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ADM
DEC
*»v
DANA COMPANY, NEW YORK.
COPYRIGHTED IN 1838 8 Y WILLIAM B.
VOL. 147. '"u,dW^o4^'ynrCw,~
JUNE 23. 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK.
ENTERED AS SECOND-Cl ASS MATTER
9 7j38
•
UNDER THE ACT OF MARCH 3, 1B7».
NO. 3834
NEW YORK, DECEMBER 17,1938
BROOKLYN TRUST
THE CHASE
COMPANY
NATIONAL BANK
OF
Chartered 1866
George V. McLaughlin
THE
CITY
The
OF
NEW YORK
chase is
tra-
President
ditionally a bankers' bank.
BROOKLYN
NEW YORK
For
Deposit Insurance
Member Federal
years
many
served
it
has
large number
a
Corporation
of banks and bankers
as
New York
correspondent
and
depository,
reserve
?!l
Member Federal Deposit Insurance
1
Corporation
FUNDAMENTAL
INVESTDHS
INC-
'
V'.
■'
'■
PREFERRED
V
United States
STOCKS,
h
★
Government
Prospectus
available from
Securities
local dealers
The
Brown Harriman & Co.
FIRST BOSTON
CORPORATION
Hallgarten & Co.
,
t
:
NEW
-■
CHICAGO
AND OTHER
■
SAN FRANCISCO
PHILADELPHIA
£«#a6/i.W/«50 I J
7
'
•
,
Street, New York
Telephone: BOwling Green 9-5000
BOSTON
NEW YORK
Incorporated
63 Wall
Philadelphia
Boston
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Washington
San Francisco
Representatives in other leading Cities
PRINCIPAL CITIES
YORK
London
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npi
^
City of
-v'--
Philadelphia
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BEAR, STEARNS & CO.
ONE WALL
Commonwealth of
Pennsylvania
Company
STREET;
Bonds
NEW YORK
Capital Funds
.
.
$37,500,OCX)
Moncure Biddle & Co.
PHILADELPHIA
IOO
40TH
BROADWAY
ST. & MADISON AVE.
FIFTH
AVE.
&
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HOMER & CO., Inc.
NEW YORK
40
Exchange Place, New York
European Representative s Office:
8
KING WILLIAM STREET
LONDON, E. C. 4
CarlWUoeb,Rhoades&Co.
61
Service
to
Dealers since 1888
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&
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Established 1888
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or as a
Dec- 17• 1938
Chronicle
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any
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offer is made only by means ofthe Prospectus, dated December 6, 1938.
57,847 Shares
THE
GLENN L. MARTIN COMPANY
Common Stock
Par Value $1.00 Per Share
Price based
as
set
on
forth in the
market
Prospectus
Copies of the Prospectus are obtainable from the undersigned.
SMITH, BARNEY & CO.
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OTIS & CO.
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INC.
(Incorporated)
December 13, 1938
Leading Out-of-Town
Investment Bankers & Brokers
NOTICE OF REDEMPTION
EL
PASO
GAS
NATURAL
DETROIT
COMPANY
FIRST MORTGAGE BONDS, SERIES A 4%%, DUE JUNE 1, 1951
FIRST MORTGAGE BONDS, SERIES B
Notice
is
MICHIGAN MUNICIPALS
4%, DUE JUNE 1, 1952
hereby( given that, pursuant to the provisions of the
dated as of June 1, 1936, and of the Inden¬
Indenture of Mortgage,
supplemental thereto, dated as of June 1, 1937, between El Paso
Company and The Chase National Bank of the City of
New York and Carl E. Buckley, Trustees, the Company has exer¬
cised its election to redeem, and will redeem, on January 16, 1939,
all of its First Mortgage Bonds, Series A 4i/2%, and all of its First
Mortgage Bonds, Series B 4%, issued a^d outstanding thereunder.
ture
Natural Gas
Accordingly, on January 16, 1939 there will become and be due
and payable upon each such Bond so to be redeemed,' at the office
of The Chase National Bank of the City of New York, 11 Broad
Street, New York, N. Y., the following percentages of the principal
amount thereof, together with accrued interest to
January 16, 1939:
Charles A. Parcel Is & Co.
Members of Detroit Stock
Exchange
PENOBSCOT BUILDING, DETROIT, MICH.
BIRMINGHAM
MARX & CO.
BIRMINGHAM, ALABAMA
bonds
-
,
First
First
Mortgage Bonds, Series A 4*/2%
Mortgage Bonds, Series B 4%
From and after
shall
cease
redemption Price
105%
102%
SOUTHERN
January 16, 1939 interest upon all such Bonds
and such Bonds and coupons shall not there¬
to accrue,
after be entitled to the benefits of said Indenture of
AND
Mortgage.
Bonds with all coupons maturing subsequent to December 1,
1938 should be surrendered at said office of The Chase National
Bank of the City
MUNICIPAL
CORPORATION BONDS
of New York for payment and redemption
ST. LOUIS
on
January 16, 1939EL PASO NATURAL GAS COMPANY
Dated: December 16, 1938.
N.B.—Bondholders who wish
By J. E. FRANEY, Treasurer
to
do
may present their Bonds,
with all interest coupons
maturing subsequent to December 1, 1938,
to The Chase National Bank of the
City of New Ybrk, 11 Broad
so
Street, New Ybrk, N. Y., for redemption and payment prior to
January 16, 1939, and upon doing so will receive the full redemp¬
tion price plus interest to
January 16, 1939.
St/k
i,
Co.
SAINT LOUIS
509 OLIVE ST.
Members St. Louis Stock Exchange
No. 3834.
DECEMBER 17, 1938
Vol. 147
CONTENTS
Editorials
The Financial Situation..
William MacDonald
_
_
.
page
3654
..i
:
.
.
_
■_
. .
Taxation Cannot Serve Two Masters
_3666
..3667
._ .
.
Comment and Review
^
Gross and Net Earnings
of United States Railroads for
October...
..
3668
....
3671
Capital Issues in Great Britain
The Business Man's Book Shelf
New
Week
on
the European
.3672
3658
..3659
3663 & 3706
Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment--.
Course of the Bond Market
Indications of Business Activity
—
—
Week
on
the New York Stock Exchange..
Week
on
the New York Curb Exchange.
;v
v
News
Current Events and Discussions
3684
—
Bank and Trust
.
General
3670
3672
3657
-.3705
Company Items
.3704
-.3754
Corporation and Investment Ne^s
Dry Goods Trade
.....
State and Municipal Department-
3792
1...
3793
Stocks and Bonds
Foreign Stock Exchange Quotations.
Bonds Called and Sinking Fund Notices
3706 & 3721
..3712
3712
3711
New York Stock Exchange—Stock Quotations
.3722
New York Stock Exchange—Bond Quotations. .3722 & 3732
New York Curb Exchange—Stock Quotations
3738
New York Curb Exchange—Bond Quotations...
3742
Other Exchanges—Stock and Bond Quotations
3744
Canadian Markets—Stock and Bond Quotations
3748
Over-the-Counter Securities—Stock & Bond Quotations .3751
Dividends Declared
—...
Auction Sales.
,
Reports
...
3662
Foreign Bank Statements
.3706
Course of Bank Clearings...
3684 & 3719
Federal Reserve Bank Statements
General
Corporation and Investment News.-..-. — -.3754
Commodities
The Commercial Markets and the
Crops
Cotton
Breadstuffs
3781
3785
3790
Company, 25 Spruce Street, New York City.
William D. Rlggs, Business
Manager.
La Salle Street (Telephone
State 0613).
London—Edwards 8c Smith, 1 Drapers'Gardens, London, E. O.
Copyright 1938 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, $18.00 per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
Published Every Saturday
Morning by the William B. Dana
Editor; William Dana Seibert, President and Treasurer;
Other offices; Chicago—In charge of Fred H. Gray, Western Representative, 208 8outh
Herbert D. Seibert, Chairman of the Board and
as
South and Central America. Spain,
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(except Spain), Asia. Australia and Africa,
per agate line.
Contract and card rates on
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$11.75 for 6 months; Great Britain, Continental Europe
months. Transient display advertising matter. 45 cents
request.
NOTE: On account of the
must be made in New York funds.
fluctuations in the rates of exchange,
remittances
The Financial Situation
cases
•"/PHERE are times when events seem to conspire to
1
give aid to those whose first response to imper¬
conspicuously true
This has been
under
The McKesson &
investigations
closures of
large-scale
certainly
unless,
large,
they
a
who may
appar¬
varying thing,
later be adjudged
negligent in not
Whitney
for remedial
legislation
Robbins
forth
will
case
gether,
union
of
and
tion
If
we
laws
de¬
the
on
,
sode
or
particular
others
to
similar
the
of
all such
all
of
In
ordinary
and
course
duct of business.
a
case
current
far
as
ment to
wise
of
may
toward
atmosphere
"big
in
very
of this
an
part
concerning
Washington
now
in the
address
public
or
discussions.
power
of
of
a
more
suspicion
least to de¬
transgressions be¬
injury is inflicted
Yet here lies the case before us, one
of the worst and most
startling
on
record, and one
the
indicates that the business of looting
the investors
in the
govern¬
proceeding for
All this
has
years
company's securities has been
past!
occurred despite the legislative pre¬
other¬
cautions, and the feverish activity of a greatly en¬
larged bureaucracy created for the purpose of pre¬
from the
so-
esaily acquired
and
engendered
in the
or more pro¬
dozen
emerge
eye
at the very
tect such
investors.
as
distressingly
McKesson & Robbins case,
Commerce of Kansas
upon
occurences
so
Yet
and
taxation/'
and
presently
of
such
which clearly
popular support of just such
any one
designed to prevent
those
Wednesday.
on
in considerable
just
shaping pub¬
extracted from
was
fore great
studies
business"
be
cry
monopoly inquiry is much
an
are
before the Chamber of
City
employing the
likely, and of
would
of the Economist of the Chase National Bank
business to behave in ways not
cause
posals which
called
The sentences
incentive
as
labor
been
enormously increased. All
national income that
all those influential in
to
the McKesson & Robbins affair
monopoly
that
to
return
have
others
many
audi¬
officials and
tors, corporate
policies in Washington and the various
State capitals.
con¬
the fact remains that
ideas
them
Criminal and civil
down.
liabilities of directors,
should
we
accounting
reports,
methods, and various pro¬
cedures
have
been laid
lic
the
inquiries
projects
so-called
a
as
rate
and this clear and unanswerable analysis of
It seems,
logically it is,
from such
actual
but
specifications
having to do with corpo¬
We recommend these often-overlooked facts
for
case
diminish
so
throughout
has been cre¬
utes. Endless
percentage which labor has
national income,
and
ated to enforce these stat¬
greatly reduced."
unthinking,
with
such
the
the
tal interferences
to
certainly
of governmen¬
manner
and
in the total
developments tend
strengthen the
the country,
We might, by methods of this
l$bor.
inci«4ase the
sort,
strictly'
a
of
come
large and
Commission,
with branches
immense curtailment of the in¬
an
a
Securities
Exchange
to
and
ment
no
in hand,
case
nature.
minds
to
by
are
to wages?
ahead with production.
We should see
production stagnating, terrific unemploy¬
wholly confined to
means
the
this
as
and
expensive
to go
epi¬
an
them.
we
wrecked the incentive for business enterprise
Unfortunately, however,
the effects of such
try
we
enforce
Act of 1934 have come into
existence
seek to increase wages by
and
governmental policies
shall
policies
or
so-
andthe Securities Exchange
add 10% to the income of the
expense of profits on
before us, we should
find that 10% of wages is over 7% of the total
national income, and we should find that this
is very nearly 60% of total profits.
If we try
to add
20% to the income of labor by en¬
croaching upon profits, we should virtually
wipe out profits.
But long before we had
made any such addition to the income of labor
at
the expense of profits, we should have
legisla¬
already
statute books.
for
its
'
a
the basis of the figures
spite the welter of restric¬
tive
•
"
to
has
sky laws and
The Securities Act of 1933
policy which will make it
profits and wages to grow to¬
adopt
Almost
books.
bureaus
working people at the
de¬
regulation,
large vol¬
a
which subtract from profits to add
&
bring
form
the
in
mands for further
in
itself is that there should be
•
or
McKesson
the
of investors has been
statute
of production, a
"Shall
knowing at present
no
what
satisfac¬
large volume of business
gross income, so that the total to be divided
between wages and profits shall be large.
equivalent,- and there
is
as
pense
taken to national and State
State
possible
its
specifically designed
prevent fraud at the ex¬
blue
ume
months
case some
to
called
brought wide demand
ago
provisions of law and regu¬
lation
every
come
The
it.
correcting
thing which rises
a
and sweeping
new
thing from the standpoint of labor in¬
tant
tecting what was going on
and
of
tory profits emerge, and which falls as profits
vanish or as losses impend.
The all-impor¬
de¬
sooner
mass
profits, the less there is left for
and the more there is going into wages,
the less there is left for profits.
.
.
.
What
they fail to see is that the amount of produc¬
tion is not a fixed and static thing, but a
ently been committed, but
have for
In recent years a
lation.
into
goes
we
long years had a mul¬
tiplicity of anti-fraud legis¬
wages,
part in the
have
that
provisions wholly from
many
of which is to go to profits, and by a
very simple process of arithmetic they reach
the conclusion that the more there is which
parties wholly
innocent of any
crimes
indeed,
To omit
restrictions,
consideration,
and part
limited by civil
are
liabilities of
ary
"My first generalization is that as profits
wages rise, and my second generalization
is that as profits fall, wages fall.
Now this is
a
very
different generalization from that
which many are disposed to make.
.
.
.
they see a certain volume of money income
from business, part of which is to go to wages
to
prove
law
penalties and precaution¬
rise,
em¬
hopelessly
cumbersome
Profits and Wages
great many investors will
be
will to thoughtful
case
need for adding to our already
mass of law and regulation.
it will any
concern are
are
bezzlement. The loss to
almost
Robbins
common
expected to result in dis¬
affair
concern
suggest the futility of attempting to legislate
dishonesty out of existence much more strongly than
charges, and
grave
current
drug
this
persons
leading drug enterprise have for years past
Officials of the
as
Legislative Futility
again been faced with this strange concatenation of
circumstances.
It has come to light that the ac¬
seriously falsified.
such
occasions
on many
and during the past week we have
in recent years,
been
abuse
demand the passage of some new law.
fection is to
counts of a
of
plainly represents.
by
antagonism
outrageous
venting it.
were
Moverover, the misdeeds in question
discovered, when at length they
were
discov¬
ered, not by governmental "snoopers," but, as wras
true in the
Whitney
case,
in the ordinary course of
Volume
affairs
Financial
147
Current Washington Discussions
by those whose normal function it is to oper-
ate the business
to
are
keep
an eye upon
3655
Chronicle
the business.
As to the various current proposals for
further
governmental interference with business processes—
the McKesson & Robbins or the Whitney case would
which really are in no way related to the problems
have been worse or more tardily discovered had there
posed by the McKesson & Robbins affair—they are
been none of the recent New Deal legislation designed
but the same old ideas dressed up in new garb. Preto prevent or to uncover such unsavory affairs.
Nor cisely why anyone should see anything particularly
is there any reason to suppose that the affair will be
new in the idea of "incentive taxation" is beyond us.
any more promptly and vigorously disposed of in the
The President's proposal so to arrange the prointerest of investors.
The multitude of public agenvisions of the so-called undistributed profits tax
cies that have hurried to interest themselves in the
and, in substantial measure, the enactment as it
case, once it became known to them through the
finally reached the statute book were obviously but
press, merely call attention to the cumbersome duan effort to place corporations under an incentive
plication of machinery that has been created in eager
provided by the imposition or remission of taxes to
but poorly-planned endeavor to cope with situations
distribute all their earnings. The many punitive
of this sort, and to the matriculate suggests the
taxes with which our recent history is strewn are
jealousy that has arisen among these various departof course of the same order. They were levied for
ments and agencies of government.
It certainly does
the purpose of persuading or of obliging business
not provide evidence of a more effective mechanism
men to act in some way in which they were not
for preventing, discovering or dealing with such cases,
acting and probably would not act in the absence
In these circumstances, why should we expect to
of the tax in question. That, of course, is precisely
improve the situation greatly by adding further to the
what the advocates of the so-called "incentive taxes"
intricate mass of legislation now.in force?
now proposed would do. They would in reality tax
There is nothing to
indicate that the frauds of either
ea i
There
can
be
no
if
doubt that-the problem of
of adequate
certain
certain undesired types of behavior out of existence
p ro 11 em.
making
and proficient supervision of
they-could, although for political reasons they
failure to tax other
which they would encourage. The
prefer to lay emphasis upon
types of behavior,
by the general pubpublic has very large
interests, is a real problem.
It has long been an
American custom to place on the boards of such
difference in principle between what is now proposed and what has often in the past been proposed,
and sometimes actually done, is the difference hetween tweedle-dee and tweedle-dum.
Both are in¬
corporations men of prominence and probity (sometimes for "window-dressing" purposes) upon whose
defensible, since, if we wish to encourage sound and
vigorous business, the way to proceed is precisely
the opposite—by permitting - the business man to
look after his own interests in his own way—not by
imposing upon his artificial restraints or incentives
which result in the long run in serious errors of
policy and practice which must prove costly to all
concerned.
The so-called monopoly investigation as it is
working itself out is proving to be more of a bore
than anything else, or would be if it were not for
the ever-present possibility that it will presently
give rise to some catchy nonsense in the form of pm-
large corporations largely owned
lic,
or
in which the general
time and attention a
are
Often
made.
these directors
to form
great many diversified claims
it is
not humanly possible for
really to direct, or, for that matter,
really intelligent judgments
concerning the
They have been obliged
and the ability
of those directly charged with the responsibility of
managing the affairs of the corporations in question.
That such a system suffers from structural
weaknesses has long been perfectly clear to thought-
problems of the business.
to
depend largely upon the integrity
,
ful students of such matters.
No McKesson & Rob-
The
evident to those directly concerned than to anyone else,
A number of distinguished business men have in
needed to make the fact plain.
bins pase was
shortcomings of the system are perhaps more
been pursuing a policy of
recent years
boards and
retiring from
declining to become members of others
This, however, is obviIndividuals, competent indiopportunity to give at least a reason-
precisely this reason.
for
ously
no
solution.
viduals with
able
portion of their attention to the
business in
found somewhere to sit on these
really keep an eye on what is going on.
hand, must be
boards and
Some easy reasoners
enactments
tors would
seemed to suppose that recent
greatly increasing the liability of directend to hasten the process of
correcting
What it appears to
forward-looking men of
ability to decline to serve as directors at all unless
their own personal interest is such as to require it.
The problem is really one for the business community itself to solve, as doubtless it will in the
course of time.
There is no reason to suppose Jhat
additional legislation would be of assistance, and
the ills of the
be
present system.
doing is simply to cause
much to lead to
the suspicion that it would greatly
retard progress
in remedying admitted evils.
posed legislation which would take its place along
side of that which American industry must now
bear as best itvCan. After several self-styled economists in Government employ had been given an opportunity to display their wares, the inquiry has
chiefly concerned itself with patent practices. In
this it has proved not so much an inquiry as a
of facts long
who had the
interest to become familiar with them. Of course
the holder of a patent enjoys monopoly rights in it
for the life of the patent. The patent laws are
designed to give him these rights. Naturally there
is wide divergence in the ways in which these rights
are exercised.
That is inevitable. Some owners of
patent rights find it to their advantage to exchange
them for similar rights of others in order that both
may be able to proceed with greater effectiveness
than either could in the absence of the exchange.
Indeed, in some instances patent rights would be
nearly worthless without some such arrangement,
Of course some enterprises devote themselves
largely to the development of patentable devices and
earn their living from royalties. Why not? It will
doubtless presently be "revealed" that many patents
forum for the tiresome exposition
known and easily accessible to anyone
3656
Financial
not worked at
are
indicate
desire
a
to them to
the
any cases
we
If
our
patent system needs
need only to make
lower
it needs repair, and do the necessary repair¬
ing.
The facts
is
well enough known.
are
of
them.
tainly
reaching
Of
one
if
further
facts
not of the kind
are
attention
intelligent
in
now
Washington.
being given
In
any
so
it
by
fraction of the
a
event, there is
importance assigned to
'
were
during the week ended Dec.
of
6%.
compared with
for the
better
a
which foreshadow
a
Wednesday.
61%, and June, 52%.
failures in
last
The Treasury raised $730,000,000
new
offsetting Treasury issue maturities against the
income
year-end
Treasury
balances
sharply,
but
lending
funds.
tax
be
can
only
program
payments.
will
soon
member banks advance
as
saw
excess
$40,000,000 to
New
banks indicates
loans
to
a
York
have been
City
decline of
$1,408,000,000.
spendingreserves
a new
all-time
The condition
reporting member
$16,000,000 in business
Variations in such loans
exceedingly modest of late, and it
added that the statistics for all the
cities likewise
vary
of
In other respects the
picture showed little change.
of
increase
to
the
deplete the Treasury
high record of $3,480,000,000.
statement
consequence,
expected
temporarily,
The week to Dec. 14
credit
In
little.
101
may
be
reporting
Brokers' loans
on
secur¬
ity collateral increased $8,000,000 here in New York,
to
$695,000,000.
securities
Dealer
operations
in
Treasury
lately have increased such loans modestly.
Currency in circulation advanced only $14,000,000
in the statement
week, which is in line with expecta¬
tions.
Monetary gold stocks of the country were
$13,000,000 higher at $14,380,000,000.
The Treas¬
ury deposited $51,997,000 gold certificates with the
Federal Reserve
banks, indicating again that gold
previously acquired by the Treasury and withheld
from
the
such
Federal
now
is
The
use
balances.
condition
Reserve
being employed to build
statement of
up
the
banks, combined, shows gold
12
cer¬
tificate
of
to
holdings of $11,713,718,000, while reserves
the regional institutions moved
up $45,568,000
$12,063,039,000. Federal Reserve notes in actual
circulation
increased
$10,518,000 to $4,432,967,000.
Deposits with the 12 Federal
Reserve
banks
ad¬
vanced
count
$47,289,000 to $9,997,169,000, with the ac¬
variations consisting of an increase of mem¬
ber bank
reserve
512,000;
account
-
an
balances by
increase
balance
decline of
of
$67,244,000 to $9,033,-
the
by $5,413,000
Treasury
to
general
$412,790,000;
a
foreign bank balances by $25,013,000 to
$185,705,000, and
decrease of other deposits
by
$355,000 to $365,162,000. The reserve ratio was un¬
changed at 83.6%.
a
Discounts by the regional banks
1937.
month's
were
favorable
contra-seasonally
comparison.
which
movement,
Then
there
a
ber than
the
was
the
last
September,
sharp rise in October, a
November (as
already men¬
a
considerably sharper gain in Decem¬
case
January there
in the several
preceding
years.
percentage gain of 36.5%
December, the largest for the period since 1915,
over
although
Now it
volved
in
was a
sizable rise is customary in January.
a
can
be said that the
have leveled
to
reason
On
interrupted
was
low point in
a
was
contra-seasonal rise in
tioned), and
In
the
The fact is, however, that
November, 1937,
failures reached
year,
next
over
17%; in October
was
greater than October, which is largely the
reserves
week, which will end
the Novem¬
a year ago
22%; September, 48%; August, 38%; July,
was
for
de-
average
1928 to 1937,
preceding; the November increase
recovery
in its Dec. 15 borrowing, and there will be
money
no
decline of bank
quite
were
showing than the several
quarter-date operations of the United States Treas¬
ury,
an
10 years,
By comparison with
ber results make
14.
compilation did not include, however, the large
for the current statement
of
$2,000 to $549,000, and hold¬
corresponding month of 1937
CHANGES in in the direction of expanding
the official banking statistics
again
The
disasters
cline in the month
it
resources
holdings
records of Dun &
October's
months
Federal Reserve Bank Statement
credit
$198,000
were
market
NOVEMBER business failures, according to the
Bradstreet, were 1.3% below
cer¬
of the New Deal managers.
some
advances
Open
Business Failures in November
much
nothing in the current situation to suggest that the
matter is
such
about
required they
are
make
$14,949,000.
ad¬
com¬
unchanged at $2,564,015,000.
The task
conclusions
1938
Industrial
ings of United States Treasury issues
minds in what
up our
to
at
$6,997,000.
to
17,
$88,000 to $15,573,000, while
bankers' bills increased
over¬
ways
$954,000
mitments
where
be economic
Dec.
increased
vances
part of those holding rights
"suppress" them, and in
justification for it.
hauling,
increased
all; but this will not necessarily
on
desire of this sort exists there may
a
Chronicle
off.
last
The
month's
upward trend appears
of liabilities in¬
amount
bankruptcies
sharply
was
reduced from November, 1937.
Failures in November totaled
984, with only $12,302,000 liabilities; in October there were 997 with
$13,219,000 liabilities, while in November, 1937, 842
firms failed for $16,400,000.
Contrary to the gen¬
eral
trend, manufacturing and construction disas¬
ters
were
small increase
very
ice
smaller than in
casualties
retail
more
trade
and
customarily
than
more
Liabilities
failures, occupied its usual
30%
smaller
were
gtoup but the retail.
than
last
in
year
in¬
1937.
every
Retail insolvencies aggregated
involving $4,055,000
99 wholesale trade
an
November,
over
involving $4,513,000 liabilities,
with 447
The
comprises
position in November and showed
of
crease
586,
which
a
serv¬
10% in wholesale trade.
group,
than half the total
relative
November, 1937; only
shown in commercial
was
compared
as
a year ago;
there
were
failures, carrying $1,484,000 lia¬
bilities, compared with 90 failures and $2,063,000
liabilities
in
November, 1937; 196 manufacturing
firms failed for
for
$7,723,000
involved
$4,434,000 in comparison with 199
$713,000,
$994,000;
in
the
firms failed for
$1,565,000 last
last year
Federal
there
were
ties,
every
on
failures
districts;
increases
districts.
increase of
commercial
60
service
year
failed
for
division
48
and 46 failed for
slightly
were
smaller
in the Richmond and Minneapolis
substantial
Chicago
last year
year.
Reserve
were
while
$1,158,000 this
Geographically,
than
55 construction failures
a year ago;
over a
only
In
in
the
in
all
year ago,
the
other
districts
but such gains
Philadelphia
former
there
140%, and in the latter 40%.
and
was
an
Liabili¬
the other hand, were smaller this year in
district except Philadelphia and Atlanta.
i
Volume
'•
Financial
147
•**
,
*
•*
■'
....
•
,
• •
•
'
.
Chronicle
i.
..
.
On
The New York Stock Market
•
a,;
the
New York
.
••
■ .
•
3657
t
Stock Exchange 46 stocks
TRADING on week New Yorksizable advances re- touchedtouchedhigh levelslevels. the year New York
the in fairly stock market of stocks new new low for On the while 26
suited this
Curb Exchange 46 stocks touched new high levels
and 50 stocks touched new low levels. Call loans
on the New York Stock Exchange remained unsince activity was rather pronounced in the upchanged at 1%.
,
.
swings, whereas downward tendencies produced/
On the New York Stock Exchange the sales at
only a small volume of business.
Although the
the half-day session on Saturday last were 405,610
market thus displayed a degree of fickleness, gains
shares; on Monday they were 899,305 shares; on
in leading stocks were substantial.
Steel, motor
Tuesday, 1,093,650 shares; on Wednesday, 1,965,0'54
and other industrial issues were generally two to
shares; on Thursday, 1,798,710 shares, and on Frifour points higher, as against closings on Friday
day, 1,147,040 shares. On the New York Curb Exof last week.
In the more staid railroad and utility
change the sales last Saturday were 95,520 shares;
sections small advances were common.
Aircraft
on Monday, 195,410 shares; on Tuesday, 224,055
quotations.
The trend was higher, but irregularly
occasional relapses modified the improvement,
Turnover reflected the same sort of uncertainty,
so, as
manufacturing issues were in excellent demand at
shares; on Wednesday,
334,962 shares; on Thurs-
day, 334,120 shares, and on Friday, 253,195 shares,
addition to the military air force.
Low-priced
A firming up process was the order at the brief
stocks in general seemed to attract interest, which
session on Saturday last, following a day of irreguagain suggests public participation on a rather
lar price changes. Stock prices moved up from fracbroad scale.
Dealings ranged from under 1,000,000
tions to approximately one point in modest trading,,
shares in the dull periods to nearly 2,000,000 shares
despite the handicap of the usual transactions at
Wednesday, when the largest price advances
this time of the year, involving losses for income
recorded.
tax purposes. Early strength which lifted equities
Business reports were spotty, but forecasts of
on Monday to above one point lost much of, its
trade and industrial activity began to appear during
vigor as trading progressed, and consequently irregthe week, and they occasioned some buying interest,
ularly higher prices predominated at the close. The
In most cases the economic forecasters predicted
upward swing in values this week, though moderate
better things for 1939> and even the most careful
in degree, has established a definite trend, and on
observers, whose previous predictions have been
Tuesday major issues again marched forward after
borne out, joined in this view.
The technical cona firm opening. Some of the groups most favored
siderations that year-end tax selling producers were
included the aviation, motor, steel, rubber and elecless marked, possibly because most of this business
trical equipment securities. Stocks in the specialty
is out of the way, and perhaps is being suegroup, too, received some favorable consideration,
ceeded by some replacement buying. Foreign news
Initial firmness was throttled to some extent late
dispatches were at least a little less gloomy than,
in the forenoon by a hesitant attitude, but as the
in the preceding week, when war seemed to loom
final hour drew near the market threw off' its
between France and Italy.
Quite important to
shackles and carried equities to the best levels of
some sections of the market were reports from the
the day. The share4 market reached the pinnacle of
Lima, Peru, conference of American States, owing
the forward movement on Wednesday, when the
to the efforts there foreshadowed to increase intervolume of sales approached 2,900,000 shares, the
American trade.
Some of the gains established on
heaviest in more than a month. Both domestic
these and other grounds were modified, late in the
corporate and political news favored the . general
week, because of truly amazing disclosures pertainadvance, and leading stocks added from one to three
ing to receivership developments in McKesson &
points to their previous levels. Efforts were made
Robbins.
The fantastic turn taken by that case,
on Thursday toward maintaining the gains achieved
which culminated yesterday in the suicide of the
the past few days, and in this respect traders were
chief company executive, proved a depressant to
largely successful.
An accumulation of buying
the entire stock market
orders at the start boosted equities more than a
In listed bond trading, United States Treasury
point, and the volume of business in the first hoursecurities were well maintained. The new securities
was equal to about one-third of the day's total busiissued by the Treasury on Wednesday were active
ness. Profit-taking later entered upon the scene,
in counter trading, at considerable premiums over
but was readily disposed of, and while prices eased
the offering levels of par.
Best grade corporate
a bit in the closing hour, an irregularly higher level
bonds likewise were firm.
Speculative railroad,
still prevailed. Yesterday, in aimless trading, equi-
times, owing to the Government program
for a vast
on
were
now
utility and industrial bond issues were quite active
at
times, and sharply higher in the busy sessions,
The
foreign dollar bond section displayed unwonted
activity, particularly in the cheaper defaulted bonds
of
American
Latin
republics, which
advanced
on
prospects of improved financial relations as a consequence
kets
the
of the Lima conference.
fluctuated
variations
this week in
failed
to
mar-
range,
and
affect the securities
sec-
narrow
a
In the foreign exapproximation to stability
noted, and perhaps induced some trading in
tions to any
pronounced degree.
change markets a better
was
Commodity
securities.
•
ties slipped lower on realizing profits sales after
apparent firmness at the beginning. Fractional dedines were the most numerous for the day, but
among some of the more prominent issues losses
were as high as a point or more.
Friday's closing
prices reveal a definitely higher trend when cornpared with closing quotations on Friday one week
ago.
General Electric closed yesterday at 43
against 40% on Friday of last week; Consolidated
Edison Co. of N. Y. at 29%
against 28%; Columbia
Gas & Elec. at 6% against 6%; Public Service of
N. J. at 307s against 29%; J. I. Case Threshing Machine at 90% against 86%; International Harvester
Financial
3658
against 58%; Sears, Eoebuck & Co. at'
at 61
Montgomery Ward & Co. at 51%
against 72%;
against 49%; Woolworth at 4934 against 49%, and
American Tel. & Tel. at 14734 against 148%.
Westyesterday at 23% against 22% on
Union closed
era
Friday of last week; Allied Chemical & Dye at
184%
against 180%; E. I. du Pont de Nemours at 150
National
144-%;
against
Cash Register at 25%
National Dairy Products at 12%
against 23%;
against 12%; National Biscuit at 243/8 against 25%;
Texas Gulf
Sulphur at 313% against 31; Continental
39% against 38; Eastman Kodak at 1803%
Can at
against 181%4 Standard Brands at 6% against 6%;
Westinghouse Elec. & Mfg. at 119 against 11334;
21% against 21; Canada Dry at 183%
Lorillard at
against 17%; Schenley Distillers at 173% against,
173%, and National Distillers at 27% against 27%.
The steel
closed
last
stocks,
the average, advanced three
United
Steel at
States Steel
7^ against 70%, and Youngstown
Sheet & Tube at
52% against 48%.
In the motor
Auburn Auto closed yesterday at 3% against
group,
3% bid
Friday of last week; General Motors at
on
against 47%; Chrysler at 82% against 78%, and
IIupp Motors at 1% against 2.
Dec. n, ms
Chicago closed yesterday at 28c. as against 28%c.
the close on Friday of last week.
.
The spot price for cotton here in New York closed
yesterday at 8.62c. as against 8.57c. the close on
Friday of last week. The spot price for rubber
yesterday was 16.11c. as against 16.07c. the close
on Friday of last week.
Domestic copper closed
yesterday at ll%c., the close on Friday of last week,
In London the price of bar silver yesterday was
19 15/16 pence per ounce as against 20 1/16 pence
per ounce the close on Friday of last week, and spot
silver in New York closed yesterday at 423%c., the
close on Friday of last week.
In the matter of the foreign exchanges, cable
transfers on London closed yesterday at $4.66%,
the close on Friday of last week, and cable transfers
on Paris closed yesterday at 2.63c. . as against
2.66 l/16c. the close on Friday of last week,
yesterday at 64% against 61% on Friday of
week; Inland Steel at 90% against 87; Bethle-
hem
50
on
this week.
points
more
or
Chronicle
In the rubber
European Stock Markets
<
TITTLE business
Li
in
changes
done this week
was
on
leading European
the
stock
ex-
financial
centers, but a dull start was suceeded by
that
tone
reflected
the
a brighter
diminishing fears of an
armed clash between France and Italy.
The Italian
demands for French territory haunted all European
group,
markets last week, but they were less impressive
Goodyear Tire & Rubber closed yesterday at 36%
after the British and French Governments made it
Friday of last week; B. F. Goodrich
plain that such views would not be tolerated, and
against" 33
at
on
24% against 22, and United States Rubber at
51% against 48%.
Higher prices
the railroad shares the present
RR. dosed
of last
were
week.
enjoyed by
Pennsylvania
yesterday at 21 against 19%
on
Friday
week; Atchison Topeka & Santa Fe at 38%
against 36%; New York Central at 18% against
17%
Union Pacific at 89 against 88%; Southern
;
Pacific
at
18% against 17; Southern Railway at
the markets tended to
London
in
an
Stock
irregular
Paris Bourse
thereafter.
recover
On the
Exchange these influences resulted
upward
Sessions
trend.
of
the
affected not only by the inter-
were
national developments, but also
by Parliamentary
support of the Daladier regime and
that
assurances
the moderate policy of the present French Government will remain in effect.
Even the Berlin Boerse
20% against 18%, and Northern Pacific at 11%
tended to improve, when it appeared that for the
against 10%;
Among the oil stocks, Standard Oil
time being, at least, warfare would
of N. <J. closed
yesterday at 51 against 50%
Europe.
day of last week
on
Fri-
Shell Union Oil at 14% against
;
a
was
In the copper group,
trade
day at 34% against 33
American
Friday of last week;
on
Smelting & Refining at 51% against 49%,
an(J Phelps Dodge at 43% against 41%.
Trade
industrial
and
generally
opinion
store for 1939.
ing today
previous
weeks
from
reports
the
in
The usual Christmas buying
European centers.
in progress, but it was not on
a
the
foremost
was
scale to occasion
trend,
The London Stock Exchange was irregular in the
estimated by American Iron and
last
a
week/ 62.6%
month ago, and 27.4% at this
Production of electric power was
reported by Edison Electric Institute for the week
10
from
industrial
opening session of the week, mainly because of the
were
Dec.
and
Steel operations for the week end-
57.6% of capacity against 59.9%
ended
little variation
There
improvement lies in
was
Steel Institute at
time last year.
played only
unusual encouragement as to the general economic
reports were varied, but
that
be averted in
every case
small part in determining the tendencies.
13%, and Atlantic Refining at 23% against 22%.
Anaconda Copper closed yester-
Domestic affairs in
at
2,318,550,000
kilowatt
hours
many
international uncertainties. Gilt-edged stocks
drifted lower in listless trading, while
tendency in British industrial issues
slightly toward the close by
modify securities
were
a
was
a
similar
modified
brief rally.
Corn-
uncertain, and Anglo-Amer-
lean favorites improved a little on favorable week-
against 2,285,523,000 kilowatt hours in the preeed-
end reports from New York.
ing week and 2,196,105,000 kilowatt hours in the
"followed
corresponding week of last
traders and investors that the international picture
619,340
Car loadings of
year.
freight for the week to Dec. 10 totaled
revenue
cars,
according to the Association of Amer-
ican Railroads.
from the
This
was
decline of
a
preceding week, and
a
As
indicating the
course
Cheerful movements
Tuesday, owing to the impression of
would become brighter.
Gilt-edged stocks and in-
dustrial issues forged ahead, while buying appeared
29,746
cars
also in the precious and base metal stocks.
decrease of 74
cars
ternational securities likewise were better,
against the corresponding week of 1937.
as
on
of the commodity mar-
the leadership
opening
on
of Anglo-American
In-
under
favorites.
The
Wednesday again wras firm, but prices
kets, the December option for wheat in Chicago
tended to
closed
sales that fresh uneasiness as to the international
on
yesterday at 63%c. as against 64%c. the close
Friday of last week.
closed
close
December
yesterday at 49%c.
on
as
Friday of last week.
ease
on
situation provoked.
profit-taking and the realizing
Net changes at the end
corn
at Chicago
against
51%c.the
small in British industrial issues and the gilhedged
December oats at
list, with small gains and losses equally numerous.
were
,
Volume
Financial
147
cheerful
generally
stocks.
securities likewise
drifted
lower
and good gains
brighter.
were
eral
Monday,
despondent,
for the
Italian
,
praised highly by the Belgian
issues
international
aments
enlargement
Rentes nevertheless were in
variations
political
Dr.
small scale.
a
011
were
movements
situation held trading to
Canal stocks in particular
demand.
-
with Suez
reported on the Bourse, Thursday, with
were
rentes
leading the movement and French equities
almost
equally in demand.
International issues al¬
confidence was restored regarding
maintenance of peace.
Gains were the rule
improved,
facilities, and settlement
debt
international
It was most
problem.
Zeeland, whose similar and more detailed
van
have been ignored
his services.
Intergovernmental Debts
Sharp advances
finally
of the Tripartite agreement, greater
by the very Governments that enlisted
The only sharp
in international issues,
were
start might be made by tariff ad¬
recommendations of last January
Bourse, Wednesday, and price
the
on
practical steps in the
timely for these matters to be discussed again by
around
previous levels.
International securities were in
good demand, with the exception of Suez Canal
shares, which fell sharply because* of indications
that Italy wants a share in that enterprise.
The
minimum
a
short-term credit
a
the
of
demand, and French equities held
international
of
use
again worried the Paris market on Tues¬
expenditures.
modest
Some small
suggested that
did indications of a huge increase of arm¬
as
stand¬
capital redistribution through¬
justments, elimination of some industrial quotas,
Italian
soft.
likewise
were
method of
a
right direction are quite feasible, he argued, and
There was also a good deal of uncertainty
"claims"
the
were
the world.
out
in full
regarding the internal situation, and sizable losses
were recorded in rentes and French equities, while
so
Efforts being made by Secretary of
Hull to lower the barriers to inter¬
structure, a working international monetary
ard and
campaign for territorial concessions on the
swing.
a
contained in his gen¬
requires the stabilization of the international price
the Paris Bourse was slow and the
on
was
part of the French Government then was
day,
of the more pressing
some
were
leader, who added that a real expansion of trade
Trading
press
Cordell
national trade
sections were
steady.
trend
report.
State
Gilt-edged issues
but other
yesterday,
briefly
recommendations which
international
and
issues
Commodity
In his speech here, Dr. van Zee-
request.
land summarized
gilt-edged issues and industrial
in
recorded
were
Thursday,
on
at their
The tone was
Anglo-American issues were steady.
3659
Chronicle
as
PAYMENTS on the United States debt account
intergovernmental Treasury
to
due
were
on
but Fin¬
land again was the only country that discharged its
obligation in full and in accordance with the freely
negotiated debt settlements.
That small country
Thursday from thirteen European nations,
paid $232,935 to the Treasury. In addition, a pay¬
ment of $9,828 was made by the Hungarian Gov¬
ernment, in line with the proposal for annual in¬
eventually are expected to aggregate
stalments that
the
precise amount of the advance to that country,
.The American loans to Finland
yesterday in rentes and French equities, while inter¬
without interest.
national issues were
and
Turnover
on
and the trend was
of the
irregular.
the Berlin Boerse was light, Monday,
generally adverse, partly because
developments in the international
week-end
situation, and partly because of liquidation of Jew¬
ish
holdings.
Leading issues were 1 to 3 points
lower, and the less active stocks also
Small
soft.
declined, when
Fixed-income securities were active but
quoted.
gains
were
the rule in a dull session on
more,
while
on
a
Wednesday,
German
vanced
the
with almost all, issues joining in
market
on
Fresh
.
support was given the
naturally most prominent in this group.
evident that other large
for
The
country.
a
the attitude of that
merely re¬
British note, however,
satisfactory settlement might be
reached."
Other
are.France, Italy, Belgium,
Czechoslovakia,
Rumania, Yugoslavia,
complete defaulters
Poland,
Estonia, Latvia and Lithuania.
Thursday, and the market ad¬
4 points. Fixed-
in demand.
Little business
yesterday, and prices were steady.
Van
Lima Conference
ECTLE marked the routine International Confer¬
more than eighth developments so far
has
of American
Zeeland Plan
situation in
were
restated here in New York
Premier Paul van Zeeland
last Mqpday, by former
of Belgium.
The leading
Belgian economist spoke at a dinner meeting of the
Economic Club of New York, which also heard sound
doctrines from a number of our own
spokesmen.
industrial and
More than ordinary interest
of Dr. van Zeeland, how¬
attaches to the comments
owing to the report which he submitted last
to the British and French Governments,
Januarv
States, which opened at Lima,
A slow start is, however, almost
inevitable in gatherings of this nature, for the very
business of formal opening addresses by the hosts
and the heads of the numerous delegations takes
Peru, on Dec. 9.
which the world finds itself
SOME fundamental economic requirements of the
ever,
It is fairly
defaulters look to Britain
leadership in the intergovernmental debt prob¬
ence
financial
defaults, with Great Britain
Mining and chemical stocks showed
largest gains, which ranged to
done
Ajl of the great war
obligations.
take place "whenever
income issues also were
was
the
warrant the hope that
advance.
readily.
meeting
debtors continued their
circumstances are such as to
that ranged from 1 to 3 points.
Rumors
circulated in Berlin that intervention by the banks
the
which
iterated that discussions will
gains
aided
populations,
famine-stricken
of
relief
probably accounts for a greater punctiliousness in
obli¬
The upward trend was more pronounced
gations.
the
debts
debts," but such advances actually were for
lem, and interest centers in
Demand slackened for fixed-interest
vances.
Hungary usually are lumped with other
"war
point
few specialties showed larger ad¬
Tuesday, with leading stocks up fractions to a
or
as
much time and
hardly can be expected to produce
startling announcements.
ses
are
notes
While the initial addres¬
being made the various leaders
and
endeavor
to reach the real
compare
agreements
by which the success or failure of a conference is
marked.
There is no reason to suppose that there
is any
cedure.
deviation at Lima from this traditional pro¬
Before the meeting started it was antici¬
pated that the discussions
would run all through
Financial
3660
varied and may require
long and detailed conversations.
Meanwhile, it is
problems are many and
interesting change has taken
be noted that one
be willing to go to
United States Government may
lengths
extraordinary
vided Congress gave its approval, Mr. Morgenthau
inter-American
"We are studying the whole question of
between this Treasury and the
Treasuries of other countries of the Western Hemisphere," he added. On Wednesday it was rumored
in Washington that the Treasury may use some of
the swollen American monetary gold stocks to foster
inter-American trade. Gold might be sold or loaned
bolster
to
remarked.
relationships
Quite obviously, the
trade and financial relations.
Washington disclosures reflect what is being said,
Lima, with a test of public sentiment one of the
at
readily discernible
It would, appear,
aims.
ac-
cordingly, that some genuinely new proposals are
up
for discussion in the Conference, which therefore
to the Latin-American countries, so that
merits the closest attention.
Oscar B.
Dec. 9 with
on
formal address of wel-
a
it, the reports suggested.
delegates from North and South Amer-
to the
opinion.
In
phrases,
sonorous
Dr. Benavides called upon
the assembled representa-
fives of the 21 American
Republics to Mlfill their
mission, defend/ their moral unity and foster every-
"in^ialism."
On Wednesday, also, the
step was announced of a capital increase of the official Export-Import Bank, from $21,000,000 to $46,000,000, through sale of $25,000,000 stock of the
bank to the R. F. C. This move followed the granting of a $10,000,000 loan to International Telephone
ica, in which he steered an adroit middle course
between extremes of
exchange
restrictions might be lifted and trade freed from
some of the artificial restrictions that now hamper
Benavides, President of Peru, opened the
Conference
come
Such direct advances could be made, pro-
ington.
that the
place, through disclosure at Washington
Dec. n, 1938
as to whether direct loans by the Treasury to LatinAmerican Treasuries might augment the advances
that now are feasible in a limited sense throught the
mechanism of the Export-Import Bank of Wash-
December, and perhaps well into January, for the
to
Chronicle
A spirit of tolerance was
& Telegraph Co., which is an important communica-
urged, buUrtwas added that the Americas must
tions organization in a number of Latin-American
countries.
" •
thing but
The next order
help, not rebuke, the Old World.
business
of
Mexico
of course, the keynote addresses
was,
by the major delegations.
Secretary Cordell Hull
QEVERAL exceedingly serious indications have
O
spoke for the United States last Saturday, and he
the:
issued
been afforded lately of the lengths to which
expected call for united resistance to
the Mexican Government is prepared to go in order
combination of Powers" that at-
to make some use of the American and British oil
tempts an armed invasion of the Western Hemis-
properties which, to all intents and purposes, were
"Power
any
or
Mr. Hull made clear the antagonism of the
phere.
totalitarian
toward
States
United
theories of racial
superiority.
ideals
The recent Mexican
confiscated last March.
and
ures
In this general ap-
illustrate
the
of
one
meas-
of the
gravest defects
policy being pursued at Washington with respect
peal, he was joined by the Argentine Foreign Min-
to
ister, Jose Maria Cantilo, who cautioned that his
light
Latin-America, and they throw an interesting
on the Lima conference.
Foremost among
country could not very well abandon consideration
the incidents is
for the
engage
European countries that afford so large a
market for
Argentine products.
the Peruvian
dent of the
and
Foreign Minister,
invasion
of the Americas.
continued
laration
Lopez
$17,000,000 oil from the "expropriated" wells for the
equivalent in German machinery and other wares,
Mesa,
of
some
to which
all/could subscribe,
the Monroe
Doctrine.
addresses
ments
aims
and
It
ments.
soon
as a
replacement for
While these
and
numerous
conversations
and
on
general state-
specific proposals and
became apparent
that
one
that the United States will not exert
pressure
Tlie
promoting Pan-American trade—pos-
basis for improved diplomatic relations
disclosed in
retarv of the
the
diplomatic
degree to which the Roosevelt Administration
as one
—was
assuran-
for the protection of foreign investments,
is interested in
sibly
agree-
earnest
Washington last Monday by Sec-
Treasury Henry Morgenthau Jr. With
approval of the. President and the State Depart-
has
to the German
from
wells
•
exchange
resources
At the press
made,
the
to
Latin-American
countries,
conference in which this statement
Secretary immediately
was
was
questioned
of
further
It appears, moreover, that the
by American and Britons,, but
which international law
requires,
These Mexican tendencies
as
are
sufficiently serious
they stand, but other indications are available
which
show
that
than
more
the
mere
matter
of
marketing is involved.
Late last week, the Mexican
expropriation
reached out and included an
$8,000,000
program
American-owned
sugar
and
vegetable
plantation in the State of Sinaloa, for which com-
pensation to the
owners
is to be made, by agree-
ment between Mexico City and
Washington, along
the lines of the recent accord for agricultural land
payments over a period of ten years or more.
In
exaggerated contrast, it is to be noted that Mexico
last Monday arranged
cultural
tending to make available adequate foreign
contradiction
possibility of that prompt and effective payment
nestly studying
activities
Navy.
owned
unprecedented
for coordinated governmental
no
seized by Mexico on flimsy pretexts with no remote
ment, Mr. Morgenthau said, the Treasury is earmeans
been
Italian Navy likewise will be supplied with oil fuel
Doctrine
desire of the Latin-Americans is to obtain
ces
dec-
being made, various commit-
were
their
started
tees
a
also
statements that Mexico plans to sell $8,000,000 oil
Senor Lopez
interest.
called, Wednesday, for a Pan-American
other
there
keynote addresses
through much of this week, with
This report has not been denied, and
during 1939.
of armed
by the Colombian Foreign Minister, Luis
de
reported agreement by Mexico to
elected Presi-
was
any menace
The
a
barter exchange with Germany of some
a
Dr. Carlos Concha,
Conference, and he also urged tolerance
solidarity in the face of
in
for immediate and almost
payment
properties that
weeks ago.
expropriated
agri-
Italian-owned
a
few
The rapprochement between Mexico and
the totalitarian States of
not
for
were
Europe deserves attention
only in Washington, but also among the delega-
tions assembled at Lima.
Volume
European Dissensions
.
Anglo-German relations appeared to
curious
NOT much dissensions can be reported this week
moderation that
tearing Europe
in
the
and
that
race
Fears of
can
German
by
only end in war or bankruptcy.
that for many
The
the
attacks
casion to make it clear that no attack
be tolerated
French
took
land
the brutal
to
•
fused
of
for
path
The ordi¬
estimates,
submitted
Wednesday
on
"
to
/
■C':'v
4
as
Student
Savoy.
when
least
trict
for
Italy,
There
them.
Suez Canal.
authorities
torial
not
aside on Wednesday when both
clear their objections to the terri¬
Chamberlain
Minister
Tunisia
House of Commons that
stated
was
before
status
quo
Chamberlain
in
Mediterranean
the
admitted
that
area.
the
England is under
Mr.
no
specific obligation to aid France in the event of an
attack
against that country by Italy, but later in
the
day
are
so
he
declared that Anglo-French relations
close "as to pass
beyond mere legal obliga¬
tions, since they are founded on identity of
interest."
Chamber
time, that "France never will consent to
matter
Foreign
same
Minister
Georges
the several Ukrainian
land and Russia an
attempt to make good any such claim cannot do
otherwise than lead to armed conflict."
revealed
that
assurances
German authorities that
in
the ,Mediterranean.
had
been
M. Bonnet
given
by the
they had no direct interest
In
German periodicals,
waged for re¬
way
of Czechoslovakia, Po-
areas
autonomy drive gathered head¬
this week, leading most observers to the con¬
already operat¬
clusion that Reich influences were
ing to make this rich agricultural area subject to
German demands.
From the Russian/colony in
Paris
rumors
emanated
on
already have been made for
Thursday that plans
establishment of a new
German
monarchy in the Russian Ukraine, under
domination.
Bonnet
yield an inch of her territory to Italy, and any
German
of Memel, and the reply is
of record.
informed the
Foreign Affairs Committee in Paris, at
the
a
the
Monday to observe the treaty guaran¬
sumption of outright German sovereignty, and other
Powers were warned to keep out of the affair.
In
,
the
on
British and French
requested
however, a vigorous campaign was
covered by the
Anglo-Italian agreement pledging maintenance of
The
formally
teeing the independence
campaign,
changes sought by the Italian Government.
Prime
of the incident and attempt
annexation.
Governments
If any question existed as to the
made
a
general impression that the Reich might
was a
immediate
they were swept
countries
Europe turned out
German city an even greater
try to take advantage
useful Red Sea port
British and French reactions to theltalian
Sunday, and the affiliated Nazi organ¬
majority in the Parliament than they had before.
and claims were voiced also for an Italian share in
the
put to their own advantage with the
herents of the former
especially singled out for attention,
was
rife, owing
rousing Nazi majority, which gave the German ad¬
usually expresses the views of Premier Benito Mus¬
a
were
Hitler and his cohorts
ization of that small corner of
But the fascist editor, Yirginio Gavda, who
Djibuti, which would be
penetration
possibly delay., The autonomous Memel dis¬
between East Prussia and Lithuania held an
election last
in Rome were' dispersed
tions, and there has been no repetition of the inci¬
French
Eastern Europe fears of Ger¬
and
Northern
Nazi invasion or
doubtless will
solini, resumed the demands and enlarged
address
financial resources, as well
to incidents that Chancellor
they attempted a renewal of the demonstra¬
dents.
an
British armaments.
man
Tunisia, Corsica, Nice and
bands
.
declared in
Thursday, that German leaders doubtless feel a
In
in
so-called popular demonstrations
terminate the
for annexation of French
seemed almost to refer to
great respect for British
V-
:•"
at the Bank of England, pre¬
•
authorities moved over the last week-end
Italian
Dr. Schacht arrived in the
Wednesday, and promptly started
such conversations when he
Rome, likewise call for a vast increase of military
outlays.
on
Mr. Chamberlain
ters.
military outlays of more than $1,000,000,000. Italian
budgetary
Hjalmar
sumably about refugees, trade and financial mat¬
and supplementary budgets together call for
nary
capital
long conversations
Thursday, and
large part of the total is for defense.
the appearance of Dr.
was
"private visit."
a
British
French budgetary estimates
submitted to the Parliament on
meeting,
knowledge- of these comments.
Schacht, President of the Reichsbank, in London,
armaments are being piled on armaments
while,
everywhere in Europe.
were
trivial incidents
Mean¬
region fresh uncertainties developed.
Association
Press
the
advance
Perhaps of greater ultimate importance than such
In Eastern Europe and in the
appeasement.
Baltic
The German Ambassador to
aims.
attend
to
owing to
along
Minister Neville Chamberlain's chosen
Prime
viewpoint,
London, and all the Reich press correspondents, re¬
The popular reaction in Eng¬
German Nazi measures against
Jews continues to make difficult any progress
so
continually insisting upon an^under,standing
to
of the German
Anglo-German relations failed
they became worse.
British
while
would induce the surrender of any
or
territory.
the
Re¬
effort
oc¬
by Italy would
understand
made
press
little
improve, but it is difficult to determine wrhether
to
a
gret was voiced that the German
country, and
the French and British Governments
in¬
against Lord Baldwin, who previously ex¬
pressed disapproval of the German measures.
decades have been French.
closely controlled press of that
both
echoed
measures
publicly, in an address before the Foreign Press
London, Tuesday, the German press
campaign was continued, however; in
Italian
anti-Semitic
...
Association of
Italy dwindled, owing to suppression of the
demonstrations in Rome for annexation
areas
England
Prime Minister, Chamberlain deplored
cessantly.
curious
of
The bitterness occasioned in
to tartness.
immediate armed clash between France
an
present a
mixture, with all open indications pointing
are
apart and plunging all of its peoples into an arm¬
aments
3661
Chronicle
Financial
147
Spanish War
SPAIN awaited tensely develops spasmodicallythe
heavy fighting that this week a renewal of in
the
ever
long-drawn civil war, and that has
smaller territorial changes.
under
General
Francisco
Franco
gathered
their
loyalist lines near
and at times it appeared that heavy can-
strength for an assault on the
Barcelona,
resulted in
Insurgent forces
Financial
3662
Chronicle
Discount Rates of
nonading foreshadowed the start of another tremen¬
to
the real front was
from
attention
divert
17, 1938
Foreign Central Banks
unsuccessful attempt
An obvious and
dous drive.
Dec.
made
THERE have been no changes during the week in
discount
of the foreign central
the
rates of any
Wednesday, when Madrid was shelled heavily. Two
banks.
insurgent attacks occurred Thursday, but petered
shown in the table which follows:
out.
Loyalists began to taunt their opponents with
the familiar cry
that
the
prominent insurgent leaders had deserted
some
the
heard
loyalist side, carrying with them plans for
These reports possibly indicate
major offensive.
reason
for the
delay in the insurgent attack. The
loyalists
appear
to be much concerned about spy
a
activity in their
territory, and scores of alleged
own
rates
Rote in
of the bullfight fans: "Where's the
At French border points rumors were
bull ?"
to
Present
for the
prison during the week.
Acting
insurgent regime, General Franco on Thurs¬
vious
Rate
2
Holland
Batavla
4
July
1 1935
Belgium
2H
Oct.
27 1938
6
2H
Mar. 11 1935
Chile
3
2 1936
2«
4k
Dec. 16 1936
Hungary...
4
Aug. 29 1935
4H
India...
3
Nov. 29 1935
3H
4X
May
3.29
Apr.
Italy..
7
■'
Japan
4~
3
Java
18 1936
July
4
1 1936
4
Jan.
5
2 1937
Lithuania—
5
July
1 1938
5H
6H
May 28 1935
4H
3H
18 1933
Jan.
Norway
3H
Jan.
6 1938
4
4X
Dec.
17 1937
4
Aug. 11 1937
4H
3H
May
5 1938
4H
4H
Czechoslo¬
vakia....
5
Poland
4
Nov. 19 1936
3H
Portugal
Eire
3
June 30 1932
3H
Rumania
England...
2H
South Africa
Danzig
.
.
-
...
.
.
3K
Spain
5
July
Sweden
2K
Dec.
Nov. 24 1938
3
Switzerland
4
Sept. 22 1932
5
Yugoslavia.
6
Jan.
7
June 30 1932
4H
Oct.
1
4
Dec.
4 1934
2H
.
.
Greece
5
May 15 1933
6
4H
2
Finland
Germany
6
3.65
6 1936
14 1937
Jan.
Morocco—
4
3
Colombia..
Denmark
Dec.
3
Aug. 15 1935
Canada....
Bulgaria
Date
Established
Country
1 1936
Mar.
Pre¬
Effect
Rate
3H
are
Rate in
vious
Argentina..
centers
Dec 16
Date
Established
Estonia
led to
were
leading
Pre¬
Bffect
Dec 16
Country
France
traitors
the
at
1935
1937
4
15 1935
5
1933
3
1H
Nov. 25 1936
2
5
Feb.
6X
1
1 1935
day restored citizenship to former King Alfonso,
this
for
being interpreted generally as a bid
measure
active
more
fresh
royalist support.
There
developments with respect to Spain among the
interventionists of other countries.
China and
Bank of France Statement
were no
THE statement for the weekcirculation, this again
ended Dec. 8 time
showed
decline
687,000,000 francs, which brought the total out¬
standing down to 108,779,922,145 francs.
Japan
circulation
MILITARY activity in Chinawarfare bythis week
consisted the Chi¬
principally of guerrilla
throughout the vast area now under nominal
nese
Japanese control, while the formal units of the in¬
endeavored
vaders
with this
best
as
Chungking,
from
cope
Associated Press
an
Wednesday,
have
to
completely to the guerrilla type of fight¬
swung over
ing, which
to
Generalissimo
rapidly-growing problem.
dispatch
perfected by communist
was
ing the long period when
made to
could
they
Chiang Kai-shek was said in
dur¬
groups
effort
every
being
was
wipe out the units by the Chinese them¬
selves.
These
reports
heartening, since they
are
indicate that there will be
Chinese authorities.
a
year
also
loss
before 86,778,731,470 francs.
counted of 655,000,000 franc, in
accounts of
gold holdings
advances
total 87,264,646,275 francs,
now
to
61.16%;
and two years ago
OF
FRANCE'S
on
a year ago
61.27%.
.
Below
different items with comparisons
BANK
The
gained 6,000,000 francs
The proportion of gold
rose
com¬
a year ago.
advances to State remained
temporary
liabilities
cur¬
The Bank's
1,647,000,000 francs.
item of credit balances abroad
changed.
against
francs, and in creditor
pared with 58,932,243,349 francs
while
A
appeared in French commercial bills dis¬
securities of 125,000,000
rent
Notes in
:
aggregated 91,142,819,535
ago
francs and the year
capitulation by the
no
in note
a
of
un¬
hand to sight
it was 53.51%
we
furnish the
for previous
years:
COMPARATIVE STATEMENT
Japanese militarists continued
Changes
their efforts to find
their
prominent Chinese to head
a
puppet-State
proposed
Peiping,
at
peared to be having much difficulty.
plainly
determined,
stand in the way
however,
let
to
They
no
ap¬
were
obstacle
of what they consider their "des¬
tiny" to rule all of Eastern Asia.
seemed to
but
The realization
spread at Tokio, on the other hand, that
international
lines
There have
been, indeed,
lel"
and
views
forming
are
many
against
Japan.
indications of "paral¬
actions in the
United
States
and
for Week
Britain, while France also has been associ¬
ated in
of the
some
In Washington it
steps.
was
Dec.. 9, 1937
Francs
19,447,612
17,868,598
6,961,522
—655,000,000 10,613,154,259
8,734,636,826
6,910,068,211
*875,820,051
931,661,793
1,45^,724,402
+6,000,000
French commercial
bills
discounted-,
b Bills bought abr'd
—i~25,bbb~666
3,573,714,824
3,707,422,497 3,762,687,505
—687,000,000 108779 922,145 91,142,819,535 86,778,731,470
Credit'current accts —1,647,000,000 33,911,919,886 18,980,468,484 11,733,876,983
c Temp, ad vs. with¬
No change, 20,627,440,996 26,918,460,497 13,798,092,309
out Int. to State..
Adv. against secure.
Note circulation
Propor'n of gold on
hand to sight llab.
*
Figures
a
as
the process of revaluing the
three entries on the
laration
Prime
to
in
was
per franc; previous
49 mg.
manufactured
and
London
the
Neville
House
of
Chamberlain, that
China is under consideration
a
by
loan
by Great Britain.
1@1 1-16%
for
were
on
bills,
Friday of last week.
Friday
was
was
lowered
H>%.
on
as
,
Friday of last week, and 1@1 1-16%
three-months
as
against
Money
on
At Paris the
Dec.
13 from
15-16@1%
a
further seasonal rise of £7,597,000 in note cir¬
culation, raising the total to £495,349,000, compared
with £501,954,435 a year ago.
by
a
call at London
open
1%.
of
£7,691,000 in
was
attended
reserves.
Public deposits
and other deposits £3,339,869.
The latter consists of bankers' accounts, which fell off
£3,397,538, and other accounts, which rose £57,669.
The proportion
of
on
tion
reserves
41.1% from 44.3%
market rate
As this
loss of £94,969 in gold holdings, there was a total
on
3V£% to 3%, while in
Switzerland the rate remains at
■
England Statement
decreased £3,020,000
IN bills
LONDONFriday market discount rates for short
open
against
on
to that time and subsequent to Sept. 26, 1936, the value
"
decline
Foreign Money Rates
'
'HE statement for the week ended Dec. 14 shows
prod¬
Commons
In
franc; and before Sept. 26, 1936, there were 65.5 mg. of gold to
Bank of
This action recalled the recent dec¬
Minister
per
New York company for financing
ucts" to China.
c
13, 1938, the
to the State
wiped out and the unsatisfied balance of such loans was transferred.to a new
thefranc.
a
b Includes bills discounted abroad,
Bank's gold under the decree of Nov.
Revaluation of the Bank's gold (at 27.5 mg. gold, .9 fine, per franc.) under the
decree of Nov. 13, 1938, was effected In the Statement of Nov. 17, 1938; prior to
that date and from June 29, 1937, valuation had been at the rate, 43 mg. gold, .9
fine,
exports of "agricultural
61 27%
53.51%
Bank's books representing temporary advances
entry of non-Interest bearing loans to the State.
had been made available
port Bank to
61.16%
+0.99%
of Nov. 24,
1938.
Includes bills purchased In France,
announced, Thursday; that a credit of $25,000,000
by the official Export-Im¬
11, 1936
Francs
+ 108,085 87,264,646,275 58,932,243,349 60.358,742,140
Gold holdings
a
Dec.
Francs
Credit bals. abroad,
were
Great
Dec. 8, 1938
Francs
was
225,000
30.10%.
and
other
Other securities is
vances,
which fell
a
week
to liabilities dropped to
ago;
last
year
the
Government securities
securities
decreased
propor¬
rose
£2,-
£859,605.
comprised of discounts and ad¬
off
£1,051,866,
and securities,
Volume
which
Financial
147
for four
months, 9-16% bid and 34% asked; for five
and six
different
Below we show the
£192,261.
rose
items with
months, %% bid and 9-16% asked.
comparisons for previous years:
BANK OF ENGLAND'S
Dec.
15,
Dec.
Dec. 14,
Dec.
16,
Dec.
18,
19,
1934
1935
1936
1937
1938
34% for bills
creased from $547,000 to
8,389,542
10,253,959
10,426,672
11,432,250
15,608,000
127,733.806
135,549,263 139,844,159 134,908,080 117,142,760
79,802,228 90,732,832
Bankers' accounts99,547,368 103,381,527 96,151,502
37,000,474
Other accounts.
36.001,895 36,462,632 38,756,578 37,340,532
83,841,413
95,008,165 89,088,256 82.750.001
Govt, securities
68,361,164
Public
running
Federal Reserve Bank's holdings of acceptances
101,990,743
495,349,000 501,954,435 467,695,353 419,463,533
Circulation
The
Bank is
from 1 to 90 days.
The
bill-buying rate of the New York Reserve
STATEMENT
COMPARATIVE
3663
Chronicle
in¬
$549,000.
deposits
Other deposits.-
Course of Sterling
...
Exchange
...
19,430,857
38,513,963 28,565,510 27.504,221 21,353,913
7,024,263
4,173,360
6,742,788
7,848,748
16,819,167
12,406,594
14.180,553
Securities
21,694,796 20,716,762 20,761,433
.50,781,904
Reserve notes & coin
62,170.000 45,608,779 46.644,593 41,203.814
200.667,347 192.772,647
Coin and bullion.... 327,518,976 327,563,214 314,339,926
Other securities
Disct. & advances-
Proportion of reserve
to
41.10%
32.00%
32.34%
37.30%
2%
2%
2%
•
MONEY week, tendencies were quite the same,
market in the many previous weeks of
this
as
regulated trends and extreme
Turnover
Thursday,
cided with
with quarter-date
Treasury
States
market held to the even tenor
largest demands
the
from
tinued
awarded
on
But the
of its way, since even
Treasury
$100,000,000
The
dealings.
previous
Monday a further issue of
and the average rate
annual bank
York Stock
0.013% discount, computed on an
Call loans on the New
discount basis.
for all transactions, while
maturities to
Exchange held to 1%
continued at 1%% for
time loans were
90
$730,000,000 of
securities.
occasion no quiver. Bankers'
merely were con¬
discount bills due in 91 days,
was
tax payments coin¬
commercial paper rates
and
bill
cheapness of accom¬
in the market was huge on
Heavy cash payments for
United
new
four to six months' Ratings.
days, and 1%% for
New York Money
Rates
DEALINGExchange from day toloan rates was the
in detail with call day, 1% on the
Stock
ruling quotation all
and renewals.
loans
continues
through the week for both new
The market for time money
The
quiet.
only transactions reported
previously reported.
occasional renewals at rates
were
the
cause
ences
movement
These adverse influ¬
of
uneasy
money
and
part in
exchange quotations, to the entire exclusion of normal
commercial and seasonal factors.
The range for
sterling this week has been between $4.66 and
$4.67% for bankers' sight bills, compared with a
range of between $4.66% and $4.69% last week.
The range for cable transfers has been between
$4.6634 an(f $4.68, compared with a range of between
speculative operations to play a dominating
Money Market
New York
modation.
are
factors both here and abroad.
2%
2%
liabilities
Bank rate..
30.10%
STERLING exchange strongly swrayed by political
and all financial and com¬
modity markets
$4.6634 and $4.69% a week ago.
The market in the past
dull
and
it
is
week has been extremely
several exchange
believed that the
played a dominant part in
steadiness, in day-to-day
quotations.
Commercial considerations are having
only an extremely minor effect upon rates.
The British exchange equalization fund,
it is
believed, continues hard pressed to counteract the
adverse factors of speculative movements and the flow
of foreign funds from London to New York.
The amount of gold on offer from day to day in the
London open market is for the most part taken by
the British exchange equalization fund, but some of
the open market gold is absorbed by private interests
for transfer to New York.
Most of the gold now
coming here seems to be British exchange fund metal.
equalization funds have
reasonable
maintaining
gradually subsided
sufficiently strong to
United States gold stock by more
gold movement has
While the
since the
end of September, it is
have increased the
Total United
$14,380,000,000.
134% for four to six months maturities. The market
.'v. Gold hoarding is still apparent in Europe, but in
for prime commercial paper has been very quiet this
recent weeks foreign hoarders have shown increasing
week.
Prime- paper continues in light supply and
interest in United States currency notes.
For a long
the demand has fallen off.Rates are unchanged at
f°r all maturities.
time, until a few months ago, European and other
hoarders, besides accumulating gold in the London
Discount Rates of the Federal Reserve Banks
market, were also hoarding British bank notes. Now
and
nominal at 134% up to 90 days
Rates continued
than
$370,000,000 since that time.
States
THERE haverates ofno changes this week banks.
been the Federal Reserve in the
rediscount
for
the
various
Reserve
in effect
at the different
is the schedule of rates now
The following
classes
of paper
banks:
DISCOUNT RATES OF FEDERAL
RESERVE BANKS
.
Dec.
Date
Previous
16
Established
Rale
2, 1937
IX
Aug. 27. 1937
IX
Sept.
IX
New York
Sept.
1
Boston
May
2
IX
2
11. 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21. 1937
2
IX
Sept.
2, 1937
2
IX
Aug. 24, 1937
2
IX
Sept.
3. 1937
2
IX
Aug. 31. 1937
2
IX
Cleveland-
4. 1937
IX
Philadelphia
Sept.
3. 1937
2
IX
Richmond
IX
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
c—
San Francisco
2
2
2
—
Bankers' Acceptances
THE market for primebills are coming out andcon¬
bankers' acceptances the
quiet. Few
tinues
demand is light.
Dealers'
rates
Bank of New
days are 34%
as
There has been no change in rates.
reported by the Federal Reserve
York for bills up to
and including 90
bid and 7-16% asked; for bills running
Dec. 14 stood at
The Federal Reserve
stated:
"Currency
York City
Bulletin released on
shipments to Europe
Dec; 11
by New
banks amounted to $15,000,000 in Septem¬
$11,000,000 in October, the largest amount
two-month period since the collec¬
1923. Most of these
shipments were in large denomination currency."
This demand for American currency still continues
and doubtless is a contributing factor in the increase
in United States note circulation to $6,700,000,000
in November.
Only for a short period during the
banking holiday of 1933 was this total ever exceeded.
reported for any
'
Effect on
on
turned to United States currency.
they have
ber and to
Rate in
Federal Reserve Bant
gold
tion
figures began in
of the
of maximum pres¬
Under normal conditions of
business and foreign exchange this pressure should
terminate around Jan. 15, and thereafter until the
Commercially this is the season
sure
on
the
pound.
approach of autumn exchange factors should all favor
sterling as against the dollar.
London observers seem to feel that businesss con¬
ditions
are
more
favorable for Great" Britain Than
in
Financial
3664
British business interests regard the
months.
many
ducive
con¬
In
£708,000.
this respect
this side as
on
a
The
industrial
October to
expected.
was
based
-
slightly
production
more
Col. Leonard P.
annual talk
business prospects
on
96
in
".\
as
Import*
■;
land Chamber of Commerce
;■
will
be
j
None
Net Change in Gold Earmarked for Foreign Account
Decrease: $4,110,000
r;
The
above
figures
received, of which $14,256,000
and $12,190,000 from
as
to the
longer outlook, Colonel Ayres said that he
believed recovery
Sir
John
a
long time.
address before the National Union of
an
Manufacturers
on
Monday said there
signs that
were
for
cellor
a
recovery
in British trade.
The Chan¬
spoke of the rise in wholesale prices in the
non-
that
considerable
so
change could not be
a
attributed entirely to the fall in sterling.
The
in the United
trial
than
more
quickening which is bound to have
made for time
lag,
are
British authorities
also showing signs that Britain
A
London
to
aid
to
few
days
establish
British
British
are
and enhance
trade.
an
Canadian exchange is relatively
1 H%
ago
a
any
month this
closed in its
$400,000,000
world markets.
in
authorities
made
The
known
a
"
highest dur¬
the Board of Trade dis¬
year,
monthly report, placing the figure at
£48,030,000.
This
is
report
regarded
lending
as
of Commons
on
Monday that the country's
commerce
'
the
upgrade.
Currently
part
money
seasonal
to
v%.-;
...
rates in London
stringency
are
year-end
requirements, and in part to the fact that
deal
of
foreign short-term
money
has
day last two months bills
three-months bills at
six months bills at
quoted:
a
On Satur¬
quoted at 1 1-16%,
31-32%, and four-months and
1%.
were
These maturities
two-months bills
are now
1%, three-months bills
31-32%, four-and six-months bills 15-16%.
rates
with those of Friday, Dec. 9, two15-16%, three-months bills 29-32%, and
four- and six-months bills
Gold
be
These
compare
months bills
was
great
been with¬
drawn from the market since September.
on
%%.
offer in the London open
taken for unknown
Saturday, Dec. 10--,-
177.56
177.75
follows:
the
On
time
of
Friday,
Dec. 16——
LONDON OPEN MARKET GOLD
Saturday, Dec. 10.—148s. lid.
PRICE
Saturday, Dec. 10_
Friday,
Dec. 16— 148s. 8Hd.
Dec. 12
(FEDERAL
./'V
Thursday,
Friday,
35.00
Tuesday, Dec. 13-----
STATES
BANK)
Wednesday, Dec. 14.--—-$35.00
-I35.00
—
149s.
148s. 8d.
Dec. 15
BY THE UNITED
FOR GOLD
PAID
177.60
Thursday,
l^d.
Tuesday, Dec. 13—-149s;
_
PRICE
Wednesday, Dec. 14
.148s. lOJ^d.
Monday, Dec. 12
35.00
Dec. 15.
35.00
Dec. 16—
35.00,
Referring to day-to-day rates sterling exchange
Saturday last
Bankers' sight
trading.
cable
transfers
was
on
from Friday's close in limited
was up
was
$4.6734® $4.67 9-16;
$4.67%@$4.67 11-16.
ease
On Monday
in quiet trading.
The
range
$4.66@$4.66% for bankers' sight and $4.66%@
$4.67 for cable transfers.
under
$4.66%;
cable transfers
Wednesday
sterling
On Tuesday the
Bankers' sight
pressure.
the
was
pound
was
$4.66 3-16©
$4.66 5-16@$4.66%.
continued
market
slightly firmer.
was
for cable
for
On
transfers.
pound continued.
bankers'
transfers.
although
On
The
sight
The
dull
On
although
range was
$4.66%
pressure
was
$4.66 11-16@$4.67%
on
Friday
f°r
bills at
at
was
evident.,
for
were
the
on
for cable1
held fairly steady
The
bankers'
range
was
sight
and
cable transfers.
$4.66% for cable transfers.
finished at
pressure
$4.67%@$4.67%
and $4.67%@$4.68.
$4.66 9-16@$4.67 7-16
quotations
Thursday
range was
Friday sterling
Closing
$4.66% for demand and
Commercial sight bills
$4.66%, 60-day bills at $4.65%, 90-day
$4.65%, documents for payment (60 days)
$4.65%, and seven-day grain bills at $4.66%-
Cotton and grain
for payment closed at $4.66%.
Continental and Other Foreign Exchange
destination, understood to
Gold
price fixing each day
Saturday last £268,000,
—
---177.70
—.177.66
market this week
zation fund and for transfer to New York.
at
Wednesday, Dec. 14
Thursday,
Dec. 15
177.42
Monday, Dec. 12—
Tuesday, Dec. 13——
chiefly for account of the British exchange equali¬
offer
market gold price,
@$4.6734 f°r bankers' sight and $4.66%@$4.67%
firmer due in
reflecting
London check
mean
open
paid for gold by the United States;
sterling displayed
point to the assertion of Sir John Simon in the House
on
Paris, the London
MEAN LONDON CHECK RATE ON PARIS'
made, in
was
fund of about
exporters
Government
proposal
a
Britain's November exports were the
is
following tables show the
on
Monday,
position in export
Montreal
discount of
a
and of 13-16%.
The
rate
steady.
week between
URESERVE
making renewed efforts to
Britain's
exports of the metal or change
were no
funds ranged during the
upward movement.
broad plan to offset "unfair trade practices."
ing
figures
activity, when due allowance is
beginning to benefit by
maintain
a
indus¬
from Eng¬
came
gold held earmarked for foreign account.
repercus¬
The Chancelldr said that
of British industrial
:
There
and the price
States, Sir John said, is
sions in world trade.
is
received, of which $9,575,000
steady rise in the index of industrial activity
revival of the stock markets and represents an
were no ex¬
On Friday $13,250,000 of gold
foreign account.
India.
in
ferrous metals class between June and October and
said
There
land; $2,745,000 from Holland, and $930,000 from
pendulum is preparing again to swing in the
direction of
from England
came
Holland.
was
ports of the metal, or change in gold held earmarked
was
British Chancellor of the Ex¬
Simon,
chequer, in
the
could last
on
On Thursday $26,446,000 of gold
Wednesday.
definitely better in 1939, especially in the first half,
While somewhat less optimistic
-YC..''.'V-v
,
for the week ended
are
than it has teen this year unless some international
calamity intervenes.
Export*
.
v
in his 17th
business
gold movement for
reported by the Federal
England
384,000 from
before the Cleve¬
that
V •; •';//.
>-V
■
$1,103,000 total
ago
Friday
on
>-.y:
$719,000 from India
100.
few days
a
='
-
Reserve Bank of New York, was as follows:
Ayres, Vice-President of the Cleve¬
predicted
and
GOLD MOVEMENT AT NEW YORK, DEC. 8-DEC. 14, INCLUSIVE
adjusted index is
This seasonally
land Trust Co.,
from
rose
than 100 in November,
1923-1925 average as
on
on
£416,000,
the week ended Dec. 14, as
Monthly Bulletin reported that the Board's
of
£764,000,
At the Port of New York the
the current report of the Federal Reserve
Board's bulletin lends encouragement.
index
on
17, 1938
Wednesday
Tuesday
Thursday
on
£301,000,
prosperity in Great Britain.
further
to
£291,000,
factor
improvement in business
Dec.
Chronicle
on
was
as
'HE French financial situation presents no new
on
Monday
features of importance.
In relation to the pound
siterling, to which the unit is tied, the franc quotation
is
slightly less unfavorable to Paris than
a
week
ago.
Volume
simply reflects
In terms of the dollar the franc
lower
French
at its
tions.
longer
are no
sources
was
month ago, as is seen
a
reduction in the discount
especially in the sharp,
and the discount
varied from 1% to 3 points
on
national
had
have
30-day futures
On the
the basic
90-day francs has
v
ing European currencies to the
V
b
3,950,000,000 ; francs
of
increase
over
Exports totaled 27,294,000,000 francs, an
of
5,712,000,000 francs.
the 11 months
with
German marks
can
afford
in Berlin
German fiscal
Dr.
compared
no
or
must be
a
increased
so
German
exports, he said, are expected to total £,200,000,000
marks this year, compared with 5,900,000,000 marks
last year.
Imports are estimated at 5,300,000,000
curtail imports
marks
as
of important raw materials.
contrasted
5,500,000,000 marks
with
a
The volume, however, has been consider¬
ably increased as world market prices of raw materials
and foodstuffs have fallen on the average 15%.
year ago.
The
expression of dissatisfaction
latest
German aski marks comes from
the Central
with the
On Dec. 13
Ecuador.
Bank of Ecuador removed the official
exchange rate of 4 sucres 45 centavos
aski marks and offered to
for German
sell at demand prices to
unload large holdings of
as a
chases of Ecuadorian
been resold in
German goods.
The aski
result of German pur¬
products, some of which have
other markets.
steady for several weeks,
in the past week steadily improv¬
Belgian currency has been
with future belgas
discount from spot. On Dec. 6 30-day
belgas were quoted at a discount of 7 points under
the basic cable rate and on Dec. 16 at a discount of
ing as to the
4
which were at a 27
improved to 14 points dis-
points, and 90-day belgas,
point discount on Dec 16
closed
transfers,- against
cable
on
Friday
16.83% and
comparison with 40.08 and 40.08%.*
5.26% for bankers' sight bills
and
Czechoslovakia finished at '
3.42%, against 3.42%; on Bucharest at 0.74, against
0.74; on Poland at 18.92%, against 18.89; and on
Finland at 2.06%, against 2.07.
Greek exchange
and at 5.26% for
"
cable transfers, against 5.26
Exchange
5.26%.
on
closed at 0.85%, against
"
0.85%.
EXCHANGE on the new features fromduring the
/
presents no countries neutral
those of
war
recent
weeks.
The Scandinavian currencies move
in
sympathy with sterling, to which they are allied,
while the Holland guilder and the Swiss franc show
close
an
independent firmness due to the fact that they
detached from sterling on Sept. 26. Whatever
were
ease
these units show in terms
buted
to
the
movement
of the dollar is attri¬
of investment funds in
Holland and Switzerland to the
Bankers' sight on
that scrip, which is usable
only for the purchase of
marks have accumulated
devalued on a de facto basis of 179
Italian lire closed at
Reichsbank,
that it will not be necessary to
■
Final quotations for Berlin marks were
bankers' sight bills and 40.10 for cable
transfers, in
actual
speech that Germany's exports
for
for
40.10
economic situation.
recent
;•
pound,.or 2.79 cents a franc.
16.83%.
for both the>
reliable indication of the
V
June 30, 1937.
177.60, against 177.54 on Friday
16.85%
rigidly fixed by the
Rudolph Ricke, director of the
stated in
'
increase
Financial statistics made public
Reichsbank control.
2.62 3-16 to 2.63 9-16
16.82%
to 16.89
5.26)4
to 5.26%
22.60
to 22.64%
54.33
to 54.39
of last week. In
New York sight bills on the French center finished
at 2.62%, against 2.63 on Friday of last week; cable
transfers at 2.63, against 2.63 1-16.
Antwerp belgas
finished at 16.85% for bankers' sight bills and at
hardly be said to have any
other currencies, as the quotations
1938, the franc was
This Week
:
gold and allowed to "float" on
The London check rate on Paris
responsible for the fluctuations
external and domestic marks are
On May 5,
at
16,235,000,000 francs in 1937.
relation to the factors
in
francs,
1937.
The adverse balance for
14,475,000,000 francs,
was
c
Range
•
of the European currencies
and Oct. 3, 1936. '
b Franc cut from
francs to the
,
parity as before devaluation
between Sept. 30
,
^
,
16.95
8.91
68.06
New dollar
"
,
32.67
a
months of
a
6.63
3.92
13.90
5.26
19.30
(guilder).40.20
France (franc)
c
Holland
is extremely
imports totaled 41,767,000,000
1938 French
an
Parity
Parity
V
■1
United States dollar:
New Dollar
Italy (lira)...
Switzerland (franc)
replenish its gold re¬
For the first 11
■
Belgium (belga)
trade" has increased and the adverse
narrowed.
balance has
Old Dollar
V:■'■
limited, with commercial factors playing a minor role.
Labor disturbances have almost entirely ceased.
French foreign
"the
Italian cabinet because of
developing and strengthen¬
ing armaments in view of the general situation."
The following table shows the relation of the lead¬
decline of sterling and has
On the whole the franc market
was
reported to
urgent necessity of further
devices as
foreign currency in large volume were not
The French equalization fund has continued to
serves.
4,755,066,701 lire is
spend 10,000,000,000 lire on arma¬
stated that the expenditure was
approved by the
offers of
thus been able still further to
It
ments.
under spot.
exchange market had been left to its own
intervene to moderate the
deficit of
budget estimates for 1939-1940.
date the Italian cabinet was
same
have decided to
reports state that in the past few weeks the franc
would have recovered much further if the foreign
met.
a
shown in the Italian
against French territory seem
effect on franc quotations.
Paris
no
On Dec.
economy.
Rome stated that
The Italian threats
to
Italy.
adverse to the
14 dispatches from
However, the situation is known to be
ranged between % and 1 point below
cable fate,
intelligible figures
relating to the fiscal and economic situation in
forward francs. Between
on
remained steady owing to the
For the past few years the
Italian authorities have withheld
propitious than
16 the discount on
Dec. 6 and Dec.
has
strict control at Rome.
height the repatriation fell far below expecta¬
Nevertheless it can not be denied that the
outlook for the franc is much more
whatever weakness is
belga.
Italian lire have long
disappointment because even
express
responsible for
shown in the
any
disagreements
Internal political
Dec. 16.
on
largely
are
important signs of repatria¬
French funds from abroad.
On the contrary,
tion of
it
count
the
ruling rates for sterling.
There
3665
Financial Chronicle
^
147
at
54.35,
against
cable transfers at
54.34
Friday of last week;
closed at 22.62 for checks
cable transfers, against
hagen checks
at
on
54.35%, against 54.34; and com¬
sight bills at 54.30, against
mercial
francs
United States.
Amsterdam finished on Friday
Swiss
54.29.
and at 22.62 for
22.62% and 22.62%.
Copen¬
finished at 20.84% and cable transfers
20.84%. Checks on
and cable transfers at 24.04,
20.84%, against 20.84% and
Sweden closed at 24.04
against
finished
24.04% and 24.04%; while checks on Norway
at 23.46 and cable transfers at 23.46,
against 23.46 and 23.46.
*
>
/
Financial
3666
Chronicle
Dec. n, ms
William MacDonald
EXCHANGE steady. South Argentine countries is
uniformly on the
The American paper peso
relationship to sterling.
in close
moves
de
Rio
from
Janeiro
•
Dispatches
13 stated that the
Dec.
on
decrees restricting
Government has issued a series of
operations of foreign exchange dealers and prohibit¬
for imported goods.
All
exchange houses must be registered with the bank¬
ing
payments
currency
ing control department by Dec.
selling of
currency or
through banks and
decrees
real
change in the
a
only
has
a
conducted in cash,
been
their way
been
no
dealers.
exchange
foreign
dealers
currency
certain amount of Brazilian
change control.
These
situation there, in the
currency
Through the unlicensed operation of
in Brazil
check.
by
small loophole and make
York
New
of
remittances going out of the
any
simply stop
opinion
specie will be permitted only
payable
be
will
country
Buying and
31.
foreign trade
thereby avoiding
ex¬
Brazilian bank notes have found
abroad from private remittances and have
quoted in New
York at around 5% cents,
against the official exchange rate of about 6 cents.
Argentine
bankers'
closed
paper pesos
on
Friday at 313^8 f°r
sight bills, against 31%
Friday of last
on
week; cable transfers at 31%, against 31%.
unofficial
or
market
free
22.60@22.75.
(official), against 5.90.
at
5.19
close
■
22.65,
was
Brazilian milreis
are
,
The
against
quoted at 5.90
Chilean exchange is quoted
(official), against 5.19.
Peru is nominally
quoted at 20%, against 20%.
WITH sorrow for that deep conviction that the
and a matter, the world at large,
Nation,
or
sustained
has
gentleman of the old school, by nature courteous
and considerate,
best
the
trend
the
of
Far
Easterns
follows
that
of the Eu¬
currencies and is mainly affected by the fluc¬
ropean
tuations in
sterling.
;
Closing quotations for
27.23, against 27.23
on
yen
at
:
;,
h
Friday of last week.
16%@16%,
were
Hong¬
against: 29%@29%;
against
Manila at 49.85, against 49.90;
16 1-16@16%;
Singapore at 54.45,
MacDonald was a scholar in
over-worked word.
Much
Mr.
of that
sense
learning never made him mad, as was erroneously
alleged of another illustrious teacher at the dawn of
era.
To the end he remained "rich in
the Christian
As
contributions to the
throughout the decade and half of
distinguished
"Chronicle"
were
his exact knowledge and his solid ghi&p
his service,
of the facts of
political and legal history, as well as
of economics, enabled him to
the fundamentals
of
his
as
perform the almost unique service of keeping the
record
straight
those which
and
American
the history and the essence of
constitutional
British
during recent trying
sometimes with
when
years
cultured
of
MacDonald
of
^
.
New
England
He
1892.
immediately entered the
he decided to devote his energies
activities, he had served
Polytechnic Institute, Bowdoin College, Brown Uni¬
20 years,
he
of
University
the
versity,
his
behind him
collection of books
nomic
an
extraordinarily large
historical, political, and eco¬
on
subjects* either written
the
or
the
by him
who have
to
of
corresponding dates in the previous
four years:
V
.
"Nation"
and the old
A large part of his best work
published anonymously, and accordingly, many
respective dates of most recent statements, reported
shown for the
the
were
/
publications most
"Freeman," although his contributions to the daily
press were numerous.
are
,
the
"Chronicle,"
was
by special cable yesterday (Friday); comparisons
edited by himself
enlightenment and, guidance of those who
of
us
last
continuous contributor to scholarly
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
of
Yale.
publications, and serious journals of public opinion,
favored
par
and
California,
particularly during the
life,
was a
and he leaves
Besides
as
exclusively to other
the faculties of Worcester
on
would know the truth.
exchange) in the principal European banks
pro¬
Before the middle 20's when
teaching.
Calcutta at 34.90, against 34.87.
European Banks
Mr.
parents,
graduated from Harvard with high
was
for
Gold Bullion in
false prophets,
persistently and so
have been
persuasively beclouding it.
Born
many
government,
imposing academic degrees and im¬
positions,
pressive
issues, particularly perhaps
on many
concern
against 54%; Bombay at 34.90, against 34.87; and
>
are."
saving common-sense as the greatest only
Throughout
checks yesterday
kong closed at 29 5-16(5*29%,
Shanghai
y;
regular contributor
a
columns since 1924.
to these
honors in
no new
MacDonald,
passing of William
A
ill afford at this of all
can
"Chronicle" must this week record the
times, the
fession
EXCHANGE on the ; Far of Eastern countries
presents
features
importance.
The
loss it
a
his
aware
now
profited by regularly following the course
and stimulating mind will not be
vigorous
their
of
loss
is still.
until
v
they miss the voice that
/Ur,
—(
Banks
1938
of—
1937
£
England.
£
One
1936
£
,
■
£
£
cultured
active
and
so
highly gifted in the
use
of
speech could hardly escape the honors that
Germany b.
Spaln
327,518,976
327,563,214
314,339,926
200,667,347
192,772,647
295,811.588
__
France
310,169,702
482,869,937
527,290,748
657.853,653
3,007,350
2,511,600
3,066,700
2,875,350
c63,667,000
87,323,000
1,906,850
87,323,000
90,202,000
90,672,000
indeed have the satisfaction of knowing that he was
65,081,000
70,170,000
not
honorary
Italy.
a25,232.000
121,770,000
25,232,000
113,820,000
42,575,000
47,491,000
42,575,000
Neth'lands.
Nat. Belg..
99,778,000
96,845,000
106,006,000
99,620,000
Switzerland
115,590,000
77,646,000
46,743,000
Sweden....
32,863,000
26,083,000
82,534,000
24.708,000
71,513,000
69,435,000
22,082,000
15,804,000
6,535,000
8.205,000
6,545,000
6,552,000
6,555,000
7,396,000
6,602,000
6,603.000
6,602.000
6,582,000
Denmark
so
1934
1935
.
.
Norway
Total week.
Prev. week.
52,504,000
1,099.977,914 1,080,340,516 1,202,908,713 1,097,907,795 1,250.154.650
l,10o,394,118 1.080.863,876 1,137,664,627 1.097.207,494 1,250,937,640
a Amount held Dec. 31.
1936. latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of which Is now
reported at £626.300
c
report subsequent to Aug
As of April 30.
1.
1938, latest figure available.
Also first
1936.
The value of gold held by the Bank of France is presently calculated, In accordance
with the decree of Nov. 13. 1938, at the rate, 27.5 mg.gold, .9 fine, equals one franc;
previously and subsequent to July 23, 1937, gold In the Bank was valued at 43 rag.
gold, .9 fine, per franc; before then and after Sept. 26, 1936, there were 49 mg. to
the franc; prior to Sept. 26, 1936, 65.5 mg. gold, .9 fine, equaled one franc.
Taking
That Mr. MacDonald did
such distinction brings.
laboring in
vain
degrees
is
amply evidenced by the
bestowed
upon
him,
organizations of which he was an active
member.
Public
torical
setts
At
one
Archives
Society; he
Historical
time
he
Committee
was a
Society,
was
of
and the
and useful
chairman
the
of
American
the
His¬
member of the Massachu¬
the Colonial Society of
Massachusetts, the American Academy of Arts and
Sciences,
the
Academy
of
Political
Science,
the
the pound sterling at the rate at which the Bank of England values Its gold holdings
Foreign Policy Association, and the American Asso¬
(7.9881 gr. gold ll-12ths fine equals £1 sterling), the sterling equivalent of 296
francs gold in the Bans of France Is now Just about £1; when there were 43 mg.
gold to the franc, the rate was about 190 francs to the £1; when 49 mg., about 165
francs per £1; when 65.5 mg., about 125 francs equaled £1.
the American
ciation of
University Professors; he was a fellow of
Geographical Society; his clubs included
Volume
Financial
147
the
Andiron, of which he
the
Authors, the Harvard, and Town Hall.
One
by
thought
today
world,
fear,
president;
time
one
vital public questions, questions which
on
taxing
sorely the best minds of the
so
passing to their reward.
are
their
places
being
are
Too often,
taken
faddists, Utopian dreamers, and others
in the scope
we
scholastic
by
limited
so
of their training and the breadth of their
interests that
they cannot
But it is for
who
us
•to those tested
left to re-dedicate ourselves
are
principles of sound
upheld
vigorously
the woods for the trees,
see
by
such
so
commonsense
leaders
as
William
Mac Donald.
3667
shares in the profits of industrial achievement and
he
progress,
these older leaders of constructive
one,
are
at
was
Chronicle
method
was
of
turned
to
taxation.
the
At
indirect
his
but
shaped less in the interest of satisfying
needs and
imate
to penalize
more
enterprise,
to
potent
insistence, taxation
revenue
thrift, to check legit-
hamper
and
thwart
normal
methods of association for the purposes of financ-
ing and managing industry, to confiscate and distribute wealth.
Maladroit and
point of view of soimd
bungling, from the
of taxation, all these
canons
time-serving devices and expedients have hung like
so many
mill-stones
have wrought
among
upon
the neck of industry and:
unmeasured injury to
the people.
the workers
/
Now, these experiments in social control through
Taxation Cannot Serve Two Masters
The
Congress
that
will confront the
extensive
ternal
this
the
by the Federal
an
of Federal
which
spenders
expenditures
the
but
all
most
At
American people to be exercised other than locally
and subject to the principles and inherent limitations of home-rule. It is not, obviously, a question
of
Government.
ex-
Federal receipts,
over
enthusiastic
aqd reckless
in attempts to achieve ends not otherwise
power
practicable to the Federal Administration lias
suited in
crude and
a
detrimental
more
the normal
to
and
destructive
to
rights of citizenship than productive of
revenue.
Since
re-
cruel series of exactions far
business
•
1933, with
rare
the first instances in
inescapable task,
structure
continue, but also because the misuse of the tax-
ing
means
eminent
.Jarfuary
ought not be allowed much longer
agree
no
an
in
only in view of the huge and accumulating
cess
by
in-
entire
juncture, it has become
not
to
of
were
which the Federal power to tax has been utilized
to achieve ends not permitted to the Federal Gov-
assemble
politically unpleasant task of
revision
taxation
is to
taxation
exceptions, in which in-
variably too much has been yielded to the Exec-
by the Constitution nor intended by the
whether such misuse of an essential and almost
limitless power may sometime have been with genoral acquiese'nce and actually productive of immediate results not in themselves injurious, but
rather whether a Government created by, and ostensibly limited by, a written constitution, may
properly and wisely resort to subterfuge and indirection
in order to accomplish even
beneficent
aims in fields of control never intended to be opened
to its activities.
To that question there could be
but
one
answer
from any honest man.
Yet, the
Federal taxing power destroyed the State banks of
consumers and a
utive, Congress has in a very large degree allowed
issue; it today stands between
the President to dictate tax
cheap, wholesome, and satisfactory substitute fol¬
policies and tax legis-
And he has exercised the"
iation.
Legislative
power
butter, oleomargarine; but it
failed to vest in the
satisfy, except
Federal Government control over the youth of the
indirectly, the revenue necessities of a Government
Nation, because the Supreme Court found that the
economically administered and with the least pos-
absent
"Taxation," as
the Court of Appeals of New York, long ago observed, "is a hard fact." No government could be
independent or effective for defense and the preservation of order without possessing practically
plenary power to tax, but it is none the less a
power to destroy, and, as such, should always be
used with provident restraint, with sympathetic
consideration for the normal activities of the taxpayers, and, above all, without indirection, ulterior
motives, or malice, and with sincerity.
Nor will
sound statesmanship or honest government ever
usurp undelegated powers by the distortion of its
system of taxation. In no activity of government
is it possible impartially to serve two masters,
There is the highest authority for the assertion that
when an individual attempts such divided allegiance, one or the other is inevitably sacrificed. The
truth of this principle is self-evident and if it were
not, it lias been repeatedly demonstrated.
It applies as forcibly to tax legislation as it does to any
act of any individual. This is far from suggesting
in his favor, not to
thus abdicated
sible dislocation
of
with
terference
industry and the minimum in-
private rights, but, primarily, to
gratify strange personal whims and to accomplish
personal aims, all totally foreign to good government and obnoxious to fair and
of the
impartial treatment
A man of very large inherited posses-
governed.
sions,
almost
entirely destitute
sound
finance
or
in
venture
marks
money-changing based
for
splendid, hunger
one
of
master
final
the
incidence
has
acquired
comprehension
old German
which
might
plain principles controlling the
and
shillings and
a
clioose to be more
the social
and
of any scheme of taxation,
complex series of small but far-
prejudices against men
reaching
and
on
with his extraordinary opportunities
economic cbnsequences
he
(Cameo .and the
certainly do not count), and devoid of that
have made
a
of experience in
stable industry
of wealth who
diligent than himself in business
against those operations by which men of in-
dust 17
and far-seeing vision have so often advanced
the economy
compared
of the Nation while at the same time
profiting in relatively slight measure,
themselves
with the vast and widespread benefits
they have conferred.
ment without powers
servient
Finding the Federal Governby which, even should a sub-
Congress permit him to dictate the drastic
legislation that would be necessary, he could confiscate the wealth of more productive members of
tite
Nation
and
prevent further
accumulations of
essential purpose of raising revenue was
from the second Child Labor Act.
that Congress, or any
Legislative body dealing with
taxation, should omit cautiously to consider the
consequences of any existing or suggested tax, but
it is to say that such consideration ought to be
controlled with an eye single to the revenue
ticular tax
needs
potentialities of the par¬
in the service
those needs and the
of the country and to the
Financial
3668
preservation of the subject of taxation.
is
vicious tax if its purpose
a
to
or
Any tax
is to control or destroy
distribute, rather than to produce revenue and
the
that not
revenue
of
day
a
or a year,
but the
that ought to
substantial and permanent revenue
Dec.
Chronicle
does
in
so
and with
evade
a
moment to let it vanish from its view
at any
to
or
of the principle
relentless determination
complete recognition
here set forth
never
1938
revision, it
controversial subject of tax
ficult and
17,
Devia¬
simple control.
its stern and
tions in
the past may
have produced little injury,
subject of taxation and remain continuously pro¬
but the
immense part
that Federal taxation now
portioned to the necessities created by public ex¬
plays, and for a long time in
penditures under a government honestly and eco¬
tinue
approximate steadiness from a legitimate
flow with
citizens of the
nomically administered.
Congress which meets next month will be
The
exceedingly fortunate if, when approaching the dif¬
In
•
respects a modest tendency toward im-
some
provement now can be noted in the financial results
operation in the United States, but the
seriousness of the
remains
with the
ness
difficult
to
exaggerate.
compilation for the month of Octo¬
generally unfavorable in comparison
month of last year, even
same
recession
though busi¬
the most pronounced
scale was in
on
during the final quarter of 1937.
evidence
Gross
earnings of the railroads in October of this year
poorly
compare
with the small volume of busi¬
a year ago.
It appears, how¬
even
for that month
ness
that the capable managers of the roads
ever,
have been able to effect economies in
scale sufficient to offset such
earnings
operation
on a
losses, in so far as net
A small increase of net
concerned.
are
finally
would
prevent further resort to the
bankruptcy laws or to downward scaling of debt
charges by agreement with larger creditors on
however, that real and sweeping
business recovery
taxation, industrial antagonism
favoritism of the Roosevelt Administra¬
under the excessive
tion remains
economies
problematical.
now
Moreover, some of the
effected by the
railroads can only be
often of de¬
temporary, since they consist all too
ferred maintenance
is
It
look hopefully
impending session of Congress, which is
deal realistically
to
troubles for which the carriers can
Much could be done, however, if the
responsible.
National
Legislature were to recast the
controls
and
that
now
avoided in the closing
was
Restrictions
hamper the railroads par¬
ticularly and all business in general.
matter
hardly be held
Although the
weeks of the last
congressional session, it will probably prove
ties in
similar fashion next year.
of the Interstate Commerce
could direct that agency
holding the
Commission, Congress
to take measures for up¬
financial intergrity of the railroads.
freight rate increases requested by the
The
diffi¬
responsibili¬
As the creator
Legislature to sidestep its
cult for the
carrier
for a
might, for instance, be granted in full, at least
trial
period.
Taxation to which the railroads are
peculiarly subject might be revised, although
is
as
a
well
squeeze
rate
this
problem of State and local government urgency,
as
national prominence.
The tendency to
the carriers between the upper
and
other
regulatory
millstone of
and the
restrictions
go
far
position
highly necessary.
again that the prin¬
dependent largely
In this respect,
also, a Congress independent of Executive controls
and pressures could accomplish a great deal, and
upon
the general course of business.
elections supplies some
the trend of the November
The extent of the improve¬
and possible in the economic sphere
ground for hopefulness.
ment necessary
comparison of recent
and the decade
easily measurable through
is
rail
earnings with those of last year
It is especially
of the 1920's.
the recent levels in
instructive to review
ample
the light of the relatively
earnings that were common for many years
the
Deal
New
statistically farther along in this
October gross
before
That comparison is set
appeared.
article.
For
earnings of the railroads were
$372,283,700 in October
of $19,403,211, or 5.21%. As
already noted, the managers were able to cut operating expenses to a degree that more than offset the
fall in gross revenues.
Accordingly, we find net
earnings at $110,996,728 for last October as against
$102,560,563 for that month in 1937, a gain of
$8,436,165, or 8.22%. The comparison of the two
only $352,880,489 as against
0f iast year, a decline
months in tabular form
Gross earnings
measure
on
the
1937 »
235,161
>
$372,283,700
241,883,761
269,723,137
to
68.54%
72.45%
$110,996,728
Net earnings
order
follows:
as
......$352,880)489
Operating expenses
Ratio of expenses to earnings
In
is
1938
"
234,242
October—
Mileage of 136 roads..
with the railroad
question. The difficulty is that the last session like¬
wise was supposed to act for the amelioration of
supposed
lang-range improvement in the
Month of
.
possible at least to
now
toward the
expenditures.
scales might
would
cipal carriers of the country are
last
recognized,
<■'vy;;y.; ;y,y +;
•
wage
actions
Meanwhile it must be noted
forth
The fact must be
irreducible
Such
modified.
of the railroads which is
earnings now is apparent, and if continued
and labor
millstone of
be
also
doubtless do much to
funded debt account.
:
Railroads for the Month of October
lower
plight in which the carriers still
remains
themselves
Our statistical
ber
'y.Kv-\<::■'ylr.'£:Vy'y;':!
toward that
of railroad
find
of the
misuse
aster.
Earnings of United States
Net
Cross and
the future must con¬
and lives of all
Republic,- makes it certain that no
taxing power can fail to bring dis¬
play, in the activities
to
$102,560,563
indicate
in
of trade activity in
revenues
a
(+) or Dec. (—)1
Inc.
—919
—0.39
—§19,403,211
—5.21
—27,839,376
'
7
-^10.32
T* PS-mi
+$8,436,165
+8.22
simplified form the
relation to its bearing
of the railroads during
the month
together in the table
below the figures indicative of activity in the more
important industries, together with those pertaining
to grain, cotton and livestock receipts and revenue
freight car loadings for the month of October, 1938,
as compared with the corresponding month in 1937,
under
review, we have brought
1936, 1932 and 1929.
On examination it
will be
of the building
industry and shipments of and orders received for
lumber, the output of all the industries covered was
on a
greatly reduced scale as compared with October
readily
seen
that, with the exception
It follows, of course, that the number of
of revenue freight moved by the railroads was
very much smaller than in the month a year ago.
Cotton receipts at the Southern outports, too, were
very much smaller, as were the livestock receipts,
On the other hand, receipts of the various farm
last year.
cars
products (especially corn) ran
the exception of oats and rye.
much heavier—with
Volume 147
Financial
Chronicle
PRINCIPAL
October
1938
1937
1936
209,522
329.876
224,688
48,702
380,617
$357,698
$202,081
$225,768
$107,274
$445,642
trucks, &c.)_a„
Building
Coal (net tons):
Bituminous, c
Pa
34,900,000 40,833,000 43,321,000 32,677,000 52,174,000
4.169,000 4,848,000 4,608,000 5,234,000 8,026,000
anthracite, d
Freight traffic:
Car loadings, all (cars).
z3,541,982 z4,000,394 z4,097,448 z3,158,104 z5,751,645
Cotton receipts, South¬
.
ern
1,610,786
1,613,244
1,562,157
'2,314,730
8,699
8,478
5,637
3,716
5.848
10,779
5,327
4,782
3,492
13,619
6,707
6,115
20,634
11,217
8,702
z2,351
z2,092
z2,083
z2,179
z32,591
ports (bales).f...
z27,504
zl9,025
zl6,341
z2,422
z41,578
z20,171
803,045
Livestock receipts: g
Cbicago (cars).
Kansas City (cars)—.
Omaha (cars)
—
Western flour and grain
receipts: h
Flour (000 barrels).—
Wheat (000 bushels)..
Corn (000 bushels)
Oats (000 bushels)...
z
z9,271
zll,727
Barley (000 bushels)..
Rye (000 bushels)..—
zi2,733
zll,560
z4,522
Z12.272
Z32.988
Z27.582
Z6.424
z4,099
z2,754
13,102
zl,958
z791
Z3.578
2,052,284
2,892,629
3,392,924
2,991,887
644,808
1,087,058
3,588,118
4,534,326
50,141
.
zl 1,043
3,117,934
4,534,246
NET
zl6,309
z5,798
EARNINGS
Southern Pac (2 roads)..
Louisville & Nashville...
Chic R I & Pac (2 roads)
Wabash
Nashville Chatt & St L__
Pittsburgh & Lake Erie.
Reading
.
Central of Georgia.
Baltimore & Ohio..
St Louis-San Fran (2 rds)
New York Chic & St L_.
Chic Burlington & Quincy
Lehigh Valley..
Chicago Mil St P & Pac.
Long Island
Increase
Alabama Great Southern
105,627
Chic
103,687
Productlon.m.....
X877.765
1.865,271
Orders received.m.....
*864,908
X913.833 *1,094,906
*858,844 *1,060,689
*732,819 *1,143,452
'
X500.707 xl,495,283
x614,453 xl ,335,204
X539.018 xl,638,488
Note—Figures in above table Issued by:
Total (30 roads)
States
of
east
Rocky
Mountains),
d United States Bureau of Mines,
In view of the
that
when
the
Decrease
Dul Missabe & Ir Range.
Union Pacific........
*n
each
city,
Steel
National
m
Lumber
of reporting mills varies In different years).
k "Iron Age."
Manufacturers'
x
Four weeks,
In what has been said above
with the railroads
Commission,
Coal
f Com¬
g Reported by major stock yard companies
h New York Produce Exchange,
Institute,
Bituminous
we
collectively.
z
1 American Iron
Association
have been
Turning
to the
separate roads and systems, we find the exhibits in
consonance with the results shown in the
general
totals.
Only eight roads, it will be
report ah increase in
of
excess
creases
$100,000,
in many
cases,
In the
case
is very
gross
seen, are
able to
earnings in amount in
while the
in the gross
roads showing
de¬
above that amount number 41;
too, the losses being of large amount.
earnings, however, the showing
of the net
much better, 30 roads reporting increases,
several of them for
that all the three
various
Great Northern
258,072
190,496
167,205
164,370
145,884
133,796
Kansas City Southern...
Bangor & Aroostook
Atlantic Coast Line.....
Virginian.......
Spokane Portl & Seattle.
Dela Lack & Western...
Lake Superior & Ishpem.
large amounts, and only 12 roads
reporting decreases.
the
Santa Fe with
a
gain of $1,435,436 after reporting
a
decrease in the
case
of the gross
the New York Central
reporting
of $379,306, and
a
in
western
to
are
$2,522,522.
loss in
a
(These figures
cover
the New York Central and
earnings of
(in
its leased
decrease of
a
case
of
net.)
and
a
gain of $1,634,323 in the
Southern
district)
is
groups
group
a
of the
report increases in net also.
table
we
indicate all
and
systems
whether
in
amounts
increases
or
in excess' of $100,000,
decreases, and in both
Illinois Central
„
Southern Ry
New York New Hav &
H
'
$373,599
277,801 Atlantic CoastJLine
262,265 Grand Trunk W estern
Kansas City Southern
Long Island
126,309
Central of Georgia
119,828 Elgin Joliet & Eastern.
114,293 Reading
106,214 Wheeling & Lake Erie.
103,348 Chic MUw St Paul & Pac
.
New York Connecting,
Minneapolis & St Louis__
Nash Chatt & St Louis.
.
-
_
.
.
—Gross Earnings-
$1,483,657
Total (8roads)
J ierren
Pennsylvania
$4,646,685
New York Central
a2,522,522
Baltimore & Ohio
Dul Missabe & Ir Range.
Great Northern
Northern Pacific
Southern Pacific (2 roads)
Chesapeake & Ohio
Union Pacific
;—
Missouri Pacific
...
Chicago Burl & Quincy..
Missouri-Kansas-Texas—
Atch Topeka & Santa Fe
Pere Marquette.
Erie (2 roads)
Bessemer & Lake Erie
188,922
Pittsburgh & Lake Erie.
184,487
Denver Sc Rio Grande W
0.24
74,468,741
.144,963,299
156,277,212
—11,313.913
7.23
44,493,500
$
Total (52 roads)—
139,831
135,829
134,765
482,157
409,727
379,306
Chic St P Minn & Omaha
Maine Central.
_
Denver &iSalt
Lake
143,779
124,723
124,353
123,109
116,486
Tota
(41 roads)
_
-
67,107,403
67,519,661
—412,258
0.61
42,179,255
71,283,069
27,347,463
45,464,216
—3,284,961
—2,354,058
—2,038.021
6,93
3.37
Western District—
(15 roads)
North western region
.
Central Western region (16 roads)
.
(21 roads)...
.
Southwestern region
3.19
148,486,827
—7,677,040
5.17
-352,880,489
372,283.700
—19,403,211
5.21
District and Region
—Net Earning<
;
Mileage-—
Oct.-—
7.22
.140,809,787
Total all districts (136 roads)
Month of
73,637*127
29,385,484
1937
1938
'
Inc.
(,+)orDec. (—)
22,195,963
15,649,959 +2,543,241
21,411,373
+784,590
%
21.24
16.25
3.66
43,646,389
39,747,746
+3,898,643
9.80
10,943,378
+2,898,860
+310,185
26.49
2.81
25,153,255
21,944,210 + 3,209,045
14.62
45,997
12,669,236
56,857
29,420
22,061,285
13,997,795 —1,323,559
19,787,248 +2.274,037
11.49
....131,817 132.274
Total all districts.-.234,242 235,161
1938
Eastern District—,
1937
*$
$
6,976
26,391
24,763
57,820
58,120
38,556
6,049
38,722
region..
6,045
13,842,238
11,311,017
11,000,832
........
44,605
44,767
region 45,851
Central West'n region 56,662
Total.....
Total
3,257,226
18,193,200
2,686,414
6,788
.Great Lakes region.. 26,320
Central East'n region 24,712
New England region.
$
+ 570,812
District-
region
Western District—
Northwestern
Southwestern region.
Total
29,404
9.49
+382,999
5.40
42,197,084
40,868,607 +1,328,477
2.25
110.996.728
102,560,563 + 8.436,165
8.22
7,466,563
7,083,564
NOTE—Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission, and the following indicates the confines of the different
groups
and regions:
-
EASTERN DISTRICT
New England
Great Lakes
Region—Comprises the New England States.
Region—Comprises the section
on
the Canadian boundary between
New England and the westerly shore of Lake Michigan to Chicago, and north of
line from Chicago via Pittsburgh to New York.
a
Central Eastern Region—Comprises the section south of the Great Lakes Region
east of a line from
to the mouth of the
and
a
Chicago through Peoria to St. Louis and the Mississippi River
Ohio River, and north of tjie Ohio River to Parkersburg, W. Va.,
and by the Potomac
line thence to the southwestern corner of Maryland
River to Its mouth.
'
SOUTHERN DISTRICT
106,741
$19,423,648
These figures cover the operations of the New York Central and the
leased lines—HDleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
In¬
Lake Erie, the result is a decrease of $2,707,009.
+ 376,837
—789,095
Region—Comprises the section east of the Mississippi River and south
of the Ohio River to a point near Kenova, W. Va., and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
a
cluding Pittsburgh &
44,116,663
23,402,998
0.85
22,613,903
115,055
375,231
367,763
9.37
.
.
(4 roads)......
Total (32 roads)...—
148,361
791,305 Western Pacific.
669,894 Int'l Great Northern
612,586 Minn St Paul & SS Marie
577,160 Lehigh Valley
506,129 Virginian
495,545 WesterniMaryland
6.31
District—
Southern region (28 roads).....—
Pocahontas region
158,327
1,077,850 Louisvillef& Nashville...
1,006,241 Texas & Pacific
(—)
%
$
—33,014
—4,301,324
—6,979,575
172,683
Lake 8uperiorf& Ishpem.
Inc. (+) or Dec.
$
13,715,692
68,092,779
226,019
216,667
Bangor & Aroostook
mi
1938
13,682,678
(10 roads)...
Great Lakes region (24 roads)..... 63,791,465
Central, Eastern region (18 roads)— 67,489,166
262,834
235,309
233,726
Our summary by
The boundaries of the different groups
New England region
Decrease
_.
of
SUMMARY BY GROUPS
Pocahontas
$315,111
308,915
307,754
279,761
gain
a
regions are indicated in the footnote to the
Southern
"
able
As previously explained, we
District and Region
PRINCIPAL CHANGES IN GROSS EARNINGS FORiTHE MONTH
OF OCTOBER
Dela Lack & Western
are
in several
are
the roads to conform with the classification
Southern
Increase
districts and
showing
gain of 21.24%.
Month of October—
Eastern District—
gross
and net:
the
table:
In )he following
changes for the separate roads
all
amount, the Southern region
district)
below.
as
of the ICC.
All of the eight roads showing increases in
gross
and
case
net
These net increases
Total (52 roads)———
the gross
the
of
case
region (in the Western district),
the
ern
lines; when,
$2,707,009 in the
the
26.49%, and the New England region (in the East¬
the operations of
however, the Pittsburgh & Lake Erie is included,
the result is
districts, the Eastern, the
Western—together with all the
of substantial
cases
gain in net of
gross
surprise to find
no
arranged in groups, or
earnings, with the single exception of
region (in the Southern district),
report gains.
Southern
$1,341,765 after showing
$3,440,852
regions, with the single exception of the North¬
find the Atchison Topeka &
we
118,449
Total (12 roads)
regions grouped under these districts—show
Southern
Heading the list of roads show¬
ing increases in net
122,302
great
the
losses in gross
while
dealing
now
565,903
553,267
430,434
...
geographical divisions, according to their location,
(number
Five weeks.
$590,674
Northern Pacific
Boston & Maine....
foregoing, it is
roads
Dodge Corp. (figures for 37
Association of American Railroads,
piled from private telegraphic reports*
and
F. W.
National
c
e
b
103,627
$11,319,373
HTa These*figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati
Chicago & St. Louis, Michigan Central.
Cincinnati Northern and Evansville Indianapolis & Terre Haute.*In¬
cluding Pittsburgh & Lake Erie the result is an increase of $1,634,323.
Southern and
United States Bureau of the Census,
a
Indlanap & Louisv.
Connecting..
New York
Lumber (000 board feet):
Shipments, m.
MONTH
Chicago,& North Western | $129,795
Elgin Joliet & Eastern
120,330
936,160
425,203
420,277
418,507
395,897
373,466
355,854
312,567
292,558
263,544
227,708
227,167
222,213
209,477
185,972
171,003
155,517
132,184
Norfolk & Western
Delaware & Hudson....
Illinois Central
THE
FOR
OCTOBER
Increase
Atch Topeka & Santa Fe.Sl,435,436
New York Central
al ,341,765
Southern Ry
1,131,030
New York New Hav & H
1,122,802
Iron & Steel (gross tons):
Pig Iron production. k_.
Steel ingot production. 1.
IN
OF
($000):
Constr. contr. awarded b
CHANGES
1929
1932
Automobiles (units):
Production (passenger
ears,
3669
Southern
Pocahontas Region—Comprises
the section north of the southern
boundary
Virginia, east of Kentucky and the Ohio River north to Parkersburg,
of
W. Va.,
and south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac
River to its mouth.
Financial
3668
Chronicle
Dec. n, 1938
ficult and controversial subject of tax revision, it
does so in complete recognition of the principle
or to
distribute, rather than to produce revenue and
here set forth and with a relentless determination
that not the revenue of a day or a year, but the
never at any moment to let it vanish from its view
substantial and permanent revenue that ought to
or to evade its stern and simple control.
Devia¬
tion with approximate steadiness from a legitimate
tions in the past may have produced little injury,
subject of taxation and remain continuously probut the immense part that Federal taxation now
portioned to the necessities created by public explays, and for a long time in the future must conpendi lures under a government honestly and eco- ' tinue to play, in the activities and lives of all
nomfeally administered.
citizens of the Republic, makes it certain that no
The Congress which meets next month will be
misuse of the taxing power can fail to bring dispreservation of the subject of taxation. Any tax
is a vicious tax if its purpose is to control or destroy
excwlingly fortunate if, when approaching the dif-
In
respects a modest tendency toward im-
some
provement now can be noted in the financial results
of railroad
operation in the United States, but the
seriousness of the
Our statistical
remains
with the
ness
..
.....
.
themselves
fmd
her
plight in which the carriers still
.
,
,.
J
,
difficult
remains
exaggerate.
bb
to
compilation for the month of Octo-
generally unfavorable in comparison
month of last year, even
same
recession
on
though busi-
pronounced scale was in
the most
evidence during the final quarter
of 1937.
Gross
earnings of the railroads in October of this year
poorly
compare
with the small volume of busia year ago.
It appears, how-
even
ness
for that month
ever,
that the capable managers of the roads finally
operation on a
have been able to effect economies in
scale sufficient to offset such losses,
in
so
far
as
net
A small increase of net
earnings now is apparent, and if continued would
doubtless do much to prevent further resort to the
earnings
concerned.
are
bankruptcy laws or to downward scaling of debt
Charges
agreement
by
funded debt account.
creditors
with larger
on
The fact must be recognized,
kowever, that real and sweeping business recovery
taxation, industrial antagonism
under the excessive
Administra-
and labor favoritism of the Roosevelt
tion remains
economies
problematical.
now
Moreover, some of the
effected by the
railroads
can
only be
often of de-
temporary, since they consist all too
ferred maintenance expenditures.
. ,
-r.
.
It
IS
now
,
possible
,,
at
.
,
least
,
to
ll
i
on
look • hopefully
Si
*
.
impending session of Congress/which is
deal
,
realistically with the railroad
supposed
to
question.
The difficulty is that the last session like-
wise
supposed to act for the amelioration of
held
was
troubles for which the carriers can hardly be
Much could be done, however, if the
responsible.
National
and
Legislature were to recast the restrictions
controls
that
now
hamper the railroads par-
tkularly and all business in general.
matter was avoided in the
lower millstone of irreducible wage scales might
modified. Such actions would go far
toward that lang-range improvement in the position
a^so
of Ahe ra"r,oadf whic+\is hif^ neceSf5;
Although the
closing weeks of the last
congressional session, it will probably prove difficult for the Legislature to sidestep its responsibili-
^
Meanwhile it must be noted again that the prin,
,
.
,
,
cipal carriers of the country are dependent largely
upon the general course of business.
In this respect,
.
also,
a
,,
.,
,
Congress independent of Executive controls
accomplish a great deal, and
elections supplies some
ground for hopefulness. The extent of the improvement necessary and possible in the economic sphere
is easily measurable through comparison of recent
raii earnings with those of last year and the decade
and pressures could
the trend of the November
of the 1920's.
It is especially instructive to review
the light of the relatively ample
the recent levels in
before
That comparison is set
f0J-th statistically farther along in this article. For
iast October gross earnings of the railroads were
only $352,880,489 as against $372,283,700 in October
0f iast year, a decline of $19,403,211, or 5.21%. As
aiready noted, the managers were able to cut operating expenses to a degree that more than offset the
fan ;n gross revenues.
Accordingly, we find net
earnings at $110,996,728 for last October as against
$102,560,563 for that month in 1937, a gain of
$8,436,165, or 8.22%. The comparison of the two
earnings that were common for many years
the New Deal appeared.
months in tabular form is as
follows:
1937
Inc. (+) or Dec. (—)1
234,242
235,161
—919 —0.39
.—S352,880,489 $372,283,700 —*19,403,211 —5.21
Operating expenses
241,883,761
269,723,137 —27,839.376 —10.32
Ratio of expenses to earnings
68.54%
72.45%
Month of October—
£
.
toward the
Railroads for the Month of October
Earnings of United States
Net
Grot* and
aster.
1938
Mileage of 136 roads .
Gro^earnlngs...
$102,560,563 +$8,436,165 +8.22
In order to indicate in a simplified form the
measure of trade activity in relation to its bearing
on the revenues of the railroads during the month
Net earnings......——$110,996,728
under review, we have brought together in the table
below the figures indicative of activity in the more
important industries, together with those pertaining
to grain, cotton and livestock receipts and revenue
freight car loadings for the month of October, 1938,
as
compared with the corresponding month
in 1937,
of the Interstate Commerce
Commission, Congress
1936, 1932 and 1929. On examination it will be
readily seen that, with the exception of the building
industry and shipments of and orders received for
could direct that agency to
take measures for up-
lumber, the output of all the
ties in similar fashion next year.
As the creator
holding the financial intergrity of the railroads,
The
freight rate increases requested by the carrier
might, for instance, be granted in full, at least for a
cars
Taxation to which the railroads are
very
trial
period.
peculiarly subject might be revised, although this
is
as
problem of State and local government urgency,
well as national prominence.
The tendency to
a
squeeze
rate
the carriers between the upper
and
other
regulatory
millstone of
restrictions and
the
industries covered was
greatly reduced scale as compared with October
last year. It follows, of course, that the number of
on a
of revenue freight moved by the railroads was
much smaller than in the month a year ago.
Cotton receipts at the Southern outports, too, were
much smaller, as were the livestock receipts,
On the other hand, receipts of the various farm
very
products (especially corn) ran
the exception of oats and rye.
much heavier—with
Volume
147
Financial
Chronicle
PRINCIPAL
October
1938
1937
1936
209,522
329,876
224,688
48,702
380,617
$357,698
$202,081
$'225,768
$107,274
$445,642
3669
CHANGES
IN
1929
1932
OF
Automobiles (units):
($000):
Constr. contr. awarded b
Coal
34,900,000 40,833,000 43,321,000 32,677,000 52,174,000
4,169,000
4,848,000 4,608,000 5,234,000 8,026,000
Pa. anthracite, d.
Freight traffic:
_
425,203
420,277
418,607
Illinois Central
Louisville & Nashville
Chic R I & Pac (2 roads)
W&b&sh
Pittsburgh & Lake Erie..
South¬
(bales).f—
803,045
1,610,786
1,613,244
1,562,157
2,314,730
Chicago (care)..
8,699
8,478
10,779
13,619
20,634
Kansas City (cars)...
Omaha (cars)
5,637
5,848
5,327
6,707
11,217
3,716
4,782
3,492
6,115
8,702
Livestock receipts: g
Western flour and grain
receipts: h
Flour (000 barrels)
Oats
z2,351
Z2.092
z2,083
z2,179
z27,504
zl6,341
z32,988
Z50.141
zl9,025
z
11,043
z27,582
z9,271
zll,727
z4,522
z6,424
z2,422
z41,578
z20,171
zl6,309
Z12.733
zll,560
Z12.272
z4,099
z5,798
Z3.102
zl,958
z791
Z3.578
2,052,284
2,892,629
2,991,887
644,808
3,117,934
3,392,924
4,534,246
1,087,058
3,588,118
4,534,326
(000 bushels)
Barley (000 buBhels)..
Rye (000 bushels)—.
*
z2,754
Reading
'
Lumber (000 board feet):
Production m
A
.
_
_
X913.833 Xl ,094,906
X877.765
1.865,271
-
Shipments-m
Orders received.m.....
x500,707 xl,495,283
x614,453 xl,335,204
x732,819 xl,143,452
'
X864.908
X858.844 Xl,060,689
X539.018 xl,638,488
Note—Figures in above table issued by:
States
of
east
Rocky
Mountains),
d United States Bureau of Mines,
each city,
and
Steel
W. Dodge Corp.
National
c
m
National
Lumber
of reporting mills varies in different
years).
k "Iron Age."
Manufacturers'
Four weeks,
x
In what has been said above
with the railroads
Coal
Commission,
f Com¬
g Reported by major stock yard companies
h New York Produce Exchange,
Institute,
Bituminous
we
collectively.
z
1 American Iron
Association
have been
with
totals.
the
results
shown in
Only eight roads, it will be
dealing
now
to the
the
seen, are
general
of
creases
$100,000,
in many
cases,
In the
is
while
in the gross
case
the
roads
showing
de¬
that all
various
the
earnings, however, the showing
large amounts, and only 12 roads
reporting decreases.
districts, the Eastern, the
Western—together with all the
earnings, with the single exception of
region (in the Southern district),
Southern
find the Atchison Topeka &
the
region
(in
net
all
Santa Fe with
a
a
gain of $1,435,436 after reporting
decrease in the
the New
York
of the gross
case
Central
reporting
of $379,306, and
a
of
$1,341,765 after showing
amount, the Southern region
Southern
ern
district)
is
groups
group
district)
showing
the New
York Central
gain of 21.24%.
below.
regions
indicated in the footnote to the
are
•
Month of
»
the result is
the gross
a
decrease of
$2,707,009 in the
case
of
,
GROUPS
-Gross Earnings
1938
October—
Eastern District—
a
gain of $1,634,323 in the
case
report increases in net also.
table
we
and
indicate all
or
$
Dec. (—)
%
0.24
Great Lakes region (24 roads)
63,791,456
68,092,779
Central Eastern region (18 roads)—
67,489,166
74,468,741
—4,301,324
—6,979,575
6.31
9.37
.144,963,299
156,277,212
—11,313.913
7.23
44,493,500
+ 376,837
0.85
(10 roads)...
Total (52 roads)..—
District—
Southern region (28 roads)
.
Total (32 roads)..
22,613,903
44,116,663
23,402,998
—789,095
3.37
.
(4 roads)
67,107,403
67,519,661
—412,258
0.61
42,179,255
71,283,069
45,464,216
—3,284,961
7.22
73,637,127
27,347,463
29,385.484
—2,354,058
—2,038,021
6.93
Western District—
Northwestern region (15 roads)
.
Central Western region (16 roads)
.
Southwestern region (21 roads)—
.
3.19
.140,809,787
148,486,827
—7,677,040
5.17
.352,880,489
372,283,700
—19,403,211
5.21
of the
District and Region
Month of
In );he following
wet
1938
Oct.— •——Mileage1938
Eastern District—
•
1937
$
Earnings—'
1937
/nc.(+)
or Dec A—)
$
$
-
changes for the separate roads
%
21.24
16.25
3.66
amounts
increases
or
in
excess
of
$100,000,
decreases, and in both
24,712
24,753
3,257,226
18,193,200
22,195,963
21,411,373
+570,812
+2,543,241
+784,590
57,820
58,120
43,646,389
39,747,746
+3,898,643
9.80
region.... 38,556
Pocahontas region..
6,049
in
systems
whether
(+)
-33,014
All of the eight roads showing increases in
gross
Inc.
$
13,715,692
New England region
Total all districts (136 roads)
net.)
1937
$
13,682,678
,
Total (52 roads)
and
Our summary by
As previously explained, we
SUMMARY BY
lines; when,
however, the Pittsburgh & Lake Erie is included,
of
gain
The boundaries of the different groups
table:
the operations of
and its leased
a
the roads to conform with the classification
of the ICC.
and
a
as
Pocahontas region
cover
able
are
in several
are
26.49%, and the New England region (in the East¬
gain in net of
loss in gross earnings of
a
(These figures
districts and
of the North¬
These net increases
substantial
the
Southern
$2,522,522.
the
(in the Western district),
report gains.
cases
of the
case
with the single exception
District and Region
we
surprise to find
no
arranged
great
the
and
Heading the list of roads show¬
ing increases in net
are
regions grouped under these districts—show
western
to
much better, 30 roads reporting increases,
very
roads
the three
regions,
too, the losses being of large amount.
several of them for
foregoing, it is
the
losses in gross
above that amount number 41,
of the net
Virginian
in groups, or
geographical divisions, according to their location,
able to
report an increase in gross earnings in amount in
excess
when
while in
separate roads and systems, we find the exhibits in
consonance
In view of the
that
(number
Five weeks.
Turning
222,213
(figures for 37
Association of American Railroads,
e
piled from private telegraphic reports.
*n
b F.
190,496
167,205
164,370
145,884
133,796
■Ta These,rfigures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati
Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville
Indianapolis & Terre Haute.m In¬
cluding Pittsburgh & Lake Erie the result is an increase of $1,634,323.
Southern
United States Bureau of the Census,
a
cre&SG
$590,674
565,903
553,267
430,434
258,072
209,477 Spokane Portl & Seattle.
185,972 Dela Lack & Western
122,302
171,003 Lake Superior & Ishpem.
118,449
155,517
132,184
Total (12 roads)
$3,440,852
Lehigh Valley.
Chicago Mil St P & Pac.
Long Island
Iron & Steel (gross tons):
Pig iron production. k_.
Steel ingot production. 1.
$11,319,373
...
Centralof Georgia.
Baltimore & Ohio
St Louis-San Fran (2 rds)
New York Chic & St L_.
Chic Burlington & Quincy
Z32.591
Wheat (000 bushels)..
Corn (000 bushels)...
Total (30 roads)
395,897 Dul Missabe & Ir Range.
373,466 Union Pacific
355,854 Northern Pacific
312,567 Boston & Maine
292,558 Great Northern
263,544 Kansas City Southern
227.708 Bangor & Aroostook
227,167 Atlantic Coast Line
SYlI I
Nashville Chatt &
■
Increase
_
Cotton receipts,
ports
MONTH
OCTOBER
Topeka & Santa Fe.$1,435,436 Chicagof& North Western f $129,795
al ,341,765 Elgin Joliet & Eastern
120,330
Southern Ry
1,131,030 Alabama Great Southern
105,627
New York New Hav & H
1,122,802 Chic Indianap & Louisv.
103,687
Southern Pac (2 roads)
936,160 New York Connecting..
103,627
Car loadings, all (cars)..
z3,541,982 z4,000,394 z4,097.448 z3,158,104 z5,751,645
ern
THE
New York Central..
Norfolk & Western..
Delaware & Hudson
(net tons):
Bituminous.c_
,
FOR
I71 crease
trucks, &c.).a_.
Building
EARNINGS
Atch
Production (passenger
cars,
NET
38,722
13,842,238
10,943,378
+2,898,860
26.49
6,045
11,311,017
11,000,832
+310,185
2.81
44,605
44,767
25,153,255
21,944,210
+3,209,045
14.62
region 45,851
45,997
13,997,795 —1,328,559
New England region.
6,788
.Great Lakes region__ 26,320
Central East'n region
Total
gross
Southern
and net:
6,976
26,391
2,686,414
15,649,959
District—
Southern
PRINCIPAL CHANGES IN GROSS EARNINGS FORITHE MONTH
OF
OCTOBER
Total
Decrease
Increase
$373,599
Illinois Central.
Southern Ry
-
New York New Hav & H
Long Island
Central of Georgia
New York Connecting._
Minneapolis & St Louis._
Nash Chatt & St Louis.
.
Dela Lack & Western—
277,801 Atlantic CoastlLine
262,265 Grand Trunk Western..
126,309 Kansas City Southern...
119,828 Elgin Joliet & Eastern—
114,293 Reading..
106,214 Wheeling & Lake Erie.._
103,348 Chic Miiw St Paul & Pac
$315,111
308,915
307,754
279,761
262,834
235,309
233,726
(8roads)
...
$1,483,657
Tlerren
cp
$4,646,685
a2,522,522
Pennsylvania
New York Central
Baltimore & Ohio
1,077,850
Dul Missabe & Ir Range.
1,006,241
Great Northern
Northern Pacific
Southern Pacific (2 roads)
Chesapeake & Ohio
Union Pacific
Missouri Pacific
—
791,305
669,894
612,586
216,667
Bessemer & Lake Erie—
188,922
Pittsburgh & Lake Erie.
184,487
Denver & Rio Grande W
Lake Superiorf& Ishpem.
Louis ville|& Nashville—
Pacific
143,779
139,831
135,829
134,765
Texas &
Western Pacific
Int'l
Great
Northern
Minn St Paul & 88 Marie
577,160 Lehigh Valley
124,723
124,353
123,109
116,486
115.055
106,741
WesterniMaryland
Chic St P Minn & Omaha
409,727
Maine Central
& Santa Fe
379,306
375,231
367,763
Denver &| Salt Lake
roads)
5.40
-131,817 132,274
42,197,084
40,868.607
+1,328,477
2.25
110,996,728 102,560,563
+8,436,165
8.22
Total
Total all districts—234,242
235,161
NOTE—Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission,
groups
and the following indicates the confines of the different
and regions:
EASTERN DISTRICT
New England Region—Comprises the New England States.
Great Lakes Region—Comprises the section on the Canadian
boundary between
New England and the westerly shore of Lake Michigan to Chicago, and
a
line from
north of
Chicago via Pittsburgh to New York.
Central Eastern Region—Comprises the section south of the Great Lakes Region
east of a line
to the mouth
and
a
from Chicago through Peoria to St. Louis and the Mississippi River
of the Ohio River, and north of the Ohio River to Parkersburg, W. Va.,
line thence to
the southwestern corner of Maryland
and
by the Potomac
River to its mouth.
SOUTHERN DISTRICT
Southern Region—Comprises the section east of the Mississippi River and south
of the Ohio River to a point near Kenova, W. Va., and a line thence following the
Tota-(41 roads)...--.$19,423,648
a These figures cover the operations of the New York Central
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan
and the
Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is a decrease of $2,707,009.
9.49
11.49
+382,999
148,361
506,129 Virginian.
495,545
Erie (2
+2,274,037
7,083,564
158,327
482,157
Pere Marquette
12,669,236
22,061,285
7,466,563
19,787,248
29,420
172,683
Chicago Burl & Quincy..
Missouri-Kansas-Texas..
Atch Topeka
56,857
29,404
Southwestern region.
226,019
Bangor & Aroostook
Total
Western District—
Central West*n region 56,562
Northwestern
eastern boundary of
Pocahontas
Kentucky and the southern boundary of Virginia to the Atlantic.
Region—Comprises the section
north
of
the southern
boundary
Virginia, east of Kentucky and the Ohio River north to Parkersburg,
W.
of
Va.,
and south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac
River to its mouth.
Financial
3670
WESTERN
DISTRICT
Region—Comprises the section adjoining Canada lying west of the
line from Chicago to Omaha and thence to Portland,
and by the Columbia River to the Pacific.
Dec.
Chronicle
Southern roads, this
As to the cotton traffic over
Northwestern
Great I-ake« Region, north of a
the section south of the Northwestern ' egion
of a line from Chicago to Peoria and thence to St. Louis, and north of a line
St. I-ouis to Kansas City and thence to El Paso and by the Mexican boundary
Central Western Region—Comprises
west
from
to the Pacific.
The
traffic
grain
collectively)
them
in October the
Western
over
was on a
19387
fell
and rye at
markets
the Western primary
of oats, on the
reaching in the case
corn large proportions.
Altogether, the receipts
the Western primary markets of the five cereals,
the
at
While the receipts
considerably below those of October a year ago,
movement
other
of
for
present year—in fact, the largest
the month in all recent years.
of oats
(taking
roads
greatly increased scale
of wheat, corn and
hand, ran much heavier,
wheat, corn, oats, barley and rye, in the five weeks
29, 1938, aggregated 107,499,090 bushels
ended Oct.
bushels in the same five
weeks of last year, and but 46,136,000 bushels in
the corresponding period of 1936.
Back in 1932 the
grain receipts totaled 71,884,000 bushels, and in the
same
period of 1929, 87,434,000 bushels.
In the
following table we give the details of the Western
grain movement in our usual form:
as
against only 72,918,000
1199338787
AND GRAIN
WESTERN FLOUR
Flour
Wheal
Corn
Oats
Barley
Rye
Oct. 29
(Bbls.)
(Bush.)
(Bush.)
(Bush.)
(Bush.)
(Bush.)
1,256,000
2,124,000
25,692.000
2,380,000
1,729,000
748,000
1,128,000
2,849,000
8,018,000
2,996,000
1,517,000
713,000
1938-.-.-
!
8,293,000
3,889,000
2,270,000
4,999,000
5,722,000
1,107,000
2,944,000
4,344,000
994,000
706,000
1938
8,868,000
976,000
1,693,000
2,047,000
702,000
1937--
6,500,000
33,000
2,317,000
2,042,000
1,236,000
87,000
267,000
,3,612,000
125,000
78,000
1,319,000
325,000
219,000
3,233,000
2,969,000
123,000
1937,..-"
Duluth—
Milwaukee—
1938
33,000
1938—
706,000
—
•'
'
1937—-
520,000
464,000
10,000
12,000
804,000
162,000
404,000
4,000
24,000
1938
SOUTHERN PORTS IN OCTOBER. 1938,
SINCE JAN. 1, 1938, 1937 AND 1936
AND, 1936, AND
1937
Since Jan. 1
Month of October
Ports
1937
1938
&c
239,853
415,503
Orleaas
203.33.
544,152
Galveston
Houston,
New
1,233,471 1,245,928
1,185,421 1,095,584
1,567,253 1,399,659
1,039,358
422,42C 1,046,788
480,171 1,033,98.
526,321
463,678
193,827
279,578
97,200
58,99'
1936
1937
1938
1936
293.671
9,021
56,761
10,503
4,121
Savannah
5,02;
21,50,
16,591
41,970
151,463
132,170
Charleston
6,453
51,20
42,08;
47,060
172,18
133,326
Mobile
Pensacola
1199236727408643.—v
8,453-
—
81,198
33,68!
16,288
26,04(
4,371
3.07C
4,690
Wilmington
14,770
3,251
8,41]
9,493
26,410
40,02".
33,317
21,338
17,585
25,588
345,400
450,56/
298,870
40,331
68,04'
49,397
17,08
18,558
14,806
Norfolk
Corpus Christ!
8.791
,
11,493
3,22(
4,540
768
Beaumont
15,731
6,823
Lake Charles....
1,49£
Jacksonville
Total
803 0*r
.
the table
5.433
3.109
1,610 78P 1.613.24/ 3.767.257 ".221.963
L696,561
present, a summary of the
now
we
1,490
661
comparisons of the gross and net earnings
railroads of the country is furnished for each
October
of the
back to and including 1909:
Gross Earnings
M ileage
.
of
Year
October
Given
Preceding
1909
1910
..
1912
1913..
-
-
-
*
*
M.
m
~
«
-
1917
«
*
1938
1,523,000
92,000
1,015,000
1,362,000
8,359,000
3,298,000
2,250,000
1937
53,000
2,000
St. Louis—
1938—
696,000
1,579,000
1937
620,000
1,663,000
205,000
131,000
509,000
1,719,000
1,483,000
3,271,000
2,880,000
414,000
52,000
222,000
314,000
25,000
Peoria—
1938
198,000
173,000
1938-...-
107,000
6,163,000
1937—-
68,000
5,226,000
1,114,000
173,000
364,000
90,000
340,000
.
1,198,000
1937
295.000
200,000
City-
1918
1919
1920
1921
.....
Mr
-
424,000
1924
1925
1926
1928
«,
-
*
•
*
1938
390,000
296,000
284,000
1937
393,000
405,000
^
^-
-*•
H-r
*,
„
»
Wichita—
1937
'p.
Sioux City—
-
*
w.
-
-
1,286,000
,
43,000
4,000
«.
W
95,000
602,000
67,000
129,000
31,000
357,000
89,000
73,000
22,000
32,591,000
50,141,000
9,271,000 12,733,000
2,754,000
27,504,000
19,025,000 11,727,000 11,560,000
3,102,000
mm--
fotal all—
2,351,000
2,092,000
1938—
1937
236,291
219,144
233,199
+ 13.64
—0.42
237,217
233,545
243,690
228,050
240,886
—29.77
244,911
241,093
+ 13.53
248,072
247.009
246.683
246,000
+ 12.73
247,048
245,967
+ 28.30
230,184
230,576
233,136
+ 11.28
+'3.87
233,192
+ 25.94
231,439
—16.54
235,228
234,686
229,935
549,080.662
+ 37,248,224
+ 6.78
235,608
230,015
586,540,887
—15,135,757
—2.58
235,189
235,625
571,576,038
586,008,436
+ 18,585,008
+ 3.25
236,724
236,564
+ 18,043,581
+ 3.08
236,654
236,898
605,982,445
—23,440,266
—3.86
238,828
238,041
579,954,887
+ 36,755,860
+ 6.33
240,661
239,602
—9,890,014 —1.60
617,475,011
608,281,555 —125,569,031 —20.64
482,684,602 —120,136,900 —24.88
—64,475,794 —17.78
362,551,904
214,622
298.076,110
.....
241,451
242,578
241,555
242,741:
242,174
242,031
242,024
242,177
—0.13
240,858
238,937
240,428
237,385
238,971
340,612,829
—1,494,550 —0.51
+48,095,489 + 16.44
+ 50,213 876 + 14.74
236,554
237,573
372.283,700
390,633,743
—18,350.043
—4.69
235,173
235.750
352.880 + 89
372.283.700
—19.403.211
—5.21
234.242
235.161
297,690,747
292,488,478
340,591,477
390,826,705
1937
1938
—393,640
298.084,387
.....
1935
46,000
1938
1937
232,162
+ 0.53
232,882
362,647,702
1936
222,632
+ 1.05
233,872
482,712,524
1934
M
+ 11.58
+ 2.45
607.584,997
1933
7,000
1,725,000
—
.....
1932
Preced'g
+ 13,074,292
1931
•
4f «,
Year
Given
532,684,914
1930
210,000
1938
$251,187,152 $225,109,822 +$26,077,330
+2,662,525
256,685,392 253,922,867
+ 1,370,352
259,111,859
260,482,221
+ 35,264,683
293,738,091 258,473,408
—1,281,011
299,195,006 300,476,017
209,325,262 298,066,118 —28,740,856
+ 37,087,941
311,179,375 274,091,434
+35,050,786
310,740,113
345,790,899
+ 43,937,332
389,017,309 345,079,977
484,824,750 377,867,933 + 106,956,817
+ 18,942,496
508,023,854 489,081,358
633,852,568 503,281,630 + 130,570,938
534,332,833 640,255,263 —105,922,430
1929
St. Joseph—
Cent
(—)
586,328,886
571,405,130
590,161,046
604,052,017
582,542,179
616.710,737
.....
1927
291,000
,
Dec.
Year
545,759,206
1922
1923
Per
Inc. ( + ) or
Year
1916
1937.....
.....
293,983,028
292,495,988
Net Earnings
Month
Increase
(+)
Per
of
WESTERN
10 Mos.End.
Flour
Wheat
Corn
Oats
Barley
Rye
Oct. 29
(BUs.)
(Bush.)
(Bush.)
(Bush.)
(Bush.)
(Bush.)
—
9,119,000
.
28,031,000
115,943,000 21,429,000
8,761,000
.
—
35,300,000
45,973.000 21,309,000
8,480,000
8,973,000
2,740,000
4,822.000
8,128,000
6,839,000
52,959,000
23,702,000
15,4^6,000 29,870,000
46,340,000
3,704,000
19,633,000 23,069,000
44,171,000
24,055,000
139,000
15,483,000 13,232,000
6,512,000
8,452,000
6,542,000
24,886,000
3,000
#
5,812,000
11,772,000
937,000 21,641,000
486,000
F>ul"th—
6,195,000
Milwaukee—
761,000
6,529,000
2,213,000
1,457,000 12,341,000
1.110.00Q
9,805,000
9,616,000
635,000
4,373,000
6,139.000
118,000
114,000
1,483,000
4,.503,000
93,000
288,000
Toledo—
1937
Detroit—
1938-.---
54,000
80,000
63,000
26,616,000
30,056,000 11,356,000
13,000
437,000
26,624,000
16,780,000
14,765,000
3,000
646,000
67,900
2,000
Indianapolis <fc Omaha-
Given
IT e ceding
$99,243,438
91,451,609
$85,452,483
+ $13,790,955
+ 16.13
102,180,704
—11,029,095
—10.76
93,836,492
108,046,804
97,700,506
91,725,725
+ 2,101,767
—
,
— ..
1910........
Decrease
or
Cent
(—)
+ 2.30
93,224,776
+ 14,282,082
+ 15.90
110,811,359
—13,110,853
—11.83
—8,014,020
—8.38
119,325,551
89,244,989
+ 30,079,562
+ 33.70
130,861,148
125,244,540
119,063,024
+ 11,798,120
131,574.384
—6,329,844
—4.81
107,088,318
122,581,905
—15.493,587
—12.63
1919...
104,003,198
106,196,863
—2,103,664
—2.07
117,998,825
137,928,640
120,216,296
103,062,304
+ 14,936,521
+ 14.49
115,397,560
+ 22,531,080
137,900,248
—17,683,952
+ 19.52
—12.82
121,027,593
4,989,000
21,386,000
25,390,000
4,881,000
22,218,000
13,349,000
4.322,000
5,865,000
1,454,000
2,089,000
249,000
368,000
1,795,000
2,746,000
22,349,000
3,123.000
1,836,000
13,167,000
3,171,000
2,625,000
2,760,000
744,000
1,586,000
Peoria—
1921.
1,766,000
....
Kansas City—
89,260,000
8,569,000
2,546,000
569,000
89,921,000
7,041,000
2,833,000
5,928,000
2,263,000
1,850,000
8,115,000
1,104,000
1,594,000
St. Joseph—
Wichita—
58,000
4,000
24,381,000
•105,000
69,000
1,576,000
2,814,000
428,000
929,000
286,000
1,815,000
1,178,000
985,000'
547,000
224,000
2,000
Sioux City—
"
+ 18.38
180,629,394
+ 13,361,419
+ 7.39
193,701,962
—13,101,836
—6.76
181,084,281
+ 35,437,734
+ 19.56
216,519,313
204,416,346
—12,183.372
—5.63
—47,300.393
—23.13
—55,222,527
—3,578,421
—35.14
98,336,295
157,141,555
101,914,716
91,000,573
....
98,337,561
—7,336.988
—7.46
—9,217,800
—10.28
...
17,274,000 307,053,000 271,344,000 83,063,000 78,362,000 19,726,000
16,612,000 297,648,000 106,238,000 82,750,000 58,407,000 22,143,000
89,641,103
108,567,097
+ 21,598.065
+ 19.89
102,560,563
130,196,850
—27,636,287
—21.22
110.996.798
....
109.560 563
-4-R.436.166
+ 8.22
+ 27,512.645
81,039,275
+ 33.95
The Course of the Bond Market
have
Lower
corporate
maintained
grades
railroad
&
—3.51
80,423,303
have
United
and
their high
revealed
Government
States
levels of
recent weeks.
strength, particularly in
Ohio
4t&s, 1902, at 118
the
'
section.
High-grade railroad bonds have been mixed.
Total all—
+ 7.14
108,551.920
130,165,162
—
bonds
+ 17.26
+ 26,209,836
+ 12,054,757
216,522,015
204,335,941
157,115,953
101,919,028
High-grade
18,763,000
-
+ 20,895,378
168,640,671
180,600,126
1938
607,000
+ 9.91
142,540,585
141,922,971
168,750,421
180,695,428
193,990,813
1925.
1935
95,674,714
87.660,794
1915....
1929.
St. Louis—
1937
Year
1920...
Minneapolis1938
1909
Year
October
FLOUR AND GRAIN RECEIPTS
Chicago—
1938
past three years:
1915
Indianapolis & Omaha-
1937
shipments
RECEIPTS OF COTTON AT
1914
Detroit—
1937.
the
staple and the receipts at the
Gross
outports.
1911
Toledo—
1938-
Southern
overland were only
113,720 bales in October the present year as against
137,005 bales in .1937 and 237,360 bales in October,
1936.
Going further hack, however, comparison is
with but 58,566 hales in 1932 and 81,965 bales in
the same period of 1929.
In the subjoined table we
give the details of the port movement of cotton for
ments of the
tyl onin
P>~1937—
Kansas
both as regards the overland ship¬
October last year,
year
Minneapolis—
compared with
greatly reduced scale as
a
on
In
RECEIPTS
5 Wks.End.
Chicago—
was
1938
17,
are
Chesapeake
unchanged, as are Chicago
Volume
of 30% in
increase
risen
1
in
been accom¬
stock market lias
utility
the
utilities have been firm,
ing of
utility bonds.
V.
S.
ness.
Daily
Bonds
given
120 Domestic
Corporate by Groups
Baa
A
Aa
Aaa
P.
RR.
U.
112.65
100.70
117.72
110.83
99.48
80.84
86.92
106.54
117.50
110.83
99.48
80.96
87.07
106.54
86.92
106.54
86.64
106.36
117.72
110.63
99.48
100.53
117.72
110.63
99.31
80.58
99.14
80.45
86.50
106.36
112.67
100.53
117.72
112.59
100.53
117.72
110.43
99.31
80.58
86.64
106.36
112.60
—
100.53
117.72
110.43
99.48
80.58
86.64
106.36
106.54
8- 112.53
100.53
117.50
110.63
99.31
80.71
86.64
112.55
100.70
117.72
110.43
99.48
80.84
86.64
106.73
80.96
86.92
106.73
100.88
117.72
110.63
100.88
117.72
110.63
99.66
81.09
86.92
106.92
100.88
117.94
110.63
99.48
81.22
87.07
106.73
111.43
2- 112.14
100.88
117.94
110.63
09.66
81.22
87.07
106.73
112.09
100.88
117.94
110.43
99.48
81.35
87.07
106.73
1
—
Weekly—
Nov. 25-. 112.07
18— 112.14
100.88
10- 112.46
117.50
110.63
99.48
81.35
86.92
106.73
101.06
117.72
99.83
81.61
87.07
106.54
101.06
117.72
109.84
100.00
81,87
87.35
106.54
109.44
99.48
80.84
86.50
105.98
100.35
116.86
109.24
99.14
80.71
86.36
105.60
109 05
98.80
80.20
86.65
105 41
21-.
116.64
98.80
79.95
85.52
104.85
112 58
99.48
116.64
108.46
7— 112.53
99.14
116.43
108.27
98.45
79.45
86.10
104.30
97.28
107.30
96.61
76.88
82.13
103.38
97.11
115.14
107.30
96.28
76.17
103.38
109.44
111.37
81.74
96.78
114.93
107.11
96.28
75.47
81.61
102.84
108.85
16— 110.91
77.36
83.33
103.74
109.84
9— 111.85
97.95
115.78
107.69
97.45
98.11
115,67
116.00
107.69
97.61
77.72
83.19
103.93
107.88
98.28
78.70
84.01
104 30
104.30
98.80
98.28
115.67
107.69
97.96
77.84
83.06
115.78
107.69
97.61
77.96
82.93
104.30
98.45
115.78
108.08
97.61
78.58
83.46
112.17
98.45
115.57
107.88
97.46
78.82
83.46
104.30
104.30
106.92
97.11
78.08
82.70
104.11
115.35
96.94
114.72
106.92
96.28
76.17
80.96
103.74
96.28
114.51
106.73
96.78
76.12
79.70
95.29
114.09
105.98
94.97
114.09
105.22
93.21
71.36
75 82
102.12
June 24..
93.85
104.48
91.35
66.99
71 36
101.58
17-
112.01
91.35
113.07
112.06
93.69
114.72
106.54
93.37
69.89
75.82
101.94
10-
94 01
114.93
106.92
94.01
69.78
76.29
May 27.
93.85
114.72
107.30
93.85
69.37
101.23
115.35
108.08
95.62
71.68
78.70
102.12
20.
95.46
73.76
81.22
102.12
111.82
96.44
115.14
108.46
111.54
95.29
114.51
107.69
95.13
72.11
79.07
101.76
106.92
93.85
69.37
76.76
100.35
93.69
114.09
111.48
92.90
113.89
105.79
92.90
68.97
75.82
99.48
91.20
112.66
104.30
91.05
66.99
74.21
97.78
66.89
75.12
96.94
110.08
8.
109.69
91.05
112.66
103.74
91 05
88.80
112.45
102.66
89.10
63.28
71.15
113.89
106.92
92.43
66.03
75.01
98.45
Mar. 25.
110.34
91.97
109.97
93.21
114.72
107 11
93 37
68.17
76.76
99.14
18.
115.35
109.05
95.46
69.78
80.08
99.48
11.
110.67
94.81
110.70
96.94
115.78
109.44
97.11
73.65
84.41
100.00
115.78
109.44
97.11
74.44
85.65
99.48
96.44
115.57
109.24
96.28
115.78
109.05
95.95
72.43
84.14
108.27
94.49
71.15
81.61
98.45
69.89
79.70
96.78
73.31
83.33
100.18
75.47
86.07
100 53
94 41
71.46
1
Ago
Yr
97.45
Dec.16'37 109.48
114.93
109.44
96.61
2 Yrs.Aco
Dec.16'36 112.56
•
106.17
117.72
113.68
104.30
computed from average
movement of actual price
These prices are
level or the average
75.82
91.66
83 60
87.78
101.06
The latest
3.39
5.24
4.82
5.24
4.83
3.63
3.39
3.37
3.10
3.43
3.94
3.09
3.45
4.01
5.22
4.82
3.64
3.09
3.47
4.00
5.20
4.80
3.64
3.38
3.98
3.10
3.49
4.03
5 28
4.86
3.67
3.39
3.13
3.50
4.05
5.29
4.87
3.69
3.42
3.99
3.14
3.51
4.07
5.33
4 92
3.70
3 42
4.01
3.14
3.54
4 07
5.35
4.93
3.73
3.42
4.03
—
4.03
3.94
3.15
3.55
4.09
6.39
4.96
3 76
—
4.05
3.50
3.24
3.60
4.20
5.60
5.18
4.17
3.21
3.60
4.22
5.66
5.21
3.81
6.22
3.84
3.52
'
3.49
3.22
3.61
4.22
5.72
3.18
3.58
4.16
5.66
6.09
3.79
3.47
4.14
5.63
5.10
3.78
3.45
3.42
3.44
3.43
6.08
3.76
3.42
3.42
4.14
3.56
4.14
5.46
4.09
3.19
3.67
4.15
6.44
5.08
3.70
4.12
3.20
3.62
4.17
5.60
5.13
3.77
3.47
4.18
3.23
3.62
4.22
5.66
5.27
3.79
3.49
3.24
3.63
4.25
6.76
3.81
3.49
4.22
5.37
3.26
3.67
4.30
5.87
5.49
3.83
4.61
4.28
6 09
3.88
3.54
3.91
3.58
1
4.37
3.26
3.71
4.41
4.53
3.31
3.76
4.53
6.52
5.69
6.09
3.64
4.40
6.23
5.69
3 89
3.54
4.38
3.23
3.22
3 62
4.36
6.24
5,05
3.53
4.36
3.90
3.23
3.60
4.37
6.28
3.93
3.54
4.37
5.45
3.88
3.49
!
'
1
6.63
4.27
3.20
3.56
4.26
6.06
3.21
3.54
4.21
5.87
5.25
3.88
3.50
4.21
3.58
4.29
6.02
6.42
3.90
3.62
3.55
4.28
3.24
4.38
3.26
3.62
4.37
6.28
5.61
3.98
3.27
3.68
4.43
6.32
5.69
4.03
3.56
4.43
5.83
4.13
3.06
!
"
4.54
3.33
3.76
4.55
6.52
3.33
3.79
4.55
6.53
5.75
4.18
3.72
4.55
3.85
4.68
6.92
6.11
4.23
3.70
3.03
4.70
3.34
4.49
3.27
3.62
4.46
6.62
5.76
4.09
3.61
4.40
6.40
5.61
4.05
3.57
4.41
3 23
3.20
3.51
4.27
6.24
4.03
3.64
4.31
5.34
3.49
4.17
5.88
5.01
3 54
3.18
4.00
4.18
3.18
3.49
4.17
5.81
4.03
3.64
4.16
4.92
25
3.19
3.50
4.22
5.92
5.00
4.07
3.50
4.21
3 51
4.24
5.99
5.03
4.08
3.58
4.09
3.02
:
3.18
4.31
3.24
3.55
4.33
6.11
5.22
4.31
5.37
4.08
3.58
4.34
3.59
6.23
28
3 23
3.17
3.51
4.19
6.09
3.99
3.61
4.20
5.91
21.
3 14
3.47
4.14
4.89
3.97
3.60
4.12
5.72
14.—
Jan.
4.23
4.16
5 77
4 86
4.02
3.54
6.11
4.23
3.76
4.79
3.63
4 22
3.36
3.70
4 14
3 16
3 46
4.70
3 34
3.86
4.68
6.98
High 1938
3.93
3.08
3.42
5.18
4.31
3 47
3 60
3.99
4.33
6.08
5 07
3 07
3 27
3 74
4.46
3 92
3 06
3.34
3.64
3.22
3.49
4.20
5.69
4.77
4.02
3.66
4.15
3.94
3.67
3.36
7
96.11
112.45
96.28
104 30
High 1937
Low 1937
1
106.17
'112.05
......
Year Ago—
Dec. 16,
2
"typical"
3.42
4.16
3.81
4.12
106 17
They merely serve to
!
4.19
Low 1938
being the truer picture of the bond market.
complete list of bonds used in computing these Indexes was
4.03
3.95
104 30
105.98
3.44
3.63
3.58
•OS 46
99.66
3.08
3.95
112.05
field averages, the latter
♦
3.39
-
106.73
yields on the basis of one
quotations.
3.63
3.18
109.24.
107 30
4.82
3.18
109.05
109.84
5.25
4
94.81
118.16
4.02
11
109.05
94 81
3.43
18
107.49
106.54
3.39
3.95
3.08
4
116.00
107 01
1937
Low
3.63
4.09
Feb.
114.72
112.78
High 193*
4.82
Mar. 25
94.33
71.15
5.25
1
110.07
101 41
4 03
8
107.69
62.76
3.43
22
98.62
92.43
3.43
3.08
April 29
114.51
89.10
3.09
3.95
6
94.81
104.67
3.40
3.95
3
110.16
102.66
3.63
4.10
106.92
113 89
4.83
3.70
107.69
110.18
96.11
98.62
11.
112.46
3.40
5.26
4.02
5.12
108.08
110.21
84.55
98.80
18-
73.20
88.80
3.63
May 27
108.46
110.60
97.28
1938 109.58
4.83
5.61
108.46
4.
Low
5.27
4.10
108.46
100.18
5.28
4.02
3.70
107.88
110 83
4.03
3.43
June 24
106 73
117.94
3.44
3.09
3.70
104.30
109.58
96.11
1.
101.23
3.09
3.95
5.11
105.04
14-
High 1938 112.68
3.40
3.96
4.85
5.04
106.17
OQ
3.41
3.63
—
5.62
108.08
111.42
86 50
3.64
1
108.27
87.49
4.85
5.45
108.85
74 8«
5.29
4.12
109.24
96.44
82.13
4.04
4.10
109.44
111.94
07 «>«
3.43
8
108.46
111.77
76.53
•1ft 04
3.40
3.97
3.10
3.68
108.66
112.10
101.76
3-
116r21
3.65
3.67
108.46
07 61
4.85
3.19
107.69
100.07
5.30
5
108.46
111.80
7.
4.03
3.17
109.05
111.96
78.20
103.02
1—
73.76
97.61
3.44
3.19
109.44
112.04
103.38
8-.
109.84
3.41
3.44
4.07
109 44
97.95
116.64
3.65
July 29
110.83
22- 112.04
15- 112.12
97.95
4.85
4.11
109.84
110.15
3.41
5.30
2
110.83
6- 112.16
14-
3.65
Aug. 26
110.63
112.32
98.28
96.61
4.86
3.58
110.43
Aug. 26— 112.38
19- 112.39
110.52
5.31
Sept. 30....
23
110.83
21-
5.30
4.05
7
110.24
2- 112.07
28.
4.04
3.42
28
Oct.
109.24
Sept.30— 111.70
114.51
Jan.
3.43
3.09
3.09
4
110.83
4..
3.40
3.09
10
110 83
Feb. 25.
3.41
3.65
4.85
3.09
18—--
110.83
99 83
Apr. 29.
22.
3.41
3.64
3.97
Nov. 25-
110.83
100.18
112.59
18-
3.64
4.83
3.97
1—
111.43
112.68
July 29-
4.82
5.28
4.04
2
111.64
112.48
12-
5.27
4.03
3
111.84
4—
23-
4.03
3.43
5—
111.43
110.24
Oct. 28-
,
3.42
3.09
Weekly—
117.50
14..
3.10
6
111.43
3— 112.27
3.41
3.09
7
111.43
—
3.64
3.97
-
8——
111.23
112.38
5— 112.33
6
4.83
9
111.23
99.66
5.28
10
111.23
7-
4.03
3.97
12
111.03
9-
Indus.
U.
3.42
3.96
13-
111.23
10-
P.
RR.
Baa
A
Aa
3.96
14-
111.03
12
Aaa
3.96
16
Deo.
111.03
110.83
120 Domestic
Corporate by Groups
by Ratings
Corp.
111.23
100.70
13- 112.65
120
All
Prices)
120 Domestic Corporate
tic
111.03
14— 112.67
(Based on Individual Closing
Domes¬
111.03
80.84
AVERAGES (REVISED) f
MOODY'S BOND YIELD
Daily
111.03
100.70
lT-
yield averages
computed bond prices and bond
the following tables:
in
Averages
Indus.
15— 112.60
Dec.
'
1938
'*
tic
Corp*
Average*
*
by Ratings
Domes¬
1211692507348-
Moody's
are
week's
also slightly below last
Japanese issues sold
closing prices.
(REVISED) f
120 Domestic Corporate
120
AU
Govt.
bonds gaining
in that class, Argentine
to one point and more. The market for European bonds
continued sluggish, with a tendency toward further soft¬
up
(Based on Average Yields)
1938
12514
other defaulted issues
of
bonds and $1,375,000 notes
MOODY'S BOND PRICES
improved.
A late rally in the South American list has been respon¬
sible for somewhat better closing prices for Brazilian and
An offer¬
advancing fractionally.
$7,750,000 mortgage
Retail trade issues have
97.
1948, which have gained 1 at
American &
Foreign Power 5s, 2030, have advanced % to 52% ; New
England Gas & Electric 5s, 1947, have gained 2 at 57.
The
Memphis Power & Light 5s, 1948, at 92, up 4%, and the
Laclede Gas 5%s, 1960, at 48, up 1, which in immediately
preceding weeks have been depressed because of special
factors, have also recovered substantially.
Higher-grade
panied by rises in lower-grade
indus¬
have been registered by
The steel group lias displayed a
mixed trend, but most of the changes have been upward.
The National Steel 4s, 1965, have risen % to 108%.
Studebaker conv. 6s, 1945, have advanced 4% to 84%.
Amuse¬
ment bonds have been stronger for the most part, the Para¬
mount conv. 3%s, 1947, being outstanding with a gain of
2% to 85%.
Meat packing issues have risen moderately,
as have certain food issues such as the Purity Bakeries 5s,
week.
this
issues
trial
point to 19.
Strength
-
Slightly higher bond prices
favorable repercussions
among speculative railroad issues.
New York Chicago &
St. Louis 4%st 1978, advanced 3% points to 48%, and South¬
ern Railway 4s, 1956, gained 3% points at 57%.
Defaulted
railroad bonds have been conspicuously active and wide
gains have been recorded.
Missouri Pacific 5s, 1965, have
utility
represents the entire
Corp.
week.
the
financing for
year's figure has produced
last
over
Mountain Power
Green
4s, 1949, at 103%. An esti¬
November net operating income
Burlington & Quincy 111. Div.
mated
3671
Chronicle
Financial
147
1937—
'
Years Ago—
Dec. 16,
1936—
.
3.66
*
3.28
3.09
3.76
4.51
!e"£5Sr5eS*^^^
Illustrate In a more oompreueumve
published In the Issue of July 23
NEW
1938. pag
CAPITAL ISSUES IN
Capital Issues in Great Britain
following statistics have been compiled by the Mid¬
,
■
THE UNITED KINGDOM
BY MONTHS
New
The
land
Bank,
Ltd.
These
compilations of issues of new
revision, exclude all borrowings
by the British Government for purely financial purposes;
shares issued to vendors; allotments arising from the cap¬
italization of reserve funds and undivided profits; sales of
already issued securities which add nothing to the capital
resources of the company whose securities have been offered;
issues for conversion or redemption of securities previously
held in the United Kingdom; short-dated bills sold in antici¬
pation of long-term borrowings; and- loans of municipal and
capital, which are subject to
county
cases
authorities which are not
the figures are
based
upon
specifically limited.
the prices of issue.
In all
1938
1935
January
£10,592.347
£7.464.872
12,620.080
6,961,500
10,456.037
.19.727.811
19.605.122
10,671,858
11,257.125
11,947,382
11.410.592
19,248.438
12.386,235
4,108,238
27.397.880
18 410,6°8
24.M4 048
8.609.247
2ft.61ft.1««
March
April
May
June.--
July
Ausrust
September
October
November
11 months
December
Year
1937
£27.614,265
63.909.160
24.402.925
0.194.413
15.188.116
£108,501,656
—
February
'»
1930
£33.963.149
19,687,120
--
12,543,554
20.939,125
£197,010,049
£153,081.567
11.217,941
20.211,176
17.824.624
£182.824.210
£217.221,225
£170 "06 1°1
5 038,715
20.305.459
7,141.184
1,963.097
13,855,183
12,400.174
£171,606,269
6.391.772
6.082.428
7,719.440
4,706,804
9,546.101
26.943,859
2.184.057
1,648,504
2,627 853
12,802,202
-
3672
Financial
Chronicle
Dec.
17, 1938
SUMMARY TABLE OF NEW CAPITAL IS3UE3 IN THE UNITED
KINGDO M
[Compiled by the Midland Bank Limited]
The Business Man's
Month of
November
1919
11 Months to
Nov. 30
£33,107,000
1920
11993376——JJaannuurryy.
1923
375,748,000
196,442,000
228,131,000
202,065.000
1924
13,468,000
21,401,000
1926
29,425,000
195,495,000
1926
28,111,000
223,103,000
288,352,000
337,823,000
248,466,000
220,297,000
1927
197,479,000
48,769,000
1928
27,970,000
1929
12,945,000
1930.
19,910,000
1931.
4,409,000
1933
85,974,000
10,807,000
1932
108,726,000
126,515,000
137,148,000
171.606,000
197,010,000
153,082,000
108,.502,000
12,787,000
1934
13,056,000
1935
12,544,000
1936
20,939,000
1937
12,400,000
1938
1938—Janury
12,802,000
DISTRIBUTION
OF
NEW
UNITED KINGDOM
BY
199,174,000
221,561,000
257.505,000
308,515,000
364,185,000
273,163,000
225,581,000
101,836,000
111,418,000
130,828,000
143,502,000
184,648,000
208.228,000
173,293,000
126,326,000
CAPITAL
ISSUES
IN
THE
MONTHS
United
India and
Kingdom
Ceylon
Countries
Countries
£
£
£
£
33,019,000
194,000
18.502,000
March
Other
Brit.
751,000
964,000
Foreign
April
8,795,000
17,196,000
15.344,000
20.712,000
4,346,000
May
.......
.....
22,730,000
18,271,000
November
11 months
173,811,000
December
16,997,000
Year..
190,808,000
1,356*,000
73,000
27,000
2,014,000
2,939,000
3,637,000
1,770,000
1.528,000
3,763,000
2,069,000
268,000
451*666
30,000
935.000 20,692,000
155,000
8,043,000
1,572,000
1,090,000 22,264,000
24,802,000
February..
84,000
232^000
8,018,000
...
October
128,000
153,000
78,000
56*8"66c
ciety,
1.487,000
17,000
Inc.
This pamphlet, issued as Vol.
XI, Nos. 3-4, of the Bulle¬
tins of the Business Historical
be
preserved, what parts of the record material should be
for preservation, and when a systematic
preserva¬
tion should begin.
The necessity of preserving some records
for business purposes
hardly needs demonstration, but his¬
torians and the public, as the
pamphlet points out, have also
chosen
interest in the matter.
20,939,000
20,211.000
27,614.000
10,672,000
11,257,000
34,000
7,135,000
i,ooo"666
20*066
11.947.000
2,097,000
June
22,611,000
396,000
830,000
July
678*666
14,558,000
24.515.000
141,000
4,481,000
1,125,000
586,000
63,000
20,305,000
7.141,000
96,000
680,000
1,015,000
*2*666
1,964,000
13,855,000
13,000
1,867,000
13.141,000
11,372,000
October........
November
11 months.... 128,101,000
December
32~66o
1,634,000 21,031,000
duction
2,315,000 153,082,000
10.667,000
2,273,000
Year......... 138,768,000
1.634,000 23,304,000
7,200,000 170.906,000
6,520,000
13,847,000
945,000
7,465,000
...
February
March....
6,305,000
4,728,000
16,591,000
8,149,000
11,202,000
1,763,000
1,611,000
1,781,000
10,928,000
April....*....:..
May.....
...
June
July
August....
September..
October..
November
ill months
STAtE
83,424,000
OF
3,000,000
19,248,000
594*666
27,398,000
28*000
15,188,000
360,000
27",000
3.931.000
331*666
516,000
1,152,000
17,825,000
2.402,000
87,000
311,000
10,213,000
6,392,000
5,039,000
8,509,000
421.000
2,184,000
6*22*,000
1,648,000
2,628,000
12,802,000
37*666
100,000
458,000 20,553,000
been
discarded.
in detail how
On
each
EPITOME
of
these
points
An
the pamphlet
appendix shows
record-keeping is handled by
a number of lead¬
for obvious reasons, are withheld),
the list including an
advertising agency, a commercial bank,
a
department store, retail and wholesale groceries, a life
insurance company, various forms of
ing firms (the
names,
manufacturing, a pub¬
utility, a railroad and a stock exchange.
.
Copies may be obtained free by application to the Business
Historical Society, Inc., Baker
Library, Soldiers Field,Boston.
lic
+.
-•
,
t
V
•
/,
'
>'
•
'
■
.
*
'
LtV.' Czechoslovak Export Directory
Washington:
Czechoslovak Legation.
$1
per
Copy
The recent territorial
changes, it is stated, have prompted
numerous inquiries
concerning present Czechoslovak export
possibilities, and in order to comply with these requests
for
information
and
present
to
foreign
importers of
up-to-date survey of Czechoslovak
industry, the management of the Prague International Fair
will issue an Export Directory scheduled to be
ready about
Czechoslovak
goods
an
the middle
in four
and
will
of December.
The Directory will be available
languages: English, French, Spanish and German,
contain
an
index of
list of merchandise.
one
interested
order
4,067,000 108,502,000
TRADE—COMMERCIAL
system, it is
proper
,
11,411,000
4,885,000
a
purposes,
12,400,000
6,503,000
Under
urged, the retention of useful material and the systematic
destruction of what is left will not involve
any large additional
expense, and in many cases, it is suggested, "will
really
save
money in addition to making the essential records more
accessible for referenceAttention is
given to the problems
presented by records of accounting, purchasing,
production,
inventory, labor and personnel, sales, advertising, statistics
gives practical and well-tested advice.
8,313,000
August
September
Society, undertakes to an¬
why and how business records should
such questions as
swer
26,944,000
May.
9,756,000
83
So¬
the quality of paper and ink, photographic repro¬
especially for bulky records or those that cannot be
replaced, storage, and the destruction of material that has
April
...
Ella.
Historical
10,456,00e
19,505,000
18.411,000
24,403,000
6,194,000
9,546.000
3,060,000 217,221,000
407,000
Ralph
and general and financial operations.
Preservation naturally
involves a filing system, classification of records for
reference
2,581,000
1,467,000
4,792,000
-March
THE
By Ralph M. Hower and
Pages.
Boston: Business
33.963,000
19.687,000
6,961,000
1,572,000 197,010,000
2,405.000
sT.ooo
Total
£
221*666
6,877,000
June..
i
The Preservation of Business Records
209,602,000
[Compiled by the Midland Bank Limited]
February
August
September
£197,910,000
422,527,000
204,906,000
247,484,000
an
GEOGRAPHICAL
July
Bookshelf
Nov. 30
£190,762,000
33,021,000
15,501,000
9,742,000
1921
1922
Year to
or
it
in
directly
consular
securing
or
offices
manufacturers
The price will
a
through
in
copy
the
the < United
be $1.00
of this
as
a
well
copy.
Directory
Czechoslovak
as
a
Any
may
diplomatic
States.
the latest, operations will be pointing
upward again, aided
Friday Night, Dec. 16, 1938.
by increasing releases for construction projects, railroad
Business activity was reported as
holding steady, though
orders, resumption of tin-plate production on a larger scale,
a number of
industries show the usual seasonal
and the continuance of
falling off.
generous consumption by the auto¬
Optimism continues to prevail in most
business circles,
mobile industry."
Construction awards were again let in
especially as concerns the coming year.
During the early j{ relatively high volume,
according to "Engineering Newspart of the week the strong
upturn of the securities market ,f
Record," with the bulk going to public works.
The full
appeared to reflect these bullish views.
: total was
Colonel Ayres of
$60,208,000, which compared with $35,706,000 in
the Cleveland Trust
Co., who is regarded an authority on
the 1937 week.
Private construction gained 46% over the
economic affairs, presented a
rather
1937 period, while public works increased about
encouraging outlook
for business the
74%.
Pro¬
coming year.
In a speech before the Cleve¬
duction of electrical energy last week was the second
land Chamber of Commerce
high¬
he said that 1939 now
est on
promises
record.
Total output was 2,318,550,000 kilowatt
to be a period of better
employment, rising national income,
hours, a sharp increase over the previous week's production
and increased volume of
industrial production.
of 2,285,523,000 kilowatt
Optimistic
hours, and only slightly under
about prospects for
1939, barring an "international calam¬
the record total of
2,320,982,000 kilowatt hours produced
ity," Colonel Ayres said the present
upswing will continue
during the week ended Sept. 4, 1937.
The Association of
as
long as Government
"pump-priming" continues, with
American Railroads reported that 92 Class I railroads had
building construction, trade and
transportation enjoying
estimated operating revenues of $262,483,780 in
November,
expansion.
He stated further that
"American business will
compared with $262,310,277 in the same 1937 month, and
soar, without 'inflation,' for at least
half of 1939, but a
$325,620,958 in November, 1930. According to the "Journal
slump in public money outgo
may cause a setback in the
of Commerce," business
activity held steady the past week,
year's closing months."
Steel production is
with their weekly business index off
sliding down
fractionally, declin¬
gradually, but not much further decline is
expected for
ing to 90.7.
A week qgo the index registered
the remainder of the
91.1, and a
month; the customary slump between
year ago 78.2.
According to this publication, electric out¬
Christmas and New Year's is
expected to be less than
put and automotive activity operated at new top levels for
usual, and railroads are coming to the aid
of the steel
the year, but the
gains were offset by declines in car load¬
mills at a time when new business
is affected by the inclina¬
ings, steel ingot production, crude oil runs-to-stills and bitu¬
tion to hold year-end inventories
to a minimum, "Iron
minous coal output.
Age"
Automobile production in the United
says in its current summary.
While buying by the carriers
States and Canada touched a new high for the
year of
has not assumed
major proportions, it has been in excess
102,905 units, according to an estimate of Ward's Auto¬
of
expectations, according to the review. It states
motive Reports, Inc.
further,
This was a rise of 2,200 units from
that "steel companies are confident
that by
the preceding week and
mid-January, at
20,880 greater than the correspond-
Volume
Financial
147
The report said that sentiment
ing week of 1937.
through¬
indicated that the lag in production and
the industry
out
weeks would definitely
proportions.
The Ford
sales of Ford cars and
Coke loading amounted to
less
of
Co.
Motor
normal
than
announced
seasonal
today
that
during the first 20 days of December exceeded by
of any other first 10-day period in
1938, and were 33% greater than during the correspond¬
ing period last year.
Sales of Mercury cars, Ford cars and
trucks and Lincoln-Zephyrs are still far in advance of cur¬
trucks
6,754
decrease of 1,173 cars below the
cars, a
preceding week, but an Increase of 324 cars above the
corresponding week
in 1937.
sales during he forthcoming winter
be
3673
Chronicle
Three
ported
other
with
compared
increases
Western—re¬
All districts reported de¬
compared with the corresponding week in 1930.
creases
than 5,000 those
more
production, which is in excess of 4,000 a day, the com¬
pany said.
Christmas shopping naturally dominated the
rent
picture this week, although year-end influences were
in such important business indicators as the
trade
1930
1938
1937
Four weeks in January
2,256,423
Four weeks in February
2,155,451
2,222,864
2,714,449
2,763,457
2,986,166
3,712,906
3,098,632
2,962,219
3,347,717
3,506,236
3,529,907
4,504,284
3,733,385
3,642,357
3,794,249
4,493,300
3,687,319
3,425,007
701,050
787,072
Four weeks in March
May
2,649,894
2,185,822
Four weeks in June
2,170,984
Five weeks in April
Four weeks in
Five weeks in July
2,861,762
discernible
Four weeks in August
2,392,040
in freight car
loadings, Dun & Bradstreet, Inc., observed today.
Yule
gift buying quickened on a broad front, disclosing large
gaps in stocks.
Buyers tried to fill out lines, only to find
Four weeks in September
2,552,621
Five weeks in October
3,541,982
3,100,590
3,169,421 *
4,000,394
Four weeks in November
2,529,604
2,615,380
649,086
620,325
619,340
619,266 '
production of electricity, coal, oil, steel, and
that
and
in
many
instances warehouse stocks were exhausted
were turning away rush orders.
Com¬
manufacturers
plaints were reported by Dun & Bradstreet to the effect
that business was being lost because of shortages and slow
deliveries.
Producers disclaimed responsibility, blaming
retailers'
buying policies that
the burden of inventory
them
all parts
in
and utility
had attempted to shift on
accumulation.
Betail stores
of the country reported an emphasis on thrift
gifts.
Sales volume expanded 10% to 30% dur¬
ing the week, according to Dun &
3-_
Week of Dec.
Wreek of Dec. 10
State were
for 25 miles around Syracuse
43,883,464
36,157,454
major railroads to report for the
CONNECTIONS
AND RECEIVED FROM
REVENUE FREIGHT LOADED
(Number of Cars)
Except in the Northeast and extreme Northwest,
the week opened with generally fair weather.
An outstand¬
years.
continuation of
ing feature of the week's weather was a
abnormal warmth that has characterized
the year
1938,
especially the fall and early winter periods.
For the
year to date, May had about normal warmth, while Novem¬
ber was abnormally cold in the Western States, but decid¬
and
the country
edly warm in the East, making the average for
as
a
whole about normal, according to the
Government
Bureau.
All other months from January to November had
widespread warmth, and several of them markedly high
temperatures.
This temperature trend is in line with con¬
ditions that have prevailed in general for about a quarter
of a century, the Bureau states.
Weather in the New York
City area has been exceptionally fine, with clear skies and
a real tang to the cold air.
Today it was cloudy and cold
here, |with temperatures ranging from 22 to 33 degrees.
The forecast was for partly cloudy tonight and Saturday.
Rain or snow late Saturday and probably Sunday.
Over¬
night at Boston it was 18 to 30 degrees; Baltimore, 24 to
34; Pittsburgh, 16 to 26; Portland, Me., 14 to 26; Chicago,
28 to 34; Cincinnati, 24 to 34; Cleveland, 22 to 26; Detroit,
20 to 26; Charleston, 42 to 54; Milwaukee, 28 to 34; Savan¬
nah, 42 to 58; Dallas, 40 to 58; Kansas City, 40 to 52;
Springfield, Mo., 36 to 48; Oklahoma City, 42 to 56; Salt
Lake City, 30 to 36; Seattle, 38 to 46; Montreal, 4 to 6,
8 to 26.
Received from Connections
Weeks Ended—
Loaded on Own Lines
Weeks Ended—
be¬
The storm was described by Government observers
the worst to strike Syracuse during December in 10
and Winnipeg,
4,767,297
week ended
Dec. 10, 1938, loaded a total of 289,367 cars of revenue
freight on their own lines, compared with 304,851 cars in
the preceding week and 291,030 cars in the seven days
ended Dec. 11, 1937.
A comparative table follows:
The first 18
Dec.
Dec.
Dec. 3
10
11 Dec. 10
1938
1937
1938
1938
out.
night.
as
3,759.533
Bradstreet, with night
Sections of northern New York
digging out of more than a foot of snow last
blowing itself
fore
'
28,787,873
Total
openings being general in many big stores.
A feature of
the week's weather was a snowfall of blizzard proportions
that covered the country
All
1937.
corresponding week in
the
however, reported decreases.
districts,
Central
and
Northwestern
districts—Allegheny,
Dec. 3
Dec.
11
1937
1938
20,454
20,832
22,001
5,244
5,186
5,034
25,512
27,649
25,836
14,472
13,826
13,335
20,175
16,083
20,556
21,828
7,522
8,406
6,880
17,583
16,245
7,511
7,488
7,688
18,832
20,302
18,576
7,719
7,393
7,336
13,642
14,328
13,795
9,759
10,025
9,899
3,737
3,571
3,407
1,240
1,164
1,617
1,879
1,728
4,235
4,348
2,042
2,664
1,743
2,452
2,698
2,581
Missouri Pacific RR
1,828
4,005
13,324
14,218
8,065
8,710
34,450
36,409
15,569
34,615
8,318
New York Central Lines
36,285
37,233
36,865
4,772
18,944;
5,040
3,857
18,640
9,961
4,012
9,305
4,064
3,651
49,309
33,730
35,666
33,357
5,326
5,208
5,121
Atchison Topeka A Santa
Baltimore A Ohio RR
Fe
Chesapeake & Ohio Ry
Chicago Burlington A Qulncy RR
Chicago Mllw. St. Paul & Pac. Ry
Chicago & North Western Ry
Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas RR
N. Y. Chicago A St. Louis
Ry...
Norfolk & Western Ry..
20,974
54,504
5,374
52,048
Pennsylvania RR
8,681
4,399
4,667
3,736
4,207
4,569
5,028
5,337
27,168
27,444
26,947
7,950
7,842
7,720
5,013
5,140
5,267
8,174
8,346
8,136
289.367 304,851
ioi.030
4,981
Pere Marquette Ry
Pittsburgh A Lake Erie RR
Southern Pacific Lines
Wabash Ry
Total
TOTAL LOADINGS AND
178.018 177.894 174,553
CONNECTIONS
RECEIPTS FROM
(Number of Cars)'
Weeks Ended—
■
'
•
•
:
;
■
1938
Dec. 3,
Dec. 10, 1938
Dec. 11, 1937
Chicago Rock Island A Pacific Ry.
23,526
22,816
23,286
Illinois Central System
29,827
n.ose
30,675
33,471
12,266
13,117
65,289
65.757
69,874
St. Louis-San Francisco Ry
Total
American Railroads in reviewing
The Association of
week ended Dec; 3 reported as
for the week ended Dec.
Loading of revenue freight
This
cars.
was an
increase of 28,761 cars or
of 51,964 cars
week in 1937 but a decrease
the
follows:
3, totaled 649,086
4.6% above the corresponding
or 7.4% below the same week
in 1930.
Loading of revenue freight for
the week of Dec. 3 was an
increase of
above the preceding week which contained a holiday.
freight loading totaled 254,272 cars, an increase of 30,092
87,002 cars or 15.5%
Revenue Freight
Car Loadings in Week
Total
Ended Dec. 10
week ended Dec. 10
totaled 619,340 cars, the Association of American Railroads
announced on Dec. 15.
This was an increase of 74 cars,
above
0.01%
1937 but a
21.3%, below the same week
the corresponding week in
decrease of 167,732 cars, or
in 1930.
Loading of revenue freight for the week of Dec. 10 was
decrease of 29,746 cars, or 4.6%, below the preceding
week.
The Association further reported: •
Miscellaneous freight loading
of 8,511
above the
totaled 245,761 cars, a decrease
below the preceding week, but an
increase of 25,437 cars
corresponding week in 1937.
'
,
less-than-carload-lot freight totaled 151,325
below the preceding week, but an increase
of 1,087 cars above the corresponding week in 1937.
Coal loading amounted to 128,210 cars, a decrease of 15,434 cars below
Loading
cars,
the
a
of
merchandise
decrease of 1,412 cars
preceding week, and a decrease of
29,363 cars below the corresponding
week in 1937.
Grain and grain products
cars
loading totaled 34,421 cars, a
below the preceding week,
and a 'decrease of 167 cars
decrease of 1,354
below the corre¬
alone grain and grain
products loading for the week of Dec. 10 totaled'21,424 cars, a decrease
of 590 cars below the preceding week, and a decrease of 449 cars below the
sponding week in 1937.
In the Western districts
corresponding week in 1937.
of 2,136 cars
below the preceding week, and a decrease of 186 cars below the corre¬
sponding week in 1937.
In the Western districts alone loading of livestock
for the week of Dec. 10 totaled 11,354 cars, a decrease of 1,639 cars below
the preceding week, but an increase of 178 cars above the corresponding
Livestock
loading amounted
to
14,545 cars, a decrease
week in 1937.
Forest
below the
week, and an increase
Loading of merchandise
week in 1937.
Grain
and
grain products loading
a decrease of 700 cars
preceding week, but an increase of 1,326 cars above the corre¬
products
loading totaled 28,043
sponding week in 1937.
Ore loading
cars,
-
amounted to 10,281 cars, an increase
preceding week, and an increase
week in 1937.
of 974 cars above the
of 1,616 cars above
the corresponding
the
and grain
products loading for the week of
above the preceding
increase of 3,706 cars
cars
below the corresponding
of
below
totaled 35,775 cars, an increase
the preceding week, but a decrease of 1,638 cars
corresponding week in 1937.
In the Western Districts alone,
6,616 cars above
a
cars
of 12,765 cars above the
>••••,
less than carload lot freight totaled 152,737
cars, an increase of 22,847 cars above the preceding week, but a decrease of
2,225 care below the corresponding week in 1937.
Coal loading amounted to 143,644 cars, an increase of 23,241 cars above
the preceding week, and an increase of 16.928 cars above the corresponding
above the preceding
corresponding week in 1937.
Loading of revenue freight for the
or
Miscellaneous
care
619,340 Cars
grain
Dec. 3 totaled 22,014 cars, an
week, but a decrease of 1,043
week in 1937.
of 2,912 cars
1,527 cars above the cor¬
responding week in 1937.
In the Western Districts alone, loading of live
stock for the week of Dec. 3, totaled 12,993 cars, an increase of 2,563 cars
above the preceding week, and an increase of 1,564 cars above the cor¬
Live stock loading
above
the preceding
responding week in
Forest
amounted to 16,681 cars, an increase
week, and an increase of
1937.
products loading
above the preceding
of 3,155 cars
above the correspond¬
totaled 28,743 cars, an increase
week, and an increase of 882 cars
ing week in 1937.
Ore
loading amounted to
9,307 cars, a decrease of
preceding week, and a decrease
3,030 cars below the
of 1,253 cars below the
corresponding week
in 1937.
Coke loading
amounted to 7,927 cars, an increase
preceding week, and an increase
of 1,169 cars above the
of 1,775 cars above the
corresponding week
in 1937.
Six districts—Eastern,
and Central
week
in
decrease.
increases
Allegheny, Pocahontas,
Western—reported increases
1937.
The
The Southwestern
compared
corresponding
to report a
Northwestern districts also reported
with the corresponding week in 1930, although for
Pocahontas
the other districts
Southern, Northwestern
compared with the
district was the only one
and
there were decreases.
In the following we
the loadings
the week ended Dec. 3,
showed increases when
undertake to show also
for separate roads and systems for
1938.
During this period 65 roads
compared with the same
week last year.
3674
Financial
REVENUE
FREIGHT
LOADED
AND
RECEIVED
Total Rerenue
Railroads
Chronicle
Total Rerenue
from Connections
1937
1936
1938
Railroads
.
1938
585
550
1,379
7,451
1,663
Bangor & Aroostook-Boston A
Southern
546
1,813
7,411
1,704
1,769
9,205
1,949
-
Maine
Chicago Indianapolis A Louisv.
Central Indiana
1,134
1,068
Detroit A Mackinac...Detroit Toledo A Ironton
1,830
26
57
43
1,443
5,919
1,756
7,145
6,275
1,942
7,057
5,672
109
424
236
364
108
2,092
3,088
295
286
318
1,115
3,476
11,833
Detroit A Toledo Shore Line...
12,645
Grand Trunk Western
:
5,049
Lehigh A Hudson River
Lehigh A New England
2,292
225
13,465
5,725
196
6,917
150
Monongahela
Montour
-
System
204
143
2,016
1,618
1,501
10,251
3,274
4,983
2,539
43,159
11,672
1,827
5,259
7,234
1,200
8,560
2,601
3,447
1,343
35,489
9,012
1,188
4,234
3,700
5,486
36,409
N. Y. N. H. A Hartford
New York Ontario A Western.
N. Y. Chicago A St. Louis
9,631
1,639
5,040
Pittsburgh A Lake Erie
4,762
5,574
Pere Marquette..
7,641
26
23
37.233
35,022
11.014
10,294
4,601
495
20
14
372
373
201
197
984
1,357
1,465
580
1,105
535
627
956
815
5,140
3,407
5,456
3,366
6,115
4,095
8,346
132,031
167,679
147,608
18
11,160
57
193
305
31
215
36
674
1,238
2,496
1,243
67,364
35,666
Nevada
15,560
15,079
15,246
38
83
0
3,071
3,406
5,590
109,383
1,408
150,409
89,076
83,040
18,901
25,988
24,169
8,406
4,064
1,022
40,402
54,780
13,492
11,888
255
135
161
953
1,2.50
586
1,212
710
810
826
9,080
3,603
9,310
4,137
4,179
Central of Georgia
9,215
4,402
3,609
Average
that
of
444
Contracts
The
but
to
312
39
43
80
75
847
971
1,428
1,300
402
447
448
1,587
21,283
20,896
1,679
22,771
1,686
24,651
26,019
931
9,918
1,100
10,318
19,460
157
4,724
145
4,299
176
526
In
137
189
2«2
3*3
*
Previous
Contracts
be
better
Cleveland
to
compliance
Bulletin"
in
10%
in
in
than
Business
Latter
in
the
Half—
1938,
Colonel
Cleveland
Chamber
make
with
hazards
Trust
the state
on
of
forecasts
this
the
a
new
advance
may
or
1939
Commerce.
the
as
established
old
year
custom
the
following personal estimates
high record for the recovery
1937.
more
about
than
should
be
construction
will
15%,
as
level
large
may
as
with
the
their
1937.
increase
20%.
between
probably
30%
be
and
larger
50%
than
larger
those
of
They will probably be the largest since 1930,
those of that year.
iron
levels ^of
and
1937
will
than
probably increase
to
those
steel
of
so
that
they
1938.
is likely to be greater than
that of 1935,"
the outputs of 1936 and 1937.
The advance from this
well
be
1.113
1,092
1,171
2,190
1,184
1,367
798
495
1,648
1*817
124
115
693
875
312
362
394
between
30% and
50%.
314
543
516
756
7
16
1,668
1,805
1.762
1,685
110,327
109,353
115,066
48,401
47,133
105
169
205
...
Fort Smith A Western
Gulf Coast Lines
178
424
195
225
133
208
215
3,517
1,879
3,519
Kansas Oklahoma A Gulf
Kansas City Southern...
Louisiana A Arkansas
Louisiana Arkansas A Texas..
3,263
2,106
191
284
1,399
2,382
154
1,896
1,753
2,075
1,605
2,190
1,608
1,164
1,743
1,083
1,723
1,028
174
178
212
462
402
289
350
350
863
780
753
754
649
313
243
1,884
•
Valley
...
1,237
1,796
1,295
165
149
137
249
268
4,235
14,264
Mtssourl-Kansas-Texas Lines.
4,814
4,787
2,452
15,576
17,237
8,065
2,511
8,308
164
233
120
94
151
7,153
8,016
8,752
3,913
3,907
2,378
7,433
3,109
8,033
2,528
7.772
2,150
2,690
5,410
2,076
3,095
6,140
5,299
3,250
207
228
3,907
225
48
7
17
19
25
48
29
52,15®
57,3<-0
57,75*
31,724
31,496
St. I.ouls Southwestern
Texas A New Orleans
Texas A Pacific
Wichita Falls A Southern
Wetherlord M. W. A N W._.
Totai
figures
1939:
likely to make
loadings
1.382
1,745
289
revl">d
18
941
Missouri Pacific
little above the level of
the
20
Quanah Acme A Pacific
St. Louis-Ban Francisco
department store sales
output of
not
year's
nearer
2.463
834
Southwestern District—
405
previous recovery year.
be
7i5
1,650
Total.
815
commentators
not
will
1,059
2,423
934
7,713
755
Dec. 13 in his annual address
but
The va'ue of
2,152
991
8,625
347
1938.
as
7,724
2,541
1,612
4,105
16,073
301
will
probably advance slowly in 1939, with
for the year above that of
1938, but lower than that of
large
7,811
3,362
16,132
174
3«2
will
any
as
12,589
2,851
1,220
3,320
1,811
400
Vice-President of
seems
new
12,344
0
1,063
37
developments
for
916
918
172
342
figures
close.
output
653
1,931
4,658
878
prices
Automobile
7,169
Litchfield A Madison
Spending
probably not less than
than
7,488
Missouri A Arkansas
Slump if Gov¬
freight
1,780
2,342
927
Midland
The monthly
average of industrial production was 110
in 1937, and it
will probably be 85 or 86
in 1938.
It now seems
likely that its average
in 1939 will be about
104, and that it will not be
higher or lower than
that by more than
4%.
average level
69
16,052
1,674
4.785
160
a
66
351
1,670
The Cleveland statistician
forecast good business conditions
during the first six months of next
year, but warned that
this condition
may be followed by a
slump during the second
half of the year.
He does not
expect inflation to occur in
1939.
In his forecasts on
business he said:
Wholesale
308
21,474
1,070
198
period, and to be
5,186
2,010
5,243
3,195
319
2,411
723
National income
22,338
514
20,528
1,056
480
the "Business
22,670
2,845
233
1,876
Recovery Financed by Borrowed Money Is Greatest
Danger in United States Today
probable
38,307
17,922
2,625
Leonard P. Ayres
Expects Continued
Upturn in 1939—Warns of Possible
about
41,951
488
927
expect
85,556
21,341
427
...
its
74,926
Union Pacific System..
Utah.
1,272
.
men
208
1,298
0
402
Mississippi Gsntrfl.1
toward
286
1,286
77
1,109
Durham A Southern
Florida East Coast
Business
3,266
125
1,022
375
Columbus A Greenville
draws
10,435
....
1,165
Charleston A Western Carolina
Cllnchfleld
writer of
9,669
68
International-Great Northern.
201
tlie
1;618
2,013
3,049
1,858
Northern
Burlington-Rock Island
682
on
56
1,750
2,115
22
899
584
before
285
1,853
5,356
39
7,227
3,762
4,623
16,979
4,522
694
industry
292
1,781
5,059
Southern Pacific (Pacific)
Toledo Peoria A Western
209
Co., predicted
401
North Western Pacific
Peoria A Pekin Union
Missouri-Illinois
Atl. A W. P.—W. RR. of
Ala-
of
2,264
538
196
Fort Worth A Denver City...
Illinois Terminal
720
1,010
51,477
J1,654
6,482
20,556
20,974
4,700
1939
2,569
652
1,307
Western Pacific
Ayres,
105
10,962
508
17,583
1,961
11,264
2,541
1,075
4,090
Denver A Rio Grande WesternDenver A Salt Lake
Atlanta Birmingham A Coast..
Atlantic Coast Line
in
157
10,388
20,832
2,804
Chlcaro A Eastern Illinois.....
Colorado A Southern
69
46,230
P.
302
4,353
1,801
Chicago Rock Island A Paclflc.
1,369
7,181
532
Southern District—
Business
303
5,897
367
11,576
Chicago Burlington A Quincy—
Chicago A Illinois Midland
Alabama Tennessee A Northern
Leonard
595
7,262
369
3*5
1,220
5,605
119,793
ernment
536
4,712
80,663
5,711
136
125
396
Bingham A Garfield
1,543
2,692
Central Western District—
3,269
year's
137
112
6
Maryland.—
Note—Previous
2,977
943
382
Total.
39
Co
Union (Pittsburgh)
West Virginia Northern
...
3,127
619
10,572
1,038
54,504
13,036
8,789
Louisville A Nashville
Macon Dublin A
Savannah....
7,275
6,270
Pacific
704
Gulf Mobile A Northern
Illinois Central System
9,559
3,0*6
7,393
Spokane Portland A Seattle...
383
Long Island
Penn-Reading Seashore LinesPennsylvania System
Col.
Northern
289
7.50
133
Gainsville Midland
10,025
2,727
Spokane International
13,826
Valley.-
Georgia...-.
Georgia A Florida
16,745
21,160
4,231
204
552
252
Total.
14,106
2,483
18,649
4,252
1,726
34,088
2,843
Pennsylvania..
Virginian
57,953
611
5,059
1,3*8
Norfolk A Western.....
60,972
Minn. St. Paul A 8. 8. M
390
,
Pocahontas District—
Cbesaneake A Ohio
109,744
12,516
592
337
Total.
618
96,870
Duluth South Shore A Atlantic.
Elgin Joliet A Eastern
541
Reading
697
Duluth Missabe A I. R
25,237
1,329
Cornwall
Llgonier
683
182
605
Great Western
372
Bessemer A Lake Erie
A
443
161
14,328
2,575
20,302
4,163
A North Western.....
Milw. St. P. A Pacific.
St. P. Minn. A Omaha.
27,649
2,031
Buffalo Creek A Oauley
Cambria A Indiana
Cumberland
415
175
Atch. Top. A Santa Fe System.
Alton
Allegheny District—
Western
356
3,722
3,710
Northwestern District-
Chicago
Chicago
Chicago
Chicago
138,967
Akron Canton A Youngstown.
Baltimore A Ohio
Central RR. of New Jersey
20,030
...
Total..
2,430
142,153
799
366
8,718
21,604
7,703
2,942
Wheeling A Lake Erie
456
1,736
1,920
1,068
336
Lake Superior A lshpemlng
Minneapolis A St. Louis
379
Wabash
1,987
2.391
1,023
1,001
3,858
4,020
13,684
8,641
18,633
Green Bay A Western
314
Rutland
2,034
2,993
1,040
327
Southbound...
1,442
283
Total.
2,011
97,762
Winston-Salem
8,386
Pittsburgh Shawjjnut A North..
Pittsburgh & West Virginia
1937
8,413
—
Ft. Dodee Dee Moines A South.
Gieat Vorthern
Pittsburgh A Shawmut..
731
369
Richmond Fred. A Potomac.—
Seaboard Air Line
Southern System
Tennessee Central
4,146
1,615
9,305
4,474
5,121
6,878
1938
1,214
3,382
11,806
6,788
1,670
1,002
7,3*5
2,353
1,799
9,425
2,585
3,923
1,611
Lehivh Valley
Maine Central
New York Central
11,527
4,266
1936
2,381
1,181
Piedmont A Northern
24
11,476
1,825
2,720
1,079
Nashville Chattanooga A St. L.
Norfolk Southern
1,384
4,134
8,595
from Connections
1937
407
247
9,025
2,426
Erie
Mobile A Ohio
193
16
Delaware Lackawanna A West.
1938
District—(Cond.)
9,692
1,815
1,254
5,515
10,487
Central Vermont
Delaware A Hudson
n,
Total Loads Received
Freight Loaded
1937
Eastern District—
Ann Arbor
Dec.
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED
DECEMBER 3
Total Tsoadx Receited
Freight Loaded
1938
FROM
Among series likely to make new all-time
high records are petroleum
refining, output of electric power, tobacco
products, and the average
hourly earnings of factory workers.
»
Merchandise
value
than
It
in
New
York
that it
exports
1938,
Stock
will
will
with
probable
seems
probably
the
average
smaller
price
of
1939
will
and
mark
1935
and
below
imports' higher
in
than exports.
all
Exchange will be higher than it
be above the level of
The year
be
imports probably greater
that
stocks
has
been
that of
listed
the
year,
this
on
and
1936.
the 10-year
anniversary of our last prosperity.
Recovery is no longer merely
something to he desired; it has become
something that is required if we are to continue in the
path of
that
made
this Nation
progress
great.
The advance in business
activity, Colonel Ayres said, will
as the outflow of public spend¬
ing remains undiminished."
But such
probably continue "as long
spending, he
may be reduced in the latter
part of next year.
est
danger faced by the
inherent in the fact that
States, he declared, "is
recently purchased a business
money,
in the process of
are
ing still
sound
United
we
by the expenditure of borrowed
recovery
we
more
are
and
now
buying another recovery by spend¬
borrowed money."
In analyzing barriers to
business recovery,
There
said,
The great¬
simple
very
Colonel Ayres said:
why business seeks security in these
being venturesome and freely taking risks as it used to.
these is that the chance of
making a success in a business
undertaking has been about cut in two in recent years.
There are more
times rather
The
first
than
to
than
of
half
have
reasons
a
million
active
corporations in this country, and all of them
to the Federal authorities so we have reliable
information about their operations over a
long term of years.
The reports
show that from
just before the war until just prior to the great
depression
about 60% of them earned
profits while the others suffered losses.
Since 1930 the
proportion of successful corporations had dropped to
about 30%, so that for
nearly a decade now the great majority of corpo¬
report
rations
have
chance
of
dollars
We
success
or
have
on
losing
in
the
money
business
made
average
summarize
business
is
instead of
bfcen
cut
profits have been
by
about
by percentage gains
may
in
been
success
firms that
decreased
annually
these
on
two
only about
I
in
making it.
two,
but
Not
the
greatly reduced.
20%,
whether
we
only
has the
earnings
of
the
They have been
measure
profits
in
chance
of
turnover.
changes
50%
as
by noting
great
as
that
the
it used
to
be,
while
Financial
Volume 147
the
rewards
formerly.
they
as
of
If
combine
the
undertakings
are
80%
figures
40%
about
great
as
as
they
as
those
used to.
Tliat again still
further reduces the
in
The
enterprise.
bold
this
All
has
transition
now
far
the
this
from
bearing
The most
the problem of recovery.
on
that we face is that of making next year the
pump-priming recovery over into a long-term recovery
-
that
of
pushed along by Government.
dangerous.
The only way in
past has been through long-term
instead of
one
transition
by business
is
recoveries
made
the
in
.
capital has
of the great depres¬
sion.
Capital which does not replace itself consumes itself, and we have
been consuming our capital in these recent years.
We shall continue to
do so until we can restore a normal flow of new capital issues in the
form
of
bonds
notes,
sold
stocks
and
provide
to
expanding
funds for
enterprise.
order
In
is
not
must
we
get away from the idea' that Government
and
for business conditions in general.
We
pump-priming, for as long as that con¬
for
recovery
our
abandon
tinues
that
do
to
responsible
must
dependence on
only
community^is
on
relief,
but
our
entire business
relief.
substantially constitutes tlie regu¬
the "Business Bulletin" of the Cleveland
Moody's Commodity Index Slightly Higher
141.2
-144.7
9
---.-139.8 Two weeks ago, Dec. 2 —
10---,----—.— 14 K0 Month ago, Nov. 16
12----'
139.6 Year ago, Dec. 16
13
139.3 1937 High—Apr. 5
Low —Nov. 24
14
140.4
15
--140.1 1938 High—Jan. 10
Dec.
Dec.
Dec.
Dec.
Wed.
Dec.
Thurs., Dec.
Fri.,
Sat.,
Mon„
Tues.,
: -148.4
---228.1
—
of
.152.9
—130.1
Weekly Index of
"Annalist"
Point in
0.9
.144.6
Low—June 1--.
----139.9
Dec. 16
Decrease
Commodity Prices Noted During Week
Wholesale
Ended Dec. 10
relatively
a
drop
sharp
the "Annalist" index losing almost a full
with
week,
experienced
prices
Commodity
point to close at 79.3 on Dec. 10 as
the
compared with 80.2 in
Prices are now only fractionally above
established in the middle of October, said the
previous week.
the
lows
last week with settlement of the Chicago strike
which threatened to curtail the meat supply.
After three weeks of rising
Livestock
eased
prices
break
reflecting abundant supplies.
Some metals were quoted
The major commodities, such as wheat, corn and cotton,
A feature of the week was a sharp
prices, butter turned downward.
in
banana
at
lower
prices,
prices.
closed
better and
"ANNALIST"
week with plus signs.
the
WEEKLY
94.5
89.0
89.0
89.0
88.9
65.1
88.2
84.5
84.5
84.5
84.4
70.7
91.4
89.0
88.7
88.7
88.7
Women's apparel
71.8
94.4
89.4
89.4
89.4
89.2
Infants' wear
76.4
97.2
96.6
96.5
96.4
96.4
Home
70.2
97.4
91.3
91.1
90.9
90.4
furnishings
69.2
7.3
85.3
85.3
68.6
113.0
104.1
104,1
Sheets
65.0
105.0
Blankets & comfortable*
72.9
110.0
Cotton wash goods.Domestics:
Dec. 3, 1938
Dec.
71.5
73.8
79.5
59.5
61.5
74.1
89.5
97.4
97.5
104.1
69.4
*69.4
72.7
86.8
86.8
89.1
70.6
70.5
75.1
80.9
86.0
84.2
Metals
...
Build Ing materials
Chemicals
-
Miscellaneous
*
-
k
All commodities.
.
79.3
.
Revised.
November for First
According to Fairchild
Retail Prices Eased Slightly During
Change
Since
After remaining
1,
Aug.
Index
Publications
unchanged for three consecutive months,
eased fractionally, according to the Fairchild
Publications retail price index.
Quotations on Dec. 1, at
88.9 (Jan. 3, 1931 equals 100) compare with 89.0 for the
previous month and 94.5 for the corresponding month a year
ago.
Current prices are 5.9% below those of the correspond¬
8.6% below last year's high. How¬
the 1936 low, as well
as
28.1% above the 1933 low.
An announcement issued
Dec. 12 by Fairchild Publications, New York, also had the
ing period last year and
prices still continue 1.1% above
following to say:
nominal
»
decline
furnishings and women's
in
the
index
apparel.
was
due largely to easing in home
The other subdivisions showed
practically
compared with a year ago, both home-^fUrnMrings and
apparel showed the greatest declines, with piece goods following.
wear
showed the smallest decline.
Home furnishings have also
As
change.
women's
Infants'
greatest losses from last year's high.
Infants' wear, on the
the greatest advance from the 1936 low.
commodities included in the index remained unchanged,
rest of the items declining.
No item included in the index
reported the
hand, showed
Seventeen of the
the
gain.
a
losses.
Electrical appliance, sheet and
As
compared
with
a year
coverings showed the greatest declines.
The fractional easing in retail prices is
trend
in
93.5
93.5
93.8
92.1
105.0
105.0
104.0
103.9
,
59.2
76.4
74.0
74.0
74.0
74.0
75.5
108.0
104.4
104.4
104.1
104.1
83.6
93.2
92.5
92.6
92.5
92.5
Furs
66.8
114.1
93.0
93.0
93.5
92.5
Underwear
69.2
86.9
85.4
85.6
8 >.4
85.1
-
76.5
87.8
87.2
86.7
80.7
86.7
-
64.9
89.5
87.8
87.8
8? .8
87.7
Underwear
69.6
93.2
91.1
91.1
91.1
91.1
Shirts and neckwear
74.3
87.6
86.0
85.7
86.0
86.0
69.7
84.6
82.1
82.1
82.3
82.3
Clothing, lncl. overalls..
70.1
96.4
90.7
90.2
90.0
90.0
Shoes.
76.3
97.0
96.2
95.0
95.0
95.0
74.0
100.7
100.4
100.4
100.4
100.4
94.2
_
Shoes
Men's
the index is compiled.
slight gains,
ago,
fur prices recorded the
furs, sheets and floor
not a forerunner of a declining
W. Zelomek, economist, under whose
The possibility of firmness and some
though nominal in coming months, persists.
quotations, according to A.
supervision
-
apparel:
Hosiery.:,
Infants'
wear:
Socks
Underwear
74.3
95.0
94.0
94.2
94.2
Shoes
80.9
96.0
95.4
94.9
94.5
69.4
102.0
95.0
95.0
95.0
94.5
Floor coverings
79.9
124.3
111.0
110.0
110.0
110.0
Musical instruments
£0.6
61.5
57.3
57.4
57.4
57.4
94.5
Luggave..
60.1
80.6
75.5
75.3
74.8
74.0
72.5
83.1
82.9
82.9
82.4
81.0
81.5
95.6
94.2
94.0
9V0
94.0
United States Department of
Labor Index of Wholesale
Declined
Prices
Commodity
0.4%
During
Week
Ended Dec. 10
for
leather products
and
hides
and
wholesale prices
in
decreases
Sharp
foods,
decline of 0.4%
a
in the United
of farm
products,
largely
accounted
States Department
of
Labor Statistics' index of wholesale
commodity prices for the week ended Dec. 10, Commissioner
Lubin announced on Dec. 15.
"The decrease brought the
all-commodity index of 813 price series to 77.1% of the
1926 average," Mr. Lubin said.
"This represents the lowest
point since late in December, 1934.
The combined index
is 0.4% below the level of a month ago and is 5.9% below
a year ago.
The Commissioner added:
Wholesale prices of non-agricultural commodities fell
0.1%, according
to the iiiuex, 79.2, for "all commodities other than farm products."
It
Labor,
and 5.5%
0.4%
of
decreases
shows
of
Bureau
from
a
month ago and
The
unchanged
from
80.7, and
at
other
than
is down
farm
year
products and
0.2% from
ago.
year
a
commodities
"all
for
index
3.6%
a
ago
: ;
respectively.
a
foods"
month ago and
.»
groups
each
prices are 0.1% below
corresponding week of November and are down 5.4% from the week
ended
Dec.
11, 1937.
Semi-manufactured commodities prices are 1.4c
lower than they were a month ago and are 3.8% lower than they were at
The
during
1.1%
semi-manufactured
and
materials
raw
declined
the
commodities
Raw materials
week.
the
last year.
decline,
minor
A
0.1%,
was
finished products group
point 0.2% lower than it was
registered by the
p.pced the group index, 80.6, at a
it
and 6.2% lower than it was a year ago.
month ago
of
Department
Labor,
its announcement, quot¬
in
ing Commissioner Lubin as above, also stated:
The
largest group
decline, 1.9%, was recorded for farm products.
Livestock and poultry prices dropped 4.0%.
Quotations were lower for
cows,
steers,
hogs, lambs,
live poultry, barley, cotton, eggs, apples,
white
potatoes,
sweet
oranges,
(Boston
potatoes
and
and
Chicago),
4.4% because of higher prices
for corn,
oats, rye, and wheat.
Higher prices were also reported for
calves,
lemons, fresh milk
(Chicago), seeds, and white potatoes (New
York).
Notwithstanding the decline, the current farm products index
is 0.3% higher that it was a month ago.
It is 7.6% lower that it was
at
time
this
a
decline
slight
a
year
ago.
decreases
Pronounced
with
grains advanced
sub-group of
The
wool.
in
prices
for
hides, skins, and leather, together
in average prices
for shoes, caused the hides
and
products group index to fall 1.1%.
market prices of fqods declined 0.8% during the week due
to
decreases of
2.4% for fruits and vegetables and 1.7% for meats.
Prices
were
lower tor butter,
fruits, vegetables, lamb, mutton, cured
and
fresh pork, veal, and
raw sugar.
Cereal products advanced 1.4%
and
dairy products remained unchanged.
Quotations were higher for
cheese, flour, hominy grits, and corn meal.
The current food index,
73.7, is down 0.3% from a month ago and 8.7% from a year ago.
Weakening prices for cotton goods, principally muslin, sheeting, print
leather
retail prices
greatest
85.0
104.5
8
Corsets and brassieres.
Hosiery
84.5
...
Fuels
showed
.0
104.5
Women's apparel:
7, 1937
79.4
59 3
Farm products
Food products..
with
.
63.6
64.0
64.0
57.4
Woolens
this time
79.0
Textile products
other
64.0
65.3
Silks...
The
no
1,
1938
69.4
and
Dec. 10, 1938
The
Dec.
Men's apparel
a
ever,
l.
1938
Composite Index
PRICES
OF WHOLESALE COMMODITY
INDEX
•(1926=100)
*
Nov.
1.
1938
Piece goods.
remained
which we also quote:
"Annalist," from
did
Oct.
China
Co.
Moody's ComnDiity Inisx advanced slightly, from 139.8
a week ago to 139.9 this Friday.
Tne principal changss were
the declines in wheat and corn prices and the rise in hides.
The movement of the index was as follows:
last
Sent. 1.
1938
Elec. household appliance*
lar Dec. 15 issue of
Fri.,,
i
Furniture
unemployed
the
are
on
Colonel Ayres's address
Trust
1937
Aprons and house dresse*
.
replacing itself in the years since the bottom
been
I,'
Dec.
1933
Hats and caps
have
we
financing used to increase the production of durable goods.
.
Because of lack of faith in the future, American business
not
Copyright 1938, Fairchlld News Service
Piece goods:
problem
postponement
which
men
these simple factors go
seek security and avoid
of
business
intimate
an
forward
carried
effects
initiative.
economic
urgent
The
why
explaining
hazards of
combined
incentive to take unnecessary chances
1931=100)
FAIRCHILD PUBLICATIONS RETAIL PRICE INDEX—(JAN. 3,
May 1,
into the
who shared the risks of making them, the income tax
^steps in and takes away about twice as large a percentage as it
toward
were
hazard the estimate
attractive in this decade
may
we
profits have been made, and have passed on
business
of
about
are
two
the two preceding decades.
in
were
After the
possession
successful
the
we
business
that
3675
Chronicle
Wholesale
and cotton yarns,
cloth,
together with lower prices for
woolen goods and
resulted in a decline of 0.3% in the textile products group
index.
Raw silk, silk yarn, and raw jute prices were higher.
Clothing,
and hosiery and underwear remained unchanged.
The index for the metals and
metal products and building materials
worsted yarns,
declined 0.2%.
Lower prices for scrap steel, antimony, pig lead,
zinc caused the decrease in metals and metal products.
Prices
for
agricultural implements and plumbing and heating fixtures were
steady.
Lower prices for yellow pine lumber, red lead, and litharge
were
responsible for the decline in the building materials group index.
Prices
for
common
brick, Ponderosa pine lumber, linseed oil, rosin,
groups
and
pig
turpentine, gravel, and sand were higher.
Small decreases in prices for wooden furniture
index to decline 0.1%.
furnishings were steady.
Wholesale prices of cattle feed advanced
ing goods
rubber
crude
The
of
fuel
higher
coke
group
were
rose
and
prices
firm.
caused the housefurnishAverage wholesale prices for
1.5% during the week and
Paper and pulp declined fractionally.
"lighting materials group index rose 0.1% as a
0.9%.
for California
*'
gasoline.
result
Wholesale prices for coal and
-
3676
Minor
the
Financial
fluctuations
index
for
the
ties
prices of soda
chemicals and
Wholesale prices of
The
in
fertilizer
drugs
materials
following table shows numbers
for the past
Chronicle
phosphate and oils did not affect
as
whole.
a
and
mixed
for
It remained at
fertilizers
main
the
were
of
groups
76.3.
adjusted
steady.
shown
commodi¬
index
below
from
the
Nov.
to
three
months,
88%."
INDEX OF DEPARTMENT STORE
The
index
and for
is
Novem¬
SALES
1923-25 Average=100
(1926=100)
Dec.
84%
last
rose
for
ber, 1937:
15,
Dec
17, 1938
seasonal amount from October to November and the Board's
five weeks and for Dec. 11, 1937, Dec. 12, 1936, Dec. 14,
1934.
1935, and Dec.
Dec.
Nov.
Nov.
Dec.
Dec.
3,
10,
All commodities..
19.
26,
1938
1938
1938
77.1
77.4
77.3
67.8
Farm products..
12,
1938
11,
1938
77.3
77.4
67.8
12,
Dec.
81.9
83.4
October,
September,
November,
1938
1938
1938
1937
88
84
86
91
Without seasonal adjustment
98
92
91
101
Dec.
14,
1936
1937
November,
Adjusted for seasonal variation
Commodity Groups
15.
1935
1934
80.8
76.7
Total sales in November
68.3
67.6
73.4
87.3
79.2
74.3
74.0
73.9
73.9
80.7
84.8
85.8
75.4
94.4
95.0
95.1
95.1
98.3
99.8
95.4
85.7
65.4
65.6
65.7
65.7
65.7
69.9
75.2
72.8
69.4
periods of 1937, according to
74.4
.
69.1
73.7
93.4
Foods
Hides and leather products.
Textile products....
Fuel and lighting materials..
74.3
74.4
74.9
74.8
78.6
77.5
75.7
95.0
95.0
95.0
95.3
96.2
88.4
86.3
85.4
89.3
89.4
89.3
89.0
93.0
88.7
85.3
months
75.2
94.8
89.1
Metals and metal products..
Building materials
3% less and
the following compilation :
71.1
of
85.0
Chemicals and drugs..
76.3
76.3
76.3
76.4
76.2
78.9
84.2
80.5
87.6
87.7
87.7
87.1
87.1
92.1
84.3
82.2
REPORT BY
less
than
in
in the first 11
the
corresponding
Board, which presented
the
FEDERAL
82.4
67.4
were
9%
year
RESERVE
DISTRICTS
78.0
Housefurnlshlng goods......
the
712
Miscellaneous
72.8
72.4
72.4
72.5
72.5
74.8
74.1
Raw
71.2
72.0
71.6
71.4
71.3
75.3
84.4
*
75.9
76.1
76.3
76.2
78.1
81.6
*
*
80.6
80.7
80.6
80.7
80.8
85.9
83.6
*
P. C. Change from
Number
Year Ago
♦
75.1
materials
Semi-manufactured articles..
Finished
products
All
commodities
farm products
All
other
of
Stores
Cities
Months
November*
Reporting
Included
52
32
*
than
other
than
79.3
79.3
79.4
79.5
83.8
82.5
81.1
77.9
80.7
80.7
80.8
80.9
80.9
83.7
81.9
78.9
78.2
Boston
+3
—
New York
*
products and foods
__
—5
—5
—8
55
—9
—13
31
—3
—15
—2
—4
55
Atlanta
farm
+4
—3
29
18
Chicago
-—5
—14
83
24
+4
—6
34
17
17
...—
Philadelphia
Cleveland
Not computed.
—
_
Richmond
Wholesale
Commodity Prices Declined During Week
Ended Dec. 10 Reaching Lowest Point in Last Six
Weeks According to National Fertilizer Association
After registering a slight advance in the
previous week,
the wholesale
'
Federal Reserve Districts—
79.2
commodities
Number
of
Eleven
'
St. Louis
Minneapolis
11
28
—3
35
—6
21
—5
—3
20
8
+1
—8
91
27
—3
—9
542
238
San Francisco
Total
izer Association
14
-
—1
Kansas City
Dallas..
commodity price index of the National Fertil¬
dropped during the week ended Dec. 10 to
the lowest point recorded
during the last six weeks.
Based
on the 1926-28
average of 100%, last week the index stood
+ 1
27
36
•
•
15
^
*
November figures preliminary; in most cities the month had the same
number
of business days this yecr and last year.
at
72.8% against 73.3% in the preceding week. • A month
it registered 73.1% and a year ago 78.5%.
The lowest
point recorded by the index this year was 72.3% in the third
ago
week of October.
The Association's announcement, under
date of Dec. 12, goes on to
say:
Weakness in food prices was
primarily responsible for the decline in the
allcommodity index;
were
also
meat prices were generally lower
during the week as
butter and eggs.
A drop in the farm product group average
prices for cotton and livestock.
All grains moved
upward, with the grain price index rising to the
highest point reached since
the first of August.
Fractional declines were also registered
during the
week by the group indexes
representing the prices of fuels, textiles, and
resulted
from
metals.
lower
An advance in the
building material index
price of linseed oil
to a new
Twenty-five price series included
and
23
in the index declined
advanced; in the preceding week there
advances; in the
second
sufficient to raise the
preceding week there
declines
and
Dec.
and
21
WHOLESALE COMMODITY
1938,
like week
a
Major Geographic
Regions
INCREASE
FROM
PREVIOUS
Group
Preced'g
Month
Year
Week
Week
Ago
Week Ended
Week Ended
Week Ended
Dec. 10, 1938
Dec. 3, 1938
Nov. 26. 1938
Nov. 19. 1938
New England
Middle Atlantic
16.1
12.2
12.4
5.7
6.1
5:8
6.1
5.3
4.6
xO.l
1.3
0.0
xl.O
x0.2
Dec. 3
Nov. 12
1938
2.8
6.5
6.6
2.8
0.5
3.1
4.6
x2.2
4.9
7.2
6.2
4.9
6.2
5.7
2.1
1937
Total United States
x
71.6
73.1
72.7
79.2
Fats and oils
55.3
56.1
55.9
71.2
71.1
71.2
65.3
65.1
Cotton
69.6
46.8
48.1
48.3
45.1
Grains
53.0
50.8
49.4
70.8
Farm products
Livestock
71.9
73.1
73.4
75.8
75.8
77.7
78.6
RECENT
1938
8.2
7.1
Metals
90.6
90.7
91.0
98.4
Building materials
Oct.
81.0
83.9
81.8
83.4
Oct.
15
Oct.
22
29
59.4
59.6
59.5
62.2
Oct.
1
2.139,142
2,154,449
2,182,751
2,214,097
2,226,038
2,207,444
2,209,324
2,270,296
2,183,807
2.285,523
2,318,550
8......
93.2
.3
63.2
93.2
fertilizer materials
95.5
71.0
.3
71.0
70.6
73.1
Fertilizers
Oct.
77.6
77.6
.3
77.7
Farm
79.9
Nov.
