Oct
10
Jan
Jan
Cleveland Stock Exchange
Dec.
4
Miller A Hart conv
3%
pref..*
"23%
Modlne Mfg Co com
•
Monroe Chemical Co com *
23
4%
Tr conv pf.
.
*
July
156
Feb
15
Nov
5%
Dec
17
Apr
Clark Controller
320
2
Oct
12%
Jan
3%
Feb
Cleve Railway
Feb
Cl A Buffalo Transit
Feb
Cliffs Corp vtc.
Jan
Commercial Bookbinding
Nov
%
%
50
23%
25%
1,600
19
Nov
2%
2%
550
2
Oct
6%
7%
13%
1,200
20
7
m
13%
mm m m
■»
50
12%
12%
30
%
preflOO
%
10
34%
100
10%
*
Pictorial Paper Pkg com.5
35
Perfect Circle (The) Co
%
110
4%
1%
1%
800
%
%
100
120«i»120'T„
120lJi»120ll»i
1,250
Rath Packing
Co
com...
m
m
Federal Knitting Mills.
17%
Jan
Grelf Bros Cooperage A
35
Jan
Halle Bros pref
16%
Oct
86
Nov
640
121
Apr
100
16%
Dec
16
250
%
1,850
%
Oct
1%
1
Oct
Nov
Schwitzer-Cummlns cap._l
Oct
Sears Roebuck A Co com.*
58%
55%
59%
800
Serrlck Corp cl B com
1
So Bend Lathe Wks cap..5
7%
6%
7%
350
15%
15%
16
S'west G & E 7% pref..100
96
96
*
St Louis Natl Stkyds cap.*
Standard Dredge com
*
Convertible preferred..*
73
73
Southw Lt & Pow pref
"
*.
mm
-
—
2%
122
Jan
125%
Jan
150
Jan
37%
Mar
3%
Feb
2%
July
Nov
50
15
25
mm
mm
"17%
14%
Mar
Oct
27%
Mar
96
10
89
Nov
107
Jan
76%
30
73
Dec
77
Dec
83%
Jan
6%
63%
63%
50
2%
3%
1,600
2%
Oct
5% "Jan
Oct
20% May
Dec
60
13
100
6
400
9%
5%
Dec
9%
9%
550
9%
Dec
28%
Mar
24%
550
22%
Nov
Mar
17
17%
2,200
Oct
33%
28%
5%
13
250
Nov
15%
700
11%
Oct
26%
75
Dec
75%
Apr
1%
150
1%
Oct
5
7
%
%
500
%
Sept
1%
1%
500
1%
1%
1%
50
%
•
•
rnmm+mm
mmmmmm
Williams Oil-O-Matic com*
"
mm
mm
mm
Bank shs com.*
4%
Woodall Indust com
2
4%
Yates-Amer Mach cap
5
14%
75
20
20%
*
850
18
""l8"
2
Jan
Oct
6%
Brick
Metro Paving
4
to
Dec.
10,
6
Oct
50
2%
Oct
4%
1,250
4%
Dec
4%
4%
400
4%
2%
200
2
18
19%
1,650
Baldwin
pref
Churngold
Machine.20
100
*
Cln Advertising Prod
*
pref—100
T P pref
100
Cin Gas & Elec
CN O A
For footnote? see page
for
of Prices
Low
High
Shares
78%
7
6%
98
110%
3800.
63%
4%
Mar
50
Mar
%
76
2,490
120
Dec
Oct
14
Jan
30
Jan
56
Aug
106
60
Nov
100
Aug
20
Oct
10
22
40
7%
Dec
Feb
40
Nov
60
Jan
May
Oct
50
Oct
73%
5
430
4%
Dec
5
4%
4%
Feb
49%
22%
771
4%
Nov
Mar
14
Jan
8% June
_*
"*
.25
♦
National Tile..
A*
Nineteen Hundred Corp
*
Ohio Brass B
Packer Corp.
—
.——
♦
Patterson Sargent
3
Peerless Corp
*
Rlchman Bros
...
16
100
16
Oct
31
55
27
Nov
16
17
16
29%
"29%
17
445
16
Dec
3%
9%
4%
2%
%
3%
9%
4%
2%
%
3%
9%
4%
2%
%
32%
11%
18%
4%
32%
11%
32%
18
32
32
18%
4%
36%
4%
18%
78%
7
6%
97%
185
114
29
Nov
12%
10%
2%
30%
Dec
Dec
Mar
34
3
Oct
Apr
7%
57%
Mar
30
9%
Apr
Oct
2%
3
105
12
469
10
Sept
5
140
4
Oct
Upson-Walton. —
Van Dorn Iron Works..
1
6%
6%
7
125
6
Oct
_
*
2
Warren Refining
Weinberger Drug Inc
.
.
.
.*
2
2
6%
2%
20%
6%
2%
20%
2%
6%
2%
20%
Feb
Oct
100
904
217
4
_
Feb
20%
10
Vlchek Tool
Feb
Oct
28%
10%
17%
5
2%
Jan
Feb
Mar
Mar
12
2%
Feb
67
1
♦
Mar
Mar
Oct
..1
8 M A Corp...
11%
30
TroxelMfg...
Seiberling Rubber
Mar
60
Dec
Oct
%
90
50
12
Nov
2
55
150
29
29
29
100
2%
9%
3%
50
26%
58%
305
1%
Nov
Mar
19
10%
13%
Jan
Apr
Mar
Feb
14
200
6
Oct
300
2
Oct
Feb
26
Jan
15%
5%
75
17%
Jan
July
12%
Watling, Lerchen Gl Hayes
Members
New York Curb Associate
Chicago Stock Exchange
Stock Exchange
New York
Detroit Stock Exchange
Mar
12
15%
2%
43%
DETROIT
Nov
Oct
Buhl Building
Feb
Nov
Aue
Dec
Telephone:
Randolph 5530
Detroit Stock
sales lists
Dec. 4
to
Dec. 10, both inclusive,
Exchange
compiled from official sales lists
18%
78%
7
6%
98%
110% 110%
Last
High
Par
Stocks—
20
78%
107
5%
Oct
Dec
Oct
18
5%
Oct
113
16%
for
of Prices
Low
High
13%
Jan
Allen Elec...
14%
Jan
Baldwin Rubber
•
July
AUto City
Price
.1
Brew com
......
"~M
com....!
7%
120
94
Oct
108
Jan
Briggs Mfg com
4
110
Dec
120
Jan
Burroughs Add Mach
* —
*
*
Range Since Jan. 1, 1937
Week
Feb
36%
93
Week's Range
Sale
Week
Low
Sales
Friday
1. 1937
Range Since Jan.
Week's Range
18%
Oct
385
41
Sales
Sale
Amer Laundry
31
35
Feb
12%
4%
Last
Price
282
40
Feb
49%
both inclusive, compiled from official
Par
Mar
Jan
4%
Friday
Stocks—
~
_
Murray Ohio Mfg
National Refining
Cincinnati Stock Exchange
Dec.
Feb
101%
75
Feb
Oct
4%
2%
Radio Corp com..*
40%
Oct
Dec
4%
1%
m
Feb
21
Oct
July
150
%
m
Dec
18
58%
Mar
15
1%
m
Mar
75%
5
mm
Dec
6
15%
4%
"75%"
Walgreen Co common
Aug
98
Nov
12
Utah Radio Products com •
Wahl Co (The) com
Feb
150
Thompson (J R) com...25
2
Union Carbide A Car cap.*
Trane Co (The) com
pref
Apr
24
m
"5%
Sunstrand Mach Tool com5
Util A Ind Corp com
42
28%
5%
m
*
Standard G & E com
12%
100
1,730
McKay Machine
*
McKee (A G) B
Medusa Portland Cement *
105
11%
m
148
210
35%
120'»»iNov
Oct
1.180
1,020
23%
m
July
42%
5
500
m
7%
5
300
m
m
Feb
20%
35
*
13%
m
14%
Oct
41
Lima Cord Sole A Heel. -1
24%
*
Oct
35
Lamson A Sessions
—
6
11
42%
Jan
Interlake Steamship
110
240
29%
7%
40
Feb
12%
Zenith
*
40
Jan
33%
Oct
70
28
3%
24
Wisconsin
100
29%
7%
3%
"13%
Convertible
*
Nestle LeMur A
Sangamo Electric Co
Swift A Co
"*
Oct
97
1
1
1
Common
International
"
Oct
Rollins Hos Mills-
Swift
70
Mar
140
95%
1
6
41
%
16%
39%
12%
19%
70%
33%
%
18%
High
Low
5
*'■
138
16%
10
Raytheon Mfg—
6% pref vtc
m
140
100
Preferred
rn
33
%
16%
70
Foote-Burt
54
33
*
—
7%
104
;m
1
.
12%
19%
69
Nov
%
:<
— _
Oct
4%
120%
—
12%
19%
*
100
Elec Controller A Mfg..
Jan
7%
%
100
100
♦
...
Oct
25
1%
preferred
"l
Jan
Oct
*
7% preferred
Quaker Oats Co com
Mar
_
— —
2%
Oct
Pines Wlnterfront com__.l
6%
16%
37
%
4%
%
Public Service of Nor III—
9%
Oct
12
200
com
58
Oct
6%
10%
550
%
com..6
*
Cleve Cliffs Iron pref
6%
.12
11
Range Since Jan. 1, 1937
Shares
50
10
6%
6%
69
100
250
3
City Ice A Fuel
High
10
11
—
5%
Penn Gas & Elec A com..*
Prima Co
Nov
15%
"5
Amer Coach A Body
15%
%
Northwest Eng Co com—*
Pea body Coal Co B
50
Nov
Low
10
5%
25
Northwest Bancorp com..*
Northwest Util 7%
Nov
Price
Airway Elec Appl pref-100
*
Akron Brass Mfg
2%
3
Noblitt-Sparks Ind com. .6
Nort Amer Car com
41
120
Par
Stocks—
15%
""5%
1
Natl Union Radio com
20
300
41
41
129% 134%
•
cl A..*
Natl Pressure Cooker Co.2
Natl Rep Inv
4%
41
Preferred....:.-—-—*
Montg Ward & Co cl A
Muskegon Not spec
Sales
Friday
100
100
7% pref A
compiled from official sales lists
10, both inclusive,
Dec.
to
Midland Util—
7% prior lien
566
Jan
Oct
15%
7%
Midland United Co—
Conv
A. T. & T. OLEV. 505 &
Telephone OHerry 5050
2%
Common.
'■
Jan
purchase warrants
Stock
Union Trust Bulldlnf, Cleveland
Feb
5
6%
_
GILLISl'JWOODc'o
Mar
%
5
Middle West Corp cap
Members Cleveland Stock Exchange
Aug
20
4%
Mlckelberry's Food Prod—
Common
1
Ohio Listed and Unlisted Securities
Jan
900
9%
9%
com.l
Mer A Mfra Sec cl A
2
%
10%
%
%
*
Marshall Meld com
60
2%
29%
2%
2%
27%
29%
..*
10
preferred
83%
m mm*m
-
%
1%
7%
24%
17%
%
1%
7%
25
17%
Shares
3,000
200
827
High
Low
%
1%
5%
Oct
Oct
Oct
220
19
Nov
440
16
Oct
2%
3
Feb
July
15%
56%
Feb
35
Jan
Jan
3798
Financial
Friday
Par
Week's Range
for
Sale
(Concluded)
of Prices
Low
High
Burry Biscuit com
12k
Chrysler Corp com
-5
Consolidated Paper com. 10
2k
im
Detroit Edison
com
14k
3k
lk
90k
lk
2k
2k
...100
Det Paper Prod com
Federal Mogul com
2%
2A
9k
1
*
3
com
Graham Paige com
1
lk
82
Oct
Oct
2k
8k
2k
3
1,175
958
3k
lk
100
4k
110
16k
7k
k
Hosklns Mfg com...
*
Hudson Motor Car com. _*
13k
17
650
SOUTH
10
Oct
23
LOS
ANGELES
SAN
»ie
Kingston Products com..*
Kresge (8 8) com
10
Klnsel Drug com-.-.-—-1
Masco Screw Prod
2%
16k'
k
FRANCISCO
SANTA
Jan
Oct
Feb
Friday
Feb
Last
Week's Range
for
70
Feb
Sale
of Prices
Week
Oct
8
Feb
Oct
4k
2k
5k
Feb
Oct
Nov
Jan
22
Feb
Oct
Nov
320
15
1,705
4
950
June
7
10
Stocks
(Concluded)
Par
Sales
Price
Low
22k
•is
McClahahan Oil com..
1
McClanahan Refin com..l
—
Mich Sugar com...
Micromatlc Hone
Mid-West Abrasive com50c
Murray Corp com...... 10
Packard Motor Car
Parke-Davis
6k
*
com..
*
com
665
*16
2,000
"30k
Penin Metal Prod com.._l
July
Victor 01 Co
10
lk
lk
400
450
6k
900
4
Oct
5
1,46.5
4
Oct
2,018
28
Oct
3
2k
3k
4k
4
2%
1,400
lk
2k
2k
3k
Prudential Investing cora.l
Rickel (H W) com.......2
400
k
3
8k
29k
lk
2k
lk
2k
lk
4k
4k
20k
12 k
44k
5k
15k Dec
k
Oct
lk June
k
Oct
k
Oct
k
Oct
2k June
lk
Oct
2k
3
260
2k
100
2
302
2k
3k
2k
750
1,633
Oct
High
100
6k
20
300
5
Oct
100
20
Dec
Wellington Oil Co
1
Western Pipe & Steel Co.10
Blk Mammoth Cons M 10c
6
6
20
20
20c
19c
20c
Calumet Gold Mines...10c
lkc
lkc
lkc
2,000
1,000
1,100
1,600
Imperial
Development.25c
2c
2c
2c
Tom Reed Gold Mines—1
31c
31c
31c
5c
5c
5c
Jan
lk
7,000
Feb
lk
Oct
2
Low
ik
Feb
23
Oct
32
30
2k
River Raisin Paper com..*
Standard Tube B com.... 1
».e
k
2k
lk
6k
4k
1
—
lk
16k
»i«
*
com
»ie
lk
k
1
com...
Oct
k
Range Since Jan. 1,1937
Shares
High
Feb
Oct
400
1,867
1,475
5,150
ANA
Jan
Feb
Oct
»ie
3
ANGELES
Teletype: LA 477
Oct
7k
2k
16k
EXCHANGE
SPRING STREET* LOS
Zenda Gold Mining Co ..1
Hurd Lock <fc Mfg com.-.l
Co.
&
STOCK
Telephone: VAndike 2201
Feb
Oct
2k
lk
%
3k
2k
575
3
MEMBERS
1
1,975
4k
12
STOCKS
4k
2,300
3
10
com.
11
Oct
32
200
...
Hoover Ball & Bear
BANK
Ilk
2k
19k
150
1,030
3,401
"10
IlalJ Lamp com..
Dec
lk
2
ANGELES
Revel Miller
Jan
Ilk Mar
3k Mar
Jan
145k
3k May
Oct
90
Mar
22
Dec
750
10
lk
Dec
3k
lk
500
lk
2k
3
Grand Valley Brew com..1
General Finance com
.1
14
125
LOS
Mar
7k
132k
Nov
300
ok
36k
3k
lk
Oct
52k
300
96
High
2
2,531
4
3k
lk
6k
34 k
m
34k
43H
1%
General Motors com....10
Goebel Brewing com
1
Low
190
14k
9
com...
Frankenmuth Brew com._l
Gar Wood Ind
61
Range Since Jan. 1, 1937
Shares
2k
.56
lk
Det Gray Iron com
Det-MIch Stove com..... 1
Fed Motor Truck
2k
"3H
com
*
Det& CleveNavcom-.-lO
11, 1937
Week
Price
Crowley MUner
Dec.
Suies
Last
Stocks
Chronicle
12c
Mar
2k
13k
Apr
20
Oct
Dec
39c June
lc
Mar
4c
Feb
lkc
Jan
9c
Feb
30c
Oct
48c
Jan
4Hc
Nov
15c
Jan
24k
Feb
Jan
Unlisted—•
Jan
Bendix Aviation
Feb
Jan
Jan
Corp ...5
Commonwealth <fc Sou...*
Continental Oil (Del)
5
Curtlss-Wright Corp
Mar
Electric Bond & Sh:
Jan
Montgomery
Feb
Feb
Feb
Aug
Nov
6k
Jan
Oct
Oct
5k
6k
10k
2k
31k
3k
12k
2k
12 k
Dec
100
lk
Oct
4k
Jan
31k
100
30 k
Oct
37k
Sept
Mar
3k
100
100
3k
5
11
11
11
43 k
43 k
100
37
37
43 k
37
19k
7k
19k
Ward Inc..*
N Y Central RR Co.....*
100
16
19 k
100
7k
8k
1,300
5
5
100
5
*
4k
4k
4k
100
4k
25
42 k
42k
42 k
100
41k
...
8k
27k
Feb
Nov
37 k
32
5
North American Aviation 1
Packard Motor Car Co
.*
Radlo-Kelth-Orpheum
Texas Corp (The)
Oct
Nov
Nov
2k
10k
100
*
re
Jan
62 k
68 k
Mar
Mar
Feb
Oct
54 k
Oct
17k
Jan
Nov
12k
Feb
Oct
10
Apr
Oct
3k
64k
Feb
28k
111k
12k
2k
1
General Electric Co
Jan
12k
31k
Feb
Dec
July
Jan
Jan
Established 1874
Tlmken-Det Axle com... 10
Preferred......
13k
-100
Tivoli Brewing com
106
1
14k
955
106
10
12
Nov
102k
July
DeHaven & Townsend
Aug
3
k
lk
4
1,578
Oct
10
lk
3,455
lk
Oct
8
Feb
*
Members
5
5
183
4k
Oct
9k
Feb
*
Tom Moore DLst
B
Warner Aircraft
2
2
400
lk
k
2k
Y
5k
Oct
8k
Mar
Oct
lk
7k
New York Stock Exchange
Philadelphia Stock Exchange
1
com
Wayne Screw Prod
3k
lk
1
com
Univ Cooler A
com.
k
.4
3
Wolverine Tube
2
com
k
320
3
165
k
sk
300
3
Wolverine Brew com..... 1
si«
"6k
5k
2
1.50
Feb
Jan
Feb
Dec
18
PHILADELPHIA
NEW YORK
Feb
Oct
July
1513 Walnut Straet
80 Broad Streat
Feb
Dec. 4
Philadelphia Stock Exchange
to
Dec.
10, both inclusive, compiled from official sales lists
WM.CAVALIER & Co.
Friday
New York Stock
Exchange
523 W. 6th St.
Stocks-
American Stores..
San Francisco Stock Exchange
Los Angeles
Par
.
for
of Prices
Low
High
Week
Price
.-—...*
American Tel & Tel
100
Barber Co
Teletype L.A. 290
Week's Range
Sale
Chicago Board of Trade
Lob Angeles Stock
Exchange
Sales
Last
MEMBERS
Budd Wheel Co.
564
105
10
Oct
123
112
May
"5k
5k
4k
57k
26k
34 k
*
Chrysler Corp
Los
Dec. 4
to
Dec.
Angeles Stock Exchange
10, both inclusive, compiled from official sales lists
Friday
Last
Sale
Stocks—
Par
Bandlnl Petroleum Co
Price
1
Sales
Week's Range
of Prices
Low
High
for
Range Since Jan. 1, 1937
Week
Shares
Low
High
4
3k
4
Oct
9k
Jan
55c
60c
1,900
1,700
2k
60c
35c
Oct
90c
Apr
1
1
lk
400
62 kc
Oct
Barnhart-Morrow Consol 1
Berkcy & Gay Furn Co.-.l
35c
3k
Jan
Chlca'oilA com" 10
35c
35c
200
35c
Dec
2.25
Feb
2k
2k
2k
700
Buckeye Un Oil Co pref-.l
1.10
Oct
7k
Jan
7c
7c
Nov
17c
Feb
16c
Feb
Wot***
Bolsa
u
nfo
Preferred v t c
Central Investment
...1
7c
18k
18 k
.5
59c
59c
Chrysler Corp....
Claude Neon Elec Prod
Sept
240
18 k
53c
Nov
59c
100
Dec
43
1.35
Feb
Feb
7k
7k
300
6k
Oct
12 k
Jan
9k
9k
37k
9k
9k
9k
»k
37k
200
7k
Oct
17k
24k
64k
Mar
Emsco Derrick &
Equip..5
Exeter Oil Co A com
1
com
5c
7k
Consolidated Oil Corp
Consolidated Steel pref
Douglas Aircraft Co
General Motors
20
7c
5,000
6c
100
1,000
10
Gladding McBean
& Co..*
Globe Grain & Milling..25
Goodyear Tire & Rubber.*
Hancock 01! A com
_*
Holly Development Co
90c
35k
8k
9k
10k
85c 92kc
35k 35k
8k
9
400
300
500
5,500
100
7
32k
7
50c
32k
Oct
Sept
Oct
Oct
Nov
700
8
Oct
5
Oct
5
5k
400
21
19k
lk
70
30k
Ilk
Feb
Mar
Mar
Mar
Feb
Mar
Jan
24k
21k
21k
24k
1,600
75c
70c
75c
600
55c
331
1.35
Jan
2
12,571
13,275
14c
Dec
72kc
Jan
10c
Oct
60c
Oct
10
Oct
1.45
._*
Pennroad Corp v t.c—-.1
2k
Pennsylvania RR
50
Phila Elec of Pa $5 pref
Phila Elec Power pref
Phila Insulated Wire
Phila Rapid Transit
7
23
115k
21
V"
50
3%
1
.*
United Corp
Preferred
319
298
079
334
Jan
Oct
139
Feb
41k
13k
24 k
4k
Nov
Oct
Oct
Feb
Jan
Mar
Apr
Oct
5k
Oct
14 k
Jan
2k
19k
109k
Oct
5k
50 k
117k
35k
35 k
7k
13k
16 k
Apr
Mar
1,771
1.51
30
Dec
20
18
Oct
121
220
7k
iik
lk
Oct
2k
Oct
2 k Nov
5,k
Oct
22k
0.it
22k
Oct
k Sept
1.290
.
.545
3
30
55
100
3k
3k
4
34k
10k
Hk
101k 102k
9
9k
Oct
Oct
1,072
2k
7>/a
10k
101k
1
5
3,692
33 k
*
Feb
Mar
433
4
*
Preferred..........
Westmoreland Coal
Feb
Nov
3k
4k
k
85
Jan
13
Nov
7k
lk
lk
Mar
134k
44k
70 k
Dec
4
*
*
Oct
23
Jan
Mar
127k
14k
Oct
100
Feb
43
Nov
80
24k
3
common
187k
35
39
28k
.50
United Gas Imp com
Mar
27k
36k
102
2
39
Tacony-Palmyra Bridge..*
Tonopah Mining
1
Union Traction
2k
52k
21k
31k
21
3k
5k
10k
Philadelphia Traction...50
Salt Dome Corp
Scott Paper...
2k
186
296
26 k
Nov
145 k
502
2k
2k
22 k
23k
113k 115k
30
31k
*
% preferred........ 50
5k
4k
Nov
355
25
*
117
3k
7k
k
lk
1X
ik
Mar
4k
2k
23 k
721
1,220
lk
lk
763
52
Oct
Oct
25
Oct
6,572
8k
Oct
114
100k
8k
Oct
Feb
Feb
Apr
Apr
Feb
Jan
Feb
30
Jan
35k
35k
Aug
lsie
Mar
7k
Sk
40k
17k
114k
Feb
Aug
Jau
Jan
Jan
Feb
Oct
Oct
16k
6k
100
Lehigh Valley
...50
Mitten Bank Sec Corp..25
Preferred...
-25
Nat't Power & Light..
*
Feb
1
Holly Oil Co
9k
36
"26k
Horn & Hard (Phila) com
Horn & Hard (N Y) com. .*
Lehigh Coa! & Nav
High
116
150 k
5
Electric Storage Battery 100
General Motors......». 10
Low
8k
9k
148k 1.50k
18
18k
.10
Bell Tel Co of Pa pref-.100
Budd (EG) Mfg Co....
Range Since Jan. 1,1937
Shares
1
300
16k
18
Oct
46
Oct
27k
Aug
1.50
Mar
Oct
Mar
lk
lk
15c
14c
16c
21c
19c
21c
8k
2k
4k
8k
2k
4k
9
1,100
2k
4k
1,200
100
1
75c
5k
lk
4k
75c
75c
200
50c
1
lk
lk
lk
800
90c
Oct
"*
ik
ik
lk
200
60c
Oct
25c
Mt Diablo Oil Mln &
Dev 1
Nordon Corp Ltd
25c
25c
100
11c
Aug
50c
60c
3,800
50c
Oct
5
15c
97kc
Apr
2,000
13c
July
45c
Feb
Occidental Petroleum
Oceanic Oil Co
1
41c
35c
25c
Oct
.1
80c
1.10
Feb
1.05
Ollnda Land Co
l
Pacific Distillers Inc.
1
Pacific Finance
Corp comlO
70c
Jan
24c
27c
28c
16c
Sept
40c
Mar
52k c
15k
50c
52kc
600
45c
Nov
15k
15k
100
com.l
12k
Oct
4k
4k
4k
500
l
16c
2 k
Oct
16c
16c
2,100
16c
Dec
5k
4k
2k
5k
6,300
4k
4k
300
4
2k
2k
100
2 k
Nov
7c
7c
13k
87 kc
10k
9k
6k
7c
2c
23 k
1,000
Jan
15c
23k
23k
200
8k
8k
8k
100
20k
20k
21k
900
Jan
11
Oct
Feb
Mar
24c
8,800
1,600
15,600
49
Bonds—
Feb
60c 62k c
15c
15c
*
Klnner Air & Motor Ltd.. 1
Lincoln Petroleum Co
_.10?
Lockheed Aircraft Corp..l
Los Angeles Industries Inc2
Los Ang Investment
10
Mascot Oil Co.
Menasco Mfg Co
Mills Alloy Inc A
*
B
Republic Petroleum
Rice Ranch Oil Co
Richfield Oil Corp com
*
Roberts Pub Markets Inc 2
Samson Corp 6% pref...10
Sierra Trading
Corp...25c
Signal 011& Gas Co A
*
Sontag Drug Stores
*
Sou Calif-Edison Ltd...25
Orig Preferred
6% preferred B
43c
1.10
25
36
36
36
25
5k% preferred C
26
26
25
24 k
24k
26k
24k
Sou Calif Gas 6% pref A.25
Southern Pacific Co
100
Standard Oil Co of Calif..*
Sunray Oil Corp
Universal Conso Oil
101
see page
28k
22 k
29k
28k
22k
•29k
28k
23k
30k
4k
22
Dec
Elec <fc Peoples tr ctfs 4s '45
Peoples Pas*
tr ctfs 4s. 1043
8k $70,000
..
lk May
32
H. S.
Jan
Members
UNION
BLDG..
Tel. Oourt-6800
120
Jan
Feb
Mar
Mar
Jan
Pittsburgh Stock Exchange
Dec. 4
to
Dec.
10, both inclusive, compiled from official sales list
Feb
Friday
Aug
Oct
32 k
41
Feb
Armstrong Cork Co
29 k
Jan
300
23 k
Nov
28k
Mar
Blaw-Knox Co
Byers (A M) com
for
of Prices
Low
High
Week
*
Oct
Week's Range
Sale
Oct
Oct
Oct
3
3
100
36
37
400
10k
19k
8k
10k
11
20k
1,500
9k
19k
1,600
17k
8k
9k
700
2
29 k
5
Mar
Aug
62 k
Mar
49
k
Stocks—
Price
Oct
Copper weld Steel
Duquesne Brewing Co
5
Feb
Oct
55
Mar
Oct
16 k
Aug
Fort Pitt
Oct
28 k
18 k
Feb
Harb-Walker Refrac
July
Low
High
42k
37
31k
Oct
*
12k
10k
13k
10k
lk
6
10
22k
13k
204
*
9k
5k
2,665
90c
Oct
975
3 k
Oct
351
4k
Oct
100
19k
194
11
5
lk
10
5
Follansbee Bros pref... 100
Brewing
Range Since Jan. 1, 1937
Shares
41k
Carnegie Metals
...1
Clark (D L) Candy Co...*
Columbia Gas <fe Electric.*
Oct
Oct
Par
Jan
31
Sales
Last
34 k
25 k
Nov
PITTSBURGH, PA.
A. T. & T, Tel. Pitb-391
BROADWAY, NEW YORK
200
17k
Mar
Mar
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
19
28 k
16k
21
Dec
f Pittsburgh Stock Exchange
New York Curb Exchange (Associate)
Jan
27 k
Oct
k
]
BANK
14k
300
15
EDWARDS 8k CO.
w-rnhnr.
48
1,500
1,100
5
3.000
15
Feb
Nov
60
15
Feb
Nov
8k
3
3800.
Oct
Oct
37
Superior Oil Co (The) ...25
Transamerica Corp
*
Union Oil of California..25
For footnotes
5k
2
1
*
Koppers G & Coke pref 100
"I6k
1
4k
9k
22k
13k
10k
15
Oct
70 k
29 k
Mar
Oct
21k
July
4
Mar
Feb
8k
20 k
Feb
Nov
34k
Oct
24 k
Jan
10k
70
Oct
41
Aug
Feb
July
85c
1,190
60c
Oct
22k
22k
102 k 103 k
10
18k
Oct
lk
58 k
Mar
Oct
111k
Feb
80c
55
100
Jan
Volume
Lone Star Gas Co
5
7%
7%
42%
5%
42%
Oct
14X
Jan
Nov
72 X
Mar
12 X
10
Jan
5%
1,100
10
Stocks
High
35
3 J4
2 %
22 X
3.500
4c
Dec
3
100
2X
Oct
8X
7%
5
134
10
5c
3
_
682
25%
Oct
Oct
Oct
4c
Pittsburgh Brewing Co
Pittsburgh Coal com...100
2%
25%
Penn Fed Corp 4%% pfd50
Phoenix Oil com
25c
_
Low
Shares
7%
"534
Mountain Fuel Supply..10
Natl Fire proofing Corp...5
Pittsburgh Oil & Gas
for
of Prices
Low
High
Week
Week
Price
7%
2%
20
5%
IX
Oct
Feb
15%
Aug
340
534
Mar
1,415
6
1%
Mar
(Concluded!)
Caterpillar Tractor com..*
Preferred
100
Claude Neon Elec Prods..*
1
Consol Chem Indus A..
Crown Zeller Corp com
*
174%
Feb
Oct
19 X
Oct
30
Oct
29 X
2 X
Nov
11
15
Plymouth Oil Co
Renner Co
5
Shamrock Oil & Gas
1
2%
18%
1%
2%
18%
1%
3
Standard Steel Spring
*
1
9%
10 X
35
65c
65c
65c
800
24%
27%
111%
328
18
50
89
1
330
1,765
12 X
25
7%
14c
Westinghouse Air Brake. .*
110
Westinghouse El «fc Mfg. 50
200
1
Oct
525
2X
Oct
9
Oct
60c
Oct
Jan
Apr
Mar
Jan
7 X
Oct
12
IX
Feb
Oct
56 X
Feb
Nov
rnx
Jan
Unlisted—
Lone Star Gas 6%% pf 100
Pennroad Corp vt c
*
10
2 34
60
234
14c
295
29
Feb
Mar
Apr
64
Nov
108%
Apr
127
2%
22%
Oct
17%
Mar
Oct
59
Mar
4%
Dec
9
Sept
9%
Oct
25%
4%
25
4,276
20
100
*
5
5
Emporium Capwell
..*
4%% cum pref w w.,.50
12
12
12%
960
29%
28%
30
820
10%
10%
10%
265
Emsco Derrick & Equip..5
Fireman's Fund Insur_..25
5
72
31
2%
26
34%
34%
9
5X
Mar
Golden State Co Ltd.....*
Oct
Oct
7
Mar
26
Dec
40
Mar
Nov
70%
7
Oct
18%
Jan
24
122
24
Dec
8%
775
8
Oct
41%
31%
Mar
Feb
1,990
3%
Dec
8%
3%
11%
22%
4%
11%
23%
24
26%
16,770
20
*
32%
2,318
1.20
95c
Corp
95c
10
1%
10
2 34
2%
Leslie Salt Co
10
213
Nov
125
4%
Feb
Oct
8
Feb
Nov
42
Feb
45%
16%
Feb
Feb
2
128
34%
36
36
36
19%
18%
20%
8%
8%
2 %
1%
96%
1%
96%
1%
96%
Marchant Cal Mach com
14%
14%
16
120
9
814
8
9
2,517
2,461
14
Oct
5
Oct
34
Nov
5
10
96%
Dec
108
Jan
1,087
11%
Oct
28
Feb
Dec
38%
9
9
9
8%
8%
8%
Natl Automotive Fibres..*
6%
6%
7
Natomas Co
*
9%
9
100
4%
4
38
38
38
11%
9%
11%
12%
560
9%
9%
9%
125
9%
Oct
7%
1,370
4%
Oct
20
9%
No Amer Inv com
Telephone Central 3350
5%% pref......
No
100
American Oil Cons.. 10
O'Connor Moffatt AA
St. Louis Stock Exchange
Oliver United Filters B__.»
4Ito'Dec. 10, both inclusive, compiled from official
Par
sales lists
Range Since Jan. 1.
Week's Range
for
of Prices
1937
Week
Low
Price
High
Paauhau Sugar
*
Brown Shoe com
*
36
35X
.1
22
22
20 34
37
22 X
32
20
Dec
25
Aug
193
35 X
Dec
49%
Feb
180
22
35
Preferred...
Central Brew
*
5
5
2 X
234
100
100
4%
6X
70
com
Century Elect ric Co
Chic & Sou Air L pref__.10
Dr Pepper com
2 34
Dec
9X
Nov
4
Apr
Aug
Feb
9
24X
2X
19X
Oct
6
Mar
Oct
48
Mar
24
Oct
40%
Oct
39% May
Apr
Dec
6
Feb
14
216
12
Nov
23
50
8
Nov
20%
July
Feb
234
10 X
2 34
7
2X
Dec
33 X
32 X
33 X
571
31X
Nov
15%
49%
10
10
11
11X
15X
134
IX
15X
25
10 X
Midwest Pipe & Sply com *
9X
Natl Bearings Metals com *
24X
9
108
534
5X
*
St Louis B B1
Scullln Steel pref
*
100
...
Southwest Bell Tel pref. 100
Nov
22%
Jan
910
6%
Oct
18%
5%
5%
125
5%
Dec
5%
Feb
Dec
1,448
23
Oct
38
Jan
1,459
Oct
32 %
29%
*
38
38
38%
822
27%
25%
35%
Oct
138
Oct
53 %
Jan
Jan
Jan
98
Oct
2
Oct
*
Ser(non-vot) com*
(Non-voting) pref
*
102%
Pacific Tel & Tel com..100
114%
6% pref
Pac Pub
25%
1,826
30
30
32%
12%
12%
1,075
5%
3,461
4
Oct
2f
109
Dec
S JL&P7% pr
5%
109
4%
38%
27%
31%
5%
33
10C
4
4
530
60
109
23
20%
Feb
27%
31%
Dec
Dec
18%
Jan
Apr
50
19% June
10%
122
Oct
12%
Nov
33%
Oct
48%
2
69%
Nov
30%
17%
Nov
65%
27C
%
Oct
2 %
565
22
1,434
100
22%
20
*
%
So Pac Golden Gate A
Oct
9%
5(
%
40
23
Nov
70
Mar
Standard Oil Co of Calif..*
Oct
49%
Dec
116
May
Tide Water Assd Oil com 10
29%
15%
29
106,
15%
621
13%
Nov
21%
2
10%
10%
4,821
9%
Ocl
16%
Oct
28%
28%
320
5
Oct
13%
Mar
Dec
105
119
150
50c
2
Mar
55
5X
Nov
3
Dec
13%
8%
Mar
25
90
5
Oct
5
14X
100
Dec
100
55
122
ex
125
117% June
5
Oct
29%
25
23
Waialua Agricultural
Mar
102
Aug
128
13%
49%
8
Dec
19
Oct
25
25 X
$8,000
23
Dec
33
8%
5
Equipment com_._l
39%
Co_20
Bk & Un TrlOO
Western Pipe & Steel Co.10
Yellow Checker Cab A..50
Yosemite Ptld Cement pflO
Wells Fargo
May
56
Nov
102
23 X
22
Nov
36%
Nov
34%
64 X
9,000
12,000
21,000J
24
22
17%
445
17
2,04( )
8%
Oct
19
Oct
9%
Ocl
265
Dee
360
1.09C
16
Ocl
5(
30
Nov
12C
21
20
21?
33
33
3
Nov
33
3%
Feb
Oct
July
July
Jan
75
1(
161
265
265
3%
Sepl
4%
3%
46(
5
39%
265
May
26X
26X
Feb
Aug
35%
40%
64
Feb
Mar
Jan
4% June
Jan
20
372
59
Aug
Mar
Aug
Feb
Mar
26%
25
Sept
Apr
Feb
Mar
July
Mar
113
10
Universal Consol Oil
Victor
25X
8
28
57'
19%
25
Jan
Apr
25
Union Oil Co of Calif
Feb
70c
35
1
3,135
May
Jan
Sept
Corp
Transamerlca
Jan
87
Nov
23
20%
28%
Aug
Dec
Nov
Jan
Jan
152%
27
23
28%
13
Dec
4%
31
8%
5,4
15%
20%
19%
30C
17%
25
26%
Dec
Jan
107
4,841
17%
Southern Pacific Co
Oc'
25
1,227
4,806
4%
32%
Mar
Mar
62
Nov
35
30%
Feb
STRASSBURGER & CO.
Bonds—
fCity & Subur P S 5s..l934
f Scullln Steel 6s
1941
fUnited Railways 4s _ .1934
t United Ry 4s c-d's
Dec
Cum preferred
*
Republic Pet 5%% pref.50
Rheem Mfg Co com
1
Richfield OH Corp com
*
Ry Equip & Rlty com
Sou Cal Gas 6% pref
47
8
112
25%
Signal Oil & Gas Co A
Soundview Pulp Co com..5
Dec
15 "25 X
Oct
130
116
112
11%
26%
Aug
Nov
Stix Baer & Fuller com.. 10
536
Rayonier Inc com
Mar
5c
5X
1,623
38
Mar
75c
121
5%
18%
38
32%
5
.....
70
5%
Parafflne Co's com
21
10X
12X
103
102
17%
5%
18
22
5c
25
10
26
Oct
80c
1
Sterling Alum com...
Wagner Electric com.
3
100
Jan
18
110
6%
Shell Union Oil com
5c
100
Oct
10%
6%
<
29%
Jan
80c
"l3"
13
Mar
17%
Apr
12% May
27
Feb
80c
Scruggs-V-B Inc pref. .100
Mar
16%
26
pref—100
Schlesinger (B F) pref-..26
5c
*
Preferred A
Securities Inv. pref
ex
3
Equip com.*
St Louis Pub Serv com..
96
28%
Dec
10
ex
Rice-Stix Dr Goods com..*
Dec
Nov
10%
Union Sugar Co com
90
90c
38
Feb
26
Dec
10
105
105
100
Nicholas Beazley Air com 5
40
27
23 X
23%
Mar
28%
12
Oct
33
26
10
7X
13%
Dec
26
10
~10W Dec
Oct
4
25
25
20
790
6%
170
6%
180
158
9X
108
.100
1X
7%
510
6
10%
51
23
10X
525
Oct
9%
25
5%% pref.
Pacific Lighting com
Jan
Mar
13
Knapp Monarch com
*
Laclede-Chrlsty C Pr com *
Laclede Steel com
20
1st pref
75
32%
534
10 X
IX
Hydraulic Pr Brick pfd 100
International Shoe com
*
Preferred
20
184
4X
37
Feb
10X
Hus8mann-Ligonier com.. *
Huttig S & D com
5
Natl Candy com
29
2
14
Hamilton-Brown Sh com.*
Mo Port Cement com
234
2334
27
*
500
35
28
23X
._*
Grlesedieck-West Br com
4%
4%
26
Coca-Cola Bottling com__l
Columbia Brew com
5
Dec
Nov
31X
Jan
May
13
a*
Pacific G & E com
High
Low
Shares
13%
10
6%
13
Pacific Clay com
32
Burkart Mfg com
2034
Oct
Dec
1,260
5%
Pacific Can Co
6% 1st pref
American Inv com
7%
15
Pacific Amer Fisheries...5
Sales
Sale
Stocks—
*
Jan
233
Market St Ry pr pref.. 100
Meier & Frank Co
10
316]North Fourth St., St. Louis, Mo.
Jan
31
Oct
34
Magnln & Co (I) 6% pf 100
New York Curb (Associate)
St. Louis Stock Exchange
Chicago Board of Trade
Chicago Stock Exchange
1.40
Oct
1
Magna vox Co Ltd
MEMBERS
36%
Nov
1
LeTourneau (RG) Inc
Lockheed Aircraft
Securities
Dec
Aug
Sept
16
100
2%
/*pr
Feb
27%
65c
1%
8%
22
Oct
19%
23%
1,030
Feb
Oct
9
295
20
19%
1%
Preferred
all
Jan
725
2,679
25
Pineapple
Mar
Oct
2
3%
11%
Rights
Honolulu Oil
96%
57%
69%
23%
*
Mar
Mar
Mar
9
36%
24
8%
Oct
27
250
26
7%
24
Oct
6%
295
32%
2%
Galland Merc Laundry...*
General Motors com
10
27
24%
47%
19%
1,010
72
31%
2%
26
j
100
72
10
2%
Food Mach Corp com
Foster & Kleiser com
Oct
2%
1874
Last
Apr
460
4%
25%
Gladding McBean & Co..*
New York Stock Exchange
Friday
25
Oct
8%
12%
70
Oct
i. m. simon & co.
Dec.
46
11
100
Hunt Bros com..
Southern
12%
32 %c
Nov
68
4%
Doernbecher Mfg Co.
Hawaiian
Mid-Western and
Oct
Dec
6%
200
11%
113X
ST. LOUIS MARKETS
on
Mar
68
Hancock OH Co
Enquiries Invited
Feb
Aug
125
*
10
Gale Bros Stores Inc
Business Established
104%
5
Preferred
Di Giorgio Fruit com
Apr
111
112 X 112 X
420
-
Dec
Nov
53
30
General Paint Corp com..*
Preferred
*
Victor Brewing Co
8
99%
100%
15%
14c
30
30
High
Nov
Mar
5
88
8%
110
56%
8
Consolidated Aircraft
Feb
250
56%
56%
Jan
25c
40
160
100% 101%
100%
5
Chrysler Corp
Low
Shares
51
51
51
Jan
29
434
80
65
Pittsburgh Plate Glass -.25
Pittsburgh Screw <fe Bolt..*
Pittsburgh Steel Foundry
88 %
Price
Par
$3 preferred
7X
Range Since Jan. 1, 1937
Week's Range
Sale
for
of Prices
Low
High.
*
Mesta Machine Co
Week's Range
Sale
Par
Last
Range Sitcce Jan. 1, 1937
Last
(Concluded)
Sales
Friday
Sales
Friday
Stocks
3799
Chronicle
Financial
145
133
Montgomery Street, San Francisco
BROAD STREET
(Hanover 2-9050)
NEW YORK OFFICE: 25
Jan
Jan
Exchange; San Francisco Stock Exchange; San Fran¬
cisco Curb Exchange; Chicago Board or Trade; NewYork Curb Exchange (Assoc.)
Members: NewYork Stock
Teletype S. F. 138
Direct Private Wire
& Co.
Dean Witter
municipal and corporation
bonds
Private Leased Wires
San
Dec. 4
Board ofTrade
New York Curb Exchange (AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
San Francisco Seattle Tacomo Portland NewYork Honolulu tos Angeles
to
Dec.
Francisco Curb
Members: NewYork Stock Exchange, SanFranciscoStock Exchange, Chicago
Oakland
Sacramento
Stockton
Fresno
Beverly Hills
Pptadeno
Last
Sale
Stocks—
Par
10, both inclusive,
compiled from official sales lists
Sales
Friday
Last
Sale
Par
Stocks—
Alaska-Juneau
25
..laska United Gold
5
zAnglo American Mines...
Amer Tel & Tel
100
American Toll Bridge
1
Anglo National Corp
Argonaut Mining
5
Atlas Corp common
5
11%
11%
100
9%
Oct
15%
16
8%
181
630
15%
Dec
435
5%
410
---5
*
Co
Calamba Sugar 7%
80
pref.20
Calaveras Cement com
*
Calif-Engels Mining
1
Calif Cotton Mills com.100
Calif Packing Corp
Preferred
com..*
50
8
181
181
5
5
18%
21%
18%
21%
4
4
%
13%
22%
50%
%
13%
21%
5034
20
Oct
4
4%
z
z
34%
Mar
z
Central Eureka
z Preferred
Cities Service
4%
354
%
400
13%
23
51
2,147
%
Oct
Oct
46%
21%
49%
Dec
Nov
48%
Mar
Mar
Jan
Mar
Feb
53
Aug
Oct
11
High
Low
23%
12%
1%
50c
600
160%
493
149
65c
60c
65c
450
12%
14%
735
Nov
Jan
3.10
5c
Dec
50c
Feb
40c
Sept
85c
AUg
Oct
186%
Jan
45c
141
55c
12
Oct
97c
Feb
Nov
27%
Feb
Oct
11%
Jan
"*7%
734
7%
13
734
Dec
18%
Mar
12%
5%
12%
150
Nov
15%
6%
3,892
15%
16%
330
11%
3%
13%
3%
5%
15%
4
450
1.80
Oct
13%
Oct
31
6%
Oct
Jan
Aug
Feb
1%
1%
10
1.05
20c
20c
100
11c
Oct
50c
20c
20c
Oct
82c
Feb
28c
28c
1,500
1,000
10c
28c
Carson Hill Gold..
60
10c
1,300
1,050
2.00
14%
23c
Dec
50c
July
1.55
1.55
1.80
4,040
1.70
Cardinal Gold
Feb
21%
3
149%
Calif Pacific Trading
July
Oct
50
z
10
Nov
2.40
5c
Cal Art TUe B
Feb
Feb
214
13
Range Since Jan. 1, 1937
for
Week
Shares
50c
2.00
Feb
Oct
20
200
15%
31%
25
Dec
181
624
19
1
Bunker HU1 & Sullivan..10
15%
8
Bancamerlca-Blair
High
Low
11%
Bishop Oil Co
Byron Jackson
Shares
of Prices
High
12%
Baltimore & Ohio
10
Diesel Eng
Bank of Calif N A
Atlas imp
of Prices
High
Low
Range Since Jan. 1, 1937
for
Week
S F.20
5
Gold
Anglo Cal Nat Bk of
Price
Week's Range
Week's Range
Low
long Beoch
Francisco Stock Exchange
San
Price
official sales lists
Sales
Friday
Alaska Treadwell
Dec. 4 to Dec.
Exchange
10, both inclusive, compiled from
Ocf
Jan
40c
Jan
1.90
Mar
1.75
1,300
40c
Jan
1.90
Mar
2
2%
711
1%
Oct
5%
Coen Cos Inc A
40c
40c
300
40c
Sept
2%
Columbia River Packer
3%
3%
60
3
Mar
5%
3%
11%
3%
11%
220
2%
200
6%
Oct
Oct
8%
28%
7%
8%
510
7
Oct
10%
Jan
Mar
Mar
Mar
Jan
Oct
Curtlss Wright Corp
Elec Bond & Share
z
General Metals
1
1
2
1
-.5
3800
Financial
Last
Par
Week's Range
for
Sale
(Concluded)
of Prices
Low
High
Week
Price
Great West El Chem com
z
Holly
Range Since Jan. 1, 1937
Low
Shares
120
57
53 %
High
50
Toronto Stock
Dec. 4 to Dec.
Last
Week's Range
for
7%
Jan
Sale
of Prices
Week
1.85
Mar
50c
Oct
250
3.60
Apr
50c
50c
56c
1,500
45c
Oct
7X
7%
191
5%
Oct
15%
41c
1,143
30c
Oct
Mar
2.40
2.80
3,695
1.45
Oct
1%
7%
.
■
Stocks—
Par
37 H
20
37%
Dec
10c
June
64%
Feb
*
Canada Vinegars
15c
11,250
72c
Jan
12c
100
10c
Oct
50c
Mar
Canadian
8%
11
8%
Dec
15%
Mar
30c
31c
1,400
24c
Oct
63c
Feb
Coast Copper
Cobalt Contact
35%
M J & M & M Consol
35%
12
825
68%
17%C
Mar
6%C
35%
4%c
Dec
6c
30c
1
Montgomery Ward & Co.
:
Copper..6c
Oct
1
8%
20
33%
North Amer aviation
Sugar Co
Occidental Pete.
*
Wall
Preferred
-
Title Guaranty pref—....
United Corp of Del
...
U 8 Petroleum
Vlca Co common...
„—*
60
Feb
12%
Jan
H umberstone
2%
100
1%
Oct
9%
Feb
Inter Metals A
8%
Dec
64c
1,400
50C
Oct
36
80
11
4
4
1.05
Jan
Mandy
16%
Jan
2.70
Mar
80
Mar
Jan
8%
No par value,
two-for-one basis
c
on
Cash sale,
a
7
5
7
Oct
18%
71
75
71
Dec
1
DC._
16%C
l%c
2
Listed,
z
Ex-dlvldend.
Schwabacher &
Members New
York
Slock
Co.
Ritchie Gold
2 He
Robb Montbray
lMc
Exchange
offices In
San
Monte
—
Hollywood
Compared
Los
Angeles
Beverly
—
with
16c
12%
Feb
c
Jan
8%
.
Jan
287
495
17 H
2 H
Oct
Oct
9%
Mar
53,203
16c
Oct
58c
Mar
2H
475
Jan
2%
62%
Nov
Oct
Oct
3.25
Jan
,.*
2H
42
42
43
145
145
348,451
Ounces
receipts at the
25
The total gold content of
the!year
was
17,925
ounces,
the report.
Expected
to
1-—Producers
$50 per Ton for All of 1938
Be
Further
Agree
on
Cur¬
Price
o^
Par
Fund
Inc...l%
Bid
Ask
Investors Fund C
13.10
4.29
4.73
18%
6
Corp.
Par
12.31
production by
half-day in addition to the full-day curtailment now
effect, it is reported in Montreal advices, Nov.
29, to the
another
Nov.
30.
The effect
of
the
profits, it is stated, will be compensated for
during 1938 by price increases which will become effective
Jan. 1 with the base
price moving from $42.50 a ton to $50
per ton for a major portion of the
output. Several companies
have announced that
they will continue the $50 price in
effect during the entire
year of 1938, including the Inter¬
national Paper Co., New
York, Price Brothers & Co., Ltd.,
of Montreal; Abitibi Power &
Paper Co., Toronto, and the
Powell River Sales Co.,
Ltd., Vancouver.
The following is
from the advices
quoted above appearing in the "Globe &
on
Mail" of Nov. 30:
are
expected to average $2.50 per ton
higher than
year, and reduced production
schedules
add $2 or more per ton to this
figure.
will
probably
On this basis
operating profits of
$5 per ton during the present year on an
average would be increased to
$8 per ton for 1938.
On this same basis
production could fall off
by at least 35% before this year's profits would be
bottomed.
Jan
5%
3%
Inc
1
Canadian Inv Fund Ltd-.l
*
Commonwealth Invest..-1
Shares
16.93
.36
.51
22.99
24.59
Nation
3.37
1.31
1.44
5.13
5.38
13.38
3.28
3.51
Agriculture..
7%
2.64
23%
.
26
..100
—
-
•
—
....
7 91
8 56
7.95
8.60
8.42
Machinery
Metals.....
.....
...
7.86
1.51
2.67
Series 1956
2.45
Series 1958
Series 1955..
3.60
1
Eaton & Howard
5.25
5.85
25c
1.22
1.32
■
1
1
Class B
2.60
2.55
2.35
7%
10c
17.64
28%
18.31
19.71
54 c
10.71
11.72
35c
9.30
%
Shares.2%
9.36
10.28
Selected Income Shares-
4.07
Amer
10c
2.43
2.69
Sovereign Investors
2.96
3.32
Spencer Traak Fund
series
Fixed Trust Shares A
10
B
10
7.20
3.80
15.82
16.82
4.70
5.20
B
•
.68
.75
♦
14.96
15 75
2.60
2.86
Standard
-
Utilities Inc.50c
State Street Invest
4.05
Corp.*
Super Corp of Am Tr Shs A
AA
4 29
.60
so
2.04
B
29.32
4 62
5.03
*1.15
1.26
5 68
D
Group Securities—
5.68
Supervised Sharee
Agricultural shares
"
*78c
shares
*1.26
1.26
*74c
Series C
1
Series D
1
Investing shares
—
.
—
.
10.15
2.24
6.32
86c
Food shares
9.34
Trustee Stand Oil Shs A.l
1.37
*1.15
shares
3
Trustee Stand Invest Shs—
86c
Building shares
Chemical
Series B
1
2.28
5.61
*74c
79c
Trusteed Amer Bank Shs B
62c
*85r
shares
Mining shares
Petroleum
3.10
2.04
C
31.53
.65
83
2.99
BB
General Capital Corp
General Investors Trust.*
"
Standard Am Trust Shares
9.15
Foundation Trust Shs A.l
Fundamental Invest Inc. 2
Fundamental Tr Shares A2
Merchandise
9.56
40c
%
Selected
Fiscal Fund Inc—
obile
1%
46c
Representative TrustShslO
Republic "Invest Fund.25c
Royalties Management.. 1
18.94
28 67
25%
i*.
8%
%
Quarterly Inc Shares.. 10c
26.68
stock
28*'
26
*
Plymouth Fund Inc
Manage¬
Eqult Inv Corp (Mass)..5
Equity Corp $3 conv pref 1
Fidelity Fund Inc
Bank
1
i
Pacific Southern Inv pref.*
Class A
»
3.50
8.47
2.11
A1
«•
8 51
53%
No Amer Tr Shares 1953.*
-
9.37
-
7.83
No Amer Bond Trust ctfs.
4.63
9.35
8.66
Deposited Insur Shs A...1
Dividend Shares
8-65
Railroad equipment
Steel
28
7.78
7.78
Oils
-
Deposited Insur Shs
B1
8.30
7.19
Electrical equipment
Insurance stock
-
109
ser
9.19
7.6?
Building supplies
-
26%
115
10
-
2%
8.50
Bank stock
1
ser
70
12.24
-
Deposited Bank Shs
11
3.27
National Investors Corp.l
2.14
7% preferred
20.67
10.70
Voting shares
2.64
Common B shares
19.48
New England Fund
1
N Y Bank Trust Shares.. 1
N Y Stocks Inc—
1
10
1
10
Wide Securities 25c
3.95
Accumulative series...]
8% preferred
100
Crum & Forster Insurance
6*48
14%
Series
Crum & Forster com
5.86
10c
2%
5.91
21.58
.
Series ACC mod
5.29
3.55
13%
2.14
mod
16 33
16.89
20.07
6%
AA
14.89
_.*
Maryland Fund Inc
Mass Investors Trust
Mutual Invest Fund
2.24
1
11.95
Series 8-4
3.50
pf.100
Series A A
17.51
10.93
Major Shares Corp
15.83
Century Shares Trust
16.08
Series 8-2
4%
6%
2%
15.45
Series K-l.......
.73
4%
Fund
10.62
25.07
Series K-2
.78
8
.65
Ask
10.00
23.93
Series B-3
20
.70
Equities Inc 25c
Bid
1
Keystone Gust Fd Inc B-2
Insurance stk series. 10c
Further curtailment of
newsprint production by some of
the major companies after Jan. 1
following the lead of the
International Paper Co., which will lower
of
1.25
Investing Companies
ment Fund series A-l...
Jan.
30
Feb
Closing bid and asked quotations, Friday, Dec. 10
Diversified Trustee Shares
Royal Canadian Mint in September
IX
280
145
34
No par value.
Continental
contained 1,381 ounces of gold, It was
reported.
these receipts during the first nine months of
during the present
Oct
2% June
26c
Bankers Nat Invest Corp
Basic Industry Shares..10
Hills
statistics show.
"Globe & Mail"
Oct
60
Jan
Feb
Dec
20%
2%
Assoc. Stand Oil Shares..2
—
Total Canadian output of gold during the first nine months
of the year
to 3,017,285 ounces, an advance of
9-3% over the corresponding
Production
2c
IXC
21,000
3,400
12c
5
18c
Am Insurance Stock Corp
—
amounted
Costs for the next year
6.65
June
19%
2M
Cumulative Trust Shares. *
Toronto
Oct
2
21c
Amer Gen
Francisco
said:
curtailment
Jan
2M
Amer & Continental
Broadway, New York
production in Canada during; September amounted
to 348,109 ounces
compared with 348,451 ounces in August,!
and 332,435 ounces in Septmeber a
year ago, according t&.
statistics available in Ottawa and
reported to the Depart¬
ment of Commerce by the office of the American Commercial
Attache at Ottawa, made
The Department
public Dec. 2.
in
57%
19%
Amerex Holding Corp...*
Amer Business Shares.50c
Gold
After
Oct
Oct
1
Corporate Trust Shares..1
tailed
18 %
*
Bullock Fund Ltd...
Newsprint
100
*
AdmlnisteredFund2ndInc*
Gold Production in Canada During
September Totaled
according to
Jan
31H
1.25
Boston
scrap
Jan
37%
3 He
British Type Invest A
1
Broad St Invest Co Inc..6
Jewelry and
69c
Oct
100
Affiliated
C'ortlandt 7-4150
year,
Nov
26 H
2,000
*
t Company In bankruptcy, receivership or reorganization.
period of last
Feb
10c
681
31H
United Fuel pref.
.100
Walkervllle Brew........*
Ex-rtghts.
y
t In default.
348,109 Ounces
in August
4Ho
7,980
56,830
Nov
Stock dividend of 100% paid Sept. 1, 1936.
Del
8.000
17c
Temlskamlng Mines..
Thayers
Cash sale—Not Included In range for year,
—
l%c
30H
2.35
3.50
Apr
Stand Paving
0
Barbara
Nov
Mar
55c
13c
15c
*
'\5
2 He
l%c
3%
Oct
Jan
108
Oct
29X
*
?%c
Oct
Feb
Shawinlgan W & P
r
Santa
14 %C
lc
4%
2%c
lMe
3%
1
f
to own
1,600
1.75
4%
d Stock split up on a two-for-one basis,
Private wire
25
21c
3%c
100
March 9, 1937.
6 Ex-stock dividend.
111
15%
2.00
200
on
Feb
7
Pend Oreille
A. M. Castle & Co. split Its common stock
Oct
Feb
41X
32%
Rogers Majestic
*
Feb
Dec
Prairie Cities
Feb
1.75
3%c
Feb
18
18%* Apr
Oct
National Steel Car....
Oil Selections
Mar
7%
3.35
Oct
24
1
2.90
2
Oct
40c
15
..1
126%
7%
30c
5
3,665
Malroblc.
Oct
2
285
9,375
24
Montreal L H & P
Oct
95c
50
60c
23
Townslte
Nov
450
215
7%
24
22
100
44
Jan
1.20
45c
22
Pref err (Ml...
Mar
Mar
Klrkland
95C
7%
"hoc
...*
28%
29%
51
1.25
59
Feb
Apr
Aug
*
27
Nov
3
4.
....
Oct
36
25
.
Oct
7
15
36
>
95c
*
Oct
July
170
2
i..
.
5%
18%
8%
.....5
.
.
30
Oct
57%
25
Warner Brothers
Foothills
300
Nov
1.15
100
Feb
7
26
May
3.60
58 H
50
9%
19X
Oct
43 H
*
Hudson Bay M & S.._.-.*
23%
25%
Oct
35c
Oct
Hamilton Bridge
145
6
Jan
Oct
Honey Dew.
200
Jan
24
Jan
10
3Xc
24
Feb
46
Oct
55
82c
'
lc
380
8%
57%
_._.J
U 8 Steel common
32,770
Feb
3X
29
4.15
60C
.....
3,902
93c
10
30
Oct
24%
64c
7%
70c
Oct
27
Oct
18%
8%
2Stearmnn-Hammond.l.25
6 H
75c
Feb
Oct
29%
Dec
26
S P Gold Gt Ferr 6% pf 100
Standard Brands Inc......
"~6%
21
1.00
*
90c
9%
24%
l%c
Oct
Feb
1.95
1,150
2,220
1,500
*
1.90
24%
.... .
lc
Oct
Dominion Bridge
100
2%
Somali! Edison 5% % Pf-26
6% preferred
25
3.30
Jan
Apr
Dorn Foundry & Steel
877
7
Board..
1.25
2.70
Feb
12
10%
38 H
Jan
3,200
50
25
1.00
2.75
Oct
Jan
42c
7
16%
"l.25
Dec
30 H
16
50
1
.--*
1.30
50
100
Radio Corp of Amer
35 %
17
4
7
17%
Nov
25c
35
220
35
35
Consolidated Paper......*
1.90
ik(
4
8
21c
44
Oct
4%
32
100
4
High
Oct
Mar
1%
35c
40c
Pacific Coast Aggreg.-10
pac Portland Cement..100
Schumacher
235
3c
8
......1
1.90
2
2
Preferred
8%
33%
Low
57,750
5
Marconi
Dalhousle Oil
Oahu
Shaies
High
9He 10%c
*~8*
Malting........*
12c
10c
9 He
*
....
Canada
Low
Price
1
8%
13c
1
10
McKesson & Robbing...
Mountain City
37%
37%
Mar
Brett Trethewey
Bruck Bilk
Canada Bud.
1
Motors..
Range Since Jan. 1, 1937
Feb
37c
Internat Tel & Tel
Klelber
Sales
Friday
Mar
400
5.00
Italo Petroleum
Kenn Corp
2 Klnner Air & Motor
Exchange—Curb Section
July
79
80c
4.80
1
Preferred
11, 1937
10, both inclusive, compiled from official sales lists
1 60
Oct
75c
4.80
7%
Development
Idaho Maryland Mining.-1
z International Cinema..A
Dec.
Sales
Friday
Stocks
Chronicle
93 c
Trusteed Industry Shares.
U S El Lt & Pr Shares A..
.95
1.04
13%
13%
1.96
2.06
*1.12
*99c
shares
RR equipment shares.
1.22
1 08
Tobacco shares
Guardian Inv Trust com.*
Huron Holding Corp
1
Incorporated Investors..♦
Institutional Securities Ltd
Bank
Group shares....
Insurance Group 8hares
Insuranshares Corp (Del)l
Invest Co. of Amer com. 10
*80c
88c
*1.12
..
Steel shares
1.22
.88
.97
B
Voting shares
89c
Un N Y Bank Trust C-3.«
2%
Un N Y Tr Shs ser F
*
1
Wellington Fund
1
13.28
70c
97c
3%
1%
%
%
36c
73c
16.45
17.69
Bancamerlca-Bialr Corp.l
1.24
Central Nat Corp cl A...*
class B
•
30
1.11
1.18
1.32
11%
12%
1%
First Boston Corp
8choelkopf, Button &
Pomeroy Inc com
10
%
10c
1%
2%
32
36
14.53
Investm't Banking Corps
5%
2
6%
35
5
about
Normally, production during the first
lowest of the 12-month period.
quarter of the year
No
par
value,
e
Ex-coupon,
x
Ex-dlvldend.
y
Ex-Stock dividend.
drops to the
Four-year average of percentages of annual
production by Canadian mills shows the
following performance by quarters:
First quarter, 21.30% of the full
year's output; second
quarter, 25.31%;
third quarter, 25.53% and fourth
quarter. 27.86%.
The
for the first six months of each year is
*
CURRENT
—C. J.
NOTICE
Devine & Co., Inc., announce that William C.
four-year average
with the Chemical Bank
46.61% and 53.39% for the final half. New
York office.
Sears/formerly
& Trust Co., is now associated with them in their
new
members
HAnover
Telephone
WILLIAM
52
Volume
145
AND
Jan
1 1948
/5 6
-Oct
11956
/525*
4s
44s
54
995* 1005*
965*
955*
1 1953
Province of
Province of Manitoba—
44$
5s
93
4>$s
Mar
4s
Feb
1 1958
90
92
May
......
44s
Apr 15 1961
103
104
Province of Nova Scotia—
115
1 1960
48 perpetual
6s
Oct
43?*
Oct
27
Aug
13
13
100
13
Oct
22
Mar
10
4
5s
July
6s
Oct
5s
Feb
101
Dec
1 1954
101
July
1 1960
97
102
89
1,187
33
Oct
36
Oct
1,235
17
Oct
424
434
574
Feb
156
314
*
34
34
100
29
Oct
54
Feb
49
51
3,439
37
Oct
83
Feb
225
230
20
170
Oct
300
160
100
5
150
Apr
158
28
28
680
85
85
19
19
57
57
15
15 3*
*
Mines
84
*
28
........
100
Canada..*
of Prices
High
11
12
125*
105*
115*
105*
1645* 165
11
745
9X
1,127
444
Jan
16
Mar
Oct
234
May
157
Telephone
100
Brazllllan Tr Lt <fc Power. *
12?*
11
13
British Col Power Corp A_*
335*
33
335*
330
30
*
5
55*
410
4
Nov
4
510
2
Oct
45
35
40
170
Oct
55*
Bell
B
4
*
Bruck Silk Mills
45
*
Building Products A
~9X
Preferred
A...*
Corp.*
Canada Steamship (new).*
Preferred
50
Cndn Bronze pref
100
Canadian Car & Foundry. *
Preferred
25
Canadian Celanese
*
Preferred 7%
...100
16
185*
185*
2?*
95*
~95*
13J*
7
Electrolux Corp
Oct
Oct
Foundation Co. of
Can—*
*
....100
General Steel Wares
*
Goodyear T pref inc '27.50
Gurd. (Charles)
....*
Gypsum Lime & Alabas..*
Hamilton Bridge
*
Preferred
100
Hillcrest Collieries pref. 100
Holllnger Gold Mines
5
Howard Smith Paper
*
Preferred
100
Imperial Oil Ltd
*
Imperial Tobacco of Can.5
Preferred
£1
Industrial Acceptance
•
Intercolonial Coal
100
Preferred
18?*
110
705
12 X
Oct
32
Feb
15?*
Oct
31
Mar
Oct
126
106
110
17
15
19
Occ
22
50
105
Apr
106
19
210
17
Oct
33
Feb
5
175
43*
75*
3?*
Oct
45*
70
75*
100
5
Oct
7
Oct
7?*
8?*
1,872
8X
Oct
3
f
Jan
74
23?*
17?*
505
58
4,540
Mar
Oct
22?*
Oct
100?*
Apr
15
164
513*
430
12
Oct
39?*
Apr
172
43
Oct
98
Aug
19?*
204
1,414
174
Oct
334
Feb
Apr
16
Dec
22
j
J
15
100
15
Oct
30
114
114
70
114
Dec
130
13 4
65
64 4
580
16 5*
10X
Oct
29
Mar
295*
30
247
24
Oct
Sparks St
f
120
15
Oct
100
10
100
Nov
Mar
154
135*
7
154
14?*
7
60
6,334
620
140
10
54
Oct
Oct
35
83
Nov
103
70
Oct
150
5
135
8
125
845*
75
1.35
30
125*
133*
1,030
32
143*
115
320
3
Oct
884
114
50
33
70
Feb
70
109
109
48
109
Dec
115
2?*
24
504
2
Oct
104
Jan
23*
24
81
Oct
10
Jan
60
June
1.85
Aug
157
32
150
Jan
160
166
210
150
Nov
211
198
196?* 198
201
193
Nov
214
Feb
295
295
32
290
Nov
340
Mar
175
185
245
165
Dec
226
Frfo
185"
1614
Jan
Canadian Government
i
Municipal
Public Utility and
1883
Montreal
Industrial Bonds
330 Bay St., Toronto
Ottawa
Montreal Curb Market
28?*
Mar
1.95
85?*
July
6% cum pref
100
Asbestos Corp Ltd
-*
Batburst Pr & Pap class B ♦
'595*
20
Apr
6?*
Jan
Nov
24
Jan
Dec
40
July
31
Apr
Oct
14
Aug
Oct
75?*
Aug
9?*
1,270
Jao
18
Mar
545*
40
Sept
56
Jan
73*
75*
210
65*
420
Feb
8
40
5
Oct
15?*
183*
18?*
49
105
49
Dec
90
Mar
12
10
12?*
13
3,046
145*
15
85
Mar
Apr
17
Feb
25
Apr
10?*
Oct
15?*
Jan
13
Oct
343*
Apr
July
98
Oct
106
185*
18
18?*
3.468
14?*
Oc»
24?*
Mar
133*
135*
13?*
2,085
12?*
Oct
Mar
Feb
15?*
73*
38?*
7
7
7
5
26
26
25
24?*
Oct
45
45
65
373*
June
Price
Co..*
Oct
Oct
Par
Abltibl Pow & Paper
Oct
Oct
compiled from official sales lists
Sales
Apr
Aug
54
7X
5X
Stocks—
18?*
91
1.25
84
10, both inclusive,
of Prices
Low
High
Nov
53
Dec.
Week's Range
149
28
4 to
Sale
Oct
12?*
Dec.
Last
Oct
50
Oct
157
Dec
4?*
100
Feb
166
Mar
9
100
Oct
55
42
573*
57?*
Mar
157
154
55
6?*
Mar
165
118
505
9
Oct
49
57
4?*
Friday
5,206
1,830
11
Feb
Mar
44
57
Mar
753*
95*
705*
184
96?*
53
|
Mar
19
58?*
233*
25
1,200
Jan
Sept
Oct
114
13?*
63
"13k
255 St. James St.,
56
Jan
155*
16
Apr
15
15
HANSON BROS
Mar
12
45
Mar
103?*
Oct
Mar
45
9
53?*
8
125*
1064
Oct
4
51
ESTABLISHED
Jan
49
63*
Jan
95
INCORPORATED
Jan
545*
"75*
t
Mar
13
9
104
Mar
109
1
32
95*
40
125
2,630
16
64
100
Mar
20
Jan
54
44
45*
45*
50
..100
100
100
100
....
Royal.
Feb
21?*
1.35
72
Dec
June
Apr
Oct
850
8
135*
164
Mar
5X
18
150
*
Gatlneau
9
845*
*
11
Dec
25?*
Apr
101
900
205*
100
154
Oct
164
25*
Montreal
Jan
6?*
185*
29?*
100
English Electric A
29?*
25
75
*
1
20?*
Oct
350
165*
16
...100
Dry den Paper.
Eastern Dairies—
2
85*
16~
74
25
100
Nova Scotia
Jan
Oct
16?*
9?*
85*
55?*
30
Mar
50
Commerce
Feb
5
Dominion Textile
Preferred
Ill
19
45*
9
164
16?*
*
Canadlenne
Apr
July
10
120
10
35
19
Canadian Indust
Preferred
22?*
Apr
Oct
*
Canada
Jan
Feb
79
15
Banks—
Jan
109
Canadian Cottons
100
Dominion Steel & Coal B 25
Dom Tar & Chemical
*
Nov
264
95*
106
Mar
3
215*
'165*
Cndn Foreign Invest..-
...
95*
34
73
4,255
Apr
33?*
484
65
*
25
B_
Jan
63 4
Oct
Nov
12
16
100
Winnipeg Electric A
Mar
Nov
Oct
86
205
15
Rights
Preferred
240
25*
.....
pref. 100
-.*
Alcohol.*
Class B
•
Canadian Locomotive
*
Canadian Pacific Ry
25
Cockshutt Plow
*
Con Mln & Smelt new...25
Crown Cork & Seal Co... *
Distill Corp Seagrams
*
Dominion Bridge
._*
Dominion Coal pref
25
Dominion Glass
100
95*
955*
30?*
39?*
11?*
11?*
Nov
7?*
699
185*
Can Forgnlngs class
Canada North Pow
9
95
*
100
Canada Cement
3?*
10?*
9,873
May
144
Nov
50
Lawrence Paper pref 100
Preferred
Feb
58
46
Western Grocers Ltd
Apr
June
260
preferred
Preferred
Jan
84
20
11
*
Batburst Power & Paper A»
23
173*
99
United Steel Corp
Jan
Dec
552
103
Steel Co. of Canada
12
Jan
19
54
98
Southern Canada Power..*
High
Low
Shares
99
53
*
...
Preferred
1, 1937
Range Since Jan.
for
Nov
15?*
9
*
Sherwln Williams of Can.*
Week
82
155*
Shawlnigan W & Pow
official sales lists
284
25
102
St
July
Nov
56
100
A
Mar
Nov
274
53
Quebec Power
Regent Knitting.
Preferred
Jan
6
Saguenay Power pref.. 100
St. Lawrence Corp
*
*
Agnew-Surpas« Shoe
15
Feb
16
.*
100
Rolland Paper v t
Low
Associated Breweries
"l9"
*
Power Corp. of
Sales
Sale
495*
100
Ottawa Traction
1085*
955*
107
Week's Range
Feb
413*
Grand Trunk Pacific Ry—
1 1962
100
40
Preferred
1 1962
May
31
Price Bros & Co Ltd
Jan
80
41
Penmans
Jan
Feb
52
383*
*
Ottawa LH<5r Pow.. ...100
125
124
3s
Jan
65
Ask
Bid
1 1946
364
Oct
.25
Noranda
July
63*s
Oct
56
7,263
89 3*
Niagara Wire Weaving
97?*
4s
Price
Apr
254
1
40
Preferred
Guaranteed Bonds
both inclusive, compiled from
Par
110
98
42
105
56
Preferred
Friday
Stocks-
Mar
National Steel Car Corp..*
1015*
USX 1134
Last
Mar
15
30?*
National Breweries
Ask
Bid
1946
Montreal Stock Exchange
Dec. 10,
164
Apr
Dec
56
.
Dec. 4 to
Oct
84
Montreal Tram ways.-.100
mx 1165*
118X 118?*
1183* 1185*
1 1969
1 1969
1 1970
44
29
*
Ogllvle Flour Mills
1163* 1163*
1134 mx
'305*
15
830
1,061
5
105
Cottons pref. 100
.Jan
Oct
7?*
61*
10?*
6?*
10?*
Jan
10%
5
*
»
Oil
Montreal Telegraph
45*s
1133*
Apr
9
Mttssey-H arris
Canadian Northern Ry—
113 X
1951
1955
1956
1957
130
130
Lindsay (C W).....
Ait
bid
1
Junel5
Feb
1
July 1
Sept
Jan
Apr
10
(New)
44s
4?*s
44s
44s
98
130
160
85
5s
Canadian National By—
Nov
255
78
Dominion Government
76
130
17
73 5*
995* 100
1125* 1145*
July
5s...
7
15
114
75
1
Jan
78
'
163*
Nov 15 1946
Oct
1 1951
Sept
Dec
11
1943
45*8
Dec 15 1944
1 1944
45*s
Nov
70
4
Mar
11
June 15
Canadian Pacific Ry
86
865*
debentures.
Sept 15 1942 /1065* 106?*
Oct
17
Montreal
Ask
Dec
130
Woods
*
Lang & Sons Ltd .John A)*
116
Bid
44?*
234
34
_*
Lake of the
Lake Sulphite
785*
McColl-Frontenac
Ry—
25
663
78
77
Railway Bonds
Pacific
44?*
Mar
734
44?*
39?*
124
Nov
29 ?*
4
...100
Mtl L H & P Consol
Canadian
High
Low
364
18,164
Jamaica P S Co Ltd pref .100
Saskatchewan—
1075* 1085*
Sept 15 1952
4
5s
106 5* 1075*
45?*
29
"29k'
*
Preferred
110
109
•
International
54s
4H3
Apr 15 1960
Mar
Internat-Pet Co Ltd
Power
Range Since Jan. 1, 1937
Shares
44?*
Int1 P & P pre! (new)..100
108?* 109?*
106?* 107?*
1 1961
4?*s.
Prov of
44s
5s
106?* 107?*
1155*
42
435*
Intl Nickel of Canada
114
2 1950
91
Prov of New Brunswick—
44s
1175*
1195*
Quebec—
89
Junel5 1954
Dec
2 1959
5s...
1164
118
High
Low
Price
Par
Week
of Prices
Sale
Stocks (Concluded)
for
Week's Range
Last
112
111
15 1965
90
1 1941
Aug
Jan
6a
5s
Prov of British Columbia—
1942
1943
1959
1962
1
Sept 15
May 1
June 1
Sales
Friaay
A si
Bid
Oct
5s
57
July 12 1949
Montreal Stock Exchange
Friday, Dec. 10
Province of Ontario
Ask
Bid
Province of Alberta
Oct
3801
UNLISTED
Municipal Issues
Provincial and
Closing bid and asked quotations,
44s
TORONTO
Canadian Markets
LISTED
5s
BONDS
building
bank
royal
OFFICES
CONNECT
WIRES
nrVATE
-
STREET
YORK
NEW
MONTREAL
44s
Cable Address Hartwal
building
aldred
5s
association
INDUSTRIAL STOCKS AND
UTILITY AND
CANADIAN
IN
SPECIALIZING
york security dealers
Bell System Teletype NY 1-395
2-0980
46
Jan
Corp—*
Beld-Corticelll 7% cmpflOO
Brewers <fc Distill of Van..5
Brit Amer Oil Co Ltd
*
British Columbia Packers*
Canada Malting Co Ltd..*
Can Nor P 7% cum pref 100
Canada Starch Co Ltd. 100
Canada Vinegars Ltd
*
Canadian Breweries Ltd..*
Preferred
*
Can Dredge & Dock Co..*
Cndn IndLtd7% cum pflOO
Cndn Lt & Pow Co
100
Canadian Marconi Co—1
Cndn P & P Inv 5% cm pf *
Can Vlckers Ltd
*
Canadian Wineries Ltd...*
City Gas & Elec Corp
*
•
No par value
1 1937
Week
High
Low
15t2
Apr
80
Apr
Nov
20
7,425
2,134
1.75
195*
175*
Oct
58
615*
1,078
40
Oct
122 5*
Apr
1,980
5,802
3?*
Oct
Apr
4
Oct
12>*
9%
5
1235*
July
130
15
55*
Nov
9
1,651
165*
Oct
1.90
2.25
45*
45*
6?*
.....
Beauharnols Pow
Jan
June
Range Since Jan.
for
Shares
75*
130
5
215*
10
21?*
10
130
5
22 5*
10
235
10
Dec
'
Jan
Jan
Apr
265*
Mar
22
Mar
6
35
35
80
32
Oct
39
Apr
108
35
108
29
109
Jan
112
Feb
6
6
325
6
Dec
25
20
16?*
163*
105
16?*
Dec
1.20
Nov
4.00
Jan
Jan
Jan
1.65
420
16?*
16?*
16?*
40
12
Oct
235*
Aug
355*
36 5*
50
32
Nov
47
Mar
355*
Apr
Jan
1.40
1605* 1605*
12**
125*
1.15
5
25
Apr
160
22
15 5*
Sept
21
1.25
325
1.00
Oct
3H
Jan
275*
Jan
1.15
160
5
5
35
5
Dec
4
4
52
2
Oct
27*
25*
5
1.70
July
35*
Jan
60c
60c
75
50C
Nov
2.50
Mar
16
Jan
Financial
3802
Chronicle
Dec.
1937
11,
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Sales
Friday
Last
Stock*
(Concluded)
Par
Week's Range
for
Sale
of Prices
Low
High
Price
Range Since Jan. 1,1937
Low
8hares
1.45
1.50
60
6%
Commercial Alcohols Ltd-
3*
7%
13.289
Pref erred
Consolidated
Paper Ltd
Dominion Stores Ltd
6*
5
6*
10
Oct
2*
Oct
5
Oct
24*
12*
19*
Apr
Apr
Apr
6*
Nov
Jan
7*
135
5
6*
130
5
Oct
19
6
Oct
30
285
3
Oct
13
246
14*
Oct
29*
65c
50
95c
Oct
2.50
Feb
15
15*
26
Oct
60
15
15
16%
1,670
12*
13*
Oct
50
Apr
Apr
38
38
38
Nov
49
Jan
80*
80*
110
Mar
22
22
East'n Dairies 7%cm pflOO
Falrchlld Aircraft Ltd
'
6*
6*
4*
16*
65c
4*
Ford Motor Co of Can A_
Foreign Pow Sec Corp
65c
Ltd
GenStlWares7% cum pflOO
Inter-City Baking Co.. 100
Intl Paints 5% cum pref-20
Internet! Utilities Corp B.l
Lake St John P & P
8
15
75
Oct
22
Dec
30
15
Nov
450
33
15
18*
20*
695
40
41
210
90
90
Melchers Distilleries Ltd.*
2
10
Preferred
6
2*
6
14
14
70c
33
Nov
Oct
32*
Oct
Jan
20
Toronto Stock
Sales
Stock* (Continued)
Par
Aug
87
Arntfleld Gold
1
25c
25c
6*C
6*c
8,300
75,300
1
5*c
58*
17c 22 *c
1
61c
Astona-Rouyn
Bank of Canada
9*
Jan
Ashley Gold
-
_
,
-•
Bagamac Mines—
Feb
Bankfleld Cons
30
Jan
27c
25c
1
60
Bank of Toronto
.
90
90
5
80
Nov
110
Mar
95*
95*
5
95
Oct
107
Feb
4*
4*
80
4
Nov
6
July
7
Sept
22
Jan
104*
108
Feb
3*c
Jan
Beatty 2d pref
Beauharnols
Jan
235
Bell Tel Co of Canada. 100
8
8
5
106
106
126
1.00
1.00
United Securities Ltd.. 100
18
18
1.50
1.45
1,455
65c
20
15*
June
1.00
Oct
18
Walkervllle Brewery Ltd. *
Sept
Apr
1.50
166
1.15
Walker-Good & Worts(H)»
40*
41
49
32
Oct
*
18*
18*
80
6$
17*
Oct
20
50c
58c
$1
pref
cum
July
Feb
Base Metals Mining
52c
2*c
2Hc
16,000
4,500
16c
16c
500
*
Bidgood-Kirk Gold
1
"43c
""7c
T*c
Jan
05c
Feb
38c
32c
Nov
72c
Feb
7c
Nov
1.14
Feb
165
3c
100
3c
Oct
15c
Jan
2*
Nov
6Hc
8Hc 102,600
25*
650
1.05
20
2,200
8Hc
9*c
9c
9*c
6,700
38c
24,400
15,650
"31c
21c
32c
13,000
Oct
90C
June
Aug
13c
Jan
B uffalo-Ankerite
Buffalo-Canadian
Nov
18c
Dec
47*c
Jan
22o
Sept
65c
Mar
20c
Nov
2.70
Feb
Aug
60*
810
60%
Jan
~6*c
30*
Oct
6c
6Hc
Sept
15c
Mar
1.05
60c
Oct
2.03
Jan
2.14
2.44
7,100
6,000
9,280
5c
99c
2*30
1.45
42c
Bunker Hill
4,600
25
21
Calmont Oils
Canada Bread
Oct
3.60
Apr
21c
1,400
26,350
1,115
21,300
20 *c
40c
12.75
Feb
Canada Permanent
55C
Jan
47c
53c
46,800
33c
Nov
Feb
Graham-Bousquet G M..1
5HC
21*
6Hc
600
4*c
Nov
60c
Feb
Canada Wire A
22*
70
15*
Oct
41*
Feb
18c
Oct
57o
Feb
Can Bank of Commerce 100
Canadian Breweries
18c
500
18c
Nov
45c
Apr
1.20
1.23
600
97*c
Mar
1.64
Apr
60*
975
3*c
15
15
Oct
30C
Jan
2*c
2 He
5,000
1,200
4,100
10c
"2*8
l*c
Oct
7Hc
Jan
5.05
5.05
160
3.95
Oct
8.50
Jan
Lamaque Contact G M..*
Lebel Oro Mines Ltd
1
Lee Gold
..1
Macassa
Mines
15c
......1
4c
"~34c
34c
34c
1
4c
23,000
1
2*c
2*c
2*c
5c
Murphy Mines
2*c
1,800
Norinetal Mining
O'Brien Gold
*
Sept
3c
Nov
500
Moffatt-Hall Mines
40*
McWatters Gold
..*
1
Cad
Pend-Orellle
27* c
Jan
25c
Oct
1.19
Jan
l*c
Dec
8c
Jan
2
10c
Feb
%c
Oct
90c
1,000
90c
Dec
2.15
July
4.90
5.35
12,835
2.46
Oct
13*
Jan
3.65
900
35c
37c
8,100
14,100
20c
Oct
7*c
Nov
42c
Feb
2,700
7,300
1.70
Oct
3.80
Feb
1.25
Oct
6.50
Feb
90c
1
ParkhlU Gd M Ltd new..l
Pato Gold
1
Jan
3.30
5.20
Pamour Porcupine M Ltd *
Pandora
59
10*c
10c
12c
2.10
2.10
2.35
2.05
1.75
2.35
2.15 June
4.05
Jan
1.10
Mar
3.05
63c
3*
9*
95*
91
165H
*
1.35
16%
4*
Canadian Canners
*
Canadian Canners 1st pf-20
2nd preferred
*
Can Car & Foundry
Preferred
-----
25
Canadian Oil.
Canadian Wineries
Stadacona-Rouy n
50c
700
30c
Oct
Feb
Conlaurum Mines
2.25
Oct
6.85
Feb
59c
Sept
2.00
Feb
Cons Bakeries
Cons Chlbougamau
99c
1.03
3.05
3.05
350
32c
40c
64,275
16c
Oct
2.15
Jan
55c
Sullivan Cods Mines Ltd.l
1.00
]
Thompson Cad
1
Towagmac Exploration.. 1
Wood
Cad
1
40c
'43%'c
55c
Dome Mines
900
39c
Dec
1.95
Feb
36 c
46c
81,500
19c
Oct
73* c
Apr
Dominion Bank
Dominion Coal pref
Wright Hargreaves M Ltd*
5.80
Oct
8.10
Jan
Dom Steel Coal B
95c
52c
7.45
7.45
150
5c
Nov
2c
Oct
16c
Feb
Oct
1.13
Feb
Cosmos
97c
Oct
4.00
Feb
2.25
Nov
6.65
Jan
Crows Nest Coal
Darkwater Mines
Oct
2.50
Jan
28c
Nov
2.90
Mar
80c
Oct
2.25
Jan
2.60
Oct
4.70
Feb
*
10c
10c
12c
Calgary & Edmonton
*
2.70
2.64
3.05
Calmont Oil Ltd
Dalhousle Oil Co
l
*
Davles Petroleum
East Crest Oil Co
60c
*
Oct
Oct
25c June
6.40
Feb
62c
400
Aug
1.70
Mar
66c
90c
16,725
38c
Oct
3.60
Feb
50c
4,000
31c
Nov
50c
Dec
73c
15c
15c
1,000
14c
Dec
24c
24c
500
24c
Dec
25c
1.38
1.30
1.60
53,440
80c
Oct
1.54
1.52
4.10
Feb
1.60
700
1.00
Oct
1.55
15c
15c
Sept
Sept
Mar
Foundation Petroleum...*
Home on
7c
1.25
47c
"76c
*
Co
*
Okalta Oils Ltd
Pacalta Oils
3,700
12,150
.1.1
*
Royallte Oil Co
*
"46"
44*
49*
Cons Smelters
*
Preferred
-..100
--
14c
800
9 He
Oct
16c
5,387
24c
Oct
59*
Dec
Dec
Pec.
4 to
Dec.
31c
Friday
56
--
Preferred
Last
Sale
Stocks—
Par
Abltibl
6%
*
preferred
100
Acme Gas & Oil-.
Alton Mines Ltd
Price
Week's Range
of Prices
Low
2.00
1.95
19
*
2.25
20*
9*c
Shares
2,685
1,100
9*c
500
.__1
3c
3c
1
29c
29c
Copper
*
Gold
1
2*c
2*c
Amm Gold Mines
1
17c
20c
Anglo-Can Hold Dev
Anglo-Huronlan
*
18 *c
1.75
1,000
1,500
14,000
44,350
13,500
49,500
1.65
1.90
13,350
AJax Oil & Gas
A P Cons Oils
Aldermac
Alexandria
1
*
29*8
28c
37c
51c
47c
59c
3.50
3.50
Range Since Jan. 1 1937
Week
High
19
for
2*c
3.60
1,756
Low
1.05
18
9c
High
Nov
Oct
Nov
Apr
80
Apr
20c
Mar
2c
Sept
10*c
Jan
22 Ho
Sept
57c
Jan
18c
Oct
95c
Feb
30c
Oct
1.89
Feb
1%
Nov
4*
Jan
11c
Oct
31c
Nov
1.00
Nov
2.00
Dec
8.75
Feb
350
3
Oct
120
17
17*
150
6*
Oct
9*
475
5*
Oct
21
35
35
50
5
50
98c
1.07
12
105
Oct
32
Jan
47
May
26,000
86c June
100
11
Nov
2,652
3
Oct
1*
Oct
675
1.30
Oct
Jan
2.30
Feb
18*
17*
Mar
4
1.75
Jan
Mar
Jan
46c
Oct
1.66
Jan
Oct
5.25
Feb
7*0
Oct
43c
Jan
40c
Oct
1.44
Oct
1.47
Jan
Oct
95c
Feb
22*
Mar
38
15c
Jan
22 *c
54
9*
230
1.55
1,125
16*
16
270
32c
13,100
3,998
45
Oct
100*
Mar
158
192
Oct
211
Mar
150
19
Nov
58
7*
Oct
1.00
May
15
20c
Nov
Oct
10
100
Aug
31
Dec
9*C 10*C
10,100
72,150
44
39
53
*
15%
15*
16*
70
5H
8*
1.85
68
*
Jan
Jan
Feb
Oct
34
14
Jan
Mar
Oct
105
207 H
19
Apr
Aug
13
31
"49 H
3*
23*
10*
20*
12*
21*
29*
3*
105
25
70
48*
50*
3,885
55
8*
Nov
2.14
23
2.70
27*
105*
50
2.95
Jan
Feb
Feb
Feb
Feb
Feb
Jan
20
Oct
40
Aug
10*
Oct
28*
94*
Mar
66*
Oct
Feb
5,177
36
Oct
51
205
208
106
194
Nov
250
Jan
19
19
50
17
Oct
24
Mar
13*
14*
5*
5,246
10
Oct
28*
12*
Mar
5*
375
5*
Nov
Jan
Mar
100
84
85
30
1
20
25
59,850
16c
Nov
1.22
Feb
88,300
10c
Nov
45c
Feb
*
Eastern Steel
12 He
__*
17
1
1.02
12*c
17
16c
17
125
1
2.32
92c
1.07
58,500
4*
*
_
4*
100
2.15
2.49
81,915
5*
5*
25
5H
.1
1
21%
llHc
25c
18c
18c
22c
4,600
Falconbrldge
5.00
Fanny Farmer
Federal-Klrkland
Firestone Petroleum
5.60
23*
21*
11*C 13*c
40
Jan
29*
Jan
16C
Dec
1.25
Feb
32c
Nov
1.58
Feb
17,300
81,550
2,261
Oct
14
10«
58
Oct
75*
9*
150
8
Feb
18*
Apr
15c
52,300
12c
Oct
65c
May
3*0
July
30c
Jan
1.02
Jan
Mining
Great Lakes Paper
4*C
5*c
7,950
48c
48C
55c
19c
17*c
19c
16,585
3,000
24c
24c
27c
7,000
26c
30c
2,600
l
9c
50
9c
56
...
40c June
15
Oct
12c
22
Mar
Oct
49
Aug
Dec
Jan
39c May
68
Apr
23,800
7*0
July
22c
Apr
78
100
97*
Aug
56
125
72*
52*
Oct
54
Oct
57
4c
Nov
63c
Feb
4*c
Nov
57c
Feb
4*c
Nov
18c
Oct
26*
53*
_l
-.1
11c
7*
75
*
Preferred
Graham Bousquet
Granada Mines
Grandoro Mines
4*c
50c
Goodyear Tire
15
Aug
75*
1
1
16c
12.90 May
9*
12*c
72
1
Eagle
Aug
Oct
Z.»
Gold Belt
8
July
*
-
Dec
26c
54c
13c
Anr
54c
23c
1
Feb
3.65
Oct
Feb
Oct
35c
Gillies Lake Gold
Glenora
God's Lake Mine
Jan
9*
6*c Sept
20c
11
2.05
25*
46c
10
9*
5
24
Oct
Oct
20c
73
1.50
Oct
Nov
Oct
2,336
*
4
Feb
4 75
17*
*
60c
116
16*
16*
100
12
Nov
7,080
55,600
*
Gatlneau Power
Preferred
81
3,171
16 H
Preferred
Oct
9
9*
105
*
East Malartlc
Easy Washing.
Eldorado Mines
Equitable Life
Goodfish
5
20
100
Dorval Slscoe
East Crest Oil
Gold
4*
17*
20
100
Goldale Mines
15*
Nov
Oct
*
25
1.00
12
196* 198*
General Steel Wares
Sales
535
321
196 H
20
Francoeur
10, both inclusive, compiled from official
sales lists
210
8*
1
Foundation Pete
Exchange
Nov
1.50
17
1.50
Ford A
Toronto Stock
149
1.35
16
4
100
Davles PetroleumDlst Seagrams
-
96
158* 165*
3
16
5
100
Dominion Stores
Dominion Tar pref
on—
Anaconda Oil Co
Apr
Apr
1.65
1
Consumers Gas
300
740
Jan
Aug
3
*
20c
3,100
17,000
23,950
5,300
12,800
5,853
1,820
3,200
52,425
7,470
45c
July
34
8*
*
3.90
47c
Dec
Jan
Apr
Aug
Jan
8
*
50c
*
Sylvanlte Gold
Cockshutt Plow
48c
3.50
10*
23
110*
28*
20*
55c
3.75
87c
Oct
Oct
Oct
Aug
42c
50c
3.40
Mar
18
1
3.75
Slscoe Gold Mines Ltd.._l
Sladen Mai
l
1.75
79
486
Mar
1.50
Oct
Feb
July
45c
2.01
1.33
Feb
May
37c
Oct
1.35
Jan
0.55
8
44c
1.07
1
7*
44*
Oct
19
38c
Chemical Research
Feb
3*
85
23c
Dec
50
12
Chromium Mining
*
Commonwealth Petroleum*
22c
30c
Sept
73
44c
Jan
3c
1.15
70
9*C
Feb
34c
10c
21
Feb
160
8c
Feb
7Hc
Mar
64
9*c
9.10
2c
Mar
74*
7
1
2.51
30c
6*c
160
300
6.75
3c
12.50
Nov
Nov
1,200
8,920
35,108
2,900
11,700
22,650
Oct
32c
Apr
2c June
39
July
65c
Dec
1
8.25
65c June
2
1.68
Sept
1
Jan
Jan
Nov
18
2.55
60c
Shawkey
Sherrltt-Gordon
23c
•
1.10
137
65c
4.30
Ritchie Gd Mines Ltd
Mar
Oct
30
2.40
3.05
6c
6
2.40
15
6c
26h
39
lie
35
2*
9*
8H
1
310
1
Oct
Oct
16*
29
167
.1
5.55
Reward
Mar
110
-.1
Central Patricia
Central Porcupine
3.05
85c
30*
18
"Too
*
Cariboo Gold
Castle Trethewey
5.55
....*
Feb
427
5
25
3.05
Red Crest
543
20*
"35"
*
-
C P R
1
Quebec Gold Mine Corp._l
Read Authler Mine
1
9.00
1£5
9H
Canadian Dredge
*
Canadian Ind Alcohol A__*
Canadian Malartlc
»
1
200
Jan
0.40 May
Jan
10
22,200
51,700
42,917
Jan
29C
8
*
Pioneer Gold of B C
1.65
45
Feb
Oct
8c
143
9*
*
Preferred
1.10
1.65
24
Feb
20
1.15
1
2,843
72c
16*
40
60
*
1
Powell-Rouyn Gold
15c
30
2*
B
Perron Gold Mines Ltd
Pickle Crow Gold
4,700
359
Jan
18
145"
100
...1
1.20
3c
45*
21
Can Steamship (new)----*
Preferred new
50
48*
3*c
45c
2*c
9
91
Canada Northern Power-
Oct
1.20
Oct
3*
100
Oct
48 *
Nov
30
Jan
Feb
1.70
Oct
8
10
17,541
*
Preferred-
4.70
1
176
Oct
135
12*
22*
32*
....
Canada Cement
8*c
1
29c
3,100
Mar
9
47c
60
1
36c
Feb
105*
9*
Apr
154
14,950
.
2,500
Lake Shore Mines
270
1.75
Oct
4*
Oct
Nov
96c
99
33
2.63
*
5.25
Kirkland Gold Rand
Kirkland Lake Gold
25
Oct
4*
48c 173,787
13*c
Burt (F N)
Calgary & Edm
13*
8,650
Apr
Apr
10
1
5.20
21c
24*
12*
45
13*
19c
Feb
Oct
12c 12*c
"2 He
*
Federal-Klrkland Mln...l
Francoeur Gold M Ltd...*
1.58
Mar
10,100
—i
Falconbrldge Nick M Ltd. *
Hudson Bay Mln & Smelt *
J-M Consol Gold
1
Jan
June
21*
Building Products
6%C
9c
Apr
1.85
65c
32
Feb
49o
Sept
15
9c 10 *c
7.90
8.00
*
Feb
Nov
53c
273
36c 37 *c
♦
2.28
Jan
14*C
Nov
m
Brit Col Power A
30
50*
East Malartlc Mines.....1
B A Oil
Feb
60
Nov
11*
Brown Oil
79c
25c
Oct
Nov
33
British Dominion Oil
Dec
Oct
12c
1.34
—-
7,400
Feb
3c
50
20
*
...
Feb
15c
5
215
Bobjo Mines
B razlllan
1.15
Sept
234
4*
*
Bralorne Mines
Oct
5c
19
11*
1
4,025
24,006
34c
*
1
4*c
Dec
Feb
18c
120
101* 101*
6*
7%
163* 165
60
49c
9 He
Eldorado Gold M Ltd
Oct
16c
1.42
7,325
37c
13c
Central Cadillac G M Ltd 1
Duparquet Mining Co.__l
l*c
High
Oct
5*
1.25
37c
1.00
Cartler-Malartic G M Ltd 1
1
Feb
21,625
43,081
4*
7
Bldgood K'rkland
Big Missouri
22
34
236*
U
100
10c
25
1
Consol Chlbougamau
Dome Mines Ltd..
1.90
67c
5*
*
3c
Can Malartlc Gd M Ltd..*
Capitol-Rouyn Gold
Oct
30o
5*
—
B
38c
"l3c
Brazil Gold & Diamond..1
Brownlee Mines (1930)...1
Bulolo Gold Dredging
5
Bathurst Power A
35%c
Big Missouri Mines Corp.i
Bouscadlllac Gold Mines. 1
*
Biltmore Hats
Blue Ribbon pref
Mines—
Aldermac Copper Corp...*
Alexandria Gold Mines...1
*
Base Metals Mln
14,615
15c 19*c
Beattle Gold
Jan
25
Sarnla Bridge Co Ltd A..*
Barcelona Traction
30c
57
100
Page-Hershey Tubes Ltd.*
Power 6% cum lstpref-100
Quebec Tel & Pow A
*
Sou Can Pow 6 % cum pflOO
United Distillers of Can..*
Low
560
1
Feb
Oct
Range Since Jan. 1 1937
Shares
1
Mar
Oct
Price
Argosy Gold Mines
9.00
5
Week
Jan
Nov
7*
for
of Prices
Low
High
Feb
3*
1.50 June
32
WeeVs Range
Sale
Mar
160,
WA. 3401-8
Exchange
Last
37*
73*
100*
89
West, Toronto.
Feb
39*
Oct
13*
210
6%
12
32
15
Massey-Harr 5% cu pf 100
McColl-F OH 6% cm pf 100
Mitchell (Robt) Co Ltd..*
Oct
160
95c
33
20
45
15
85c
*
MacLaren Pow & Paper
15 King Street
Jan
16%
New York Curb (Associate
Jan
5*
Exchange
Commodity Exchange, Inc.
Canadian
Apr
47
B
Voting trust ctfs
Freiman (A J) 6%cm pf 100
Members Toronto Stock
Aug
6
4.00
Co.
&
STOCK BROKERS
High
1.25
100
5
7
Donnacona Paper A
Fraser Cos
Duncanson, White
Week
5c
"6*8
*
6c
4*c
6*c
4,800
21,533
6*c
2,500
5*c
*
"l2"
10
13
394
*
31H
30
33*
285
7
23*
Oct
Jan
Jan
Apr
Aug
Volume
3803
Chronicle
Financial
145
Canadian Markets—Listed and Unlisted
Toronto Stock Exchange
11 KING ST. W.
Week's Range
Wee
Sale
Stocks (Concluded)
Par
Range Since Jan. 1 1937
for
of Prices
Price ■ Low
High
Last
GRAIN
BONDS
STOCKS
Sales
Friday
F. O'HEARN & CO.
High
Lew
Shares
TORONTO
WAverley 7881
Jan
4.50
1.85
2.00
4,050
1.50
Oct
18
18 X
55
17*
Nov
1.30 186,700
50o
Oct
1.47
Jan
Aug
__1
1.91
Preston E Dome
1
l".09
Quemont Mines
*
1
*
10c
10c
Read Authier.
1
3.75
3.75
3.95
Red Crest Gold
*
48c
48C
56c
Red Lake G Shore
*
22c
Reeves-Macdonald
*
45c
49c
-..1
60c
65c
182 H
20
49 H
2,542
24
Oct
60
Mar
7
97
Nov
118
June
Premier
OFFICES
Pressed Metals
MEMBERS
%,
Toronto
Cobalt
Montreal
Noranda
The Toronto Stock Exchange
Prospectors Airways.-.
Ottawa
Sudbury
Winnipeg Grain Exchange
Quebec Mining
Hamilton
Klrkland Lake
Montreal Curb Market
Sarnla
North Bay
Canadian Commodity Exchange
Bourlamaque
Chicago Board of Trade
Owen Sound
(Inc.)
Timmins
Reno Gold
Roche Long Lac
Royal Bank
Stock
Toronto
Exchange
Feb
36
75c
75c
1,000
75c
Dec
2.00
47c
55c
2,300
27c
Oct
85c
524
8c
Sept
48c
Jan
5,440
14,230
66,500
4,800
11,450
64,200
2.25
Oct
6.85
Feb
20c
Sept
1.95
Feb
18c 24Hc
9*0 14Hc
llHc
182 H
1
100
.
1.02
169
45
Royallte Oil
*
Russell Motors pref---100
100
100
Jan
Nov
1.78
Feb
25c
Oct
1.52
Apr
57c
Nov
1.35
7c
Oct
48H0
164 H
Dec
12c
Jan
Feb
Mar
227
Sales
Friday
Grull Wlksne Mln
1
Gunnar
of Prices
Lovo
High
Price
Par
Stock* (Continued)
Week't
Sale
i
Range
79c
80c
6.000
7,700
Gypsum Lime & Alab
*
5%
6%
635
Halcro w - Swaze
1
2X0
2Hc
Gold
Hard Rock
Hargal Oils
Jan
7
70
3H
Oct
70c
Oct
3.44
Jan
4,155
17c June
38c
Peb
12c
llHc
13c
21c
15,150
16,600
16 %
265
17c
15c
16
13
12H
1.41
Homestead Oil
*
1
Howey Gold
1
28c
27c
29c
12%
12%
12%
12%
12%
70
70
28c
*
*
100
12X
1.31
1.63
26c 30 He
8H
100
20%
7c
Oct
63,015
5
Huron & Erie
2c
35c
4
Home Oil Co
Huron & Erie
3,000
Ap
Jan
1.05
Ho lllnger Cons
B
18H
28c
16
*
Hunts A
Jan
1.25
Oct
93c
3%
—*
High wood Sarcee
Hlnde & Dauche
Nov
660 June
5H
2Sc
1
Harker
7c
Feb
18c
99c
*
—1
*
Harding Carpets-..
9Hc
8Hc
80c
High
Low
Shares
4,126
41,849
12,800
12,100
10
Jan
5%
200
3Vs
Oct
14%
Apr
1.35
1.35
1.46
1.19
Oct
2.40
I
50e
29Hc
29c
35c
9,189
35,100
29c
Oct
1.10
Feb
92c
90c
92c
2,900
60c
Apr
95c
Nov
1
1.32
1.30
1.50
40,058
3%
3%
Sheep Creek
Sherritt Gordon
Simpsons pref.
Siscoe Gold
13o
*
100
Silverwoods pref
33c
Mar
Jan
Jan
Steel of
100
*
5
100
Imperial Tobacco
Intl Milling
pref
International Nickel
International Pete
Intl Utilities A.
B
Jack Waite
Mines
Jacola
Cons
Jellicoe
J
210 H
206
18 H
18
13 H
13
*
*
*
1
1
1
1
1
—1
Imperial Oil
"43"
9H
Oct
22H
15H
80
Oct
405
2c
21c
Oct
Oct
Nov
11
Jan
87c
Jan
72c
19
Mar
20
11
Nov
18
68
Nov
95
June
Nov
15H
6H
Mar
29 H
9
Kerr Addison
85c
85c
41c
———*
*
1
Lake Sulphite
Lamaque Contact
Lapa Cadillac
Lebel
Leitch
Gold
"64 X
Little Long Lac
A
Loblaw
21H
B
23 H
Oct
8%
Nov
73%
39H
21%
-*
*
.*'
Sudbury Basin
15X1
300
65c
Oct
3.25
Feb
Teck Hughes..
Mar
Oct
59c
Feb
1.67
9,400
32,401
1.40
Oct
3.30
Apr
1.08
830
75c
Oot
2.65
3.20
1.01
31,070
9,450
4,926
Feb
1.70
Apr
25o
Oct
45 X
10
Oct
100
11
Manitoba &
Mines
Maralgo
Massey Harris
Preferred
*
'
Gold
1
26c
1
*
100
1
Monarch Oils
Moneta Porcupine.
Moore
Corp—.—
A
Morris
Klrkland
Murphy Mines
Nov
1.10
59%
Feb
Union Gas....
Jan
United Oils
Aug
27
Ventures
15
65
90c
93c
15Hc
17c
2c
2c
87c
5.00
Oct
58
1.30
July
Oct
30c
Jan
2c
Nov
7Hc
Jan
35c
Oct
1.35
Jan
68c June
91,970
3,435
601
24
21
21H
85
Jan
Oct
8.40
Oct
25
Feb
Oct
23%
Aug
Western Grocers
Sept
90c
Feb
Westons
3%c
2c
June
16c
Feb
4.00
63
75c
Jan
4.00
Dec
Jan
7H
348
2X
500
1
13%
7H
Oct
8c
17,525
4,890
620
43
Oct
1.20
Mar
44c June
5X Nov
36c
"36«
90c
Western Canada Flour.
16 Ys
74
8«
39
86 H
Oct
90
36 %
37H
1,623
Oct
42%
90c
1.00
22,875
85c
Oct
2.03
12c
Oct
57c
24o
Oct
1.18
Nov
63c
Mar
6c
Sept
39c
Feb
5.00
2.04
2.25
June
1.98
33 H
720
25
Oct
45H
87
140
Oct
""22c
8Xc
9c
215
3Hc
3%c
50c
21c
24c
142H 147
17c
19c
2He
2%c
8
9H
2.05
*49H
2.15
48 X
51
72c 88 He
11,700
3,000
1,060
20,800
4,700
1,700
1.25
Oct
3Hc
Dec
32c
Oct
17Hc Nov
95c
1
1.15
56c
Apr
Aug
June
190
2 He
July
10c
Oct
6
11
Oct
1.05
12c
Dec
1.49
Sept
350
7,869
33,997
36 X
Oct
65c
Nov
Aug
Jan
Jan
Dec
90
Dec
70%
Nov
18H
Dec
106 H
8c
12,800
50
Oct
28c
Mar
lHc
2,000
l%o
Dec
5c
Jan
3c
Oct
17c
Feb
22c
82
15,500
209
35c
7.35
*
6C
2%
54c
7.35
43c
*
9H
8
82
7.50
64,250
6,739
6,600
3c
5Xc
2
2
22c 24 He
Jan
10
Dec
2
20c
Oct
77c
Feb
6.80
Oct
8.10
Jan
18o
Oct
52c
Feb
Exchange—Curb Section
2.23
July
Abitibi P & Pap ctfs 6a '53
6S-1946
Jan
Beauharnols Pr Corp 6a '73
Bell Tell Co of
3H
50
3H
Aug
4H
Feb
Burns <fe Co 5s
25,140
2.50
Oct
13.25
Jan
65c
Oct
4.10
Feb
lc
Oct
12c
Jan
37c 45Hc
43,525
15,525
23,095
Calgary Power Co 5s.-I960
Canada Bread 6s
1941
Canada North Pow 56-1953
30C
Oct
1.28
Jan
Canadian Inter Pap 6s '49
3.50
Apr
Canadian Lt & Pow 5s 1949
2.20
Mar
Canadian Vickers Co 6s '47
19,840
85c
July
61,450
8c
Nov
Alberta Pac Grain
Can 5s. 1955
Cedar Rapids M &
87
87H
40
3.30
3.65
36.830
4X
4%
100
15c
18c
10c
13c
8c
9Hc
31,116
12,401
23,000
17,800
Oct
81
118
Feb
Mar
4.00
Jan
Oct
9H
Jan
2%
15c
Oct
35
July
7Hc
Nov
40
Feb
1
—1
1
lOHc
Paymaster Cons
—1
50c
49c
Perron Gold
—1
—1
1
1
1.15
1.11
1.20
23,300
50H0
lite
1c
lHc
5,000
lc
58c 157,585
C
1.90 June
Paulore Gold
13c 16Hc
43?*
5c
Oct
41c
Apr
8c
Oct
46c
Jan
33c
Oct
1.38
Jan
Oct
2.50
Jan
Dec
3Hc
Jan
5.30
5.25
5.40
6,536
4.10
Oct
9.20
Feb
2.95
2.95
3.15
9,473
32,500
2.35
Oct
6.85
Feb
1.58
1.75
14 J*
15
34c 36 He
225
10.300
75c June
12
15c
Oct
Oct
HAnover 2-6303
•
NY 1-208
2.20
Feb
33%" Feb
29c
July
5% s ex-stock
Dom Gas & Elec
64H
57
95X
95X
108
H.
6s
No par value,
-
103 H
103 X
95H
96 H
101
—
94H
/—
/_
74X
95%
112H
1961
-1961
—
76
-
-
91H
99
100
103
92 X
100 H
1961
95
1956
1973
100H 101
105* 106
Ottawa Valley Pow
70
n
99
Power Corp of Can
97
65
f Flat price
-
Nominal.
—
50*
100H 101X
95 H
94H
50
5Hs'70
4*8 '59
5a
Dec 1 1957
Provincial Pap Ltd 5*8 '47
Saguenay Power 4Kb A '66
4%b ser B
1966
Shawlnlgan W <fc P 4*s '67
Smith II Pa Mills 4%a '51
United Grain Grow'5s.l948
United Securs Ltd 5*8 '52
Winnipeg Elec 6s-Oct 2 '54
75X
52
-
3*s
3 Ha
103
LH&.P ($50
1939
95H
104
34
33
value) 3s
47
77
50
par
45
94H
103 X
Montreal Tramway 5s 1941
95
102 %
5%a.l951
Maple Leaf Milling—
2*8 to '38—5*3 to '49
Massey-Ilarris Co 5s. .1947
McColl Frontenac Oil 6s '49
Minn & Ont Paper 63.1945
Montreal Island Pr 5*s '67
Manitoba Power
Montreal
A st
102 X
102
72 H
MacLaren-Que Pr 6%a '61
57
1951
5*0
*
65
53 X
113H 113*
P 5s *53
6HS-1945
Donnaconna Paper Co
4s
'--.1956
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
Fraser Co 6s—Jan 1 1950
Gatineau Power 5s—1966
Gt Lakes Pap Co 1st 5s '65
Int Pr & Pap of Nfld 5s '68
Lake St John Pr & Pap Co
10
Bid
60 H
67
/6 0
1958
Consol Pap Corp 5%b
Bonds
Friday, Dec
Ask
Bid
Feb
83
Apr
15c
New York
•
Closing bid and asked quotations,
Feb
1.30
Corporation
Industrial and Public Utility
49c
lie
•
New York, Montreal and Toronto
Bell System Tele.
95c
5.35
SECURITIES
Municipal
•
Royal Securities Corporation
30 Broad Street
10%e
1.10
1.67
50
Jan
36Hc
12%
60
Private wire connection between
Feb
11c
1
*
Government
Jan
3.60
1.55
1.12
"35c
31
10
Feb
lKc
CANADIAN
Feb
27c
Preferred
1
*
.---25c
45
Oct
Dec
4.65
July
Jan
Mar
6c
Oct
1.75
8c
25c
818
Sept
Oct
5Hc
14Xc
20
100
4%
4
11
60c
1.40
17c
52H
Oct
See Page 3800
Feb
Oct
Orange Crush
1
1
Oct
Oct
16*
Apr
20c
2 He
Dec
.—*
1.00
31
4
10 X
82
2 He
14c
4.80
"3~40
9.10 May
2.25 June
44,700
100
Feb
1.50
*
Oct
Sept
July
Feb
40
.
43
Toronto Stock
Feb
88c
1.50
.
37
11
Wright Hargreaves
Ymir Yankee Girl..
33HC May
Oct
1.50
Oils
Mar
90o
588
50
17,200
1,400
1,500
3c
5.30
39c
Feb
11?*
Jan
15c
1.50
Prairie Royalties
19
35
18c
3c
—...
Powell Rouyn
42 H
18H
50
68c
3c
Olga Oil & Gas.—
Power Corp
1.35
40
18X
31
16c
1.52
---1
70c
Oct
3.30
27,112
1,321
4X
4%
3H
16c
5
Pioneer Gold.-
1.67
Oct
14,165
_
68c
1
Pickle Crow
1.40
Wood Cadillac
Feb
23c
45c
-
Pet-Cob Mines.
1.10
Jan
19
Oct
12o
25c
Jan
13c
18c
168
3Hc
3c
Norgold Mines
Partanen-Malartlc
5.30
Aug
Feb
30
31
8Hc
180
—♦
Parkhill
6.00
Feb
1.10
2H
13H
19c
2.00
11H
2,210
18,300
2,480
4X
6.20
5,222
13
13H
19Hc
4%
Nov
Jan
13 He 15Hc
34c
32c
2.06
18c
8,625
Mar
101
32 H
33c
Oct
50o June
34HC
27,518
1.00
*
Wlltsey-Coghlan
Winnipeg Electric A
Mar
14H
2,258
55c
90c
Mar
June
10H
31c
Payore Gold
42c
100
Preferred
Mar
Oct
Oct
4H
32
16,300
9,700
11,300
11,750
13,819
2,000
4,400
15,300
98,754
14c
1.79
1,005
2.35
Mar
10 H
27c
Pantepec Oil
109
106
Jan
II
89
30c
Mines
Oct
2%
•30c
5
Dec
10c
2H
3Mc
New Golden Rose
34c
5H
24c
Page Hersey
Pamour Porcupine
Aug
June
39
Westflank Oil
4.00
2.50
39c
2Hc
Pacalta
16
110
40
*
Preferred—
19 H
11c
2Hc
1.34
3c
Okalta Oils..
Feb
Nov
1.60
Waite Amulet
Walkers..
22
6,320
91,431
35,100
2,800
43,200
24c
Omega Gold-.
10
106
Jan
77
10c
4,850
68,267
1,000
23
6
Jan
35
21
1.22
*
*
United Steel
Vulcan Oils.—
40
2.35
Oct
1.50
12
'"50c
Exploration.
Towagmac
Jan
42 H
1.00
1.35
11
1.35
Uchl Gold...........--1
Jan
8
Gold
Jan
Jan
28c
*
O'Brien
6.00
Feb
I 33
*
North Star Oil pref
Oct
Apr
Oct
1
Nordon Oil—
4.25
4.65
Nov
Naybob Gold
North Canada
3,415
7,850
46
3e
Newbec Mines
Normetal
5.30
110
33o
National Grocers.
Noranda
5.15
Nov
7,400
24c 25 He
2Hc
...
Nlplssing
Feb
White Eagle
—6
Model Oils
28*c
Whitewater
Lake..—1
McVlttle-Graham
1
McWatters Gold
*
Mercury Oil----*
Merland Oil
*
Minto
Oct
Nov
Jan
10X
Corp
30
16
Jan
McKenzle Red
Mining
24,166
77
4.85
100
Mines
Mclntyre
3%c
19
12,800
"6 X
Jan
Jan
54
Dec
52
5
3c
60
8.60
McColl Frontenac
Preferred
52
Feb
18
4c
12
15%
85
Oct
2H
4.80
Nov
83
Oct
"sh
Oct
14H
2.20
80c
—10
—*
1
*
100
Preferred
Maple Leaf Milling
2.50
160
52
7,758
3.00
Jan
Jan
May
17
3.70
*
Maple Lea! Gardens.
3.25
85
2.20
5.05
~2Hc
40HC
Oct
Dec
18
4.80
*
East--.
Oct
9c
80c
77
"l"06
4.80
*
McDougall-Segur
Feb
100
49c
34c'
Fob
6.90
5
15
Oct
17
-..*
Toronto General Trusts 100
3,200
37c
15Ho
Oct
Toburn Gold
30c
1
Mar
Oct
16,500
2.91
2.91
*
Toronto Elevators
46c
1.12
16c
77
88
Dec
2,385
4,500
1.05
99o
77
Feb
Oct
1.75
15
13
2.95
Jan
96
9 Ho
13
14*c l8Hc 140,650
13
Apr
15H
Feb
00c
—
Tip Top Tailors
Preferred
20c
1.24
76
Feb
2.85
Oct
52 H
55
870
2.00
5.15
Texas Canadian
18c
15c June
8
64 X
57 X
Oct
Dec
8
3c
20c
MacLeod Cockshutt
Jan
Nov
40C
28
10
2.95
50
Preferred—.—.
Madsen Red Lake
2,200
37,900c
14H
1
Sylvanlte Gold
1
Mines
Macassa
69
53c
14*c
1
Sullivan Cons.
*
Lowery Petroleum
Feb
13
-.1
Sudbury Contact
Mar
Feb
38c
4.80
2.50
62 X
56
25
Preferred
Straw Lake Gold—
Tasbota
Nov
Mar
50 X
75c
Jan
Dec
8
Stuart Oil pref.
3%c
""90c
--1
15'Ac
1
1
1 '"82c
4.85
*
23 H
*
Gold
Oro
2.49
13c
450
60
Canada..—.—.*
Feb
Nov
36%
53c
35c
65
6.65
Oct
31,250
65
*
Stadacona.
Feb
105
97
32,408
3,525
1.62
48 %
46c
Nov
74o
17°
Southwest Petroleum....*
Tamblyns
Preferred
2.15
1.28
I.aura Secord
Lee Gold
Mar
Oct
1.57
6,356
32,500
2.40
99c
Mar
24%
15%
Nov
1.22
11
May
240
21c
1.05
35c
Oct
600
21c
49
1
Oct
12
1,000
8,139
41c
1.23
Lake.——-—1
——-1
14H
1.12 147,740
210 23 HC
95C
Nov
195
Mar
"*1*60
Gold
Lake Shore
Lava Cap
29H
18 He
Kirk Hud Bay
Laguna
9
"she
96c
470
10
45 X
42 K
28 X
"21c
81
4,763
45
100
100
1.05
M Consolidated
Klrkland
210%
18H
13H
3.55
13c
Supersilk Hosiery pref. -100
Imperial Bank.—.
Feb
83c
"lie
Standard Chemical
Jan
Sept
110
Dec
Feb
90c
Oct
Feb
4%
Oct
3%
78
3.30
3.35
1
Oct
3.95
Oct
90c
10
70
Jan
85
1
Slave lAke
Oct
12,700
15c
78
1
—
Sladen Malartic
80
Mar
70
32c
5%
—1
St Anthony
10c
14
2
8%
1
Corp..——*
San Antonio
1 1937
Range Since Jan.
for
Week
12c June
St Lawrence
Shawkey Gold
Last
H 100 H
102 H
101
---
100* 100 H
100* 100H
103 H 103 X
103
102
73
74
64
73 H
t
...
3804
Financial
Quotations
on
New York
a3s
Jan
1 1977
9634
a33*s
a334»
a334«
a33$a
a334«
a.3*4n
July
1 1975
99 4
«4s
1 1954
May
1 1954
Nov
1 i960
Mar
15 1976
Jan
1 1975
July
1 1957
May
a4s
Nov
a 4s
1 1959
May
a4s
May
1 1977
a4«
Oct
1 1980
a43*s Sept.
a43*s Mar
a434s Mar
1 1960
1
City Bonds
973*
101
*..
1962
1 1964
1937
11,
New York Bank Stocks
Bid
a44e Apr
a43i« Apr
1
1966
Par
111
1 1974
a44s June
103 34 105
16 1976.
a44s Feb
102
1 1977.
1033* a43*s Jan
1013* 103
a43*» Nov 15 1978.
103
105
1 1981.
a43*s Mar
1 1957.
1073* 10834 a434s May
1 1957.
1073* 10834 a4>4s Nov
1 1963.
1073* 10834 a434s Mar
107
1 1965.
10834 a434s June
1073* 1093* a4y* July
1 1967.
10934 1103* a434s Dec 15 1971.
1093* 1103* a434s Dec
1 1979.
110
1113*
Bla
Ask
Bank of Manhattan Co. 10
Bank of Yorktown..66 2-3
22
23%
Klngsboro
53
63
Merchants Bank
Bensonhurst National... 50
95
125
Chase...
—13 55
City (National)......1234
2934
263*
Ask
U04 1114
11234
1U4 112 34
1114 11234
1114 113
112
11334
15 1972
1034 104?*
1 1958
Dec.
Over-the-Counter Securities—Friday Dec. 10
Ask
Bid
Chronicle
113
National.. 100
Fifth Avenue
114
11234 114
11434
1133* 11534
1143* 11554
11434 11634
11534 11634
11634 11834
113
Commercial
3*
40
3134
National Bronx Bank...50
National 8afety Bank_12H
1334
1434
Penn
.10
10
12
60
54
65
137
800
850
Public National
Bid
25
29
27
29
20
23
353
362
47
49
'
10
Bronx County
7
7
82
20
86
Central Hanover
Ask
Bid
3fl 1974
62.70 less
1
World War Bonus—
3fl
62.80 less
1
43*8 April 1940 to 1949.
Highway Improvement—
Ask
1981
Canal & Highway—
6s Jan & Mar 1964 to '71
Highway Imp 434s Sept '63
Canal Imp 434« Jan 1964..
Can & High Imp 43*8 1965
62.90
4« Mar A Sept 1958 to '67
Canal Imp 4s J&j '60 to '67
...
131
...
131
Barge C 1
128
4s Jan '42 & '46
Barge CT 43*8 Jan 1 1945.
...
62.10
—
10
11
1660
25
30
35
35
37
444
50
54
60
25
14
16
New York
113*
12?*
Title Guarantee & Tr. .-20
Continental Bank & Tr.10
Manufacturers
20
Preferred
20
123
11034
11334
20
49
50
Underwriters
100
10
22
23
United States
100 1460
Bid
Gen & ret 2d ser
Gen & ret 3d ser
Gen & ref 4th
ser
334fl '65
334a '76
3s 1976
Gen & ref 334s
1977
George Washington Bridge
434a aer B 1940-53.M N
434a
& Trust
Par
Ask
1063*
108
1938-1941
M&S 60.50 to
103
104
1942-1960
M&S
96
97
9834
Inland Terminal
434s
ser
165
Trust—.33 1-3
207
89 34
212
290
490
520
100
SAN FRANCISCO
Bk of Amer NT&SA
12^4
tar
M&S 60.75 to
1942-1960
M&S
1.25%
10634 10734
10934 11134
41
Insurance Companies
D
1938-1941
Ask
265
Northern Trust Co
195
8534
100
..
1.50%
11234
111
1003* 102
9734
&
First National
Bid
Harris Trust & Savings. 100
..100
E
ser
1510
Banks
Ask
Continental Illinois Natl
Bid
Holland Tunnel
73*
80
70
---
Authority Bonds
Ask
99
63*
Empire
Bank
Bid
48
96
.
Par
Gen & ret 4s Mar 1 1975.
46
25
Corn Exch Bk & Tr
■*
123
12
1700
88
42 34
Clinton Trust
Colonial Trust.
Chicago & San Francisco
Port of New York—
226
100
Kings County
Lawyers
American National Bank
Port of New York
240
221
100
Irving
87
Ask
220
Guaranty
Chemical Bank & Trust. 10
Bid
Bid
Fulton
9
100
Brooklyn
3034
Companies
Par
106
Bankers
1234
Ask
100
45
Sterling Nat Bank & Tr 25
45
Itallana.100
115
Trade Bank
1805
Bk of New York & Tr._ 100
New York State Bonds
Exchange
Peoples National
New York Trust
Par
Ask
65
100
273*
First National of N Y—100 1765
Flat bush National
100
35
Banca Comm
Bid
100
131
100
Par
National... 100
Aetna Cas & Surety.
Aetna
Bid
Ask
Par
10
82
86
10
Home Fire Security
40 4
42 3*
10
243*
Aetna Life
253*
Bid
Homestead Fire
10
Importers & Exporters...5
—
10
Ask
234
334
14
1534
734
834
Agricultural
4a
Bid
1946
Ask
Bid
100
10134
Honolulu 5s
1959
101
103
4348 July
1952
101
103
U 8 Panama 3s June 1 1961
Govt of Puerto Rico—
5a
Apr
1955
100
102
6s
Feb
1952
106
109
-
52
54
1734
19
Knickerbocker
5
1034
12
25 34
27
Lincoln Fire
5
834
1034
10
12
234
34
American Reserve
434« Oct
534s Aug 1941
Hawaii 4348 Oct 195A_.
10
108 34 11034
113
116
Ask
63.50
114
3 00
434« July
1958
d3.70
1948
109
July
108
Conversion 3s 1947.....
3.50
1103*
11034
10834 111
3a
1966 opt
J&J
J&J
1946
M&N
334s 1955 opt 1945..M&N
10134
10134
10134
10234
10134
10134
10134
10334
M&N
4348 1958 opt 1938
M&N
J&J
110
Merchants (Providence)..5
2634
National Casualty
National Fire
10
25
-234
43*
Ask
1
034
10134 lODie
10334 10334
53*
25
71
74
100
527
537
.
Camden Fire
5
Ask
26
39
2634
23
253*
Northern
334
40
5
434
42
434
534
31
34
Fidelity & Dep of Md. -20
*95
100
Fire Assn of Phlla
..10
51
52 34
Fireman's Fd of San Fran25
71
Chicago 6s
73*
243*
5
9
253*
26
20
22
19
21
,5
35
28
37
5
12 34
14
-15
2734
73 34
32 34
77 34
...5
20
2134
2d preferred
Great American
2134
23
Hanover
10
273*
283*
Hartford Fire.
10
633*
653*
154
100
......
Dallas 53
Denver 6s
First Carollnaa 5a
First of Fort Wayne
96
63*
102
98
90
92
434s.Montgomery 5s___
100
102
94
96
First of New Orleans 5s
First Texas of Houston 5s.
First Trust of Chicago
98
100
434s
Fletcher 334s
Fremont 5s
983*
99
993*
101
1003* 102 3*
70
75
100
Greenbrier 5a
Greensboro 3s
102
North Carolina 5s
99
Ohio-Pennsylvania 5s
Oregon-Washington 5s
Kentucky 5s
f5 8
Pacific Coast of Portland 5s
Pac Coast of Los
IOO"
Pennsylvania 5s
100
107
Potomac 6s
100
St Louis 5s
434a
Virginia-Carolina 3s
Virginian 3s
78
/14
Southwest 58
27
102
72
96"
78
101
124
Southern Minnesota 5s
Lincoln 6a
8
9
16
9734
99
99"
101
1953
Par
Bid
Ask
50
60
38
ioo
42
11
North
73
...100
76
43
Pennsylvania
10
100
1534
Providence-Washington .10
254
214
Reinsurance Corp (N Y).2
Republic (Texas)
10
54
2134
64
224
214
Revere (Paul) Fire
Rhode Island
Rossia
10
20
5
5
5
St Paul Flre& Marine...25
178
188
8
10
Seaboard Fire & Marine..5
Seaboard Surety
10
Security New Haven
10
Springfield Fire & Mar. .25
Stuyvesant
5
Sun Life Assurance
7
434
534
2234
27
2934
10234 10534
54
64
5734
243*
253*
Westchester Fire
13 34
46
48
39
42
2734
29
144
2.50
83
Ask
76
77
44
Bid
Nat Union Mtge
Serf as A 3-6 s
15
Potomac.
50
ioo
60
San Antonio
65
3
ioo
6
37
Virginia
1
Virginia-Carolina
100
5334
1954
Series B 2-5s
Potomac
43 34
4534
72
47
Corp
(all
Issues) 2-5s
1953
Potomac Cons Deb Corp—
3-6s
1953
Potomac Deb Corp 3-6s '53
Potomac
1945
Bond
Franklin
Deb
72
43
46
43
46
43
46
Co
32
of
3-6s
Md
1953
1953
Potomac Maryland Deben
85
ture
(Central
part ctfs
Funding
65
series)
Deb
Corp 3-6s
Realty
Corp 3-6s
/26
1953
1953
29
Realty
46"
Unified Deben Corp 5s 1955
Bond
&
70
Atlantic
43
Mortgage
41
5
1954
75
100
Ask
Corp—
54
Contl Inv DebCorp 3-6s*53
86
24
100
100
1
3
100
1
3
New York
Carolina
14
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-6s.l953
Par
Teleg (N J) com.*
Preferred
Federal Intermediate Credit Bank
Debentures
Bid
15 1937 6
25%
15 1938 6 .30%
15 1938 6.35%
15 1938 6
40%
15 1938 6.45%
Ask
7134
43
deb 3-6s
Bid
89
100
113
FIC 134s...
May 16 1938 6.45%
FIC 134s---June
15 1938
6.50%
FIC
134s—.July 15 1938 6 .55%
FIC 134s.
..Aug 15 1938 6 .60%
Ask
44
47
3134
3334
Bell Telepof Canada... 100
Bell Telep of Pa pref—100
Ask
94
163
16634
11534 117
Cuban Telep 7% pref—100
41
53 34
5834
30
36
Gen Telep Allied
Corp—
$6 preferred
*
88
91
Int Ocean Telegraph
100
Mtn States Tel & Tel..100
79
124
For footnotes
see page
3806.
Par
Bid
New York Mutual Tel. 100
20
Pac & Atl
14
Ask
25
115 34
Emp & Bay State Tel.. 100
Franklin Telegraph
100
Bid
1953
Telephone and Telegraph Stocks
134
Am Dlst
13S8-—Jan
1334
Potomac
1(H)
1348---Feb
134a—Mar
FIC 1348—Apr
75
5
404
Arundel Bond Corp 2-5s '53
Nat Bondholders
Ask
100
FIC
Preferred Accident
59 34
Arundel Deb Corp 3-6s '53
Associated Mtge Cos Inc—
Debenture 3-6s
1953
Cont'l Inv Bd Corp 2-5s '53
Inc 2-5s
100
FIC
100
73
480
83
Joint Stock Land Bank
Stocks
FIC 1348---Dec
120
96
10
430
Bid
All series 2-5s
2-3s
F I C
115
25
394
Allied Mtge Cos Ino—
Mortgage Bond Co
100
National.25
100
Interstate Deb Corp 2-5s'55
Bid
Northwestern
Pacific Fire...
Phoenix
Travelers
100
U S Fidelity & Guar Co.-2
U S Fire
4
U 8 Guarantee
10
Empire Properties Corp—
Par
254
Surety Guaranteed Mortgage Bonds and Debentures
100
100
San Antonio 5s
Tennessee 5s
Union of Detroit
9934 101
Hartford Steamboller. -10
Home
5
109
83
93_"
1634
79 34
244
101
Phoenix 6s
102
100
15
76
2.50
101
Pac Coast of Salt Lake 5s..
Pac Coast of San Fran 5s..
80
La Fayette 5s
63
99
2
12.50
North River
Ang 5s..
100
Illinois Midwest 5s...
111 of Montlcello
434s
Iowa of Sioux
City 434s...
98
10
20
74
Firemen's of Newark.. ...5
New York 5s
993*
10034
99)4
04
11
41
Great Amer Indemnity ...1
Halifax
10
983*
934
39
Maryland-Virginia 5s
Mississippi-Tennessee 5s..
102
54
105 34 110
2
2434
Louisville 5s
100
2
20
3634
100
56
5534
New Hampshire Fire....10
100
/50
5334
National Liberty
New Jersey
New York Fire
99
102
6
16
19
99
Burlington 5a
California 5s
First of
Bid
934
4
14
21
10
Glens Falls Fire
Globe & Republic
100
834
10
19 34
Globe & Rutgers Fire. -15
Ask
41
10
.....
National Union Fire
New Amsterdam Cas
New Brunswick
25
Gibraltar Fire & Marine. 10
Bid
37
1734
Carolina
Franklin Fire
Atlanta 3h
Atlantic 3a
4 34
41
1834
General Reinsurance Corp5
Georgia Home
-10
Joint Stock Land Bank Bonds
334
38 34
1634
Employers Re-Insurance 10
Bid
48 1 946 opt 1944
4s 1958 opt 1938
393*
25
Excess
3s 1955 opt 1945
3s 1956 opt 1946
Merch & Mfra Fire New'kS
American Surety
Federal
Ask
2934
203*
Automobile
Baltimore Amer
Bankers & Shippers..
10
Maryland Casualty
1
Mass Bonding &
Ins..1234
Merch Fire Assur com
5
183*
373*
Boston
Ins Co of North Amer
28
..10
City of New York.
-10
Connecticut Gen Llfe. -10
Continental Casualty. -.5
Eagle Fire
.234
Federal Land Bank Bonds
Bid
6434
118
5s
U S conversion 3s 1946
61
American Home
-10
American of Newark.. .24
American Re-Insurance. 10
United States Insular Bonds
Philippine Government—
25
American Alliance
American Equitable.. --5
Telegraph
Peninsular Telep com
Preferred A__
Rochester
25
♦
24
100
107
100
10834
18
27
1103*
Telephone—
$6.50 1st pref
---
14534 148
95
So & Atl Telegraph
25
Sou New Engl Telep_ —100
S'western Bell Tel pref. 100
120
122 34
128
Wisconsin Telep 7% pi. 100
116
11834
17
21
Financial
145
Volume
Quotations on Over-the-Counter
3805
Chronicle
Securities—Friday Dec. 10—Continued
RAILROAD BONDS
Guaranteed Railroad Stocks
BOUGHT
.
SOLD
Earnings and Special
Dealers in
ii20 Broadway
x
41 Broad St.,
GUARANTEED
NEW YORK
Bulletin
N. Y.
Dealers Association
HAnover 2-2455
-
-
^Sinccl855y
Railroad Bonds
Guaranteed Railroad
Bid
Dividend
Alabama A Vlcksburg
/
...
■
v-.y.,
Par
■
100
63
68
10.50
130
135
100
6.00
65
70
50
(Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
Boston A Albany (New York Central)
Boston A Providence (New Haven)
6.00
1(M)
(Illinois Central)
Albany A Susquehanna
2.00
31
34
8.75
98
8.50
73
85
Cincinnati Indianapolis A Western
5 00
83
86
90
82
3.50
2.00
47
50
2.00
41
44
Ho bo ken Ferry
57
63
168
175
4.00
46
50
50.00
900
1050
40
43
5.00
xdl
65
4.00
91
94
4.00
45
50
4.50
48
53
50
1.50
38
42
3 00
75
80
Piedmont A Northern Ry
..,.60
Erie (U S Steel)
Z163
168
7.00
zI73
176M
6.82
76
80
6.00
139
68
72
Rock Island Frisco
6.00
140
145
236
240
6.00
61
66
5.00
75
85
5.00
54
59
1
..100
5.00
60
65
50
3.50
30
35
3.00
60
(Pennsylvania)
CERTIFICATES
pref—*
69M
7% pref *
Associated Gas A Electric
x76
78
Alabama Power $7
Arkansas Pr A Lt
Original
$7
Stroud & Company
preferred
9M
9M
preferred
Railroad Equipment
Inc.
2.25
4Mb—.
63.60
2.75
63.60
2.75
1936-19441._
63.50
2.75
Boston A Maine
5g
3 Ms Dec
1
•r
«
2.75
63.80
2.75
New
63.00
4Mb
5s
62.00
5s
N Y Chic A St L 4MB
2.50
2.50
3.50
Northern Pacific 4Mb
61.75
1.20
62.00
1.25
61.50
1.00
62.90
2.00
62.75
2.00
63.00
2.40
63.00
2.25
62.00
1.10
5s
63.20
2.40
63.50
2.00
2.00
5s
1.00
4s series E due
65.50
4.00
65.50
66.75
66.75
5.00
2 Mb
1937-49
Dec 1 1937-50
Paul 4Ms.
Pere Marquette
4Mb
Reading Co 4Mb
5s
Chicago R I A Pacific—
Trustees' ctfs 3Ms.__
85
88
4Mb
64.00
2.25
1.75
63.25
1.75
98
63.00
2.40
2.00
63.50
2.50
62.75
Southern Ry 4Mb
2.00
5s
2.00
-
4Mb
5s
61.80
........
-
1.00
63.20
4Mb
5s
Union Pacific
4Mb
63.50
2.75
6s
Nash 4Mb
3.00
63.15
2.50
5s
2.00
1.10
6s
61.75
1.10
Western
63.25
2.50
Western
63.25
5s
Dallas Pr A Lt
90
85
93
58
50
78
82
107
111
.86
90
48
53
2.50
95
100
preferred
$6.50 cum preferred...*
$7 cum preferred
*
Gas A Elec of Bergen.. 100
Hudson County Gas... 100
$6 cum
7M%
60 M
108
6M
23 M
24 X
18
22
3
110
24M
5
40 M
26M
7
43
Supply—
52
83
Ohio Edison $6
pref. .100
Long Island Ltg 6% pf-100
7% preferred
.100
Memphis Pr A Lt $7 pref.*
Mississippi Power $6 pref. *
$7 preferred
*
67
33
35
49
51
90 M
92 M
*
92
$7
*
100
pref
preferred
pf_.100A
Penn Pow A Lt $7 pref...*
Queens Borough G A E—
6% preferred
100
Republic Natural Gas
Rochester Gas A Elec—
6% preferred
1
100
C
E $7 pf.100
Southern Calif Edison—
6 % pref series B
25
South Jersey Gas A El.100
Sioux City G A
91
94
110
87M
97
102
111
89 M
97M
99M 101H
55
52
94M 95 M
38 M
39 X
4
95M
96 M
85
87
27
28
178
54
85
Tenn Elec Pow
6% pf.100 X 50 M
x 50 M
preferred
100
44
Texas Pow A Lt
7% pf.100
36
37M
Toledo Edison 7%
46
47 M
58
49 M
53 M
Utah Pow A Lt $7
52 M
56 M
Virginian
55 M
61X
57
United Gas A El (Conn)—
56
7% pref. 100 Zl05
Kings Co Ltg 7%
28"
66 M
73 M
30 M
178
108
50
22
106M
99M
27M
120
*
pf__100
20
104M
120
26
71
90
Pacific Pr A Lt 7%
..100
preferred
59
103
5M
97 M
26M
107
Gas...*
interstate Power $7 pref..*
Iowa Southern Utllitles7% preferred
100
Kan Gas A El
Ask
Bid
100
*
(Del) 7% pref
(Minn) 5% pref
25 M
103
Interstate Natural
Jer Cent P A L 7%
Newark Consol Gas
23 M
24M
Idaho Power—
Jamaica Water
Nassau A Suf Ltg 7%
pref
100
Ohio Pub Serv 6% pf..l00
7% preferred
..100
Okia G A E 7% pref...100
178
100
preferred
preferred
Line..5
Monongahela West
Penn
Pub Serv 7% pref
25
Mountain States Pr com..*
7% preferred
100
Ohio Power 6%
Corp—
40
107M
7%
pf A. 100
100
preferred
7%
Chain Store
100
Par
100
62.75
2.25
62.65
Maryland 4Mb...
38
Bid
100
95
5s
115
33
Gas
7%
Par
Mississippi P A L $6 pref. *
Miss Rlv Pow 6% pref. 100
78
112
pref.
Federal Water Serv
Essex Hudson
Stocks
Northern States Power—
46
94 H
76
1.00
95
-
6M
43
93
7% pref. 100
Derby Gas A El $7
1.00
95
Wabash Ry 4Mb
68
100
preferred
7%
1.00
61.70
5 MB
61.75
4Ms—
Long Island 4 Ms
pref..100
pref. *
80
1.00
61.70
5s
1.75
64.00
62.75
Internat Great Nor
85
M
pref..*
100
99 M 101M
100
98
75
43
xl40
77
44 H
148
1.60
61.50
61.50
Virginia Ry 4Mb
62.50
—
2.40
62.25
4s
2.40
63.20
Texas Pacific
5s
4Mb
5s
Louisv A
1.25
61.75
Hocking Valley 5a
Illinois Central
1.26
61.80
4Mb.
Great Northern
78
(N J) .100
Consumers Power $5 pref. *
Continental Gas A El—
3.00
62.50
Southern Pacific 4Mb
63.75
2.50
62.25
97
63.00
5s
2.00
62.50
100
100
preferred
preferred..
Consol Traction
-
Southwestern 5s. _
5 Ms
62.50
Erie RR 5 Mb
5s
St Louis
2.50
63.75
5 Ms
3.00
63.75
West 4 Ms.
5s
94
95
4s
St Louis-San Fran
22M
86 M
Consol Elec A Gas $6
$6
series G non-call
4.00
5.00
77
Nebraska Pow 7%
pref.
2.00
3.50
64.50
4Mb—
-
6s
2.50
64.50
...
Denver ARC
1.25
63.25
62.50
5s
N Y N H A Hartf
Jan A July
Chicago A Nor West 4 Ms.
$6
2.25
4Mb..
York Central 4Mb...
61.75
Chesapeake A Ohio—
5s
2.75
63.75
5 Ms
62.75
4Mb—
RR New Jersey 4 Mb.
Canadian Pacific
Chic Milw A St
3.00
Pennsylvania RR 4Mb
63.25
4Ms—
5a...
5s
64.00
New Orl Tex A Mex
63.25
Canadian National
5s
70M
22
78 M
Cent Pr A Lt 7%
64.00
5s
Ask
63.75
Missouri Pacific 4Mb
63.75
Baltimore
Cent
Bid
1.25
86
pf 100
pref.100
100
New Eng G A E 5 M % Pf- *
N E Pow Assn 6% pref.100
88
New Eng Pub Serv Co—
81
$7 prior lien pref..
*
New Orl Pub Serv $7 pf..*
86
New York Power A Light—
70
$6 cum preferred
*
82
7% cum preferred
100
8M
68M
Central Maine Power—
7%
3.00
60
70
120
preferred
6%
Bonds
Ask
110
pref
Bangor Hydro-El 7% pf 100
Birmingham Elec $7 pref. *
Buffalo NiagaraAEastern—
$1.60 preferred
25
Carolina Pr A Lt $7
52.00
91
83
Missouri Kan Pipe
Atlantic City El 6%
Philadelphia, Pa.
New York
4Mb..
& Ohio 4Mb
63
57
Ask
Bid
x68
$6.50 preferred
Atlantic Coast Line
55
89
1955
Public Utility
Quotations-Appraisala Upon Request
Bid
35
90
*........-..1955
4s
.1951
Toledo Terminal RR 4MB-.-.........
—...1957
Toronto Hamilton A Buffalo 4Mb
1966
Washington County Ry 1st 3Mb
.........
..1954
Par
Private Wire# to
90
'
25
1951
St Louis 1st 4s
Shreveport Bridge A Terminal 1st 5s
Somerset Ry 1st ref 4s
....
Southern Illinois A Missouri Bridge 1st
....
EQUIPMENT TRUST
85
65
-
(Del Lack A Western)
Seashore
Terminal 4Mb
St Clair Madison A
10.00
100
Consolidated 5s
48
46
1946
1966
1951
1945
1957
general 5s
1st mtge 3Ms
90
100
96
1956
Portland RR 1st 3 Mb
1
West Jersey A
Ste Marie 2d 4s
11
.
88 M
1955
1949
143
3.00
/8
1965
1st 5s.
90
86
1951
Montgomery A Erie
66~"
60
....1949
Minneapolis St Paul A Sauit
7 00
90
...1978
.....1946
1978
....1939
Maryland A Pennsylvania 1st 4s.
—
Warren RR of N J
60
5s
Meridian Terminal 1st 4s
-100
(Terminal RR)
—100
United New Jersey RR A Canal (Pennsylvania)..
-100
Utlca Chenango A Susquehanna (D L AW)
100
Valley (Delaware Lackawanna A Western)
o ©_
Vlcksburg Shreveport A Pacific (IlUnols Central).
—
67
46
Terminal 1st 5s
Macon
..100
Tunnel RR St Louis
Preferred
65
63
1945
1st 5s
Long Island ref mtge 4s
100
St Louis Bridge 1st
45
60
Western 1st 4s
Little Rock A Hot Springs
-100
(Delaware A Hudson)
pref (Terminal RR)
preferred...
Rensselaer A Saratoga
71
/30
Kansas Oklahoma A
-100
Preferred.
93
69
New York A Hoboken Ferry
50
3.875
100
Chicago (Pennsylvania)
65
90
1st 5s
Gulf 1st 5s....
6.50
(Erie)
Pittsburgh Fort Wayne A
Georgia Southern A Florida 1st
Goshen A Deekertown 1st 5Ms
1000
50
Preferred
58
60
96
78
..100
A Western (D L A W)
(Pennsylvania)
Pittsburgh Bessemer A Lake
56
52
1942
Cleveland Terminal A Valley 1st 4s
5.00
-.100
New York Lackawanna
Second
47
82
50
(Del Lack A Western)
47
48
.....1949
1965
1996
Chateaugay Ore A Iron 1st ref 5s...
Choctaw A Memphis 1st 5s...
44
4.00
Jackson pref (N Y Central)...
-.100
Georgia RR A Banking (L A N-A C L)
..100
Lackawanna RR of N J (Del Lack A Western)...
Oswego A Syracuse
M
40
Buffalo Creek 1st ref 5s
25
Betterment
Northern RR of N J
95
1940-45
...1961
2.85
..100
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
96
93 M
80
(New York Central)
—
..100
Carolina CUnchfield A Ohio (L A N-A C L) 4%„
Common 5% stamped
—
..100
Cleve Cinn Chicago A St Louis pref (N Y Central)
50
Cleveland A Pittsburgh (Pennsylvania)
Fort Wayne A
69
92
1944
Convertible 5s
102
87
68
April 1, 1943
..1950
1942
Prior lien 4Mb
100
stock
Delaware (Pennsylvania)
Birmingham Terminal 1st 4s
Boston A Albany 1st 4Ma
Boston A Maine 3s
Prior lien 4s
100
Canada Southern
Northern Central
Asked
Bid
in Dollars
52
82
1953
......1939
1957
Augusta Union Station 1st 4s
Baltimore A Ohio 4Ms
52
50
1945
...1945
5 Mb
Akron Canton A Youngstown
Parenthesis)
Asked
60
Stocks
6s
v;
1-624
Bell Syst. Teletype NY
2-6600
STOCKS
(Guarantor in
Monthly
Studies
Members New York Security
Tel# REctorr
.
e. sloane&co.
john
York Stork Excbangt
Mtmim J^rw
.
QUOTED
Request
on
3oscpb Walkers Sons
.
2.00
64.00
64.00
7%
7
9
77
2M
*
30 M
32
C) common... *
7% preferred
100
Diamond Shoe pref
100
Flshman (M H) Co Inc..*
3M
Blckfordu lnc
*
$2.50 conv pref
Par
Kress
(S H) 6% pref
85
11M
B
Stocks
Ask
1%
10M
3.00
3.00
*
preferred
100
/G Foods Inccommon..*
Beriand Shoe Stores
Ry_.
Miller (I)
6M%
8on8 common..*
preferred
100
Bid
11M
5
22
pref.100
104
(Daniel) pref...100
98
Murphy (G C) $5
Ask
11H
10
29
105 M
"
Maine Central
5s...
5 Ms
Minn St P A
S S M 4s
63.75
3.00
5 MB
Pacific 6s
Bo hack (H
Kobacker Stores.
For footnotes see page
3806.
7%
preferred
*
100
4M
16
101
mmm
19
97
Reeves
7
9
10
15
74
81
Cigar-Whelan Stores
$5 preferred
*
United
17^
19M
3806
Financial
Quotations
Public
Utility Bonds
Bid
67
68 M
Federated Util 5 Mb—1957
79
83
Green Mountain Pr 5s. 1948
Associated Electric 6s. 1961
44M
46
Houston Lt A Pow 334s '66
101M 102 M
104
104 M
100
28 M
Idaho Power 3 Ms
28 M
29
32
33
Conv deb 4s
1973
55
Conv deb 4 Ms
.
1973
56 M
58"
-.1973
59
64
Complete Statistical Information—Inquiries Invited
61
1973
27M
1978
Conv deb 5s
Conv deb 5 Mb
1937
Water Works Securities
69
30M
Income deb 4mb.~1978
67
Iowa Sou Utll 5 Ms—1950
29 M
Income deb 4s
11,
Specialists in —
Ask
Serv 68-1964
Amer Wat Wk A El 6s "76
Assoc Gas A Elec Corp—
Income deb 3^8.-.1978
Income deb 3 Ms
1978
Dec.
Over-the-Counter Securities—Friday Dec. 10 -Continued
on
Ask
Bid
Amer Utility
Chronicle
1967
100M
96M
Kan City Pub Serv 48-1957
Kan Pow A Lt 1st 4Mb '65
R.E.Swart & Co.
98
27 %
29
108 M 109
Keystone Telep 5 Mb--1955
92 M
Metrop Edison 4s ser G '65
incorporated
40
94M
8-year 8s with warr.1940
88
90 ~
Missouri Pr A Lt 3 Ms. 1966
88
90
Mtn States Pow 1st 68-1938
.84
31
Narragansett Elec 3 Ms '66
Newport N A Ham 5s. 1944
N Y State Elec A Gas Corp
NEW YORK
Teletype: New York 1-1073
104 M 105 H
98 X
99M
8s without warrants-1940
EXCHANGE PLACE,
Tel. HAnover 2-0510
Assoc Gas A Elcc Co—
Cons ref deb 4Mb. .1958
Sink fund lnc 4s
1983
27
27
Sink fund lnc 4Ms._1983
Sink fund lnc 6s
1983
29"
Sink fund lnc 5MS-.1983
Sink fund lnc 4-5s»-1986
41
4s
1965
North Boston Ltg Prop's
Secured notes 3 Ms—1947
31
oo »—co
31
Ohio Edison 4s
S f lnc
41
Ohio Pub Service 4s—1962
Old Dominion par 5s--1951
5M-6MS—1986
Atlantic City Elec 3 Ms '64
98H
98 M
1967
Bellows Falls Hy El 5s 1958
99 M
102
Blackstone V G A E 4s 1965
109
Calif-Oregon Pow 4s.-1966
89
90 M
Peoples L A P 5 Ms—1941
Public Serv of Colo 6s. 1961
Pub Utll Cons 6 Ms—1948
Cent Ark Pub Serv 5s. 1948
86
87
66
68
67 M
98 M
103
General mtge 4 Ms. .1962
Central Public Utility—
Income 5 Ms with stk '52
102
105 H 106M
77 M
/76M
103 H 104 H
Colorado Power 5s
63
66
Sioux City G A E 4s.-1966
96
40
105
Consol E A G 6s A—1962
40
42"
6s series B
1962
Cumberl'd Co PAL 3 Ms '66
40
42
98 M
99
68
84
87
Newport Water Co 5s 1953
98
101
7
102
1
101
1
103 M
1
104 M
mm
m
58serle8B
mmrn
62M
5s
Ohio Cities Water 5 Ms '53
71
Ohio Valley Water 5s. 1954
Ohio Water Service 5s.1958
A
Ore-Wash Wat Serv 5s 1957
102
.195]
102 M
Western Mass Co 3 Ms 1946
Western Pub Serv 5 Ms '60
101
102
101H 102 H
102 M
105 M 106 M
1st mtge 4s
1961
'■
mm
102
62M
61
65
99
99
101
99
101M
1948
103
106
Phlla Suburb Wat 4s—1965
Pinellas Water Co 5 Ms. '59
Pittsburgh Sub Wat 5s '58
Plalnfield Union Wat 5s '61
106
108
89
93
91
100
St Joseph Wat 4s ser A..'66
101
96 M
78
82
__1967
78
96
98
63
68
ser
1st mtge 5s__
58 8erles A
ioIm
Indianapolis Water—
82
102
104M
102
102 M
Texarkana Wat 1st 5s. 1958
104
99 M
1960
1960
Springf City Wat 4s A '56
Terre Haute Water 5s B '56
6s series A
1949
mmm
103
6s.
1955
5s series B
'mmm
Water-
101
B"n y'^ss6'
101
B 1961
105
Huntington
INCORPORATED
N. Y.
mmm
99
South Bay Cons Wat 5s '50
South Pittsburgh Water—
96 M
108 M
Broadway,
100
I04M
Water Service 5s.l961
1st A ret 5b A
92 M
Utllltlee^lndustrlaft-'Railroads
150
85
96
1958
Shenango Val 4s
92M
2360
I'm
m
81
Scranton-Sprlng Brook
-
Greenwich Water A Gas—
Reports—Markets
BArclay 7
'mmm
104M
Scranton Gas A Water Co
100M
AMOTT, BAKER A CO.
"'mmm
104
94
96
99
Public
101
Roch A L Ont Wat 5S.1938
100M
Estate Securities
99
1948
Richmond W W Co 5s.1957
Roanoke W W 5s
1950
Consol Water of Utlca—
195
01
96
1948
4Ms
Real
88
1950
1st consol 4s
58
103 X 104 M
82 M
1st consol 5s
Prior lien 5s
100 M
4MB
78M
Peoria Water Works Co—
;■
104 M
99
"
93
State Water—
1st A ref 5s
103 M 104
74
76
Wisconsin G A E 3 Ms.1966
Wis Mich Pow 3MB-1961
4* mm
75
89
1st coll trust 4Ms.-1966
'■':f
City of New Castle Water
119
72 M
105
Penna
195]
series
mm
mmm
102 M 104 M
5 Ms
mmm
■
Citizens Wat Co (Wash)—
64M
Utlca Gas A El Co 5s..l957
1951
99 M 101M
Wisconsin Pub Service—
Dallas Pow A Lt 3 Ms. 1967
64
5Ms
1951
New York Wat Serv 5s '51
67 M
104
101
41
Tel Bond A Share 5s.-1958
1953
102
3
102 M
3M
99
103
New Jersey Water 5s 1950
New Rochelle Water—
102
97
Sou Cities Utll 5s A—1958
104
104
101
100"
70
Cent Maine Pr 4s ser G '60
Central New York Power—
103
Muncle Water Works 5s *65
3
52
Ask
Morgantown Water 5s 1965
'
91
Penn Telep Corp 1st 4s '65
Central GAE5MS...1946
1st lien coll trust 6s. 1946
Bid
96
104 M
99 Yi
50
Pennsylvania Elec 5s_1962
Ask
93
3
101M 101M
98 H
99 M
Parr Shoals Power 5s--1952
103
7
92
103 M 104M
2 5"
Sink fund lnc 5-6s.-1986
Bid
104
91
North'n States Pr 3 Ms '67
27
S f lnc 4Ms-5Ma—1986
Water Bonds
87
& 103M
101
90
101
"'■'mmm
.
-
m
93"
...
_
104"
Union Water Serv 5 Ms '51
Real Estate Bonds and Title Co.
Bid
Alden 1st 6s.._
1941
/35M
/36
/21M
Broadmoor
(The) 1st 6s '41
B'way Barclay lst2s--1956
B'way A 41st Street—
1st leasehold 6Ms..l944
35
Mortgage Certificates
Bid
8 f deb 5s..
1945
1948
63
56
Chanin Bldg lnc 4s.--1945
52
64
Chsebrough Bldg 1st 6s '48
Court A Remsen St Off Bid
1st 6s
Apr 28 1940
/29
Dorset
/25
52 M
(The) 1st 6s—.1941
66
33
1st mtge 2s stpd A reg '55
1st A gen 6s
1946
N Y Majestic Corp—
4s with stock
1956
N Y Title A Mtge Co—
5 Ms series BK
5 Ms series C~2
5 Ms series F-l
1947
/5
Eqult Off Bldg deb 5s. 1952
58 M
Deb 5s 1952 legended.
60 Bway Bldg 1st 3s lnc '46
6
/20
/20
28M
/49
/35
/53
/37
5 Ms series Q
East Ambassador Hotels—
1st A ref 5 Ms
Kokomo W W Co 5s..1958
Lexington Wat Co 5 Mb '40
104M
63 H
Long Island Wat 5 Ms. 1955
Middlesex Wat Co 5 Ms '57
19th A Walnut Sts (Phlla)
1st 6s
July 7 1939
21M
21M
5 Ms
1st 6s......Nov 15 1939
37
/46
1958
44
46"
65
37
mtge 6s
1951
103 E 57th St 1st 68—1941
165 Bway Bldg 1st 5 Ms '51
5s Income
1943
40
/5
6
1944
42
45
lst2M-4s (w-s)
1949
Graybar Bldg 5s
1946
Harrlman Bldg 1st 68.1951
36 M
39
54
56
36
38
Hearst Brisbane Prop 6s '42
67
70
Hotel
38
40 M
35
3s with stock
1956
Sherneth Corp—
«*8ta6Ms deb lnc (w s)_1956
60 Park Pi
(Newark) 6s '37
37 M
60 M
63
/38
Lincoln Building—
Income 5Ms w-s... 1963
58M
85
/39
59 M
f7H
70
Cuban Atlantic Sugar... 10
Eastern Sugar Assoc..
1
85
88
—19'
Ask
12
Par
14
7M
1
No
par
value,
18
Haytlan Corp Amer.-...*
Savannah Sug Ref coin—1
West Indies Sugar Corp-.l
8M
19M
Interchangeable,
a
100
104
101M
104"
Bid
M
Ask
1
30M
32 M
3M
4M
on
New York Stock
616 Madison Av 1st 6Ms'38
61 Broadway Bldg—
/44M
46
NOTICES
—The First Boston Corp. brought out this week the
1937 edition of its
publication relating to the securities of the United States Government and
instrumentalities.
The manual covers the most essential features of
its
25
17
33
/22
Exchange.
CURRENT
54
/16
price,
per 100 gold rouble bond, equivalent to 77.4234 grams of
pure gold.
58
/50
24.
b Basis
t Quotations
the issues of United
25
with
States Government bonds, notes and Treasury
bills,
figures brought
Home
Owners
up
to
Sept. 30,
1937,
as
well
as
the obligations of
Loan
Corporation, Federal Farm Mortgage Corporation,
Federal Land Banks, Federal Intermediate Credit Banks and other
govern¬
mental
37M
40
corporations and credit agencies.
Two new sections, devoted
Federal Home Loan Banks and United States Savings Bonds, have been
Syracuse Hotel (Syracuse)
1st 6 Ms
Oct 23 1940
61M
65
added to the 1937 phamplet, which also discusses Federal tax
exemptions,
the corporation tax and arbitrage transactions in United States
Government
Textile Bldg—
1st 3-5s (w s)
36
37M
1950
to
securities.
1958
1st 5 Ms
1939
71
52
55
92
1st 4Mb
1951
18
1st fee A leasehold 4s '48
66
w-s
—H. A.
Sjolander, formerly associated with Francoeur & Co., Chicago,
Goodwin, previously of W. C. Gibson & Co., Chicago, have
and James E.
become associated with the retail sales department of Fairman, Randall &
Co., investment securities dealers, Chicago.
/18
Westlnghouse Bldg—
The booklet provides tables of accrued interest and discount,
decimal equivalents, factors for determining taxable
equivalent yields, and
numerous charts and tabulations.
76
2 Park Ave Bldg 1st 4s
1941
1st 6 Ms
Oct 19 1938
Wall A Beaver St Corp—
83
Metropolitan Corp (Can)6s
98
101 M
104
t Now listed
47
Walbrldge Bldg (Buffalo)—
60
19'
100"
Sugar Stocks
42
/44M
Trinity Bldgs Corp—
86 H
42
60
lst 6 Ms (L I)
1949
96
...
Ludwlg Bauman-
6s
1st fee A l'hold 6 Ms.1940
3 M-58 with stock
Lewis Morris Apt Bldg—
1st 6 Ms
Apr 15 193;
1960
W'msport Water 5s.-.1952
95
91
d Coupon,
e Ex-rlghts
/ Flat price.
n Nominal quotation,
to t When Issued w-s with stock.
z Ex.
dividend,
v Now selling on New York Curb
Exchange.
z Ex-stock dividends,
Savoy Plaza Corp—
Lefcourt Manhattan Bldg
1st 4-5s extended to 194*
Bid
1956
5s series C
mm-'m
...
21
Roxy Theatre—
1 1941
Lexington 1st 6s '43
5s series B
6s series A
100
Par
Prudence Co—
5 Ms stamped
1961
Realty Assoc Sec Corp—
39 M
Fox Theatre A Off Bldg—
1st 6Ms
Sept
Fuller Bldg deb 6s
2d
/42
1939
1400 Broadway Bldg—
1st 3 Ms-6Ms 8tpd._1948
Westmoreland Water 5s '52
Wichita Water—
101M
91
89
1950
51M
37 M
55
1 Park Avenue—
40 Wall St Corp 6s
_.1950
30
*
41
42 Bway 1st 6s
1st mtge 5Ms
mmm
99
60 M
600 Fifth Avenue—
35
99 M
104M
Monmouth Consol W 5s '56
59
6 Ms stamped
1949
52d A Madison Off Bldg—
6s
-.Nov 1947
Film Center Bldg 1st 6s '43
91
Monongahela Valley Water
Preferred..
/19
mmm
100
N Y Athletic Club—
Broadway Motors Bldg—
4-6s
61M
103 M
Ask
Metropol Playhouses lnc—
—
90
98
Western N Y Water Co—
5s series B
1950
1st mtge 5s
1951
103
85
5s.
Ask
23""
101
99M 102 M
W Va Water Serv 4s.-1961
1st mtge 3 Ms
—McMaster, Hutchinson & Co.
20 M
become associated with
Shaw
was
formerly
an
announce
that Bradford W. Shaw has
them to trade unlisted industrial securities.
Mr.
officer of F. S. Yantis & Co. and has been identified
with security trading in Chicago for the past 15 years.
Miscellaneous Bonds
Bid
Associates Invest 3s-.1946
91M
Ask
92 M
Bear Mountain-Hudson
River Bridge 7s
Sept
1
1939
96
—
101
107.2
Federal Home Loan Banks
1MB
1Mb
2s
...April 1938
W—w
2s
1953
Federal Farm Mtge Corp—
1Mb
Bid
100.10 100.12
«»
"VA
O
JUVCVU
VUt
Aug 15 1938
1 Ms
June 1 1939
Reynolds Investing 5s. 1948
Treasury Notes—
2 Ms wl
Dec 15 1945
Trlborough Bridge—
..July 1938
100.12 100.15
4s
Doc 1940
101. 8 101.11
4s serial revenue 1942-68
Henry Hudson Parkway—
4s
April 1 1955
104M
s
Ask
f revenue 1977.AAO
101.4
101.8
101
—Adams & Peck, 63 Wall St., New York
City, have prepared a table
comparing the 1936 fixed charge coverage of the principal railroads with
the coverage of fixed charges on an estimated basis
giving effect to a 15%
rate increase and the
101.2
70
74 M
101.25 101.27
106
62.40
106 M
3.70
—E. W.
1937 wage increases.
Hughes & Co.
announce
the appointment of Frank J. Shake¬
Manager of their railroad bond department and Charles C. Walter
Manager of their public utility bond department.
speare as
as
—Dresser & Escher
the firm
partner.
and that
announce
Louis
H.
that J. Maxwell Pr ingle has retired from
Whitehead
has
been
admitted
as
a
general
Volume
Quotations
Over-the-Counter Securities—Friday Dec. 10
on
Tennessee Products Common
Inactive Exchanges
J Pittsburgh Stock Exchange
j New York Curb Exchange (Associate)
Mtmoert
120
62 William
Teletype N. Y. 1-869
Union
Bank
BRAUNL
WALTER E.
Broadway, New York
Tel. REotor 2-7890
Concluded
Foreign Stocks* Bonds and Coupons
& CO
EDWARDS
S.
H.
3807
Chronicle
Financial
145
St., N. Y.
Tel. HAnover 2-5422
Building, Pittsburgh
Foreign Unlisted Dollar Bonds
Bid
New Common
1946
/19%
21%
Antloquia
1946
/21
25
/19
/19
/13
/19%
23
8s
Bank of Colombia 7%-1947
.'
7s
1948
Barranqullla 8s'35-40-46-48
Bavaria 6%s to
194f
Bavarian Palatinate Cons
Cities 7s to
62 Wall
New York City
Street,
Bid
Ask
Anhalt 7s to
WICKWIRE SPENCER STEEL
Hansa SS 6s stamped. 1939
0s unstamped
1939
23
Housing & Real Imp 7s '46
Hungarian Cent Mut 7s '37
17
Hungarian Ital Bk 7%s '32
21%
Hungarian Discount & Ex¬
/21
9%
Jugoslavia 6s funding. 1956
(Republic) 8s. 1947
/4%
4%
Jugoslavia 2d series 58.1956
7s
1958
/4%
4%
7s
A. T. & T. Teletype N.
HAnover 2-3080
Y. 1-1642
1969
/4%
/5
/20
4%
Bolivia
1940
6s_._
Houston Oil Field Material
Brandenburg Elec 6s.
Company, Inc.
*
.
1953
Brazil funding 5s.. 1931 61
1940
68...
Prospectus on request
Hungarian Bank
7%s
1962
Brown Coal Ind Corp—
6%s
1953
INC
Industrial Stocks and Bonds
*
21
24
Patbe Film 7%
100
51
55
Petroleum
x78
85
8%
cum
American
.100
pref
20%
21%
*
14%
17%
77
81%
44
46
19
20%
pref.. 100
Andlan National Corp—*
Art Metal Construction .10
American Mfg 5s
7%
4%
*
Beneficial Indus Loan pf_*
Corp
Radio
x50
Singer Mfg Ltd
Skenandoa Rayon Corp..*
Standard Screw
20
6%
Bankers Indus Service A.*
Belmont
*
Remington «rms com
*
Scovlll Manufacturing..25
Singer Manufacturing.. 100
1%
4%
•
5%
42%
4%
26%
38 %
3%
24 %
245
235
8%
13
7
10
8
Nassau Landbank
7%
Nat
/4
..1934
/22
/13
/13
07
1953
/18
1946
/40
/62
/15
North German Lloyd 6s *47
Bank
City Savings
Budapest 7s
6
5%
Cordoba 7s stamped.. 1937
Costa Rica funding 5s. '51
*28%
30%
7%
13 %
8%
14%
1945
East Prussian Pow 68.1953
Tublze Chatlllon cum pf.10
83
89
13
United Artists Theat com.*
1953
European Mortgage & In¬
vestment 7%s
1966
7% s Income
1966
34
-
38
*
43
46
117
Dictaphone Corp
Preferred
-
United Piece Dye Works.*
Preferred
...100
(Jos) Crucible... 100
48
53
17
22
*
*
54
30
15
Preferred
American
5%
20
2%
3%
1%
*
shares
2%
*
46
48
Fire Extinguisher—*
18
19
.1
*
5
Garlock Packing com
Gen
4
*
Foundation Co For shs
Good Humor
Corp
Graton & Knight com
.
6%
5
4
4%
Warren
(Northam)—
21%
89
West Dairies Inc com v t c 1
1%
2%
17%
19%
German
99
German
Wilcox & Glbbs com
s%
12%
15%
25
27
14*
15%
53
57
July to Dec 1933
Jan to June 1934
12 %
13%
bank
50
10
45
York Ice Machinery
..2 5
5
1
31
37
33
67%
69%
10
Young (J S) Co com...100
80
90
.100
128
Great Northern Pa per.
KUdun Mining Corp
8%
%
7%
King Seeley Corp com—.1
7%
%
8%
7%
*
100
preferred
preferred
Bonds—
Lawyers Mortgage
%
Co..20
Lawrence Portl Cement
1%
17
19
200
100
100
100
100
250
American Tobacco 4s. 1951
106
Wire Fabrics 7s..l942
95
Am
109
Chicago Stock Yds 5s. 1961
Cont'l Roll & Steel Fdy—
96
.1940
80
83
Cudahy Pack conv 4s. 1950
91%
93
92
93
/69
/15
71
Mock Judson & Voehrlnger
1955
1937
Haytian Corp 8s
1938
Kelsey Hayes Wheel Co—
100
82
1st 6% preferred
preferred
no
115
...
...
1st conv s f 6s
Macfadden Pub common.*
6
7%
45%
48%
Merck & Co Inc common. 1
29
31
100
114
*
Preferred
6%
preferred
...
Muskegon Piston Ring_2 %
National Casket
*
10%
88%
11%
44
____*
110
preferred
Preferred
Nat Paper & Type
5%
preferred
73%
17
12
/40
/30
/32
/96
1947
/10
12
/05
/80
68
Scrip
32%
Santander (Colom) 7s. 1948
99
Sao Paulo (Brazil) 6s. .1943
Saxon Pub Works 7s.. 1945
7%
/6%
/9%
11
23
/21
July to Dec 1934
Jan to June 1935
/58
/40
/38
Saxon State Mtge 0s.. 1947
/36%
Slem & Halske deb 08.2930
July to Dec 1935
Jan to June 1930
/35%
State
/34
5s
1950
66%
58
/32%
2d series 5s
1956
50%
58
/25
/25
...
N Y
Scovlll Mfg 5%s
75
17
1937
/42
/20
/59
Oct 1935
18%
Certificates
4s... 1930
1940
Certificates
4s...1946
/47
/57
/45
Electric 7s
.1955
60
Tolima 7s..-..,
/12%
/II
/13%
1954
1948
Harz
Shipbuilding 5s.. 1946
83
to April
7s unstamped
1900-1990
Hanover
/60
Stlnnes 7s unstamped. 1930
7
9%
.1947
/6%
12
14%
Toho
107
Great Britain & Ireland—
4s
390"
Mtge Bk Jugoslavia
Oct 1932 to April 1935
27
/17%
June 1 '35 to June 1 '37..
7% gold ruble
48
1957
7%
1943 187.01
91.63
Unterelbe Electric 6s.. 1953
/20%
22%
23
Vesten Elec Ry 7s
1947
Wurternberg 7s to
1945
/20
/19%
22
95
Water Wks
Haiti 0s
70
Union of Soviet Soc Repub
111% 112%
/42
22
/20%
/22
/360
8tettln Pub Utll 7s... 1946
Dec I '34 stamped
Graz (Austria) 8s
1951
Coupons—
27
/6%
Dec 1934 stamped
6s.
1945
6%s
/8%
German scrip
Apr 15 *35 to Apr 15 '37.
130
1946
Nat Radiator 5s
22
/19%
1953
90
15%
88
For footnotes see page 3806.
106% 107%
Standard Textile Products.
New Haven Clock—
Preferred 6%%
1st 6s assented
85
100
1942
Yeast
100
41
44
Wltherbee Sherman 6s 1944
Phaynacal
5
35
37
Leather common. __*
12
17
/22%
CURRENT
24%
W
NOTICES
39
Woodward Iron—
Northwestern
Norwich
Ohio
1948
6%
27
4%
84%
(Glenn L)—
Conv 6s
23
*
28
/8
(Brazil)
8%
German defaulted coupons:
Guatemala 8s
1939
Conv deb 6s
Martin
20
com—*
100
New Britain Machine
_
1948
130
/20
/20
/15
Santa Fe 7s stamped. 1942
German Young coupons:
1st 3%s
Deep Rock Oil 7s
48
7%
1957
8s ctfs of deposit. 1948
/20
German Dawes coupons:
84%
2d 8%
Int ctfs of dep Jan 1 '38
1945
Bk 0s '47
8s
Office
1940
Funding 3s...
11
/20%
7%
Santa Catharlna
/20
/9%
/20%
4s scrip
26%
/20
1933
6%s "46
7s ctfs of deposit. 1957
—
Land-
1948
Conversion
July to Dec 1937
Bethlehem Steel 3%s.l952
Lord & Taylor com
Building &
6%s
/99%
/99%
/99%
/22%
/26
July to Dec 1936
43
35
Harrisburg Steel Corp
Saarbruecken M
30
Jan to June 1937
100
Worcester Salt
100
Great Lakes SS Co com..*
Preferred
Royal Dutch 4s
102% 105%
German Atl Cable 7s. .1945
93 %
com
/l9%
1940
*
WJR The Goodwill 8ta__5
R C Church Welfare 7s '46
1937
6s
100
Wick wire Spencer Steel.
9%
1941
/21
Salvador
92
White Rock Mln Spring-
Woodward Iron
/50
/19
7% '38
1945
$7 1st preferred
$3 cum preferred
Rhine Westph Elec
6s
/28
French Nat Mall SS 6s '52
11
/20
—
/28
/21
30
/9%
1946
Prov Bk Westphalia 6s *33
Prov Bk Westphalia 0s *36
5s
1941
many) 7s
Rio de Janeiro 0%
Rom Cath Church
Gelsenklrchen Mln 6s. 1934
18%
/25
/22
1968
Protestant Church (Ger¬
16%
103 %
..100
Preferred
44
14%
61%
/19%
1967
Income
Frankfurt 7s to
39
*
com..5
7% preferred
100
West Va Pulp & Pap com.*
$3 conv preferred
7%
City 6%s
1967
7s
7s
67
Draper Corp
Federal Bake Shops
3
Welch Grape Julcc
Douglas Shoe preferred. 100
Dixon
%
2%
..100
Devoe & Raynolds B com *
%
United Merch & Mfg com »
Electric Pr (Germ) 6%s'50
6%s
2%
8%
to
/6%
/20 %
/]9%
/19%
/20
/20%
/20%
Dulsburg 7% to
■1J<
7%
7s
18
Cundlnamarca6%s
17
/98%
/20
Panama 5% scrip
Porto Alegre 7s
3%
38%
2%
/18
Oldenburg-Free State
Panama
37
/18
1952
66
18
1945
/90
1945
Oberpfals Elec 7s
18
1959
/25
/91
1946
50
/15
*
15 %
1947
/15
*
*
4s
Costa Rica Pac Ry 7%s'49
6s
1949
Duesseldorf 7s to
Steel common
6%s '38
Hungary 7%s
1962
National Hungarian & Ind
Mtge 78
1948
15
/64
Trico Products Corp
-
23"
/20%
Nat Central Savings Bk of
15
1968
7s assented
6
1%
66
63
/20
Panama
6%s-1946-1947
6%8.1948-1949
(C & D)
Chile Govt 68 assented
Chilean Nitrate 5s
Bank
(A & B)
Central German Power
4%
109
..100
preferred
S7
Dennlson Mfg class A—10
/21
/19%
12
/0%
8
4%
Taylor Wharton Iron &
35%
1945
fQ
Tennessee Products
1
3%
10
4
Columbia Baking com—*
11
$1 cum preferred
*
Continental Can 4 % % pf. * t
32%
Crowell Publishing com..*
Chilton Co common
7s to
Recklinghausen 7S..1947
7%
/0%
/10
Dortmund Mun Utll 6s '48
100
1st preferred
Burdlnes Inc common
Munich
Munlc Bk Hessen 7s to '45
1946
Colombia 4s.
Hotels
Bowman-Biltmore
Meridionale Elec 7s... 1957
57
1947
Madgeburg 6a
%
*
Sylvanla Indus Corp
98
94
Stromberg-Carlson Tel Mfg
51%
Ask
Bid
*
Publication Corp com
25
Hardware
Amer Maize Products
pref
Con version... 1
Petroleum Heat & Power.*
American Hard Rubber—
/21
1944
7%s
7%s
Cauca Valley
Par
Ask
Bid
/20
Luneberg Power Light &
Water 7s
1948
/21
/54
7% 8 '46
Ceara (Brazil) 8s
Par
Leipzig Trade Fair 7s. 1953
22
1943
Municipal Gas & Elec Corp
Callao (Peru)
Book
Leipzig O'land Pr 6%s '46
24"
Land M Bk Warsaw 8s '41
Mannheim & Palat 78.1941
Call (Colombia) 7s... 1947
American
/41 %
/20
/55
/22
Koholyt 6% s
BurmelsterA Wain 6s. 1940 fill
N.Y.
50%
/58%
/27%
Buenos Aires scrip
Caldas (Colombia)
American Arch
Nov 1935 to May 1937
7
British
ROBINSON, MILLER & CO.
52 William Street,
Nov 1932 to May 1935
40
/60
/22
/18
Bremen (Germany) 78.1935
60%
Coupons—
22
45
Brazil funding scrip
Preferred and Common Stock
/18
/23
1948
Ilseder Steel 6s
12
/lo
/8
1945
/18
18
1945/ /16
8s._
/20
1936
change Bank 7s
Bogota (Colombia) 6%s '47
Ask
/80
/95
7%
*
Ohio Match Co
1st 5s
..—...1962
100% 102%
2d conv Income 5s._1962
8%
80
84
—Announcement is made by Nichols,
of Trade Bldg.,
CURRENT
—The nominating
committee of the La
nounced to the membership its selections
ensuing year.
Salle Street Cashiers has an¬
Vice-President, Harry
(Harris, Burrows & Hicks); Treasurer, Leo A. Long, (Lamson
Bros. & Co.; Secretary,
William F. Black, (The Chicago Stock Exchange);
Members of the Executive Committee
(two to be elected to serve three
Lewis, Pickett & Co.; William Barnhart, (First
years): Harry J. Wilson,
New
York
request
a
City,
of
the
of the Governing Committee
committee representing
protective
Shareholders.
Department of Distributors Group, Inc., 63 Wall St.,
has available for distribution to security dealers upon
Preferred Stock
statistical Information
on
Guide giving comprehensive and up-to-date
125 utility preferred stocks.
The study
over
Includes the approximate 1937 price range, recent
share earnings
During
and Con¬
quotation and yield, per
for the past four years and other statistical data on
each
issue.
La Salle Co.. Inc.).
—James Talcott, Inc.
vice-chairman
as
Preferred Participation
—The Trading
1938. The nominees are as follows:
President, Robert Anderson. (Hallgarten & Co.)
A. Tremaine,
moetiifg of the Asso¬
also
become affiliated
of Edwin L. Lobdell & Co. since 1908.
necting Collateral Trust, serving as chairman
and
has
traction securities.
he has been active in the affairs of the Chicago City
recent years
for the ticket of officers for the
The election will be held at the annual
ciation on Jan. 18,
Mr. Lobdell was a partner
NOTICES
Terry & Dickinson, Inc., Board
Chicago, that Charles W. Lobdell
with them to specialize in Chicago
has been appointed factor for Alliance Silk Mills
Inc., New York City, manufacturers and distributors
of rayons.
—Bristol
&
Willett,
115 Broadway, N. Y.
City, are distributing the
December Issue of their over-the-counter review.
Financial
3808
Chronicle
Dec.
General Corporation and Investment
a At a stockholders'
meeting, held Nov. 4, 1937, an amendment to the
articles of incorporation of the company was adopted, authorizing 50,000
preferred shares ($100 par) issuable from timei to time in one or more
series; creating an initial seriesof 20,000 of the preferred shares, designated
as "4^% cum. pref. preferred stock," and establishing the dividend rate,
redemption provisions, amounts payable on voluntary or involuntary
liquidation, sinking fund provisions and conversion provisions for such
initial series, and providing, among other things, that the remaining 30,000
preferred shares may be divided into series with such varying dividend rates,
redemption provisions, amounts payable on voluntary or
involuntary
liquidation, sinking lund provisions and conversion provisions, subject to
the limitations expressed in such amendment, as may be determined by the
board of directors,
b 4 K% cumulative convertible preferred stock, $100 par value,
RIGHTS-SCRIP
Specialists since 1917
ftfc Donnell & Co.
,
120 Broadway, New
c The
stated capital, per share, of the outstanding common shares is
$10.0625.
d 40,000 common shares will initially be reserved for the conversion of
shares of 4M% cumulative convertible preferred stock.
Members
New York Curb Exchange
York
Bell
News
UTILITY—INDUSTRIAL—MISCELLANEOUS
RAILROAD—PUBLIC
New York Stock Exchange
11, 1937
Telephone REctor 2-3315-30
Earnings for Stated Periods
Teletype NY 1-1640
_Years Ended Dec. 31—
9 Mos. End.
—
1934
OF
FILING
REGISTRATION
STATEMENT
SECURITIES
UNDER
additional registration statement (:Nos. 3542
3546, inclusive, have been filed with the Securities and
Exchange Commission under the Securities Act of 1933. The
-
_
-
$1,281,554
60,066
$1,644,708
76,464
$1,619,008
46,804
Total income..
Income deductions
Prov. for income taxes..
$1,341,621
39,307
166,812
$1,721,172
46,457
$1,665,813
98,754
239,478
approximately 110,125,007.
248,938
Provision for surtax
10,500
Colour Gravure, Inc. (2-3542, Form A-l) of New York, N. Y., has
hied
registration statement covering 150,000 shares of 40 cents cumulative
preference stock $5 par, and 150,000 shares common stock, 10 cents par.
The stock will be offered in units of one share each class at $6 a unit.
Up
to 25,000 units will be offered to directors at $5.25 each, according to the
registration statement.
Proceeds will be used for equipment, contract pay¬
ments and for working capital.
Richard E. Squires will be underwriter.
H. E. Benedict is President of the company.
Filed Dec. 2, 1937.
a
Dewey Portland Cement Co. (2-3543, Form A-2) of Kansas City, Mo!',
a registration statement covering 396,420 shares of common stock,
par.
Filed Dec. 6, 1937.
(For further details see subsequent page).
has filed
$15
Bausch & Lomb
Optical Co. (2-3544, Form A-2) of
Rochester,
N. Y.,
has filed a registration statement covering 50,000 shares of 5% cumulative
convertible preferred stock, $100 par, and 250,000 shares of common stock,
$10 par, of which 50,000 shares are to be offered publicly and 200,000 shares
are reserved
for conversion of the preferred.
Filed Dec. 6, 1937.
(For
further details see subsequent page).
■■■..■■:
p*
Net income
$896,959
$1,135,500
$1,415,276
$1,327,579
x No provision has been made for Federal surtax on undistributed income
which may be payable for the calendar year 1937.
The amount of such
tax, based on earnings and distributions to Sept. 30, 1937, would be ap¬
proximately $43,000.
Purpose—Net proceeds will be approximately $1,918,070.
Of such net
proceeds approximately $450,000 will be used to replace working capital ex¬
pended in connection with the construction at plant in North Chicago, 111., of
a research
building and for additional equipment; approximately $400,000
ill be used for the reduction of current borrowings incurred for the
purpose
providing for increased inventories and accounts receivable and the
balance will be added to working capital.
Underwriters—The names of the underwriters and the number of shares
of stock which each has agreed to purchase are as follows:
w
of
A. G. Becker & Co., Inc., Chicago
F. 8. Moseley & Co., Chicago
President.
Proceeds
Sholley is
Filed Dec. 7, 1937.
Market Street Investment Corp. (2-3546.
Form A-l) of Indianapolis,
registration statement covering 100,000 shares $10 par
Ind.,
has filed a
stock, to be offered at market.
Proceeds will be used for invest¬
ment.
No underwriter is named in the registration.
M. P. Crist is Presi¬
dent.
Filed Dec. 8, 1937.
;mfbmzSi
common
.
The
SEC has
withdrawal
of
thaCilThas
announced
the
following
consented
registration
the
to
statements
filed
under the Securities Act of 1933:
Low Cost
pref. stock.
Consolidated Balance Sheet
Sept. 30 *37 Dec. 31 '36
Cash
$652,661
$932,003
Marketable securs. 1,003,428
1,425,680
Customers' accts.. 1,938,528
1,477,523
Inventories
2,618,946
3,036,994
Assets-
-
-
—
.
.
Liabilities—
$583,
,333
$25,000
571 ,090
510,693
Due trustee of
Invest, In & accts.
with
subs,
not
Fed.
118,327
Sundry rec. & inv.
122,945
117,403
129,621
26,309
64,829
16 ,404
61.642
306 ,591
258,500
3,265
and
26,310
103.521
Dep. In closed bk.
tax
Deferred income.-
79,416
b
sold to employs.
inc.
surtax prov
for stock
rec.
em¬
ployees' fund...
consolidated
Notes
Sept. 30 '37 Dec. 31 '36
Notes payable....
Accts. payable and
accrued expenses
3 ,328
6,440 ,000
6,440.000
1,919 ,640
Capital stock...
Surplus..
1,547,635
Notes & accts. rec.
Housing, Inc. (3519) covering 10,000 shares of
4%"($25
Filed Nov. 13, 1937.
par)
from employeesNotes <fc accts. rec.
-
Square D Co. (3441) covering offering of common stockJ(par $1) not
exceeding 25,000 shares.
Filed Sept. 28, 1937.
*
Worldart, Inc. (3527) covering 750 shares (par $100) 4% non-cumui.
pref. stock and 2,625 shares (no par) common stock. Filed Nov. 18, 1937.
The last
our
10,000 shs.
5,000 shs.
5,000 shs.
Shields & Co., Chicago
Keystone Custodian Funds, Inc. (2-3545, Form C-l) of Philadelphia",
Pa., has filed a registration statement covering 31,427 shares representing
certificates of participation in Keystone custodian fund series B-l.
will be used for investment.
Registrant is sponsor.
Sidney!L.
in
Sept. 30 '37
$3,785,634
2,166,626
$1,115,688
48,046
170,682
Operating profit
Other income.
The following
f
$4,008,629
2,363,921
ACT
to
total involved is
1936
$3,201,602
1,920,047
$1,068,229
47,458
Operating expenses
1935
$2,624,464
1,556,235
Gross profit from sales--
previous list of registration statements
issue of Dec. 4, page 3644.
from officers
a
4,527
3,662
2,264,935
1,894,451
Land, building &
equipment-.
Trade
marks,
for¬
mulae, &c
given
s
1
258,413
206,510!
Goodwill
was
Supp. def. research
prepd.exps., &c.
180,175
li
*
Total
-
-
.
-
-
-
-
-
$9,840,387 $8,846,7351
.
Total
-...$9,840,387 $8,846,730
Offered—A banking group
headed by A. G. Becker & Co., Inc., and including Shields
& Co. and F. S. Moseley & Co., on Dec. 6 offered at $100
per share 20,000 shares of 424% cumulative convertible
preferred stock ($100 par).
The issue has been oversub¬
After depreciation of $937,734 in 1937 and $862,125 in 1936.
sented by 640,000 shares no par value.
scribed.
to
Abbott
Laboratories—Stock
Raises Extra Dividend—The directors at
Redeemable, at option of company, in whole or in part, at
any time on 60 days' notice, at $107 per share, plus accrued dividends.
Dividends cumulative from dateTof issue (expected to be on or about Dec.
8, 1937) and payable quarterly'Jan. 15, &c.
Transfer agent: Guaranty
Trust Co. of New York.
Registrar: Bankers Trust Co., New York,
New York.
Company has agreed to make
New York Stock Exchange.
application to list
these
shares
on
per
germicides, hypnotics and arsenical preparations, and is now one of the
largest producers of such chemicals.
Company manufactures some 1,200 items.
These include both standard
pharmaceuticals included in the U. S. Pharmacopoeia and National For¬
mulary, and also a great many pharmaceutical specialties of its own manu¬
facture.
Among the latter are Metaphen, a powerful germicidelused in
surgery and general practice; Butesin Picrate Ointment, anfointment com¬
bining antiseptic and anesthetic properties; Metaphedrine and other
Ephedrlne products; Calcidin; Calcedrine Cough Syrup; Haliver Oil and
A-B-D Capsules, which are vitamin products
developed*with another
pharmaceutical house; Haliver Malt; Oladal; Yita-Kaps;
Chlorazene, the
Dakin Antiseptic; Syrup of Amdelate;
Nembutal; Neonal; Arsphenamine;
Neoarsphenamine; Bismarsen; Estrone and Estriol; Glucophylline and other
important items widely used and prescribed by the medical profession.
Some of the company's products are produced under
license or assignment
agreements with others, providing for royalty payments.
Distribution of the company's products is effected
largely through the
wholesale and retail drug trade.
Abbott Laboratories de Mexico and Abbott
Laboratories, Ltd., sub¬
sidiaries of the company, are engaged in the distribution of the
products of
the company in Mexico and Canada,
respectively.
In addition to its dis¬
tribution activities, Abbott Laboratories, Ltd.,
certain of the products of the company.
manufactures, in Canada
In 1937 the company casued the
following foreign subsidiaries to be organized: Abbott Laboratories de Cuba,
a Cuban corporation; Abbott Laboratories
(England), Ltd., a British cor¬
poration, Abbott Laboratories do Brazil, S. A., a Brazilian corporation
and Abbott Laboratories, Argentina, S. R. Ltda.,
organized under Argen¬
tine laws.
of the
It is intended that such subsidiaries engage in the distribution
company's products in the countries of their incorporation and, in
contiguous or other countries.
certain instances, in
Capitalization Adjusted to Give Effect to Present Financing
,
,
,
Preferred shares ($100 par)
Common shares (no par)
Authorized
Outstanding
aoO.OOO shs.
b20,000 shs.
dl,000,000 shs.
c640,000 shs.
share.
Adams
The
Express Co .—To Pay 30-Cent Dividend—
directors
common
have declared a dividend of 30 cents per share on the
stock, no par value, payable Dec. 20 to holders of record Dec. 14.
Like amount was paid on June 25. last, and compares with 35 cents paid on
Dec. 23, 1936, and 10 cents paid on July 15 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 distributed.—V. 145, p. 3336.
Addressograph Multigraph Corp.—Earnings—
the
Business—Company is engaged in the business of manufacturing fine
pharmaceutical preparations, important medicinal chemicals and biologies,
and widely used vitamin products.
It is a leader in the manufacture of
a meeting held Dec. 9 voted to increase the extra dividend
which had been declared on Nov. 18, to 20 cents
Dates of dividend will be the same—being payable Dec. 29
holders of record Dec. 16.
See also V. 145, p. 3336.—V. 145, p. 3644.
of 10 cents per share,
Convertible at any time, at the option of the holder, into common stock
(no par), at the rate of two shares of common stock for one share of pre¬
ferred stock.
b Repre¬
a
10 Months Ended Oct. 31—•
Net profit after deprec., Fed.
1937
Earnings
1936
$1,663,133
$1,000,617
753,799
746,314
$2.20
$1.34
income taxes and
other charges, but excl. surtax on undist. income
Shares common stock..
share
per
Net profit for October, 1937, was $118,430, against $125,469 in October,.
1936.
Orders in most of November increased 38.2% over October, and
compared favorably with and
of unfilled orders
year.—V.
145,
was
p.
may
exceed November, 1936.
The backlog
September and November last
ahead of October and
2998.
Air Reduction
Co., Inc.—Extra Dividend—
The directors have declared an
extra
dividend of 25 cents
per
share in
quarterly dividend of 25 cents per snare dn the
value, both payable Jan. 15 to holders of record
Dec. 31.
The following extra dividends were previously paid: 75 cents on
Oct. 15 and on July 15, last; 25 cents on April 15 and Jan. 15, 1937; $Jon
Oct. 15, 1936; 50 cents on July 15, 1936; $1.50 on Oct. 15. 1935; Slon
July 15, 1935; $1.50 on Oct. 15, 1934; 75 cents on Oct. 16, 1933, and$1.50
per share paid on Oct. 15, 1931, 1930 and 1929.—V. 145, p. 2832.
addition
to
common
stock,
the regular
no
par
Alaska Juneau Gold Mining Co .—Earnings—
Period End. Nov. 30—
Gross income
x
Profit
1937—Month—1936
$349,500
$474,000
113,500
«
257,600
1937—11 Mos—1936
$4,947,500
$4,826,300"
2,307,500
2,415,000
x Includes other income and is after operating expenses and development
charges, but before depreciation, depletion and Federal taxes.—V. 145, p.
3186. • ;,
Allied Chemical & Dye Corp. —To Pay
Special Dividend
6 declared a special dividend of $1.50 per share
payable Dec. 22 to holders of record Dec. 16.
The regular quarterly dividend of $1.50 per share was distributed on Nov.
1,last.
The company states that regular dividend payment dates have been
changed to the 20th day of March, June, September and December from
thefirst day of February, May, August and November.—V. 144, p. 1946.
The directors
on
on
Dec.
the common stock,
Volume
Financial
145
the collateral trust indentures
notified the New York Stock
Exchange that the collateral pledged under each of the said indentures is as
follows:
for the 432,000 shares capital
,
^
Ry. common stock;
Ohio Ry. common
increased by $200,317.
shares of Chesapeake &
American
(Del.)—Transfer Agent, &c.—
col¬
the
stock and
at
a
stock.—V. 145, p. 3645.
Corp.—Merger Voted—
New York
News
Stockholders
that the deposited cash has been increased by $560,000 and that the
lateral held under indenture dated June 1, 1929 has been increased by
of 90,800
May 15, 1931, when 50 cents per share was
gold notes,
.
that the deposit of cash has been
This compares with
payment made since
distributed.—V. 144, p. 3994.
stock, payable Dec. 22 to holders of record Dec. 10.
$1 paid on Dec. 24, 1936, this latter being the first
American News Co„
1929
by the addition of 156,020 shares of Chesapeake & Ohio
dividend of $2 per share on the common
a
The City Bank Farmers Trust Co. has been appointed transfer agent for
432,000 shares of capital stock.
The Central Hanover Bank & Trust Co. has been appointed
Registrar
90,800 shares of Chesapeake & Ohio Ry., common stock.
454,000 shares of Chesapeake Corp. common stock.
30,000 shares of Lehigh Coal & Navigation Co., common stock.
125,000 shares of Missouri Pacific RR., commqn stock.
1 54,100 shares of Missouri Pacific RR., preferred stock.
300,000 shares of Pittston Co., common stock.
*
$1,848,000.00 Terminal Shares. Inc., five-year by2% secured gold notes,
due Jan. 1, 1936.
357,344.23 "deposited cash."
_
The Guaranty Trust Co. has further advised the Exchange that the
collateral held under the indenture dated Feb. 1, 1929 has been increased
addition
The directors have declared
1, 1929
780,100 shares of Chesapeake Corp., common stock.
156,020 shares of Chesapeake & Ohio Ry., common stock.
177,700 shares of Missouri Pacific RR., common stock.
50,000 shares of Missouri Pacific RR., preferred stock.
50,000 shares of Pittston Co., common stock.
$4,066,000.00 Terminal Shares, Inc., five-year 5Yt% secured
due Jan. 1, 1936.
838,850.08 "deposited cash."
Indenture Dated June 1.
Pay $2 Dividend—
American Hard Rubber Co.— To
Allegheny Corp.—Collateral for Bonds—
The Guaranty Trust Co. as trustee under
dated Feb. 1, 1929 and June 1, 1929 has
Indenture Dated Feb.
3809
Chronicle
held
meeting
the merger of this
two shares of the
New York Corp.
6,. approved
Dec.
company into American News Co. and the exchange of
latter company's stock for each share of American News
now
held.—V. 145, p. 3337.
American Republics
The directors have declared
Corp. —Larger Dividend—
dividend of 30 cents per share on the com¬
a
stock, par $10, payable Dec. 27 to holders of record Dec. 15.
This
compares with 10 cents paid on June 30, last; 20 cents paid on Dec. 26,
1936 and 10 cents paid on June 30, 1936, Dec. 30, 1935, and on June 10,
1935, this last being the initial dividend on the common stock.—V. 145,
mon
3489.
p.
American
Works & Electric Co.,
Water
Inc.—Weekly
Output—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ending Dec. 4, 1937 totaled 42,206,000
kilowatt hours, a decrease of 5.86% under the output of 44,832,000 kilowatt
hours for the
Merger of Alleghany and Chesapeake
Directors of the Alleghany Corp. and of the
Corp. Dropped—
Chesapeake Corp. announced
abandonment of a plan to consolidate the corporations.
The plan, dated July 8, had contemplated merger of the two corporations
into a new company to be called the Chesapeake Corp.
jointly Dec. 3
Directors of
with
the
the
Alleghany Corp. also approved a plan of amending,
the indenture securing the 1950 bonds
of bondholders,
consent
corporation.
This plan provides for purchase of the bonds with
cash deposited under the indenture.
The move to alter the indenture will require approval of 60% of the bond¬
holders under the provisions of the indenture.
It is believed that most of
these holders might be Willi g to vote for such a move, since it woqld bring
some buying into the bonds to use up the required cash.
Reduction of
the principal amount of the bonds outstanding through their purchase
would automatically increase the collateral behind the remaining bonds.—
V. 145, p.3644.
of the
—
Allied Products
shares
the class
on
Corp.—Dividends —
record Dec.
the $10 par
have declared a dividend of
and
a
Wk. End
Allis-Chalmers Mfg.
33.629,000
33,065,000
33,231,000
44,513,000
44,631,000
*30,030,000
New Chairman, &c.—
At
its
continue
was
7, the board of directors elected H. Hobart
Board, in which position he will
Earle S. Thompson
the office of President which Mr. Porter has held since the
meeting held
Porter to
Dec.
the office of Chairman of the
as
the chief executive officer of the company.
elected to
Mr. Porter stated that the change, which
formed in 1914.
company was
made at
his request, was
necessitated by the increased executive
duties and responsibilities arising from the growth of the companys' electric
and water works properties and from legislation extending the scope of
was
3645.
Federal and State regulatio..—V. 145, p.
Amoskeag Co.—Earnings —
Statement
of Income and Expense—Year Ended June 30, 1937
$596,214
332,256
Income—Dividends
Interest
Co .—Definitive Debentures Ready —
Farmers Trust Co. announced that it will be prepared to
15-year 4% convertible sinking fund debentures due
Sept. 1, 1952 against surrender of the temporary debentures at its office
on and after Dec. 6.—V. 145, p. 3186.
i Qtq
1934
1935
1936
1937
13
regular quarterly
The City Bank
deliver definitive
—
34,257,000
43,446,000
47,728,000
35,014,000
43,756,000
47,134,000
35.437,000
Nov. 27. _.*40,793,000
44,400,000
46,495,000
Dec.
4
42,206,000 *44,832.000 *42,434,000 *33,317,000
*
Includes Thanksgiving Day.
Nov.
Nov. 20
v.
«
$1 per share on the $10 par
dividend of A3 H cents per share
A $25, par common stock, both payable Dec. 24 to holders of
14.
Company paid an initial dividend of $1.50 per share on
shares on Dec. 24, 1936.—V. 145, p. 3337.
The directors
common
corresponding week of 1936 which included Thanksgiving Day.
Comparative table of weekly output of electric energy for the last five
years follows:
$928,469
Total income
Interest, legal and other expenses (incl. capital stock tax)
Provision for Federal taxes to Dec.
163,080
17,560
31, 1936
$747,829
Net income
Alpine Montan Steel Corp.—Bonds
Called—
15,782,992
Balance, June 30, 1936
f. gold bonds have
and interest. Payment
City.—V. 144, p. 1585.
7% closed first mortgage 30-year s.
A total of $19,700
been called for redemption on March 1, 1938, par
will be made at the New York Trust Co., New York
Net profit from sale of securities
Received from liquidation of Amoskeag
dividend of 75 cents per share on account
pref. stock, no par value, payable Dec. 24
A similar payment was made on Oct. 1,
July 1 and April 1, last, and on Dec. 24, 1936, and compares with 50 cents
paid on Sept. 30, June 30 and March 31, 19.>6; 25 cents paid on Dec. 30,
Oct. 1 and July 2, 1935, and with 75 cents paid on March 25. 1935: Dec. 24,
Sept. 25, June 4 and March 15, 1934, and on Dec. 28, 1933.
The latter
payment was the first made since Oct. 1, 1933.—V. 145, p. 1732.
The directors have declared a
of accumulations on the $3 cum.
holders
to
of record
Less—To reduce to $1 certain securities not
Dividends paid
Cancellation of treasury preferred shares
15.
Dec.
Balance, June 30, 1937
270,543
--.$17,012,471
regularly quoted-_
389,387
695,025
376,262
Total
Capital Corp.-—Accumulated Dividend—
American
211,107
—
Mfg. Co. shares
$15,551,798
adjust¬
This
—
Note—Included in the total income is $166,265, the final interest
ment upon
Amoskeag Manufacturing Co. bonds received Jan. 2,1937.
item it must be understood is not recurrent.
Balance Sheet June 30, 1937
t
Liabilities—
Assets—
Express Co.—Extra Dividend—
American
dividend of $2 per share in addition
to the regular quarterly dividend of $1.50 per share on the common stock,
both payable Jan. 3 to holders of record Dec. 17.—V. 145, p. 100.
W The directors have declared an extra
American Equities
The
have
directors
a
dividend
Furniture Mart Building Co.,
American
Preferred Dividend—
Inc. —Initial
1937—Month—1936
Period End. Oct. 31—
Sub.
Operating
Operating
1937—12 Mos.—1936
Consolidated—
Cos.
$6,413,498
2,017,933
revenue
_____
$6,072,650 $74,024,306 $69,433,499
1,923,669 22,908,744 21,632,348
375,104
Depreciation.
_________
350.228
4,197,631
3,919,370
819,331
Maintenance
769,534
9,786,655
Operating income
852,277
10,189,962
9,357,903
$2,319,323
45,854
Total income
Int. & other deductions.
Pref. stock dividends
$2,330,922
889,850
417,831
475,870
$2,222,795 $27,170,774 $25,925,283
946,331
10,857,72.5
11,245,186
417,830
5,014,397
5,014,391
$858,632 $11,298,650
$1,023,241
Balance
229,462
$9,665,704
from sub.
Int.
Pref.
sub.
stock
$858,632 $11,298,650
x
3,092,207
159,170
159,170
1,910,050
1,910,050
14,850
181,164
Anderson-Tully
Years Ended July
Gross
$1,319,368 $16,482,073 $15,168,950
76,543
116,750
829,863
638,955
Int. & other deductions.
170,853
213,566
2,134,242
2,562,801
177,811
177,811
2,133,738
2,133,738
$851,447 $11,384,228
$9,833,455
______
$979,492
Inter-company items eliminated,
y
Applicable to American Gas &
Electric Co.
-
Note—Figures for periods prior to Jan. 1,1937,
restated for comparative
106,955
p.
Net surplus for year..
Earned surplus at beginning of year
$688,430
Consolidated Balance Sheet July 31
1937
1936
Accounts payableDue estate of C. J.
107,013
352,251
362,790
Tully, deceased-
19,648
Accrued accounts-
126,452
14,085
receivable, net._
to
5,065
tlm-
bermen, net
timber
100,000
sold-
848,507
Inventories
2,030
U. 8. Treas. bonds
Property
Unclaimed
21
wages.
2,317,776
33,187
26,269
Other assets
Deferred assets
899,815
2,030
2,139,686
34,257
22,959
8k.fd.bds.current
75,742
16
71,864
Notes payable
Res.
for
Capital stock
Earned
5,000
personal
injury claims
surplus
29,823
2,178,563
871,007
17.163
2,187,413
688,430
prof, on land
and timber sold.
Minority
interest.
31,841
400
Apprecia'n of land
and timber
288,404
317,196
53,645
53,570
Surp. from acquis¬
ition of own stk.
Corp.—Extra Dividend —
share in
addition to the regular quarterly dividend of 25 cents per share on the
capital stock, par $25, both payable Dec. 23 to holders of record Dec. 4.
75,698
1st mtge. 6 % ser. &
Acct. rec. for land
y
1936
$176,000
$132,738
Notes and accts.
and
1937
.
payable
$80,871
in banks
Advances
Liabilities—
Notes
Cash on hand and
3187.
Total
The directors have declared an extra dividend of 25 cents per
$178,714
509,715
330,475
Surplus charges
Surplus credits
dividend of 35 cents per share in
quarterly dividend of 35 cents per share on the
stock, both payable Dec. 24 to holders of record Dec. 7.—V. 145,
—V. 144, p. 3994.
$225,290
60,567
13,991
$871,007
Total
regular
American Hardware
$226,961
i ,571
$182.#77
688,430
-
liquidation (of Clark Wood Inlay Co.).
Loss from
The directors have declared an extra
the
$440,439
72,613
Profit for year.
44,956
$351,561
124,600
$440,439
Other income charges
Def.
to
177,979
$306,605
$569,866
129,426
-
Extra Dividend—
common
221,757
income
purposes.
addition
1936
$703,358
136,963
81,812
$462,910
Net profit from operations
Other income
222,985
Pref. stk. divs. to public
x
1937
$907,913
135,939
87.306
31—
Depletion
Selling and administration expenses
x
Balance
Co.—Earnings—
Depreciation
Assets—
Expense
$16,560,578
Total
estimated market value of $1,344,994
[Including Subsidiary Companies and Affiliated Common Law Trust]
from
$1,444,908
15,551,798
_
deposited as collateral on bank loans,
y Represented by 72,896 $4]4
cumulative preferred and 90,181 common shares—no par.
Note—The approximate value of the securities owned, based upon market
quotations or other estimated fair value June 30, 1937 was $12,576,205.
—V. 143, p. 2514.
3,370,210
Other income
Total income
June 30. 1937 securities having an
$9,665,704
286,714
4,488
divs.
companies
8,780
__
Earned surplus at end of year
258,007
cos
$16,560,578|
Total
Amer. Gas & Elec. Co.—
yBal. of sub. cos.'earns. $1,023,241
to
were
$2,176,940 $26,941,312 $25,449,412
11,599
Other income
$1,000,000
Federal taxes
Dec. 31. 1936
profit and loss
9,074,464
881,805
Taxes
Bank loans
Reserve for
Gross profit
(& Subs.)—Earnings—
American Gas & Electric Co.
x
yReserve for shareholders and
initial dividend of $3 per share on the $6
to holders of record Nov. 12.
pref. stock, payable Nov. 22
—V. 145. p. 2379.
14,895,662
Investments—book value._
J
The directors have declared an
non-cumul.
x
x
of 50 cents per share on the
capital stock, payable Dec. 15 to holders of record Dec. 7.
This compares
with 10 cents paid on Aug. 7, last; 2214 cents paid on Dec. 22, 1936; 15 cents
paid on Dec. 23, 1935, and 10 cents per share distributed on Dec. 22, 1934.
—V. 145, p. 3337.
983,463
Receivable^ (secured)
Co.—To Pay Larger Dividend—
declared
$681,453
Cash
$3,674,976 $3,699,932
$3,674,976 $3,699,932
After reserve for doubtful notes and accounts receivable of $2,374 in
1936.
y After reserve for depreciation and depletion
$4,646,633 in 1937 and $4,678,058 in 1936.—V. 143, p. 3305.
x
1937 and $3,552 in
of
Total
Financial
3810
Co.—Recapitalization Voted
Anglo-Canadian Telephone
30 approved without dissent the
rearrangement of capital proposed by the company, which, to become effec¬
tive, now requires only the sanction of a Judge of the Superior Court of
Quebec and confirmation by supplementary letters patent.
The arrangement Is designed to simplify the capital structure of the
company by elimination of the class B stock by conversion into class A
stock and deferred stock and giving the holders of class A shares the ri^ht
to a straight 6% non-cumulative preferential dividend with participation
on a share for share basis with the deferred stock in any additional divi¬
Shareholders at the meeting held Nov.
changes are to become operative from Dec. 31, 1937.
that upon the change in capital becoming effective, the
company will be able to increase the dividend rate on the class A shares
from 5M% (the rate of dividend payments maintained in 1937) to 6%.
The capitalization of the company after giving effect to the plan will be
The
dends.
Dec.
Chronicle
11.
change Act of 1934, subject to the filing of an amendment to the certificate
of the company in the State of Delaware.—V. 145, p. 2217.
of incorporation
Gulf
Atlantic
Steamship
Indies
West
&
Lines
(&
Subs.)—Earnings—
Period End. Oct. 31—
*1937—Month—1936
xl937-—10 Mos.—1936
Operating revenues
$1,839,858
$1,929,797 $22,604,557 $20,528,616
Oper. exps. (incl. deprec)
1,929,989
1,938,629 20,988,364
18,428,765
30,288
def$8,831
48,877
$1,616,193
491,935
$2,099,850
360,938
.def$120,419
3,159
def$57,708
7,215
$1,124,258
41,931
$1,738,912
47,716
_def$117,260
109,877
def$50,493
111,111
$1,166,189
1,108,221
$1,786,628
1,160,093
loss$227,1381oss$161,604
$57,968
$626,534
def$90,131
Net oper. revenues
Taxes
It is expected
follows:
as
Authorized
Outstanding
$7,500,000
8,500,000
*$3,630,000
4,871,000
Deferred stock ($10 par)
2,000,000
2,000,000
*
Entitled to cumulative preferred dividends at the rate of 5H% per
Cumulative preferred ($50
Class A stock ($10 par)
annum.—V. 145, p.
par)
-
3338.
Operating income.
Other income
Gross income
Interest, rentals, &c.
Net income
The New York Curb Exchange has
1935
Proceeds of sales to, and participation
in
profits
declared
by,
the
Sales
Corp., in respect of new production
nitrate and iodine, less cost
£281,824
143,166
5,444
138,553
1,385
7,305
8,163
5,467
5,176
b8,600
18,257
a5,732
£553,259
88,685
15,000
2,937
£493,566
77,027
15,000
5,001
£459,810
77,180
15,000
26,374
6,470
manufactured
nitrate
on
£310,245
4,556
5,142
7,900
4,906
5,256
£357,755
—
Profit
for
producers
Railway and port operations (net)
Int. earned on invest. & deposits
Int. in acct. current with Sales Corp.
2,146
4,379
(net)
6,559
Miscellaneous income
149
Motorship Caliche—Operations
Motorship Caliche—Sale (profit)
Exchange difference
Sundry adjustments
Total
Axelson Mfg.
12,917
160,369
other
7,199
1,785
income
—
Approp. to working capital reserve—
Approp. to railway renewal reserve.
Loss on commercial & other oper. (net)
Provision for taxes on profits other
_
than nitrate and iodine
Prov. for deprec. of Motorship
Provision for exchange losses
Trustees' fees and
8,802
5,256
"2*926
expenses
522
9,560
c£426,814
c£363,289
Bangor Hydro-Electric Co.—Earnings—
1936
1937
£227,581
29,506
Bills & aects.rec.
13,745
b
On sales
o'
d This
as
deed
£91,928
£54,515
244,289
sundry exps
debt serv. In
532,375
497,073
56,265
35,875
notes
$53,174
25,482
18,101
$685,805
305,794
217,216
$637,533
305,794
184,633
$9,920
$9,590
$162,796
$147,106
pref. stock.
stock.
Balance
203,271
5,361,491
5,090,116
209,670
209,670
capital
299,976
217,244
Ry. renewals—
45,000
30,000
Deb. red. fund.
498*739
Reval. reserve...
6,247
397,705
361,438
7.836,624
7,819,197
1,588,797
227,365
1,625,253
1,113
649
Working
Exchange
Invest. In Lautaro
Sundry prepd.exps.
£9,120,366 £8,985,060'
7,900
losses
Deferred Credits
c
Capital stock
3,500
1,048*350
1,048,350
£9,120,366 £8.985,060
Total
b Of salt cake, iodine in process, mined caliche and
supplies,
c Represented by 2,096,700 shares of 50 Chilean
pesos each.—V. 144, p. 270.
reserve,
materials and
Arkansas Power &
Light Co.—Accumulated Dividends—
Bankers National Investing
Corp.—Earnings—
Earnings for 9 Months Ended Oct. 31, 1937
Total
$278,587
operating income
62,140
Total expenses
Provision for Federal income taxes
3,251
(excl. of profit or loss from sales of securities)
$213,197
Undistributed net income, Feb. 1, 1937 (excl. of profit or loss from
sales of securities)
158,567
Total
Dividends paid
and $1.50
per
$371,764
_
.
299,011
Undistributed net income, Oct.
Statement of Profits and
$72,754
31,1937
Losses from
Sates^o^Securities for the 9 Months Ended
$145,094
159,330
Profits from sales of securities
Losses from sales of securities
$14,236
Net loss from sales of securities
Balance of net profit from sales of
Balance of net profit
securities. Feb. 1,1937
J.
$144,108
Dlvs. & accts. receivable
Investments
in
$190,246
Liabilities—
Cash
Invest,
204,481
_
from sales of securities, Oct.31,1937
Balance Sheet, Oct, 31, 1937
Assets—
_
_
.
com.
_
.......
_
34,957
7,359,013
1,852,012
245
Deferred charges
$7 cumula¬
share on the $6 cumulative
Due to sub. company
Proceeds
pired
from
of
sales
1,455
3,292
commitments
unex¬
to
pur¬
831
chase listed securities
Preferred stock
a250,000
Common stock
Sref. stock, no par were made in each of the nine preceding quarters and
imilar payments value, both payable Jan. 3 to holders of record Dec. 15.
b4,985,688
Common stock, class
with $1.17 and $1 per share, respectively, previously distributed
(For detailed dividend record see V. 140, p. 1996.)
—V. 145, p. 3490.
c337,540
dl07,213
3,019,586
A
Common stock, class B
compare
three months.
Paid-in surplus
Res. for investm't in sub. co..
The directors have declared
Canada, Ltd.—Extra Dividend
an extra
Net profit from sales
dividend of 25 cents per share in addi¬
of
sees
Treasury stock
56,045
72,754
Undistributed net income
Associated Breweries of
$500,000
69,033
Accrued Federal & State taxes.
Accounts payable, others.
stocks ol sub.
companies..
Note payable—Bank..
The directors have declared dividends of $1.75 per share on the
tive pref. stock, no par value,
each
385,808
145, p. 3188.
Reserves—
Statutory
6,989
posits & guar's..
Less
$53,504
25,482
18,101
Surplus
re¬
spect of fiscal yr.
Funded debt
Sundry Invest., de¬
a
$1,023,342
llabs. & prof, for
Bal. pay. on fund,
Inv.ra U. S. Treas.
Total
1936
1937
Acets. pay., aecrd
7,492
Accts. with Chilean
Nitrate & Iodine
Nitrate Co.,Ltd.
Capital assets
$973,935
288,129
Net income
LlabtUtieS-rrr
42,194
£233,455
b Inventories
$90,747
37,573
1935.
Ry. renew, res. fd.
Sales Corp
$77,514
24,010
Net oper. revenue
on com.
Consolidated Balance Sheet June 30
a
20,500
10,709
Fixed charges
on
compared with the closing rates,
income subject to the service of funded debt,
>
Assets—
11,181
...
d £312,667
Sursuant to definition in sterling and to definition in sterling trust
the amount of profits pursuant dollar trust deeds as amended,
Cash
'$181,877
59,920
29,700
Depreciation
Dividend
248
Arising from the conversion of assets and liabilities,
amended Nov. 20,
$184,774
66,378
Taxes accrued
currencies at different rates of exchange as
This is the amount of net
12 Mos.—1936
1937$2,213,555
$2,155,860
767,815
716,246
334,200
241,000
137,603
175,271
1937—Month—1936
Operating expenses
-V.
c
*
Gross earnings
Dividend
Conversion of various currencies
a
$0.46
341,886 shares
2063.
al4,852
Exchange difference
Balance-
per share on
$488,301
$1.43
$156,072
undistributed profits
Earnings
—Y. 145, p.
3,252
798
9 Months
1937—
3 Months
I^et income after operating expenses and Federal
i income charges,
but before Federal surtax on
12,000
3,270
.
Co.—Earnings—
Period Ended Sept. 30,
Period End. Nov. 30—
Caliche
Provision for reorganization expense.
Other charges
approved the application of the com¬
$1,000,000 10-year sinking fund 5% notes, due June 1, 1947
(with and without warrants); 34,750 outstanding shares of 6% cumulative
preferred stock, par $25 (with and without warrants) and warrants to pur¬
chase an aggregate of 104,760 shares of common stock, par $5.
Authority
was also granted the company to list 20,270 additional shares of common
stock upon official notice of issuance.—V. 144, p. 1249.
pany to list
1936
1937
before any year-end audit adjustments,
provision has been made for surtax on undistributed profits as the
earnings cannot yet be determined.—V. 1*4, p. 3188.
no
(B. F.) Avery & Sons Co.—Application Approved—
Loss Account for Year Ended June 30
{.Including Motorship Caliche Corp.i
Years Ended June 30—
These operating earnings are
x
and
Anglo-Chilean Nitrate Corp. (& Subs.)—Earnings—
Consolidated Profit and
.
._
190,246
Dr203,346
tion to the regular
quarterly dividend of 20 cents per share on the common
stock, both payable Dec. 31 to holders of record Dec. 15.—V. 145, p. 3001.
Co.—Weekly Output—
$9,390,335
Total
a
Associated Gas & Electric
$9,390,335
Total...
25,000 no par shares stated value $10 per share,
1,994,275 no par shares,
c Represented by 33,753 no
shares, d Represented by 10,721 no par shares.—Y. 145, p. 1892.
Represented
by
b Represented by
For the week ended
Dec. 3, Associated Gas & Electric System reports
of 89,242,339 units (kwh.).This is a decrease of 1,222,384
1.4% below the production for the comparable week a year ago.
This is the largest percentage decrease under a comparable week since
September of 1934, a period of more than three years.
par
net electric Qutput
units
or
November Electric Output Up
3.0%—
(W. H.) Barber Co .—Extra Dividend—
The directors have declared an extra dividend of 25 cents per share in
addition
common
For the montn of November, Associated Gas & Electric System reports
net electric output of 386,078,106 units (kwh.).
This is an increase of
11,371,818 units, or 3% above November of last year. This is the smallest
monthly percentage increase since May of 1935, a period of 30 months.
Production for the 12 months ended Nov. 30, amounted to 4,692,337,522
units which is an increase of 471,622,683 units or 11.2% above the previous
12 months period.
Gas sendout for November was up 5.2% to 2,045,320,800 cubic feet. For
the year ended Nov. 30, sendout amounted to 22,105,418,000 cubic feet, an
increase of 3.8% above the previous year.—V. 145, p. 3646.
to the regular quarterly dividend of 25 cents per share on the
stock, par $1, both payable Dec. 20 to holders of record Dec. 4.
—V. 144, p.
Baton
1267.
Rouge Electric Co.-
Topeka
&
Santa
Fe
Ry.—Asks
Bids
for
Equipment Issue—
The equipment to be covered will be 43 stainless-steel passenger
train cars of $3,174,096 estimated cost and two 3,600 h.p. and five 1,800 h.p.
diesel electric passenger, locomotives of $1,706,992 estimated cost.
Bids
will be opened Dec. 21.
The company has applied to the Interstate Commerce Commission for
authority to issue the certificates.—V. 145, p. 3646.
erially.
$141,847
$1,899,292
81,771
76,617
6,421
a22,989
6,980
20,712
992,608
93,471
a237,625
$50,378
Drl,140
$37,537
4,099
$575,587
7,313
$504,184
$49,238
$41,636
$582,900
$543,808
13,925
13,523
165,150
164,882
Maintenance
Taxes
Net oper. revenues—
Balance
Int.
The company has asked for bids for subscription of $3.900,000 equipment
certificates, series B, 2\i%, dated Dec. 15, 1937, and maturing
trust
&
Automatic Washer
Co.—Application Approved —
Stock Exchange has approved the application of the com¬
$3 par.
with the plan of reorganiza¬
39,623
Balance
common
70
70
Balance..
$35,243
Appropriations for retirement reserve c
Balance for
$1,689,566
908,898
70,659
205,824
&c.
amort.,
(public)
Note interest (Engineers
Public? Service Co.) —
Preferred dividend requirements
The Chicago
1937—12 Mos.—1936
$161,560
Operating revenues
Operation
Non-oper. income (net).
Atchison
Earnings—
1937—Month—1936
Period End. Oct. 31—
divs. & surplus
$28,113
$417,679
168,809
$378,925
145,000
$248,870
37,254
$233,925
37,254
$211,616
$196,671
pany to list 152,675 shares of common stock,
This new stock is to be issued in accordance
a No provision has been made for the Federal surtax on undistributed
profits since any liability for such tax cannot be determined until the
approved by the stockholders on Sept. 23, 1937, and declared operative
by the board of directors on Nov. 23, 1937.
These securities will be admitted to trading in the form of permanent
certificates on notice of issuance and registration under the Securities Ex¬
end of the year.
Note—On Jan.
tion
;
1937 changes were made in accounting procedure,
for some items in the income statement are
exactly comparable.—V. 145, p. 3647.
1,
hence previous year's figures
not
Volume
Financial
145
Company, of Rochester, N. Y., on Dec. 6, filed with the Securities and
Exchange Commission, a registration statement (No. 2-3544, Form A-2)
under the Securities Act of 1933 convering 50,000 shares ($100 par) 5%
cumul. conv. pref. stock and 250,000 shares ($10 par) common stock of
which 50,000 shares are to be offered publicly and 200,000 shares are re¬
served for conversion of the preferred.
The company will offer the new preferred stock in exchange to holders of
Its 1st mtge. bonds on the basis of one share for each $100 face amount of
such bonds together with a cash payment equal to the interest from Nov. 1,
1937, to Jan. 1, 1938.
It will also offer the new preferred in exchange for
its outstanding 1st pref. stock on a share-for-share basis.
The exchange
offers will be made without underwriting and will be available only until
Jan. 1, 1938, it is stated.
The company states that it intends to enter into an underwriting agree¬
ment with Stone & Webster and Blodgett, Inc., of New York, covering the
public offering of the 50,000 shares or common stock and any of the conv.
pref. stock that is not issued under the exchange offer.
According to the registration statement the net cash proceeds to be
received by the company, estimated at $3,478,120, are to be applied as
follows:
_
$750,000 to repay bank loans of $550,000 to Lincoln Alliance Bank & Trust
Co. and $200,000 to Bankers Trust Co.
Int. on these loans,
amounting to approximately $2,000, will be paid out of company
funds.
510,000 will be used for the redemption of approximately $500,000 prin¬
cipal amount of the company's 1st mtge. 6% sink, fund gold
bonds, due May 1, 1942, at 102% plus accrued interest at 5%
from Nov. 1, 1937, to May 1, 1938.. The accrued interest, es¬
timated at $12,500, will be paid out of company funds.
642,950 will be used for retirement of approximately 5,845 shares of the
company's 1st pref. stock at 110% plus accrued dividends at 6%
from Jan. 1, 1938, to the date of redemption.
The accrued divi¬
dend, estimated at $2,900 will be paid out of the company funds.
The balance of the proceeds will be addeid to the working capital and it
is stated will be used by the company or its subsdidiries.
The new preferred stock is convertible into common stock at the option
of the holders until Dec. 31, 1947, on the following terms:
To and including Dec. 31, 1940, at a conversion price of $25 a share of
common stock; thereafter and including Dec. 31. 1943, at a conversion price
of $27.50 a share of common stock; and thereafter and including Dec. 31,
1947, at a price of $30 a share of common stock.
During the conversion period the holders of the pref. stock are entitled to
receive four shares of common stock upon the surrender of we share of pref.
stock at a value of $100 a share and the payment of the additional amount i
C^gJj
The estimated offering price for
^
$20
common
M.
share.
a
the preferred is $100 a share and
Herbert Eisenhart, of Rochester, N.
for the
Y., is
President of the company.
v
Months
12 Months
Oct. 31,'37
Dec. 31 '36
$1,347,681
Period—
Net profit
x
-
After all charges,
$1,030,845
provision for taxes and minority
The directors have
on
declared a dividend of $3.50 per share on account of
7% cumulative first preferred stock, par $100,
Telephone Co. of
The company reports a
compares with a gain
last year.
In Philadelphia the
This
stations in October and 797 in November
stations for November.
General
Motors
of the Bendix Aviation common stock.
23.8%
owns
—V. 145, p. 2835.
Pay $1 Dividend—
Bethlehem Steel Corp.—To
The directors
the com¬
Dec. 9 declared a dividend of $1 per share on
on
value, payable Dec. 24 to holders of record Dec. 17.
This is in addition to the $1.50 dividend declared on Oct. 28 and likewise
stock,
mon
par
no
payable on Dec. 24 to holders of record Dec. 17.
A $1.50 dividend was paid
on Sept. 15 last and compares with $1 paid on June 15 last and a dividend
of $1.50 paid on Dec. 24,1936, this latter being the first distribution made on
the common stock since Feb. 15, 1932, when a dividend of 50 cents per share
was
distributed.
operations of
Eugene G. Grace, President, stated that although current
27% of capacity, final quarter earnings
the common stock. At the
the nation now is consuming
more steel than it is producing, with the result that users' inventories are
steadily shrinking.
Mr. Grace said that there is not much buying by the
automotive industry now, but these consumers may come into the market
in the not distant future.
Jobbers' stocks are being reduced and railroads
are not doing much on the buying side, he added.
Whether results in the December quarter will add anything to the profits
of $6.88 a common share reported for the nine months to Sept. 30, Mr.
Grace declared, depends largely on the extent of year-end inventory adjust¬
the corporation have declined to
of the company may leave a small balance for
same time Mr. Grace expressed the belief that
ments.
He said
according to Mr. Grace, is satisfactory.
The labor situation,
that the corporation never had any serious difficulty aside from the Johns¬
town situation last summer, when operations were interrupted by Govern¬
by the men themselves.
The corporation is keeping
the payroll as possible, he added.
Work is being dis¬
The men are not being discharged, and
are being called back when needed at the mills.
There is an important program of construction ahead, Mr. Grace stated.
Corporation is well rounded out, and its ingot capacity rating as of Jan. 1
next will be in excess of 10,000,000 tons, compared with 9,360,000 tons with
which the corporation has been credited this year.
In the past two years
company has aided recovery, said Mr. Grace, by expenditure of approxi¬
mately $70,000,000 for new mills.
This has been its contribution to the
capital goods industry.
The new strip mill at Sparrow's Point is now in
production, having a capacity of 70,000 tons per month.
The new rod
and bar mill at the same plant started operating Dec. 9.
This unit has a
ment action and not
as
many men on
tributed wherever it can be done.
Sued
on
Bonds—
compel the Bethlehem Steel Co. to redeem in undevalued Dutch
guilders or their dollar equivalent $598,000 of "alternative" 5% bonds
called on Nov. 1 was instituted Dec. 7 in New York Supreme Court by
"Credimus" Maatschappij Tot Deelneming in Industrieele Bedrijven, N. V.
The bonds when issued provided for redemption in foreign countries at the
option of the holder in specified amounts of foreign currencies.—V. 145,
p. 3189.
A suit to
Berkshire Fine
Bibb
Mfg. Co.—Earnings—
Net profits before taxes
Reserve for State taxes
$2,105,719
and depreciation
68,500
210,000
-
Reserve for Federal taxes
620,092
Reserve for depreciation
for
Spinning Associates, Inc. (&
Subs.)—
Other income
1936
1935
1934
,388,924 $18,950,664 $16,030,990 $16,334,575
102,942
179,574
85,614
93,317
Total gross
income—$19,482,241 $19,036,277 $16,133,932 $16,514,149
Yrs. End. Sept.
Sales
Committee.
Earnings for Year Ended Aug. 31, 1937
Pennsylvania—Gain in Phones—
net gain of 3,721
of 6,212
Dividend of $7 was paid
Dec. 10.
Increase last month amounted to 1,913 stations and
balance of the State were; Eastern Pennsylvania (including
Delaware, Bucks, Chester and Montgomery counties), 283; central Penn¬
sylvania, 488 Pittsburgh, 393, and remainder of western Pennsylvania, 644.
There were 1,203,433 Bell telephones in service in Pennsylvania as of
Nov. 30, 1937.—V. 145, p. 3647.
gains
Mr. Bradley in that post and E. R. Breech, member of the General Motors
operating staff, has been elected a director and member of the Executive
the
payable Dec. 20 to holders of record
on Nov. 24, 1936.—V. 144, p. 2118.
Bell
1030.
America—Accumulated Dividend—
Bearings Co. of
accumulations
interest, but before
undistributed profits.—V. 122, p.
provision for surtax on
O. E. Wilson, Vice-Presidents of General Motors
Corp., have resigned as directors of Bendix Aviation Corp.
To succeed
them A. C. Anderson, Comptroller of General Motors Corp., has been
elected a director and Chairman of the Finance Committee, replacing
Albert Bradley and
capacity of 20,000 tons monthly.
Consolidated Earnings Statement
10
x
Corp.—New Directors—
Bendix Aviation
Optical Co.—Registers with SEC—
Bausch & Lomb
3811
Chronicle
1937
30—
Net
profit
Dividends paid
$1,207,127
-
1,300,000
$92,873
Deficit
31, 1937
Balance Sheet Aug.
Liabilities—
Assets—
Notes payable:
Audited vouchers
$624,579
709,900
Cash
Investments
10,190
60,862
Audited payrolls
35,086
Accounts payable
1,950,994
inventories
3,432,796 Accrued taxes (domestic)
Interest receivable
12,127 Dividends payable
Loans to employees (secured)
129,847 Accrued capital stock tax.*,
Other Investments
28,188 Accrued payroll tax
Industrial bonds and stocks..
45,232 Old age unemployment tax..
Reserves:
Municipal bonds.
220,500
Plant and equipment
*16,058,582 State income tax
Deferred charges
193,702 Federal income tax
Tax (prior years)
Notes receivable
49,517
57,355
200,000
4,283
Accounts receiv
......
Cost of sales, oper., sell.
& other adm. charges.
16,808,511
17,744,865
630,203
495,017
156,129
x394,666
74,832
16,456,977
526,039
43,440
9,104
120,000
41,381
80,372
15,527,214
380,906
429,265
Depreciation
Losses from real estate &
scrapping equipment.
Write-down of subsid'y
plant values
debts—
Reserve for contingencies
Reserve for income tax_
Interest paid
Reserve for bad
.
106", 820
83", 197
120,000
7,012
169,195
$208,527
Deficit at Oct. 1,
and retirement
$3,370,413
plan for recapitalization
$1,082,213
$
Assets—
Notes & accts. rec.
Marketable sees.
Inventories
Other assets
Plant assets
482,827
1,267,666
32,161
6,500,028
752,757
7,934.331
write-off of
1,621,594
Notes
Machine
additional dividend of 25 cents per
The directors on Dec. 6 declared an
value common stock, payable Dec. 27 to holders
On Nov. 16 the directors declared a dividend of 50 cents
share on the new no par
of record Dec.
17.
per share on the stock, payable
A dividend of 25 cents was
Dec. 15 to holders of record Dec. 1.
paid on Oct. 15, and on July 15, last, this
the initial distribution on these shares.
The company has outstanding 200,000 shares of the no par common
stock issued in May of this year in exchange for $50 par value common
then outstanding.
The company has no funded debt.—Y. 145, p. 3339.
latter being
Dividend—
Bishop Oil Corp.—Extra
declared an extra dividend of 12 H cents per share in
dividend of 7^ cents per share on the common capital stock,
The directors have
addition to a
1936
$
$
last, and a regular quarterly dividend of 2)4 cents per
15, 1936.
In addition, an extra dividend of 10 cents
on Dec.
19, 1936—V. 145, p. 2836.
par $5, both
10 cents was
30
pay.—banks
Co.—Declares
.825,000
650,000
470,000
350,000
521,882
payable Dec. 15 to holders of record Dec. 1.
A dividend of
cents paid on June 15 and March 15,
paid on Sept. 15, last; 5
share paid on Oct.
per share was paid
Cotton acceptances
payable
57,853
814.714
&
Foundry
$4,253
-----
Liabilities—
S
3,834,228
148,659
735,834
193,468
1936
608,719
1775.
1937
Surplus at Sept. 30, 1937
Consolidated Balance Sheet Sept.
x
447,911
•
Cash
2,586,815
stock
Adjustment of value of marketable securities and
goodwill, trade marks and organization charges
Dividends declared or paid—Preferred stocks
Common stock
1937
1,417,900
and other reserves
Balance
$23,436,535
Total
of $14,735,007.—V. 144, p.
Steel
Birdsboro
1936
of treasury
After depreciation
Additional Dividend—
for Year Ended Sept. 30, 1937
Profit per income account, as above
Net additions to surplus pursuant to
Adjustment of contingency
Surplus
$23,436,535
Total
——
Includes surtaxes.
Consolidated Surplus Account
8,467
110,600
20,000,000
2,570,625
Capital
x
-
x
PHI
68,500
210,000
Trust fund deposit
60,000
56,924
173,758
$72,8341oss$1228488
period-- $1,417,900
Preferred dividends
735,834
Common dividends
193,468
Net profit for
82,968
3,167
Accounts
-
payable-
328.805
Res. for claims and
22,000
allowances
7,970,948
Prov. for State and
Fed.
Income tax
394,666
Dividend payable-
233,931
42,700
106,402
Local taxes pay—
Res.
192~403
300,000
for conting..
Co.—Recapitalization Approved—
(E. W.) Bliss
Stockholders at a special meeting
held Dec. 9 approved amendments to
of recapitalization originally presented Aug. 17.
The amend¬
ments provide for a group of 10 large preferred stockholders purchasing
notes and new 5% preferred stock with the payments they receive on ac¬
count of preferred dividend arrearage under the plan.
Total arrearages
Aug. 17 amounted to $1,052,335.
An increase in the amount of new 5%
convertible preferred stock to 80,000 shares from 52,601 shares as origi¬
nally planned was authorized.—V. 145, p. 3189.
the
plan
Minor. int. In sub.
capital <fc surp..
7%
pref. stock.._
5,966
-
485,300
8,318,000
$5 cum. conv. pref.
z7 ,636,883
Common stock.. 5 ,484,531
stock
y
Capital surplus.
Earned surplus.—
Bond Stores,
—V. 145, p.
16,969,770 14,908,056
276,067
Border City
Mfg. Co.—Earnings—
Oct.
Years Ended—
Total
Hedges—To Pay Preferred Dividend— >
The directors have declared a dividend of $2.50 per share on account of
accumulations on the $2
cum. conv. pref. stock, payable Dec. 27 to
holders of record Dec. 17.
A dividend of $2 was paid on Dec. 19, 1936,
this latter being the first dividend paid since Aug. 1, 1931, when a regular
quarterly dividend of 50 cents per share was distributed.—V. 143, p. 3833.
2,
'37 Sept. 26,'36
$55,527
$ 37,000
after all charges
Balance Sheet
Assets—
Mills and real est-
Inventories
Cash & accts. rec.
Benson &
3189.
7.599,452
4,253def3370,413
16,969,770 14,908,056
x Market value, $25,413 in 1937 and $28,189 in 1936.
y Represented by
483,670 (287,853 in 1936) shares of no par value,
z Represented by 78,327
no par shares.—Y. 145, p. 2064.
«r_„
1937—Month—1936
1937—6 Months—1936
$2,096,055 $18,163,878 $15,513,666
$2,111,448
sales
Net profit
Total
Inc.-—Sales—
Period End. Nov. 30—
Net
2, '37 Sept.2Q,'ZQ
$316,873
$317,184
174,025
152,980
18,182
30,973
Oct.
x
Cap. stk. & surp.
payable-
Accounts
Taxes
& Insur
x
$509,080
$501,137
Represented by 18,000 no par
'37 Sept.26:Z6
$396,022
97,561
$414,586
15,496
11,958
Total
$509,080
$501,137
60.796
13.797
payable
Res.—process
Total.
Oct. 2,
Liabilities—
tax
shares.—V. 145, p. 3002.
Financial
3812
Consolidated Gas Co.—November
Boston
—1,109,016,000 1,159,004,000
Output (cubic foet)
—V. 145, P. 3002.
■
..
The directors have declared a cash
ization—
receivership has practically been
ended and all details in connection with its reorganization, in accordnace
with an order signed a year ago by Federal Judge Guy L. Fake, have been
completed.
Botany Consolidated has passed out of existence and Botany
Worsted Mills has taken over all rights and title to its property.
Thus,
5 y2 years of litigation against the holding company are over.
All details in connection with the reorganization, including payment of
the expenses of litigation, were concluded at conferences held by the
trustees—Colonel Charles F. H. Johnson, Henry C. Whitehead, Harry
Meyers and Henry L. Bahnsen—during the past week. All that remains to
be done now is promulgation of a formal order by Judge Fake for the actual
distribution of stock of the new corporation to holders of stock of the
former Botany Worsted Mills, and to holders of bonds and stocks of the
now defunct Botany Consolidated
Mills, Inc.
President Johnson of Botany made the following statement in connec¬
tion with the conclusion of the litigation:
"The receivership of Botany Consolidated Mills, Inc., has been ter¬
minated.
All the necessary legal steps have been taken to carry out the
terms of the court (U. 8.
District Court Judge Guy L. Fake) and an
order will be presented to the court to authorize the transfer of the securities.
"Arrangements have been made with the Chase National Bank for the
proper transfer following the signing of the order and they will shortly give
notification to all holders of old securities with instructions for turning in
17
dividend
A cash
Sept. 30, June 30 and on April 1
of 25 cents was paid on
1936, this last
1930.
last, and a dividend of $1 per share was paid on Dec. 21,
being the first dividend paid on the common shares since
Announcement has been made that the
same."
To holders of common stock
dividend of 25 cents per share and'a
stock, par $100,
30 to holders of
stock dividend ef $1, payable in 7% cumulative preferred
on the common stock, both dividends being payable Dec.
record Dec
Inc.—Completes Reorgan¬
Consolidated Milk,
Botany
1936
1937
11,
Co.—Dividend—
Bridgeport Machine
Output—
1937
Month of November—
Dec.
Chronicle
Listinq J\.
""""
The New York Curb Exchange
jj'pvov&d
shares of 7% cumulative
has approved for listing 2,600 additional
preferred stock, $100 par, upon official notice of
issuance.—V. 145, p. 2538.
Bruck Silk
Mills, Ltd.—Earnings■—
$329,953
186.262
$526,052
173,510
29,517
2,000
86.937
$301,894
Selling, delivery, admin.
& other expenses
195,531
30,134
2,000
84,203
178,494
28,919
28,386
Bond interest
917
Bond discount amort'd.
1934
1935
$459,105
1936
1937
Years Ended Oct. 31—
Gross profit from trad'g.
93,876
90,314
$21,429
$3,250
622
$167,141
4,689
$214,183
469
$21,898
4,729
$3,872
1,397
$171,830
21,517
$214,227
29,994
$17,169
475,724
$2,475
576,868
$150,312
624,108
$184,233
552,375
$492,893
$579,343
3,380
$774,420
$736,608
290
25.066
100,000
$467,603
125,000
$475,724
125,000
$0.02
Depreciation
Operating income..—
Div. & int.
invest
rec. on
Total income
Res. for income taxes-..
Profit for year
Previous surplus
—
44
; ;i
the
of Botany Worsted
the shares
excluding
company),
held
by
Mills
(the operating
Mills—
Consolidated
Botany
become the
which
property of the newly formed company—12 K shares
each of the new preferred stock of $25 par value and 12% shares of the new
class A stock of $25 par value.
To holders of
and
Addl' income taxes
Adj. of deprec. applic. to
prior years
Dividends paid
Balance, Oct. 31
2% shares of new class A stock for each $100 bond.
To holders of Botany
Consolidated class A stock, two shares of
new
class
A for each five shares held.
Shs.
class B stock,
150,000 shares of class B common stock for
will be given the management of Botany Worsted Mills,
the proviso that 50,000 shares be purchased at consumption of the
plan at $1 each, then later 50,000 at $2 each and 50,000 at $5 each, the
entire purchase to be made within five years of adoption of th'e plan.
—V. 144, p. 924.
with
Brantford
Assets—
x
Previous surplus
Discount on shs. retired
1935
$298,273
yl, 133,699
$235,760
yl,014,355
——
45,218
$222,043
y907,065
Cash
Miscellaneous debits
1st
on
Trans,
val. of tr.-mks.,
$1,250,115
112,868
3,548
$795,296
surplus
capital surplus.
only,
capital
Balance Sheet Aug.
Assets—
bldg.,
Land,
8%
ma-
$1,203,526 $1,199,889
570,510
249,81!)
991,862
1,283,184
Cash.....
Bills & accts. rec.
Fire
339,630
254,950
7,543
insur.
1,612
cum.
9,659
174,611
Res. for contlng..
467,134
Earned surplus
2,583
Trade marks, pat.
rts. & goodwill..
412,850
412,850
z
.....
Cash In sink, fund.
305
1,397
14,931
475,724
6,309
105,176
15,098
467,603
305
3,304
105,176
Trademarks,
x
pro¬
Total
$1,832,807 $1,757,250
jf\iucr
uepreciauon
reserve
"i
in
«jpe«
.$1,832,807 $1,757,250
1937 and $585,778 in
-Y.
Represented by 125,000 no par shares
144,
1936.
4335.
p.
extra dividend of $1.25 per
an
share on the
also declared
on the class A stock payable Jan. 1 to holders of record Dec. 10.
An extra dividend of 30 cents was paid on Dec. 23,1936.—V. 145, p. 1091.
Being entire
1937
(F. N.) Burt & Co.,"Ltd.—Smaller Dividend—
1936
directors have
declared
a
dividend
of 30
cents
share on the
A dividend of
per
stock, payable Jin. 3 to holders of record Dec. 10.
50 cents per share was paid on Oct. 1, last.—V. 144, p. 4171.
1st pref.
Butte
$973,625 $1,000,000
2d pref.
Common stock..
pay.,
850,000
80,000
12,766
12,801
65,000
for Dom.
Copper & Zinc Co.—To Pay 10-Cent Dividend—
The directors have declared
722,500
80,000
lncl.
all accr'd chgs..
Prov.
----
40,998
3,402
10,913
Deferred charges..
common
stock
x
—
4,729
tax.———.
157,004
594,449
The
cum.
Accts.
prem.
prepaid
surplus,
31
stock...
7%
100,000
30,076
payable.
Reserve for income
Bucyrus-Monighan Co.—Extra Dividends—
Liabilities—
1936
1937
Montreal
loan account...
The directors have declared
x$582,482 y$l,133,699 y$l,014,355
Includes
y
436,700
class A stock, payable Dec. 20 to holders of record Dec. 10.
The regular quarterly dividend of 45 cents per share was
z260,947
&c..
of
$787,500
427,800
Inventories
y
book
Earned
Accounts
Deposit with Insur.
$1,132,735
118,380
shs.
Balance, surplus
x
$1,431,972
83,095
119,000
78,632
_
reduce
to
4,060
pref.
Bank
49,389
value
surr.
life insurance...
1936 ^
$787,500
stock.
3,627
— —
307,816
..
redeemed
42,667
58,675
Cash
Total
$850,599
51,243
Common
Funded debt
$898,598
cesses, &c
through sinking fund.
Total surplus
1st pref. divs. paid
2d pref. divs. paid
y
$855,179
plant, mach., &c
1937
TAabilities—
1936
1937
Land, buildings,
Investments
$268,117
x582,482
income & other taxes-
$1.20
Balance Sheet Oct. 31
underwriters
1934
1936
1937
deprec. .doubtful accts.,
Prem.
112.605
$624,108
125,000
$1.47
$576,868
125,000
Trade accts. rec..
Cordage Co., Ltd.—Earnings —
Years End. Aug. SI—
Net profit after prov. for
$0.14
—
one share of new class
There shall also be issued
options
stock (no par)
com.
Earnings per share
To holders of Botany Consolidated
Al for Gticti 20 sh3<r0s hold
which
47,553
150,000
Botany Consolidated bonds, 2% shares of new preferred
69,557
836,833
582,482
a dividend of 10 cents per share on the com¬
payable Dec. 22 to holders of record Dec. 15.