97.1
97.1
97.2
96.5
•»<-
Nov. 12
5
-•
Nov. 19
72.8
73.3
'
73.1
78.5
Nov. 26
Dec.
...
3
...
Dec.
Chain
Sales
1937
1938
1936
1932
Increase
Dec.
Heavy seasonal gains were enjoyed by chain store trade
November, according to the "Chain Store Age" Index.
Sales volume touched the
highest point for the current year,
and from the
standpoint of seasonal
17
Dec.
Sharply
10..
24
...
Dec. 31......
-
--
2,275,724
2,280,065
—6.0
2,202,451
2,176,657
2,224,213
2,157,278
2,169,442
2,168,487
2,170,127
—5.5
2,276,123
2,281,636
2,254,947
—4.1
—3.0
—1.3
+ 1.5
+2.1
2,065,378
+ 5.7
2,152,643
2,196,105
2,202,200
2,085,186
1,998,135
+6.2
+ 5.6
performance,
Private and
trade
The
the
best level of any month this
year.
The composite index of chain store
sales as released by
that publication stood at 109.5 in
November relative to the
1929-1931 average for the month taken as
100.
This com¬
pares
with 108.0 in October.
During the corresponding
two months last
year the index dropped from 114 to 110.6.
The
index of variety chain
store sales was 115.4 in
against
113.2
in
October.
The
index
for
the
shoe group was
approximately 123.0 against 120 in October.
The sales index for November of the
apparel chain group
was 121.2 against 120 of the
previous month.
The preliminary index for the
grocery group was un¬
changed at 99 from the October revised index.
For the
drug group, the index
was
132.6 against 138.0 the previous
month.
the
11
months of 1938 is
37
Seasonal
Sales
Amount
from
According to Board
Reserve System
In
an
the
store
Increased
of
by
October
to
Governors
More-Than-
November,
of
Federal
1,520,730
1,531,584
1,475,268
sales
Reserve
System
states
that
"department
increased by considerably more than
the
usual
1,824,160
1,815,749
1,798,164
1,793,684
1,818,169
1,510,337
1,718,002
1,525,410
1,518,922
1,806,225
1,563,384
1,554,473
1,840,863
1,860,021
1,414,710
1,637,683
Ahead
construction
in
November
contracts
awarded
States, amounting to
$2,807,489,000, compared with $2,703,-
609,000 for the first 11 months of last
Both
private
struction
and
increases.
public
work
November
have
the
was
year.
been
responsible
third
successive
for
recent
month
con¬
which
in
private
building and engineering contracts have run ahead of the corre¬
sponding month of 1937.
Last month's total of private contracts amounted
'to
$122,731,000, compared with $105,512,000
of
last
While private work
year.
ran
in the
behind
last
corresponding month
through August,
September, 10% ahead of
preceding September; October, 24% ahead of October, 1937; November,
16% ahead of the preceding November.
As a consequence of these recent
the
records
since
then
have
been
year
follows:
as
the
private
construction,
which
was
24%
of
August, was only 17% behind at the
Public building and engineering work has
volume of contracts every month of
this
behind
end
run
of
July.
more
of last
During
than
year.
the
doubled
past
three
the volume
months
reported
first
contracts
11
of
except
public
year
at
the
eleventh month.
1937
in
dollar
February,
construction
June
contracts
in the corresponding months
-
During the first 11' months of 1938 the dollar
tion
last
the
ahead
year
and
have
announcement issued Dec. 8 the Board of
Governors
Federal
Eastern
of
1,819,276
1,806,403
1,798,633
$301,679,000, was
the highest November total since
1929, according to F. W.
Dodge Corp.
Last month's figure was 52% ahead of the
November, 1937, total. The accumulated total for the first
end
Store
Construction
total
in
increases,
Department
Public
November
1,777,854
1,506,219
2,166.656
2,175,810
2,169,480
2,169,715
2,196,175
2,133,511
2,242,916
2,278,303
2,274,508
2,080,954
+ 0.2
.
1,499,459
1,507,503
1,528,145
1,533,028
in
was at
1929
1937
Chemicals and drugs
November
.
'
from
6.1
Ail groups combined
KILOWATT-HOURS)
79.2
Fuels
machinery
OF
'Change
Week Ended
Miscellaneous commodities
Textiles
.
(THOUSANDS
Percent
10.8
.
WEEKS
83.8
77.8
FOR
74.7
75.5
DATA
17.3
100.0
<
68.5
64.7
5.6
.
Decrease.
63.9
Cottonseed oil
of
2.2
Pacific Coast
Dec. 11
1938
10
1938
Foods
November
*10.2
Ago
Dec.
Total Index
activity
YEAR
Week Ended
West Central
(1926-1928=100)
Latest
Bears to the
1.3
current
year ago.
PERCENTAGE
Southern States
23.0
The
Rocky Mountain
Per Cent
Each Group
25.3
2,318,550,000 kwh.
was
Central Industrial
PRICE INDEX
Compiled by the National FertUlzer Association.
10,
5.6% above the output of the corresponding
week of 1937, when production totaled
2,196,105,000 kwh.
The output for the week ended Dec.
3, 1938, was estimated
to
be 2,285,523,000 kwh.,
an
increase of 6.2% from the
23
declines
advances.
WEEKLY
ended
week's output is
during the week
20
23
were
were
Output for Week Ended Dec. 10, 1938, 5.6%
Above a Year Ago
The Edison Electric
Institute, in its current weekly re¬
port, estimated that production; of electricity by the electric
light and power industry of th& United States for the week
high point for the year, but it is still 12%
below the 1937 high pbint.
,
was
Electric
was
months
of
$1,425,317,000
last
year.
compared
total
with
This year's volume
of
public construc¬
$1,036,890,000
of
public
in
the
construction
Volume
Financial
147
expenditures
been
has
divided
buildings, and $896,553,000,
follows:
as
$528,764,000,
37%,> for
or
(2,200),
The
Debits
individual
to
in
7% Higher Than Last Year
accounts,
reported
as
banks in
by
oil,
cake,
and
(1,500), automobile tires
(1,300),
Bank Debits
3677
cottonseed
leather
63%, for engineering structures.
or
Chronicle
and slaughtering
seasonal recessions
which
decrease
Other
(103,000
non-durable
workers)
industries
leading cities for the week ended Dec. 7, aggregated $8,928,or 29% above the total reported for the preceding
week, which included only five business days, and 7% above
the total for the
building,
corresponding week of last year.
losses
January, 1919, amounted to
$8,219,000,000, compared with $6,368,000,000 the preceding
week and $7,656,000,000 the week ended Dec. 8 of last year.
These figures are as reported on Dec. 12, 1938, by the
Board of Governors of the Federal Reserve System:
SUMMARY
in
the
October
the month interval
over
occurred
in
of
and
rayon
The
preserving.
seasonal
a
were
in October.
occur
canning
declines
tinware,
establishments hired
October
handle
to
is
gain
from August
(2,200),
chemicals
character
goods, women's
Among the durable goods industries showing
other
and
cans
(5,200),
and
electric
railroad
steam
car
murble-slate-granite.
trade
ers
than
October,
to
approximately 44,000 additional work¬
increased
the
less
the
volume
fall
of
preceding nine-year
While
business.
the gain
average,
1938, is greater than the average August-October
gains in preceding years.
The retail general merchandise
group,
which is
composed of department, variety, general merchandise stores, and mail order
houses,
showed
substantial
FEDERAL RESERVE DISTRICTS
BY
and
confectionery
goods
(2,000 workers).
beverages, boots and shoes, silk and
tin
were
Retail
Aggregate debits for the 141 cities for which a separate
total has been maintained since
ice cream,
were
knit
normally
reporting
clothing, and men's clothing.
000,000,
(1,200),
pronounced losses in employment
more
industries in
largest
meal
(1,200),
and meat packing
gain
a
gain
2.6%.
of
numbers
in
showing
of
retail
trade
additional workers
of
hired
included apparel,
lines
Other
a
furniture,
No.
Federal Reserve District
Week Ended—
of
Centers
Dec.
Incl.
Nov. 30,
7, 1938
Dec. 8. 1937
1938
1—Boston
17
$536,230,000
$415,995,000
$448,634,000
2—New York
15
4,137,218,000
2,857,644,000
3,788,723,000
3—Philadelphia
18
438,715,000
374,299,000
4—Cleveland
25
497,596,000
452,265,000
250,215,000
5—Richmond
24
...
313,710,000
386,022,000
-
523,555,000
299,760,000
6—Atlanta
26
247,111,000
214,806,000
234,272,000
7—Chicago
41
1,142,388,000
1,097,757,000
8—St
jewelry and building materials.
The important group of retail
food stores showed a decrease of only 1/10 of 1%.
Wholesale trade estab¬
lishments reported a seasonal gain of approximately 8,000 workers who
were. taken on
over
the month interval.
Among the lines of wholesale
trade in which substantial gains were shown were farm products (3.0%),
automotive
16
288,868,000
1,027,763,000
245,296.000
151,589,000
140,074,000
155.829,000
expansion
28
10—Kansas City....
11—Dallas
267,018,000
224,832,000
263,067,000
metal
18
Total
168,924,000
$6,942,218,000
$8,928,224,000
195,482,000
694,038,000
$8,325,296,000
709,004,000
—
-
rise
of
5.0%
238,157,000
570,105,000
198,777,000
29
274
12—San Francisco
lumber
and
employment
3.3%,
of
their
activity
increased
reflecting
due
than
ment
shown
was
in
gain
non-agricultural
in
October, Secretary
of Labor
employ¬
Frances
Perkins
reported on Nov. 23.
"The additional employment
of 248,000 workers over the month interval continued the
succession of gains
July,"
she
workers
"Appoximately 900,000 non-agricultural
been returned to jobs over this four-month
have
interval.
which have been shown each month since
said.
These figures do not include employees on
projects
the Works Progress Administration and other Inderal
of
They also exclude temporary cannery
emergency agencies.
employees who
are
but
into
drawn
are
not
of the
part
normal labor supply,
during the packing season."
industry
Miss Perkins continued:
Gains
The
the
for
average
employment
industries
of
108,234 workers showing an
reported
in
the
various
manufacturing
Factory employment in
surveyed.
Excluding the decrease of approximately
mid-September and mid-October.
losses
in
shown
were
changes
A
industries.
1.4%,
of
or
trends.
to seasonal
largely
the Interstate Commerce Commission
preliminary report of
gain
the remaining industries were not sig¬
employment in
in
conformed
and
nificant
producing
Small decreases in numbers
brokerage, insurance, dyeing and cleaning, and
and crude petroleum
the laundry
in
4,800 and 3,900, respectively.
were
workers
electric light and power
a
additional employees.
2.3% from September to October.
12,000,
than
more
indicated
in the number of employees on
Class I railroads.
An
issued
announcement
following
to
of Labor,
taken, had the
Department
the
by
Secretary Perkins's remarks are
from which
regarding employment conditions in the
say
manufacturing industries of the United States:
Industries
Manufacturing
0.8% in October and payrolls increased
3.3%.
Employment has increased each month since June and payrolls
each month since July.
Normally a gain is shown from mid-September to
mid-October of 0.3% in employment and 1.6% in payrolls.
The October
•
employment increased
Factory
employment index
and nonOctober con¬
tinued the upswing which began in July, the slightly-larger-than-seasonal
gain of 0.8% indicating the hiring of 53,000 additional workers between
generally
were
manufacturing industriee
A further
reported in
construction showed a more pronounced
preceding six-year period, reports from
private building
in
the
of
ircrease
The
substantial
was
to
payrolls, and year-round hotels took on 3,500
Employment
Period
further
workers,
2,000
or
workers.
19,300
indicating the reemployment of
in
mines,
12,142 private building contractors employing
A
furniture
improved metal prices.
Telephone and telegraph companies added approximately 2,100 workers to
gain
Employment in October Increased by 248,000 Workers,
According to Secretary of Labor Perkins—Con¬
tinued Succession of Gains Since July Has Re¬
turned About 900,000 to Jobs Over Four-Month
(2.2%),
materials
building
Anthracite mines continued
to
reemploy workers, employment increasing 12.8%, or 8,500 workers,
over the month
interval.
Bituminous coal mines aleo added workers, the
17
Ixmis
9—Minneapolis
(3.0%),
(1.2%), and dry goods and apparel (1.0%).
the
level of October, 1937, and
October. Sixty-one of the 87
is 16.5% below the
(89.5)
payroll index (83.7) is 19.9% below last
Bureau's indexes showed increased
employment and 62 showed larger payrolls.
The larger and more important percentage gains over the month interval
manufacturing industries included in the
were
in the
shown
following industries:
«
103,000 casual workers in canneries, there was an increase of approximately
Weekly payrolls
156,000 workers in other lines of manufacturing activity.
increase
of
sharply
more
rose
of
than
the
employment,
approximately
$5,100,000
gain
the
in
3.3%
of
weekly
wage
indicating an
disbursements
payrolls
While gains in factory employment and
factory workers.
from
September
to
October,
the current
gains
in
lishments,
private
employment
and
construction
showed
contractors
slightly
greater
companies
leduction
and
in
The
index
level
than
a
payrolls.
Year-round
brokerage,
insurance
+36
+20
+33
Men's furnishings
+ 16
+ 19
Cottonseed, oil, cake,
Glass
+7
+ 13
and meal
+8
+9
Stamped ware
Electrical machinery.
+6
+ 13
Confectionery
+4
—1
+4
+ 7
Knit
+2
Brass, bronze, &c
+4
+8
Hardware
Radios
——
+ 10
+2
Steel mills
new'
new
1937.
high for the year, although it is 16.5% below the
(83.7) alBO
19.9% below the October, 1937,
The preliminary October payroll index
high for 1938 but was
gains
were
predominantly
in
+5
+2
+ 1
+ 1
+2
showing decreased
following:
industries
the
Among
employment, which were in
Percentage
Change
Percentage
Change
Sept.-Oct.
Sept.-Oct.
Non-durable Goods
rolls
ment
ment
rolls
—45
—44
Canning
—10
—13
Car building.
—8
—7
Ice cream
Marble
—3
—4
Beverages
—1
—1
Bopts and shoes.
—1
+2
Tin cans
—
Sawmills
.
Foundries..
Pay¬
Employ¬
Industries
Pay¬
Employ¬
Industries
—
—9
—12
—
—7
—9
.—^
_
—10
—2
Silk..
Women's clothing.
exception of the preceding month, stands above the level
since November,
1937, and 11% below the high recorded
showed a
with the
of any month
in September
of last year.
outstanding
employment
gain
in
October
was
in
increases
—5
—2
—7
Bureau's
indexes of factory employment and
supplied
returns
ing industries.
payrolls are computed
in 87 manufactur¬
by representative establishments
The base used in computing these
indexes is the three-year
The Bureau's indexes are not adjusted
for seasonal variations.
The preliminary data given for October, 1938, in
this report are based upon
figures received from 22,719 manufacturing
establishments employing 3,762,996 workers, whose weekly earnings during
the pay period ending nearest Oct. 15 were $88,039,249.
The following table lists the percentage changes in the Bureau of Labor
Statistics
general
indexes of factory employment and payrolls from
September to October in each of the 20 years, 1919 to 1938:
average',
1923-25, taken
as
100.
Payrolls
Employment
parts
7,000 workers.
The employment
reporting substantial gains, and
in which in virtually all instances the gains were larger than seasonal,
were
electrical machinery, apparatus, and supplies (7,200 workers), steel
mills (5,700), radio and phonographs (4,300), glass (3,800), stamped and
enameled ware (2,500), brass, bronzs, copper products (2,300), agricul¬
hardware,
The
from
the automobile,
industry, in which approximately 85,000 workers were
returned to jobs.
This gain reflected the increased production of new
models.
The hardware industry, due largely to demand
for automobile
and
—3
the
ployment gains from September to October, the group as a whole
decline of 2.2%.
The October non-durable group index (99.4),
The
+5
+2
packing..
Men's clothing
durable goods industries, the
October employment index (79.0) for this group standing 4.9% above the
September level.
Thirty-five of the 43 durable goods industries reported
employment gains over the month interval.
Employment in the durable
goods industries, however, has recovered only to the March, 1938, level,
and is 28% below the high point reached in May of last year.
While 26 of the 44 non-durable goods industries surveyed reported em¬
body
goods—,P
Chemicals
Meat
+13
■
large part seasonal, were the
level.
The
+8
Cotton goods...
hotels also took
gain in factory employment raised the preliminary October
to a
+ 123
+ 162
+ 32
Automobiles
quarrying firms reported declines
and
rolls
ment
1%.
of October,
registered
their
rolls
Beet sugar.
working forces, laundries reported a seasonal loss, and dyeing
current
(89.5)
to
Pay¬
Employ¬
Industries
Pay¬
ment
Crude petroleum producing companies reported a
employees.
cleaning,
less
workers
added
additional
Employ¬
Industries
than
telephone and telegraph companies and electric railroad and motor bus
and
of
wholesale and retail trade estab¬
and bituminous coal mines and
Metal mines continued to expand their working forces,
seasonal expansion.
on
m
anthracite
from
reports
building
reported
were
Non-durable Goods
are
holiday in the September pay period reported.
Gains
Sept.-Oct.
dept.-Oct.
are
sig¬
nificant as they are slightly more pronounced than the seasonally expected
gains of 0.3% in employment and 1.6% in payrolls.
Payrolls normally
show a greater gain than employment in October because September pay¬
roll totals are somewhat depressed by the observance of the Labor Day
reported
usually
Change
Percentage
Change
Percentage
Durable Goods
reported
a
gain
of
nearly
in other durable goods industries
(1,600), and shipbuilding (1,600 workers). Non-durable
goods industries in which substantial seasonal gains were shown included
beet
sugar
(12,500 workers), men's furnishings (2,300), cotton goods
tural implements
In-
Year
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
crease crease
..
Year
crease crease
ln-
Year
1.2
1919-
2.5
1920..
3.8
3.6
1.9
1931-
1931-
1.6
1932..
1922-
1.7
2.0
1923-
1934..
2.9
1924..
0.7
1.5
1925-
5.9
1936—
1.3
1926-
2.8
1927-
0.6
1928
3.1
..
0.5
1.7
1937—
..
0.2
1938-
08
-
2 A
3.1
4.1
m
1934..
5.3
-
-
1935-
3.5
-
w
1936—
6.4
«•
1937—
0.1
1938-
3.3
0.3
1933—
2.4
1935-
1933-
1932-
—
2.0
0.8
1.2
0.P
1930—
1921..
De¬
crease crease
1929-
2.2
0.8
..
..
crease crease
De¬
1930-
..
..
Year
In- •
De-
1929-.
..
..
In-
De-
tm
.
--
.
3678
Financial
INDEX NUMBERS
OF EMPLOYMENT AND
Chronicle
PAYROLLS
Adjusted to Census Totals for 1935.
Employment
IN
Dec.
17,
1938
MANUFACTURING INDUSTRIES
Three-year Average 1923-25=100.0
Payrolls
Employment
Manufacturing Industries
Payrolls
Manufacturing Industries
•Oct.,
Oct.,
•Oct.,
Sept..
Oct.,
•Oct.,
Se:t.,
Oct.,
1938
Durable
Se;t.,
1938
1937
1938
•Oct.,
Sept.,
Oct.,
1938
1937
1938
1938
1937
1938
1938
1937
Goods
Non-durable
Iron and steel and the r products,
not
Textiles and their products
Including machinery
113.2
81.7
84.2
Blast furnaces, steel works,
75.1
68.6
Fabrics
109.8
and
86.5
85.1
122.7
74.0
84.0
81.9
111.6
65.4
64.6
68.8
81.7
77.6
95.8
Forglngs. iron and steel
45.3
43.5
10.5
37.7
69.5
Hardware.-*
80.8
66.9
100.3
87.4
65.7
113.1
73.2
73.2
84.3
62.1
69.6
76.5
129.2
121.6
171.9
135.1
119.9
178.7
Bolts, nuts, washers, and rivets
Cast-iron pipe
117.1
Cotton goods
80.7
72.8
113.6
Cotton small
54.3
53.8
57.6
—
75.6
67.3
91.0
Stamped and enameled warehot-water
41.4
69.8
83.8
59.0
53.3
103.8-
75.8
69.2
60.5
82,1
88.0
97.6
103.9
76.8
74.8
146.6
127.9
50.5
49.7
103.0
*
Including
not
96.8
72.0
67.4
94.1
208.9
156.4
134.2
235.4
77.6
95.0
73.4
121.1
122.3
116.2
128.1
147.4
167.4
159.5
171.0
83.6
71.6
82.3
62.9
59.3
71.0
131.7
128.1
152.7
63.2
75.4
49.6
50.7
61.9
72.0
72.7
71.6
58.2
57.5
55.1
122.1
128.0
93.2
99.5
98.1
107.5
112.1
74.0
80.1
80.2
171.8
177.1
187.5
130.1
137.6
136.2
99.1
97.3
101.7
106.2
96.1
98.6
149.7
138.1
149.6
140.5
124.9
137.2
73.8
79.3
72.2
64.4
91.6
55.7
119.2
'117.8
125.8
99.3
97.4
115.1
89.6
92.2
93.4
69.2
73.9
69.0
....
...
Leather and Its manufactures
Boots and shoes
85.5
128.7
81.8
78.6
133.3
90.6
181.3
92.4
87.1
208.9
136.4
154.8
119.7
120.8
156.7
Butter
80.6
77.4
119.4
78.1
73.0
123.6
89.9
Canning and preserving
Confectionery..,
Leather
93.8
92.9
64.1
70.9
62.4
80.9
78.3
87.6
81.4
7+5
86.3
128.5
Food and kindred products
142.7
136.2
126.9
136.7
135.2
149.5
279.0
Baking
Engines, turbines, water wh'ls
144.3
145.6
151.1
139.5
1'3.5
Beverages
and supplies
233.5
250.3
241.1
272.1
297.6
99.5
103.7
104.8
85.7
90.0
88.2
149.0
272.0
191.4
132.7
238.1
176.5
91.4
87.9
98.7
90.4
90.9
99.4
Flour
77 7
90.4
90.0
123.6
Ice cream
112.8
69.1
68.1
113.3
Sugar, beet
115.7
114.2
167.7
110.1
107.8
195.8
108.1
93.5
177.5
99.0
83.5
157.8
61.1
Typewriters and parts
59.8
80.2
56.1
53.8
82.0
125.3
Textile machinery and parts...
75.7
63.6
70 +
63.7
95.5
98.6
110.0
108.7
10+6
100.2
281.7
217.C
97.3
227.1
90.0
92.7
82.0
80.0
84.8
73.0
66.3
67.1
60.8.
61.0
62.5
Slaughtering and meat packing.
Radios and
phono?rabhs...
83.4
66.3
108.8
77.7
97.1
252.3
83.1
77.5
77.4
73.7
83.4
~
machine-shop prods.
Machine tools
121.6
152.1
128.1
115.7
....
....
Sugar refining, cane
Tobacco manufactures.!
142.0
......
63.8
122.2
82.9
64.8
128.2
755.5
903.7
782.2
727.2
836.7
79.6
79.9
81.4
82.2
Chewing and smoking tobacco
and snuff
79.2
776.5
139.3
Transportation equipment
57.6
Cigars and cigarettes
Paper and printing
62.6
61.7
63.1
71.8
70.3
67.4
66.8
67.8
60.4
59.6
61.4
105.3
10t.3
113.3
103.8
101.1
110.3
...
Automobiles—.
85.9
64.9
134.0
90.0
66.3
Cars, electric & Steam railroad.
25.5
27.7
60.4
23.7
25.7
64.0
Boxes, paper
Paper and pulp
Locomotives
16.1
16.1
52.6
11.1
11.1
55.8
Printing and publishing:
92.8
89.9
112.9
96.1
92.3
118.9
Non-ferrous metals & their prods.
Aluminum manufactures
91.7
87.8
109.9
88.4
82.1
108.7
142.4
136.3
139.0
148.4
138.8
149.4
Brass, bronze & copper products
96.2
92.7
118.1
96.2
89.1
115.3
82.7
79.9
111.8
85.2
100.5
96.0
108.8
92.9
81.4
85.4
76.0
107.7
78.9
68.8
59.1
53.2
69.0
Shipbuilding
Clocks
and
watches
and
recording devices
Jewelry
Lighting enulpment
61.2
58.9
69.7
66.4
ware
65.4
86.9
and
65.9
108.7
87.5
88.2
96.9
110.2
108.8
106.4
112.4
113.4
113.0
128.5
119.8
118.9
135.1
119.4
121.0
129.4
132.5
134.6
143.4
111.9
111.1
128.3
115.9
114.1
132.5
114.8
112-, 5
137.7
127.6
121.4
151.8
122.0
113.5
153.2
104.1
95.1
131.1
UO.O
128.6
Cottonseed—Oil, ca^e & meal
Druggists' preparations
Explosives
110.8
....
119.1
124.0
120.6
84.1
84.9
91.8
96.5
93.1
78.7
.....a..
...
82.1
89.4
69.9
77.4
82.2
90.0
Paints and varnishes
112.9
112.5
127.3
116.4
114.5
131.2
69.6
Rayon and allied products..
Soap
314.4
315.2
361.8
302.2
308 2
351.6
93.2
96.6
65.9
77.7
59.4
60.1
79.C
95.3
66.2
68.1
81.0
54.0
59.7
46.1
45.6
49,1
53.5
53.6
63.5
50.4
50.7
58.9
70.1
67.8
82.0
63.0
58.3
52.2
£1.2
60.6
40.5
38.6
94.6
94.8
94.«
75.9
97.1
79.5
76.7
58/0
78.1
61.5
57.7
63.5
Rubber goods, other
92.6
77.7
60.0
Rubber products
Rubber boots and shoes
Rubber tires and inner tubes
76.7
61.9
83.7
69.2
67.3
121.0
142.0
121.3
116.6
140.6
123.2
69.9'
6+0
71.8
65.5
63.4
71.4
87.5
82.1
109.7
93.0
82.6
120.1
41.7
43.0
50.7
30.1
31.3
39.9
77
7«
7'4 9
a-1.1.
S+'t
*
OcUb»r,
As
to
loss, (ode
es
employment
o
1
n
89.5
88.8
107.2
83.7
81.0
104.5
79.0
75.3
10+6
75.0
68.7
108.2
OS
n<
inn
in the non-manufacturing industries,
16
numbers
earlier years
for
the
Information
for
FACTURING
INDUSTRIES,
SEPTEMBER,
<
in'
/*
K
n
3
TOTALS
IN
1938,
from
and
Payrolls
Index
Oct.,
1938*
Change from—
%
Oct.,
the
over
last
24
years,
were
0.7% for employment and 1.3% for wage
The statement, issued Dec. 10 in Albany, con¬
possible that
payrolls
is
part of the curtailment this period was caused
some
the
by
both
were
most
about
favorable
and hour bill.
wage
Observance of Election
factories also affected payrolls.
many
6%
lower
comparison
than
that
been
has
Employment
November
in
made
last
in
year.
1938
of
with
corresponding month of 1937, and indicates that the drop from October
to November of this
year, although greater than the 24-year average, was
less
Sept.,
Oct.,
1938
1?38*
1937
pre¬
losses
net
the
Oct.,
Sept.,
1938
November
to
.and Armistice Days
*
Change from—
Miller,
:
is
This
%
S.
showed
of
by enforcement of the Federal
Employment
period
NON-MANU¬
1937
(Average 1929=100)
Index
October
reductions
COMPARISON
AND
for- this
amounting to 1.1',% for employment and 3.3% for payrolls.
changes,^ as measured by the average movements
It
OCTOBER,
Industrial Commissioner Frieda
tabulations
The usual
tinued
PAYROLL
1938, AND OCTOBER,
Industry
10 by
payments.
is not available from the Bureau's records.
INDEXES OF EMPLOYMENT AND
WITH
industries.
non-manufaeturing
Dec.
liminary
non-manufacturing industries surveyed, with indexes of employ¬
ment and payrolls for October,
1938, were available, and percentage changes
from September, 1938, and
October, 1937, are shown below.
The 12-month
average for 1929
is used as the index base of 100, in competing the
mdex
/in
preliminary, subject to revision.
the announcement of the Department of Labor stated
The
77.6
i§2.4
Summary
All industries
Marble, granite, elate <fc other
products
94.5
i
49.0
Cement
Glass
Pottery
107.7
60.3
£4.0
Millwork
114.7
115.C
98.9
126.7
Lumber:
Sawmills
105.4
101.6
105.1
100.1
79.6
,
112.4
107.3
105.8
Petroleum refining
Other than petroleum refining.
Chemicals
Fertilizers
Lumber and allied products
Furniture
109.1
114.5
products
105.3
78.1
62.2
104.0
99.0
allied
and petroleum refining
Smelting and refining—Copper,
lead and zinc
98.8
1C4.8
Book and Job
Chemicals
time-
Stone, clay, and glass products..
Brick, tile, and terra cotta
102.7
.....
Newspapers and periodicals.
.......
Silverware and nlated
.
76.9
82.8
184.9
120.1
136.1
—;....
86.4
69.1
105.3
Shirts and collars
Electrical machinery, apparatus
Aircraft
80.1
150.3
60 6
87.2
and calculating machines
id windmills
90.0
70.0
94.1
-
a
91.7
111.8
140.7
Corsets and allied garments.
(incl.
tractors)
Cash registers, adding machines
Foundry
94.6
156.0
;
Men's furnishings
trans¬
portation equipment
Agricultural Implements
84.0
89.1
Millinery
files, & saws)
Wirework--
Machinery,
77.9
70.7
89.7
143.9
Clothing, men's
Clothing, women's.
Tools (not Including edge tools,
machine tools,
71.1
76.5
114.5
...
Wearing apparel
110.1
72.6
92-1
Silk and rayon goods
75.5
89.6
.
89.5
89.1
Knitted underwear
Structural &. ornamental metalTin cans and other tinware
83.2
112.3
Knitted outerwear..
89.4
80.2
57.0
76.1
fur-felt
Knit cloth
73.3
79.7
61.1
fittings
87.2
74.8
60.9
104.1
Woolen and worsted goods..
71.2
83.1
app ratus and steam
Stoves
84.1
76.7
68.6
79.2
Hosiery
heating
83.3
93.4
87.8
83.7
Knit goods
Plumbers' supplies
104.5
86.6
72.7
105.9
wares
Dyeing & finishing textiles..
Hats
tools
97.9
87.1
67.6
Cutlery (not including silvei
and plated cutlery), and edge
and
97.6
77.4
—
Carpets and rugs
rolling mills
Steam
Goods
—5.4
than
1937
creased
the
October
to
November
drop in
1937,
when
employment
de¬
5.3% and payrolls 9.2%.
Pulp and
Trade:
and
Wholesale
Retail
General
merchandising.
89.0
+0.6
86.1
.....
j
101.0
—5.2
75.0
+ 1.0
+ 1.3
—6.5
71.0
+ 1.8
—6.6
90.2
+ 3.5
—6.3
Other than general mer¬
chandising
+0.9
—6.4
67.0
+ 1.4
—6.5
75.3
+0.5
—5.4
93.3
+ 0.7
"—1.7
Public utilities:
Electric
light
and
92.0
bus oper. & maintenance
—0.5
—6.6
69.6
+ 0.4
—5.1
99.1
+0.8
68.9
+0.7
Mining.
Anthracite
52.4
Metalliferous
&
...
Index
—5.9
—3.4
change
indexes
by
losses
net
manufactures,
The
in
the
following
November, based
79.9 for
on
reports
Statistics and Information
+ 12.8
—14.9
43.4
+ 47.6
—21.7
tive
+ 5.0
—14.4
78.4
+ 9.0
—22.1
+ 3.3
—30.5
and
and
paint industry reported
tobacco,
+ 5.3
and
fur,
the average of the three years,
on
employment and
collected
under the
and
72.5 for payrolls.
analyzed
direction
of
in
B.
These
Division
the
E.
Dr.
Patton.
of
This
2,241 representa¬
$9,964,668.
49.1
groups:
food
chemical, oil
forces.
for
were
based
are
gcof's.
in
100,
as
wood
November's preliminary tabulations included
reports from
—39.9
44.6
69.1
—a
—3.4
—16.4
39.4
+ 2.7
factories,
employing
380,125
workers
total
a
on
weekly
payroll
of
63.7
—4.2
—8.8
—3.8
93.0
+ 1.3
—4.0
Laundries
b80.9
+ 2.8
94.4
—2.2
—5.5
79.6
—2.2
106.8
—0.8
—3.3
78.1
—4.4
—6.6
c
—0,2
—10.8
+ 1.6
—15.9
Dyeing and cleaning
Brokerage
Insurance
c
—0.6
+ 2.3
c
+ 2.4
c
Building construction
Payrolls Drop in Almost All Districts—Employment Increases in Four
—20.2
—10.8
Hotels (year-round)
—°8 +
1
4.6
+ 0.5
—1.6
+ 3.7
c
—28.4
Less than 0.1 of 1%.
b Cash payments only; value of board,
room, and tips cannot, be computed,
c Data not available for 1929 base.
a
All
in
Than
Seasonal
Employment and
more
than
and
Buffalo,
period.
In
usual
from
York
the
middle
According to
a
State
of
factories
October
to
statement issued
Albanv-Schenectady-Troy showed
and
Buffalo reported
factories
throughout
were
reported
Albany-Scheneetady-Troy
steel
outweigh
State
Days, and
and
Rochester reported
and
the
the
minor
losses
and
parts,
reported
in
net
that
on
had
change since
closed
Election
on
account.
greater
Syra¬
forces
this
almost negligible net change in employment.
an
automobile
industries
lower payrolls
definite net rise
a
appreciable
no
Utica
Syracuse
net
other
instrument
gains
in
appliance,
employment
Most
groups.
and
Buffalo
which
metal
and
helped
and
ma¬
chinery industries expanded, particularly iron and steel, electrical machin¬
and apparatus, and automobiles, airplanes, &c.
Most cotton and knit
ery
goods
New
Many
Armistice
cuse,
Albany-Scheneetady-Troy and Buffalo reported lower
November.
payments,
October.
silk
the middle of November.
Amounts
payrolls in
in
wage
to
Employment and Payrolls in New York State Factories
Dropped from Mid-October to Mid-November by
districts except
payrolls
iron
dropped
rubber
numbers
offset
were
millinery,
non-metallic
Crude petroleum producing
More
net
57.6
Services:
♦Preliminary,
and
87.7
Bituminous coal
Quarrying
mining
.little
advances
and
1925-27,
power
and manufactured gas..
Electric railroad & motor
clothing
leather
82.2
Telephone and telegraph..
these
—6.5
+2.6
paper, metals and machinery, stone, clay and glass, printing
goods, and textiles reported net increases in forces in November,
paper
but
and
mills
goods
machinery
textile
by
in
and
lower
Utica
industry.
were
In
industries
clothing
payrolls
groups
in
the
busier,
offsetting
a
net
Albany-Schenectady-Troy
added
workers
showed
textile
sharp
group.
and
in
in
the
majority
raised
declines
In
loss
the
payrolls,
forces,
Rochester
silk
of
and
metal
hut
the
accompanied
sharp
reductions
I
Volume
occurred
in
men's
in
and
ment
repair
notable net
Bhowed
hours
industries.
and
and
largely by
appliance
caused
was
shoe and instrument and
in
continued
curtailments
The sharp
gains.
payrolls
City
payments
wage
Seasonal
equip¬
net drop
industries, while the railroad
clothing and shoe
group
Binghamton-Endicott-Johnson
reduced
clothing
City
York
New
in
Payrolls
+ 2.2
—1.7
Syracuse
Dec. 3,
Albany-Schnectady-Troy
shipments.
Production was about
week of 1929; shipments, about
of that week's shipments; new orders, about 99% of
week's
—0.4
__
of
.
—6.8
New
In their monthly survey of the
last
improve¬
some
smaller than the
were
year
for the four preceding
decreases
average
from
trend of business in hotels,
November is shown by the fact
ment in the hotel business in
decreases
November 1
During
"that there was
& Horwath state
the
&
Hotels According to Horwath
Noted
months," as the
following table shows:
RATE
Restaurant
Rooms
Total
Occupancy
November
—6%
—7%
—6%
—9
—9
—8
to
month
corresponding
the
of
1929
sponding week of 1937; shipments were 40% above.
Detroit
same
had
in the two pieceding months.
as
figure)
above that
(revised
lower
sales and occupancy.
room
orders
the
of the preceding week; shipments were
week's shipments; new orders were 2%
of the previous week.
The Association
,
week ended Dec.
—1
orders of 230,082,000
were:
Mills,
numbers of total
taken as 100:
All hotels reporting from
In Chicago about eight out
half had more
of the hotels
reported higher room sales, hut one-third had higher restaurant sales, the
large important ones making the best restaurant comparisons; many of
them
had
increases,
while most of the others had smaller decreases.
Occupancy for New York City was off four points from last November,
though in a large group of mid-town transient the decline was only two
10
226,365,000 feet.
orders,
All
Revised figures for the preceding week
167,872,000 feet; shipments, 179,611,000
feet.
production,
563 ;
3, 1938, 509 mills produced 182,635,000
combined; shipped 210,369,000 feet;
hardwoods
and
softwoods
of
booked
reported less room sales than in November, 1937, but
restaurant
business.
In New York City only one-eighth
of
production,
17%
feet
77.21; September, 78.40; October, 81.57; November, 84.56.
Six of the nine geographic locations had smaller decreases than usual,
while two—Cleveland and Detroit—had larger ones, and one—"all others"—
the
Southern Cypress and California
regions but
and
Redwood
Redwood and Northern Pine reported orders above those of
of 1937; all regions but Redwood reported shipments
and all except Cypress, Redwood, Northern Hemlock and
Northern Hardwood reported production above the 1937 week.
Lumber orders reported for the week ended Dec. 3, 1938, by 423 soft¬
but
regions
corresponding week
last
above
year,
feet, or 27% above the production of the
reported for the same week were 200,177,000
feet, or 15% above production.
Production was 174,091,000 feet.
Reports from 103 hardwood mills give new business as 9,333,000 feet,
or
9% above production.
Shipments as reported for the same week were
10,192,000 feet, or 19% above production.
Production was 8,544,000 feet.
wood
mills
same
totaled
mills.
220,749,000
Shipments as
Identical
OF
BUSINESS IN HOTELS IN
NOVEMBER. 1938, COMPARED
1937
WTTH V*VEMnFR,
Room
Sales
or
Occupancy
Decrease (—)
Rate
Percentage
(+)
Percentage of increase
Percent*
age
Same
Res¬
Month
Rooms
inc.
Month
This
taurant
Total
of
(+)
or
Mill
Reports
identical softwood mills was 172,975,000
feet, and a year ago it was 138 805,000 feet; shipments were, respectively,
199,223,000 feet and 142,617,000 feet, and orders received, 219,708,000
feet and 143,300,000 feet.
In the case of hardwoods, 89 identical mills
reported production last week and a year ago 6,764,000 feet and 8 950,000
feet; shipments, 8,324,000 feet and 5,959,000 feet, and orders, 7,568,000
week's
Last
feet
production of 417
feet.
3,863,000
and
(—)
Last Year Dec.
Redwood Reported new
production in the week ended Dec. 3, 1938. All regions except
Northern Hardwood reported shipments above output.
All
orders above
points.
TREND
Soft¬
shipments and new orders were, respec¬
tively, 25% greater, +0% greater and 53% greater than in
last years week.
Total production reported for the week
ended Dec. 3 by 10% fewer mi_ls was 9% above the output
wood
During the
Rates
August,
had
Reported produc¬
(hardwoods and softwoods) was 22% above the corre¬
tion
feet;
slight gain is found in the index
evidence of a
relation
in
week ended Dec.
output in the week ended Dec. 3.
above
—1%
—6%
—9
Further
was
of
operations
In the
further stated:
Awe. Julv, Air\, Sent., Oct.
sales
mills.
business
above
1937 PERIOD
FROM
OF DECREASE
to the National
regional associa¬
reporting region showing large gain over last year.
was 26%
above, and shipments were 15%
every
Business in
from
shipments were appreciably greater.
New orders
were
heaviest reported since July, and were 54% above
those booked in the corresponding week of 1937, nearly
♦Change of less than 0.05%.
Horwath—Improvement
reports
and
tion
—6.1
—3.5
to
Association
important softwood and
3, 1938, reported
slightly above the previous week; produc¬
the
covering
business
new
according
orders,
Manufacturers
hardwood
—2.1
—1.7
1929
average
of the corresponding
tions
+ 3.9
+0.6
-
Rochester
Binshamton-Endlcott-Johnson City
Ne*"
City
that
Ended
55% of the 1929 weekly average of production and
Lumber
—0.5
+ 1.3
.
Horwath
Week
during the week ended Dec. 3, 1938,
The lumber industry
stood at
#
+ 1.8
.
Utlea
Trend of
Movement,
1938
Lumber
of
that
Employment
j
Report
j
86%
October to November, 1938
City
_
Weekly
65%
61%
millinery industries.
Buffalo
3679
Financial Chronicle
147
+
—
*
+2
70
—2
66
—1
—8
67
68
—4
—14
51
53
55
58
+4
—3
New York City
—4
—6
Chfeaeo
—4
Philadelphia
—9
0
—2
—1
Cleveland
—15
—14
—17
68
77
Detroit
—17
—17
—17
56
68
0
—6
—9
—4
51
66
—1
Washington
Pacific Coast
0
—1
+2
70
71
+ 1
—7
—7
—8
60
63
—2
6
—7
—6
60
64
—1
—7
—7
—7
62
67
Total
Year to date
and
Payrolls
Employment Advanced
National Industrial Con¬
ference Board
5.3% and
compared with
September, according to figures received from manufacturers
by the Statistical Division of the National Industrial Con¬
employment advanced 3.7% in October as
Outstanding
Board.
ference
the gains of 44,2% in
were
payrolls and 38.6% in employment
mobile
reported by the auto¬
In noting this, the Conference Board on
industry.
Dec. 3 further said:
The spurt In
automotive activity was also reflected In
worked, which jumped
industry.
Other
hardware and small parts
6.0%
.
total man hours
44.5% from September to October in the automobile
total man hours occurred in the
industry, 9.3% ; iron and steel, 6.2% ; and wool,
substantial gains in
Nineteen out of 25 manufacturing
total man hours worked, and the average
In October the average
than in the month before:
industries reported increases in
advance for all 25 was 5.2%
.
longer
remained
work week of 36.7 hours was half an hour
Hourly earnings, averaging 71.4 cents,
the same.
Average weekly earnings rose
$26.14 in October.
1.6%
from September, and amounted to
The largest increase was in the rubber industry,
where
Real weekly earnings, adjusted for a
slight decline in the cost of living, were 1.7% higher than in September and
0.7% higher than in October, 1937.
Comparing conditions with those of a year ago, we find:
weekly
earnings advanced 5.5%
1937
Employment
...
Average hourly earnings.
Average work week
Average weekly earnings
Cost of living..-
Real weekly earnings
824,948
920,809
46,344
39,195
935.077
871,292
960,004
1937
Orders Received
1938
753,915 1,039,349
1937
732,084
40,278
22,608
787,8^0 1,079,627
754,692
33,915
Dec. 3, 1938, as reported by
of corresponding weeks of 1937. Softwood
production in 1938. was 9% above that of the same weeks of 1937 and
3% below the records of -comparable mills during the same period of 1936.
Hardwood output was 30% below production of the 1937 period.
Shipments during the five weeks ended Dec. 3, 1938, were 22% above
those of corresponding weeks of 1937, softwoods showing a gain of 22%
and hardwoods gain of 16%.
Orders received during the five weeks ended Dec. 3, 1938, were 43%
above those of corresponding weeks of 1937.,
Softwood orders in 1938
were
42% above these of similar period of 1937 and 7% below the same
weeks of 1936.
Hardwoods orders showed a gam of 78% as compared
with corresponding week of 1937.
On Dec. 3, 1938, gross stocks as reported by 449 softwood mills were
3,935,320 M feet, the equivalent of 110 days' average production (threeyear average, 1935-36-37), as compared with 3,985,776 M feet on Dec. 4,
1937, the equivalent of 119 days' average production.
On Dec. 3, 1938, unfilled orders as reported by 443 softwood mills were
596 801 M feet, the equivalent of 17 days' average production, compared
with 451,000 M feet on Dec. 4, 1937, the equivalent of 13 days' average
Production
these
during
the five
weeks ended
mills, was 7% above that
production.
.
Products—Two-Day Shutdown for
Quarter—Action Seen as
G"ide to Other Oil States—Change in Admin¬
istration's
Policy
Debated—Withdrawals from
Storage Opposed—Daily Average Crude Production
Petroleum and Its
Texas
Percentage Change in 25 Industries
Payrolls
Shipments
1938
902,803
32,274
Softwoods
Hardwoods
Combined—October, 1938, Compared
With October, 1937
Total man hours
identical mills for five weeks
Production
Total lumber
Payrolls in 25 manufacturing industries rose
Five
1938
Dec.
1938
During October Reports
3t
3, 1938, as reported by the National Lumber
Manufacturers Association on Dec. 13:
An average of 522 mills reported as follows to the National Lumber
Trade Barometer for the five weeks ended Dec. 3, 1938:
ended
(In 1,000 Feet)
Manufacturing
Dec.
Ended
give herewith data on
We
Lumber During
of
Shipments
Weeks
+ 1
Texas
All others
and
Production
+1
,
—2
-22.1%
—22.9
—20.1
—0.3
—2.7
—3-5
4.1
+ 0.7
Set for
First 1939
Rises
In
the Texas Railroad Commission ordered
the week-end shutdown for all Texas oil
through the first quarter of 1939.
The actual pro¬
a
surprise
move,
the continuance of
wells
issued only for January with February
be set at a later date when probable
be determined with greater accuracy.
duction allowable was
and March figures to
demand
can
ffcart
3680
Financial
The gross basic allowable for the initial month of
1939, as
set by the Commission's latest
orders, is 1,735,541 barrels
daily,
compared
as
1,710,082
barrels
daily during
two-day shutdowns will pare ' this figure
estimated 12,895,136 barrels, or a daily average of
December.
by
with
an
415,972
The
barrels.
was seen as a guide for other
oil-producing
signed by Commissioners Thompson, Chairman,
and Smith.
Commissioner Terrell was out of town.
The
fact
was
that
Lon A.
Smith, who becomes head of the Com¬
1, and who has long opposed the policy of
Thompson and Terrell, signed the bill came as a surprise
mission
on
the
to
Jan.
industry.
that date Mr. Smith
becomes Chairman.
Mr. Sadler,
despite the fact that in the past he has severely criticized
many of the Commission's proration orders, stated at the
Dec. 12 meeting that he would not
attempt to alter any pro¬
ration
order issued for January.
Whether or not he will
maintain this hands-off attitude for the entire first
quarter
of next year is a questiion that
only time will answer. "
In addition to the
pleas from other oil-producing States for
some indication as to the
proration policy of the Texas Rail¬
road Commission following the
change in control of the regu¬
latory body, representatives of the Nation's leading oil com¬
panies
take
are
some
reported to have asked that the
action to
view of the known
dispel the uncertainty which existed in
fact of the change in
leadership of the
policy for the first three months
for
Commission
The decision of the Commission
gfoup.
one
month
as
had been its
to set its proration
of 1939, rather than
just
policy,
was
the
answer to
States Bureau of Mines.
Sharp gains in California and Oklahoma offset lowered
production totals in other major oil-producing States to set a
new gain in
production for the week. California production
16,800 barrels
rose
daily
a
of 663,500 barrels.
A
gain of 8,350 barrels in Oklahoma lifted the daily average to
average
425,900 barrels.
Texas production was off 4,100 barrels to
1,268,700 barrels while the daily average for Louisiana
slumped 1,800 to 259,100 barrels. Kansas showed a drop of
5,500 barrels to a daily average of 147,800 barrels.
An Associated Press
dispatch from Le Havre on Dec. 14
court today postponed hearings
12,000 tons of Mexican oil
reported that "A French civil
dispute
produced by
on
a
over
the title to
some of Mexico's expropriated oil wells.
The
postponement was made when the disputants—the Britishcontrolled
Mexican Eagle Oil Co., 22
imp rbrs and the
Mexican
Government—reopened negotiations over the oil
which was impounded
by a court order on Oct. 12. Both the
oil company and the Mexican
Government claim ownership
of the oil."
There
were
crude oil price changes
no
week.
posted during the
Trice# of Typical Crude*
per Parrel at WelȤ
u
(All gravities where A. P. I. degrees are not
shown)
Bradford, Pa
$1.80
Lime (Ohio Oil Co.)
Eldorado, Ark., 40
Rusk, Texas. 40 and
1.25
Co-nlng, Pa..-.
.97
Illinois...
1.25
Western Kentucky
2« and
$1.05
1.02
over
1.09
....
Central Field, Mich
1.42
1.20
„
Mld-Cont't., Okla., 40 and above..
Ro lessa. Ark., 40 and above
Smackover. Ark.
Darst Creek
Sunburst. Mont
1.22
1.02
Huntington. Calif., 30 and over
Kettleman Hills, 39 and over..
1.42
Petrolla. Canada.,,..
2.15
1.25
.75
over
1.22
REFINED
Unanimous approval of a plan to have
Congress approve a
two-year extension of the legislation which makes the InterState Oil Compact Commission
possible was voted by the
Commission at its meeting in Fort Worth on Dec.
16.
While
California remains conspicuous
by its absence from the
compact group, its observer at this meeting held forth some
hope that it would pass proration laws shortly and become
a full-fledged member of the
group.
Crude oil stocks showed their first
gain in months during
the week ended Dec. 3, the United States
Bureau of Mines
reported
on Dec. 16.
Stocks of domestic and
foreign oil
held at the close of that
period were 502,000 barrels above
the previous week,
totaling 271,065,000 barrels.
Inven¬
tories of domestic crude were
up 535,000 barrels but this
was offset in
part by a drop of 33,000 barrels in
holdings of
foreign oil.
The "Committee of
36," appointed by the Independent
Petroleum Association of America from its
membership to
consider the six questions submitted at the
group's meeting
last October, haa a
three-day meeting in Fort Worth which
resulted in the shelving of four of the
proposals and the recom¬
mendation of a new method of
procedure on the remaining
two.
In addition to this
action, the Committee also adopted
a
suggestion to make a study of oil marketing practice and
its relation to crude oil
production.
Charles Roeser, President of the
independent's group, in
speaking at the state-wide proration hearing of the Railroad
Commission in Austin on Dec.
12, declared that while present
stocks of crude oil have
reached a sound economic
level, the
good established by this stabilizing of the
industry's position
has bfeen offset because gasoline
prices have been far too low
during the past year or longer. The cessation of withdrawals
of crude from
storage was
suggested by Mr. Roeser as a
stimulating demand.for crude oil.
Although forecasting an over-all increase in gasoline de¬
mand of 4%
during the coming year, Joseph Pogue, VicePresident of the Chase National
Bank, told the assembled
of
Texas oil
men
that there
are
several factors which tnihtate
against
any corresponding increase in crude oil demand.
Mr.
Pogue's estimate of crude oil demand allowed for
only a 2%
rise, an,d set daily average demand for crude oil of
3,444,000
barrels compared with
3,423,000 during the year just ending,
a gain of
only ^ of 1 %.
Output of crude oil during the initial quarter of
1939, Mr.
Pogue held, should not vary very much from the
present
Later in the year it could be increased
without throw¬
ing the industry's statistical position out of
balance, he
added.
An increase too soon would
force crude oil into
storage, or increase refinery operations to the
point where the
carryover into the Spring would be far too
large. A state¬
ment that total gasoline stocks on
March 31, next, should
be approximately
80,000,000 barrels was made by Fred Van
Covern, statistician of the American Petroleum Institute.
He pointed out that the
industry has been running to stills
an excess of
110,000 barrels daily since
level.
figure must be radically cut down.
October, and this
PRODUCTS—MOTOR FUEL STOCKS SHOW CONTRADIP—REDUCED
REFINERY
RATES
AID
IN
PARING INVENTORIES—GAS AND FUEL OIL
SEASONAL
;
HOLDINGS
OFF SHARPLY—AUTO CLUB
FIGHTS NEW CITY "GAS" LAW
Statistical developments stole the
spotlight in the Nation's
refined products field this week with a
sharp contra-seasonal
contraction in holdings, of finished and
unfinished motor fuel
the high-light.
Stocks of finished and unfinished
gasoline were off 568,00Q
during the week ended Dec. 10, the American
Petroleum Institute reported,
dropping to 68,587,000 barrels.
barrels
Refinery stocks
gasoline were off 105,000 barrels to
5,775,000 barrels.
A decline of 1
point in operating rates of refineries aided
in the unexpected decline in
gasoline stocks. The figure for
the Dec. 10 week was
77.9% of capacity, against 78.9% of
capacity operations in the previous period.
Daily average
crude
to stills were off
25,000 barrels to 3,150,000
A decline of
196,000 barrels in daily avfrage pro¬
duction of gasoline pared these
figures to 9,462,000 barrels.
The market for
heating oils firmed as stocks of gas and
fuel oil continued to decline from
the record highs achieved
in the
runs
barrels.
steady climb upward which was halted
only a few
Holdings of gas and fuel oil were off nearly
1,000,000 barrels, totaling 150,779,000
barrels, against 151,-
weeks back.
617,000 barrels
"While it doesn't
appear in the title of the
bill," W. J.
Gottlieb, President of the club, stated., "we
recognize its
primary purpose as being price-fixing for retail
gasoline
prices.
Similar legislation was vetoed
by Governor Lehman
because it would have resulted in an
increase in
of motor
retail prices
fuel, adding materially to the burden of the
already
heavily taxed
motorists."
-Markets showed little change in the
general pi ice struc¬
ture, fluctuations in most instances
being confined to local
readjustments.
U. S. Gasoline (Above 65
Octane), Tank Car Lots, F.O.B.
Refinery
New York—
Other Cities—
New York-
Stand. Oil N.
J._$.07%
Socony-Vacuum..
Tide Water Oil Co
Richfield Oil(Cal.)
Warner-Quinlanr
the
price index for petroleum products during October was
53.8, compared with 56.4 in September and 61.7 for the
corresponding period a year earlier.
An increase of 16,800 barrels in
daily average production
of crude
oil in the United States
Dec. 10 lifted the total to
3,245,100
during the week ended
barrels, according to the
mid-week report of the American Petroleum
Institute.
This
Shell Eastern
_
New
Orleans.
.07 %
„
Gulf
ports
Chicago.•_...$.05
Tulsa.
^
-.05%
.06%-.07
'.05%
,
.04%-.04%
Kerosene, 41-43 Water White, Tank Car, F.O.B.
Refinery
New York—
I North Texas
(Bayonne)
$.04%
|
N.
Y.
(Bayonne)—
BunkerC
$0.95
Diesel
$04
Los Angeles..
Fuel Oil, F.O.B.
.03%-.05
Refinery
or
INew
I
Orleans.$.05%-.05%
Tulsa
03%-.04
Terminal
| California 24 plus D
| New Orleans C
$1.00-1.25 Phila., Bunker C
1.75'
$0.90
0.95
•
Gas Oil, F.O.B. Refinery or Terminal
N. Y.
(Bayonne)—
.Chicago—
$.04%
New York
public
$.07%
.08%
Gulf
.07%
_
Brooklyn
The Bureau of Labor Statistics
disclosed that
Texas
.07%
.08%
.07%
as
Dec. 12.
week earlier.
a
The Automobile Club of New York
filed a sharp protest
with all m?mbers of the General
Welfare Committee of the
New York City Council
against the proposed local law 321
intended to amend Chapter
36, Title B, of the AdministrativeCode of the city.
27 plus
dropped 5,926,000 barrels during October
compared with the previous month, in figures made
were
up 252,000 barrels to 37,945,000 bar¬
rels, but this was offset by a slump in bulk terminal
holdings
of 462,000 to 24,867,000 barrels.
Inventories of unfinished
The United States Bureau of Mines
reported that stocks
of crude petroleum
on
to
these
pleas.
means
1938
17,
compared with the estimated daily average market demand
during December of 3,305,800 barrels forecast by the United
.
Commissioner Thompson retires from the Commission on
Jan. 1, to be replaced
by Jerry Sadler, of Gladewatr, and
on
Dec.
„
The order, which
States,
Chronicle
I
28-30 D
1 Tulsa
$.053
I
$.02%-.03
Gasoline, Service Station, Tax Included
*
$.195i Newark
Daily
$.1591 Buffalo
.1951 Boston
Not Including 2%
$.17
.1851 Philadelphia
.17
city sales tax.
Average
Crude
Oil
Production
During
Week
Ended Dec. 10, 1938, Placed at
3,245,100 Barrels
The
daily
American
Petroleum
Institute
estimates
that
the
average gross crude oil
production for the week ended
3,245,100 barrels.
This was a gain of
Dec. 10, 1938, was
21,450 barrels from the output of the previous week, and the
Volume
current
week's
figure
The
below the 3,305,800 barrels cal-
was
to
production of soft coal in 1938 to date
24.5% below that in 1937; cumulative produc¬
stands
tion
the United
by
cumulative
now
States Department of the Interior
be the total of the restrictions imposed by the various oil-
culated
3681
Chronicle
Financial
147
of
hard
14.3% below 1937; production of both
coal,
producing States during December.
Daily average produc¬
tion for the four weeks ended Dec. 10, 1938, is estimated
hard
at
3,246,350 barrels. The daily average output for the week
Dec. 11, 1937, totaled 3,414,450 barrels.
Further
details, as reported by the Institute, follow:
Imports of petroleum for domestic use and receipts in bond at principal
Mines disclosed that the total estimated
ended
sylvania
soft
of
statement
anthracite
below 1937.
the United States Bureau of
production of Penn¬
daily average of 124,143 barrels, compared with a daily average of 168,671
for the week ended Dec. 3 and 139,857 barrels daily for the four
ESTIMATED
ports for the week
of 14,000 barrels
OF
historical comparison and statistical convenience the
semi-anthracite, and anthracite outside of Pennsylvania,
c Revised,
d Total for 1938 subject to current revision,
Dec.
Require¬
1
OF
PRODUCTION
BEEHIVE
AND
Week
1938
1937
560,200
Oklahoma.
163,400
147,800
151,550
178,900
159,000
-—550
Kansas
69,750
—100
63,400
74,200
30,350
33,050
199,350
—V.600
203,550
—2,400
90,400
371,000
224,700
210,500
93,950
73,850
—
30.200
West Central Texas...
...
East Central Texas
'
371,400
+ 250
226,050
—250
212,400
.
East Texas
+ 450
Southwest Texas.
Coastal Texas
417,800
246,900
194,250
76,000
Coastal Louisiana....
+ 3,450
72,300
186,700
239,300
259,000
46,200
129,200
51,450
52,400
14
12
14
239
210
1,013
870
1,105
70
93
296
322
449
179
Georgia and North Carolina
56,100
+ 2,700
54,900
49,400
Illinois
12,600
12,850
+ 800
12,950
15,200
Indiana
3,800
+ 200
3,700
98,000 —10,200
105,650
4,100
107,650
2,716.100
589,700
C615.000
Arkansas and Oklahoma
Colorado
541
176
705
512
1
1
3
2
2
985
916
1,112
3.556
4,995
341
329
352
3,770
1,242
1,146
1,539
1
-
Kansas and
374
262
127
151
533
535
652
626
712
571
3,384
3,214
3,757
780
136
Missouri
Kentucky—Easter n
328
97
78
102
Iowa.
_
•
Total United States
2,581,600
712,900
660,600
estimate of any oil
which
calculations of the
requirements of domestic crude
certain piemlses outlined in its detailed forecast for the month of
December.
As requirements may be supplied either from stocks, or from new pro¬
duction, contemplated withdrawals from crude oil inventories must be deducted
from the Bureau's estimated requirements to determine the amount of new crude
to be produced.
upon
b Base allowable
effective Dec. 1.
downs are ordered for
With the exception of Saturday, Dec. 17 shut¬
Sundays during December. Calculated net
all Saturdays and
basic seven-day allowable
712
708
30
116
118
11
13
12
50
45
59
83
83
322
220
338
38
29
130
106
152
Montana
31
-
for week ended Saturday
morning, Dec. 10,
approximately
143
77
83
68
334
169
270
407
460
421
1,924
1,648
2,253
7,136
9,518
440
490
North and South Dakota
Ohio
might have been surreptitiously produced.
These are Bureau of Mines
172
30
Western
New Mexico
Indicated above do not Include any
Note—The figures
160
26
+ 4,650 2,585,750 2,701,550
663,500 + 16,800
3.414,450
3,245.100 + 21 .450 3.246.350
3,30 ".800
181
Maryland
Michigan
Total east of Calif..
California
a
2
170
49,600
194,250
+ 1,250
95.285
1937
2
+ 7,000
3.900
Oct.,
1938
75
+ 1,000
100,300
Sept.,
1938
r
214
-
76,100
New Mexico
1937
2
Alaska
51,900
Colorado
Oct.,
19 Nov. 27
1938 P
1938 p
49,600
Montana
Monthly Production
Week Ended
Nov. 26 Nov.
State
207,850
d52,000
COAL. BY
railroad carloadlngs and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
51,000
51,600
21.238
TONS
STATES IN THOUSANDS OF NET
169,000
...
6,116,500
10.533
(The current weekly estimates are based on
188,550
—1,800
3,033,600
2.76^
5.933
MONTHLY PRODUCTION OF
AND
WEEKLY
ESTIMATED
70,750
—5,250
259,100
247,580
2,750
Alabama
Wyoming
oil based
3,200
'
72,350
183,100
North Louisiana
16,500
Dally average
796,400
35.600
19,200
—4,100 1,268,100 1,319,000
1,343,900 bl710082 1,268,700
248,000
#
Beehive Coke—
190,950
88,550
+ 4,550
66,900
Michigan
c
239,500
168,800
146,600
198,000 129,000 141,500
82,343,000
production.b. 1129,000 613,000 807,000 39,108,000 14,975,000
Comm'I
United States total--..
Panhandle Texas
Eastern
1929
c
Daily average
434,600
Arkansas—
1937
1938
1188.000 645,000 849,000 41,120,000 17,342,000 67,180,000
fuel-a
+ 8,350
Total Louisiana....
1937
Total, Including colliery
425,900
...
1938
Pa. Anthracite—
428,000
Total Texas
Calendar Year to Date
Dec. 4
1938
11,
500,700
West Texas
AND
NET TONS)
(IN
COKE
Nov. 26
Week
Dec.
Dec. 10,
(Dec.)
North Texas
weeks in 1937
ANTHRACITE
PENNSYLVANIA
Ended
Ended
from
Previous
10,
1938
ments
1938, and corresponding 48
48 full weeks ended Dec. 3,
Sum of
and 1929.
ESTIMATED
Dec. 3
Weeks
Change
Week
Ended
Dec.
1,378
Week Ended
of M.
309,066 109,173 489,668
1,727
1,446
1,09
8,26'.
1,533
Includes for purposes of
Four
State
7,665
1,417
production of lignite,
b Subject to revision,
e
1929
1937
1938 d
1937
c
8,500
..
Daily averate--
(Figures In Barrels)
Allowable
1938
a—
Total, including mine fuel-.
a
Dec. 4
Nov. 26
1938 b
Bituminous Coal
a
lated
Calendar Year to Date e
Week Ended
Dec. 3
_
Calcu¬
IN
COAL,
TONS
NET
J
7,143 barrels for the week ended Dec. 3
and with 12,036 barrels daily for the four weeks ended Dec. 10.
Reports received from refining companies owning 85.6% of the 4,211,000barrel
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, 3,150,000 barrels of crude oil daily 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, 68,587,000 barrels of finished and
unfinished gasoline; 32,068,000 barrels of gas and distillate fuel oil, and
118,711,000 barrels of heavy fuel oils.
Total gasoline production by companies owning 84.6% of the total daily
refinery capacity of the country amounted to 9,462,000 barrels.
DAILY AVERAGE CRUDE OIL PRODUCTION
compared with a daily average of
B
OF SOFT
PRODUCTION
STATES
UNITED
THOUSANDS
Receipts "of California oil at Atlantic and Gulf Coast
Dec.
10 totaled 98,000 barrels, a daily average
amounted to
3
Dec.
weekly
highest
the
tons,
weeks ended Dec.' 10.
ended
of
week
the
for
record since that of
May 28. Compared with thQ five-day week of Nov. 26, the
daily rate increased nearly 54%.
Output in the corre¬
sponding week of 1937 was 849,000 tons.
barrels
.
23.9%
coal,
weekly
1,188,000
869,000 barrels,
United States ports for the week ended Dec. 10 totaled
a
and
The
1,701
1,906
1,506
7,896
89
96
104
460
19
18
17
77
82
88
96
68
334
r300
387
260
Pennsylvania bituminous
281
220
1,287
1.213
1,360
Tennessee
■
Texas
Utah
Virginia
145
185
7,423
7.C57
8.186
412
2,172
2,008
2,396
134
(=565
458
632
3
2
3
35,094 r32,286
40,833
41
46
1,691
1,371
529
468
Northern, b.
142
140
Wyoming
*.
Other Western States.c
165
40
1,393
Washington
West Virginia—Southern.a
*
*
*
80
1,230,100 barrels daily,
c
Recommendations of Central
d This Is the November
Committee of California
allowable.
Oil Producers,
December allowable is not yet
Pennsylvania anthraclte.d.
AND UNFINISHED
DEC. 10, 1938
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED
(Figures in thousands of
barrels of 42 gallons
Daily Refining
Crude Runs
Capacity
Finished and
Unfinished Gasoline
Stocks of
to Stills
P.
Total
C.
615
Appalachian.
Ind.. I1J., Ky
Okla., Kan.,
149
128
574
514
419
342
Oper¬
At Re¬
ated
fineries
Terms., Nap'tha
Ac.
471
76.6
85.9
102
79.7
887
89.5
420
81.7
4,737
3,335
2,428
4.781
238
735
514
8,280
.
315
4.540
256
74.9
159
.50.3
104
65.4
1,230
106
292
1,965
943
838
88.9
772
92.1
7,307
343
1,516
13,619
82.1
1,271
542
360
2,614
La. Gulf
149
145
97.3
119
100
55
55.0
47
85.'5
230
134
54
No. La.-Ark.
118
64
54.2
48
75.0
1,102
80
715
Rocky Mtn.
Callfornla
828
1,192
99,041
Est.
90.0
470
63.1
10,095
2,141
3,605
85.5
2,809
77.9
877
34,975
24,167
606
—
unrptd.
341
2,970
700
5,665 147,429
110
3,350
xEst.tot.U.S,
Dec. 10 '38
4,211
4,211
3,150
37,945
24,867
5,775 150,779
3 '38
4,211
4,211.
3.175
37,693
25,581
5,881 151,617
z3,173
42.148
23.568
6.964 119,273
Dec.
U.S. B.of M.
xDec. 10 '37
x
basis,
z December, 1937, dally average,
gasoline production, b 12% did not.
Estimated Bureau of Mines
reporting capacity reported
Preliminary.
r
Revised.
of.Mines, e Average
* Less than 1.000 tons.
a
AH
The
monthly petroleum report of
of Mines disclosed that daily
was
The reduction in
barrels, compared with
withdrawals.
stock
5,329,000
higher—175,000 tons, or 2.1%—than the
pre-holiday week ended Nov. 19, and compares
8,267,000 tons produced in the corresponding week
is
slightly
with
of 1937.
"
United States
crude oil
average
refinable crude stocks in October
about 3,500,000 barrels taken out
September.
Refined
output in the
the
Products,
production recorded little change in October, being 3,284,800
barrels compared with 3,288,700 barrels in September.
The
decline would have been much larger if the Saturday-Sunday
shutdowns in Texas had been in force on the 29th and 30th
of the month.
The Bureau further stated:
Most of the States declined in daily average output in October, these
including California, Oklahoma and Kansas among the important States.
On the other hand, production in both Louisiana and Illinois established
new
records, the former rising to 271,900 barrels daily, the latter to
89,300 barrels daily.
There were 328 oil wells completed in Illinois in
October, probably most of them in the new Centralia district.
Runs to stills and exports of crude both increased in October, which,
combined with the decline in production, tended to increase the rate of
in
Statistics
The National Bituminous Coal Commission, in its current
weekly report, showed that the total production of soft coal
in the week ended Dec. 3 is estimated at 8,500,000 net tons.
Weekly Coal Production
This
weekly rate for entire month,
Petroleum and Petroleum
October, 1938
Crude
316
Reported
p
Oil
Texas Gulf..
745
9,159
the N. & W.; C. & O.: Virginian: K. & M.; B. C. & G.
and on the B. & O. In Kanawha, Mason and Clay counties. b Rest of State, including
the Panhandle District and Grant, Mineral and Tucker counties, c Includes Arizona,
California. Idaho, Nevada and Oregon,
d Data for Pennsylvania anthracite from
Bureau
'
4,766
45,599
Includes operations on
15,043
Inland Texas
Mo
3,337
35,623
Fuel
1,104
5,116
81.6
Distil.
11,731
1,626
615 100.0
East Coast..
P.
age
4,165
39,259
and
C.
Daily
Reporting
tial
Rate
Gas
in
Aver¬
Poten¬
.
957
8,409
published records of the Bureau
of
Unfln'd
District
,
Stocks
834
8,310
Total, all coal
a
each)
8,325
,645
Total bituminous coal
available.
7,452
7,665
Products
above normal, a small decline (from
45.3% in
October) being reflected chiefly in a
gain in the distillate yield from 13.5% in September to 13.7% in October.
Compared with a year ago, the October yields indicate a gain for gasoline
of 0.7% and distillate 0.8%, both at the expense of the residual yield,
The
which
The
of gasoline remained
September to 44.9% in
yield
declined 1.8%.
demand
exceeded
the
for
fuel in October was encouraging .in that
however, it failed to meet expectations based
motor
forecasts ;
it
on
3682
the
Financial
fine
generally
The
month.
barre s,
domestic
Exports of motor fuel
barrels
for
October,
the addition
hence
was
stocks
barrels
motor
4 526,000
to
rose
Although
experienced
recovery
in
fuel
October
demand
same
Chronicle
that
October,
increased
in
unfinished
gasoline
more
than
Oct.
31
on
on
was
hand
year
of
for
domestic
higher
than
d
dema
demand
October,
in
residual
for
both
for
1937,
fuel
kerosene
but,
oil
and
despite
continued
distillates
previous
to
considerably
run
under
last
year's demand.
According to the Bureau of Labor Statistics, the price index for petroleum
in October, 1928, was 53.8, compared with 56.4 in September
and 61.7 in October, 1937.
products
The
refinery
of
data
this
refineries having an aggregate
These
refineries
79%
operated
at
compi'ed
were
schedules
from
October,
in
L.
October
in
duction, the most outstanding gains occurring in the Okla¬
City, Panhandle and East Texas districts.
homa
Material withdrawals were made from stocks both at
refineries and plants and terminals in October.
Total stocks
on Oct. 31 were
284,382,000 gallons; this was 58,216,000
gal¬
lons less than stocks
the first
on
of the month, but nearly
that amount higher than stocks of Oct.
of
PRODUCTION
daily crude oil capacity of 4,111,000 barrels.
79% of capacitv in October, compared with
September and 85%
in
report
October, 1938
Ickes, Secretary of the Interior.
The daily
was
5,927,000 gallons compared with
5,713,000 gallons in September and 6,058,0C0 gallons in
October, 1937.
Practically ail fields increased their pro¬
was
slightly
improvement, the
continued
Harold
average
ago,
year.
The
AND
31, 1937.
STOCKS OF NATURAL
GASOLINE
(In Thousands of Gallons)
1937.
Production
8UPPLY
AND
DEMAND
OF
ALL
Stocks
OILS
Oct. 31, 1938
(Thousands of barrels)
Jan. to
Jan. to
Jan. to
Oct.,
Sept.,
Oct.,
Oct.,
At
Sent.,
Oct.,
Oct.,
Oct.,
1938
1938
1938
1937
Refin¬
1938
1938
1937
1938
1937
Domestic production:
Crude petroleum
101,830
3,285
4,375
Dally average
Natural gasoline
144
102,886
3,430
557
159
145
2,673
2,136
1,415
2,290
18,520
1,669
2,041
1,559
16,758
549
6,208
6,507
57,222
7,375
2,398
7,612
56,460
Louisiana
Arkansas..
Total..
479
635
111,215
3,538
107,136
C5.926
c3,305
117,141
110,441
3.779
3,681
Exports b
Crude i>etroIeum
6.780
5,577
6,040
66,787
55,473
Refined products
9,388
9,487
9,419
96,935
88,715
46,272
46,058
45,446
435,017
437,169
5,185
10,089
25,666
4,187
4,985
44,170
8,627
9,939
89,436
42,847
89,374
23,082
2,127
26,913
235,242
1,805
2,028
17,682
72
69
85
862
Increase In stocks, all oils
of barrels)
3,657
6,042
'
fuel
-
Gas oil and distillate fuels.
Residual fuel oils
Lubricants..
*
Wax
Coke........
271,672
19,791
906
442
636
700
4,563
4,912
3,017
2,190
21,654
706
1,098
529
353
1,638
gas
5,287
5,453
149
Total domestic demand.
131
193
2,530
1,058
2,250
100,973
3,257
Dally average
20.549
95,377
100,723
929,855
970,283
3,179
3,249
3,059
3,192
7,896
98,278
84
4,412
277
210
1,264
6,258
1,565
2,158 138,720
1,945
4,375
4,081
41,728
40,550
141
136
137
Reflnable In United States.
276,807
Heavy In California..
282,136
17,143
268,124
309,105
17,535
6,771
269,307
gasoline
Refined products
Anthracite
8,159
d
276,807
309,165
d
17,143
5,444
249,590
6,771
5,444
249.590
269,307
570,028
575,954
564,199
570,028,
All
other
c
Imports
Decrease,
PRODUCTION
OF
153
150
158l
and
b Imports of crude
exports
from
Bureau
as
of
reported to Bureau of
Foreign and
CRUDE
PETROLEUM
Total
BY
STATES
AND
October,
November,
1938
1938
1937
Reading Co
.*...
Lehigh Valley RR...
660,969
655,478
770.693
Central RR. of New Jersey
209,050
648,332
September.
1938
Jan. to
820,216
222,408
712,351
304,801
893,714
453,814
526,057
614,459
38\078
300,676
385 031
New York Ontario & Western
Ry
427,808
321,953
150.994
Lehigh & New England RR
167,731
157,647
170,518
;
E-ie RR
Total
^
..
Total
Drops
Quiet
New
D"ily
Average
Daily
Total
Average
1938
1937
4.4
161
5.5
2,046
.561
48.0
1,557
51.9
13,005
8,594
52.4
1,721
57.4
15,051
9,155
980
31.0
936
31.2
10,033
11,076
1,929
62.2
1.90:
63.5
51.6
1,679
56.0
21,913
17,380
24,128
1,691
to
4.75c.,
Illinois..
30.3
946
31.6
10,778
480.1
14.456
481.9
658.8
19.922
664.1
149,726
209,830
125
Colorado
4.0
93
3.1
1,198
89:3
2,553
2,768
Indiana
85.1
16,881
18,332
reduction
a
York.
1,329
5,424
86
Louisiana—Gulf* Coast
2.8
89
3.0
798
702
4,821
160.7
50,037
526
Kentucky
156.0
17.0
547
18.3
4,784
59,641
4,611
51,737
in
the
Inquiry for zinc
showed
378,389
471.027
363,071
'
127,54r
202,3r8
137,153
164,247
'
l.c'8
change.
price
3°°
to
the
to
basis
better, but
was
inclination
no
to
3<>0.074
force
the
of
4.75c.,
number
a
market
The statistics for November
^
did not
come
Copper
Domestic business in
copper again was quiet, sales for the week amount¬
to 3,487 tons.
Producers, continued to quote,, ll^ic., Valley.
Japan
ing
purchased
a
since
first
the
fair
of
tonnage, and it
the
month
is
have
estimated
totaled
that
around
sales
in
6,000
that
direction
tons.
The
foreign market showed comparatively little change in the last week,
reflecting increased confidence as a result of the lower production schedules
6,037
194.8
54,991
33.4
5,581
1,038
186.1
1,036
Rest of State
34.6
11,655
15,426
1,356
43.7
1,332
44.4
8,429
271.9
7,954
265.1
12,566
79,212
75,958
1,665
53.7
1,624
54.1
15,994
13,428
been
412
13.3
418
13.9
4,095
3,093
tons.
99.8
2,883
96.1
29,617
5,030
32,278
404
13.1
406
13.6
4,245
Michigan
Montana
New
Mexico
New
York
278
Ohio
Oklahoma—Oklahoma City...
Seminole
Total
4,562
3.002
34,772
240.1
7.409
247.0
35,373
77,693
453.7
14,079
469.3
147,838
14,736
95,175
44.6
1,377
45.9
324.3
9,413
313.8
203.3
5:899
196.6
59,915
11.669
389.0
128,329
142,532
1,859
60.0
1,847
Total Wyoming
a
31.5
9,550
11,417
268.5
1,281.9
37,828
1.261.0
10.3
315
10.5
83,616
396,247
3,150
16.2
480
16.0
4,776
1,148
1,649
Rest of State
23,281
944
8,056
501
Virginia
19,662
29.9
269.6
320
Total Texas....
61.6
926
Wyoming—Salt Creek
37.0
1,268
42.3
11,085
91,215
428,270
3,212
4,866
11,161
53.2
1,748
58.3
15,861
force.
revised
The
the domestic market for the month of November have
downward
Copper
to
10,841
tons.
The
figures
Institute's
for
October
61
101,830 3,284.8
Includes, Missouri. Tennessee, and Utah.
6
Oct.
3.288.7 1012,400 1068,029
and
figure
12,524
was
November,
Nov.
in
Oct.
Production, Crude—
United states mine
54,405
United States scrap, &c. 15,225
Foreign mine
101,604
Foreign scrap...
short
United States domestic..
112,573
United States exports.b.
13,069
al85,121
Pefined—
198.628
110,401
Foreign
Totals.
a
The
b
177,984
267,299 269,488
...157,412 155,049
Foreign...
Totals
.....424,711
424,537
Duty-free copper.
November
of
111,064
13,260
113,427
Refined—
United States
167,225 177,810
Revised,
Stocks
66,746
51,297
12,778
199,968
Totals...
Stocks ot End,
56,824
69,827
117,363
Foreign.
Production, Refined—
United States duty-free.
Nov.
Deliveries to Customers,
60,277
12,709
13,887
Totals
throughout the
98,661
previous
tons, follow:
16,027
56
6
T_
in
Sales of
copper in
63,808
394.8
96,017
8,358
39,738
Rest of State
41,964
98,951
193,791
15,941
12,238
Rodessa
now
52,876
120.1
6,303
Panhandle
a
2,770
102.2
3.603
1,383
Texas
Total United States
9.3
3,067
10,054
East Texas
Other
277
98.9
114.7
7,445
Oklahoma
Texas—Gulf Coast
West
9.1
3,060
3,555
14,066
Rest of State
Pennsylvania
West
8,795
up
revealing a rate of production generally
considered too high.
However, output of copper is expected
to
be
reduced.
Curtailment
abroad
becomes
effective
Dec. 15.
The publication further stated:
Rodessa
Total Louisiana
of
the
at
The copper situation underwent
expectations,
195,607
4,835
Kansas
365,841
Buying Improves as Price
York—Copper Continues
New
prevailing level of prices.
13,227
128,844
939
14,881
20,423
California
256,404
1fl-T 3.J}
Non-Ferrous Metals—Lead
Oct.,
l,62t
Santa Fe Springs..
Rest of State
1937
932,173
484,259
276,854
319,776
259,467
Delaware Lackawanna & Western RR.
Delaware & Hudson RR. Corp..
no
Hills
October,
"Metal
1,489
I/ing Beach
3,167,348
and Mineral
Markets," in its issue of Dec. 15,
reported that demand for lead improved in the last
week,
135
California—Huntington Beach.
Total
Tons
November.
sellers
Arkansas
4,224
follows:
following
Rest of State
3,935
shipments during the preceding month of October, .of
351,330 net tons, and when compared with November, 1937,
shows a decrease of
526,974 net tons.
Shipments by originating carriers (in net tons) are as
«
October, 1938
Arkansas—Rodessa.
3,271
Shipments of anthracite for the month of November,
1938, as reported to the Anthracite Institute, amounted to
3,167,348 net tons.
Thins is a decrease, as compared with
Domestic
d Not available.
(Thousands of Barrels)
Kettleman
207
154
PRINCIPAL FIELDS
Total
4,238
564,199
151
sunnly
From Coal Economics Division,
a
3,500
Shipments
Net
,
Total, all oils
Mines.
126
133
avge.
Pennsylvania RR
petroleum:
Commerce,
1,000
2,299 19,940
210
9,400
6,759 65,169 61,800
4,956
54,489 552,995 510,200 123,732
54,063
1,949
1,487
19,969
Stocks—
Days'
38,899
1,818
9,912 122,584
7,444
5,359
7,379
62,394
Miscellaneous
Natural
5*,799
3,318
19,607
oil
Losses
Crude
798
399
24,005
110,782 1093,577 1114,471
3,707
3,597
3,666
2,701
Asphalt
Still
5*689
1,848
44,970
Domestic demand:
Road
Dally
November
—a—.
Dallv average
Motor
714
3,570
Total (thousands
120,439 1099,619 1159,441
3,885
3,617
2,814
3,571
Demand,—
Kerosene
58*200
183,750 171,402 1752576 1703100 147,000 137,382 165,270 177,408
5,927
5,713
5,765
5,602
Dally avge.
average
demand
53",433
19,227
Receipts for domestic use.—.
Total new supply, all oils
Total
1,215
Texas
21.040
....
4",573
4,284
1,627
use—-
minals
minals
1,028
10,278
9,900
37,021 392,787 406,500
4,192 43,577 46,700
53,370 542,934 507,100
7,071
71,463
87,300
5,564
41,167
4,737
Kansas
products:
Receipts In bond
Dally
Appalachian
III., Mich., Ky_.
Oklahoma
California
229
1,332
2,461
115,896 1055,460 1111,040
3,739
3,472
3,055
Plants
A Ter¬
eries
Ter¬
3,990
Roeky Mountain
—
average
Imports: b
Crude petroleum:
Receipts In bond
Receipts for domestic
Refined
'
169
production
Dally
111,196 1012,400 1068,029
3,587
3,330
3,513
4,471
41,728
40,550
3,289
4,081
106,374
3,431
Benzol a
Total
98,661
At
At
Refin¬
Plants
Ar
eries
East coast
SttppUt—
Sept. 30, 1938
At
Oct.,
Jan. to
New
1938
of natural gasoline increased in October,
1938, according to a report prepared by the Bureau of Mines
69,277,000
the
17,
The production
1937.
October,
a
Dec.
Natural Gasoline Statistics for
barrels, compared with 3,830,000
gnso'ine stocks
1,000,000 barrels
in
46,272,000
was
in
small compared with the performance of
finished and
of
for
higher than the
1937.
very
about
were
business
and
demand
quite 2%
not
or
weather
copper
world
refined
had
metal
statistics
been
furnished
stepped
up
ample
proof
too sharply,
that
production
the trade believes.
showed a gain in this country of 2,189 tons and a
decrease outside of the United States of 2,363
tons, making a net reduction
Volume
of
174 tons.
tons
increased 6,240 tons in this country
Blister stocks
abroad,
increase.*
Financial
147
or
198,628
to
since August,
20,818
of
tons
tons.
1937.
in zinc, the American Brass Co.
Ow.ng to the recent reduction
its
and 14 578
World production of blister
during November,
the hignest level attained
net gain
a
quotations
brass
on
%c.
reduced
•
market
time
Dec. 9, establishing the
4.75c., New York, and 4.60c., St. Louis.
Demand up to that
slow, and, with intake fairly large, the American Smelting &
price
at
was
lead
of
reduced
was
points on
10
Refining Co. again took the initiative in lowering the price.
The decline,
the third since Nov.
29, brought in a much better volume of business.
Sales for the last week totaled 5,576 tonB, which compares with an average
oxiue
and
in
Battery makers, pigment
1,000 tons for the two prece ing weeks.
of about
and
producers,
well represented
were
the week ended.
The undertone steadied as
business.
the week's
and pipe interests
sheet
situation
little
a
was
underwent
no
Some foreign
change.
week, but the price
metal was offered here at
take advantage of any improved business.
St. Louis.
Sales by the Prime Western
10 amounted to 3,301 tons against 1,728
prices that made it impossib e to
The
continued
pr.ee
division
for
the preceding
in
tons
amounted
week
the
The market
4.50c.,
at
week ended Dec.
the
for
seven-day period.
Shipments by the same group for
to 3,326 tons, against 3,775 tons a week previous.
zinc concentrate
the Tri-State district was
in
to
unchanged.
Straits tin on spot holding around
Consumption of tin is improving in
moved
per
within narrow limits,
pound
Prices
most
of
the week.
minimum^. Although railroad buying has net assumed
proportions, whatever has been placed or is in early
prospect is clear gain as not much had been expected until
Foremost in railroad buying are rail orders totaling
Norfolk & Western and 3,250 tous
in
a
early prospect
Railroad equipment
44.5C0C.
business also is more active.
15 diesel-eleciric locon o.ives by the
and
In aaai ion,
more
steel, 6,400
being
an
have
asked
for
Zinc
Lead
Tit
T he
e>c.
spectively, while the Missouri l acute and Wabash are
buoge.s
tor court
ness
or
in early January tor
loui*
St.
Loui"
Sf.
New York
8.....
11.025
10.025
46.125
4.85
4.70
4.50
Deo.
Dec.
9
11.025
9.975
45.850
4.75
4.60
4 50
4.60
4.50
Dec
10
11.025
9.950
45.950
4 75
12
11.025
9.950
46.000
4.75
4.60
4.50
Dec
9.950
46.000
4.75
4.60
4.50
Dec. 13
11.025
Deo. 14
11.025
46.000
4.75
4.60
45.988
9.950
4.50
4 767
4 617
4.50
9.967
11.025
Domestic copper, f.o.b*
Ltralts tin, 46.113c.*, New York lead,
calendar week ended Dec. 10 are:
Average prices for
11.025c.; export copper, 9.954c,;
refinery.
Louis zinc, 4.500c.: and silver, 42.750c.
Tim alMive limitations are "M. & M
aI.V* appraisal o! the major t nited States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash. New York or 8t Louis, rts noted
All prices are In cei ts pet pound
Copper lead and zinc quotations arc hosed on sales for both prompt and future
deliveries; fin quotations are for prompt delivery only.
Ir. the trade, domestic copper prints are quoted on a delivered basis; that Is.
delivered at consumers' plants.
As delivery charges vary with the destination, the
figure* shown al*ove are net prices at refineries on the Atlantte seaboard
Delivered
4.842c.; St. Louis lead, 4.692c.; St.
England average 0.225c per pound above the refinery basis.
quotations for copper are reduced to net at refineries on the Atlantic
On foreign business In copper sellers usually name a c.l.f price—Ham
Hax-re. and Liverpool
The c.l.f basis commands a premium of 0.325c. per
prices In Sen
Export
•eaboard
burg.
fo.b
pound above
refinery quotation
is inuicatea by the fact that present
100,000 uni.s
a
of motor
assembly schedules call for about
week through January at least and possibly
well into Feb¬
that
being
Y> heiher there is a temporary seasonal falling ofi in output at
ruary.
the trend of retail orders, on which schedules are
based.
the
.before
Public Works Administration building
deadline on
Dec. 31
work will at least reach the state of
construction projects a large volume of
bidding.
contract
i3,2o0 tdns, but new
1199337284
lettings of fabricated structural steel were
This week's
Reinforcing bar
including 13,000
storage building in Chicago and
projects total 23,600 tons.
8,000 tons with 25,000 t.ns in new projects,
in Boston, 2,c00 tons for a
2,200 tons for barracks in Hawaii.
*
industry are sliding off gradually,
being estimated
week, but not much further
decline is to be expected over the re*, minder of the n unth.
T he usual slump
iu the week between christurns and New Year's may be less than normal,
at
this week, down two points from last
bo%
possioiy reflecting little more than the loss of one holiday, Christmas.
It is indicated that there may be a last-minute rush of specifications for
sheets and
the October price dip.
strip contracted for during
confident that by m Jd-Jamiary at the latest
operations
Increasing releases for construction
projects, ranroad orders, resumption of tin p*ate production on a larger scale
and the continuance of generous consumption by the automobile industry.
Although no forn-al price advances have been scheduled for the first
quar.er, some uni.s of the industry will attempt to improve their net
returns by the withdrawal of concessions.
Makers of merchant wire prod¬
ucts have withdrawn concessions wnich amounted in some instances to
about $u a ton and are quoting the puolished prices.
Bolt and nut makers
have also restored published quotations after temporarily withdrawing from
the market.
Reinforcing bar prices are also strengthening in some dis¬
tricts.,'
"
Without formal announcement, pig Iron makers have opened their books
for first quarter at unchanged prices.
Ierrornanganese prices have been
will be pointing
upward again, aided by
reaffirmed.
Although steel scrap prices
DAILY LONDON PRICES
A forerunner of this busi¬
this week by one Letroit com¬
Continued large consun.ption of steel for the manufacture
Steel companies are
Average..
orders before the end of the
sizable tonnages.
the placing of about 20,000 tons
was
,668,356 re¬
expected to submit
approval shortly.
Automobile companies probably will place
mouth
& Ohio
Louis-can l rancisco and the St. Louis southern
permission to spend $2,306,421 and $i
court
operations of tne steel
New York
l)om.,Refy. Exp., Refy.
equipment repair progrann are taking
cf fabricated car pans from the Chesapoake
tons
example.
tons for a sewer
>
While the only im¬
the Wheeling & Lake Erie
Reading-Central of New Jersey,
recently inquired for by the Norfolk & Western may
awards were
QUOTATION'S)
("E. & M. J."
Straits
Electrolytic Copper
southern Pacific.
portant orders are 400 hopper cars placed by
only
PRICES OF METALS
Pacific and
80,000 to tOO.OOO tons from the Union
are
sizable tonnage for the
Dec.
DAIIA
41,250 tons, of which
Chesapeake & Ohio, 13,000 tons by the
by the Pere Marquette.
Rail inquiries
25,000 tons has been placed by the
time depends on
14,
The
general selutien fer railroad ills had been found.
rther states:
"iron Age" fi
activity in the automobile centers and a
moderate upturn in tin-plate operations.
The tin-plate mills are said to be
operating at close to 40% of capacity against 35% a week previous.
Chinese tin, 99%, was nominally as follows:
Dec. 8, 44.625c.; Dec. 9,
44.350c. ;
Dec.
10, 44.450c.;
Dec.
12,~ 44.500c.; Dec. 13, 44.500c.;
owing to greater
country,
new business in other lines is
inclination to hold inventories
a
cars
this
when
time
a
the year-end
major
pany.
46c.
at
by
be ordered shortly.
inquiry for zinc in the last
more
mills
affected
the 2,100 freight cars
Zinc
There
steel
some
Lead
The
3683
Chronicle
show signs of Weakness in some
districts, the
steady and the Philadelphia quotation
Is 5oc. a ton higher, based on a moderate-sized sale to a mill.
Thus the
"Iron Age" scrap composite prices has advanced 17c. to $14.92, within 8c.
Pittsburgh and Chicago prices are
copper
Elect'"
3M
<fii(1)
Spot
1
Zinc
Isad
Tin. Std.
Std
Spot
3M
Copper,
Spot
3M
Spot
3M
Dec.
8
43%
43%
48%
214%|
215
14»u
15%
13%
13%
Dec.
9
42 %
43%
48%
213%
214%
14"i»
15
13%
13%
Dec. 12.
43b,
43si«
48%
213%| 214%
14%
15%
13%
13 *i«
43
43%
43%
48%
214%
14"n
14»i«
13»u
48%
214
215%
» 215
131316
Dec. 13...—_
Dec. 14—
14%
14'tje
13%
13%
43
official buyer's prhes for the first session of the
London Metal Exchange; prices for copper and tin are the official closing buyers*,,
prices.
All are In f ounds sterling rwr tnn« t„n /2.240 lb ).
Prices for 'cad and zinc are the
of its
peak for the year.
Still wrestling with the
existence of some of
the less favored units of
THE "IRON
13. 19j8, 2.286c. a
Shipments Higher
One mouth ago
...
One year ago.-.
steel products by subsidiary com¬
panies of the United States Steel Corp. for the month of
November amounted to 679,653 tons.
The November ship¬
Shipments of finished
with 663,287 tons in the preceding month,
increase of 16,366 tons, and with 587,241 tons in Novem¬
ments
an
compare
increase of 92,412 tons.
For the year 1938
date shipments were 5,931,164 tons compared with 12,-
1937,
ber,
to
an
336,397 tons in the comparab e
of
6,405,233 tons,
In
the
table
or
period of 1937, a decrease
51.9%. -
below we list the figures
by months since
OF STEEL PRODUCTS
YEARS
Month
Year 1934
BY MONTHS FOR
INDICATED
Year 1935
Year 1936
Year 1937
1,149.918
1,133.724
Year 1938
518.322
January
331,777
534.C55
721.414
February
385,500
582.137
676.315
March
588.209
668.056
1,414.399
572.199
1.343.644
501.972
April..
643.009
691.728
783.352
979,907
474.723
May
745,064
598.915
984.097
1.304.039
46*. 081
June
985,337
578.108
886.065
1.268.660
478.057
July
369.938
647.794
960.851
1.186.752
441.670
August
378.023
624.497
923.703
370.306
614.933
961.803
1,107.858
1.047.962
558.634
September—
686.741
1,007,417
792,310
663.287
679,653
October
....
November
366.119
681.820
882.643
687.241
December
4)8.630
661.515
1.067.365
489,070
Yearly adjustment. --(19,907)
-(23,750)
577.6^6
—(40.859)
17
9
2 211c.
Oct.
8
Mar
2 749c.
Mar.
2
2 24'ic
Deo.
28
2.016c
Mar. 10
2.P62C.
1937
May
....2 612c.
Oct.
1
2.056c
Jan.
1 946c
Jan.
1
<92c.
May
2
870c.
Mar
15
29
1936
1235
2
5,905.966
7.347.549
10,784,273
12,825.467
1938-
Off Slightly—Railroad Buying
not
Large
The "Iron Age" on its issue of Dec. 15 reported that the
railroads, which have been a relatively minor factor in steel
business during the past year, are coming to the aid of the
24
3
.
8
2
Sept.
6
3
2.192c.
1932
1930
Jan
7
1,962c.
Oct.
Jan.
4
2 212c.
Nov.
....2.402c.
1927—
1
Pig Iron
Dec. 13.
| Based on average of bvslc Iron at Valley
furnace and foundry Irons at Chicago,
1938, $20 61 a Gross Ton
>20 fil■{
Philadelphia,
20 611
High
,
1938
-
-.$23 25
23 25
19.73
18.84
17.90
16.90
14 81
18.21
19.71
;..
193«
1935
19341
...
-
—
1930
1927
Steel
13. 1938, *14.92 a Gross
One week ago
-
One month ago
-
1936
1932
-
-
—
1930"~-I
1927
The
and
June 21
Mar. 9
Nov. 24
Nov. 6
May 1
Dec. 5
Jan. 5
Jan
7
Jan. 4
Low
$19 01 July 6
20 25 Feb. 16
18.73 Aug. 11
17.«R May 14
16.90 Jan 27
13.66 Jan. 3
13 56 Dec 6
16.90 Dec. 16
17.54 Nov 1
Scrap
Ton
(Based on No. 1 heavy melting steel
$14 75\
quotations at Pittsburgh, Philadelphia
14 841
and Chicago
13.421
One year aao
Buffalo,
Valley
Cincinnati
Southern iron at
.—...J— 23,251
One yeai ago
Dec
Oct
1.115c
1935
Steel Operations
Apr
l.«'6.;c
1937
Total for year
118c.
......
One month ago
OF SHIPMENT8
Low
H*0h
.—2.512c
1938
1934
Steel
{Baseu on steel bars, beams, fauk plates,
.„2.286o.i wire, rallB, black pipe -meet" and hot
...2.286c. |
to led strips.
These products represent
2.6l2c.l
85% of the United Stat-* output.
Lb.
On* week ago.......
Janury, 1934:
TONNAGE
...
the industry.
AGE" COMPOSITE PRICKS
Finished
Dec
One week ago
United States Steel Corp.
the steel
problem of high costs and low prices,
both large and small companies, has poured protests
into Washington against the wage rate decision of the Public Contracts
Board of the Department of Labor, which, it is held, threatens the very
industry, including
_■
American Iron and
H'oh
$15 00 Nov. 22
21.92 Mar. 30
17.75 Dec 21
13 42 Dec. 10
13 00 Mar. 13
12.25 Ana, 8
8 50 -Jan. 12
15.00 Feb. 18
15.25 Jan 17
Low
$1100
12 92
12.67
10.33
9 50
8.75
6.43
1125
13.08
June
Nov.
June
Arr.
Sept.
Ian.
July
Dec.
Nov.
7
10
9
23
25
3
5
9
22
Steel Institute on Dee. 12 an¬
nounced that telegraphic reports„
which it had received indi-
3684
Financial
Chronicle
cated that the operating rate of steel
companies
of the steel capacity of the
industry will be
having 98%
57.6% of capacity
for the week beginning Dec. 12,
compared with 59.9% one
week ago, 62.6% one month ago, and
27.4%'one year ago.
This represents a decrease of 2.3
points, or 3.8% from the
estimate for the week ended Dec. 5, 1938.
Weekly in¬
dicated rates of steel operations since Dec. 6, 1937, follow:
1937—
Dec.
6-
1934—
1933—
27.5% Mar. 14.. ...32.1 %
Dec. J3
vlar. 21
27.4^
33.7%
Dec. 20.*_..23.5% Mar. 28
35.7%
Dec. 27
19.2% Apr.
4.....32.6%
—
..
1933-
Jan.
Apr.
I
11
4pr.
18..
26.6%
Jan.
10
Jan,
Jan.
17.....29.8% May
24
32.7% May
Jan.
31
Feb.
7
Feb.
27.8
—
32.4%
% Apr. 25
32.0%
30.7%
9.r...30.4%
30.5% May 16
30.7%
30.7% May 23
29.0%
31.0% May 31
26.1%
6
30.4% June
26.2%
June 13
29.3%
27.1%
.29.9% June 20
28.0%
14
Feb. 21.
Feb. 28
Mar.
32.7 %
7
2
Jet.
28.7%
July
5
22.4%
Jet.
17
32.3%
Jet.
24
18
Aug.
Jet.
36.4%
31
56.8%
61.0%
62.6%
21
61.9%
28.....60.7%
37.0% Nov. 7
39.8% Sov. 14
8
39.4% Nov.
40.4% Nov.
Aug. 15
most districts were
of the year.
.
Aug. 22
r42.8%
Jee.
Aug. 29-.--44.0%
6
39.9%
Jec.
5
59.9%
12.....57.6%
weak
quotations
well
as
the forward
ago,
with the turn
consumers
will
placed
actively covering forward needs.
best
rate
in
16
months,
some small fill-in lots of flat-rolled steel at full market
sustained
assemblies scheduled into
prices.
have
are expected.
In addition to the favorable outlook for the
automobile
other sources of steel business
Industry, several
give promise of lending considerable support
to
production next quarter.
The recent spurt in structural and
reinforcing
bar inquiries and awards will be
intensified the remainder of December
by the PWA program.
Numerous projects under that bureau must be
under contract or bid by Jan.
1, and the last-minute rush for estimates
will flood the market the next three weeks.
Annual
track material buying by railroads is
starting to appear, and
purchases during ensuing months are likely to be well ahead of totals
a
year ago.
Norfolk & Western has placed 13,000 tons.
Union Pacific's
1939 requirements of rails and
fastenings are estimated at 80,000 to 100,000
tons.
This past year no new rails were
bought by the latter.
Recent Improvement in railroad
earnings enhance equipment
buying
prospects, but further substantial gains will be
necessary to finance compre¬
hensive programs of freight car and locomotive
purchasing.
The Week with the Federal Reserve Banks
During the week ended Dec. 14 member bank reserve
balances increased $68,000,000. Additions to member bank
reserves arose from decreases of
$30,000,000 in Treasury cash
and $25,000,000 in non-member
deposits and other Federal
Reserve accounts, and increases of
$9,000,000 in Reserve
bank credit,
$13,000,000 in gold stock, and $9,000,000 in
Treasury currency, offset in part by increases of $14,000,000
in money in circulation and
$6,000,000 in Treasury deposits
with
banks
Federal Reserve banks.
Excess
on Dec. 14 were
estimated to be
seasonally in
November.
largest for the month in history.
,
tons,
3,117,934
against
1937.
Increase
tons
Total
October
and
latter month
the
over
in
was
compared with the corresponding 1937
November production was the largest for the
1936,
year
prices for
Several
next
now are
steady,
are
new
auto¬
except for
easiness
in
traditionally
producers have announced reaffirmation
With
quarter.
few exceptions,
a
all iron
of pig
and
steel
established for the coming period.
Steelmaking last week dropped 4 points to 43% at Pittsburgh and 5.5
at Cleveland, but this was offset by gains of 3
points to
59.5% at Chicago, 4 points to 80% in New England and 2
points to 86%
at Detroit.
Other districts were unchanged,
including eastern Pennsyl¬
vania at 37,
Wheeling at 62, Buffalo at 49; Birmingham and Cincinnati
points to 66.5%
at
75, St. Louis
Except in
and
51.5 and
at
the scrap
Youngstown at 65.
influenced by export business, scrap markets are
easy
down 9 cents to $14.66.
The finished steel
areas
composite is
composite is unchanged at $56.50 and the iron and steel
composite holds
at
$36.36.
of
reserves
Steel ingot production for the week ended Dec.
12, is
placed at 60% of capacity according to the "Wall Street
Journal"
Dec.
15.
This
U. S. Steel is estimated at
65%
58%
two
weeks
61% in the
The "Journal"
ago.
against 56 A%
,
with
compares
in the week before and
Leading independents
ago.
are credited with 63 A%
in the preceding week and 6334% two weeks ago.
The following table gives a
comparison of the percentage of production
,
compared with 64%
with the
nearest corresponding week of
previous years, together with the
approximate changes in points, from the week
immediately preceding:
Industry
1938
U. S. Steel
60
—1
55
1937
28
—2
29
1936-
80
+3
56
—1
Independents
70
1935
34
+2K
33
+3
1932
1931
25
1930
+
—
26
—2
67A
+3
—1
+3 A
14 A
24
^
—1
—2
—1
+1
32
—1
63
82
+4
—3
38
35
64
A
+4A
64
A
44
—
80
1927
+ 1
+3
A
—
87
15
~1A
63^
1928_
28
28
37
1929
63 A
—4
30^
,
—1
14^
—1A
,
47
1934
1933
79
7 OA
—3
65
+5
+3
ASSETS AND LIABILITIES OF WEEKLY
REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
.
(In Millions of Dollars)
New York City
Dec. 14
Dec. 7
Dec.
1938
Loans and
Investments—total..
,1938
%
Assets—
$
Chicago
15 Dec.
1937
%
14
Dec. 7
1938
Dec. .15
1937
1938
$
$
Commercial
$
7,846
7,981
1,916
1,906
3,080
3,570
531
525
666
1,408
industrial
agricultural
1,424
1,809
343
341
444
1,944
and
loans
Open market
7,876
3,088
Loans—total
paper
»
135
Loans to brokers and dealers.
Other loans for purchasing or
member
approximately $3,480,000,000, an increase of $40,000,000 for the week.
The principal
changes in holdings of bills and securities
were an increase of
$3,000,000 in United States Treasury
notes and a decrease of
$3,000,000 in United States Treasury
of
previous week and 61^% two weeks
further reported:
With
January, sheet and strip quotations
will be given a more severe test next
month, when automotive orders for
larger tonnages
than
a year ago.
steel confidently Is expected
the
14.6%
generally
products.
47.9%
unchanged last week, the national rate
operating at
prices
Oct.
as
important factor in bolstering
an
more
models.-.
iron
season
will be
month since 1928, partly a reflection of the fall
introduction of
mobile
47.3%
to the quieting Influence
was
3,572.220
was
Except for
«
46.7%
In contrast to the situation 12 months
builders,
period.
Sept. 12.....45.3%
3
year
a
expanded
2,154,365 tons in November,
65.7% and was the first this
Sept. 26
1939 with relatively moderate stocks of most
products.
Sheet and
strip inventories, while heavy In some Instances, will be lighter than was
Automobile
plate into next
production
October
over
Sept. 19
This compares with 27%
were
Gain
Steel
enter
anticipated at the time buyers
ingot
production
Sept.
is offering strong resistance
holding at 61%
Renewed buying of finished
Steel
63.7%
July 25
Aug.
1
The increase resulted largely
With retail buying sustained
year ago, the seasonal tapering in
production early next quarter is expected to be relatively moderate.
Tin plate output is
heading upward, following an extended period of
light schedules, and all signs point to further gains after Jan. 1.
Small
49.4%
11
commitments made In some products a number of weeks
ago.
Neverthe¬
less, the additional letdown in operations prior to the usual
holiday slump
is expected to be relatively moderate.
Schedules In
since August, 1937.
stocks materially smaller than
17, 1938
several thousand units to 100,705
production.
July
July
of the approaching year-end.
New business is slower, the result of the
of steel output
and
10-...-61.4%
"Steel" of Cleveland, in its summary of the iron and steel
markets, on Dec. 12 stated:
Steel production
trucks, highest
and
cars
rose
from further expansion in Ford's
operations.
carryover of tin
1933—
June 27
Dec.
Automobile assemblies last week
carrying securities
135
194
18
18
29
695
687
732
37
34
43
77
199
201
232
68
68
119
118
130
Loans to banks.
12
12
13
ill
98
48
Other loans
421
417
425
53
52
58
2,861
2,863
3,111
946
939
920
Real
U.
estate
loans
S. Gov't direct obligations..
Obligations fully guaranteed by
United States Government
1
»
bills.
826
809
Other securities
1,101
1,094
941
Reserve with Fed. Res. banks..
325
324
255
The statement in full for the
week ended Dec. 14 will be
found on pages 3720 and 3721.
4,101
4,065
2,530
935
924
613
Changes in the
and related items
amount of Reserve bank credit
were as
(+)
Dec. 14. 1938
Dec. 7, 1938
$
$
7,000,000
1,000,000
...
118
103
60
38
36
31
77
71
73
210
213
164
461
470
54
52
59
6,884
6,864
5,826
1,643
1,635
1,496
601
605
662
469
468
454
115
115
364
62
62
65
2,703
2,659-
2,021
694
681
524
outstanding
or
Decrease
Demand
(—)
Since
Including
$15,000,000 commitm'ts—Dec. 14)
66
114
Liabilities—
Increase
U. S. Government securities
Industrial advances (not
77
359
457
Balances with domestic banks..
Other assets—net
follows:
Bills discounted
Bills bought
Cash in vault-.
.
Dec. 15,
1937
$
...
-I
I
—9,000,000
—2,000,000
2,564,000,000
16,000,000
+1,000,000
—2,000,000
13,000,000
+ 8,000,000
+ 9,000,000
+13,000.000
+ 9,000,000
—31,000,000
+1,615,000,000
+159,000,000
balances
9,034,000,000
Money In circulation
6,858,000,000
Treasury cash
2,651,000,000
Treasury deposits with F. R. bank..
413,000,000
Non-member deposits and other Fed¬
+68,000,000
+2,150,000,000
+14,000,000
—30,000,000
—969,000,000
+6,000,000
+181,000,000
Domestic banks
Foreign banks
Borrowings
442
426
378
356
350
366
18
17
19
1,487
1.490
1,483
258
258
247
9
10.,
6
14
#9»ther liabilities
Capital account
-17,000,000
2,600,000,000
14,380,000,000
2,784,000,000
deposits—adjusted
Time deposits
United States Govt, deposits...
Inter-bank deposits:
Other Reserve bank credit
Total Reserve bank credit
Gold stock.
Treasury currency
Member bank
reserve
eral Reserve accounts
809,000,000
Returns of Member Banks in
+ 262,000,000
New Dork
+120,000,000
City and
Below is the statement of the Board of
Governors of the
Federal Reserve System for the New
York City member
banks and also for the
Chicago member banks for the current
week, issued in advance of full statements of the member
not be available until the
Returns of Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York
and
Chicago member banks are given out on Thursday, simul¬
taneously
selves
—25,000,000
Chicago—Brokers' Loans
banks, which will
Complete
coming Monday.
with
the
figures
of
the
Reserve
banks
them¬
and
covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal
returns
of
the Federal
the
entire
Reserve
body
Reserve System respecting the
of reporting member banks of
System for the week ended with the
close of business Dec. 7:
The
leading
condition
cities
statement—of
shows
the
weekly
following
reporting
principal
member
changes
banks
for the
in
week
101
ended
Vo/ume
7:
Dec.
and
the week
for
Increases
of
$15,000,000
in
in deimand deposits—adjusted,
securities, $101,000,000
deposits
credited
Commercial,
in the
Chicago and
and $86,000,000 in
-
-
.
and agricultural loans increased
brokers and dealers in securities
to
increased $116,-
all reporting member banks.
Holdings of United states Government direct obligations increased $io,000,000 in New York City and declined $16,000,000 in the Cleveland
district,
$7,000,000 in the Boston district, $6,000,000 in the Dallas
district, and $19,000,000 at ail reporting member banks.
Holdings of
000,000 in New York City and $126,000,000 at
S'i" fully guaranteed by the United States Government increased
York City" and Vetoed" $2.00o!oOoTaU re^rtog member bank"
"
the
in
banks,
member
credited
Deposits
York
increased $97,000,000 in New York City,
Chicago district and $101,000,000 at all reporting
and declined $12,000,000 in the St. Louis district.
deposits—adjusted
Demand
$11,000,000
to
City, $12,000,000 in
domestic banks increased $34,000,000 in New
the Richmond district, $9,000,000 in the Boston
member banks. Deposits credited
$86,000,000 at all reporting
district and
$16,000,000
'
amounted to $1,000,000
in New York City and
foreign banks declined $19,000,000
to
reporting member banks.
Borrowings of weekly reporting member banks
all
at
on
7.
Dec.
'
'
.
A
summary
of the principal assets
and liabilities Of re-
porting member banks, together with changes
and the year ended Dec. 7, 1938, follows.
for the week -
some of this money might be used to help British traders take "sanctions"
against their Japanese rivals in China.
The Government is studying also the possibility of extending export
credits to China.
,
tt..-n
Dec. 7, 1938
Assets—
ing a dispute between the Government of Japan
Loans and
agrl-
™
fishing
™der f0ussi??. culltr01> Associated
frorn Tokio, Dec. 12, said.
C s
* The Foreign Office disclosed tonight that Russian-Japanese fishery
negotiations again -were deadlocked and that a temporary arrangement was
sought. The Japanese Ambassador at Moscow,-Shigenori Togo, confeTred with Soviet Foreign Commissar Maxim Litvinov yesterday, the
Foreign Office said, but Soviet Russia "rendered impossible conclusion of a
new fishery treaty within this year."
difiPute concerns principally Japanese fishing rights in Siberian
waters, a vital source of Japanese food. (Moscow dispatches on Dec. 8
reported a serious dispute had developed, revolving about Japanese demands
for an extension of fishing rights in Soviet waters and a Russian demand
for payments in connection with the 1935 sale of the Chinese Eastern
Railway to Mancbukuo.)
• v
^ ^
increase
United Press reported the
'
+15,000,000
—747,000,000
336,000,000
—2,000,000
—140,000,000
Loans to banks
Other loans
Obligations
obligations
guaranteed
fully
-108,000,000
—1,000,000
—4,000,000
+7,000,000
+ 2,000,000
—19,000,000
—83,000,000
—3,000,000
+47,000,000
—15,000,000
+ 74,000,000
+685,000,000
3,218,000,000
+3.000,000
—2,000,000
+583,000,000
+ 353,000,000
or
Real estate loans
U. 8. Govt, direct
+126,000,000
571,000,000
1,165,000,000
124,000,000
1,545,000,000
8,087,000,000
purchasing
carrying securities
by
United States Government.____
Other securities.
SrinvW«5Fed'to'banks
7issSS'S
in
m,*m~m-45o,000j000
VftUivM/f
v&8u
Balances with
domestic banks____
deposits
United States Government
t
nnonnnnnn
1 ojOOOf000
I■ 118^000jOOO
+27,000,000
+684,000,000
'"<
deposits—adjusted..
Demand
Time
2,487,000.000
■
Liabilities
deposits
——
16,114,000,000
5,127,000,000
533,000,000
6,298,000.000
492,000,000
1,000,000
Foreign banks
Borrowingsj
+101,000,000 +1,407,000,000
+ 3,000,000
—66,000,000
—1,000,000
+116,000,000
+ 86.000,000 +1,302,000,000
—16,000,000
+84,000,000
—12,000,000
^
\
■■
•
^
"
^
.
Indicates Intention to Abrogate Nine-Power
Treaty—End of Open-Door Policy in China Is
Seen—Great Britain Seeks United States Cooperation
in Reprisals—Alleged
Rate War Between
Amor+ar,
larrnnncn
CL;
American
a
d
Japanese Shipping r*«
Companies
Japan
2>ino-Japanese
Conflict
Tokio advices Of Dec.
that
the new Chinese
9 to the Associated Press reported
Government established under Japa-
would soon announce the renunciation of
treaty.
Despite these reports, Kensuke
Horinouchi, new Japanese Ambassador to the United States,
Said at Seattle, "YVash., on Xlec. 12, that Japan would not
disturb the open door trade policy in China after it completed conquest of that country. Meanwhile, it was reported
from London on Dec. 9 that Great Britain was seeking
cooperation from tile United States in applying retaliatory
Nine-Power
the
fl£rnin<+
mpnsurps
in
Tnnan
nn
Pffnrt to
'
UOOI
maintain the nnpn
maintain thn open
principle.
international protests
Previous
regarding Japan's actions
issue of Dec. 3, page 3379.
Associated Press Tokio hdvices Of Dec. 9 said:
The Nine-Power treaty, signed by China and Japan and seven Western
Powers, the United States, Great Britain, France, Italy, Belgium, Portugal
and The Netherlands, pledges the signatories among other things "to use
their influence for the purpose of effectually establishing and maintaining
the principle of equal opportunity for the commerce and industry of all
nations throughout the territory of China."
But
this principle, that of the open
door for trade in China, had
vanished, in th$ view of Tokio. < A full statement df the Japanese view
was
given yesterday, it is reported in authoritative quarters, by Foreign
Minister
Hachiro Arita to the United States and British Ambassadors,
Joseph C. Grew and Sir Robert Craigie.
Mr. Arita's expositions, frank and full, were said to have contained such
phrases as "henceforth, you will be permitted" and "you will not be
permitted" in connection with the privileges Western nations may enjoy
China
in
in
were
conducting
noted
commerce
in
Mr.
our
in China.
Japan's view will apply to
of any
occupied parts of China, nearly
importance in world commerce.
is understood to have laid down two
Arita
specific questions are to be settled:
The Chinese-Japanese conflict has changed
all of China
general principles upon
1.
2
has
and
Japan,
nomic
bloc,
Western
virtually
be
Manchukuo and the
the political situation in
"New China" have become a new eco-
Mr. Arita is reported to have
subjected to the "colonial system."
said the "New China" will not
New York "Herald
Tribune," in connection with the open door policy, said:
The first step toward defense of Great Britain's rights under the NinePower treaty of 1922 was taken today when the Government announced
its
intention of. increasing the Board of Trade fund available for the
A
London
dispatch of Dec. 9 to the
id saiu.
Chinese troops reported today that they had recovered. virtually all the
territory they had lost in Hunan Province since the Japanese occupation of
Yochow on Nov. 12.
They said their latest victories in the month-long counter-offensive in,c?uded th* 5aeture otJ^ Ullages
of Yochow and took them across
the Hupeh Province border to within three miles of Tungcheng.
They reported Sunday. [Dec. 11] that their forces farther west had
advanced up the shore of Tung Ting Lake tov within five miles of Yochow. ;
Tungcheng is about 40 miles east of that salient.
Chinese advices also told of gains north of Hankow, former provisional
capital, which is the base for Japanese operations on the Yochow front
as well as those in Hupeh Province to the west and north. As a result
the recapture of three important towns east of the Peiping-Hankow
' Railway, these advices said, most of the Japanese troops in that sector
had withdrawn to Anlu, tQ b&miles northwest of Hankow.Loshan, 25 miles
100 held by the chinege were
three towng gaid
Thg
SinyaiJg.
Hwangchwan, 60 miles east of
miles east of Sinyang.
Sinyang, and Kushih, 90
Sinyang is a Japanese base on
the Peiping-Hankow
Railway no miles north of Hankow.
.
We als0 qUOte the following from advices (Associated
press) from Shanghai, Dec. 11:
Guerrilla forces of China's famed Eighth Route (former Communist)
Army were reported today to have killed 6,000 Japanese in a major setback
to the invaders' long-heralded "mopping-up" campaign in Shansi Province,
111 addition, neutral reports said large supplies of arms and ammunition
had been seized by Chinese carrying on ceaseless hit-and-run attacks against
.
Japanese attempting to gain complete control of the northeast Province,
The8e advices said theArmy,9 fottifiedbegun at tbe foot 0,against WutaxJapanese had baM an offensive WuUi Mo„„.
)he Eigl)th Eoute
tain, but had been forced to 'withdraw in the face of the day-and-night
har^sing activities of the guerrillas. The Chinese were reported to be in
control of the area surrounding Wutaishan, where Japanese outposts and
supply lines were being subjected to relentless guerrilla forays.
Other guerrilla successes were reported by the Chinese Fourth Route
Army in Anhwei, Chekiang and Kiangsu Provinces. Shanghai and Nanking,
two of the main Japanese-captured cities, are in Kiangsu.
u d y d £
£ D
6 the Associated Press reported the
„
.
„
*
_
following from Hongkong:
>
Japanese reported today they had occupied Kongmoon, important treaty
port 35 miles northwest of the Portuguese colony of Macao, further strengthening their hold oil Canton. They previously had occupied Kowkong, to
the north of Kongmoon, and were reported moving southward toward
Sunwei, famous home town of many thousands of overseas Chinese.
Kongmoon, which was proclaimed a treaty port in 1904, was 6aia to be
the twenty-first treaty port to be occupied by the Japanese during t e
18 months of hostilities.
,
,
•
Martial law now is in effect in the entire Chungshan district, with
thousands of refugees pouring into Macao.
Recent references to the Sino-Japanese matters appeared
columns Qct.
j
Xn.
NOV. 19, paee
oaoa
29, page 2608; NOV.
oa
Q9QJ
♦
of Canadian
ofH
+7
12, page 2943;
3089, and NOV. 6, page
dismantled the Nine-Power pact.
although they do not intend to exclude foreign trade.
Powers will be expected to conduct their foreign trade on new
principles.
As to tlie ±course of the lSino-Japanese war, • Associated
nl
•
t\ .
10 «r* ui
Press accounts from Shanghai on Dec.
+2
which
China
upon « general- conventiob regulating Japanese fishing rights in"
Soviet Far Eastern waters.
■
" M. Litvinov replied that Russia cannot negotiate further on the fisheries
question unless Manchukuo makes the final railway payment, which amounts
+ ah_nf
Rnft nnn
to aoout ^>i,ouu,uuu.
t
The present fisheries leases expire Dec. 31, and unless an agreement
is reached before that time Japanese rights automatically will expire.
xhe annual Japanese catch in Soviet waters is valued at about $3,500,000.
eagt of
protection
nese
accept the Soviet pro-
a]ly> Manchukuo, pay the final instalment of the purchase price of rights
i» the former Chinese Eastern Railway. He said the question of the railway purchase cannot be linked to the fisheries question and that Japan
i
838.000.000
for
loans
Other
Ambassador Togo explained that Japan cannot
following from
posals of this week, in which Russia agreed to a temporary renewal of
part of the leases but insisted that Japan must find a way to make her
3,881,000,000
cultural loans
and Soviet
+143,000,000 —1,049,000,000
8,460'°00,000
Open market paper
'
$
—r39,000,000
+125,000,000
investments—total.___21.450,000,000
r<°Commerdai~industrial"and
Dec. 8, 1937
$
,
Russia anent Japanese demands for an extension of
Qn j^gc
Nov. 30, 1938
$
-
,•
United Press \Yashillgton advices of Dec. 1— reported that
the United States Maritime Commission is investigating an
alleged rate war between American and Japanese shipping
companies over the South American coffee trade. Regard-
)-(esaerceD^W
Mogcow.
■
£75,000,000 (from $233,-
500,000 to $350,000,000). A source close to Whitehall hinted tonight that
in
$5,000,000 each
San Francisco districts and $15,000,000 at all reporting
Loans
banks.
member
banks.
domestic
to
industrial
£50,000,000 to
grant of export credits from
commercial, industrial
agricultural loans, $126,000,000 in loans to brokers and dealers"
3685
Chronicle
Financial
141
-
Bank of Commerce Foresee
..
~
.
,
•
_
Chances for Continued Dominion Ei
provement in 1939 S. H. Logan and A.
Report
Toronto
at
Annual Shareholders
9
+_t.
Good
-
L. Arscott
Meeting in
Many of the essentials for further economic recovery are
present in Canada, S. H. Logan, President of the Canadian
Bank of Commerce, said on Dec. lo at the annual Shareholders' meeting in Toronto. Recent gains in manufactur-
3686
Financial
he said, have
ing,
about
canceled
half
the
recession
Chronicle
that
"
in ihe latter part of 1937 and the
early months of
lie stressed the transformation of Canadian economy
one
based primarily on agricu.ture to one based in
"'I
Dec.
"
~
occurred
American
1938.
Nations loans.
from
great
part
mining
on
manufacturing
and
well.
as
still directly supports
course,
largest single
our
total
the
has
ment
been
not
of
population of the Dominion.
tascn
fered
enlarged.
nations,
major
against toe
19<,8
by
occupa¬
it
by
Prairie
grain
longer
no
Association
programs
should
we
by
have
we
5%
1902, 5%
few
days,
have
growers
recognize
fact
tne
that
all
at
as
types
new
so
they
There
do.lars
and
business,
is
cents,
of such
consequence
In recent years the world has
emphasis.
regulations,
private enterprise
deserve
to
as
trade has been shackled
r' huge expenditures have
been
devoted
to
national
armaments.
Because
of
In
discussing the current business situation, Mr.
regards the current business situation, the recent
facturing has canceled about half of the lecession in
1937
and
the
face difficult
may
will
l.keiy
be
1929-33
conditions
the
sti.l
is
group
months of
ear.y
smallest
strong
as
period, and
this
in
several
that
as
succeeded
to
24% during the past trying
in
su
these
metal
to
inuustries.
properties
industry
than
persons
are
the
go.d,
at
less
annual
purchasing
power,
enterprise
conditions
fall
in
greater
is
It
than
people
estimated
and
that
the
that
their
the
rate
because
may,
of
record
of
more
established
in
base
1937,
but
$160,000,000, has reached
over
because
result
•
low
of
of
of
for
prices
largest
products
is
1932.
650,000,000 bushels
a
and
much
now
yielus since
crop
Provinces is
grain,
than
greater
no
agricultural
unmerchantable
the
Prairie
though
The
deep-sea
previous
year,
offsetting
From
the
I
fisheries
rise
a
this summary
essentials
am
been
have
in
the
year
mainly
ago,
unusually
an
better
The grain
large
distributed
as
a
alone in
out-turn
compared with 370,000,000
as
slightly
landed
value
decline in the Eastern
a
continue
can
ably satisfactory terms
conditions
the
than
Pacific Coast
in
the
than
more
to
recovery
are
between the major
peace
expand
in
on
can
shall experience substantially improved business
during the coming year.
$17,338,000.
the
great
business
United
and
quarter
when
drawing to
now
mencement
now
duly
communique
The
regarding the
Bulgarian Government
the following arrangement* for
propose
Bulgarian League and
Nations
the
Government
will
pre-war
provide
financial year
Commissioner
loans:
the
full
service
these
of
1939.
1939 they will hand to the
non-interest-bearing
of
amount
leva
the
Treasury
bills
sinking fund where
recognized
will
instalment
transfer:
'
dates
for
each
the
loan
Bulgarian
"
1939.
on
1930 to
years
1933.
Coupons paid In accordance with the above provisions at 36M %
or
40%,
as the
$578,013,060,
are
increase
an
of
an
1937.
business
close has been
a
still
was
States
rapid
much
to which they relate.
(4)
At the end of the financial year 1939, when the Bulgarian Govern¬
duly transferred in foreign exchange the percentages of the
interest service mentioned in
paragraph 3 (a), (b) and (c), the League
have
ment
of Nations
Commissioner will release
the
interest and
(5)
The
of
in
suffering
the
early
expansion
Gradual
activity
in
from
months
the
difficult
a
the
recession
1937
of
latter
readjustment
At
one.
part
of
occurred
as
which
result
a
1936
until
its
and
about
com¬
began
of
the
too
first
armed
conflict.
foretell
raw
material
affected,
depressed,
pressure
seriously
trying
these
days
While
the
bonds
have
1
situation.
others,
the
and
I
So
far
have
rehabilitate
a
trade
as
I
to
on
very
personally
the
agricultural
by
the
all
Bulgarian
the
undertake that, if
they accord more
foreign obligation due from or guaranteed
they will accord at least as favorable treatment
these
the
State,
loans
loans
their
end
For
the
for
first
consideration.
Government
with
budget
the
of
ur.der
now
The Bulgarian
(6)
of
the
the
financial
in
„
undertake
bondholders'
week
D.
to
discuss
committee*
year
December,
1940,
the
future
concerned
and
in
before
any
\
service
case
they
before
1939.
Bulgarian Government,
BOJILOFF, Finance Minister,
N.
bondholders'
STOYANOFF, Director of the Debt Administration.
currencies
trade
and
the
industry
crisis
during
passed
tion
by
which
the
to
For
A.
S.
has
in
the
this
operative
economic
interpret
the
views
agreements
will
which
do
of
much
plays
G.
League Loans
Hoar, Secretary.
the
Council
on
contained
Remittances
and
Various
in
a
communique published in
Dec. 1 by the bondholders' organizations for the
loans, and issued in New York this week through Speyer &
themselves.
They recommend
Government's proposals.
Committee
Foreign
these proposals
(London),
Bessborough,
the
bond¬
Chairman;
the
Association
Bondholders, Bessborough, President; A. L.
Nationale
des
Porteurs " Francais
de
Valeurs
Mobilieres, E. Regard, President de l'Association; Paul Gauthier, President
du
Comite J L. Martin,
Sous-Directeur.
For
the
Swiss
Committee;
For
the
Publics,
For
R.
Maurice
the
Bankers
Dunant,
Association
de
General
Beige
Cock,
Committee of
Association,
Secretary
pour
to
la
President;
the
M.
Brugger,
Balkans
Defense
F.
Amsterdam
Van
Stock
President
of
Balkans
Committee.
des
Roy,
Detenteurs
de
Fonds
Vice-President.
Exchange, W. Cnoop Koop-
The
Secretary.
of the bondholders' organizations of
Dec. 24, 1936, referred to above, was given in our issue of
Jan. 16, 1937, page 365-366.
announcement
so
Supplementing the item appearing in our issue of Dee. 3,
page 3381, we give below the details of the plan of the
Bulgarian Government to increase its remittances during
1939 on the two Bulgarian League of Nations loans
(7%
1926 and 7%% 1928) and various Bulgarian
pre-war loans.
London
For
323^% of Jan. 1 Interest to Be Paid on Kingdom of
Bulgaria 7% Settlement Loan 1925—Stock Ex¬
change Ruling
Speyer & Co. and J.Henry Schroder Banking Corp., New
as American fiscal agents for the Kingdom of Bulgaria
Loans
were
of
considered
Bulgaria in the light of the informa¬
by the League of Nations as well as
economy.
Bulgaria's Plan to Increase
Two League of Nations Loans
details
representatives
accept the Bulgarian
the
For
available
on
our
country,
made
Philp, Joint-Secretary.
the
on
judge and
that
become
bearing
been
Bulgarian
holders
mans,
will
organizations have carefully
and have also studied the situation of
readily be appreciated
when
important
of
Pre-War
foreign
...
industry
our
and
will
which
can
conclusion
part in the structure of
Details
However,
resumed.
a
It
handicapped
agreements
have
sharply
dollar.
September.
will
come
the
the
disturbances
in
new
which
declining
against
movement toward recovery was
We
diplomatic negotiations were in progress
business was, of course, profoundly
much disturbed,
security markets greatly
outcome,
markets
Government
heavy
those
to them the Treasury bills for
61%%
sinking fund mentioned in paragraph 2.
full
Government
favorable treatment to any other
mid-year,
showed signs of again advancing and the outlook
Following this encouraging turn we were, as you
improved.
could
one
under
the
Bulgarian
of
know, plunged into a period of grave anxiety due to the international
political situation which brought the major European countries to the
brink
due up to and
Including Dec. 31, 1939, in respect of coupons maturing after Jan. 1, 1940, will be
transferred in foreign exchange as provisional payments on account which will
in
no way prejudice any
arrangements which may subsequently be made for the coupons
all
The
com¬
have
•
The year
to
their
be, will be regarded as satisfied by those payments.
The further instalments of 40% of the Interest service
falling
The
vital
that
loans.
nudget for the financial year
In discussing the outlook for 1939, Mr. Arscott
said:
Jan.
in
out
to
Government
reference
original contracts.
.
we
taxes, while total deposits
how
with
Bulgarian
applies.
frame
no
the
and
(Deputy
32*£% of the interest in foreign exchange
the beginning of the
reason¬
Arscott, General Manager of the bank, reported that
profits tor the first 11 months of 19£$ were $2,648,975 after
was
Government
Bulgarian
of
which
dates.
the
their
transfer
to
wAth
Gouneff
present.
announce,
that
61%% of the interest and the full
to
Powers
export business
our
Canada.,
in
present
now
A. E.
in
also
was
above-named
the
loans
M.
foreign
of
of current conditions it will be apparent that many
confident, therefore, that if
we
profitable
more
of
area.
for further economic
be preserved 8nd
'
Administration).
the percentages provided by the agreement of Dec.
11,
For the 1892, 1902, 1904, 1907, and 1909 loans
the calculations will be based on the amounts due In
gold francs as provided in the
,
1937.
of
Bulgarian
1896,
during the last
case may
proportion
..
new
,
Farm
in
of
(1) The
loans
1926, for the
that
a
Bank)
1936,
exchange will be calculated
metal
Peak.
the
this
annual
lower
the
of
who,
As, under the arrangement of Dec. 24, 1936, the Bulgarian Government have
provided in foreign exchange, as provisional payments on account,
32H % of certain
Instalments of interest towards the coupons due March
14, 1939. of the 1902 loan,
May 14, 1939, of the 1904 loan, Feb. 1, 1939, of the 1907 loan, July 1, 1939, of
the 1926 loan, and May 15, 1939, of the 1928
loan, they will forthwith provide
additional sums In foreign exchange to raise these Instalments to the
36)3 % level.
For the pre-war loans the percentages of the interest to be transferred in
100,000
over
of
Bulgarian
service
up to Dec. 31,
undertone
in
service
1909),
7% 1926 loan coupon due Jan. 1, 1940; 7X % 1928 loan
1939; 6% 1892 loan coupon due July 14, 1939; 5% 1896 loan
14, 1939; 5% 1902 loan coupon due Sept. 14, 1939; 5% 1904 loan
coupon due Nov. 14, 1939; 4^% 1907 loan coupon due Aug. 1, 1939; 41909
loan coupon due Dec. 1, 1939.
(c) 40% of the further Instalments of Interest service due In foreign exchange
cut
engaged
4%%
the
Beige
Swiss Bankers
coupon due Nov. 15,
production
before,
ever
are
Association
the
coupon due July
this
of
healthier
a
in
Mobilieres;
the
and
Publics;
of the following coupons:
cut
lumber
the
newsprint
now
of
wood
new
Fonds
(a) 3dJ^ % of me i~j>Ui.uents of interest service due in foreign exchange in respect
of the following coupons:
7% 1926 loan coupon due July 1, 1939; 7H % 1928 loan
coupon due May 15, 1939; 6% 1892 loan coupon due Jan. 14, 1939; 5% 1896 loan
coupon due Jan. 14, 1939; 5% 1902 loan coupon due March 14, 1939; 5% 1904 loan
coupon due May 14, 1939; 4)£% 1907 loan coupon due Feb. 1, 1939; 4>$% 1909
loan coupon due June 1, 1139.
(b) 40% of the instalments of interest sendee due in foreign exchange In respect
earnings
The pro uction value of the industry for the
than
an
now
the
the
more
mining,
$450,000,0a0)
be fractionally
prices,
of
(about
year
is
year.
in
aggregate fully $125,000,000.
current
The
the
(3) On
manu¬
part
the
the
and
when
decline in
the
There is
activity
operation,
previous
employed
now
and
year.
latter
VaAeurs
Bojiloff (Finance Minister of Bulgaria)
Debt
organizations
24,
instalment
Government
industries, however,
But
limiting
15^%
Mining
in
are
in
only
in
progress
the
the
MM.
undertaking set
service
the
for
Logan
overcame
years.
which
in
British
Columbia
forest
during the winter,
in
-
The
year.
the
have thus continued
on
this
said:
As
de
Exchange;
1907 and
the
of
National
Dec.
of
out
League
open for her people new sources of income and avenues of employment in
peaceful pursuits.
discussed
the
of
(2) At
the world has lost, at feast temporarily, much of its pre¬
war flexibility and constructive
enterprise.
Canada, on the other hand, has
been able to broaden and diversify her productive
facilities, and thus to
•
have
bondholders'
current
by restrictive devices and
thesb Lanuicaps
Francais
Stock
"
special
been subjected to rigid economic
Porteurs
19o4, 4%%
(Director
munique
carried
has been penalized
by heavy and increasing
taxation, private capital has been fearful of moving freely into investment
^cfranneis, international
The
economic
material advantages in this notable change in the
but one, which cannot be measured in
many
Canadian
of
of
terms
been
nave
Des
Amsterdam
concerned with
are
Stoyanoff
eclipsed in
of
enterpr.se have ccme into being in recent years and that Canadian economy
as a
wno.e has shifted to a more
high.y industrialized plane.
iit-df)
Association, in respect of the Bulgarian pre-war loans (6% 1892, 5%
countries
droughts suf¬
many
maintains unchallenged
regard agriculture
means
no
to
the
Defense des Detenteurs de
la
Governor
importance,
character
of
pcur
supremacy.
tytu.e
Nationale
Committee
bad
area
Bu. gdLLXdJLl
two
following announcement is issued jointly by the League Loans Com¬
mittee (London), in respect of the two Bulgarian League of Nations loans
(7% 1926 and 7%% 1928); the Council of Foreign Bondholders; the
land settle¬
self-suif.ciency
erected
the long series of
the
that
agriculture
the
barriers
foodstuffs and
and
1929
Canadian
Moreover,
high
the
of
importation
between
depressed
extensive
no
for many years the productive agricultural
p.ace
apprec.auly
several
But as
—
the
The
tional ferv,up, as our farmers and their dependents constitute about one-third
of
•»
for
agents
The communique follows:
Bulgarian External Loans
With
regard inereto he said:
Agncuuure, of
fiscal
1938
17,
York,
7% Settlement Loan 1926, announced
on
Dec. 13 that Jan.
1, 1939 coupons off dollar bonds of this loan, presented with
an
appropriate letter of transmittal, wiii be paid
on or
after
that date at the rate of $11.38 per $35 coupon and $5.69
per
$17.50 coupon in fun settlement for and against surrender of
coupons. This payment represents 32% of the interest then
due.
Volume
Financial
147
3687
Chronicle
the round-lot transactions of speqa'lsta
strictly comparable with data <lml!ar»y desig¬
Note—On the New York Curb Exchange
;The New York Stock Exchange announced on Dee.
adoption of the following rulings by its Committee on
Floor Procedure pertaining to the Kingdom of Bulgaria 7%
the
•Mr stock" In which .egtste »d
well
entries in
Dec. 16.
1938.
1* 1939, and subsequent coupons.
EXCHANGE FOR
ON THE NEW YORK STOCK
(SHARES)
Week Ended Nov. 26, 1938
Total for
B. Round lot
transactions
(except
account of members
for
transactions for odd-iot accounts of
Cent a
4,779,250
.....................
..
Per
Week
A. Total round-lot volumo.
specialists and odd-
lot dealers):
■
1. Transactions of specialists In stocks In which they are
registered—Bought
........................
SALTZMAN, Secretary.
CHARLES E.
received because, at times, a
ACCOUNT OF MEMBERS*
received that payment of
,
the July
438,470
433,350
Other transactions lnitlateo on
2.
360.9^0
the floor—Bought
335.800
Sold
fiscal agents, have
drawn by lot for redemption on Jan. 15, 1930, at 100 and
accrued interest, out of moneys in the sinking fund, $688,600
principal amount of Republic of Cuba external loan 30-year
sinking fund 5j/£% bonds, issued under loan contract dated
Jan. 26, 1923. Payment will be made on and after Jan. 16
upon presentation of the bonds at the New York office of the
P. Morgan
& Co., New York, as
3. Other transact'ons Initiated off
154,062
the floor—Bought
186,155
Sold
943,492
Total—Bought
Sold
955,305
i
of
Exports Established
Imports and
Banks in
Sold..........
6 the New
control on
and exports, according to a cablegram received
Department of Commerce from the American Con¬
General at Wellington.
The Department of Com¬
at Washington, in making this known on Dec. 8,
merce
.........
Sold
609,980
572,952
.
Total
1,182,932
,
TRANSACTIONS ON THE NEW YORK
STOCK
.
1938
Week Ended Nov. 26,
•
.
CURB EXCHANGE FOR
(SHARES)
ACCOUNT OF MEMBERS*
Total Jor
.
governing the granting of import
announced but the Minister of Finance stated that
conditions
The
be decided on its
Dec.
before
31,
or
to
prior
which
was
Dec.
on
and
6
the sea
on
A
Total round-lot volume..
B.
merits.
ordered
Merchandise
licenses have not been
each application would
from
are
arriving in New Zealand
Dec. 5, will not need an
1. Transact'om? of
Sold.
months
overseas
reserves
of
Zealand
New
...
......
be due to the sharp drop
Zealand's export trade balance, and in the
(principally those in London) of both the Reserve Bank
and of private banks, according to the Commerce De¬
12.24
251,245
Total..
37,650
38,400
■
•
'
'
v
•
3.70
76,050
Total
21,086
24,225
Total
4. Total—Bought
2.21
45,310
—
167.625
.......—
204,980
Sold..
18.16
372,605
-
Total.
in New
Odd-lot transactions for
C.
—
Total
—.
*
Member Trading on New "York Stock and New
Curb Exchange During Week Ended Nov. 26
York
week ended Nov. 26, which included the
Thanksgiving holiday, the percentage of trading for the
account of all members of the New York Stock Exchange
(except odd-lot dealers) and of the New Ycrk Curb
transactions in each instance was below the
week ended Nov. 19, it was made known by the
Exchange
preceding
Securities
and Exchange Commission yesterday (Dec. 16). Both the
Stock and Curb Exchange were closed on Nov. 24, Thanks¬
to total
for the account of all
Nov. 26 (in round-lot
transactions) totaled 1,898,797 shares, which amount was
19.86% of total transactions on the Exchange of 4,779,250
shares. This compares with member trading during the
previous week ended Nov. 19 of 3,524,098 shares, or 20.72%
of total trading of 8,502,210 shares. On the New York Curb
Exchange member trading during the week ended Nov. 26
amounted to 372,605 shares, or 18.15% of the total volume
on that Exchange, of 1,026,580 shares; during the preceding
week trading fcr the account of Curb members of 588,230
shares was ^).82% of total trading of 1,412,350 shares.
The data issued by the SEC are in the snrKS of current
figures being published weekly in accordance with its program
embodied in its report to Congress in June, 1936 on the
"Feasibility and Advisability of the Complete Segregation
of the Functions of Broker and Dealer." The figures for the
weeks ended Nov. 12 and Nov. 19 were given in these
columns of Dec 10, page 3535-3536. In making available the
data for the week ended Nov. 26, the Commission said;
The data published are based upon weekly reports filed with the New
York Stock Exchange and the New York Curb Exchange by their respective
members. These reports are
classified as follows:
New
New
York
York
Stock
received
transactions as specialists
showing other transactions Initiated on
the
transactions Initiated off
the
Reports showing
2
Reports
3.
Reports showing other
4.
Reports showing no
floor
floor
transactions
-V.'
-
"members" includes all Exchange
term
partners. Including
special partners.
Shares In
with
total of
Includes only sales.
Odd-Lot Trading on New York Stock Exchange
<
Week Ended Dec. 10
Dec.
On
15
.
104
62
259
266
524
825
100
581
and Exchange Commission
public a summary for the week ended Dec. 10 of the
corrected figures on odd-lot stock transactions of odd-lot
dealers and specialists on thB New York Stock Exchange
These data are based upon reports filed with the Commission
by odd-lot dealers
and specialists. The Commission
added:
made public today no longer shows
semi-weekly corected figures, as was the practice over the three preceding
months, but rather presents daily corrected data, only Friday's and Satur¬
day's figures being combined. This form, which will be continued in the
It will be
future,
noted that the summary
was
necessitated by a return of
procedure which they
ODD-LOT
odd-lot dealers to the clearing
had followed prior to
September, 1938.
TRANSACTIONS OF ODD-LOT DEALERS AND SPECIALISTS
YORK STOCK EXCHANGE—WEEK ENDED DEC. 10,
ON THE NEW
1938
PURCHASES
SALES
(Customers' Orders to Sell)
(Customers' Orders to Buy)
Trade Dale
No. Ord.
Shares
4,386
108,841
5,019,735
5,343,174
3,900,935
5,839,179
5,422
137,072
663,34*> 123,931,061
27,180
5
6-__
4,760
135,497
7
6,228
145,937
Dec.
8—...
10____
Total for week..
4,030
5,779
23,761
Further Changes
r
112,684
162,466
Value
$3,419,101
4,332,020
5.588
141,799
4,903,056
4,392
110,600
3,469,063
7,392
189.107
5,970,998
Made in New York
Ticker Symbols
Stock Exchange
of changes in stock
The New York
its sixth group
Shares
$3,828,038
Dec.
Dec. 9 and
Ord.
106,759
Dec.
...
No.
Value
3,974
Dec.
687,419 $22,094,238
Stock Exchange
made known on Dec. 8
ticker symbols under its
announced Nov. 1 to improve the stock ticker reporting
by shortening symbols, which was noted in these
columns of Dec. 1, page 3538. A change in one of the svmplans
service
(
Securities
the
During
made
Exchange
1,081
198
141 .m
members, their firms and their
member-' transactions as per cent of twice total round lot volume.
percentage* the total ef members' transactions Is compared
twice the total round-lot volume on the Exchange for the reason tha« the
members' transactions Includes both purchases and sales while the Exchange volume
a
Curb
Exchange
Total number of report-
The
81,7'0
59,731
In calculating these
During the
giving Day.
Tracing on the Stock Exchange
membrrs during the week ended
account of specialists—Bought...
Sold
'
partment.
1
-
108,890
142,355
...
.
In this connection
held by importers before
stated.
imposition of restrictions is understood to
in< recent
1,026,680
...
account of members:
peclollsts In stocks In which they are
registered—Bought
exports, the cable
The
Cera a
Round lot transactions for
exporters should assure themselves that
shipment is made of any merchandise
which although ordered before Dec.
5 cannot be shipped so as to arrive
in New Zea and before Dec. 31, it was stated.
The regulations permit the granting of export licenses freely, but the
foreign exchange resulting from all export business must be soM to the
Reserve Bank of New Zealand in exchange for New Zealand currency.
As a
further means of restHcting the use of foreign exchange, the Reserve Bank
of Nw Zealand has suspended its statutory obligation to give sterling for
its
hank
notes.
The Minister of
Finance further indicated that the
overseas
debt service will have first call on all foreign exchange derived
import license.
licenses
Per
Week
•
said:
2.52
240,650
2. In odd lots—Bought..—
all imports
the
'
.SI*
101,730
138,920
In round lots—Bought-.
Total
terms of regulations made public Dec.
Zealand Government has established a license
in
of speclnllbto and
odd-lot dealers:
1
Zealand Currency
By
sulate
for the odd-lot accounts
C. Transactions
Resulting
New Zealand—Foreign
Exchange
from
Exports to Be Sold to Reserve
by
Exchange for New
19.86
1,898,797
♦
Control
3.56
340,217
Total
fiscal agents.
License
7.18
686,760
;
Total
4.
9.12
871,820
Total
$688,600 of Republic of Cuba External Loan 30-Year
Bonds Drawn for Redemption Jan, 15
J.
odd -lot dealer, as
total more than
single report may carry
the various classifications may
than one classification.
more
STOCK TRANSACTIONS
$11.38 per $1,000 bond
will be made on surrender of the coupon due Jan. 1, 1939, from Kingdom of
Bulgaria 7% Settlement Loan 1926 dollar bonds, due 1967:
The Committee on Floor Procedure rules that the bonds be quoted exinterest $11.38 per $1,000 bond on Jan. 3, 1939;
That the bonds shall continue to be dealt in "Flat" and to be a delivery in
settlement of Exchange Contracts made beginning Jan. 3, 1939, must carry
Notice having been
the New York Stock Exchange
those of the specialist
as
the number of reports
EXCHANGE
Committee on Floor Procedure
the New Yorl Curb
Exchange, since specialists on
The number of reports in
YORK STOCK
NEW
are rot
York 8tock
Sew
Exchange perform the functions of
1926;
Settlement Loan
for the
nated
3688
Financial
Chronicle
bols reported in our issue of Dec. 10, page 3538, which beCame effective
Dec. 12, was also announced.
Instead of
IN for Interlake Iron Corp., the symbol IK has been
The
Xhe
text
The following changes, announced Dec. 8, will beeffective Dec. 19:
Ptom—
BY
Bayuk
epu
Engineers
McCall Corp
MW
be
shall
oho
known
Rule
as
u-uF-i—saie
Corp__."
Radio-Keith-Orpheum
gSffl^SS ^ 0rP
WLH
Walworth Co,
NPS
New Orleans Public Service, Inc. (Effective Dec.
12)..NWO
JZZZZZZZZZZZZZZZZZZZZZZZZIZZZZZZZZZWW
.
approved, by
interim
£
ai,
o
,
of 353 to 2, the
a vote
amendment, it
constitution will become effective
the interim amendment becomes
'
i-
v
new constitution
12.
Feb. 23,
effective at
on
when the
The
™
an
amendment
to
the
275 Of the 550 regular members of the
The
before such
to vote
Reference to the adoption Of the new constitution
and
interim amendment by the Board of Governors on
Nov. 23
was noted in the^e columns Nov.
26, page 3237.
■
Amends
Rule
.
Holdin?
...
r
Comnanv
o
.P
.
A,.
Restricting
Acquisitions
of
becurities
Permitted Approval of Commission
Ihe
and
Exchange
t
amended
one
«
paragraph
Utility .Holding
-r»
of
Company
will
not
tend
that
or
(8)
Commission
i
TTAno
Ilule
Act
Rule
U-9C-3, as
holding company
registered
any
indirectly,
acquire
of
all
other
Commission
the
outstanding
securities
owned
approval.
The
security
'
19,
of
Dec.
if
the
is
sale
a
after
adopted
company
compliance
of
utility
in
to this
An
this
Rule
subject
U-12D-2.
hearing,
for
hearing
U-12D-1.
Form
assets
Form
for
securities subject
to
shall
such
approve
interest
the
or
the
interest of
investors
provisions of
the
or
consumers,
or
Act
(a)
of
this
acquisition
rule
shall
not
of
such security
to
approval
subject
apply
any
by
of
the other
the
party
Commission
of the
any
sale
the
to
rules,
of
to
any
such
pursuant
to
following conditions
same
9
(A) The security
(B) The security
voting security.
so
Of
under
which
1935
the
permits
a
in
now
effect,
provides
subsidiary which
or
the
of
other
in
(e) Paragraph
a
another
company
sold is not
(a)
of
this
a
voting security or
Rule
shall
not
ifSTha^TsoS!^ °r b°°k va,ue
(2) The selling company
a
security convertible into
apply
the
to
sale
of
any
has,
prior to
8Uch as8ets' whichever ,s the
April
15,
1038,
filed
with
the
Federal
Power Commission an application for approval of such sale
^ Paragraph (a) of this Rule shall not apply to the sale of any
utility aS8etfl to any PerBOn if a 6ale of securities
assets
a
federal or State government or any subdivision or instrumentality thereof
3S cont!hioned upon the consummation of the sale of such utility assets to
6Ucb Person> Provided, that (1) the consideration paid by the Federal or
State government or the subdivision or instrumentality thereof js at least
general
without
company
calendar year aggregates less than $CO,000 and
sold is not a security of an associate company: or
ullllty asset where
directly
owns,
so
may
seeking
amended
twice the consideration paid by such person and, (2) the utility assets to
bfc 601(1 to fiUch Person are P^caUy interconnected with facilities already
ow°cd by such person.
Effective Dec. 19, 1938.
„
.
^
*
1938.
9
the
rule,
a
in
opportunity
sale of
a
opportunity
circumvent
t0
not
Public
on
New. Rule
Adopted by SEC Aimed to Increase Flow of
Capital—Persons Purchasing Unsold Portion of
Issue for Investment Not Subject to Liability as
Adopts New Rule Under Holding Company Act—
of Utility Securities or Assets
by Holding
Company to Companies in Same Holding System
Requires Commission Approval
Dec;
holding
and
tieTSL of^flS sTS! or80 *°16' prIor to *uch **le' owns 1688 than
Sale
O11
after
standing
,
■»
SEC
to
pre8cribed
becomes
Dec.
to
(3) Such 8a,e
to a company which owns, directly or Indirectly, all the outsecurities (except the minimum amount of stock required to qualify
directors) of the seller of such securities; or
M The consideration for such sale and all prior sales of securities of the same
Act
Without
paragraph
(8)
will substantially
restrict this exemption.
By the amended paragraph (8) a registered holding company or subsidiary company is granted an
exemption covering the
acquisition of securities from the portfolio of
wholly owned subsidiaries
only upon condition that the total consideration paid for all such
acquisitions during any calendar
year does not exceed $50,000 and upon condition that the
acquiring company value such securities on its books at a
figure not in excess of the consideration paid.
This amendment
effective
Commission
sections 9(a) and 10 of the Act and if
are eatisfied:
i
U-9C-3
securities
by
Assets
orders of the Commission thereunder.
or
transaction
registered holding company or subsidiary company to make
certain acquisitions of securities without
seeking approval
of the Commission.
The Commission on Dec. 9 said :
Paragraph
such
in
company
the
entered
respect
to
respect
,
,
with
Commission,
class during the
Securities
utuuy
(2) The security so sold Is issued by a public utility company which does not
operate, or have any subsidiary company which operates, In the United States; or
Under
A
a
to
Commission
intornration
(d) Paragraph
^
SEC
with
the
regulations
a majority of the 275 must
approve
amendment becomes effective.
an
application
the
detrimental to the public
and
least
amendment and
upon an
torth
(c) The
1Q9Q
constitution at
Exchange have
and
application if it finds that the terms and conditions of such sale with
r®®Pcct to reports, accounts, costs, maintenance of competitive conditions,
disclosure of interest, duration of contracts, and similar matters, are not
#
recent
a
follows:
as
RuIe sha11 8et forth the information prescribed in
new
once.
of
application
application
becomes operative.
constitution
new
Under
read
securities
sueh application.
order
(b) An
1939, while
infprim amendment will remain
interim nmpndmpnt 'Will remain effective until Feb
errective until pet), 93
z.5,
shall
and
umty
affiliate of
any
upon
an
Upon
j
and
to
or
except
with
Exchange has
i-*x
,
announced Dec.
was
system
pany
system
New York Curb
oro
public
Associate Companies or Affiliates
New York Curb Exchange Members
Approve New Constitution and Interim Amendment
r
the
registered holding company or any subsidiary thereof 6hall,
directly or indirectly, sell any security Which it owns of any public utility
company, or any utility assets, to any company in the same holding com-
♦
1
Under
(a) No
Bond—
The membership of the
u-12f-1
of
IRK
ZZZZZZIZZZZZZZI""*"SUA 1>r
'
U-12F-1
tlie Pr°tecUon of investors and consumers, and to prevent the circumvention
°* the provisions of the Act, to adopt, and does hereby adopt a rule which
MCA
STU>r
Commission Adopts Rule
utility Holding Company A&Tof 1935
SEC
r*v^
Pubic ^v^O^IZZZZZZZZZZZZZZZZZZZZen
RKO
1938
Acting pursuant to the authority conferred upon it by sections 12(f),
20(a) and 27(a) of the Public Utility Holding Company Act of 1935, the
deems it necessary and appropriate in the public interest and for
To
-
n,
Commission's action follows:
and Exchange
Public
nated.
Come
of the
Securities
desig-
Dec.
Securities
designated
and
Rule
Exchange
U-12F-1,
Underwriters
The
Dec.
1933 the effect of which is to exclude from the category of
"underwriters", as defined in the Act, persons whose con-
Com^ii'ssioi)
providing
Securities and Exchange Commission announced on
adoption of a rule under the Securities Act of
14 the
that,
.J,
the Ru.e, no legisteied holding company 01 subsiaiary shall, directly or indirectly, sell any of its
public
utility securities or utility assets to any
securities
remaining unsold in the hands of the underwriters
at
same
the,conclusion of the public offering.
Persons who have
doubt concerning the application of this rule will find
the
application to the
staff of the commission at all times available
for discussions
of the scope of the rule and its
application to their particular
in
company
.
the
holding
company system or to any affiliate of a company in such holding company system, without first
making
Commission.
The Rule was adopted primanly under Section 12(f) of the Public
Utility Holding
Company Act of 1935.
The Commission wfent on to
say:
The
subject matter of the
a
sa
is
analogous
°f Rule U"12D'1 which
,m
Whore
Rule
to, and
overlaps
to
situations, said the SEC. The commission also announced
that it regards the rule as tentative in
character, and intends
to
covers sales, direct or indirect, of
jng the benefits
,
r/b0?h\£, Vsio"'s .^dy
Commission, since application
the
information.
same
under the
respect
rule
new
to
sales
made
the
The
in
the
form
utility assets
the Commission
new
form
as
are
with
to be made upon
are
of
ously adopted by
U-12D-1.
under the two
Applications
Rule
upon
adopts
the
necessary
to
used
in its
incorporate
for
form
same
except such changes
are
sales
of
title
in
the
applications
securities
and
and
no
change
the
form
under
Rule
will
instructions
reference
to
rule.
new
be
Commission's
order
approving
a
sale
of
public utility
securities
such
conditions
sale
consumers
the
Act
or
Section
are
or
not
detrimental
investors
any
12(f)
rules,
and
will
to
the
tend
not
regulations
or
of the Act reads
use
of the mails
merce, or otherwise,
to
or
any
to
circumvent
or
the
the
interest
of
provisions
of
orders thereunder.
as
It shall be unlawful for
any registered
thereof, by
public interest
follows:
or
company or subsidiary company
Instrumentality of Interstate com-
take any step in the performance
under this title, with
any company in
holding-company system or with any affiliate of a
company in such
holding-companv system in contravention of such rules and
regulations or orders
of any
the
deems
vestors
nf°nnntr^intfnnncf
or to
prevent the circumvention of the provisions of
this title
the rules and regulations thereunder.
pursuant to authority conferred upon it
by the Securities
amended, particularly section 19 (a) thereof, and deeming
2(11), in Relation
"Participation",
as
used in
to Certain Transactions.
with
the issuer
common
principal
nor
directly
indirectly controlling, controlled by, or under
with, the issuer, and (2) who has no association with any
control
underwriter
or
of
the
securities
being
distributed, and
(3)
whose
function in the distribution is confined to
an undertaking to purchase all
specified proportion of the securities remaining unsold after the
lapse of some specified period of time, and (4) who purchases such securities
some
for investment and not with
/us
a
view to distribution,
Ac
1 ;
r
e'
(1) The term "issuer" shall
have the
and in the last sentence of section
2(11).
comj).etltlve
m
interest, duration of contracts, and similar matters as conditions, disthe Commission
public interest or for the protection of in-
or consumers
.
*
The terms "participates" and "participation" in section
2(11) shall
not include the interest of a person (1) who is not in
privity of contract
transaction not otherwise unlawful
necessary or appropriate in the
•
(a)
same
pSwTf
closure of
or
or
as
.
hereby adopts the following rule:
Rule 142. Definition of
"Participates" and
or
holding
means
negotiate, enter into,
acting
The full text of the
the promulgation of the rule IS as
in
protection of investors,
to
or
supply
to facilitate the commis-
of the rule in operation.
such action
necessary to carry out the provisions of the Act and
necessary
and appropriate in the
public interest and for the
the
utility assets under Rule U-12F-1 shall be entered after an
opportunity for
hearing and upon the Commission's finding that the terms and
of
The SEC,
Act of 1933,
Section
The
of the rule will therefore be asked to
Commission S action
follows:
required to contain
to
Form U-12D-1 and applications with
Form U-12D-2, both forms previ-
be
to
Rules
respect
in operation before
adopting
The commission added that persons claim-
the commission with information
?od'™
companla
e
study the effects of the rule
it permanently..
some
(2) The term "association"
_
„
A
.
.
shall
meaning defined in section 2(4)
include
a
relationship
control
between
two
.
Persons under which one
(A) Is directly or indirectly controlling, controlled by,
with, the other,
or
or
under tommon
%
Volume
(B)
Has,
Financial
147
in common""with
directors, trustees, branch
status
(C)
Has
has
or
(3)
other,
or
or
one
officers,
partners,
more
BANKERS
stock ownership,
defined
have the meaning
underwriter" shall
With the
publication of the rule the SEC also made public
opinion of its general counsel, Chester T. Lane, discussing
the purpose and effect of the rule.
The opinion follows, in
the
capital cannot practicably perform the duty
of such secondary
owners
of thorough investigation
writer proper.
196,463,573
The rule in no way limits the responsibility of the
the
public,
of the underwriter who for a commission agrees
or
Richmond
a
over some or
for
Atlanta
1,761,375
1,667,025
t
1,950,589
Chicago.
!
13,524,079
St. Louis
6,336,066
732,979
6,701,668
8.
793,512
874.387
1,419,353
1,806.704
2,159.497
T,957,753
19,380,209
1,800,143
18,375,442
3,007" 922
25,921,428
$273,327,135
$269,561,958
$348,026,993
In
considering
Some question
.
.
tion of this term
intention
and who pur.-hases
of
it
with
•
.
.
.
the
among
relevant
purchased for investment.
Another factor which may be of
factors
evidentiary
However, such an inference would be
of evidence of
of the year.
a
pre¬
considerable importance is the character
business of the person who seeks to come
purchased for investment.
On the other hand, in the case of a securities
dealer or an investment banking house, the nature of the business ordinarily
It is perhaps
that the
the
OF CREDIT
Oct. 31,
Nov. 30, 1937
1938
$94,483,766
59,197,508
Domestic shipments
10,418,913
9,537,139
Domestic warehouse credits
49,038,333
$122,058,013
83,854,495
8.691,609
70,487,210
$94,128,626
56,936,788
49,538,052
3,459,888
3,086,545
1,489,015
56,728.727
56,334,808
61,446.651
Dollar exchange
Based
on
goods stored In or shipped
between foreisrn
countries-...
BY ACCEPTING BANKS
BILLS HELD
Own bills-
.$124,236,502
98,023,913
-
..
Total
....$222,200,415
1,036,911
....
Decrease for month
CURRENT
...
..
MARKET
ON
RATES
!
PRIME
.
...
ACCEPTANCES
BANKERS'
DEC. 15, 1938
possible that
a
Dealers'
Dealers'
Dealers'
Dealers'
Buying Rates Selling Rates
Days—
Buying Rates Selling Rates
Days—
X
X
X
7-16
120
9-16
60
7-16
150
%
9-16
90
X
7-16
180.-.
X
9-16
30
The following table,
compiled by
us,
furnishes
a
record
of the volume of bankers' acceptances outstanding at
close of each month since Aug. 31, 1936:
31.
307 115,312
May 29.....$385,795,967
30.
364,203,843
Mar, 31
.$292 742,315
31
351,556,950
Apr.
30
.
Aug. 31.....
343,881,754
May 31
.
Sept. 30
344,419.113
June 30
Oct.
—
Feb.
30.....
346,246,657
July
30
Nov. 30.....
348,026,993
Aug.
31
315,000.590
330.205.152
.
Nov. 30.—*
June
349,053.490
Sept. 30--...
Oct.
the
1938—
1937—
1936
Aug. 31. —.$308,112,141
July
372,816.963
31.....
1937—
Jan.
30-..--
387,227.280
Feb.
27.....
401.107,760
28....
.
.
Mar. 31
396.471,668
Dec.
31.
343.065,947
Apr.
395.031,279
Jan.
31
325.804,395
Nov. 30..-
30.—^.
1938—
.
.
Sept. 30....
Oct. 31
.
_
278 707.940
268 098,573
264 222,590
264 748,032
258 319,612
261 430.941
269 561,958
273 ,327,135
.
person
-—Vice-President
engaged in the investment
rather than with
Record of
Credit
Municipality Sound
Security for Bonds
within the provisions of the rule: but in order to
purchase of large blocks of securities for investment
and
Assets
securities business might, under some circum¬
reach this
would be necessary to establish by the clearest kind of evidence
scope and character of the person's business were consistent yith
City's Credit Rating Upheld by J. S. Linen
of
Chase
National
Bank Sees
New York
presumption of purchase for
would create an extremely strong
banking business or in the
result it
NATURE
burden of proof that they had
distributions could quite readily sustain the
stances, come
TO
Nov. 30. 1938
Deo.
within the rule.
Thus, I have little doubt that insurance and investment companies not
ordinarily engaged in the business of dealing in securities or under writing
resale.
Decrease for year. $74,699,858
...
arranged scheme to effect a distribution at the end
on
ACCORDING
What his
of the purchaser at the time Of purchase.
rebuttable: for example, it would fall in the face
carried
....
Increase for month, $3,765,177.
for investment", as used in the rule.
The applica¬
is of course to be ascertained in any given case by refere-
prominent
of the regular
Grand total...
.
doubtedly be the length of time elapsing between the
had been
.......
will undoubtedly be raised as to the meaning of the term
would un¬
acquisition of the
securities and their proposed resale.
Although retention of the securities
for any given length of time would in no event be conclusive, it is obvious
that the longer they were held the easier it would be to maintain that they
had originally been purchased for investment: and it is my opinion that if
they were retained for a period as long as a year that fact would be sufficient,
if not contradicted by other evidence, to create a strong inference that they
Most
San Francisco
Bills of others.
public.
to particular situations,
of the rule
at that time is a question of fact.
was
take
subject himself to liability as an underwriter
the application
to the intention
ence
in the past,
appreciated that it applies only to persons whose connection
"purchases
Dallas
...
.....
Exports
distribution is essentially non-distributive in character.
a
Minneapolis
Kansas City
would
make
The purpose of the rule is merely to
the securities of the issue actually distributed to the
should be
9.
10.
securities which his commitment thus obliges him to
investment any
16,079,328
3,114,408
1,214,131
Imports
all of the undistributed portion of the issue,
take up, does not thereby
588.591
7.
with the
who does no more than agree with an underwriter to
person
784,845
6.
sell to the public—thereby
clear, what has admittedly been the subject of some debate
that
10,930,422
2,964,571
.....
under¬
furnishing to the issuer the insurance without which the distribution
probably not be undertaken.
248,613,273
2,796,883
conduit for the distribution of securities to
issuer to purchase what the issuer is unable to
194,660,455
11.154.862
...
and analysis imposed by the Act of the under¬
writer who actually serves as a
$31,567,951
Philadelphia
4. Cleveland
secondary capital in
facilitating the flow of investment funds into industry, and of the fact that
$29,274,625
New York
3.
11.
•
.
Rule 142 was adopted in recognition of the value of
1937,
Nov. 30,
Oct. 31, 1938
$30,539,237
12
part:
DISTRICTS
Nov. 30, 1938
Boston
5.
an
RESERVE
FEDERAL
Federal Reserve District
1.
2.
otherwise, in the income or business of the other.
or
The term "principal
in rule 455.
STATE3
ACCEPTANCES OUTSTANDING—UNITED
—BY
participation, direct or indirect, in the profits of the other,
a
DOLLAR
other persons occupying a similar
financial stake, by debtor-creditor relationship,
a
contract
the
managers,
performing similar functions, or
or
3689
Chronicle
is
There
apparently good
reason
for confidence in the
ability of New York City to deal with its financial obliga¬
New York Federal Reserve Bank—Total of
$206,300,000 Nov. 30 Compares with $213,100,000
Second ViceDec. 8 in an
address before the monthly meeting of the New York State
Savings Bond Men in New York City.
Mr. Linen based his
conclusion on a survey of the taxable resources, the debt
burden and the taxes required to support debt and operat¬
Oct. 31
a
ing costs,
view to distribution.
0
V*
.
x":-
■
'
\
'
Value of Commercial Paper
1 '
Outstanding
as
Reported
by
The following
commercial
Dec. 16 by
announcement showing the total value
paper
outstanding
of
Nov. 30 was issued on
the New York Federal Reserve Bank:
Reports received by this
total of
on
$206,300,000 of open
Oct. 31 and with $311,000,000 on
Below
we
furnish
a
two-year comparison
$206,300,000
213,10 ,000
212,300,000
Nov. 30
Oct.
31
Sept. 30
31
Mar.
Feb.
.$299,300,000 Apr. 30-
Dec. 31-----
—
,000 Feb. 28-_-.
311,000,000 Jan. 31
1936—
323,400,000
279,20
Sept.30--— 331,40 ,000
Aug. 31-—. 329,000,000
Oct.
31__i-_
—
Mar. 31
1937—
Nov. 30--—
251,200,000
30
271,400,000 July 31— 324,700,000
284,600,000
31
296,600,000 June 30
286,901,000
28---— 292,600,000 May 31
May 31
Apr.
31
225,300,000
_:
June 30-__
Jan.
209,400,000
210,700,000
Aug. 31.
July
of the figures:
1937—
1938—
on
Dec.
31
Nov. 30
Oct.
31—
.$285,000,000
.
.
-
290,400,000
267,600,000
243,800,000
_
-
debt
Dec. 15:
under
-
are
of
great
variety and ample to
support the
debt are
the Constitution.
The limitations on
Operations from a budgetary and fiscal
standpoint
showing
improving trend.
Relief has been carried without any undue strain
endangering of the current position, and the city has performed a note¬
definite
have
an
or
effective.
and
with
sound,
been
short-term
borrowing and tax collections
worthy accomplishment in this connection which compares
favorably with
country.
The new city charter and constitutional pro¬
visions, while raising certain questions which will have to be dealt with,
such as transit unification and pension requirements, are constructive and
city
any
to
a
basically 'sound foundation.
In comparison
resources,
remain
All
so.
in
all,
the holder of
New York City obligations is
secured.
Constitutional and legislative provisions
protections as far as future prospects are concerned.
present well
A press
as
release further quoted from Mr.
provide
Linen's address
follows:
With
of'
on
cities, the debt burden and tax burden are reasonable in
and with constitutional limitations' applying they
other large
must
at
the
in
operating" policies
with
relation
Bankers' Acceptances
on
resources
permitted
198,800,000
bankers' acceptances in¬
creased $3,765,177 to $273,327,135 Nov. 30 from $269,561,958 Oct, 31, according to the monthly report of the Accept¬
ance Analysis Unit of the Federal Reserve Bank of New York,
issued Dec. 15.
As compared with a year ago, the Nov. 30
total is $74,699,858 below that of Nov. 30, 1937, when the
acceptances outstanding amounted to $348,028,993.
The increase during November was due to gains in all
classifications of credits except those drawn for domestic
warehouse credits.
The loss from a year ago is attributed
to decreased credits in all branches except domestic ship¬
ments and dollar exchange.
The following is the report
for Nov. 30, 1938, as issued by the New York Reserve
Linen said:
Mr.
215,200,000
191,300,000
Outstanding Increased $3,765,177
During
November—Total Nov. 30 Reported at
$273,327,135—$73,699,858 Below Year Ago
charter
taxable
The
unusual
Bank
S. Linen,
together with prospective operations under the
and provisions of the recently-amended
Constitution, giving at the same time consideration to the
additional debt incurred in connection with transit unifica¬
assure
.
.r
During November the volume of
satisfactory basis, John
a
city
new
tion.
Bank from commercial paper dealers show a
market paper outstanding on Nov. 30, 1938.
figure compares with $213,100,000 outstanding on
Nov. 30, 1937.
This
tions
President of the Chase National Bank, said on
,
respect
government
to
the 2% tax limit, applying to costs
debt costs,' Mr. Linen stated that mandatory
operating within
other than
by State legislation. make many costs
concerned.
The require¬
obligation debt are not
subject to the tax limit.
"This is important from the point of view of
the bondholder as well as the city," he said.
"The inelasticity of these
mandatory items and the proportion which they occupy in the budget
makes paring the budget much more difficult than is frequently realized.
Some of the important mandatory items include salaries for school teach¬
ers,
policemen, firemen, court employees, and many county employees.
Pension fund contributions will also constitute an important item when the
Police and Firemen's Funds are added on July 1,
1940, as contractual
liabilities to those already existing, which include the Teachers' Retirement
Fund,
the Board of Education Retirement Fund and New York City
Employees' Retirement Fund.
These last-named funds are all on an
actuarial basis.
If for the year 1938 mandatory items and debt service
requirements are added together they total approximately $412,000,000.
This represents about 84% of the tax levy and approximately 70% of the
provisions
irreducible
ments
total
for
and
as
increases required
far
principal
budget."
as
budgetary
and
authorities are
interest on city general
3690
Financial
In /conclusion,
is
made
for
connection,
The
as any
they
should
be
Tax notes may be
provided
effective
which,
cedure,
be
must
in
for
in
discouraging
if countenanced
the
and
over
year's
pioblems."
dozen
in
ThiB
Jan.
teed
of
of
and.
east
west
$10,000,000 associations
which
have
and
coasts
represented
are
$10,000,000
years
Mr.
ago,
associations
Theobald
show
reports,
larger
between
grown
assets
spite
in
today than
It
deflation
and
of
these
institutions'
the
of
holdings
hag
fact
taken
that
place
further pointed out
is
that whereas tlie Chicago area five years ago
association in the above $5 000,000 group, it has three today,
of them is
one
than
more
$10,000,000.
by Bank of China
announced
Dec.
15
Tenders
of
to Offering of $100,91-Day Treasury Bills Dated Dec. 14-—
$100,716,000 Accepted at Average Rate of 0.013% *
Secretary
nounced
week
of
bills
totaled
The funds will be disbursed
tenders
announced in
statement issued
a
Dee.
Mr. Jones further
000,OOd loan authorization to Cnina in 1934, only $17,105,-
Dec.
used.
Tne announcement from the RFC
goes on
April, 1937
loan of SI,600,000
a
locomotives in this country.
five years.
1931
In
This loan
the Grain
bushels of wheat for
All of these credits
matures
monthly
$100,716,000
Time,
Dec.
were
received
were
at
12.
The
14, 1938, and will mature
Federal
the
2
Treasury
bills
Re¬
Eastern
p. m.,
dated
are
March 15, 1939.
on
Total accepted, $100,716,000
"
Range of accepted bids:
are now
High,
100
Low,
$14,419,892.36
has been paid and the balance is
being
$3,801,055.62, including interest, has been paid since
it matures.
which
an¬
offering last
91-day Treasury
issue of Dec. 10, page 3538, the
our
Total applied for, $384,501,000
15,000,000
handled by the Export-Import Bank.
The total actual disbursements for loans to China since 1931 have
been
$27,051,412.36.
of
of
Jr.
the
to say:
period of
over a
Stabilization Corp. sold China
consideration of $3,212,826.56.
a
to
Regarding the accepted bids to the offering, Secretary
Morgentliau's announcement of Dec. 12 had the following
authorized for the purchase of
was
Morgenthau
tenders
thereabouts,
or
offering
Henry
the
$384,501,000,
the
to
385.80
was
that
As noted in
Standard
to say:
Treasury
12
hanks and the branches thereof
up to
serve
15, that of the $5J,-
the
$100,000,000,
accepted.
needed.
of
Dec.
on'
Cha.rman of the Re¬
Tne loans will be guaranteed
by the Bank of Cnina and mature over a period of five years.
Corp.
as
$384,501,000 Received
009,000 of
by Jesse Jone3,
construction Finance
as
the
the
had only one
Export-Import Bank of Washington, has authorized
credits to the Universal Trading Corp. of New York
up to
$25,OJi),(X)J, the proceeds to ba used in financing the exporta¬
tion of American agricultural and manufactured
products to
China, and the importation of wood oil from China, it was
paid
both
on
Six additional States
1933.
Bank
The
In
to
country.
July 1, 1938.
they did five
most
including those
of the
part
$5,000,000
and
third
since
York
States,
central
1
A
Grants Credit of $25,000,000 to
Company—To
Finance
Exports
of
Agricultural and Manufactured Products to China
and Imports of Chinese Wood Oil—Loans Guaran¬
New
different
the
by the
budgetary pro¬
brings serious fiscal
,
I
Export-Import
1938
pointed out that the gains have been widespread geographically, an indica¬
that recovery in the thrift and home
financing business is general.
over
$10,000,000 associations gaining in assets were scattered in a
avoiding unsound
period of time,
a
budget.
17,
The
issued to finance the same,
following
Dec.
tion
city charter is reassuring to the bondholder in this
emergency or unanticipated expenditures must not exceed
new
% of 1% of the tax levy.
and
"It is important to know what provision
when it becomes difficult to stay within
operating deficits,
strict limits.
onicle
Mr. Linen said:
99.996; equivalent rate approximately 0.016%
Average price,
99.997; equivalent rate approximately 0.013%
(50% of the amount bid for at the low price was accepted.)
Sept. 30, 1937, the last payment having been made Sept. 30, 1938.
Reforence to the sale of locomotives to
the
China, in which
Bank participated in financing, was
issue of July 10, 1937,
page 208.
$360,000 of
Expert-Import
made in
our
Government
Market transactions
Steady
and
Profitable
of Operations of
Insurance* Corporation
Savings and Loan
Outlined by bHLBB
ending June 50, 1958.
Reviewing its operations, the
steadhy carried forward its principal
function "to strengthen the confidence of the
public in sav¬
ings and loan associations, one of the chief sources for home
Board
said
it
has
mortgage funds throughout the country."
It
be
can
said with
the flow of
certainty that insurance of accounts
investors'
withdrawal^,
mortgage
has encouraged
savings and loan associations, decreased
reinvestment of funds, increased the supply of
into
money
increased
funds,
The Board said:
and
in
general
has
strengthened the confidence
community in this type of home-financing institution.
Evidence of the beneficial
of
those
growth
the
associations
is reflected
fiscal
in
covering
insured
the
over
Thp
entire
has
amassing
said.
Reserves
now
$5,000,000
Authorized
thrift
ates
are
and
on
In
on
in
at
the
to
by
end
to
identical
Nugent
he
of
the
Fallon,
risks
explained,
at
years
on
General
the
it
rate
of
while
Man¬
insures.
of
more
•
Congress to
insure
to
up
safety of investments
$5,000,
the Corporation
in
oper¬
paid-in capital of $100,000,000.
a
policies of
the jOorporation,
3,853,550 purchased
24,370,400 purchased
4,812,050 purchased
May
4,899,250 sold
June
12,510,000 purchased
8,900,000 purchased
August
783,500 purchased
1,151,600 purchased
3,905,650 sold
June
August
...
September
October
8100,000,000
December
Announcement of
to
the
on
The United States Building and Loan
League made known
Chicago on Dec. 3 that there were 34
savings, building
loan
assets of
group,
six
associations,
more
than
it is pointed
months
of
the
members
$10,000,000
out,
year,
gained
of
on
in
and five
the League, who had
July 1.
Twenty of this
assets
of
them
during the first
added
on
more
than
$1,000,000 during that period. Two institutions entered
$10,000,000 list at mid-years after hovering just below
it at the beginning of the year.
In noting this an announce¬
ment by tlie Building and Loan
League continued:
the
Of
its
member
institutions
$5,000,000 and $10,000,000
the
League
lists
72
with
assets
Dec.
15
Treasury.
38,481,000 purchased
1,044.000 purchased
October
360,000 purchased
by
the
is
Henry
thereabouts,
or
Morgenthau
Jr.,
was
Secretary
made
of
the
The bids will be dated Dec. 21,
1938, and will
March 22, 1939.
They will be sold on a dis¬
on
face
a
offering of 91-day Treasury bills
new
$100,000,000,
count basis to the
highest bidders and
will
amount
be payable
maturity of bills
Dec. 21 in amount of $100,043,000.
on
Tlie tenders to the
thereof, up to 2
p.
new
offering announced Dec. 15 will
Eastern
m.,
the maturity date
interest.
There
on
without
be received at the Federal Reserve
Banks,
the branches
or
Standard
Time,
Dec. 19.
however, be received at the Treasury
Washington.
In his announcement of Dec.
will
not,
Department,
Secretary Morgenthau added:
15
They
(The
No
tender
pressed
e.
and
less
art
the
of
100,
be
will
trust
accepted
companies
securities.
10%
tenders
of
are
incorporated bank
face
trust
or
the
prices
will
price
than
cash
from
in
amounts
andv $1,000,*
considered.
offered
three
deposit
others
of
an
hour
must
decimal
from
and
Each
be
ex¬
places,
be
must
dealers
accompanied
Treasury bills
express
incorporated
recognized
applied
for,
by
un¬
of payment
guaranty
for receipt of tenders
the Federal
at
follow
and
by
company.
to the closing; hour will
up
be
will
The
more
responsible
amount
by
only,
$500,000,
used.
from
closing
1938, all tenders received
of
acceptable
be
Tenders
the
$1,000
not
without
and
accompanied
Immediately after
than
not
form
$100,000,
$1,000.
with
Fractions must
investment
deposit of
less
multiples of
basis
bearer
in
$10,000,
amount
an
in
the
on
99.125.
g.,
in
for
be
Inust
will be issued
of
$1,000,
value).
(maturity
Render
a
Bills)
denominations
000
be
as
Reserve
opened and
Banks
or
Dec.
on
19,
branches there¬
public announcement of the
possible thereafter, probably on
morning.
The Secretary of the Treasury expressly re¬
right to reject any or all tenders or parts of tenders, and to
allot less than the amount
applied for, and his action in any such respect
the
as
the
Bhall
be
final.
ance
or
rejection
bills
allotted
other
Those
submitting
thereof.
must
be
Treasury bills will
gain
from the
sale
all
taxation,
except
from
invited
to
exempt
from
the
Treasury
the
gift
or
Treasury bills shall
at
funds
be
at
Dec.
on
estate
and
to
be allowed
offered
from
principal
thereof
as
a
that
the
the
for
Banks
in
accept¬
Treasury
cash
or
1938.
inheritance
ruling
loss
advised of
Reserve
21,
disposition
4550,
No
as
be
price
the
Federal
the
exempt,
other
Decision
tax.)
tenders will
Payment
made
immediately available
The
any
of
soon
following
serves
between
as of the same period.
Exactly half of these
gains in assets during the first half of the year, and six associa¬
tions by their gains entered the
$5,000,000 ranks for. the first time. ,,
Analyzing the conditions reflected in this comparison of
figures on the
larger associations, A. D. Theobald, Assistant Vice-President of the
League,
showed
a
of
amount
Tenders
and
September
November
Offering of $100,009,000 or Thereabouts of 91-Day
Treasury Bills—To Be Dated Dec. 21,, 1938
banks
Assets of Members of United States
Building
and Loan League—34 with Assets
of Over $10,000,000 on July 1
in
July....
3,716,000 purchased
2,000,050 purchased
15,351,100 sold
November
or
"The corporation selects its risks, and further
safeguards itself by annual examina¬
tions and audits, and by compulsory
establishment within 20 years of a 5% Insurance
reserve fund within each insured association.
"We are currently operating and
meeting our losses without using any of the
premium receipts or admission fees or any of the
earnings from our
Report
„
May
July
Mr.
said:
capital, all of these items being added to reserves."
$12,033,500 sold
3,001,000 sold
23,348,500 purchased
March
2,480,250 purchased
Tenders
the
January
February
April
of the
purpose
that
The following
1938—
were
went
$104,845
only
stated, it is the
5%
,
home-financing institutions
of
in
11,856,500 purchased
on
four
Treas¬
resulted
April
for
13.1%.
.than
1938,
since the beginning of 1937:
$14,363,300 purchased
5,701,800 purchased
..119,553,000 purchased
March..
New
which
by months,
February
resources
1,405
securities for
November,
1937—
gratifying
FIILBB
more
losses
Fallon
reserves
outlining the conservative financial
Fallon
the
of
$15,000,000,
time, Mr.
its
year.
1934
by
refund
being accumulated,
per
increased by
26
in
in
the
associations
institutions
securities,
January
mature
of
same
investments
State-chartered
Nov.
insured
Government
purchases of $1,044,000 during October.
,
excess
increase
to
private
of
in
This
in
accounts
tabulation shows the Treasury's transactions in Government
.
called
in
At the
Corporation
than
been
insurance.
operations
reporting period,
Corporation,
reserves
of
and
'
Insurance
insurance is the growth
obtained
year
issued
statement
operation,
ager,
the
Federal
to say:
Tl}e
have
charts
our
During
year.
institutions,
effects of
which
of
by
pureliases of $360,000, Secretary of the Treasury Henry
Morgenthau Jr. announced on Dec. 15. This compares with
net
expansion of operations of the Federal Savings and
Loan Insurance Corporation was outlined on Nov. 26 in
a
statement by the Federal Home Loan Bank
Board/ which
surveyed the Corporation's accomplishments for the fiscal
Purchased
net
The
year
investment
ury
Expansion
Federal
Securities
Treasury During November
and
will
taxes.
Treasury
sale
or
deduction,
interest,
also
and
exempt,
(Attention
bills
other
or
be
ave
is
not
disposition
otherwise
rec-
Volume
ognized,
the
for
United
States
Treasury
prescribe
their
Financial
147
now
or
as
imposed
hereafter
amended,
by
Finland
the
418,
Treasury
the
bills
and
this notice
the conditions of
and
govern
11 Other Nations Default
The Treasury Department announced on Dec.
had received that day the sum of $232,935.50
15 that it
from the
Government of Finland, representing a payment of principal
in the amount of $71,000 and the semi-annual payment of
interest in the amount of $142,905.00 under the Funding
Agreement of May 1,1923, and $19,030.50 as the eleventh
semi-annual annuity due under the Moratorium Agreement
of May 23, 1932. This payment represents the entire amount
issue.
Final
Treasury's Dec. 15 Financing—Cash
$731,445,700
Allotted for 2 %%
Bonds and \}4<% Notes—$9,379,334,350 Subscribed—
Exchange Subscriptions of $929,084,200 Allotted in
Figures
on
Subscriptions
Nation to Meet Dec. 15 War-Debt In¬
Full—Hungary Makes Part Payment-—
Only
stallment in
No.
Circular
of
terms
tax
any
of its possessions.
any
Department
the
.of
purposes
or
3691
Chronicle
of
Full
due from the Government of Finland.
subscription and allotment figures with respect
The final
offering last week of 2%% Treasury bonds of 1960-65,
to the
IH% Treasury notes of Series B-1943 and 2% Treasury
bonds of 1947 were announced on Dec. 13 by Henry Morgenthau Jr., Secretary of the Treasury. The 2%% bonds were
offered for cash in amount of $400,000,000, or thereabouts,
and the notes in amount of
$300,000,000,
thereabouts,—
or
the 2% bonds were offered iu exchange for the \ V>% Treasury
notes of Series C-1939, maturing March 15, 1939, outstand¬
ing in amount of $941,613,750. Reference to the Dec. 15
financing was made in our issue of Dec. 10, page 3539.
Cash subscriptions received to the offering totaled $9,379,334,350, Secretary Morgenthau announced. The amount
allocated was reported at $731,445,700. A departure was
made in the allotment of cash subscriptions in that no pre¬
ferred allotments were made; this -change in policy was
reported in these columns of lats week. Subscriptions were
on
a
straight percentage basis^-7% of the amount sub¬
scribed for the 2%% bonds and 9% for the ll/s% notes. All
exchange subscriptions of the maturing \ lA% notes, amount¬
ing to $929,084,200 were allotted in full.
For the 2%% bonds cash subscriptions of $5,732,477,150
were received and $402,876,700 allotted. The exchange sub¬
scriptions tendered and allotted for the bonds amounted to
$188,196,700, making a total of $591,073,400. A total of
$3,646,857,200 was tendered in cash for the \ y%% notes, of
which $328,569,000 was
The
"
amount
to the United States.
installment
the
States was $2,051,707,241.
The Dec. 15 installment was
$160,217,334 and unpaid debts, previously due, totaled
$1,891,489,906.
The governments which defaulted were:
Belgium, Czechoslovakia, Estonia, France, Great Britain,
Latvia, Lithuania, Poland, Rumania and Yogoslavia.
Maturity Value of "Baby Bonds" Sold Passes $2,000,000,000 Mark—Sales from March 1, 1935, to Nov. 30,
1938, Totaled $2,013,114,000—Represents
The
States savings bonds, or
so.d to Nov. 30 has passed the
$2,009,900,600 mark, it was announced on Dec. 12 by Secre¬
maturity value of United
so-called
amount of bonds sold since lirst
amounted
the Government's
Government
security winch is attractive to any citizen desiring to lay asiue lunus for
future use.
They are particu.arly intended as a repository vfor savings
in relatively small amounts.
To safeguard them for that use, the amount
which any individual might buy is restricted to $10,000, maturity value,
Treasury notes who did not
in
any,
sands
intervals
week, each month, or at
choice.
in
matures
exactly
10
years.
bond is
Hence, if a
575,029,450
40,326,900
7,062,450
47.389,350
187,858,650
152,955.150
340.813,800
26,581,650
24,734,250
3,860,250
6,495,350
30,441,900
351,262,400
31,229,600
$259,000,800,
487,000
12,933,900
maturity value; for the calendar year
264,050
11,161,000
53,192,750
10,028,550
$
New York——
Philadelphia.
Cleveland
—
;
,
.
..
Total
Exch.
Total
Subscriptions
Subscriptions
Allotted
Received (*)
$
$
■'$
176,040,450
12,446,900
151,812,400
10,896,950
■!
——
-
.....
581,061,950
40,881,700
12,311,050
......
123,642,000
8,784,400
1,244,150
each
St. Louis......
6.079,400
197,750
8,447,750
8,541,350
■
—
99,414,550
7,041,250
1,406.500
106.550,750
Ka.nsas
1,005,000
352,000
556,000
Treasury...
5.732,477,15c
40^,876,700
188,196.700
591,073.400
—
The
—
....
audited and
of
1H%
Total Cash
Subscriptions
Received
District
then follows housewives, salesmen and teachers in the order
reasons given
by individual owners for systematic saving
—
—
—
Total Cash
Subscriptions
Allotted
Total
Subscriptions
23,473,200
1,048,600
211,008,500
—
-
Chicago
St. Louis
Minneapolis
.
11,140,600
10,208,300
93,700
112,598,400
— —
301,400
69,200
10,277,500
35.604,400
1,138,200
36,742,600
9.313.400
2,195,700
4,244,100
43.00C
11,509,100
4,287,100
78.332,500
7,075,500
Kansas City..
64.612,700
5,846,800
10.000
156,700
Treasury
.......
11,608,600
1,044,900
30,000
Total.
—
......
—
3.646.857.90C
3*>8.um 000
39.38^.600
367.Q51.600
and
is next in reasons assigned by
"Cash estate," "education of chil¬
hundreds of millions of dollars in United
under
own
may
which
a
Banks and trust companies own less than 10% in dollar
bonds outstanding, and corporations only about 5%,
registrations.
The $100
about
the
Total Subscriptions
Federal Reserve District-
and wife, or any two
amount of the savings
1947
Received and
man
a
bond unit is the most popu.ar denomination and has
30% of the number of bonds sold ; the $25 unit is
for more than
2% TREASURY BONDS OF
accounted
next with
with a sale of approximately 19%;
while the $500 unit accounts • for approxi¬
24% sold; the $50 unit is next
$1,000
unit
with
18%,
mately 9%.
Allotted
$21,452,850
BOBtOU
...
York—
11,318.450
Roosevelt
President
„—.
15,205,100
Cleveland
Richmond
440,018,600
Z-~.—
Philadelphia _;
—
39,156,550
—
_
.
_
Thomas Jefferson,
„
8,278,150
77,458,150
Atlanta—
Chicago
...
6,826,400
12,244,800
Francisco—-
-
2,389,750
—.
-
—
exchanged for Treasury Bonds of 1960-65
—
exchanged for Treasury Notes of Series B-1943.—
exchanged for Treasury Bonds of 1947
Total notes exchanged
$701,504,900
$188,196,700
39,382,600
701,504,900
$929,084,200
broken by President
,
Roosevelt on Dec 15 on
chosen for the erection, at a cost
of
to Thomas Jefferson, third
President of the United States. In an address at the exercises
President Roosevelt in landing the memory of Jefferson
said that he "has been recognized by our citizens not only
for the outstanding part which he took in the drafting of the
Declaration of Independence, itself, not only for his authorship of the Virginia statute for religious freedom, but also
for the services he rendered in establishing the practical
$3,000,000,
17,348,250
Dallas
was
Breaks Ground for Memorial to
Third President of United States
the site in Washington
27,825,400
City
Treasury
Ground
21,952,450
Louis
Minneapolis.
St.
Total
appeal
savings bond and either may redeem it without the
signature of the other, just as checks may be drawn on a joint savings
account, is the mosv popular method of registering. savings bonds.
There
are
almost as many bonds registered in the names of women as in the
names of
men, and individual ownership constitutes the great majority of
Allotted in full.
Kansas
bonds.
feature,
coownership
persons,
1,074,900
....
savings
The
24,551,600
—.......
San Francisco-
States
7,283,900
5,856,800
24,394,900
—.
Dallas.
208,400
270,972,500
•
strong
a
purchase of these bonds.
"creating a nucleus for home building," "money for dependents,"
"travel and recreation" have caused, according to the answers to the
questionnaires, the investment of
19,609,700
25,377,300
11,234,300
103,290,100
46,982,100
Richmond.
Atlanta..————
25.075.900
123,567,800
— ...
19,006,000
278,367,500
.
and
24,521.800
,
makes
for the
dren,"
185,625,000
33,484,000
603,700
394,808,000
—
Cleveland
owners
Allotted
152,141,000
date,
issue
Total
Exch.
Subscriptions
Received (*)
260,626.600
—
New York
Philadelphia.—
named.
through
"funds for retirement" in the lead.
"Funds for emer¬
gencies" based on the redemption feature - of savings bonds, which permits
an
owner to redeem his
bond for cash at any time after 60 days from its
1,690,081.901
—
show
Skilled
bonds.
The
TREASURY NOTES OF 8ERIES B-1943
Federal Reserve
—
forwarded to each owner of savings bonds.
answers to this questionnaire have been
that the smaller income groups own the largest number
workers lead in this ownership, with clerks in second
thousand
savings bonds put
Allotted in full.
Boston
$2,013,114,000.
hundred
several
place;
Total....
value; for
Recently a questionnaire was
6,119,150
344,275,300
San Francisco......
maturity
stated total sale of
24,497,150
79,405,000
7,536,350
24,145,150
5,563,150
City
Dallas
month
the calendar year 1936, $473,515,000,
1937, $635,419,100, maturity value;
through Nov. 30 of the present year, $645,179,100, maturity value, or the
6,277.150
—
85,817,150
Chicago..—.
M inneapolis
Allotted
—
Richmond
Atlanta
Subscriptions
Received
Boston
Notes
their
of
bond
savings
2,681,340,350
376,825,400
Total Cash
Tctal Cash
Notes
these bonds each month.
Many thou¬
Regular Purchase Plan offered by the
the
under
investing
These investors buy savings bonds each
Treasury.
A
to meet
130,000 investors buy
than
are
other
BONDS OF 1960-65
designed
not
They ere offered to furnish a type of
funds.
for
are
year.
one
More
bonds
savings
Primarily,
current need
Subscriptions
■'!'•
District
Notes
The Secretary's announcement
continued:
these bonds will begin 10 years later to mature and
pay
eaclh month the full maturity value for as many months as the
original investments may have been made.
Although savings bonds are redeemed for cash on application of the
owner
at any time after 60 days have elapsed from the issue date, lees
than 10% of the total sales made in three years have been redeemed.
,
The sale of savings bends for the 10-month period of 1935 amounted to
Federal Reserve
San
offered on March 1, 1935,
which were purchased by approxi¬
mately 1,*00,000 investors.
bought
New
close
total
maturity value, representing a
$2,013,114,000,
to
of 7,200,000 bonds
saie
exchange their holdings for either the new bonds or notes will
be paid in cash when they mature on March 15. Subscriptions
ana allotments,
as announced by Secretary Morgenthau,
were divided among the several Federal Reserve districts and
the Treasury as follows:
*
bonds,"
"baby
tary of the Treasury Henry Morgenthau Jr.
At the
of business Nov. 30, Secretary Morgenthau said, the
subscriptions received and allotted for the new
2% Treasury bonds of 1947 amounted to $701,504,900. The
♦
Purchase
7,200,000 Savings Bonds by l,400,00u Investors
of
The total
2H% TREASURY
Hungary owed $51,755 in the current
in default on debts amounting to
13
allocated. The tenders and allot¬
holders of $12,529,550 of iy>%
was
total of $537,183, it is stated. The amount due
governments owing war debts to the United
a
from
notes.
new
and
$485,428,
subscriptions for the notes were in
of $39,382,600, bringing to $367,951,600 the amount
allotted for the
Bank
of New York, $9,828.16 in cash, as a payment on account
of the funded indebtedness of the Hungarian Government
of the exchange
ments
Treasury also received on Dec. 14, 1938, from the
Government of Hungary, through the Federal Reserve
of
a
memorial
3692
Financial Chronicle
operation of the American government
not an
autocracy."
democracy and
as a
Incident to the ceremonies the Associated Press accounts
from Washington Dec. 15 said:
words
carried to the nation
were
As he finished he asked
an
open
automobile, and his
by radio.
Stuart
G.
Gibboney, Acting Chairman of the
Thomas Jefferson Memorial
Commission, to turn the first earth for the
memorial.
1
The day was the 147th
anniversary of ratification of the first 10 amend¬
to the Federal Constitution.
These amendments, known as the
ments
Bill of Rights,
press and
guarantee such fundamental rights as freedom of
speech,
worship.
The President's address follows:
Nearly
hundred
a
years
ago,
the
Congress of the United
response to a general public demand,
the National
Washington.
emerged
Half
of the
its
to
as
in
United States, George
There followed many years of controversy both
of memorial and
type
States,
undertook to provide a memorial in
Capital to the first President
location.
The
Washington
to
as
the
other
he
that
will
valuable
create
source
special
a
Y.,
to
collection,
to scholars and the public, and the
he said, will be open
estate after the President's death will be given to the Fed¬
eral Government for the benefit of the
public.
The Presi¬
dent's announcement of his plans was made as follows:
Since 1910—or in other words for
preserved all
This
of
material.
period of 28 years—I have carefully
papers, pamphlets, books, See.
a
correspondence,
my
includes all
public
incoming material and copies of practically all outgoing
cover my service of nearly three years in the New
These years
York
State Senate;
tion,
and
seven and one-half years as Assistant Secretary of the
Navy, including the World War period and two trips to Europe; my busi¬
ness and legal
correspondence; much political material between 1920 and
1928, including my campaign for the Vice-Presidency, the 1924 conven¬
1930;
the
1928
all of
convention;
personal
my
Because
these
Harvard
and
>
periods and activities which
many
service in the Federal Government, I
my
1928
1929-33 ; the
and all of my presidential
1936,
are
do not wish
to break them
mittee, following the broad objectives of the original
plan for the develop¬
so
in
Governor of New York,
as
relate to
papers
connected with
for Governor
campaign
my
papers
campaigns for the presidency, 1932 and
papers from March 4, 1933, to date.
century ago, again in response to public demand, the
Congress
began the consideration of a monument to the memory of Abraham Lincoln
—the preserver of the Union.
Years went by and a
distinguished
com¬
up, leaving a portion of them to the National Archives and
dividing the rest between the State of New York Archives, the New York
State
ment of the National
Capital, recommended the creation of two broad axis
in the general form of a cross—one axis from
the Capitol through the Mall
past the Washington Monument to the river bank; the other axis from the
White
House
past the
Washington Monument ground
another
to
In
in
than 50 years, Thomas Jefferson, the third
President of the
has been recognized by our citizens not
only for the out¬
standing part which he took in the drafting of the Declaration of
more
United States,
I
..
.
For very many years, it has seemed
appropriate that with Washington
and Lincoln, his services should be held in
memory by the erection of a
of equal
monument
dignity.
We
breaking ground, today, for such
are
a
The Congress of the United States,
through a distinguished
Commission, has, after long consideration, chosen this site and made the
first appropriations for the erection of the Thomas
Jefferson Memorial.
In the days to come, the millions of American citizens
who each year visit
Capital will have
a sense
of gratitude that at last
an
adequate
permanent National Memorial to Thomas Jefferson has been
placed at this
beautiful spot because as the joint resolution of the
Congress says; "The
American people feel a
deep debt of gratitude to Thomas Jefferson" and
"honor the services rendered
by him."
President
Roosevelt, in a letter to the St. Louis "PostDispatch," which was published Dec. 10, said that mainte¬
of
nance
free press is
a
primarily
responsibility of
a
news¬
Associated Press St. Louis advices of Dec. 10 quoted
papers.
from the letter as follows:
Writing for the sixtieth anniversary section of the paper tomorrow, he
expressed the hope that freedom of the press to .criticize the Administra¬
tion would "ever
prevail—throughout thiB Administration and throughout
every Administration in all the years to come."
"It
.
is
not
my purpose
journalism,"
primarily to deliver
President
wrote
Roosevelt.
essentially public institutions that they
of
their
readers.
patronage
the
Since
of
those
to
as
the
are
readers
all of our papers, perhaps the
the age-old question of a free press.
.
on
within
editorial
what constitutes
Expressing
and
sanctums
their
without,"
"I
the
have
ethics
are
the
•
readers
.
self-searching
newspaper
counting
obligation to the readers of American
President
always been
freedom
went
of
the
presB
endangered
was
on:
"from
<«
That
live
our
newspapers
I
wish
jured
,
could
we
have
its relation to
national symposium
a
the
freedom
of .the
on
And
that question,
How
press.
he
cannot
many
particularly
bogies are con¬
by invoking that greatly overworked phrase 1
up
"I do not think that anyone would
serjously
the press to criticize the Administration
curtailed
sinde
in
argue
office has, in any manner,
form
of
government.
On the other hand, however,- our government,
Federal, State and municipal, has rightfully and
necessarily an interest in
The
the
the
the
news
President's
theme
notable
on
of
well
as
letter
"Whither
symposium
fiftieth
as
was
in
on
the
the
part of
America?"
preservation
a
which
section
added
in
an
"drift of
civilization,"
anniversary of the "Post-Dispatch."
of
a
the
free press."
Estate
published
chapter
on
to
10 years
a
ago
at
Hyde Park to Federal Government
Papers and Documents for Benefit
It
that
people
he
of
of
the
future
in
one
many
reasons
Library of Congress, the National Archives, the New
of
a
separate,
house
at
and
history
fireproof
Park,
also
such
other
be
that
be
to
the
to
built
would
it
material
source
donated
be raised for the erection
can
building
designed
so
might
as
public by the Federal Government.
thought that funds
my
modern,
Hyde
collections
our
family's country place at Hyde Park on which we
doubt, eventually go to the Federal Government to be
my
the benefit of the
therefore,
is,
near
hold
family's
my
all
of
own
my
relating to this period in
collection
in
future
by
other
members of the present Administration.
I
forgot to mention that in addition to the very voluminous corre¬
spondence I have also two rather specialized collections which are of some
definite historic
script
letters
value:
and
the American
relating
and
town
the
collection
a
documents,
of
paintings,
log-books,
the
to
of
Hudson
Hyde Park.
drawings, prints, manu¬
books relating to
pamphlets and
Navy from 1775 to date; and
material
River,
smaller collection of similar
a
and
especially
Dutchess
collections would
These
be
County
placed
the
in
proposed building, together with the public papers, &c.
have also
a very large number of books and pamphlets—far more than
children could possibly use, many of them inscribed by their authors
my
to
the
bulk
The
me.
to this
It
books
would
be
also
added
their
material
only
my
would
be
building such
but
own
material—is
own
under
contents
of
library relating
a
in
the
primary
Insure
permanent
At
same
its
use.
material,
United
the
responsibility of
the
I suggest is erected and the
as
that of. others
would
would
contribute
placed there, the title to the building and all the
vested
would
This
the
to
period which would be available to students in the future.
is my thought that if a
material—not
for
these
of
building and, incidentally, they form the nucleus of
States
Government
Archivist of
the
placed
United
the
and
States.
and the provision of adequate facilities
care
being somewhat
time,
familiar with historical
its preservation and its availability for students and scholars, I
should much like to have the assistance of recognized
History and Government, past and present.
This
teholars in American
is why I believe that a
collection
of
historians
working in cooperation with the Archivist and the Librarian of
this
kind
should be
Congress.
It
is
family
under the
supervision
of
committee of
a
t
my
hope
that
home
at.
Hyde
during
Park,
permanently domiciled
assistance
to
have said
the
before, it is
vest
what
on
my
if
is
period
a
my
own
collection
the collection
of
of
the
in
kind
this
is
I will be able to give
place,
during
my
As I
lifetime.
expectation that while the title to the collections
immediately in
the Government,
which
on
lifetime I will continue to live
my
and
maintenance
portion of the place
my
family's house and that
live would revert to the Government
we
on
death.
■All
of
this
has
the
approval and consent of
my
mother, who
the
owns
property during her lifetime.
I
may
mention
York-Albany
and
Post
four
that
the
place
Road, .two
and
one-half
Park
at Hyde
hours
New
from
from
miles
the
on
City
the New
by
located
is
York
train
or
city of Poughkeepsie, which
has good hotel and other accommodations.
intends
of
President
the
issued
to
a
statement
and Power
10
preserve
United
intact
States
all
as
for
his
the
as
Early
of
on
St.
Project—President's Views Made Known
Council
to
early agreement
our
own"
in
between
the
matter
Seaway
and
Canadian
the
of
the
Power
as
"hopeful of
Government
development
Project.
His
and
of the
views
St.
were
to
of
said in part:
announc¬
benefit
Agreement
Lawrence Seaway
conveyed on Dec. 9 to Fred J. Freestone, President, John C.
Beukema, Chairman, Executive Committee, William George
Bruce, Vice-President and R. F. Malia, Secretary of the
National Seaway, who in a statement to President Roosevelt
of
correspondence,
well
Hopeful
and Canada
Members of National Seaway
his private
National
Seaway
convey to you its sincere
the
public papers, pamphlets and books,
Dec.
Roosevelt
Between U. S.
The
President Roosevelt
ing
the
without
Lawrence
Historians
the
scholars
to
President Roosevelt has expressed himself
"Post-Dispatch"
American
President Roosevelt to Contribute All His Archives to
Public
After
Retirement—-Will
Donate
Family
House
available
been
i
freedom
condition,
the
spring of 1933.
A casual reading of a representative
digest would reveal the fallacy of allegations to the
contrary.
Praise be 1
And may that freedom ever
prevail.
"A free press is essential to us as a people and to the maintenance of
our
that
part
will,
motor,
that the freedom of
the
it would be best that they remain permanently on the
family home at Hyde Park, Dutchess County, New York.
maintained for
my
firmly persuaded that
Society,
that
my
realize
would
that
Historical
Library, Harvard University and the New York State Historical
Society would probably be glad to have the whole collection intact.
It is
my thought, however, that an opportunity exists to set up for the first
time in this country what might be called a source material collection
relating to a specific period in our history.
"
doubt
County
carefully considered the choice of locality and for
decided
I
are
.
edited in the interest of the general
public from the counting room.
}n
of
so
subject to the closest scrutiny
who make possible by their
newspapers."
,
the
on
newspapers
forcible than any criticism from without is the
more
inquiry
rooms
is
our
publication of
entitled to be heard
"But
it
lecture
a
"But
Dutchess
See.
York State
I
Continuance of Free Press Is
Primarily Responsibility
of Newspapers,
According to President Roosevelt
the
it is my desire that they be kept as a whole and intact
original
have
memorial.
the National
other words,
grounds of
Independ¬
ence, itself, not only for his
authorship of the Virginia statute for religious
freedom, but also for the services he rendered in
establishing the practical
operation of the American Government as a
democracy and not
an
autocracy.
Society,
College Library, &c.,
their
have
In line with this well considered
plan, the Congress erected the Lincoln
Memorial at the end of the longer axis and it was then
the clear intention
both of the Congress and of the
many planning committees and commissions
who studied the subject to
complete the other axis by the erection of a
publico monument at the fourth corner of the cross.
For far
Historical
definite locality.
point
the river.
near
,
announced
archives building on his family estate at Hyde
Park, N.
house these documents, and that he will vest title
the material in the Federal Government.
The
not
a
books, pamphlets and
He
17, 1938
to
Monument
the result of congressional action.
as
Dec.
of
material.
The memorial will form the fourth corner of a
cross, the
other corners being the Capitol, White House and Lincoln
Memorial with the Washington Monument as the center.
Mr. Roosevelt spoke from the rear seat of
collection
undertaking
of
the
Council,
in
session
in
appreciation of the efforts
Great
Lakes-St.
Washington,
you are
Lawrence
wishes
to
making to assure
Seaway
and
Power
Project. We feel that the proposed treaty which the Department of State
submitted* for
provides
a
the
consideration of the
Dominion
Government last
basis for ultimate agreement between two neighbor
May
peoples.
Volume
Financial
147v
granting full consideration for the vital interests of both nations.
We
convinced that
are
undertaking
an
so
amount
f
comprehensive in its conception,
from
navigation and abundance of low cost power, fis bound to generate a new
in
future with
of uncertainty.
a sense
We recognize the tremendous odds which you have faced in your
effort to
initiation
the
secure
marshalled by
of this project.
special interests seeking to
splendid
The opposition has been
their opportunity to
preserve
exploit the needs of the people for their own profit. Although representing
only
small minority of the population they control almost unlimited
a
and influence
resources
We
assure
on
both sides of the border.
Mr. President, of our whole-hearted cooperation in the
you,
continued endeavor to overcome such obstructive tactics which are delaying
the restoration of prosperity in the country.
of
be insured
embodying the combined stimulus to economic growth involved in cheaper
optimism which will bring hope to the hearts of milljnnw now facing the
3693
Chronicle
outstanding principal of mortgages which may
by the agency, thereby raising the aggregate limit
$2,900,000,000
dent Roosevelt sanctioned the increase in
A press
release by the White House gives as follows the
reply:
President's
The President, speaking informally, replied as follows:
in my efforts to assure
rence
:
Mr. McDonald's letter to the President
Dec. 13.
on
follows:
the early undertaking of the Great Lakes-St. Law¬
,
FEDERAL HOUSING ADMINISTRATION
Washington
'•
organizations as yours which has ultimately enabled the country's leaders
to overcome selfish
it has been my sincere conviction that the St. Lawrence
Project would prove second to none in its direct contribution to the economic
It has seemed to
welfare of millions of people on both sides of the border.
me a
logical continuance of the cooperation between
among
two-peoples which has
unique example of the possibility of achieving peace
almost
an
"In my message
of Jan. 10. 1934, requesting consideration of the earlier
belief that fears the St. Lawrence Project would work
of other transportation agencies were groundless. I am
to the disadvantage
than
ever
convinced of that fact today.
In the vast system of inter¬
the
block¬
dependence of which we are all parts, selfishness works inevitably to
disadvantage of any group seeking to preserve its special position by
ing the opportunity of others to enjoy the full use of nature's resources.
of this continent is an extraordinary record of the
"The economic story
which stimulus to economic growth in one region reacts to
extent to
a
and
transportation
all
prosperity.
the
of other regions.
More products are
agencies participate in the growing
greater market for the products
exchanged
"
•
"The two nations, Canada and the United States, share a great water
which is today only partially used. Removal of the
resource
full
for navigation will release
use
soon
barriers to its
millions of horsepower of cheap hydro¬
which the rapidly growing market for power
electric enargy in sections in
will
overtake present sources of supply.
Failure to take advantage of
will not only tend to cramp industrial development but
force the substitution of more costly power with the resulting burden on
this cheap power
will
consumers
>
In
of electricity.
an age so
dependent upon transportation and
serious consequences will follow failure to anticipate future
ments.
'
''
'V.
■"
power
require¬
Dec. 6, 1938.
My dear Mr. President:
1938,
of the National Housing Act as amended Feb. 3.
Section 203'a;
provides that the aggregate amount of principal obligations of all mort¬
insured and outstanding at any one time may not exceed $2,000,000,-
gages
000, "except that with the approval of the President such aggregate
may
nations.
treaty, I expressed the
more
,
opposition to great undertakings.
"For many years
afforded
letter to Adminis¬
McDonald, which, together with Mr. McDonald's
letter to the President, were made public at the White
History shows that it has been the grand persistence of such
Project.
a
trator
House
the support of the National Seaway Council
"I have always appreciated
President,
The
$3,000,000,000.
to
exercising his power conferred by the National Housing
Act, approved the increase upon the recommendation of
Stewart McDonald, Administrator of the FHA, who, in a
letter to Mr. Roosevelt on Dec. 6, reported that the un¬
obligated balance of the $2,000,000,000 authorization on
Dec. 1 was $415,000,000.
Mr. McDonald went on to say
that with mortgages in process of appraisal on Dec. 1 amount¬
ing to $115,000,000 and with applications for mortgage in¬
surance being received at the rate of $100,000,000 a month,
the original authorization would soon be exhausted.
Presi¬
amount
be increased to not to exceed $3,000,000,000."
Housing Act, with its liberalized provisions
The amended National
for
encouraging the financing of homes in the moderate price class by private
This period
lending institutions, has been in operation for 10 months.
has witnessed substantial recovery
in the residential construction industry,
$6,000.
of the
building year since
decent housing facilities in the United States are still
An enormous task lies ahead in promoting sufficient
especially in the building of single family homes costing less than
It
seems
apparent now that, largely because of the effectiveness
amended Act,
1938 will be the most prosperous home
Nevertheless,
1929.
grossly inadequate.
construction to meet the country's needs.
FHA for the
which the inex¬
Moreover, the public is beginning to understand that the
first time in
history provides an unbiased agency to
our
buys or
builder against ex¬
perienced layman may go for guidance and protection when he
builds
The FHA protects the buyer and the
home.
a
high interest
pensive and unsound financing, second mortgage rackets,
rates, hidden commissions and other discredited
devices which contributed
States, the
In each of the
FHA has established construction standards to eliminate
jerry building.
Through its land planning activities, the FHA is assisting
1so
48
largely to the real estate collapse of the early I930's,
in setting up
effective barriers against neighborhood blight and the
develop¬
FHA
running
Accordingly, the demand for the services of the
ment of future slums.
FHA mortgage insuring operations are
is constantly increasing.
,
ga/'In view of the importance of these considerations, I am hopeful
early agreement between the Canadian Government and our own."
of an
>
As of Dec.
Roosevelt Convinced that 1938 Agricultural
Is
Act
Adjustment
Sound
in
Principle—Makes
Message to American Farm Bureau
Federation—Senator
Bankhead
Proposes
New
Statement
r
Cotton
In
Plan
Loan
to the American Farm Bureau Federatio"n",
in convention at New Orleans on Dec. 13, President Roose¬
In
a
message
velt stated that "I am
convinced that the 1938 Agricultural
Adjustment Act is sound in principle," and that "the 1939
farm program formulated under this act
.
.
.
can be
put into operation for the 1939 crop years."
At the same
time he urged that "a diligent study" be made "to determine
if additional legislation is needed to reduce price depressing
surpluses," etc. The following is the President's message:
The
American
Farm
Bureau Federation has always played a leading
part in the fight for equality for agriculture. Two years ago you and your
associates warned that without additional legislation low farm prices were
bound
to return with good
surpluses
and low
weather and good crops.
I am convinced
this
reserve
be making a
1
the
unobligated
that the 1938 Agricultural Adjustment Act is sound In
insurance with
convention
a
proposal was made by Senator John
(Dem.) of Alabama that the Federal Govern¬
give back to farmers the cotton upon which they had
secured loans above the market price.
The United Press
ment
reporting this from New Orleans
Bankhead
favored
the
Hence it is obvious that the
than $100,000,000 a month.
Government
If residential construction is to go forward,
tinuation of the financing facilities now
year.
with the authority conferred
upon you by Section 203(a), you approve the increase in the amount of out¬
standing principal of mortgages which may be insured by an additional
$1,000,000,000 making the aggregate $3,000,000,000.
„
4
Respectfully yours,
STEWART
McDonald, Administrator.
'
The President
The While House
'
Washington.
The President's
reply follows:
/
WHITE
THE
HOUSE
Washington
'
Dec. 13, 1938.
•
Honorable Stewart McDonald,
Administrator, Federal Housing
Administration,
-t \
.
Washington, D. C.
My dear Mr.
McDonald:
the unobligated
aggregate amount
of principal obligations of all mortgages insured and outstanding at any one
time was $415,000,000 on Dec. 1, 1938, and in which you recommend that
I have your letter
of Dec. 6,1938, in which you state that
balance of the present
the
limitation of $2,000,000,000 on the
$3,000,000,000.
present limitation be increased to
limitation
eligible applica¬
presented to you for the remainder of this fiscal year and for the fiscal
1940, it will be necessary for you to have an increase in the present
It is obvious from the statements
in your letter that the present
will soon be reached and, if you are to
tions
Therefore, in accordance with the
if the
continue insuring all
authority contained in
National Housing Act, as amended, I
Section 203(a)
hereby approve an increase
of
$1,000,000,000 in the amount of outstanding principal of mortgages which
may be insured by the FHA, making an aggregate of $3,000,000,000.
Sincerely yours,
...
Congress to create the office
of cotton commissioner with authority to barter cotton to foreign countries
for manufactured goods.
He added he "would be pleased" to cooperate
in seeking similar commissioners for wheat and corn.
Bankhead said he would ask the next
'
President
President Roosevelt Increases
Limit to
Roosevelt
on
FHA Mortgage Insurance
$3,000,000,000
Dee. 13 authorized the Federal
Housing Administration to increase
by $1,000,000,000 the
Under
FRANKLIN
D.
ROOSEVELT.
from WPA
Assistance
Security Act—Gov. Moore of New
Roosevelt Endorses Dismissal
Those Alleged as Eligible for
Rolls of
W President
I believe it will require con¬
available.
I, therefore, recommend that in accordance
authorization.
giving each farmer the
normal yield if the producer would decrease
his acreage proportionately.
The Alabama Senator believed such a program
would reduce the huge cotton surplus "four or five" million bales within
Mr.
$2,000,000,000
authorization will soon be exhausted.
year
added:
equivalent of one-third of his
a
of
applications for mortgage
of more
appraisal fees paid are being received at the rate
.
domestic consumption of
such commodities, and to provide a more effective farm program for 1940
and later years.
It will continue to be my policy to consult from time to
time farm organizations concerning agricultural problems.
I wish to thank your organization for its splendid cooperation with
various agencies of the Department of Agriculture.
Through such coopera¬
tion we can continue to make great strides toward a goal for agriculture
which mean a great contribution to the national welfare.
Senator
Insurance
In addition, mortgages in process
appraisal at Dec. 1 amounted to $115,000,000 and
diligent study to determine if additional legislation is needed
price depressing surpluses, to expand
At the
balance of the $2,000,000,000
authorization stood at $415,000,000.
operation for the 1939 crop years.
being put into operation, farm leaders should
H. Bankhead
amounting
fund to meet possible future losses.
Dec.
On
While the 1939 program is
to reduce
commitments
In transacting this volume of business,
>
I am convinced that the 1939 farm program formulated under
act and now being offered to farmers is the best farm program that
be put into
FHA had insured or had. outstanding
the FHA has
incurred net losses of approximately $153,000, to meet which it has reserves
available now in the Treasury amounting to $23,000,000.
income from
insurance premiums and appraisal fees now approximates $1,000,000 a
month.
For the fiscal year 1940, therefore, the FHA should be able to
operate the Mutual Mortgage Insurance System at little or no expense to
the Federal Government and at the same time add substantially to the
principle.
can
the
$1,585,000,000.
Good crops, large
prices came before the additional legislation could
effective.
become
1
including firm and conditional commitments to insure mortgages
to
President
than double the rate of a year ago.
more
Social
Jersey Protests Action
Objection by Governor Moore of New Jersey, to President
beetf made in the matter of dismissal from
Roosevelt has
3694
the
Financial
rolls of the
Chronicle
the right
Works
Progress Administration of persons
over 05 years of age and mothers with dependent children.
President Roosevelt in a letter to Gov. Moore says:
I
discussed
have
of
wire
Nov.
public
for
Works
Deputy
the
protesting
30,
eligible
persons
the
with
Progress Administrator
dismissal
benefit
assistance
the
from
works
tinder
the
Social
"This principle,
question
eligible
Works
period
long
Federal
the
under
the
which
a
employing
of
application to American citizens of the
of
law
Progress
time.
of
Administration
It
involves not
given
has
only
consideration
the immediate
make
to
whose
Under
employ
limited,
is
cannot
there
is
the
the
fact
that
number
the
other
causes
feels
necessarily be
must
the
since
the
public
States
than
their
of
serious
employ such
and
aged
to
they
unemployed
persons
both
persons,
Security
for
assistance
through
the
Legislation and the appropriation of State funds,
as to whether the WPA would not delay the
question
responsibility by the States if they continue
the Federal
on
persons
works
The
United
cision
siding in
St.
Moore's
Gov.
program.
the New
to
York
above,
the
to
"Times"
and
con¬
in
quote
we
what Mr. Moore has to say:
part
In
really
There
are
Moore
wrote
consideration
your
important considerations
apparently
the
from
benefit
sistance
Governor
appreciate
very
Administrator
missal
this
to
answer
I
10
reply
WPA
overlooked
of
With reference
to
.
Social
telegram
my
advising with
alleged
be
to
Security Act.
that part of
,
„
of
follows:
as
Nov.
of
30.
which the Deputy Works Progress
in
persons
under the
President
the
dis¬
for public
eligible
as¬
.
letter
your
the
to
as
you
which
"Since the
says
public assistance features of the Social Security Act involve the States'
suming the
children
and
Legislation
Works
to
aged
and
that
appropriation
Administrator
in
has
who
the
State
of
mothers
discussed
surely
this
as¬
school
a
of law
which he
to
at Lincoln
the State must establish
or
University,
be admitted.
case
Deputy
the
matter
with
Justices
tribunal
refused
Justice
reopen
Relations Board
Labor
to
of
co¬
operation with the Security Board does not include assistance to mothers.
Moreover, I know
itself,
addition
the
to
those
fully
are
few
that the Federal
aware
States
which
make
Security Board'
assistance
grant of aid to children, does not match
to
mother^
a
sought to
part of the
any
I
As
point out
Jersey
assistance
are
for
in
telegram, grants to mothers of such children
my
for the
to include
of aiding the children and do not
purpose
Even
if
the
include
New
Security
A
further
of
have
been
from
the
abled
What
accomplished
should
I
had
by
filling
private industry
like
to
urge
upon
filling vacancies be considered
New
authority
under
which
hours
division
their
I
vacancies
I
sure
security of
that
either Mr.
representative,
solutions
urge
herein
of
Ellis
Mr.
these
of
our
upon
you
two
Associated Press advices from
quote, reported further
Missouri
in
the
"The
the State to
which
States
rolls
were
en¬
WPA
to
develop
without
rolls in
the
Allan,
urgent
work
can
for
it
felt
by
the
law
of
the
WPA
is
practical and
out
conference
institutions
and
with
agencies
Further
Note
to
Germany
Court
tuition
in
sented,
able
favor
be
received
further consideration "will
that they will not
concerning
non¬
decide
Germany
on
that
American
citizens
account of race or creed
be subjected to provisions of the nature of those
embodied in the decree laws in question."
The German reply to the earlier request for
such assurances, it was said
dealt
only
with
Economics Minister, and this
was
a
Dec.
held
3
decree
of
Walter
Funk,
Nazi
unsatisfactory.
said this country's desire for
assurances had been reiterated
several times since last May 9, when a United
States communication was
delivered to Berlin on the German-Jewish situation.
new note
"My Government is concerned with the provisions of the decree laws
which if made applicable to American citizens
would have the effect of
arbitrarily dividing them into special classes and subject them
to
the
of
in
Negroes
developed
was
be
should
said,
paid
"is
of
not
uni¬
at
duty of
a
if the quality of the training which
duty when
State
is
it provides
such
the basis of
upon
training to
equality of
an
denied
privilege has been created
a
to
Negroes
legal
education
by
their
of
reason
qualifications
same
to obtain
on
the basis of
race
or
creed,
and
within
is
the
refused
State; the
it
there
and
it.
the
another
the
that
law
"the
and- its
court,*'
to
State
does
Justice
"Under
time
she
presume
white
the
McReynolds and
of
be
said
Missouri
struction;
schools
Charles
thereby,
by
with
Justice
of
policy
the
of
12
State
that
The
other
has
acted
the
the
State
the
upon
concur¬
and
rightly
by directing
that
view
best
the
Negroes in schools.
Justice
Chief
Hughes)
I
it
for
be
may
possible
for
Court
for Negroes
her to
avoid
<
Lloyd L.
Gaines,
decision
in
reported as
was
probably
would
States which
16
saying
increase
bar them
now
schools.
ruling
affecting the NLRB was outlined as
Washington dispatch of Dec. 12 to the New
a
of
made
order
(by
conjecture."
Supreme
professional
Court
announced
course
for
facilities
Court
in
Butler's
situation
indicated by experience, damnify both races.
as
matter
higher education
from
dis¬
ten¬
a
law school and thereby disadvantage her
improving petitioner's opportunities for legal in¬
break down the settled practice concerning separate
some
is
just
Houshon, counsel
Dec.
on,
at
abandon- her
without
she may
or
and
"Whether
Butler
arrived
affirmed."
difficulties
legislative
Missouri
opinion
may
citizens
discrimination."
...
long
a
McReynol's
the
remove
Justices
Court
should
the grave
the settled
upset
mandamamus.
"For
school.
Supreme
judgment
not
devision by the Missouri Supreme
interest of her people demands separation of whites and
of
Commerce":
comment
no
the
on
lower
which
decision
court
over¬
the
Labor Board directing reinstatement of C.
I. Q.
but merely announced that appeal of the Board from this ruling
was
denied.
The
action
is
believed
significant, however,
in that it
sustained the right of the master of the vessel to decide
upon competency
an
seamen,
of
his
crew.
Lower
It
ties
also believed
was
which
cision
of
men
iri
that
in
the
The
crews
were
first
4,
the
same
down
C.
strike
of
the
and
I.
a
took
the
on
place
the
on
They
O.
steamer
Cuba
at
Port
of the vessels, sitdown
except
as
pumps
to
men
Florida at
Miami
due to sail
mail
Tampa
and
June
on
for
freight.
strikers
were
They
an
exclusive contract
of
condition
returning
hours
wages,
threats
strike.
on
between
result
the
intense
took
6
of
any
complete pos¬
food to be pre¬
refused to
permit
the
to be operated so as to provide lightB and sanitary
demanded
a
contract with the
rivalry
a
sea¬
facie evidence
was
States
I.
S.
of
to work,
with
M.
U.
though
affiliate
there
was
The operators
U., rival A. F. of L. affiliate.
of
sabotage
two
N.
even
working conditions.
or
Sabotage
and
destruction
plans to engage in further sitdown strikes and to tie
"As
Court
by the
in
prima
steamer
United
passengers,
Threats
of
The de¬
law.