This compares
with five cents paid on Dec. 28, 1936, this latter being the first payment
made since Dec. 24, 1929, when a dividend of 50 cents per share was dis¬
tributed.—V. 145, p. 3190.
mon
stock
&
other taxes
Res. for deprec'n..
847,364
Earned surplus—
795,296
Byron Jackson Co .—Special Dividend—
The directors have declared a
special dividend of 50 cents per share on
stock, payable Dec. 21 to holders of record Dec. 8.
An extra
in addition to a quarterly dividend of 50 cents per
share was paid on Nov. 15, last.
For detailed record of previous dividend
payments see.—V. 145, p. 2849.
the
common
dividend of 50 cents
Total
x
.$3,496,551
Represented by 80,000
Brazilian
$3,431,673
no par
Total
..$3,496,551
shares.—V. 143,
$3,431,673
3621.
p.
Traction, Light & Power Co., Ltd.—BO-Cent
Dividend—The
California Ink Co., Inc.—
1937
have
declared
dividend
of
50 cents per
share on the
common stock, payable Jan. 25 to holders of record Dec. 22.
A like amount
was paid on July
10, last, and compares with 40 cents paid on Jan. 30,
1937, and 30 cents paid on July 15, 1936, this latter being the first dividend
paid since Sept. 1, 1932 when a stock dividend of 2% was distributed.—
V. 145, p. 3491.
a
Depreciation
Miscellaneous
_.
Dividends paid.
Surplus, Sept. 30
standing (no par)
Earnings per share
_
41,000
Total
$156,384
131,759
$288,143
46,902
30,000
-
Dividends
Dividends
on
cumulative preference shares.
shares
on common
.$211,241
.
$1.09
Consolidated Balance Sheet July 31, 1937
Assets—
Cash
on
coll. for bank advances,
contra
$16,328
116,656
193.529
Inventories
720,851
value of life Insur.
23,234
policies
Fixed assets
x651,824
—
Goodwill, &c...
Deferred charges.
-
—
excise
$241,155
&
86,266
123,366
$1,932,054'
Total
x
After
reserve
fo
r
shares.—V. 1
taxes
Accts. pay. & accrued liabs—_
Prov. for Dom. & Prov. inc.
& capital taxes
Mtges. on farms.
Reserve for contingencies
$202,621
$159,866
96,630
96,630
$3.19
96,630
$2.70
$4.06
400,257
140,000
140,000
954
955
Paid-in surplus...
Earned surplus
446,772
412,643
*371,674
371,673
28,116
41,444
taxes, &c
y
x Plant and equip.
Brands,
formulae
and goodwill
Other assets, lncl.
deferred charges
60,394
Divs. pay. Oct. 1.
573,332
75,713
1936
$82,017
62,186
z62,413
Acer, wages, prop.
78,412
and notes
1937
$72,220
Accounts payable.
Fed. inc.taxes....
707,664
U. S. Govt, bonds
x
30
Liabilities—
1936
Capital stock
Less allowance for depreciation of
38,460
1,632,000
185,775
420,329
43,272
1,632,000
185,775
317,280
$2,411,197 $2,382,923
Total
..$2,411,197 $2,382,923
$671,697 in 1937 and $655,145 in
value, z Includes surtax
1936.
y Represented by 96,630 shares of no par
on undistributed profits.—V.
145, p. 2219.
$100)
Total
depreciation of $148,365.
-Balance Sheet Oct. 2, 1937—
Liabilities—
$1,452,504
*1,843,614
hand and in banks
Accounts
42,800
Inventories (at market)
Difference In cost & market on
on
receivable
21,038
cotton
48,097
sales of finished
purchased for firm
products—
Investments
781,100
Common stock
Callaway Mills
Assets—
Cash
12,541
74,082
6% cum. red. pref. stock (par
Earned surplus.
no par
prop,
accrued
per
_
Bank advances
Sales,
Accounts receivable_;
surr.
$317,280
Liabilities—
hand & in banks
Marketable secure., pledged as
Cash
$353,376
193,510
392,848
accts. receivable
Inventories
Investments
Total
Earned surplus at July 31,1937
Earns, per share on 100,000 shares common stock
$468,354
265,733
$366,908
$244,757
Accr'd Int. receiv.
;
$595,091
277,811
Customers' notes &
Consolidated Statement for the Year Ending July 31, 1937
.
$260,369
93,007
Balance Sheet Sept.
1937
Cash
Combined profit from operations, after charging all mfg., selling
& adminis. expenses
$239,223
Provision for depreciation
41,839
Net profit for the year—
Earned surplus at Aug. 1,1936
$308,487
159,867
Shares capital stock out¬
Assets—
Provision for income taxes
$392,470
202,621
96,630
($3.69
Net income
Previous surplus.
(T. G.) Bright & Co., Ltd. (& Subs.)—Earnings—
$349,898
36,470
11,458
41,601
$420,329
undist. profits
on
(C.) Brewer & Co., Ltd.—$4 Extra Dividend—
The directors have declared an extra dividend of $4 per share and the
regular monthly dividend of $1 per share on the common stock par $100
both payable Dec. 15 to holders of record Dec. 10.
Extra dividends of
$2 were paid on Oct. 25 and on July 25. 1936; an extra of $3 per share was
paid on Dec. 24, 1935; extra dividends of $1 per share were paid on Nov. 25,
Sept. 25 and July 25, 1935; extras of $4 per share were paid on Dec. 24,
1934 and on Dec. 23, 1933, and extras of $1 per share were distributed on
Oct. 25 and July 25, 1933.-—V. 145, p. 2383.
1935
$405,823
35,952
11,130
50,253
$673,983
253,654
(net)
Prov. for Fed. taxes
Surtax
1934
1936
$483,403
30,662
Cr 1,753
62,024
$356,703
317,280
Profit from operations._
directors
-Earnings—
$449,900
29,587
1,198
60.039
2,374
Years End. Sept. SO—
y500,000
211,241
5,183,532
Due mills.
$81,300
642,009
1,500.000
11,497,141
Reserves..
Reserve for idle and loss.
Investment
account
718,995
96,214
Prepaid expenses
16,017
Goodwill.
41,500
Land, buildings & machinery,
less deprec. & obsolescence. 4,368,074
$1,932,054
y
Represented by 100,000
Total.....
x
After
reserve
$13,720.4501
Total...
...$13,720,450
for bad debts of $151,460.—V. 139, p. 3960.
Volume
Consolidated Income Statement Year Ended Sept. 30, 1937
Ltd.—Class A Dividend
Canada Foundries & Forgings,
Sales of Sugar f. o. b. Cuban port
Resumed—
Cost of
have declared a dividend
The directors
distributed.—V. 145, p.
was
Years End. Aug. 31—
Int.
1st mtge.
on
Legal fees
Remun.
Other
6Ms
__
of
officers
exec,
charges
1934
1935
950
6,238
4,815
$11,059
198,931
$36,808
187,873
189,890
1937
Assets—
a
b
101,064
City of Vancouver
Prov. for inc. taxes
payable
8,8,958
15,804
705.664
49,118
7,100
5,000
148,931
139,890
Consolidated Balance Sheet, Sept. 30, 1937
705,664
$2,528,850 $2,543,086
After
Total
$2,528,850 $2,543,086
...»
cost.
for depreciation of
reserve
.
....
_
Receivable from
for
advances,
share on account of
Unpresented
Estimated
90,977
.
x47,237
71,782
Liens
Gross
earnings
145, p. 3648.
Ry.~—Earnings—
Canadian
..$3,757,486
..........
Increase
■
$134,447
22,003
...
377
on properties.
S. A.
1,534
225,833
__
Violeta
Sugar Co.,
6% coll. trust bonds,
due 1940
151,000
2,688,690
Capital stock (par ?19)__
Capital surplus arising on
con¬
502,102
y
183,596
Total
After
reserve
$4,078,310
for depreciation of $80,323*
1896.
•
*
' '
'
•
Co.—$1. Dividend—
Central West
The directors have declared a distribution of $1 per share in cash, payable
Dec.
Ry.—Earnings—
1937, to holders of voting trust certificates representing common
Dec. 8.
This payment represents a return of capital and
18,
stock of record
Earnings for Period Nov. 21 to Nov. 30
1937
1936
accordingly, under existing Federal
taxable income.—^-V. 145, p. 2839.
Increase
$3,554,000
$3,967,000
Traffic earnings—V. 145, p. 3648.
(Censos)
Central
$4,078,310
...........
After reserve of $1,451.
V, 145, p.
••
.
Pacific
shiplng
Earned surplus
x
—V.
3,326
molasses
solidation..
Total....
1936
$3,623,039
2,265
Interest
Other liabilities...
1,000
Rights under mtge. receivable
Property, plant and equip... y3,165,945
Prepaid expenses and other
deferred charges
;
47,379
Earnings of System for Week Ended Dec. 7
f"1* 1937
bond
Deferred credits
interest and
cane..
3648.
National
38,322
expenses......
cane growers
on
Canadian
41,405
.....
coupons
the $3 cumulative preferred stock, payable Jan. 15 to
holders of record Dec. 31, leaving arrears of $4.50 per share.—V. 145, p.
accumulations
$208,828
9,027
liquidations..
Accrued bond interest
at
rentals
Growing
Breweries, Ltd.—Accumulated Dividend—
Canadian
The directors have declared a dividend of 50 cents per
_
supplies,
cane
Accounts payable
Accrued taxes
2,786
505,782
Sugar on hand...
$1,084,205 in 1937 and $1,035,450 in
1936.
b Represented by $913,000 7% 1st cum. sink, fund pref. shares
(par $100), $1,000,000 7% 2d cum. conv. pref. shares (par $100), and
20,000 class A shares (no par), at stated value of $5 per share,
c After
reserve of $19,219 in 1937 and $16,546 in 1936.—V. 143, p. 3141.
a
Retained
sugar
(est.)
and
Secured bank loans
$119,445
12,353
13,622
receivable for
Balance
Materials
Total
hand..
on
Special deposits.
Accounts receivable
sold
&c
Liabilities—
Cash in banks and
Goodwill, trade¬
marks,
$230,541
..._.
Assets—
17,611
Accts. receivable
«
Including sales value of sugar subsequently sold, and unsold sugar at
realizable value,
y Amount claimed and received by Central
Yioleta Sugar Co., S. A, out of the proceeds of final liquidations of Eastern
Sugar Corp.'s 1936 crop sugar, $9,733 and discount on purchase of Central
Yioleta Sugar Co., S. A. 6% collateral trust bonds, $1,040.
77,158
Deferred charges..
c
$266,541
36,000
Net profit for the year
99,401
Inventories
54,240
.
Deficit
1,825
—.. —
...
estimated
1st mtge. 6Ms—.
Accounts and bills
1,646
117,375
1,441
$255,768
ylO,773
Provision for Cuban profits tax
$14,229
1937
1936
.$2,013,000 $2,013,000
594,400
624,900
Capital
plant & equlpt..$1,510,105 $1,524,348
Cash.
53,388
64,209
Dom. of Can. bds.
63,690
25,090
bonds
10,035
2,424
—
securities issued
x
Liabilities—
1936
Land, buildings,
Total
31
Aug.
interest
Special credits to profit and loss...
$81,389
Including other income of $7,137 in 1937, $12,413 in 1936 and
1935. V ■ V
'-'f-f' ■/
Balance Sheet
bond
on
21,897
31,259
...I
bonds..
Balance
x
in
on
5,241
1,731
Profit & loss deficit
22,184
$322,825
Other expenses relating to
800
_
_
Interest
Taxes
prof.$9.041
Prov. for income taxes.
$300,641
and molasses.
,»
Interest, exchange and discount
Legal, auditing and other expenses—!
72
18,122
4,447
846,266
80,323
26,211
Total income.
830,867
69,320
42,936
x$80,890
67,540
42,237
x$126,011
67,384
41,427
900
Directors' fees..
Deficit
Gross income from sugar
1936
x$2,524,688
1,271,246
Other income
Ltd.- -Earnings-
1937
x$146,010
66,606
39,627
396
18,750
4,451
Operating profit
Depreciation
of $1 per share on
1894.
Canadian Bakeries,
and sales of molasses
cane
Manufacturing, shipping and other expenses
—
Provision for depreciation on operating properties
Maint. of non-oper. mill and general expenses of non-oper. subs.
the class A
Stock, payable Jan. 5 to holders of record Dec. 22.
This will be the first
payment made since July 15, 1931 when a dividend of 37 Yi cents per share
>
3813
Chronicle
Financial
145
$413,000
Chain Belt Co.—To
tax
laws, would be considered
non¬
Pay 30-Cent Dividend—
The directors have declared a dividend of 30 cents per share on the now
Canton Co. of
Baltimore—Pays $8 Dividend—
paid a dividend of $8 per share on its common stock,
value, on Dec. 10 to holders of record Dec. 4.
This compares
with $7 paid on Nov. 2, 1936; $6 paid on June 30, 1936; $7 on Dec. 27,
1935; $3 on June 28, 1935; $2 on Dec. 31, 1934; $3 on June 30, 1934; $1
on Dec. 30, 1933, and $2 per share paid on June 30, 1933.—V. 144, p. 765.
The
no
company
par
Celanese Corp. of America—Common
After
An initial
16.
dividend of 25 cents was paid on this issue on Nov. 15 last.
The company had split up its old common shares on a 3-for-l
basis and
regular quarterly dividends of 62}^ cents per share had been paid on the
smaller amount of stock previously outstanding.—V. 145, p. 2689, 2067;
V. 144, p. 1777.
Dividend Omitted —
Chesapeake Corp.—Merger with Alleghany Off—
Alleghany Corp. above.—V. i45, p. 3342.
meeting of the directors held on Dec. 6 the company issued the
a
following statement:
"Owing to the recession in business the directors decided to
action on the common stock.
stock, payable Dec. 27 to holders of record Dec.
common
See
defer dividend
Chicago Burlington & Quincy RR. Co.—$2 Dividend—
dividend on the prior preferred stock and the seminnual dividend on the participating preferred stock were declared on
aept. 7, 1937 and will be paid on Jan. 1,1938 and Dec. 31,1937 respectively.
A quarterly dividend of 75 cents per share was paid on the common
ock.lon Oct. 1, last.—V. 145, p. 2838.
stock, par $100, payable Dec. 28 to holders of record Dec. 18.
This com¬
pares 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 on June 25, 1932.
Prior to this latter date $5 per share was paid each six months up to and
"The
Celluloid
The
The directors have
quarterly
including Dec. 26, 1931.—V.
Corp.—Accumulated Dividdend—
on
declared a dividend of $3 per share on account of
the 7% 1st partic. pref. stock, par $100, payable Dec. 22
Dec. 17.
Tnis compares with $2 paid on Aug. 30, and
to holders of record
April 30 last, and on Dec. 19, Oct. 16, June 12 and Feb. 20, 1936, this last
being tne first payment made on the issue since Dec. 1, 1930, when a regular
quarterly dividend of $1.75 per share was distributed.—V. 145, p. 935.
Massachusetts
&
Light
Co.—To
Power
Be
A sscts——
'
1937
1936
$
Liabilities—
$
S
..
........
Notes receivable..
Accts.
receivable.
Due from affil. cos.
Mdse.,
mat'ls
6,464
295,159
180,963
Consumers' deps..
127,456
113,956
475,646
369,614 Accrued accounts.
12,790
14,673 Service exten. deps
177,636
513,976 Defd. credit items.
2,815,223
1,552 Reserves..
400.970
5,989
453,416
supplies
416.048
157,698
Earned
746~248
485,178
Total28,774,360 29,891,263
.28,774,360 29,891,263
Total..
surplus...
175,299
4,059,597
239
169,330
Cash in closed bks.
Defd. debit items.
17,149
312.950
Capital surplus—
&
x'Represented by 154,000 nonpar shares."
12 months ended Sept. 30, was given in
"Chronicle" of Oct. 30, page 2838.
Note-—The income account for
Central Mississippi
Valley Electric Properties—To Be
Dissolved—
The New York Stock
on
the
Chicago Indianapolis & Louisville Ry.—Reorganization
Hearings Postponed—
The Interstate Commerce Commission has
1962 which are issued and out¬
York, attorney for the protective committee for refunding mortgage bonds,
E. Sweet, Director of the ICC Bureau of Finance.
Mr. Bailey advised the Commission that the protective committee is
working on an alternative plan for reorganization, and said that the debtor's
plan is not satisfactory to the creditors' interests generally.
Mr. Bailey
added that the protective committee's alternative plan is not ready as yet,
but pointed out that the Commission itself has under consideration a plan
for the segregation of earnings between the various mortgages of the debtor
and that this plan has yet to be announced.
Mr. Bailey also pointed out
that the Court has under consideration the determination of mortgage liens
which are in dispute.
He said that sounder plan for reorganization would
result and that most of the intervenors and interested parties in the orerganto O.
ization
proceedings had agreed to his proposal.—V. 1^5, p. 3649.
of record Dec. 20.
A
share will be deducted from the
will get a dividend of 48 cents per
ShH'l'G
organized in 1936 pursuant to the
plan of readjustment accepted by $214,000 (approximately 95.9%) of the
$223,000 outstanding Violet Sugar Co. 1st mtge. 7% gold bonds, and by
$7,075,500 (approximately 94.3) of the $7,500,000 outstanding Eastern
Cuba Sugar Corp. 15-year 7K% mtge. sinking fund gold bonds.
The
company issued (1) $214,000 of its 6% collateral trust bonds which were
accepted in exchange by holders of a like principal amount of Violet Sugar
Co 7% bonds, and (2) 141,510 shares of its capital stock in exchange for
$7,075,500 of Eastern Cuba Sugar Corp. 7H% bonds.
The remaining
8,490 shares of the authorized capital stock of the company have not been
issued.
Gulf
Ry.]
1936
1935
1934
$6,799,987
1,230,014
540,198
$6,585,722
1,110,038
411,772
$6,112,245
1,064,558
526,467
$5,845,270
991,842
485,008
64,860,485
10,043,118
3,393.361
61,087,273
6,869,134
def639,349
52,425,436
5,518,374
def751,142
53,914,912
8,480,162
1,832,802
1937
railway
'Net from railway
Net after rents
From Jan. 1—
capital stock payable Dec. 28 to holders
Central Violeta Sugar Co., S. A. was
Gross from
Gross from railway.....
A.—Initial Dividend—
Dec. 6 declared an initial dividend of 50 cents per share
check, thus each stockholder
postponed the reorganization
Sroceeding of the company from of a letter from Edward C. Bailey oftaken
The action was New
y the Commission after receipt Dec. 14 to Feb. 8.
[Excluding Chicago Rock Island &
Cuban dividend tax of 4% or two cents per
dividend
the $2 cumul.
145, p. 2067.
October-—
Exchange has authorized the listing of $48,364,000
Central Violeta Sugar Co. S.
The directors on
on
Chicago Rock Island & Pacific Ry. —Earnings-
Corp.—Listing—
general mortgage bonds, 3%% series due
standing.—V. 145, p. 3341.
share
The company paid an extra dividend of $2 per share in addition to a
regular quarterly dividend of $1 per share on the common stock, on Dec. 1
to holders of record Nov. 26.—V. 133, p. 1620.
Co. below.-»-V. 145, p. 2384.
Central New York Power
per
50 cents per share paid on Sept. 10, March 5 and Jan. 12, 1934, this
being the first made on this issue since Jan. 3, 1928, when
regular quarterly dividend of 50 cents per share was disbursed.
Accumulations after the payment of the current dividend will amount to
*
See Keokuk Electric
of $1
$
Accounts payable.
420,079
2,646
471.803
494
3649.
with
7,424,200
spec.
deposits
Cash
1936
16,721,000
Sink.fund
&
Sept. 30
7,424,200
Funded debt
the capital
Chicago Dock & Canal Co.—Extra Dividend—
16,700,000
Common stock..
Prop.,plant&equip27,256,693 28,396,998
5,066
2.842
x
Mlscell. invests.
p.
on
latter payment
124, p. 233.
Central Illinois Electric & Gas Co.—Bal. Sheet
1937
145,
The directors have declared a dividend
$10.50 per share.—V.
Dissolved—
See Massachusetts Utilities Associates below.—V.
dividend of $2 per share
class A stock, no par value, payable Dec. 18 to holders of record Dec. 16.
A similar distribution was made on Oct. 11 and on July 29, last; Dec. 29,
Nov. 7 and on Feb. 1, 1936, and May 1 and Feb. 1, 1935, and compares
a
Central
a
Chicago Electric Mfg. Co.—Accumulated Dividend—
have
directors
accumulations
declared
Net from railway
Net after rents
—V. 145, p. 3649.
Chicago Towel Co.—Larger Dividend—
The directors have declared a dividend of $2.50 per
share
payable Dec. 20 to holders of record Dec. 10.
A
paid on Sept. 25 last, and dividends of $1.50 per share
distributed each three months.
Dividends of $7 per share
$1 extra) were paid during 1936; $5 during 1935; $6 during
1933, and $4.25 per share during 1932.—V. 145, p. 1736.
stock,
was
the common
dividend of $2
previously
($6 regular and
1934; $4 during
on
were
Cinecolor Inc.—Initial Dividend—
The directors have declared an initial dividend of
the common stock,
p.
1735.
2M cents per share on
payable Dec. 10 to holders of record Dec. 6.—V. 1
^
'
t
3814
Financial
Chronicle
Dec.
Consolidated Balance Sheet Sept. 30, 1937
Chicago Stadium Corp.—Earnings—
Assets—
Earnings for Year Ended Sept. 30, 1937
Income from attractions
Cash
(after deducting admission taxes and
attraction
on
1572,656'
269,159
expenses
proceeds from
attractions.
$303,497
60,986
2,157
...
Other income
$366,639
General and administrative expenses
222,481
12,500
58,765
2,202
69,995
first mortgage
bonds
second mortgage bonds
on
Interest on
Amortization
of refinancing
....
expense
Depreciation of building and equipment
Equipment abandoned (purchased from trustee by order of court)
Assets—
Security Investments
2,682
value
of
Due
Gases, Inc
Deposits,
y2,319,520
2,328
—
deferred
unearned
■'Patents.'——Wi—...2,144
rental
and
Interest
Reserves..—.
12,450
132,072
....... .......
Capital stock ($5 par)
Capital surplus..
1,025,070
1,640,507
743,894
...
Earned surplus....
Total
$4,353,827
......
—
.$4,353,82 7
1
-V. 145, p. 3343.
10,264
The directors have declared
$37,232
stock,
expe.
(other than taxes & int.)...
on 1st mtge. bonds..
29,280
Accr. int.
franchise—one-
■To
Congress Cigar Co., Inc.-
Liabilities—
Deferred charges
former st'kholders Michi¬
gan
machinery
and plant equipment
33,287
4,459
53,510
Real estate purchase contract-
44,398
427,201
buildings,
23,652
Fed. & State inc. taxes (1936).
Other liabilities
3,257
Deferred charges to operations
Investments in capital stock of
Land &
salaries)
life
Insurance
$544
Accrued property taxes
Accts. payable & accr.
$165,911
33,169
-
racing
surrender
$382,597
300,000
Sept. 30, 1937
v
deposit & on hand.—
Receivables
Cycle
Accrued items (taxes, interest,
152
—
Balance Sheet
on
615,876
Total
Surplus net profit for year
Gash
Accounts payable...........
Notes payable
$227,868
other companies
Total income
Interest
x710,881
Inventories
Cash
Net
Concessions
Liabilities—
hand and in hanks...
Notes & accts. receivable
p amounts collected for sponsors)
Direct
11. 1937
16,095
value, payable
optional dividend of $2 per share was paid
1935.—Y. 145, p. 3192.
no
par
Pay $1 Common Dividend—
dividend of $1 per share on the common
Dec. 28 to holders of record Dec. 14.
An
a
on
Oct. 31, 1936 and
Nov. 30,
on
half interest
(cost)
100 Accr. int. on 2d mtge. bonds..
58,765
Land and building
—xl,799,452 Accr. social security taxes
2,504
Furniture and equipment..—
y9,951 Funded Indebtedness
1,929,000
Capital stock
zl.OOO
Deficit
$2,018,8451
Total
x
After
for
reserve
for depreciation of
54,031
Total
$2,018,845
depreciation of building of $172,611.
$2,978.
*
y
After
reserve
Consolidated
The directors
Represented by 1,000 no par shares.—V. 141,
The directors have declared
an extra dividend of 30 cents per share in
to the regular quarterly dividend of 15 cents per share on the
stock, no par value, both payable Dec. 20 to holders of record
Dec. 8.—V. 145, p. 3191.
addition
dividend
of
Consolidated Edison Co. of N.
Offering—
City Auto Stamping Co.—Extra Dividend—
a
share
one
of new
series
on
6%
the
An extra cash dividend of 30 cents per share in addition to the
regular
quarterly dividend of like amount was paid on the common shares on
Nov. 1, last, and on Nov. 1, 1936.—V. 145, p. 2841.
3220.
p.
Amusement, Inc.—Stock Dividend—
have declared
preferred stock for each share of $10 par common stock held payable
common shares on Dec. 13 to holders of record Dec. 4.
ry-:;.''r
Y., Inc.-—Delays Security
-V:
Company has filed an amendment with the Securities and Exchange
Commission delaying the offering date of its proposed
security issue to
Jan. 13.—V. 145, p. 3650.
common
Consolidated Equities, Inc.—To Pay
The
City Stores Co. (& Subs.)—Earnings—
Period End. Sept. 30—
1937—3 Mb*.—1936
Profit of sub. companies
Est. normal Fed. income
$489,469
73,158
77,345
88,380
133,397
taxes
Minority interest
Int. on parent company's
funded debt, &c
117,920
119,649
65,483
87,465
$273,484
$285,236
on
143,989
208,596
253,131
;
Consolidated Retail Stores, Inc.—Sales—
Period End. Nov. 30—
Sales
279,326
$342,442
$372,348
provision
Federal surtax
have declared a dividend of 10 cents per share on the
stock, payable Dec. 22 to holders of record Dec. 4.
This com¬
pares with 40 cents paid on Dec. 22, 1936 and 45 cents per share paid on
Aug. 15, 1930.—V. 145, p. 3192.
was
made in the foregoing income
undistributed profits.—V. 145, p. 1735.
account
for
directors
have
declared
a
dividend
of
40
share
the
common stock, no par value,
payable Dec. 22 to holders of record Dec. 15.
This compares with 10 cents paid on Dec. 21, 1936, Jan.
2, 1936 and
May 1, 1935, this last being the first payment made since Jan. 1, 1933
when a regular quarterly dividend of 12y% cents per share was
paid.—V. 144,
per
on
447.
p.
x
3 Mos. End. Sept. 30—
Net loss
x
stock, no par value, both payable Dec. 23 to holders of record
Cohn &
have
declared
dividend
Colombian
Placed
Petroleum
The operations for the company alone show for the 3 months ended
1937, a net loss of $2,707 after taxes, interest, &c., comparing
with net loss of $2,750 in September quarter of 1936.—V. 145, p. 1897.
The Michigan Public Utilities Commission has authorized the
company
to issue
$12,000,000 bonds—$9,000,000 immediately and the balance sub¬
ject to later approval, as to projects, for a construction program totaling
$17,943,000.
Money realized from the first bond sale will be used to
of
Co.—$15,000,000
Serial
Notes
Privately—
The company, it is understood, during November
placed privately, at
par, with a life insurance company, $15,000,000 3% serial notes due 1943-
1947.
Proceeds, it is said, will represent new money.
South American Oil Co. (50% owned by Texas
Corp. and 50% by SoconyVacuum Oil Co.) owns approximately 79% of the stock or Colombian
Petroleum Co.
Continental Baking Corp.—$4.50 Preferred
The directors have declared
Subs.)—Balance Sheet—
Comparative Consolidated Balance Sheet
Sept. 25'37 Sept. 26'36
Assets—
$
Cash..
1,308,205
Accts. receivable..
675,751
Notes receivable..
9,210
6,134
Advance to outside
producers
276,372
931,094
7,565,436
290,300
9,157
in
4,820
wholly-
owned for'n sub¬
sidiaries
247,308
Continental Steel Corp.-—Extra Dividend—
The directors
the common
on
sur.
211,687
171,142
218,279
7,908
8,600
value of
87,367
74,162
263,442
301,597
rec.
other
from
94,010
82,418
300,584
1,836
Land, buildings,
&C.^—........ 2,240,273
Continental Telephone Co.—Earnings$229,838
46,021
Net earnings.
Interest on funded debt
Amort, of debt discount and expense
$183,817
93,750
7,324
Net income
Dividends
$82,743
pref. stocks for the year ended Dec. 31, 1937—
on
for'n customers.
48,115
120,708
50,088
53,981
7,908
7,804
Res. for contin?..
$2.75 conv.pf.stk_
260,683
262,185
3,487,500
4,621,200
67,399
3,788,433
Capital surplus...
4,429,009
4,021,994
b Common stock..
surplus...
3,487,500
67,505
2,067,817
35,000
53,625
6H % preferred stock
Dividend
on common
stock paid
a
After
...15,596,330
reserve
of
13,440,4531
$1,463,059 in 1937
Total
15,596,330 13,440,453
and
$1,273,347 in 1936.
b Repre¬
sented by 349,468 no par shares in 1937
(296,649 in 1936).
*
The income account for the 13 weeks ended
Sept. 25, 1937, was given in
V. 145, p. 3649.
Colourgravure, Inc.— Registers with SEC—
Sept. 30,1937
Balance Sheet,
UabilUies—
Investments
Pref.
stock
$4,839,171
commissions and
debt discount
4,503
and
Prepayments and def. charges
149,736
3,630
Cash in banks
127,738
Special
deposit and working
funds
Accounts receiv. from aff.
1,421
93,000
co_
Other accounts receivable
Due from sub. companies...
937
46,292
Commonwealth Gas & Electric Cos .—To Be Dissolved—
See Massachusetts Utilities Associates below.—V.
106, p. 609.
Total sales
Other
-
-
income
Total income
Cost of sales
Operating expenses
Other expenses
Depredation
Federal and State income taxes
Net profit
1,
1936, to
Sept. 30,
$3,973,244
35,705
$4,008,950
1 647 575
1,455,480
21,616
174,527
134,689
$575,062
acquisitions, for the
period only after effective date of acquisition.
Earnings of these subsidiaries
for 1937, during the period prior to effective acquisition date, amounted
a
$5,266,4301
-
2,500.000
"
Accrued taxes
2,731
124,806
20,833
1.509
Dividends payable
44,477
Capital surplus
36,783
a
Surplus reserved..
30,000
132,939
surplus
Total...
$5,266,430
Amount reserved for general contingencies.—V. 144, p. 3668.
a dividend of 10 cents per share on the com¬
stock, payable Dec. 24 to holders of record Dec. 14.
This will be the
first dividend paid since June 30, 1930, when a stock dividend of
3% was
distributed.—V. 145, p. 3494.
mon
Crown Drug Co.—Sales—
Sales for the month of November were $705,475 as compared to $693,659
for November, 1936, an increase of $11,816 or
percentage increase of 1.70.—
Y. 145, p. 3343.
Crucible Steel Co. of America—Accumulated Dividend—
The directors have declared
accumulations
provision for surtax on undistributed profits has been accrued
for the period Jan. 1 to June 30, 1937.
This statement includes earnings of current year
$56,854.
Total...
-
The directors have declared
1937
Note—No
o
5%
Accounts payable
Due to subsidiary companies
Accrued interest
Coty, Inc.—To Resume Dividends—
Compressed Industrial Gases, Inc.—EarningsOperating Statement Oct.
$500,000
825,000
1.047,350
cum. part.
Earned
See list given on first page of this
department.
Consolidated
pf. ($100 par)
cum. pf. stk. ($100 par)
Common stock ($5 par)
Coll. trust gold bds. series A
7%
6^»%
exps. in process of amort..
Unamort.
20,947
Sept. 30, 1937
Assets—
expense
Total
pre¬
Income Accounts for the 9 Months Ended
Sept. 30, 1937
Gross earnings, dividends and interest
Operations and taxes
7% preferred stock
Earned
life insurance
A regular quarterly dividend of 25 cents per share which had been
viously declared will be paid on Jan. 1.—V. 145, p. 2691.
23,888
to
Deposits
Miscell. investm'ts
a
cust__
Dec. 7 declared an extra dividend of 50 cents per share
stock, no par value, payable Dec. 22 to holders of record
on
15.
1,034,555
producers
Dividends payable
357,154
out¬
side producers..
Cash
1,243,654
payableFunds withheld.__
...
from
domestic
Owing
Deposits
Cash in trust with¬
held
...
25,000
Res. for Fed. tax..
expenses.
Deposits..
Invest,
expenses
$
600,000
Adv. payable from
546,900
10,179,398
Inventories
Prepaid
$
Notes payable
Accts. pay. & accr.
Dividend—
on
paid to 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
regular quarterly dividends of $2 per share previously.—V. 145, p. 2691.
sept. 25-37 Sept. 26 '36
Liabilities—
$
1,537,049
289,049
Offering
a dividend of $4.50 per share on account of
the 8% cum. pref. stock, par $100, payable Dec. 24 to
holders of record Dec. 13.
This compares with $2 paid on Oct. 1, July 1
and on April 1 last, as against a dividend of $4
accumulations
Dec.
Columbia Pictures Corp. (&
1934
$298,573
145, p. 3494.
70 cents per share on the
common stock, payable Dec. 28 to holders of record
Dec. 20.
An initial
dividend of 30 cents per share was paid on Dec. 23, 1936.—V.
145, p. 603.
a
1935
$50,287
After taxes, interest, &c.
reimburse the company's treasury for 1937 capital expenditures.
of the issue is not expected at this time.—V.
Rosenberger—To Pay 70-Cent Dividend—
directors
—Earnings—
1936
$274,489
Consumers Power Co.—Bonds Authorized—
Dec. 16.—V. 145, p. 3649.
The
1937
$219,742
Sept. 30,
Climax Molybdenum Co.—Year-End Dividend—
The directors have declared a year-end dividend of 50 cents
per share
in addition to the regular quarterly dividend of 30 cents
per share on the
common
$7,950,342
New President-—
Consolidated RR. of Cuba (& Subs.)cents
^
1937—11 Mos —1936
$8,490,541
J. C. Berkson has retired as President of this company and has been
elected Chairman.
Herman Husch of St. Louis was named the new Presi¬
dent and active head of business.—V. 145, p. 3192.
'
(P. L.) Clark Co .—Larger Dividend—
The
1937—Month—1936
$787,504
$803,706
—
Consol. net profit
Note—No
1937—9 Moff.—1936
$833,142
$1,004,259
$594,477
10-Cent Dividend—
directors
common
on
the
to holders of record
June 30 and
on
7%
Dec.
a
cum.
dividend of $3.75 per share on account of
pref.
stock,
par
$100,
payable Dec. 24,
14.
March 31,
This compares with $1.75 paid on Sept. 30,
last, and on Dec. 21, 1936.
Dividends of $1
Bsr share 1935, and a on Sept. 30, 50 cents per share was31, 1936, Oct.
were paid dividend of June 30 and March paid on and
31,
ec.
1935, this latter being the first distribution made
March 31. 1932, when a regular quarterly
share was paid.—V. 145, p. 2691.
since
on
15,
the preferred stock
dividend of $1.75 per
on
Financial
Volume 14$
Crum & Forster,
Detroit & Mackinac
Inc.—Special Dividend—
75 cents per share on
The directors have declared a special dividend of
stock, par $10, payable Dec. 24 to holders of record Dec. 14,
and a regular quarterly dividend of 25 cents per share payable Jan. 15 to
holders of record Jan .5.
A special dividend of 45 cents was paid on Dec. 24,
the
common
1936;
of 20 cents was paid on Dec. 20. 1935 and one of
on Dec. 24. 1934.—V. 143, p. 4150.
one
15 cents per share
distributed
was
Corp.—•Special Div.
Crum & Forster Insurance Shares
The directors have declared a special dividend of 95 cents per share on
the class A and B common stock payable Dec. 21 to holders of record
Dec.
A regular quarterly dividend of 30 cents per share was
30, last.
See also V. 144, p. 3171.
14.
Nov.
paid on
Crystal Tissue Co.—Extra Dividend—
cents per share in
dividend of like amount on the common
value, both payable Dec. 20 to holders of record Dec. 10. A
dividend of 123^ cents was paid on Sept. 30, last one of 25 cents was paid
on June 30, last
60 cents paid on Dec. 19, 1936; 10 cents on June 10, 1935,
and 12H cents per share distributed on Dec. 1, 1934, this last being the
first payment made on this issue since April 1, 1931.—V. 145, p. 2691.
The directors have declared an extra dividend of 12 H
no par
p.
1937
$2,523,630
1935
$2,695,658
1934
$2,376,558
2,535,024
2,979,974
2,924,224
$436,642
revenues.
$2,006,775
2,960,272
3 Mos. End. Sept. 30—
$528,249
$284,316
loss
Net
—V.
Period—
x
Net income
y
Earnings per share.
x
1937
$476,307
1936
$531,554
632,021
608,088
618,815
de-
$2.56
$1.58
but before
On 396,420
$1.63
Distillers Corp.-Seagrams,
~
$76,534
$155,714
$2,155
Ltd. (& Suhs.)—Earnings—
16,524,128
12,643,649
8,973,505
5,778,400
26,560
$5,395,542
22,536
$4,275,078
35,867
$6,804,960
$5,418,078
3,635,668
118,688
26,482
2,953,430
176,257
39,053
389,696
$4,310,945
2,824,170
profit.
Other income
.
_
Expenses, &c
Interest, net
x Depreciation.,
.a
_
Federal income taxes
Prov. for loss
1935
1936
1937
$23,302,528 $18,039,191 $13,248,583
Cost of goods sold
>
loss
Sept. 30 '37 Dec. 31 '36 Dec. 31 '35
$653,666
$1,034,597
$646,055
3 Months Ended Sept. 30—
Net sales
1934
$481,050
1935
$616,659
Y
operating expenses and Federal income charges,
for Federal surtax on undistributed earnings,
y
shares.—V. 127, p. 958.
Profit
Expenses, interest,
preciation, &c
Net
—-
...
After
common
Cuba Northern Rys.—Earnings—
3 Mos. End. Sept. 30—
Gross income
SEC—
provision
1898.
145. p.
1938.—V. 145,
' .;y/
The price to the public, the names of the underwriters and the under¬
writing discounts and commissions are to be furnished by amendment to the
registration statement. Frank E. Tyler of Kansas City, Mo., is President.
9 Mos. End.
12 Months Ended
Gross
divs. & minor, int..
first lien bonds,
..<• ■
■
from the sale of the shares.
subs,
before
'
Dewey Portland Cement Co.—Registers with
$547,666
Expenses, interest, taxes,
depreciation, &c
1936
3652.
Company, of Kansas City, Mo., on Dec. 6 filed with Securities and
Exchange Commission a registration statement (No. 2-3543, Form A-2)
under the Securities Act of 1933, covering 396,420 shares ($15 par) common
stock, all of which is presently outstanding. The company states that the
present offering is to consist of 115,000 shares of common stock for the
account of certain stockholders and that it will receive none of the proceeds
Cuba Co. (& Subs.)—Earnings—
Gross
Ry.—Interest—
1, 1934 and June 1, 1935, on 4%
"plain" and "assented" will be paid on Jan. 3,
The interest due Dec.
due 1995,
addition to the regular quarterly
stock,
3815
Chronicle
on
594,155
60,000
......
investment, net
_ .
58,505
28,134
353.000
614,403
Net profit
Preferred dividends
$133,353
...
$1,859,642
$1,047,136
$1,859,642
$2,369,967
..
$1,047,136
187,500
—V. 145, p. 1899.
Cuba Railroad
x
Net loss..
'
1937
Cuban
$41,846
$193,115
$59,233
__
1935
1936
1934
$157,797
&c.—-V. 145, p. 1898.
After taxes, interest, depreciation,
x
•
directors
declared
have
Power
Light
&
Co.— To Issue
Stock—
Dividend—
meeting of stockholders will be held on Dec. 20 to take action
proposal to authorize directors to issue all or any part of 10,000 addi¬
tional shares of 5^% cumul. pref. stock.
There are 10,000 shares of this
issue already outstanding, and in addition, 40,236 shares of 6% cumul.
($100 par) pref. stock.
Stockholders will also be asked to approve the cancellation of one share of
$50 par value common stock which is the entire amount outstanding of
this issue.
The company has outstanding 47,199 shares (no par) common
—V.
145,
development program at Saco, Me.,
proceeds of the proposed pref. stock financing will
financing of this program.
The company expects within a short time to acquire from Twin State Gas
& Electric Co. all the capital stock and bonds of the Berwick & Salmon
Falls Electric Co., which serves a considerable part of York County in Maine
It is planned to make the Berwick company a part of the Cumberland
County System.—V. 145, p. 3494.
Company is engaged in a large power
Inc.—To Increase Stock-
Period Ended Nov. 27—
Sales..
.
..
,
meeting on Dec. 8 stockholders voted to increase the
number of common shares from 200,000 to 400,000.
The
their annual
At
authorized
company
has
immediate plans for issuance of the newly authorized
no
stock, but intends to hold it for future use.
Sufficient class A prior preference stock
Dallas City
a
-
Dallas Power & Light
Co.—Earnings—
Operating revenues
Oper. exps., incl. taxes..
Prop, retire, res. approp.
$552,074
280,939
55,161
Net oper. revenues
Other income
$215,974
on
mtge.
Net income
Divs.
applic.
$543,281
293,445
57,738
$6,412,385
3,325,146
641,657
$6,121,194
3,215,129
680,069
$2,445,582
$2,225,996
z5,401,430 y5,365,706
Total
$8,079,524 $7,900,632
Earnings per share on
—V. 145, p. 2224.
$910,350
Corp.-—Smaller Common Dividend■—
8 declared a semi-annual dividend
income
Federal surtax
111,568 shares com. stock
Eastern Utilities Associates
Period End. Oct. 31—
accruals
Texas (incl. inc.
taxes)-.
1936
1937
Federal
charges, but before provision for
on undistributed profits.
$1,060,504
__
$15,973
$332,279
$1.96
Nil
(& Subs.)—Earnings-
1937—Month—1936
$738,669
$693,302
361,830
356,107
29,292
a26,226
60,416
a63,718
83,498
b89,122
1937—12 Mos\—1936
$8,627,899
$8,485,080
4,217,169
4,315,886
340,892
a304,685
725,000
a748,599
969,979
bl,096,703
$158,127
Dr2,392
$203,630
4,032
$2,162,024
91,895
$2,232,039
144,184
$155,735
43,435
$207,663
43,435
$2,253,919
$2,376,223
528,549
550,281
$112,299
$164,227
B. V. G. & E. Co
$1,725,370
77,652
$1,825,942
77,652
$1,647,718
$1,748,290
Net oper. revenues...
Non-oper. income (net).
Balance-.-
Interest & amortization.
Balance
Pref. div. deductions;
Balance
Applicable to minority interest
25,712
30,598
$1,622,005
$1,622,005
$1,717,692
$1,717,692
...
Applicable to E. U. A
Earn .s of subs, applic. to E. U. A. as shown above
309,824
309,824
$1,931,829
Non-subsidiary income
$2,027,516
the common stock, par
This compares with 50 cents paid on
and 15 cents paid on July 1 and Jan. 2, 1936.
Dec. 20.
Deisel-Wemmer-Gilbert Corp.-—Final Dividend—
final dividend of $1 per share on the com¬
mon stock, par $10, payable Dec. 24 to holders of record Dec.
17. An
extra dividend of 25 cents per share in addition to a regular quarterly divi¬
dend of 25 cents was paid on Sept. 25, last, and an extra dividend of 50
cents per share was paid on Dec. 24, 1936.—V. 145, p. 3343.
The directors have declared a
Grande Western RR.—Issue Proposed —
Commission for
authority to issue $1,800,000 of trustees' certificates of indebtedness,
proceeds from the sale of which would be applied to the cost of various
improvements.
The certificates are to bear interest at not more than 4%.
Denver & Rio
The trustees have
—V.
1,132,179
1,342,000
1,326,000
Co. (& Subs.)-—Earnings-
Retirement res.
of 37 M cents per
$5, payable Jan. 3 to holders of record
July 1. and on Jan. 2, 1937,
In addition, an extra divi¬
dend of 50 cents was paid on March 25, last, and an extra of 15 cents was
distributed on Jan. 2, 1936.—V. 145, p. 3651.
on
1,285,293
—
7,313,954
10 Months Ended Oct. 31—
Net
income after oper.
exps.,
507,386
plus an additional amortization of $27,000 for current month and $108,000
for 12 months ended current month.
Note—Includes provision made during December, 1936, of $28 for Federal
surtax on undistributed profits for 1936.
No such provision has been made
to date for 1937 —V. 145, p. 3006.
The directors on Dec.
.
capitaj
$1,417,736
Regular dividends on 7% and $6 preferred stocks were paid on Aug. 2,
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Regular dividends on these stocks were
declared for payment on Nov. 1, 1937.
y Includes amount required to
amortize debt discount and expense over the life of the outstanding debt
share
Reserves
$8,079,524 $7,900,632
507,386
x
Davega Stores
1,896
14,000
x Represented by 150,000 (no par) shares,
y Capital paid in and
surplus, $5,400,000, less deficit from operations of $34,294.
z
paid in and capital surplus $5,400,000, and earned surplus of $1,430.—v.
144, p. 3669.
$1,567,890
the period,
.
1,519
13,640
-----
surplus
7,436,518
& water powers.
Operation
Maintenance
Balance
taxes.
6% 1st mtge. bds_
x Common stock &
Operating revenues
$127,635
79,668
66,250
ma-
chinery & plant,
real est., timber
1936
$43,371
1,481
Interest accrued on
1st mtge. bonds.
stocks
Total
charges
Dominion & other
Invest, in bonds &
bldgs.,
1937
$50,742
900
Liabilities—
Accounts payableAccrued
t
138,947
327,341
7,477
15,668
3,825
...
Sept. 30
1936
$33,245
329,261
.
$2,229,821
722,500
89,585
$136,847
pref. stocks for
unpaid
loss$38
168,400
Inventories.....
Deferred charges..
958
to
whether paid or
$6,815
7":
$2,446,540
712,958
yl65,692
$77,556
7
notes
161
y32,520
Other int. & deductions.
x
&
$192,259
60,208
4,416
46,667
$87,632
87,670
$63,427
—
Accounts
60
bonds
$112,438
105,623
Balance Sheet
1937
Asset?—
Eastern Mfg.
1937—12 Mos.—1936
$192,098
<
104,706
Includes income from investments.
$216,034
Grossincome
Int.
*
1937—Month—1936
$182,263
$188,839
Interest, &c
Netprofit
1934
1935
1936
1937
$295,146
106,308
Profit from operations
Capital
(111.) Light Co.—To Be Dissolved—
See Keokuk Electric Co. below.
Period Ended. Oct. 31—
Ltd.—Sales—
1937—48 Wks.—1936
1937—4 Wks.—1936
$1,445,081
$1,495,909 $17,859,157 $17,776,838
Dryden Paper Co., Ltd.— -Earningsa
Mills,
has been acquired to meet
anticipated sinking fund requirements for the calendar year 1937 and a
portion of 1938.
A portion of the class B preferred stock was also retired.
Preferred stock now outstanding consists of $332,400 of $100 par class A
and $50,900 of class B, also of $100 par.
Victor W. Klein was elected a
director to fill a vacancy.—V. 145, p. 3651.
compared with $625,815
Production for 11 months
in the same period of 1936.
$612,625,
—V. 145, p. 3194.
receivable
New Director—
record Jan. 3.—V. 145, p. 2224.
3194.
p.
Dominion Stores,
Cash
Drug Stores,
the
dividend of 25 cents per share on
totaled
November
for
Year Ended Sept . 30—
and it is presumed that
be applied towards the
a
Ltd.—Production—
Dome Mines,
-
.
declared
stock, payable Jan. 13 to holders of
in October, and $664,728 in November, 1936.
totaled $6,875,174, compared with $6,648,686
A special
.
have
directors
The
common
on a
stock.
(Ind.)-—To Pay 25 Cent
Dodge Manufacturing Corp.
a
County
Cunningham
„
cum.
Production
Cumberland
shares
$1.25
$1.07
$0.60
x Exclusive of $193,088 charged to cost of production in 1937, $138,437
In 1936 and $90,797 in 1935.—V. 145, p. 3652.
capital stock
Tobacco Co.-—Accumulated Dividend—
dividend of $5 per share on account of
pref. stock, par $100, payable Dec. 22 to
This compares with $2.50 paid on June 30, last;
$5 paid on Dec. 21, 1936, and $2.50 per share paid on June 30, 1936, and on
June 30, 1931, this latter, being the last regular semi-annual payment made.
—V. 144, p. 2649.
The
accumulations of the 5%
holders of record Dec. 11.
$2,182,467
Surplus for common
Earns, per share on 1,742,645
Co.—Earnings—
3 Mos. End. Sept. 30—
145, p. 3651.
applied to the Interstate Commerce
-
:
Total.
...
132.310
Expenses, taxes and interest.
*R3i|(\.nC6
m-
Amount not available for
'i» m!
m
uii-m mm m*
4m
m m
dividends"and surplus..
119,054
$1,799,519
$1,908,462
510
854
$1,799,009 $1,907,607
a The
accruals for retirement reserve have been icnreased to provide
for certain charges heretofore included in maintenance which are now
being made to the reserve.
Also, since Jan. 1, 1937, accrued depreciation
of transportation equipment amounting to $26,150 has been apportioned
Balance
available for dividends and surplus—
to other accounts.
^
.
.
has been made for the Federal surtax on undistributed
the year 1937, since any liability for such tax cannot be
determined until the end of the year.
Note—Blackstone Valley Gas & Electric Co. on Jan. 1, 1937, adopted
the Federal Power Commission system of accounts, hence previous year s
b No provision
net
income for
3816
figures
Financial
not
are
exactly
comparative, especially
between
non-operating income—net.—V. 145, p. 3495.J
Eastern Steamship Lines,
Period End. Oct. 31—
Operating
Operating
Chronicle
and
operation
expenses—__
Operating Income
1
Consolidated
Inc. (& Subs.)—Earnings-
def$85,568
$57,087
806
873
Other income.....
Other expense
54,883
47,538
def$139,645
$581,421
9,851
554,233
$10,422
Fed. taxes on profits:
Department stores—
Eaton
on
Manufacturing Co,—Special Dividend—
>.■'.v..
Lester B. Watson has been elected
Prescott Bigelow.—V, 145, p. 1583.
$1,722,225
118,311
84,894
$678,875
12,689
151,875
$478,899
13,141
$342,360
3,365,028
$314,286
3,583,246
$514,311
3,408,326
$465,758
3,644,184
$3,707,388
$3,897,533
$3,922,636
$4,109,942
6,240
Adj. of prior period taxes
Miscellaneous
1936
~
%
102,999,000
4,171,000
4.1
51,145,000
568,000
1.1
79,103,000 *3,223,000 *4.1
charges.
•
6,240
director
to
succeed
the
1,987
1,157
Cr5,5 40
309,640
206,427
$3,905,912
$3,599,558
$3,905,912
$0.76
$1.25
$1.13
Cr 6,874
103,213
x Exclusive
of dividends from subsidiary and before debenture bond
interest (last year) and Federal taxes on profits,
y Before accrued dividends
late
minority interest in subsidiary,
z
amortized discount and expense.—Y.
Mos.—1936~
1937—11
A
'•
Surplus balance close
of period....
$3,599,558
Earns, per sh. oil 412,853
sha. capital stock
$0.83
—
a
7,199
Crf,506
Cr 1,624
.
Divs. paid & declared by
corporation
New Director—
1937—Month—1936
Saif-r,r-"o75c145, p. 3195.
56,591
$318,667
4,380
Loss from purchase of
debenture bonds
z
Increase
Amount
—
$770,547
206,754
70,068
on purch. of 7%
pref. stock of subsid,.
to
—V.
$797,186
$396,914
3,929
50,625
'
Total
Edison Brothers Stores, Inc.—Sales—
Period Ended Nov.39—
$444,132
68,874
9,514
Prem.
2, 1937, the kilowatt-hour system input of
the operating companies which are
subsidiaries of Ameridan Power & Light
Co., Electric Power & Light Corp., and National Power &
Light Co., as
compared with the corresponding week during 1936, was as follows:
Economy Grocery Stores Corp.
lossl 13,635
Consolidated net profit
Inc.—Weekly Input—
Electric Power & Light
Corp.51,713,000
National Power & Light Co....
75,880,000
*
Decrease.—V. 145, p. 3652.
loss44,487
loss42,800
profits
Surplus bal. begin, per'd
Dec.
Operating Subsidiaries of—
1937 ^ W
American Power & Light Co—107,170,000
8,154
loss41,931
taxes
Preference stk. of sub..
special dividend of 25 cents paid on Dec. 20,1935.—V. 145,
p. 2692.
"i
.i.:
'/
■
' :
.,"•''i
•
'<
Ebasco Services,
Federal
Net profit.
Pref. stock of subsidiary
previously regular quarterly dividends of 50 cents per share were distributed.
In addition, special dividend of
$1 was paid on Dec. 22, 1936; extra dividends
of 12
cents per share paid on Feb.
15, 1936, Nov. 15 and Aug. 15, 1935
For the week ended
$728,583
146,085
$466,981
for
y
a special dividend of 25 cents
per share on the
stock, no par value, payable Dec. 26 to holders of record Dec. 18.
dividend of 75 emits was paid on Nov. 15, and on
Aug. 16, last, and
a
$735,485
148,988
lossl3,551
Total
Prov.
common
and
1937—9 Mos.- -1936
$18,273,631 $17,512,670
$429,042
48,866
Debenture bond interest
The directors have declared
A
Accounts
lossl2,021
operations
Gen. adm. net loss....
$992,526
3007.
p.
Surplus
Real estate not used in
Note—The above statement is after
"depreciation"^interestTTentals arid
local taxes, but before Federal income tax,
capital stock tax, capital gains
or losses and other
non-operating adjustments.—V.
145,
and
$442,921
49,632
Real est. used in oper.
$1,490,279
12,306
510,059
$37,039^
Income
Period End. Oct. 31—
1937—3 Mos.—1936
Net sales of dept. stores. $6,538,592
$6,560,274
Net profit of units before
x
Net income
""
^
1937
11,
Emporium Capwell Corp. (& Subs.)—-Earnings-
1937—Month—1936
1 1937—10 Mos.—1936
$670,358
$819,835
$8,523,139
$9,188,477
755.926
762,748
7,941,718
7,698,198
revenue--
Dec.
European Electric Corp.
$1,511,995 $21,381,151 $17,581,310
A
semi-annual
After deducting adjustment of un¬
145, p. 1584.
Ltd. —Interim Dividend—
,
interim dividend for
share has been declared
on
the fiscal year 1937 of 30 cents a
each share of class A common stock and class B
stock, payable in money of the United States of America on Dec.
13, except that in the case of shares held by
Italy this dividend is payable in the currency of the
Kingdom of Italy, at the rate of 6.30 lire per share, as requested by such
common
Electric Controller &
Mfg.
Co.-—Special Distribution—
20 to holders of record Dec.
The company paid a special dividend of
$4 per share in addition to a
quarterly dividend of $1 per share on the common
stock, no par value, on
to holders of record Dec. 13. An extra of $2.50 was paid on Dec. 21,
Italians residing in
Pec-20
Italian
1936.—V. 145, p. 940.
stockholders.
In the
<
of bearer share warrants for class A common stock and class B
case
stock, coupon No. 4 is payable at City Bank Farmers Trust Co.,
22 William St., New York, N. Y.; National Trust Co., Ltd., Montreal,
Canada, or Credit Suisse, Zurich, Switzerland: and, in the case of bearer
share warrants held by Italians residing in Italy at Credito Industriale di
Venezia, S. Marco 1126, Venice, Italy.—V. 145, p. 1256.
common
Electric
Shareholdings Corp.— Accumulated"DiMmd^-
The directors have declared
common stock
the $6
an optional dividend of
99-100 of a share of
(or $3.37 Yi per share in cash) on account of accumulations on
cum. conv. pref. stock, no
par value, payable Dec. 24 to
optional
holders of record Dec.
14.
Accumulations after the payment of the
See also V. 145, p. 3007.
Eilert
Maj/l31
sold
_
expenses
'ZLZ-.
....
Net profit from sales
Other income.
1935
$806,581
11,651
604,956
654,946
122,937
36,660
....
General expenses.
f 1936
1
$819,512
....
of goods
stock, par $1, both payable Dec. 23 to holders of record Dec. 15.
Dividends of 25 cents were paid on Oct. 1 last and in each of rhe two pre¬
ceding quarters, and previously regular quarterly dividends of 12H cents
per share were distributed.
In addition, an extra dividend of 25 cents was
paid on Oct. 1 last and on Dec. 23, 1936; an extra of 123^ cents on Oct. 1,
1936, and extra dividends of 6M cents were paid on April 1 and on Jan. 2,
1935.—V. 145, p. 3344.
^
m mm* i
mon
^ *.1.1937
Mjm
Discount and allowances
Selling
The directors have declared an extra dividend of. 50 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the com¬
Brewing Co.—Earnings—
Years Ended
Gross sales
Cost
Fanny Farmer Candy Shops, Inc.—Extra Dividend—
current dividend will amount to
$9 per share.
$842,771
3,208
635,818
138,648
38,516
136,316
37,036
Period End. Nov. 30—
$4,969
6,881
$19,053
4,791
11,348
$26,709
5,394
9,239
$1,382
Balance Sheet
1937
in
1936
$2,915
$12,075
$15,558
May 31
$3,259
1937
Accrued
taxes
lies,
Fed.
Fixed assets....
Deferred charges.
x
*•'
•
323,102
303,788
8,589
6,446
.
for
8,726
545
6,250
6,250
40,500
58,000
107,992
107,991
2,567
1,184
$433,239
....
$409,929
Aftar doubtful accounts of
$1,073 in 1937 and $1,279 in 1936.
depreciation of $124,959
After
in 1937 and $100,266 in 1936.—V. 143,
i
Electric Power
Associates,
I he
lo^Fft
a
}$t
share
were
per
share
May 2, 1932.—V. 145, p. 1900.
El Paso Electric Co.
revenues
Operation
Maintenance
Net oper. revenues...
Non-oper.inc. (net)
Balance.
&amortiz., &c
p.
2224.
(Del.) (& Subs.)
-
declared
directors
declared
on
May
an
extra
dividend
dividendjvasjpaid on July 31, last.—V. 145,
Florence Stove
Directors
initial
an
liquidating
1,
last;
since.—
none
of $1
per
share
on
the
pM35^^^
Co.—Larger Dividend—
Dec. 7 declared
^
M
dividend of $1.75 a share on the common
stock, payable Dec. 24 to holders of record Dec. 17. This is the company's
on
a
ninety-third dividend and with previous payments of 50 cents quarterly
brings the total paid or payable in 1937 to $3.25 a share.
The company has outstanding 333,541 shares of common stock, consti¬
tuting its only capital issue.—V. 145, p. 2693.
Machinery Corp. (& Subs.)—Earnings~j—
Consolidated Income Account
1937
a
Net sales
Cost of sales & oper.
cost
Years Ended Sept. 30
1936
1935
1934
$11,964,199
exp.
9,468,500
420,228
$8,890,119
7,195,824
397,092
$7,528,340
5,945,046
394,879
$5,612,882
4,570,229
293,063
$2,075,472
227,746
$1,297,204
294,662
$1,188,415
119,775
$584,204
114,909
$1,591,866
231,901
$1,308,190
$699,113
92,879
120,821
Depreciation
Develop. & experiment
written off
165,386
Miscellaneous income.
110,530
20,393
29.731
1,330,596
191,718
a365,301
1,338,913
175,266
334,748
$2,303,218
c448,749
income
$1,854,469
1,992,822
—
Disc, on bonds purchased
l;
& retired during year.
Preferred
dividends
$1,213,623
$1,063,019
__3,668
Drl4,934
35,016
$107,077
36,152
$110,259
36,255
$1,198,689
436,836
$1,098,036
436,966
$74,003
$761,853
371,597
$661,069
335,000
surplus
Prem. on retire, of
$390 255
46 710
Refinancing
182^972
$326,069
46,710
182,972
$160,573
.
■
174,476
$1,359,965
2,075,725
$1,025,038
1,323,700
33,947
$485,412
$2,382,685
48,750
187,411
$1,372,450
48,750
884.935
.
2,103
......
$3,847,291
102,802
1,351,288
dividends
Common
$106,590
.
108,676
Previous earned surplus.
Miscellaneous credits
$116,355
Dr9,277
$3,435,689
78,417
382,896
$96,387
Balance.
$70,925
Appropriations for retirement reserve.
Prem.
on
during
bonds
125,000
to
Includes $42,039 Federal*income
taxes,
—T—
Federal surtax on undistributed profits.
a
Note—The subsidiary companies on Jan.
1,
Power Commission System of Accounts, hence
p.
3652.
of
v~
which
$784
(credit)
826,589
conv.
stock
1,155
26,034
expenses
Excess of sell, price over
book val. of non-oper¬
Cr5,698
is
1937 adopted the Federal
previous year's figures are
——
paid-in
ating plant
divs. & surplus
exactly comparative.—V. 145,
70,799
29,966
Pat. of business acquired
preferred
Balance.
retired
year..
Add'l Fed. income tax..
Transferred
Pref. di vs. require, of sub.
company
..""III
Pref. div. requires, of El Paso Electric Co.
(Del.).
_.
Prov. for Federal taxes..
Other charges
Net
Earning s-
1937—Month—1936 *1 1937—12 Mos.—1936
$275,018
$267,246
$3,101,240
$2,911,948
111,731
15,832
31,098
Taxes
not
have
Corp.—Registrar—
Period End. Oct. 31—-
com.
the
meeting
1
145,
Bal. for
directors
the
The Guaranty Trust Co. of N. Y. has
been appointed registrar of 500,000
shares of common stock no
par value.—V.
Int.
this
stock par $20, payable Jan. 3 to holders of record Dec. 14.
The regular quarterly dividend of $1 per share was paid on Oct. 30,
last.
An extra dividend of $1 per share in addition to the regular $1 quar¬
—
on
Siol' 1933 to and including Feb. 1, 1935, 15 cents on
^ Inf,;.1' and and 25 cents per share paid each three months
1932
1, 1930 to
incl.
Elk Horn Coal
Operating
The
Food
cents
value, payable Dec. 23 to holders of record
coWres with 15 cents paid on June 1, last, and on Dec. 23,
ofl° cents was paid on Oct. 1, 1936, this latter being
ie slPSe May.L 1935, when uividends of 8 cents per
distributed.
Distributions of 10 cents per share were made
NnS qiUSfA
from Feb.
y
Inc.—22-Cent Dividend
directors have declared a dividend
of 22
class A andcommon
stock, nolpar
special meeting held Dec. 6 by a vote of 28,102 to 50
to dissolve and completely liquidate
was
paid on the common shares
V.145. p.3496.
terly
Undivided profits.
ZoZy).
a
total of 32,500 shares voted
share
171,190
Class B stock
^
p.
a
dividend of $10 per share on the no par common stock payable Dec. 20 to
holders of record Dec. 15.
A regular quarterly dividend of 62 M cents per
10,700
171,212
Total
of
common
Class A stock.
*
Stockholders at
474
38,550
$409,9291
3344.
p.
Knitting Mills—To Liquidate—Initial Liquidat¬
Fidelity & Deposit Co. of Md.—Extra Dividend—(
tax... J
current)
$433,239
taxes.—\TTi45,
4,193
Diva, declared and
Mortgage payable.
Notes payable (not
.....
$4,629,621
481,695
630,194
ing Dividend—
out
inc.
payable, class B
Total
Mos.—1936"
1937—11
$5,438,997
$482,819
57,272
After depreciation but before Federal income
Following
6,472
1,411
Accrued interest-_
28,811
4,950
-
10,000
6,267
62,675
33,333
-
$30,674
5,000
on containers
52,657
•
$549,439
71,597
--
Federal
1936
$47,019
Accounts payable.
Notes pay., officers
Dep.
able, customers.
Inventories
Investments
Net profit
the company.
Liablllties-
hand and
on
banks...
Accounts receiv¬
x
129
$11,850
3,975
6,492
•
Net profit......
Cash
$26,579
x
Net profit before other deductions.
Interest on notes payable
Bad debts
x
$16,623
2,431
1937—Month—1936
Sales
-
Com. shs. outst. (no par)
per share
Earnings
1
a
Including
$10
per share.
revenue
$2,371,709
b426,633
$4.10
$1,992,822
b384,444
$3.33
$2,075,725
192,222
$5.08
from leased^machinery and processes.
$1,323,700
190,797
$2.29
b Par value
Volume
Financial
145
General Baking
Consolidated Balance Sheet Sept. 30
1937
$
722,918
&
receivable 4,557,912
3,659,469
accts.
Sundry accts.
172,884
157,933
3,368,353
28,454
Prepaid expenses._
175,140
Security invest'ts.
2,669,269
life ins. policies.
Inventories
*
pat.
214,528
102,300
lltig.
125,000
Def'd pay. for
31,946
ness
busi¬
acquired...
155,142
Deferred income—
387,129
4)4%
12,952
38,184
4,000,000
x Common stock..
5,820,908
2,371,709
Earned surplus
2,000,000
3,844,440
1,992,822
Dr91,556
Dr25G
advance rentals.
395,087
others, less depr.
15,707
Plants not used...
&
plant
50,000
222,884
114,849
Res. for em pi. ben.
Machin'y leased to
Property,
260,410
in¬
tax
for
Res.
Surrender value of
799,296
stocks.
Fed.
for
come
60,646
93,662
773,580
....
pref. and
on
common
Prov.
rec.
and advances
addition to the regular
463,295
expenses
Diva,
&
contracts
$
Accts. pay. & accr.
Customers' notes
equip., less depr. 1,631,905
Pats., trade-marks
1,529,113
1
conv.
j
13,726.071
cum.
pref. stock
9,389,273
and goodwill
Total
x
stock...
Treasury
Total
Represented by shares having a $10 par value,
bad debt of $385,377 in
13,726.071 9,389,273
y After reserve for
1937 and $297,603 in 1936.—V. 145, p.
Co.—15-Cent Extra Dividend—
dividend of 15 cents per share in
quarterly dividend of 15 cents per share on the com¬
mon stock, par $5, both payable Dec. 22 to holders of record Dec. 13.
The customary date of payment is Feb. 1.
An extra of 35 cents was paid on Dec. 21, 1936 and one of 10 cents was
paid on Nov. 2, 1936 —V. 145, p. 2547.
The directors have declared an extra
1936
%
Liabilities—
3,302,672
Cash
y
1937
1936
$
Assets—
3817
Chronicle
General
Corp.—November Car Sales—The com¬
Motors
statement;
Dec. 8 released the following
pany on
November sales of General Motors cars
191,720 in November a year ago.
Sales
Sales for the first 11 months of 1937 totaled
with
1,798,576 for the
same
the United States
to dealers in
and Canada, together with shipments overseas,
11 months of 1936.
totaled 195,136, compared
in October were 166,939.
1,956,453, compared with
totaled
a year ago.
1937 totaled
1936.
Sales of General Motors cars to dealers in the United States totaled
153,184 in November, compared with 156,041 in November a year ago.
Sales in October were 136,370.
Sales for the first 11 months of 1937 totaled
1,571,792 compared with 1,485,529 for the same 11 months of 1936.
Total Sales to Dealers in United States and Canada Plus Overseas Shipments
Sales of General Motors cars to consumers
in the United States
117,387 in November, compared with 155,552 in November
Sales in October were 107,216.
Sales for the first 11 months of
1,504,533 compared with 1,546,741 for the same 11 months of
3654.
1937
February
1936
1935
1934
103.668
74,567
January
(M. H.) Fishman Co.—Sales-
158,572
144,874
98,268
121,146
62,506
100,848
1937—11 Mas.—1936
$3,406,095 $3,281,862
153,250
Ford Hotels
Co., Inc.—Pays Si Dividend—
paid a dividend of $1 per share on its capital stock, no par
value, on Dec. 1 to holders of record Nov. 15.
A dividend of 50 cents per
share was paid on Oct. 15, 1935, this latter being the first payment made
since 1931 when $1 per share was distributed.—V. 141, p. 2434.
The company
(.Iowa) Electric Co.—To Be
Fort Madison
Dissolved —
260,965
196,721
169,302
April
238,377
216,654
229,467
222,603
153,954
132,837
203,139
217,931
184,059
134,597
June
$303,370
3195.
March
May
1937—Month—1936
$316,089
Period Ended Nov. 30—
Sales.
—V. 145, p.
July
August
September
226.681
188,010
82,317
204,693
121,943
19,288
90,764
134,324
109,278
71,888
191,720
239,114
167,790
124,680
39.152
127,054
182,754
185,698
2,037.690
1,715,688
1,240,447
J._.
166,939
195,136
October
November
December
Total
See Keokuk Electric Co. below.
Sales to Consumers in
'
Franklin-Adams Co.—Earnings—
Fundamental
Investors,
is the greatest in
history and total shares outstanding on Nov. 30 had
Dec. 31, 1930".—V. 145, p. 2845.
Galland
200,117
195,628
June
153,866
189,756
143,909
109,051
July
163,818
156,322
88,564
163,459
133,804
85,201.
107,216
117,387
Mercantile Laundry Co .—Smaller
Dividend—
directors
stock,
This compares
Galveston-Houston Co.—Bond Interest—
board of directors held on Dec. 2 an interest pay¬
ment of 4)4% was declared payable Dec. 15, 1937 on the outstanding
secured 6% income bonds due June 1, 1955.—V. 144, p. 1784.
October
November
Gardner-Denver Co.—Extra
Dividend—
common
An
dividend of 25 cents and a
regular quarterly dividend of 50
Co.—■Special Dividend—
dividend of $2 per share payable
cash dividend of 75 cents per share
Dec. 24 to holders of record
A dividend of 75 cents was paid on Sept. 30, and on June 30,
previously regular quarterly dividends of 25 cents per share were
have declared a special
in 10 year 4)4 % convertible notes and a
both on the common stock and both payable
11.
last, and
distributed.
In addition the following extra dividends were paid:
25
on March 31, last; 37J4 cents on Dec. 24, 1936; 25 cents on Sept.
cents
30 and
June 30,
1936; 12)4 cents on March
10 cents on July 2,
General
31, 1936; 25 cents on Dec. 31, 1935;
2, 1934.—V. 145, p. 2075.
1934, and 15 cents on April
Corp.—Equipment
in November placed pri¬
American Transportation
Placed Privately—Company
Trusts
vately with a life insurance company an issue of $2,320,000
3% equipments, due serially from one to 15 years.
Certifi¬
cates, it is understood, were placed slightly under par.
Consolidated Earnings Statement for 12 Months Ended Sept. 30, 1937
Gross income from
$54,552,928
42,643,225
sales, rentals, &c
Cost of sales and expenses
$12,434,536
;
paid
Federal income tax
Other
•—.
-
charges
(before G. A. T.
G. A. T. compensation plan.,
Net income
1,257,539
887,907
20,440
$5,090,469
x329,601
compensation plan)
132,622
187,119
194,695
105,159
152,946
103.844
121,964
June
139,121
103,098
22,986
107,554
87.429
53,738
186,146
187,869
157,000
58,181
177,436
99,775
4,669
136,370
153,184
Total
income
x
Dec. 31, 1936, market price of $73 375 per share.
Note—No provision has been made for Federal surtaxes
earnings.—V. 145, p. 3654.
97.746
148,849
150,010
69,334
156,041
197,065
December
1,682,594
1,370,934
Oldsmobile, Buicl", I a Salle
......
Unit sales of Chevrolet, Pontiac,
passenger
and commercial cars are
118,789
150,863
* 162,390
July
August
September
50,514
39,048
28,344
'
959,494
and Cadillac
included in the above figures.— V
145,
3654.
p.
General
Advertising
Outdoor
Inc.—To
Co.,
Pay
Class A Dividends—
The directors have
declared
a
dividend of $1.50 per share on
accumulations on the class A stock, payable Dec. 24
Dec. 9.
This will be the first payment made on this
accountfof
record
to holders of
issue since May 15,
1931, when a regular quarterly dividend of $1 per share was disbursed.
The company recently cleared up all accruals on the 6% cumulative
3654.
preferred stock.—V. 145, p.
General Telephone
Allied Corp.—To Buy
Own- Shares —
$250,000 to acquire shares of company's
$6 preferred stock for retirement.
Accordingly the corporation is inviting
Directors
have appropriated
In
pany
a
letter sent to
preferred stockholders
announcing this action, the com¬
states:
"General Telephone
stock of this
stock, has indi¬
a share flat
owns) 2,809
all of the common
Corp., which owns
corporation and a substantial amount of the $6 preferred
in response to this invitation, it will tender at $89
(the average cost to General Telephone Corp. of the shares it
shares of $6 preferred stock."—\ . 145, p. 2226.
cated that,
General Telephone
The corporation reports
telephones for the month
Corp.—Gain in Phones—
for its subsidiaries a gain of 962 company owned
of November, 1937, as compared with a gain of
1,209 telephones for the month of
11 months of 1937 totals 21,516
The gain for the first
November, 1936.
telephones (exclusive of purchases), or
gain of 18,640 telephones, or 5.93%, for the
corresponding period of 1936.
The subsidiaries now have in operation a
total of 357,055 company'owned telephones.—V. 145, p. 3655.
6.42%, as compared with a
General Theatres Equipment
The directors on Dec. 6
Corp.—Final Dividend—
declared a final dividend
of 25 cents per share
stock, payable Dec. 23 to holders of record Dec. 14.
This
payment fs in addition to the 25 cent dividend declared on Nov. 23 last
likewise*bearing the above mentioned dates.
Dividends of 25 cents were
also paid on Sept. 28, June 28 and March 31 last, and compare with 90
cents paid on Dec. 15, 1936, and an initial distribution of $1.10 per share
paid on Dec. 10, 1936.—V. 145, p. 2847.
on
the capital
and
General Water Gas & Electric
Co.-—Extra Dividend—
declared an extra dividend of five cents per share in
addition to the regular quarterly dividend of 10 cents per share on the
common stock, par $1, both payable Dec. 27 to holders of record Dec. 17.
Previously regular quarterly dividends of 20 cents per share were paid.
—V. 145, p. 3655.
The directors have
Georgia & Florida
RR.—Earnings—
—Week
Operating revenues
—V. 145, p. 3655.
regular quarterly
1 to Nov. 30—
1937
1936
$27,857
Goodyear Tire & Rubber
The directors on
$1,208,949
1936
„
$1,089,267
Co.—Additional Com.
Dec. 6 declared an
share on the common
A
Jan.
Nov. 30
End.
1937
$23,450
Period—
Div.—
additional dividend of 50 cents per
stock, payable Dec. 23 to
holders of record Dec. 10.
dividend of 50 cents per share which
Dec. 15.—V. 145, p. 3009.
had been previously
declared will be paid on
Gotham Credit
Corp.—Earnings—
9 Mos.End.
$4,760,868
4,492 shares of company stock issued in accordance with G. A. T.
compensation plan approved by stockholders Aprils10, 1934 (computed at
Net
119,858
162,418
180,085
199,532
297,653
and expense
v.-
1934
46,190
80.222
216,606
4,880,528
Depreciation
Interest
1935
75,727
92,907
April
May
524,834
Amortization of debt discount
1936
131,134
116,762
March
$11,909,702
Operating profit
Other income
Total income
927,493
United States
1937
The
because of
p. 2693.
stated both disbursements are being made in 1937
present tax laws applicable to undistributed earnings.—V. 145,
company
Dec.
1,278,996
69,090
62,752
41,530
70,901
49,674
January
February
share was paid on the smaller amount of common stock previously
outstanding on April 20 last.
Regular dividend would ordinarily have been paid Jan. 20, 1938.
The directors
44,274
155,552
173.472
Sales to Dealers in
cents per
Garlock Packing
....
Total
declared an extra dividend of 10 cents per
shares.
extra
112,847
137,782
101,243
86,258
71,648
tenders until 3 p. m. Dec. 13.
share and
quarterly dividend of 25 cents per share on the larger amount of no par
common stock now outstanding, both payable Dec. 24 to holders of record
Dec. 15.
Similar amounts were paid on Oct. 20 and on July 20 last.
Stockholders on June 4 last approved a 3-for-l split-up of company's
The directors have
106,349
95,253
-
108,645
127,346
66,547
68,566
136,589
122,198
December
At a meeting of the
a
98,174
„
1,720.213
August.
September
distributed.—V. 145, p. 2547.
have declared a dividend of 50 cents per share on the
no par value, payable Dec. 18 to holders of record Dec. 15.
with dividends of 75 cents per share paid each three months
from April 1, 1936 to Oct. 1, last, inclusive, and quarterly dividends of
87)4 cents per share previously distributed.—Y. 144, p. 935.
The
common
126,691
198,146
178,521
November
Dividend—
declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of 25 cents per share on common
class A preference stock, no par value, both payable Jan. 15 to holders of
record Dec. 20.
Extra dividends of 15 cents were paid on Oct. 15, July 15
and on April 15, last.
An extra of five cents was paid on Dec. 24, 1936; a
dividend of 30 cents was paid on Oct. 15, 1936 and prior thereto regular
The directors have
quarterly divideuds of 25 cents per share were
181,782
May
October
increased to 536,207
from 366,209 at
Fyr Fyter Co.—Extra Class A
196,095
April
the company's
23,438
58,911
54,105
77,297
March
Inc.—50-Cent Dividend—
dividend of 50 cents per share on the capital
stock, par $2, payable Dec. 21 to holders of record Dec. 10.
This com¬
pares with 25 cents paid in each of the three preceding quarters
$2 paid
on Dec. 21, 1936; 60 cents paid on Oct. 1, 1936; 25 cents paid on July 1,
1936, and 20 cents paid on April 1, 1936.
The latter dividend was the first
paid on the $2 par shares.
See V. 142, p. 1983, for dividend record of old
25 cents par value shares.
In connection with the current dividend the company stated that:
"The declaration and payment of the final dividend for the year 1937
is made necessary prior to the close of the .year to preserve the status of
the Fund as a 'mutual investment company' under those provisions of the
Federal Revenue Act of 1936 which govern such companies.
The neces¬
sity for dividend action after completion of only approximately eleven
months business makes it impossible to state at this time the net earnings
of the company resulting from dividends and interest received and profits
realized from the sale of investments for the full year.
The dividend for
the fourth quarter has been declated from net earnings arising from all
sources and through partial use of an undistributed earned surplus car¬
The directors have declared a
ried forward from prior years.
"The total number of shareholders
1934
1935
1936
102,034
96,134
92,998
51,600
January
February
72,050
61,037
41,594
United States
1937
1936
$23,632
1937
$28,196
6 Months Ended Oct. 31—
Net loss
146,881
181,188
on
undistributed
Net income
x
Cal. Year
Sept. 30 '37
Period—
1936
x$7,100
$10,010
before Federal taxes
After Federal t&xes
The
corporation reported total finance
1937 of $103,696
10 months of
period of 1936. Total
charges in the first
compared with $91,586 in the similar
Financial
3818
Chronicle
Dec.
11,
volume of business purchased amounted to $506,710 in the first 10 months
is now manufacturing for the commercial (including private owner) market
of this
a twin-engined amphibian plane, powered by two Pratt & Whitney Wasp
Twelve of such commercial planes, aggregating approxi¬
mately $528,000, had been ordered prior to Nov. 20, 1937, of which 10
had been delivered prior to that date and the remaining two were expected
to be delivered shortly thereafter.
The company has contracts with the United States for delivery to the
Navy Department of the following:
(a) Eighty-one single-seat fighters, now in process of manufacture, such
contract involving approximately $1,680,000.
One plane was completed
and delivered in July, 1937, and it is expected that deliveries under this
contract will be completed during the spring of 1938.
(b) Fifteen amphibians, not yet under construction, involving approxi¬
mately $570,000, deliveries of which are expected to be completed in the
compared with
year,
$446,179 in the first
10 months of 1936.—
"V. 145. p. 3656.
Junior engines.
Goulds Pumps,
Inc.—Accumulated Dividend—
The directors have declared
accumulations
on
holders of record
a
dividend
of $6 per share on account of
the
7% cumulative preferred stock, payable Dec. 27 to
Dec. 17.
Dividends of $2 were paid on Oct. 15, and on
July 15, last.
Arrearages after the payment of the current dividend
amount to $30 per share.—V. 145, p. 2075.
Granite City Steel
will
Co.—2o-Cent Dividend—
The directors
have declared a dividend of 25 cents per share on the
stock, payable Dec. 23 to holders of record Dec. 13.
A dividend
of 37H cents was paid on Sept. 30 last and previously regular quarterly
dividends of 25 cents per share were distributed.—V. 145, p. 3009.
common
(W. T.) Grant Co —Sales—
Period End. Nov. 30—
Sales
1937—Month—1936
1937—11 Mos.—1936
$8,373,049
$8,493,208 $82,744,277 $81,023,837
—V. 145, p. 3656.
first six months of 1938.
(c) One experimental single-seat fighter which is nearly completed.
(d) Fifteen additional amphibians for the Navy involving approximately
$550,000, deliveries of which are expected to be completed by the end of 1938.
The following tabulation indicates approximately billings, completed
contracts and unfilled orders, including sale of design rights and spare
parts, at the close of the periods indicated:
1
;
Unfilled
,
_
Northern
Iron Ore
Properties—75-Cent Div.—
The trustees on Dec. 3 declared a distribution of 75 cents per share on
the certificates of beneficial interest payable Dec. 24 to holders of record
Dec. 14.
The trustees also announced that a further 75 cent distribution
will be made shortly after Jan. 1.
Distribution is being split for tax reasons.
A dividend of 75 cents was paid on Jan. 4,
1937; one of 25 cents per share
paid on Dec. 21, 1936; $1 paid on Feb. 7, 1936, and 50 cents per share
paid on Jan. 31, 1935; Jan. 30, 1934; Dec. 28, 1913, and on June 25, 1931.
—V. 144, p. 774.
was
(H. L.) Green Co., Inc.—Sales—
Period End. Nov. 30—
Sales..
1937—Month—1936
1937—10 Mos.—193T
$2,704,631
$2,904,440 $26,188,990 $24,846,709
—V. 145, p. 3197.
(B.) Greening Wire Co., Ltd.—Stock Listed—
The common stock of the company was posted for trading on the Toronto
Stock Exchange on Nov. 30.
Tne company's sole capitalization is 250,000 (no par) common shares, of
which
190,000
redeemed
on
company
an
A preferred stock issue of $650,000 was
Oct. 1, 1937.
As part of the program for refinancing the
additional 70,000 common shares were sold, netting the
are outstanding.
company $770,000.
Common shares
basis.
on; a "six for one
An initial dividend of 15 cents
a
were
exchanged for the present stock
share has been declared on the common
stock, payable Jan. 3, 1938, to holders of record Dec. 15, 1937.—V. 145,
P.3656.
Greyhound Corp.—Listing—
Tne New York Stock Exchange has7authorized the listing of (a) 201,643
additional shares^of common stock (no par) on official notice of issuance,
of which 133,228 shares are to foe issued in exchange for shares of common
stock of Atlantic Greyhound Corp., and 68,415 shares are to be reserved for
conversion of additional shares of 5^% preference stock, making the total
applied for 2,902,568 shares; (b) 136,830 additional shares of 5}i%
preference stock ($10 par) on official notice of issuance as a stock dividend
on common stock,
making the total amount/applied for 331,920 shares.
The corporation owns 18,212^ shares of common stock of Atlantic
Greyhound Corp.. 56% of the outstanding issue of 32,487 shares.
The
balance of the issue, 14,274y2 shares, is owned by approximately 55 minor¬
ity stockholders.
Pursuant to action of the executive committee on July
21,1937, confirmed by the board of directors on Oct. 12,1937, the corpora¬
tion offered, subject to approval of the Interstate Commerce
Commission,
to issue 9 1-3 shares of common stock in
exchange for each share of common
stock of Atlantic Greyhound Corp. held by the
minority stockholders.
If all of the minority stockholders
accept the offer, the corporation will
issue 133,228 shares of its common stock.
The corporation proposes to issue up to $1,368,300 of
5}4% preference
stock to provide for a stock dividend of 50 cents
per share on common stock.
The purpose is to conserve cash resources without
subjecting the corpora¬
tion to an excessive surtax penalty on net
earnings retained in the business.
amount
Balance Sheet June 30,1937
Assets—
Liabilities—
Cash
Note receivable, secured-.-.
Accounts receivable
$534,198
1,333
230,420
Mat'ls & supplies, less res've.
2,721
Prepaid expenses
Contract receivable, secured.
advances..
17,820
479,767
22,586,232
Fixed assets (less deprecla'n).
44,595
495,552
Investments and
Special deposits
Intangible
property
Other assets..
339,973
3,147
Note payable to bank
Year Ended—
Dec. 31. 1930
31, 1931
31,1932
31, 1933.
31, 1934.
31, 1935
31, 1936
June 30, 1937 (6 months)
pay..
on
undistributed
income
and
33,388
profits
Other accruals
48,009
Res. for Injuries & damages..
Reserve for contingencies
26,626
183,354
Def'd profit on contr. ree'le..
383,814
1,950,900
x3,254,225
13,100,822
4,169,460
514% preferred stock.......
Common stock
surplus
Earned
stock.
This resulted in there being outstanding 92,015 shares, of the par
value of $1 each.
The company then paid, pursuant to authorization of
its
board of directors
June 30,
on
surplus
$24,735,7601
Total.
$24,735,760
Represented by 2,603,380 shares (no par).
To Issue New
Preferred Stock—
issue $1,368,300
mately $369,000
on
undistributed profits.
on
A dividend of 50 cents per share
outstanding common stock would reduce the amount of tax by approxi¬
mately $250,000, but the company represented that this would
impair the
working capital of the corporation.
The stock issue is in place or a cash
dividend.
Warrants
Purchase
to
Common
The directors have declared an extra
dividend of 1-20 of
par preference stock and the regular
The directors have declared
stock,
a
share of $10
quarterly cash dividend of 20 cents
Griesedieck Western
Brewery
per
in
Co,—Larger Dividend—
a dividend of
$1.50 per share on the capital
value, payable Dec. 20 to holders of record Dec. 10.
A cash
was paid on Dec.
22,1936.
A dividend oi $3 per share
interest bearing scrip was also
paid on this latter date.—V. 143,
Grumman Aircraft
Engineering Corp.—Stock
Public offering was made Dec. 9
Offered—
by John J. Bergen & Co.,
Ltd., New York, of 95,000 shares ($1 par) common stock.
The shares
were
offered by means of
a
will amount to approximately $711,150.
Company's bank loans at Sept. 30,
1937 all owing to Bankers Trust Co., New York, amounted to $450,000.
On Nov. 1, 1937, the company repaid to Bankers Trust Co. a loan in the
principal amount of $150,000 falling due on that date.
On and shortly
after Nov. 1, 1937, the company borrowed a total of
$150,000 from certain
of its stockholders issuing
promissory notes therefor due one year after
their respective dates.
Each note provides that it may be repaid at any
time prior to maturity with the consent of Bankers Trust Co. and that it
subordinate to any indebtedness of the company to Bankers Trust Co.
Company intends to pay the $150,000 of promissory notes held by its
stockholders out of the proceeds of the common stock offered and to use
the balance of such proceeds as an addition to the
working capital.
its
Principal Underwriter—John J. Bergen & Co., Ltd., New York, N. Y.,
the principal underwriter and the minimum amount underwritten is
60,000 shares and the maximum amount which may be underwritten is
is
135,000 shares.
The 5,000 shares of common stock to be offered
by the company to its
employees will not be underwritten.
Comparative Income Statement
-Calendar Years—
1934
Gross sales less discount,
returns and allowances $1,382,913
Total costs and expenses
1,735,484
and
warrants."
History
Company was organized in New York on Dec.
6, 1929.
Its
plant and principal executive office are at Bethpage, Nassau
County, N. Y.
Company is engaged in the design, development, manufacture
of
applicable
to
uncompleted
contrs.
Def'd development costs
Estimated
loss
tracts in
on
spare parts.
Company at times sub-contracts the conparts of its airplanes, including wings and. tail
surfaces.
Air¬
epginees, propellers, aeronautical instruments, radio
equipment and
certain other equipment for aircraft are not
designed or manufactured by
the company, but are purchased from others or
are furnished by the ourchaser of the aircraft
Until 1937 the company specialized in the
or
craft
design,
development
and
manufacture of strictly service type airplanes for the use of
the U. S. Navy
Corps and Coast Guard.
In 1936 the
company developed and
Marine
6 Mos.End.
June 30 '37
1936
$1,418,230
1,921,389
$719,648
2,356,648
$1,519,623
2,784,102
Cr584,839
Crl,721,481
Cr653,980
Crl ,366,782
143,500
con¬
progress
15,093
$232,268
24,755
Net income
—V. 145. p. 3498.
$230,709
$175,435
2,776
23,080
$107,714
2,250
15,834
$239,090
5,488
34,449
$207,608
Income deductions
Prov. for income taxes..
$84,481
23,233
$257,024
2,127
47,288
Other income
$150,821
24,614
$149,578
$89,629
$199,152
8,380
Guelph Carpet & Worsted Spinning Mills, Ltd.—
Years End. Sept. 30—
1937
$202,220
79,122
Net
oper.
$153,822
/; 70,039
$140,499
$123,099
530
$99,145
7.797
$83,782
12.070
$77,087
14,371
$123,629
27,000
$106,942
24,000
$95,853
16.000
$91,458
14,000
$96,629
32,500
35,000
$82,942
42,175
26,250
$79,853
47,723
26.250
$77,458
47,725
26,250
$29,129
90,723
$14,517
76,205
$5,880
70,325
$3,483
66,842
$119,851
$90,723
$76,205
$70,325
$1.83
profit
1936
$177,592
78,447
$1.16
$0.92
$0.85
Int. & other income
Net profit
Preferred dividends
Common
dividends..
Surplus for year
Previous surplus
Balance forward
Earns, per sh. on 35,000
shs.
com.
stk. (no par)
1935
1934
63,412
Balance Sheet Sept. 30
Assets—
1937
1936
$16,675
Invest'ts (at cost).
$44,219
305,274
453,344
5,003
14,617
Land & buildings.
479,911
479,521
688,438
673,889
29,330
25,140
1
1
Cash & bank bal._
Accts.
receivable.
Inventories
...
Prepd.ins. & taxes
Plant,
Liabilities—
Goodwill
cruals
Res. for deprec. on
Provincial
fixed
6K%
x
.-$2,020,137
1936
$16,959
Res. for Federal &
15,617
$1,915,1341
26,891
20,995
525,444
446,945
cum. redeem.
preferred
x
taxes
assets
shares
500,000
Common shares.
554,173
554,173
285,466
285,339
90,723
Surplus
Profit & loss acct.
Total
$8,312
-
415,046
2,607
machinery
and equipmentLife Ins. prem. paid
1937
Creditors, incl. ac¬
286.638
and sale
airplanes and
struction
1935
Portion
prospectus at $9 each.
In connection with this
offering, the prospectus states that "the principal
underwriter has advised the
company that Bernard E. Smith of 14 Wall
St., New York, has agreed to make available to the
principal underwriter
a portion of the funds
required for the purchase of the 60,000 shares to be
purchased by it.
Under the terms of such
agreement, Mr. Smith and
the principal underwriter will have
equal interests in the undertaking and
vnll share equally in the profits and
losses thereof.
Upon the settlement
of accounts
between them, Mr. Smith
may receive shares of common
stock
a
Purpose—Net proceeds to be received by the company from the sale
of 60,000 shares of common stock to be
purchased by the principal under¬
writer, the 35,000 shares to be subject to option to the principal underwriter
and the 5,000 shares to be offered to
employees of the company (assuming
complete exercise of the option and the sale of the entire 5,000 shares)
Total income.
Taxes
no par
payable
as
Dec. 27 to holders of record
dividend of 25 cents
P» 4UU0i
Stock—Eighty
bearer warrants, each
whole only, 500 shares of common
1940, at $9 per share, are to be
underwriter.
The warrants are
exercisable upon presentation and surrender thereof and payment of the
warrant price at the
principal office of the Bankers Trust Co., New York.
evidencing the right to purchase,
Depreciation.
Extra Common Dividend—
common stock on
300% stock dividend, so that,
of said dividend, the capitali¬
stock at any time on or before Sept. 20,
issued by the company to the
principal
Net earnings
share, both payable on the
Dec. 17.—V. 145, p. 3197.
a
As of Nov. 20, 1937—
Authorized
Outstanding
Common stock (par $1)
600,000 shs.
368,060 shs.
The shares of common stock now offered and the 40,000 shares reserved
for the exercise of warrants are at
present authorized but unissued.
Total
The Interstate Commerce Commission has authorized the company to
5^% preference stock (par $10) as a stock dividend.
T",e iyO order stated that the corporation faced a surtax of approxi¬
.
1937,
after the reclassification of stock and
payment
zation is as follows:
Balance
Total
719,600
1,519,600
the
authorize^ number of shares of common stock was increased to 600,000
shares and its par value was changed from $5 to $1 per share, whereupon
each share of $5 par value stock was exchanged for five shares of $1 par value
335,163
tax
1,685,500
1,014,600
1,926,300
1,222,800
2,830,400
Capitalization—By amendment to the certificate of incorporation filed
July 15, 1937, pursuant to unanimous consent of the stockholders on
June 30, 1937, the authorized preferred stock (1,000 shares) was eliminated,
500,000
Federal
of Period
$59,900
132,500
858,900
Completed
$109,700
146,900
276,100
845,700
1,382,900
1,418,200
Billings
$109,700
146,900
276,100
862,600
1,808.400
1,547,500
1,719.000
926,600
1
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Orders at End
$750,000
3% secured serial note
Accts. & contracts payable..
Capital
x
,
,
Contracts
Great
Total..
119,851
500,000
$2,020,137 $1,915,134
Represented by 35,000 no par shares.—Y. 143, p. 3843.
Havana Electric Ry.
11 Months Ended Nov. 28—
Gross
revenue
—Y. 145, p. 1741.
Co.—Earnings—
1937
1936
$1,972,565
$2,100,996
Volume
Financial
145
Gulf States Utilities
Co.—Earnings—
1937—12 Mos.—1936
1937—Month—193 6
Period End. Oct. 31-
$541,152
$476,299
222,756
20,588
bl8.311
$6,334,974
2,528,755
299,806
a660,349
$5,855,492
217,875
22,894
a63,688
$236,694
Dr3,726
$251,266
7,910
$2,846,063
52,349
$2,638,418
179,035
$232,968
80,829
$259,176
cl60.851
$2,898,412
980,131
$2,817,454
1,164,975
$152,138
Operating revenues
$98,325
$1,918,280
$1,652,478
Operation
Maintenance
Taxes
Net oper. revenues
Non-oper. income (net).
Balance
.
Int. & amortiz., &c
Balance.
225,796
491,615
$902,478
$598,255
$335,295
requirements
surplus
567,183
a No
provision has been made for the Federal surtax on undistributed
profits since any liability for such tax cannot be determined until the
end of the year, b Credit. The redemption of series A and series B bonds on
Oct. 31, 1936 eliminated Federal and State income taxes for the taxable
year 1936.
Accruals of $60,949 were reversed in October, 1936. c Includes
interest and amortization of $81,192 for the month of October, 1936 appli¬
cable to the series C 4s, and debenture 4Ks which bore interest from Oct. 1,
1936, as well as interest of $83,390 for the same month applicable to the
bonds retired on Oct. 31, 1936 from the proceeds of the series C 4s and
debenture 43^s.
Note—The company on Jan. 1, 1937, adopted the Federal Power Com¬
of accounts, hence previous year's figures are not exactly
comparative.—V. 145, p. 3657.
mission system
on
the $2
dividend of 50 cents per share on account
conv. s. f. preference stock, par $30,
cum.
payable Jan. 1 to holders of record Dec. 15.
The dividend will be paid in
Canadian funds and is subject, in the case of non-residents, to a 5% tax.
A similar dividend was paid in each of the eleven 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
145, p. 1740.
t
will amount to $6.50 per share.
—V.
Co.—Stock Offered—The
Chemical
Harshaw
company
is offering to stockholders of record Nov. 16, 27,083 shares
of common stock (including the 3,300 shares in the treasury)
at $20 a
share for each five
share, in the ratio of one new
Rights expire Dec. 16 (see also V. 145, p.
shares held.
Earnings for 9 Months Ended
Net profit after deprec. & other
profits taxes
Federal
$460,241
$3.43
of common stock.-
Earnings per share on 118,915 shares
—V. 145, P. 3657.
3346).
Sept. 30,1937
deductions, incl. prov. for
V undistributed
(Walter E.) Heller & Co.—Extra Dividend—
7 declared an extra dividend of 15 cents per share in
to the regular quarterly dividend of 10 cents per share on the
common stock, both payable Dec. 27 to holders of record Dec. 17.
Pre¬
vious extra distributions were as follows: 5 cents on Sept. 30 last; 10 cents
on June 30 last; 5 cents on Dec. 28 and Sept. 30,1936; 7H cents on Sept. 30,
1935; 2H cents on July 2 and April 2,1935; 27
cents on Jan. 2,1935, and
10 cents per share on Jan. 2, 1934.
The regular quarterly dividend was
increased from 2M cents to 10 cents per share with the Dec. 31, 1935, pay¬
The directors on Dec.
addition
ment.—V. 145, p. 2848.
(R.) Hoe & Co., Inc. (&
The directors have declared a
$586,434
42,811
$629,245
284,589
21,733
194,634
$940,458
284,207
-
debt
Idle facilities—Dunellen
201,507
Deprec., buildings & equipment
Miscellaneous deductions.
Provision for income tax
Total
39.278
$328,594
1,510,609
Net income
b Balance, Oct. 1
$88,120
1,424,852
©8,141
leasehold
appreciation
$1,521,637
2,786
120,577
34,663
11,027
...
_
of
7,033
1,632
$1,847,345
Adjust, of profit on sale of
Sundry adjustments
Cancellation
890
13,202
11J.947
—
appraisal on
from
equipment sold
6H % cumulative prior preferred dividends
7% cumulative preferred dividends
a Balance, Sept. 30
Composed of; Capital surplus
Surplus arising from appraisal of
Earned, deficit
_.b$l,689,319 b$l,510,609
a
fixed assets—._
c4,357,821
1,473,256
4,141,758
c4,357,821
1,476,042
c4,323,254
1924.
d Arrived at as follows:
Net sales $7,595,330, cost of sales $5,791,276,
and administrative expense of $922,514; net operating profit
(as above) $881,540.
© Over estimate—Federal income tax on profit for year ended Sept. 30,
1936, of $1,896 and refund of British income taxes on profits for year ended
Sept. 30, 1935, of $6,335.
Consolidated Balance Sheet Sept. 30
selling, general
Assets—
$920,767
Accounts payable.
$582,972
$620,845
1,310.059
Accrued accounts.
600,000
321,424
receiv.—trade..
—on
1,691,582
111,610
$1) was made Dec. 7
New York at $4.37^
per share.
Of the amount being offered, the underwriters
have agreed to purchase 75,000 shares from the company and
15,000 shares from certain stockholders at a joint price of
$3.50
order
1,444,103
Inventories
Notes and accts.,
1,327,800 Accrued interest..
Long-term debt... 4,359,500
Res. for contlng..
receiv., due after
a
share.
Transfer Agent,
Marine Midland Bank & Trust
50,000
4,371,500
50.000
power—all of which are sold under
83,375
Other assets
4,106
change adjust..
Approximately 70% of Howell motors are
5,243,557
5,080,199
6H% pr. pref. stk.
618.345
618.345
7% pref. stock
Class A stock (par
165,060
1934, 1935 and 1936, the company's products were sold to
approximately 1.500 customers. With only two exceptions, not more than
of total output during any of those years was sold to a single cus¬
tomer.
In 1935 the consumption of one customer amounted to about 6%
three years,
3%
of total sales;
bulk
The
approximately 5% of the total for 1936 went to one customer.
business was domestic trade, about 98% of total sales
of the
being made in the United States.
Sales and Earnings—Net sales
less
res.
amortization
1
1
Deferred charges..
131,701
126,508
for
$75,169
Capitalization—The articles of incorporation were amended Aug. 16,
the authorized capital stock from 150,000 shares
300,000 shares (par $1),
None of the additional 150,000 shares are;
1937, so as to increase
to
Of such additional 150,000 shares, 75,000 shares
by the underwriters subject to the terms of
yet outstanding.
purchased and offered
to be
assets
Deficit
of
t)PUS|/CG•
_
Underwriting—An agreement has
$4.50 per share;
rate of $5 per share;
Hollinger
The
Consolidated Gold Mines,
company
intends to use
bond issue,
approximately
directors have
addition
to
declared an extra dividend
the regular
(Harvey) Hubbell,
approximately
balance thereof will
Inc.—Extra Dividend—
share in
on the
Dec. 13. An
last.—V. 145,
have declared an extra dividend of 50 cents per
regular quartetly dividend of 30 cents per share
common stock, both payable Dec. 23 to holders of record
initial dividend of 30 cents per share was paid on Sept. 28,
p. 2394.
The directors
Idaho Power
Co.—Earnings—
1937—Month—1936
$489,163
$416,382
Period End. Oct. 31—
Operating
revenues----
taxes!
Oper. e*ps
Prop, retir. res. approp.
Other income
(net)
bonds.--deductions.
constr__
Int. on mtge.
x
Other int. &
1937—12 Mos.—1936
$5,196,741 $4,692,939
2.657',836
474,500
2.351,247
451,000
$2,064,405
$1,890,692
2341556
207,587
54,000
$210,107
151
$154,795
Dr297
Dr59
Dr755
$210,258
60,550
10,857
Crl,430
$154,498
54,167
$2,064,346
656,383
98,925
$1,889,937
44,500
6,324
Cr44,548
650,000
67,896
Cr3,032
$1,175,073
414,342
Balance
$939,244
$760,731
Regular dividends on 7% and $6 preferred stocks were paid on Aug. 2.
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Regular dividends on these stocks were
declared for payment on Nov. 1, 1937.
.u
Note—-Includes provision of $38,200 made during the last 12 months
$140,281
Net income
pref. stocks for the
unpaid
Dividends applic. to
whether
of 10 cents per share in
share on the
improvements,
bank indebtedness, and the
capital.—V, 145, p. 2227.
addition to the
1,476,042
monthly dividend of five cents per
$137,769 to retire the first mortgage
approximately $20,000 for plant
$25,000 for payment of
be added to the working
4,357,821
Ltd.—Extra Div.
(2) thereafter and
and (3) thereafter
at the rate of $6 per share.
'
u
Wright, Bergen & Pistell, Inc., have also agreed to purchase 15,000 shares
of stock from certain stockholders at $3.50 per share.
None of the con¬
sideration for these 15,000 shares will be received by thecompany.
Purpose—Net proceeds will amount to $243,796.
From the proceeds,
Int. charged to
4,323,254
.
.
,
stock on the following basis:
Up to and incl. Oct. 1, 1938, at
to and incl. Sept. 30, 1940. at
and up to and incl. Sept. 30, 1942,
959,970
160.000
Total
..$9,621,512 $8,852,816
x After reserve for doubtful notes and accounts of $191,549 in 1937 and
$181,700 in 1936.—V. 145, p. 2076, 1421.
_
-I,■,
*
common
up
4,357.821
4,141,758
surplus
*
to purchaso an additional
said option being exercisable
over a period of 18 months from closing date.
Company has also agreed to
issue bearer warrants covering an additional 25,000 shares of its authorized,
but unissued common stock, said warrants entitling the holders to purchase
160,000
$9,621,512 $8,852,816
Total
__ji
Bergen & Pistell,
purchase 75,000 shares of
been made by Wright,
Inc., New York, as principal underwriters, to
common stock, at $3.50 per share.
,
Company has givon the undorwritors an option
25,000 shares of common stock, at $4 per share,
Net oper. revenues—
earned
are
the
reserved for the exercise of the
for exercise of an option granted
to the underwriters to purchase all, but not part, of such 25,000 shares at
any time within 18 months from the closing date at a price of $4 per share
25,000 shares are reserved for officers ahd employees of the company.
As of June 30, 1937 the company's funded debt consisted of $147,900
first mortgage 4M% bonds outstanding, due June 1, 1946, together with
$915 fractional non-interest bearing scrip certificates exchangeable for such
bonds in multiples of $50.
These bonds, which are to be retired from the
proceeds of the sale of the stock, are secured by a certain trust mortgage
executed as of June 1, 1936, by the company to Union Guardian Trust Co.,
underwriting agreement; 25,000 shares are
bearer warrants; 25,000 shares are reserved
1,473,256
$1)
Capital surplus...
Surpl. arising from
appraisal of fixed
that the above
after providing
and surtax on undis¬
higher than the 1929
amounted to $122,906. Assuming
had not been made, net income,
Federal income taxes,
mentioned special charge
Gross income
959,970
S10)
Com. stk. (par
$1,249,220, repre¬
in 1936 amounted to
senting an increase of 71% over the preceding year in which net sales were
$726,773. Sales in 1936 reached the highest point in the company's history,
being 5.6% above the 1929 total of $1,181,936.
In the first eight months of 1937 net sales were $1,081,412.
This con¬
stituted an increase of 35% over the first eight months of 1936, in which
net sales were $800,308.
Net profits in the first eight months of 1937, after provision for Federal
Income taxes, amounted to $67,535. This eight-month figure exceeded any
previous full year's net profit with the exception of 1929 in which
was earned.
Net income reported for 1936 amounted to $18,425.
This,
however, was after making a non-recurring charge ol $97,640 against that
year's income, representing the complete write-off of expenses incident to
the manufacture of condensers, which division of the business was dis¬
continued in 1936 as the company found it more advantageous to purchase
its condensers from other sources.
...
In 1936, net income, before capital gains and losses and provision for
165,060
Patents,
supplied to manufacturers of
machinery, accessories and equipment, for installation as the power unit
in such equipment.
The remainder of the company's output is sold to in¬
dustrial, manufacturing and other organizations, for use in their own
processes of manufacture or operations.
The outlets for Howell motors are widely diversified.
In each of the
3,313
Fixed assets
year
"Howell Red Band
the trade name:
Motors."
Res. for foreign ex¬
156,208
4,135
one
Regis¬
Co., New York.
trar, Central Hanover Bank & Trust Co., New York.
Organization—Company was incorp. in Michigan, Nov. 11, 1915. Com¬
pany manufactures numerous types of motors, suited to a great variety
industrial uses, in a complete range of sizes from l-20th up to 150 horse¬
39,278
184,037
taxes
525,720
Co.-—Stock Offered—An offering
shares of common stock (par
by Wright, Bergen & Pistell, Inc.,
U. S. & British inc.
completed
year-end dividend of 50 cents per share
Howell Electric Motors
of 90,000
173.171
Notes and accts.
Presses
1936
Demand notes pay
$424,506
Cash..
x
1937
Liabilities—
1936
Corp.—Year-End Dividend—
payable Dec. 22 to holders of record Dec. 10.
A
quarterly dividend of 25 cents per share was paid on Sept. 30, last.—V. 145,
p. 1903.
(1)
$1,689,319 $1,510,609
b Consolidated surplus is after deducting $371,237 excess of cost to
parent company over par value of R. Hoe & Co., Ltd., stock.
c Consolidated item is after transferring $976,361 from earned surplus to
capital surplus, this amount representing the earned surplus of R. Hoe &
Co., Ltd., at the date of acquisition of its stock by the parent company in
Total
1937
the 7% cum.
the common stocks,
on
as
Total income
dividend of $3.50 per share on
pref. stock, par $100, and a dividend of 75 cents per share on the 6% cum.
pref. stock, par $25.
Both dividends are on account of accumulations and
were paid on Dec.
10 to holders of record Nov. 26.
Similar payments
were made on Aug. 10 and on May 11 last.
See V. 144, p. 281 for record of
previous dividend payments.—V. 145, p. 1260.
1936
1937
d$881.540
58,918
Interest on long-term
Dividends—
Co., Inc.—Accumulated
Hotels Statler
The directors have declared a
$46,917 for Federal normal and excess profit taxes
tributed profits, would have been $75,989—slightly
Sub.)—Earnings—
30—
profit (before depreciation)
Years Ended Sept.
Net operating
Other income
28, 1936, and on Dec. 2, Oct. 7 and
973, for further dividend record.—
.
of
Dividend—
Co., Ltd.—Accumulated
Hamilton Cotton
The directors have declared a
of accumulations
July 14, May 19, March 24 and Jan.
July 15, 1935.
See also V. 140, p.
V. 145, p. 3346.
.
Houston Natural Gas
Balance
Balance for common dividends and
capital stock, both payable Dec. 31 to holders of record Dec. 16.
An extra
of five cents was paid on Dec. 2, Nov. 4, Oct. 7, Aug. 12, June 17, April 22
and on Feb. 25 last, and an extra of 10 cents was paid on Dec. 31, 1936.
Extra dividends of five cents per share were paid on Dec. 1, Nov. 3, Sept. 7,
750,000
$1,165,438
567,183
Appropriations for retirement reserve.
Preferred dividend
2,499,661
752,841
3819
Chronicle
paid
or
$94,007
period,
$1,353,586
414,342
x
,
($17,600 in 1936 and $20,600 in
profits.—V. 145, p. 3010.
1937) for Federal surtax on
undistributed
3820
Financial
Chronicle
Iowa Southern Utilities
Illinois^Bell Telephone^Co.—Earnings—
revenues
Uncollectible oper.
The
reV--
7,519,462
5,009,068
Net oper. revenues—
able Dec. 21 to holders of record Dec. 8.
Similar payments were made on
July 1, last, Dec. 22 and July 1, 1936 and on Dec. 21. July 1 and Jan. 19,
1935, this last being the first dividend paid since April 1, 1932.—V. 145,
p.3658.
$2,475,514 $23,340,023 $22,087,778
899,471
924,800
Operating taxes
11,098,477
Co.—Perferred Dividends—
directors
cumul.
7.056,287 $72,458,815 $67,134,728
4,580.773
49,118,792
45,046,950
$2,510,394
Operating revenues
Operating expenses
11, 1937
have declared dividends of $1.75 per share on the 7%
pref. stock, $1.62 H Per share on the 6J^% cumul. pref. stock and
$1.50 per share on the 6% cumul. pref. stock (all $100 par value), all pay¬
1937—Jtoft-1936
1937—10 Mos.—1936
$7,536,534
$7,072,739 $72,629,071 $67,298,059
17,072
16,452
170,256
163,331
Period End. Oct. 31—
Operating
Dec.
Iron Fireman
10,543,785
Mfg. Co.—Extra Dividend—
The directors have declared
Net oper. income
—V. 145, p. 3657.
an extra dividend of 30 cents per share on the
stock, no par value, payable Dec. 27 to holders of record Dec. 16.
A regular quarterly dividend of 30 cents per share was paid on Dec. 1,
$1,576,043 $12,241,546 $11,543,993
$1,585,594
common
last.
stock, par $50, payable Dec. 21 to holders of record Dec. 10.
A
dividend of $1.50 was paid on Nov. 10, last, and previously regular quarterly
dividends of $1 per share were distributed.
In addition a special dividend
of $1 was paid on Dec. 18, 1936.—V. 145, p. 2695.
Y
paid
on
Dec. 21, 1936.—V. 145,
3011.
p.
extra dividend of $2.40 per share on the
an
Y
An extra dividend of $1 per share was
Illuminating & Power Securities Corp.—Extra Div.—
The directors have declared
common
Johns-Manville
The directors
Indianapolis Water Co.'—Earnings—,
Earnings for 12 Months Ended Oct. 31, 1937
revenues
;
-
-
Operation, maintenance and retirement
All Federal and local taxes
Net income
i
—
—-—-----
Interest charges---
•.'■
-----
Other deductions
—;
522,648
124,461
Balance available for dividends.
$573,381
Balance Sheet, Oct. 31, 1937
'T
$scfc;
V*
-
,
!■
'
Fixed capitalCash
2,318,417
Notes receivable
261
Accounts receivable
349,143
Marketable securities
505,218
96,340
Materials & pupplies
Investments general
21,872
Prepayments
Special deposits
Preferred
.$1,054,900
5,250,000
13,827,000
.......
indebtedness.
Consumers deposits...
Other current liabilities
Main
extension
94,529
41,425
deposits
38,280
444,884
Accrued taxes
interest
9,559
Accrued
1,103
Unamortiz. debt disct. & exp..
Other accrued liabilities-...
1,200,586
Undistributed debits.
246,417
Reserves
176.646
10,217
1,748,171
......
MIscell. unadjusted credits.
Corporate surplus
$25,113,110
Total.
$25,113,110
dividend of $2.50 per share on tne common
stock, payable Dec. 20 to holders of record Dec. 13.
A dividend of $1.50
was paid on Oct. 1
last, dividends of 50 cents were paid on July 1 and April
1 last, and previously regular
quarterly dividends of 25 cents per share were
distributed.
In addition, an extra dividend of $1.75 was
paid on Dec. 19,
1936, an extra of 50 cents on Oct. 1, 1936, and one of 60 cents paid on Dec.
31, 1935.—V. 145, p. 2551.
a
Inter-Island Steam Navigation Co., Ltd.—Final Div.—
The directors have declared a final dividend of 90 cents
per share on
the capital stock, par $18, payable Dec. 15 to holders of record Dec.
10.
A regular
quarterly dividend of 30 cents per share was paid on Sept. 29,
■
An extra dividend of 40 cents in addition to the
30 cent quarterly
paid
on
Dec. 10, 1936;
a
dividend of 50 cents
and dividends of 30 cents
previously.—V. 143,
p.
International
per
was
paid
on
dividend
Sept. 28, 1936,
share Were distributed each three months
4158.
Button-Hole
Sewing
Machine
Co.-—
Extra Dividend—
The directors have declared
addition to the regular
an
extra dividend of 10
cents per
quarterly dividend of 30 cents per share
mon
on
share in
the com¬
stock, par $10, both payable Dec. 24 to holders of record Dec. 15.
For detailed record of
previous dividend payments see V. 144, p. 4010.
International Paints, Ltd.—Accumulated Dividend—
The directors have declared a dividend of
$1.25 per share on account of
accumulations on the 5% cumulative
preferred stock, par $20, payable
Dec. 21 to holders of record Dec. 9.
A dividend of $1 was paid on Dec. 21,
1936.
Arrears after the current
payment will amount to $5.50 per share.
—V. 143, p. 4158.
U"
when
p,
pref. stock,
Kenmore Hall
The
Continental
per
share
& Trust Co. of New York, successor trustee,
are now availbale for the
payment of the balance
unpaid principal of the 1st mtge. 6% gold bond certificates, due
July 1,1937.
Bonds may be presented for such payment at the rate of $340
interest will cease.—V. 144, p. 108.
Keokuk Electric Co.—To
Simplify Structure—Name to Be
Changed—
The
Securities
and
Exchange Commission announced Dec. 9 that the
company has filed an application (File No. 32-75) under the Holding Com¬
pany Act, providing for the issuance of common stock under a plan to elimi¬
nate the corporate structures of two operating companies and one inter¬
mediate holding company from the holding company system of the North
American Co., a registered holding company.
I
The stock would be issued to Fort Madison Electric Co. of Fort Madison
Iowa, and Dallas City Light Co. of Dallas City, 111. (which companies will
be dissolved), in exchange for their assets.
The three companies are now
subsidiaries of Central Mississippi Valley Electric Properties, which is a
subsidiary of Union Electric Co. of Missouri, a holding company in the
North American System.
<
The securities received by Fort Madison Electric Co. and Dallas City
Light Co. would be distributed to Central Mississippi Valley Electric
Properties, which company would be dissolved into Union Electric Co.fof
Missouri, leaving the latter company as the sole parent of Keokuk Electric
Co., the name of which is to be changed to Union Electric Co. of Iowa.
i
Keokuk Electric Co. would issue 1,580 shares of common stock at an
issue trice of $45 to Dallas City Light Co. and 10,745 shares of the same
stock to Fort Madison Electric Co., in exchange for their assets.
These
two companies have filed applications (File No. 46-82) and (File No.
46-83),
respectively, asking Commission approval for the acquisition of these shares.
Opportunity for hearing in these matters will be given Dec. 22.—V. 122,
p. 2495.
Keystone Custodian Funds, Inc.-—Registers with SEC—
See list given on first page of this department. —V. 145, p. 2396.
Key West Electric Co.—Earnings—
Period End. Oct. 31—
Operating revenues
Operation.
1937—Month—1936
$12,928
$12,186
4,765
5,012
Maintenance
588
Taxes.
541
1,505
1,886
$6,068
$4,747
Non-oper. income (net).
183
919
$6,252
2,000
$5,666
$4,251
$3,490
Obligations—
Balance
Since
a further
amount of $11,209,593 was set aside to
acquire or retire 10year convertible 4H% debentures of the
on
$150,506
56,091
8,605
a20,951
$139,965
58,894
8,393
18,462
$64,858
1,261
$54,214
7,924
Balance.
-
Appropriations for retirement
2,176
$66,120
25,272
$62,139
26,775
reserve
$40,847
20,000
$35,363
20,000
$20,847
24,374
$15,363
24,374
$3,526
$9,010
Jan. 1, 1939.
Earnings for 9 Months Ended Sept. 30
Balance..
1937
.
earnings
—
Int. & amortization, &c.
and
corporation due
1937—12 Mos—1936
was
Aug. 5, 1937, corporation has applied a total of $11,209,593 to
reduce the obligations to New York
banks from $20,882,160 to $9,672,567
~
(145 East 23rd St. Corp.)—Payment —
Bank
that funds
of the
1743.
International Telephone & Telegraph
Corp.—Reduces
Bank
par
Net oper. revenues—
dividend of $1.75
a regular quarterly
Dividend—•
a dividend of $5.25 per share on the 7% cum.
$100, payable out of capital surplus on Dec. 24 to
holders of record Dec. 17.
This payment is for the June, Sept. and Dec.
quarters of 1934.
Dividends of $1.75 were paid on Oct. 1, July 1 and
April 1 last.
A dividend of $7 was paid on Dec. 21, 1936, and compares
with dividends of $1.75 per share paid on Oct. 1, July 1 and April 1, 1936,
this latter being the first payment made on the preferred stock since Oct. 1,
1931, when a regular quarterly dividend of like amount was paid.—Y. 145,
p. 3011.
International Power Co., Ltd.—$1.50
Preferred Div.—
The directors have declared a dividend of
$1.50 per share on account of
accumulations on the 7% cum. 1st pref.
stock, par $100, payable Jan. 3
to holders of record Dec.
13.
A like payment was made in each of the
seven
preceding quarters and compares with $1 per share paid on Nov. 1,
July 2 and April 3, 1935, this latter being the first
payment made since
paid.—V, 145
Corp.—Preferred
The directors have declared
conv.
?er original $1,000 bondpaidthe office throughtrustee, at 30 Broad St., date
ork.
Interest will be
at thereon of the Dec. 10,1937 on which New
Interlake Steamship Co.—.$2.50 Dividend—
last.
par
common stock, no par value, both
payable Dec. 28 to holders of record
Dec. 13.
Extra dividends of 75 cents were paid on Oct. 1, July 1 and April 1
last; an extra of $1 was paid on Dec. 26, 1936; 50 cents per share on Oct. 1,
July 1 and April 1, 1936; one of 75 cents on Jan. 2, 1936, and in each of the
seven preceding quarters the
company distributed extra dividends of 25
cents per share.—V. 145, p. 1744.
175
2,426,880
;■»..
-V. 145, p. 2695.
The directors have declared
no
(Mead) Johnson & Co.—Extra Dividend—
announces
Total.
regular
Keith-Albee-Orpheum
stock...
Common stock
Funded
on
the
The directors have declared an extra dividend of $1.75 per share in
addition to the regular quarterly dividend of 75 cents per share on the
Liabilities—
"i
.$20,364,191
stock,
$2,582,181
807,144
554,545
$1,220,490
i
to
common
Gross
Corp.—Extra Dividend—
Dec.
6 declared an extra dividend of $1 per share in
quarterly dividend of 75 cents per share on the
value, both payable Dec. 24 to holders of record
Dec. 17.
An extra dividend of 75 cents was paid on Sept. 24, last, and one
of $1 was paid on Dec. 24, 1936.
See V. 143, p. 3634, for detailed record of
previous dividend payments.—V. 145, p. 2697.
addition
Preferred dividend requirements
1936
$48,312,563 $38,628,658
-
Balance deficit
a
Includes $5,654 Federal income taxes, of which $3,371 is Federal surtax
undistriouted profits.
Note—On Jan. 1, 1937
on
Int.
on
Intern at. Tel. & Tel.
Corp., deb. bonds
Net inc. (excl. any inc.
x
Including
gross
losses of Spanish subs.)
or
profit
4,327,312
on sales of
4,327,312
$7,044,070
$2,442,140
Earnings for 3 Months Ended Sept. 30,1937
Net income after oper. exps.. Fed. income charges, but before
provision for Fed. surtax on undistriouted profits
Corp.—Earnings—
I?i742S
*&56
LToSO
2034J00
2004)00
$0.17
$0.16
$0.22
Kn? hffr?^Qa^1?irt^zat'on.' depreciation and Federal
but before Federa surtax on
and State income taxes,
undistributed profits.—V.
145, p. 1423.
3'l987""""
1937—Month—1936
1937—10 Mos —1936
$18,964,732
Investment Co. of America—Asset Value—
as
of Nov.
30
llTp. 3348"" *41'13 °n °Ct' 30' 1937'
Investors Fund C, Inc.—To
Pay 18
1937
was
$37 76
fcTlil'on Nov.
30.
Dividend—
The directors have declared a dividend
of 18 cents per share
pany s shares payable Dec. 20 to holders of record
Dec. 13.
12 cents
on
the com¬
A dividend
was paid on Oct. 15, last and each three months previously
In addition an extra dividend of 5 cents
was paid on Oct.
31, last, and a
special dividend of 4
?
cents was
?£ 9nor?
18, lyJb.—V.
paid
on
April 15, last.
duarterly dividend of 20
145, p. 2551.
A special dividend
cents per share
was
Kinsey Distilling Co.—Reports 40.6% Excess Collateral
for Trust Notes Outstanding—
Company, for the period April 1, 1936 to Nov. 30, 1937 reports issuance
totaling $4,099,000. During this period redemption
notes totaled $2,933,000, leaving notes outstanding
Nov. 30, 1937.
$1,166,000.
m n
The notes are issued under the Pittsburgh Plan to finance sale of the
company's products.
They are secured by warehouse receipts registered
with the Pennsylvania Co. for Insurances on Lives and Granting
.Annuities,
together with cash in reserve and redemption funds.
i*
\
Security behind the $1,166,000 notes outstanding on Nov. 30 consists
of registered warehouse receipts and customers notes valued at
$1,524,514,
$16,040 of cash in the redemption fund, and $100,000 cash in the reserve
fund, a total of $1,640,553 or 40.6% in excess of the face amount of the notes.
Collateral trust notes secured under the Pittsburgh Plan are now
being
issued by six companies in, or affiliated with, the distilling industry and
sold to banks throughout the entire country.—V. 145, p. 3659.
of
$1'957'718 $2,239,014 $18,880,399
The company reports net asset
value
$75,476
$0.12
of collateral trust notes
Interstate Department
Stores, Inc.—Sales—
—V?T45","p:
Earnings per share on 400,000 shares class B stock
145, p. 2396.
—V.
204.000
Earntoesno?!h»lrStOCk (partli- —--Earnings per share..
Period End. Nov. 30—
Kerlyn Oil Co.—Earnings—
manufacturing companies.
—V. 145, p. 2849.
International Vitamin
changes were made in accounting procedure,
hence previous year's figures for some items in the income statement are
exactly comparable.—V. 145, p. 3659.
not
paid
on
Dec.
(D. Emil) Klein Co., Inc .—Common Dividends—
The directors have declared two quarterly dividends of 25 cents per share
on the common stock, (or a total of 50 cents per share) payable Dec.
24 to holders of record Dec. 16.
These are the dividends which would
each,
ordinarily be payable April 1 and July 1, 1938.—V. 144, p. 2659, 778.
/
Volume
Financial
145
Issues of participating
(S. S.) Kresge Co.—Sales—
Period End. Nov. 30—
1937—Month—1936
Sales
$12,531,175 $12,214,406
1937—11 Mos —1936
$130089,802 $124359,483
On Nov. 30, last, the company had 741 stores in operation of which 686
American and 55 Canadian.
A year ago stores in operation totaled
were
731 with 682 American and 49 Canadian.—V. 145, p. 3199.
an
increase of $76,469,
Sales for the 11 months ended Nov. 30 were
$1,235,919, or 1.7%.—V. 145, p. 3199.
$73,255,094, an in¬
Sales for the month of November
1%.
of
crease
were
$7,397,468,
Kreuger & Toll Co.—Trustee1 s Report—
Edward
S.
mittees
for secured
secured
debenture holders
Diamond Match Co. situation
approximately $47,500.
Payment to Creditors—The sale of the collateral held by Marine Midland
Trust Co. of New York, as successor trustee for secured debentures, which
was held in
Nov., 1936, and the consummation of agreements fixing the
amount of the deficiency claim on secured debentures, made it possible for
the trustee to propose the payment of a first dividend of 3% to creditors
claims had then been allowed.
This application was presented at
creditor's meeting held on Dec. 17, 1936 and was recommended for ap¬
proval by Referee Harold P. Coffin on Dec. 24. 1936; the referee's recom¬
mendation was approved by Judge Goddard on Dec. 31, 1936.
On Jan.
15, 1937, Referee Coffin approved the dividend sheet, pursuant to which
dividends aggregating $1,225,476 were paid on Jan. 25, 1937.
This dividend was paid to the creditors having allowed claims of $41,080,599.
whose
a
sufficient to pay a
dividend of 3% to all claim¬
filed by, or
been then allowed, including the claims
behalf of, American Certificate holders and participating debenture
holders.
On Oct. 4, Judge Mandelbaum held that those claims were not
on
in accord
30, 1835,
which held that the claims on participating debentures were not payable
until all other claims were paid in full.
The trustee is informed that steps
are being taken to appeal from Judge Mandelbaum's decision to the Circuit
Court of Appeals and the status of these claims cannot be determined until
parity with other creditors.
This decision is
witha decision of the Supreme Court of Sweden rendered on Dec.
entitled to share
on a
this appeal is finally disposed of.
1937, the Swedish liquidators of the bankrupt estate pre¬
Thereafter a dividend of 25%
whose claims had been allowed in
the bankruptcy proceedings in Sweden (less any amount received by such
creditors on the 3% dividend paid in the American estate).
The trustee
was enabled to effect an arrangement which was approved by the referee
on May 26,
1937, whereby American holders of secured debentures, who
had not deposited with either of the protective committees, received a
payment of their Swedish dividend in New York.
This arrangement was
made possible through the aid and cooperation of the Swedish liquidators.
In the absence of such arrangement, it would have been necessary, by
reason of the requirements of Swedish law, for such debenture holders to
present their securities in Sweden for stamping and payment of dividends.
Under the procedure approved by the referee, the debentures were pre¬
sented to Marine Midland Trust Co. of New York for stamping and pay¬
ment of dividend, and the Swedish estate paid the dividends to the trust
company which, in turn, remitted to the individual debenture holders.
|*On April 12,
sented
was
proposal to pay a first dividend.
a
authorized and paid to all creditors
Assets
of the Estate
Cash and Securities—The net amount of cash
which the trustee had on
beginning of his administration was $83,880.
On Sept. 30,
1936, the date of the trustee's last report, the trustee had a cash balance
on hand of $2,485,757.
Since that time the trustee has received the sum
of $497,067 and disbursed $1,357,300, leaving a balance of $1,625,524 on
hand
hand
the
at
as
►*The
of Oct. 31, 1937.
securities
held
by the trustee consist of $79,000 of the secured
bankrupt and 63,546 American certificates repre¬
debentures issued by the
senting deposited participating debentures of the bankrupt.
Diamond Match Co. Stock—The trustee (as previously reported)
feNo appeal has yet been taken from remaining in order. Shouldbe divided
final, the sum of $142,500 Judge Coxe's the fund will that order
come
the estate of the bankrupt, trustee of International Match
Co. and Swedish Match Co.
This will be in addition to the sum of $556,among
059, which has already been received by the trustee, and the sum of $20,865
received by the Swedish liquidators of the bankrupt, as a result of the
compromise of the disputes affecting the Diamond Match Co. stock.
Estate of Ivar Kreuger—The estate of the bankrupt is a creditor in the
sum of $316,980 against the New York Estate of Ivar Kreuger and the
trustee of International Match Co. is a creditor against that estate in the
sum of $402,416.
These claims constitute 88% of the claims against that
estate.
Nln August, 1937, the Estate of Ivar Kreuger received the sum of $50,000
Anders Jordahl in settlement of certain claims.
This sum, together
with the other assets which that estate has been able to collect, is subject
from
to
the U. S. Government for unpaid
The trustee is informed that negotia¬
priority claims, namely, a claim of
taxes, and administration expenses.
pending to compromise the Government's claim for taxes.
Present
indications are that, if those negotiations are concluded on the presently
proposed basis, the net amount of the Estate of Ivar Kreuger which will
be available for distribution to creditors, will be approximately $10,000,
and if that amount is distributed, the estate of the bankrupt will be entitled
to receive as its dividend, approximately $3,500.
The trustee has likewise filed a claim against the estate of Ivar Kreuger
tions
are
in New Jersey.
The administration of that estate
has not yet been com¬
pleted.
Claims Against the
The total amount of claims originally
Estate
filed against the bankrupt estate
(exclusive of duplications) amounted to over $296,000,000.
At the time
of the previous report of the trustee, these claims had been reduced to
$156,659,326.
Since that time, there have been further substantial re¬
ductions and at the present time the total amount of unsubordinated
allowed claims is $41,081,796.
This figure does not include claims filed
by or on
ficates.
behalf of holders of participating
debentures or American certi¬
S(b) Claims Based upon Securities Issued by the Bankrupt—The securities
ued by the bankrupt upon which proofs of claim have been filed are of
two
upon the amount of
the bankrupt estate.
and the protective
liquidators and the protective committees, which provided in substance
that for the purpose of determining the amount of the deficiency claim on
the secured debentures represented by the committees, the value of the
collateral then being foreclosed would be deemed the sum of $10,000,000,
or the actual net sale price realized on the sale of the collateral should that
sum exceed $10,000,000.
The claims on secured debentures were further
reduced by $79,000 face amount of secured debentures held by the trustee,
and by $55,000 face amount held by the liquidators.
As a result the claims on secured debentures were of these and other
reductions, reduced from $48,232,013 to $36,593,587, which is the equiva¬
lent of allowing a deficiency claim for $77.10 on each $100 face amount of
secured debentures then outstanding, and an order was entered to that effect
on Dec. 17, 1936.
The net amount ultimately payable as a dividend on these deficiency
claims is subject to a further reduction by reason of the fact that secured
debentures of the face amount of $1,754,000 had been pledged by the
bankrupt with three bank creditors.
Two of these creditors, A.B. CaritaS
and Skandinaviska Kreditaktiebolaget, filed no claims against this estate.
Agreements were entered into with them which were approved on June 11,
1936 and Dec. 17, 1936 respectively, and provided that an amount equal
to the sums paid on the pledged debentures held by said banks should be
refunded to the estate.
The third creditor, A. B. Lanekassan, a.f. 1914
filed claims against the estate.
An agreement was entered into with this
creditor, which provided that the dividends payable on the principal debt
secured by the debentures, should be reduced by the amount of dividends,
paid on the pledged debentures.
In compliance with this agreement
the dividend paid to A. B. Lanekassan a.f. 1914 was reduced by $6,939,
the amount of dividend payable on debentures pledged to it.
Likewise
in compliance with the agreements with them, the other banks have re¬
funded the amount of dividends paid on the debentures pledged to them,
viz., $10,501 by A. B. Oaritas and $23,130 by Skandinaviska
Kredit¬
aktiebolaget.
American Certificates—There are outstand¬
ing participating debentures of the nominal value of Swedish kronor 209,*
258,150 out of the authorized issues of Swedish kronor 220,000,000.
To
the extent that these debentures were marketed in this country they are
represented by so-called American certificates which were issued by Lee,
Higginson Trust Go. in place of equivalent deposited participating deben¬
tures.
Each American certificate unit represents 20 Swedish kronor nominal
principal amount of participating debentures.
Lee, Higginson Trust Co.,
as trustee, filed blanket proofs of claim on behalf of certificate holders in
the sum of $40,279,783 for principal and $3,222,382 for interest, part of
which is represented by the coupon which was unpaid at the date of bank¬
ruptcy.
In addition 10,989 individual claims based on American certifi¬
cates and participating debentures were filed.
As part of the settlement between the bankrupt estate and Lee, Higgin¬
Participating Debentures and
son
& Co., 305,818
American certificates were
canceled and destroyed and
1936 providing
to reflect
Lee, Higginson Trust Co. executed a consent dated Nov. 10,
of its respective claims for principal and interest
for the reduction
and destruction of those American certificates and also
to limit the claim for interest to the period ended June 4, 1932, the date
when the petition in bankruptcy was filed rather than Aug. 8, 1932, the
date of the adjudication herein.
By that consent, the claims were reduced
respectively to the following amounts:
the cancellation
For
$38,640,599
principal
For interest
2,753,128
—
Midland Trust Co., trustee for the secured
debentures, requested the bankruptcy trustee to object to the claims filed
by or on behalf of the holders or participating debentures and American
certificates and to move for the expungement of said claims or that they be
held subordinate to the allowed claims of other creditors.
Accordingly,
the trustee filed objections and thereafter hearings were held oefore the
referee and briefs submitted by the various parties in interest.
On April 1,
"On July 31, 1936, Marine
1937
the
American
holders and
in the
referee decided that the participating debenture
certificate ho.ders were entitled to share as creditors
other creditors. This decision was
appealed to the U. S. District Court and argument was had thereon before
Judge Patterson on April 29, 1937.
Subsequent to the hearings, Judge
Patterson felt that he was disqualified and the matter was referred to
Judge Mandelbaum.
It was argued before him on June 2, 1937, and after
consideration of the briefs submitted, he rendered his decision on Oct. 4,
American
estate
a
on
parity with
of other
this
claims
certificates
holding that the claims were subordinate to the claims
The trustee is informed that an appeal will be taken from
to the Circuit Court of Appeals.
The ultimate status of
filed by the holders of participating debentures and American
1937
creditors.
decision
depends upon
(c)
the final outcome of
Claims Filed by
that appeal.
Claimants Within the Kreuger
Group—Claims of this
originally exceeded the sum of $181,000,000.
By Sept. 30,
1936, these claims had been reduced to $45,871,319.
The trustee is
to report that these claims have now been reduced to $2,356,605
this reduction is due to a change in the basis of conversion of foreign cur¬
rencies into dollars).
This substantial reduction results principally from
the withdrawal of the claim of the Swedish Match Co. in the sum of $43 ,302,484, which was expunged by order of the Court on Dec.
pursuant to the provisions of the intercompany agreements.
of Bank Amerikanski i Polsce (now assigned to N. V. Financiele Maatcharacter
pleased
(part of
17, 1936,
The claim
schappij,
Kreuger & Toll
reduced from $1,064,900 to
filed Jan. 16, 1937 (part of this
of foreign currencies
in liquidation) was
$852,714, on July 21, 1937
reduction is due to a change
on a consent
in the basis of conversion
m\d? Claims Filed
by Others—Claims falling within this category originally
By Sept. 30, 1936, these claims had been reduced
$19,053,829.
Since that time the claims have been further
reduced to the sum of $2,131,604 (part of this reduction is due to a change
in the basis of conversion of foreign currencies into dollars).
These sub¬
stantial reductions have been accomplished in the following manner: The
claim of Banque de Paris et des Pays-Bas in the sum of $10,600,000 and of
Gerh. Arehns Mekaniska Verkstad in the sum of $59,656 were withdrawn
in their entirety in accordance with the intercompany agreements, by order
dated Dec. 17, 1936, and that of Swiss Bank Corp. in the sum of $5,556,112
by an order dated Oct. 19, 1936.
The claim of Internationa *,u<StiO\£e
Bank in the sum of $218,253 was expunged upon consent on Ap*-* c resu»7.
The claim of St. Phalle, Ltd. was reduced from $517,261 to $2'. rebt a**>on
consent on Dec. 17, 1936.
One of the claims of A. B. Lanekaj&an; a.f.
1914, was reduced from $148,306 to $51,737 on July 8, 1937 (part, of this
reduction is due to a change in the basis of conversion of foreign currencies
totaled
to
$23,480,946.
the sum of
into dollars).
against the estate divide themselves into four classes, namely,
(a) priority claims; (b) claims upon securities issued by the bankrupt;
(c) claims filed by claimants within the Kreuger group, and (d) claims filed
by others.
'
^
)%(a) Priority Claims—The priority claim filed by the U. 8. Government
for $193,599 with interest, has been withdrawn, and there are now no
priority claims against the estate.
Claims
types:
>► An issue
the trustee and the liquidators gave conthis collateral because of its effect
the deficiency claim ultimately to be allowed against
An agreement was entered into between the trustee
committees, and a similar agreement between the
sideraole attention to the valuation of
as
ment of suits
equally
the
the
protective committees.
received
his share of the then distributable part of $500,000 paid in settle¬
arising out of pledge of the Diamond Match Co. stock and a
like amount was paid to Swedish Match Co. and Irving Trust Co., as
trustee in bankruptcy of International Match Corp.
The balance, namely,
$168,333 was added to the fund held by the Irving Trust Co. as trustee,
bringing that fund up to $1,559,009.
From that fund $47,500 was paid
to the Estate of Ivar Kreuger in settlement of its claim against the fund.
In Dec., 1936, the trustee received $445,503, being one-third of the dis¬
tribution then made.
The balance of the fund, $175,000, was held as a
reserve for claims and liens.
On April 5, 1937, applications for allowances
from said fund wete presented to Referee Oscar W. Ehrhorn, and on Sept.
15, 1937, he granted an allowance to Messrs. Rosenberg, Goldmark &
Colin, attorneys for the trustee in bankruptcy of International Match
Corp., in the sum of $25,000 and denied the application of other claimants.
A petition to review the referee's decision was presented to Judge Coxe
and on Oct. 25, 1937, he affirmed the allowance granted by the referee and
awarded $7,500 to Messrs. Auchincloss & Duncan.
$110,556
organized by the protective com¬
holders, for the purpose of protecting
who had deposited their debentures with
debenture
Prior to the foreclosure sale,
Co. situation, free of adverse claims.
The estate has received $556,059 from the
a sum
filed.
Marine Midland Trust Co., commenced an action in the New York
Supreme Court, to foreclose its lien on the securities which it held as collateral for the debentures.
The court fixed $8,505,200 as the upset price.
At a public auction sale which had been widely advertised, the collateral
was sold on Oct. 27, 28 and 29, 1936, realizing a gross amount of $9,418,041.
Nils Brolen, one of the liquidators, was present at the sale.
Most of the
securities were purchased by Kreutoll Realization Co. Ltd. of Canada.
period from
which have
Intercompany Settlements—Intercompany settlement agreements have now
fully performed and have resulted in the following benefits to the
American estate of the bankrupt:
Claims against the estate have been reduced by approx. $187,000,000.
The estate has received a net amount of $1,573,190 from the Ohio Match
The trustee retained
blanket proofs of claim on behalf of all holders of secured debentures in the
of $48,232,013,
representing the amount of outstanding secured
debentures with interest to the date of bankruptcy.
In addition, 5,248
submitted his sixth
been
ants whose claims had not
face value of
sum
It is understood that this company was
Greenbaum, trustee in bankruptcy, has
intermediate report to the U. S. District Court covering the
Oct. 1, 1936 to Oct. 31, 1937.
A summary of those matters
occurred during the period follows:
and may receive in addition
debentures of the total authorized
220,000,000 Swedish kronor, represented in this country by so-called Ameri¬
can certificates issued in exchange for deposited participating debentures.
The Marine Midland Trust Co. of New York, as successor trustee, filed
individual claims on these securities were
(S. H.) Kress & Co. —Sales—
or
3821
Chronicle
.
originally of $50,000,000 of 5% secured sinking
Marine Midland Trust Co. of New York
debentures of which the
trustee.
fund gold
is successor
Swedish Estate—As
dividend of 25%.
indicated above, the Swedish estate
has paid a first
From the dividend payable to creditors who had re¬
the American estate, the amount of such American
As a result, each creditor, whose claim has been
ceived a dividend from
dividend was deducted.
the bankrupt (except clain s on participating
certificates) has received either a first Swedish
allowed against
debentures
dividend of
25%. _
not within the
considerable im¬
portance and interest to American creditors, since creditors must look
to it for the major part of their dividends.
The liquidators have furnished
the trustee with information showing the approximate net assets of the
and American
25% or first Swedish and American dividends aggregating
Although the affairs of the Swedish estate are, of course,
jurisdiction of the Court, nevertheless that estate is of
Financial
3820
Operating
1937—Month—1936
1937—10 Mo?—.1936
$7,536,534
$7,072,739 $72,629,071 $67,298,059
revenues
Uncollectible oper. rev..
163,331
170,256
16,452
17,072
7,519,462
5,009,068
7,056,287 $72,458,815 $67,134,728
4,580,773
49,118,792
45,046,950
$2,510,394
924,800
$1,585,594
$1,576,043 $12,241,546 $11,543,993
The
Net oper. revenues.--
Opera ting taxes
Utilities
have
Co.—Perferred Dividends—
declared
Per
fireman Mfg. Co.—Extra Dividend—
Iron
The directors have declared
Net oper. income
-V. 145, p. 3657.
1937
11,
dividends of $1.75 per share on the 7%
share on the 6H% cumul. pref. stock and
$1.50 per share on the 6% cumul. pref. stock (all $100 par value), all pay¬
able Dec. 21 to holders or record Dec. 8.
Similar payments were made on
July 1, last, Dec. 22 and July 1, 1936 and on Dec. 21. July 1 and Jan. 19.
1935, this last being the first dividend paid since April 1, 1932.—V. 145,
p. 3658.
directors
cumul. pref. stock, J1.62H
$2,475,514 $23,340,023 $22,087,778
899,471
11,098,477
10,543,785
Operating revenues
Operating expenses
Dec.
Iowa Southern
Illinois|Bell Telephone^Co.—Earnings—
Period End .Oct. 31—
Chronicle
an extra
dividend of 30 cents per share on the
stock, no par value, payable Dec. 27 to holders of record Dec. 16.
A regular quarterly dividend of 30 cents per share was paid on Dec. 1,
common
last.
Illuminating & Power Securities Corp.—Extra Div.—
on
the
stock, par $50, payable Dec. 21 to holders of record Dec. 10.
common
An extra dividend of $1 per
an
extra dividend of $2.40 per
share
!
Johns-Manville Corp.—Extra
dividend of $1.50 was paid on Nov. 10, last, and previously regular quarterly
dividends of $1 per share were distributed.
In addition a special dividend
The directors
addition
Indianapolis Water Co.—EarningsEarnings for 12 Months Ended Oct. Zl, IW&7
$2,582,181
807,144
554,545
Operation, maintenance and retirement
All Federal and local taxes
-
■
Interest' charges -•
Other deductions..,
_
-
-
-
— -
—:
— -
stock,
on
the
Dec.
6 declared
an
Dividend—
extra
dividend of $1
per
share in
quarterly dividend of 75 cents per share on the
value, both payable Dec. 24 to holders of record
Dec. 17.
An extra dividend of 75 cents was paid on Sept. 24, last, and one
of $1 was paid on Dec. 24, 1936.
See V. 143, p. 3634, for detailed record of
previous dividend payments.—V. 145, p. 2697.
18, 1936.—V. 145, p. 2695.
Gross revenues
Net income
to
common
of $1 was paid on Dec.
share was paid on Dec. 21, 1936.—V. 145,
p.3011.
A
The directors have declared
-
-
...
$1,220,490
'■
522,648
124,461
Balance available for dividends
$573,381
regular
no
par
(Mead) Johnson & Co.—Extra Dividend—The directors have declared an extra dividend of $1.75
addition to the regular quarterly dividend of 75 cents per
per
share in
share on the
value, both payable Dec. 28 to holders of record
Dec. 13.
Extra dividends of 75 cents were paid on Oct. 1, July 1 and April 1
last; an extra of $1 was paid on Dec. 26, 1936; 50 cents per share on Oct. 1,
July 1 and April 1, 1936; one of 75 cents on Jan. 2, 1936, and in each of the
seven preceding quarters the company distributed extra dividends of 25
cents per share.—V. 145, p. 1744.
common
stock,
no
par
Balance Sheet, Oct. 31, 1937
A suets1
Keith-Albee-Orpheum
Liabilities—
"
Fixed capital
..$20,364,191
Cash
2,318,417
Notes receivable.
261
Accounts receivable..
Marketable securities...
stock—-
Common stock
$1,054,900
5,250,000
Funded
13,827,000
.
indebtedness
349,143
Consumers deposits
94,529
605,218
Other current liabilities
41,425
Materials & supplies
Investments general.........
.
Prepay rnents
Preferred
96,340
21,872
___
extension
deposits.—..
38,280
Accrued taxes. —444,884
9,559
.
Accrued
1,103
......
Special deposits.......
Unarnortiz, debt disct. & exp*..
Undistributed debits.....
.
Main
Other accrued liabilities—.—
1,200,586
10,217
MLscell. unadjusted credits..
Corporate surplus
a dividend of $5.25 per share on the 7% cum.
$100, payable out of capital surplus on Dec. 24 to
holders of record
17.
This payment is for the June, Sept. and Dec.
quarters of 1934.
Dividends of $1.75 were paid on Oct. 1, July 1 and
April 1 last.
A dividend of $7 was paid on Dec. 21, 1936, and compares
with dividends of $1.75 per share paid on Oct. 1, July 1 and April 1, 1936,
this latter being the first payment made on the preferred stock since Oct. 1,
1931, when a regular quarterly dividend of like amount was paid.—V. 145,
p. 3011.
pref. stock,
_
Kenmore Hall (145 East 23rd St.
175
The
2,426,880
—....
Continental
announces
Total.
$25,113,110
$25,113,110
Total
-V. 145, p. 2695.
Interlake Steamship Co.—$2.o0 Dividend—
The directors have declared a dividend of $2.50 per share on tne common
stock, payable Dec. 20 to holders of record Dec. 13.
A dividend of $1.50
was paid on Oct. 1
last, dividends of 50 cents were paid on July 1 and April
1 last, and previously regular
quarterly dividends of 25 cents per share were
distributed.
In
addition,
an extra
dividend of $1.75
1936, an extra of 50 cents on Oct. 1, 1936, and
31,1935.—V. 145, p. 2551.
one
paid on Dec. 19,
of 60 cents paid on Dec.
was
Inter-Island Steam Navigation Co., Ltd.—Final Div.—
An extra dividend of 40 cents in addition to the
30 cent
on Dec.
10, 1936;
quarterly dividend
dividend of 50 cents was paid on Sept. 28, 1936,
per share were distributed each three months
previously.—V. 143, p. 4158.
and dividends
of 30
a
cents
International
Button-Hole
Co.—
Machine
Sewing
Extra Dividend—
The directors have declared
addition to the regular
mon
stock,
par
extra dividend of 10 cents per share in
quarterly dividend of 30 cents per share on the com¬
$10, both payable Dec. 24 to holders of record Dec. 15.
previous dividend payments see V. 144, p. 4010.
an
For detailed record of
International Paints, Ltd.— Accumulated Dividend—
The directors have declared
accumulations
*
on
the
5%
of
preferred stock, par $20, payable
A dividend of $1 was paid on Dec. 21,
The directors have declared
on
the
7%
holders
of record
cum.
Dec.
13.
A like payment was made in
International Telephone & Telegraph Corp.—Reduces
Bank
The
Operating
expenses.
Provision for
...
depreciation
York, successor trustee,
the payment of the balance
Simplify Structure—Name to Be
Securities
and
Exchange
The stock would be issued to Fort Madison Electric Co. of Fort Madison
Iowa, and Dallas City Light Co. of Dallas City, 111. (which companies will
be dissolved), in exchange for their assets.
The three companies are now
subsidiaries of Central Mississippi Valley Electric Properties, which is a
subsidiary of Union Electric Co. of Missouri, a holding company in the
North American System.
i
The securities received by Fort Madison Electric Co. and Dallas City
Light Co. would be distributed to Central Mississippi Valley Electric
Properties, which company would be dissolved into Union Electric Co.fof
Missouri, leaving the latter company as the sole parent of Keokuk Electric
Co., the name of which is to be changed to Union Electric Co. of Iowa.
i
Keokuk Electric Co. would issue 1,580 shares of common stock at an
issue price of $45 to Dallas City Light Co. and 10,745 shares of the same
stock to Fort Madison .Electric Co., in exchange for their assets.
These
two companies have filed applications (File No. 46-82) and (File No. 46-83),
respectively, asking Commission approval for the acquisition of these shares.
Opportunity for hearing in these matters will be given Dec. 22.—V. 122,
p. 2495.
Keystone Custodian Funds, Inc.—Registers with SEC—
See list given on
first page of this department. —V. 145,
Period End. Oct. 31—
2396.
1937—12 Mos.—1936
1937—Month—1936
Operating revenues
Operation.
$12,928
4,765
$12,186
5,012
588
541
Maintenance
Taxes
$150,506
56,091
8,605
a20,951
$139,965
58,894
8,393
18,462
$64,858
1,261
$54,214
7,924
1,505
1,886
$6,068
$4,747
183
919
$6,252
2,000
$5,666
2,176
$66,120
25,272
$62,139
26,775
$4,251
$3,490
$40,847
20,000
$35,363
20,000
$20,847
24,374
$15,363
$3,526
Net oper. revenues
$9,010
Non-oper. income (net).
Int. & amortization, &c.
Balance
Appropriations for retirement
reserve._
Balance
1936
$38,628,658
21,766,723
7,278,653
p.
Key West Electric Co.—Earnings—
Preferred dividend requirements.
1937
$48,312,563
25,994,641
8,018,166
.
Gross earnings
Corp.)—Payment —
New
Commission announced Dec. 9 that the
32-75) under the Holding Com¬
common stock under a plan to elimi¬
nate the corporate structures of two operating companies and one inter¬
mediate holding company from the holding company system of the North
American Co., a registered holding company.
**■
i
Earnings for 9 Months Ended Sept. 30
~
x
of
availbale for
Act, providing for the issuance of
Balance
Obligations—
Since Aug. 5, 1937,
corporation has applied a total of $11,209,593 to
reduce the obligations to New York banks
from $20,882,160 to $9,672,567
and a further amount of
$11,209,593 was set aside to acquire or retire 10year convertible 4 Yi % debentures of the
corporation due on Jan. 1, 1939.
Co.
Trust
now
company has filed an application (File No.
dividend of $1.50 per share on account of
a
1st pref. stock, par $100, payable Jan. 3
each of the
seven
preceding quarters and compares with $1 per share paid on Nov. 1,
July 2 and April 3, 1935, this latter being the first
payment made since
,J
J.931, when a regular quarterly dividend of $1.75 per share was
paid.—V. 145 p. 1743.
to
&
Keokuk Electric Co.—To
International Power Co., Ltd.—SI.50 Preferred Div.—
accumulations
are
Changed—
current Payment WH1 amount to $5.50 per share.
143par4158er
—V
dividend of $1.25 per share on account
a
cumulative
*t0 hold01"8 of record Dec. 9.
Bank
that funds
of the unpaid principal of the 1st mtge. 6% gold bond certificates, due
July 1,1937.
Bonds may be presented for such payment at the rate of $340
per original $1,000 bond at the office of the trustee, at 30 Broad St., New
York.
Interest will be paid thereon through Dec. 10,1937 on which date
interest will cease.—V. 144, p. 108.
pany
The directors have declared a final dividend of 90 cents
per share on
the capital stock, par $18, payable Dec. 15 to holders of record Dec. 10.
A regular
quarterly dividend of 30 cents per share was paid on Sept. 29,
last.
paid
par
Dec.
1,748,171
Reserves........
246,417
...
176,646
interest
Corp.—Preferred Dividend—
The directors have declared
con v.
Balance deficit.
24,374
Includes $5,654 Federal income taxes, of which $3,371 is Federal surtax
undistriouted profits.
Note—On Jan. 1, 1937 changes were made in accounting procedure,
hence previous year's figures for some items in the income statement are
a
on
——$14,299,756
charges of subs. & other deductions
2,928,374
Internat. Tel. & Tel. Corp., deb. bonds
4,327,312
$9,583,282
2,813,830
4,327,312
interest
Int.
on
Net inc. (excl. any inc.
x
Including
or
profit
gross
losses of Spanish subs.)
on sales of
$7,044,070
$2,442,140
manufacturing companies.
larnm 0f capithaI stock
Earnings per share
but
1937
4.9s;
<par si) - - - " -
A^er amortization,., depreciation
before Federa
surtax
on
on undistriouted profits
Earnings per share on 400,000 shares class B stock
145, p. 2396.
204',000
$0.22
1935
203 !000
$32,090
200,000
$0.17
.16
Y40(;
1 cc
and Federal and State income taxes,
undistributed profits.—Y. 145, p. 1423.
qa5riod End' Nov' 30~~ e}93J-Moni/i-1936
1937—10 Mos—1936
3"f98"
SI,957,718 $2,239,014 $18,880,399 $18,964,732
—V?"145","p~
Investment Co. of America—Asset Value—
The company reports net asset value
as
of Nov.
30.
1937.
193°6^vni45rp 3348St $41'13 °n °Ct* 3°' 1937, and 167,81
was
$37 76
OD NoV' 30,
Investors Fund C, Inc.—To
Pay 18-Cent Dividend—
The directors have declared a dividend of
18 cents per share on the comskares Payable Dec. 20 to holders of record
Dec. 13.
A dividend
1
j
00pt8 was paid on Oct. 15, last and each three
In addition
an
months previously
was paid on Oct.
31, last, and a
paid on April 15, last.
A special dividend
quarterly dividend of 20 cents per share was paid on Dec.
extra
special dividend of 4
of 90 cents and
a
dividend of 5 cents
cents was
18, 1936.—V. 145, p. 2551.
$75,476
$0.12
—V.
1936
Interstate Department
Stores, Inc.—Sales—
?
3659.
provision for Fed. surtax
Corp.—Earnings—
&¥°£%*JLnded SePL 3(>—
Net income
Kll+
p.
Net income after oper. exps., Fed. income charges, but before
International Vitamin
x
exactly comparable.—V. 145,
Kerlyn Oil Co.—Earnings—
Earnings for 3 Months Ended Sept. 30,1937
—V. 145, p. 2849.
v
not
Kinsey Distilling Co.—Reports 40.6% Excess Collateral
for Trust Notes Outstanding—
Company, for the period April 1, 1936 to Nov. 30, 1937 reports issuance
During this period redemption
outstanding Nov. 30, 1937,
$1,166,000.
m n
The notes are issued under the Pittsburgh Plan to finance sale of the
company's products.
They are secured by warehouse receipts registered
with the Pennsylvania Co. for Insurances on Lives and Granting Annuities,
together with cash in reserve and redemption funds.
vq 4
Security behind the $1,166,000 notes outstanding on Nov. 30 consists
of registered warehouse receipts and customers notes valued at $1,524,514,
$16,040 of cash in the redemption fund, and $100,000 cash in the reserve
fund, a total of $1,640,553 or 40.6% in excess of the face amount of the notes.
Collateral trust notes secured under the Pittsburgh Plan are now being
issued by six companies in, or affiliated with, the distilling industry and
sold to banks throughout the entire country.—V. 145, p. 3659.
of collateral trust notes totaling $4,099,000.
of notes totaled $2,933,000, leaving notes
(D. Emil) Klein Co., Inc.—Common Dividends-—
The directors have declared two quarterly dividends of 25 cents per share
on the common stock, (or a total of 50 cents per share) payable Dec.
each,
24 to
holders
of record
Dec.
16.
These
are
the dividends
ordinarily be payable April 1 and July 1, 1938.—V. 144,
p.
which
would
2659, 778.
Volume
Financial
145
participating debentures of the total authorized face value of
220,000,000 Swedish kronor, represented in this country by so-called Ameri¬
can certificates issued in exchange for deposited participating debentures.
The Marine Midland Trust Co. of New York, as successor trustee, filed
Issues
(S. S.) Kresge Co. —Sales—
1937—Month—1936
1937—11 Mos.—1936
—.$12,531,175 $12,214,406 $130089,802 $124359,483
Period End. Nov. 30—
Sales
had 741 stores in operation of which 686
A year ago stores in operation totaled
731 with 682 American and 49 Canadian.—V. 145, p. 3199.
On Nov. 30, last, the company
American and 55 Canadian.
were
(S.
H.) Kress & Co.—Sales—
of $76,469,
Sales for the>ll months ended Nov. 30 were $73,255,094, an in¬
$1,235,919,<$r 1.7%.—V. 145, p. 3199.
Sales for the month of November were $7,397,468, an increase
or
1%.
crease
of
blanket proofs of claim on behalf of all holders of
of $48,232,013,
representing the amount
sum
debentures with interest
At
a
was
public auction sale which had been widely advertised, the collateral
and 29,1936, realizing a gross amount of $9,418,041.
sold on Oct. 27, 28
mittees
secured
been allowed.
Dec.
creditor's meeting held on
This application was
presented at
17, 1936 and was recommended for ap¬
proval by Referee Harold P. Coffin on Dec. 24, 1936; the referee's recom¬
mendation was approved by Judge Goddard on Dec. 31, 1936.
On Jan.
15, 1937, Referee Coffin approved the dividend sheet, pursuant to which
dividends aggregating $1,225,476 were paid on Jan. 25, 1937.
This divi¬
dend was paid to the creditors having allowed claims of $41,080,509.
The trustee retained a sum sufficient to pay a
ants whose claims had not
dividend of 3% to all claim¬
filed by, or
been then allowed, including the claims
American Certificate holders and participating debenture
holders.
On Oct. 4, Judge Mandelbaum held that those claims were not
entitled to share on a parity with other creditors.
This decision is in accord
with a decision of the Supreme Court of Sweden rendered on Dec. 30, 1835,
which held that the claims on participating debentures were not payable
until all other claims were paid in full.
The trustee is informed that steps
on
behalf
are
being taken to appeal from Judge Mandelbaum's decision to the Circuit
these claims cannot be determined until
of,
Court of Appeals and the status of
this appeal is finally disposed of.
|»On April 12, 1937, the Swedish liquidators of the bankrupt estate pre¬
a proposal to pay a first dividend.
Thereafter a dividend of 25%
was authorized and paid to all creditors whose claims had been allowed in
the bankruptcy proceedings in Sweden (less any amount received by such
creditors on the 3% dividend paid in the American estate).
The trustee
was enabled to effect an arrangement which was approved by, the referee
on
May 26, 1937, whereby American holders of secured debentures, who
had not deposited with either of the protective committees, received a
payment of their Swedish dividend in New York.
This arrangement was
made possible through the aid and cooperation of the Swedish liquidators.
In the absence of such arrangement, it would have been necessary, by
reason of the requirements of Swedish law, for such debenture holders to
present their securities in Sweden for stamping and payment of dividends.
Under the procedure approved by the referee, the debentures were pre¬
sented to Marine Midland Trust Co. of New York for stamping and pay¬
ment of dividend, and the Swedish estate paid the dividends to the trust
company which, in turn, remitted to the individual debenture holders.
sented
Assets
which the trustee had on
On Sept. 30,
cash balance
hand of $2,485,757.
Since that time the trustee has received the sum
$497,067 and disbursed $1,357,300, leaving a balance of $1,625,524 on
beginning of his administration was $83,880.
1936, the date of the trustee's last report, the trustee had a
on
of
the
at
1937.
held by the trustee consist of $79,000 of the secured
bankrupt and 63,546 American certificates repre¬
senting deposited participating debentures of the bankrupt.
Diamond Match Co. Stock—The trustee (as previously reported) received
$110,556 as his share of the then distributable part of $500,000 paid in settle¬
ment of suits arising out of pledge of the Diamond Match Co. stock and a
like amount was paid to Swedish Match Co. and Irving TVust Co., as
trustee in bankruptcy of International Match Corp.
The balance, namely,
$168,333 was added to the fund held by the Irving Trust Co. as trustee,
bringing that fund up to $1,559,009.
From that fund $47,500 was paid
to the Estate of Ivar Kreuger in settlement of its claim against the fund.
In Dec., 1936, the trustee received $445,503, being one-third of the dis¬
tribution then made.
The balance of the fund, $175,000, was held as a
reserve for claims and liens.
On April 5, 1937, applications for allowances
from said fund wete presented to Referee Oscar W. Ehrhorn, and on Sept.
15, 1937, he granted an allowance to Messrs. Rosenberg, Goldmark &
Colin, attorneys for the trustee in bankruptcy of International Match
Corp., in the sum of $25,000 and denied the application of other claimants.
A petition to review the referee's decision was presented to Judge Coxe
and on Oct. 25, 1937, he affirmed the allowance granted by the referee and
awarded $7,500 to Messrs. Auchincloss & Duncan.
hand
as
►•The
of Oct. 31,
securities
debentures issued by the
^No appeal has yet been taken from remaining in order. Shouldbe divided
that order
final, the sum of $142,500 Judge Coxe's the fund will
come
equally
among
the estate of the bankrupt, trustee of International Match
This will be in addition to the sum of $556,-
Co. and Swedish Match Co.
059, which has already been received by the trustee, and the sum of $20,865
received by the Swedish liquidators of the bankrupt, as a result of the
compromise of the disputes affecting the Diamond Match Co. stock.
Estate of Ivar Kreuger—The estate of the bankrupt is a creditor in the
sum of $316,980 against the New York Estate of Ivar
Kreuger and the
trustee of International Match Co. is a creditor against that estate in the
sum
of
$402,416.
These claims constitute 88% of the claims
against that
estate.
Niln August, 1937, the Estate of Ivar Kreuger received the sum of $50,000
from Anders Jordahl in settlement of certain claims.
This sum, together
with the other assets which that estate has been able to collect, is subject
to
the U. S. Government for unpaid
The trustee is informed that negotia¬
priority claims, namely, a claim of
taxes, and administration expenses.
pending to compromise the Government's claim for taxes.
Present
indications are that, if those negotiations are concluded on the presently
proposed basis, the net amount of the Estate of Ivar Kreuger which will
be available for distribution to creditors, will be approximately $10,000,
and if that amount is distributed, the estate of the bankrupt will be entitled
to receive as its dividend, approximately $3,500.
The trustee has likewise filed a claim against the estate of Ivar Kreuger
tions
are
in New Jersey.
The administration of that estate
present at the sale.
Most of the
Realization Co. Ltd. of Canada.
organized by the protective com¬
for secured debenture holders, for the purpose of protecting the
debenture holders who had deposited their debentures with the
protective committees.
Prior to the foreclosure sale,
has not yet been com¬
the amount of the deficiency claim ultimately to be allowed against
the bankrupt estate.
An agreement was entered into between the trustee
and the protective committees, and a similar agreement between the
liquidators and the protective committees, Avhich provided in substance
that for the purpose of determining the amount of the deficiency claim on
upon
committees, the value of the
be deemed the sum of $10,000,000,
the sale of the collateral should that
sum exceed $10,000,000.
The claims on secured debentures were further
reduced by $79,000 face amount of secured debentures held by the trustee,
and by $55,000 face amount held by the liquidators.
As a result the claims on secured debentures were of these and other
reductions, reduced from $48,232,013 to $36,593,587, which is the equiva¬
lent of allowing a deficiency claim for $77.10 on each $100 face amount of
secured debentures then outstanding, and an order was entered to that effect
the secured debentures represented by the
collateral then being foreclosed would
or the actual net sale price realized on
on
Dec. 17, 1936.
payable as a dividend on these deficiency
further reduction by reason of the fact that secured
of $1,754,000 had been pledged by the
bankrupt with three bank creditors.
Two of these creditors, A.B. Caritas
and Skandinaviska Kreditaktiebolaget, filed no claims against this estate.
Agreements were entered into with them which were approved on June 11,
1936 and Dec. 17, 1936 respectively/and provided that an amount equal
to the sums paid on the pledged debentures held by said banks should be
refunded to the estate.
The third creditor, A. B. Lanekassan, a.f. 1914
filed claims against the estate.
An agreement was entered into with this
creditor, which provided that the dividends payable on the principal debt
The net amount ultimately
claims is subject to a
debentures
of the face amount
debentures, should be reduced by the amount of
pledged debentures.
In compliance with this
secured by the
paid
on the
the dividend
the amount of
in
Claims Against the
The total amount of claims
dividend payable on
compliance with the agreements
$10,501 by A.
viz.,
aktiebolaget.
Participating Debentures and
American Certificates—There are
outstand¬
of Swedish kronor 209,kronor 220,000,000. To
in this country they are
represented by so-called American certificates which were issued by Lee,
Higginson Trust Co. in place of equivalent deposited participating deben¬
tures
Each American certificate unit represents 20 Swedish kronor nominal
principal amount of participating debentures.
Lee, Higginson Trust Co.,
as trustee, filed blanket proofs of claim on behalf of certificate holders in
the sum of $40,279,783 for principal and $3,222,382 for interest, part of
which is represented by the coupon which was unpaid at the date of bank¬
ruptcy.
In addition 10,989 individual claims based on American certifi¬
ing participating
debentures of the nominal value
258,150 out of the authorized issues of Swedish
the extent that these debentures were marketed
.
filed.
,
the bankrupt estate and Lee, Higgin¬
and participating debentures were
As part of the settlement between
& Co., 305,818 American certificates
son
were canceled and destroyed and
Co. executed a consent dated Nov. 10, 1936
of its respective claims for principal and interest to reflect
providing
Lee, Higginson Trust
for the reduction
and destruction of those American certificates and also
to limit the claim for interest to the period ended June 4, 1932, the date
when the petition in bankruptcy was filed rather than Aug. 8, 1932, the
date of the adjudication herein.
By that consent, the claims were reduced
respectively to the following amounts:
the cancellation
For
$38,640,599
principal
2,753,128
For interest
Midland Trust Co., trustee for the secured
debentures, requested the bankruptcy trustee to object to the claims filed
by or on behalf of the holders of participating debentures and American
certificates and to move for the expungement of said claims or that they be
held subordinate to the allowed claims of other creditors.
Accordingly,
the trustee filed objections and thereafter hearings were held oefore the
referee and briefs submitted by the various parties in interest.
On April 1,
1937
the referee decided that the participating debenture holders and
American certificate ho.ders were entitled to snare as creditors in the
American estate on a parity with other creditors.
This decision was
annealed to the U. S. District Court and argument was had thereon before
Judge Patterson on April 29, 1937.
Subsequent to the hearings, Judge
Patterson felt that he was disqualified and the matter was referred to
Judge Mandelbaum.
It was argued before him on June 2, 1937, and after
consideration of the briefs submitted, he rendered bis decision on Oct. 4,
1937
holding that the claims were subordinate to the claims of other
creditors
The trustee is informed that an appeal will be taken from this
decision to the Circuit Court of Appeals.
The ultimate status of claims
filed by the holders of participating debentures and American certificates
depends upon the final outcome of that appeal.
(c) Claims Filed by Claimants Within the Kreuger Group—Claims of this
character originally exceeded the sum of $181,000,000.
By Sept. 30,
1936 these claims had been reduced to $45,871,319.
The trustee is pleased
to report that these claims have now been reduced to $2,356,605 (part of
this reduction is due to a change in the basis of conversion of foreign cur¬
rencies into dollars).
This substantial reduction results principally from
the withdrawal of the claim of the Swedish Match Co. in the sum of $43,302 484
which was expunged by order of the Court on Dec. 17, 1936,
""On July 31, 1936, Marine
the provisions of the intercompany agreements.
The claim
Amerikanski i Polsce (now assigned to N. V. Financiele MaatKreuger & Toll in liquidation) was reduced from $1,064,900 to
714. on July 21, 1937 on a consent filed Jan. 16, 1937 (part of this
pursuant to
of Bank
schaonii
$852
reduction is
due to a change
int(d?°Claim's
in the basis of conversion
of foreign currencies
Others—Claims falling within this category originally
totaled $23,480,946.
By Sept. 30, 1936, these claims had been reduced
to the sum of $19,053,829.
Since that time the claims have been further
reduced to the sum of $2,131,604 (part of this reduction is due to a change
in the basis of conversion of foreign currencies into dollars).
These sub¬
Filed by
stantial reductions
have been accomplished
in the following manner:
The
Pays-Bas in the sum of $10,600,000 and of
in the sum of $59,656 were withdrawn
the intercompany agreements, by order
dated Dec 17, 1936, and that of Swiss Bank Corp. in the sum of $5,556,112
by an order dated Oct. 19, 1936.
The claim of International Muitg|ge
de Paris et des
Arehns Mekaniska Verkstad
in their entirety in accordance with
Estate
originally filed against the bankrupt estate
of participating debentures or
with them, the other banks have re¬
dividends paid on the debentures pledged to them,
B. Caritas and $23,130 by Skandinaviska Kredit¬
funded the amount of
Gerh
<exclusive of duplications) amounted to over $296,000,000.
At the time
of the previous report of the trustee, these claims had been reduced to
$156,659,326.
Since that time, there have been further substantial re¬
ductions and at the present time the total amount of unsubordinated
allowed claims is $41,081,796.
This figure does not include claims filed
by or on behalf of holders
dividends,
agreement
1914 was reduced by $6,939,
debentures pledged to it. Likewise
paid to A. B. Lanekassan a.f.
claim of Banque
pleted.
the trustee and the liquidators gave conbecause of its effect
sideraole attention to the valuation of this collateral
cates
of the Estate
Cash and Securities—The net amount of cash
hand
the New York
Supreme Court, to foreclose its lien on the securities which it held as col¬
The court fixed $8,505,200 as the upset price.
lateral for the debentures.
submitted his sixth
a
secured debentures in the
of outstanding secured
In addition, 5,248
the date of bankruptcy.
individual claims on these securities were filed.
Marine Midland Trust Co., commenced an action in
S. District Court covering the period from
A summary of those matters which have
occurred during the period follows:
Intercompany Settlements—Intercompany settlement agreements have now
been fully performed and have resulted in the following benefits to the
American estate of the bankrupt:
Claims against the estate have been reduced by approx. $187,000,000.
The estate has received a net amount of $1,573,190 from the Ohio Match
Co. situation, free of adverse claims.
The estate has received $556,059 from the Diamond Match Co. situation
and may receive in addition approximately $47,500.
Payment to Creditors—The sale of the collateral held by Marine Midland
Trust Co. of New York, as successor trustee for secured debentures, which
was held in Nov.,
1936, and the consummation of agreements fixing the
amount of the deficiency claim on secured debentures, made it possible for
the trustee to propose the payment of a first dividend of 3% to creditors
intermediate report to the U.
Oct. 1, 1936 to Oct. 31, 1937.
whose claims had then
to
It is understood that this company was
Greenbaum, trustee in bankruptcy, has
S.
of
Nils Brolen, one of the liquidators, was
securities were purchased by Kreutoll
Kreuger & Toll Co. -—Trustee1 s Report—
Edward
3821
Chronicle
American certi-
Bank in the sum
The claim of St.
consent
on
of $218,253 was expunged upon consent on April 14, 1: 87.
Phalle, Ltd. was reduced from $517,261 to $209,000 jon
Dec. 17, 1936.
One of the claims of A. B. Lanekassan;
$51,737 on July 8, 1937 (part of
1914, was reduced from $148,306 to
reduction is due to a change in the basis
a.f.
this
of conversion of foreign currencies
fieates
into dollars).
Claims against the estate divide themselves into four classes, namely,
(a) priority claims; (b) claims upon securities issued by the bankrupt;
(c) claims filed by claimants within the Kreuger group, and (d) claims filed
by others.
>%(a) Priority Claims—The priority claim filed by the U. S. Government
for $193,599 with interest, has been withdrawn, and there are now no
priority claims against the estate.
*»(b) Claims Based upon Securities Issued by the Bankrupt—The securities
issued by the bankrupt upon which proofs of claim have been filed are of
Swedish Estate—As indicated above, the
dividend of 25%.
From the dividend payable
two types:
> An issue
debentures
originally of $50,000,000 of 5% secured sinking
of which the Marine Midland Trust Co. of New York
trustee.
fund gold
is successor
Swedish estate has paid a first
to creditors who had re¬
dividend from the American estate, the amount of such American
dividend was deducted.
As a result, each creditor, whose claim has been
allowed against the bankrupt (except clain s on participating debentures
and American certificates) has received either a first Swedish dividend of
25% or first Swedish and American dividends aggregating 25%.
Although the affairs of the Swedish estate are, of course, not within the
jurisdiction of the Court, nevertheless that estate is of
im¬
portance and interest to American creditors, since creditors n ust look
to it for the major part of their dividends.
The liquidators have furnished
ceived
a
considerable
the
trustee
with
information showing the approximate net
assets of the
Financial
3822
profits for the year 1936 as that
the
period from Jan. 1 to Aug. 31, 1936, Louisville Gas & Electric Co.
(Ky.) made provision for Federal income taxes in the amount of $271,400
was reversed over the period from Sept. 1 to Dec. 31, 1936.
During
the period from Jan. 1 to Nov. 30, 1936, that
company also made pro¬
which
YARNALL & CO.
A. T. & T. Teletype—Phila. 22
1528 Walnut St.
Philadelphia
The condition at that time shows the
following:
Assets
Cash
on
-
hand and in bank, Swedish kronor
Liabilities
Swedish kronor
74,226,000
French francs
46,459,000
16,775,000
French francs
31,951,000
55,000
5,350,000
296,000
63,000
Dollars..
(including secured
debentures)
Swiss francs
Swiss francs
Pounds sterling
576,000
Pounds sterling
17,000
The liabilities
given above have been stated in round figures for the
purpose of convenience.
The liquidators call attention to the fact that
numerous matters are still pending in the Swedish administration and that
the foregoing statement is not intended to reflect the final condition of the
estate.—V. 145, p. 3500.
Kysor Heater Co.—Extra Dividend•—
The directors have declared
dividend of 50 cents per share in
addition to the regular quarterly dividend of 15 cents per share on the com¬
an
An extra
of 15 cents
Lambert Co.—Smaller Dividend —
The directors
on
Dec. 7 declared
dividend of 37cents per share on
a
the
common stock, payable Jan. 3 to holders of record Dec. 17.
of 50 cents per share was paid on Oct. 1, last.—V.145, p. 2697.
Lane
Bryant, Inc.—Sales
Period End. Nov. 30—
Sales
A dividend
—
1937—Month—1936
1937—11 Mos.—1936
$2,221,175 $13,282,551 $12,783,054
$1,148,292
—V. 145, p. 3200.
Lehigh Valley RR. —Bonds.
The Interstate Commerce Commission has modified its order of Nov. 3,
1937 so as to permit the pledge and repledge from time to time, to and incl.
Dec. 31, 1939, of all or any part of $1,000,000 of general consolidated mort¬
gage 5% bonds, due 2003, and such additional amounts of like bonds as may
be required to maintain the pledging ratio requested, as collateral security
for
promissory note
a
or notes in the sum of $500,000 to toe order of the
Midland Trust Co. of New York, or for any renewal thereof.—
Marine
145, p. 3659.
Lerner Stores.
Corp.—Sales—
Period End. Nov. 30—
Sales..
1937—Month—1936
$2,904,572
1937—10 Mos.—1936
$3,048,812
$31,529,715 $29,194,613
—V. 145, p. 3200.
stock,
Dec. 13.
Operating
Operating
145,
p.
3659.
expenses,
(Edgar P.) Lewis & Sons, Inc.—Extra Dividend—
an extra dividend of 15 cents
per share in
to the regular dividend of 10 cents per share on the common
stock, no par value.
Half of this dividend of 12H cents per share will
be paid on Dec. 28 to holders of record Dec.
24, and the balance will be
paid on Jan. 15 to holders of record Jan. 10.—V. 145, p. 1906.
$5,261,766
342,628
Net operating revenue and other income (before
appropriation for retirement reserve)
$5,512,665
Appropriation for retirement reserve
1,181,000
Amort, of contractual capital expenditures
37,000
$5,604,395
1,006,000
37,000
Gross
a
$4,294,665
1,028,033
(net)
Dividends
Dividends
on
495,032
Low Cost Housing,
Lowell
Inc.—Registration Withdrawn—
department.—V. 145,
0nQtS?nCompany's Preferred stock
p. 3200.
14,
Assets—
Cash
011
1937
banks
in
waJS made on Dec.
15, 1933 —V. 145,
an
$85,832
qo0™111011 8tockl Payable Jan. 3 to holders of record Dec. 20.—V.145,
oJuu.
Liabilities
$90,879
69,217
71,053
short-term
Accrued
rec.
79,643
70,127
Investments
72
■
4 WeeksNov. 13 '37
Nov. 14 '36
Period Ended—
-
__
$1,681,004
70,405
-24 WeeksNov. 13 '37
Nov. 14 '36
$1,452,910
68,149
After charges and income taxes.-
V.
145,
p.
not
$9,269,514
371,318
$7,984,368
351,793
3350.
cost,
1936
510 423 697
5',18l!l47
$5,201,162
379,130
$5,508,034
1,200,000
37,000
$5,580,292
1,025,000
37,000
approp.
Gross income.
Interest charges (net)
reserve
expenditures". IIIIII
;
Amortization of debt discount and
IIIIII
expense"IIIIII
Amortiz. of flood and rehabilitation
expense
Other income deductions
Divs.
on
pref. stock of Louisville Gas & Electric
Co. (Ky.)
420,911
$4,271,034
1,023,481
159,409
125,000
21,916
$4,518,292
1,351,525
122,464
1,354,920
1,354,920
13,647
6,092
$747,993
$740,435
Total
$747,993
Mack Trucks, Inc. -Year-End Dividendon
Dec. 7 declared a year-end dividend of
li? Th®<ab?v? inc°me account for the 12
months ended
Sept.'
30,
25 cents per share
quarterly dividend of 25 cents per share on the
stock, no par value, both payable Dec. 24 to holders of record
Dec. 17.
Year-end extra of 50 cents was paid on Dec. 24, 1936.—V. 145,
in addition to the regular
common
p.
3013.
McColl Frontenac Oil
Co.—Exchange Plan Voted —
Directors of Perfection Petroleum, Ltd., have accepted the offer of this
exchange on the basis of four preferred shares of Perfection for
one preferred of McColl.
Control of Perfection is already held by McColl so that the exchange of
preferred shares will merely simplify the capital structure.
There are
9,288 shares of Perfection preferred outstanding which will involve.an
additional issue of 2,322 shares of McColl preferred.—V. 145, p. 2853.
company to
McCrory Stores Corp.—Sales—
___
Stores in
1936 has been adjusted to reflect additional taxes
applicable to the nine
ended Sept. 30, 1936 charged to
surplus in 1937, the effect of
which reduced net income for that period
by $55,729. Also, the portion of
1.154,602
12,384
Period End. Nov. 30—
1
1,571,532
407,797
6,092
16,408
Total
Sales.
months
1,462,140
1,019,586
after
for deprec.
The directors
for
retire, reserve)
Amort, of contractual capital
Paid-in surplus...
of
Mass., less res._
5',680',690
$5,242,549
265,485
(before
244,600
$10 881 852
taxes"II" I
& other inc.
245,130
—V. 143, p. 3636.
(bQf°re aPPr°P- for tetlre- res.)—
Appropriation for retirement
4,533
...
(par
Earned surp. (def.)
Prepaid items
1937
stock
$10).
Mo..
excess
net
prov.
Com.
Property at Lowell,
Louisville Gas & Electric Co.
(Del.) (& Subs.)—Earns.
Year Ended Sept. 30—
Operating revenues
Operating expenses, maintenance and
in
10,383
leases
prop,
cal year
77,152
70,-545
Plant & equip't at
Louis,
1,903
fo
be¬
yond ensuing fis¬
prov.
Inventories..
$24,568
39,419
loss
leases
57
for doubt, accts.
St.
for
ensuing fiscal yr
Prov. for loss on
011
securities.__
Groceterias, Ltd.—Earnings-
Res've
1936
42,975
_
4,166
•
int.
after
1937
$15,432
—
Accounts pay - le.
Accrued items...
prop,
notes at cost
net
interim dividend of 30 cents per share on
1936
&
hand
Acets. & notes
rev.
3350.
distributions aggregating $4 pe
common stockholders, namely, $2 per share on
1937, and $2 per share on Nov. 12, 1937.
These distributions
have been charged against capital surplus.
The St. Louis bleachery for the 12 months ended Sept. 30, 1937, showed
net income, after depreciation charges, of $170,567.This amount compares
with $153,866 in 1936 and $63,172 in 1935. After deducting administrative
expenses and reserves for Federal and Missouri income taxes, and after
adding miscell. income, the net earnings of the company were $134,656.
Corp.—Interim Dividend—
The directors have declared
•,
p.
Charles C. Hoyt, President, says:
Since the last annual meeting two
Munle.
let oper.
jt, -
1,595,000
Bleachery, Inc.—Report—
Savings bank deps.
paid on Nov. 10, 1936; $2.12H per share
Aug. 10, May 11 and Feb. 11, 1936 and $1.62^ per share paid on
10, 1935, prior to which the last dividend disbursement
14 and Aug.
Other income-i
742,548
stock
See list given on first page of this
on
x
12", 813
$2,957,640
Notes—(1) The above income account for the 12 months ended Sept. 30,
1936, has been adjusted to reflect additional taxes applicable to the nine
months ended Sept. 30, 1936, charged to surplus in 1937, the effect of which
reduced net income for that period by $55,729.
Also, the portion of such
charges applicable to the last three months of 1936 has been reflected in the
12 months ended Sept. 30, 1937, which reduced net income for that period
by $18,576.
(2) No provision was made by company for Federal or State income taxes
or for surtax on undistributed profits for the year 1936, as company claimed
as a deduction in its Federal and State income tax returns for the year 1936
the unamortized discount and expense and redemption premium and ex¬
pense on bonds redeemed in 1936, which resulted in no taxable income for
that year.
During the period from Jan. 1 to Aug. 31, 1936, company made
provision for Federal income taxes in the amount of $271,400, which was
reversed over the period from Sept. 1 to Dec. 31, 1936.
During the period
from Jan. 1 to Nov. 30, 1936, company also made provision for State income
taxes in the amount of $90,060, which was reversed during December, 1936.
No surtax on undistributed profits was incurred by the other companies
consolidated herein for 1936.
No provision for surtax on undistributed
profits during 1937 is included in the above statement, as it is estimated
that no such surtax will be incurred by the company or its subsidiary com¬
panies for the year 1937.
(3) The above figures reflect the loss in revenue due to the flood at Louis¬
ville in January and February,
1937.
In accordance with permission
granted by the Public Service Commission of Kentucky, expense in connec¬
tion with flood damage is being amortized over five years beginning with
1937.—Y. 145, p. 2698.
and compared with $5.62 H
Net profit
21,262
$2,960,959
1,595,000
preferred stock
on common
paid
x
125,000
_
Net income.
last
Sates------
159,409
expense
Amortization of flood and rehabilitation expense.
Other income deductions
$4,561,395
1,468,476
122,464
Comparative Balance Sheet, Sept. 30
dividend of $2.25 per share on the 6H%'
£referred stock, par $100, paid on Nov. 10, Aug.holders of 10 and Feb. 10,
payable Dec. 15 to 10, May record Dec. 8.
hvidends of $2.12^ were
Lobiaw
$5,247,180
income
Interest charges
Amortization of debt discount and
Lexington Utilities Co.—Preferred Dividend—
The directors have declared
p.
1936
$10,754,246
5,492,479
265,485
June
The directors have declared
Lionel
1937
$10,288,051
5,040,871
maintenance and taxes
share have been made to
addition
Nov.
(Ky.) (& Subs.)—Earns.
revenues
Net oper. revenue (before approp. for retire, res.)
income
an
An extra dividend of $4.50 per share was
paid on Dec. 1, 1936, and an
dividend of 50 cents per share was distributed on
Sept. 1, 1936.
par
Other
extra dividend of $1.50
per share on the
stock, payable Dec. 22 to holders of record Dec. 16.
The regular quarterly dividend of 25 cents per share was
paid on Dec. 1,
last.
—Y.
no
Louisville Gas & Electric Co.
common
extra
the regular
.Year Ended Sept. 30—
(R. G.) Le Tourneau, Inc.—Extra Dividend—
The directors have declared
a year-end dividend of 75 cents per share in
quarterly dividend of 75 cents per sbare on the
value, both payable Dec. 23 to holders of record
Like amounts were paid on Dec. 31, 1936.—V. 145, p. 269$.
to
common
extra
stock, both payable Dec. 20 to holders of record Dec. 10.
was paid on Sept. 15 last.'—V. 145, p. 1263.
mon
Lone Star Cement Corp.— Year-End, Dividend—
The directors have delcared
addition
Disputed Claims—
Undisputed Claims—
Dollars
vision for State income taxes in the amount of $90,060 which was reversed
during December, 1936. No surtax on undistributed profits was incurred
by the other companies consolidated herein for 1936.
No provision for
surtax on undistributed profits during 1937 is included In the above state¬
ment as it is estimated that no such surtax will be incurred by the company
or its subsidiary
companies for the year 1937.
(3) The above figures
reflect the loss in revenue due to the flood at Louisville in January and
February, 1937.
In accordance with permission granted by the Public
Service Commission of Kentucky, expense in connection with flood damage
is being amortized over five years beginning with 1937.—V. 145, p. 2698.
21,866,382
*
(This amount includes Swedish kronor 5,907,808 representing the balance
in a disputed joint account claimed by others.)
Other assets held have a substantial value, but liquidation thereof will
be difficult and no reliable estimate of their realizable value can be made
at this time.
These assets include: Bonds consistingprincipally of obliga¬
tions of the Greek and Rumanian Governments; 140,780 shares in Swedish
Match Co. subject to an option to purchase at 20 Swedish kronor each;
5,000 ordinary and 73,900 preferred shares in Fastighets A. B. Hufvusdstaden; shares in and advances to real estate companies; sundry claims
and law suits against others.
Swedish kronor
claimed as a deduction in its
company
Federal and State income tax returns for the year 1936 the unamortized
discount and expense and redemption premium and expense on bonds
redeemed in 1936 which resulted in no taxable income for that year. During
Pennsylvania Sugar Common Stock
of Aug. 31, 1937.
11, 1937
period by $18,576. (2) No provision was made by Louisville Gas & Electric
Co. (Ky.) for Federal or State income taxes or for surtax on undistributed
City of Philadelphia Bonds
New York, Phila. & Norfolk Stock Trust 4s
Lehigh Valley Annuity 4^8 and 6s
Northern Central Railway Stock
as
Dec.
such charges applicable to last three months of 1936 have been reflected
in the 12 months ended Sept. 30, 1937, which reduced net income for that
WE DEAL IN
Swedish estate
Chronicle
operation
1937—Month—1936
1937—11 Mos.—1936
$3,306,461
$3,209,176 $34,238,191 $33,520,692
199
194
To Resume Common Dividends—
The directors have declared a dividend of 50 cents per share on the
common stock, par $1, payable Dec. 20 to holders of record Dec. 10.
This
Financial
Votmm*
be the fjjst dividend paid on the common shares since
1931.—V. 145,
P*v20U«
McKesson &
Robbins, Inc.—Sales—
Period Ended Oct. 31—
Net sales
1937—Month—1936
1937—10 Mos.—1936
$15,079,208 $14,617,842 $141536,836 $123113,585
—V. 145, p. 3350.
McLellan Stores Corp.—Sales—
Period End. Nov. 30—
„
Sales---
1937—10 Mos.—1936
1937—Month—1936
$1,866,251 $17,488,948 $16,745,158
$1,850,023
—V. 145, p. 3013.
Miami
The
Copper Co.—To Pay 15-Cent Common Dividend—
directors
common
have declared
a
dividend
of
15 cents
per
share on the
The last
Aug. 15, 1930.—V. 144,
stock, payable Dec. 23 to holders of record Dec. 16.
previous payment was 37H
cents per share on
Manufacturers Finance Co .—Accumulated Dividend—
The directors
a dividend of 2VA
cents per share on the
$25, payable Dec. 21 to holders of record Dec. 8.
Sept. 30, last.
A dividend of 12
cents was
paid on June 30 last and dividends of 21cents per share were previously
paid in each quarter since June 30, 1933.
Prior to that date regular quar¬
terly dividends of 43M cents per share were paid.—V. 145, p. 3350.
7%
cum.
have declared
pref. stock,
par
Like payment was made on
Manufacturers
Trading Corp.—Pref. Stock Offered—A
$1,150,000 convertible preferred stock was
offered Dec. 6 by Distributors Syndicate, Inc., New York
and Syracuse, at $11.50 per share.
issue
new
of
The Chase National Bank, New York, transfer agent; Corporation Trust
Co., New York, registrar.
History and Business—Incorporated in Delaware Dec. 12, 1936.
Com¬
pany is the successor of Manufacturers Trading Corp. of Ohio, the assets
of which, subject to its liabilities, it took over the day of its formation.
The Ohio company had been organized in Jan., 1929, and had operated
profitably during all the eight years of its existence.
Company engages generally in the business of commercial financing,
but specializes in the financing of responsible manufacturers, distributors
and other merchants through the purchase of their open accounts, notes
and trade acceptances receivable against rated jobbers, department stores,
chain stores, mail order houses and other retailers.
It also purchases from
and discounts for such manufacturers and merchants warehouse receipts
covering staple merchandise, notes secured by liens on income producing
machinery and similar negotiable paper.
The area in which the business of the company has been carried on has
been the States of Ohio, Pennsylvania, Michigan and Western New York,
within a radius of approximately 250 miles from the company's executive
offices in Cleveland.
During the past year this area has been somewhat
expanded due to the growth in the volume of business, and it is expected to
expand further as this financing proceeds.
Capital Funds, cfee.—The increase in the company's capital funds, result¬
ing from sales of capital stock, the increase in the volume of its business,
and its current net profits are shown in the following table, comparing
operations during the first nine months of 1937 with those in the corre¬
sponding period in the year 1936.
Nine Months Ended Sept. 30—
Average capital funds—
Average rediscount funds
1937
$383,620
143,217
$526,837
Balance capital funds—End of period
Balance rediscount funds—End of period
$939,955
1,042,127
Net profit..
$32,041
x51,037
outstanding—End of period
income
$199,325
$1,358,341
183,626
203,544
$111,782
Balance paper
x
$63,292
136,033
94,023
$3,757,631
577,911
Total working funds—End of period
Total commercial paper purchased
Average balance paper outstanding
Gross
$153,140
$587,561
352,394
Total average working funds
1936
$59,117
of $13,732 in
Capitalization—Company has an authorized capital stock consisting of
and 750,000 common shares (par $1).
shares, 300,000 are presently issued and out¬
100,000 preferred shares (par $10)
Of the authorized
common
standing, and 287,500 additional common shares are reserved for conversion
of the preferred stock on or before Dec. 31, 1943.
Company is also author¬
ized to issue scrip, representing fractions, to wit: Eighths, of its common
capital stock, when necessary, in the event of the conversion of the pre¬
ferred stock.
Scrip, upon consolidation, is exchangeable on or before
Dec. 31, 1944, for full shares of the common stock.
75,000 common shares
were issued to the predecessor company in exchange for its net assets,
38,857 common shares were sold to the public at $2.50 per share, netting
the company $2.12 per share or the aggregate amount of $82,571.
156.411
shares were sold to the public by the company under a registration state¬
ment, which became effective Feb. 4, 1937.
Said shares were offered to
the public at $3 per share and netted the company $409,875.
In addition
to a cash commission the underwriters of the common stock received as
part compensation 30,000 common shares,
which were sold to the public
concurrently with the 156,411 shares.
Purposes—Net proceeds from the sale of this preferred stock is estimated
by the company at $977,500.
Of said amount the company intends to
employ the sum of approximately $350,000 to pay off rediscounts, $57,500
to pay additional organization, &c., expense and to devote the balance of
approximately $570,000 in the further expansion of its business.
Underwriters—Company has made an underwriting agreement with Dis¬
tributors Syndicate, Inc., New York, constituting said company its agent
for the sale to the public of the preferred shares covered by this prospectus.
—Y. 145, p.3201.
-
Market Street Investment Corp .—Registers
See list given on first page
Market Street Ry.
with SEC —
of this department.
Co.—Earnings—
[Including South San Francisco RR. & Power Co.]
Year Ended Oct. 31—
1937
Net oper. rev. & other
retirement reserve)
$1,282,328
7,816
$1,290,144
500,000
500,000
$424,725
$790,144
inc. (before approp. for
Appropriation for retirement reserve
Gross income
Interest
$917,157
$924,725
res.)
$7,525,183
6,242,855
7,567
Netoper.rev. (before approp. for retir.
Other income
-
Other income deductions
Net income
463,263
23,258
3,720
484,594
24,936
4,614
loss$65,516
charges
Amortization of debt discount and expense
$275,999
James
O.
Co.—Obituary—
McKinsey, Chairman of the Board, died of pneumonia on
Massachusetts Investors
The trustees have declared a
Trust—Special Year-End Div.
special year-end distribution of
share, payable Dec. 24 to holders of record Dec. 10.
The trustees' announcement stated that this distribution
21 cents a
represents part
during the last quarter, and that the
20, 1938, to stockholders of record Dec.
of the income received on investments
balance will be distributed on Jan.
1937.
payments within the calendar year, including 18 cents a share paid
on Jan. 20, 1937, from income from the fourth quarter of 1936, amount to
$1.11 a share.
All distributions paid in 1937 represent investment income
from dividends and interest received, and total approximately $5,300,000.
Total
on
April 20. 1935; 25 cents paid on Dec. 31, 1934:19 cents per share paid on
Sept. 29 and June 30, 1934; 21 cents per share paid on March 31, 1934, and
Dec. 30, 1933; 10 cents per share on Sept. 30 and June 30, 1933, and 20
cents per share on March 31, 1933.—V. 145, p. 3350.
Massachusetts Lighting
See Massachusetts
Utilities
Massachusetts
Companies—To Be Dissolved —
Associates
below.—V.
144, p. 2834.
Associates—Three
Utilities
Subsidiary
Holding Companies to Dissolve—
The Securities and Exchange Commission
announced Dec. 6 that three
subsidiary holding companies of Massachusetts Utilities Associates, a hold¬
ing company in the holding company system of New England Power
Association, a registered holding company, have filed plans providing for
their voluntary liquidation and termination under the simplification provi¬
sions of the Holding Company Act.
As a result of the proposals, the applicant companies, Massachusetts
Lighting Cos., Central Massachusetts Light & Power Co., and Common¬
wealth Gas & Electric Cos., would be collapsed and all of their operating
companies would become operating subsidiaries of Massachusetts Utilities
Associates, thus complying with the provisions of the Act providing for the
elimination of intermediate holding companies beyond the first degree.
The applications and declarations of the three applicant companies are
covered in Files Nos. 50-2, 50-3, and 50-4, respectively.
These companies had outstanding the following securities as of Nov. 1,
1§37:
Shares
Shares Held Shares Held
Massachusetts Lighting Cos.—
8% preferred shares
6% preferred shares
Common shares
Outstanding
30,841
51,235
91,918
-
by Public
byM.U.A.
1,255
29,586
1,602
49,633
*720
90,923
Central Mass. Lt. & Power Co.—
37,000
Common shares
477
6,500
6% preferred shares
23
36,523
6,477
281
18,621
168
14,837
Commonwealth Gas & Elec. Cos.—
18,902
6% preferred shares
Common shares-.
*
,
15,005
-
England Power Association owns 275 common shares.
The plans of liquidation provide that upon liquidation of Massachusetts
Lighting Cos. and the Central Massachusetts Light & Power Co., the
public holders of the 8% preferred shares and 6% preferred shares will be¬
come entitled to cash equal to the full amount to which such preferred shares
are entitled in liquidation ($125 and accrued dividends).
In the case of
Commonwealth Gas & Electric Cos. the publicly held 6% preferred shares
will become entitled to receive cash equal to the fair value of their preferred
shares, as determined by a committee of disinterested persons selected by
and from the trustees or said Commonwealth Gas & Electric Cos., but not
exceeding the full amount to which such preferred shares are entitled in
liquidation, before any payments may be made to the holders of common
shares, such maximum amount being $125 per share and accrued dividends,
the accrued dividends to date of this plan amounting to $17.80 per preferred
share.
In addition these preferred shareholders shall have the right to ex¬
ercise options (b) and (c) below.
The common shares, ipublicly held, in each of the three companies will
be given three options: (a) to receive in cash the fair value of their common
shares as determined by a committee of disinterested persons selected by
and from the trustees of the respective companies; (b) or any holder of
common shares not voting in favor of the plan, shall be entitled to receive
in cash the value of his shares as redetermined by arbitration, such right
of arbitration and appraisal to be conditional upon demand for arbitration
made within 30 days after the vote upon such plan; (c) to receive, in lieu
of cash, such amount of outstanding preferred shares of Massachusetts
Utilities Associates and such amount of outstanding Masaschusetts Utilities
Associates voting trust certificates as shall have been determined by a
majority of the trustees of the respective companies, or a committee of such
In addition New
trustees.
Opportunity for hearing In these matters
p. 2834.
,y- ■ .•
;
'
144,
shall be given Dec. 20.—Y.
...
Merchants Refrigerating Co.—Com. Div. Resumed—
declared a dividend of $1 per share on the common
The directors have
stock, payable Dec. 15 to holders of
dividend paid on the common shares
of 25 cents per
record Dec. 4. This will be the first
since Sept. 29, 1934 when a dividend
2231.
share was distributed.—V. 145, p.
Light & Power Co., Ltd.—Earnings—
Mexican
[Canadian Currency]
Period End. Oct. 31—
Gross earns, from oper-
Oper. exps. & deprec'n—
earnings
145, P. 3201.
Net
—V.
....
1937—Month—1936
$776,057
$712,057
540,706
5.400,828
4,778,365
$232,560
$171,351
$1,999,303
$1,782,407
Michigan Bell Telephone
Period End. Oct. 31—
Operating revenues
Co.—Earnings—
1937—Month—1936
$3,547,510
1937—10 Mos.—1936
$3,189,861 $33,687,107 $30,195,304
3,881
6,691
Uncollectible oper. rev__
53,753
31,366
$3,540,819
2,170,443
Operating revenues
Operating expenses
Net oper. revenues...
$3,185,980 $33,633,354 $30,163,938
1,925,361 20,903,054 18,654,279
$1,370,376
$1,260,619 $12,730,300 $11,509,659
428,029
Operating taxes
Net operating income.
—V. 145, p.
1937—10 Mos.—1936
$7,400,131 $6,560,772
543,497
379,092
4,197,487
3,561,862
$942,347
$881,527
$8,532,813
$7,947,797
3013.
Middle States Securities Corp.—To Pay $1 Dividend—
The directors have declared a dividend of $1 per share on the common
stock, payable Dec. 15 to holders of record Dec. 6.
Like amount was paid
on March 15, last.—V. 144, p. 1287.
Piping & Supply Co., Inc.—Extra
Dividend—
have declared an extra dividend of 15 cents per share on
stock in addition to the regular quarterly dividend of like
amount.
The extra dividend will be paid on Dec. 22 to holders of record
Dec. 15, and the regular quarterly distribution will be made on Jan. 15 to
holders of record Jan. 8.
A dividend of 15 cents was paid on Oct. 15, and
on July
15, last, the latter being the initial distribution on this issue.—
V. 145, p. 2699.
The directors
the
common
Minneapolis-Moline
capitalize—
Power
Implement
Co.—To
Re¬
■
special meeting of shareholders will be held Jan. 18 for purpose of voting
of articles of incorporation to change 700,000 common
shares from no-par value to $1 par.
This will result in a reduction to
$700,000 from $6,363,123 in stated value of these shares and resultant
capital surplus credit of $5,663,123 will be used to reduce by that amount
the existing operating deficit.
As of Dec. 31, 1936, operating deficit stood
A
on
amendment
$4.045,617.—V.
145, p. 2699.
Minnesota Power &
Nov. 30.—V. 145, p. 3013.
31
an.
on
at
—V. 145, p. 3201.
Marshall Field &
Said 20, July 20, cents 22Oct. 21, 1935; 19 cents on 1936; 20, cents 21 cents
on 1936; 20 1936;
cents paid on April 30, July 27 1935; paid on
Midwest
1936
$7,244,745
6,327,587
Operating revenues
Operating expenses, maintenance and taxes
Other previous dividend distributions were as follows: 26 cents paid on
Oct. 20 last; 24 cents on July 20 last; 22 cents on April 20 last; 18 cents on
Jan. 20,1937; 23 cents on Dec. 24, 1936; 23 cents on Oct. 20, 1936; 21 cents
5,317
After provision of $8,060 for Federal taxes and payment
rediscount charges.
3823
Chronicle
Light Co.—Dividends—
directors have declared dividends of $2.34 per share on the 7%
pref. stock, par $100; $2 per share on the 6% cum. pref. stock, par
$100, and $2 per sharp on the no par $6 cum. pref. stock, all on account of
accumulations and all payable Jan. 3 to holders of record Dec. 10.
Similar
The
cum.
payments were made
fn each of the six preceding quarters.
Dividends at
and on
1774.
the regular quarterly rate were paid on April 1 and Jan. 2, 1936,
Oct. 1,1935.
For detailed record of dividend payments see V. 141, p.
—V.
145,
p.
Mission
3502.
Corp.—25-Cent Dividend—
25 cents per share on the com¬
value, payable Dec. 24 to holders of record Dec. 10.
with $1 paid on June 15, last, and an initial dividend of
share paid on Dec. 18, 1936.
The directors have declared a dividend of
mon
stock,
no
This compares
45 cents per
par
Financial
3824
Earnings for 9 Months Ended
Consolidated Surplus Account Year Ended Sept.
Sept. 30
before Federal inc.
& surtax on undistributed profits
x$2,336,088
Shares common stock
1,391.845
Earnings per share..
$1.67
1937
y$542,065
1,399,345
-
the
by the corporation on its investment in
Tide Water Associated
Oil Co. and Skelly Oil Co. common stock and $1,239,234 representing excess
of amount received from the sale of 250,000 shares of Tide Water Associated
Oil Co. over the value such shares were carried on the books, less operating
and taxes totaling $112,889.
145, p. 1266.
expenses
y
After estimated Federal income
taxes.—V.
Molybdenum Corp. of America—To Pay Div. in Notes—
The directors have declared a dividend of $1 per share on the common
stock, payable in 6% 5-year notes on Dec. 23 to holders of record Dec, 18.
The notes are callable at 102 on 30 days' notice.—V. 144, p. 4187.
Montana-Dakota Utilities Co.—Initial Common Div.—
The directors have declared an initial dividend of 10 cents per share on
the
stock, payable
common
145,
Dec. 23
holders of record Dec.
to
15.—V.
286.
p.
Montgomery Ward & Co., Inc.—Sales—
1937—Month—1936
1937—10 Mos —1936
$39,550,328 $36,979,214 $359339,146 $302577,265
Period End. Nov. 30—
Sales
.
—V. 145, p.
Ltd.—Extra Dividend—
value,
—V. 144, p. 4188.
no
par
an
extra
Mother
dividend of 40 cents per share in
Reason—
the common
10.
both payable Jan. 3 to holders of record Dec.
Coalition
Co.—Stock
Mines
Exchange
Delisting of Stock—Exhaustion of Mine Given
v'.Vv V:',;
as
company
application be made to the Securities and Exchange Commission to
strike the capital stock of the company from listing and registration on
Feb. 1, 1938, or such later date as may be fixed by the Commission.
The recommendation of the Committee on Stock List read as follows:
"Mother Lode Coalition Mines Co. indicated in its 1935 and 1936 reports
to stockholders that the remaining life of its mine appeared limited and in
the latter report that no further prospecting seemed justified.
In the com¬
pany's report dated Sept. 8, 1937, it was stated that after the extraction of
small tonnage of ore still remaining the mine would have to be
the
abandoned.
"The company has
already distributed over $14,000,000 to its stock¬
holders and recently declared a further distribution of 45 cents a share,
payable Dec. 23, to holders of record Nov. 29.
"At the request of the Committee on Stock List, representatives of the
company recently appeared before it and stated that no new developments
had occurred since the issuance of its last report to stockholders, dated
Sept. 8, 1937, and that it was expected that all mining operations would
in the spring or early summer of next year and that the mine would
cease
then
be abandoned.
"In view of the foregoing, the Committee on Stock List recommends to
the Governing Committee that application be made at once to the Securi¬
Exchange Commission to strike the capital stock of the com¬
from listing and registration on Feb. 1, 19o8, or such later date as
be fixed by the Commission, and that public notice be given of the
filing of this application but that the stock be not suspended from dealings
pany
may
in the meantime."—V.
145,
3503.
p.
Motor Products Corp.—To Pay
$1.50 Dividend—
The directors have declared
a dividend of $1.50 per share on the common
value, payable Dec. 24 to holders of record Dec. 18.
This
compares with $1 paid on Nov. 20, Sept. 30, and on June 30, last; 50 cents
paid on March 31, last; $1.25 on Dec. 21, 1936, and previously regular
quarterly dividends of 50 cents per share were distributed.
In addition,
an extra dividend of 50 cents was
paid on Sept. 30, 1936. A stock divi¬
dend of 100% was paid on Feb. 1, 1936.—V. 145, p. 3351.
stock,
no
8,169
'""599
par
$2,084,479
stock held in
$1,675,235
452,824
$2,395,923
Total surplus.
^
Divs. paid, less divs. on
268,340
„
536,680
treasury
Federal
capital stock tax adjust, as
Sept. 30, 1934
Transfer to capital stock account.-.
|
„
at
1.161
------
x661,191
$1,631,655 $1,405,734
y134,170
yl34.l70
$4.86
$2.59
x Transfers to capital stock account
(by authorization of the stockholders
on Dec. 17, 1936) incident to the issuance of 268,340 shares of stock, $10
par value, in exchange for 134,170 shares of stock, with a stated value of
$1,341,700 previously outstanding,
y No par value.
Earned surplus, as at Sept. 30
Shares capital
Earnings
stock (par $10)
share
per
-
$1,198,051
268,340
$2.88
Consolidated Balance Sheet Sept. 30
on
$689,271
expenses
553,269
Notes payable
Dividend payable.
443,746
accts. receivable
371,021
Res.
8.218
7,958
and claims
$183,196
167.713
manage¬
112,859
85,831
207,682
139,740
Prov. for U. S. A.,
Canadian & Eng¬
4,117
732.008
lish income taxes
5,400
1,101,702
accts. receivable
Min.
int.
in
Eng¬
35,697
lish subsidiary
notes
6,883
(not curr.)_
x
20,961
Capital stock. __y2,683,400 xl,500,000
0158,300
Treasury stock
Prepaid ins. prem.
49,368
103,128
.39,157
Earned
2,152,406
1,495,211
232,967
258,675
1
680,509
Initial surplus
99,075
1
and other exps._
Other
for
ment, bonus, &c.
Employees' notes &
Investments
Property,
$284,810
300,000
__
267,773
bonds
Customers' notes &
rec.
1936
Accts. pay. &accr.
$453,450
hand
Customers'
1937
Liabilities—
1936
1937
Marketable
surplus—
1,198,052
1,631,655
plant &
equipment
Patents, trademks.
prepaid royalties
& other deferred
charges, at cost,
less amortization
Goodwill
-
$4,822,499 $4,251,306
Total
$4,822,499 $4,251,306
Total
Represented by 150,000 no par shares,
x
y
Par $10.—V. 145, p. 1267*
Co.—Extra Dividend—
Navarro Oil
an extra dividend of 10 cents per share in
dividend of 10 cents per share on the com¬
payable Jan. 3 to holders of record Dec. 24.
See also
have declared
The directors
addition to the regular quarterly
stock, both
V. 144, p. 4015.
mon
and
ties
18,442
-
previously written off
Adjust, of invest, in English sub..
Inventories
The Governing Committee of the New York Stock Exchange, at its meet¬
ing Dec. 8, approved the recommendation of the Committee on Stock List
that
18,454
prior years to
Sundry accts. rec.
Lode
Recommends
348,208
Recoveries on balances in closed banks
Assets—
The directors have declared
1935
$1,308,585
652,122
reduce the book value of market¬
able bonds to market value—parent
Cash in banks and
addition to the regular quarterly dividend of like amount on
stock,
Excess reserve set up in
3201.
Moore Corp.,
1936
$1,405,735
Drl0,l30
Earned surplus at Sept. 30
Consolidated net income (as above).
$0.39
result of dividends in the amount of $1,209,743
The above prof t is
x
It, 1937
30
$1,631,655
773,799
1936
1937
Net profit after all charges but
received
Dec.
Chronicle
Neild Manufacturing
Corp.—Trustee—
"Walter H. Underdown, New Bedford, was appointed trustee of the
corporation at the hearing Dec. 6 in the U. S. District Court in Boston.
Counsel of the firm sought to have the corporation continued in control,
but opposing counsel stated that owing to the continuous losses in the
business, it was felt that there should be a change of management and that
the business should be temporarily suspended pending a plan of reorganiza¬
tion.
Counsel for the firm stated that there were $100,000 worth of orders
now in process of completion.—V.
145, p. 3662.
Brothers, Inc.—Sales —
Neisner
Period End. Nov. 30—
Sales.
1937—Month—1936
1937—11 Mos.—1936
$1,914,590
$1,790,475 $19,383,668 $17,954,316
—V. 145, p.3015.
Mount
Vernon-Woodberry Mills, Inc.—Accum. Div.—
The directors have declared
a
Nevada-California Electric Corp. (&
dividend of $3.50 per share on account of
accumulations
on the
7% cumulative preferred stock, par $100, payable
17 to holders of record Dec. 7.
A like amount was paid on June 18
last and compares with $1 paid on Dec. 18, 1936, and dividends of $2.50
Dec.
kl
June 30, 1936, Dec. 31 and June 29, 1935, and on Dec. 31 and June
30, 1934, while on June 30, 1931, a payment of $1 per share was made.—
V. 144, p. 4188.
on
Mountain City Copper Co.—To Pay 25-Cent Dividend—
The directors
Net oper. revenues—
Other income
have
declared a dividend of 25 cents per share on the
common stock,
payable Dec. 23 to holders of record Dec. 13.
An initial
dividend of 21 cents per share was distributed on Dec. 24, 1936.—V. 144,
p.3680.
Interest
Amort, of dt. disc. & exp.
Miscell. income ded'ns..
(G. C.) Murphy Co. —Sales—
Period End. Nov. 30—
in
operation
199
...
194
Profits
Period End. Nov. 30—
1937—Month—1936
$2,103,425
ssss
3662.
a
1937—11 Mos.—1936
$2,561,375 $26,993,550 $24,561,959
National Cylinder Gas Co.t—25-Cent Dividend—
The
directors have declared a dividend of 25 cents per share on the
common stock payable Dec.
15 to holders of record Dec. 6.
This is the
regular quarterly dividend ordinarily due Jan. 15, 1938.
This action enables
the company to reduce
by the amount of the dividend the 1937 earnings
subject to undistributed profits tax.—V. 145, p. 3352.
National Grocer's Co., Ltd.—Accumuloled Dividend—
The directors have declared a dividend of
$1.75 per share on account of
accumulations on the 7% cum. pref stock, par $100,
holders or record Dec.
5?<vJuh 1
15.
Similar payn ent
was n
ade
payable Jan. 3 to
Oct. 1, Aug. 10
on
A dividend of $3.50
was paid on June J last.
Dividends of
$1.75 were paid on April 1 and Jan. 2, 1937. and on Oct. 1 and July 1, 1936,
as against
$3.50 paid on June 1, 1936; $1.75 paid on April 1 and Jan. 2,
1936; Oct. 1 and July 1. 1935; $3.50 paid on May 1, 1935: $1.75 paid on
aPri
}
r,£an'
per
share paid on
May 1 and AprU 2> and $2-61 Per share on Jan. 1,
0n
1934
$26.25
1935, and on Oct. 1, 1934; $3.50
payment of the current dividend, accumulations will amount to
per share.—V.
145, p. 1909.
National Standard Co.—Earnings'—
Years Ended Sept. 30—
1937
1936
1935
$948,857
Other
income,
interest
sundry receipts
Profit
Losses
Prov.
on
on
for
(net)
U.
S.
$386,618
24,745
sale of marketable secur
assets sold or
$760,678
25,109
38,862
and
scrappedll"
14,253
$987,855
13,400
$785,787
2,099
$425,481
3,038
yl87,724
126,374
68,519
4,486
8.448
5,192
5,715
$652,122
$348,208
earns.
$773,799 '
x After deducting
provision for depreciation of plant and equipment of
$258,665 in 1937, $210,034 in 1936 and $196,677 in 1935.
y Includes
$11,500 for undistributed profits tax.
$5,767,726
2,834,604
599,674
$145,084
5,873
$132,144
5,614
$2,040,943
$2,333,447
105,093
43,615
$150,958
115,195
6,996
1,298
$137,758
111,040
7,109
1,045
$2,146,037
1,344,315
$2,377,063
1,351,933
84,843
14,732
93,549
12,892
debits
-
$18,562
$702,145
$918,688
034,927
Dr416
068,299
Drl4,481
Drl ,801
Dr4,230
025,948
Dr4,723
$13,915
$796,393
$899,483
&
.
Earned surplus
Available for redemption of bonds, dividends, &c.
properly omits extraordinary credits and debits
surplus arising from sale of property, amortization of pension fund, &c.
The slight change in presentation of this statement results from adoption
of Federal Power Commission uniform system of accounts Jan. 1, 1937.
Comparisons with earlier periods will be approximately accurate.—Y. 145,
P. 3203.
a
No e—This statement
to
(J. J.) Newberry Co., Inc.—SalesPeriod End. Nov. 30—
Sales
-
—V. 145, p.
New
England Power Association—Dividends—
Directors
share
on
1937—Month—1936
1937—11 Mos.—1936
$3,963,229
$3,905,527 $42,156,693 $40,108,060
3204.
the
Dec. 6 declared regular quarterly dividends of $1.50 per
6% preferred shares and of 50 cents per share on the $2 pre¬
Dividends are
on
ferred shares, payable Jan. 3 to holders of record Dec. 15.
in arrears on both Issues.
Similar payments were made
July 1 and April 1 last.
See V. 143, p. 4010
on Sept. 21,
for detailed record of dividend
payments.
Chairman of the Board, in announcing the current
follows:
that no action should be taken at this
time with respect to a payment on the preferred dividends in arrears, par¬
ticularly because of prevailing business conditions and the financing re¬
quirements of subsidiary companies.
Although it is anticipated that earn¬
ings for the full year 1937 will reflect an improvement over the year 1936,
reduced electric production during the past two or three months will result
in substantially lower earnings for the last few montns of 1937 as compared
with the same months of 1936."—Y. 145, p. 3203.
Frank D. Comerford,
dividend, stated
"It
was
New
as
decided by the directors
Jersey Fidelity & Plate Glass Ins. Co.—Payment—
Carl K. Withers, State Banking Commissioner of New Jersey,
3 that creditors of this defunct company would receive a
Dec.
A., Can. & English
Minority stockholders' int. in
of English subsidiary
Sundry charges
$5,663,435
3,054,407
568,083
of
credits to surp. (net).
National Cash Register Co.'—Sales—
p.
miscell.
Other
$432,003
255,696
44,162
$60,592
retirement
bonds and debentures
—V. 145, p. 3202.
Sav8-iV«f
V.
14o,
on
Subs.)-1— Earnings
1937—12 Mos.—1936
$435,380
242,036
48,259
$27,466
income—
Net
1937—Month—1936
1937—11 Mo.?.—1936
$3,442,527
$3,267,967 $35,930,011 $31,616,561
Sales.
Stores
1937—Month—1936
Period End. Oct. 31—
Operating revenues
Oper. revenue deductions
Depreciation...
announced
Christmas
He said the sum represented a further 5% dividend
approved by Vice-Chancellor Malcolm G. Buchanan and brought to 32 H%
dividends received by general creditors this year and 40% by policyholder
creditors, or a total of $2,446,000.—V. 144, p. 1794.
dividend of $305,000.
New Process Co.—$1.50 Dividend—
a dividend of $1.50 per share on the common
value, payable Dec. 23 to holders of record Dec. 14.
A regu¬
of 50 cents was paid on Nov. 1 last.—V. 143, p. 4010.
The directors have declared
stock,
no par
lar quarterly dividend
Volume
Financial
145
New Orleans Public Service
Operating revenues
SI,473,740
Oper. exps.,incl. taxes__
1,033,665
Prop, retire, res. approp.
177,000
$1,422,708 $17,989,660 $16,780,739
993,119
12,123,271
11,465,395
177,000
2,124,000
2,124,000
Operating income
Other income (net)
The directors have declared an extra
$3,742,389
$3,191,344
5,810
common
$3,742,685
$3,197,154
13,795
$254,581
206,035
20,146
7,347
$270,422
203,282
20,658
Crl ,338
$3,763,812
2,457,977
244,931
Cr3,356
mortgage bonds.
Other int. & deductions.
Int. charged to constr'n.
21,127
;
14.
Dec.
Gross income
dividend of 50 cents per share in
to the regular quarterly dividend of 75 cents per share on the
stock, no par value, both payable Dec. 23 to holders of record
addition
296
dividend of 75 cents was paid on Sept.
A
145, p. 3663.
Dividend—■
Noblitt-Sparks Industries, Inc.—Extra
$253,100
1,481
$263,075
appointed co-transfer
the class B common stock.—-V.
agent and co-registrar for
$252,689
$263,075
on
The First National Bank of Jersey City has been
1937—12 Mos.—1936
411
Net oper. revenues. __
Rent from lease of plant.
Int.
Niagara Share Corp.—Co-Transfer Agent—
Inc.—Earnings—
1937—Month—1936
Period End. Oct. 31—
3825
Chronicle
.
30, last, and previously regular
quarterly dividends of 50 cents per share were distributed. In addition, a
special dividend of $1.50 was paid on Dec. 21, 1936.—V. 145, p. 2701.
$3,210,949
2,552,409
219,594
North American Co.—Final Common Dividend—
The directors
Dec. 3 declared a final
on
dividend of 70 cents per share on
stock, no par value, payable Dec. 23 to holders of record Dec. 10.
with 30 cents paid on Oct. 1, Julyl and on April 1, last, and
previously regular quarterly dividends of 25 tents per sh. were distributed.
In addition an extra dividend of 25 cents was paid Dec. 16, 1936.—V. 145,
the
common
This compares
$1,064,260
income
$438,946
544,586
$47,820
$28,400
preferred stock for the
period, whether paid or unpaid
Net
x
544,586
Dividends applicable to
31, 1937, amounted to
$2,564,092.
Latest dividend, amounting to 87H cents a share on $7 pre¬
ferred stock, was paid April 1, 1933.
Dividends on this stock are cumu¬
Dividends
x
2858.
p.
and unpaid
accumulated
Oct.
to
lative.
Note—Includes provision of $404,000
made during the 12 months
31, 1937, and $285,800 made during the 12 months ended
1936, for Federal surtax on undistributed profits.—V. 145, p. 3016.
Oct.
New River Co.—SI.50
ended
Oct, 31,
:
:
The directors have declared a dividend of 8 % cents per
of $1.50 per share on account of
accumulations on the 6% cumulative preferred stock, par $100, payable
Dec. 24 to holders of record Dec. 15.
Similar distributions were made on
Nov. 1 last, on Dec. 24, Dec. 1, Nov. 2 and April 1, 1936, on Nov. 1 and
March 1, 1935, on Nov. 5 and June 15,1934, and on Nov. 2,1931, this latter
payment representing the dividend due May 1, 1924.—V. 145, p. 2701.
on
payment was made on Oct. 1, July 2
and on April 1 last, as against 17
made on Oct. 2, 1933.—V.
Northern Pacific
A. Gay as Secretary and Assistant Treasurer was
Donnelly, President.
F. G. Hollander
Hugh McLeod has been appointed Assistant Secretary
and Assistant Treasurer to succeed Mr. Hoilender.—y. 145, p. 3663.
Retirement
announced
on
of E.
Nov. 30 by Charles
will succeed him.
Co.—Deposit Time Extended—
New York Stock Exchange that the time
within which 5% serial gold notes, due April 1, 1938, may be deposited
under the plan of recapitalization dated Feb. 16, 1937 has been extended to
and including Dec. 31, 1937.—V. 145, p. 3353.
& St. Louis RR.—Listing—
The New York Stock Exchange has authorized the listing of $16,381,000
first mortgage bonds extended to Oct. 1, 1947, with interest at the rate of
3Yi% per annum, upon official notice of delivery of the extended bonds in
New York Chicago
>
145, p. 1911.
Ry.—Secretary to Retire—
Northern States Power Co.
New York Dock
cents
on Jan. 12, 1937 8% cents per share paid on Oct. 1
July 2 and April 1,
1936 and divs. of 17M cents per share paid on Dec. 20 and on March 1,
1935.
The last regular quarterly dividend paid on this issue was the 8%-
paid
The directors have declared a dividend
The company has notified the
,
share on account
the 7% cumulative preferred stock, par $5, payable
Jan. 2 to holders of record Dec. 15.
This dividend is payable in Canadian
funds and in toe case of non-residents is subject to a 5% tax.
A similar
of accumulations
cent payment
Preferred Dividend—
Ltd.—Accumulated Dividend—
North Star Oil,
$519,674 def$105,640
Balance
Electric output of the Northern
(Del.)—Weekly Output
—
States Power Co. system for the week
26,371,770 kilowatt hours, an increase of 1.3%
compared with the corresponding week last year.—V. 145, p. 3663.
ended Dec. 4, 1937, totaled
Northwestern Electric
Operating revenues.
Oper. exps., incl. taxes..
.
of
Amort,
limited
_ .
Co.—Earnings—
1937—Month -1936
$357,328
$399,115
228,914
284,190
Period End. Oct. 31—
.
1937—12 Mos—1936
$4,639,547
$4,108,596
2,973,507
2,546,608
term
r.ito
600
Prop, retire, res. approp.
21,667
21,667
260,000
260,000
Net oper. revenues—
Rent for lease of plant-.
$93,258
17,564
$106,699
17,309
$1,405,488
209,724
$1,301,388
Operating income....
(net)
$75,694
Dr93
$89,390
Drl,875
$1,195,764
Drl,958
$1,095,202
Dr9,718
Gross income...—...
exchange for outstanding bonds or deposit receipts.
$75,601
29,522
16,720
$87,515
31,379
19,011
$1,193,806
363,577
197,804
$1,085,484
382,797
188,707
Crl09
CY135
$29,372
$37,125
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
—
$632,534
$514,115
334,181
334,176
48
investments
Comparative General Balance Sheet
Sept. 30 '37 Dec. 31 *36
$
$
'
Assets—
237,660,786
Inv. in rd. & eq.240,342,289
Impts. on leased
railway
Dep.
73,172
73,388
prop.
Sept. 30 '37 Dec. 31
$
$
v
Liabilities—•
of
prop'ty
lieu
sold..........
85,035
90,045
construction..
1,375,717
1,365,076
Equip, obliga'ns
9,687,000
991,501
24,000
992,001
5,650,000
2,617,493
5,650,000
2,603,276
786,835
8,682,000
803,377
Misc. phys. prop.
Inv. inaffil. cos.:
Stocks
Bonds
Notes
24,000
Other invest.:
3,223
3,490
5,013,421
2,078,955
671,065
8,560
.....
deposit.
9,043
Net
rec.
bal.
rec.
706,115
502,142
receiv..
debt
1,748,039
2,184,575
2,093,382
1,510,964
Misc. accts. pay.
450,160
536,746
Int. mat'd unpd.
1,631,936
13,424
229,189
bal. payable-.
Aud,
accts.
wages
&
payable
11,750
471,671
Unrnat.int.accr.
738,718
768,225
908,815
1,016,800
Oth. cur.
Mat'Js & suppl.
2,093,837
Int. & divs. rec.
217,678
27,263
1,443,106
139,694
5,215
Tax liability
680,243
2,170,274
1,466,294
Deferred assets.
679 002
liabii
121,600
.
6,000
46,847
48,270
2,429,435
2,548,828
25,000
25,000
Maint. reserves.
18,129
Acer.
-
-
;
20,033,043
1,169,950
1,442,751
surplus
depr.. eq.
Approp.
31,788,063
Prof. & loss cred.
Total
294,705,841 292,033,354
Total
CY13
v
-
$298,353
$179,939
x
Dividends accumulated and unpaid to Oct. 31, 1937, amounted to
$1,079,398.
Latest dividend on 7% preferred stock was $1.75 a share
paid Oct. 1, 1937.
Latest dividend on 6% pref. stock was $1.50 a share,
paid Oct. 1, 1932.
Dividends on these stocks are cumulative.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—V.
2,090,409
119,563
Ins. & cas. res..
Deferred liabii.
Oth. unadj.cred.
-V.
18,911
Funded debt ma¬
rec.
Unadjust. debits
constr'n.
income-.
Net
Balance
Traf. & car serv.
tured unpaid.
Other cur. assets
Int. charged to
x
500
mortgage bonds-
on
Other int. & deductions.
206,186
575,052
fr.
agts. & cond.
Misc. acct8.
Int.
16,000,000
15,397,849
to affil. cos...
Divs.mat. unpd.
car serv.
bals.
119,689,000
15,000,000
obliga'ns-
Non-nego.
7,557,011
Miscellaneous
L'ns & bills
Misc.
940
6,940
Bonds
Traf. &
29,099,998
29,096,340
Stocks..
Cash.
Mortgage bonds 119,689,000
Coil, trust bonds 16,000,000
L'ns & bills pay.
Advances
Special
Other income
Grants in aid of
in
mtgd.
33,800
200,724
200,724
Prem.on cap.stk.
'36
69,796,760
Capital stock... 69,796,760
Stock liabii. lor
conversion
33,800
19,427",574
746,361
1,442,572
29,935,872
294,705,841 292,033,354
145, p.
'
2859.
Novadel-Agene Corp.—Dividends—
meeting held Dec. 6 declared a regular cash dividend
payable Dec. 23, to holders of record Dec. 13. In
undistributed profits tax that otherwise would be pay¬
able, the board also voted to pay a further 50 cent dividend in lieu of the
dividend which would be normally payable April 1, 1938, and a further
5) cent dividend in lieu of the dividend which Would be normally payable
July 1, 1938, on Dec. 23, 1937, in the form of non-interest-bearing notes
The directors at a
of 50 cents per share,
order to reduce the
olders on the usual dividend dates as indicated, 1937.—V. 145, p. 2236.
Eayable of record at the close of business Dec. 13, and also payable to stock-
Ohio Bell
145, p. 3504.
Hartford RR.—Abandonment
Telephone Co.—Earnings1937—Month—1936
1937-
certificate
part of the
line station
92 plus 50 to the end of the line, approximately 0.62 mile, all in the town
Norwalk, Fairfield County, Conn.—V. 145, p. 3663.
The
Interstate
Commerce
Commission on Nov. 23 issued a
permitting abandonment by the trustees of the company of
Wilson Point branch of extending from a point at about center
Susquehanna
New York
& Western
RR.—Only One
Period End. Oct. 31—
Operating revenues
Uncollectible oper. rev.
$3,559,991
11,802
-10 Mos.—1936
5,412,778 $34,911,454 $32,460,925
11,241
55,512
75,338
Operating revenues..
Operating expenses
$3,548,189
2,280,911
$3,401,537 $34,855,942 $32*385,587
1,984,867 21,763,872 19,561,855
Net oper. revenues...
New York New Haven &
$1,267,278
465,000
$1,416,670 $13,092,070 $12,823,732
481,814
4,827,085
4,591,673
Operating
Trustee—
Net
Clark at Newark, N. J., Dec. 6 directed that
sole trustee of the road.
Judge
Clark decided it unnecessary to appoint a successor to Hudson J. Bordwell of Jersey City, a co-trustee, who died Nov. 15.—V. 145, p. 3504.
Federal Judge William
Walter
operating income
—V. 145, p.
$802,278
$934,856
$8,264,985
$8,232,059
3205.
Kidde of Montclair, continue as
Operating revenues
Uncollectible oper. rev._
1937—Month—1936
1937—10 Mos.—1936
$17,967,398 $17,378,888 $171788,254 $165464,952
78,242
75,421
721,301
684,459
Operating revenues... $17,889,156
Operating expenses
11,823,796
$17,303,467 $171066,953 $164780,493
11,408,832 115,874,661 112.874,737
$6,065,360
2,487.026
$5,894,635 $55,192,292 $51,905,756
2,107,035 24,528,868 20,569,986
income- $3,578,334
$3,787,600 $30,663,424 $31,335,770
Net operating revs...
Operating taxes
Net operating
The company for November reports a net
with increase of 10,040 stations a year ago
station gain of 4,019 compared
and 5,588 in November, 1935.
had net gain of 90,907 stations
30, company
compared with 92,513 stations in the corresponding
gain of 18,302 stations in the 11 months of 1935.—V.
For the 11 months to Nov.
period of 1936 and
145, p. 3353.
Co.—To Pay $5 on Series F—
trustee, reported to Supreme Court
New York Title & Mortgage
William J. Pedrick, as
Frankenthaler, Dec. 6, that $5 will be paid for each $100 face
defaulted series F certificates on Dec. 24 to
holders of record Dec. 11. The payment follows a $3 distribution on June 30,
and makes the 1937 total distribution $8.—V. 145, p. 3663.
Justice Alfred
of the $2,665,000
New York Transit Co.—Larger Dividend —
directors have declared a dividend of 60 cents per
The
share on the
capital stock, par $5, payable Dec. 28 to holders of record Dec. 15.
This
compares with 25 cents paid on Oct. 15 last and a dividend of 15 cents
on April
15 last and each six months previously.
In addition, an extra
dividend of 5 cents was paid on Oct. 15, 1936.—V. 145, p. 1594.
paid
Nicholson Creek Mining Corp.—Stock Sales Enjoined —
and Exchange Commission announced Dec. 4 that Judge
signed a permanent decree in the U. S. District Court
for the Western District of Washington enjoining the corporation from
further sales of its securities without their haying been registered under the
Securities Act of 1933.
The Securities
John C. Bowen has
& Machine Corp.—To Pay S3 Dividend•—
declared a dividend of $3 per share on the common
record Dec. 6. An initial dividend of
21, 1936.—V. 139, p. 2213.
■
<
_
Ohio Seamless Tube Co.—Accumulated Dividend —
The directors have declared a dividend of $3.50 per share on account of
accumulations on the 7% cumulative preferred stock, par $100, payable
Dec. 20 to holders of record Dec. 11.
After the current payment arrearages
will total $38.50 per share.—V. 145, p. 2236.
Ohio
Sheet
& Tin Pla,te Corp.—Stock
Offered—Public
shares of capital stock was made Dec. 7
by Leach Bros., Inc., New York, at $3.75 per share.
Stock
offering of 156,000
is
Gain in Phones—
Captain
Ohio Forge
The directors have
stock, payable Dec. 15 to holders of
50 cents per share was paid on Dec.
Telephone Co.—Earnings—
New York
Period End. Oct. 31—
amount
taxes
_
offered
as
a
speculation.
Registrar, Provident Savings Bank & Trust Co., Cincinnati,
transfer agent, Central Trust Co., Cincinnati, Ohio.
Company has agreed to make application for the listing of its
the New York Curb Exchange.
Ohio;
stock on
of
Corporation—Incorporated April 22, 1937 in Ohio, for the purpose
engaging in the manufacture of all grades of tin plate, terne plate, tin mill
black plate and special grades of black sheets.
It has not yet begun manu¬
facturing operations.
Company has purchased the property formerly operated by Hudson
Sheet & Tin Plate Co., Inc. at Marietta, Ohio, where its operations will be
conducted.
interests.
This
plant
was
originally
built
and operated by Danish
,
,
Company's plant consists of several buildings, the principal ones being
constructed of brick with concrete foundation.
They cover approximately
46,600 square feet on a tract of land which is approximately 87,200 square
feet in area.
The plant was completed by Danish interests in 1921, was
operated for a short time, and has not been operated since.
Capitalization—The authorized capitalization is 500,000 shares of capital
($1 par), of which 25,000 shares are now outstanding and 156,000
are presently to be issued, making the total outstanding 181,000
shares upon completion of the present financing: 88,000 shares have been
reserved against the exercise of purchase warrants.
Warrant Provisions—The holder of a warrant is entitled to subscribe for
one share of common stock at $4 a share at any time within two years of
the effective date of the
registration statement; and for two years there¬
after at $4.50 a share, at which time the warrants expire.
stock
shares
3826
Financial
Chronicle
Underwriting—On May 7, 1937,
the company entered into an underwrit¬
ing agreement with Leach Bros., Inc., New
York, the principal terms of
which are
as
follows:
to sell 156,000 shares of its capital stock to Leach
principal underwriters, for $3.75 a share less an
underwriting
discount of 56>£c. a share.
Subject to certain provisions, the
principal
underwriter has agreed to take down and
pay for these shares on the follow¬
ing schedule: 3,137 shares upon receipt of notice from
the company of the
effective date of the registration statement;
thereafter, 48,863 additional
shares on or before the expiration of
30 days, 52,000 additional shares on
or before the
expiration of 60 days and 52,000 additional shares on or
before
the expiration of 90 days of
receipt of notice from the company of the
effective date of the registration statement.
As an additional
consideration, the company has agreed to grant to the
principal underwriter options to purchase 88,000 shares of its
capital stock
at $4 a share
up to the expiration of two years after the
effective date of
the registration statement, and at
$4.50 a share up until the expiration of
two years thereafter.
These
options are to be issued to the
principal
underwriter concurrently with its
purchase of the company's capital
stock,
at the rate of an
option for one share for every two shares taken
and paid
for
the principal underwriter.
*
History & Business—Company was organized on March
22, 1937 for the
of acquiring the entire business, assets and goodwill of its
pre¬
decessor, Payne Furnace & Supply Co., and of
assuming predecessor's
liabilities.
On April 16, 1937, the
company acquired, as of April 1, 1937,
the entire business, assets and
goodwill.
Predecessor has since been dis¬
solved and its assets, consisting
entirely of cash and of common stock of the
company, have been distributed to stockholders.
Business of predecessor was commenced in 1915
by D. W. Payne, and
his son, E. L. Payne, who conducted, as a
co-partnership known as D. W.
Payne & Son, a sheet metal and furnace business in Los Angeles.
During
1922 the predecessor, Payne Furnace &
Supply Co., was incorp. io Cali¬
fornia, and acquired all the business and assets of said
partnership, in
exchange for the issuance of all of predecessor's capital stock to D. W.
Payne and E. L. Payne and to three other persons.
Company's predecessor
then continued to conduct its business in Los
Angeles until 1925, when the
physical plant was moved to Beverly Hills, Calif.
On Sept. 1, 1937, the company
acquired the entire business, assets and
goodwill of a furnace manufacturing business conducted under
the name and
style of Electrogas Furnace & Mfg. Co., having its plant at San Francisco.
The business of Electrogas Furnace &
Mfg. Co., consisted in the manu¬
facture and sale of gas-fired
heating appliances of a similar nature to those
manufactured and sold by the company.
Purpose—Company is now indebted to Bank of America National Trust
& Savings Association,
Beverly Hills Branch, in the aggregate amount of
$200,000, which indebtedness is evidenced by five 90-day notes as follows:
Note dated July 31, 1937 in the amount of
$25,000; note dated Aug. 23,
1937, in the amount of $25,000: note dated Aug. 30, 1937, in the amount of
$90,000; note dated Sept. 17, 1937 in the amount of $35,000, and note dated
Oct. 12, 1937 in the amount of
$25,000. All of these notes bear interest at
the rate of 4% per annum.
The proceeds of the issues will be used toward
reducing the amount of this bank loan. This bank loan was incurred,
paying
as
purpose
by
Purpose—From the issuance and sale of 156,000 shares of
capital stock,
it is estimated that $497,250 will be
realized for the account of the
company.
These proceeds will be employed
approximately as follows: Modernization
of plant, repayment of
money borrowed and working capital of
$380,044.
—V. 144, p. 3513.
Oliver United
Filters, Inc.—50-Cent Class
The directors have declared
B Dividend—
a dividend of 50
cents per share on the class B
payable Dec. 23 to holders of record Dec. 17.
Like amount was paid
Nov. 1, last; this latter
being the first dividend to be paid on the class B
stock since 1931.—V.
145, p. 3354.
stock
on
Orange & Rockland Electric
Period End. Oct. 31—
44,713
11,036
134,619
$170,641
35,689
$12,533
3,950
$12,166
3,950
81
$186,526
47,400
54
$206,330
47,400
2,155
3,571
85,436
Gross income
Int. on funded debt
Other interest
Other deductions
-
50
on
46
1,566
Cr451
6,657
accrued
6,694
79,977
pref.
stock
Balance-.
$1,795
Excluding depreciation
$1,422
$58,034
$67,768
of
transportation, shop, stores and laboratory
equipment and depreciation of
non-operating property, such depreciation
being distributed among the various
operating property, operating expense
other accounts
applicable.
Note—Federal income taxes included in
operating expenses.—-V. 145, p.
3664.
Pacific American
Guaranty Trust
10,000 shares of
series A.—V.
a
145,
new
p.
Pacific Clay
Fisheries, Inc.—Registrar—
Go. of New York has been
appointed Registrar for
issue of 5% cumulative
convertible preferred stock,
2555.
Products-—Common Listed
—
The San Francisco Stock
Exchange admitted to the list on Dec. 6,
1937,
99,092 shares of common stock, no
par.
The company has no
funded debt nor
any other class of stock besides the
common
stock.—V. 145, p. 1269.
Pacific Power & Light Co.
(&
Period Ended Oct. 31—
Subs.)—Earnings—
1937—Month--1936
Operating revenues
Oper.exps.,incl. taxes-Prop, retire, res. approp.
1937—12 Mos.—1936
L$468,574
*242,777
1 57,708
$5,697,674
3,165,607
692,500
$5,198,537
2,712,183
Rent from lease of
plant.
$178,992
17,564
$168,089
17.309
$1,839,567
209,724
$1,793,854
Operating income
Other income
(net)
$196,556
DrS
$185,398
Dr32
$2,049,291
3,781
$2,000,040
Drl.069
$196,548
85,417
22,086
$185,366
85,417
20,888
$2,053,072
1,025,000
239,689
$1,998,971
1,025,000
£89.045
stocks for
$79 061
$788,383
$753,075
Net
oper. revenues...
Other int. & deductions.
Divs. applic. to
pref.
whether paid or
x
.
the period,
unpaid
692,500
206,186
220,896
458,478
458,478
$329,905
$294,597
Balance.
*
DMden<is accumulated and
unpaid to
$343,859. after giving effect to
1937.
aT^r £»
9
a sbare
Dividends
on
Oct. 31, 1937, amounted to
dividends of $1.75 a share on
7% pref.
on $6 pref. stock, declared for payment on
Nov.
1,
these
stocks are cumulative.
Provision was made for Federal
surtax on undistributed
profits
Inasmuch as the
companies reported no undistributed
adjusted
f?r that year. No such provision has been made to date for
1937.—V. 145, p. 2859.
-
ror
193b,
Packer
The
193765
on Dec. 7 declared an extra
dividend of $1.50 per share
a quarterly dividend of
$1 per share on the common stock,
value, both payable Dec. 23 to holders of record Dec. 13.
An extra
of $3.75 was paid on Dec.
15, 1936.
no
??Jh?iCOn\mS? ?}ock•
Dec. 11.
A dividend
XJxJL•
special
*1°,Par value,
dividend of 60 cents per share
payable Dec. 22 to holders of record
was
paid
on
Dec.
19, 1936.—V. 145,
Page Hershey Tubes, Ltd.—Extra
Dividend—
directors have declared an extra dividend of 25 cents
per share in
a*7v i °u
regular quarterly dividend of $1 per share on the common
stock, both payable Jan. 1 to
holders of record Dec.
15.—Y. 145, p. 2401.
„
r£arl,American Foreign Corp.—Special
The directors have
declared
*
a
P»
Dividend—
special dividend of $17.75
per share on the
to holders of
record Dec. 14.—V.
143,
8tock' Payable Dec. 24
tIOD.
Patino
Mines
Special Dividend
&
Enterprises
capital stock,
par
Consolidated,
a
special dividend of $2
per share on the
$10, payable Dec. 23 to holders of
record Dec. 15.
This
on the $10 par shares.
A dividend of
3Sr5?tbefirst dividend paid
looe6 was Paid on the $20
A
Inc.—
—
The directors have
declared
*
60 cents
par shares, previously
outstanding, on Dec.
Company
stated distribution of the
present amount is made
possible by
reduction in capital voted
by stockholders at
meeting held Nov. 24.
The
dividends will be charged to the
extent available
against this year's earnings
and the balance will be
charged against capital surplus
recent reduction in
resulting from the
capital.—V.
145,
p.
3664.
Payne Furnace & Supply Co.,
Inc.—Stocks Offered—
Hammons & Co., Inc., of
California, Los Angeles, are offer¬
ing 25,000 shares of cumulative convertible
$.60 preferred
stock, series B (no par), at $8 per share and
common
stock
5,000 shares of
(par $1) at $8
Capitalization—Company
per
share.
has an authorized capital stock
of 45.000 shares
of cumulative convertible
60c. pref. stock, series
A, 25,000 shares of cum
cony. 60c. pref.
stock, series B, and 150,000 shares of
common
stock, of
which 43,241 shares of
preferred stock, series A, and
56,759 shares of com.
stock were
outstanding on Oct. 26,1937.
Preferred stock, series A, is
convertible at the option of the
holders into
common stock, shares for share.
The pref. stock, series
B, (offered by pro¬
To
Pay Christmas Bonus—•
The
directors approved the payment of a
special Christmas bonus for
of the company.
This bonus will equal two weeks pay for
employees in the stores, offices and warehouses of the
company who have
associates
been regularly employed for over one
year, and a proportionate amount for
those employed for shorter periods.
E. C. Sams, President of tnis com¬
pany, stated that this is not a payment on any permanent plan but is
additional 1937 remuneration for loyalty and service that
have played a
part in the 1937 operation.
The number of employees affected will be in
excess of 30,000.
{
Sales-—
Sales for the month of November,
1937, were $27,095,384 as compared
$26,067,855 for November, 1936.
This is a gain of $1,027,529 or
03.94%.
with
Total sales from Jan. 1 to Nov. 30, 1937 inclusive
were $237,366,339 as
compared with $221,191,998 for the same period of 1936.
This is an in¬
of $16,174,340 or 07.31%.—V.
145, p. 3207.
Penn-Mex Fuel Co.— To
The
directors
Pay 30-Cent Dividend—
have
declared a dividend of 30 cents per share on the
capital stock, payable Dec. 21 to holders of record Dec. 16.
A dividend of
50 cents was paid on Dec. 21, 1936 and one of
75 cents was paid on Dec. 20,
1935 and on Dec. 22, 1934.—V. 145,
p. 2238.
.
Penn
Rivet
Corp.—Stock Offered—Public offering was
made Dec. 6 of 77,424 shares of common stock at
$2.50
per share. The offering,
which does not represent new
financing by the company, was made by Thomas & Griffith,
New York.
Transfer agent: Central Hanover Bank & Trust
Co., New York.
Regis¬
Chemical Bank & Trust Co., New York.
It is contemplated that the
company will make application to list the
common stock on the New York Curb
Exchange.
trar:
Company—Company
was incorp. in Delaware on March 20,
1937, and
over all of the assets and property of its
predecessor,
Rivet Corp. (Va.) and assumed its liabilities.