Supreme
engaged
least
at
the
the
galley and food and would not permit
served
controversy about
had
strikes
"was
officers
which
few minutes before the vessel
a
owners
lighting plant and
no
Appeals
sitdown
that
of
under
in
engage
of
year.
facilities.
of
Given
guilty of mutiny."
sitdown
sat
to
Court
held
orders
1937, just
According to
pared
allowed
heavily leaded with
men
session
be
Ruling
signifiant from the point of view of activi¬
Circuit
case,
of
Havana,
The
the
Court
be
to
may
Fifth
defiance
June
on
crews
the
sustained
"There
no
uniformly in its relations with foreign nations it has emphatically declined
the
afforded
differential
classification," the latest note said.
of the fundamental principles of
my Government to make
distinction between American citizens
is
"well understood
refused
treatment on the basis of such
one
of
holding
"That
ruled
d'Aiffaires.
would
fees
conclusion
rence,
on
to
wiU not be discriminated against in
"It is
for
students
Hughes
or
its
of
which
having
denial
a
York "Journal
The latest American communication said
the United States believed that
The
we
quality of legal, right to the enjoyment of
privileges which the State has set upr and the provision for the pay¬
the
ment of
The
confident
authoritatively,
school
law
Justice
of
outside the State
that they be requested to consider suggestions
Sends
resident
resident
go
"That
with
treatment in Germany of American citizens
without exception based on race or creed."
In Associated Press accounts from
Washington Dec. 15 it
was stated:
and
out
residents
students
white
Negro
must
"disappointment" that the German Govern¬
not yet conveyed the assurance which
my Govern¬
upon
the
condemnation
discriminatory
Germany
law
a
Negro
supply legal training,
to
white
"The
conserving
persons.
problems by
Department of
of
24
of hav¬
plan
a
interest
Mr. Williams
or
than
eligible
as
aged
procedure
a
more
expressed
ment
of
here," Chief
does supply,
it
until
tuition
"By the operation of the laws of Missouri
a
Germany,—the fourth, it is stated,—
from the State Department at
Washington, was delivered in
Berlin on Dec. 15 by Prentiss B.
Gilbert, Charge
ment "has
th£
Washington, from which
follows:
as
right,
made.
A further note
It
Com¬
adjacent States.
question
furnish
come
WPA
Anti-Jewish Decree
1
provided that
State
versities in
follows
United
two
on
Steamship
tional privileges to white and Negro law students,
the
Supreme Court held that Missouri, in compelling Negro
law students to attend school outside the
State, had vi¬
olated the "equal
rights" provision of the Constitution.
policy of not
same
certified
are
individual
very
they
employment.
be modified Hid
will
Robert
State
in
reducing the
elimination
Hopkins
drastic
had
word
it
Administrator give full directions
if they
these
30
as
individuals
that this
of
Administrator
65
over
only
is
you
needy
would
have
persons
dropped
if
other private
means
drastic
that
for
just
reduction
in
Commissioner
and
the
WPA
and
matching
Nov.
orders
announced
and
local
sensible
local
Federal
the
for
date of
Btringent
been
old-age assistance be substituted
morale
feel
to
people
of
the
to
arbitrary
notice
these
ing
I
a
as
under
desirable
Jersey and therefore that the WPA
and
the
or
under
included
rescinded and
that the
not
the
had
been
Washington
to
National
the
re-instatement
sit-down strike
a
Occidental
The Chief Justice's opinion reversed a
that
that
which
mothers
be
not
with
City
rolls,
Jersey,
in
return
to
York
WPA
New
in
telegram
my
New
in
the
WPA
be
would
in
point
announced
was
reduction
making assistance grants to
Board Law, this could
the Federal Government.
with
purposes
&
the
The Court also postponed a ruling on the constitu¬
tionality of the Tennessee Valley Authority.
In ruling that a State must give
"equality" in educa¬
in
Jersey law should be amended
by acts of the Legislature to make it possible for the same administrative
Social
Peninsular
the
which
race.
adults.
agency
of
in
force
pany.
an
for the adult.
grant
New
for
even
you
vessels
you
aid
Negro institution,
a
The
to
can
opinion, was written by
Hughes; dissenting views were those of
Butler and McReynolds.
On the same day the
Chief
dependent
of appropriate
enactment
funds,"
of
majority of the States, as in New Jersey, the
which is also part of our contractual plan
a
children
dependent
for assistance to
both through
persons,
the
Progress
realizes
responsibility
primary
in
Supreme Court, in a six-to-two de¬
12, held that Lloyd L. Gaines, a Negro re¬
Louis, must either be admitted to the Uni¬
of 145 seamen who had conducted
at!vices Dec.
Trenton
tain
noted
was
States
Dec.
on
versity of Missouri Law School,
Social
the
States
Enter
can
programs.
of
the primary responsibility
dependent children
of appropriate
a
features
be in-
Supreme Court Rules Negro Is Entitled
University of Missouri Law School—
Tribunal Refuses to
Reopen Cases of 145 Dis¬
charged Seamen Ordered Reinstated by NLRB
responsibility,
whom
persons
The
to would
United States
of
unemployment.
first
toward those
assistance
assuming
assumption of this long time
to
to
WPA
referred
to
to
qualify for assistance under other Federal
involve
enactment
due
including Germans.
over
problem
in enacting the Social Security Act in¬
comparatively permanent nature for per¬
a
primarily
view. of
in
mothers of
to
is
circumstances,
Moreover,
Act
Congress
provisions of
need
the
especially
who
that
assumed
is
tended
sons
be¬
Government to nationals
my
measures
An earlier protest by the United
these columns Dec. 10, page 3584.
are
necessity but a serious question of Federal policy.
It
as
ompatible with this principle."
Security
the works program persons who
for Social Security benefits is one
on
furthermore, is applied by
of foreign countries residing jn the United States,
Act.
The
17, 1938
their part such discrimination
on
tween American citizens.
your
program
Dec.
of those nations to apply
unions."
bitterness
was
the
brief
engendered,
of
and
of
up
machinery,
and
the ships because
the
operators
the officers
said.
became
Volume
fearful
of
testified,
I
feared
Financial
147
the
sailing
the
with
ships
'I had adequate
for
safety.
As
the Florida
of
the master
to believe the crew
reason
not a safe crew.
was
discipline of the ship.' "
Senate Finance Sub-Committee Hearings on
"Incentive
Tax"—Alfred P. Sloan Jr. Says Stability of
is More
ment
Employ¬
Important Than Profit Sharing—Others.
Heard
sub-committee
The
on
of
accruing in a regulated industry above those needed to
provide good wages, favorable working conditions and rea¬
sonable returns to investors. A Washington dispatch of Dec.
13 to the New York "Journal of Commerce" further said in
part:
ation
the
Senate
Committee
Finance
additional
heard
witnesses
referred to in
was
proposal to levy
a
this
Previous testimony
week.
3387-88. Alfred
P.
Sloan, Jr. Chairman of the General Motors Corp, at the
hearing on Dec. 9 said that "the best application of the tax
incentive principle appears to me to be a reduction of the
general taxes on business, because it has the economic effect
of reducing prices and stimulating greater productivity of
industry, resulting in the expansion of present units and the
development of new products so essential to an advancing
All
this
means
increased
employment.
in the
but if
broad
a
and has accomplished much for the
way,
that the Committee has in mind. There are difficulties
purposes
insurmountable.
broadest
specific application of the tax incentive principle that
of production
plan to stimulate the substitution of new
sharing in those
both
in the
prosperity. It is
but more
production
only this additional productivity and employment that counts,
particularly promoting the use in industry of instruments of
which make possible
it is
a
fact
lower costs of goods and services. Speaking generally,
today that America's production plant is obsolete, as
provide more envelopes for more workers is to do those things
prices.
measured
This
only be accomplished
can
that mean
Today, the tax structure as constituted, and its administration, tend to
that can be
whole profit sharing as a national policy would not be
unsound
levied
as
to
it is
taxes
the principle of incentive taxation is
policy. All taxes are restrictive, but they must be
national
a
for the expenses of Government.
provide
influence the
belief that
our
of business by either
course
way
of tax incentive—and I think much can be done in
Senator Vandenberg, Republican, of Michigan, urged the
of incentive taxation for
pump
priming in
substitution
Government efforts to revive business on Dec. 15,
Predicting
that
form of tax deductions
some
that
be
can
produce
The
their
for
used
a
final, successful assault
American style.
a cure,
Michigan
members of the
.
.
exactly within the strict definition of what constitutes a tax
incentive; therefore they ought to be studied as well.
During his testimony Mr* Sloan made the statement that:
profitold age
country's largest industries, but
indicated they planned no compulsory legislation.
report, expected to be ready within a month. It will contain a
retirement funds for employees often of the
committee members
It will be offered to industry
merely as a possible method of creating long¬
time amicable labor relations.
Under date of Dec. 7 the Associated Press, reporting
opinion that it is impossible to take a position for or against it.
only
as
The
committee was told today that almost three
Senate profit-sharing
to itself, but as to its method
Each proposal
of application.
industrial front,
otherwise it prejudices the competitive setup ani may become a penalty,
in some instances, even if it is an incentive in others.
If the application is
a
subsidy, and that is highly undesirable.
Testimony to the effect that incentive taxation might help
was offered before the Senate
Committee on Dec. 12, at which time Associated Press
accounts from Washington stated:
toward the relief of railroads
the Association of American Railroads,
R. V. Fletcher, general counsel for
said the carriers should spend SI,000,000.000 a year
for modernization,
for the next 10-years
replacement and repair. But before the railroads can do
this, he added, they must squeeze about $4,000,000,000 out
of their top-
heavy capital structure.
The
of
witness
Michigan,
with
agreed
committee
Arthur H. Vandenberg,
Senator
member,
that
much
progress
Republican,(
could
be
made
bonded debt if the
toward reducing the Class I railroads' $11,250,000,000
government waived income tax requirements on the "paper
would accrue to the roads if they bought these outstanding
profits" that
bonds at their
present market value of about $7,250,000,000.
Mr,
Fletcher suggested also that the railroads be excused
from paying
undistributed profits tax on the money that they put
The railroad
counsel
into new equipment.
expressed hope that the adoption of some such
principle of incentive taxation by the Federal government might lead the
states, which collect the major share of taxes
taxes on roads
them
give
exemption from the
profits taxes.
Leo
M.
from-the carriers, to reduce
which expand their equipment.
.
executive secretary of the
Cherne,
concerns now
TVA Again Rejects
Sale
•
of
Proposal by Wendell L. Willkie for
Testifies Before Con-
Utility—J. A. Krug
gressional Committee
The
Valley Authority has again rejected an
Tennessee
offer^that the Securities and Exchange Commission fix the
value of the properties of the Tennessee Electric Power Co.,
it was testified on Dec. 12 before a Congressional investigat¬
ing committee by J. A. Krug, TVA chief planning
testimony
the previous
board of directors, Mr. Krug again
arbitration of the dispute by the SEC
or
any other "impartial" tribunal
on the ground that it was
.
.
intended only to delay and confuse the issue.. He characterized as "in-,
correct" a statement by Mr, Willkie that the value of Tennessee Electric
Saying that he spoke for the TVA
rejected Mr. Willkie's proposal for
had been fixed at $94,000,000 by the Tennessee
said:
correct.
..
•
Lovell Parker, 12-years a tax expert for the joint
taxation, testified that
.
reclassification of Federal taxes would increase
a
He suggested that three
the national income.
classes of income tax be created, normal, surtax and a
Mr.
Willkie issued
testimony.
.
.
.
would collect
The Government
said.
he
The
remaining
$400,000 in normal taxes and surtaxes,
$279,000,
called a
super .tax,
could be reduced
increases in
wages paid over the previous year, investment in homes, plants and ma¬
chinery, and contributions to educationa, charitable and scientific enter¬
through deductions for salaries paid to domestic servants, for
The witness said he believed this might result in a drop in government
to arbitrators
figure was
charging that TVA rejects
he
TVA power director, asking
offer is fair, it should "fear to submit the matter
probity."
of recognized ability and
Holiday Adjournment Planned
Following
this
noon.
a
conference with President Roosevelt at the
Senator
Donahey,
announced this afternoon
over
the holidays.
White House
Democrat, of Ohio, committee chairman,
that the committee would adjourn on
He declined to expand his announcement, but
Dec. 21
Francis
Democratic and Republican members
that the committee could
complete its investigation by Jan. 3, when it was directed to report to
Biddle, committee counsel, and both
there had been unanimous agreement
said that
Congress.
but he predicted that this revenue de¬
The committee will make a
partial report to Congress when it convenes,
increased national income.
Brown, Chairman of the Board of the Socony-Vacuum Oil Co., told
it is understood, asking for an
extension of life and an additional appropria¬
revenues
for two
or
three
years,
ficiency soon would be made up by
J. A.
New York attacking Mr. Krug's
to pay a fair price, and made public a letter
why, if TVA is convinced its
not
prises.
the
two statements in
Railroad
*
Mr. Willkie insisted that the $94,000,000
Saturday to David F. Lilienthal,
wrote last
"super" tax, without
Parker explained his proposal.
.
He repeated his arbitration proposal,
attempting to raise the total tax level, taking a $1,000,000 net income, now
assessed $679,000 in taxes, as an example,
-
it because it does not want
Congressional Committee
engineer.
week was noted in the
"Chronicle" of Dec. 10, pages 3545-46.
On Dec. 12 Mr.
Krug according to Press advices said that the TVA has
offered $67,000,000 to be paid by itself and public utilities
in the Tennessee Valley for the electric property of the
company, and that Wendell L. Willkie, President of the
Commonwealth and Southern Corp., holding company has
suggested as the price about $90,000,000.
A Washington
dispatch Dec. 12 to the New York "Times" outlined this
testimony as follows:
Similar
and Utilities Commission.
on
institute
of additional
exempted from the two taxes. He reported that these
employed 373,440 workers.
electric properties
employment and increase
Tax Research Institute of
questionnaire that they would employ a stated percentage
in behalf of the railroads it was contended
that the proposals made would tend to put 500,000 men back
tJ work in the heavy industries. The Associated Press also
In the argument
^
would increase employment if this
undistributed-profits and excess-
America, of New York, testified that 1,438 companies replied to an
Any plan should contemplate a broad application along the
limited, it becomes
the
hearing said:
principle, in the abstract, I am of the
When it comes to tax incentive as a
must be considered not
Democrat, of Iowa, the
special profit sharing committee, are now engaged in writing
workers if they were
»,
the depression to
.
Senator Herring,
Senator and
upon
sharing formula calculated to stabilize employment and guarantee
detailed suggestions that might be considered that will tend
simplify the present tax structure and act as an incentive in other ways,
very
Senator
major weapon
committee had demonstrated that incentive taxation is the
would
general specific approach to the tax incentive principle,
In addition to the
if not
to encourage industrial
expansion would find its way into the next Federal revenue bill,
quarters of this country's business men
even
according
Associated Fress, which added in part:
to the
the
objective which the Committee has in mind.
are many
We believe that to
penalties or incentives so far as
concerned is unwise."
are
toward the
to
helpful.
valleys of booms and depres¬
Our national policy should be
but would tend to exaggerate them.
"Similarly,
general direction that I am urging—will, in my judgment, be a real step
there
"Our view is that for
aimed at smoothing things out.
by increased productivity.
discourage the substitution of the new for the old. Anything
done in the
as a
profit
where it has been found satisfactory and helpful to
cases
It would not tend to smooth out the peaks and
sions
by today's technology, The true way to enlarge present pay envelopes and
lower
National Policy
as
employes and the employed," he explained.
industry
for the old, thus creating employment
capital goods industries which are vital in any continuing
not
the
opportunity for accomplishment and conforms to
essential general conditions is a
instruments
should be levied by
solely and not as a means of regulating
Vandenberg said he believed testimonty before the Senate profit-sharing
I believe that the
offers the
whole profit sharing
"We do not want to be understood as advocating the abolition of
The tax incentive principle as
general
involved
application of certain of these plans due to limitations of definition,
there is a real desire to promote more and better jobs, these are not
in rather
some
as a
that the principle of incentive tax¬
of business.
course
Opposed
standard of living." Mr. Sloan went on to say:
applied specifically to industry has been used in other industrial countries—
for industry
national policy" because taxes
a
as
an
issue of Dec. 10. pages
our
"is unsound
influencing the
or
"incentive tax"
industry in the hope of encouraging further profit sharing,
considering
,
Mr. Cooper believed, however, that
would not be helpful, and said further
the Government for revenue purposes
,
which is
3695
Chronicle
committee
he
believed
incentive
taxation
would
encourage
business
industrial profit-sharing,
$7,000,000 or 11% of the net earnings
plan for employees.
expansion. Mr. Brown indorsed the principle of
reporting that his company had paid
last year
in a combination pension and insurance
tion in a revision of
would indorse
a
policy of sharing with the customers earnings
Spring.
Con¬
appropriated $50,000 for the committee and the committee minority
is pressing for another $50,000 to complete the inquiry.
There is said to be
a deficit of $15,000 to $18,000 for stenographic services and salaries.
gress
General Accounting Office can
W. O. Heffernan, secretary and
received complete audits only
through 1934.
Several committee members insist that the audit must be
completed through 1938 to make possible an understanding of the true cost
It may
finish
Charles P. Cooper, Vice President of American Telephone
and Telegraph Co., told the sub-committee on Dec. 13 he
the joint resolution which created it last
a
take several months before the
thorough audit of TVA books.
auditor-in-chief of the committee, so far has
3696
Financial
factors in the TVA yardstick for
comparison as to the fairness of electric
rates of utility companies.
Mr.
Krug is said to have testified
business
power
was
on
Dec 13 that
thejTVA
$1,000,000 "in the red" last year, but
a profit on the same
accounting
predicted it would make
basis this fiscal year.
Chronicle
following
crops:
fire-cured
and
Report of Secretary of Agriculture Wallace—
Regards Present Farm Program Best Thus Far
Proposed—Commodity Loans of Ever-normal Gran¬
ary
Program Viewed as Indispensable in Emer¬
The present national farm
program more nearly meets
the Nation's requirements than
any program that has ever
been suggested, it is stated
by
Secretary
of
Agriculture
Henry A. Wallace, in his 1938
The report
surveys
annual report, issued Dec. 15.
of the agricultural
sources
maladjust¬
ment, shows its connection with urban
employment and buy¬
ing power at home and abroad, analyzes
disparity between
farm production
capacity and the available market, and
declares that prevailing conditions
necessitate governmental
action.
In his report
There
tions
Secretary Wallace
is
no
way
loss
partial
of
the
and
for
the
export
farmers
market,
says:
individually to deal effectively with
rapid
approach
increasing congestion in many
depression and unemployment.
industrial
rural
of
(3) A maximum payment for each participating farm for
keeping within
crop allotments,
for attaining soil-building goals, and for
the carrying out of good
farming practices.
that
from
self-sufficient.
be
of
power
farming.
backward 6tep.
a
farmers
would
Agriculture needs
Moreover, the resulting reduced purchas¬
force
to
get back
conceived national programs must
urban
some
on
people
business
a
help it to do
into
subsistence
footing, and well-
so.
The report traces the
development of the ever-normal
granary under the Agricultural Adjustment Act of
1938.
It
outlines the situation of unbalanced
production and surplus
supplies, and says that even when
"large
surpluses already
exist the application in the next
crop year of the acreage
adjustment phases of the ever-normal
granary program does
not
contemplate reducing farm output as much as
industry
reduces the factory
output in every business slump when
inventories pile up."
;
As to the
commodity loan phases of the ever-normal gran¬
ary program, the report states that these
in
emergencies, but adds that loan
tive
are
Indispensable
rates should be conserva¬
so
as not to
impound supplies or hamper the movement
foreign trade of surpluses of the export
crops.
Such
dangers can be avoided, the report
declares, by rational
into
policies in
determining loan rates, and by coupling lpans
with rational programs of
crop adjustment.
According
report, "agitation continues for the
of basic agricultural
.commodities into foreign
trade under some
two-price system."
The report goes on
diversion
to
that
land
calculating
soil-depleting
intended
raise the
(6)
to
soil-building
used
for
for
crops
home
the
practices
to restore grass
gardens
farm.
living standards of
Continued efforts
Plains
The
and
many
to
those
be
may
This
is
a
excluded
new
land unsuited for crops in the
on
region.
principal
changes
in
the
1939
program
as
were required by the
acreage allotment
the Agricultural Adjustment Act of 1938.
As in 1938, the
general
compared
the
to
and payment
1938
provisions
soil-depleting crop goal and the special soilwheat, corn, cotton, rice and tobacco will be
.
depleting
divided
ment
goals
crop
States, counties and
among
for
for
wheat
for
1939
individual
farms.
The
acreage
allot¬
has
been established at
66,000,000 acres.
It is
the States, counties and individual farms on the
basis of the formula .provided in the Act.
This allotment compares with
the 10-year
average of about 69,000,000 acres and an
acreage seeded for
1938 of more than
80,000,000 acres.
Wheat growers who
comply with
1939 wheat-acreage allotments will
qualify for 1939 conservation payments,
price-adjustment payments, eligibility for loans on
wheat, if a wheat-loan
program is in effect next year, and renewal of
crop insurance program
policies.
being apportioned
among
.
Various sections of tlie
report deal with national aspects
of land-use
planning and with the relief of
under-privileged
in agriculture.
Secretary Wallace gives details of
rehabilitation work and assistance to tenants
in be¬
coming farm owners.
He discusses farm land values
and
farm credits and the farm tax
system.
There
groups
rural
are
chapters
technical progress, price spreads between town and
coun¬
try, the foreign trade situation, new goals in
agricultural
research and the
bearing of farm technology on farm eco¬
on
nomics
and
rural
life.
There is
account
an
also
of
recent
organizational changes made in the department to
unify its
work and harmonize it better with
farm planning and State
agencies and farmers.
In the sections of the
report dealing with farm produc¬
Secretary Wallace predicts
that the cash farm income will show a
gradual increase as
tion, prices and income
the
in 1938
marketing season (1938-39) advances. There probably
be proportionately more
improvement in the farm in¬
will
come, he says, than in the farm
price level.
He also says:
The general
tendency to interpret agricultural welfare in terms of
prices
rather
than
in
terms
of
income
this character.
Cash farm
frequently obscures basic improvement of
income, with Government payments to farm¬
$1,000,000,000 less than the corre¬
ers, in 1938 may be about
the total
than
will
the cash
be
Nevertheless
greater, by about $3,250,000,000,
income received
or
75%,
by farmers in 1932.
say:
On minor
crops,
this
method
certain extent
a
limited
the
on
two-price export system
diversion and
the
1939
and to
has
adbandonment
of
our
application
in
such
the
on
a
involve
present
integrated method of acreage allotment,
soil
conservation, marketing quotas, and pride-adjustment
payments.
Ten
or
16 years
ago the plan might have worked
temporarily.
The thought
then
was
that
thought
that
inexhaustible and complacent
foreign market would allow
goods to be dumped on it
indefinitely.
There is no basis for
an
entertaining
now.
...
The report adds:
Plans that called
could not succeed.
exclude
would
unwanted
fall.
immediately for greatly increased agricultural exports
Importing countries would raise their tariffs or would
supplies
Prices
in
through
the
United
quotas
and
embargoes.
States would
have to
levels
World
be
fixed
prices
at
high
so that the farmers could
break even.
There would be loud protests
the consumers.
Unlimited export
dumping, with losses charged to
domestic consumer, is
simply not practicable.
If tried as a complete
substitute for the present farm
program, the results within a year or two
would be disastrous both
for agriculture and the other
groups
in the
Nation whose welfare is bound
up with that of agriculture.
from
the
As to domestic
two-price arrangements,
says, in part:
*
One
feature
of
the
emphasis in the future
that
are
ment
cooperated
free supplies of food
have
provided
that
-do
feature
not
of
for
probably
is the distribution of
under-nourished.
has
which
program-
This
is
for several
to
the
the
a
given
with
greater
surpluses to low-income groups
sudden
with
>
be
idea.
new
relief
The
agencies in
destitute.
partial
interfere
not
years
Secretary Wallace
should
depart¬
distributing
Some of the
marketing agreements
disposal at low prices of surpluses in
ways
through regular channels.
This
distribution
our
program
could
be
expanded.
Some
two-price
arrangement by which low-income
groups of consumers could
buy surpluses
at low prices while the
rest of the
population paid the regular market
price would provide farm relief and consumer
relief.
There are
many practical difficulties.
It is important that
the distribution
should be accomplished with the
cooperation of processers and
distributors,
rather than in
competition with them, in a manner that
.
.
.
.
.
the
.
any
possible cost.
extensive
in
all
in
a
.
.
of
program
this
parts of the country.
small
From
way
under
our
The
.
kind,
will not disrupt
Moreover, it should be done at the
department is not ready to undertake
or
applied
It intends, however, to
Farm Act.
one
to
see
all
farm
what
can
products
be
done
present
Announcement
report
we
also quote:
and unofficial returns received
up to noon Dec. 12 on
the cotton, flue-cured
tobacco, and rice referendums held
Dec. 10 on the
question of marketing quotas for these
crops
for 1939 showed that
farmers voted 84.3% in favor of
marketing quotas for cotton, 56.9% in favor of
marketing
quotas for flue-cured
tobacco, and 47.9% in favor of mar¬
keting quotas for rice. The AAA announcement added:
ary
On
the
basis of these
marketing
quotas for
preliminary returns, cotton farmers have voted
1939, and flue-cured tobacco and rice farmers
have
cast less than the
necessary two-thirds
marketing quotas into effect
report,
939,448
majorities in the referendums to put
for their crops.
the cotton referendum tabulated
in the preliminary
farmers voted in favor of the
quotas and 175,114 voted
Of 1,114,562 votes
against, resulting in
on
a
percentage in favor of 84i3.
In the flue-cured
tobacco
with 122,069 farmers
The
referendum, a total of 214,552 votes were cast,
voting in favor of quotas and 92,483
voting against.
percentage in favor of quotas is 56.9.
In the rice referendum
of a total of 7,481 votes
tabulated, 3,586 were in
favor of the quotas and
3,896 were against, giving a
percentage in favor of
47.9.
In
commenting on the results of the referenda,
Secretary
of Agriculture Wallace said on
Dec. 11 that "these decisions
which have been made
by farmers in the manner provided
for in the
Agricultural Adjustment Act of 1938 are a clearcut
example of economic democracy in the operation of the
new farm
program." Secretary Wallace went on to
say:
The Act provides that in
the
case of five basic
commodities, whenever
go above specified
levels, producers affected must be given an
opportunity to determine whether
they want to supplement the conserva¬
tion and
acreage adjustment part of the
program with more positive control
in the form of
marketing quotas.
supplies
The cotton farmers
studied their situation.
They
were
faced with low
prices and large accumulated
surpluses.
There was no prospect that foreign
or domestic
outlets would take
enough cotton to bring the supply down to
manageable proportions without the
continuation
of existing
control
measures.
In this situation, cotton
producers voted decisively to use the
controls in addition to the other features
of the program author¬
On the other hand the
flue-cured tobacco farmers for five years have
used
Program for 1939
respects the AAA program for 1939 is similar to
that of 1938.
The essential parts are:
(1) Establishment of national allotments for
soil-depleting
objective for soil-building crops and practices.
was
ized in the Act.
most
national
Reject Program
made on Dec. 12
by the Agricultural
Adjustment Administration that nearly,
complete prelimin¬
marketing
the
The AAA
In
.
.
existing marketing organisations.
lowest
.
and Rice Producers
Export
program.
large scale would
a
Crop Control Voted by Cotton Farmers—Tobacco
major crop as wheat,
present
in
provision,
farm families.
program
of
similar
1938.
Provision
sponding grand total of $8,600,000,000 in 1937.
the
to
(5)
popula¬
results
Nor is there any individual
remedy for the fact that technology increases farm
production per agricul¬
while other forces contract the market.
Some people believe
agriculture should decommercialize itself and become
more
That would
classifications
approved in
.
stationary
areas
tural worker,
ing
soil-depleting crop allotments for the
cotton, corn, rice, potatoes, flue-cured burley,
air-cured, cigar-filler and binder, and Georgia-Florida
wheat,
dark
cigar-wrapper tobaccos.
Great
gencies—Domestic Two-price Plan Discussed
1938
17,
individual
soil-depleting
(4) Crop
Annual
Dec.
(2) Establishment of
crops
and
a
their programs
fully and effectively.
the reserve
supply level, is not
Moreover, the price has been
at or above
judgment is that they do not need to
of the
program
than
the
soil
Their surplus, while
slightly above
so large as is that of cotton.
anywhere nearly
use
parity.
In this situation their
in the 1939 season other features
conservation
and
acreage
adjustment pro-
Volume
vision.
Of course, if a year from now
of quotas as a means
use
The vote
on
a
Each of these kinds of tobacco is
which
from those creating the situation
to use
of flue-cured tobacco.
On Dec. 17, grow¬
ment, and parity payments are not affected
commodity
by decisions of growers of any
The national farm program
the use of marketing quotas.
on
whole, open to the producers of all crops, will go on.
as a
The States in which the referenda were held were:
Virginia,
sissippi, and South Carolina, Georgia, Florida, Alabama, MisNoith Kentucky,
Tennessee, Illinois, Missouri,
Kansas,
Arkansas,Oklahoma, Texas, New Mexico, Louisiana, Arizona
and California.
C. Williamson, President of the
Co-operative Association was reported as
saying that cotton producers of the South will vote a year's
extension of the present "marketing quota" law on Dec. 10,
"because they are not going to give up what they have, when
nothing else is offered."
The New Orleans "Times Pecayune" of Nov. 30 from which we quote, also said:
On
Nov.
29
Norris
American Cotton
The quota law is
based on a two-year plan, with the first season
drawing
of the first year for
continuance, however, and next month 1,500,000 cotton planters, farmers,
tenants and croppers will cast their ballots.
A two-thirds vote of the pro¬
ducers is required to keep the plan in effect during the 1939 crop year.
to
a
The law provides a referendum at the end
close.
year of
quota plan has its
13,000,000 bales of American cotton, equivalent to a
consumption, the end of crop control would be
From Associated Press
disastrous."
will be apportioned later.
27,500,000 acres.
Individual
Sales from excess acreages would be
subject to a penalty tax of three cents a
Producers of flue-cured tobacco and
pound.
allotments to be apportioned
eligible for benefit payments, set tentatively at
8 cents
pound on tobacco and 22 cents a hundred pounds on rice.
Similar benefits, between 3.6 and 3.8 cents a pound, will be paid cotton
control and market¬
experience with three growing season,
ing quotas was predicated on
each
world's supply of cotton to a new high record.
On the other side, the cotton growers
the Government and they
National
of
Mortgage
which
Association,
owned
is
the
entire
Reconstruction
Finance Corporation, has purchased 18,716 Federal Housing
Administration insured
mortgages, aggregating $74,765,453.31 and has commitments to buy 3,233 additional mort¬
gages
aggregating $14,499,042.86, it was announced on
by
the
Dec. 8
by Jesse Jones, Chairman of the RFC. The Associa¬
it is stated, has authorized 12 large-scale housing
loans, secured by mortgages insured by FHA, aggregating
tion,
$2,925,500.
In
making
Mr.
announcement
this
released
Jones
the
following financial statement of the Association, as at the
close of business Oct.
Condensed Statement of
""'
Cash
on
•
31, 1938:
Condition {as at Close of Business Oct. 31, 1938)
.
i
*
j
.
$921,202.88
deposit with RFC
Mortgages insured under National Housing Act:
Insured under Section 203
Insured under Section 207
j
Insured under Section 210
...
........
$62,288,206.87
147,836.61
44,890.52
62,480,934.00
269,188.78
Accrued interest receivable..
11,458.57
Other assets
$63,682,784.23
_■
Notes payable to RFC
$20,975,488.36
29,748,000.00
—
Series A 2% notes due May
Accrued interest payable.
16, 1943
318,552.84
920,733.54
237,788.36
121,515.00
20,052.36
340,653.77
Deposits for taxes, Insurance, &c_.
Accounts payable...
Commitment fees—To be refunded upon delivery of mortgages
Suspended credits
Undivided profits
1,000,000.00
10,000,000.00
^
....
$63,682,784.23
Total...
Notes—Commitments to purchase mortgages and make mortgage
by FHA, not yet disbursed,
loans, insured
$17,359,021.01.
having an aggregate unpaid principal balance of $53,665.70
were delinquent 90 days with respect to matured instalments and 21 mortgages
having an aggregate unpaid principal balance of $81,326.48 were delinquent more
than 90 days with respect to matured Instalments.
Condensed Statement of
Income and Expense Through Oct. 31, 1938
(The Federal National Mortgage Association
commenced business May 3,
Other income
..........
Total income
$943,950.49
................
...
......
302,438.35
'
Expenses (other than interest)....
had benefit checks in hand from
had a flat statement that there would be no more
control.
IDec. 101 they had word that the 193839 world supply of commercial cotton would be about 50.900,000 bales. This
lacks but four million bales of being twice as much as the world is expected
1938.)
$930,642.16
13,308.33
Interest income
complying with quotas and acreage allotments.
The vote of Southern cotton farmers to retain acreage
of which had taken the
stock
Fourteen mortgages
rice will be free to plant all they
Only those who comply with acreage
growers
Federal
The
capital
Capital stock
produced on a national allotment of
later, however, will be
of Oct. 31,
as
will be limited to the sale of the
acreage
crop
by FNMA—Statement of Condition
Paid-in surplus...
take the following:
amount
a
year's average
advices from Washington: Dec. 12
Under the 1939 cotton program, growers
desire.
<+.
.
Liabilities and Capital—
defects," said Mr. Williamson, "but there is
nothing being proposed in its place.
Most of the agitation against it comes
from those who want no restrictions on planting, but with a carryover this
we
.
Total
Only Available Plan
"The
Kingdom will cost the Government here close to $6,000,000.
1938
of 1938, the national farm pro¬
Its provisions for soil conservation, acreage adjust¬
flexible.
bushel,with the
per
It is estimated that the total deal with
RFC Reports on Purchases of FHA Insured Mortgages
marketing quotas.
gram is very
from 20 to 25 cents
vary
of the marketing quota levels are different
Under the Agricultural Adjustment Act
one
the United
will decide whether they wish to continue
of Burley and dark tobacco
ers
Estimates
figure believed closer to the high.
have contributed to supplies of
excess
Subsidy Costly
,
Trade observers believe that the subsidy to be paid on the British sale
will prove costly.
Burley and dark
Dec. 17.
on
Factors
commodity.
separate
Burley and dark tobacco in
back to
of dealing with a difficult situation.
flue-cured tobacco has no bearing on the
tobacco referenda to be held
3697
Chronicle
their price and surplus situation is
like that of cotton today, they can then by their own action go
more
the
Financial
147
.
Interest charges—
$641,512.14
300,858.37
loans on cotton if there was no acreage
As they went to
vote Saturday
to use this year.
RFC Authorized 4,825
,
22,600,000 bales—
8,800,000 larger than the year before and 4,250,000 more than the previous
historical high of 1932.
It was during that early high that the price of cotton
got down to about a nickel a pound.
Loans and other Federal activities
had held prices this time to about 8' cents, despite the fact that the market
was cumbered with four and a quarter million bales more than in 1932.
The average price this year was 8.4 cents a pound, the lowest since the
1932-1933 season.
On top of this, farmers received $265,000,000 in Gov¬
ernment benefit payments.
Last year they got only $72,000,000 of such
The world carry-over of
Sale
Additional
of
5,000,000
Bushels
of
Wheat
for
Export to United Kingdom—Supplements Previous
Arrangements
for
20,000,000 Bushels-—Plans of
F. R. Wilcox of FSCC
Loans Aggregating $837,559,610
Chairman Jones Reports—
from Feb. 19 to Dec. 7,
cotton on August 1 had been
payments.
$340,653.77
Net Income
4,281 Loans
Made to Business —
Additional $28,019,383
$158,160,741
of
Banks Loaned
an
of the Reconstruction Finance
announced that since the RFC
resumed lending at the end of February this year it has
authorized 4,825 loans aggregating $837,559,609.63; 4,281 of
these loans, aggregating $156,160,741:01, were to business,
including $4,538,514.66 later taken up by banks.
Banks
participated in 1,107 business loans to the extent of $28,019,383.23, making a total of $179,641,609.58 loans to
Jesse
Jones,
Corporation,
Chairman
8
Dec.
on
buisness.
AUTHORIZATIONS
FROM FEB.
19,
1938, TO DEC. 7, 1938,
INCLUSIVE
Amount
Loans
additional sale of 5,000,000 bushels
of United States wheat for delivery to flour mills in the
United Kingdom were made known on Dec. 13., This follows
No. of
Authorized
Arrangements for the
the
our
previously announced plans on Dec. 1 (referred to in
Dec. 3 issue, page 3391) for the sale of 20,000,000 bushels
to Great
a
Britain, which it was stated
period of several months.
would be delivered
The transactions are carried
under the wheat export plan announced by
Wallace on Aug. 29.
Respecting the plans of
out
Wallace
to
place
over
Secretary
Secretary
100,000,000 bushels of wheat in foreign
"Journal of Commerce" on Dec. 13
markets, the New York
said:
Loans to open
banks
——
—.
reorganization of liquidation of closed
banks...
—..........
loan associations..
..L.......
companies
........... . .
Loans to Joint Stock Land banks..................
Loans to Federal National Mortgage Association..
Loans to building and
Loans to insurance
Loans to railroads
Loans to business
been completed,
Commodities Corp.,
held out high hopes for attainment of the full quota of 100,000,000 bushels.
Unrevealed amounts of grain were said to have been negotiated with the
Stating that
69,000,000 bushels of the program have
Vice-President of the Federal Surplus
—.....—
loan companies..
.....i.
milling or smelting of ores
Loans to
self-liquidating project, under Section 201-a,
Emergency Relief and Construction Act of 1932.......
Loans to public bodies under Section 5d, as amended....
Commitments to Commodity Credit Corporation
Other loans for financing of agricultural commodities or
Loans to mortgage
Loans for mining,
livestock
Mortgage Company
........
levee, and irrigation districts
to Rural Electrification Administration..
Mr. Wilcox said he plans
further sales to China and Latin America, including a substantial purchase
by Mexico within 60 to 90 days.
A few weeks ago Mexican purchases
aggregating several million bushels were worked.
As in the case of the original 20,000,000-bushel sale to the United King¬
dom, details of the latest wholesale deal were lacking.
While all kinds of
wheat are believed involved, the belief is general that much of the sale
Price
Coast wheats.
again was not mentioned.
world
2
4,281
12
12
1
77
5
3
108
1
1
39
50,000,000.00
97,263,612.30
156,160,741.01
13,414,131.67
1,335,000.00
125,000.00
127,742,591.81
212,250,000.00
30,210,000.00
36,300,487.79
3,087,249.01
60,000,000.00
100,000.00
27.082,600.00
165
1,375,525.00
1,353,712.01
$837,559,609.63
8
the markets on the Continent,
The trade is aware, however, that
have been received in view
wheat
market.
subsidizing of the exports.
The resumption of
RFC lending activities, authorized by
18, was noted in these columns
President Roosevelt on Feb.
of Feb.
RFC
to
26, page 1337.
Offer $50,000,000 of
Federal National Mortgage
involved Pacific
the
5
16
2
preferred stock of an insurance company....—.
Subscriptions for preferred stock of banks
Purchases of debentures of banks
Purchases of securities from PWA.
Loan on
Other Markets
low levels must
2
...
Loans to drainage,
Loan
14
4,825
Continent.
In addition to
$402,500.00
10,070,013.77
5,739,766.90
1,432,891.91
2,113,786.45
—
...
Loans to the RFC
F. R. Wilcox,
5
66
Loans to aid in the
of the depressed condition of
This, in turn, means additional expensive
Five-Year 1 %% Notes of
Association on Dec. 19
Chairman of Reconstruction Finance Cor¬
announced that on Dec. 19, the Federal
National Mortgage Association, the entire capital stock of
Jesse H. Jones,
poration, on Dec. 14
3698
Financial
Chronicle
which is owned by the RFC, will offer $50,000,000, or there¬
abouts, of its 1% % notes maturing in five years.
The notes
are exempt from Federal,
State, municipal and local taxation except surtaxes, estate,
inheritance and gift taxes.
The notes will be offered by the
RFC through its loan agencies.
The offering notice will
contain a full description of the issue.
With
view
a
heretofore
and the income derived therefrom
Your
27,
of
1938.
on
tion
If
the
statu
of crop control is to continue, says
the annual report of the Board of Directors of the New
Orleans Cotton Exchange, "the South is facing a readjust¬
ment of the most serious
the
industry
we/'
but
only tor
plan
world
market
magnitude," which affects not only
and the entire Nation.
"Are
domestic
and
cotton-producing
use,
take
again
country?"
or
are
our
piace
to
According
regain
the
as
our
in
United
the
States."
The
report, in outlining five
basic
principles for the working out of
present dilemma," says, in part:
The
ber,
12 months
1937,
constituting the fiscal
October,
to
apprehension.
The
At
lessened
a
had
demand
mixture
a
to
"our
of
with
cope
of
uncertainty
the
largest
for consumption
ever
both at home and
abroad, causing a record carryover.
On the beels of this, and notwith¬
standing steps taken by the Federal Government to control the acreage and
growth for the 1938-39 crop, the estimate of the Department of
Agri¬
culture for that crop is in excess of 12,000,000 bales.
Your
in
all
Board
its
of
Directors
ramifications,
feel
is
to
that
if
greatest economic
crisis
the
magnitude,
which
people
but
the
give
up
serious
most
industry
roads.
and
Are
its
place
going
we
domestic use?
Or
since
to
are
to
we
the
continue,
the
entire
regain
South
War,
is
affects
Nation.
We
are
and
To
control
domestic
consumption
and
demoralization
the
cotton
our
five to
of
of
million
seven
pf
one
States, forcing thousands of
at
the
cross¬
former, and it is
a
the
means
industries
for
crop
of
disruption
the
United
Government.
Federal
in
its
possession
loan
our
foreign
level
cottons
former
our
their
cotton
export
do
longer be
delayed.
January the Government will have
needs
is
at
still
cheaper
a
basis,
unquestioned.
figures,
which
thinking.
man
The
pitiful
are
although the
proof
in
this
of
comparison
to
*
confident
are
solution of
we
cannot
years.
We
a
supply
American
is
statement
in
convenes
it
every
in
the
present dilemma and, while
our
outline
certain
found, viz.:
basic
principles
South
is
wherein
the
answer
be
may
2. That crop control
to normal proportions.
3.
Farm
loans
must
which
be
been
until
our
any
present surplus
these
five
would
points,
make
marginal
present
to
it
that
seen
American
and
would
producers
of
solution
some
would
all
foreign
policy of, artificial
fundamental
under
cotton
meet
not
countries
We
who
the
This
is
in
be
must
have
sprung
no
sense
criticism
a
that
frustrates his plans and
his
11, 1937,
National, Cotton
groups
a
solid
than
concerned
front
of
hands
the
whole of
all
cotton
for
competitive
action
our
for
of
and
at
formation
membership
your
Memphis
on
Nov.
Beginning Jan.
Administration,
pulsory.
In
New
on
at
that
to
Orleans
Jan.
matters
on
this
was
cotton
people and
Exchange
visualize
times,
18,
to
which
a
fill teeth!
ana
Although temporarily stimulating to activity, our present
replace sound business enterprise. Are munitions
liability ?
7 Relief: The apparent intent of the administration to make the
relief
asset or a
rolls
as permanent as the
army and navy surely can have only a depressive
effect upon the nation's progress.
-
8
Population: Leveling off of
that
return
a
associates.
politically tied,
which
Taxatum:
ation is
Every
at
Cotton
1938,
present
the
at
Cleveland,
on
is to establish
industry
as
rather
whole.
a
the
preliminary meeting
Miss., on June 15, 1938,
to
the
cotton
Exchange,
designated
a
as
they directly
secure
a
trade
new
class
on
a
Commodity
accounts
move
as
Associate
from
of the
speculative
special rate of commission
The plan
bring about cooperation
the suggestion
margins
of the above
one
of the surest ways to rob
one
a
a lower
This new
menaces
spells; Higher Taxes.
Tax¬
nation of the incentive for individual
tinued, affect the trend of the United States Line of
Let
Normal Growth.
.
,
make my position clear beyond the shadow of a
doubt.
For 1939, I regard the outlook as
optimistic, not¬
withstanding the 10 above-mentioned factors.
I
am
me
today making
no
10-year forecast, but I do
may be good business years while the nation
headway.
as
Furthermore, unless America
as
a
say
that 1939 and 1940
whole may be making no
is swept by a spiritual revival,!
believe the next 10 years will see a decline in
living standards as well
in
public morals!
*
.
->
in
the
whole
of
their
non-members
own
for
facilities
These
was
of
White
of
New
York
Finds
High Foreclosure Costs and Delays in Proceedings as
on
Real Estate Market—Speaks Before Con¬
ference of N. Y. State
League of Savings and Loan
Associations—Comptroller Tremaine Urges Broader
Use of Credit
as
well
carrying firm.
State, where prospective borrowers
are
discouraged because of the excessive cost of title
examination, filing and attorneys' fees and other expenses.
He stated that the proposed uniform
mortgage law offers a
solution to most of these problems.
Mr. White addressed the
meeting on the subject "Principles
Worth Preserving," as to which a release
by the conference
says:
he
referred
to
operation upon which
the
as
our
in
nature
because
there had been
tion.
the
and
invested
some
basic
institutions
established to meet the needs of
in
a
characteristics
were
founded
of savings
as
and
loan
local institutions,
community, the savings shares long-term
long-term
mortgage
loans.
Stating
that
tendency to abandon the local character of the associa¬
Mr. White said he hoped that mere size would never become
one
of
principal objectives, that bigness alone would not be glorified. Stability
lending policies are just as important a contribution as amount of shares
outstanding.
"Savings and loan management has been successful in the
past because it has invested in mortgage loans in communities with which
it was
familiar, where it had
a
knowledge of real estate
values and business
conditions, where it could predict neighborhood trends, be in
interest,
principal
and
acquired through foreclosure.
tax
payments,
It would be
their local character to
acquire a
a
and
a
supervise
position to
real
estate
mistake, I believe, to abandon
larger volume of business," the Superin¬
tendent said.
the
created
members
business
a
com-
right direction.
membership
Members.
Exchange
made
were
the
Banks
Burden
follow
at
population curves, due in part to
growth and national expansion.
10 Religion: The current disregard for the Ten Commandments
must,
in the long run, have a depressing effect
upon employment and, if con¬
These
well represented at the formation of the Council
1938,
our
birth rate and restricted immigration, is now
making itself felt.
trend of population in the future may be intensified.
often
21.
original
extend
South.
to
affecting
were
Council
long-term tendencies.
estate market in this
Secretary Wallace and his
are,
It is generally felt that this is
order
entitled
1,
the
says:
the
Board endorsed the plan for the formation of a
to represent, through cooperation of
all the
Council,
Representatives of
the
Mr. Babson
Gold: Day by day we are
imperiling our future by the foolish policy
exchanging our real assets for the world's gold—good only to gild picture
an
in the end nullifies his efforts.
your
At the year-end the press of this
our
President, and Henry Plauche, Secretary, also said, in part:
Dec.
of activity—with higher prices for commodities,
but
up
The report, dated Nov. 28 and signed
by Garner H. Tullis,
On
6ome
under
embody
price
conditions would
realized
in
manu¬
at
eliminate
would
result in America
recapturing her foreign
markets, meeting competition of synthetic fibres and
automatically increas¬
ing the consumption of American cotton to figures
which, compared with
today's consumption, would seem astounding.
It
arrive
Speaking before the mid-winter conference of the New
York State League of Savings and Loan Associations in
session at the Hotel
Waldorf-Astoria, New York on Dec. 9,
New York Superintendent of Banks William R.
White, said
that high foreclosure costs and
long delays in completing fore¬
closure proceedings constitute "a serious burden
upon the real
world
and in time
easily
can
which
seek
competition
price'.
to
is reduced
Government agency which may be established for this
new
readily
remain
to
shippers,
endeavor
to
armament program cannot
as
purpose.
be
Exchanges,
of
*
Superintendent of
necessary
shall sell his cotton to any buyer at the world
price and through adjusted payments
receive for his efforts a return equal to what he has
received In the last two years.
4. That during any year of restricted
acreage, should the farmer face a disas¬
trously short crop, he shall be compensated by some form of
crop insurance.
6. That as soon as possible some plan shall be
put Into effect for the liquidation
of the surplus holdings of Government cotton
and this cotton should be liquidated
through the facilities of the cotton trade which are better
equipped to handle such
can
the
manufacturers'
committee
5
that they produce no cures.
price level and In effect become purchases by the Government at a
price above
<The cotton then goes into Government hands Instead of
con¬
sumptive channels.
Some plan must be put Into operation
whereby the farmer
It
of
a
matter
the
wanted
4 Money Rates: Confidence of Investors is
being undermined by current
money rates which actually are fictitious.
Money rates are being manipur
lated by the government today as stock
prices were rigged by traders in
1929.
the world market.
liquidation than
and
The
permanently be maintained
emergency measures have
We cannot have loans which create a false
proven
this
deliveries of cotton
on
inch.
an
•
continued
have
may
to
of
finally decided to form
members
year
fair return for his labor.
a
for
by restricted out-nut, padded prices, unearned bounties, non-secured loans
and other interference with natural laws.
3 Confidence: Growth rate of the nation's business demands the faith
of employers—which cannot flourish in the
face of continual attacks by
government and labor.
now
»
1.
As long as our cotton farmer buys in a
protected market, and sells in a free
market, he must be compensated In some manner, to meet world
conditions, If he
Is to receive
pro¬
lMboT. The nation's economic growth
may be slowing down by action
legislation, the restricting of hours, the inflating of
wage rates, following the after-effects of sitdown strikes and other disorder.
2 Farm Problem: Agricultural wealth cannot
working toward
do not suggest a solution,
we
certain
increased premiums
concerning
a
on
1
9
issue;
prices,
can
superiority of
this
,11,000,000 bales of American cotton which, due to
the world cannot or will not purchase as long as
some
of
face
York
of labor unions, labor
a
of
the
a
In part
of
employment
unemployment, thereby adding to the burden
the States and
seven-eighths
Over the months ahead watch the
frames
and many more thousands into
The next Congress must
By the time this Congress
discuss
to
was
attended
New
in
country will carry his definite forecast of wage, job, trade
and living cost trends for 1939.
take
citizens into other channels of
our
conference
contract
held
a
will be
only for
our
Trade
6 Armament:
the
bales
greatest
cotton
the
plan
produce
to
acreage
the
not
the
world markets and again
our
To continue the
unthinkable.
only
markets
foreign
if
readjustment of
a
not
the greatest cotton-producing country?
present Government policy means
as
facing,
certainly
vitally
our
plan of crop control,
present
the
Civil
Cotton
contracts
real estate and securities.
and
crop
.
meeting of the Knoxville, Tenn. Rotary Club on
Dec. 13, Roger W. Babson
expressed the belief that most
business analysts are convinced that
1939, on the average,
of the Exchange from Novem¬
year
embraced
cotton, trade
coupled with
grown,
1938,
solution
a
than
opposed
was
Progress
greatest
report, "to
contrm our cotton acreage to produce a crop for domestic
consumption of 5,000,0€0 to 7,000,000 bales means the dis¬
ruption and the demoralization of one of the greatest indus¬
tries
the
futures
on
the
of
not
commissions
.
.
Most Business Analysts Are
Convinced 1939 Will Be Year of Activity—Optimis¬
tic
Despite Certain Factors Which May Affect
the
to
facilities
of
rate
market.
Roger W. Babson Believes
foreign markets
we
afford
to
special
agreement satisfactory to all interests.
its people
says the report, going to give up our
and
and
and
a
by the rules of the Exchanges
length
It
quo.
facturers
present plan
an
were
market
instituted
the New Orleans
having a length in excess of sevenThe shippers' association and the cooperative associa¬
increase over the 00% of the average of designated
allowed
now
greater
a
the
inch.
an
associations
ciples Toward Solution
in
advocated
markets
of
in
1938
17,
with the Acting President of the Exchange,
cotton delivered
eighths of
Crop Control Viewed by New Orleans Cotton
Exchange in Recent Annual Report as Meaning
Disruption of the Industry—Outlines Basic Prin¬
months
The object of
changes
staple
the
Board
your
representatives
posed
Cotton
broadening
between
President,
conference
Oct.
of
available,
les
strad
on
Dec.
are
as
"Broadening Credit by Modifying Fear" was the subject
address by Morris S. Tremaine, Comptroller of the,
State of New York, which was delivered by his secretary,
Fred Hollowell, due to the Comprtoller's presence at a cabinet
of the
Volume
147
meeting with
Financial
the
Governor.
The
advices
must
said
the
message,
normal conditions.
play in promoting the
dwelt
was
moderate
or
attitude
He
upon.
the
on
another, to the end that
ment
determining factor
perspective and
release frozen resources,such
we
in
Let
us
dwell
as
on
that
maybe
come
right
our¬
institutions.
In
entrance
into
maintaining
field
of many
In
of the
In
the
of
the pending legislation
minimum
State, but
we were
and asked to urge our
found
passage,
real need for such
no
and to do
on
tions
is
Britain
ance
,
had
before
York
the National
Dec. 9 by Gerard Swope,
on
Electric
be
Co., in
which, in
recognition
added that
the
of
stating that
"the Government
while
there
been general
security
has
the
are
he
the
In
several
to
question
United States,
fundamental
of
industrial
in
I want to call attention,
distinctions
clearly comprehended.
relations
taken
that
not
are
in the first place,
always
understood
of
be borne
must
limited
employers
between
in
Great
combinations
as
employers and workers,
or
to
impose restrictive conditions
or
to
provide benefits for members."
In
that
sure
practice,
that
deals
the
significance
employers
on
of
usually
with
industrial
with
labor
matters.
The
latter
workers,
This
or
two
to
in
I
am
generally understood.
distinct associations; one
and
collective
matters
and
general
decide
Sweden.
is
on
bargaining;
the
to
policy, other than
policies
and
standards
trades
Boards
deter¬
may
made
are
with
votes,
a
up
of
group
complete agreement
salutary
a
lesson.
The
and
taken
It
is
Government
employer
generally-
learned
organizations.
the
Such
before legis¬
affect labor—its
may
that
without
and today
war,
that
was
con¬
part in enhancing their
a
public standing
obligations and breadth of viewpoint.
effect
both
in
effect
Sweden
our
countries
industrial
on
these
for
number
a
relations.
In
borne
are
entirely by the employee
incentive—a
lower tax—is given the employer
by stabilizing the work or guaranteeing a
In both Great Britain and Sweden, as well as in
workmen's
compensation
time.
relations
borne entirely
is
in
Great
by
Conditions and mentalities there
here,
Britain
the
em¬
are
Sweden
and
quite different from
their methods cannot be transplanted as a whole.
should study what has happened over there and profit by
we
Growth
industrial
so
The fundamentals, of that experience
and
development
ot
5.
organizations
strong
are:
of
both
employers
and
,
Voluntary agreement to negotiate, rather than to fight.
+
Business
Men
Urged
to Maintain Free Enterprise—
Paul G. Hoffman Addresses Bond Club of New York
Business
itself
must
fight
maintain
to
free
enterprise
and must resist elements from within it that might
destroy
such enerprise, Paul G. Hoffman, President of the Stude-
baker
the
Corp., said
Bond
Club
must
men
Dec. 8 in
on
New
of
asking
address at
an
York.
He
a
declared
luncheon of
business
that
for
special privilege of any kind
from local, State or national governments, and he added
that "if we wish to pass down to our children our heritage
free
cease
enterprise
should
we
go
to
Washington
purpose, and that is to insist that free
free in America."
Hofmann
Mr.
said
that
if
there
practices on the part
of
for
one
enterprise he kept
•
'
•
monopolistic
"big three" in the
are
the so-called
any
automobile industry he, as the head of an independent com¬
He said,
First
with
the
of them.
is not aware
pany,
of
in part :
all, I think that business has to establish
a
sound relationship
We must recognize that the public interest is always
Those of us who work for a corporation are
government.
paramount consideration.
enfranchised
that
by the State, and the State is entirely right, and it is
should
it
in
first
of
that
means
that
served
by monopoly,
all
protect public
of
area
our
tive
interest.
economy
public
proper
1—which
That is No.
where
monopoly,
where you have
regulation,
interest
is
best
monopoly must be under
management; it means regulation.
among
as
for
the members
export
sit
ment
in
have
tives
individual
even
or
business.
with
the
before them
members
In
imposed.
by
These
instances
some
the business
and
the
lowering
total
or
the
conditions
wage
on
instances
are
for domestic
Furthermore,
of
the
profits
industry.
are
or
based
on
the
by each of the
these Government
to
the
the
taxes
on
labor
unions,
prices
more
profits
prevailing
and
in
are
in
the
industry.
In
the
the
country, to use a current expression, the Sherman law, adopted
early 90's—almost 50 years ago—might now be "regarded as part
folk lore of capitalism."
In analyzing the enforcement results of
laws
I
over
this long
period,
as
7
a
liberal and socially-minded
member
it,
see
will
will
another
vou
whole
the
one
By
I
want
look
the
doesn't
&c.;
first,
interest, the Government,
those which will protect the
on
the part
from
having
of
an
business,
and second,
unfair advantage
over
it has to guard the public against private
monopoly
private
of
It has to lay down the ground rules
practices
third,
control
mean
and
I
mean
whether
monopoly that exists because
because of circumstances or a
Government must take action.
say a word for the Federal Trade Commission.
the
to
back
FTC
that
where the force of competition itself
purposes:
competitor
and
agreements,
monopoly,
Now
fraudulent
competitor,
private
if
But
the standpoint of public
has these obligations:
prevent
monopoly.
of
regulation.
accomplish these
against
public
which
real
strict
from
better control
a
which
this
in
of
these
is
as
perhaps
that larger area of our economy
In
well
as
Govern¬
too high, they introduce
increased
known
well
If
of
these representa¬
done and profits made
tariff,
are
rates
prices,
representatives
industry committee.
representatives feel that prices
competition
agreement
an
some
of
Great
country old-age pensions
own
for the
industry, of cooperation among their members rather than destruc¬
competition; which may mean a division of the available business
of
followed.
Self-regulation of employers associations and workers organizations.
3. Mutual respect, the one for the other.
4. Voluntary—not mandatory—recognition of each other.
employers;
trade or. business,
relations
associations
relations
generally
2.
among
is true also
this statement
commercial
that
'trade union'
essentials
workers.
or
embraces combinations
the conduct of any
belong
only
deals
other
"the term
It
of workers to regulate the
among
or
not
Britain
meaning to labor unions.
well"
as
mind that in
in
its
is
These
as
;
^
It
is not
is
New
Britain,
the
Even when accepted,
but
unorganized
throughout the
in
an
wage.
States,
experience.
1.
should
Great
secure
unemployment
development of
However,
of
this
on
the
hours.
labor
beneficial
a
States
some
annual
United
their
problems, "leaving as much as pos¬
self-regulation of industry." The United States,
and the
been
has
had
reduces
The
industrial
epekking
nor
ployer.
part:
In
Sweden
to
Great Britain,
of public
sense
Government.
worker.
he said, has made progress in industrial
relations, but much
still remains to be done.
On this point Mr. Swope said,
in
short
as
States, both in terms of
entirely voluntary—not manda¬
number
was
action
In
if
complex' in its relations with business" but should
endeavor, in cooperation with business, to obtain the best
of
working week
unemploymtnt insurance, old-age pensions and invalidity insura three-way contributory basis, by the
employee, the employer
on
minimum
ority
sible to the
by
possible
as
are borne by
employer and worker, in equal amounts.
Unemployment insurance, on
hand, varies in the different States; in some it is borne entirely
by the employer, in others in part by the employer and in part by the
-
solution
much
as
policy should not be undertaken
both
In
over
should not
will
its
business, to work
the Other
industry, he
display an 'inferi-
power
enforce
the
with
the
President of the General
sovereign
is
repetition.
no
in
with
the
in the
in
be
the Government.
discussed
Association of Manufacturers
for
on
strike
will
and
Problems—Contrasts Conditions
in United States, Great
Britain, and Sweden
were
no
and that
arbitration.
equal
report
and
tion of Industrial
Industrial Relations
the
binding,
maximum
in
thought to have played
and
years
Swope Urges That Government
Endeavor
Cooperation with Business to Work Out Solu¬
Sweden and Great Britain"
be,
by the Government.
changes
those that obtain
States,
necessarily
general
there
increasing their
■
"Some Comparisons Between
not
United
workman
conciliation
and
administrative
or
Social
has
United
of
the
consultation
and
in contact with, reasonable coopera¬
tion between government and business can be
expected, Mr.
in
and
that the
employment, its wages, hours, cost of living, or working con¬
ditions—the views of labor and employers alike are
invariably sought.
This
governmental recognition and utilization of the services of these organiza¬
come
Flanders said.
to be
tinuity of
Whichever school of thought a visitor to
Washington might
Gerard
in
economic
D.
solid foundations.
the
compulsory
selected
the
that
consultation
organizations.
Flanders, formerly Senior Deputy Housing
Administrator and since last August President of the
Lawyers
Title Corp. of New York,
spoke on the subject, "Business
and Government" and said that when he was in
Washington
he eould clearly
recognize two schools of thought among the
heads of other agencies and
departments—one which felt that
everything should be done to improve the general business
situation without regard to immediate
reforms, and the other
that felt reforms, no matter how
drastic, should be made
without delay so as to permit business to advance on more
is
industry,
any
may
now
are
it
Sweden,
governments have organized divisions of concilia¬
workers
stated
that
lative
at once,
so
is
in the
as
Trade Boards
wages
drastic
warned of its re-introduction this coming session
legislators to defeat its
was
over
power
problems, leaving
In Great Britain
Sweden
nor
high
as
not
to
and
men
was
believed
of financial organization in the State.
Last year, this
legislation, introduced as "mortgage banks," was defeated
telling them there
its
in cooperation with
industrial
the
is
fullest
oppose this year
supreme
Government need
required for
Britain,
employers
As
need for this further
type
William
time
object
Great
impartial
mortgage debenture and mortgage indemnity companies, on the
ground that
in this
in
so.
membership to
the
endeavor,
Britain
wages
countries
sides
mine
already done so, contemplate modernizing or moving into entirely new
quarters, pointing to the impetus and increase in business of
every associa¬
no
Great
of
determination
In
not
He asked the
that
means
but the acceptance
Both
He
tion which has done
is
tory—for each side, employer and worker, to accept.
called a modern office the best advertisement an
association could have and recommended that
every association which has
there is
and
both
tion,
between the two, and offering prompt, efficient courteous service,
properly compensated and educated to the needs and principals
business.
and
life—food, shelter and clothing.
staff
a
neither
money
ing the mortgage to fit the borrower,
adjusting our interest rates to the times,
with a possible adjustment in
dividend rates, maintaining a spread of at'
with
States,
England
this country, as there is abroad,
Government
best solution of
the standard
consider adjusting our
mortgage plans to meet the new competition, fashion¬
least 2%
United
in
Govern¬
in the final
that
Further comments by Mr. Swope on labor relations abroad
seriously
we
the
the
defeat,
studies
follow:
competitive financial
place, he recommended that
our
the
self-regulation of industry.
they are jealous of
liberty and guard it zealously.
Here we make as our goal equality.
Sweden it might be said
they strive for both liberty and equality.
In
Housing Administration based its plan
the
in
in
methods
the
follows:
upon which the Federal
the
business
the
that
success
greatest
In
their
The greatest problem
facing our business today, is holding our rightful
place as the leading source of funds in the home
financing field, Mr. Fitz¬
patrick stated.
He pointed to our
century-old amortized mortgage plan
one
This
the
to
that theme.
President John S. Fitzpatrick, Flushing,
opened the two-day sessions on December 8, with his
Presidential Address.
In part his remarks are summarized
spoke of the
of
mandatory legislation but
out
upon
the
of
study
recognition
a
power
business.
our
The theme of the conferene was
"Management Policies for
the Future" and each address of the
numerous speakers bore
as
conduct
will
its
inferiority complex in its relations
credit and the
consequent expansion of employment.
and
greatest
Court."
how large or great its scope and
Government should not display an
institutions, more confidence in the character loan, in the
initiative and integrity of the
individual, these will help expand the use of
as
Supreme
matter
with
More confidence in
suggested.
the
the
to
the
enforcing this law and
they
sovereign
credit, business
what's
on
in
before
hoped
one
"from the standpoint of society, it is difficult, if not
differentiate between
to
had
being made
more
a
has
adjudication
The part we as savings and loan
better
a
of business and government toward
part
initiative and personal performance.
America, instead of what's wrong, he
selves and
the
of credit and thereby building up
use
urged
is
3699
the bar has said,
impossible,
The future of credit,
recovery to natural
business
of
regarding this
address follow:
people
Chronicle
of
has
the
history of
carried
out
the
its orders
FTC
will
you
in such
a
find that
manner
as
to
competitive system against the type of competition that will
I think
on
the
protect
destfoy
Financial
3700
Chronicle
the
"First,
system itself.
To my way of thinking* it has been like a motorcycle
traffic cop.
It has been there, and it has protected our interest.
We may
not like it if we are trying to go fast, but in the long run it has been
better for us to go slowly.
Certainly the Department of Justice is charged
with the
prime responsibility of acting against monopolistic practices.
As far as I am concerned, I think the determination they have today to
the
Second, getting rid of
laws
tension
in
business
Three
this
it
entitled
not
is
public
to
He
than
shouldn't
and
patronage
"The
have
any
.
"I
debt
was
indefinitely adding new
sounded
in
interim
an
report made public Nov. 21 by the Chamber of Commerce
adopted by the Chamber on
the
Drawn by the" Chamber's Committee on Taxation,
that no capital expenditures which are.
self-supporting, except those absolutely necessary, be
and that projects already approved should be
canceled where possible, so that the city's credit may be
protected and a free debt margin be provided for emergen¬
cies.
Mayor LaGuardia and Comptrolled McGoldrick were
commended in the report for emphasizing the necessity of
caution in the city contracting additional debt in the new
report urged
not
the
that
closer
is
ideal
capital budget for 1939 which is now coming up for final
consideration-.
The report says:
The Planning Commission,
in preparing its first capital budget, is
handicapped by the unwise and wasteful capital expenditures of the city
The result- is that the city is burdened with an
borrowing capacity as established by the State
Constitution is nearing exhaustion.
Unless the capital budget greatly limits its program of expenditures,
the Comptroller has stated "not' a single school, not a single hospital,
period of years.
enormous
debt, and its
firehouse, not. even a baby health station
would be provided for in 1940."
In other words, capital expenditures
should be postponed unless extreme necessity demands them.
There are,
of course certain expenditures which must be made, but the city cannot
net
police
new
a
station
threat
profound
to
It is obvious that such a course
economic
of
440,542.
000,000.
taxes go
estate
Mr.
tingencies
that
in
occur
may
merce,
is
liberty
danger
the
of
said
he
remedies
expansion
commercial
in
was
the
Referring
1939.
was
Lawrence, of New York Chamber of Com¬
Opposed to Senator Pittman* s Proposal to
by Mr.
and
Zeeland and the desire to
van
deal
with
questions
monetary
bilateral
to
instruments
as
treaties,
of
he
political
they
said
been
have
regarded
enter
tion
into
not
trade
"There is
to
engage
no
doubt
thing
agreements
mind that
my
individuals
happen,
but
implement
fas
as
trade among the nations of the world.
There is
economic appeasement is the most desirable
greater
cannot
trade
ameliorate the condi¬
doubt in my mind whatever that it is essential for autarchies
no
in
in
that could
racies
possible to
whereever
only of other democracies but of,the autarchies themselves.
they
as
who
it is perfectly obvious
economic
carrying
are
appeasement,
concerned,
are
Quoting Thomas W.
on
that
to
that
me
action
Owen
D.
Young,
that. Senator Pittman's proposal that the Government
price for domestically-mined silver from 64.64 to 77.57
will not be seriously considered at Washington.
Silver.is
selling in the open market at 42.75 cents an ounce and is sustained
around that level
only by continued purchases by the United States Treasury
W.
American
to
tion
to
Lamont
and
Lamont
our
shipping
would
He also asked
of
J.
of
F.
the
in
commerce
what
asked
N
+.
Zeeland Urges
van
dresses
and
Cooperation to Solve
of Belgium Ad¬
New York Economic Club—W. W. Aldricb
Thomas
Views
World
Problems—Ex-Premier
Economic
on
Lamont
Munich
Among
Other
Speakers—
Pact
World economic co-operation to bring about a
solution
of present
conditions that threaten world peace was urged
by Paul van Zeeland, former Premier of Belgium, on Dec.
12
in
an
Mr.
address
van
sheet of paper on
in the
before
the
Zeeland called
Economic
the
which either
Munich
Club of New
Secretary
the'seven
on
happen
what
if
steps this
Hull's
100
blank
peace or war may
future said the New York "Sun" which
the Versailles treaty rather than
some
A
new
constructive
five-point
program,
van
Zeeland,
as.
be written
stated that
period based
the beginning of
seas
the
years
as
result of the protec¬
a
afforded by the British Navy.
British
should
Empire
follows:
He
disintegrate.
country should take to preserve peace.
reciprocal
trade
a
praise
asserted that
He
agreements.
the
"good start."
Mr.
suggested that benefits would result from "lower tariffs and
trade."
Owen
D.
Young,
Chairman of the Board of the General Electric Com¬
remarked that eqonopiics^ and politics in the United States usually
He also paid tribute to the patience of Secretary Hull.
pany,
Young
based
his
war
was
joicing when
"When
a
one
sensed
respite gives,
one
"hope
for
better
things"
averted
in
Munich.
He
in
United
the
if
must,
States
he believes
in
on
the
world-wide
amity,
was
eco¬
proposed by
re¬
continued:
the
gratification which
the
ultimate
force
of
even
pub¬
lic. opinion, if he Believes in the ability of masses of people to assert their
will, if he believes in the invincible power of the right so universally ac¬
cepted and acclaimed, one must have hope and one must have courage
to
do what
there is to do,
to
life and
liberty everywhere may not be too far away."
L.
Willkie,
in order that the end of this menacing threat
President
of
the
Commonwealth
and
.
Southern
presided.
Benjamin
Is
M. Anderson
Says Wages-Hours Act
Likely to Retard Business Recovery—Economist
of Chase National Bank Tells Kansas City
of Commerce New Law Can Work only
Chamber
Harm to
Labor
The Federal wage and hour law, by increasing industrial
costs,
can
easily bring
a
period of improving business to
a
premature close, Dr. Benjamin M. Anderson Jr., economist
of the Chase National Bank of the City of New York, told
the Chamber of Commerce of Kansas City on
Dec. 14. Dr.
"Wages, Hours and Profits," said
dangerous feature of the law. may be the
statutory enactment of the time-and-a-half provision for
overtime after 40 hours.
"The theory that arbitrarily re¬
ducing hours and shortening wages," he said, "will increase
the purchasing power of labor and thereby increase business
activity has been conclusively disproved, both by the 40-hour
week experiment in France and by our own National Recov¬
ery Administration."
The sound way to raise wages and
Anderson, who spoke
the
on
most
reduce hours, he continued, is through the
growth of capital
and
technological progress, rapidly outrunning the growth
of population."
Dr. Anderson said, in part;
In
the administration
of the
if used to recognize true
Act there
is considerable discretion
which,
seasonality of employment where it occurs and to
mitigate the rigors of the Act wherever it is found to create real diffi¬
culties, might soften it in important particulars.
There seems to be a
tendency, however,, on the part of those charged with the administration
of
the
Act
to
go
beyond the law in interpretation.
is quoted in the press as holding that any employer
The Administrator
who
designed to further world
nomic recovery and promote world
Mr.
as
a
effort.
as
the
Tariffs
might not be perfecjt, but they represented
Lamont also
York.
agreement
he regarded the pact in itself as the end of a
upon
the
Morgan & Co. cited the benefits accruing
last
Lamont concurred with what the other speakers had said in
.treaties
that
here and abroad.
Paul
of
trade."
Lament for Lower
Thomas
Instead of raising the price now paid
domestically-mined silver, the Government, Mr. Law¬
rence urged, should take steps to end all purchases of both
American and foreign silver by the United States Treasury
at the earliest possible time.
Mr. Lawrence added:
ounce
world
the
New York "Times" said:
for
now
democ¬
implement
cannot
through
except
Dr.
should raise its
by
it seemed that the thing for democracies to do was to
made on Dec. 13 by Senator Key Pittman, of
Nevada, that the Government increase its subsidy to Ameri¬
cents an
re¬
gold
Urges Trade Agreemen ts
"After Munich,
Wendell
demand
It is to be hoped
and
but
action,
Corporation, and President of the Economic Club of New York,
producers.
ap¬
aire unworkable unless in¬
equalities in the trade between countries parties* to these agreements can
be ironed out through sale of excess goods in particular items involved
under the agreement in the free markets of the world.
some
Raise Silver Price
silver
this
certain international trade
agreement with
suggested
barriers
accomplishing
of
question
institutions of democracy."
Richard W. Lawrence, President of the Chamber of Com¬
merce of the State of New York, on Dec. 14 criticized the
can
internal
did not mix well.
signed by the following members of the
committee:
James T. Lee, Acting Chairman; Thatcher
M. Brown, George H. Coppers, Robert L. Houget and John
J. Hopkins.
President
but
appeasement,
Aldricb
move
Mr.
The report
else,
standards.
freer
for debt service costs.
Ordinary prudence demands that the city maintain a safety cushion of
free debt margin in order to be in a position to meet unforeseen con-*
individual liberty is one
and I think that the
of
anything
me
peasement in time to save the
Mr.
funded debt of the city as of July .1 this year was $2,500,»
The cost this year of carrying the city's gross debt is $133,dose to 29c. out of every dollar collected by the city in real
institutions.
that what we are faced with is not only
question of political appeasement in the world, not only the question
the
financial disaster.
The gross
than
individual
It seems to
regimentation.
or
indefinitely add new debt to the old.
means
in¬
of Liberty
preservation
hearts
a
over
of
to our
authorized
,
at
more
paper
of the economic situation of the world today is so great
pressure
think
■ ■
of the State of New York and
Dec. X.
The account in the
Preservation
that financial disaster to the city will result
old. funded
the
there was much
that
war.
that it is very difficult for us to preserve our own
most
■■
,
continuation of the policy of
to
or
dicated continued:
which
I
a
he believed
peace
than the Big
Report of New York Chamber of Commerce
Warns
Against Continuing Policy of Adding New Debt
to Old Funded Debt of New York City
*
debt
important thing that could engage
more
no
said
time.
stake
■
from
is
there
that
.governmental support.
A warning
ex¬
an
can't produce better automobiles at a better price
company
Three,
not aware
am
in the
facilities.
credit
their serious attention than world economics at the present
that if-there are any monopolistic practices on
Three I
commercial
agreement on international debts or protracted payments."
some
ing said, according to the New York "Journal of Commerce"
independent company, I am here to
the part of the Big
of them, and I am here to say that if an independent
President of
as
few industrial quotas.
a
Winthrop W. Aldrich, Chairman of the Board of Chase
industry is going to the three big companies, the Big
speaking
Well,
say
1938
17,
tariffs.
National Bank of New York who also addressed the gather¬
they are called.
as
short-term
of
Fifth,
constitutes
what
to
as
of
enlarging the tri-partite agreement.
Fourth, extending or returning to a more normal situation
I think wherever the department
mendable.
smoothing
some
Third,
monopolistic practices is com¬
proceeds against real monopoly
it is entitled to full business support.
It is not entitled to such support
when it is motivated politically or when it proceeds against a concern
merely because it is big, because bigness doesn't mean monopoly.
Now I make that exception.
Why?
Because the automobile industry
have had
much discussion over the deplorable fact that 90% of the
clarify
»
Dec.
reduced
would
rate
be
would
hours
hourly
sudden rush of business
rate, because the new
subterfuge to avoid the effects of the maximum
though the rate paid should be above the minimum
rates
responsible for
be
provision
an
obvious
even
in
anticipation
of
a
overtime at the original
Volume
set
by law.
say
that
a
There
under this Act, or
maintained
which
Act."
this
It
maxima set
provides
this
And
if,
in
incredible,
into
It is
rather
an
used
to
construed
be
as
a
could
and
hours
recession
what
to
and
the
intensify
maxima,
It
of
is
face
we
degree,
great
very
evils
of
be
any
of
introduced
periods of
hours.
destroy flexibility above the minima and
to
below
administration
What has just been said has been said tenta¬
hour law.
At best, the law is going to do harm,
probably a great
harm.
But if the administration goes
beyond the law, the harm will' be intensified very greatly.
And if the
industrial committees are dominated by the North and the West they can
tively and
in
do
spirit.
deal of
used
so
Believers
its
in
On the other hand, these committees can
greatly the evil effects of the law.
do well to urge a policy of moderation
damage to the South.
great
be
to
as
the
in
mitigate
new
The
It
'»
application.
Bus
the
of
at
Terminal
and
and
union
a
be
to
and Office
Platform
Checkers,
certain
holidays
week,
Hall,
for
until
months,
21
meeting
months and
the
arrangements
for
was
covering
conditions
originally
settlement
sjdes
LaGuardia
807
Local
of
have
members
2/3%.
of
the
at
assembled
situation
the
obtained
owners,
agreed upon
.
.
conference
a
during
the
from
strike on
/
•
called
after
Mayor.
City Hall with officials of the striking union
International Brotherhood of Teamsters, whose
engaged in
"rank-and-file" sympathy strike in sup¬
a
port of the platform men gnd checkers.
earlier adjustment of
An
another
of representatives of
Board,
Mediation
divided.
that
arising
at
the
of
been
strikers
consider
to
truck
office
conferred
had
hundred
demanded by the union.
was
the
at
day for a
a
of the compromise agreement was
Sunday
with
settlements
The
for
payment
scale of $6.50
a
$4.80 paid under the previous contract.
with
several
held
individual
both
$5.50
A
the rest of the period.
$6.50 for
and
day
ratification
to
be
would
and
1, 1940.
Sept.
for the platform men and checkers of
compared
on
announced
was
Tenth
West
employers originally had offered a pay increase of 16
The union vote
It
ratified by the union mem¬
was
included.
was
as
Transport Association,
Highway
Veronica's
will return to work this morning,
original demand of the union
40-hour
The
St.
in effect
eight-hour
an
the
owners,
in
men
scale
wage
day for the first 10%
for
rally
a
All the
is
agreement
pi'ovision
and
Unauthorized Strikes in
Auto Industry—President of United Automobile
Workers
Says
Disciplinary
Measures
Will Be
Homer Martin Warns Against
night
provides for
a
very
Act would
last
Washington Streets.
friendly
a
and
Motor
the
representatives
The
early to say that there is a settled policy of the
too
the wage and
of
bership
indeed.
dangerous situation
very
a
settlement, the New York "Times" of Dec. 13 said:
representing the out-of-town truck
and
what hours shall be above the minimum wages
If, in the administration of the Act, the
or
maximum
undertakes
Government
the
a
shall be
wages
below
to
checkers
and
Workers, Local 21610, American Federation of Labor affiliate, at a meeting
wages,
which could prevent the
necessary
readjustments which are needed in a continual changing eco¬
nomic life.
The theory of the law is that it sets minima for wages and
that it sets maxima for hours, but the law says nothing with reference
business
men
compromise agreement brought about by the Mediation Board on the
demands
this
Act,
this
existing
would
inflexibility
appalling
which
of
application
Platform
at
tends of
expression of a pious hope.
A
existing
freeze
and
situation
the
and
interpretation
be
hardly
can
increase of hours within the minima
or
Board.
Mediation
long-distance truck freight terminals partici¬
pated in the strike, which was joined in a sympathy walk¬
out by 1,000 out-of-town truck drivers, virtually paralyzing
long-distance trucking to and from the city.
Long-distance
trucking returned to normal Dec. 13.
In detailing the
,
dangerous
labor
our
provision
wages
the Act.
the
should
provision
an
by
of
State
employed
shorter than the maximum hours applicable
are
But
penalties.
no
employer in reducing
any
3701
Chronicle
York
Section 18 does
this.
says
of the applicable minimum wage
excess
justify any employer in increasing hours of employment
by him
prohibition of reduction
and
in the Act that
is nothing
provision "of this Act shall justify
no
paid by him which is in
wage
under
Financial
147
a
•
trucking strike in New York
City was noted in our issue of Oct. 8, page 2182.
Enforced
Martin, President of the United Automobile
Workers of America, an affiliate of the Congress of Industrial
Homer
letter to local union officials and
members on Dee. 7 warning that unauthorized strikes would
not be countenanced.
He urged members to take a strong
Organizations,
sent
a
Anthony Eden Says British Will Continue to Defend
Democratic
Principles—Former
British
Foreign
Secretary Addresses National Association of Manu-
facturers:—Convention
position against such strikes, otherwise disciplinary action
would be taken.
From the Detroit "Free Press" of Dec. 8
the following
is taken regarding the letter:
The English
Mr. Martin's stand, said to have the unqualified support
advisers,
in accord with policies outlined at the C.
was
of the C. I. O.
I. O. convention
held last month in Pittsburgh.
The U.
A.
President's orders followed a series Of wildcat
W.
"I
stand
to authorize strikes
ready
Mr. Martin said,"but
sit-down
automobile factories.
strikes in Detroit and out-State
on
legitimate and just grounds,"
unauthorized strikes will not be tolerated under any
conditions.""
,fi
....v
In his letter, Mr.
•
Martin outlined the procedure necessary to call a U. A.
W. strike:
"Every strike that is
tutional procedure,
and
written report on
a
authorized must be carried through the consti¬
requiring a two-thirds majority vote by secret ballot,
the issues involved.
I will not authorize any strike
without the sanction and recommendation of the
Board member who Is director of the region
International Executive
involved,
firmly committed to the
his¬
tory, Anthony E$en, former British Minister of Foreign
Affairs, said on Dec. 9 in an address delivered at the clos¬
ing session of the National Association of Manufacturers
convention in New York City.
Mr. Eden arrived from Eng¬
land only a few hours before the final convention session,
and sailed on his return trip from New York Dec. 15.
On
Dec. 13 the former Foreign Minister went to Washington,
exhausted, and
The authorization for a
he conferred
where
Says Recognition of Need for Personnel
Mechanical Engineers
business enterprises have grown in size and be¬
our
complex an increasing number of activities have
specialists," said Marvin Bower on Dec. 6, and he
"This has many advantages, but is not without
Mr. BoWer, of McKinsey, Wellington & Co., man¬
more
come
fallen to
added:
risk."
agement consultants, spoke thus in a speech at
the annual
meeting of the American Society of Mechanical Engineers in
New York
City, at which time he also said:
him to
assume
that all major tasks which are not his own have been assigned
to some other specialist, whereas they often have not been assigned and
not
are
businesses
and
customers
question
made
nc-ed
order
hia
in
to
concern
'
small
know
of
sfenior
their
even
proper
for
sales analysis
proper
for
to
a
are
personnel
deal
safety and
natural
for
Eden,
habits
and
This
wants.
moderate size,
and
with
labor
likewise
to meet
is out of the
provision should be
Recognition of the
spreading rapidly, in
and
with, the *f?aping,
health,
promotion of employees.
enterprises there
smaller
may
be no need for
organization structure whether defects exist.
There is a high degree of
correlation between profitable operation and the use of an organization
chart and an organization manual, designed to promote corporate growth
and needed revisions in operating principles by preventing misunderstand¬
ings
of
executive duties.
Further benefits from this procedure are the
personal animosities and corporate politics, and the encour¬
elimination of
agement of enthusiasm among
Eden's
A
executives and employees.
Trucking Strike in New York City Settled
by Compromise Agreement
five-day
trucking strike which
threatened to tie up
shipments within New York City ended on Dec. 12 as a
result of intervention by Mayor LaGuardia and the Sew
States was
Foreign
told
the
Secretary,
House
had
of
gone
today
Commons
that
to the United States
there would be no "official
Minister's remarks were in answer to a series of
had
trip
questions
on
Foreign Secretary Viscount Halifax on Dec. 1 that Captain
"assent and
the
approbation" of the Government.
More than 4,000 persons
York
"Times,"
I
quote, in part:
my
country and yours are many
and varied; indeed,
these next few
prepared to discover many more such .differences in
am
Yet, despite them all, our
much the same, and what is
believe it is the right conception, a just conception and
best scope for human progress.
I believe, too, that if
I have been conscious of hitherto.
than
days
we
differences in
The
conception of the State In our society is very
important, I
more
that gives
one
the
determined that it shall survive it will
are
we
it
Well
may
perish.
survive, but if we are not so
The clock of human progress
will then
shall not be faithful trustees of what we have inherited
leave a legacy of strife and confusion to those who come
be set back, and we
and
we
after
I
shall
us.
am
;
not going
of
dictatorship."
of
it
to
There are many forms
there are many forms and shades
to attempt to define democracy.
and shades of it in many
I
countries, just
would
therefore
as
concern
myself only with what is
what is the most important aspect
those who live under it; what, in fact, we in England, and you in
to all
forms of democracy, and
America, cherish most,
We and you
stand for democracy because we stand for
the rights of the
freedom for the expression of
thought; to encourage conditions in which the individual human per¬
sonality can live and grow.
Man was not, in our view, made for the State.
The State was made for man.
The art of government consists in striking
because our purpose is to assure
individual;
a
to
just balance between the
claims of the individual and those of
the State
which he owes allegiance.
persuade man to reverse his faith.
After centuries of endeavor he is threatened by the State he has .himself
created.
Man's purpose in creating that State was to enable him to live
in order and security, to guarantee to him the opportunity to exercise his
We
are
faculties
living through an attempt to
freely.
mankind were
of a new form of
idolatry—the worship of the State, to which all men must bow down, and
to which they must sacrifice their freedom of faith, of speech, of worship.
Yet such is now the doctrine in many lands, and it has passionate and
ruthless devotees.
"Man," said Pascal, "is an incomprehensible creature."
No believer in democracy could ever accept such a state of affairs.
It would
Five-Day
United
attended the dinner in New York
City at which Mr. Eden spoke, and at which he declared
that the English people were ready to defend themselves in
behalf of their conception of the relationship of the indi¬
vidual and the State, which he said was challenged by rival
indeologies.
From Mr. Eden's address, as given in the New
-
common
industrial engineering
and manufacturing methods research, but in larger enterprises the possi¬
bilities for improvement may justify having several specialists in this
field.
Budgetary control has also been given increased recognition within
the past two decades.
Since a tangled corporate harness has adverse effects upon net profits,
the problem of the executive is to discover through study of the company's
In
former
statement by
a
and market research.
is
to the
"present the British point of view," but that
determined
,
executives have opportunities
supervision
constructively
is
it
interests
own
being carried out.
When
the
has
executive
each
When
visit
significance" in what he said there.
Supervision Is Spreading in Dealing Constructively
with Labor—Address Before American Society of
"As
Chamberlain
Minister
Prime
The Prime
Marvin Bower
his
that
State Sumner.
Mr. Eden and British
As to this, we quote the following from
London Associated Press advices, Dec. 7:
1
to
*
insisted
advisers
Anthony
•
with Under-Secretary of
entirely unofficial.
proof has been furnished me that such is the case.
telegram or by letter."
now as
are
Welles and with President Roosevelt.
provided in the agreement with the corporation have been
strike must be in writing, either by
people
democratic principles as at any moment in
of
defense
until all steps of the grievance procedure
"I will not authorize any strike
Oppos¬
Resolution
Adopts
ing Wagner Act—H. H. Prentis Sees Awakening of
Government Sense of "Social Responsibility"
to
allow
indeed be the greatest irony in
all
progress
human history if
to be stifled by the setting up
.
L 3702
It
is
Financial
that
not
freedom, have
well
that
are
no
been
handed
chequered
pages
you
in
We
in
down
this
our
In
and
in
be
before
equal
alike must
the
law.
be honored and
As
audience
tell
of
minorities
These beliefs are,
and
majorities
we are
convinced,
Englishman addressing this great American
that these are the beliefs of our English
you
I
rights
respected.
the basis of all progress.
tonight,
The
an
people still, and that they will hold to them in the years that lie ahead.
Let us then sum up, and in so
doing let us seek to look into the future.
What do
we
We
world vigorous and
see
a
see?
vital, but ruthless and challenging:
where force is for many the only instrument of
policy.
In such conditions we know that we must believe in
know
that
hold with
We
know that
Nor
are
pull
our
We
uttermost.
chestnuts
that
from
we
period of
a
that
the
all
fire.
this
such
no
none
can
short
or
which
intention.
in
be,
generation,
If
hold
we
to
through¬
fast
to
is
visit of
friendship from
"A
family while presenting
own
unanimity of purpose to the outer world.
The "Program for American Progress"
by B.
"It
convention
of
National
the
Association
of
the
at
The
manufacturers
elected
dent of
the
Elmer, F.
American
as
Manufacturers
Howard Coonley, Chairman of the Walworth
President, succeeding Charles R. Hook, Presi¬
Rolling Mills Co, of Middletown, Ohio.
Andrews, Administrator
of
They heard
Wage and Hour Division of the
the
United States Department of Labor,
give warning that the wages-and-hours
law would be enforced without
leniency to violators, and heard him promise
"helpfulness and tolerance for those who meet us halfway."
were
fills
his
in
business
to
book,
in
The
report of
convention
the
be
'Men
that
clearly
Committee
Dean
William
of
new
He
in
men
F.
Russell
at the
presented
to
the
"The
efficient production and distribution of goods essential to
maintain and
improve the general standard of living depends upon
Intelligent cooperation between
employers and employees.
Cooperation can only come about as the result of
mutual confidence, and mutual confidence can
never be legislated.
"We present these principles with the
confident hope that our legislators, sup¬
public opinion, can and will observe them in all
legislation
ported by
affecting
"First—The proper function of government in labor
relations is to Insure equal
rights for both employer and employee, with due regard for the
public interest and
the rights of Individual citizens.
"Second—The right of workers to
self-organization and to bargain collectively
own
choosing should include the full and free
voluntary exercise of such right without any interference, restraint, or Intimidation
tfom any source.
through representatives of their
"Third—When a controversy has reached a stage where
legal or judicial action
becomes necessary, such action should be in accordance with
our long-established
rules of judicial procedure.
"Fourth—Any legislation affecting the relations of employer and employee should
In Its provisions and administration observe
the constitutional rights of free speech
rights of property and the right to work or not to work, in like manner
and to the ~i
extent that those rights are commonly
enjoyed by other classes of citizens.
same
"We believe that all labor
legislation, Federal, State, and municipal, should be
In conformity with these
principles.
It Is generally recognized that the National
Labor Relations Act and certain State Acts do not
so conform."
Mr.
Mr.
law,
Andrews, in his address
told
his listeners that
American
anxious
worth
cities
to
"The
in
which
give the
law,"
he
new
said,
hiring is worth
industries
some
Andrews
may
a
not
he
law
"is
was
had
their
rigid
living
be
the
on
he
Reports
Who
application of the wages-and-hours
ending
found
8,000-mile
an
employers
and
tour
of
major
employees
alike
cooperation.
in
wage.
its
insistence
that
It is flexible in
prepared
to
the
Labor
pay
its
every
business,
wage
immediately.
In
administration
our
keep in mind two
no
leniency
tolerance
for
for
of
methods
violators;
those
who
of
Fair
approach.
there
meet
us
will
be
Standards
There
will
cooperation
Act
be
and
we
no
intend
winking
gen¬
20
years
Making America,'
the
Federal
To
render
Government's
that
end,
outstanding
only
the
attitude
Temporary
public
of
Teachers
with
College, Columbia University, the
suggestion to supplement this offer
a
ethics,
new
match
to
the
New
their
effort to prevent a
"We
need
gandists,"
declared.
the farm,
on
knowledge in
how
"There
well
as
the world than
coordinate
to
a
superin¬
cooperative
division of the country and the possible rise of fascism.
study and less talk, more scholars and fewer propa¬
more
he
Deal.
local
tendents of schools and members of the Board of Education in'
and
in
from
the
is
as
we
scholarship
in
the
mill
and
market
in the balls of learning.
There is more
know what to do with.
The problem is
apply it."
.
Andrews
.
.
Gratified
F.
Wage-Hour Act "convinced
the
men
receive
For
and
Senator
a
numerous
of
to
at,
helpfulness and
halfway."
Mr.
Moore, in presenting his employment relations
report, went beyond
phrasing in criticizing the present national labor relations law.
Malad¬
justments arising from the administration of it, he
said, show clearly the
folly of hasty legislation.
"Any law which does not seek to provide equal
its
treatment
the
industrial
wages
the support
and salaries,
to
congress
of the large majority of
as well as of those who
last
year,
cheer
him
he
as
and
temperate criticism of
and
Act
that
urged
as
in accord with
they
industrial
should
finished.
that
the
its
satisfaction
Burke of Nebraska.
speak
trouble-making statute.
a
leniency."
no
minority that is not completely
industry demonstrated
organized
Burke noted the
with
But the resolution
and
Tour
of
was
afternoon address by Senator Edwin R.
an
against the Wagner
is
have
we
who pay
women
attitude
yesterday in
State
by
session
he
violators, he said, there will be "no winking and
year's
feet
that
them J'
Meanwhile
this
crowded
a
Andrews
returning to Washington after
discussion trip through the Nation as Administrator of the
8,000-mile
an
afternoon
Elmer
leaders,
out
They
com¬
vigorously
to
rose
their
.
whole
body adopted later called
Federal,
on
municipal Legislatures only "for fair dealing between employers
upon a basis of equal rights and equal responsibilities; it
employees
generally recognized that the National Labor Relations
State Acts
do
not
Act
and
certain
conform."
so
Question of Continental Solidarity Occupies^Delegates
to Pan American Congress in
Lima—Secretary Hull
and Argentine Foreign Minister Caiitile Make
Key¬
note
Addresses—Many
Latin
American^Nations
Oppose Defense Pact
The problem of Pan-American
the Western
this
against
Hemisphere,
any
solidarity, particularly in
was
attacks
by nations outside
the chief subject of consider¬
week
by the eighth International Congress of
The consensus of opinion
among the delegates from the 21 American Republics was
that the Congress favored the
principles recently enunciated
by President Roosevelt, but would not adopt any pact
binding the individual nations to come to the defense of
American States at Lima, Peru.
others in the event of attack. The
was noted in our issue of Dec.
10,
opening of the Congress
page 3552. Secretary of
State Cor dell Hull, and Argentine
Foreign Minister Jose
Maria Cantilo, in keynote addresses on Dec.
10, advocated
an
embargo of totalitarian theories of racial supremacy class
,
differences and other contemporary ideas as
unadaptable to
the Western Hemisphere. Harold B. Hinton, in a Lima dis¬
patch of Dec. 10 to the New York "Times/' outlined these
addresses in part as follows:
Both statesmen, however, declared that it was the
ideas, not the nations;
the individuals, not the peoples, that
they had in mind. The Secretary of
State, outlining the forces and ideals he considered inimical
our own
American
to
hemisphere."
Senor Cantilo advocated "combined and direct action
against everything
threat to American order, to every infiltration of men or
that implies a
ideas that reflect
foreign to
our
tend to implant on our soil and in
or
our
spirit concepts
ideals."
Measures Up to Each State
American ."
recognition that
substantially higher
a
over-
a
in America.
up
described
men
Are
ideals, said that "their ominous shadow falls athwart
Tour
on
growing
now
urged the manufacturers to get acquainted with
ation
by R. W. Moore, Chairman, said:
'
labor relations:
business
in
common
Of 50
defined.
can
dinner, offered
matters of defense
Cooperation
Employment Relations Committee,
So let
business.
recovery
should
Economic
rapidly.
very
.
Calls for
return
a
days.
service by
publicizing without prejudice the facts regarding American public service."
a
10, pages 3549-50.
On the final day of the session, Dec. 9, the convention unani¬
mously adopted the report of its "Employment Relations
Committee," calling the Wagner Labor Relations Act a law
contrary to principles of fairness.
In summarizing this
procedure, the New York "Herald Tribune" of Dec. 10 said:
Co., Inc., of New York,
Forbes
C.
imperative
National
referred to in the "Chronicle" of Dec.
was
is
toward
and
today still active
are
pared
adopted
pre-depression
generation of industrial executives is
new
ago
three
did
Mr. Eden refer to his break with Prime Minister Chamber¬
lain, and then in the terms of an Englishman exercising the
right to criticize within his
that
in
guard against complacency,
us
was
world empties
Earlier
lishman invited to spend a few days in the United States of
America."
According to the "Times," only
indirectly
practices
Mr.
Eng¬
an
there
Let
on
At the start of his address Mr. Eden stated that his
visit
"is not official.
It is not even semi-official.
Nor even onea
"the Nation will not tolerate
and
today taboo.
ago are
The
heard
It is
that
1938
our
faith, cradle it in stone, and set steel to defend it, we can yet hand
our inheritance, of
freedom, intact,, to the generations that are to come.
sixteenth official.
knows
(a code
place and
the end.
see
it
our
here
17,
Elevating the ethics of business by voluntary
adopted by last year's Congress of American Industry)
doing much to confound the critics of American free enterprise.
we
spirit we are preparing.
seeking to lure others to
land and
our
long
in
nor
We have
of which
emergency
testing time, however
live.
we
to others,
destined, in
are
to
to
abhor will take their place.
again tax our strength and our
once
For
ourselves
existed
weary
other speaker
ideals, and the faiths
our
others which
or
calling out for help
know
live in
champion
this endeavor will
the
to
we
must
we
equal strength,
an
endurance
out
eration
world
a
that
in well doing.
confidence and backsliding.
religious
must
We
not grow
action
conception a modern democratic State must be based upon racial
toleration.
Each citizen must enjoy individual liberty, all
our
abuses
the
us
"Industry
standards
Dec.
"However," he added last night,
to
160 years ago.
all this, we know that there are certain
believe, and which we will not yield up.
we
Chronicle
of
Great Britain know full
Yet, admitting
which
heritage
We acknowledge, of course, that there are
long history.
One of the worst concerns
paragons.
dealings with
many
our
has
false conceit of ourselves.
a
we
whom
to
we,
However, both speakers agreed that the measure to carry out the recom¬
mended quarantine must be left to individual American
republics and both
held that the Americas could not isolate themselves and
be indifferent to
the
happenings of the rest of the world.
Mr. Hull especially went out of his way to make clear that he
was con¬
demning only outworn philosophies that "for centuries held
men in bodily
slavery and spiritual degradation," and he hoped for the adherence of "ail
other nations
and
in
the
or
groups
face
of
within nations which, at times against great odds,
heart-breaking difficulties,
are
working for
a
better
world."
The similarity in
tone of the two leading speeches of the first business
for all who are affected
by its provisions will not support a
healthy and stable democracy.
We believe the great body of our people,
including industrial workers, would not like to defend the
session
statute.
from opposite poles, it means that little that is concrete will result.
Its
inequities of this
roots
have
grown
deep into
our
economy,
and
for
shall suffer the consequences."
H. H, CPTentis Jr., in a speech
on
Dec. 9 at the
ing which Mr. Eden addressed, said that there
ening of
action
sions,
is
years
we
an
meet¬
"awak¬
a new sense of social
responsibility" in Government
as regards
unemployment compensation, old-age pen¬
labor relations, slum clearance, and the correction
The 'Times" of Dec. 10
gave the following abstract of the address:
last
repeated
the
Wednesday
toward American
judgment spread before the Congress when it opened
[Dee. 7] that public favor "seemed more
sympathetic
business than it has been for
a
decade."
to
conference
limited
States reach the
Senor Cantilo
revealed
a
accomplishments.
same
was
spirit
of unanimity,
When
Argentina
but it
and
equally
United
the
middle-of-the-road position, approaching the question
speaking directly in support of the anti-propaganda
proposal that the Argentine delegation intends to present, but the North
same
of abuses in the security markets.
He
of the
pointed
Americans understand how difficult it would be to translate such
into terms of law in the United States
Dr.
Carlos
Concha,
Peruvian
so
long
Foreign
kept largely
to
the
same
theme,
civil rights
Minister
conference, welcoming the delegates in the
ment,
as
name
are
a
project
respected.
and president
of the
of the Peruvian Govern¬
expressing gratification
that
no
"racial" antagonisms separate the American peoples. He declared that the
accelerating rhythm of recent times had touched the "Western Hemisphere
and had hastened to
place America in the world's center of gravity.
He
recommended that the member republics strengthen their solidarity on the
basis that a threat to any one of them menaces the security of the entire
continent.
Volume
Financial
147
Foreign Minister Cantilo of Argentina, in a statement
broadcast Dec. 12, explained why his nation opposed some of
the proposals of the United States at Lima. From the
"Times" of Dec. 13 we quote:
The Foreign Minister
quoted
was
State Cordell Hull's suggestion for
itarian States of
Europe until
stating that he opposed Secretary of
as
Pan-American pact against the total¬
a
nation from the outside "really threatens
a
us." He also suggested that the
assumption that outside nations were pre¬
paring to attack Latin America might be the
best way to encourage
very
Chronicle
The
Cantilo's
Columbia
short
statement
by
reported
was
Samuel
Dr.
Broadcasting representative, at the conference.
wave
hookup from Lima
Dr.
Inma said
his return
$300, $150 and $50 for the best
which, in the judgment of the Jury of Awards, will
essays
contribute to
of
Kenneth
New
banking.
C.
Harold
ton,
D.
G.
Robert E.
Moulton,
President
the essays sought.
Secretary of State Cordell Hull
Meantime, it
tina's proposed
said, Mr. Hull
was
for the ills of the universe.
impressed by the text of Argen¬
draft of a continental solidarity declaration for hemispherical
defense that he may not present a separate draft.
The Argentine proposal,
based
Mr. Hull's
on
own
plan which
United
States
delegation
York,
Brookings
the
Institution,
Washing¬
*
Berkeley, Calif.
Chicago, 111.
*
the Education
that there
Students
or
social
of
the
no
may treat
special
some
are
phase.
factors
business,
Committee
of
restrictions
as
He added:
the subject in its general
Papers
involved,
deal
may
present
consider
or
Chairman
the Association, explained
to the scope and method of
with
one
proposals for
phases of
aspects
or
or
more
concentrate
on
of the economic
changes in the technique
the regulatory
measures
of recent
he was
Foreign Minister Jose Maria Cantilo of Argentina agreed on
the form,.was said to go much further than even the most hopeful
of the
New
years.
ready to offer the conference and drafted after the United States Secretary
of State and
Journal,"
Francis F. Patton, A. G. Becker & Co., Chicago,
been advocated by United
as a cure
was so
Street
School, Cambridge, Mass.
Harvard Law
Sproul, President University of California,
at the conference to date
States
by
Jury of Awards made
Wood, President Sears, Roebuck & Co.,
of
follows:
business
submitted
,,
G.
was
as
a
be
C.
Robert
world trade barriers has long
to
are
President the "Wall
Hogate,
Landis, Dean
reported from Lima that delegates to
the conference appeared to be uniting in favoring a declara¬
tion of continental solidarity aimed at Germany. United
Press advices of Dec. 13 from Lima summarized developments
Reduction of
Papers
York.
James M.
yesterday.
Late this week it
better public understanding of the
a
investment
July 1, 1939, and will be judged by
up of the following:
Speaking in a
on
or
offers three cash prizes of
had interviewed the
he
Argentine Minister for ten minutes before Senor Cantilo sailed
to Buenos Aires
Inman,
Guy
competition, which will be open to undergraduates
women) in American colleges and universities,
(men
them to carry out such ideas.
Senor
3703
member
reported
The project,
had anticipated.
virtually to parallel the original United States defense plan, provides for
consultation among all American nations in event the sovereignty or
political
institutions of any one of them is threatened by an outside force.
The United States delegation withheld presentation of its own solidarity
Newspaper Group of Special Libraries Association Meets
The
Newspaper Group of the Special Libraries Associa¬
a meeting,
Dec. 7, was addressed by Frank N.
Gunderson of the Recordak Corp., subsidiary of Eastman
Kodak Co., and by Ralph H. Carruthers of the New York
Public Library.
Both speakers discussed microfilming, a
tion,
at
stronger than that of Argentina but also stronger than the United States is
photographic recording process.
According to Mr. Gunderson,
a great majority of the banks in this country
and
England are now using this method of making lasting rec¬
willing to
ords
proposal pending decision of the Brazilians whether to submit
It
was
generally anticipated that if Brazil offers
go
toward collective
or
a
a
similar plan.
proposal it will not only be
committed action.
The United States definitely has stated its unwillingness to join in any
collective action providing for naming an aggressor nation or imposition
sanctions, economic
Conference
of
otherwise.
or
delegates, united
the principle of opposition to
on
foreign
aggression and undemocratic propaganda in this part of the world, began
consideration
cutions and
of resolutions
protesting against racial and religious
perse¬
denouncing alien political activities in the Americas.
The conference steering committee, headed by Foreign Minister Carlos
statements.
He also said
been microfilmed.
Mr. Carruthers's talk dealt with the history of microfilming
that
of
month-end
checks^ and
files
of about
80 newspapers have
and the use made of it
Mae
Miss
E.
"Herald
York
.
u
by the New York (Public Library.
Assistant Librarian of the New
is this year's Chairman of the
Nyquist,
Tribune,"
Newspaper Group.
There were over 75 reservations for a
which preceded the meeting.
dinner
Concha of Peru and including the chairman of the twenty-one delegations,
met and approved
three resolutions for submission to tomorrow's plenary
session.
»
The resolutions
persecution;
a
A Cuban resolution
were:
Brazilian resolution regarding the activities of minorities in
the American republics; an Uruguayan resolution regarding foreign
activities in the Western
Meanwhile, iii
political
Hemisphere.
radio address
on Dec. 13, Secretary Hull
the outcome of the conference. He
declared that the American Republics are determined to
defend their chosen principles against any alien threats,. In
part Mr. Hull said:
i
a
expressed optimism
I
absolutely
am
over
convinced
that
every
one
desires to live in peace and work in friendly
of the
American
republics
cooperation with every other
nation in the world.
We do not seek to
impose
our
form of government or our institutions upon
other peoples. We do believe international relations can be conducted on
basis
of peace
and international law and order,
other's problems, and recognition that the
these
In
an
appreciation
the
of each
welfare of peoples is the primary
of governments.
concern
beliefs
interdependence
solution alone,
efforts
and
we
remain conscious of the ever-increasing
of all nations. Hence
but
one
we
do not seek a merely regional
broad enough to take full account of those world
conditions and problems which materially affect regional welfare.
We
are
establishing among ourselves a system of relationships which is in
accord with
institutions and
our
of this system
Dr.
in their support.
at
our
mental research
that here at Lima
we will carry further
forward the work of the past.
we
must have the continued and
increasing support of
our
peoples, for it is only with their support that our freedom, our individual
liberty, and the security of our countries and our institutions can be safe¬
guarded against the possible threat of armed force, anarchy and intolerance.
Committee
Contest
to
of
I.
B.
A.
Interest
Stimulate
Sponsoring Essay
Significance of
in
Investment Banking Function—Contest Open to
Undergraduates in American Colleges and Uni¬
versities
were
Director,
Mellon
Institute,
on
the
of developing new proc¬
various products manufactured by
broad
application in the
building materials.
This investigational work will
augment the regular research activities carried on by the
donor.
Dr. H.* E. Simpson, who has been appointed to the
incumbency of the Fellowship, has been a member of Mellon.
Institute since 1936.
He received his professional education
at the Ohio State University (jB.Cer.E., 1925; M.S., 1926;
Ph.D., 1929).
He served as Assistant Professor in the
ceramic department at Rutgers University in 1930 and during
the period 1930-36 was research engineer for the Battelle
Memorial Institute,
Columbus, Ohio.
Since then Dr.
Simpson has been on the staff of the Multiple Fellowship on
glass technology in Mellon Institute.
field of
♦
Carl
Parry Discusses Federal Reserve Regulation T
Before Senior Margin Clerks Section of Association
E.
of Stock Exchange
of
details
the I.
of
B.
A.
Essay Awards,
established by the Investment
tion of America at its recent
Bankers Associa¬
convention at White Sulphur
Firms
Principles Underlying Regulation T," which has
to do with margin requirements—was the subject of an
address in New York on Dec. 15 by Carl E. Parry, Chief of
the Division of Security Loans, of the Board of Governors
of the Federal Reserve System, before the senior margin
vlerks' section of the Association of Stock Exchange Firms.
In his address Mr. Parry said "it seems to me that there
are three general questions about Regulation T that I should
take up"; "they are" he added:
(1) How does it happen that there is any such regulation at all?
(2) Why should a regulation relating to margins be issued by the Federal
"Some
Federal Government?
make up the body of Regula¬
be just tbe particular kind of rules that they actually are?
Reserve Board instead of
(3)
Announcement
which
Weidlein,
donor company, with the objective
esses and technics which will have
detail on specific matters
meetings. For tonight let me conclude by simply
expressing again my confidence
Education
R.
,
At later opportunities we will report in clearer
To that end
Edward
Pittsburgh, has announced the establishment of an Industrial
Fellowship in that institution by the United States Gypsum
Co., of Chicago, 111.
This Fellowship will conduct funda¬
eagerly welcome the cooperation of each and every country in the world
under discussion
Established in Mellon Institute
by U. S. Gypsum Co.
principles. We believe the principal bases
applicable to relationships among all nations, and we
are
Industrial Fellowship
protesting racial and religious
by some other agency of the
How do the operating rules that go to
tion T happen to
We expect to
refer further to Mr. Parry's address
another
week.
Springs, W. Va., was made Dec. 10 by Jean C. Witter, Dean
San Francisco, President of the Association.
Witter
& Co.,
In
announcement
his
Association
The
standing
on
has
Mr. Witter said:
long recognized
the importance of a fuller under¬
the part of the general public of the significance of the invest¬
the
test
banking
Education
to
function
in
Committee
stimulate
interest
the American economy,
of
in
the Association is sponsoring the
the subject on
the part of
essay
con¬
important
that
population represented by college undergraduates.
It is,
naturally, the hope that many of the contributions will be worthy of
publication in "Investment Banking," the journal of the Association, and
in
periodicals of more general interest, and, in that way, advance one
of the more important objectives of the Association.
segment of
our
Roper Resigns
Roosevelt's
President
Accordingly, one of
the chief purposes of the Association has always been an educational one,
to extend knowledge of the nature and purposes of the business not only
among people
in the business, but also, and more particularly, to the
general public.
As a part of its extended program for the coming year,
ment
Daniel C.
i
Secretary of Commerce in
Cabinet—President Accepts
as
Resignation, Effective Dec, 23
of Commerce Daniel C. Roper on Dec. 15
resigned his post in President Roosevelt's Cabinet, to become
effective Dec. 23.
In a letter to the President, Mr. Roper
Secretary
expressed his desire to return to private life to give attention
to personal affairs.
In accepting the resignation "with very
sincere regret," the President said he was pleased to have Mr.
Roper's assurance that the retirement "will in no degree affect
your interest in the great objectives for which we have
striven."
This is the second member of the Cabinet!to
resign in a month; Attorney General Cummings' retirement,
to return to private practice of law, effective Jan. 1, was—
3704
Financial
Chronicle
announced
on Nov. 15, as was noted in our issue of Nov.
19,
3105.
Mr. Roper has been a member of the Cabinet
since President Roosevelt's first inauguration in March,
National
1937, 1 have expressed to you my
desire to return to private life in order to give needed attention to my per¬
planning to
as
my
assure
keen
you
Your
in
history
as
my
desire
assist
to
you
in
lating
the
DANIEL
C.
KOPEK.
reply, the President said:
*
I have your letter
asking to be relieved of your duties as Secretary
Commerce effective Decemoer twenty-third.
of course, pleased to have
private life will in no degree affect
both
realize
that
of these
personal association between
I can
never
us
means
which has lasted for
forget the many years you and
Administration
in
the
of
Cause
liberal
a
Similar
the
With affectionate regards.
in
ROOSEVELT.
meetings
their
Corp.—Succeeds
At
John
M.
Grant,
President
meeting of the directors of the Bancamerica-Blair
Corp., held in New York on Dec. 13, A. O. Stewart of San
Francisco was unanimously elected a director and Chairman
He succeeds in the
Chairmanship John M.
Grant, President of the Transamerica Corp.
Bearing on
Mr. Stewart's financial career, an announcement
says:
Mr. Stewart
Under
the
brings to his
new
duties
community and industrial builder.
a
and
with
when
the
administrative
review only
A Treas¬
venience to
which
the
Boston,
in
year
immediately prior
cities
they
located.
are
the
for responsible officers
Service
resulting from
the
to
The
is
in
the
respect to the changes
establishment
the
at
Washington,
Bureau changes
Internal
will
conferences
there
as
of the
the
the
at
practice
place.
all
in
of
the supervision
under
Revenue, will have final authority to make
instances
expected
held
established
being
which,
be
has been
have taken
are
country agencies
decisions in
with
contested
of
tax
lability, subject to
by the Board of Tax Appeals in the courts.
by
Revenue bfficials
.
be
to
.
of
great
con¬
taxpayers and will shorten materially the time involved in the
of
June
year,
of
first
of tax disputes.
plan,
organization
of
system
new
tax
the country and
wide experience as financier and
in
instruction
than
important
cities
of the Commissioner of
settlement
the
other
Revenue
new
rather
regional
principal
The
after
areas
operations
the
offices
the past
of
Corp.
a
of the Board.
final
the Internal
functions
field
several
in
Com¬
by
The first
Dec. 19 and 20.
on
and
decentralized
provide
to
js
branches of
Consistently
Transamerica
the
of
held
Dallas
regional plan for consideration
A. O. Stewart Elected Chairman of Bancamerica-Blair
7
Secretary Morgenthau and Commissioner Helvering in arranging
purpose of
field
be
will
Birmingham,
extension
the
Dec.
on
Guy T. Helvering.
say:
conferences
Philadelphia,
government.
The fundamentals
which we strove for then have been and
always will be a mutual bond and in
these later years you and I have had
opportunity greatly to advance them.
It is good to know that we continue our work
together.
D.
for
Department announcement of Dec. 7 also had the fob
lowing to
I worked together in the Wilson
FRANKLIN
Plan
were held this week, viz.: in Chicago,
13; and New York, Dec. 15 and 16.
A meeting
will also be held in Cleveland
ury
interruption of the
quarter of a century.
no
Regional
conferences
Doc. 12 and
your assurances that your
retirement
your
of
arranged
were
missioner of Internal Revenue
retirement to
your interest in the great objectives for
which we have striven.
I knew that without your telling me.
1 should like an
opportunity to talk with you before you leave on your
southern trip with reference to your first
assignment for cooperation as a
private citizen,
We
Morgenthau,
Treasury
of
Knowing the impelling personal reasons which prompt you, I accept your
resignation with very sincere regret.
1 am,
Establishment
to
A series of field conferences, to launch the permanent
phase of the decentralized program for handling contested
tax cases inaugurated at the direction of Secretary of the
With the highest respect, I am,
In
the
Handling Contested Tax Cases
unfolding and safeguarding of democratic government.
My dear Dan'.
for
Conferences Under Direction of Secretary Morgenthau
on
Functions of Internal Revenue Officers Re¬
unexcelled in efforts to advance
objectives and
your
Examiner
Bank
National
District, with headquarters at San Francisco, Calif.
com¬
that my retirement to private life will not In any way lessen
interest
Chief
of
post
District, resigned on Dec. 6 to return to the private practice
law.
Comptroller of the Currency Delano on Dec. 7
appointed L. H. Sedlacek to succeed Mr. Prentiss.
outstanding
your
human welfare.
I
the
actions in meeting the emergencies
your courageous
of these times will go down in
District, with headquarters
of
under
serve
of the most trying times in all history.
one
prehensive vision and
Tenth
the
City, Mo.; that Irwin D. Wright, Chief National
William Prentiss Jr., Chief National Bank Examiner for
You will recall, Mr. President,
privilege to
and
the Twelfth District, who had been selected for the post of
Chief National Bank Examiner for the Ninth (Minneapolis)
South at that time.
go
Tenth,
Ninth,
Bank Examiner for the Tenth District is being transferred
to
Twelfth
It has been a high honor and a
of
Districts
Reserve District, with headquarters at
Minn., is being transferred to Chief National
Bank Examiner for
at Kansas
4,
Secretary of Commerce effective Dec. 23.
Reserve
Federal
Minneapolis,
sonal affairs and which I have not been able to do while in public office.
I hope it may now be
agreeable to you to accept my resignation
leadership during
Ninth
the
15
Roper and President
My dear Mr. President:
that I told you I was
Examiners
Comptroller of the Currency Preston Delano announces
W. II. Baldridge, Chief National Bank Examiner for
possibility.
On several occasions since March
1938
that
The White House announced the resignation on Dec.
by making public the letter of Mr.
Roosevelt's reply, which follow:
Secretary Roper's letter said:
Bank
Federal
Twelfth
1933.
Although no successor has yet been named, the
appointment of Harry L. Hopkins, Administrator of the
Works Progress Administration, to the
post has been
as a
17,
Comptroller of Currency Announces Transfer of Chief
page
mentioned
Dec.
30,
controversies.
will
be in full
Other
offices
will
established
be
across
operation by the end of the current fiscal
1939.
Born in Missouri, he went to California
at an
early age and immediately became active in financial circles.
He
contributed much to the building of San Francisco and
surrounding areas,
fathered many enterprises, and still exercises direction of
many major
institutions.
He recently resigned
Mr, Stewart
Co.,
a
firm
holds
now
with
Chairman of the Board of Directors
as
of the Federal Reserve Bank of San
Francisco.
the
Presidency of the Pacific Coast Mortgage
extensive holdings of Western mortgages and securities.
1939
Conference
Savings Banks, it
the
Mining Corp., the Knob Hill Mines, Inc.
Anglo American Mining Corp., Ltd.
As Chairman of the Board,
Mr. Stewart expects to devote the
major portion of his time to the interests
and affairs of Bancamerica-Blair
United
States
Post
in
Corp.
Ambassador
London
for
Kennedy
Returns
from
Vacation—Denies Any War
Mutual
of
the 1939 conference of the National Association of Mutual
ownership of seven joint stock land banks of the Federal Farm Loan System.
and the
Association
National
Officers and trustees representing more than 15,000,000
depositors will meet in New York, May 10, 11 and 12, for
Nine years ago he became interested in
joint stock land banks and acquired
Mr. Stewart also has extensive
mining interests, and is Chairman of the
Board of the Carson Hill Gold
of
Savings Banks to Be Held in New York, May 10-12
17 states, now
in
stated in an announcement issued by
This group of institutions' operating in
holds in excess of $10,000,000,000, distributed
was
Association.
accounts which average $672 each.
This is about one-fifth
of all American bank
deposits and the greatest accumulation
brought together by one class of banking
institutions.
TheVprpgrarh foKthe 1039 conference will
cover outstanding
problems of tb\ dayj as they concern the
small savers of the country.
Announcement of speakers
of small
capital
ever
will be made later.
.
■
Debt Offer
Joseph P. Kennedy, American Ambassador
to
London,
re¬
International
turned to the United States on Dec. 15 aboard the Cunard
White Star liner Queen Mary.
Mr,
Kennedy
said
Washington and
see
President Roosevelt and
would leave
early next week for Palm Beach, Fla.,, for a rest.
In re¬
sponse to a question on the war debts the Ambassador is
said to have denied the
reports that he had brought any
Advisory Committee
Meet
to
A
meeting of the 21 member countries of the International
Advisory Committee will be held in London on
Wheat
Jan.
10, it was announced
States Ambassador Joseph
on
D«c. 6 in London by United
P.
Kennedy, Chairman of the
a cablegram to the New
6, from which we also
Committee.
This was indicated in
York "Times" from London, Dec.
quote:
tentative offer from the British Government.
They will
"the
consider
present
world wheat crisis,
the
imminence
which the committee
emphasized in its report to its governments
July 15" and "what action the committee should recommend to its
Hampson Gary Appointed Solicitor
for
Export-Import
Jones,
Chairman
of
the
The report
Reconstruction
Finance
Corp. announced Dec. 14 that Hampson Gary, formerly
General Counsel of the Federal Communications Commis¬
sion, has been appointed Solicitor for the Export-Import
Bank, effective Dec. 16.
Five Elected
to
Membership in New York State
Chamber
of Commerce
monthly meeting of the New York State Chamber
of Commerce, on Dec.
1, the Chamber elected the following
new members:
Richard B. Bole, Fred A. Hubbard, Fletcher
W.
Rockwell, Harold M. Sawyer and Gilbert Hudson
Welimann.
our
issue
.
of
Nov.
26,
page
3251.
Secretary of Agriculture
on
proposals,
was
not
meeting to work out
crisis
recommendations
Henry A.
formally considered.
a
Wallace's
It
for
dealing
with
the
The American plan, based
was
"ever-normal
granary"
planned then to have
a
plan of action in the Autumn, but the Czecho-Slovak
interfered.
the single exception of affiliation with the committee
by Argentina, one of
four principal wheat-producing countries, the danger of
the
ITEMS
widespread
ABOUT
Arrangements
a
appeared
no
Mr. Kennedy has summoned the
January meeting in response to requests
by the Australian, British, French and United States Governments.
With
.
A reference to the nomination of these members
in
last July made
surplus from last year's record-breaking crop.
dumping has increased in
At the
of
last
con¬
stituent governments to cope with that crisis."
Bank
Jesse
in
London Jan. 10
that
he is in this country for a vacation and would
remain until
February.
Upon his arrival he stated that he would go to
Wheat
New
York
every
BANKS,
were
Stock
direction since the committee last met.
made
TRUST
on
Dee.
COMPANIES,
9
for the
Exchange membership at $70,000.
.previous transaction
was
at $71,000, on Dec. 7.
♦
&c.
transfer
of
The
.,
Volume
3705
Chronicle
Financial
147
On Dec. 5 the capital
stock of the First National Bank at
Bessemer, Bessemer, Ala., was increased from $75,000 to
$100,000.
At a recent meeting of the Board of Governors of Com¬
modity Exchange, Inc., it was decided to close the Exchange
for all business on Saturday, Dec. 24.
The Board voted
that the Exchange remain open for business on Saturday,
4
Dec. 31.
James T. Van
Dyke resigned recently as President of the
Farmers' Loan & Trust Co. of Sioux City, Iowa, to become
President and Active Manager of the First National Bank
of Thermopolis, Wyo., in which he has acquired controlling
interest.
The "Commercial West" of Dec. 3, authority for
this, continued in part:
-—♦
Guaranty Trust Co. of New York announces the appoint¬
of W. Sproull Graves, as a Vice-President.
Mr.
ment
(graves was formerly a Second Vice-President.
*
Beginning his banking
elected
Thomas E. Murray Jr. was
of New York at
a
■
.,
Toy National Bank (Sioux City) as well as of the
...
professional
to organize
new
the
only bank
quarterly dividend of 45 cents per share was declared on
the bank's capital stock, payable Jan. 3, 1939, to stockhold¬
ers of record
Dee. 19, 1938.
The directors also approved 1
the transfer of $5,000,000 from the Undivided Profit Account
to the Surplus Fund, increasing the Surplus to $50,000,000.
The capital structure of the bank is now constituted as fol¬
lows: Capital stock, $20,000,000; surplus, $50,000,000; un¬
divided profits, $6,141,328; and reserves, $5,240,138, for a
total of $81,381,466.
At the same meeting, the directors
declared 3% additional yearly compensation as a Christmas
bonus to all officers and employees.
with other members of his
♦
to
was
When Mr.
was
institution
opened
♦
changes in the personnel of the United States
National Bank of Portland, Ore., became effective on Dec.
1, as follows:
Charles R. Harding, formerly Manager of the
Reynolds, formerly
on
the Grand Concourse at Fordham
accounts,
facilities for new
T.
Manson
is
the
At the La Grande branch, J. H.
while
Smith, heretofore loan executive of the Pendleton
Roulon
^
and
a
double entrance.
of the Dollar
fourth President
Reflecting
its main
growth of the Bronx, deposits of the bank at
office in Third Avenue have increased from about
$150,000
(1890-95) to
more than
$101,000,000 at the two offices today, a cumu¬
lative rise of over 67,000%.
The bank's assets now exceed
$119,000,000, and there are more than 132,000 depositors
of the
of the
five years
the first
Third Avenue and
bank's history
Fordham offices,
——♦
Edward
H. Hudson, of Searsdaie,
G.
N. Y., has been
unanimously elected President and a director of the Citizens'
Bank & Trust Co. of Patchogue, L. I.
Mr. Hudson, whose
appointment becomes effective Jan. 1, will succeed Frederick
C. Metz Jr., who has resigned the post in order to become
Executive Vice-President of the First Citizens' Bank &
Trust Co. of Utica, N. Y.
The new President for many years
was
private Secretary to De Lancey
ciated with the National City Bank
Nicoll and was asso¬
of New York for'17
years.
'
■
Albert W,
'
~~—♦—-
"
Pickford, a'Vice-President of the Philadelphia
Philadelphia, Pa., died of a heart attack at
his home in Cynwyd, (Philadelphia), on Dec. 11.
He was
68 years old.
Born in Fall River, Mass., Mr. Pickford re¬
ceived his early education in that city, and later was gradu¬
ated from the Wharton School of Finance and Commerce of
the University of Pennsylvania.
He began his banking
career with the old Girard National Bank of Philadelphia
and when that institution was merged many years ago with
the Philadelphia National Bank, became a Vice-President
of the consolidated bank, the office he held at his death.
National Bank,
«
A.
John
Stevenson, Executive
Life Insurance
Mutual
Vice-President of the Penn
Co., has been elected to the Board
of Philadelphia, ac¬
Commerce" of Dec. 3.
of the Girard Trust Co.
Managers
of
cording to "Money and
City
National Bank & Trust Co. of Battle Creek,
Mich., on Dec. 1 changed its name to the First
Battle Creek,
National Bank of Battle
Creek.
4
The Board of Directors
of the Tower Grove Bank & Trust
the opening on Dec. 19 of
Department and Real Estate
Co. of St. Louis, Mo., announce
the
new
quarters of its Trust
Department.
CURB
EXCHANGE
«
specialties received considerable speculative at¬
tention during the present week and several prominent issues
in the group worked upward to new tops for the year and
in some instances to new peaks for all time. Aircraft shares
continued firm but the gains were largely fractional. In the
public utility section there were some good advances but
the changes were, as a rule, among the preferred stocks.
Oil shares were quiet during the fore part of the week but
improved later on though the changes were small.
Curb stocks firmed up during the abbreviated session on
Saturday, and while there were a number of weak spots in
evidence from time to time, the advancing tendency was
strong enough to check the decline of the previous session
and show some modest gains at the close. Specialties were
the strong stocks and a number of the more active issues
climbed to higher levels. Colt£ Patent Fire Arms was espe<cially active and strong and forged ahead 7 points to a new
high for the year at 94. Aircraft issues continued to work
upward although the changes were largely fractional. Public
utilities moved within a narrow range and oil shares were
* • ■
quiet. ■
Specialties again led the advance as the market resumed
its sessions on Monday and several of the popular trading
stocks moved into new high ground for the year.
Colts
Patent Fire Arms and Midvale Coi were in brisk demand
.
forged ahead to new, high levels. Midvale Co. moved
points to 107 %, while Colts Patent Fire Arms
added 4 % points to its previous gain and closed at 98.
Some modest advances were registered by the public utili¬
and
ahead 8 %
ties, particularly Utilities Light & Power pref., which surged
forward 3% points to 12%. In the general list a number of
prominent stocks moved against the
trend, including among
others Singer Manufacturing Co., which dipped
bottom at 200 but later moved back to 203, and
to a new
Sherwin-
Williams, which slipped down 1 point to 101%.
Higher prices were in evidence oh Tuesday, and
while the
not particularly noteworthy, they were well
scattered through the list and gave the market an appear¬
ance of strength.
Specialties continued in demand and led
the forward movement.
Public utilities were somewhat
changes
were
higher but the changes were
generally fractional. The trans¬
day were 223,835 shares, against 195,940 on
Monday. Outstanding among the gains were Aluminum Co.
of America, 3 points to 124%; Niles-Bement-Pond, 1%
points to 56%; United Gas pref., 1% points to 81%, and
Aluminium Ltd., 2 points to 141.
Moderate gains were registered in practically every section
of the Curb list on Wednesday and a fairly large number of
the market leaders moved into new high ground for the year.
fers
for
the
Aircraft
stocks
advances
-4
The
branch,
Industrial
the Concourse and
the
in
Fournier, who has been Acting Assistant
has become Assistant Manager in the La Grange office.
The new *
Road.
incorporation in 1890.
Bank since its
Savings
banker in Oregon and until recently connected with
Manager, has returned to his former position at the Portland head office,
the Bronx, and which,
building has a frontage of 150 feet on
added
a
of the
and C. A.
appointed Assistant Manager in lieu of Mr. Littleton.
triples the space heretofore available for the bank's Ford¬
ham facilities, with 23 additional teller's windows, 15 ad¬
ditional booths for the convenience of safe deposit renters,
Howell
bank's branch at The Dalles,
L. A. Littleton, heretofore Assistant Manager of
Comptroller of the Currency's office and located in the Pendleton area,
the
New York, oldest
it is
State of New York,
will mark a new milestone in its 48 years of community and
financial history with the formal opening today (Dec. 10)
of its new
building, which houses the bank's Fordham
office
The
Day.
$50,000 capital, $25,000
The Dalles office, advanced to Manager to succeed Mr. Harding,
thirteenth largest in the
the
is
with
Several
THE
savings bank in
bank's operations, a new charter
(Nov. 25)
^
4
The Dollar Savings Bank of the City of
said,
Friday
surplus and about $800,000 deposits.
of the company.
largest
new
approved and transfer of assets completed on Thanksgiving
head office in Portland;
meeting of the Board of Trustees of the Title Guar¬
antee & Trust Co., New York, held on Dec. 12, it was voted
to recommend, at the annual meeting of stockholders on
Jan. 17, next, the reduction in the amount of capital stock
of the company from $10,000,000 to $6,000,000; and the
reduction of the par value of its shares from $20 to $12.* This
action .when ratified by the stockholders, it was explained,
will result in the transfer of $4,00,000 from capital to surplus,
and will have no effect on the combined capital and surplus
and
decided to discontinue his Middle Western
Van Dyke accepted the bid of local interests to
promoted to be an Assistant Vice-President in the loan department
a
,
R. J. Ireland, Amityville. N. Y., who
family had operated the First National in Therm¬
purchase majority stock and direct the
new
the invitation
and ranchers at Thermopolis, who decided
be liquidated.
opolis several years, recently
operations.
He has gone to his new post at
men
institution when faced with the fact that the town's
Bank & Trust Co. of New York, on Dec.
At
in the First Trust & Savings. Anthon, Iowa,
Dyke for the past several years has been an active
of business men,
meeting of the Board of Directors of the Chemica^
15, the regular
a
career
11 years ago, Mr. Van
executive officer of the
Farmers Loan & Trust.
'•1
♦——
■
At
Trustee of the Bank
a
meeting of the Board on Dec. 13.
clined
to
were
stronger
and moved forward but
the
generally under a point. Oil shares were in¬
advance after several days without noteworthy
were
generally higher but the
the active stocks in the preferred
group.
Jones & Laughlin Steel represented the steel stocks
on the side of the advance as it climbed upward 2 points to
38.
Other gains were Aluminum Co. of America, 3 points
to 127%; Sherwin-Williams, 3 points to 105; Colts Patent
Fire Arms, 4% points to 94%, and Midvale Co., 5% points
movement.
Public utilities were
gains were usually among
to
114.
3706
Financial
Chronicle
Aircraft stocks\were in demand on Thursday as the up¬
ward trend in the curb market continued unbroken.
Lock¬
heed Aircraft Corp. moved briskly forward to a new peak at
We act
31
% and Bell Aircraft Corp. reached a new high level at
31%.
New tops were also registered by Mid vale Co. at
115 and Aluminum Co. of America at 129%.
Specialties
were
prominent in the general advance as Singer Manu¬
facturing Co. moved up 6 points to 208 at its top for the day
and Pepperell Manufacturing Co., 2 points to 72.
Other
strong stocks were Chesebrough Manufacturing Co., 3 points
to 120; Niles-Bement-Pond, 2% points to 60%; National
Steel Car, 3% points to 69%; St. Regis Paper pref., 3%
points to 56 and Lynch Corp., 1 point to 32%.
Irregular stock movements and declining prices were the
features of the dealings on Friday.
The opening hour was
fairly active and the market was inclined to move upward,
but trading gradually fell off as profit taking appeared and
prices turned downward. There were occasional movements
against the trend but these were generally in the slow moving
stocks and were without special significance.
As compared
with Friday of last week prices were generally higher, Alumi¬
num Co. of America
closing last night at 128% against 121 %
on
Friday a week ago; Aluminium Ltd. at 140 against 136%;
American Cyanamid B at 26% against 25%; American Gas
& Electric at 32% against 30; Carrier Corp. at 20
against
17%; Electric Bond & Share at 10% against 9%; Humble
Oil (new) at 68% against 65%; International Petroleum at
26% against 25%; New Jersey Zinc at 57% against 55%;
Niagara Hudson Power at 8 against 7%; Sherwin-Williams
Co. at 106 against 105% and United Shoe
Machinery at
86% against 82.
DAILY
TRANSACTIONS
AT
THE
NEW
YORK
Stocks
CURB
MANUFACTURERS
Shares)
Member Federal Reserve
Member Federal
Deposit Insurance Corporation
FOREIGN
$9,000
1,155,000
1,518,000
2,036,000
33,000
12,000
24,000
30,000
33,000
334,120
253,195
Totai
$802,000
334,962
Friday.,..
1,654,000
1,218,000
62,000
1,437,262
EXCHANGE
BANKS
RATES
CERTIFIED
TO TREASURY
DEC.
UNDER
1938, TO DEC. 16,
10,
York
$8,383,000
RE4ERV®
FEDERAL
ACT
OF
1930
1938, INCLUSIVE
Noon Buyino Rate for Cable Transfers in Neto
Value in United Slates Money
Country and Monetary
York
Unit
Dec.
10
Dec.
12
Dec.
13
Dec.
$
.168530
$
.168413
.168441
.168402
.012325*
.012325*
.012300*
.012325*
.012325*
.034200
.034204
.034206
,034204
Europe—
Belgium, belga
Bulgaria, lev
.168247
.012325*
Czechoslo v'ia, koruna
.034205
.034200
$
$
Dec.
14
15
Dec.
$
.168400
.208583
.208175
.208181
.208431
.208712
.208425
4.663819
4.664652
4.670277
4.676111
4.070138
.020515
.020537
.020525
.020570
.020565
.020585
France, franc
.026335
.026263
.026245
,026279
.026320
.026297
Germany, relehsmark
Greece, drachma
Hungary, pengo
Italy, lira
Netherlands, guilder.
Norway, krone
Poland, zloty
Portugal, escudo
.400744
.400775
.400793
.400893
.400887
.400875
.008557*
.008560*
.008541*
.008539*
.008557*
.196375*
.196375*
.196375*
.196350*
.197125*
.196375*
.052603
.052603
.052603
.052603
.052600
.052604
.543550
.543466
.543494
.543316
.008553*
.543283
.543338
.234788
.234331
.234334
.234600
.234943
.234618
.188520
.188575
.188550
.188620
.188625
.188575
.042330
.042381
.042318
.042392
.042443
.042450
.007278*
.007307*
.007307*
.007307*
.007307*
.007314*
Spain,
.049675*
.049783*
.049740*
.049740*
.049240*
.049740*
.246672
.240196
.240181
.240456
.240756
.240468
.225997
.226050
.2262.50
.226105
.226044
.226061
.022712
.022712
.022750
.022725
.022700
.022750
.167916*
peseta...
Switzerland, franc—
Yugoslavia, dinarChina—
Chefoo (yuan) dol'r
.165750*
.167416*
.165750*
.165750*
.165750*
.167416*
.167916*
.167500*
.159000*
.158687*
.158687*
.159312*
.160625*
.160937*
Tientsin (yuan) dol.
$8,733,000
.105750*
Hankow (yuan) dol
Shanghai (yuan) dol
1,301,000
$157,000
.165750*
Asia—
1,578,000
2,097,000
1,729,000
Week Ended Dec. 16
.169312*
.169000*
.168687*
.170562*
.170937*
.170937*
.167500*
Hongkong, dollar.
British India, rupee..
Jan. 1 to Dec. 13
Curb
Exchange
1938
Stocks—No. of shares.
1937
1,437,202
1938
1,099,489
46,368,172
Total
$6,390,000
101,131,846
6,985,000
89,000
$8,733,000
$337,787,000
258,000
6,372,000
$0,737,000
$407,308,000
12,051,000
.
9,600,000
$351,144,000
.291515
.292031 '
.292031
.348877
.348184
.348128
.348515
.348950
.348671
.271850
.271767
.372046
.272400
.272173
,543500
.542500
.542500
.542500
.543875
.543062
Australia, pound
3.724062
New Zealand, pound. 3.740416
3.716406
3.717890
3.720937
3.725546
3.723125
3.733020
3.734895
3.744166
3.745000* 3.737250*
4.615875
4.618333
4.622916
4.628250
.291437
.291281
Australasia—
*
$8,383,000
193,000
157,000
.291593
.272355
yen
8tr»its Settlem'ts. dol
1937
Bonds
Domestic
Foreign government..
Foreign corporate
$428,965,000
-
Africa—
South Africa, pound- 4.627000
North America—
4.623000
Canada, dollar
.991406
.991250
.990175
.989199
.989746
Cuba, peso
Mexico, peso
Newfoundl'd, dollar-
.999000
.999333
.999333
.999500
.999333
.999333
.199433*
.199920*
.199920*
.199920*
.199920*
.199920*
LONDON STOCK
Argentina,
EXCHANGE
Quotations of representative stocks
as
received
by cable
day of the past week:
.988945
.988750
.987695
.986523
.987421
.988125
.310960*
.310980*
.311245*
.311762*
.311480*
.058800*
.058700*
.058740*
.058600*
.058925*
.058540*
.051766*
.051760*
.051766*
.051766*
.051766*
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.569800*
.569840*
.569840*
.569840*
.569840*
.569840*
.615025*
.614205*
.614200*
.614451*
.615193*
.614775*
Tues.,
Wed.,
Thurs.,
Dec, 10
Dec. 12
Dec. 13
Dec. 14
Dec. 15
Dec. 16
39/1 %
39/1%
99/-
Cable & Wire ordinary.
Canadian Marconi
Central Mln&Invest..
£32%
5/
£18%
62/6
29/-
Cons Goldlields of S A.
99/£35%
4/£18%
39/99/£35%
5/-
.
65/29/6
£7%
90/10/6
17/4/6
1/3
22/6 N
130/£12%
75/£8%
£13%
16/110/- '
£36
131/6
£12%
75/£8%
£13%
16/110/£36%
£4
£4
Co
91/6
Electric & Musical Ind.
Ford Ltd.,
10/6
17/3
Gaumont Pictures ord.
4/6
1/3
..Holiday
23/6
Imp Tob Of G B
& I...
London Midland Ry...
Metal Box
132/-
£12%
75/£8%
RandMines
RloTlnto
£13%
16/110/-
Roan Antelope Cop M.
RollsRoyce
^°y,?LDutch Co——
"
Shell Transport
Swedish Match B
28/-
£7%
£6%.
£7%
90-/
89/-
10/6
17/4/6
1/3
22/6
10/9
5/~
£19%
65/7%
28/£7%
89/6
10/9
16/9
4/6
17/4/6
1/3
22/6
130/6
130/-
£13
£13
75/-
1/3
22/6
75/-
£8%
£8%
£14%
£14%
16/-
,
16/110/-
110/£36%
£4
27/6
37/-
22/3
ENGLISH FINANCIAL MARKET
£6%
PER
27/9
CABLE
British 4%
1960-90
Mon.,
Tues.,
Wed.,
Dec. 12
Thurs.,
Dec. 13
Fri.,
Dec. 14
Dec. 15
The
States
price of silver
on
the
same
®ar^N J-(for )- Closed
8.
U.
£107%
Treasury
(newly mined)
64.64
£108
per
ounce
£107%
20 l-16d.
148s. 8d.
£70%
19 15-16d-
14Ss.8%d-
£98%
£107%
42%
42%
42%
42%
42%
64.64
64.64
64.64
64 64
64 64
RATES
Pursuant to the requirements of Section 522
of the Tariff
1930, the Federal Reserve Bank is now
certifying
daily to the Secretary of the Treasury the
Act of
us
based
same
at
week in 1937.
■
York...
Kansas City..
■.St. Louis.....
San Francisco.
iPittsburgh
Per,
1938
1937
$3,713,407,605
313,349,648
339,000,000
204,602,843
$3,537,710,995
+ 5.0
82,391,720
85,700,000
82,338,735
+0.1
80,600,000
148.817.000
—8.8
135,722,000
115,420,692
Cent
283,054,182
+ 10.7
350,000,000
—3.1
207,765,602
—1.5
+6.3
135.313,744
104,842,232
92,451,576
—12.1
89,528,215
Detroit
—16.3
92,183,638
Cleveland
Baltimore
—14.7
—3,2
59,802,144
71,411,791
Eleven cities, five days.
Other cities, five days....
$5,231.108..505
$5,094,305,857
+2.7
730,754,880
857,701,530
-14.8
Total all cities five days
All cities, one day
$5,961,863,385
1,192,372,677
$5,952,007,387
1,154,606,855
+ 0.2
57,154,236.062
$7,106,614,242
+0.7
+3.3
£97%
£107%
(in cents) in the United
EXCHANGE
increase compared
£70
days has been:
FOREIGN
an
year.
Our preliminary
$7,154,236,062, against $7,106,614,212 for
At this center there is a gain for the
week ended Friday of
5.0%.
Our comparative summary
total stands
the
Dec. 16
Holiday
CLEARINGS
Total all cities for week
Sat.,
Dec. 10
£98
BANK
upon telegraphic advices from the chief cities of the
country
indicate that for the week ended
today (Saturday, Dec. 17)
bank clearings from all cities of the United States from
which
it is possible to obtain
weekly clearings will be 0.7% above
those for the corresponding week last
Boston
■
daily closing quotations for securities, &c., at
London,
reported by cable, have been as follows the
past week:
Silver, per oz.. 20d.
20%d.
2O3-10d.
20%d.
Gold, p.fineoz.145s. lid.
14Ss.lO%d.l49s.l%d. 149s.
Consols, 2%%. Holiday
£69%
£70%
£70%
British 3%%
War Loan... Holiday
£98
£98%
OF
Preliminary figures compiled by
Chicago
Philadelphia..
21/-
£6%
COURSE
Bank clearings this week will show
with a year ago.
New
The
as
Nominal rate.
Week Ending Dec. 17
21/9
£0%
.051766*
Clearings—Returns by Telegraph
36/-
22/3
£6%
27/6
36/0
21/-
*
*
for the week follows:
£37
£4%
21/6
37/21/22/0
Wltwatersrand
-
65/29/-
28/-
37/3
21/22/-
...
Unlted Molasses
Vie k ers
Areas
peso..—_
35/10%
98/6
£36%
5/£19%
.65/7%
28/-
£4
„
£? ^f8--
HudsonsBayCo
39/98/£36%
£19
£36
Courtaulds S & Co
West
peso
Fri.,
British Arner Tobacco.
LM
export.
Uruguay,
Mon.,
Boots Pure Drugs
A
*
Colombia,
Sat.,
Distillers
peso
Brazil, mllreis
Chile, peso—official.
"
.990605
.311550*
South America—
THE
each
16
$
Engl'd, pound steri'g 4.674444
Denmark, krone
Finland, markka
$828,000
1,200,000
28,000
43,000
21,000
$193,000
BY
TARIFF
Japan,
Sale* at
New
$17,000
32,000
We
record for the week just passed:
a
Rumania, leu
95,520
Wednesday
Thursday
System.
cable transfers in the different countries of the world.
give below
Total
195,410
224,055
,
COMPANY
Clearing House Association
Sweden, krona
Saturday
Monday
Tuesday
TRUST
STREET, NEW YORK
Member New York
Foreign
Corporate
BROAD
55
...
Foreign
correspondent for
European Representative Office: 1, Cornhill, London, E.C.3
EXCHANOE
government
Domestic
1938
PRINCIPAL OFFICE AND FOREIGN DEPARTMENT
Bonds (Par Value)
of
Dec. 16, 1938
New York
as
17,
commercial banks in all parts of the world.
(Number
Week Ended
Dec.
buying rate for
Complete and exact details for the week covered by the
foregoing win appear in our issue of next week.
We cannot
furnish
them
today, inasmuch as the week ends today
(Saturday) and the Saturday figures wid not be available
until noon tod&y.
Accordingly in the above the last day of
the week in all
cases has to be estimated.
In the elaborate detailed
statement, however,
which
we
present further below, we are able to give final and
complete
for the week previous—the week ended Dec. 10.
For that week there was an increase of
10.3%, the aggregate
of clearings for the whole
country having amounted to
$6,077,727,270, against $5,512,232,006 in the same week in
results
Financial
147
Volume
there was an increase of 0.7%,
this center having recorded a gain of
17.3%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
Outside of this city
1937.
the bank clearings at
that in the New York Reserve District (including
city) the totals show an improvement of 16.2%, in the
12.1%, and in the Philadelphia
Reserve District of 6.7%.
In the Cleveland Reserve Dis¬
trict the totals record a falling off of 4.0%, and in both the
Richmond Reserve Districts and the Atlanta Reserve Dis¬
appears
this
Boston Reserve District of
The Chicago Reserve District shows a loss
the St. Louis Reserve District shows a gain
the Minneapolis Reserve District of 1.7%.
In,the Kansas City Reserve District there is an increase of
6.5%, but in the Dallas Reserve District there is a decrease
of 1.3% and in the San Francisco Reserve District of 0.7%.
In the following we furnish a summary by Federal Reserve
tricts of
0.1%.
of 4.7%, but
of 6.2% and
SUMMARY OF BANK
CLEARINGS
3
««
York .13
2nd
New
3rd
Cleveland.
5th
Richmond
.
Atlanta
.10
Chicago
8th
St. Louis..
Rapids.
Lansing
Int.—Ft.
Wayne
Indianapolis
South Bend...
Terre Haute.
_.
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines
Sioux City....
..
600,034
98,410,670
3,255,453
2,313,979
1,057,759
1,475,011
—2.3
991,730
16,831,000
+ 7.9
1,115,739
1,158,497
+ 1.0
18,318,000
1,323,983
5,114,729
—8.6
—8.1
1,298,975
5,539,391
16,062,000
956,374
21,053,081
1,215,038
10,527,679
2,935,451
—4.1
23,356,440
—4.5
1,266,792
19,378,574
914,879
—11.9
8,639,153
7,861,205
+ 21.2
3,906,854
426,853
3,183,039
277,033,537
4,337,186
462,820
438,279
+ 56.3
293,814,956
—6.7
855,117
941,144
—9.1
334,474,840
990,444
3,766,661
3,699,438
+ 1.8
4,830,605
3,525,574
915,654
1,108,221
—17.4
1,190,785
1,019,788
1,541,170
1,200,337
+ 28.4
1,544,966
1,126,551
432,705,396
454,167,057
—4.7
511,526,799
440,353,544
+3.2
92,400,000
33,255,285
78,900,000
32,110,496
—8.3
26,811,276
19,642,279
Decatur..
Peoria
Rockford
1 Reserve
951,078
Dis trict—St. Lo uis—
+ 11.3
571,000
573,000
—0.3
728,000
452,000
139,920,208
131,701,604
+6.2
153,194,561
131,104,775
Tenn.—Memphis
260,639,524
257,749,391
3,989,171,858
3,432,236,952
Qulncy
375,812,480
260,240,439
—4.0
302,568,870
257,106,535
130,929,532
—0.1
137,805,077
119,695,235
152,588,678
-0.1
157,211,462
133,771,438
454.167,057
—4.7
511,526,799
440,353,544
131.701,604
+6.2
153,194,561
131,104,775
Minneapolis...
101,064,184
+1.7
105,520,557
94,b07,914
St. Paul.*....
«•
121,558,756
+6.5
137,120,119
130,833,924
66,732,244
—1.3
65,605,424
58,157,701
249,070,530
—0.7
256,539,757
240,552,109
247,268,621
Total (4 cities).
Reserve Dis trict—Minn eapolis
Ninth Federal
N. D.—Fargo:__
67,683,769
24,369,808
2,359,984
S.D.—Aberdeen.
710,040
6,077,727,270
112 oltiee
Total
2,387,583,105
.32 cities
Canada
5,512,232.006 +10.3
+0.7
2,350,259.662
6,452,716,488
2,589,478,192
2,342,522,617
376,240,172
327.382.797
add
385,008,305
382,350,024
our
detailed statement showing
last week's
the four years:
figures for each city separately for
.
Total (7 cities)
Tenth Federal
Reserve Dis trict -Kans
81,617
139,331
2,932,642
Hastings.,
Lincoln
34,285,777
2,242,773
3,171,416
Omaha
Kan.-—Topeka
_
.
Wichita
Week Ended Dec. 10
St. Joseph
Inc. or
Dec.
1937
1936
1935
Colo.—Col. Spgs.
$
Reserve Dlst rict-
2,176,415
605,126
688,281
+ 29.5
752,261
3,179,455
3,184,281
+ 1.7
105,520,557
94,807,914
110,210
124,360
2,536,381
28,804,526
1,929,808
3,077,607
City
—25.9
83,080
+ 12.0
143,147
110,020
121,276
+ 15.6
2,797,612
2,633,887
+ 19.0
32,126,684
31,018,156
1,670,723
3,108,551
87,456,681
3,259,587
+ 16.2
1,773,657
+3.0
3,935,548
+ 1.7
91,325,427
+ 7.2
3,552,382
652,787
+ 12.5
565,412
—0.2
721,277
661,305
719,722
564,346
121,558,756
+ 6.5
137,120,119
130,833,924
1,188,662
43,981,579
7,076,022
2,581,000
855,579
735,321
$
_%
Boston
as
80,975,455
2,782,210
1
Pueblo.*
Federal
2,261,794
666,795
+ 2.9
+ 13.3
+ 8.0
82,318,221
2,981,927
734,219
Mo.—Kan. City.
Clearings at1938
24,561,169
101,064,184
Mont.—Billings
Neb.—Fremontnow
61,193,980
28,389,605
762,012
2,290,037
102,815,846
2,398,662
67,315,950
5,660,599,703
—0.7
2,954,697
+4.4
626,835
823,037
2.966,137
+37.6
—11.2
2,837,556
64,819,019
27,435,475
2,293,250
3,903,071
Minn.—Duluth.
Helena..
Outside N. Y. City-
x
x
x
x
111.—Jacksonville
65,887,421
••
Fran. .ii
79,700,000
30,387,428
21,041,176
129,452,268
•<
a
.
31,348,968
19,300,240
102,815,846
Minneapolis 7
11th Dallas
88,700,000
_
139,920,208
4
-
>
S
Mo.—St. Louis..
432,705,396
.18
10th Kansas City 10
First
347,610
99,548,888
+ 10.5
274,196,954
111.—Bloomington
Chicago
152,562,903
•<
••
We
+ 12.4
—0.7
88,917,419
2,464,159
1,248,596
685,181
130,764,714
"
12th San
Grand
341,817
384,134
88,255,636
2,722,664
1,219,535
1,070,540
16,994,000
1,209,839
4,702,641
20,193,953
1,160,427
9,273,289
3,558,001
Detroit.
249,825,169
6
"
7th
9th
Seventh Feder al Reserve D istric—Chic ago—•
Mich.-Ann Arbor
364,230,185
359,753,691
"
5
.
•«
6th
1935
.
3,280,164,450 + 16.2
+6.7
337,250,458
226,764,074
3,812,525.822
PhiladelphialO
4th
%
+12.1
$
S
254,245,210
.12 cities
Dec.
1937
1938
.10, 1938
Reserve Dists.
Boston
1st
%
Eighth Federa
1936
1935
1936
Dec.
Ky.—Louisville.
I
Federal
Inc. or
1937
1938
Total (18 cities)
Inc.or
«■
Week Ended Dec. 10
Clearings at-
Springfield
districts:
II
3707
Chronicle
129,452,269
Total (10 cities)
545,413
508,823
+ 7.2
719,697
640,715
2,129,729
217,524,914
1,890,901
192,481,900
+ 12.6
2,278,034
223,727,466
1,960,196
Fall River....
705,470
573,562
+ 23.0
Lowell...
381,512
727,440
350,523
+ 8.8
687,365
+ 5.8
k+9.0
11,173,888
3,489,488
10,080,600
—0.3
+24.8
531,791
+ 13.9
3,998,171
10,717,100
470,949
10,791,100
N.H.—Manches'r
3,325,153
1,987,909
11,143,082
4,355,589
10,813,100
605,899
3,049,508
1,945,725
Total (12 cities)
254,245,210
226,764,074
+ 12.1
260,639,524
257,749,391
Me.—Bangor..
Portland
Mass.—Boston
..
New Bedford.
_
Springfield....
Worcester.....
Conn.—Hartford
New Haven
R.I.—Providence
a
Reserve Di
Second Federa
strict—New
+ 13.0
'
+2.2
+ 7.3
787,816
358,543
816,577
3,604,044
2,249,985
10,911,142
220,000,000
881,645
373,597
771,172
3,170,676
1,748,905
Eleventh Fede ral
Texas—Austin...
Dallas
Fort Worth...
-
3,647,976
450,817
Total (6
Spokane
11,799,626
+ 3.6
944,914
895,130
30,100,000
513,638
29,300,000
446,942
32,600,000
641,613
810,442
New York
689,529
—7.6
766,213
+ 17.3
,863,238,296
8,162,441
3,673,622
681,828
,318,077,086
Rochester...*.
%\
Westchester Co
Syracuse
3,874,854
4,511,319
374,337
16,204,497
26,337,539
Conn.—Stamford
N. J.—Montclalr
Newark
Northern N. J.
+ 14.9
—10.5
2,545,465
4.2
4,049,013
17,548,608
—7.7
18,925,135
582,987
18,884,603
37,358,378
—29.5
35,462,573
Third Federal
Reserve Dis trlct—Phila
391,134
Philadelphia...
...
555,230
476,195
300,000
—0.7
1,397,401
+ 5.5
363,000,000
1,217,170
2,807,065
1,199,439
344,000,000
1. 208,423
326, 000,000
1,290,203
1, 289,491
2, 279,386
—0.1
900,192
—10.4
806,846
1,281,494
York
N. J.—Trenton..
(11 cities)
total
7,242,600
+ 0.1
—8.5
1, 400,205
2, 960,100 + 144.7
371,148
969,459
347,000,000
1,248,605
2,581,104
978,781
1,012,054
1,654,412
1,553,180
3,498,000
8,910,000
359,753,691
337,250,458
+ 6.7
375,812,480
364,230,185
x
Ohio—Canton
Cincinnati
52,762,340
Cleveland
83,135,128
10,661,500
1,660,203
Columbus
Mansfield-....
Youngstown...
Pa.—Pittsburgh
_
53,003,617
82,630,140
11,781,800
1,407,941
cities)
*
Canada—
249,825,169
W.Va.—Hunt'ton
Va.—Norfolk
Richmond
S.C.—Charleston
3,231,000
38,905,536
*1 J)50,000
C —Wash'g'n
62,963,395
24,270,497
Total (6 cities).
130,764,714
Md.—Baltimore.
D.
2,795,963
1,928,005
+ 10.3 6,452,716,488 5,660,599,703
+0.7 2,589,478,192
2,342,522,617
111,416,941
359,283
626,936
—15.6
330,484
570,171
290,198
529,141
1,390,474
1,3.59,996
+ 2.2
1,499,467
710,897
924,796
773,589
1,532,541
585,991
Halifax....
+ 0.6
87,829,434
77,884,850
11,281,400
London————*
18,338,500
1,746,562
132,968,781
113,874,220
Edmonton.*—*
Regina.
Brandon.
Leth bridge
260,240,439
—4.0
300,980
+ 14.4
257,106,535
347,491
225,284
3,107,000
3,014,000
37,887,199
+ 7.2
1,122,870
66,336,987
—6.5
—5.1
3,447,000
40,739,138
1,312,906
68,301,358
22,267,496
+ 9.0
23,657,184
130,929,532
—0.1
+2.7
«
.
+ 2.0
+ 15.7
+ 7.3
—37.4
+ 17.6
—1.5
—1.1
+ 4.9
—10.1
1,839,711
2,769,182
4,064,296
—5.6
4,232,233
609,113
598,344
+ 1.8
944,012
+ 14.2
808,425
885,427
—8-7
Westminster
641,858
640,334
+ 0-2
249,890
238,594
+ 4.7
36,777,952
1,045,100
57,601,759
20,938,190
New
Medicine Hat.*.
119,695,235
+4.0
642,798
229,175
649,251
560,801
565,714
814,632
677,730
508,166
258,379
671,967
612,545
Peterborough. ___
Sherbrooke...—
660,607
723,709
679,529
+ 6.5
Kitchener—....
1,220,865
3,098,150
1,039,785
+ 18.0
965,489
1,010,792
3,009,727
3,220,697
308,984
+ 2.9
+ 6.4
911,962
—8.0
2,282,508
331,597
767,844
Windsor.
...
328,748
Prince Albert
137,805,077
635,086
30,192,246
4,736,640
2,513,420
4,801,716
5,998,216
1,763,666
+0.3
1,078,518
Moose Jaw___.—
113,627,702
37,141,369
20,362,229
+ 13.1
+ 16.3
Fort William....
302,568,870
S
108,901,563
89,590,452
47,713,152
17,166,857
18,606,398
4,140,978
2,264,049
3,917,386
6,884,623
1,862,319
1,675,082
2,781,382
4,045,457
4,377,055
...
— -
—-9,5j
—8.8
127,264,264
1935
......
Ottawa..**.*—-
Victoria*—..—-
x
s
+0.2
Vancouver
St. John
1,246,054
+936
358,590
38,539,255
18,187,637
27,991,813
Winnipeg.*.
52,819,561
x
%
+2.8
5,945,674
2,940,838
6,301,853
6,661,610
1,891,297
1,869,031
3,054,738
4,071,105
4,059,429
...
61,685,593
+ 17.9
Dec.
128,765,306
111,700,935
33,302,719
16,948,334
44,680,820
5,053,738
2,985,740
5,362,476
6.352,087
2,103,574
'1,607,227
2,701,501
4,059,984
4,299,474
Montreal
Calgary
x
Reserve Dist rict—Richm ond—»
344,2.86
+ 13.0
$
132,415,752
113,915,633
Toronto
Brantford
Fifth Federal
240,552,109
—19.8
1937
$
Saskatoon——
Total (5
256,539,757
4,652,184
152,380,073
Inc.or
1938
—0.5
x
x
101,605,998
2,359,382
—0.7
4,550,023
+2.2
Clearings al-
Hamilton:......
Feder al Reserve D istrict—Clev eland
Fourth
+ 8.1
+ 8.2
—0.8
6,077,727,270 5,512,232,006
cities)....
Quebec.,
Total (10 cities)
831,251
26,470,352
27,800,895
16,035,108
13,684,411
4,342,229
3,894,607
144,065,720
2,717,483
2,184,205
1,845,997
—0.1
(112
262,548
250,313
2,276,808
Scran ton..
Wilke3-Barre..
+ 2.0
Weei Ended Dec. 8
—7.7
401,295 + 111.6
+ 7.7
376,622
405,585
Lancaster.
Grand
delphi
434,744
849,245
Chester
10,345,000
1,079,312
+ 16.2 3,989,171,858 3,432,236,952
401,471
Bethlehem _1
31,377,854
9,148,000
32.613,812
—3.3
Outside New York 2,367,583,105 2,350,259,662
3,812,525,822 3,280,164,450
Pa.—Altoona
+ 6.6
—40.0
33,792,226
4.5
391,854
65,605,424
2,898,716
1
Total (13 cities)
Reading
Stockton
Total
+ 10.7
4,711,221
San Jose
Santa Barbara-
2,474,859
58,157,701
Franc isco—
249,070,530
147,977,000
Francisco.
San
7,429,219
3,679,410
2,605,679
+ 16.8
3,499,862
Pasadena
16,316,498
4,184,241
3,967,388
149,110,000
3,587,130
1,874,206
2,701,684
247,268,621
Calif.—L'g Beach
+ 7.8
31,502,835
8,504,000
1,018,915
26,303,633
2,877,327
2,117,625
2,919,997
Utah—8. L. City
868,532
637,451
Jamestown
26,819,517
16,292,600
4,526,391
4,055,571
—1.3
66,732,244
985,367
Ore.—Portland.
York-
,710,144,165 3,161,972,344
6,738,940
7,527,080
4,310,985
3,691,768
Elmlra.
768,053
4,022,342
33,594,826
a5,102,400
r.
...
12,158,332
31,600,000
Buffalo
2,124,000
—5.1
—12.4
65,887,421
cities).
Yakima
17,771,439
—1.2
954,306
3,763,435
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle..
—47.5
1,256,083
49,818,745
7.616,201
13,312,592
899,894
Binghamton
8,457,718
2,279,000
—0.3
3,297,405
..
6,378,203
N. Y.—Albany__
—1.1
905,598
Galveston
La.—Shre veport
49,831,038
49,274,057
8,431,370
2,252,477
«...
Wichita Falls
District—'Da lias—
+19.3
1,446,747
1,726,514
Reserve
330,755
800,823
Sixth Federal
Tenn.—Knoxville
Nash vilify......
3,717,509
18.522,298
3,283,324
16,356,711
+ 13.2
+ 13.2
3,706,869
17,598,549
51,600,000
1,119,473
Augusta
Macon.
Fla.—Jack'nville.
Ala.—Birm'ham.
Mobile
...
Miss.—Jackson..
50,900,000
+ 1.4
1,248,075
—10.3
979.053
Ga.—Atlanta
814,734
+20.2
21,035,000
17,089,000
+ 23.1
17,834,828
18,440,703
—3.3
56,900,000
1,608,620
1,168,140
16,938,000
19,610,913
1,675,538
1,493,929
+ 12.2
1,616,214
x
x
x
3,374,688
14,893,975
1,157,766
1,014,244
14,172,000
16,665,723
1,563,658
x
x
199,433
193,162
+ 3.2
215,250
35,879,771
42,769,040
—16.1
37,848,907
112,215
32,117,169
cities)
152,562,903
152,588,678
—0.1
157,211,462
133,771,438
Total (10
596,293
701,807
671,640
+4.5
Sarnia*
699,713
601,089
+ 16.4
857,307
914,284
—6.2
617,701
540,017
964,078
503,192
968,656
382,350,024
385,008,305
—0.7
376,240,172
327,382,797
Moncton
*—
.....
Sudbury
<
660,071
505,614
48,700,000
La.—NewOrleans
Vicksburg
+ 6.3
Chatham....—
Reserve Dist rict—At! ant
839,237
701,514
567,978
Kingston...
,
Total (32 cities)
Figures not available.
Clearing House declines to continue to report bank clearings for
that the discontinuance of the Federal Reserve Bank branch in
that city on Oct. 1, 1938. has resulted in a sharp decline in the clearings figures
from those for periods prior to Oct. 1, 1938.
We have calculated the
figures for the week on the basis of the percentage of decline in the
figures from October, 1937 instead of omitting Spokane from our
*
Estimated,
a
The Spokane
x
the stated reason
estimated
October, 1938
tabulation for
the rime being.
,
3708
Financial
Chronicle
Dec.
17,
MONTHLY REPORT ON GOVERNMENTAL CORPORATIONS AND CREDIT
AGENCIES AS OF OCT. 31, 1938
The monthly report of the Treasury
Department, showing assets and liabilities as of Oct. 31, 1938, of governmental
corporations and credit agencies, financed wholly or in part by the United States, was contained in the
Department's "Daily
Statement" for Nov. 30, 1938.
Since the statement of July 31, 1938, the report has been made
up somewhat differently from previous reports in that
agencies and corporations financed wholly from Government funds are not listed
separately from those financed only partly
from Government and
partly from private funds.
In the footnotes to the table below, an explanation is given of the sim¬
plification of calculation of proprietary interest.
As now computed, the Federal Government's proprietary interest in these
agencies and corporations, as of Oct. 31, was $3,904,576,625, and that privately owned was
$379,433,507.
SUMMARY OF COMBINED STATEMENT OF ASSETS AND LIABILITIES
UNITED
STATES,
OF GOVERNMENTAL CORPORATIONS AND CREDIT
AGENCIES OF THE
COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY—OCT.
31. 1938
Assets d
Investments
For footnotes
see
top ot following
Real
column
Preferred
Loans
Securities
Capital
Cash
United
e
Stock, dec.
Accounts
Guaranteed
by
AU
United
and Other
Receivables
States
Securities
Estate
and Other
6,
Business
Other
Other f
Total
Property
States
%
Reconstruction Finance Corporation
Commodity Credit Corporation
Export-Import Bank ot Washington
Federal Crop Insurance Corporation
Federal Deposit Insurance
Corporation..
Tennessee Valley Authority
1,209,631,259 521,980,950
332,767,057
£1,243,142
15,918,860
18,339,884
2,690,656
7,055,570
Federal Land banks
20,368,299
8,689,096
12",477",469
War emergency corporations and
agencies
1,131,614
224,096,465
37,229,767
70,738",438
190,749,879
76,813,040
3,088,322,432
250,000
46,410,624
24,328,409
10,435,043
325,666
^
Regional agricultural credit corporations.
440,396,647
36,795,173
10,738
982,908
446,022 128,151,593
554,034
39,917
766,109,423
43,147,324
21,435 156,910,029
5,000,000
24,037,889
14,237,9.50
3,108,562
2",559384
1,230,818
553,256
5,345,911 101,641,422
.8,638,080
22,529.398
5,978,175 535,911,795
11,596,964
62,817,558
68,999,489
65,774,110
~"
"824,627
8,523,322
23,552,658
28,792,772
86,931,001.
6,225,869
22,636,194
1,134,413
15,088,764
2,202,017
10,586,083 102,929,306
31,126,149
18,275", 158
Federal Intermediate Credit banks......
Banks for cooperatives
1,163,026
37*536
19,225" 609
10,824,902
1,100,000
49,744*339
k97,141,625
766,501,634
1,997,560,961
187,438,5 4
9,460
3,272,113 217,002,082
147,053", 200
Farm Credit Administration
Federal Farm Mortgage Corporation
700
1,533
2,444,828
53,165,757
189,220,036
1,837,584,125
382,363.122
49,615
283
371,193",379
37,229,767
Federal Home Loan banks
Federal Housing Administration
United States Housing Authority
461,951 £29,658,026
h5,197,190
Rural Electrification
75,678,627
Administration..„.r
Home Owners' Loan Corporation
2,203,896,157 1213,613310 112,734,231
Federal Savings & Loan Insurance
Corp..
215,458
Federal Savings & Loan associations
Production credit corporations
2,000,000 £24,588,597
h49451,264
1,402,355
5,062,560
25,744^826
Public Works Administration
United States Maritime Commission..
48,020,200
94,486
115,943,602
47,053,200
27\612,323
173,850
743,385
3",625*204
40,747,126
155,811,869
124,913,438
1
15,291,059
5,817,431 103,433,278
68,467
31,664
109,303
1,619,842,213
2,372,971,316
288,943,521
191,109,802
41,102
122,145,307
22,027,020
764,964
146,507
(in liquidation):
Navy Department (sale of surplus war
supplies)
United States Housing Corporation..:
United States Railroad Administration.
United States Spruce Production
Corp.
War Finance Corporation
4,685,766
577,715
4,065
8~l"l21
3,287
Disaster
Loan
5,949,702
7,723,497
177,079,724
62,508,324
Corporation..
Farm
Security Administration
Federal National Mortgage Association
Federal Prison Industries. Inc
Interior Department (Indian
1,000
Associated
2^326
115,685
20,556
h3,249,578
2,098
12,24]
465,239
12,903
19,535
9,213,183
7,958,082
16,955
"*13", 579
3,519,282
63,730.075
698,542
916 ,803
7,090,892
,
3,529,580
,
13,319,467
300
-
"334*031
320,501
266,364
20,878,396
31,641,549
2,132,851
26,419,835
238,727
207,844
45,755,725
1*17*246
4,492,142
47,772,313
~
"'3,236
315,393
Cooper¬
254,298
744,182
"
4,492,142
atives, Inc
2,014,906
177,079,724
45,513,000
Railroad loans (Transp'n Act,
1920).
Securities received from the RFC
under Act of Feb. 24, 1938
121,178
1
hi,208,172
521,998
Treasury Department:
Inter-agency items:
183,756
2,132,851
Panama Railroad Co
Puerto Rlcan Reconstruction Admin..
RFC Mortgage Co
Valley
537,058
2,407,829
loans)
Inland Waterways Corporation
Tennessee
54,312
123,677
17,268
Other:
Electric Home and Farm
Authority...
4,685,766
1,261,701
51,027
60,593
~
28,825
hi,823,444
16,071
2,201
301,395
30,230,233
30,230,233
2,707,400
2,707,400
m
Due from governmental
corporations
or agencies., j
Due to governmental corporations or
agencies
...
Total
7,648,695,334 782,680,3501367,279,295 698,128,572 146,151,821
883,538,460 355,636,299 451,464,980 786,321,315 12,119,896,426
—>
Liabilities and Reserves d
Excess
Proprietary Interest
Distribution of United States Interests
of Assets
Guaranteed
Not
by
Guaranteed by
United States
United States
Reconstruction Finance Corporation.....
Commodity Credit Corporation
Export-Import Bank of Washington
512,759,304
206,949,277
United States Maritime
Commission!
Rural Electrification
Administration
Home Owners' Loan
Corporation
2,914,822,161
Federal Savings & Loan
Insurance Corp..
Federal Savings & Loan
associations
Federal Home Loan banks
......
Administration...".TI..
United States
Housing Authority
,4
banks'.'.!!!I"
Banks for cooperatives
Production credit
...
corporations!!!!!!!!!
Regional agricultural credit
corporations!.
War emergency corporations
and agencies
(in liquidation):
Navy Department (sale of
surplus
supplies)
United States
Housing
ll",6*8*0",556
422,529
151,097,090
7,126,463
96,478,515
110,"394", 769 3,025.2*l6! 930
1,039,794
1,039,794
109,444! 3 64
109,444,364
2,168,817
1,292,619
5,061,329
1,068,077
1,292,619
5,061,329
g49,993,067 1,461,073,623
1,844,460,301 1,844,460,301
£196,750,441
196,756,441
£2,630,384
2,630,384
226,021
226,021
3,875,443
3,875,443
10,575
10,575
22,002
7,044,591
31,160,639
198,583
31,160,639
198,583
1,062,873
l,6fl2". 873
692,623
692,623
1,04b', 896
l",*046", 896
loans)..
Waterways Corporation
Valley
;....!_
Admin!!
Associated
atives, Inc.
Cooper¬
Treasury Department:
Inter-agency Items:
Interaoency
Interests
500,000,000
£205,850,400
139,299,557
216,970.002
37,229,767
94,271,364
21,000,000
1,106,869
5,000,000
150,000,000
217,525,500
a37,229,767
894,266,922
a34.446.553
200,000,000
100,000,000
47,053,200
124,741,000
838,578,309
928,914
406,885
,106,869
5 928,914
150 000,000
216 970,002
37
76,813,040
76
229,767
271,364
813,040
63,105,502
114,903,808
47,053,200
170,167,959
38,578,309
154,519,250
119,852,109
158,768,590
528,511,015
92,187,080
188,479,418
121,919.286
18,151,577
63
105,502
94
114
903,808
47, 053,200
45,426,959
124
38
741,000
578,309
154 519,250
119 852,109
190,699,223
.
4*,007",768
526,704,068
1,406,885
100.000,000
22
158. 768,590
337 811,792
92, 187,080
184, 471,650
121, 919,286
18
151,577
1,000,000
8119.852,109
200,000,000
124,960,250
70,000,000
149,000,000
120,000,000
5,000,000
4,685,766
2,014,906
115,685
744,182
9,981
9,191,181
913,491
177,079,724
32,569,436
6,892,309
2,132,851
25,356,962
45,063,102
4,492,142
46,731,417
4,685,766
2,014,906
115,685
744,182
9,981
84,685,766
34,178,929
al 15,685
100,000
b555,498
4*,442
42,366,487
c46.894.498
b90,000,000
14,903.808
144,509,250
9,010,000
b41,231,410
1182,570,700
46,260,708
11,398,022
1,919,286
1.T, 151,577
30,280,842
b24,073,628
*
24,073,628
c32,164,023
*1*94! 1*82
1,000
450,000
8,981
c808,819
9,191,181
913,491
10,000,000
8.50.000
177,079,724
8177,079,724
32,569,436
6,892,309
2,132,851
10,000.000
25,356,962
45,063,102
4,492,142
46,731,417
4,113,380
82,132,851
12,000,000
7,000,000
84,492,142
25,000,000
301,395
301,395
1,000
30,230,233
30,230,233
2,707,400
63,491
1,339,710
2,778,929
21,229,726
13*, 356', 962
38,591,317
b~52"8",215
624,319
21,107,098
830,230,233
2,707,400
Railroad loans (Transp'n Act.
1920)
Securities received from the RFC
under Act of Feb. 24,
Surplus
101
5,928/014
289,299,557
96,478,515
,232 554,468
22,106,869
296,955
7,044,591
Federal National
Mortgage Association
Federal Prison
Industries, Inc
Interior Department
(Indian
Tennessee
Stock
605,029,657 1,232,554,468
280,956,237
101,406,885
22,002
Disaster Loan Corporation
Electric Home and Farm
Authority
Farm Security Administration
Panama Railroad Co
Puerto Rican Reconstruction
Capital
$
£92,270,353
74,006,960
422,529
Corporation!!!
RFC Mortgage Co
Owned by
United States
war
United States Railroad
Administration
United States Spruce
Production Corp
War Finance
Corporation
Other:
Inland
1,100,740
....
Farm Credit
Administration
Federal Farm
Mortgage Corporation
Federal Land banks
Federal Intermediate Credit
Privately
Owned
151,097,090
7,126,463
Corporation..
Tennessee Valley
Authority. 1
Publio Works Administration
......
Liabilities d
296,955
Federal Crop Insurance
Corporation
Federal Deposit Insurance
Federal Housing
Over
Total
82,707,400
300,395
1938
m
Due from governmental
corporation'
or
agencies
Due to governmental
corporations
agencies
8688,411,322
or
b688,411,322
812,166,897
Ttfa>
-
5,046.712,03812,789,174,256 7,835,886,294 4,284,010,132
12,166,897
379,433,507 3,904,576,625 3,460,586,145
599,999,480 nl56,000.000
Volume
Financial
147
FOR TABI.E
FOOTNOTES
a
Non-stock (or includes non-stock
b Excess
c
Quotations during the week:
PRECEDING
Bar Silver per
d Exclusive of inter-agency
Excludes
1 Also
balsnces of
unexpended
and
includes
real
estate
other property
and
funds.
appropriated
held
for sale.
Corporation
and
building and loan associations, $41,761,510; shares of Federal
savings and loan associations, $171,851,800.
Includes only the amount of shares held by the
J Assets not classified.
Nov, 23
43 cents
19%d.
I9%d.
Nov. 24_.
Nov. 25
19 9-16d.
Nov. 26
I9bid.
19%d.
19.542d.
Nov. 29
43
43
43
43
43
20 l-16d.
20 l-16d.
Nov. 29
accrued interest thereon.
I Shares of 8tate
19 9-16d
Nov, 25—20Md.
20^d.
Nov. 24
Nov. 26..
g Adjusted for inter-agency Items and items in transit.
h Also includes deposits with the Reconstruction Finance
s
2 Mos.
Nov. 28
assets and liabilities (except bond Investments
deposits with Reconstruction Finance Corporation).
e
(Per Ounce .999 Fine)
Oz.Std.
Cash
(deduct).
NEW YORK
IN
LONDON
IN
proprietary Interests),
(deduct).
lnter-agency assets
Deficit
3709
Chronicle
_20Md.
f-l6d.
Nov. 30
20
Average
20.115d.
.....
Nov. 28
after deducting reserve for estimated amount of uncollectible
for subscriptions to
m
Represents
Land banks from the United States Treasury
paid-in surplus.
inter-agency
assets
and of Government agencies, which
and liabilities of the Treasury Department
agencies are not Included in this statement.
Represents inter-agency holdings of capital stock and paid-in surplus items
which are not deducted from the capital stock and paid-in surplus of the corre¬
n
sponding organizations.
"
TREASURY
the statement of July
with
the proprietary interest
1938,
CURRENT
LIABILITIES
CURRENT
LIABILITIES
ASSETS AND
GOLD
'
Gold (oz. 408,910,398.6)
which were offset by a corresponding Item under
$14,311,863,950.14
-
$14,311,863,950.14
Total.
"inter-agency proprietary Interest" of the Treasury, have been omitted (except for
such items as are included in the lnter-agency assets and liabilities shown herein)
for the purpose of
AND
holdings of the Government as the items stood
Nov. 30, 1938, are set out in „he following.
The figures
are taken entirely from the daily
statement of the United
States Treasury of Nov. 30, 1938.
.
31,
represented by the capital stock, paid-in surplus, and non-stock Interest In govern¬
mental corporations and agencies
CASH
The cash
Assets—
Note—Effective
Liabilities—
-'
;
Gold certificates—Outstanding (outside of Treasury)...:
simplification in form.
Gold certificate fund—Board of Governors, Fed. Res. System..
Redemption fund—Federal Reserve notes
Gold
AND SILVER MARKETS
THE ENGLISH GOLD
We
reprint
the
Samuel Montagu
Nov. 30, 1938.
cents
highest rate of exchange on New York recorded during the period
from Nov. 24 to 30, 1938, was $4.68M and the lowest $4,62^.
United
obligations
held by the Farm Credit Administration.
1 Includes $411,041 due to Federal
cents
cents
The
States Treasury
k Net
-
...
cents
cents
reserve
,
156,039,430.93
.....
-
$2,891,176,2S9.00
8,786,275,184.95
10.812.289.33
Vole—Reserve against $346,681,016 of United States notes
following from the weekly circular of
& Co. of London, written under date of
and $1,168,022 of Treasury notes of 1890 outstanding.
ury notes of
1890
are
Treas¬
also secured by sliver dollars in Treasury.
1,800,000,000.00
Exchange stabilization fund
$13,644,303,194.21
GOLD
Gold In general fund:
Balance of Increment
The Bank of England gold reserve against notes amounted to £326,414,426 on Nov. 23, 1938 showing no change as compared with the previous
Wednesday.
About £5,150,000 of bar gold has been dealt in at the daily fixing during
the week.
The weakness of sterling against the dollar previous to the
week-end resulted in a new record high price for gold being fixed last
resulting from reduc-
duction in the weight of the gold dollar..
$142,173,722.20
525,387,033.73
In working balance
667,560,755.93
-
Satufday, namely, 150s per fine ounce, at which figure the Continent was
keep buyer.
On Monday, the outook in France appearing somewhat
easier, and with sterling firmer, some selling from the Continent came on
the market at the falling prices.
This however was more than offset by
fresh buying again on Continental account, and on most days the Authori¬
ties have had to find the bulk of supplies.
Total..
..$14,311,863,950.14
-
SILVER
Assets—
a
Silver (oz.
Total
Per Fine
Ounce
Per Fine
Ounce
Nov. 26-.-1.
Nov. 28-—
.149s.
Nov. 29.
.149s. 2d.
.149s. lO^d.
.150s.
Nov. 24
Nov. 25
Nov. 30.
.
—
,
Average.
—
—
certificates outstanding
1,168,022.00
39,783,403.24
fund
Silver in general
Total^
.....
_149s/ 6.33d.
Assets—
British
South Africa.
British
West Africa....—
British
—
East Africa.
Peru
Switzerland
United States of America
£380,353
192,082
40,834
22,199
61,650
23,295
Belgium...,
France-.
—
Syria..
£8,589,667
89,550
41,983
54,925
...
29,127
„
—*
.-,
—
Other countries.
11,836
Belgium..
—
Netherlands...
7,341
...
France
,
Iraq
Other countries
3,512 ,455.26
...........
2,630 ,155.00
.......
Federal Reserve notes
Federal Reserve bank
......
11,923 .350.00
......
notes............
National bank notes
164 ,704.50
......
.......
"1,261 ,195.50
...
14,698 ,443.55
569,717 ,674.37
&c
Deposits In—Federal Reserve banks
735,802 ,000.00
Special depositaries account of sales of Govt, securities
National and other bank depositaries:
3,687
...
518,187 ,611.08
Minor coin...
United States notes
8,555
—
39,783 ,403.24
5,789 ,758.08
532 ,560.81
.....
Subsidiary coin (oz. 4,188,166,3)
Bullion—At recolnage value (oz. 385,241.2)
At cost value (oz. 162,386.916.l)a
Unclassified—Collections,
5,084
4,444
Netherlands.
$667,560 ,755.93
....
Silver—At monetary value (as above)....
Exports
Imports
British India
and exports of gold,
Nov. 28 1938.
$1,613,002,720.24
...
GENERAL FUND
,
Gold (as above)
The following were the United Kingdom imports
registered from mid-day on Nov. 21 to mid-day on
$1,572,051,295.00
...
Treasury notes of 1890 outstanding
149s. 3d.
149s. Id.
9V*d.
$1,613,002,720.24
....
Liabilities—
Silver
Quotations:
$1,110,084,517.24
502,918,203.00
858,580,993.8)...
388.975,797.6)
Silver dollars (oz,
To credit of Treasurer United States...
17,737,875.01
....
31,792,775.03
To credit of other Government officers
£8,812,593
£754,019
The following are the details of United Kingdom imports and exports of
gold for the month of October, 1938.
Exports
Imports
Union of South Africa.
British
West Africa.
-t
—
—'
Southern Rhodesia
British East Africa
British
—
...
..
India
—
.....
Australia...
j...
New Zealand
t...
.
—
British West India Isands and British Guiana.
Germany.
...
N ether lands
....
;
......
-
Belgium-.—
France.
—
......
Switzerland
....
...
;
——.<
Egypt.
United States of America
Mexico.
—x.
:
.
...—....
Venezue'a
—
Peru......
Canada.
.......—
....
....
£157,501
607,160
604,720
118,538
881,55G
147,851
25,443
18,260
859,992
1,523,506
7,984,119
14,831,958
1,299,254
62,354
4,653
96,800
36,044
119,856
£117,899
Eire,
a..
—
:
....
.....
Syria
Luxemburg
Other countries
4,932
1,411,287
857,838
235,323
705,482
gold (asabove)
Seigniorage (sliver) (see Note 1)
Working
balance
.....
......
67,035,444.84
285,033.28
29,361,806.91
$142,173,722.20
477,633,296.27
1,827,541,503,53
2,447,348,522.00
Total
a
3,268,731
28,403
979,592
1,011,280
124,842
31,576
13,107
2,825
22,286
25,193
-
-
$2,625,325,036.40
-
of this item of silver bullion is computed on the basis of the average
the close of the month of October, 1938.
seigniorage represents the difference between the cost value
The weight
22.230
Note 1—Tbls item of
bullion revalued and held to secure the sliver certif¬
Purchase Act of 1934 and
proclamation dated Aug. 9, 1934.
Note 2—The amount to the credit of disbursing officers and certain agencies today
was 2,565,409,483.63.
and the monetary, value of silver
icates
issued on account of sliver acquired under the Silver
under the President's
COMPARATIVE PUBLIC DEBT STATEMENT
(On the basis of dallv Treasury statements)
1^521,540
Aug. 31, 1919,
SILVER
Official quotations moved only
4,628,448.24
i
cost per ounce at
19,672
£29,446,660
59,300,000.00
$177,976,514.40
Balance today—Increment on
64,706", 137
...
......——
4,830,506.16
.....
Redemption of National bank notes (5% fund, lawful money).
—
...
5% reserve, lawful money,.
Other deposits
Uncollected items, exchanges. &c
——
—
$12,535,274.97
...
Deposits of Govt, officers—Post Office Department..
Board of Trustees, Postal Savings System:
Postmasters, clerks of courts, disbursing officers, &c
Channel Is ands
Morocco..........—...
$2,625,325,036.40
Total
Liabilities—
Treasurer's checks outstanding
,
...
.........
—... —,. ........ —
•
1,599.029.69
Deposits for:
Finland.
Sweden
1,125,186.36
1,506,102.99
Philippine Treasury—To credit of Treasurer United States.
"
which sailed from Bombay on Nov. 26 is reported to
gold to the value of about £69,000 and silver to the value of
£100,000, thel atter being understood to be on Government account.
The SS. Ranpura
be carrying
Foreign depositaries—To credit of Treasurer United StatesTo credit of other Government officers
Mar.
widening of the premium on cash to %d.—the highest level established since
January, 1924—led to the "fixing" of prices at 20Md. for cash and 19J^d.
for forward.
This further increase in the premium results in the main from
London stocks represented by consistent American demand
for cash whilst the great bulk of selling has been for forward, but the main¬
tenance, by periodical carrying, of short positions, which are probably
hedge sales against production, is also a factor.
Stocks here are due to be
replenished shortly by important arrivals but continuance of the same factors
may cause the premium to remain substantial.
Yesterday's cash price was above American buying parity and attracted
some resales and today, when
the reaction in sterling has gone slightly
farther, there has been a return to that parity, prices having declined
3-16d. for cash and Hd. for forward to 20 1-I6d. and 19^d.
India has effected both profit-taking and fresh sales during the week and
has also sent a few forward buying orders, but at the present level American
demand, which is again in evidence as we write, remains the chief support.
31, 1917,
Pre-War Debt
within 1-16d. until yesterday when the
Gross debt—
Net bal. In gen.
fund-
Dec.
31, 1930,
When War Debt
Lowest Post-War.
Was at its Peak
Debt
$1,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
306,803.319.55
1,118,109,534.76
74,216,460.05
the drain upon
The following were the United Kingdom imports and exports of silver,
registered from mid-day on Nov. 21 to mid-day on the Nov. 28,1938.
Imports
£47,883
11,700
France
Czechoslovakia
Belgium
.—..
British South Africa
29,485
6,368
Japan
2,285
Other countries.
Exports
United States of America.
Hungary
Germany
Saudi-Arabia...
Other countries.
Gross
less
debt
$1,207,827,886.23
$25,478,592,113*25
$15,719,283,767.52
capita—
Computed rate of int.
per annum on Interestbearing debt outstand¬
ing (percent).
$12.36
$250.18
$129.66
4.196
3.750
Gross debt per
3,990
2.395
Noo. 30, 1937,
a Year Ago
Gross debt
Net bal. in gen.
In
x
£101,711
35,853,935,536.90
36,156,002,838.66
a285.94
b294.74
b295.55
2.582
Coin not of legal tender in
the United Kingdom.
£666,736
Revised,
Oct. 30, 1938
2.550
capita.
Computed rate of Int.per
annum on Int.-bearin debt outstanding (per
a
Last Month
34,485,294,900.78
cent)
,
1938,
bal.
general fund
Gross debt per
Oct. 31,
$37,093,523,041.22 $38,423,086,174.84 $38,603,351,360.66
2,447,348,522.00
2,569,150,637.94
2,608,228,140.44
fund-
Gross debt less net
£586,465
55,060
6,155
xlO.800
8,256
net
fund-
bal. in gen.
b Subject to revision.
\
^582
3710
Financial Chronicle
GOVERNMENT RECEIPTS ANDJEXPENDITURES
on
Through the courtesy of the Secretary of the Treasury,
are enabled to
place before our readers today the details
of Government receipts and disbursements for
November,
and
1937,
and
the five
months
of
the
fiscal
Month of November1938
1937
Receipts—
Internal Revenue:
Income
S
tax
$
tion In weight of gold dollar
173,0)0,000
206,000,000
14,000.000
71.000.000
72,000,000
198,276,823
167,418,778
819,023,295
745,680,362
20,184,243
160,450,017
165,271,911
C18.322.141
Trust accounts
36,848,826
654,03^,284
670,747,364
1,019,737,330
i,077,001,001
b C34,245,164
Transactions in checking acc'ts
453,837
2,674,210
1,749,560
of Govt, agencies (net), Ac.:
55,696,018
276,122,054
271,569,657
Commodity Credit Corp
Export-Import Bank of Wash.
26,467,035
4,115,982
53,250,871
4,226,103
31.513,356
'
138,498,381
b C220.888
4,354,190
b52,900
12,164,070
C19.691.252 b C186,767,210
b C46,019,846
b53,673,148
29,131,994
31,886
4,280,720
5,497,306
25,329,290
93,000,000
78,178,000
160,000,000
261,536,000
26,440,000
500,000
194,865,000
1,250,000
32,000,000
Other...
Chargeable against Increment
Govt.-owned se¬
curities:..
C108.779.808
C420.973
b33,223
_
Reconstruction Finance Corp.
C19.468.791
b C688.582
2,372
Rural Electrification Admin.
183,639,417
Miscellaneous receipts:
41,000,000
168,000,000
205,000,000
C20.566.954
blO.518,791
1,411,129
C855.446
on
gold:
Principal—for'n obllga'ns.
other
Melting losses. Ac
_
_
Interest—for'n obligations
All
41,000,000
=
181,451,963
27,337,863
of
180,539
38,257,791
274,921,843
11,257,795
Expenditures—(See note 1)
Taxes upon carriers and their
employees.
275,900
31,594,503
365,414,516
18,500.000
"
102,785,786
Customs
36,423
5,559,551
85,308,750
32,000,000
...
Total
474,790
Taxes under Social Secur. Act
S
154,320,189
10,405,289
35,800,576
-
1937-38
177,738,376
125,069,280
Railroad retirement account
$
1938-39
S
21,514,054
19,451
1938
17,
—July 1 to Nov. 30
S
14,282,803
174,643,662
--
Mlscell. Internal revenue
Unjust enrichment tax
Proceeds
S
accounts
Seigniorage
Unemployment trust fund
Old-age reserve account
years
July 1 to Nov. 30
1938-39
1937-38
I
note 1)
-Month of November—1938
1937
Increment resulting from reduc¬
1938-39 and 1937-38:
General & Special Accounts:
-
Gold, &c.
Receipt!1—(See
Trust
we
1938
Dec.
Trust Accounts, Increment
4,332,597
28,919,734
2,012,675
Panama Canal tolls, Ac
Payments to Fed. Res. banks
(sec. 13b, Fed. Res. Act, as
87,168
.
4,988,762
.
2,917,003
10,105,243
30,745,321
amended)
11,165,266
Seigniorage..
2,614,403
4,579,551
9,i67,i40
19,122,076
Other miscellaneous
4,5ie,70i
5,220,522
32,195,007
40,614,482
381,644,253
327,129,657
2,222,791,417
2,310,580,247
For
125,000
retirement
of
national
bank notes
Unemployment trust fund:
Total receipts
Expenditures—
-
,
1. General:—Departmental
Public buildings a
Public highways a
River and harbor
flood control
a._
59,978,292
294,940,491
246,707,484
3,859,851
4,613,715
20,069,132
31.528,265
19,087,627
-
work
a
47,562,085
16,095,035
94,891,906
83,934,172
1,023,045
15,468,557
16,772,371
85,718,088
75,539,783
2,820,595
4,155,495
15,897,592
16,924,721
916,305
-
a
1,433,654
4,781,610
5,220,763
Postal deficiency...
25,005,885
Railroad Retirement Board..
Social Security Act
U. 8, Housing Authority a
246,483
19,307,256
279,917
1,249,500
1,592,034
28,305,231
31,190,477
159,378,882
279,746
b237,524
Benefit payments
1,529,045
b237,524
5.000,000
5,000,000
32,573,944
181,544,363
687,234
8,000,000
40,000,000
5,683,758
-
6,213.769
29,434,221
-
200,365,000
62,350,083
46,394,657
267,328,631
Receipts—Market operations:
Cash:
Treasury bills
Treasury notes
49,208,256
234,933,567
243,371,055
70,473,114
10,931,928
249,221,826
67,459.533
995,942
21,582
8,760,843
22,823,327
26,448,784
128,012,831
Interest
on
147,557,142
b6,569,358
bi,996,131
3,873,112
4,125,652
19,192,285
19,456,278
8,714,215
9,175,122
251,770,919
268,810,784
1,021,541
1,099,486
6,980,205
6,215,039
2,631,291
16,895,329
14,719,383
993,585
350,809
the publlo debt—
Refunds—Customs
Internal
....
revenue
Processing tax
on farm
prod.
U.
373.860.763
6,154,910.
Exchanges:
302.830.603
mortgages
......
rS'
2.073.153.997
1.772.184.371
(Aft June 21, 1938)
b21,862
Special series:
1,935,983
2,248,621
12,288,156
1,963,211
10,112,337
17,559,736
7,802,460
448,984
482,519
100,073,698
961,063,725
12,073,485
14,187
85,408,278
534,458,341
3.720,209
638,927
4,112.142.247
3.019.111.079
200,457,000
2.083,044,000
1,411,447,000
1,150
36,200
179,850
659,550
1,288,200
1.530,900
20,443,050
38.235,250
5,553,346
2,745,699
6,329,283
3,198,250
12,387,893
49,678,126
67,181,949
Adjusted service bonds..;.
First Liberty bonds
3,492,858
2,000,000
3,492,858
158.134.123
11
Treasury
1,205,470,760
111
1
bonds
5,000
Fourth Liberty bonds
Postal Savings bonds
Other debt items
2,614
b90
National
b5,3i7
bank
850,936,816
bi,739,426
7,982,401
bl6,106,269
48,596,674
47,346,934
bi08,465
Sub-total
Special series:
Adjusted
service
_
•
-
205,000,000
71,000,000
72,000,000
Onetes)
14,000,000
•
319,106,600
351,255,000
1,321,300
16,299,150
5,800,000
19,000,000
1,500,000
1,800,000
8,100,000
7,800,000
25,000
25,000
155,000
*112,000
16,000
38,000
91,000
99,000
13,000,000
25,000,000
499,440,331
172,310,674
3,658,928,182
5,000,000
2,041,000
3,048,624,838
Excess of expenditures.
Increase (+) or Decrease
1,863,000
68,446,000
18,811,000
503,089,591
222,331,629
2,673,531,202
2,350.201,770
180,265,186
'
36,279,450
ZZZTTZ
293,598,983
137,154,812
1,438,611,045
638,909,309
—92,000
+118,936,000
-+90,248,000
»
(—)
in Gross Public Debt—
Market
...
1.436,136,765
operations:
738,044,591
,
of Indebtedness
+13,798,000
—1,150
or
745,450
,
+172,310,674 + 1,436,136,765
1,321,300
16,299,150
+ 738,044,591
36,279,450
+6,213,769
+170,989.374 +1,419,837,615
—207,159,874
—62,280,785
209,007,625
1,212,677,741
639,484,355
5,497,305
25,329,290
+ 204,723,905 +1,207,180,436
+ 614,155,066
+231,430,609
+ 54,754,243
Total
+- 86,926,537
—659,550
—19,695
—20,388
—111,529
—231,833
—2,034,000
—5,343,670
—16,805,265
—29,226,591
+9,825,812 +1,023,829,045
-+108,821,309
a
.
.
the gross public debt
+180,255,18S + 137,154,812
Gross public debt at beginning
ef month or year
38,423,083,175 36,956,368,229
+1,438,611,045
+668,909,309
37,164,740,316
36,424,613,732
1
..
IM«
L_
37,093,523,041
38,603,351,361
37,093,523,041
+-127,329,000
+414,782,000
+530,088,000
+180,265,186
+137,154,812 +1,438,611,0*5
+ 668,909,309
Additional expenditures on these accounts
relief"
are
included under
"Recovery and
and "Revolving funds (net)," the classification of which will
be shown in
the statement of classified
receipts and expenditures appearing on page 7 of the daily
Treasury statement for the 15th ol each month.
b Excess of credits
(deduct).
c
—67,572,093
(—) In
38,633,351,361
—38,235,250
+■16,848,970+1,005,048,539
+28,251,231
+38,708,186
+-38,018,251
(—) In
—121,802,116
—33,058,850
+141,559,000
expenditures
+302,037,302
—179,850
—1,530,900
+ 701,765,141
4,280,720
302,067,302
Other debt Items
National bank notes and Fed¬
eral Reserve bank notes
—36,200
—1,288,200
(+) or
receipts (—) (excluding public
debt retirements)
+295,853,533
Trust accts., Increment on gold,
Ac., excess of receipts '—) or
3,100,000
500,000
73,255,000
55,000,000
Total public debt expend's.
+293,598,983
Gross public debt thl8 date
775,604,200
Postal Savings System
(notes)
Govt, life Ins. fund
(notes)..
expenditures
or decrease
775,604,200
423,957,100
173,000,000
Certificates
ft
1.555.786.571
-
41,000,000
Summary
general fund balance..
2.181.128.102
certificate
Civil serv. retlre't fund
(notes)
For. Serv. retlrem't f'd
(notes)
Canal Zo. retlre't fund
~
( + ) or receipts
(—)
Increase (+) or decrease
220.468.629
..
37,939,201
678.243,236
.....
-
29,226,591
Fed. Dep. Ins. Corp. (notes).
Total expenditures......
Less nat. bank note retlrem'ts
16,805,255
423,957,100
44,897,675
745,450 "
_
231,880
5,343,670
719,500
Railroad retlrem't acq't(notes)
(sinking
.....
111,529
501.048.591
bl7,845,695
fund, Ac.)
expenditures ( + )
20,388
2,034,000
fund (certificates)
Unemploy. trust fund (ctfs.).
752,820
is,500,000
2.148,950
4,230,800
1
201,280
and
Sub-total
retirements..
1,339,900
2,423,850.
Treasury bonds
75,106,600
1
717,350
723,450
19.695
notes
32.000,000
(+)
153,450
Sub-total...
b9,269,268
.
*
48,500,000
expenditures
44,132,000
Exchanges:
b4,451,819
52,820
Sub-total
Excess of receipts
Excess Of expenditures
24,609,050
600
6,894,806
retirements
32,019,228
21,552,150
454,500
•_
Fed. Res. bank notes
■»==,!=====:~
96,000
5,165,671
6,473,400
Treasury notes
bi,i40,4i5
578,899,000
359,486.442
670,468
b236
483,228,000
488,343,000
Treasury bills
Certificates of Indebtedness
Treasury notes
States,
account
129,192,000
683,354.777
U. 8, savings bonds.
funds (U. S. share)—
*
20,000,000
3,720,209
" "
Railroad retirement account..
Govt, employees' retirement
of
6,100,000
143,600,000
Cash:
Transfers to trust accts.« Ac.:
Less public debt
4,100,000
22,998,653
248,242.217
Sub-tOtal
receipts (—)
20,000,000
69 061
'
2,614
(Act June 21, 1938)...
(+)
227 000
10,000,000
8,843,523
municipalities, Ac..
Loans to railroads
Public Works Admin., loans
Increase
469,000
195,000
2,000,000
Loans and grants to
excess
367,000
459,000
14,000
Expenditures—Marketoperatlons
91,453,655
Agricultural aid:
Total
71,300,000
374,000
3,895,114
Revolving funds (net):
.
40,000,000
81,100,000
Total public debt receipts
4,746,000
..
583,324
684,828
Wash, (see Note 1)...._.
.
205,000,000
8.000,000
Sub-total
37,630,788
15,437,538
Admin, for Indus. Recovery
of
261,536,000
168,000,000
10,000,000
2,915,880
'
Export-Import Bank of
Excess
179,000,000
41,000,000
1,500,000
93,000,000
15,395,239
3,227,084
RFC (see Note 1)
Ik
78,178,000
32,000,000
(notes)
Govt, life lnsur. fund (notes)
Federal
Deposit
Insurance
Corporation (notes).
52,640.264
2,390,971
194,492,243
Emergency housing
U.S. Housing Authority...
Federal Housing Admin—
Farm Security Admlnlstra'n
Miscellaneous:
of
oertlf.
Postal Savs. Sys.
-
308,883
Home Loan system
Farm Credit Admlnlstra'n.
Publlo works:
775,604,200
=
service
Railroad retlrem't acc't (notes)
130,579
1,366,665
18,837,434
Sub-tOtal...,
6,358,500
775,604,200
404,707,100
Canal Zo. retlre't fund (notes)
Alaska RR retlre't fund (notes)
11,544,373
other
Aid to home-owners:
3,105,600
19,250,000
Civil serv. retlre't fund (notes)
For. Serv. retlrem't f'd (notes)
130,679
76,666
Works Progress Admin
Wks.
Adm.
grants
Excess
1,036,150
423,957,100
30,129,047
546,024
Pub.
Debt
1,658,249,379
......
21,872,550
3,228,980
Rural Electrification Adm.
6.
3,201,851,547
42
Treasury bonds
1,333,089
159,063
-
Public highways
River and harbor work and
flood control
reserve
229,258,292
510,650
1,629,835
b21,862
-
Old-age
156,554,337
Treasury notes-
1,323,066
5,471,761
Public works (incl. work relief)
Reclamation projects.
4,
193,090,147
539,244,127
1,338,089
(see Note 1)..
8.
28,893,292
fund (certificates)
Unemploy. trust fund (ctfs.).
Old-age reserve acc't (notes).
Commodity Credit Corp.
,
37,103,127
2,090,618
Adjusted
Federal Land banks
AH
(incl.
Adjusted service bonds
Federal Farm Mtge. Corp.
—reduction In int. rate
•
bonds
b2,051,303
b6,i03,643
Agricultural aid:
„
savings
Sub-total
2, Reoovery and relief:
on
S.
unclassified sales)
Treasury savings securities.
Sub-total
Sub-total
1,501,695,000
461,690,100
>
36,179
a..
Agricultural Adjust. Program
Farm Tenant Act..
Civilian Conservation Corps a
Farm Credit Administration.a
Tennessee Valley Authority..
2,201,980,000
342,091,300
Treasury bonds
225.915,002
45,589,266
3,199,028
Veterans' Administration
62,280,785
38.018.251
502,141,000
22,281,758
683,399,577
Public Debt Accounts
-
Army
Navy
42.428,838
205,437,029
611,863,421
207,159,874
204.490,592
Excess of receipts or credits
Excess of expenditures
165,747,884
a
4,556,226
10,000,000
8.621,253
*
Total
127,289,823
DIst. of Col. (U. 8. share)....
263,973
1,500,000
Investments
Panama Canal
National defense:
Benefit payments
Railroad retirement account:
and
,
Reclamation projects
Investments
Withdrawals by States
Old-age reserve account:
Investments
1
Revised to adjust classification as referred to in note 1.
1—The expenditures shown for these captions represent
adjustments on
Note
account of revisions in classification as referred to in the announcement
accompany¬
ing the daily Treasury statement for July 1, 193S.
See also Note 9 on page 7 of the
daily Treasury statement for Nov. 15, 1938.
Note 2—Beginning Dec. 31, 1937, transfers from the General Fund
have been
as receipts instead of offsets against
expenditures.
The figures for the month
and the fiscal year 1938 have been revised
accordingly and in that respect disagree
with the figures published prior to Dec. 31, 1937.
treated
Volume
Financial
147
UNITED
The
Shares
DEBT STATEMENT OF THE
PRELIMINARY
NOV. 30,
STATES
partic. pref., $35 par.
1,500 Royal Tiger Mines, 1 cent par.
40 Stonega Coke & Coal Co.,
37 U. S. Cold Storage
United States Nov. 30, 1938, as made up on
daily Treasury statement, is
1946-66
194347
194043
194143
bonds of 194649
bonds of
bonds of
bonds of
bonds of
.
3% bonds of 1951-55
-
3#% bonds of 1941
334% bonds of 194345
334 % bonds of 194446
tii
3% bonds of 194648
bonds
bonds
bonds
bonds
bonds
bonds
of
of
of
of
of
of
1949-52
1955-60
194547
1948-51
1951-54...
1956-59
bonds of 1949-53
bonds of 1945
bonds of 1948
bonds of 1958-63
bonds of 1950-52
Co.,
Series C-1938
Unclassified sales
common
100 Pioneer Petroleum, par $5
-
——...
„
Corp.,
67
par
$441 lot
$100....
International Hydro-Electric System, pref., par $50; 40 Cities Service
Refining Co. of Mass., pref., par $100; 40 Cities Service Refining Co. of
Mass., common
$1,139 lot
44 Real Estate Improvement
par
$100..
12 lot
$1,000 Imperial Russian 54b, 1921 ctf. dep.; 7 shs. Detroit Aircraft Corp.;
6 shs. New England & Southern Mill, common
$5 lot
500 Food Devices, Inc.; 200 Temblor Oil of Mass., par $5.
:
$30 lot
30 Armored Tube Co., pref., par $50; 30 Armored Tube Co., common; 10
Panoramac Publications,
15,1940—
15,1940..
15,1940—
15,1941—
15.1941..
15.1941..
15,1942..
2%
series B-1942, maturing Sept. 15, 1942..
134 % series C-1942, maturing Dec. 15.1942..
134% series A-1943, maturing June 15,1943—
Shares
$ per Share
54
54
18#
900 Boston & Maine RR., pref. C, stamped, par $100—
—14
10 Boston & Maine RR., common, unstamped, par $100.—. —
70c
100 Boston RR. Holding Co., prefened, par $100..
54
75 Boston Elevated Ry., par $100
—
—....... 51#
36 Boston Elevated Ry., par $100
514
300 New Ocean House Inc., common; 5 Rhode Island Ice Co., $7 pref. A;
$3,000 Rhode Island Ice Co., 1st mtge. 6s, May, 1948, series A; $2,000 Troy
Cold Storage Co., 1st mtge. 7s, Sept. 15, 1952 and $500 Artie Ice & Storage
Co., 1st mtge. 5s, Dec., 1931, 50% paid
25 Eastern Footwear
Corp., par $1...
50 Baush Machine Tool Co.,
'
series
...
.$55 lot
........
34
$5—10#
100 Western Union Telegraph Co., par $100
*
234
200 Servel Inc., common, par $1._
—
-16
150 National Lead Co., common, par $10—
—
— 274
22 Federal Mortgage & Loan Corp., pref., par $50; 10 Federal Mortgage &
Loan Corp., com., and 20 Colonial Mortgage Corp., class A.
..$5 lot
485 Objubway Mining Co., assessments 1, 2, 3, 4, 5 paid, par $25_—.___—-10c lot
40 Alex Mundle & Sons Co., par $100
-—
—$500 lot
,
-
Federal
Deposit
522,000.00
maturing
-
52,000,000.00
4,100,000.00
Insurance Corporation
'
_
10,602,167,450.00
Certificates of Indebtedness—
4% Adjusted Service Certificate Fund series.
'
.
.
...
22,700,000.00
24 % Unemployment Trust Fund series, ma¬
turing June 30. 1939
1,032,000,000.00
1,054,700,000.00
.
Treasury bills (maturity value)...
1,303,020,000.00
——
...
Conquisador Hotel,, Inc., com. v. t. c., par
$1; 150 the Prudential Security Co., com. A, par $1; 30 Devonshire Building
Trust, com., par $100; 2 E-B Liquidation Co., com., par $5; 2 Ebaloy Foun¬
dries, Inc., pref., par $5: 4 Batavia Body Co., com., par $5; 5 Monarch
Royalty Corp., com.; 10Monarch Royalty Corp., pref., par $1; 200 Guardian
Coal & Oil Co., par $24; 13 Guardian Coal & Oil Co., temporary ctf.,
par $24; 500 Radio Television Industries Corp., par $100; 1st mtge. note
for $500, dated Aug. 1, 1927, on property at
141 Day St., New Haven
1,1917
(excluding Postal Savings bonds)
.....-$140 lot
lot
-
-
-
$3,911,290.26
40,720.00
...
2# % Postal Savings bonds
3#%, 4% and 4#% First Liberty Loan bonds
13,435,000.00
of 1932-47—
4% and 44% Second Liberty Loan bonds of
preferred...
—
-.$19
$100; 80 Barrow Corp., common; 15 New England
Securities Co., pref., par $100: 3 New England Securities Co., com., and
9 Nbrth Texas Co., par $10
r-—-$11
105 Plymouth Country Club, Inc., par $100
—,.-.$l
12 Pilgrim Yacht Club Trust, par $100.
------— ....$1
300 American Ship & Commerce Co., common...
—$0
20 Everlastlk Inc., 1st
Bonds—
1,300,300.00
1927-42
44% Third Liberty Loan bonds of 1928
44 % Fourth Liberty Loan bonds of 1933-38—
3# % and 4*4 % Victory notes of 1922-23
Treasury notes, at various Interest rates...—
*
Ctfs. of Indebtedness, at various Interest rates.
Treasury bills
Treasury savings certificates
'
'
$400 National Service
Cos. 6s, Feb. 15, 1952.
.
-
54b, May, 1937 - - •
$1,100 Westchester Service Corp., 1st mtge. 6s. April 1948, series A
$100 Metropolitan Ice Co., 1st mtge. 7s, Jan. 1, 1954, series A
$5,000 Baltimore & Ohio RR. 4s. July, 1948
$5,000 Chicago & North Western Ry. 4s, Nov., 1987
$1,000 Ashland Corp. 1st mtge. 6s, March, 1943
$10,000 Old Colony RR. 5s, Dec., 1945—i-- — — — — -—
2,068,600.00
20,888,700.00
649,800.00
19,536,000.00
4,785,000.00
37,829,000.00
236,600.00
$1,000 Southwest Gas Co, 1st mtge.
104,681,010.26
By Barnes & Lofland,
Debt Bearing No Interest—
United States notes
...
...
Less gold reserve
$346,681,016.00
.
,
.
156,039,430.93
...
$190,641,585.07
Old demand notes and fractional currency
3,247,071.14
430,642,580.99
:
$38,603,351,360.66
.....
AUCTION
The
following securities
were
SALES
sold at auction on Wednesday
of the current week:
By Crockett & Co., Boston:
Shares
$ per Share
14
Slocks
3 Worcester County Trust
Co., common, par $10
—
1
$1 lot
$24 lot
30 Union Mills, Inc., common
—
...$18 lot
37 U. S. Bobbin Shuttle Co., common, par $100
$14
3 Berkshire Fine Spinning Assts., $5 pref.; 75# Berkshire Fine Spinning Assts.,
common
...——
^—..$450 lot
5 Farr Alpaca Co., $50 par
...
*$4#
.500 A. & G. J. Caldwell, Inc., common, $1 par.
95c.
Springfield Street Ry., pref., par $100
10 Hoiyoke Street Ry. Co., common, par $25
75
32 Mt. Tom Ry., common
—
—„—
-
—-
-
f^Cent
-
-16# flat
-52# flot
6# flat
60# & int.
— .49 & int.
—.16# flat
—$2 Jot
-—6# flat
-
$ Per Share
107
—
9#
~";,i
River Land Co., capital, no par......
$10 lot
Housing Co., par $50
—
—$1 lot
68 98-100 Wahnetah Silk Co., class A...
*
---$! lot
5 Emergency Aid Realty, pref., par $100 (with 24 shs. com.)
----$1 Jot
70 Thomas Conway Jr., Corp., class A, preferred, par $100.....
$3 .lot
22# The North Shore Corp., 5% pref .and 67 4 the North Shore Corp., com$50 lot
15 Taeony Steel, 8% preferred, par $100
$1 lot
25 Suffolk Anthracite Collieries, preferred, par $100
$1 lot
60 Owners Mutual Tire Factories, capital, par $1—$1 lot
4 Philadelphia and Grays Ferry Passenger Ry. Co., par $50
11
$100 No. 2 East 61st St. Corp., Inc., 6s, 1947; $650 debenture 5s, 1957;
2 sh.class A, and 8 class B
$3 Jot
25 Guardian Bank & Trust Co
——
—„.$5 lot
25 Rockhill Coal Co., Inc
—
14
1C0 International Match Co., participating preference
$1 Jot
50 Continental Securities Corp., preferred—
-« lot
12 Tradesmen's National Bank & Trust Co—
.
127
12 Chelten Corporation
*0
12 Metropolitan Credit Corp., preferred and 14 common..
$3 jot
2 Metropolitan Credit Corp., preferred and 2 common.
..$2 lot
20 Whittler Centre
Thrift and Treasury savings stamps, unclassi¬
fied sales, Ac
.v
.Stocks
lot
lot
lot
lot
50 Spanish
234,722,196.50
2,031,728.28
Federal Reserve bank notes..
Philadelphia:
"
National Bank, par $20
SNinth Bank & Trust Co., par $10.
20 Germ an town Trust Co., par $10—-—
Shares
15 Philadelphia
Deposits for retirement of National bank and
Total gross debt
>
5 Great Falls Mfg. Co., par
Which Interest Has Ceased-
Old debt matured—Issued prior to Apr.
——•—
Utilities, Inc., com. v. t.c; 38 El
Conn
$38,068,027,769.41
Total Interest-bearing debt outstanding..........
on
—
.......
—-
105,000,060.00
series, maturing Deo. 1, 1939 and 1942
Matured Debt
—-
—
series,
maturing Jan. 1, 1939...
$2# lot
$66 lot
25c lot
——
$2# lot
— 104
10 Rockwood & Co., common
——
45c
35 Boston Edison Co., par $100
126
100 Western Union Telegraph Co., par $100..-—.—.......
...
23#
115 A. S. Campbell Co., Inc., common.
.....
3
13 Brookside Mills, par $100; 30 San Juan Ramsey Co., par 10c.; 10 Inland
Co., Inc., common, par $1
$100
100 kronor—..
100 Kreuger & Toll Co., par 100 kronor—
11 Rockwood & Co., preferred, par $100.100 Oliver Building Trust, par
20 Kreuger & Toll, par
maturing June 30f 1943..-....-..
2%
$100—
100 Electric Bond & Share Co., common, par
20 The Angus
4,030,000.00
fund
$75 lot
.......
$100
—
$5 lot
Chamber of Commerce Realty Trust,
100 Anaconda Copper Mining, par $50——
\
Alaska Railroad retirement fund series,
insurance
—
Gas & Electric, common
100 Kane Carburetor Corp.; 5 Boston
4% Canal Zone retirement fund, series 1940
life
—........
preferred, par $100
50 Hotel Westminster Co., preferred, par
3,547,000.00
Government
....
$5,000 Broadway Exchange Corp., 7s, reg. amended with 30 shares of v.t.c.
stock, par $1; 13 Associated Gas & Electric, class A, par $1, and 1 Associated
74,200,000.00
1943
94
51c
10
...
2
—.....
50c
--$1# lot
...$25lot
—...
—
_
50 The New Columbia Co., par $10..—
461,900,000.00
1940, 1942 and 1943^
$570 lot
-
par$10._
A, par 10c— —
2 Metropolitan Ice Co., preierred, par $100
91 8-20 Massachusetts Utilities Associates, common, par $1-
4% Civil Service retirement fund, series 1939
2%
.
12 Rockland Light & Power, common,
830,300,000.00
to 1943...
......
—
553 Reliance International Corp., class
ma¬
1939 to 1943
^....... —
—
second preferred, par
1943
$10 lot
•
,
10 New York Central RR., par $100--
<
June 30, 1941 and 1943
,
Slocks
135 Nashawena Mills, par $100
$9,066,568,450.00
Postal Savings System series,
10 Panoramac Publications,
.
159 Nashawena Mills, par $100.
3% Old-Age Reserve account series, maturing
June 30.
Inc., pref., par $25;
By R. L. Day & Co., Boston:
9,503,800.00
1,293,714,200.00
526,232,500.00
941,613,750.00
426,554,600.00
1,378,364,200.00
738,428,400.00
737,161,600.00
676,707,600.00
503,877,500.00
204,425,400.00
426,349,500.00
342,143,300.00
232,375,200.00
629,116,900.00
15,1938..
15,1939..
15, 1939..
15,1939..
15,1939..
$6 lot
....
$10; 5 Neild Mfg. Corp., par $100; 2 Taber Mill, •
common, par
800,412,656.40
maturing June 30, 1941 to
Trust, par $100; 20 Androscoggin & Kennebec
Ry., 2d pref. ctf. of beneficial interest, par $100.........
50 Barnard Mfg. Co.,
$25,108,140,319.41
Foreign Service retirement fund,
....$100 lot
—_
Unity Building Trust., par $10.$60 lot
80 Houghton & Dutton Building, Inc., par $5; 109 Commonwealth & South¬
ern, warrants
.$40 lot
$1,000 Washington Building Realty Co. 7s, July 1, 1945; 12 shs. Washington
Building Realty Co., common; 20 shs.' Washington Building Realty Co.,
pret., par $50
—
80 lot
400 Compton Trust (trust ctfs.), par $100; 25 Boston & Providence RR.
1,398,743,773.01
Total bonds.
24>
$4 paid in liquidation; 100 Baush Machine Tool Co., common:
Estate Improvement Trust, par $100; 634
$300,254,700.00
500,157,956.40
Adjusted Service bonds of 1945
(Government Life Insurance Fund series)..
Railroad retirement account series,
turing June 30, 1942 and 1943
1
$35 lot
Inc., common
Series C-1937
3%
$1 lot
...$8 lot
....
53 New York New Haven & Hartford RR. Co., common, par $100; 10 Real
$179,446,655.25
330,074,563.75
434,155,007.75
399,144,731.25
55,922,815.01
Series B-1936
2%
22
$7 lot
54
w
14,020 Pioche Mines Co., par $5......
22,712,422,150.00
Treasury Note*—
'
14% series E-1938, maturing Dec.
24 % series A-1939, maturing June
14 % series B-1939. maturing Dec.
134% series C-1939, maturing Mar.
134% seriesD-1939, maturing Sept.
134 % series A-1940, maturing Mar.
134 % series B-1940, maturing June
134 %serle8 C-1940, maturing Dec.
134% series A-1941, maturing Mar.
14 % series B-1941. maturing June
14 % series C-1941, maturing Dec.
1*4% series A-1942, maturing Mar.
....
Congress Street Associates, par $100..
517 Kansas City Public Service Co., common v. t. c.; 200 Amoskeag Mfg.
1,214,428,950.00
1,223,495,860.00
1,626,687,150.00
981,827,050.00
1,786,143,150.00
540,843,550.00
450,978,400.00
918,780,600.00
866,397,200.00
U. 8. Savings bonds (current redemp. value):
Series A-1935
4%
———
10 Eldredge Brewing Co
$758,945,800.00
1,036,692,900.00
489,080,100.00
454,135,200.00
352,993,450.00
544,870,050.00
818,627,000.00
755,432,000.00
834,453,200.00
1,400,528,250.00
1,518,737,650.00
1,035,874,400.00
491,375,100.00
2,611,095,150.00
4% bonds of 1944-64
$54
3
$7 lot
...
175 Rainbow Luminous Products, Inc., class A common.
Treasury bonds:
4#% bonds of 1947-62
25c. lot
$6 lot
r._—
24 Old South Building Association, par $75..
$196,561,740.00
4%
common
300 Consolidated Gas Utilities Co., class A
10 Hotel Trust Touraine
$49,800,000.00
28,894,600.00
117,867,240.00
24 % Postal SavingB bonds (16th to 49th ser.)
to
$100..
.....
3% Panama Canal loan of 1961
3% Conversion bonds of 1946-47
34%
234%
2%%
2%%
2*4%
2*4%
234%
234%
2#%
2H %
234 %
par
...
30 Virginia Coal & Iron Co., par $100
Bonds—
3H%
3H%
2*4 %
3% %
3H%
Corp.,
Inc.,
50 Associated Textile Cos., pref
follows:
as
$ per Share
Stocks
50 International Match Corp.,
1938
public debt of the
the basis of the
of the
preliminary statement
3711
Chronicle
—
.....
Bonds—
$2,000 Rittenhouse Hotel general
house Equities, Inc., v. t. c.)
mtge., Income, 1935
-
Fer Cent
(with 20 shs. Ritten----$« J°*
Mining Corp., 1st refunding and general 6s, 1947, stamped._$l 1 lot
of West Chester 5s, 1976
--T
60 flat
$4,000 Broad & Walnut Corp. 6#s, 1937—-----------$3 J°*
$8,000 1524-42 Market Street Realty 6s, 1934, and 80 shs. common
..$26 lot
$3,500 Shallmar
$100 Masonic Assoc.
3712
Financial
REDEMPTION
CALLS
AND
SINKING
Chronicle
FUND
a
Dec. 10 to Dec. 16, both
list of bonds, notes and
preferred
last date for
The date indicates the redemption
making tenders, and the
location in which the details
were
Date
Abbotts Dairies. Inc., 6% bonds..
Aluminium, Ltd., 5% Binding fund debentures
Byers (A M)
,
>
Carnegie Metals Co
-
3
3
Lone Star Gas Co
1
MONEY
statements,
shows
the
on
Sept. 1,
3460
3162
3460
3460
3766
3614
3464
2695
3464
*
3619
3619
2875
17
v
17
1
3172
3472
3472
3030
7
3
80%
Aug
Apr
14
Mar
20
Oct
63
120
50%
Apr
73%
Jan
73
100
68%
Dec
9%
25
6A
Mar
10%
900
50c
Nov
1.50
Feb
4%
Apr
2A
2A
2 %
323
1%
Mar
6A
3%
Nov
2%
725
2
Mar
3
Jan
27%
282
19%
Mar
30
July
8A
1%
300
4%
Mar
11%
50
1
105%
130
56
9%
105
335
8A
7
7%
21%
2%
2%
574
~40~~
A
40
32
40
Department:
'
Mar
39%
25
Sept
45
40c
210
Dec
35c
1%
220
1%
30 A
"1,084
238
15%
62%
Mar
Mar
Feb
2%
Dec
26%
Oct
Jan
65c
Sept
June
33
Nov
124%
Nov
214
1%
3
Jan
1% June
BANKS
COMMON CAPITAL STOCK REDUCED
„
_
Dec. 3—The People s National Bank of
Keyport, Keyport, N. J.—
From $50,000 to $25,000; amount of
reduction
PREFERRED
STOCK
"A"
Amount
$25,000
DECREASED
Dec. 3—The People's National Bank of
Keyport, Keyport, N. J.—From $115,000 to
$57,500; amount of decrease
57,500
.
STOCK "B"
DECREASED
Dec. 3—The People's National Bank of
Keyport, Keyport, N. J.—
From $10,000 to $5,000; amount of
decrease.
5,000
...
•
COMMON CAPITAL STOCK INCREASED
Dec. 5—The First National Bank at
Bessemer, Bessemer, Ala.—
From $75,000 to $100,000; amount of
increase.
,
$25,000
VOLUNTARY LIQUIDATION
Dec.
5—First National Bank in
Thermopolis, Wyo.t
Effective Nov. 25, 1938. -
......
$50,000
Liquidating Agent, II. L. Davis,
Thermopolis, Wyo.
Succeeded by First National Bank at
Thermopolis, Wyo., Charter No. 14,404.
CURRENT
NOTICES /
•
v.'V
**'
'
holdings
of
the
—Fred C. Hahnel and Edmund J. McBrien
have joined the sales staff of
M. E. Cornelius & Co., Inc.
the first of Septem¬
DIVIDENDS
Dividends
$
$
are
Dec. 1, 1938
512,591,792
531,497,362
3,381.540
757,251
3.280,519
893,189
634,256
2,630,155
1,261,196
14,318,778
13,180,140
11,126,500
11,923,350
237,743
278.966
9,102,170
12,312,729
294,326
164,704
7,897,998
15,021,475
5,789,758
1178,799566
1516 415,955
156,039,431
156,039,431
18.210.899
1486 411,299 *1422083,824
156,039,431
156,039,431
we
bring together ail the dividends
current week.
we
show
grouped in two separate tables.
the
Then
we
dividends
have not yet been
follow with
In the
announced
the
second table in which
a
previously announced, but which
paid.
Farther details and record of past
dividend payments in
many cases are given under the com¬
pany
in our "Generai Corporation and Investment
Department" in the week when declared.
name
News
The dividends announced this week
are:
1.022,760,13ft 1,360,376,524 1,330,371,868 1,266.044,393
Per
Name of Company
735,802,000
Dep. In Fed. Res. banks.Dep. in National banks—
Abraham &
Share
Acme Glove Works, Ltd. (quar.)
6 A% preferred (quar.)
778.208.617
963.178,151
603,000.049
569,717.674
To credit Treas. U. 8.
16,509.491
15.180.983
17,737,875
To credit disb. officers
17,493,328
31,005,560
31,792,775
1,918.257
1,599,030
28.936.859
28,693.850
Cash in Philippine Islands
2.025.087
Deposits In foreign depts.
Net cash In Treasury
2,401.843
2,184,233
2,673,316
1,986.310
2,631,289
2,407,154,032 3,163,771,057 2.733.012,372 2,625,325,036
147,578,569
185,310,837
163,861,734
177,976,514
2,259.575,463 2,978,460.220 2,569,150,638 2,447,348.522
*
Includes on Dec. 1 $518.720,172sllver bullion and $3,512,455
minor, &c., coin
included in statement "Stock of Money."
CURRENT
NOTICES
Straus, Inc
87 Ac
...
Aeronautical Securities (special)
Aetna Casualty & Surety
Co., has been elected to membership
exchange announced
.
on
the San Francisco Stock Exchange,
Mr. Leib has acquired
by transfer the
seat
formerly held by Harold L. Mack Jr.
Co., members of the New York Stock Exchange,
that they wHl reopen their Nassau, Bahamas office in the British
Jan. 10, 1939 under the management of Walter L. Carey.
Dec.
Jan.
>c
Jan.
30c
Jan.
15c
Jan.
9c
Holders
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
25c
Dec.
Dec.
Dec.
25c
,
Jan.
Dec.
Dec.
Dec.
Dec.
22 Ac
Albany & Susquehanna RR. (extra)
$1A
Alexander & Baldwin (final)
Allemannia Fire Insurance Co. (quar.)
Extra
$3
Jan.
Dec.
Dec.
25c
Dec.
Dec.
5c
Dec.
Dec.
2Ac
$3
Altoona & Logan Valley Electric Ry
American Agricultural Chemical Co
—
$1
35c
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
$1M
Dec.
Dec.
Dec.
25c
American Baking Corp., class A (quar.)
Dec.
Dec.
5dc
7% preferred (quar.)
Class A (extra)
American Brake Shoe & Foundry Co
5M% conv. preferred (quar.)..
Jan.
Jan.
4<
Akron Brass Mfg. (increased)
American Cast iron Pipe, 6 % pref. (s-a)
American ColortypeCo., 5% preferred
Dec.
Jan.
$1
Allen Electric & Equipment (quar.)
general partner in the firm of Leiv, O'Connor &
When
Payable of Recoid
75c
Aetna Insurance Co.
(guar.)
Aetna Life Insurance Co.
(quar.)
Extra
■
Affiliated Fund, Inc
Ainsworth Mfg. Corp
Air Reduction Co., Inc. (quar.)
12Ac
%IH
20c
(quar.);
Extra
Allegheny & Western Ry. (s-a)._
Mar
40
22
Comptroller of the Currency, Treasury
747,237,000
on
70
.50
\
791,484,000
Colonial Hotel
Jan
Bridge Authority and New York City.
9,903,313
11,347,409
Hudson &
Oct
July
4
110
1%
556 312,000
—Dyer,
11
25%
Apr
113% 120%
29M
118%
tificates of indebtedness
announce
Dec
Mar
Oct
following information regarding National banks is
Dep. in spec'l depositories
account Treas'y bonds,
Treasury notes and cer¬
the
A
165
'*
558,503,575
—William F. Leiv, a
Jan
Nov
33 A
40c
.
5
1%
114%
9%
27
A
25
Oct
Apr
May
15A
1%
30
Jan
July
4%
180
20 A
July
—Jackson & Curtix, 115
Broadway, New York City, have issued a chart
comparing the market performance of long-term bonds issued
by the Port
of New York
Authority, Triborough
2,671,714
as
Jan
2406
521,013,074
and In banks
105
3,361
1%
3474
3475
1
Net United States notes..
Net National bank notes-
Deduct current liabilities.
1,657
Jan
2878
1
1
823,600,187
Cash balance In Treas..
June
8
5
60c
t
3172
910,058,864
Total cash In Treasury.
Less gold reserve fund
19
125
'
12
4%
7%
from the office of the
3026
964,811,367
Net subsidiary silver
Minor coin, &c
10
200
11A
3025
618.414,346
Net Fed Res. bank notes..
25%
A
8%
3618
Net gold coin and bullion.
Net sUver coin and bullion
notes
Oct
NATIONAL
The
first
Net Federal Reserve
July
9A
No par value.
3166
Nov. 1. 1938
.
7%
Mar
Unlisted—
Pennroad Corp
3310
2395
3459
3611
Oct. 1, 1938
$
Jan
Jan
5
3%
3459
$
1938
1.75
100
1,485
50c
105%
ber, October, November and December, 1938:
Holdings in V. S. Treasury
50c
26%
8%
IV*
Waverly OH Works cl A.
Westinghouse Air Brake.
Westinghouse El & Mfg. 50
3160
3160
from the daily Gov¬
money
Treasury at the beginning of business
Dec
4
"2 %
6% pref
100
United Eng & Foundry...5
Vanadium Alloy Steel
2533
HOLDINGS
up
Nov
60c
Shamrock Oil & Gas-.^.-l
3764
2876
3622
-
TREASURY
15%
4%
_
16
.
following compilation, made
Mar
71
71
Pittsburgh Screw & Bolt. .*
Pittsburgh Steel Foundry.*
Plymouth Oil Co
5
3169
'39
1
165
25%
11%
Preferred
....
July
63
Pittsbuigh Forglngs
1
Pittsburgh Oil <fe Gas..
5
Pittsburgh Plate Glass..25
Victor Brewing Co
19%
10
..
268
Mar
Nov
7%
9
3454
1034
7%
54%
Dec
Mar
6%
......
Pittsburgh Brewing Co
Mar
50c May
100
50c
Natl Fireprooflng Corp..
3160
3309
3309
3458
8611
6,015
29 A
6%
2 5%
McKinney Mfg Co.
Mountain Fuel 8upply__10
2683
369
High
Mar
11%
4%
24%
10%
6%
6%
Koppers Gas & Coke pf. 100
3610
2866
17 A
12 A
11A
Jones & Laughlin St pf.100
3761
3,659
50c
3756
3011
3760
3157
7%
54%
"*6 A
Copperweld Steel
10
Duquesne Brewing Co..
3447
3757
3605
3153
3452
525
16
Follansbee Bios prei.,.100
2600
2600
3169
Dec. 30
Dec. 31
Dec. 20
San Antonio Public Service Co.. 1st mtge. 6s
Jan.
Sibley Manufacturing Co
1st mtge. 7s.,
__Jan.
Strawbridge & Clothier.,7% preferred stock,.
Dec.
Super-Power Co. of Illinois—1st mtge. 4 As, 1968...
Dec.
1st mtge. 4As, 1970
Dec.
Tidewater Associated Oil Co. 15-yr. 3 A% debs., 1952
Jan.
Union Electric Co. of Mo. preferred stock
Jan.
United States Cold Storage Co. 1st mtge. 6s
Jan.
Virginia Elec. & Power Co., 1st & ref. mtge. bonds
Mar.
Washington Gas Light Co., ref. mtge. 5s
Jan.
West Disinfecting Co. 1st mtge. bonds, 1940--—Jan.
Woodward Iron Co. 2d mtge. 5% bonds
Feb.
•
Announcements this week.
1
Low
27 A
7%
51%
12 A
PREFERRED
Public Service Co. of Nor. 111. 1st Hen & ref. bonds:
Series E
.....Jan.
Series F
Jan.
Republic 8teel Corp gen. mtge. 4As
a..Rlordon Pulp & Paper Co., Ltd.. 30-year 1st mtge. 6s
Ruberoid Co 4% series A dividend notes
*
common...
Clark <D L) Candy Co..
Columbia Gas <fc Electric. *
-
_
ernment
Blaw-Knox Co
Range Since Jan. 1, 1938
for
W CCft
Shares
High
24%f
53%
16%
.
bonds, series A
Jan. 16
bonds, series B
Flat (Turin. Italy) 7% bonds, 1946
1
Jan
Flatbush Industrial Building, 1st mtge. bonds.
Dec. 23
Gair Realty Corp., 1st mtge. 5s
1—
Jan.
1
General Public Service Corp. 5%% debs
Jan.
1
Georgia Carolina Power Co.. 1st mtge. 5s
Jan. .1
Goodyear Tire & Rubber Co., 1st mtge. 5s, 1957
Dec. 30
Goodyear Tire & Rubber Co. 5% bonds, 1957
Dec. 30
Greenwich Water & Gas Systems, Inc, coll. trust 5s__ —Dec. 28
*
Gulf & Ship Island RR., 1st mtge. 5s
—Jan.
5
Hackensack Water Co
first mortgage 4s 1952
Apr. 26 '39
Hackensack Water Co. gen. & ref. mtge. 5 As
Jan.
1
Holland Furnace Co. 5% conv. pref. stock—
Jan.
1
Hoover Ball & Bearing Co. 1st mtge. 6s
....Jan.
9
Houston Gas Securities Co., 5% coll. trust bonds
Dec. 21
Indiana General Service Co., 5% 30-year 1st mtge. Dds
Jan.
1
Inland Steel Co. 1st mtge. 3s
Jan. 15
International Ry. Co., 5% mortgage bonds..
..Dec. 20
International Salt Co. 1st mtge. 5s
June
1
Jefferson & Clearfield Coal & Iron Co. 1st mtge. 5s
1
Jan.
Kansas City Gas Co. 1st mtge. 5s...
Feb.
1
Kansas Power Co. 1st mtge. 5s
—Jan.
1
*
Kerby Lumber Corp., 1st mtge. bonds
—Jan. 16
Michigan Associated Telephone Co., 1st mtge. 5s_.
Jan. 10
Narragansett Electric Co. 1st mtge. bonds, 1966-Jan,
1
Nashville Railway & Light Co. 1st mtge. 5s. 1953—
1
Jan
National Gypsum Co. preferred stocks
Jan.
1
New Orleans Public Service Inc. gen. lien 4 As
Dec. 24
Ohio Power Co., 1st & ref. mtge. 5s_.._
Jan.
1
Pittsburgh Coal Co., 20-year 6% debentures
Dec. 20
Pittsburgh Steel Co.. 20-year 6% debentures
Dec. 20
Platte Valley Telep. Corp. 1st mtge. 6s, 1947
Jan.
1
Low
26 %
315f
Jan. 1, '39
1st mtge.
1st mtge.
Steel.
2860
*
East St. Louis & Interurban Water Co.—
First mortgage bonds, series A & B
*
El Paso Natural Gas Co., 4M % debs.
Price
Armstrong Cork Co..a.
3755
Athens Railway A Electric Co., 1st mtge. 6s 1950
Bayuk nigars Co. 7% preferred stock
Jan. 15
*
Beneficial Industrial Loan Corp., pref. stock, series A..Jan.
9
Bethlehem Steel Corp. 25-year 4%% bonds
Jan.
1
*
Brown Shoe Co.. Inc., 15-yr. 3%% debs
1
Feb.
Capital City Hotel Co., Inc., 1st mtge. 6 As
Dec. 21
Central Power & Light Co. 1st mtge. 6%s
Dec. 17
Connecticut Light & Power Co. 1st & ref. 3 Ms
Jan.
1
Connecticut Ry. Sc Lighting Co. 1st mtge 4 %s
...—.Jan.
1
*
Consolidation Coal Co., 25-year 5% bonds
..Dec. 27
Crown Willamette Paper Co. 1st mtge. 6s
Jan.
1
Delaware Electric Power Co. 5%% gold debs., 1959
Dec. 31
Dominion Gas Co., 5% coll. trust bonds,
Jan. 1, '39
...
VJ rTVXS
Arkansas Natural G pf.100
3300
2521
3149
Dec. 21
Jan. 15
Jan.
1
Par
Allegheny Ludluin
Page
Dec. 23
Jan.
1
...
American Gas & Electric Co. 5% debentures
*
American Type Founders, Inc., 15-year debs
The
Stocks-
or
Week's Range
Sale
given in the "Chronicle":
Company and Issue—
Sales
Last
number gives the
page
Inclusive, compiled from official sales list
Friday
stocks of corporations called for redemption, together with
sinking fund notices.
1938
17,
Pittsburgh Stock Exchange
NOTICES
Below will be found
Dec.
25c
,
Dec.
Dec.
Dec.
$1.31% Dec.
Dec.
$3
Jan.
t$5
Dec.
Dec.
Dec.
Financial
147
Volume
(N. J.)
American District Teleg.
Preferred
of Record
—
—
preferred (quar.)
Republics Corp. taction postponed)
Ship Building Co_L
Stamping Co. (resumed)
—
American Mfg. Co.,
American
American
American
19
Jan.
15
Jan.
Dec.
15
Dec.
Dec.
17
(Chicago) qu.)
(quar.)
Fishman (M. H.) Co. 5% pref. (quar.)
—
7% preferred (quar.)_ —
25c
50c
Dec.
Dec.
19
Florence Stove Co--__
Dec.
Dec.
20c
Dec.
19
14
Florida Power & Light
Dec.
Si
Dec.
Dec.
20
10c
25c
Dec.
Dec.
23
Jan.
Dec.
10
$6 preferred
:
Foreign Bond Assoc., Inc. (quar.)
Foresight Foundation, Inc., cl. A (s.-a.):
Fuller (Geo. A.) 4% preferred (quar.
40c
Jan.
Dec.
10
Fulton Service
'w
t$6M
Dec.
Dec.
10
Fulton Trust Co.
20C
Dec.
Dec.
20
Galland Mercantile Laundry
2C
Dec.
Dec.
20
'm
m mr
/ n'f
51
Jan.
Dec.
30
_ —
—
— —
Jan.
Dec.
23
68 Mc
25c
Jan.
Dec.
Jan.
Dec.
23
19
-—i—-
preferred
(quar.)_-
Corp. 5M% pref.
Bastian Blessing Co__
Preferred (quar.)
Barker Bros.
(quar.)
—
S2M
—
Corp. (final)---
40c
lnc
7 % pref
(quar.) —_
Insurance Co. (quar.) —
24
Dec.
19
Dec.
Dec.
19
Dec.
Dec.
19
Dec.
Dec.
12
Dec.
Dec.
12
54
Jan.
Dec.
13
55
SI
Jan.
tl7Mc
17Mc
—------
(quar.)
,
,
Bucyrus-Moiiighan, class B
-- -—
10
10
Independent Pneumatic
3 Dec.
21
Industrial Accptance Corp.;
$2 class A (quar.)
5 Dec. 23
Jan.
3 Dec.
Jan.
(final)
Jan.
16 Dec.
Feb.
15 Jan.
Feb.
27
17
Dec.
23 Dec.
15
%
16 Dec.
31
Jan.
SIM
Jan.
16 Dec. 24
10
2o Jan.
SIM
MM
lMc
SI.20
SIM
Jan.
3 Dec.
16
Jan.
3 Dec.
16
5uc
—
Dec.
Jan.
20 Dec.
13
Dec.
20
4
—
Dec. 24 Dec. 16
Dec. 28 Dec. 27
Molybdenum Co
—
— —
Works Co., 7% preferred (quar.)_
Coleman Lamp & Store Co. (resumed)
Colonial FinanaceCo. (Lima, Ohio) (quar.)
Columbia Oil & Gasoline
—
Commercial National Bank & Trust (quar.)_ —
Commodi ty Corp—^
$6 preferred (quar.) __ ——
Concord Gas 7% preferred—.—
Securities, pref. (qu.)_
Insurance (quar.)„-_
Passumpsic River RR. preferred.
Consolidated Oil Corp. (quar.) — Consolidated Sand & Gravel 7 % cum. pref
Consolidated Wagon & Machine Co
Continental Gas & Electric, 7% prior pref
—
Cottrell (C. B.) & Sons 6% preferred (quar.) —
Crown Drug Co., preferred (quar.)
__
Electric (quar.) —— — ——— —--------Deposited Bank Shares (N. Y.), series A
Opt. cash or in trust share certificates.
Detroit Edison Co. (final)
—
Delta
Co. (final)
Diamond Shoe Corp. (quar.)
6M% preferred (quar.)
2d preferred (s.-a.)
Dixie-Vortex Co. (interim)
Detroit Harvester
.—
-
_•—
—
pref-
•
22iDec. 20
_—
Grocery Stores.Edmonton City Dairy Co.,
Electric Auto-Lite Co
Economy
6M% preferred
Consol. Gas Co. (quar.)
Empire District Electric Co. 6% cum. pref-,__
Empire Safe Deposit (quar.)___.-._
Elizabethtown
Jan.
3 Dec. 21
Jan.
3 Dec.
Jan.
22
3 Dec. 27
15
Dec.
23 Dec.
87 Mc
Dec.
75c
Dec.
23 Dec. 15
23 Dec. 20
20c
50c
23 Dec.
Dec.
•
20
1
Jan.
68Mc
Dec.
31 Dec.
20
50c
Dec.
28 Dec.
15
25c
Dec.
28 Dec.
15
25c
Dec.
28 Dec.
19
nx
Dec.
50c
31 Dec. 21
Dec. .31 Dec. 21
Dec. 31 Dec. 21
50c
Jan.
23 Dec. 15
15 Dec. 31
15 Dec. 31
27 Dec. 20
25c
—
Dec.
Jan.
—
--- - _
—
_ -
—-•
—
9c
Dec.
23
— .
— -
(quar.)
I1M
5c
—
Dec.
Dec.
16
Locomotive
Jan.
3
Dec.
Dec.
17
Jan,
Jan.
Jan.
3
Jan.
Dec. 20
Jan.
Dec.
20
Feb.
Jan.
13
75c
Jan.
Dec.
15
20c
17
Firebox
—
Loomis-Sayles Mutual Fund (special)
Loomis-Sayles Second Fund, lnc
Louisiana Land & Exploration (extra)
Lux Clock Mfg. Co. (final) —— — — —
Mac Andrews & Forbes Co. (quar.). —
(quar.) —
RR_ —
tSIM
Dec.
Dec.
20
Melville Shoe Corp.
Memphis Power & Light $7 pref. (quar
$6 preferred (quar.)
Mercantile Bank (N. Y.) (quar.)—
Meyer-Blanke Co. (final) — — — —
Feb.
Feb.
10
Dec.
15
Dec, 15
Jan.
Dec.
15c
Dec.
2M%
Jan.
30
Nov." 15"
7% preferred
(quar.)
Co—
16 Dec. 27
25c
21 Dec. 14
3 Dec. 20
6
17 Jan.
3 Dec. 31
5
14 Jan.
3 Dec.
21
Dec. 30 Dec.
preferred (quar.)
preferred (quar.)
Towing Corp. (initial)
Morrell (John) & Co
5%
Morrell &Co_.
(quar.)__
— —
— , — — -
—
—
pref. (quar.).
pref. (quar.)—.
Cafeterias Consol.. 7%
22
Morrison
2 Dec.
15
12
Murphy (G. C.) Co. 5%
Murray Ohio Mfg. Co
20c
Dec. 22 Dec.
Dec. 24 Dec.
12
Nachman
10c
Dec.
24 Dec.
12
20c
25c
24 Dec.
Dec. 24 Dec.
Jan.
3 Dec.
12
National Acme Co
National Battery Co. pref. (quar.)
National Bond & Share Corp
Dec.
23 Dec.
20
Dec.
24 Dec. 20
17
15
27 Dec/21
Dec. 30 Dec, 23
Class
_
—
Springfilled Corp
Casket Co., preferred (quar.)
Cylinder Gas Co
Fuel Gas (quar.). — — —
Fundi ng Cor p., A and B (quar. )-,--__
A and B (extra)
National
National
National
National
Jan,
29 Dec. 23
3 Dec. 23
$1X
Dec.
22 Dec.
Jan.
25c
Dec:
17
3 Dec. 20
3 Dec. 22
12 Mc
22 Dec. 20
Dec. 27 Dec. 20
9
Dec. 22 Dec.
9
22 Dec.
Dec. 30 Dec. 20
Dec. 22 Dec. 16
Dec.
Dec.
22 Dec.
Dec.
23 Dec. 20
Dec.
22 Dec.
2 Dec.
17
Jan,
Jan.
2 Dec.
15
2 Dec.
15
Dec.
20 Dec.
10
$1
Dec.
15
IIX
Jan.
6c
Dec.
16 Jan.
27 Dec.
II M
- —
6%
Moran
$i x
25c
—
—
— -
23 Dec. 16
14 Dec. 31*
14 Dec. 31*
60c
—
Moloney
3 Dec. 20
3 Dec. 20
Jan.
$1 %
7 Mc
Missouri Portland
Dec.
Dec.
Jan.
40c
_____
Cement Co_
Electric Co., class A (final)_ Monongahela Valley Water, 7% pref.
Montana-Dakota Utilities
Jan.
15c
$1X
$1M
$1X
(final)
7% pref—
$6 preferred —
6% preferred
Dec.
50c
•
—
Mining & Mfg.
Minnesota Power & Light,
$2
5c
—
(final)
Minnesota
12
4 Dec. 21
23 Dec. 19
------
Robbins,Inc.,$3 pref.,div.omitted.
Michigan Silica
12
23 Dec.
Jan.
McKesson &
Dec.
22 Dec.
Dec.
15c
Jan.
Dec.
—
1
Dec.
Dec.
Jan.
5jc
IIX
——
—
14
43 Me
15c
16
16
——
(quar.) —
Co., $5 pref.,
Marion Water Co. 7% pref. (quar.)
Maui Agricultural Ltd
v
McKay Machine
Marion-Reserve Power
Dec,
Dec. 20
15
22 Dec.
—
Jan.
Jan.
3 Dec.
22 Dec.
— —— — _
, —
Preferred (semi-ann.)
Jan.
15
16
27 Dec.
Dec.
———
Mahoning Coal
Feb.
15
22 Dec.
Dec.
Dec.
$2
Feb.
Dec,
Dec.
25c
Jan.
Dec.
13
Jan. 14 Dec. 27
Dec. 27 Dec. 20
37 Mc
S3
Dec.
3 Dec. 20
3 Dec. 20
24 Dec.
16
27 Dec. 15
Dec. 22 Dec. 19
Dec. 22 Dec. 19
1H%
Preferred
Preferred
Dec.
Dec.
37 Mc
10c
20c
Jan.
Jan.
15c
:
Jan.
10c
Jan.
Jan.
— —
$1
SIM
SIM
17
22
3 Dec. 22
3
16 Jan.
25c
preferred (quar.)
16
20
10
28 Dec.
30c
16
Dec. 21
20 Dec.
Dec.
Jan.
$1H
Dec.
Dec.
Dec.
$1M
IIM
5c
Dec.
Dec.
21 Dec. 12
Dec. 28 Dec. 15
28 Dec. 15
50c
Dec.
Dec.
Dec.
.
Dec.
Jan.
Dec.
10c
Dec.
52
Dec.
3c
t43Mc
t40Mc
Clark (quar.) — —■
Extension University
(quar.)
Lexington Union Station, 4% pref. (s-a)
Lipton (T. J.), Inc., class A (quar.)
Preferred (quar.)
;
1M%
22 Dec. 21
62 Mc
La Salle
Dec.
20 Dec.
Dec.
—
19
50c
31 Dec.
Dec.
—
21
i2il
Dec.
87 Mc
$1X
I1M
2M%
— - --
(quar.)
Kinsel Drug Co
20
tSIM
16
12
|5c
A (s.-a.)
Joplin Water Works, 6% pref.
Kahn's (E. Sons Co.) (quar.)_
Dec.
Dec.
16
t5c
50c
Preferred (quar.)
Dec.
Jan.
6
31 Dec.
Dec.
—
Special.----- —
Iowa Electric, 7% preferred A—.,
6M% preferred B
Ironite Ironer Co. (final) ——
Island Creek Coal Co
Dec.
•>0C
15 Dec.
lnc
Investors Fund,
Dec.
SIM
tSIM
Dec.
15
Dec.
Jan.
4
t20c
16 Dec. 31
21 Dec. 12
Jan.
Jan.
L5 Feb.
Jan.
15c
15c
Feb.
75c
SIM
SIM
20
50c
——
Knott Corp
Jan.
19
23 Dec.
t25c
Cumulative preferred
Laclede Steel Co
Landers, Frary &
Jan.
3 Dec.
Dec.
16
15
Jan.
21
Dec.
Jan,
$1
16 Dec. 31
15
Jan.
27 Dec.
25c
40c
Jan.
Dec.
25c
Eagle-Picher Lead, preferred (quar.)
Eastern Massachusetts Street Ry., 6% 1st
Eaton & Howard Management Fund A-l
$1%
31
15
3 Dec.
Jan.
20
29 Dec. 24
Dec.
1 Dec.
Jan.
25c
3 Dec.
Dec.
Jan.
Jan.
30c
-
Jan.
80c
28c
Kentucky Utilities 6%
62 Mc
(quar.)
$1X
10
20
SIM
(quar.)
Dixie Home Stores (quar.)
Driver-Harris Co. preferred
Dwight Mfg
3 Dec.
3 Dec. 20
15 Jan.
20
75c
— —,—
Jan.
Jan.
22 Dec.
3 Dec.
SIM
Crystalite Products Co. (special)
Preferred (quar.)
Cuneo Press, Inc. (extra)
17
20
$5
31 He
23 Dec.
3 Dec.
10c
3 Dec. 20
24 Dec.
Dec.
Jan.
SIM
SIM
12
Dec.
Dec.
50c
Jan.
tin
24 Dec.
Jan.
50c
Corp., pref
— —
Inter-State Royalty Co., class A (quar.)
Investment Foundation Ltd., cum. pref
7% preferred (quar.)
Kendall Refining (final)
t50c
Light $7 pref. (quar.)_
20
Dec.
19
15c
16
20
1 Dec.
Jan.
3 Dec.
25c
1 Dec.
31 Dec.
Jan.
50c
75c
5% pref. (quar.)—
15c
Year-end dividend
28 Dec. 21
Dec.
Jan.
Dec.
25c
—
—
(year-end)
Dec.
5c
19
10c
Jan.
$13*C
i
24 Dec. 17
27 Dec. 22
25c
45c
Pa.) 7% pref. (qu.)
Dec.
Dec.
35c
15
Dec.
19 Dec.
67c
_
—————— — —
22 Dec.
S2M
15
Dec,
12Mc
Dec.
nn
15
Jan.
29 Dec.
3 Dec.
$1^
—
—
3c
25c
21
Dec.
Interstate Bakeries
Jan.
|$im
—
15
1 Dec.
Jan.
t$l X
(final) — — - —
of North America (s.-a.)_
—
27 Dec.
Interlake Steamship Co-
3 Dec. 31
Jan.
—
15
Dec.
50c
—
Tool
Insuranshares Certificates
Interallied Investment Corp.
31
Sim
Extra—,
31
62Mc
S5
Insurance Co.
20
22 Dec.
$2^
$2 class A (extra)..
16 Dec. 31
16 Dec. 31
24
Dec.
$1
Inland Investors, Inc.
22
Jan.
I2j^c
—;—'—,——-——
Extra
21
Jan.
1 Dec.
31 Jan.
20
„ _ -
13
Jan.
_____
—
24
Jan.
_
Co_
— —
Dec. 20 Dec.
Dec. 20 Dec.
Jan.
23
2 Dec.
2 Dec.
Co., 5% preferred (s.-a.)
Hussmann-Ligonier, preferred (quar.) —
Illuminating Shares, class A (quar.)
SIM
Clinton Water
—
E x tra
50c
till
29 Dec.
-----
3 Dec.
3 Dec.
Dec.
Jan.
Hudson's Bay
7 5c
Cliffs Corp-
Series B
15
Jan.
75c
t$1.31
t»1.13
_
30 Dec.
Dec.
31
— — _
30c
Stamping
Series F._
20
10c
i~V~
Co. (Wash,
Cleveland Graphite Bronze
Class A
3 Dec.
28 Dec.
Jan.
17Mc
Cinecolor, Inc__
Connecticut &
17
Dec.
31
14 Dec.
Co
Home Telep. & Teleg. (Ft. Wayne, Ind.) (quar.)
7% preferred (semi-ann.)
Horn& Hardart Baking Co. (quar.
Houdaille-Hershey class A (quar.)______
Houston Natural Gas (quar— __
Preferred (quar.)_-,_
—
15
Dec.
51
—--
Connecticut Gas & Coke
Connecticut General Life
Dec.
Jan.
Jan.
14 Dec.
Jan.
Home Indemnity
15
Dec.
9oc
—
—
Commonwealth Water &
20
2%
_
Climax
15
Dec.
75c
—-
Cheymical Bank & Trust (N. Y.) (quar.)
Chicago Daily News, Inc. (reduced)—Preferred (quar.)
——■
- - - Chicago Electric Co. class A,_
— ----Chicago Junction Rys. & Union Stockyards-—
6% preferred (quar.)_ —
— — ——
City Auto
Dec.
Jan.
7 5C
Watch Co., lnc
Burry Biscuit Corp., pref. (quar.)
California-Oregon Power Co. 6% pref. (quar.) —
6% preferred, series of 1927 (quar.)__
7% preferred (quar.)
- -- -- California Packing Corp. 5% preferred
Canada Life Assurance (quar.)
Canada Southern Ry. (semi-ann.) — -,— -----Canadian Dredge & Dock— —_-----———r
Canadian Industries, Ltd. cl. A & B
—
Preferred (quar.)
Canadian Light & Power (s.-a.)
—
Carolina, Clinchfiled & Ohio Ry. (quar.) — ,
Carolina P ower & Light $6 preferred (quar.)
$7 preferred (quar.)____
Carson Hill Gold Mines (special)
_ , -—
Cayuga & Susquehanna RR. Co. (s.-a.)-—Central Electric & Telep. Co. pref. (s.-a.)
Citizens Water
Dec.
Dec.
SIM
15
Jan.
(quar.)
Howe Sound Co-___.__-
Ltd. (new)__,—
Co. (Bait.)
Dec.
25c
Bulova
—
Dec.
17
1 Dec.
91H
Extra
40c
—
— - —
Dec.
15
15
32Mc
Brantford Cordage Co. $1.30 1st preferred (qu.)Breeze Corp
British-American Oil, Ltd. (quar.)____British Columbia Electric Power & Gas—
6% preferred (quar.)
Brooklyn Borough Gas (quar.)
6% preferred (quar.)
Brooklyn Trust Co. (semi-annual)
27
Dec.
30c
- -- -- ---
13
Dec.
Dec.
30c
— ——
Dec.
Jan.
4uc
-----
— --—
Central Insurance
Central Tube Co
Jan.
40c
(quar.)-,
Special
Building Products,
Dec.
Dec.
20c
7% preferred
--
15
30
20
3 Dec.
(quar.)
Great Lakes Steamship (quar.)
Great Western Life Assurance (quar.)..^
Greenwich Gas Co., partic. pref. (quar.)
Greenwich Water & Gas System 6 % pref
Grief Bros. Cooperage class A
Gross (L. N.), 7% pref. (quar.)
Grumman Aircraft & EngineeringHanover Fire Insurance (quar.)
.____
Hazeltine Corp. (special)
Hawaiian Commercial & Sugar Co
;
Hawaiian Consolidated Ry., 7% pref. A__
Heart Consol. Publishers 7% partic. A (def'd),
Hollinger Consol. Gold Mines
22
Dec.
20c
Boston Acceptance,
-
Dec.
Dec.
37 Mc
Extra
Bourjois, lnc- —
Brach (E.J.) & Sons
Extra..
;
Jan.
—
—
Bourbon Stockyards
Jan.
52
5uc
3 Dec.
31 Dec.
3 Dec.
50c
Gorton Pew Fisheries
62Mc
Jan.
75c
(quar.)
Giddings & Lewis Machine Tool
17
Dec.
Jan.
(N. Y.) (quar.)___._-
15
Dec. 22
15 Dec. 31
15 Dec. 31
22
30 Dec.
Jan.
25c
21
Dec.
Dec.
Jan.
(final)
Dec.
Dec.
Jan.
Jan.
$25
-----
:
Dec.
Jan.
23
II
-
$7 preferred
Dec.
68c
3 Dec.
$1
class A preferred
General Finance Corp. (quar.)
General Paint Corp., preferred (quar.)____
General Tire & Rubber, preferred (quar.) _
t$2M
Beneficial Industrial Loan Corp. pref. class A—
Benson & Hedges conv.preferred
Bickford's, lnc
—Preferred (quar.)
> -—
—
Bird-Archer (semi-annual)
——
—- -—
Bliss & Laughlin (resumed)_ — —
-----Preferred (quar.)._«.•
— j
,——
Jan.
25c
_
Jan.
60c.
r—
—
12
20
%m
(quar.)
First National Bank
Dec, 19
Jan.
(s-a)
Beaver Fire Insurance
14
Jan.
19 Dec.
3 Dec.
35c
75c
>_■
First National Bank of N. Y.
Gibson Art Co.
Dec.
6Kc
Gemmer Mfg.,
■* »
u. ji
3oc
Garlock Packing Co
I3M
Mm
._
Fidelity & Deposit (Md.) (extra)
Finance Co. of Penna.
23
Dec.
35c
Dec.
5'Dec. 24
5 June 24
23
1 Dec.
23 Dec.
60c
Federation Bank & Trust Co____:
24
Dec.
IIIH
—
— —
Bank of New York
June
40c
-
Class B. extra
Jan.
Dec.
Bankers Securities 6%
Boston
27
17
July
—
BancOhioCorp. (quar.).
Bond Stores,
Dec.
Dec. 24
___
'mi
Belmont Radio
Dec.
Dec.
Jan.
BakeliteCorp~,~6M% preferred"A _
-
Jan.
6uc
—
(quar.)
Atlantic City Fire Insurance (quar.)
Atlantic Oil Investment Corp. (irregular)
Automobile Insurance Co. (quar.)
__
16
July
Art Metal Works
Extra
Dec.
75c
—-
(quar.)
—
Dec.
S2M
S2M
Construction.-
Extra
14
—
(s.-a.)
Preferred (s.-a.)__
Arkansas Natural Gas, pref- — _
Arkansas Power & Light $7 preferred
Preferred
_
Jan.
75c
—*
_
Feb.
-
1 Dec.
Jan.
5% preferred (quar.)
Equity Shares, Inc. (liquidating)
European Electric Corp., class A & B (s-a)
Famise Corp., class A (quar.)__Federal Insurance (J. C., N. J.) (quar.)
Federal Service Finance Corp. (Wash,, D. C.)-6% preferred (quar.)
Federated Dept. Stores, lnc
75c
-
Amoskeag Co. (s.-a,)_.
Semi-annual
Arundel Corp.
15
20C
American Thermos Bottle
Art Metal
Endicott-Johnson Corp
15
25c
American Stove Co
$6 preferred
15
16 Dec.
31 Dec.
50c
Jan.
75c
28 Dec.
Dec.
Dec.
Holders
Payable of Record
Share
Nam', of Company
Jan.
IIM
SI X
SIM
—
—
(quar,)
Holder*
Share
of Company
When
Per
Per
Name
3713
Chronicle
Dec.
til x
til M
til M
Jan.
16
15
3
15
15
Dec.
27 Dec.
27 Dec.
10c
Dec.
22 Dec.
50c
Jan.
25 Jan.
5.>c
Jan.
25 Jan.
3
IIH
Jan.
Dec.
24
IIX
Jan.
Dec.
2.5c
Jan.
25c
Dec.
55c
Jan.
15c
Jan.
%IX
Dec.
10c
Dec.
25c
Jan.
17 Mc
7 Mc
Dec.
Dec.
3
15
12
3
3 Dec. 23
24 Dec. 20
5
16 Jan.
29 Dec. 20
3 Dec. 19
16 Dec. 30
31 Dec. 15
27 Dec. 15
16 Dec. 31
8
20 Dec.
8
20 Dec.
3714
Financial
Per
When
Share
Name of Company
National Grocers, Ltd., preferred.
National Investors Corp. (quar.)
SIM
National Supply Co. 5M%
2 Dec.
Dec. 24 Dec.
Feb.
1 Dec.
Jan. 14 Dec.
Dec. 28 Dec.
Dec. 28 Dec.
Dec. 23 Dec.
50c
68 He
prior pref. (quar.).
0% preferred (quar.)
Jan.
4c
—.
Nation-wide Securities Co. (Md.)
Navarro Oil Co. (quar.)
Extra
Jan.
Jan.
---
New Hampshire Fire Insurance Co
Utility Equities Corp., $5M priority stock
19
15
3 Dec.
22
22
0% cum. con v. preferred (s.-a.)
Newport Electric Corp., pref. (quar.)
_
_
New Process Co
New York & Honduras Rosario Mining
-
-
-
-
Jan.
(quar.)__Northern States Power (Minn,), $5 pref. (quar.)
Northland Greyhound Lines (final)...
North Star Oil, 7% preferred
Northwestern Electric, 7% pref
—
Ogilvie Flour Mills Ltd. (quar.)
Ohio Edison Co. $5 pref. (quar.)
Jan.
Dec.
t50c
20
15
10
10
15
14
21
20
31
Jan.
Jan.
2|Dec. 15
Jan.
preferred (quar.)
Jan.
$6.60 preferred (quar.)
$7 preferred (quar.)
Jan.
2 Dec.
2 Dec.
Jan.
2 Dec.
$7.20 preferred (quar.)..
Jan.
15
15
15
15
Oliver United Filters, Inc., class B
Dec.
Dec.
Dec. 15
Dec. 20
Dec. 16
Omar, Inc.,6% pref. (quar.—
Ottawa Light, Heat & Power (initial)
5% preferred (quar.)
-----Pacific Finance Corp., preferred A (quar.)
Dec.
Dec.
Ohio Service Holding Corp. $5 non-cum. pref...
Jan.
Old
Jan.
Colony Insurance (quar.)
Preferred C (quar.)
5% preferred (quar.)
Pacific Gas & Electric (guar.)
Pacific Power & Light $7 preferred
$6 preferred
Pacific Public Service (Calif.) (new)
Preferred (quar.)
Packer Advertising Corp. (quar.)
Jan.
Feb.
Feb.
10c
33 He
*
Jan,
15 Jan.
Mar.
1 Feb.
Feb. 15 Feb.
Jan.
3 Dec.
Peoples Collateral Loan (s-a)
$2 preferred (semi-ann.)
Dec.
Dec.
—
—
Penna. Co. for Insurance on Lives & Granting
Annuities (Phila.) (quar.).
—•—...
Peoria Water Works, 7% preferred (quar.)..__.
Petroleum Exploration Co. (quar.)
Philadelphia Bourse
Phillippine Long Distance Telep. (reduced)
Piedmont Mfg. Co
Plymouth Oil Co. (quar.).
PollakMfg. Co
Prentice (G. E.) Mfg. (extra)
Procter & Gamble 8% preferred (quar.)
Providence Building (semi-annual)
Providence Gas Co. (quar.)
Jan.
Dec.
Dec.
—
Dec.
r.
Jan.
12*
15 Dec.
1
14 Dec.
23
—
—
3 Dec. 20
Jan.
3 Dec. 20
Dec. 23 Dec. 15
Dec*. 28 Dec. 23
Feb.
Jan.
Dec.
Dec.
Jan.
Dec.
1 Dec.
23
3 Dec.
27 Dec.
20
30 Dee.
3 Dec.
20
27 Dec.
14
Jan.
1 Dec.
Dec. 21 Dec.
Jan.
3 Dec.
Jan. 26 Dec.
17
20
15
17
20
15
Jan.
Dec. 31 Dec.
Dec. 31 Dec.
3 Dec.
30
Jan.
24
3 Dec.
15
15
Jan.
Dec. 15
Dec. 23 Dec. 15
Dec. 23 Dec. 15
Jan.
3 Dec. 22
Dec. 23 Dec. 10
Dec. 22 Dec. 15
Dec. 30 Dec. 27
Jan.
3 Dec. 22
St. Louis National Stockyards
(quar.)
Savannah Sugar Refining (quar.)
Schmidt Brewing Co
Seaboard Surety Co. (special)
pref
Dec.
Jan.
-
_
;
_
Extra
5% preferred (quar.)
South Carolina Electric & Gas
(quar.)
South Pittsburgh Water,
7% preferred (quar.)_6% preferred (quar.)
5% preferred (semi-annual)
Southwestern Light & Power Co.—
6% cumulative preferred (quzr.)
;
Standard Cap & Seal Corp.
(extra)
Standard Fire Insurance Co.
(extra)
Standard Fuel, 6M% preferred
(quar.)
SIM
(A.) & Co__
Sunray Oil Corp., pref. (quar.)
Superior Water, Light & Power, 7% pref. (quar.)
Superior Portland Cement, $3.30 partic. A
Taggart Corp., preferred (quar.)
Tamblyn (G), Ltd. (quar.)
5% preferred (quar.)
Technicolor, Inc
Texas Hydro-Electric
Corp., $3M cum. pref
Tintic Standard Mining Co.
(irregular)
Tobacco & Allied Stocks, Inc
Toledo Shipbuilding Co. (quar.)
Torrington Co
Troxel Mfg. Co
Tubize-Chatillon Corp., preferred
10
10
10
17
19
19
$1
50c
25c
Jan.
20c
Dec. 20 Dec. 15
Dec. 30 Dec. 17
Dec. 24 Dec. 13
Jan, 14 Dec. 22
SI
SIM
$5
15c
Stroock (S.) & Co., Inc
24
Dec. 23 Dec.
Dec. 28 Dec.
Dec. 21 Dec.
Jan.
1 Dec.
Jan. 16 Dec.
Dec. 20 Dec.
Dec. 28 Dec.
Dec. 23 Dec.
Jan.
1 Dec.
Jan.
3 Dec.
Dec. 24 Dec.
Jan.
3 Dec.
Jan.
3 Dec.
Jan.
3 Dec.
Dec. 28 Dec.
Dec. 23 Dec.
Dec. 23 Dec.
Dec. 28 Dec.
Dec. 24 Dec.
20c
50c
Special
16
Dec. 27 Dec. 20
Dec. 30 Dec.
9
Jan. 16 Jan.
3
Jan. 16 Jan.
3
Feb. 20 Feb. 10
_
State Street Investment Corp.
(quar.)
21
Dec. 28 Dec.
Dec. 23 Dec.
Dec. 23 Dec.
Dec. 28 Dec.
Dec. 19 Dec.
Dec. 19 Dec.
_
22
3 Dec.
24 Dec.
Dec. 21 Dec.
-
29 Dec.
Dec.
Shawmut Assoc. (Boston, Mass.)
(quar.
Sierra Pacific Power
-
Jan.
Dec. 31
SIM
7% preferred (quar.).
St. Joseph Ry., Light, Heat & Power—
5% preferred (quar.)
•
St. Louis Bridge Co., 1st pref. (s-a)
2d preferred (semi-ann.)
_'
14
Dec. 15
Dec. 20
SI
SI
—
Extra
Sabin Robbins Paper (quar.)
Signal Mountain Portland Cement, 8% pref_
Signode Steel Strapping
:
Singer Mfg. Co. (quar.)
Dec.
m
_
non-cum.
12
13
Dec.
Jan.
—
(quar.)
Dec.
Dec.
Jan.
—
i
22 Dec.
22|Dec. 15
Dec.
—
3
Dec.
—.—
:
15
30 Dec. 20
30 Dec. 20
Dec. 16
3 Dec. 20
Dec. 15 Dec.
5
Dec. 23 Dec. 15
Dec. 23 Dec. 20
Jan.
2
7% prior lien (quar.)
SIM
6% prior lien (quar.)
SIM
Pyrene Manufacturing Co
20c
Railway & Light Securities Co
15c
6% preferred (quar.)
Rath Packing Co. (quar.)
33 1-3C
Reinsurance Corp. (N. Y.)
32 Mc
Reliance Electric & Engineering—
12Mc
Republic Investors Fund
ReybarnCo., Inc. (liquidating)
Rice-Stix Dry Goods Co., 1st & 2nd pref. (quar.)
SIM
Richmond, Fredericksburg & Potomac
si
Richmond Water Works, 6% preferred
(quar.y.
SIM
Rolls-Royce, Ltd., American deposit receipts
Russell Industries (quar.)__
Corp
4
Dec.
Prudential Investors, Inc., preferred
Public Service Co. of Oklahoma—
United Fruit Co
7
20
Jan.
-
Provincial Paper Co., 7% preferred (quar.)
Prudential Investing Corp. (quar.)
United Elastic
10c
25c
10c
50c
68 Mc
62 Mc
20c
62&
t25c
10c
tSlM
10c
$1
3 Dec. 20
3 Dec. 12
22 Dec.
15
Dec. 28 Dec. 17
Dec. 28 Dec. 20
Jan.
3 Dec. 22
being given in the preceding table.
14
Per
Name oj Company
20
17
14
15
15
Jan.
Abercrombie & Fitch Co. pref. (s.-a.)L
Adams Express Co
Dec. 22 Dec.
Dec. 23 Dec.
Jan.
2 Dec.
Dec. 20 Dec.
Supply Mfg., class B
Class A (quar.)
Agfa-Ansco Corp
Agnew-Surpass Shoe Stores preferred (quar.)
Agricultural Insurance (quar.)
Air Associates, Inc., $7 cum.
pref. (quar.).
Ordinary stock (extra)
Jan.
15
15
21
19
13
23
17
2 Dec. 20
Jan.
Dec.
13
14
14
Dec. 31 Dec.
;
15
3 Dec.
13
3 Dec.
17 Dec.
13
Dec.
Feb. 15
3
Dec. 24
Dec. 30
Jan.
1
Jan.
$1M
Jan,
17
Jan.
24*
Dec.
20*
Dec.
10
Dec.
Dec.
10
3 Dec.
15
19
15c
Jan.
3 Dec.
15
1M%
(qu.)_
5% cum. conv. preferred (quar.)
American Export Lines. Inc.
(quar.)
American Express Co.
(quar.)
American Gas & Electric Co. pref.
Jan.
3 Dec.
15
Dec. 20 Dec.
Jan.
3 Dec.
Feb.
1 Jan.
15
15c
$1M
(quar.).
$1M
25c
25c
preferred
American Home Products Corp.
(monthly)
American Investment Co.
(111.) 7% pref. (qu.)_
8% preferred (quar.)
$2 preferred (quar.)
,
American Maize Products
Preferred (quar.)
American Metal Co
~H-.II
American Meter Co
American Optical Co. 7% preferred
(quar.)..,.
American Power & Light Co. $6
preferred
$5 preferred
American Public Service.
7% preferred
American Safety Razor
(quar.)
American Seating Co
American Service Co., $3
preferred
American Smelting &
Refining Co., pref
American Snuff Co. (quar.)
Extra
t75c
20c
43 Mc
50c
quarterly dividendAmerican Surety Co.
(s.-a.)
American Telep. & Teleg. (quar.).
American Thermos Bottle pref.
(quar.)
American Thread Co., pref.
(semi-annual)
American Tobacco Co.,preferred
(quar.)
American Toll Bridge (Del.)
(resumed)
American Water Worts & Elec. Co., Inc.—
$6 1st preferred (quar.)
Anaconda Copper Mining Co
(quar.)..
Equipment Co. (irregular)
Asbestos Corp., Ltd.
(quar.)
Extra
Ashland Oil &
Refining (quar.)
Associated Breweries
(Canada) (quar.)
Preferred (quar.)
I
Associated Public Utilities Corp
Associates Investment Co. (quar.).
Preferred (quar.)
Atchison Topeka & Santa Fe
Ry. preferred....
(s -a.).___
9
Jan.
3 Dec.
20
25c
Dec. 20 Dec.
Dec. 20 Dec.
Dec. 20 Dec.
10
$1M
25c
50c
$1M
t75c
t62Mc
50c
I
16
Jan.
1 Dec. 17
Dec. 24 Dec. 10
Dec. 28 Dec. 13
Jan.
3 Dec. 16
Jan.
3 Dec. 20
Jan.
3 Dec. 20
50c
v
40c
~Z
"
Preferred (quar.)
American States Insurance
(Ind.) (quar.)
American Sugar
Refining, pref."(quar.)
American Superpower Corp., 1st
pref
This covers the Oct.
1, 1938 div. and regular
Atlanta Birm. & Coast RR.
5% pref
Atlanta Gas Light. 6% pref.
(quar.)
Atlantic Coast Line Co. (Conn.)
2
9
15
14
Jan.
2 Dec. 16
Dec. 22 Nov. 30
Dec. 21 Dec.
1
Jan.
1 Dec. 15
Dec. 31 Dec. 15
$2M class A__
Option div. of l-32nd sh. of cl. B stk. or cash
American Crystal Sugar, preferred
(quar.)
American Cyanamid Co. class A & B com.
Extra
13
13
15
Jan.
Jan.
Aro
20
Dec. 22 Dec.
3 Dec
Dec. 27 Dec.
Dec. 24 Dec.
Preferred (quar.)
American Capital Corp., $3 preferred..
American Cigarette & Cigar, pref.
(quar.)
American Cities Power & Light,
Armstrong Cork Co., (Final)
15
Dec. 20 Dec.
Jan.
(quar.)
19
17
17
3 Dec.
1 Dec.
Jan.
Mfrs., Inc. (quar.)
7% preferred (quarterly)
American Hardware Corp.
(quar.)
American Hawaiian Steamship Co
American Hide & Leather 6%
3 Dec.
Jan.
$6 preferred (quar.)
Albany & Susquehanna RR. (semi-ann.)
Allied Chemical & Dye Corp. (quar.)
Allied Finance Corp. (Baltimore,
Md.) (special).
Allied Laboratories (quar.)
Allied Mills, Inc_____
Allied Products Corp
Allied Products class A (quar.).
Allied Stores Corp., preferred
(quar.)
Allis-Chalmers Mfg. Co
American Bank Note
Preferred (quar.)
American Bemberg 7 % preferred
American Can Co. (quar.)
3 Dec.
3 Dec. 20
3 Dec. 19
Dec. 23 Nov. 29
Dec. 23 Nov. 29
-
(quar.)
Aluminum
15
Jan.
Preferred (extra)
Alpha Portland Cement
Aluminum Co. of America
6% pref.
9
16
Jan.
Jan.,
Alabama Great Southern RR. Co.—
15
21
Holders
Payable of Record
Dec. 24 Dec.
9
Jan. 25 Dec. 12
15 Jan.
3
Jan.
1 Dec. 24
Dec. 24 Dec. 15
Dec. 28 Dec. 19
4M% preferred (quar.)
Anchor Hocking Gass
Corp., $6M conv. pref._
Animal Trap Co. of America
pref. (quar.)
Appalachian Electric Power $7 pref.
(quar.)
Arkansas Missouri Power
Armour & Co.
(Del.) preferred
15
IVhen
Share
Abbott Laboratories (quar.)
Extra (stock dividend)
Alabama Power Co. $7 pref.
Providence & Worcester RR
Stein
Dec.
Adams Oil & Gas (quar.)
Addressograph-Multigraph (quar.)
Parkersburg Rig & Reel
Preferred (quar.)
_
Jan.
Jan.
25c
give the dividends announced in previous weeks
paid.
The list does not include dividends an¬
nounced this week, these
Aero
Peninsular Telep., pref. A (quar.)
- —
Penn Investment Co. (Phila.), $4 preferred—
:
and not yet
Jan.
25c
16 Jan.
3
3 Dec. 20
3 Dec. 20
Jan.
SIM
—
(extra)
Woodley Petroleum Co. (quar.)
Wrigley (Wm.) Jr. Co. (extra)
Yosemite Portland Cement Co., 4% pref. (qu.).
we
Jan.
50c
W J R The Goodwill Station
17
3 Dec. 20
3 Dec. 20
Dec. 31 Dec. 20
Dec. 28 Dec. 27
Dec. 19 Dec.
9
Jan. 14 Jan.
9
25c
Preferred (quar.)
Wiser Oil (quar.)
Below
17
3 Dec. 17
Jan.
3 Dec. 20
Dec. 20 Dec. 15
Dec. 28 Dec. 23
Dec. 31 Dec.
25c
,3»1
21
Dec. 27 Dec.
Jan.
SIM
Winn & Lovett Grocers, class A (quar.)
Class B (quar.)
19
21
17
5
Dec. 23
1 Feb. 10
Mar.
Extra
6% preferred (semi-annual)
Wichita Water, 7% preferred (quar.)-.-
20
20
5 Dec.
Dec. 27 Dec.
3 Dec.
Dec. 27 Dec.
Dec. 27 Dec.
Jan.
Jan.
SIM
SIM
SIM
Dec. 27 Dec. 20
5 Dec. 20
Jan.
Jan.
14
Jan.
Jan.
Simplex Paper Corp. (irregular)
Sonoco Products (quar.)
Westmoreland Water, $6 preferred (quar.)--_
Weyenberg Shoe Mfg
Wheeling & Lake Erie Ry., 5M% preferred
Wichita Union Stockyards (final)—
Jan. 14
Dec. 31
Dec. 24 Dec. 12
Dec. 24 Dec. 12
Dec.
Dec. 19
Feb.
Jan. 16
Jan.
Dec. 27
Dec.
Dec. 10
Jan.
Dec. 15
Parker Rust-Proof Co. (quar.)
Security Holding Corp., 6%
Seton Leather Co
25c
5% preferred (quar.)
Jan.
—
Page-Horsey Tubes, Ltd. (quar.)
—
25c
Western Pipe & Steel Co. (Calif.)
Western Tablet & Stationery Corp.—
Feb.
-
Paris Tire & Rubber (quar.)
Parke Davis & Co
A
Jan.
—
Extra
6
17
Dec.
Dec.
Jan.
Jan.
Jan.
$2
25c
SIM
Dec. 15
Dec. 15
Dec. 17
Dec. 19
Jan.
SIM
Wagner Baking Corp., 7% preferred (quar.)i--
17
15
Dec.
3 Dec.
20 Dec.
20 Dec.
20 Dec.
2 Dec.
3 Dec.
Dec.
Dec.
Dec.
Dec.
Niagara Wire Weaving Co.
Preferred (quar.)
Walker & Co., $2M class
Western Electric Co
3 Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
10c
Virginian Railway
Wabasso Cotton Co. (quar.)
Holders
Jan.
til
SIM
17
3
When
20c
Valve Bag, 6% preferred (quar.)
Vlchek Tool Co
1938
17,
Payable of Record
62 Mc
37 Mc
Preferred (quar.)
19
Jan.
New Mexico Eastern Gas Co
United Shirt Distribution, Inc
United Shoe Machinery (quar.)
31
Jan.
Jan.
Special.
New Haven Water Co. (s.-a.)
New Jersey Water Co.,_7% preferred (quar.).
New London Northern RR. Co. (quar.)
$6
20
14
Per
Share
Name of Company
27
3 Dec.
3 Dec.
Jan.
Dec.
Holders
Payable of Record
$1M
National Power & Light Co., $6 pref. (quar.)-National Steel Car Corp. (quar.)-_--__
Chronicle
t$3
*k
Dec. 21 Dec.
Jan.
3 Dec.
Jan.
2 Dec.
Jan.
2 Dec.
Dec. 20 Nov.
Dec. 17 Dec.
Dec. 27 Dec.
Dec. 23 Dec.
Dec. 22 Dec.
Jan.
3 Dec.
25c
Jan,
SIM
Jan.
30c
Jan.
2 Dec.
91&
Jan.
Jan.
3 Dec.
3 Dec.
3 Dec.
3 Dec.
10
9
5
17
9
9
30
6
13
10
9
15
15
15
15
5*
10
Jan.
Jan.
3 Dec. 10
14 Dec. 15
2 Dec. 20
1 Nov. 30
Jan.
3 Dec. 10
Dec. 15 Dec.
1
Jan.
Jan.
Jan.
16
Jan.
6
1 Dec. 20
1 Jan. 25
3 Dec.
Dec. 22 Dec.
Feb.
Jan.
3
Dec. 23
Jan.
2
Dec. 22
Dec. 20
Dec.
Dec.
Dec.
7
12
Dec.
9
12
Dec.
10
Dec.
Dec.
Dec.
Dec.
31 Dec. 15
31 Dec. 15
22 Dec. 12
31 Dec. 15
Dec, 22 Dec. 15
Jan.
1 Dec. 15
Dec. 17 Nov. 30
Dec. 31 Dec.
9
Dec. 31 Dec.
9
Feb.
1 Dec. 30
Jan.
Jan.
2 Dec. 12
1 Dec. 15
Dec. 21 Nov. 28
Volume
Financial
147
Share
Company
Atlantic Refining Co. pref.
(quar.)
Feb.
....
Jan.
pref. (quar.)
Jan.
Avery (B. P.) Co., preferred (quar.)
Balaban & Katz Corp. (no action)
Preferred
6
1 Jan.
30 Dec. 17
3 Dec. 20
1 Dec. 20
Jan.
(quar.)
14 Dec. 31
1 Nov. 29
Bangor & Aroostook RR. (quar.)
Preferred (quar.).
Bangor Hydro-Electric, 7% pref. (quar.)
6% preferred (quar.)
Bank of America (Los Angeles) (quar.)—--—
Bank Group Shares (final)
Jan.
Bank of the Manhattan Co.
Jan.
Jan.
1 Nov. 29
2 Dec. 10
Jan.
2 Dec. 10
Jan.
Dec. 31 Dec. 16
1 Nov. 30
Jan,
(quar.)
Special
J an.
—
Bankers Trust Co
Bathurst Power & Paper Co., class A
Jan.
_
Dec.
Bayuk Cigars, Inc., pref. (quar.)
Beatrice Creamery Co. (quar.)
Jan.
1
Jan.
Extra
Jan.
—
Preferred
,
3 Dec.
3 Dec.
3 Dec.
19 Dec.
3 Dec.
Jan.
(quar.)
14*
14*
15
10
15 Dec. 31
3 Dec. 13
3 Dec. 13
Beattie Gold Mines, Ltd—
Dec. 20 Dec.
Beatty Bros. Ltd. 7% 2d pref. (semi-ann.)
Jan.
Jan.
1
(Quarterly)
Jan.
-_
Jan.
Belding-Corticelli, Ltd. (quar.)
Preferred (quar.)
Bell Telephone of Canada (quar.)
Bell Telep. of Penna., preferred (quar.)
Jan.
Jan.
Jan.
Dec.
15
Cluett, Peabody & Co., Inc. (year-end)
Preferred (quar.)
Colgate-Palmolive-Peet Co. preferred (quar.) —
Colonial Ice Co., $7 cumulative pref. (quar.)Cumulative preferred series B (quar.)
Colt's Patent Fire Arms Mfg. (quar.) —
—-
15
Dec. 23
Dec. 20
16
Extras
2
9
9
3 Dec.
Dec. 30 Dec. 13
Jan.
5 Dec. 24
19
5
Dec. 20 Dec.
Dec. 21 Nov. 30
Jan.
Jan.
(increased) (quar.)
Dec. 22 Nov. 22
6
Dec. 20 Dec.
Jan. 14 Dec. 31
—
.
-
2 Dec. 10
3 Dec. 21
Extra
2 Dec.
2 Dec.
15
16 Jan.
Dec. 31
Dec.
20
Dec.
Dec.
10
Jan.
Dec. 20
Dec.
Dec. 31
Dec.
Jan.
Dec.
20
Jan.
Dec.
10
Dec.
Dec.
—
Dec. 31
Dec.
10
Dec.
Dec.
17*
17*
Buffalo National Corp., 6% preferred (s.-a.)_-
Dec.
Dec.
15
Niagara & Eastern Power, pref. (quar.)
preferred (quar.)-
Jan.
Dec.
15
$ih
Feb.
Jan.
14
15c
Jan,
Dec.
15
pref. (quar.)-,
Dec.
(partic. div.)
Buffalo
30c
-----
7
7
Jan.
Dec.
15
35c
Jan.
Dec.
15
6234c
Feb.
15 Jan.
31
Dec. 20 Dec.
10
,
5Uc
75c
(s.-a.)_-__
25c
♦I*1
t3oc
UH%
I25c
U5c
44C
J75c
H
7% preferred (quar.)
Canadian Cottons, Ltd. (quar.)
3 Dec.
Jan
15
Dec. 28 Dec. 20
Dec. 20 Nov. 30
Jan.
Jan.
Jan.
Canadian Celanese Ltd
Jan-
25 Dec. 31
16 Dec. 31
3 Dec.
3 Dec.
15
15
3 Dec. 15
10 Dec. 23
Dec. 31 Dec. 16
Dec. 31 Dec. 16
Jan.
Jan.
(quar.)
2 Dec.
16
Jan.
2 Dec.
16
$134
12Hc
1234c
(quar.)_
Electric (quar.)
Canadian General
Jan.
$134
Canadian General Investments, reg. (quar.)
Bearer
Dec.
40c
*-—
Campbell (A. S.) Co., Inc. (final)
Canada Cement Co. 6H% preferred-Canada Northern Power Corp., Ltd. (quar.)-7% cum. preferred (quar.)..-Canada Permanent Mortgage Corp. (quar.) —
Canadian Canners Ltd., 1st preferred (quar.)-.
2nd preferred (quar.)_Canadian Car & Foundry, preferred
-—
Preferred
Dec.
Jan.
.—
Baking Corp. pref. (quar.)
California Ink Co., Inc. (quar.)
Camden & Burlington County Ry.
Jan-
$1H
:
Calamba Sugar Estate cOinmon (quar.)
Preferred (quar.)
—
California
2 Dec.
15
Jan.
16 Dec. 31
Jan.
16
3c
Canadian Malartic Gold Mines
Jan.
5
Dec. 20 Dec.
2 Oct. 20
t$2
Jan.
Westinghouse Ltd. (quar.)
Canadian Wirebound Boxes, Ltd.,
Canfield Oil Co. pref. (quar.).
50c
Jan,
1 Dec.
t37 34c
Jan.
class A.
$1H
Cannon Mills Co
(quar.)
Carolina Telep. & Teleg. Co. (quar.)
Carpenter Steel Co
Carreras Ltd., Am, dep. rec. A (final)
...
American deposit receipt B (final)
Carriers & General Corp. (quar.)
Carter (J. W.) Co..
Case (J. I.) Co., pref. (quar.)
Celanese Corp. of Amer. 7 % cum. prior pref
7% cum. 1st partic. preferred
Central Aguirre Assoc. (quar.).
...
Central Hanover Bank & Trust Co. (quar.)
Central Illinois Light Co. 4H% pref. (quar.). J
Central Illinois Securities Corp., preferred
Central Maine Power 6% preferred—
$6 preferred
- _
—
7% preferred-.;
—
Central New York Power, preferred (quar.)
Central Patricia Gold Mines (quar.)
.
;
Central & South West Utilities, $7 prior lien—.
$6 prior lien
Central Steel & Wire Co. 6% preferred (quar.).
Champion Paper & Fibre pref. (quar.)
Chesapeake Con)., stock dividend
Six-tenths sh. of com. etk. of Ches. A Ohio
Ry. for each share held.
-
Continental Baking Co., preferred
Continental Bank & Trust (quar.)
16
1 Dec.
19
Extra
Crown Zellerbach Corp.
Jan.
"It
3734 c
$1
i
t25c
8134
1H
1H
$1X
1 Dec.
12
Jan.
1 Dec.
16
Dec. 31 Dec.
3 Dec.
Jan,
16
16
Jan.
3 Dec.
17
Jan.
2 Dec.
20
9
Dec. 20 Dec.
3 Dec. 10
Jan.
Jan.
3 Dec. 10
Jan.
3 Dec.
10
Feb.
1 Jan.
10
4c
Jan,
2c
Jan.
3 Dec.
3 Dec.
15
15
ifg
$134
Dec. 20 Nov. 30
Dec. 20 Nov. 30
Dec. 20 Dec. 10
Jan.
1 Dec. 15
Dec. 19 Dec. 3
David & Frere (quar.)
...—
— -
—
Davidson-Boutell Co.. 6% pref. (quar.)—-—
Davidson Bros., Inc. (irregular)—-----
capital distribution—"—
-
— .
preferred (qu.)--.
—
.
(quar.)
Dentist's Supply Co. of N.Y. 7% pref.
Deposited Bank Shares N. Y,, series A
Payable in stock.
-------
(quar.)-
Foundry (semi-annual)
Dec.
13
Dec.
Dec.
6
6
Nov. 25
Nov. 25
13
Dec. 23.Dec.
13
17
20 Jan."
Dec. 21 Dec.
Jan. 15 Jan.
Dec. 27 Dec.
—
Co. (year-end)--..
(quar.)
——
6% preferred (quar.)
(quar.)
Preferred (guar.)
Duplan Silk Corp., preferred (quar.)
du Pont (E. I.) de Nemours & Co. pref. (quar.) Debenture (quar.)
—
Eagle-Picher Lead Co. 6% preferred
Early & Daniel Co., pref. (quar.).
Preferred (quar.)
Preferred (quar.)
17
5
5
2
3
17
Dec. 31 Dec. 15
Dec. 31 Dec. 15
3 Dec. 15
Dec. 29 Dec. 22
Jan.
12M5-39 Nov. 30
3 Pec. 15
Jan.
Jan.
1 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Jan.
3 Dec.
15
17
17
15
Jan.
2 Dec. 20
Dec. 23 Dec. 23
Jan.
2 Nov. 15
3
Dec. 20
Duke Power Co.
Jan.
Jan.
Dec. 28 Dec.
20 Jan.
Jan.
Jan.
Dec. 20
Detroit, Hillsdale & Southwestern (s.-a.).
Detroit Steel Products
Devoe & Raynolds, A & B (div. passed)
Preferred (quar.)_
Diamond Match Company partic. pref.—
Diamond Portland Cement Co. (final)
Distillers Corp .-Seagrams, Ltd. pref. (quar.)..
Dixie Vortex Co. (interim)
Class A (quar.)
Doernbech Mfg. Co. (Nevada) (quar.)
Dominion Foundries & Steel Ltd-Dominion Coal Co., Ltd., $6 pref. (quar.)
Dominion Glass, Ltd. (quar.)
Preferred (quar.)
Dominion Textile, Ltd. (quar.)
Preferred (quar.)
Special
45c
Jan.
(Semi-annual.)
Draper Corp.
14
Dec. 20 Dec. 10
5 Dec. 20
-
Extra
Dominquez Oil Fields
4
14
Dec. 21 Dec. 14
Dec. 20
Jan.
Jan.
Series B-l
Detroit Gasket & Mfg-
Dravco Corp.,
Dec. 27 Dec.
Dec. 23 Dec.
—
Dec.
Corp.—
Davega Stores Corp., pref. (quar.)
12
Dec. 22 Dec.
10*
—
12
15c
14
13
Dec.
Common A and B (special)— —
Crystal Tissue Co. 8% pref. (s.-a.)
Cuban American Sugar, pref. (quar.)_.
Cunningham Drug Stores, Inc
6% preferred B (quar.)
Dairy League Co-operative, 5% pref. (s.-a.) — —
Darby Petroleum Corp. (semi-annual)
Detroit Gray Iron
10
Dec.
Dec.
—
Crum & Forster Insurance Shares
12
7
10
Dec.
Mar. 21
3 Dec.
19 Dec.
3 Dec.
Dec. 21 Dec.
Dec. 20 Dec.
7
15
Dec.
Dec.
— —.
Special8% preferred (quar.)
Preferred (quar.)
Jan.
19
15
Dec.
J.an.
Crum & Forster (quar.)
Dec.
24 Dec.
12
—
(interim)
Jan.
Dec. 24 Dec.
3 Dec.
17
2
Dec. 31
Publishing Co
Crown Cork International Corp., class A_.
De Long Hook & Eye
Dec*
—
Dec.
Dec.
Extra
7
Dec.
10
Crowell
7
Dec.
-.
Chicago Burlington & Quincy RR
Chicago Flexible Shaft (quar.)
Dec.
pref. A-.
Cosmos Imperial Mills, Ltd. 5% pref. (quar.)
Crandall-McKenzie & Henderson, Inc.
Creameries of America, Inc. (quar.)---
3 Dec.
Jan.
15
prior preference held.
3 Dec.
5c
15
Dec.
Coronet Phosphate Co
Corroon & Reynolds $6
Jan.
20%
20%
10
15
20 Dec.
Dec.
&
(qu.) —
16
Dec.
Dec.
Stk. div. of l-20th sh. of com. for each sh.
Jan.
10
12*
Dec.
Cooper-Bessemer Corp., prior pref
2c
14
13
—-
Preferred (semi-annual)—
Delaware RR. Co., (s.-a.)
10c
13
15
6H% Preferred (quar.)
Dayton & Michigan RR. 8%
Dejay Stores, Inc
Deisel-Wemmer-Gilbert
2 Dec.
15
31 Dec.
24 Dec.
Continental Oil Co
Continental Telep. Co. 7% partic. pref.
15
Jan.
15
Dec.
Continental Can Co., Inc., $4H Pref. (quar.)-Continental Gas & Electric prior pref. (qu.)
20
—
Preferred (quar.)
Chesebrought Mfg. Co. (quar.)
Dec.
Dec.
(quar.)
,2 Dec.
Jan,
3
(quar.)
$4H preferred (quar.)-..
Continental Assurance Co.
Dec. 24 Dec.
Jan.
Common
Extra
Consumers Power Co. $5 pref.
1
Jan.
16
1J an.
31 Dec.
9
Dec.
3
9
Dec. 16
,
Davis Coal & Coke
75c
—_
Chesapeake & Ohio Ry—
:
14
Dec.
3 Dec.
—
Consolidated Retail Stores pref. (quar.)
Consumers Gas of Toronto (quar.)
50c
;
(semi-ann.)
Extra.
Extra
Bonus
6
Dec.
—_
Consolidated Min. & Smelt. Co. (Canada)
50c
Extra
— --.
;
—
Corp., $7H pref. (quar.)
2Hc
Capital Administration preferred A (quar.)
Cariboo Gold Quartz Mining Co. (quar.)
Preferred
Consolidated Laundries
(Bait.)
Dec.
16
Dec. 30
5
27 Dec.
3 Dec. 15
Consolidated Film Industries preferred—
20
25c
—- —
pref. (qu.)
19
23
23
14
Jan.
Extra
Canadian Oil Cos., Ltd. 8% pref. (quar.)
Canadian
Carnation Co.
.n.
— —
15
Jan.
ec.
— —
(quar.)____
Consolidated Gas Elec. Light & Pow.
Preferred (quar.)--
15
5
,n.
ec.
Consolidated Edison Co. of N. Y.
16
ec.
ec.
15
Jan.
ec.
9
3 Dec. 15
3 Dec. 15
3 Dec. 15
1 Feb. 15
31 Dec. 25
22 Dec. 10
1
21 Dec.
1 Dec. 15
-
— _
17 Dec.
Jan.
n.
ec.
(quar.)..
14 Dec. 31
3 Dec. 15
2
10*
—,—
Congoleum-Nairn, Inc. (year-end div.)
Prior preferred
1 Dec.
3 Dec.
ar.
Consolidated Cigar Corp.-
1
2
10*
n.
(quar.)
(quar.)
Consolidated Biscuit Co
1 Dec. 20
1
1 Dec.
Jan.
Coniaurum Mines. Ltd
Connecticut Light & Pow. Co., (quar.).—Consolidated Aircraft Corp. (special)—
3 Dec. 20
6
1 Dec.
1 Dec. 20
Jan.
16H preferred C (quar.)..
Confederation Life Assoc. (Toronto)
15
10
13
Jan.
Wise.),
Commonwealth Utilities Corp., $7 pref. A
16 preferred B (quar.)
15
Dec. 20 Dec.
Dec. 20 Dec.
Jan. 15 Jan.
u.
Dec. 30 Dec.
Jan.
lu Jan.
Dec. 24 Dec.
Bridgeport Gas Light (quar.)
Bridgeport Machine, pref. (quar.)
Briggs Mfg. Co.
Brillo Mfg. Co., common (quar.)
Class A (quar.)
British Columbia Electric Ry. 5% pref. (s.-a.)_
British Columbia Power, class A (quar.)-.-—
Broad Street Investing (quar.)
Brunswick-Balke-Collender (special)
Preferred (quar.)
Buckerfield's 7% preferred--.
Buckerfield's, Ltd., 7% pref. (quar.)
Bucyrus-Erie Co., pref. (quar.)
Bucyrus-Monighan, class A (quar.)
1st
Jan.
___$
Dec.
_ _
Breeze Corp. common
Burlington Steel Co. (quar.)_
Burt (P. N.) & Co. (quar.)
Preferred (quar.)
Jan.
_
Jan.
Jan.
—
Brazilian Traction Light & Power pref. (quar.)
1st preferred
Jan.
6% preferred—-
Preferred
Dec. 30 Dec.
Dec. 30 Dec.
Dec. 21 Dec.
Dec. 24 Dec.
J an.
$4H convertible preferred (qaur.)
Bower Roller Bearing
Budd Wheel Co. 1st
—
;
Commonwealth & Southern preferred
Commonwealth Telep. Co. (Madison,
—_
Boston Herald-Traveler Corp. (increased)
Boston Wharf Co. (semi-annual)
Extra
62 He
9
Dec. 27 Dec. 21
8
Dec. 21 Dec.
(quar.)
Boston & Albany RR. Co
Boston Elevated Ry. (quar.)
Bralorne Mines
8
Dec. 20
Dec. 15
Cleveland Robbing Machine (quar.)
Coca-Cola Bottling Corp. (Del.)—
Class A & B (quar.)
Class A & B (extra)
—
Dec.
8
Dec.
15
common
21
Dec.
15
Dec.
21
Jan.
Commercial Alcohols, Ltd., 8% cum. pref. (qu.)
Commercial Investment Trust Co. (quar.)
Bohn Aluminum & Brass
Co.,
Jan.
(guar.)
Dec.
24 Dec.
17
Dec. 20
Dec.
5
—
Preferred
Jan.
—
1
19
26
Dec.
(semi-annual)
Clearing Machine Corp. (initial)
Cleveland Cincinnati Chicago & St. Louis. _ - —
5% preferred (quar.)
-----Cleveland Electric Illuminating (quar.)-—
21 Dec.
Dec. 28 Dec.
3 Dec.
-
1
Jan.
2
3 Dec.
Dec. 21 Dec.' 9
;
16
Dec.
Clorox Chemical Co. (quar.)
Dec.
15
Dec.
Dec.
Dec.
—
9
Jan.
.
Borden
Dec.
Year-end dividend
Jan.
5% preferred (quar.)
B-G Foods, Inc., 7% preferred
Binks Mfg. Co
Bird Mac nine Co. (quar.)
Birmingham Electric $7 preferred
$6 preferred
Black & Decker Mfg
Bliss & Laughlin
__
Preferred (quar.)
—
Bloch Bros. Tobacco Co. 6% pref.
10
10
—
13
5
Jan.
12
12
Dec. 20
Dec. 10
Dec.
3
3
16
14
Dec.
Dec.
Dec.
Dec.
15
13
Dec. 28 Dec.
3 Dec.
Beneficial Industrial Loan,
Bethlehem Steel Corp., 7% pref. (quar.)
Clark (D. L.) Co---Clearfield & Mahoning RR.
Holders
When
Payable of Record
75c
62He
Dec.
3
3
2
2
Jan.
Beech Creek RR
Beech-Nut Packing Co.
Extra
Dec.
Share
of Company
Chicago Pneumatic Tool $3 pref. (quar.)
$2)4 preferred (quar.)
Chicago Towel Co
$7 preferred (quar.)__
—
Christiana Securities pref. (quar.).
Churagold Corp
Cincinnati Gas & Electric 5% pref. (quar.)
Cincinnati N. O. & Texas Pacific (s.-a.)
Common (extra)
Cincinnati & Suburban Bell Telephone (quar.)
Cincinnati Union Terminal 6% pref. (qu.)
City Baking Co., 7% pref. (quar.)
3 Dec. 23
Jan.
(quar.)
Baldwin Co., 6% preferred
Name
Payableo f Record,
Dec.
Atlas Corp. common
Autocar Co. $3 cum. partic.
Per
Holders
When
Per
Name of
3715
Chronicle
—
(quar.) —
Jan,
Bee. 10
10
ec.
5 Dec. 20
Dec. 22 Dec.
16
3 Dec. 20
2-19-39
3-1-39
Jan.
Dec. 20 Dec. 10
1 Jan. 20
6
17 Jan.
Feb.
Jan.
3 Dec. 31
5
Dec. 29 Dec.
Jan,
3 Dec. 20
Jan.
3 Dec. lb
Jan.
Jan.
Jan.
Jan.
3 Dec.
3 Dec.
3 Dec.
15
15
15
16 Dec. 31
Dec. 23 Dec. 16
3
Jan.
3 Dec.
Jan.
3
Jan.
3 Dec.
Jan.
3 Dec. 15
7
Dec. 22 Dec.
Jan.
3 Dec. 15
Jan.
3 Dec. 16
Jan. 25 Jan. 10
Jan. 25 Jan. 10
Jan.
2 Dec. 15
Dec. 31 Dec. 20
3-31-39 3-20-39
6-30-39 6-20-39
Financial
3716
East Penn RR. 6% guar,
Eastern Steamship Lines,
t50c
Preferred (quar.)
Edison Bros, stores (extra)
Electric Controller & Mfg
Dec.
17 Jan.
23 Dec.
16
Jan.
Dec.
6
lU
Jan.
Dec.
6
19
i
27 Dec.
Dec.
Dec.
Dec 30
19
20 Dec. 13
50c
Dec. 21 Dec.
21 Dec.
Jan,
20
Jan.
Jan.
16 Dec.
16 Dec.
30
30
50c
Dec.
28 Dec.
15
50c
50c
Dec.
Jan,
20 Dec. 8
Dec. 15
SIM
Jan.
•■»1M preferred (quar.)
Hin.ie & Dauch Paper
Preferred (quar.)
Hofcart -vifg. Co. class A (extra)..
Holland Furance Co., preferred (quar.)
Holmer- (D. H.) Co., Ltd-, (quar.)
Homestake Mining Co
(monthly).
25c
Jan.
Dec.
Jan.
Dec, 24
Dec.
Jan.
Dec.
16
16
Horn & Hardart Co.
SI M
Jan.
Dec.
16
Jan.
Dec.
15
lc
Jan.
30c
Jan.
-
—
Dec.
20 Dec.
5
21 Dec.
14
29 Dec.
28 Feb.
8
13
Quarterly
--— —
3c
15c
(quar.)
Extra....-
15
Illinois
25c
--
Federal Bake Shops, Inc—.
—
Preferred (semi-annual)
Federal Knitting Mills (liquidating)---
Jan.
Dec.
15
Dec. 31 Dec.
Dec. 31 Dec.
9
75c
—
1
$5
87)4c
Jan.
5 Dec.
Jan.
Fidelity & Guaranty Fire Corp
5uc
Jan.
3 Dec.
3 Dec.
Fifth Ave. Coach (quar.)
"56" Petroleum Corp
Finance Co. of America (Bait.) common A &
50c
Dec.
3c
Dec.
Feltman & Curme Shoe Stores preferred (qu.)--
15c
B--
Dec.
87 He
9
27
1
22
28 Dec. 13
23 Nov. 16
24 Dec. 14
Dec. 24 Dec.
Dec. 31 Dec.
7% preferred class A (quar.)
First National Bank of Jersey City (quar.)
First National Bank (Toms River, N. J.) (quar.)
First National Stores (quar.)
-Fisk Rubber Corp. (initial)
14
24
Jan.
Jan.
50c
Dec.
3 Dec.
3 Dec.
20 Dec.
28
6234c
SI 34
Preferred (quar.)
Flintkote Co., common
Dec.
20 Dec.
10
13
60c
Florsheim Shoe Co., class A (quar.)
Dec. 2u Dec.
13
10
(quar.)
Food Machinery Corp
Preferred (quar.)
14 Dec.
31
SIM
SI 34
12Mc
3734c
62 34c
Jan.
14 Dec.
Dec. 27 Dec.
31
Jan.
15
50c
Dec. 22 Dec.
3 Dec.
12
Jan.
3 Dec.
15
3734c
SIM
Dec. 23 Dec.
Dec.' 23 Dec.
10
35c
— —
(quar.)
Dec. 21 Dec.
Dec. 21 Dec.
10
Jan.
12
35c
Central, 4% leased lines (s.-a.)
imperial Life Assurance Co (Canada) (quar.)_.
Imperial Tobacco of Canada, ord. (interim)
Incorporated Investors (irregular).
Indiana & Mhichigan Electric Co.—
7% preferred (quar.).
6% preferred (quar.)
Indianapolis Power & Light 6M% pref. (quar.)_
Indianapolis Water Co., 5% cum. pref. A (quar.)
Ingersoll Rand Co., pref. (semi-ann.)
International Business Machines (stock div.)
Common (quar.)
International Oeliucotton Products Co. (quar.).
.
—
Extra
mff
tlOc
50c
SIM
SI 34
SIM
SIM
.
General Investors Corp
General Mills, Inc., 6% cum. pref. (quar.)
General Motors Corp.,pref. (quar.)
General Outdoor Advertising, class A
Dec.
21 Dec.
2 Dec.
15
SI 34
Jan.
15c
International Nickel of Canada
*50c
SIM
SIM
SIM
Jan.
35c
$2
Dec.
24 Dec.
Dec.
23 Dec.
25c
Dec. 23 Dec.
Dec. 20 Dec.
17
22 Dec.
20 Dec.
2
2
25c
6c
Dec.
Dec.
,—
20c
J an.
3 Dec.
Feb.
Dec.
SIM
1 Jan.
Jan.
19
15
15
Dec.
22 Dec.
1 Dec.
20
12
75c
pref. (initial)
Giddings & Lewis Machine Tool Co
Gillette Rubber Co. (quar.)
— —
Quarterly
•
Gillette Safety Razor Co..
Preferred (quar.)
Glens Falls Insurance Co. (quar.)
Glidden Co. preferred (quar.)
Globe-Wernicke Co. 7% preferred (quar .)
Goebel Brewing (quar.)
Jan.
2 Dec.
15
Jan.
2 Dec.
15
Jan.
15 Jan,
30c
-
Jan.
3 Dec.
3 Dec.
Jan.
5oc
$5 preferred (quar.)
Georgia RR. & Banking Co. (quar.)
Gibraltar Corp., partic.
Dec.
25c
—
25c
15c
12
1
Dec. 20
24 Dec.
Dec. 20 Dec.
Mar
12
20 Mar.
19 Dec.
.
Dec.
12
1
1
9
Jan.
3
40c
Jan.
Dec.
15
56 Mc
Jan.
Dec.
16
SIM
Jan.
SIM
-
Feb.
5c
Dec.
20
28 Dec.
Jan.
7
2 Dec.
Dec.
tSl
SIM
Godchaux Sugars, class A
Preferred (quar.)
Gold & Stock Tel eg. Co. (quar.)
SIM
62-Mc
tSIM
SIM
-
63c
Extra
17
—
—
Jewel Tea Co. (final)
Johns-Manville Corp. (resumed)
Preferred (quar.)
Kalamazoo
Vegetable Parchment Co
6% preferred (quar.)
6% preferred (quar.)
Kansas Power Co. $7 pref. (quar.)..$6 preferred (quar.)
Katz Drug Co. preferred (quar.)
Kaufmann Dept. Stores, pref. (quar.)
Kaynee Co., preferred tquar.).
Kearney (James R.) Corp., 6% pref. (s.-a.)
Keith-Albee-Orpheum, preferred
i
Kennecott Copper Corp. (final)
Ken-Rad Tube & Lamp
Kerlyn Oil Co., class A (quar.)
Keystone Public Service Co., $2.80 preferred
Kimberly-Clark Corp. (quar.)_+,
Preferred (quar.)
Kings County Lighting, 7% pref. B (quar.)
6% preferred C (quar.)
5% preferred D (quar.)
Klein (D. Emil) (quar.)
1
—
-
35c
-
_
-
Preferred
14
Lane-Weils Co. (irregular)
2 Dec.
2 Dec.
14
9
Lang (J. A.) & Sons (quar.)_
Langendorf United Bakeries, Inc., class B
Class B (extra)
Class A (quar.)
Preferred (quar.)
Lava Cap Gold Mining
Leath & Co., preferred (quar.)
Lehigh Coal & Navigation
Lehigh Portland Cement Co. 4% pref. (quar.).
Lehman Corp
Life & Casualty Insurance Co. (Tenn.)
Liggett & Myers Tobacco, pref. (quar.)
Lily-Tulip Cup
Lindsav Light & Chemical Co.. pref. (quar.)
Line Material Co
5% cumulative preferred (quar.)
25c
Great Lakes Dredge & Dock Co. (extra)
Great Northern Iron Ore Properties
9
Link Belt Co.
Jan.
Jan.
13
Jan.
2 Dec.
15
Jan.
2 Dec.
15
Dec.
50c
Dec.
60c
-
SI
Greene Railroad Co. (s.-a.)
Dec.
15c
Extra
'Jan.
Dec
2 Dec.
26 Dec.
26 Dec.
30c
13 Mc
Preferred (quar.)
Griesedieck-Western Brewery (final)
6)4% conv. preferred (quar.)
Griggs, Cooper & Co. 7% pref. (quar.)
Group No. 1 Oil-Guaranty Trust Co. (N. Y.) (quar.)
SIM
34 Mc
SIM
$50
3%
Hackensack Water 7% preferred (quar.)__
15
16
16
Dec.
Dec. 26 Dec.
16
17 Dec.
9
Dec.
Mar.
1
Jan.
1 Jan.
Dec. 29 Dec.
Jan.
3 Dec.
Dec.
Halifax Fire Insurance Co. (N. S.) (semi-ann.)
Hamilton Cotton Co., $2 conv. preferred
Hamilton United Theatres, Ltd., 7% pref
10
19 Dec.
20c
Greening (B.) Wire Co., Ltd. (quar.)
Greyhound Corp. (quar.)
14
22 Dec.
20 Dec.
75c
____
31 Dec
1
16
Jan.
_
t50c
tSIM
2 Dec.
10
Jan.
2 Dec.
15
SIM
Paper Co., 6% pref. (quar.)
(P. H.) Knitting Co. Class B (quar.)
7% preferred (quar.)
Harbison-Walker Refractories, pref
Harding Carpets Ltd
Harrisburg Gas, 7% preferred (quar.)
—
-
Dec. 31 Nov. 30
Jan.
3 Dec. 15
15c
SIM
SIM
Dec.
Jan.
31 Nov. 21
Jan.
20 Jan.
10c
Hammermill
Jan.
SIM
Jan.
Hartford Fire Insurance (quar.)
50c
Jan.
Harvey Hubbell, Inc. (quar.)
Hazel-Atlas Glass Co. (quar.)
Heel a Mining Co
Helier (Walter E.) & Co. (quar.)._
3 Dec.
3 Dec.
20
6
17
20c
-
-
—
16 Dec. 31
3 Dec. 15
Dec. 20 Dec.
8
3 Dec. 16*
SIM Jan.
15c
Dec. 28 Nov. 28
10c
Dec. 27 Dec. 17
20c
Dec. 27 Dec. 17
43 Mc
Dec.
Jan.
16 Dec. 31
Jan
27 Dec.
17
3
Dec. 30 Dec.
Dec.
10
Dec. 28 Dec,
Dec. 23 Dec.
17
Dec.
15
10
21
Dec. 21
Co
3 Dec.
Jan.
3 Dec.
15
3 Dec.
15
(quar.)
(quar.)
$1
SIM
SIM
SIM
SIM
SIM
SIM
SIM
SIM
SIM
SIM
t$3»1
37Mc
8Mc
70c
25c
SIM
SIM
SIM
SIM
15
2 Dec.
20
Dec.
1 Dec.
1 Dec.
10
10
Dec. 20 Dec.
Dec. 23 Dec.
Jan.
1 Dec.
16
Jan.
20
1
Jan.
Jan.
3 Dec.
10
6
9
Dec. 20 Dec.
1 Dec.
14
3 Dec.
15
Jan.
Jan.
9
Jan.
3 Dec.
15
Jan,
2 Dec.
14
Jan.
2 Dec.
14
Jan.
2 Dec.
20
Jan.
2
Dec.
20
Jan.
1 Dec.
31 Dec.
15
Dec. 24 Dec.
Jan.
3 Dec.
Dec. 23 Dec.
20
Dec.
10
15
19
Dec. 23 Nov. 25
Dec. 20 Dec.
10
Jan,
Jan,
Jan,
Jan,
2 Dec.
10
3 Dec.
3 Dec.
3 Dec.
15
Jan.
1
Dec.
15
Jan.
1 Dec.
15
12
12
Jan,
1 Dec.
15
Jan.
2 Dec.
1 Jan.
20
Feb.
75c
Jan.
SI
SIM
30c
SIM
SIM
37 Mc
Dec. 24 Dec.
1 Dec.
20
15
14
Dec. 31 Dec. 21
Dec. 31
Dec. 20 Nov. 29
Jan.
2 Dec.
20
Feb.
1 Jan.
17
Jan.
3 Dec.
16
Dec. 20 Dec.
10
17Mc
Jan.
30c
Jan.
3 Dec. 15
15 D3c. 31
15 Dec. 31
5c
Jan.
50c
Jan.
75c
Jan.
15 Dec.
31
3c
Dec.
22 Dec.
10
62 Mc
10c
SI
15 Dec.
Dec. 22 Dec.
Dec. 24 Dec.
Jan.
31
7
3
2 Dec.
13
20c
Jan.
6 Dec.
23
13c
Jan.
Jan.
2 Dec.
SIM
2
15
13
30c
Dec.
15 Dec.
Dec.
15 Dec.
3
Jan.
15 Dec.
27
1M%
20c
Dec.
Mar.
1 Feb.
Apr.
1
1
10
Mar. 15
Jan.
15
25c
3 Dec.
Jan.
3 Dec.
Dec. 24 Dec.
20c
Jan.
3 Dec.
20
10c
Dec.
22 Dec.
10
$1.05
67c
Jan.
16 Dec.
16
$2
30c
Jan.
20c
Liquid Carbonic Corp. (quar.)
Little Long Lac Gold Mines.
Little Schuylkill Navigation RR. & Coal
Lock Joint Pipe (monthly)
8% preferred (quarterly)
Locke Steel Chain Co. (quar.)
Lockhart Power Co., 7% preferred (s.-a.)
Loew's, Inc. (quar.)
,
-
S3M
50c
Extra
50c
i
75c
20c
(quar.)
3 Dec.
Jan.
.Tan.
25c
25c
Lone Star Cement Corp
Lone Star Gas
13
62 Mc
25c
SIM
SIM
Preferred (quar.)
Lionel Corp. common (interim)
Lion Oil Refining (quar.)
Loose-Wiles Biscuit pref.
Lord & Taylor (quar.)
SIM
SIM
SIM
20c
-
Preferred
Jan,
75c
Lambert
,
S3
100%
15c
15
Jan.
15
50c
3 Dec.
62 Mc
Preferred (quar.)
Grand Rapids Varnish (quar.)
Grant (W. T.) Co., common (qaur.)
Dec.
SIM
SIM
15
Dec.
Jan.
„
29 Dec.
2 Dec. 17
3 Dec. 31
3 Dec. 10
9
Dec. 31 Dec.
9
Dec. 31 Dec.
Jan.
3 Dec. 15
Jan.
Jan.
J an.
2
31
25c
(quar.)
Kleinert (I. B.) Rubber.
Koppers Co., 6% preferred
Kresge Dept. Stores, pref. (quar.)
Kroehler Mfg. Co. 6% class A pref. (quar.)
Kroger Grocery & Baking Co. (extra)
„
6% pref (quar.)
7% preferred (quar.)
$5
■
.
Dec. 23 Dec.
-
Great Western Sugar (quar.)__
Preferred (quar.).
3 Dec.
SIM
SIM
S2M
—
Georgia Power Co. $6 preferred (quar.)
Goldbiatt Bros., Inc., pref. (quar.)
Goodrich (B. F.) $5 preferred
$5 preferred (quar.)
Goodyear Tire & Rubber (Can.) (quar.)
3 Dec.
22 Dec.
Dec. 31 Dec.
Jan.
Dec.
...
Jersey Central Power & Light 5M % pref. (qu.)-6% preferred (quar.)
7% preferred (quar.)
Kansas Gas & Electric 7% pref. (quar.)
Jan.
25c
Jefferson Electric.
Jan.
Dec.
13
15c
Kansas City Power & Light, nref. (quar.)
Kansas Electric Power Co., 7% pref. (quar.)__
Jan.
20
SIM J Jan.
lMc |Jan.
Joliet & Chicago RR. (quar.)
10c
-
10*
8
16 Dec.
Dec. 20 Dec.
43 Mc
7% preferred (quar.)
7% preferred B (quar.)
9
15
SIM
$3 preferred (quar.)
9
20
17 Dec.
Transfer books will be closed as of 12-10-38
20
20
General Time Instruments, pref. (quar.)
General Water, Gas & Electric Co.
2
17
5
5
15
Feb.
25c
22 Dec.
SIM
SIM
75c
...
Dec. 28 Dec.
Jan.
3 Dec.
$6 cum. preferred (quar.)
—
General Railway Signal, preferred (quar.)
General Telephone Corp. $3 conv. pref. (quar.)
General Telephone Tri Corp., common
General Theatres Equipment —
—
10
lc
20c
—
Jamaica Public Service, Ltd
Dec. 22 Dec.
Dec. 22 Dec.
Dec. 23 Dec.
Jan,
3 Dec.
Jan.
Irving Trust Co. (quar.)
8
10
25c
—
General Printing Ink Corp. (quar.)
1
20
12*
SIM
(quar.)
1 Dec.
10
Dec.
SIM
Royalty Co., Inc. (quar.)
3 Dec.
7
Dec.
tSIM
-
28 Dec.
Jan.
Dec.
Dec.
37 Mc
International Products, pref. (semi-ann.)
International Radio, stock dividend
Preferred
Jan.
Jan.
Dec.
1 Mc
50c
15c
1
Jan.
Jan.
Investors
Dec.
7
50c
'
International Harvester Co. (quar.)--International Mining
7Mc
15c
Dec.
Dec.
International Vitamin Corp
Investment Co. of America (quar.)---
-
Jan.
Mar.
International Shoe Co
15
15
9
9
Jan.
16
31 Dec.
31 Dec.
31
Dec. 31 Dec.
Dec. 22 Dec.
Apr.
Dec.
Dec.
10
S3
15
15
25c
10
1 Dec.
3 Dec.
Jan.
40c
'
15
5%
SIM
3734c
31 Dec:
Dec. 31 Dec.
Dec. 23 Dec.
-
16
Dec. 30 Dec. 15
Dec. 27 Nov. 26
Dec. 22 Dec. 12
Jan.
International Nickel (Canada), pref. (quar.)
8
8
SI
International Ocean Teleg. Co. (quar.)
International Power Co. preferred, (quar.)
Jan.
20 Dec.
2
$1
$134
—
20
20c
Preferred (quar.)
—
Fundamental Investors, Inc
Gannett Co., Inc., $6 pref. (quar )
Gatineau Power Co. pref. (quar.)General American Investors preferred (quar.)__
General American Transportation Corp
General Baking Co
Preferred (quar.)General Box Co. (quar.)
General Candy Co. class A (quar.)
Class A (extra) .»
General Discount Corp. (Atlanta, Ga.)
General Electric Co__
Jan.
3 Dec.
3734c
Nov. 30 Nov. 17
15
3 Dec. 20
-
9
22 Dec.
23 Dec.
23 Dec.
Jan,
$134
—
Formica Insulation Co
Foster & Kleiser Co., 6% pref. A (quar.)
Fox (Peter) Brewing Co. (quar.)
20
Dec.
Jan.
Dec.
24 Dec.
Dec.
Dec.
25c
25c
17
Dec.
1234c
Class B
(quar.)
*
—
27 Dec.
Dec.
14
Dec. 28 Dec.
3 Dec.
Jan.
SI
Humble Oil & Refining
Preferred
Dec. 23 Dec.
60c
Ideal Cement Co. (quar.)
Christmas dividend
16
10
15c
16
15
Dec.
50c
Extra
Faultless Rubber Co
15
371i
Dec. 22 Dec.
22 Dec.
27 Dec.
Dec.
25c
50c
*
23 Dec.
SIM
SI H
May 31 May 16
Apr.
1 Mar. 18
20c
— --—
Fanny Farmer Candy Shops (quar.)-
Dec.
50c
Humphreys Mfg. Co
6% preferred (quar.).
;
Huron & Erie Mortgage (quar.)
Hyde Park Breweries Assoc. (increased)
Hygrade Sylvania Corp.--
Feb.
15c
15
SIM
Houston Oil Fields Material
Dec.
23 Dec.
30c
15
Dec.
Dec.
'
20
_c
10
25c
—
-
Dec.
.
3
31 Dec.
(N. Y.) (year-end div.)
Dec.
Dec. 22 Dec
15c
—
3
Dec. 31 Dec.
Dec.
Hoskins
(quar.).
9
6
37 He
Manufacturing Co
Household Finance Corp. (quar.)
Preferred (quar.)
Houston Oil Co.. preferred
Falstaff Brewing Corp. (quar.)
Preferred
Hooker Electrochemical Co
15c
—
Jan.
25c
Hoover Ball & Bearing.
Jan.
Preferred
20
Jan.
pref
5% preferred (quar.)
5«Mc
SIM
9
Dec. 30 Dec.
SIM
Hilton-Davis Chemical Co. (quar.)
(s.-a.)
Fairchild Aviation Corp
20c
31 Mc
15
15
'
Extra..
Hickok Oii Corp., 7% prior
20 Dec.
20 Dec.
Dec.
—-------
10
60c
Dec.
1
10
3 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
SIM
Hershey Creamery, pref. (semi-ann.)
Hibbard, Spencer, Bartlett& Co. (monthly)
Dec.
16
Jan.
Jan.
S3M
(quar.)
Hercules Powder Co. (year-end div.)
2UC
Extra
Esquire-Coronet, Inc. (quar.)Ex-Celi-O Corp. (increased)
Excelsior Insurance Co. (Syracuse)
Hanes
Preferred
common
SIM
sim
6% preferred B (quar.)
El Paso Natural Gas (quar.)
Emerson Drug Co., class A & B (quar.)-Preferred (quar.)
Emerson Electric Mfg. preferred (quar.)
Emporium Cap well common
4M% pref. A (quar.)
Engineers Public Service $5 pref. (quar.)
$5)4 preferred (quar.).
$6 preferred (quar.)
Equadorian Corp., ordinary
1
3 Dec.
3 Dec.
3 Dec.
10
$2
W.) Co.
$1.60
Elmira & Williamsport RR., 7% preferred. — -,
El Paso Electric Co. (Del.) 7% pref. A (qu.)_.
3 Dec.
Jan.
Jan.
3c
Extra.
Heime (Geo.
Extra
Dec.
1
Jan.
lc
SIM
Hediey Mascot Gold Mines, Ltd. (quar.)--_
50c
25c
■
Falconbridge Nickel Mines, Ltd..
1
Holders
Payable of Record
Share
25c
Preferred (final)
Extra
Dec.
75c
Electrical Products Consol. (Seattle) (s.-a.)
Preferred (semi-ann.)
Famous Players, Canadian
7
25c
■-
Electric Products Consolidated (s.-a.)
Electric 8 tor age Battery Co. (final)
•
Jan.
SIM
— ---
1938
17.
When
Per
Name of Company
Payable of Record
SIM
(s.-a.)
preferred-,—
Eastman Kodak Co. (quar.)
Dec.
Holders
When
Per
Share
Name of Company
Chronicle
16
15
Dec. 31 Dec. 21
3 Dec. 24
Jan.
3
Mar. 25
Dec.
15
Mar. 25
Dec. 31 Dec.
Dec. 31 Dec.
Dec. 23 Dec.
13
13
12
Dec. 22
SIM
Jan.
Nov. 22
1 Dec. 19
S2M
Jan.
3 Dec.
17
Volume
Financial
147
Name
Payable of Record
of Company
Shaie
Los
50c
Dec, 21 Dec.
5
_
Louisville & Nashville RR
___
1K%
1K%
IK %
37 Kc
$1K
$1%
*
21
$3
Jan.
3
Dec.
Jan.
1
Dec.
15
15
15
75c
25c
91%
10c
7% preferred (semi-ann.)
Jan.
Jan.
15 Jan.
1 Dec.
5
Dec. 20 Dec.
Jan. 10 Dec. 20
12c
50c
25c
...
37 Kc
(quar.)
(quar.)
—
preferred—
Dec. 23 Dec.
Dec. 23 Dec.
2
Dec.
Dec. 28 Dec.
25c
Dec. 29 Dec.
1 Dec.
Jan.
7% pref. (quar.).
n%
(quar.).
23 Dec.
class A com. (quar.)
(quar.)
Morris Finance Co.,
—
Muskegon Piston Ring
Mutual Chemical Co. of Am. 6%
Mutual Investment Fund Shares
Mutual System, Inc. (quar.)...
.....—
(quar.)
n......
2nd pref. (quar.) —
National Casualty Co. (Detroit) (extra).....—
National City Lines
'
:
(quar.)
Dec,
A & B (extra.
......—...
National Lead Co
—
Preferred B (quar.)
National Oil Products (interim).......
National Standard Co
National Steel Corp—
National Sugar Refining Co. (N. J.) —
Natomas Co. (quar.)
....
Jan.
3 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
1 Dec.
Jan.
Dec. 17 Dec.
Dec.
22 Dec.
15
91%
Jan.
3 Dec.
15
$1%
91%
91%
Jan.
2 Dec.
Dec. 20 Dec.
Jan.
3 Dec.
20
Dec. 21 Dec.
6
1
$1K
3 Dec.
Dec. 20 Dec.
Jan.
1 Dec.
15
25c
Dec. 20 Dec.
10
y±c
$2
25c
Jan.
10
16
1
3c
Jan.
Dec.
31
43 Mc
87 Kc
Jan,
3 Dec.
15
Jan.
2 Dec.
15
,
S2K
25c
June
JL5
May
10
14 Dec.
16
14 Dec,
16
1
Jan,
Jan,
Jan.
Jan.
Jan.
Jan.
16
7
3 Dec.
3 Dec. :7
7
3 Dec.
Jan,
2 Jan.
2
3 Dec.
Jan.
Dec. 31 Dec.
Dec. 31 Dec.
9
25c
50c
3 Dec.
Dec. 31 Dec.
3 Dec.
Jan.
---
25c
Dec.
Dec. 27 Dec.
Jan.
16 Dec. 31
50c
75c
Jan.
16 Dec. 31
27 Dec. 15
35c
93 Kc
Jan.
4 Dec.
Jan.
1
20c
$1K
Dec.
10c
Dec.
50c
Jan.
,43c
Jan.
91X
20c
Jan.
50c
75c
20
Dec. 21
Dec. 21 Dec.
Dec. 21 Dec.
21 Dec.
3 Dec.
3 Dec.
1 Dec.
Feb.
~ -—
Common
— ---
& Light Co., $6 pref.
$5 preferred (quar.).. —
New Orleans Public Service $7 preferred
(qu.) —
Harlem RR. Co
—m
& Western Ry
Mutual Telegraph (s.-a.)
...—
NY PA NJ Utilities Co.. $3 non-cum. pref
New York Power & Light 7% pref. (quar.)
$6 preferred (quar.)
Newberry (J. J.) (quar.)...
Niagara Hudson Power
—1st preferred and 2nd pref. A & B (quar.) — _
Niagara Share Corp. common B
—
Preferred A (quar.)--
10
Dec.
10
15
15
14
14
Feb.
1 Jan.
3 Nov. 29
Feb.
20 Dec.
8
9
1 Jan.
10c
Dec. 22 Dec
3 Dec.
Jan.
Dec. 23 Dec.
3 Dec.
Jan.
Dec. 27 Dec.
Dec. 27 Dec.
Jan.
20c
8
Dec.
Dec. 24 Dec.
20
12
15
13
6
13
15
15
16
Dec.
Dec.
24 Dec.
21 Dec.
16
15
13
13
Preferred (quar.)
Pacific Tin Corp. (special stock)_____
Pacific Western Oil
50c
91%
91%
—
Class A
$1.82
5
5
Dec. 29 Nov. 30
Dec. 29 Nov. 30
3 Dec.
15
Dec. 23 Dec.
3 Dec.
2 Dec.
Jan.
19
9
13
13
3 Dec.
75c
Jan.
3 Dec. 31
Dec. 29 Nov. 30
$1K
Jan.
3
Dec.
15
$1K
Jan.
3 Dec.
15
25c
$1K
—
$1K
50c
Dec. 22 Dec. 10
Dec. 15 Nov. 3u
Feb.
1 Jan.
Dec. 24 Dec.
Dec. 24 Dec.
16
6
6
2 Dec.
3 Dec.
16 Dec. 31
Dec. 21 Dec. 10
Jan. 14 Dec. 31
Dec. 23 Dec. 16
Dec. 20 Dec.
Dec. 21 Dec.
Jan.
1 Dec.
Dec. 21 Dec.
Dec.
16
Dec.
Dec.
9
3
— _
Jan.
Dec.
Dec.
Dec.
Dec.
3
91%
Dec.
Dec.
16
Dec.
16
Dec.
19
15c
75c
Dec.
Dec.
lc
40c
Jan.
91%
91%
—
Jan.
Dec. 31
Dec. 20 Dec.
5
Jan.
3 Dec.
3 Dec.
Dec. 20 Dec.
$1
Dec. 20 Dec.
Jan.
2 Dec.
10
Jan.
2 Dec.
10
Dec. 22 Dec.
12
50c
Dec.
91%
Jan.
1
Dec.
15
Jan.
3 Dec.
15
15
20 Dec.
91%
91%
Jan.
3 Dec.
Jan.
3 Dec
91%
Dec. 26 Dec.
1
Dec. 20 Nov. 19
Dec. 3j Dec. 20
Dec. 30 Dec. 20
50c
Jan.
25c
Dec. 21 Dec.
Dec. 30 Dec.
Dec. 22 Dec.
Jan. 16 Jan.
35c
41c
25c
2 Dec.
20
1
20
7
3
$1K
Dec. 31 Dec.
15
91%
91%
Jan.
3 Dec.
3 Dec.
2
Dec. 22 Dec.
.____
12
9
Jan.
2
Jan,
Jan.
1 Dec.
1 Dec.
Jan.
2 Dec.
15
Jan.
2 Dec.
15
Dec. 31 Dec.
15
...
(quar.)-^
Pioneer Gold Mines of British Columbia (quar.)
Pitts. Ft. W. & Chicago Ry. 7% pref. (quar.) —
7% preferred (quar.)
7% preferred (quar.)
i
Pickle Crow Gold Mines, Ld.
Jan.
15
Nov. 26
3
12-10-38
3-10-39
1-3-39
4-1-39
7-1-39
10-1-39
1-2-40
6-10-39
9-10-39
12-10-39
2
Dec. 23 Dec.
3 Dec. 31
Jan.
Jan.
— —
6% non-cum. partic. preferred (quar,).—
Pratt & Lambert, Inc.
—
Preferred Accident Insurance (quar.)
Premier Gold Mining (quar.)
—
Providence Washington Insurance Co. (R. I.) —
-
(Colorado) 7% pref. (mthly.)
Jan.
3 Dec.
20 Dec.
Jan.
15c
'
$1K
91%
91%
130c
W°
15
31
12*
3 Dec. 20
Dec. 22
Dec.
Dec. 28 Nov. 28
Jan.
3 Dec.
15
Mar.
1 Feb,
15
Mar.
1 Feb.
15
3
Dec. 21 Dec.
16 Dec. 31,
16 Dec. 31
Jan.
Jan.
25c
Dec. 23 Dec.
7
20c
3c
Jan.
Dec. 22 Dec.
16 Dec.
16
23 Dec.
23 Dec.
3 Dec.
15
25c
40c
Dec.
Dec.
58 l-3c Jan,
8
9
9
Jan.
3 Dec. 15
50c
3 Dec. 15
41 2-3c Jan.
Dec. 20 Nov. 25
$1K
55c
Dec. 20 Dec.
1
50c
Jan.
Dec.
15
50c
6% preferred (monthly).
Publication Corp
Dec. 27 Dec. 15
Jan.
3 Dec. 20
91%
1K%
1 K%
Original preferred (quar.)
5% preferred (quar.)..
5K% preferred (quar.)
14
6% preferred (quar.)
Jan.
1
Dec.
9
Jan.
1
Dec.
9
Jan.
Pure Oil Co.
1
Dec.
9
Dec. 20 Dec.
15
$1K
$1
91%
Dec. 23 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Feb. 28 Feb.
15
6
20c
Dec. 27 Dec.
16
20c
Jan.
50c
(Geo.) Fund (Boston) (final)
Pyrene Mfg. Co., common
Quaker Oats Co. (quar.)
Special
Preferred (quar.)
Railroad Employees Corp., A and B
80c. preferred
Reading Co., 2nd pref. (quar.)
Reece Folding Machines
—
Reed Drug Co. (Dela.) class A (quar.)
Jan.
Putnam
—
—
—
6
1
20 Dec. 31
Dec.
20
Dec. 28 Dec.
15
Dec.
21 Dec.
15
25c
Dec.
21
Dec.
15
20c
Dec. 23 Dec. 16
Dec. 23 Dec. 16
5c
8Kc
Common
Extra
15
50c
Dec.
...
(quar.)
15
15
Jan.
50c
Philadelphia Co. $6 preferred (quar.)
—
$5 preferred (quar.)_
Philadelphia Diary Products Co., Inc.—
Prior preferred
,— —
—
Philadelphia Electric Power, preferred (quar.).
Phillips Packing Co. preferred (quar.)
Phoenix Insurance Co (quar.)
Reed Roller Bit
9
40c
of America
m,'
9
11
20c
(quar.)
.' —
Pennsylvania Power & Light $7 pref. (quar.) — _
&6 preferred (quar,)..
55 preferred (quar
'.).
Pennsylvania Telephone Co., 6% pref. (quar.)
Common (quar.).
Pennsylvania RR
....
Peoples Collateral Loan Corp. (s.-a.)
...
Preferred (semi-annual)
— Perfect Circle Co. (quar.)...
Pet Milk Co. (quar.)
Peter Paul, Inc
—
*
.
9
25 Jan.
70c
—
Preferred
^
15
$1K
(semi-ann.)
Pennsylvania Edison Co. $5 preferred (quar.).
$2.80 preferred (quar.).
Pennsylvania Exchange Bank (s.-a.)
Extra
15
Jan.
Penn Traffic Co.
Pennsylvania Glass Sand—
1
—
75c
Extra—
BpCCi^l
5
Jan.
50c
(quar.).
Penney (J. C.) Co. com. (quar.)....
(Irregular).
.....
...
Philadelphia Baltimore & Western
1
5
16
Jan.
Preferred
Petroleum Corp.
10*
15
15
75c
15
Jna.
25c
;
;
3 Dec.
Jan.
$1K
Class B preferred
Paraffine Cos., Inc.
Jan.
92 %
$2K
$1K
50c
Dec. 20 Dec.
25c
— _
(irregular)
24
12
Dec. 20 Nov. 25
Dec. 20 Nov. 25
3 Dec. 15
Jan,
Dec. 22 Dec. 15
Jan,
Jan,
>2
91%
—
Jan,
Dec. 21 Dec.
Dec. 21 Dec.
75c
Dec. 22 Dec.
an.
Pacific Lighting Corp., preferred (quar.).—
Pacific Telephone & Telegraph
6% preferred (monthly)
5% preferred (monthly) —
Public Service Electric & Gas Co., $5 pref. (qu.)
Public Service of New Jersey
—
Jan.
Dec. 29 Dec.
10c
15
2
Dec.
1
40c
Extra
15
15
15c
Jan.
Dec. 29 Dec. 24
50c
Dec.
3 Dec.
$1K
91X
91H
Dec. 29 Dec.
30c
......
1 Dec.
Dec. 21 Dec.
Dec.
Dec.
......
Public Service Co.
$1K
Dec.
24 Dec.
91%
50c
13
1
Dec.
Dec.
Pacific Can Co
Plymouth Cordage Co. (quar.)
Plymouth Oil Co. (quar.)
Pocahontas Fuel Co., 6% pref. (s.-a.)
—
Polaris Mining Co. (irregular) —
Porto Rico Power Co., Ltd., 7% pref. (qu.) —
Potomac Electric Power, 6% preferred (quar.) —
5K % preferred (quar.)
— _
Power Corp. of Canada Ltd., (interim).
6% cumulative preferred (quar.)
Jan.
91
New Process Co
13
Dec.
15c
Plough, Inc
20c
-
13
Dec.
50c
12
50c
$1
33 1-3
Assoc.. $6 preferred
Dec.
91K
15
1 Jan.
Dec. 2(
Dec.
58 l-3c Jan.
Jan.
50c
3
41 2-3 c Jan.
Dec. 30
70c
Is
10
S1K
17Kc
7Kc
12Kc
Dec.
Jan.
Dec.
16
19
17
7% preferred (quar.)
7% preferred (quar.)
—
Pittsburgh Plate Glass
Pittsfield & North Adams RR. (s.-a.)
10
Dec. 22 Nov. 30
Dec. 27 Dec. 17
I1.31K Jan.
Telep. & Teleg. (quar.)
New Idea, Inc. (special) —
• -m m m
15
15
25c
New England
New Jersey Power
9
7
23 Dec.
Dec. 27 Dec. 15
Dec. 28 Dec. 15
25c
— —
$2 preferred
9
$1K
50c
•
9
Dec.
Dec.
Penna. Water & Power
$3
50c
'50c
21
Jan.
Dec.
...
27
26
13
13
13
8
15
3
Dec.
Dec.
50c
1
Panhandle Eastern Pipe Line
Class A preferred (quar.)
Dec.
91%
3 Dec.
25c
Preferred (quar.)
Preferred (quar.)
Orange & Rockland Electric Co—
6% preferred (quar.)
5% preferred (quar.)
Oriental Consolidated Mining Co.
Otis Elevator Co
10
Dec.
Jan.
5c
Jan,
31 Jan.
3
91%
$1.30
$2
$3K
3oc
—
$1
91%
87 Kc
91%
(quar.)
20
Jan.
3 Dec.
91H
...
pref. A & B (quar.)..
National Funding Corp., A & B (quar.)
National Dairy Products
Dec.
91%
;
_
2 Dec.
Dec. 29 Nov.30
Dec. 29 Nov. 30
6c
National Candy Co. 1st &
'
Oklahoma Natural Gas, pref.
Omnibus Corp
Jna.
15c
8% convertible preferred (quar.)
—
Myers (F. E.) & Bro
Narragansett Racing Association (irregular).
Nashville & Decatur RR. Co., 7K% 8td
National Bond & Investment (quar.)
—
Preferred (quar.)_...— — —
National Bond & Share Corp. (special)
National Breweries, Ltd. (quar.)
....—
New York Lackawanna
Dec. 31
20c
...
60c
30c
pref. (quar.)—
Extra
__
Jan.
15c
Corp..
Mother Lode Coalition Mines (liquidating)
6% preferred (monthly)
5% preferred (monthly)
Ohio Water Service Co., class A
Oilstocks Ltd. (semi-annual)
preferred (participating)
(quar ).
......
(quar.)
Preferred (quar.).
Park & Tilford, Inc., preferred (quar.)
Parker Corp. (final)
Paramount Pictures 1st pref. (quar.)
2nd preferred (quar.)
Patino Mines & Enterprises Consol., Inc
Paymaster Consol. Mines, Ltd
z
Peninsular Telep. (year-end dividend)
$1K
Preferred (quar.)
Morristown Securities
New York
Dec. 31
Jan.
91%
$1^4
$1K
$25
$1K
$1K
$2K
92%
—.
R.) Dry Goods (quar.)
Morris & Essex RR. Co—
mtm +
20
40e
—....—
m
Jan.
Dec. 23
$1
40c
Ohio Finance Co
Preferred (quar.)
Ohio Public Service, 7% pref. (monthly)
Pacific Finance Corp., common
Pacific Indemnity Co. (quar.)..
40c
—- —
....
Dec.
;
—
20
17*
Dec. 29 Nov. 30
Dec. 29 Nov. 30
Dec. 29 Nov. 30
.....
Ltd. (quar.)
— —
15
Dec.
Preferred (quar.)
Pacific & Atlantic Telegraph (s.-a.)
$1K
Extra...-...—-..'.—
Class A (quar.)
New England Power
5
15
16
10
Dec. 29 Nov. 30
Dec.
6% preferred B (quar.)
Missouri Edison Co. $7 preferred——
Mitchell (J. S.) & Co., 7% pref. (quar.).__...
M. J. & M. M. Consol. Oil (extra)
Mobile & Birmingham RR., 4% pref. (s.-a.)...
$3 pref. (quar.)
15
Dec.
75c
Lines, Inc
preferred (quar.)
Northwestern Engineering Co.
Northwestern Teleg. (semi-ann.)
Norwalk Tire & Rubber 7% pref. (quar.)—
Nova Scotia Light & Power (quar.)
.
Novadel-Agene Corp. (quar.)...
.........
2
13
13
15
Jan.
Mississippi River Power 6% preferred (quar.)..
Mississippi Valley Public Service Co.—
Mock, Judson, Voehringer Co., Inc..
7 % preferred
I—-,——
Modine Mfg. Co
....
Moneta Porcupine Mines, Ltd
...
Monongahela West Penn Public Service—
7% preferred (quar.)
Monroe Chemical Co., preferred (quar.)...—.
Monsanto Chemical $4K class A pref. (s-a)...
Montgomery Ward & Co. (quar.)
15
Dec. 23 Dec.
2 Dec.
50c
91%
Midvale Co
Pffiferrod
12
Dec. 28 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
30c
—■-
& Supply (extra)
16
19 Dec.
20 Dec.
Dec.
75c
v
5
3 Dec.
Jan.
Dec. 22 Dec.
91%
...
—
Metropolitan Edison Co., $7 cum. pref. (quar.).
$6 cumul. preferred (quar.)
$5 cumulative preferred (quar.)
87 prior preferred (quar.)
—
$6 prior preferred (quar.)
—
$5 prior preferred (quar.)
Michigan Associated Telephone, 6% pref. (qu.)
Michigan Central RR. Co. (semi-ann.)
?
Mickelbeerry's Food Products $2.40 pref. (quar.)
Middlesex Water Co., 7% preferred (s.-a.)--__
Midland Grocery Co., 6% pref. (s.-a.)__
Midland Steel Products Co:
$2 preferred
— —
8% preferred (quar.)
1
—
Extra
15
15
Dec. 26 Dec.
Dec. 20 Dec.
37 Kc
Mesta Machine Co
Nehi Corp
10
50c
$1K
$6K
New York &
16
50c
Merck & Co. 86 pref. (quar.)
Class A
Dec. 23 Dec.
Dec. 20 Dec.
12
3
$1K
Preferred
15
Feb.
Dec.
Jan.
...
conv.
Extra.
35c
,
Class B common
16
16
3 Dec.
preferred (s.-a.)_
Mengel Co., 5% pref. (semi-ann.)
Merchants & Miners Transportation Co
Preferred A & B
20
Dec. 23 Dec.
Dec. 23 Dec.
Jan.
Melchers Distilleries, Ldt., 6%
Moore (W.
20
50c
Preferred (quar.)
.
13
20
Marlin Rockwell Corp
Merritt-Chapman & Scott Corp.,
Dec. 23 Dec.
2 Dec.
Jan.
2 Dec.
Jan.
Dec.
25c
-
Jan.. 15 Dec. 31
1
...
Marine Midland Trust (quar.)
Moore Corp.,
Extra
Dec.
Mar.
25c
preferred (quar.)
6K %
50c
75c
...
—
6%
Jan.
Mar gay Oil Corp. (quar.)
Marine Midland Corp..
Midwest Piping
Jan.
91%
(quar.)..
Northland Greyhound
91%
——
Extra
Nov. 29
30c
75c
Northern Illinois Finance Corp. (extra)
Northern Ontario Power Co. (quar.)
Dec.
25c
Calculating Machine Co
Metal & Thermit Corp.
Dec. 24 Nov. 30
Dec. 23 Nov. 29
1
25c
Extra.
Mead Johnson & Co.
Dec.
92%
Preferred (quar.)..
North American Edison, $6 preferred
North American Rayon, class A&B
Preferred (quar.)
31
31
3 Dec.
75c
(quar.)
—t_T__
Mallory (P. R.) & Co., Inc. (resumed)
—
Manischewitz (B.) Co.. pref. (quar.)
_
Manufacturers Trust Co. (quar.)
Preferred (quar.)__
...... —IX
Mapes Consol. Mfg. Co. (quar.)
Mathieson Alkali Works
Dec.
Jan.
91%
(quar.)..
...
Master Electric Co
14
Jan.
-
Preferred
Marchant
Jan.
Jan.
40c
—
McCrory Stores Corp
—
McKee (A. G.) & Co. class B (quar.)
Class B (extra)
Magor Car (quar.)..:
Extra
14 Dec.
14 Dec.
31
Jan.
15c
6K%pref. (quar.)
Lykens Valley RR. & Coal (semi-ann.)
Lynchburg & Abingdon Teleg. Co. (s.-a.)
Co.
McGraw-Hill Publishing
McColl-Frontenac Oil, pref.
5
Nov. 29
-
....
7% cumulative preferred (quar.)
*
6% cumulative preferred (quar.)
5% cumulative preferred (quar.) — -—_
Louisville Gas & Electric (Del.), class A (quar.)
Lunkenheimer
12
Dec.
50c
Noma Electric Corp
»
Norando Mines Ltd. (interim)
Norfolk & Western Railway (quar.)
North American Co. (final)
Angeles Oil
19
Dec.
Dec.
Dec.
75c
Noblitt-Sparks Industries
10
5
Louisville Gas & Electric Co—
Dec.
Dec.
$2
91%
10
24 Dec.
Dec. 20 Dec.
Dec.
Dec.
25c
25c
Dec. 24 Dec.
10c
50c
$1 %
_
Payable of Record
1A_
Los Angeles Industries, Inc
Lorillard (p) Co. (final)
Preferred (quar.)
I olders
When
Per
Holders
When
Per
Share
Name of Company
3717
Chronicle
—
:
50c
12
Financial
3718
Per
Jan.
Richfield Oil Corp
Risdon Mfg. Co. 7% preferred (quar.)
Riverside Silk Mills, $2 preferred (quar.)
Rochester
Telep., 6H% pref. (quar.)
Roeser & Pendleton. Inc. (quar.)
Jan.
Rubinstein (Helena)
Class A (quar.)
Safety Car Heating & Lighting Co..
Safeway Stores, Inc. 5% pref. (quar.)
6% preferred (quar.)
7% preferred (quar.)
St. Croix Paper, 6% preferred (s.-a.)
St. Joseph Lead Co
St. Louis Bridge Co. 0% 1st pref. (semi-ann.)
3% 2nd preferred (semi-annual) — *
St. Louis, ltocky Mt. & Pacific Co., pref
Sangamo Electric Co
San-Nap-Pak Mfg., Inc.-,Preferred (quar.).
Savage Arms Corp
10
20 Dec. 10
Dec. 20 Dec.
5
Dec. 23 Dec. 12
Jan.
Dec. 20
Dec. 23 Dec.
9
Jan.
Dec. 16
Jan,
Dec. 16
Jan.
Dec.
16
Dec. 29 Dec. 22
Dec. 20 Dec.
9
Jan.
2 Dec. 15
Jan.
2 Dec. 15
—
Dec. 31 Dec. 15*
Dec. 24 Dec. 14
Dec.
21 Dec.
10
Dec. 30 Dec. 20
Dec. 22 Dec.
9
Dec. 22 Dec.
9
Jan.
9
Dec.
,
deb. A (quar.) —
Jan.
Jan.
Jan.
Dec.
9
Dec.
Dec.
9
Jan.
Dec.
Feb.
7% debenture O (quar.)
6M % debenture D (quar.)
Schenley Distillers, preferred (quar.)
Scott Paper Co. $4H cum. pref. (quar.)
ScrantonEiectric, $0 preferred (quar.)
Selected American Shares, Inc
Selected Industries, Inc., $5H prior stock.,:
Selected Industries, $5H prior pref. (quar.)
Serve!
Dec.
Dec.
Ruberoid Co., year-end dividend.,
2nd preferred
15
Dec, 20 Dec. 10
Roos Bros. Inc. (Del.) (resumed)
Roser & Pendleton, Inc. (quar.)
Ross Gear & Tool
Savannah Electric & Power 8%
7H % debenture B (quar.)
15
Dec. 23
23 Dec. 13
Dec.
Jan.
Dec.
9
Jan.
Dec.
9
Jan.
Dec. 10
Dec. 31 Dec. 15
Jan.
Dec. 15
Jan.
Dec. 20*
Dec. 21 Dec.
5
Jan.
Dec. 20
Jan.
Dec. 15
Jan.
Dec. 20
Jan.
Dec. 10
Reno Gold Mines Ltd. (quar.)
6H % preferred (quar.)
.
Rensselaer & Saratoga RR. (semi-ann.)
Reynolds Metals Co. preferred (quar.)
Jan.
16
20*
9
7
Dec.
Dec. 22 Dec. 15
Jan.
Jan.
1 Dec.
1 Dec.
3 Dec.
17
Nam* of
Toledo Edison Co. 7%
pref. (monthly)
6% preferred (monthly)
5% prfiforrod (monthly)
Toledo Light & Power Co. pref. (quar.)
Trico Products Corp. (quar.)
Tri-Continental Corp. $6 cum. pref. (quar.)—
Troy & Greenbush RR. Assoc. (s.-a.)
Tunnell RR. (St. Louis) (s.-a.)
Twin Coach Co
17,
When
Jan.
3 Dec.
50c
Dec.
Jan.
20 Dec.
10
Dec.
31
58 l-3c Jan.
Jan.
50c
Dec.
15
Dec.
15
41 2-3c Jan.
Jan.
$1H
Dec.
15
62 He
SIX
Dec.
15 June
1
Dec. 23 Dec.
Dec. 24 Dec.
17
16
June
2 Dec.
Jan.
16
Dec. 31
Mar. 31
Apr.
July
June 30
Oct.
Sept. 30
Dec. 20 Dec.
Dec. 20 Dec.
Jan.
3 Dec.
United Carbon Co. common
United Chemicals, Inc., preferred—
United Dyewood Corp. pref. (quar.)
United Engineering & Fundry Co—
Preferred (quar.);
United Gold Mines Co
United Light & Railways 7% prior pref. (mo.)
Dec. 21
Dec. 30
Dec. 30
Dec. 19
Feb.
15
Dec.
14
Dec.
15
Dec.
15
Dec.
9
5
Jan.
Nov. 25 Nov. 19
Dec.
Jan.
9
21 Dec.
16 Dec. 31
Dec. 28 Dec.
28 Dec.
Dec.
Jan.
Jan.
2 Dec.
15
Jan.
2 Dec.
15
Jan.
,.
6.36% prior preferred (monthly)
6% prior preferred (monthly)—
United New Jersey RR. & Canal (quar.)
United States Gauge Co. (s.-a.)
7% preferred (s.-a.)
United States Graphite Co
United States Gypsum Co. (quar.)
Preferred (quar.)
United States Inteniat. Securities 1st pref
2 Dec.
Jan.
15
10 Dec. 20
3 Dec. 20
3 Dec. 20
Dec.
2u Dec.
Jan.
Jan.
u
United States Pipe & Foundry Co., com. (quar.)
United States Playing Card Co
United States Rubber Co., 8% 1st preferred
Jan.
Dec. 23 Dec.
9*
United States Sugar Corp. preferred
Jan.
16 Jan.
5
Apr. 15 Apr.
July 15 July
5
(quar.)—
Preferred
(quar.).
Preferred (quar.).
1
Jan.
10
9
15 Dec. 20
15 Dec. 20
15 Jan. 31
16 Dec. 20
Dec.
Dec.
31 Dec. 26
19 Dec. 12
Dec.
—
Dec.
15
19 Dec.
19 Dec.
10
Dec.
15
Dec. 23 Dec.
Dec. 24 Dec.
13
Dec.
Jan
9
15
-
—
Preferred (quar.)
Stedman Bros., Ltd. (quar.)
.
30c
$1X
3H%
12 He
SIX
*1*
25c
,,
10
20
25c
Dec. 30 Dec.
30 Dec.
Dec. 23 Dec.
15c
75c
10c
Sterling, Inc. (extra)
Stix, Baer & Fuller Co. 7% pref. (quar.)
Sun Life Assurance of Canada (quar.)
10c
20 Dec.
31 Dec.
Jan.
75c
19
19
19
Dec. 23 Dec. 19
Jan.
1 Dec. 20
Jan.
1 Dec. 20
convertible preferred (quar.)
(A.) & Co., preferred (quar.)..
Sterchi Bros. Stores, 1st pref. (quar.).,:
Sterling Brewers. Inc
Stein
10
3 Dec. 12
Mar. 15 Mar.
1
Jan. 14 Dec. 31
Dec.
SIX
6%
Dec. 20 Dec.
Dec. 20 Dec.
Jan.
Jan.
1 Dec.
3 Dec.
15
Dec.
19 Dec.
15
Dec.
20 Dec.
10
50c
Dec.
Dec.
Jan.
Dec.
Dec.
Jan.
Jan.
3 Dec.
16
Extra
25c
Jan.
3 Dec.
16
Ordinary registered (s.-a.)
50c
Jan.
3 Dec.
16
Extra
25c
Jan,
3 Dec.
16
75c
Jan.
Jan.
3 Dec.
16
50c
3 Dec.
9
30c
Jan.
Sunshine Mining.
;
Superior Oil Corp. (special)
Supersilk Hosiery Mills, 5% preferred (s.-a.)
Supertest Petroleum, registered (s.-a.).
43 He
t$3 K
40c
10c
—
6% preferred B (s.-a.)
;
RR. (s.-a.)
Swift & Co. (quar.)
Sylvanite Gold Mines, Ltd. (quar.)
Tacony-Palmyra Bridge (quar.)
Class A (quar.)
Preferred (quar.)
Talcott (James), Inc. (quar.)
5H% par tic. preferred (quar.)
Talon, Inc
Tock-Hughest Gold Mines (quar.)
Sussex
Texas Corp
Texas Pacific Land Trust ctfs. of prop, interest
Sub-sh. ctfs. for sub-shs. in ctfs. of prop, int.,
$2H
5c
75c
75c
SIX
15c
68Hc
80c
10c
50c
$15
15c
1*
15
1 Dec.
16
24 Dec.
10
28 Dec.
3 Dec.
16
16
1 Dec.
2
Dec. 30 Nov. 21
Dec. 31 Dec. 15
Dec. 31 Dec. 15
Feb.
1 Dec. 17
Jan.
1 Dec. 16
Jan.
1 Dec. 16
Dec. 20 Dec.
Jan.
2 Dec.
Jan.
5 Dec.
Dec. 20 Dec.
Dec. 20 Dec.
5
(quar.)
(quar.)
7% preferred (quar.)
7.2% preferred (quar.)
8% preferred (monthly)
7.2% preferred (monthly),..
Thayers Ltd., $3H preferred
Thew Shovel Co
Thompson Products
Preferred
(quar.)
SI X
SIX
$1K
$1.80
50c
60c
tS3X
50c
25c
SIX
9
3 Dec.
9
3 Dec.
27
5
Camp Milk preferred (quar.)
Van de Kamp's Holland Dutch Bakers
Extra,
0 Dec.
9 Dec.
5
9 Dec.
_
$6H preferred (quar.),
—
—
5
7 Dec.
15
1
Dec.
13
7 Dec.
20
9 Jan.
10
)
Apr.
July
10
) Oct.
10
)
10
) Dec.
7 Dec.
16
) Dec.
15
5
1 Dec. 12
1 Dec. 31
I May
L Feb.
15
15
L May
) Dec.
15
1 Dec.
15
1 Dec.
14
i Feb.
14
L
L
13
May 15
Aug. 15
) Dec.
15
! Dec.
15
! Dec.
Extra
15
West Jersey & Seashore RR. (s.-a.)
5 Dec.
West Kootenay Power & Light rpef. (quar.)
L Dec.
14
West Penn Electric class A (quar.)
West Penn Power 7% pref. (quar.)
) Dec.
16
Jan.
6% preferred (quar.)
.
West Texas Utilities $6 preferred
$6 preferred (quar.)
West Virginia Water Service Co.—
$6 cumulative preferred (quar.),.
Western Assurance (Ont.) pref. (s.-a.)
t$lH
SIX
.
Jan.
5
! Dec.
15
15
\ Dec.
31
I
Dec.
10
I
Dec.
15
Dec. 20
Dec. 20
> Dec. 10
>
>
Dec.
15
15
15
Dec. 15
Dec. 15
! Dec.
! Dec.
1
!
Dec.
'
Class A (quar.).
15
Dec.
Weston (Geo.), Ltd
Weston Electrical Instrument.
15
Dec.
9
20
Dec.
Wheeling Steel, $5 prior pref,
Whitaker Paper Co. 7% pref. (quar.).
Dec.
Dec.
Whitman (Wm.) Co.. Inc., 7% preferred (quar )
Will & Baumer Candle Co., Inc., preferred (qu.)
Wisconsin Gas & Electric Co., 6% pref. O (qu.),
Wisconsin Public Service 7 % preferred.
6H% preferred.
6% preferred—
Wood (Alan) Steel preferred.
Wright-Hargreaves Mines (quar.).
Dec.
13
17
17
Dec.
15
Dec.
i
31
Nov. 30
i
Nov. 30
i
Nov. 30
Dec. 15
Nov. 23
Nov. 23
Dec.
1
_
Wrigley (Wm.) Jr. Co. (monthly).
Monthly.
Monthly.
Monthly,
*
5
15
1 Dec.
preferred (quar.)
Western Light & Telephone Co. $1H pref. (qu.)_
Western Pipe & Steel Corp. (Calif.Hquar.)
Western United Gas & Electric 6X% pref. (qu.)
6% preferred (quar.)
Wetheriil Finance Co. (quar:).
6% preferred (quar.)
Westmoreland, Inc. (quar.).
Yale & Towne Mfg. Co.
Yellow Truck & Coach 7% preferred.
Youngstown Sheet & Tube, preferred (quar.)
15
! Dec.
Western Dairies, Inc., $3 preferred.
Western Exploration Co. (quar.).
Western Grocers Ltd. (quar.).
Interim,
3 Dec. 15
3 Dec. 15
Jan.
3 Dec. 15
Jan.
3 Dec. 15
Jan.
3 Dec. 15
Jan.
3 Nov. 15
Jan.
I Dec. 20
Dec. 20 Dec. 10
Dec. 27 Dec. 15
20
J Nov. 29
....
Extra
1
17
2 Dec.
,
Vlctor-Monaghan Co. 7% preferred (quar.),—
Virginia Electric Power $0 pref. (quar.).
Vogt Mfg. Corp..
Vulcan Detinning.
Preferred (quar.)
x.
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Wagner Electric Corp.
Waldorf System, Inc—
Walker & Co., $2H class A.
Ward Baking Co., preferred.
Ware River RR., guaranteed common (s.-a.)
Washington Ry. & Electric 5% pref. (s.-a.)_
5% preferred (quar.)
5% preferred (quar.)
Washington Ry. & Electric, special
Waukesha Motor Co. (quar.) —
Wayne Knitting Mills
Welch Grape Juice Co. pref. (quar.).
Preferred (quar.).
Preferred (quar,).
Wellington Fund, Inc. (quar.).
Wesson Oil & Snowdrift Co., Inc.
1
Jan.
Jan.
Dec. 27 Dec.
10
1 Nov. 21
1 Nov. 21
Van
9*
Tennessee Electric Power Co.—
5% preferred
6% preferred
1 Dec.
$6 preferred
Valley RR. Co. (N. Y.) (s.-a.)
9
Jan.
Sperry Corp
z
Spicer Mfg. Corp
Spring Valley Co., Ltd. (liquidating)..,
Springfield Gas & Electric, $7 pref. A (quar.) —
Square D Co
Squibb (E. R.) & Sons
Stk. div. in $6, 1st pref. stk. at the rate of
l-100th sh. or pref. for each com. shs. held.
Staley (A. E.) Mfg. Co
$5 cumulative preferred (quar.)
7% preferred (semi-annual)
Standard Brands, Inc. (quar.)
Preferred (quar.)
Standard Oil Co. (Ohio) 5% cumul. pref
Starrett (L. S.) Co. (quar.)
Preferred (quar.)
L
Stearns (Fred.) & Co
10
15
15 Dec. 20
Feb.
Dec. 21 Dec.
16
28 Dec. 14*
15 Dec. 20
Jan.
6% cumul. preferred (quar.)
17
13
23
Dec.
Southern California Edison Co. Ltd.
Southwestern Gas & Electric 7% pref. (qu.)
Spartan Mills
1 Jan.
2 Dec.
1 June
9
Jan.
Jan.
Feb.
Dec. 23 Dec.
Jan.
_
Preferred (quar.)
Universal Products
1
Jan.
Original preferred (quar.)
5H % preferred series C (quar.).
ith<
~
Southern Canada Power Co., Ltd. (quar.)
16
Ventures, Ltd.
9
Dec.
10
Vermont & Boston Telegraph.
Victor Chemical Works.
Jan.
original pref. (quar.).
1
20 Dec.
28 Dec.
17
Dec. 24 Dec.
Dec.
Dec.
Dec.
Universal Leaf Tobacco Co., Inc. (quar.).
<
15 Dec.
Dec.
Dec.
17
12
Jan.
16
5
3 Dec. 21
Dec. 27 Dec. 16
United States Trust Co. (quar.)
United Stores Corp. preferred
United Stove Co. (reduced)
Universal Consolidated Oil
Extra,
Dec.
Dec.
15
Co., preferred (quar.),.
10
Dec. 31 Dec. 13
Jan.
3 Dec. 13
Dec. 27 Dec. 20
Dec. 20 Nov. 30*
D
Dec.
Jan.
9
Van Norman Machine Tool.
Dec. 20 Dec.
Dec.
(quar.) —
Common (quar.)
South West Penn a. Pipe Lines
Southern Calif. Edison,
Preferred O (quar).
9
15
Jan.
South American Gold & Platinum Co
South Carolina Power Co., 1st $6 pref.
South Penn Oil Co..
South Porto Rico Sugar
Jan.
3 Dec.
3 Dec.
2
10
Dec. 2o Dec.
9
Dec. 22 Nov. 29
Dec. 22 Nov. 29
Dec. 20 Nov. 30
United Gas Improvement (quar.)—
Upper Michigan Power & Light Co.
0% preferred (quar.)
Upressit Metal Cap Corp., 8% preferred
Utah Power & Light Co. 7% preferred
Jan.
7
Jan.
Jan.
Quarterly
Quarterly
Quarterly
Dec. 20 Dec.
—
,
2
Dec. 22 Dec.
Feb.
United Biscuit Co. of America pref. (quar.)
United Bond & Share Corp., Ltd. (quar.)
Universal-Cyclops Steel
Corp
preferred (quar.)
Sherwin-Williams (Canada), pref
-Sieloff Packing Co
Simon (H.) & Sons Ltd. (interim)
7% cumulative preferred (quar.)
Simmons Co. (year-end dividend)..
Skelly Oil Co. preferred (quarl)
Skinner Organ Co
Sloss-Sheffield Steel & Iron, pref. (quar.)
Smith (Howard) Paper Mills 6% pref. (qu.)
Smith (L. C.) & Corona Typewriters (quar.).,,.
Preferred (quar.)
Sonotone Corp. pref. (quar.)
15
3 Dec. 21
3 Dec.
2
Dec. 22 Dec.
2
Dec. 22 Dec.
2
Jan. 20 Dec. 31
Jan. 14 Dec. 31
Jan.
14 Dec. 31
cum. conv.
16
Dec. 28 Dec.
Shattuck (Frank G.) (quar.)
Extra.
Sheaffer (W. A.) Pen Co., 8%
5H%
8
1 Dec.
Jan.
Jan.
Extra
15
Dec. 23 Dec.
Jan.
Jan.
Jan.
Shell Union Oil
13
Union Carbide & Carbon Corp
Seven-Up Bottling Co. (St. Louis)..
5M% conv. preferred (semi-annual)
preferred (quar.)
Holders
Payable of Record
«TX
Twin Disc Clutch Co
Sharon Steel Corp. preferred (quar.)
Sheep Creek Gold Mines (quar.)
1938
Union Investment Co., 7.6% pref. (quar.)
Union Pacific RR
Union Premier Food Stores (quar.)
16
Dec. 27 Dec. 20
3 Dec. 20
1 Dec. 20
Share
Company
Tide Water Assoc. Oil, $4X preferred (quar.)..
Timken-Detroit Axle
Tivoli Brewing Co...
16
Jan.
Jan.
Inc. pref. (quar.)
Per
Holders
Payable of Record
Dec. 22 Dec.
Dec. 22 Dec.
Reliable Stores Corp. (year-end)
Preferred (quar.)
Reliance Mfg. Co. (111.) pref. (quar.),.
Remington Arms Co., Inc
Remington Rand, Inc. (interim)
Preferred (quar.)
-
'
When
Share
Name of Company
Dec.
Chronicle
Dec.
20
Jan.
20
Feb.
20
Mar. 20
Dec.
Dec.
—
9
16
Dec.
17
Transfer books not closed for this dividend,
t On occount of accumulated dividends.
X Payable in Canadian funds, and in the case of non-residents of Canada
a tax of 5% of the amount of such dividend will be made.
deduction of
Volume
The weekly statement issued by the
Clearing House is given in full below:
MEMBERS
OF
ASSOCIATION
NEW
OF THE
CLEARING
Bank of New York at the close of
in
HOUSE
Net Demand
Deposits
Deposits,
Profits
Average
comparison with the previous week and the
Average
Surplus and
Members
corresponding
date last year:
Time
Undivided
*
Capital
Clearing House
the condition of the Federal Reserve
business Dec. 14, 1938,
The following shows
City
New York
YORK
York
New
STAURDAY, DEC. 10. 1938
WEEK ENDED
THE
FOR
of
Condition of the Federal Reserve Bank
Weekly Return of the New York City
Clearing House
STATEMENT
3719
Financial Chronicle
147
Dec.
14, 1938
Dec. 7, 1938 Dec. 15, 1937
s
Assets—
$
$
13,552, 100
160 ,319,000
485 694,000
35.588,000
59,145, 000 al,601 974,000
517 084,000
55,282, 700
182,041, 200 61,465 936,000
163,312,000
6,155,000
Cent Hanover BkATr Co
77,600,000
20,000,000
90,000,000
42,305,000
21,000,000
Corn Exch Bank Tr Co.
15,000,000
First National Bank
10,000,000
Gold certificates
10,619,000
26,107, 900
6,000,000
20,000.000
Bank of New York
Bank of Manhattan Co.
National City Bank
Chem Bank & Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
Irving Trust Co
45,129, 400
Continental Bk A Tr Co.
Chase National Bank...
269 415,000
61,239, 800
4,279, 200
59.625,000
c838 ,846,000
18,549, 700
108,404, 000
50,000,000
4,000,000
100,270,000
Other cash
523 750,000
44 ,863,000
«838 ,639,000
Secured
31,231,000
131,406, 300 d2,260 ,052,000
Bankers Trust Co
25,000,000
3,679, 600
78,313, 500
Title Guar & Trust Co..
10,000,000
1,055, 600
,683,000
5,000,000
9,088 100
106 ,905,000
12,500,000
27,938, 900
8,229, 500
9,238 600
340 ,831,000
New York Trust Co
Comm'l Nat Bk A Tr Co
7,000,000
7,000,000
Public Nat BkATrCo.
13
81 ,401,000
85 ,172,000
U.
*
As
official reports:
per
Industrial
United
1,668,000
4,305,000
216,000
3,583,000
214,000
3,587,000
1,004,000
4,584,000
250,391,000
371,314,000
193,717,000
250,391,000
370,360,000
194,671,000
222,584,000
815,422,000
815,422,000
739,704,000
821,998,000
820,891,000
749,597,000
64,000
5,417,000'
205,809,000
9,791,000
16,336,000
66,000
4,950,000
174,192,000
9,791,000
15,988,000
5,947,000
193,335,000
9,969,000
10,693,000
advances..............
312,000
States Government securities:
Bonds..
...
Treasury
notes
bills
Total U. S. Government securities..
1938; State, Sept. 30, 1938; trust
National, Sept. 30,
2,777,000
»
327,441,000
189,679,000
615,820,000
913,814,700 10,700,839,000
523,075,000
1,368,000
300,000
3,993,000
384,000
2,393,000
Bills bought in open market.....
Treasury
Totals
Govt, obligations,
8.
Total bills discounted..
5,147,000
22,983,000
2,389,000
'50,992,000
500,000
by
Other bills discounted
2,488,000
Marine Midland Tr Co..
Fifth Avenue Bank
5,223,480,000 5,209,626,000 3,537,089,000
direct or fully guaranteed
4,546,000
5,316,000
48,044,000
4,600,000
43 772,000
1,437,000
77,389,000
1,484,000
99,100,000
1,300,000
98,485,000
Bills discounted:
24,260,000
2,481,000
606 ,625,000
5,123,695,000 5,109,042,000 3,458,263,000
t
Total reserves
90,671,000
45,373,000
525 ,878,000
71,133, 600
hand and due from
on
United States Treasury.*
Redemption fund—F. R. notes...
companies, Sept. 30. 1938.
(a) $263,601,000; (6) $87,498,000;
Includes deposits In foreign branches as follows:
Total bills and securities
(c) $6,762,000; id) $101,831,000; (e) $34,243,000.
The New York
are
publishes regularly each week
trust companies which
members of the New York Clearing House-.
The
of
returns
Due from foreign banks
Federal Reserve notes of other banks...
not
following
"Times"
numbers of banks and
a
Uncollected items
Bank premises..
"...
All other assets.....
71,000
the figures for the week ended Dec. 9:
are
INSTITUTIONS
NOT
IN
CLEARING
THE
WITH
HOUSE
FRIDAY,
NATIONAL AND STATE BANKS—AVERAGE
BUSINESS
FOR
THE
ENDED
WEEK
6,282,895,000 6,235,504,000 4,506,701,000
Total assets...
CLOSING OF
DEC. 9. 1938
FIGURES
Liabilities—
1,020,878,000 1,014,943,000
F. R. notes In actual circulation
Res. Dep.,
Dep. Other
Disc, and
Including
N. Y. and
Banks and
Gross
Investments
Bank Notes
Elsewhere
Trust Cos.
Deposits
Foreign bank...
,
....
78,715,000
78,539,000
217,281,000
158,578,000
$
$
S
$
%
66,638,000
211,578,000
........
Other deposits....
Manhattan—
955,207,000
Deposits—Member bank reserve acc't.. 4,616,129,000 4,580,040,000 2,980,729,000
29,442,000
U. S. Treasurer—General account
55,467,000
55,465,000
Other Cash,
<<
Loans,
Grace National
22,845,100
124,600
7,187,300
2,973,600
29,161,500
Sterling National..'.
19,132/000
756,000
5,857,000
6,401,000
28.300,000
Trade Bank of N. Y.
4,690,263
316,624
2,844,208
260,361
6,957,036
6,789,200
371,700
1,635,200
538,300
8,463,600
Surplus (Section 7)
4,930,000
106,000
933,000
587,000
5.952,000
Surplus (Section 13-B)
Total deposits..
r
4,949,810,000 4,931,503,000 3,247,288,000
...
Deferred availability Items
189,168,000
50,905,000
51,943,000
7,744,000
8,210,000
4,237,000
Capital paid In
Brooklyn—
Lafayette National.
_
People's National
Res. Dep.,
Loans,
Cash
Disc, and
Dep. Other
Y. and
Banks and
Deposits
Elsewhere
Ratio
$
$
$
$
S
....
*5,019,400
9,209,500
9,550,616
192,100
1,527,520
12,006,226
Empire
2,725,000
1,935,960
686,608
23,025
424,600
305,900
56,954,800
Federation
Fulton....
19,835,400
*1,348,091
*5,349,000
Lawyers
28,004,400
*9,705,300
United States
55,848,324
Fiduciary...
of
total
reserve
Contingent liability
to
deposit
bills
for foreign correspondents
64,297,800
11,203,345
21,487,100
626,100
*
31,479,000
Commitments
make
to
and
87.5%
87.6%
84.2%
27,000
27,000
579,000
3,410,000
3,411,000
4,612,000
purchased
Industrial
vances
83,201,395
3,745,000
2,275,015
5,176,000 113,331,000
42,764,262
11,919,896
Includes amount with Federal Reserve as follows* * Empire,
ciary,
on
....
ad¬
..
t "Other cash" does not Include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
34,214,902
$769,687;
Fulton,
$5,040,000;
2,646,000
36,345,500
*57,206,362
80,882,000
Kings County.
51,049,000
51,474,000
7,744,000
9,117,000
7,744,000
8,210,000
3,811,000
11,055,754
Brooklyn—
Brooklyn.;
182,176,000
6,282,895,000 6,235,504,000 4,506,701,000
Total liabilities..
F. R. note liabilities combined
Manhattan—
166,444,000
50,906,000
51,943,000
Gross
Trust Cos.
N.
Investments
...
Reserve for contingencies
All other liabilities
FIGURES
TRUST COMPANIES—AVERAGE
....
$8,959,100;
Lawyers,
•
the gold taken
1934, devalued from
the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
z
These are certificates given by the United States Treasury for
over
from the Reserve banks when the dollar was, on Jan. 31,
100 cents to
$3,000,800: Fidu¬
United States, $37,-
59.06 cents; these certificates being worth less to
under the provisions of the Gold Reserve Act of 1934.
890,256.
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
Items of the
These
resources
figures
are
and liabilities of the reporting member
always
The comment of the-Board of Governors of
week behind those for the Reserve banks themselves.
a
the Federal Reserve System upon
immediately preceding which
the principal
banks in 101 leading cities from which weekly returns are obtained.
and Discussions "
banks for a week later.
the figures for the latest week appears in our department of "Current Events
we
also give the figures of New York and Chicago reporting member
Commencing with the statement of May 19,1937, various changes were made in the breakdown
an announcement of the Federal Reserve Bank of New York of April 20,1937, as follows:
of loans as reported In this statement
describedin
of loans and discounts. This classification has been changed primarily to show the
loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York Oity and tbose located
acceptances and commer•utsideNew York Oity.
Provision has been made also to include "acceptances of own bank purchased or discounted" with
dalpaper bought in open market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
and "other loans
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and agricultural loans
would each besegregated as "on securities" and "otherwise secured and unsecured."
•
..
A more detailed explanation of the revisions was published in the May 29.1937. issue of the "Chronicle,
page 3590
The changes in the report form are confined to the classification
smountsof (1) commercial,industrial and agricultural loans, and (2)
,
,
assets and liabilities
of weekly reporting
member banks in 101 leading cities by districts on dec. 7,1938 (In
New Yort
Boston
Total
Reserve Districts—
Federal
Atlanta
Chicago
St. Louis
$
Cleveland Richmond
Phiia.
$
Millions of Dollars)
Minneap. Kan. City
$
.
21,450
Investments—total
Loans—total.
Commercial, Indus, and agrlcul. loans
Open market paper
.
Loans to brokers and dealers In secure
securities
carrying
1,152
1,804
674
600
2,976
705
378
650
526
2,149
643
240
313
833
318
162
254
241
988
585
3,460
423
258
1,532
183
231
108
171
471
194
81
164
159
339
3,881
336
68
143
23
10
10
3
34
3
4
17
1
20
38
6
1
4
2
12
79
13
7
12
13
50
94
48
20
382
838
693
28
19
25
3
7
31
16
16
571
32
269
33
1,165
82
220
58
170
32
29
7
23
124
3
98
2
2
4
1
4
8
46
"62
43
46
184
227
160
217
187
726
1,545
Other loans
United States Government
obligations
Govt.
Obligations fully guar, by U. S.
securities
Reserve with
$
8,692
—
—,
Real estate loans
Loans to banks
Other
Federal Reserve Banks.
114
505
105
174
67
86
113
8,087
399
3,106
348
789
326
158
1,444
31
868
61
15
42
115
1,685
129
1,258
288
278
61\
87
468
99
41
127
56
320
3,218
7,395
4,194
236
394
150
105
1,131
161
75
166
108
340
335
94
41
42
231
52
142
85
20
43
20
12
70
12
7
13
11
23
169
169
284
154
141
401
122
115
273
221
302
136
570
27
211
75
22
1,297
16
16,114
1,036
5,127
250
533
10
84
107
37
40
85
23
775
1,127
437
350
2,354
448
282
496
417
943
7,449
993
285
734
195
184
886
185
118
142
133
1,022
2
21
31
101
365
221
287
LIABILITIES
Demand deposits—ad) us ted
—
Time deposits
United States Government deposits..
Inter-bank deposit
6,298
Foreign banks..
liabilities-.
—
;.......
38
29
21
35
100
17
257
230
904
275
123
2,731
:
310
348
428
23
1
9
3
T7
1
1
10
7
8
3
7
323
91
57
97
84
332
1
839
"""24
361
""l8
"~29
7
21
3,683
242
1,619
226
362
91
388
— _
Capital account
128
247
492
Domestic banks—
Other
93
458
domestic banks
Other assets—net
Borrowings
1
1
_
2,487
Cash In vault
Balances with
$
$
1,144
8,460
•
Other loans tor purchasing or
$
S
$
ASSETS
Loans and
San Fran.'
Dallas
$
$
$
3720
Financial
Chronicle
Dec.
1938
17,
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System
was
showing the condition of the 12 Reserve banks at the close of business
for the System as a whole in
week last year.
Thursday afternoon, Dec. 15r
on
The first table presents the results
Wednesday.
on
comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the
and liabilities separately for each of the 12 banks.
resources
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors
of the Federal Reserve System
returns
for the latest week
appear
in
our
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC. 14
Dec.
Three Ciphers (000) Omitted
14,
1938
on
Dec. 7,
hand and due from U. 8. Treas.
Nov.
1938
$
ASSET8
Gold ctffi
the
upon
department of "Current Events and Discussions"
30,
Nov
1938
$
11,661,721
23,
1938
$
11,713,718
9,592
339,729
Nov.
Nov.
16.
1938
%
9,
1938
S
%
Nov.
Oct.
2,
20,
1938
1938
$
1938
Oct. 19.
1938
Dec.
S
S
1
15,
1937
Other cash •
11.317.698
9,071
351,798
11.287.700
8,141
368,202
11,252.711
11.197.209
8.803
9,665
8,920
345,743
11,403,701
9,677
j. 369,332
378,785
374,312
313,180
12,017,471
11,970,472
11.865.396
11,782,710
11,678,567
11.664,043
11.640,299
11,581,186
9,444,007
3,655
4,601
2,480
3,757
3,643
12,004
2,904
4,902
3,176
3,470
2,846
4,680
3,120
4,365
2,388
2,870
2,602
3,768
6,997
-
11,492,201
10,33«
362,857
4,402
2,535
-
Total reserves.
11,601,717
10,815
357,940
12,003,039
x.
Redemption fund (Federal Reserve notes)
6,043
7,081
6,603
0,547
7.800
8.078
7,235
0,072
15,772
10,007
9,121,907
Bills discounted:
Secured
direct
U
by
Government obligations
S.
fully guaranteed
or
Other bills discounted..
-
Total bills discounted.
Bills bought In open market.
Industrial advances
549
Treasury notes
Treasury bills
545
545
541
541
541
2,825
15,199
15,417
15,163
15,148
15,336
15,446
18,432
787,327
1,164.565
612,123
787,327
1,164,565
787,327
1,164,565
787,327
787.327
1,164,565
612.123
1,164,565
012,123
1,164,565
612,123
787,327
1,164,565
612,123
1,134,997
612,123
787,327
1,164,565
612,123
787,327
612,123
2,564,015
2,564,015
2.564,015
2,564,015
2,564,015
2,564,015
2.564,015
2,564,015
2,564,015
2,564,015
2,587,134
2,586,090
2,587,464
2,586,362
2,586,524
2,587,523
2,587,782
2.587,127
2,586,074
2,601,044
172
Total U. S. Government securities
Other
545
15,821
609,123
—
547
15,485
787,327
1,167,505
United States Government securities—Bonds.
547
15,573
174
""""174
176
176
176
""180
28.212
803,547
44,203
22,447
556,371
21,908
621,464
44,203
49,544
44.202
50.011
48,917
44,282
48,567
15,295,383
14,938.831
14,988,496
14,930,212
771,539
657,479
securities
Foreign loans
on
gold.
Total bills and securities.
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks.
25,038
790,067
21,573
620,779
premises
44,106
Allother assets
56,183
15,565,739
Uncollected Items
Bank
Total assets—
23,642
23,737
44,117
51,736
616,017
44,119
51,076
644,074
44,193
50.682
15,341,940
15,292,964
15,214.620
""i'80
"""180
181
23.103
24,375
23,358
586,654
718.302
44,305
774,034
.
45,284
47,732
36,066
15.002.154
12,923,974
LIABILITIES
Federal Reserve notes In actual circulation....
4,432,967
4,422,449
4,384,882
4,362,465
4,345,816
4.355,754
4,319,756
4,284,377
4.288,820
4,293,307
Deposits—Member banks'
9,033,512
412,790
185,705
365,162
8,966,268
407,377
210,718
365,517
8.876,481
483,982
208,097
8,818,335
8,740,083
6,884,407
575,944
584,153
8,693,189
609,102
201,272
212.494
224,845
161,598
197,372
144,453
216,438
350,438
8,546,166
577,766
218.033
312,482
8,685,986
366,168
8,726,623
543,576
202,848
322,597
9,997,169
9.949,880
9,934,728
9,855,170
9,795,644
9,654,447
9,688,047
9,698,328
9,644,116
7,534,968
777,496
134,157
147,739
27,683
32,672
615,719
619,425
643.275
716,050
744,682
131,013
133,988
147,739
27,683
32,707
15,856
11,750
32,707
11,803
11.603
11,473
10,927
147,739
27,683
32,707
11,512
133,983
147,739
132,550
147,739
27,683
32,671
147,739
27,683
32,672
627,645
133,992
147,739
27,683
593.878
134,032
147,739
800,702
134,003
147.739
27,683
32,672
11,124
575.025
134.049
15,565,739
15,341,940
15,292,964
15,211,620
15.295,383
14,938,831
14,988,496
,83.6%
t83.6%
83.6%
83.5%
83.3%
83.4%
76
76
240
324
324
324
14,949
15,147
14,328
14,335
14,345
13,318
reserve account
United States Treasurer—General account..
Foreign banks
Other
......
—
deposits
Total deposits
Deferred avallablUty Items.
Capital paid In—
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies..
All other liabilities
...
Total liabilities
■
474,316
212,081
27,683
32,672
134,003
231,540
202,583
145,854
27.683
27,615
32,707
11,056
35,697
14,930,212
15,002,154
12,923,974
83.3%
83 2%
83.1%
79.8%
324
338
338
1,785
13,320
14,541
14,537
12,955
9,301
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined...
Contingent
foreign
liability
on
bills
purchased
for
correspondents..
Commitments to make industrial advances...
"
—
l
\
^
Maturity Distribution of Bills and
Short-Term Securities—
1-16 days bills discounted...
5,553
4,687
4,994
4,755
352
227
240
231
967
493
416
346
826
415
519
562
682
530
530
457
499
155
61-90 days bills discounted
Over 90 days bills discounted
5,712
564
246
16-30 days bills discounted
31-60 days bills discounted..
434
166
162
211
229
367
401
404
435
428
5,353
13,326
"
423
461
596
650
583
507
379
260
758
6,043
7,081
6,603
6,547
7.800
8,078
7,235
6,072
15,772
153
"""264
198
""*264
94
129
46
170
"""264
"""264
154
237
258
128
4791
Total bills discounted.
6,997
1-16 days bills bought in open market...
264
*6-30 days bills bought In open market...
81-60 days bills bought In open market...
61-90 days bills bought in open market...
Over 90 days bills bought In open market.
23
""285
83
Total bills bought in open market.
128
83
165
154
---
199
197
94
94
85
173
165
94
1,107
165
------
1,545
""
------
549
547
545
545
545
541
541
541
2,825
1,626
1,673
1.434
1,523
555
582
1,338
316
1,283
1,361
921
88
1,273
330
308
326
277
226
805
....
547
1,432
1-16 days industrial advances
16-30 days Industrial advances
31-60 days Industrial advances
61-90 days Industrial advances
Over 90 days industrial advances
4,535
5,579
6,147
753
563
1.114
1,118
790
947
738
640
718
758
660
463
553
766
702
515
15,675
.
429
Total industrial advances
.
1-16 days U. S. Government securities......
321
478
327
12,352
„
12,203
12.468
12,004
12,114
12,107
12,258
12,370
12,439
15,573
15,485
15,821
15,199
15.417
15,163
15,148
15,336
15,446
18,432
98,243
95,330
184,098
183,592
9'.,8l0
110,523
105,835
97,675
70,178
105,835
49,011
177,688
187,657
*
90,458
77,890
95.330
110,523
105,340
99,078
82,358
190,057
194,268
1,983,892
181,032
187,657
75,890
200,487
209,378
193.485
180,923
1,996,637
2.005,185
1,996,192
2.002,752
174,968
175.847
2,006,867
2,564,015
16-30 days U. 8. Government securities
31-60 days U. S. Government securities
2,564.015
2.564,015
2,564,015
2.564.015
2,564.015
.
61-90 days U. 8. Government
securities..
Over 90 days U. 8. Government securities
Total U.S. Government securities
'
98,243
95,810
186,413
24,385
193,573
63,926
200,487
188,358
180,299
i,994,592
1,983,630
2,006,071
2,246,394
2.564,015
2,564,015
2,564.015
2,564,015
1-16 days other securities...
16-30 days other securities...
81-60 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 U
Collateral Held by Agent as
Notes Issued to Bank—
Gold otfs
on
4,759,331
4,730.059
307,610
4.686,288
326,364
4,650,264
287,799
4,631,714
285.898
4,616.904
261.150
4,579,253
301,406
4,583,137
298,760
4.580,026
291,206
4,669,198
259,497
4,432,967
4,422,449
4.384,882
4.362,465
4.345,816
4,355,754
4,319,756
4,284,377
4.288,820
4,293,307
4,835,000
4,792,000
4,686.000
4,683,000
5,156
4.757,000
6,214
4,712,000
6,057
5,700
4.668,000
6,412
4,705,632
6,936
4,668,000
7,182
4.663,000
5,669
4,841.057
Federal Reserve Bank
In actual circulation
4,797,156
4.763.214
375,891
Security for
hand and due from U. 8. Treas..
By eligible paper
United States Government securities.........
5.308
14,801
20,000
Total
collateral.
•
"Other cash" does not include Federal
Reserve notes,
x
These
cents on Jan
are
t Revised figures.
certificates given by the United States
Treasury
31. 1934. these certificates
being worthless
provisions ol the Gold Reserve Act of 1934
to
4.717.700
4,691.669
4.689,936
4.675.182
for the goio taken over from the Reserve banks when the dollar
the extent of the
4.674,412
4.668.308
4,740,433
,
was
difference the difference Itself having been
appropriated
devalued from 100 cents
as
profit
by
the
ro
59.06
Treasury under
Volume
Three
certificates
hand
on
New Yorl
9
9
and
St. Louis Mlnneap. Kan
Chicago
$
%
9
346
1,300
1,319
98,485
24,863
575
603
682
861
612
520
202
12,119
49,855
18,681
6,733
13,535
13,651
29,681
316,412
212,060
817,570
190
,
758,357
556,085
9
786,161
1,728
198,207
302,357
253,895
314,411
261,961 2,182,639
9
17,644
19,145
701,216 5,223,480
12,063,039
356,588
844
35,337
...
reserves
738,368
529,903
665,533 5,123,695
11,713,718
9,592
Redemption fund—Fed. Res. notes,.
339,729
Other cash
San Fran
Dallas
CUy
9
9
9
due
from United States Treasury
Total
Atlanta
%
Cleveland Richmond
Phtia.
%
9
ASSETS
Gold
Boston
Total
1938
RESERVE BANKS AT CLOSE OF BUSINESS DEC. 14,
OF EACH OF THE 12 FEDERAL
Ciphers (000) Omitted
Federal Reserve Agent at—
)
the Federal Reserve System (
Weekly Return of the Board of Governors of
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
3721
Chronicle
Financial
147
374,807
274,683 2,233,176
333,953
261,240
Bills discounted:
Secured by U. S. Govt, obligations
2,393
707
141
77
98
15
348
108
94
14
618
269
90
185
100
109
141
588
48
3
384
1,325
410
167
283
115
457
249
682
62
193
2,777
277
4,462
direct and (or) fully guaranteed..
2,535
Other bills discounted
277
6,997
Total bills discounted
216
56
50
24
19
68
2
2
39
41
16
549
2,117
3,132
619
1,490
823
415
44
985
269
744
15,573
Bills bought In open market
Industrial advances
28,943
1,352
62,242
—
16
787,327
59,255
3,583
250,391
68,403
79,168
32,792
17,446
87,873
371,314
101,437
117,403
32,096
47,595
84,870
1,167,565
36,947
54,790
34,774
125,859
48,629
25,872
51,570
45,843
193,717
52,921
61,249
28,584
24,831
65,660
25,370
13,497
26,904
42,922
22,393
92,301
48,154
609,123
192,971
815,422
222,761
257,820
120,321
104,522
276,389
106,791
56,815
113,248
94,258
202,697
2,664,015
258,899
122,002
105,647
276,987
107,294
58,051
114,215
95,080
204.281
821,998
227,274
U. S. Government securities—Bonds
Treasury notes
Treasury bills
Total U. S. Govt, securities..--.
Total bills and securities
195,406
2,587.134
-
,
-
172
13
64
17
16
8
6
21
3
803
5,417
1,006
1,419
1,210
2,033
2,923
2,791
28,453
104,858
34,272
-
5
724
3,913
38,956
27,293
3,091
1,264
38,610
3,252
4,280
73,300
205,809
63,119
95,481
premises
790,067
44,106
61,725
2,950
9,791
4,699
0,029
2,627
2,080
4,490
2,297
1,779
18,191
1,536
All other assets
56.183
3,414
16,336
8,679
5,778
2,971
2,398
5,068
1,992
1,282
2,123
565,350
415,300 2,627,523
482,602
342,081
475,822
Uncollected
Bank
items
977,102 6,282,895
387,110 1,020,878
321,767
427,153
209,260
150,410
989*, 873
182,585
137,120
170,264
81,058
355,489
4,432,967
383,107
501,502
235,791
212,465
124,224
228,738
18,487
55,465
28,805
38,866
31,348
173,735 1,351,629
53,361
38,518
28,742
66,638
18,204
7,987
6,501
22,105
5,387
9,433
17,089
14,678
3,430
4,895
61,812
6,598
42,934
4,272
5,075
18,604
13,374
178,291
30,218
5,387
593,190
9,033,512
412,790
434,711 4,616,129
1,847
2,244
17,495
572,135
278,556
223.649 1,488,907
253,378
176,505
254,576
216,140
651,315
492,649 4,949,810
439,549
62,701
12,213
93,711
62,344
4,997
28,124
102,967
35,897
19,074
40,699
29,904
13,404
3,934
2,903
4,203
3,953
13,466
14,323
4,964
4,481
5,626
22,387
4,667
1,00.7
3,176
3,409
730
1,429
545
1,142
3,892
1,270
1,401
1,603
7,035
1,215
3,153
1,001
1,873
3,613
4,411
935
1,776
40,017
10,351
9,805
2,121
2,000
419
677
1,521
381
452
390
295
820
1,073
F. R. notes In actual circulation
Deposits:
Member bank
reserve account
U. S. Treasurer—General account-.
185,705
bank
Total deposits
211,578
26,077
365,162
deposits
9,997,169
777,496
Capital paid In
9,412
9,900
>
189,168
50,905
147,739
.
72,890
134,157
Deferred availability Items.-
27,683
1,448
51,943
7,744
8,210
15,856
—.
Reserve for contingencies
All other liabilities..-.
2,874
32,672
Surplus (Section 7)
Surplus (Section 13-B)
819
4,257
76
6
14,949
1,320
.565,350
7
7
3
3
1,517
2,251
1,301
.159
58
"Other cash" does not Include Federal Reserve notes.
9
Federal Reserve notes:
2
2
214
552
6
2
525
50
,
Atlanta
Chicago
S«. Louis
S
9
9
%
$
$
$
9
3,59
Kan.
Minneap
San Fran
Dallas
dtp
9
9
$
9
163,702 1,015,797
;
25,924
13,292
222,129
200,300
141,197
180,356
89,088
421,197
17,721
4,077
10,092
8,030
65,708
109,756
18,762
448,025
20,872
321,767
427,153
209,260
f50,410
989,873
182,585
137,120
170,264
355,489
387,110 1,020,878
81,058
4,432,967
451,000
225,000
169,000 1,030,000
207,000
143,500
185,000
434,000
410,000 1,145,000
345,000
90,500
4,835,000
167
115
398
158
661
193
191
60
850
451,191
225,167
169,263 1,030,115
207,398
143,658
185,661
90,560
434,193
19,261
326,364
Held by Federal Reserve Bank
340,529
406,371 1,130,634
4,759,331
R. Bank by F. R. Agent
.
Cleveland Richmond
Phila.
New Yorl
Boston
475,822
2
*
STATEMENT
Three Ciphers (000) Omitted
Total
13,188
''\
;
FEDERAL RESERVE NOTE
Federal Reserve Bant of—
27,442
338,288 1,071,918
'•
"
,
342,081
482,602
9
3,410
Issued to F
5,573
,
415,300 2,627,523
860,879 1,125,979
27
Commitments to r^ake Indus, advs.._
13,401
2,000
4,772
977,102 6,282,895
Total liabilities
Contingent liability on bills purchased
for foreign correspondents
*
1,862
338,288 1,071,918
860,879 1,125,979
LIABILITIES
Other
•
15,565,739
Total assets
Foreign
12
5
1,020
2
25,038
Due from foreign banks
Fed. Res. notes of other banks
12,869
'
In actual circulation.
Collateral held
by
Agent as security
for notes issued to banks:
Gold certificates
hand
on
and
due
from United States Treasury
277
6,057
Eligible paper
Total collateral
345,850
410,277 1,147,724
4,841,057
—
2,724
263
Rates
quoted
—
4 1939
8 1930
Feb.
15 1939
Feb. 23
1939—,
0.05%
0.05%
Mar.
1
1939-
8 1939
11 1939
18 1939.
Jan.
25 1939
0.05%
0.05%
1 1939
0.05%
Feb,
,
Quotations of representative stocks as
each day of the past week:
Quotations for United States Treasury
Notes—Friday,
Dec.
10
32ds of
Cle Generale
Cle
Bid
Rate
Asked
d'Electrlclte.
....
1H%
101.8
101.10
Courrlere
—1
Dec.
15,1943—
1H%
101.7
101,9
Dec.
Dec.
15 1941
1H%
102.15
102.17
102.1
102.3
Mar. 15 1939—
1X%
100.8
Mar. 15 1941-.-
1X%
102.23
XX%
IH%
Mar. 15 1942...
—
IX%
1X%
1X%
102
Sept. 15 1939—
Dec. 15 1939...
June
15 1941
•
-
'
102.18
Dec.
102.20
-
-
15 1940...
15 1942.-.
Sept. 15 1942
102.23
102.25
Credit Commercial
102. Q
102.11
Credit
1 H%
1 H%
Mar. 15 1940—
101.30
102.11
103.25
103.27
Eaux des Lyonnalse cap
103.29
103.31
104.27
104.29
Nord....
Energle Electrlque du Littoral..
101.31
102.1
Kuhlmann
2%
2X%
—
June 15 1939...
L'Alr
de France.--
Lyonnalse
Hollday
---------------
Llqulde
870
Orleans Ry 0%
THE
>sing prices of representative stocks as
Rentes
received by cable
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
10
12
13
14
15
16
-Per Cent of
(4%) 113
111
■—163
Deutsche Bank (6%)
115
Deutsche Refclisbahn (German Rys.pf.7%).124
Dresdner Bank (5%)
108
Farbenlndustrte I. G. (7%)
149
Mannesmann Roehren (5%)
1
106
Relchsbanks (8%)
187
163
115
124
108
148
105
185
191
103
189
102
(8%)
Vereinlgte Stahlwerke (5%)
Siemens A Halsfce
-
Perpetual 3%
Rentes4%, 1917
Rentes 4%, 1918
.
;
4H%. 1932. A
Rentes 4Vj%. 1932. B
Rentes. 5%. 1920
Rentes
day of the past week:
Allgemelne EJektrizltaets-Gesellschaft
Berliner Kraft u. Lielit (8%)-
Capital----------------
Pechlney
BERLIN STOCK EXCHANGE
Par
109.50
6.260
2,077
1,220
61
90
1,488
626
107
455
77
C & C
113
113
113
113
Schneider & Cle
163
163
163
162
SocieteFrancalse Ford..
115
115
115
115
108
108
108
108
147
148
150
149
105
105
106
106
Generale Fonclere
Societe l yonnalse
x—
Soclete Marseilles
—
Tublze Artificial Silk preferred..
Union d'Electrlclte
185,
186
185
Wa<zon-I,lts..*
123
123
123
187
124
189
188
190
103
104
105
Soclete
__
-
188
103
z
Ex-dividend.
852
865
416
33
85.20
Royal Dutch
Saint Gobaln
206
543
1,690
1,470
333
566
678
1,270
896
417
33
1.702
81.20
83.30
82.90
87.00
NordRy.Pathe
210
249
535
1,700
1,490
344
575
676
1,280
----------
Lyon (PLM)
'
'
1,286
480
212
17j700
215 "
215
15,900 17,300
747
763
1,510
1,520
49
-—
566
585
870
875
874
Energle Electrlque du
102.25
9,200
1,281
465
210
—
1H%
June 15 1940...
9,100
1,287
467
210
16,500
741
1,500
51
558
Comptolr Natlonale d'Escompte
102.13
Coty S A
15 1943—.
.
Transatlantlque..
Generale
Asked
Bid
Rate
MaturUy
June
—
—
Citroen B
Int.
Int.
Maturity
...
9,100
1,291
465
Pays Bas
Cle Distr d'Electrlclte.
'
v■
-
-
13 Dec. 14 Dec. 16
Francs
Francs
Francs
Francs
Banque de l'Unlon Parlslenne—
Canadian
Pacific
-------Canal de Suez cap
12 Dec.
received by
9,100
Bank of France.-
Banque de Paris et Des
Dec. 16
Figures after decimal point represent one or more
Exchange,
PARIS BOURSE
THE
1
Francs
point.
Stock
Averages—See page 3737.
Dec.
a
York
i* 4*-a*
0.05%
0.05%
Mar. 15 1939
I •
I i
1
the New
on
Yearly—See page 3737.
0.05%
Mar.
Jan.
Jan.
■
New
the
at
Daily, Weekly and
Stock and Bond
0.05%
0.05%
Feb.
0.05%
0.05%
Dec. 28 1938:
Securities
Exchange—See following page.
Transactions
Asked
Bid
Asked
0.05%
Dec. 21 1938..—
York Stock
for discount at purchase.
are
Bid
Jan.
Bills—Friday, Dec. 16
Government
States
United
United States Treasury
.
,
.
1,773
81.40
83.20
82.80
86.90
85.10
109.20
6,410
2,099
1,210
61
89
1.475
627
106
454
77
210
208 "
539
1,680
1,520
335
570
671
1.270
862
873
416
33
1,763
81.50
83.00
82.75
86.90
85.35
109.00
6,550
2.108
1,212
60
87
X.52S
630
108
459
77
787
45
600
890
210
208
569
1,720
1,500
342
582
678
1,280
87
882
416
38
1.780
81.60
83.60
83.50
88.10
86.40
110.40
6,570
2,118
*>265
60
90
624
109
478
78
cable
Dec.
16
Francs
'
9.300
222
17,800
1*560
41
210
1,730
1,540
1,290
416
*81.90
84.50
84.75
89.30
87.90
114.75
6,520
61
Dec.
3722
1938
17.
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded
computing the range for the
account is taken of such sales In
transaction
in the day's range, unless they are the only
No
of the day.
year.
__
United States Government Securities
furnish
the Neu) York Stock Exchange
on
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
'
Beiow
we
a
•
12 Dec.
Dec.
Daily Record of U. S. Bond Price8 Dec. 10
13 Dec.
[Hign
118.31
118.28
118.31
11
15 Dec.
114.9
114.7
Dally Record of U. S. Bond Prices Dec. 10 Dec.
16
119
119.2
118.31
119
118.29
118.31
119
119.2
114.9
[High
( Low
114.9
114.7
114.9
114.7
103.8
103.7
103.8
103.8
[Close
114.7
114.6
114.7
114.6
5
102.20
114.7
1
2
102.23
102.20
102.18
—
[Close
*
102.18
102.19
102.18
102.18
102.21
*.
102.21
102.20
102.20
102.18
6
(Low.
2Kb, 1958-63—
Total tales in $1,000 units...
103.6
103.9
2
102.21
16
103.9
103.7
Total sales in $1,000 units—
114.7
114.7
114.9
103.7
(High
114.6
114.7
IClose
114.7
15 Dec.
103.11
103.8
(Low.
2Kb, 1956-59
6
14 Dec.
13 Dec.
103.12
High
10
I Close
Total tales in $1,000 units..
4s. 1944r54
14 Dec.
118.31
(Low.
Treasury
4 Ha. 1947-52
12 Dec.
32
15
28
Total salet in $1,000 units...
102.18
3
fHigh
113.9
113.10
102.9
102.7
__(Low_
102.7
102.7
102.8
102.7
[High
| Low.
Total tales
n
113.9
113.10
113.10
[Close
(Close
3 Ml. 1940-56
113.9
113.10
113.10
Total sales in $1,000 units...
2
1
fHlgh
$1,000 units...
113.10
2Kb. 1960-65
fHlgh
105.5
105.5
105.3
105.5
105.5
105.3
105.2
1Q5.5
105.5
105.3
[Close
105.2
( Low
3 «s. 1940-43
105.2
I Close
Total tales in $1,000 units.
»
»
11
1
1
t
1
lit
1
1
1
106.28
106.27
106.28
106.28
10
1
Total tales in $1,000 units...
105.12
10
2
1
1
102.21
102.18
102.20
102.14
102.17
102.15
102.18
102.18
102.20
102.14
102.17
102.18
102.21
102.18
102.20
[High
2Kb. 1949-53
—
-
'
109,30
110
110.1
4
102.14
102.17
6
1
2
102.25
102.21
102.23
102.24
102.22
102.19
102.26
102.24
102.22
15
2
36
....
{High
Total sales in $1,000 units..
3
3
102.21
6
(High
| Low.
2s, 1947
102.5
102.3
fHlgh
107.10
107.9
107.8
j Low.
107.10
107.9
197.8
[Close
[Close
107.10
107.9
107.8
Total sales in $1,000 units...
Federal Farm Mortgage
109.24
109.26
109.26
109.26
109.28
(Low.
109.26
109.26
109.26
109.26
109.27
109.24
[Close
109.26
109.26
109.26
109.26
109.27
109.24
Total tales in $1,000 units...
2
2
8
1
69
2
fHlgh
109.28
110
109.28
Low.
109.28
109.27
109.28
109.26
Close
Total sales in $1,000 units...
109.28
109.29
109.28
109.27
3
13
3
fHlgh
I
109.10
109.10
109.9
Total sales in $1,000 units...
High
3 KB. 1949-52
108.17
108.16
108.21
108.21
108.17
108.16
108.21
108.21
108.21
1
3
4
*17
3
fHlgh
Total
107.4
107.8
107.5
107.4
107.5
107.5
107.4
1
17
High
„
104.10
104.16
104.15
104.12
104.12
104.11
104.9
104.7
104.16
104.13
104.13
104.10
104.12
18
4
29
20
5
High
107
107
107
104.10
107.3
107
107
107.2
107.3
107
,
*
107
107
2
112
106.27
106.25
106.25
106.25
106.27
106.25
106.27
safes in $1,000 units...
7
4
7
1
1
106.27
76
102.13
102.13
102.13
102.12
102.13
102.10
1939-49..]Low.
102.13
102.13
102.13
102.12
102.12
102.10
102.12
102.13
102.10
102.13
102.13
102.13
6
5
7
fHlgh
104.13
104.13
104.12
(Low.
[Close!
Total sales in $1,000
Odd lot sales,
Note—The
104.13
104.13
104.12
104.13
104.13
104.12
104.10
4
2
1
1
20
4
4.
—
-
—
4
104.10
—
—»
104.10
unit*___
t Deferred delivery sale.
above
includes
table
only
Transactions in registered bonds
4
105.26
105.25
105.25
105.26
105.25
105.25
105.26
105.25
105.25
1
sales
of
coupon
were:
2
5
5
1
104.5
104.6
104.1
Low.
104.5
104.6
104.1
Close
■
106.27
fHlgh
Low.
.
•
106.27
bonds.
7
fHlgh
_
—
-
%
Treas. 4kb, 1947-52
5 Treas. 3Ks, 1943-45
Total sales in $1,000 units...
m
1
-
106.26
High
2Kb, 1951-54
105.29
1
—
106.27
Close
_
105.31
W
1
106.27
104.12
107.3
'
Total sales in $1,000 units...
2Kb. 1948-51
105.29
22
[Close
Treasury
105.29
105.31
f»m
106.26
•
104.15
104.10
104.10
2Ks, 1945-47.Low.
.
1
105.31
*-1.
106
106.27
2Kb, 1942-44
3
3
Low.
Total tales in $1,000 units...
„
1
Total sales in $1,000 units
[CloBe
.
8
—
106.26
"
2Kb. 1955-60
7
-
106.26
106.26
Home Owners' Loan
107.4
33
106.26
*3
«.
[Close
107
107.5
107.4
106.27
100.25
107.4
107.4
107.4
107.5
100.28
[High
2Kb. series B,
Low.
Total sales <n $1,000 units...
102.13
(Low.
Home Owners' Loan
Close
3b, 1951-55
106.20
106.29
Total sales in $1,000 units...
3s, series A, 1944-52
108.20
Total sales in $1,000 units...
106.27
(Low.
[Close
108.24
[Close
„
108.24
j Low.
3b, 1946-48.
108.22
106.27
106.28
106
Home Owners' Loan
1
108.16
j
106.30
[Close
Total tales in $1,000 units...
108.17
3
102.13
102.13
[High
2KB. 1942-47
108.31
108.31
High
107.4
107.4
106.28
Total sales in $1,000 units...
108.31
Low.
,
107.4
107.6
—
106" "~
Federal Farm Mortgage
11
-
106.29
fHlgh
(Low.
109.10
1
107.6"
-
107.5
[Close
109.9
109.10
-
m> -
_
(Low.
I
3a. 1942-47
109.7
M
....
1
Total sates in $1,000 units...
Federal Farm Mortgage
109.7
0jQg^
*.
Close
109.7
J Low.
3Kfl, 1946-49
107
~
102.5
■»
fHlgh
Mortgage
3s, 1944-49
2
•»
27
107
Total sales in $1,000 units...
Federal Farm
109.27
3Ks. 1944-46.
107*"
(Low.
1944-64
.
_
----
[Close
3K
3 kb. 1943-45
M.
(High
Total tales In $1,000 units
109.26
-
Low
109.30
[High
-
Close
( Low.
kb, 1941
-
102.24'
10
14
110.1
[Close
3
-
102.26
Total sales in $1,000 units..
110
Total tales in $1,000 units
105.12
105.12
105.12
102.18
Total tales in $1,000 units...
fHlgh
3H8.1943-47
10 5". 12
105.12
105.9
] Low.
106.28
QjQgg
105.9
105.9
105.13
J Q!oS0
106.28
I
M—
105T3
105.13
1
[Close
[High
_-JLow_
3Kfl, 1941-43
20
1
j Low.
2Kb, 1948.
«-
1
I
~
1
1
1
.
fHlgh
Total tales in $1,000 units...
«
1
I
| Low.
2Kb. 1945
+
m
1
«
104.5
104.6
104.1
Total sales in $1,000
units...
1
104.3
-
.
:....118.30 to 118.30
109.25 to 109.25
United States
104
104.3
3
.1
Treas. 2kb, 1955-60
150
Treasury 2Kb, 1949-1953.
104.10 to 104.10
^102.14 to 102.14
Treasury Bills—See previous
United States Treasury Notes,
7
page.
&c.—-See previous
page.
New York Stock Record
LOW
AND
HIGH
SALE
Saturday
Monday
Dec.
Dec.
10
$ per share
*57
58V
*110
130
*34i4
43
*110
45 '
43
10V
10i4
*22
23
27
27
61V
6234
V
9%
*120
Dec.
58V
130
*34%
*41V
10
*2IV
*2634
6234
7!
9%
12
S per share
58V
*110
43V
*41
12V
11
61
61
45
4534
18*4
*2
18*4
23S
*15
20
*68*2
23V
17V
*59
6884
23V
17V
61
•
40
43 V
44
*42
2734
27
27
633s
63V
66
.
V
9v
43V
1034
V
V
9*2
10'8
*20*4
27*4
65*4
1
12
11V
1534
182V
11V
Z1214
12V
11V
11V
*10V
12V
IV
12 V
11
11
11
*14V
24V
11
12V
IV
1534
253g
11
12*4
11V
15
25V
10 v
183
27%
800
Address-Multlgr
65
65*2
11,600
V
1,100
17V
*23v
23 V
68V
23*2
Z17V
17V
17
17*4
57V
*58*4
69
60
Bid and asked prices; no sales
on
17*4
2V
18*4
Oct
52V
Feb
Oct
23%
25812
17V
33*8
21V
Alghny Lud Stl Corp..No par
1,200
6,500
Allen Industries Inc
1
Allied Chemical & Dye.No par
Allied Kid Co
6
Allied Mills Co Inc
No par
6834
69
23*2
2334
17*4
58*4
17V
1734
58*4
60
this day.
Feb
10*2
14,800
69
z23
t
2V
20
18*2
18V
214
2*4
69V
69*4
69*4
23
22%
23
18%
17
60
60
17*2
60*2
In receivership,
18,000
2,000
1,300
20
♦17
a
"t300
900
4,900
90
Def. delivery
Allied Stores Corp
Mar 31
6%
145
7*4
13VNov 9
Oct 28
5534 Oct 17
49
50
Corp
No par
Chem(Del)newNo pr
55 May 27
23% Dec 16
1
10
10
50
Cash sale.
Oct 17
1234 Oct 26
14% July 25
Mar 31
11*4 Apr 1
1*4 Mar 26
10
Mar 30
r
14*4 Aug 26
197
8% Mar 28
34V Mar 31
New stock,
Dec
4V Mar 20
38
No par
6% preferred
125
10
No par
American Bank Note
n
Mar 31
7
100
Amalgam Leather Co Inc
0% conv preferred
Am Agrio
14% Sept 26
4V Mar 30
124
No par
5% preferred
Allig-Cbalmers Mfg
Alpha Portland Cem
Amerada
Feb
21V Nov 14
29«4 Nov 12
10V
2V
Jan
1534
734June 18
2634
*17
Oct
pref.No par
10
183s
2V
20
8
Jan
5*4
Feb
184*2 185 V
400
2
Jan
80*4
68*2
$2.50 prior
10,300
13% Fob
Feb
36
Oct
500
11*4
Aug 30
67V Nov 12
1% July 11
68V Oct 18
10
15V
63
30
22% Mar
28%
17% Jan 12
26
48%
Aug
17*t Oct
16% Oct
44*2 Nov
*2 Oct
SVJune 17
*14V
47V
85
4384 Dec
7V Nov
Oct 22
war. 100
15*1
1034
*61*4
Jan 14
12»4 July 19
24
59
27%
10*4
1134
Mar
Oct
5K% pf A without
64
69
11
900
49%
18%
Nov
5%
5934
1034
10V
Mar
37
Oct 15
Mar 30
1034
48
45
Oct
Ilk
*62
65
Oct
5
600
share
Nov
Oct
5 K % pf A with $40 war. 100
10
per
36
1
800
184*4 18534
Nov 17
Highest
share $
11
No par
6 K % pf A with $30 war. 100
conv
3
per
12384 Oct
52
Aug
$
146
11
13,700
4,600
61
Lowest
share
7
11
1
June
per
1% Jan 7
17% Jan 12
17*4 Jan 12
100
11*2
1
$
884 Mar 31
95
Apr 10
V Mar 31
6i4June17
15V
iiv
*17
Albany & Susq RR
Allegheny Corp
10
203S
48
2V
18V
68*2
23V
Alaska Juneau Gold Min
67
12V
11
64 V
1734
10
Air Reduction Inc
No par
Air Way El Appliance.No
par
Alabama & Vlcksb'g Ry Co 100
12
4,900
1734
Corp..
Highest
share
6*4 Mar 30
14V Mar 31
16% Mar 31
40 May
2
% Mar 30
IV
13V
12*4
63 V
2V
5,500
12
47
17V
934
12*2
65
*15
9*2
12*4
47
2
.
1234
46V
18V
V
11
11*4
*6214
257V
27%
67*2
11
65
68
2734
18
No par
No par
11
47
25
Adams Express
per
36*4 Feb 119% July 19
30*4 Mar 23
...100
No par
Adams-Millls
10V
46
$
No par
300
11
*62i4
2
600
conv pref
Abraham & Straus
Acme Steel Co
8,000
9V
1234
11*4
18484
*10V
12V
11V
4K%
20
10V
7;
1
Abbott Laboratories
2034
9V
13V
11*4
11V
15V
27
10*4
11
10
10V
181V 182V
11
IV
1234
llV
45
Par
10V
2034
V
*65
9v
800
126V
43
Lowest
Shares
Range for Previous
Year 1937
On Basis of 100-Share Lots
21*2
*120
182
*15
11*8
*115
Range Since Jan. 1
york stock
exchange
Week
5934
*34*2
63
1258
16
59*2
130
40
633S
1034
1214
1058
59
*112
23
*10
Ills
59
43
43*2
10V
25
182
Dec.
130
-43
9*2
stocks
new
the
$ per share
*35
*2114
9%
15
*112
V
Sales
Friday
45
10*4
1
11V
Dec.
$ per share
59i2
21V
12V
*10V
11V
15V
243s
*9
59V
10V
1
181
59
21
1258
15V
24V
10V
14
*27
1
*1414
23V
Dec.
$ per share
2734
12V
*10i4
*10i4
11V
13
1038
22
V
CENT
for
Thursday
130
*34V
*120
12
5'8V
SHARE, NOT PER
Wednesday
$ per share
45
V
9v
PRICES—PER
Tuesday
Mar 30
46*4 Apr 27
x
Ex-dlv.
v
6V
70 V
20
34
Oct 15
8*2
1*4
3*4 Oct 17
24
Jan 12
78
July 13
28% Oct 10
23% July 19
63
Nov
Ex-rights.
7
19
Nov
Dec
Oct
Oct
Dec
166
85
Aug
Feb
Feb
Apr
Mar
Aug
Jan
Mar
Mar
Oct
83*2
Jan
Oct
3934
Jan
Oct
8V Mar
Oct
52*4 Mar
1147g Mar
5112 Nov
1
!2S III
41%
Jan
75*8
Feo
1 Called for redemption.
Volume
LOW
SALE PRICES—PER
HIOII
AND
NEW
46
45*8
95
*173
45*8
455ft
2014
2014
*11414 125
*116ift 121
*
97ft
9ift
*70
8
4%
3
3
278
3
16
151ft
16
8
8
818
*12i4
14
131ft
*1312
1412
131ft
4
418
307ft
43*4
43*4
13l4
3
13is
13
30
28
44
44
5
*28
28i2
437ft
44
30
li4
1%
1%
1%
1%
14l4
14i4
141ft
14i2
1412
678
634
67g
7
2612
701ft
1478
37g
25
251ft
26i2
255ft
2634
68*8
68*8
69
08l4
14*4
25
*67
1478
378
38i4
147g
145ft
691ft
1434
14*4
3*4
37*8
38i4
3*4
25
2634
261ft
261ft
5i8
5%
5i8
5I4
385ft
38i8
3234
16i8
385ft
38
3212
15*8
331ft
I6I4
*158
16lg
165ft
162
*158
162
162
*158
June 17
63
Oct
Mar 31
17*8 July 26
101ft
Oct
29*8 Mar
2*8 Mar 31
Oct
1,400
Amer Mach & Metals._7Vo par
3
3,000
Amer Metal Co Ltd...No par
514 Jan 12
46
Oct 17
13*8 Jan
08*4 Mar
1291ft Feb
31ift Deo
16ift Jan
87i8 Feb
72ift Jan
34
34%
*158
162
22
2134
69%
1478
20%
3214
32%
33%
33
52
50
335ft
8ift
16U
*1514
211ft 2n2
1011ft 10112
*18
135
523ft
135
61
61
143
*143
145
35
36%
36%
■
8
73g
7%
16%
1012
*16%
8
17%
21%
21%
2034
2034
IOH4 1011ft *100%10H2 *1C012 10H2 101% 101%
19
*18
*18
I884
*177g
1834
18*4
*1778
14934 *14634 14812 148% 14834
14812 14914 149
8234
82
8234
82ift
8112 8234
8284 8234
86
85%
8534
86
855g
853ft
8634
86I4
149
149
14812 149
*147% 150
14914 14914
8%
8%
734
778
75g
75ft
7lft
73»
13
12
127ft
13%
12lg
115ft
12
1134
86
*85
8534
*85
*85
86ift
8584
86i2
534
5%
51?
5%
5l2
5i2
512
5lft
3634
36%
3534 36%
351ft 357ft
353s 36
7%
7%
7%
634
634
612
65ft
6i2
187ft
52%
600
80
24,800
2,700
8
700
16%
16%
20%
21%
6,300
100% 100%
700
14812 1485ft
8314
831ft
,
86
86
14912
*146
7*ft
712
11*4
117ft
*85
86i2
*5*8
35
.
5l2
3512
0ift
*28
65ft
33i2
3414
551ft
551ft
19U
19
33U
59
*53
19
33
*28
343ft
33ift
59
18*4
37
*28
37
33
*53
20
20
*111
111
111
*14
,
*16
112ift
1121ft *111
16
1514
15l4
234
2*4
*2l2
*2ift
28*8 28*8
28% 287g
103"
103
5
*10Hft
50
514
42t2
421ft
4214
^50
74
*50
104"
5
5ift
42U
74
5H4
507ft
50*8
2l2
212
28i2
281ft
*16
42l4
74
*50
5U2
52lft
7>4
*74
9*4
11 >8
10%
11
81ft
81g
77i2
85ft
771ft
934
97ft
934
*685ft
75
*55
75
685ft
♦55
,
10
2%
2%
28%
-
28%
103
5
42
42
74
*52
'
54
1034
101ft
10%
8%
8%
75
*73
10%
97g
54%
10%
*2%
2%
400
2834
287s
1,500
*122
*122
103
~
5%
42
74
547ft
10%
8%
200
*101% 103
5
13,800
1,800
5%
41
41%
74
*52
5334
54%
10
Artloom Corp
25i2
251?
2534
26U
7
2534
*534
*5*4
634
*534
*1014
2214
lUft
*10i4
1214
*10%
22.3ft
22
223«
217ft
371ft
6H2
263s
614
12
22ift
*108ift 108*4 *10818 10834 *108* 109
6712
77ft
81ft
39
3834
39%
38%
39%
62%
61%
62%
62%
63
26
27
^
66
6%
6I4
♦101ft
2234
11%
8%
8
44%
67
4334
07%
*43l2
67
125U 126
6
*6
63ft
6
*312
37ft
*3%
4
3l2
*4ls
31%
*534
3%
31%
412
*4ig
43ft
31
32
321ft
7
7
7i8
7
334
4i2
*4%
31
133g
133ft
1334
137ft
6I4
6I2
0'8
6%
63ft
634
8
8I4
75g
8
25i2
25
25
88
~18%
*10%
12%
200
23%
2334
13,300
44%
67%
851S
851ft
187ft
11
11
1034
1034
*3H2
33
3H2
175ft
17l2
3Hft
177g
183ft
18*8
7%
25
*84
193g
185g
1034
187ft
1034
1112
*2514
3358
177ft
*25l4
7%
4
4%
31
19l2
19i2
*17%
99
99
*9434
8
77ft
500
13,200
43%
43%
1,100
6634
6634
2,000
*114i2 119
*11534 119
*119
7*4
734
734
734
734
734
734
75i2
*72i8
2234
201ft
751ft
*72)ft
237ft
751ft
2414
*72%
2334
2078
*4%
100
7
900
37ft
4%
31
*29
7%
7
6%
8
H84
7
883
260
31,500
29,700
21,500
7,300
8%
8%
834
25%
*25%
26%
*25%
27
700
90
*84
90
*84
90
60
1978
20%
12
12
20%
*25%
33%
12%
35
18%
18%
18%
175ft
17l2
19
20%
19%
1878
185g
185ft
*113% 114
*11314 114
*11314 114
18
18
1734
1734
*17i2 18%
1814
100
*99
99
99
99
99
*9434
*
*27
29% *27
301ft
*72l8
22*4
20%
37ft
7%
....
*116
121
123
20
20%
12%
*25%
3,800
12%
1,100
33
177ft
183ft
20,700
1978
20%
4,000
113% 113%
220
1734
1734
900
100
*99
*27
100
7%
77ft
7%
7%
7434
*72%
7434
2,500
235ft
2034
24
25%
2434
25%
90,400
207ft
*20%
2034
20%
20%
7,500
52
52
523ft
52l2
53
53%
53%
537g
*53%
70
7Hft
725ft
7214
727ft
73
75%
74%
75-%
173ft
1734
1712
17i2
1734
177ft
75%
1734
76%
171i
7178
17%
1,700
62,400
18
17%
177g
3,100
107U 108
1071? 107ls
23
24
24
*20*8
22
15*4
1534
1
*20%
1534
*19i2
22
*
*35
48
*40
3OI4
26
*
191ft
2414
21
107% 10778
24
2414
21
21
21
10l4
22
161ft
1634
*l9lft
48
*40
24%
21
1077g 1081ft
24
2434
*21
16%
22i4
*20
48
*40
109
109%
3,900
2434
2434
23%
24
1,900
2184
22%
22%
22%
2,600
17%
17%
16%
167ft
8,600
18
18
*40
48
22%
*18
22%
48
*40
48
317ft
3H2
321ft
317g
32%
32%
33%
26
26i2
26'2
2034
2714
277g
28%
28%
2834
sales on this day.
109% 110
17%
31
Bid and asked prices; no
54
2134
3114
Fe_-100
...100
14
RR—100
Atl G A W I 88 Lines—iVo par
6% preferred—
—100
Atlantic Refining
26
4% conv pref series A... 100
Atlas Corp
5
6% preferred....
60
Atlas Powder
No par
5% conv
317ft
2834
t In receivership,
327ft
29
20
_
_
44,100
3,600
a Def. delivery,
Mar 31
4% Mar 25
6is Mar 26
17*4 Mar 31
1017s Apr 12
6*4 Mar 30
38*4 Mar 26
30
105
..100
preferred
Mar 29
3
Jan
No par
XAuburn Automobile..No par
Austin Nichols——..No par
$5 prior A
No par
Aviation Corp of Del (The)-.3
Baldwin Loco Works v t o—13
Baltimore A Ohio
...100
4% preferred
100
1
2
4% Apr
2% June
Atlas Tack Corp
2
1st
Beatrice Creamery
$6
preferred w w
20
Belding-Hemlnway
No par
Belgian Nat Rys part pref—
Bendlx Aviation
——5
Beneficial Indus Loan—No par
...No par
Bethlehem Steel (Del) .No par
Best A Co
5% preferred..—
7% preferred
20
100
Blgelow-Sanf Carp Inc .No par
Black A Decker Mfg Co No par
Blaw-Knox Co
..No par
Bloomingdale Brothers .No par
Blumenthal A Co pref—...100
Boeing Airplane Co
6
Bohn Aluminum A Brass—6
n New
stock
rCaabsale
I
Feb
30
Oct
47ft
25ft
Oct
Oct
Jan
83
Nov
125
Mar
33
Deo
71*4 Dec
108
Feb
70
Dec
88
June
447ft Nov 10
3278 Nov
Jan 14
661ft Dec
297g Nov 9
8% July 7
14ia Jan 10
27*8 July 20
10914 Aug 11
97ft Jan 10
48lft Aug 8
68
8
55ift Mar
5
Oct
29
9
Oct
18
Oct
101*8 Sept
7is Dec
3914 Oct
94
Nov 16
July
7
Jan
318 Dec
2
Sept
36*4
Feb
Feb
15
Deo
214
Oct
5
Oct
81ft
Oct
Oct
Oct
Dec
1018
Oct
9
20
Nov
101s Mar 30
9
Mar 30
218ftJuly 19
21
Nov 14
10
Oct
Jan 31
108
19ift Dec 9
102
Oct 19
9
3014 Mar 12
94ia Apr 2
6*4 Mar 31
07
Sept 20
115*4 Nov 22
9
July 19
8*8 Mar 29
25*8 Dec 16
75
31
31
27
14
Mar 31
I7isJune 3
9*4 Mar 30
101s Mar 31
13ia Apr 4
37 May 10
Jan 11
7*4 Dec
9%
13U
92
Oct
23*4 Aug
40ift Mar
47*4 Mar
45
Feb
HOift Feb
43*8 Mar
32
Jan
42
Jan
35U
Feb
2014
Jan
Aug
115
28*4 Feb
105*4 Mar
43U Feb
114*4 July
15*4 Feb
88is July
30i2 Feb
23*4 Jan
62*4 Jan
105ij Mar
Nov
29i2 Dec
90*4 Oct
7*8 Oct
8218 Dec
8I4 Oct
Dec 13
16
Oct
Nov 14
29
Dec
77*8 NOV 12
41
Oct
14
Oct
851ft Nov
22U Dec
13U Nov
9
52ift Mar
914 Jan
Oct
56
24lft NOV 9
19*4 Nov 12
21U Oct 28
912
Oct
21
1818 Nov 10
1147g Nov 12
29*4 Oct 17
Jan
18is
89
Nov
Mar
Oct
413
34
15U Mar
207ft Mar
39»4May
12*4 June
621s Mar
133
30
83
Mar
Dec
21*8 Mar 29
Apr
Jan
37
Nov
23*4 Oct 24
14
Oct 20
25
44
38
12is Mar 30
5
Mar 23
115
Mar
116ift Feb
18i2 Mar
101
July 21
July 19
98
Feb
Oct
13*4 Jan 11
36
94*4 May
104
18
10
Dec 10
Feb
671ft
7
0% Jan 12
6*8 Dec 6
36*4 Dec 5
Dec 13
24*4 Mar
Nov 14
126U Dec
25
90ia Apr 29
July
73iftSept
39lft Nov
85
9
100
101
11
Apr
Jan
701ft Mar
10U Feb
17*8 Jan
9
Aug
Mar 31
11*8 Mar 30
13*4 Feb
99ift Mar
126
75
7*8 NOV 26
I5I4N0V 9
109
Feb
Mar
Dec
4
No par
100
25
No par
60
preferred
Dec
90
111
58
Mar 30
6ia Mar 29
Oct
57
40
121U Feb
Dec
6
218 Mar 29
5H% preferred...—
60
Barnsdall OH Co
—-.5
Bayuk Cigars Inc
Mar 25
12% Mar 30
Bangor A Aroostook—_.—60
Conv 5% preferred.....100
Barber Asphalt Corp..
10
Barker Brothers
...No par
Beech-Nut Packing Co
52
2314
6% preferred
Atlantic Coast Line
Beech Creek RR
...
120
*116
*72%
734
75
50
52
201ft
Atch Topeka A Santa
"
14%
7
40
*534
15%
_
*1141? 120
200
108%
108
7%
*113li 11312 *113U 114
*28
6%
6,200
*125%
183ft
171ft
*18
27%
*534
14%
1434
*241?
6%
11%
7%
7%
678
131S
*
26%
*125%
*12514
63ft
73ft
3,100
'27%
2334
227ft
108% 10834
x8
8%
*108lft 1091ft
43
*6
18*4
6%
11%
22
66
43
27
29,300
'
*12514
27
185ft
8I4
44
375ft
60lft
4*8
Oct
Nov
72
6U?
Deo
0
22i4 Mar 31
40 May 27
36l4
93
Feb
80
Nov 29
62
85
I
95
37%
7%
8*4 NOV
2lft Dec
22
116*4 May
24*4 Aug
77i2 Dec 15
12*8 Nov 12
95
62
85
~
Jan 22
3614
*2512
Nov
13
Mar 29
60
63ft
9412 Jan 31
5478 Dec 15
72
365ft
"13
8
72
59
01 ft
31ia Aug
122*8 Oct 19
10378 Oct 24
7
July 19
72
Jan 12
27
35*4
Feb
97
371ft Jan
.1014 Feb
Co..No par
40
90
69ift Mar
Oct
6% pref with warrants..100
$6 .pref without warrants 100
94%
79*8 Feb
7
Assoc Investments
36
90
Jan
Feb
2012 Oct 17
4iaJuly 7
8
9
Nov 29
*35%
Jan
20
111
Mar 30
,
*27% Oct
24ia Nov
Feb
14*8
79
Oct
7% 2d preferred
*91
125ft
Dec 16
107
Oct
2514 Deo
3U Oct
90
100
95
*4
55
May 12
Oct
3ift
5
217b Aug
55
94%
30
z52
Oct
82
1131a Oct 19
55
36
67ft
ul
Mar 29
8
9978 Feb
150ift Jan
20ig Feb
291ft Jan
58*4 Deo
128% May
414 Oct
Oct
70
*90
45ft
Nov 29
4
Jan
Jan
Oct
*58
*35%
30
72
Dec
10
70
*91
6*4
21* Mar 30
No par
24
39
*60
95
*4ls
24% Mar 26
6*8 Mar 25
43
July 25
4218 Oct 17
64*4 Oct 31
70
94%
30
Mar 19
.
*55
36
.
9*8 Oct 17
70
*35
37ft
60
9
685g
*91
*3l2
1
Apr
Nov
100
100
*90
6i2
Mar 31
July 14
Mar 30
37s Mar 20
28% Mar 28
6
Associated Dry Goods
7*8 July 19
45
6% 1st preferred..
95
*5i2
Mar 31
.........100
7% pref
91a Nov 14
1018 Nov 10
Aug
1
100
9414
*12514
Mar 26
Jan
71
36
jan
Jan
Jan
*68
*90
Jan
99
70
*35
Jan
7314
26ift
Dec
*68
*91
Jan
Feb
67
75
95
681ft
148
187
*68
36
164
Oct
73
9414
106*4 Mar
140
*65
*90
66*4
_
100
80
*35
60i2
82
Armstrong Cork Co...No par
1,400
3,500
2
20
116
No par
$6 conv pref
3,700
10%
10
7% preferred
100
ArmourACo (Del) pf7% gtd 100
Armour A Co of Illinois
6
7% preferred
-
Mar
Nov 14
91
4% Mar 30
$6.60 conv
83ft
*91
*65%
...
Arnold Constable Corp
95
*43ift
Preferred
7934
8%
*73
10%
„
11,500
Feb
68
Oct
91*8 Oct 25
Dec 7
314 Mar 31
23*8 Mar 31
No par
100
Amer Zinc Lead A Smelt—1
American Woolen
10%
10%
7934
m
"
Feb
29
Oct
162
Apr 10
112% *111% 112% *111% 112%
*15
16
167ft
16
1684
2%
30
14
88I4 Aug
378 Mar 28
6
Mar 30
08
No par
$6 1st preferred
10*4 Mar 31
97
Apr 6
36
8
6% preferred...
...100
Am Type Founders Inc
10
Am Water Wks A Elec.iVo par
preferred.No par
Andes Copper Mining
20
A P W Paper Co
No par
Archer Daniels Mldl'd.iVo par
28%
7*8 Dec
101*8 Aug
1047ft
160
58*4 Mar 81
130
Apr 1
26
Common class B...
AnchorHockGlass Corp No par
300
Oct
Jan
4514 Mar
201ft Oct 27
Mar 80
10
*19%
9414
*43
68
3,100
20
221ft
291ft Feb
170
567ft
143*4
257ft
1171s Mar 14
Mar 30
1978
20
*90
77ft
111
100
26
Mar 29
20%
11*4 Jan 18
991* Sept 2
12*8 Mar 30
May 20
56
Nov 10
Refining.. 100
100
21
3434
58
*91
44
38
29
36
100
35
*31
33
*55%
*35
7*4
Oct
15*8 Mar 31
6is Mar 31
Am Sumatra Tobacco..No par
$5 prior conv
De6
Nov
pref
-26
Mining..60
75
934
8,400
73ft
122
48
Anaconda W A Cable. .No par
8
7712
1,900
Nov
41
125
Anaconda Copper
5134
8
lli8
•
1,500
1514 Dec
712 Oct
24ift Deo
61*4 Dec 16
500
*50
*75
7%
300
Oct
16ift Oct
63is Deo
1481a Aug 30
68,700
415ft
75ft
III4
35%
35
57%
*214
28l4
771ft
*107ft
\
5%
35%
5%
33
35
*10112 10312 ♦lOUft 103
5
5
5%
51ft
42l4
■
Oct
140
7
357g
56
33
*122
*122
*122
*121*8
165ft
85
85
914
Jan 17
Jan 11
900
2,700
207ft Jan 12
23ia Nov 9
35ia Jan 11
58*s Nov 9
140
Deo 2
31
7,200
26,400
Oct
Sept 14
86
734
Oct
26
20
149
13%
31
Feb
Oot 11
American Tobacco.—
7%
Oct
47*8 Nov 10
411a Nov 10
19lg Oct 13
1661a Jan 12
24i2 Nov 12
80*4 July 20
19
4,200
13%
Deo
3
June 10
83%
8534
Nov
20
12
Amer Telep & Teleg Co
149
100
No par
9,800
827ft
Mar 29
45*4 Apr
130
25
*3018
3358
57l2
197ft
*111
Preferred
200
18
18
103
...No par
American Stove Co
American Sugar
Mar 29
14i2 Dec 16
7is Mar 26
22*4 Apr 1
2818 Mar 31
6% preferred
100
Amer Steel Foundries—No par
14734 148%
'
58
Razor..18.50
American Stores
_
131s Mar 30
26
100
Co..No par
Amer Ship Building Co.No par
Amer Smelting & Retg.No par
Preferred..
100
American Snuff
26
400
367g
148*4 July
American Seating
17,600
145
3534
*77ft
American Safety
560
0134
145
4H% conv pref
3,300
Mar 31
"125
24*4 Nov
Nov 23
29ia Jan 18
71a Oct 17
10i8 Mar 31
9
Mar 30
...100
American Rolling Mill..
3,800
1,600
134
134
6134
37%
■
33
51
134% 134%
61
*5978
*143
15
19
Nov 12
122
3U Mar 29
..No par
Preferred
Mar 30
9912 Mar 30
20
Mar 29
$6 preferred
No par
Am Rad & Stand San'y.ATo par
3,800
47,600
217ft
23
100
No par
$6 preferred...
4,300
21,600
21%
preferred
Amer Power & Light
40
69
22%
conv
American News Co new No par
13,000
158
158
0%
730
1734
17%
18
17%
17%
162
Preferred
200
35
34
35
14%
8
27*8 Feb
17*4 Mar
6878 Feb
10
*20%
33
Oct
5*4 Dec
14ia Oct
44
71
♦144U 147
*14414 147
33»4
353ft
3378 345ft
8
8
8ig
77g
161ft
16*4
16U
16ig
21lft
2014
20% 20i2
20
19
29*8 Nov 10
100
207ft
147
*143
21
23
Amer Mach & Fdy Co..No par
69%
62
79
Oct
Oct
Oct
Oct
14
Nov 17
Mar
Mar
Mar
Mar
2,000
147ft
2034
137
2ia
20ift
32U
Us
57g Nov 16
Jan
Feb
4,300
15
*6012
44*4 Nov
2%June
20U July
8*4 July
1114
56*4
62*8
4*4
21
15%
70
6Hft
American Locomotive..No par
36
Mar 26
Oct 4
Nov 26
Mar 30
Mar 29
Jan
5878
71%
205ft
503ft
13514 *135
100
No par
Mar 29
Jan
38lft
28%
1434
6U8
No par
6% non-cum pref
Amer Internat Corp
Mar 29
Jan
Oct
1414 Dec
7*4 Oct
6*4
15%
2012
3084
50i4
49%
2
12
1
I7ift Dec
Nov 14
15
May 26
30*4
114
1318
4is
12*8
1
60
6% preferred
Mar
13*4
0878
71%
68lft
135
American Hide A Leather
225
Oct
27%
15
6H2
9
Oct
2ift
12*4 July 20
207ft July 2
6% Mar 30
10
Mar 26
10
Jan
175
15%
687ft
495ft 5014
13514 13514
*60*4
No par
17
Jan 22
5U July 2
25I4 Feb 25
72
1458
3H4
50l4
$6 preferred
Amer Hawaiian SS Co
Oct
177
13is Mar 29
No par
Oct
5
2834
68
30i2
4914
No par
$72 d preferred A
12,000
Jan 22
2U Mar 30
No par
17 preferred
Nov
2
714 Nov 14
Mar 29
177
100
Amer <fc For'n Power
80
0*8 July 25
83
Sept 28
2is Mar 25
15%
15
32
9914 Mar
131ft Jan
16*4 Jan 12
Jan 18
8% Mar 30
68
4
30*4 Mar
33*8 Jan
72
68I2
*31
23*8 Mar
2734
1434
3214
Oct
Oct
Oct
Nov 14
15
1512
6812
32l4
514
8U
12ia
4,000
15
195g
Jan
97S Nov 14
1,700
7%
2012
197g
29
American Ice
1%
1434'
7
20l2
11958
Dec
4,700
1%
14%
7%
20
20%
2012
American Home Products
203ft
2014
July 19
300
20
14*4
20*8
20
1,800
697ft
*68
Apr
Aug
13i2 Sept 15
412 Mar 29
9
Mar 29
29%
20%
)97g
112
71
17i8
*158
150
Oct
277ft
33
335ft
167ft
3314
3314
Oct
4434
4
4
4
4
37g
378
37ft
38%
40
38%
38
40%
3834
387g 40%
122
*115% 122
*112% 122
11812 H8ift *112
25
25
26
26
26
2578
257g
26ift
584
5
5%
534
5%
514
5%
5ig
41
39
40%
3914 397ft
40%
381ft 39i2
37g
3812
120
120
*11812 122
Oct
90
434
1%
33*4 Aug
III4
86
4434
1434
7
Dec
6
Amer Express Co
1%
15
67g
Oct
Oct 21
—
14%
1%
lift
14%
634
4%'
Feb
36
125
*28%
44%
1041ft
9
9
Jan
117
2,000
1,500
1,000
3,600
13%
Feb
88%Mar3l
5
*44
*H4
7
13%
Jan
71
9
8912 Feb 18
2,200
13%.
174
100
12,000
8%
Feb
121
Oot
Oct
No par
30
30
44
*14l4
678
13%
*1234
434
M
3%
14%
14
......
17%
3
17%
8%
13%
83ft
8%
44
*27%
.
3%
17%'
17
8U
123g
4*4
4U
4ig
418
3
10
J.
160
Dec
Allegh Co NJ26
American Colortype Co
10
Am Comm'l Alcohol Corp._20
American Crystal Sugar
10
6% 1st preferred
100
American Encaustic Tiling._1
Amer European Sees
No par
2,200
1
Deo
69
15178
15U
34*8 Nov
57*4 Nov
23*4 Nov
9*2 Mar 29
500
9
109
Mar 31
27
100
American Chicle
2,800
3,000
*165% 500
Aug 24
135
1051ft Oct 13
1761a Nov 9
Am Coal Co of
4%
*7
9
100
.No par
5% preferred....
10%
*4%
4%
4%
16%
13
14
72
*165% 500
8
7%
13i8
72
*7
500
27g
163g
161ft
734
13lg
8*8
13ls
13l2
4
3
27ft
16
10%
Oct
Nov
3
100% Mar 30
12*8 Mar 30
Am Chain & Cable In__2Vo par
600
8
Oct
28
Apr 21
70*4 Jan
8,800
IO84
1034
10%
7
9
23% Mar 31
114
25
3,000
72
11%
10%
8
*6i2
*167
500
~*7%
8
*70
41ft
4*8
8
*6i4
*167
17
14% July 29
per share
3H4 Feb
80*4 Feb
share $
52
American Car & Fdy.
Preferred
17
-
-
10%
72
*70
414
4U
8
16
*29
8,000
per
$
% per share
share
per
6*4 Mar 31
100
Preferred
600
31
30%
3134
"*7%
11%
934
9%
72
*70
500
*167
500
176
*170
176
53% % conv pref
American Can
6,900
98%
97%
$
l
Am Brake Shoe & Fdy .No par
40
135
*130
98%
*
8
107ft
9%
914
72
4is
*0i4
4*8
*6l4
4 884
*4834
50
135
9734
17
~~7%
712
11
105ft
9%
9
7114
*
17
"7ift
778
11
1012
9
*70
*167
*
17
~*7%
77ft
*4
*130
97
*170
17312 174
31
2934 305ft
291?
2834
2914
130
9514
174
174
4834
46ift
130
9514
94l2
50
48
50
46
46
451ft
46i2
471ft 4884
4834
22%
21%
2134
22%
207ft
211ft
2U8 2134
201ft 207s
*114% 125
*11414 125
*114% 125
*11414 125
*11414 125
122
121
12134
121
121
120
122
121% 121% *121
17
*7%
9*4
46
135
285g
281ft
*....
46
*130
951ft
175
174
175
28
47
94i2
Par
American Bosch Corp
1,700
4,200
784
7%
734
734
48%
Shares
S per share
$ per share
778
75ft
Highest
Lowest
Highest
Lowest
Week
16
Dec.
15
Dec.
100-Share Lots
On Basis of
YORK STOCK
EXCHANGE
the
Friday
Thursday
14
1 per shaer
7i2
73g
135
45i2
*130
135
94i2
Dec.
$ per share
7l2
*714
Wednesday
13
Dec.
$ per share
714
*130
12
Dec.
$ per share
714
Tuesday
Monday
10
Dec.
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
SHARE,
for
Saturday
3723
New York Stock Record—Continued—Page 2
147
Oct
15*8 Dec
20
Jan
129ift
09*4
Feb
38
Jan
Feb
297ft Mar
32ift jan
94ift
jan
50
Dec
Sept 14
351ft Jan 17
16
Oct
49*4 Mar
\5*n Mar 31
301ft Oct 11
21
Oct
481ft
19
t Ex-dlv.
55
July 25
» Ex-rlghts.
t Called for redemption
Feb
New York Stock Record—Continued—Page 3
3724
AND
LOW
HIGH
SALE PRICES—PER
SHARE,
NOT PER
STOCKS
Sales
CENT
Dec.
Dec.
10
Tuesday
Dec.
12
$ per share
$ per share
103
103
103
103U
51l4
*51
51*2
*12%
*13
157s
3014
13%
16%
30i2
*2%
*24%
234
25%
61'2
1314
2
1618
2812
13%
16%
31%
*2%
24
24%
24%
25%
25%
6
29
29
31
£30%
32
14%
2978
28%
*37
36%
36%
*37
38
*36%
6%
1478
30%
38
42
42
41%
41%
a42
42
*1%
2
10%
12%
10%
38
41%
1%
1%
1%
9%
9%
9%
978
42
a
12i2
12%
12%
40l4
1634
39
40%
40
40
39%
17
16%
17
*33U
34i2
36
36
16%
33%
12%
10%
97
97
1712
*97
12%
6
578
43%
4%
32i2
33
33
23%
23%
13%
13%
18
17%
4%
*32%
*23%
13%
17%
*1%
2
2
2
2
13i2
*10%
12%
7'8
20'4
634
20
20%
3%
III4
3%
11%
3%
*3%
11%
20
3r,8
*11
12%
10%
6
44%
44
*10i8
7's
4%
33%
23%
13%
18%
6%
578
35%
17
17
16%
16
48l2
48i2
112
49%
♦47%
1%
778
8
15%
15%
18
18%
*44
50
5i2
32%
5i2
*32
*46
45
*77
19
1%
1%
1%
7%
8
8
16
3%
3i2
*86
87%
*11312 11742
45%
45%
*104
106%
2214
2278
*93
,
15t2
97
16
19%
67%
19*4
378
378
*6534
*109% 11034
*6%
*534
*4
7%
6
5
*91
5%
32%
87%
*i4
*2%
5%
32%
•'%
%
%
2%
12%
' %
%
%
%
*2%
3
16
37
*45
46
*40
99
Bullard
1%
1%
2,100
Bush Terminal
10%
10%
160
2
20
7%
*19%
4
3%
3%
12%
12%
11%
35%
35%
35%
17%
16%
16%
1,400
16
16%
8,600
California
48%
1%
*46
16%
18%
16%
16%
19%
18%
*37%
50
*37%
5%
5%
32%
7%
6
Cannon Mills
800
Capital Admin class A
*77
81
*75
81
80
80
*77
82
6
5
97%
9%
41
102%
26%
27
*9
11
£38
19%
4
4
109% 109%
6%
6%
*5%
6%
5
*4%
*91
95
19%
7
*6
6%
5
*4%
*91
39
33
33%
*86
87%
95
*91
*91
48%
49%
49
49%
48%
10%
11
11%
11%
42
10%
%
2%
*%
2%
%
%
%
%
%
%
2%
12%
2%
2%
278
12%
2%
12%
2%
12%
12%
12%
*4
%
%
%
%
%
%
%
%
%
%
%
2%
2%
%
%
%
%
%
2%
5,600
2
4
6% prior preferred...... 100
200
2,500
23,100
Checker
Cab
Preferred series A
{Chic A East 111 Ry Co
6% preferred
1,900
%
11,500
%
6,400
preferred
6%
preferred
36
300
$3
46
46
45%
45%
100
Pr pf ($2.60) cum div No par
%
Oct
6
Mar
4
..100
preferred
par
No par
1%
%
1%
1%
%
1%
3,100
1%
1,300
7%
preferred
100
%
%
%
%
%
%
2,300
6%
preferred
10
*9%
*10
15
13%
12%
10%
14%
13%
*30
35
*30
83%
75%
80%
9%
*75%
62
*52
62
75
*52'
62
*4
4%
2034
2034
36%
80%
*30
9%
9
79%
9%
75
*52
4%
21
70
*111
75%
62
4%
21%
28
75%
*52
*4%
21%
70
112%
*27
80%
*26
27
34%
81%
9%
4%
21%
22
70
76
75%
*52
4%
*1000
*1000
*14%
*103
1434
14%
*1000
14%
104
14%
23
1
70
27%
*103
*32
33
32
33
*104
108
105
105
32%
105
*1000
14%
103%
34
108
*7
20
*7%
20
19
19
19%
19
19
6%
4%
15%
15%
4%
15%
15%
*95
96
15
16%
*28
29%
6%
77
6%
77
1,200
Chllds Co
Chile
35
81%
83%
70,700
9%
1,100
76
*75%
77
62
*52
62
4%
4%
23
70
112% 112%
27
28%
*61%
72%
£58%
59%
21%
22%
*127
129%
131
132%
*60
61%
23
4%
23
111
27%
*61%
58%
21%
Oct
90% Mar
0878 Mar
89
89
70
14%
15
102% 102%
3378
34%
*105% 108
% Nov
.
2
22
131
2,800
Coca-Cola Co (The)...No par
Class A
*7
20
21
21
21
21%
22%
20%
22%
21
1,900
5%
19%
4%
20%
4io
5
5
5
5
5
6%
458
7
1,380
678
7%
7
7
7%
5
7%
5
6%
7%
1578
15%
15%
94%
15%
95%
15%
*28
6%
75
1534
95%
15%
29%
6%
75
*28
6%
71
5%
5
5%
5%
5%
*5
17%
17%
17%
17
17%
7,700
16%
17%
17%
16%
17
4,600
95
95
15%
1434
28%
17%
95%
14%
71
6%
71%
59
108
61%
110
9%
9%
9%
1%
1%
1%
1%
1%
1%
46%
46%
2678
2634
45%
46
26%
46%
26%
45%
26%
964
964
»«4
»64
Bid and asked prices; no sales
9%
1%
96
14%
*28%
6%
29%
71
*65%
58%
15%
*93
96
14%
28%
7
15%
28%
6%
71%
6%
71
71
68
*65%
59%
68
58%
58%
580
600
1,900
200
44,400
10
100
62
12,800
108
*107% 108% *106
61%
62%
61%
62
110
110
110
*108% 110
934
9%
9%
9%
9%
1%
1%
1%
1%
1%
4634
47
46%
46%
47
27
27%
27%
26%
27
this day.