Previously, in Janu¬
ary, 1937, the predecessor company had
acquired all the capital stock of
the Tack Button Co., a small
company similarly engaged in manufacturing
rivets, and of the Equipment Corp., a patent
holding company, to which
Penn Rivet previously
paid royalties during the calendar year 1936 of $5,585.
It is contemplated that
Equipment Corp. will be dissolved and its assets
on
May 3, 1937, took
Penn
acquired by the parent company.
'
Common stock
of 40 cents was
paid on Oct. 15 last and
previously
cents per share were
distributed.
In
quarterly dividends of 25
an extra dividend of
$1
addition,
P*
a
par
Capitalization—
(par $1)
Corp.—Special Dividend—
directors have declared
(J. C.) Penney Co.—To Pay Extra Dividend—
The directors
1
Gross income..
Int. on mtge. bonds
the purchase price for the entire bus¬
crease
$535,454
298,751
57,708
^
as
in addition to
or
The
the amount due to W. W. Norton
iness, assets and goodwill of Electrogas Furnace &
Mfg. Co., (estimated at
$118,805) and for the purpose of paying the purchase price of $37,300 for
additional property at Beverly Hills. The remainder of
the proceeds of the
bank loan, ($43,894) has been
applied to the general corporate purposes
of the
company and used to increase its working capital. Company has also
needed additional working
capital in connection with its development of the
business so acquired from the
Electrogas company.
Underwriting—The underwriting agreement is an agency contract
whereby the principal underwriter agrees merely to employ its best efforts
to find purchasers for the securities
offered.—V. 145, p. 3018.
114,870
$155,728
30,798
$10,046
2,487
a
1937—12 Mos.—1936
$762,896
$733,513
472,549
448,002
42,023
12,394
$9,221
2,945
Operating income
Other income
Divs.
CoEarnings—
1937—Month—1936
$65,795
$63,638
Operating revenues
Oper. exps., incl. taxes..
a Depreciation
1931
11,
thereof.
Company has agreed
Bros., Inc.,
Dec.
spectus) is in every respect identical in terms with
preferred stock, series A,
except for the designation of the preferred stock, series
B, as being series B
Authorized
Outstanding
300,000 shs.
220,101 shs.
has no funded debt; however there is a mortgage on its
outstanding in the sum of $40,000.
-
The company
plant
now
Earnings-^-Sales
and
net
earnings, before income taxes, of the parent
are shown in the following table:
company and its predecessor
Years Ended Feb. 28—
b 1937
a
Before provision for income taxes.
After inventory adjustment of
$22,500.
for Federal surtax, if
Net Sales
$357,840
394,162
461,321
237,448
&lNet Earnings
$9,373
24,958
c42,508
<L0,385
bFive
months ended July 31
d No provision has been made
any, on undistributed profits applicable to the income
for the period May 4, 1937, to
July 31, 1937.
Property—Corporation's plant, located at Third and Huntingdon Sts.,
North Philadelphia, Pa., is
equipped to produce at least 750 million rivets
and spots annually,
operating on a basis of 1H shifts, or 12 hours per day.
This volume is 29% greater than the actual
production of 581 million rivets
and spots during the
past fiscal year.
It is a six-story brick building and
has over 60,000 square feet of
manufacturing floor space, with an adjacent
power plant, all owned in fee.
[The title of the plant is subject to the lien
of a mortgage upon which there remained
unpaid the principal sum of
$40,000 as of July 31, 1937.J
Company decided, however, that it would
be more economical to
purchase power than to operate its power house on
coal and the company has discontinued
operating its power house; operation
of the power plant
may be resumed if and when conditions warrant.
Both
old and new equipment is in
good condition.
The Tack Button Co.'s
plant is located at Tom's River, N. J., and is
leased at will.
It is a small modern building; the equipment consists
mainly
of six high-speed headers with an estimated
capacity of 100 Million rivets
annually.
c
Tubular rivets constitute the greater
part of Penn Rivet's current sales,
accounting for about 65%, with split rivets, studs, caps,
spots, name
plates and metal stampings accounting for about 22
%, and with parts and
machinery constituting approximately 13% of its current sales volume.
Spots, name plates and metal stampings were added to the
predecessor
company's products in 1932, 1933 and 1934, respectively.
Company also
produces some solid rivets.
Penn Rivet has a fully
equipped machine
shop and manufactures its own rivet-setting machinery.
Apart from heavy
castings, the company makes most of its equipment.
It also makes many
of its own tools.
The automobile
industry heads the list as the largest single users of Penn's
small rivets, accounting ror about
31% of current net
sales, this
amount
comprising approximately 19% in spark plugs, repairs to clutches, brake
linings and other automobile parts, and approximately
12% in new auto¬
mobile production.
About 15% of the company's current net sales
goes to
Volume
Financial
145
manufacturers in the electrical equipment field, such as electric switches,
fuses and plugs.
In addition, radio and radio accessories account for ap¬
proximately 10% of the company's net sales.
Leather, paper and fabric
goods account for about 20% of the company's net sales, which includes
trunks, bags, golf bags and dog collars.
The remaining 24% is divided
over a wide list of products, including tools, general sheet metal, radiator
covers and other light sheets, furniture and beds, overalls and toys.
Underwriting—The principal underwriter is Thomas & Griffith, New
York.
Company is not offering or receiving any part of the proceeds of
the sale of the securities being offered.—V. 145, p. 1595.
Western Gas & Electric Co.—90-Oent Dividend—
Penii
The directors have declared
a
dividend of 90 cents per share on the com¬
stock, payable Dec. 23 to holders of record Dec. 15.
dend of 30 cents was paid on Dec. 23, 1936.—V. 145, p.
mon
An initial divi¬
3207.
Pennsylvania Bankshares & Securities Corp.—Accum.
Dividend—
The directors have declared a dividend of 50 cents per share on account
of accumulations on the 5% cumul. pref. stock, payable Dec. 20 to holders
of record Dec. 15.
Like amount was paid on Dec. 26,1936.—V. 144, p. 288.
Pennsylvania Central
Brewing Co.-
-Liquidation Order
3827
Chronicle
revised plan which would "guard against some of the
task the reorganization committee forthwith undertook.
a
Analysis
objections." ThL
the memorandum opinion showed that the Court's
or
criticisms
of the first revised plan wer3 of three kinds, viz:
(1) That total capitalization was too high;
(2) That total fixed charges and annual return to underliers were too high:
(3) That as a resvut of (1) and (2) plus increased operating expenses and
no prospects of common stock dividends.
The second revised plan has been developed by the committee to meet,
so far as is
practicable, these criticisms.
It is the committee's own proposal.
It is not (as was the first revised plan) the result of negotiation with repre¬
sentatives of lessor companies.
It carries no implied acquiescence or agree¬
ment by lessor companies or their security holders.
While detailed improve¬
ments may be possible, the committee believes, and frankly states to the
Court, that in form and general substance it represents the best that can be
done within the four corners of the Court's memorandum opinion.
The
committee hopes, but does not know, that the consents necessary to its
consummation can be secured.
Its provisions were explained to representa¬
tives of the lessor companies prior to the filing of this petition, but the
committee was not able to secure any degree of acquiescence or consent,
the only comments being to the contrary.
The second revised plan must
thus be considered, not as a joint product resulting from negotiation, but as
a product and
proposal of the reorganization committee and the debtor
declining business, the plan showed
company.
Briefly, the second revised plan meets the Court's three cirticisms as
Rescinded—
follows:
The U. S. Circuit Court of Appeals at Philadelphia has vacated an order
made July 16, 1936, in U. S. District Court making absolute the rules
taken on Jan. 6, 1936, to show cause why the company should not be
This reduction is effected
liquidated by the trustees.
The appeal to the Circuit Court was taken by the Fidelity-Philadelphia
Trust Co
trustee, of a first mortgage given to secure holders of gold bonds
of the Brewing company in amount of $736,000 with 6% interest, from
Oct. 1, 1931.
The bonds were secured by the real estate, plant and equip¬
ment, as well as by $44,126 in cash, 1,581 shares of stock of Pilsner Brewing
Co. and 70 shares Pennsylvania Central Mfg. Co.
The Fidelity-Philadelphia Trust Co. contended that the District Court
had no jurisdiction to make the order it did.—V. 125, p. 1721.
,
(1)
Total capitalization is reduced from $133,000,000 to
as
■
••
Net oper. revenues—
Under Second
Revised Plan
Under First
Revised Plan
,
$31,335,000
40,000,000
(4% fixed + 1H%)
*
$31,644,000
59,000,000
(5%)
Preferred stock (485,000 shares)..
Common stock (720,000 shares)..
16,975,000
(par$35)
25,200,000
(Stated value $35)
$1,159,157 $14,167,950 $14,068,841
1,711
3,487
21,041
Operating income..$1,171,115
11,699
$1,157,446 $14,164,463 $14,047,800
15,897
218,925
241,263
Gross income
$1,173,343 $14,383,388 $14,289,063
453,750
5,445,000
5,452,304
50,000
600,000
600,000
17,731
210.574
209,936
1,113
23,392
14,776
19368
14,500,000
,
(par$30)
14,400,000
(Stated value $20)
$100,235,000
$132,819,000
$1,171,115
Other income (net)
V
.
__
Pennsylvania Power & Light Co.—Earnings—
Period Ended Oct. 31—
1937—Month—1936
1937—12 Mas.—1936
Operating revenues
$3,246,641
$3,180,271 $38,493,617 $36,375,818
Oper.exps.,incl. taxes..
1,865,526
1,861.114
21.760,667
20,402,977
Prop, retire, res. approp.
210,000
160,000
2,565,000
1,904,000
Rent for lease of plant..
v
Divisional lien bonds
Bonds to underliers
$100,000,000.
follows:
[Note.—The operation of sinking funds will reduce the total capitaliza¬
to less than $100,000,000 within the first year.
In addition to this
total capitalization there will be a provision for accrued depreciation
estimated at between 15 and 20 millions, the whole to be balanced by assets
of at least equal total value (viz., $115,000,000 to $120,000,000) on the
books of the new company.
The committee believes that the fair value
of the property measured by the principles laid down by the U.S. Supreme
Court under the Constitution of the United States, is very substantially
higher than the foregoing capitalization and book values.]
(2) Total fixed charges (after present city payments) are reduced as
tion
follows:
$1,182,814
453,750
Int. on debentures...J.
50,000
Other int. & deductions.
14,660
Int. chgd. to construcfn
3,307
Int.
mtge. bonds
on
Netincome
x
DIvs.
$667,711
applic.
to
pref.
stocks
for
$652,975
period,
$8,151,206
$8,041,599
the
whether paid or unpaid
3,846,546
3,846,543
$4,304,660
Balance
$4,195,056
x
Regular dividends on all classes of preferred stock were paid on Oct. 1,
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted
net income for that year. No such provision has been made to date for 1937.
—V. 145. p. 2860.
Peoples Drug Stores, Inc.—Sales—
$4,519,000
$3,150,000
Including sinking funds and preferred dividends..
5,304,000
4,435,000
Including $1 per share on common stock
6,509,000
5,155,000
[Note—The significance of the foregoing figures is that the point of action¬
able default in the payment of fixed charges has been pushed back from
$4,519,000 under the revised plan to $3,150,000 under the second revised
plan and that the charges prior to common stock dividends have been re¬
duced from $5,304,000 to $4,435,000.
Under the first revised plan it would
have required net earnings of $6,500,000 to
pay a $1 dividend on the com¬
mon stock,
whereas under the second revised plan it will required only
$5,150,000.1
(3) Total return to underliers is reduced as follows:
p.
The
p.
Securities and
of registration
Co., Inc.—Stop Order—
Exchange Commission has suspended the effective¬
(2-2324) filed by the company.—V. 143,
statement
Petroleum Conversion
Corp.—Transfer Aggnt—
The company
has appointed the Corporation Trust Co. transfer agent
stock, effective Dec. 1.
Transfers may be made either in
Jersey City.—V. 144, p. 1449.
common
New York
or
Petroleum Corp. of
America—37-Cent Dividend—
The directors have declared a dividend of 37 cents per share on the
capital stock, par $5, payable Dec. 24 to holders of record Dec. 14. This
compares with 50 cents paid on Sept. 14, last; 40 cents paid on May 29 last,
and on Dec. 24, 1936; 25 cents paid on Sept. 30 and on May 29, 1936; 33
cents paid on Oct. 31, 1935; 50 cents paid on April 30, 1934, and 25 cents
per share distributed on Jan. 31 and June 1, 1931.—V. 145, p. 2401.
Petroleum
Exploration, Inc.—-Extra Dividend—
The directors have declared
an extra dividend of 25 cents per share in
quarterly dividend of 25 cents per share on the common
stock, par $25, both payable Dec. i5 to holders of record Dec. 6.
Extra
dividends of 10 cents were paid on Sept. 15, June 15, and on March 15 last.
An extra ot 10 cents and a quarterly dividend of 35 cents was paid on
Dec. 15, 1936, prior to which regular quarterly dividends of 25 cents per
share were distributed.
In addition the following extra dividends were
paid:
10 cents on June 15, 1936, and 12H cents on Dec. 15. 1934, and on
Dec. 15, 1932.—V. 145, p. 1270.
addition
to
a
Philadelphia Rapid Transit Co.Plan
Under Second)
Revised Plan
$1,600,000
'
$2,950,000
bonds
(5% on $59,000,000)
(4% on $10,000,000)
345,000
600,000
345,000
$3,295,000
$2,545,000
'
-Revised
revised
plan was the product of negotiations with them and the committee oelieved
that such consents would be forthcoming in sufficient percentages to warrant
its consummation.
Formal approval of that plan was given by Mitten Bank Securities Corp.,
the holder of a majority of P. R. T. common stock, and by the elected
representatives of P. R. T.'s 10,000 employees, who in turn control
M. B. S. C. by majority stock ownership.
During the summer of 1937 negotiations were conducted with repre¬
sentatives of the City oT Philadelphia looking to the securing of the necessary
city consents, and it was the plan of the committee, after these had been
obtained, to seek the approval of the Public Utility Commission.
This was
the status of the matter so far as public consents and approvals were con¬
cerned when the Court on Sept. 29, 1937, handed down its memorandum
opinion.
In that opinion the Court, from its own study of the first revised plan,
stated that "the present plan on file is unworkable and not worthy of adop¬
tion, although the plan as a proposed method of solution is a good one."
In the concluding paragraph of its opinion the Court urged all parties
to continue their negotiations, and, in a letter of the same date to the
P. R. T. reorganization committee, called upon that committee to develop
under the second revised plan.
Thus the total
expected to exceed 75%.j
The three numbered subparagraphs above indicate the manner
which the second rvised plan meets the objections in the
not
tent to
memorandum opinion by (1) reducing total capitalization;
amount of securities and annual return to lessor companies;
and ex¬
Court's
(2) reducing the
and (3) improv¬
ing the prospect of common stock dividends.
It must be frankly stated that, even under
the second revised plan, com¬
be possible with the present low level of
1934 when the Court took jurisdiction of
debtor and of the lessor companies in these reorganization proceedings,
net!earnings (after taxes and present payments to the city), available
interest and dividends, have been as follows:
mon
stock dividends will not
and earnings.
Since
business
the
the
for
1934—...
1935...
Reorganization
Pennsylvania.
Federal Judge George A. Welsh immediately appointed the
following to act as reorganization managers to attempt to put the plan
into effect: Albert M. Greenfield as Chairman,
Edward Hopkinson, of
Drexel & Co., who is Secretary of the underliners committee, and John A.
McCarthy, one of the court's trustees for the P. R. T.
The petition of the debtor for leave to file the second revised plan states:
On April 6, 1937, the debtor filed a revised plan of reorganization, dated
April 1, 1937.
That plan was developed through negotiations between the*
debtor's reorganization committee, consisting of Edward W. Wells, John A.
McCarthy and Albert M. Greenfield, Chairman, and officers, representa¬
tives and counsel of lessor companies.
Those negotiations were undertaken
under the instruction of the Court in its opinion of Nov. 6, 1936, and under
a like mandate laid upon all parties by the Circuit Court of Appeals in open
Court on Jan. 5, 1937.
While no formal consents to the first revised plan
were secured from either the lessor companies or their security holders, that
plan to $10,300,000
face ana par value of securities to be issued to lessor companies nas been
reduced from $71,000,000 under the first revised plan to $50,300,000 under
the second revised plan.
These are face values.
The market values are
$7,148,172
7,480,750
6,461,018
4,450,000
-
—
-
-
1937 (10 months actual, 2 months
X
A second revised plan of reorganization dated Dec. 1, 1937, was filed
Dec. 6 with the United States District Court for the Eastern District of
[Note—The significance of these figures is that the face amount of bonds
be issued to lessor companies has been reduced from $59,000,000 under
the first revised plan to $40,000,000 under the second revised plan and the
fixed interest rate from 5 to 4%, so that that fixed return to lessor com¬
panies has been reduced from $2,950,000 to $1,600,000.
The total return
to lessor companies, including the contingent items of 1K% interest and
$1 preferred dividend, both of which are to be paid only ir earned, noncumulative, has been reduced from $3,295,000 to $2,545,000.
It may be
mentioned here that, through the reduction of the par value of the preferred
stock from $34 to $30 per share, the total par value of preferred stock going
to the lessor companies has been reduced from $12,000,000 under the first
to
440.
for its
on
Contingent int. on bonds(l>^%)
Pref. div. ($1 per share)
3664.
Petersen Engine
ness
Under First
Revised Plan
Fixed interest
....
145,
preferred
Total before any partic. div..
Period End. Nov. 30—
1937—Month—1936
1937—11 Mos.—1936
Sales....
i
$1,776,923
$1,776,778 $20,001,664 $18,717,475
—V.
Under 1st
Under 2d
Revised Plan Revised Plan
Fixed charges before contingent interest,
dividends and new sinking fund
On the basis of everything now known
-
estimated)
the latest estimate as to next year is:
$3,750,000
this discouraging record and
be materially improved upon consummation of re¬
With tax savings estimated at $500,000, with re¬
habilitation and modernization of the system by improved vehicles and
service, with bus substitution for the many portions of the rail system where
such substitution is now indicated, and with the application of up-to-date
merchandizing methods, net income should improve so that within from
one to three years after reorganization becomes effective the net available
for interest and dividends should be increasingly in excess of $5,000,000.
Assuming an available net of $5,500,000, its application under the second
revised plan as compared with the first revised plan would be as follows:
The committee is firmly of the belief that
gloomy
prospect can
organization
'
•!.
',**
Under First
lien bonds
Balance
(fixed interest).
$980,000
Balance
$1,750,000
600,000
(contingent 1H%)
—
485,000
preferred $1 per share
Balance
To sinking
$2,350,000
$980,000
-
To consolidated bonds
To
$5,500,000
1,550,000
$3,930,000
$3,950,000
(5%)2,950,000(4%) 1,600,000
Balance.
To consolidated bonds
Revised Plan
$5,500,000
1,570,000
-
divisional
Under Second
Revised Plan
Available
To
plan.
.....
485,000
$495,000
$1,265,000
300,000
To common stock $1 per
share
200,000
$195,000
fund
Balance
$1,065,000
Not Earned
720,000
$345,000
that under the first revised plan a $5,500,000 year
a dividend on the common stock, whereas under the
plan it would permit a $1 common dividend with a safe
These figures mean
would
second
not
permit
revised
Financial
3828
margin over.
In such a year under the second revised plan the present com¬
mon and preferred stockholders would receive a $1 dividend for every share
of P. K. T. stock, common and preferred, which they now own, and the
lessor companies would receive a total from the bonds and preferred stock
to be issued to them of $2,545,000,
It is also significant that even if the
present gloomy forecast for 1938 should be experienced in any year under the
second revised plan, no actionable default would occur, as the interest on
divisional liens and fixed interest on the $40,000,000 of consolidated bonds
to be issued to lessor companies aggregate only $3,150,000, with $3,750,000
available to meet them.
In short, the second revised plan will permit the
company to survive without default in a year worse than has ever yet been
experienced and, in a year no better than 1936, pay all charges and a $1
dividend on common stock, with a handsome margin over.
The second revised plan is conditioned upon the extension of the term
of the Broad Street lease to July 1, 1957, and the granting of exclusive bus
franchises to July 1, 1957.
Nothing is proposed as to the terms and condi¬
tions under which these extensions should be granted.
This is left the
subject of future negotiations with the city, which it is intended shall be
undertaken after the plan has first been submitted to the Public Utility
Commission.
In frankness it should be stated that with t ie present and
prospective level of business and earnings, the possibility of any increased
payments to the city is not apparent notwithstanding the great reduction
in other charges under the second revised plan.
Through the operation of
the sliding scale of paving and sinking fund payments in the 1907 contract
and the continuing increase in the rent of the Broad Street subway at the
rate of 2 cents per passenger, the city is today receiving not only as much but
actually more than it recei ved in years of properous operation prior to the
depression.
It may as well be frankly stated that, in times like these,
in advocating the new plan, concessions under the present fixed and growing
payments must be asked of the city.
This is no more than consistent witn
the heavy reductions suffered by every class of investor in the privatelyowned system which still carries more than 85% of the total riders as com¬
pared with less than 15% carried on the city's lines.
The second revised plan makes provision for the appointment, with the
approval of the Court, of reorganization managers to devise detailed means
and methods for securing the necessary acceptances, consents and ap¬
provals and to pass in the first instance upon the form of the new securities
and all pertinent instruments and documents contemplated by the plan,
subject to sucn final approvals as are requisite under the law and to the
continuing jurisdiction and final approval of tne Court.
The committee and the debtor submit the second revised plan in the
belief that in its essential particulars it represents the best that can be
proposed within the requirements of the Court's memorandum opinion of
Sept. 29, 1937.
Notwithstanding their failure as yet to secure the ap¬
proval or assent of other interested parties, they earnestly hope that all
necessary assents and approvals can and will be secured.
It is increasingly
true that time is of the essence.
The system cannot much longer stand the
inevitable effects of the reorganization period.
It is essential for the city,
the investors and the public that it shall now be reorganized for unified
operation under a single owning and operating company so that tne great
work of rehabilitation and modernization may go forward before it is too
Chronicle
Dec.
Portland Gas & Coke
$3,269,561
2,415,241
250,000
$70,942
Z>r330
$723,587
$604,320
i>4,739
$51,817
40,604
4,224
$70,612
40,604
4,085
$719,008
487,250
49,260
GY127
$6,989
$25,923
$182,625
$61,364
430,167
430,167
$247,542
Gross income
mortgage bonds.
Other int. & deductions.
$368,803
$282,255
$52,242
Dr425
Net oper. revenues...
Other income (net)
on
190,480
20,833
Int. charged to constr'n.
Net
income....
Or4,579
$599,581
487,250
50,967
Dividends applicable to preferred stocks for the
x
period, whether paid or unpaid
—
deficit
Balance,
x
Dividends accumulated and unpaid to Oct. 1, 1937, amounted to
$1,697,906.
Latest dividends, amounting to $1.25 a share on 7% preferred
stock and $1.07 a share on 6% preferred stock, were paid on Feb. 1, 1937.
Dividends
these stocks are cumulative.
on
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—V.
145, p. 3208.
Power Securities
Another
in
concerns
Corp.,
Corp —t0 ge Dissolved■—
step is being completed toward elimination of intermediate
Electric Power & Light System.
At Concord, N. H., the
legal steps are being complied with to dissolve Power Securities
Electric Power & Light subsidiary controlling Idaho Power Co.
necessary
an
When these steps are completed, Electric Power & Light will have assumed
the obligation for the remaining outstanding $1,200,000 of Power Securities
These remaining bonds, under a supple¬
with Bankers Trust Co., are to be re¬
progressively in uniform amounts up to 1948.—V. 145, p. 3019.
Corp. 6% collateral trust bonds.
mentary indenture provision filed
deemed
Pressed Metals of America,
Inc.—Offering Delayed—
New York Curb Exchange has received notice from the company
that it has postponed its offering to its common stockholders to subscribe
to one additional share of common stock at $20 a share for each eight shares
The
on or about Feb. 1, 1938.
The rights to subscribe to the ad¬
25,
1938, and will expire on March 1, 1938.
Subscriptions may be paid in full March 1 or in instalments of one-third
at that date, one-third May 2 and one-third July 1.—V. 145, p. 3356.
held, until
ditional stock will be offered to common stockholders of record Jan.
Providence-Washington Insurance Co.—Special Div.—
ate.
The directors have declared
Suit Seeks Return of Transit
1937—12 Mos.—1936
$3,375,189
2,380,768
270,834
$270,155
194,996
22,917
Operating revenues
Oper. exps., incl. taxes
Prop, retire, res. approp.
Int.
Co.—Earnings—
1937—Month—1936
Period End. Oct. 31—
11, 1937
a
special dividend of 40 cents per share in
addition to the regular 'quarterly
System—
Underlying companies of the P. R. T. began action Dec. 3 in Federal
District Court at Philadelphia to obtain about half of the Transit company's
reserve and ail net income from the transit system.
In a petition filed with Judge George A. Welsh, the Union Traction Co.,
chief underlying concern, demanded that the P. R. T. affirm the 1902 lease
$10,000,000
between the two or reject it.
If the lease is rejected, the petition asked
that the entire transit system, except city-owned lines, be turned over to
the underlying companies.
Under the 1902 lease the transit company was made the operator of the
dividend of 25 cents per share on com¬
pany's capital stock, par $10, payable Dec. 24 to holders of record Dec. 10.
A special dividend of 40 cents was paid on Dec. 24, 1936; 25 cents was
paid on Dec. 24, 1935; one of 10 cents in Dec. 27, 1934 and a special dis¬
tribution of 20 cents per share was made on Dec.
......
Maintenance
P.
Taxes
Union Traction in the event of the failure of
obligations.
It was the inability of P. R. T. to pay the
bankruptcy.
Judge Welsh delayed action on the petition pending the filing of the
reorganization plan by the P. R. T.'s trustees.
In his final disposition of the petition, Judge Welsh indicated that he may
hear further argument, but that until the underliers agree or disagree or
ask for a modification of the reorganization plan, the situation will remain
p.
1121.
1937—12 Mos.—1936
1937—Month—1936
Period End. Oct. 31—
Operating revenues
Operation...
property, which reverts to
R. T. to meet
27,1933.—V. 144,
Puget Sound Power & Light Co. (& Subs.)—Earnings
$1,280,991 $16,625,132 $14,755,181
545,063
6.332,446
5,605,727
77,550
1,135,186
862,172
169,966
bl,987,700
1,842,422
a$l,441,248
539,135
104,761
b221,744
rentals specified in this lease that threw the company into
in status quo.
The resignation of James J. Connolly as trustee of the P. R. T. has been
confirmed by Federal Judge Georeg A. Welsh.
Mr. Connolly has been
elected Vice-President in charge of real estate and insurance.—V.
145,
$575,606
Dr20,050
$488,411
47,400
$7,169,798
9,112
$6,444,«58
565,174
$555,556
320,967
$535,811
321,512
$7,178,911
3,856,895
$7,010,032
3,856,501
Balance
$234,589
$214,298
Appropriations for retirement reserve...
$3,322,016
1,495,233
$3,153,531
1,444,603
$1,826,782
550,000
$1,708,928
1,583,970
1,583,970
$307,187
$425,041
Net oper. revenues
Non-oper. income (net).
Balance
Int. & amortization, &c_
Balance....—
3355.
P.
Prior
Philadelphia Suburban Water Co.-—Earnings■—
preference dividend requirements.
Preferred dividend requirements
550,000
Earnings for 12 Months Ended Oct. 31, 1937
Gross revenues._
$2,481,257
674,475
144,862
__
Operation (including maintenance)-Taxes (not including Federal income tax)
Net earnings
Interest charges
$1,661,919
676,450
22,977
105,680
232,390
-
Amortization and other deductions
Federal income tax
Retirement
expenses.
Balance available for dividends
,
Fixed capital
Cash
Notes receivable
Accounts
receivable........
Materials
&
supplies
Other current assets
....
Funded
$3,200,000
2,500,000
10,907,500
53,781
49,484
490,244
236,248
126,491
13,853
2,333,103
2,492,520
48,000
stock.
Indebtedness
Consumers
deposits
Other current liabilities.
Main
extension
Investments general
5,116
Accrued
Pre payments..............
6,062
deposits..._
Accrued interest
Special deposits.....
TJnamort. debt disc, & exp__
Undistributed debits
taxes
Other accrued liabilities
8,358
277,637
Reserves
25,978
the encl of the year.
Note—The company on Jan. 1, 1937, adopted the Federal Power Com¬
mission system of accounts, hence previous year's figures are not exactly
comparative.—V.
145,
Surplus........
Dividends declared
The
New
to
-V.
145,
$28,451,226
p.
Total......
Curb Exchange has approved the application of the
250,017 outstanding shares of common stock, no par,
2403.
list
Pullman
Co.—Earnings—
[Revenues and Expenses of Car and Auxiliary Operations;
Period End. Oct. 31—
Total
Net
Insurance Co. $9,000,000 serial notes, dated Dec.
and maturing $3,000,000 3% series
$337,345
series C Dec. 1, 1945.
nofc^^VCt145rSp^286?°' *S Trustee* Payin& A8ent and Registrar for the
Phoenix
revenues.
expenses
$5,996,628
$5,201,280
$166,446
137,072
$1,760,982
1,456,692
$1,598,889
1,281,095
$28,426
—
Operating income
—V. 145, p. 3665.
Pure
Oil
$29,374
$304,289
$317,794
$365,771
revenue-
Total net revenue
Taxes accrued
348,592
$676,388
318,027
$6,300,917
2,693,021
$5,519,074
2,666,567
$17,179
$358,361
$3,607,897
$2,852,507
Co.— Underwriters
Provide
Stock to
Settle Con¬
tracts—
The following has been sent by the Committee on Securities of the New
York Stock Exchange to member firms which have open contracts in Pure
Oil 5% shares.
"The Committee on Securities has completed its investigation of the
open contracts in
(Fire) Insurance Co.—Extra Dividend—
5% cumulative convertible preferred shares of the Pure
These shares were offered to stockholders of the Pure Oil Co. at
$100 per share and this offering was underwritten. Part of the offering was
subscribed for by the stockholders of the company and the balance delivered
Oil Co.
The directors have declared an extra dividend of
50 cents per share in
addition to the regular quarterly dividend of 50 cents
per share on the
capital stock, both payable Jan. 1 to holders of record Dec. 15.
Similar
payments were made on Jan. 2. 1937, Jan. 2, 1936, and on Jan. 2, 1935.—
v. 144, p. 3348.
to the
underwriting group in accordance with the terms of their agreement.
"The Committee is informed that the underwriting group headed by
Edward B. Smith & Co. have arranged to make up to 5,000 shares available
for purchase at $100 per share flat on
Edward B. Smith & Co., 31 Nassau
(Albert) Pick Co., Inc.—Year-End Dividend—
withdrawn in
The directors on Dec. 6 declared a year-end dividend of 10 cents
per
on the common stock,
payable Dec. 20 to holders of record Dec. 10
Dividends of 12}^ cents were paid on Dec. 1 and on
Sept. 1, last.
Two
dividends of 10 cents per share each were paid in Dec.. 1936.—V. 145
share
p.
$647,014
$186,779
158,353
revenue
Total
1, 1937,
A, Dec. 1, 1939, $3,000,1944, and $3,000,000 3
1,
$4,958,842 $52,578,516 $47,265,720
4,311,827
46,581,888
42,064,439
Auxiliary operations;
Net
Dec.
$5,236,467
4,899,122
revenues
Total expenses..
2703.
3^% series B
1937—10 Mos.—1936
1937—Month—1936
Sleeping Car operations:
$28,451,226
Phillips Petroleum Co.—Places $9,000,000 Notes Pri¬
vately•—The company during November placed privately wth
the Metropolitan Life Insurance Co. and the Mutual Life
000
3665.
York
Total
Total
p.
Puget Sound Pulp & Timber Co.—Application Approved
with authority to add 232,775 additional common shares.—V. 145, p.
Liabilities—
Common
a
company
$25,799,224! Preferred stock
1,928,5441
1,032
127,792
87,035
184,445
Includes noil-recurring revenue of
$80,783 from sale of electric energy
utility,
b No provision has been made for the Federal surtax on un¬
distributed profits since any liability for such tax cannot be determined until
a
$624,420
.
Balance Sheet Oct. 31, 1937
Assets—
deficit..
Balance,
to
2087.
and after Dec. 6, 1937 at the office of
St., N. Y. City.
This offer may be
the discretion of Edward B.
Smith & Co., managers of the
underwriting group.
"A tabulation of the open contracts reported, pursuant to the request
of the Committee on Securities, disclosed contracts to buy 10,116 shares
and contracts to sell 9,339 shares by members of the exchange.
"As the open contracts have matured, delivery may be enforced pursuant
Section 13 of Chapter IV of the rules adopted by the Governing Com¬
mittee of the Exchange.
The Committee withdraws the request made in
its letter of Nov. 4, 1937 that no steps be taken that would affect the
to
Pioneer Gold Mines of British Columbia, Ltd.— Earns.
Month of November—
Gross.
x Net after expenses....x
-
1937
$174,000
95,000
1936
$177,000
100,000
Before depreciation, depletion and taxes.—V. 145, p. 2402.
1935
$265,000
190.000
present status of these open contracts.
"The attention of members is called to the fact that the Pure Oil Co. has
declared
Dec.
a
dividend payable to holders of 5%
10. 1937."
preferred shares of record
Volume
Financial
145
The Committee on Securities of the New York Stock Exchange on
Dec. 7
reported having sent the following letter to member firms who reported
having open contracts in the 5% cumulative convertible preferred shares
Chronicle
3829
Stockholders may elect on or before Dec. 17 to take delivery in London of
shares of the
company's ordinary stock to which they are entitled.—V.
145, p. 3508.
of the Pure Oil Co.:
"The Committee on Securities has been informed by Edward B. Smith
& Co. that the offer to make
up to 5,000 5% cumulative preferred shares
of the Pure Oil Co. available for
purchase at $100 per share flat on and
after Dec. 6, 1937, referred to in letter dated Dec.
3, 1937, from this
committee, will be withdrawn at the close of business Dec. 9,
1937."
Consolidated Balance Sheet Aug. 31, 1937
Assets—
Liabilities—
Cash....
$12,189,903
...
Accounts payable
9,130,850
22,966.741
Receivables (lessreserve)...
Inventories
Notes payable
Accrued liabilities
Investments and advances..
10,219,199
Prop., plant, equip., &c
xl22,600,531
Prepaid & deferred charges.
995,443
$9,107,063
1,281,438
2,215,970
.....
Long-term debt
2,148,954
3,986,381
...
Minority interests
-
72,543,100
39,820,310
Preferred stock
Common stock
Paid-in surplus
Earned surplus
Total
$178,102,668
After
x
reserve
for
.$178,102,668
....
depreciation, depletion, &e., of $95,307,952.—Y. 145,
Radiomarine Corp. of America
Period End. Oct. 31—•
Telegraph & cable
1937—10 Mos.—1936
oper.
$120,328
$91,511
$1,114,791
$854,421
81,009
69,598
750,168
663,216
$39,319
250
8,263
$21,912
$364,623
2,500
74,449
$191,205
2,500
38,159
$30,806
$17,816
346
202
$287,674
5,133
$150,546
1,181
$18,018
$292,807
Russell Motor Car Co., Ltd.—Extra Common Dividend—
The directors have declared
to the regular
no
Net telegraph & cable
operating
revenues.
;
Taxes assignable to oper.
Operating income
Non-operating income..
Gross income.
145,
value,
2557.
p.
250
3,846
$31,153
common
share held of record Dec. 17.
On Nov. 30 there were 863,343
shares outstanding, exclusive of 184 shares held in the treasury.
11 months of 1937 amounted to about $710,000,
after Federal income and excess
profits taxes, which earnings were rein¬
vested largely in the
Earnings for the first
business, according to O. E. Tuttle, President.
By
paying the stock dividend the company will avoid the payment of about
$128,000 undistributed profits tax for 1937—V. 145, p. 3210.
Ryan Aeronautical Co.—Initial Dividend—
The
company paid an initial dividend of five cents per share on its
stock
no par value, on Nov. 10 to holders of record Oct. 30.—
V. 145, p. 224$.
common
Safeway Stores, Inc.—Sales—Period End. Nov. 27—
Railway & Light Securities Co.—Earnings—
*
The company reports market value of assets available for its common
stock Nov. 30, 1937, was $13.43 per share, which compares with $15.80 on
Oct. 31, 1937, and $33.49 on Nov. 30, 1936.
These
figures are after allow¬
when applicable for possible normal Federal income tax if the indicated
appreciation were realized.—V. 145, p. 2704.
Sales.
—V.
Rayonier Inc.—Common and Preferred Issues Listed
The
San
on
Exchange—
Francisco
Stock
Exchange has announced that the stocks of
the company were admitted to
trading on Dec. 9.
The listing covers the
outstanding 626,205H
shares of $2 cumulative
preferred stock, which is convertible share for share into common stock
on or before Aug. 1, 1942
963,872 shares of common stock now outstanding
and 626,20514 shares of common stock reserved for conversion of
the $2
preferred stock.—V. 145, p. 3666.
Reiter-Foster Oil Corp.-—To
Stockholders have been advised of
a
proposed change from
San Diego Consolidated Gas & Electric
a
save on
Reiter-Foster's franchise tax
Reliable Stores Corp.—Extra Dividend—
The directors have declared an extra dividend of 25 cents
per share in
addition to the regular quarterly dividend of 25 cents
per share on the
common stock, both payable Dec. 20 to holders of record
Dec. 14.—V.
Period End. Oct. 31—
Operating
a
Reed
Drug Co.—Stock Offering—Floyd D. Cerf Co.,
Chicago, is forming a selling group to publicly offer 65,000
shares of class A 7% cumulative convertible stock.
The
subscription price of the class A stock is $5 a share.
Company represents the recent merger of the Reed Drug Co. of Wis.,
the Fay Drug Co. of 111. and the Wood
Drug Co. of 111. The class A shares
are convertible share for share into
coipmon stock and carry a bonus of one
share of no par common for each 10 shares of class A sold.
A
Dec. 15.
quarterly
on
The
A dividend is also expected to be paid this month on the common
operates
company
cut
rate
drug store chains in Wisconsin and
including stores in Milwaukee,
West Allis,
Kenosha,
Racine,
known as the Reed Cut Rate Drug Stores of Wisconsin; Chicago
(loop), known as lay Cut Rate Drug Stores; Rockford and Springfield,
Illinois, known as Wood Cut Rate Drug Stores.
Net salegfor the combined group last year were $1,673,796 as
against
$1,201,847 in 1935.
For the first six months sales were $946,945.
Net
profit for the first six months this year was $40,232 against net for all of
last year of $33,247.
On an annual basis the common stock is earning 60c.
currently, after dividends on the "A" stock.
On an annual basis the
common stock is earning $2.30 currently.—V.
145, p. 2088.
$3,308,506
1,285,000
$258,611
_
$3,262,317
776
$3,263,093
1,250,000
$2,013,093
Before appropriation for retirement reserve.—V. 145, p. 3210.
Period End. Oct. 31—
$187,757
71,940
10,517
a20,915
1937—12 Mos.—1936
$2,143,696
$1,924,852
826,861|
730,834
120,084
111,184
a226,921
205,836
-
$170,645
63,034
10,255
16,590
$84,385
Maintenance
Taxes
Co.—Earnings—
1937—Month—1936
Operating revenues
Operation
$80,765
Net oper. revenues.
453
2,825
$969,829
10,530
$876,997
24,329
$84,838
31,109
$83,591
30,896
$980,359
379,532
$901,326
377,263
$600,826
246,888
$524,063
195,000
$353,938
149,114
60,000
$329,063
$144,823
$119,948
Non-oper. income (net).
Balance
Int. & amortization, &c.
Balance
$53,729
Appropriations for retirement reserve
the A stock payable Dec. 20 to stock of record
stock.
$3,304,443
4,063
122
Savannah Electric & Power
a dividend of one cent
per share on the common
value), payable Dec. 24 to holders of record Dec. 14.
paid on July 1, last.—V. 144, p. 4197.
par
dividend has been declared
$258,488
$2,023,506
..
Gross income
Republic Investors Fund, Inc.—Dividend—
was
$215,877
Drl34
Co.-—Earnings
1937—12 Mos.—1936
$8,146,815
$7,819,652
$635,486
a Net oper. rev. & other
income
$215,743
Appropriation for retirement reserve.
Directors have declared
Like amount
$623,123
Net oper. revenue
a
(25 cents
1937—Month—1936 "
revenues
Other income
145, p. 3507.
stock
Anthony Gold Mines, Ltd.—Rights—
is offering 1,000,000 shares for subscription at 25 cents
share to shareholders of record Dec. 15, on basis of one share for each
four now held.
Rights expire pec. 30.
By agreement dated Nov. 25, 10,000 shares are underwritten at 25 cents,
payable 30 days after rights expire, and an option is granted on 990,000
shares at 25 cents per share.
Option is exercisable by at least 40,000 shares
in each 30-day period
following completion of the underwriting, until
Nov. 20, 1938, when entire balance must be exercised or option will termi¬
nate.
Number of shares covered by agreement is to be reduced by such
number as shall be taken up by shareholders under subscription rights.
Option on 350,000 shares at 20 cents and 350,000 at 25 cents to Dec. 31,
1937, under agreement dated Dec. 30, 1936, has been extended until Dec.
31. 1938.—V. 145, p. 2558.
per
no
before the end of the year in order to
for next year.—V. 144, p. 3516.
1937—4 Weeks—1936
1937—48 Weeks—1936
$28,587,845 $26,945,195 $351172,470 $312623,677
3666.
p.
The company
Change Par Value—
special meeting to be held Dec. 28
par value common stock to a par
value of 50 cents a share.
The twofold reason given for the change is that
it would save a substantial sum per year in franchise taxes and a considerable
saving in transfer taxes would result.
This change must be consummated
to consider
145,
St.
ance
San Francisco
an extra dividend of $1 per share in addition
quarterly dividend of $1.25 per share on the common stock,
both payable Dec. 31 to holders of record Dec. 14.—V.
Directors of the corporation on Dec. 7 authorized the issuance of 11,520
shares of second series $2.50
preferred stock, and declared a dividend pay¬
able on Dec. 24
consisting of l-75th share of s xch preferred stock on each
—V. 145, p. 3209.
•
par
common
expenses
Uncoil, oper. revenues..
manu¬
$151,727
Total telegraph and cable
operating
as
Rustless Iron & Steel Corp.—Stack Dividend—
-Earnings—-
1937—Month--1936
(known throughout the world
Also offered
3209.
p.
Inc.—Sale—
for sale at the same time will be the real
property of Runkel
Realty Co., Inc., located at 451 West 30th St., New York City, where
business of Runkel
Brothers, Inc., operated,
'■ .7:
\
28.319,194
18,680,258
—
Total.....
Runkel Brothers,
All the assets of this
company
facturers of fine chocolates, cocoa, &c.) will be sold as a
going business
Dec. 14, or for purposes of liquidation in whole or in
part, whichever terms
are more favorable
(referee reserving right to reject any and all offers and
make such terms and conditions of sale as
necessary). Assets consisting of:
plant, machinery, merchandise, chocolate, cocoa, cocoa beans and related
products; also valuable trade marks, patents, patent rights, goodwill, &c.
Property will be sold Dec. 14 at Room 1602, U. S. Court House, Foley
Square, N. Y. C., before Peter B. Olney Jr., referee in bankruptcy, pursuant
to order of U. S. District Court for the Southern
District of New York.
$52,694
.
Balance
Debenture dividend requirements.
Preferred dividend requirements.
60,000
Illinois
Balance for common dividends and surplus
James ville,
Remington Arms Co.—lS-Cent Dividend—
The directors have declared
mon
a dividend of 18 cents
per share on the com¬
stock, payable Dec. 23 to holders of record Dec. 16.
An initial divi¬
was paid on Dec. 23, 1936.—V. 144, p. 2318.
_
a
No provision has been made for the Federal surtax on undistributed
profits, since any liability for such tax cannot be determined until the
end of the year.
Note—On Jan.
1, 1937, changes were made in accounting procedure,
year's figures for some items in the income statement are
exactly comparable.—V. 145, p. 3668.
hence previous
not
Savannah Sugar Refining Corp.-—50-Cent Dividend■—
The directors have declared a dividend of 50 cents per share on the capital
stock, par $1, payable Dec. 23 to holders of record Dec. 13.
Two-thirds
of this dividend represents payments for November and December and
one-third
or
A regular
dend of 13 cents
16 2-3
cents
is
an
extra dividend.
quarterly dividend of 50 cents
per
share
was
paid on Nov. 1,
last.—V. 144, p. 4359.
Remington Rand, Inc.—Sales—
Period End. Nov. 30—
x
1937—Month—1936
Seaboard Commercial Corp.-—Extra Dividend—
1937—8 Mos.—1936
Total domestic and for¬
Directors
eign sales.
$4,367,791
$3,827,280 $32,570,996
x Includes sales of General Shares
Corp.—V. 145, p. 3507.
$27,450,829
addition
common
—V.
Republic Petroleum Co.—To Pay 12 V^-Cent Dividend—
The directors
share
on
the
on
Nov. 30 declared
common
an
initial dividend of
12K cents per
stock, payable Dec. 21 to holders of record Dec. 15.
—V. 145, p. 3019.
have
declared
an
extra
dividend
of
50
cents
per
share
in
to the regular quarterly dividend of 20 cents per share on the
stock, par $10, both payable Dec. 27 to holders of record Dec. 16.
145, P. 2705.
Seagrave Corp.— To Resume Common Dividend—
have declared a dividend of 15 cents per share on the
stock, payable Dec. 22 to holders of record Dec. 15.
This will
made since Oct. 15, 1931 when 10 cents per share was
distributed.—V. 145, p. 2705.
>
The
directors
common
be the first payment
Republic Steel Corp.—-Accumulated Dividend—
The directors
on
of accumulations
Dec. 6 declared
on
holders of record
to
a dividend of $13.50 per share on account
the 6% cum. pref. stock, par $100, payable Dec. 21,
Dec. 13.
Dividends of $1.50 were paid on Oct. 1,
July 1 and on April 1 last.
A dividend of $12 was paid on Dec. 19, 1936,
this latter being the first distribution made on this issue since Oct. 1,
1930, when a regular quarterly dividend was paid.
V. 145, p. 3356.
Richardson
The directors
common
Co .—Larger
have declared
a
Dividend—
dividend
of $1
per
share
on
stock, payable Dec. 14 to holders of record Dec. 7..
the
no
This
par
com¬
Sears, Roebuck & Co.—Sales—
Period End. Dec. 3—
Sales
1937—4 Weeks—1936
Serrick
1937—44 Weeks—1936
$47,419,322 $47,870,763 $484795,765 $435803,581
,
—V. 145, p.
3210.
Corp.—Application Approved—
The New York Curb Exchange has approved the application of the
corporation for permission to add 6,971 snares of class B common stock,
par $1, upon official notice of issuance.—V. 145, p. 3668.
with 40 cents paid on Sept. 14 and on June 12, last; 20 cents paid
March 12 last; $1 paid on Dec. 14, 1936; 40 cents paid on Sept. 14
and on June 15, 1936; 20 cents on March 12, 1936; 80 cents paid on Dec.
pares
Seton Leather Co.—50-Cent Common Dividend—
on
28, 1935; 40 cents paid on Dec. 28, 1934; 20 cents on Dec. 22, 1933, and 5
cents per share paid on Dec. 30, 1932, this latter payment being the first
made since Nov. 15, 1930, when a regular quarterly dividend of 40 cents
per
share was distributed.—V. 144,
Roan
p.
on
have
declared
a
dividend of 50
cents
per
stock, payable Dec. 22 to holders of record Dec. 16.
Shattuck Denn
14, for dis¬
Dec. 21 of two additional American shares for each share held.
directors
share on the
A like amount
paid on Dec. 22, 1936, this latter being the first distribution made since
Nov. 2, 1931, when 25 cents per share was paid.—V. 145, p. 620.
was
3349.
Antelope Copper Mines, Ltd.-—To Distribute Stock
The record date of American shareholders will be taken Dec.
tribution
The
common
Mining Co.—Initial Dividend—
The directors have declared an Initial dividend of 25 cents per share on
the capital stock, payable Dec. 24 to holders of record Dec. 13.—V. 144,
p.
3692.
3830
Financial
Shawmut
Association—Special Dividend—
li3
A dividend of 20 cents was
paid on Oct. 1 and on July 1, last and pre¬
viously regular quarterly dividends of 10 cents per share were distributed.
In addition, a special dividend of 42 cents was paid on Dec. 21, 1936.
—V. 145, p.3210.
Sharon Steel
on Special Common Div.—
Directors, because of changed conditions in the steel industry generally,
took no action on a special dividend on the common stock at their meeting
Corp.—No Action
held Dec. 7.
|a About the middle of November preferred holders authorized directors
to issue at any time during the remainder of this year up to 8,000 shares
of the $5 preferred stock as a dividend on the common stock.
However,
In view of the unusually small amount of steel business and sharply reduced
operations, the board did not deem it advisable to take advantage of this
authorization.-—V. 145, p. 3358.
Sheep Creek Gold Mines, Ltd.—Extra Dividend—
The directors have declared
an extra dividend of one cent per share in
quarterly dividend of two cents per share on the
payable Jan. 15 to holders of record Dec. 31.
Like
payments were made on Oct. 15 and on July 15, last.—V. 145, p. 1435.
addition
to
common
stock,
would
it
The trustees have declared a special dividend of 22 cents per share on the
company's stock payable Dec. 22 to holders of record Dec. 15.
They also
declared a dividend of 10 cents per share, payable Jan. 3 to holders of record
Doc
Chronicle
the regular
both
Period End. Aug. 31—
Operating
Operation
with the Guaranty
pay
a
surtax
Trust Co. of New York the company could declare and
cash dividend of not more than $1,175,000, "it would still incur
liability in the amount of approximately $124,000."—V. 145, p. 3509.
Sovereign Investors, Inc.—-Year-End Dividend—
The directors have declared
a year-end dividend of one cent per share
the company's common stock, payable Dec. 24 to holders of record
14.
A dividend of one cent was paid on Nov. 20, last; one of 1H
on
Dec.
$180,614
50,955
8,744
a25,549
$163,225
48,611
5,752
24.355
Net oper. revenues.$95,364
Non-oper. income (net).
37
1937—12 Mos.—1936
$1,793,183
$1,690,721
Net income
$84,506
Dr46
$791,531
4,336
$735,369
3,262
$84,460
8,333
$795,868
95,582
$738,631
100,000
$76,127
10,352
$700,285
128,604
$638,631
126,541
$77,071
Gross income
Int.:&amortiz.,&c
650.501
72,475
232,376
$87,661
10,589
Balance
Retirement accruals
643,350
108,436
a249,864
$95,402
7,741
Maintenance
Taxes
$65,774
$571,681
209,419
396,550
$512,089
Pref. di vs. declared
Com, divs. declared.
209,226
206,000
No provision has been made for the Federal surtax on undistributed
net income for the year 1937, since any
liability for such tax cannot be
1
a
determined until the end of the year.
Note—On Jan. 1, 1937 the company adopted the Federal Power Com¬
mission System of Accounts hence previous year's figures are not exactly
comparative.
Figures
,
in this statement have been compiled from those
Sierra
Co., after intercompany eliminations.
All figures give
effect to the merger of Sierra Pacific Electric Co. into Sierra Pacific Power
Co. pursuant to aggreement of consolidation, effective for accounting
purposes as of the close of business July 31,1937.—V. 145, p. 3358.
shown
on
Pacific
appearing
the books of the company and its former parent company,
Electric
Signal Oil & Gas Co.—Extra Dividend—
The directors have declared an extra dividend of 25 cents per share on
the class A and class B shares in addition to the
regular quarterly dividends
of 50 cents per share, all payable Dec. 15 to holders of record Dec. 6.
See
V^_144,^p. JL801 for detailed record of previous dividend payments.—V.
Aug. 20, last; a quarterly dividend of one cent was paid
last, and an extra dividend of one cent was paid on Dec. 24,
115, p. 3359.
The
directors
have
declared
a
dividend
of 25
cents
Sperry Corp.-—To Pay 60-Cent Dividend—
The directors
stock, payable Dec. 26 to holders of record Dec. 17.
paid on Oct. 10, last; dividends of 50 cents were paid on Aug. 15
Dec. 26, 1936, and a dividend of 25 cents per share was paid on
Sept. 10, 1936, this latter being the first dividend paid since Dec. 1, 1930,
when 50 cents per share was distributed.—V. 145,
p. 1915.
75 cents
was
on
(L.
C.) Smith & Corona Typewriters,
Inc.—25-Cent
Dividend—
The directors have declared
dividend of 25 cents per share on the com¬
stock, payable Dec. 27 to holders of record Dec. 14.
Previous dividend
mon
a
payments were as follows:
50 cents paid on Oct. 1 and on .July 1,
extra of 12 H cents and regular quarterly of 25 ce its
paid on April 1,
extra of 50 cents and quarterly of 25 cents paid on Dec.
24, 1936,
dividend of 25 cents paid on Oct. 1, 1936, this latter
being the first
tribution made since Jan.
was
also
paid.—V. 145,
p.
1931, when
3358.
1,
a
last;
last;
and
dis¬
dividend of 25 cents per share
Southern Natural Gas Co.—$650,000 Bonds
To Be Placed
Approved—
-
Securities and Exchange Commission on Dec. 9 made effective a
declaration filed by the company pursuant to Section 7 of the Public Utility
Holding Company Act of 1935 regarding the issue and sale by it of $650,000
first mortgage pipe line sinking fund bonds,
4H % series due 1952.
The
bonds will be sold to a single purchaser at 97 M
•
Company a subsidiary of Federal Water Service Corp. is a Delaware
corporation organized in 1935 to take over the assets, upon reorganization,
of Southern Natural Gas Corp.
The bonds presently to be issued are stated to constitute a first lien
upon
properties of the company and will be secured by a mortgage indenture and
supplemental indentures executed to Central Hanover Bank & Trust Co.
Frank Wolfe, as trustees.
Without reflecting the financing now proposed, the
company was capital¬
as of Sept. 30, 1937, as follows;
1st mtge. pipe line sinking fund bonds 4M% series due Oct.
1,
ana
ized,
1951
$14,466,000
Adjustment mortgage bonds, 6% due Jan. 1, I960
5,781,577
Secured instalment note, 4J^%, to mature finally June
1, 1940
2,000,000
x Capital stock and
surplus (as per books)
7,353,758
.
The capital stock equity is represented by class A stock
(no par), of
554,500 788-1030 shares are presently outstanding, and class B
stock (no par) value of which 274,939 shares are
presently issued.
>
The bonds covered by the present declaration will have equal rank with
the series due Oct. 1, 1951 and will have
priority over the adjustment
mortgage bonds and the secured instalment note.
b Declarant has entered into an agreement with one institutional Investor
by which the latter has agreed to purchase the bonds at 97^(.
I The proceeds of the sale will be deposited with the corporate trustee and
which
withdrawn against 60% of capital expenditures made for bondable
property,
in accordance with the terms of the indentures.—V.
145,
Southern
p.
3359.
—Fourth
,Period—
Week of Nov.
1937
$
2,733,378
1936
$
Jan.
1
to Nov.
Like
a
dividend of 60 cents
amount
par
was
Spiegel, Inc.—Sales—
1937—Month—1936
1937—11 Mos.—1936
$6,152,643
$5,323,451 $49,562,312 $39,459,047
..
Square D Co.—Registration Withdrawn—
See list given on
first
of this department.—Y. 145,
page
p.
3669.
Standard Fire Insurance Co. of N. J.—Extra Dividend—
The directors have declared an extra dividend of $1 per share on the
capital stock, par $25, payable Dec. 21 to holders of record Dec. 14.
The
regular quarterly dividend of 75 cents per share was paid on Oct. 23, last.
An extra dividend of 50 cents was paid on Dec. 17, 1936 and on Jan. 23,
1936.—V.
143,
4168.
p.
V .i-.V;-;
^
^
Standard Gas & Electric
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Dec. 4, 1937 totaled 107,288,468 kilowatt hours, a decrease of 4.2% compared with the corresponding
weeklast year.—V. 145, p. 3669.
Standard Oil Co. of California—New President—
The company on Dec.
9 formally announced the election of William H.
Berg to succeed the late K. R. Kingsbury as President. Mr. Berg has been
First Vice-President in Charge of Operations.
Ilills Oil Suit—
Wins Elk
(lovernment
The following is taken from the New York "Times" Dec. 5:
The Federal Government won a decision worth $10,000,000 to $22,000,000
Dec. 4, when Judge Leon R. Yankwich at
to land in the Elk Hills
petroleum field,
as
Fresno, Calif., upheld its title
against the claim of the Standard
Oil Co. of California, and awarded the Government $6,164,102 as damages
due
to
drilling operations over a long period.
question of title to the land, the Government's victory is allThe area originally was part of the Federal domain, but
the State of California sold it as school lands to settlers, who in turn dis¬
posed of it, bit by bit, to the oil company, beginning in 1900.
Judge Yankwich held that, because the land was known as "mineral"
in character when it was surveyed Jan. 26, 1903, it had never passed from
the public domain and hence never was a part of the State's school lands.
The persons who bought their land from the State of California were
declared to have been trespassers.
The area of 640 acres is known as
On
the
embracing.
and
36.
addition to the damage verdict, the Judge ruled that the company
Fairbank Ranney and Frank J. Carman, of El Paso, Texas,
Clara
are jointly responsible for $1,896,819 in royalties on oil taken from one
parcel in the section to which the Texans claimed title.
He also held that the decision of Secretary Ickes in upholding the Gov¬
ernment's title to the property was based on ample evidence.
Eugene M. Prince of San Francisco, who with Oscar Lawler of Los An¬
geles and Donald Richberg, former National Recovery Administration
chief, represented the defendants in the case, said an appeal would be taken
to the Ninth Circuit Court of Appeals and that a stay of judgment would be
asked pending ruling on the appeal.—V. 145, p. 3369.
Standard Oil Co. of Kansas—To
1937
$
3,250,792 121,721,500
1936
$
115,802,662
a dividend of $5 per share on the capital
$10, payable Dec. 20 to holders of record Dec. 17. A dividend
of $1 was paid on Dec. 26, 1936, this latter being the first dividend dis¬
tributed by the company since Oct. 31, 1934 when a quarterly dividend of
50 cents per share was paid.—V. 145, p. 3359.
par
Standard Steel Spring
amount of common
stock,
a
Co.—Larger Div.
The proposed issuance of $2,040,300 of 4%
unsecured promissory notes
maturing on July 1, 1943, as a dividend payment on outstanding common
stock by the company, a registered holding company, was approved Dec. 9
bylthe Securities and Exchange Commission. The purpose of the dividend
is to avoid a surtax liability under the undistributed profits
provision of the
Revenue Act of 1936, according to the Commission.
I "In view of the policy of Congress in imposing surtax liability on such
earnings as are not distributed in the form of dividends," the Commission's
decision said,
"we find it to be in the public interest for the declarant to
the proposed dividend in its own 4% unsecured notes."
The amount of the dividend will be slightly less than the $2,070,000
estimated net earnings for 1937, the Commission added.
It held the pro¬
posed notes "reasonably adapted to the earning power of the declarant."
p
"It is Indicated," the decision said, "that shomd the declarant fall to
declare and pay a dividend in the amount of $2,040,000 for the year 1937
pay
I
/
•
on
New Stock—
dividend of 75 cents per share on the larger
outstanding
payable Dec. 27 to holders of
An initial dividend of 50 cents was paid on this issue on
record Dec. 21.
now
Nov. 26, last.
A stock dividend of 100% was paid on Aug. 20, last.
Dividends paid on the smaller amount of stock outstanding prior to the
stock dividend were as follows: $1 on Aug. 5, last; $1.75 paid on Dec. 24,
1936, and 25 cents
per
share distributed each three months from Jan.
16,
1935, to and including July 3, 1936.
The Jan. 16, 1935, dividend was the
first paid since December, 1931, when a quarterly dividend of 50 cents per
share had been distributed.—V. 145, p. 2707.
Stokely Bros. & Co.'—No Common Dividend —
Directors at their recent meeting took no
action
on
the payment of
a
dividend ordinarily due at this time on the common shares.
A
quarterly dividend of 25 cents per share was paid on Oct.
V. 145, p. 3510.
Suncook Mills-
-
1, last.—
Earnings—
12Mos.End. \2Mos.End.
Oct. 2, '37
PeriodNet sales
$3,566,774
3,434,889
119,660
Cost of goods sold
Selling and administrative
expense
Profit
9MosJEnd.
Sept. 26, '36 Sept. 28, *35
$3,504,903
$2,312,543
3,338,051
2,213,267
122,630
87,323
$12,224
47,612
$96,961
79,416
12,098
$41,200
34,478
17,542
$3,730
Other charges
Loss on disposal of plant items
Provision for Federal income taxes
$11,953
29,248
9,717
Total income
$44,223
52,739
$59,837
Other income
Includes Federal taxes,
$5,363
x46,390
y
See
84
y
loss$10,820
x.
Balance Sheet
Assets—
Oct.
Cash & accts. rec.,
less reserves
Iuven., less
Development Co.—Dividend of $2,040,Escape Tax Authorized by SEC—To Be Paid in Notes—
Pay $5 Dividend—
The directors have declared
stock,
30
Southwestern
18.
Period End. Nov. 30—
x
—V. 145, p.3669.
300 to
8 declared
voting trust certificates,
Dec.
of record
Net profit
Ry.—Earnings—
Gross earnings (est.)
on
stock
common
holders
The directors have declared
Privately—
The
x
Dec.
per share on
$1, payable Dec. 22 to
paid on Sept. 9 last, and
compares with $1 paid on Aug. 20, 1936, and 25 cents paid on July 1, 1935
and on Dec. 29, 1934, this last being the initial distribution on the issue.
—V. 145, p. 1435.
the
In
share on the
A dividend of
per
common
last and
on
Section
Sivyer Steel Casting Co.—25-Cent Dividend—
f
May 20
1936.—V.
cents on
—V. 145, p. 3211.
Co.—Earnings—
1937—Month—1936
revenues
1937
11,
subject to a surtax liability by reason of the undistributed
profits provision of the Revenue Act of 1936 in the amount of approximately
$400,000."
The decision added that while under the terms of the first loan agreement
Sales.
Sierra Pacific Power
Dec.
be
Prem.
Accts.
650,718
12,780
18,928
9,450
Liab.
&
9,043
Act
as
_
545,946
1.210,000
770,534
1,500,025
564,158
-
560,428
trustee—
32,770
31,653
2,134.672
2,835,835
_
comp.
9.043
Act
Capital stock
Res. for deprec. of
capital assets
_
$240,837
584,497
1,210,000
—
Surplus
Total_
$302,938
State
State unemploy.
unemploy.comp.
Deferred charges.
Sept.26/38
Notes, contracts &
advances pay—
Trustee dep., State
'37
2,
for
res.
taxes
cos.
rec—
Capital assets
&
Federal
with
Oct.
pay., accr'd
items
$520,102
889,415
res—
dep.
Mutual Ins.
Mtge. notes
Liabilities—
2, *37 Sept.26,'36
$353,040
_$3!432,127 $4,066,279
Total
..$3,432,127 $4,066,279
—V. 143. p. 4017.
Sun Ray Drug
Co.—Sales—
Period End. Nov. 30—
Sales.
—V. 145, p. 3212.
1937—Month—1936
$495,198
$433,616
1937—11 Afos.—1936
$5,379,890
$4,748,357
Volume
Financial
145
Superheater Co.—Special Dividend—
The directors on Dec. 6 declared a special dividend of 75 cents per
share in addition to a quarterly dividend of 25 cents per share on the
common
stock.
of record Dec.
The special dividend will be paid on Dec. 24 to holders
15 and the quarterly distribution will be made on Jan. 15
to holders of record
Chronicle
Oct
1, July 1 and April 1, 1936, and $1.75 was paid on Jan. 2, 1936, and
Dec. 31, Oct. 31, July 2, and Feb. 1930, when a regular semi-annual
dividend of $3.50 per share was distributed.—V. 145, p. 1754.
on
Jan. 5.
A dividend of $1 per share was paid on Oct. 15 last, and compares with
37)4 cents paid on July 15 last; 25 cents paid on April 15 last; 12^ cents
paid on Jan. 15, 1937; a special dividend of 12)4 cents paid on Dec. 24,
1936; special dividend of 25 cents paid on Dec. 10, 1936; dividend of 20
cents paid on Oct. 15, 1936, and
prior thereto regular quarterly dividends
of 12)4 cents per share were distributed.—V. 145, p. 3212.
Union Premier Food Stores,
Period End. Dec. 4—
Sales
—V.
145,
1937—48 Weeks—1936
$732,726 $12,553,433
$7,789,010
United
Chemicals, Inc.— Accumulated Dividend—
have declared
dividend of $3 per share on account of
a
on
the $3 cumulative preferred stock, payable Dec. 26 to
holders of record Dec. 16.
A dividend of $1.50 was paid on Dec. 28, 1936,
this latter being the first dividend paid since March 1, .1932, when 50 cents
$63,000
$0.24
_
share
per
distributed.—V.
Avas
United Gas
'•
145,
Dec. 4, '37
Electric output of system (kwh.)
dividend of 15 cents per share on the new
capital
—V.
3361.
p.
Improvement Co.—•Weekly Output—
Week Ended—
Sweet's Steel Co.—15-Cent Dividend—
a
$1,276,872
accumulations
Earnings for 11 Months Ended Oct. 31, 1937
Net income after operating expenses and Federal income charges
but before provision for Federal surtax on undist. earnings.
Earnings per share on 265,000 common shares
—V. 145, p. 2865.
■
Directors have declared
Inc.—Sales—
1937—4 Weeks—1936
3672.
p.
The directors
Superior Tool & Die Co.—Earnings—
3831
A dividend of $2.50 was paid on July 1, last; one of $2 was paid on April 1
last; $3.25 was paid on Dec. 23, 1936; dividends of $1.25 were paid on
90,765,345
Nov. 27, '37
86,235,832
Dec. 5, '36
96,343,960
145, p. 3672.
stock, payable Dec. 29 to holders of record Dec. 20.On Sept. 30
dend of the
1937
on
the
same amount
the
on
new
was
paid, making
a divi¬
total of 30 cents a share for
a
stock, as against disbursements equal to 16 cents a share
stock in 1936.—V. 145, p. 1916.
Technicolor, Inc.—2o-Cent Dividend—
The
The directors have declared
dividend of $1.50 per share on the common
a
stock,
payable Dec. 24 to holders of record Dec. 15.
This will be the
first time in several years that the company paid a dividend on its common
shares.—V. 139, p. 460.
directors
common
have declared a dividend of 25 cents per share on the
stock, payable Dec. 23 to holders of record Dec. 16.
This com¬
50 cents paid on Sept. 1, last, and anin itial dividend of 50 cents
Dec. 26, 1936.—V. 145, p. 2089.
pares with
paid
U. S. Lumber Co.-—Dividend Resumed—
new
on
United States Smelting,
The directors
Thew Shovel Co.—50-Cent, Dividend—
The directors have declared
a
mon
dividend of 50 cents per share on the com.
stock, payable Dec. 23 to holders of record Dec. 15. This compares with a
dividend of $2 paid on Aug. 25, last, and one of 59% cents paid on Dec. 15,
1936, this latter being the first distribution made on the common shares
since Dec. 15, 1931.—V. 145, p. 1917.
/
■
-
stock,
par
also declared
of record
on Dec. 3 declared a dividend of $3 per share on the com¬
$50, payable Dec. 22 to holders of record Dec. 10.
They
payable Jan. 15 to holders
further dividend of $1 per share
Dec. 10.
A regular
a
quarterly dividend of $2
10 Months Ended Oct. 31—
Dividend—
1937
Tivoli Brewing
a
payment of
Earnings
Net income after oper. exps. & Fed. inc. chgs., but
for Federal surtax on undist. earnings
before prov.
$386,090
$0.63
Torrington Co.—To Pay 30-Cent Dividend—
have declared a! dividend of 30 cents per share on the
payable Jan. 3 to holders of record Dec. 20. This compares
Oct. 1, last, and a special year-end dividend of 70
cents paid on this issue on June 25, last, this latter being the first disburse¬
ment made on the new stock since the three-for-one split up.
A regular
quarterly dividend of $1 per share was paid the old stcok on April 1, last.
directors
stock
with 40 cents paid on
—V.
145,
p.
share
on
$5,713,702
1,364,848
$5,055,325
1,364,848
$5,892,229
$3,690,477
$4,527,381
$6.97
$8 56
2,321,604
1,364,848
528,765 shares
The above stated earnings include the following quotational gains realized
from sales of metals at prices in excess of their carried inventory values;
Earns, per share on 608,025 shares common stock
—V. 143, p. 4170.
The
per
1935
$8,213,833
of common stock
Co.—Earnings—
Earnings for 10 Months Ended Oct. 31, 1937
common
Balance—.
1936
$8.22
Net earnings
Preferred dividend requirements
reserves
$7,565,326
2,510,001
$4,348,854
50 cents paid on Sept. 20, last; a quarterly dividend of 25 cents and an extra
dividend 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
1931 when
paid on Oct. 15, last.
dividend payments.
V
was
$7,876,119
2,162,417
Gross earnings
Property
were the first dividends paid since April 1,
20 cents per share was made.—V. 145, p. 1438.
share
Earnings for 10 Months Ended Oct. 31
The directors have declared a dividend of $1 per share on the common
stock payable Dec. 24 to holders of record Dec. 15.
This compares with
latter
per
See V. 144, p. 2153 for detailed record of previous
.
Timken-Detroit Axle Co.—To Pay SI
Refining & Mining Co.—To
Pay S3 Dividend—
1937, $326,208; 1936, none: 1935, $539,988.
With earnings for the remaining two months of the year and with yearadjustments (including non-recurring profits of approximately $400,000)
it is estimated that consolidated earnings for the year 1937 will be approxi¬
mately $10 per share of common stock.—V. 145, p. 2091.
end
United States Steel
Corp.-—Unified Management Planned
Many Units•—Delaware Company Formed—To Move to
Pittsburgh Jan. 1-—
for
Removal of direct control of the operations of all the steel
subsidiaries
of the corporation from New
York City to Pittsburgh, to take effect on
1, 1938; was approved at a meeting Dec. 8, of presidents of the sub.
operating companies, following authorization of the sweeping changes at a
Jan.
1917.
Transwestern Oil
Co.—Earnings—
9 Mos. End.
Sent. 30 '37
3 Mos.End.
'
.
6 Mas. End.
Sept. 30 '37
644,720
$1.2447
$844,196
June 30 '37
$1,761,757
1,993,886
$1.3293
$2,605,952
181,592
332,137
513,730
Period—
Crude oil production (barrels)
Average market value per barrel
Income from operations
Oper.
exps.
&
production taxes—
Working interest
1,349,165
$1.2367
11,312
77,658
3,000
493,660
royalties
General and administrative expenses.
Other deductions
20,237
nounced the decisions.
Supervision of a considerable number of subsidiaries of the United
States
Steel Corp. under one management will be effected Jan. 1, next, it was
The United States Steel Corp. of Del., which was organized
also announced.
Production taxes—O. R. R. & other
Provision for ad valorem taxes
special meeting of the board of directors held on Dec. 7.
As a result of the new program, all matters relating to production,
purchases, sales and labor relations will be centralized in Pittsburgh,
"more closely in touch with the atmosphere of steel operations," as ex¬
pressed by Myron C. Taylor, retiring Chairman of the Board, who an¬
V
150.013
6,000
1,001,768
31,550
227,672
9,000
1,495,427
1933, will be used for this purpose. The main purpose of the management
consolidation is to bring the management closer to the operating companies,
Mr. Taylor said. He added that the plan, when made effective, will conclude
in
the several major basic factors in the program
for the readjustment of the
corporation's principal affairs for the present.
Net profit (before provision for in¬
come and profits tax)
$76,973
$0.10
Earnings per snare
145, p. 1276.
$328,574
$0.43
$251,601
$0.33
—V.
meeting of the Presidents of the
subsidiary companies, Myron C. Taylor made the following
At the conclusion of
announcement:
Tung Sol Lamp Works Inc.—To Pay Dividend in Notes•—
The directors have declared
a
dividend of 40 cents per share on the com¬
stock, payable in three-year notes bearing interest at the rate of 4%
Dec. 23 to holders of record Dec. 16. This will be the first
dividend paid since May 1, 1932, when a dividend of 25 cents per
share was distributed.—V. 145, p. 1276.
mon
per annum on
common
Two Park Avenue
Building—Earnings—-
The Two Park Avenue Building reported earnings for the year ended
Aug. 31, 1937, of $258,566, which was at the rate of 8.68% on the $5,623,400 of outstanding first mortgage 4% bonds on an annual basis, before
interest, amortization and depreciation, according to a statistical report
released by Amott, Baker & Co., Inc.
This compared with earnings of
$94,232, or at the rate of 5.82% on the outstanding bonds on the same
basis, for the year ended Aug. 31, 1936.
On Aug. 31,1937, the building was reported approximately 95% occupied,
with real estate taxes paid through 1937.
It has been assessed for this
year at $7,000,000.
A reorganization plan consummated in 1934 provides fixed 4% interest
on the first mortgage bonds, with an additional 1% if earned after (1) the
setting up of a $1,000,000 fund to assure continuity of interest payments,
(2) annual retirement of 2% of outstanding first mortgage bonds in open
market, and (3) payment of 2% on the second mortgage bonds, if earned.
—Y. 138, p. 3962.
•New Name—
Union Electric Co. of Iowa
See Keokuk Electric Co. above.
Within the past 10 years the United States Steel Corp. has conducted an
exhaustive study of all of its affairs with a view better to adjust its capital
structure, its plant locations,
Co.—Consolidated
Balance
Sheet
Oct. 31, 1937—
Assets—
Cash
on
I
hand and in banks...
7,246,342
Notes and accounts rec. a
Repossessed
Accounts
69,980
other
receiv.,
Reserves withheld from dealers
Mortgage payable on building
and site
251,378
Deferred charges
15,041
55,250
!
298,242
Reserve for losses
on
notes rec.
10-year 5% conv. debs.—due
March 15, 1946
lBt
pref. stock 7.6% cumula¬
(1948 redemption)
tive
Common
$8,507,241
288,167
181,000
750,000
c732,152
stock
369,767
359,844
Capital surplus
Earned surplus
Total
87,161
170,000
Deferred discount
Furniture
depreciation of $22,205
49,765
72,325
...
30,892
and site—less
depreciation of $23,621
and
equip.—less
673,328
accruals
23,667
and investments
building
Notes payable—not secured..
Reserves for Federal and State
taxes.
notes
Cash value of life ins. policies.
Office
■
I Accounts payable and
merchandise—at
market value
Liabilities—
Collateral trust notes payable a$4,475,500
$824,690
$8,507,241
Total..
unpaid balances aggregating
$5,801,809 deposited with trustee to secure collateral trust notes payable,
b Debentures are subordinated to collateral trust notes,
c Represented by
167,594 no par shares.—V. 145, p. 3672.
a
Notes
Union
and
accounts
receivable
having
Buffalo Mills Co.—Accumulated Dividend—
The directors have declared a dividend of $11.75 per
share
on account
of
accumulations on the 7% cumulative preferred stock, par $100, payable
Jan. 3 to holders of record Dec. 19. Like amount was paid on Sept. 23, last.
their character, equipment, operations and
personnel, to meet modern operating conditions.To this end it has already
and is still making large expenditures for improvements in those
localities best suited to its operations and for the better service of its cus¬
tomers in its natural markets.
From time to time it has announced the
made
major policies which have been developed and made effective.
The con¬
cluding plan of major revision in this 10-year cycle of activity is intended
to accomplish a more closely coordinated relationship between the activities
of its several subsidiary companies.
The first features of that plan, con¬
sisting of various consolidations of subsidiaries within the corporation,
have already been effected, an outstanding example being the merger of the
activities of Carnegie Steel Co. and XUinois Steel Co. in 1935, followed in
1936 by the addition of American Sheet & Tin Plate Co. under the corporate
title of Carnegie-Illinois Steel Corp.
Many changes in personnel have taken place at various times, and others
have been recently announced.
To accomplish a closer operating relationship between the several sub.
companies it has now been concluded to concentrate the supervision of a
considerable number of the existing subsidiaries, excluding public service
subsidiaries and railroads, within a management corporation to be known
as the United States Steel Corp. of Delaware, the entire capital stock of which
is owned by the parent company, the United States Steel Corp. of New
Jersey. The companies thus involved contemplate a contractual relationship
with the United States Steel Corp. of Del., under which they will arrange
for its services in a supervisory capacity.
The
Investment
Union
a
principal
headquarters of the
Delaware corporation will be at
Pittsburgh, which is a central location more convenient to the management
of the subsidiaries and more closely in touch with the atmosphere of steel
operations.
This arrangement will also bring the staff of the Delaware
corporation into closer and more intimate relationship with current activities
of such subsidiary companies.
The board of directors of the Delaware corporation will consist of 21
members.
Benjamin F. Fairless will become President of the Delaware
corporation and, as heretofore announced, will on Jan. 1, 1938, become
President of the United States Steel Corp. of New Jersey.
The United States Steel Corp. of New Jersey will continue to maintain
its offices as heretofore.
Under the proposed arrangement the respective
subsidiaries will continue business in their own names as previously.
The
arrangement described will, it is believed, secure better coordination of the
activities of the subsidiaries, greater facility and effectiveness in the conduct
of current transactions, improved efficiency, and be productive of a more
complete identity of interest.
This arrangement will become effective Jan. 1, 1938.
The principal subsidiary companies, the supervision of which is to be
concentrated in the management corporation, to be known as the United
States Steel Corp. of Delaware, are as follows;
American Bridge Co.;
American Steel & Wire Co.; Carnegie-Illinois Steel Corp.; Columbia Steel
Co.; H. C. Frick Coke Co.; Michigan
Limestone & Chemical Co.; National
Supply Co.; Oliver Iron Mining Co.; Pittsburgh Lime¬
Pittsburgh Steamship Co.; Scully Steel Products Co.; Tennessee
Coal, Iron & RR. Co.; U. S. Steel Products Co.; Union Supply Co.
At a meeting of stockholders of the United States Steel Corp. of Del.,
held Dec. 8, 1937, the following directors were elected;
William Beye,
Chicago; A. N. Diehl, San Francisco; B. F. Fairless, Pittsburgh; Robert
Gregg, Birmingham; B. F. Harris, Pittsburgh; C. F. Hood, Cleveland;
M. D. Howell, Pittsburgh* G. C. Kimball, Chicago; Walther Mathesius,
Chicago; C. V. McKaig
Pittsburgh; Thomas Moses, Pittsburgh; L. A.
Paddock, Pittsburgh; J. L. Perry, Pittsburgh; C. H. Rhodes, New York;
Tube Co.; Oil Well
stone Co.;
3832
Financial
Chronicle
E. R. Stettinius Jr., New York; E. M. Voorhees, New York; R. E. Zimmer¬
man,
July
New York.
After the release of the announcement by Myron C. Taylor,
Chairman, he
sented
a
new
was asked whether the plan announced
development, to which he replied:
ican Sheet & Tin Plate
Co. with
the Carnegie-Illinois in
1936.
While we
have at times contemplated complete consolidation of all manufacturing
properties into one corporation, we have considered that up to the present
time this would not be desirable.
The setting up of a management cor¬
poration with the new appointments to high executive positions, together
with the bringing of officials of the Delaware corporation and the presidents
contractual
board
of
now affected into close relationship through
and placing the latter upon its
believe, result in closer cooperation and better
of activities while preserving the automy of the operating
management
directors, will,
coordination
Mr.
Taylor
asked whether this represented the last
the major moves that had been
planned, to which he
was
plan when made effective will conclude the several major basic
in the plan for the readjustment of the
corporation's principal
factors
affairs for the present."
Net oper. revenues
He
was
asked
what
the
hours of work of the
and to this question
average
Reports for the first nine months which
are
available indicate that the
employees of the corporation worked an average of 39.98 housr
per week
during that period. This is the highest average for a similar period that has
been maintained since 1930. In all the
years since that time, including 1937,
the average weekly hours in the corporation have been less than
40, while
Delaware
Eugene J.
Buffington, Director,
Eresidentdiedthe Illinois Steel Co.,following intooperation.
merged
Carnegie-Illinois Steel Corp.
1935, of
Dec. 9 at Chicago
i
an
November Shipments—
See under "Indications
V. 145, p. 3672.
of
Business
Activity"
on
preceding page.—
a
United Telephone & Electric Co.—Files Declaration—
The
Securities
reorganization
No.
43-95)
and
Exchange Commission announced Dec. 4 that the
for the company have filed a declaration (File
managers
covering the issuance
of securities to be issued by the new
company, as yet unnamed, to be created as a result of the reorganization
of the United Telephone & Electric Co.
The managers also filed an appli¬
cation (File No. 46-81)
covering the acquisition of securities and certain
current assets now
held by the trustee of the United
Telephone & Electric
pursuant to the reorganization.
There has previously been filed an
Co.
Opportunity for hearing in the above
matters will be given Dec. 20
Kan., has filed a declaration (File
subsidiary service company
Telephone & Electric Co. system.—V. 145,
The Union Electric Co., of
Abilene,
No. 37-21) with respect to its
organization as a
for companies in the United
3024.
p.
Utah
Light & Traction Co.-—Earnings•—
Period End. Oct. 31—
1937—Month—1936
$101,068
$98,659
100,500
95,878
Operating revenues
Oper. exps.,incl. taxes..
Net oper.
revenues
Gross income
Int. on mortgage
$1,124,766
1,005,092
$2,781
50,018
$81,862
545,754
$119,674
508,861
$52,799
51,858
1,269
$627,616
622,300
9,257
Balance for
$52,625
51,858
...
bonds.
Other int. & deductions.
1,095
end
$328
$328
$3,941
$3,941
Notes—No provision has been made in the
above statement for unpaid
interest on the
6% income demand note,
cumulative
payable
if earned,
amounting to $1,476,000 for the period from Jan.
1, 1934, to Dec. 31, 1936.
No provision was made for Federal surtax on undistributed profits for
1936, inasmuch as the company reported no undistributed
adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 145, p. 3024.
,
Utica
Knitting Co.—Accumulated Dividend—
The directors have declared a dividend
of $1.75 per share on account of
accumulations on the 7% cum. pref.
stock, par $100, payable Dec. 20 to
holders of record Dec. 19.
A dividend of $1.75 was paid on Oct.
1, last;
dividends of $5.2o were paid on
July ] and March 31. last, and on Dec. 15,
^A.dividend of S35° was Paid <>n Sept. 1, 1936; $1.75 on June 1,
1936; $3.50 on March 2, 1936; $1.75 paid on Dec. 2 1935; $3.50
paid on
July 1 and March 18, 1935; $1.75 paid on
Sept. 1, 1934; $7 on Mmch 1,
1934, and $1 per share on March 1, 1932.
The last regular quarterly
dividend of $1.75 per share was
paid on July 1, 1930.—V. 145, p. 1601.
Van de Kamps Holland Dutch
The directors have declared
addition
in
the
new
to
the
no-par
regular
common
holders of record Dec.
to
last, these latter
V. 145, p. 2868.
Van
an
extra
Bakers, Inc.—Extra Div.
dividend
of 6K cents per share
of 6X cents per share on
outstanding, both payable Dec. 20
Similar payments were made on Sept. 30
quarterly dividend
shares
10»,
now
being the initial disbursements
Norman
Machine Tool
on
the
new
1936, this last being the initial apyment
V.
145,
p.
of 20
cents was
paid
on
Co.—Dividend Increased—
on
Dec.
the shares.
21 and on
In
1,
addition, an
1, 1936.—
Nov.
3024.
Victor Chemical Works—30-Cent Dividend—
The directors
Dec.
8 declared a dividend of 30 cents
per share on the
$5 par common stock payable Dec. 22 to holders of record Dec. 15.
A
dividend of 25 cents was paid on Sept. 30,
last; one of 20 cents paid on
on
$5,440,553
2,033,333
$5,012,261
1,883,333
$3,407,220
1,171,620
$3,128,927
1,171,556
common
dividends and surplus.$2,235,600
$1,957,371
of the
on
undistributed
liability for such tax cannot be determined until the
b Includes $60,000 interest on funds for construction
any
year,
parative.—Y.
145,
3672.
p.
Vogt Mfg. Corp.— Year-End Dividend—Bonus—
The directors have declared
the
a
year-end dividend of 25 cents
share
per
on
stock, no par value, payable Dec. 23 to holders of record
This compares with 20 cents paid on Dec. 1; 40 rents paid on
common
15.
Sept.
1, last, and 20 cents paid on June and March 1, last.
stock dividend of 100% was paid on Dec. 28, 1936.
An extra dividend of $1 per share was
paid on the smaller amount
A
of
stock outstanding on Dec. 24, 1936, and a regular quarterly dividend of
25 cents per share was paid on Dec. 1, 1936.
See also V. 143, p. 4171.
Directors also voted a Christmas wage dividend of 5% of year's salary for
employees of 10 years or more service, with adjustments for other employees
according to length of service.—V. 145, p. 3024.
Walgreen Co.—Sales—
Period End. Nov. 30—
Sales
—V.
145,
p.
3672.
1937—Month—1936
1937—2 Afos.—1936
$5,481,613
$5,328,696 $11,354,256 $10,857,772
■:
?■■■•'
Walker Mining Co.
—
To Pay 5-Cent Dividend—
The directors
have declared a dividend of five cents per share on the
payable Dec. 23 to holders of record Dec. 13.
The last
previous dividend was the 7}4 cent distribution made on April 30, 1930.
stock,
common
—V.
145,
p.
962.
Washington Railway & Electric Co.-—Pays Extra Div.—
The company paid an extra dividend of $14 per share in addition to the
regular quarterly dividend of $9 per share on the common tsock, par $100,
on Nov. 30, last.
An extra dividend of $10 was paid on Dec. 1, 1936 and
an extra of $20 per share was distributed on March
11, 1935.
Regular quarterly dividends of $9 per share were paid from Nov. 30,
1935 to Nov. 30, 1937, inclusive, and previously regular quarterly dividends
of $3 per share were distributed.—V. 144, p. 2681.
Watrola Mfg. Co.—Stock
Offered—
Robert C. Newell (Fiscal Agent), 404 Mills Bldg., San Francisco, is
offering 137,500 shares of common stock.
The shares are offered for sub¬
scription at $2 per share to bona fide residents of the State of California
only.
The offering is made direct through the fiscal
agent for the company, by
contract.
Watrola Corp., Ltd., was organized in October, 1930, to
carry forward
the development of principles of heat generation and their application,
involving advanced and thoroughly proven engineering concepts.
The
work has resulted in numerous perfected products applicable to a wide
range of domestic and industrial uses employing manufactured or natural
gas; propane "bottled gas" or butane as fuel.
As the business now enters upon volume output of its several perfected
products, Watrola Manufacturing Co. (Calif.) has been organized to take
over the assets and operations and is
currently offering 137,500 shares of
its common stock at $2 per share to supply working capital.
Balance Sheet
as
of Aug. 31, 1937
(Giving effect to the acquisition of assets and assumption of liabilities of
Corp., Ltd., by issuance of 61,076 shares of capital stock with the
right to receive 137,500 shares additional, and the issuance of 56,648 shares
of capital stock in cancellation of liabilities of Watrola Corp., Ltd.)
Watrola
Assets—Cash, $1,157; receivables, $12,236; inventories, $40,717; plant
equipment at appraised value, $77,828; investment, nominal value,
$1; prepaid and deferred assets, $3,476; patents, rights, contracts and de¬
velopment, $392,722; stock discount, $22,063; total, $550,203.
and
payable, $17,356; notes payable, bank, $19,601;
$750; accrued items, $388; contracts payable, $1,294;
$364; capital stock issued, $235,448; liability to issue, $275,000;
total, $550,203.
The above figures are before giving effect to the sale of 137,500 shares
at $2, now offered.
*
f
Transfer agent: Crocker First National Bank, San Francisco.
trade acceptances,
due officers,
.
Waukesha Motor
Co.—Earnings—
3 Months Ended Oct. 31—
1937
Net,income
Earnings per sh.
x
on
on
400,000 shs.
After depreciation,
cap.
1936
$152,479
$0.38
stk. (par $5).
$178,311
$0.44
Federal and State income taxes, but before surtax
145, p. 2710.
undistriouted profits.—V.
Wayne Knitting Mills—$1 Initial Dividend—
The directors
common
have
declared
an
initial
dividend
of
$1
per
stock, payable Dec. 24 to holders of record Dec.
share
14.—V.
on
the
145, p.
1120.
West Virginia Pulp & Paper Co.—Bonds Offered—
Marking a resumption of major industrial financing for new
and
productive purposes, a banking group headed by
Brown Harriman & Co., Inc.
Dec. 8 offered $10,000,000
15-year 1st mtge. bonds, 4Yi% series, dated Dec. 1, 1937,
and maturing Dec. 1, 1952, at 100 and accrued interest.
This is the first public financing to be undertaken by the
company, which is the largest producer of white or "book"
paper in the United States. Associated in the offering group
are
Blyth & Co., Inc.; Kidder, Peabody & Co.; White,
Weld & Co.; Goldman, Sachs & Co., and Alex. Brown
& Sons.
shares.—
The directors have declared a dividend of
$1 per share on the common
stock payable Dec. 20 to holders of record Dec.
10.
Dividends of 40 cents
per share were paid in each of the four preceding
quarters and on Nov.
extra dividend
$444,607
purposes.
Note—The company on Jan. 1, 1937, adopted the Federal Power Commis¬
sion system of accounts, hence previous year's
figures are not exactly com¬
x
Balance, deficit
$6,930,884
1,918,623
No provision has been made for the Federal surtax
a
profits, since
$628,535
621,988
10,488
52,057
$7,184,722
1,744,168
Liabilities—Accounts
1937—12 Afos.—1936
$1,162,621
1,080,759
$568
Rent from lease of plant.
$589,530
144,922
Preferred dividend requirements
application (File No. 52-6) asking the
Commission for approval of and a report on a
plan of reorganization of the
The Commission has not yet acted on File No. 52-6.
company.
$615,390
144,692
Balance
Dies—
Eugene J. Buffington, director of United States Steel Corp. and former
$6,796,731
bl34,153
Balance
$470,697
Appropriations for retirement reserve
Company Elects Officers—
At a meeting of the board of directors of the Uhitbd States Steel
Corp. of
Del., held in New York Dec. 9, the following officers were elected:
Ben¬
jamin F. Fairless, Pres.; Thomas Moses, Vice-Pres., Raw Materials;
Walther Mathesius, Vice-Pres., Operations; C. V.
McKaig, Vice-Pres.,
Sales; William Beye, Vice-Pres., Counsel and Industrial Relations; Max D.
Howell, Vice-Pres., Sec. and Treas.; R. E. Zimmerman, Vice-Pres.,
Research; C. H. Rhodes, Vice-Pres., Purchases; Harold L. Hughes, VicePres., Special Duties, New York.
After the election of officers, the executive
committee, composed of the
following members, was appointed:
Benjamin F. Fairless, chairman,
William Beye, B. F. Harris, C. F.
Hood, Max D. Howell, Walther Mathe¬
sius, C. V. McKaig, Thomas Moses, J. L. Perry, E. R. Stettinius Jr., C. M.
Voorhees, and R. E. Zimmerman.
$7,333,723
Z>rl49,001
Balance
the
number of employees has steadily risen to a
peak in the month of
August, 1937, when 278,178 were engaged. The present policy continues
to be that which was adopted in 1930 of
spreading the work.
$582,794
6,736
Int. & amortization, &c_
year,
he answered:
$634,207
Drl8,816
Non-oper. income (net),
Dec.
corporation had been during the
118,792
al90,203
.
1937—12 Afos.—1936
$1,432,663 $17,616,234 $16,128,273
559,468
6,687,811
6,377,997
112,213
1,408,511
1,126,905
178,187
a2,186,187
1,826,639
592,658
Taxes
replied:
This
1937—Month—1936
$1,535,861
revenues
Maintenance.
arrangements
we
companies."
of
Period End. Oct. 31—
subsidiary companies
of the
31^1ast, 18|| cents on June 30, last, and 18Yx cents on March 31, last.
Operating
Operation
Steel Corp. of Dei. was organized in 1933, as the first step in carrying out
the plan.
Pro-occupation with the pressing events of the great depression
and the consequent engaegment of the organization with respect to National
Industrial Recovery activities, and with other plans heretofore announced,
rendered it desirable to postpone further action.
These plans were resumed
however, with the consolidation of Carnegie-Illinois in 1935, and of Amer¬
11, 1937
Virginia Electric & Power Co.—Earnings—
repre¬
We began the study of this plan In one form or another In 1929, resulting
in many progressive drafts in 1931 and 1932, and
in its broad aspects
It was agreed upon by the board of directors in 1932.
The United States
Dec.
Dated Dec. 1, 1937; due Dec. 1, 1952.
Coupon bonds in denom. of
$1,000, registerable as to principal. Registered bonds in denom. of $1,000.
$5,000, $10,000, and authorized multiples of $10,000. Coupon bonds and
registered bonds, and the several denoms., interchangeable. Principal and
int. (J. & D.) payable at office of the trustee in N. Y. City.
Mortgage
limits the issuance of bonds so that never at any one time shall there be
outstanding thereunder bonds of this and other series in an aggregate
principal amount exceeding $15,000,000. Penn. taxes with respect to any
bond, other than estate, succession, income or inheritance taxes (but
including certain taxes) are refundable, upon proper application, in an
amount not exceeding in any year five mills on each dollar of the taxed
value of such bond.
Red. at company's option as a whole at any time, or
in part by lot from time to time on any int. date, upon not less than 60
days' notice if red. on other than an int. payment date, and upon not less
than 30 days' published notice if red. on an int. payment date, at following
Volume
Financial
145
To and incl. Dec. 1, 1940, at 105%; thereafter with
successive reductions in the redemption price of 1 % during each successive
two-year period to and incl. Dec. 1,1948; thereafter and to and incl. Dec. 1,
1950, at 100M%; thereafter at 100%; in each case with accrued interest
to the date of redemption.
Also redeemable, through operation of the
sinking fund in part by lot on Dec. 1 in any year upon not less than 30
days' notice, at following sinking fund redemption prices:
To and incl.
Dec. 1, 1940 at 102%; thereafter with successive reductions in the re¬
demption price of y3% during each successive three-year period to and
including maturity; in each case with accrued interest to the date of re¬
demption
The bonds of the 4H% series due 1952 are entitled to the benefits of a
sinking fund requiring the retirement of $300,000 of the bonds by Dec. 1,
1938 and progressively increasing amounts annually thereafter calculated
to retire 60% of the bonds of such series by maturity.
Payments into
the sinking fund are to be made on Oct. 15 in each year, either in bonds of the
4H% series due 1952, or in cash in an amount equal to the redemption
price of such bonds applicable to redemption through the sinking fund on
the next succeeding Dec. 1 and accrued int. to such date. The cash portion
of each sinking fund payment is to be applied on the next succeeding Dec. 1
to the redemption of bonds of this series at the then applicable sinking fund
redemption price.
'-v
<■
Company has agreed, upon request of Brown Harriman & Co., Inc., to
make application to list the bonds of the 4H% series due 1952 on the
New York Stock Exchange.
History & Business—Company, which is the outgrowth of a business
established at West Piedmont (now Luke), Md.. by William Luke in 1888
was incorp. on July 10,
1899 in Delaware, and is engaged in the manu¬
facture and sale of diversified lines of white papers, kraft papers and kraft
boards.
Company's principal executive offices are located at 230 Park
Ave., New York.
Since establishment company has been engaged principally in the manu¬
facture of white papers (generally classified in the trade as book papers)
and in this field is the largest producer in the United States.
Company's
white paper line includes magazine,
book, writing, bond, lithograph,
rotogravure, offset, envelope, tablet, label, poster, ledger, index bristol,
foil lining, postcard, cardboard and specialty papers.
Company's white paper mills are located at Mechanicville, N. Y.;
Tyrone and Williamsburg, Pa.; Luke, Md., and Covington, Va., and have
an estimated total annual capacity (based on a 310 day operating year) of
193645
approximately 230,950 tons, including raw stock for the company's coating
mill at Luke which has an estimated annual capacity of approximately
21,700 tons of coated paper.
Company also manufactures kraft papers, used as bag, wrapping, en¬
velope, gumming and waterproofing paper.
Manufacture of kraft papers
by the company began in 1921 at Covington, Va., where facilities have been
expanded to an estimated present annual capacity of approximately
55,800 tons.
Company entered the kraft liner board field early in 1929 with the
installation of a cylinder board machine at Covington, Va., where facilities
have an estimated annual capacity of approximately 37,200 tons. Company
increased its position in the kraft liner board field with the commencement
of operation about July 1, 1937, of a mill at Charleston, S. C., which has an
estimated annual capacity of approximately 124,000 tons of kraft liner
board.
Underwriters—The
produced almost entirely by the company's pulp mills, principally from
purchased pulpwood. Small amounts of purchased pulps are used in the
manufacture of certain grades of paper.
Power plants at each of the mills
are of ample capacity for all of the steam and power requirements.
The
company considers that the water supply at each of the mills is adequate.
At each of its mills, with the exception of Williamsburg, the company
produces for sale certain by-products of its manufacturing operations and at
Cass, W. Va., carries on a small lumber operation.
During the fiscal year ended Oct. 31, 1937, 28 customers accounted for
slightly more than 50% of gross consolidated dollar sales. Two customers
accounted for slightly less than 6% and 5% of such dollar sales, respectively;
no other customer accounted for as much as 3 %.
The following table shows the total tonnage sales and gross amount of
dollar sales of white papers (including coated papers) and of kraft papers
and boards for each of the five fiscal years ending Oct. 31, 1933 to 1937.
■White Papers-
Years Ended
Westchester
$13,502,424
14,736,845
16,198,606
18,054,001
22,438,111
1933—161,720
157,829
168,987
188,146
1937—217,641
*
Includes 11,518 tons
83,088
64,848
74,615
95,446
*110,439
1937, white papers
for the
company
manufacture of pulp,
capacities of the various mills, each of which manufactures substantially all
of its pulp requirements and is self-contained as to steam and power require¬
ments, are as follows:
-Estimated Daily Capacity- -Tonsr
xAnnual
White
Kraft KraftLiner
Equivalent
Board
Total
Tons
Location—
Paper
Paper
195
195
60,450
Mechanicville, N. Y__.-125
125
38,750
Tyronne, Pa
60
60
18,600
Williamsburg, Pa.
195
60,450
Luke, Md—
195
180
120
470
170
145,700
Covington, Va__
400
400
124,000
Charleston, 8. C
520
447,950
1,445
Western Auto
Western
376,900
acres
of timber lands located
as
■
State—
,
—
North Carolina—
—
— —
—
—
_
West Virginia-.-VirginiaPennsylvania
—
—
New York
-
Vermont
— —
—;-
Approximate
Acreage
228,300
57,900
68,000
3,600
500
16,200
-•
2,400
The company is also lessee of or has rights to the timber on approximately
5,300 acres of timber lands located as follows:
\
Approximate
State—
Acreage
West Virginia
—
4,400
Pennsylvania
—
700
South Carolina..------200
Sonora Timber Co., Ltd., owns approximately 41,900
and is lessee of approximately 29,900 acres of timber lands located
Such acreage is not economically available for use at the
subsidiary,
in Nova Scotia.
company's mills under present operating conditions.
Capitalization (Giving Effect to Present Financing)
Outstanding
$10,000,000
155,829 shs.
Common stock (no par)
902,530 shs.
Debt and
bonds, 4M% series due 1952
Preferred stock, 6% cumulative ($100 par)
First mortgage
Application
are
of Proceeds—The net proceeds
to be used for
(1)
$8,500,000
(estimated at $9,556,950)
1
the following purposes:
to
retire unsecured
bank loans of the same amount
construction of the company's
incurred principally in connection with the
mill at Charleston, 8. C.
(2)
Maryland
1937—11 Mos.—1936
$33,256,000 $22,476,000
Ry.—Earnings—
Jan. 1 to Nov. 30—
1937
1936
$404,065 $16,265,069 $14,808,008
—Week End. Nov. 30—
1937
1936
Period-—
Gross earnings (est.)
—V. 145, p. 3674.
Western
$335,742
Pipe & Steel Co.—Extra. Dividend—
The directors have declared
addition to
an
extra dividend
of 50 cents per share in
regular quarterly dividend of 50 cents per share on the common
stock, par $10, both payable Dec. 30 to holders of record Dec. 15.
Dividends of 50 cents were paid on Oct. 5, July 10 and on March 30 last,
and previous'y regular quarterly dividends of 37 H cents per share were
a
distributed.
.v
An extra dividend of 25 cents was
paid on Oct. 5, last; one of $1 was paid
Dec. 26, 1936, and an extra of 12M cents per share was paid on Oct. 5,
on
1936.—V. 145, p. 1918.
Western Public Service Co.
Period End. Oct. 31—
Operating revenues
Operation-
(& Subs.)—Earnings—
1937—12 Mos.—1936
1937—Month—1936
$183,295
$183,138
93,085
96,152
13,909
12,1.35
al5.598
19,016
Maintenance..
Taxes
$2,166,203
1,078,848
145,080
a!93,688
$2,141,868
1,125,092
118,351
192,346
$60,702
DrQ,639
$748,584
Z>r37,530
$706,077
58,545
$58,137
29,175
$711,053
350,199
$764,623
350,352
$28,962
$360,854
225,109
$414,271
226,916
$135,744
Balance
Int. & amortization, &c.
$55,832
2,304
$54,062
29,311
Net oper. revenues
Non-oper. income (net)-
$187,354
119,451
119.451
$16,292
$67,902
Balance
$24,751
Appropriations for retirement reserve
—
Balance
Preferred dividend requirements.
Balance for
„
dividends and surplus.___
common
a
No provision has been made for the Federal surtax on undistributed
profits, since any liability for such tax cannot be determined until the
of the
end
year.
1
Note—The companies on Jan. 1. 1937, adopted the Federal Power Com¬
system of accounts, hence previous year's figures are not exactly
mission
comparative.—V. 145, p. 3674.
WJR, The Goodwill Station—Extra Dividend—
The directors
on
the
common
an extra dividend of 90 cents per share
$5, payable Dec. 20 to holders of record Dec. 10.-
Dec. 2 declared
on
stock,
par
The regular quarterly dividend of 40 cents was paid on Oct.
An extra of 50 cents was paid on June 12, last.—V. 145, p. 2411.
30, last.
Willson Products Inc.—Sales—
total sales for the 11 months ended Nov. 30,
$1,336,284, compared with $1,205,663 in the same period of
145, p. 3362.
The company reports
1937,
1936.
Ltd.-—Interest—
of 3% was made on Dec. 1, on account of coupon
A similar payment was made in January, 1937.
that business has shown definite improvement
during the past 18 months, and that a plan of reorganization will probably
be worked out in the near future.—V. 142, p. 1140.
No. 13, due Dec. 1, 1933.
The management states
(F. W.) Woolworth Co.—Sales—
„
,
1937—Afontfi—1936
1937—11 Mos.—1936
$23,891,172 $257593,537 $244872,448
Period End. Nov. 30—
$25,143,275
Sales
Worldart, Inc. —Registration Withdrawn—
See list given on
The remainder will be used
(a)
to provide for increases in cash
receivables and inventory occasioned by increased capacity and
material prices and (b) for
general corporate purposes.
higher
first page of this department.—Y. 145, p. 3516.
Yellow Truck & Coach Mfg.
Co.—Accumulated Dividend
held Dec. 7 declared a dividend of $14 a
accumulations on the 7% cumulative perferred stock,
The directors at their meeting
share on account of
of record Dec. 15,
$1.75 a share was declared, which is
Dec. 23, to holders of record Dec. 15.
Including these declarations and payments totaling $5.25 per share
previously made this year, a total of $21 a share will have been paid on
the 7% preferred stock during 1937.
Dividends in arrears on this stock
at Dec. 31, 1937 will amount to $14 a share.—V. 145, p. 3362.
par $100, payable Dec. 23 to holders
On Nov. 17, 1937, a dividend of
also payable
Ice Machinery
Corp.—Earnings—
1936
1937
depreciation
and income taxes..$2,084,551
Interest on long-term debt
372,701
Depreciation
415,190
before
Income
Company owns approximately
A
Supply Co.—Sales—
Period End. Nov. 30— 1937—Month—1936
Sales
$3,440,000
$2,601,000
—V. 145, p. 3362.
Years Ended Sept. 30—
On basis of 310-day year.
acres,
Lighting Co.—Definitive Bonds Ready—
City Bank Farmers Trust Co. announced that it is prepared to
general mortgage bonds 3H% series due 1967 in definitive form
in exchange for temporary bonds of the issue.—V. 145, p. 2870.
York
180
745
Total-
South Carolina
.
—V. 145, P. 3027.
of the
plants
Saper Pa.; board are located at Mechanicville, N. Y.; Tyrone, The estimated
urg, and Luke, Md.; Covington, Va., and Charleston, 8. C. Pa.; Williams-
follows:
.
Windsor Court Apartments,
Charleston mill.
x
750,000
1,650,000
An interest payment
represented approximately 68.2% of the company's total paper and board
tonnage sales and contributed approximately 76.2% to its total paper and
board dollar sales. For the fiscal year ended Oct. 31,1937, these percentages
were approximately 68.7% and 75.8%, respectively.
The foregoing per¬
centages have been calculated without taking into account sales from the
Property—The
750,000
.
-
—V.
shipped from the new Charleston mill since begin¬
ning of operations at such mill in July, 1937.
During the period of five fiscal years ending Oct. 31,
—_
$3,600,000
1,500,000
1,000,000
750,000
deliver
of
$4,086,308
4,216,610
4,841,111
6,165,084
7,711,647
follows:
The
' Gross Amount
Tons
of the several principal underwriters and the
Blyth & Co., Inc., New York
Kidder, Peabody & Co., New York
White, Weld & Co., New York
Goldman, Sachs & Co., New York
Alex. Brown & Sons, Baltimore, Md
Kuhn, Loeb & Co., New York
—V. 145. p. 3673.
Kraft Papers & Boards-
Gross Amount
Tons
Oct. 31-
names
several amounts underwritten by them respectively, are as
Brown Harriman & Co., Inc., New York
I*-At its Covington plant the company operates two small cylinder-type
machines producing kraft fibre board and board specialties. The estimated
aggregate annual capacity of these machines is approximately 1,860 tons.
Pulps used in the manufacture of the company's paper and board are
3833
Chronicle
redemption prices:
raw
$1,296,660
and State income taxes (est.)_
326,603
Net income before income taxes
Federal
Net
1935
interest,
$970,057
profit..
$997,680
385,018
$741,277
390,969
412,076
422,524
$200,586
35,000
loss$72,216
$165,586
<
loss$72,216
Sept. 30, 1937 amounted to $9,258,115, and current
$1,732,950, compared with $7,793,842 and $1,032,425,
respectively, on Sept. 30, 1936.
Working capital increased $763,748.—
V. 145, p. 456.
Current assets as of
liabilities
were
(L. A.) Young Spring & Wire Corp.—Com. Div. Omitted
The directors took no action on the payment
stock at
of
a
dividend on the common
this time.
regular quarterly dividend of 75 cents per share was paid on Oct. 1,
last.
See V. 143, p. 1734 for detailed record of previous dividend payments.
The company stated that "in recognizing present uncertainties of general
business and the fact that the company for the current year has paid three
quarterly dividends totaling $2.25 a share, the board deemed it advisable
to make no further distribution at this time."—V. 145, p. 3214.
A
Ycngstown Steel Door Co.-—Listing■—
New York Stock Exchange has authorized the listing of 665,920
stock (no par), presently issued and outstanding, and
5,000 shares upon official notice of issuance thereof upon the exercise of
option, making the total amount applied for 670,920 shares—V. 145,
p. 3517.
The
shares of common
Zenith Radio
Corp.—Earnings—
Period End. Oct. 31—
x
After
excise
1937—6 Afos.—1936
$1,013,858
$1,903,008 $1,720,798
and depreciation, but befor
undistributed earnings.—V .145 ,p 2411.
1937—3 Mos.—1936
$780,824
xNet profit
taxes,
royalties,
Federal income tax or surtax on
expenses
3834
Financial
Chronicle
Dec.
The Commercial Markets and the
11.
1937
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY
GOODS—WOOL—ETC.
Santos coffee
COMMERCIAL EPITOME
prices closed
6.35
5.91
May..
Coffee—On the 4th
lower in
the
inst.
futures
Santos contract,
closed 5 to
15
points
with sales totaling 36 lots.
The Rio contract closed 9 to 12 points net lower, with sales
of four lots. Most of the selling appeared to be
liquidation
both
for
local
and
European
The
account.
buying
scale-down covering and modest new buying.
was
Cables from
5.93
5.93
December
Friday Night, Dec. 10, 1937
follows:
as
March
July
September
-5.94
v.*,..--*
Employees of New York Coffee and Sugar Exchange to
Receive Pay Increase Jan. 1
New
The
Dec.
York
undisclosed
an
Coffee
and
Sugar Exchange announced,
3, that beginning Jan. 1, 1938, increases in salaries ot
percentage
had
been
Brazil reported the dollar rate at 17 milreis to the dollar,
ployees by the Board of Managers at
Commenting on the action of the
which
granted
to
the
em¬
meeting held Dec. 2.
Mackey,
100 reis better than the
was
Santos 4s
13.40.
100 reis lower at
was
previous close, while s^ot
19.50 and Rio 7s up 200 at
Havre closed y to 1 franc higher.
On the 6th inst.
futures closed 5 to 14 points net lower in the Santos contract ,
with sales totaling 44 lots, or 11,000 bags.
Rio contracts
closed 4 to 6 points net lower, with sales of 16 lots or 4,000
bags.
Santos prices
record lows.
milreis.
now are
only 15 to 19 points over the
Brazil's dollar rate
At 9.48
the opening was 17.17
on
special cable reported
a
change to 17.13,
a
but this failed to turn the market any, and at 1.46 a third
cable reported a further weakness to 17.30, or a net change
of 300 reis.
were
Rio 7s
unchanged at 13.400 and Santos 4s
were
quoted at 19.500.
Brazil,
Wednesday will be
cable to the exchange reported.
a
a
holiday in
On the 7th inst.
futures closed 9 to 12 points net higher in the Santos con¬
tract, with sales of 79 lots.
The
Rip contract closed 4 to 10
points net higher, with sales of 12 lots.
there
was
In the
nothing particularly noteworthy.
of
run
news
Brazil's dollar
rate came in weaker
again, closing at 17.40 milreis to the
dollar, easier by 100 reis. The Santos spot price at 19.500
was
unchanged and the Rio 7s quotation was 200 reis lower
at 13.200.
kilos in
In the face of the decline of 7 to
the
surprising,
Havre
market,
8)^ francs
the rally here
was
per
50
somewhat
On the 8th inst. futures closed 10 points off in
the Santos contract, with sales
totaling 88 contracts.
Rio contract closed 10 points net
The
lower, with sales of six
contracts.
Trading
quiet with both markets showing
was
heaviness throughout the session.
Five Santos notices
were
issued this morning for a total of 42 for the month to date.
A
holiday in Brazil contributed
market.
to the dulness in the local
Cost and freight Santos 4s
were
generally 5 points
lower at from 6.70 to 7.25c., while Manizaies
on
offer at
on
the
8^c. for shipment.
street
17.45 to
francs
the
19.500
at
previous level.
per
were
In Santos, 4s
reported
were
10 kilos, unchanged from the
The milreis exchange was 50 reis better at
dollar.
In Havre prices were from 3% to 5
Brazilian exhanges remained closed.
higher.
On the 9th inst. futures closed 14 to 8
the Santos contract,
points net higher in
with sales totaling 77 contracts. The
Rio contract closed 13 to 14
points up, with sales of
contracts.
milreis
offered
Apparently little attention
dollar rate
and
a
decline in
Janeiro.
Fifteen Santos notices
markets
were
was
paid to
only 7
weaker
a
spot coffee in Rio de
issued, but promptly
stopped, bringing the total for December to 57 lots. Brazilian
still closed.
were
The milreis
was
100 reis weaker
against the dollar,, at 17.550 milreis to the dollar. The spot
No. 7 price in Rio de Janeiro declined 200 ries and stood
at
12.9 milreis per 10 kilos. Cost and
little changed, with
freight offers from Brazil
prompt Santos 4s at from 6.70 to
steady, with Manizaies offered at
SVsG. Havre futures were irregular at 1 franc higher to
%
franc lower. Today futures closed 4
points down to 2 points
up in the Santos contract, with sales of 59 contracts. The Rio
were
7.25c. Mild coffees
contract
closed
8
were
to
9
points net lower, with sales of 19
opened lower on what appeared to
selling from primary sources, but on light demand
improved slightly later. In the early afternoon Santos were
2 to 5 points lower, with
May at 5.87c., off 2, while Rios
were 7 points lower, with
September at 4.01c.
The Brazilian
milreis, after dropping 200 reis against the dollar, improved
contracts. Coffee futures
be further
50 and stood at 17.7 milreis to the dollar.
The No. 7 spot
price in Rio and the Santos No. 4 price in Santos were un¬
changed at 12.9 and 19.5 milreis per 10 kilos respectively.
Cost and freight offers on
prompt coffee were unchanged,
with Santos 4s ranging from 6.70c. to 7.25c. Havre futures
were
to 2y francs higher.
Rio coffee prices closed as follows:
December
March
May__
_
4.75
4.06
—4.01
July
September.
Board, Chandler A.
President of the Exchange, pointed out that trad¬
ing in sugar futures so far in 1937 has more than doubled
the
will
volume
also
4.00
_
4 00
done
show
in
an
1936, while trading in coffee futures
increase
although
on
a
smaller scale.
Cocoa—On the 4th inst. futures closed 1
to 3 points net
1 point down to 1 point off.
Transactions totaled 225 lots, or 3,015 tons.
London out¬
side prices rose 9d. to Is., and futures on the Terminal Cocoa
Market gained 7 Ad. to Is., with 460 tons trading. African
higher.
The opening
range was
hold-up continues with no let-up. Much of last week's
buying was by European and London firms to protect short
sales of new West African cocoa crops. Local closing: Dec.,
5.68; Jan., 5.72; March, 5.76; May, 5.84; July, 5.94; Oct.,
eroj>
6.08; Dec., 6.20. On the 6th inst. futures closed 25 to 21
points net lower. The opening range was 3 to 12 points off
from the previous finals, with December the weak spot.
Transactions totaled 336 lots, or 4,502 tons.
London came
in Is. to 9d. lower
on
the outside.
Futures
on
the Terminal
Cocoa Market
ranged 10yd. to Is. iyd. lower, with 700
tons trading.
According to ring operators, London was a
seller of futures in the local market today (Monday). This,
coupled with the easier turn of security prices, brought in
some
profit-taking and liquidation.
In the local market
December opened soft as a result of the tendering of 44
transferable notices, although such continue to be absorbed,
apparently by Hershey. A total of 440 lots has been tendered
for delivery thus far.
Local closing: Dec., 5.45; Jan.,, 5.47;
May, 5.62; July, 5.73; Oct., 5.87; Dec., 5.99. On the 7th
inst. futures closed 9 to 7 points net higher.
The opening
range was 4 to 8 points below the previous finals.
London
reported outside prices 3d. lower, and futures on the Terminal
Cocoa Market 3d. lower to unchanged, with 570 tons trading.
Private advices continue to report a lack of offerings from
Africa.
It
is
stated
that
if
this
situation
remains
until
Dec. 20, the prospects are for maintenance of the crop
hold¬
up by natives for another three weeks following because of
the usual year-end native holidays.
Local closing: Dec.,
5.53; Jan., 5.56; May, 5.71; July, 5.81; Sept., 5.90; Oct.,
5.95; Nov., 6.07. On the 8th inst. futures closed 1 point up
to
unchanged. Trading was unusually dull, while prices
steady, largely due to lack of interest. In the early
afternoon December
stood at 5.53c., unchanged.
Ware¬
house stocks showed a further increase of 7,000 bags. They
now total
approximately 1,170,000 bags. London reported
futures on the Terminal Cocoa Market
barely steady,
prices running unchanged to 3d. easier, with the trade 540
tons.
Outside prices in that center were unchanged. Three
notices were stopped in the local market today, which
brought the total to 443. All of these have presumably
been accepted by Hershey.
Local closing: Dec., 5.54;
Jan., 5.56; May, 5.71; Sept., 5.90; Oct., 5.95; Dec., 6.07.
On the 9th inst. futures closed 22 to 27 points net lower.
The market was weakened by general selling which included
foreign offerings, hedge pressure and liquidation by commis¬
sion houses. Prices closed at the lows of the da3r. Buyers
apparently had withdrawn and manufacturers were apathetic.
Warehouse stocks decreased about 4,000 bags and now total
approximately
1,166,000
bags.
Local closing:
March,
5.40; May, 5.48; July, 5.56; Sept., 5.64; Oct., 5.68. Selling
by British interests, which was a feature of the cocoa futures
market yesterday, continued with the result that prices
dropped 5 to 10 points, with December selling at 5.29 cents,
off 5 points. Sales to early afternoon totaled 125 lots. Private
cables indicated that British buyers were determined to
were
break
the
the Gold Coast where
refusing to sell, with the
result that no cocoas are afloat from west Africa compared
with about 102,000 bags at the corresponding time last year.
natives
are
holding
as
movement
stubborn
as
on
ever on
Sugar—On the 4th inst. futures closed 1 point lower to 1
noint higher.
Transactions totaled orly 13 lots. Twelve of
these were in the March position at 2.36c., a point over the
previous
close, with the other in September at 2.39c., or
unchanged.
The market for raw sugar was quiet today
(Saturday), and if anything a shade easier than in previous
session.
In at least three directions
3.30c. and
______
a
at
while there
3.28c., they could
contract
closed
were
there
reports of
were
sellers at
overnight business
not be confirmed.
The world
virtually unchanged.
Trading was
sugar
very
Volume 145
Financial
light, amounting to only 7 lots.
In London, while terme
prices were ^d. to Vzd. higher on Saturday, raws were
unchanged. On the 6th inst. futures closed unchanged to 1
point lower. The market, was exceedingly dull. March was
traded to the extent of 23 lots at 2.36c., while 6 lots of May
were turned over at 2.37c.
It is expected the market will rule
quiet for the balance of the week. In the market for raws
Pennsylvania bought a cargo of 4,150 tons of 1938 quota
Puerto Ricos, for loading Doc. 9 to .15, at 3.30c. delivered—
unchanged from the last price paid by a refiner. At the close
more sugar at 3.30c. was available, with interest reported at
3.2Se.
The world sugar contract closed unchanged for the
active months, out the inactive January position showed a
loss of 34 point, while January and March, 1938, were 34
point lower. Sales in this contract were 282 lots, or 14,100
tons.
In London
prices
were
rumor
which credited Dr. Joshua Bernnardt with the state¬
raws
offered at 6s. 3d., and terme
were
%d. to %d. lower.
On the 7th inst. futures
closed 2 to 3 points net lower.
Transactions totaled 371
lots.
The market's weakness today was attributed to a
ment that the
quota would be 7,000,000 at least. It was one
those reports which few in tne market were ready to
believe, otherwise the market undoubtedly would have
slipped much lower. No sales were reported in the market
of
for
raws.
At the close there were sellers of prompt and
January shipment Cubas at 2.38c., and buyers showing no
better interest than 2.36c.
The world sugar contract closed
with net losses of
to 214 points, with sales totaling only
64 lots.
There were no developments in the actual market
for world sugar.
Raws in London sold at 6s. 3d., equal to
7.12,14c. f. o. b. Cuba.
Freight from Cuba to United
Kingdom remained at 20s. On the 8th inst. futures closed
unchanged for the entire list in the domestic contract, with
sales totaling 98 contracts.
This represented a rally from
the earlier lows of 1 to 3 points.
The market's heaviness in
the early session was a reflection of the weakness in the raw
market, in which sales of prompt Cubas were made at 2.38c.,
equivalent to 3.28c. duty paid basis, a drop of 7 points in the
spot price.
Sugars for 1938 delivery sold at 3.30c.
In the
world sugar market trading was almost at a standstill with
sales of Marcn at 1.143^c., off 1 point.
There was a sharp
rally in the later trading, with March closing 2 points above
the previous close and September at 1.1934 or unchanged
from the previous close.
Sales in this department totaled
40 contracts.
On the 9th inst. futures closed 4 to 2
points net lower, with
December sugar futures
dipped sharply on news of reallocation of Hawaiian quota
sugars, furnishing the feature of the sugar markets.
In later
trading December was unquoted after falling 8 points, as the
open interest is small.
The 1938 positions were 3 to 4 points
lower, with March at 2.30c., off 3 points. In the raw market
the spot price dropped 8 points to 3.20c., but 5 points above
the low of the year registered late October, on a sale of 1,400
tons of prompt Puerto Ricos to American.
Further offers
of 1938 sugars ranged upward from 3.25c., with buyers in¬
different.
World sugar contracts opened unchanged to
34 point lower and closed 34 point down to 34 point up com¬
pared with previous finals. Sales totaled 91 contracts. In
London futures were unchanged to %d. higher.
Small lots
of "afloat raws" were reported offered at 6s. per ewt., equal
to about 1.1134c. per pound f. o. b. Cuba.
Today futures closed unchanged to 1 point up in the domes¬
tic contract, with sales of 148 contracts. The world sugar con¬
tract closed 34 point up to unchanged, with sales of 31 con¬
tracts.
Domestic sugar futures opened 1 to 2 points lower on
transactions totaling 326 contracts.
hedging by Puerto Rican producing interests, but by early
afternoon stood 1 higher with March at 2.32c.
In the raw
market two further sales were reported made
yesterday
1,430 tons of Peru due December 27 to National at 3.20c.',
and 2,000 bags of prompt Cubas at 2.30c. to American, both
unchanged. Further offers consisted of Cubas at 2.35c. and
duty frees at 3.30c. and up. Buyers were momentarily on
the sidelines.