-
is*
ii
{ la receiversnip.
IT.,
a
par
6% preferred
Collins A Alkman
100
5%
400
15,100
62,600
3,900
19,500
Colonial
4
Mar
25
May 31
Jan
Dec
3% Mar
Oct
7% Mar
2% Dec
Nov
9
Dec
Feb
28% Dec
45
Aug
Nov 17
%
Dec
3
July 7
2% Jan 12
1%
Oct
1
Oct
12% Jan 12
19% July 26
13% Nov 14
6%
Oct
12
Oct
3
Oct
Oct 15
51
Oct
80
Dec
135%
11
Oct
21%
Feb
5
76
Nov 15
67
Dec
92
Feb
00
Feb 28
58
Dec
74
July
2
Oct
5% Nov
9
27% Oct 19
17% Deo
75
Mar 20
98
106
Apr
7
115
Aug 31
15% Mar 20
07% July 2
32% Mar 29
10% Mar 31
3
105% Mar 30
May
8
5
7% Mar 30
78
May 31
30% Nov
70
9
Jan 27
60% Nov
7
25% July 22
129
Nov 30
142% Aug 3
61% Nov 12
970
17
May
May
102% June
19% Dec
82
Oct
24% Nov
Nov 10
Jan
90
Jan
41
Dec
93%
50%
Oct
Jan
170% Apr
8%
Oct
24% Mar
95
Dec
18
Deo
107% Nov 15
98% Nov
Feb
Apr
48% Aug
59
June
5
104% Dec 8
39% Oct 18
29
Aug
113
2978 July
13% Mar 31
June 24
10% Mar
48
103%
13278 June
87% June 29
20
Feb
Dec
13%
100
Beacon Oil...No par
Mar
110% Deo
No par
preferred
Jan
Jan
1578 Mar
46%
4
57% July
Feb
8% Mar
27%
22%
30
Nov
970
3% Mar
10%
88% Nov 9
13% Jan 12
10% Mar 26
Jan
Feb
33
1% Jan 20
-
0% Mar
19%
Oct
0%
70
111
Jan
%
8
26
Jan
104%
02%
Jan
Feb
112s4 Mar
45
Apr
9% Mar 30
3% Mar 31
23% Nov 10
8% Jan 12
11%
Oct
5%
Dec
517s Feb
27% Mar
100
4% Mar 29
11% Jan 10
8
Dec
4% 2d preferred
100
Columb Br'd 8ys Inc cl A.2.60
Class B
2 60
13% Mar 29
Columbian Carbon
53% Apr
4% 1st preferred
Columbia Pict
$2 75
v t c
v t c
No par
No par
preferred. No par
Columbia Gas A Elec._No par
conv
6% preferred series A
5% preferred
Commercial Credit
100
100
10
4%% conv preferred
100
Comm'l Invest Trust..No par
$4.25 oonv pf ser '35.No par
Commercial
Solvents..No par
Commonwltb A Sou..No par
$6 preferred series...No par
Commonwealth Edison Co..25
84.600
Oef. delivery,
conv
Colo Fuel A Iron Corp.No par
Colorado A Southern
100
1,300
9,900
108
13,
on
*94
72%
68
58%
9%
26%
678
*65%
9%
45
28%
6
Colgate-Palmolive-Peet No
870
16%
9%
*26%
%
20
16%
16%
29%
6%
No par
Coca-Cola Inter Corp..No par
200
3% Mar 30
__6
131
600
Oct
Mar
4% Mar
13% Mar
1%
78
47
9
Mar 24
Cluett Peabody A Co..No par
Preferred
100
2,300
Dec
% Dec 15
Jan
39% Nov 14
% Dec 15
1
Mar 22
17,300
34
1
100
1% Jan 10
9
2
10
33%
37%Jnne
54
129
105% 105%
Oct
5
19
Mar 30
100
Clev A Pitts RR Co 7% gtd.60
Climax Molybdenum..No par
10,600
Oct
Feb
5% July 22
Mar 31
59
1,600
14%
1434
102% 102%
Deo
%
2
48
1% Jan 10
6% Mar 31
100
28
1
9
7% Sept 26
80
61%
July 7
1% Jan 10
1% Dec 9
% Dec 16
35% Mar 31
129
*60
5
4
% Aug 17
6
900
434
15%
15%
25
CltyStores
*1000
Jan
1% Feb 23
5
No par
700
3,300
Apr 26
% Dec
1% Mar 23
Mar 29
Clark Equipment
No par
CCCASt Louis RyCo5% pref 100
Clev El Ilium $4.60 pf.No par
Clev Graph Bronze Co (The). 1
59%
21%
Feb
Feb
63% June
Oct
12
Corp
City Ice A Fuel
6H% preferred
City Investing Co
72%
82
111
Nov
10
.....No par
340
70
Feb
5
Mar 25
111
*
Jan
80% Mar
23%
31
8
Copper Co
Chrysler
24% Jan
14% Mar
115
£40
June 14
par
Chlckasha Cotton OU
6,000
4%
68
*65-%
66%
66%
*65%
68
57
57
58
57%
58%
59%
♦107% 108% *10578 108% *106% 108
59%
59%
59%
60%
60%
61
*109
110
*109
10934
109% 109%
*
103
33%
105%
20
6%
15
33
*7
4t">
103
*30
Chicago Yellow Cab...No
9%
*1000
105
19
4%
1434
4%
23
72% *61%
72
72%
56%
57%
57%
57%
60
22%
22% £22%
22
22%
22%
21%
22%
*127
129% *127
129% *127
129% *127
129%
132
130% 131
132% *132% 133%
133
133%
*60
61
*60%
62
*60
*60%
61%
61%
*61%
35
84%
9%
4%
112% 112% *112%
267„" 27%
27%
*61%
72%
*61%
59
57%
59
82%
Oct
Oct
Sept
Jan
Jan
38% Jan 17
100
*30
3%
95
Jan
June 18
0
{Chic Rock Lsl A Pacific... 100
Preferred
%
9%
75%
2
Apr
46
par
{Chicago A North West'n.100
Chicago Pneumat Tool.No
conv
0% July 25
Jan
107%
41%
33% Nov 12
12% July 20
48% Mar 2
...100
%
3634
79%
4
8% Jan 10
104
Jan
39%
12%
,
18% Mar
36
~
Mar 29
Jan
32
1%
*9%
28
June
82%
Oct
%
78%
Oct
Dec
*1%
%
*30
Deo
52
3
35%
13%
13
90
Feb
10
35%
13%
12%
115
Mar 28
1
19% Dec 15
72% July 21
July
100
5% Jan 10
37%
1378
105% Aug
41% May
15% July 19
*35%
13%
Dec
2% Sept 28
37%
46
13
Dec
13
8% Mar 31
5,900
1378
97
9
6
2,100
12%
5
26% Nov
96
Sept
9% Apr
100
Chicago Mall Order Co
{Chic Mil 8t P A Pac_.No
11,400
12%
100% Oct
Mar 30
100
100
%
13%
Dec
Nov
1
100
%
13%
191% Aug
129% Jan
97
40
4
22
..100
%
*12
Nov
80
4
25
May
{Chicago Great Western..100
4%
Feb
35% June
27% Mar 30
6
700
1,100
102
10
12
25
June
18
Corp
No par
Chesapeake A Ohio Ry
26
1%
12
Oct
13% Nov
2% Oct
22% Nov
4% Jan
107% July
120
Aug
58
July
17% Mar 31
94
Chesapeake
%
15%
Nov
4% Dec
90
Jan
17% Mar
61% Jan
18% Mar
52% Jan
37% Dec
3% Oct
18% Oct
103% Dec
25% Nov
%
1178
Oct
34% Dec
1%
*1334
Jan 17
28
61
Dec
6%
12% Oct 22
Cham Pap A Fib Co 6% pf.100
Common
No par
1,900
1,100
10%
89
44
38% Mar
59% Oct 15
90
%
2%
*9
Nov 23
Jan
37% Feb
4% Mar 30
1,580
2,700
2%
10%
46
20%
Oct
20% Mar 29
3%
*8%
*13%
11%
2
6% Dec 13
»
1
78
10
8% Jan 10
July 25
8% Aug 3
42
9%
Cerro de Pasco Copper.No par
Certain-Teed Products
%
1%
*8%
Oct
Dec
3% Mar 31
88
Aug 26
%
*834
Oct
.5
100
Preferred
*34
10
Mar 30
12% Dec
Century Ribbon Mills..No par
17%
%
Dec
1
Central Vloleta Sugar Co.-.19
17
•
497s
500
*3
%
51
Jan
48% Feb
52% Sept
0% Feb
Oct
*45%
%
1%
*1
34% Mar
8
3%
*45%
Oct
Deo
June
17%
*45%
91
18%
90
17
46
Oct
12%
111% Nov 30
14
July 25
3%
*45%
24
July 25
24% Jan 11
99% April
16%
*35%
44% Nov 10
22
Central III Lt 4H% pref-.100
Central RR of New Jersey .100
234
37%
36% Mar
9% Feb
33% Mar
Oct
16%
*35%
Oct
Oct
11,400
%
0
2
%
%
15% Nov 12
24
2%
3%
Jan
Feb
18% Mar
3
16%
2%
11%
45%
5% July 25
%
%
82
16
2%
16
Oct
Oct
Oct
Oct
21% July 22
46% Nov 15
40
Feb
Oct
1%
10
100
No par
preferred
Jan
18% July
35%
6%
10%
2%
20% Aug 24
100
prior preferred
45%
Oct
10
4
9
Jan
65% Mar
5% Dec
15
Mar 26
12%
*12
No par
100
300
278
2%
7%
6%
Feb
18% Dec
220
%
2%
2%
100
Celotex Corp. new
Jan
13
Central Agulrre Assoc.-No par
Central Foundry Co
...1
2,800
5,300
41
41%
40%
41
41%
41%
42%
102% 102% £102% 102% *102
102% *101% 102%
*26%
27%
27%
29
29
28%
28%
29%
*9
10%
*9%
11
*9%
10%
9%
9%
39
39%
40% 40%
41%
42%
41%
42
33
33%
35
33%
34%
35%
35%
35%
*86
*86
87%
87%
87%
87%
86%
87
ll
....100
preferred
14%
98
Aug 8
2% Jan 10
May
Jan
117% Mar
Oct
10% Oct 17
21
Jan
Oct
2%
Mar 31
4% Mar 31
34% Mar 28
03% Apr 14
12%June 13
2% Mar 25
62% Mar 31
98% Jan 3
29% Mar 31
100% Jan 4
Jan
2% Oct
24% Deo
10% Oct
35
900
.
1
*2-%
400
60
49%
10%
%
5%
July 25
Oct
Deo
76
Mar 31
Celanese Corp of Amer.No par
95
47%
2%
16
95
978
*2%
%
*2%
11%
.12%
,
30,800
20%
20%
201.|
4%
4%
,4.%
4%
109% 109% *109% 109%
7
0%
6%
6%
6
6
5%
5%
5
*4%
♦4%
5
7
Case (J I) Co
Preferred
200
Oct 19
25% Nov
16% Aug 6
22% July 25
3% Jan 16
17%June 30
Mar 30
5
1
Caterpillar Tractor
6%
Oct 13
5%
Oct
0
14% Oct 24
13%
12% Mar 30
37% Apr 29
6
Carrlere A General Corp..
13,900
£20
20
4%
4%
109% 109%
47"
48
102%
19%
Carpenter Steel Co
30
Feb
100% Nov 17
7% Nov 18
54% Jan 11
8%May 27
Carolina Clinch A Ohio Ry 100
1,700
7,700
24%
25%
Apr 18
1
10
2,900
2,000
Jan
6% Mar 30
1
$3 preferred A
40
Jan
50
45
No par
800
7%
102%
52%
Dec
Jan 24
41
Mar 31
26
45
*31%
Dec
13
100
Canadian Pacific Ry..
7%
*44
8
Dec
15%
34
23% Oct 14
15% Mar 30
1
Canada Sou Ry Co...
32,300
21
20
Campbell W A C Fdy..No par
Canada Dry Ginger Ale
6
32%
32%
45
108% 109%
7
*6%
9%
Callahan Zinc Lead
1,700
5%
46% Nov 29
Mar 31
Calumet A Hecla Cons Cop..6
50
31
29
27
20
31
2% Mar 30
60
5,000
20,600
Jan
0
No par
8,000
1%
8%
16%
18%
5%
Packing
preferred
5%
300
50
53
Oct 17
16%
1%
Dec
July 19
16%
48%
8%
7
5
6
16%
8%
14% Nov 29
24
30
...No par
Participating preferred..100
Byron Jackson Co
No par
1%
8%
Jan
Jan
16% Mar 30
5% conv preferred
Feb
Feb
38%
July 19
Butte Copper A Zinc
Feb
Nov 25
10
Byers Co (A M)
59%
5% Deo
12
10
1,800
Oct
8
39
1
Feb
18
53%
15% Mar 20
13% Mar 31
0% Mar 29
14% Mar 31
1% Mar 28
0% Mar 30
5%May 31
{Bush Term Bldg gu pf ctfs 100
23%
47
Mar 26
Butler Bros
7%
Oct
Oct
Mar 26
1
Oct
7
Doc
3% Mar 31
No par
Co
Aug
2%
Dec
3
3,300
150
Aug 26
34
15% Dec
1
25
Burroughs Add Mach..No par
2.000
15% Mar
22
100
Bulova Watch.......-No par
4,400
50% Aug
Oct
28
No par
preferred
Budd Wheel
1,400
7%
20
4%
12
36
*44
4
No par
Burlington Mills Corp
£32-%
*7%
20
6
Budd (E G) Mfg
7%
75
100
2,100
45
3%
5
preferred.....
3,600
19
*4
No par
760
28
Dec
Jan 13
Feb
rl6% Mar
10% Mar
27%May
6% Mar
6% Mar
No par
Brown Shoe Co
2,400
9,300
24%
7%
19%
14,800
Dec
3
Aug 26
Mar 30
3% Mar 26
5% Mar 30
$6 preferred series A .No par
Brooklyn Union Gas
37%
40%
42%
2%
1% Mar 25
preferred
.No par
Bklyn-Manh Transit..IVo par
13%
18%
*33
11%
7%
.
10
Nov 10
28
$6
6%
*44
7%
18
6
Bristol-Myers Co
47
4%
33%
25
45
7%
No par
Brlggs A Stratton
Brooklyn A Queens Tr.iVo par
6%
4%
Vs
11%
50
5%
32%
7%
12% Mar 30
Jan
22%
8% Aug 24
Oct 25
per
per
15% Dec 15
46%
4%
*44
7%
19%
34
15%
*35%
*97%
678
45
*%
278
2%
12%
32%
50
Mar 26
5% Mar 31
Bucyrus-Erie Co
.
40
33%
87%
5%
Mar 29
4
..3
Bruns-Balke-Collender.No par
18
18
20
20
18%
20
18%
19%
3%
3%
3%
3%
3%
3%
3%
£3%
3%
*87
89
87%
88%
90
90
91
89%
90%
*115
117% *115
115
117
117% *115
115
115
115
45%
45%
45%
46%
45% 46%
46%
47%
46%
48
106
106
104% 106%
106
106
*105% 106% *105% 106
22%
23
23%
22%
23%
23%
23%
24
23%
23%
*93%
98
*93%
98
a94%
94%
*91%
98
a94%
94%
16
16%
16%
17%
.17%
18%
18%
19%
18%
18%
*66%
67%
70
67% 67%
70
*70
75
70
70
47
9%
39
*40
14
America
3,300
82
9%
3278
1878
Bearing Co..17
Brewing Corp of
7%
July
Jan
Oct
Jan
2
Bridgeport Brass Co...No par
Brlggs Manufacturing. .No par
190
per
100
6,900
8,000
3%
46%
3878
19%
5%
*18
9%
*9
18%
7%
46%
41
16
32%
*44
*91
*39
16
50
*37%
97%
*102% 10234
26
2634
16
18%
82
*17%
*46
1%
7%
15%
18%
8%
*7i2
*44
60
1%
7%
2-i
May 31
10% Mar 31
5
.
12%
1078
99
6%
19%
3%
12%
3578
17%
16%
49%
1%
8%
16%
19%
17
16%
Bower Roller
15
15
Corp
10%
7
3578
35
Jan
(The)
Boeton A Maine RR
13%
11
9
17%
Aug
11%
12%
*97%
10%
17%
25
200
18,
35
Dec
32%
13%
*17
19
12
19
10
11
Mar 23
14%
19%
30%
4%
32%
12%
13%
*33%
!
35
*32%
18%
17i2
16%
5.100
13%
1634
June
17
18
34
9
16%
25%
16
1
12%
18%
3%
40% Apr
40%
1378
11%
Oct
13
24
19
39
17%
13%
3%
11%
Oct 14
42%
1778
11%
62
17
24
6%
I
Bond Stores Inc
3,600
share
Jan
42
34%
25%
*17
34
1,000
93
105
40
10%
12%
41%
34
7
20
*19%
*9%
33%
10
100
1,300
400
49
9
12%
34,000
1%
48%
4%
4%
2,200
36,900
1%
6
48%
4%
33%
45
2
*11%
7
12%
100
5%
4334
4%
4
23U
13%
1*
4i8
32l2
1334
10%
97
12%
578
43
23I4
10%
97
978
578
43
12
*33%
12%
10%
1,200
25%
6
12%
1234
2,100
15%
16i2
97
Borg-Warner
2
6
40
97
Borden Co
17,200
*1%
14%
12
*1212
9%
21,000
3278
32
2%
25%
6
2
1634
*33%
700
1478
6
42
9%
13%
17
17%
Highest
share
70% Oct
$
share
Nov 26
$ per share
82
Apr <
No par
Class B
13%
33%
Lowest
Highest
$
No par
Bon Ami class A
90
14
6
178
10%
12%
42
17%
33%
12%
1078
*9%
130
51%
32%
25%
*178
104
*50
13%
5%
13%
Par
Shares
51%
£13%
16%
2%
36%
104
100-Share Lots
Lowest
Week
16
13%
16%
1678
32%
2
29
Dec.
% per share
2
16%
31%
6
2
13%
13%
15
104
*50
51%
2
13i2
*178
51
16%
6
42
104
103% 103%
3034
1314
28%
*34%
2834
38%
Dec.
$ per share
24I2
24i2
41
41
*13
14
2ig
(5
♦34%
Dec.
1938
Range for Previous
Year 1937
Range Since Jan. 1
On Basis of
17,
EXCHANGE
the
Friday
Thursday
t per share
103% 10334
51%
51%
31%
127«
6
12»4
13
f per share
1634
30l2
Wednesday
YORK STOCK
NEW
for
Monday
Saturday
Dec.
P.'ghts
n
New stock,
4
Apr
Mar 29
13
9
Gash sale,
x
1
Mar 30
30
Jan
June 30
7%
Dec
29
Jan
22% July 19
22% July 19
16%
Dec
32
10% Dec
98% July 25
65
19
10
Nov
10
Oct
35% July 19
25%
Dec
6% Mar 30
57
May 3
50
May 16
9% Oct 17
£4%
Oct
83
Oct 15
£08%
Jan
Oct 27
Oct
Dec
30% Dec
108
70
64%
101
Jan
114
23
Mar 30
84
Mar 38
31% Mar 31
90
Jan 31
5% Mar 30
1
Mar 29
25
Mar 31
22% Mar 30
Ex-dlv.
9
y
Nov
Aug
31% Aug
125% Apr
1
27% Apr
% Dec
r
1
9
597gNov 10
108% Nov 21
80
Dec
Nov 10
34
Dec
112% Oct 28
12% July 29
2% Oct 27
55% Oct 28
86
Dec
5
Oct
64
2«
39%
40%
20?a
69%
80i
120
21%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1
Oct
4%
Jan
34
Oct
75%
Jan
May 11
Dec 14
Ex-rlghts.
f Called for redemption.
r
Volume
AND
LOW
SALE
HIGH
PRICES—PER
SHARE.
NOT
NEW
Dec.
Dec.
10
$ per share
t per
Dec.
13
Dec.
12
$ per share
7%
7%
7%
7%
7%
26%
*6%
26
26%
26%
26%
26%
*4
6
6
25
24%
10
9%
*75
*9%
80
*82
*7%
27
8
7%
7%
7%
500
28%
28%
5,900
8
7%
*6%
6
*4%
6
*6%
*4%
25%
25%
25%
25%
9%
82%
*6%
*9
9%
82%
*9%
74%
74%
*83
*75%
80
83
84
84
9%
1%
ia4
1%
1%
1%
1%
1%
10%
10%
10%
28%
10%
10%
10%
10%
29%
28%
102
28%
102
102%
6%
29
102%
6%
6%
6%
8%
102
29
29%
6
6
29%
101% 102
102%
6%
7%
84
6%i% prior pref w w
1%
1,300
Consol Film Industries
11%
2,100
1%
1%
11
30%
57,500
102
6%
*6%
3,200
31,600
30%
29%
102%
101%
6%
100
100
preferred
10
320
6%
1,100
8%
8%
8%
8%
8%
3%
3%
3
3
3
3%
3%
3%
3%
3%
3%
Consol Oil Corp
No par
16
8%
8%
8%
3%
2%
3
3%
3
3%,
3%
3%
3%
2,400
Consol Coal Co (Del) v t c—25
16
*14%
15%
200
5% preferred v t C-.-_-.100
Consumers P Co$4.60 ptNo par
700
Consol RR of Cuba 6%
104
8,200
Container Corp of America.20
9%May 27
18%
19%
19%
19%
3,600
Continental Bak el A..No par
*1%
1%
1%
1%
1%
1%
2,500
No par
95
38
38%
8%
35%
1Bei
47%
47%
47%
62%
62%
62%
*175
4%
4%
4%
37
35%
36%
26%
*16
2%
25%
47%
62%
*48
63%
*175
'4%
37%
107
105
109
109
28%
177
*175
177
2*
29%
25
25
25
*24%
35%
2l»4
2%
28%
28%
J%4
38%
35%
35%
2%
29
2%t
26
25%
48%
*4%
36%
37%
105
27
7%
8
25%
7%
49
4%
64%
3,300
$4.50 preferred
No par
Continental Diamond Fibre. .6
5,100
Continental Insurance
29,500
Continental Oil of Del
26%
48%
1,100
64%
5,600
540
200
4%
5,400
38%
17,200
2,200
108% 109
r
26
600
35%
3584
39
39%
42%
40
40%
10,300
37%
37%
*35
37%
37%
8%
41%
*35
37%
37%
37%
*37%
38%
38%
38%
300
*30
35
35
*33
35
8
*7%
7%
37%
,
35
*30
35
13
13%
13
12%
12%
*30%
12%
86%
86%
87%
37%
37
38%
88
85
85
*30
86%
86%
£12%
•86%
*36%
37%
37
*8J'a
87
*83%
25%
20%
8%
13%
85%
86%
38%
40%
85%
87
8%
9
41
13%
25%
26%
2,900
9%
35
*33
L
^
13%
86%
87
86%
86%
40%
41%
40
41
87
88
*88
90
390
;
6,500
500
'
*%
*6
%
6%
*6
6%
4%
4%
%
*6%
*%
%
4%
4%
*70%
75
74
74%
12%
13
13
13
4%
5%
5%
5%
43%
43%
61-
6%
6%
6%
25%
25%
25%
25%
5%
44
7
*6%
4%
4%
13%
13%
5%
5%
6%
6%
26
26%
26%
27
77
*72
83
*72
83
46
46
*43%
46
*23%
24
23%
6%
23%
6%
6%
*17
17
6%
18%
7%
7%
7%
23%
7%
6%
7%
12%
13%
7
s
27
20%
21%
20%
6%
6%
6%
*72
83
71
72
50
*43
46
*43
46
50
25
7%
6%
6%
3,100
1,600
*17%
18%
*17%
18%
200
7%
7%
8%
24%
7
23%
25%
7
%
....
.
107
*103
8
7%
3,700
110% 110%
20%
20%
24
24
10
21,400
1,000
*15%
16%
600
22%
22%
23%
21%
22%
14,200
6%
6%
7%
6%
0%
14,900
%
%
%
%
%
2,200
%
%
%
%
*104
24%
21%
6%
6%
107
18,400
7%
21%
%
26%
18%
7
7%
6%
*104
59,800
*17%
6%
20%
6
3,000
6,600
6%
83
23%
106% 106%
106%
%
110
107% 108%
■—_
110
1,300
...
....
Continental Steel Corp.No par
Coty Inc
.27
*41
8%
19%
89%
*11%
*32%
19%
19%
89%
1234
33
19
19%
31%
32
32%
*6
6%
6%
70
71%
71%
*9
110
41%
8%
8%
8%
20%
20%
20%
8%
20%
21
90
*89
12%
*11%
33
33
20
19%
32%
7
73%
19%
9%
15%
17
11
118% *117
14%
9%
110
118%
14%
14%
6%
.6%
6%
18134 181%
6%
181% 182
2034
21
20%
3
3
34%
11%
3%
33%
34%
23s
2%
11%
2%
11%
10
10
*31
33%
No par
No par
No par
$2.25 conv pref w w_ JVo par
Crucible Steel of America.. 100
(The)
No par
Cuba RR 6% preferred—.100
Cuban-American Sugar—..10
Preferred
100
9%
15%
*10%
*109
21%
.10
100
Delaware Lack A Western..60
Delaware & Hudson
JDenv & R G West 6% pf.100
Detroit Edison
100
Det & Mackinac Ry
16
110
*10%
118
'
9%
9%
9%
9%
900
16%
14%
15%
10,500
10%
10%'
10%
200
10%
£110
149
1*106
110
110
20
150
151
17,500
150%
137%
137
137% *137% 138
119%
118
118
*117% 118%
14%
6%
15%
7
181
22%
7
2%
10%
35%
10%
7
100
1 ;400
3,300
"
22%
22%
"5", 800
3%
3%
1,400
35%
36%
35%
35%
28,000
12%
2%
11%
11%
11%
18,900
2%
10%
10%
2%
11%
2,500
10%
12%
2%
11%
36%
36
22,800
31
31
31
30%
32
33
33
33
33%
3,800
29%
33
30%
30%
28%
29%
29
29%
29
29%
29%
29%
3,600
36%
35%
37%
5,700
'
1%
*\U
1%
*1%
29%
42%
29%
29%
z28%
29
28%
29
28%
29
3,900
*41
42%
*110%
*110% 111
*110% 111
8
8
8
8%
8%
*65%
66%
*65%
66%
*65%
71
*68
*69
*69
71%
42%
*40
42
42
42%
42
42
400
1%
28%
,
1%
28%
*1%
29
43
*40
76
*71
*72
1%
1%
3%
76
*72
111
111
1%
1%
111
*111
8%
1%
*1%
*111
~
8%
8%
66%
66I4
66%
265%
71
70
70
270
70
*74
76
76
'
•
*74
900
130
~
76
76
200
1%
1%
1%
2,900
1%
1%
10,700
3%
3%
3
3%
3%
3%
3%
3%
1%
3%
2
2
1%
*3%
2
3%
1%
4
2
4
2
1%
2
4,000
1,300
*13%
15
14%
15
800
*79*%
82%
82%
84
80
13%
13%
13%
*13%
*7934
80%
*79%
80%
*79%
80%
80%
28
28
118
*107
*107
120
120
*110
*4%
"4%
*4%
4%
*4%
3%
*2%
3%
3
1%
24'g
*84%
87%
35
35%
*
24%
*
1%
24%
*84%
35%
»——
$6 preferred
*97
*97
4%
2d preferred—
Ex-Cell-O
Fairbanks Morse A
$6
1%
1%
25
1%
1%
1,400
24
87%
*84%
35%
35%
87%
*84%
35%
35%
24%
this day.
24% *
$ In receivership."
Fed Dept Stores
87%
35%
7", 600
24%
a Def. delivery,
27
Jan
Nov
3184 Mar
29
Jan
Oct
13
Oct
5888 Mar
5
Oct
24% Mar
107g
146%
Feb
184
Oct
Dec
Oct
22
May
12%
29%
18%
Oct
Dec
Oct
30
May
30
Oct
35
24
24
29
30
Oct 19
Dec 15
23
Apr
Oct
29
Mar
Oct
90
Mar
15
Oct
25
27
Oct
41%
Jan
4084
Feb
5
Dec
79% Dec 16
20%
Oct
24% July 19
Feb
Dec
Oct
Dec 16
Feb
Feb
584
10
10%
141
70%
36%
40%
Jan
00%
25%,Oct 6
347g Aug 10
8% Jan 20
79% Nov
Feb
12% Mar
77%
Jan
14384 July
Dec
55
Jan
8%
Dec
1%
21
39%
Jan
Oct
8%
Jan
Oct 10
10
Oct
17%
Jan
Apr 23
115
Jan 27
100
Nov
122
9
98
Nov
180%
Jan
138% Nov 28
130
Oct
135%
Feb
112
102
90% Mar 31
130% Mar 31
1
111% Jan 3
July 19
19% Dec
151«4 Nov
7
Jan
Nov
120%
118%
16%
8%
5
3
Dec 16
Nov 12
107%
109%
Oct
Oct
115%
Jan
2%
Oct
17
Mar
121% Mar 31
187
Nov 10
144
Nov
198
Aug
5
171
Apr 20
150
Apr
164
Nov
109% Apr
13% Nov 28
3% Mar 31
157
Jan
10% Mar 30
2
Dec
Dec
Oct 17
37%
Feb
Oct
87
Jan
Nov 10
22
Oct
44%
Jan
14%
Oct
29
Jan
72
6
5
3
100
Co 100
4M % Pf—100
N Y..2.50
sale
30
14
20
31
10% Apr 9
1% Mar 31
3% Mar 30
19%May 27
22%May 31
0% Mar 30
67
April
52% Apr 5
90% Feb 2
2% Mar 30
1% Mar 30
1
Sept 14
12% Mar 30
67% Jan 4
22% Mar 30
15 June
1
t Ex-dlv.
Jan
JaD
24
71
2% Mar
1% Dec
2% Mar
6% Mar
Feb
Oct
2% Mar 29
38% Mar 31
94% Apr
7%
27
111
% Mar 26
Mar
46% Oct 17
4I84 July 2
0
5
Mar 31
18
Deo
26%
92%
Apr
Rico..20
r Cash
Jan 11
33
Fidel Phen lire Ins
stock,
4
14
a
Fllene's (Wmi Sons Co.No var
n New
,23% Nov
Feb
100
Truck..No par
Works..No par
Federal Water Serv A.Nonpar
Federated Dept Stores.No jxir
1%
35
"109"
5
17
Federal Screw
*84%
24% *__
90% Oot
19% Nov
20% Nov
88%
3
60
100
Federal Motor
500
87%
Feb
Oct 24
4% Jan
7% July
40% Oct
30% Oct
41% Nov
21% Mar 31
Traction...15
preferred
1,100
*84%
35
35%
24%*
Jan
24
2% Jan 10
115
par
par
Co. No par
Fajardo Sug Co of Pr
Federal Light A
3%
900
18%
Oot
8
Nov
24% Nov 16
884 Nov
22% Mar 31
Corp
"4%
24
17
Jan 20
Oct
Oct
11% July 29
111% Dec
par
par
Exchange Buffet Corp. No par
Fairbanks Co 8% pref
100
4%
24%
0
12
1% Mar 29
*3%
25
Deo
14
1% Dec 16
3%
1%
12%
54%
8% Mar 28
100
100
100
{Erie Railroad
4% 1st preferred
Federal Mln A Smelting
Preferred
120
Jan
8% Mar
23«4 Mar
6% Mar 25
l%May 6
Equitable Office Bldg—No par
4%
24%
preferred.
3%
1%
Bid and asked prices; no sales on
5%
4%
24%
35%
preferred
No
$6 preferred
No
Elec Storage Battery.-No
Elk Horn Coal Corp
No
El Paso Natural Gas—..,
EndlcottrJohnson Corp
$7
3
*1%
87%
*110
Oot
Deo
Electric Power A Light. No par
4%
24%
1%
24%
120
109%
Oot
8%
Feb
3
3
1%
*110
Dec
2
10
4%
"4%
3%
*22%
120
*97
*97
*97
*97
*110
200
6,800
2,500
39%
Feb
Oct
Oct
Oct
27%
15
80%
14%
27%
13%
28%
*13%
6%
20%
384
3%
27%
28
27
*5%
Oct
2% Sept 14
6% Mar 29
26%
*5%
39%
27%
Dec
4
3,
Electric Boat
Elec A Mus Ind Am shares
38
*6
39
Mar
12
Feb
37%
6%
38%
27%
5%
37%
27%
600
Jan
43
Dec
10
39%
2
127
70
45%
24,200
2
Jan
Dec
2
24
1%
Jan
Dec
24%
23%
1%
148g
284
14%
2
22%
11%
22%
12%
21%
2
5%
Mar 26
15
Oct
9
23%
11%
21%
*1%
36%
Mar 30
Jan
284
17
11
6
17«g
Jan
23% Nov 10
91% Nov 16
17
Jan 12
Mar 30
Oct
Feb
Mar 18
12
Mar
3
3
27
Mar 30
27% July
4%June
8I84 Mar
135
Dec
%
86
5
8% Sept 20
28%June 2
25% Apr
108'4 Apr
62
11
65% June 17
Jan
Jan
Jan
5% July 25
2
11%
21%
534
3
56%
47%
36% Dec 15
12% Nov 9
Evans Products Co
1%
36%
Mar 30
Dec
Feb
Mar 23
Eureka Vacuum Cleaner
11%
Oct
Jan
28s4
1007g
13% Mar 30
6
Mar 30
4
Eitingon Schlld
No par
Electric Auto-Lite (The)
6
1,400
21%
5%
100
Dec
Aug
15%
7,100
1'8
36%
6% cum preferred
Eaton Manufacturing Co
4
11%
*5%
Duquesne Light 5% 1st pf-100
Inc.
..1
Eastern Rolling Mills
6
Eastman Kodak (N J).No par
Eastern Airlines,
13%
4
20%
36%
100
11%
4
11%
2
Co..20
12%
24%
3%
11%
11%
25
No par
76
1%
3%
7
4%June 11
Mar 29
1%
2
2% Sept
48
1%
3%
% Nov 161
Mar 31
76
Mar 31
1%
4
Mar 31
4
Feb
50%
Nov
19% Mar 29
9
Mar 30
40
1%
2
..100
preferred
Du P de Nem (E I) A
30%
24
25
7% Mar 29
Jan
18% Nov
Oct 25
Nov
25% Feb 25
$5H preferred w w—No par
1%
4
4
3
Feb
71%
29% Nov
8% July 20
13%May 27
500
1%
2
6%June
102% Jan
600
1%
3%
•
4% Mar 29
71%
1%
3%
18
67
13,600
1%
1%
June
71
<
8%
1%
1%
4% Mar 31
35
Engineers Public Service
1
$5 conv preferred
No par
8%
1%
1%
1%
May 25
65%
8%
65%
8%
1%
..1
No par
Dupian 811k
8%
12
87% Jan 27
No par
Class B.
Dunhill International
Dec
%June 30
31
A No par
34
Oct
No par
Dresser (SR)Mfg conv
Dec
28% Nov
1% Jan
13% Feb
6% July 14
87
Jan 7
68%May 31
77
171% Jan
10% Mar
37
Nov
Mar 29
July
115
80
3
Jan
35% Mar
Dec
21
5% Mar 31
49
Nov
57%
No par
Douglas Aircraft
Dow Chemical Co
1,500
48,900
35
35
Dominion Stores Ltd..No par
$4.50 pref erred-....-No par
35%
2%
No par
6% non-voting deb
3%
23
No par
Glass A—
1,000
*170
3%
11%
16%
180% 180%
181%
22%
3%
118
15%
*6%
*171
3%
34%
11%
2%
118
118
15%
7
180% 181%
34%
118
117% 117%
15%
21%
11%
2%
*10
118
3%
34
200
15%
21*%
34%
11%
2,900
19
9%
*170
*3
141
19
18%
16%
110
6%
10%
300
137
181% 181%
3%
2%
18%
5% pref with warrants..100
Co
No par
6,700
139
134% 138
19
147% 150
*109
14%
6%
135
15% Nov
37«4
5% Jan
10984 Feb
69% Jan
108% Dec
2584 Jan
4284 Jan
3% Feb
21
94% Jan 17
25
Dixie-Vortex
79%' 48,600
37% Nov 14
92% Aug
37% Apr
88%
44% Jan 11
20% Jan
Corp-Seagr's Ltd. No par
22% Nov
9212 Nov 16
31% Jan
6% particp referred
Oct
19% Mar 31
70
Apr 8
.No par
Match
6%
*5%
11
Devoe <fe Raynolds A ..No par
Diamond
32%
32%
32%
77%
*17%
9%
100
Dome Mines Ltd
6
133
Co.—100
preferred
Doehler Die Casting Co No par
79%
19%
9%
16%
20
Preferred...—
D lesel-W emmer-Gll bert
3
8%
Nov 15
13% Mar 29
Dayton Pow <fe Lt 4H % Pf-100
Deere & Co
No par
Oct
Apr
6%
10% July
4384 Nov 12
Davega Stores Corp
Conv 5% preferred ...... 25
Davison Chemical Co (The)
3,100
6
29% Nov 10
50
20%
77%
42% Oct 8
117% Nov 12
83
*20
7
Jan 31
Mar 31
Mar 31
""260
77%
19
13% Mar 31
12%
*5»2
50%
85
40
Oct
153
Dec
48% Jan 11
preferred
33%
75%
Jan 12
7084 Oct
No par
$8
Cutler-Hammer Inc
33
6%
14%
21%
20%
32
1,300
29% Nov 10
6% Nov 10
6
5% Mar 31
22% Mar 30
29
Apr 13
25% Apr 1
7% Mar 29
58
Mar 29
Oct
9% Oct
4684 Nov
pref—100
No par
Cushman's Sons 7%
*12
75%
146% 147%
118
20
32
89
4
3584 July 25
"64 Dec 13
2% Mar 26
21% Apr
Oct
7g
7% Oct 25
28% Nov 16
1
Class A
Distil
88
23
3
8
1
Diamond T Motor Car Co.—2
12%
Dec
3% Mar 30
12% Mar 30
No par
Preferred
Cur tlss-Wright
6,400
89
3
21% July 18
8% Aug 11
56
Aug 10
50
Packing
1,000
2,100
..
Mar 26
10
Cuba Co
8%
35
32%
100
Preferred
20%
89
19%
Corp.
5
preferred.—No par
8%
34
31%
No par
Crown Zellerbacb
20%
*12
20
l
25
8%
12%
33%
20%
36% Nov 12
56
21%
89%
Oct
21% Mar 30
%May 26
21% Mar 30
»«« Nov 28
177
8%
10%
35%
34%
36%
*29%
*12
41%
Deo
Dec
5%
1
1
20%
*41%
8%
41%
1,630
1,400
31
10%
36%
*5%
74
*89
12%
*170
*170
•
31%
89%
33
137% 137% *137 * 137%
119% 119%
119% 1,19%
11934 119%
*170
29%
146% 147%
137% 137%
14%
30
29%
41%
134% 134%
*109
145U 146%
*117
29%
29
*18%
.
10%
*109
31
28%
41
*10%
9%
17
10%
30
28
41
*17%
19%
16%
30%
27%
41
134% 134%
134
133%
*17%
30
27%
27%
*41
8%
19%
89%
*11%
*31%
30%
41
28%
27%
41%
*8%
28%
27%
27%
27%
37%
1067g
Apr 12
Cream of Wheat ctfa
5%
26og
*2714
Oct
Oct
9
Apr
Cfosley Corp (The)
Crown Cork A Real
conv
1
65
Nov
Apr
Pref ex-warrants
10% Jan
13% Apr
6284 Apr
11% July 26
40
5% conv preferred..—.100
$5
116
162
Co
Oct
June 30
49
5
Jan
£53
-
2%
June 17
6
100
Preferred
Crane
3612 Mar 30
107
Refining-—25
Corn Exch Bank Trust Co..20
Corn Products
Curtis Pub Co (The).-No par
46%
26
*110% 111% *110% 111% *110% 111% *110% 111% *110% 111%
19%
19%
20%
19%
20%
20%
20%
19%
20% .21%
24
24
24
•24
24%
24%
24%
*23%
24%
*24%
16%
16%
16%
16% £16%
16*
16%
16%
16%
16%
20%
6
Rights
Cudaby
6%
5%
45%
6%
20%
—5
2,700
45-%
6
45
6,400
46
*43
17
17
62
5%
45
900
110
62
13%
13%
7
44
4%
4
4%
.•
7
*6%
70
*60
5%
44%
46
17
4%
13%
46
23%
4%
73
5%
43%
6%
7
*6%
%
%
%
%
7
72
*72
•
%
75
*74
13'
43%
%
%
>.
4,900
13%
13%
1
23,600
*25%
7%
36%
*25%
$2.50
Motors
Continental
4%
38%
110
20
Continental Can Inc
200
37%
4%
37%
108
100
preferred...
8%
500
18,600
175
175
177
4%
38
48%
65%
64%
*175
107%
26%
27%
48%
64%
176
4%
4%
37%
27
Class B
% 218,800
aM
T
%
49
63%
176
108
2%,
r
27
48
64
*25%
27
l%*
177
106
1%
95
94
*94
*93%
95%
38
40
38%
38%
38%
40%
1.12% 112% *112% 113
*112% 112%
8%
9%
9%
9%
9%
9%
35%
35%
36%
35%
35%
35%
2%
2%
2%
2%
2%
2%
31
30
31
28%
30%
29%
94
38%
35%
2%
2%
28
94
39
113% 113% *112% 113%
8%
.8%
8%
8%
8%
35%
95
38
96
*93
*112% 114%
1%
Apr
2s4 July 16
103% July 26
600
15%
19%
177g
1% Mar 29
65% Mar 31
93%
15
1%
Oct
Oct
*93%
19%
7
Oct
93%
14%
Jan
Feb
Dec
*93%
14%
Jan
13%
7%
93%
14
19
Jan
108
Oct
IOS4
93%
14%
Jan
3%
7984
93%
13%
1%
Nov
95% Nov
17% Oct I
26% July 27
Apr 18
93%
14%
95
584
I884
92
Nov
Jan
4978
8% Mar 26
78
93%
13%
1%
Oct
Oct
x93%
1%
Oct
Dec
Oct
13%
*18%
1
3
94%
15%
20%
Mar
16
94%
*13%
*18%
19
Mar
95
4%
5% Jan 12
Jan 12
17
19
87
Oct
.
Oct 17
7% Jan
Mar 31
*14%
15%
Oct
22
10
16
*14%
July
187g
21%
Oct 24
10% July 13
*13
*14%
Jan
26
63
7% Oct 13
2% Sept 14
2% Mar 19
pf-100
22
Oct
Oct
65
12% Dec
88% Apr 16
2% Mar 30
7
Mar 30
No par
Consol LaundrleB Corp
6
preferred
8%
8%
3%
2%
Deo
484
Nov
34%
17
Dec
8
86% Aug 17
Mar 26
1
No par
Consol Edison of N Y..No par
$5
75
5
Deo
57g
Oct 14
4% Mar 26
Mar 31
1
$2 partic pref
Jan
share
19% Feb
45% Mar
19% Jan
Oct
4%
20
8% Oct 28
14% July
26% Nov 25
10% Nov 14
71
*2%
8%
3%
*3%
17
800
9%
Mar 29
4% Mar 30
No par
84
29
per
7%
3
Mar 29
10% Sept 17
4% Mar 29
55
Apr 1
1
Consolidated Cigar
9% Aug
1
Highest
per share $
share
6
No par
Consol Aircraft Corp
Lowest
Highest
$ per
share
15
Conn Ry A Ltg 4M% pre!. 100
80
11
102
6%
Congress Cigar
220
14,400
*75%
84
1%
10%
100
5%
8
per
3% Apr
No par
25%
*9
9%
80
$
Congoleum-Nalrn Inc ..No par
5%
*6%
25%
*83
*1%
*10%
28%
Conde Nast Pub Inc
24%
6
9%
*75%
Par
Shares
28%
*4%
Range for Previous
Year 1937
of 100-Share Lots
Lowest
Week
16
S per share
7%
24%
7%
Dec.
15
27%
7%
27%
25%
80
*75
84
Dec.
$ per share
6
*6%
6%
6%
24%
14
$ per share
share
On BasU
STOCK
YORK
EXCHANGE
the
Friday
Thursday
Range Since Jan. 1
STOCKS
Sales
CENT
PER
for
Wednesday
Tuesday
Monday
Saturday
3725
New York Stock Record—Continued—Page 4
147
35
0%
234 Nov 16
297g Nov 12
45 % Nov 10
33
Nov
60
Feb
7
100
Nov
115%
Jan
10t2 Oct 28
3
Oct
17»4
Oct 27
41
Oct
78%
Jan
Oct 25
45
Nov
81
Feb
79% Oct 26
27g Jan 11
6% Jan 3
51
Nov
80%
Feb
984
Jan
Dec
884 Jan
0% Jan
0
0
1%
Dec
4%
8%
Oct
Oct
Jan
23% Mar
35% Mar
Oct
28% Mar
6
Oct 18
3
Oct
16
Oct 77
6%
Deo
14% Jan
34% Mar
1%
24% Dec
2% Nov
11% Jan
40% Nov
3584 Oct
16% Oct
5
15
684
Jan
12
7%
Jan
23%
Oct
Oct
Oct
28
12
22
15
717g
Jan
26
Oct
70
Jan
84% Nov 10
7284
2
7%
Oct
29%
Jan
Dec
103
Jan
7
60
Nov
150
Mar
99%May 17
90
Oct
129
Apr
133
Nov
57g Aug 10
2
Oct
11%
Feb
4% July 25
2%
Oct
11%
Feb
1
1%
1484
Oct
Deo
6
Jan
4384 Mar
Oct
1087g Mar
2% July
29
Oct 14
90% Oct 15
36iz Nov 14
25
Oct 20
v Ex-rlghts.
*65
22%
Oct
45%
Jan
20
Dec
3984
Feb
5 Called for redemption.
New York Stock
3726
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page 5
CENT
Sales
STOCKS
NEW
for
Saturday
Monday
Tuesday
Dec.
Dec.
Dec.
10
$ per share
22%
$ per share
22%
98
41%
26%
35
181;
22l2
9712
98
4U2
25%
*34%
*18
*2%
33
22%
98
41
*25%
27«4
27
27%
*35
35i2
35%
35%
17%
17%
3%
18
18
334
34
33%
34%
107
24
24%
*87
91
*87
99%
3%
3
3%
43
*2%
*35s
107
42
41%
2778
28i4
Dec.
14
23%
98
40%
*3
28
23
97%
24
3%
22%
Thursday
$ per share
41
107
28
Dec.
$ per share
*23%
*40
13
*40
33.
*106
12
Wednesday
35
89
90
2%
*41%
27%
2%
*80
*17%
3
90
90
234
42
42
28%
234
28%
2%
3%
2%
3%
12
97
5%
6%
5%
6%
18l2
18%
18%
18%
18%
11%
3%
12
12
6
28%
2%
3%
11%
14
584
1834
18%
18%
,
*65
75
*65
23%
*23
2258 23
126i2 1267g
127
403s
41
3634
37%
74
4Hg
37ig
*60
42
47%
123
477«
48%
123
*634
10i8
7
10%
%
74
74
48%
123
*37%
♦107
*107
*13g
1%
21%
2I84
21%
*85
90
*13s
1%
1%
19%
3434
19%
35l2
26%
20
3434
35
*25i4
*14i2
27
15
26
17
*15
*15%
15
22
*55
235s
*48
212
2%
*73%
23%
7%
5234
12%
23%
58
7%
52J2
1284
2%
2%
*74%
80
25%
158
1034
18
2412
2384
155S
2434
2584
142
1978
*1134
*1
25l2
5
20%
12
17%
4%
19%
2984
33%
18
18
*4%
*17%
2934
19
16
16
*95
100
28%
6is
75
334
*1678
75
17
75
*134
58
*104
105
*
110
1934
4434
110
*812
1234
*10714
6OI4
*31t4
6%
6%
75
105
1634
743g
...
16
74%
*55
105%
105
19%
4534
*19
110
2,800
2%
2%
1,700
*76
80
24%
25
65%
37%
0434
64%
23,200
2,800
36%
103% *104
*73
60,600
2,900
5%
800
1%
7%
78
18%
26
1,000
3,100
13%
26%
25
23%
14
27%
25
140
140%
*40
49
26%
27%
6,600
1%
%
*1
1%
*14%
4%
*18%
29%
*32%
30
33%
12%
12
*16%
99%
*35
18
44
*14%
4%
484
19%
2934
19%
*29%
*32%
*11%
33%
12
17
•
16
99%
99
99
99
*97
30
30
30%
*138
6%
6%
1
10
5
1,100
45%
*109
105
1934
4634
111
*
74%
1634
12
77%
134
79%
134
5784
55%
105% 105%
105
*19
*19
19%
47%. 49
110
111
914
49%'
111
400
99%
"l(666
300
30
20
6%
1634
80 34
134
55%
105
19%
50%
111
*
160
16%
500
10
16%
2,800
80
83
6,200
135
135
30
*55
57
200
*103
106
300
*19
19%
4934
110
13
.
on
this day,
conv
pref erred..—No par
50
110
400
7,100
140
1
1
Goodrich Co (B F)
t In receivership,
Mar 31
a
5
Grand Union (The) Co
1
$3 conv pref series...No par
Granite City Steel
No par
Grant (W T)
10
6%
preferred
20
Gt Nor Iron Ore Prop—No par
Great Northern pref
100
Great Western Sugar..No par
2% July
Mar 29
Mar 30
Apr 1
1% Mar 20
2% Sept 26
60% Apr 20
15% Mar 31
09% June 17
2% Mar 30
52% Mar 30
% Mar 29
2% Mar 31
1
Mar 31
Mar 30
19
Mar
Jan
1%
Nov
95
Nov
95
8
Oct
Oct
61
Feb 26
July 20
43
1%
85
Nov
9
26% Oct 17
68% Dec 7
37% Dec 14
106
Nov 12
6% Nov 14
72% Dec 15
2
Oct 15
July 19
13
Dec
Dec
47%
Jan
Dec
Dee
10
Oct
22%
28%
50%
42%
145%
04%
39%
Dec
7g
Oct
Mar 28
28
Apr 28
30
1
35
Apr
12
Mar 31
__
Jan 12
6% July
7
Nov
12
3%
Oct
Oct
Dec
36
Feb
101
Nov 14
95
Nov
108
100
Nov 12
92
Oct
105
Mar 29
34% July 25
18
Oct
121
Dec
4%June 3
50% Mar 31
l%June 14
76%June 1
Dec
1
*7% Jan 19
6
Oct
Nov 29
55%
Dec
6% Oct 19
1%
Oct
75
Jan
Feb
June 23
140
Jan
31
15
7
Feb
20% Feb
88%June 30
Apr
Mar
11% Mar
4% Jan
83
120
Mar
Mar
Mar
59
23% Dec
20% Apr
4%
17%
16%
Mar
May
Jan
17% Mar
59% Mar
34% Feb
Nov 12
6
98
Feb
Oct
12
Judo
48%
Oct
Nov 16
13% Nov 15
21% Jan 15
27% Feb
Jan
58% Mar
140
17%
Feb
Jan
106% Feb
8
Jan
107% Dec 8
11% Nov 30
81
25
81
May
5
111
Dec
5
80
Dec
120
Feb
100
140
Jan
8
161
Dec
2
129
Nov
160
Jan
1
...
No par
No par
6% cum preferred
100
5% Mar 25
10
Mar 26
42% Mar 31
120% Jan 19
20% Oct 25
83
Dec 16
135
Oct
4
No par
40
Mar 19
preferred...No par
80
Mar 28
Hlnde A Dauche Paper Co.10
Holland Furnace—....No par
15
Sept 28
21% Nov
3
17
Jan 31
52% Oct
6
98
Jan 10
5% conv preferred...No par
Hollander A Sons (A)
...5
No par
7% preferred
100
Homestake Mining
12.50
Holly Sugar Corp
Houdallle-Hershey c! A-No
par
No par
stk.No par
50%
5,600
1%
3,600
Hudson A Manhattan.....100
100
v t
c._25
5
5%
preferred
100
Hudson Bay Mln A Sm Ltd 100
Hudson Motor Car
No par
2
13,600
Hupp Motor Car Corp..
I784
30
41,700
Illinois
5% Mar 26
ll%June
102
Mar 16
1
17% Mar 31
118
Aug 31
13% July 19
25% Jan 12
108 May 27
66
Mar 30
72% Nov 18
105% Nov 29
Mar 31
9% July 20
53% Jan 13
3% July 14
9% July 14
35% Nov 10
0
5
23% Mar 30
1
May 7
3
Mar 29
20% Mar 30
5
Mar 30
%June15
6% Mar 30
Apr 6
Leased lines 4%
RR Sec ctfs series A
23
*Ex-dlv.
10
Jan 13
2% Oct
6
Nov
5% Dec
11
Oct
117% Aug
15%
Jan
39%
Feb
50
Nov
64
Deo
125
May
135%
Feb
39%
83
Dec
07%
Jan
Nov
111
Jan
10% Dec
15% Oct
37
June
93
7%
15%
Nov
Dec
Oct
109
Oct
*39%
Oct
52% Feb
120% Jan
30*4 Mar
43% Jan
114% Mar
53% Dec
21
Dec
41
Jan
0
Oct
27%
Feb
44
Oct
73
Jan
78%
Dec
94
Mar
4%
Oct
17%
Oct
90% Mar
5% Jan
37
Jan
1%
Oct
3%
Oct
15%
4
Oct
1% Dec
23% Feb
4% Aug
8
38
Jan
y
18% Dec 15
30% Dec 15
10
Oct
44
Nov 10
34
Dec
72
10% Nov 12
Mar 30
1000
Cash sale.
Oct 25
40% Jan 4
83% Jan 26
12
100
60
105% Dec 14
Aug 15
35% Oct 25
18% Oct 19
1
100
1
48% Apr
6% preferred series A...100
r
20% Dec
23% Oct
129
1% Jan 10
Mar 25
Jan
19%
Oct
5
Jan
5%
22
Dec
24
15
Feb
Nov 12
July 18
7%
Mar 25
Jan
Jan
4%
Oct
7%
Mar 29
Mar
13%
96
Oct
00
8
Hecker Prod Corp.—
Helme (G W)
n New stock,
1%
141
10
Oct 14
3
Central
Oct
Dec 14
24
com
3
Feb
50% Mar
87% Mar
47% Mar
Oct
June 30
12
Class B
1%
13
30
conv
Oct
22
26
$4
66
50
100
Hershey Chocolate
Oct
4
% Mar 31
7% preferred class A
25
Hall Printing
10
Hamilton Watch Co
No par
6% preferred
100
Hanna (M A) Co $5 pf.No par
Preferred
Dec
10%
72% Dec
3% Dec
0% Feb
8% Feb
115
5
Nov
Aug 30
15% Nov 14
28% Nov 10
100
Hercules Motors
Hercules Powder
12% Dec
40
Jan 12
8%
2%
14%
22%
......100
25
*83% Deo
7% Mar 31
7% Feb
29% Mar
90% Mar
51% Jan
58% Jan
Oct
Oct
Nov
Aug
20% Feb
88% Feb
Oct
2
19% Dec
60% Sept
15% Oct
No par
2
Oct
28% Nov 14
10
100
Dec
3% Jan 11
Oct 31
6H% preferred w w
Hayes Body Corp
Hazel-Atlas Glass Co
Oct
0%
49%
9
51% Jan 19
3% July 18
50
preferred
Hackensack Water
50
15% July 19
July 6
13% Mar 30
34% Mar 29
par
Jan
Jan
24
8
35
preferred
Jan
8
June
Green Bay A West RR
100
Green (H L) Co lnc
1
Greene Cananea Copper...100
6%
88
33% Jan
43% Feb
27% Nov 9
11% Feb 26
100
Jan 14
8%
Oct
Oct
Dec
Dec 13
Gulf Mobile A Northern
Feb
13%
9%
32
5H% preferred
Guantanamo Sugar
5%
48%
70%
10
142
Greyhound Corp (The) .No
Jan
65% Feb
117% Jan
16% Nov
30
12% Mar 31
23% Apr 8
Apr 12
5%
20% Nov 14
24
9% Mar 30
15% Feb
Dec
85
10%May 20
19
Apr 5
3
Feb
110
95
20
Jan
124
70% Feb
122% Feb
60% Jan
Dec
*99
Oct
-
8
Jan
Jan
Jan
Oct
17
Nov
3%
64%
05%
Jan
Oct
Oct
27% Nov 12
July 21
Feb
3%
8%
_
122
5% preferred
Houston Oil of Texas
Howe Sound Co
Def. delivery.
Nov 10
.100
Preferred
100
10%
Dec 16
5
Mar 31
Household Fin
190
49
June 18
500
920
Mar 29
6%June 13
10
5,500
41
1
June
9
32
15%
3,500
110
Oct
Jan
64%
44%
21%
9% July 23
No par
69%
5,400
28% Dec
111
12% July 22
No par
Goodyear Tire A Rubb.No par
5% preferred
700
8
May
37
32%
10,700
117
Aug
53% Nov 12
124% Nov
45
July 22
50
4H% conv preferred
Gobel (Adolf)
Goebel Brewing Co
"4(806
33
125
28% Nov
6134
100
Oct
13
1,400
6
Nov
48
No par
2,900
9,000
Oct
33
Dec 15
Glldden Co. (The)
9
784
%
Nov 10
67
13%
104
28% Nov
117% Nov 25
1% Oct 17
37%June18
Hat Corp of Amer class A..1
—
Bid and asked prices: no sales
$5
"""706
600
152
Oct
Gimbel Brothers......No par
$0 preferred
No par
6%
13,900
Dec
34
.
34
Harbison-Walk Refrac.No par
0% preferred
100
80
*99
Nov 10
40% Nov
13
2,400
4,300
Nov 12
48
8% Mar 23
14%May 23
2934
*138
6%
160
16%
400
33%
99
29%
1,100
18
19%
29%
16%
*99
162
*55
"3(466
86(700
6%
134
5734
160
1234
♦138
16
39,500
4,300
21%
99%
16%
75%
4,500
12%
*92%
*
'300
130
Oct
Granby-Consol MSA P
18%
126% Mar
52% Jan
Oct
3,600
*22%
Dec
Oct
7%
25
18%
25%
23%
Oct
22
6% Mar 29
101% Apr 9
98
Mar
60
Feb 23
Nov
50
Mar 31
65
7
28
1
Graham-Paige Motors———1
800
Feb
32% Mar
18
70
1,600
Feb
14
Oct
Oct
14
8,300
1%
163
Oct
2% July 25
$5 conv preferred ...No par
Gotham Silk Hose—
No par
Preferred
..—.100
11
2%
6%
14%
26% Oct 14
41% Nov 10
1%
ii'4
19% Oct 27
38% Nov 10
87
Oct
Oct
5
117
13% Mar 29
15% Mar 31
7%
13«
6
79
l%May 21
1284 Mar 30
Jan
100% Jan
19% Feb
15% Mar
105% Jan
86% Feb
19% Jan
4
Jan
4
Oct
5% July 25
Oct
Nov
31% Nov
$6 preferred
No par
General Refractories—.No par
Gen Steel Cast $6 pref. No par
1%
834
9%
834
9
9
834
9
9%
9%
1278 13%
1284 13
13
13
13%
13%
13%
*107%
*107%
*107%
*107%
*107%
60i2
60%
61
6034 61%
61% 6IS4
61%
62%
6134
32
*31% 32
32
31% 31%
32
32%
32%
32%
1412
1412
143g
14%
14% 1434
1484
15%
15%
16
15%
*69
70
7H2
70
*69
71% *69
71%
*69%
71%
69%
*103
10414 103% 103% *103
104% *103
104% *103% 104% *103
714
7i2
7%
7%
7%
7%
7%
7%
7%
7%
7%
*46-% 47
47% 47%
47
48
" 4884
47%
48%
50%
4984
1%
138
13s
1%
1%
1%
1%
1%
13g
1%
1%
*5
6
*5
6
*5
5
*5
6
*5
6
*4%
3214 33i8
33
33% 333g
33%
33% 33%
33%
3334
3234
*778
7%
7%
734
7%
7%
784
7%
8
7%
7%
2
2
2i8
2
2%
2
2%
2
2%
2%
1%
1478
15i8
153s
16
1534 16%
163s
17%
17%
18%
17%
*24U 2514
26
26%
2634 27%
29
27% 2834
30%
29%
*40
41
42
4112
*38
41
41
42
41
*39%
42%
9
*812
9
9%
834
934
9%
103g
10%
*10
1034
*
30%
104%
5%
.
130
5%
91
58% Nov
11% July 27
Mar 25
Gold A Stock Telegraph ColOO
25
20%
17
164
200
1234
♦1578
6%
75
48
6,700
2134
17
*134
58
19%
45%
110
—
17%
75%
*55
2%
2%
300
*21 %
4
28%
9,200
*1234
19%
*97
1,900
12%
12%
*33
28%
50
12%
22
4
100
11,900
9% Nov 10
102% Dec
3
25% Mar 31
111% Apr 25
21% Mar 30
33
Oct
Sept 15
6% preferred
100
General Tire A Rubber Co..5
Gillette Safety Razor. .No par
7%
Oct
1
"7(606
99%
Nov
4
10%
*85
24
49
11
118
Gen Theatre Eq Corp.No par
7
Mar 25
50% Jan
Gen Time Instru Corp .No par
05
20
Gen Railway Signal—No par
6% preferred
100
Gen Realty A Utilities
1
23%
7234
25
No par
890
24%
25
Common
General Printing Ink..
1
$0 preferred
No par
Gen Public Service
No par
400
24%
*47%
2%
1%
7%
1%
10%
18%
0% preferred
100
General Motors Corp
10
$5 preferred
No par
Gen Outdoor Adv A...No par
3,100
25%
48%
2%
5%
7234
31
1
31
30
28
% Mar 30
No par
16
59
36%
General Mills
15%
734
80
20% Mar
108% Apr
27% Mar
22% Mar
108%June
No par
2934
*
*55
103
iNo par
16
17%
Apr 12
11% Dec
88
19% Nov
Sept 29
6% Mar 31
2% Mar 31
534 Mar 31
Jan
7% Mar
52
Mar 29
115
pref series A .No par
1434
10
*60
74%
75
73%
75
*73% 75
4
4
378
4%
4
3%
4%
4%
107% 107% *105% 107% *104
108
*104
106%
10% 10%
103jr 10%
10%
10%
10%
11
105
105
107
110
109% *108
*107
110
164
105% *104
*19l4
4434
28%
1,600
6,500
preferred
conv
37
44
17%
*29%
12
19%
Mar 29
32%
15% July
*39% June
Dec 16
4% Mar 31
82
Jan
Oct
July 20
8ept27
June 15
Jan
Dec
8% Oct 27
13
Jan
18%
83
Oct
1%
3
18
48
29
Oct 25
135
Oct
Dec
97
4% Mar 29
Mar 30
29
*35
2934
33%
11%
*135
378
37g
107% 107%
10%
10%
*134
*55
1C0
28%
6%
*74%
107%
10%
10%
*10578 107%
158
'
99%
*106
158
11%
*15%
"2300
13%
23%
13%
99%
*33
111*
5
1%
243g
42
*1
*13
90
2%
23
21%
12%
3,000
2%
18%
2478
*35
2,400
24%
14%
21%
12%
1%
*135
6is
*74%
334
18
20
59
*76
23
600
$4.50
$6
Mar 30
MarlO
Mar 30
Gen Gas A Elec A
Dei
2%
5% July 19
18
July
9% Mar 29
11
19%
3684
37%
29
24%
*46
80
24%
42
*1
11%
283s
3534
1%
2334
1%
50
IO284 103
*5%
5%
*72% 78
1%
1%
7
7%
1%
1%
10% 10%
10%
17%
2434
23%
14%
26%
26%
1%
*33
100
28%
*35
12
99
*95
36
...
100
1,400
12%
64%
37%
*76
7
59
24%
64
20%
4%
*17%
*28%
17
*135
23%
64
*13
*1712 1912
*28%» 2934
*33
3314
11%
11%
99
23
*1
18
4
80
*85
14%
14%
27
26% 27%
27%
25
*24% 2534
25%
142
142
*138% 143
*140% 143
*40
49% *40
*40
49
49%
26
25% 25%
26%
26%
27%
49%
20%
117g
12%
1%
2%
35
42
20
2%
101% 10234
5%
5%
*72% 78
1%
1%
7
6%
1%
1%
25%
*35
*13
*16
2%
23%
*46
39
10%
*107%
1%
1%
2384
23%
7%
250
*684
10
99%
24
50%
13%
597g
2434
48%
234
1234
63%
142
*40,
25%
46
2512
50
*57
22%
10%
*16%
*24%
*23%
14%
25%
26%
*36%
1%
19%
28%
15%
16%
734
*74%
7%
1%
1034
1634
24%
2334
14%
2578
20%
2534
*140
49%
*35
2%
78
25
17%
99%
2484
28
7%
2%
5
*14
19%
37%
15%
24
48
*72%
1%
*6%
1%
.10%
16%
24%
*23%
19%
37
15
23%
48
22% 22%
64% 64%
34% 347g
10134 102%
39
90
13s
2%
23%
5
*85
1%
*16%
59
2%
2%
*107%
•
1%
1%
2234
23%
3434
26%
51%
12%
2384
7
*40
12%
59
48
3234 34
101% IOI84
*5
6%
*7214 78
li4
U4
*140
50
59
23%
2%
40
90
1%
19%
7%
48
64
24
7%
7%
52
127g
48%
2%
64
1034
*10%
*24i4
*23i4
15l2
23%
51%
12%
2238
*1%
1%
15%
17%
99%
24%
—
59
80
230
109
*85
235s
22
7
1434
*16
24
7%
123
4,400
49% 50% 118,700
121% 121%
1,700
0%
19%
34%
26%
—
123
51
10%
19%
26
15
3,600
684
22
600
%
60
5% Jan 12
18
35
100
Apr
Sept
54% Feb
Sept
100
..No par
No par
58
98
32
...No par
No par
General Foods
Nov 26
Oct
Oct
40
10
Feb
Mar
Feb
Oct
Nov
85
Mar
Feb
Mar
Feb
11%
58
3%
Oct
41%
107%
52%
46%
58%
39%
9%
80
Apr 13
5
7% preferred
General Electric
11,600
78
10%
1%
34
78,000
27
19% Mar 30
l%Mar 29
2% Mar 31
1
No par
91
2% Mar 31
25
5
Class A
38%
123%
Mar 29
No par
7% cum preferred
General Cigar lnc
44
122
50
Baking
$8 1st preferred
Cable..
41%
Mar 29
1%
29% Oct 28
Gaylord Container Corp
5
6>$% conv preferred
50
Gen Amer Investors
No par
$6 preferred
No par
Gen Am Transportation.:
6
127
114
Dec
Jan
4% Oct 22
37% Nov 14
109% Nov 12
10
General
1,000
Dec
15
No par
7,300
2,400
22
20% Deo
11% Oct
Nov 12
Mar 25
Bronze....
71
39% Oct 17
Mar 31
$6 pi...No par
Gar Wood Industries Ino
3
General
Oct
Nov
30
7
Apr
18
conv
General
78
♦36%
1%
60
90
21
No par
1,000
79
684
22
3,300
16%
Nov 10
Highest
share $ per share
per
43% Nov 10
11
(Robert).
37%
114
10%
109
200
8.4C0
100
85
No par
S3 preferred
Gamewell Co (The)
$
26% Oct 24
Apr 14
1% Mar 26
F'k'n Slmon&Co lnc 7% of.100
Free port Sulphur Co..
10
43
%
034
1%
16%
99%
99i8
1,300
7534
.50%
preferred
Francisco Sugar Co
conv
Gannet Co
1,400
%
a41%
122
90
*85
1%
^19%
900
share
15
Gabriel Co (The) cl A..No par
410
per
10
Galr Co lnc
42
123
17
9
Lowest
100
pref
conv
*122
10%
1%
21%
90
7534
4J4%
share
16% Mar 31
No par
Foster-Wheeler
2,400
100
114
h
per
70
No par
1.7C0
21%
21%
44%
38
684
..
~T%
*85
*70%
22%
10%
*21
1%
3,300
~5~8C0
Year 1937
Highest
24% Mar 30
10% Mar 26
1984 June 13
Florshelm Shoe class A .No par
t Follaxisbee Brothers..No par
Food Machinery Corp....100
2,500
42
*36%
40
684
114
123%
49% 503s
1227g 1227g
49%
70
127
43%
37%
s4
44
123
"123%
*10
10%
a4
4234
74%
123
'7%
*634
«4
44
*121
487g
10
*107
3734
44
69%
21%
*122
127
42%
42% 44%
373g
37%
114% 114% *114
115
12314 123*2
*3712 39%
40%
68
22%
37%
*120% 123
40 >8
68
22
*122
41%
37%
115% *114
11514
34
78
*4
7g
*42
49
*42i2 49
73
*72*8
73%
73ig
123
70
23
127
22%
*122
*113
123
130
53
784
101
*125
/ 110
(1,700
40
584
Fllntkote Co (The)
Florence Stove Co
240
97
6%
18%
2,000
4,200
\
*51% 63
*517g
53
*51% 53
*51% 53
734
8
7%
784
8
7?g
8
8%
8%
101
*101
105
♦101
105
*101
104
*101
105
*101
105
63% 543s
5312 5414
5334
541 z
54%
55%
5534
56%
56% 56%
9%
9%
9%
9l2
9%
9%
9%
9%
9%
9%
9%
9%
*134
140
*134
140
*135
140
*135
140
134
134
134% 135
334
334
334
37g
*4
334
384
.4
4%
4%
4%
4%
15
15
15
15is
15%
15%
15%
16%
16%
16%
16% I684
*28
31
30
30
*303g 31
33
33
30% 32
33
33%
77S
600
200
45
14
6ig
18l2
*51i2
*40
95
2%
1,300
35% 3534
105% 106
25% 25%
*80
8934
234
234
234
21,200
30
3
14
96
1834
18%
95
♦95
53
28%
14
1218
1414
9434
*11%
*13%
95
*6
0% preferred series A...100
First National Stores ..No par
3
4934
29
2%
$
Firestone Tire A Rubber... 10
900
4,900
96
12%
1334
*94
6
5,200
41
14
*11%
13%
3%
12
14
3%
Par
99
*94%
2%
3%
12is
HI4
95
Shares
18%
1938
Range for Previous
100Shore Lots
Lowest
24
28%
2%
3%
11%
13%
23g
3i2
Week
28%
35%
90
*41%
28%
2%
3%
2%
45
28
On Basis of
99
36
18%
Range Since Jan. 1
STOCK
24
2484
98%
407g
18%
*3
*3
3%
3%
34% 34%
*34% 35%
35%
35%
107
107
*106
106
*105
1C578
24
24%
24% 2534
2534
26
*3
16
YORK
17,
EXCHANGE
40%
29%
3534
*1734
4084
29%
the
$ per share
24%
98%
40%
28%
99
40%
27%
3534
2%
6
Dec.
15
f per share
24%
*98
334
*18%
♦61%
734
Friday
Dec.
5
Dec
25% Mar
Ex-rights.
Oct
Mar
67% Mar
T Called for redemption.
Jan
Volume
LOW
AND
New York Stock Record—Continued—Page 6
147
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
STOCKS
Sales
CENT
NEW
j•"
Saturday
Monday
Dec.
10
Dec.
$ per share
7%
*6%
23
23
Dec.
12
8 per share
7%
7%
_
13
Dec.
*148
25%
114
113% 114
*148
8%
2534
115
*148
25%
86
86%
8684
86
86%
8634
1434
1434
15%
147g
15%
15%
1584
5
5
5
5
5
8%
8%
8%
8%
28
92%
93
3%
13%
2%
92%
*334
93
*3%
13%
4
5
28
28%
5
8%
28%
8%
28%
*90
28
92%
334
1384
13%
13%
2%
2%
2%
2%
2%
*22% 24% *22% 25%
*22% 25%
*
180
180
179
180
17934 180
59
60
59%
59%
60%
5834
*160' 163% 163% 163% *159
102%
6%
6%
6%
6%
6%
6%
*3
3%
3%
3%
3%
3%
8
8%
8%
x8%
8%
8%
-
52%
53%
53% 5334
*134
137
*133% 135
12 34
13
12%
13%
44% 45%
4684
46%
*3
3
3%
2%
*39
42
40% *39
*28
29% *28
29%
33
*31%
3134
*31%
*28
30
29% 29%
96
94%
94% *92
834
8%
8%
8%
9
9 9
9 "
9%
13
12%
13%
14%
*73%
79%
79% *73%
10
1034
934
934
20
20
*19
54%
53%
134
134
5
92%
25
25
*91%
3%
14%
2%
*24
25%
25%
114
114
91
1534
16%
6,000
10,800
5%
8%
4,100
1,900
5
5%
8%
307g
92%
37g
14%
2%
25%
178%
8%
31
2,200
30%
9134
92
4
200
14
14%
2%
25%
2%
*2234
22,700
1,000
100
16,300
537g
54%
133% 1337g
137g
13%
48% 49%
3%
3%
46,700
43%
30
95%
*93
1,600
1,800
,
547g
54%
54%
54%
*133% 137
*133% 137
47%
3%
41
31
31%
28%
29%
*29%
*31%
29%
96
*93
14%
4934
13%
493g
3%
43%
*29%
31%
29%
95%
3%
42%
30
31%
29%
8%
9
9%
9%
9%
50%
3%
44
30
31%
*18%
19%
20%
14%
19%
14%
95
*90%
11%
*7%
11%
7%
79%
10%
20
20%
20%
20%
*86%
4134
92%
42%
11%
11%
25%
25%
*2%
23s
49
*31
95
*90%
95
12%
*11%
12%
7%
*86%
7%
7%
92%
86%
86%
43
42
42%
42%
11%
9
1934
19%
20%
9%
19%
2O84
14%
14%
14%
*90
8
8%
*86%
8%
*86%
42%
43%
43%
117g
II84
25
25
45
2%
2%
35
17%
20%
5%
17
17
16%
16%
1634
20%
20
20%
19%
26
10
*16
18
*15%
15%
5%
25%
*414
25
22%
*21%
4
25
22%
*114
120
*115
*5%
20%
10%
*15%
15%
*4%
4%
4
%
2%
25%
%
%
2%
*25%
2%
2534
*10»4
11%
11%
*30%
31%
5184
*30%
5134
51%
*534
6
534
*35%
36
*97%
99
*3512
*97%
.
5%
26
26
20%
Mar 20
29
Int Business Machines.iVo par *130
Internat'1 Harvester...No par
48
Mar 31
180
May 27
70
*5%
27
Preferred
.*•.»
»
-
-
21
_
10%
Internat*1 Mining Corp......I
0% Mar 31
6
15% Apr
18% Jan
37
Nov
73% Mar
136% Jan
19% Sept
08% Sept
Int Nickel of Canada..No par
Preferred.
100
Inter Paper A Power Co
16
8,600
1,680
600
International
Preferred
M
„
*.
M
~
8%
2,500
93%
4478
*8612
43%
8%
93%
4434
40
12
12
55,600
1,800
*24%
27
200
27g
*31
49
300
10
"400
8,300
790
10%
18
19
17%
18
215%
15%
15%
15%
5
*4%
5
5
4%
27%
4%
5
28
*4%
27%
28%
8,200
Lee Rubber A Tire
2234
24%
227g
227g
4,900
Lehigh Portland Cement
23%
43g
4
23%
*115
26%
24%
120
4%
4%
%
%
%
%
2%
25%
2%
26%
2%
25%
26%
26%
11%
31%
52%
534
36
99
.
58%
*108% 109% *108
109%
684
6%
6%
7%
58%
58%
57%
58%
4
*3%
3%
3%
1134
11%
31%
31%
52%
534
31%
5384
5%
36
36
53
52
57g
684
36
*35%
*98%
98%
99
98%
175
175
98%
98%
175
99
99%
175
4%
"¥366
%
%
27g
2%
26%
26%
26%
31%
31%
53%
54%
1134
31%
53%
57g
%
234
2034
1184
31%
8,700
12
537g
8,000
6
3,200
'
5%
36
99%
99
175
6%
36
99%
17%
3534
*1084
18
*1634
1784
3534
37
3634
37%
*45%
4684
1934
4634
4634
19%
46
47
19%
57%
58
58
57%
108
108
*10784 109%
7%
6%
67g
7%
57
57%
57%
58%
4
*3%
3%
3%
19%
19%
577g
57%
107% 10734
7
7%
59
384
6,700
5,600
500
500
200
59%
37g
*35%
99%
3534
99%
1,000
99
99%
5,900
*172% 176%
99%
175
17%
35%
19
120
4%
12
"
11%
*3084
*115
4%
%
2%
284
*11%
120
4%
414
%
2%
*115
300
*1634
36%
457g
1784
37
46
19%
19%
52%
57
103
106%
67g
7%
59
58%
384
200
5%
Lane
Bryant
*122%
27
27
28%
27%
42%
*18%
27«4
19
19
*35
3534
*35%
36
1%
*124
42
42%
1834
*3434
1834
35%
1%
1%
*1%
1%
*7
7%
*7
7%
*13
14%
8%
13%
1%
8
*13
*1%
5
4%
"2814
*27%
*122%
42%
19
13%
13%
8%
81"
13
13
"
1%
1%
4%
5
28%
*124
■
Mar 29
18
Mar 20
30
Jan 12
17
Nov 12
13% Mar 30
6%
7%
par
100
93
10%
10%
11
10%
12%
*90
•
12%
111
11%
95
*90
95
Mar 29
110% Mar 30
par
42
19
19
7,700
2,100
Madison Square GardenNo par
10
36%
1%
1%
1%
1%
37%
1%
1,700
1,600
Magma Copper.......
Manatl Sugar Co
7%
7
7
16%
18% Mar 31
% Mar 29
4% Mar 30
6% Mar 20
2% Mar 20
*7
1%
7%
13%
8%
13l2
13
13
1%
47g
8%
1"ii
134
*7
13%
8%
15
*1334
9
87g
13
13
13
*6
*91
1034
11%
*90
15%
834
15%
13
*1234
9
1%
1%
1%
1%
1%
*1%
13%
1%
5
5
5%
2484
47g
484
47g
2%s
7
7
II84
12
32%
34%
2
5
*5%
5434
54%
34%
2%«
5%
56
98
*91
11
11
105
11%
11%
*11%
11%
93
*90
93
Bid and asked prices; no sales on this day,
7
9
7
7%
11%
337g
35
2%
5%
5634
58
12%
2 %«
684
*7
11%
3384
2%
5%
57%
35%
33
35
3434
3334
33%
33%
35%
164% *162
164% 164% *162
164% *162
164% *162
47
47
4584
4534
46%
4634
4634
4734
46%
5
5
5
5
5
4%
47g
4%
5%
*26
*26
27
27
27
27
25% 26
*26%
93
22
10
3684
5
98
12%May 27
43%
19%
54
*26
1
19
5%
*93
13% Mar 81
125
Apr 1
12% Mar 31
29% Apr 20
3534
54%
5
June 22
42%
6%
27
2% Mar 28
100
preferred.......No
Mar 31
14% Mar 31
92
Louisville Gas A El A..No par
Louisville A Nashville
100
6%
Mar 25
36
11%
32%
5
"4" 500
29
42%
19%
67g
*162% 164%
47
47%
29%
42%
*124
20% Mar 20
18%
11%
33%
Mar 30
81% Mar 81
Apr 9
14% Mar 31
35%
3134
3234
81
42
8
2%«
8
Mar 30
157
...10
Mac Andrews A Forbes
2% 113,100
5%
2,400
5,600
3534
2,700
50
164%
47%
7,600
6%
6,300
27%
400
12%
11%
11%
11%
93
6,500
58
1134
11
1,400
11,900
190
94
*90
700
56,900
94
11
11
*90
40
4,700
2,100
93
t In receivership,
a Def.
Macy (R H) Co Inc
No par
24% Mar 30
Bros
10
1
J Manhattan Ry 7% guar. 100
Modified 6% guar
..100
7%
94
10
334
1134
34%
94
No par
Mandel
6,100
No par
Manhattan Shirt
9
...26
Maracalbo Oil Exploration..l
Marine Midland Corp
6
Market St Ry 6% pr
Martin (Glenn
pref
Corp
McCrory Stores Corp
n
New stock?
r
97
Dec
Mar 29
5
50
Nov 14
21% July 21
62% Nov 12
111% Oct 26
18%
33
14
43%
114
Jan
175
Jan
Oct
Oct
Nov
Oct
Dec
2%
126
19
Jan 21
32% Nov 16
Oct
17% Dec
125
17
10
12
Jan
Oct
15% Dec
14%
Aug
113% Feb
Oct
99% Nov
101
Oct
Oct
48% Nov
13% Oct
26% Oct
123% Nov
17% Dec
23% May
83% Feb
03
Aug
20% July
87% Aug
110
3%
Jan
Feb
75% Mar
10%
43%
110
Jan
Jan
May
28% Feb
147% Jan
28% Jan
99
Mar
41% Mar
30
Feb
132% Feb
62% Mar
58% Mar
16% Jan
Aug
Oct
Nov
Oct
20
27
26
10
22
18%
Oct
63
Nov
9
6
Dec
16%
Jan
20% Jan 13
10
Oct
39
Jan
Oct
16%
29%
0%
14%
49%
19%
40%
2%
10%
16
35
8%
9
4%
July 23
Dec
Oct
9%
1%
10% Nov
Dec
7
Oct
Oct
5% Oct
6% Dec
7% Dec
10
Oct
39
Mar
Jan
Jan
Feb
Feb
Jan
30% Mar
29% Apr
2%« Dec 14
13%
Jan
Oct 12
20
Oct
74
Feb
307« Nov 24
22
Dec
41%
142
7% Oct 27
61
105
Feb 23
53
Oct 25
7% Aug
8
28% July 26
Apr 22
Nov 30
16
Jan 18
1
0
Mar 23
13% Nov 10
100
01
Mar 31
92% Nov 10
v
15%
Deo
Oct
Nov 10
79
May
June
19% Oct
56% Jan
21% Jan
31% July
Feb
24% Mar
3% Jan
18% Jan
43% June
21% Feb
68% Jan
15% Mar
1
95
Ex-div.
83%
164
51% Feb
203
29
32
8% Mar 31
*
82
151
23% Nov 10
107% Dec 15
21% Dec 7
Jan
Mar
17% Mar
27% Mar
Oct
Oct 11
9
24
Oct
•
63% Oct 22
5% July 26
6
Apr
Oct
Oct
23
21
75
8
23
Jan 10
9
Mar 29
20
No par
Cash sale.
4% Oct
% Dec
37% Nov 3
101% Nov 9
103% July 25
17012 Dec 6
18% Nov 20
40% Nov 9
7% Jan 11
10
Aug 0
14% Nov 10
19% Mar 31
160
Aug 2
28% Mar 31
3% Mar 20
10%June 1
..No par
McCall
Oot
Oct 11
2% Jan 11
26
7% preferred..........100
May Department Stores... 10
Maytag Co
....No par
$3 preferred w w
No par
$3 preferred ex-warr.No par
cum
Mar 30
1% Dec 6
2%May 24
No par
No par
Mathleson Alkali Wks.No par
$0 1st
Mar 20
6% Dec 7
5% Mar 30
14% Mar 30
1
Rights
Martin-Parry Corp
Masonlte Corp
Oct
14
120
4% Sept 14
No par
L.) Co....
9%
28% Oct
*25% Oct 13
1% Mar 31
pref. 100
Marshall Field A Co
0% conv preferred
delivery,
Mar 29
Mack Trucks Inc
200
Dec
33% Dec
42%
11%
1%
"400
41%
5
2% Dec
22% Dec
5% Deo
25
preferred
Oct
14% Nov 21
35% Oct 21
68% Nov 10
25
25
preferred
Oot
8
6% Mar 29
19% Mar 30
23% Mar 31
% Mar 20
1% Mar 29
100
Lorillard (P) Co.
7% July 20
Apr
Mar
6
10% Dec
19% Mar 30
Liggett & Myers Tobacco. .25
Loose-Wiles Biscuit....
Jan 12
Mar
35% July
29% Jan
16% Jan
47% Jan
24% Jan
27% Jan
7% July 25
1% Jan 12
5% Jan 13
29
July 25
42
32%
5%
4
Jan
Mar 29
28%
*0%
54
3
5
Inc....
1
8% Mar 31
3%May 13
10% Mar 31
Libbey Owens Ford Gl.No par
Llbby McNeill A Llbby No par
Loft
Deo
8
29%
113s
31%
2
Dec
29
8
5%
53%
*124
29~"
*28%
Oct
Dec
14
29
11%
1%
~
4
22
Lehn A Fink Prod Corp.....6
Lerner Stores Corp....No par
preferred
Feb
21% Nov
95
$6.50
July 19
3% July 25
31% July 23
28%
32
5
29
14% Nov 12
Jan
Jan
Jan
Mar
Mar 20
12% Mar 31
28
11
*53
*28%
Deo
28% Nov
4% Oct
17% Dec
1% Oct
Jan
19%
109%
09%
20%
46%
9%
2% Mar 20
22
27%
31%
*634
~28% ~28%
80
6
15
Ludlum Steel
28%
Oct
Dec
20
120
4
Jan
Mar
23% Feb
15% Dec
Lone Star Cement Corp No par
Long Bell Lumber A ...No par
1,700
10% Oct 19
110
11
Apr 18
% Mar 20
4,600
Oct
22% Oct 25
8
July 13
102
50
Nov
7
19% Jan 22
No par
....No par
6,100
80
Mar 30
9
Mar 31
700
Nov 29
14% Oct 24
71
12% Mar 31
2,000
91
27%
Dec
33
9,800
Nov
20
4% conv preferred
100
Lehigh Valley RR
50
Lehigh Valley Coal....No par
6% conv preferred
...60
Lehman Corp (The)
..1
Lily Tulip Cup Corp...No
36
13
5
Preferred
44%
Oct
15
Nov 10
15% Mar 31
...No par
Series B
Oct
14%
Nov 14
par
Life Savers Corp
Mar
16
25
(The)....No
Mar
29
22
Oct 16
Jan
121
Oct
5
13% July 25
24% July 21
Oct
46
3
....No par
22,700
115% Apr
Jan 10
100
preferred....
Lambert Co
Feb
Loew's Inc..
384
*28%
0% Mar 31
19
Liquid Carbonic Cor p.. No par
900
Oct 18
123
51
600
28,600
24% July 20
100
2,800
3,800
Jan
Feb
0
Jan
Jan
130
20%May 27
80
Lima Locomotive Wks.No par
Link Belt Co..
No par
19
19
19%
1834
*19
18%
18%
19%
19%
1934
1934
106
107% *106% 107%
107% *106
107% *106
107% *103% 107%
21
21
21
2034
20%
20% 21
20%
20%
21%
21%
21%
148
148
145
147% 147% *145
147% 147%
147% 14784 *145
146
16
16
157g
1534
16
*1534
15%
1584
16
15%
10%
16%
49
51
51
52
49%
48%
49,
49%
49% 49%
51%
517g
19
'*106
Mar 20
3
Laclede Gas Lt Co St Louis 100
10%
16
26
Mar 29
2
0
03
Apr 5
4% Mar 29
No par
18
120
8
12% Apr
10%May
10
18
227g
12
Kress (S H) A Co
.No par
Kroger Grocery A Bak.No par
100
Mar
6% Mar 29
155
120
35
16
25%
118
Deo
06% Nov
04% Nov
15% Deo
78
30
16
*114
49% Apr 1
12% Mar 25
Jan 15
Jan
Jan
Mar
3
18
2284
120
1% Mar 29
12% Jan 7
18
25%
111% Oct 14
130
July
Kinney (GR) Co
i.
1
18 preferred
No par
15 prior preferred...No par
10%
120
Oct
Sept
49
Keystone Steel & W Co No par
Kimberly-Clark.......No par
157g
*4%
26%
*110
Kendall Co $6 pt pf A ..No par
Kennecott Copper... ..No par
20%
1034
8% Dec
1
....
27
210
Nov 12
4
Kelsey Hayes Wh'l oonv cl A.l
Class B
l
Kresge (S S) Co
Kresge Dept Stores
2,300
15% Feb
8% Nov
36% Jan
107% Apr
26% Jan
30
Apr
127
Aug
87% Jan
Dec
Keith-A1 bee-Orpheum pf_.100
720
*10%
Feb
Oct
Nov
6
7,700
5%
110
Oct
0%
73
100
1834
*5%
Oct
4
124
Jonee A Laughlin St'l pref. 100
Kalamazoo Stove A Furn
10
Kan City P & L pf ser B No par
1934
20
65
6
8
113% Apr 30
44% Mar 30
Jan 24
1984
*26%
6
Dec
Mar 29
17%
20%
Deo
11% Oct
11% Oct
Nov
68
17%
5%
2634
Mar
9
122
20%
20
62
20%
100
Kayser (J) A Co
49%
Oct
24
June
No par
City Southern
Oct
10
8
10
1
30
3
70
Mar 31
No par
Feb
28%
Jan 21
83% Nov 17
12% July 25
Fob 10
8
preferred
57%
Oct
18
0% Mar 30
l
Jewel Tea Inc....
Johns-Manvllle
Feb
Deo
19%
96
4
10
34
35% Nov
03
*5%
*26%
20%
10%
Feb
127% May
0% Dec
29% Deo
2% Oct
Jan
30% Nov 25
35% Jan 24
loo
Corp
Island Creek Coal
17%
1934
27
20%
-10%
6
Nov
48% Jan 21
No par
...
Inter type
$6
0
4% preferred....
100
Kaufmann Dept Stores_J12.60
95
2%
15% Nov 10
52% Nov 9
40% Mar 30
5% Fib 4
Foreign share ctfB...No par
Interstate Dept Stores .No par
1,900
8%
49
No par
100
1,700
2,000
"l",700
234
140
Jan 19
4% Mar 29
International Salt
preferred
Kansas
13%
12%
57% Nov 10
July 23
30% Mar 31
18% Mar 31
2% Mar 30
28% Mar 25
19% Mar 31
5%
2,300
I284
27
Mar 25
132
6% conv pref
100
Internat Rys of Cent Am.. 100
Preferred
15
Jan
Oct
Oct
Oct
19%
14%
Aug
162
1%
Mar
2
20%
19%
*19
Jan
120
3
200
9
9
189
9% Oct 28
4% Jan 11
11% Jan 21
10
w
Jan 11
3% Mar 31
800
■
Oct
127% Nov
53% Nov
9
Int Hydro-Eleo Sys class A.25
Int Mercantile Marlne.No par
500
*20%
*120%
Oct
18%
138
^
10
Oct
2
Jan 17
Dec
Dec
6
Jan
164% Oct 29
4,600
1484
2%
6
9
141
100
1784
10%
98%
98% 99
176% *174
176%
1734
1734
*17% 1784
:
33
33%
34%
33%
47
45% 45% *45
19
19
1834
19%
*57%
15
157g
98%
58%
100
20%
10%
*175
5784
5%
*5%
26
203s
Mar 20
7% preferred
100
Inter Telep A Teleg...No par
13%
*35
35
20
20%
10%
2
_
Mar 28
10
*91
95
*24%
*2%
2%
49
*31
26
*5%
20
12
11%
25
1634
*25%
13
*11%
*2%
147g
8%
93%
20%
6%
16%
20%
14%
19%
*91
*23%
2%
*31
2034
9%
19%
2034
13
11%
*2%
9%
95
12%
27
*24
.No par
Internat Agricultural
Prior preferred
June 17
79%
10
*11%
Mar 29
6% Mar 30
12
14%
*73%
11
19
June 10
Iron
28
147g
14%
79%
*10
13% Jan
64% Apr
111% July
11% Mar
28% Mar
9% Apr
631a Apr
2
150
14%
*73%
19%
14%
14l4
Deo
Oct
80
10,900
14%
20
19
92
33% Feb
1%
100
preferred....
Interlace
July
131% Mar
Oct
Oct
No par
No par
0%
Intercont'l Rubber
47,300
1034
19%
*14%
*90%
Oct
100
984
79%
9%
19%
20
Feb
6%
3%
34% Nov 9
98
Apr 25
5% July 7
16% Nov 12
3% Jan 17
No par
9%
14
*9
Mar 30
Jan
47% Apr
9% Nov 10
Shoe
95%
*73%
IO84
9%
19%
938
15
22%
5% Nov 15
International Sliver
*120% 124
*120% 125
120% 120% *120%
*73
75
*73
73
73" *7284 75
74%
*72%
74%
100% 101
101% 103%
103% 105
104% 106
10434 105%
105% 106
*128
12984 *128
12984 *128% 12934 *128% 12934 *126% 12984 *126% 12934
61
60
62
64
63
64
61%
60%
62%
60%
62%
63%
20
*19
*19
20
19
19%
*18%
18%
1834
19%
1934
1834
*120 " 12134 *120
12134 *121% 12134 *118% 12134 *11812 12184 *118% I2I84
9%
2% Mar 20
800
73
*9
58% Nov
1,100
9%
143
32
Nov 12
3184
9%
Oct
Sept 30
Feb
share
144
19% Oct 17
135
100
28%
934
Nov
95
660
10%
72
Nov
140
16,700
9%
14%
*73%
10
19%
200
28,100
9%
95%
9%
9
14%
9
117
Oct
8
300
7,000
Dec
5%
7% Mar 30
3% Apr 1
100
59%
16
50% June17
preferred
per
10% July 13
30% Aug 24
~..No par
230
29%
43%
*29%
31%
28%
177
Highest
$ per share $
share
per
14% Mar 31
60
Mar 25
No par
Inland Steel
140
*37g
Mar 29
4
10
No par
Lowest
Highest
J
J per share
Inspiration Cons Copper
20
Insuranshares Ctfa Inc..
1
t Interboro Rap Transit...100
Inter chemical Corp
No par
6%
8834
16%
*120% 124
73
Indian Refining
Industrial Rayon
Ingersoll Rand
*148
~9~0~
♦19%
20
1,500
4,600
1,700
8%
2,600
42%
29%
*92
30
share
8%
Range for Previous
Year 1937
100-Share Lots
Lowest
Par
175% 176%
17534 1771,
29%
•
26
per
On Basis of
Week
Shares
61%
60%
60%
61%
603g
162
*158
162
161%
162% *158
7%
6%
634
67g
6%
6%
3
3%
3%
3%
3%
3%
8%
83g
8%
8%
8%
83g
r
13%
3
4
14%
2%
48
3
*40
*4%
8%
30
*3%
1334
2%
13%
13%
47%
89%
15%
8%
*92
334
14
8%
11434 11434
89"
14%
7%
*27%
$
*148
86
16
Dec.
15
$ per share
8
7%
25%
2484
Dec.
Range Since Jan. 1
YORK STOCK
EXCHANGE
the
Friday
Thursady
14
$ per share
7%
7%
113% 113%
■
Wednesday
$ per share
25
2434
113% 114
*148
Tuesday
3727
Ex-rlghts.
1%
Oct
Jan
May
165
Jan
33% Dec
4% Oct
20% Dec
60
Mar
44
35
June
45
Jan
93
Nov
111
Jan
11%
Dec
36
Jan
7%
Oct
*60
Oct
15%
Jan
Jan
24% Feb
106% Mar
T Called for redemption.
New York Stock Record—Continued—Page i
3728
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
STOCKS
Sales
NEW
for
Saturday
Monday
Tuesday
Dec.
Dec.
Dec.
10
% per share
12
$ per share
19
19
*9%
60%
17%
9%
11
60 %
17%
19
13
19%
10%
1934
10%
50
5084
*97g
50%
1784
17%
9%
17%
9%
9%
*10%
11
*50
80
*50
80
*50
♦585s
*4734
534
283«
68
48%
*58%
48%
5%
28%
68
48%
*58%
6
28%
16%
40%
10%
15%
*2834
1634
40%
11
15%
2734
15*8
*2614
83
*1 JO
95
10%
5«4
28%
10%
*39I2
10%
*110
*92
41
10%
1518
14
20
10%
95
*92
10%
Sis
5%
5lg
*1«
>2
*h
11%
*50
80
*58%
53%
6%
66%
53%
1,200
Melville Shoe
6%
2,200
230
5%
60
%
1%
104
115
115
115
*1178
*54
5734
56
.22
13i2
25
*7%
*18%
14%
2678
*164
19%
14%
27%
1878
14%
27%
*23
7%
*164
138%
23%
7%
*137
23%
7%
8%
8
47g
434
27
I884
1434
18®4
20
15
15%
27%
15%
7%
76
77
2-7734
78%
13
14%
13%
14%
19%
1978
187g
58%
19%
58%
72
3%
*60
63
*50
72
*3%
3%
11%
11%
24
*22%
*68%
34
*10784
15
*40
17%
*15%
*55%
3%
£10%
*22%
73%
34%
*68%
34%
*107%
15%
15%
4t
*40%
17%
17%
16
*15%
27
27%
27%
34%
35
35
*2%
*7%
4
26%
169
237g
107g
24
73%
34%
27%
169
35
1%
3%
%
1434
*108
77
1%
3%
3%
%
%
%
1434
78%
170
107
107
1%
14%
*107
21%
*56%
57%
21%
*56%
16%
16%
16%
9
2784
18%
*105
35
17
34
12%
*49
9%
9%
9
2784
27%
18%
*17%
28
17%
♦21%
*40%
*114%
6684
5%
*4
12%
52%
22
45
....
68
6
4%
17
17
*6%
7%
3%
*734
26%
143
12%
53
*21%
40%
*114%
68
5%
4
17
6
23
23
14%
14%
14%
3,300
13%
14
13%
13%
24%
25%
24%
24%
168% 168% *166% 169%
16%
16%
1534
16
*92%
95%
*92%
95%
21
2134
21%
21%
24«4
26%
25%
25%
10,500
Nat Aviation
16,700
National
12%
1,100
"MOO
8,600
16,500
110% 11034
"
106
8%
27
143
138
138%
137
137
270
2534
734
80%
1434
19%
5934
25
25
4,300
11,900
*57%
59
*55%
64
*55%
14%
19
60
64
7%
80
14%
19
3
3
73%
35
7%
79%
7934
10,500
14%
1434
14,600
19
193g
3%
*1034
24%
*68%
2%
11
*10%
24%
*23%
73%
*68%
35
34%
34%
107% 107% *107
"3", 100
3
16%
16%
16%
1534
16%
43%
46%
47
18%
19%
78,000
16%
1,600
19%
17
17%
17%
30%
30%
31
29%
17%
30%
35%
3484
35%
35
35
3%
'
19%
45%
19%
234
8%
234
8%
834
2%
1,500
2%
*7%
9
113
14,200
„
113
5,900
4,700
520
1%
1%
3%
3%
lg
lg
lg
1
6,500
3%
%
11%
102
32
11%
11%
*101% 102
4%
36%
£30%
4%
30%
35
4
34
36%
9%
9%
9%
27%
28%
28%
17%
17%
106
17%
8%
27%
143
106
8%
27%
*139
4%
9%
29%
17%
106
11%
11%
102% 102%
28%
30
*4%
£36
36
9%
28%
17
9%
28%
17%
*105% 106
8%
8%
27%
26%
142
4%
139
8%
27
139
200
10
31,800
600
180
5,800
300
31,000
5,000
6,000
30
400
11,400
20
13
1234
13%
52%
5134
52
51
500
22
22
22
22
22
*21%
22
300
45
*40%
*114%
45
*40%
*114%
45
60
68
69
6834
4%
17
68%
6
4%
4%
15%
5%
I684
13%
52%
6
3%
15
13%
52%
6%
334
16
13%
51
13%
"V. 100
6%
3%
6,700
384
15%
16%
520
6
*5%
6%
534
534
534
5%
53a
13
13
13
13%
13
12
12
12%
1284
1234
1234
28
28%
28%
28%
28%
28% 28%
29
2834
28%
29
40%
4034
41
407g
41
41%
41%
41%
42
42
42%
1134
12
H84
11%
12
12
12%
12%
12%
13
12%
13
118% 118% *116% 118% *116
120
*116
120
*115
120
*115
120
*147% 148
*147% 148
*147% 148
147% 147% *146% 148
*146% 148
♦19
21
*19
21
*19%
21
*19%
21
*1934
21
*19
20
es on;
his day.
J In receivership,
a Def.
280
44% Mar 31
Nov 12
13
Dec
3384
Jan
90
Aug
103%
Feb
38%
Feb
6% July
30
Feb
1
75
Feb 23
2%May24
7% Mar 31
14%June 17
26
No par
No par
1
4H% conv serial pref
100
Newberry Co (J J)
No par
5% pref series A_
100
Newport Industries
N Y Air Brake
1
No par
58
Apr
5
Mar 31
28
99% Apr 26
9%Mar31
20
Mar 26
Oct
24% Mar
10%
17
Oct
35
Mar
1784 Dec
38
Mar
4%
Oct
May
Jan
18%
Feb 26
7
4% Jan 14
12% Aug 2
July 20
"
5
Oct
* Dr
55
Oct
17% Dec
26% Nov
20% Dec
63% Dec
30
75
Dec
75
3
Dec
12%
Jan
6%
Oct
13%
22% Dec
57%
Feb
Feb
Sept
71
Nov 16
62
Dec
40
Jan 14
32
Dec
108% Nov
9
19% July 23
48% Nov 12
213< Nov 10
1434 Jan
99% Aug
99% Nov
10%
Oct
80%
87
6484 Mar
Jan
Oct
4134
Nov
29
98%
72
12% Mar 31
22% Jan 10
38% Jan 12
Oct
6 % preferred series A... 100
NYC Omnibus Corp..No par
30% Nov
100
18
Mar 30
37% July 23
15
2
Mar 25
4% Jan 11
New
York
5%
Dock...
preferred
No par
No par
N Y A Harlem
7
5% Mar 26
1134Mar
50
101
Mar 30
120
50
110
Aug
9
111
64
June
1
preferred
tNYNHA Hartford
100
1
100
Conv preferred
Shipbldg Corp part stk.. 1
7% preferred
100
Norfolk A Western
Adjust 4%
6%
Jan
6
Mar 31
3
100
100
Mar29
13% Mar 31
45% Apr 1
5%Mar30
87%May 3
No par
50
Northern Pacific
100
North'n States Pow Co $5 pf. 1
Northwestern Telegraph
50
Norwalk Tire A Rubber No par
6%
Otis
preferred
$5.50
conv
5
Owens-Illlnols Glass C... 12.50
Pacific Amer Fisheries Inc
Coast
Pacific
1
Mar 28
Jan 14
Mar 30
No par
9% Mar 30
Pacific Telep A Teleg
100
87
Apr 1
6% preferred
100 xl32%Mar30
Pacific Tin Corp(sp8tk) No par
18% June 18
New stock,
r
Cash sale,
35
x
180
Oct
272
Jan
102
Apr
114
Jan
9
Oct 17
Sept
5
Pacific Mills
n
102
41
4,800
25
15%
76%
14%
Oct
48% June
3
34%
57%
Oct
17%
Jan
Jan
Jan
Feb
Jan
102% Dec 16
No par
No par
preferred
Oct
92%Sept 16
25
May 12
5% Dec 13
2d
6%
Oct
Jan
5
Pacific Finance Corp (Cal).lO
Oct
3
30
14% July 25
40
No par
1
6
5
6% Mar 31
10
1st preferred
Feb
Feb
Jan
39% Apr 28
115
Apr 19
100
984 Mar
105
6% Mar 31
30% Apr 1
10
Mar 30
No par
Feb
97
26%
104%
122
1st pref..No par
Outboard Marine A Mfg
Outlet Co
Oct
Oct
Oct
4
No par
2
4%
Oct
13% Mar 25
100
Steel
54% Dec
93
83% Apr
No par
Jan
Mar
91
8%8eptl4
Otis Elevator
Jan
135
137
Nov 10
19%May31
7% Mar 30
100
25%
Oct
Nov
57% Dec 3
18% Dec 15
12% Mar 30
A Co.-No par
Oct
9334 Jan 13
No par
8% preferred A
5
Jan
June 21
75
Oliver Farm Equip
No par
Omnibus Corp(The)vtc No par
Oppenheim Coll
12%
110
Nov
26%
1 % Mar 30
..50
Oct
Jan 13
ld8
preferred
2%
Apr 28
198
June
Jan
31% Mar
113
15% Dec
89% Dec
133
North Amer Aviation...
.1
No Amer Edison $6
pt.No par
Northern Central Ry Co
50
Preferred
Ohio Oil Co
%
434 Mar 29
38
Mar
Oct
1
7% July 7
1% Jan 15
100
pref._r
North American Co
Dec 16
14
Oct
Apr 25
63% Nov 15
2% Jan 10
2%Mar30
15%
Jan
Feb
55% Mar
10
Mar 29
Mar 25
Oct
Dec
109
No par
N Y Chic A St Louis Co... 100
Pacific Ltg Corp
delivery,
112
Oct
Oct
New York Central
3,000
30
July
70
Pacific Ga«* A Electric
30
26% Feb
112% Mar
4
Nov 14
31
Oct
Oct
104%
5%
20% July 26
16% Oct 22
July 25
5,900
700
13
12
106% Dec
9
82
2% Mar 26
10% Mar 25
3% Mar 29
9%Mar 26
x22% Mar 30
32% Mar 31
860
Jan
94% Nov 19
Oct 21
30% July 29
16% July 27
115% Nov 16
113% Oct 18
107b Oct 22
Dec 13
Preferred..
28%
t
12,600
70%
40%
Bid and asked prices; no 1
19
Jan
33% Mar
167
25%
58
National Tea Co
700
94,400
4
*40%
*114%
68%
67%
6
578
Dec
May
Jan
Mar
18%
Oct
17
145
5H% Prior preferred... 100
6% prior preferred
100
150
48,500
6%
Nov 10
July
1,000
45
28
168% Oct 21
23
175
26%
24
30
175
*139
47% Mar
Oct
Dec 13
178
8%
Oct
8
Nov
18
178% *172
10178 10178 *100% 102
*100% 101%
*82% 85
82%
82%
*82%
85
6%
13% Mar 29
5
Mar 29
JN Y Ontario A Western.. 100
106
24%
10
12% Jan 10
12%Sept24
preferred
N Y
32
Oct
3
147g No v 10
14% Nov 25
29
40
$2
530
18
Mar
Jan
3,300
56
5
Jan
Feb
71
Jan
8,000
17%
Oct
Dec
61
%
10%
108%
2034
3
44
July 29
Mar
150
15%
102
Apr
Feb
90
July
86
5534
36%
Nov
16% Dec
1484
18%
Dec
50
127
85
56
9%
15% Aug
99% Mar
145% Sept 22
28% Nov
9% Oct 17
81% Nov 12
15%
1734
Mar
Oct
Dec
4%
50
1
85
56
Feb
51
15% Dec
Jan
26
June
14%
177g
Jan
38%
127
85
56
Feb
66%
6% preferred B
100
Nat Mall A St'l Cast Co No par
National Power A Light No par
National Steel Corp
..25
National Supply (The) Pa..10
15%
17
Mar
46
Jan
82
£56
69
Dec
Mar
14%
173
Oct
21
44
82
107% 107% *107% 109
*107% 109
21%
2184
21%
21%
21%
22%
30
36% Dec
12% Oct
8% Oct
171
7,700
12
Sept
Oct
10%
1
Jan
107% Aug
109
Oct
70
3%
1%
334
Oct
102
N Y Lack A West Ry Co.-lOO
1%
Nov
18
123
300
£71
105
40%
153
Natomas Co
43
4
7
Neisner Bros Inc
10
6% Mar
12% Mar
1% Oct
12% Dec
178% Oct 14
700
"i'loo
34% Mar
Apr
3
....
200
73%
35
Mar 30
5% Oct
1% Dec
July 21
Jan 8
Jan 11
934 Mar
34
June
700
10%
24%
4
17% Mar 29
Jan
Oct
154
4,300
734
10
6%
Dec
2
100
64
25%
7%
80%
Lead
7% preferred A
*58
25
13%
17
17% Mar 31
11% Apr 1
National
preferred
Nat Distillers Prod
200
53
17
No par
12,400
16
27%
167
*108
267g
1234
*50%
22
*21%
40%
*40%
*114%
69%
6734
6
534
4
*3%
3% Mar 29
3% Mar 30
23,100
3%
143
105% Mar 30
15%
15%
2634
27%
*164
168
15%
26%
*164
123
8%
*139
100
No pat
10
Nat Enam A Stamping.No par
Nat Gypsum Co
1
115
106
*7%
26%
7% pref class B
Nat Dept Stores
6%
12% Mar 31
ll%Sept26
106% Mar 30
Aug
2% Jan
5% Mar
15
10% July 27
10%May 27
100
700
9%
*105
pref class A
9,200
277g
17%
.
7 %
20
20%
115
32
17%
Sept 28
27%
34
27%
Mar 31
20
20
*108
14%
79%
"
65
20
123
17
4
6% pref series A w w
100
Nat Bond A Share Corp new No
Nat Cash Register
No par
Nat Dairy Products...No par
Jan 17
16% Mar
108
Oct 18
54
Mar 25
6
48% Mar
% Dec
*4 Dec
7b Oct
15% July 22
15% Mar 31
150
Feb
35% Mar
Oct
Dec
Jan
72% Mar
62% Oct 21
8% Mar 30
5
10
6
cum pref
100
Nat Bond A Invest Co.No par
1700
112
%
Corp—
Biscuit
Apr
4%
50
Oct 13
110
Mar 29
4
41
26%
Oct
Oct
98%
8% July 26
64% Jan 13
37% Mar 29
6% Mar 30
7% Mar 22
1
7%
100
95
Nashv Chatt A St Louis... 100
National Acme
27%
*7%
*13
*
890
12%
12%
*112% 115
112
173
32
27
32,400
24
14%
1%
34
143
8%
23%
3%
1634
3%
35
26
500
*108
*107% 109
21%
21%
21%
57
57
57%
*32
*141
5,800
Mar 25
Mar 30
9% Apr 7
34% Mar 26
No par
No par
preferred.
100
Murray Corp of America—10
Myers (F A E) Bros—No par
Nash-Kelvlnator Corp
5
20
*284
109
*32%
884
8%
47%
4
,
5%
800
107%
29
90
400
11
35%
*%
14%
7834
3%
35
9%
107% *105
*8
9%
8%
*4534'
8%
Munslugwear Inc
Murphy Co (G C)
700
1,200
5%
24
29
12%
57%
....
8%
11
16
1%
3%
35
3%
12%
*56
'110
8%
24
10034 10034 *100% 101% *100% 10178
*82
*81
84%
84%
*82%
84%
10%
10%
10%
11%
10%
11
*101% 105
102
*101% 105
102%
*32
12%
57%
32
11% Mar 29
26
1
No par
14
22% July 25
17% Nov
Mar31
Feb
47*4 Mar
Dec
4%
38% Aug 3
40% Nov 15
Mar 31
8
...1
$7 conv preferred
*4%
27%
137%
*68%
34%
18%
123
1434.
78%
*169
172% 173
78
2034
*32%
530
*55
1%
3%
*168
2,200
14
107% Nov 12
117% Sept 22
54% Oct 13
10% Mar 31
...
8%
27%
1534
42%
18%
16%
123
*55
5%
37%
Motor Products Corp..No par
Motor Wheel
5
534
3
16%
*112
*55
5%
37%
Mar 31
25
Jan
16%
Oct
33% Nov
July 25
Jan 13
Jan 12
20% Nov
22%May 27
50
8%
169
*55%
41
*110
123
Mueller Brass Co
6
37
25
par
No par
27%
60
....
5
20
2384
7%
78%
14%
18%
35
*107%
1578
15%
41
42%
18%
177g
16
15%
28
28%
33
35%
4
*2%
....
2
Jan
*434
27%
137
137% 138
2334
24
7%
7%
78%
7834
14%
14%
18
187g
58
597g
♦55%
64
3
3%
•1034
1034
*22% 24
*68%
73%
May
Mulllns Mfg Co class B
26
29%
5%
8
47g
169
*2%
3%
8
*7%
8%
*7%
834
*112
118% *109% 116
116
*108
3,400
2,200
115
27%
138%
15%
28%
*112% 115
110% 1127g *110% 1127g *110% 112
8
27%
15%
8%
*434
170
15%
15%
12%
67
111
Montg Ward A Co Inc. No
3,700
47%
26%
60,000
10
No par
preferred
18
8%
434
$4.50
*17%
12%
2734
187„
1434
52%
Mar 30
Monsanto Chemical Co
380
18%
18
*4534
834
*112
5134
10
Morris A Essex
8%
112
115
Morrell (J) A Co
46%
8%
2378
14%
137g
112,
1,200
4,600
1%
17%
3%
11%
2%
3%
% Dec 15
1% Dec 6
100
20
500
55%
2434
25%
2434
'166% 168% *166% 170
16%
16»g
16%
16%
*92%
95%
*92% 95%
x21
22
22
217g
24%
24%
24%
24%
12%
12%
12%
1234
16%
5% conv preferred
Mohawk Carpet Mills
3
% Jan 10
1% Jan 11
1% Mar 26
4% Mar 29
93% Aug
86
16% Dec
72% Oct 13
2
% Dec 9
% Dec 6
10%May 27
7% preferred series A ..100
tMissouri Pacific
100
2,500
4,600
240
8
14%
13%
24%
15,700
%
1%
36%
£46
22
7%
8
Mar 31
% Feb
Dec
37% Dec
July 19
35
No par
32
8%
14
Mo-Kan-Texas RR
900
31%
8%
13%
300
700
*32
36%
32
Mar26
4
No par
19,900
*32
*110
8%
preferred
50
4
Nov 17
JMinn St Paul A S S M...1G0
7% preferred..
100
4% leased line ctfs
100
Mission Corp..
10
Apr
Nov
1
92
49% Jan 28
100
Apr 1 £117
MinnMolinePowerImpl.._.l
105% 105%
47%
.
4,000
%
115
31
76
pref senes B... 100
conv
""166
13
104% 10534
8%
734
100
1%
%
1%
7%
%
1%
16%
11534 11534
£52%
53%
12
4%
$6.50
%
%
13
17%
47%
8
27
17
55
22
434
27
170
*137
12
55
*110
13%
11278
8%
28%
534
1334
8
8
,5%
*434
27
*110
110
7%
36
26%
11%
1«4
15%
2734
534
3434
55%
1334
1%
37
26%
5%
22
*166i2 168% *166% 168%
*16%
17%
16%
16%
*92%
*92l2 95%
95%
22
22
*21% 22
2334
2334
24%
24%
12%
12%
12%
12%
115
112% 112% *112
110
36%
32%
18%
18
35
110
Zq
13%
%
1434
11%
55%
Mar
12% Mar30
15%June 4
No par
Minn-Honeywell Regu.No par
60
*%
%
50
8%cumlstpref
80
5%
*53
1%
*32
1434
110
53g
60
%
32%
5%
5%
*53
53
1378
1334
25%
13%
13%
5%
112% 112%
1%
52
231
13i«
25%
25
52%
34
12%
110
%
105
14%
56
110
1%
17%
105%
11534
*115
36%
26%
10934 10934 I 10934 10934
8
8
734
734
*46i2
48
*4612
48
8%
8%
8% ' 8%
23
115
32%
1734
5%
2,100
•
17
17%
36%
85
13%
1«4
7%
7%
5%
85
'Su
13%
%
35
86
%
734
36l2
1214
86
*%
%
*12
85
*1,,
1%
1%
♦16%
17
104% 105
14%
108
16
%
7%
26
1,400
108
1634
27«4
%
%
26
27
109
16%
26%
%
1%
1734
1 047g
161%
13%
26
514
16%
*26
108
5%
*53'
778
«
124
Midland Steel Prod
%
51%
Mar
Oct
5% Mar 31
5,600
8,200
%
32%
120
26% Mar 30
1%
*1634
*32
Nov
5
Copper
5
Mld-Contlnent Petroleum.. 10
7%
35
17%
53
Mesta Machine Co
Miami
1%
18
10414 10414
114% 115
4934
50%
33%
1678
14%
Jan
Oct 22
Merch A Mln Trans Co No par
2,400
11%
7%
h
5178
32
122
110
40%
113s
13
5034
31%
Oct
Nov
16%
40%
12%
%
%
13
15
87
15%
40
5%
*%
7% Nov 16
29% Nov 15
16% Dec 12
47%July 26
14% Oct 17
22% Jan 11
30% Nov 14
111
July 28
£15
*15
Feb
57% July 27
£40
11%
101
66% Dec
73
1
11%
1
1st pref
conv
Apr
4
4078
5%
Jan
3434
Jan
50
40
28
Jan
112%
Dec
32% Apr
par
No par
*1434
6
28
19
Oct
10
Sept
28% Jan
42% Jan
42% Mar
78% Dec
1584 July 22
80
Oct 20
3% Mar 30
14 May 31
11
June 13
6
28
6
7
Nov
21
Dec
7% Dec
11% Nov 10
95
Apr 12
6% Mar 26
65
Apr 5
1034
60
*%
15.50 pref aer B w w.No
Mar 26
6%
28%
18%
11
5%
%
70
Mengel Co (The)
2 834
6
28
28%
18%
40%
,
5
11
30% Oct
18% Dec
Jan 12
26)«
13%May27
1
100
Highest
$ per share $ per share
share
per
20% Nov 22
12% July 27
53% Oct 27
Mar 26
7
No par
96 preferred series A.No par
80
1%
35i2
"2,200
$
35% Mar 25
Mead Corp
66%
134
33
12
52%
1%
*34i2
16%
1334
*25i2
514
»3514
*11
Stores
6% conv preferred
*50
1%
*30
McLeilan
2,600
*58%
51%
1%
%
10,500
9
66
51%
50
2
1%
♦165s
18%
9434
*697g
6
40%
1034
13
McGraw-Hill Pub Co ..No par
Mclntyre Porcupine Mines..5
McKeesport Tin Plate
10
9
Year 1937
Lowest
Highest
Jan 3J
10
700
9,100
*92
Range for Previous
100Share Lots
$ per share
1
2.200
80
6
*26
%
13
McGraw Elec Co—
20
10%
52%
*50
U
13
11*2
Par
Shares
68
*12
%
13
*1%
7i2
18%
9%
9434
11%
9%
*92
107g
49
*52
60
1,
18
*19%
10%
52%
17%
10%
On Basis of
Lowest
80
49
538
*51
60
*%
*14
*38
20%
52%
Range Since Jan. 1
8TOCK
Week
16
5 per share
1934
10%
*92
1034
Dec.
51
10%
9%
15
YORK
17, 1938
EXCHANGE
the
Friday
$ per share
20
15%
15%
15%
16
2714
26%
27
27%
27%
109
*108
111
111% *109
*106
111%
83
82%
83%
83%
84
847g
85%
1127« *110
110
1127& *110
1127*
110%
*60
*2212
13i2
13is
Dec.
5034
18
9%
17%
95
1034
Thursday
$ per share
50
49%
17%
9%
♦92
*14
Dec.
$ per share
19
*10
e%
Wednesday
Dec.
Ex-dlv.
y
2
Nov 23
Sept
8
97b
Oct
Dec
30
1%
15
36% Mar
53%
Oct
,
Oct
Jan 10
9
Oct
327g Feb 23
24
Nov
1478
1984 Nov 16
111% 8ept
10
8
6%
90
Oct
Nov
Jan
6% Mar
40
Jan
22% Apr
73
Apr
26%
114
Feb
Feb
Nov
9
5%
Oct
19% Mar
29% Nov
9
20%
Oct
45%
147
Nov
9
15% Nov 16
60
Nov 16
125
6%
Oct
140
Jan
Feb
24% Mar
Dec
97
22% Aug 25
12% Dec
28
52
Oct 11
44
Dec
75
Jan
115
Apr 19
114
May
115
June
76% Nov
11%
5*.
9
Jan 17
48
Nov
51% Nov
£9%
Dec
23
Jan 11
2%
Oct
15%
7%
Oct
40
Oct
4
Jan
IO384 Aug
21% Nov 22
9% July 19
Mar
Jan
Feb
Mar
10% Dec
27%
3234
Feb
15% July 23
30
22
Oct
38
Jan
£3434
10%
Oct
5384
Oct
44%
43
Nov
4
Oct 2 "
19% July 19
Jan
Jan
Jan
119
Dec
9
110
Nov
152
Jan
149
Nov
3
133
Apr
149
Jan
30
June 27
Ex-rights.
1 Called for redemption.
Volume
AND
SALE
HIGH
PRICES—PER
Saturday
Monday
Dec. 12
Dec,
Wednesday
Tuesday
Dec.
10
$ per share
$ per share
4%
4%
1634
7%
16%
634
17%
634
17
17%
1634
634
16%
*6%
7%
*6%
1%
*1 %
1%
1%
58%
1%
16%
*634
634
1*4
iu
*1%
58
58%
102
*100
58
58
100%
*100
99
12%
29%
*25
2%
417g
2%
*41%
1834
1834
*18%
134
134
134
2%
42
19%
134
41%
2%
10%
lllg
*56%
7834
11%
113s
58
783
1%
1%
334
21%
334
21t«
*13
1414
*120
97%
12%
10%
11%
56«4
1178
11%
5634
7934
19%
*26l2
1978
28
*112
...
35is
*212
3518
31
2%
41%
19%
178
12
12
19
1?%
19%
197g
19%
17g
17g
1%
10%
10
1134
12
57
57.
58
58
77%
76%
7734
17g
76%
3%
2234
4
9%
11%
12%
—
1934
16
*32
33
*32
33
27
9%
*65
72U
*69
87
87
*38
*3
*5
*6634
7%
7%
43
43%
437g
*7%
43%
39%
39%
3934
*39%
*65
72
*69
72
72
*65
72
*1134
3834
40
*22i8
25
34
34
13
1334
14
lg
2114
*2034
*7
9
12
12
*58
h
1&8
101.1
1%
10l2
11
*10
3034
55
55%
11578 116
3034
;
*134
4%
*3%
4%
%
%
%
92%
136% 138
92%
6
6
40
*38
40
*38
42
42
411
*3
41%
*3
334
7
3?4
*7
7%
*5%
*7
42
*42
44
437g
*91
115
*24%
115
115
*91
7
7
500
24%
200
*
40
44
115
*91
5%
""366
22%
600
*7%
8%
*7%
8%
*7%
8%
8%
*6634
70
*6634
70
*6634
70
*6634
70
*6634
70
*165
167
167
16934 *165
*166
16934 *166
16934 *166
8%
8J
8%
9
8%
834
8%
8%
8'«
1334
1 384
13%
1334
12%
13%
*11%
12%
*11%
12%
*37
39
39%
*38
40
39%
387g
39
3978
39%
23
24
23
23%
22%
22%
25
25
*22%
25
35
35
34
34% *34%
36%
*31%
34% *31% 34
13%
13%
1334
14
13%
14
13%
14
1334
14
%
%
*%
%
%
%
1
1
*%
%
22
21%
2134
22%
2134
21%
213s
2134
2034 2034
97g
834
*8%
*8
*8%
97g
87«
8%
8%
100
8%
*7%
*5%
*20%
5%
21%
*53g
6
21%
•
'
21%
5%
21%
5%
22
*7%
,
12%
17S
178
1234
178
13%
2
13-%
17g
14%
2
5g
%
*%
1%
14%
17g
%
*114
10
94
79%
13%
7i4
*75
*1234
95
*12%
*75
63%
2i 2
19%
63%
2%
■
63%
16%
16%
2%
*19%
*1634
22i4
2214
23
14%
14%
14%
21% ' 21%
1734
1734
19
5
5
*47%
10%
64
2%
21
10%
87
797g
14
2,300
1378
14%
14%
14%
14%
137«
*12%
137g
13
13
*12%
8
7%
*75
95
.
95
63 84
6334
44%
65%
2%
19%
2%
19%
1634
2%
19%
2%
*23
*21
24%
21%
*17%
1734
5%
51%
17%
*4%
*47%
*1634
23%
14
*2234
2114
17%
5%
51%
*21%
17%
11
*8
11
1378
*4%
*47%
80
80
65%
66%
2%
20%
20%
*16%
*22%
17
23
1434
22
20
1634
20%
17
23%
14
24
18
5%
51%
23
23
14%
15
1434
22%
22%
2134
18%
18%
4%
4%
51%
11
1734
*4%
*47%
*47%
*8%
10%
10%
10%
10%
710%
10
*8%
.11%
*8%
1534
1534
*73%
*73%
1534
*73%
11%
16%
76
*9%
1534
76
10%
11%
16%
10
11%
75
75%
*74%
11%
16%
78
*64
69
*57
-:69%
*57
69%
*56
69
*56
63
2
2
2%
1
22%
2%
22%
70%
70%
71
71
67
18
17%
18
38%
18%
2%
2%
22%
22%
72
72
*68
70
*66
1734
17%
*34
*75%
77%
*43
50
81%
*75
77%
*---.
11%
11%
9%
9
9%
43%
44
58
43%
*56%
56%
71
70%
18%
38%
*71
75
70
70
*68%
67
67
1,000
18%
*37
19
38%
9,000
*37
72
19%
39%
78
*76
78
50
*45
11%
*70
9%
44
56%
43
4378
57
57
9%
80%
9%
*56%
""8%
9*
9%
9%
*15%
15%
30%
3034
1%
*1
42%
1%
1%
1%
%
1%
2%
*134
2%
*1«4
...
1
8%
1
*378
9%
6%
1%
*37g
80%
*70
83g
15%
%
12%
*434
29%
%
1134
43«4
58
1
%
*35
1834
*76
*134
%
707g
*45
43%
78,500
75,600
68%
29%
43
63
237g
50
*834
43%
,*56
200
23%
78
9%
43%
*75%
4",700
24%
78
81;
*15
16
78
700
11%
157g
237g
*45
8%
1%
10%
*8%
43%
50
*70
12%
"V,500
80%
9%
97g
*9«4
10
"2",600
43%
44
58
6%
43%
44
10,800
*56%
58
30
"V
26",300
*56%
834
*9%
9%
10%
1534
"
8%
834
8'4
300
15%
3034
9%
15%
3184
*15%
15%
15%
300
33%
3,400
1
*1
33
1%
33
1
*1
1%
400
437g
45%
44
44%
%
%
1%
2%
%
1%
2%
*134
1%
*37g
*37g
600
50
12%
127g
80%
*434
43
43
12%
*70
32%
44
4,800
%
%
1%
1%
1%
1%
4,900
4,100
134
*37g
134
1%
134
100
%
%
*37g
"5",800
27%
27
27%
267g
27%
267g
27%
27
27%
27
27%
*82%
83
82%
82%
*821?
83
82%
82%
*81
82%
81
81
*97
98%
*97
98%
98
9834
x95%
95%
*95
98«4
50
103
103%
270
177g
2,600
26%
*1C434 106%
1678
*16%
•
*97
98%
105% 105%
1634
17%
10484 10434
1734
Bid and asked juices: no
18
10434 105
18
18%
sales on this day
Zl0234 104
18%
18%
177g
t in receivership,
14% Mar 31
19% Mar 28
Mar 29
115% Nov 23
Mar 30
10
120% Dec
3
-1
Rayonler Inc
$2 preferred
Reading
4% 1st preferred.-4% 2d preferred——
Real Silk Hosiery
200
a Dot. delivery.
—
"5
50
50
50
-5
100
Co 1st pref. 100
Reliable Stores Corp---No par
Reliance Mlg Co.—
10
Remington-Rand
-1
Rels (Robt) A
Oct
27
4
Dec
110% Sept
Oct
17
48% Mar
9
Oct
30
Dec
87
Jan
91
Jan
11
Oct
25
Jan
21% Mar
13% Feb
17% Mar 31
Mar 28
93g
Oot
8% Oct 28
47% Nov
3
Oct
18% Nov
43
Nov
34% Nov
Apr 12
74
Nov 10
62
1% Apr 25
3
Nov 23
2% Mar 26
5% Nov 23
I
% Mar 26
75% Mar 29
114
June 25
Mar
Jan
7%
Feb
2%
Oct
14
%
Oct
Oct
3% Feb
95% Aug
Oot
20
7
8% July 23
9
65
6%
Nov
64
9%
Jan
Jan
July
Mar 31
4
Nov 14
30% Oct
17g Dec
30% Jan 18
43
July 19
27
Oct
74%
Mar 29
9
4
Oct
2034 Apr
20%
Oct
33%
2
4
20% Jan
39
Oct
July
7
26% Nov 14
Jan
6
52
May 10
36
Dec
56
Feb
July 12
90
90
July 12
117
Aug
117
Aug
May
Oct
18%
Jan
Jan 17
25
Oct
76%
Jan
9% Nov 14
4
Dec
14% Aug
4884
Dec
100% Aug
141
July
Mar
20
7% Jan 17
3% Mar 31
20
35
6
3% Mar 30
Mar 30
145
75
June 21
41
Nov
174
1
Mar 14
4%May 26
9% July 25
7% Mar 29
11% Apr
I684 Jan 12
52
Aug 5
30
July 29
23
45
20% Apr
7
8
May 21
Mar 29
6
4%
97% Apr
4% Oct
43
Mar
Dec
122
Mar
23
Dec
30
Dec
30
Jan
Oct
32
Dec
45
Dec
8
Oct
Oct
47% Mar
13
Oct
2978 Apr
9
Dec
22% Aig
8%
17% Nov
%
»4 Jan 19
% Nov 10
15
Mar 31
25% July 26
8
Mar 28
II
Jan
15% Nov
3% Jan 13
1% Jan 22
4% Jan 17
13% Nov 10
13% Nov 10
8884 Nov 9
69
Oct 27
114
Nov 14
122%May 18
25
Mar 25
35% Jan 13
105% Oct 25
86% Mar 31
3
33%
Feb
Oct
Oct
Oct
11%
3%
Jan
Oct
Oct
15%
31%
Jan
Feb
31
Feb
20
Oct
86
Feb
43t4
Oct
65%
Jan
114% Mar
303g Oct
Oct
118%
5284
112%
Jan
Jan
Feb
Jan
Jan
Jan
1%
34
2%
6%
5%
91
1017g Apr 23
11884 Nov 30
103%
Oct
128%
112
134
Nov 12
117
Oct
160% Dec 7
117
Sept 21
132
Sept
110
Apr
_
132
Mar 29
112
Jan 12
39% Nov 10
13% July 20
98% Jan 18
88% July 19
15% Nov 10
16% Jan 14
9% Oct 2!
21%May 27
8%May 26
81
Apr 19
74%June IS
7
Mar 29
9
June 16
4®4 Mar 31
80
60% Jan 31
66% Oct 25
37% Mar 31
1
5% Jan 11
July 21
Sept 28
24
1484June 20
Mar 30
10% June 17
Jan
June
140%
162%
113%
25%
Oct
72%
Feb
8S4
Oct
24%
Feb
85
Jan
Oct
107
Feb
684
Oct
"23%
Feb
13%
Dec
18%
Oct
96% Dec
434
44
Dec
2% Oct
19% Dec
Jan
1284 Mar
115
Nov
80
Jan
10% Apr
37% Aug
26
Dec
24% Jan 11
29% Jan 18
8%May 26
18
Oct 11
Jan
Oct
7
'
20
Dec
26
Dec
29%
22
18%
Dec
47
Mar
Jan 13
Dec
Mar 22
30% Jan 15
30
Dec
49
Jan
13%June21
234 Mar 25
34% Mar 29
5
Apr 1
6% Mar 30
27% Jan 25
23
Dec
4384
Jan
Oct
13%
Dec
83
Jan
Mar
18
9
June 10
6% July 19
68
July 26
3%
39
Jan 1C
7%
Dec
30
11% July 20
734
Dec
22%
934
Oct
11
13%JuIy 13
17% July 25
69
-—.100
5H% preferred. — -- -.100
Reynolds Metals Co...No par
6H% codv preferred
100
Reynolds Spring
...... \
Reynolds (R J) Tob class B. 10
65
r Cash sale,
Jan
50
443gJuly 19
Nov 29
stock,
Jan
87%
50% Mar
27% Mar 31
69
« New
Jan
32
40
10
Rhine Westphalia Elec A Pow.
Richfield Oil Corp .....No par
Rltter Dental Mfg
No par
Roan Antelope Copper Mlnes.
Ruberoid Co (The)
No par
JRutland RR 7% pref
100
St Joseph Lead
10
jSt Louis-San Francisco. —100
6% preferred
100
iSt Louis southwestern-—100
5% preferred
100
Safeway Stores
No par
5% preferred
—--.100
6% preferred
100
7% preferred
ion
Savage Arms Corp
No par
Jan
Dec
8% Oct
61% Nov
-
54%
100%
I84
14384 Oct 10
144% Oct 10
4% Mar 30
Sept 29
5978 Mar
Dec
Nov 15
Common..
Mar
30% Dec
76
preferred
Jan
Feb
3
49%May
7%
Mar
65%
warrants..25
Rensselaer A Sar RR Co---100
Reo Motor Car
5
Republic Steel Corp.—No par
6 % conv preferred_—_ 100
6% conv prior pref ser A. 100
Revere Copper A Brass
5
Class A
--10
Preferred with
63
Oct
13% Jan 11
3
30
60
60% Mar
11684
22
17«4 July 25
July 25
4% Mar 25
1384 Mar 30
39% Mar 31
$3.50 conv 1st pref..No par
JRadlo-Kelth-Orpheum No par
Raybestos Manhattan-No par
13% Dec
20
Jan
12% Feb
76% Feb
2984 Feh
38% Jan 15
1784 Nov 16
5
pref—-----50
Gamble——No par
5% pf (ser of Feb 1 *29). 100
Pub Serv Corp of N J—No par
$5 preferred-.——No par
6% preferred
100
7% preferred
--—-.100
8% preferred....
100
Pub Ser El A Gas pf %5.No par
Pullman Inc—
-.No par
Pure Oil (The)
—No par
6% preferred
100
5% conv preferred
100
Purity Bakeries
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer.—No par
$5 preferred B..»—No par
Oct
Jan
6%
43
6% Mar 26
4% Mar 25
5% conv 2d
Oct
'
64
10334 Mar
6% July 22
IPostal Tel A Cable 7% pf-100
Co Inc
1
5% conv 1st pref
15
4434 Feb
29% Aug
7% Jan
10% Jan
23% Mar
Oct 15
42
22% Mar 26
l%Mar 26
% Oct
1% Dec 15
Procter A
Feb
31
110
1% Mar 26
Pressed Steel Car
2%
5% July 25
30
July 25
157s Nov 12
120% Dec 3
24% Jan 15
6% Mar 29
Class B
Preferred..
24%
50
9%
16
500
2278
2278
78
11%
8%
30
5%
51%
1%
*75
9%
*1
1,100
1%
*45
8%
30
700
1734
71
*834
*15
2,100
1%
78
6%
*5
300
1%
81%
*70
1,000
1,400
134
49
11%
3,920
67%
223g
*34
40
*34
40
11%
1734
76
16
100
"166
*10
10%
*9
6,800
67,800
2%1 10,200
2%
20
17
100
100
95
15%
*8%
77g
66
*10%
16
13%j
65
11
*8
13%
*75
2%
150
*84%
79%
*1234
734
100
30,800
87
7%
100
10%
80
7%
700
10%
107g
7934
7%
590
12,900
29,600
*84%
*84
900
*148%
115%
115% *114
35%
36
36
7934
1334
*47%
87
3434
14
16%
17
148
34%
10%
79%
793g
*75
95
148
*114
135
79%
87
*84
79%
13%
137s
14%
*8
11
*8
10%
10%
33%
10%
.
1,100
*131
l%Nov 28
2% Mar 30
10% Mar 3G
No par
Porto Ric-Am
%
1,600
4,500
133
57% Nov
1% Oct
B——-No par
Poor A Co class
1,400
34%
55%
133
Nov
85% July 25
2% Jan 10
Tob cl A. No par
6,100
34%
149
115
Plymouth Oil Co
5
Pond Creek Pocahontas No par
%
115
149
33%
23
*4%
51%
150
115
32%
7%
7%
150
33%
94
79%
13%
14
7%
*1314
.
10%
*82
*83
*7858
.
115
32%
shares"
Pitts C C A St L RR Co—100
Pittsburgh Coal of Pa
100
6% preferred.
100
Pitts Coke A Iron Corp No par
$5 conv preferred
No par
Pitts Ft W A Ch 7% gtd pf 100
Pitts Screw A Bolt..—No par
Pittsburgh Steel Co—-No par
7% pref class B
--.100
5% pref class A
100
5H 1st ser conv prior preflOC
Pittsburgh A West Va
100
Plttston Co (The)——No par
Pirelli Co of Italy ' Am
1%
54 34
*114
150% 150%
3234
IOI4
3134
-100
pref—10C
Plllsbury Flour Mills
-.25
14%
36
34%
1%
Hosiery
Preferred
Pleice Oil 8% conv
1%
12
33
135
200
No par
100
No par
5
preferred
Petroleum
14%
147g
2
36
31%
*133
7%
Phillips
3,600
31
135
5% conv
Phillips Jones Corp
17,/00
11%
*133
1,300
2,600
1%
1%
12
11%
135
*131
120
910
12%
I5g
11%
11%
55%
230
1%
10%
11
5478
190
11%
134
11
10%
31
31
900
1%
12%
12%
1%
10%
10%
134
1013
*10%
115
*114
4,100
.
Ltd.—.10
pref series A.-.100
PhUlp Morris A Co
Phoenix
5%
21
$6 preferred
No par
JPhlla Rapid Trans Co.... 50
7% preferred—
— .60
PhilaA Read C A I....No par
~"aio
*21%
5%
5%
21
135
*150%
20,400
334
35
55%
5478
55%
5%
5534
55%
116
117
116
115% 117
I157g 117
116% *115% 116
29
30%
31%
30%
31%
2934
29%
30
29%
2934
29%
2934
103
103
103% 103%
10278 103
102% 102%
101S4 10134 *10178 1023s
*114% 116
/II5% 115% *115% 117
*115% 116
*1147s 116
*11478 117
*131
2,200
24%
25
44
115
*91
90
Phelpa-Dodge Corp—
25
Philadelphia Co 6% pref-...50
30
*3
37
Mar 31
65
1,600
100
42%
Oct
434 Jan
1,000
42
8
7% Mar 30
600
Oct
Oct
13% July 23
58% Aug 25
Petroleum Corp of Amer
37,000
1
8*4 Mar 31
41
Mar 30
Pfelffer Brewing
5
Co...No par
Jan
Feb
Oct
1%
4
2% Oct 21
l",806
38
7%
25
"
578
*5%
38
35%; *34
*24%
Pet Milk
Jan
Jan
34%
8%
Oct
12
1097g Mar
2884 Jan
200%
2634
Oct
8% Mar 29
preferred
138% 138%
7
334
35
42
44
93%
1
28
Jan
Mar
90
Oct
17% Mar 26
15
Mar 23
prior preferred
5%
II,500
43%
2478
*24%
%
93
Oct
14% Nov
No par
5%
240
4%
%
8
18%
21% Oct 24
-.100
100
100
—
420
"""380
3
40
*3
40
7%
*35%
35%
*3%
92
138% 139%
7
35%
*1%
2
%
91
91
41
15
*334
4
136%
*38
334
*65
2
*1%
1
*5%
12%
2i4
*17«
4
77g
77g
42
2
1%
134
37
,
7%
41%
h
89%
41%
*3
*91
8%
30%
30
*38%
40
*40
70
8%
Pere Marquette.
33
28%
*39%
7%
*164l.i 16934
300
31%
28
*9%
24%
7i2
7%
*1334
327g
28
9%
7%
*
100
9%
24%
5%
22%
"3",200
9%
7
*3534
115
*91
38
3%
8%.
89
40%
45
*20i4
37%
*234
3%
*2%
13%
327g
13%
Pennsylvania
6H% conv preferred .... 100
People's G LA C (Chic)--. 100
Peoria & Eastern
100
9%
7%
42%
3934
24%
*241«
*——
Peoples Drug Stores—No par
878
7i2
*6i2
*14%
500
—
17%
135
*38
37
*3534
13%
27%
—
*1634
*5%
41
35g
40%
*26%
*112
38%
*234
RR——... 50
55,166
17%
4%
877g
40
2134
No par
$7 conv pref.
21%
21
*167g
2«4
*131
7
Penn G1 Sand Corp \ to No par
1834
*4
133
*5%
$7 conv pref ser A—No par
300
27
38
No par
Cement
700
....
3%
(J C)
No par
Penn Coal & Coke Corp
10
Penney
13%
*1634
%
*129
37%
No par
Penlck & Ford
Oct
Oct
42% Oct 10
1% Mar 30
2.50
8%
80%
13% July 20
July 29
3% Oct 17
31% Mar 31
13
Mar 31
No par
Patino Mines A Enterpr No par
Penn-Dlxie
17%
30
6% Mar 31
Mar 29
1
Parker Rust Proof Co
5
13% July 19
No par
Park Utah C M.
24
15
31%
30
I884
9%
734
437g
40
*2
5
27
7,100
Oct
32% Nov
*95
Sept
101% Dec 16
16
—_
13
100% Oct
534 Mar 31
Mar 26
1
6% 2d preferred
*12»4
*23
25%
13
88% June 21
65
*120%
25%
73
39
*14
2,600
778
42%
39%
734
4134
3934
*4
300
4%
9%
42
3
1%
4
1834
*1634
7%
41%
*39l4
*2
*1%
*25%
*1634
9
7%
1%
27%
27
*8%
37
500
4%
21%
1
100
-.10
6% 1st preferred-.-
1% Mar 29
1%
*112
100
4% conv preferred
Paramount Pictures Inc
29
3% Mar 30
4,100
2984 Apr
123g Feb
7
9% Feb 26
2
Aug 3
61% Nov 15
No par
Pathe Film Corp
77%
32
32
27
*X6«4
21%
2634
6% Nov 22
1
Sept 1
Mar 31
Panhandle Prod & Ref new._l
Parafllne Co Inc
Parmelee Transporta'n.No par
*56%
Oct
17% Dec 16
1,300
77%
4
11»4 Dec
Oct 27
6
3% Mar 30
Parke Davis & Co
43,000
$ per share $ per share
share
157g Jan 10
per
16% Dec 14
2,100
1,000
58%
*120%
26
36
3%
*2%
13%
*11
28
1834
13%
*112
3534
107g
12
"8~506
Mar 18
10
Highest
Lowest
Highest
$
share
per
6
Park & Tllford Inc.
4
203g
2634
2%
*12%
*25%
41%
2334
*13
97g
10%
*57
*1203g
20%
26%
*112
35%
2%
15%
35%
*1%
22
22
12%
*120%
1%
1®4
2%
42%
19%
134
10%
11
58%
78%
10
$
No par
Corp
Pan-Auier Petrol & Tramp. .6
9,600
2%
91?
Pan Amer Airways
3,700
1234
27%
41%
378
....
101%
2%
1%
2734
26%
27
41%
*18%
178
700
12
98
1234
■
200
*25
100«2
*25
2%
Pac Western Oil Corp
Packard Motor Car
50
11,700
13% 147,200
12%
13%
/12%
2
2%
378
20%
19%
*26%
*112
100
100
102
1234
12%
12%
79
1%
—
„
I,200
42
13
13
60
42
22
*20%
*120
59%
42
2%
42
1%
*378
*1%
4%
1734
7%
1%
59%
*58%
9934 1C078 1100
30,800
1%
*6%
1%
*95
12%
*25
28
4
7834
*1%
100
12%
99%
12%
*25
*25
12%
58%
100
12%
12%
9978
121?
12%
3,200
11
11%
438
165S
7%
12%
97%
12
28%
11
10%
4%
103g
4%
100-Share Lots
Lowest
Par
Shares
$ per share
$ per share
10%
16%
58%
S per share
4%
11
4%
1634
On Basis of
Week
16
Dec.
15
10%
4%
100
Dec.
EXCHANGE
Friday
Thursday
4%
10%
438
11%
97%
1134
14
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
10%
10%
4%
100
Dec.
13
$ per share
*10%
*58
SHARE,
Sales
for
LOW
3729
New York Stock Record—Continued—Page 8
147
9% Mar 30
2
Apr 28
Dec
Jan
Feb
35% Mar
29% Mar
94% Jan
110
9%
Feb
Feb
3% Oct 24
184
Oct
ll%May 31
25% Nov 12
12%
Oct
39% Mar 29
38 May 26
7% Mar 30
78% Nov 16
65
Dec
124
77% Nov 14
60
Dec
110% Mar
17% Mar 30
38
Apr 27
85
1.
Dec 14
48% Oct 14
10
Sept 14
80% Dec
4% Mar
3384 Mar
51% Jan
6
30
30
31
23
5
Aug
5
Mar 25
7% April
14% Mar 30
47% Mar
493«
Apr
Apr
Apr
Apr
9
Oct
26
Dec
98
76a4
Dec
139
64% Jan 21
1734 Jan 7
60
Nov
94
80
Nov
57g
40%
Dec
34%
Jan
Dec
58
Jan
Oct
67
Jan
10% Nov
14
Feb
19% Oct 16
Nov
9
Jan 21
Sept
9
12% July 26
46% Jan
8
58% Jan 11
8% Jan 7
1284
55
Oct
07g Nov 30
13% July 21
4%
884
Oct
Dec
Jan 19
18%
17%
Dec
Oct
1
Oct
2084
13
Mar 31
33% Dec 16
1
Sept 13
9584
30%
112
6%
Jan
Jan
Jan
Oct
31%
Feb
19%
Dec
38
984
June
Feb
12
Mar 30
2% Jan 10
49% Oct 22
1% July 20
3% July 20
5% Jan 26
7% July 12
2984 Nov 25
Dec
46
Jan
58
Mar 29
83% Dec
2
70
Dec
103
Mar
68
Mar 24
"9
Nov 14
86
Dec
113
Jan
70
Mar 26
108
Nov 18
ar9S
D"c
113
Feb
884 Mar 29
19
11
Oct
25%May 27
% Dec 16
1% Mar 25
134 Dec 15
May 28
6
x Ex-dlv.
Jan
v Ex-rights,
4
26% Nov
1
1%
3%
10
18
Oct
65
Mar
484 Mar
Oct
H%
Oct
2084 Mar
Nov
37% Mar
Feb
27% Mar
f Called for redemption,
New York Stock Record—Continued—Page 9
3730
LOW
AND HIGH
SALE
PRICES—PER
SHARE,
NOT PER CENT
STOCKS
Sales
NEW
for
Tuesday
Monday
12
Dec.
Dec.
Wednesday
13
Dec.
S per share
$ per share
17&8
75*4
*4
1778
76%
%
77s
778
14
Dec.
$ per share
17*4
75*4
7<
17*8
*75%
*4
Thursday
Friday
15
Dec.
3 per share
17%
75*4
17%
75*4
17%
£74%
*4
*4
*4
Par
Shares
Schenley Distillers Corp
17*4
18
73
73%
800
%
10,300
500
700
Scott
*7
8
>2
%
%
*1*4
19*4
*1*4
2
20%
*3%
2
2014
35S
73
74U
73%
15*4
157s
18%
16
*18
20%
3%
74
16%
18%
70
*69
70
6*8
*47%
7
48%
11
18
*69
614
*4712
6U
4812
11
11
*27
28
10%
♦105U 106
%
%
1*4
800
3%
3%
74%
16*8
21
3%
*3%
74%
18%
7
*47%
10%
74
75
16*4
19
69%
7%
16
16%
16%
19%
6%
30*4
6%
31%
48%
3
21%
25%
95%
14
*105
110
7%
11
14%
105
5%
6
31*4
32%
3%
21*4
28
3
21%
27%
21%
27%
108
110
110
105
*34
37
2*4
8%
8%
3
234
2%
38%
36*4
3634
3
3
3
3%
8
8
8
3%
20
20
*734
19%
43
43*4
14%
43%
14%
*45
46
12%
10
13
100
Solvay Am Corp 6 H% pf-100
4,100
6,200
South Am Gold A Platinum-1
101
*100
9
9
12%
63%
29%
65
65
29%
29%
30%
100%
*96%
99%
2
2
2
2
3%
3%
3%
8%
15%
19%
3%
7%
15%
26
26%
27
26%
*42%
50%
50%
31%
70%
50%
*30
69%
9%
13%
9%
6%
13%
7%
7%
6%
61% 61%
122% 122%
9%
9%
35% 36
3%
3%
*18*4
19%
29% 29%
*10%
12%
18%
18%
27% 27%
7*4
7%
6
5%
8 '
♦7%
*4534 47
*4%
4%
5%
5%
42% 43%
4%
4%
31
31%
9%
7%
19%
26%
26%
*42%
49%
*30%
61%
36%
3
19
19%
29%
12%
18%
27%
8%
6%
7*4
46%
*7%
46%
4%
5%
4
42%
32
32
1%
3*4
261;
2*4
12%
12*4
93%
16%
49%
7
8*4
10
•3%
90%
4%
14
25%
34%
3%
30
10*4
4%
66%
20%
39
39%
7934
12
16*4
116
67%
18%
40
40
16
4
2634
2%
27%
£27%
2%
11*4
2%
11*4
89
40%
4%
4
87%
18%
88%
78%
20%
39%
11%
16%
18%
87%
7934
20%
4
*115
12
12*4
93%
16*4
49*4
6%
878
12%
91*4
16%
49%
6%
8%
10%
3%
10
3*4
90%
*89
4
50%
234
12%
1234
92*4
6*4
6%
9
9
10%
3*4
4
3%
27
10*4
4%
66%
12%
4
14%
25*4
10*4
35
11%
4%
67%
12%
89*4
4%
67
12
88
88%
18%
3%
12*4
2534
34%
3%
28%
34%
3%
28
£ll
4%
6634
4%
*5%
4
900
6
2,800
44*8
44%
4*4
'
4%
32
31%
1%
4
28
2*4
12%
12%
91%
17%
51%
6%
9*8
10*4
4
89
4
1234
26
34%
3%
28%
11*8
4%
20%
19
*3*4
*40
4
2,700
19
1%
3%
27%
3%
27%
2*4
12%
12%
2*4
700
600
17*4
50%
8,800
6%
6%
25,400
9
9%
8,900
*10
10%
3%
90%
11,200
*89
*3*4
*11%
14%
200
25%
21,300
93
3%
4
24%
33*4
34
600
5
—.25
Texas Gulf Produc'g Co No par
No par
Texas A Pacific Ry Co—100
Thatcher Mfg
No par
$3.60 conv pref
The Fair
*4%
6534
7,100
700
600
3,100
800
120
66%
12%
89%
18%
92
89
92
80
80
81
81
20%
40%
11%
16%
20%
40%
11%
16%
20%
41%
12%
20%
41%
11%
17%
20*4
20%
42%
12%
17%
40%
20%
41*4
12%
4,600
800
$3.50
cum
6%June13
15
par
Transamerica Corp
2
Transcont'l A West Air Inc..5
Transue A Williams St'l No par
Trl-Contlnental Corp..No par
$6 preferred
No par
Truax Traer Coal
Truscon Steel
No par
:
10
20th Cen Fox Film CorpNo par
$1.50 preferred
No par
Twin City Rap Trans..No par
Preferred
Twin Coach Co..
Ulen A Co
1,400
1,400
17
20
1,800
18%
5
Oct
10
Oct
14
Oct
% Dec
Nov 14
July 25
Nov 14
42
12% July 26
11
5% Oct
6% Dec
6% Oct
Jan 13
3
«
Oct
44% Dec
Oct 21
128
Nov
19% Dec
63% Dec
17% Nov 1
9% Oct 21
62*4 Dec 15
Mar 31
Apr 4
4% Mar 31
16% Aug
118
Aug
1%
8
Oct
Oct
17% Dec
7%
Oct
Nov 10
21
9
15%
22%
Oct
4%
Oct
29*4 Oct 15
10% Nov 9
8% Jan 11
9% Oct 17
49% Nov 10
6%June 29
Oct
4%
Oct
6% Dec
41
Dec
4
Oct
5%
Oct
34%
Oct
3% Mar 30
32% Mar 30
2% Mar 29
49% Aug
26
Maf 30
38
1
23%
Oct
7
Mar 30
12% Aug 6
11% Feb 10
26
July 22
25% Oct 28
60*4 Oct 26
5% July 13
5%
5%
Oct
Oct
6*4 Mar 31
13
Mar 31
15
Mar 30
63%June 23
2% Apr 13
35
Apr 12
2% Mar 31
3% Mar 30
8% Mar 28
1%
5*4
10%
77%
Mar 30
Mar 29
Mar 28
3
Mar 31
Apr 29
31% Mar 30
5% Dec 8
4
Mar 30
4% Apr 1
2% Mar 30
77
June 27
3% Mar 28
6% Mar 31
16% Mar 29
25% Mar 26
2% Mar 29
8
Jan 11
6
2
5*4 Nov 12
Oct
56
15% Nov
18% Dec
5% July 25
18*4 Nov 10
2% Jan 13
5% July 19
28% Nov 9
4
July 25
19
July 25
2%
1%
Mar 31
59*4 Apr 20
20
Mar 30
19% Mar 30
5
Mar 30
14
Sept 14
100% Jan 20
39
Jan
4
12*4 Apr
1
Oct
Oct
Oct
98
72
July 13
19% Nov
9
8%
4
4%
Dec
Oct
7
Dec
18%
Oct
25
2%
Nov
Oct
39
Dec
7
Oct
9
Oct 27
1% Oct
46% Nov
8% Dec
70% Nov 25
15% Aug 6
90% Nov 10
22% July 21
99% Nov 10
83% Nov 10
23% Jan 12
42% Dec 15
13% Nov 12
20
Oct
82
9
6% Jan 10
15% Nov 16
28% Nov 12
38
July 19
6
Oct
5% Oct
3% Dec
4% July 19
Nov
Oct
Oct
10
10% Oct 21
12% Nov 12
91
Oct
Dec
36
55% Nov 9
12*4 Jan 12
13% Nov
57
Dec
1%
6%
Mar 25
17% Mar 31
55% Mar 31
Oct
4
10
13%
6
Mar 31
Oct
Sept
15*4 July 25
1
1% Mar 26
Oct
Nov
36
Jan 11
7% Mar 30
Oct
3%
65
Jan 13
41
Oct
65
Jan 13
6
United Carbon.
No par
United Carr Fast Corp .No
par
Oct
Oct
27% Dec
26% Oct
30% May
44
100
Oct
2%
2%
Jan 13
Mar 30
No par
Oct
101
July 25
Jan
16
4% preferred
100
Union Tank Car
No par
United Aircraft Corp
5
Un Air Lines Transport
5
Preferred
1
100
No par
United Biscuit
Mar 30
22% Mar 30
4*4 Mar 30
3%May 27
Mar 24
preferred-No par
Nov
7%
Oct
Mar 31
25
Nov
16
Oct
1
par
8% Dec
49
9
15
Under Elliott Fisher Co No par
116
*17%
Thompson (J R)
Thompson Prods Inc.-No
Thompson-Starrett Co.No
15% July 19
70% July 18
July 25
9% Jan 10
107% Feb
3% Jan 10
6% Jan 12
11% Jan 12
23
July
28
July
Oct
18
10
Union Bag A Pap new..No par
Union Carbide A Carb-No par
Union Oil of California.
25
Union Pacific
100
17
66%
1
Dec
Dec
14% Mar 10
100
6,100
116
66
Thermold Co
$3 dlv conv preferred
Third Avenue Ry
2,500
22,200
4,100
5,700
85,700
19,700
1,300
11*4
100
$4.50 conv pref
No par
Tlmken Detroit Axle
10
Tlmken Roller Bearing.No par
900
4%
No par
Preferred
Tide Water Associated Oil.-10
3%
11
-No par
10
10
39
Dec
43% Oct 28
4% Aug 1
23% Nov 12
32
July 20
5
900
29%
10%
90
*17%
Tennessee Corp
Texas Corp (The)
8
34
15,700
'
3*8
*25
18%
18
4,700
1,900
*11%
12%
91%
17%
50%
91
66%
18
100
1%
80%
66%
18
""700
4
12%
88%
18%
116
500
*14
90%
18*4
66
1
Mar 14
Dec 16
9
H% preferred
Telautograph Corp
Feb
Oct
1%. Oct
5% Dec
19% Dec
71% Nov 16
Mar 29
Oct
35%
Mar 31
Mar 26
8*4 Mar 31
17% Mar 30
50
5
5
170
68%
12%
♦115
Without warrants
Talcott Inc (James)-
13,400
1,600
89
16*4
Swift International Ltd
Symington-Gould Corp w w.l
Texas uulf Sulphur
42
12
116
25
45
119%
8*4
17%
1*4
Texas Pacific Coal A Oil—10
Texas Pacific Land Trust—.1
80
66%
*17%
3,600
Swift A Co
7,100
79%
*115
100
Oct
1%
Mar 29
3% Mat 30
No par
Oct
Jan 21
31
May 28
Studebaker Corp (The)
9
45
June 17
6% preferred
Oct
Mar 29
5% Mar 29
Oct
Dec
24
Apr 8
Mar 31
6
Oct
17
15
34%
35%
60%
58%
34%
6
Oct
17%
49% Dec 15
17% Nov
Mar 30
1
Sun Oil
20%
130
27
4
Mar 31
—5
No par
3,100
18%
89
116
Stewart-Warner
Stone A Webster
8%
20%
19%
58%
4%
*58
4%
19
43,000
Mar 29
49
10
Stokely Bros A Co Inc
Jan 10
Nov 12
July
Oct
Oct
40% Nov 10
%June 21
25
9%
89%
18%
61% Nov
17% Oct
80
Nov
78
Oct
22
Nov
10%
5*8
Oct
Oct
Nov 14
15
Oct
118% Aug 19
73% Nov 10
20% Nov 10
110
Oct
36% Dec
17% Dec
1
■
■
■
,
Bid and asked prices; no sales
on
this day.
.
.
$ In receivership,
a
Def. delivery.
n New stock,
r
Cash sale.
*
Ex-dlv.
pEx-righta.
,
"
•
10%
3*4
£89
91%
*12%
25%
34%
3%
26*4
14
25*4
66
*17%
17%
50
28
19*4
4%
1%
*3%
27%
2%
12%
12%
91%
17%
40
5
4
*15
500
13
Standard Oil of Kansas—.10
Standard Oil of N J
3,900
7%
10
4
4
12
4%
16
4%
17
6%
45*4
7%
*45
6
40%
4%
40
5,300
1,800
6,600
300
Mar 31
4% Mar 30
10% Sept 14
25%
24*4
32%
39*4
17%
Sutherland Paper Co
10
Sweets Co of Amer (The)—50
12%
18%
27%
8%
Mar 18
l%June 13
2
-No par
25
-
2,100
30
94
Standard Oil of Indiana
Sunshine Mining Co
10
Superheater Co (The)--No par
Superior Oil—
1
Superior Steel
100
*29%
45
Standard Oil of Calif
12,100
4,200
10,000
2,300
*10
6%
7*4
4
4%
4
87%
18%
20%
59
1%
4
20
*58
1%
*11%
25%
*33%
*3%
*25%
10%
*4%
66%
9%
38*4
3%
59
1%
11*4
12%
93%
16%
49*4
6*4
8*4
*9%
3%
90%
8*4
20%
19*4
8%
6,800
$4.50 preferred
No par
J Stand Comm Tobacco
1
(Stand Gas A El Co—No par
$4 preferred
No par
$6 cum prior pref—No par
$7 cum prior pref-..No par
Stand Investing Corp._No par
1%
22% Jan 12
21% Nov 10
31% Dec 15
Mar 30
6% Mar 31
48%May 26
12% Mar 31
6% Mar 31
No par
Standard Brands
50
37%
2%
32%
2,600
62
18%
?7%
8%
6%
28
Mar 26
Sterling Products Inc..
400
122
7%
122
Oct
Mar
4
Starrett Co (The) LS—No par
300
47,900
4,600
33,400
12,500
1,300
39%
3%
21%
30%
12%
18%
27%
8%
21
20%
58%
*1%
9%
9%
6
15%
7*4
934
8%
20%
*19%
19*4
*56%
40
9%
45
4%
5*4
44%
4%
>
900
56,100
26,600
6
£7%
£45
6
4*4
20
*4-
21
44%
4*4
43
5,600
%
14%
8%
20
12
*17%
18%
27%
19*4
87
11%
16*4
18%
27%
20
*15
*4
18
8
17
*11%
25%
34%
3%
*27%
10%
4%
66%
*9*4
8
*14
3%
30
12%
7*4
47
4
*90
30
*9%
7%
4
634
19*4
30
6
1,000
28%
28%
50%
51%
30%
70*4
9%
38%
£3%
8
*56%
21%
5,300
27%
27%
*42%
122
39%
3%
20*4
9%
19%
60
122
9%
3%
27%
7%
6%
8%
16%
20
15*4
7%
62*4
9
31%
4
8%
*9%
61
8
4%
400
2,300
4,800
3%
8*4
16%
6
7%
122%
37
660
2
51
13
110
7*4 Mar 31
2,900
55,500
Oct
16% Jan 10
4% July 25
11
July 19
29
Oct
Dec
9%
114% Nov 29
3% Jan 13
46
No par
$3 conv preferred A..No par
Spiegel Inc
2
Conv $4.60 preferred .No par
8quare D Co class B—
1
11,200
13
Mar 30
Splcer Mfg Co
Nov
10
Aug
Nov 23
Mar 25
1
Oct
Oct
2% Nov
15% Dec
26% Dec
12
2
2,500
140
5%
17%
10
29
par
Spear & Co
11
"
17
19% Aug 26
15
19% Dec 13
15% Mar 30
2
£30%
70%
June
25
Spencer Kellogg A Sons No par
8perry Corp (The) v t c
1
29*4
3%
Nov
96
141
700
100
9%
6
15
No
67
4
1,000
79.400
*96
28%
28%
50%
50%
50*4
51%
31% .31%
70
70%
9%
5*4
*60
9%
58%
12%
64*4
28%
27%
15%
7%
7%
9*4
20
£92%
16%
48*4
9
14%
6
6
44
28
Sparks Wlthlngton
Jan
8
48%
16
44%
12%
65%
%
70%
*122
9%
36%
3%
21
30*4
9%
,
4
334
26%
234
»lll2
12%
50
30%
*42%
5%
29%
*10%
18%
27%
7*4
5%
7*4
*45*4
4%
Spalding (A G) & Bros-No par
1st preferred
100
3,200
88
Oct 13
24
20
47*8
*15%
3%
8%
17%
21%
—No par
---100
5% preferred
Mobile A Ohio stk tr ctfs 100
2%
20
%
6
14
7%.
61%
124
9%
'
*17
28%
27%
50%
50*4
43%
4*4
31*4
*19
*1%
%
26%
26%
9%
124
17%
20%
70
70
9
5*4
13%
7%
*44%
12%
7*4
15%
19%
42*4
4*4
31%
*56%
*40
8%
16
20%
%
26%
26%
50%
50%
31
Southern Ry.
300
6%
100
2%
3%
19%
*%
69%
20
6
*2
3%
8
15%
19%
"
45
101
3%
7%
"
44
6%
101
-
15%
12%
65
39,100
26,200
Nov
Oct 13
19% Mar 31
9% Mar 31
5% Mar 30
8% Mar 30
17% June 17
2% Sept 27
Southern Pacific Co---—100
90
12%
63%
28%
28
47,400
91
7
Nov 10
Apr
128
100
35
234
*7*4
49%
16%
46
13
16
8% preferred
Dec
122
10*4 Mar 31
Apr 14
1% Mar 29
15% Dec 13
Southern Calif Edison—---25
44
6% Oct
24% Deo
14% Nov
Oct 14
105
111
So Porto Rico Sugar—No par
230
5,200
Nov 12
Nov 16
98
8% Mar 29
80cony Vacuum Oil Co Inc. 15
Oct
Jan
Nov
Jan
Nov
Jan
Mar 31
..
Oct
Dec
3%
9%
35%
3%
24%
34*4
Mar 28
10
15
60
Nov 18
18% July 20
May
Smith A Cor Typewr—-No par
500
48
45
91
par
Snider Packing Corp—No par
3
20
No
$6 preferred
Smith (A O) Corp
900
42
20
48%
15*4
19%
Sloss Sheffield Steel & Iron. 100
2,700
55,800
3
46
25
100
Oct
Oct
Oct
3% Oct
49% Nov
12% Dec
Nov 12
106% Oct
12% Mar 30
2% Apr 6
14% Mar 30
18% Mar 31
£84
Apr 1
8lmonds Saw A Steel--No par
""906
*37
3%
8%
Mar 30
Skelly OH Co
6% preferred
30
3
2%
8%
10
93
No par
10
Slmms Petroleum
42
*2%
*37
Aug 11
6*4 Mar 12
4*4 Mar 31
3,100
105
35
46
12%
62%
65
27%
6*4
37
19%
45%
1434
*45
12%
64
£27%
6%
37
*2*4
39
3%
14%
37
36*4
2*4
39
*34
37
36
20% Apr
100
Simmons Co
900
70%
9%
49%
12%
28%
Mar 30
1
Mar 20
5H % conv preferred
6,400
7,400
-.
37
3
No par
Shell Union Oil
100
*105
110
Mar 26
45% Mar 31
Silver King Coalition Mines—5
4.4Q0
*102% 104% *102% 104% *102% 104% *10312 104% *103% 104%
18
18
18
18%
*18
18%
18*4
19
*18%
19%
17
17
16%
16%
16%
16%
*15*4
16%
16%
16%
13%
13*4
13%
13*4
13%
13%
13%
13%
13%
14
13
13%
13
13%
13%
13%
13*4
13%
13%
13*8
113
113
*112% 114
*112% 114
*112% 113
*112% 113
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
16
15%
16%
15%
15%
15%
16
16%
15%
16%
132
131
132
132
132
131%
*133
*133
22
22%
22% 22%
22%
23
22%
22*4
22%
22%
17%
18%
17%
18%
18%
19
18%
19%
18%
18%
20
19% 20%
19%
20%
20%
20
20%
20%
20%
29*4
31
29%
30%
30%
30%
31%
31%
30*4
31%
10
par
...No par
No par
$3.50 conv pref ser A .No par
300
95%
*95
No
$5 conv pref
Shattuck (Frank G)—-No par
21
96
18 1 July 19
23
Nov 12
Sheaffer (W A) Pen Co.No par
27%
*95
%
1%
80% Oct 13
Sharon Steel Corp
Oct
16
6% Jan 14
Mar 30
100
21
96
June 16
4,100
27%
*95
3
*
-
Dec
%
3% Oct
34% Nov
Oct 6
Dec 12
Jan 3
3
July 22
27% Feb 25
9% Mar 30
..No
Sbarpe A Dohme
10,800
71
Nov 25
47
100
323s
3%
Mar 30
6
par
Seagrave Corp
1,800
5%'
Nov 25
34*4 Mar 28
112% Dec 12
% Jan 6
1% Mar 29
15% Mar 29
100
Servel Inc
4,300
105
5%
32%
*2%
Feb 23
1%
10%
50%
112%
%
3
No par
No par
preferred
30
14%
85
Sears Roebuck & Co—-No par
200
19,500
9,300
28
14
105% 105%
6%
32
21%
25%
*27
11%
*27
3
21%
25%
95%
*47%
28
48%
11
*70%
7%
48%
11%
27% Jan
June 14
%Sept 26
par
$ per share
22
Dec
share
per
13*4 Sept 27
1
100
Seaboard Oil Co of Del-No par
3,500
3%
74*4
16%
19%
85
7*8
48%
11%
19%
85
7%
27
5%
30%
19%
*69
21
4-2%
$
Lowest
62
100
No
(Seaboard Air Line
4,400
1*4
20%
13%
13*8
13%
14%
*105% 106
*105% 106
26
9512
*105
%
1%
21%
27
278
21%
*95
%
1%
69%
6*i
31»2
6%
3078
234
*21%
25*4
%
1%
21
Paper Co
84.50 preferred
10
%
1*4
20%
*3%
73%
" 28
*27
13*4
1312
%
3%
9,900
7%
Year 1937
Highest
$ per share
5
5Yt % preferred
(Schulte Retail Stores
8% preferred
%
Range for Previous
100-Share Lots
Lowest
Week
16
7%
7%
7%
7*8
7*8
*47
48
48
48% 48%
48
48i2
48%
48
48%
11212 11212 *112*4 114*4 *112% 114*4 *112% 114*4 *112% 114*4
'114
On Basis of
1938
17,
EXCHANGE
the
$ per share
18%
75
*4
Range Since Jan. 1
STOCK
YORK
Dec.
.
T Called for redemption
Highest
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
147
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
STOCKS
Sales
CENT
NEW
for
Saturday
Dec.
Monday
Dec.
10
$ per share
Tuesday
Dec.
$ per share
2%
3
3
34%
36
35
5%
*7
72
*683s
684
6%
32% 33
59
57%
10%
1034
10%
114
*112% 113%
6%
34%
5734
*3212
5712
1034
*11278
7%
*714
7
7
7
10
*934
♦84
7%
3
3
34%
5
5
5
7
7
32%
33
33
6084
1034
10%
112% 112%
62
63%
10%
59
7%
10%
112% 11234
634
634
7
7
7
7
11
11
11%
87
86%
*30
35
*30
35
25
25
25
25
109% 110%
172
173
35
10
10
10
7
33
*30 34
25
25%
5%
10%
10
72
*60
72
*55
68
*43%
4%
48]8
44
44
44%
49%
60%
6734
68
62%
45%
4%
434
49% 50%
101% 102%
60
59%
6734 68%
63% 64%
11534 116%
33
33%
*44
44%
3%
3%
50
101% 102%
5934
60%
*3284
33
*67% 68%
6234
03%
11534 11534
32% 33
*44
4478
*44
115l2 115%
■
3%
*8
1%
3%
3%
8%
1%
3%
8
8%
1%
2
50
50
12%
84
*158% 160
76
76
*22
24
24%
24i2
3134
114%
39
*38%
19%
19i8
312
3%
27
*26
1123,1 11234
3
*2%
52%
50%
5134
60
5834
116
59%
*67%
66%
64
65%
116
116%
*112
32
112
112
33
33
*44
39
39
19%
19%
20%
*20%
27%
3%
12
125
78
14%
83%
75
75
24
*22%
27
27%
28%
33
33
39
38%
21
24
z2l
33%
2%
75
*9
*118%
l's
2
*1%
*6I2
16%
*84
7%
■
-»■
~
—
__
7%
7%
7%
7%
7%
49
49%
48%
49%
48%
49%
49%
50
19%
.
19%
1934
1934
1934
1984
1934
12%
1934
*2%
234
13
*12
2%
2%
36
36
57a
6%
41
*40
*312
334
13
*12
2%
*35
*7--
*2734
6%
40
13
*2%
234
*35
36%
6%
6
6%
40
41%
9
*6%
28
21
21
21%
30
30
30%
3%
3%
*11
14%
5%
*40%
3%
3%
*6%
8%
28
28
21%
30%
3%
30%
*3%
9
21%
*6%
28%
21%
28
31
%
34
*34
79%
3234
79%
3284
79%
32%
*74%
*90
95
92
92
103
103
91
91
124
125
*116
117
.
3%
1%
33
92
*102% 103%
■
91
*124
125
124
116
116
*116
*3%
3%
3%
23%
3%
*5%
*5%
6%
*5%
5%
%
6%
%
2234
23%
23
23%
%
%
%
%
1
113
114
23% 2334
27%
27%
114% 116
*136
140
136
18%
*37%
2734
18%
38
*18%
38
*18%
19
19
*28%
30
*28%
*
70
140
*75"
57
*56
57
57
57
14
*1334
14
*1334
1134
•1134
12
4%
4%
42
109
*24
4
*39%
*106
2434
24%
49%
50
4934
1978
20
20%
4%
39%
109
24%
50%
2034
4
39%
*106
2434
49%
20%
19%
75
110
19%
*29
*
20
*18%
*37%
39
*75"
19%
110
12%
4%
39%
108
634
1%
21%
234
2834
29%
6%
6%
6%
134
*1%
1%
1%
21%
20
*20
21
234
234
2%
2%
2%
2%
2%
*2%
2%
*4%
434
434
4%
434
4
4%
40
41
*106
109
4
41%
♦106
2434
49%
25%
4934
25%
2534
50
4934
20%
20%
21%
75
*62
75
75
*55
75
*35%
37
*35%
37
*36
3634
36%
37%
21%
*66%
*57%
37%
4
40%
*106
95
14
-r
-
White Motor Co
6%
3,500
White Rock Mln Spr
1%
700
20%
1,000
2%
900
Apr 12
2%
5,600
3,200
6%
preferred B
Prior
31
31%
3034
31
30%
31
30%
31
1,800
19%
19%
48%
49%
8684
50
23%
18%
23%
18%
23%
1734
86%
24%
18%
3%
3%
3%
3%
86%
18%
18%
18%
51%
24%
2434
51%
85%
2434
1734
18
18
*83
3%
87
3%
3%
1934
107
19%
53%
19%
53%
19%
54%
800
380
19%
106%
19%
27,800
19%
52%
53%
35,600
18%
*104
Youngstown S & T
'
5 H%
preferred
29
13,900
19%
20%
19%
20
8,700
334
334
3%
3%
•2,900
Zonite Products Corp
t In receivership,
3%
a Def. delivery.
«
New stock,
r Cash sale.
3
Mar
9
Mar 28
Mar 30
Mar 31
Mar 30
24
Jan 31
Jan
3
Mar 30
62% Mar 31
1H2 Mar 29
Youngst'wn Steel Door.No par
Zenith Radio Corp
No par
*83
Jan
93jtMar 31
100
200
27%
87
Oct
Dec
71
No par
85
27%
*83
4%
4984
28% Mar 30
Young Spring & Wire..No par
26%
85%
Dec
55i2
6D4
2034
83s
100
Preferred
640
3,100
25%
19%
Bid and asked prices: no sales on this day,
*103% 108
43s
27
Yellow Truck & Coach cl B._ 1
18%
50%
678 Jan 10
7084 Oct 27
pref 4
series
Prior pf 4H% conv series. 10
Wright Aeronautical...No par
800
313s
18%
5034
Dec
42
100
Wrlgley (Wm) Jr (Del).No par
Yale <fc Towne Mfg Co
.25
183s
Oct
2
11% Mar 29
..100
10
2,000
18%
Oct
134
Dec
743s
18%
6
Dec
74
100
3% Aug
11
101*2
73
18%
Oct
24«4 Oct 19
34
73
30%
15s
6334 Nov
27UNov
72%
106
Jan 22
27% Nov 14
117%
18%
Oct
3
3^8 Oct 26
36
..10
72
30%
8%
10% Mar 29
Preferred A 7%__
mim
51
Oct
Jan 21
33gJune 16
Wortbington P&M (Del)No par
116
104
Oct
6
11
578 July 19
6OI4 Jan 21
IO684 Dec 7
72
18%
14i2
15% July 25
Oct 25
48
103%
15% July 19
Mar 30
116
18
Sept 23
Mar 24
72
103
Dec
Dec
3
48
18%
55
Jan
32
114
104
Oct
Nov 12
Jan
103
Woolworth (F W) Co
75
117% 117%
Dec
61
90
100
$6 preferred
17,000
116% 117%
70
May 27
5
No par
Wilson & Co Inc
71%
51
Oct
10»4 Oct
3U2 Nov
1034 Oct
21% Deo
WisconslnElec .Power 6%pf 100
Woodward Iron Co
10
1,100
11334
49%
113
11
1
par
71%
112
U2 Oct
2218 Dec
1734 Oct
87i8 Nov
42
7,100
38
Mar 19
.
Nov
4%
109
*36%
110i2 Apr
14% Deo
75
10
38%
Oct
Oct
4
0% conv preferred...
*66%
*57%
Oct
117%
95
900
75
Oct
88
Mar 29
4%
21%
84
76
19
1
26
23% Oct
73% Nov
90
Willys-Overland Motors
50%
July
4
3,800
41
1
Oct
32»4 Nov 12
14i2Mar 26
6
21%
51
05
Wilcox Oil <fe Gas..
49%
51
60
100
No par
2534
-
2018 July 25
3058 Nov 16
preferred
22%
-
Mar 31
White Sewing Mach...No par
conv
9
Oct 14
Mar 19
6% Mar 31
Sept 28
1% Mar 31
884 Mar 31
1% Mar 30
l%June 16
$4
Nov
12478 Nov 10
20
-
Oct
Oct
2i8
Oct
60
Co No
Oct
1U8
Oct
100
75
6,100
16
20
Oct
Oct 24
White Dent'l Mfg (The S S) 20
700
Nov
1
Dec 14
$5 conv prior pref...No par
-»
Oot
9
5i2
39
Mar 31
Dec
25g
258
Jan 11
July 22
July 20
21
10
Oct
Jan 10
15s
33g
3414
33%
144
Wheeling Steel Corp...No par
Preferred
100
9,700
Dec 16
-.30
preferred
5H % conv preferred
^
25%
50
w—
conv
72
49%
115
51
4%
41%
109
5%
Wheel & L E Ry Co
Oct
434
4i2 Jan 10
9% Mar 30
31% Mar 28
Westvaco Chlor Prod..No par
200
2
Mar 31
103
No par
Class A
75
*75"
16% Mar 31
1534 Mar 31
0134Mar 31
60
preferred
=...50
Weston Eleo Instrum't.No par
800
30
100
Telegraph. 100
1st
30
9
3
Nov 22
1.19l2Nov
25
% Mar 23
a4 Dec 12
Westinghouse El & Mfg
1,200
19%
39
126
Mar 25
3
Westlngh'se Air Brake.No par
50
19
*
110
Western Union
30
19%
30%
75
6% preferred
8,200
13,400
16,600
0
9784 Jan
1284May 31
2% Mar 31
...100
......100
Western Pacific
9,500
111% Jan
100
Co—10
100
4% 2d preferred
4,700
143
*13%
12%
*62
•
19%
*37%
30
118% 119%
*140
14
*55
*82
143
29%
120%
12%
75
18
1%
23%
12%
6%
75
31%
%
1%
23%
*13%
12%
*62
104
29%
%
1%
24%
3034
14
*53
48
300
6%
%
12
75
48
*6%
*13%
2834
70
*71%
6%
143
30
*53
*45%
Western Maryland
119
19%
30
*62
*109
1,500
14
4%
*39
Western Auto Supply
3%
25
12
4%
*106
6,700
3%
60
2134
2%
2%
4%
24%
*58
6%
6% preferred
120
3%
h
%
2934
*79%
Mar 31
24%
24
*141% 143
27
116
3%
59%
*2034
*234
*2%
4%
23%
*75"
Mar 29
6%
28
*
74
West Penn Power 7% pref. 100
160
100
24%
.59%
J'8
4%
6% preferred.
59
1%
*4%
7% preferred.......—100
380
101%
89%
123'
123%
115% 115%
57
1%
2%
230
88
28%
*79%
1%
*2%
1
1G1
95
134
*234
4% Oct 15
1% Jan 28
39
July 30
82% July 29
102i2 Jan 3
103i2 Dec 13
100% 102
*79%
6%
2%
2%
1% Mar 26
34 Sept J
25% Mar 31
71
Apr 8
70
Apr 1
823gMay 28
91
90
27%
634
20
Oct 13
348gNov 10
102
29
684
21%
2%
2%
2%
80
11%
6%
21%
25
Mar 30
70
116% 119%
19%
75
*56
Nov 10
Mar 30
90
30
27
31
11
No par
Oct
26% Dec
Dec
17
90
%
8
778
2
33
Aug
478 July 15
1634 July 15
1
92
1
19% July 27
5
z92
2334
Mar 31
6% Dec 16
16% Mar 31
$4 conv preferred
No par
West Penn El class A..No par
6
Oct
I84 Mar 31
Wesson Oil & Snowdrift No par
116
Oct
17
Wayne Pump Co.,
92
Oct
32
Waukesha Motor Co
90
%
90
*20
Wells Fargo & Co
Oct
Dec
3%
Nov 30
Warren Fdy & Pipe
500
*29
*79%
*1%
Webster Elsenlohr
18
7134
Nov
1.700
2,300
20
90
*6%
500
2% Oct
05s Dec
20
1,400
1
116
8% July 25
20% Jan 10
87i2 Dec
10% July 22
1,600
79
12334 12334
Oct
3% Feb
54
5
.No par
No par
32
90
Oct
2%
45
*34
89%
Feb
2
Mar 26
31%
*74%
39
*79%
11%
3%
3%
Deo
Mar 31
30
20
No par
No par
$3 convertible pref-.JVo par
34
19%
*75"
3%
Oct
June
3
II784
July 19
79
39
80
*1334
3%
1812
Jan 11
8
32%
19
26%
27%
30%
"238""6ct
105
Oct 26
July 23
334 Mar 26
%
%
143
80
80
30
29%
•
Oct
3584 Nov
1734 May 18
5
3134
%
26%
*79%
31
Oct
Oct
97
Oct
July 20
*74%
39
♦
29%
22%
30
Oct
9%
14%
Dec
51
$1 1st preferred
Oct
16
Dec
Mar 31
$3.85 conv pref
Oct
Bs
8
23
$ Warren Bros
Nov
29
50
July 16
79%
%
*75~
27
2,200
Dec
Nov
113
4
1%
32%
*37%
19%
19%
30
29%
22%
3%
19
19%
38
70
3%
*34
534
23% 23%
27% 28
115% 116%
*140
29%
123% 123%
115% 11534
24%
2334
3%
3%
117
3%
H
380
3%
14%
6%
29%
22%
20
77%
119i2
2%
43g
984
Dec 15
1584 Jan 11
120% Feb 26
Mar 26
90
23%
1
40%
6%
116% Nov 2
4% Jan 20
100
6%
100
Jan 22
2134 Dec 16
5*8 Jan 21
32i8 Jan 21
2
Warner Bros Pictures
25,100
Mar 29
4% Mar 30
2
A.No par
7% preferred
22
10
42
•
Nov
Mar 26
102
124
23
*5
113
8
Class B
300
74
8
No par
Ward Baking Co. cl.
40%
3%
*11%
334
1334June 10
No par
534
12
9
No par
92
91
3%
26%
40%
3%
12
1% Dec
534 Mar 31
100
...No par
Walk (H)Good & W Ltd No par
1,500
34
l%Mar 23
...100
No par
Preferred
Mar 21
1
4 M % pref with warrants
600
2%
116% July 19
100
100
Walworth Co
400
13 •%
Mar 31
Walgreen Co
200
4,900
133s
2%
*33%
Mar 29
37
100
......
100
Waldorf System
2,900
1% Apr 13
5% Mar 26
100
100
78%
102% 103%
91
90%
3%
31
*32
92
23%
1
40%
42
21% 3t2134
32%
79%
*34
33
6
6%
Preferred
Mar 30
Dec
U8 Jan 10
2884 Oct 20
287gNov 9
365s Nov 12
June 19
234 Mar 29
1534 Mar 30
100
t Wabash Railway
5% preferred A
5% preferred B
1,100
20%
2%
35%
6%
*33%
5% preferred
Virginia Ry Co 6% pref
49%
14
83
Mar 26
105
Oct
Oct
40
135
97
100
Vulcan Detlnning
2
159l2 Dec 15
May 11
1U2 Mar 31
14% Mar 31
No par
170
Deo
47
16
100
Chem
278
T""6ct
Dec 13
% June 22
100
49%
'
*78
3%
13
3i8 July 25
27% Mar 30
,.100
Dec
48% Nov
100U Oct
Nov 12
134
Virginia'Iron Coal & Coke. 100
100
Dec
52l2 Nov
58
15
100
590
~-
Oct
Oct
43t2
86
No par
6% preferred
900
Oct
20
10% July 29
3
Feb
1st pref. 100
Va El & Pow $6 pref.-.iVo par
2,600
Dec
3%
Mar 31
48
Va-Carollna
•-
Oct
2978 Deo
10i8 Oct
334 Oct
6% Oct
7%June 13
No par
13i2Sept 28
*1978
20%
52
No par
47% Sept 9
534 July 21
30i2 Mar 30
17,300
49%
14%
*11
14%
30%
3%
1%
*3%
49%
37
Oct
June 20
5
-
65
36
Oct
Nov
24
29i2 Mar 30
40
Apr 25
314 Dec 16
75s Nov 29
1% Mar 26
5
m
Nov 12
July 26
50% Nov 9
10918 Nov 21
7284 Oct 13
70% Mar 6
71% Nov 12
Mar 31
Victor Chem Works
8%
8
8%
*19%
1334
2%
35
35
40
8%
8%
1
3%
*11%
28
2%
36%
11
11
*12
8
71
7
Oct
Dec
154% Nov
684 Dec
495s Oct 13
No par
180
"
Jan 12
53
Nov 14
Oct 11
Nov 16
Oct 10
2%
+*
*.
5%
35%
30%
7i8
13%
Mar 29
Vlck Chemical Co
"
Mar
Nov
84
43g
10% July 19
June 20
300
•
55s
9% July 23
121
7% 1st pref
1,700
~3iV
70
125s Nov 10
4
8,500
12
11
*8
*9
*9
10
11%
11%
*9%
119
123% *119
123% *119
123% *119
123% 119
75
75
75%
*75%
78%
75%
77%
75%
75
*119
*119
*118%
*118%
*119%
1
1
*1
1%
1%
1%
1%
1% "l%
1%
1%
2
2
2
2%
2%
2%
2%
2%
2%
2%
2%
1%
*1%
lh
1%
1%
*1%
1%
*1%
*1%
1%
1%
7
7%
*7
7
684
6%
6%
6%
7%
*6%
6%
16%
16%
1634
1634
17%
16% 16%
1634
17%
16%
17%
*84
*84
*84
87%
87%
*85
86
87%
87%
84% 84%
Nov 10
91'4May 31
3,200
2U
8% Oct 27
100
3%
27%
27%
114
Jan
Mar 31
114%
334
-
11378
Nov
21%
21
Oct
173
38%
*38%
21%
Jan
101
Nov 22
13
45% Jan 3
3:4434 Mar 31
Vanadium Corp of Am.No par
Van Raalte Co Inc
5
10
39
17
Mar 31
Vadsco Sales
900
114%
8634 Mar
Oct
38
8% preferred.
Universal Pictures
11,400
*33
63
Oct
x55
Preferred
28%
Oct
9
50
$6 conv pref A
24
*22%
27%
2684 Apr
106% Feb
9% Mar
Oct
52
No par
Universal Leaf Tob
2,200
%
114% *112
32%
114% *112
*38%
20%
200
79
%
%
3C
159%
76
%
...100
2%
24
9
21
Oct
Dec
6i2
74
8
8734 Dec 13
1% Jan 18
2112 Mar 30
278Mar31
10
Jan
Jan
Mar
14
Nov
50
100
20
No par
Universal-Cyclops Steel Corp 1
1,100
159% 159% *159
10
1
4% Mar 29
7% pref
25
United Stockyards Corp
1
Conv pref (70c)
No par
United Stores class A..No par
300
*82
*119
♦74
*13%
84
18
25
U S Tobacco—..
200
54
*44
14%
8334
16
U S Steel Corp
Preferred
2,000
*8
*119
54
*13
Oct
share
10% Aug 20
13% Mar 31
3% Mar 30
53g Mar 26
No par
Preferred
5
115
24
U S Smelting Ref & Min...50
200
8
cl A
8% 1st preferred
2,600
1,200
1%
conv
4678
162% Mar 28
50
U 8 Realty & Imp
U S Rubber
3,900
3,500
7%
1%
conv pref
Partio &
500
3%
%
8%
Oct
Mar 31
55
—20
Prior preferred
U S Pipe & Foundry
-
3%
4
3%>
3%
3%
3%
3%
26% 2634
27% 27%
26% 26%
112% 113% *112% 114% *113% 114%
2
2%
2%
'2%
2%
2%
112% 112%
2%
*22%
26%
32%
-
91,900
45
34
-
100
.
U S Industrial Alcohol.iVo par
U 8 Leather
No par
66,900
10,900
3,600
33
45
3%
*44
5H
-
4,400
4,900
5%
3%
*%
*112
39
-
.
No par
7% preferred
...100
U S Hoffman Mach Corp
5
1,400
44%
52
19%
334
*38%
68
*48
32
10
9%
11434 115%
61
2
25%
112%
T
-
_
U S Gypsum
1,700
67%
1%
32
32
4?5%
$%
52%
51%
100% 100%
60
60%
68%
*67%
66%
64%
8
24
1,900
«•_
.
per
Oct
Jan 12
114
% Dec 7
3i2Mar26
534 Mar 30
No par
_
Highest
2
6
4*2 Apr
May
62
100
U S Freight
2,600
52%
2
25
30
7%
35
5
8%
*22%
37C
-
3234
13
13
13% 13%
84
84
84% 86
*158% 160
*158% 159% *159
159%
73
74
74
74%
\ 74
73%
24
-
4634
2
25%
-
33
13
*22%
24%
2,400
10,200
10
U S Distrlb Corp
Conv preferred
200
9%
72
1%
34
%
5%
47
8%
%
Mar 26
8h Mar 30
No par
$5 first preferred
4C0
25%
3%
8%
%
3
U S & Foreign Secur
44%
32%
*44
83%
%
United Paperboard
46
3%
8%
55
1,700
2,600
116%
68%
*67%
7
88%
7%
102
101
100% 102%
Mar 14
Sept 17
$5 preferred
Mar 31
50
share I
1278 Nov 10
21% Mar 31
6
*60
5
5
100
5%
46%
5
434
10%
United Eng & Fdy
Mar 20
per
2514
10% July
80i2 Jan
878 July
39U Oct
67i2 Aug
4% Mar 29
Apr 1
3
$
Oct 17
738
60
5
1,400
*3034
24%
72
*60
40%
4534
5%
*8
55
*12
%
%
3U2
*48
10%
72
7%
10
100
United Electric Coal Cos
Lowest
4% Oct 17
38
4%June 18
United Mer & Manu Inc vtc. 1
11034 111%
*172%
25%
5
2,900
5%
33
United Drug Inc
United Dyewood Corp
Preferred
No par
No par
*
1%
*50%
♦82
12%
84
*112
45
5%
*65
4434
4%
*172%
7%
7%
Mar 26
Mar 31
No par
*%
'
2
22
United Gas Improvt
934
1
534
10
111% 112%
23%
5%
10%
5
*66
934
*30 58
2434
5
5%
*%
5%
109% 111
*172%
7%
7%
*30%
*23%
1
5%
934
*%
5%
9%
No par
11
11
♦86
86%
$ per share
United Fruit
7
7
10%
9%
6134
21,500
87
9%
60%
8,800
10%
8734
1
IOOSg 101%
7%
7%
600
33%
65%
10%
113% *112% 113
*7
7%
7%
113
Year 1937
Highest
..No par
$3 preferred
20
2,500
63
10%
5%
49
*33
United Corp
500
7%
6%
634
Range for Previous
100-Share Lots
$ per share
Par
50,300
10,800
7,900
73
*68%
33%
63%
10%
10
*%
434
*7
7%
87
5%
5
53B
6%
33%
6234
10%
7%
634
5%
73
6%
10%
1
%
*%
6
584
534
9%
9%
93s
10878 110
*109% 110%
•*17212
*17084
*7%
7%
*7%
7%
47g
684
6%
%
9%
7%
32%
72
3
34%
5%
*68%
7
9
9 7&
7
72
6%
72
3
34%
3%
On Basis of
Lowest
Shares
$ per share
35
34%
5%
5%
*634
7
*85
5%
3
3%
Range Since Jan. 1
STOCK
Week
16
Dec.
15
YORK
EXCHANGE
the
Friday
$ per share
35
*68%
534
5%
Dec.
14
$ per share
3%
3434
Thursday
87
*984
86
Dec.
34%
5%
7%
72
*634
13
$ per share
3%
3534
5
7%
5%
*684
*68%
12
Wednesday
3731
9
2 34
1
*
9
9
72i2Julyl9
7514 Nov 14
4814 Nov 16
658s Nov 9
120
Nov 18
7438 Dec 16
39
July 5
21»4 Oct 19
109
Oct 13
2578 Aug 20
57% Nov 12
86l2 Nov 15
29
12
Oct
54i2
Oct
40
Oct
34
Dec
3984
Dec
38
Oct
58%
Oct
2184
Dec
7i2
68
Oct
Dec
12% Dec
34% Nov
70
Oct
Dec 10
Mar 31
25»4 July
7
1
%
Dec
3
5% Mar
7
2%
Oct
Jan
Et-dlv.
v
Ex-rlghta.
t Called for redemption.
Dec.
3732
NEW
YORK
Bond
STOCK
1938
17,
EXCHANGE
Record,
Thursday, Weekly and Yearly
NOTICE—Prices are "and Interest"—except for income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the week's range,
unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown In a footnote In the week In which they
occur.
No account Is taken of such sales In computing the range for the year.
Friday j
BONDS
N. Y. STOCK
Week's
Week Ended Dec. 16
Range or
Range
BONDS
Sale
Friday's
Since
N. Y. STOCK EXCHANGE
Price
Bid
A
LOW
Asked
High
Jan. 1
No
Low
Treasury 4s-_.
Treasury 3Xs
Treasury 3Xs..
Treasury 3Xa...
Treasury 3XB-Treasury 3Xb
Treasuryi3HB
A 0 119.2
j D 114.7
M S 113.10
J D 105.2
3s
Jan
Mar
119.5
111.22114.23
110.8
105.2
105.5
13
104.13106.27
106.28
11
106.16108.2
113.18
No.
14%
58
12X
12X
2
12X
14 X
13
15
135*
12X
7
107.18110.25
♦Chilean Cons Munlc 7s
♦Chinese (Hukuang Ry) 5s
109.24
109.29
85
100.26108.14
107.2 110.6
109.27
110
21
107
110.3
109.7
118.31 108.31
109.10
14
105.27109.10
D
108.31
1
105.19108.31
D
108.16
108.24
28
106.2
107
107.8
67
103.20107.8
S 107.4
8 104.12 104.7
107
107
S 105.25 105.25
104
D 104.3
S
103.9
103.6
D
102.18 102.18
D
102.7
D
104.16
107.3
97
126
105.26
7
101.24 104.21
103.25107.4
16
100.20104.7
103.12
10
100.14103.17
102.21
84
100.0
102.7
102.9
*106.4
106.12
105.13
"l4
102.21
36
31
102.7
102.29
Low
14
11
105.13
99.18102.21
M S
102.19
102.26
59
100.4
102.20
J
102.3
102.5
27
102.3
102.5
D
107
M 8
107.6
106.30
106
5
20
3
*104.27105.8
1 1944-1952 MN 106.27 106.25
1 1939-1949 F A 102.11 102.11
1942-1944 j j 104.10 104.10
Colombia (Republic of)—
♦6s of 1928
103.28107.10
103.4
2
12X
11X
20 X
20 X
126
♦Sinking fund 7s of 1920
1946 M N
♦Sinking fund 7s of 1927—1947 F A
Copenhagen (City) 5s
1952 J D
25 X
25%
25%
25 X
2
95 X
94 X
95X
72
83X 101X
MN
93%
93 X
93 X
58
14
83
52 X
52 X
2
73X
75
|*Cordoba (City) 7s unstampedl957 F
{♦7s stamped
1957 F
Cordoba (Prov) Argentina 7s.. 1942 J
A
A
J
75
♦Costa Rica (Rep of) 7s—...1951 MN
Cuba (Republic) 6s of 1904....1944 M S
20
10 X
17
3
25 X
*55
106.30
103.22100.18
External 6s of 1914 ser A....1949 F
External loan 4X8 ser C....1949
4Xs external debt
1977
Sinking fund 5 ha
Jan 15 1953
♦Public wks 5Xb—June 30 1946
Czechoslovak (Rep of) 8s
Sinking fund 8s
19X
J
J
*100 X
D
J
D
32
16 X
24
101X 107 X
1
-
59 X
60 X
«.
....
«
58
103
72 X
73
.
60 X
102
102 X 110X
90 X 102
52 X
2
100
29
73 X
02 X
a75
1
50
75
5
50X 105
106.27
96
103.9
106.27
102.13
40
101.9
103.13
104.13
8
101.6
104.15
Denmark 20-year extl 6s
External gold 5 ha
—1942 J
45
J
103X
103X
104X
1955 F
A
100 x
100X
100 x
25
93 X 104
O
98X
98 X
98X
41
91X 102
6
2554
5
16X
17H
25X
25X
Akershus (King of Norway) 4s.1908 M S
94 H
94)4
5
93
954
954
63
0
47
6
10
♦El Salvador 8s ctfB of dep
Estonia (Republic of) 7s
93
*100
83
.1946 J
♦External at 7b 1st series
1967
♦External sec s f 7s 2d series. 1957
1
'""954
O
0
o
♦External
sec s
.
.
f 7s 3d series.1957
J
D
Antwerp (City) external 6s
1958
Argentine (National Government)—
S f external 4Xs
1971 MN
1972 F
S f extl conv loan 4s Feb
S f extl conv loan 4s Apr
16
6
95*
954
34
6
95*
8)4
4X
7)4
854
854
55
8 34
43
5
85*
85*
854
7)4
854
24
5X
94
94
9454
9
87)4
8454
87)4
82
76
7954
79
1954
7654
100)4
100)4
9754
19)4
10654
106)4
1956 J
J
10554
..1955 J
D
1957 M S
External g 4Xs of 1928
1956 MN
J
1957 J
♦Austrian (Govt's) s f 7s
♦Bavaria (Free State) 6Xs.—1945 F
Belgium 26-yr extl 6Xs
External s f 6s
External 30-year s f 7s
♦Berlin
(Germany) s f 6)48
1950 A
♦External sinking fund 6s...1958 J
♦Brazil (U S of) external 8s
1941 J
♦External a f 6Xs of 1926—1957 A
s
9)4
8)4
734
1949 M S
Australia 30-year 6s
External 5s of 1927
♦External
A
1972 A O
J
.1956 J
834
f 6Ha of
1927—1957 A
♦7s (Central Ry)
1952 J
Brisbane (City) s f 6s
101X
10134
9934
64 X
1
55
65
10
55
65 X
65
65
4
50
65 X
1
55
67
55 X
51
65 X
19
22
-
-
-
1958
F
O
20
101)4
39
99 H
143
22)4
30
10554
18
114
115
20
105
H5X
20
20
1
18
20
"llH
1054
8)4
O
1054
10)4
854
854
96)4
96)4
A
*99
10)4
f 7s
38)4
♦Stabilization loan 734s
J
53)4
1034
51
32)4
11054
110)4
102)4
10354
1961 J
J
10354
J
♦0s
July
♦Farm Loan
s f
6s_-Oct
♦6s Oct coupon on
11)4
23
"I
♦6s assented
♦Ry ref extl
♦6s assented...
♦6)48 assented
♦Sink fund 6Xs of 1926
♦6 J4s assented
For footnotes see page
63
3654
Irish Free State extl
34
17
1951 J
S
52
3
84X
89
61X
65X
99
44
72
35
36
5
30
46
20
20
3
20
23
24X
27X
9
21
F
A
-1954 J
1945 Q
•
9
8X
32 X
27X
18
20
32X
18
26 X
14X
16 34
16 H
43
14X
1454
16)4
14)4
32
14X
1654
22
15
19X
15X
19X
14X
14X
19X
%
l
J
*1454
14X
14X
16)4
1654
"16
15
19X
14X
14X
14 X
12X
14X
External sink fund 4 Ha
External s f 4Xs
19X
14X
4s 8 f ext loan
1963 F
Municipal Bank extl
12 X
12 X
14)4
1454
"14)4
"il
12X
18X
12)4
12)4
10
12X
12X
54 X
7
6?*
18X
New So Wales (State) extl 5s..1957 F
External s f 5s
Apr 1958 A
s
13
X
1
X
%
3
3X
12
%
2%
1
A
99
^
O
99 %
A
104
A
104X
104X
104X
1956 M S
104 X
104X
102X
1943 F
1944 F
1905 A
f 5s...1970 J
1
O
101
A
D
99X
100 x
*104
1
3X
Q
56X
77
7X
31
7X
19
ex
13
13
38 X
37
61
52
14X
12)4
1
3
—
10
1
*46
19 X
D
X
48
14X
1961 J
X
48
15
Norway 20-year extl 6s
20-year external 6s
4
1
—
1959 M N
♦6s series A
%
1
7X
30
D
4X
D
1952 J
20
D
X
J
1959 M S
16)4
1957 J
14
%
1958 M S
14 H
1654
1554
1901 J
2%
4
X
IX
%
"~54X
A
"47
15
%
*1
O
(City, Italy) extl 6Xs -.1952
♦Sec extl sf 6X8
♦Montevideo (City) 7s
1
X
H
X
X
IX
27
~16X
%
*x
27
Milan
11
6
1
%
%
J
1
Minas Geraes (State)—
♦Sec extl sf 0X8
86
81X
64 X
6
19 X
65X
35
D
14 X
81X
43
*
65 X
♦Mexican Irrlg assenting 4X8.1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q J
♦Assenting 5s of 1899—
♦Assenting 5s large...
♦Assenting 5s small
82
54
63X
A
O
♦Assenting 4s of 1904
1954 J
♦Assenting 4s of 1910 large...
♦Assenting 4s of 1910 small...
{♦Treas 6s of *13 assent (large) '33 J
J
{♦Small
6
12X H7X
76 X
79X
MN
F
A
38
41
109X
43
33
D
"22
32 X
56 X
—.1954 J
14)4
14
59 X
55
♦4s of 1904
1454
18
9X
37
84 %
62X
"l"654
19
18X
9
5
75X
55
J
16X
29 X
1454
*12)4
.
9
mm
D
97 X 102 X
92 X
99 X
1454
me 4m
20
7X
6
-
79X
......
D
"99
16)4
10
11X
*101
76%
D
♦Medellln (Colombia) 6Xa
12
1454
14)4
36
10X
9X
*10
22 X
105 X
102
39X
♦Lower Austria (Province) 7Xs 1950 J
103)4
102)4
"l6%
85
18X
105
*30 X
35 X
14
*1454
70
1
10X
A
31X
103
14 X
1634
10
10H
f 5s__...1960 M N
5
1654
2
18X
37 X
36 X
103)4
15
27
14
31X
110H
100
113X
98
103X
98 X 104X
29
29
19X
20
*I03H
30 X
22 X
----
80 X
18X
♦
J
Japanese Govt 30-yr s f 6 Xs—-1954
Extl Bin king fund 5 Xs
1965
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany) s f 7s
1947
58
43
s
"27
*1454
16)4
1454
80
18X
*9X
53
MN
3737.
29
33
19
22
37X
36 X
11
27X
22
A
50
9
11054
11054
1634
16)4
D
24 X
29 X
1
1979 F
Extended at 4Xs to
1454
1957 J
28X
78X
85
1454
16)4
38X
20
33
23
F
♦Hungary (Kingdom of) 7X8—1944
70 X
72 X
1963 MN
sinking fund 6s...1963
♦6s assented
♦Chile Mtge Bank 6)48
23
1454
O
26
23 X
28
20
O
62 X
27)4
..1962 A
7X
78X
A
Italy (Kingdom of) extl 7s
27)4
♦6s assented..
Jan 1961 J
♦Extl sinking fund 6s..Sept 1961 M
♦6s Assented
Sept 1961 M S
♦External sinking fund 6s
1962 A O
3
*22 X
J
Italian Cred Consortium 7s ser B *47 M
Italian Public Utility extl 7s
1952 J
27
Jan 1961 J
29X
23
24 X
'
J
70 X
27)4
..Feb 1961 F
s f 6s
10X
10X
23
84
23
A
Haiti (Republic) s f 6s ser A...1952 A O
♦Hamburg (State) 6s
1946 A O
♦Heidelberg (German) extl 7Xs '50
Helslngfors (City) ext 6X8
1960
70 X
2754
16)4
'
9
26 X
♦
20
79 X
12
O
23
109X
110
24
*
D
...1908
47
31)4
2754
27)4
27
—1968 F
♦6s part paid
25
3134
♦External sinking fund 6s...1960 A
21X
20-
25X
...
49 X
"59
31)4
♦6s assented
1960 A
♦Ext! sinking fund 6s_.Feb 1961 F
J
64
"5354
13
16)4
19
99
99X 107
21
♦7s secured s f g
J
1946 J
♦Hungarian Land M Inst 7X8.1961 MN
♦Sinking fund 7Xs ser B
1901 MN
98)4
1942 MN
1958
....1964
103
20
...1942 MN
104X 123
f ser 7S..1964 MN
102X
19
*22
s
♦7s part paid
♦Sink fund secured 6s
98
98
15 1900 AO
90 X 107 X
♦Greek Government
95
19
1960
♦Chile (Rep)—Extl s f 7s
♦7s assented
♦External
*101)4
23
108
95
"98
J
U
26 %
24
1949
7
J
15 1960 J
♦7s unstamped
14
J
1960
coupon on
112
6
German Prov A Communal Bks
97)4
100 H
1954 J
1960 M S
93 X 104
21
O
Hungarian Cons Municipal Loan—
♦7Xs secured 8 f g
1945 J
1967 J
30-year 3s
♦Carlsbad (City)i
8s
♦Cent Agric Bank( Ger) 7s
♦Farm Loan s( 6s._ July
♦German Rep extl 7s stamped. 1949 A
19 X
102
5454
38)4
3734
110 H
...1944 J
3
112
D
85*
16
32)4
103)4
104
19?*
♦5Xs of 1930 stamped
1965 J
♦5Xs unstamped
1905
♦5Xs stamp(Canad'n Holder) '65
19X
13
11054
A
30
100X
19X
108 X
*103X
85*
54
36)4
Aug 15 1945 F
17
19
95
104X 108X
108X
D
58
53
1908 MN
10-year 2 ha
25-year 3)48
7-year 2)4s
j
169
52)4
Canada (Dom of) 30-yr 4s.... 1960 A O
6s.
1952 MN
...........
14
103X
1949
19X
54
53)4
J
1
105X
German Govt International—
23
*60
1984 J
1967 J
1949
a96X
105%
15
19X
108X
D
24
63
s
External 7s stamped.
7s unstamped
15
15X
a96%
105 X
...1941
8X
106
6354
15%
65 X
103X
French Republic 7 Xs stamped. 1941 J
7Xs unstamped...
15
J
11X
63
1976
1970 A O
1975 M N
1987 J
18
*70
53
J
218
M 8
A
75
"80
M 8
A
70
*60
1254
1054
10)4
10)4
97)4
1961
1977 M S
66
*65
O
67
23 X
(Prov) extl 6s...1961
♦Secured
105X
17X
"12 H
D
F
17
98
I
D
.....1961 F
85 X 102 X
12
♦0s stamped
s f 4X-4X8
Refunding s f 4Xs-4Xb
External re-adj 4Xs-4 54s
External s f 4Xs-4Xs
8% external s f $ bonds
Bulgaria (Kingdom of)—
88 X
88X
ioex
87X 100x
21
O
D
20
♦Buenos Aires
*6Ha stamped...
76
765*
88
106?4
D
..1962 J
External
96X
104)4
"26"
D
1950 J
♦Budapest (City of) 6s
65
194
845*
66
O
1948 J
100
64 X
64 X
65
Finland (Republic) ext 08
1945 M S
♦Frankfort (City of) s f 6Xs—1953 MN
♦(Cons Agric Loan) 0Xs
A
....1957 M 8
Sinking fund gold 6s.
20-year s f 6s
91
79
10154
85*
85 X 100 X
1909 A
1969 A
5Xs 1st series
5X8 2d series
106X
65
-
♦Dresden (City) external 7s—1945 M N
854
90 X
10
.
104
External g 4Xs
Apr 15 1902 A
Deutsche Bk Am part ctf 6s... 1932
2554
f 7s series D
78X
75
2554
s
62 X
100
a75
2554
834
90
O
A
9X
64 X
71X
O
0
J
80
43
11
21X
107X
107X
A
J
1951 A
1952 A
B_.
ser
F
1948
♦Antloqula (Dept) coll 7s A...1946
♦External s f 7s series B.....1946 J
♦External s f 7s series C.....1946 j
100X
55
*104
A
2d series sink fund 5Xa
1940 A O
Customs Admins 5X8 2d ser. 1961 M S
J
20 X
26
26
25X
*25?*
M S
{♦Stamped extd to Sept 1 1935.
Dominican Rep Cust Ad 5X8-.1942 M S
1st ser 6Xs of 1920. .».
1940 A O
J
20 X
10
17X
O
102.13105.11
Municipal—
♦Gtd sink fund 6s—-
22 X
10
101
19X
29%
30
18
20X
19
20 %
J
18
12 X
18X
13
16X
18
*
Oct 1961 A O
♦0s extl8f gold of 1927. Jan 1901 J
♦Colombia Mtge Bank 6Xs—1947 A
13
*20
♦Cologne (City) Germany 0 Xs.1950 M S
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s
—.1947
♦External
High
102.9
102.14106.12
101
13?*
D
1951 J
101.27105.27
104.6
105.9
102.17 102,14
108.24
1962 MN
...1900 M S
♦68 assented
_
&
Govt
Higf
14J*
12X
14%
O
3
Home Owners' Loan Corp—
Foreign
Since
Jan. 1
12X
O
1902 MN
110.1
1 1942-1947 M 8
254s series B..Aug
254s series G
Range
•8
or
Askec
A
14%
—1961 A
——1901 A
♦6s assented
107.10
MN 106.26 106.26
16 1942-1947 J
J 105.29 105.29
3s series A._..May
Bid
Price
♦Guar sink fund 6s
107.8
Federal Farm Mortgage
3^8
Chile Mtg Bank (Concluded)
♦Guar sink fund 6s
109.30
1949-1953 J
2X8
110.4
8
4
106.27
......1945 J D
1948 M S
3s
29
114.9
113.10
D
A 107.8
A O 109.24
A O
J D 109.9
1949-1952 J
—1946-1948 J
..1951-1966 M
Treasury|'2Xa
1956-1960 M
Treasury 2%a
....—1946-1947 M
Treasury 2%b
1948-1961 M
Treasury 2?* 8
..1951-1964 j
Treasury 2X8
1956-1959 M
Treasury 2X01968-1963 J
Treasury 2Xs...
1960-1G65 j
1950-1962
....1947
Corp—
Mar 16 1944-1964
May 16 1944-1949
119.2
114.6
113.9
M 8
—
Treasury 2s_-
118.28
F
s
Treasury!3s
Treaauryl 3a—*
Treasury 2 ha—
Treasury 2 ha
Treasury 2Xs...
Friday's
Low
J
Treasury^
Treasury 2ha
Week Ended Dec. 16
Range
Sale
C 5*
Foreign Govt. & Mun. (Cont.)
1947-1962
1944-1964
1946-1956
1940-1943
1941-1943
1943-1947
1041
1943-1946
1944-1946
1946-1949
-
Treasury 3X8
Treasury 3 ha
Last
L
•M
High
O. S. Government
Treasury 4X8
Week's
Fridai
«o
Last
EXCHANGE
41
6X
67
13
57 X
99X
14
99X
59
104X
16
88 X 103 X
103X 107X
104 X
104 X
46
104
14
99X 107X
103X
42
101
20
98 X 104X
98 X 103X
88
99 X
104X
107X
104X
Volume
147
New York Bond Record—Continued—Page 2
BONDS
N.
Y.
Last
STOCK EXCHANGE
Bid
Foreign Govt. &Mun. (iConcl.1
1952 F A
..1653 M S
1955 A O
£ 4Mb
s
♦Panama (Rep) extl 6 Ms
♦Extl s £ 5s ser A
1953 J
♦Stamped
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s
D
52 M
53 X
9
101M
20
22
62 H
41
57 M
96 M 103 M
98
5
86
50
50
1
40
62
44
27
32
62
5M
-
10 M
104M
22
6M
5M
34
7M
15
10M
240
7
13
99
7
13
Ref & gen 5s series F
38M
41
10
37
67 H
42
46 M
12
42
82M
Certificates of deposit..
Convertible 4Mb.-.
...1960 FA
38
38 M
2
31
62
8M
10
6M
8M
4
5M
o
_
45
J
D
8M
J
8M
7M
Ref & gen 5s sertes D_
O
104M
A
105M
29M
4
H
5M
123
6M
31
25
6M
12
5H
10K
1946 A
O
8
M
7M
8M
24
7
D
7%
5M
7%
10C
5M
♦7s extl loan of 1926
♦7s municipal loan...
1966 MN
7M
6M
7M
15
5M
7M
6M
18
1936 J
25
30
25M
25M
25M
2
20
29 M
25
25
25
4
19
28 M
22 H
29M
cons
1952
Big Sandy 1st 4s
6s with warr asseated
..1944 J
17M
19
86
24
1
28
24 M
27
48
35
39
...
Brooklyn City RR 1st 6s
1941 J
J
Bklyn Edison cons mtge 3MB..1966 M N
33
35
15M
34 M
60 M
107
33 M
35
Debenture gold 5s
10
25
33
1st lien A ref 5s series B
1957
100M
6
90
52 M
46 X
5
41
60
4
37
52 M
13
42
60 H
5
41
64 M
||*Buri C R A Nor 1st A coll 5s 1934
♦Certificates of deposit
fBush Terminal 1st 4s
104K
42 M
42 H
3
40M
53 M
28
96 M
35
108
22
111
33
1952
A*
23M
26 M
107
24
24 M
4
4M
634
32
5
O
A
109M
5
6
_
_
_
5
74
*69M
...—
_
_
_
^
63
fBush Term Bldgs 5s gu
Calif-Oregon Power 4s
1960 A
48
48
52 M
1966 A
93 M
93M
93 M
3
36M
43M
43M
Canada Sou
1962 A
92
92
95M
11
38
50
115
U5M
28
42 M
Canadian Nat gold 4Mb
Guaranteed gold 5s
115
38
114M
114M
118M
115
20
40
40
41X
65
36 X
65
20 M
20 M
34
37
*
34
*
57 H
11
_
_
_
2
Guaranteed gold 5s
Guar gold 4Mb
11
18
3
30
62
34
35M
43 M
65
34
58 X
57 M
69 M
52
1967
July 1969
Oct 1969 A
1970 F
i
Guaranteed gold 6s
100M
50 M
June 15 1955 j
66
14
102
11
101M
101M
7
86
102
A
105M
105M
3
94
106 M
78
102
S
72 M
*66
*105M
103M
_
_
_
103M
35M
*35
35 M
40
*71 X
.
77
78 M
77 M
67
66 H
8
-
1
50
45
84
44
85
173
—
16M
76M
50 M
41M
45
5
.
90
38
35 M
34
*45 M
M
67
70
'
_
47
,
25
Carriers A Gen Corp deb 5s w w 1950
Cart A Adir 1st gu gold 4s
1981 F
Celotex Corp deb 4Mb w W....1947 J
♦Cent Branch U P 1st g 4s
1948 J
t♦Central of Ga lBt g 5s..Nov 1945 F
20
101
2
79
98 X
94 M
23
79
95
108M
109M
202
96
115
1951 F
27
100
Cent Illinois Light 3 Mb
1966 A
63
t^Cent New Eng 1st gu
Central of N J gen g 6s
50 H
53
93
38 M
109
93M
17M
37
118
113M
Cent Pacific 1st ref gu gold 4s—1949 F
120
99 M 105 M
Through Short L 1st gu 4s...1954 A
108
99 M 105M
97 M 116
Guaranteed g 5s
A
47 M
8
80M
1
35
66
29
59
92 M
-
19M
_
26
30 M
50
A-
_
w
_
_
95
11M
42
7M
6J4
63
3M
5M
4X
6
42
3M
12M
7
7H
7
12
8M
8M
*
10
5%
«
*109M
102 M
U0M
—...
8
10
2
•*«»
95
118
64
78
_
11034
*110M
—
103
i
M
106M
"In "io"
6
-
_
_
7
100
*70
_
8
100
2
__
5M
8
8
i
99
94 M 108
4
107
31
103 M
28 M
1962
104
5M
23-
105
Central N Y Power 3Ms-
11
48 M
19
U2M
105M
4s
-
90
26 X
36
General
86 M
35
22
102 M
102M
99 M 106 M
80
102M
103M
92
34
104M
9M
89
90
32
*32
I0M
73
110M 114M
97 M
*10
.
-
92 M
88 M
1
_
60
I9M
100M
95
112M
28
100M
1
39
22M
136
118M
97 M
1961 J
1987 J
102 M
102M
120 M
112
116
1987 J
4s
101X
121
116
8034
91X
48M
Gen mortgage 5s..
101H
102 M
91X
I
.
113
4
4
96M
.
—.1941 M
Cent Hud G A E 1st A ref 3 Ms.1965 M
7
79
97M
♦Mac A Nor Dlv 1st g 5s
1946 J
♦Mid Ga A At Dlv pur m 6s. 1947 3
♦Mobile Dlv 1st g 5s
1946 J
Central Foundry mtge 6s
..1941 M
97 M
52 M
117M 125M
79M
♦Consol gold 5s...
1945 Ml
♦Ref A gen 5Mb series B....1959 A i
♦Ref A gen 5s series C
1959 A <
♦Chatt Dlv pur money g 4s_.1951 J ]
104M
S
108M 115M
15
104
97M
D
108 M 116M
53
123
*
92 M
Amer IG Chem conv 5 Ms
1949 MN
Am Internet Corp conv 5Ma...1949 J
J
2
114M
122M
97 M / 97
91H
91M
104 M
40
115
113M
1949
S
*37M
114M
Dec 1 1954
1960
A
109M
117 34
...1944
O
S
116M
*112
1942 M
1952 M S
118
113M
1946
Coll trust gold 5s
Collateral trust 4Mb
f*Car Cent 1st guar 4s
108 M 115M
108 M 117
118M
117M
Caro Clinch A Ohio 1st 6s ser A1952
105
95 M 103
35
64
35
_
78 M
67
43
43
35
58
100
_
103M
37 M
72M
87 M 102 M
96
119M
118M
.
Guaranteed gold 4Mb--Sept 1951 M
Canadian Northern deb 6 Ma—.1946 J
Canadian Pac Ry 4% deb stk perpet J
63M
D
61
74 M 1Q9
122M
:
1956 F
Guaranteed gold 4 Mb
9
85 M
49 M
35 M
79
37 M
19
37M
10
68 M
12
70
39M
41
24 M
5
26 M
39M
*.
44
4M
19
36 X
5s A..
16 M
24
39
38 X
cons gu
78M
39 M
40M 40 M
59
88M
100
108M
95 M 107
59 M
80 M
78 M
99
105 M 108M
109
111M
106
109M
38
36
M
54
108 M
35 M
20
38
...1955 J
39M
101X
1953 J
2
72 M
24 X
Certificates of deposit
Coll trust 4Mb-.5s equip trust ctfs—
2030 M
5
55
106M
26 X
1951 F
Foreign Pow deb 5s
85 M
107 M
110M
Cent 111 Elec A Gas 1st 5s
Am A
1
*108M
1950 A
American Ice s f deb 6s
30
m
107
100M
101
71M
94 M
107 M
Brown Shoes f deb 3Ms
1950
Buffalo Gen Elec 4Mb series B.1981
Buff Nlag Elec 3 Ms series 0...1967
Buff Roch A Pitts consol4M8—1957
Consol 5s
D
...1955 M
3
52
84
72 M
95
1960
30 X
82
104M 107M
19M
45M
20 M
45
18M
41
5M
12
182
106M
106M
1947
92 M 101M
74 X
38 X
*40
84,
1945
99M 107
108M
72
--«_
1950
1st lien A ref 6s series A
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st cons g 5s
106 M
X
38M
1941
20
107
72
Bklyn Manhat Transit 4Mb—1966
Bklyn Qu Co A Sub con gtd 5s.l941
26
54
42 M
1998
♦AIpine-Montan Steel 7s
307
40
46
.1950
Allls-Chalmers Mfg conv 4s
9934
*106M
112
1950
♦5s stamped
97 M
1
7M
52 M
1949
♦Coll A conv 5s
100
51
100
Alleghany Corp coll trust 5s—.1944
Allegh A West 1st gu 4s
Allegh Val gen guar g 4s__
Allied Stores Corp deb 4Mb
4Mb debentures.
43
100M
6M
49M
1948
5s
2734
106 X
on
38 M
1946
27 M
105M
100 x
100M
98M
1966
13
11H
47M
26 M
26 M
30 M
1943
Alb & Susq 1st guar 3 Mb
27 M
105M
M 4Mb ser D..1960
*27M "~~4
5M
14M
1943
4s series B
conv
26M
6M
Albany Perfor Wrap Pap 6s...1948
Coll A
26 M
24
1947 M"D
Ala Gt Sou 1st cons A 5s
cons
125M 129 M
♦Berlin City Elec Co deb 6M8-1951
♦Deb sinking fund 6 Ms
1959
30
COMPANIES
1st
34
7
*
'
29
7M
A
10-year deb 4Mb stamped...1946 F
Adriatic Elec Co extl 7s
1952
48
85
6
*30
A
M
108
40
6M
J
.1948
106
99
179
24 M
A
fi*Abltlbl Pow & Paper 1st 5s. 1953 J
95
3
143
INDUSTRIAL
Adams Express coll tr g 4s
Coll trust 4s of 1907
3
4
23M
9
1958 F
102 M
10234
45
43
27
42 X
1961 J
4 Ms assented
Yokohama (City) extl 6s
101
27 M
23
112M
102
*
25 X
42
F
101
59 %
105
24 X
D
(City) external 7a..-.1958
109
22 X
45
F
46
26
A
1984 J
32 M
17M
23M
24M
1979 MN
3 Mb extl readjustment
AND
11M
10M
30
26M
Venetian Prov Mtge Bank 7S..1952 A O
♦Vienna (City of) 6s
1952 M N
RAILROAD
5M
19
5
O
^♦Boston A N Y Air Line 1st 4s 1956 F A
______
3M-4-4M8 ($ bonds of '37)
external readjustment
1979 MN
3M-4-4M% (S bonds of *37)
♦Warsaw
6M
85
40
118
Cons mtge 3Mb series E
3 Mb s f conv debs
16
34
129
Beth Steel
25
32 M
10M
70
128M
22
6M
35
♦
1948
20 M
7
31M
32 M
1960
38
56 M
45
J
34
1961 A
1964 MN
3H-4M-4*i«s extl conv.-_-i.1978
4-4M-4M% extl read]
1978
10M
11
3 Ms—1943
1st 5s stamped
1960 MN
external conversion
16M
H7 n
cons
16
55M
f 6s
16
•
117M
128M
Belvidere Delaware
18
O
s
20
1955 M N
J
♦External
16M
1967 M
A
f 6s
16
1st g 4Mb series JJ
A
s
39
16M
1st M 5s series II
D
♦External
16M
14
14M
99 M 100
115
119M
21
23 M
MN
F
38 M
16
296
24
D
♦Uruguay (Republic) extl 8s...1946
13M
9
17M
13 M
19
1961 A
250
16M
15M
17
Tokyo City 5s loan of 1912....1952 M S
f 5 Mb guar
17M
16
6M
D
1955 F
15M
17
8M
O
1971 J
17
4
D
♦Sinking fund g6Ms
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl.
1962 MN
5 Ms
19M
19
1945 J
1946 J
Taiwan Elec Pow s f 5 Ma
17M
7M
1940 A
F
39
30
1951
6
8
5M
7
J
19M
11M
J
J
17M
7%
1968 J
♦7s series B sec extl
1962
♦Slleela (Prov of) extl 7s
..1958
4 Ms assented
1958
♦SUeelan Landowners Assn 6s_.1947
45
441
10M
.1956 M S
♦Saxon State Mtge Inst 7s
39 M
17
15
18 X
7M
7M
J
♦6s extl dollar loan...
Secured s f 7s
16
313
4s stamped..
1951
Battle Creek A Stur 1st gu 3s. .1989
Beech Creek ext 1st g 3 Mb1951
._—
6M
J
1950 J
s
Con ref 4s
J
♦Debenture 6s
1955
♦Berlin Elec El A Undergr 6 Ms 1956
19
24 M
6M
40
20
31X
Boston A Maine 1st 5s A C
§♦88 extl loan of 1921..:
External
6
45
20
19
♦
1957 MN
♦8s external
s £
63
......