Last year the 1937 quotas were announced on
December 12, which has led the trade to expect an announce¬
ment of 1938 allotments over the coming week end.
World
sugar contracts started unchanged and later were unchanged
to 34 point lower, March selling at 1.1434c., unchanged.
In
London futures were }id. to l%d. lower.
Closing quotations
were as
follows:
December
2.271 May.
January
2.311 July
March---.-
2.301 September
Increase
Noted
United
States
Exports of Refined
Sugar During First 10 Months of 1837
Refined
first
in
2.31
2.33
2.34
sugar
10 months
of
52,735 long tons
by the United States during the
1937, January through October, totaled
against 46,817 tons during the similar
exports
as
period last year, an increase of 5,918 tons, or approximately
12.6%, according to Lamborn & Co., New York, which said:
The
refined
to
went
sugar
40
over
exports
different
during the January-October period
countries.
The
United
Kingdom
this
year
leads
this
year
with 26,324 tons, being followed by Colombia and Panama with 9,464
tons
and
22,322
2,945
tons,
tons, respectively.
also
headed
the
list,
Last
season
while
4,547 tons and 3,234 tons, respectively,
the United Kingdom, with
Colombia
and
Honduras,
with
followed.
Lard—On the 4th inst. futures closed
unchanged to 12
one time the market showed a maximum
advance of 12 to 15 points, after an opening range of 2 to 5
points higher.
points higher.
At
Export clearances of lard from the Port of
Chronicle
3835
New York were 56,800 pounds today (Saturday), destined
for Manchester and Belfast. Liverpool lard futures were
up
9d. to Is. 3d., with the spot position up 6d. Hog
prices at
Chicago
The top price was $8.65.
packing centers on
Saturday were 16,400 head, against 26,100 head for the
same day a
year ago.
On the 6th inst. futures closed 12 to
20 points net lower.
The opening range was 5 to 10 points
off on the active
deliveries, with little or no rallying power
in evidence during the session. Hog
prices at Chicago were
15c. to 25c. lower, with the
top price $8.65 and the bulk of
transactions ranging from $7.85 to $8.60.
Western hog
receipts were heavy and totaled 102,900 head, against 86,400
head for the same
day a year ago. Liverpool lard futures
were 9d. to Is. 3d.
higher. On the 7th inst. futures closed
2 to 7 points net lower. The
opening range was 5 to 7 points
below the previous finals.
Export shipments of lard from
the Port of New York
today (Tuesday) totaled 392,000
pounds, destined for London and Liverpool. Hog prices at
Chicago were 10c. lower, with the top price $8.60, and bulk
of sales
ranging from $7.75 to $8.60. Total receipts for the
Western run were 80,400 head, against 21,000 head for the
same
day last year. Liverpool lard futures were 6d. lower
on the
spot position and Is. 3d. to Is. 6d. lower on the de¬
ferred months. On the 8th inst. futures closed 7 to 10
points
net higher. The market
opened irregular with prices 2 points
higher to 5 points lower. When grains firmed up in the after¬
noon a little new
buying lifted prices considerably over the
previous day's finals.
Lard clearances from the Port of
New York totaled 303,548
pounds, destined for London,
Trieste, Messina, Naples, Palermo and Genoa. Receipts of
hogs at the leading Western packing centers today totaled
70,100 head, against 119,500 for the same day last year.
Hog prices at Chicago were 10c. to 15c. lower, with the bulk
of sales ranging from $7.75 to $8.40.
The late top price at
Chicago was $8.50. Liverpool lard prices were 6d. lower on
the spot position, Is. lower on December and
January and
9d. lower on the distant
May.
On the 9th inst. futures closed 12 to 5 points net lower.
The opening range was 12 to 7 points down.
Weakness in
hog prices encouraged scattered selling for speculative ac¬
count.
Hog prices at Chicago were 10c. to 15c. lower. The
top price reported was $8.35, with bulk of sales ranging from
$7.50 to $8.35.
Total hog receipts at the principal Western
packing centers were 67,100 head, against 113,900 head for
the same day a year ago.
Export clearances of lard from the
Port of New York were unusually heavy, totaling 1,242,190
pounds, destined for Liverpool, Manchester, Bristol, Cardiff
and Antwerp.
Today futures closed 17 to 20 points net
lower.
This weakness was largely in sympathy with the
weakness of grains and other commodity markets.
were
reported steady.
Total receipts at the leading Western
DAILY CLOSING PRICES OP LARD FUTURES
IN CHICAGO
Thurs. Fri.
Sat.
Mon.
Tues.
Wed.
8.75
December-.-
8.57
8.55
8.65
8.52
8.67
8.87
8.97
8.75
8.67
8.90
8.85
9.07
9.00
8.95
8.75
March
9.05
8.92
May
9.17
9.02
January
——
8.32
8.50
8.67
8.80
Pork-—{Export); mess, $33.75 per barrel (per 200 pounds);
family, $31.75 (40-50 pieces to barrel), nominal, per barrel.
Beef: (export) steady Family (export), $26 to $27 per barrel
(200 pounds), nominal.
Cut meats: pickled hams: picnic,
loose, c. a. f.—4 to 6 lbs., 13c.; 6 to 8 lbs., 11 %c.; 8 to 10
lbs., 11 %e.
Skinned, loose, c. a. f.—-14 to 16 lbs., 17c.;
18 to 20 lbs., 15%c.
Bellies: clear, f. o. b., New York—
6 to 8 lbs., 19c.; 8 to 10 lbs., 1834c.; 10 to 12 lbs., 1734c.
Bellies: clear, dry salted, boxed, N. Y.—16 to 18 lbs.,
1334c.; 18 to 20 lbs., 1334c.; 20 to 25 lbs., 13%c.; 25 to 30
lbs., 13«?4c. Butter: Creamery, firsts to higher than extra
and premium marks—32 to 40 %c. Cheese: State, held, '36—
22 to 24c.
Eggs: mixed colors, checks to special packs—
1734 to 2734c.
Oils—Linseed oil deliveries continue rather slow, but the
volume in
some
directions is better than last week.
Tank
quoted 9.8c. per pound. Quotations: China wood:
tanks, nearby 15c. nominal; futures 15c. nominal.
Coco¬
nut:
crude, tanks—.0334; Pacific Coast, .0334Corn:
crude: west tanks, nearby—.0634*
Olive, denatured: spot,
drums—$1.10 to $1.15; New crop, .85 to .90.
Soy bean:
crude, tanks, west, forward— .05)4 to .05%; L. C. L., N. Y.
—.08.
Edible: 76 degrees—10c.
Lard: prime—12c.; Ex.
winter
strained—10%c.
Cod, crude: Norwegian, light
filtered —39c. Turpentine: 31 to 35c. Rosins: $5.65 to $8.20.
cars are
including switches, 9£ contracts.
Prices closed as follows:
Cottonseed Oil, sales,
Crude, S. E., 534c.
7.12
December
January
February
March.-
—
April
7.03
7.05
7.03
July
7.05(
June
-
May.—
—
n
7.07<
7.08(
—
Rubber—On the 4th inst. futures closed 18
7.1 Id
points up on
the December or spot contract, with the balance of the list
closing 4 points down to 2 points up.
Actuals were named
at virtually unchanged levels in the trade, or on a spot basis
of 15%c. for No. 1 ribs, and 1634c. for standard latex crepe.
For the week these represented a gain of
lc. per pound,
packing l-16c.
Local closing of futures:
Dec., 15.50;
Jan., 15. 59; March, 15.74; May, 15.88; July,
16.00;
Sept., 16.10; Oct., 16.15.
On the 6th inst. futures closed
19 to 23 points net lower.
The opening range was un¬
changed to 11 points higher.
As the securities market
turned downward, it influenced considerable selling in the
rubber market, and there being no appreciable support,
Financial
3836'
prices
off
fell
easily.
Transactions
totaled 1,810 tons.
December brought
deliveries thus far to 138.
London ruled steady at l-16d.
on either side of the previous closing.
Singapore was closed
by a holiday.
Locaji closing: Dec., 15.31; Jan., 15.40;
March, 15.55; May, 15.65; July, 15.79; Sept., 15.89.
On
the 7th inst. futures closed 7 to 14 points net lower.
Starting
off with gains up to 4 points, May receded under outside
offerings, however, to 15.41c., rallying 17 points to close
at 15.58c.
March also broke sharply from its highs reached
at the start of trading.
London and Singapore were off
anywhere from 1-32 to 3-16d., but both foreign markets
were said
to be above local values, and very little if any
shipment business resulted with the Far East.
Local closing:
Dec., 15.21; Jan., 15.30; March, 15.45; May, 15.58; July,
15.65.
On the 8th inst. futures closed 5 to 10 points net
higher.
Transactions totaled 122 contracts.
The market
opened 12 to 20 points lower, in sympathy with easier foreign
markets and reported offerings by primary markets, but
firmed up later on buying attributed to London orders and
was quite steady in the
afternoon. Trading on the whole
was
dull, totaling only 530 tons to the early afternoon.
London closed steady, l-16d. higher.
Singajjore was 5-32 to
3-16d. lower.
Local closing: Jan., 15.36; March, 15.51;
Four
transferable notices against
more
May, 15.63; July, 15.75.
On the 9th inst. futures closed 31 to 25 points net
higher.
Higher cables and news of a sharp fall in shipments of rubber
by the Dutch East Indies caused rubber futures to rebound
strongly under general buying. An important London in¬
terest, who has been a persistent buyer of March for several
days, continued to purchase that position. On the advance
March rose 38 points to 15.89 cents and May 37 to 16, even
while June sold at 16.03 cents, up 28 points. London closed
higher, while Singapore advanced 3-32d to l-8d.
closing: Dec. 15.58; March, 15.82; May, 15.93; July,
16.00; Sept., 16.10; Oct., 16.15. Today futures closed 10
points net lower for the entire list. Sales totaled 112 contracts.
Rubber futures were fairly steady at a somewhat lower level
with trading mixed. In the early afternoon the market was
3 to 12 points lower, with March relatively weak at 15.70
cents. The London market closed steady unchanged to l-15d.
3-16d
Local
while Singapore was unchanged to l-32d. higher.
Malayan rubber stocks decreased 22,441 tons during Novem¬
ber and c.i.f. offerings were dear, showing no pressure to sell.
Local closing: Dec., 15.48; March, 15.72; May, 15.83; July,
15.90; Sept., 16.00.
lower,
closed 3 to 6 points net
15 points up to 15 points off.
Trading was moderately active during the half day, with
transactions totaling 2,960,000 pounds.
In the domestic
spot hide market sales were reported of 99,000 July-Septem¬
ber take-off hides, with light native cows selling at 10c. and
heavy native steers at 14c. Sales in the South American
markets included 8,000 November frigorifico steers at 123^c.
to 12 7-16c., while in the Uruguay market there were 5,000
frigorifico steers sold at 13^c. Local closing: Dec., 9.89;
March, 10.10; June, 10.43; Sept., 10.76; Dec., 11.06. On
the 6th inst. futures closed 28 to 33 points net lower. The
opening range was 2 to 16 points off, with the list drifting
steadily lower in light trading. Weakness in the securities
market, coupled with the inactivity in the domestic spot
hide situation, contributed to the quiet which dominated
the futures market much of the day.
Transactions totaled
3,240,000 pounds. Stocks of certificated hides in warehouses
licensed by the exchange remained unchanged at 788,441
hides.
Local closing: Dec., 9.61; March, 9.82; June, 10.13;
Sept., 10.43; Dec., 10.73. On the 7th inst. futures closed
24 to 32 points net higher. The opening range was 17 to 36
points below the previous finals.
Transactions totaled
4,200,000 pounds. No domestic spot hide sales were.heard of
during the course of the day.
Local closing: Dec., 9.85;
March, 10.10; June, 10.45; Sept., 10.75; Dec., 11.05. On
the 8th inst. futures closed 10 to 16 .points net higher.
The opening range was 10 points off to 5 points advance,
the list gradually strengthening during the later dealings.
No new developments were reported in the spot hide market.
The last sales reported included a lot of 2,000 light native
cow hides at 10c. a pound.
Transactions totaled 5,680,000
pounds. Local closing: Dec., 10.00; March, 10.25; June,
10.55; Sept., 10.85; Dec., 11.15.
On the 9th inst. futures closed 30 to 38 points net higher.
News of freer buying of spot hides at advancing prices
Hides—On the 4th inst. futures
The opening range was
lower.
caused
a
reversal of sentiment in the
raw
hide market in
prices. Futures were bid up at one time 40
to 45 points. In the domestic spot market sales totaled 13,000
hides of October-November take-off at prices on the basis of
13^0. for butt branded steers. Transactions in futures
totaled 237 contracts. Local closing: March, 10.55; June,
10.92; Sept., 11.23. Today futures closed 5 to 2 points up.
Sales totaled 129 contracts. Raw hide futures were unchanged
favor of higher
to 30
points lower at the opening, but rallied somewhat when
reflected a better feeling regarding the outlook,
demand
created by the large
sales of spot hides at advanced prices.
Packers, it appears, are not anxious sellers and are inclined
to look for higher prices. Trading in futures to early after¬
noon
was
Sales
in
fairly heavy, amounting to 2,760,000 pounds.
domestic market of 83,000 spot hides were
the
reported on the basis of 10F£e. for light native cow hides. In
the Argentine market 8,500 frigorifico steers sold at 12 7-16
Dec.
Chronicle
12 9-16c.
to
Local ^closing:!March,
10.60;
11, 1937
June,
10.95;
Sept., 11.25.
demand for tonnage continues
in all outside markets. Charters
Antwerp-Rotterdam, Dec. 27Jan. 15, 3s. 1 l^d- U. K. 3s. 43^d.f Irish ports, 3s. 6d. South
Australia to U. K.—Continent, Dec. 27—Jan. 15, 41s. 6d.
Gulf to Antwerp-Rotterdam, Feb., 3s. lpsjd.; option picked
United Kingdom ports, 3s. 43l>d., and Irish ports at 3s. 6d.
Gulf to Antwerp-Rotterdam, Jan., 3s. ll^d.; option picked
United Kingdom ports, 3s. 43^d. and Irish ports at 3s. 6d.
Grain booked: Five loads, New York to United Kingdom,
Freights—The
Ocean
spotty due to the dullness
included: Grain: Gulf to
Dec., 3s. 3d.
Scrap: Atlantic range to Rotterdam, Dec.,
(95c. stevedoring charges.). Atlantic range to Gydnia-
22s.
Danzig, Dec., 23s. option United Kingdom, 22s.
Gulf to
$7.50; option Leghorn-Piombino, $8.
Genoa-Savona Dec.,
United Kingdom, Dec.-Jan., 24s.
Trip: Trip
delivery Havana, Jan. 5-15, $2.25. Sugar: Cuba to
United Kingdom, Jan. 15-31, 19s. 6d.
Cuba to London.
Jan. 1-15, 19s.
Gulf
to
across,
Coal—A fair amount of coal business
is reported here as
approaching date for the new prices and
colder weather.
Consumers have until next
the result of the
the
wave
of
Thursday, when the higher prices become effective, to pur¬
chase supplies of nut and slack at the current range of $1.25
to $1.40 per ton, which after Dec. 15 will
be advanced to a
minimum of $2.08.
In the midwest, especially at centers
where much smokeless is used for heating, the markets have
materially on broadened demand.
In the East
graded coals are in fair call at the moment,
while slack has strengthened in a number of markets follow¬
ing a prolonged period of easiness. Bituminous distributing
trades on the whole remain active at a number of centers as
firmed up
and midwest
seek to acquire what stocks they can before code
become effective next week, while weather in the
main favors a broader movement in anthracite than was the
consumers
prices
case
in late Nov.
report of Copper, Tin, Lead, Zinc, Steel
Pig Iron, usually appearing here, will be found in the
appearing at the end of the department headed
"Indications of Business Activity," where they are covered
Metals—The
and
articles
fully.
more
reported to have changed
arrives from worsted manufac¬
territory combing wools around
72c., but topmakers show no interest in wool at these prices,
their ideas of value running 10c. per pound lower.
Fleece
and scoured wools are moving uncertainly.
Their real value
is not known, and small sales are generally below the prices
asked by the chief holders.
It is asserted that dealers are in
a difficult poistion, even though of a temporary character.
It is pointed out that heavy depreciation of unsold stocks of
last year's wool makes the price of next season's clip a para¬
mount consideration.
As far as foreign competition is con¬
cerned, it is stated that wools in Australasia and South
America would have to take some sharp price slump before
they could be imported here in competition with domestic
raw material.
At the present time the overseas markets are 1
generally unsettled as to prices, and prospects for normal
demand are not over-promising, so well informed sources
state.
It is pointed out, that compared with a year ago,
there is a complete reversal in form in the American market.
Wool—The
wool situation is
very little.
Small demand
turers for average Texas and
Silk—On the 6th inst. futures
closed unchanged to 2-l^c.
The opening range was 5c. to lc. higher. Prices
fell off somewhat as a result of the depressing influence of a
net
higher.
declining stock market.
Transactions totaled 1,350 bales.
Yokohama exchange closed 17 to 23 yen higher, while at
Kobe futures closed 18 to 21 yen
higher.
Grade D
was
710
at both centers, up 20 yen at Yokohama and an advance
of 15 yen at Kobe.
Transactions in Japanese spot markets
totaled 200 bales, while transactions in futures totaled 6,350
yen
bales.
Local closing: Dec. 1.51
l/i\ Jan., 1.50; March, 1.483^;
May, 1.473^; July, 1-47.
On the 7th inst. futures closed
P2C. to 2c. net lower.
The opening range was unchanged to
13ic. lower.
Interests state that losses of 2c. to 5c. uptown
trade selling countered by short covering kept the
featureless.
Transactions totaled 480
bales.
The Japanese markets came in weaker, with the clos¬
ing range 14 to 20 yen off at Yokohama and 15 to 23 yen lower
at Kobe.
Grade D at 700, off 10 yen, was reported at Yokoama, and 695 yen, or 15 yen lower at Kobe.
At these
Japanese centers spot sales totaled 325 bales, while transac¬
tions in futures totaled 5,200 bales.
Local closing: Dec.,
plus
some
market
somewhat
1.50; Jan., 1.48; March, 1.473^; May, 1.46; July, 1.453^.
closed unchanged to lc. up.
The
On the 8th inst. futures
range was lc. higher to lc. lo-wer.
The market
quite firm in sympathy with foreign markets and re¬
ported better inquiry in the spot market.
This afternoon
March stood at $1.49, up l^c., and May at $1.47, up lc.
Crack double extra silk was unchanged in the spot market.
In Yokohama Bourse prices were 5 to 10 yen higher, while
outside grade D silk was 5 yen lower at 695 yen.
Local clos¬
ing: Dec., 1.50; Jan., 1.49; March, 1.48; May, 1.47; July 1.46.
On the 9th inst. futures closed lc.lower to unchanged.
Transactions totaled 31 contracts.
Lower Japanese cables
opening
ruled
a depressing influence on raw silk futures.
The market
opened 3%c. to lc. lower, and showed little rallying power
had
Volume
Financial
145
during the rest of the session. In the New York spot market
the price of crack double extra silk was unchanged at
$1.60}^.
Yokohama Bourse prices were 8 to 11 yen lower, while
grade D silk outside was 5 yen higher at 700 yen a bale.
Local closing: Jan., 1.483^; March, 1.47^; May, 1.46; June,
1.46; July, 1.45}^.
Today futures closed j^c. up to 2c.
down.
Transactions totaled 59 contracts.
The market had
easier undertone in mixed dealer trading,
an
ajvolume of only 300 bales
which reached
At that
early afternoon.
up to
time
prices were unchanged to IHc. lower, with Dec. at
$1.493^.
The price of crack double extra silk in the New
York spot market declined l^c. to $1.58.
The Yokohama
Bourse closed 1 yen higher to 5 yen lower, while outside
grade D silk declined 15 yen to 685 yen a bale. It was said
that Italian silks were pressing for sale.
Local closing:
Dec., 1.50; Jan., 1.47^; March, 1.4534; May, 1.4534;*
July, 1.45.
Chronicle
From
Exported to—
Auq. 1, 1937, to
Dec. 10 1937
Exports
Great
Houston
Corpus Christi
Beaumont
New Orleans..
Lake Charles.-
Mobile
Friday Night, Dec. 10, 1937
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 165,506
bales, against 169,362 bales last week and 160,560 bales the
previous week, making the total receipts since Aug. 1, 1937,
5,032,280 bales, against 4,573,275 bales for the same period
of 1936, showing an increase since Aug. 1, 1937 of 495,005
bales.
Sat.
Wed.
Mon.
Tues.
6,815
6,587
247
16,583
8,243
13,631
7,944
1,365
Receipts at—
14,45i
Total
Fri.
Thprs.
'
Galveston
Houston
Corpus Christi
__
New Orleans
3,874
4,604
6,981
■'
289
13
490
92
219
1,256
—
.
178
450
■
'
14,902
Lake Charles
•
"
Wilmington
499
24,894
41,081
Baltimore
3
59
5,182
6,300
50
47
213
253
160
—
A;
"8
32
1.116
Norfolk.
1,287
2,268
_
323
—
232
----
---.
Totals this week.
2,766
613
181
415
613
39
10,807
"166
25,604
648
Charleston
1,879
250
18,432
30,536 165,506
13,933
Texas
Orleans
Mobile
Pensacola, &c
1, 1936
36,141
1,600
41,064
4,547
673
79
363
'
Jacksonville
Savannah
Charleston
Lake
Week
Charles—
Wilmington
Norfolk...
3,650
457
863
637
1,061",618
71,480
16,098
894,779
73,129
611,575
66,624
27,054
759,608
115,530
7,844
2,777
152,079
60,178
28,005
20,854
31,678
14,192
3,666
157,106
80,323
34,696
11,805
29.616
100
100
3,448
Boston
613
Totals
—
.
10,900
2,598
1,050
975
13,047
1,018
165,506 5,032,280 133,018 4,573.275 3,131,459 2,815,192
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
1937
Receipts at—
Galveston.
Houston
New
Orleans.
Mobile
Savannah
Brunswick
1936
43,860
51,079
55,702
3,476
1,418
1935
1934
41,926
36,141
41,064
4,547
60,395
53,782
31,941
13,714
363
3,515
29,356
18,746
39,613
3,465
3,029
Charleston
-
-
Wilmington
_
_ _
"3",678
"3". 650
59
2,766
637
863
*4",307
-
1,168
1,105
1932
1933
69,977
58,307
28,482
2,223
70,149
71,021
73,555
16,619
2,605
1,475
1,011
"
—
Norfolk
"
1,827
;
2,338
438
1,342
5,462
1,048
2,566
1,773
1,159
113
22,788
Los Angeles...
San Francisco.
515
7,164
"3",468
Total this wk.
"3",827
~7~, 528
"6",480
12",817
22,845
165,506
133,018
177,455
109,945
177,899
262,064
/
The
exports for the week ending this evening reach a
total of 209,480 bales, of which 75,806 were to Great Britain,
33,377 to France, 36,365 to Germany, 21,026
to Japan, and 37,693 to other destinations.
sponding week last year total exports were
For the season to date aggregate exports have
bales, against 2,492,733 bales in the same
previous
to Italy, 5,213
In the corre¬
169,167 bales.
been 2,776,705
period of the
Below are the exports for the week.
season.
Exported to—
Week Ended
Britain
5,776
4,291
Houston
Corpus Christi
Bfaqmnnt
France
10,093
Galveston-.-
..
_,
New Orleans
Lake Charles
Mobile.———Savannah
60
6,176
Italy
1,097
35,181
6,758
6,248
61,169
20,002
371
21,145
7,630
1,534
73,644
11,242
15,009
6,203
17,740
3,820
664
4,075
329
8,138
1,550
2"§92
l",420
.
566
566
1,415
1,415
5,664
7,044
100
560
5,213
100
75,800
33,377
36,365
21,026
5,213
44,078
32,091
17,978
6,651
Total 1935
32,661
16,270
10,814
878
52,783
62,874
1,162
511,178 244,869
104,772
21.309 503,3852776,705
357,490 131,092
396,655 175,651
728,035
12,947 315,0512492,733
752,608
16,764 459,27312864,399
Canada—It
to
has
been
to include in the
above table reports of cotton
shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and It is
impossible to give
returns concerning the same from week to week, while
never
our
practice
reports from the customs
on the Canadian border are
always very slow in coming to hand.
In view,
however, of the numerous inquiries we are receiving regarding the matter, we will
that for the month of October the exports to the Dominion the present season
districts
say
have
been 49,053 bales.
In the corresponding month of the preceding season the
exports were 37,574 bales.
For the three months ended Oct. 31, 1937, there were
65,401 bales exported, as against 61,882 bales for the three months of 1936.
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—
Dec. 10 of—
Leaving
Great
Ger¬
Britain
Galveston
8,100
6,351
Houston
New
Orleans.
16,078
_
Savannah
Other
Coast¬
many
France
Foreign
wise
13,100
12,000
7,045
18,019
2,567
7,928
1,000
1,000
26,800
17,143
4,174
5~218
"300
3,000
1,132
4.815
"896
36,747
27,476
49,033
38,464
62,285
47,441
23,495 49,013
22,863
94,647
24,190 138,842
Mobile
Stock
Total
63,000
34,238
51,014
2,000
—
6",4l4
.
ports.-.
Total 1937--
837,201
805,607
843,765
155,106
80,323
66,715
29,616
156,460
8,947 156,666 2,974,793
5,037 212,308 2,602,884
4,914 264,420 2,648,944
the
government estimate.
The
market has
shown
sur¬
prising firmness in the face of the extremely bearish gov¬
ernment figures, this being attributed
largely to the rela¬
tively light offerings from the South, and to a feeling that
the market had discounted much that was bearish in the
situation.
Foreign buying has been no small factor in the
market's improvement recently.
On the 4th inst. "prices closed
*
4 to 7 points net lower.
The market appeared to be entirely devoid of
trading incen¬
tive.
The
outlook
presents
nothing
of
encouragement.
There
is
little
evidence
of
progress in Washington, and
going into the government loan
rather than into trade channels, the feeling of
apathy in
the trade is becoming increasingly pronounced.
The market
opened unchanged to 4 points lower in response to disap¬
with cotton in the South still
pointing Liverpool cables, overnight liquidation and some
selling for Bombay account.
The pressure was not severe,
but there being little support, the market yielded easily,
with final quotations at about the lews of the day.
Demand
for
cotton
spot
ditions in the
slow
was
textile
and
market.
reflected
There was
unfavorable
no
con¬
real pressure
the market, as
farmers have been taking advantage of
and, according to official reports,
3,077,576 bales have been accepted into the loan to Dec. 2
on
the
government
Southern
nated
loan,
spot markets, as officially reported, were 5 to 10
Average price of middling at the 10 desig¬
was 7.88c.
markets
spot
6th
the
On
The
with
and
inst.
apparently disposed to withdraw to the side¬
await
of the
estimate
prices closed 1 point lower to 3 points
in cotton today was extremely dull,
session
traders
lines
developments.
is due
The final government
crop
Wednesday, and pending
something definite from Washington in connection with the
farm
season
on
bill, traders were loath to operate to any appreciable
on
either side of the market.
The market opened
extent
at
decline
1
4 points.
Lower Liverpool
reaction in silver prices, con¬
tinued dulness in the spot and textile departments, and a
reactionary stock market, all combined to make for a lower
steady
and
a
of
markets,
Bombay
to
the
Several private crop reports were made yesterday,
The average estimate of the regularly
compiled reports issued thus far indicated a crop of
18.400,000 bales, compared with a corresponding November
estimate of 17,617,000.
The previous Bureau report indi¬
cated
crop
37,693 209,480
2,000
23
13,586 169,167
21,516 145,042
a
of 18,248,000 bales, and the final government
crop
report
last
year
totaled
12,399,000
bales.
spot markets were unchanged to 5 points higher.
price
was
of
middling
at
the
10
designated
spot
Southern
Average
markets
7.90c.
3 to 6 points net lower.
The
market
ruled
heavy, with relatively little activity
either way.
Toward the last there was a flurry of activity
when cooperative brokers sold later position, and some local
On
Total 1936
Total
Other
5,842
10,042
7,414
Total
11,685
Japan
China
229
Norfolk.-..
Los Angeles
many
22,373
2,455
22,072
2,488
2,555
38,321 105,267
22,786! 32,661
all at higher totals.
Ger¬
Great
13,760
3,541
3,846
NOTE—Exports
range.
Dec. 10 1937
Exports from—
70
1*727
200
527,999 420,119
690,631 372,817
higher.
1- 5,032,280 4,573,275 4,899,669 2,996,374 5,070,202 5,400,845
Since Aug.
100
905,150 486,042
points lower.
Newport News
All others
1,493
"70
Philadelphia...
of
927,588
839.845
277,321
9,426
1,261,727
162,013
78,280
3,595
95,845
137,041
52,750
15,102
21,761
New York
Baltimore
132
-
Speculation in cotton for future delivery during the past
more active,
especially following the publication
1936
1937
900,201
41,926 1.383,749
51,079 1,300,457
587
384,715
7,814
55,752 1,373,579
3,476
151,051
52,560
3,474
1,418
111,642
3,678
163,158
72,589
2,268
59
7,034
2,766
32.633
Beaumont
749
-
week was
Since Aug
50
Houston
New
This
City
Corpus Christi.-.
1,457
3,147
Baltimore
Stock
1936
1937
Receipts to
1,1937
1,065
3,996
420
»
142
Total 1936-—
Total 1935-—
Week.
4,876
!
22.231
-_..i
with last year:
43,860 1,360,674
~~4
243
768
New York....
Boston
1,014
40,190
73,213
101,991
16,937
2,260
5,761
60
j
12,010
1,142
Gulfport
116,900
250
76,613
1,135
Norfolk
95,478
| 18,582
! 10,819
67
28,928
42,965
Savannah
1,200
5,008
"112
lo",056
1,169
29,334
887
Pensacola, &c.
Other
Galveston
48",780
5,688
.
587,991
344,162
5,607
588,785
40,227
300
13,844
Jacksonville
Norfolk—
Since Aug
15,809
23,031
14,749
following table shows the week's total receipts, the
total since Aug. 1, 1937, and the stocks tonight, compared
This
62,889
50.217
Total
709,657
7,833126,637
8,776117,798
3,500 55,957
Charleston
36,630
The
Dec. 10
106,890
57,895
587
55,702
3,476
1,418
3,678
2,268
■
254
7
'
164
9
Charleston-.
51
'
6,923
1,909
Savannah
43,860
51,079
5,825
13,750
-
172
Mobile
3,782
4,264
■
30,642
54,208
1,900
72,370
Other
China
Japan
74,494
214,810 146,091
...
Total 1935
the
Italy
many
157,649
3,407
Total 1936
of
France
183,664 128,738
164,072 111,757
87,994 69,255
COTTON
Movement
Ger¬
from— Britain
Galveston
Total
The
3837
the
7th
inst.
prices closed
q
3838
selling
Financial
developed
in
cerned
the
with
more
otherwise there
but
sympathy,
little interest in the market.
Chronicle
Dec.
was
%
final
government
15-16
1 In. &
%
15-16
Inch
Traders generally seemed con¬
impending
1937
11.
Inch
Longer
Inch
Inch
1 In
*
Longer
crop
report, due at 11 a. m. Wednesday, and were also awaiting
Spotted—
White—
Mid. Fair
.65 on
.90
on
1.14
on
Good Mid
.14
on
.54
on
developments
St. Good Mid..
.58
on
.83
on
1.07
on
St. Mid
.05 off
.15 on
.36
on
ington.
Good Mid
.50
on
.75
on
.99
on
Mid
.64 off
.43 off
.23 off
St. Mid
.35
on
.61
on
.84
on
♦St. Low Mid— 1.48 off 1.32 off 1.18 off
Basis
.25
on
.48
on
.61 off
.36 off
in connection with the farm bill at Wash¬
The market opened unchanged to 3 points lower.
Overnight action of the foreign markets was indifferent,
and prices inclined lower on moderate offerings attributed
to the South, spot houses and New Orleans.
Some commis¬
sion house liquidation developed in January, as
well as
transferring of positions forward.
The average crop esti¬
mate of the private reports
issued thus far pointed to
18,400,000 bales, compared with the last Bureau report of
18,248,000 bales, and the government final report last year
of 12,390,000 bales.
Southern spot markets, as officially
reported, were 2 to 10 points lower.
Average price of
middling at the 10 designated spot markets was 7.84c.
On the 8th inst. prices closed 6 to 11 points net higher.
This advance was recorded in the face of the
largest cotton
record.
The government bureau report,
the final for the year, indicated a crop of 18,746,000 bales,
an increase of more
than 500,000 over the November esti¬
estimate on
crop
With
diverted
stocks
The general scarcity of contracts
grains.
was
measure for the market's firmness.
quiet and 3 points lower to 2 points
Interests with Japanese and Bombay connections
responsible
in
market
The
to action of other outside markets, especially
more
and
higher.
large
opened
the best
buyers, absorbing Southern and commission
house selling, as well as liquidation incident to the issuance
of notices against 2,400 bales in the December delivery.
were
Southern spot markets, as officially reported, were 8 to 21
points higher.
Average price of middling at the 10 desig¬
nated spot markets was 7.96c.
On the 9th inst. prices closed
12 to 18 points net higher.
regarded as acting very well in view of
the extremely bearish government crop report.
Impressed
by scarcity of offerings in face of the large crop, more
bullish sentiment developed, and under a
buying move¬
ment led by Wall
Street interests prices moved upward
The market
with
to
Some quarters
little resistance.
that the
in
was
enormous
proposed legislation.
foreign account,
Continent.
were
of the
opinion
revive compulsory crop control
There was a good demand credited
crop may
including Bombay,
Wall Street interests
ership, and purchases
Liverpool and the
buying lead¬
assumed the
estimated around 25,000 bales.
What seemed to impress traders most was the
paucity of
offerings from the South and failure of hedging to increase
the
on
were
volume
of
trading, with positions little changed
from the noon hour.
The nearby contracts bore the brunt
of the losses, while the distant deliveries remained around
the same levels as last night's closing.
Trading was fairly
heavy
the
at
opening of
dealings.
The selling of about
5,000 bales of active months by a leading spot house was
the feature of the call.
Aggressive purchasing was dis¬
played by Bombay, the Continent and Liverpool. A sizable
export total for the past week, particularly in shipments to
Great Britain and the Continent, was expected to be shown
in the week-end Cotton
an
Exchange figures today.
increased demand for spots on the
with
There
was
Liverpool Exchange,
prices steady.
The official quotation for
New York market each
^
Dec. 10
middling upland cotton in the
day for the past week has been:
Sat.
Middling upland——.
8.01
Mon.
Tues.
Wed.
7.97
8.08
8.03
Thurs.
8.20
Fri.
St.
.50
on
.75
on
.35
on
.61
on
.84
Even
.25
on
.48
on
St. Low Mid
.59 off
.35 off
on
2.89 off 2.84 off 2.80 off
Yel. Stained-
♦St. Mid
1.72 off 1.52 off 1.43 off
♦Mid
2.41 off 2.28 off 2.22 Off
.16 off
Gray.36 off
.19 off
.80 off
.59 of(
.43 off
♦Mld.-.i
*
1.40 off 1.26 off 1.15 off
-----
Wot deliverable on future contract.
Futures—The
highest,
lowest
and
closing
8.22c.
1935
1934
1933
1930
1927
10.20c.
1932
1931
1929
1928
1926
1925
5.90c.
.....
1924
6.05c.
1923
10.15c.
1922
17.35c.
20.55c.
19.25c.
12.30c.
19.75c.
.....23.25c.
33.70c.
25.10c.
1921
18.20c.
1920
16.25c.
1913
Monday
Saturday
Dec.
Dec.
Dec.
4
Tuesday
Dec.
6
Wednesday
Dec.
7
Friday
Thursday
9
Dec.
8
Dec.
1919
39.45c.
1911
9.20c-
1918
1910
15.05c.
1917
-29.10c.
30.35c.
1909
15.20c.
1916
18.75c.
1908
9.15c.
1915
12.50c.
1914
7.40c.
1907
Range..
7.85- 7.87
7.81- 7.87
7.81- 7.86
7.78-
Closing
7.84n
7.87
7.82
7.89/t
Range..
7.87- 7.91
7.82- 7.86
7.82- 7.86
7.82- 7.93
7.95-
Closing.
7.87
7.86
7.82
7.93
8.07
7.89»
7.89/t
7.84n
7.95n
8.09/1
.
7.93-
7.91
8.07
at
8.04
8.10
8.01- 8.07
8.04
Feb.—
Range..
8.06-
Closing.
11.85c.
1906 —11.00c.
7.91- 7.98
7.88-
7.91- 7.92
7.93
Range..
Closing
April—
.
7.95
7.92
7.86-
8.02-
7.98
8.14
8.06-
8.10-
7.98
7.88-
7.87
8.11
8.12
8.17
8.09-
8.15
8.14-
8.15
Spot Market
Closed
Closed
Range..
7.92 n
7.9 in
7.90n
8.0071
Range..
7.94- 8.02
7.92-
7.98
7.91- 7.96
7.91-
Closing.
7.94- 7.95
7.96-
7.98
7.93
8.02- 8.03
8.16
Closing
May—
.
8.13/1
8.03
8.06-
8.13/t
—
June—
Range..
Closing
July—
Range..
7.97»
7.98n
7.95 n
8.03 n
8.17 71
7.98- 8.05
7.96- 8.02
7.96- 8.00
7.96- 8.05
8.09-
8.20
8.16-
Closing
Aug.—
8.00
8.01
7.97n
8.04
8.18-
8.19
8.17
8.01«
8.03n
7.99n
8.0671
8.2071
.
.
—
8.15/1
Range..
Closing.
8.19/1
8.02n
8.05»
8.01n
8.08/1
8.2271
8.2171
Range..
8.02- 8.07
8.01- 8.07
8.01- 8.07
8.02- 8.10
8.15- 8.24
8.18-
Closing.
8.04
8.07
8.04- 8.05
8.10
8.23
8.22
Closing
.
Oct.—
—
—
—
—
Range..
Closing
.
Nominal.
Range for future prices at New York for week ending
and since trading began on each option:
Dec. 10, 1937,
Option Jot—
Range for Week
Dec.
1937-
7.78
Dec.
Jan.
1938—
7.82
Feb.
1938—
8.06
Mar. 1938-.
May
1938—
1938—
June
Apr.
1938
8.07
Dec.
6
8.10 Dec.
Dec.
10
7.86 Dec.
7.91
8.06
Dec.
9
7.53
9
7.50 Oct.
8 1937 13.93 Apr.
9 1937 13.94 Apr.
7.69 Nov.
3 1937 13.85 Mar. 31 1937
3 1937 13.97 Apr.
Nov.
Dec.
10
7
8.14 Dec.
9
7.39
9
7.60 Oct,
1938
July
Range Since Beginning of Option
8
Dec.
1937
5 1937
Dec.
7
8.17 Dec.
Aug. 27 1937 11.36 July
27 1937
7.96 Dec.
6
8.16
Dec.
10
7.65
Oct.
8 1937 11.36 July
27 1937
8.01
6
8.24 Dec.
9
7.85
Nov.
4 1937
16 1937
8 1937 12.96
Mar. 21 1937
Aug. 1938—
Sept. 1938—
Oct.
1938—
Dec.
8.52
Oct.
Nov. 1938—
Volume of Sales for Future Delivery—The
Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day tiie volume of sales
for future delivery and open contracts on th9 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.
Open
Contracts
Dec. 3
Dec. 4
Dec. 6
Dec. 7
Dec. 8
Dec. 9
Dec. 9
New York
Current crop (1937-38):
December
900
45,600
1,800
5,700
5,500
4,200
14,500
January
13,700
3,000
14,600
9,100
4,800
16,000
147,200
March
49,700
24,200
24,400
36,200
59,500
885,000
33,700
16,200
13,200
18,200
9.300
19,500
39,300
981,800
32,500
6,800
16,100
4,500
35,600
47,300
974,500
May.-.-—-July..
—
All inactive futures..
New crop (1938-39):
Current;
Spot
Steady
Steady
Steady.
Steady
Steady
Steady
'
-
-
-
-
—
—
-
-
'
-
-
—
-
-
-
-
-
~
-«»-
100
-----
*
15,700
9,300
7,100
190.900
_
Contr 'ct
Total
crop
December
49,400
82,000
11,300
19,300
20,500
270,900
1,025
1,025
510
510
20",§66
-
1,535 20,900 22,435
32,482 103,100 135,582
-The
table below gives the premiums and discounts
for grade and
staple in relation to the base grade, Middling
established
for deliveries on contract on Dec.
16, 1937.
Premiums and
discounts for grades and staples are the
average
quotations
designated by the Secretary of Agriculture,
and staple premiums represent
60% of the average premiums
over 3^-inch cotton at the 10 markets on
Dec. 9.
700
600
100
100
300
200
4,200
800
5,250
4,300
7,150
7,800
121,500
1,700
3,550
3,200
4,150
7,850
7,700
107,400
2,300
8,200
7,850
159,200
4,500
5,400
74.600
450
200
3,200
31,300
30,800
484,550
2,550
300
May
5,050
4,200
Juiy
11,300
All inactive futures..
.20",§56
64,300 120,900 186,800 3,274,000
(1937-38):
March
-
5 1937
5
9.63
—
-
-
-
-
1.200
—
-
-
-
1,000
-
-
—
2,850
1,650
14,900
-
New crop (iy38-39):
October
1,800
December
of 10 markets,
8.24
Nov.—
New Orleans
SALES
Total week.
Since Aug. 1
8.19
Sept.—
Range..
January
—
8.13
New York
Futures
Market
Quiet, 7 pts. dec
Steady, 2 pts. aav—
Steady, 6 pts. dec
Steady, 11 pts. adv.
Steady, 12 pts. adv.
Steady, 2 pts. adv—
8.06
8.08n
March—
Total futures
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
8.05
8.00-
8.07
/an.(1938)
October
Market and Sales
10
(1937)
8.22
13.40c12.95c.
1912
at
prices
New York for the past week have been as follows:
Quotations for 32 Years
quotations for middling upland at New York on
Dec. 10 for each of the past 32
years have been as follows:
12.98c.
11.80c.
12.75c.
"t
.
.56 Off
St. Mid
The
1936
.93 off
Good Mid
2.75 off 2.73 offi2.7l off
Good Ord
New York
1937
M
»
1.22 off 1.05 off
Good Ord. 2.14 off 2.08 off 2.02 off
•St.
.36 Off
Good. Mid
1.37 off 1.21 off 1.10 off
Low Mid
*
.99
.13 off
.63 off
2.30 off 2 24 off 2.17 off
.
♦Low Mid
on
Mid
.29 off
.71 off
1.50 off 1 39 off 1.27 off
Low Mid.
♦St
St. Mid
.45 off
Mid
♦Mid
2.77 off 2.75 off 2.73 off
Good Mid
spot
markets, as officially re¬
ported, were 10 to 15 points higher.
Average price of
middling at the 10 designated spot markets was 8.08c.
Today prices closed 3 points down to 2 points up.
The
market remained barely steady during the afternoon in a
moderate
Ord
2.25 off 2.15 off 2.07 off
Tinged—
Good Mid
Extra White-
n
Southern
rallies.
♦Low Mid.
.18 off
1.39 off 1.23 off 1.13 off
Good Ord. 2.15 off 2.11 off 2.05 off
♦St
•Good
the trade already
convinced of the large crop
prospect, the figures were ignored, attention instead being
mate.
Mid
St. Low MidLow Mid-.-.—
.33
on
1,150
100
Total futures.-...
25,300
950
2,200
100
5,550
13,750
14,950
Note—Transactions on the New York Cotton Exchange on Dec. 1 lor the several
were:
January, 5,900 bales; March, 31,000; May, 35,400; July, 16,400;
October, 16,600; December, 5,400; total all futures, 110,700.
Transactions on the New Orleans Cotton Exchange on Dec. 1 for the several
futures were:
Old December, 2,150 bales; March, 5,000; May, 3,500; July, 4,550;
October. 2,450; new December, 100; total ail futures, 17,750.
futures
Transactions
on
the New York Cotton Exchange on Dec. 2 for the several
were:
December, 11,300 bales; January, 16,600; March,
July, 25,600; October, 22,800; total all futures, 134,900.
Transactions
futures
on
the
New
Orleans
Cotton Exchange
were:
December, 2,950 bales;
October, 600; total all futures, 18,150.
March,
6,350;
on
41,700;
Dec.
May,
2
May,
for
2,800;
futures
16,900;
the several
July,
5,250;
Volume
Financial
145
The Visible
Supply of Cotton tonight, as mad© up by
telegraph, is as follows.
Foreign stocks as well
as afloat are this week's returns, and consequently all foreign
figures are 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 Friday
only.
cable and
Dec. 10—
1937 ?
808,000
151,000
..
Stock at Liverpool
bales.
Stock at Manchester--..——
Total Great Britain
Stock at Bremen...
270,000
24,000
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
71,000
912,000
328.000
167.000
29,000
579,000
825.000
189,000
240.000
19,000
214,000
841,000
499,000
80,000
731,000
94,000
959,000
—
Stock at Havre
1934
1935
1936
.
186,000
96,000
14,000
57,000
75,000
10,000
3839
Chronicle
282,897 bales more than at the same period last year. The
receipts of all the towns have been 42,483 bales more than
the
same
week last year.
Overland Movement for the Week and Since Aug. 1—
We
the overland movement
made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
give below
a
statement showing
for the week and since Aug. 1, as
:
';.
1937
Since
.
Dec. 10—
Shipped—
Via St.
Via
vY.
Louis
Mounds,
Via Rock
&c
..
Via Louisville
Via Virginia
3,000
37,000
16,000
8,000
441,000
659,000
\
Aug. 1
147,384
79,967
2,924
Week
10,726
7,845
73,481
64,420
1,510
7,109
1,850
173
Island
74.000
1936
Since
—
Aug. I
Week
•
23,000
7,000
5,000
592,000
483,000
Stock at Trieste
Total Continental stocks
3,994
73,514
144
5,053
5.899
81,967
Via other routes, &c
30,627
335,236
15,000
304,520
Total gross overland
64,000
15,000
5,000
Stock at Venice and Mestre
43,828
550,143
38,768
622,661
613
10,900
3,813
98,881
1,018
13,047
5,547
180,907
75
points
...
Deduct Shipments—
OverlandtoN.Y., Boston, &c—
1,551,000 1,308,000 1,020,000 1,571.000
43,000
88,000
83,000
76,000
507.000
369,000
567,000
227,000
Egypt, Brazil,&c.,afl't for Europe
186.000
181,000
140,000
142,000
Stock in Alexandria, Egypt
331,000
389,000
308,000
303,000
Stock in Bombay, India
543,000
576,000
411,000
491,000
Stock in U. S. ports
3,131,459 2,815,192 2.913,364 3.019,074
Stock in U. S. interior towns
2,610,850 2,327,953 2,369,180 1,934,215
U. S. exports today
47,552
18,127
42,803
42,454
Total
European stocks
India cotton afloat for Europe
American cotton afloat for Europe
8,950,861 8,072,272 7,854,347 7,805,743
Total visible supply
other descriptions are as follows:
Of the above, totals of American and
444,000
Manchester stock
Bremen stock.
Havre stock
Other
Continental stock
American afloat for Europe
.
243,000
238,000
226,000
94,000
168,000
241,000
87,000
507,000
.bales.
Liverpool stock
55,000
136,000
200,000
24,000
369,000
56,000
137,000
81,000
99,000
567,000
43,COO
274,000
142,000
89,000
227,000
3,131,459 2,815,192 2,913,364 3,019,074
2,610,850 2,327,953 2,369,180 1,934,215
U. S. port stock...
U. S. interior stock
42,454
42,803
18,127
47.552
U. S. exports today
7,330,861 6,188,272 6,503,347 5,996,743
Total American
East Indian, Brazil, &c.—
364,000
488,000
261,000
Manchester stock
57,000
Bremen stock
46,00(3
Havre stock
Continental stock
29,000
21,000
39,000
53,000
40,000
Indian afloat for Europe
43,000
24,000
48,000
15,000
61,000
83,000
Liverpool stock.................
Other
36,000
88,000
Egypt, Brazil, &c., afloat
186,000
181,000
331,000
389,000
576,000
54,000
25,000
75,000
76,000
142,000
140,000
Stock in Alexandria, Egypt
615,000
28,006
308,000
411,000
543.000
Stock in Bombay, India
303,000
491,000
L620.000 1,884,000 1,351,000 1,809,000
7,330,861 6,188,272 6,503,347 5,996,743
Total East India, &c
Total American
—8,950.861 8,072.272 7,854,347 7,805,743
4.70d.
6.93d.
6.50d.
7.08d.
8.22c.
12.87c.
12.00c.
12.80c.
9.15d.
11.38d.
lO.Old.
9.57d.
4.02d.
5.71d.
5.85d.
5.79d.
6.05d.
8.16d.
4.17d.
5.75d.
......
......
Total visible supply
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
O.P.Oomra No.l staple.s'fine.Liv
147,000 bales.
increase over last
Between interior towns
figures for 1937 show an
182,317 bales, a gain of 878,589 over 1936,
of 1,096,514
bales over 1935, and a gain
above
The
of
increase
Total to be deducted.
1,145,118 bales over 1934.
5,282
*
,
299
12,087-
6,063
113,594
13.404
199.501
37,765
436,549
25,364
423,160
.........
Leaving total net overland *
Including movement by rail to Canada.
The
foregoing shows the week's net overland movement
has been 37,765 bales, against 25,364 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
this
of
year
13,389 bales.
In Sight and Spinners'
165,506
Net overland to Dec. 10
37,765
Southern consump'n to Dec. 10-.105.000
Total marketed
Interior stocks in
Excess
over
of
mill
takings
consumption to Nov. 1
Came into sight during
Total in sight Dec. 10
*
308,271
64,942
excess.
Southern
North, spinn's'
5,032,280
Week
133,018
Since
Aug, 1
4,573.275
436,549
2,200,000
25,364
125,000
423,160
2,415,000
7,668,829
1,789,295
283,382
*38,664
7,411,435
1,145,186
—.-
518,003
Since
Aug. 1
Week
Takings
Beceipts at ports to Dec. 10-
•
196,844
week— ...373,213
—.
------
244,718
9,074,624
9,654,968
618,763
takings to Dec. 10- 25,102
794,281
58,284
Decrease.
Movement into sight in
Week—
previous
I
Bales
'
336,182
213,327
...301,441
1935—Dec. 13
1934—Dec. 14
1933—Dec. 15
years:
Bales
8,671,791
5,762,197
8,533,402
Since Aug. 1—
1935...
1934...
1933
•
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
of the week:
Closing Quotations for Middling Cotton onWeek Ended
Dec. 10
an
of
168
Inland, &c.. from South
Continental imports for past week have been
week
1,982
Saturday
Mobile-
7.79
8.17
...
Wed'day Thursday
Friday
7.94
7.79
7.92
8.02
8.10
8.22
8.22
7.78
8.12
7.87
8.01
8.23
7.99
8.37
8.10
8.20
8.35
8.30
7.68
7.74
8.04
7.81
8.04
New Orleans
Tuesday
Monday
7.72
Galveston.
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
Montgomery...
Augusta
Memphis—
7.91
8.18
8.15
7.93
7.75
8.08
8.20
8.20
8.16
8.18
8.12
8.23
8.37
7.80
7.80
7.85
corresponding period of the previous year—is set out in
Houston
7.76
7.95
7.80
7.70
7.85
7.93
7.95
Dallas
7.75
7.75
7.36
7.75
7.70
8.35
8.00
7.38
7.32
7.55
Fort Worth
7.36
7.38
7.32
7.43
7.43
7.57
7.57
At
the
Towns
Interior
the
movement—that
is,
the
detail below:
Movement to Dec. 10 1937
Savannah
Norfolk
8.15
_
Little Rock
Movement to Dec. 10 1936
New Orleans Contract
Ship-
Receipts
Towns
I
merits
Season
Week
Week
|
10
Week
Season
Ship¬
Stock
ments
Receipts
Dec.
Dec.
Week
11
4,383
Ala., Birming'm
46,181
768
40,370
1,774
9,399
41,970
40
594
10,370
53,253
57,556
8,175
2,074
4
269
37,033
1,771
548;
66,136
708
52,323
1,805
2,307 118,870
790 32,461
2,346
162,087
490
30,209
522
54,291
8,681
2,329
2,408
591
51,790
1,042
420
18,278
965
3,972
162,081
835
39,375
27,844
26.869
104,325
26,540
277
26,687
4,762
1,720
|
Eufaula
Stocks
440
Montgomery.
254
Selma
Ark.,Blytheville
Forest City..
10,427
2,378
2,000
1,020
Helena.
Hope
Jonesboro
688
■
67,204
129,762
40,894
42
2,000
2,108
4,270
86,768
2,998
105,543
5,532
77,196
4,740
37,429
18,730
34,891
473
42,551
1,707
21,434
32
10,925
135
2,199 136,554
19,831
17,655
145,179
8,315 163,936
2,245 140,743
3,976
144,108
5,521132,997
Little Rock..
4,622
1,745
Pine Bluff...
6,537
126,184
36,873
142,495
Walnut Ridge
4,696
53,298
307
1,535
6,497
Augusta
Columbus
2,703
1,000
98,558
128,280
237
37,168
Atlanta
596
15,882
Athens
906
476
.
the
404
17.666
380
22,032
35,650
700
8,825
400
35,000
392
17,200!
36,4461
700|
Macon
299
35,501
32,634
946
40,745
Rome
270
15,772
200
2,119
1,485
18,943
900
7.55
8.00
7.95
Market—The closing quotations
leading contracts in the New Orleans cotton market for
past week have been as follows:
55,657
10,638
62,447
71,295
102,602
15,001
30,407
20,735
11,681
119,614
17,808
73,084
61,942
29,063
Newport
Ga., Albany...
31
for
7.81
8.30
'
Saturday
Dec.
Dec (1937)
Jan.(1938)
February
4
Monday
Dec.
Tuesday
Dec.
6
7
Wednesday
Dec.
8
Thursday
Dec.
9
Friday
Dec.
10
7986- 800a
7976- 800a
7.99
8066- 808a
8176- 819a 8.176-8.19 a
797b- 801a
7976-
7956-
8036- 805a
8166- 817a 8.166-8.18a
8.04
8.05
8.02
8106- 811a
8.22
8.21
8.07
8.07
8.04-
8.11
8.23
8.22
8.10
8.11
8.08
8.15
8.27
8.26
8.11
8126- 814a
8.10
8186- 819a
8.29
„
March
April
May
8.05
June
July
August
September
October
Bid.
8.276-8.29a
November
Tone—
Spot
Optlon8._-
Steady.
Quiet.
Steady.
Steady.
Steady.
Steady
Steady.
Steady.
Steady.
Steady.
Stdaey.
Steady
31,602
3,519
136,354
4,261
744
97,805
4,800
34,576
8,594
180,890
6.457
3,671
133,467
8,060
54,040
999
La., Shreveport
Miss.Clarksdale
22,494
77,989
85,827
34,645
206
34,148
627
36,047
774
35,427
9,754
238,191
8.559134,306
5,184
Columbus
.
1,447
59,630
1,547
36,488
549
234,010
56.369
1,302
15,331
167
11,426
141
15,496
Vlcksburg
Greenwood..
Jackson.
Natchez
....
1,056!
35,555
2,043
39,439
912
23,281
Yazoo City..
4,220
61,276
1,192
39,982
267
50.686
Mo., St. Louis.
7,109
73,456
7,109
2,519
10,726
N.C.,Gr'nsboro
476
2,415
61
3,254
251
146,325
5,739
10,166101,565
948 27,273
6,106
1,112
1,485 18.638
990 24,447
818
10,726
120
2,858
Oklahoma—
22,731
15 towns
418,596
5, 404!
16,545231 893
5, 569
1,433 74 085
82,834658 275 102 ,819
4,575
58,304
Tenn.,Mem phis 102,788
.403,417
1,060
42,545
16,190
663
731
819
115!
,813
250
13,050
142
,072
78
019
S. C..Greenville
Texas, Abllene.
Austin
163
86
Brenham
Dallas
1,035
78,371
1.600
749
Paris
1,905
87,312
15,656
466
296
2
936
15
7,375
61
629
400
39,501
83,149
256
460
401
1,110
518
Robs town..
"42
San Antonio
Texarkana
..
Waco
1,100
615
Total, 56 towns 227,461 4,312,748 162.519 2610850
♦
Includes the combined totals of 15 towns In
The
above
increased
totals
show- that
during the week
966
834
159,182
7 ,672;111,953
114,229
3 ,695 79,767
,654,733 114 ,272 716,352
641
35,827
5,134
156
14,558
1,405
171
5,450
2,607
70,034
,628 10,256
871 11,501
65,517
94
13,398
1,560
213
1,123
7,715
964 12,408
33.620
73,190;
,380
7,646
184,978 4,245,830223,642 2327953
64,942
interior stocks
have
bales and are tonight
of India Reduced to 5,600,-
Pounds Each—Previous Estimate Was
5,700,000 Bales—On the basis of cotton trade advices from
India, the current Indian cotton crop is estimated by the
New York Cotton Exchange Service at the equivalent of
5,500,000 bales of 478 pounds each. The previous estimate
this crop was 5,700,000 bales of the same
weight.
India produced last season approximately
5,661,000 bales of this bale weight, it was stated in an an¬
nouncement by the Exchange, issued Dec. 8, which added:
of the Service for
bale
bales averaging approximately 400 pounds,
here given are in terms of bales of 478 pounds so that they
comparable with figures for American cotton.
A crop of 5,500,000 equivalent 478-pound bales this season would be the
second largest crop produced by India, the only larger crop being that of
last season. Average production by India during the past five seasons has
been 4,825,000 equivalent 478-pound bales.
The estimate of the Cotton Exchange Service for the current crop, as well
as its figure for the previous crop, is closely in line with production esti¬
mates issued by two of the large Indian cotton firms.
Indian cotton Is put up in
but the figures
will be roughly
Cotton
Oklahoma.
the
Estimate of Cotton Crop
000 Bales of 478
Deliveries
on
New
York Cotton Exchange
During October Reported Largest in Six Years—Actual
deliveries of contract cotton in settlement of the October,
3840
Finahcial
Chronicle
1937, future on the New York Cotton Exchange were 74,924
bales, the largest delivery since 1931, Dr. J. W. T. Duvel,
Chief, Commodity Exchange Administration, reported on
Dec. 6.
Dec.
Running Bales
(Counting Round
as
Half Bales and Ercl. I inters)
State
He noted:
1937
Deliveries of certificated
the New York Cotton Exchange
in October indicate that out of eight official delivery points, 74,924 bales
from certificated stocks of 82,003 bales on Oct. 14, 1937, were distributed
United States
between six delivery points, namely, 52,64.5 bales or 70.3% at Houston;
8,679 balas or 11.6% at Galveston; 7,515 bales or 10% at New Orleans:
3,593 bales or 4.8% at Mobile; 2,192 bales or 2.9% at Savannah; 300 bales
or 0.4% at Charleston.
No deliveries were made at Norfolk or New York,
the other two delivery points under New York Cotton Exchange regulations.
Volume of trading for the life of the 1937 October future was 8,190,800
bales of cotton, whereas deliveries were 74,924 bales or approximately 1%
of total trading in the October future.
The following table illustrates the distribution of qualities in the 74,924
bales delivered upon the Exchange:
Arizona
cotton
upon
1937
11,
1936
*16,178.042
Alabama
1935
*11,493,140
1,120,659
1,622.306
*9.356,921
1,022,176
166,970
129,015
87,260
1,540,808
733,431
518,484
1.232,080
342,436
35,057
1,415,449
27,578
26,393
Georgia
1,030.418
1,028,841
Louisiana
1,007,360
739,128
538,039
Mississippi
1,210,812
Arkansas
California..
Florida.
175,000
2,233,709
1,836,585
Missouri...
286,453
295.620
New Mexico
120,198
89,635
50,925
North Carolina
709,320
503,488
533,641
Oklahoma
651,515
937,941
279,794
705,282
369,097
South Carolina
Staple Length
Total
Tennessee.
65,666
Total.
15-IdInch I In. & Up
6,533
Grade
2,725
410,297
283,111
2,712,220
2,417,013
32,570
26,804
12,101
23,107
14,638
Texas
74,924
•
Low middling
'
Strict good middling
Good middling...
1
14
2
103
2,396
...
198
10
2,604
9,549
726
16,736
1,636
655
1,853
1,305
25,008
183
1936 and 215,210 for
1935.
Included in the above
American-Egyptian for 1937 10,604 for
3,745 bales of Sea-Island for 1937.
19,027
21,850
Strict low middling
Low middling.....
for
1
87
Strict middling
M iddling..........
1936.
and
for
bales.
Good middling
480
115
8
603
Strict middling
4,741
507
70
5,318
Middling
8,564
976
296
9,836
Tinged—
•■■. > i
Good middling.............
Strict middling.....
Yellow stained—Good middling.
Gray—Strict middling
Consumption Stocks, Imports and Exports—United Sates
Cotton consumed during the month of October,
1937, amounted to
526,464 bales.
Cotton on hand in consuming establishments on Oct. 31,
was
1,418,602 bales, and in public storages and at compresses 9,758,419
.■
181
60
51
292
988
320
123
1,431
56
128
22
206
33
bales.
The number of active consuming cotton
spindles for the month was
The total imports for the month of October, 1937, were 8,743
23,724,272.
bales
and the exports
of domestic cotton, excluding linters,
Agricultural Department's Report on Cotton Acre¬
Condition and Production—The Agricultural De¬
partment at Washington on Wednesday (Dec. 8) issued its
report on cotton acreage, condition and production as of
Dec. 1.
None of the figures take any account of linters.
Comments on the report will be found in the editorial pages.
Below is the report in full:
age,
The United States Cotton Crop of 18,746,000 bales of 500 pounds gross
weight is estimated by the Crop Reporting Board of the United States
Department of Agriculture, based on indications of Dec. 1, 1937. This is
503,000 bales, or 2.8% larger than was forecast a month ago.
This would
be the largest crop on record, and compares with 12,399,000 bales produced
in 1936,
10,638,000 bales produced in 1935, and 14,667,000 baies, the
five-year (1928-32) average. The previous record crop was in 1926 when the
United States produced 17,978,000 bales.
A record yield is estimated at
264.6 pounds per acre, which compares with 197.6 pounds in 1936, and
169.9 pounds, the 10-year (1923-32) average.
Harvested acreage is now estimated at 33.930,000 acres, which is 13.0%
greater than that harvested in 1936.
Allowing for the estimated abandon¬
ment of 1.3 %, the cotton acreage in cultivation on July 1 is indicated to
have been 34,383,000 acres
The estimated
production
on
Dec. 1
increased
was
over
that indicated
were
bales.
33
a
month ago in all major States with the exception of Louisiana, Oklahoma,
and Arkansas—Louisiana and Arkansas remaining the same, and Oklahoma
slight decrease.
798,921
',-v
'
World Statistics
a
7,949 bales of
1935; also
are
11,982
The statistics for 1937 in this report are suoject 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
14,950,335
10,458
Spotted—
showing
5.446
Includes
142,983 bales of the crop of 1937 ginned prior to Aug. 1 which was
counted in the supply for the season of 1936-37, compared with
41,130 and 94,346
bales of the crops of 1936 and 1935.
The statistics in this report include 287.599 round bales for
1937, 262,706
Extra white—
White—
710,096
492,874
Virginia..
for
4,492,390
All other States
Grades
Vt Inch
142,533
The world's
production of commercial cotton, exclusive of linters,
grown
in 1936, as compiled irom various sources was 30,204,000
bales, counting
American in running bales and foreign in bales of 478 pounds
lint, while the
consumption of cotton (exclusive of linters in the United States) for the
year ending July 31, 1937, was 30,820,000 bales.
The total number of
spinning cotton spindles, both active and idle, is about 149,000,000.
Argentina Planted Record Cotton Acreage for 1937-38
Crop, New York Cotton Exchange Advised—The acreage
planted to cotton for the 1937-38 crop in Argentina is larger
than the acreage planted to any previous crop,
according to
the first official estimated of the Junta Nacional del
Algodon, the New York Cotton Exchange Service has been ad¬
vised by cablegram from Buenos Aires.
The announcement
issued Dec. 7 by the New York Cotton Exchange also said:
The Junta estimates the 1937-38 acreage at
acres,
son.
The
compared with
The
1,015,000 last
season
the equivalent of 1,180,891
and 909,000 the previous sea¬
acreage during the past five seasons was 692,000.
/
estimates the production of Argentina last season at the
average
Junta
equivalent of 143,760 bales of 478 pounds each, compared with 373,385 in
the previous season, and an average in the last five seasons of
232,482.
The current estimate of the crop last season is close to the
previous esti¬
mate of the Junta for that crop, the previous estimate
being the equivalent
of 147,588 bales of 478 pounds each.
Production by Argentina last season
was
only about one-third of the
early season estimates.
Early in the season private estimates put the crop
between 400,000 and 500,000 bales, and the first official estimate of the
Junta issued in March was the equivalent of 359,747 bales of 478
pounds
each.
Yields were very greatly reduced by a devastating
drought.
It is
in the face of the virtual crop failure last season that
Argentina has raised its
acreage to a record high level this season.
at
COTTON
The
REPORT
AS
OF
DEC.
1. 1937
Crop Reporting Board of the Bureau of Agricultural Economics
data furnished by crop correspondents,
the following report from
makes
field statisticians, and cooperating State agencies.
The final total ginnings
for the season will depend upon whether the various influences
affecting
the harvesting of the portion of the crop still in the field, will be more or
less favorable than usual.
Cotton
Loans
of
CCC
Aggregated
$136,093,299
Through Dec. 2—The Commodity Credit Corporation an¬
nounced
Dec.
Avge.
Acreage for
Gross
1937 Crop
Yield per Acre
Wt. of
Production
Running 500-lb.
Left
In Cul¬
for
State
tivation 1923-
Harvest
July 1
Thous.
Acres
1936
{Dec 1
Bales
{Ginnings)
Gross
Wt.
1937
Avge.
1 1928-32
1936
Est.)
{Dec.
Crop
Thous.
1932
*37Crop
{Dec. 1
Thous.
Thous.
Bales
Bales
Bales
Est.)
Lb.
Lb.
Lb.
Lb.
64
64
270
298
306
No. Carolina.
So. Carolina.
1,101
1,679
269
298
336
208
279
292
Georgia
2,640
1,109
1,689
2,653
176
Est.)
500
Virginia
Bales
a
Thous.
Acres
1937
Avge.
45
33
41
500
752
597
775
510
856
816
1,025
1,490
228
270
509
1,241
1,086
Florida
115
118
125
170
166
485
35
31
40
Missouri
521
537
256
360
340
510
228
308
370
Tennessee
970
976
197
250
316
523
479
433
2,623
3,418
2,634
172
236
294
520
3,446
191
305
368
522
1,255
1,559
1,145
Mississippi
1,555
1.561
192
260
333
522
745
761
12,664
2,454
3,059
12,896
139
121
198
523
4,580
2,933
1,080
5,230
2,530
149
62
161
505
290
825
525
1,109
1,352
1,295
1,830
"Advices of Cotton
that
of cotton.
The amount of the
Loansreceived
loans
aggregated $136,093,loan of 8.41 cents per
pound.
This compares with loans by the Corporation
through Nov. 25 on 2,647,919 bales, aggregating $117,356,356.68, an average loan of 8.43 cents per pound.
299.06 and
represented
an
average
Weather Reports by Telegraph—Reports to us
by tele¬
graph this evening indicate that temperatures are abnormally
low everywhere in the cotton belt.
Less than the usual
fall plowing is being done because labor is unable to work in
1,610
2,625
Louisiana
3
by it through Dec. 2, 1937, showed loans disbursed by the
Corporation and held by lending agencies on 3,077,576 bales
640
Alabama
Texas
Oklahoma
Arkansas
3,096
1,911
Rain
.
_
Austin
Rainfall
Days
Texas—G al veston.
Inches
227
287
144
318
457
529
512
90
111
157
282
327
438
477
511
128
191
280
.
California
614
618
386
574
553
513
200
442
710
.
30
30
225
313
299
519
11
16
18
33,930
34,383
14,867
12,399
18,746
Mean
63
32
48
2
0.29
64
18
41
60
26
43
20
41
Abilene.
188
142
281
Low
1.07
dry
dry
Arizona
-Thermometer
High
3
„
New Mexico.
All other
62
4
74
38
2.03
70
38
54
2
0.14
54
20
37
1
Del Rio.
1.22
4
0.04
66
32
49
El Paso.
66
56
Ariz.
c21
Egypt'n
21
169.9
253
197.6 264.6
518.1
230
274
531
132
87
375
77
400
c3.8
4.1
Fla. Sea lsl_.
cl6.0
17.8
97
22
18
12
0.6
2.6
_
0.7
(d)
.
_
Arkansas—Fort Smith
(Old
.
Calif.
140
Mex.)e
140
242
210
178
512
48
61
52
Counting round bales half bales, b Allowances made for interstate movement
for ginning.
Not Including production of linters.
c Included In
of seed cotton
State and United Slates totals,
d 70 bales,
e
Not included in California figures, nor
in United States total.
Cotton
28
46
22
41
2
0.92
_
Vicksbi
.
Alabama—]
_
Montg<
Ginned from
Census
report issued
62
28
45
2
1.10
62
30
46
1
0.02
46
16
1
0.32
44
14
29
0.19
46
16
31
1.98
0.33
62
30
20
46
4
54
31
37
_
Florida—Ja
_
_
Pensacola.
_
_
1
0.54
60
16
38
2
0.25
52
22
37
3
Mississippi-
Birmin
Crop of 1937 Prior to Dec. 1—
on Dec. 8, compiled from the
individual returns of the ginners, shows 16,178.042
running
bales of cotton (counting round as half oales and
excluding
linters) ginned from the crop of 1937 prior to Dee. 1, com¬
pared with 11,493,140 bales from the crop of 1936 and
9,356,921 bales from the crop of 1935. Below is the renort
The
64
60
4
.
_
a
48
1.46
0.04
dry
2
Ga.Sealsl...
Lower
30
3
3
U. S. total.
1.56
60
22
41
2
0.18
56
12
34
2
0.52
58
16
2
0.32
37
42
62
22
2
0.04
74
40
57
2
1.44
56
20
1
0.22
66
28
38
47
3
_
_
0.20
60
18
39
2
0.18
54
10
32
2
0.30
54
24
39
1,
-
_
_
Number
Dec.
_
__
ON COTTON
GINNING
.
of bales of cotton
*937,
and
ginned from the growth of 1937 prior to
comparative statistics to the corresponding date in
1936 and 1935.
2
0.68
56
14
3
0.20
57
18
38
2
0.32
48
14
31
2
0.22
52
4
28
2
0.44
50
18
34
3
_
South Carolina—Charleston
North Carolina—Charlotte
in full:
REPORT
\
.
.
0.34
56
20
38
0.29
49
3
Chattanooga.
_
35
13
29
1
0.14
54
12
33
2
0.06
54
10
32
I
Volume
1.8
4.1
Memphis
Above zero of gauge.
;
Feel
1.5
-
5.9
A
22.7
Above zero of gauge.
Nashville
1.3
8X
Plantations—The following table
week from the planta¬
tions.
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 which finally reaches the market through the outports.
Middl'g
32s Cap
ings, Common
Middl'g
to Finest
Upl'ds
Twist
to Finest
Upl'ds
d.
a.
d.
17..
17.
347.270
24.
411.538
Oct.
479, ,801319,,754326.252
8.
22
323, ,319 378,,683 405,164
29. ..•313, ,437385,,111 372,149 2.129.804 2.266.371
„
2,253.100
Nov.
193567
363.686 2.226,923 2.301,784
10
6.73
tx
iX
@10
5.08
10X@12
10H@11%
10K@11 H
0
3
10
0
@10
3
3
10W@11H
5.33
6.98
IX
4.89
10
0
@10
3
7.02
4.75
11
@12 H
10
0
@10
3
0.86
1 X
4.82
11
@12X
10
iX@10'7X
11@ 12
9
10X@10
IX
4.89
3
@10
0
6.96
9 10H@10
IX
4.83
10X@12
10X@12
10
11X@12 H
10
9
@11
0
6.81
@12
10
10H@10
9
9
@10
0.99
6 92
IX
IX
4.55
4.63
11
©12X
10
7X@10 10X
9
@11
0
IX
4 55
11
@12X
10
3
@10
6
6.76
10 54 @ 12
10M@10
10X®10
10H @10
9 10X@10
11
IX
4.64
U
@12 X
10
9
@11
0
6.72
3_.
i9%@n%
9
9
6.81
10
9
@11
@10
0
9 10X(S)10
11X@12X
11 .^@12 X
10
ioh@II»
IX
IX
4.65
10..
4X
6.93
9
10H @12
9
19,.
1054 @ 12
9
20..
6.71
Dec.
10X@10
4.70
Shipping News—Shipments in
391,329|471,919 404.498
detail:
Bales
'
V-'.
V".'"' '•>
m'V'A
10,693
1,430
Liverpool—Dec. 4—Merchant, 10,693-----.
Copenhagen—Dec. 4—Delarare, 1,430
Bremen—Dec. 4—Kersten Miles, 13,376
Dec. 2—West
Moreland, 8,426-.
Hamburg—Dec. 4—Kersten Miles, 52
Dec. 2—West
Moreland, 519.
Genoa—Dec.
4—Maddalena Odero, 4,093
Dec. 8—
GALVESTON—To
2,287.55J388.719295.054i398,140
359,714
To
To
To
266,804
258.95012,545,9082.366.617 2.358.279 213,711181,327:
To
177,455I2.610,8502,327,9532,369,180230,448 94,354188,356
21,802
571
Cranford, 6,549
—
To Gdynia—Dec. 4—Delaware, 270—Dec. 2—Dolhem, 4,655
To Ghent—Dec. 3—Nishmaha, 952---Dec. 8—Binnendijk,
1,523
To Antwerp—Dec. 3—Nishmaha, 150
plantations since Aug. 1, 1937, are 6,830,892 bales;
in 1936 were 5,714,154 bales and in 1935 were 6,123,479
bales.
(2) That, although the receipts at the outports the
past week were 165,506 bales, the actual movement from
plantations was 230,448 bales, stock at interior towns
having increased 64,942 bales during the week.
To Havre—Dec. 3—Nishmaha,
1,603
10--
Bombay receipts to Dec. 9—
Other India shipm'ts to Dec. 9
8supply to Dec. 8 * b—
Alexandria receipts to Dec.
1,653
^
-
2,405
6—Hamelin, 2,405-.—
To Bremen—Dec.
50
903
6—Hamelin 50— — ....
— — _
Gdynia-December 6—Toledo, 398—Dec. 2—Delaware, 505
Gothenburg—Dec. 6—Toledo, 1,426—
Ghent—Dec. 4—Binnendijk, 636.
Marsailles—Dec. 4—Cranford, 60
—
Rotterdam—Dec. 4—Binnendijk, 1,037
— _
Genoa—Dec. 4—Cranford, 3,014—Dec. 3—Maddalena
O'dero, 4,400-------------- —
... '
Enschede—Dec. 4—Binnendijk, 132
Tallin—Dec. 4—Binnendijk, 31—
Reval—-Dec. 4—Binnendijk, 24
To
To
To
To
•
To
To
To
To
NEW
Liverpool—Dec.
ORLEANS—To
17,399—..
1—Nerdnes,
96,000
26,000
70,000
16,000
To Havana—Dec.
9,074,624
442,000
213,000
1,036,200
190,000
1,426
636
60
1,037
7,414
132
31
24
35,181
250
17,782
4—Santo Marta, 250
To Hamburg—Dec. 3—Ermland, 1,376
To Bremen—Dec. 3—Ermland, 6,254
Dec. 2—Corinthic
244,718
9,654,968
273,000
126,000
1,001,200
158,000
400
4,291
To Hamburg—Dec.
4,899",258
4,339",022
373,213
39,000
19,000
48,000
9,000
528
128
30—Ruth Lykes, 528—
30—Ruth Lykes, 128
To Sydney—Dec. 8—Goslav, 400
—...
HOUSTON—To Liverpool—Dec. 7—Murchant, 4,291
To Copenhagen—Dec.
6—Toledo, 50-..Dec. 2—Delaware,
8,127,442
8,768,544
Visible supply Dec. 3-Visible supply Aug. 1
American in sight to Dec.
1.649
—
To Buena Ventura—Nov.
Season
Week
Season
5,776
8—Binnen-
-
To Pureto Colombia—Nov.
To
Week
Dec.
592
dijk, 1,057
1936
1937
Cotton Takings,
2,475
K 150
5,776
3—Nishmaha,
Rotterdam—Dec.
To
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are
obtainable; also the takings or amounts gone out of
sight for the like period:
Week and Season
10,642
4,925
-
receipts
(1) That the total
The above statement shows:
1,376
4—Connespeake, 1,550.
Gdynia—Dec. 3—Toledo, 1,075---Dec. 7—Delaware,
Varburg—Dec. 7—Delaware, 150
6,254
1,550
2,225
To Genoa—Dec.
To
To
1,150
150
471
100
550
4—-Connespeak, 471
Bombay—Dec. 8—Atlanta, 100
To Oporto—Dec.
8,580,160 15,855,082
9,256,757 15,552,190
Total supply
To
Gothenburg—Dec. 3—Toledo, 550
3—Toledo, 100Melbourne—Dec. 3—Clyde Bank, 1,025
To Sydney—Dec. 3—Clyde Bank, 750
To Ghent—Dec. 1—Leerdam, 778
—
—
To Havre Dec. 2—Liberator, 21,145
...
To Rotterdam—Dec. 1—Leerdam, 1,164—
x—
To Tallin—Dec. 1—Leerdam, 50.
To San Felips—Dec. 1—San Marta, 25
To Havana—Nov. 27—Tivives, 250
— — — —— —
To Guena Ventura—Dec. 27—Tivives, 200
To Vejle—Dec, 7—Delaware, 50
CORPUS CHRISTI—To Ghent—Dec. 8—Gand, 371
To Havre—Dec. 8—Gand, 563
—
To Dunkirk—Dec. 8—Gand, 534
To Liverpool—-Dec. 9—Dekarion, 3,364
To Manchester—Dec. 9—Dekarion, 2,812-To
Deduct—
Dec. 10
Visible supply
8,072,272
8,072,272
8,950,861
8,950,861
-
100
1,025
To Abo—Dec.
„
To
Total takings to Dec.
Of which American
10 a---
l
* Embraces
Y
a
receipts in Europe from
This total embraces since
Southern mills,
7,782,810
5,977,610
1,805,200
507,888
308,888
199,000
6,601,329
4,741,529
1,859,800
305,896
266,896
39,000
Of which other
Brazil, Smyrna, West Indies, &c.
consumption by
Aug. 1 the total estimated
2,415,000 bales in 1936—takings
2,200,000 bales in 1937 and
Northern and
bales in 1936,
b Estimated.
being available—and the aggregate amount taken by
foreign spinners, 4,401,329 bales in 1937 and 5,367,810
not
of which 2,541,529 bales
and 3,562,610 bales American,
I ndia Cotton Movement
from All Ports
1935
1936
1937
MOBILE—To Antwerp—Dec. 7—Ipswich,
To Bremen—Dec. 7—Ipswich, 1,608
Dec. 9
„
—
-- -
-
-
_ -
j
For the Week
Great
Conti-
Britain
nent
Bombay—
Total
i
6,000
2.000
5,000
10,000
10,000
1935
Japan &
Britain
nent
China
78,000;
28,000
39,000
Total
5,000
11.000
11,000
66,000
136,000
306,000
395,000
19,000
14,000
16,000
9,000
94,000.
253,000
358,000
34,000
81,000
77,000
92,000;
126,000
26,000'
19,000
132,000
213.000
123,000
200.000
To
To
To
To
NORFOLK—To
LOS
-
1
i
all—
5,00o!
6,000
16,000
27,000'
13,000, 22,000
1935—.
69.000 104,000
12,000j 18,000
28,000
58,000;
Alexandria Receipts and
Alexandria, Egypt,
156.000
136,000
333,000
210,000;
39,000
92,000
88,000
306,000
253,000
608,000
217.0001
Shipments
1.608
,
p*Since Aug. 1_.
This
Exports (Bales)—
To Liverpool
350,000
5,174,184
240,000
5,039,836
Week
This
Since
Aug.
1
.
To America
6,000 73,985
9,000 71,392
&c
and India. 24,000 284.039
10,616
—
Total exports.
Aug.
1
Week
Aug.
39.000 440,032
81,559
76,315
229,341
11,804
2,000
35,000 399,019
33,000 488,237
7,000
26", 666
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Dec.
240,000 cantars and the foreign shipments were 39,000 bales.
5,500—5,500
165
165---- —
-
- -
-209,480
from New
furnished by Lambert & Barrows, Inc., are as
being in cents per.
High
Standard
Density
pound:
Stand
ard
,60c.
High
Density
Piraeus
85c.
Standard
1.00
.67c.
Trieste
d 45c
Manchester .52c.
67c
Flume
d
60c
Salonlca
52o.
Havre
.52c.
Rotterdam ,52c.
.67c.
Barcelona
•
Venice
.67c.
Japan
.67c.
Shanghai
♦
*
,60c.
d.45c.
,60c.
Bombay x
,73c.
,57c.
.720.
.58c.
,63c,
,78c.
Liverpool
.52c.
Antwerp
Genoa
Stockholm
8 were
488
5,213
Freights-—-Current rates for cotton
High
Oslo
Note—A cantar is 99 lbs.
5,664
50
310
250
100
-
--•
1
9,000
99,820
66,000
8,000
15,000 308,427
13,990
1,000
1,415
1,415-—
Liverpool—Dec. 4—Steel Worker, 3,938;
York, as
follows, quotations
Since
This
Since
-
Cotton
370,000
5,102,123
Density
To Manchester,
To Continent
Week
-
1.349
1.870
200
664
ANGELES—To
Damsterdijk, 1,726
— —To Antwerp—Dec. 4—San Francisco, 50
To Havre—Dec. 4—San Francisco, 310
To Dunkirk—Dec. 4—San Francisco, 250
To Bremen—Dec. 6—Portland, 100—
To Rotterdam—Dec.
4—Damsterdijk. 200---Dec. 6—Hindanger, 288—_
,
\--rr,—
To Japan—Dec. 6—Taiyo Maru, 1,913; President Coolidge,
Total
This week
5,409
-~
—-
Dec. 8
Receipts (cantars)
220
4,075
609
1,420
229
100
566
Luckenbach, 220
Hamburg—Dec. 10—City of Newport
3,300
To India—Dec. 6—Greenville,
To Canada—Dec. 6—Kingsley,
1935
1936
1937
558.000
371
563
534
3,364
2,812
• 925
784
6,028
6,028
Manchester—Dec. 3—West Harshaw, 1,349----Ghent—Dec. 2—Waban, 1,870
;
Antwerp—Dec. 2—Waban, 200
—
Havre—Dec. 2—Waban, 664——
— — . ——
Rotterdam—Dec. 2—Waban, 1,750----
To
207,000
78,000
1
India:
1937——
69,000
9,000
3,000
1936
Manchester—Nov. 30—K. I.
.
3—Azalea City, 4,075
Rotterdam—Dec. 3—Azalea City, 609To Genoa—Dec. 1—Ida Zo, 1,420—
— ----BEAUMONT—To Liverpool—Nov. 30—West Harshaw, 229
To Rotterdam—Nov. 30—West Camack, 100
SAVANNAH—To Liverpool—Dec. 2—Konsul Hendrick Fissen, 566
LAKE CHARLES—To Liverpool—Dec. 3—West Harshaw, 5,409-
Since Aug. 1
Conti¬
8,000
6,000
2,000
,
25
250
200
50
To Havre—Dec.
Great
Jap'n&
\ China
To
444,000
55,000
^
To
Exports
From—
To
442,000
96,00(
273,000
39.000
- - -
750
778
21,145
1,164
50
925-
Hamburg—Dec. 7—Ipswich, 784
Liverpool—Nov. 30—K. I. Luckenbach,
To
Aug. 1
Week
Aug. 1
Week
Aug. 1
Week
Since
Since
Since
Receipts—
Bombay
k
@10
9 10 X @10
from the
Total
0
6.99
9
2,342,886 2,316,783 406.335305,198
12. .245, ,688264,,096330,485
276.748
19. -195. 034 251 ,440 271.993 2.459,694 2.373.757 2.321,538 267.158 282,311
251,319
26. .160 ,560217,,563 222.432 2.501,559 2.397,1882.350,425202,425.240,994
Oth.
ix@m
114@10
10
12,.
441, ,721330,,033 387.060 1.715,693 1.980.336 1,990.723 666,850
379, ,066370,,723 372.945 1,904,035 2,098.733 2.132,345596.889
1937
10
7X
10
Nov.
1.490,564'1,832,026'!.784,489 724.826'473.918 500,419
478.343 593,294
489,120 514,566
2.051.912 2.179.563 2.220,751 471,196 483.163 493.570
I.
Other
e.
4M@10
5.40
IWi&iUM
UXM12X
11X@12H
5-.
10. .165, 506 133,018
d.
s.
29..
1935
1936 j
|
391.307 310.219
340.815265,021 1,050.91411.499.2751.414,604 480.006 500.408 405.544
314.287 330.897 1.245.53911.677.862 1.610.222 606.163,492.874 532.615
Dec. -i
3. .169, 362 211,898
d.
15..
918.1781.339,682 1.274.081 361,614
309.808 271.456215.017
!263. ,182259,,641
s.
22..
1937
1935
1936
1937
1935
10.
5.
d.
s.
Oct.
Received from Plantations
Stocks at Interior Towns
Receipts at Ports
15.
io
ll*i@13
11«@13
11 ^6 @13
10..
24..
Ended
Pept
d.
s.
...
Sept.
8-.
1937 v 1936
Cotton
ings, Common
Twist
indicates the actual movement each
Week
8X Lbs. Shirt¬
Cotton
Lbs. Shirt¬
32s Cap
the
from
Receipts
1936
1937
13.1
2.3
5.6
.Above zero of gauge.
—Above zero of gauge.
Shreveport..
Vicksburg..
night from Manchester states that the market in both yarns
and in cloths is steady.
Demand for yarn is good. We
give prices today below and leave those for previous weeks
of this and last year for comparison.
Dec. 11. 1936
Dec. 10. 1937
Feet
Above zero of gauge.
New Orleans
received by cable to¬
Market—Our report
Manchester
tele¬
points named at
has also been received by
The following statement
graph, showing the height of rivers at the
8 a. m. on the dates given:
3841
Chronicle
Financial
14S
*
No
quotations.
x
,85c.
1.00
d.85c.
1.00
65c.
Bremen
.60c.
,52c.
Copenhag'n.57c.
Naples
d.45c.
Leghorn
d.45c
67c
Gothenb'g
Hamburg
.52c.
67c
Only
small lots,
d Direct steamer
,72c.
.600.
3842
Financial
Liverpool—By cable from Liverpool we have the following statement of the week's imports, stocks, &c., at that port:
''
•
■
Nov. 19
Total stocks
—
—
Of which American-
Total Imports
K Of which American
Amount afloat
Of which American—
Nov. 26
58,000
802,§00
362,000
85,000
56,000
352,000
288,000
Forwarded
59,000
866,000
434.000
126,000
101,000
288,000
215,000
Dec. 3
Dec. 10
61,000
964,000
538,000
162,000
136,000
232,000
161,000
58.000
959,000
538,000
58,000
36,000
287,000
202,000
The tone of the Liverpool market for spots and futures
each
day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot
Monday
Saturday
Market,
Tuesday
Wednesday
12:15
<
P. M.
i
Quiet.
Quiet.
4.68d.
4.62d.
Market,
4
Quiet but
Quiet,
ddy., 1 to 2 to 4 pts.
3 pt«. adv.
decline.
(
opened
Quiet, un¬
changed
j
(
P. M.
Quiet.
business
the
doing
this
A fair
disposition
4.64d.
j
I
Market
f
Friday
to sell.
Mld.Upl'ds
Futures,
Quiet.
Prices of futures at
Sat.
Dec. 4
Quiet but
4 pts.
decline.
to
4.67d.
4.70d.
Steady,
un¬ Very stdy.,
Steady;
1 to 2 pts. changed to 5 to 7
pts. 2 to 4 pts.
advance.
1 pt, dec.
advance.
advance.
Quiet,
2 pts. adv.
4.64d.
Quiet,
Quiet but
Steady,
Quiet;
steady, un¬ steady, un¬ 4 to 7 pts.
to changed to
advance.
2 pts. adv.
2 pts. adv.
changed
Liverpool for each day
Mon.
Tues.
are
Wed.
unchanged
to 1 pt.
advance.
given below:
Thurs.
Fri.
Close Noon Close Noon Close Noon Close Noon Close Noon
Close
New Contract
d.
d.
d.
d.
d.
d.
d.
d.
d.
December (1937)
4.52
4.53
4.48
4.49
4.51
4.51
4.51
4.51
4.55
4.56
4.58
4.56
March
4.58
4.53
4.54
4.55
4.55
4.55
4.55
4.59
4.60
4.62
4.60
May.
4.47
4.62
July....
October.-...-
4.49
4.49
4.53
4.54
4.57
4.58
4.59
4.59
4.59
4.64
4.65
—
4.60
4.61
4.63
4.62
4.62
4.62
4.67
4 69
4.71
4.69
4.70
4.65
4.66
4.67
4.66
4.66
4.67
4.72
4.74
4.77
4.74
«*
4.69
4.69
4.70
/m
4.60
December
4.73
January (1939)..
4.75
4.71
4.71
Marcti
4.78
4.74
4.74
May..
4.80
4.76
/
4.76
July
4 81
4 77 -iVi.
4 77
'«•
'
mm
-
-
-
mm
m
„
-
4.72
4 77
-
.
ft'*
•
W
■
m
4.75
4 79
-
4.66
4.68
4.77
4.66
4.77
4.79
mm
'
m
m
bulges, however, there was considerable profit-taking,
and
prices
4 85
4.85
reported, and associated with
Liverpool.
showing little signs
of
change.
a
There
covering of immediate needs.
still
no
as
a
range
DAILY CLOSING PRICES
up.
than
a
cent
a bushel.
The market was under pressure of
persistent
profit taking sales, but firmness in securities and estimates
of around 3Q0,b00 bushels
export sales of North American
wheat, including 125,000 bushels of Pacific Coast grain to
Norway, did much to keep the market steady. However,
there
was
disappointment in
volume overnight.
wheat
was
advance of
some quarters over the export
A decline of 1 34 to 1 % cents in Liverpool
reflected
only partially here, being offset by art
% to iy8 cents at Buenos Aires.
Australia was
reported offering
new crop wheat more freely and clearances
from that country were heavier.
On the 6th inst. prices
closed 134c. to \%o. net higher.
Tne Chicago wheat market
received quite a stimulus today in the form of a
report from
R. O.
Cromwell, Chicago
crop expert,
who telephoned from
Buenos Airos that there would be
only 25,000,000 bushels of
Argentine wheat availablo this season for shipment to
Europe.
As a result of this information
Chicago wheat
prices jumped 234c. today, but afterward reacted on heaw
selling to realize profits. The setbacks amounted to more
than
a
cent from the
day's top price level. Contributing to
this reaction was the fact
that, despite Mr. Cromwell's
estimate, European purchases of North American wheat
today continued to be of a hand-to-mouth
sort, totaling
hardly 400,000 bushels. Late reactions of wheat
prices or>
the Chicago Board were in the face
of a 5,530,000-bushel
decrease of the United States wheat
visible supply.
On the
other hand, the Buenos Aires wheat
market advanced
and finished 1 % to 2V2e. net
higher. On the 7th inst. prices
closed 3^c. to lc, net lower.
There appeared no
disposition
on the
part of traders to aggressively take the
3^c.
upward side
today, more caution being observed until the
reported crop
damage in the Argentine is confirmed. Meanwhile there was
nothing oncouraging in American wheat exports, this business
virtually being at a standstill.
It was doubtful vhether
today's European purchases of wheat from the United States
and Canada amounted
pool market had
a
even
to
250,000 bushels.
depressing effect
much lower than expected.
on
values
The Liver¬
here, coming
The pronounced heaviness of
due largely to reduction of ocean
Liverpool was explained as
freight rates which have put Australian wheat into line for
delivery on Liverpool future contracts. Declines of
Liverpool
wheat prices were in the face of
Argentine reports showing
Buenos
Aires
had received
3.44
inches of rain, Santa Fe
province 4.05 inches and Entre Rios 2.24 inches.
Under
usual circumstances such rains would be
looked
upon
as
torrential, implying great delay to movement of
wheat, as
as severe
impairing of crop quality. On the 8th inst.
well
OF
WHEAT
Sat.
No. 2 red,.
Mon.
110
CLOSING
PRICES
OF
and
131%
122%
105%
December
May
July
NEW YORK
Wed.
Thurs.
Fri.
111% 110% 112% 111% 110%
WHEAT
FUTURES
Mon.
95
Season's High
IN
Tues.
Tues.
IN
Wed.
CHICAGO
Thurs.
96%
95%
97%
94
93%
94%
87%
86%
88%
Season's
When Made
July
6, 1937 December
July 29, 1937 May
Sept. 28. 1937 July
Low
Fri.
96%
93%
87%
and
When
84%
85%
81%
Nov.
Nov.
Nov.
95%
92%
86%
Made
more
34c. off to 3^c.
more
North
of
that first
was
8, 1937
8, 1937
8, 1937
DAILY CLOSING PRICES OF BONDED WHEAT IN WINNIPEG
December
of scarcely
takings
An additional bearish fac¬
92%
July.——86
decidedly easy.
within
fall of quotations at
a
export
bushels.
The undertone of the
Wheat—On the 4th inst. prices closed
were
overnight
Sat.
market is reported
Fluctuations
is
a
tenders of wheat on Chicago December
although moderate, were looked upon in some
quarters as a forerunner of perhaps more burdensome tend¬
ers
later
on.
Open interest in wheat was 101,150,000
tor
Flour—There is
than
Besides,
Sat.
very little change in the flour market,
spell that has prevailed for almost three weeks
As
today,
contracts,
DAILY
dull
close.
rallies, lower prices prevailed much of the time in the
Chicago wheat market today, with downturns exceeding lc.
a
bushel.
Enlarged visible stocks of wheat in Australia
December
May
Friday Night, Dec. 10, 1937
the
at
showing pronounced strength and activity.
Today prices closed % to %c. net lower. Despite transient
4.84
BREADSTUFFS
the
substantially lower
were
matter of fact, corn occupied the center of the stage
4.82
4 84
—
the
4.80
4.82
•
ican wheat export business totaled today 1,250,000 bushels,
including 750,000 bushels of United States hard winter. On
d.
January (J938)
-
firmness,
being attributed largely to estimates that North Amer¬
American wheat lacked volume.
a.
11. 1937
early trading this grain showed considerable
were
to
Dec. 10
Dec.
prices closed 134c. to 1 J4c. net higher.
Despite a weak
Liverpool market, North American wheat prices ruled strong.
The chief factor responsible for today's firmness was the
announcement of the Department of Agriculture that the
Argentine crop was estimated at 175,000,000 to 185,000,000
bushels, which was in line with the very bullish figure of a
private expert a few days ago.
Weather conditions in the
Southwest also proved a bullish influence.
Early in the day
weakening of 34e. to l%c. by Liverpool, which is reported to
be absorbing heavy hedge sales of Australian wheat, brought
out some selling here, prices dipping approximately lc. on
leading American markets.
The other important market.
Buenos Aires, was closed by a holiday. 1
On the 9th inst. prices closed 1% to
net lower.
In
Thursday
More
I
Chronicle
Mon.
Tues.
Wed.
Thurs.
Fri.
117% 119% 118% 119 % 120 % 120%
May
July
.114%
116%
114%
109%
111%
110% 111% 111% 111%
116%
115%
115%
Corn—On the 4th inst. prices closed
to %c. higher.
This market derived its firmness
chiefly from reports of
export sales, which were estimated at 300,000 bushels. Some
traders expressed belief that farm
offerings would tend to
decrease because of better returns for corn when fed to live¬
stock.
On the 6th inst. prices closed 3/fc. to
%c. up. There
nothing very striking in the action of the corn market
today, prices tending upward largely in sympathy with the
strong action of the wheat markets. Corn export purchases
was
totaled
600,000 bushels.
On the 7th inst. prices closed
34c. to jjc, net lower. Tenders of 100,000 bushels were
posted against December, keeping up the light rate of de¬
liveries.
Export sales continue a sustaining influence,
350,000 more being reported today (Tuesday). Well over
15,000,000 bushels have now been sold. On the 8th inst.
prices closed unchanged to %c. higher. December notices
were posted on 1,990,000 bushels.
As a countering influ¬
ence eorn export trade of
1,200,000 bushels was reported.
A slowing of the
primary movement and the heavier feeding
likely because of cold weather, were other supporting fac¬
tors in the market.
On
the
Values
9th
of
inst.
this
prices
grain
closed
received
%
their
l%c.
to
stimulus
higher.
net
largely from
big export buying that hoisted European takings this sea¬
son
to the largest amount since 1929, and
helped to shoot
values
corn
bushels
of
up
2y8c.
corn
bushel
a
were
today.
estimated
to
for shipment overseas, making the
20,000,000 bushels.
pass
that
during
1935
In
been sold today
1937 total thus far sur¬
striking contrast
1936
and
More than 1,500,000
have
the
United
was
States
the fact
imported
75,000,000 bushels of corn.
Giving added stimulus to corn
price jumps in Chicago were polar temperatures throughout
the corn belt, together with advances of around 3c. a bushel
for
corn
both in
Buenos Aires and Rotterdam.
Today prices closed unchanged
grain
an
contrasted
rather
to
sharply
%c. net higher.
with
wheat
and
This
showed
upward price trend.
It was emphasized that corn ex¬
demand such as has not been witnessed before in a
port
decade
the
was now
corn
the
imminent.
market could
disappearances
not
were
followed
of
by
Some trade authorities asserted
advances of
score
earlier
heavy
farm
wheat market weakness restricted
limits.
Open interest in
DAILY CLOSING
corn
PRICES
OF
71
than 10c. if
of
marketing.
corn
was
Sat.
No. 2 yellow.
more
accumulation
supplies
However,
grains to fractional
44,167,000 bushels.
CORN
Mon.
71%
IN
Tues.
71%
NEW
YORK
Wed.
70%
Thurs.
72%
Fri.
72%
DAILY CLOSING PRICES OF CORN FUTURES IN
CHICAGO
Sat. Mon. Tues.
Wed.
Thurs. Fri.
1
December
May
July
—
—
54
57%
58
54%
57%
58%
54%
57%
58%
54%
57%
58%
55%
58%
59%
55%
58%
59%
Volume
Financial
145
Season's
High and
Dec. (new)
86%
May
74
July
66 %
Season's Low and
When Made
July
8,1937 Dec. (new)
51%
July 29, 1937 May
55%
Sept. 30, 1937 July
56%
When
Nov. 30, 1937
Nov. 30, 1937
Nov. 30, 1937
_
Oats—On the 4th inst. prices closed unchanged to Y&. up.
There was very little of interest in this market, though the
undertone
steady. On the 6th inst. prices closed ^c.
Trading was light and featureless. On
the 7th inst. prices closed unchanged to >§c. lowrer.
There
was very little interest in this market, trading being more or
less routine.
On the 8th inst. prices closed unchanged
to hsC. higher.
Trading in this grain was quiet.
On the 9th inst. prices closed unchanged to *4c.
off.
There was little or no interest in this market.
Today prices
closed %c. lower for the entire list.
There was little to
was
to unchanged.
up
Chronicle
Made
3843
Total receipts of flour
and grain at the seaboard ports for
Saturday, Dec. 4, 1937, follow:
the week ended
Receipts at—
Flour
Corn
New
York
Oats
bush 56 lbs
bush 32 lbs
Wheat
bbls 196 lbs bush 60 lbs
18,000
Sat.
December
.
31%
...
May
Sorel
29%
_______
Season's
High
December
May
July
and
41%
33%
32%
31%
30%
30%
29%
29%.
and
Low
Season's
When Made
July
6,1937 December
July 29, 1937 May
Oct.
2, 1937 July.
When
Sat.
December
29%
Made
13, 1937
Oct.
Oct. 13. 1937
Nov. 6,1937
"7:660
Montreal
45%
43%
43%
43
72",666
144:666
9b",666
1,886,000
225,000
St. John West
885.666
8,000
21:660
Boston
x228,666
Three Rivers_
"jf.OOO
"MOO
Halifax
Total wk.1937
302.000
Since Jan.1'37 13,159,000
1.667,000
31,349,000
94,164,000
143,000
6,135,000
3,773.000
1
327,000
1.049,000
6,441,000 11,220.000
321,000
341,000
61,000
10,252,000
7,694,000
4.474,000
17,000
3,913,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
on
x
Includes 72,000 bushels United States and 156,000 bushels Argentine.
'The exports from the several
seaboard ports for the week
ending Saturday, Dec. 4, 1937, are shown in the annexed
V
statement:
Fri.
Thurs.
46%
45%
43
46%
46%
46%
19~,666
736,000
WINNIPEG
Wed.
Tues.
Mon.
30%
27%
46%
46%
315:666
64,000
.20,000
*
28%
28
DAILY CLOSING PRICES OP OATS FUTURES IN
May
July
40:666
115,000
Galveston
Week 1936.
323,000
5,356,000
Since Jan.1'35 14,156.000 130.084.000
31%
31%
30%
29%
143,000
9,000
20,000
120,000
22",666
New Orleans *
Fri.
Thurs.
Wed.
31%
31%
30%
29%
30%
July
Tues.
Mon.
2,000
46,000
20:666
report on this market
DAILY CLOSING PRICES OP OATS FUTURES IN CHICAGO
721,000
671,000
36.000
Baltimore
Barley
357,000
189,000
Philadelphia-
Rye
bush 56 lbs bush 48 lbs
Wheat
New
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from-
46%
45%
42%
46%
45%
43 %
Bushels
Barrels
Bushels
Bushels
Bushels
York———
50,545
349,000
556,000
Albany
Rye—On the 4th inst. prices closed J^c. to <^c. lower*
This market ruled heavy during most of the session, there
apparently being no incentive to take the buying side. On
the 6th inst. prices closed 134c. to %e. net higher.
This
being a bread grain, it was natural for the bullish news from
the Argentine to invigorate and strengthen the rye futures
market the same as it did the wheat markets. On the 7th
20,000
144,000
885:666
"2:666
40,666
Philadelphia
1,000
Halifax
9,000
3,000
i2o"666
Sorel...—.——
New
77,000
603,000
Boston
Orleans—-
"V.666
3,000
Galveston-
72,000
980.000
Montreal
T.ooo
1,886,000
225,000
St, John West
90,000
8,000
Three Rivers
228,000
299:660
Port Arthur, Texas-
inst.
prices closed unchanged to %e. firmer. Export sales of
100,000 bushels of rye are said to have been
On the 8th inst. prices closed %c. to 1 hgc. net higher.
Influenced by a strong wheat market and a fairly good de¬
mand for spot rye, prices in this latter grain were firm
better than
Total week 1937—
Same week
4,712,000
1936
73,545
577,000
221,000
985,000
34,000
93.000
158,000
94,395
4.906,000
17,000
made.
The, destination of these exports
July 1, 1937, is
for the week and since
below:
as
throughout most of the session.
On the
grain
9th inst.
came
%c. off to %c.
prices closed
This
up.
High and
96
May
July
84
70
DAILY CLOSING
Made
Nov. 30, 1937
Nov. 8, 1937
Nov. 8,1937
63%
RYE FUTURES IN WINNIPEG
PRICES OF
Sat
Tues.
Mon.
75
Wed.
Thurs.
76%
78%
75%
77%
77%
May
77%
July———...————— 76%
75
76%
75%
76%
DAILY CLOSING PRICES OF BARLEY FUTURES IN
—
Tues.
Mon.
Sat.
December
May
July
58%
58%
56%
Wed.
58%
58%
56%
58%
58%
56%
58%
58%
56%
Since
Dec. 4
July 1
Dec. 4
July 1
Dec. 4
July 1
1937
1937
1937
1937
1937
1937
Barrels
Bushels
Bushels
Bushels
Bushels
9,090
282,500
28,000
526,500
Other countries—.
15,455
2,278,461
8,000
Kingdom-
Total 1937
Total
1936
were as
at
seaboard ports
76%
75%
WINNIPEG
l,f.o.b.N.Y..154%
Fri.
59
58%
56%
59
58%
57%
72%
313,000
30,000
Rye
Bushels
Barley
Bushels
1,000
84,000
.
440,000
65.000
------
------
------
444,000
28,000
39,000
23,000
1,556,000
116,000
31,000
76,000
1,000
500,000
1,219,000
50,000
2,000
Philadelphia
...
—
3,041.000
Fort Worth
Rye flour patents
4.50@ 4.65
Seminola, bbl.,Nos.l-3- 7.10@
Oats, good
2.45
Oats
Bushels
5.000
317,000
...
afloat
New Orleans
follows:
Corn
Bushels
2,000
103,000
New York...........
6,025,000
—
------
221,000
Wichita—
1,403,000
Hutchinson.........
4,192,000
5,000
107,000
11.000
6,000
______
______
V-.***. — :''';
-
——
Corn flour
2.00
-
Barley goods—
4.00
Coarse
Fancy pearl, Nos.2,4&7 5.25@5.60
St.
Oats, New YorkNo. 2 white
44%
Rye, No. 2. f.o.b. bond N. Y— 84%
Barley, New York—
47% lbs. malting
56%
60
Chicago, cash
42-6C
______
;i:
—
______
4,510,000
Omaha
.__
Indianapolis
...
44,000
9,000
245,000
26,000
3,709,000
1,176,000
34,000
182.000
799,000
185.000
16,000
112,000
1,590,000
74.000
12,000
1,680,000
...
City
102,000
832,000
5,284,000
—
1,787,000
5,678,000
—
215,000
21,983,000
569.000
Joseph
Kansas City
951,000
509,000
7,000
______
—
Chicago
"
On
All the statements below regarding
the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
10.000
...
afloat
3,097,000
179,000
------
1,983,000
...
______
1,227,000
______
559,000
______
------
223,000
...
Milwaukee
19,000
6.152,000
1,286,000
...
Lakes..
83,000
10.231,000
Peoria
"
—
follows:
Wheat
_____________
St. Louis
Manitoba No.
as
Bushels
United States—
Boston
Sioux
Corn, New York—
No. 2 yellow, all rail
1,864,000
1,000
GRAIN STOCKS
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic—110%
577.000
73,886,000
Saturday, Dec. 4, were
Galveston
-
21,000
1,461,000
supply of grain, comprising the stocks in
principal ports of accumulation at lake and
74%
77
FLOUR
Spring oat*, high protein _6.45@6.70
Spring patents
5.96@6.10
Clears, first spring
5 60 @5 90
Soft winter straights
4.85@5 10
Hard winter straights
5 50@580
Hard winter patents
5.65@5.95
Hard winter clears
4.60@4.65
612.000
1,090.000
162,000
948,000
visible
The
granary
Baltimore
Closing quotations
61,757.000
26,153,000
Fri.
75%
77%
Thurs.
2,497,371
.
245,000
332,000
33,174,000
131,181
73,545
94,395
2,589,000
2,107,000
15,000
1,000
4,712,000
4,906,000
1,121,004
217,276
13,000
West Indies
When
63%
.62
Week
So. & Cent. Am..
68%
70%
66
69
70%
66
Since
Continent
Fri.
Thurs.
68%
70%
66%
and
Low
When Made
|
Season's
May
6, 1937)December
Aug. 10, 1937 May
Oct. 21, 19371 July
December
Wed.
68%
70%
65%
68%
70
64%
—
Season's
December..
Tues.
Mon.
Sat.
December-...--.—67%
May
68%
July
64%
Week
July 1 to—
United
CHICAGO
FUTURES IN
RYE
Since
Barrels
light and without special feature.
OP
Corn
Week
and Since
apparently holding the limelight.
Today prices closed ^4c.
lower to VsC. higher.
Trading in this grain was relatively
DAILY CLOSING PRICES
Wheat
Flour
Exports for Week
in for little attention today, the corn market
1,041,000
468,000
______
98,000
965,000
9,812,000
...
-
Detroit
Buffalo—
—
afloat
...
901,000 13,964,000
1,449.000
5,231,000
965,000
2,619.000
1,002.000
1,489.000
2,000
4.000
2,000
8,897,000
2,578.000
818,000
684,000'
6.880,000
...
Duluth
2,779,000
165,000
Minneapolis
1,566.000
197,000
147,000
190,000
1,314,000
250,000
of the last three years:
Receipts at—
Flour
Wheat
Corn
Oats
Rye
Barley
Total Nov. 27 1937
bbls 196 lbs
Chicago
Minneapolis..
Duluth
bush 60 lbs
Louis
Kansas City..
169,000
110,000
600,000
12,000
430,000
94,000
23,000
16.000
448,000
91,000
709.000
10,000
680,000
66,000
113,000
34,000
237,000
846.000
54,000
"s'ooo
509,000
46,000
672,000
55,000
106,000
17,000
634.000
185,000
35.000
1,037,000
132,000
163.000
12,000
1,000
203,000
2,966.000
Joseph._.
Uote—Bonded grain not Included above: Oats—On Lakes,
Wichita
Sioux City—.
3,688,000
Buffalo
Other Can. &
"e'ooo
3.000
261,000
348,000
Total wk.1937
404,000
2,156.000
550,000
Same wk.1936
426,000
9,871,000
4,366.000
1,915,000
271,000
Same wk.1935
336.000
12,437,000
6,008,000
2,052,000
459,000
6.063,000
11,606,000
Wheat
9,000
710,000
2,438,000
2,029.000
2,232,000
Total Dec.
Total Nov.
Total Dec.
1936
1935
7,076,000189,360,000
7,977.000137.835,000
7,248,000229,897,000
94,576.000
70,645,000
53,496,000
63,872,00018,690,00051,298,000
41,270,000 9,203.00053.914,000
82,491,00012,168,000 47,084,000
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
seah'd 15,681,000
Pt. Arthur 11,666,000
other elev_ 27,695,000
44.000
2,841,000
743,000
1,229,000
932.000
1,119,000
8,307,000
352,000
6,788.000
10,279,000
10,188,000
5,443,000
1,328.000 10,748,000
1,316,000 10.760,000
1,002,000
4,025,000
.100,265,000 24,866,000 24,360,000
5,528,000 10,434,000
1,328,000 10,748.000
55.042,000
60,339,000
4 1937.
27 1937.
5 1936.
50,006,000
Summary—
American
Canadian
Since Aug. 1—
1937
Corn
Bushels
Canadian—
Ft. William &
26,000
80,000 bushels; total,
against none in 1936.
Barley—Duluth, 130,000 bushels; New York,
Lakes, 420,000; total, 585,000 bushels, against 4,781,000 in 1936.
Wheat
New York. 1,997,000 bushels;
New York efloat, 145,000; Baltimore, 20,000;
Buffalo, 1,482,000; Buffalo afloat, 209,000; Albany, 445,000; on Lakes, 2,356,000;
total. 6,654,000 bushels, against 26,934,000 bushels In 1936.
80 000 bushels,
Lake, hay, river &
113,000
6,662.000 10.815.000
6,598,000 17,967,000
8.205,000 38,681,000
35 000; on
26,000
11,000
13,000
Omaha
St.
29,000
225,000
305,000
2.000,
Indianapolis..
Peoria
217,000
1,237,000
873,000
30,000
3,000
13,000
Toledo
St.
2,254,000
324.000!
__
Milwaukee...
bush 56 lbs
160,000
590,000
231,000
5,528.000 10,434,000
5 1936.— 62,459,000
Total Dec.
bush 32 lbs bush 56 lbs bush 48 lbs
24.866.000 24.360.000
105.795,000 22,277,000 24,196.000
4 1937—100,265,000
Total Dec.
.
55,042,000
10.279,000
4 1937
155,307,000 24,866,000 34,639,000
Total Nov. 27 1937
166,134,000 22,277,000 34,384,000
112,465,000
8.205,000 44,124,000
Total Dec.
Total Dec.
6 1936
6.856.000 21,182,000
6,978.000 *1,575,000
6,618,000 21,992,000
Financial
3844
Dec. 11,
Chronicle
shipments of wheat and corn, as furnished by
Exchange, for the week
ended Dec. 3, and since
shown in the following:
July 1, 1937, and July 1, 1936, are
■
July
Since
Week
July 1,
Dec. 3,
1936
1,
Since
!
Since
Exports
1937
1937
Temperature
east
Corn.
Wheat
Orleans:
Texas—Houston:
The world's
Broomhall to the New York Produce
July
1,
1936
1937
local freezing in north
and central at beginning, warmer with showers at middle, below freezing
to coast last 2 days.
Good progress in harvesting and windrowing cane.
Tool cold for growth of winter crops; pastures generally poor.
Picking
remnants of cotton and planting cover crops good progress in northeast.
Some plowing in south for spring crops.
Frost
Louisiana—New
and
to
and
coast
considerably
about normal elsewhere;
below
normal in extreme
Rio Grande Val¬
heavy rains in lower
ley; light to moderate elsewhere.
Progress and condition of winter wheat,
oats, and barley mostly good, though some only fair in west central where
rain needed.
Ranges mostly fair, but some poor in west and southwest.
Truck poor to fair.
More rain needed in extreme south, southwest, and
west-central.
6.299,000
Black Sea...
2,120.000
368,000'
Argentina...
Australia
2,876,000
...
168.000
i
India
440,000
Oth. countr's
!
Bushels
Bushels
North Amer.
Bushels
82.122,000108.440,000
51,250.000: 36,768,000
16.486,000 25,080,000
31,855,000 29,288,000
9,912,000
6.112,000
10,312,000 11,760,000
Bushels
(
Bushels
Bushels
1,833,000
579,000
1,000
2,791,000
9.382,000
4,524,000159,596,000176,883,000
1,937,000; 49,398,000
general light to heavy rains in
Farm work confined to butcher¬
chores.
Only little cotton picked but most of
crop harvested.
Progress of winter wheat fair in east, but very little
growth elsewhere, and rain urgently needed in much of western third;
condition fair to good.
Livestock fair to good.
Oklahoma—Oklahoma City: Cold, with
central and east, but mostly dry in west.
ing, wood gathering, and
11,441,000
...Jl2,271,000201,937,000217,448,000 7,040,000213,618,000196,707,000
Weather
general
Report
summary
the
for
Week
Ended
8—The
Dec.
of the weather bulletin issued by the
of the
Department of Agriculture, indicating the influence
weather for the week ended Dec. 8, follows:
More
less
or
stagnant
pressure
conditions prevailed during the week
United States, while a moderate depression moved northward
over the Atlantic Ocean some distance east of the mainland.
Tne general
tendency was to high pressure, low temperatures, and fair weather.
At
the beginning of the period high pressure was general over the country
with zero temperatures locally in central-northern sections and freezing
as far south as Meridian, Miss.
Nov. 30 was slightly warmer in the South,
but by Dec. 2, accompanying an extensive "high" extending from the Lake
region to the west Gulf area, temperatures were again low; by the 3d freezing
was again reported from the interior of the east Gulf States.
On Saturday and Sunday, Dec. 4-5, relatively low pressure prevailed
over the Eastern States and cloudy, unsettled weather, with considerable
precipitation,
occurred rather
generally east of the Mississippi River.
However, by Dec. 6 another rather narrow belt of high pressure extended
a north-south direction from Minnesota to Texas, with a sharp drop in
in
temperature in east Gulf States; the freezing line was
At the close of the week a hard freeze
again carried far into
occurred in northern
the south.
Florida, with temperatures of 32 deg., or lower, well southward over the
Peninsula.
At the same time near-zero weather was reported from southern
Appalachian Mountain sections.
Freezing weather was experienced during the week throughout the
United States, except in the southern portions of Florida, Texas, and
Arizona, and in a narrow belt adjoining the Pacific Ocean from Washington
southward.
Subzero readings were reported from as far south as north¬
western Iowa and northern Nebraska, and 10 to 12 deg. in Tennessee and
the northern portions of east Gulf States.
Temperature readings of 16 deg.
occurred on the morning of Dec. 7 as far south as Thomasville, in extreme
southern Georgia, and 4 deg. above zero at Asheville, N. C.
An interesting
feature of the weather was that northern Florida experienced considerably
colder weather than the northern Hudson Valley in New York, southern
New England, and the western lower Peninsula of Michigan.
The week was abnormally cold throughout the area from the eastern Great
Plains, on the west, to the Appalachian Mountains, on the east, with weekly
mean temperatures ranging from 6 deg. to as many as 12 deg. below normal.
The relatively lowest mean temperatures occurred in the Mississippi Valley,
though the deficiencies were uniformly large throughout the interior.
In
the extreme Northeast about-normal warmth prevailed, while west of the
Rocky Mountains temperatures were rather uniformly above normal; in
the interior of California and Arizona the week was 6 deg. to 10 deg. warmer
than normal.
.
Light to moderate precipitation was
.
.
.
general over the eastern half of the
States. There were
country, with rather heavy falls in the Northeastern
some moderate snows in the northern Great Plains,
but elsewhere in the
little precipitation.
Practically no rain or snow
Mountains, except locally in some nortncrn districts,
northern Arizona, and parts of Utah.
The outstanding feature of the week's weather was the abnormally low
Plains
there was very
area
fell west of the Rocky
temperatures, with freezing covering all sections of the
of Florida and Texas.
The freeze was quite similar
South, except parts
in severity, as was
for the week, to that of about 2 weeks ago.
In Florida, at the close of the week, freezing weather extended as far
south as the Lake Okeechobee district.
It is too early to determine the
extent of damage from this latest freeze, but it is probably heavy in the
case of tender vegetation in parts of Florida at least.
Citrus fruits ap¬
parently escaped with little or no harm; in fact, the cold will probably
be of some benefit in coloring and sizing fruits, while shipments will be
accelerated.
Hardy truck crops also were more or less damaged from
eastern North Carolina southward and from southern Georgia westward
to Louisiana, but, as in the other case, it is too early to appraise the extent
also the general temperature map
of damage.
In other sections
of the country the cold weather
did but little harm,
although alternate freezing and thawing in parts of the interior were un¬
favorable for wheat.
At the close of the week there was a light snow cover
from the Lake region eastward and in the eastern Ohio Valley; snows
were of some benefit in supplying needed moisture in the northern Great
Plains, but much more is needed in that area.
East of the Rocky Moun¬
tains farm work made but little progress during the week because of the
general prevalence of unpleasant weather.
The moisture situation has not changed materially, though light falls
helped surface conditions in the lower Missouri Valley and the eastern
and nothern Great Plains areas.
The Plains are generally still unfavor¬
ably deficient in subsoil moisture.
In Montana and the area from the
Rocky Mountains westward conditions are mostly favorable, except that
moisture is needed in the eastern Great Basin and the far Southwest, es¬
pecially in southern California.
In a large northwestern area, including
western Montana, parts of Wyoming, Idaho, Washington, Oregon, north¬
Nevada, and northern California, the soil-moisture situation is un¬
ern
usually favorable.
In the Corn Belt there was but little field activity because of
cold weather
However, the corn crop has been largely
gathered and there is not much remaining in the field.
In Iowa some
samples, collected mostly from cribs, show corn in the driest condition
in 10 years, except in 1933.
In the Cotton Belt there was little field activity because of low tempera¬
tures.
In north-central districts much of the week was fair, but the weather
was too cold for cotton picking.
Considerable ramains in the field in some
Mississippi Valley sections.
and fairly frequent light snow.
was generally insufficient in
Wheat Belt, and many central and western sections
still need moisture badly.
In Nebraska the crop is entering the winter
with insuffieient moisture; there is sufficient surface moisture in eastern
Kansas where the crop is improving, and wheat is holding up well in the
northwest quarter of that State, though deterioration is reported in south¬
western counties.
Farther north, over the northern Great Plains, snow,
mostly light, was favorable.
In Montana and Idaho winter grains are in
good to excellent condition.
Soil moisture is ample in|Washington, with
fall wheat in generally good to excellent condition.
Small
Grains—Precipitation of the week
parts of the Winter
Pin southern sections, particularly in New Mexico, Texas,
Oklahoma,
areas
has
Nansas» and
moisture is urgently needed; bare ground in more northern
harmful with alternate freezing and thawing unfavorable
been
grain.
In most eastern sections, particularly in portions of
Ohio Valley, a light snowcover was decidedly beneficial, although
set-back is reported by cold.
In the South further progress is re¬
winter
for
cotton
about picked, except in extreme east where
able most of week for gathering corn and
considerable in fields.
other
feed
crops,
Favor¬
butchering,
repairing fences, and timber work.
Tennessee—Nashville:
Further
progress
in
plowing,
seeding
wheat,
harvesting corn and cotton, and handling tobacco until Saturday.
Early
grains and clovers very good condition and late sown improved, but severe
cold at end of week unfavorable.
Rye being used for pasture earlier than
usual.
Pruning and setting fruit trees progressing.
the
over
the
but temperatures too low for
picking, though some picked warmer portion of day; crop
Arkansas—Little Rock: Fair 4 to 6 days,
much
Total
THE DRY GOODS TRADE
New York,
Friday Night, Dec. 10, 1937.
Stimulated
by the closer approach of the Christmas
holidays as well as by favorable weather conditions, retail
business made a more satisfactory showing, and some
stores were able to register substantial increases in volume
over
last year.
While the buying of gift items was the
principal feature, price reductions in many other lines
appeared to attract the attention of buyers in a growing
measure.
Department store sales the country over, during
the month of November, according to the usual survey of the
Federal Reserve Board, increased 1% over November,
1936.
As the month, however, had one more business day
than last year, the comparison on a daily average basis
shows a 3% decline. In the New York area the sales volume
was even with last year.
In the Dallas district an increase
of 13% was registered while the Cleveland district reported
a decline of
3%.
Trading in the wholesale dry goods markets made a
slightly better showing as numerous small reorders for
holiday merchandise came in o the market. More interest
was shown in
spring lines and in goods for January pro¬
motions.
Generally, however, merchants continued to
operate cautiously, pending a further clarification of the
price structure. Business in silk goods remained very dull
and prices showed a slightly easier trend. Trading in rayon
yarns continued quiet although a moderate improvement
in the demand for greige goods appeared to be under way.
Yarn stocks in producers' hands were reported to have shown
a
further increase, notwithstanding continued drastic cur¬
tailment measures, but rumors of an impending reduction in
yarn prices were declared to be without foundation.
Domestic Cotton
gray cloths started
sluggish fashion as
buyers withheld from the market, partly because of the
further easing of raw cotton prices and also pending the
official December crop report.
Following the release of the
latter, a distinct improvement in sentiment developed and
subsequently sales of gray cloths experienced a real spurt.
Stimulating factors were the moderate rally in the raw
cotton market, the spreading movement, notably in the
South, to curtail operations, an improvement in the demand
for finished goods and covering purchases against contracts
awarded
by the Government.
Available second-hand
offerings were quickly absorbed, and prices stiffened on
most constructions.
Business in fine goods gave further
indications of an early revival in buying activities.
Lawns,
voiles and organdies moved in moderate volume, and more
interest was shown in fancy shirtings and carded piques.
Closing prices in print cloths were as follows: 39 inch 80's,
6hsc.; 39 inch 72-76's, 5%c.; 39 inch 68-72's, 5c.; 383^ inch
64-60-s, 4% to 4Mc.; 38^ inch 60-48's, 3% to 3%c.
Goods—Trading in
the period under review in the previous
Goods-—Trading in men's wear fabrics remained
although signs of an early resumption of buying on an
were in evidence.
More active sampling of
Woolen
dull
increased scale
spring lines developed, and it was expected that the re¬
duction in stocks brought about by a general lowering of
prices will soon result in greater willingness on the part of
clothing manufacturers to replenish their supplies.
A
moderate
interest
demand existed for
was
tropical worsteds, but little
Reports from retail
shown in overcoatings.
better account as the combniation
and lower prices accelerated con¬
sumer purchases.
Business in women's wear fabrics broad¬
ened moderately. Orders on materialsl for the spring season
began to come into the market, and the better flow of goods
in retail channels also served to improve sentiment.
clothing centers
of
colder
gave
a
temperatures
some
ported in plowing and seeding grains during the first part of the week,
but most outside operations were retarded by unfavorable cold at the close.
The first generally killing frosts of the season checked rapid growth in
Oregon; plowing and seeding grain are awaiting rain in southern Cali¬
fornia.
Unusually cold weather at the close of the week probably caused
some damage to tender grain in southeastern portions of the Wheat Belt.
Little wheat and oats remains to be sown in the Southeast and seeding
made mostly good progress until halted by cold weather.
furnished the following
different States:
The Weather Bureau has
of conditions in the
resume
Foreign Dry Goods—Trading in linens
continued to be
moderately enlivened by the receipt of scattered re-orders
on
holiday items.
Advices from foreign primary centers
struck a somewhat firmer note. Business in burlap remained
prices were fairly steady reflecting the
displayed by the Clacutta market. Domesti¬
cally lightweights continued to be quoted at 3.70c., heavies
negligible,
but
stronger tone
at 5.10c.
Volume
Financial
145
3845
Chronicle
Page
,
Rate
Name
■
3042
Grandview S. D., Iowa....
3050
3050
Grand Co., Wis
Grand Co.. Wis
3388
Great Barringlon, Mass
3696
Greenville, N. C
3688
Maturity
1938-1952
Grantburg S. D., Wis..
3380
Illinois & Missouri Bonds
Glen wood Springs,
3042
Specialists in
Glen Elder S. D. 7. Kan
3377
Guntersville, Ala.
3
Colo
._
1*950
1943-1944
2H
1945-1946
105 W. Adams St.
WIRE
1938-1957
65,000
1939-1959
150,000
30,000
Hattiesburg. Miss..
Hardin
3380
Haverhill, Mass
3537
2.98
100.30"
100.14
1.97
100.73
2.14
100.51
1.94
5,000
rd35,000
Henderson, N. C
Road Dist. 1, Texas—..
3235
Henderson, N. C
3534
--
2)4
4
3)4
3)4
Henderson Ind. S. D., Texas
3537
100.002
16,500
1947
1938-1957
r40,000
1942-1967
.
3235
Basis
134,000
2,640
1938-1947
—2)4
3)4
Hastings, Neb
3534
ST. LOUIS
98,000
1939-1949
Hamburg S. D. No. 3, N. Y
Hanover Twp. Fire Dist. 3, N. J..5
Hanover School Twp., Ind. .
4
3538 Harney Co. S. D. 29, Ore
5
314 N. Broadway
DIRECT
CHICAGO
r35,000
185,000
1938-1942
2
3)4-3)4
.
3042
3539 Hardwick, Vt...
Price
100.16
25,000
3535
3535
28,872
r69,000
2)4
2
3384
STIFEL, NICOLAUS & CO., Inc.
Amount
r75,000
225,000
1938-1962
1938-1964
1938-1950
18,000
25,000
1938-1946
r 17,000
107.53
100
v
2.80
5.00
100
2.25
100.53
3.43
100.28
3.98
10b"02"
2^4
100.10
3.98
lbb:i6"
3:23
37,500
We
BOND
SALES
IN
NOVEMBER
20 years
17,000
101
65,000
101.46
detailed list of the municipal
bond issues put out during the month of November, which the
crowded conditions of our columns prevented our publishing
present herewith
our
The review of the month's sales
3686
of the "Chronicle
of Dec. 4.
The total awards during
the month stand at $46,515,774.
This total does not in¬
clude Federal Emergency Relief Administration or Public
Works Administration loans or grants actually made or
promised to States and municipalities during November.
The number of municipalities issuing bonds in November was
277 and the number of separate issues was 321.
Pate
Name
3235
Aberdeen Ind. S. D., S. Dak
3531
Ada County, Idaho
3)4
was
Allegany Co.,
3045 Auburn 8. D.t Neb
Bangor, Me
Wis..
3531 BaugoTwp.. Ind..._
3691
3700 Baraboo,
BaugoTwp., Ind
N. Y
Bay City, Mich
3388 Benton Co. S. D., Wash
Benton Harbor, Mich
3382 Berlin, N. H_
3384 Binghamton, N. Y
(2 issues)
3377
Boulder, Colo
3698
Braddock S. D., Pa.....
2)4
3)4
Ohio
3384 Burleigh Co., N. Dak..
3235
Caddo Mills S. D., Tex...
2.90
6
Caldwell Paris, La
3236
Campbell County S. D.
(2 issues).
Campbellsville, Ky
3532 Campbellsville. Ky
3380 Cambridge, Mass
3383 Carlstadt S. D., N. J...
3379
3532
Cedar
3235
Iowa
given
on page
3)4
.......4
.4)4
1)4
4
3
1938-1942
1938-1949
1934-1957
....
5.600
26,000
10,000
240,000
55,000
7,000
5)4
4
4
3
......4)4
1938-1959
1939-1958
1942-1957
1938-1962
1938-1947
1940-1962
1938-1940
1939-1956
1938-1942
1939-1941
3047
Clayton, N. Y
Cleveland, Miss..
Columbia, Tenn
Columbus, Miss. (2 issues)
3)4
Concord, N. H
2)4
Concord, N. C
3%
Concord. N. C
...3-3)4
Cook & Lake Cos. S. D. 4, 111...4}*
Conroy, Ohio.........
3)4
1-40
Cope 8. D., Nev
3379 Cowley Co., Kan
3533
3234
3049
3532
3532
3041
3227
3042
3385
3385
3532
3535
3228
3228
3539
3379
3227
3228
3228
3228
3230
...2)4
Cranberry Twp. 8. D., Pa—
3
Croswell S. D., Mich
.......4
..........4
Dandridge, Tenn
5
Davenport, Iowa.
2)4
Davenport, Iowa
3)4
Delaware (State of)
2
Denver, Colo
2)4
Des Moines, Iowa (5 issues).....3)4
Dunn Co., N. Dak
.4
Durant S. D., Okla_.._
3)4
Earllng, Iowa
3)4-5
Eatontown S. D., N. J
3.90
Edinburgh Twp. S. D. 308, 111..4
Elkhart Co., Ind..
2)4
Elk Point 8. D. 13, 8. Dak
3)4
Emmetsburg, Iowa..
4
Escondido, Calif. (2 issues)
.4
Evanston, 111
3
Evanston, 111
..2)4
Evanston, 111. (4 issues)
3
Flathead & Lake Cos. 8. D. 38,
Cutter City, Ore
...
4
3)4
354
3
.......-.4
Floyd Ind. S. D., Texas
Fort Valley, Ga....
Fort Worth, Texas (3 issues)
3537 Franklin, Ohio
3387
3378
3235
Ohio
Galvesburg S. D., Mich
Galveston, Texas
Geary Co., Kan__
Geauga Co., Ohio
Gering, Neb
3048 Fremont,
3539
3379
o537
o045
4.(
990,000
100.45
2.97
Islip S. D. No. 1, N. Y
2.90 "1939-1987
3049
Jackson, Tenn
33*
15,000
10,000
3381
110,000
1939-1940
Jackson Co., Kan
...........2
Jackson 8. D., Minn...... *• ...2 J* ?•; 1940-1957
1942
3384 Johnson City. N. Y,
1.90
1950-1967
3387 Johnson City, Tenn
4)4
13,000
2,307,000
r27,000
175,000
20,000
3043
3378
100.53
3.90
3228
100.50
3.94
3228
3531
3379
104.06
45,000
75,000
205,000
45,000
17,000
140,000
10,000
T88
3382
2.03
3378
3532
110.06
1949-1975
Mo....—2H
1939-1948
City, Mo...
Kansas City,
3381
1939-1952
2)4
-3 M
Knoxville, Iowa
3
10 years
Knoxville. Iowa..
2)4
Lafayette County, Miss
-5)4
Lake Charles 1st Sew. Dist,, La.3)4-44 1939-1957
1942-1946
Lake County, Ind...
2)4
1940-1953
Lake Crystal, Minn. — ........3
... -
3049
Lamar County, Texas
2.70
3381
Lansing Twp. 8. D. 7,
100.25
3.75
3235
Lawrence School
3045
LeFlore County, Miss
100.23
2.45
--
....
._
...2)4-3)4
2
354
35*
r30,000
160,000
300,000
100.07
2.24
<745,000
100.51
2.94
3.48
Le May
4
Licking Cons. School District, Mo.4M
Los Angeles, Calif. (2%, 3)4, 3)4) --
1940-1957
170,000
101.17
3.88
1938-1977
100.04
3.67
3688
Los Angeles,
1938-1949
22,000
9,000,000
1,200,000
100.04
3.67
3531
McDonough 8. D.,
1940-1967
40,000
104.46
3.65
trict, Miss._
—
Calif. (2, 3)
—
2.85
3531
6.00
3043
Marshall County, Kan
Martin County 8. D.
3539
Maryville, Tenn
Marysville School District,
3538
4.00
3539
Mercer County,
3691
1*24
3229
3533
2~66
lbb'.ie"
3045
2.98
3538
100
4.50
105.20
1940-1952
6,000
100.41
3.95
1939-1948
745,000
r26,990
100.77
2.12
100.14
1.70
1939-1948
148,300
100.52
1.90
1939-1942
16,000
100.21
1.68
100.49
1938-1953
<731,000
85,000
1939-1943
29,775
101
1944-1952
75,000
1.85
101
1940-1957
1938-1947
85,000
145,000
1,239,000
200,000
rl70,000
35,000
1939-1945
7,000
1940-1967
170,000
1938-1952
1938-1968
l-20years
lbbli"
3.71
100:91"
2.09
101.55
2.97
100.70
3047
5.48
21,000
110,000
1%
3
3229 Kingston, Mass
3.22
6,000
1942
-.4
3)4-4
N. Dak..
Meridian, Miss
106.25
100.32
4.25
1949
1940-1954
89, Minn...
3)4
Kan..2)4
Marysville School District, Kan..2%
Mayfield, Ky
—
4
Medford, Mass. (2 issues)
2)4
Memphis, Tenn. (2 issues)
.2^-3
3691
100
14,500
3385
100
3.68
Middlepoint S. D„ Ohio
Middlebury, Attica, &c., School
District 2, N. Y_ —
3
1)4
3380 Middleborough, Mass. (2 iss.)
2.90-3.50
3693 Minneapolis, Minn
3045 Mississippi (State of)
...3-3)4
Mission, S, Dak-5
3387
Mobile County. Ala
5H
3040
100.28
2.98
100.14
3.48
3233
Monroe Twp.
100.88
2.15
3531
3227
3531
New Haven, Ind
3048
New London, Ohio
3235
3384
Mount Vernon,
3383
Mullica Twp.,
100.35*
3385
3538
lbV.64*
2.18
3540
100.23
2.95
3538
8,000
3537
100.65"
3.85
100
5.00
100.18
3.12
100.18
3.12
3385
101.41
1.86
100.32
2.22
100.22
3.72
100.05
3.24
Montgomery
3387
100.28
3.86
3234
108
2.95
3377
100.77
2.33
3536
100.25
3.48
3539
New Lyme Twp.
2.70
4-4)4
.3)4
2)4
Nueces County. Texas....
3)4
Nyssa, Ore—.—...8
Oakland, Calif....
........2)4-5
Ocean Beach, N. Y
3
Ogden, Utah
.......6
—
100
4.00
3048
Ontario,
101.10
3 87
3040
Pachecho Pass Water Dist.,
103.09
2.65
3227 Palo Alto, Calif....
102.52
1.80
3535
-
100.63
104.89
1942-1967
2,000
225,000
1939-1958
20,000
3234
Phoenixville, Pa
100
4.00
107.50
2.96
3377 Placerville, Calif
100.57
3.70
1938-1942
10 years
1938-1958
3234
3043
100.02
100.63
100.15
3228
1.63
3.72
3229
3048
3697
125,000
200,000
r30,000
285,000
3.15
1*00.61"
2:24
95.33
4.49
1939-1957
40,000
1938-1960
<748,000
50,000
100
1938-1947
101.48
1.97
1942-1947
T30,000
100
5.25
1938-1955
rl1,000
6,000
10016*
1940 1962
22,000
25,000
10i:37"
3.10
100.04
2.96
100.45
2.65
1939-1958
1945-1952
1938-19.56
1,360.000
94,967
1975
<72 50,000
36,000
106:72"
318
20,000
100.19
2.70
1943-1948
10*0*"""
b'.oo
1943-1966
r80,000
4,000
300,000
1938-1947
18,000
100.35
100.01
2:62
25,000
100
6.00
40,000
100.11
3.98
1940-1968
4
Calif.4
.5
1-5 years
180,000
106,000
100.66
3.95
100.64
4.19
1943-1966
4)4
1938-1959
86,900
1938-1961
120,000
1938-1957
;
4.00
1938-1945
1940-1957
156,000
100.72
1940-1957
155,000
101.26
3534 Pleasant Hill, Mo
3536
5.67
100.92
1940-1947
Pittsburg 8. D., Kan
12,000
80,000
632,500
70,000
8,000
28,000
500,000
8,500
1,915
rrf64,000
100.37
100
3)4
Pawtucket, R. I
3379
100
4.50
1.62
39,000
650,000
<72,150,000
Parsippany-Troy Hills Twp., N. J.
(2 issues)...
100.25
4
3)4
2)4-3
North Plain field, N. J
Ore..
2.96
1938-1955
—
S. D., Ohio
3383 New Mexico (State of)
3384 Ni8kayuna, N. Y. (2 issues)
North Bergen Twp., N. J
3383
3386 North Charleroi S. D., Pa—
3231
3.00
100.39
10,000
County, Texas.-_--2>£
N. Y_.
3
N. J--—-4
Mountrail County, N. Dak
..4
Multnomah Co. S. D. 45, Ore
_
.4
NachesS. D. 121, Wash....
-2)4
Nether Providence Twp., Pa
New Bern, N. C.
—........5%
New Castle, Colo
5
100.11
100.07
100
1938-1947
Montezuma, Iowa—
3)4
S. D., Ohio
15,000
1938-1945
1938-1960
1939-1960
1938-1940
1939-1948
1947-1954
2.96
14,500
3382
3539
30 years
1939-1967
1938-1967
100.35
3.86
3378
12,000
1938-1952
1939-1952
1940-1944
1940-1957
1940-1952
1938-1954
1939-1954
1939-1942
3.74
17,971
100.26"
3531
lbT20"
42,000
14,278
32,000
50,000
r22,300
50,000
<279,000
48,600
41,000
r52,000
36,050
2.71
100.01
6,000
100.50
2.71
rl47,000
1942-1957
1942-1955
100.27
100.50
3690
60,000
<2290,000
750,000
254,500
109,000
100.12
85,000
37,073
15,000
3236
100.36
103.50
1947-1956
1939-1952
3.00
2.50
300,000
3531
100.03"
r85,000
100
100
1938-1962
4
Mich
100
2.50
100.90
1954-1957\
1944-1958
50,000
r70,000
<7915,000
3,500
1939-1943
3378
11,000
1940-1942
200,000
80,000
District, Tex...-4
Ga—.....—4
Manito. Ill
4
Manito, 111
4
Manitowoc County, Wis
-3
Manorville, Pa
4
Marion County, Ind—
..-2H
Marion County, Ind...J
1)4
Marlon County, Ind
2
Marion County, Ind
1)4
100
200,000
100,000
4,000
7,000
10,000
1.87
3688
LOO
r30,000
1940-1947
1938-1946
1938-1942
1939-1946
100.17
lbi:07'
34
Ferry Sanitary Sewer Dis¬
3.96
1938-1967
1938-1967
........
2^62
3382
loo"""
100.23
102
r25,000
135,000
22,000
98,000
30,000
24,000
7,500
20,000
r9,000
3.49
100.78
101.34
4,000
Ind—2 )4
.....
101.21
15,000
98
44,000
Knightstown School Town,
Knight Sch. Twp., Ind
100.34
100.18
1940-1949
1938-1956
1940-1946
1940-1949
1947-1952
1953"
2)4
Kinsley, Kan
Kirkland S. D. 145, 111
Knoxville, Iowa
101.50
r617,000
36.563
2)4
—3
Kansas City, Kan.
2~ 87
c/62,000
12,250
.14,000
45,000
1940-1954
3229
3379
4.00
6,000
3384
3378
10b"28~
4)4-4%
3235 Iredell S. D., Texas.......
3.48
60,000
4)4
Mont
3381
100.01
Iredell Co., N. C......
2.45
yrs.
3045
3234
3.72
1949-1961
3384
10*017"
75,000,
rl5,000
-
3534
3537
100.13
5,000
r419,000
100.14
5,000
300,000
22,500
20,000
74,000
3378
1.99
100.17
25,000
400,000
3384
3.72
20,000
Y.......3%
...3)4
Indio, Calif
Inkster, N. Dak
Kemper Co., Miss.--v----.-.---4M
3532 Kentucky (State of)..
3
100.10
65,000
108,000
132,000
29,000
28,525
1943
1952
3384
1*0*015"
1938-1947
--
3385
100
20,000
..
3230
40,000
1938-1967
3535
1938-1947
Co., Wyo..
3530
100.05
2)4
3)4
Christy, 111
Clarks Green, Pa
Basis
10,000
Chicago, 111
Calif.
Price
1, Wyo.
Cerro Gordo Co., Iowa
3378
3534
s'ei
750,000
16,500
Hot Springs
60,000
1939-1963
1942
1938-1947
3384 Chili & Brighton S. D. 9, N. Y..3H
3535 Chouteau Co. S. D. 44, Mont_..4H
3379
3539
<?60,000
r20,000
lbl"""
1938-1942
Holland Twp.* 111-........----—
3230 Houghton, Mich
3383 Hudson Co., N. J
3231 Indian LakeF. D. 2, N.
3694
Celeste S. D., Texas
3234
1947-1956
4
Hoboken, N. J
3694 Kansas
4
N. Y
3532
3041
3)4
3383
3378
2.40
Caddo Mills S. D., Texas
3235
3530 Chowchilla,
417
3534
Bridgeport Park Dist., Ill
3044 Bronson, Mich. (3 issues)
Fails,
lbb:57*
3.35
3378
3384 Caledonia S. D. 5,
84,000
100.58
2
1938-1941
2-2%
...v..
2 y2
1938-1955
2%
1948-1957
...3
1942-1956
2M
1938-1951
3.80 1939-1948
1938-1957
4
......4
1940-1947
3
193g-1952
1%
19 *£-1942
2)4
1938-1947
2)4
1939-1951
3
1940-1962
Auburn, Me
3537 Bucyrus,
1.49
1938-1952
101.35
3 )4
Angola, N. Y
2 )4
3040 Arkansas Bd. of Education, Ark4
3229 Ascension Parish, La
4
3228 Atwood S. D. 154, Ill._.,.
_v
3231
3380 Boston, Mass.
25,000
2,850
104.41
10 years
100.10
2
3229
1938-1942
Hillsborough Co., N. H
Hill Co. 8. D. 57, Mont.
707,000
185,000
Md_.
3044 Alexandria, Minn
3531 Allerton, Iowa
3692
3
5
3535
3382
3150,000
195,000
1939-1947
1939-1963
3531
4,000
1938-1957
5
4)4
3384 Bath S. D. No. 12,
1939-1948
Amount
......2)4
3043
3)4
Maturity
Akron, Ohio (4 issues)
3537 Akron, Ohio
3537
3043
4
Highland Twp. S. D., Ohio
Hillsborough Co. Tax S. D. 9, Fla.4
3540
at the usual time.
Page
Herculaneum S. D., Mo
3385
3041
MUNICIPAL
2)4
—
2.13
50,000
—
......4
Pleasant Home Water Dist., Ore..
Pomfret 8. D. 16. N. Y
3)4
Portland, Me
2)4
Postvilie, Iowa
2)4
Prince George's Co., Md
..3
Pry or Creek, Okla
5
Raleigh, N.C
3)4
13,500
lbb:025
1941-1959
18,000
1938-1957
160,000
100.55
1938-1950
100
2.75
100.57
2.95
1938-1947
20,000
250,000
5,000
100
5.00
1946-1953
r80,000
100.16
3.23
12,000
1939-1963
10012"
2.19
Financial
3846
3278
Rate
...3)4
2)4
Redwood Falls, Minn
4
Rldgewood, N. J
2K
Rochelle S. D. 131, 111...
3)4
Rochester, N. Y
1)4
Rocky Ford, Colo
334
Rockland, Calllcoon, &c„ School
District 2, N. Y
3.10
Rosecreek, Minn. (2 issues)
4 "'
Romulus Twp. S. D. 6, Mich
5
Roseviile S. D„ Ohio
Rupert, Idaho
3)4
3379
Amount
r60.000
100,000
d4,000
103.000.
1 00,000
1,000,000
r375,000
Maturity
1938-1941
1938-1951
1-10 years
1938-1948
1938-1957
1938-1942
1943-1960
Russell. Kan
jPave
3230
3381
3044
3535
3042
3384
3377
3536
3381
3044
3385
Name
Rawling, Wyo
Red Wing S. D„ Minn
10,000
10,000
40,000
30,000
21,980
1942-1947
-.2
2)4-4)4
Ward
43*
2 34
4
3042
Seymour School City, Ind......__4
Shasta County, Calif
..5
4
1938-1947
1938-1945
Sedgwick County, Kan.
Senatohia S. D
Miss
1938-1957
1938-1904
'
Saline County, Kan,„
3382
,
3228 Shawswlck S. D., Ind
3050
Ship-Bottom
3388
Shoshoni, Wyo
3234
Sklppack Twp. S. D., Pa
Beach,
100
4.00
100.11
3.47
60,000
15,000
75,000
57,000
100.12
107.18
104.34
L84
3533
Somervllle, Mass
South Canaan Twp. S. D., Pa
3387 South Dakota (Stateof)......
3387 Springfield, Tenn
3690
Spring Valley, 111
3531
Sterling, 111
3044
Swampsr-ott, Mass. (2 issues)
3048 Toledo, Ore.
3379 Topeka S. D„ Kan
3232
Troy, N. Y
3232
Troy. N. Y
3.20
2 34
3
334
4
434
3
134
434
2
2
2
2.25
3.90
2.87
3693
2.89
x
...
3697
3533
3699
3535
3046
3689
4.00
100.12
3378
Walton Co. School Districts,
3230
100
Wayne Co., Mich
2.49
3,000
19.000
160,000
25.000
1947
rl ,000,000
1939-1957
138,000
31,000
100.77
3.92
100""""
3".bo
4%—5%
Fla
100.50
2.40
b City
100.40
2.96
c
100.01
9,100
3*10
3.87
25,000
4%
.....
10b"34"
No bids
,
802,000
No bids
d New offering date is Jan. 6.
100.63
100.90
100.26
r140,000
New offering date is Dec. 6;
called off to permit further study with regard to actual cost of project,
News Items
1.96
1943-1948
a
enjoined by court injunction from proceeding with sale of the issue,
was
was
with the bidder,
T.81
1938-1947
Sale
1.62
87,725
150,000
Rate of Interest was optional
x
1938-1947
33,000
1939-1952
60,000
1938-1946
Arkansas—Suit Attacks Bond Issuance Amendment—The
100.26
1.96
effectiveness of Amendment 20 to the State
1952-1957
25.000
100.13"
2~ 49
4
1938-1967
3.60
100
3.25
1938-1957
50,000
23,000
20,000
105
--534
3
2
101.25
2.80
1939-1948
500,000
102.10
1.66
prohibiting bond issues pledging the faith and credit of the
State without a vote of the people, would be destroyed if
the State Supreme Court upholds the right of the State Board
of Education to issue $240,000 in bonds, Attorney General
32,000
2 34
3382
University City, Mo
3235 Uvalde Ind. S. D., Tex
Vancouver, Wash
3228 Van Home Ind. 8, D., Iowa
(State of)
3235 Vlckery, Texas
Vermont
80,000
Wabash Co. R. D. No. 3, 111.
3540
Wahkiakum Co., Wash
3232
Walden, N. Y
1938-1942
100,000
2,550
434
rl50,000
40,000
100.34
60.000
100.30
38,500
100.11
-.134
--.2 34
334
1938-1942
1940-1947
50,000
250,000
32,000
1938-1957
200,000
10T04"
2*88
..
Watertown, Mass..-.
3388 Waukesha County, Wis
3048
Wayne Twp. 8. D., Ohio
3236 West Allts. Wis
3
a
on
This contention of the State was denied in a brief filed on behalf of the
1940-1969
1938-1947
4
Colo
Dec. 4 with the Supreme
Court, according to Little Rock dispatches.
A decision on
the case is reported to be scheduled for Dec. 13.
Waltham, Mass
234
3385 Washington Twp. S. D., Ohio
3
3698 Washington C. S. D. No. 48, Ore.
3533
brief filed
Jack Holt stated in
100
15,000
1-15 years
3378
Constitution,
loo'ii"
3,500
4
4?4
3385 Viking S. D., N. Dak
3380
3533
3697
101.18
1939-1957
1938-1947
1939-1964
3537 Turtle Lake, N. Dak
3530 Walsenburg,
3382
3228
3539
r37.000
20,009
Smith Point S. D., Tex
Smlthtown 8. D. No. 2, N. Y
3235
3693
100.90
...
aBentleyville, Pa..._
3386
Page
iof.25"
Report
Amount
$10,000
75,000
50,000
4,000
5,000
4.342
13,365
27,500
Not sold
Offering postponed
Dyer Spec. S. D., Tenn
Not exceed. 5%
Offering canceled
East Wenatchee, Wash
Not exceed. 0%
No bids
Fairview, Mont...
Not exceed. 6%
No bids
1
Fremont Co., Iowa
Not exceed. 5%
No bids
Holland, Mich
Not exceed. 5%
Bids rejected
Isola Con. S. D„ Miss
Not exceed. 0%
No bids
Java, S. Dak
5%
18,000
No bids
Name
Rate
Maturity
Amount
Price
Basis
Kellogg, Minn
x
18,000
Bids rejected
bNelsonville, Ohio.———
4%
90,000
Sale enjoined
cNUes, Mich...
4%
230,000
Offering postponed
Provo, Utah...
6%
40,000
Not sold
Rocky River, Ohio
4%
41,600
Not sold
Savage H. S. Dist. 7, Mont. Not exceed. 6%
35,000
Offering postponed
Teaneck Township, N. J... Not exceed. 5%
113,500
Bids rejected
dVolusia Co.
Special
Tax
S. D. 8, Fla
6%
30,000
Bids rejected
Albert City, Iowa.,-
3228
3235
100
Interest Rate
3)4%
Name
Page
r94,000
3235
3388
3.05
1938-1957
4
2 34
3232
3388
for reference purposes.
Arlington,
N. J
3234
1.35
3.49
ToToe"
Sbiloh S. D. No. 53, Tex
3383
2.79
100.07
7,500
1,500
1940-1950
3041
3532
3043
2.24
were unsuc¬
100.46
35,000
3,000
1938-1947
1938-1958
3379 St,
Mary Parish Fourth
S. D. No. 1, La.„
100.05
106.40
record the issues which
cessfully offered last month.
These failures comprised 19
separate offerings, the principal amount involved being
$1,632,307.
The page number of the "Chronicle" is given
25,000
25,000
1942-1946
3700 Rutland, Vt__.
3387 Salina. Utah
2.31
In the following we
Basis
11, 1937
100.75
352,000
1940-1967
1938-1947
15 years
Price
101.60
Dec.
Chronicle
2.19
Board oy Rose,
100.18
1.19
They argued that the bond issue pledged the faith and credit of the Board
of Education rather than of the State.
'
The briefs were filed in a friendly test suit brought by the Attorney Gen¬
102.30
2.04
eral
3379
West Carroll Parish 3. D., La
534
1938-1957
45,000
100
5.50
3379
West Carroll Parish 8. D., La
6
1938-1962
25,000
100
6.00
28,000
100.86
1939-1953
15,000
100.18
3.98
3540
West Virginia (State of)
3 34
1939-1952
360,000
55,000
100.07
3.36
30.000
30.000
150,000
101.37
3.10
1938-1947
447,000
10,000
3
1939-1948
3696 Yonkers, N. Y
334
1944-1961
850,000
3048 Youngstown, Ohio
4
1938-1942
33,000
Total bond sales from November (277 municipalities,
covering 321 separate issues)
.*$46,515,774
100.80
100
100.19
100
1.60
3.00
3.73
4.00
against the State Board of Education to test constitutionality of Act
162 of 1937, under authority of which the State Board issued $240,000 worth
of 4%
Fund.
bonds several weeks ago, to obcain money for the Revolving Loan
The Fund is used to make loans to school districts to erect and
equip buildings and to retire indebtedness at a
discount before maturity.
3.15
West Unity, Ohio
334
4
1938-1957
3385
Hemingway, Cantrell & Loughborough, Little Rock lawyers.
3385 West Unity, Ohio
3230 Wheatland Co. S. D. 16, Mont...3.70
3380
3693
Winona S. D., Minn.
40,000
Wilkes-Barre Twp. 8. D., Pa
334
3385 Wllliamsfield Rural 8. D„ Ohio..334
1939-1958
4
3380 Worcester, Mass (3 issues)
3049 Wormleysburg, Pa
d Subject to call in and during the earlier
* Not
including
$50,152,500
years
loans
temporary
and to mature In the later year*
obtained by States and
r Refunding bonds.
of funds
municipalities from agencies of the Federal Government,
The
following items included in
totals for the previous
same.
We give the
our
months should be eliminated from the
number of the issue of our paper in which reasons for
eliminations may be found: (No such deletions for
November.)
We have also learned of the following additional sales for
previous months:
page
these
Page
Name
Rate
3376 Ashland, Ala
5
4
20 years
Creek, Pa
3379 Benton, La. (Sept.)
3049 Darlington, S. C
3045 Gering S. D., Neb. (Sept.)
3043 Hutchinson
Union
Valley
4
1943-1961
3)4
S.
1942-1957
No. 50, Kan
1938-1945
1938-1942
Municipal
culties—A
problems was made recently by the Municipal
Finance Officers' Association with the appointment of two
financial
3.26
5,400
102.25
60,000
100.01
3M
1939-1954
8,000
r5,170
100.12
3.73
1941-1947
100
3.00
Revenues," and the other on "Special Assessments."
100
3.50
City Budget Director of St. Louis and President of the Association, indi¬
cated that the relief crisis facing cities and the financial burdens imposed
.3-3)4
N.
Dak.
(July)
Ore
r3,000
1937-1956
7,500
1944-1949
30,000
100.29
3.47
70,000
100
6.00
5,000
3)4
3041
Preston, Idaho
6
2-20 yrs.
3690
Summit-Graymont, Ga
4
1939-1966
18,000
3230 West Plain Sch. Dist.. Mo
All of the above sales
(except
(not including temporary
as
issues
or
indicated;
will
are
make
total
sales
RFC and PWA loans) for the
$27,956,690.
3236 Barrie, Ont
3388 Brantford, Ont
Canada
3050
Canada
3050
3236
Canada (Dominion of)
Canada (Dominion of)
3700
Rate
---3)4
3)4
3)4
314
Maturity
Amount
45,000
1-30 yrs.
1-5 yrs.
50,000
10 years
100,000
Canada (Dominion of)
(Dominion of)
(Dominion of)
3700 Longueuil, Que
3388 New Brunswick (Prov. of)
3388 Owen Sound, Ont
3236
3700
3700
3388
3388
3388
3236
3388
Quebec (Province of)
Quebec (Province of)
Quebec (Province of)
Quebec (Province of)
Quebec (Province of)
Quebec (Province of)
St. Hyaelnthe. Que...
Woodstock, Ont
1
2)4
101
3.15
100.60
3.38
r20,000,000
yrs.
*25,000,000
appointment of the committees,
*25,000,000
New
York
vestment to Be
State—Securities
requirements of securities available for investment by life
insurance companies were to be suggested to the joint
committee of the New York Legislature when it convened
on Dee. 7 to consider the proposed insurance code that the
Insurance Department will present to the Legislature when
41,700
1 %
6 mos.*
10,000,000
Department has
3)4
14- years
15,000,000
3 years
10,000,000
mortgage bonds and alter
stocks and debentures.
1938-1945
1949
1,099,800
1,588,400
1938-1957
1,773,000
1959
47,000
100.13
4 years
19,318
102
$136,354,218
Eligible for Insurance In¬
Studied—Important revisions in the eligibility
90,000
4
various parts
_
6,500,000
3)4
Membership
pointed out that cities have sat idly by in the past, permitting
new taxation burdens to be thrust on them.
"Their case must be organized
on a sound factual basis and then presented clearly, forcibly and frequently
to legislative bodies," Mr. Myers said.
1-15 yrs.
2
through
John R. Lindsay, Louisville Director of
Mr. Myers
1-25 yrs.
3)4
4
3)4
,
said to spring from the
of many local governments" arising
Finance, is Chairman of the special assessments committee.
of both committees includes a score of public officials from
of the United States and Canada.
1940-1947
97.25
Arthur C. Myers.
general economic conditions prompted
The revenue group is to be headed
by Charles J. Fox, City Auditor of Boston.
The committee on special assessments was
4)4
3-4
3)4
Temporary loan; not included in total for month.
Basis
7 years r20,000,000
Total long-term Canadian debentures sold in Nov.
*
Price
95.78
14 years r60,000,000
1)4
"Local Government Activities and
upon them by conflicting taxation and
formation of the revenue committee.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN NOVEMBER
Page
•
Name
3236 Arthabaska, Que
announcing the
on
the "excessive use of this device."
for October.
the
committees—one
"extreme financial difficulties
50.000
additional October
new
In
4
3050
to Aid Cities in Financial Diffi¬
toward aiding cities in solving their present
Group
move
2-10 yrs.
Morris, N. Y. (June)
.3)4
3228 Panama, Iowa
__3%
3048 Powell Valley Road Water Dist.,
month
~4~66
4,0C0
4
3535
These
4.00
100"""
welfare" of their certain communities.
The Chancellor said the Industrial Act was intended as a "state-wide
public policy under which the various municipalities retain control of the
enterprises."
,
Chancellor Smith said that when the Legislature enacted the legislation,
it did not authorize any community to induce corporations of any specified
Industry but only advised municipalities that it was within their power to
enter into enterprises for the "public welfare" of their own community.
He impressed the fact that whenever a municipality would enter into
any agreement with a certain enterprise, that that municipality would still
have a voice in its operations, as pertains to the welfare of the surroundings.
Immediately after the decision, W. Eugene Morse, Jackson attorney,
who appeared on behalf of W. S. Albritton, Winona taxpayer, who was
seeking to have the Act declared illegal, filed notice of nis intention to
appeal to the Mississippi Supreme Court.
3
County, Idaho
3228 McGregor, Iowa.
3048 Miamisburg, Ohio
Twp.,
4.39
50,000
2%
Jerome
Basis
101.25
100
D.
Indian Creek School Twp., Ind
3041
MInnewauken
8,000
d32,500
15,000
41,000
1939-1957
3042
3232
Price
Amount
Maturity
1938-1945
3048 Beech
Mississippi—Industrial Act Held Valid—Governor White's
Industrial Act, passed by the 1936 Legislature to develop
the State industrially, was declared constitutional on Dec. 2
at Winona, Miss., by Chancellor L. A. Smith of Holly
Springs, according to press advices from Winona on that
date. In upholding the Act the Chancellor recited that when
the Legislature passed the bill, it was their belief, as read
in
the preamble,
that an "acute economic emergency
existed," and their declared policy was in meeting with the
condition by authorizing municipalities to aid the "general
it
reconvenes
in January.
alteration in the present law that the Insurance
suggested will tighten the present provision relating to
the basis for determining the eligibility of preferred
The most comprehensive
102.07
,
at present only requires that mortgage liens be secured by
collateral.
It is proposed to tighten the requirements on this
type of security by making eligible
only mortgage liens of companies
that have earned fixed charges on an over-aU basis and not less than 1 y2
The
law
adequate
....
2.67
interest on the issue under consideration for three of the five
preceding years, including the last two.
For ordinary debentures the Department proposes they be eligible for
life companies if the issuing company has earned enough to cover aU fixed
times the
Volume
Financial
145
charges each year for the last five and has earned 1 }A times the interest
of the debenture under
consideration, for three of the last five years,
including the last two.
Preferred stock would be eligible if the issuing company had earned
twp times the amount necessary for interest on the issue and all senior
issues in each of the five preceding years.
The suggested provision covering
this point reads as follows:
"Preferred stocks will qualify for investment
if, after provision for depreciation, depletion, income taxes and all prior
charges, but excluding extraordinary non-recurring items, the net earnings
of such institution available for dividends on such issues, during each of
the five fiscal years next preceding the date of acquisition by such insurer,
shall have not been less than two times the full dividend requirement,
cumulative or non-cumulative, for such year on the total.of such issue
and issues of equal priority outstanding."
Under the present provisions of the law the major provision concerning
preferred stock and debentures requires that the company must have earned
4% on its total capitalization in three of the previous five years, including
the last two.
The new provision if enacted
stocks
make investment easier in preferred
companies with a comparatively small preferred issue.
It is
suggested that it may alter in some degree, at least, the present methods
of raising capital as companies that now have nothing but common stock
outstanding may issue small amounts of preferred to obtain additional
funds and sell the issues directly to insurance companies.
This will be
possible just so long as their earnings for the last five years have been
twice the dividend requirement on the new preferred issue.
Heretofore
companies
4%
on
their
State
would
common
have
All
ment of Audit and Control on
dividends
and interest
pay
which
funds in those banks.
Interest—John J.
Fund
Unclaimed
Bennett, Jr., Attorney General, in
banks of the State must
opinion to the Depart¬
Dec. 7, ruffed, that the savings
to the State* Comptroller all
an
have accrued
abandoned
on
The
savings banks are said to have
reported recently to the Superintendent of Banks that they
had $4,844,000 of deposits of $10 or more unclaimed for at
least 15 years.
It is understood that these funds were to be
turned over to the State Comptroller by Dec. 10.
Citing Section 274-A of the banking law, which provides that in De¬
shall pay over to the State Comp¬
by it which shall have become abandoned
funds on or before July 1 next preceding," the Attorney General held that
the term "abandoned funds" was defined by the banking law as all amounts
which, for a period of 22 years, have remained unclaimed by the depositor
cember each year "every savings bank
troller all abandoned funds held
or
Virginia and Washigton, held valid taxes imposed by these
on the income of contractors from Federal
projects,
pointing out that independent contractors working on
Government jobs are to be distinguished from the regular
employees of a governmental unit in so far as tax liability is
two States
concerned.
Federal taxation of income of individuals from State and municipal en¬
considered "non-essential functions" of government
has
been
terprises
previously upheld by the Federal Courts.
The fact that the States can tax
income from individuals or firms supplying goods for Federal projects within
their jurisdiction was considered by bond men to be of a comparable nature.
The question now uppermost in the minds of financial men and for that
matter of municipal attorneys is whether the States will make
any attempt
to tax income derived
by the Federal Government from projects which
be characterized as "non-essential" functions of government.
Recent decisions of the court have led bond men to believe that there is
toward a more liberal interpretation of the taxing rights of both
the State and the Federal government.
Some lawyers point out that thus
far the Federal Government has made no attempt directly to tax the income
a
trend
from bonds of the various States although there is now a proposal in Wash¬
ington to consider income from these sources in arriving at the taxable
bracket.
House
record equivalent to
earning
an
stock.
Demand
to
had to
have
3847
might
will
of
the
Chronicle
creditor entitled to receive such amounts.
New York
State—Legislative Session Called to Enact E'ew
City Code—Governor Lehman on Dec. 8 called a special
Legislature to convene at noon on Dec. 16,
in order to enact New York City's administrative code which
is necessary under the city's new charter, becoming effective
on Jan. 1, according to
Albany advices.
Group Drops Plan to Tax Interest
on
Exempt Securities
—A decision to abandon, for the present at least, all thought
of taxing salaries of State and municipal employees, or levy¬
ing
on the interest of securities now tax exempt, was made on
Dec. 8 by the House sub-committee on taxation after study
of the above Supreme Court decision given on Dec. 6 in
the Dravo case,
according to Washington advices.
Representative Vinson of Kentucky, Chairman of the
Ways and Means group, said there had been estimates in¬
dicating that $155,000,000 a year might be realized from tax¬
ing these sources, but that in view of the Court's decision no
recommendations would be made.
Possibility of getting at
tax-exempt interest through a constitutional amendment was
discussed, Mr. Vinson said, but no action was taken because
such amendments are within the jurisdiction of the Judiciary
Committee.
It was the feeling of the sub-committee that
the Supreme Court's decisions had made no change in the
existing situation regarding taxation of tax-exempt securities.
York
session of the State
Bond
ALABAMA
In calling
the extraordinary session the Governor acted at the request
of Mayor LaGuardia of New York.
The Mayor took the position that
enactment of the new code was necessary in order to avoid confusion in
ALABAMA,
Mayor LaGuardia in which the
of the Legislative leaders,
including Republicans and Democrats, that the bill embodying the city's
administrative code would be passed by both Houses of the Legislature.
The special session is not expected to last more than a few hours despite
come
assurance
before it will be one of the most volu¬
minous in legislative history. The measure will cover upward of 9,000 pages.
A special session of the Legislature which lasts only one day will cost
about $20,000 the leaders pointed out today.
Governor Lehman had hoped to avoid the special session because the 1938
on Jan. 5, but when Mayor LaGuardia took the position
that it was necessary to enact the administrative code, Mr. Lehman con¬
session will start
sented
to
issue
North
the
call.
families
from
their
homes
before
March
next
15,
Associated Press dispatch from Bismarck.
The Governor is reported as saying that the moratorium,
which would not apply where it could be shown tenants
were
financially able to discharge their -obligations, is
necessary because of the "financial helplessness of many
according to
an
citizens."
United
States-—Population Figures at 129,257,000 in 1937
Associated Press dispatch from Washington
had the following report to make on Dec. 3 in regard to the
recent trend in population throughout the country:
Estimate—An
rating because of the continued financial progress of the State under
budget and pointing out that appropriations had been met
during the past fiscal year, while at the same time the State debt
was being reduced at the rate of $2,000,000 per annum. Governor Graves
recently authorized W. W. Brooks, Financial Secretary to the Governor,
and W. Barrett Brown, fiscal consultant, to respond to a request for a
personal interview from Moody's Investors' Service in New York.
Since
their return, it has been announced that Moody's Investors' Service has
changed the rating on State of Alabama funding and renewal and Harbor
bonds to 'A.'
This constructive step has removed these bonds from the
rating group comprising securities considered not of the very best grade.
a
balanced
100%
ALABAMA,
Maine-
'36
July
1
'37
856,000
853,000
States—
July
West Virginia..
New Hampshire..
508,000
510,000
380,000
383,000
South Carolina
4,425,000
4,426,000
681,000
681,000
..
North Carolina.
Vermont
Massachusetts
Rhode Island
Connecticut
Kentucky
4,343,000
6,713,000
Indiana
3,459,000
Illinois
7,845,000
Michigan
4,783,000
Wisconsin....
2,908,000
Minnesota
2,635,000
Iowa...
2,543,000
Missouri...
3,959,000
703,000
North Dakota
South Dakota
692,000
Nebraska
1,364,000
Kansas
1,886,000
Maryland
1,674,000
259,000
Delaware
Dist. ol Columbia.
Alabama
..
...
Mississippi
..
6,733,000
3,474,000
7,878,000
4,830,000
2,926,000
2,652,000
2,552,000
3,989,000
706,000
692,000
1,364,000
1,864,000
Arkansas
..
1,679,000
261,000
10,136,000 10,176,000
Ohio
United
—
Tennessee
4,328,000
Pennsylvania
Work's
Georgia
1,741,000
1,734,000
New Jersey..
Virginia.....
..
..
.
Florida
...12,935,000 12,959,000
New York
619,000
627,000
2,671,000
Louisiana
..
Oklahoma
..
—
Wyoming
Colorado
New Mexico
Arizona
1
States—Taxation
Ruled
TO
ARKANSAS BONDS
Markets in all
State, County & Town Issues
SCHERCK, RICHTER COMPANY
LANDRETH
BUILDING, ST. LOUIS
MO.
1,830,000
1,865,000
3,457,000
3,492,000
1,860,000
3,060,000
1,875,000
3,085,000
ING—It
1,642,000
1,670,000
C. L. Polk Jr., Chairman of the
2,883,000
2,920,000
$10,000 issue of 6% semi-annual building improvement bonds.
2,864,000
2,864,000
2,893,000
2,008,000
2,023,000
2,048,000
2,023,000
2,122,000
2,528,000
ARKANSAS
HELENA SCHOOL DISTRICT (P. O. Helena), Ark.—
is
reported
2,895,000
2,132,000
2,548,000
6,172,000
539,000
..
485,000
..
233,000
235,000
1,066,000
1,071,000
422,000
422,000
406,000
412,000
516,000
101,000
1,643,000
1,017,000
1,658,000
1,027,000
6,069,000
6,154,000
Ell
that sealed bids will be received until Dec. 24, by
Board of Education, for the purchase of a
CALIFORNIA
(State of)—WARRANT SALE—On Dec. 10 State
Controller Harry B. Riley awarded an issue of $2,192,805.73 registered
warrants to Schwabacher & Co. of San Francisco on a 0.75% interest basis,
plus a premium of $912.69.
The warrants, issued to replenish the revolving
fund from which general fund State expenses are paid, are dated Dec. 14,
1937 and will be called for payment about June 1, 1938.
A group composed
of the Anglo-California National
Bank, the American Trust Co., the
Bankamerica Co., all of San Francisco, and the Capitol National Bank of
Sacramento, submitted the second best bid, offering a premium of $221.47
CALIFORNIA
519,000
100,000
..
..
..
..
Nevada....---.
..
Washington
._
..
493,000
..
by Certain States of Federal
Legal—The United States Supreme
involving the States of West
Court Dec. 6, ruling on cases
OF PROPERTY RETURNED
make:
Property valued at $11,926,775—taken up by the State for taxes during
depression years—was returned to the tax books by the Alabama Land
Department during the last fiscal year.
Henry S. Long, who in addition to being President of the Tax Commission
is State.Land Commissioner, said Tuesday there had been 22,653 property
redemptions in the last two years, resulting in collections in back taxes
totaling $1,811,428.
The Land Department was created by an Aot of the 1935 Legislature, to
aid in placing tax-sold property back on the tax books, assist former owners
in redeeming it on an instalment basis, and collect rents on buildings and
other property the State had taken over.
Previously such work' was
handled by the State Auditor's office.
A report of the Department's activities compiled for Mr. Long Tuesday by
J. T. Carlton, Chief Clerk in active charge of the work, revealed there were
11,377 redemptions during the fiscal year ending Sept. 30, bringing in
revenue totaling $266,597.
Value of property sold for taxes in 1937 was placed at $4,058,379, com¬
pared with $24,054,000 during the depression year 1933.
No redemptions
were listed for 1933, when State funds recovered from such lands were $319,
while the State receovered $89,517 during the past year through sales,
redemptions, assignment of tax certificates and lease of tax lands.
'37
531,000
Utah
California
July
..
Montana
Oregon
'36
6,117,000
Texas
Idaho
1
2,706,000
Contracts
of—.$12,000,000
-Esthnaled-
-Estimated1
State
had the following report to
Kansas was the only State to lose population during the 12 months ended
July 1, the Census Bureau said today as it estimated the Nation's population
129,257,000, a gain of 828,000 over July 1, 1936, and 5,482,000 over
1930, when the last regular census was taken.
The population of Rhode Island, South Dakota, Nebraska and New
Mexico was unchanged, the Bureau said, while all other States showed
increases.
The
Bureau
calculated
the
Kansas
population
decreased
22,000 to 1,864,000.
Rhode Island's remained at 681,000, South Dakota's
at 691,000, Nebraska's at 1,364,000, and New Mexico's at 422,000.
New York, most populous State in the Union, increased the number of
its residents 24,000 to 12,959,000.
Nevada's gain was the smallest—
1,000.
That brought the State's total population to 101,000.
Population comparisons by States follow:
July
HIGHER ON CERTAIN
received from the office
ment
at
Slates—
MADE
TAX BOOKS—An Associated Press dispatch from Montgomery on Nov. 30
Dakota—Evictions Halted by
Governor—Governor
Langer on Dec. 1 proclaimed a moratorium on evictions,
ordering judges and peace officers to refrain from "making,
ordering or executing any process" which will disposses or
evict
of—RATING
"Convinced that State of Alabama bonds are entitled to a high invest¬
The Governor made public a letter from
the fact that the bill which will
State
BONDS—The following statement has just been
of the State Treasurer:
the enforcement of local laws in New York.
latter revealed that he had received the
Proposals and Negotiations
on
0.75% warrants.
CALIFORNIA,
State
of—BOND
OFFERING—We
are
informed by
public auction on
improvement bonds.
2, 1989, callable on
and after 1954 by lot.
Principal and interest (J. & J.) payable at the State
Treasurer's office, or the fiscal agency of the State in New York.
The
State Treasurer is required by Act to reject any and all bids for the bonds
which shall be below par value, plus interest which has accrued thereon
between the date of sale and the last preceding interest maturity date,
and he may by public announcement, at the place and time herein fixed for
Charles G. Johnson. State Treasurer, that he will sell at
Jan. 6. at 2 p. m., a $200,000 issue of 4% coupon harbor
Denom. $1,000.
Dated July 2, 1915.
Due on July
3848
Financial
Chronicle
the sale, continue such sale as to the whole of the bonds offered, or any part
thereof, to such time and place as he may select.
The proceedings for the
issuance of the foregoing bonds having been taken prior to June
Hartford
Hotel Bond.
5, 1933,
11, 1937
Estate
Board at its annual meeting held recently at the
The resolution was moved by Richard F. Jones Jr., following
long argument on the subject of Hartford's revaluation which must be
done before 1940 according to State statute.
According to the resolution, it was the opinion of the Board that the re¬
valuation work should be done
by the Board of Assessors with whatever
assistance the Board should require.
It was directed that a copy of the
a
said bonds and coupons will bear an endorsement referring specifically to
the provisions of Public Resolution No. 10 of the 73d Congress of the
United States, adopted June 5, 1933, relating to the issuance of obligations
payable in gold coin.
Board of State Harbor
Real
Dec.
resolution be sent to the Mayor.
Commissioners—Operating the Port of San Francisco
Condensed Balance Sheet as of June 30, 1937
Assets——
•
Land, improvements & eqpt-$101,162,671.80
Fixed assets:
Current assets: Cash on hand
& in State Treasury
$2,796,710.59
Accounts receivable
Store..
Miscellaneous
•
;
^i
...
BONDS
Clyde C. Pierce Corporation
Barnett National Bank
$3,296,195.66
2,651,191.46
Total current assets
Sinking funds: Total sinking funds
FLORIDA
\
422,500.67
69,452.39
7,532.01
;
Building
JACKSONVILLE
r
FLORIDA
Branch Office: TAMPA
Total assets
....
Liabilities—
Funded debt:
.'-v-
■
.
Miscellaneous
.
National
Bank
Building
T.
S.
Pierce, Resident Manager
$19,103,000.00
$111,607.14.
382,060.00
13,204.46
Bond interest accrued
First
„
Total funded debt
Current liabilities:
Claims payable
$107,110,058.92
-
Total current liabilities
./
;
FLORIDA
.*
CITRUS COUNTY (P. O. Invernes.) Fla.—
TO BE PURCHASED—It is stated by the Clerk of the Board of County Commissioners
that the county passed a resolution authorizing the purchase of $25,000
—506,871.60
Total liabilities
bonds from R. E. Crummer & Co. of Orlando, at a price of 81.50,
plus
interest, and $10,000 bonds from the Bank of Inverness, at 82.75, flat.
19,609,871.60
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 16
Net assets over liabilities
Surplus and Reserves— .*
Surplus
$7,703,540.35
v
$87,500,187.32
....
Reserve for depreciation..
15,761,291.17
Property valuation surplus..64,035,355.80
Total surplus
and
$87,500,187.32
reserves
INYO COUNTY (P. O. Independence), Calif.—LONE PINE SCHOOL
SOLD—The $13,000 building bonds of Lone Pine Union High
BONDS
School District offered
on
Mairs of Independence
Dec. 7—V. 145, p. 3377—were awarded to A. P.
3 Ms, at par plus a premium of $27, equal to
as
100.20, a basis of about 3.48%.
Dated Jan, 1, 1937.
Due $1,000 yearly
Jan. 1 from 1939 to 1941.
on
KERN
COUNTY
(P.
O.
(P.
O. Pensacola), Fla.—BOND OFFERING—As already reported in
columns—V. 145, p. 3689—J. H. Varnum, Superintendent of the
County Board of Public Instruction, will receive bids until 10 a. m. Dec. 27
for the purchase of $420,000 4% school construction bonds.
Dated July 1
1937.
Principal and semi-annual interest (June 30 and Dec. 31) payable
at any county depository or at the Central Hanover Bank & Trust Co. in
New York.
Due annually on June 30 as follows: $14,000, 1939 to 1966;
and $28,000 in 1967.
these
s
Bakersfield), Calif.—ROSED ALE SCHOOL
BOND OFFERING—Sealed bids will be received until 11 a. in. on Dec. 20,
by F. E. Smith, Clerk of the Board of Supervisors, for the purchase of a
$20,000 issue of 5% coupon school bonds.
Denom. $1,000.
Dated Nov.
29, 1937.
Due as follows: $1,000, 1938 to 1940; $2,000, 1941 to 1944, and
$3,000, 1945 to 1947.
Bidders may bid for a lower rate of interest and
no bid for less than par will be considered.
Principal and interest (M. & N.)
payable in lawful money at the County Treasurer's office.
The bonds are
issued under and in accordance with all legal restrictions.
A certified check
for 10% of the amount of bonds bid for, payable to the Clerk of the Board
FLORIDA,
State of—BOND TENDERS RECEIVED—In connec¬
as of Dec. 3, of matured or unmatured road
bridge or highway bonds, time warrants, certificates of indebtedness
and (or) negotiable notes of various counties and special road and
bridge
districts, noted in these columns recently—V. 145, p. 3377—it is reported
by W. V. Knott, State Treasurer, that offerings were received from 24
tion with the call for tenders
and
parties.
^
FLORIDA.
'-V' ;
v
State
oi—PROPERTY OWNERS STILL REQUIRED TO
PAY ANNUAL POLL TAX—An Associated Press dispatch from Talla¬
hassee on Dec. 1 reported as follows:
State officials warned property owners
today they must pay $1 annual poll tax this year just the
same as
before.
1937 Legislature amended the statutes to provide that poll tax pay¬
ment is not necessary before a voter can cast his ballot.
The law still reads, however, that the property owner must pay the $1
The
head tax
Los
as always, and that he must pay it along with his real estate and
personal taxes.
Chief Clerk Ray Neel in the office of Comptroller J. M. Lee said the
statute was plain and no opinion would be necessary from the
Attorney
Dec. 2:
General. :
He wired Vivian Lee, tax collector of Lee County, bis view of the law.
of
Supervisors, is required.
LOS
ANGELES
COUNTY
f:.
FLOOD
CONTROL
DISTRICT
(P.
O.
Angeles), Calif .—SUPERVISORS TRANSFER DRAINAGE DIS¬
TRICTS—Vie quote in part as follows from the Los Angeles "Times" of
By a vote of 4 to 1 the Board of Supervisors yesterday adopted a resolu¬
tion which transfers 11 of the many drainage districts in the county to the
control of the County Flood Control District.
Supervisor John Anson
Ford of Hollywood cast the dissenting vote.
Under the transfer the Flood Control District, beginning July 1, 1938,
will assume the bonded indebtedness of the 11 districts, amounting to
$3,657,988, that will have to be retired by all the taxpayers of the district
instead of by those in the individual drainage districts.
According to county officials the assumption of the bonded indebtedness
by the Flood Control District will not cause any increase in its tax rate,
which was 19 cents on each $100 of assessed valuation this year, for a period
of two years.
Then the increase
will be about 1M cents, according to the nearest es¬
timates made by the County Auditor's department.
LOS
ANGELES
COUNTY
(P.
O.
Los
Angeles),
HILLSBOROUGH
COUNTY
CONSOLIDATED
SPECIAL
TAX
SCHOOL DISTRICT NO. 19 (P. O. Tampa). Fla.—BOND OFFERING—
The Board of Public Instruction of Hillsborough County will receive bids un¬
til 10 a. m. Dec. 20 for the purchase of $37,000 4% coupon bonds of Con¬
solidated Special Tax ""chool District No. 19. Denom. $500. Dated Sept. 1,
1937.
Principal and semi-annual interest (March 1 and Sept. 1) payable
the Exchange National Bank of Tampa.
Due
$1,500, 1939 to 1960, and $2,000, 1961 and 1962.
at
$50,000 school building bonds.
City Clerk.
Jan. 1,1938.
Dated
Due $5,000 from 1939 to 1948 incl.
SAN MATEO COUNTY (P. O. Redwood
City), Calif.—SAN CARLOS
SCHOOL BOND SALE—The $3,000 issue of 5% semi-ann. San Carlos
Elementary School District bonds offered for sale on Dec. 7—V. 145, p.
3560—was purchased by C. N. White, of Oakland, according to report."
SANTA
CLARA
COUNTY
(P.
O.
San
Jose),
Calif.—SAN
JOSE
SCHOOL BOND ELECTION—It is reported that an election will be held
Feb. 1 to vote on the issuance of $1,800,000 in San Jose High School
building bonds.
SELMA, Calif .—BOND SALE—The $20,000
coupon street lighting bonds
Dec. 6—V. 145, p. 3689—were awarded to Lawson, Levy &
Williams and Kaiser & Co., both of San
Francisco, as 3s.
Dated Jan. 1,
1938.
Due on July 1 as follows: $500, 1938 and 1939; $1,000,
offered
on
1940, and
$2,000, 1941 to 1949.
TULARE COUNTY (P. O. Visalia), Calif.—TERRA
BELLA SCHOOL
BONDS SOLD—The $40,000 Terra Bella Union School District
building
bonds offered on Dec. 6—V. 145, p. 3227—were awarded to
Barcus,
Kindred & Co. of Chicago, as 4Ms, at par plus a
premium oi $260, equal to
100.65, a basis of about 4.03%.
Dated Dec. 1, 1937.
Due yearly on
Dec. 1 as follows: $2,000, 1938 to 1948, and
$3,000, 1949 to 1954.
^
VENTURA COUNTY (P. O. Ventura), Calif.—MOORPARK BONDS
SOLD—The $22,000 3% Moorpark Union
Elementary School District
bonds offered on Dec. 6—V. 145, p. 3530—were awarded
to Lawson, Levy &
Williams of San Francisco at par plus a premium of
$52, equal to 100.23,
a
basis of about 2.96%.
Dated Jan. 1, 1938.
Due $2,000 yearly on
Jan. 1 from 1939 to 1949.
The Bankamerica Co. of San Francisco*bid a
premium of $19 for the issue.
certificates of indebtedness that were unanimously approved by
the Council on Nov. 9, as noted in these columns—V. 145,
p. 3377.
Due
$100,000 from April 1, 1939 to 1948.
LEVY COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 7
Bronson),
school
Fla.—BOND ELECTION—A
building bonds will be submitted to
DENVER, Colo —TAX RATE INCREASED
FOR 1938—The city's tax
$18.10 for every $1,000 of assessed property valuation.
officially announced on Dec. 2 by Mayor Stapleton follow¬
ing two weeks of budget trimming by the City Council.
rate for 1938 will be
was
The new rate is an increase of 80 cents over the 1937 taxes and is a mill
below previous estimates for next year.
Denver's taxpayers will be assessed
issue
(P. O.
$35,000
'■
SOUTH
Glade),
FLORIDA
CONSERVANCY
DISTRICT
(P.
O.
Belle
Fla.—RFC TO FORECLOSE ON LAND—We quote in part as
an Associated Press dispatch out of Belle Glade on Dec. 1:
"The Reconstruction Finance Corporation instituted tax foreclosure
pro¬
ceedings today to protect its $935,000 investment in the South Florida
Conservancy District, comprising 31,500 acres of rich muck farm lands.
"It set about acquiring State and county certificates on
approximately
10,000 acres on which the taxes are delinquent with a view to returning
them to the current tax rolls,
"The owners will have an opportunity to redeem them and
any un¬
Little land in this area, devoted to sugar
cane and winter vegetables, is on the market at
present.
"The action, the first if its nature the RFC has taken, was seen as
being of
redeemed will be offered for sale.
possible significance to other special tax districts in Florida and irrigation
districts in Western States.
"John P. Gilmore of the RFC drainage, levee and irrigation division of
Washington, said the Conservancy District was limited by statute in the
amount of taxes it can
GEORGIA
COLUMBUS, Ga .—BOND ISSUANCE APPROVED— It is reported
that the Superior Court approved recently the issuance of $30,000 3% shortstreet
either the First National Bank of Denver or
at the City Treasurer's office
Jan. 1, next.
The bonds are in the denom. of $1,000
each, dated Jan. 1,
on
1923, payable Jan. 1, 1938.
BONDS PUBLICLY OFFERED—An Issue of
$150,000 4% refunding bonds is being offered for
public subscription by
Bosworth, Chanute, Loughridge & Co. of Denver.
Denom.
$1,000.
Dated Jan. 1, 1938.
Due $5,000 from Jan. 1, 1940 to 1969, incl. Prin.
and int. (J. & J.) payable at the
City Treausrer's office. Legality approved
by Pershing, Nye, Bosworth & Dick, of Denver.
CONNECTICUT
HARTFORD, Conn .—PRIVATE ASSESSMENT SURVEY OPPOSED
—A
resolution objecting to the employment of an outside concern for
conducting a reassessment of Hartford properties and the expenditure of
"any such sum as $150,000" for the work was voted unanimously by the
impt.
bonds.
SENOIA, Ga .—BOND OFFERING—It is stated by Mayor L. L. Hutch¬
inson, that he will receive sealed bids until 2 p.
m.
on
Dec.
16, for the
?urchase of a Due on July 1 as follows: $500, 1938 to works $1,000, 1958 to
$20,000 issue of 4% semi-ann. water 1957; bonds. Dated
uly 1, 1937.
1965, and $2,000 in 1966.
A $500 certified check, payable to the city, must
has approved a
accompany the bid.
(The Public Works Administration
loan in this amount for the project.)
IDAHO
ROCKY
FORD, Colo.—BOND CALL—Outstanding 4% water exten¬
bonds, amounting to $375,000 should be presented for payment at
levy for debt service, maintenance and operation."
ATLANTA, Ga.—BOND SALE—The City Council has sold $200,000
2M% refunding bonds to the Trust Co. of Georgia, Atlanta, at par plus
a premium of
$2,750, equal to 101.375.
Due serially to 1967.
$40.40 per $1,000 next year to support all governments.
This includes
$15.80 for the schools, $4.50 for the State and $2 Moffat Tunnel tax.
sion
to
vote at an election called for
:
opening.
term
levy
proposition
a
PALATKA, Fla.—BOND TENDERS INVITED—It is announced by
R. M. Ingram Jr., City Clerk, that he will receive sealed tenders until Jan.
4,
for refunding bonds, dated July 1, 1935, and maturing on
July 1, 1965
All tenders must be firm for a period of five days subsequent to date of
COLORADO
This
follows:
as
follows from
on
District
1
revenue
Dec. 20.
SANGER, Calif.—BOND SALE—The $50,000 issue of water system
bonds offered for sale on Dec. 7—V. 145, p. 3560—was awarded to E. H.
Rollins & Sons, of San Francisco, according to the
Sept.
JACKSONVILLE, Fla.—CERTIFICATE VALIDATION SOUGHT—
It is now reported that the City Council has requasted the
County Circuit
Court to validate the issuance of the $1,000,000 electric light
completion,
Calif.—MAN¬
HATTAN BEACH SCHOOL BONDS VOTED—The voters of Manhattan
Beach Elementary School District recently approved a proposition to issue
on
'
IDAHO FALLS, Idaho—BOND CALL—It is stated by Lee Walker, City
Clerk, that he is calling for payment as of Jan. 1, a total of $29,500 4%%
coupon refunding bonds, dated Jan. 1, 1928.
Denom. $500.
Bonds are
numbered from 37 to 95,incl.,and are duefromJan. 1,1939 to 1948; redeem¬
able at the option of the city on any int.-payment date prior to
maturity.
Bonds will be redeemed at their face value with accrued int. to Jan. 1, 1938;
cease on that date.
Int. payable J. & J.
Bonds should be presented
for payment in Idaho Falls rather than in New York City.
Place of pay¬
ment is the First Security Bank of Idaho, Idaho Falls branch.
int. to
IDAHO FALLS, Idaho—BOND OFFERING—Sealed bids will be re¬
ceived until 8 p. m. on Dec. 23, by Lee Walker, City Clerk, 1 fl* the pur¬
chase of a $29,500 issue of coupon refunding bonds.
Interest rate is not to
exceed 3%, payable semi-annually.
Denom. $500.
Dated Jan. 1, 1938.
Due on Jan, 1 as follows:
$9,000 in 1940; $10,000, 1941, and $10,500 in
1942.
Bidders shall be required to submit bids specifying (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 such bonds at par.
The bonds will not be sold for less than par
Volume
Financial
145
and'accrued interest.
Prin. and int. payable at the City Treasurer's office.
The city will furnish the bonds and the approving opinion of Pershing, Nye,
Bosworth
&
required to take up
A certified check for 5%, payable to
The purchaser will be
Dick, of Denver.
and pay for the
the city, must
bonds at Idaho Falls.
accompany the bid.
MOSCOW INDEPENDENT SCHOOL DISTRICT NO. 5, CLASS A
(P. O. Moscow), Idaho—BOND OFFERING—Weldon Schimke, District
Clerk, will receive bids until 8 p. m. Jan. 3, for the purchase at not less than
par of 8175,000 coupon bonds.
Bidders are to name rate of interest, not
to exceed 4%.
Denom. 81,000.
Dated Jan. 1, 1938.
Interest payable
Jan. 1 and July 1.
Due semi-annually as follows:
S2.0C0 from July 1,
1938 to Jan. 1, 1945; $3,000 July 1, 1945; $2,000 Jan 1, 1946; $3,000 July 1,
1946; $1,000 Jan. 1, 1947 to Jan. 1, 1948; $6,000 July 1, 1948 to Jan. 1.
1952; $7,000 July 1, 1952; $6,000 Jan. 1, 1953; $7,000 July 1, 1953 and
Jan. 1, 1954; $6,000 July 1, 1954; $7,000 Jan. 1 and July 1, 1955; $8,000
Jan. 1, 1956; $7,000 July 1, 1956 and Jan. 1, 1957; $8,000 July 1, 1957;
and $11,000 Jan. 1,1958.
All bonds maturing after July 1,1955 redeemable
on and after Jan. 1, 1948.
Certified check for 5% of amount of bid, payable
to the District Treasurer, required.
(P. O. Rensselaer), lnd.—BOND SALE—
The $36,000 3%% bonds offered Dec. 4—V. 145, p. 3378—were awarded
to the Fletcher Trust Co. of Indianapolis.
The sale consisted of:
GILLAM
TOWNSHIP
$20,000 school township bonds.
Dated Nov. 1, 1937 and due as follows:
$1,000 on July 1 from 1939 to 1943 incl.; $1,500 on July 1 from
1944 to 1950 incl.; $1,500 on July 1, 1951, and $1,500 on Jan. 1
and July 1, 1952.
16,000 civil township bonds.
Dated Nov. 1, 1937 and due as follows:
$1,500 on Jan. 1 from 1940 to 1944 incl.; $1,000 on Jan. 1 from
1945 to 1948 incl. and $1,500 on Jan. 1 from 1949 to 1951 incl.
JEFFERSON VILLE,
111.—BONDS SOLD—
bonds has been sold to the H. C.
DISTRICT NO. 4,
SCHOOL
Speer & Sons Co. of Chicago.
(The above issue
were
ad been sold
Eurchase bondsto C. $53,000 5% water revenue filtration plant bonds which
and W. McNear & Co. of Chicago, subject to an election
Nov. 24—V. 145, p. 2886—were
approved by the voters at the
election.
FOR INVESTMENT—Ballman &
prices to yield from 2 % to 4.10 %.
an issue of $85,000 4H % coupon water works and sewerage revenue bonds.
Denom. $1,000.
Dated Oct. 1, 1937.
Prin. andsemi-ann. int. (A. & O. 1)
payable at the First National Bank of Chicago.
Due on Oct.,1 as follows:
$1,000, 1939 and 1940; $2,000, 1941 to 1949; $3,000, 1950 to 1956, and
$4,000, 1957 to 1967.
III.—BONDS
OFFERED
Main of Chicago are offering to investors at
111.—BOND
CHATSWORTH,
SALE DETAILS—The $10,000
Chatsworth, as previously
bonds sold to the Citizens' Bank of
street
previously offered Oct. 15, at which time no bids
was
received).
SCHOOL
CITY, lnd.—BOND OFFERING—The Board
10 for the purchase of an
A Federal grant of $257,000
issue of $340,000 high school building bonds.
will complete the total cost of the project.
UNION
SCHOOL
TOWNSHIP
4M%
noted
DISTRICT
(P. O.
Agency),
Iowa—BOND
OFFERING—Madison Warder, Secretary, School Board, will receive bids
until 2 p. m. Dec. 21 for the purchase of $22,000 school building bonds.
Dated Nov. 1, 1937.
Interest payable May 1 and Nov. 1.
Due yearly as
follows: $1,000, 1940 to 1946; $1,500, 1947; $1,000, 1948 and 1949; $1,500,
1950 and 1951; $1,000, 1952; and $1,500, 1953 to 1957.
CHICAGO, 111.—BOND OFFERING—R. B. Upham, City Comptroller,
until 10 a. m. (Central Standard Time) on Dec. 14
purchase of $10,000,000 refunding bonds of 1938.
Dated Jan. 1,
1938.
Denom. $1,000.
Due $1,250,000 on Jan. 1 from 1941 to 1948, incl.
Bidder to name a single rate of int. for all of the bonds, expressed in a
multiple of M of 1 %.
Bonds will be issued in coupon form and registerable
as to prin.
Both prin. and int. (J. & J.) will be payable at the City Treas¬
urer's office, or at the office of the fiscal agent of the City of Chicago in
New York City.
A certified check for $100,000, payable to the order of
the City Comptroller, must accompany each proposal.
Award of the issue
will be made by the City Comptroller subject to authorization and approval
thereof by the City Council at its meeting on Dec. 15.
The bonds will con¬
stitute general obligations of the city, payable from unlimited ad valorem
taxes on all of its taxable property.
Legal opinion of Chapman & Cutler
of Chicago, and engraved bonds to be furnished by the city.
Delivery of
the bonds to be made in Chicago.
Proceeds of the financing will be used
by the city to refund part of the bond principal maturing Jan. 1, 1938
Balance of the payments will be met in cash.
will receive sealed bids
for the
CHICAGO, 111.—SCHOOL BOARD CALLS WARRANTS—The Board
City of Chicago has called for payment tax anticipation
1936 educational fund numbered Ife9493 to E-9559, dated
June 22, 1936, and July 3, 1936, and bearing int. .coupon of 2j^%.
The
amount called is $705,000 principal amount and ,$25,394.48 in interest.
Int. on these warrants will stop Dec. 7, 1937.
In addition, the Board has
called building fund tax anticipation warrants B-4067 to B-4236, bearing
interest coupon of 3% in amount of $170,000 prin. and $1,061.43 int.
Int.
on these warrants will stop Dec. 7, 1937.
of Education of the
BONDS OFFERED
district refunding 4s, is being
The bonds are divided into two
CHICAGO SANITARY DISTRICT, 111—$500,000
PUBLICLY—A block of $500,000 sanitary
of Chicago.
of $400,000 optional on Jan. 1, 1945, and the other of $100,000
optional on Jan. .1, 1947.
The bonds are being offered to yield 3.15% on the $400,000 block to
the optional date and 4% thereafter and 3.20% on the $100,000 block to
the optional date and 4% thereafter.
Because of a demand by institutions, as well as retirements through the
sinking fund, there is reported to be a scarcity of round lots of bonds of
this type, and the offering represents a slight increase in the price of these
groups, one
bonds.
FREEBURG, III.—BOND SALE DETAILS—'The $19,500 Zy2% water
refunding bonds sold to the Municipal Bond Corp., Chicago, as
works
previously noted in these columns—V. 145, p. 3690—were sold at par and
Dec. 1 as follows:
$1,000 from 1938 to 1955 incl. and $1,500 in
1956.
One bond for $500, others $1,000 each.
Dated Dec. 1, 1937, not
Nov. 15, 1937 as previously reported.
Interest payable J. & D. Coupon
mature
with the notice given in these
D. Beh Co. of Des Moines, had
purchased from the Reconstruction Finance Corporation a block of $1,136,000 4% bridge revenue bonds, it is now stated that the sale was not comcolumns
last
that
June,
1954.
The bonds are callable in whole or in part by lot at
$45,000 sewage
MERCER COUNTY (P. O. Aledo),
111.—BONDS SOLD—The $27,000
sold to local
funding bond issue approved at the Nov. 2 election has been
banks. They bear 3% interest and will mature in five years.
NEWTON, 111.—BONDS SOLD—Lewis, Pickett & Co. of Chicago pur¬
bonds. Due $1,000 on Aug. 1 from
chased an issue of $10,000 4% expense
1938 to 1947 incl.
1942; thereafter at 103.00 prior to Feb. 1,
CHESTERTON,
1, 1951; thereafter at
Prin. and int.(F.&A.)
payable at the Chase National Bank, New York. The bonds are secured
by a specific pledge of the net revenues of the Davenport Bridge.
par to
GREEN
lnd.—BOND OFFERING—The Town Clerk will re¬
Dec. 24 for the purchase of an issue of $6,000 bonds.
lnd .—BOND
OFFERING—Ada Martin, City Clerkbids until 3p.m. Dec. 29 for the purchase of $50,000
Bidders are to name rate of interest, in a multiple of
DECATUR,
aid bonds.
M%, but not to exceed 4H%.
Denom. $500.
Dated Jan. 1, 1938.
payable Jan. 1 and July 1.
Due each six months as follows:
$1,000 July 1, 1939, and Jan. 1, 1940; $1,500 July 1, 1940 and Jan. 1, 1941;
$500 July 1, 1941; $1,500 Jan. 1, 1942 to Jan. 1, 1948, and $2,000 July 1,
1948 to Jan. 1, 1954.
Certified check for $1,000, payable to the city, re¬
quired.
Approving opinion of Matson, Ross, McCord & Clifford of In¬
dianapolis will be furnished by the city.
Interest
lnd.—BOND OFFERING—li. E. Mumma,
will receive bids until 2p.m. Dec. 29 for the
DECATUR SCHOOL CITY,
Secretary, Board of Trustees,
purchase of $90,000 school building bonds.
Bidders are to name rate of
interest, in a multiple of )4% but not to exceed 4Vi%.
Denom. $500.
Dated Jan. 1, 1938.
Interest payable Jan. 1 and July 1.
Due each six
months as follows: $1,500 July 1,1939 and Jan. 1, 1940; $2,500 July 1, 1940;
$2,000 on Jan. 1 and $2,500 on July 1 in each of the years from 1941 to
1956, and $2,500 from Jan. 1, 1957 to Jan. 1, 1959.
Certified, check for
$2,000, payable to the School City, required.
Af&roving opinion of Matson, Ross, McCord & Clifford of Indianapolis will be furnished by the
School City.
FRANKLIN SCHOOL CITY (P. O.
Franklin), lnd.—BOND SALE—
$93,000 high school addition bonds offered on Dec. 6—V. 145, p. 3531—
awarded to Paine, Webber & Co. of Chicago as 2Mb, at par plus a
premium of $161, equal to 100.173, a basis of about 2.73%. Dated Nov. 15,
1937.
Due Jan. 1 as follows: $3,000, 1940 to 1945; $4,000, 1946 to 1952;
$5,000, £p3 to 1959; and $6,000 in 1960 and 1961. The Union Trust Co. of
Indianapolis bid a premium of $1,089 for 3% bonds.
,
»
The
were
Other bidsr—
Bidder—Int. Rate
Fletcher TrustCo
3%
Kenneth S. Johnson
3%
—
City Securities
Corp
A.S.Huyck&Co
McNurlen & Huncilman
LEVEE
ISLAND
DISTRICT (P. O.
RFC—The Supervisors have issued
Finance Corporation.
DRAINAGE
AND
Bellevue), Iowa—BONDS SOLD TO
$112,500 bonds to the Reconstruction
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
Iowa—MATURITY—It is now reported by the District
GRANDVIEW
Grandview),
Secretary that the $35,000 refunding bonds purchased by
Beh Co. of Des Moines as 2%s at 100.36, as noted here
the Carleton D.
in November—
145, p. 3042—are due as follows: $1,000 June 1 and Dec. 1, 1938 to 1943;
$1,000 June 1 and $2,000 Dec. 1,1944 to 1948, and $2,000 June 1 and Dec. 1
in 1949 and 1950, giving a basis of about 2.70%.
V.
IOWA
CITY,
Iowa—BOND OFFERING—E. B. Raymond, City
bids until Dec. 22 on an issue of $15,052.99 street
Treasurer, will receive
improvement bonds.
LAKE PARK, Iowa—BONDS VOTED—At a recent election the voters
approved a proposition to issue $13,000 water treatment plant bonds.
LEE COUNTY (P. O. Fort Madison),
Iowa—BOND SALE—The
$70,000 issue of funding bonds offered for sale on Dec. 7—V. 145, p. 3690—
was awarded to the White-Phillips Corp. of Davenport, as 2^s, paying a
premium of $82, equal to 100.117, according to the County Auditor.
The bonds are coupon bonds bearing date of Jan. 3, 1938.
Interest will
be payable semi-annually in May and November.
Due $19,000 in 1944,
$30,000 in 1945 and $16,000 in 1946.
INDEPENDENT
SCHOOL
DISTRICT
O.
(P.
Millersburg), Iowa—BOND OFFERING—It is reported by Charles H.
Schaffner, Secretary of the Board of Directors, that he will receive bids
until Dec. 22, at 2 p. m., for the purchase of a $12,000 issue of coupon
school bonds.
Dated Dec. 1, 1937.
Due as follows: $500, 1939 to 1941;
$1,000, 1942 to 1944, and $1,500 in 1945 to 1950.
The district will furnish
the bonds and the legal opinion, we understand.
DETAILS—In connection
scheduled for Jan. 3, of the $40,000 issue of not to exceed
MORNING SUN, Iowa—BOND OFFERING
with the offering
distribution system revenue
3690—it is reported by E. J.
although the bonds mature from 1940 to 1952, as
already stated, the last $20,000 bonds maturing may be called after 1942,
in the inverse order of their maturity.
The bonds are not to be in any
manner payable by taxation or secured therefor, but to be payable solely
from and out of future net revenue of the Municipal Electric Light and Power
Generating and Distribution System.
(These bonds were offered for sale on Nov. 29, without success).
Walsh, Town Clerk, that
Treasurer, will receive
school
1945; thereafter at 102.00 prior
1, 1948; thereafter at 101.00 prior to Feb.
maturity, plus accrued interest in each case.
Feb.
to
6% electric light and power, generating and
bonds, noted in our issue of Dec. 4—V. 145, p.
INDIANA
ceive bids until noon
the option of the
Commission, on any interest payment date, on 30 days' published notice
at 105.00 if called prior to Feb. 1, 1939; thereafter at 104.00 prior to Feb. 1,
MILLERSBURG
ELECTION—The City Council has set
which a proposition to issue
disposal plant bonds will be submitted to a vote.
111.—BOND
the date of a special election at
the Carleton
filetedof Toledo.bonds were$1,000. Dated Feb. Stranahan,Due on Feb. 1,
and the Denom. purchased later by 1, 1934.
Harris & Co.,
nc.,
form.
as
Davenport) Iowa—
DAVENPORT BRIDGE COMMISSION (P. O.
DETAILS ON BOND SALE—In connection
warrants of the
offered by The Illinois Co.
SCHOOL
AGENCY
bonds, interest payable J. & J.
11
lnd.—BOND
sealed bids
IOWA
these columns—V. 145, p. 3690—were issued at a price of about 103,
are dated Jan.
1, 1938, and mature in 1949.
Denom. $1,000.
Coupon
HOOPESTON,
Fort Branch),
the purchase of $34,000 not to exceed 4%
Dated Sept. 1, 1937.
Denom. $500 and
$650.
Due as follows:
$1,150 July 1, 1938; $1,150 on Jan. 1 and July 1
from 1939 to 1951 incl.; $1,150 Jan. 1 and $1,800 July 1, 1952.
Bidder
to name one rate of interest, expressed in a multiple of y of 1%.
Interest
payable J. & J.
A certified check for $500, payable to the order of the
township, must accompany each proposal.
The bonds are direct obliga¬
tions of the township, payable from unlimited ad valorem taxes on all of
its taxable property.
The township will furnish at its own expense the
approving legal opinion of Matson, Ross, McCord & Clifford of Indianapolis.
No conditional bids will be considered.
Bonds will be ready for delivery
within 12 days after the award.
until 7 p. m. on Dec. 30 for
interest school building bonds.
in
Jan.
(P. O.
OFFERING—James D. Foster, Township Trustee, will receive
CARLINVILLE, 111.—BONDS VOTED—The $217,000 4% water revenue
CASEY,
Kennedy,
able at the office of the Clerk-Treasurer.
RICHMOND
BARRINGTON
A.
OFFERING—John
lnd.—BOND
Clerk-Treasurer of the City, will receive sealed bids until 2 p. m. on Dec. 21
for the purchase of $67,436.30 4H% judgment funding bonds.
One bond
for $436.30, others $500 each.
Due 10 bonds annually on Jan. 1, the
initial payment being made Jan. 1, 1939.
Interest payable (J. & J). Pay¬
of Education will receive sealed bids until Jan.
ILLINOIS
An issue of $30,000 judgment funding
3849
Chronicle
3%
3 3d %
3 3d %
'Premium.
$1,007.00
558.00
511.00
1,395.00
401.50
INDEPENDENT
MUSCATINE
SCHOOL DISTRICT (P.
catine), Iowa—BOND OFFERING DETAILS—In connection
offering scheduled for 2 p. m. on Dec. 15, of the $280,000 not
O.
Mus-
with the
to exceed
4% semi-ann. high school building bonds, noted in these columns re¬
cently—V. 145, p. 3690—it is stated by Paul Geibel, Secretary of the Board
of School Directors, that both sealed and auction bids will be received. Due
on Jan. 1 as follows: $24,000, 1947; $25,000, 1948; $26,000, 1949; $27,000,
1950; $28,000, 1951 and 1952; $29,000, 1953; $30,000, 1954; $31,000, 1955;
and $32,000 in 1956.
Prin. and int. payable at the office of the School
Treasurer.
A certified check for 3% or the issue must accompany the bid.
It is stated that the bonds of the 1945 and 1946 maturities, in the amount
of $24,000, retired by purchase during the past three years with money
accumulated in the sinking fund.
SIOUX CITY, Iowa—BOND OFFERING—On
the City Council
the afternoon of Jan. 5
will offer for sale an issue of $100,000 airport
bonds.
CITY, Iowa—BONDS OFFERED FOR INVESTMENT—In
addition to the $113,000 improvement and paved roadway
bonds reoffered by Brown Harriman & Co., Inc., and the Wachob-Bender Corp.
of Omaha, as noted in our issue of Dec. 4—V. 145, p. 3691—an issue of
$300,000 2M% flood prevention bonds is being offered by Edward B.
Smith & Co. of New York and the Polk-Peterson Corp. of Des Moines
for public supscription priced to yield 0.90% to 2.25% for maturities to
1950, with the maturities from 1951 to 1953 priced at 99.50.
SIOUX
LIST OF BIDS—The following is an official tabulation of the tender8
received for the four issues of bonds aggregating $445,591.32, that were
awarded on Dec. 1, as noted in detail in our issue of Dec. 4:
For $300,000
2 X% Flood Protection Bonds
Premium
Smith Co. and Polk-Peterson Corp
Central Republic Co., Chicago..
*
Edward B.
$35
20
Financial
3850
For 2Bonds
Edward
Smith
B.
Topeka, paying
Co. and Folk-Peterson Corp
Central Republic Co
Iowa Des Moines Nat'l Bank;
White Phillips Corp
Wachob-Bender Corp.; Brown
Chronicle
5,975
5,970
----
Harris Trust & Savings Bank, and
as
Dec.
premium of $516,
Harriman Co., and F. S. Moseley Co.
3.290
Bancamerica-Blair Corp
First National Bank, Chicago
Haisey, Stuart & Co.
Shaw, McDermott & Sparks, Inc.; Mercantile Commerce Bank &
Trust Co., and Stern Bros. & Co
.....
400
.
For
2%% Bonds
*
Central Republic Co......——.to.*.....—.,.,..—.....
Brown Harriman Co..
Wachob-Bender and
Polk-Peterson and E. B. Smith Co
Bancamerica-Blair Corp—
5,900
Haisey. Sruart&Co___._.._..—6,400
First National Bank, Chicago..5,300
Iowa Des Moines National Bank and. others....................
5,200
For 3 % Bonds
...........to.5,200
5,100
...^.
6,000
Polk-Peterson Corp
.....to.............
,4,500...
Bancam erica-Blair Corp
4,200
Haisey, Stuart & Co..i..................—....
4,100
First National Bank, Chicago
4,000
Iowa Des Moines National Bank___.__.__.__.-.—...— _.;—3,000
Central Republic Co
2,000
........—.
.—........
Shaw, McDermott & Sparks and others..............i..
..................
—*
KENTUCKY
FAYETTE
COUNTY
(P. O. Lexington), Ky.—BOND SALE—The
$150 000 issue of coupon school building revenue bonds offered for sale
Dec. 2—V. 145, p. 3532—was purchased jointly by W. L. Lyons &
Co. of Louisville and J. D. Van Hooser & Co. of Lexington as 3%s, at par,
according to D. Y. Dunn, Superintendent of Schools. Due from March 15.
1939 to 1956 incl.
HAWESVILLE
ville),
PUBLIC SCHOOL CORPORATION (P. O. HawesPUBLICLY OFFERED—An $18,000 issue of 4%
being offered by W. L. Lyons & Co. of
Ky.—BONDS
semi-ann. first mortgage bonds is
Louisville_, for public subscription.
Due
...
■
$88,000 Bonds at 2*A%
Wachob-Bender Co. and Brown Harriman Co
25
....
2%% Bonds
Wachob-Bender Co
.
.....
FORT
MITCHELL
(P.
Iowa Des Moines National Bank
For
Iowa Des Moines National
Wachob-Bender Co.—
...
.
'
2M % Bonds
,
'
'•
NEW
175
150
;
Bell
LOUISIANA
Shaw, McDermott & Sparks
4% bonds
4J4% bonds
Carleton D. Beh__
Successful bidders.
the
$10,500 town bonds approved by the voters on June 29, as noted in these
columns at the time, were awarded on Dec. 1 to the Carleton D. Beh Co.
as
3 Y\s,
Dec.
paying
premium of $15, equal to 100.14.
The
$500, 1939 to 1945
$1,000, 1946
$500, 1947 to 1949 $1,000, 1950 $500, 1951
$1,000, 1952 $500. 1953
$1,000, 1954, and $500 in 1955, giving a basis of about 3.235%.
bonds
mature
on
1
a
follows:
as
VINTON INDEPENDENT SCHOOL DISTRICT (P. O.
Vinton),
Iowa—BOND SALE—The $50,000 school bonds offered on Dec. 7—V.
145, p. 3691—were awarded to the State Bank of Vinton as 2%b at par
Slus a1, 1937. Due eachequal to 1C1.62,follows: of about Nov. 1, 1947 to
premium of $810, six months
a basis $5,000, 2.60%. Dated
Fov.
as
May 1, 1952.
WATERLOO,
Iowa—BOND OFFERING—Knapp F. Matthews,
City
Clerk, will receive bids until 8 p. m. Dec. 13 for the purchase of $8,233.28
sewer
bonds.
-■■.;>
,
COUNTY
O.
(P.
Eldorado),
Kan.—BOND
SALE—The
county recently sold an issue of $14,000 2H% emergency relief bonds
to the Baum, Bernheimer Co. of Kansas
City at a price of 101.764.
Due
in three years.
HADDAM CITY, Kan.—BOND OFFERING—Mrs. Fern T. Fencl*
City Clerk, will receive bids until 2 p. m. Dec. 13 for the purchase or
$30,000 general obligation water works bonds.
Bids are to be based on
12, 14 and 20-year retirement plans.
KANSAS CITY, Kan.—BONDS SOLD— It is stated
by Howard Payne,
City Clerk, that $116,054 2A% general improvement bonds were pur¬
chased by the City Bank & Trust Co. of Kansas City on Dec.
7, paying
a premium of
$2,185.30, equal to 101.88, a basis of about 2.14%.
Denom.
$1,000, one for $1,054.
Dated Dec. 1, 1937.
Due on Dec. 1 as follows:
$11,054 in 1938-$11,000 In 1939 to 1941, and $12,000, 1942 to 1947.
Prin.
and int. (J. & D.) payable at the office of the State Treasurer.
Legality
to be approved by
Bowersock, Fizzell & Rhodes of Kansas City.
These
bonds are said to be direct general obligations of the entire
city.
The next bid is reported to have been an offer of
101.76, submitted by
the Harris Trust & Savings Bank of Chicago.
ST.
FRANCIS, Kan.—BONDS SOLD—It
City Clerk, that the $30,000
noted in
these columns—V.
power
145
p.
croft, Cole & Co. of Topeka.
The bonds
are
is stated
by Robert Cram,
plant bonds authorized recently, as
3691—have been purchased by Bee-
bonds, bearing interest at 3 K % •
Denom. $1,000.
Interest payable Feb. 1 and Aug. 1.
Due serially
coupon
Dated Nov. 1, 1937.
for 10 years.
SHAWNEE COUNTY (P. O.
Topeka), Kan.—BOND OFFERING—
J. G. Davis, County Clerk, will receive bids until
10 a. m. Dec. 17 for the
purchase of $25,000 234% public works relief bonds.
Denom. $500.
Dated Dec. 15, 1937.
Interest payable Jan. 1 and July 1.
Due July 1
as
follows: $2,500, 1939 to 1942, and
$3,000, 1943 to 1947.
Certified
check for 2% of amount of bid,
required.
WHITE
CLOUD, Kan.—BOND OFFERING—E.
is calling for bids
on an
improvement bonds.
issue of $13,300
W. Rose, City Clerk,
3% general obligation serial street
Due serially for 20 years.
$
Dec. 6—V. 145, p. 3691—were awarded to
8. Moseley & Co.
of Boston on a bid of 101.039, a basis of
about 2.05%.
Dated Dec. 1.
1937.
Due as follows: $14,000, 1938 to
1944, and $15,000. 1945 to 1947.
The remaining $72,268.71 bonds offered
at the same time were awarded
to the Harris Trust &
Savings Bank of Chicago at 101.837, a basis of
about 2.15%.
These bonds are divided into two
issues, as follows:
$18,000 park, series 437, 234% bonds.
Dated Nov. 1, 1937.
Due on
Nov. 1 as follows: $2,000, 1938 to
1945, and $1,000 in 1946 and
and sewer,
series
438,
234%
bonds.
&DKKi94r»s.,5'26§-71 in
WICHITA
Dated
Nov.
1
i938; ?5'°°°'1939
SCHOOL
DISTRICT, Kan.—BONDS VOTED—At the
Dec. 7 the proposition calling for the
issuance of $688,314 school
building bonds was approved by the voters.
election
on
WILSON
COUNTY
(P.
O.
Fredonla), Kan .—BOND OFFERING—
W. D. McGinnls
County Clerk, will receive bids until Dec.
13 on an
issue of $9,500 234% unemployment relief bonds.
Dated Nov. 1. 1937.
Due serially for 10 years, beginning Feb.
1, 1939.
Certified check for
2% of amount of bid required.
WINFIELD, Kan.—BOND SALE—The two issues of bonds,
aggregat¬
ing $140,000, offered for sale on Dec. 7—V. 145,'
p. 3691—were awarded
jointly to the Harris Trust & Savings Bank, of
Chicago, and Estes & Co. of
PARISH SCHOOL DISTRICT NO.
1, Fifth Police
Jury Ward (P. O. Ville Platte), La.—BOND SALE—The $12,000 issue
of school bonds offered for sale on Nov. 23—V.
145, p. 3043—was pur¬
chased by the Evangeline Bank & Trust Co. of Ville
Platte, as 5s, at par,
according to the Secretary of the
Due from July 1, 1939 to 1943.
School
JENNINGS, La.—BONDS VOTED—At
V.
145,
p.
exceed 6%
Board.
Dated
the election held
Oct.
1,
1937.
Nov. 30—
on
3043—the voters approved the issuance of the $10,000 in not to
fire department bonds.
Due in from one to four years.
NEW ORLEANS, La.—BOND CALL—It is stated
by Horace P. Phillips,
Secretary of the Board of Liquidation, that the 10th allotment of New
Public Improvement bonds bearing
4% interest, consisting of 725 bonds of
$1,000 each, dated Jan. 1, 1907, maturing on Jan. 1, 1942, will be
payable
on Jan. 1, 1938, on which date interest shall
cease.
ADDITIONAL BOND CALLS—It is also stated
the 12th allotment of Constituional bonds
bearing
by Mr. Phillips that
4% interest, consisting of
He also reports that 15 Court House bonds will be
paid on Jan. 1, 1938,
in accordance with Section 8 of Act No.
96, of 1904.
The following 4% bonds have been called but not
presented for payment
as
yet:
Constitutional, 23 bonds of $1,000, and 3 bonds of $500, called
1937.
on
Jan. 1,
Constitutional, 10 bonds of $1,000 each, called on Jan. 1, 1936.
Constitutional, 5 bonds of $1,000 each, called on Jan. 1, 1935.
Constitutional, 1 bond of $1,000, called on Jan. 1, 1928.
New Public Improvement, 4 bonds of $1,000
each, called on Jan. 1,1937.
New Public Improvement, 2 bonds of
$1,000 each, called on Jan. 1,1935.
SPRING HILL, La.—BOND ELECTION—At an election to be
held
Dec. 28 the voters of Spring Hill will decide the
question of
sewer
issuing $100,000
system extension bonds.
LITTLE BAYOU GRAVITY DRAINAGE DISTRICT
NO. 1
(P. O.
New Iberia), La.—MATURITY—It is now
reported by the Attorney
for the District that the $35,000
5% semi-ann. drainage bonds sold to the
New Iberia National Bank, at a
price of 100.47, as noted in these columns
in October—V. 145, p. 2725—are due on
to
to
Sept. 15 as follows: $1,000, 1938
1941; $1,500, 1942 to 1947; $2,000, 1948 to 1953, and $2,500 from 1954
1957, giving a basis of about 4.95%.
WEST MONROE, La.—BONDS OFFERED TO PUBLIC—The
$25,000
extension bonds offered on Sept.
29, without success, as noted in these
columns at the time—V. 145, p. 2265—are
being offered by Weil & Co.,
sewer
Inc., of New Orleans, as 6s, at prices to yield from 4.00 to 5.50%, according
maturity.
Dated Oct. 1,1937.
Denom. $500.
Due $2,500 from Oct. 1,
1938 to 1947, incl.
Prin. and int. A. & O. payable at the National Bank of
Commerce in New Orleans.
Legality approved by Chapman & Cutler of
Chicago.
to
MARYLAND
ANNE ARUNDEL COUNTY (P. O.
Annapolis), Md.—REDUCES
GENERAL TAX RATE—County Commissioners have set the
general tax
rate for 1938 at 56 cents on the
$100, a reduction of 12 cents from this year's
assessment.
The school tax for next year, however, was increased three
cents
WICHITA, Kan.—BOND SALE—The $143,000 234% refunding bonds
on
offered
54,268.71 paving
La.—BOND ELECTION—An election is to be held Dec. 28
at which the voters of the town will be asked to
approve the issuance of
$10,500 water works bonds and $4,500 street improvement bonds.
632 bonds of $1,000 each, and 136 bonds of $500
each, dated July 1, 1892,
maturing on July 1, 1942, will be payable on Jan. 1, 1938, on which date
Interest ceases.
KANSAS
BUTLER
ERATH.
EVANGELINE
VAIL, Iowa—BONDS SOLD—It is stated by the Town Clerk that
of Des Moines
Raymond 5409
125
Par
Par for
*
BANK
ORLEANS, LA.
Teletype N. O. 182
For 32,591 Street Improvement Bonds
*
Department
WHITNEY NATIONAL
.
Bank..............................
Vieth, Duncan & Wood
Shaw, McDermott & Sparks
Bond
110
..........
,
BONDS
—
MUNICIPALS
120
.......
..........
Ky.
Offerings Wanted:
130
125
Shaw, McDermott & Sparks.i
Covington),
LOUISIANA & MISSISSIPPI
For ]$25,000 Bonds at 2%
*
Wachob-Bender and Brown Harriman Co
Bancam erica-Blair Co._._!_„........ ................. ..........
O.
for public subscription at prices to
yield from 2.25 to 3.15%, according to
maturity.
Dated Nov. 1, 1937.
Due on Nov. 1 as follows: $1,000, 1938
to 1944; $2,000, 1945 and 1946, and $2,500 in 1947.
Legality approved
by Peck, Shaffer & Williams, of Cincinnati.
375
,
,
^
SOUTH
PUBLICLY OFFERED—An issue of $13,500 4%
city hall and fire house
bonds is being offered by Charles A. Hinsch &
Co., Inc., of Cincinnati,
1,660
1,650
—1,475
Shaw, McDermott & Sparks
Iowa Des Moines Nat'l Bank
Yieth Duncan & Wood
Dated Nov. 1, 1937.
IRVINGTON, Ky.—BONDS VOTED—At an election held on Nov. 30
voters are said
to have approved the issuance of $21,000 in school
building bonds, to be used in connection with a Public Works Administra¬
tion grant.
Due in 18 years.
—
For
Denom. $1,000.
May 1
on
the
......
*
are
'
In 1943.
Toy Nat'l Bank, Sioux City; First Michigan Corp., and Northern
For
issues
as follows:
$3,000, 1939 to 1941; $4,000 in 1942, and $5,000
It is said that the legality of the bonds has been approved by the
State Court of Appeals, and Woodward, Dawson & Hobson, of Louisville.
■
■Trust Co..
Vieth Duncan & Wood_
11. 1931
The
on
5,800
5,700
5,600
5,500
!
Shaw, McDermott & Sparks and others
100.368.
to
$45,000 incinerator improvement bonds.
Due $4,000 from Dec. 1, 1938 to
1942, and $5,000 from 1943 to 1947.
'F
95,000 sewage disposal works Improvement bonds.
Due $9,000 from 1938
to 1942, and $10,000 from 1943 to 1947.
3.045
2,360
1,400
-
equal
,
4,250
-
divided
a
follows:
to
89 cents..
Road tax rates
made in five district fire rates.
The general county and school
were
unchanged but minor
cuts were,
*
tax rates
paid by all of the eight
country districts, but road and fire protection rates vary in the districts.
The general tax assessment boosted the assessable basis of the
county by
$3,498,836 to $54,779,182.
for salary increases.
are
The Commisisioners turned down all requests
MARYLAND (State of)—ROADS COMMISSION REPORTS SURPLUS
—The Maryland Roads Commission ended its fiscal
year 1937, with a cash
balance of $2,630,225 in all road funds and a book
balance, figuring in rev¬
enue yet to be realized and
deducting obligations yet to be paid, of $5,942,-
750, according to report of William A. Codd, chief auditor fof the Commis¬
sion.
MONTGOMERY COUNTY (P. O. Rockville), Md.—BOND SALE—
John Nuveen & Co. of Chicago recently purchased an issue of
$203,500 3 A %
a price or par.
Due Jan. 1 as follows: $20,000 from 1943
to 1951 incl. and $23,500 in 1952.
refunding bonds at
SALISBURY, Md.—BOND SALE—The $50,000 sewer and drain bonds
on Dec. 6—V. 145,
p. 3532—were awarded to Dougherty, Corkran
offered
& Co. of
Philadelphia
Dated Dec. 1,1937.
Other bids:
Bidder—
W. W. Lanahan & Co
Mackubin, Legg & Co
Alex. Brown & Sons
on a bid of 100.26 for 2££s, a basis of about
2.72%.
Due serially on Dec. 1 from 1938 to 1957.
Int. Rate
3%
3%
3%
Rate Bid
101.499
101.279
100.351
Volume
Financial
145
3851
Chronicle
under the supervision of The
These notes will be engraved
MASSACHUSETTS
The
BEVERLY, Mass.—NOTE SALE— The $200,000 revenue anticipation
offered on Dec. 8—V. 145, p. 3692—were awarded to the Beverly
National Bank on a .20% discount basis.
Dated Dec. 8, 1937 and payable
Sept. 20, 1938.
The Boston Safe Deposit & Trust Co. bid .21% discount,
notes
plus $7 premium.
■''■;"■■■.
Other bids:
Bidder—
.
V-V.,/-;.
%;■:
New England Trust Co. and Wrenn
Second National Bank, Boston
Brothers & Co., Boston,
Whiting, Weeks & Knowles, Boston
First National Bank, Boston
Merchants National Bank, Boston
Beverly Trust Co
Chace, Whiteside & Co., Boston
The First Boston Corp., Boston
Salomon Bros. & Hutzler, Boston_
will certify that the notes are
of the municipal council, the
ments will be made for
Discount
0.597%
0.63%
Wrenn Bros. & Co
— 0.66%
Bancamerica-Blair Corp
0.71%
Frederick M. Swan & Co-.-*-—
0.78%
EAST
BRIDGE WATER,
Mass.—NOTE SALE—'The Bridgewater
Trust Co. purchased on Dec. 7 an issue of $30,000 revenue notes at 0.42%
Bidder—
"
•
.
'
\]-N:
■
_ . _ _
■■■Chace, Whiteside &
-
',
Due Nov. 15, 1938.
discount.
'
tax
tax
1937, $155,491.62.
TEMPLETON, Mass.—NOTE SALE— The Merchants National Bank
was awarded Dec. 3 an issue of $25,000 notes at 0.46% discount.
$25,000 Nov. 5 and $25,000 Nov. 26, 1938.
Other bids were as
of Boston
Due
V^:?:
Discount
'
Bidder—
First Boston Corp
0.48%
0.528%
,
Second N ational Bank of Boston
$100,000 revenue antici¬
Mass.—NOTE SALE—The
WESTFIELD,
pation notes offered on Dec. 8 were awarded to tne New England Trust Co.
of Boston on a .20% discount basis, plus a $2 premium.
Dated Dec. 8,
1937 and payable March 15, 1938.
The First National Bank of Boston,
next best bidder, offered to take the notes on a .22% basis.
WORCESTER, Mass.—NOTE SALE—The
pation notes offered on Dec. 8 were awarded to
of Boston on a .187% discount basis.
Dated
Aug. 19,1938.
$13,000 coupon relief
M. Swan & Co. of
Dated Dec. 15,
$3,000 in 1938, and $2,000 from 1939 to
offered on Dec. 7 were awarded to Frederick
Boston on a bid of 100.279 for 1 Ms. a basis of about 1.42%.
19376
7, 1937, $340,621.78.
7,
$400,000 revenue antici¬
the Second National Baok
Dec. 9, 1937 and payabie
Mass.—NOTE SALE—The
EASTHAMPTON,
notes
1937.
these notes in New York.
the payment of
levy, $1,249,742.85; uncollected Dec.
levy, $1,439,552.79; uncollected Dec.
Total uncollected taxes prior to 1936, $15,921.81.
1937
1936
follows:
$20,000
these
Bank
BURLINGTON (P. O. Wobum), Mass.—PURCHASER—The
on Nov. 23 at 0.58% discount, as previously reported in
columns—V. 145, p. 3692—were taken by the Merchants National
of Boston.
Due July 30, 1938.
Other bids were as follows:
Second National Bank of Boston
with The First National
about Dec. 15, at The First National Bank
of Boston, 17 Court Street office, Boston, for Boston funds, and are payable
in Boston at maturity. Upon written request to the City Treasurer, arrange¬
0.40%
—_
the signatures and
issued by virtue and in pursuance of an order
validity of which order has been appro vedj>y
Storey, Thorndike, Palmer & Dodge of Boston.
The legal papers incident to this issue will be filed
Bank of Boston, where they may be inspected.
0.305%
notes sold
Bank of Boston will guarantee
National
Notes will be delivered on or
•
v-r
Bate
jointly 0.228%
0.234%
0.24%
0.245%
0.25%
0.25%
0.25%
,
First
First Nationa
>'■
Bank of Boston.
Due Dec. 15 as follows:
Buy for Our Own Account
We
1943.
MICHIGAN MUNICIPALS
;
EVERETT, Mass.—BOND OFFERING—Emil W. Lundgren, Acting
City Treasurer, will receive bids until 11 a. m. Dec. 15 for the purchase
of the following coupon bonds:
$92,000 municipal relief loan bonds.
Due $10,000 yearly on Dec. 1
1938 to 1946; and $2,000 Dec. 1, 1947.
30,000 water mains bonds.
Due $2,000 yearly on Dec. 1 from 1938 to
at
not less than par
Cray, McFawn & Company
from
DETROIT
1952.
Bidders
are
to
name
rate of interest,
Dated Dec. 1, 1937.
Principal and semi-annual interest (June 1
and Dec. 1) payable at the National Shawmut Bank of Boston, in Boston.
The bonds are engraved under the supervision of and authenticated as to
genuiness by the National Shawmut Bank of Boston; their legality will be
approved by Ropes, Gray, Boyd en & Perkins, whose opinion will be furn¬
ished the purchaser.
All legal papers incident to the issue will be filed with
that bank, where they may be inspected.
Delivery will be made at the
National Shawmut Bank of Boston, 40 Water Street, Boston.
A. T. T. Tel.
Telephone CHerry 6818
Denom.
in a multiple of
DET 347
$1,000.
GLOUCESTER, Mass.—NOTE SALE— The $300,000 revenue anticipa¬
Dec. 10 were awarded to the Cape Ann National Bank
0.188% discount basis.
The notes are payable Nov. 15,
1938.
The Boston Safe Deposit & Trust Co. bid 0.20% discount, plus
$15 premium.
.
tion notes offered on
of Gloucester on a
OFFERING—Gertrude A. Barrows, City
purchase at not
are to specify
rate of interest, in a multiple of fi%.
Denom. $1,000. Dated Dec. 1,
1937.
Principal and semi-annual interest (June 1 and Dec. 1) payable at
the National Shawmut Bank of Boston, in Boston.
Due $5,000 yearly
on Dec. 1 from 1938 to 1947.
The bonds are engraved under the super¬
vision of and certified as to genuineness by the National Shawmut Bank
of Boston; their legality will be approved by Storey, Thorndike, Palmer &
Dodge, whose opinion will be furnished the purchaser.
All legal papers
Incident to the issue will be filed with that bank, where they may be in¬
spected.
Delivery will be made at the National Shawmut Bank of Bos¬
HAVERHILL, Mass .—BOND
Treasurer, will receive bids until 11 a. m. Dec. 17 for the
less than par of $50,000 municipal relief loan bonds.
Bidders
ton, 40
Water Street, Boston.
LAWRENCE, Ma us.—BOND OFFERING—William A. Kelleher, City
Treasurer, will receive bids until noon Dec. 14 for the purchase at not less
than par of $70,000 coupon municipal relief loan bonds.
Bidders are to
name rate of interest, in a multiple of M %.
Denom. $1,000. Dated Dec. 1,
1937.
Principal and semi-annual interest (.June 1 and Dec. 1) payable at
the Second National Bank of Boston, or at the City Treasurer's office, at
holder's option.
Due $7,000 yearly on Dec. 1 from 1938 to 1947 incl.
These bonds are exempt from taxation in Massachusetts and will be en¬
graved under the suprevision of and certified as to genuineness by the
Second National Bank of Boston; their legality will be approved by Ropes,
Gray, Boyden & Perkins, whose opinion will be furnished the purchaser.
All legal papers incident to this issue will be filed with said bank, where
they may be inspected.
These bonds will be delivered to the purchaser at the Second National
Bank of Boston, 111 Franklin St., Boston, on or about Dec. 24. •
Financial
Year
—
1935
_
Information Dec. 7, 1937
Tax Rate
$36.80
Assessed Valuation
$89,284,975
98,010,250
98,788,725
—
$207,611; tax
Total bonded debt.-—
Present issue.-—i
Tax titles held,
Tax Levy Uncollected Taxes
$3,333,439
$723,779
44,230
113
37.60
3,735,275
37.60
3,736,059
title loans (net), $100,475.
$3,069,165
70,000
—
—
$3,139,165
Less water debt
------
---------
498,500
—
$2,640,665
Net debt--...--------
Population, 1935, 86,785.
LYNN, Mass.—BOND SALE—The $75,000 coupon, fully registerable,
municipal relief loan bonds offered on Dec. 7—V. 145, p. 3692—were
awarded to F. S. Moseley & Co. of Boston on a bid of 100.0199 for 0.75%
bonds, a basis of about 0.74%.
Dated Dec. 1,1937.
1938 and $35,000 Dec. 1, 1939.
Goldman, Sachs
100.361 for 1% bonds.
OTHER
Due $40,000, Dec. 1,
& Co. of Boston bid
BIDS—
Bidder—For
Rate Bid
100.06 "■ ■
100.096
100.08
1%Bonds—
Jackson & Curtis—
______-..
Salomon Bros. & Hutzler..
Newton, Abbe & Co
—
100.05
100.17
Whiting, Weeks & Knowles
Burr & Co
Halsey, Stuart & Co., Inc....
; —100.066
•
Tyler <fc Co..
—
First National Bank of Boston——
_
—
-
First Boston Corp._._._-.--_-——
R. L. Day & Co...
For 1
------
>.,-100.211
100.179
.100.219 '
100.13
}4 % Bonds—
100.3248
100.066
SHREWSBURY, Mass.—NOTE SALE—Award of the $100,000 revenue
notes offered Dec. 6 and due $50,000 each on Sept. 1 and Oct. 1, 1938,
was divided between the Merchants National Bank of Boston and Second
National Bank of Boston, as each institution bid a rate of 0.25% discount.
Harris Trust & Savings
Chace, WThiteside & Co.,
Bank of New York
and E. H. Rollins &
——
Sons..
Other offers were:
Discount
Bidder—
0.274%
0.339%
0.36%
Frederick M. Swan & Co
0.38%
Bancamerica-Blair Corp
—
0.421%
Wrenn Bros. & Co
0.47%
TAUNTON,
Mass .—NOTE
OFFERING— Lewis A. Hodges, City
Treasurer, will receive bids until 11 a. m. Dec. 14 for the purchase at dis¬
count of $200,000 revenue anticipation temporary loan notes, dated Dec. 15,
1937 and payable $100,000 on each of the dates Aug. 3 and Sept. 1, 1938.
The notes will be in the following denominations:
two at $25,000, four at
Chace, Whiteside & Co
Worcester County Trust Co
Jackson & Curtis
$10,000 and two at $5,000.
—
MICHIGAN
Mich.—BOND SALE— The $98,000 special assess¬
ment public improvement bonds offered Dec. 6—V. 145, p. 3533—were
awarded to E. W. Cress & Co. of Benton Harbor, on their bid of par plus a
premium of $46. equal to 100.04, for $66,000 2Ms, due $11,000 Oct. 1 from
1939 to 1944, incl., and $32,000 2Ms, due $11,000 Oct. 1 in 1945 and 1946,
and $10,000 Oct. 1, 1947.
Net interest cost tabou 2.376%.
BENTON HARBOR,
Mich.—STREET RAILWAY REPORTS $5,099,180 SUR¬
Detroit, Department of Street Railways, with a net
debt of $28,358,952 as of June 30, 1937, shows a
"DETROIT,
PLUS—The City of
bonded and contractual
June 30, 1936, according
Manager Fred A. Nolan.
Department's assets total $71,468,279.41
its indebtedness since
recently released by General
reduction of $1,850,056 in
to the
annual report
The report further reveals that the
and that city's equity in the Department
Total
operating revenues were
aggregates $30,636,306.
listed at $19,059,971.12 with a gross
in¬
$4,047,460.97 add a net income of $2,277,414.01.
Total provisions
for sinking funds amounted to $1,333,816.56, and the Department's surplus
is revealed to have been $5,099,180.57 as of June 30, 1937.
A comparison of the operating expenses for the year just ended with
come
of
those for
the previous year
4.5% and coach revenues to
penses
discloses railway revenues to have increased
have increased 27%, while the respective ex¬
increased 3.9% and 21.3%.
Mich.—TENDERS WANTED—John N. Daley, City
the city will receive sealed tenders until 10
firm until 1 p. m. the next day) on its callable
bonds in the amount of approximately $1,200,000, under the
DETROIT,
Controller, announces that
m. on Dec. 22 (to remain
a.
refunding
following conditions:
If Callable Bonds are
Offered at a Premium
(a) When the interest rate is 4M% or higher, the
puted to the first call date.
,
(b) When the interest rate is less than 4M %. the
to the fourth call date.
yield shall be com¬
yield shall be computed
If Bonds are
Offered at Par or Less Than
Par
Yield shall be computed to the date of maturity.
All tenders shall be in writing and shall be sealed.
Tenders shall
the dollar value
show the purpose, the rate
and the yield.
of interest, date of
,
,
maturity,
.
, ,
the basis of the highest net yield to the city
as computed from the dollar price.
_
_
...
.
The city reserves the right on bonds purchased which are delivered
subsequent to Dec. 29 to pay accrued interest up to that date only.
The city reserves the right to reject any or all tenders.
fOfficial notice of the above call for tenders appears on page Ix.)
Tenders will
be accepted on
E, Shawthe City Council
the city of
4M% sewer refunding bonds of 1934, dated Sept. 15, 1934, and due Sept.
15, 1949.
Said tenders shall be submitted in writing and enclosed in a
sealed envelope addressed to Thomas E. Shawcross, City Clerk, 30 Gerald
Ave., Highland Park, Mich., and marked on the outside "Tender or
Bonds.",
Said tenders shall specify the lowest price at which, plus accrued
interest, the person submitting such tenders will sell such bonds.
The
City of Highland Park will accept the tender or tenders stipulating the
lowest price or prices (not exceeding par and accrued interest) at which
HIGHLAND PARK, Mich.—TENDERS WANTED—Thomas
City Clerk, announces under date of Nov. 30 that
sealed tenders until 8 p. m. on Dec. 20 for sale to
cross,
will receive
the owners
of such bonds
will sell the same, up to
the amount available
which
funds for the retirement of the bonds of such issue,
date hereof is $47,000.00.
each bond, tender of which is accepted by the city, shall
terminate at the expiration of seven days after notice of the acceptance
the tender of the same has been deposited in the United States Post
at the City of Highland Park, Mich., enclosed in an envelope
to the owner thereof at the address stated in his tender, with postage
prepaid thereon.
in the sinking
amount at the
Interest on
of
Office
addressed
fully
IRONWOOD, Mich.—BOND
will receive
OFFERING—Leo Adriansen, City Clerk,
Dec. 20 for the purchase of
sealed bids until 10:30 a. m. on
■'
Due Aug. 1
$382,000 3M% bonds, divided as follows:.
'
,
_
$213 000 series A refunding general obligation water bonds.
5/1.5,uuu
serfoj,OWg. S10i000, 1938 and 1939; $12,000, 1940; $15,000, 1941
to 1947, incl.; $16,000, 1948; $20,000 from 1949 to 1951,
169,000 series B general obligation refunding bonds.
Due
as
lows: $8,000, 1938 and 1939; $10,000, 1940 to 1942, incl.;
from 1943 to 1946, incl., and $15,000 from 1947 to 1951, incl.
Each issue is dated Aug. 1, 1937.
Denom. $1,000. Principal and
incl.
Aug. 1
fol¬
$12,000
inter¬
office. A certified check for
the order of the City Treas¬
approving legal opinion of
be furnished the successful
(F. & A.) payable at the City Treasurer's
1% of the amount of bonds bid for, payable to
urer, must accompany each proposal.
The
Miller, Canfield, Paddock & Stone of Detroit will
est
bidder.
MARINE CITY, Mich.-r-BOND
sold to Braun, Bosworth
SALE—An issue of $6,000 bridge
bonds
3Ms.
MICHIGAN, State of—NEW USE TAX TO BECOME EFFECTIVE—
The citizens of the State will start paying a new form of taxation on Dec. 15,
when the State's "use" tax goes into effect. It is a levy of not more than 3%
has been
on
the value of all
& Co. of Toledo, as
goods brought into the
State for storage, consumption
or use.
ONTONAGON COUNTY (P. O. Ontonagon), Mich.—BONDS DE¬
FEATED—At the Dec. 1 election the voters defeated the proposed issue
$100,000 county hospital bonds.
of
OWOSSO, Mich.—BOND OFFERING—G. A. Van
will receive sealed bids until 2 p. m. (Eastern Standard
Epps, City Clerk
Time) on Dec. 13
3852
Financial
for the purchase of $32,000 not to exceed 6% interest refunding bonds.
Dated Nov. 1, 1937.
Denom. $1,000.
Due Nov. 1 as follows: $2,000 in
1938, and $3,000 from 1939 to 1948, incl.
Principal and semi-annual in¬
City Treasurer's office.
Bonds will be payable from
unlimited tax, and by order of the Public Debt Commission an amount
sufficient to meet both principal and interest charges due in any fiscal year
shall be levied even though said levy would exceed the limitation of rate
specified in the City Charter.
City will furnish the legal opinion and pay
the cost of printing the bonds.
A certified check for $500 must accompany
terest payable at the
Chronicle
Dec.
1937
11,
$6,500 6% Ring Gold Consolidated School District bonds.
1938.
Due $650 from 1939 to 1948, inclusive.
5,000 6% Good Hope Consolidated School District bonds.
1937.
Due $500 from 1938 to 1947, inclusive.
Dated Jan. 1,
j
_
Dated Dec. 1,
an
each proposal.
WADE CONSOLIDATED SCHOOL DISTRICT VP- O.
Pascagoula),
Miss.—BOND SALE CONTEMPLATED—We are informed by the County
Superintendent of Schools that an issue of $11,000 construction bonds will
be offered for sale in January.
He states that this district has no bonded
debt outstanding and has an assessed valuation of $170,000.
.
>
POWELL TOWNSHIP SCHOOL DISTRICT (P. O. Big Bay), Mich.
MISSOURI
—BOND SALE—The issue of $28,000 coupon, registerable as to principal
only, school building bonds offered Nov. 30—V. 145, p. 3533—was awarded
to Barcus, Kindred & Co. of Chicago, at par plus a premium of $176.40,
equal to 100.63.
Dated Sept. 15, 1937, and due $7,000 on March 15 from
1939 to 1942, incl.
ST. CLAIR, Mich.—BOND SALE—The $57,500 bonds offered on Nov.
30—V. 145, p. 3534—were awarded to Martin Smith & Co. of Detroit,
as 2Ms, as follows:
$42,500 special assessment bonds were sold at par and premium of $124.50,
equal to 100.29, a basis of about 2.17%.
Due Oct. 15 as follows:
$12,500 In 1939, and $6,000 from 1940 to 1944, incl.
15,000 general obligation paving and street improvement bonds were sold
at par and a premium of $9.50, equal to 100.06, a basis of about
2.24%.
Due Oct. 15 as follows: $2,000 from 1939 to 1944, incl.
and $3,000 in 1945.
All of the bonds are dated Oct. 15, 1937.
YPSILANTI, Mich.—BOND SALE POSTPONED—Sale
of the $120,000
disposal plant bonds was postponed from Dec. 6 to Dec. 20.