1952 MN
12
113
10M
10M
10 M
73M
7M
61M
'18
J
17
17 X
9M
Bell Telep of Pa 6s series B
1st A ref 6s series C
13
1968 J
62
16 X
16M
1943
6
1967 J D
Rome (City) extl 6 Ha
1952 A O
♦Roumania (Kingdom of) 7s
1959 F A
♦February 1937 coupon paid
18M
27M
Bangor A Aroostook 1st 5s
10
78 M
19M
18M
.1959
15
51
32
Toledo Cln Dlv ref 4s A
6M
82 M
51
23
24
29M
37
10
766
98 M
24
106
147
51
11X
18 M
6M
51X
51
M
10 X
17
28M
6M
48 M
34
44 M
2
101M 108 M
94M 109 M
High
102
96
10M
9M
4
20
_
41 X
19
104M
_
10M
19
103M
105M
_
137
44 M
Certificates of deposit..
19
52
_
50 X
P L E & W Va Sys ref 4s...1941 M N
19
*49
♦8s extl loan of 1921
♦6s extl s f g
Sydney (City)
1996 MS
Certificates of deposit
S'western Dlv 1st mtge 5s... 1950 J
Certificates of deposit
7M
_
1947 F
1953 J
2000 MS
Certificates of deposit
11M
10 M
51H
51
102
48M
Since
No.
High
*100 M
50 M
Range
Jan. 1
16M
Certificates of deposit
10M
_
Ask
A
17
10M
f 7S..1941 A
♦7s extl water loan
j"6
8M
1952 MN
f
1995
1995 JD
9M
8M
Rhlne-Maln-Danube 7s A
1950 M S
♦Rio de Janeiro (City of) 8s...1946 A O
♦Extl sec 6 His
1953 F A
Rio Grande do Sul (State of)—
s
Ref & gen 5s sertes A
Ref & gen 6s series C
10M
♦
♦8s extl secured
July 1948 A O
Certificates of deposit
10M
♦Prussia (Free State) extl 6MB-1951 M S
♦External s f 6s
—1952 A O
♦6 Ms extl secured s f
San Paulo (State of)—
1st mtge g 5s
Certificates of deposit
M
9M
Friday's
Bid
Low
Baldwin Loco Works 6s stmpd.1940 MN
Bait & Ohio 1st mtge g 4s. July 1948 A O
la
!<§>
Range or
Sale
Price
D
O
1961
1966
♦Saarbruecken (City) 6s
Sao Paulo (City of, Brazil)—
Last
EXCHANGE
High
18
43K
98
-
STOCK
Week Ended Dec. 16
43 M
W
Y.
O
♦Nat Loan extl sf 6s 1st ser..1960 J
Prague (Greater City) 7 Ha
N.
98
1947 M S
♦Extl loan 7 Ms
18
BONDS
Since
43 M
1959 M S
♦Porto Alegre (City of) 8
____
101 M
1963 MN
♦Nat Loan extl s f 6s 2d ser..1961
♦Poland (Rep of) gold 6s
.1940
♦Stabilization loan s f 7s
1947
♦External sink fund g 8s
1950
8
57 M
52 M
1963 MN
Queensland (State) extl
25-year external 6s
20 M
57
Range
Jan. 1
No.
High
♦19
1958 M N
Oslo (City)
Ask
A
Low
•Nuremburg (City) extl 6s
Oriental Devel guar 6s
Extl deb 5 Ma
la
1$
Friday's
Price
Week's
Friday
Range or
Sale
Week Ended Dec. 16
3733
Week's
Friday
_
_
_
_
109M
89
104M
105M 110M
35
25
8
20
13
18
19M
10634
4
101
70
46
34 M
60
'
30M
107 M
Amer Telep A Teleg—
20-year sinking fund 5 Ms
1943 MN
112 M
112
3Ms debentures
1961 A
1966 J
O
105M
D
105
104M
104M
J
3Ms debentures
110
110
112
Amer Wat Wks A Elec 6s ser A.1975 MN
101M
100M
102 M
17
Anaconda Cop Mln e t deb 4 Mb 1950 A
♦Anglo-Chilean Nitrate—
O
105M
105
105M
109
Jan
32 M
30
32 M
88
♦Am Type Founders conv deb. 1950 J
Sf Income deb
1967
fAnn Arbor 1st g 4s
Ark A Mem
1995 Q
Bridge A Term 5s. 1964
M
Armour A Co (Del) 4s series B.1955 F
1st m s f 4s ser C (Del)
1957 J
3
112
84
106M
102 M 107 M
8
35
33
J
*
_
0_
7
96
__-
23
38
41
94M 100
A
96 M
96
M
97 M
105
J
97M
96 X
97M
33
86 M
99 M
99 M
104M
105M
113
98 M
110M
88
Atchison Top A Santa Fe—
General 4s
1995 A
♦Adjustment gold 4s
1995 Nov
O
105
*88 X
1995 M N
♦Stamped 4s
Conv gold 4s of 1909
1955 J
1955 J
D
Conv gold 4s of 1910
I960 J
D
Conv deb 4 Ms
1948 J
D
Rocky Mtn Dlv 1st 4s
1965 J
Trans-Con Short L 1st 4a..—1958 J
J
Cal-Arlz 1st A ref 4 Ms A
91
99M
98
35
98 X
97 M
81
41
79 M 101
87 M 106 M
95 M 103 M
_
mt —
92
90 M
99M
98
♦107M
106M
58
75 M 103
75 M 103 M
82
102
_
93
91
*86
J
1962 M S
89
*
D
Conv 4s of 1905
91
87 M
......
6
_
105M
-
106M
1946 J
D
♦108M
J
85 M
85 M
1944 J
J
89 M
13
112M
Atl A Charl A L 1st 4 Ms A'..—1944 J
100
_
89 M
85
78
Atl Knox A Nor 1st g 6b
1st 30-year 5s series B
Atl Coast Line 1st cons 4s July 1952 M 8
10-year coll tr 5s
3
D
68
83 X
66
May 11945 MN
Oct 1952 MN
78
76
66
65 M
69M
56
35 X
34
35 X
4
General unified 4Mb A
LAN coll gold 4s
84
5
Atl A Dan 1st g 4s
Second mortgage 4s
1964 J
1948 J
J
1948 J
J
1959 J
J
29M
25
30 X
53
63
77 M
88
6
52 M
16
104M
104
___
23 M
24
J
71X
71
71X
For footnotes see page
3737.
104M
5
51 M
..1941 J
97
16
68M
103M
Austin A N W 1st gu g 5s
83 M
67
94
104M
_
112M
98 H 112
105
109
69
Atlant'c Refln'ng deb 3s
1953 M S
l*Auburn Auto conv deb 4Mb. 1939 J
J
Atl Gulf A W I S3 coll tr 5s
104 M
45
14 M
14
50
Central Steel 1st g s f 8s.
1941
1948
79M
S f deb
4Mb (1935 issue)
S f deb 4Mb (1938 issue)
Ches A Ohio 1st con g 6s
u5 M
79 M
81
1
1
38
3 Ms
Craig Valley 1st 5s
ser
E
1996 F
May 1940 J
8
11834
39
9534
9634
53
99M
95M
1949 A
Chic Burl A Q—HI Dlv 3 Ms—1949 J
Illinois Division 4s
1949 J
95
♦
112
*-_-..
HM
97 M
103 X
10M
97
103
98M
97M
1st A ref 4 Ms series B
1977
F
91
89M
1st A ref 5s series A
1971 F
95
1958 M
4s
t{♦Chicago A East 111 1st 6s...1934
t*C A E 111 Ry gen 5s
1951
93M
*52
A
97M
64M ' 72
35 M
74M
54
64
112M 117
49
85M
112
1947
J
1947 J
1947
1966
6s series B._May 1966
3
1234
211
98
151
111M
105
108
75
109M
POM
95
85
2234
15M
1234
428
4M
26 M
107M
68
20
5
10
85
90 M
81M 109
7
3M
104 M
62
47
12M
101M H5
98
441
12
97 M
106
9834
91 M
9534
1934
*10
85 M
7
8234
15
100
103 M
20 M
——
97
101M 106
110M 121
85 M
97 M
104
16M
J
106
109M
81
17M
95 M
106
18M
19M
♦Certificates of deposit
♦1st A gen
52
103M
*104
2d consol gold 4s
1989 J
Warm Spring V 1st g 5s.....1941 M S
General
24
10134
117M
94 M
Potts Creek Branch 1st 4s—1946 J
R A A Dlv 1st con g 4s
1989 J
♦Chic A Alton RR ref g 3s
9934
101M
95 M
1939
General gold 4Mb
1992
Ref A Imp mtge 3 Ms ser D..1996
Ref A impt M
99M
3
99M
f*Chlc Ind A Loulsv ref 6s
♦Refunding g 5s series B
♦Refunding 4s series C
♦1st A gen 5s series A
85
54M
101M
195Q
1950 M
32 M
60
70
93
99M
22
9
3
59
Champion Paper A Fibre—
f♦Chicago Great West 1st 4s... 1969 M
30
68
54
5s extended to May 1 1942..
Chicago A Erie 1st gold 5s—..1982
15
75
68
57M
76 M
36 M
102M 104 M
70 M
116M
,
81
2
«.
74
i
Central RR A Bkg of Ga—
Certain-teed Prod 5 Ms A
25 M
,
54 X
1960 F
20 M
15M
19M
22 M
4
9
17
8M
13
9
12
12
534
534
8M
7M
56 M 108
15
18
3
39
3M
7M
7M
New York Bond Record—Continued—Page 3
3734
Dec.
Friday
Last
BONDS
N.
Y.
Bennett 'Bros. & Johnson
Price
Low
Crane Co
s
MUNICIPAL 'BONDS
1951 J
1942 J
1952 J
J
74*8 series A extended to 1946.
1Crown Willamette Paper 6s
Cuba Nor Ry lst 54*8
—
Chicago, III.
York, "2^. Y,
Randolph 7711
Czo. 543
Dei A Hudson lst A ref 4s
1943 MN
Del Power A Light lst 44*8
1971 J
1969 J
1969 J
lst A ref 444s
lst mortgage 44*s
Den Gas A El lst A ref
it
BONDS
N.
Y.
EXCHANGE
STOCK
Last
Is
Week Ended Dec. 16
Chlc Ind & Sou 60-year 4s
1966 J
1969 J
J
D
{Chic Milwaukee A St Paul—
♦Gen 4s series A
May 1 1989 J
♦Gen g 3 4*s series B—May 1 1989 J
♦Gen 4 ks series C
May 1 1989 J
♦Gen 44*s series E
May 1 1989 J
♦Gen 44*s series F
May 1 1989 J
{♦Chic M11W St P A Pac 6s A..1975 F
♦Conv adj 6s.
Jan 1 2000 A
{♦Chic & No West gen g 34*«--1987 M
Range
Friday's
Bid
A
Low
Chic L S A East 1st 4 4*8
1 60
Range or
Sale
Price
70
No.
High
1
70
113
234*
26
24
23
244*
60
19
166
20
36
254*
254*
264*
264*
46
21
354*
J
204*
20
264*
114*
20
194*
34 4*
10
A
94*
3
O
24*
809
34* 1033
144*
134*
16
144*
""174*
--
154*
11
164*
7
8
313
64*
74*
179
5
74*
84*
126
64*
74*
24
54*
54*
34*
*72
D
Chic T H & So'eaatern lst 5s.. 1960 J
D
4
129
3
54*
45
784*
♦Genessee River lst
♦N Y A Erie RR ext lst 4s_
584*
9
40
704*
49 4*
37
36
544*
O
104?*
1044*
1044*
3
J
1084*
1054*
1064*
26
1044*
1014*
1044*
1014*
1963 J
Fairbanks Morse deb 4s
103
Federal
110
105
51
1014*
34
99
1094*
974* 1054*
88
86
884*
70
71
884*
864*
884*
3/
1943 A
78
774*
78
12
15
4a—-1952 J
lst & ref M 4 4£s series D
Chllds Co deb 6s
J
O
♦
6s...1952 M N
7
-
....
71
80
14
17
1966 F
A
108
1967 J
D
1104*
1104*
5
1024* 1084*
106?* 1104*
4s..-1942 M N
1014*
1014*
1
100
108
108
1084*
1084*
Cin Un Term lst gu 6s ser C---1957 MN
lst mtge guar 34*s series D--1971 MN
Clearfield & Mah lst gu 5s—-1943 J
•
-
-
*37
724*
D
1977
St L Dlv lst coll tr g 48.;
W W Val Dlv 1st g
„
D
1990 M
J
4
1940 J
"534*
'•
4.
*.
•
-
994*
*55
N
33
734*
102
584*
"129
41
8
95
994*
60
1084*
50
"
61
784*
96
94
99
87
704*
7
106
10
Cleve Elec Ilium lst M 3448—1965 J
Cleve A Pgh gen gu 4 4*s ser B.1942 A
1094*
109
1094*
15
------
Columbia G A E deb 5s—May 1952 MN
Debenture 6s..
Apr 15 1952 A O
Debenture 5s
Jan
15 1961 J
Gas A El of Berg Co cons g 5s._1949 J D
Gen Amer Investors deb 6s A
1952 F A
Gen Cable lst s f 54*s A
J
1947 J
(Germany) 7s
♦Sinking fund deb 64*s
♦20-year s f deb 6s
1948
J
604*
5
40
65
93
30
49
Gt Cons El Pow
92 J*
1955 F
6
54
*109
A
1965 M N
98
85
9644
1044* 11244
1064* 1104*
10944
26
1044*
1034*
10444
108
954* 10444
1942 J
D
102J*
66
994* 1034*
J
1024*
105J*
103
Commercial Invest Tr deb 3 4*s 1951 J
Commonwealth Edison Co—
debentures..-
1951
A
lst mtge g 4s series F
lst mtge 344s series H
1981
1965 A
O
lst mtge 34*8 series 1
1968 J
D
__1958 J
J
Conv debs 34*s.
M S
1054*
4
100
110
1064*
48
105
22
10244 1094*
10344 1064*
10744
1074*
1084*
1064*
106
1064*
10844
105
1094*
93
108
105
107
1084*
100
10944
11144
Conv debs 3 4*s (interest
from Sept 301938)
1958
108
Conn A Passump River lst 4s.-1943
Conn Ry A L lst A ref 4 4*s
1951
Stamped guar 4 4*a
156
9844
1004* 1114*
1004* 101
mn
2
1074* 1084*
10744 10844
10844
1084*
10
104 44 10944
4*
10644
105
10544
28
100
10544
10644
102
1044*
104
105
14
974* 1054*
104J4
104
10444
70
994* 10444
10844
1961
Consol Edison (N Y) deb 3 44s. 1946
3 4*s debentures
1948
3 4*s debentures
1956
3 4*s debentures
109
♦look
.1951
344s A
105
*
105
1958
1084*
1064*
1034* 107
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s—1956 J
Consol Oil conv deb 34*s
1951 J
non-conv deb 4s. .1954 J
J
D
*22
1024*
J
25
102
103
1955 J
J
94*
94*
♦Debenture 4s
1955 A
O
1956 J
J
9
1960 J
J
204*
135
f 5s
Consumers Power 344s.May 1 1965 MN
lst mtge 34*s
May 1 1905 MN
lst mtge 3 4*8
1967 M N
57
1074*
57
10744
10644
33
94*
1744
1044
22
9
1644
94*
114*
9
154*
57 4*
"94*
*_9
57 4*
22
108
10744
7
26
17
1084*
1074*
10744
107 44
—.1970 M N
1084*
37
1966 M N
10544
105
1054*
50
For footnotes see page 3737.
10744
264*
92 4* 104
10 4*
*1044
♦Debenture 4s
♦Debenture 4s
1014*
59
85
104?*
97
106
101
894* 101
100
100-
101
914*
98
894* 1014*
1024*
89J* 1024*
*86
*38
61
75
89?*
354*
55
61
93
934* 1054*
1054*
49
014*
45
644*
84*
84*
169
34*
104*
84*
6
34*
104*
24*
24*
*3
174*
14*
14*
1014*
1014*
1014*
48
24*
4*
14*
97
34
48
2
1034*
534*
121
*122
3
121
100
105
85
1044*
39
614*
D
60
60
2
39
60
MN
59
59
1
39
60
1024*
A
'
111054*
"60 4*
32
1064*
1064*
55
101
1064*
1064*
101
4
1014* 1004*
101
1064*
89
1024*
614*
120
374*
154*
16
4
134*
21
17
154*
574*
17
1
13
25
374*
994*
102he
102ii6
85
*25
63
8
100
1014* 1004*
744*
102
1034*
77
J
84
944*
*65
1064*
D
A
784* 1004*
37
85
1034*
1944 F
2
55
102 5j2
994*
1950 J
404*
374*
100
854*
1004*
1947 J
254*
714*
1004*
100
1945
(Japan) 7s
1
14*
604*
784*
754*
49
83
834*
99
86
42 4*
85
101
*10421»t
1945
Grays Point Term lst gu 5s
414*
95
75
334*
1024*
Gotham Silk Hosiery deb 5s w w '46 M S
Gouv A Oswegatchle lst 5s
1942 J D
Grand R A I ext lst gu g 4 4*3—1941 J
J
92
94
34
43
105
1
tGoodyear Tire A Rub 1st 5s. 1957 MN
9444
42
94*
38
60
92 4*
*109
40
♦934*
161"
1939
lst A gens f 64*s
'~92k"
8
59
1024*
1948 A O
701
1044*
71
86
606
134*
44 4*
103
64
61
94*
14
114*
59
78
954*
"ilk
53
102
21
944*
23
-.1956
lst mtge 4Ms
60
95
15
23
80
J
1951
Gen Pub Serv deb 54*s
40
404*
304*
16
1044*
1945 J
1940 J
74
954* 103
51
104*
1044*
101
♦Certificates of deposit
Fort St U D Co lst g 4 4*s——1941 J
J
Francisco Sugar coll trust 08—1950 MN
81
1014*
104*
64
*50
M N
104 4*
~~8
70
*85
"42"
M N
10544
102 4*
377
21
1982
owner
77
109
owner.
73
109
lst mtge 3 4*s
lst mtge 344s
1 {♦Proof of claim filed by
(Amended) lst cops 2-4s
6
10844
21?*
21
84*
41
73
18
17
44
114*
103
60
1952
Gen Motors Accept Corp deb 3s 1946 F
O
Commercial Credit deb 344a
S
83
8044
1014*
60 4*
1980 MN
Columbia A H V lst ext g 4s
Columbus A Tol lst ext 4s
Columbus Ry Pow A Lt 4s
M
90
*
1970
Colo A South 44*s series A
s
1974
♦Certificates of deposit
Fonda Johns A Glov 44*s
♦Good Hope Steel A Ir sec 7s
Goodrich (B F) conv deb 6s
74
♦Consolidation Coal
D
lst A ref 5s series A
894*
8044
101
1004* 1034*
704*
334*
414*
*
*
1,0144 10144
1977
{♦Consol Ry
J
{♦Florida East Coast lst 4 4*8—1959
83
1.1945
f 5s--1943
164*
"ill*
1094*"
954*
■'
194*
204*
194*
J
{♦Ga A Ala Ry lst cons 5s Oct 1 '45
{{♦Ga Caro A Nor lst ext 68—1934
lst 8 f 44*8 series C
Coal River, Ry lst gu 4s
f
1943 J
Gen Steel Cast 54*s with warr.1949
90
1024* 106
1344*
75
37
J
1064* 108
100
1064*
1972
1973
106
1054*
*68
D
1946 J
10544 1004*
1044* 108
A
1064*
1054*
♦50
8
1954 J
1950 F
Colo Fuel A Iron Co gen s
♦5s Income mtge
M
30-year deb 6s series B_
15-year 34*s deb
Cleve Union Term gu 54*8
lst s f series B guar
s
1942
♦Gen Elec
107
1074*
904*
103 4*
1314* 1344*
944* 1094*
684*
834*
A
1942 M S
If Fiat deb s f 7s
{♦Fla Cent A Pennln 5s
984* 108
1054*
1942 M S
♦
1024*
82
1054*
D
M S
974*
1034* 1004*
1074* 1124*
O
Gen 4 4^s series A
1977
Gen A ref mtge 4 4*s series B.1981
Cleve Short Line lst gu 44*8—1961
Conn Riv Pow
series
stamped
J
1942 J
-.1948 M N
Series C 34*s guar.
Series D 34*8 guar
2J4s
.1954 F
---1950 J
107
1054*
..1942 A
57
96
68
1054*
J
904*
924*
734*
1024*
*87""
*
J
O
59
75
Cleve^Cllffs Iron lst mtge 4418.1950 MN
Series B 3 4*s guar.
Series A 4 4*s guar
1074* 1104*
65
88
57?*
«.
J
-.1940 M S
4s
714*
♦
J
Cairo Dlv lst gold 4s
1939
Cin Wabash A M Dlv lst 4S.1991 J
Spr A Col Dlv lst g 4s
•
J
11
'
f 5s
23
111
1344*
1064*
1938 M 8
{{♦Proof of claim filed by
Cleve Cin Chic A St L gen 4s—1993
General 5s series B
1993
Ref A impt 4 4*s series E
108
102
s
14
100
J
lst lien 6s stamped
92 4*
48J*
Cincinnati Gas & Elec 34*s
1084*
5s Internationa
O
J
1957 J
1947 MN
Light A Traction lst 5s 1942
lst lien
100
1st mtge 3 4*s
Cin Leb & Nor lst
con gu
f 0s.
1004* 1054*
1024*
O
-1975 A
-1955 J
{♦3d mtge 44*s-.„-
1024* 1074*
1902 M S
34*s guaranteed
cons
s
O
.1967 MN
6s of 1927—
♦Ref A impt 5s of 1930—
♦Erie A Jersey lst s f 6s
1963 J
J
1951 M S
lst mtge 4s -Ties D
lst mtge 344 s series E
{♦Choc Okla & Gulf
♦Ref A impi
72
102 H 1064*
105
106
404*
O
50
33"
109.
1104*
♦103
.1953 A
80
88
*103
1953 A
♦Gen conv 4s series D
20
1104*
O
.1953 A
♦Series B
Ernesto Breda 7s
...1944 A
Guaranteed 4s
con
♦lst consol gen
32
154*
15
1940
-
44*
42
107
1044*
O
4s prior -1996
lien g 4s
.1996
cons g
2
964*
♦106
1940
♦Conv 4s series A
84*
Chicago Union Station—
Chic & West Indiana
{♦Erie RR lst
31
1114*
59
96
A
D
3
42
8
74*
12
1114* 1144*
107
1124*
1034* 1114*
55
*20
MN
1965 A
Erie A Pitts g gu 3 4*s ser B.
Series C 3 4*8
9
54
♦
J
1965 A
2
554*
1104*
"83 M
4s.__ .1952 F
55
■
54*
14
J
.1995 J
63
84
127
1104*
1939 J
El Paso A S W lst 5s
11
454*
Dec 1 1960 M 8
5s..
224*
194*
104*
74*
1951 J
gu
20
*624*
554*
Memphis Dlv lst g 4s.
lnc
17
51
144*
144*
64*
94*
J
Electric Auto Lite
41
34*
1965 J
EI Paso Nat Gas 44*s ser A— -1951 J
"332
98
J
124*
18
54*
1043*
O
114*
114*
48
44*
1937 J
7
164*
10
34*
Dul MissabeAIr Range Ry 3 4*sl962 A
7
74*
15
9
81
D
Ed El 111 (N Y) lst cons g 5s
803
34*
O
224*
54*
84*
32
54*
"963*
conv
108
44*
114*
Detroit Term A Tunnel 44*s__1961 MN
Dow Chemical deb 3s
1951 J' D
Elgin Jollet A East lst g 5s—. -1941
105
"Ik
D
15
64*
34*
1084*
1024* 105
9
106
87
~lT"
1074*
5
18
44*
D
371
Ed El 111 Bklyn lst cons 4s
137
D
144*
1064*
J
East Ry Minn Nor Dlv lst 4s_ .1948 A O
East T Va A Ga Dlv lst 5s
-1956 M N
114
1951 J
113*
J
A
184*
8
1960 MN
1064* 1084*
22
12
June 15 1951 J
1054* 1084*
6
15
64*
Ch St L & New Orleans 6s
6
1064*
111
5s stamped
1962 M S
1064*
1064*
144*
104*
104*
1934 A O
5♦Refunding gold 4s
♦Certificates of deposit
{♦Secured 44*s series A
♦Certificates of deposit
♦Conv g 44*s
1064*
1064*
134*
84*
-----
13
5
44*
deposit
18
1064*
27
94*
84*
*42
1034*
106
177
9
164*
1024*
106
17
94*
106
594*
1034*
r15
,
6
52
105?* 1094*
J
184*
184*
174*
154*
28
110M
1114*
13
154*
35
5
181
J
Gen A ref mtge 34*8 ser G--_I960 M S
60
164*
584*
584*
10
Duquesne Light lst M 34*3
43
544*
364*
"3
5s
294*
314*
40
1084*
34*
g
1064*
1024* 1064*
363*
1124*
1995 J
1995 J
100
994* 106
100
564*
1124*
♦Detroit A Mac lst Hen g 5s
♦Second gold 4s
High
984* 1054*
83
1083*
A
124*
♦Stpd 4s non-p Fed lnc tax 1987 M N
♦Gen 44*s stpd Fed lnc tax--1987 M N
♦Gen 6s stpd Fed lnc tax
1987 M N
♦44*s stamped
1987 M N
}♦ Secured 04*8
1936 MN
♦lst ref g 5s
May 1 2037 J D
♦1st & ref 44*s stpd-May 1 2037 J D
♦lst & ref 44*s ser C-May 1 2037 J D
♦Conv 4?*s series A—
1949 M N
15 "Chicago Railways lst 5s stpd
Aug 1938 25% part paid .
F A
{♦Chic R I & Pac Ry gen 4s.. 1988 J
J
2
Low
574*
1074*
1947 M S
78
16
15
1935 J
{{♦Du! Sou Shore A Atl
134*
134*
*
4 ?*
0
434*
{♦Des Plains Val lst gu 44*s
18
154*
15
134*
24*
364*
434*
{♦Des M A Ft Dodge 4s ctfs
Detroit Edison Co 4 4*s ser D-.1961 F
Gen A ref M 4s ser F
1965 A
12
1987 M N
*
7
354*
334*
354*
74*
34*
*203*
30
244*
102
34*s
194*
25
254*
15
Gold
854*
J
J
J
134*
♦Certificates of
00
"~48
324*
♦Assented (subj to plan)
♦Ref A Impt 5s ser B
Apr 1978 A
High
J
144*
4s
Low
{♦Den A R G West gen 5s. Aug 1955 F
11114 112
*111
N
♦General
I ♦Consol gold 4 4*8
Jan. 1
1034*
"3344
Jan. 1
J
1930 J
1936 J
{{♦Den A R G lst cons g 4s
Since
Crs
Ask
13
O
s f 5s—1951 MN
Stamped as to Penna tax—-1951 MN
I
Week's
Friday
20
1044*
D
Dayton Pow A Lt lst A ref 3 4*81960 A
N.- Y.1-741 -<• 9ell System Teletype
105
104 »*
1044*
D
135 So. La Salle St.
T>Igby 4-5200
30
♦103'u
J
6s series B extended to 1946
100
364*
D
Cuba RR lst 5s g
New
3
1034*
984*
1044*
A
1950 M N
f 4s
8
No.
High
Since
<§
103
1951 F
f deb 3 4*8
Crown Cork A Seal
03
Ask
A
Range
?S
Friday's
Bid
1946 J
...1943 J
Container Corp lst 6s
15-year deb 5s
One Wall Street
Range or
Sale
EXCHANGE
STOCK
Week Ended Dec. 16
1938
17,
Week's
40
1044* 109
1014* 1074*
1024* 10744
10044 1084*
984* 1054*
J
Great Northern 44*8 series A--1961
General 54*3 series B
-1952
General 5s series C
General 4 4*8 series D
General 4 4*s series E
General mtge 4s series G
Gen mtge 4s series H
Gen mtge 3 Ms series 1
♦Green Bay A West deb ctfs A
♦Debentures ctfs B
*
100
85
864*
34
67
1976
J
82
814*
82
32
64
1977
J
81
804*
824*
50
68
894*
1946
J
964*
934*
98
123
74
1034*
1946
J
854*
82 4*
128
694*
95
J
72
60
82
53
60
J
1967
Feb
Stamped-
10-year deb 4 4*8—
TfHackensack Water lst 4s
♦Harpen MlDlng 6s
Hocking Val lst cons g 44*s
Hoe (R) A Co lst mtge
{{♦Housatonic Ry cons g 5s
Feb
724*
60
714*
55
46
794*
55
81
694*
55
82
904*
93
75
100
*50
944*
1074*
106
1946
944*
10
1064*
1074*
29
106
106
2
'~40"
116
1999
1937 M N
Houston Oil sink fund 54*s A. 1940 MN
Hudson Coal lst s f 5s ser A
1962 J D
Hudson Co Gas lst g 5s
1949 MN
Hudson A Manhat lst 5s ser A.1967 F A
~40"
"2
27
116
1164*
17
108
674*
9
52
30
6
24
102
9
A
O
26
1014*
33
1014*
33
12
43
12
40
1194*
81
384*
994* 103
13
394*
1184* 1234*
34?*
.
1234*
"43""
954*
994* 1084*
1004* 1064*
40
664*
1944
93
76
1064* 109
*1064*
1952
1949
994*
904*
68
1952
1966
104
10
64*
1034* 103J*
8
74*
80
*67
1961
♦Adjustment Income 5s.Feb 1957
994*
*544*
Greenbrier Ry 1st gu 4s
1940 MN
Gulf Mob A Nor lst 54*8 B__.1950 A O
lst mtge 5s series C
1950
Gulf A 8 I lst ret A ter 5s Feb 1952
Gulf States Steel s f 44*s
Gulf States Util 4s series C
944* 1114*
79
J
954*
864*
100?*
964*
1973
.
d
82
1234*
454*
135
40
614*
174
114*
244*
13
5
Volume
BONDS
Last
N. Y. STOCK EXCHANGE
•3
Range
BONDS
Since
N. Y. STOCK EXCHANGE
Asked
BJ'S
Jan. 1
High
No.
Range or
Sale
Week Ended Dec. 16
Friday's
Price
Bid
A
Low
O
Illinois Bell Telp 3%s ser B—1970 A
Illinois Central 1st gold 4s
1951
1951
1951
1951
1952
1955
1952
1st gold 3 Ha
3%s
1st gold 3s sterling
gold 4s
Collateral trust
83
J
J
A
83
O
1
82
79H
77H
*80 %
*80%
M
S
A
O
*
98
93 H
79H
56 H
53 H
52
78
34 H
47 H
47 H
7
44 H
67 H
48 H
51
48%
51%
105
31
52 H
Refunding 5s
M N
60
58%
60%
25
39
Maine Central RR 4s Ber A... 1945 J
Gen mtge 4Hs series A
1960 J
A
48
48%
314
23
66 H
49 H
78
84
61
63
47
72
Refunding 4s
Purchased lines 3 %s
M N
40-year 4%s
55%
J
J
1953
1955
Aug 1 I960
F
47%
1950
Litchfield Div 1st gold 3a.—1951
Loulsv Dlv A; Term g 3%s..l953
Cairo Bridge gold 4s
*72
83%
*
90
63
1
62
*55
_
53
*52
gold 3s
63
*45
1951
St Louis Dlv A Term g 3s
1951
Gold 3 Ha
1951
Springfield Dlv 1st g 3 Ha—1951
Western Lines 1st g 4s_>
1951
Omaha Dlv 1st
56%
82
112
68
3
98
111H
22
104
104%
98 H
85
*
"53"
1963
J
54
50%
55
J
50
46%
50
104%
40
1950
Ind 111 A Iowa 1st g 4s
B..1986
1648
1961
flnterboro Rap Tran 1st 5a
1966
J
M
Ind Union Ry 3Ha series
A
J
J
6
♦Certificates of deposit
108%
Inter lake Iron conv deb
1947 A
4s
stamped
1952 J
^♦Int-Grt Nor 1st 6s ser A
♦Adjustment 6s ser A__July 1952 A
Int Agrlc Corp 5s
13H
8
55H
97
55 H
51H
27
40
90
18
♦1st 5s series B
108%
101H 110
143
8
42 H
68
45 H
43
54
10
64%
64%
50
40
69H
64
64 V.
fi
40
68
88
90%
65
92 H
42
102 H
21
11H
100
*102%
17%
3
3%
17
...
Ill
19%
146
4
39
19%
12
39
80 H
8
35 H
58
42
80 H
98 H
54
90
77
85
74 H
74
75%
52 H
52
52%
97
97
98
89
87%
89
41
82
82
2
Int Rya Cent Amer
S
1955 M
1st 5s B—. 1972
MN
1947 F
1st lien A ref 6H8
Int Telep A Teleg deb g 4Ha.. 1952 J
1939 J
Conv deb 4 Ha...
A
1955 F
A
Debenture 5s
t*Iowa Central Ry 1st A ref 4s.
*87%
J
66 H
J
1951 M
99%
69 H
J
Jones A Laughlln Steel
-
-
75
100
94
39 H
-
181
66%
74 H
100 H
74
50
172
78
42 H
17
70%
1H
4
3%
5H
54
10
40
78%
S
95
96%
13
88
78%
2
78
90
32 %
30%
34
44
20%
40%
29
31%
17
16%
36
70
69
71
13
60
75%
52%
O
♦Certificates of deposit
1950 A
gold 3s
O
Apr 1950 J
66 H
1st 6s...
♦Ctfs w w stmp (par $645).
♦Ctfs w w stmp (par $925)..
*0118 with warr (par $925)..
Keith (B F) Corp 1st 6s
Kentucky Central gold 4s
Kentucky A Ind Term 4Hs--.
♦Karstadt (Rudolph)
*
64
107H
D
66%
107%
56
105
21
37
1
1943 M N
37
1943
*17
*23
*25
1946 M
S
1987 J
*102%
unguaranteed
Kings County El L A P 6s
Kings County Elev 1st g 4s..
Kings Co Lighting 1st 5s
1st A ref 6 Ha
-
*50
1997 A
Coll A ref 5H8 series
1949 F
-
^
1947 F
J
_
*
*.
-
103 H
A
108 %
95
1
1
150
165
1
71
84
98%
98%
D
1945 J
16
88
100H
106 H
99 H
96 H 103 H
95H 104H
85 H 100H
104%
95
*96
99%
95
100%
101%
84
103%
100%
104%
44
100%
1
14
14
14%
18
A
80
83
69 H
1953 F
C
D.,.., 1960 F
49
48
69%
42%
40%
49
45
1942 F
1942 F
31H
90 H
11H
80
1959 M S
...
49
56
42 H
48
54
40 %
3% to. 1947
A
J
38
49
26
38
44
J
1954 J
79%
103"
12
12
*39"
1974
14H
13%
14%
12 H
62
60
20
32
32
2
32
32
10
4
8H
1H
3H
*30
7%
8
M
S
2%
2%
Q
F
29
3
1H
Montana Power 1st A ref
45
2
42
7H
6%
8H
124
J
6
5H
6H
42
5H
J
7H
6%
8
52
6H
J
3
3
3H
11
2
25
S
1%
J
3
16
60H
18 H
48
45 H
45 H
48
D
48 H
50 H
42
31%
36 %
190
28 H
50
30
28
31 H
64
28
30 H
32 %
12
25
42 H
45 H
J
"l4"
O
16
172
10
24
19
18H
20 H
197
14H
18H
18H
20 H
44
14 H
25H
23
5%
4H
18H
20 %
328
14H
20 H
45
14 H
18H
20 %
96
14H
25H
23
25H
20
F
A
20 H
5
15
23
4%
324
20 %
78
13
H
M~S
M
S
19
19H
MN
"_3%
F
A
3H
18%
18H
6
13 H
29H
246
8H
34 H
113
9
50
53
2
50
*103
104
98H 107 H
108 H
66
99
108
100
59
85
100
100
99 H
97
95%
97 %
119
84
99
97%
J
97%
17
96
101
*.—
Gen & ref s f 4 Ha series
*.""
*:::::
"52"
1955 A
D
62 H
70
79
72 H
72 H
71
66 H
69
80
74
74
53
47
71H
34%
34 H
90H
95 H
Constr M 5s series A
52 H
52 H
53 H
.1955 MN
44 X
44 X
47
29%
69
75
Nassau
54
1
48
71
84%
34%
85
5
78 H
95
34%
2
27
42 H
*
91%
*
J
J
J
J
50
50
*
102
3
2
-
-
6
51%
19%
19%
65
20%
19 H
40
85
30
62
34
57H
11H
32
65
22
14
25
115
13
33 H
21%
20%
18H
26 H
;
_
21%
MN
-
4
41%
20
20
-
99H
45
39 H
72
14
25%
52
~
^
MN
"
76%
40%
66
^
23%
23%
25%
_
41
40
23%
25%
•
103%
Nat Acme 4 Ha
55
-
Mutual Fuel Gas 1st gu g 5s... .1947
MN
Mut Un Tel gtd 6s ext at 5%.. .1941
1978 F A
J
4s stpd
1951 J
extended to
1946 J D
MN
Nat Dairy Prod deb 3H • w w.. 1951
MN
Nat Distillers Prod deb 4 Ha
1945
MN
Nat Gypsum 4Hs s f debs....1950
National Rys of Mexico—
J
J
♦4 Ha Jan 1914 coupon on...1957
J
J
♦4Hs July 1914 coupon on..1957
J
J
♦4Ha July 1914 coupon off.. 1957
♦ Assent warr A rets No 4 on '57
AO
♦4s April 1914 coupon on
1977
A O
♦4s April 1914 coupon off...1977
♦Assent warr A rets No 5 on ',77
Nat RR of Mex prior lien 4 %s—
Elec
gu g
No 4 on '26
1914 coupon on
1951
♦4s April 1914 coupon off...1951
♦Assent warr A rets No 4 on '51
J
A
1965
D
3
35
7
{♦Assent warr A rets
2003
MN
20%
20%
21%
86
15H
25H
2003
2003
Leh Val Term Ry 1st gu g 5s.._1941
5s assented
1941
Lex A East 1st 50-yr 5s gu—1965
Llgget A Myers Tobacco 7s—1944
5s.
1951
MN
21%
21%
23%
8
16H
40
MN
23
23%
11
16H
45
69%
Nat Steel 1st coll s f
70
70
J*Naugatuck RR 1st g 4s
A
O
*56
*
F
1st & ref 4 Ha
1st A ref
series C
4s series D
1st A ret 3 Ha
aeries E
For lOotiKjtec see pave
105H 118
114
129
15
126
8
108%
109%
24
ioo"
D
"99%
101%
245
56%
4
A
O
M
S
M
S
56
56
*60
-
-
-
81%
75
*80
91%
81
81%
2
-
--
-
128
131
121H 127
99
112H
94 H 102 H
50
55
63 H
90
80
87
73
88 H
73H
88 H
8
80
80
2
A
O
128
128
1
126
F
1944
-
1st A ref 58 series B
-
109
A
J
A
121%
121%
1
115H 125
79%
37
107%
3
M
1951
Louisiana A Ark 1st 5s ser A—1969 J
Louisiana Gas A Elec 3 Ha
1966 M
Louis A Jeff Bridge Co gu 4s__1945 M
Louisville A Nashville RR—
Unified gold 4s
1940 J
5s
-
«•
125%
Liquid Carbonic 4s conv debs.. 1947 J D
Little Miami gen 4s series A
1962 M N
Lorlllard (P) Co deb 7s...
•-»
*111%
123%
-
1946
1952
♦Long Dock Co 3%s ext to—1950
LoDg Island unified 4s
..1949
Guar ref gold 4s
1949
4s stamped
..1949
66
75
__
2003
2003
...2003
2003
J
S
79
107%
107%
*105
8
J
78
60
85 H
101H 107%
102
105%
129 H
107 H
97 H 105
99%
100%
103
92%
100
32
83H
11
75
4s
1954
106H
6s. —1948
t{*N O Tex A Mex n-c lnc 6s—1935
♦1st 5s series B
1954
♦Certificates of deposit
♦ 1st 6s series C
1956
♦ 1st 4
Ha series D
1956
♦1st 5 Ha series A
1954
♦Certificates of deposit
18
100
105
14
100H 105
%
H
2H
H
H
H
*%
*%
A
O
86%
85%
95%
86%
A
O
82
82
82
30
74
1H
O
77
76
77
27
65
"T%
108H
*121%
103
123
108H
*
2H
2H
3H
1H
"""% "2%
H
109
109
65
J
116% 121%
18H
32 H
18H
20 %
24
18
18
21
31
18
31
124H
31
120
126
124
10
120 H 124H
*41
104 H 108H
75
38
123H
123%
*..
108
107 %
94
108
69
102
69 H
52
101H
53
3
13
34
53
102%
101%
101H
22
86 H
101H
102
25
84 H 102H
76
47
65
65
68 H
9
35
34
34
35
31
23
34 H
34H
36H
33
22
32 H
33 H
12
24
36
38
F
A
35 H
35 H
5
22
37
A
F
32 H
35 H
16
23
36 H
O
A
36 H
38
54
22
40
26H
35H
36H
*33 H
85
3737
H
12
1H
"if"
90
A
1
""% "~2H
1H
1
93 %
O
107
*1
102*
A
104H
129
106 H
*%
D
^♦New England RR guar 5s... 1945
♦ Consol
guar 4s
1945 J J
J D
New England Tel A Tel 6s A-.1952
MN
1st g 4 Ha series B
1961
F A
N J Junction RR guar 1st 4s..1986
N J Pow A Light 1st 4Ha
I960 A O
New Orl Great Nor 5s A
1983 J J
N O A N E 1st ref A Imp 4 Hs A 1952
New Orl Pub Serv 1st 6« ser A.. 1952
1st A ref 5s series B
1955
New Orleans Term 1st gu 4s... 1953
92 H
164"
106
*1
MN
J
Newark Consol Gas cons
101
103%
%
J
39
18
96 H
27
.
71
50
104H
103%
O
J
69 %
O
A
69%
J
♦4s April
116
?6H 100
"96 H
34H
*101%
55 H
104%
112
104H
96 H
34 H
62
101
♦114H
Nash Chatt A St L 4s ser A
21
24 H
48
35H
57
D
M N
Mountain States TAT 3H8-.
55%
-
-
-
75
73
74 H
.1955 M N
1968 J
37
67 H
0
107H
107 H
*
49 H
28 H
32 H
22
27H
31%
33
1941 J
2000 J
65
21%
28H
1955 A
Ca-.
36
25H
23
25H
23
60
20 H
65
♦60
6H
3
14H
15 H
14H
14 H
~20% "318
18
MN
8
4
706
6
*18%
19H
1955 A
28
MN
Ha
67
48
35
J
O
Gen A ref s f 5s series D
70H
52
J
Gen & ref s f 5s series B
78
2003
Lombard Elec 7s series A
6H
22
J
Gen A ref s f 5s series A
5s assented
Loews Inc s f deb 3
6H
1
67 H
1965 A
34
2003
assented...
14
9%
14H
J
18
3Ha. 1966
General cons 5s
4 Ha
3H
5H
3
*2
^Mobile A Ohio RR—
F A
♦Montgomery Dlv 1st g 5S..1947
♦Ref A lmpt 4 Ha
1977 M S
M
{♦Secured 5% notes
1938
M
Mohawk A Malone 1st gu g 4s. 1991
MN
Monongahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv
A O
1st mtge 4 Ha
1960
6s debentures
1965 A O
86%
1954
1940
.1940
2003
30 H
33%
M N
{♦Mo Pac 3d 7s ext at 4 % .July 1938
87%
1943
extend to.
19%
77
31H
"45"
32
J
...1981
54
1964
Leb Val Harbor Term gu 5a._
89 H
12
10
77
♦Certificates of deposit
75
1954
1st A ref s f 5s
H
31H
60
80
'
♦Certificates of deposit
86
J
1st A ref s f 5s
-
101
94%
*70%
A
6a series H
55%
J
1954 J
1st & ref s f 5s....
4s assented
80
87%
12
1978 M N
*50
86
A O
Lehigh A New Eng RR 4s A.¬ 1965
1945 M S
Lehigh A N Y 1st gu g 4s
F A
Lehigh Val Coal 1st A ref s f 5s 1944
General cons 4 Ha
94%
*
*
1949
1980
*58
D
1975
4 Ha
24
♦Certificates of deposit...
Morris A Essex 1st gu 3H
Ltd—
♦1st mtge Income reg
assented
"31%
♦Certificates of deposit...
♦1st A ref 5s series G
%
J
1997 J
Lehigh C A Nav s f 4 Ha A—
Cons sink fund 4 Ha 8er C—
4 Ha
31%
M~S
J
^♦Mo Pac 1st & ref 5s ser A
1965
♦Certificates of deposit..
♦General 4s.
;
1975
♦1st & ref 5s series F
1977
29%
1941 J
2d gold 5s
Lehigh Val (Pa) cons g 4s
H
Constr M 4 Ha series B
Lake 8h A Mich So g 3 Ha
Leh Val N Y 1st gu g
.
1949 M
1978 J
J
t* Mo-Ill RR 1st 5s series A...1959
Mo Kan A Tex 1st gold 4s
1990 J
M-K-T RR pr lien 5s ser A
1962 J
40-year 4s series B
..1962 J
Prior lien 4 Ha series D
1978 J
A
♦Cum adjust 5s ser A
Jan 1967
61%
60
53 K
Lake Erie A Western RR—
Sec 6% notes
5H
10
*
♦25-year 5 H8
♦1st A ref 5H8 series B
♦1st A ref 5s series I
*104
1954 J
Coll tr 6s series B
10
%
D
St P A SS M con g4s Int gu '38 J
{♦1st cons 5s.
..1938 J
S♦ 1st cons 58 gu aa to Int...1938 J
1946 J
♦1st A ref 6s series A
95
82%
82%
1954 J
...
Lautaro Nitrate Co
.
27%
95
.
163
A
Coll tr 6s series A
5s 1937 extended at
^♦Mll Spar A N W 1st gu 4s.
1947
^♦Mllw A State Line 1st 3Hs—1941
t»Minn A St Louis 5s ctfs
1934
♦ 1st A ref
gold 4s
1949
♦Ref A ext 50-yr 5s ser A.-.1962
♦1st A ref g
92
163
O
5s 1939
8
7%
J|*M11& No 1st ext4Ha(1880) 1934 D J
♦1st ext 4 Ha
1939 J D
♦Con ext 4 Ha
1939
Montreal Tram 1st A ref 5a
Uniform ctfs of deposit....
104 H
103H 110H
99 H 103H
%
M
Ref A lmpt 4 Ha series C
t*Mld of N J 1st ext 5s
21%
27%
{♦Kreuger A Toll secured 5s
Coll A ref 5 Ha series
7
♦Conv gold 5 Ha
"72" "72"
90
*60
1961 J
Koppers Co 4s series A
Laclede Gas Light ref A ext
A
1951
1952 MN
J
1979 J
1940 A O
1st gold 3 Ha
41
99 %
82
1951 M N
4s.
F
1977 M S
Jack Lans A Sag 3 Ha
19
92%
*
1941 J
3Ha collateral trust notes..
10
♦Mlag Mill Mach 1st a f 7s
1956 J
Michigan Central Detroit & Bay
City Air Line 4s
1940 J
80
t
Kit 00
104
*
Kinney (G R) 5 Ha ext to
Kresge Foundation coll tr
10
101%
101%
1977 M S
♦4s (Sept 1914 coupon)
27
1
93%
1961 J
1961 J
Plain..
4 Ha
14
110
100%
101H
87%
91
101%
109%
O
15*Met West Side El (Chic) 4s.l938
14%
1
93
1961 J
Stamped
68
87
1950 A
Metrop Wat Sew A D 5 Ha
37
37
1943
103% 108 H
103% 106 H
25
1943 MN
74
44%
35
106%
104%
1960 J
4s
Kansas Gas A Electric 4 Ha— 1980 J
*
98%
78
D
ti*K C Ft S & M Ry ref g 4s..
Ref A impt 5s
89%
_
O
M
4s.. 1959
4%s A.. 1961
Kanawha A Mich 1st gu g 4s.. 1990 A
1936 A
Kansas City Term 1st
68%
S
19%
31 H
James Frank 1 A Clear 1st
Kan City Sou 1st
64
1947 A
f 6s
100%
20
1941 A
J
20
48 H
Int Merc Marine s f 6s
*16%
6
2H
UH
1944 A
Ref s f 6s series A
71
63%
1956 J
A A B._. 1947
94
94
1
36
C
Interna t Hydro El deb 6s
In tern at Paper 5s ser
100 H
96
_
94
62%
1956 J
♦1st g 5s series
J-
s
♦Mex Internat 1st 4s asstd
61
19
102
57
40%
J
85
56
62%
O
4
Market St Ry 7s ser A...April 1940 Q
J
Mead Corp 1st 6s with warr..1945 MN
Metrop Ed 1st 4 Ha series D...1968 M S
61
1942 MN
81
101
95
42 H
64 H
70
13
62 H
{♦10-year 6s._
1932
{♦10-year conv 7% notes.-.1932 M S
♦Certificates of deposit
24H
~~8
65
12H
M
34 H
10
81
81
19
2
-
25
32
25
S
"21
5
40
»
28%
*17%
D
13%
2
94
30 H
2013 J
92
15
108
184
13%
64
■
33%
89
64
*99%
J
F
Inland Steel 3Ha series D
29%
O
15
S
J
a
4Hs
Industr'al Rayon
33 H
Marlon Steam Shovel
95%
15
36
O
A
91H
75
64
t*Ind A Louisville 1st gu 4s—1956 J
17H
16 H
25
60 H
104H 107 H
22
105%
37
*
J
55
35H
70
31%
28
170
F
37
20
97 H 107H
29
248
1963
1940
1948
Ind Bloom A West 1st ext 4s.>1940 A
1
50
65
1st & ref 4Ha series C
A
1
41%
52
Joint 1st ref 5s series A
Illinois Steel deb 4Ha
♦Ilseder Steel Corp 6s
13
71%
41%
106"
106
Manila RR (South Lines) 4s.. „1939 MN
1st ext 4s
1959 MN
J
^♦Man G B A N W 1st 3Ha...1941 J
"53"
^
-
«•
-
95
*60
107"
71%
D
30%
♦Second 4s
80
D
Manila Elec RR A Lt a f 5s...1953 M
111 Cent and Chic St L A N O—
t
76
109
1
71
71
30 %
^♦Manhat Ry (N Y) cons 4s. .1990
♦Certificates of deposit
107H
5
86
109%
109%
Feb 1 1957 MN
ManatI Sugar 4s s f
High
96
99
*80
71
Lower Austria Hydro El 6 Ha. 1944 F A
McCrory Stores Corp a f deb 5s. 1951 MN
M N
Low
No.
High
♦
Collateral trust gold 4s
Jan. 1
Asked
A
*97
J
South Ry Joint Monon 4s... 1952 J
Atl Knox A Cln Dlv 4s
1956 MN
"§7h "el"
47
56 H
A
1980 M 8
1945 M S
St Louis Dlv 2d gold 38
Mob A Montg 1st g 4 Ha
Since
Friday's
Bid
Low
75
Range
Range or
Sale
Price
Louisville & Nashville (Conlcuded)
Paducah A Mem Dlv 4s
1946 F
106H 112
13
Last
Week Ended Dec. 16
High
Low
112
83
111%
J
J
Week's
Friday
Week's
Friday
Extended 1st gold
3735
New York Bond Record—Continued—Page 4
147
I
/
New York Bond Record—Continued—Page 5
3736
Friday
Last
BONDS
N. Y. STOCK EXCHANGE
Range or
Sale
Week Ended Dec. 16
Range
A
Low
Since
!|
Asked
N. Y. STOCK EXCHANGE
Jan. 1
No
High
BONDS
High
108H 111H
48 H
82
62
91h
♦108 %
64
10-year 3Hsseesf
76 h
76
77 h
68
Ref A impt 4 Ha series
58H
53 h
68h
177
38 H
62
56 h
42
73
61
62 h
65
237
64 h
162
61
84
1946 A O
A.—.2013 A O
Ref A impt 6a series C
2013 A O
Conv secured 3 Ha
1962 MN
N Y Cent A Hud River 3 Ha -.1997 J
"44
66 h
1941 M S
Penn Glass Sand 1st M 4X8—1960 J
D
89 X
106 X
106 H
6
93 X
94 X
15
..Oct 1
—1946 F
4s collateral trust
*
"137
1
83 x
48
67
94 h
Consol
1948 MN
108 H
108 X
109
79
29
64
98 h
108 X
109
135
38
65 h
84 H
83 X
65h
45
53
64 h
65
68 h
82 h
84
4s sterl stpd dollar. May 1 1948 MN
Gen mtge 3 He series C
1970 A O
Consol sinking fund 4Xs
1960
108 H
59
57h
53
30
74
45
58 h
50 h
109
48 h
429
26 H
62
30
104
8
General 4Xs series A
94
94
105
107
53 h
63
High
77
100X 106H
83
104X
96
104 X
82 H
gold 4s
T/)w
21
107
104 H
107
78
103 h
A
103 h
68
extended to—1947 A O
1953 F A
1963 F A
1951 F A
Conv 5% notes
1947 A O
N Y Edison 3Xs ser D
1965 A O
1st lien A ref 3Xs ser E—1966 A O
1st guar 6s series B
N Y Dock 1st gold 4s
104
103"
70 h
103 h
25
103 h
,
34
71
*
1st mtge 3 Ha
N Y Connect 1st gu 4^8 A
12
6
94
95 H
108
16
105X
103 X 111X
74
50
115
84H
115H
94
92 H
103 X 109X
103 H 114
95X
109 X 120 H
82
106
*106 h
65
"hi
107
"55h
55 h
50 h
"~2
50 h
49
5
N Y Gas EI Lt H A Pow g
Purchase money gold 4s
6s—1948 J D
1949 F A
1965
95H
1968
105 H
103 X
105 X
97
Debenture g 4Xs
1970
83 X
81X
84 X
106
67
General 4Xs series D
Gen mtge 4Hs series E
Conv deb 3H«
90
51H
79 x
1981
92 X
91X
92 X
57
75
101X
1984
92
91X
93
20
84 H
101X
1962
Peop Gas L A C 1st cons 6s
108
102 H 109h
39 H
61
108
106 %
108
54
108
107 h
108
20
101H 108X
125
124 %
125
11
121X 125
116H
116h
116h
13
112X 117X
Refunding gold
O
.1947 M S
5s
Peoria A Eastern 1st cons 4s—. 1940 A
♦Income 4s
April
Peoria A Pekln Un 1st 5Xs—. 1974 F
Pere Marquette 1st ser A 5s.-. 1956 J
1st 4s series B
1956 J
60 X
113X
12 x
99 h
95
103
60
80
1973 WIN
♦65
70
64
93
85
96 H
3Xs—. 1967
{♦Phila A Reading C AI ref 5s. 1973
35
12
19X
{{♦Philippine Ry 1st
17H
Phillips Petrol
19
Pirelli Co (Italy) conv 7s
1952 mn
Pitts Coke A Iron conv 4Hs A. 1952 m S
{♦N Y A N E (Bost Term) 4s—1939
J»NYNHAHn-c deb 4s—1947
♦Non-conv debenture 3)48—1947
♦Non-conv debenture 3 Ha.-1954
A
O
50
*50
75
12 h
M S
11h
10H
11h
18
10x
10X
11h
12h
11
21
12
13 h
13
76
12h
50
11
11H
13h
10h
11)4
93
18X
13h
15
299
10X
12X
20 h
1956 MN
—1956 J
1948 J
1940 A
O
91
65 X
89
113X
117
5
107
114X
19
40
D
18
107 H
107X
*
19
76
11
50
72
99 X 116
108X
13
105X 110
107 X
2
96 X
110X
109 H
110X
33
12 H
12X
13X
92
S
3H
J
10 X
10
110X
109
104
115
97
"~5
J
98
75 X
60 X
113X
s
1948 M S
3s
80 X
m
1949 m
conv
62
53 X
49 X
J
103X
8X
107
f" *
103 H
98
103H
1937 J
4s
s f
"68"
110
,
60
100
93
X 110X
109 X
78 X 100
105
liox
99
10
4
92
66
10
225
20
3
11
105
3X
110H
6H
31
111H
80 X
89 X
20 H
"l2H
1955 J
♦Conv debenture 6s—
♦Collateral trust 6s
10h
31
O
♦Non-conv debenture 4s
D
1967 J
♦Conv deb 6s
12
♦Non-conv debenture 4a
1981 J
107X
J
Phila Electric 1st A ref
12 h
A
A
1977 J
Phlla Co sec 5s series A
h
60
112X
1943 MN
1974 F
General g 4Hs series C
General 4 Hs series D
75
74
M 8
♦Cony debenture 3Xa
Phlla Bait A Wash 1st g 4s
General 5s series B
22
15X
67 X
'"66"
J
68
*47 h
111X
4
4X
J
D
3Hs deb.. 1952
conv
*11
I
34
42
*67 H
J
♦96 h
63
1941M S
5
111
*103
1980 m s
1st g 4 Hs series C
Phelps Dodge
A
1973 M N
N Y A Long Branch gen 4s
113 X
45 X
4H
1946 M N
♦N Y L E A W Coal A RR 5Ha '42 M N
♦N Y LEA W Dock A Imp 5s 1943 J
113X
45 X
2000 M N
*
79 X
117X
113 H
O
Apr
1990
N Y A Harlem gold 3Xa
Ha series B
76 X
♦116X
78 X
.1943 A
♦N Y A Greenwood Lake 5s..
A
89 H
95 h
98
45 H
53 h
101
108
N Y A Erie—See Erie RR
4
91
General 5s series B
1974 A O
1978 M S
1938 A O
♦Ref 6 Hb series A
♦Ref 4 Ha series C—
ser
No
90 X
78 h
N Y Chic A St Louie—
N Y Lack A West 4s
High
Jan. 1
106 X
Pa Ohio A Det 1st A ref 4
He A.1977 A O
4Xa series B
1981 J
Pennsylvania PAL 1st 4 He—1981 A O
Pennsylvania RR cons g 4a
1943 MN
Since
Asked
58 h
A
2013 A O
Lake Shore coll gold 3X8— 1998 F A
Mich Cent coll gold 3 Ha
1998 F A
Ref A Impt 4 Ha ser
♦3-year 6s
a
Low
Penn-Dixie Cement 1st 6s A
Range
Friday's
Bid
83h
1942 J
Debenture 4s
110
66 H
Range or
Sale
Price
Low
66 h
A
Last
Week Ended Dec. 16
17, 1938
Week's
Friday
Friday's
Bid
Price
Newport & C Bdgegengu4Hfl-1945 J
N Y Cent RR 4s series A
1998 F
Dec.
Week's
23 X
35
21h
6h
154
18
73
5
13
14 h
225
11X
23
50 h
52 h
69
50 h
79
7h
261
5H
Pitts C C C A St L 4XS A
Series B 4X8 guar.
1940 A
O
1942 A
*80
92
O
92
104
104
104
*106
77 X
93H
101X 108X
103
110X
1957 (VIN
—1967 J
D
6h
{♦Harlem R A Pt Ches 1st 4s 1954 M N
{♦N Y Ont A West ref
♦General
g 4s
6h
4h
1992 M S
4s
1955 J
D
.
5h
13h
3x
64
5
{♦N Y Providence A Boston 4s 1942 A
O
64
64
N Y A Putnam 1st con gu 4s. .1993 A
O
50
50
M N
*108
21
N Y Queens El Lt A Pow 3 Ha
1965
{N Y Rys prior lien 6s stamp. .1958
j
j
N Y A Rlchm Gas 1st 6s A
1963 j
105h
1951 ivin
N Y Bteam Corp 3Hs
108 X
N Y Telep 1st A gen s f
Ref mtge 3Ha ser B
N Y Trap Rock 1st 6s
101H
2
101h
12h
103h
103 h
*17
J
109 h
108 h
109 h
62 h
7
D
Nord Ry ext Blnk fund 6Hs—_1950 A
{{♦Norfolk South 1st A ref 5s.1961 F
O
A
♦Certificates of deposit.
72 x
94
102
3
130
107 h
95 h
99 h
94 h
17h
11
6
60
6X
X 110X
107H 108H
9
82
85
66
43
111
H
105h
105 h
58
97
No Am Edison deb 5s ser A -.1957 M 8
Deb 6Hs series B
Aug 15 1963 F A
Deb 6s series C
Nov 15 1969 M N
104 h
105
7
99
H 105X
106
105h
106
18
101
105 h
61
96 X 105H
110
115
1974 M S
*105h
♦Apr 1 1935 A sub coupons..1945
♦Oct 1938 A sub coupons
♦Ctfs of deposit stamped
Apr'33 to Oct'38
*42 H
107
1945
coups..
North Pacific prior lien 4s
Gen Hen ry A Id g 3s Jan
*35H
1945
33H
1997 q
2047 q
2047 J
Ref A impt 4 Hs series A
Ref A impt 6s series B
Ref A impt 6s series C
Ref A impt 6s series D
•
82
35
83H
F
47
50
J
s
28-year 4s,
D
'1 6§h
A
For footnotes
see
pace
1942 J
J
J
108
108
J
81
81
.
J
1951 J
J
13X
3X
90
43
41 X
6
14X
25
105
40
55
40
44 X
548
108X
81
3X
3X
64 H
101
"21
2
9H
18X
103H 108H
74 H
85
56
3H
8
40
2
32
43
97
15
82 H
98
70 H
d
40
96
2
D
1941 J
13H
44 X
A
O
1997 J
J
Gen A ref 4Xs series B
1997 J
56
54 X
70 H
56
39
52 H
48H
75
69 X
67 X
69 H
44
58
93 H
J
Remington Rand deb 4Hs w w.1958 m s
Rensselaer A Saratoga 6s gu.'
1941 mn
1 Republic Steel Corp 4Xs ser A1950 M S
Gen mtge 4Xs series B
1961 F A
Purch money 1st M conv 5
Xs '54 M N
Gen mtge 4Hs series C
1956 mn
Revere <?op A Br 1st mtge
J
J
68
69 X
81
7
67
93
150
84
103X
9
100
102 X
101
103
105 X
104 X
105 X
92 X
29
71H
107
19
94 X 112
96
72
92 X
91X
105 X
125
95
♦Rheinelbe Union
f 7s..-....1946 J
J
50
28 X
50
79
♦Rhine-Ruhr Water Service 6s.1953 J
J
*22
22 X
20
80
41
*27
107
♦Rhine-Westphalia El Pr 7s.—1950 M N
30
27
25 x
32
102
107
♦Direct mtge 6s
--.1952 mn
♦Cons mtge 6s of 1928——.1953 F A
♦Cons mtge 6s of 1930
1955 A O
Richfield Oil Corp—
27 H
27 X
27X
24 X
107
J
4H
5
13
108,,
106X
J
79
111H
109 H
A
98
106 H
♦Rima Steel 1st s f 7s
91X 101H
98 X 107X
96 X 104X
1944 A
O
57 h
99 h
60
64 H
.5
57 H
98 H
84
50
108 H
7
2
10
*
65
70
11
99 H
113
86 x
97 H
80
121
50H
17
102 H 108H
103
105X
104 X
105X
{♦Rut-Canadian 4s stmp
1949 J
{♦Rutland RR 1st con 4Xs.. 1941 J
♦Stamped
J
1996 J
104 H
18
12
20X
l48X 122
*122X
109 H
107 X HO
*108X
7X
20 X
J
4X
4X
4X
34
4X
5H
10H
5
12H
110
110
J
5X
5X
1
J
5
5X
12
105X
11
106
34
104 X
104 X
105 X
105 X
*106 X
*50"
61
15
100X 106H
99H 106
103
109
57 X
61
42 X
64
46
70
62
X
13X
14X
19
12
18H
51
58 X
6
50
69
"iix
11X
12 H
245
10 x
10 X
12X
149
lix
10 X
11H
13
10 X
10X
13X
J
♦Certificates of deposit--,
l"78 m"s
8X
7
75
8X
12
77
7
15
13H
15H
13 H
14
11X
12
459
10 X
55
10
11X
389
51
55 X
43
38
30 X
30 X
30 X
7
20
38
J
22 H
20
28
13
27H
J
14X
12 X
23 X
14 H
64
9
18H
{ St L SW 1st 4s bond ctfs
1989 MN
♦2d 4s inc bond ctfs...Nov 1989 J
J
{♦1st terminal A unifying 5s. 1952 J
♦Gen A ref g 5s series A
1990 J
16H
35
60
61
J
108" no"
"93 X
J
I960 J
100H
16 X
109 H
50
5
52
83
41
44 H
11
97 H
100 x
15
35
28X
21
75
*100
19X
48 X
40 X
lix
31X
99 H 103 X
90
103 H
88 X 104
89X 107
103 X 105H
30 X
3
161"
33 H
X
40 X
of deposit
♦Con M 4Xs series A
♦Ctfs of deposit stamped.,
195
33X
24
no"
J
72
33 H
24 X
9 X
gold 6s
1966 A O
St Louis Iron Mtn A Southern—
♦§Rlv A G DIv 1st g 4s
1933 mn
♦Prior Hen 5s series B
H
30 X
J
H
40 X
18
2d
♦Certificates
101H
"30 x
Safeway Stores s f deb 4s
1947 J d
Saguenay Pow Ltd 1st M 4HS.1966 A O
St Jos A Grand Island 1st 4s—1947 J
J
g 5s
92
6
O
{♦St L-San Fran pr lien 4s A. -195
♦Certificates of deposit--,
60
16
1948 A
{♦St L Peor A N W 1st gu 5s__ .1948 J
St L Rocky Mt A P 5s sptd
.1955 J
97 X 103 X
95H
O
87 H
102
95H
1949 A
50
*38 X
57
*100H
*100H
95H
27
27 X
100
«13X
56 X
63
81
100
118X 122
"66 X
♦Ruhr Chemical s f 6s
{ St Lawr A Adlr 1st
98 X
58
105
I
1
*166"
1952 MN
|
82
60
102 X 108
98
i05~
*122
D
•
102 H 109 H
98 H 106X
93 H
49
A
A
57
106 H
69
97 h
D
1944 J
60 H
106X 111H
85h
8
1941 F
45
41
105
8
1942 J
65
*101H
S
1949 M
62
116X
110X 118X
90X 106H
59
79 H
111H
108
99X
92 H
*103X
1977 M S
Gen mtge 5s series E
1962 m S
Gen mtge 3Hs series H
1967 M S
Gen mtge 3Hs series I._. 1967 M S
{{♦R I Ark A Louis 1st 4Xs_. 1934 m S
109
109 H
108
J
8
2
3
64 H
92
27 X
...
♦1st con A coll trust 4s A
Roch G A E 4 Xs series D
110
103
69
27X
"27 X
1952 J
{♦Rio Grande West 1st gold 4s. 1939 J
113
103
115H
108
.1952 m S
100
1955 F
♦Rio Grande June 1st
gu 6s„. 1939 J
111X H4X
110
2
105
D
.1968 M
10
107H
69
debentures
36
111
D
s f conv
50
103 H
79 H
*60H
D
D
4s
Rlchm Term Ry 1st gen 5s
113
114H
12
92H
108X
106H
114H
llfiH
103
13
98
113H
107
4X
3X
s
107
"44
102 H
78 H
J
J
4X8.1956
100
113H
*110H
D
.1955
3737.
60
107
43 H
40
59
88 H
103 H
D
1963 F
58 X
"105X
J
45
11
1942 M
S
J
19
106 H
Paramount Pictures deb 6s... .1955
3H8 conv debentures
1947 M 8
Guar 3H8 trust ctfs C__
Guar 3 Hs trust ctfs D
Guar 4s ser E trust ctfs
1960 M
1950 J
6s__1942 J
55
105 H
J
Parmelee Trans deb 6s
Pat A Passaic G A E cons 5b...
♦Pauiista Ry 1st s f 7s
Penn Co gu 3Hs coll tr ser B_.
conv
100
40
*105
"mn
o
Paris-Orleans RR ext 5Hs
*99
46
101H
.1938
f g 3s loan ctfs
*101
63 X
106 X
103 H
M
A
20
106
.1955 J
55 H
109X
115X
24
100H
Panhandle Eastern Pipe L 4s.. .1952
Paramount Broadway Corp—
32
199
101
1966
20
X
108
55
J
ser B_. .1966
Ref mtge 3Hs series C
Paducah A III 1st s f g 4 Hs
1st M
41
D
ext g 4s_. 1938
TJel A Tel 3 He
55 H
47 X
106
46
42
106
d
Gen A ref 4Xs series A
35
1966 J
„
38
d
{♦Debenture gold 6s
93 X
1972 J
Pacific Coast Co 1st g 6s
.1946
Pacific Gas A El 4s series G„. .1964
1st A ref mtge 3Ha ser H... .1961
1st A ref mtge 3 Hs ser I
.1966
{♦Pac RR of Mo 1st
{♦2d ext gold 5s
28
67
105
con g 4s.
1946 J
Ore Short Line 1st cons
g 5s.1946 J
Guar stpd cons 5s
1946 J
Ore-Wash RR A Nav 4a
1961 J
Otis Steel 1st mtge A 4
Hs
1962 J
Pacific
7
45
1962 F
Reading Co Jersey Cent coll 4s. 1951
40
101
105
1943 F
53 H
3
52 h
4H
4h
4x
Ontario Transmission 1st 5s...1945 MN
Oregon RR A Nav
23
S
.1946 J
40
48 X
62h
106 X
1943 M S
.1965 M N
1st mtge 3Hs
Oklahoma Gas A Elec 3 Hs
48 debentures
Ontario Power N F 1st g 5s
"l
43
62 H
76
*
J
J
1967 M
45
50 H
A
J
Connecting Ry 1st 4s
16
61X
1948 J
Ohio Edison 1st mtge 4s
1st mtge 4s
93 X
60
54
2047 J
♦Stamped
3
107X 117
107
110X
94 X 112X
90
112H
71X 104X
49 h
"61h
2047 J
Og A L Cham 1st gu g 4s
Ohio
82 H
49 h
71
d
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk
(65% pd)._.
107
40
j
2047 J
Northern States Power 3Hs
1957 F
Northwestern Teleg 4Hs ext..1944 J
121
104H H6H
—
A
{♦Providence Sec guar deb 4s..1957 mn
{♦Providence Term 1st 4s
.1956 m S
Purity Bakeries s f deb 5s
J
1948 J
107X
104 h
{♦Northern Ohio Ry 1st guar 5s—
1948 J
102 H
102
109
107 H
45
91X
*107
Pressed Steel Car deb 5s
60
45
8
O
93
{{♦Postal Teleg A Cable coll 5s. 1953 J
Potomac Elec Pow 1st M 3XS.1966 J
19X
17H
121
1974 M
101X
.-.1974 J
6s stamped
97
9
5
O
101X
101X
1977 J
Porto Rico Am Tob
102H
8X
ser
Port Gen Elec 1st 4Xs
1st 6s 1935 extended to
75
3X
65
102 X
1975 A
1st 4Xs series D
104
122
d
1960 A
112
*111
1970 J
1st gen 5s series C
105 h
Gen A ref 4Hs series A
1964 mn
4Xs
1st gen 5s series B
104 X 110
62
67
120
North Cent gen A ref 6s
guar
103X 107
60
104 h
*115
4Xs
Pitts Y A Ash 1st 4s
14
105h
cons
*102 X
8X
120
A
112
1st mtge 4X8 series C
11X
A
1996 O
1961 F
A
52
60
16
16
4
18 h
16 h
15h
{{♦Norfolk A South 1st g 6s.—1941 MN
Norf A W Ry 1st cons g 4s
North Amer Co deb 5s
3x
110
107h
102
1
73
3h
109 h
7
40
1939
1967 J
3h
1963 F
cons
J
1977 J
Pitts Va A Char 1st 4s guar
1943 M N
Pitts A W Va 1st 4Xs ser A—1958 J
D
1st mtge 4 Ha series B
1959 A O
98
100h 102
"l3
40
1946 J
6s stamped
1946
{{♦N Y Westch A Bost 1st 4 Ha '46 J
Niagara Falls Power 3 Hs
1966 M
Nlag Lock A O Pow 1st 5sA-1955 A O
Niagara Share (Mo) deb 5X8-1950 MN
109
104 H 104X
Series I
109
10
103 h
62 h
UsM
105H
70
32
11
M N
4Hs
106
92
97m
5h
105X
100
*105
A
1953
4s
Series J
105 h
4h
104
A
1949 F
Gen mtge 5s series A
Gen mtge 6s series B
Gen 4 Ha scries C
10
*25
*103
*103
1960 F
cons guar
68
*9
A
D
1957 MN
Series H
58
j
1943 mn
103 H 104H
105
105X
64
A
1940 F
105
*95
49
F
100h
106 X
1945 M N
4
j
{{♦N Y Susq A West 1st ref 5s 1937
{♦2d gold 4 Ha—
1937
♦General gold 5s
♦Terminal 1st gold 5s
97
3x
1942 M N
5
"
....
85
j
12
Series C 4 Xs guar
Series D 4s guar
Series E 3Xs guar gold
Series F 4s guar gold—
Series G 4s guar
♦Debenture 4s
♦1st A ref 4 Ha ser of 1927
lix
7X
6X
67 H
Volume
New York Bond Record—Concluded—Page 6
147
Week's
Friday
BONDS
Range or
.3
Friday's
Last
N. Y. STOCK EXCHANGE
is
Sale
Week Ended Dec. 16
Bid
Price
He,
A
{♦St Paul A K C Sh L gu 4%s._1941 F
St Paul Minn & Man—
tPacific ext gu 4s (large)
1940 J
A
No.
High
Low
6H
7H
J
115%
St Paul Un Dep 6s guar
1972
J
J
S A A Ar Pass 1st gu g 4s
1943 J
J
J
tSan Antonio Pub Serv 1st 68.-1952 J
San Diego Consol G & E 4s
1965 WIN
Santa Fe Pres A Pben 1st 5e
1946 J
A
1989
4s._1950
1950
Oct 1949
1959
110
5
♦16H
------
27%
16%
*29%
O
~~29%
29%
MN
24
6
---
32
A
O
F
A
A
O
1945 M S
9%
♦Certificates of deposit
{♦Atl A Blrm 1st gu 4s
1933 M S
{♦Seaboard AU Fla 6s A ctfs...l935 F A
9H
8%
10%
260
17H
16H
4
18%
4%
43
2%
4
4%
40
2%
5
17
17%
15H
2%
18%
2%
151
"T%
7H
8%
129
♦Certificates of deposit
♦1st
cons
A
1935 F
♦Series B certificates
4H
{♦Siemens & Halske s f 7s
♦Debenture
s
60
3
10
22
79
79%
6
.1952
O
96 H
97%
37
103 H
106
103%
36
106%
49
J
o
South & North Ala RR gu 58.-1963
South Bell Tel A Tel
o
97
o
1962
3Ms
1961 Wl S
1965 F A
Southern Calif Gas 4 Ha
1st mtge A ref 4s
Southern Colo Power 6s A
1947 J
Southern Kraft Corp 4 %s
Southern Natural Gas—
1946 J
D
103 H
106
♦UIH
—
—
-
-imtmm
1st mtge pipe line 4 %s
8o Pac coll 4s (Cent Pac
Gold 4 %3
10-year secured 3 % s
_
-
107%
7
106%
12
111
*110%
*
-
"91H
----
15
101%
1951 A O
coll)..1949 J D
A...1977 Wl
1968
1969 MN
1981 MN
1946
51%
55 %
51
53%
78
57
1978 A
O
11
10
1980 A
O
11%
10%
12%
12%
12%
107%
Southern Ry 1st cons g 5s.
4 s series A
Devel A gen 6a...
Devel A gen 6%s
f 5s
86
14
102
31%
63%
52
236
30
51%
261
63
59 H
59
61%
83
30%
43%
85%
8
77
69%
185
52
77
18
25
2361 J
2361 J
J
54
53%
55%
35
47
J
49
49
49
------
*102%
...1949 M S
23%
83
60
26
72%
Conv "deb
70%
74%
114
28
75%
1st mtge 8 f 4s ser C...
64
67
78
--
-
-
1
62
.-
-
-
-
e
106% 110%
—
95
102
107%
33
105%
106%
107%
*121
-
102%
*102%
-
-
-
-
---
-
106
113%
103
87
87
1951
1943
2000
102%
95
2
102%
70%
102% 106%
109% 114
99
108%
4
36
3
87
70
90
78
103% 107%
81%
81%
104% 116%
115"
115%
17
81%
82%
15
70
88%
Gen A ref 5s series C
1979
83 H
83%
82
.69
88%
Gen A ref 5s series D
1980
82
81%
81%
82
35
97 H
96%
97%
40
39%
40%
14
♦Adj Income 6s
{♦Third Ave RR 1st g 5s
Jan 1960
7
Tide Water Asso Oil 3 %s
1952
Tokyo Elec Light Co Ltd—
1st 6s dollar series
1953
71%
8
1960
Tex Pac Mo Pac Ter 5%s A...1964
4%
4%
108
104
8%
6%
108%
5
5%
107%
105%
107%
104
103%
104
90
24%
3%
3
210
2
105%
37
98
57%
56
40%
63%
84% 102
56
*...
*-""
4s.. 1946
N
87%
61%
*97""
*123
1949
J
26
-
-
—
26
-
---1
5
2
26
10
26
7s
1946.
Jan.
"95"
18
96
3
35
105
7
116%
69%
87
110%
ft ♦
116%
9
108%
108%
76
Bonds selling flat. {
*
z
Deferred delivery sales transacted during the current
56
104%
105%
92
114
2
114
O
"95%
94%
95%
18
1971 M N
95H
94%
95%
50
*107%
79%
108%
O
O
s
s
♦108%
"24 H
Toiji
—
— —
— -
"
1951
York Stock
Exchange,
Dec. 16,
1938
Railroad &
Slate,
Municipal <fc
United
Total
Miscell.
States
Bond
Bonds
For'n Bonds
Bonds
$522,000
849,000
405,610
899,305
$3,810,000
Tuesday
1,093,650
8,988,000
1,965,054
1,798,710
1,147,040
10,910,000
11,333,000
7,357,000
964,000
1,338,000
1,117,000
1,298,000
7,309,369
$49,607,000
$6,088,000
SaturdayMonday—
---
7,209,000
Sales
$4,391,000
8,169,000
$59,000
111,000
261,000
188,000
10,213.000
12.436,000
186,000
317,000
12,636,000
8,972,000
$1,122,000
$56,817,000
Jan. 1 to Dec. 16
Dec.
York Stock
1937
1938
1937
1938
Exchange
Stocks
95%
108%
69%
7,309,369
5,059,754
283,495,572
395,339,392
$1,122,000
$123,599,000
1,392,340,000
$342,995,000
336,110,000
2,025,409,000
$1,752,184,000
$2,704,514,000
.
82
60
6,088,000
49,607,000
$2,061,000
5,318,000
32,545,000
$56,817,000
$39,924,000
Government.....
236,245,000
81%
109%
State and foreign...__
Railroad and industrial
82
107
8
24%
19%
Total.
15
107
23
123%
104%
167
101
104%
49%
22
27%
27%
49%
49%
Stock and Bond Averages
20
27%
49%
daily closing averages of representative
stocks and bonds listed on the New York Stock Exchange
48%
-----
Week Ended 16
Sales at
New
Stocks—No. of shares.
109% 116
83%
96
68
119
104%
J.
Total
107%
----
71%
110
24%
117
U S Pipe A Fdy conv deb
97
103
35
82
69%
71
New
the
at
Stocks,
107% 114%
June 2008
week and not Included in
Number of
Shares
Week Ended
104% 113%
111%
105H
1st lien A ref 4s—_.._.June 2008
No sales transacted during current week.
the yearly range:
10%
115% 119
111
"i08H
under
{ Companies reported as being In bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
^•Friday's bid and asked price.
7
10
111
F
1st A Id gr 4s... 1947 J
102.
Thursday
110
97
76%
1, 1939 at 103.
105.
1939 at
1,
Wednesday
103%
20
108%
1
Stock Exchange bond Issues which have
Daily, Weekly and Yearly
80
103
108%
9%
-
?r
"
117% 121%
76%
"108H
A
104
96
47
week and not Included In the yearly
§ NegotlabUity impaired by maturity,
t The price represented is
per 200-pound unit of bonds.
Accrued Interest payable at
Friday
.1945
104% 107%
105%
50
108%
26
26
1952
166""
-----
108%
214
quotation
Transactions
7%
88%
104%
?56%
dollar
90
6%
9
9
Hockensack Water 4s 1952. April 26. 1939 at 105.
Republic Steel 4Hs A 1950, Dec. 30 at 105.
San Antonio Pub. Serv. 6s 1952, Jan. 1, 1939 at 110.
45
71
*
J
\
1942
f 6 %s series C
14%
5
No sales.
87
104
88%
.1937
Tol A Ohio Cent ref A imp 3%s 1960
1950
Tol St Louis A West 1st 4s
s
6%
33
5%
107%
Goodyear Tire A Rubber 5s 1957, Dec. 30 at
98%
"82"
♦Sec
27
5%
during current week, a Deferred delivery sale; only
during current week,
n Odd lot sale, not Included In year's range,
Ex-lnteresti
Fiat
1977
1948
9%
6%
J~D
Crown WUlamette Paper 6s 1951, Jan.
106%
91%
*
A.. 1951
8%
5%
•f The foUowIng Is a list of the New York
-----
Gen A ref 5s series B
Corp 3%s debs
94%
been called In their entirety:
103
-----
106%
H
x
the
119% 125
4
113%
"102%
Texarkana A Ft S gu 5 %s A...1950
U S Steel
61
exchange rate oi $4.8484.
87%
105% 108
46
91
4%s.._1939
♦Un Steel Works Corp 6 Ha
71
105% 110
8
15%
4%
Cash sales transacted during the current
transaction
46%
----
102%
102%
92%
102%
~92%
1947
J
96% 101%
10
42
---->
10%
8%
91% 101%
4
7%
53
— —
96%
79%
31
----
Cash sale; only transaction
r
49
{{♦United Rys St L 1st g 4s... 1934
3%a. 1946
110%
6%
1948 M S
.1961 MNl
4s
No sales.
84%
1953 Wl
105
range:
99% 103%
80%
"84 %
1944 Wl
4
70
35
1961
105%
9
{♦Wor A Conn East 1st 4 Hs—1943 J
80
5s._.
10
-
-
63
100
94
*109%
75%
45
----
101%
93
---
-
Youngstown Sheet A Tube—
80
United Cigar-Whelan Sts
-
-
5
100%
94
J
45%
*105
1952 A
101
J
83
15%
United Biscuit of Am deb 5s... 1950 A
J
-
101%
4%
4%
1
107%
93%
93%
*101%
——-
O
A
1960 J
307
Staten Island Ry 1st 4%s
United Drug Co (Del) 5s
U N J RR A Canal gen 4s
1947
248
*110%
1970 A
A
D
—
-
107
107%
1940 M N
72%
102%
34-year 3%3 deb
35-year 3%8 debenture
77%
47%
81%
59%
62
1952 J
86
13
68%
105%
3 %9 debentures
109
113
53%
*65%
J
59
15%
51%
48%
25
74%
52
22
79%
*73
1962 J
26
52%
{♦Sup A Dul dlv A term 1st 4s *36 MN
♦Certificates of deposit
98
{{♦Union Elev Ry (Chic) 5s... 1945
Union Oil of Calif 6s series A... 1942
56
58
93
100
Ujlgawa Elec Power s f 7s
3%s.
32
23%
52
22
{♦Wis Cent 50-yr 1st gen 4s...1949 J
♦Certificates of deposit
83%
104%
2
Union Electric (Mo)
23%
21
51%
Conv deb 3Hs-.-
101
f 7s
21%
97% 108%
16
26%
52
81
J
19
22
Winston-Salem S B 1st 4a
99
A.. 1953
♦Tyrol Hydro-Eleo Pow 7%s.. 1955
93
98%
68%
73%
103%
103
J
63%
48%
62
Trenton GAEllstg5s._
2
S
Wilson A Co 1st M 4s series A.1955 J
140
48%
102%
1st lien A ref 5s
1960 M
....
{{♦WIlkes-Barre A East gu 68.1942 J
104%
Union Paq RR
62%
White Sew Mach deb 6s
102%
sec e
22
Wheeling Steel 4H8 series A.-.1966 F
104%
♦Guar
23%
1946 M S
...1950 MN
...1951 J D
76
102 X
Tri-Cont Corp 5s conv deb
84%
85%
103
69%
"104 %
Toronto Ham A Buff 1st g
80%
Wheeling A L E Ry 4s ser D...1966 M S
1953
Tol W V A Ohio 4s series C
19
J
Registered
19%
105%
Third Ave Ry 1st ref 4s
119%
1943 A O
A...1946 M S
35%
9
deb 3%s
Texas A N O con gold 6s
Texas A Pacific 1st gold 5s
S
105%
121% 123
98% 106%
116
120%
106% 110%
101% 107%
54
1977 J
41
1
Texas Corp
105%
1
71H
1944
1953
102
105%
33
West Shore 1st 4s guar
♦{Spokane Internat 1st g 5s—.1955
Staley (A E) Mfg 1st M 4s
1946
Standard Oil N J deb 3s
1961
4s
-
105%
82%
107%
f g
-
--
80%
112
101
s
--
----
O
225
16
gold 5s
----
♦Westphalia Un El Power 6s..1953 J
39
1st cons
-
1952 A
25-year gold 6s
30-year 5s.
94%
91
*123%
-
-
*101%
------
West N Y A Pa gen gold 4s
103%
Gen refund
*
------
106%
ser
t
1
108%
107% 110
106%
.
«
104
120%
109%
♦5s assented
90
1
...
106%
109%
106%
119%
109%
{♦Western Pac 1st 6s
«
*
"106%
J
Western Union g 4Hs
82
91%
49%
>
1
D
1st A ref 6Hs series A
71
28
1966 J
90
107%
15%
Term Assn of St L 1st g
1
50
1952 J
Western Maryland let 4s
102%
Tenn Elec Pow 1st 6s ser A.
5
45
— — —
241
D
E. 1963 M
ser
86%
24
83
50
—
91
1st mtge 3 Ha series I
West Va Pulp A Paper 4 Hs
*57%
1943
deb 6s_1945
Swift A Co let M 3%s.._
1950
Tenn Coal Iron A RR gen 5s—1951
Tenn Cop A Chem deb 6s B—.1944
Tennessee Corp deb 6s ser C--.1944
H CO S
108%
89
80%
90
J
a
Wisconsin Public Service 4s
♦Studebaker Corp conv
100
66%
*78
—--
90%
D
107%
2$is
6
*
45
——
-
A
107 H
1st A ref 3s series C
to
87%
1945 F
"103H
So'western Bell Tel 3 %s ser
14
109
*35
1939 J
8o'western Gas A El 4s ser D..1960
St Louis Div 1st g 48
7
S
M
Westchester Ltg 6s stpd gtd... 1950 J
Gen mtge 3 Ha
1967 J
1996
1951
B..1964
1968
Mem Dlv 1st g 5s
14%
13%
135
A
1941
Wash Water Power
84%
1955
1994
1956
1956
1956
stamped
42
6%
6%
55%
68%
63%
72%
65%
66
O
1939 M S
10%
49
64%
107
O
1955 A
22
51
68
D
A
51H
1955
30
-----
38
—
12%
1945 F
57%
52%
1950
4s
-
10%
53
49%
-
48
-----
----
-
35
25
15%
----
10%
Wash Term 1st gu 3 Ha
1st 40-year guar 4s
106% 110%
87% 102
•
16
\ 101%
101
101
—
11%
Washington Cent 1st gold 4s.. 1948 Q M
79%
99%
90% 104%
103% 108
110
120%
101% 107%
105% 108%
27
92
91%
44
67%
16%
25
38
—
11%
RR 1st consol 4s
San Fran Term 1st 4s_.
So Pac RR 1st ref guar
--
-
_
23%
*38%
S
97
■
A
64
106%
100
1st 4Ha (Oregon Lines)
Gold 4%s
Gold 4%s
_
23
*10
24
O
M
45%
27%
1976 F
61%
20%
107H
-
106 %
J
Devel A gen
76
21%
1950
*16%
1941
8
11%
.
A
1951
1st 4s
61%
11
A
Socony-Vacuum Oil 3%s-_
J
32
49
Certificates of deposit
{♦Warren Bros Co deb 6s
5%
23
74 %
Skelly Oil deb 4s
*39
Warner Bros Pict deb 6s
96% 105
48
70%
104%
1946
1941
Simmons Co deb 4s
J
Warren RR 1st ref gu g 3%8__ 2000 F
13
23
S
♦Silesia Elec Corp 6%s
SUesian-Am Corp coll tr 7s
1941 J
42
High
99% 106
96
32
8%
5%
1951
f 6%s
*25
4%
4
60
103 H
103 H
25%
J
5Hs A. 1975 M S
gen
West Penn Power 1st 5s
1951 Wl S
D
1952
J
1935
Shell Union Oil deb 3%s
Shinyetsu El Pow 1st 6 %s
A
2%
"331
11
9H
Low
29
1954 J
4
5
7%
*5
6s series A
5
17
No.
106
1939 F
68 debentures
5%
—\y
105 %
106
44%
Walker (Hiram) GAW deb 4Ha 1945
Walworth Co 1st M 4a.
1955
109% 117
11%
20
9
18%
-
O
g
High
Since
♦Ref A gen 4Hs series C
♦Ref A gen 5a series D
30
A
{{♦Seaboard Air line 1st
{♦Gold 4s stamped
♦Adjustment 5b
{♦Refunding 4s
Jan. 1
23
24
----
29%
118%
♦116
12
Range
eqti
A
♦Ref A gen 5s series B
112%
14%
20
6
34
{♦Wabash Ry ref A
•3
Ask
Friday's
Bid
1939 MN
♦Toledo A Chic Dlv g 4s
104
----
18
16%
1946 A O
Scioto V & N E 1st gu 4s
13
1966 M S
♦Dec Moines Dlv 1st g 4s__. .1939 J
♦Omaha Dlv 1st g 3 Ha
1941 A
81%
109% H3IM
108
111%
....
109 H
J
102 %
45
111
Range or
Sale
Price
♦1st lien g term 4s
♦Det A Chic Ext 1st 6s
109 H 118%
78
110H
J
J
""4
59
*109I5»j 112&M
1942 M S
{♦Schulco Co guar 6%s
♦Stamped
♦Guar s f 6%s series B
♦Stamped
115%
56
56%
Last
EXCHANGE
Low
11
97
100
STOCK
Virginian Ry 3 Ha series A
4 {♦Wabash RR 1st gold 5s
♦2d gold 5s
9%
6
33
7%
♦98
Y.
Week Ended Dec. 16
98
7
7
*5 H
N.
High
88
J
BONDF
Since
D
St Paul A Duluth let
3737
eek's
Friday
..-r**
Range
Jan. 1
Asked
Low
con g 4s._1968 J
{♦St Paul E Gr Trk 1st 4 Ms—1947 J
i
*
-
---
♦Sink fund deb 6%s ser A... 1947
United Stockyards 4%s w w.. 1951
"49%
48%
88
88
2
88
94
1944
"94"
93%
94%
20
73
94
95%
56
78%
97%
97%
60
65%
45
45
66
161
45
66
77
_
the
60%
59%
101
Utah Lt A Trac 1st A ref 5s
Utah Power A Light 1st 5s.„.. 1944
1947
{♦Utll Pow A Light 5 Ha
""65
1959
65
{♦Debenture 5s
cons g
4s series A
Cons s f 4s series B
1955
1st cons 5s
o
99%
100
*104%
A
1957 M N
{♦Vera Cruz A P 1st gu 4 Ha—1934
{♦July coupon off
Va Elec A Pow 3Hs ser B
1968
Va Iron Coal A Coke 1st g 5a...1949
Va A Southwest 1st gu 5s
Below
as
are
compiled by Dow, Jones & Co.:
^
Bonds
Stocks
Vanadium Corp of Am conv 58.1941
VandaUa
49%
—
—
—
—
— -
12
100
-----
---
----
-----
10
104% 105%
104
Date
104
4
%
%
"108H
107
108%
*35
41%
*75
85
2003
1958
57
20
15
Indus¬
2%
*1
J
30
60
"~88
-
-
—--
—-
-
8
Rail¬
Utili¬
trials
%
J
-
roads
ties
106% 108%
35
75
39
65
Stocks
10
Total
10
First
Second
10
Indus¬
Grade
Grade
Utili¬
40
trials
Rails
Rails
ties
Bonds
89.52
Dec. 16.
150.89
30.51
22.42
51.92
105.93
Dec. 15.
45
75
Total
151.82
31.10
22.38
50.00
106.94
93.55
52.60
105.80
89.72jj
49.88
106.85
93.44
51.85
105.74
89.471
49.61
106.95
,
63%
93.28
Dec. 14.
151.83
30.89
22.13
Dec. 13.
149.59
29.86
21.60
48.92
106.85
93.04
60.74
105.65
89.071
Dec. 12.
148.65
29.45
21.38
48.52
106.75
92.81
50.46
105.75
92.71
50.19
105.60
88.94|
88.79®
Dec. 10-
148.31
29.10
21.34
48.33
106.64
New York Curb
3738
Exchange—Weekly and Yearly Record
Dec.
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless they are the
only transactions of the week
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
17,
1938
and when selling outside
computing the range for the year.
In the
following extensive list
we
furnish
a
complete record of the transactions
on the New York Curb Exchange for the
(Dec. 16, 1938).
It is compiled entirely
every security, whether stock or bond, in
week beginning on Saturday last (Dec. 10, 1938) and ending the
present Friday
from the daily reports of the Curb Exchange itself, and is intended to include
which any
dealings occurred during the week covered.
Last
STOCKS
Acme wire v t
Aero Supply
of Prices
High
Price
Low
Air Associates Inc com
14%
5%
7
1
preferred
Ala Power 87 pref
80 preferred
7%
Oct
12%
Nov
Blue Ridge
com
1
2%
900
Mar
3%
23
Nov
Nov
S3 opt conv pref
Blumenthal (S) <k Co
*
*
%
61%
Nov
Bohack (H C) Co com...*
7% 1st preferred....100
18%
57%
100
33%
74%
350
63
50%
44%
2
700
Mar
2%
1%
1%
200
%
Apr
100
%
8%
Aug
Aug
May
Feb
2d
50
12%
Mar
160
2
6
19
128 %
121% 129%
109% £108% 111
Oct
67
10%
Borne Scrymser Co
Nov
11
Aug
June
6%
Feb
3,600
07
Mar
145%
Nov
142%
109
109
59
18%
1%
69
60
8%
.
%
22%
*
X
1%
04
12%
Jan
Oct
Class A with warrants. 25
Class B
1
23
32%
*
115
American General Corp 10c
82 preferred
....1
82.60 preferred
1
Amer Hard Rubber Co..60
Jan
Brown
$6
8%
19%
Mar
Mar
9%
29%
114
10%
33
115»
4%
4%
600
104
2%
2,900
Apr
Mar
250
23%
11
17,900
24
27%
11
23
25
Mar
8
12%
June
200
Nov
26%
*
9
Amer Seal-Kap com.....2
5%
54
Am Superpower
Corp com*
1st 80 preferred
_.*
%
300
100
54
%
30
9%
7,200
5%
700
3
%
58,800
70
500
17
19
1,300
2%
108%
1,300
3
11
11%
108% 108%
2,900
1,400
8,500
8
8,000
%
2%
2%
7%
2%
6%
0%
6%
10
pref!.*
70
3
'ia
"~2H
Arkansas Nat Gas com...*
400
4%
200
7%
96
20
18%
Aug
Oct
26%
Oct
Jan
Oct
Dec
% June
55
Nov
11%
Aug
7%
Jan
Mar
1%
Oct
75
Jan
27%
Oct
4
Feb
2%
July
Option warrants
Assoc Laundries of Amer. *
*
Purch warrants for com
7% preferred
30
Baldwin Rubber Co com
*1.
Feb
Jan
Barlow A Seelig
Mfg A...5
Basle Dolomite Inc
com._l
Bath Iron Works
Corp
1
Baumann (L) Co com.. *
7% 1st prferred
loo
Beaunlt Mills Inc com.. 10
81.50 conv pref
20
Beech Aircraft Corp
1
Corp
com_..l
Bellanca Aircraft com.
1
Bell Tel of Canada
100
Bell Tel of Pa
6%% pf.100
Benson A Hedges com...*
Conv pref
*
Berkey A Gay Furniture.
22%
25
900
20%
21%
400
450
1,300
Jan
non-voting..
..*
Canadian Marconi..
1
Capital City Products...*
Carlb Syndicate
Nov
July
5%
Nov
1st preferred
Mar
11%
Jan
2%
*
32
6%
7%
Nov
100
Conv pref opt ser '29.100
28
27
s
%
420
28
1,ie
16
Mar
30
July
Cent Pow A Lt 7% pfd 100
Cent A South West Utll 50c
Cent States Elec com
1
Jan
%
0,400
2,200
»i«
%
6,700
1%
7%
4%
1%
8%
4%
1,500
1,300
6%
Mar
700
4
Mar
16
17%
75
15
Apr
15
15
25
13
Mar
17%
Aug
Nov
2%
Jan
23
25
6!6
1%
7%
4%
17%
3%
44
3%
Sept
1%
Jan
6%
%
Mar
25%
Dec
Mar
%
Jan
%
Mar
2%
9%
Jan
8%
21
July
Jan
Jan
45
29%
31%
13,500
1%
1%
Mar
3%
Nov
590
3%
44
29%
»ii
13%
Mar
46%
Nov
3,800
19
June
37
Oct
6%
6%
7%
9,300
2%
Mar
17%
19%
1,150
11%
Apr
%
400
1%
1%
1%
5,300
6%
6
6%
700
6%
7%
4,400
4%
Mar
%
June
100
preferred
Conv preferred
100
Pipe
*
Chamberlin Metal Weather
Strip Co—
5
Charls Corp
10
Cherry-Burrell common..5
Chesebrough Mfg
26
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...4
Chief Consol
Mining
Childs Co preferred
9%
34%
19,100
9%
10%
165% 165%
4,800
28
20
For footnotes see page 3743.
Jan
%
Nov
32
100
2%
1%
7%
1%
161#
%
%
1
2,500
%
•
300
Tu
Aug
Apr
Oct
2%
147
Mar
Mar
Apr
July
Nov
5%
34%
Nov
121
20
6
Mar
89
Dec
60
Mar
80
Jan
17
20%
11,400
10
6%
300
5%
15
23
100
100
4%
3,400
6% conv preferred
£1
Colorado Fuel A Iron warr.
Colt's Patent Fire Arms.25
Nov
Dec
Conv 5%
Aug
Columbia Oil A Gas
Dec
33%
34 T
50
% May
1%
30
%
25
5%
Jan
Dec
75
50
June
4
400
3
Mar
25
14
Mar
30
Oct
60
40
48
Sept
69
Jan
10%
Mar
14%
88%
13%
7%
13%
400
89~ """140
8
400
08% May
75%
Apr
4% June
89%
90-'
100
64
1%
1%
1%
2,100
1
*ie
%
3%
%
5.000
4
375
4
Mar
Mar
9%
3%
2%
4%
4%
7
6%
14%
117
6%
92
Dec
Oct
Oct
Nov
June
10%
Nov
90
Dec
Oct
Sept
2%
%
3
Mar
7% May
6
%
Jan
10%
475
Mar
17
3%
425
3%
Dec
10
4
475
2%
Dec
7%
Feb
4%
500
3%
Mar
4%
Aug
100
6%
14%
50
5
June
5
Mar
12% June
200
74
97
750
120
72%
100
40
Mar
3%
7%
Dec
Jan
79%
July
Mar
9%
July
»x«
62
Dec
May
47% May
5
May
46
May
2
Mar
Mar
49
49
50
29
Feb
72
46
46
25
26
Feb
67
2,500
4
Mar
2%
Mar
13
1
6,100
39
600
4%
5%
1,200
Sept
%
2%
30%
Mar
3%
1%
Dec
Feb
Mar
Nov
Jan
11
20
%
Jan
120
10
38
Jan
Jan
500
6%
Apr
21
37
6%
July
% June
20% Mar
5%
6%
92
7
9%
3%
4
72%
4
8%
4%
20
2%
4
39%
6%
3%
Feb
Feb
Oct
Nov
Jan
Jan
Mar
Oct
Feb
Jan
r.ioo
1
Mar
Mar
2%
12%
5% May
1% June
3% Mar
7%
3%
4%
Aug
Mar
9%
Nov
2%
2%
1,500
4%
4%
500
7%
6%
8%
1,900
88
98
54
91%
54%
200
2%
5,200
8,300
Columbia Pictures Corp..*
*i« May
Apr
Apr
92
"88"
preferred..100
18
9%
1%
Jan
Aug
Aug
Nov
Aug
Dec
Jan
Columbia Gas A Elec—
Dec
31
100
17
32
7%
23%
7
Mar
400
Sept
24
"2% "2%
Mar
1,300
•
4% May
0% Mar
24
com
5%
%
Jan
65%
65
Cohn & Rosenberger Inc.*
Colon Development ord
14%
1118
Nov
4
4%
25
14
1%
10
92
24
Club Alum Utensil Co
350
%
Jan
July
Jan
20
23
4%
39
13
916
.
80
15
6%
31
14
1%
46
11%
%
1%
49
Nov
12
167%
3%
10%
Jan
89
CHnchfleld Coal Corp.. 100
14
4%
80
Mar
1
Cockshutt Plow Co
Jan
89
21%
Nov
Oct
%
7
1,900
July
Mar
Sept
Sept
Sept
Apr
3%
7%
1%
8%
1%
43%
1%
4% July
63% Mar
6% June
Dec
100
3
9%
Mar
32
37
Dec
July
Mar
41
Preferred B
'J,
Preferred BB
Cities Serv P A L $7 pref.
June
May
Oct
19
Sept
Jan
Jan
21
3,700
7%
22
Oct
700
City A Suburban Homes 10
Clark Controller Co
Claude Neon Lights Inc..
Jan
Jan
Apr
5%
Nov
2%
Jan
5
Apr
8,600
31
1
warrants
•i«
6%
5
4%
113%
11%
July
6
Clayton A Lambert Mfg..
Cleveland Elec Ilium
Cleveland Tractor com
11
34%
3%
600
Mar
3
8,800
Mar
61%
June
4%
5%
1%
59%
1
51
4%
Nov
600
100
7
5
2 %
18%
3%
1
1
Preferred
preferred
Oct
Jan
Aug
"""700
22%
9%
10
Nov
Mar
®i«
City Auto Stamping
Jan
106%
10
*1#
Nov
8
88
1
Cities Service common.. 10
$6
19%
preferred
Centrifugal
Mar
1,600
15
2%
Cent Hud G A E
com....*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
Jan
Mar
6%
22%
4%
._.__*
%
•is
Mar
39
Apr
Apr
6
18
7% 1st partic pref... 100
Celluloid Corp common. 15
Oct
Oct
2%
Dec
18%
July
Jan
1,800
17
22%
600
Nov
17%
»i«
3
7%
Apr
May
4,900
July
Apr
Jan
' Nov
Jan
May
4%
24%
%!
3%
2%
Dec
3%
40
10
300
98
23
Oct
Jan
1%
11%
Mar
Apr
1% May
14
Feb
Apr
Sept
Mar
%
Mar
%
8
2
%
2
Jan
5
Nov
15
1
conv
$7 dlv preferred
Mar
Mar
Mar
Jan
July
1#ie
*
Catalln Corp of Amer
1
Celanese Corp of America
8
%
33
33
21
Carolina PALJ7 pref...*
$6 preferred
*
9
300
Nov
*
3%
%
105%
14%
Carnation Co common...*
Carnegie Metals com
1
86
Apr
Jan
2%
25c
Carman A Co class A
Class B
Mar
Jan
105
B
Mar
Dec
105%
Canadian Car A Fdy pfd 25
Canadian Indus Alcohol A*
Mar
67
Blckfords Inc com
82 50 conv pref
"24"
Cables A Wireless Ltd—
5
%
Bardstown Distill
Inc...,
Barium Stainless
Steel..
6%
16%
Am dep 5 % % pref shs £1
Calamba Sugar Estate..20
Camden Fire Ins Assoc
5
1,700
1?2
5%
15%
*
2,000
%
23'
10
v t c
13,000
'
5%
•
Mines..I"l
Class A common
Babcock A Wilcox Co
Baldwin Locomotive—
Cable Elec Prods
Dec
July
Mar
28
1
com
®iS
J82
Common vto
Assoc Tel A Tel class A..
Atlanta Gas Lt
0% pref 100
Atlantic Coast Fisheries. *
Aviation A Trans
Corp_._i
Axton-Flsher Tobacco— "
Brown Rubber Co
Carrier Corp new
1
Nov
21
July
900
100
Carter (J W) Co common. 1
Casco Products
*
Castle (A M) common..10
Dec
Oct
15%
200
Jan
4%
4%
%
7%
7
2
U16
7
500
23
Feb
Oct
8%
20%
2
Nov
Mar
100
Oct
%
19%
23
16%
4
2%
5%
28
20
*
109%
Mar
8%
%
31
...*
Apr
»i«
1,600
0
Mar
400
Forpian Distillery. 1
preferred
Apr
2%
4%
%
28%
%
2%
4%
4%
%
__i
Dec
%
Oct
1
55% June
8% Mar
3% Sept
1% Mar
2%
Dec
3 %
....1
_._._*
£12
2 %
Mar
8%
£1
Mar
2%
Industries
Assoc Gas A Elec—
6%
Burry Biscuit Corp..12%c
32
Mar
%
Class A pre!....
59
.
Oct
July
Dec
Jan
5
5%
%
69
"l9~~
30
14%
26
Apr
16
8%
•11
86 series preferred
*
American Thread pref...6
Anchor Post Fence
Purchase
27%
500
%
3,500
%
Amer Potash A Chemical.*
American Republics
10
Bell Aircraft
%
Apr
14%
Sept
%
15
Bunker Hill A Sullivan 2.50
Burma Corp Am dep rets..
70
54
27
400
Nov
Jan
*
25%
July
23
1
Apr
6%
28%
11%
Apr
Apr
Oct
2
33
Mar
%
100
700
*
Buckeye Pipe Line
60
Buff Nlag & East Pr pref 26
$5 1st preferred
*
Oct
Nov
225
14%
Jan
Mar
900
11% X\2
Bruce (E L) Co com.....5
15
14_
600
Oct
10%
88
%
Am dep rets ord reg—10s
Feb
37%
Mar
21
10%
July
115%
Apr
50
2
33
1%
£1
Jan
14
Corp
Amer dep rets reg
British Celanese Ltd—
Nov
Mar
3,100
*
;
27%
30%
%
100
Automatic Froducts
6
Automatic Voting Mach.I*
Avery (B F)
.5
6% preferred w w
I25
6% preferred xw
25
Warrants
A
*
1%
300
6%
Apr
4% Sept
76
May
% June
% Mar
14
3%
Brown Fence & Wire com.l
4,200
1
6%
1
100
Oct
Mar
Atlas Plywood
Austin Silver
preferred
Brillo Mfg Co common
2%
%
Apr
Mar
7%
3
Feb
3%
23%
*
16%
Mar
July
%
6%
*
A
7%
Class
1,300
3,900
10,000
25
Bright Star Elec class B.
Brill Corp class B
Class
10%
8%
10%
9%
100
{Brown Co 6% pref...100
June
Atlantic Coast Line
Co..50
Atlas Corp warrants...
Preferred
Oct
10
Common
Nov
Nov
Mar
22
Class A
8%
11%
3%
100
85 preferred
Mar
Sept
Mar
30%
30%
3%
5,500
Amer deposit rets
8%
6%
Dec
18
Elec
6%
10
Apr
16%
Associated
8%
Breeze Corp
1
Aeronautical.-.1
1
25%
l
Brazilian Tr Lt <fc Pow—*
July
July
16
17%
5
4%
27%
26%
15%
25%
Art Metal Works com
Ashland Oil & Ref Co
Jan
Mar
17%
Arkansas P A L 87
1%
Sept
Apr
15%
*
500
22%
23%
Aug
15%
27%
25
Common class A
Preferred
3%
Am dep rets ord bearer £1
July
70%
T, 200
4%
6% preferred
26
Amer Mfg Co common 100
Angostura Wupperman..l
Apex Elec Mfg Co com...*
Appalachian El Pow pref *
JArcuturus Radio Tube.-l
3%
21%
Amer Lt & Trac
Amer Pneumatic Service
Dec
"3%
preferred
Nov
1%
Apr
Apr
Amer Invest of 111 com...*
Amer Laundry Macy._.20
Preferred
Amer Maracalbo Co
Amer Meter Co
19%
%
18
%
24%
1%
1%
%
Amer Fork «fe Hoe com..*
Amer Gas & Elec com.
*
com
5%
Jan
400
19%
Apr
26
~2h%
Aug
*
Nov
"25% "27 "
1%
Amer Cyanamld class A. 10
Class B n-v__
10
Amer Foreign Pow warr
Oct
13
Registered
British Amer Tobacco—
Mar
1,300
1,000
25%
31
Dec
British Amer Oil coupon..*
'11
;
Oct
Mar
Apr
Mar
British Col Power cl A
22%
July
5%
July
Aug
2,300
475
1%
4%
56
26%
Nov
10%
100
1
22
Mar
300
22%
Oct
Mar
2
85.50 prior pref
..*
Amer Centrifugal Corp..l
Am Cities Power & Lt—
Class A
26
112
Mar
6%
400
Feb
Mar
44
30
9
10c
10c
%
100
Mar
Mar
8
3,000
19%
1%
Amer Box Board Co com.l
American Capital—
94%
250
16%
Nov
12%
7
1%
Bridgeport Gas Light Co. *
Bridgeport Machine
*
Dec
100
44
Mar
10%
8%
2%
150
9
July
400
Dec
14
20
1
Feb
1,000
Nov
900
400
9
Nov
4%
1%
19%
114
14%
1,200
3%
Oct
22%
1%
% June
34
Apr
4% Mar
500
7%
4
Brewster
Apr
38%
14%
1%
17%
Nov
Mar
136
25
19%
129%
58
14
1%
7%
3,000
1!*
Mar
Mar
11
100
Nov
Dec
4%
5,000
1%
1%
37%
38
Bowman-Biltmore com...*
93
140
American Beverage com..l
American Book Co
100
"~l"%
Bourjols Inc..
Jan
5,500
1,500
14
6% preferred
100
American Airlines Inc.. 10
86 preferred
Nov
Oct
76
3
Aluminum Goods Mfg
*
Aluminum Industries com*
Aluminum Ltd common.*
Common class B
83 preferred
19
Apr
Mar
Mar
14%
20%
19%
7% 1st preferred....100
%
1%
%
Oct
%
100
Class A common
Mar
•ia Sept
High
Sept
6
900
8
6%
2%
1
11%
100
700
Corp
2
26
7%
12%
8
1
61
Co common..*
6% preference
5
7%
13%
3,500
%
Low
*
common
12%
10
com
Blauner's
Dec
Aug
21
com
com
Nov
July
10%
conv
Aluminum
6
56
AlJes & Fisher Inc com...*
Alliance Invest com
*
pref
Allied Products
Class A conv
*
22
37
71%
"74"
__*
*
Allied Internat Invest
& Machine Co com
Feb
Apr
Mar
»i«
Range Since Jap. 1, 1938
Shares
Birdsboro Steel Foundry
6%
2%
Alabama Gt Southern..60
Price
T800
21
#ie
Feb
Week
Bliss (E W) common
Bliss & Laughlin com
10%
21
...*
34
for
of Prices
Low
High
~~7H
6
11H
2%
Warrants
Par
High
Week's Range
Sale
J an
2%
3,900
5%
23
Air Investors common..
83
Low
Shares
17% June
*
Last
STOCKS
Mfg class A.*
Class B
Sales
Friday
Range Since Jan. 1, 1938
for
Week
com...20
c
Agfa Ansco Corp com...
Ainswortb Mfg comraon.fi
Conv
Week's Range
Sale
Par
•
Sales
Friday
Jan
Jan
Commonwealth
1
2%
2%
3%
45
Mar
98
47% June
70
2%
13%
July
16
Aug
%
1%
35%
Jan
Oct
Mar
28%
Nov
Sept
4%
Dec
Oct
Jan
Aug
A Southern
Warrants
%
Mar
14
Dec
Commonw Dlstribut
Mar
37
Oct
Community P A L $6 pref *
Community Pub Service 25
Community Water Serv.. 1
1
26%
%
34,100
%
200
27%
%
27
125
16
225
17%
Sept
1,000
%
Apr
26%
%
Feb
1
Oct
Jan
Volume
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
High
Low
Fox (Peter)
1
145*
145*
155*
Mar
Brew Co
Franklin Ryaon Corp
3*
X
100
3*
Dec
V t c ext to 1946
""55*
5K
63*
700
33*
Jan
7H
12,300
Conn Gas & Coke Secur.
Consol Biscuit Co
7
73*
Consol G E L P Bait com *
70
70
1
Consol Gas Utilities
Mar
123*
Nov
Aug
Fuller (Geo A) Co com
16
16
25
63*
Mar
193*
preferred
1
*
20
205*
Sept
Sept
4% conv preferred
100
38
38
'ie
IK
June
""900
23*
Mar
200
673*
Apr
82
X
9K
8
75*
45*
51
2,500
300
53*
800
100
185* June
23*
700
Mar
1
IX
4,800
6X
65*
500
2
154
Oct
12
Jan
Feb
23 X
Nov
Crocker Wheeler Elec
8
173*
Mar
2,100
33*
Mar
105*
6,300
3 X
3*
200
3*
X
1KB
25
.*
10
TO
700
2
100
8
Sept
113*
July
ix
2,600
1
Mar
15*
Jan
165*
100
14
3*
10
50
400
35*
25*
Dayton Rubber Mfg com
16
750
40
73*
100
73*
75*
1,100
163*
165*
300
153*
16
233*
235*
200
55*
200
253*
20
1,400
35
1
Dennlson Mfg 7% pre! 100
Derby Oil A Ref Corp com *
A conv preferred
*
253*
2
13*
23*
1,000
Detroit Gasket & Mfg—1
83*
83*
83*
300
A.
5
Stores
"
""l'X "U
Det Mich Stove Co com.
2
Detroit Paper Prod
31666
500
2
-
13*
1
*
Detroit Steel Products
2
500
32
.
X295*
800
Diamond Shoe Corp com.*
Distilled Liquors Corp...6
Distillers Co Ltd..
£1
23*
""23* ~~2X """200
Feb
103*
Aug
Oct
Apr
173*
Nov
Apr
26
Nov
24
May
213*
7X
Dominion Steel A Coal B 25
123*
Sept
16 3*
July
Mar
67
Nov
..100
100
65
65
Durham Hosiery cl B com,*
2
2
5
5
350
4
Duro-Test Corp com
53*
663*
75*
73*
10
125*
123*
*
13*
15*
3* % prior preferred. 100
203*
193*
100
93*
Duval Texas Sulphur
Eagle Picher Lead
Oct
24
Mar
113*
June
1103*
Nov
Sept
2
Feb
Mar
2~6()6
15*
1
47
103
"
...
.....
Dubiller Condenser Corp. 1
400
19
173*
Driver Harris Co....-..10
10
67
67
Corp....
67
Nov
3*
54
Common
4
Mar
145*
Nov
13*
Sept
33*
Jan
93*
Dec
25
6 3*
Apr
13
1,000
3*
Mar
Easy Washing Mach B
18
33*
183*
14
Mar
26
150
18
17
13
Mar
26
1,900
'xih'x Hex
"l66
103*
Apr
1,300
5*
Mar
65,800
4 3*
13
Economy Grocery Stores.*
Edison Bros Stores
2
zl65*
Elsler Electric Corp
1
1
Share com..6
preferred
..*
preferred
*
85
56
23*
23*
23*
24
*
Elec P & L 2d pref A
43*
warrants
1
$6 conv pref ww
*
23*
1
Mar
2
Mar
6C0
153*
Mar
1,400
23*
Mar
23*
300
13*
3,200
73 3*
*
10
July
55*
Apr
July
25*
76
July
Sept
6
Jan
400
"
93*
Dec
13
»Jan
<»j«
Oct
23*
Oct
165*
June
243*
Nov
Jan
585*
Nov
Emsco Derrick A
50
150
.....
#16
85*
5*
83*
83*
173*
173*
Falrchild Aviation
Dec
Jan
60
Dec
22
Feb
63*
7
200
93*
213*
6,700
10
213*
100
3*
Mar
1
Corp
173*
163*
183*
173*
hi
Dec
31
Jan
Mar
preferred
Florida P A L 87 pref
Ford Hotels Co Inc
56
Nov
10
Apr
Dec
7% preferred
Mar
654
July
83*
23
Nov
145*
1,700
•ie
Sept
*u
5*
613*
613*
40
Jan
Jan
68
Mar
Jan
Nov
393*
Apr
103*
3,600
43*
Oct
70
705*
75
48 3*
Mar
Mar
115*
705*
773*
Oct
655*
655*
70
26
Mar
753*
Oct
*834
Sept
*83*
Sept
613*
95*
1
100
*
*
93*
600
35*
213*
35*
21
55*
Jan
35*
1,800
213*
3,000
145*
Mar
24
Oct
15
dep rets ord reg—£1
Ford Motor of Can cl A..*
3 3*
Mar
243*
Oct
..*
Sept
13*
dep rets...100 Ires
13*
1073*
100
13*
Mar
23*
Apr
3743
6
Mar
115*
Sept
27
Mar
413*
50
40
Mac
57
Nov
53*
113*
Mar
133*
July
Mar
165*
105*
Aug
145*
300
12
123*
600
9
24
50
18
June
May
Mar
Dec
Feb
4
23*
213*
Sept
Jan
373*
Dec
1073* 1075*
20
985*
Jan
1075*
Dec
125*
693*
33*
60
8
Mar
6,200
•56
Mar
600
15
Nov
23*
Mar
725*
63*
12
July
Jan
July
Sept
200
3*
Mar
200
45*
Mar
9
July
73*
65*
63*
5*
65*
Jan
8
Nov
53*
July
Jan
3
15*
15*
15*
1,400
3*
Mar
23*
15* June
333*
33*
3
185*
19
5
193*
63*
Jan
2
Mar
Mar
55*
225*
Nov
12
15
2,200
2,300
3
Sept
63*
63*
"35*
24
Mar
133*
Jan
1,100
Oct
Jan
73*
17
163*
1,700
400
Nov
85*
Jan
143*
153*
133*
Sept
Sept
Mar
193*
Mar
19
Mar
30 3*
165*
163*
Nov
155*
July
373*
95*
Aug
16
Mar
Jan
.65*
900
6
Dec
73*
83*
102
30
5
Sept
20
5*
5*
200
X
3*
3*
100
X
Dec
Sept
3*
Nov
663*
1,300
483*
Mar
695*
Nov
213*
683*
215*
300
165*
Mar
23
Nov
17
183*
1,100
81*
Apr
23
3*
Feb
Apr
5*
83*
Mar
6
6
,73*
83*
73*
83*
102
1
25
665*
183*
200
9
9
100
A stock
83*
193*
Oct
103
Apr
82
May
Oct
15*
Jan
Feb
3*
July
13*
Feb
7
6
Oct
13
Oct
May
Aug
45*
6,600
253*
273*
5,900
Nov
21
Sept
45*
313*
Mar
22 3*
33*
4
265*
Sept
31
Mar
13*
33*
35*
1,900
23*
Mar
45*
83*
35*
9
1,400
5
Mar
UX
3*
400
200
7
7
Class A
1
Nov
Nov
56
—
purch warrants
Internat Metal Indus cl A *
Internat Paper A Pow wanInternational Petroleum—*
Registered
International Products...*
Internat Radio Corp
1
Internat Safety Razor B_*
International UtUlty—
Oct
June
500
483*
233*
53*
B
July
Oct
""l75
Jan
9
Mar
6
Feb
Nov
June
1
Jan
3*
3*
preferred
$3.50 prior pref
$1.75
2,300
3*
Mar
1
Jan
200
3*
73*
May
10
Nov
Apr
35
Nov
243*
xi«
1940
33*
T«
500
Ti
Feb
3*
Jan
33*
35*
53*
2,700
25*
Mar
45*
Jdly
6
Nov
53*
100
25* June
'"J'JU-
I
83*
24
Nov
113*
International Vitamin.. .1
Interstate Home Equip.. 1
For footnotes see page
Oct
600
100
5*
No Am. 10
International Cigar Mach *
Internat Hydro Elec—
Pref 53.50 series.
50
Warrants series of
Dec
200
125*
Insurance Co of
Class
Ford Motor of France—
85*
Nov
*
Vtc common
223*
Mar
Mar
Industrial Finance—
Mar
Sept
83*
Sept
"363* "373*
.._._...*
Illuminating Shares A
*
Imperial Chem Indus—£1
Imperial Oil (Can) coup..*
Registered
*
Imperial Tobacco of Can.5
Imperial Tobacco 01 Great
Britain A Ireland...-£1
Indiana Pipe Line
.10
Indiana Service 0% pf.100
7% preferred
100
Indpls P A L 6 3* % pf—100
Indian Ter Ilium Oil—
Non-voting class A
*
Class B
*
Mar
43*
25*
63*
53*
Nov
26
Zinc
Mar
103*
Oct
6
53*
Dlv arrear ctfs
2
Ford Motor Co Ltd—
B
July
12
Mar
24
"125*
stamped—100
165*
14 3*
4i«
—1
Fire Association (Phila).lO
Amer
*i«
1,300
rights
Fisk Rubber Corp
Jan
Jan
600
63*
5
Ferro Enamel
Class
»»i«
13
93*
Fedders Mfg Co
Am
Oct
12
Mar
May
4
Metallurgical...*
Fldello Brewery
Dec
32
7,600
2,000
1
Flat Amer dep
Dec
583*
59
Oct
May
7
1
.
303*
63*
55
145*
unstamped ~ 100
Hydro Electric Securities.*
Hydrade Food Prod
5
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co—*
5% conv preferred
60
Illinois
Jan
9
Mar
7 % pref
6 3*
9 3*
1
Fanny Farmer Candy coml
Fansteel
583*
Jan
1,600
...
Falstaff Brewing
Jan
Feb
"400
105*
Equip..5
warrants
200
49
Equity Corp common..10c
Esquire-Coronet
1
Eureka Pipe Line com..50
European Electric Corp—
Option
100
53
28
175* May
52
493*
28
28
50
100
100
....100
8%
100
Empire Power part stock.*
preferred
preferred
7
..100
Common
7% pref
50
Oct
Dec
40
33*
Oct
73*
303*
7
653*
Jan
250
7,100
Mar
Jan
Jan
6
25* June
Aug
10
33*
313*
7%
215*
85*
Hummel-Ross Fibre Corp 6
15
6% preferred
63*% preferred
43* May
20
Apr
Oct
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co-
Elgin Nat Watch Co
1,200
"683*
Apr
60
5,400
23*
53*
24
93*
♦
63*
Mar
135*
Humble Oil A Ref..
35
Nov
X
2,500
jHuylers of Del Inc—
2
July
25*
13*
15*
65
Hubbell (Harvey) Inc....5
Hussmann-LIgonler Co
4,800
64
303*
Jan
Oct
Jan
Apr
Apr
1
29
Nov
Oct
12
43*
Nov
Oct
Mar
40
C) Co common.
7
July
9
Hey den Chemical
Hires (Chas E) Co cl A
70
Oct
35*
18
Hewitt Rubber common
65
Dec
73*
Mar
400
73*
preferred
July
Nov
June
500
*
Preferred w w
Nov
•
13*
13*
2
__25
Mar
43*
15*
700
45*
5
;
Mar
25 34
10
13*
13*
2 3*
10
1
Electrol Inc vtc
"95*
common
Jan
*i«
6% conv preferred...60
Hecla Mining Co
25c
Mar
Elec Shovel Coal $4 prel-_*
Electrographlc Corp
13*
13*
303*
Helena Rubensteln
Nov
*i»
463*
903*
1023*
Feb
4
4
Am cl B com
Hazeltine Corp
*
Hearn Dept Store com...5
42
4
13*
*13*
1
*
1
Co
Jan
3
193*
.
Mar
81
Aug
50
25
36
23
72
1.I66
173*
.
Electric Shareholding—
Common
"23*
15
Jan
4,200
23*
25*
30
Nov
85*
9
Hat Corp of
5%
8,900
33
5
403*
1023*
373*
Dec
3934
X Mar
83* May
3* Sept
100
5
Haloid Co
200
663*
400
7,700
""2
2
Co
153*
62
61
23*
Hall Lamp
1,900
113*
58
65
1
A
Option
93*
•
62
1
Elec Power Assoc com
Class
1
1
103*
Elec Bopd A
43*
25* June
33*
23*
25*
185*
102
Horn A Hardart
Jan
13*
75
17
*
*
*
43*
72
*383*
*
Gypsum Lime A Alabast.*
Horn (A
Nov
3,800
13*
$6 preferred series B
900
175*
$6 preferred
Oct
Jan
93*
$7 preferred series A
Mar
73*
®16
Jan
May
"u
10
"I§"
Jan
52
93*
95*
Apr
Apr
126
253*
36
23*
com.-25c
10
*
Hoe (R) & Co class A...10
Holiinger Consol G M...5
Holophane Co common..*
Holt (Henry) & Co cl A.
Hormel (Geo A) A Co com*
Nov
Jan
72
1173*
750
63*
...
1
OH Corp
25
States Util 55.50 pref *
May
19
Mar
225
39
385*
Aircraft Engr.l
Feb
*
preferred
Nov
Class A
Eastern Malleable Iron..25
6%
975
1233* 126
68
100
1st preferred
Heller Co
31
Eastern States Corp
703*
7%
Jan
7
200
68
203*
*
Non-vot com stock
Dec
600
203*
Oct
Nov
53*
4,600
July
33*
Great Atl A Pac Tea—
65*
93*
6,200
24
Nov
Jan
15*
205*
Apr
113*
Apr
13
Feb
16
225*
93*
34
East Gas A Fuel Assoc—
ht
xt« May
250
20
Mar
35*
6
Feb
Oct
Jan
July
Mar
Mar
600
500
Jan
Sept
173*
993*
33*
1,500
75*
35
Dec
133*
5 X
Harvard Brewing Co.
9
7
Mar
100
Hartman Tobacco
800
45* May
9
2,200
Jan
125*
115*
Jan
65*
203*
X7X
11
Jan
13
Feb
41
Apr
103*
Feb
Dec
Oct
73*
Mar
June
2
extend.*
*
Station.*
35*
Mar
7
43*
30
X7X
Vtc agreement
245*
Nov
25*
400
Dec
Gray Teleph Pay
Hartford Rayon vtc
~1~706
Nov
655*
Grand Rapids Varnish
Hartford Elec Light
73*
7
823*
May
Gorham Mig Co—
Jan
"ZX "35*
com.
Dobeckmun Co common. 1
Deo
58
600
X
193*
Gulf
Sept
Dec
Oct
7
335*
26
*
A
Gulf
9
100
Apr
Mar
Apr
263*
150
3*
Mines-.1
Inc class
$3 preferred...
Jan
163*
Dec
23*
Dec
300
93*
*
preferred
July
x27
Nov
505*
July
4,400
53*
9
153*
23*
Dec
Jan
163*
72
10
30
30
Guardian Investors
Oct
July
13*
Mar
Mar
100
33
5
53*
*
Grumman
Dec
53
Aug
20
53*
53*
Godchaux Sugars class A.*
Grocery Sts Prod
July
Mar
83*
88
*
Glen Alden Coal
Greenfield Tap & Die
355*
Aug
July
40
200
53*
Feb
May
80
5
Nov
Mar
15*
14
Oct
58
300
803*
793*
793*
33
July
33*
35*
*•4
Sept
57
93*
13* Mar
13* May
July
»»4 May
Feb
43*
Jan
58
53* June
103* Mar
5*
Apr
30
1,100
""160
Gt Northern Paper.....25
33*
Dec
13*
20
153*
505*
993* 100
Jan
40
Mar
25
Jan
75*
Mar
11
30
24
24
10
Duke Power Co
10
163*
49
Co
May
May
65
"313* "32"
Preferred
Gilchrist
Gorham
63* June
53* Mar
50
50
Gilbert (A C) common..
57
Dec
1,400
$5 preferred
July
110
%
753*
Nov
X
*
*
Georgia Power $6 pref
Goldfleld Consol
53*
46
405*
Oct
155*
Nov
100
57
Jan
195*
Mar
9
1
preferred
Aug
373* June
6% pref w w
20
Detroit Gray Iron Fdy—1
De Vllblss Co com
253*
$3
Nov
33*
Mar
413*
3*
143*
*
Gen Water G A E com
July
17
165*
300
48
143*
100
6% preferred A
55*
10
100
14
General Tire A Rubber—
473*
102
7
$3 conv preferred
Jan
473*
175*
*
Class B
24
Jan
1083*
July
^4
*
Mar
7
108
73*
13*
Jan
25
Nov
25*
753*
General Telephone com.20
Sept
20
June
44
preferred
Jan
95*
35*
16
7%
Jan
2K
10
100
Curtis Mfg Co
6
Darby Petroleum com—5
Davenport Hosiery Mills.*
Draper
Dec
July
5
3*
preferred
Dlvco-Twln Truck
ht
5
l X
16
Cuneo Press Inc
Class
Jan
Dec
95*.
25c
preferred
Dejay
Jan
2X
A—*
Cuban Tobacco com v t c. *
63*%
235*
3
3
Jan
8X
'16
22X
75*
1
Crowley, MUner & Co..
Crown Cent Petrol (Md)
Jan
5,100
5* May
Creole Petroleum
iOV
25*
135*
13*
273*
Cramp (Wm) A Sons com.l
893*
57
pIlOO
Gen Pub Serv $6 pref
July
35*
75
65*
Apr
3,100
«w
Gen Outdoor Adv 6 %
533* May
5* June
45* June
£1
Oct
Mar
135*
*
preferred
Warrants
Mar
14
....
1
Aug
13*
15*
175*
reg.£l
*
Gen Rayon Co A stock
2
Jan
12
75
Fireproofing com
$6
43* May
26
87
600
13*
13*
6% pref B._*
General Investment com.l
Apr
8K
lsx
26
43
Mar
Gen Gas A El
Mar
43*
73*
iex
26
253*
Nov
73*
*
Amer dep rets ord
Gen
Mar
714
5x
Dec
Mar
Gen Electric Co Ltd—
May
65*
1,200
173*
50
100
preferred
5%
Oct
xl8
28
125
Gatineau Power Co com.*
General Alloys Co
Jan
78
Mar
May
800
conv
"173*
15
July
23*
70
300
83*
partlc pref
Gamewell Co $6 conv pf..*
163^
5% conv preferred...-60
6%
J3
Apr
10
X
*
Conv
Apr
483*
5,800
75*
Crystal Oil Ref com
Nov
350
UX
55*
53*
81K
Common
Preferred
July
95*
800
.
$4 preferred
*
Cooper Bessemer com
S3 prior preference
*
Copper Range Co
*
Copperweid Steel com..10
Corroon & Reynolds—
Crown Drug Co com
63*
Mar
12
"I'X ~~6K
Cook Paint A Varnish..
Crown Cork Internat
Apr
63*
11
89 J*
95*
Croft Brewing Co..
25*
173*
43*
,
1
$6 preferred A
7
1
89 3*
Cont Roll & Steel Fdy._
Cosden Petroleum com
500
300
4
1
Fruehauf Trailer Co
Mar
250
100
Continental Oil ol Mex
1
Common
Mar
33*
1,800
5
100
Royalty Oil
10
Steel Corp com—*
Ltd
105* June
Jan
55
1,700
"ks
preferred
Cont G & E 7% prior pi
High
Low
75*
6
75*
18
61X
K
60
60
1
Consol Retail Stores
Courtaulds
71
5*
Consol Mln A Smelt Ltd.5
Consol
11
400
100
6% pref class A
Range Since Jan. 1, 1938
for
Week
Shares
113
-5
Consol Copper Mines
Range
s
of Prices
High
Low
Price
Froedtert Grain A Malt—
1
Compo Shoe Mach—
Consol
Sale
(Continued)
Shares
Week
Last
STOCKS
1938
Range Since Jan. 1,
Last
Par
Sales
Friday
Sales
Friday
STOCKS
(Continued)
8%
3739
New York Curb Exchange—Continued—Page 2
147
.1" 1
.'J1
New York Curb
3740
Friday
STOCKS
Last
(Continued)
Sales
Week's Range
Sale
Par
Interstate Power 17 pre!—*
Iron Fireman MLg v
Low
4%
4)4
20
n
15n
n
900
16n
700
17?*
16n
v%
17j*
h
1,600
3N
IN
4 H
3,600
IN
700
69 n
71n
150
16
Irving Air Chute
—1
Italian Superpower A..
Jacobs (F L) Co..——1
Jeannette Glass Co
"I
in
2X
Kansas G A E 7%
Kennedy's Inc
Nat Bellas Hess
Oct
National Candy Co
*
National City Lines com.l
400
32 X
34 n
38
23
23
25 %
Apr
Apr
74N
Nov
81
Nov
Apr
92
Nov
Mar
43 N
Jan
3*
100
—1
"47"
2H
4
Mar
7N
Mar
11H
Jan
n
28N
"47
"12 k"
22
1
Jan
67
Nov
3N
Jan
Feb
8x
11n
100
800
11N
100
70
72
100
68
1,800
1
ion
KopDcrs Co 6% pref—100
70
Nov
Kresge Dept Stores
4%
"48 k"
Lakey Foundry A Mach.l
4n
3
4n
500
49n
48
5" 000
3
3
500
Bryant 7% pref--100
Conv preferred
Lehigh Coal A Nav——*
Develop.-.25
3?*
Leonard Oil
3.
X
Inc.. 1
31
3n
X
*16
13,600
7,100
32
14n
19n
Lion Oil Refining
30
14 '
6
20n
Dec
14N
12N
July
Feb
Jan
11
Aug
Feb
in
in
7n
"x7H
6n
400
1
33
1
200
1
X
New Mex A Ariz Land...1
IX
Newmont Mining Corp. 10
77 X
32
Nov
Warrants
N Y Merchandise
July
N Y A Honduras Rosarlo 10
Jan
42
Jan
34 N
Jan
Dec
Mar
July
Mar
2N
9N
Jan
32
60
ion
50
Jan
Oct
IN
July
July
July
Jan
Nipissing Mines
1
Dec
Dec
20 N
Dec
May
16
June
500
3
2
2
Sept
Mar
6
17n
7H
Nov
100
4n
17n
1,100
1,500
6n
17 n
350
IN
4N
UN
Mar
Mar
24
July
2N
July
July
10
Feb
18N
Nov
55
July
Oct
93
15n
125 n
2
2n
15n
16n
125n 126n
3n
3n
IN
7X
1,200
3,200
*
275
90
Mar
400
3
17n
50
27
4?*
27
4
501
4X
900
ht
200
ht
64 X
ht
68
X
60
Dec
20 N
Nov
6N
Oct
150
ht
Mar
X
N
3,400
Jan
Apr
100
2n
2n
100
2N
Dec
4n
4n
N
131«
1,800
1,400
IN Sept
May
5
IX
Apr
5
N
Mar
6
6N
4,200
4N
Sept
ht
vn
IN
8N
Nov
1
12
101
12N
115
in
"~8X
2 '
7n
8n
in
39
in
41
600
1,400
1,600
1,900
200
1,100
Jan
Feb
Oct
July
Oct
JuDe
preferred
12
11?*
X
IX
Engineering..*
Novadel-Agene Corp....*
Ohio Brass Co cl B com... *
Ohio Edison $6 pref
Ohio Oil 6% pref
$3
preferred
Omar. Inc....
Overseas Securities
3
50
3
500
14N
..1
5
17 X
IN
14n
4n
17n
in
150
29 n
Moody Investors part pf.*
Moore Corp Ltd com
*
29 n
2N
Nov
July
Mar
2H
Nov
6n
5
X
4n
Aug
103
May
115
Dec
2N
*
3743.
ion
Mar
Pennroad Corp v t 0
Nov
Mar
1,600
33*
793*
Oct
89?*
Jan
"3',600
24?*
Apr
60?*
9?*
Dec
8
100
200
Aug
30
73*
Mar
IX
2,200
1?*
Sept
2?*
Feb
1,300
3
Mar
6?*
Oct
Mar
23*
in
500
Per ect Circle Co
IN Sept
IN June
3N
2N
July
Sept
Apr
7N
Nov
Mar
163 N
Nov
Sept
May
28 N May
31 N
Oct
31N
38N
Oct
630
122
400
26
2,000
IX
2,600
72
1?*
62 X
550
31
Mar
62?*
Dec
23 X
600
12?*
Mar
29
Aug
22 X
300
45
45
?*
113*
75
80
3*
3?*
27?*
Aug
47?*
1?*
Nov
43*
July
*ii
Jan
Apr
845*
91?*
Nov
30
47
10
60
Apr
100
4
Mar
9X
4,600
6?*
Mar
14?*
14?*
100
8?*
Mar
*18?*
31
300
24
25X
X 101.
Ill
910
115
115
18
475
110
10
99
Mar
20?* June
87
May
May
109?* Apr
93?* June
150
100
6
33
343*
101
112?*
Nov
106?*
Nov
July
99 X
""16
9?*
12?*
1,300
83*
Mar
99?*
10?*
2,200
63*
Mar
14 3*
Oct
38
40
Jan
40?*
Dec
May
1053*
23*
Oct
85
400
Apr
21?*
89
IX
IX
5
3X
1
'
2,500
13*
Sept
200
4
June
73*
July
23* June
4X
July
4?*
27?*
25X
98?*
'
'six "3l"
28X
28?*
109
66?*
"3lk
4"300
28?*
250
109
70
7X
125
60
46
7,100
3 3*
87
ox
"iix
12,000
15?*
16
13
14
Mar
12
Oct
31?*
Dec
Apr
30?*
Oct
Mar
109
Dec
Apr
Mar
74
Nov
8
Nov
Apr
June
Sept
3?* June
700
14
Feb
12
Sept
13
May
Mar
2?*
21
'
Mar
20?*
96
Dec
5N
Oct
124N
Nov
July
Nov
8ept
ION
Aug
June
95*
Oet
Nov
Aug
73*
Feb
4?*
Bept
*10?*
Nov
,19
23
37?*
83*
Jan
Jan
Nov
Oct
Jan
31
Nov
Apr
112
Sept
Mar
29
Nov
45
July
50
July
107?*
23*
1?*
7X
x98
x92X
155
1?*
19,000
8
450
95?*
157
*
72?*
Mar
74
Mar
121?* May
300
69
100
72
175
26?*
8X
4,100
5X
200
543*
24
Mar
9?*
100?*
95?*
Nov
160
July
19
Aug
86
July
28
Aug
Apr
Sept
8
Feb
117?*
July
Mar
31?*
Feb
July
50
29?*
83*
2?*
2?*
400
23*
Nov
4X
5?*
3,300
13*
Mar
63*
24?*
16?*
"~2?*~
23
18
X
2X
Dec
4?*
4?*
23
Dec
75?*
*
Pines Wlnterfront Co
I
Pioneer Gold Mines Ltd—1
Jan
Nov
Apr
Mar
1
Conv $3 pref series A.. 10
Pierce Governor common *
Feb
1?* June
2?*
23*
33*
1123*
30 X
8?*
Aug
Mar
59
50
,
30
Mar
4?* May
19
70
Dec
79?*
70
125
Sept
13*
700
100
Apr
3*
1?*
200
5X
6N
9N
12
Jan
Mar
3?*
"""206
1
Phillips Packing Co
12N
Dec
200
5?*
3X
Phoenix Securities—
Mar
Oct
115
9?*
*
Oct
June
Jan
Dec
11?*
20
common.
Jan
6
Oct
Oct
Dec
99?*
Pbaris Tire A Rubber
Nov
Mar
Feb
99?*
Philadelphia Co
2
Jan
Nov
"12 k
Phlla Elec Co $6 pref
*
Phils Elec Pow 8% pref 26
Common
Oct
Mar
he June
4X
26?*
7%
165
6
7
Pepperell Mfg Co
Dec
3N Feb
3N May
4N Mar
10
Mar
Mar
90 X
X30
Oct
Apr
42
100
25X
60
com
Jan
N
Feb
J
ilo"
Pa Water A Power Co
20
Oct
5X
*
17 n
Mar
7?*
5X
*
Pennsylvania Sugar
600
Jan
2?*
8X
1
Ta Pr A Lt $7 pref
$6 preferred
Penn Salt Mfg Co
""266
*i«
Apr
14X
Penn Cent Airlines com.. 1
4N June
Nov
un
Sept
X
5x
1
July
*"9n ""on
ion
Dec
'i«
2.50
8N
100
—
Oct
July
82J*
18
Penn Mex Fuel Co
16N
1,100
103*
89?*
24
Jan
V806
Mar
Mar
May
500
$2 80 preferred-
Mar
5n
Jan
Oct
1,500
$5 preferred
*
Penn Gas A Eleo class A.. *
6N
"vn "ek
4?*
21?*
5H
.*
3N
12N
n
Dec
Mar
70
50
Grocery A—
PenD Traffic Co
78
Oct
10?*
12,200
78?*
90?*
4X
Parkersburg Rig A Reel—1
Patchogue-PlymouthMllls *
Pender (D)
Class B
Oct
41
145
X
10
2,200
100
Nov
15?*
Parker Pen Co
Dec
Feb
June
20 N
jMoore (Tom) Distillery. 1
Mtge Bank of Col Am shs..
13
$1.30 1st preferred
Page-Hershey Tubes com. *
Pantepec Oil of Venezuela 1
Paramount Motors Corp.l
2,000
156n
29n
Mar
Penn Edison Co—
4N
150
Oct
5
8
86?*
4X
7X
14n
5n
10
103
33*
X22
45
Pacific Public Serv
Dec
ON
13N
Jan
21 X
62
'~3~X
115
Mar
Jan
10
Apr
Peninsular Telephone com *
Preferred:
100
Mar
30
"54'x "eok
IX
....1
Feb
N June
Mar
l?*
50
6% conv prior pref.. 100
Oldetyme Distillers
1
Nov
69
114n 115
20
10
8
*
100
Ohio Power 8% pref
100
Ohio P S 7% 1st pref—100
6% 1st preferred
100
10
6N
8H
IN
24 X
Jan
July
81
"Jy"
X
"~5X
Northwest
15
May
2
20?*
900
IX
5
'oox
-.100
Apr
69 X
Nov
60
Northern Pipe Line
10
Nor Sts Tow com cl A..100
7N June
3N
12
Jan
Nov
Mar
Mar
1,700
Jan
6
25
40
X
N
6N
ION
N
Mar
4%
85
Jan
88?* I Oct
Mar
1093*
xi«
»n June
*18
Mock, Jud, Voehringer—
Feb
Nov
23*
Oct
Jan
Apr
Nor European Oil com... 1
Nor Ind Pub Ser 6% pf-100
5X% 1st preferred...25
Pacific Ltg $6 pref
Paciric P A L 7% pref-100
300
Miss River Power pref. 100
Missouri Iub Serv com..
.
July
Mar
'
Mar
100
Paclftc G A E 6% 1st pf.25
4,200
50c
oh»t<
Dec
Oct
17
72?*
Apr
X
3X
Jan
n
Minnesota P A L 7% pf 100
♦•or fnnnmfe* s*»e
X
IN
34N
July
July
91?*
X
3%
May
7n
11 ON
Nnrbman Pnr'Tiirf'llpd.
60
i*ti
3
3,700
2,600
Midland Steel Products—
Mlskegon Piston Ring.2 N
Muskogee Co com
*
6% prior preferred
Dec
*16
*16
$2 conv pref...
Mountaln City Cop com 6c
Mountain Producers
10
Mountain Sts Tel A Tel 100
Murray Ohio Mfg. Co.
*
400
""40
No Am Utility Securities. *
Nor Central Texas Oil...6
Oklahoma Nat Gas com.15
H
1?*
Apr
July
Mar
5X
28
"if
Oil8tocks Ltd common—.6
2n
*
Ccnv preferred A
*
preferred
Aug
n
10
A...*
$6
July
7n
*
Ward
12
North Amer Rayon cl A..*
Class B common
—*
5
71
5?*
42
900
100
1
28
2n
1
Montreal Lt Bt A Pow.
Common
Mar
Nov
Oct
12?*
Nor Amer Lt A Power—
Mar
Mar
Oct
Jan
61
Sept
45?*
3,300
18X
Pacific Can Co common..*
Steel Tube..2.60
Montana Dakota Utl]
*
2
X
SON
*10
Class A preferred.—100
21
n
$2.60
Mar
Dec
74 X May
Sugar Co......*
Common
Oct
4N
Mar
25
Bumper Corp.
Molybdenum Corp
20N
130
Mar
»ii
Monarch Machine Tool.
Monogram Pictures com
Monroe Loan Soc A...
Jan
Oct
13N
3
*
Midwest Oil Co
10
Midwest I'plng A Sup
*
Mining Crrp. of Canada.
Minnesota Mining A Mfg
3 N
Sept
Oil
Mid-West Abrasive.
Mar
Mar
Aug
60
17n
25c
*
99 N
8?*
73*
1?*
Nov
6?*
..5
Class B common
NIles-Bement-Pond
7%
47
preferred—If
olv ehs...*
Jan
Mar
8N
2,100
4?*
1,100
108
5
Noma Electric
ION
ht
3,150
IX
69?*
173
263
Nineteen HundredCorp B 1
N
3H
11
3?* June
200
106
Class A opt warrants
Class B opt warrants-
N
Feb
July
Niagara Share-
4
45
79
50
8X
14}*
58
7X
39
June
July
400
54X
86?*
Mar
29 N
July
"600
104
10
July
6N
2
X53
100
100
24
N Mar
X Sept
IN Apr
Nov
50?*
5
6% 1st pref
6%c 2d preferred
IN
6H
—1
Common
Nov
Jan
Nov
Mar
10
Founders shares
Nov
Metropolitan Edison—
Middle West Corp com..5
Warrants..
Midland Oil Corp—
N
25
16n
ht
t c
28
pref—100
$6 preferred
*
Y Shipbuilding Corp—
20N
Oct
July
114
May
IX
N Y Pr A Lt 7%
90
July
1?*
18
17 X
Jan
IN
13*
17
29?*
,..*
*
N Y Auction Co com
Feb
X Sept
fooo
Jan
N Y City Omnibus—
3
4n
6)4% A preferred_N„_100
Meeabl Iron Co
1
Montgomery
New Process Co
14
16n
....
non-cum
54X
IX
7 5%
25
15
Participating preiefred. *
Merrltt Chapman A Scott *
S2
14
Mar
100
ion
Merchants A Mfg cl A...1
Mid vale Co
14X
July
Jan
2,400
in
Feb
5
103
IN
25N
600
X
in
31 n
May
5%
5
57 X
Mar
Sept
Sept
N
Mar
12 H
4?* June
25
New Jersey Zinc
1
31n
X
600
48>X
5X
July
5X July
Jan
»»•
16N
~""n *""n """166
33
500
14X
31X
New Idea Inc common— *
Oct
88
1
13X
"x""
Jan
3,200
1,400
2,200
5,400
Jan
Jan
1
27
3
July
New York Transit Co
22N
Jan
105
N Y Water Serv 6% pf.100
Niagara Hudson Power-
n
IX
11
Oct
26
Jan
1,400
62
Dec
21N
9?*
108
ION
26
Dec
Mar
Mar
21n
4X
6X
5?*
2*966
2
6X
IX
Jan
7%
Ti«
Nov
15
Feb
Mar
Mar
com-—5
v
Jan
2
Mar
5N
6N
Memphis P A L $7 pref..*
Mercantile Stores com
*
Class B
Nov
18?*
»i*
"xl4
3N
McColl-Frontenac Oil—
t c.......
703*
85
4,900
*
v
Mar
103* May
36
38,200
May Hosiery Mills Inc—
Class A
Aug
32
800
160
9h
*
Preferred.
Middle States Petrol—
1
400
12
1
Jan
650
31 n
1
Gas A Oil
100
69?*
UK
8
8n
*
Michigan
Michigan
Michigan
Michigan
1
66
68
85 X
16N
Communica'ns ord reg £1
preferred
Feb
54X
29n
Manlschewitz (B) com..,*
Mapes Consol Mfg Co...*
Marconi Intl Marine
$6
»i«
"ix
8N
$6 conv preferred-».--«*
Metal Textile Corp
Mar
-.100
preferred
New Haven Clock Co
31h
Manatl Sugar opt warr...
Mangel Stores.-...1
Warrants
ht
Apt-
Aug
*
700
Aug
16N
31N
100
100
Mead Johnson A Co
Aug
ht
ht
June
Nov
6% preferred
100
McCord Rad A Mfg B—*
McWilliams Dredging
*
43*
7?*
5
*
preferred
Mar
10
24
Massey Harris common..*
Master Electric Co
1
Sept
45
Mar
Margay Oil Corp
Mar
2X
2X
*
Mar
Marlon Steam Shovel
Mass TJtll Assoc v t c
38 H
300
5
New England Tel A Tel 100
*
6%
Jan
100
preferred
7N
Ludlow Valve Mfg. Co... *
Mexico-Ohio
7%
New Engl Pow Assoc
Jan
49
58 N
Mar
19
Lucky Tiger Comb G M.10
Participat
Feb
300
Loudon
Memphis Nat Gas
Sept
13n
Lynch Corp common..-.6
Majestic Radio A Tel
1
Nov
Feb
1,200
3X
Nelson (Herman) Corp—5
12n
Louisiana P A L 16 prel..*
75
Dec
9
143*
79
12 n
Packing
*
Louisiana Land A Explor.l
550
71
3
1st preferred
1
*
7% preferred
6% pref class B
July
4X
Nestle Le Mur Co cl A—*
11X June
10
Island Lighting—
Common
Nov
38
3
47 X
1
Lone Star Gas Corp
4
Mar
Neptune Meter class A...*
102 N
12N
*
„.._6
$4
8N
45
13
500
1,600
2,400
Loblaw Groceterias cl A..*
Long
Nehi Corp common
19
Lipton (Tbos J) class A.-.1
25
Lockheed Aircraft
Mar
15
Nat Union Radio Corp— 1
Jan
UN June
4 N
Dec
38
May
44N Sept
IN Mar
63X July
X
Jan
11X Nov
2N May
X Dec
Lefcourt Realty common. 1
Locke Steel Chain
2
100
Nebel (Oscar) Co com
*
Nebraska Pow 7% pref-100
37 N June
Lackawanna RR (N J) .100
Lake Shores Mines Ltd—1
6% preferred
Lit Brothers common
100
7
Jan
38?*
3X
33
2
IN
15N
Apr
Sept
4X
*
*
Dec
Sept
Nevada Calif Elec com. 100
100
pref-10
1
Kreuger Brewing Co
Le Tourneau (R G)
Oct
11?*
5X
65X
71
12.60
Navarro Oil Co
5
"166
2,500
3
Apr
11X
25
250
Pref-10
Transit
Nat Tunnel A Mines
54 X
"l2k ~\2X
Kobacker Stores Inc
National Tea 5?* %
National
Mar
IN June
2H Dec
X Sept
12 X
Dec
5N Mar
z5X Mar
Jan
ION
2N
sx
Aug
Feb
Mar
UN
Emil) Co com-*
Klelncrt (I B) Rubber ColO
106
Nov
1,700
3X
National Sugar Refining.*
Dec
Jan
7?*
1,700
33
Conv part preferred...*
National Steel Car Ltd...*
Apr
1,100
Oct
1
Dec
May
13X
1
Oct
ht
6X
11%
38X
7X
.
2X
Klein (D
Line Material Co
Nat Service common
Aug
10,500
10?*
6X
*
32 N
High
Mar
12 X
—
113N
100
2N
--.1
10X
37
National P A L $6 pref
*
National Retlning Co—25
Nat Rubber Maeh
Nov
"700
X
'iix
60
May
103
Kirk I'd Lake G M Co Ltd 1
Lane
pref
conv
Low
3 X
7
Nat Mfg A Stores com...*
National Oil Products
4
$3
5N
"1% "bX
X
Range Since Jan. 1,1938
400
8X
9
National Container (Del) -1
National Fuel Gas...
*
Jan
22
50
-----
4% conv 1st pref
Jan
106
Kingsbury Breweries
1
Kings Co Ltd 7% pf B 100
Kress (8 H) special
N
7N
3N
for
Shares
High
8
1
com
Nov
Jan
21
2,100
Kimberly-Clark 6% pf-100
Knott Corp common
19N
18N
68
36?*
Ken-Bad Tube A Lamp A *
preferred D
Kingston Products
Kir by Petroleum
Jan
61
pref-100
—5
5%
July
N
1938
Week
of Prices
Low
Nat Auto Fibre com..—1
7X
Mar
Mar
X
Oct
2
May
1H Bept
Week's Range
Price
17,
Sales
Sale
Mar
UN
7N
6%
Julian & Kokenge com—
Last
Par
High
•11 May
Jersey Central Pow A Lt—
6H% preferred-----100
preferred--100
7% preferred.i-100
Jones & Laughlln Steel.100
stocks
(Continued)
Shares
X
1
t c—*
Investors Royalty
Range Since Jan. 1,1938
for
Low
Dec.
Friday
Week
of Prices
High
Price
Exchange—Continued—Page 3
July
Oct
Oct
750
10?*
Mar
31
1,000
*103*
Mar
21?*
Aug
X
900
X
Dec
1?<
Jan
2X
2,100
2?*
Sept
3?*
Jan
Oct
New York Curb Exchange—Continued—Page 4
Volume 147
STOCKS
Sale
Par
Pltney-Bowea
High
8H
Jan
42 X
4%
Mar
11%
Mar
4X
Mar
62 X
10
Mar
1%
1%
1,000
IX
Dec
3X
Mar
700
X
2X
Sept
IX
Mar
5X
100
*16
4k
5
12
500
1
*
Amer—*
Premier Gold Mining
2k
21%
25c
*
*
*
*
preferred
97
July
24
July
June
Mar
7
Mar
OX
Jan
Mar
7X
3X
Mar
8%
Jan
Nov
98
Mar
103
26
Jan
108%
22
Jan
11X
Jan
48X
28%
90
100
91
May
87
50
99X 100
100
X
15 k
Mar
525
10%
Mar
May
"300
11%
150
150
7
Jan
Mar
116
Oct
May
152
Oct
13X
Mar
425
10k
10
7X
Mar
157
10
20
19
X
Sept
17X
14
Feb
X
""%
13
Oct
Feb
40
IX
Mar
5
July
400
Jan
8
X
Mar
3%
Mar
3u
Mar
*n
Jan
Standard Steel Spring
5
22%
2,000
6%
Mar
1
2%
2%
600
July
3
3%
3,100
24%
4H
5X
69
July
16X
5%
Nov
X
500
8X
May
14 X
Nov
2%
600
2%
Mar
4%
Oct
316
2,300
X
June
IX
Jan
July
4
6i«
3%
Oct
Mar
X
Aug
Apr
96 X
Feb
Apr
17
Aug
22% June
X
k.
3,800
Mar
11X
3x
1
90
2k
Mar
25-
Nov
X
1,000
6
12
Ilk
12 k
4
2,100
Mar
14X
Oct
200
Jan
2%
July
IX
Mar
4%
Starrett (The) Corp v t o.l
3H
Mar
9X
*
k
3i«
k
4,800
X
June
1it
Feb
Ltd—.—*
*
Sept
46%
July
76""
.
1
"2k ""2
*
k
400
X
k
800
65
2X
Mar
X
Mar
4
3
2%
56
56
.
3 X
Technicolor Inc common
175
pf-100
Texas P A L 7% pref—100
Texon Oil & Land Co
2
Thew Shovel Co com
5
Tllo Roofing Inc
1
Tlshman Realty & Constr*
Tobacco Prod
Mar
4%
71
Oct
17 X
3,600
15X
Nov
18%
IX
IX
600
1%
Dec
3X
Aug
Sept
2X
11%
12X
26%
8
1,500
26
2,000
Mar
15X
June
Jan
15
29%
Nov
110
~Yi~% "18"
33
25
Feb
Jan
26 X
Aug
Mar
14%
Nov
%
Mar
2%
Nov
Mar
2%
Oct
13%
3,500
I %
1%
3,100
IX
200
1
100
29X
June
%
2,600
X
May
4%
700
13%
200
33
33
X
June
3X
11%
IX
general.—*
Seeman Bros Inc
*
Segal Lock A Hardware.-1
Selberllng Rubber com—*
Selby Shoe Co
*
Dec
16 X
IX
Warrants
Securities Corp
114
25
19
19
13
July
15
"116
X
4%
13
35
Mar
IX
%
8%
l'
Tublze
800
Class A
2%
common...*
6%
Severeky Aircraft Corp—1
5x
Sbattuck Denn Mining..6
Shawlnlgan Wat A Pow..*
Sherwin-Williams com..26
7%
4%
7%
20
2X
6%
5X
8
20%
X
5
Mar
IX
June
Mar
12
Nov
Mar
75X
Aug
Mar
76 X
Aug
Sept
IX
'it
May
Feb
June
200
2%
Dec
200
4
Mar
7X
Oct
0%
Nov
IX
5%
Jan
July
Mar
1IX
Oct
Sept
17
x22X
July
3,050
117%
Oct
Jan
114%
Aug
12
101k 106 X
Apr
107
106
6% cum pref ser AAA 100
Sherwin-Williams of Can.*
Sept
66
Oct
14
Shreveport El Dorado Plpf
X
26
6%
Sliei Co common
10
*
com..*
Union Premier Foods Sts. 1
Union Traction Co
60
United Chemicals com.—*
$3 cum A part pref
*
Un Cigar-Whelan Sts.. 10c
Union Gas of Canada
Corp warrants
United Gas Corp com
1st
1
97 pref non-voting. *
•11 May
Jan
Jan
14X
Oct
Am
Nov
2
300
IX
Mar
3%
400
2%
Mar
209
130 z200
Dec
10X
2X
5H
254
Jan
July
Singer Mfg Co Ltd—
3%
87%
3%
87%
100
25
*
Organ
Smith (H) Paper Mills...
i—1
25
Preferred
25
United Specialties com—1
U S Foil Co class B—!
.1
U 8 and Int'l Securities. _»
Class B
Sonotone Corp
Boss Mfg com.
4
1
4
4%
700
U 8
$7 conv 1st
700
IX
Mar
5X
500
3 %
Mas
7
2%
1,500
2
Dec
3%
30
34 X
Apr
1%
1
1X
40%
42
25
28%
2834s
25X
Mar
28 X
Aug
26X
42
28%
26%
1,100
26%
400
23 X
Mar
26X
Nov
1%
1%
300
IX
Mar
June
100
For footnotes see page3743
Sept
July
20X
Feb
35
Dec
%
%
300
X
Mar
400
Mar
20
21 %
8,400
X
14k
Mar
X
IX
26 k
July
62%
25
44
Mar
76 k
90
20
83
4
1,300
3%
35
34
%
X
90
3%
•
30
3
Oct
45
May
Oct
Mar
Jan
Jan
Oct
Jau
102
5k
Oct
14%
15X
300
6%
Mar
21
13%
~15%
14%
400
7%
Mar
15
Oct
Feb
July
3
4%
4%
2,600
14
14%
400
IX
71X
IX
82
1,250
Apr
5
Mar
63
2%
Mar
Oct
5k
Oct
2
Dec
104
Oct
85X
Apr
98 X
Mar 2:109 k
Dec
*ia
Jan
k
Aug
200
%
Sept
lk
Jan
IX
4X
X
Oct
3k
4%
4%
Jan
7k
Jan
lk
June
July
7
June
June
8k
Oct
Aug
'
Mar
12 k
18
June
42k
600
2
Mar
3k
Oct
200
4X
Apr
8k
Nov
500
IX
Mar
2
32
Mar
7k
7k
Oct
Oct
Mar
lk
Mar
9X
800
34%
8X
9
1,000
2%
6%
5X
2%
7
5%
5X
X
12%
12 X
13%
4%
500
4%
"13%
12%
13%
1,300
"3% "3%
"""loo
100
11
Sept
3X
Oct
Jan
15
Mar
6 k
Jan
Jan
10
14 k
July
2%
"i%
Mar
2
Mar
3k
4k
Nov
Aug
30
Mar
38 k
Nov
Nov
"i'% "lX
"8* 100
X
Mar
lk
X
2%
2,400
X
Mar
k
35,700
2%
Dec
6k
"2%
X
2%
83%
81X
400
84
Mar
69
Oct
Jan
Jan
100
•i«
Mar
"2%
2
2%
19,100
IX
Mar
3k
Oct
2X
2
2X
"2,000
Apr
4 k
Jan
28%
25
28%
7.600
IX
13%
Mar
%
76
"i«
2,400
30
,76
62
Apr
lk
78
17%
Jan
34 k
24
Apr
70
4H
20
230
230
X
*1.
10H
IX
10%
212
Sept
July
Jan
Oct
65
Oct
Aug
May
6 k
230
Jan
Jan
600
X
Sept
1
Jan
July
9
Nov
400
8%
2X
Jan
10 X
Nov
Feb
3
IX
1,200
X
May
86%
81
86 X
2,725
50 X
Mar
86 k
Dec
43
42
43
Jan
44 k
Nov
IX
801
39
3%
"5%
4%
1,700
6k
Jan
6
5,900
2H
3X
July
5
June
8k
July
600
X
Mar
1 k
Jan
Nov
X
*i«
X
1%
28
27%
5
2%
2%
1
250
42
Mar
70 k
600
66%
64
1
Mar
lk
22
F»b
700
2
Mar
6k
Aug
2%
900
IX
Mar
3k
Aug
ht
Sept
X
%
2%
%
%
2%
3,200
2X
70
4
4,100
3
5X
300
Oct
32
Jan
Feb
6k
Aug
X
Feb
•u
Mar
X
Sept
IX
Mar
Jan
7
5
Jan
400
5
29%
Exten—60c
2
1
8
Universal Pictures com—1
Universal Products Co—*
Utah-Idaho Sugar
..6
Utah Pow A Lt 97 pref—*
Sept
2,100
5,100
2,200
2%
%
Jan
2
82
30
ht
%
,
16k
Dec
Mar
IX
30
Xl09%
*16
Dec
14
44
200
102
102
109
4%
300
Universal Consol Oil.—.10
Universal Insurance
5k % pref series C
25
Southern Colo Pow cl A. 26
5% original preferred.26
8
62%
34%
Universal Corp v t c
Dec
Oct
15k
6k
100
Oct
Jan
Apr
8
400
Aug
Jan
Aug
Dec
Nov
44
Dec
X
United Wall Paper
4%
45 k
Mar
X
United Verde
4X
Nov
2%
X
Oct
16
Jan
Aug
4X
X
Jan
Mar
50
X
Nov
Mar
Feb
3k
1,300
4%
3%
1
IX
Oct
13 k
39
1,400
5
4%
com—_•
91
5X
39
Apr
Aug
200
4%
pref.—..*
v t o.,__—•
U 8Stores Corp
Oct
Dec
Southern Calif Edison—
1*
Lines pref
*
Playing Card
10
Radiator com
..1
Rubber Reclaiming..*
Nov
3%
2
IX
South Coast Corp com...1
0
13
5
1st pref with warr
85
13
•
1
1
Solar Mfg. Co
700
4%
100
United Shoe Mach com.
1
reg-£3
43 %
29%
43%
Sharing—25c
10% preferred
10
United Shipyards cl A—1
United Stores
Sioux City G A E 7% Pf 100
42
United Profit
U 8
2%
"42"
38
dep rets ord reg—
United N J RR A Canal
Aug
2
:r200
37
'
Mar
16
2
7,200
200
%
pref.100
A_*
Common class B_.—-*
$6 1st preferred
*
United Milk Products. — *
$3 preferred.:
—*
United Molasses Co—
*
209"
Mar
United
U 8
100
Mar
2%
Investment
Union
U S
Simplicity Pattern com...)
8
2%
2%
2X
Unexcelled Mfg Co
Simmons-Boardman Fub—
Simmons H'ware A Paint.*
Nov
Option warrants
4*
500
13
United GAE7%
300
13,000
4,100
Jan
*
Series B pref
Jan
1
16
7
'
Nov
49%
3it
Juiy
Tung-Sol Lamp Works.—I
80c dlv. preferred
*
Ulen & Co ser A pref
*
5
Allotment certificates—
£1
1
1
13
34
17
Selfrldge Prov Stores—
preferred
10
Inc—*
Chatlllon Corp.—1
Mar
3,300
9%
Mar
Trunz Pork Stores
June
48 X
7%
Co
United Lt A Pow com
V*
7%
Screen—
1
Plot
11
26
preferred B
Lux
Common
Jan
Selected Industries Inc—
,.1
5
550
9%
registered 58——--
2
.
Feb
10
"9%
£1
Ordinary reg
Def
Jan
11%
2
Todd Shipyards
Oct
16%
26%
Nov
Tobacco Secur Tr—
July
July
1
*
26
♦
Scranton Lace common.-*
Scranton Spring Brook
Water Service pref
*
Scullin Steel Co oom.
*
1
Exports—*
6
lk
16 pref
100
Aug
50
Sept
Apr
17k
6
1
Tri-Continental warrants..
Nov
Corp com 1
9k
1
300
1,000
Tobacco Allied Stocks-
Transwestern Oil
Mar
Nov
Mar
Tenn El Pow 7% 1st
Jan
42
4%
Mar
5%
20%
Jan
2X
6,400
57%
8ept
Oct
Jan
2
Tasty east Inc class A—1
Taylor Distilling Co
1
Jan
18%
Oct
10k'
8k
4%
270
13
15
92
12 X
60
5
100
1
Apr
6X
Class B com
Mar
IX
June
3X
2X
Oct
35
5%
Trans
Nov
1,400
*
$3.30 A part
48
475
66
62
Scovlll Mfg
6%
Oil
4
.ki.
Mar
Oct
Apr
3%
2%
Nov
5
Api
Nov
ox
Nov
2,500
Apr
2%
11X
~3X
11%
9k
*
79
June
10%
6
40%
sk
35
9%
Mar
Jan
40
0%
2%
3%
Mar
5
2k
1
Apr
4X
2X
50
3%
5X
6X
July
30 X
200
Apr
24H
3%
8X
450
2
100
12
12
*
Mar
35
"
76
June
62
*
78
Corp...
Toledo Edison 6% pref.100
7% preferred A
100 'm
To no pah Belmont Devel 10c
Tonopah Mining of Nev. "
5k
"75"
31
1%
Superior Port Cement
Jan
-
3X
—*
1
5% % conv pref
50
Superior Oil Co (.Calif)..25
Dec
1,100
W--
%
21
'
Swan Finch Oil Corp
Schlff Co common
Skinner
Jan
Jan
Oct
700
Taggart Corp com
1
Tampa Electric Co com..*
2,800
Amer dep rets ord
Oct
1X
400
Oct
1%
Singer Mfg Co
Sept
June
X
400
300
Jan
6%
$3 conv pref
3.900
104
3ia
Dec
6
2 k
Line stamped
90
9X
•u
36 k
Dec
13
10%
%
Safety Car Heat A Lt
*
St Lawrence Corp Ltd—*
Seton Leather
Aug
125
316
May
1%
Sentry Safety Control
Serrlck Corp (The)
July
8%
22% June
8%
2X
6%
Amer dep rets reg
18X
Dec
Mar
June
30
100
2%
15.50 prior stock
Mar
5%
16X
1
700
6k
Common
15
1,200
4,700
1
700
2k
Convertible stock
2,800
6
18 X
*
5%
k
2%
Ryerson A Haynes com..)
Scran ton Eleo
17 &
6X
19X
17*
Standard Silver Lead
May
29
-20
Savoy Oil Co
Nov
X
17 X
32X
31
5%
Inc.——-5
Co—--)
Salt Dome Oil Co—
14 X
6X
3X
19
4%
"32"
Oct
23 X
*200
2
m
Feb
10 X
1,200
20%
"
"in
Royal Typewriter
Samson United
Ncv
Mar
Sunray Drug Co
Dec
Sept
136
113% 11434
rctsord reg—£1
Rome Cable Corp com—6
<
Feb
14 X
5
19%
Feb
7X
4%
90
Am dep
preferred
2X
Apr
450
18
2
0% 1st preferred.—50
6% 2d preferred——20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
Stetson (J B) Co com
*
Stlnnes (Hugo) Corp
5
Stroock (S) Co
*
Sullivan Machinery
.*
Rolls Royce Ltd—
7%
Apr
10%
17%
11
Stein (A) & Co common..*
July
July
Jan
Nov
23 X
Inc..*
St Regis Paper com
Aug
10
X
Steel Co of Can Ltd
4X
*
Richmond Radiator
-1
Rio Grande Valley Gas CoVoting trust ctfs
1
Rochester GAE6%pfD 100
12 conv pref A
Aug
23 X
750
*
Apr
47 k
""4% "~4k
1
1
Ryan Consol Petrol
Jan
18%
Jan
22
11
Oct
23 %
17
14%
450
4%
Oil—-—50c
Eng'g—5
12.60 conv pref
X
Mar
20%
1
Dec
X
July
38%
36
Reliance Eleo A
Rustless Iron A Steel
Jan
X
July
%
12%
""366
"l5% "l6%
15%
100
Sterchl Bros Stores
*
13 conv preferred
*
Raytheon Mfg oom
50c
Red Bank Oil Co
*
Reed Roller Bit Co
*
Reeves (Daniel) common.*
Russeks Fifth Ave
Dec
Common class B
D
Nov
Nov
Oct
Apr
75 X
Common
Royallte OH Co
Aug
2
20%
10
25
(Neb)
preferred
Sunray
Rossla International
5
Nov
102% 103
1
X
5%
July
Raymond Concrete Pile—
11.20 conv pref
Dec
1
%
Standard Oil (Ohio) oom 25
Jan
103 X
530
45k
23
Manufacturing--10
Quaker Oats common
*
6% preferred
100
Quebec Power Co—-—*
liy A Light Secur com.—*
Railway A Utll Invest A--1
Root Petroleum
2%
200
2
Preferred
Aug
95
Pyrene
Roosevelt Field
Oil
Jan
X June
""300
IX
1
Standard Oil (Ky)
Feb
Nov
%
"~2% "3%
*
Standard Brewing Co
*
Standard Cap A Seal oom.l
Conv
preferred
10
Standard Dredging Corp—
Standard
22 H
May
19
Standard Tube cl B
42 k
*
Roeser A Pendleton
100
Jan
Mar
Standard Products Co
10
108k 108k
45
$6 preferred
Puget Sound Pulp A Tim.*
Pyle-Natlonal Co oom—5
Reynolds Investing
Rice Stlx Dry Goods
Oct
7%
39
700
Standard Pow A Lt
6% prior lien pref—100
7% prior lien pref—100
fPub Utll Secur $7 pt pf—*
Puget Sound P A L—
Reybarn Co Inc
Apr
%
Stahl-Meyer Inc
Jan
Public Service of Okla—
Relter-Foster
Mar
28 X
11.60 conv preferred—20
OX
20
102 k 102 X
102 H
*
*
preferred..;
5%
1.300
al7
X
Am dep rets ord bearer £1
Spencer Shoe Co1
*
Common
3,600
6
30X
a 17
Standard Invest $5% pref*
83
6% 1st preferred
100
7% 1st preferred
100
Public Service of Indiana—
$5
5%
29%
%
Dec
Public Service of Coloredo-
17 prior preferred
16 preferred
5%
30 X
reg-.)-£l
Aug
3%
125
6X
7
Aug
*i*
700
5
6%
2X
10
West Pa Pipe Line..50
Am dep rets ord
40
h*
1,000
4k
17
23
Apr
1,300
k
ln
July
25
Mar
9X
400
23
3
June
33
Prentlce-Hali Inc com
Gas
Feb
June
IX
400
2%
16 X
Jan
Aug
Aug
10
25
20
Jan
Apr
Dec
Preferred A
Nov
17
3,500
19
Prudential Investors
1%
11
95
%
4k
12
Prosperity Co class B
June
June
Sept
5X
Oct
IX
Spanish & Gen Corp—
300
X
151%
3X
So
3,500
X
iok
6
High
June
—_*
Oct
115k
55
106X
Canada.—*
100
16
Low
Shares
135
Southland Royalty Co.-.5
South Penn Oil
25
X
10%
6% 1st preferred
Providence
Range Since Jan. 1, 1938
for
Week
of Prices
High
Low
Price
—10
Jan
34%
200
104
106
Southern Pipe Line
Southern Union Gas
Oct
55
8k
580
8
Pratt A Lambert Co..—*
Corp
July
Nov
Nov
Jan
7X
Mar
1,200
9
51%
5
Powdrell A Alexander
8%
5k
2,200
6%
6X
1
A Lake Erie. 60
Metallurgical 10
Plate Glass..25
Pleasant Valley Wine Co.l
*
Plough Inc
Polaris Mining Co
25c
Potrero Sugar common—5
Producers
Sale
Par
High
37 X
*
60
Forglngs
Pressed Metals of
Week's Range
Last
(Continued)
Low
Shares
South New Engl Tel—100
Meter
Power Corp of
STOCKS
Range Since Jan. 1, 1938
for
Week
of Prices
Low
Price
Postage
Pitts Bess ALE RR
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Week's Range
Last
(Continued)
3741
Sales
Friday
Sales
Friday
IX June
lk
3k
19
5k
Aug
Oct
Aug
Oct
13
13
50
7
May
13
Dec
10
13
10
100
3
Mar
10
Dec
1,600
Dec
19k
lk
Nov
1
61
300
Mar
59 k
Nov
May
9
X
X
50%
50
X
31
Jan
New York Curb Exchange—Continued—Page 5
3742
Friday
Sales
STOCKS
Last
Week's Range
Sale
of Price8
Low
High
Week
Par
Utah Radio Products
*
Shares
Low
1*
2
1,200
51m
$5.50 priority stock—-
54
225
Utility 4 Ind Corp com—5
X
X
X
Conv preferred
7
lUtll Pow 4 Lt common--1
IX
IX
IX
1,100
M
*u
1
Class B
*4
conv
X
-.100
—1
--—5
7% preferred
Valspar Corp com
pref
10 m
ZX
54 %
Nov
*
Jan
7*
5*
2*
Jan
7*
6*
Mar
*i#
Jan
*
*
Mar
17 *
July
20 M
11
0*
7X
1,100
X
X
%
5,100
100
pref—100
Vogt Manufacturing
Waco Aircraft Co
Mar
2M
Mar
X
Mar
7%
IX
Dec
77 X
10*
6%
11*
43
4*
June
5
5X
700
1M
Mar
5%,
6%
2,700
5M
Mar
%
5m
m
0
-
*
Wagner Baking v t c
Wahl Co common
*
Waitt 4 Bond class A
5*
Class B J
Walker Mining Co
Wayne Knitting Mills.—6
Weisbaum Bros-Brower—1
Dec
1
%
Mar
Dec
7*
Sept
300
m
Dec
1
11
5
3
2m
3*
2%
4*
.1
4
4
100
40
43
Nov
Aug
4M
2X
Apr
8
2,200
Dec
6X
Jan
3,800
IX
Mar
SX
Oct
48
1,600
1M
Sept
4*
Nov
30 X
Mar
76
Sept
22 X
Mar
Oct
Mar
May
Georgia Power ref 6s—1907
89
8
93*
95*
104*
105*
57
Nov
108*
Nov
101*
Sept
95
70
Apr
90*
Jan
Jan
Nov
87*
89
91*
94* 162,000
74
Mar
95*
Oct
95
96
16,000
78
Apr
98*
Nov
57,000
99*
Sept
104*
111,000
103* 104*
Feb
1,000
63
Apr
85
Dec
6,000
75*
Apr
98
Dec
81*
83
29,000
75
Gen Wat Wks A El 5s_1943
85
98
75
2,000
86*
88
18,000
95*
96* 143,000
62*
62*
63
28*
28*
550
4M
4M
Sept
Jan
Glen Alden Coal 4s.—1965
72
74
56
2M
July
Grand Trunk West 4s.1950
88
89*
7,000
800
6M
10*
July
Gt Nor Pow 5s stpd—1950
108* 108*
May
Jan
Dec
Grocery Store Prod 0s. 1945
Guantanamo A West 0s '58
148
53
Jan
Guardian Investors 5s. 1948
42
45
^Hackensack Water 6s 1977
6*
sx
2
400
3
8*
Apr
9X
81
Aug
SX
3M Mar
5M May
4,400
1
Mar
9%
Oct
7X
July
10*
Jan
Gobel
13*
13*
8X
IX
200
13
Dec
95*
1953
Hall Print 0s stpd
3.
_
(Adolf) 4*s—.1941
♦Hamburg Elec 7s
6c
88
-
-
H,
-
„
-
89*
52
43
6,300
6M
Mar
8*
Feb
3,900
1
Sept
2X
Jan
102
j102* 104m
Jan
104
Oct
1940
1st 4 ref 6s
1950
1st 4 ref 5s
1908
87 X
1st 4 ref 4^s
1907
82 M
105 X
108 X
Aluminium Ltd debt 6sl948
Amer O 4 El debt 6s..2028
2028
Am Pow 4 Lt deb 08—2010
$46,000
89
19,000
78
90*
1961
1st 4 ref 6s
103 m 104 x
98
98 X
96 X
1,000
76 M
86
87%
15.000
82
83
25,000
105* 106
108* 108*
105*3, 1061a,
"85 X
81M
86
7,000
70M
05
104M
Jan
Dec
99X
Nov
98
Nov
Apr
91*
Oct
Jan
86*
107*
109*
Nov
Aug
0s series A
Nov
0*s series B
Sept
»
-
-
-
100
15,000
105*i»
Dec
75,000
58 M
Mar
Apr
Oct
105
105
105 x
Amer Seating 0s stp—1940
100
100
100
4.000
Jan
102
Nov
119m
6.000
107 M
Feb
119*
Nov
102 *
103 X
23,000
90 M
Apr
104
Nov
80
Jan
101*
Dec
Indiana Service 5s
30
Mar
51*
Nov
1st lien A ref 5s
101X
44 m
43
29
29
6,000
20 X
Mar
35
Nov
28 X
28 M
29 m
44.000
20 X
Mar
Nov
30 x
30 x
29 m
31*
45,000
21M
Mar
30 %
21
Mar
39 m
42
54,000
7,000
35*
37*
30*
Debenture 6s.
1908
Conv deb 5 Ms
23
Apr
46
Nov
1977
Assoo T 4 T deb 6 Ms.A'65
Atlanta Gas Lt 4Ms..1955
45
37,000
30 m
"73 X
73
21,000
02
102 X
10,000
92 M
103 *
Atlantic City Elec 4Ms '04
Avery 4 Sons (B F)—
73 X
103
103 %
1,000
90 M
Apr
Oct
Oct
Jan
Debenture 0s
Interstate Publl
Mar
j83
104 x
89
82 %
Oct
85
Oct
Bell Telep of Canada—
1st M 6s series A...1955
109 x
1st M 6s series B...1957
121X
Birmingham Elec 4*sl908
Birmingham Gas 5s... 1959
Broad River Pow 6s..1954
Canada Northern Pr 5s '63
142
43,000
109 %
Dec
18,000
H7M
123
15,000
118
Apr
Sept
2,000
129
May
142
142
142
84
84 m
6,000
70
72 X
28,000
65 M
Jan
85 X
85*
1,000
71M
Mar
Interstate Power 5s
1033i8
102««
"I6i*
Nov
101X
Mar
105
102
10,000
100
Sept
108*
Jan
85,000
73
Mar
98*
Nov
111
Sept
115*
May
Mar
105
July
Nov
27*
Sept
34*
May
27*
11,000
20
Sept
30
Nov
97*
5,000
103*
99
Mar
Dec
83*
97*
Feb
Apr
104*
Oct
2,000
96
Apr
103*
Aug
109
5,000
103
Apr
109
Dec
30
12*
May
15
June
61*
62
6,000
43
Mar
68
July
61*
61*
1,000
43
Mar
67*
Aug
2,000
106
June
110
Feb
79,000
85*
Apr
102*
Dec
99
18,000
79
Apr
100*
Nov
Nov
Mar
Mar
97*
91*
97
87
Nov
7,000
79
Mar
100*
Dec
2,000
84
Apr
101*
Nov
88
13,000
64
Apr
Sept
87
5,000
99
100*
87
-
75
Mar
109*
89
Nov
Mar
Nov
Apr
107*
Jan
1,000
Dec
111*
Jan
63*
8,000
57*
14,000
45*
Mar
50
—
90
104*
108*
106*
56*
57
57
16,000
43
Mar
83
69*
84
53*
55
4,000
54*
54*
3,000
56
56
49*
36,000
53*
5,000
Jan
May
61* May
56*
39*
39
82*
82*
1956
•
77
84
Dec
65*
Nov
40*
43*
Sept
8ept
67*
65
Nov
Nov
Jan
57* 119,000
58,000
40*
35
Mar
18*
Mar
46
Nov
82*
21,000
04
Mar
85*
Nov
78
34,000
Oct
^
77
100
1961
*
~
-
..
-
W
~
-
103*
.
51*
100*
100
100
19,000
5,000
109*
60*
1,000
106* 106*
103
104*
51*
55*
Mar
80*
90
Mar
102*
91
June
101*
57*
•
105*
Nov
Nov
Jan
105*
Nov
Sept
63*
Nov
76
Sept
85
Feb
11,000
30
Sept
53
July
Feb
50
July
Apr
106
98*
44
45*
42
42
42*
8,000
32
104* 104*
104* 105
102* 103
14,000
100
104*
4*s series C
1901
Kansas Elec Pow 3 *8.1960
Kansas Gas A Elec 08.2022
104*
24,000
9,000
50,000
85*
33,000
92
103*
103*
Nov
102 %
Apr
Apr
1st mtge 6b ser H—1901
6 *s series D
1948
July
5*8 series F
1955
2.000
85
Mar
103
Nov
6s series
1969
89*
Lake Sup Dlst Pow 3 *s *66
Lehigh Pow Secur 0s..2020
105*
1947
98*
Apr
106
Jan
Oct
8,000
97
Mar
103*
Nov
4,000
119* 120*
102* 103*
3,000
Oct
Oct
Aug
40
80
1947
108
2,000
80
44*
5s stamped
1942
Jersey Central Pow A Lt—
Mar
2,000
22,000
80
Italian Superpower 08.1963
Jacksonville Gas—
Kansas Power 6s
Sept
Service—
4*8 series F
1968
Iowa-Neb LAP 58—1957
6s series B
55
40
107
1107* 108
103 x 103 m
103*u 103 %
102 X
102 %
101 m 102 m
8,000
84
84 x
6,000
98
99 X 250,000
29 X
33
43,000
.
32 %
57
32 x 118,000
104
94*
88
Apr
103
Nov
00*
Jan
94
Aug
79*
Mar
100
Nov
23*
Mar
41
Jan
23*
Sept
57 m
82,000
32*
Mar
57*
July
% 104*32
27,000
104*
Nov
107*
May
54 X
104
98 m
104
99
3,000
84
99*
Nov
Apr
100*
Jan
40*
Nov
72 %
6,000
68
70 m
2,000
11,000
70
1900
70
69 X
I960
68 X
73
66%
15,000
200,000
47*
43*
Oct
Oct
52*
Jan
87
Jan
91*
102 %
73
112
Mar
120*
Dec
4,000
95*
73
75
100 M
Apr
102*
70%
71
75
103X
7,000
73X 150,000
73 m
76
100* 101
84,000
31,000
20,000
Nov
Memphis P A L 5s A..1948
Mengel Co
conv
Metropolitan Ed
4s series G
103*
Oct
76*
Oct
40
Mar
79
Oct
Mississippi Power 58—1955
52
Mar
Oct
Miss Power A Lt 5s... 1957
Miss River Pow 1st 6s. 1951
Missouri Pub Serv 5s. 1900
79
101*"
129
4,000
103*
Jan
110*
Nov
1.000
102*
120*
Dec
106*
124*
Jan
Oct
July
100
Apr
103*
Dec
Mar
89*
Dec
1st A ref 5s
1955
84*
Apr
Nov
Dec
93*
3,000
78
Mar
103*
93*
87
89*
100* 100*
105* 106
54,000
05
Mar
89*
Dec
18,000
93
Jan
101*
Nov
84
Apr
106
Oct
30
83,000
4,000
25
Mar
30
Nov
99* 100
11,000
84
100
Dec
7,000
101
Apr
Apr
105
Sept
93*
1,000
■
21,000
70
Apr
100
Feb
106*
71,000
100
Mar
107
Nov
102*
13,000
*27*
102*
102
-
*75
92
95*
l
87*
92
24*
Apr
28*
18,666
Jan
104
Apr
83
86*
_
97
55
80
*95*
Dec
95*
67*
Feb
100
90
91*
61
99*
99*
104*
84
89*
109*
75*
91 *
15,000
70
June
107
1905
Mar
Jan
_
4*s_1947
4s E.1971
Mar
Apr
100*
♦7s without warr'ts. 1941
Marlon Res Pow 4 *s. 1954
McCord Rad A Mfg 0s '46
Memphis Comml Appeal—
Deb 4*s
1952
91*
94*
-
103* 104
89*
91
40
125*
j128* 133
-
106
Mllw Gas Light 4 *8—1967
Minn PA L 4*8
1978
Mar
Mar
80*
_
103*.
Middle States Pet 0*8 '45
Midland Valley RR 6s 1943
42*
43
30,000
103
65
30
j.
106
Nov
79,000
61,000
Oct
103
•
78,000
89*
Louisiana Pow A Lt 5s 1957
Mansfield Min A Smelt—
July
67*
67 m
Nov
87*
Llbby McN A Llbby 6s '42
Long Island Ltg 08—1945
75
65 m
102 %
♦Leonard Tletz 7*8—1940
Lexington Utilities 5s. 1952
Mar
71*
71*
71*
101* 102
Feb
1
Mar
66%
66 m
102
Jan
Apr
13,000
43
41
101*
104 %
43 m
72 x
73
43 m
1955
Conn Lt 4 Pr 7s A...1951
Consol Gas El Lt 4 Power
Oct
33,000
102 %
Chicago 4 Illinois Midland
Ry4Ms A!
i960
Community Pr 4 Lt 5s '57
Community P S 5s...1900
Oct
Nov
104
32*
Cities Serv P 4 L 6 Ms. 1962
5 Ms
1949
76*
90
100*
Kentucky Utilities Co—
104 m
Debenture 5s
-.1958
Debenture 6s
1909
Cities Service Gas 5 Ms *42
Cities
Service
Gas
Pipe
Line 08
1943
90
Nov
Jan
108* 108*
Isarco Hydro Elec 7s_1952
Isotta Fraschlni 7s
1942
June
Oct
Nov
70*
08
114m 115
1036j2
fCbio Dlst El Gen 4*s.'70
|*Chlc Ry« 6s ctfs
1927
Cincinnati St Ry 6 Ms A '62
Apr
122*
Mar
11,000
105*
1952
c
Jan
Nov
29
Dec
53,000
106
Iowa Pow A Lt 4*8-1958
Iowa Pub Serv 6s
1957
103 m
97 m
6Ms ex-warrants...1954
Cent States P 4 L 6 Ms '53
Chic Jet Ry 4 Union Stock
Yards 6s
1940
70
114*
Feb
70
—
1957
Nov
101 m
i03*
1981
Cent Ohio Lt 4 Pr 5s..1950
Cent Power 5s ser D—1967
Cent Pow 4 Lt 1st 5s. 1950
Cent States Elec 5s...1948
110
109* 110*
121* 121M
72 x
Cedar Rapids M 4 P 6s *63
Central 111 Public Service—
..I960
1st 4 rel 4Mb aer f.1907
6b series G
1908
Mar
84 m
Canadian Pac Ry 09—1942
Carolina Pr 4 Lt 6s... 1950
6s series E
57
121M 122 m
1900
1998
95m 107m 279,000
Jan
59
31,000
1952
Nov
95
05
June
46,000
1957
7s series F
Nov
Oct
Oct
51
96*
International Salt 6s._ 1951
6s series B
1950
108*
12,000
100
Apr
108*
108* 108*
91*
91*
61 m
61
12,000
101*
Mar
109*
99*
98*
104
82*
99*
99*
104*
84*
87
89*
109* 110*
73
75*
98*
j3
99
78
78
93
June
July
Jan
Aug
Oct
Jan
Dec
Oct
2,000
76*
Jan
95
Apr
5,000
50
Apr
64*
Aug
Jan
101
87*
61*
Apr
Apr
99*
104*
Dec
Mar
86*
Nov
70
Mar
48,000
88*
57,000
32,000
37,000
83
65,000
31,000
107*
Aug
20,000
54
2,000
80
1*
June
3,000
72*
Dec
92
110*
Nov
Dec
Nov
Dec
Apr
78
Nov
Apr
100
July
Montana Dakota Power—
N...1971
109m 110
Consol Gas (Bait City)—
1939
102* 102 %
*124m 126
1954
59
68%
Feb
59%
12,000
81m 116,000
53*
Sept
79 m
03*
Mar
96
80 X
Cuban Telephone 7 Ms 1941
Cuban Tobacco 6s
1944
Cudahy Packing 3 Ms. 1965
7s series E
104
89M
47
50*
107*
100
1955
Feb
Works—
0s ser A stamped.—1943
Cont'l Gas 4 El 5s—.1958
6 *s series O
Apr
93
2,000
International Power Sec—
80*
103*
t90
10,000
^Indiana Gen Serv 5s. 1948
6s series D
58 with warrants...1947
68 without warrantsl947
Mar
108*
87*
97*
♦Indianapolis Gas 5s A 1952
Conv deb 4Mb C
1948
Conv deb 4Mb.—1949
Conv deb 6s
1950
101* 101X 145,000
July
93*
Jan
Apr
95*
87
1903
Associated Elec 4Ms..1953
Associated Gas 4 El Co—
Aug
60
June
86*
1960
Arkansas Pr 4 Lt 6s..1950
79
53
81*
Jan
Feb
July
107
95*
Indiana A Mich Elec 6s '55
5s
—.1957
104
75
98*
Indiana Hydro Elec 5s 1958
118
17,000
Feb
Nov
Corp—
Amer Radiator 4*8—1947
Appalae Power Deb 0s 2024
Ark-Louisiana Gas 4s. 1951
62
98*
8f deb 5*s...May 1957
Indiana Electric
33*
106* 106*
101* 102
-
102
1951
108
ll
1953
5s series C
-
1947
106*
91*
76,000
Apr
68
Dec
17
m
*
1st A ref 5 *s ser B.1954
1st A ref 5s ser C
1950
Sept
98*
June
109
61 *
-
III Pr A Lt 1st 0s ser A. 1953
Apr
Mar
49*
97
-
109
HI Northern Utll 5s—1957
Apr
78
28*
Oct
102* 102*
1949
104%
Dec
1103
97
-
♦Hungarian Ital Bk 7*s'03
Hygrade Food 0s A—.1949
6s series B
Apr
88
85*
2,000
53*
26*
Houston Lt A Pr 3 *8.1960
Sold
1942
77
Apr
14,000
100* 100*
126
40
Houston Gulf Gas 08—1943
Bonds
Sept
101*
1947
1935
♦Hamburg El Underground
A St Ry 5*s
1938
Heller (W E) 4s w w ..1946
,
•+ -
Mar
72*
65*
3,000
900
Apr
Apr
June
56
2%
8X
02
11,000
2%
8%
7%
ox
6X
2X
Alabama Power Co—
July
Feb
52
50*
28*
58M
2
pa<?e
Feb
1,000
102
♦Gesfurel 6s
BONDS
nee
Dec
102*
97
6*s ex-warrants... 1943
For footnotes
Sept
105
Georgia Pow A Lt 5s..1978
1
Gen mtge 4 Ms
Consol Gas Utll Co—
38
Oct
Nov
Sept
Jan
7*
5s
100*
98
Dec
Yukon-Pacific Mining Co.5
ser
105
Mar
1,000
2X
6% preferred.£1
Wright Hargreaves Ltd..*
(Bait) 3Ms
Mar
82
85%
100
Petroleum
Conv deb 6s
98
83*
Gary Electric & Gas—
Jan
Woolwortb (F W) Ltd—
Cities Service 5s
Oct
Nov
Nov
Apr
3,000
0
com
0s series B
80
109*
58
4,000
Oct
*
*
Wolverine Portl Cement. 10
4 Ms series H
1*
81* May
110*
12,000
Mar
Wlllson Products Inc...
6s series C
1,000
Dec
29,000
Mar
8m
Williams (R C) 4 Co
Bethlehem Steel Os
Apr
5*
Williams Oil-O-Mat Ht_. *
Wilson-Jones Co...
Iocom
Mar
97*
X
6*
♦Convertible 0s
53*
8M
1
Baldwin
Apr
2,000
07 M
Weyenberg Shoe Mfg
f5s called
106
98,000
2,200
1
1st 4 ref 6s.
Dec
IX
6x
1
fAbott's Dairy 0s
55*
7,000
*
60* 348,000
24,000
9%
9X
•
dep rets
'
82*
*
West Texas Utll $0 prefWest Va Coal 4 Coke
Amer
Oct
May
Apr
102
0
Westmoreland Coal Co—*
Woodley
Dec
1*
85
Vot tr otfs com
Wolverine Tube
7*
Oct
99*
t
100
Westmoreland Inc
Wisconsin P 4 L 7% pf
7*
Sept
*
*
102* 102*
Banks 6s- 5sstpd...l901
Western Tab 4 Htat—
'
Oct
2%
Flnland Residential Mtge
Western Maryland Ry—
7% 1st preferred
2*
11,000
51
51*
107* 108*
80*
82
82
Nov
Mar
49,000
24,000
73
98*
July
2
May
7*
104* 104*
90
5
3
70
99*
Jan
%
110
7*
108* 108*
Nov
5m
Dec
Dec
Eroole Marelil Elec Mfg-
100
10*
2m
—1
1.25
Western Air Express
73
108*
13*
10*
55*
July
500
105
6,000
110* 110*
Nov
July
Jan
June
m
59*
July
Nov
400
"i«
1
Wellington Oil Co
Wentwortb Mfg
30
28 X
High
Mar
Detroit Internet Bridge—
Jan
3%
7
Low
97*
106*
10,000
103* 104*
106* 106*
Jan
Sept
Mar
June
7X
Petroleum—1
Va Pub Serv 7%
2
X
1X
28*
25m
Venezuela Me* Oil Co-.IO
Venezuelan
700
104*
Range Since Jan. 1, 1938
Shares
*
M
2%
1938
Week
Oct
July
2,100
2
28 X
25m
Van Norman Mach Tool-5
for
of Prices
Low
High
Price
100
14
IX
Week's Range
Sale
High
600
M
X
13
Last
1M June
1M
Apr
31H June
X June
1M Mar
5.300
1.300
BONDS
(Continued)
1
Utility Equities Corp
Price
Range Since Jan. 1,1938
17,
Sales
Friday
for
{Concluded)
Dec.
96
87*
Apr
1,000
63
91
3743
65%
15,000
47
Mar
91
93 x
15,000
90*
Mar
65*
86
100*
72*
99
Nov
Jan
Nov
Dec
July
Sept
5*8
1944
♦Munson 89 6*s ctfs. 1937
Nassau A Suffolk Ltg 5s '45
4
5*
95
Feb
Jan
Range Since Jan. 1,
Last
Week's Range
for
Sale
of Prices
Low
High
97%
99 M
A...2026
6s series B
2030
Nat Pow A Lt 68
62%
58%
39,000
55,000
19,000
35
Oct
36,000
108
Mar
2022
117
116
111
Netoner Bros Realty 6s '48
100
Nebraska Power 4%s_1981
6s series A
N R Gas A El A BSD 5s
*48
1947
Conv deb 5s
New Eng Power
Apr
120%
80%
Apr
100
Dec
38,000
69
Apr
Nov
Jan
85%
118%
Dec
Mar
61%
Oct
Apr
59%
July
60
July
115%
122
54
57
52"000
40
40
56%
55,000
53%
56%
76,000
107%
90%
22.000
102
Feb
107%
51.000
70
Mar
90%
49,000
74
Mar
93%
91%
A.1949
N Y Central Elec 6 Ma 1950
New York Penn A Ohio—
99% 100
87
87%
100
87
♦Income 6s series
♦Ext 4Mb
102
4 He
1966
1969
26,000
63%
Mar
June
89
Nov
Nov
6s
103 %
Jan
105%
Apr
Sept
West Penn Eleo 5s...2030
Mar
48%
18,000
107
0%s '60
Pittsburgh Coal 6s..1949
Pittsburgh Steel 6s—1948
♦Pomeranian Elec 6s..1953
Portland Gas A Coke 6s '40
Potomac Edison 5s E.1956
4%s series F
1961
Potrero Sug 7s stmpd.1947
PowerCorp(Can)4 %sB '59
♦Prussian Electric 6s ..1954
Nov
Apr
Apr
106%
Nov
♦York Rys Co 5s
104
Nov
Feb
105%
4,000
102
July
20%
90,000
tl07% 108%
105% 105%
July
July
"WO
Nov
26
109
Apr
100
Jan
Dec
12%
18,000
12,000
1,000
3,000
99%
97
56%
106
106
Feb
105%
96
30,000
1,000
183,000
59
104% 104%
Mar
106% June
104% 104%
110% 110%
58
Mar
110%
Oct
Nov
Mar
99%
June
66%
103
Apr
105%
July
106
June
108
May
74%
32
Oct
105%
Jan
108
Nov
38,000
86%
Apr
101
Nov
16,000
90
Feb
105%
94%
Nov
87
87
88
88
3,000
15,000
58%
86
25%
1947
25%
12,000
17%
Jan
Jan
Feb
26
Apr
72
94
May
Oct
25%
Dec
GOVERNMENT
55,000
80%
Dec
107
107%
28,000
103%
Apr
Jan
99%
107%
108%
Nov
AND MUNICIPALITIES
3,000
102%
Dec
107
104%
102% 102%
104% 105%
Jan
105%
106
98%
99
98%
38,000
•
96
Jan
Nov
Oct
102% 103
92%
90%
1101% 102
29.000
83
Apr
8,000
69
Apr
96%
Oct
100
Mar
103%
Aug
113% 113%
102%
7,000
Dec
116%
Feb
Apr
94
Sept
1113% 113%
113
Apr
115
May
69,000
55
Mar
2,000
28
Mar
74%
Mar
79
93
192%
74%
76%
31
31
90
75
"96"
92%
65,000
97%
97%
2.000
78
Mar
95%
97%
96%
17,000
76
21,000
82
Apr
100
(Dept
11%
100%
97%
Nov
♦7s ser D ctfs of dep. 1945
101
ser
ctfs of dep.'57
109
May
Jan
Mar
Mar
78%
82%
94%
96%
113%
Mar
Feb
Deo
19%
14
10%
12
19%
15
19%
11
25%
25%
of)
7%s ctfs of dep.'46
♦Caldas
1948
ctfs of dep. ....1948
♦7s
7s
Valley
Jan
79
Feb
♦Prov Banks 0s
61
Feb
♦6s series A
105% 106
13.000
June
108
Feb
98
99
10,000
2,000
86
Aug
100
Jan
20%
64%
18%
Sept
22
Apr
13,000
48
♦6s ctfs of dep. .Oct
July
108%
Sept
109
July
Jan
104%
Nov
May
Jan
147%
Dec
1952
♦German Con Munlo 7s '47
♦Secured 6s
1947
♦Hanover (City) 7S...1939
♦Hanover (Prov) 6%s.l849
♦Lima (City) Peru 6%s '58
130
101
Apr
Sept
104%
105
May
July
External 6%s
107%
82%
Dec
63,000
60%
Mar
17,000
59
Apr
78
Oct
Jan
77%
Oct
June
93 %
35
Jan
73
19,000
74%
75
14,000
69
Feb
125%
25%
124%
21
Mar
106
Dec
30
101
5%s.l943
1951
101%
65
61
64
5,000
9%
Apr
28%
110%
18%
Feb
131%
10 "606
128%
24%
July
21%
Jan
"
Oct
July
30
Nov
31%
July
4"666
96%
Apr
103
Aug
38%
Apr
Apr
71
Nov
106%
107%
Aug
♦7s ctfs of dep.Oct
♦Mtge Bk of Chile
22%
Mar
110%
12%
9%
Apr
14
6
Dec
18%
Feb
7%
Jan
10%
Aug
7%
Sept
19%
18%
Sept
106
Nov
4,000
53%
Sept
73
Nov
♦Santa Fe 7s
84
4,000
70
Mar
86%
Nov
♦Santiago 7s
90%
40,000
102%
108
108%
11,000
110% 111%
4,000
104% 105
5,000
102%
106%
103%
49
37,000
35%
20,000
85
20,000
93
47
103%
102% 103%
103% 103%
104%
104
83%
63%
63%
Nov
Sept
81,000
49,000
12,000
37%
36%
Mar
Mar
64
Nov
63%
Nov
58
58%
83%
57%
59%
59
3,000
84%
59% 108,000
32
34
17,000
59
60
8,000
50
50
1,000
♦
53%
Oct
63
Nov
54
Apr
85%
Nov
38
Mar
63%
Nov
18%
Mar
37%
Oct
40
Sept
60%
36
Sept
55%
106%
Oct
103%
Apr
107%
Aug
65%
Feb
Sept
Mar
63%
Nov
100%
35%
96%
98
89,000
82%
39,000
94
95
Oct
Mar
104% May
101%
Aug
89
11,000
90%
75%
Mar
88%
Apr
89%
Nov
55%
56%
54,000
44
Mar
65%
July
2,000
.
55%
24%
25%
Sept
Nov
23%
12%
Oct
Apr
96
25
25
5.000
14%
14%
14%
7,000
Dec
25
17%
June
Feb
Jan
6%
14,000
5%
Dec
10%
Jan
%
%
%
Apr
Mar
5%
6%
7%
2,000
6.000
102%
7%
7%
%
%
4,000
%
Sept
%
Mar
32,000
%
Jan
1
Mar
65
13%
"e'ooo
11%
5,000
11%
99%
%
,
150
"13%
13%
13%
13%
7
45
58
13%
Jan
Jan
10%
Mar
Jan
10%
July
16%
June
asked price. No sales were transacted during current
Bonds'being traded flat.
« Under
in year's
week.
„
In receivership
of the New York Curb bond Issues which have
been called
entirety:
Abbott's Dairies 6s 1942, Dec. 23 at 103.
Amer. Gas & Electric 5s 2028, Dec. 21 at 106.
Chic. District Elec. Gen. 4%s 1970, Jan. 9 at 104.
Hackensack Water 6s 1977, Dec. 15 at 101%.
Indiana General Service 5s 1948, Jan. 1, 1939 at 105.
Ohio Power 5s series B 1952, Jan. 1, 1939 at 102.
Public Service of Northern Illinois—
4%s series E 1980, Jan.
4%s series F
3 1939 at 102%.
1981. Jan. 3, 1939 at 102%.
Super-Power Co. of 111. 4%s 1968,
1st 4%s 1970, Dec. 17 at 104.
e
Cash sales
Dec. 17 at 103.
transacted during the current week
and not included in weekly or
yearly range:
No sales.
g
Under-tho-rule sales transacted during the current
week and not included In
weekly or yearly range:
No sales.
2
Tiets (L) see
Dec
Jan
value,
a Deferred delivery sales not Included In year's range.
not Included in year's range,
r Cash sales not included
Ex-dividend.
T The following is a list
Jan
50%
25%
Oct
16%
in their
Nov
Nov
36,000
14,000
103% 103%
99%
99%
x
t Friday's bid and
♦
Nov
89%
51%
Feb
24
25%
No par
f Reported
Nov
102*n
1:102% 103%
1103% 104%
103%
Nov
Nov
Sept
58%
2022
Power 5s.. 1979 '*88%
89
47
58%
97%
104%
40%
gold debs..
series A
Apr
17,000
Debenture 6s.Deo
51%
range;
29,000
Debenture 6s
21
20%
26
the rule sales
Dec
Jan
59%
87%
Jan
103%
105%
58
6,000
June
Dec
Mar
59
89%
Mar
56%
Mar
59
59%
1940
1946
•{Super Power of 111 4 %s '68
♦7s
Apr
Feb
93
58%
80%
Dec
111%
106%
55%
58%
Feb
Dec
108%
1,000
59%
stamped 4s
4s
109
13,000
58%
04
25
'47
stamped. 1945
1949
1981
Apr
Apr
83%
1948
Aug
10
15.000
May
104%
(stpd).....1948
9
78
25%
1921
99
73
Nov
13
125%
'47
0%s.l959
6%S...1919
♦5%s
4,000
72
97%
Oct
30
♦Russian Govt
108%
2d stamped
16%
♦Rio de Janeiro
108%
103
17%
78
78
"lilooo
9%
30
Nov
107
6%
6
99
Nov
110%
19%
Jan
dep...1947
♦6%s ctfs of
106%
Apr
Sept
Sept
Leonard
City Rap Tr 5%s '52
19%
19
Mtge Bk of Denmark 5s *72
♦Parana (State) 7s,-.1958
106%
Mar
Hydro-El 0%s.-1953
Service 6s. 1960
Texas Power A Lt 5s..1956
Oct
Oot
5,000
30
Sept
71%
Texas Elec
23%
25%
124
8ept
101%
Teroi
Sept
124
100
25,000
fist 4Ms
5.1970
Tennessee Elec Pow 5s 1956
Sept
18
124
100
59,000
1951
11966
1957
Standard Investg 5 Mb 1939
{Standard Pow A Lt 6sl957
♦Starrett Corp Inc 5s. 1950
Stmnes (Hugo) Corp—
18%
08.1931
*7s ctfs of dep
9,000
93%
{Standard Gas A Elec—
6,000
6,000
1947
"
25~C66
104% 105
107% 108%
"92%
104%
Nov
12,000
Mtge Bank of Columbia—
♦7s ctfs of dep
1946
83%
73
24
Dec
19
19%
19%
20%
19
124%
♦78 ctfs of dep. May
104""
103%
Max
19
♦Issue of Oot 1927--,
Aug
Mar
103% 104%
103% 103%
104"
59%
20%
1951
♦7s ctfs of dep
Oct
29,000
1107%
June
46
19
Mtge Bk of Bogota 7s_1947
♦Issue of May 1927
Nov
72%
*25%
Jan
39
Aug
102
20%
♦6%s ctfs of dep
1954
♦Mendoza 4s stamped.1951
53
25%
100%
t—_
♦Medeliln 7s stamped. 1951
74%
129%
Sept
Sept
1958
7s
78%
1131
90%
90%
5,000
1,000
Danzig Port A Waterways
22%
73%
6s..1951
14%
97%
Jan
20%
101%
15,000
18%
July
99%
76
107% 108%
17%
17%
Aug
July
Aug
14%
14
Mar
17%
Mar
18%
19%
98%
108%
Jan
28
23
97%
73%
{♦St L Gas A Coke 68.1947]
San Joaquin L A P 6s B '52 j
♦Saxon Pub Wks 6s...1937
27
23
99%
32,000
74%
Apr
Sept
22%
24
1953
5s
77
Queens Boro Gas A Elec—
6%s series A.
1952
♦Ruhr Gas Corp 8%s.l953
Oct
40
6%s ctfs of dep....1959
6%s.„
1955
106%
D.195C
Dec
10
118%
106
1966
12
Oct
118%
Danish
♦Maranhao
Puget Sound J? A L5%s '49
1st A ret 5b ser C—1950
3,000
Apr
8%
(Dept of)
98% June
7,000
Oct
Oct
6%
125
'61
'61
♦6s ctfs of dep„.July
Cundlnamarca
69%
1102% 103%
102% 102»i«
1948
Shawlnigan WAP 4Mb '67
1st 4 Mb series B
1968
1st 4 Mb series D
1970
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 5s. 1957
Southeast PAL 6s...2025
Sou Calif Edison Ltd—
Debenture 3 Mb.—1945
Ref M 3%s.May 1 1960
Ref M 3%s B.July 1 '60
1st A ref mtge 4s...l960
Sou Counties Gas 4Mb 1968
Sou Indiana Ry 4s
1951
S'western Assoc Tel 5s 1961
S'western Lt A Pow 6s 1957
So'west Pow A Lt 6s.-2022
So'west Pub Serv 68—1946
B..1951
1962
9%
9%
24^666
Columbia (Republic of)-
Jan
Pub Serv of Oklahoma—
Servel Inc 6s
12
♦7%s ctfs of dep...1946
Cent Bk of German State A
Sept
1980
F1981
11%
Bogota (see Mtge Bank
May
7,000
July
10%
40
147% 147%
7
21%
Dec
65
6% perpetual certificates
Pub Serv of Nor Illinois—
Aug
Aug
Sept
111
Public Service of N J—
7
July
i 1,000
"2~666
7
Aug
6
11,000
102%
1101
21% 21%
Aug
7
10%
29,000
4,000
7
11%
18
52
65
Oct
7%
11%
16
76
105%
7%
11%
22
ser
111
104%
Oct
Oct
Aug
16%
Aug
Aug
8%
111%
♦Cauca
17,000
7%
Dec
118%
♦Baden 7s
Dec
108%
Oct
7%
1961
♦7s 3d
Nov
Nov
Apr
7
"l'ooo
ctfs of dep.'57
June
106%
7%
Bogota (City) 8s ctfs.. 1945
96
105%
104%
16%
16%
♦7s 2d ser ctfs of dep.'57
Nov
108
7,000
Oot
11%
Mar
40%
0%s~1958
'79
30
7%
17%
17%
20%
Safe Harbor Water 4Mb
124%
17%
Mar
23,000
40
Apr *48
of) Co¬
A ctfs of dep. 1945
ser
Mar
93
109
Nov
♦7s ser C ctfs of dep. 1945
75%
108
Aug
24
♦7s
93
90%
64
24
Nov
♦7s ser B ctfs of dep. 1945
50%-
"64%
Aug
24
Jan
99
111
98
24
30
Dec
75
92
105%
30
Dec
8,000
90%
in""
20
lumbia—
4,000
...
"52"
30
'47
Aug '47
♦68ctfsofdep
Antioquia
Oct
14,000
108
104% 105%
104% Zl04% 104%
1107%
90%
125%
124%
124%
♦68 ctfs of dep
♦7s 1st
90%
90
108
30
Jsn 1947
♦20-year 7s
'
f24%
82%
34%
94%
Apr
97
Agricultural Mtge Bk (Coll
♦20-year 7s
Apr 1946
♦7s ctfs of dep. Apr '46
♦7s ctfs of dep. Jan
113%
Apr
Apr
Twin
86%
1937
Stamped 5s
FOREIGN
Sept
Tide Water
5,000
Apr
Nov
93%
86%
23
6s
Nov
83%
65
Yadkin River Power 5s '41
107
2d
89%
99%
99%
102% 102%
106%
8,000
6s
Apr
106% 106%
Feb
11,000
(stpd)
75
99%
93
8,000
109
Conv 6s
37,000
87%
106%
Aug
107% 108
6s
95
Wise Pow A Lt 4s....1906
Nov
9,000
"
Scripp (E W) Co
Scullin Steel 3s
Apr
93
Wheeling Eleo Co 5s—1941
Wiso-Minn Lt A Pow 5s '44
55%
109%
20,000
90
5%s..l972
6s 1962
Nov
75
West United G A E 5%s'55
Apr
103%
103
Nov
Mar
30
105%
15,000
104% 104%
105
96%
Apr
70
20,000
105% 105%
105
105%
105%
Piedm't Hydro El
Nov
31,000
West Penn Traction 5s '60
West Newspaper Un 6s '44
46%
Pbila Rapid Transit
July
1,000
20,000
West Texas Util 5s A 1957
96
Oct
94%
104%
Nov
93%
112%
87%
19
110%
62%
Feb
80
19
1954
deb
income
8,000
106
1960
♦Schulte Real Est
♦5s
Feb
88,000
Aug
Oct
96
Nov
Hotel—
99%
45
83%
Jan
83
105%
"l'ooo
Feb
Feb
83%
—1946
105%
56
64%
107
Feb
85%
Wash Water Power 5s 1960
—.
Feb
75
87
Wash Ry A Elec 4s...1951
■
July
94%
64
90
Aug
56
82%
53%
92%
1st ref 5b series B...1950
114
Apr
92%
Nov
96%
July
57%
3,000
91%
102
94%
C..1947
58 series D
1954
Penn Water A Pow 6s. 1940
4%s series B
—1968
Peoples Ga « L A Coke—
4s series B
1981
4s series D...
1961
♦Ruhr Housing
71%
108%
105
Nov
80%
3,000
112% 112%
71%
71%
83
85%
1944
Apr
1112
series B—1959
1st A ret 4Mb ser
...1973
Apr
Penn Pub Serv 6s
4s series A
6s series A
Va Pub Serv 5%s A..1946
84
June
30
46,000
17,000
75%
105% 106
78%
80%
Utah Pow A Lt 6s A..2022
May
100
14 Ms series E
112%
88
1970
51st A ret 4Mb ser
1952
Dec
Penn Ohio Edison—
Phila Eleo Pow
6s series A
45
"56"
stmpd'45
N'western Pub Serv 6s 1967
Ogden Gas 6s
1945
fOhlo Power 1st 6s B.1952
okla Nat Gas4%s
1951
6s conv debs
1946
Okla Power A Water 6s '48
Pacific Coast Power 6s '40
Pacific Gas A Elec Co—
1st 6s series B
1941
Pacific Invest 5s ser A.1948
Pacific Ltg A Pow 58—1942
Pacific Pow A Ltg 6s—1955
Park Lexington 3s
1964
Penn Cent L A P 4X8-1977
1st 6s
1979
Penn Electric 4s F
1971
Deb 5%s
80%
105
N'western Elec 6s
6s series A
(Del) 5%s *52
United Lt A Rys (Me)—
Un Lt A Rys
100
Indiana P 8—
series E
105%
2,000
98%
1956
Nor Conn Util 5%s..l948
No Indiana G A E 6s—1952
5s series D
1969
41,000
105%
A
5s series C..
5%s
Dec
104%
27%
Jan
Mar
48,000
75
76%
76%
Nippon EI Pow 0%s_.1953
No Amer Lt A Power—
Northern
75
106% 107%
NYP4L Corp 1st
5 Mb series
1974
Feb
93
Feb
56
9,000
73%
0%B
Nov
63
23
24
27%
86%
1,000
30
Dec
116%
Apr
Sept
42
Oct
50
Mar
30
112%
4,000
71
27,000
102
12,000
54
J26
1945
f 6s
Waldorf-Astoria
stamped.1950
4%s'67
NY State E & G 4%s 1980
N Y A Westch'r Ltg 4s 2004
Debenture 6s
1954
54
f26
s
4%S
New Orleans Pub Serv—
51,000
49%
116% 116%
71%
Nov
92 M
Mar
39%
53
High
Low
Shares
1975
Dec
92%
~90"
1942
♦1st
United Lt A Pow 6s
54
107
49%
1956
♦United Industrial 6%s '41
Nov
10,000
55%
1954
6e stamped
United El Serv 7b
31.000
55%
3%s.l961
5s_1948
Debenture 5%s
United Elec N J 4s.-.1949
80
1119
New Eng Pow Assn
Conv 6s 4th stamp.1950
Jan
Dec
118
79
"57"
1948
1950
5s
Dec
44%
109
98% 100
79 H
Nevada-Calif Elec 6a.1956
New Amsterdam Gas 6s
91
38
Dec
92
92
37% 38
108% 109
91%
High
Ulen Co—
99%
Mar
Apr
Range Since Jan. 1, 1938
for
Week
of Prices
Low
Price
High
Low
108 M
{♦Nat Pub Serv 6a ctfs 1978
Sale
(Concluded)
Shares
Week's Range
Last
BONDS
1938
Week
Price
Sales
Friday
Sales
Friday
BONDS
{Continued)
Deb
3743
New York Curb Exchange—Concluded—Page 6
147
Volume
Deferred delivery sales
^
transacted during the current
j
week and not Included
In weekly or yearly range:
No sales.
Abbreviations
Used Above—'"ood," certificates
consolidated
"n-v," non-voting stock
with warrants* "x-W
of deposit; "cons,"
"cum," cumulative; "conv," convertible; "M," mortgage;
"v t c," voting trust certificates; "w 1," when Issued; "w w,"
without warrants.
3744
Financial
Chronicle
Dec.
17, 1938
Other Stock Exchanges
Friday
Real
New York
Estate Securities
Ask
Bid
1937
Bowker Bldg 6s
55
B'way 38th St Bldg 7s 1945
24
1945
42 Broadway Bldg 68.1939
45 E 30th St Bldg 5%s 1937
6%s unstamped
28
65
40
Co
86%
43
66c
*
50
Week's Range
for
Sale
of Prices
40c
v t c
A
116
100
6% preferred
---1
20
10
Fidelity A Deposit
Fidelity A Guar Fire
5
1
Eastern Sug Assoc com..
Finance Co of Am A com.5
00 m
mm mm
30c
82
Mar
Sept
100
19
Sept
26
July
79% 816,000
49
Mar
80
Dec
SECURITIES
Listed and Unlisted
50c
420
1.50
305
145
-
-
Mar
Dec
21%
1
77
%
%
9%
65%
40
112%
Apr
7%
Sept
9%
Oct
700
4%
Mar
10%
20
Nov
73%
July
Mar
11
75%
Mar
117
Mar
213
27% June
10
9%
11%
Mar
Jan
Oct
20%
1,594
1.05
1.85
8,190
1.25
1.75
820
Dec
2%
Jan
34%
31%
18%
Sept
34%
Dec
l"i»
34%
2*16
245
2*it
1.356
l»i«
Dec
Merch A Miners Transp.. •
20%
1
Jan
2«u
Dec
16%
17
80
10
Mar
Mt V-Woodb Mills pref 100
37%
37%
37%
41
35
June
47%
Jan
10%
10
10%
1.426
Mar
Oct
1
1.15
12%
1.15
1.25
250
72%
73%
2%
17%
200
Penna Water A Power com *
Phillips Packing Co com..*
U S Fidelity A Guar
2
2%
16%
.
16%
1
93
5,628
17
June
59%
2%
8%
Sales
Last
for
Sale
Stocks
Par
Price
of Prices
Low
Hie
Dec
Jan
1%
Apr
76
Jan
Dec
4
Mar
18
July
Dec
a
20
20
22%
1975
23
25%
$51,500
16
Mar
23%
Jan
15%
Mar
27
Jan
21,100
Common (new)
Acme Steel Co
•
58%
42%
25
com
Adams Oil A Gas com
Advanced Alum Castings.5
3
inclusive, compiled from
Last
Sale
Par
Stocks-
Week's
Low
Range
official sales lists
for
Shares
32c
--*
6% non-cum pref
99c
50
1st pref
Amer Tel A Tel
50
*.100
32c
99c
12
'mli
55c
1.50
12
20
147% 149%
Assoc Gas & El Co cl A—1
X
Boston A Albany
Boston Edison Co
100
Boston Elevated
100
61%
Boston Herald Traveler. .*
17%
100
75%
127
24%
73 X
2,761
%
24%
Blgelow-San Carpet com
1,895
1,164
77
High
IX
100
55c
Prior pref
...100
Cl A ,1st pref std
5
"
Class D 1st pref
100
Boston Per Prop Trust.
.
11%
Boston A Providence.. 100
Calumet A Hecla
Copper Range
25
5X
Common
19 X
20%
Jan
13%
Mar
89
1%
Dec
4%
July
140
55c
Dec
2%
Jan
993
6
405
1%
211%
65
400
2
7
450
4
Mar
8
60
6
June
8%
11%
225
25c
46%
49%
442
44%
Dec
49%
21%
21
10
20%
Dec
35
Jan
63
63
60
45
Apr
70
Nov
130%
3%
Sept
150
Nov
5%
%
Apr
Mar
6%
10%
1%
Mar
39
147% 149%
Armour A Co common...5
5
9%
9%
1
1
1
1%
35
Associates Invest
1st preferred
150
3%
150
2%
June
27
3%
Dec
1%
1%
100
1
%
%
170
6%
-3%
7%
3%
1,800
Pref erred
2%
34
50c
617
24%
30
Loews Theatres (Boston) 25
Maine Central com
100
15
15
15
100
5
180
16
65
5
15%
2
1
com t c..l
New Eng G & El Assn pfd *
New England Tel A Tel 100
N Y N H A H RR
North Butte
22%
105 H
100
X
40c
Old Colony RR
-.100
Certificates of deposit
Old Dominion Co
25
Pacific Mills Co
*
Pennsylvania RR
Qulncy Mining Co
Union Twist Drill Co
102% 105%
X
1%
37c
40c
70c
1.00
65
466
3%
81
Oct
Dec
Mar
%
55c
150
12 H
11%
19%
2%
12%
21%
375
9%
3,001
Dec
13%
2
10X
15X
1%
3
25
2
425
3747.
10%
12%
15%
45
26 X
10
27%
23%
11
Jan
Feb
37o
19%
Aug
60c
July
Aug
Mar
2%
28
Aug
July
6
July
68%
48
101%
3
Chic Towel Co com
Chic Yellow Cab Inc
10
Mar
18
Nov
5
Sept
8
Mar
150
14
6
Apr
22%
May
17%
2%
Dec
5%
7%
2,550
5%
Mar
20%
1,550
17%
75
14%
3,700
Sept
24%
July
Sept
20
Aug
Apr
25
14
100
9
Mar
14
69
760
Mar
73%
% Aug
3% June
1%
July
7%
July
Jan
Jan
9
Jan
Oct
Feb
8
May
5%
Mar
17%
Oct
Dec
Oct
26%
Compressed Ind Gases cap*
Consol Biscuit com..
1
14%
23c
Consumers Co of 111
com
Com pt 8b A v t c
V t c pref part shs
50
*
16%
com. *
com
32
Nov
17
Apr
46%
28%
32
15
Apr
26
Oct
Nov
5
Common
10
Class
A
Dec
1%
Jan
Mar
10%
July
June
Mar
63%
5%
1%
12%
Jan
Sept
88%
Nov
10%
May
2%
Nov
Sept
Jan
30
Jan
40,700
27c 181,240
850
14%
22
Mar
28
May
6%
1
Mar
60
%
Feb
30
795
26%
38%
50%
16%
15%
25
2%
Dec
May
3%
6%
2%
13c
12
850
200
1,281
1%
Jan
4
Feb
11%
Sept
10
Mar
36%
Dec
390
48
700
11%
Apr
5%
1%
Mar
200
1,100
May
Mar
27c
25
7%
2
4%
11%
17%
Dec
Jan
Aug
July
Oct
July
Oct
28%
38%
Nov
73
July
17%
Nov
Dec
17%
Oct
3%
July
10
11
110
10
19%
4%
21%
379
lo
4%
50
3%
June
6%
Jan
8%
60
8%
Dec
8%
Dec
Oct
16%
Jan
Dec
20
Feb
Sept
23
Nov
12%
12%
33%
150
29
9
5.50
*
14
15
900
7%
10%
May
Mar
Mar
1,300
2%
Mar
3%
21
3%
3%
21
39%
11
3%
20
36%
*
com. *
Four-Wheel Drive Auto. 10
Fox (P) Brewing com
5
70
July
June
15%
2
8
80%
Nov
14
13%
16%
57% May
32%
7%
Elec Household Utll cap. 5
Elgin Natl Watch Co...15
com
June
36
*
*
FitzS A Conn DAD
Jan
2%
Mar
Jan
8%
4%
*
Dodge Mfg Corp com
Eddy Paper Corp
5%
%
15%
"~2%
*
com
July
50
25%
36%
49%
15%
25
Decker (Alf) A Cohn com 10
Deep Ruck Oil conv pref.*
13c
13
250
2%
6%
50
Common
Crane Co com.
Deere A Co
5%
B*
Container Corp of Amer.20
Continental Steel—
Fairbanks Morse
60
458
250
27%
25
Dexter Co
4%
100
Nov
Nov
200
•1,484
Nov
105
5%
5%
9
55
Apr
Sept
16%
50
84%
Oct
June
k
21%
358
23
New capital
Diamond T Mot Car com.2
Dlxle-Vortex Co—
Dec
200
Jan
Mar
%
7%
Commonwealth Edison—
Jan
May
1% June
73
6%
2%
20%
Jan
July
72%,
%
2%
2%
Jan
Nov
12% June
1%
Dec
12
25%
38%
%
6%
.
May
700
2%
20%
5
19%
24%
50
18,700
2%
3%
60c
210
1%'
6%
Dec
Mar
90
Mar
25%
140
78%
com *
Dec
Nov
140
35%
Club Aluminum Utensil..*
Coleman L'p A Stove
Dayton Rubber Mfg
July
1,500
1%
10
com
1
69%
^.5
Cudahy Packing pref.. 100
Cunningham Drug com2%
2%
79c
600
100
Cities Service Co—
(New)
48
41%
200
13%
*
com
X
15
7%
July
14
34%
"%
Oct
Jan
10
750
16
101% 101%
3
2%
1%
Nov
23%
13%
._*
Chrysler Corp
47
Oct
10
700
3
Oct
350
15
.5
Feb
109%
65
%
..»_..*
com.
Feb
15c
23
1,164
2,176
»
22%
14%
2%
6%
19%
15%
20%
13%
7%
22%
16%
*
70c
1%
Jan
Preferred
Prior lien preferred....*
Cent States Pow A Lt pf_ *
Chain Belt Co com
*
35c
25o
Jan
1%
Rights (w i)
5%
40
2%
12%
45
26%
23%
Oct
Dec
Jan
5c June
10%
1,092
5c
1%
7%
Jan
Mar
910
Nov
Feb
18%
300
34
9
300
he
Jan
Dec
18
24
4%
Dec
4
30
21%
22
Mar
11
Dec
Sept
June
1%
37c
5
For footnotes see page
Mar
Dec
4%
Sept
4%
35c
*
*
10
11
30c
70c
2X
Suburban Elec Sec Co—
2d preferred
Sept
37c
20 X
Torrlngton Co (The)
Feb
20o
35c
50
*
1%
2,750
1,192
1,088
25
Reece Folding Mach Co. 10
Shawm ut Assn T C
*
Stone A Webster
Apr
Oct
220
5c
10%
2.50
Apr
Sept
Apr
2
4
11
Oct
1% July
4% June
6% June
19
May
6%
4
1%
Chic A N West Ry com 100
Chic Rivet A Mach cap..4
24
8%
Mar
1.50
1
Deo
24
Mar
850
Common..
18
.*;
National Ser Co
Oct
61
628
11,200
5
6
Apr
7%
25%
7%
X
5%
Chic flexible Shaft
Hathaway Bakeries30c
7%
.
1
Dec
5c
Dec
*
r
2%
6%
22X
10%
Common
$1% conv pref
Central S W—
July
Apr
m
Inc
Jan
Nov
%
13%
3%
1%
.*
Mergenthaler Linotype..*
Narragansett Racing Ass'n
3%
13%
124
50
2%
15%
2%
Cherry-Burrell Corp com.5
Chicago Corp common.
496
5
10
....30
Jan
285
.....
conv pref
Jan
5c
6% cum pref
100
Mass Utilities Ass vtc...l
5%
May
1%
*
1
3
6
..*
22%
5
52
5c
Jan
Nov
6%
25%
18
30%
1%
13%
13%
Dec
Mar
18
Dec
5%
Mar
6%
8%
6%
""7%
Dec
5X
8
6% June
Brach A Sons (E J) cap
*
Brown Fence A Wire com.l
Class A
*
Bruce Co (EL) com
Jan
250
22%
Burd Piston Ring com
Butler Brothers
Jan
Nov
250
4
7
Dee
450
30%
Nov
*
July
July
10
Mar
1
23%
14%
11%
Mar
9%
100
Jan
12%
19
31%
Dec
7% June
16%
621
31%
7
12
50
1,610
382
2%
10
300
1,800
494
13
Nov
21
75
Jan
16%
3%
33%
Apr
Feb
30
Mar
19%
Dec
70c
775
1%
890
30%
1%
4
% June
5%
Oct
32%
Feb
7%
34
Nov
"20""
common..
Nov
July
Mar
5
(New)
Jan
1%
2%
7%
Borg Warner Corp—
20%
9%
3%
7%
Jan
Dec
6%
6%
23
27
Nov
5%
3%
Central 111 Sec-
Dec
759
Class B
7%
Berghoff Brewing Co
July
May
21
Class A..
1
Binks Mfg Co capital.... 1
Bliss A Laughlin lno com.5
com
July
15c
20
Preferred
25%
Aviation
5%
4%
20%
Gillette Safety Rasor
5
13
11
"~6X
4
370
20
Gilchrist Co
xl3
12
10%
*
*
Bendlx
7
13%
8%
8%
10
Nov
1,541
420
20 X
com
Sept
Mar
600
:
12
6%
18
Employers Group
*
General Capital Corp
*
Georgian Inc (The) com..*
Class A pref
20
7
13
1
Castle A Co (AM) com.. 10
Cen Cold Stge Co com..20
Cent 111 Pub Ser 16 pref..*
1% May
61
3%
7%
3%
Campbell WyantACan cap*
14%
3%
3%
Eastern SSLlnescom...
Barber (W H) Co com
Jan
56%
3X
Aviation Corp (Del)
3
Aviation A Trans C cap.l
July
18
Mar
3%
July
60
100
400
35%
4%
.100
Adjustment
350
3%
./A
4%
8%
2,150
„
3
Preferred
1
35%
10%
*
eap.
com
Sept
..100
Preferred B__
*
com
861
5%
1
Asbestos Mfg Co com
1%
19
9%
100
Nov
Jan
Aug
Amer Pub Serv pref
100
Amer Tel A Tel Co cap. 100
Sept
13
440
Mar
NOV
Allls-Chalmers Mfg Co
*
Altorfer Bros conv pref...*
1
60
21
Nov
3
1%
1%
1%
256
Eastern Mass StRy—
Common
July
May
2%
1%
4%% Prior pref
100
6% preferred.......100
Jan
58%
80
5
134
Apr
Oct
1%
15c
......25
-.10
East Gas A Fuel Assn—
Nov
595
8%
5%
East Boston Co
1%
29%
108%
Apr
1,051
7%
June
47%
1%
1%
11
Nov
108
6
15%
"ix
Nov
May
Mar
1%
.
%
2
16
149%
June
1%
1%
1%
.
Dec
Feb
Mar
17
5
IX
IX
80c
Mar
60
1%
100
Sept
7
Bastlan-lileeslng
250
55c
Class B 1st pref std. .100
Class C 1st pref std .100
Class D 1st pref std -100
99c
11
110%
1,973
2
Preferred std
Mar
20
Boston A Maine—
Common stamped—100
32c
674
124% 127
BIX 51%
16 X
17%
Nov
12%
4%
8
10
com
Belden Mfg Co com
Belmont Radio Corp
401
49%
Mar
Aetro Ball Bearing com..l
Barlow A Seellg Mfg A cm5
Low
American Pneum Ser—
Common
60%
Sept
4%
Allied Products
Backstay Welt Co com.._ *
Range Since Jan. 1,1938
Week
High
Apr
39%
Automatic Products com_5
Sales
of Prices
Price
36%
300
9
Automatic Washer com..3
Exchange
Friday
High
68
9
Auburn Auto Co
Dec. 16, both
Low
425
*
Athey Truss Wheel
Boston Stock
Shares
Abbott Laboratories—
Aro Equipment com
Bond*—
Bait Transit 4s flat...1975
Range Since Jan. 1, 1938
Week
Dec
3
New Amsterdam Casualty 6
7%
inclusive, compiled from official sales lists
Friday
Dec
18%
-
Dec. 10 to Dec. 16, both
Oct
11
Dec
Chicago Stock Exchange
Dec
116%
35%
May
1
St., CHICAGO
Apr
24%
400
71
Jan
2%
Mar
Chicago Stock Exchange
Chicago Board of Trade
10 S. La Salle
July
Apr
Mar
1.05
Common class A......1
Exchange
(Associate)
New York Curb
109
116%
30%
31%
10%
10%
'
High
18%
North Amer Oil com
Paal H.Davis & @o.
New York Stock
1
Rights wi
to
Jan
22
Members
12%
22%
71%
113
rnmmmrnm
Martin (Glen L) Co com_.l
Dec. 10
5%
?
mmm
100
Houston Oil pref
Mar Tex Oil..
..
Nov
370
262
8
6%
Low
2,165
3:115% 116%
7%
7%
5
5%
15
14%
mmrnrnrnm
m
21%
1.25
70%
ConsolGas E L A Pow...*
Davison Chemical com. 100
flat
Jan
8%
4%
7%
78%
1948
4%s
Range Since Jan. 1. 1938
Shares
20%
70%
22
*
High
20%
1.50
•
1st pref v t c
Low
20%
*
t c.*
Black A Decker com
5s
1%
001mm
Week
Price
Par
Stocks—
A
44%
Mar
Bond*—
Serles
Sales
Last
Preferred
Jan
55c
22
*
Exchange
Friday
4
Bait Transit Co 00m v
38%
both inclusive, compiled from official sales lists
Dec. 10 to Dec. 16,
Corp.".
Dec
Nov
112
3%
3
CHICAGO
Arundel
86%
Corp—
10 East 40th St Bldg 5s '53
Baltimore Stock
High
Mar
3,275
80c
*6%
3%
Low
50
1,736
Eastern Mass St Ry-
64
Income 5e 1952
(stamped)
■-.
81
Range Since Jan. 1, 1938
Shares
High
42
*
Warren (8 D)
...
1940
Park Place Dodge
"80c
Warren Pros
.*mm +
68
165 Broadway Bldg 6%s'51
---
15
Low
59
c
Marcy, The 6s
1
51 Fifth Ave Apt Bldg—
6s 1943
Ask
29
5%s 1963 w-vt
36
Price
86%
Waldorf System
6%s 1949 (unstamped)..
24
6%s unstamped
6 Mis stamped
11 West 42d St Bldg—
Bid
Harriman Bldg 6s
1951
Lefcourt Manh Bldg 5s '48
Lincoln Bldg Corp—
mmm
for
Week
United Shoe Mach Corp.25
Preferred
25
500 Fifth Ave Inc—
Bryant Park Bldg—
Par
of Prices
Utah Metal A Tunnel Co. 1
Unlisted Bonds
18%
Stocks (Concluded)
Week's Range
Sate
Closing bid and asked quotations, Friday, Dec. 16
Unlisted Bond*
Sales
Last
Exchange
12
3%
10
100
750
91
850
3%
100
10%
750
9%
34
Jan
21
Feb
5%
15
Mar
25%
33%
4%
3 %
Nov
8
Jan
14%
Aug
Oct
39%
Dec
Apr
12
Dec
Dec
6% Mar
11% June
Mar
Volume
Week's Range
Last
Sale
Fuller MIg Co corn
Gardiner-Denver
2
1
2%
Mar
1%
2%
Wleboldt Stores Inc com.. *
Dec
2%
Jan
X
X
M
5,500
Dec
X
50 X
47 H
50X
3,250
47 X
OH
120
13"
13
13 X
250
36 X
32%
37 X
Common
General Motors Corp.10
ox
General Outdoor Adv com *
Golublatt Bros Inc com..*
Goodyear T & Rub com.
"26"
Great Lakes DAD com..*
Hall Printing Co com
10 H
59%
Dec
Dec
8X
Nov
23 X
Jan
Zsnlth Radio Corp com..*
22%
Sept
37%
439
5X
100
ox
OH
1,100
84
June
JaD
7X
934
1244
Nov
8 4
5
July
64
54
Nov
24
July
254
July
24
1
24
100
2 4
Sept
Dec
Mar
44
2,000
34
May
5
600
2 4
124
Jan
54
2
54
14
"194
250
20
14
Mar
Dec
1.790
14
174
w*
May
Nov
Apr
Nov
5%
7H
35X
Mar
8%
25
36
40
34%
Sept
454
23 H
24
150
16%
Jan
24
Cincinnati Listed and Unlisted Securities
Feb
*
Dec
Heln Werner Motor Parts 3
Hlbb Spen Bart com
Hormel & Co com A
Woodall Indust com
Nov
Sept
5
12
Aug
428
300
Oct
134
5
114
..."
304
Oct
11H
27%
Mar
12%
5
..10
Barnlschfegci Corp com. 10
Heileman Brew Co U cap.l
Sept
Dec
Mar
Mar
6
2,300
*
Yates-Amer Mach cap...5
June
6%
100
20 X
1
1
WlsconslnBanksharee com*
13
1,072
10 H
25
Gossard Co (H W) com..
224
44
OO £
Williams Oll-O-Matic com*
Gen Household Util—
High
384
244
1144 1204
84
84
W'bouse El A Mfg com..60
Jan
4
Low
Shares
High
23 4
100
Jan
June
10
Low
Price
Par
Western Un Teleg com.
Jan
16
2%
850
3
(Concluded)
X
Mar
1,250
12%
11X
J
com
Stocks
High
Low
300
2
new*
com
General Finance Corn
Week
Range Since Jan. 1, 1938
for
of Prices
Week
Sale
Shares
High
Week's Range
Last
1, 1938
Range Since Jan.
for
of Prices
Low
Price
Par
Sales
Friday
Sales
Friday
Stocks (Concluded)
3745
Chronicle
Financial
147
4
200
8
W. D. GRADISON & CO.
Members
Oct
Houdallle-Herehey ci B—*
154
14%
15 H
454
5%
Mar
17%
Hubbell Harvey Inc com.5
114
11H
12 X
250
8%
Mar
15
2
2X
2,940
5H
OH
0%
Mar
18
Dec
14%
Mar
29
Jan
July
7
Jan
H upp
1
Motors com
Illinois Brick Co
X June
Illinois Central RR comlOO
17%
15H
18
Indep Pneum Tool v t c_.»
Indiana Steel Prod com__l
z20%
20 X
22
350
0%
10
Kate Drug Co com
"~3%
...1
La Salle Ext Unlv com
Cumulative
25
Dec
21H
200
15%
Mar
25
3X
2,000
—
100
3%
June
400
%
Feb
1,700
150
2%
0
Lincoln Printing com.,..
44
4
4H
H
Nov
33
Aug
44
15%
Mar
24
Nov
0%
May
11
July
5%
Dec
9
Jan
Apr
44
Aug
314
July
2
1,900
Mar
30
24%
50
29X
1%
Dec
34
Apr
254
Aug
•
2
2
34
z!9%
19X
20 X
250
16X
19X
70
204
Nov
800
18%
IX
Nov
IX
Dec
24
July
X
com
Loudon Packing com;
Mar
1H
Lion Oi. Ref Co com
X
2,700
Mar
IX
Jan
12X
4,250
X
5%
Mar
144
Nov
8H
380
5%
Mar
144
Jan
31
Jan
20
11
11X
Marshall Field com
7X
McCord Rad & Mfg A._
27
McQuay Norris Mfg com
McWilliams Dredge com
Mer & Mfrs Sec-
5H
Class A common——1
27
10
16
10X
44
4
Middle West Corp cap_._6
64
6
Stock purchase warrants
Midland United Co—
lc
2%
Mar
6
19%
Mar
29
800
I%
64
9,150
4%
Mar
Mar
lc
3,900
lc
Dec
4
4
84
prlienlOO
100
3
July
4
6 4
700
4
50
%
Oct
2
4
4
1,060
%
Sept
2
X
4
710
4
300
X
Dec
Nov
250
4
2%
Dec
4
4
X
2%
3
*
194
194
20
300
18
Apr
Monroe Chemical—
3X
400
50X *53%
2,594
3X
—*
24 May
14
14
51H
*
394
Sept
Deo
5
108
Oct
115
Mar
2,336
24
2
Dec
5
14
"94
58
75
Jan
90
Nov
14
57
10
Apr
15
Sept
6
Mar
Mar
104
144
July
74
25
Formica Insulation
*
104
65
28 4
104
28 4
3
44
44
18
184
10
144
Apr
38
13
30
Mar
100
10
91
Oct
94
Gibson Art..
.—..10
1
184
34 4
*
100
100
194
Manlschewltz
*
10
Preferred
3
*
28
10
Card
Apr
3
Apr
294
54
Oct
1,388
29
6
Mar
Oct
Oct
Jan
120
214
Jan
64
200
10
7
7
100
75
75
214 INOV
104 gJan
5
fJan
74 July
18
Dec
54
1
Sept
Oct
324
3
Jan
54
Dec
7
27
NOV
27
114
.400
Dec
liDec
59
10
14
Mar
June
394
50
-
Dec
3
69
3
554
144
114
Nov
184
38
Jan
2
Oct
•
1014
Mar
124
10
50
Wurlttzer
13
22 4
14
US Printing....
Preferred
Aug
9
28
144
94
Nov
Aug
27
50
2
544
144
114
*
Randall A
US Playing
104
2
Apr
20
712
204
104
204
Kroger..
Procter A Gamble...
Jan
90
125
Kahn 1st pref
Nov
14
155
Dec
54
104
Mar
80 *
Dec
JUly
Mar
July
274
'5
Preferred
Jan
Ohio Listed and Unlisted Securities
July
54 H
654
Jan
Montgomery Wara—
•
103
94
Mar
7
Apr
124
Hobart A
Nov
Sept
27
Jan
24
12
1
124
Hilton-Davis
Mar
90
27
Hatfield prior pref
Nov
338
108
2
Feb
64
Aug
32
1054
253
*
May
4
22
194
88
*
10
Crosley Radio
Eagle-Plcher
Jan
July
44
100
.100
-
"24
June
94
Early A Daniel
Jan
34
Miller A Hart Inc conv pf.»
Common...
50
18 4 May
2
11
108
High
Mar
15
185
14
14
1014 103
Cincinnati Telephone
50
Cin U nion Stock Y ard.... *
Oct
2
4
34
Common.;
1024
Low
120
174
254
284
102 4 1024
11
*
100
.100
Cincinnati Street Ry
Oct
Feb
%
8,450
Week
174
_*
Cin Ball Crank pref
Cin Gas A Elec pref
C NO ATP pref
Rapid
Conv preferred A
Modine Mfg com
Cburngold..
Nov
44
17%
28%
..100
Preferred
Oct
150
44
lc
4
7% pref A
Apr
Dec
15%
Range Since Jan. 1, 1938
for
Shares
Price
Mach
20
Champ Paper A Fibre—*
National Pumps
Common
6% preferred A
24
150
5X
27
5X
26 X
Prior preferred
Mlckelberry's Food ProdCommon
.1
90
150
Par
of Frices
Low
High
Amer Laundry
Oct
X
Manhattan-Dearborn com
Stocks—
Week's Range
Sale
Mar
Feb
Sales
Last
Mar
14
411
5X
29 X
Mar
5
Exchange
16, both inclusive, compiled from official sales lists
Friday
July
Oct
9
10
6
Preferred $3.50..
Teletype: OIN 68
Cincinnati Stock
Dec. 10 to Dec.
Jan
54
354
150
24
Llbby McNeill & Llbby..
Lindsay Lt & Cbem com. 10
Mar
16
900
3H
3
24
May
IX
3
30
2X
7
7% prior Hen
Mar
H
7X
Midland Util 6%
Mar
3X
74
10
Liquid Carbonic
Dec
5X
20
50
30 X
30
30
preferred—
Irf; Rol Co com
2%
600
7
H
x2%
5
pref.100
New York Stock Exchange
BUILDING, CINCINNATI, O.
Nov
""H
Kingsbury Breweries cap
Lawbeck Corp 6%
Leath & Co com
June
TERMINAL
Telephone: Main 4884
Nov
10%
DIXIE
Nov
68
3,450
3 H
5
Kerlyn Oil com A
944
Sept
25
30
30
Kentucky Util Jr cum pf 50
July
54%
3X
OH
OH
Kellogg 8witchboardcom_
69%
569
21
Jefferson Elec Co com—
300
61
23
23 4
1
cap
90 X
59 X
"box
International Harvest oom*
Co
Oct
85X
Inland Steel Co cap
Jarvle (W B)
Oct
84
4
100
4
4
4
2%
Mar
5
2,700
1,550
Cincinnati Stock Exchange
Nov
Members Cleveland Stock Exchange
Oct
u.~*
153
153
50
126
Apr
160
Sept
Muskegon Mot Spec cl A *
15
15
30
11
Apr
17
Nov
31
Class A
Nov
Dec
324
184
Nov
74
July
4 June
14
July
250
20
10%
100
164
5X
5X
100
1
National Piessuie Cooker2
Mar
Mar
32
10%
5X
1
1
890
National Battery Co pref
Natl Bond Invest com....*
•
4
GILLIS Kl RUSSELLco.
Nat Rep Inv
Tr—
pref stpd.. *
National Standard com.. 10
National Union Radio coml
Cumul
conv
20 X
20
X
24%
z25
Noblltt-8parks Ind oom..5
No Amer Car com
2C
350
%
1,100
25
July
14
264
July
Mar
Apr
34
Oct
134
Nov
134
Apr
4
Mar
100
25 X
■
12
14
"ox
2%
1,650
12%
2X
Nor 111 Finance com
2X
12%
150
10
Oct
Union Commerce
0%
3,400
6
Mar
14%
15X
200
84
Mar
174
13 X
30
84
Mar
19 4
May
184
Apr
Exchange
Nov
13
A. T. & T, OLBV. 565 & 566
Cleveland Stock
Jan
OX
Northwest Eng Co com..*
NorthwUtil 7%
Building, Cleveland
Telephone: OHerry 5050
July
Northwest Bancorp com.
pref—100
Prior lien pref
41
100
100
41
41
84
46
Dec.
Friday
8%
200
54
Apr
84
Dec
Last
Week's Range
for
26 X
50
274
Feb
Sale
110
Sept
194
July
of Prices
Low
High
Week
17%
254
134
Nov
17X
154
15X
15 X
350
13
July
15X
*
Omnibus Corp v tccom..*
Parker Pen Co (The) com 10
Penn Elec Switch conv A 10
15%
15X
600
11
Apr
17
Aug
21
19%
21%
1,193
144
Mar
244
Price
38
35
38
1,615
244
Mar
41
Oci
Perfect Circle (The) Co—
27X
27
27%
3%
50
22
May
29
Jan
100
3
Mar
Range Since Jan. 1, 1938
Shares
Low
X
750
4
Amer Coach A Body
Apex Electric Mfg
85
5
44
.84
*
5
*
Akron Brass Mfg..
Jan
44
100
Airway Electric pref
Jan
Peoples G Lt&Coke cap 100
26
84
310
114
114
75
75
<
50
44
High
Dec
54
Mar
8
Mar
84 May
70
Aug
13
84
114
164
July
Dec
Jan
Feb
Dec
4%
14
270
74
Sept
154
Nov
City Ice A Fuel..
*
94
94
305
74
X
X
150
4
May
Sept
Cleveland Builders Realty*
24
24
100
24
Sept
Aug
84
124
24
July
11%
12%
750
6
Sept
1%
134
Nov
Cleve Cliffs Iron pref
405
414
June
65
Nov
114%
150
85
Mar
100
107 4
28%
35C
164
3%
Pictorial Paper Pkge com. 5
~"~X
Poor A Co class B
X
14 X
1
Pines Winterfront com
13X
1
Potter Co (The) com
Pressed Steel Car
114X
Quaker Oats Co common.*
114
20%
10
com...
15
Jan
117
Jan
2X
50
Common vtc
10X
10
2
...
Cleveland Ry
Cliffs Corp vtc
Sears Roebuck A Co com.*
.2 X
Serrlck Corp cl B com.
1.4
July
Aug
Dow Chemical pref
Aug
Eaton Mfg
Nov
Elec Controller A Mfg..
Jan
Mar
Mar
100
154
Mar
250
64 May
474 Mar
134
Oct
Mar
54
Jan
2%
2%
600
2
24
28
Common...
—
17%
So Bend Lathe Wks cap..5
1%
25
Sou Colo Pow A com
105
pref—100
2
Conv preferred
...
174
400
1%
20
1
June
50
90
Apr
Dec
1
12%
12%
270
2X
12%
20
300
105
zl05
1
com
Mai
16
14
*
1,150
12%
400
84
134
Mar
174
194
24
107
Jan
75
July
84
Aug
100
Dec
.*
22 4
234
783
224
Dec
254
Oct
364
364
625
254
Sept
364
Dec
40
40
185
314
Apr
40
Dec
Hanna (M A) $5 cum pref *
Apr •100
Nov
(BF)
4
804
34
200
8
24
824
*
515
84
Sept
114
351
,
Nov
Oct
June
Oct
j
24
24
National Acme
294
Oct
National Refining
18%
Mar
204
Nov
National Tile
*
Mar
54
July
Nestle LeMur A
*
Dec
174
July
Packer Corp
"ll%
11%
10 9%
—20
112
904
134
Nov
77 4
June
1144
Oct
10
1724
4
Dec
1724
Dec
Mar
34
July
4
June
486
950
2
2
Mar
Sept
314
12%
172% 172%
preferred
100
Utah Radio Products oom
7%
634
74
986
87%
*
Nov
X
IX
X
650
X
Nov
IX
1%
1,600
IX
Mar
850
4
Dec
14
July
1,900
134
June
204
Jan
2
Feb
X
X
16%
3747.
1
17%
24
3 4
Dec
June
34
64
184
Sept
12
July
12
Apr
Mar
Apr
Feb
1
14
3
3
225
84 June
24 Sept
124
25
44
Jan
14
14
584
14
Dec
34
June
4
4
300
4
Mar
1
Ohio Brass B
254
254
82
June
33
Otis Steel
134
134
323
134
Dec
94
94
100
9 4
May
144
Patterson-Sargent
*
*
13
13
14
Klchman Bros
*
334
33
344
Selberling Rubber
*
20
450
13
Dec
1,300
30
Mar
73
Sept
Oct
Jan
144
114
194
Nov
39
July
Jan
Feb
2
Mar
8% cum preferred—100
43
43
50
12
Apr
50
Nov
Thompson Prod Inc
*
27
27
285
21
Oct
27
Dec
Union Metals Mfg
*
114
114
10
8
June
114
Dee
14
14
155
13
Oct
20
Jan
Weinberger Drug Inc.
..
4
44
-
17%
Dec
65
Jan
Mar
13
334
54
15
500
Apr
40
74
224
14%
22 4
94
1,350
34
Mar
94
1,876
13
Oct
18
—*
18 X
Jan
Dec
108
27%
Jan
144
174
Murray Ohio Mfg
Jan
17
174
27%
Apr
25
4
4
Mar
444
184
64
Jan
Monarch Machine Tool..*
27%
13
June
4
8%
13
Mar
13
144
9X
1,600
27
35
14
Miller Wholesale Drug
34
4
88
100
35
50
Sept
3%
5
38
175
100
*
Interlake Steamship
!
334
24
60
25
54
2C0
For footnotes see page
20
244
100
Mar
15
*
65
65
100
24
294
Walgreen Co common
July
25
Apr
Utility A Ind Corp com..
Conv preferred—
7
Wahl Co com
*
Jan
1174
144
Dec
U 8 Gypsum Co com
314
Jan
144
334
104
United Air Lines Tr cap..5
Dec
109
*
*
*
264
Union Carb A Carbon cap
13
10
McKay Machine
McKee (A G) B_
Metro Paving Brick
50
Jan
50
Oct ;
Jan
640
Dec
47
144
3%
18%
13
Mar
12
25
Mar
74
28%
Swift A Co
13
13
3%
Thompson (J L) com
25
Trane Co (The) oommon.2
May
13
12
9
10
*
26%
8%
375
Leland Electric
*
15
234
Nov
Jan
25
Swift International
32
Mar
34
Stein A Co (A) com
Sunstrand Mach Tool com5
Dec
11
Dec
1
Standard Oil of Ind
2%
9X
113
18
2,164
Dec
Standard Gas A Elee com. *
2%
Jan
892
214
124
124
Jan
204
Kelley Isl Lime A Tran___*
Lamson A Sessions
*
I
Nov
100
Sterling Brewers Inc com. 1
St e wart-W arner
^...5
Apr
Aug
Goodyear Tire A Rubber.*
Halle Bros
5
Goodrich
Jan
Aug
Mar
July
22 4
234
166"
R
80
1164 1164
22
65
100
,
11
13
1164
—j—*
Preferred
194
11
General Tire A Rubber..25
<
Slgnode 8teel Strap—
100
111
194
Colonial Finance
Jan
794
14
61
60
111
"264
*
Commerical Bookbinding. *
4
1,493
*
July
4
10
75%
61
100
44
74
26
26
*
Schwitzer Cummins cap..l
Mar
3,750
2X
20%
1%
14
110
11
9%
72%
Rollins Hos Mills oom...
Sangamo Electric com.
100
100
*
Cleve Elee 111 $4.50 pref—*
Dec
200
%
5
6% preferred vtc
Reliance Mfg Co com
2X
9
Brewing Corp of Amer..
Nov
284
100
Preferred
Raytheon Mfg—
Spiegel Inc com
Standard Dredge
Par
Stocks—
June
164
Pennsylvania RR cap...50
S'west G A E 7%
Sales
8%
Conv pref
Co
both inclusive, compiled from official sales lists
Aug
20 X
Oshkosh B'Gosh Inc com.*
Rath Packing
10 to Dec. 16,
14
44
July
3746
Financial
Chronicle
Dec.
Friday
Watling, Lerchen & Hayes
for
of Prices
Week
Low
Price
Par
33%
37%
Hancock oh Co a
Exchange
36%
38
38
38
com..
Range Since Jan. 1, 1938
Shares
High
Goodyear Tire & Rubber. *
Members
New York Stock
Week's Range
Sale
(Concluded)
Low
High
768
17
Apr
38
25
May
New York Curb Associate
Holly Development Co
1
1%
1
1%
700
65c
Chicago Stock Exchange
Hupp Motor Car Corp
1
2
2
2
100
Buhl Building
Lincoln Petroleum Co.
10c
9c
8c
9c
Lockheed Aircraft Corp_.l
DETROIT
31%
29%
31%
2%
2%
2%
.
Los Ang Industries Inc
Telephone: Randolph 5530
2
Los Angeles Investment-10
3%
3%
4,050
2,985
1,807
Detroit Stock
18c
Mar
31%
Dec
Jan
3%
Mar
3% June
6%
July
49c May
Mar
4%
1
50c
50c 52 %c
4%
4%
4%
6,597
80c
3c
3c
3c
500
3c
Feb
1.00
85c
85c
Dec
Friday
Par
Stocks—
Week's Range
of Prices
Low
" High
Price
com
1%
Auto City Brew com
.1
Baldwin Rubber com
1
Sept
Mar
Oct
29
Mar
28
725
2.937
13 X
2X
700
IX
300
7%
7X
200
SOX
83 X
980
36
14
14X
2%
531
12%
24%
29
"30%
12%
2%
c
Brown-McLaren
Capital City Prod
com..
£
com
Consolidated Paper com. 10
14%
Continental Motors com.l
2%
Crowley Milner com —•_ *
Cunninghm Drug com 2.60
3
_
2X
3
Det & Cleve Nav com—10
73c
com.-.100
1%
IX
Nov
15X
3
2X May
13
70c
60c
Dec
77
Mai
1,100
IX
Mar
ix
13 X
100
21X
24 X
13 X
2,963
9
6
IX
114%
2x
Mar
24
13%
Federal Mot Truck com
Gar Wood-Industcom
General Finance
General Motors
4X
IX
2%
1
5%
Mar
6
6
Goebel Brewing com..
Graham-Paige com
2X
48 X
1
—
Hall Lamp com
Hoover Ball & Bear
10
200
2
Mar
100
7
Oct
350
15%
164
14
15%
nx
5x
3,500
37c
Klnsel Drug com
7X
50c
2X
Masco Screw Prod
1,050
com— 1
Apr
4%
4%
5
8,265
1.05
Mar
*
3%
3%
3%
3
1%
Oct
July
10
Oct
Apr
6% preferred
..10
Shell Union Oil Corp
*
..25
May
30c
40c
Murray Corp com......10
8
com.. *
4%
8X
19
4x
Mar
314
Mar
223
14% June
8X
Parker Wolverine com...*
19
9
430
2X
7X
1,200
ox
Apr
IX May
nx
2X
3X
137
3,841
2X
300
2
22
Jan
2 %
2X
*
7%
7X
1
IX
.6
1
2
3%
2X
3%
*
10
25
1
2X
nx
40c
650
Oct
July
5%
21%
Oct
12
Jan
Oct
9%
25%
100
43%
490
26
Mar
8%
265
8
Dec
Transam erica Corp
15%
18%
15%
3%
5%
Dec
4,875
17%
Mar
22%
125
6%
Jan
20%
1,125
3
Dec
50
9%
Oct
12c
7
3
21c
21c
4
325
3X
500
2x
1,000
Mar
39c
5c
19,300
%c May
16%c
500
6c June
22c
Jan
Imperial Development.25c
lc
lc
l%c
3,000
3%c
Apr
16%
18%
51%
328
147 X 149%
272
.
1
4
*
2%
*
IX
4%
2%
IX
3X
United Specialties
Universal Cooler a
b
Amer Rad & Std Sanitary. *
17%
Amer Smelting & Refining*
American Tel & Tel Co. 100
51%
148%
Anaconda Copper.^
50
Armour & Co (111)
Aviation Corp (The) (Del)3
Bendlx Aviation Corp
34%
Borg-Warner
32%
49%
33%
5
Walker & Co b
_*
Warner Aircraft
com..
Wolverine Brew
3%
3%
com..... 1
1
Wolvpi lne Tube com.
1
370
26%
75
24%
10%
41%
10%
10
8
44%
25
*
44%
37%
24%
54%
37%
22%
54%
25
565
14%
32%
425
30
July
6%
409
6
Sept
9%
117
8%
Jan
30%
6%
70
Mar
1,050
28
Mar
45%
68
36
Nov
39
Nov
270
10%
Mar
26%
Nov
47
Sept
1,660
9%
407
5%
Mar
11%
Oct
100
27%
Mar
47%
Nov
53
811
29
Mar
53%
Nov
Mar
53
16%
18%
1,420
2,231
21%
100
*
9%
9%
70
Packard Motor Car Co
*
4%
Paramount Pictures Inc._l
Radio Corp of Amer
*
12%
12%
7%
12%
7%
*
19%
7%
2%
17%
2%
19%
32
4%
23
24
20
.*
Socony-Vacuum Oil Co.. 15
Southern Ry co
*
13%
20%
Sears Roebuck & Co
1%
Jan
%
Jan
Oct
26
Nov
Dec
12%
July
Mar
5%
12%
Oct
9%
3%
.
6%
110
1,050
July
59
67%
July
194
12%
Apr
15%
July
14
Oct
21
Nov
7%
702
208
Texas Corp (The)
25
Union Carbide & Carbon.*
44
44
44
260
90%
89%
90%
91
United Aircraft Corp
5
United Corp (The) (Del).*
United States Rubber ColO
41
40
41%
282
3
3%
120
51
50
51
360
64%
63%
67
510
5%
5%
117%
Nov
26%
120
18%
*
5%
25%
Mar
447
18%
3%
Jan
May
13%
7%
6%
Oct
Oct
20%
18%
*
Dec
9
June
1%
13
19%
.1
....
Apr
Mar
100
....25
Standard Brands Inc
Wamer Bros Pictures
5
Westinrhoi'se El a- Mf«r_60
Wm. Cavalier & Co.
Mar
5
72%
13%
19%
6%
7%
Oct
9
Mar-
21%
17%
Nov
6
520
21%
74%
.
10%
Oct
53%
15
343
■
2%
24
21%
74%
*
Seaboard oh Co of Del.
4
Dec
Jan
54%
Apr
Sept
mn.v
July
42%
IX
x
Oct
Nov
27%
13%
9%
2,085
3
Sept
42%
51%
Swift & Co
12c
Oct
Aug
9%
Studebaker Corp
53c
32%
7%
Mar
Aug
42%
Jan
12F
Oct
12
International Tel & Tel. ..*
Jan
600
Aug
9%
24%
21%
9%
4%
Jan
36
37%
17%
Jan
Jan
Nov
Kennecott Copper Corp..*
Montgomery Ward <fe Co.*
Sept
4,940
Nov
26
Intl Nickel Co of Can
5%
5%
8
23%
May
10%
*
3%
15c
July
June
3
1
General Foods Corp
Goodrich (b f) Co
Dec
98c
Oct
6%
7%
4%
26%
Dec
8
41%
100
410
22%
3%
a
Dec
15c
21% May
5
7%
30%
6%
Electric Power & Light...*
General Electric Co.,
4
87c
?
Oct
Nov
*
Solvents
2x
IX
300
56%
149%
6%
9%
Corp
Oct
18%
Oct
Mar
112
569
35%
5
21%
Jan
Mar
Mar
9%
49%
265
OX
23%
30%
6%
9%
29%
6%
7%
Columbia Gas & Elec
1,350
1,016
lc
Aug
Aug
Unlisted
*
5
Apr
Jan
Feb
21c
Ohio Oil Co
1%
6%
Sept
4
6%
13
5%c
u s Steel Corp
3%
4
jad
4c
Radio-Keith-Orpheum
*
July
Aug
5%c
Republic Steel Corp
Dec
11,049
15%
Feb
5%c
Nov
Mar
"*
July
4%c
July
com
Jan
46
1
4%
com
Jan
July
3%
Mines.. 10c
Cardinal Gold
19%
4%
United Short Dlst
21%
34%
Mai
2% June
18%
10
Black Mammoth ConsollOc
Calumet Gold
Apr
Union Investment
Nov
13%
12%
6%
18%
10
Oct
Oct
31
9%
6%
25
Universal Consol Oil
Gold
Dec
3%
2
Union Oil of Calif
Mar
2X June
8
North American Co
Feb
26%
1,603
Jan
4
4%
27
28%
3,496
New York Central rr_..*
Nor American Aviation
1
Jan
July
July
Oct
Apr
Apr
2%
Jan
3%
8%
2%
3%
Dec
37c
Sept
Mar
19%
IX
495
27%
Oct
July
43
28%
8X
1,310
2,046
3
37c
1
Jan
Feb
2%
10%
4x Mar
1% May
365
3X
.....
40c
623
25
2X
2%
10
Tlvoli Brewing com...... 1
Tom Moore Dlst com
1
%
Mar
180
1
Pfellfer Brewing com
Prudential Invest com
Nov
5
Mar
2X
Penin Metal Prod com
Jan
1%
10%
Dec
87c June
1,663
55c
Dec
2.X
1,655
4X
4X
Parkei Rust-Proof com 2.50
Dec
30c
210
23%
30%
778
39
24%
Jan
2%
41%
Curtlss-Wrlght Corp
Sept
5
2,030
25%
588
31
Mar
Mar
18
Apr
23c
60c
2,130
415
26%
18
35
26%
Continental olf Co (Del)
2
28%
26%
7%
19%
10
2%
43%
Jan
2X
28%
100
1,999
18%
1%
2X
IX
43
28
Mar
100
*
10
30
22%
Standard Oil Co of Calif..*
60c
300
July
Sunray OllCorp.
1
Superior oil Co (The)...25
Taylor Milling Corp
*
500
6,612
Aug
July
17
30
8
July
31
22
28%
Oct
Dec
3%
Mar
Sept
43
26%
Nov
Sept
31
85c
Jan
3%
13%
So Calif Gas 6% pref a..25
Southern Pacific Co
100
Commercial
Mid-West Abras com..50c
30
2%
2%
5
23
22%
25
5%% pref c..
50
Mar
Mar
43
25
6% pref b
111
14%
7%
7%
80 Calif Edison Co Ltd..25
Original pref..
27%
14%
5
10
27
14%
*
Signal Oil & Gas Co a
7%
27
Security Co units ben lnt
Jan
Jan
26c May
9% Nov
Apr
1
Dec
8
com..
2%
55c
25c
com
1.10
200
3,260
80c
Standard Tube b
448
3
1
8
TImken-Det Axle
3,560
2%
3
Dec
77c
com
9
8%
2%
3
Nov
23c
Rlckel (H W) comr
River Basin Paper com
8%
2%
1%
IX
25c
Scotten-Dlllon
*
22%
1
com
Richfield Oil Corp com
Dec
McClanahan Oil
Reo Motor
July
Mar
McClanahan Refin com__l
Packard Motor Car
Jan
Aug
85c
Mar
Mich Steel Tube Prod.2.50
com
Jan
6%
Mar
80c
Preferred
14%
Mar
16c June
15X
IX
85c
Michigan Sugar
Oct
3
40c
*
com
July
12%
17%
17%
Sept
IX
Jan
7% June
Mar
x
10%
Oct
Dec
Nov
12
1,400
McAleer Mfg com
42
20
1,009
55c
28%
Mar
28
1,190
60c
200
Mar
32%
1,000
20X
IX
IX
31
18%
80
18c
3%
%
—.
Mar
300
3%
52c
10
La Salle Wine...
200
28
41
10%
20 X
..1
Krespe (sb (com
2%
OX
Jan
Feb
3%
Mar
61c
8
2%
Nov
70c
Mar
8
1,189
1,175
6
60c
Aug
July
3%
1%
Oct
12
1
Oct
8
June
nx
1
Dec
2
Sept
70c
31c
15%
—
30%
28%
42%
30%
28%
Wellington Oil Co of Del.. i
14 X
—
Nov
18c
Mining
Alaska-Juneau
11%
Hudson Motor Car com..*
July
30
10%
3%
Jan
Hosktns Mfg com
Hurd Lock & Mfg com
Kingston Prod com...
Jan
15%
Mar
18c
Oct
Houdaille-Hershey b
com.
49c
Mar
3%
Nov
2X
2
Dec
9%
23%
Jan
i
4%
970
7
25 c
552
275
Jan
Republic Petroleum com.l
53%
7
,..__*
200
41%
10
Jan
200
35c
Jan
12%
Mar
25%
2x
725
2X
IX
IX
35c
Home Dairy class a
4,503
....25
Pacific Lighting Corp com*
Pacific Western Oil Corp 10
Mar
4%
2
500
3
50X
2%
-.1
Grand Valley Brew cora„.l
670
ox
1
Jan
July
24%
14%
5%
Mar
460
July
3%
16
Mar
600
nx
10
com
com
153
4%
IX
--1
Jan
Nov
3x
IX June
May
10
uyB
Frankenmuth Brew com. .1
Fruehauf Trailer.
300
568
Jan
Dec
IX June
Mar
1,427
2
2
Feb
16 X
May
IX
Oct
Dec
4%
Mar
May
13%
Federal Mogul com...,..*
25c
13%
28%
28%
30%
Jan
30c
Oct
Samson Corp b com
88 X
Detroit-Mich Stove com.l
Ex-Cell-o Aircraft com..3
25c
12%
25c
2%
1.20
18c June
72 %c
Ryan Aeronautical Co
July
Aug
May
Detroit Paper Prod com.. 1
Detroit Steel Corp
..6
2
100
Roberts Public Markets..2
Nov
3x
Oct
3,880
IX
1,000
Rice Ranch Oil Co
Jan
Jan
Dec
2x
9x
256
161
Nov
Mar
1
100
80c
300
18c
80c
•
Warrants
% June
1
May
7X june
200
104% 108
109%
5
—
X
9%
1
410
16%
IX
1
Detroit Gray Iron com
100
3
16%
Consumers Steel
1.00
12%
Indemnity Co
May
18c
28%
Pacific
Mar
25%
31X
2%
—-5
.
com
29
IX
33c
IX
Bower Roller
Detroit-Edison
250
1,561
7%
29
Jan
Jan
Nov
9c
80c
1
6% 1st pref
High
1jj«
4%
27X
12%
29
BrlggsMfgcom..
Chrysler Corp
Low
200
36c
7%
Bohn Alum & Brass com.,6
Burry Biscuit
Shares
IX
36c
Range Since Jan. 1, 1938
75c
18c
1
Pacific Finance
Week
600
Jan
80c
1
Oceanic oh Co
Pacific Distillers Inc
for
Sale
Alloy Inc a
Occidental Petroleum
Corp com 10
Pacific Gas & Eleccom__25
Sales
Last
Allen Electric
Mills
Exchange
16, both inclusive, compiled from official sales lists
Oct
2%
Sept
1
Co;,
Sept
7c
Menasco Mfg Co....
Mid-West Oil
Oct
1.30
5%
Mascot Oil Co
10 to Dec.
44
Mar
2
474
3%
Nov
35%
50c June
Detroit Stock Exchange
Dec.
1938
Sales
Last
Stocks
17,
325
6%
June
Sept
6%
5
Jan
9%
Apr
9%
Oct
18% Dec
34% May
81% Sept
Apr
24%
2% June
25% June
38% Mar-
18%
Dec
46%
Aug
81%
Sept
Nov
Oct
4%
55
Oct
Nov
68%
5%
420
3%
Mar
8
July
117% 117%
20
65%
Apr
117%
Dec
Pittsburgh Stock Exchange—See
3712.
page
MEMBERS
New York Stock Exchange
Los
523 W. 6th St.
DeHaven & Townsend
San Francisco Stock Exchange
Los Angeles
,
Established 1874
Chicago Board of Trade
Angelea Stock Exchange
Members
Teletype L.A. 290
New York Stock Exchange
»
Philadelphia Stock Exchange
Los
Dec.
10 to
Angeles Stock Exchange
Dec. 16, both
Last
Sale
Par
BandinI Petroleum Co
Price
Week's Range
High
for
Range Since Jan. 1, 1938
Shares
Low
3%
3%
3%
900
32%
32%
10
65c
65c
65c
100
52 %c
Mar
3
3
3
1.045
1%
Mar
a com.. 10
Philadelphia Stock Exchange
High
32%
Bolsa-Chlca Oil
30 Broad Street
Week
of Prices
Low
1
1
NEW YORK
1513 Walnut Street
Sales
Barker Bros 5% % pref__50
Berkey & Gay Furn Co
PHILADELPHIA
inclusive, compiled'from official sales lists
Friday
Stocks-
New York Curb Exchange (Associate)
2%
24
May
Apr
Dec.
10 to Dec.
16, both inclusive, compiled from official sales lists
Oct
Friday
Oct
Last
Week's Range
for
1.00
Feb
Sale
Week
4%
Aug
of Prices
Low
High
5%
33
Stocks—
Par
Buckeye Union Oil Co pf 1
Broadway Dept Store
3c
3c
4c
2,000
3c
Dec
4c
8%
550
6%
June
16%
16%
185
18%
Central Investment
12%
20%
July
Calif Packing Corp com.. *
8%
16%
16
16
16%
223
10
Apt
21
Nov
Barber Co
80%
80%
80%
285
36
Mar
88
Nov
8%
8%
8%
501
Mar
10%
July
Bell Tel Co of Pa pref.. 100
Budd (E G) Mfg Co
*
Range Since Jan. 1, 1938
Shares
Low
High
Dec
8%
Price
Sales
Chrysler Corp
100
,.5
Consolidated Oil Corp
Consolidated Steel Corp.
Consol Steel Corp pref..
*
10%
997
Douglas Aircraft Co
*
75
75
75
403
43
Electrical Prod Corp
Emsco Derrick <fc Equip..5
10
10
10
809
10
10%
10%
11%
3,086
62 %c
70c
Exeter Oil Co a
com
General Motors
com
6
10
6
9%
6
200
7%
Mar
Apr
Oct
2%
Mar
7%
Sept
7%
11%
July
Apr
68%
Oct
Nov
10%
Nov
6%
Mar
11%
Oct
1
70c
4,100
52c
May
1.10
Aug
10
50%
48%
50%
1,439
25%
Mar
53%
Nov
Gladding McBean & Co.. *
8%
8%
8%
1,251
12
July
For footnotes
see page
3747.
7
Jan
American Stores
American Tel & Tel
Preferred
Budd Wheel Co
Chrysler Corp
*
7%
8%
148% 149%
100
10
20
6%
...»
6%
48%
4%
5
Horn & Hardart (Phll)com*
(N Y) com.
*
5%
48%
..100
Curtis Pub Co com
*
Elec Storage Battery. .100
General Motors
__10
20%
119% 121%
18%
83
29%
5
Aug
Nov
398
111%
Mar
12%
Mar
23%
232
112%
3%
July
121%
Dec
Mar
7%
Nov
Jan
765
10
4%
120
267
38
11%
245
84%
5%
5%
29%
30%
47%
51
120% 121
37%
765
42
2%
36
150
Nov
Oct
48%
Dec
Mar
5%
Aug
Mar
84%
Oct
65
4%
Mar
8%
Aug
594
21%
25%
100%
21%
Mar
34%
Nov
580
19
100
Mar
53%
Nov
Jan
121
Nov
Feb
38
Dec
Volume
Financial
147
Friday
Par
Pennsylvanla RR
Week
Low
3%
50
4%
—
1
-
1%
-.50
7%
July
4
9%
9%
10
414
9*
Dec
10*
Dec
9%
July
El Dorado Oil Works..._.*
18%
18*
400
15*
Mar
Nov
2%
Jan
Emporium Capwell Corp.*
15*
Dec
30%
Jan
Feb
118%
Dec
Tonopah Mininsr
*
*
%
3%
1,471
1,285
2%
35%
34%
11
10%
112% 118%
Preferred
-
1.25
Mar
2.60
25*
Mar
53*
Nov
Nov
General Paint Corp com..*
7%
7%
7*
220
6
Sept
10
Oct
Gladding McBean <fc Co..*
8%
8%
8*
498
6*
June
12*
July
July
6%
2,423
Golden State Co Ltd.
»
Oct
Hale Bros Stores Inq
*
13%
13%
13*
100
11*
Apr
15
Feb
Hancock Oil Co of Calif A *
39
39
39
100
560
Mar
Dec
44
18
25*
17*
51
%
Jan
Hawaiian Pin Co Ltd
*
17%
17%
Mt r
Holly Develop Co
1
95c
90c
Jan
3%
Nov
38
38
4%
Oct
Home F & M Ins cap
10
Honolulu Oil Corp cap...*
38
Mar
23 %
23
Mai
37%
Oct
Hunt Bros
Mar
12%
Nov
Mar
113%
Apr
10%
Jan
Mar
10%
May
154
7%
322
6%
8%
222
8
244
5
8% $27,000
Dec
9%
Apr
Nov
32*
13*
23*
740
50c
50c
55c
475
50c
1.60
775
1.50
*
17%
17%
17*
280
12
40
40
260
32*
31%
28
31*
968
13
31%
29%
31*
3,588
*
5%
5%
5*
252
2%
*
55c
50c
60c
1,110
13%
12*
13*
570
7
14
14
14
300
8*
Lyons-Magnus A
5
10
9%
1
4%
com )
8%
-
_
*
9%
4%
7%
9*
4*
Apr
19
Apr
41
Nov
32*
35*
Nov
Aug
Mar
Mar
Jan
5*
50c
Jan
1.13
Jan
June
15*
16*
Nov
July
Nov
071
7*
Mar
3,568
2,225
80c
Mar
3*
Mar
10*
4*
,10*
12*
480
7*
Mar
6*
200
3*
Mar
8
July
32%
10%
32%
32*
10
Apr
42
Nov
10
10*
935
7*
Oct
13*
18c
18c
18c
100
17c
June
30c
20*
6*
178
Oliver Utd Filters A
New York Curb (Associate)
Chicago Board ot Trade
l
*
20%
20%
Oliver Utd Filters B
*
5%
5%
17
15
Mar
675
3*
Pac Amer Fisheries com..5
6
6
470
6
Pacific Can Co com.....
9%
9%
10
220
4*
Pacific Clay Prod capital.*
Pacific Coast Aggregates 10
6%
6%
7
200
6
2.35
2.15
6
"
Louis, Mo.
Pacific Gas & Elec com..25
2.40
Dec
2.40
Dec
23
Mar
29*
31*
Nov
1.40
28%
29
1,386
31
31*
1,709
27
Mar
28%
28*
298
25*
42
41
42
1,258
32*
Mar
Mai
99
Mar
Sale
Par
Stocks—
Price
Range Since Jan. 1, 1938
for
Week
of Prices
Low
High
1st
com
*
Brown Shoe com
*
25*
33 *
Burkart Mfg com
Central Brew com
1
18
5
2*
31*
Coca-Cola Bottling com
Columbia Brew
Collins Morris
.
_
32
1
5
com
25*
33 *
18
25
2*
100
32*
391
High
*
28
27
Elder Mfg com.
*
10
10
10
17
Ely & Walker D Qds com25
1st pref
102
-100
Falstaff Brew
com
_
_
Hamilton-Brn Shoe
com.
Hussmann-Llgonler
1
com
_*
Mo Port Cement com—25
June
July
21
107
June
121
Oct
95
July
102
Dec
Sept
10
Apr
16%
6%
Oct
8%
14%
25
45
Jan
Oct
Jan
National Oats Co
"~7*
*
~U%
com
-
Dec
11%
Mar
14
June
21
Nov
June
32
Jan
25
13
Nov
507
9
June
Dec
July
St Louis Pub Ser com
Preferred A.,
Sept
Mar
19
Aug
June
109
Dec
20
15
44
99
Dec
3
Jan
Dec
15c
Dec
2
50
5c
2
250
418
2.25
2.25
12
13
5c
75c June
2.50
Dec
3%
90
Apr
13%
Nov
2.00
Nov
1.75
1.75
30
45c June
1
5%
6 H
385
4% June
10
6*
6%
225
6
Warrants..!
Sterling Alum
June
17
5c
1*
July
95
2
j---*
Scullln Steel com
July
10
5
95
109
109
*
13%
107
860
105
16*
Rice-Stlx D Gds 1st pf.100
StLouls B Bldg Equip com*
Feb
Mar
8%
com ....
Stix Baer & Fuller com.
.
Wagner Electric com—15
32
30 H
31*
10 %
2,707
Oct
June
8%
Oct
,8%
36%
Feb
Aug
Bonds—
*
1
*Clty & Suburb P S 5s 1934
25
St Louis Car 6s extd
75
76
tUntted Ry 4s c-d's
24*
24*
20
$3,000
3,000
1,000
May
Mar
July
Mar
41
July
Mar
14*
9*
Nov
3%
3*
100
37%
12*
37*
10
8%
9
Ryan Aeronautical Co...l
4%
2.00
2.00
7% preferred
25
Shell Union Oil com..
5%
*
7,225
2.00
105
105
105
Sherwood Swan & Co A. 10
5
5
5
33
Soundvlew Pulp com
Preferred
!
30*
19*
30%
20
6
.100
20*
*
15c
15c
Standard OH Co of Calif--*
28%
26
28*
18
Oct
105
Apr
May
Super Mold Corp cap.-.10
22%
22*
Jan
27
65
Apr
79
Jan
19
June
28
Nov
•
July
70c
Aug
Mar
34*
July
Mar
26
Nov
solicited
on
until 5:30 P. M.
Pacific
Coast
Stock
Exchanges,
Eastern Standard Time
22*
135
36c
36c
36c
200
30c
Dec
1.20
Jon
12*.
12*
448
10*
Mar
2
6%
6*
6*
27,525
5*
Dec
15*
12*
July
Jan
13
1
45c
45c
48c
2,266
45c
Apr
Union Oil Co of Callf...25
18%
6%
18*
6*
18*
3,478
17*
Mar
25
1,100
6*
Dec
5
11%
11*
11*
415
Mar
10
15%
15*
16
Victor Equip Co com.„_.l
3%
3*
5*
6*
2*
Union Sugar com.
United Air Lines Corp
Universal Consol OH
1,752
3*
100
170
20
26
20
27*
1..50
31
31
31
Agricultural
ser
7
10
,
which
are
25
Mar
May
22
May
3%
118
3*
3*
18
*
American Tel <fc Tel Co-100
35
Copper Min. .50
Anglo Nat Corp A com.
Aviation Corp of Del
130
10*
111*
Mar
Apr
11
7
1,095
7*
CortJandt
300
3*
May
2*
21
May
13* June
17
1.10 May
6%
189
6*
1
1
1
760
1
31c
31c
31c
Italo Pet
Corp of Amer pfdl
Copper Corp com..*
Kleiber Motor Co..
San
10 to Dec.
Francisco Stock
Bancorporatlon..*
M J & M <fc M Cons
1
Exchange
Sales
Friday
Last
Sale
Par
Stocks-
Price
Week's Range
of Prices
High
Low
Range Since Jan. 1,1938
for
Week
Mountain City
Anglo American Mining.
_
1
27c
Low
Mar
13%
Feb
45c
Jan
Pacific Portl Cem
3,270
8H
4%
4%
360
2%
Jan
6%
687
Mar
10
ie*
16%
17%
352
4%
13%
Mar
22
965
17
Mar
...*
Dec
19
Jan
5%. Aug
May
July
20
17%
17
17%
...»
10%
11%
10
10%
20
21%
14%
July
Calif Cotton Mills com. 100
11*
11%
150
6%
Mar
18
July
Calif Packing Corp com..*
15%
15%
17%
4,413
15%
Mar
24
Jan
Calif Packing Corp pref. 50
48
46
48
70
45%
Apr
52
Calif Water Service pf.100
96
96
96
20
87
Mar
98
Calif Art Tile A
Carson Hill Gold Min cap. 1
Caterpillar Tractor pref 100
Central Eureka Mining.
1
.
.
31c
105
3*
31c
105
3*
31c
105
3%
8
Jan
Oct
Mar
8
Aug
20C
44
June
56
Oet
'
9
319
6
Feb
11*
Oct
30C
52C
23c
Aug
60c
Jan
1,00C
1.60
Mar
3*
44 f
28*
May
50*
Oct
20C
lc
Dec
17c
Feb
1C
17*
A pi
22*
July
2.15
2.4C
44
42*
20%
20*
20*
16c
16c
16c
4
4
4
3%
6%
3*
6*
3*
6*
765
18*
2,662
Oct
3*
Sept
3*
Sept
4
85
20*
125
1.80
2.25
185
1.80
41
.
52
56
7%
*
So Calif Edison com
7*
7%
1,190
6%
Sears Point Co com
6*
6*
50
60c
60c
22*
60c
134
3* May
6*
Mai
19* May
4* June
20*
Dec
1.60
41
Aug
Dec
38c
Jan
Jan
June
9*
18*
.35
8
35
3*
56
Jan
Jan
Nov
Dec
Mar
9
Apr
10
30c
Oct
85c
Nov
Mar
24*
26*
28*
July
Mar
Mar
9*
Oct
25
22%
22*
238
preferred....-.25
26%
26*
26*
361
24
28%
28
28*
439
25*
432
19*
4
Apr
Oct
Oct
Dec
Nov
Union Carbide & Carbon.*
89%
100
81
July
89*
Dec
United Aircraft Corp cap.5
41%
89*
39*
89*
Aug
41*
634
19*
Mar
41*
Dec
2*
1,200
15c
Apr
40c
Sept
10
99%
Mar
106 %
July
1.65
Jan
4%
Nov
1.65
Mar
4%
Studebaker Corp com;
United Corp of Del
3
3
3
740
58c
58C
60c
500
58c
210
4
*
A pi
4*
Dec
1.55
Oct
Jan
Mar
7*
July
Nov
3%
3%
500
17%
20%
1,449
17%
Dec
Crown Zellerbach com—5
13%
12%
13%
3,699
7%
Mar
15%
Nov
*
sen
86
80*
130
Mar
92
Nov
56
Dec
Mar
July
1,725
33
Jan
5
4*
South Cal Ed 6% pref.-.26
5%%
Jan
5*
25
30
20%
41
14c
10C
5*
22*
100
*
50C
,
23*
5*
100
4.95
7*
3%
Preferred
pec
907
7
3c
Riverside Cement A—
July
29c
5%
Radio Corp of America
20
573
54*
20
com.
3,013
7*
17%
..
24*
1,385
24*
43*
7%
*
Preferred
Oct
132*
36*
32*
44*
1
1
Preferred
Consol Chem Tnd A
Feb
Oct
Dec
20
Onoraea Sugar Co
16c June
6%
Byron Jackson Co
Calamba Sugar com
Apr
44*
47*
132*
16*
9
10
Nov
22
190
4%
8%
1,386
17%
280
6%
8*
40*
22
27c
Atlas Imp Diesel
Engine..5
Jan
Nov
Oahu Sugar Ltd cap....20
High
Associated Ins Fund Inc. 10
Anglo Calif Nat Bank—20
50c
7*
North American Aviation. 1
Shares
9%
27c
Jan
Mar
3c
Copper._5c
Jan
28c
3c
McBryde Sugar Co
5
Monolith Port Cem com..*
Olaa Sugar Co
Alaska Juneau Gold Min 10
44
10
Marine
16, both inclusive, compiled from official sales lists
2.35
2 *
54*
8*
9
.
Sept
3*
6*
29c
1
May
100
43*
64%
Italo Pet of Amer com.
Jan
10*
606
22*
7
Inter Tel & Tel Co com...*
Dec
1.50
Dec
0*
124
24%
Internat'l Nick Canada.
25*
Jan
37*
«■
43%
Mines..1
1,766
.
0*
6%
130
3*
Oct
25*
845
1.15
6*
..*
Jan
17
Aug
1.15
37%
-Oct
5*
6%
1
18*
149*
40*
Dec
1.15
Kenn
Dec.
Aug
Nov
25%
Gt West Elec Chem pref. 20
Private Wire to own offices in San Francisco and Los Angeles
Jan
Oct
4
7*
....10
com
Gt West Elec Chem com.. *
7-4150
Aug
36
Dec
7*
9
745
2*
23*
General Electric Co
York
Nov
July
41*
2.75 June
35
34*
7%
3%
Ban camerica-Blair Corp__l
Bendix Aviation Corp
5
1,231
147* 149*
-
9%
3
18
16*
147 %
Anaconda
Idaho-Maryland
111 Broadway, New
Mar
Unlisted—
Am Rad & St Sntry
Dominguez Oil Co
Members New York Slock Exchange
July
k
Yosemlte Port Cem pief-10
Curtiss-Wright Corp
Schwabacher & Co.
83c June
22*
22*
12*
20*
4*
Jan
Claude Neon Lights com.l
Coen Co's Inc A com.
*
(2 P. M. Saturdays)
Jan
12%
Tread well-Yukon Corp
Yel Checker Cab
Nov
Nov
10c
Cities Service Co com...10
Orders
96
31*
22*
Apr
Mar
1
com
Transamerlca Corp
Waialua
Dec
Mar
Oct
Aug
10
Texas Consol Oil Co
Tide Water Ass'd Oil
10c
July
5*
38*
25*
25*
7,899
So Pac Fold Gate Co A
July
Apr
9*
2,615
7,320
Calwa Co
open
e*
Apr
18
1,370
Jan
Dec
July
4*
421
*
Jan
5*
3
.
Jan
2.00
10
200
Signal Oil & Gas Co A
Apr
92*
..
10
Feb
June
17
80c May
1,016
100
preferred
Mar
June
1.05
100
14*
13*
12
772
,5*
5*
14%
300
5
4%
Schlesinger Co (B F) com. *
9*
4*
4,464
14
14
30
815
12*
8%
14
.
25
2*
29*
6*
Mar
10
120
June
19*
25
7*
17*
17*
5
11
945
18%
10*
7*
105
23*
3%
1
com
22*
37%
12%
..50
Roos Bros common...
25
Southern Pacific Co... 100
15*
11
*
*
100
Natl Candy com
1st pref..-
pref A
Rheem Mfg Co
Richfield Oil Corp
56*
May
Mar
"
Midwest Pipe com...,—
5%.
Sept
8
11*
195
15%.
13%
Republic Petrol Co com._l
27
1,464
22%
25
,110
17
60
Dec
Nov
42
16*
28
Jan
15 *
10*
9*
40
00
Aug
20
Sept
July
16%
160
9
10
4*
Jan
Nov
2.75
42
com
95
36
26 %
673
7%
101
Sept
31*
Apr
20
6%
June
1.00
94*
May
10
89
320
30*
498
26*
20
1.05
95
6
20
1.00
30%
50%
Nov
28%
4%
Nov
119*
So Calif Gas pref ser A..25
Jan
2
100
Dec
20*
Apr
Aug
50
27
70
31*
6%
*"
7*
Mar
100
5%%
Dec
13*
87*
100
7%
Nov
40
100
preL.,100
109
1,016
Parafflne Co's pref..^.100
Rayonler Inc
Preferred.
Dec
Nov
2,043
118
July
Oct
50
2*
6
10*
11
Apr
30*
*
Dec
Nov
33% May
1
International Shoe
—
10
252
50
com
Jan
23%
14
47
Key Co com
*
Knapp Monarch-corn...
Laclede Steel com
20
McQuay-Norris com.
Meyer Blanke com.
Nov
11
50
2
Aug
7%
10%
Dec
155
47
*36
35%
Jan
9
375
50
ser
Jan
2%
Nov
15
6*
12
Hyde Park Brew com
10
Hydraulic Pr Brick pref 100
Preferred
Aug
12
6
12
Aug
30
8
7*
.....
Jan
23%
2%
26
25
18
.
40%
June
1%
350
120 * 120 *
102
102
100
2nd pref
May
10 *
55
Dr Pepper com
9 s
27%
*
26
Nov
43
7*
118
1.10
7
28*
20*
118
R E & R Co Ltd com...
Oct
June
320
9*
28
com
20
35
6*
6*
"9*
1
65
7
20*
100
R E & R Co Ltd
American Invcom
300
108* 108*
7%
20%
*
pref
Plg'n Whistle pref
Low
Shares
Pac Pub Ser
Pac Tel & Tel
Sales
108%
Oct
Oct
Jan
2,836
28%
Pac Light Corp $6 dlv
*
Pacific Pub Servicecom..*
Jan
9*
31%
*
Jan
10
28%
_
Feb
Aug
July
12
25
_
Aug
Jan
25
Pacific Light Corp com.
16, both inclusive, compiled from official sales lists
7*
Mar
5%% 1st pref
Exchange
24
Mar
6% 1st pref
Telephone Central 3350
Week's Range
Oct
11*
5%
Occidental Petroleum
Chicago Stock Exchange
Last
Oct
5%
N American Oil Cons...10
St. Louis Stock Exchange
Friday
Deo
6*
N Amer Invest 5% % pf 100
all
New York Stock Exchange
10 to Dec.
Nov
8*
11
11
Oct
Jan
2.90 June
No Amer Invest com... 100
MEMBERS
Dec.
24*
Mar
.
10
LeTourneau (R G) Inc...l
Lockheed Aircraft Corp..!
Natomas Co
Mid-Western and Southern Securities
St. Louis Stock
Jan
Nov
1.50
40
.
Leslie Salt Co.
Oct
Sept
41
Sept
Langendorf Utd Bak A.
Nov
July
1.30
Dec
1.50
July
29*
Apr
Mar
1.50
Meier & Frank Co Inc.
Business Established 1874
315 North Fourth St., St.
20
10
Menasco Mfg Co com
on
7*
66c June
700
10
National Auto Fibres
I. M.SIMON &CO.
Apr
com
Magnin & Co (I) com
March Calcul Machine
ST. LOUIS MARKETS
1.00
2*
Hunt Bros pref
Magna vox Co Ltd
Enquiries Invited
6%
1%
7
7%
6%
l*
16,783
Nov
215
3,076
2%
8%
1945
.
36*
1.50
50*
Bonds—
Elec <fc Peo tr ctfs 4s.
Mar
1.40
48%
com
Oct
7
112%
*
Westmoreland Inc
17
251
1.40
50%
General Motors
Nov
l%
22%
8%
99%
10%
34
Oct
10
27% May
Jan
8%
*
*
-
Jan
Mar
3%
2%
34%
._*
United Gas Impt com.
-
10%
35%
820
2%
Westmoreland Coal
55
700
2H
...
United Corp commonPreferred
34
3%
%
%
%
34
1%
%
%
June
8%
200
%
-
July
88
Apr
ht
...1
37
Mar
Dec
ht
Transit Invest Corp pref.
Union Traction..
50
Mar
62
4%
812
17%
49
26*
130
Food Machine com..... 10
1%
17
Mar
320
83*
Foster & Kleiser com. .2*
125
47%
9*
35
82
Jan
572
17%
2,025
34
July
8
Jan
14%
60
Nov
6%
28
Nov
82
(ww)_
4%
7%
16
34%
Preferred
2%
Philadelphia Traction. -.50
130
Fireman's Fund Ins Co..25
32%
2
16
21*
15*
Apr
131
1,230
16
18%
14%
Mar
4%
1
16
Sept
29%
1%
2
1%
July
May
112
966
30%
5%
1%
86
30%
'
14%
3.679
*
High
Mar
1%
Corp
Low
Mar
3%
PaDer
Range Since Jan. 1, 1938
Shares
3
1%
Salt Dome Oil
Price
4%
3%
Scott
for
Week
854
11,860
Tonopah-Belmont Devel.l
Par
of Prices
Low
High
427
1%
...5
(Concluded)
Week's Range
7%
50
Reo Motor Car Co
High
May
50
preferred
Stocks
4%
3
1,867
21%
30%
...
7%
Sales
Last
Sale
Low
D1 Glorg Fruit Corp pref
Electric Prod
3%
1*
19%
118%
Phila Rapid Transit-.
Range Since Jan. 1, 1938
Shares
116% 118%
20%
Phila Elec of Pa $5 pref..*
Phila Elec Pow pref
__25
High
2%
3%
7%
*
Nat Power & Light
Pennroad Corp v t c._
Friday
for
of Prices
Price
*
Lehigh Coal & Navlg.
Lehigh Valley
Week's Range
Sale
(Concluded)
3747
Sales
Last
Stocks
Chronicle
U S Petroleum Co
...
—1
5%
Warner Bros Pictures....5
*
Jan
No par
value.
a
5*
6*
Cash sale—Not included in range for year,
z
Listed,
f In default.
6 Ex-stock dividend.
Odd lot sales.
r
x
Ex-divldend.
y
Ex-rlghts.
3748
Financial
Chronicle
Dec.
17, 1938
Canadian Markets
LISTED
Provincial and
AND
UNLISTED
Montreal Stock Exchange
Municipal Issues
Closing bid and asked quotations, Friday, Dec. 16
Bid
Province ol Alberta—
Ask
Jan
1 1948
59*
61
5s
4*8
Oct
1 1966
/56*
58
6s
Prov ol British Columbia—
July
6s
12 1949
4*s
-Oct
1 1953
Province of Manitoba—
Aug
i 1941
June 16 1954
4*8
6e
.
Dec
5s
2 1959
5s
16 1960
Apr
4*8
Apr 16 1961
Provlnoe ol Nova Scotlp—
4 Ha
Sept 16 1952
6s
Mar
1 1960
-June
4s
96
4*s
97*
93
1 1942
Sept 15 1943
May
1 1969
98* 100
109
mm
15 1965
114* 116
Province ol Quebec—
Sept 15 1942
Dec 16 1944
July
1 1944
6s
4 Ha
6s
12*
June 15 1943
93
94*
11*
82
Sept
16*
Jan
Mar
22*
Nov
34
Mar
63
Oct
14
Mar
19
July
145
18
115
100
18
99*
97*
97*
97*
Simon (H) & Sons
Steel Co of Canada
92
92*
8*
84
Nov
99*
50
99
Apr
102*
104* 104*
80
95
Feb
104*
Dec
Mar
6*
July
Feb
'
4*
4*
4*
3,345
2*
8*
14*
805
Mar
20*
Aug
43*
925
24
Apr
58*
July
20*
13*
13*
16*
41
20*
Ask
21
1,414
16
Sept
23
July
45
10
Mar
17
June
100
110
110
1
108
Aug
112
Oct
_*
Preferred
112*
9
20*
Sherwln Williams of Can.*
1 1960
Nov
58*
"42*
July
Feb
46
16*
Shawlnigan W A Power.
4*8
31
Oct
55
St Lawrence Paper pref 100
1 1954
Mar
19*
104*
jDsc
Mar
23
58*
Rolland Paper pref
97
48
42
*
Saguenay Power pref... 100
bt Lawrence Corp
A preferred
60
Feb
15
100
78
89
897
6,076
5% preferred
Quebec Power
81
11946
70
2,255
3,503
mm
1 1951
Bid
6s
112
Power Corp of Canada..
76
15 1946
Ask
101* 102
."
Price Bros A Co Ltd
Prov of Saskatchewan—
Sept
Nov
10*
110* 112
4*s
Aug
72*
43
1 1961
80*
43
Mar
28*
May
Canadian Pacific Ry—
79 *
Sept
31
78
Penmans
Canadian Pacific Ry—
34
8,515
43
Ogllvie Flour Mills
109
Nov
1,796
69*
27*
110*
108
Oct
42
79
109
1 1968
6*8
High
Dec
27*
2 1950
4*8
Low
70
65*
Feb
5s
Range Since Jan. 1, 1938
Shares
60
41
Mar
Railway Bonds
4s perpetual debentures.
70
67*
4*s
115
High
National Breweries
4s
107* 109
Low
69*
40*
92
116*
for
Week
Price
Montreal Tramways—.100
92
105* 107
104* 105*
Bid
Par
of Prices
122
107
Stocks (Concluded)
Week's Range
Sale
National Steel Car Corp..*
Noranaa Mines
*
1 1962
Jan
119
Sales
Last
Ask
110* 111*
115* 116*
4*s
mmmm
'mm
Prov ol New Brunswick—
4*8
-Oct
Friday
Bid
Provlnoe of Ontario—
fie
8
8
20
7
Nov
*
Preferred
13*
74
74*
632
56
Mar
69*
26
72
68*
69*
460
54*
Mar
Tuckett Tobacco pref..100
158
"~6*
United Steel Corp
158
25
150
Apr
"
6*
10*
75*
69*
160
Jan
Oct
Oct
July
1,575
3
Mar
8
Nov
100
50
50
5
45
Apr
50
Mar
*
50
50
5
59*
Apr
65
Jan
Western Grocers pref. .100
109
109
25
108
Mar
110
Sept
18
4
Jan
4
Jan
Viau Biscuit pref
Dominion Government Guaranteed
Bid
Ask
Canadian National Ry—
4Hs
4Hs
5s
i
Bid
Ask
Canadian Northern Ry—
1951
1956
1956
1957
1969
Sept
1
June 15
Feb
1
July
1
July
1
4*s_.
4*0
Bonds
6s
Oct
1 1969
6b
Feb
1 1970
113*
116*
114*
114*
114*
113*
6*8
July
116*
114*
Windsor Hotel
*
Preferred
1 1946
121* 122*
116*
114*
Western Grocers Ltd
3s
Jan
108
1 1962
97*
109*
98*
639
1.5Q
Apr
1.70
70
1.25
Mar
100
Sale
Acme Glove Works
Price
Week's Range
25
9
Grain pre!.. 100
Bell Telephone
100
Brazilian Tr Lt A Power_*
June
7
„
9*
Apr
11
.2*
21*
2
Mar
5
7
12
Jan
28
July
July
17
11*
Apr
17
Dec
13
H
55
14
450
9
13*
>
10
779
Dec
6*
15
1,160
15
167 H 168*
8*
147
16*
Nov
Sept
11*
July
Mar
20
Aug
Mar
168*
Dec
July
6,235
7*
Mar
14*
25*
8*
25*
10*
*
27*
1,431
25*
Sept
33*
Feb
2*
2*
2*
1,280
2*
Dec
5*
July
Bruck Silk Mills
»
3H
Building Products A
*
61*
Canada Cement
*
Preferred
8*
100
Can North Power Corp
*
Canada Steamship (new).*
8 *
95
Canada Forglngs class A .*
June
Oct
Dec
12*
Sept
87
Apr
Jan
110
Jan
50
9
June
16*
Feb
330
16
Oct
2
Mar
19*
4*
June
471
9H
9*
228
7
Mar
16*
July
57*
57*
19
Oct
56*
Oct
17*
29
16*
Aug
18
Oct
39
85
30
Mar
41
July
Mar
57 *
IV*
39
Canadian Bronze...
_.*
Canadian Car A Foundry.*
7
125
38
2*
60
17*
5*
62*
2* June
1,610
13
Can Wire & Cable cl A...*
♦
490
8*
95
17..
2H
Preferred
.
306
17
2*
9H
Class B
4
62*
13
17
56*
June
(..25
16*
16*
17*
July
31*
32*
2,517
2,505
18*
32
Mar
32*
Dec
14*
Preferred
14*
295
9
June
20
Jan
44
88
Sept
106
Celanese
Preferred 7%
102
-.100
Canadian Indus Alcohol..*
Class B
_.*
Canadian Pacific Ry
Cockshutt Plow
25
*
Crown Cork & Seal Co
8
*
Dominion Bridge
*
2*
2*
355
5*
5*
8
"37"
1,50
1*
6
325
90
Jan
Mar
Jan
8*
Jan
Mar
13*
July
Mar
21*
Dec
Mar
23*
Nov
June
91
Dec
6*
400
21*
4*
4
11
430
19*
Jan
Sept
68
2,957
21*
90
20 *
7*
18*
1,215
2 H
7*
100
Dominion Coal pref..
26
Dominion Glass prof. ..100
Dominion Steel A Coal B 25
102
2H
21
..*
Distillers Seagrams
Preferred
2H
2H
5H
50
16
Mar
38
870
21
Mar
17
17
100
15
Sept
20
Jan
150
17
150
115
145
Feb
150
May
July
35*
39*
Nov
"l'lH
11*
7
295
"62"
62
62
203
58
100
150
150
60
140
*
5
6
935
4
Mai
8*
Jan
85c
85c
5
75c
Sept
1.25
Jan
85c
85c
100
55c
Apr
1.35
Jan
14*
14*
1,785
Dom Tar A Chemical
*
Dominion Textile
*
Preferred..
Paper
East Kootenay Power....*
Eastern Dairies...... _.*
Electrolux Corp
1
English Electric B
*
6*
14H
7
7
12*
5,142
8*
Sept
4*
•
Sept
10
Jan
May
Sept
70
Jan
150
Feb
11*
16*
17
Mar
July
Preferred
7*
60
7
11
July
12H
12*
8*
Mar
16
July
13*
12*
13*
45
13 H
392
7*
Mar
14*
Oct
89
89
157
75
Mar
89*
Nov
3*
Foundation Co of Canada*
Gatineau Power.
*
4
295
3
June
5*
7*
8
2,395
5
Mar
10*
Aug
July
150
45
Mar
94
100
Rights
General Steel Wares
_.*
Preferred
7*
100
Gurd, Charles ..2
80
40
Hamilton Bridge
Holnnger Gold Mines
Howard Smith Paper
Preferred
Mar
8*
Mar
8*
6
5*
6*
235
15
14*
13 H
12
15*
13*
3,140
1,848
94
96
33*
16*
34*
*
*
"33 "*
16*
15H
*
100
31
Intl Nickel of Canada
*
»
27
*
17
45
55*
27*
2*
3
5
8
40
Mar
45
Nov
2,651
37
Mar
58
Oct
22
Sept
31*
Mar
Sept
5*
Aug
36
17*
12
2*
5
13
150
27
74
May
84
Feb
25
32
Mar
36
Aug
425
10
Sept
18*
9
June
14
Sept
Nov
13
Nov
*
6*
1,100
6*
6*
6*
935
12*
10
m
4*
6*
4*
•
101
101
30
30*
Feb
July
*
30 H
19*
Nov
Massey-Harris
McColl-Frontenac Oil
101
Sept
15*
15*
50
Feb
Nov
32*
77
50
98
35
Jan
Lindsay (CW)
Mitchell (JS)
*
Montreal Cottons pref. 100
Mont L H A P Consol
*
Mar
Mar
Apr
13
Lang & Sons (John A)
Sept
23
36
17
July
Aug
June
261
12
*
9*
15*
18
14*
13*
1,695
2*
Mar
90
5,172
52*
25*
June
20*
2,224
15*
31
77
Jamaica Public Service...*
5
9
30
15*
30*
Nov
June
JaD
11*
920
45
54*
...100
Laura Secord
5
4
*
Imperial Tobacco of Can.5
Lake of the Woods
20
516
*
Industrial Acceptance
Intercolonial Coal
International .Power
5*
6*
6
*
Internet Pet Co Ltd
..
5*
100
Hudson Bay Mining
Imperial Oil Ltd
81
JaD
6
Gypsum Lime A Alabas.
Royal
100
7
Mar
17
June
8
28
8
Dec
8
Dec
23
23
160
23
Dec
23
Dec
164
160
Jan
172
169
159
Sept
180
Oct
206
206
104
197
Mar
223
July
300
*185."
26
172
206"
305
28
295
June
Aug
184
185
137
170
Mar
310*
191*
164*
166
Nov
Jan
Montreal Curb Market
Oct
3
Mar
4*
,
Mar
6*
Dec
14
Feb
5
10*
Jan
July
50
50
Mar
50
Mar
35
95
Apr
Sept
98*
Mar
31
5,484
25*
JaD
inclusive, compiled from official sales lists
Friday
Jan
105
8H
168
100
Feb
*
British Col Power Corp A.
Preferred
5
140
15
Bawif (N)
Dryaen
10
21*
13H
100
100
Dec. 10 to Dec. 16, both
High
17
Algoma Steel Corp
*
Bathurst Power A Paper A *
Canadian
Low
10
.100
B
Shares
5
2H
Associated Breweries
23
100
Week
High
Alberta Pacific Grain A..*
Preferred
10
Jan
June
8
Preferred
Range Since Jan. 1, 1938
for
of Prices
Low
10
*
Agnew-Surpass Shoe
10
Jan
3
2*
Sales
5
*
10
Zellers Limited
Nova Scotia
both inclusive, compiled from official sales lists
Par
8
Aug
1.80
1.70
Montreal
Exchange
Friday
Stocks—
5
1.80
1.70
Banks—
Montreal Stock
Last
22
3
1.75
Canadienne
Commerce.
Dec. 10 to Dec. 16,
3
*
Preferred
117* 118*
117* 118*
3
15c
♦
A
B
Grand Trunk Pacific Ry—
4s
Jan
1 1962
10c
100
Winnipeg Electric
6*
Sales
Last
Stocks—
Par
Abltibl Pow A Paper Co.."
Week's Range
for
Sale
of Prices
Week
Price
6% cum pref
100
2*
20*
7%
100
26
cum pref
Acadia Sugar Refining Co 5
A?bestos Corp Ltd
*
Bathurst Pow & Paper B_*
*
British Columbia Packers *
Calgary Pow 6%
pf 100
Canada & Dom Sug (new) *
Canada Malting Co Ltd..*
Can Nor P 7% cum pf.100
"l08~
Can Breweries Ltd
Preferred
13
"28*
34*
109
Vlckers Ltd
pref
cum
Commercial
Alcohols
*
Cub Aircraft
B
47
Mar
2
June
4*
Sept
5*
Jan
7*
Feb
10
920
4*
45
21*
21*
1,505
13
13
346
95
5
27*
33*
109
6*
28*
1,678
34*
370
109
6*
12
194
25
2*
4*
Dec
17
Mar
10
Jan
84* June
2.20
1.00
30
Oct
Sept
36
Jan
Jan
112
Oct
6
Mar
1.00
15*
Oct
1.00
Sept
14*
Apr
3
1
33
Aug
Aug
Sept
100
810
Oct
14*
88
23
135
20
22
Nov
June
27*
103
3
1.50
116
Oct
Sept
1.78
164
Apr
Oct
95c
Mar
7
July
Feb
16*
2*
June
22
June
2.20
Oct
164 * I Oct
1.65
July
1
Jan
10
115
3
Mar
12*
Nov
42
43
45
18
Mar
50
Nov
2
Jan
10c
10c
200
Sept
35c
Jan
1.60
1.30
1.70
8,410
90C
Mar
1.85
July
4*
4*
1,070
4
Mar
4*
Dec
3*
Mar
"7 *
6*
10c
7*
6,588
3*
3
12*
2,770
3
Dec
12*
40
3
Apr
Oct
9*
Oct
3*
Nov
15
Dec
1.50
1.50
14
3.50
Oct
40*
40*
15
21
May
48*
July
33
33
5
30
Sept
32
Aug
1.00
5*
5*
8*
July
5*
5*
20
3
Mar
"5*
7*
5*
6
445
3
Mar
8*
July
July
10*
11
580
*21*
Foreign Power Sec Corp..*
Fraser
2,560
3
3*
4*
FJuly
10c
»
Fleet Aircraft Ltd
*
Ford Motor Co of Can A_*
110
1.00
Engineering Works. *
Dom Oilcloth & Linoleum *
•
106
Dec
«
10
42
Dom
5
July
4
1.00
*
Donnacona Paper A
33
25
2.20
*
Donnacona Paper B
Falrchild Aircraft Ltd
32*
Dec
10
4
167* 167*
3*
...
David & Frere Ltee A
Mar
22*
19*
*
Commercial Alcohol pref. 5
Consol Paper Corp Ltd
*
9*
23*
4*
26
1.45
*
Claude Neon General Adv*
Highi
Mar
19*
12
1
100
Low
1.00
26
6*.
*
7%
5,231
10,856
95
100
Can
Range Since, Jan. 1, 1938
Shares^
4*
21*
*
7 % cumul pref
Cndn Marconi Co
Cndn Pow & Paper Inv
2*
3
*
Cndn Industries Ltd B
2*
3
cm
Canada Starch Co Ltd. 100
Canada Vinegars Ltd
*
High
4
Beauharnols Pow Corp...*
Brewers & Diet of Vane ..5
Brit Amer Oil Co Ltd
Low
21*
25c
6
940
3*
21*
1,221
4*
14*
25c
50
35c
Mar
Jan
15
July
Mar
24*
Nov
Oct
50c
Feb
Companies Ltd...*
"l7"
15*
196
Voting trust ctfs
*
Freiman (A J) 6% cm
pflOO
Hydro-Elec Sees Corp
*
Intl Paints 5% cum
pref .20
Lake Sulphite
Pulp Co...*
Mackenzie Air Service._.*
17
9
Mar
20
17*
15*
18
1,862
10
Mar
21*
Aug
Oct
38
38
11
37
Mar
39
Apr
4
Massey-Har 5%
cum pf 100
Power
6%
50
12*
100
3
3*
605
60c
80c
14c
MacLaren Pow A Paper..*
McColl-Fron 6% cm pf.100
Melchers Distilleries
*
Melchers Distillers Ltd pf*
Mitchell (Robt) Co Ltd..*
Montreal Island Power
*
4
12
15c
1st pref
4*
Dec
15
2*
Sept
12*
Jan
350
40c
Mar
1.45
July
270
7
Mar
18
Jan
Nov
52
49*
52
350
32*
Apr
63
July
90
90
91*
95
87*
Jan
101
July
1.50
16
1.35
Oct
1.50
6
16*
7
15*
50c
100
32
17
410
50c
4
5
Sept
7*
Mar
2*
7*
21
1.00
Jan
101*
Nov
45
3
43*
Oct
45
7
7
320
5*
5*
Sept
Dec
11
June
109
5*
5*
108* 108*
75c
300
123
92
104
75c
50
80c
5*
50
6
1.35
Walkervllle Brewery
_*
(H) Walk-Gooder A Worts*
75c
5*
United Securities Ltd_.100
Aug
Oct
101
45
52
Feb
Nov
Mar
74c
100
6% n c partlc 2d pref..50
Provincial Transport Co..*
Sarnia Bridge Co A
*
Sou Can Pow
6% cm pf 100
United Distillers of Can.. *
June
Sept
Corp of Canada
cum
3*
10
Oct
7*
1.15
Aug
July
Jan
Oct
Jan
Sept
1.35
125
1.10
49 *
15
Mar
Apr
Mar
2
July
54
Nov
50*
390
32*
20
""*
20
110
17* May
20*
Nov
12*
12*
11
12*
Nov
Copper Corp...*
47c
50c
Walker Good A
Worts(H)*
SI cum pref..
Weston Ltd (Geo)
•
20
25
Jan
Mines—
Aldermac
5,570
Alexandria Gold
34c
]
Sept
lc
Arno Mines
lc
2,000
lc
Mar
»
2c
3*c
Jan
2c
4,000
10
14c
14c
2*0
2*c
Aug
300
12c
Apr
Sept
33e
Feb
Beaufor Gold
*No par value.
1
14c
69c
Oct
Volume
Financial
147
3749
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Sales
Friday
Last
Par
Week's Range
of Prices
Low
High
Week
Price
Range Since Jan. 1, 1938
25c
25c
1
26c
26c
9c
9c
6c
6c
57c
Jan
3Hc
Nov
5Hc
Sept
15c
Oct
3c
1,500
Sept
7He May
500
-.1
Bouscadlllac Gold
May
8c
Feb
June
10c
2,000
6c
BrazJ Gold & Diamond. .1
Brownlee Mines (1936)
5
26~
;_*
89c
Cartler-Malartlc Gold
1
6c
Central Cadillac Gold
1
24c
25c
Feb
Buffalo Ankerlte-,—
Jan
Buffalo-Canadian
♦
Feb
6c
Building Products——
(New)
_*
6c
15c
Feb
1,000
29,700
5c
Jan
26c
18c
Sept
62c May
22c
700
20c
Mar
41c
32H
2,265
27 H
June
35
Feb
Aug
1
8C
9c
13,275
3c
Sept
13c
2.60
2.76
16,600
1.05
Jan
2,76
Deo
~2~31
2.30
2.37
4,550
1.40
Sept
3.25
Mar
Falconbridge Nickel
I*
Franeoeur Gold M Ltd.—*
5.65
5.50
5.65
475
4.25
Sept
6.95
Jan
22c
22c
23c
1,000
2o«
Sept
55 He
Feb
45c
45c
45c
1,150
7Hc
7c
7 He
400
1.30
1.30
200
49 H
1
Mines
Mclntyre-Porcupine
... _
_
_
99c
Mar
1.50
Sept
58 H
2.18
1
46c
*
50
Canada Cement-——--.*
784
Feb
3c
1,000
3c
May
5c
Feb
Canada Permanent
39c
400
35c
Oct
62c
Aug
5.50
950
3.50
Mar
5.50
Jan
Canada Steamships.
Preferred
51H
717
53
"51H
8H
7
Mar
13
93H
93 H
7
89
June
108
33 H
34 H
333
27
Sept
36
Jan
17
17
17
65
16
Nov
20
Mat
71
71
140
138
146
15
58
Mar
72
101
128
May
150
*
2H
2H
2 H
149
2
Mar
4H
June
50
9H
m
9H
30
Apr
16 H
July
Mar
_
100
58
Oct
Cndn Bk of Commeroe.100
Jan
Canadian Canners.
»
4H
2.00
Jan
Canadian Canners 1st pf 20
2d preferred.
*
Can Car 4 Foundry——*
~~7K
7H
7H
386
16 H
16 H
17 H
1,976
6H
7H
Apr
Mar
18 H
25
32
31H
32 H
555
18 H
Mar
36
Canadian Dredge
*
Cndn Industrial Alcohol A*
22
21
22 H
97
15
Sept
35
2H
275
1.60
Sept
2H
125
2H
Dec
2,300
13
Nov
17H
Feb
1.50
1,400
Mar
1.93
Aug
5c
Sept
42c
Jan
3He
■
72c
7c
7c
200
6c
6Hc
7,000
4.HC
4Hc
600
1.35
1,897
1.25
1.39
10,720
7,335
26,405
50c
Sept
29c
Sept
Red Crest Gold
*
Reward Mining
1
Shawkey
1
l
1.28
6Hc
1.37
Slscoe Gold Mines Ltd—1
1
75c
75c
81c
*
58
18
"l".55
51 He
50c
52c
2.70
Preferred
-
Canadian Locomotive.. 100
Canadian Malartic
_»
7Hc
Nov
33c
Mar
1.89
Oct
Canadian Oil pref
1,18 Dec
3.40
Jan
C P R
1.39
Mar
May
26
Canadian Wallpaper B
*
Canadian Wirebound Box*
*
2.83
400
2.70
Dec
3.05
Feb
1
87c
87c
87c
4,800
650
Mar
—.1
3.35
3.35
100
2.60
Sept
Sept
1.23
3.35
3.60
Feb
Carnation pref—
Castle Trethewey
4.55
4.60
1,325
4.30
5.60
Jan
Central Canada Loan._lC0
Oct
Central Patricia.
1
'""27c
26c
26c
88,600
17c
Sept
Sept
*
7.70
7.70
8.50
3,675
3.85
Sept
1
18c
18c
20c
20,900
13c
Sept
43c
8.10
8.05
8.15
2,110
6.55
Mar
8.15
»
Cariboo Gold
...
1
160
160
46c
Feb
Coniagas Mines.
44c
49c
10,350
32c
Dec
70c
Jan
43c
50c
30c June
65He
Mar
3.00
Dec
30c
Nov
Jan
32H
Sept
49
July
Consol
Cons
July
Mar
Jan
3H
3H
35
3Hc
Dec
5c
Apr
1.80
1.80
200
1.10 June
2.25
1.50
1,450
1.00
Sept
1.84
15H
16 H
160
11H
Mar
17
*
15H
1
Price
32 H
High
Alton Mines Ltd
—1
...1
8H
Mar
3 He
43,600
18c
600
2
3c
AjaxOil&Gas
7,660
18c
20 H
22 H
2
.100
Mar
Alberta Pacific Grain-
20
3C
25
4H
33
lHc June
22
*
19c
—1
♦
*
*
50c
20,095
28c
13H
100
13H
12 HQ
15c
59,200
7o
1.14
1.22
15,500
3.15
3.20
288
12 He
13c
2,500
8Hc
8 He
5,600
40,300
1.19
♦
Anglo Huronian
1
Arntfleld Gold
—1
Ashley Gold
Augite-Porcupine Gold —1
Dec
47c
13 H
13c
Amm Gold Mines
Anglo-Can Hold Dev.
Sept
49c
8Hc
32Hc
30Hc 33 He
Sept
»
70c
Feb
GlUles Lake Gold
Dec
Glenora
1.65
Jan
Mar
Aug
26c
Mar
Sept
15c
Jan
2.59
2.78
72,240
1.05
2.30
2 59
17,835
.1.38
Sept
6H
236
26H
Sept
6
6
Jan
Gold Eagle
11c
33c
Mar
fic
Mar
16Hc
Oct
"22c
10
222
May
249
Feb
Dec
6
Feb
Base Metals
*
Corp
*
R
Bear Exploration <fc Rad.. 1
Beattle Gold
1st
29c
Bell Tel Co of Canada .100
*
Blue Ribbon
Bralorne
Brazil
Mines
Traction
•
»
10Hc
Brit Col Power A
B
2H
27c
32c 697,400
1.35
4,845
Sept
39
Sept
1.50
7
Sept
15
10
95
Apr
106
277
2
Mar
167 H 169
25c
24c
3H
10Hc
260
23,917
25c
8Hc
21,450
22,700
1,500
4c
Mar
20c
Feb
169
50c
Goodyear Tire pref--—-60
72 H
56
76
1
Halcrow-Swayze
12,994
4H
660
2,865
*
26
26
27
2H
50
10
7H
Mar
4
Sept
14H
7H
7
2Hc
29
Mar
14c
11c
33
Jan
9
Oct
17
Dec
4
Sept
4Hc
4H
362
14
95
435
6Hc
2c
3,100
15
27
Dec
Oct
Mar
80
2H
Sept
1.10
Jan
1.65
1.62
1.72
41,315
Jan
Nov
June
Sept
Sept
Sept
5c
106
2,500
58
Dec
13
Aug
Jan
July
8H
Jan
9Hc
Nov
4Hc
Aug
34
1.50
4
Feb
Jan
July
2.93
July
Mar
Hard Rock
1
Jan
Harker
1
9c
8 He
9 He
15,400
7c
Sept
17c
Jan
1
1.30
1.30
1.35
2,400
1.00
Sept
1,40
Feb
Dec
Hedley-Mascot Mines
Highwood-Sarcee
36,800
5c
Sept
20c
Jan
F'eb
Hinde & Dauch
*
765
13 H
11
Apr
Jan
Nov
Dec
July
Feb
16 H
Mar
22
July
26
Sept
34
*
June
5
July
1
16c
15c 17 He
14M
"15
15
15
2.99
1.63
2,210
15K
3.00 359.771
28 He
23c
29c 125,800
80c
Sept
14c
Sept
Nov
10
Feb
Mar
215
2,261
6H
35
3
208
20
190
17
5,503
•
No par value.
6H
208
17
16H
Oct
Nov
26,350
*
Jan
35
31c
33H
100
*
Dec
Mar
28c
32H
Imperial Bank
34c
20 H
31c
33 H
Imperial Oil
3.00
37c
Sept
1
Hunts B
Mar
17H July
15H June
20c
Hudson Bay Mln 4 8m..*
Howey Gold
Jan
2 H
6H
43,200
4,600
240
Hollinger Consolidated—fi
Home Oil Co
*
10 H
6c
69c
Homestead Oil
21H
12c
81H
3H
Jan
X
Oct
Apr
60c
Jan
7,025
Feb
3
Jan
11
July
40c
*
5
31Hc
Jan
40Hc
Dec
Mar
7
Apr
Mar
Mar
1
58C
Mar
5c
Harding Carpets
34
Sept
14c
Hamilton Theatres
July
7e
2c
5c
Oct
68c
2c
12
6H
32c
July
Dec
52
17H
29
Sept
2c June
25c
60c
Sept
7.75
6H
5c
Oct
Oct
Mar
51H
17
5H
20,000
Dec
14H
4%
10 H
Sept
"
11H
90
142
5 He
1
3
11c
Apr
Mar
212
4c
12
Hamilton Cottons pref. .30
25
27c 186,428
"17*
Greening Wire
Gypsum Lime 4 Aiaoas.. •
30
Sept
Dec
7
Feb
58
9HC 11HC
6H
Great Lakes Paper voting. *
25
21c
10
74H
Feb
53c
79
3c
57 H
3,525
8H
2H
146 H
5H
46
5c
Halliwell Gold.
Oct
210
21c
July
Nov
150
13 H
89
6c
Julv
July
11H
H
25c
26 c
21H
4
6H
4,377
1
3H
33
20c
275
■SH
95c
3
21K
»
16
5
101
♦
Brewers A Distillers— —5
British American Oil-
3H
33
20c
—
11H
May
24c
3H
-50
Blue Ribbon pref
Bobjo Mines
24c
—1
Big Missouri
45c
June
7
•
—1
Sept
6H
25
3
100
Btdgood Kirkland
20c
100
101
♦
preferred
6,300
1.32
•
Beaubarnols
28c
8H
3H
....
Beatty Bros A
25c
8H
25c
*
Bathurst Power A
4H
23c
*
1
6c
30
22c
3,700
10Hc
4H
Apr
19,900
*
240
22c
20c
Sept
Sept
11c
1
4H
Oct
8c
13c
29c
Granada Mines
240
24 H
2Ho
Grandoro Mines
*
20c
Mar
10c
July
.100
Sept
25c
222 H
-
Sept
3c
14 H
2Hc
Jan
*
May
Apr
500
3,595
4,300
25c
Feb
Bank of Toronto
25c
6He
2 He
*
30c
41
21H
■
"idc
1
Voting pref
Dec
14c
21
.1
27c
Barcelona Traction
35
6
1.03
Oct
5
35
100
Dec
310
Nov
8
Dec
June
Sept
7%
10c
285
8c
9c
3
25c
19
800
3,700
470
5,425
305
3 He May
12c
11c
3H
5,166
305
8Ho
3H
11c
Bank of Nova Scotia— .100
44,600
Aug
Jan
3%
30c
Mar
Nov
26c
7c
13
10c
195
Jan
22Hc
Dec
10
29c
17
6.95
Sept
12c
11c
208
Sept
7c
6Hc
21H
30c
206
4.25
88 H
*
Dec
Mar
Nov
14Hc
10
Goodyear Tire.
3.25
1,920
1,450
88 H
GoodHsh Mining
2.78
34
65,200
35
*
-
--
Jan
5.60
10Hc
1
206
Mar
10
7c 12 Ho
5.50
21
*
God's Lake..
Goldale Mines
4.15
8H
July
Jan
6c
*
-
16H
Mar
Oct
16H
6c
1
100
4H
Sept
June
4H
Cons
Bank of Montreal
616
10c
Rights
General Steel Wares
Feb
6H
Dec
33
30
100
•
Jan
44c
8H
Nov
104
Apr
Mar
16,100
1
Sept
Sept
Sept
6,727
Sept
12c
A
2.60
17o
11H
12H
56
99
29
2
Aug
Sept
7c
28,900
Bagamac Mlnee
Bankfleld
51
32
34 H
216
10c
25c
Ford
95c
Apr
2He Sept
25H
Jan
104
7Hc
-----.
Franeoeur
33c June
189
6H
•
36HC
Dec
9Hc
Fernland Gold
*
Sept
Nov
91
7c
5.55
Gatineau Power
12Hc
866
Jan
46c
23 H
9c
21H
Fleet Aircraft Ltd-
5,240
6
Mar
Sept
66 H
Jan
27 H June
49
10Hc
Apr
22c
13 H
"ivA
Faulkenham Lake Gold-.l
Oct
Aug
600
73
Feb
Mar
lOo
32
...1
Fanny Farmer.
Aug
29
1,894
3c
O
2.74
32c
Jan
90H
32H
205
-
32
120
Sept
Jan
Feb
38
c* CO
2.30
.
5H
10 H
11
Sept
6 H
Oct
543
22
20
11,800
2,890
15c 17Hc
Feb
Nov
199
9c
Preferred
100
51c 258,836
21H
38c
19H
Oct
5c
104
50 H
104
Foundation Petroleum.25c
Alberta Pacific Grain-
1,500
42c
86 H
Mar
Sept
Sept
Jan
Jan
Nov
8Hc
Dec
15c
2
45H
5H
Oct
70
17
6Hc
3c
...
Fleury-Blssell pref
July
27
29 H
205
—
Firestone Pete
1.00
3
173
1
-.*
.....100
Federal-Kirkland.
1,650
2H
225
89
100
100
FontanaGold
2H
15c
20 H
(new)
20c
3,518
29
49 He
Petroleum
Falconbridge
Range Since Jan.1, 1938
500
62
59
6Hc
English Electric A
Sales
22c
7
175H 179
East Crest Oil
Exchange
8
22c
"60H
100
Crows Nest Coal
Dorvai Slscoe
Week
*
July
Aug
43c
1
Dominion Stores
inclusive, compiled from official sales lists
Low
80c
85c
5
Dominion Tar.
Shares
1.73
13 H
Dom Scot Inv pref
...50
Dominion Steel Coal B..26
St., TORONTO
for
Oct
Sept
35c June
63c
Dec
East Malartic
of Prices
Low
High
June
Mar
-
Eldorado
Week's Range
Feb
15c
95c
Sept
.e—100
Preferred
Sale
3.20
Dec
25c May
19c
Dominion Foundry
Canadian Commodity Exchange
Mar
45c
Dominion Explorers
Toronto Stook Exchange, Montreal Curb Market,
Dec
170
4,600
Chlbougama
Smelters
Dominion Bank
Mara & McCarthy
165
Aug
July
4,300
Bakeries
Consumers Gas
Dome Mines
Last
Dec
1.19
50c
——_
Preferred
on
CANADIAN STOCKS
Friday
160
2.60
105
30c
Denison Nickel Mines
Toronto Stock
8
160
Jan
28c
Conlaurum Mines
Davles
Dec. 10 to Dec. 16, both
Mar
47c
Distillers Seagrams
Canada Permanent Building, 320 Bay
Jan
55c
*
Commoll Ltd
Dark water
gladly furnished
1.65
98 H
775
1.45
Sept
Statistical Information
1.03
—1
20c
1,122
105
95c
700
65
2.35
2.30
105
1.00
7H
200
42
Nov
.__*
43c
40
Dec
21
6,680
Conduits National
Royallte Oil Co
12
Oct
20,400
2.20
Jan
Dec
54c
Oct
Feb
Dec
8H
17
1.27
Jan
Sept
July
1.28
12
1.21
Sept
10
123
57
49 He
18c
Feb
85
64c
3.10
88c
Jan
4
12,
1.23
1.00
Jan
4H
20
Che8terville-Larder Lake
Sept
.
Jan
July
Dec
19H
Dec
Consolidated
9
12
12
Sept
1.67
2,500
Mar
6Hc
4,200
21,400
6
,1.85
2.25
29c
4,705
500
2.17
1.35
Sept
Sept
7,700
Commonwealth Pete
1.24
June
110
6,935
Apr
1.63
5H
5H
6
65c
35
50c
May
24Hc
15
14,100
123
2.53
1.51
28c
July
7Hc
58 He
1.24
19
Apr
50c
Sept
2.96
16
2.40
22He
1
330
6Hc
600
„*
Aug
50c
50c
Co
5H
NOV
6
90c
86c
121
Aug
184
Sept
7 H
7H
"90c
21H
Mar
4
2.44
2,600
18,500
3.00 217,975
2 H
Apr
157
125
6Mc
"45c
*
18 H
2H
14H
2.60 May
98
4H
I
43c
._
115
Sept
1
31c
1
20 H
174
4H
90o
1
1.20
2.22
327
Central Porcupine
29c
*
Nov
1.55
1.50
2H
1
1.20
1.00 Sept
Jan
50
Chemical Research
Nov
Oil-
*
22
Oct
18
100
Chromium Mining
Cocksbutt Plow
Anglo-Canadian Oil
June
25
'
Jan
420
9.45
15
15
170
174
100
Sullivan Consolidated
1
67
140
2H
B
Apr
78c
July
18
40 H
19H
3Hc Sept
May
91 Ho
47
18
37
*
*
—
Sudbury Basin Mines
Aldermac Copper
Jan
4.80
13 H
Algoma Steel Corp
85
58
6H
Jan
62o
1.44
_
Jan
Ma?
13H
A P Consolidated Oil.
9
Sept
1
Preferred
Jan
1,005
8H
2.00
1
preferred
Nov
14c
Nov
6%
52
2.90
6.30
Par
June
1,450
Mar
Stocks—
40
4,100
3.90
Abltlbi
15
18c
1,750
Members:
July
4.40
5.20
Jan
7
15c
5.00
Home OH
51H
May
4.40
17c
Jan
3
July
5.00
Okalta Oils
50
1.55
50
80c
Pickle Crow Gd M Ltd—1
Homestead Oil & Gas
85,875
Nov
Jan
...
62c
16,075
48c
4
Jan
Nov
35c
Feb
Dalhouale Oil Co
3.10
2.28
36c
15
2.000
1.77
Da vies Petroleum
Sept
19Hc Sept
104
Dec
Nov
43c
2.70
Calmont Oil
May
14H
28 H
15H
Canadian Bakeries preflOO
Canadian Breweries
2.65
Calgary & Edmonton
22c
Mar
Canada Wire B
Apr
-
Sept
9H
Canada Wire A
May
Sept
Brown Oil Corp
15 H
7Ho
75
Oct
1.65
Wright Hargreavee
3,300
Dec
Feb
Deo
Jan
1.00
Cad
2.18
55
Oct
6H0 May
62
Nov
1.37
Cad
12H
28 H
Apr
1.40
600
Wood
15H
9Hc
37
5.40
300
Walte-Amulet.
15H
7Hc
425
Mar
2,400
Thompson
17Ho
Sept
12,000
Sept
1.56
Gold
Sept
lHc
1,386
2Hc
Mar
1.95
Sylvanite Gold..
lOHc
15H
62
80c
1.55
Teck-Hughes
Apr
2.10
1.90
(new)
72c
35 H
1.55
8 tad aeona
Mar
600
Perron Gold Mines Ltd... 1
Sladen Mai
46c
9,015
Pato Consol Gd Dredging 1
Gold
10
1.20
Pend-Orellle MAM Co..1
Sherrltt-Gordon
Jan
34H
Preferred.—
Placer Development
Preston-East Dome
Jan
68 Ho
42 He
1
Cad
Sept
Sept
15c
20o
3.10
*
Pandora
6c
71,700
1.20
_*
Pamour-Porcupine
690
4
100
Canada Malting
Nov
2Hc
28
28
*
50 H
45
9Hc
Canada Bread---.-
»
Canada Northern Power. .*
Canada Packers
*
Jan
31c
70
High
46o
12
"l5H
Calmont Oils
Preterred
10c 13 He
26Hc
Low
86,600
21,900
2.50
2.90
I
Mining
15 Ho May
25
51H
5
McKenzle-Red Lake Goldl
Oro-Plata
45c June
Sept
.
56c
Range Since Jan. 1.1938
Shares
60 H
2Hc
*
5.35
5.45
1
O'Brien Gold
July
7c
*
Burlington Steel—
Burt (FN)..
Calgary & Edmonton
3c
"49 H
Lamaque Contact Gold..*
Lapa-Cadillac Goid
1
Macassa
35c
Bunker Hill
B
42c
15
39C
1
Lake Shore Mines
Nov
High
70
l
30c
1
Kirkland Lake Gold
1
1.27
1
1
Preferred
Nov
Eldorado Gold M Ltd
Gold(New)
27c
Sept
East Malartic Mines
J-M Consol
13c
»
3c
Duparquet Mining Co
Inspiration Min & Dev
Low
50c
*
70c
21c
..
Price
Brown Oil
22He
32 H
8Hc
Week
British Dominion Oil
1,000
22c
*
for
of Prices
1
7,500
26
89c
Week's Range
Broulan-Porcupine.
2,360
4c
24
ConsChi bougamauGldflds 1
Dome Mines Ltd
800
Par
90c
4c
1
Bulolo Gold Dredging
Cndn Malartic Goid
Stocks (Continued)
High
Low
Shares
1
Big Missouri Mines
Bobjo Mines
Sales
Last
Sale
for
Sale
Shares (Concluded)
Exchange
Friday
14H
Sept
19 H
Sept
May
Financial
3750
Dec.
Chronicle
1938
17,
Canadian Markets—Listed and Unlisted
Toronto Stock
(Continued)
Par
5
Tobacco
Imperial
Week's
Sale
Stocks
of Prices
Low
High
Preferred
--.100
Week
83
98 %
May
Mar
75
Mar
Twin City
Mar
Ut-hl Gold
1
Sept
500
1.94
42,340
2,50
Aug
88c
Sept
1.50
Jan
He
Dec
1.23
1.30
28,890
8c
9,000
6
49
50H
5,636
44
3%
15H
3%
15H
200
58 H
Feb
Mar
13
Oct
3c
2,000
2c
6,90
Dec
24e
12H
13 H
80c
75c
81c
7Hc
8c
79c
78c
80c
21,400
2.90
2.60
2.95
18,310
23 %
23 H
24 H
565
22
21H
22 H
435
5.40
5.30
5.45
2,87
Gold
Little Bong Lac
A
B
1
Mines
MacLeod Cockshutt-.
2.66
2.92
*
Preferred..
4
*
Preferred
100
...
"m
100
Preferred
5
Mines
Sept
Dec
14H
Oct
1.13
Merland Oil..
*
1
Model Oils
.1
Moneta-Porcuplne
Corp
•
A
100
B
1
•
Sept
6
Dec
19 Ho
6,080
4H
May
Mar
53
B,
York Knittln0,
JaD
101
July
3,005
35 H
Mar
54
9c
1.43
Sept
24c
94c
Apr
Oct
6Hc
7c
3,300
4c
Nov
8c
1.80
1.93
4,390
1.45
Mar
2.65
3c
3c
1,000
2Hc May
25c
32c
6,100
4He
38c
Aug
30c
1.31
10,455
2.66
Mar
Sept
1.00
Sept
Jan
39
572
25
Apr
39
Dec
165
165
19
143
Apr
172
Oct
228
228
6
179H
Mar
230
Nov
63,233
5c
Sept
15HC
Dec
20c
20c
100
10c
Sept
35c
Mar
6%
6H
655
3%
Sept
7H
Fen
115
Sept
133
Dec
26c
15,900
11c
Sept
38c
Mar
1.40
Sept
2.15
Jan
78 %
80 H
5,350
21,987
79
163
Nor don Oil
-.1
9Hc
12c
Norgold Mines
..1
4Hc
4Hc
4Hc
_»
70c
70c
70c
45Kc
45He 45Hc
III
8.75
8.75
12
2.85
2.50
3.10
1.20
1.36
2HC
2Hc
2He
1.50
4H
4H
5
43 He
50c
10,700
*
•
»
7c
*
7c
8Hc
32,950
Nov
Aug
5.45
Jan
Sept
2.30
Jan
6Hc
Oct
Mar
72c
Oct
Mar
2.00
July
5H
July
1.45
Oct
4Hc Sept
17c
104 H
4.85
Aug
63c
7
6H
7H
Sept
5Hc
7c
1.55
Perron Gold..
7c
50c
5Hc
Payore Gold
1.51
1.57
Crow
Pioneer
-1
;
Gold..
1
2.30
49c
*
*
75c
80c
Fraser voting trust......*
16H
Nov
4c
Sept
22c
Mar
38c
Mar
69c
Feb
5Hc
Dec
23c
Mar
98c
Sept
1.76
19
Aug
20 H
July
Mar
9H
July
Nov
60c
Kirkland-Townslte
12c
13c
3,000
Jan
1
He
He
1,000
9c Sept
He June
23c
Malrobic
2c
July
Rogers Majestic
Red
Roche Long Lac
..1
Royal
100
Bank
23c
Russell Motors pref
St Anthony
"~12c
WalkervllleBrew
Waterloo M fg A
1.00
1.00
55
1.00
July
Jan
250
43
July
Sept
2.00
Aug
Sept
2.50
July
30
152
Apr
Utility Bonds
Closing bid and asked quotations, Friday, Dec. 16
Bid
■
Bid
Ask
65 H
66 H
Alberta Pac Grain 6s_
1946
83
86
102
Feb
Beauharnois Pr Corp 5s *73
Bell Tel Co of Can 6s. 1955
.
Manitoba Power 5H8.1951
2Hsto '38-5H8 to *49...
49 H
50 H
46
1958
48
44
Ma8sey-Harrls Co 5s__1947
Minn A Ont Paper
68.1945
100H 10GH
1941
Montreal Island Pr 5 Hs '57
106
Calgary Power Co 5s..1960
Ask
mmmm
79
mm
mm
Maple Leaf Milling—
109H 110H
5H8-i--1946
79
1952
5Hs series B
mmtmm
46
99
98
f37%
37%
104
Montreal L H A P (S50
mmmm
Dec
Canadian Vlckers Co 6s '47
97
98
Cedar Rapids M & P 5s *53
Consol Pap Corp—
114
115
6c
Sept
25c
20c
Sept
Dec
40
45c
Dec
Jan
5Hs ex-stock
103 H 104H
rn.rn.~m
50
51
89 H
Dom Gas & Elec 6 Hs.1945
Feb
99 H
104
...1961
Jan
64c
8c
3,100
6c
Sept
24c
Mar
1956
75
11,700
-20c
Nov
24HC
Nov
Sept
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
96
41
Fraser Co 6s.__.Jan 11950
98
99
62
165
885
33
Sept
Sept
192
42
115
15
101
May
115
Sept
48 H
20c
Dec
Gatlneau Power 5s
Int Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
200
2H
Sept
3,250
1.00
Sept
1.55
Jan
25c
Oct
1.26
Sand River Gold
-.1
15c
14 He
17c
6,400
13 He Sept
4Hc
5c
3Hc Sept
75c Sept
34c
104
Gt Lakes Pap Co 1st 5s '55
4H
1.22
1956
Mar
July
6H
Sheep Creek....
50c
95c
94c
96c
Sherrltt-Gordon
-.1
1.31
1.26
1.37
23,071
90o
Sept
1.90
1.75
1.75
175
1.00
Sept
2.50
4H
1H May
4H
—
—
5s
Can 4Hs'59
1
Dec
1957
82
105
101 H 103
102
96 H
98
100
deb
4s
1966
Shawlnlgan W A P 4Hs '67
Smith H Pa Mills 4Hs '51
99
98 H
97
1957
conv
Provincial Pap
4 He series B
H 104 H
81
98H
Ltd 5 Hs '47
Saguenay Power 4Hs A '66
2nd
mm
98 H
100
mm
105 H
103H 104H
102
'mmmm
1961
6s
1951
53
MacLaren-Que Pr 5Hs '61
92
63
64
55
103
91
United Securs Ltd 5Hs '52
104
91
mm
106
405H 106
United Grain Grow 5s. 1948
101H
5Hs
Oct
70
104
76
89
Mar
2,700
3,900
50 %
102 H 104
Power Corp. of
43
Jan
185
40
49 H
1956
,.1973
Montreal Tramway 5s 1941
3Hs
Price Brothers 1st 5s..1957
24c
4a
1939
value) 3s
3Hs
90 H
Donnacona Paper Co—
55c
par
Ottawa Valley Pow 5 Hs '70
98 %
20c
1~23
-.1
40
Industrial and Public
Aug
..1
Gold
.*
J.
1.90
San Antonio....
Sh aw key
.._*
Aug
23
Sept
1.25
23 H
July
7He
6Hc
Oct
4H
Sept
100
Nov
118
Sept
1,600
Aug
1,000
3,600
2
16H
8c
2.52
5,200
12c 12 He
Feb
Nov
June
1.40
Abltibl P A Pap ctfs 5s 1953
4H
Corp
.....
8c
Sept
110
100
-.1
39 H
Canadian Inter Pap 6s 1949
Canadian Lt A Pow 5s 1949
181
id"
Royallte Oil
"40""
.100
Apr
67c May
500
Jan
2Hc
lc
105
535
7Hc
..1
Ronda Gold Mines...
St Lawrence
10
37
2.62
10
20 H
Dec
27c
7c
2H
20 H
Canada North Pow 5s. 1953
24c
7c
2H
20H
July
23 He
7c
III
Gold
91
62c
27c
Crest.
Reeves-Macdonald
Reno
3
Mar
9,500
Mar
350
40
July
1.30
13,456
IHc
115H
lc
114
1
United Fuel pref
Canada Bread 6s
37,605
1.39
40
Nov
72 H.
2c
1.40
Temlskamlng Mines
July
1.50
1.47
1.93
lc
*
2.65
22 %
100
IHc
1.75
114
31H
Mar
32
69 H
IHc
1.80
Sept
Sept
26
30
65
Jan
lc
50
2,022
2,000
30
""67"
*
ShawlnJgan
16H
21H
♦
III
Real Estate Loan
He
Robt Simpson pref..... 100
Apr
1.75
Apr
25c
Mar
1,775
90c
5
Sept
2.29
Sept
12
1.37
2.22
35c
135
60
2.22
Jan
Nov
200
1,825
10,175
-.1
69c
39 H
350
2.40
Premier
Jan
Nov
Mar
32c
21H
50c
12H
4,000
Preston E Dome
44c
6
Burns A Co 5s
21c
July
25c
Brown Co 1st
20c
9H
82
Dec
5H
Feb
20c
Mar
*
1
...
Aug
25.C
Jan
3H
*
Honey Dew..
Mar
Prairie Royalties
Pressed Metals
...
Hamilton Bridge
Oct
7H
24He
9H
17c
July
5,300
Bridge
Foothills....
5.30
2.70
1.65
4.00
Sept
40
320
3.30
"
Feb
Sept
Sept
23,435
Mar
2.30
11H
17H
75 c
20
38./
Sept
2.57
2.60
..1
—
Rouyn..
Power Corp
Nov
2.00
1
40
41c
2.20
940
Jan
12
5,123
6H
35 H
3.80
5.20
"
Powell
34,500
4,075
Jan
Oct
9
25
40
40
*
15
18
5.00
"5~05
4,000
19,455
12c
5H
3H
100
7H
High
Sept
2H May
23
90c
2.60
7H
Daihousie Oil
Dominion
4,945
18
Photo Engravers..
Pickle
6Hc
5c
Low
1 He
35,500
2Hc
90c
Corrugated Box pref.-.100
Feb
July
6c
Range Since Jan. 1, 1938
for
'
Feb
PantepecOll
45c
official sales lists
Nov
Apr
Mar
15c
49c
Feb
Ma
4H
Feb
2.90
Cons
Feb
30c
Dec
Mar
Sept
5c
Sept
Week
2.60
1
48c
8.95
4
8.20
Mar
9c
4
Shares
14
Robb-Montbray
Apr
1,800
9,140
3,000
Gold...
2c
5
1
78
6.50
200
High
2c
1
Coast Copper..
Consolidated Paper
Pend Oreille
11,437
75
700
4
14
Vinegars
Canadian Marconi
Jan
17c
104
8.10
9Hc
of Prices
Canada
1.14
4.45
Paymaster
Jan
90
Sept
15c
Paulore
July
43c
Low
1
4.30
Partanen-Malartlo
2.75
Sept
Week's Range
Price
*
17c
103
Mar
13o
Sales
»
~4~35
Porcupine
1.25
100
Pawnee-Kirkland
Pandora-Cadillac
Pamour
61
13,700
14,675
4
Montreal LH A P
30c
Jan
Apr
20c
4
National Steel Car
4
3H
4
July
2c June
,
May
4
July
1.00
1H
*
Nov
31c
20
1.50
July
July
Sept
2.10 Sept
9,626
*
806
*
19c
5,300
45c 50He
I
July
Canada Bud
7Hc
85c
18c
Bruck Silk
27c
20,125
Apr
J
Mar
7.00
3c
Brett-Trethewey
45c
10,755
1.22
Jan
79c
11 He
84
12,800
180
Dec
Exchange—Curb Section
Sale
Par
Sept
Mar
Jan
8 He
8.00
Last
Stocks—
2c
300
*
19
8c
16, both inclusive, compiled from
6c
48
3,300
5,400
3,022
2,266
..1
Sept
Apr
May
74
Friday
Oct
1.90
15
Dec. 10 to Dec.
Mar
JaD
20c
Dec
Sept
4
Oct
Mar
95
H
2Hc
1.55
*
Oct
32c
Apr
9,500
2,100
9HC
Toronto Stock
July
86 H
69c
Jan
July
68
5,100
Aug
18c
8.10
5c
37
8c
*
2H
Aug
Dec
25
1.55
Ymlr Yankee Girl
1.71
Page-Hersey
„*
Wright Hargreavea
214
5
lc
v
165
180
Jan
3,675
5
Mar
2
4c
8c
1
July
16c
Oils
Wlltsey-Coghlan
Winnipeg Electric A
4c
1.66
Plata
74
3.75
1.68
Preferred
11
9
4c
...1
Oct
60H
1
Pacalta
95
n
20c June
He
lc
_*
Sept
Sept
2c
Oro
95
100
Preferred
1.25
13He
*
July
IHc
18,800
Olga Gas
Omega Gold
13H
470
67,100
Orange Crush
Mar
15,599
5,000
7c
Okalta Oils
9
18c
39c
Northern Canada
12H
164
l
34c
Northern Empire
O'Brien Gold
Apr
12 H
*
Wood-Cad lilac
4%C
_
14Ho
Jan
38c
Normetal
Sept
Dec
6%c
...
7Hc
71c
"UH
Mines
19,100
7Hc
27c
*
Noranda
9Hc
Mar
*
1
6
7Hc
Dec
Newbeo Mines
New Golden Rose
34c
59c
National Sewerpipe
Naybob Gold
N1 pissing
Sept
July
53
14 %
Nov
5c
4.45
60
Nov
20 H
800
23c Sept
133
54 H
Mar
8c June
"
*
Feb
125
Mar
17
5Hc
Jan
90 H
100
Preferred
30 H
25,
1.30
'
Nov
5Hc
17,270
89 H
6H
Jan
9.45
25
Whitewater
25c
50 %
20
12c
15c 15Hc
1.25
Mar
preflOO
Jan
90 H
15 He
Sept
2
5.55
6%
1.28
47c
1.02
2
Mar
10H
37 %
1,000
35,990
*
Western Canada Flour
3.50
14
1.28
JaD
Sept
580
6,568
63
37H
Jan
7.40
3,95
6,000
White Eagle
Dec
165
Jan
Nov
13c
Nov
6,075
8
20 H
Nov
4,300
26c
Mar
12c
22 H
Mar
*
...
National Grocers.....
2,498
49 H
12Hc
1
24 H
70c
15H
Nov
3
1,575
5.35
20
*
_
Mar
Mar
100
Morrls-Klrkland
Preferred
Wendigo
Mar
1.25
Sept
9c
2H
4,205
50
*
Walkers
2.1©
6
.*
Minto Gold
73c
8.45
18
28
*
Corp....
67c
19H
10c lOHc
10 H
12 H
7.70
Westons
66c
Aug
90c
7.70
*
Feb
6c
1.18
Nov
2.45
11
6,125
1
___
Amulet
6.00
145
10c
3H
Jan
2H
1.43
5.10
Jan
Dec
2H
1,657
West Turner Petroleum 60c
371
1.25
122
11,200
Feb
7
...»
Dec
95
Oct
1.38
1H
6H
Mar
107
12c
1.12
51
1
_
Mulrheads.
H
6H
l
McKenzle Red Lake
McWatters Gold
Feb
Mar
49 %
51
73
15
5.35
Vulcan Oils
Waite
Nov
6H
Massey Harris
McColl Frontenac—.
18
7
Sept
Sept
4
Jan
2.90
95
•
1
July
Nov
109
Sept
108
1.40
53,100
5c
1.68
June
June
1.50
84
lHc
3
..l
Mines
1.05
100
5
13 H
50c
17c
"lH
Maple Leaf Milling
Ventures-.
4.15
250
10c
Western Can Flour
1H
Manitoba A Eastern..
1,300
6H
West flank Oil
1%C
M cDougall-Segur
12
59c 178,620
1.34
2.10
6H
Jan
65c
JaD
12H
Feb
14c
5.70
HHc
15c
51c
Sept
*
Dec
60c
12,527
♦
United Steel
Sept
16c
4.55
'_.*
Gas
United Oil
4c
54c
Gold
Dec
108
50
75c
63c
Madsen Red Lake
5c
7.30
74c
Sept
542
40c
34,200
1,590
7,000
16,532
Union
52 H
Jan
17 H
6.95
7Hc
....
McVlttie-Graham
Sept
Sept
3c
Oro
Mar
H
2
37c
13
59c
10 H
100
6.90
38c
16c May
25c June
16
Juae
1.30
*
82c
7c
7%c
49
Lava Cap Gold
Moore
40c
Dec
Dec
10c
7Hc
7c
Laura Secord (New)..
Mining
Sept
25Hc
5,535
1.80
Lamauue Gold Mines.
Mclntyre
Toronto Mortgage
Sept
52
2.00
Toronto General Trusts 100
1.00
11
5
108 H 108H
1
Toburn
74,660
2,000
31H
250
1.31
*
Mar
Sept
Jan
12H
52 H
4.50
100
Sept
12c
40c
Feb
3.60
Sept
12
4.55
July
260
High
Low
2.50
12,565
52 H
*
Tip Top Tailors pref
Range Since Jan. 1, 1938
Shares
3.35
3.25
50
60c
Mar
5,330
55c
26c
Lamaaue Contact
Maraigo
22
27%
7%c
Lake Sulphite
Lake of the Woods
Malartlc
37
9,760
11c
1.23
Lapa Cadillac
Texas Canadian
Oct
June
Gold
Lake Shore
Dec
58
65
1.82
KIrkland Lake
107
20
7Hc
....
Nov
Tamblyns pref
Teck Hughes
Jan
Price
3.35
Tamblyns
77 H
65 H
Par
Sylvanlte Gold
49c June
Sept
107
July
9H
4
9%c 13 He
10Hc
Kerr-Addison
Macassa
Oct
15H
150
25%
12c
—
Cons
Loblaw
30c
Mar
25%C
Mines
Leltch
13 H
1,184
15,850
Stocks (.Concluded)
High
50c
J M Consolidated
Lehel
Low
7H
52%
Jack Waits
Lag una
of Prices
Low
High
Shares
47
105
107
Intl Utilities B
Jacola
for
Sale
Range Since Jan. 1, 1938
77 H
27H
International Pete
Jelllcoe
Week's Range
6%
51%
International Nickel..
Last
Week
15%
45
*
100
Intl Milling pref
Sales
Friday
for
Range
15
15H
1
Inspiration Mining
Inter. Metals A
Exchange
Sales
Last
Price
Toronto Stock
Exchange
Friday
1960
Winnipeg Elec 4Hs
101H
4-5s series A.
1965
61
4-5s series B
1965
44
-
-
-
-
61 %
Dec
Sllverwoods
Sllverwoods pref
4
83 H
85
110
85
Simpsons pref.
100
Stecoe Gold
-.1
1.35
1.25
1.39
37,960
1.16
Dec
Sladen Malartlc
-.1
78c
73c
81c
9,150
49c
7c
7c
4,700
6c
Sept
Sept
Slave
Lake
—1
*
~6Hc
4c
7c
55,500
2c
25c
3Hc
3c
3 He
22,800
2Hc
Nov
50c
53c
21,157
28c
Sept
.
Spy Hill Royalties
Stadacona
Standard Chemical
6
Steel of Canada
*
Sudbury Contact
...
Jan
28
25 H
28
72
74
Nov
Oct
68
68 H
9c
33,000
2.85
2.67
85c
30
2.88
9c 10 He
87c
12
Mar
34H
70
56
Mar
75H
128
54
Apr
5c
_
Jan
1,570
3.80
9,900
8He
Sept
19c
68c
Sept
1.25
Aug
2M
2H
90
1H
Mar
3H
2H
2
Mar
77 H
3H
SO
130
77 H
15
70
Sept
Nominal.
NOTICES
2H
July
Dec
&
a
City, members of the New
circular
on
the Commonwealth
debentures due 1958.
Co.,
52
Broadway,
New
York
City,
have issued
Copies will be mailed to those interested
&
Lann,
members of the
moved their offices to 120 Greenwich
—James
Talcott,
Inc.,
has
been
New York Curb Exchange, have
St., New York City.
appointed
factor for
Meadow brook
Fabrics, Inc., New York City, distributors of silks.
Dee
3M
80
prepared
request.
—Mayer
Mar
3,600
Rankin
have
3H%
study of Shuron Optical Co.
upon
Jan
100
2%
15HC
Exchange,
—Iletfield,
a
Oct
Sept
1.65 Sept
*
-
70
Stock
Edison Co. Convertible
Apr
4H
10Hc
87c
_*
,
York
Nov
17H
Sept
1
1
Supersilk A
8
Sept
8C
n
—Halle & Stieglitz, 25 Broad St., New York
Jan
JaD
May
2
»
Sudbury Basin
Sullivan
10c
25c
77c
16
8c
/Flat price.
CURRENT
Jan
25
Nov
No par value.
Mar
100
25
Straw Lake Beach
•
Jan
1.38
74
100
Preferred
3.40
24c
120
3H
45
Jan
6
2H
H
Oct
17
Standard Paving
Preferred
Aug
95
Feb
16H
2%
Stedman Brothers Ltd
B
Sept
51c
South End Pete
Preferred
69
1.21
—Hoit, Rose & Troster, 74 Trinity Place, New York
a
survey
of the aviation industry.
City, have prepared
Volume
Financial
147
Quotations
Bid
a3s
1 1977
Jan
Nov
1 1900
115k
o4Ms June 1 1974
o4Ma Feb 15 1976
118k 117M
110k U8M
«4 Ms
117
112
113M
112M
1 1958
Nov
a4fl
May 1 1959
o4s
May 1 1977
Oct
1 1980—
04Ms Sept 1 1960
04Ma Mar 1 1962
'
1 1964
FISCAL
114
a4 Ms June
HOM
113
114M
113M 114M
113M 115
o4 Ms
Jan
BOSTON
JERSEY CITY
117M 118M
1 1979
July
Transcontinent Shares Corporation, Sponsor
LOS ANGELES
120
121M
122 M
124
New York Bank Stocks
Par
Bank of Manhattan Co. 10
Bid
Ask
Par
National Bronx Bank
£38
42
National
Bensonh urst N atlonal... 50
New York State Bonds
16
Bank of Yorktown..66 2-3
75
100
Chase
52 30 less
3s1981.
Bid
Ask
Bid
52.25 less
38 1974
1
Ask
1
4ks April 1940 to 1949-
Improvement—
4s Mar A Sept 1958 to '07
Canal Imp 4s JAJ '60 to '67
Can A High Imp 4Mb 1965
•
112
Barge C T 4ks Jan 1 1945.
137
139
131
Barge C T 4s Jan '42 A *46.
2.45
139
30
....
32
Commercial National..100
141
147
Peoples National.
700
740
Public National
First National of N Y—100 1585
1625
Sterling Nat Bank A Tr 25
103
Trade
Avenue
100
..100
97
....
Par
Authority Bonds
Bid
Ask
107 M 108 M
1939-1941
MAS 60.35 to 1.00%
Gen A ref 2d ser 3ks '65
105M 106 M
1942-1960
MAS
Gen A ref 3d ser 3 Ms '76
103 k
1977
99
Inland Terminal 4ks ser
D
.10
American Allianoe
Equitable.. ...5
..10
American of Newark.
_
-2M
110M
United States Insular Bonds
Bid
108 M
U S Panama 3s June 1 1961
108 M
107
Honolulu
Apr
100
M 102
58
Feb
1952
108
110
1941.
109M 111 M
5 Mb Aug
107
120
122
JAJ
JAJ
MAN
1946
105
*
105
Lincoln Fire.......
5
Maryland Casualty
1
Atlantic
41k
56
29M
Mass Bonding A Ins..12M
Merch Fire Assur com.... 5
53 M
28
42
45M
50 k
52 k
Merch A Mfrs Fire New'k 5
8
33M
35M
Merchants (Providence)-.5
National Casualty
10
92
92
.100
603
615
5
Fire
20
2
21k
New Amsterdam Cas
2
...10
29M
New Hampshire Fire.-.10
New York Fire....
5
*44 k
111
Continental Casualty. ...5
35
37k
Northern
lllM
Eagle Fire
3k
51M
North
2k
50
6
5
39M
-10
Ask
Fireman's Fd of San Fr.25
106M 106 M
Franklin Fire
Northwestern
New Orleans 5s
35
99M
100 M
New York 5s
100 k
99
99 M
100 M
101
/30
/30
4Mb
35
North Carolina 3s
/31M
—
34 M
Oregon-Washington 5s
/42
100 M
45
102
Pacific Coast of Portland 5s
100
101
100M
Pennsylvania 3ks
100
99 M
Ohio-Pennsylvania 5s
Central Illinois 5s
101
99 M
Denver 5s_—
98
First Carolines 6s
First Texas ol Houston 5s.
Chicago 4 Ms
99 k
100
Phoenix
99
101
128
119
10
81M
5
77M
16M
10
32 M
34 M
Accident
8k
Providence-Washington
.
Reinsurance Corp (N Y)_2
9M
29k
Republio (Texas)
10
io
100
99 M
3s
80
San Antonio 3s
Southern Minnesota 5s
/H
13
09
73
99
5s
Lincoln 4 Ms
-.
5s
43 k
45 k
Seaboard Fire A Marine..5
93
96
101
86
88
Virginian 5s
89
Virginia-Carolina 38
Union of Detroit 4Mb
100
99 k
Seaboard
70
115
23M
25
Security New Haven
10
Springfield Fire A Mar..25
Stuyvesant
5
100
410
460
-.100
438
448
Great American
—5
Great Amer Indemnity
...
9M
8M
1
22 M
Halifax
Travelers
31k
101
49 M
52 k
58
5
29k
30 k
Westchester
60M
33M
Home
Bid
100
A Trust
33 1-3
78
222
228
523
'53
Bid
10
Series A 3-0s
Debenture
1953
3-6s
53 M
Cont'l Inv Bd Corp 2-52 '53
Cont'l Inv DebCorp3-6s '63
69
55
65
San Antonio
100
63
5M
Virginia
2M
5
100
Virginia-Carolina
;
75
1.75
85
3
1954
90
(all
Issues) 2-5s
1953
Potomac Cons Deb Corp—
86
1953
54
....
88
25
68" "
.....
3-68
Empire Properties Corp—
1945
Interstate Deb Corp 2-5s'55
2-3s
Mortgage Bond Co
53
Potomac Deb Corp 3-0s '53
47
—
—
1953
1953
3 6a
of Md
Inc 2-5S—
Bid
Ask
Ask
series A A D
Corp 2-5s '53
Nat Deben Corp 3-ds.l953
Nat Cons Bd
1%
1%
1%
1%
1%
1%
due
Mar 15 1939 6.25%
& 1M% due Apr 15'39*6.25%
due
—May 15 193916.25%
due
June 15 1939 Q .30%
due
July 15 1939 6.30%
due
Aug 15 1939 6.35%
due.....Sept 15 1939 6 .35%
due
Oct. 16 1939 60.40%
due
Nov
1 1939 60.40%
due
Dec
1 1939 60.40%
86
52
27
Bank of New York
100
10
Bankers
Bronx
County
Brooklyn
7
—100
Bid
376
41k
5
73
Ask
-
~
mm
386
43k
6k
78
Bid
20
a:80 M
40 k
210
230
Guaranty
55
9
Irving
County
.100 1520
•
•
to
Central Hanover
29
38
Manufacturers
10
1580
33
52
54
8k
10k
New York
25
82 M
85M
14k
Title Guarantee A Tr. ..20
5k
Corn Exch Bk A Tr
20
48 k
49 k
Underwriters
Empire
10
14
15
United States
For footnotes see
page
3753.
65
47
Preferred
80
1540
59
Bid
New York City
6k
revenue..—1944
106k
Authority 3 Me '68
107k
6
2.25
less
1
3 Ms re venue .....1949 6
2.75
less
1
100.17 100.19
Corp—
Federal Farm Mtge Corp
1 1939
Sept
I Ms
Fed'l Home Loan Banks
Is—
July 1939
Dec
Federal
Apr
1940
1 1943
100.12 100.14
M% notes July 201941
%%
Nov 1 1941
Reynolds Invest'g 5s 1948
102,23 102.26
102.3
1943.opt'39
101.23 101.26
Home Owners' Loan
1Mb
Dec 15 1947.
61
63
Dec 15 '65-'60
.
Trlborough Bridge—
4s s f revenue '77 AAO
110k
111k
4s serial revenue—1942
Corp
June 1 1939
2Ms
2s
102
Natl. Mtge Assn
2s May 16
100.17 100.19
100.16 100,18
Treasury—
100.31 101.1
90
1500
Ask
Park¬
way
Reconstruction Finance
28
12k
55
M % notes Nov 2 1939.
2s
25
50
Colonial Trust...
Unified Deben Corp 5s 1955
A*k
104
Commodity Credit Corp
40
Continental Bank A Tr.10
Clinton Trust
7s.—1953
235
83 M
a-38 k
Ask
2:190
Fulton
Lawyers
Chemical Bank A Trust. 10
Bid
56
62
3-0s
3 Ms
River Bridge
Par
Kings
63
1953
deb
Miscellaneous Bonds
Companies
i
94
Corp 3-6s—
Realty Bond A Mortgage
27
Bear-Mountain-Hudson
New York Trust
M
Maryland Deben¬
1953
ture
/23
/23
—
M
57
Potomac Realty Atlantic
Deb Corp 3-6s
1953
Central Funding
series B A C
53
54 M
90
Potomac
Debentures
57
50 M
Potomac Franklin Deb Co
Nat Bondholders part ctfs
Federal Intermediate Credit Bank
Ask
75
Potomac Bond Corp
75
1.55
1954
Series B 2-6s
14
Ask
85
1% A1M% due Jan. 16'39 5.25%
33k
Nat Union Mtge Corp—
55 M
20
Carolina.—
Pennsylvania
1% A 1 M% due Feb 15 '39 6 .25%
31k
Bid
Ask
84
65
North
FRANCISCO—
Bk ofAmerNTASA 12M
Surety Guaranteed Mortgage Bonds and Debentures
100
Par
Ask
305
508
SAN
81
100
Bank A Trust
100
1%
1%
1%
1%
Bid
295
Northern Trust Co——100
220
Continental Illinois Natl
——100
Bid
31k
Harris Trust A Savings. 100
210
Potomac
1M
2.50
Par
Ask
American National Bank
40
100
Fire
Chicago & San Francisco Banks
35
Lincoln
nk
16M
4
10
Arundel Deb Corp 3-08 '53
100
New York
...
.
4
Co—2
Denver
1
30 M
U S Guarantee.....
45
3M
3
118
U S Fidelity A Guar
U 8 Fire
108
Fremont
Sun Life Assurance
24
28 M
76
174
39
First Carollnas
10
52 M
-10
Hartford Fire
103
Moines
Surety
50 M
*29k
Hanover
Dallas.
Des
28M
12k
26 k
67
101
Par
Ask
45
26 k
5M
7
24 k
Associated Mtge Cos Ino—
Atlantic
5M
6
232
99M 100 M
6s..
Joint Stock Land Bank Stocks
Atlanta
4
4M
227
10k
Bid
Bid
6
23M
5
Arundel Bond Corp 2-5s
Par
6
27
22
Globe A Rutgers Flre. -15
15
2d preferred
First National
90
86
Lafayette 58—
St Paul Fire A Marine. ..26
9M
25M
100
Southwest
100 M
100
Iowa of Sioux City 4MB—
Rossla
22 M
Par
93
Illinois Midwest 5s
23k
21
8
106M
82
78
68
44 M
21k
100M
32
/30
100k 101k
St Louis 58
102
77
Fremont 4Mb
Greensboro
42 k
Revere (Paul) Fire
Rhode Island...
108 M
99 k
100M 102
Fort Wayne 4Mb
18M
100k
104 M
107
4Mb
5s
Potomac 3s
101
Fletcher 3Ms
99 k
16M
26M
Hartford 8teamboller. ..10
6
MM
Chicago 4Mb and 5s
Dallas 38.
First Trust of
100
Montgomery 3s
100 M
25M
46 M
100
84
28k
Globe A Republic
Ask
97
115
25
Glens Falls Fire
Bid
14M
Natlonal.25 *123
Pacific Fire
Preferred
62
Firemen's of Newark. ...5
1UM 111M
118
82
2.50
Phoenix
7k
41
60 M
River
8M
122
30M
New Brunswick
-2M
6
63 M
11M
27k
...12.50
9
29
10M
20 k
General Reinsurance Corp 5
As*
7M
117
24
City of New York
Fire Assn of Phil a
3 Ms 1955 opt 1945—MAN
4s 1940 opt 1944
JAJ
10
19k
Fidelity A Dep of Md. ..20 2:115
Bid
National Fire....
National Liberty
National Union Fire
6k
-25
Bankers A Shippers
Boston
Camden
5k
4
27M
61M
19k
105M
99 k
3s
Burlington 5s
2k
Vs
39k
Employers Re-Insurance 10
105M
99 M
4
25M
Joint Stock Land Bank Bonds
Atlanta 3s
9M
2M
3k
22 M
109
Conversion 3s 1947
105M
Bid
67 k
41M
8k
-10
Georgia Home
Gibraltar Fire A Marine. 10
3s 1956 opt 1946
11
66 H
-10
113
109 M
U 8 conversion 3s 1940
Ask
105
3M
16M
39
Connecticut Gen Life. -10
113 M 110M
11 I'M
Federal Land Bank Bonds
3s 1956 opt
7k
13M
10
Ask
-25
Federal
3a 1955 opt 1945
Ins Co of North Amer
9k
Jersey Insurance of N Y—.
Knickerbocker
5
25k
2M
16
-10
Surety
Excess
Bid
79
21k
Bid
American Reserve
American Re-Insurance. 10
Carolina
4Mb July 1952
July 1948 opt 1243.
5s
115M 117k
Hawaii 4Mb Oct 1956
3.00
Govt of Puerto Rico—
5s
4 Ms July
5s
Ask
63.50
101M
1959
1952
1955
4Mb Oct
Importers A Exporters—.5
27
6M
12
Baltimore American.. -2M
Ask
Bid
100
4s 1946
19k
24k
Par
Home Fire Security..—10
Homestead Fire
.—10
American
109
108k 109k
Automobile
Philippine Government—
Companies
Ask
109M 113M
47 k
45k
276
Agricultural
American Home
MAS
Bid
25M
-
MAS 60.50 to 1.25%
1942-1960.
101k
Life
American
1939-1941
George Washington Bridge
4Mb ser B 1940-53.MAN
112
104k
100
100 M
Aetna Cas A Surety— -10
Aetna
Aetna
111
12M
....
Gen A ref 4s Mar 1 1975.
Gen A ref 3 Ms
25
Bank..
....
Holland Tunnel 4ks ser E
Gen A ref 4th ser 3s 1976
50
115
131
Ask
Bid
Port of New York-
12 M
National Safety Bank_12M
Penn Exchange
10
Insurance
Port of New York
50
City
Merchants Bank
61.50
Hlghway
Highway Imp 4Mb Sept '63
Canal Imp 4Mb Jan 1964..
.13.55
14M
Fifth
World War Bonus—
Canal A Highway—
5b Jan A Mar 1964 to '71
inc.
Insurance Stock Series
118M
118k 119 M
115
116M
U5M 116M
1 1907
15 1971
o4Ms Dec
Bank Stock Series
117M 119
1 1965
04 Ms Dec
117M
FUND,
117k 119
118M 119M
110
1 1977
04 Ms Nov 15 '78
a4Ms Mar 1 1981
a4 Ma May 1 1957
04 Ms Nov
1 1957
a4 Ms Mar 1 1963—
108M 109M
a4s
04 Ms Mar
o4Ma Apr 15 1972
108 k
109
a3Ms Jan 15 1976
a 4a
May 1 1957
a4s
Ask
114M 115M
1 1960
a4Ma Apr
104M 105M
103 k 104 H
103 M 104M
1 1954
a3 Ms Mar
Bid
99
98M
a3Ms May 1 1954
a3
City Bonds
Ask
100 M 101M
104
105
1 1975
a3ka July
Over-the-Counter Securities-Friday Dec. 16
on
New York
3751
Chronicle
100.21 100.23
2 00
less
1
revenue—1968
3 50
less
1
4s serial
Chronicle
Financial
3752
17, ma
Dec.
Quotations on Over-the-Counter Securities—Friday Dec. 16—Continued
Railroad Bonds
Asled
Bid
Guaranteed Railroad Stocks
Akron Canton and Youngs town 6*s
6s
...1946
1945
-
35
J31
rsi
36
Atlantic Coast Line 4s
Mtmhtrs "New York Sloth
96*
99
Baltimore A Ohio 4*8......
3ostpb Walkers Sons
1939
1939
40*
41*
1943
65
68
.1940
27
30
1944
23
,1955
1956
95
Boston A Albany 4*8
Exchange
Boston A Maine 5a._—.....
120 Broadway
NEW YORK
'4.y$
Tel. REctor
2-6600
Cambria A Clearfield 4s
...
Chicago Indiana A Southern 4s
Chicago St. Louis A New Orleans 5s
Chicago Stock Yards 5s
Par in Dollars
Boston A Albany
Bid
6.00
100
100
100
(New York Central)
10.50
121*
123
6.00
63
57
2.00
27*
74*
29
8.75
26
100
100
8.50
15
2.85
Carolina Cllnchfleld A Ohio com (L A N-A C L)
100
Central)—100
Cleveland A Pittsburgh (Pennsylvania),,
50
5.00
Cleve Clnn Chicago A St Louis pref (N Y
5.00
44*
78*
65*
70*
3.50
77
47*
81*
69*
72*
50
2.00
41*
43*
Delaware (Pennsylvania)
-25
2.00
41
43
Fort Wayne A Jackson pref (N Y Central)
100
100
5.50
50*
stock
Betterment
:
Georgia RR A Banking (L A N-A C L)
104*
67
65
61
64
9.00
Lackawanna RR of N J (Del Lack A Western)
100
100
50.00
New York Lackawanna A Western (D L A W)
150
4.00
Michigan Central (New York Central).,
Morris A Essex (Del Lack A Western)..
55
155*
41*
44 *
800
625
3.875
60
1950
64
68
...1978
87
89
1959
109
.....
....
Memphis Union Station 5s..
96
New London Northern 4s
70*
,100
.
Boston A Providence (New Haven)
Canada Southern (New York Central)
104*
.1953
Kansas Oklahoma A Gulf 5s
Asled
67
50
Beech Creek (New York Central)
107*
...1945
3*8.
Indiana Illinois A Iowa 4s
Dividend,
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts),
41*
40
1951
Illinois Central—
Louisville Dlv. A Terminal
Alabama A Vlcksburg (Illinois Central)
loo"
1962
...
Florida Southern 4a
(Guarantor in Parentheses)
99
1995
Connecting Railway of Philadelphia 4s
Duluth Missabe A Iron Range 1st 3*s
Guaranteed Railroad Stocks
73
1961
Cleveland Terminal A Valley 4s
68
63
1951
•
96
31*
33 *
56
100
5.00
(Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
50
50
60
4.00
82*
39
41*
50
3.00
70
1948
90
91
Norwich A Worcester 4*8
1947
85
87
1939
1941
71
102*
1947
114
Pennsylvania A New York Canal 5s
Philadelphia A Reading Terminal 5s..
Pittsburgh Bessemer A Lake Erie 5s
...
Portland Terminal 4s
1947
Toledo Peoria A Western 4s...
85*
70
..1942
102
;
Terre Haute A Pecoria 5s—.—
74
103*
84
1961
Providence A Worcester 4s
100
103""
1967
89
Toledo Terminal 4*s
1957
105
Toronto Hamilton A Buffalo 4s
1946
96
United New Jersey Railroad A Canal 3*8
1951
Vermont Valley 4*8——;
County Ry 3*s
Washingto
West Virginia A Pittsburgh 4s
1940
60
1954
35
39
1990
50
52
83
......
S
92
99~~
104*
43
i
96
New York Philadelphia A Norfolk 4s
44*
1.50
2000
58*
84*
4.50
1940
New York A Harlem 3*s_
Northern
Central
Preferred
7.00
I
Preferred
165
i68*
139
100
144
.100
Pgh Ygtn A Ashtabula pref (Penn).
Rensselaer A Saratoga (Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)
100
6~82
61
65
100
6.00
124
129
100
3.00
62
100
6.00
124
130
100
10.00
£228*
232*
100
100
6.00
50*
54 *
5.00
65
69
Vlcksburg Shreveport A Pacific (Illinois Central)... 100
5.00
56*
59*
5.00
58*
62
preferred
Tunnel RR St Louis (Terminal RR)
& Canal (Pennsylvania)
United New Jersey RR
Utlca Chenango A Susquehanna (D L A W)_.
Valley (Delaware Lackawanna A Western)
Preferred
100
Warren RR of N J (Del Lack A Western).
50
3.50
25
28
West Jersey A Seashore (Penn-Readlng)
60
3.00
52*
54*
Baltimore A Ohio 4*s
Par
Bid
Bid
Ask
73%
74*
Arkansas Pr A Lt
82*
84*
7% pref *
Associated Gas A
Electric
Original preferred
6
5
*
City El 6% pref.*
3*
5
*
17 preferred
17 preferred
*
Mississippi P A L $6 pref.+
2%
*
16.50 preferred
Atlantic
Mississippi Power $6 pref *
6
113*'
Birmingham Elec $7 pref.*
am
Miss Rlv Pow 6% pref. 100
Missouri Kan Pipe Line..5
Monongahela
—
—
67
69*
20
20*
Buffalo Niagara A Electern
West
7% preferred
100
£86*
88*
Nassau A Suf Ltg 7% pf 100
Nebraska Pow 7% pref.100
*
Z78
80
Newark Consol Gas
88
90
New Eng G A E 5 * % Pf- *
New Eng Pub Serv Co—
$6 preferred
100
Cent Pr A Lt 7% pref—100
Consol Elec A Gas $6 pref *
78*
89*
81
Consol Traction (N J). 100
Consumers Power $5 pref*
48*
preferred
25
6% preferred
.
Central Maine Power—
7% preferred..
100
3*
100
90*
5
52*
101
Continental Gas A El—
7% preferred
Dallas Pr A Lt 7% pref. 100
81*
Federal Water Serv
100
83*
33*
38"
203
Corp—
$6 cum preferred
17
$6.50 cum preferred...*
$7 cum preferred
*
Hudson County Gas... 100
18*
18
19*
preferred
*
cum preferred...100
5s.
55.60
4.75
3*8 Dec 1 1936-1944...
55.50
4.75
N Y N H A Hartf 4*s
5s
Canadian National 4*s..
62.90
2.00
Northern Pacific 4*s
62.90
2.00
Pennsylvania RR 4*8
Canadian Pacific 4*s
62.75
2.00
5s
Cent RR New Jersey 4*s.
65.25
4.75
4s series E due
1.75
Jan A July 1937-49
2*s series G non-call •
2.60
62.40
61.50
1.00
Dec 1 1937-50
62.60
65.75
5.10
Pere Marquette 4*8
63.10
65,75
5.10
Reading Co 4*8
62.50
66.50
5.50
66.50
5.50
*
5s
Chesapeake A Ohio—
4*s
—
—
Chic Milw A St Paul 4*s.
20
23
35
8*
26*
37
10
103* 106*
137*
10*
11*
mm,*,
93
36*
94*
7% preferred
100
Okla G A E 7% pref-100
Pacific Pr A Lt 7% pf—100
105
106*
105* 107
106* 108*
5*
Jamaica Water Supply—
50
7% pf-100
Kan Gas A El 7% pref.100
54
56
90
88*
113* 118
Kings Co Ltg 7% pref.100
Long Island Ltg 6% pr.100
67*
97 *
70*
98*
18.
20
4*
100
98 H
99*
86 *
89*
25
27 *
28*
pf.100
58*
60*
67*
Rochester Gas A Elec—
6% preferred'D
6% pref series B
Tenn Eleo Pow 6%
7% preferred
100
55*
21*
22*
Texas Pow A Lt 7% pf.100
Toledo Edison 7% pf A. 100
26*
27*
5% conv partic pref--'50
26
28
$5 preferred
United Gas A El (Conn)
Memphis Pr A Lt $7 pref.*
56
58*
66
Union Elec Co of Mo—
100
Mass Utilities Associates—
7% preferred
Utah Pow A Lt $7 pref
Virginian Ry__
87*
89*
108% 110*
112* 112*
100
76
*
50
100
140
Bid
7%
preferred
B/G Foods Inc
8
7% preferred
10
2*
2*
2*
*
3*
*8
100
Diamond Shoe pref
Asl
85
100
common *
Bohack (H C) common
65.75
93
Great Northern 4*8—...
100
101
Fish man (M H) Co Inc..*
7
21
106
9*
51*
Bid
Preferred
For footnotes
1
see
9
Par
Bid
Asl
Kobacker Stores
5
14*
68
6*% preferred
100
Murphy (G C) $5 pref.100
Reeves (Daniel) pref...100
United Cigar-Whelan Stores
17
$5 preferred
*
12
2*
page 3753.
1.50
62.50
1.25
93
95
4*s
64.75
64.75
5*s
Southern Pacific 4*s
5s
63.10
Southern Ry
63.50
62.00
4*s
5s...
.......
Texas Pacific 4s
63.50
63.00
61.75
1.00
4*8
64.00
3.00
5s
Internal Great Nor 4*s..
64.76
4.00
Union Pacific 4*8—
61.25
Long Island 4*8
63.50
2.50
Virginia Ry 4*3
61.70
63.50
2.50
Wabash Ry
64.50
3.50
58
64.50
3.50
5*8
64.25
3.50
6s
64.25
3.50
...
...
Maine Central 5s
5*s
58
Public
Bid
-
63.00
62.25
80
4*9
80
81
88
Western Maryland 4*8
Western Pacific Sa
....
62.50
65.75
65.75
Utility Bonds
Ask
Amer Gas A Power 3-5s *53
38*
39*
Amer Utility
70
72
Serv 68.1964
Appalachian Eleo Power—
1st mtge 4s
1963
f debenture 4*8..1948
s
1967
Indianapolis Pow A Lt—
Mortgage 3*s
1968
109*
99
30
106* 107*
Corp 6*0.1938 / 55*
57*
25
City Pub Serv 4s, 1957
26*
Kan Pow A Lt 1st 4*s '65
110* 110*
Inland Gas
104* 105*
Kan
48
49
Income deb 3*8
1978
Income deb 3*8—.1978
23*
24*
24*
25
Income deb 4s
27*
28
29
30
1978
Income deb 4*8—.1978
Conv deb 4s...'
1973
Conv deb 4*s
1973
Conv deb 5s
.1973
Conv deb 5*8
1&73
8-year 8s with warr. 1940
8s without warrants. 1940
48
Cons ref deb 4*8..1958
Sink fund lnc 4a
1983
Lehigh Valley Transit 5s *60
Lexington Water Pow 5s '68
Lone Star Gas 3*8 ..1953
Mlcb Consol Gas 4s 1963—
Missouri Pr A Lt 3*8.1966
40*
42*
70
72
105* 106
94*
95*
103* 104*
48*
54*
49*
Mtn States Pow 1st 63.1938
55*
57
60
Narragansett Elec 3*8 '66
N Y. Pa A N J Utll 5s 1956
98
99
N Y State Elec A Gas Corp
98
99
25*
27*
North Boston Ltg Prop's—
Secured notes 3*s_. 1947
105* 106*
25
Assoc Gas A Elec Co—
4s
1965
98
100
106* 107*
?8*
60*
93
94
Ohio Power 3*a 1968
103* 104*
26
Ohio Pub Service 4s—1962
105*
1983
27
Old Dominion par 5e..1951
60*
62
32
Peoples Light A Power
80
82
Sink fund lnc
----
4*s—1983
Sink fund lnc 5s
20
1st lien
1961
3-8s
27*
Portland Elec Power 6s '50
27
S f lnc 5*3-6*3—1986
28*
105*
Public Serv Elec A Gas—
/ 11*
12*
2037
140*
1st A ref 8s
*
107* 108*
1st A ref 5s
2037
207* 211
1st mtge 3*s
1968
Pub 8erv of Northern 111—
108* 109
12*
Cent Ark Pub Serv 58.1948
90
91*
5*
Central G A E 5*8
1946
1st lien coll trust 6s. 1946
Cent Maine Pr 4a ser G *60
72
74
Pub Utll Cons 5*s...
76
78
Republic Service coll 5s '51
106
107
-f
—
St Joseph Ry Lt Heat A Pow
24
—
-«•
...
31*
Central Public Utility—
Income 5*s with stk *52 /
1
Cities Service deb 5s_. 1963
65*
Cons Cities Lt Pow A Trac
6s series
Bid
Ask
107* 107*
Assoc Gas A Elec Corp—
1962
Consol E A G 6s A—1962
Par
Ail
B
1962
1st mtge 3*s
1968
1*
66*
1948
1947
4*s
84*
45
43*
76*
67
102
78
70*
104
1st mtge 4s
1963
103* 104*
101*
101
46
44*
105* 105*
San Antonio Pub Serv—
Sioux City G A E 4s..1966
83*
Sou Cities Utll 5s A. .1958
43*
45*
Tel Bond A Share 5s..1958
68
45*
Toledo Edison 3*s
Crescent Public Service—
Texas Public Serv 5s.. 1961
1
32*
74*
Coll lnc 6s (w-e)
1954
Cumberl'd Co PAL 3*8*66
Dallas Pow A Lt 3*s.l967
West Indies Sugar Corp—1
3*
4*
Dallas Ry A Term 6s. 1951
58
59*
Federated Util 5*s
1957
68
70
Havana Wee Ry 5a
1952 / 37*
Savannah Sug Ref com
Bid
Idaho Power 3*s
108* 108*
75
6
15*
5.00
61.80
58
Gas A Elec. 3*s—.1968
7% preferred
100
Kress (S H) 6% pref
Miller (I) Sons common. _*
Asl
10*
58
S f inc 4*s-5*s.—1986
Sink fund lnc 5-6s—1986
Sugar Stocks
Par
62.00
Hocking Valley 5s
Illinois Central 4*s—....
5S—
Cuoan Atlantic Sugar..7*
Eastern Sugar Assoc
1
5.00
97
62.00
Blackstone Valley—
Borland Shoe Stores
62.50
Sink fund inc 5*8—1983
Sink fund lnc 4-5s._1986
78*
147
Chain Store Stocks
Par
5.00
65.75
Associated Electric 5a. 1961
3*
59
7% preferred
65.75
6s
ErieRR 4*s
100
Sioux City G A E $7 pf.100
Southern Calif Edison—
4
Denver A R G West 4*s_.
100* 108
113* 115*
98* 100*
66.00
61.50
5*s
%7 preferred..
*
Ohio Power 6% pref...100
66.00
56*
112* 114*
23
88
65.75
65.75
5s
102*
*
Interstate Power $7 pref.*
61.50
4*8-1—
8t Louis Southwestern 68—
Missouri Pacific 4*8
98* 100
105* 106*
5s
N Y Chic A 8tL
St Louis-San Fran 4s.....
85*
Trustees' ctfs 3*s
5s—
54
100
Gas..*
7*% preferred
2£*
101
Queens Borough G A E—
6% preferred
100
Republic Natural Gas
1
25
Pacific—
5*8
pref—.j..100
(Minn) 6% pref
*
Ohio Edison 16 pref
*
Penn Pow A Lt 17 pref...*
$6 preferred
7% preferred
Interstate Natural
63*
65*
113* 115*
5*
6*
Chicago RI A
States Power—
(Del) 7%
203
Idaho Power—
Jer Cent P A L
7%
69
Ohio Pub Serv 8% pf__ 100
115*
Derby Gas A El $7 pref—*
Essex Hudson Gas
cum
65
35
New Orl Pub Serv $7 pf—*
New York Power A Light—
Northern
.100
100
$7 prior lien pref
$6
-
60
Penn
Pub Serv 7% pref
25
Mountain States Power—_
»
$1.60
Carolina Pr A Lt $7 pref.
57
63.00
5.00
5g__
Alabama Power $7 pref..*
64.40
4.75
5a
Ask
5.00
New Orl Tex A Mex 4*s—
New York Central 4*9
55.60
Maine 4*s
Chicago A Nor West 4*8.
Utility Stocks
1.75
55.75
5s
Boston A
5s
Public
Bid
Ail
52.50
55.75
Atlantic Coast Line 4*s_.
66
8econd
Equipment Bonds
Bid
147
7.00
Pittsburgh Fort Wayne A Chicago (Pennsylvania).. 100
Railroad
101
109
102
•»
1968
Utlca Gas A El Co 5s. 1957
Western Pub Serv 5*8 '60
89
105
122*
86*
44*
70
91
105*
«
ma
88"
Wis Eleo Power 3 *s—1968
105* 105*
Wisconsin G A E 3*8.1966
106* 107*
Wis
107
Mteh
Pow
3*a_.lQ61
107*
Volume
Financial
147
Quotations
WE
MAINTAIN
ACTIVE
3753
Chronicle
Over-the-Counter Securities—Friday Dec. 16—Continued
on
TRADING
MARKETS
ENLISTED
IN
-
Real Estate Bonds and Title Co.
Investment Trust Issues
Bid
Rittenhouse Plaza (Phila)
2%s
1955
Roxy Theatre—
GOODBODY & CO.
Members N. Y. Stock Exchange and other Principal Stock and Commodity Exchanges
Main Office
115
Jersey City Office
921 Bergen Avenue
Broadway
New York City
Tel
Adminls'd Fund 2nd Ino_*
Bid
Par
Ask
Bid
Ask
11.58
67%
1956
/27%
4.22
4.67
22%
23%
Series B-l
25.50
1 ;_1956
17%
Textile Bldg¬
lst 4s
61 Broadway Bldg—
3)4s with stock
616 Madison Ave—
29
(w-s)—I.
39
41
59)4
54
1958
1st 5%s
1939
2 Park Ave Bldg 1st 4s 1946
57)4
19%
Walbrldge Bldg (Buffalo)—
42
---
3s
1960
16)4
Wall A Beaver St Corp—
1950
39%
41%
1957
30%
33%
1st 4%s
Westing ho use
3s with stock
19%
—1951
Bldg—
w-s
1st, mtge 4p
1948
21
73
28.01
3.60
Ask
64
1955
1st 3s
Trinity Bldgs Corp—
12.36
1%
23.46
Amer Business Shares
14.11
65%
60 Park Place (Newark)—
1st 3)48—
....1947
Corp..*
Affiliated Fund Ine
♦Amerex Holding
1957
Sherneth Corp—
2s with stock
Teletype JCY 1518
Connecting Branch Offices In leading Cities
Investing Companies
Par
41%
Savoy Plaza Corp—
3.6s with stock
Tel. Journal Sq. 2-4400
REctor 2-5485
Private Wire System
Bid
Syracuse Hotel (Syracuse)
38%
1st mtge 4s..
Mortgage Certificates
Ask
13.26
Investors Fund C
1
Keystone Custodian Funds
3.98
8eries B-2
21.38
Amer Gen Equities Inc 25c
56
63
Series B-3
14.40
15.82
Am Insurance Stock
5
5)4
Series K-l__
14.19
15.57
5%
6%
Series K-2
10.90
12.10
Series S-2
14.62
16.19
Series S-3
13.74
15.25
5.16
5.77
Corp*
Assoc. Stand Oil Shares—2
Invest
Bankers Nat
Corp
5%
♦Class A
6%
3.73
Basic Industry Shares.. 10
Boston Fund Inc
17.02
British Type Invest A
1
Broad St Invest Co Inc..5
26.08
Series S-4.
18.20
17
32
1
15%
Canadian Inv Fund Ltd—1
4.05
4.40
Bullock Fund Ltd
>
Century Shares Trust-—*
22.90
24.62
1
10.52
11.38
Commonwealth Invest
1
3.66
3.98
♦Continental Shares pflOO
7%
8%
Corporate Trust Shares..1
2.4-6
Series AA
1
2.38
Accumulative series
1
2.38
Series A A mod
1
2.89
Series ACC mod
1
2.89
10
com
♦8% preferred-.-,—.100
♦Crum A Forster Insurance
♦Common B share
10
6.52
21.82
23.15
11.75
12.85
Mutual Invest Fund
25c
Common
6.12
6.52
.1
13.90
14.95
8.02
8.68
5.82
100
11.53
7.15
7.74
Building supplies..
8.96
Electrical equipment
24%
26 %
31)4
33)4
.
^
^
w
4.92
8.49
9.18
Insurance stock
9.16
9.90
Machinery
8.69
9.40
9.69
16.62
Deposited Bank Shs ser A1
17.97 i
2.96
Deposited lnsur Shs ser Bi
2.65
—
No Amer Bond Trust ctfs.
52%
2.34
Series 1955
1
5.85
1.36
1.47
D
Plymouth Fund Ino—10c
49
14.68
11.64
27.23
7.63
8.28
Selected Amer Shares..2%
Bank stock series—10c
2.27
2.52
Sovereign
Insurance stk series. 10c
3.24
3.51
Spencer Trask Fund
17.63
18.93
29.26
31.13
26%
29%
Fidelity Fund Ino
*
20.65
First Mutual Trust Fund-
10
10.08
10
7.94
Foreign Bd Associates Inc.
6.53
Fixed Trust Shares A
B
Foundatlon Trust Shs A.l
4.25
4.55
18.67
20.19
Fundamental Tr Shares A2
5.29
5.88
»
4.68
B
—
99
10.48
32
9.94
15.70
*
12.74
10.98
37
10.84
4.30
75
Investors
16.52
"83"
17.54
56
80 J*
31.85
.5.12
5.57
3
Super Corp of Am Tr ShsA
AA
Brandenburg Elec 6s..l9f 1
3
7%s
Brown Coal Ind
6%S
Buenos Aires scrip
Central Agrlc Bank
see
Series D
1
6.24
5.61
Automobile shares new.
5.71
Aviation shares new
8.51
9.25
Building shares new
7.99
8.69
Trusteed Amer Bank Shs B
55
61
Chemical shares new...
7.04
7.66
Trusteed Industry Shares.
1.01
1.13
Food shares new
4.13
4.50
Investing shares new
Merchandise shares new
3.89
4.24
U S El Lt A Pr Shares A—
13 %
5.31
5.78
Mining shares, new
Petroleum shares new..
7.02
7.64
RR equipment
5.14
5.60
4.79
6.83
7.43
Tobacco shares
5.11
30
Series B..
1
I
5.52
a
...
Voting shares
sh
new..
new
♦Huron Holding Corp
1
Investors..*
Incorporated
18.34
1
13.56
5.57
Inveatm't Banking Corp
♦Bancamerlca-Blalr Cor pi
3%
61
♦Central Nat Corp el A..*
19.72
Institutional {securities Ltd
97
Insurance Group Shares.
1.07
1.31
Bank Group shares
/65
/20
/20
/20
3
5s.
14.89
..*
10
35
2%
5
17%
Real Estate Bonds and Title Co.
/21%
/19
/19
/21%
/21%
/21%
/21
5
5
Duisburg 7% to.
19
♦Schoelkopf, Hutton A
Pomeroy Inc com...10c
/II
3
4
1.45
3
3
Mortgage Certificates
Bid
Ask
/35)4
Beacon Hotel inc 4s„1958
9%
38%
10%
Barclay Inc 2a. .1956
/22%
24%
B'way
Lefcourt State 1st lshld...
3
1st 4s
.1951
/21
flO
/8
7
7a income.
A 6k
33
35%
67%
69%
Loew's Theatre Rlty
1957
/8%
47)4
11%
52
Chesebrougu Bldg 1*1 oh '48
49%
51%
Income
Motors Bldg—
...
.....
3s
1st A gen 3s w-s
ist 4s (w-6)
....1948
1950
1st 3)48
Dorset 1st A fixed 2s„ 1957
27%
7
46
51
50 Bway Bldg 1st 3s Inc '46
27
29
47%
31
•
'52
96
_
-
1946
4s with stock stmp.
41
43
1939
69%
.
1956
-
-
~
45
---
27%
/5%
7%
8s ctfs of
5%s series Q
/38
...
101
3
mtge 6s
1951
lftt6s._.1941
30
165 Bway
'42
43%
46
Prudence Co—
Hotel St George 4s...1950
46%
48%
60
63
Lefcourt Manhattan Bldg
1948
1933
'46
'46
6s *47
1957
deposlt.1957
1948
deposit. 1948
35
/35
/6%
/21
/21)4
/21)4
/19
/60
/21
/5
/21)4
/21
/20
/9
/8
/6)4
/17
9
8X
P5
1947
stamped. 1942
/il )4
Santander (Colom) 7s. 1948
/16%
/S
(Brazil) 6s—1943
13)4
66
Saxon Pub Works 7S--1945
6%
Slem A Halske deb 6s_2930
6
/21)4
33%
17%
/21
6)4s
1951
Saxon State Mtge 6s—1947
Mtge Bk Jugoslavia
5s
1956
2d series 5s
1950
...
Coupons—
Oct 1932 to AprU 1935
...
Oct 1935 to AprU 1937
Stettin Pub Utll
7s.—1946
unstamped-1936
Certificates 4s—1930
1946
4s..-1940
7s unstamped
Certificates
1966
1947
Union of Soviet Soc Repub
Toho Electrio 7ft
Tollma 7s
102
/2 3%
600
/550
/28
/76
J5 3
/21%
/80
/68
/76
/64
/73%
fllH
12%
Uruguay
Conversion scrip...
/18%
66
91.18
1943 186.58
7% gold ruble
Unterelbe Electric
/6%
28
/30
/25
J25
30%
A Ireland-
39%
103 E 57th St
38
/21%
Santa Catharlna (Brazil)
8%
33%
50%
73%
1st 5s
Great Britain
47%
38%
Hearst Brisbane Prop 6s
8s
126"
/22
)
c46
71
(w-s)
'30
1941
4s scrip
...
Vesten Elec Ry 7s
Wurtemberg 7s
65
Graybar Bldglst Ishld 5s'46
Harrlman Bldg 1st 68.1951
1941
0s
Stjnnes 7s
29%
C49
Olicrom Corp vtc
1968
(Ger¬
many) 7s
1940
Prov Bk Westphalia 0s '33
Prov Bk Westphalia 6s '30
7s ctfs of
/55 *
/35
/25%
J25X
125
70%
/32
34%
1st 2%~4s
/9%
/ll
Dec 1 '35 stamped
101
68%
5%s series F-l
1944
1949
Fuller Bldg deb 6s
n
/14
June 1 '35 to June '38.
Bldg—
44%
1936-1937
Porto Alegre 7s
Saarbruecken M Bk
German Young coupons:
99
5%s series C-2
40)4
67)4
Protestant Church
R C Church Welfare 7s
German Dawes coupons:
Co—
6%s stamped—1948
66)4
/19
State
1
98
/33
/5%
Apr 15 '35 to Apr 15 '3f
5%s series BK
42%
1958
1st
3
German Bcrlp
Majestic Corp—
N Y Title A Mtge
Film Center Bldg 1st 4s '43
Broadway
..1945
2s
N Y
52d A Madison Off Bldg—
1400
1947
8 f deb 5s
.1945
Oberpfals Elec 7s
1946
Panama City 0)4s—-1952
Panama 5% scrip
Poland 3s
I960
Sao Paulo
N Y Athletic Club—
500 Fifth A venue—
1st leasehold 3s. Jan 1
f28X
Metropol Playhouses Ino—
6s
6a
6%s (stamped 4s)-.1949
i
Metropolitan Corp (Can)—
5%
6s
62%
..1948
f22
Dec 1934 8tamped
54%
1951
32%
45
42 Bway 1st
1947
30
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 legended...
40 Wall St Corp 6s
Ludwig Baumann—
29%
Eastern Ambassador
Hotel units
43%
71%
Metropolitan Chain Prop—
Court A Remsen St Off Bid
....
Rom Cath Church 0)4s
German Central Bank
94%
41
1st 5s (L I)
33%
7s to
Santa Fe 7s
92%
1st 5s (Bklyn)
Colonade Construction¬
1947
Oldenburg-Free State
Rio de Janeiro 0%
/45
3
66%
69%
1952
/8
/99
Salvador 7%
/19
118%
37%
1947
1st 6s
Brooklyn Fox Corp-—
/8
1948
,
5
1963
Corp
5%s w-s
6)48.1948-1949
Hungary 7)48-...-.1902
National Hungarian A Ind
5s
»
2
London Terrace Apts—
Chanin Bldg 1st mtge 4s '45
4-6s...
5
51%
54%
1948
1944
1st leasehold 3s
Broadway
(C A D)
Nat Central Savings Bk of
Rhine Westph Elec 7%
—
/10
7
7s.
Lewis'Morris Apt Bldg—
Lexington Hotel units
Lincoln Building—
B'way A 41st Street—
11%
31
/95
/95
European Mortgage A
3
hid
3 s. 1957
19
3
7)4s income...
Alden Apt 1st mtge
19
8
32
(A A B) 0)48-1946-1947
Coupons
19~"
.
3
♦Class B
♦First Boston Corp
2.62
♦Independence Trust Shs.
Wellington Fund
58%
|/68
3
2.00
92
15%
/8
3
7
B
/21%
/29
Nat Bank Panama
43
15%
City Savings Bank
5.22
Steel shares new
f25
/14%
/14%
f57
2.52
Trustee Stand Oil Shs A.l
I
69
/19)4
/19)4
Municipal Gas A Elee Corp
North German Lloyd 6s '47
193
Madge burg 6s
5.24
1945
Mtge 7s
German Central Bk
ChHe Govt 6s assented
Agricultural shares new.
68
/35
Montevideo scrip
Recklinghausen 7s—1947
13
/12%
/19>
§"
/6%
•12%
/12
3%
flX
7
2.58
/21%
/21%
1957
Munlc Bk Hessen 7s to '45
45"
Central German Power
1
/50
/23
/21%
Leipzig Trade Fair 78.1953
Luneberg Power Light A
Water 7s
1948
Nassau Landbank 0)4s '38
3
Trustee Stand Invest Shs—
Series C
6.11
...
/22
/42
/112
1
11.28
1943
Land M Bk Warsaw 8s '41
Munich 7a to
5
54
/70
/45
/22
Mannheim A Palat 78.1941
/8
3
54
/53
Nov 1935 to May 1937
Koholy t 6 %s
Meridlonale Elec 7s
.
/53
Coupons—
Nov 1932 to May 1935
Leipzig O'land Pr 0)4$ '46
15%
/21%
7
7.07
10.38
6
/33
196 2
Corp—
196 3
/8
/9
3%
/17%
7.07
...3
3%
3%
British Hungarian Bank
3.79
C
13%
/14%
2.49
B•
13%
/3%
/3%
/4%
/20%
BrazU funding 5s—1931-f I
Brazil funding scrip
5
83%
34.25
Investors Trust.*
General
3
3.62
D
Group Securities—
7
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7%s '32
Hungarian Discount A Ex¬
change Bank 7s
1936
Jugoslavia 6s funding. 1956
Jugoslavia 2d series 5s. 1956
/19
/13
/13
/3%
60
Supervised Shares
General Capital Corp..—*
5
103%
♦State St Invest Corp... *
Fundamental Invest Inc.2
/22
/20%
)
Standard Utilities Inc-60c
7.10
7
7s.
55
89%
89
/25%
-
Selected Income Shares—
Fiscal Fund Ino—
J
/21)4
/8
Housing A Real Imp 7s '46
Cons
2.61
Quarterly Inc 8hares..l0c
5% deb series A
Representative TrustShslO
Republic Invest Fund.25c
ment Fund series A-l...
Eqult Inv Corp (Mass)..5
Equity Corp S3 conv pref l
Palatinite
7s.
2.81
1
>
Bavarian
oliv
2.87
♦Putnam (Geo) Fund
Eaton A Howard Manage¬
3
8s.
6.55
25c
1
l
Series 1958
3.85
3
Ask
93
1939
Hansa SS 6s
/25%
7s
Bid
Ask
/19
/32
I
Argentine 4%s
Bank of Colombia 7 %.
9.84
Steel
Series 1956
3.60
Dividend Shares
9.10
194
Antioqula 8s
9.35
,
No Amer Tr Shares 1953.*
—
Diversllled Trustee Shares
C
9.49
8.65
Bid
Anhalt 7s to.-
10.37
8.78
Metals
1.34
Deposited lnsur Shs A—.1
9.59
OUs
Cumulative Trust Shares. *
Delaware Fund
Foreign Unlisted Dollar Bonds
6.31
10.67
Bank stock
Automobile
Aviation
-»
Tel. HAnover 2-5422
1.54
Corp.}
New England Fund
Agriculture
mi
& CO., INC.
St., N. Y.
3.52
1.39
Voting shares
National Investors
Railroad equipment
♦7% preferred
BRAUNL
52 William
Nation Wide Securities—
N Y Stocks Inc—
115
111
5.93
1
10
Inactive Exchanges
16%
Chemical Fund
♦Crum A Forstef
Maryland Fund Inc.—10c
Mass Investors Trust
27.89
Foreign Stocks, Bonds and Coupons
08—1953
1947
to..—1945
/35
/21 %
/20%
/19%
/19
1 Park Avenue—
2d
Bld£ 1st 5%s '51
42%
f2 2
51
mmm-
♦
25
52
1961
59%
61%
Realty Assoc Sec Corp—
5« Income..
1943
f48%
49%
5%s 8tamped
No
par
value,
a
Interchangeable,
b Basis price,
t Quotations per 100 gold rouble bond, equivalent
♦
Quotation not furnished by sponser or Issuer.
I
e Ex-Interest.
w-s With stock,
x ExEx-JldUldatlng dividend.
d Coupon,
price,
n Nominal quotation,
w 1 When Issued,
dlvldend.
v Now selling on NewlYork Curb Exchange,
t
t Now listed on New York Stock Exchange.
/Flat
to 77.4234 grams
of pure gola.
..
3754
Financial
Quotations
Chronicle
n,
Over-the-Counter Securities—Friday Dec. 16—Concluded
on
Industrial Stocks and Bonds
Par
Alabama Mills Inc
*
American Arch
Bid
*
conv
10
pref
cum
pref
1034
Pathe Film 7% pref
*
Petroleum Conversion—.1
98
1234
Petroleum Heat & Power.*
American Hardware
Maize
Amer
£91
25
34
%
Atlantic County Wat 5s '68
3%
1134
»
*
1234
334
1334
ZX
Scovlll Manufacturing..25
25%
Pollak
Manufacturing
Remington Arms com
283i
33
2034
60
mm-
62 X
5334
5X
634
Steel
7
27
31
*
34
37
(Jos) Crucible-..100
Douglas (W L) Shoe—
30
3334
common
Preferred
534
m
1634
1754
*
...
United Artists Theat com. *
United Piece Dye Works.*
Preferred
Veeder-Root Inc
zx
653*
*
5
18
$3
24
1634
234
33*
1734
conv
$3
40
1534
154
%
ht
44 %
43
4634
1334
15
preferred
100
cum
com v
1st coll trust
*
101
1954
10134
1957
105
mmm
100
1946
66
71
Richmond W W Co 5s_1957
105
ConnelJsvllle Water 5s 1939
100
Roch A L Ont Wat 5S.1938
10034
6s series A
& Gas—
Greenwich Water
5s series A
St Joseph Wat 4a ser
1952
58 series B
1962
634s series B
102
100
10134
1954
10334
mm*
1962
10434
m+m
134
1554
23
42 X
4834
m
4934
Indianapolis Water
1966
106
7%
preferred
100
Indianapolis W W Secure—
6s
X22X
2434'
King Seeley Corp com—.1
Landers Frary A Clark..25
9
25
2734
Chicago Stock Yds 5s. 1961
9634
Lawrence Portl Cement 100
1534
1734
Long Bell Lumber
11
13
Cont'l Roll & Steel Fdy—
1st conv s f 68
1940
90
*
.
1
34
93
4834
Joplln W W Co 5s
1957
105
National
Casket
6%
70
76
Nat Radiator 5s
.1946
/15
19
Shipbuilding 58-1946
99
1134
29
105
3334
108
134
100
17
*
-
Norwich
1Q4H
Rock"Oil 7s——1193 7
£24
N Y
19
2434
51
59
ist 6s
6
35 X
3834
2d conv income 5s..1962
7X
105
97
mmm
mmm
100
101
mmm
1949
103 34
10234
10234
10334 105
96
—1982
mmm
mmm.
-mm
Western N Y Water Co—
1950
1951
1950
1st mtge 5348
Westmoreland Water 5s '62
96
9534
mmm
99
102
102
104
Wichita Water—
1950
102
mm
105
m
Muncle Water Works 5s '65
105
mmm
101
...
+
-
5b series B...
1956
101
m
6s series C
—
1960
105
mmm
6s series A
1949
105
mm-
W'msport Water 5s—1952
mm
10334 105
75
Telephone and Telegraph Stocks
15
Par
Am Dlst Teleg
Bid
(N J) com.*
Ask
99
—100
113
Preferred
Bell Telepof Canada...100
107
Bid
par
104
New York Mutual Tel.100
11534
16734 17034
Pac & Atl
Telegraph
Bell Telep of Pa pref—.100 Z11834 12034
32
CubanTelep7% pref—100
Emp & Bay State Tel..100
45
Rochester
25
15
25
*
Peninsular Telep com
Preferred A
100
29
11034
109
48
5234
934
For footnotes see page
10234
1960
Franklin Telegraph
Scovlll Mfg 5348
1945
Wither bee Sherman 6s 1963
*
Ohio Match Co
92
98
/72
Woodward Iron¬
100
Pharmacal
9734
234
New Haven Clock—
Preferred 634%
9834
/13
iUg
-mm
Morgantown Water 6s 1965
101 34 10134
--
7734
mmm
1960
5s series B
105
New Jersey Water 5s 1950
98
Haytlan Corp 8s
1938
Kelsey Hayes Wheel Co—
Conv. deb 6s
1948
*
preferred
634s
Firestone T & R 334s.l948
10
Nat Paper & Type com...*
New Britain Machine
103
Monongabela Valley Water
93
29
*
Preferred
Crown Cork & Seal 414s '48
Crucible Steel of America
Deep
100
7334
102
5s series B
1st mtge 5s
27
7% preferred
100
Muskegon Piston Ring.2 34
m—rn
107
115
100
Water—
1955
68 series A
105
Middlesex Wat Co 634s '57
Monmouth Consol W 5s '56
90
3534
Mock Judjson A Voehrlnger
Pittsburgh
1st mtge 5s
Union Water Serv 534s '51
98
109
2934
334
South
Texarkana Wat 1st 5s. 1958
Long Island Wat 5348.1955
American Tobacco 4s. 1961
Am Wire Fabrics 7s—1942
234
2634
3334
*
Marlln Rockwell Corp
1
Merck Co Inc oommon.. 1
6% preferred
8
Bonds—
10
4634
$5 preferred
100
Macfadden Pub common.*
Preferred
3934
34
83
102
Terre Haute Water 5s B '66
1958
Kokomo W W Co 5a-1958
Interstate Bakeries 55 pref.
Klldun Mining Corp
1
5
84
80
100
10734
3034
Harrlsburg Steel Corp
79
1967
W Va Water Serv 4s..1961
52
£283*
373*
634
Great Lakes SS Co com..*
Great Northern Paper.. 25
mmm
Springf City Wat 4s A *66
10134 10334
—
1st mtge 334s
...
10034 10134
5s series A
Illinois Water Serv 5s A *62
754
46 X
mmm
106
Water Service 5s. 1961
1st A ret 5s A
....1954
21
mmm
Sbenango Val 4s ser B 1961
South Bay Cons Wat 5s '60
5s
100
1958
Scranton-Sprlng Brook
434s
101
106
Huntington Water—
8s
Worcester Salt
mmm
mmm
107
Scran ton Gas A Water Co
9834 10034
1977
A.'66
m
mmm
mm-
102
6s series B
12
mm
108
Pittsburgh Sub Wat 5s '58
Plalnfield Union Wat 6s *61
1434
8
99
Pinellas Water Co 534s. '59
1946
9734
754
Phlla Suburb Wat 4s. .1965
102
100
67
6 34? series B__
94
634
10334
62
Community Water Service
12 X
14
1948
1st consol 4s
1941
1st 6s series C
10034 102
1st consol 5s..
I960
1948
1948
Prior lien 5s
City of New Castle Water
5s
434s..1966
1st A ret 6a
1
t c 1
preferred
105
WJR The Goodwill sta—6
634
...
103
106
103
1951
Hackensack Wat Co 6s. '77
1 Vork Ice Machinery.....*
434
48
100
134
254
4634
Wick wire Spencer Steel..*
Wilcox & Glbbs com.
50
3
3034
8334
76 H
1X
preferred....—*
West Dairies Inc
434
434
28 X
•
com
West Va Pulp & Pap com.*
Preferred
100
334
1434
1
*
7%
634
38
128
Warren (Northam)—
434
6734
30
934
IX
1H
124
100
Welch Grape Juice com—5
Good Humor Corp
Graton A Knight com
9834
534s series A
5s series B
1
Dictaphone Corp
Garlock Packing oom
*
Gen Fire Extinguisher...*
9734
10534
Peoria Water Works Co—
4434
Trlco Products Corp
*
134 jTublze Chatillon cum pf.10
34
*
9034
43
Taylor Wharton Iron A
60
shares
87
..25
Stromberg-Carison Tel Mfg
Sylvanla Indus Corp
*
334
57
American
101
Ore-Wash Wat Serv 5s 1957
City Water (Chattanooga)
Dentist's Supply com...10
Devoe A Raynolds B com *
Foundation Co For shs—. *
Ohio Water Service 5s_1958
mmm
83
78
Penna State Water—
*
*
10534
102
*
—
1957
Water 6s_1954
3434
Time Inc
Federal Bake Shops.
Preferred
Ohio Valley
104
Tennessee Products
Fohs Oil Co.
10434
105
1734
*
1954
Citizens Wat Co (Wash)—
6s
1961
29
...
634s series A
...
Chester Wat Serv 434s '68
5
Conv prior pref
101
31
1534
Dixon
1954
C«»df Water Service 4s 1961
27
10
5s series B
834
45
2X
96
100
20
Stanley Works Ire
91
93
Newport Water Co 5s 1953
Ohio Cities Water 534» '53
434
$1 cum preferred
-*
Crowell Publishing com—*
Draper Corp
210
87
1951
New York Wat Serv 5s '51
105
7
Columbia Baking com...*
Dennlson Mfg class A
205
5348
89
1957
Z%
1 standard Screw.
mm--
Chic Burl & Qulncy ...100
Chilton Co oommon
10
102"
99
85
1951
6s series C
Butler Water Co 5s
3534
183*
Bankers Indus Service A.*
Bur dines Inc common.... 1
3
1734
Art Metal Construction, 10
*
Beneficial Indus Loan pf. *
Exploration
Ask
New RochelJe Water—
5s series B
2734
Singer Manufacturing..100
Singer Mfg Ltd
Skenandoa Rayon Corp..*
9834
Birmingham Water Wks—
*5834
Corp
9734
10134
103*
American Mfg. 5% pref 100
Andlan National Corp...*
Belmont Radio
Bid
Ask
Alabama Wat Serv 66.1957
Ashtabula Wat Wks 5s '68
UH
101
1
95
273*
1534
Products...*
Bid
63
£113*
Pilgrim
100
Auk
Pan Amer Match Corp. .25
zx
American Hard Rubber—
8%
Bid
35
234
American Cynamld—
5%
Water Bonds
Par
Atk
31
1938
104
11034 11334
100
Gen Telep Allied Corp—
56 preferred
Telephone—
100 rill
14
25
$8.50 1st pref
So & Atl Telegraph
*
96
Int Ocean Telegraph-..100
Mtn States Tel A Tel..100
122
99
Sou New
Eng Telep—100
14934
72
--mm
125
Wisconsin Telep 7% pf.100
117
3753.
General Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
NOTE—For mechanical
reasons
However,
FILING
OF
REGISTRATION
it is not always
they
are
always
STATEMENTS
as
possible to arrange companies in exact alphabetical order.
near alphabetical position as possible.
UNDER
SECURITIES ACT
'
The
and
following additional registration statements (Nos. 3893
3894) have been filed with the Securities and Exchange
Commission under tJie Securities Act of
1933.
The
total
approximately $397,050.
£*Community Public Service Co. (2-3893,
Filed Dec. 10, 1938.
.Paramount P*re Insurance Co.
(2~3894„ Form A-l), of New York,
registration statement covering interim receipts for 50,000
shares, $1 par, 25 cents cumulative preferred and interim
receipts for 2,500
share®, $100 par, common.
The $1 par 25 cents cumulative preferred is to
be offered at $1 a share and the
$100 par common is to be offered at $200 a
share.
Proceeds are to be used for capital
surplus and working capital.
No underwriter named.
Owen M. Murray is President of the company.
Filed Dec. 12, 1938.
a
The last previous list of
registration statements
our issue of Dec.
10, page 3602.
Abitibi Power &
J.
was
given
Paper Co., Ltd.—Deposit Agreement—
Armitage Ewing, H. R. Stephenson and J. Colin
Kemp, members of
preferred stockholders' protective committee for the
7% and 6% pre¬
ferred stock of the company, have
announced termination of the deposit
agreement of June 10, 1932.
Six months after last publication of the notice
8U9h termination, transfer books for the certificates of deposit will be
the
,
closed.
to
p.
a
Holders have been advised to turn in such
certificates for shares
!h.e.Plty Bank Farmers Trust Co. and
3442.
meeting of directors held Dec. 13,
a
special dividend of 20 cents a
was declared on the common stock, payable Dec. 28, 1938, to
holders of record Dec. 21.—V. 147, p. 100.
stock¬
the Montreal Trust Co.—V. 147,
Aetna Casualty
Addressograph-Multigraph Corp.—$2,500,000 Deben¬
Privately—Corporation, it was announced Dec. 14,
tures Placed
has sold
privately to an insurance company $2,500,000 153 % % sinking fund debentures.
Sinking fund requirements
$150,000 annually.
The proceeds of the
issue will be used to refund $1,550,000 debentures
called for payment
Dep. 15 and to furnish additional working capital.
are
& Surety Co.—Extra Dividend—
The directors have declared
an extra dividend of $1 per share in addition
quarterly dividend of 75 cents per share on the capital stock, par $10.
both payable Jan. 2 to holders of record Dec. 10Uke amounts were paid
on Jan. 3, 1938.—V.
145, p. 3964.
«
to a
Aetna Life Insurance Co.—Extra and Larger
The directors have declared
addition to
an
extra dividend of
Dividend-—
15 cents per share in
quarterly dividend of 30 cents per share on the capital stock,
par $10. both payable Jan. 2 to holders of record Dec. 10.
Previously, regular quarterly dividends of 25 cents per share were dis¬
tributed.
a
An
extra
dividend
of 25 cents was paid on Jan.
3, 1938.—V.
145. p. 3964.
Ainsworth Mfg. Co.—Common Dividend—
A dividend of 25 cents was voted on the common stock
by the directors
to be
paid on Dec. 29 to holders of record Dec. 23.
This is the first pay^
ment since 75 cents was distributed on Dec. 16, 1937.—V. 147, p. 1915.
Akron Brass Mfg. Co., Inc.—Dividend Increased—
Directors have declared
a dividend of 22 34 cents per share on the common
Dec. 20 to holders of record Dec. 10. This compares with 15
Sept. 30 and on Aug. 1 last; 1234 cents paid on May 20, 1938,
and a regular quarterly dividend of 1234 cents paid on Dec,
27, 1937.
—V. 147, p. 3148.
stock payable
cents paid on
Alabama Power Co.—Seeks
The
Exemption—
of Commonwealth & Southern Corp., has
Exchange Commission exemption under the
Utility Act of a proposed issue of collateral notes and an issue of 434%
first and refunding mortgage bonds, due 1967, to be pledged as security to
the notes.
While the application covers an aggregate of $1,500,000 col¬
lateral notes and $2,000,000 mortgage bonds, the company said it plans at
asked
year
m—-- —
Inc.—Special Dividend—-
a
President of the company.
in
early next month.—V. 147, p. 3002.
Aeronautical Securities,
share
Form A-2), of Fort Worth, '
registration statement covering 38,821 shares of $25.
par common stock;
Of the shares registered, 27,309 are now held
by Inter¬
national Utilities Corp., 9,337
by General Water Gas & Electric Co. and
2,175 by Securities Corp. General.
The offering is being made for the
account of these three stockholders.
Central Republic Co. and others
to be named by amendment will be the
underwriters.
R. L. Bowen is
N. Y., has filed
commence
At
involved is
Texas, has filed
The.annual interest and sinking fund requirements will, it is said, be les
than on the debentures being retired, which were due from 1939 to 1945
and carried interest rates of 4 to
534%.
It is expected that construction of additions to the company's plant will
subsidiary
company,
for
present
to
a
Securities
issue
to
and
Rural
$359,000 of the notes.
As
Electrification
make
application
to
the
funds, it said.—V. 147,
p.
Administration
additional funds
struction of electric facilities in rural
Rural
3301.
areas
not
more
than
are needed to finance the con¬
in Alabama, the company will
Electrification
Administration
for
more
Volume
Financial
147
Alaska Juneau Gold Mining
Period End. Nov. 30—
Gross income...
American Light & Traction Co. (&
Co.—Earnings—
1938—11 Mos.—1937
$4,782,000
$4,947,500
x Profit.
113,500
1,907,500
2,307,500
x Includes other income and is after
operating expenses and development
charges, but before depreciation, depletion and Federal taxes.—V. 147,
p.3148. •
1938—Month—1937
$436,000
173,000
Alexander & Baldwin,
$349,500
was
paid
General
operating expenses.
Maintenance
____
Provision for retirement of general plant—
General taxes and estimated Federal income
Allis-Chalmers Mfg. Co. (&
of
Equity of American Light & Traction Co. in
earnings of subsidiary companies
$3,781,510
Income of American Light & Traction Co. (excl. of
1,561,164
$3.05
Trust Co. of Pittsburgh, trustee, and receive full payment
premium and interest to Jan. 1, 1939.—V. 147, p. 3301.
on common
Chemical
Co.
(Del.)—•Initial
New Shares—
American Thermos Bottle Co.—To
Directors have declared
American Type Founders,
issued for each
paid on the old stock on Sept. 30 and on
$1.25 per share was paid on March 31 last.—V. 147,
2521.
Corp.—To Pay $14 Dividend—
dividend of $14 per share on acoount of
pref. stocK, par $100, payaole Dec. 17 to
holders of, record Dec. 15.
A dividend of $3.50 was paid on July 1, last;
dividends of $14 per share were paid on Dec. 23 and July 1, 1937 and a
dividend of $10.50 was paid on Dec. 15, 1936.
.
Accumulations after the current payment will amount to $3.50 per share,
have declared
a
the 7% cum.
on
—Y. 146, p. 4105.
American Business Credit
declared
have
a
dividend
stock class A, payable Dec. 5 to
American-Canadian
•
Properties Corp.—15-Cent Div.—
W Directors have declared a dividend of 15 cents per share on the common
stock, payable Dec. 23 to holders of record Dec. 12.
A dividend of 25
cents was paid on Feb, 15, 1937.—V. 144, p. 602.
American
Capital Corp.—Accumulated Dividend—
share on account
stock, no par value, payable Dec. 24
to holders of record Dec. 10.
This compares with 25 cents paid on Oct. 1
and on July 1, last.
A dividend of 50 cents was paid on March 15, last;
dividends of 75 cents were paid on Dec. 24, Oct. 1, July 1 and April 1,
1937 and on Dec. 24,1936; 50 cents paid on Sept. 30. June 30 and March 31,
1936; 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. 147, p. 1767.
The directors have declared a dividend of 50 cents per
of accumulations on the $3 cum. pref.
American Car & Foundry
a
Net loss
Earns, per sh. on 59,400
shares common stocka
Nil
After depreciation and
American
1936
b$729,376
1935
$1,731,319
Nil
Nil
b Profit.—V.146, p. 4105.
Commercial Alcohol Corp. (& Subs.)—Earns•
1935
$3,088,379
9 Mos. End. Sept. 30—
1938
Operating income
$1,708,891
1937
$2,917,521
1936
$3,510,021
129,067
398,733
196,964
125,506
$1,837,958
1,126,013
232,617
$3,316,254
1,692,814
$3,706,985
1,869,680
208,538
62,897
73,718
139,043
54,837
143,199
$3,213,885
1,684,561
84,332
45,352
Other income
—
Total income
:
,
Expenses
Interest, &c
Discount on sales
—
56,569
57,170
_
Provi si on doubtful accts.
107,883
Loss on sale corn options,
'
&C
46,844
216,622
—
Federal income taxes
Profit
234,411
78,032
4,966
33,575
242,218
38,756
152,429
117,654
230,682
$14,605
Depreciation
Subs. pref. dividends
Pro vs. special res., &c__
$727,229
$924,813
175,343
169,388
■
88",825
$809,280
12,200
68,000
475,000
600,000
x$659,229
x$449,813
$209,280
Earned surplus Sept, 30-
$2,405
1,271,607
Shs. com. stk. outstd'g-
260,930
Net
profit--.
1,855,193
2,135,595
1,717,632
260,930
260,875
260,901
$0.05
$2.79
$1.73
$0.80
provision made for possible surtax on undistributed profits.—V.
Earnings per share
x
No
147, P. 1181.
American Products Co.—Acquisition—
J. Mills, President of the company, has announced the purchase of
the business of the Visco Chemical Products Co., of Cleveland.
The
operations will be transferred to Cincinnati.—V. 146, p. 2031.$
Co.—Earnings—
1938—10 Mos.—1937
oper. rev-
57,680
$9,129,057 $85,869,746 $89,977,632
53,073
596,687
476,817
Operating revenues--_
$8,956,137
$9,075,984 $85.273,0,59 $89,500,815
Operating expenses.- — -,
6,704,264
Net oper. revenues—
$2,251,873
Operating revenues-
Uncollectible
Operating taxes.
Net
-.
—r
operating income-
let income
-V. 147, P.
—
$9,013,817
6,652,242
839,003
$1,227-320
604,926
$1,584,739
936,385
64,878,658
$2,423,742 $19,337,504 $24,622,157
1,024,553
3603.
65,935.555
10,629,227
8.478.498
$8,708,277 $16,143,659
112,155,347 132,998,795
Water Works & Electric
Co., Inc.—Weekly
v
.
kwh., an increase of 7.1% over the output of 43,910,500 kwh. for
corresponding week of 1937.
Comparative table of weekly output of electric energy for the last
years
the
five
follows;
1938
1937
1936
1935
45,582,000
44,631,000
47,134,000
43,756,000
*43,863,000 *40,793,000
46,495,000
44,400,000
Dec.
3
45,697,000
42,206,000 *44,832,000 *42,434,000
Dec. 10--. 47,052,000
43,911,000
47,367,000
44,253,000
*
Includes Thanksgiving Day.—V. 147, p. 3603.
Wk.End.
Nov. 19.—
Nov. 26
1934
35,014,000
35,437,000
*33,317,000
35,363,000
Amoskeag Co.—Dividends-—
Out of 1938 earnings directors
on
have ordered a distribution of $1.50 a share
of $4.50 a share on the preferred,
the common stock and the regular rate
dividend payable in two instalments, one-half on Jan. 5, 1939, to
holders of record Dec. 24,1938, and the other half on July 5,1939, to stock
each
of record June 24, 1939.
A year ago a distribution
was
of $4 was ordered on the common, $2 of which
1937.
the Sears Bldg.,
Feb. 1, 1939.—V. 146, p. 1538.
payable in
Directors
Boston,
on
also
December,
voted
hold the annual meeting in
to
Anglo American Corp. of South Africa, Ltd.—Results
of Operations for the Month of November, 1938—
—(South African Currency)—
Tons
Companies
Milled
x—
&
x
Value of
Profit
Costs
Gold Declared
135,500
145,500
154,000
86,500
Explortn. Co.,-Ltd.
£255,414
291,307
308,396
132,032
£147,102
152,454
85,032
£108,312
142,705
155,942
47,000
55,000
Brakpan Mines, Ltd—
Daggafontein Mns., Ltd.
Springs Mines, Ltd
West Springs, Ltd
The South African Land
111.277
70,190
41,087
148,602
the Union of South Africa.
calculated on the basis of £7,. 7.0. per ounce
Each of which is incorporated in
Note—Revenue has been
—147,
p.
fine.
3150.
Arkansas Power &
Light Co.—Accumulated Dividends—
declared dividends of $1.75 per share on the $7 cumu¬
stock, no par value, and $1.50 per share on the $6 cumula¬
tive preferred stock, no par value, both payable Jan. 2 to holders of record
Dec. 15.
Similar payments were made in each of the 13 preceding quarters
and compare with $1.17 and $1 per share, respectively, previously dis¬
tributed each three months.
(For detailed dividend record see V. 140.
p. 1996.)—V. 147, P. 3446.
The directors have
lative preferred
Arundel Corp .—Earnings—
1938—Month—1937
1938—11 Mos.—1937
$100,624
$86,997
$1,242,256 $1,060,162
x After depreciation and expenses, but before Federal income tax.
Current assets as of Nov. 30, 1938, amounted to $3,557,219 and current
liabilities were $496,889, comparing with $3,168,028 ^nd $828,999, re¬
spectively, on Nov. 30, 1937.—V. 147, p. 3150.
Period End. Nov. 30—
x
Profit
-
Associated Gas & Electric Co.—FPC
Opens Investigation
nearly three years, the Federal Power
Commission on Dec.' 14 began its investigation into the Associated Gas &
Electric System, with the inquiry directed toward certain "service" charges
which are paid by system affiliates.
The Commission on Dec. 14 examined J. A. Wilhelm, formerly an ac¬
countant for the Pennsylvania Public Utility Commission but at present an
accountant for the Public Utility Investing Corp., also of the A. G. & E.
system.
He explained that this position was of a "temporary" nature.
Mr. Wilhelm identified several exhibits which were read into the record
as being prepared
by him.
These exhibits, counsel for the Commission
said, will show that charges made by the system for "services" were exces¬
sive in that they were made for services that the companies in some instances
After
having been delayed for
w
never, received.
E.
American Telephone & Telegraph
Period End. Oct. 31—
1938—Month—1937
147,
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Dec. 10, 1938, totaled 47,052,000
130,186
Approp. for res. for est.
unrealized
profit
on
sales
American
$0.78
Federal normal tax.
Inc.—Bonds Called—
3150.
Output—
Co. (& Subs.)—Earnings—
1938
1937
$1,893,494 b$l,483,135
6 Mos. End. Oct. 31—
share on the
Payment will be made at the Guaranty Trust Co. of New York.—V.
Corp.—Smaller Dividend—
of
seven cents per share on the
holders of record Nov. 30.
This
compares with 10 cents paid on Oct. 5, July 5 and April 14. last, this latter
being the initial dividend.—V. 147, p. 2077.
Directors
common
cents per
15-year convertible s. f. debentures due July 15, 1950,
redemption on Jan. 15 at 105 and accrued interest.
been called for
has
Dec. 27 to holders of record Dec. 16.
par share outstanding.
A dividend of $1 per share was
The directors
Pay Extra Dividend—•
extra dividend of 75
the
old no
accumulations
an
stock, payable Dec. 24 to holders of record Dec. 17.
An extra
of 50 cents in addition to a regular quarterly dividend of 25 cents per share
was distributed on Nov. 1 last.—V. 147, p. 2079.
p.
recently split up, three new no par shares being
American Bemberg
$1.45
stock
common
of principal
Directors have declared an initial dividend of 35 cents per share on
p.
$4,987,799
$1.80
$4,020,909
share
per
A total of $25,900
June 30 last, and one of
$5,792,285
804,486
•
804,486
preferred stock-
on
Balance
Earnings
Aluminium, Ltd.—Funds for Bond Call Deposited—
was
$5,936,868
144,583
$5,342,674
197,883
—V. 147, p. 2859.
Company announced it has deposited with Union Trust Co. of Pittsburgh,
the redemption of $3,000,000 principal amount of its
5% sinking fund debenture gold bonds, which have been called and adver¬
tised for redemption on Jan. 1, 1939, and that on and after Dec. 15, 1938,
holders of said called bonds may present and surrender same to Union
stock now outstanding, payable
186.958
$4,825,395
trustee, funds for
Stock
1,596,907
$6,388,503
227,814
223,821
$4,957,833
.132,438
Expenses of American Light & Traction Co——-I
Taxes of American Light & Traction Co—
Dividends
Earnings per share on 1,776,092 capital shares
147, p. 3301.
new
$4,791,597
f
$5,416,832
—V.
on
11,375
Cr60,287
minority
stock
Subs.)—Earnings—
Earnings for 12 Months Ended Aug. 31, 1938
Net income after all charges
$4,802,971
6,999
attributable to
earnings,
$9,071,305
4,268.334
$3,788,509
common
$9,011,018
$8,319,129
4,530,620
Proportion
Company reports November sales approximately 51 % ahead of the same
month last year in physical volume and about 35% greater in dollar volume.
This improvement continues the sharp upturn in the company's business
which began in October when both unit and dollar volume exceeded the
same month of the preceding year for the first time since May, 1937.
For
October, physical volume was approximately 33% anead of October, 1937,
and dollar volume was about 17% greater.
For the five months ended
Nov. 30, sales toaled $3,334,081, compared with $3,799,037 in the same
period of the 1937-38 fiscal year.
Operations are now running at over 75%
of the company's normal plant capacity compared with 70% a month ago.
The company reports that raw material prices are now about 7 % above
the low point reached in the Spring of 1938 and are at approximately the
same levels as prevailed at the close of 1937.—V. 147, p. 1025.
Dividend
$8,500,179
Drl81,049
Non-operating income of subsidiary companies.
„
Agricultural
1 937
1938
$40,120,790 $40,822,994
21,795,775
22,167,124
2,373,493
2,237,925
2,636,475
2,398,450
taxes.
4,814,868
5,008,476
(after eliminating inter-company transfers)
Sept. 15,1937.—V. 147, p. 1327.
on
Allied Kid Co .—Sales—
American
Subs.)—Earnings—
12 Months Ended Oct. 31—
Gross operating earnings of suosidiary companies
Ltd.—Final Dividend—
Directors have declared a final dividend of $3 per share on the capital
stock, payable Dec. 15 to holders of record Dec. 5.
This compares with
$1.50 paid on Sept. 15, last; $2.25 paid on June 15 and on March 15, last;
a dividend of $8.25 was paid on Dec. 15,1937, and a regular quarterly div. of
$2.25
3755
Chronicle
Weekly Output—
For
a
new
week ended Dec. 9 Associated Gas & Electric System
peak in its net electric output at 98,225,962 units (kwh.).
the
reports
This is
8 267,817 units or 9.2% above production of 89,958,145 units a year ago.
The increase of 9.2% is the best comparative showing for any
since early in
September, 1937, a period of 15
Atchison Topeka
week
months.—V, 147, p. 3603.
& Santa Fe RR.—Denied Bus Purchase
Commission on Dec. 12 refused to sanction the
The Interstate Commerce
acquisition by Santa Fe Trails of Illinois, Inc., of the Peoria-Rockford
Bus Co., contending it would result in an extension of the railroad s influence
into territory not naturally served by it.
r,r>
The Santa Fe company is controlled by the Atchison RR. through the
....
Co., and previously had taken steps to
acquire the Peoria-Rockford company for $35,000.
The commission
said it expected the railroad to take prompt steps to divest itself of any
control or power over the bus company which may exist.
V. 147, p. 3446
Santa
Fe
Trail Transportation
3756
Financial
Atlantic Gulf
&
West
Period End. Oct. 31—
Indies SS.
Net oper. revenue—.
Taxes
The
or
3,159
$269,728
43,899
$1,124,258
41,931
x$117,261
109,878
$313,627
1,055,679
$1,166,189
1,108,221
$142,155
loss...
Indicates loss
491,935
x$120,420
103,543
Interest, rentals, &c_.
411,164
x$38,612
Gross income
$680,892
*$41,985
3,372
Other income
Atlas
(& Subs.)—
x$90,132
30,288
$227,139
$742,051
y$57,968
deficit,
y
Indicates profit.—V. 147,
p.
$1,616,193
3005.
Corp.—25-cent Dividend—
directors
have declared a dividend of 25 cents per share on the
stock, no par value, payable Dec. 30 to holders of record Dec. 17.
Like amount was paid on June 20, last, and compares with 40 cents paid on
Oct, 15, 1937, and April 15, 1937, and on Sept. 5, and March 16, 1936,
common
while in
September,
1935,
initial dividend of .30 cents
an
per
share
was
distributed.
Fiscal Year
Floyd
B.
Changed—Assets—
Odium,
President
of the
on
corporation,
notified
year
ended
as
of Oct. 31.
The next fiscal year of Atlas Corp. will be the
as the calendar
year.
In view of this change, the audited report
for the year ended Oct. 31, 1938, which is due at this
time, will be included
with a full report as of Dec. 31, 1938.
same
The asset value of the common stock of Atlas Corp. at Oct. 31,
1938,
$12.16 per share.
The gross assets of Atlas Corp. and its investment
were
subsidiaries
*1938
the net assets on Oct. 31
$64,326,609, which is equivalent to $139.20 per share of outstanding
Capitalization—At June 30,
preferred stock.
was
The directors have declared
addition the regular
an
extra dividend of 40 cents per
share in
quarterly dividend of 25 cents per share on the capital
stock, both payable Jan. 2 to holders of record Dec. 10.
An extra of 30
was paid on Jan. 3, 1938, and extra dividends of
20 cents were paid
on Jan. 2, 1937, and on Jan.
2, 1936.—V, 145,
3967.
cents
Hg
Bakelite Cor p.—Accumulated Dividend—
Directors have declared
a
on
the 614% cumulative preferred class
Dec. 13 to holders of record Dec. 10.—V. 141, p. 3852.
A stock,
ac¬
payable
Directors
at their meeting held Dec. 8 omitted the dividend
usually
the voting trust certificates for common shares at this time.
paid on Dec. 24, 1937, and a dividend of $5 per share
was distributed on Dec. 9,
1936, this latter being the first payment made
since July 2. 1932, when a dividend of 37]4 cents per share was distributed.
on
Surplus earnings will be used to reduce bank loans and other current
payable, it was announced.
The company explained that, as Paramount owns the entire stock, and
the earnings of both are consolidated, the omission of the dividend will have
no effect on
the reported earnings of Paramount Pictures for the final
quarter of 1938.
Last year the dividend was declared owing to the undis¬
accounts
Authorized
Prior preference stock (serial) (no par)
Pref. stock (serial) series A, $3.50 per share—-
(no par)
Common stock (no par)
United States.—V. 145, p. 4110.
Baldwin Locomotive
the shares
Works—Bookings—
now
offered.
estimated to be $7,225,662 are to be used, on conjunction with other funds,
the retirement of the 215,413 outstanding shares of preferred stock
Underwriters—The names of the several principal underwriters and the
percentage of the unsubscribed 1938 prior preference stock which each has
agreed to purchase, are as follows:
Percentage
TTTi^uh^FTthfifJ
Eastman, Dillon & Co., New York_
Bancamerica-Blair Corp., New York..
E. H. Rollins & Sons, Inc., New York
Ladenburg, Thalmann & Co., New York—
Alex. Brown & Sons, Baltimore
Hayden, Stone & Co., New York
i—
Riter & Co., New York..
Wm. Cavalier & Co., San Francisco
Hornblower & Weeks, New York
Whiting. Weeks & Knowles, Inc., Boston
Mackubin, Legg & Co., Baltimore-_
,»_ii
Stroud & Co., Inc., PhiladelphiaPutnam & Co., HartfordPiper, Jaffray & Hopwood, Minneapolis.
Mitchum, Tully & Co., San Francisco
Rogers & Tracy, Inc., Chicago—
Co.—Earnings—
(Including Baltimore Coach Co.)
1938—Month—1937
1938—11 Mos.—1937
$996,668
$1,005,140 $10,530,560 $10,891,582
Period End. Nov. 30—
819,957
828,720
9,054,938
$176,711
88,821
Net oper. revenues...
$176,420
$1,475,622
965,922
$1,745,279
1,050,651
Operating income
95,333
$87,890
1,674
$81,087
1,373
$509,701
$694,628
19,945
20,983
Gross income.
$89,565
Fixed charges..
5,952
$82,460
5,574
$529,645
62,177
$715,611
75,600
$83,613
$76,886
$467,468
$640,010
353,077
_
4.00%
3.33%
3.33%
2.67%
2.67%
2.67%
,
2.00%
2.00%
2.00%
To Redeem
Perf erred Stock—«
Holders of preferred stock series A are being advised that corporation ha
9, 1939, at the re
elected to redeem its preferred stock series A on Jan.
demption price of $52.50 per share plus 68 cents per share representing
accrued and unpaid dividends thereon from Oct. 30, 1938 to the
redemption
date.
Certificates for preferred stock series A should be surrendered to the
corporation for payment and redemption at Its office 1300 Market Street,
Wilmington, Del.
From and after the redemption date all dividends on
shares of preferred stock series A shall cease to accrue and such shares shall
not be deemed to be outstanding for any
purpose whatsoever.—V. 147,
p.
3604.8,*
^"Benson & 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.
Like amount was paid on Dec. 27, 1937, and a dividend
of $2 was paid on Dec. 19, 1936, this latter being the first dividend paid
since
was
Avg. 1, 1931, when
a
regular quarterly dividend of 50 cents
1231.
w
share
distributed.—V. 146, p.
Berghoff Brewing Corp."--JWarnings—'J!
x
Period End.
Net income
Earnings
per
Nov. 30—
1938—Month—1937
$31,361
hsare
4% and 5% debs
235,243
1938—11 Mos—1937
$15,066
$343,927
$1.14
—
$!x After depreciation and Federal income tax.
capital stock.—V. 147, p. 2236.
y
On 300,000
$304,295
$1.01
shar^of
•
Birmingham Gas Co.—Assents to Plan—
The company announced Dec. 13
Net income.........
series A
5.33%
n
_
y
Non-operating income.
on
13.33%
10.00%
8.67%
6.67%
5.33%
9,146,303
i...
Taxes
Int. declared
26.00%
1
—
on
Dec. 15 as $1,534,862, as compared with $1,198,162 for
November, 1937.
The month's bookings brought the total for the consolidated
group for
the first 11 months of 1938 to $23,477,799, as compared with
$31,154,265
in the same period last year.
Consolidated shipments, including Midvale, in November aggregated,
$1,966,826, as compared with $3,769,436 in November of last year.
Consolidated shipments for the first 11 months of 1938 were
$33,738,377,
as compared with
$36,701,195 for the first 11 months of 1937.
On Nov. 30, 1938. consolidated unfilled
orders, including Midvale,
amounted to $13,663,649, as compared with
$23,757,714 on Jan. 1, 1938,
and with $24,606,164 on Nov. 30, 1937.
All figures are without intercompany eliminations.—N. 147,
p. 3302.
expenses,
None
estimated at $49,337) to be received by the corporation from the sale of
the securities offered, which net proceeds after deducting such expenses are
The dollar value of orders taken in November by the Baldwin Locomotive
Works and subsidiary companies, including the Midvale
Co., was an¬
revenues
x
750,000 shs.
215,413 shs.
4,000,000 shs. 2,315,701 shs.
x On
Dec. 5, 1938, 150,000 shares of the prior preference stock were
designated as prior preference stock $2.50 dividend series of 1938 (dividends
cumulative) by action of the board of directors.
Such 150,000 shares are
nounced
Baltimore Transit
Outstanding
500,000 shs.
—
,
John Balaban, Secretary and Treasurer of Balaban & Katz, announced
insurance coverage of $6,000,000 for employees of
thenoperating company,
Publix Great States Theatres, Inc., and subsidiaries.
More than 2,200
employees in the offices of the companies and in more than 1,000 theatres
will be covered.
The entire cost will be met by the employers.
The
insurance was placed with the Equitable Life Assurance Society of the
Operating
Operating
1938 the capitalization of the corporation
follows:
series A of the corporation.
A dividend of $4 was
tributed profits tax.
as
for
Balaban & Katz Corp.—Dividend Omitted—
payable
1935
$5,574,292
Application of Proceeds—All of the net proceeds (after deducting expenses
dividend of $6.50 per share on account of
cumulations
1936
$5,828,582
Six months ended June 30.
x
t/mLiabilities, including a small minority interest and a reserve for con¬
tingencies amounting to $2,264,132, were $3,359,770.—V. 147, p. 3798.
Automobile Insurance Co.—Extra Dividend—
1937
$7,105,015
"
$3,101,358
$67,686,380, and
were
1938
May 9, 1929.
was
company
17,
Neither the corporation nor any of Its subsidiaries has any plant or other
operating unit except office premises, all of which are leased. The operating
subsidiaries of the corporation have over 370 offices in the United States
and two in Canada. Corporation's principal or statutory office is located at
1300 Market Street, Wilmington, Del.
Earnings—Consolidated net income of the corporation and subsidiaries
for the three years ended Dec. 31, 1937 and the six months' period ended
June 30, 1938 are as follows:
shareholders
Dec.
14 that the board of directors has deemed it advisable to change
the fiscal year of the corporation to the calendar year.
Since the con¬
solidation of Atlas and its subsidiaries in October, 1936, the Atlas fiscal
on
Dec.
Corporation has called all of its outstanding preferred stock for redemp
tion on Jan. 9, 1939.
Payment for shares of 1938 prior preference stock
subscribed for by holders of preferred stock pursuant to this offer may be
made only by application of the redemption price receivable by them in
respect of shares surrendered for redemption in connection with their
respective subscriptions.
Offering by Underwriters—The underwriters have severally agreed on
certain terms and conditions to purchase from the corporation specified
percentages of any of such stock not purchased by holders of preferred
stock.
Each underwriter may, prior to the expiration of the subscription
offer, sell all or any part of the portion of the 1938 prior preference stock
underwritten by it, at $50 per share plus accrued dividends from Dec. 20,
1938, to the date of payment and delivery, subject to prior subscription
therefor by the holders of preferred stock; and the underwriters propose,
after the expiration of said subscription offer, to offer to the public, at $50
per share plus accrued dividends from Dec. 20, 1938, to the date of pay¬
ment and delivery, any of said shares which shall not have been purchased
by holders of preferred stock or others prior to the expiration of subscription
offer.
It is expected that certificates in temporary or permanent form
representing shares sold by the underwriters will be ready for delivery at the
office of Eastman, Dillon & Co., New York, on or about Dec. 27, 1938,
against payment therefor in New York funds.
History & Business—Corporation is a holding company, the subsidiaries
of which are engaged in the personal finance business, and the acceptance
business and activities related thereto.
It was incorporated in Delaware
1938—10 Mos.—1937
$1,839,858 $20,152,817 $22,604,558
1,929,990
19,471,925
20,988,364
x$2,144
39,841
Operating income
x
Chronicle
1938— Month—1937
Operating revenues
$1,848,241
Oper. exps. (incl. deprec.) 1,850,385
Net
Lines
that 20,884 shares of preferred stock,
or
74% of the amount necessary for consummation, had been deposited in
favor of the amended plan of recapitalization.
In addition, $356,000 of the
6% notes,
Remainder...
$232,225
$286,934
Note—Interest deductions for series A 4% and
5% debentures, in the
cumulative figures, are for the six months to June 30
only. Interest for the
five months, July to November,
inclusive, at the full stipulated rates, for
which no deduction is made above, totals
approximately $392,075.—V.
147, P. 3447.
Banc Ohio
Corp.—Extra Dividend—
HKThe directors have declared an extra dividend of two cents
per share
ingaddition to the regular quarterly dividend of 20 cents per share on
the common stock, both payable Dec.
27 to holders of record Dec. 2.
Like amounts
Bastian
were
paid
on
Dec. 27, 1937.—V. 145, p. 4110.
Blessing Co.—25-Cent Dividend—
^Directors have declared a dividend of 25 cents
per share on the common
stock payable Jan. 1 to holders of record Dec.
19.
An extra dividend of
20
cents
was
paid
25 cents per share
on
was
Nov.
paid
25, last and
on
Oct.
a regular
quarterly dividend of
1, last.—V. 147, p. 3151.
"
Beneficial Industrial Loan
Corp.—Subscription Offer—
F*The company is offering 150,000 shares of
prior preference stock $2.50
dividend series of 1938 for subscription at
$50 per share to holders of pref.
stock series A of the corporation.
Each holder of preferred stock Is offered
the right to subscribe for one share of 1938
prior preference stock for each
share of preferred stock held
by such holder and surrendered by him for
redemption.
However, if the number of shares of 1938
prior preference
stock so subscribed for by such holder shall
exceed one share
of such 1938
prior preference stock for each 1)4 shares of preferred stock held
and so
surrendered by such holder, such
subscription, to the extent of such excess,
"will be subject to allotment
by the corporation.
Only full shares may be
subscribed for.
Subscriptions, on forms of agreement supplied by the
corporation and accompanied by certificates for
preferred stock required
tolbe surrendered in connection therewith, must be received
by the cor¬
poration not later than 3 p. m., Eastern Standard Time, Dec.
19. 1938.
sents
or 77.1% of the necessary amount, has been deposited and con¬
have been received from holders of $5,762,000 of American Gas &
Power Co. debentures, which represents nearly
83% of the amount required.
—V.147, p.2860.
Bliss & Laughlin, Inc.—Common Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, par $5, payable Jan. 5 to holders of record Dec. 24. This will be the
first dividend paid on the common shares since Dec. 24, 1937 when an
extra dividend of 25 cents in addition to a
cents per share was
regular quarterly dividend of 50
distributed.—V. 147, p. 2385.j<tgj
Bond Stores,
Inc.—Sales—f|
Period End. Nov. 11—
Sales
1938—Month—1937«fw1938—11 Mos.—1937 ^
$2,196,474
$2,111,448 $17,178,973 $18,163,878
Extra Dividend—
Directors have declared an extra dividend of 20 cents per share in addi¬
to a quarterly dividend of like amount on the common stock, both
payable Dec. 23 to holders of record Dec. 19.
This compares with 20 cents
paid on March 31, last and dividends of 40 cents per share paid on Dec. 15,
Sept. 30 and on June 21, 1937, this last being the initial distribution on
the issue—V. 147, p. 3303.*
||
tion
HjjfBoston Insurance Co.—Special Dividend—
The directors have declared a special dividend of $5 per share in addition
dividend of $4 per share on the capital stock, both
payable Jan 3 to holders of record Dec. 13.
A similar special dividend was
paid on Jan. 3. 1938, Jan. 2,1937, and on Jan. 2,1936.—V. 145. p. 3967.
to the regular quarterly
Bourjois, Inc.—To Pay 40-Ceni Dividend—
"^Directors have declared
a dividend of 40 cents per share on the common
value, payable Dec. 19 to holders of record Dec. 15.
This
a dividend of $1 paid on Dec. 11, 1937; 75 cents paid on
Dec. 11, 1936, and 25 cents per share distributed on June 1, 1935.—V.
147,
p. 2239.
stock,
no par
compares
with
Volume
1938—11
1938—Month—1937
$22,581
Profit.