The
fully described in these columns in V. 145, p. 3693.
ADDITIONAL REPORT ON POSTPONEMENT OF SALE—In connec¬
sewage
bonds
were
tion with the above report, we are advised that the action was taken at
the
request of the State Public Debt Commission, which pointed out that
the maturities advertised did not comply with the requirements in
the
ballot that the issue be retired in not more than 24
years from date of
bonds.
A revised notice of sale is being prepared.
KANSAS
CITY
SCHOOL
DISTRICT (P. O. Kansas City) Mo.—
BOND OFFERING—It is stated by C. W. Allendoerfer,
Treasurer of the
Board of Education, that he will receive sealed bids at the First National
Bank, Kansas City, at 10:30 a. m. on Dec. 21, for the purchase of a $500,000
of 2M. 2M or 3% school, series I bonds.
Denom. $1,000.
Dated
1938.
Due $50,000 from Jan
1, 1919 to 1958 incl. The oonds will
be sold for Kansas City payment and delivery.
All bonds to bear the same
coupon interest rate and will be registered by the State Auditor,
The
approving opinion of Clay, Dillon & Vandewater, of New York, will be
furnished.
Prin. and int. (J. & J.) payable at the Guaranty Trust Co.,
New York.
These bonds are part of a $5,000,000 issue approved
by the
voters on Oct. 19, 1929.
Bids should be made in duplicate on forms fur¬
nished by the Treasurer. A $25,000 certified check must accompany the bid.
issue
Jan. 1,
ST. JAMES SCHOOL DISTRICT, Mo.—BONDS VOTED—A
proposed
was approved by the voters at a recent election.
$24,000 school bond issue
ST. LOUIS, Mo.—FINANCES OF CITY ANALYZED—Lazard Freres
& Co.; Inc., has just issued a study of the financial position of the above
city in which it is pointed out that the net per capita debt of about $90 is
conservative and well within the capacity of the city to
pay.
The rela¬
tively slow retirement of outstanding debt is, however, regarded as an
unfavorable element.
MONTANA
BELT, Mont.—BOND SALE—'The $10,000 issue of water works improve¬
ment bonds offered for sale on Dec. 2—V.
MINNESOTA
DIS
of the
$35,000
181
funding bonds.
BAYPORT
INDEPENDENT SCHOOL
DISTRICT
NO.
15
(P.
O.
Bayport), Minn.—BOND SALE—The $50,000 issue of building bonds
offered for sale on Dec. 3—V. 145, p. 3534—was
purchased by Harold E.
Wood & Co. of St. Paul, according to the District Clerk.
Dated Dec. 1,
1937.
Due $2,000 from Dec. 1,1939 to 1963 incl., optional on Dec.
1,1951.
in
20 years.
SALE— The
refunding
HILL COUNTY SCHOOL DISTRICT NO. 18 VP. O.
Havre\ Mont.—
Thomas, District Clerk, will receive bids until
purchase of an issue of $2,400 6% refunding bonds.
Cert, check for $250, required.
BOND OFFERING—C. R.
2 p. m., Dec. 31 for the
MADISON COUNTY SCHOOL DISTRICT NO. 5 (P. O.
Sheridan),
Mont.—BOND
SALE—The
$32,800 school
building bonds offered on
Dec. 8—V. 145, p. 3382—were awarded to the State Board of Land Com¬
missioners on a bid of par for 4s.
Dated Dec. 1, 1937.
4%
permanent improvement revolving fund certificates of indebted¬
offered on Dec. 6—V. 145, p. 3534—were awarded to the
Farmers &
Merchants State Bank of Breckinridge at
par, delivery to be made as the
city needs funds.
Dated Dec. 1, 1937.
Due on Dec. 1 as follows: $2,000,
1942: $5,000, 1943 to 1953, and $3,000, 1954: redeemable on
any interest
payment date.
HUTCHINSON INDEPENDENT SCHOOL DISTRICT NO.
2, Minn.
—BOND ELECTION—A special election will be held on
Dec. 21 to vote
a
proposal to issue $50,000 school building bonds.
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO.
(P. O. Glencoe), Minn.—BOND ELECTION—An election will be held
Dec. 21 to voteon a proposition to issue
$59,000 school building bonds.
MARSHALL, Minn.—BOND ELECTION—At
Dec.
21
a
proposal
issue
to
SCHOOL
an
election to be
2
HAMPSHIRE
DISTRICT
on
(P.
O. Winona), Minn.—PRICE
PAID—In connection with the sale of the $150,000
4% semi-ann. building
bonds to a group of local banks, as noted in these columns
recently—V. 145,
& 3693—it ison Dec. byin 1940, 1942 Clerk that the bonds
the District and 1944.
$50,000 stated 1
ue
Home & Co. of Hartford
making public offering of $12,000 3%
priced to yield from 0.80% to 2.70%,
according to maturity.
Dated Jan. 2,1938.
Denom. $1,000.
Due $1,000
on Jan. 2 from 1939 to 1950 incl.
Principal and interest (July 1 and Jan. 2)
payable at the Littleton National Bank, Littleton, or at the National
are
were sold at par.
now
coupon water works purchase notes
Shawmut Bank of Boston.
Financial Statement (as of Aug. 26, 1937)
Population (1930), 539.
Assessed
valuation
-J
Town is in Grafton County.
(1936)
Tax exempt property—
$1,012,806.14
93,306.47
—
Total property
value..1,106,112.61
Total Bonded Debt (incl. this issue)
64,000.00
Water bonds
37,000.00
Net bonded debt....................»—........
Debt ratio
27,000.00
2.4%
...
held'on
$20,000 swimming pool bonds will be voted
H
upon.
WINONA
NEW
recently purchased and
$60,000
ness
McLEOD
3382—was purchased by
as
5s at par.
The
FRANCONIA, N. H.—NOTE SALE—F. W.
BRECKINRIDGE, Minn.—CERTIFICATE
on
p.
Commissioner of State Lands and Investments,
bonds will be payable on the amortization plan.
BRAHAM, Minn.—BOND SALE DETAILS—It id now reported by the
Village Clerk that the $6,000 3 % water system bonds purchased by the State
as noted in these columns
recently—V. 145, p. 3693—were sold at par, and
mature
145,
the
APPLETON
INDEPENDENT
CONSOLIDATED
SCHOOL
TRICT (P. O. Appleton), Minn .—BONDS VOTED—'The voters
district recently approved a proposal calling for the issuance of
Tax Collections
Year..
Tax rate..
Total tax levy
.................
1936
$30.50
....
1935
$29.60
31,169.94
31,289.60
Uncollected to date-.-....Uncollected all prior years
1936, &c.), none.
80.05
32.42
1935 taxes due in
.........
(1936 taxes due in 1937,
t-K.
MONROE, N. H.—BOND SALE—F.
W. Home & Co. of Hartford have
are now offering for public investment, priced to
yield from
to 1.90%, according to maturity, an issue of $45,000 2M% Con¬
necticut River Bridge bonds.
Dated Dec. 1, 1937.
Due $9,000 on Jan. 2
from 1939 to 1943 incl.
Prin. and semi-ann. int. payable at the Woodsville
National Bank, or at the National Shawmut Bank of Boston.
Bonds
purchased and
0.90%
■
MISSISSIPPI
W ITT A BENA, Miss.—BONDS NOT SOLD—The
$50,000 issue of electric
light and water works revenue bonds offered on Dec. 7—V.
145, p. 3693—
was not
sold, according to the City Clerk.
Dated Dec. 1, 1937.
Due
from Dec. 1, 1938 to June
1, 1958.
4
W MISSISSIPPI,
certified
as
to
genuineness by the Woodsville National Bank, Woodsville.
Financial Statement Nov. 20, 1937
Assessed valuation (1937)
Tax exempt property..
Total property value
State of—NOTE OFFERING—Sealed bids will be~recelved until 10 a. m. on Dec. 20,
by Greek L. Bice, Secretary of the State
Highway Note Commission, for the purchase of a $2,250,000 issue of high¬
way notes, Second Series, Sub-Series U.
Interest rate is not to exceed 4%,
payable A. & O.
Dated Oct. 1, 1937.
Due $450,000 from Oct. 1, 19o7
to 1961.
Issued in coupon form, in the denomination of
$1,000 each, or,
at the option of the
holder, in registered form in the denominations of $1,000,
$10,000 and $50,000.
The notes shall be redeemable in whole or in
Total bonded debt (including this
issue)
Net bonded debt.
*
....
option of the said Commission on any interest
payment date in the
inverse order of maturity at a
price per note equal to the principal amount
thereof plus accrued interest to the date fixed
for redemption, and a premium
1936
1935
1934..
part
at the
of M
of 1% of the principal
thereof
amount
of the note for each
year or
over
M of 1%.
If definitive notes shall not be
ready for issuance at the time when same
are to be issued, interim
certificates shall be issued in lieu of such definitive
Such interim certificates shall be in the
denomination of $1,000 or
shall be exchangeable without cost
the definitive notes described therein when the
any multiple or multiples thereof and
to the holder thereof for
latter
-
.
......
.
.
65,000.00
*
... .
-
.
—
65,000.00
... -
0.70%
........
,
Tax Collections (Fiscal Year Ended)
Year—'
Tax Rate
Total Tax Levy
$12.20
$111,140.01
Uncollected
$710.99
10.80
98,399.42
87,890.48
120.30
1.00
-
9.70
..
fraction
the full number of years from the date fixed for
redemption
to the date of
maturity of the note. Prin. and int. payable at the Chemical
Bank & Trust Co., New York
City. Said coupon notes shall be registerable
as to
principal or convertible into fully registered notes, and convertible
back into coupon notes.
Kate of interest to be specified in
multiples of
notes.
.
Debt ratio
$9,070,955.50
95,700.00
9,166,655.50
j.
.......
are ready for issuance.
The interim certificates shall provide that
the bearer thereof shall be entitled
to all the rights and
privileges of an
or holder of the notes
described therein.
NASHUA, N. H.—BOND
bids until Dec. 22
OFFERING—The City Treasurer will receive
issue of $135,000 2M% coupon permanent public
Denom. $1,000.
Dated Dec. 15, 1937.
Principal
on
an
improvement bonds.
and semi-annual interest
(June 15 & Dec. 15) payable at the National Rock¬
land Bank of Boston or at the
City Treasurer's office.
for 15 years, and $6,000
yearly for five years thereafter.
by Ropes, Gray, Boyden & Perkins of Boston.
PORTSMOUTH,
N.
H.—BOND
SALE—The
Due $7,000 yearly
Legality approved
$25,000
coupon
cinerator bonds offered
in¬
on Dec. 7 were awarded to the First National Bank
bid of 100.333 for 1 Ms, a basis of about 1.39%. Dated
Dec. 1, 1937.
Due $5,000 yearly on Dec. 1 from 1939 to 1943.
Tyler &
Co. of Boston bid 100.299 for l
Ms.
of Portsmouth
on
a
owner
..The notes
are payable as to both principal and Interest solely from the
"Highway Note Sinking Fund," provided for by House Bill No.
38, Laws
Mississippi, 1936, into which is required to be paid
$20,000 Township of Teaneck, N. J.
of
equal to the amount produced
under the Statutes of
monthly an amount
by
a
1 Mc.
5%
gallon gasoline tax levied
Mississippi, including among others House Bill No.
^A„Laws,of Mississippi, 1936, and House Bill No. 94, Laws of Mississippi,
1936, and in the event the "Highway Note
Sinking Fund" shall at any time
be insufficient to
pay when due the principal of and interest on the
notes,
the Act provides that the
deficiency shall be paid into the fund out of any
funds then in the State
Treasury to the credit of the State
Highway Fund
derived from any excise tax on
gasoline, all in accordance with the pro¬
visions of the Act.
The approving
£2 the
per
Colyer, Robinson $ Company
INCORPORATED
1180
Raymond Blvd., Newark
New
opinion
York Wire:
REctor 2-2055
of
Thomson, Wood & Hoffman of New York,
effect that such notes are valid and legally binding obligations of
the State, will be delivered to the
purchaser.
Each bid must be accompanied
by a certified check, payable to the State
Treasurer in a sum equal to 2%
of the par value of the notes
bid for.
ROLLING FORK CONSOLIDATED
SCHOOL DISTRICT (P. O.
Rolling Fork), Miss.—PRICE PAID—It is now
reported by the Clerk of
the Chancery Court that the
$24,000 building bonds purchased by Scharff
& Jones of New Orleans as
5Ms as noted in our issue of Dec. 4—V.
145,
p. 3693—were sold at par.
Due from 1938 to 1962.
Miss.—BOND SALE—The $15,000
4% street paving bonds
offered on Dec. 7—V. 145,
p. 3534—were awarded to the Panola
County
Bank, Sardis, at par plus a premium of $150, equal to
101, a basis of about
3.85%.
Dated Jan. 1, 1937.
Due serially on Jan. 1 from 1938 to 1952.
f
SCOTT
Bonds, due August 1, 1948-49
Price to yield 3.70%
COUNTY
(P.
O.
Forest),
Miss.—BOND SALE—The
two
issues of school district bonds offered for
sale on Dec. 6—V. 145, p. 3382—
were purchased by the Bank of
Forest, at par.
The issues are described
as follows:
NEW
A.
MArket 3-1718
T.
&
T
Teletype
NWRK
24
JERSEY
ATLANTIC
CITY,
N.
J .—FINANCES
IN
FAVORABLE
CON¬
DITION—A dispatch from the city to the "Herald Tribune" of Dec.
8
read
as follows:
"For the first time in City Hall memories, Atlantic
City will finish the
within the budget, with unpaid bills requireing special 1938
year
appro¬
priations.
"In addition the city
has reduced its $714,079 debt to Atlantic County
through quarterly payments this year of $576,000.
Tax collections up
to Dec. 1 were
71.6% of the total levy and may go as high as 75%, com¬
pared with 69% last year.
Mercantile tax collections are up to 92%
of the budget estimate.
"Bessie M. Townsend, City Comptroller, today
[Dec. 7] gave primary
credit to the new Municipal Budget Act under which
city department
heads must pay any over-spendings out of their own
pockets.
A special
bookkeeping machine to cneck potential over-expenditures against the
Volume
balances
xfter such
Financial
145
hand,
on
a
and
check-up,
were
BARRINGTON, N.
purchases only
of approving proposed
used this year."
system
a
to
interest to maturity, not exceeding 6% per annum computed pursuant
bond value tables.
The approving opinion of Caldwell & Raymond
of
City will be furnished the successful bidder.
TOWNSHIP, N. J.—BOND SALE APPROVED—The
Fun ling Com n ssion on Dec. 2 approved of the sale of $391,000 4%
general refunding bonds to certain State funds, at par and accrued interest.
DEPTFORD
State
nilMONT
Hnrnnffh
«wc„h
r
i—nn\rn
N
Clerk
rJruVrtir?Irw3
stm nnri
S
Jlc
hnnHc
that f block
hXnef^i
w
«t
of $18,000 has since been sold privately at par as 5s.
in
nf«ikwin
cnm
m r
3853
,
NORTH ARLINGTON, N. J.—APPROVES BOND SALE—The Municipal Finance Commission has approved of the private sale at par and
^^obSr^WtoueMRSSfy
.™adBorough
AknarF-—GNIREFFO
J.-BOND
Treasurer, will receive sealed bids until 8 p. m. on Dec. 16 for the purchase
cJ$3,000 3% and 4% refunding bonds. Dated June I, 1936. Due Dec. 1,
1943. Award will be made on the basis of the bid figuring the lowest rate of
New York
Chronicle
rftfnnriiB?
order to eitectively carry tnrougn its
nrn^m
reiuncung program.
PATERSON, N. J.—BOND SALE—The $110,000 4 M% registered
water bonds offered Dec. 8 by the City Sinking Fund Commission were
awarded to an account composed of B. J. Van Ingen & Co., Inc., New
York; C. P. Dunning & Co. and C. A. Preim & Co., both of Newark, at
paL^1]*8J} P™miiurn of $9,293, equal to !°8.44.
20 000 *^
l Q43
^u'uuu *ater r>onds due July» 1943*
The sale consisted of:
PLEASANT VILLE, N. J.—REFUSES TO APPROVE BOND SALE—
The State Funding Commission on Dec. 2 refused to approve the city's
Proposal to issue $180,000 refunding bonds, to mature $2,000 from 1938 to
1961' incL: S3,000 in 1962 and 1963; $5,000, 1971. In rejecting to 1968.
jncl-; $20,000 in 1969 and 1970, and $21,o00 in 1964; $15,000, 1965the entire
RUTHERFORD, N. J.—BOND SALE—The issue of $289,000
coupon or registered general refunding bonds offered on Dec. 6—V. 145.
p. 3695—was awarded to B. J. Van Ingen & Co., Inc., New York, and
MacBride, Miller & Co. of Newark, jointly. The bankers bid for $287,000
program, the Commission pointed out that in its opinion the life of the
issue was too great, also that it was unwilling to sanction the proposal of
the city to dispose of the obligations at a price of approximately 80.
■
3 $5,000, iloo
1938
missioners of the town has adopted an ordinance authorizing the issuance
of $145 000 refunding- hnnds
it
reiunamg Donas.
EAST
bonds'are^aPRff Nov6 1, 1937 and mature Nov. 1 as
bonds
dated Nov. 1°'1037^^^ 3 Hs, a basis
follows:
are
1939; $20,000 from 1940 to 1942 incl.; $25,000, 1943 and 1944; $30,000
1948 incl., and $32,000 in 1949.
Other bids
and
1945; $35,000 from 1946 to
reported as follows:
A? Co ^TnVJ' S* Rippel & Co* and Rogers
Gordon
'/rn~
Inc.;~Sc¥later, Noy€« & Gardner,
Inc., and E. H. Rollins & Sons, Inc...
-
A. C. Allyn & Co.,
Mayor and Council
1937, 8,500 estimated
form
1930
1937
,
val'n..$7,091,780.00 $7,231,622.00
Assessed
n
-ww,001,0
1935
1934
$7,155,317.00 $7,441,692.00
«9«o nnn on
Sq
bonds
Total....
iioooo'oo
ii«^oo'oo
—
.
...i.........
148.0UU.UU
$455 500 00
380*000 00
88U.UUU.UU
Net debt
"
$835 500 00
Total debt of boroutrh andschool
o!
,
kT
—~
*
debt.
.$880,ouu.uu
.
.
—
Collected in
61 69
*59"71
67*28
63 64
an 90
15 70
7 15
3 93
^/oVVrtoV"""
i?
default
»
xt
No
date due.
1937*
on
'
...
..
obligations.
any
.
„
,
.,
,
,
.
Borough and school employees paid on
Dec. 2, 1937.
Also see Dunn & Bradstreet I amphlet No. 1304,
N. J.—BOND SALE DETAILS—The $16,000 3^%
bonds sold to the Sinking Fund Commission, as previously
EDGE WATER,
road
impt.
L^nlffni°iq%nCrt07SQS,»^7e»20nnn7r™r fqinfo'tal/'tocl1
Sa?SJ?Jt oLth?P a?
and interest payable at
,ho
the
Principal
FriJw2torNationafBaSk
Ldgewater National Bank.
FORT LEE, N. 3.—REFUNDING ASSENTS—The Municipal Finance
Commission reported at its Nov. 26 meeting that assents or acceptances
to the borough refunding plan totaled $965,500 to date.
FORT LEE, N. 3.—COMMITTEE INCREASES
Committee for Bondholders of the borough is
EXPENSE LIMIT—
reported to have announced
adoption of an amendment to the deposit
agreement dated
March 15, 1935, providing for an increase in the expense limitation
from
The
3% to 10%.
A«noun
ri
am
cat it
f
W
Annnnvvn
n4, ®Qn nnn
rrUa
LASSRORO, N. J.—BOND SALE APPROVED—The sale of $80,000
4% general refunding bonds to the State Teachers' Pension and Annuity
Fund at par and accrued interest was approved by the State Funding Commission
on
Dec.
lAirrwoon
^
,
rv
i
m
.
°U Lakewood),
N.
i
J.
mwn*
BONDS
BOND ISSUE DETAILS—The bonds will
be issued to bear interest at
more than 6%, dated Dec. 1, 1937 and mature Dec.
1 as follows:
$15,000, 1938 and 1939; $20,000, 1940 and 1941; $30,000, 1942; $50,000,
1943 and 1944; $55,000, 1945; $70,000 from 1946 to 1951 incl. and $75,000
in 1952.
The bonds were authorized by ordinance pursuant to the provisions of Section 664 of Local Bond Act, as amended by Charter 241.
State Laws of 1936.
During the life of any of the bonds issued as authorized
by said ordinance, the township will be required to comply with the requirements set forth in the aforementioned Sec. 664, the provisions of which
SSdfta action C°"tr!Kt betWee" the t0WnshlP and the h0ldere 0f
question.
Donas in
N.
the
J.—COMMISSION ENDS SUPERVISION—Release
borough from supervision by the State Municipal Finance Commission became effective Dec. 3, with the announcement that the municiof the
pality is functioning under a fully effective financial rehabilitation program.
A small industrial community located in Somerset County, the borough
was
one
of the
13 municipalities which had been operating under the
guidance of the Finance Committee, which was created in 1931 primarily
to aid in a solution of the tangled finances of North
Bergen Township.
The borough is reported to be the first to be relinquished from control
of the Commission, which entered the picture in .January, 1933, at which
time past due obligations are said to have amounted to $125,789.43.
These
subsequently reduced to $80,000 and a funding bond sisue of the latter
The withdrawal of tne Commission signifies that the municiimpending obligations
amount sold.
palaity is entirely capable of meeting current and
frnrrj
from
puiTpnt inpoiTifi
current income
and Ir thus operating on a poch Kocjc
is thus
on a casn oasis.
'•
MILLBURN
SCHOOL DISTRICT, N. J.—BONDS VOTED—'The
District on Nov. 30 approved a proposal to issue $266,000
voters of the
CITY,
N. 3.—DEBT CHARGES PAID CURRENTLY—
McClelland, Borough Clerk, the borough has comaDd iS D0W meeting PrindPal aDd iDtereSt
Pr0gram
NEW
'"V,:;.r■:r.?
--vV..-:::
III IriAf
X//%K3Mr
NtW YOKI\
ALEXANDER, BATAVIA, BETHANY, DARIEN, ATTICA, BENNINGTON AND MIDDLEBURY CENTRAL SCHOOL DISTRICT
NO. 2 (P. O. Alexander), N. Y.—BOND OFFERING—Verda W. Rapp,
District Clerk, will receive bids until 2 p. m. Dec. 14 for the purchase at
not
than par of $279,000 coupon, fully registerable, general obligation,
unlimited
tax,
building
school
bonds.
Bidders
DDTiMcwiru
BRUNSWICK,
XT
N.
i
J.
iMATiA
BOND
twtta
A^E-
ISSUANCE
. Dr)D.,,pri
APPROVED
_
Tne
Funding Commission on Dec. 2 approved the proposal of the city to
Issue $250,000 not to exceed 6% refunding bonds, a public sale of which, as
State
previously noted in these columns, will be held on Dec. 21.
The Commission
pointed out
that although the city is operating pursuant to
Chapter 60 of Laws of 1934, the current bond issue is being issued in accordance with Section 664 of Local Bond Act.
-
NEWARK, N. J.—-NO TAX SALE THIS YEAR—Finance Director
Murphy recently announced a decision to cancel plans for a tax sale this
year.
Mr. Murphy pointed out that tax collections had been so good he
felt a sale unnecessary at this time, although one may be held in January.
Tax collections, he said, averaged 80% as of Dec. 1, a gain of 6% over the
rate of collections to the same date last year.
The Finance Director had
announced sometime ago that he was readying plans for the sale of 3,000
properties on which more than $4,000,000 was owed in delinquent taxes.
His office has been communicating with delinquent property holders urging
them to pay their taxes.
The responses have been extremely gratifying,
according to report.
to
are
specify rate
of
IfijJ ^Dat^De^ F lM° °Windpai md Si-anniJInnte^t (AprTl
fk()(£'f ii^vahfe at the National C?tv Bank of New York Due vearly
011 °ct- 1 "s follows: SS.OOO, 1940 to 1947: $9,000, 1948 to i9S2; $10,00^
1952 tQ 1957_ and .$12,00n, i958 to 1907. Certified check for $5,580.
payable to George H. Zwetch, District Treasurer, required.
Approving
opinion of Clay, Dillon & Vandewater of New York will be furnished by
the district.
BEACON,N. Y.—BOND OFFERING— Harry F. Straney, Commissioner
of Finance, will receive sealed bids until noon on Dec. 14 for the purchase o
$56,000 no to exceed 6% int. coupon or registered refunding bonds,
Dated Dec. 1, 1937.
Denom. $1,000. Due $14,000 each Dec. 1 from 1939
to 1942, incl.
Bidder to name a single rate of int., expressed in a multiple
of 14 or 1-10th of 1%. Prin. and int. (J. & D.) payable at the lishkill
National Bank, Beacon, with New York exchange.
A certified check for
$1,120, payable to the order of the city, must accompany each proposal.
Approving legal opinion of Clay, Dillon & Vandewater of New York City
jje furnished the
successful bidder,
,
BUFFALO, N. Y.—CERTIFICATE SALE—The $2,200,000 tax
anti-
cipation certificates ofaccount composed of on Dec. 7—V. 145, Co., Inc.,
w£re awarded to an indebtedness offered Halsey, Stuart & p. 3695—
Ladenburg, Thalmann & Co. and the Bancamerica-Blair Corp., all of New
York, at 1.08% interest, at par plus a premium of $18. The issue is dated
Dec. 15, 1937 and due June 15, 1938.
The total is divided as follows;
$900,000 series of 1934-1935 certificates, $600,000 series of 1935-1936
certificates and $700,000 series of 1936-1937 certificates.
The bankers
made public re-offering to
.
yield 0.80%.
cr-unm
nr.™
mcTDIrT
Mn
a
in
r\
CLARENCE COMMON SCHOOL DISTRICT NO. 9 (P. O. Clarenc
^e"terj'
\-—BOND OFFERING—.Karl T. Rrehbiel, Llerk: of the' ^oard
of Trustees, will receive sealed bids unt^13.30 pJf.hJfnf^nnds
~
DeS^'iflOO I?SeDe? Sfow87$2 000 from
DaaS°D^ i?
1937
1
1938 to 1953, incl., and $3,000 from 1954 to 1957, incl.
Bidder to name a
single rate of iut., expressed in a multiple of
or l-10th of 1 %.
Prin. and
int. (J. & D.) payable at the Bank of Clarence, with New York exchange,
The bonds are direct general obligations of the District, payable from unlimited taxes.
A certified check for $880, payaole to the order of Robert
Yocum, Collector of the District, must accompany each proposal.
The
approving legal opinion of Clay, Dillon & Vandewater of New York City
will be furnished the successful
r-rvi
bidder,
m
rv
cvmic-
v
om-prvo/-tw
ifwfh nT<t-
COLONIE■ (P. O. Newtonvule),^N. Y.-^FFERING OF
TR/C7
w^futlv
noon Dec. 16
the Purchase at not less than par of %140,000 <coupon, fully
registerable, Albany-Schcn^udy Road Sewer 4)'s^nct bonds^^Bidders
t0 ^ame rate of int., in a multiple
% or
Denom. $1-909- Dated Dee.
l937n/iP* nn
p^y^blG ftt foUowg; $4i000f of AlD^Dy, with jNTc-w York 1948 to 1967. The
the Sttitc B&nk 1938 to 1947i and $5,000,
i JJuG on
y
bonds are general obligations of the town, payable primarily from a levy
on the Sewer District, but all property in the town is subject to taxation
for payment of principal and interest.
Certified check for $2,800, payable
$ N^ywk w^b^furntsW
of ^ew ^orlc Wl11 be ri,rmshetl to tnc Purchaser.
Dill°n & VandeWater
CORTLANDT (P. O. Peekskill), N. Y.—CERTIFICATE OFFERING-
high school ouilding bonds.
According to Edward
159 to 180, 191 to
ag
N. J.—BONDS AUTHORIZED—On Dec. 2 to Borough
Council gave tinal approval to an ordinance authorizing the issuance of
$33,000 heneral refunding bonds.
PIMENDHAM,
NEPTUNE
11, 14 to 52, 58, 59, 61 to 117, 143 to 155,
20°- 203 to 298' 226 to 231, 241 to 244, 249, 250, 256 to 280, 291 to 294,
^ 3()1 todue Dec. 1, 1962, subject to call Dec. 1, of $1>000 each. The
and 33g to ^ in the denomination 1937. Payment will
bonds are
•
towmcuid
X0^NSH .P AP-
at not
were
iVI EX ICO
ALBUQUERQUE, N. M.—BOND CALL—The city is calling for paysupply bonds, num-
2.
AUTHORIZED—The Township Committee has given final passage to an
ordinance authorizing the issuance of $7.50,000 refunding bonds.
MANVILLE,
kii^vi/^A
ment on to
Jan. 1 next $280,000 eutstanding 5% water
hered l
a
$330,310.14
203,770.83
1Q37
31
|>| E VV
1934
1935
1936
$391,549.16 $385,739.23 $335,085.04
fiscal year.. *233,24.79
259,496.77
213,279.68
PeJceJJt Cmdinan<TrOeV
Aima*
.
ke made at the First National Bank, Albuquerque.
lax collections
1937
Levy...
WOODLYNNE, N. J.—REFUNDING PLAN OPPOSED—The State
Funding Commission on Dec. 2 refused to approve of the borough's plan
to issue $15,000 refunding bonds for the purpose of refinancing seven
bonds maturing in 1938 and eight maturing in 1939, these being part of an
issue dated Dec. 20, 1936. In disapproving the proposal, the Commission
pointed out that the borough's present debt schedule provides for annual
debt requirements of about $18,000 and declared that tne proposed refundin8 wouW result in a material1940.
reduction in 1938 and 1939 charges with a
consequent sharp increase in
131,000.00
...
qrhool debt
Hcnooi debt
No floating
authority for the issuance of $95,000 incinerator bonds.
—.$586,500.00
.....
Less sinking fund.
.
.
TENAFLY, N. J.—BONDS PASSED ON FIRST READING— On
Nov. 23 the Borough Council gave first reading to an ordinance providing
bearing 4% interest.
<
h1
Com-
bLf&g^^^ntS^ refunding and ^25-000 water refunding bonds, all
•
1930, 7,078;
hnnHc
nwm
'
100.63
3%%
imnrio
^ri9i
i oi 41
%
■
Population,
of government.
of
Pnarrt
refunding bonds and $5,000 water refunding bonds. The Commission on
Sept. 14 approved a refinancing plan for the city providing for the exchange
100*30
'
ovw
Cn
At
The,
of the city tQ issue at
/$
Rniond'A-'cA""""" —
x>
stroii'd
ATTTUfmrywri
Commission on Dec. 2 pu^lic or priva^ £ale not the Board of Commissioners
approved the proposal of more than $170,000 general
■
•
I _rcams
N
WILD WOOD, N. J.—APPROVES BOND ISSUE—The State Funding
100 56
Minseh
Mnneii'
" Spear
Mmsch, Monell & Co.,~fnn " VAA vJn
Inc., and VanDeventer, Vriar
tt
Rate Bid
Int. Rate
Bidder—
H
RARITAN
for
the
nS^L^or^O^
P' Dat?d
0^7 D?e Julf1 1938^ Proceeds will be SLd to pay 1937 County
aii^ town obiigati^s? ^gaf opinion^f ^lay, Dillon^ Vandewater of New
York City will be furnished the successful bidder.
crunni
ni?TDir-T ft*
n
n
un_i
N Y
^-^TON CENTRAL SCHOOL DISTRICT (P. O. Dalton), N. Y*
BOND ELEC1ION—On Dec. 13 the voters will be asked to approve an
issue of $125,000 school construction bonds.
n *i
tow
ccntdai
DANNEMORA,
N.
—
Y.—BOND
OFFERING— Margaret
Bissonnette,
at not
until 3 p. m. Dec. 10 for the purchase
of the following coupon, fully registerable, bonds:
Village Clerk, will receive bids
i^s than par
$1,000, 1939;
20 from 1942
1947.
on . nm
2,000 water lines extension bonds. Due $500 yearly on Dec. 20 from
1942 to 1945.
nnttn
Bidders are to name rate of interest, in a multiple of H%. out not to
exceed 6%. Denom. $500. Dated Dec. 20, 193/. I ^d^Pa£haSf* J?® il
annual interest (June 20 and Dec. 20) payable at the Plattsburgh National
Bank & Trust Co., Pittsburgh, with New York exchange. Cert. cnecK
for $250, payable to William jr. Welsh, Mayor, required.
Due Dec. 20 as follows:
$500, 1940 to 1945; and $1,000, 1946.
3,000 sewer construction bonds. Due $500 yearly on Dec.
$5,000 street improvement bonds.
.
3854
Financial
Chronicle
DAY (P. O. Day), N. Y.—BOND OFFERltfG— Sealed bids
addressed to
Lorida 8. Davis, Town Clerk, will be received at the office of John
W.
Nichols, 404 Broadway, Saratoga Springs, until 10:30 a m. on Dec. 14 for
the purchase of $0,500 not to exceed
5% interest coupon or registered tax
equalization bonds.
Dated Dec. 1, 1937.
Denom. $500,
Due Dec. 1
as follows:
$1,000 from 1938 to 1943 incl. and $500 in 1944.
Bidder to name
a single rate
of interest, expressed in a multiple of H or l-10th of
1%.
Principal and interest (J. & D.) payable at the Northville Bank of Nortnville.
A certified check for $150, payable to the order of the
Town, must
each proposal.
Approving legal opinion of Clay, Dillon
Vandewater of New York City will foe furnished the successful bidder,
accompany
(A bond issue of $6,000 was not sold
volving tax refunds by the county.)
on
Dec.
Dec. 14, because of litigation in¬
are not interchangeable.
Bidders for the foregoing $11,210,000 serial bonds
will be required to name the rate of interest not
exceeding 3
% which the
bonds of each of the three series offered for sale are to
bear, viz., one bid
for the $7,290,000, a separate bid for the
$2,220,000, and a separate bid
for the $1,700,000.
(a) Bidders for all or any part of these series may
also submit a bid at one rate of interest for all or none of
the entire issue
of $11,210,000 of these serial bonds now offered for sale.
Such interest
rates must be in multiples of
of 1 % *
Bids stating a
the
Union
Savings Bank of Patchogue
3^8 at par.
P. B. Roura Co. of New York, only other bidder, named
an interest rate of
3.90%.
Bonds are dated Dec. 1, 1937, and mature
Dec. 1 as follows:
$1,500 in 1938 and $1,000 from 1939 to 1944 incl.
LONG LAKE (P. O. Long Lake), N. Y.—BOND
SALE—The $20,000
registered public works bonds offered Dec. 9—V. 145,
p. 3695
awarded to J. & W. Seligman & Co. of New York on a bid
of $20,058,
equal to 100.29 for 3s, a basis of about 2.94%.
Dated Dec. 15, 1937.
Due Feb. 1 as follows: $2,000, 1939 to
1945; and $3,000, 1946 and 1947.
R. D. White & Co. of New York bid a
premium of $54.80 for 3.10% bonds.
coupon or
—were
N.
LYME UNION FREE SCHOOL DISTRICT No. 4
(P. O.
Y.—BOND SALE—The $16,000 coupon,
building bonds offered
Rollins &
2.96%.
on
Chaumont),
fully registerable, school
Dec. 6—V. 145, p. 3535—were awarded to E.
H.
on a bid of 100.35 for
3s, a basis of about
Sons of New York
Dated Dec. 1,
1937.
to 1954.
Due $1,000 yearly
on
Dec. 1 from 1939
MALTA (P. O. Ballston Spa), N. Y.—BOND
OFFERING—Sealed bids
addressed to John W. Morris, Town Clark, will be
received at the office
of John W. Nichols, 404
Broadway, Saratoga Springs, until 12:15
p.
m.
Dec. 14 for the purchase of $8,000 not to exceed
5% interest coupon or
registered tax equalization bonds.
Dated Dec. 1, 1937.
Denom. $500.
Due $1,000 on Dec. 1 from 1938 to 1945 incl.
Bidder to name a single rate
of interest, expressed in a
multiple of ^ or l-10th of 1%.
Principal and
interest (J. & D.) payable at the Ballston
Spa National Bank, Ballston Spa.
A certified check for $160,
payable to the order of the Town, must ac¬
company each proposal.
Approving legal opinion of Clay, Dillon &
Vandewater of New York will be furnished the successful
bidder.
on
MECHANICVILLE, N. Y.—BONDS ALTHORIZED—The City Council
recently adopted
an
ordinance authorizing the issuance of
$70,000 work
and home relief bonds.
MIDDLETON, N. Y.—BOND ELECTION—At an election to be held on
a proposition to issue
$120,000 sewage disposal plant improvement
bonds will be submitted to the voters.
Dec. 16
MOREAU
(P. O. South Glens Falls), N. Y.—BOND OFFERING—
Sealed bids addressed to J. Harold
Blackburn, Town Clerk, will be received
at the office of John W. Nichols, 404
Broadway, Saratoga Springs, until
10:15 a. m. on Dec. 14 for the purchase of
$39,000 not to exceed 5% interest
coupon or registered tax
$1,000.
in
1945.
Due March 1
Bidder to
equalization bonds.
Dated Dec. 1, 1937.
Denom.
follows: $5,000 from 1938 to 1944 incl.
and $4,000
as
name
single rate of interest, expressed in a
multiple
of
or l-10th of
1%.
Principal and interest (M. & S.) payable at the
First National Bank & Trust Co., Glens
Falls, with New York exchange.
A certified check for $750,
payable to the order of the Town, must ac¬
company
each
proposal.
Approving legal opinion of Clay, Dillon &
Vandewater of New York will be furnished the
successful bidder.
(An issue of $37,000 was previously offered last Dec.
14, the sale having
been postponed because of
litigation involving tax refunds by the
county.)
MOUNT PLEASANT (P. O. North
Tarrytown), N. Y.—VALHALLA
•NASSAU
COUNTY
(P. O. Mineola), N. Y.—HIGHER RELIEF
COSTS CAUSES INCREASE IN
BUDGE'}'—The proposed 1938 budget
Provides for $11,131,942.60 to be raised by
taxation, an increase of $1,517,833.68 over the amount required from that
source in the present year.
A considerable part of the
higher budget requirements results from an
appropriation of $4,877,216.40 for poor relief
disbursements, this being
$770,000 more than was expended this year. The
proposed net budget for
next
year will resuit In an increase In the tax rate in two
cities and two towns
of the county.
In the case of the Town of Oyster
Bay, however, the rate
will be lowered a half cent to $1.27
per $100.
The proposed increases are:
Town of
Hempstead, $1.09, up 6 cents; Town of North Hempstead,
$1.26,
12 cents; City of Glen Cove, $1.28, up 10
cents, and City of Long Beach,
85 cents, an advance of 12 cents.
J. Russell
Sprague, Chairman of the
Board of Supervisors,
explained, however, that these increases will be offset
in some degree by lower local
expenses due to the transfer of certain
up
functions to the county government as
provided in the
1, 1938.
COUNTY
of interest
will
not
be
stock notes, of which this sale proffered to the
public covers and provides
for the taking up or $11,210,000.
The sinking funds will take up the
remainder, aggregating $78,790,000,
by
exchanging therefor
40-year
corporate stock, 40-year serial bonds, 30-year serial bonds, and
25-year
serial
bonds.
Under the
Comptroller
public.
of the Commissioners of the
Sinking Fund the
bid for any part of the serial bonds offered for sale to the
resolutions
may
^
v.-;1
The above report supersedes that which was
given in these columns in
—V. 145, p. 3695—when it was indicated that the
city would receive bids
for corporate stock and bonds to provide the total of
$90,000,000 of funds
needed at this time.
As noted above, however,
only the $11,210,000 of
serial bonds will be sold by public
bidding, while the balance of
$78,790,000
of long-term corporate stock will be taken up
by the city's sinking funds.
Attention is again called to the notice of sale which states that the
City
Comptroller has been authorized to submit a bid for all or any part of the
serial bonds proferred to the
public on behalf of the Commissioners of the
Sinking Fund )
NEW YORK (State of)—BOND SALE—A syndicate headed
by the
Bank of The Manhattan Co., New York, and
including Ladenburg, Thai-
& Co.; Speyer & Co.; C. J. Devine & Co.; E. H. Rollins &
Sons, Inc.,
and B. J. Van Ingen & Co., Inc., all of New
York, aiso the Central Republic
Co. of Chicago, was awarded on Dec. 7 an issue of
$10,000,000 grade crossing
elimination bonds on their bid of 100.6999 for
2^s, the net interest cost to
mann
the State being about 2.4725%.
The bonds are dated Dec. 8, 1937 and
mature $200,000 annually on Dec. 8 from 1938 to 1987
incl.
The successful
bidders made public reoffering of the issue at prices to
yield from 0.40% to
2.50%, according to maturity.
Two other banking groups competed for
An account managed by the Chase National Bank of New York
a price of 100.189 for
2^s, or a net interest cost of about 2.4928%, while
the National City Bank of New York and associates made an offer of
101.6099 for 2^8, this tender figuring a cost basis of
2.6868%.
the issue.
bid
(Official notice of the re-offering of the issue by the Bank of The Man¬
hattan Co. of New York and associates appears on page
v.)
NIAGARA FALLS, N. Y.—CERTIFICATE SALE—The issue of $100,000 certificates of indebtedness offered Dec. 6—V. 145,
p. 3696—was
awarded to the Marine Trust Co. of Buffalo at 0.75% interest, at
par and a
premium of $17.50. Dated Dec. 1, 1937, and due Dec. 1, 1938.
Other bids:
A
,
,
Bidder—
♦Salomon Bros. & Hutzler..
♦James H.
1
Int. Rate
Manufacturers & Traders Trust Co
*
These bids
in that it
was
Premium
0.68%
0.73%
0.75%
Causey & Co
$2.00
8.00
7.77
rejected as they did not comply with the terms of sale,
required that the interest rate be expressed in multiples of
were
l-20th of 1%.
■
.
a
WATER DISTRICT BONDS SOLD—Sherwood &
(5o. of New York were
the successful bidders at the Dec. 8
offering of $21,000 coupon or registered,
series 2, Valhalla Water District
bonds, their bid being 100.10 for 2.70s,
a basis of about
2.675%.
Dated Sept. 1, 1937 and due $3,000 on
Sept. 1
from 1938 to 1944, inclusive.
Jan.
rate
purpose of
taking up (redeeming) special corporate stock notes, the proceeds of which
expended for the separate purposes indicated in the bonds.
The sinking funds hold as investments
$90,000,600 of special corporate
DISTRICT, Town of Brookhaven (P. O. BellY.—BOND BALE—The $7,500 coupon fire apparatus bonds
to
a
were
HAGERMAN FIRE
awarded
but not stating
-
SALE WILL NOT ADD TO CITYS DEBT—The sale of
these serial
bonds will not add to the debt of the city.
The sale is for the
1938 to 1942, incl. and $3,000 from 1943 to 1957, inclusive.
were
net yield
considered.
ELMIRA, N. Y.—BOND SALE—The issue of $55,000 coupon or regis¬
tered park system bonds offered on Dec. 8—V.
145, p. 3695—was awarded
to Sherwood & Co. of New York, as 2.40s, at a
price of 100.50, a basis of
about 2.35%.
Dated Oct. 1, 1937 and due Oct. 1 as follows: $2,000 from
1
$486,000 annually on
,
$340,OCO annually on Dec. 1 from 1939 to 1943 incl.
All of the bonds will be dated Dec.
1, 1937, with interest payable semi¬
on June 1 and Dec. 1.
They will be issued in coupon form in
$1,000 denoms. or in registered form in denoms. of $1,000, or multiples
thereof.
Coupon serial bonds may be exchanged for registered bonds but
registered tax equalization bonds.
Dated Dec. 1, 1937.
Denom. $1,000.
Due $1,000 on March 1 from 1938 to 1942 incl.
Bidder to name a single
expressed in a multiple of y± or l-10t.h of 1%.
Principal
and interest (M. & S.) payable at the Northville Bank of
Northville.
A
certified check for $150, payable to the order of the Town, must
accompany
each proposal.
Approving legal opinion of Clay, Dillon & Vandewater
of New York will be furnished the successful bidder.
Dec.
1953 incl.
1937
11,
annually
rate of interest,
N.
1939 to
Due
1,700,000 bonds, including $1,635,000 for varoius municipal purposes
and $65,000 for construction of
rapid transit railroads.
Due
&
as
from
bonds.
including $1,950,000 for the construction of schools
and $270,000 to provide for dock
improvements. Due $222,000
annually on Dec. 1 from 1939 to 1948 Incl.
EDINBURG (P. O. Edinburgh N. V.—BOND OFFERING—Sealed bids
Town Clerk, will be received at the office
of John W. Nichols, 404 Broadway, Saratoga
Springs, until 10:45 a. m.
on Dec, 14 for the purchase of $5,000 not to exceed
5% interest coupon or
port),
1
purpose
2,220,000 bonds,
addressed to Ruth G. Elithrop,
offered
Dec.
$7,290,000 various municipal
(P.
o.
Mineola),
civic
new
NORTHUMBERLAND
Y.—BONDS PUBLICLY
Kean, Taylor & Co. are offering $490,000
O.
Northumberland),
N.
Y.—BOND
interest coupon or registered tax equalization bonds.
Dated Dec. 1, 193/.
Due serially on March 1 from 1938 to 1941 incl.
Bidder to name a
single
multiple of M or 1-10th of 1%.
Principal
the Adirondack Trust Co., Saratoga
Springs.
A certiiied check for $100, payable to the order of the Town,
must accompany each proposal.
rate of
interest, expressed in
a
and semi-annual interest payable at
ONEIDA, N. Y.—BOND SALE—The $45,000 coupon or registered water
refunding bonds offered on Dec. 7—V. 145, p. 3231—were awarded to
C. F. Herb & Co. of New York on a bid of 100.45 for
2s, a
1.92%.
Dated Dec. 1, 1937.
Due on Dec. 1, as follows:
$2,000, 1939; $5,000, 1940 to 1945, and $6,000 in 1946 and
White & Co. of New York were second high, offering a price
basis of about
$1,000, 1938;
1947.
R.
D.
of 100.147 for
2.10s.
PENN
YAN,
N.
offered Dec. 6—V.
Rochester,
consisted
as
2s, at
Y.—BOND SALE—The $26,500 registered bonds
145, p. 3536—were awarded to Sage, Rutty & Co. of
a price of 100.163. a basis of about 1.95%.
The sale
of:
$6,000 Brown St. paving bonds.
Due $1,000
on
Oct. 1 from 1939 to 1944,
inclusive.
4,000 Court St. paving bonds.
Due $1,000
on
Oct. 1 from 1939 to 1942,
inclusive.
7,000 fire truck bonds.
Due $1,000 on Oct. 1 from 1938 to 1944, incl.
9,500 unemployment relief bonds.
Due Oct. 1 as follows:
$1,500 in 1938,
and $2,000 from 1939 to 1942, inclusive.
charter effective
N.
(P.
OFFERING—Sealed bids addressed to Henry Burch, Town Clerk, will be
received at the office of John W. Nichols, 404 Broadway, Saratoga
Springs,
until noon on Dec. 14 for the purchase of $2,630.42 not to exceed 5%
Among other bids
were
the following:
Bidder—•
Marine Trust Co
Int. Rale
2M%
Rate Bid
100.10
100.13
100.08
OFFERED—Lehman Brothers and
3M% bonds
The bonds are priced at 100 for
maturities ranging from
Dec. 15, 1954 to 1957, incl.
They are legal investments, in the opinion
of the bankers, for
savings banks and trust funds in New York State.
George B. Gibbons & Co., Inc
J. & W. Seligman & Co
NEWYORK.N. Y.—NEW POST OF CITY
TREASURER FILLED—
Mayor F. H. La Guardia disclosed on Dec. 4, that he would
appoint Almermdo Portfolio as
City Treasurer, a new office under the charter, effective
as of Jan. 1, 1938.
The salary is $10,000 a year.
The
Pity Treasurer, under the new charter, is the head of the Depart¬
ment of Finance, which, under the old
charter, was under the
PORT JERVIS, N. Y.—ENDS RELIEF PAYMENTS DUE TO LACK
OF FUNDS—Mayor Wendell E.
Phillips stated Dec. 8 that because of a
lack of funds the city had been forced to withdraw home relief from 700
persons and to suspend activities of street cleaning and sanitation de¬
Comptroller.
He has the power to
appoint two deputies, one of whom shall be a
certified
public accountant. The Treasurer and his two
assistants shall be bonded.
Among the duties of the Treasurer, which he inherits from
the Comp¬
troller, are the collection of all taxes, assessments and
other funds owing to
the
city, the safe-keeping of such
moneys and the disbursements of funds.
From the City Chamberlain, whose
office is abolished under the new
charter,
responsibility for the sinking funds and
other trust funds of the
city and may disburse them on warrants
signed by
the Comptroller.
the
City Treasurer
assumes
the
Mr. Portfolio will have two
important bureaus in his department, that
City Collector, a post which William Reid
holds, and that of receipts
and disbursements. -Mr. Reid at
present is in the Comptroller's office.
As at present, deputy collectors will
be appointed for each
borough, but
Mr. Portfolio inherits the power of
appointment from the Comptroller.
Chamberlain Submits Resignation—A. A. Berle
Jr., City Chamberlain,
submitted his resignation to Mayor La Guardia
on Dec. 6, to take effect
at the Mayor's pleasure.
Mr. Berle's office is abolished
under the new
charter, which becomes operative on Jan. l, and its
functions are trans¬
ferred to Mr. Portfolio, new City Treasurer.
It is stated that the functions
of the Chamberlain's office will not be
permitted to lapse even for a day,
prior to the dissolution of the office by the new Treasurer.
of the
NEW
YORK,
N.
Y.—DETAILS
OF
BOND OFFERING—Frank
J.
Taylor, City Comptroller, will receive sealed bids until noon on
Dec. 15
for the purchase of $11,210,000 not to exceed
3M% interest bonds, divided
as follows:
---
-
--
Manufacturers & Traders Trust Co—
Bacon, Stevenson & Co
-
2ji%
2^%
2.60%
2% %
100.09
100.14
partments.
He attributed the city's depleted finances to a long-standing
"terrible unemployment situation."
The Mayor further said that other
municipal employees had been notified that they will receive no pay until
after Jan. 1 unless "something unforeseen
happens."
Resumption of
suspended civic services and restoration of relief payments will be made
after that date, he continued, as the city will oe able to borrow funds at
that time
on
action, it
was
1938 tax anticipation certificates of indebtedness. The city's
said, followed refusal of banks to loan the required funds.
Although there is $50,000 in departmental funds in the city treasury, the
money cannot be diverted to purposes other than for which appropriated,
and $50,000 of unpaid real estate taxes thus far have
proved uncollectible.
Mr. Phillips said the present financial stringency would be ended after
Jan. 1.
•
PORT OF NEW YORK
AUTHORITY, N. Y.—BOND CALL—Frank
C.
Ferguson, Chairman, announces to holders of New York-New Jersey
Interstate Bridge bonds, series C,
4% (Bayonne Bridge), dated Jan. 3,1928,
maturing 1939 to 1953, numbers 301 to 12,000, both incl., that the Port
Authority has elected to redeem on Jan. 3, 1938, all of the aforementioned
bonds then outstanding (except those maturing Jan.
3, 1938), at a price of
103 plus accrued interest to the call date.
coupons
attached, will be paid
upon
The bonds, with all unmatured
surrender at the office of the Guaranty
Trust Co., 140 Broadway, N. Y. City.
Registered bonds must be accom¬
or transfer powers in blank.
above action will be found on page v.)
panied by duly executed assignments
(Official announcement of the
ROCHESTER,
has adopted its
which
N. Y.—ANNOUNCES
budget for 1938, calling for
$20,123,494 is for general city
TAX
a total
purposes and
RATE—City
Council
levy of $28,661,134, of
$8,537,640 for scnools.
Volume
Financial
145
The rate per thousand assessment
will be $27.34.
basis of about
Salary increases of $11,743
$2,000 a year.
p.
provided for about 12 employees receiving more than
are
3855
Chronicle
1.50%, as previously reported in these columns.—V, 145.
3696:
Salomon Bros. & Hutzler
Grandberry & Co
104.219
Harris Tr. & Svs. Bk. of Chicago.104.197
O.
Liverpool),
SARATOGA
m.
COUNTY (P. O.
I. Bumstead,
Dec.
Saratoga Springs), N. Y.—BOND
County Treasurer, will receive bids
14, for the purchase at not less than par
water of New York will
SAVANNAH,
be furnished by the county.
N. Y.—BONDS DEFEATED—At the Nov. 26 election
proposed $22,000 water supply bonds by a count
the voters defeated the
'
of 63 to 35.
SIDNEY,
Y.—BOND SALE—The Town Board recently sold an
voting machine bonds to the First National Bank of
price of 100.10.
N.
103.889
Gibbons
B.
&
Owego
103.499
....102.016
Banks
National
Owego
.......101.860
-
Nichols.101.125
100.710
Citizens National Bk. of Waverly
UTICA, N. Y.—CERTIFICATE SALE—'The $500,000 tax
Dec.
anticipation
Bros. &
Dated
1938.
1937 and payable Sept. 8,
8,
Other bids were as follows:
Premium
Int. Rate
Bidder
(.54%
First Boston Corp
Salomon Bros. & Hutzler
Chase National Bank
Lehman Bros.
------
$4.25
.54%
.57%
1
1.00
7.00
10.00
26.00
.59%
.60%
Manufacturers & Traders Trust Co
♦
15.00
.74%
Halsey, Stuart & Co. Inc
Marine Trust Co
Par.
.74%
-
'
WATERVLIET,
Y.—BOND
N.
OFFERING—Thomas A.
Mahoney,
will receive sealed bids until 2 p. m. on Dec. 13 for
$132,000 not to exceed 6% interest coupon or registered
follows:
Director of Finance,
the purchase of
bonds, divided
as
$62,000 refunding relief bonds, issued to take up home and work relief
certificates of indebtedness.
Due Dec. 1 as follows: $6,000 in
1939, and $7,000 from 1940 to 1947, incl.
47,000 school buidling completion bonds.
Due Dec. 1 as follows: $2,000
from 1938 to 1950, incl. and $3,000 from 1951 to 1957, incl.
23,000 improvement bonds.
Due Dec. 1 as follows: $2,000 from 1939 to
1942, incl. and $3,000 from 1943 to 1947, incl.
All of the bonds will be dated Dec. 1, 1937.
Denom. $1,000.
Rate of
interest to be expressed in a multiple of M or l-10th of 1%.
A different
rate may be named for each of the issues, but all of the bonds of the respective
issues must bear the same rate.
Principal and interest (J. & D.) payable
at the office of the Director of Finance, or at the Central Hanover Bank &
Trust Co., New York City, at holder's option.
A certified check for 2%
of the bonds bid for, payable to the order of the Director of Finance, must
York
of New
Approving legal opinion of Caldwell & Raymond
furnished the successful bidder. Delivery of
each proposal.
accompany
City will be
Sidney at a
22
Y.—BOND OFFERING—Archie
First
Trust
certificates of indebtedness offered on Dec. 7 were awarded to Barr
Co. of New York on a .44% interest basis, plus a $2 premium.
bonds will be made at the office of
sealed bids until 2 p.m. on Dec. 17
purchase of $32,000 not to exceed 5% interest coupon tax equalization
bonds.
Dated Dec. 1, 1937.
Denom. $1,000.
Due Dec. 1 as follows:
Traders
&
Co., Buffalo
Nicholas National Bank,
103.782
issue of $6,000 4%
STILLWATER (P. O. Stillwater), N.
Sherwood & Co
103.880
and
Co.,
&
Roosevelt & Weigold, Inc
N.
of $100,000
coupon,
fully registerable, general obligation, unlimited tax, highway
bonds.
Bidders are to specify rate of interests, in a multiple of M% or
1-10%, but not to exceed 5%.
Denom. $1,000.
Dated Dec. 1, 1937.
Principal and semi-annual interest (June 1 and Dec. 1) payable at the
Saratoga National Bank of Saratoga Springs.
Due $10,000 yearly on
Dec. 1 from 1938 to 1947.
Certified check for $2,000, payable to the
County Treasurer, required.
Approving opinion of Clay, Dillon & Vande10 a.
103.678
103.600
C. F. Herb & Co....
&
A. C. Allyn & Co. Inc
Geo.
Orth, Town Supervisor, will receive
until
Bank
Commerce
Trust Co. of St. Louis
for the purchase of $50,000 not to
OFFERING—Arthur
103.770
103.767
Washburn & Co., Inc..
104.070
Seligman & Co
Mercantile
Y.—BOND OFFERING—Melvin A.
sealed bids until 2 p. m. on Dec. 20
exceed 5% interest coupon or registered
Lyncourt Sewer District bonds.
Dated Jan. 1, 1938.
Denom. $1,000.
Due $2,000 annually on Jan. 1 from 1939 to 1963 incl.
Bidder to name a
single rate of interest, expressed in a multiple of M or 1-10th of 1 %.
Prin¬
cipal and interest (J. & J) payable at the Liverpool Bank of Liverpool,
with New York exchange.
The bonds are general obligations of the Town,
payable from assessments levied on benefited property, then from taxes
which may be levied without limit upon all of the Town's taxable property.
A certified check for $1,000, payable to the order of the Town, must ac¬
company each proposal.
Approving legal opinion of Clay, Dillon <v Vandewater of New York City will be furnished the successful bidder.
(P.
104.160
J. & W.
25,000 series B general city bonds, to provide city's share of cost of Works
Progress Administration projects.
Due Dec. 1 as follows: $2,000
from 1938 to 1942 incl. and $3,000 from 1943 to 1947 inci.
7,000 series of 1937 street improvement bonds.
Due $1,000 on Dec. 1
from 1938 to 1944 incl.
Each issue is dated Dec. 1, 1937.
Denom. $1,000.
Principal and inter¬
est (J. & D.) payable at the Chase National Bank, New York City.
The
Merchants Bank of Syracuse bid a premium of $115.50 for 1.90% bonds.
Chas. H. Drew & Co
Halsey, Stuart & Co__._
Manufacturers
Marine Trust Co. of Buffalo
from 1943 to 1947 incl.
SALINA
104.401
104.350
Gertler & Co....
Rale Bid
Bidder
Rate Bid
Bidder
ROME, N. Y.—BOND SALE—The $77,000 coupon or registered bonds
described below, which were offered on Dec. 10—V. 145, p. 3696—were
awarded to Shields & Co. of New York, as 1.80s, at par plus a premium of
of $21,79, equal to 100.028, a basis of about 1.79%:
$45,000 series B emergency relief (home and work relief purposes) bonds.
Due Dec. 1 as follows: $4,000 from 1938 to 1942 incl. and $5,000
or
Director of Finance at 11 a. m. on
agreed upon.
Dec.
and place as may be mutually
at such other time
Wilton), N. Y.—BOND OFFERING—Sealed bids ad¬
Rowley, Town Clerk, will be received at the office
Saratoga Springs, until 11:30 a. m. on
Dec. 14 for the purchase of $3,300 not to exceed 5% interest coupon or
registered tax equalization bonds.
Dated Dec. 1, 1937.
One bond for
$800, others $500 each.
Due Dec. 1 as follows: $500 from 1938 to 1942 incl.
and $8 0 in 1943.
Bidder to name a single rate of interest, expressed in a
multiple of M or l-10th of 1%.
Principal and interest payable at the
Adirondack Trust Co., Saratoga Springs.
A certified check for $100,
payable to the order of the Town, must accompany each proposal.
WILTON (P. O.
L. Smodel, Town Clerk, will receive
dressed to Harriett E.
for the
of John W. Nichols, 404 Broadway,
$3,000 from 1938 to 1945 incl. and $4,000
in 1946 and 1947.
Bidder to
single rate of interest, expressed in a multiple of M or l-10th of 1 %.
Principal and interest (J. & D.) payable at the State Bank of Albany,
Mechanicsville Branch.
A certified check for $640, payable to the order
of the Town, must accompany each proposal.
Approving legal opinion of
Clay, Dillon & Vandweater of New York City will be furnished the suc¬
name a
cessful bidder.
(P. O. Riverhead), N. Y.—BOND OFFERING
will recieve bids until 2 p. m. Dec. 16,
less than par of the following coupon, fully registerable, general obligation, unlimited tax, bonds:
for the purchase at not
$456,000 refunding bonds, series of 1938.
Due Dec.
1938 to 1941, and $46,000, 1942 to 1947.
375,000 highway bonds, series A of
from 1938 to 1952.
1938.
$45,000,
1 as follows:
Due $25,000 yearly on Dec. 1
specify rate of interest, in a multiple of M% or 1-10%,
but not to exceed 4%.
Denom. $1,000.
Dated Dec. 1, 1937.
Principal
and semi-annual interest (June 1 and Dec. 1) payable at the office of the
Bidders
are
to
Co., New York, at holder's
option.
Certified check for $16,620, payable to the county, required.
Approving opinion of Clay, Dillon & Vandewater of New York will be
County Treeasurer,
or
at the Irving Trust
furnished by the county.
SYRACUSE, N. Y.—BOND SALE—The $1,912,000 coupon, fully regis¬
Pressprich & Co.; Eastman, Dillon & Co.; Francis I.
Clark & Co., all of New York, and Cassatt &Co.,
Philadelphia.
The successful bid was par plus a premium of $5,542.89,
equal to 100.289, for 2.20s, a basis of about 2.17%.
The bankers are
offering the bonds to investors at prices to yield from .50% to 2.40%,
according to maturity.
The bonds are divided into four issues as follows:
Bujfalo;
R.
W.
DuPont & Co.; Charles
$900,000 school bonds.
Due $45,000 yearly on Dec. 15 from 1938
190,000 general improvement bonds.
Due $19,000 yearly on
to 1957.
Dec. 15
from 1938 to 1947.
672,000 welfare bonds.
Due yearly on Dec. 15 as
and 1939, and $67,000, 1940 to 1947.
150,000 Federal aid project bonds.
1938 to 1947.
follows:
$68,000, 1938
Due $15,000 yearly on Dec. 15 from
$1,000.
Dated Dec. 15, 1937.
(June 15 and Dec. 15) payable at the
Denom.
interest
CASWELL COUNTY (P. O. Yanceyvllle), N. C.—BONDSDEFEATED
At the election held on Nov. 27—V. 145, p. 3047—the voters failed to ap¬
prove
the issuance of the
Principal and semi-annua1
Chase National Bank, New
GUILFORD COUNTY
BONDS MEET STRONG
a
DEMAND—Lehman Bros, of New York, head
syndicate which purchased on Dec. 8 an
bonds, reported that two-thirds
close of business on that date.
issue of $1,912,000 2.20%
of the issue had been distributed before the
The offering attracted nine other bids as
follows:
Bidder—
Premium
Bank; Harris Trust & Savings Bank; Northern
Kean, Taylor & Co.; L. F. Rothschild & Co.; R. H.
Moulton & Co., and Kelley, Richardson & Co., Inc. for $900,000
2.10s; $1,012,000 2.30s
Halsey, Stuart & Co., Inc.; Bancamerica-Blair Corp.; Darby &
Co., Inc.: Adams, McEntee & Co.; Stranahan, Harris & Co.;
Gregory & Son, Inc.: Schlater, Noyes & Gardner, Inc.; Morse
Bros. & Co.; First of Michigan Corp.; Edward Lowber Stokes
& Co. for $1,912,000 2.20s
Brown Harriman & Co.; First Boston Corp.; Phelps, Fenn & Co.;
Bacon, Stevenson & Co. for $1,912,000 2.20s
Geo. B. Gibbons & Co.; Stone & Webster and Blodget; R. L. Day
& Co.; Roosevelt & Weigold; Eldredge & Co.; A. C. Allyn & Co.;
Equitable Securities Corp. for $1,912,000 2.20s
First National Bank of New York; Salomon Bros. & Hutzler;
C. D. Barney & Co., and Washburn & Co. for $1,572,000 2M»;
$340,000 2s
--National City Bank of N. Y.; Bankers Trust Co.; Blyth & Co.,
Inc.; F. S. Moseley & Co., and Coffin & Burr, Inc. for $1,912,000
2Hs---Lincoln National Bank & Trust Co. for $1,912,000 2Ms
Chemical Bank & Trust Co.; Hallgarten & Co.; Mercantile Com¬
merce Bank & Trust Co. of St. Louis; Hemphill, Noyes & Co.,
and B. J. Van Ingen & Co. for $900,000 2Ms; $1,012,000 2s
Lazard Freres & Co., Inc.; Hannahs, Ballin & Lee; Minsch, Monell
& Co., Inc.; Illinois Co. of Chicago: Goldman, Sachs & Co.;
Boatmen's National Bank; J. H. Hynson & Co., Inc., and
William R. Compton & Co., Inc. for $900,000 2M«; $1,012,000
Chase National
$726.56
2,791.52
1,701.68
taking the first $106,000
LIST OF BIDS—The following
is an official tabulation of
received:
_
,
Rate
Bidder—
Craigie & Co
Eouitable Securities Corp.—For the first $118,000—
For the remainder
3M%,
4%
1
Blyth & Co. and Kirch ofer & Arnold
R. S. Dickson & Co., Stranahan Harris & Co.,
Dickey & Co. and Scott, Horner & Mason—
For the first $118,000
3M%
F. W.
For the remainder
For the first
Co. and Lewis & Hall,
3M%J
4%
1
3M % J
$200,000 bonds
Lewis & Hall, Inc., in
Nov. 2
Price
$200,394.00
200,101.00
200,100.00
200,109.20
Inc.—
3M % 1
200,026.00
3 K %J
were awarded Wachovia Bank & Trust Co. and
accordance with the terms of the bid submitted.
N. C.—BONDS AUTHORIZED—The
passed an ordinance authorizing the issuance
NEW BERN,
on
the tenders
$106,000
For the remainder
The
Wells-
—
—
Wachovia Bank & Trust
Board of Aldermen
of $102,000 funding
bonds.
NORTH CAROLINA, Statejof—BOARD OF HEALTH BOND OFFERING—Sealed bids will be received until noon on Dec. 16 by Chas. M.
Johnson, State Treasurer, for all or none of $160,000
Board of Health State Laboratory of Hygiene revenue
North Carolina State
bonds, authorized by
Denom. $1,000. Dated July 1,
1939 and 1940; $7,000, 1941 to
1944; $8,000, 1945 to 1949; $9,000, 1950 and 1951; $10,000, 1952 to 1955,
and $12,000, 1956 and 1957.
Coupon bonds, registerable as to principal
only and payable at the Chase National Bank in New York.
The credit of the State of North Carolina is not pledged to the payment
of these bonds.
Payment on the bonds as to both principal and interest
is to be made solely from the revenue and receipts derived from the operation
of the State Laboratory of Hygiene.
The approving opinion of Messrs.
Storey Thorndike, Palmer and Dodge, Boston, will be furnished the purBidders are
1,520.00
3,248.49
2,500.00
745.68
requested to name the interest rate or
one
rate for part
Bank of Sanford is
notes at
O. Sanford), N. C.—NOTES
bonds which
104.401. a
SOLD—The National
7 a $5,000 issue
Due in three months.
reported to have purchased on Dec.
4%, plus a premium of
$1.00.
LIBERTY, N. C.—NOTES SOLD—The Chatham
to have purchased on Dec. 7 an issue of $2,500
said
of
Bank of Liberty is
notes at 6%.
Due
in three months.
NORTH
BATTLEVIEW SPECIAL
N. Y.—LIST OF BIDS—The follow¬
rates, not exceeding
multiples of one-fourth of one per cent.
Each bid may
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, 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.
Bids are required on forms to be furnished by the Treasurer and must
be accompanied by a certified check upon an incorporated bank or trust
company, payable to the State Treasurer for 2% of the principal amount
of said bonds.
Delivery of the bonds will be made on or about Jan. 4,1938.
6% per annum in
LEE COUNTY (P.
yearly on Dec. 1 from 1938 to 1951.
$8,000, 1947 to 1951;
$12,000, 1952 to 1956, and $14,000, 1957 to 1961.
The Equitable Securi¬
ties Corp. of Nashville bid a premium of $101 for $118,000 4s and $82,000
3Ms.
name
1,108.96
ing Is a complete list of the bids for the $100,000 3% highway
were sold recently to Gertler & Co. of New York, at a price of
bonds as 3 Ms.
Dated Dec. 15, 1937.
bonds as 3Ms and the last $94,000
plus a premium of $26, equal to 100.013.
Dec. 15 as follows: $6,000, 1942 to 1946;
Due on
chftSBr
573.60
TONAWANDA FIRE DISTRICT NO. 2 (P. O. Buffalo), N. Y.—
BOND SALE—On Dec. 6 an issue of $28,000 coupon, fully registerable,
fire hall bonds was awarded to the Manufacturers & Traders Trust Co. of
Buffalo on a bid of par for 4Mb.
Denom. $1,000.
Dated Dec. 1, 1937.
Principal and semi-annual interest (June 1 and Dec. 1) payable at the
First National Bank of Kenmore, with New York exchange.
Due $2,000
TIOGA COUNTY (P. O. Owego),
C.—BOND SALE—
Chapter 324 of the Public Laws of 1937.
1937\
Due on July 1 as follows:
$5,000,
Trust Co.;
2 Ms
(P. O. Greensboro), N.
The $200,000 coupon, registerable as to principal, road and bridge refunding
bonds offered on Dec. 7—V. 145, p. 3696—-were awarded to the Wachovia
Bank & Trust Co. of Winston-Salem and Lewis & Hall of Greensboro,
York.
of
$66,000 in school building bonds.
DURHAM, N. C.—BONDS APPROVED— The Local Government Com¬
mission has given its approval to the issuance of a total of $180,000 bondsas follows:
$75,000 funding, $15,000 park, $15,000 cenetery, $35,000 sew¬
age disposal plant and $40,000 sanitary sewer.
at par
terable, bonds offered on Dec. 8—V. 145, p. 3696—were awarded to a
syndicate headed by Lehman Bros, of New York and including Ladenburg,
Thalmann & Co., New York, the Manufacturers & Traders Trust Co. of
CAROLINA
NORTH
SUFFOLK COUNTY
—John G. Peck, County Treasurer,
DAKOTA
SCHOOL DISTRICT NO. 28
(P. O. Bowcer¬
bell.), N. Dak.—CERTIFICATES NOT SOLD—The $1,500 issue of
offered on Dec. 6—V. 145, p. 3537—was not
as no bids were received, according to the District Clerk.
tificates of indebtedness
sold
3856
Financial
CHICAGO TOWNSHIP NO. 59 (P. O. Jamestown), N. Dak.—BOND
OFFERING—John E. Schatz, Township Clerk, will receive bids until 2
p.m.
Dec. 18. for the purchase of $1,627.49 6% refunding bonds.
Cert, check
for 2%. required.
.:v;;
COURTENAY, N. Dak.—BOND OFFERING—C. W. Fosholdt, Village
Clerk, will receive bids until 2 p. m., Dec. 15 for the purchase of $3,000 6%
funding bonds.
Denom. $500.
Cert, check for 2%, required.
JAMESTOWN, N. Dak.—NO BIDS—It is stated by the City Auditor
that the $30,000 special assessment Paving Project No. 1 warrants
offered
Dec. 2—V. 145, p. 3537—were not sold at that time as no bids were
received.
•,
on
yp
WARRANT DISPOSAL—He goes on to state that the said warrants have
been taken by Megarry Bros, of Bismarck, on their contract.
OHIO
MUNICIPALS
MITCHELL, HERRICK & CO.
700
CANTON
CUYAHOGA
AKRON
-
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
SPRINGFIELD
PUBLICLY
OFFERED—A syndicate headed
by the lTovident Savings Bank & Trust Co., Cincinnati, and
including,
A. Ilinsch & Co., Inc., Cincinnati, and the
Weil,
Cincinnati, is reoffering for public investment the
$892,000 bonds purchased by the account, see V.
145, p. 3537.
The
offering includes $707,000 5% umlimited tax street, sewer and
grade
crossing elimination bonds, due serially from 1939 to
1968, incl., and
priced to yield from 3.50% to 4.60%, according to
maturity, also $185,000
4M% unlimited tax water works bonds, maturing
annually from 1939 to
1963 and priced to yield from 2.75% to 4.10%.
The bonds will be approved
as to legality
by Squire, Sanders & Dempsey of Cleveland.
In commenting
on the city's financial
condition, it is noted that interest has been
paid
promptly, except for slight delays during 1933 and 1934; bonds
maturing
1933, 1934 and 1935 were paid partially in cash and
partially in refunding
bonds; all bonds maturing in 1936 and 1937 have been
paid in cash.
among others, Charles
Roth & Irving Co.,
CINCINNATI, Ohio—BOND OFFERING— Sealed bids addressed to
Henry Urner, City Auditor, will be received until noon on Dec. 28 for
the
purchase of $1,410,000 2M% interest bonds, divided as follows:
$600,000 street improvement bonds.
Due $60,000 each Sept. 1 from
1939
to
1948, incl.
They were approved at the November,
1929,
election and are payable from unlimited
taxes.
225,000 playground improvement bonds.
Due $15,000 each Sept. 1 from
1939 to 1953, incl.
Approved at the November, 1929, election,
and payable from unlimited taxes.
245,000 garage improvement bonds.
Due Sept. 1 as follows: $10,000 from
1939 to 1958, incl., and $9,000 from 1959 to
1963, incl.
Ap¬
proved at the November, 1929, election and
payable from un¬
1937
,
HILLIARDS,
Ohio—
BOND
Sale
OFFERI
of the
$12,500
water works and sewer system bonds originally scheduledifor
Dec. 21—V. 145, p. 3697—has been postponed to Dec. 24 at noon.
LUCAS COUNTY (P. O. Toledo), Ohio—BOND SALE—The issue of
$51,900 Interceptor Sewer No. 181 bonds offered Dec. 6—V. 145# p. 3385—
was awarded to Prudden & Co. of
Toledo, as 2Ms, at a price of 100.57, a
basis of about 2.40%.
Dated Oct. 1, 1937 and due Oct. 1 as follows:
$6,000, 1939; $5,900, 1940; and $5,000 from 1941 to 1948 incl.
PIERPONT
TOWNSHIP SCHOOL DISTRICT (P. O. Pierpont),
Ohio—BONDS SOLD—The $15,000 building bonds approved by the voters
of the district
ROCKY
Nov. 2 have been sold.
on
RIVER,
Ohio—BOND OFFERING—Frank Mitchell, City
Auditor, will receive bids until noon Dec. 27 for the purchase at not less
than par of $41,600
4% sewage disposal plant bonds.
Denoms. $1,000,
$500 and $100.
Dated Dec. 1, 1937.
Interest payable Jan. 1 and July 1.
Due each six months as follows: $600,
July 1, 1939; $1,000, Jan. 1, 1940;
$500, July 1, 1940; $1,000, Jan. 1, 1941 to Jan. 1, 1942; $500, July 1, 1942;
$1,000, Jan. 1, 1943; $500, July 1, 1943; $1,000, Jan. 1, 1944 to Jan. 1,
1945; $500, July 1, 1945; $1,000, Jan. 1, 1946; $500, July 1, 1946; $1,000,
Jan. 1, 1947 to Jan. 1, 1948; $500,
July 1, 1948; $1,000, Jan. 1, 1949;
$500, July 1, 1949; $1,000, Jan. 1, 1950 to Jan. 1, 1951;
$500, July 1, 1951;
$1,000, Jan. 1, 1952; $500, July 1, 1952; $1,000, Jan. 1, 1953 to Jan. 1,
1954; $500. July 1, 1954; $1,000, Jan. 1, 1955; $500, July
1, 1955; $1,000,
Jan. 1, 1956 to Jan. 1, 1957; $500,
July 1, 1957; $1,000 Jan. 1, 1958; $500,
July 1,1958; $1,000, Jan. 1, 1959 to Jan. 1,1960; $500, July 1,1960; $1,000,
Jan. 1, 1961; $500, July 1, 1961;
$1,000, Jan. 1, 1962 to Jan. 1, 1963; $500,
July 1, 1963; and $1,000, Jan. 1, 1964.
Cert, check for $416, payable to
the city required.
P-;?*-'-
OHIO
AKRON, Ohio—BONDS
Chronicle
'■:
>
STRUTHERS,
Ohio—BOND
OFFERING—John
F.
Pearce,
City
Auditor, will receive bids until noon Dec. 27 for the purchase of
$7,285.25
4% special assessment street repair bonds.
Denom. $1,000, except one
for $1,285.25.
Dated Jan. 1, 1938.
Interest payable April 1 and Oct. 1.
Due Oct. 1 as follows: $2,000,
1939, 1940 and 1941; and $1,285.25 in 1942.
Cert, check for $100, required.
WELLSTON
CITY
SCHOOL
DISTRICT,
Ohio—BOND
SALE—
The issue of $70,000 school
building bonds offered on Dec. 9—V. 145,
3538—was awarded to State Teachers' Retirement System of
Columbus,
as 3 M», at
par plus a premium of $833, equal to 101.19, a basis of about
p.
3.14%.
Dated Jan. 1, 1938 and due $2,800 annually
on
1964 incl.
to
Jan. 1 from 1940
YOUNGSTOWN, Ohio—BOND
SALE—The issue of $150,000 scrip
funding bonds offered Dec. 9—V. 145, p. 3538—was awarded to the Banc
Ohio Securities Co. of Columbus, as
2Ms, at par plus a premium of $188.40,
equal to 100.125, a basis of about 2.47%.
Dated Oct. 1, 1937 and due
Oct. 1, 1942.,
Other bids
were
as
follows:
Bidder—
Int. Rale
McDonald-Coolidge & Co_
Stranahan, Harris & Co
Premium
2M%
2M%
2M%
3%
3%
$885.00
463.00
408.00
1,395.00
876.60
785.00
330.00
—
Fox, Einhorn & Co.
Nelson, Browning & Co
Mitchell, Herrick & Co
Provident Savings Bank & Trust Co
Charles A. Hinsch & Co., Inc____
3M%
3M%
limited taxes.
100,000 parks, boulevards and playgrounds improvement
bonds.
Due
Sept. 1 as follows: $7,000 from 1939 to
1948, incl., and $6,000
from 1949 to 1953, incl.
Approved at the November, 1929,
election and payable from unlimited taxes.
140,000 incinerators improvement bonds.
Due Sept,. 1 as follows:
$6,000,
from 1939 to 1953, inci., and $5,000 from
1954 to 1963, incl.
100,000 sewer improvement bonds.
Due $4,000 on Sept. 1 from 1939 to
1963, inclusive.
All of the bonds will be dated Feb.
1, 1938.
Bidder may name an inter¬
est rate other than
2M%, although in the case of fractional rates the frac¬
tion must be
expressed in a multiple of M of 1%.Where a different rate is
bid, the highest bid based upon the lowest rate of interest
will be accepted,
such acceptance to be
approved by resolution of the City Council.
Bids
may be made separately for each lot or for
"all or none."
Split rate bids
will not be considered on
any single issue, but different
coupons may be
named on different issues.
Principal and interest (M. & S.) payable at
the Irving Trust Co., N. Y.
City.
At the request of the owner, coupon
bonds may be
exchanged for bonds registered as to
principal and interest.
The approving opinion of the
City Solicitor will be furnished.
Any other
opinion must be secured at bidder's
expense.
A certified check for 3
% of the
first $100,000 bonds bid
for, and 1% of all bonds in excess of $100,000 bid
6 t0 the orc*er
posaf.ay
the City Auditor, must
accompany each pro-
CINCINNATI, Ohio—TO CALL $2,000,000 BONDS—The city will call
redemption on Feb. 1, 1938, at par and accrued interest, $2,000,000
water
.
for
works bonds,
according to an announcement by trustees of the
city
sinking fund.
The total includes
$1,000,000 3s, maturing in 1941 and
optional after 1921, and $1,000,000
3Ms, maturing in 1945 and optional
after 1925.
CIRCLEVILLE,
Ohio—BOND
OFFERING—Lillian
Young,
City
receive bids until noon Dec. 28 for the
purchase of $5,000 4M %
improvement bonds.
Denom. $1,000.
Dated Aug.
18,
1937.
Interest payable April 1 and Oct.
1.
Due $1,000 yearly on Oct. 1
from 1939 to 1943.
Cert, check for $50,
pyable to the City, required.
Auditor, will
coupon
street
CONCORD
No.
RURAL
SCHOOL
DISTRICT
2), Ohio—BOND SALE—J. A. White
&
(P.
Co.
O.
Urbana,
R.
R.
of Cincinnati
recently
Surchased $35,000 couponbasis ofbonds as 3 Ms, atThe total aispremium
par plus
180, equal to 100.51, a school about
3.17%.
divided
follows:
8eries A bonds.
Due $1,000 each Dec. 1 from
Due $1,000 each June 1 from
series C bonds.
Due $500 each June 1 from
All of the bonds are dated
June 1, 1937.
They were
without success on June 23.
15.000
5,000
series
B
bonds.
of
as
1938 to 1952 incl.
1938 to 1952 incl.
1938 to 1947 incl.
previously offered
CUYAHOGA HEIGHTS SCHOOL
DISTRICT (P. O. South
Park,
D.), Ohio—REJECTS BIDS FOR $500,000 BOND
R. F.
ISSUE— G. C.
Clerk of the Board of
Education, informs us that the $500,000 school
building bonds offered Nov. 29, award of
which was deferred until Dec.
8,
was not sold
all bids
R. J. EDWARDS,
Municipal Bonds Since 1892
Oklahoma
AT&T
Ok
Cy
Securities
Co
of
Columbus,
which offered a premium of
$6,610 for 3Ms,
Issue is due serially from 1939 to
1953 incl.
equal to 101.322.
n/D£Xv?J?wuCITY SCHOOL
1938—-According to
DURING
DISTRICT,
Ohio—MAY REFUND
Borghardt, Clerk-Treasurer of
Corrinne L.
Education, the district's current financial
position is strong
difficulties will be encountered
during the balance of the present
year.
It is expected,
however, that the approximately $400,000 of bond
principal due in
the
Board of
and
no
the last six months of
1938 will be refunded.
.
iuitial half will undoubtedly
111
balances
e£tc*N, Ohio—BOND
bonds offered
Dec.
6—V.
SALE—The issue
145,
p.
Maturities
be paid from cash
as
OKLAHOMA
ARDMORE, Okla.—BOND SALE DETAILS—In
sale
t
%777
White
„
~
& Co
Int. Rate
EDON, Ohio—BOND SALE—The $23,000
Premium
314 %
Fox, Einhorn & Co..________
County National Bank-
Edgerton
35?%
4%
coupon
no
BLACKWELL,
Okla.—BOND SALE DETAILS— In connection with
$225,000 electric light improvement and
extension, series
Edgar Honnold, of Oklahoma City, as noted in these columns
in September, it is reported that the bonds
were sold as follows:
$75,000
as3Ms, maturing $.37,500 on Sept. 1,1942 and 1943; $37,500 as
3s, maturing
on Sept. 1,
1944; $75,000 as 2s, maturing $37,500 on Sept.
1, 1945 and
1946; the remaining $37,500 as 3s, maturing on Sept.
1, 1947.
Denoms.
$1,000 and $500.
Prin. and int. (M. & S.) payable at the
Manufacturers
Trust Co., New York.
Legal approval by Chapman & Cutler of Chicago.
the sale of the
MAYES COUNTY SCHOOL DISTRICT NO. 7
(P. O. Pryor), Okla.—
BOND OFFERING—B. R. Roberts, District
Clerk, will receive bids until
2 p.m. Dec. 14 for the purchase at not less than
par of $5,000 school building
bonds.
Bidders are to name rate of interest.
Due $500 yearly on Jan. 1
from 1941 to 1950.
Cert, check for 2% of amount of bid,
required.
OKLAHOMA CITY, Okla.—BONDS DEFEATED—It is
stated by the
City Clerk that at the election held on Dec. 7—V. 145, p. 3234—the
four
propositions calling for the issuance of $6,500,000 in bonds failed to
carry.
The bonds are divided as follows: $2,357,000 Fort
Supply reservoir; $2,000,-
000
water main extension; $1,343,000 fair
ground, and $800,000
disposal plant bonds.
^
OREGON
ALBANY, Ore.—BONDS VOTED—At
voters
an
election held
on
Nov. 30 the
approved the issuance of $15,000 in swimming pool
bonds, according
to report.
:
■
JEFFERSON COUNTY UNION HIGH SCHOOL
DISTRICT NO. 1
(P. O. Madras), Ore.—BOND OFFERING—Sealed bids will be
received
until 8 p. m. on Dec. 13, by Nellie Watts, District
Clerk, for the purchase
of a $9,000 issue of refunding bonds.
Interest rate is not to exceed
6%,
payable J. & D.
Dated Dec. 15, 1937.
Due on Dec. 15, as follows:
$2,000, 1944 to 1947, and $1,000 in 1948; optional on Dec.
15, 1943. Prin.
and int. payable at the County Treasurer's
office, or at the fiscal agency
of the State in New York City.
The approving opinion of Teal, Winfree.
Mc Culloch, Shuler & Kelley, of Portland, will be
furnished.
A certified
check for $200 must accompany the bid.
The Delaware River Joint Commission
Philadelphia-Camden Bridge
434% Bonds due September 1, 1945/44
100
60.00
Ohio-—BOND SALE—The $8,500 water
works bonds
145, p. 3233—were awarded to C. L.
Newcomer of
bid of par for 3Ms.
Dated Dec. 1, 1937.
Due $500 on Oct.
1 in 1938 and 1939; and $500 each six
months beginning April
1, 1940.
sewage
/.■£%;
Moncure Biddle & Co.
water works bonds
Dec. 3—V.
on a
the
B bonds to C.
offered on Dec. 4—V. 145,
p. 3385—were awarded to
Stranahan, Harris &
Co. of Toledo as 3Ms, at
par plus a premium of
$312.80, equal to 101.36,
a basis of about
3.11%.
Dated Nov. 1, 1937.
Due each six months as
follows: $500 April 1 and Oct. 1 from
1939 to 1955 and $1,000
April 1 and
Oct. 1 from 1956 to 1958.
on
with
various bonds aggregating $35,000 to
Mr. H. T, Vernon, of
Ardmore, noted in these columns in October—Y. 145,
p. 2731—it is stated
by the City Clerk that the bonds were sold for a premium of
$22.00, equal
to 100.06,
a net interest cost of about
2.70%, on the bonds divided as
follows:
$10,000 as Is, maturing $5,000 on Nov. 1, 1940 and
1941 $5,500
as 2Ms.
maturing $1,000 in 1943 and $4,500 in
1944; $16,500 as 3Ms,
maturing on Nov. 1:
$4,000, 1942 and 1943, 1945 and 1946, and $500 in
1948; $1,000 maturing on Nov. 1, 1942, as 4s, and $2,000
maturing on
Nov. 1, 1947, as 3s.
of $2,500 municipal warehouse
to the Eaton
Preble
offered
connection
of the
Other bids:
J. A.
Leng Distance 158
3233—was sold
National
3s, for a premium of $5, equal to
100.20, a basis of about 2.91%.
Dated Oct. 15, 1937 and
due $500 each six months from
April 15, 1939, to
April 15, 1941.
Bank
City, Oklahoma
19
Lang
having been rejected.
Mr. Lang says that a new
offering will be made this month.
A complete list of the bids
submitted
for the issue appeared in Y.
145, p. 3697.
High bidder was the Banc Ohio
Inc.
1520 Locust St., Philadelphia
PENNSYLVANIA
ALTOONA
SCHOOL
DISTRICT (P. O. Altoona), Pa .—BOND
Decker, Secretary, School Board, will receive bids
$150,000 coupon Mansfield bonds. Bidders are
to name rate of interest, making choice from
2%, 2M%, 2M%,2M%,3%,
3M%. 3M%. 3M and 4%.
Dated Jan. 15, 1938.
Principal and semiOFFERING—W.
until Dec. 20
N.
on an
issue of
Financial
145
Volume
3857
Chronicle
payable at the Central Trust Co. of Altoona.
Due Jan. 15
$40,000, 1939; $30,000, 1940 and 1941; $20,000, 1942 and 1943
$10,000, 1944.
Certified check for $5,000, required. Purchaser is to
pay for legal opinion.
In connection with the above report, we are advised that the bids will be
opened at 7:30 p. m. on that date. Bonds will be issued in $1,000 denoxns.
and purchasers may name legal attorneys, but must pay for the
and printing of the bonds.
■„
annual interest
as
follows:
$50,000
and
State of South Carolina
Due June
opinion
offered
F. W. CRAIGIE &
BADEN, Pa.—BOND SALE—The issue of $10,000 coupon bonds
Dec. 6—V. 145, p. 3386—was awarded to Johnson & McLean of Pittsburgh,
as 3Ms, at par plus a premium of $57.65, equal to 100.576, a basis of about
3.14%.
Due $1,000 annually from 1938 to 1947 incl.
Other bids were
as follows:
« .
S. K. Cunningham & Co
Chandler & Co
Leach Bros., Inc
Economy Bank of Am bridge
100.129
100.13
Par
SALE—The issue of $75,000 water
6—V. 145, p. 3386—was awarded to
3Ms at par plus a premium of $262.50,
equal to 100.35, a basis of about 3.72%.
Due Dec. 1 as follows: $3,000
from 1941 to 1950, incl., and $5,000 from 1951 to 1959, incl.
Pa .—BOND
BENTLEYVILLE,
system bonds offered Dec.
Leach Bros., Inc., Philadelphia, as
works
TOWNSHIP SCHOOL DISTRICT (P. O. DavidsPa.—BOND SALE—The issue of $170,000 coupon bonds offered
CONEMAUGH
ville),
of E. H.
S. K.
10—V. 145, p. 3698—was awarded to a group composed
Rollins & Sons, Inc., Philadelphia, Glover & MacGregor, Inc. and
Dec.
Pittsburgh, and Stroud & Co. of Philadelphia,
as 4s, at a price of 100.69, a basis of about 3.935%.
Dated Feb. 1, 1938
and due Feb. 1 as follows: $8,000 from 1941 to 1961 incl. and $2,000 in 1962.
DuBOISTOWN, Pa.—BOND SALE—The $9,000 3M% coupon sewer
Oct. 29—Y. 145, p. 2586—have been sold to the State
Fund at par.
Dated Aug. 1, 1937. Due $1,500 on
Aug. 1 in each of the years 1942, 1947, 1952, 1957, 1962 and 1967; subject
Teachers' Retirement
after five years.
call
to
CITY,
ment of
Internal Affairs on Nov. 29.
SOUTH
time ago to the
some
NEW HOLLAND SCHOOL
DISTRICT (P. O. New Holland), Pa.—
SALE—The $35,000 coupon, registerable as to principal, school
addition bonds offered on Dec. 8—Y. 145, p. 3698—were awarded to J. A.
Hoffman of New Holland as 2Ms, at par plus a premium of $3.50, equal to
100.01, a basis of about 2.24%.
Dated Jan. 1, 1938. Due $2,000 yearly
on Jan. 1 from 1939 to 1954; and $3,000 Jan. 1, 1955.
Schmidt, Poole &
Co. of Philadelphia bid a premium of $182 for 2M% bonds.
BOND
NEWTON TOWNSHIP
D.
R.
2),
SCHOOL DISTRICT (P. O.
Clarks Summit
$32,000 3 M% coupon or registered
6—V. 145, p. 2732—have been sold to the
Pa —BOND SALE—The
funding bonds offered on Nov.
School Employees Retirement
$1,000 yearly on July 1
Board at par.
from 1940 to 1962.
Dated July 1, 1937.
Due
NORTHAMPTON SCHOOL DISTRICT, Pa.—BOND SALE—Chand¬
Inc., of Philadelphia purchased an issue of $35,000 3% funding
at a price of 100.789.
Dated Dec. 1, 1937, and due serially on
Dec. 1 from 1940 to 1955 inclusive.
ler & Co.,
bonds
PROSPECT
issue
PARK
of $50,000
SCHOOL DISTRICT, Pa .—BOND SALE—The
registerable as to principal only, school bonds
coupon,
&
of about 2.73%. Dated
Dec. 15,1937, and due $2,000 annually on Dec. 15 from 1938 to 1962, incl.
RANSOM TOWNSHIP SCHOOL DISTRICT (P. O. Clarks Summit
R. D. 2), Pa.—BONDS SOLD—District Secretary C. D. La Coe informs
that the $23,000 3M % funding bond which were offered unsuccessfully
on Nov.
6—V. 145, p. 3386—have been disposed of privately.
Dated
July 1, 1937.
Due $1,000 yearly on July 1 from 1940 to 1962.
TAYLOR SCHOOL
DISTRICT, Pa .—BOND SALE—An issue of
$50,000 coupon, registerable as to principal only, funding bonds was sold
Dec. 4 as 4 Ms to Brandon, Stanley & Co. of New York at par plus a premium
of $368.75, equal to 100.735, a basis of about 4.39%.
Dated Oct. 1, 1937
Dec. 6—V. 145, p. 3538—was awarded
Co. of Philadelphia as 2Ms at 100.387, a basis
offered
to George E. Snyder
us
and due $5,000
annually on Oct. 1 from
1938 to 1947 incl.
PROVIDENCE TOWNSHIP SCHOOL DISTRICT (P. O.
Mont Clare), Pa.—BOND SALE—The issue of $55,000 coupon, registerable
as to principal only, grade school bonds offered Dec. 7—V. 145, p. 3386—
was awarded to C. F. Childs & Co. of Philadelphia as
2Ms at a price of
100.562, a basis of about 2.205%.
Dated Dec. 1, 1937 and due Dec. 1
as follows:
$2,000 from 1938 to 1957 incl. and $3,000 from 1958 to 1962
Incl.
Among other bids were these:
UPPER
Int. Rate
Rate Bid
2M%
Bidder—
100.534
Blyth & Co., Inc
2M%
100.51
YEADON, Pa.—BOND SALE—The issue of $40,000 coupon, registerable
as to principal only, borough hall bonds offered Dec. 6—V. 145, p. 3699—
was awarded to Schmidt, Poole & Co. of Philadelphia as 2Ms at a price
of 101.82, a basis of about 2.33%.
Due $5,000 on Dec. 15 in each of
the years 1940, 1943. 1946, 1949, 1952, 1954, 1956, and 1957.
Yarnall & Co
PUERTO
RICO
RICO (Government of)—BOND SALE—The $75,000 3M%
loan of 1937, series C, Jsabela irrigation coupon refunding bonds offered on
Dec. 9—V. 145, p. 3538—were awarded to Hawley, Huller & Co. and
Hayden, Miller & Co., both of Cleveland, on a bid of 106.336, a basis of
about 3.21%.
Dated Jan. 1, 1937. Due Jan. 1, 1976; redeemable on and
after Jan. 1, 1947 at a premium of 5%. Other bidders included:
PUERTO
Name—
Price Bid
Trust Co., New York; Fletcher Trust Co.,
Indianapolis Bond & Share Corp., Indianapolis 98.53
Bank &
Indianapolis, and
Seasongood & Mayer, Cincinnati:
C. F. Childs & Co., New York
Chemical
presented
98.10
93.3899
RHODE
ISLAND
CRANSTON, R. I.—NOTE SALE—The issue of $100,000 tax anticipa¬
tion notes offered Dec. 10 was awarded to Jackson & Curtis of Boston, at
0.58% discount.
Dated Dec. 13, 1937 and due Dec. 2, 1938.
Second high
bid or 0.72% was made by the First National Bank of Boston.
(P. O. Apponaug), R. I .—BOND SALE—The $139,000
bonds described below, which were offered on Dec. 9—-V. 145, p. 3699—•
were awarded to Kennedy, Spence & Co. and Tyler & Co., both of Boston,
on a bid of 100.799 for 2Ms, a basis of about 2.12%.
$84,000 relief bonds.
Due $7,000 each Dec. 1 from 1938 to 1949
55,000 relief bonds.
Due $5,000 each Dec. 1 from 1938 to 1948 inclusive.
Philip S. Chase & Co. of Providence bid 100.65 for 2Ms.
WARWICK
inclusive.
CAROLINA
CHARLESTON SCHOOL DISTRICT (P. O. Charleston), S. C.—
BONDS SOLD—It is reported that $200,000 school bonds were awarded on
Dec. 8 to Phelps, Fenn & Co. of New York, the Robinson-Humphrey Co.
of Atlanta, and James Conner & Co. of Charleston, at a price of par, giving
a net interest cost of about 3.37%, on the bonds divided as follows:
as 3Ms, maturing on Dec. 1: $5,000, 1938 to 1947; $6,000, 1948 to 1952,
and $9,000, 1953 to 1957: the remaining $75,000 as 3 Ms, maturing $15,000
from Dec. 1, 1958 to 1962.
Denom. $1,000. Dated Dec. 1, 1937.
The
second highest tender was an offer of 101.07 on 3Ms, submitted jointly by
the Milwaukee Co. of Milwaukee, and Frost, Read & Co. of Charleston.
$125,000
DISTRICT (P. O. Georgetown),
OFFERING—As previously reported in these columns—V.
GEORGETOWN HIGH SCHOOL
S.
C.—BOND
redemption all outstanding
registered warrants up to and in¬
cluding No. 7569.
INDEPENDENT SCHOOL DISTRICT (P.
Dak.—BONDS SOLD TO PWA—The $18,000 issue of
WAGNER
S.
O. Wagner)
4% semi-ann.
.school bonds offered for sale on Nov. 22—V. 145, p. 3387—was
at par by the Public Works Administration.
Dated June 1, 1937.
purchased
Due from
•
TENNESSEE
CENTERVILLE, Tenn.—BONDS NOT SOLD—The $25,000 issue
coupon city hall bonds offered on Nov. 26—V. 145, p. 3235—was not
as no bids were received, according to the Town Recorder.
Dated Oct.
1937.
Due from Oct. 1, 1938 to 1952, incl.
of
sold
1,
SCHOOL DISTRICT (P. O. Dyer), Tenn.—BOND
$50,000 issue of coupon building bonds offered for sale on
3539—was awarded to the Bank of Dyer, as 5s at par,
according to C. E. Gladhill, District Secretary-Treasurer.
Dated Nov. 1,
1937.
Due from 1939 to 1967.
DYER SPECIAL
SALE—The
Dec. 1—V. 145, p.
OFFERING—It is stated by B. F. Graves,
at public auction on Dec. 21 at 3 p. m.
$35,000:
Whitehall School (general obligation) bonds. Due $1,000 from
JACKSON, Tenn .—BOND
City Recorder, that he will sell
the following bonds aggregating
$15,000
1939 to 1953 inclusive.
20,000 municipal
as
follows:
stadium bonds (revenue and general obligation).
$1,000, 1939 to 1948, and $2,000, 1949 to 1953.
exceed 4%, payable semi-annually.
Due
Interest rate is not to
TENNESSEE, State of—BOND OFFERING—It is stated by Governor
Browning that the Funding Board will receive sealed bids until
m. on Dec. 15, for the purchase of two issues of bonds aggregating
$3,599,000, divided as follows:
$2,286,000 funding bonds.
Due on Dec. 1 as follows:
and $286,000 in 1948.
Gordon
11 a.
$2,000,000 in 1947,
1948.
1,313,000 county reimbursement bonds.
Due on Dec. 1,
Denom. $1,000.
Dated Dec. 1, 1937.
Prin. and int. payable at the
fiscal agency of the State in New York City, or at the office of the State
Treasurer, at the option of the holder, and the bonds contain provisions
for their registration as to principal alone or as to both principal and interest.
Bidders are requested to stipulate the rate or rates of interest the bonds
are
to bear in
multiples of M of 1 %.
be
Different rates of interest may
interest must be stipulated
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.
All bids must be enclosed in a sealed envelope
addressed to the Funding Board of the State of Tennessee and must be
accompanied by a certified check upon a National Bank or upon a regular
depository of the State of Tennessee, drawn to the order of the Treasurer
of the State of Tennessee in an amount equal to 2% of the face amount
of the bonds bid for.
No bids for less than par will be accepted.
The
legality of the bonds will be approved by Messrs. Thomson, Wood and
Hoffman, Attorneys at Law, New York City, whose opinion will be fur¬
stipulated for such issues, but the same rate of
for all bonds of the same issue.
Bidders may
nished the purchaser
The bonds will be
without charge.
the
to
awarded to the bidder offering to take them at
interest at a price not less than par and accrued interest
date of delivery, unless a bid for both issues is received which will
in a lower interest cost to the State over the life of all bonds of
lowest rate of
result
both issues
than any combination of bids for separate issues, in which event such bid
will be accepted.
No bid at less than par will be accepted.
As between
bidders naming the same rate of interest, the amount of premium bid will
determine the award.
Jt
All of said bonds are direct general obligations of Tennessee 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 by any State agency, the
first $307,500 of the annual receipts of any tobacco tax heretofore or here¬
after levied until and including the fiscal year 1946-47, the annual proceeds
of
tax of five cents per gallon upon gasoline, the annual proceeds of all
fees for inspection of volatile substances provided for by Section 6821 of
the Code of Tennessee, one-half of the annual proceeds of motor vehicle
registration fees now or hereafter required to be paid to the State and the
entire annual proceeds of franchise taxes imposed by the Franchise Tax
Law
being Chapter 100, Public Acts of 1937, and all of said bonds are
entitled to the benefit of the proceeds of the foregoing taxes, fees and
revenues and to share therein pro rata with any other obligations of the
State which are made a charge thereon in accordance with the provisions
of Chapter 165, Public Acts of Tennessee 1937.
All of said bonds are
exempt from taxation by the State of Tennessee or by any County, munici¬
pality or any other agency or instrumentality of the State of Tennessee.
a
TEXAS
HEIGHTS, Texas—BONDS SOLD—It is stated by the City
Secretary that the $18,000 water bonds approved by the voters on July 6,
as noted in these columns at the time,
have been purchased by Dewar,
Robertson & Pancoast of San Antonio.
ALAMO
ALVIN
INDEPENDENT SCHOOL
DISTRICT (P. O. Alvin) Texas—
SALE—The $300,000 issue of school bonds offered for sale on
3699—was awarded to a syndicate composed of Milton
R
Underwood & Co. of Houston, Mahan, Dittmar & Co. of San Antonio,
the Brown-Crummer Co. of Wichita; Rauscher, Pierce & Co.
of Dallas,
and the United States National Bank of Galveston, paying a premium
$15 00, equal to 100.005, a net interest cost of about 2.84%, on the
BOND
Dec
SOUTH
INDEPENDENT
SCHOOL DISTRICT, S.
Dak.—
Highley, Treasurer of the Board Education,
WARRANT CALL—George W.
is calling for
Clearfield), Pa.
bonds was sold
Clearfield Trust Co., Clearfield.
DAKOTA
BRITTON INDEPENDENT SCHOOL DISTRICT, S. Dak.—WARRANT CALL—Henry A. Winje, Treasurer of the Board of Education, an¬
nounces
that all outstanding registered warrants up to and including
No. 1308 are being called for payment as of Nov. 18, and should be
at the First National Bank of Britton.
1940 to 1951.
GRAHAM TOWNSHIP SCHOOL DISTRICT (P. O.
—BONDS SOLD—An issue of $5,500 school building
CAROLINA
SOUTH
p.
EDGEMONT
Pa .—BOND OFFERING—E. B. Moyer,
sealed bids until 7 p. m. on Dec. 27 for the
Rich. Va. 83
3699—R. T. King, County Superintendent of Education, will re¬
ceive bids until 6 p.m. Dec. 14 for the purchase at not less than par of $80,000 coupon school bonds.
Bidders are to name rate of interest ,in a multiple
of M%, but not to exceed 4%.
Denom. $1,000.
Dated Jan. 1, 1938.
Principal and semi-annual interest payable at the office of the Treasurer
of Georgetown County, in Georgetown.
Due on Jan. 1 as follows: $2,000,
1939 to 1941; $3,000, 1942 to 1944; $4,000, 1945 to 1949, and $5,000, 1950
to 1958.
Certified check for $800, payable to the Board of Trustees, re¬
quired.
Approving opinion of Nathans & Sinkler of Charleston will be
furnished by the district.
145,
.
Borough
purchase
of $25,000 3M % coupon street improvement and sewer bonds.
Dated
Dec. 1, 1937.
Due Dec. 1 as follows: $2,000 from 1941 to 1952, incl., and
$1,000 in 1953.
Interest payable J. & D.
A certified check for 5% of the
bid, payable to the order of R. R. Wilson, Borough Treasurer, must ac¬
company each proposal.
Issue was approved by the Pennsylvania Depart¬
ELLWOOD
Secretary, will receive
A. T. T. Tel.
Phone 3-9137
Cunningham & Co., both of
bonds offered on
COMPANY
Richmond, Va.
Rate Bid
100.47
Int. Rate
3M%
3M%
4M%
5 %
Bidder
Highway 3^is
1, 1945 @ 2.75% basis
g—v. 145, p.
$120,000 as 2Ms. maturing
$90,000 as 3s, maturing $30,000 from 1943 to
maturing $30,000 from 1946 to 1948.
divided as follows:
of
bonds
$30,000 from 1939 to 1942;
1945, and $90,000 as 2Ms,
(P. O. Chireno),
Secretary that
CHIRENO INDEPENDENT SCHOOL DISTRICT
Texas—BONDS SOLD—It is reported by the District
$4,800 construction bonds have been sold to the State.
DALLAS,
until
chase
1
p.
m.
Texas—BOND OFFERING—Sealed bids will be
on Dec. 17, by Earl Goforth, City Secretary, for
of coupon sanitary sewer and sewage
of a $950,000 issue
received
the pur¬
disposal
3858
Financial
{>lant bonds. Bids will be received on bonds bearing 1 % Due2% and 2H%
%, $95,000 from
nterest rates.
Denora. $1,000.
Dated Feb. 1, 1938.
Feb.
1, 1939 to 1948, incl.
National Bank in New
Frin. and int. (F. & A.) payable at the Chase
York City.
The approving opinion of the State's
Attorney General and of Chapman <fc Cutler of Chicago, will be furnished
by the city.
The prepared bonds will also be furnished by the city, at its
The
expense.
bonds
will
have
These bonds
portion of
are a
of less than par are permissible,
FORT STOCKTON INDEPENDENT
SCHOOL
DISTRICT, Tex.—
BONDS VOTED—At a recent, election the voters of the district
approved
the issuance of $50,000 school building bonds.
INDEPENDENT
PARIS
JUNIOR
to
a
a
warrants issued before March
31, 1937.
It is said that all other
county and school district finance in the county
a cash basis.
now on
,
SCHOOL
KING COUNTY INDEPENDENT HIGHWAY
DISTRICT NO. 1
(P. O. Seattle), Wash.—BONDS AND COUPONS CALLED—
Ralph R.
Stacy, County Treasurer, is said to have called for redemption on Dec. 4,
on which
date interest ceased,
highway bonds numbered 13 to 37, and
coupons numbered 33 to 36.
Interest ceased on date called.
SKAGIT
COUNTY SCHOOL DISTRICT NO. 306
(P. O. Mount
Vernon) Wash.—BOND SALE—The $50,000 issue of school bonds offered
SPOKANE, Wash.—BONDS CALLED—The City Treasurer is reported
to have called for payment on Dec.
ment bonds that were issued
but
to
latematurity dates.
It
pay them at this time.
WISCONSIN
DOUGLAS
on
of
a
sold to
DISTRICT
(P.
O.
Kerr-
DISTRICT
(P. O. Paris), Texas—
election the voters of the district
gave their
calling for the issuance of $200,000 construction
VALLEY VIEW SCHOOL DISTRICT
(P. O. Valley View) Texas—
BONDS SOLD—It is reported
by Charles C. Meyers, Secretary of the Board
Education, that $35,000 4% semi-ann. construction bonds have been
sold to the State Board of
Education.
UTAH
PROVO, Utah—BOND OFFERING—Mayor Mark Anderson
Dec. 9
at
10
a.m.
SHELDON, Vt.—BOND OFFERING—Grace Mower, Town Treasurer
will receive sealed bids until
7.30
k30 P- *2*1 f°r the purchase
Dec.
1, 1937.
to
as
Denom. $1,000.
bid for
Principal and
less
than
interest
p.m. on Dec. 15
(to be opened Dec. 16, at
refunding bonds.
Dated
Due $4,000 on Dec. 1 from 1938 to
1952
and accrued interest will be considered.
of $80,000 3%
par
(J. &
D.) payable at the Peoples Trust
Co., St.
as to genuineness
by and approved
legality by competent legal
authority, whose opinion will be furnished
Albans.
Bonds will be authenticated
upon request
VIRGINIA
T. E. Joiner & Co. of
Chicago bid
DANVILLE,
Va.—BOND
OFFERING—Charlton B.
Strange,
City
receive bids until noon
Dec. 14, for the purchase
$250,000 coupon, registerable as to
principal, general obligation electric
plant bonds .Bidders are to name rate of
interest, not to exceed 4%.
Denom. $1,000.
Dated Dec. 1, 1937.
Principal and semi-annual interest
(June 1 and Dec. 1) payable at the
City Treasurer's office.
Due $10,000
yearly on Doc. 1 ft"01*1 1938 to 1962.
Certified check for 2% of amount
? Washburn of xr
wSU^'KPa
i New ve c,ity, required. Approving opinion of Reed, Hoyt
&
York will be furnished
by the city.
Auditor and Clerk, will
or
R?Av°,KEV^a*TB^D S£LE
H.
R, Yates, Oity Auditor, that
voters at the
CONTEMPLATED—It
is
stated
by
the $400,000 bonds approved by the
general election on Nov.
2, as noted in these columns, will
be sold during February, 1938, and
will mature as follows:
fridge bonds. Due $15,000 from Jan. 1, 1939 to 1958 incl.
100,000 incinerator bonds
Due $5,000 from Jan.
1,1939 to 1958 incl.
Denom. $1,000.
lr'n- and semi-ann. int.
payable at the City Treasurer's
office.
Legality to be approved by either
Thomson, Wood & Hoffman of
New York, or Storey,
Thorndike, Palmer & Dodge of Boston.
P™bab
Due
a
15, 1937.
Due Dec. 15,
premium of $427 for 3% bonds.
1951.
WAUPACA, Wis.—BOND SALE— The $57,000 issue of coupon ele¬
mentary school building bonds offered for sale on Dec. 6—V. 145, p. 3540—
awarded to Paine, Webber & Co. of
Chicago, as 2%s, paying a premium
of $461.00, equal to 100.80, a basis of about
Due $3,000 on April 1 from 1939 to 1957 incl.
2.66%.
Dated Jan. 2, 1938.
WYOMING
.
SWEETWATER
COUNTY
SCHOOL DISTRICT NO.
25
(P. O.
Bairoil), Wyo.—BOND OFFERING—E. H. Richxran, Clerk, Board of
Trustees, will receive bids until 2 p. m. Jan. 4 for the purchase of $10,000
building bonds.
Interest rate is not to exceed 5%.
Dated Dec. 1, 1937.
Due $2,000 yearly on Dec. 1 from 1939 to 1943.
Certified check for $500,
payable to the District Treasurer, required.
The district will furnish
blank bonds and legal opinion.
Canadian Municipals
Information and ^Markets
BRAWLEY,! CATHERS & CO.
25
KING
ST.
WEST, TORONTO
y
VIRGINIA BEACH, Va.—BOND SALE—The $92,400
i^UCp6M 0? ,?ct'
V. 145, p. 3050—have
Investment Corp. of Norfolk as
,
sewerage bonds
been sold to the
4^8. Due $3,300 yearly from 1940 to 1967.
<Drumltfller, Ehrlichman & White
ESTABLISHED
ELGIN
6438
CANADA
ALBERTA
(Province oi)—MAY DIVERT UNCLAIMED BOND IN
TEREST TO FINANCE SOCIAL CREDIT DIVIDENDS—A United Press
dispatch from Edmonton reported as follows: Alberta Government was
reported to be planning to use a $5,000,000 idle fund originally set aside
Social Credit experiment.
The
reports aroused the belief in some circles that Prime Minister Aberhart
use the fund to make a gesture at paying the
long overdue "basic
dividends" to all adult Albertans, promised within 18 months after he was
may
elected.
accumulating in the Imperial Bank since June 1,
1936, when Alberta reduced bond interest rates.
Since many bondholders
refused to accept the reduced amounts, the
money has been lying unclaimed
in a special account.
CALGARY, Alt*.—REFUNDING APPROVED—Orders-in-Council au¬
thorizing the debt readjustment plan as proposed by the bondholders' com¬
mittee, following approval by the Alberta Cabinet, were signed by J. C.
Bowen, Lieutenant-Governor, according to report.
Plan provides for
extinction of entire debt by 1962, it was said.
EDMONTON, Alta.—REFUNDING APPROVED—Following approval
by the Alberta Cabinet, Orders-in-Council authorizing readjustment of the
municipal debt as proposed by the bondholders' committee were signed by
J. C. Bowen, Lieutenant-Governor,
according to report. Under the plan,
the entire debt will be redeemed
'^^R^L
DISTRICT (P. O. Covington), Va.
—BONDS VOTED—At a recent election
the voters are said to have approved
the issuance of $120,000 in school construction
bonds.
tt
J.
Dec. 3—V. 145, p. 3388—were awarded to the Bancamerica-BIair
Corp.
as 2%s,, at par plus a premium of
$117.75, equal to 100.351,
of about 2.72%.
Dated Sept.
The money has been
VERMONT
No
&
for bond interest payments to finance its
announces
the
city will offer for sale an issue of $37,000
6% coupon special improvement, street paving bonds.
Dated Dec. 1,
1937.
Due serially on Dec. 1 from
1938 to 1947.
incl.
payable J.
Chicago,
of
on
Superior), Wis .—BOND OFFERING—
the
TRAVIS COUNTY (P. O.
Austin), Texas—WARRANT SALE—
The $75,000 issue of
3H% road and bridge warrant offered for sale on
Nov. 10—-V. 145, p. 3050—is
reported to have been purchased jointly by
Mahan, Dittmar & Co. of San Antonio and the Brown-Crummer
Co. of
Wichita, at par.
Dated Dec. 15,1937.
Due from Feb. 15, 1939 to 1953.
that
O.
basis
Sept. 18,
on
(P.
KENOSHA, Wis.—BOND SALE—The $33,500 refunding bonds offered
(P. O. Sterling City),
Secretary of the Board of
$23,500 4% school building bonds
approved by the
as noted in these columns—V. 145,
p. 2273—have been
the State Board of Education.
Due in 30 years.
that
COUNTY
$15,000 from Jan. 2, 1939 to 1948 incl.
STERLING CITY SCHOOL DISTRICT
Texas—BONDS SOLD—It is stated by the
voters
collected
recent
proposal
Trustees
15, several lots of paving and improve¬
by the city last year and which had varying
is said that sufficient money has been
It is stated by S. P. Gray, County
Clerk, that he will receive sealed bids
until 2 p. m. on Dec. 21, for the purchase of an issue of
$150,000 coupon
relief bonds.
Interest rate is not to exceed
4%,
4—V. 145, p. 3539
$86,000 in school site purchase
COLLEGE
BONDS VOTED—At
is
urer.
Hebbronville),
ville), Texas—BOND SALE DETAILS—It is now reported
by the Presi¬
dent of the Board of Trustee.? that the
$100,000 building bonds sold last
August, as noted in these columns at the time—V.
145, p. 1625—were
purchased by Dr, Samuel E. Thompson, as 4s at
par, and mature on
April 10 as follows:
$1,000, 1938 to 1943; $2,000, 1944 to 1962; $3,000,
1963 to 1967; $4,000 1968 and 1969, and
$11,000, 1970 to 1072.
approval
bonds.
No. 16
was
HEBBRONVILLE
SCHOOL
DISTRICT
(P.
O.
Texas—BONDS DEFEATED—At the elction on Dec.
—the voters defeated the
proposal to issue
and improvement bonds.
11, 1937
for sale on Dec. 4—V. 145,
p. 3540—was awarded to Harold H. Huston &
Co. of Seattle, as 3 J£s, at a
price of 100.21, according to the County Treas¬
HOUSTON, Texas—BOND OFFERING—It is stated by H. A. Giles,
City Comptroller, that he will receive sealed bids Until Jan. 11, for the
following bonds aggregating $2,822,000:
$840,000 city hall bonds.
Due $30,000 from 1941 to 1968, incl.
270,000 drainage bonds.
Due $15,000 from 1941 to 1958, incl.
270,000 sanitary bonds.
Due $15,000 from 1941 to 1958, incl.
260,000 asphalt bonds.
Due $20,000 from 1941 to 1953, incl.
216,000 concrete streets bonds.
Due $12,000 from 1941 to 1958, incl.
221,000 fire station bonds.
Due $17,000 from 1941 to 1953, Incl.
180,000 bridge and subway bonds.
Due $10,000 from 1941 to 1958, incl.
130,000 Houston Avenue extension bonds.
Due $10,000 from 1941 to
1953, incl.
130,000 flood control bonds.
Due $10,000 from 1941 to
1953, incl.
80,000 parks bonds.
Due $8,000 from 1944 to 1953, incl.
40,000 incinerator bonds.
Due $4,000 from 1944 to
1953, incl.
40,000 street opening and widening bonds.
Due $4,000 from 1944 to
1953, Incl.
25,000 Faith Home bonds.
Due $1,000 from 1944 to 1968. incl.
20,000 swimming pools bonds.
Due $2,000 from 1944 to 1953, incl.
20,000 traffic signal bonds.
Due $2,000 from 1944 to 1953, incl.
80,000 general improvement bonds.
Due $10,000 from 1941 to 1948, incl.
Bidders are to specify the rate of interest desired.
Dated Jan. 15, 1938
KERRVILLE
Dec.
FERRY COUNTY (P. O.
Republic), Wash.— WARRANTS CALLED
—The County Treasurer is said to have called for
payment all current ex¬
pense warrants which were issued prior to April
30,1937, and School District
the
option of registration as to principal
an issue voted on April 1, 1930.
Bids
but split coupon rates are not desirable.
The Liberty State Bank of Dallas, will
certify as to the genuineness of the
signatures and seal on the bonds.
It is believed that the bonds will be
ready for delivery about Feb. 1.
A certified check for 2% of the face value
of the bonds bid for, payable to the
city, is required.
only.
Chronicle
1921
by 1967, the report said.
GUELPH, Ont.—BOND SALE—A. E. Ames & Co. of Toronto recently
purchased an issue of $20,000 3% bonds at a price of 100.50, a basis of
about 2.82%.
Due in five instalments.
MI MI
CO,
Ont .—PLAN
NOT
ACCEPTABLE
TO
CREDITORS—In
connection with the recent report in these columns
outlining the basic fea¬
refunding plan adopted by the Town Council—V. 145, p. 3388—
we are advised
by H. Vandervoort, Secretary of the Mimico Debenture
Holders Protective Committee, 255 Bay St.,
Toronto, that the plan in
question "is not satisfactory so far to bondholders."
The Council, accord¬
ing to Mr. Vandervoort, has been giving some publicity to the adoption of a
program "because the elections are coming on shortly."
'
tures of a
MONTREAL
METROPOLITAN
PALITIES REDUCE
mission reports a
TAX
COMMISSION,
ARREARS—Montreal's
drop of $76,000 in tax
arrears
Que.—MUNICI¬
Metropolitan Com¬
of its 11
solvent munici¬
palities for the month of October from $1,177,000 to $1,101,000.
For
period, the three bankrupt towns—Point Aux Trembles, Montreal
North and Ville St. Michel, showed a reduction in
outstanding taxes from
$105,000 to $101,000.
'
All but one of the 14 municipalities contributed to
the improvement for
the month, Hampstead's position being
unchanged.
the sam,e
NORTH
YORK
TOWNSHIP, Ont.—UNPAID OBLIGATIONS TO
BE PAID IN FULL—Treasurer F. H. Brown has
announced as follows:
"All holders of past due debentures are hereby advised that
the corporation
of the Township of North York will be
prepared to honor its obligations on
Dec. 31, 1937, in full, through The Canadian Bank of
Commerce, at its
head office,
Toronto, Ontario.
Simple interest at the debenture rate
will be paid on overdue principal to the date of
payment but interest will
not accrue on the said debentures after Dec.
31, 1937."
SUMMERLAND, B. C.—BOND SALE—An issue of $80,000 4H%
bonds, due serially in 25 years, was sold privately to A. E. Ames & Co. of
Toronto.
Managers of Investment Capital
THREE RIVERS, Que.—BONDS OFFERED TO
PUBLIC— Bond issue
of $125,000 on which tenders were
recently rejected, is being offered overthe-counter at par, bearing 4% interest, and
maturing as follows- $1,000.
1938 to 1942 inclusive; $2,000, 1943 to 1947;
Underwriters of Bonds and Stocks
Exchange Building
SEATTLE
$3,000,
Binzer, City Comptroller, that
at the election held
and it may be several months before the transaction
is
stated
on
Dec
2895—the voters approved the issuance
of the $750,000 in
bonds.
B )NDS DEFEATED
At the
same
election
by
Harry A.
4—V
145
p
water'revenue
Dec. 4, the voters defeated
the proposal to issue $400,000 in city hall
bonds, according to the City Comproller.
on
1951, and
TIMMONS, Ont .—PRIVATE SALE BLOCKED—Private sale of
ap¬
proximately $136,000 of debentures has been held up by legal difficulties,
WASHINGTON
BELLINGHAM, Wash.—BONDS VOTED—It
1948 to
$98,000 in 1952.
Washington
—
is
completed.
TORONTO, Ont.—BOND SALE—The $2,438,000 2K% bonds offered
Dec. 9 were awarded to the Dominion Securities
Corp. of Toronto and the
Imperial Bank of Canada, at a price of 100,5299.
due serially from 1938 to 1942 incl.
Dated Dec; 1, 1937, and
The $650,000 Toronto Harbour Commissioners
3*4% bond issue offered
Fairclough & Co. and Burns Bros. & Co.,
both of Toronto, at a price of
101.87, a basis of about 3.28%,
Dated
March 1, 1937, and due Sept. 1, 1947.
at the same time was awarded to
@FedFRASER