1 $36.574
$52,816_
Interest
$191,045
$1,694,901
22,500
Rentals and other services
Revenue:
Mos.—1937
on
Interest
arid!nterest, but before amortization and
x After
ordinary taxes, rental
income taxes.—V. 147. p. 3448.
for 9 Months Ended Sept. 30, 1938
Income Account
Bowman-Biltmore Hotels Corp.—Earnings—
Period End. Nov. 30—
x
3757
Chronicle
Financial
147
income note of Bush Terminal Co
RR.
advances to Bush Terminal
on
(less reserve of
27,095
$27,830)
*
$1,744,496
Total
(E. J. Brach & Sons—Extra and Special Dividend—
special dividend of 30 cents per share an,
and the regular quarterly dividend
of 30 cents per share (or a total of $1 per share) on the common stock, no
par value, all payable Dec. 24 to holders of record Dec. 15.
In view of
special dividend it is not contemplated there will be any dividend paid
April 1,1939, according to E. M. Kerwin, Vice-President.—V. 147, p. 2385.
The directors have declared
extra
a
dividend of 40 cents per share,
Net profit for period
j| Breeze Corp., Inc.—To Pay 40-cent Dividend—
$10,220
invest, in & advances to subs.
Dec. 30, 1936.—V. 147. p. 3005.
Miscell. invest'ts & accts
Broad Street Investing Co.,
with 14 cents
paid on Oct. 1, last; 15 cents paid on July 1
21 cents paid on Jan. 5, 1938; 14 cents on Dec. 24, 1937;
Properties, facil. & equip
680
86,570
224,431
sell not
and April 1 last;
Prepaid rentals
139,662
52,795
368,864
Defd charges & prepaid exps.
Reserves
1,354,180
7% cum. pref. stock
Common stock (par $5)
7,000,000
Capital surplus
Earned surplus
Total.—
3% bonds due in 1968.
The company has made arrange¬
ments to selljthe issue privately to a group of four insurance
companies.
Proceeds from the sale of the issue will be applied to the payment of
$4,240,000 of first-consolidated mortgage 4% bonds due on Jan. 1, 1939, of
the Edison Electric Illuminating Co. of Brooklyn, a constituent company.
The company will write off $2,000,000 from the plant account and debit
the surplus account as of Aug. 31. 1938.
It will save $42,400 in interest
through the new issue.
,^,Tbe four insurance companies and their participations in the issue are
the Metropolitan Life Insurance Co., $1,940,000; Equitable Life Assurance
Co. of the United States, $1,300,000; New York Life Insurance Co.,,
$800,000: Sun Life Insurance Co. (Canada), $200,000.
The new issue is redeemable at 104 until 1945, at diminishing premiums
until 1966, and thereafter at 100.—V. 147, p. 2861.
Brown Shoe Co.,
Total.
-$17,464,211
Oct. 29, '38
Miscellaneous income
;
—.
Net income
Portion
on
-
.....
per
Balance Sheet
Comparative
'
$459,105
1935
1936
$301,894
$329,953
$295,722
Selling, delivery, admin.
178,494
186,262
28,386
917
$113,421
Accrued liabilities-
39,869
36,641
172,507
165,608
Prov. for Fed. inc.
5,859
30,900
Accounts
xAccts.rec-._-—
86,875
& profits
225,175
88,325
357,176
Inventories
385,649
287,833
Investments
93~876
90,314
Res. for loss on pur.
$1,992
1
1
30,883
25,042
Div. & int.
rec. on
$21,429
$3,250
$167,141
■
28,919
I
603
469
622
4.689
$2,595
1,338
$21,898
4,729
$3,872
1,397
...
Res. for income taxes—.
Profit for year—.—
467,603
290
Balance, Oct. 31
(no par)*
Earnings per share.
stock
com.
25",666
$579,343
3,380
$774,420
238
$492,893
$469,472
Canada Dry Ginger
Years Ended Sept. 30—
150,000
$467,603
125,000
$475,724
125,000
$576,868
$0.14
$469,472
125,000
$0.02
$1.20
$0.01
x
Land, buildings,
plant, mach., &c
Cash..
125,000
Cash
47,758
$855,179
45,218
stock.
$787,500
Funded debt.....
418,600
life insurance
69,385
58,675
100,000
Groas income.
46,104
30,076
Accounts
10,913
Trade accts. rec_.
146,105
577,001
8,084
594,449
.....
Investments
Trademarks,
cesses, &C
_
Earned surplus
469,472
467,603
305
3,304
105,176
4 729
15,098
105,176
Total-........$1,815,805 $1,832,807
$1,815,805 $1,832,807
of $724,454 in 1938 and $679,655 in 1937
Represented by 125,000 no par shares.—V. 146, p. 102.
x
After depreciation reserve
$863,365
—35,076
—
Prov. for est. Fed. tax on
undis. pfts.
extra dividend of $1
,
102,587
$1,084,484
$352,511
109,603
149,859
100,128
60,507
$730,474
4,784,922
42,454
$182,400
4,646,261
11,262
„....
$691,381
3,755,896
200,000
—
$4,647,277
J
;
yl ,801,955
*44,69o
- -
A stock, payable Dec. 20 to
Bush Terminal
Buildings Co.—Listing—
authorized the listing of depositary
70,000 shares of new 7% cum. pref. stock ($100
par) on official notice of issuance pursuant to a deposit agreement dated as
of April 21, 1937, and $8,241,000 of 1st mtge. 50-year sinking fund gold
bonds, 5% (stamped), due April 1, 1960, guaranteed by Bush Terminal Co.
upon the plan of reorganization becoming effective.
The depositary certificates and the 1st mtge. bonds¥are to beTissued
pursuant to a plan of reorganization of the Buildings Co. and Bush Terminal
Co. under Section 77-B of the Bankruptcy Act, confirmed by a decree of
the U. S. District Court ofr the Eastern District of New York dated April 21,
1937.
To effectuate the provisions of the plan a deposit agreement dated
as of April 21,1937, was made between the Buildings company, the Terminal
company, the holders from time to time of depositary certificates and
Bankers Trust Co.. depositary and agent, and a supplemental indenture
dated as of April 21, 1937, was made between the Buildings company and
Irving Trust Co., as trustee.
This deposit agreement and supplemental
indenture were approved by an order of the Court dated May 3, 1938,
which order directed the officers and directors of the Buildings company,
among others, to take such steps as might be required to put said deposit
The New York Stock Exchange has
and supplemental indenture into effect.
The issuance of the depositary certificates and the execution of the
supplemental indenture were authorized by the board of directors of the
Buildings company, in conformity with the plan and the orders of the
Court, at a meeting held on July 28, 1938.
-Jr
I
j
' !
\
55",66o
$4,784,922
512,631
$0.35
Loss on bottles and cases $7,757, adjustment of reserve for valuation
of cases to equal 25% of ledger value, $25,337; expense of foreclosure of
Hupfel mortgage, $11,500.
y To reduce mortgage receivable to nominal
amount of $1, $999,999; provision for possible future loss on beer cases and
bottles, $88,000; provision for depreciation of cases (other than beer cases),
$274,275; Federal income taxes applicable to prior years ,(net), $14,978;
$4,448,893
Shares com. stk. outstdg.
Earnings per share
$3,755,896
(par $5)--
615,157
615,15<
.
$1.12
$1.18
—
x
transfer to capital surplus
and
of amount equai to charges made there-
against as of Oct. 1, 1932, representing reduction of property,
equipment to approximate 1931 price levels, $424,701.
1938
1,853,194
Cash..——
1938
a
2,045,998
Notes, drafts and
accts.
receivable 1,306,998
8,379
current)
Brewing
1
1,573,935
-
1,893,608
Res. for conting...
Capital stock...
Capital surplus
Earned surplus
Depos. rec. for con¬
tainers return'le
372,349
by customers—
b Property
Deferred charges._
—
Customers' depos.
c
24,240
Bond. & mtge. rec.
247,046
317,345
289,077
36,000
36,000
418,454
457,703
6,732,558
182,053
1,837,668
-
3,075,785
1,470,092
4,448,893
1,810,373
200,000
3,075,785
1,470,092
3,755,896
313,241
6,208,151
168,101
tr.-mks.,
—1
&c
a
137,230
Funded debt (non-
Corp
in
miscell. accts.
within 1 year—.
in J. Chr. G.
Total
&
Funded debt pay,
10,694
Advs.for trav. exp.
G'dwill,
583.227
Local taxes, wages
Sundry accts. rec.
Hupfel
$
339,814
Dora, of
14,179
24,976
11,217
14,039
employees-
Inventories
&
Can. inc. taxes.
1,248,562
Amts. receiv. from
Inv.
8.
1937
„
%
Accounts payable.
U.
plant and
30
1937
Liabilities—
certificates representing
agreement
$4,839,922
$5,557,850
153,789
per share on the
holders of record Deci 10.
i
The regular quarterly dividend of 45 cents per share was also declared
on the ciass A stock payable Jan, 1 to holders of record Dec. 10.
An extra dividend or $1.25 was paid on Dec. 20, 1937 and one of 30 cents
was paid on Dec. 23, 1936.—V. 147, p. 730.
crass
$249,923
129,442
Consolidated Balance Sheet Sept.
an
242,069
$955,043'
104,024
cretd. in pr. ys.
Previous earned surplus.^
Dividend paid
Deductions
207,281
104,923
: 31,985
—_
Restor. to surp. of res.
.
;
,
9,507,119
Dom. of Gan.
income taxes....
Bucyrus-Monighan Co.-—Extra Dividends—
The directors have declared
^
13,666,346
13,826,031
293,386
Earned surplus
1,338
15,764
tax....
.
Res. for conting—
pro¬
——
Total....
y
.
2,583
305
14,207
Cash In sink, fund.
Deferred charges
2,027
Reserve for income
157,004
Inventories
.
payable.
and amortization of
•.
59,406
—
for est. Fed. &
Total..
Bills payable
11,741
underwriters
$949,746
and allowances of $9,528
$803,960
Income deductions
of Montreal
loan account—
Deposit with insur.
—
Net operating income
Other income
427,800
75,000
Common
Bank
value
surr,
1937
$787,500
y
$836,043
$968,575
50,130
116,181
Ale, Inc. (& Subs.)-—Earnings—
1938
■
' 1937,
1936
$14,863,458 $9,964*323
Net income
1938
LlaMUtles—
1937
1938
148,875
_
„
Provision for depreciation.
Balance Sheet Oct. 31
Assets—
493,500
distributing and general and
ing,
Prov.
-
— .—
Gross sales, less returns and allowncs-$14,923,378
Cost of goods sold, advertising, sell'
'
47,553
100,000
Total-.-
$949,746
■
After reserve for doubtful accounts, discounts
administrative expenses
-
Adj. of deprec. appiic. to
► prior years
I.....
Dividends paid
Shs.
,576,868
$150,312
624,108
$968,575
Total
($9,955 in 1937).
y After reserve for depreciation
$149,486 ($108,143 in 1937).—V. 145, p. 3968.H
21,517
612
...
Total surplus.
Add'l income taxes
$2,475
$17,169
475,724
$1,257
Previous surplus
Items charged in 1936-37
reversed.
-
Earned surplus..
$171,830
invest
Total income
12)^ ct,s.)
Capital surplus—
493,600
50,130
148,875
108,220
_
at nom. value.-
x
Operating income
8,700
commitment
6% cum.conv.prf.
stock (par $50)
Com.
stock
(par
Pats. & trd. nms.,
86,937
;
Bond discount amort'd
Depreciation
i
tax
2.000
44,924
Bond interest
$73,519
payable-
$59,945
173,510
29,517
27.807
220,999
Kand other expenses
Oct. 29, *38 Oct. 30, '37
Liabilities—
$33,298
—.
Deferred charges..
Gross profit from trad'g.
29,700
100,260
$0.23
$0,002
-
—
Oct, 29, '38 Oct. 30, '37
hand
$121,016
$30,349
29,610
Cash in banks and
equip, (cost)
1937
1938
Years Ended. Oct. 31—•
----- -
-
share on common.
Assets—
$122,636
1,619
L ———$30,349
—
applicable to minority int. of former subsid-
Earnings
24,358
3,667
18,942
5,520
3,322
— — _
Net profit
Mills, Ltd.
,
Ltd.—Earninqs—
$175,124
taxes.4,846
undistributed profits.
508
Dividends paid on pref. stock.
Dividends on common stock.
on
976
$58,519
19,495
—
;
15,368
2,866
605
-
Miscellaneous expenses
Provision for Federal income
Provision for surtax
$155,914
12,906
-
-
Total
Cash discounts alio wed.
Oct. 30, *37
$45,008
Years Ended—
Gross income from operations
Discounts received on purchases.
Profit on sale of securities (net)
yProperty, plant &
t
$17,464,211
..-
—
—V. 146, p. 4109.
Inc.—Debentures Called—•
Company has elected to redeem on Feb. 1,1939, $60,000 face value of its
15-year 3H% linking fund debentures due 1950, at 105% and accrued
interest.
These debentures, which have been drawn by lot, will be payabl
at the office of Goldman, Sachs & Co., fiscal agents, 30 Pine Street, New
York City—V. 147, p. 3303.
Bruck Silk
50,000
821,156
242,017
:
Burry Biscuit Corp.—Earnings
$4,240,000 of conso1. mtge.
than
more
3,999
791,041
—
35 cents paid no
Brooklyn Edison Co.—Loan Placed Privately—The P. S.
and
47,963
Accrued taxes
2,030
,
Commission of New York has authorized the company to
17,891
accrued exps_.
Accrued int. on funded debt.
Accts. pay, &
Oct.
issue
55,000
Street improvement assess--.
2,953,202
Accts. & notes rec., less res've
Maint. & oper. supplies
1, 1937; 30 cents paid on July 1, 1937; 25 cents paid on April 1, 1937;
$1.65 paid on Dec. 18, 1936, and regular quarterly dividends of 20 cents per
share paid from Jan. 3, 1933 to and including Oct. 1, 1936. In addition, an
extra dividend of 10 cents per share was paid on Jan. 1, 1936.—V. 147,
p. 2524.
$7,561,000
— —
Mortgage indebtedness
& affilicated companies
Cash
Funded debt
$13,155,938
Statutory deposits with municipal authorities
Inc.—Dividends—
Sept. 30, 1938
Liabilities—
Assets—
The directors have declared a dividend of 40 cents per share on the capital
stock payable Dec. 17 to holders of record Dec. 15.
This compares with
50 cents paid on Dec. 21, 1937 and an initial dividend of 30 cents paid on
Directors have declared a dividend of 18 cents a share on the capital
stock, payable Jan. 3 to stockholders of record Dec. 20.
This compares
805,727
:
Balance Sheet as at
.m
928,549
Operation and maintenance expenses
debts, $3,100; real estate taxes, $320,815;
other taxes,
$38,359; interest on funded debt, $283,556;
amortization of bond discount, $10,685; charges, $1,698; de¬
preciation, $147,512
Provision for bad
——
12,081,281 11,925,198
After reserves for
1937).
$5 par vaiue.—V.
Total
— .12,081.281
11,925,198
of $76,239 ($82,593
Represented by shares of
uncollectible notes and accounts
b After reserve for
depreciation,
c
147, p. 1482.
California-Oregon Power Co.—Accumulated Dividends—
The directors have declared a dividend of $1.75 per share on the 7%
cumulative preferred stock, par $100, a dividend of $1.50 per share on the
6% cumulative preferred stock, par $100, and a dividend of $1.50 per share
on the 6% cumulative preferred stock, series O of 1927, par $100, all pay
3758
Financial
able (on account of accumulations)
on
Chronicle
1199337465
Jan. 16 to holders of record Dec. 31.
Arrearages after these payments will total $7
6% stock.—V. 147, p. 3605.
on
the 7% stock and 16 per
Summary of Earnings
Railway
Fixed
Operating
Gross
Charges, &c
Expenses
Income
Deductions
1930--.
$137,173,037
$86,921,031
$44,971,419
$10,823,580
1931
119,552,170
74,497.861
37,598,665
10,902,181
1932.
98,725,859
34,306,301'
10,778,546
55,965,115
105,969,522
58,326,084
38,675,807
10,435,997
109,489,077
60,814,971
38,051,289
9,988,886
114,031,434
63,289,894
40,949,005
9,909,520
135,538,279
70,014,489
54,212,590
10,422,587
127,346,701
72,529,160
44,085,296
9,522,850
1938 (10 months)..
53,299,514
24,434,400
7,751,564
87,374,932
The sale of the series F bonds and application of proceeds will reduce the
company's annual interest requirements by $450,000.
Company—On Dec. 31, 1937, company operated 3,103 miles of road of
which 2,765 miles were owned in fee, 9 miles were operated under lease,
8 miles were operated under contract and 321 miles were operated under
trackage rights.
Since Dec. 31, 1937 there has been no material change in
Directors at their recent meeting decided
to omit
the dividend
or¬
dinarily due at this time on the no par common shares.
Dividends of 25
share were paid on Nov. 15 and on Aug. 15, last, and previously
regular quarterly dividends of 373^ cents per share were distributed.
Company's statement said directors "felt wisdom of conserving cash,
in view of conditions In canning industry."
Directors also voted reduction of from 10% to 20% on sliding scale in
salaries of officers receiving $4,200 a year or more and announced that
employees annuity plan, with which company has been sharing expense with
employees, has been temporarily suspended effective Jan. 1.—V. 146, p.
3947.
Canadian Dredge & Dock Co., Ltd.—Common Dividend
The company announced the declaration of a $1 dividend to common
stockholders payable Jan. 31 to holders of record Jan. 17.
The last pay¬
31, 1938.—V. 147, p. 2082.
1937
Decrease
$3,525,132
_
$3,757,486
$232,354
—V. 147, p. 3605.
Canadian Pacific
Ry.—Earnings—
Earnings for the Week Ended Dec. 7
1938
Traffic
1937
Increase
$2,934,000
earnings..
$2,856,000
$78,000
—V. 147, p. 3605.
Carson Hill Gold
Mining Corp.—Dividend—
Directors have declared a dividend ot
cents per share on the common
stock, payable Dec. 20 to holders of record Dec. 13.
An initial dividend
of two cents was paid on Sept. 20, last.—V.
147, p. 3605.
(J. W.) Carter Co.—To Pay 15-cent Dividend—
Central Illinois Public Service Co.—Gels
Exemption—•
The company on Dec. 9 was granted an exemption
by the Securities and
Exchange Commission from declaration requirements of the Public Utility
Act in connection with the sale of $38,000,000 of 3
% % first mortgage
bonds,
series A, due 1968, and $10,000,000 of
3H%~4% serial debentures, due
1939-1948.
time, the Commission approved the application of Halsey,
Stuart & Co., Inc., covering acquisition
by it, as one of several under¬
writers, for resale to the public, of $3,000,000 of the proposed
3H% bonds
and
a
same
pro rata share of the serial debentures.—V.
147,
p.
3605.
Central Maine Power Co
.—Hearing on Bond Issue—
The Securities and Exchange Commission has
postponed until Dec. 28
hearing on the application of the company in connection with issuance of
first mortgage bonds, series H, due 1966, and 5,000 shares common
a
-
.
v..
Commission, in a decision dated April 2, 1929,
Marquette Ry. by
purchase of capital stock.
Company now owns directly 48.26% of the
capital stock or the Pere Marquette Ry. and through wholly owned sub¬
sidiaries an additional 0.9% of said capital stock. •
The ICC, in a final order dated Dec. 29, 1937, authorized company to
acquire control, by the acquisition of numerical majority of the capital
stocks, of the Erie RR. and New York, Chicago & St. Louis RR.
Company
now holds directly 55.68% of the capital stock of the Erie RR.
(which is
now in process of reorganization under Section 77 of the Bankruptcy
Act)
and 57.02% of the common stock of New York, Chicago & St. Louis RR.
Virginia Transportation Corp., a wholly-owned subsidiary, owns 42.75%
of the capital stock (common and preferred), of the Chicago & Eastern
Illinois Ry., which is now in process of reorganization under Section 77 of
the Bankruptcy Act.
The plan of reorganization of the Chicago & Eastern
Illinois Ry., approved by Division 4 of the ICC on Nov. 4,1938, finds that
there is no equity in the common stock and that the preferred stock is
entitled to one share of new no par value common stock for each share of
old preferred stoclc
Directors have declared a dividend of 15 cents per share on the common
stock, payable Dec. 22 to holders of record Dec. 15.
Like amount was paid
on Aug. 14 and April 1 last; dividends of
20 cents were paid in each of the
four preceding quarters and previously
regular quarterly distributions of
15 cents per share were made.—V. 147, p. 732.
At the
_
authorized the company to acquire control of the Pere
1938
revenues.
Revenues
such mileage.
The Interstate Commerce
Rys.—Earnings—.
Earnings of System for the Week Ended Dec. 7
Gross
Railway
Operating
Calendar Years—
cents per
Canadian National
its 3 A %
*
The above four railroad
tion to the Commission looking to the consummation of said allocations by
consolidation, lease, or otherwise, has as yet been made; but the Com¬
mission has, from time to time, authorized various persons to serve simul¬
taneously as officers and directors of the company, the Pere Marquette
Ry., and New York, Chicago & St, Louis RR., and has likewise authorized
directors of the company and one of its vice-presidents to serve as
two
directors of the Erie RR.
The number of registered holders of the company's common stock at
Sept. 8, 1938, was 47,767.
The Chesapeake Corp., now in process of
liquidation, owns 2,359,480 shares of common stock of Chesapeake & Ohio
Ry., and a portion of this stock has been declared as a liquidating dividend
payable Dec. 19, 1938, after which payment the Chesapeake Corp. will own
1,279,633 shares of the common stock of Chesapeake & Ohio Ry., being
approximately 16.7% of the total common stock of the railway company.
After payment of such liquidating dividend, Alleghany Corp. will own 1,022,400 shares of thd common stock of Chesapeake & Ohio Ry., being
approximately 13.4% of the total common stock of the railway company.
General Balance Sheet Oct. 31, 1938
Assets—
Accumulated Dividends—
The directors have declared
holders of record Dec. 10.
the
following dividends payable Jan. 3 to
$1.75 per share on the 7% cumulative preferred stock (par
$100).
$1.50 per share on the 6% cumulative preferred stock (par
$100),
$1.50 per share on the $6 cumulative preferred stock (par $100).
Similar distributions were made on Oct. 1,
July 1, April 1 and Jan. 1,
1938; Oct. 1, July 1, April 1 and Jan. 1, 1937, and payments of one-half
of the above rates were made each of the nine
preceding quarters.
Regular
preferred dividends had been paid quarterly from time of issuance up to
and including July 2, 1934.—V.
147, p. 3305.
Central Vermont Ry.,
Period End. Nov. 30—
Ry. operating revenues,
Ry. oper. expenses
Iraprov.
on
$562,138,288
leased ry. prop.
in
from ry. oper.
$77,751
Railway tax accruals...
28.991
rev.
lieu
of
income....
Hire of equip., rents, &c.
$48,760
Net ry. oper. incomfe.
Other income....
oper.
Miscell. physical property..
3,554,202
Cash
for
23,869,058
Demand loans and deposits.
1,125
$805,947
224,245
x$127,097
390,895
408,066
x$37,643
1,172
1.486
x$517,992
22,947
$173,636
31,772
$581,702
147,
x$36,158
107,396
x$495,045
1,142,265
$143,554
$1,637,310
a
Miscell. accounts payable..
Interest matured unpaid—
37,500
1,309,656
268,303
car-service
bal.
receivable
rec.
4,727,327
from agents and
Other current liabilities
Deferred
642,614
Miscell. accounts receivable
1,221,707
Materials and supplies.....
Interest and divs. recelv
4,114,729
49,663
Rents receivable.....
Other current assets
Dividends matured unpaid.
49,369
11,242,653
Accrued
86,056,587
deprec.—Equipm't
Accrued depreciation—Mis¬
assets..
4,006
1,445.831
Other
Unadjusted debits
2,684,493
Additions
.
were
priced at 101V2
interest, to yield 3.41%.
The company's first consolidated
mortgage 5% 50-year gold bonds due
i7a/£»?'
it
accepted at par and accrued interest to maturity, viz.,
$1,025 per $1,000 bond, in payment for series P bonds.
Dated Dec. 1, 1938; due Dec.
1, 1963.
Prin. and int. (J. & D.) payable
,
•
a£
agency of company in New York City. Coupon bonds in denom.
of $1,000, registerable as to
principal.
Fully registerable bonds issuable in
denoms. of $1,000, $5,000,
$10,000 and multiples of $10,000.
Coupon and
registered bonds interchangeable.
Red. at option of company upon 30
days notice if redemption date be an int. date and
otherwise upon 60 days'
notice, and redeemable for operation of
sinking fund on any interest date
upon 30 days notice, at following prices
plus accrued interest to redemption
^ec* L *^43 at 105%; thereafter to and incl. Dec. 1,
i948 at i04%; thereafter to and incl.
Dec. 1, 1953, at 103%; thereafter to
?mwDck
h
at 10.2%; thereafter to and including Dec. 1, 1962 at
101%; thereafter to maturity at 100%.
In the opinion of counsel, these
be
legal investments for savings banks in New
York, Mass.,
Conn, and certain other States.
Purpose -Net proceeds together with other funds of the
company, will
jdeposited with the corporate trustee under the company's refunding
and improvement mortgage for the
purpose of retiring the $30,000,000
first consolidated
mortgage 5% 50-year gold bonds (non-callable) upon their
maturity May 1, 1939, and under certain
conditions, for the purchase
"©for© retirement of such bonds in whole or in
part.
Upon the retirement
of all such bonds, the first
consolidated mortgage will be satisfied and in
due course discharged of record.
Fund—In a supplemental indenture to be dated as of Dec. 1,
1938, the company will covenant to provide a
sinking fund for .the sole
series F bonds
through payments to Halsey, Stuart & Co.,
Inc., as sinking fund trustee under the
mortgage, each June 1 and Dec. 1,
commencing June 1, 1939, and
continuing to and including June 1, 1963. of
,
benefit of the
132,605
1,112,807
liabilities
Tax liability
Insurance & casualty reserve
Maintenance reserves
2.
cellaneous
physical
unadjusted
to
prop.
red,
1,063,553
through
income and surplus
debt
143,313
2,008,814
credits
prop,
818,424
26,097,156
through
2,372,183
Sinking fund reserves.2
Total
$7,50,955,741
541,332
Profit and loss credit.^
171.704,540
Total
..$750,955,741
-V. 147, p. 3606.
Chesapeake & Ohio Ry.—$30,000,000 Bonds Offered—
Public offering was made Dec. 12
by Halsey, Stuart & Co.,
Inc., and Otis & Co. on behalf of a banking group, of $30,000,000 ref. & impt. mtge. 33^% bonds, series F, to be due
Dec. 1, 1963, subject to authorization
by the Interstate
The bonds
5,922,350
364,993
1,817,684
3,221
Unmatured rents accrued..
3605.
dividend of 20 cents per share on the common
Commerce Commission.
1,523,280
wages
Funded debt mat. unpaid..
Chain Store Investors Trust—20-Cent Dividend—
will
&
accounts
Unmatured interest accrued
$984,583
p.
stock, payable Jan. 15 to holders of record Dec. 15.
Dividend of 15 cents
was paid on Oct.
15, last, one of 12 A cents was paid on July 15, last and
previously regular quarterly dividends of 25 cents per share were dis¬
tributed.—V. 147, p. 2525.
and accrued
2.
payable
payable.
169,526
$205,408
1,189,992
$77,386
Balance, deficit
204
bal¬
income and surplus
74,498
Directors have declared
car-service
1,859,872
Net bal.
$5,807,583
5,001,636
x$629
37,014
x$2,888
2,301,093
227,353,000
1,979,863
$4,523,418
4,345,185
52,820
•_
Indicates loss.—V.
capital stock..:
Time drafts and deposits
fixed
charges..
charges
bonds
ances
Funded
avail,
&
Audited
568,951
Inans and bills leceivable..
x$4,060
Fixed
<x
Traffic
140,803,197
cos.,
Other investments
Deferred
Inc.
on
Long-term debt
341,564
Invest, in affiliated
Traffic and
$178,233
305,330
Grants in aid of construction
mtge.
property sold
1938—11 Mos—1937
$13,655
14,285
$206,760,490
Premium
541,332
Sinking fund..
Deposits
Capital steel?
189,024
Special deposits
Inc.—Earnings—
1938—Month—1937
$445,030
$447,022
367,279
433,366
Liabilities—
Invest, in road & equip
conductors
Ry.
companies, together with the company itself,
aihong the companies allocated to "System No. 6—Chesapeake and
Ohio-Nickel Plate" by the ICC in its order in Docket No. 12964, Con¬
solidation of Railroads, decided July 13, 1932, 185 ICC 403.
No applica¬
were
stock.
Net
1938
by maturity.
Corp.—Common Dividend Omitted—
ment was $1 semi-annual on Jan.
17,
$300,000 of bonds semi-annually.
Such pay¬
sufficient to retire not less than 49% of this issue
ments are calculated as
share on the
California Packing
Salaries Reduced—
Dec.
amounts sufficient to retire
Chicago Daily News, Inc.—Smaller Dividend—
Directors
have declared a dividend of 25 cents per share on the common
stock, payable Jan. 3 to holders of record Dec. 20.
A semi-annual dividend
of 5Q cents per share was
paid on July 1, last.—V. 147, p. 108.
Chicago & Eastern Illinois Ry.—RFC to Accept Bonds
Required Under Plan-—
and Aclvance Cash
a
Jesse H. Jones, Chairman of the Securities and
Exchange Commission, in
letter to Kenneth D. Steere, Chairman of the Board of the
company
states:
"If the plan of reorganization of the
Chicago and Eastern Illinois Ry.,
approved by the Interstate Commerce Commission under date of Nov. 4,
1938, is made effective, this corporation will accept new prior lien bonds
proposed in the plan for its present indebtedness and, subject to the approval
of the Commission and the
approval by our Legal Division of legal details,
enough additional said prior lien bonds to provide the cash required in the
upon the terms and conditions outlined in the plan.
From your
plan
letter I note that you estimate that
$11,306,000 of new prior lien bonds will
be required for the above
purposes.
"It is understood and agreed that the
reorganized company will deposit
sufficient
additional prior lien bonds of the same issue, to protect this
corporation against loss in the sale of the bonds to be issued to it in accord¬
ance with the
foregoing, in such amount as may be
state Commerce
Commission, and
as may
approved by the Inter¬
be mutually agreed upon between
us."—V. 147. p. 3154.
Chicago
Flexible
Shaft
Co.—Extra
Dividend—New
Director—
Directors have declared an extra dividend of $1 per share in addition
to the regular quarterly dividend of $1
per share on the capital stock, both
payable Dec. 23 to holders of record Dec. 13.
J. W. Lynch, Factory Manager, was elected a director to fill a vacancy.
Current business of the
company
H. C. Wright, President, said,
holding up very well.—V. 147,
Chicago
Under
Great
is running
a little
ahead of a year ago,
while factory sales of electric
p.
razors
are
2241.
Western
RR.—RFC
to
Advance
Cash
Proposed Reorganization Plan—
Jesse H. Jones, Chairman of the Securities and Exchange Commission, in
letter to Patrick H. Joyce, trustee of the road, states:
"Referring to your letter of Dec. 5, beg to advise that if the Interstate
Commerce Commission's plan of Aug. 4,1938, for reorganizing the Chicago
Great Western RR., with
appropriate modification approved by our Legal
Division, is made effective on or before June 30, 1939, this corporation
will, subject to the approval of the ICC and the approval ly cur lfga
Volume
Financial
147
$6,500,000, or
needed to effect said plan, on its note for 10
in principal amount of the new first mortgage
bonds referred to in said plan, to be used for the purposes set forth in said
plan and for working capital in addition to that provided for in said plan.
"This letter supersedes my letter to you of Oct. 30, 1938."—V. 147,
Division of legal details, loan to the reorganized company
such part thereof as may be
years,
secured
by
125%
3451).
p.
With respect to the common
Corporation Trust Co., 15 Exchange Place, Jersey City, which will pay
the dividend as the voting trust certificates are exchanged.
A dividend of 40 cents was paid on the common shares on Dec. 18, 1937
and an initial distribution of 20 cents was made on Dec. 21, 1936.—V. 147,
P.
Group—
managements
Commis¬
consolidating the two systems.
and stockholders to reopen the
reorganization proceedings of the two roads for the purpose of considering
a
merger even though it delays reorganization for several years longer.
The bondholders, however, contended the properties should be recapitalized
and turned over to their rightful owners before this is considered.
The verbal contest occurred in argument before the Commission on
on petitions of protective committees for
St. Paul preferred and North
Western common stock that the reorganization proceedings be reopened
and for permission to file a consolidation plan.
Both proceedings pre¬
viously have been closed by the Commission and an examiner's report
holders of the two roads Dec. 15 before the Interstate Commerce
sion
on
the question of
The ICC was urged by the managements
has been issued in the St. Paul case.
There did not appear to be any great opposition to "ultimate" consoli¬
dation of the St. Paul and the C. & N. W., the disagreement being over the
time that it should be undertaken.
it was declared
He said that the case of the two
presented "an ideal situation" for testing out the idea that con¬
Consolidation is the solution of the railroad problem,
by E. R. Johnston, of the St. Paul.
roads
solidation will solve railroad ills.
Both carriers,
he declared now are being reorganized
under Section 77
Bankruptcy Act and the Commission has the power under that
requiring consolidation of the properties.
This is not possible
under the Transportation Act of 1920, he asserted, under which consoli¬
dations are voluntary and must receive not only the the approval of the
managements of the affected roads but also the virtually unanimous ap
proval of security holders.
In addition the question of buying out dis¬
senting minorities is presented.
None of these problems is apparent in a
of the
Exchange has authorized the listing of 200,000
official notice of issuance in connection
with the acquisition of the balance of the outstanding common stock of
Universal Credit Corp. not heretofore owned and 50,000 shares of common
stock on official notice of issuance upon exercise of options granted in connec¬
tion with the acquisition of the balance of the outstanding common stock
of Universal Credit Corp. not heretofore owned,making the total amount
of common stock, the listing of which has been applied for to date, 3,779.506
of said agreements shall be conditioned upon the contemporaneous
acquisition by the corporation of all of the balance of the common stock Of
Corporation has notified the New York Stock Exchange that options
evidencing the right to purchase 24,291 shares of common stock of the
corporation were in existence as of Nov. 30, 1938, as follows:
No. of Shares
Expiration Date
Under Option
Price
of Options
200
$35.00
June 30, 1939
6,000
>
33.33
Dec. 31, 1941
1,440
33.33
;
J
Dec. 31, 1939
11,000
■
45.00
Dec. 31, 1941
835
45.00
Dec. 31, 1939
4,800
45.00
Dec. 31, 1940
16
45.00
At will of company
,
.
will be faced
ownership of the railroads, S. H. Cady, General Counsel
North Western urged the Commission to permit studies
consolidation of the two roads.
studies by the North Western management indicate
approximately 1,108 miles of primary main track and branch lines of
the two roads can be abandoned.
Total savings of $15,000,000 is possible
under consolidated, the C. & N. W. believes, Mr. Cady said, no more
than $10,000,000 would be in labor costs.
Kenneth F. Burgess, representing insurance company holders of bonds,
and Fred N. Oliver, counsel for the National Association of Mutual Savings
Banks, said if the reorganization proceedings were reopened it would result
in interminable delay in the reorganizations.
There is already accumu¬
lated unpaid interest on outstanding bonds of the two roads totaling $158,000,000, they declared.
J. G. Luhrsen, speaking for the Railway Labor Executives Association,
told the commission that labor would insist that adequate provision be
to be made
looking to
Mr. Cady said that
1
—V. 147, p. 3607.
Commonwealth Edison
consolidation plan.—V. 147, p. 3451.
-Further Evidence
Chicago Rock Island & Pacific Ry.-
— —
,
Reorganization Refused—
Dec.
on
10 refused to admit
proceeding.
by the Commission was made on the
National Bank, New York, as trustee for $32,228,000
refusal
—
petition of Chase
unsecured 30-year
.
.
Net income
Earnings per share
—■
Community Public Service Co.—Registers with SEC—
given on first page of this department.—Y. 147, p. 3011.
Concord Gas Co.—Accumulated
After depreciation, interest, Federal income
shares of capital stock.—V. 147, p. 3305.
x
to holders of
y
May 16 and Feb. 15, 1938; Nov. 15 and Aug. 14, 1937, and compares with
cents paid on May 15, and Feb. 15,1937, and Nov. 15, Aug.15, April 1
and Feb. 15, 1936. A dividend of 87 cents per share was paid on Nov. 15,
1935, and one of 87H cents on Aug. 15, 1935, prior to which regular quar¬
terly dividends of $1.75 per share were distributed.—V. 147, p. 1771.
Consolidated Sand & Gravel,
$0.41
Directors have declared a dividend of
On 475,239
"
and
Cincinnati & Suburban" Bell Telephone Co.—Operation
in operation as of Nov. 30, 1938, totaled 181,401, a gain of
month and 3,917 over Nov, 30, 1937.—V. 147, p.
City Auto Stamping
this issue.—V. 147,
•
,
Gas
■
Co.—Reported Negotiating for $40,-
000,000 Loan—
It is reported that Cities Service interests are negotiating for sale of
approximately $40,000,000 of new bonds to refund at 101 and 102, about
$39,497,700 of Cities Service Gas Co. and Cities Service Gas Pipe Line Co.
first mortgage pipe line bonds.—V. 146, p. 2685.
Cleveland Electric Illuminating Co.—Transfer Agent—
Company has appointed the National City Bank of Cleveland as transfer
agent of its preferred stock, $4.50 series, in Cleveland, effective as of the
close of business on Nov. 30, 193S.—V. 147, p. 3305.
Climax
Consolidated Cigar
Co.—To Pay 15-Cent Dividend—
dividend of 15 cents per share on the common
1937 were the last distributions made on
Service
Dec. 15; 1937, this latter being
1932.—V. 147, p. 1335.
of $7 was paid on
the first payment
Corp.—To Pay Common
Dividend—
dividend of 75 cents jper share on the common
holders of record Jan. 3.
This compares with a
like amount paid on Jan. 14, 1938, this latter being the first dividend paid
since April 1, 1932, when 75 cents per share was also distributed.—Y. 147,
p.3156. ; ■
\
Directors have declared a
Directors have declared a
Cities
one
stock, payable Jan. 14 to
stock, payable Dec. 24 to holders of record Dec. 19.
An extra of 30 cents
in addition to a regular quarterly dividend of 15 cents per share paid on
20,
of ac¬
on
made since Nov. 15,
Stations
3155.
Ltd.—Accumulated Div.—
$1.75 per share on account
the 7% cumulative. preferred stock, payable Dec. 28 to
holders of record Dec. 20.:
A dividend of $3.50 was paid on Aug. 15, last,
cumulations
401 over the preceding
3154.
p.
record Jan. 13.
cum.
87^
t
$0.13
taxes, &c,
Dividend—
dividend of 50 cents per share on account
pref. stock, par $100, payable Feb. 15
A like payment was made on Nov. 15, Aug. 15,
The directors have declared a
of accumulations on the 7%
1938—11 Mos.—1937
$63,506
$195,052
—-
—
.
See list
Ry.—Earnings—
1938—Month—1937
$3,562
$11,853
Period, End. Nov. 30—
x
y
...-
—
.
4M% convertible gold bonds of the carrier.
The Chase National Bank
sought to have admitted into the record an exhibit dealing with the earnings
of the carrier in New Mexico.
In refusing the bank's request, the Commission said that this exhibit
did not supersede or correct any figures now in the record and that "no
additional evidence is required in consideration of the plan of reorganization
involved in this proceeding."
•,
"
The time for filing of briefs in the proceedings expired Dec. 1.—V. 147,
p. 3451..
7\
■
Cincinnati Street
.
—
Commission
Commerce,
Interstate
additictael evidence in the company's reorganization
Co.—Weekly Output—
of the Commonwealth Edison Co. group (inter¬
company sales deducted) for the week ended Dec. 10,*1938 was 146,447,000
kilowatt-hours compared with 138,644,000 kilowatt^hours in the corre¬
sponding period last year, an increase of 5.6%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
—Kilowatt-Hour Output■—
%
Week Ended—
1938
1937
Increase
Dec. 10—-146,447,000 138,644,000
5.6
Dec.
3
-• 145,607,000
137,929,000
5.6
Nov.*26
136,265,000 127,068,000
7.2,
Nov. 19
142,706,000 140,401,000
1.6
—V. 147, p. 3607.
The electricity output
,
Dec.
by said minority stockholders.
owned
Corp.
Options—
that
The
Credit
Universal
Asserting that something must be done soon or the country
The
Stock
stock (no par) on
each
least $10,000,000.
in
York
common
Since May 25, 1933, the corporation has owned all of the outstanding
preferred stock and 70% of the outstanding common stock of Universal
Credit Corp., acquired by it for cash.
Since such date, Universal Credit
Corp. has functioned as a subsidiary of the corporation.
For the purpose
of acquiring the outstanding minority interest of said Universal Credit
Corp., the corporation proposes to enter into agreements with the other
stockholders of Universal Credit Corp. pursuant to which such stockholders
severally agree, to sell and deliver to the corporation an aggregate of 40,000
shares of common stock of Universal Credit Corp., being all the outstanding
common stock not now owned by the corporation, in consideration of an
aggregate of 200,000 shares of common stock of the corporation, $1,500,000
in cash, and options to purchase at any time within five years after the
closing date specified in said agreements a total of 50,000 shares of common
stock at $32 per share.
The agreements with the minority stockholders of
Universal Credit Corp. are to provide that the purchase by the corporation
of the shares of common stock of Universal Credit Corp. deliverable under
»
made in any
New
shares.
proceeding under Section 77, he declared.
Mr. Johnston referred to studies made by the two committees indicating
that consolidation of the two roads would result in annual savings of at
of the Chicago &
Corp.—Listing &c.—
Investment Trust
Commercial
shares of
statute of
with Government
2085.
The
and stockholders of the Chicago & North Western
and Chicago Milwaukee St. Paul & Pacific railroads argued with bond¬
The
stock standing in the names of the voting
trustees, against which there are outstanding voting trust certificates that
have not been surrendered for exchange, this dividend will be paid to the
Chicago & North Western Ry.—Consolidation Urged by
Stockholder
3759
Chronicle
Molybdenum Co.—-Year-end Dividend—-
"
Consolidated Edison Co. of
New York,
Inc.—Weekly
Production—
Company announced production of the electric plants of its system for
the week ended Dec. 11 amounting to 147,200,000 kilowatt hours compared
with 139,700,000 kilowatt hours for the corresponding week of 1937, an
increase of 5.3%.—V, 147, p. 3452.
Continental Gas & Electric Corp. (&
Subs.f—Earnings
31—
1938
of sub. cos. (after eliminating
intercompany transfers).-.— —
--$37,082,162
12 Months Ended Oct.
Gross oper. earnings
General operating expensesMaintenance-
„
"-
---------
Provision for depreciation
General taxes & est.
.
—-
Federal income taxesrt
;
.
>•
—
•
-—
s
1937
$37,058,769
13,671,051 14,219,577
1'no^'ofo
]'oqo'o?o
4,986,242
4,930,212
4,417,058
4,554,613
7
.
'
1
■
1'1
declared a year-end dividend of $1 per share in ad¬
dition to the regular quarterly dividend of 30 cents per share on the common
stock, no par value, both payable Dec. 23 to holders of record Dec. 16.
Year-end dividend of 50 cents was paid on Dec. 23, 1937.—V. 147, p. 3606.
.$11,087,609 $11,640,598
Nonoperatirig income of subsidiary companies.--.- Dr480,813
Cr598,551
biock of 11,200 shares of
common stock was sold over the counter after the close of
the market Dec. 14 at 131% plus an amount equal to
Stock Exchange commissions of 26 cents per share by Union
Securities Corp.—V. 147, p. 3155.
Int., amortiz. & pref. divs.
The directors have
Coca-Cola Co.—Stock Sold—A
Coca-Cola Bottling Corp.
The directors
have declared an extra
(Del.)—Extra Dividend—
dividend of $1.25 per share in addi¬
share on the class A
payable Dec. 30 to holders of
Similar distributions were made on Oct. 1 last, Dec. 24
and on Dec. 28 and Oct. 1,1936.—V. 147, p. 1770.
tion to tjie regular quarterly dividend of 62 %
and class B common stocks, no par value, all
record Dec.
15.
andOct. 1,1937,
Coleman Lamp & Stove
cents per
Co.—Dividends Resumed—
dividend of $1.50 per share on the common
payable Dec. 22 to holders of record Dec. 17. This
compares with a dividend of $1.75 paid on Dec. 28, 1937, and regular quar¬
terly dividend of 25 cents paid on Oct. 15, 1937.—V. 147, p. 2241.
Directors
have declared a
stock, no par value,
Columbia Oil & Gasoline Corp.—Dividends—
have declared a dividend of 15 cents per share on
The board of directors
company's common stock, in addition to dividends amounting to $750,524
on the preferred stock pursuant to preferential and participating rights.
These dividends are payable Dec. 28, to holders of record at the close of
business Dec. 20.
Net earnings from opers.
of sub. companies
companies
—$11,506,795
of sub. cos. -------- „ 4,661,481
$12,239,150
$6,845,315
$7,529,448
16,209
18,456
$6,829,106
$7,510,992
Total income of subsidiary
Balance
Proportion of earnings,
stock.
—
- —
-
.
attributable to min. com.
-
-
Equity of Continental Gas & Electric Corp.
earnings of subsidiary companies.
—
Income of Continental Gas & Elec. Corp. (excl.
income received from subsidiaries)
in
4,709,701
^
of
49,9oU
bb.Jio
$6,879,055
$7,577,307
123,093
110,760
—
$6,733,144
$7,462,397
Holding company deductions—
Interest on 5% debentures, due 1958—
Amortization of debenture discount and expense-
2'^1o'1aa
Total
—
-
Expenses of Continental Gas & Electric Corp._--Taxes of Continental Gas & Electric Corp
Balance.
-
Taxes on debenture
-
interest —
consolidated surplus.. —.
prior preference stock
Balance.
---
162,o06
164,172
39,226
$3,955,835
1,320,053
$4,659,005
®i2.2y
a>io.o/
l,32u,U53
-
Earnings per share
—V. 147, p.
„
4,151
39,517
—
Balance transferred to
Dividends on
22,818
3156.
3760
Financial
Chronicle
Consolidation Coal Co.-— lenders—
paid
147, p. 3156.
a dividend of 25 cents per share on the common
A dividend of 50 cents
paid on July 1, last and one of 65 cents per share was distributed on
Dec. 24, 1937.—V. 147, p. 2389.
Directors have declared
m Period End. Oct. 31—
Net income
x
was
x
Co.—Personnel—
$47,032
Byron T. Shutz, C. N. Seidlitz, C. E. Lombardi and J. Gates Williams.
Immediately following the stockholders' meeting, a directors' meeting
held, at which T. L. Evans was again elected President; C. C. Payne,
Vice-President; H. I. Schwimmer, Secretary; J. H. Schuler, Treasurer;
J. Dora, Assistant Secretary and J.kE. Mitchell, Assistant Treasurer.
V. 147, p. 3607.
was
Dennison
10 Mos.
special dividend of 45 cents per share on
payable Dec. 21 to holders of record
Dec. 14.
A regular quarterly dividend of 30 cents per share was paid on
Nov. 30, last.
A special dividend of 95 cents was distributed on Dec. 21,
1937.—V. 145. p. 3815.
a
495,000
Finance note
Trade
rec..
the
on
on
Dec. 8 declared
stock,
common
an
payable Dec.
Earnings per share on common stock
147, p. 2713.
$0.34
_
—V.
$
to
315,000
20,000
552,000
est. accr. exps_.
563,000
3,149,000
179,000
187", 000
181,000
181,000
8,580,000
8,580,000
829,000
868,000
10,545,000
10,207,000
b
Capital stock
Estimated
equipment
3,947,000
surplus
3,994,000
1,020,000
79,000
1,027,000
patents,
trademarks,
Ac,
Deferred charges..
$5,924
*
payable
bank..
2,685,000
Real est., mach. &
Total
a
__j—
Notes
Dividend payable.
Min. int. In subs..
Investments, Ac..
Earnings for 5 Months Ended Nov. 30, 1938
June 30
$
988,000
ma¬
terials (est.)
Goodwill,
6 Mos.
Oct. 31
Accts. payable and
2,052,000
accts.rec., net..
initial dividend of 15 cents per share
20 to holders of record Dec. 15.
Net income after all charges
599,000
and
notes
10 Mos.
Liabilities—
$
100,000
(net)
Crystalite Products Co.—Initial Common Dividend—
Directors have
6 Mos.
Jnue 30
S
Cash;
Corp.—Special Div.
stock
common
1937
$88,000 prf$470,000
314,000
Oct. 31
Assets—
Merchandise &
B
1938
.
aEstim'd Comparative Balance Sheet 1938 (In Nearest Even Thousand Dollars)
Forster, Inc.—Special Dividend—
a special dividend of 50 cents per share on
stock, par $10, payable Dec. 24 to holders of record Dec. 14,
and a regular quarterly dividend of 25 cents per share payable Jan. 14 to
holders of record Jan. 4- A special dividend of 75 cents was paid on Dec. 24,
1937, one of 45 cents was paid on Dec. 24, 19.36; one of 20 cents was paid on
Dec. 20, 1935 and one or 15 cents per share was distributed on Dec. 24,
1934.—V. 145, p. 3815.
and
$191,854
Mfg. Co. (& Subs.)—Earrings—
10 Months Ended Oct. 31—
Loss (est J after all charges.
Dividends on debenture stock
common
The directors have declared
$12,925
Pay Common Dividend—
The directors have declared
the class A
1938—9 A/os.—1937
$78,260
Directors have declared a dividend of 20 cents per share on the common
stock, par $1, payable Jan. 1 to holders of record Dec. 15.
This compares
with 10 cents paid on April 1, last, and previously regular
quarterly divi¬
dends of 20 cents per share were distributed.—V. 147,
p. 2087.
At the annual meeting of stockholders held Dec. 12, the following directors
were elected
to serve for the ensuing year:
T. L. Evans, C. C. Payne,
Crum & Forster Insurance Shares
1938—3 Mos.—1937
Before taxes.
To
Crum &
Dec. 24, 1936.—V. 147, p. 3157.
on
H Dejay Stores, Inc. (& Subs.)—Earnings—
stock, payable Dec. 28 to holders of record Dec. 15.
the
1938
compares with 35 cents paid on Sept. 24, last; 20 cents paid on June 25
on March 25, last; a dividend of $1 paid on Dec. 24, 1937; an extra divi¬
dend of 25 cents per share in addition to a regular quarterly dividend of
25 cents paid on Sept. 25, 1937, and an extra dividend of 50 cents per share
Crandall-McKenzie & Henderson, Inc.—25-cent Div.—
Crown Drug
17,
and
The Baltimore National Bank, Baltimore,
Md., will until 2 p. m.,
Dec. 27 receive bids for the sale to it of suffidient 25-year 5% sinking fund
bonds due July 1, 1960 to exhaust the sum of $106,752 at prices not exceed¬
ing redemption price.—V.
Dec.
....
165,000
10,545,000
169,000
10,20? ,0001
Total,
Unaudited figures prepared from books without verfication by physical
inventory,
b Capital stock (net outstanding, exclusive of treasury stock):
Debenture, $3,929,000; preferred, $2,563,000; class A, $915,000; manage¬
ment, $787,000; employee, $254,000; interim optional receipts, $132,000.
—V. 147, p. 1336.
Cuban American Sugar Co.—Accumulated Dividend—
The directors have declared
accumulations
the 7%
a
dividend of $2 per share
preferred stock,
on
account
was
Cunninghaiji Drug Stores, Inc.-—25-cent Dividend—
Directors have declared
dividend of 25 cents per share on the common
a
stock, payable Jan. 20 to holders of record Jan. 5.
Like amount was paid
on Sept. 27
and on July 27, last and previously quarterly dividends of
37Yi cents per share were distributed.'—V. 147, p
3454.
Davidson
Brothers, Inc.—Dividend Doubled—
Directors have declared
dividend of five cents per share on the common
A dividend of 2 Yz cents
a
stock, payable Dec. 29 to holders of record Dec. 22.
was
paid
on
—V. 146, p.
April 30, last, and
2689.
Davison Chemical
of 7H cents was paid
one
on
Jan. 31, 1938.
Records, Inc.
1937
1936
$1,776,043
1,076,299
496,520
16,928
$1,102,701'
378,523
14,581
$494,533
392,224
312,140
9,838
31,811
13,802
2,763
486
$299,264
$172,494
1935
/
Gross sales
(less returns
and allowances)_
$2,462,505
1,438,259
Selling, gen. & adm. exp.
671,803
Provision for doprec
21,367
Taxes (other than excise
_
,
717.167
Net operating income
Poyalties earned.
I&220.156
t$l0,333
35,249
Gross income..:
Int. on long-term debt..
20.907
9,688
2.308
$334,514
$193,401
12,500
t$645
15,000
t$217,848
19,522
1,340
16,890
26,936
5,153
3,744
8,516
15,679
133,737
t$80,333
def397,178
t$397,178
12,500
Interest
on indebtedness
to affiliated company.
Other interest
J"~484
30,393
2,062
Cash discount......
40,081
27.213
40,988
Development
expense.
for Fed. taxes
_
on
income..
37,650
Net income
a
Bal. at beginning of year
Deficit charged to capital
surplus, as authorized
by boafd of directors.
—.—i
$207,122
$80,245
164
274
,
$80,519
198,153
$9,134
$0.58
t Loss,
y Representing deficit
shown by the books at that date.
$274
$164
$0.22
from
$274
t$397,178
def$397,178
Nil
operations
to
Nil
Aug.
31,
1936,
as
'
During the year ended Aug. 31, 1937, Decca Records, Inc. changed its
policy of outright sales to its subsidiary to one of delivering records on a
consigned basis.
This change, while it did not affect the profits on a con¬
solidated
basis (inter-company profits on
inventory were at all times
substantially reduced the profits of the parent company.
Since consolidated returns were not
permitted, the company's income tax
returns showed no taxable income for the
year ended Aug. 31, 1937 despite
a consolidated
profit of $80,244.
eliminated),
Consolidated Balance Sheet Aug. 31, 1938
Assets—
x
Utility
Incomefrom utility operations.
Other miscellaneous income
1937
1938
'
.$54,740,004 $59,062,326
41,447,415
expenses.___.__
42,799,490
$13,292,589 $16,262,836
Drl7,701
118,889
x
_,
J
Gross corporate income
Interest on funded and unfunded debt
$13,274,888 $16,381,724
5,839,447
5,742,859
Cr127,963
273 ,556
268,690
Interest charged to construction.
Amortization of debt discount and expense
$7,289,849 $10,370,176
Including all operating and maintenance charges, current appropriations,
___
to retirement reserves and accruals for all taxes.
$27,593
x235,434
Inventories
230,770
company)
Trade accounts payable
Accrued liabilities, incl.
$139,291
pub¬
5,886
cur¬
account
lishers'
85,288
ties, divs. and interest
Miscell. accounts receivable.
The Decca Record Co., Ltd.
14,914
royalties
Due to officer and employees
Tax withheld on foreign royal¬
12,735
Prov. for Fed. taxes
16,546
current
1,819
Plant and equipment
Catalog—artists' fees and
1936)
income
37,650
190,740
9,134
...
cost
Total....
103,932
$834,3911
of $13,908.
Deisel-Wemmer-Gilbert
The directors have declared
$834,391
depreciation of $62,714.
Dixie Home Stores—Extra Dividend—
'
The directors have declared an extra dividend of 15 cents
per
share in
addition to a quarterly dividend of like amount on the common stock.
The extra dividend win be paid on Dec. 22 to holders of record Dec. 15
and the regular quarterly distribution will be made on Jan. 14 to holders of
record Jan. 5—V. 147, p. 2390.
t
Domestic Finance
Corp.—Preferred Stock Offered—Smith,
Burris & Co. of Chicago, New York, and Los Angeles,
announced Dec. 14 the completion of the distribution of
74,148 shares (no par) cumulative preference stock at
$28.50 per share.
.
'
was
from such merger.
.
Corporation owns and operates, through wholly owned subsidiaries, loan
companies organized and (or) operating under the Uniform Small Loan
Laws of various States.
The following is a list of such subsidiaries: Domestic
Finance Corp. (Ind.); Domestic Finance Corp. of Md. (Del.) formerly
First Industrial Bankers, Inc. (Del.); Domestic Finance Corp. of New
York; Domestic Finance Corp. (Va.), formerly American Small Loan Co.
of Virginia, Inc.; Illinois Domestic Finance
Corp.; Domco, Inc. (Minn.),
formerly Industrial Loan & Thrift Corp. (now in process of liquidation).
The principal business of these subsidiaries is the making of small loans,
limited by law to a maximum of $300 and generaUy repayable in
monthly
instalments.
On this class of loans the laws of the various States in which
the issuer and its subsidiaries do business, fix
a maximum rate of interest,
than the legal interest rate provided for other trans¬
operating subsidiaries of Domestic Finance Corp. are licensed
by the States in which they do business, and are subject to supervision of
and periodical examination
by the State regulatory bodies provided by the
various laws.
Operations are carried on exclusively in States where Small
substantially higher
actions.
The
are
in effect.
Capitalization
Cumulative preference stock (no par)
Common stock (no par)
Authorized
250,00 shs.
260,000 shs.
Outstanding
143,663 shs.
210,000 shs.
Purpose—Net proceeds will be used by the company to augment its
working capital.
A statement of
earnings and balance sheet covering the six months
ended Sept. 30,1938 was given in V. 147, p. 3012; V. 147, p. 3158.
Dominguez Oil Fields Co.—Final Dividend—
Directors have declared a final dividend of $1.75 per share on the common
stock, no par value payable Dec. 23 to holders of record Dec. 16.
A
regular monthly dividend of 25 cents per share was paid on Nov. 30, last.
An extra dividend of $1.75 per share was distributed on Dec. 20, 1937.
—V. 147, p. 3157.
Co.—To Pay $1.50
Preferred Dividend—
a dividend of $1.50 per share on the first pre¬
payable Dec. 22 to holders of record Dec. 12.
This
paid since Nov., 15, 1930 and after the current
on the preferred stock will amount to $46.50 per share.
Trustees have declared
ferred stock, series A,
Corp.—Larger Dividend—
a dividend of 50 cents
per share on the com¬
stock, par $10, payable Dec. 24 to holders of record Dec. 16.
This
Trading—
Registration of 421,259 shares of common stock, par $2 became effective
was admitted to trading on the
Chicago Stock Exchange Dec. 9.
—V. 147, p. 3012.
and stock
Eastern Massachusetts Street Ry.
Total.
y After reserve for
—V. 147, p. 3307.
dividends of $1 per share were distributed.
In addition, an extra dividend
of $1 was paid on
July 15 and Jan. 15, 1937 and 1936.
—V. 147, p. 3157.
356,325
...
yl99,677
of recording master records
for original catalog
reserve
on
Capital stock (par $1)
deposits
1,050
Paid-in and capital surplus..
Earned surplus (since Sept. 1,
Prepaid expenses, ad vs. and
Miscell. accountsreceiv.—not
Directors have declared a final dividend of $2 per share on the capital
stock, par $100. payable Jan. 16 to holders of record Dec. 27.
This com¬
pares with $1 paid on Oct. 15, last; $2 paid on July 15, last; $1 paid on
April 15, last; $2 paid on Jan. 15, 1938 and previously regular quarterly
Loan Laws
LiaMlities-
Cash in banks and on hand..
Trade accounts receivable
/
Subs.)—Earnings—
incorp. in Delaware, April 11, 1930. On Aug. 14, 1930company was merged and consolidated with First Industrial Bankers, Inc.
(Del.) incorp. Jan. 9, 1929, under an agreement of merger and consolida¬
tion whereby Domestic Finance Corp. remained as the
corporation resulting
80,355
Balance at close of year
Earns, per sh. on cap.stk.
mon
Detroit Edison Co. (&
12 Months Ended Nov. 30-—
Gross earnings from utility operations
Corporation
y477,785
$207,286
Divs. paid or payable in
cash
After
1947
2527.
Diamond T Motor Car Co.—Admitted to
taxes and Fed. taxes on
income)
x
p.
x
Sub.)—Earnings
1938
Cost of sales
rent
from Curb—
company's 1st mortgage gold bonds, series A, 6% due July 1,
Final Dividend—
Decca
Years End. Aug. 31—
(affiliated
The
and the 1st mortgage gold bonds, series B, 5% due Oct. 1, 1950 have been
removed from unlisted trading on the New York Curb Exchange.—V. 147.
Net income
Corp.—Option Exercised—:
Corporation reports the exercise of option by Chester F. Hockley, Presi¬
dent, to the extent of 894 shares of $5 per share.—V. 147, p. 1637.
Pro v.
Detroit City Gas Co.—Bonds Removed
of
par
A dividend of $8
$100, payable Dec. 28 to
last paid on Sept. 15, 1937
and dividends of $2.50 were paid on Aug. 16, July 15, June 15 and May 15
1937, this latter being the first dividend paid by the company on the pref.„
stock since Jan, 2, 1929, when a regular quarterly dividend of $1.75 per
share was distributed.—V. 146, p. 274.
on
holders of record Dec. 17.
will be the first dividend
dividend arrearages
—V. 147, p. 3455.
i
Volume
Financial
147
Ebasco Services,
European Electric Corp., Ltd.—Interim Dividend—
Inc.—Weekly Input—
An interim dividend for the fiscal year 1938 of 30 cents a share has been
on each share of class A and B common stock, payable in American
For the week ended Dec. 8, 1938 the kilowatt-hour system Input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
declared
Dec. 12. In
the dividend
payable in Italian currency at 6.30 lire per share.
The coupon on bearer share warrants is payable at the City Bank Farmers
Trust Co., 22 William Street, New York, and National Trust Co., Ltd.,
Montreal.—V. 147, p. 2682.
Dec. 19, to holders of record at the close of business
the case of shares held by Italian stockholders residing in Italy,
money on
compared with the corresponding week during 1937, was as follows:
Increase
Operating Subsidiaries of—
1938
—V.
147,
p.
55,814,000
80,298,000
is
"~~m
Amount
P.C.
6,090,000
3,897,000
3,276,000
1937
108,327,000
51,917,000
77,022,000
American Power £ Light Co.-.114,417,000
Electric Power & Light Corp—
National Power & Light Co
3761
Chronicle
7.5
4.3
6.6
Fafnir Bearing
3609.
Co.—$2 Dividend—
Directors have declared
Ecuadorian
Corp .—Extra Dividend—
Directors have declared
extra dividend of one cent per
an
tion to the regular dividend of three cents per
both payable Jan. 1 to holders of record Dec.
Edison Bros. Stores,
Company
employees
share on the ordinary
15.—V. 143, p. 3998.
stock
1938—11 Mos —1937
$21,615,008 $21,380,159
will distribute Christmas bonus checks totaling
Dec. 15, it was announced.
$50,000 to
on
Extra Dividend—share on the
27 to holders of record Dec. 19.
Regular
quarterly dividend of 25 cents per share which had been previously declared
was paid on Dec. 15.—V. 147, p. 3012.
Directors have declared
stock, payable
common
extra dividend of 25 cents per
an
Dec.
Electric Auto-Lite Co.-—Dividend Doubled—
The
have
directors
declared
a
dividend of 50
cents
per
stock, par $5, payable Dec. 23 to holders of
compares with 25 cents paid on Oct. 1 and on April
Dec. 27, 1937; 80 cents paid on Oct.l and July 1,
El Paso Electric Co.
(Del.) (& Subs.)—Earnings—
(Texas)
1938—12 Mos.—1937
Earnings of El Paso Electric Co.
Period End. Oct. 31—
1938—Month—1937
$2,900,278
1,190.466
13,456
28,206
14,780
25,859
184,236
337,222
181,113
320,782
$113,664
Dr4,593
$103,840
Dr5,087
$1,188,354
Dr55,507
$1,119,213
Dr20,198
$109,071
36,103
$98,753
36,111
$1,132,847
436,609
$1,099,015
436,382
$72,967
$62,642
$696,238
$662,633
Maintenance
Taxes
Net oper. revenues
Non-oper. income (net)_
Balance
Int. & amortiz. (public).
Balance-
Interest
(El
,
$2,840,544
1,219,435
102,332
$248,237
103,757
$257,658
Operating revenues
Operation....
Elec.
Paso
2,083
2,083
25,000
25,000
$70,884
$60,559
$671,238
333,789
$337,449
46,710
$308,746
46,710
$290,739
(Del.)
1938
$290,739
$262,036
25,000
86,818
—14
77.695
$402,571
$364,732
Preferred dividend requirements (public)
applicable to El Paso El. Co. (Del.)..
Earnings of El Paso Electric Co
12 Months Ended Oct. 31—
,
Earnings of El Paso Electric Co. (Texas)
earnings
.
...
Note interest deducted from above
Earnings of other subsidiary companies
to El Paso Electric Co. (Del.)
Total
Expenses, taxes and interest.
;
Preferred dividend requirements
...
1937
^
$189,819
Note—Effective Jan. 1, 1937, the subsidiary companies
Gas
Bank
Co.—$6,000,000
Loan
Bonds
Obtained—Paul
Placed
Kayser,
President, announced Dec. 15 that the company has sold,
at private sale, to a group of insurance companies and one
educational institution, a new issue of $6,000,000 first mtge.
bonds, 3K% series, due 1953, and has obtained a loan of
$4,000,000 from the Chase National Bank, New York,
represented by serial notes falling due over a period of,
the proceeds of which are being applied to the
redemption of ail company's presently outstanding first
mortgage bonds and convertible debentures and the pay¬
ment of its existing bank loans in the amount of $600,000.
The balance of the proceeds is available for other corporate
seven
years,
purposes.
4
bonds and debentures of the company
are called for payment Jan. 16, 1939.
The bonds consist of $6,809,000 first
mortgage bonds, series A, 4H%, due June 1, 1951 and $1,145,000 of first
mortgage bonds, series B, 4%, due June 1, 1952. The series A bonds will be
redeemed at 105 and interest and the series B bonds at 102 and interest,
both at office of Chase National Bank, 11 Broad St., New York. :
The debentures called on Jan. 16, 1939 are the 4%% convertible de¬
bentures of the company, dated June 1, 1936, due June 1, 1946.
Of this
issue there is outstanding only $65,000 face amount.
These debentures may
be converted on or before Jan. 6, 1939 into common stock of the company at
a price of approximately $17.55 per share (57 shares per $1,000 debenture)
After that date the conversion privilege ceases.
Debentures will be paid
at office of Manufacturers Trust Co., 55 Broad St., New York at 104
and interest.
Under
securing the new bonds, no sinking
for the first 1 y2 years.
The new serial notes provide for
months at a rate to retire the total issue by the end of
the terms of the indenture
payments each six
geVen ycstrs.
The entire Indebtedness of $10,000,000, consisting of $6,000,000 new
bonds and $4,000,000 serial bank notes, is so arranged that the company pays
approximately $422,000 each six months for the account of interest and
principal payments to retire the indebtedness by the last maturity 15 years
from date.—V. 147, p. 3609.
Emerson Drug
The
directors
class A and class
Co.—Dividend Increased—
declared a dividend of 50 cents per share on the
B common stocks, payable Dec. 20 to holders of record
have
This compares with 40 cents paid on Oct. 1, July 1 and April 1,
last* 50 cents paid in each of the three preceding quarters and previously
auarterly dividends of 40 cents per share were distributed.
In addition
an extra dividend of 40 cents was paid on Dec. 18, 1936.—V. 146, p. 2040.
Dec. 8.
Equity Shares,
Directors
common
stock.
Purpose—The 50,000 shares of preferred stock, series A, offered by Bodell
Co. represent new financing
by the company.
Net proceeds are to be
used to the extent required to liquidate short-term indebtedness (bank
loans made within one year) and the balance will be advanced to the whollyowned subsidiary companies of the company to be used in making loans to
the borrowing public.
History—Company was incorp. in Delaware May 2, 1927.
The business
of the company and its wholly-owned subsidiaries is that of extending loans
of money to persons who usually are without bank credit.
The principal
&
J>roperties of the company and its subsidiaries consists of balances bills on
due of
accounts secured by chattel mortgages, wage assignments,
oan
sale, &c.
Capitalization—Capitalization of the company
follows:
on
June 30, 1938, was as
..
Title of Issue—
Outstanding
Authorized
Participating preference stock (no par; stated
value $40.25; $3.50 cumulative)
.•
50,000 shs.
Common stock (no par; stated value $1.83 1-3)-.300,000 shs.
50,000 shs.
300,000 shs.
On
Sept. 14, 1938 the certificate of incorporation was amended in various
respects, among others by (1) authorizing 200,000 shares of preferred stock
issuable in series, and (2) increasing the authorized amount of common
stock to 650,000 shares.
Inc.—Liquidating Dividend—
have declared a liquidating
dividend of 60 cents per share,
payable Dec. 23 to holders of record Dec. 14.
L
1J?
On the same date the company wall distribute its holdings in Case,
Pomeroy Co., Inc., Stokely Bros. & Co., Inc., and International MercantUe Marine.
An initial liquidating dividend of $1 was paid on Nov. 29 last,—V. 147,
p. 3158.
The capital stock to
be offered is
as
follows:
Authorized
Prefer red stock series A (no par; stated value $2 0; $ 1.50 cum.)
Common stock (no par; stated value $1.83 1-3)
Of which 50,000 shs. for sale, and
x
75,000 shs.
as
_
x200,000 shs.
y650,000 shs.
part of units to be
offered for exchange to holders of participating preference
stock.
Of which 100,000 shs. as part of units to be offered for exchange to
holders of participating preference stock and 156,250 shs. for conversion of
preferred stock, series A, and 300,000 outstanding.—V. 147, p. 3013.
y
Famous Players
Canadian Corp., Ltd.—Extra Dividend
Directors have declared
an
extra dividend of 20 cents in addition to the
regular quarterly dividend of 15 cents per share on the common stock, no
par value, both payable Dec. 22 to holders of record Dec. 16.
See also
V. 147,p. 1924.
Farr
Alpaca Co.-1—To Liquidate—
an adjourned special meeting held Dec. 8 accepted report
special committee recommending liquidation of the company an
voted 108,114 shares in favor and 1,987 against.—V. 147, p. 2683.
Stockholders at
of
a
Fidelio Brewery,
Inc.—Change in Stock Ownership—New
Directors—
Birrell has purchased from the estate of Norman S. Goldshares, (about 25H%) of the outstanding stock of the
Chairman Edgar H. Stone stated in his annual report to stock¬
holders.
Upon the sale of this stock, he said, Mrs. Adele Trounstine, the
former Mrs. Adele Goldberger, resigned as a director.
The board has been increased to seven members from five and the follow¬
ing new directors have been elected:
Lowell M. Birrell, attorney; Roy C.
Davenport, associated with Albert B. Ashforth, Inc., and W. L. Adams, of
Lowell
M.
300,000
berger
company,
L. Adams & Co.
Since the close of its fiscal year, Sept. 30, last, company has practically
eliminated the old style (export type) bottle from circulation in favor of the
new "steinie" bottle.
Last year there was invested about $152,000 in these
new
bottles
and
boxes,
in
kegs,
and in
additions to
and remodeling of
building and machinery,
"Based
on
the estimated average cost for the current
year," Chairman
Stone said, "the results for October, 1938, reflected a profit in excess
$5,000 before depreciation."—V. 145, p. 4117.
of
Fidelity Investment Association-—Accused of Fraud in
SEC
Injunction Action—
The New York "Times" Dec.
.
All of the presently outstanding
fund is required
3013.)
underwriter has also underwritten the exchange plan to a certain
The underwriter proposes to offer for sale all or part of the shares
comprising the units received or to be received by them pursuant to such
underwriting, either as units or separately, in either case on a basis of $23.50
per share for the preferred stock, series A, and $16.50 per share for the
The
extent.
21,186
$343,545
182,972
$372,791.
.182,972
$160,573
adopted the new
system of accounts prescribed by the Federal Power Commission, hence the
above 12 months' figures are not exactly comparative.—V. 147, p. 3609.
Balance for common dividends and surplus
Privately—$4,000,000
Offering by Company Pursuant to Exchange Plan—Company is offering..
50,000 units, each consisting of iyj shares of preferred stock, series A, and
common stock, to holders of its 50,000 shares of participating
preference stock in exchange therefor at the rate of one unit for each share
of participating preference stock surrendered for exchange.
The exchange
offer will expire at 12 noon Dec. 31, 1938.
(For further details see V. 147,
$262,036
29,780
"...
~
Balance
Natural
Inc.—Preferred
Society,
2 shares of
applicable
Miscellaneous revenue—
Paso
to carry
25,000
Balance
El
Stock Offered—pref. stock,
Bodell & Co. at $23.50 flat,
the full dividend payable Jan. 1.
Loan
An issue of 50,000 shares of $1.50 cum. conv.
328,887
Appropriations for retirement reserve
Balance
6.
Dividends of $1 per
preceding quarters and
dividend of $2 per share were distributed.
series A, was offered Dec. 8 by
$637,633
Co., Del.
Balance
dividend of $2 per share on the common stock,
p.
share on the
record Dec. 20. This
1 last; 40 cents paid on
1937; 60 cents paid on
April 1, 1937, and Dec. 21 and Oct.15, 1936, and with 30 cents per share
paid each three months from Oct. 1, 1935, to and incl. July 1, 1936.. The
Oct. 1, 1935, dividend was the first paid since Jan. 2, 1933, when a similar
distribution was made.
In addition, an extra dividend of 50 cents per share
was paid on Aug. 15, 1936.—V. 147, p. 3158.
common
a
previously regular quarterly
—V. 147, p. 419.
Family
Inc.—Sales—
1938—Month—1937
$1,789,975
$1,721,234
Period Ended Nov. 30—
Sales.
share in addi¬
par $25 payable Dec. 15 to holders of record Dec.
share were paid on Sept. 30, last, and in the two
The
Securities and Exchange
15 had the following:
Commission asked Federal District Judge
Edward J. Moinet in Detroit today (Dec. 14) to enjoin the
which has sold more than $600,000,000 in securities to the
Association,
public, from
engaging in allegedly fraudulent practices.
The firm has offices in Detroit and in 57 other cities throughout the
country,
under its
agency
division, or its wholly-owned subsidiary, the
Inc., the bill of conplaint said.
Its main
Va. The company Is an Investment loan associa¬
which sells investment certificates and bonds on a deferred payment
Fidel Association of New York,
office is at Wheeling, W.
tion
plan.
■
The bill of
complaint accused it of engaging in A scheme to defraud about
investors with whom it had outstanding last June 30 contract
of $276,223,450.
John T. Callahan, assistant to the General Counsel of the Securities and
Exchange Commission, and Edward C. Jaegerman of SEC counsel, filed
the complaint.
Judge Moinet signed an order to show cause, returnable Dec. 19 for
argument on a temporary injunction.
The SEC bill of complaint, which asked a permanent injunction, alleged
that the firm "has and is engaged in transactions, practices and courses
of business which operate, would operate and did operate as a fraud and
60,000
certificates for a total face value
deceit" upon its securities purchasers.
The SEC also alleged that the company
property by means of untrue statements
state material facts."—V. 144, p. 935.
Fiscal Fund,
had "obtained money and
of material facts and omission to
Inc.—Moves for Mutual, Investment Listing—
has sent a special notice to holders of Bank Stock Series
Series announcing its intention of trying to qualify as
a "mutual investment company" under the Federal Revenue Act of 1938,
"in order to obtain the most favorable tax status for its beneficial shares
afforded companies of this type.
Stockholders are asked to fill out forms
The company
and Insurance Stock
evidencing actual ownership of shares at the close of business on Dec. 1
under United States Treasury Department regulations.
Bank Stock Series reports total market value of $667,547 for investments,
$522 cash, and $389 net income as of Nov. 30, 1938, wheiF290,394 bene¬
ficial shares were outstanding.
Insurance Stock Series reports total market value of $1,580,296 for
invested assets, $8,034 cash and $380 net income as of Nov. 30, when
477,362 beneficial shares were outstanding.—V. 147, p. 3457.
3762
Financial
First Secuiity Corp. of
Interest received
Assets—
on
(Company Only)
1937
608
charged off assets
1,167
Total
income
$321.699
$321
$227,310
3,662
778
512
11,083
9,491
1,318
10,746
2,318
Stock register fees
1,114
49,107
1,773
Arbitrary net transfer to
contingency
...
reserve
30,000
Dividends paid
$199,263
245,519
Balance Sheet
1938
Cash in banks
27,804
Bonds.
a
Liabilities—
b Stocks
$167,855
14,866
Class A
175,657
204,248
_c2,984,735
2,984,455
Cash
9,111
80,000
45,000
Customers' dep. on
11,898
x
$1,240,879 $1,223,8571
y
After
ou
the
record of previous
1938
Interest received....
$2,055,330
.540,774
—
Other income
Total income
—
Operating expenses
Interest paid
- _,—
_!
...
1936
$2,127,064
474,541
$2,125,169
449,793
$2,596,104
1,423,873
379,285
*
1937
$2,601,605
1,447,858
408,164
$2,574,962
1,324,201
461,877
$745,583
$792,946
255,807
Net profit on bond sales
Losses in excess of recoveries and
489,749
$788,883
222,038
.
Total.
11,918
$1,111,622
...
104,177
$1,131,156
$999,003
dividend payments.—V. 147,
269.340
228,462
152,008
$902,694
Depreciation.
Net operating profit..
not
a
Condensed Consolidated Balance Sheet
1938
Cash..
U. S.
a
S
&
securities
Deposit
c
Custs.
Other
Cash
surr.
Refinancing
667,180
678,916
226,216
178,296
examiners
as
Balance, Sept. 30
Earnings
2,468,770
y
69,970,380
71,783,558
or
"loss."
d At
par
Under by-law the additional stock will be sold for a con¬
sideration not exceeding $1,000,000.
It is understood that capital obtained
by sale of proposed additional
100,000 shares will be used for plant expansion at Fort Erie, Ont.
Ex¬
pansion is thought advisable in view of current and pending British orders
for aircraft.
It is stated, however, that
company does not plan to sell all
additional 100,000 shares and directors have not yet decided how
p.
plant
expansion.—V.
144,
450.
Fort Pitt
Total income
Interest charges
1938
Depreciation
Other charges
1937
3,774,354
4,557,912
accts.
81,702
93,662
Net income
Total surplus.
Charges to surplus
surplus
1935
loss$70,740
2,824
$140,258
2,618
$122,795
10,085
$100,987
loss$67,916
3,685
5.661
62,598
4,042
$132,881
8,557"
5,781
46,513
12,165
$142,876
12,905
10,148
46,533
14,248
10,114
expenses
$503,771
for Fed.
come tax
773,580
209,142
463,295
in¬
—,—
Res. for pat. litig.
49,418
50,000
225,144
222,884
97,115
102,300
4,000,000
4,000,000
Earned surplus
rec.
5,821,337
2,454,782
2,371,709
Treasury stock
Z>r91,556
Res. for
em
pi. ben.
Def'd pay.for busi¬
177,361
172,884
3,027,520
34,361
3,368,353
Deferred income—
28,454
advance rentals.
187,733
175,140
ness
AYi%
acquired
cum.
others, less depr.
364,738
395,087
1,681,080
1,631,905
plant &
x
12,952
conv.
pref. stock..
Common stock..
5,820,908
Dr 91,556
x
13,269,155 13,726,071
Represented by shares having
$48,928
$61,317
282,953
a
Total..:..
$10
par
13,269,155 13,726,071
value,
y
After
reserve
for
bad debt of $377,068 in 1938 and $385,377 in 1937.—V. 147, p. 1035.
Franklin-Adams
Co.—Earnings—
6 Months Ended Oct. 31—
Net loss after all charges
—V.
145, P.
3817.
1938
Gatineau Power Co.
Period End.
$2,159,714
revenue
Other income.:
on
(& Subs.)—Earnings—
1938—3 Mos..—1937
Sept. 30—
Operating
Loss
33,510
4,644
exchange
Oper. admin. & general.
Maintenance
Taxes—incl.
prov.
Net income
&
$8,628,434
294
26,860
$.2,156,876
213,913
68,031
$8,758,657
$8,398,526
74,077
369
157,083
$8,472,234
924,175
275,288
826,459
245,366
,
92,017
427,014
y289,753
$7,110,655
$1,784,712
854,042
212,343
$ 1,782,915
858,380
274,723
$7,132,179
3,424,266
825,707
160,492
155,731
670,340
98,774
amortiz.
storage works.,
Amort, of disc't,
z
66,961
113,435
83,951
356,771
337,179
$459,060
459,060
Int.—bonds & prior liens
Int.—debs. & other
Deprec.
223,473
1938—12 Mos.—1937
$ 2,133,419
23,751
for
income taxes
x
1937
$24,497
$24,347
:
'
$410,128
467,717
$1,855,095
1,855,095
$1,445,380
1,777,460
3,441.746
1,214,785
of
-
671,565
prem.
Balance before divs
Before interest, depreciation and dividends, y After deducting $60,433
income taxes overprovided in prior years, z As adjusted to reflect the effect
x
of
8,675
$30,661
288,645
loss$94,417
384,208
340,651
950
9,762
$319,306
5,002
$289,791
1,146
$389,580
5,372
$344,270
3,619
$314,303
$288,645
$384,208
$340,651
$0.09
$0.16
Earns, per share on shs.
capital stock (par $1).
1937
Accts. pay. & accr.
Prov.
Balance beiore divs
1936
$93,070
7,916
Prov. for Fed. inc. taxes
Previous surplus
par.
$
Liabilities—
&
eqpt., less depr.
Brewing Co.—Earnings—
Uncoil. accts. charged off
Earned
contracts
& expense
Years End. Oct. 31—
Gross income from opers.
Other income
$5.08
b No
1938
?
Customers' notes
and advances...
par.
at present for
1937
3,302,672
$2,188,581
Ltd.—May Increase Capital—
Company has called a special general meeting of shareholders for Dec. 19
to approve by-law increasing authorized capital from lOO.OOO to
200,000
capital will be needed
$4.10
from leased machinery and processes,
$
Total._.'.u
,
new
bl92,222
$1.55
revenue
3,940,305
Sundry
2,631,953
Available for future market fluctuation of investments, none of which
now needed on basis of latest bank examination:
Minority interest,
$56,720; interest of First Security Corp. ($6.14 per share on outstanding A
and B stock), $1,515,743.
h 246,877 (246,002 in 1937) shares of a par
Value of $10 per share.—V. 146, p. 596.
of the
$2,075,725
384,444
$3.33
Consolidated Balance Sheet Sept. 30
g
much
$1,992,822
426,633
share
Assets—
are
no
$2,371,709
428,924
2,460,020
3,110,380
After depreciation as allowed by U. 8. Bureau of Internal Revenue,
f Bank and office building company, $550,000; companies liquidation (at
book value of First Security Corp.), $117,180 in 1938 and $128,916 in 1937.
shares
per
Including
a
246,994
e
Fleet Air Craft,
$2,454,782
and goodwill
stock..
"doubtful"*
Cr9,194
_
Pats., trade-marks
profits.
Total
Cr5,698
...
Com. shs. outst. $10 par
-value
Consol. surp. & un¬
divided
expenses
ating plant.
Property,
247,979
profits of subs..
common
1,155
26,034
Excess prov. of inc. tax
h Outstand. A & B
bank
conv.
book val. of non-oper¬
1,405,740
11,898
by
187,411
Excess of sell, price over
gl,572,463
13,400
classified
value,
$2,382,685
48,750
382,896
paid-in
Machin'y leased to
Burp. & undivid.
I..69,970,380 71,783,558
,435,689
78,417
826,589
1,239,500
Issued
a Market value. $19,146,888 in 1938 and
$21,766,908 in 1937). b Market
value $5,809,925 in 1938 and $6,609,825 in 1937).
c After elimination of
items
to
retire, of
on
Inventories
Min. int.in cap.stk
consolidated
Total
Transferred
1,113,500
64,006
of
!
29,966
125,000
Surrender value ol
274,347
$1,025,038
1,323,700
33,947
70,799
9,296
1,182,626
Other assets
180,000
586,658
Add! F. income tax....
Pat. of business acquired
7,976
1,142,944
stock
by banks
Other reserves
f Inv. in subs, not
c
$3,847,291
102,802
1,351,288
$1,359,965
2,075,725
year
life ins. policies.
70,798
val.
5,000
174,476
bonds retired
on
during
168,240
stk .issued by bks
Pref.
life insurance
$3,212,246
...
Prepaid expenses..
Security invest'ts.
5,000
Banking houses,
furnit. and flxt.
Prem.
279,645
5,000
_
Real estate
c
& other expenses
5,000
Res. for divs.on pf.
127,500
of
letters
Total surplus
accts. receivable
1-58,031
liabilities..
130,500
credit..
$1,854,469
1,992,822
Common dividends..
&
Letters of credit..
$1,308,190
108,676
$840,537
2,371,709
Preferred dividends
Cash
Res. for taxes, Int,
Bank....
$1,591,866
231,901
Net income
424,625
6,516,566
d Stk. in Fed. Res.
e
S
.60,587,308 63,337,170
...
60,776
55,553
Loans & dlscts..24,563,727 23,290,743
5,804,571
$2,303,218
c448,749
17,930-
Previous earned surplus.
loaned
on
bands
securities..
and
_
294,662
Miscellaneous credits
1937
$
Deposits
listed
Other invests, bds.
$1,297,204
•1938
1938
Liabilities—
18,756,374 18,162,760
bonds....18,534,115 21,504,471
b Munic.
$1,188,415
119,775
$2,075,472
227,746
Plant removal expense..
Sept. 30
1937
$
Assets—
$7,528,340
5,945,046
394,879
$1,016,063
157,595
Total income
Prov. for Federal taxes.
1935
$8,890,119
7,195,824
397,092
$756,966
259,097
Miscellaneous income
$846,995
include bank and office building subsidiaries, which are
self-sustaining basis; liquidating companies, the investment
of which is stated at $267,359 in 1938, $266,564 in 1937 and $266,559 in 1936,
less than present appraised value.
y Segregated as follows:
Div. on pref. stock of banks, $34,974 minority
int. (common stock of banks), 29,460 int. of First Security Corp. based on
percentage of stock ownership of subsidiaries at Sept. 30, 1938 ($3.15 per
share for the 246,877 shares A and B stock outstanding Sept. 30, 1938),
$777,848; total $842,282.
Does
$7,970,786 $11,964,199
6,817,665
9,468,500
396,155
420,228
Cost of sales &oper.exp.
Prem.
y$842,282
Net income after appropriations...
x
(& Subs.)—Earnings—
preferred stock
income, none of which is now needed
on basis of latest examinations
3308.
p.
surplus
Less arbitrary net transfer to reserve
for contingencies from current year's
operated on
Co.—Preferred Dividends—
Consolidated Income Account Years Ended Sept. 30
1938
1937
1936
non-
prof62,869
for doubtful accounts of
reserve
dividend of $3.50 per share on account of
a
Food Machinery Corp.
tion's officers as at Sept. 29,
Condensed Consolidated Income Account for the Year Ended Sept. 30
$1,240,879 $1,223,857
Total
7% participating preferred stock, payable Dec. 23
17.—\
147, p. 2531.
aNetsales.
x
12,472
175,673
The directors have declared a dividend of $1.31 per share on the cum.
$7 pref. stock and a dividend of $1.13 per share on the cum. $6 pref. stock,
both payable Jan. 2 to holders of record Dec. 20.
See Y. 147, p. 1776 for
Total..........$3.349,065 $3,383,322
a Market value $28,401
in 19.' 8 and $16,499 in 1937.
b Market value
$175,437 in 1938 and $204,258 in 1937.
c At appraised values of corpora¬
1934, plus subsequent additions at cost, incl.
$85,627 premium on class A stock exchanged for subsidiary stock:
Com¬
panies in active operation, $2,867,555; companies in liquidation, $117,180.
12,471
157,626
reserve
to holders of record Dec.
241,839
...$3,349,065 $3,383,322
Total
288,645
•
Florida Portland Cement Co .—Accumulated, Dividend—
677,775
160,538
600,000
314,303
Includes notes receivable and is after
The directors have declared
30,000
681,036
28,247
600,000
barrels and cases
14,847
accumulations
3,688
Capital surplus
48,886
stock
learned surplus
Common
re¬
for depreciation of $359,721 in 1938 and $284,050
in 1937.
z Less reserve for returnable containers
of $3,095 and reserve
for doubtful accounts of $3,095,—V. 145,.p. 3653.J
200,000
8,721
surplus...
105,946
Florida Power & Light
Earned
17
for tax
Total
1937
200,000
Res. tor conting..
13,400
3,311
Note pay. to bank
$7,500.
stock
($10 par)
Provision for taxes
value—
surr.
life insurance—
Other assets
expenses.
1.945
$250,614
166,366
1938
'37
5,347
Paid in surplus
($10 par)
$2,268,770 $2,260,020
Class B com. stock
Im. of stock of sub-
companies
com.
1
$59,363
5,686
1,027,061
21,094
Sept. 30 (Company Only)
1937
$147,452
110,588
'38 Nov.
$18,594
payable.
Capital surplus
Note—Earnings shown above represent only cash income received and to
not include accrued and undistributed earnings of subsidiaries.
Assets—
Accrued
Oct. 31
taxes
funds
,—
,
1938
2,566
Claims
for
$226,634
307,935
Accts.
Accrued
y
1,159
1,919
2,925
1,262
29,393
1,800
Prov. for valuation reserve on stocks.
Liabilities—
'37
x27,980
Other cur. assets..
$289,074
1,210
Miscellaneous expenses..
17,
Permanent assets 1,021,359
Deferred charges.
34,221
24,309
51,732
31
Premiums onjife insurance policies—
Taxes
1
$39,833
z9,755
Inventory
405
13,287
7,372
'38 Nov.
31
$47,543
Accts. receivable..
$212,595
Miscellaneous income
Oct.
Cash.
1936
$205,485
2,776
36,112
sale of stocks and bonds
on
Recoveries
Dec.
Comparative Balance Sheet
Ogden—Earnings-
Income Account for the Year Ended Sept. 30
1938
Dividends received
$282,202
Profit
Chronicle
$0.05
Nil
amalgamation of the company with Canadian Hydro-Electric Corp..
Ltd., for the full periods indicated.—V. 147, p. 3014.
General Candy
Corp.—To Pay 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 $2.50
non-cumulative class A stock, both payable Dec. 23 to holders of record
Dec. 13.
An extra of 50 cents was paid on Dec. 20,
General
1937.—Y. 146,
p.
1075.
Capital Corp.—Larger Dividend—-
Directors have declared a dividend of 30 cents per share on the common
stock, payable Dec. 23 to holders of record Dec. 16.
A dividend of 15 cents
was paid on Oct. 10 and July 11 last; one of 25 cents per share was paid on
April 11 last; a dividend of 45 cents was paid on Dec. 24, 1937; 40 cents paid
on Oct. 11, and on July 10,1937, and a dividend of 25 cents per share paid on
April 10, 1937.—V. 147, p. 2392.
Volume
Financial
147
General Motors
after, of an amount (at cost or fair value, whichever is less) equal to 1% of
the principal amount of bonds outstanding at the end of each such year,
which property is termed funded property and is not available as a basis
Corp.—Sales—
Domestic retail deliveries of the Buick division during the second 10 days
of November totaled 7,246 cars compared with 6,827 in the preceding 10
for the issue of additional bonds, release of property or withdrawal of money.
days and with 6,635 in the corresponding period of November, last year.
This was an increase of6% over the Nov. 10 period and of 9.2% over last
year.
Any deficiency in funded property in any year is to be made up out of pro¬
perty of such character first acquired or constructed in subsequent years.
Serial Notes—Dated Dec. 1, 1938 and due $100,000 on Jan. 1, 1940
>
totaling 9,683, against 9,166 in the
previous 10 days and 8,833 in the corresponding period last year, according
to W. F. Hufstader, General Sales Manager.
Used car stocks in the hands of Buick dealers are 18% lower than last
year, while deliveries are exceeding the 1937 pace, he said.
Retail car deliveries of Cadillac-La Salle division of General Motors
Corp. during the second 10 days of November totaled 1,411 units and
brought sales for the first 20 days of the month to 2,681, a gain of 28%
above the comparable 1937 period.
The delivery rate of the second 10
days of this month was the best for any similar period in more than a year,
it was stated by D. E. Abrens, General Sales Manager.
.
Unfilled orders are not only ahead of a year ago, Mr. Ahrens said, but
surpass the volume of two years ago to this time, when Cadillac-La Saile
was
entering its biggest year to date.
The 1939 models, he declared,
"appear to be living up to our optimistic expectations."
Used
car
sales
continued
strong
Overseas Sales—
>
$100,000 on Dec. 1 of each year 1940 to 1948, both incl., and $75,000 on
Dec. 1 of each year 1949 to 1953, both incl.
Boston Safe Deposit & Trust
Co., Boston, trustee.
Principal payable at office of trustee, and interest at principal office of
First National Bank, Boston, and as to both principal and interest at the
office or agency of the company in New York.
Notes in denom. of $1,000,
in coupon form registerable as to principal only.
Notes will be red. as a
whole, at any time prior to maturity, upon at least 30 days' published
notice, at option of company, at following percentages (representing prin¬
cipal amount plus premium) of principal amount respectively, v.z.: (1) In
respect of all outstanding notes maturing on Jan. 1,. 1940, and thereafter
to and incl. Dec. 1, 1943, at the following, percentages of principal amount
if the redemption date is on or between the following dates, respectively,
v.z.: 105 on or before Dec. 1, 1939; thereafter and on or before Dec. 1,1940,
104; thereafter and on or before Dec. 1, 1941, 103; thereafter and on or
before Dec. 1, 1942, 102; thereafter and on or before June 1, 1943, 101;
and thereafter and before Dec
1, 1943, at principal amount without
premium; and (2) in case of call for redemption at any time prior to maturity,
at following percentages of principal amount in respect of outstanding notes
maturing on Dec. 1 in following years, respectively, v.z.: maturing in 1944
105 K; in 1945, 105; in 1946, 104; in 1947. 103; in 1948, 102^; in 1949
102; in 1950, 101 >4; in 1951, 101; in 1952, 100^; and in 1953, at principai
amount without premium.
Application of Proceeds—Net proceeds (estimated to be approximately
$9,038,375, exclusive of accrued interest but after deduction of $50,000
estimated expenses), to be received by the company from the sale of the
bonds, and notes are to be applied as follows:
.
v
(1) To payment on or about Dec. 28, 1938 of an unsecured note due
May 4, 1939 (si bject to prior payment and adjustment for prepaid interest)
payable to First National Bank, Boston, which will require $450,000.
(2) To redempt on on or before Feb. 1,1939 of first mortgage 5% gold
bonds, series of 1948, due Aug. 1, 1948 outstanding and initially authorized
in the principal amount of $8,250,000 which, excl isive of accrued interest,
but including the premium ($165,000) to be paid for such redemption will
require $8,415,000.
(3) To payment of accrued interest on the first mortgage 5% gold bonds,
series of 1948, due Aug. 1, 1948, to extent of amount of interest which will
accrue on such bonds from Dec. 28,
1938 to Feb. 1, 1939 during which
period interest will also accrue on the securities to be issued, $37,813.
(4) To reimburse treasury for expenditures heretofore made for improve¬
ments, betterments and additions to its property, $135,563.
•
,
Sales of General Motors cars and trucks to dealers in the overseas markets
during November totaled 26,050 units, representing a decline of 11.2%
from sales in November of last year.
In the first 11 months of 1938, sales of 326,664 units
of 2.3% from sales in the first 11 months of 1937.
represented
a
decline
For the 12 months through Nov., 1938, sales totaled
decrease of 2.4% from the volume in the 12 months ended
355,734 units—a
Nov. 30, 1937.
These figures include the products of the corporation's American, Ca¬
nadian, English and German factories sold outside of the. United States and
Canada.
Stockholders Number 389,509—
The total number of General Motors common and preferred stockholders
for the fourth quarter of 1938 was 389,509 compared with 399,255 for the
third quarter of 1938 and with 375,755 for the fourth quarter of 1937.
There
were
368,265 holders of
stock and the balance of 21,244
common
represents holders of preferred stock.
These figures compare with 378,150
stockholders and 21,105 preferred for the third quarter of 1938.
—V. 147, p. 3610.
common
General Printing Ink Corp.—-To
Directors have declared
Pay 20-cent Dividend—
dividend of 20 cents per share on the common
a
stock, payable Dec. 28 to holders of record Dec. 20.
A dividend of 10 cents
was paid on Oct.
1, July 1 and on April 1 last, and previously quarterly
dividends of 30 cents per share were paid on these shares.—V. 147, p. 2686.
,
General Tire & Rubber Co .—Options
Authorized
Burlington Gas Light Co., 5%
1st mtge. gold
bonds, due Jan. 1, 1955, assumed
-_._ a$l,250,000
1st & rer. mtge. bonds, 3M % series due 1963 (due
Dec. 1, 1963)
b7,750,000
Serial notes, 4 & %
—
1,375,000
$6 cumulative preferred stock (no par)
.c70,000 shs.
Common stock (no par)
*
— _d39,500 shs.
Company reports the exercise of options by employees to the extent of
Inc.—Plan—
-
the proposed plan of reorganization will be held on Jan. 6
before Federal Bankruptcy Referee Ehrorn, sitting as special master.
The
referee ruled Dec. 9 that, the plan has been properly filed in the proceedings
and that the debtor's petition for a classification of creditors and stock¬
holders should be granted.
A hearing oh the debtor's solvencyfwill be held
before Federal Judge Caffey at a date to be fixed.—V. 147, p. 2393.
A
hearing
on
a
—
Week Ended. Dec. 7
1938
p.
1937
$21,700
revenues
$20,125
Jan. 1 to Dec. 7
1937
1938
$1,037,364
$1,229,081
3610.
Giddings & Lewis Machine Tool Co.—50-cent Dividend
on Dec. 7 declared a dividend of 50 cents per share on the
stock payable Dec. 24 to holders of record Dec. 12.
Like amount
paid on Oct. 15 last, and an initial dividend of $1 was distributed on
Dec. 15, 1937.—V. 147, p. 3458.
The directors
common
was
(B.
F.) Goodrich Co.—New Vice-President—
Arthur B. Newhall, was on Dec.
13, elected executive Vice-President in
full charge of all production and sales, it was announced
meeting of the board of directors.
following
He also was appointed
a
a special
member of the
executive committee.
This action follows the election of Mr. Newhall to the board of directors
in October at which time he
was
Mr. Newhall is President and
a
named
a
-
Vice-President of the company.
director of the Hood Rubber Co. at Water-
town, a wholly owned subsidiary of the Goodrich company.—V. 147, p. 3160.
Period End.
After
Sept. 30-—
1938—3 Mos.—1937
$574,816
$966,869
1938—-9 Mos.—1937
$1,465,942
544,129
546,982
187,848
124,207
225,194
136,548
138,129
Depreciation
other than
taxes on income
Taxes,
,
Mountain Power Corp.—$9,125,000 Bonds and
Offered—Public offering of $7,750,000 1st & ref. mtge.
bonds, &%% series due 1963, and $1,375,000 4)4% serial
notes due 1940 to 1953, was made Dec. 13 by a banking group
consisting of The First Boston Corp.; Smith, Barney & Co.;
Coffin & Burr, Inc.; Brown Harriman & Co,, Ine., and
Halsey, Stuart & Co., Inc.
The bonds were priced at
101 % and the notes were offered at prices to yield from
3.50% to 4.70%.
Green
Notes
Mortgage Bonds—Dated Dec. 1, 1938, due Doc. 1, 1963; State Street
Principal payable at principal office of trustee in Boston,
Mass., and at an office or agency of the company in New York. Interest
payable J-D at offices or agencies of the company in Boston, and in New
York.
Definitive 3 % % series bonds will be issued as coupon bonds in
Trust Co., trustee.
denom. of $1,000, registerable as to principal only,
and as fully registered
bonds, without coupons, in denoms. of $1,000 and such multiples or $1,000
as may hereafter
be authorized.
Red. as a whole at any time prior to
maturity, or in part on any int. date, at option of company or by trustee for
sinkingTund or other purposes under the indenture, in all cases on at least
30 days'prior notice at following prices: At 106 if redemption date is prior
to Dec. I, 1943; thereafter, at decreased premium of y?, of 1% during each
successive one-year period commencing on Dec. 1 to and incl. Nov. 30,
1950; thereafter, decreased
of 1% during each successive one-year period
to and incl. Nov. 30, 1959; and thereafter at par, plus interest in each case.
Sinking Fund—Mortgage will provide, as a sinking fund for the 3 %%
series bonds, that the conlpany will, commencing on Sept. 1, 1949 and
annually on Sept. 1 thereafter, to and incl. Sept. 1, 1953, deposit with the
trustee a sum sufficient to retire on Dec. 1 next following, at the respective
redemption prices then applicable, $50,000 of 3M% series bonds and will,
on Sept. 1, 1954, and annually on Sept. 1 thereafter, to and incl. Sept. 1,
1963, deposit with the trustee a sum sufficient to retire on Dec. 1 next
following, at respective redemption prices then applicable, $100,000 of
3z/i% series bonds.
In lieu of money, sinking fund payments may be
made in 3 M % series bonds or in underlying obligations (Burlington Gas
Light Co. 5% first mortgage gold bonds, due Jan. 1, 1955). Payments in
excess or in anticipation of annual requirements shall be credited against
subsequent sinking fund requirements.
The sinking fund is calculated to
retire, prior to maturity, (if no sinking fund payments are made in the form
of such underlying obligations) not less than $1,250,000 of the 3H % series
bonds initially to be issued.
JProperty Fund—Mortgage will provide, while any 3%.% series bonds are
outstanding, for a property fund consisting of property of the same character
as additional property acquired or constructed in 1939 and each year there¬
—'
Fed.
138,634
—-
9 Mos. End.
Sept. 30, '38
$1,657,363
444,629
181,557
163,536
106,424
150,173
123,107
$2,362,414
582,648
243,117
208,681
209,541
225,218
172,788
Other income
$907,159
23,619
$949,651
35,075
$997,720
45,010
$628,856
25,862
Earnings before Federal
taxes on inc., & before
int. & other charges._
■
$930,778
$984,727
$1,042,730
$654,719
Registration—
The company's common stock, par $1, has been removed from listing and
registration on the New York Curb Exchange.—V. 147, p. 3611.
12,000 shs.
1937
Operating expenses
v
Films, Inc.- -Removed from Listing and
1936
$2,206,047
Purchased elec. energy..
Maintenance..
$1,449,489
taxes,
Grand National
$2,110,661
Gross oper. revenues
depreciation, other charges, including write-off of tools
and dies for prior models.—V. 147, p. 2686.
x
7,750,000
1,375,000
46,264 shs.
Initially authorized.
Calendar Years
Net loss......
$ 1,243,000
Non-callable and no additional bonds may be issued,
1935
Graham-Paige Motors Corp. (& Subs.)—Earnings—
x
Outstanding
Additional bonds of this or other series may be
issued without limit as to amount on the conditions and subject to the
limitations contained in the indenture.
.
c Articles of association as amended provide that authorized cabital stock
consists of 39,500 common shares and 75,000 shares (no par) of preferred
stock, of which 70,000 shares are designated cumulative preferred stock and
5,000 shares are designated non-cumulative 2nd preferred stock.
Such
non-cumulative 2nd preferred stock was convertible into cumulative pref.
stock.
The 5,000 shares of such non-cumulative 2d pref. stock formerly
outstanding were all converted into cumulative pref. stock in 1929.
d New England Power Association, owns beneficially all of the common
stock of the company. As at Sept. 30, 1938, the common stock authorized
and outstanding was 50,000 and 22,500 shares, respectively. After Sept. 30,
1938, but prior to the issue of the first and refunding mortgage bonds 3 % %
series due 1963 and serial notes, 4 }4.% due 1940-1953 mclpsive, New England
Power Association, parent, surrendered to the company for cancellation
10,500 common shares, and thereupon the company reduced its common
stock by such number of shares so that the authorized common shares be¬
came 39,500 shares and the issued and outstanding common shares became
12,000 shares. The 22,500 common shares were recorded on the books of the
company at $2,107,408, averaging approximately $93.66 per share.
Ac¬
cordingly, based on such average, the common stock account of the com¬
pany was reduced by $983,457, for the 10,500 common shares so surrendered.
Current interest bearing indebtedness of the company to New England
Power Association was $800,000 as at Dec. 1, 1938.
b
Georgia & Florida RR.—Earnings—
Operating
—V. 147,
Capitalization and Funded Debt Giving Effect to Present Financing)
Exercised—
200 shares.—V. 147, p. 3015, 2866.
Genesee Valley Gas Co.,
3763
Chronicle
Balance
—
depreciation in the years 1935, 1936 and 1937 calculated
straight-line rates accepted for Federal income tax purposes amounted to
$321,186, $326,093 and $330,450, respectively.
The gross operating re¬
venues and the earnings before Federal taxes on income, and before interest
and other charges of the company for the nine months ended Sept. 30, 1938,
were $94,977 and $119,975, respectively less than such revenues and suqh
earnings for the same period of 1937.
For the first nine months of 1938
revenue from electric sales was 6.03% less and revenue from gas sales was
2.04% more than such revenues for the corresponding period of 1937.
Annual interest cnarges on the <$1,243,000 of Burlington Gas Light Co.
5% first mortgage gold bonds, due Jan. 1, 1955 outstanding and on the
$7,750,000 of first & refunding mortgage bonds to be outstanding upon
completion of this financing will aggregate $352,775. The annual interest
charges on the 4)4 % serial notes will in the first year amount to $58,437.
History and Business—Corporation was incorporated in Vermont under
name or Vergennes Electric Co. on April 8,
1893.
On July 30, 1926,
corporate name was changed to Peoples Hydro-Electric Vermont Corp.
and again changed on Aug. 29,1928, to present title.
Company's business,
conducted entirely within the State of Vermont, is principally that of the
manufacture, purchase and sale of electricity for light, heat, power, resale
and other purposes, and the manufacture and sale of gas for general use.
Incidental to such business electric and gas appliances are sold by the
Deductions for
at
company.
The
territories served by the company
have diversified industries, the
important being granite quarries, granite finishing plants, cotton and
woolen textiles, lumbering and wood-working plants.
The principal com¬
munities served are trading centers for the surrounding agricultural territory.
more
Agricultural activities are varied, the more important being dairying, poul¬
try raising and fruit farming.
Company's electric distribution system provides service in territories
having an area of approximately 2,000 square miles and an aggregate
population of approximately 120,000 persons.
The principal territory
served is located in the north central part of Vermont, in which are located
27 towns, having an aggregate population of approximately 30,000 persons,
and following cities:
Barre, population 11,307; Montpelier, population
7,837; Winooski, population 5,308.
No other utility serves these com¬
munities.
Approximately 85% of the electrical requirements of the com¬
pany in this territory is generated in its own stations, the remainder being
purchased, principally from affiliates.
Company supplies manufactured gas in
the cities of Burlington and
All gas
Winooski and in the towns of Colchester and South Burlington.
required is manufactured in the company's own plant.
Principal Underwriters—The name of each principal underwriter, and the
respective amounts of the bonds and the serial notes underwritten are as
follows:
■
•
■
Name and Address—
Chace, Whiteside & Symonds, Inc., Boston
par $25, on Dec. 16 to
of $1.50 per share was
—V.
Griesedieck Western Brewery Co.—Larger
Common Div.
16 outstanding classes of
Announcement is made by the noteholders'
23 to stockholders of record
corporation has accepted in principle the committee's view in connection
with the depreciation and reduction of operating expenses.
The committee also announces that the substitution of an equivalent
amount of $10 par value 6% preferred stock for the $3,000,000 of deben¬
tures presently outstanding is a provision of an
amended arrangement
proposal to be riled by the corporation. The preferred stock is to be cumula¬
expiration of four years from the date of issue and is convertible
stock in a ratio of 1 y* shares of preferred for one
share of common.
Complete conversion would give present debenture
holders approximately a 76% equity position in the company.
The U. S. District Court set Dec. 15 as the last date for filing proofs of
tive at the
compared with 15 cents; electrical equipment shares,
30 cents compared with 20 cents; industrial machinery shares, 6 cents
compared with 15 cents; merchandising shares, 15 cents compared with
12 % cents; mining shares, 25 cents compared with 15 cen^s; petroleum shares
,15 cents compared with 12
cents; and tobacco shares, 15 cents compared
12H
cents
into the new common
claims for voting purposes.
Arnold Hanson is Chairman of the Committee,
cents.
only were declared on building shares, amounting to
dividends
Sanford Griffith and Eliot E. Berkwit.
compared with 5 cents paid on July 30, and of 20 cents on steel
shares on
vhich no payment was made on July 30.
Regular dividends
only were declared on distillery and brewery shares, amounting to 4 cents
compared with 7H cents on July 30; food shares, 6 cents compared with
cents previously; railroad shares, 5 cents, compared with 2y2 cents pre¬
viously; utilities shares, 8 cents compared with 10 cents previously.
No
20 cents,
dividends
were
declared
shares.—V. 147, p.
on
to
Haytian Corp. of America—Plan—
protective committee that the
whereby one new share was exchanged
The dividends in each case were declared out of earn¬
Regular and extra dividends were declared on the following classes of
as
follows: Agricultural shares, total of 20 cents compared with
equivalent of 12M cents, adjusted to the new combined shares, paid
on July 30; automobile shares, 15 cents compared with 10 cents previously:
aviation shares, 30 cents compared with 5 cents previously; Chemical
Extra
Ltd.—Preferred Dividend—
dividend of 20 cents per share on account
7% cumulative preferred stock, par $20, payable
holders or record Dec. 6.
Similar payments were made on
Sept. 15, June 15 and March 15 last.
A dividend of 60 cents was paid on
dividends of 20 cents per share were paid on Sept. 15, June 15
and March 15. 1937; dividends totaling $1.20 per share were paid during
1936, and dividends amounting to 80 cents per share were distributed during
the years 1935 and 1934-—V. 147, p. 1489.
an
with
15
Dec.
Dec. 9.
20
1937
$1,967,997
Dec. 10. 1937;
stock
shares,
1938
$1,855,977
3016.
The directors have declared a
Group Securities, Inc.—-Dividends—
ings and realized profits and are payable Dec.
p.
of accumulations on the
stock since the recent reverse split-up
for five shares of old.-
147,
Hawaii Consolidated Ry.,
stock, no par
value, payable Dec. 17 to holders of record Dec. 9.
This compares with
$1 paidton Sept. 30, last; 50 cents paid on July 5, last, Dec. 20, 1937; Nov. 4
and on Oct. 4, 1937; 25 cents paid on Dec. 22, 1936; 50 cents on Oct. 6,
and on July 31, 1936, and dividends of 25 cents per share paid on Dec. 20,
Oct. 1 and May 1, 1935.—V. 147, p. 1926.
Directors have declared the first dividends on
Ry.—Earnings—
Nov. 27—
11 Months Ended
Gross revenues
3309.
Directors have declared a div. of $1.50 per share on common
share on the common stock,
holders of record Dec. 6. Regular auarterly dividend
paid on Oct. 1, last.—V. 145. p 3974.
Havana Electric
250,000
100,000
—
1938
Company paid an extra dividend of $1.50 per
344,000
344.000
344,000
1,600.000
17,
Cooley Co.;—Extra Dividend—
Hart &
8343,000
1,000,000
Halsey, Stuart & Co., Inc., Chicago
Boclell & Co., Providence
—V. 147, p.
Notes
Bonds
.
$1,600,000
1,600,000
1,600.000
Boston
Smith, Barney & Co., New York—
Coffin & Burr, Inc., Boston
Brown Harriman & Co., Inc., Boston
The First Boston Corp.,
Dec.
Chronicle
Financial
3764
and other members are:
Earl Lane of Hanson & Hanson is
Secretaryj—V. 147, p. 3611.
Hazeltine
Corp.—Special Dividend—
special dividend of $1 per share on the
holders of record Dec. 20.
The regular
quarterly dividend of 75 cents per share which was declared on Nov. 18,
last is payable Dec. 15 to holders of record Dec. 1.—V. 146, p. 1076.
13 dec ared
Directors on Dec.
common
investing company shares or railroad equipment
3611.
a
stock payable Dec. 23 to
Healey Petroleum Corp. (& Subs.)—Earnings—
Period End. Sept.
1935
1936
1937
1938
Years End. Sept. 30Net earnings
40,584
$177,592
78,447
$153,822
70,039
$40,685
$123,099
3,321
530
$99,145
7,797
$83,782
12,070
$44,005
9,000
$123,629
27,000
$106,942
24,000
$95,853
16,000
x
Net income
y
$96,629
32,500
35,000
$82,942
42,175
26,250
$79,853
47,723
26,250
V. 147, p. 1780.
def$32,495
119,851
$29,129
90.723
$14,517
76,205
$5,880
70,325
Total income.
Taxes
2
Preferred dividends
Common dividends
Surplus for year
Previous surplus
1938—9 Mos.—1937
$98,987
$539,616
$1.16
$6.32
Earnings per share—
$35,005
32,500
35,000
operating profit..
Int. and other income..
Net profit
loss$25,9U
Nil
—
$202,220
79,122
$81,268
Depreciation
Net
1938—3 Mos.—1937
$227,614
$2.66
30—
Net profit
x
Earnings per share
x
After all charges.
(G.) Heileman Brewing Co.—Earnings—
1938—Month—1937
18,465
19,642
$12,314
$6,364
Period End. Nov. 30—
Sales, barrels..
x
After depreciation
1938—11 Mos.—1937
243,817
253,882
$258,748
$234,052
$0.86
and Federal income taxes,
y
$0.78
On capital stock.—
<
(Walter E.) Heller
& Co.—Extra Dividend—
The directors have declared an extra
dividend of 20 cents per share in
to the regular quarterly dividend of 10 cents per share on the
stock, both payable Dec. 27 to holders of record Dec. 17.
Pre¬
vious extra distributions were as follows; 15 cents on Sept. 30, last and on
addition
common
Balance forward
Earns, per sh. on 35,000
$87,357
$119,851
$90,723
$76,205
shs. com. stk. (no par)
$0.07
$1.83
$1.16
$0.92
Balance Sheet Sept.
Hobart Mfg.
30
1938
Liabilities—
1937
1938
Assets—
Dec. 27, 1937; 5 cents on Sept. 30, 1937, 10 cents on June
5 cents on Dec. 28 and Sept. 30, 1936—V. 147, p. 2395.
4,088
Invest'ts (at cost).
Land & buildings
72,800
14,617
480,704
$479,911
Res. for deprec. on
566,028
525,444
706,489
33,520
688,438
6H% cum.redeem
preferred shares
500,000
500,000
1
1
Common shares-
554,173
554,173
283,133
285,466
87,357
119,851
Accts. receivable..
297,481
Inventories
465,309
Plant,
Bank loans
Goodwill
29.330
x
Profit & loss acct.
x
An extra dividend of 50 cents was paid on Dec. 23,
$2,062,015 $2,020,137
on
Dec. 1,
Hollinger Consolidated Gold Mines, Ltd.— Usual Extra
Dividend—
Directors have declared an extra dividend of 5 cents per share
to the
in addition
regular monthly dividend of 5 cents per share on the capital
stock,
holders of record Dec. 16.
Similar amounts were
months.
See also V. 147, p. 113 for record of
previous dividend payments.—V. 147, p. 3160.
both payable Dec. 31 to
distributed in preceding
$2,062,015 $2,020,137
Total.
1937 and
1936, and an extra dividend of 25 cents per share was paid on Dec. 1, 1935.
147, p. 892.
—V.
Surplus...
Total
regular
Dec. 1, last.
26,891
14,823
taxes
fixed assets
equipment.
Life Ins.prem. paid
The
$8,312
Res. for Federal &
machinery
and
$7,575
48,927
cruals
Provkcial
dividend of 50 cents per share on the
Dec. 23 to holders of record Dec. 14.
quarterly dividend of 37 M cents per share was paid on
class A stock, payable
Prepd. ins. & taxes
$1,624
Co.—Extra Class A Dividend—
The directors have declared an extra
1937
Creditors, lncl. ac¬
$44,219
305,274
453,344
5,003
Cash & bank bal..
30, 1937 and
Represented by 35,000 no par shares.—Y. 147, p. 3016.
Holly Development Co.—Extra Dividend—
Gulf & Ship Island RR. Co
Feb. 1, 1952 to exhaust the sum of $83,407.—V. 147, p.
tion to the regular quarterly dividend of like amount.
will be paid on Dec. 22 to holders of record Dec. 14 and
the
due
distribution will be made on Jan.
3309.
p.
Gulf States Utilities
Period End. Oct. 31—
Operating
Operation
revenues
Maintenance
Taxes
'...
Co.—Earnings—
$394,774
Dr4,700
$343,278
$4,545,026
Dr4,836
Dr35,337
$390,074
117,511
$338,441
99,668
$4,509,689
1,255,875
$272,563
$238,773
$3,253,814
1,194,175
$1,747,979
$1,455,434
$1,143,541
Balance
reserve
Balance
Preferred dividend requirements
Balance for common dividends and surplus....
*
147,p. 113.
Illinois Bell Telephone
Uncollec. oper. revenue-
Operating revenues.
Operating expenses
-Earnings
1935
$58,289
1937
$135,799
$114,086
54,478
48,564
$7,469,909
4,935,928
$7,519,462 $72,094,788 $72,458,815
5,009,068
49,914,653
49,118,792
47,004
$2,533,981
1,154,259
$2,510,394 $22,180,135 $23,340,023
924,800
11,792,000 U.098.477
$1,379,722
1,266,618
$1,585,594 $10,388,135 $12,241,546
1.419,781
8,876,466
10,647,017
revenues
$92,585
56,258
1938—10 Mos.—1937
$7,536,534 $72,284,690 $72,629,071
17,072
189,902
170,256
1938—Month—1937
Period End. Oct. 31—
Operating
1938
1936
Operating taxes
Dominion and Provincial
414
15,000
11,200
7,100
$1,617
34,503
$66,321
$54,323
8,500
$38,481
taxes.
Net
oper.
income
Net income
profit
Dividends paid.
_.
34,205
—V.
1938
Cash
x
Cash
100,718
8ur.
val.
99,844
314,399
419,898
of
Accts. & bills pay.
& accrued liabll.
1937
ceeds L. A.
$96,000
1938
Bank loan (secure.
Directors.—V. 147, p. 3310.
$60,337
1,100
15,080
Capital stock
782,088
Earned surplus
126,045
777,514
158,931
Income Foundation Fund, Inc.—Extra Dividend—
dividend of 1M cents per share in addi¬
quarterly dividend of like amount on the common stock,
20 to holders of record Dec. 10.—V. 147, p. 1781.
54,785
2,032
Prov.
530,347
_
574,566
7,052
Fixed assets.
Deferred charges.
J. L. Beven
\
Res. for Dom. and
life insurance
y
$487
$15,022
Accts. receivable
Inventories
Liabilities—
1937
7,515
z
taxes
Directors have declared an extra
tion to the regular
both payable Dec.
•
Total
After
$969,570 $1,102,310
for bad and
Total
$969,570 $1,102,310
doubtful accounts of $11,100 in
1938 and
1937.
y After reserve for depreciation of $401,766 in 1938 and $345,783 in
1937.
z Represented by 172,513 (171,025 in 1937) shares of no par value,
of which 172,476 (170,963 in 1937) have been issued and 37 (62 in 1937) are
held for exchange for the old common shares.
(Authorized, 300,000 shares
of no par value.)—Y. 145, p. 3974.
x
reserve
147, p. 3459.
Illinois Central RR.—New President—
was on Dec. 14 elected President of this railroad.
He suc¬
Downs, who, in turn, was elected Chairman of the Board of
Balance Sheet Oct. 31
Assets—
Co.—Earnings—
$7,491,160
21,251
Net oper. revenues.
Harding Carpets, Ltd.
Net
•
Ideal Cement Co.—Christmas Dividend—
on Dec. 6 declared a Christmas dividend of 35 cents per share
a regular quarterly dividend of like amount on the common
stock, par $10, both payable Dec. 21 to holders of record Dec. 10.—V.
1, 1937, the company adopted the new system of
prescribed by the Federal Power Commission, which differs in
certain respects from the system the company previously followed, hence
the above 12 months' figures are not exactly comparative.—V. 147, p. 3611.
_
4705.
Directors
Note—Effective Jan.
buildings and plant.
Co.—Initial Dividend—
50 cents per share on the
payable Dec. 20 to holders of record Dec. 12.—V. 137»
in addition to
604,438
accounts
Years End. Oct. 31—
Profit from operations..
Provision for deprec. of
stock,
Howe Sound Co.—Extra Dividend—
The directors have declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividced of 75 cents per share on the
common stock, par $5, both payable Dec. 23 to holders of record Dec. 20.
Previous extra distributions were as follows: 75 cents on Dec. 21, Sept. 30,
June 30 and March 31, 1937, and on Dec. 23, 1936; 60 cents on Sept. 30,
1936; 50 cents on June 30, 1936; 75 cents on Dec. 31, 1935, and 30 cents
on Sept. 30, 1935.—V. 147, p. 2533.
$2,919,530
1,171,551
$2,059,639
604,205
p.
$4,123,460
1,203,930
Appropriations for retirement
15 to holders of record Dec. 31.—V. 147,
Directors have declared an initial dividend of
common
$4,063,616
59.844
Balance
Int. & amortization
The extra dividend
the regular quarterly
2533.
Home Indemnity
1938—Month—1937
1938—12 Mos.—1937
$903,744
$833,575 $10,683,274
$9,833,968
363,168
354,863
4,446,111
4,231,772
37,312
39,896
521,685
502,420
108,490
95,538
1,170,453
1,036,160
Non-oper. income (net).
Net oper. revenues
addi¬
Directors have declared an extra dividend of one centper share in
The New York Trust Co. will, until 2 p. m. Jan. 5, receive bids for
sale to it of sufficient 1st mtge. refunding and terminal 5% gold bonds,
Indiana Bell
Telephone Co.—Ordered to Cut Rates—
Indianapolis and 21 other cities served
Service Commission on Dec. 9,
Reductions in telephone rates in
by this company were ordered by Public
effective Jan. 1.
•
.
.
$350,000 annually.
toll calls between cities.
Indianapolis area, order provides for reductions on
Order will reduce bills in these cities
Order does not affect charges on
In the
service.
all classes of
Volume
Financial
147
residential phones will be, individual line reduced from $4.50
$3.75 to $3.55; four-party line $3, reduced
month, and rural party line reduced from $3 to $2.85 a month.
—V. 146, p. 1712.
Effect
a
International Power Co.,
on
month to $4.25; two party line,
to
$2.85
a
3765
Chronicle
Ltd.—$1.50 Preferred Dw.—
The directors have declared a dividend of $1.50 per
share on account of
payable Jan. 3
in each of the
the 7% cum. 1st pref. stock, par $100,
to holders of record Dec. 15.
A like payment was made
accumulations
on
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
Oct. 1, 1931, when a regular quarterly dividend of $1.75 per share was
paid.—Y. 147, p. 1781.
11
Indiana Harbor Belt
Net
1938—10 Mos.—1937
$7,283,574
$8,904,314
4,987,047
5,676,797
$922,814
538,870
from ry. oper.
Railway tax accruals
Equip. & joint fac. rents3
$325,223
32,899
95,584
$2,296,527
$3,227,517
659,363
688.459
788,024
920,764
$214,494
oper. expenses.
$928,087
602,864
$383,944
88,048
81,402
oper. revenues.
rev.
RR.—Earnings—
1938—Month—1937
Period End. Oct. 31—
Railway
Railway
$196,740
3,373
.$948,705
25,814
$1,518,729
International Radio
Earnings
Net railway oper. inc.
Other income
3,550
20,777
$218,044
1,851
36,913
$200,113
3,463
37,325
$974,519
30,428
371,183
$1,539,506
$179,280
$159,325
$572,908
$1,132,466
$2.36
$2.10
$7.54
$14.90
1938
$2,605,604
$2,582,181
Operation, maintenance and retirement...
815,189
All Federal and local taxes.
582,999
807,144
554,545
$1,207,415
$1,220,490
Total income..
Miscell. deduc. from inc.
Total fixed charges
32,671
374,369
Net income after fixed
Net income per share of
stock
—V. 147, p. 3161.
Indiapapolis Water Co.—Earnings—
12 Months Ended Oct. 31—
Gross revenue
Neg income
1937
Interest charges
483,945
Other deductions
124,615
522,648
124,461
$598,855
$573,381
Balance available for dividends
Balance Sheet Oct. 31
1938
$
Fixed capital.
Cash..
Preferred stock... 1,054,900
1,054,900
Common stock... 5,250,000 5,250,000
Fund, indebted... 13,827,000 13,827,000
349,143 Consumers deps..
97,034
94,529
505,218 Other cur. liabils.
48,422
41,425
96,340 Main ext. deposits
38,281
38,280
. 21,872
Accrued taxes
471,039
444,884
9,559 Accrued interest..
177,939
176,646
1,103 Other accr. liabil.
9,666
10,217
Reserves
1,820,758
1,748,171
l ,278,171
2,318,417
600
261
._
Accts. receivable-_
353,494
securities
821,406
Materials & suppl.
82,626
Market,
Liabilities—
20 ,553,348 20,364,191
,
Notes receivable
Invest,
21,420
general...
5,149
Prepayments..
527
Special deposits...
Unamort. debt dis¬
1,200,586
246,417
1 ,097,098
344,677
count & expense
Undistrib.
1937
$
1938
$
1937
$
Assets—
debits.
Miscell. unadj. cr
Corporate surplus.
175
2,426,880
24,558,519 25,113,110
Total
24,558,519 25,113,110
Total.
1,763,480
Dividend—
50 cents per share in
addition to a regular semi-annual dividend of $1 per share on the capital
stock, both payable Jan. 15 to holders of record Dec .31.
Similar payments
were made on Jan. 15, 1938,1937 and 1936, and on July 15, 1935.—V. 145,
p. 3974.
& Telegraph Corp.—Ar¬
Financing Privately—Corporation
announced Dec. 14 that it has completed arrangements for
long-term loans in the form of 10-year 43^% notes for
$15,000,000.
Of this amount $10,000,000 will be taken
by the Export-Import Bank of Washington, and the re¬
maining $5,000,000 by a group of New York banks con¬
sisting of J. P. Morgan & Co., The National City Bank of
New York, The First National Bank of the City of New
York, Bankers Trust Co., and Guaranty Trust Co. of
New York.
The loans will be made on a basis to yield
Telephone
approximately 534%.
The above will complete the company's program for liquidating its
maturing debentures and short-term bank debt which together amounted
to approximately $60,000,000 on Jan. 1, 1937.
Upon the completion of the foregoing program the corporation will have
no short-term bank debts and the earliest or its maturities will be the new
10-year notes referred to above.
The notes will mature $300,000 in one year; $400,000 in t vo years; $500,the rate of $1,200,000 per year, the
entire amount being due in 10 years.
Payments will be applied ratably to
the entire $15,000,000. Interest is payable semi-annually.
The funds are to be used largely in the expansion of I. T. & T. operations
in South America.—V. 147, p. 3612.
000 in three years; and thereafter at
Interstate Department Stores, Inc.—Sales1938—Month—1937
1938—10 Mos.—1937
$2,243,105
$2,311,341 $19,033,704 $22,641,262
Period End. Nov. 30—
Sales.
—V.
147.
p.
3162.
Interstate Power Co.
Period End. Sept. 30—
Operating revenues
Oper. exps. & taxes
on
Directors have declared
a
1935
1936
1937
1938
Years End. June 30—
a
and salaries
tive
incl.
officers,
275,006
299,760
320,691
343,072
Prov. for amort, of con¬
2,51&,291
3.361,178
$26,190,517
b2,870,240
Profit
Total income.
28,545
111,375
36,236
29,360
8,429
29,360
8,466
88,079
24,284
88,079
25,368
l
Divs.
on
pref. stock of
642
642
2,400
936
1,927
6,589
1,927
2,144
Oonsol. net income.$9,810
$15,950
x$37,009
x$113,936
sub. companies
x
_
Indicates loss.—V. 146, p.
1712.
America—■Asset Value—
Investment Co. of
Investment Foundation, Ltd.—Accumulated Dividend—
meeting held Dec. 12 declared the regular
The board of directors at a
of
2,463,897
2,395,354
$23,271,723 $20,033,780 $19,260,723
b3,341,822
b4,306,353
2,738,778
—,.$29,060,758 $26,61.3,545 $24,340,133 $21,999,501
297,457
316,376
332,966
The dividend is payable Jan.
preferred dividend^.
share.—V. 147, p.
Inc.—Special Dividend—•
Investors Fund C
special dividend of three cents per share in addi¬
quarterly dividend of nine cents per share on the common
stock, both payable Dec. 21 to holders of record Dec. 12.
See also V. 147,
p. 2091, for record of previous dividend payments.—Y. 147, p. 2534.
Directors have declared a
tion to the regular
Italian Superpower
Corp.—Balance Sheet—
Balance Sheet Sept.
Common dividends
Earns, per share on 14,-
a
$1.65
$1.81
$1.99
324,088 shares com...
charging all producing, refining, manufacturing and
After
$1.48
distributing
in
in
of
35-year
declared value
Invest., cost or
(market value, Sept.
$20,883,246)
Subscriptions to new
Cash—Dollars on deposit
Debenture
in
535,903
securities.
Account receivable...
23,931,912.50—subject
exchange
$
Preferred stock.
e
b Concessions,
rights,
f
Liabilities—
27,618,048
$
32,797,730
Common
al,259,716
544
devel.
Ac.
65,287,387
turing
-
23,129,457
31,340,102
14,818,248
Crude oil due for
6,959,334
7,111,467
Accts. and notes
accts.
3,351,790
3,007,825
Materials & sup.
7,433,668
6,063,908
und.sale
rec.
rec.
A
advs.
Investments
Dep. on contr..
Def. and prepaid
charges
Total
6,602,287
insurance
6,225,996
Long-term Indebt
under
purch.
4,656,229
3,027,597
d35,547,253
39,517,780
493,555
134,086
228,701
and
47,306,737
divs. on
d5,587,740
$45
a
share.
income
ap-
for the 3
and
1,113,975
41,668,659
227,620,645 156,107,818
3161.
^
Inc.—Sales—
that its sales for the four weeks ended Dec. 3,1938,
$1,900,815 as compared with $1,939,317 for parallel weeks in 1937, a
d.6crGBB6 of X ,99 ®/q
Sales for the first 48 weeks of 1938 were $21,804,444 was compared with
were
interest (subject to pledge as
investments, $62,597.
e Re¬
presented by 14,324,088 no par shares.—V. 147, p.
,
12 months ended Sept. 30 was
•
$21,377,478 for a like period in 1937, §n increase
Total...
cumulative dividends
,
statement
Company reports
(
a
plic'ble thereto
997,994
Earned surplus. 34,287,161
United States currency.
d Dividends on pref.
published in V. 147, P. 3612.
a Producing
wells, pipe lines, buildings, plant and equipment after de¬
preciation and depletion,
b Rights, development expenses, &c. after
amortization,
c After reserves,
d Investments (at cost):
Shares which
have a quoted market value (market value, $16,759,225), $18,901,383;
cum. pref. shares which have no quoted market value (all pref. divs. paid
and sinking fund provisions complied with), $5,374,100* secured vessel
included in income until realized in
Jewel Tea Co.,
proport'n
of surplus
mortgages, $10,624,125, bonds plus accrued
collateral security), $585,048; miscellaneous
cl,715,777
*
Not to be
The
339,301
227,620,645 156,107,818
224,263
-
lire
Total
Stated at the official parity of exchange of $.052634.
stock have been paid up to March 31, 1931; unpaid
are
Cap. stock held
by min. ints.
& mlscel.
clstss B
c
agreement—
agree.23,653,369
Other def. accts.
loans
6,224,188
marine A other
fined products
accts.
1,755,235
8,976,230
Reserve for fire,
und. sale agree. 29,424,400
Def.
26,820,000
payable
Crude oil and re¬
States
United
for
Income taxes
a
1 year..
delivery
rec.
13,906
$30,474,078
Stated at the official parity of exchange of $.052634.
The value of
these lire will depend upon the terms under which they may be realized in
United States currency when, as and if such realization is authorized,
b Represented by 124,172 no par vhares $6 cum. pref. stock, 970,015 no
par shares common stock class A and 150,000 no par shares common stock
$30,474,078
Total
within
8,486,343
receivable
Reserve
preferred stocks
500,000
9,300,885
Accts. A notes
10,320
than
100,375,000
Bonds
Cur.
due but
other
Reserve for accrued
$
500,000
stk. 100,375,000
Cash
c
taxes,
divs. and Interest received,
1937
Purch.oblig. ma¬
expenses,
coupons
presented for payment
Unrealized Income from
1937
1938
Assets—
Land
$9,304,000
Unites States income taxes
to
restrictions
not
Accrued
Italy, Lit.
Consolidated Balance Sheet June 30
1938
A,
.
the United States
Lire on deposit in
a
deb., series
6%
due 1963
30,
bl3,478,513
.$28,353,436 Capital stock and surplus
139,560
shares.
324,480 Interest accr. on debentures.
1938,
and income taxes amounting to $4,311,548 in 1938, $3,415,818
1937, $2,374,446 in 1936, and $1,558,483 in 1935.
b Includes $288,732
1938, $226,207 in 1937 and $1,814,500 in 1936 profit realized on sale
expenses,
30, 1938
Liabilities—
Asstes—
$28,771,150 $26,316,088 $24,023,757 $21,666,535
497,830
500,492
496,404
454,348
35,654,817
35,845,433
36,049,093
32,540,607
15, to shareholders
will total $4 per
After the current payment the arrears
1782.
Minority interests—289,608
Net profit
Preferred dividends
30, 1938, with securities
share of common stock
Oct. 31, 1938.—V. 147,
net asset value as of Nov.
adjusted to market prices, was $20 per
This compares with $20.58 per common share on
p. 2688.
The company reports
owned
of record Dec. 31,
$34,407,898 $30,760,975 $26,960,834 $26,479,063
Deprec. and depletion..
4,856,203
4,970,961
4,531,700
4,754,443
Balance
Other income
111.375
11,813
quarterly dividend of 75 cents on the cumulative preferred shares, $50 par
value, and a further dividend of 25 cents on account of accumulated arrears
all
cessions, &c.._.
37,125
'
$31,081,666 $27,260,595 $26,754,069
of execu¬
salaried directors....
$1,567,756
1,416,562
of debt disct. &
expense
Combined profit from
operations.
$34,750,971
Counsel & solicitors' fees
$1,640,353
1,416,562
Miscexl. income deducts.
dividend of 10 cents per share on the common
(& Subs.)—Earns.
$576,480
472,187
(net)
Other interest
Amort,
stock,
International Petroleum Co., Ltd.
$1,578,392
jDr 10,636
Int. on notes payable to
Utix. Pr. & Lt. Corp..
Inc.—Dividend—
payable Dec. 23 to holders of record Dec. 14.
Dividends of five
cents per share were paid on Dec. 24, 1937, and on Dec. 26, 1936.—V. 144,
p. 1282.
$1,669,604
Dr29,151
37,125
9,615
funded debt.
$581,600
Dr5,120
$569,569
472,187
Gross income
Interest
(& Subs.)—Earnings—
1938—9 Mos.—1937
$4,935,965 $4,863,955
3,266,461
3,285,563
1938—3 Mos—1937
$1,667,123
$1,671,976
1,088,560
1,090,375
$578,563
Dr8,994
Min. interest in net inc.
Interbanc Investors,
ax.
$15,000,000
for
ranges
Net oper. income
Insurance Co. of North America—Extra
.50
Federal income taxes and undistributed profits
Other income (net)
The directors have declared an extra dividend of
150,000
$0.47
3460.
p.
International
Inland Steel Co.—Options Exercised—
by employees to the extent of
$70,877
$93,776
188,400
$0.10
share
per
147,
1936
1937
1938
$18,350
189,400
After depreciation,
x
—V.
-V. 147, p. 2714.
Company reports the exercise of options
115 shares.—V. 147, p. 3459.
Corp.—Earnings-
3 Months Ended Oct. 31—
Net profit
Shares common stock
x
of 2%.—V. 147, p. 3612.
Kaufmann Department Stores, Inc.—Offering Postponed
Edgar J. Kaufmann and the Mellon Securities Corp. have announced
that the contemplated public offering of the 32,529 shares of 5% preference
stock, will not be made until after the first of the year.—V. 147, P. 3612.
Kansas
City Southern Ry.—Mergei
merce
with L. &. A. Voted
special meeting a plan for uni¬
Ry. and to increase outstanding stock.
obtain approval by the Interstate Com¬
Commission, which has set Jan. 23 for hearing on the subject.
The stockholders on Dec.
15 approved at
fication with Louisiana & Arkansas
The next and final step will be to
Intervention Allowed in L. & A.
""The
Chronicle
Financial
3766
Acquisition—
Labor
Executives' Association to intervene in- the Kansas City Southern Ry.'s
application to acquire control of the Louisville & Arkansas Ry.
The
executives said the proposal "involves indirect control of the entire railroad
properties of both companies without providing for any specific protection
of employment of many men now engaged in the service of both companies."
The petition said "acquisition in all probability will result in the loss of
employment and have a demoralizing effect upon the morale of all em¬
ployees of both railway companies as well as others and on the efficiency
of the general railroad transportation service."—V. 147, p. 3311.
Interstate Commerce Commission has allowed the Railway
Lautaro Nitrate
a
632,974
759,646
8,218.983
187,551
$8,757,301
1,380,695
102,479
2,286.590
or
910
5,822
90,000
1,894
5,701
78,003
21,384
67,393
826,006
Net profit and loss...
Earns per share common,
$288,625
$323,578
$4,072,754
$0.51
Fed. & State inc. taxes..
dividend of $3.50 per share on the 7% cum.
conv. pref. stock, par $100, payable out of capital surplus on Dec. 23 to
holders of record Dec. 19.
This compares with $1.75 paid on Oct. 1,
July 1 and on April 1 last; a dividend of $5.25 was paid on Dec. 24, 1937.
Dividends of $1.75 were paid on Oct. 1, July 1 and April 1, 1937.
A divi¬
dend of $7 was paid on Dec. '21, 1936, and compares with dividends of
$1.75 per share on Oct. 1, July 1 and April 1,1936, this last being the first
a
payment made on the preferred stock since Oct, 1, 1931, when a regular
quarterly dividend of like amount was paid.—V. 147, p. 2868.
Period End. Oct.
Operation
.
*.
1938—12 Mos.—1937
$173,173
54,849
$150,506
56,092
8,605
20.951
4,525
1,320
4,765
589
12,730
a22,195
$6,069
$83,399
Dr5,358
$64,858
Non-oper. income (net).
$6,224
Drl,167
Balance
Int. & amortization*.*.
$5,057
1,882
$6,252
$78,041
23,559
$66,120
25,272
Balance..**.*..*...
$3,175
$4,251
$54,482
19,606
$40,848
$34,876
24,374
.*
*****
Net oper. revenues
Appropriations for retirement
Balance..,,
*.t
183
2.001
reserve.
...
Preferred dividend requirements
,*.-.
.
Total
1,262
Ofielna stoppage exps.*
Loss on comm'foper
$10,502
def$3,526
P. 3612
Airplane & Motor Corp., Ltd.—Offer for Assets
Earl Herring, trustee for the company, in process of reorganization
under
Section 77-B of the Bankruptcy Act, has received an offer from unnamed
parties for the purchase of the company's sssets for $200,000.« The offer
excludes some $25,000 of cash and accounts receivable.
A hearing will be
held on Jan. 4.—V. 147, p. 2248.
Kirby Lumber Corp.—Bonds Called—
1938—48 Weeks—1937
Act of 1935, with respect to the extension of the maturity date of its re¬
funding & extension mtge. 5% gold bonds dated April 1, 1904.
A total of $10,000,000 of
publicly held bonds which otherwise would
mature on April 1, 1939 are extended to April
1, 1942,
extension is granted on the following conditions:
696",613
by the order.
The
(3) That until further order of this Commission no dividend shail be
or paid upon either the
preferred or common stock of applicant;
That such exemption shall immediately terminate without further
time the authorization of any such ex-
order of this Commission if at
any
?y the Public Service Commission of the State of Missouri shall be
modified, revoked or otherwise terminated.—V. 147, p. 3162.
Langendorf United Bakeries, Inc.—Extra Dividend—
extra dividend of five cents per share in addi¬
tion to the regular
quarterly dividend of 30 cents per share on the class B
stock, both payable Jan. 15 to holders of record Dec. 31.
A dividend of
an
j.«??lt8.wa8jRa4<l on, Oct. 15, last, and an extra dividend of 25 cents in
addition to a dividend of 25 cents
per share was paid on June 17, last, these
latter payments being the first made since 1930.—V.
147, p. 3613.
liabilities, Ac.*
1938—10 Mos.—1937
$1,310,236
$1,292,402
450,000
450,000
450,000
450,000
$0.30
$0.18
$2.91
Lexington Water Power Co.—To Exchange Bonds—
Company has filed with the Securities and Exchange Commission an
application (32-125) under the Holding Company Act for exemption from
? declaration in connection with the issuance of
$3,000,000 or 5% serial debentures due 1939-1950 to Southeastern Investing
Corp. in exchange for a like principal amount of the company's presently
outstanding 5)4% convertible sinking fund debentures, due Jan. 1, 1953.
The company is a subsidiary of Southeastern Electric & Gas
Co.. a reg¬
istered holding company.
application for approval of the acquisition pf
the 5)4 % debentures which are to be received in
exchange for the new
£450,490 def£271,295 def£250,920
£450,453
To, and participation in profits declared by. the sales corporation in
production, nitrate and iodine, less cost,
b Arising from
c See footnotes b and e.
d Cor¬
responding to years 1933-34, 1934-35 and 1935-36, Article 27 indebtedness,
e On sales of currencies of different rates of exchange as compared with,
closing rates.—V. 147, p. 3613.
Lily-Tulip Corp.—Promissory Notes—
The company in a report to the Securities and Exchange Commission
discloses the issuance of promissory notes aggregating $600,000, due from
July 1939 to October 1941 and bearing a 2)4 % interest rate.
The notes
were issued to the Chase National Bank as of Dec. 8, 1938, evidencing a
loan made by the bank to the company.
Company was credited with the
face amount of the notes, according to the statement.
The entire amount was used, together with other funds of the company,
to
discharge loans made by the Chase National Bank.—V. 147, p. 3312.
Loblaw Groceterias,
Ltd.—Earnings—
\
Sales..
x
Weeks
i
21 W^eckS"*
■—*
'38 Nov. 13, '37
$9,897,392
$9,269,514
Nov. 12, '38 Nov. 13, '37 Nov. 12,
$1,735,816
72,105
—
Net profit
$1,681,004
376,853
70,405
371,318
After charges and income taxes.—V. 147, p. 3461.
x
Loew's London Theatres,
137
revenue
324
234
$137,005
$133,226
$131,058
salaries,
exps.,
100,399
97,090
100,681
100351
$42,154
&c
wages,
830
$142,553
Sundry revenues
Total
Theatre
Ltd.—Earnings—
Aug. 25, '38 Aug. 26, '37 Aug. 27, '36 Aug. 29, '35
$130,824
$132,902
$136,176
$142,416
52 Weeks Ended—
Gross ticket receipts
$39,908
$32,545
$30,406
35
Inter estearned
Profit on sale of equipm't
60
60
60
979
957
1,140
1,422
197
$43,168
$40,926
$33,745
$32,085
24,309
22,i88
20,564
25,891
,3,136
newals, &c
*"*i*
Prov. for Dom. & Prov.
*
taxes.
Netprofit
3,142
2,077
987
$15,597.
5,905
$11,105
11,809
$5,208
11,809
$15,722
23,619
.
Balance Sheet
Assets—
Aug.25/38 Aug.26,'Z7
$67,298
$74,178
Goodwill, booking
rights, Ac
516,827
516,827
x Real est., bldgs.,
Ac—
261,396
260,601
1
Movietone install.
4,847
Cash*...
*
Liabilities—
Aug.25/38 Aug.2S;Z7
Accts. pay. Aaccr.
charges....—..
$22,545
$904
3,750
3,700
7% pref. stock
337,410
337,410
Common shares..
500,000
500,000
6,633
14,530
$870,338
$856,544
Prov. for taxes
Surplus
renova¬
tion of theatre*.
15,068
Prepd, ins. A exp.
4,902
4,938
Total.....—
$870,338
$856,544
Total
.....
depreciation of $189,621 in 1938 and $186,066 in 1937.
(Marcus) Loew's Theatres, Ltd.—Earnings—
Aug. 26, '37
Period Ended—
Total revenue.*.*.
to Aug.31/38
■
$201,158
52 Weeks
52 Weeks
52 Weelu
Aug. 26, '37 Aug. 27, '36 Aug. 29, *35
$188,448
$150,380
x$116,804
Theatre exps., salaries &
10,650
Earned surplus
x
...
$107,425
753,930
dividends*
9,379
$141,080
59,286
$111,730
699,416
$81,795
663,394
$52,861
656,305
$879,477
57,216
Previous surplus.
9,300
$178,098
66,367
$125,547
Int., taxes, depr., &c
10,350
$190,508
64,961
wages, &c
Balance
$811,146
57,216
$745,189
45,773
$709,166
45,773
$753,930
$699,416
$663,394
$822,261
Includes profit on sale of scenery
$2.87
After depreciation and normal Federal Income
taxes, but before surtax
undistributed profits.—V. 147, p. 3162.
debentures and which will be canceled.
44,509
10,979
3,268
--
54,563
and equipment.
Balance Sheet
x
®
28,347
6,427
"2,569
a
Preferred
(R. G\) Le Tourneau, Inc.—Earnings-
on
682,190
1,696
Netprofit...-
and
stock..
21,887
conversion of assets &
declared
....
19.954
675
Exchange differences..
Exch. diff, arising from
x After reserve for
—V. 146, p. 2697.
common
1,057
20,000
567
e
Comm?8slotit0n "ierein 8hal* *>e subject to approval by further order of this
Shares
1,261
30,000
Int. in acct. current with
sales corporation (net)
Int. on fd. & defd debtd Interest
Alter; to A
x
1,194
583
277
(lLThafc in effecting such extensions of said bonds applicant shall com¬
ply with the terms and conditions imposed by orders made by the Public
Service Commission of the State of Missouri;
»
(2) That any modification of the plan or any substitute plan adopted by
applicant pursuant to paragraph 6 or the plan and agreement referred to in
Earnings per share....
"1,249
2,002
exps..—
charges
Preferred dividends
Laclede Gas Light Co.—Loan—
The Securities and Exchange Commission issued Dec. 14 an order exempt¬
ing the company, a direct subsidiary of the Utilities Power & Light Corp.,
from the provisions of Section 6 (a) of the Public Utility Holding Company
1938—Month—1937
$134,806
$79,615
£633.184
110,784
iodine..*—...
Reorganiza'n
Other
Average number of stores in operation during the period was 3,993 as
compared with 4,126 for the 1937 12th period.—V. 147, p. 3312.
Period End. Oct. 31—
Net profit-
£612,681
110,748
9,126
Taxes, insur., repairs, re¬
$18,280,405 $18,883,803 $212037,874,$229549,168
Directors have declared
£621,750
126,121
9,044
2,337
Total revenue..
Kroger Grocery & Baking Co.—-Sales—
(4)
£453,654
179.530
other than nitrate and
First National Bank, Houston, Texas.—V. 146, p. 3958.
*
£556,662
56,019
.
Rent received
A total of $160,000 first mortgage bonds have been called for redemption
Jan. 16 at par and accrued interest.
Payment Will be made at the
Sales
£621,750
-
-
profits
Balance
on
1938—4 Weeks—1937
£591,908
*..*.*
Trustees' fees and exps..
Prov. for taxes on
20,000
a Includes
$6,638 Federal income taxes, of which $1,542 is Federal
on undistributed
profits applying to the year ended Dec. 31, 1937.
Note-—On Jan. 1, 1937, changes were made in accounting procedure,
hence the above 12 months' figures are not exactly comparative,—V, 147,
End. Dec. 3—
867
£591,908
124,233
11,092
—
Approp. to wkg. cap .res.
surtax
""Period
17,440
29.467
**.-.""
Period Ended—
Balance for common dividends and surplus
Kinner
238
407
28,347
2,398
yrs.' opera'n.
Total
$20,848
24,374
Maintenance
Taxes.*
"6,801
cl0~,643
the conversion of assets and liabilities,
1938—Month—1937
$14,862
$12,929
-
*
4*713
3,390
b35,481
respect of new
Key West Electric Co.—EarningsOperating revenues*
4,373
30,666
"
Oth. credits (non-recur.)
$7.97
Keith-Albee-Orpheum Corp.—Preferred Dividend—
directors have declared
6,392
15,292
deposits—•_ *
Art. 27 indebt.
rec.
to prev.
Note—No deduction is made in the foregoing statement for the surtax
if any imposed on undistributed profits under the Revenue Act of 1936.
—y. 147, P. 2868.
"The
21,327
6,312
2,303
b4,163
601
Sundry adj. correspond'g
28,933
$7.30
$0.58
3,398
el0,148
Int. on current account
with sales corp. (net).
$4,424,389
after income tax..*..
ments &
Int.
Amortiz. of limited-term
investments....
Miscell. inc. deductions.
£451,705
3,148
earned—invest¬
Interest
67,669
793,295
.....
53,004
Port operations...
Commercial oper. (net).
$9,055,938
1,395,267
102,090
2.244,294
Depreciation
on nitrate mfd. for
by other prod, (net)
1935
£416,522
2,009
1936
1937
£547,440
4,299
1938
£495,978
4,697
Prof.
8,516,682
$718,907
113,639
8,540
...
approval
issued by
Co., Ltd.—Earnings—
income-
Exchange differences—
$701,132
114,688
8,540
192.547
Net earnings..*
Interest charges...
Amort, of disct. & prem.
Years Ended June 30—
Proceeds of sales
Other operating
1938—Month—1937
1938—12 Mos.~ 1937
$1,334,106
$1,478,553 $16,976,284 $17,572,620
Period End. Oct. 31—
Gross earnings
11. 1938
Lexington Water Power Co.—V. 147. p. 3162.
Kansas City Power & Light Co,—Earnings-
Oper, exps. (incl. maint.,
& gen. & property tax)
Dec.
Southeastern Investing Corp. has also filed an application for
of the acquisition of the $3,000,000 of 5% serial debentures to be
Assets—
Cash
accr'd charges..
bldgs. A equip— 1,062,202
Altera'ns to Yonge
Street Theatre..
A
$2,581
23,600
3,311
6,623
750,000
750,000
653,900
750,000
822,261
753,930
shares..
Earned surplus
30,000
10,109
653,900
750,000
30,000
26,700
7% cum. pref. shs.
Common
1,095,690
10,519
book¬
ing rights
Organization exps.
*
Prepaid Ins. A
,
$3,311
Prov. for taxes—
Real est., leasehold,
Total
Aug.Zi;Z8 Aug.2Q,'Z7
Acc'ts payable and
350
Accts. receivable..
Goodwill
IAaWUies—
Aug.31,'38 Aug.26,'37
$400,550
$290,829
;
exp.
..$2,256,172 $2,184,012
-V. 147, p. 3461,
Total-..-.
$2,256,172 $2,184,012
Volume
Financial
147
Loft, Inc.—Answers Suit—
The company on Dec. 14 filed an answer in the Chancery Court at Wil¬
mington, Dc-1. to the bill of Robert D. Emerich, New York, a stockholder
who asks that Phoenix Securities Corp. be required to return 400,000 shares
of Loft stock to the company.
The Loft company replying asserted that its agreement with Phoenix to
sell the latter stock was entered "in good faith" to provide financial assis¬
tance in order to avert serious financiafr difficulties.
Holliday, E. Fougera & Co., Inc.; W. H. Land, Bourjois Sales Corp.;
John J. Doran, Parke. Davis & Co.; L. D. Duncan, National Distillers
Prods. Con?.; Manfred Jaffe, Oldetyme Distillers Corp.; G. W. Patterson,
American Cyanamid & Chemical Co.; M. H. Frank, Hiram Walker, Inc.,
and H. F. Potter, E. I. du Pont de Nemours & Co.
After consultation with attorneys for the trustees and attorney for the
debtor, and with representatives of the SEC, the committee is to file an
application for leave to intervene in the reorganization proceedings.
S'ockholder Sues To Void Phoenix Sale—
Other Developments
A stockholder's suit was filed in Brooklyn Supreme Court Dec. 9 against
Loft, Inc., and the Phoenix Securities Corp. and 15 of their directors, charg¬
ing a conspiracy to manipulate Loft's stock to permit the Phoenix company
to secure 400,000 shares of Loft's capital stock at a price approximately
$2,500,000 below its true value.
The suit was filed by Timothy Donovan,
of 3008 Avenue L, Brooklyn, and charges that in consideration of a $400,000
loan for five years at 5% interest, the Phoenix company received from left
an option to
purchase 400,000 shares of Loft capital stock at a price of $3
to $5 per share.
The complaint said that on Sept. 19, 1938, one day after
Loft won a suit in Delaware to recover 91% of the stock of the Pepsi-Cola
Co., Phoenix Corp. exercised their option. The suit asks that the option be
declared null and void, and asks that the agreement be set aside or that the
Phoenix Co. pay to Loft the reasonable value of the stock.—Y. 147, p. 3312.
Louisiana Land & Exploration
Directors have declared
an
Co.—Extra Dividend—
extra dividend of five cents per share on
the
stock, payable Dec. 22 to holders of record Dec. 19.
Regular
quarterly dividend of 10 cents per share was paid on Dec. 15.—-V. 147, p.
common
w312.
Louisiana Oil Refining
Corp.—Stricken from List—
The
cumulative preferred stock ($100 par) has been stricken from
listing and registration by the New York Stock Exchange. This security
was suspended from dealings Feb. 20, 1937, due to discontinuance of New
York transfer office.—V. 147, p. 2536.
Louisville Gas & Electric Co.
(Del.) (& Subs.)—Earns.
1938
xl937
$10,997,592 $10,465,044
12 Months Ended Aug. 31—
Gross operating revenue
y
Net
z
Net
oper. revenue
5,456,238
...
5,454,618
1,261,073
and other income
income
1,486,568
been adjusted to reflect $12,384 of additional
taxes applicable to the period of 1936 included therein, paid by Louisville
Gas & Electric Co. (Ky.) in 1937 and charged to surplus,
y Before appro¬
priation for retirement reserve and after taxes,
z After deductions for
Interest charges, amortization of debt discount and expense, &c., including
dividends on pref. stock of Louisville Gas & Elec. Co. (Ky.) held by public.
1937 figures have
The
x
—V.
147, p. 3313.
Co.—Extra Dividend—
(Arthur G.) McK.ee &
The directors have declared
an
extra dividend of
75 cents per share in
regular quarterly dividend of 25 cents per share on the class
B stock, both payable Jan. 2 to holders of record Dec. 20.
A similar extra
was paid on Oct. 1, July 1, April 1 and on Jan. 2, 1938 and on Oct. 1 and
July 1, 1937; an extra of 50 cents was paid on April 1, 1937, and extra
dividends of 25 cents were paid on Jan. 2, 1937, Oct. 1, July and Jan. 1,
1936, and on Oct. 1, 1935.
In addition a year-end dividend of 50 cents was paid on Dec. 20, 1937,
and a special dividend of 25 cents per share was distributed on Dec. 22,
1936.—V. 147, p. 2398.
addition to
a
Robbins,
&
McKesson
Inc.—Preferred
Stockholders'
Committee-—
stockholders committee to represent the
convertible preference stock was
Armsby as Chairman of the committee,
The formation of a preferred
9
Dec.
by
George
following the company's filing of a voluntary petition for reorganization
under Chapter X of the Bankruptcy Act as amended.
Other members of
the committee are Joseph B. Ely, Carroll E. Gray Jr., Peter Grimm,
Walter F. Jarvis, Hugh R. Johnston and Leonard A. Wales.
John IIol-
brook, 70 Pine St., New York, is Secretary and
Montgomery Arkush are counsel.
William M. Chadbourne
and Ralph
E. G. Potter Asks Preferred Stockholders to Assert Rights—
Ellis G. Potter, a preferred'stockholder has communicated with other
holders of the company's $3 cumulative convertible preference stock, in¬
viting them to join him in his intention of asserting his rights as a preferred
stockholder in, and outside, of the reorganization proceedings now under
way and independently of any committees that may be formed in the
matter.
"The preferred stockholders unquestionably have rights in reorganization
and may have rights outside of reorganization," states Mr. Potter in his
letter to
stockholders.
"Their rights in reorganization must be asserted
ulmost because present indications are the preferred
and protected to the
stock will bear the burden of the loss.
"The law has been changed so that security
holders can represent them¬
selves and their associated security holders, and I am anxious to see whether
the new Bankruptcy Act affords security holders any real protection;
whether it is going to accomplish any real result.
I am prepared to ask the
court to allow me and the other actual preferred stockholders who are
willing to join me serve as a group or as
representatives in the interests of
preferred stockholders, in preference to any professional or self-con¬
stituted committee."
Mr. Potter is asking preferred stockholders who wish to join him to com¬
municate with him at 68 William St., N. Y. City.
He points out that he
is not asking for deposits of stock and that the stockholders who join him
Withhold
Trustees
Bond Issue Resigns—Manufacturers Trust Co. has resigned as
the indenture dated May 1," 1930, between company and
Co., as trustee, covering the issue
Trustee of
under
trustee
Chatham Phenix National Bank & Trust
of 20-year 5H % convertible debentures,
the date upon which the resignation shall
U. S.
obligation.
is acting as counsel for Mr. Potter
in this action, according to the announcement.
Mr. Potter is urging all holders of the preference stock to sign no proxy
for any committee at any time unless, after disclosure of all the facts, it
appears that the committee members are genuine preferred stockholders
do
so
without any cost or
Percival E.Jackson, New York City,
of standing.
In a letter addressed to the
jury proceeding in the Federal District Court for Southern New York to
determine whether company violated any Federal statutes.
Five Agencies Act—Five Federal, State and local investigating agencies
pried into the activities of the company Dec. 9, to determine whether
criminal action could be brought in view of the drug firm's admission, in
filing a petition Dec. 8 to reorganize under the Bankruptcy Act, that more
than $10,000,000 of its reported assets had disappeared.
An immediate grand jury inquiry was ordered by Attorney General
Homer S. Cummings after he had been told of the financial set-up of the
105-year-old firm's crude drug department, whose assets were said to be
represented by at least $10,000,000 in inventories and accounts receivable
that did not exist except as bookkeeping entries.
Simultaneous inquiries were ordered Dec. 8 by State's Attorney General
John J. Bennett, Jr., and the office of District Attorney Thomas E. Dewey
to find out whether State and county statutes have been violated.
Accounting Firm Testifies—Geoffrey G. Rowbotham, a partner of the
accounting firm of Price, Waterhouse & Co., and Albert B. Ritts, a senior
accountant for the same firm, testified Dec. 10 before the Assistant Attorney
General of New York, Ambrose McCall, in connection with the case.
Mr. Rowbotham said that Price, Waterhouse & Co., in certifying the ac¬
counts of McKesson & Robbins, Inc., did not make a physical check of
goods and that notice to this effect was included in the certification of the
annual report.
He added that omission of the physical check was not an
unusual course to follow in a company the size of McKesson & Robbins.
The customers' accounts of the company were not tast-checked,
Mr.
Ritts said, because the company
jeopardize such claims; and (2) appearing for themselves
reorganization proceedings in a group, opposed to the intervention of
professional, volunteer or self-constituted committee.
action that may
in the
any
Committee for
A
Assistant Vice-President.
Warehouses
Non-Existent—It
protective committee has been
Common stockholders are
formed for the holders of the common
requested to communicate with the
Secretary of the committee, in the interest of joint action for their protec¬
Members are Augustine Lonergan, U. S. Senator from Connecticut;
tion.
Jeffrey Granger (Sulzbacher, Granger & Co.), member New York Stock
Exchange; Frederick L. Rossmann )F. L. Rossmann & Co.), member New
York Stock Exchange, and George L. Le Blanc, director of American
Machine & Metals, Inc., with
N. Y. City, and Tachna &
Wagner, Quillinan & Rifkind, 120 Broadway,
Pinkussohn, 110 William St., N. Y. City,
counsel, and Paul Bauraan, Secretary,
Bond Protective
110 William St., N. Y. City.
Committee Formed—
*
committee has been formed by the holders of the 20-year
5H% conv. debentures, due May 1, 1950.
Members of the committee are James Bruce, Vice-President, National
Dairy Products Corp., Chairman; Robert L. Hamill, Sanderson & Porter:
Frederick E. Hasler, Chairman of the executive committee, the Continental
Bank & Trust Co.; Edwin Hodge Jr., President, Pittsburgh Forgings Co.,
and Thomas A. O'Hara, Albert Emanuel Co., Inc.
Guggenheimer &
Untermeyer have been named counsel for the committee, and Frederick E.
Owens, 50 Pine St., New York, is Secretary.
A protective
Committee
Organized for Credit Group—
Immediately following the approval of the petition for reorganization, a
meeting of the members of the several credit groups of the New York Credit
Men's Association was held and attended by approximately 100 creditors,
representing almost $3,000,000 of claims against the company.
A merchandise creditors committee to act for such creditors in the pending
proceeding, was named as follows:
G. P. Thorn, Britsol-Myers Co.; B.
Weinbaum, Schenley Distillers Corp.; Herbert C. Melleney, Hudnut Sales
Co., Inc.; W. F. Stahmann, Bayer Co., Inc.; Thomas C. Phelan, Houbigant Sales Corp.; L. K. Davidson, American Safety Razor Corp.: Raymond
was
disclosed by the Attorney General's
Canada did not exist.
office that at least two of the supposed warehouses in
Federal Warrants Issued
Warrants charging violation of the Securities and Exchange Act
13 for the arrest of F. Donald Coster, President; George
issued Dec.
trich, Assistant Vice-President and Assistant Treasurer,
Montreal agent.
The warrants
Cotter
were
action
were
Die¬
and George Vernard
Garrett W.
issued by United States Commissioner
the complaint of Hector J. Dowd
of the SEC was taken just
on
of the SEC.
after Assistant United States
Attorney Gregory F. Noonan, chief of the criminal division, had opened
the presentation of the McKesson & Robbins affairs to the Federal Grand
Jury.
The action was taken under Section 32 of the Securities and Exchange
Act. which makes it illegal to file or cause to be filed with the Stock Ex¬
change any financial statements, balance sheets, &c., containing false or
misleading information.
One overt act was cited in the complaint so that there might be a basis
for the warrants.
It was charged that on Dec. 3 Mr. Vernard had deposited
in the Hamilton Branch of the Chase National Bank in Brooklyn a check
for $15,000 drawn on the Royal Bank of Canada by Manning & Co.
The move for the arrest of the McKesson & Robbins officials was taken
Assistant
after
soon
otate
Attorney-General
Ambrose
V.
McCall had
brought out in the first of his public hearings into the affairs of the drug
that Mr. Coster had maintained a dummy brokerage account in
the name of John J Jenkins, of which the figurehead was bis brother-in-law'
firm
John O. Jenkins.
Suit in Bridgeport
e
suit against F. Donald Coster, President
Dietrich Assistant Treasurer, in Superior Court at Bridgeport,
Conn., Dec. 12. charging they issued "fraudulent" statements regarding
A common stockholder brought
and George
the
The suit, filed by Peter Margoles, New
company's assets.
Haven,
he held 350 shares of common stock, also named Mrs. Coster
co-defendant.
wo local bank accounts of t* e officials were attached
who said
as
by
deputy sheriff.
included in the suit on the allegation she was in posses¬
goods" of her husband's estate.
The suit is returnable
court the first Tuesday in January.
a
Mrs. Coster was
sion of "monies and
to
Securities Barred from
Under
a
ruling handed down by John
Sale
..
W, Backus, director of the
Securi¬
Massachusetts Department of Public Utilities trading
in the securities of McKecson & Robbins. Inc., has been forbidden in that
ties Division of the
State.
'_„r
MrTcosteFahd MrTDietrich^A rrest ed *
14 in connection with the $18,000,000
apparently missing among the assets of McKesson & Robbins.
He was
fingerprinted and the Federal criminal authorities started an investigation
of his past business connections.
Meanwhile he was allowed to post $5,000
bail and to remain where the arrest took place, in his home at Fairfield,
.
_
F. Donald Coster was arrested Dec.
.
.
,
Assistant Treasurer of the corporation and a neigh¬
Coster home and was arrested likewise in
Mr. Coster's library and released in the same amount of bail.
The question of Mr. Coster's past activities was raised during a public
inquiry at the State Fraud Bureau earlier in the day by Assistant Attorney
General Ambrose V. McCall, during the interrogation of Julian F. Thomp¬
son, Treasurer, who said his private investigation of Mr. Coster's operations
was responsible for uncovering the situation.
———.—.
—
George S. Dietrich,
bor of Mr. Coster, motored to the
_
*'
Federal Grand Jury Indictments "*
Holders of the Common Stock—
stock.
However,
requested that it not be done.
added, Price, Waterhouse & Co. satisfied themselves regarding the con¬
trol internally in the company, which, Mr. Ritts said, is the normal pro¬
ceeding in a company the size of McKesson & Robbins.
Directors Demand Retirement of President—A demand was made Dec. 12
by the directors that F. Donald Coster resign as President and director of
the company and George E. Dietrich resign as Assistant Treasurer and
he
Connecticut.
preferred stockholders, Mr. Potter recommends
strongly that the holders take advantage of the amended reorganization
laws by associating themselves and acting only with other bona fide pre¬
ferred stockholders of the company for the purpose of (1) ascertaining what
claims they may assert outside of reorganization and meanwhile take no
and has specified Jan. 9, 1939, as
take effect.
Federal Government instituted a grand
Government Action—The
the
will
in McKesson & Robbins Affairs—
Preferred Dividend—Trustees under reorganization
the dividend declared for payment Dec. 15 on
did not advance money for
the preferred stock.
The
interests of holders of the $3 cumulative
announced
3767
Chronicle
Donald Coster. George
F.
S. Dietrich and George
representative for W. W. Smith
assets
Dec.
of the drug
concern
15 by a Federal
are
Vernard, New York
Co., through which some of the vanished
believed to have passed, were indicted
Grand Jury.
all of whom had previously been arrested on warrant
charging them with violating the Securities and Exchange Act, are accused
of conspiracy to violate this act.
The indictment, which contains four counts, names the McKesson &
Robbins Co. as well as the individuals.
Three of the counts charge viola¬
tion of the Securities and Exchange Act and the fourth count is that of
The three men,
conspiracy.
Gregory F. Noonan,
the
beginning"
The indictment,
offenses
for which
said this was "oniy
this indictment "omy scratches
acting United States Attorney,
of the investigation that
which was handed up to Judge Frank
penalty, on conviction,
the maximum
Bondy. alleges
would be eight
years' imprisonment and a $40,000 fine.
It is alleged that the defendants filed false statements with the New
York Stock Exchange in connection with securities of McKesson & Robbins
sold to the public.
The conspiracy charge is that they combined to commit
a
violation of law against the United States in the filing of the false
statements.
the Grand Jury would proceed with its inquiry,
conducted by Assistant United States Attorney Lester O.
Mr. Noonan said that
which is being
Dunigan, and that there was a probability that other indictments,
ing the violation of other laws, whl grow out of the
Mr. Coster Lead Dual Existence
investigation.
F.
who
Musica,
Hair Co.
Dietrich,
Meantime, Securities
Donald Coster, was identified Dec. 15 by police as PhiUp
convicted in 1913 in a case involving United States
authorities were also checking identity of George
was
Federal and State
Assistant Treasurer and
Assistant Vice-President.
involv¬
Financial
3768
and Exchange Commission declared stationery used by Manning & Co.
W. W. Smith & Co., McKesson & Bobbins agents, was fictitious.
and
Inspector Joseph J. Donovan, in charge of the Bureau of Criminal
Identification, announced officially that F. Donald Coster was Philip
Musica.
The inspector also produced police records showing that Mr.
Coster, as Mr. Musica, had pleaded guilty to bribing customs official in
1909 and served a prison term, had pleaded guilty to grand larceny in 1913
and received a suspended sentence after aiding the authorities, and had been
indicted for perjury in 1920 In connection with the notorious Barnet Baff
"chicken murder" case.
Thereafter he ceased to be Mr. Musica.
Dec.
Chronicle
Capitalization—Company's capitalization
as
17,
of Aug. 31, 1938, was as
follows:
.
,
Authorized
Common stock (par
Transfer
Outstanding
936,541 shs.
1,500,000 shs.
$1)
agents: Guaranty Trust
1938
Co., New York, and Baltimore Na¬
Co., New York,
tional Bank, Baltimore, Md.
Begistrars, Bankers Trust
and Mercantile r,vust Co. of Baltimore.
Eisting—
*
The New York Stock Exchange has authorized the listing
additional shares of common stock (par $1) on official notice
of 156,097
of issuance
total
As Mr. Coster, his career is being rapidly filled in by Assistant Attorney
General Ambrose V. McCall, who is conducting a fraud investigation under
State laws parane»ing the Federal activity of the Securities and Exchange
Commission.
Mr. McCall hopes to account for the transition activities that enabled an
pursuant to the terms of an offering to stockholders making the
number of shares applied for 1,092,680 sharesV. 147, p. 3614.-—
"stool-pigeon" to enlist the financial support of the most
reputable Wall Street investment houses and to rise to the unquestioned
control of the third largest drug corporation in the world.
Recovery—
...
Maryland Fund, Inc.—Portfolio Reflects Belief in Business
ex-convict and
Head
F. Donald Coster, whose 12-year masquerade was bared when the com¬
pany got in difficulties, shot and killed
preliminary report for the fiscal year ended Nov. 30, 1938, Boss
President of the company, states that net assets of the Fund
to $9,772,050 at the close of the period.
A cash distribution
covering the quarterly period, amounting to three cents per share, accom¬
panied the report to stockholders, and compares with two cents paid in the
previous quarter.
With this distribution, payable Dec. 15, to holders of
record Nov. 30, 1938, the Fund will have made 17 regular and 11 extra
In
a
Beason,
of Drug Concern Commits Suicide
himself, Dec. 16, at his home in
Fairfield, Conn.
Two Others Indicted With Coster His Brothers
The three men indicted under the names Coster, Dietrich and Vernard
in the investigation of the McKesson & Bobbins corporation Were identified
Dec. 16 as brothers—men bers of the swindling Musica family involved
in the "Human Hair Swindle," which was a sensation in 1913.
F. Donald Coster, President of McKesson & Bobbins, Inc.,
is actually
Philip Musica, ex-convict who served a term as a result of bribing customs
inspectors in connection with cheese imports, before the time of the "Human
Hair Swindle," and who was still under indictment for subornation of
per¬
jury under his real name long after he became head of the drug corporation.
George Vernard, fiscal agent and Canadian representative of McKesson
& Bobbins, is in fact Arthur Musica, who, like George, another brother,
escaped punishment in the "Human Hair Swindle" because Philip accepted
responsibility.
And George Dietrich, Assistant Treasurer of McKesson & Bobbins, was
identified by Bridgeport newspapers as George Musica.—V. 147, p. 3613.
amounted
cash distributions.
Regarding the Fund's outlook for general business, Mr. Beason m his
letter to shareholders points out, "It is the oelief of your management that
recovery cycle and the effort for some months has been to
portfolio of stocks which would be most likely to profit during
recovery period."
On the basis of this belief, the portfolio
of The Maryland Fund has been shifted with the result that holdings in
selected industrial groups have been increased as follows:
Percentage Market
Value
of Gross Assets
Nov. 30, 37
Nov. 30, '38
Automotives
z
3.87%
5.04%
Building equipments
4.79%
7.07%
Industrial equipments
9.35%
10.85%
Merchandising
4.13%
5.57 %
Metals
6.74%
7.13%
Rails
6.81%
7.43%
Rail equipments
3.73%
7.57%
Steels..
6.00%
12.01%
Utilities
4.95%
6.35%
—V. 147, p. 3313.
we
in
are
assemble
a
a
a
sustained
,
.
McLellan Stores
Co.—Earnings—
.12 Months Ended Oct. 31—
Sales
1938
Earnings
x
800,609
733,187
$0.85
share
per
1937
,—
:—.$21,866,455 $22,752,323
Net profit
Shares common stock
x
1,119,955
733,195,
-
...
$1.28
Massachusetts Investors Trust—Dividends—-
After depreciation, Federal income taxes, &c.—V. 147, p. 3614.
Directors have declared two distributions totaling 15 cents, payable Dec.
One is a special year-end distribution of
^Marine Midland Corp.—-To Pay 12-cent Dividend—
Directors have declared
a
23 to holders of record Dec. 10.
dividend of 12 cents per share on the common
stock payable Jan.
five cents
on
of
account
1938 income from investments.
The other is
a
with
special distribution of 10 cents representing net capital gains realized during
1938 computed in accordance with Federal income tax requirements.
In view of the fact that this latter distribution is not paid out of invest¬
ment income, the trustees call attention to the fact that it is" in the nature
The New York Transit Commission has denied the petition of the com¬
of a capital distribution.
The above compares with 15 cents paid on Oct. 20 last, 17 cents paid on
July 20 last, 16 cents paid on April 20 last, and a dividend of 17 cents paid
on Jan. 20, 1938.—V. 147, p. 2691.
3 to holders of record Dec. 16.
This compares
10 cents paid on July 1, April 1 and Jan. 3, 1938.—V. 147, p. 2398.
Manhattan Ry.—Petition Denied—
pany for a rehearing on its order approving condemnation by the city of the
Sixth Avenue elevated line.
Counsel Franklin for Manhattan said it will
now
proceed to seek
a
review of the case in the courts.—V. 147, p.
36FL_
Melville Shoe
Marlin-Rockwell Corp.—50-cent Dividend—%
The directors
a dividend of 50 cents per share on the
value, payable Dec. 19 to holders of record Dec. 12.
Like amounts were paid on Oct. 1, July 1, and on April 1, last, a dividend
of $1.75 was paid on Dec. 16, 1937, one of $1.50 was paid on Nov. 18,
1937, and a regular quarterly dividend of 50 cents per share was paid on
Oct. 1, 1937.
In addition, a special dividend of $2 was paid on Dec. 18,
1936 and one of $1.25 was paid on Jan. 2, 1936.—V. 147, p. 3313.
common
stock,
The directors
have declared
no par
(Glenn L.) Martin Co. —Stock Subscribed—Smith, Barney
Co., on behalf of a group including Blyth & Co., Inc.;
Brown Harriman & Co., Inc., and Otis & Co., Inc., an¬
nounce that they have
completed the distribution of 57,847
shares of common stock of the company, which were obtained
through the exercise of rights purchased from Glenn L.
Martin, President of the company.
&
Offering to Stockholders—
f
Company has issued to stockholders of record Dec. 10 transferable sub¬
scription certificates evidencing rights to subscribe, at $20 per share, for
one share of common stock for each six shares
held, the aggregate number
Of additional shares offered for subscription
being not less than 156,090 or
than 156,097, the exact number depending upon the amount of out¬
standing scrip exchanged for stock.
Subscription certificates will be void
if not exercised before 3
p. m. (E. S. T.), Dec. 30.
The offering by the
the
Corp.—Final Dividend—
Dec. 9 declared a final dividend of 12 XA cents per share on
on
par value, payable Dec. 27 to holders of record
Dec. 20.
This compares with 50 cents paid on Nov. 1 and Aug. 1, last;
87A cents paid on May 2, last; $1 paid on Feb. 1, 1938: four quarterly
dividends of $1.25 per share each paid during 1937 and on Nov. 1, 1936;
$1 paid on Aug. 1, 1936; 87 A cents per share paid on May 1, 1936; 75 cents
on Feb. 1, 1936 and on Nov. 1, 1935; 62 ^ cents on Aug. 1, 1935; 50 cents
per share paid in each of the four preceding quarters and in addition, an
extra dividend of $1.12 A was paid on Dec. 23,1936, and 50 cents per share
was paid on Feb. 1,
1935.
stock,
common
no
Christmas Bonus—
Board of directors has voted
a Christmas distribution ranging from 60%"
week's pay to two and a half week's pay, depending on length of
service, to all the company's 3.000 regular and part-time employees, it was
revealed on Dec. 12 in an announcemct by Ward Melville, President.
The distribution represents this company's customary year-end sharing
of earnings with its workers, and action on it was followed by the declaration
of a 12H-cent final dividend on the common stock, bringing common divi¬
dends for the year to $3, as compared with the $5 paid in 1937.
Besides all the personnel of the 681 John Ward, Thorn McAn and Frank
Tod shoe stores, the Christmas bonus checks will go to all employees in the
company's general offices and its warehouses and repair shops.—V. 147,
p. 3462.
of
one
more
company has not been underwritten.
Company's outstanding shares are now listed on the New York Stock
Exchange and the Baltimore Stock Exchange, and the company has made
application for listing the additional shares offered, on both of said Ex¬
changes.
Bights have been admitted to dealing on both of said Exchanges,
on
a
when-issued and issued basis.
Smith, Barney & Co., together with Blyth & Co., Inc., Brown Harri¬
man & C6., Inc., and Otis & Co.
severally agreed, subject to certain condi¬
tions, to purchase from Glenn L. Martin, a stockholder, 347,085 rights to
subscribe to an aggregate of 57,847 shares.
*
History and Business—Company was incorporated Dec. 5, 1928, in
Maryland.
Company has been engaged in business since Jan. 1, 1929,
but business of predecessor, Glenn L. Martin Co.
(Ohio), dates back to 1917.
The business done is
generally the designing, engineering; developing,
manufacturing, selling and servicing of aircraft and aircraft parts and equip¬
ment for military and commercial
use, including the sale of drawings, data,
tools and services for aircraft, aircraft
parts and equipment, and the sale
and granting or licenses and
rights to manufacture, assemble, use and sell
aircraft, aircraft parts and equipment.
Company or the company's cus¬
tomers purchase from
others, for incorporation in the company's products,
engines,
used
in
propellers,
connection
aeronautical instruments, and certain other articles'
with aircraft.
Company purchases from others, for
resale, machine
guns, bombs and bomb parts, and certain other articles used
<
with aircraft. The principal materials used by the company
in its business are
aluminum alloys, tool steel, steel
alloys, rubber goods,
paints, varnishes and lacquers.
-
■arJfi
prior to 1937, by far the greater part of the company's sales
^9 tbe War and Navy Departments of the U.S. Government with the
1935 when the greater part of the
company's sales consisted of
three flying boats for commercial
purposes.
During 1937 and the first
months of 1938 by far the
greater part of the sales were to foreign
customers
principally for military
^ye S.
resulted in
sales to the U.
'
use.
In
general
the sales
to
foreign
a substantially larger margin of profit than the
Government.
1938'the company had
orders as follows:
on
its books
$14,228,343"orunfilled
Domestic—U. S. Navy Department
$8,862,420
Foreign
c
Miscellaneous
I_IIIZZIZIZIZZZZIZZZIHZI
of Proceeds—If all the shares of
common
019
qq±
' 52i928
stock offered
are
1JIS climated that, after deducting
$«.9,677, the maximum
042 123
a
Company intends
estimated expenses
net proceeds to the company will be
minimum net proceeds to the
to
company will be $3,-
use
approximately $250,000 of estimated net pro¬
defray part of the cost of constructing the new airfield.
Company
estimates that the total amount
ultimately required to complete the airfield
jj?" runways and improvements projected therefor will require an ex1
®500,000 but that by the expenditure of ap¬
proximately $250,000 it can construct the airfield and provide sufficient
ceeds to
runways to give the company airfield facilities superior to those of its
present
rieid.
it is the intention of the
company to defray the cost of any further
projected improvements for the new airfield (if decided
upon in the future)
out of funds then available.
»
Company intends
general funds.
to add the balance of such estimated net
proceeds to its
Merchants
&
Miners
Directors have declared
a
Transportation
Co.—Dividends
dividend of 25 cents per share on the common
stock, payable Dec. 29 to holders of record Dec. 17.
This will be the first
dividend paid since Sept. 30, 1937, when a regular quarterly dividend of
40 cents per share was distributed.—V. 147, p. 3020.
Mexican
Light & Power Co., Ltd.— ■Earnings—
earns,
Oper.
exps.
Net
JNet
from oper..
523,473
$776,057
543,497
1938—io Mos.—1937
$6,784,558
$7,400,131
5,146,883
5,400,828
$105,491
Period End. Oct. 31—
Gross
$232,560
$1,637,675
1938—Month—1937
$628,964
& deprec'n
earnings
—Y. 147, p.
$1,999,303
3164.
Michigan Gas & Oil Corp.—Transfer Agent—
Manufacturers
cumulative
Trust
convertible
Co.
is
transfer
preferred
stock
agent for 100,000 shares of 5%
of this corporation.—V. 147, p.
3614.
Minnesota Mining & Mfg. Co.—Final Dividend—
The directors have declared a final dividend of 60 cents per share on
the common stock, no par value, payable Dec. 22 to holders of record
Dec. 17.
This compares with dividends of 40 cents paid in each of the
three preceding quarters; 75 cents paid on Dec. 22, 1937; 60 cents paid on
Sept. 30, 1937; 50 cents paid on July 1, 1937; 40 cents paid on April 1,1937
a special dividend of 40 cents and a regular
quarterly dividend of 25
share distributed on Dec. 22, 1936.—V. 146, p. 3344.
and
cents per
Minnesota Power & Light Co.—Dividends—
The
directors have declared dividends of $1.75 per share on the 7%
pref. stock, par $100; $1.50 per share on the 6% cum. pref. stock, par
$100, and $1.50 per share on the no par $6 cum. pref. stock, all on account
cum.
of accumulations and all
payable Jan. 2 to holders of record Dec. 15.
Like
amounts were paid on Oct. 1, July 1 and on April 1, last.
See V. 145, p.
3822 for record of previous dividend payments.—V. 147, p. 3463.
Moloney Electric Co.^—Final Dividend—
Company paid a final dividend of $1 per share on the class A $4 non cum.
preferred stock on Dec. 15. A dividend of $5 was paid on Dec. 29,1937 and
one of $1 per share was distributed on Dec. 22, 1936.—Y. 144,
p. 112.
P Monsanto Chemical Co —Registrar—
The Chase National Bank of the City of New York has been appointed
registrar for the cumulative preferred stock, series B, of this company.—
V. 147,p. 3615.
Montana-Dakota Utilities Co.—Dividend—The
t
directors
have declared a dividend of six cents per share on the
stock, payable Dec. 27 to holders of record Dec. 15.
Like amount
was paid on Oct. 1, last, and compares with 10 cents paid on July 1 and on
April 1, last and an initial dividend of like amount paid on Dec. 23, 1937.
—V. 147, p. 1785.
common
Montgomery Ward & Co.—Sales—
Company's
with
the.
gross
$39,550,328
10
This is
months
a
a
to
sales for November, 1938, were $42,295,372, compared
year ago,-an increase of $2,745,044 or 6.94%.
For
Nov. 30, $350,960,427 compared with $359,339,146.
decrease of $8,378,719 or 2.33%.—V. 147, p.
3616.
Volume
Financial
147
(John) Morrell & Co.—Dividend—
Directors have declared
a
dividend of 50 cents per share on the common
stock, payable Jan. 25 to holders of record Jan. 3.
Like amount was paid
on Oct. 24 last and compares with 60 cents paid on May 3 and on Feb. 3,
1937, this latter being the initial distribution on the issue.—V. 147, p. 1934.
Motor Transit Co. (&
r
Subs.)—Earnings—
Period Ended Nov. 30, 1938—
Operating
Expense
$757,372
671,792
$10,070
316
Balance
Income deductions
Net loss
$85,580
13,987
$10,387
14,659
Balance
Income
$99,567
173,295
$73,728
$4,272
.
—V. 147, p. 3165.
Mountain States Power
Co.—Earnings—
1938
1937
$4,222,095
2,759,114
$3,993,671
2,664,121
$1,462,981
$1,329,550
Year Ended Oct. 31—
Operating revenuesOperating expenses, maintenance and taxes.
^
m
—
■
x^Net operating revenue
,
1,101
Dr54,909
241,394
2,791
Dr38,308
$1,653,354
300,000
$1,535,427
300,000
$1,353,354
13,141
$1,235,427
2,000
477,521
45,917
373,172
19,463
$479,335
$317,353
244,181
Rents from lease of properties
Interest on securities and notes receivable, &c
-
Income from merchandise and jobbing (net)
x'Net operating revenue and other income—
Appropriation for retirement reserve
Gross income
Rent for lease of electric property
Interest on funded debt
477,521
7,653
Amortization of debt discount and expense.-
375,703
!
Other interest (net)
Other income deductions
Net income—
— —
Before appropriation for retirement reserve.
In the above statement of income accounts net income for the
ended Oct. 31, 1937, has been reduced by $5,639 to reflect adjustments
applicable to the period of 1936 included therein of amortization of debt
discount and expense charged to surplus in 1937 and another item credited
to surplus in 1937 which have been applied retroactively in the accounts.
(2) The revenues and expenses subsequent to Jan. 1, 1937 are in accord¬
ance with the classifications of accounts prescribed by the Federal Power
Commission and by the Public Utilities Commissioner of the State of Oregon
effective Jan. 1,1937, which differ in certain respects from the classification
previously followed by the company.
(3) No provision was made for Federal income tax or for surtax on un¬
distributed profits under the Revenue Act of 1936 for the year 1936 or 1937
askno such taxes were paid for those years.
1
Pay Preferred Dividend—
Directors
have
accumulations
on
declared
the
a
dividend of $1.75
per
share on account of
7% cumulative preferred stock, par $100, payable
Like amount was paid on Oct. 1, last:
Jan. 2 to holders of record Dec. 20.
M
£
To
11 Mos.
$67,927
57,857
-
share on the existing preference shares which will reduce the arrears of
dividends as at Dec. 31, 1938, to $20 per share.
This dividend will be
payable in such manner that holders of existing preference shares, whether
they make the exchange or not, will be entitled to receive such dividend in
addition to the usual quarterly dividend of $1.75 per share for the quarter
ending Dec. 31, 1938.
Dividends on the prior preference shares will
accrue from Jan. 1, 1939.
—
Month
revenue
3769
Chronicle
x
Notes—(1)
dividend of $5.25 per share was
a
$1.75
Two Plans Filed—
Commission announced Dec. 9 that it had
two revised plans of reorganization for the company, one filed
jointly by the preferred stockholders' committee and the company, and the
other by the bondholders' committee.
The plans, which are identical, are
to supersede two plans previously submitted.
The company is a subsidiary
The Securities and Exchange
of Standard Gas & Electric Co.
The revised reorganization plans which, it is stated, represent a com¬
promise between the Original plans submitted by the two groups, provide
that the holders of the presently outstanding 5% and 6% bonds would
receive par for par in new 6% bonds maturing Jan. 1, 1953.
These new
bonds would have the benefit of a cash sinking fund amounting annually to
1% of the maximum principal amount of bonds at any time outstanding
plus a sum equal to the amount by which the interest charges have been
reduced by reason of retirement of bonds.
In addition the proposed bond
indenture would provide for a maintenance and improvement fund in an
amount equal to 15% of gross revenue and income from leased plants.
Certain dividend and stock retirement restrictions would also be provided.
In settlement of its large open account claim Standard Gas & Electric
Co. would receive 203,855 shares of new no par common stock or 49% of the
total issue.
Preferred stockholders would as a class be given 51% of the
new common stock on the basis of four shares of common for each share of
preferred stock and accrued dividends thereon.
Holders of the common
stock now outstanding would be given no consideration under the plan.
—V. 147, p. 3021.
share
National
The
New
was
paid
on
Gypsum Co.—Listing—
York
Stock
Light Corp.—Will Vote on TVA Deal
of the stockholders will be held Dec. 20, to vote on
properties of West Tennessee Power & Light Co.
Prospective purchasers of the properties are the Tennessee Valley Au¬
thority and the municipalities of Jackson, Ripley, Brownsville and Hum¬
boldt, Tenn.
Purchase price, as set forth in the contracts, would be ap¬
proximately $1,550,000.
The letter accompanying proxies mailed to stockholders, said that
although the amount to be received for the properties to be sold (exclusive
of the railway property) is only approximately 76% of the estimated rate
base of such properties, the alternative to the sale is destructive competition
with Federally financed and municipally operated electric distribution
systems supplied with power by the TVA.
Failure to consummate the
sale would be disastrous to the interests of the company, the letter said. •
In view of the critical situation the letter said, the directors and officers
National Power &
A special meeting
the proposal to sell the
of the company were recommending that stockholders
to vote the stock of West Tennessee Power & Light
owned by
the prices
National
Supply Co. (Pa.)—Dividends—
dividend of 68% cents on the
Dec. 28 to holders of record Dec. 19.
and
a
quarterly dividend on the $2 preference stock.
issues.—V. 147, p. 2871.
No action was taken on
Previously full payments were made on all three
National Tea Co.—Sales—
Sales for the four weeks ended Dec.
Navarro Oil Co.—Extra Dividend—
declared an extra dividend of 10 cents per share in
quarterly dividend of 10 cents per share on the com¬
mon stock,
both payable Jan. 3 to holders of record Dec. 22.
Similar
payments were made on Jan. 3, 1938.—V. 147, p. 579.
The directors have
addition to the regular
Nevada-California Electric Corp. (& Subs.)—Earnings
1938—Month—1937
1938—12 Mos.- xl937
$421,946
$435,380 $5,666,069 $5,613,664
Maintenance
15,627
17,620
280,659
242,969
Other oper. expenses--166,995 .
175,781
2,267,078
2,200,066
Taxes
"
40,028
48,635
584,926
563,636
Depreciation
49,905
48,259
595,632
568,083
Period End. Oct. 31—
Operating revenues
—
$1,937,774
5,873
62,227
107,127
$150,958
115,196
•
6,997
1,299
$2,000,001
1,395,471
$2,146,037
1,344,316
84,844
$28,967
$27,467
27,489
34,927
$504,957
"
25,710
$152,565'
114,963
6,931
1,704
Interest
Amort, of dt. disc. & exp.
Regular quarterly
Profit
income.
of
(net)--
retirement
on
bonds & debs,
145, p. 1266.
.
y
.--.$7,655,138"
1
14,732
$702,145
68,300
_
_
Dr31,071
Drl,801
Dr59,854
Cr25f948
$25,384
Earned surpius
$60,593
$470,813
$796,393
,
comparison, 1936 figures (as to major
In order to make proper
were
inventories $10,403,134.
liabilities are $3,68l ,904.
-
83,934
15,639
items)
classification,
effective Jan. 1, 1937.
y Available for redemption of bonds, divs., &c.
Note—This statement properly omits extraordinary debits to surplus
arising from amortization of pension funds, &c.—V. 147, p. 3021.
x
1938, were $25,032,897, of which cash
2539.
.
„
debits and
creditstosurplus (net)
including depreciation
and government securities were $12,687,875 and
The corporation has no funded debt and its current
—V. 147, p.
$145,085
3,174
Gross income.
Net
$2,038,910
$149,391
Net oper. revenues
Other income
Corp.—Earnings—
Total current assets at Sept. 30,
3, amounted to $4,404,755 as com¬
pared with $4,783,932 for the corresponding four weeks in 1937, a decrease
of 7.93%.
The number of stores in operation decreased from 1,222 in 1937 to 1,105
at Dec. 3, 1938, resulting in an increase of 1.84% in average sales per
location.—V. 147, p. 3316.
Earnings for Fiscal Year Ended Sept. 30, 1938
Net loss, after all charges,
75 cents on the 6% prior preferred
5H% prior preferred, both payable
These dividends are half the regular
quarterly rates.
Other miscell
Nash-Kelvinator
give them authority
Co., all of which is
National Power & Light, in favor of the sale of the properties at
specified in the contracts.—V. 147, p. 3315.
Directors have declared a dividend of
share on the common
stock, payable Dec. 10 to holders of record Dec. 5.
dividend of 20 cents was paid on Sept. 15, last.—V.
of issuance
cumulative
preferred stock, and 100,000 additional shares of common stock ($1 par)
upon official notice of issuance thereof under the company's "Employees'
Stock Purchase Plan" making the total amount applied for:
1,714,396
shares of common stock.
See also V. 147, p. 3464.
Co. (Hawaii)—-30-cent Dividend—
Directors have declared a dividend of 30 cents per
authorized the listing of 352,938
Exchange has
common stock ($1 par) upon official notice
thereof from time to time on conversion of the $4.50 convertible
Miscellaneous
Mutual Telephone
paid on July 1, last, and a dividend or
April 1, last.—V. 147, p. 1785.
additional shares of
year
received
per
with Federal Power Commission
revised to conform
,
National Acme Co.—25-cent Dividend—
The directors have declared a dividend of 25 cents per share on the
common stock, par $1, payable Dec. 29 to holders of record Dec. 20.
This
compares with 50 cents paid on Dec. 20,1937; 25 cents paid on Nov. 15 and
June 30,1937, and on Dec. 22, Nov. 20 and Aug. 20, 1936, this latter being
the first dividend paid by the company since May 1, 1931, when a quarterly
dividend of 20 cents was distributed.—V. 147, p.
National City Lines,
New England
Uncollectible oper. rev
Operating revenues
Operating expenses
3315.
National Grocers Co.,
$1,856,471 $15,590,336 $17,529,522
stockholders
a
Net income..-
—V. 147, p.
letter which read,
The plan involves the creation of 150,000 prior preference shares
entitled to cumulative preferential dividends at the
preference shares of
-upplementary letters patent, propose to
declare a dividend of $2.75 per
loss210,961
6,767,122
Light
&
Power
Co.,
Ltd.—Bonds
redemption at 104 Dec. 10.—V.
147, p. 3316.
Hampshire Fire Insurance Co.—Special
Dividend—
held Dec. 13 declared a special dividend of 20
regular dividend of 40 cents per share on the capital
$10, both payable Jan. 3 to holders of record Dec. 17.—V. 146,
Directors at a meeting
cents in addition to a
stock, par
have passed by-law No. 36,
providing for increasing the capital of the company accordingly and the
necessary amendments to the charter.
A meeting of shareholders will be
held on Dec. 21, 1938, for consideration of this by-law.
Subject to the necessary confirmation by both classes of shareholders and
the issue of supplementary letters patent, the directors have granted an
option to the underwriters above mentioned to acquire the requisite amount
of the new prior preference shares to enable them to make to holders of
existing preference shares an offer for the exchange of these shares on the
basis of five new prior preference shares for each existing preference share.
This offer will be sent out by the underwriters in due course.
The under¬
writers have agreed to take up for cash sufficient prior preference shares on
terms which will enable the company to retire any balance of Unexchanged
existing preference shares. Such option and agreement are conditional on
the holders of not less than 20,000 existing preference shares making the
exchange and upon the due issue of supplementary letters patent authoriz¬
ing the prior preference shares, and subject to these conditions and the carry¬
ing out of the transactions with the underwriters, the directors have agreed
to call, the balance of the unexhcanged
existing preference shares for
redemption at the redemption price provided for in the charter.
Directors, subject to the confirmation of the by-law and issuance of
New
15% of net earnings after preferential
after careful consideration
a.
5,970,186
$9,620,150 $10,762,400
5.703,231
6,756,737
3166.
which were called for
$1.50 per share, redeemable at $27.50 per share and accrued divi¬
dends, carrying equal voting rights with the common shares of one vote per
share, and provides for annual sinking fund payments for the retirement of
prior
$1,182,642
783,645
Offered—Royal Securities Corp. recently offered at 101 and
int. $793,000 1st mtge. AY2% bonds due Jan. 1, 1956.
Purpose of the issue is to refund $743,000 of 5H % first mortgage bonds
Co., Ltd., and
existing prefer¬
of dividends amounting to $22.75
rate of
dividends.
The directors
673,829
$172,447
Newfoundland
had under consideration a plan proposed to them by
each of $20 par value,
these
487,852
Net oper. income
Ltd.—May Recapitalize—
shares on which there are now arrears
share.
$660,299
Operating taxes
Nesbitt, Thomson & Co., Ltd., McLeod, Young, Weir &
R. A. Daly Co., Ltd., the purpose of which is to retire the
ence
$6,357,994 $61,464,368 $62,117,397
4,501,523 45,874,032 44,587,875
Net oper. revenues—
of 50 cents per share on the common
holders of record Dec. 17.
A dividend of 25 cents
share was last paid in Dec., 1937.—V. 147, p. 3315.
President Archie Foster on Dec. 9 sent
per
$6,345,679
5,685,380
Inc.—50-cent Dividend—
Directors have declared a dividend
in part, as follows:
The directors have
1938—Month—'1937
1938—10 Mos.—1937
$6,373,292 $6,384,454 $61,732,609 $62,300,402
27,613
26,460
268,241
183,005
Period End. Oct. 31—
Operating revenues
stock, payable Dec. 27 to
per
Telephone & Telegraph Co.—Earnings—
p.
1249.
Newmarket Mfg.
Co.—50-cent Dividend—
dividend of 50 cents per share on the capital
payable Dec. 15 to holders of record Dec. 7. This
compares with 50 cents paid on Feb. 15, 1938; $1 paid on Nov. 15, 1937;
$2 on Aug. 16 and on May 15, 1937; $1.50 paid on Feb. 15, 1937, and a
regular quarterly dividend of $1 per share distributed on Nov. 16, 1936.
Directors have declared a
stock, no par value,
—V. 146, p.
3197.
New Orleans Texas
Company
& Mexico Ry. Co.—Transfer Office
1938, its capital stock here¬
will be transferable only at the office
1610 Missouri Pacific Building, St.
announced that after Dec. 31,
tofore transferred in New York City,
of the Secretary of the company at
Louis, Mo.—V. 147, p.
"
3617.
New Process Co.—-To Pay $1 Dividend—
Directors have declared a dividend of $1 per share on the common stock,
no par value, payable Dec. 23 to holders of record Dec. 14.
This compares
with 50 cents paid on Nov. 1, Aug. 1 and May 2 last; a dividend of $1.50
was paid On Dec. 23," 1937, and a regular quarterly dividend of 50 cents per
share was paid on Nov. 1, 1937.
Financial
3770
r*
Company states that the current payment will
dividend payments
which ordinarily would be
p.
2540.1
)-
be In lieu of one or more
made In 1939.—V. 147.
New York Central RR.—Earnings—
SU
The Plan
_
The Situation
The Delaware
(1)
from rail-
Net railway oper. Inc. $4,040,080
Other income
1,186,776
$3,023,513
'
Total Income—
....—
$5,226,856
Miscell. deduc. from inc.
132,253
Total fixed charges..—
4.179,501
1,511,294
$9,620,322 $35,178,568
12,034,073
17,813,740
$4,534,807 $21,654,395 $52,992,308
130,050
1,397,394
1.437,867
4,236,107
40.775,022 44.149,998
Net income after fixed
charges
——
$168,650 def$20518021
$915,102
$7,404,443
Net Income per share of
Company—The main asset of the Delaware company
is the common stock of the Minnesota company, dividends on which consti¬
substantially the entire income of the Delaware company.
Among
the other assets of the Delaware company are all of the common and most
of the preferred stock of the Wisconsin company.
The Delaware company has no funded debt. It owes the Minnesota com¬
$1.15
Nil
—V. 147, p. 3617.
New
York Chicago & St. Louis RR.- -Assents
to Plan
92.4%—
The company
pany $11,108,810 on a demand note, which is secured by certain collateral.
The Delaware company will turn over most of the collateral and some other
securities to the Minnesota company, and thereby reduce the indebtedness
to
$9,217,338, including interest accrued to Dec. 31, 1937.
'
has reported to the New York Stock Exchange the.removal
an additional $409,000 of Its unsecured 6% notes, bringing the total of
undeposited notes down to $1,230,750.
On the railroad's figures, approxi¬
mately 92.4% of the notes have now been deposited in assent to the plan to
extena the maturity date of the notes until Oct., 1941.
The road also reported removal from the list of $114,000 of 3Mb of 1947,
leaving the total outstanding of that issue at $16,077,000.—V. 147, p. 3465.
of
New York Steam Corp.—Definitive Bonds Ready—
City Bank Farmers Trust Co.. as trustee, has announced that beginning
Dec. 10, it will be prepared to deliver New York Steam Corp, first mortgage
bonds, 3H% series due 1963, due July 1, 1963, in definitive form against
the surrender and cancellation of temporary bonds.—V. 147, p. 2872.
New York State Rys.—Amendment Plan
Asked-~
The New York P. S. Commission, it is stated, will approve a plan for
reorganization of the Syracuse System if the plan is amended to provide
for authorization of no par common stock instead of $1 par common.
Under the proposed plan, the new corporation would issue $2,154,581
of 4 % income notes, and $325,000 of common stock.
Net worth of operating
property of the system, at original cost less depreciation computed by the
commission's engineers, was placed at $2,840,527, against a capitalization
of $2,479,581. Total cash available for the new company would be $407,566,
exclusive of Syracuse Co-ordinated Bus Lines, Inc.—V, 145, p. 2400.
and certain other securities now held as collateral.
The Minnesota Company—The Minnesota company is a creditor of
(2)
(a) the Delaware company on the $11,100,000 demand note just referred
to; and (b) of the Wisconsin company on open account in the amount of
$16,980,000.
according to J. F. Dalton; chief traffic officer.
a
year..
i
"It isf believed, after a reasonable experiment, that a fare of
IH cents
mile for coach travel is better adapted to the needs of the territory than
the present fare of 2 cents per mile," Mr. Dalton said.—V. 147, p. 3465.
Aviation, Inc.:—Army Contract—
The War Department announced award of a contract to this company,
for observation airplanes at a total cost of $2,346,128.
Of the total order
of 74, 50 ships are for National Guard and 24 for regular Army units.
The model—0—17B is a three-place mid-wing single engine monoplane
with retractable landing gear.
With company shipping currently about $1,000,000
of the United States
monthly, inclusion
Army order just received brings the company's backlog
of business to between $15,000,000 and $16,000,000.—V. 147, p. 2696.
North American Rayon Corp .-—Dividends
Directors
Resumed
Dec. 8 declared
a dividend of 25 cents per share on the class A
stocks, payable Dec. 17 to holders of record Dec. 15.
These will be the first dividends paid since Dec. 23,1937, when like amounts
were distributed.
Dividends or 50 cents per share were paid on Oct. 12,
Aug. 10, June 21 and on April 1,1937.—V. 147, P. 2252.
and class B
on
common
North Star Oil, Ltd.—Accumulated Dividend—
The directors have declared a dividend of 8% cents per share on account
of accumulations on the 7% cum.
pref. stock, par $5, payable Jan. 3 to
holders of record Dec. 15.
This dividend is payable in Canadian funds
and in the case of non-residents is subject to a 5% tax.
A similar payment
was made on Sept. 15, July 2,
April 1, and on Jan, 2,1938; Oct. 1. July 2
and on April
1, 1937, as against f7J4 cents paid on Jan. 12,1937; 8% cents
per share paid on Oct. 1, July 2 and April 1, 1936, and dividends of 17 H
cents per share paid on Dec, 20 and on March 1, 1935.
The last regular
2uarterly dividend147, p.on this issue was the 8% cent payment made on
paid 1786.
>ct. 2,1933.—Vw
Northern States Power Co.
Under Recapitalization
000,000—-
Assets
(Del.)—SEC Submits Plan—
Will Be Written Down $29,-
.
The Securities and Exchange Commission on Dec. 13 forwarded to stock"
holders of the company a plan of recapitalization under which assets of the
company would
vote Dec. 27 on
be "written down" $29,000,000.
approving the proposed changes.
The stockholders will
The
proposed plan of recapitalization will in no way affect the book
value, dividend rights, and other rights and preferences of the 7% cumu¬
lative preferred stock and of the 6% cumulative preferred stock. While
the par value of the shares of the class A common stock will be changed
from $100 each to $25 each, the holders of the class A common stock will
be entitled, in the event of liquidation, to all the assets of the
company
remaining after the holders of the preferred stock have been paid the par
value of their shares
arrears
thereon.
and the amount of all dividends accumulated and
The holders of the Class B common stock in the event
°f
liquidation will not be entitled to any participation in assets, on and
1, 1941, the class B common stock will have no voting power,
and the class B common stock is to be canceled on Jan.
1, 1944, unless
the condition with respect to net income is fulfilled.
after Jan.
A report of the Securities and
Exchange Commission,
the plan of recapitalization to be effected
Washington, D. C.t
by the proposed transactions
°n
affords the following:
Summary of the Flan
The problems involved
three corporations, each bearing the name
incorporated in Delaware. Minnesota and
concern
Northern States Power Co. and
Wisconsin respectively.
The Delaware c°inpany is
exclusively a holding company. Substantially
all of its assets are the stocks which it owns in the Minnesota and
Wisconsin
companies, which are operating companies.
(The Northern States com¬
panies are now part of the Standard Gas & Electric Co. system.)
It has become apparent that the securities of
the Minnesota and Wis¬
consin companies, as well as other items on the
balance sheet of the Dela¬
ware company, are carried on the books of
the Delaware company at ex¬
cessive figures.
It is planned to write down these figures by sums aggre¬
gating at least $29,000,000.
If the Delaware company were to restate its
assets so as to eliminate
these items its capital would be
impaired to such an extent that no divi¬
dends could be paid for many years. To
remedy that situation the company
proposes to reduce the amount of capital assigned to its stock to a figure
that will wipe out the deficit. When this is
done, the company will be in
a position to resume the
payment of dividends on its preferred stock, in
whole or in part as earnings may warrant.
The stockholders of the Dela¬
ware company are asked to vote
upon a plan of recapitalization that will
accomplish this result.
The plan proposes to readjust the capital of the company by taking the
_
following steps:
(1) The class B
common stockholders will lose all rights to share in
Their voting rights will termi¬
1,1941,''and the stock will be canceled on Jan. 1,1944, unless
before that time it is shown that there are
consolidated* earnings applicable
to the payment of dividends thereon.
the assets of the company on liquidation.
nate on Jam
a year .
Wisconsin company.
In the planned readjustment the $16,980,000 indebtedness will be can¬
The Minnesota company will own all of the common stock of the
Wisconsin company.
celed.
There will then be outstanding ahead of the Wisconsin common stock
owned by the Minnesota company only (a) the outstanding $15,735,000 of
mortgage bonds of the Wisconsin company (most of which is publicly held),
and (b) its now outstanding $552,800 preferred stock in the hands of the
public (the preferred stock received by the Minnesota company in connec¬
tion with the liquidation of the Delaware company's demand note will be
Converted into
from
stock), the dividend rate on which will be reduced
When the readjustment is completed, any earnings of the
common
7% to 5%.
Wisconsin company after the payment of bond interest and dividends on
the publicly held preferred stock will be applicable to the payment of divi¬
dends to the Minnesota company and thus indirectly be available to increase
the income of the Delaware company,
-
$29,000,000 Write-Down of the Delaware Company Assets
reduced in January to IH
mile for round-trip travel,
Present 2-cent fare has been
per
North American
•
amounted to over
The cessation of these payments—pursuant to an order
of the P. S. Commission of Wisconsin—materially reduces the income of
the Minnesota Company and correspondingly the sums that could flow
from that company to the Delaware company.
Arrangements are now
being made to adjust the affairs of the Wisconsin company so that pay¬
ments may be made from that company to the Minnesota company out of
such earnings as are available.
(3) The Wisconsin Company—On March 4, 1938, the P. S. Commission
of Wisconsin directed the Wisconsin company to refrain from making further
payments of interest on the $16,980,000 indebtedness.
Pursuant to an
order of the Wisconsin Commission, the Wisconsin company is engaged
in restating its property account to a figure which indicates that there is
no equity for the presently outstanding preferred or common stocks of the
$1,000,000
Norfolk Southern RR.—To Reduce Fares—
Coach passenger fares on this railroad will be
cents a mile for one-way travel and 1.35 cents a
in effect for more than
In connection
with the reduction of the debt the Minnesota company will receive all of
the stock of the Wisconsin company now owned by the Delaware company
The interest on the $16,980,000 has for some years
$0.03
$0.14
stock...
_
of the Three Northern States Companies
tute
revenue
$6,540,118 $47,972,829 $73,870,657
2,189,685 28,117,648 26,381.632
10,234.859
12,310,457
1,326,920
in
17, 1938
(2) The par value of the class A stock will be reduced to $25 a share.
_
H way operations.... $7,881,883
Railway tax accruals...
2,695.075
Equip. & Joint fac. rents
1,146,728
Total
Dec.
The change is more apparent than real, for the class A stock does not give
up any rights which it now has—as is shown later.
r
1938—10 Mo$.—1937
1938—Monti*—1937
Railway oper. revenues,$29,312,752 $31.835,274 $242023,064 $310240,195
Railway open expenses, 21,430,869
25,295,156 194,050,235 236,369.538
r* Period End. Oct. 31—
Chronicle
The write-down in the value of assets as they are now shown on the
books of the Delaware Company covers the following items: (1) values
assigned to the common and preferred shares of the W isconsin company and
one minor subsidiary? (2) value of the common stock of the Minnesota com¬
pany;
(3) an item of discount and expense incurred by the Delaware com¬
pany in the sale and issuance of its preferred and common stocks; and (4)
the creation of a reserve against loss by this company in three minor sub¬
sidiary companies.
(1) The common and preferred stocks of the Wisconsin company, to¬
gether with the stock of a minor subsidiary, which are being turned over
by the Delaware company to the Minnesota company in connection with the
partial liquidation of its demand note, are treated as valueless.
This results in a loss of $8,784,964 to the Delaware company, represent¬
ing the value at which these securities are carried on its books.
(2) The 4,000,000 shares of common stock of the Minnesota company,
which represent on the books of the Minnesota company a value of $98,947,133, are carried on the books of the Delaware company at a value of $110,281,305. Recognition of this faict by the Delaware company necessitates
a write-down or $11,334,172.
(3) The books of the Delaware company carry as an aSset $9,383,058,
representing discount and expenses on the sale and issuance of its preferred
and common stock.
It is planned to eliminate this item sipce it is not a
real asset.
"
(4) A reserve of $271,500 has been created to provide against possible
loss of its investment in three minor subsidiary companies.
The writing down of these three items and the creation of the reserve,
aggregating over $29,000,000, destroy no values; they merely give recog¬
nition to the realities.
The
Recapitalization of the Delaware Company
The deductions above stated, aggregating $29,000,000.
will not affect
the preferred stock.
It will come entirely out of the two classes of com¬
mon stock.
The class A common stock has ajpreference over the class B common stock
in
liquidation of $100 a share. It is apparent that there is no vaiue in
liquidation for the class B and that the values now assigned to the class A
stock must be materially reduced.
Consequently, it is planned to eliminate
entirely the rights of the class B common stock in liquidation, so that
after provision for the preferred all the remaining assets would be distrib¬
utable to the class A common stock.
The par value of the class A stock
will be reduced from $100 to $25 per share.
There will remain a paid-in
surplus of $2,969,875. This is nqt intended to be available for the payment
of dividends.
The set-up of the capital stock before and after the write-downs is shown
by the following table:
At Present
Cum. pref. <par $100):
6 %—391,099 shares
7%—391,077 shares. $39,107,700
39,109,900
341,551 shares ($100 par).„
34,155,100
.
Class A common:
341,551 shares ($25 par)—
Class B common: 729,166 1-3 shares (nopar).
After
Recapitalisation
$39,W,700
39,109,900
-
8,538,775
Nil
$119,664,363
Total capital stock
7,291,663
$86,756,375
The class B common stock (all of which, except 83 shares, is owned by
the Standard Gas & Electric Co A, although without asset value, will still
cany effective voting control.
The voting rights of this stock will cease
on Jan. 1, 1941.
The class A common stock will, notwithstanding the re¬
duction in par value, continue to have one vote for each share of stock.
The remaining features of the plan relate to the treatment of the class
B stock. That stock is unusual in that, although it is subordinated to the
class A stock in liquidation,
it shares, pari passu, with the A stock in
any dividends declared on the common stock—but in unequal proportions,
10 cents going to each share of class A stock as against 1 cent to each share
of class B stock.
Under the plan the class
dividend rights.
retains its
B stock loses its asset and voting rights, but
However, unless these dividend rights ma¬
stock will be surrendered for cancel¬
terialize by Jan. 1, 1944, the class B
lation.
Effect of Plan on Delaware Company Stockholders
(1) The preferred stockholders relinquish no rights. The reduction of
provide a means of eliminating the
actual but unrecorded deficit, and so enable the company to resume the
payment of dividends on its preferred stock, out of current earnings.
(2) The par value of the class A common stock will be reduced from $100
to $25 a share.
The change does not constitute any real reduction in the
liquidation rights of the holders of the stock, for they will be entitled to
all the assets after provision for the preferred, instead of having to share
in any way with the class B stock. Moreover, if dividends are resumed on
the preferred stock, the keeping down of arrears will pave the way for a pos¬
sible earlier payment of dividends on the class A and class B common stocks.
(3) The stock whose rights will be materially altered under the plan
is the class B stock. This stock, well over 99% owned by Standard Gas &
Electric Co., represents an investment by that company in excess of
$7,000,000. Since the stock has no asset value but retains 40% of the voting
power, it is apparent that there is an inequitable distribution of voting
rights. The plan provides that the voting rights of the class B stock will
terminate in two years. It is anticipated that in this tuo-year period the
Standard company will apply itself to the solution of its integration prob¬
the value of the common stock will
lems.
Volume
Financial
147
The only vestige remaining
The proposed plan is to be
accomplished in part by the adoption of amend¬
and in pari; in
company's certificate of incorporation
ments to the Delaware
Pacific Power & Light
of the B stock after 1941 will be its poten¬
The plan contemplates that the stock will be can¬
unless, according to the formula already referred to, these
rights are shown within five years to have value.
The steps that will be taken, as above outlined, by the three Northern
States companies will improve the financial structure of those companies,
will provide for the more equitable distribution of the voting power in the
Delaware company, and will accomplish other objectives of the Public
Utility Holding Company Act. The Commission retains at all times power
under Section 12(c) of the Act to prevent improvident payment or divi¬
dends, as well as its jurisdiction under Section 11 of the Act.
tial rights to dividends.
celed entirexy
compliance with orders that may be issued by this Commission in
the plan. The amendments in question are to bo submitted to a
the stockholders of the Delaware company in
approving
vote of all
accordance with the provisions
of Delaware law.
The
of
3617.fefi
Northwestern Electric Co.—Accumulated
The directors have declared a
Dividends—
dividend of $1.75 per share on account
accumulations on the 7% cum. 1st pref. stock, par $100. payable Jan.
to holders of record Dec. 17.
A similar payment was made on Oct.
of
3
1,
April 1 last, Dec. 24, Oct. 1, July 1, and on April 1, 1937,
as against $5.25 paid on Oct. 1, 1936, this latter being
paid since Tan. 3. 1933, when 88 cents per share was
distributed; prior to Jan. 3, 1933, regular quarterly payments of $1.75 per
share were made.—V. 147, p. 3317.
on
Dec
on
have declared
Pacific Public Service
company
reclassified the "old" voting common stock and "old" non-voting
on a share for share basis into "new" common stock and
reclassified the outstanding 300,000 shares of second pref. stock into 60,000
shares of first preferred stock and 280,000 shares of "new" common stock
The directors have declared an Initial dividend of 10 cents on the new no-
stock payable Dec. 28 to holders of record Dec. 19.
Recently
exchange of non-voting common stock into voting common stock was
approved.—V. 147, p. 3167.
par common
an
Investors, Inc.—Dividend Resumed—
Pacific Southern
Directors
common
have
stock,
a dividend of $1 per share on the $2 class A
$1, payable Dec. 15 to holders of record Dec. 12.
paid on Dec. 15 and on July 1, 1937.—V. 147, p. 899.
declared
par
Like amounts were
Pacific Telephone
1938—10 Mos.—1937
$5,746,017 $56,912,9.37 $55,893,692
20,700
237,700
215,198
$5,867,499
3,991,886
$5,725,317 $56,675,237 $55,678,494
38,990,702
40,417,891
4.028.525
1938—Month—1937
revenues
Corp.—Preferred Dividend—
-
meeting of the directors held on Dec. 12, a dividend of $1 per share
on the outstanding $5 non-cumulative preferred stock, payable
-
of business on Dec. 15.
147, p. 1935.
& Telegraph Co.—Earnings—
$5,888,199
20,700
Period End. Oct. 31—
Operating
of five cents per share in
semi-annual dividend of 20 cents per share on the
stock, par $5, both payable Dec. 24 to holders of record Dec. 16.
An extra dividend of 30 cents was paid on Dec. 24, 1937; one of 10 cents
per share was paid June 21, 1937; a special dividend of $3 was paid on
common
Dec. 24, 1936, and extra dividends of 10 cents were paid on
Jan. 20. 1936. and on Jan. 19. 1935.—V. 146, p. 1083.
•
July 10 and
Dividend—
dividend of 50 cents per share on the class B
rj Oliver United Filters, Inc.—r>0-cent Class B
^
735,573
7,824,124
7,382,507
1,630,637
$961,289
1,620,704
$8,433,926
14,704,349
$9,306,011
15,994,738
Parmount Fire Insurance
Depreciation.
$762,896
472,549
134,619
$796,290
535,143
137,132
44,713
11,036
45,891
11.647
$11,823
2,103
Operating income
$165,728
30,798
$124,015
26,910
$10,046
2,487
.
Park Lane-Mt. Vernon
2
81
1,226
50
$8,766
6,332
Balance.
$8,452
6,657
$88,565
77,271
$138,011
79,977
$58,034
a Excluding depreciation
of transportation, shop, stores and laboratory
equipment and depreciation of non-operating property, sucu depreciation
being distributed among tne various operating property, operating expense
other accounts applicable.—V.
ance
Net
Corp.-—Earnings—-
Gross profit on
$1,152,667
1,072,792
;
$79,875
sales.
89,065
expenses
$9,190
8,067
Other income
-
Other expense
—
2nd mortgage bond interest
Excess depreciation not included
2nd mortgage bonds
;
in cost of lumber sold.
purchased
Net loss
,
$1,123
76.401
128,139
35,318
108,747
$132,234
■
depreciation charges of $223,246.
Balance Sheet Oct. 31. 1938
Includes depletion and
Liabilities—
Assets—
$232,495 Accounts payable
62,157 Wages and salaries payable329,557 RFC loan sinking fund acct_.
1,579,024 Accrued taxes and interest
3,634,438 1st mortgage 5% loan (RFC)
1 2nd mortgage 6% income bds.
Cash
(net)-—
Inventories!
—
Timber
Plants, railroads and equip.Stocks owned
—
assets
and
prepaid
199,713
2nd
•
mtge.
$29,356
51,844
2,292
61,067
509,754
2,496,900
outstanding
expense.---—
Income
bond int.
574,219
accrued
Deferred credits
4,593
Capital stock-
5,398
2,908,848
x
Capital surplus
606,886
Operating deficit
Total.
x
——-
$6,037,3851
Total
—
Outboard Marine & Mfg. Co.
Years Ended
confirmed by the
$1,005,676
Profit from operations
Depreciation and amortization
1937
$1,379,278
$1,194
-----
$1,811
Interest
on
617
-
distribution
2d mtge. certificates at 1 %, now payable on
stamped
1,283
certificates.-
$528
Surplus..
These amortization
payments have reduced the 1st mtge.
from $108,900
$107,800.
rents are based on actual cash
receipts and disbursements and do not take into consideration rent arrears
and some minor accrued operating expenses.
All other deductions have
either
been
paid or provided for.
No allowance has been
depreciation, amortization of capital charges,
statement for
made on this
&c.
$1,217,021
64,862
41,058
Other income
$928,573
Total income
Interest
Exchange on United States funds
Provision for investment loss
—
unemploym ent insurance fund—
Federal income taxes
—
11.139
251
20,000
23,793
159,232
S714.158
profit
542,787
.
$171,371
$2.40
capital stock
undistributed profits.—V. 147, p. 1350.
Includes surtax on
Pathe Film Corp .—Wins Over du Pont Company—■
E. I. Du Pont de Nemours & Co. to restrain Pathe
its stockholders the Dupont Film Mfg Co. stock was
denied Dec. 12 by Judge Coxe of the N. Y. Federal District Court.
The attempt of the
from distributing to
To Consider New Plan
of Liquidation—
.
stockholders held Dec. 13 the management received
proxies for approximately 60% of the stockholders In favor of the proposed
plan of dissolution.
Under the terms of the plan, at least 80% was required
to meet the requirements of the Federal statute and gain certain tax benefits.
It was pointed out at the meeting that a great many stockholders had been
deterred from or delayed in voting by the litigation initiated by E. I.
du Pont de Nemours & Co. and minority stockholders, which litigation had
been proved unjustified by court decisions in Pathe's favor.
The management announced that time limitations placed upon the
corporation by the Federal statute, requiring completion of dissolution In
the single month of December, 1938, precluded adjournment for further
solicitation of proxies, although It was confidently asserted that there was
every indication that 80% could have been secured had more time been
At the meeting of
available.
A new plan to accomplish most, if not all, of the benefits of
plan whl be announced in the near future.—V. 147, p. 3618.
Pennsylvania Coal
Leases—Personnel—
the proposed
Co.—Assumes Pittston's Anthracite
Directors of this company elected officers at a special meeting held Dec. 8
and formally assumed control of all its anthracite properties which had been
operated on leases by the Pittston Co. since 1930.
L. L. White, who has been President of the Pittston Co., was elected to
head the Pennsylvania company and H. J. Connolly, Pittston Vice-President
named
to
the same position
with Pennsylvania.
Both are leaving
Pittston Co.
Co., which owns bituminous mines in the State of Wyoming
truck and barge companies in Eastern cities and also Is connected with the
West Virginia bituminous industry, will continue to function outside of
the anthracite field.
The Pittston
Patterson-Sargent Co. (&
Years End. Oct. 31—
Operating profit
Other deductions (net)_Prov. for Federal taxes.
1938
Subs.)—Earnings—
1937
1935
1936
Adjust, prev. years
$477,659
$262,429
$413,371
3,175,159
$423,939
2,904,430
$230,668
2,827,537
$3,588,530
$3,328,369
$3,088,819
12,408
200,000
350,000
150:066
150,000
5.600
3,210
$3,071,947
profit
Previous surplus
Cr7,400
b90,600
$3,284,355
Net
$3,219,396
$3,175,159
$0.26
$2.00
$2.02
$69,201
Crl3,280
67,000
Cr8,239
40,000
Fed¬
30,614
eral taxes
$1,281,883
6,961
217
125,000
209,326
$940,379
741,952
$198,427
$3.16
_
$496,571
Cr4,221
c8,463
$64,959
3,219,396
162,257
$887,515
Surplus
Earnings per share on
—
previous statement
a
118,161
Profit
x
reorganization to
June 29, 1917),
1938
$6,649,932
5,644,256
Costs and expenses
Net
xl,100
first mortgage
Income available for
(& Subs.)—Earnings—
Sept. 30—
Net sales
Dividends
on
'Profit
was
corporation was organized in 1935 as successor in
Oregon-American Lumber Co. (incorporated in Utah
pursuant to a reorganization plan dated July 9, 1934, and
U. 8. District Court in August, 1935 —V. 124, p. 2131.
The
x
$6,037,385
Represented by 44,079 no-par shares.
Advances to
7,947
"$2^294
_---
_
'
Operating loss.
Accounts receivable
income
Note—The above figures pertaining to net
1 to Oct. 31, 1938
lath and shingles
Cost of lumber sold
Deferred
on 1st mtge., $2,716; real estate taxes, $4,133; insur¬
premiums, $434; Empire Trust Co., trustee's fees, $139;
fee and misc. exp., $151
Income surplus from
to
Earnings for the Period Jan.
Lumber sales (net), and profit on
x
8,573
$10,241
■.
Amortization payments
x
on
$18,814
Interest
147, p. 3167.
Oregon-American Lumber
Profit
1938
30,
Operating expenses of agent
$11,294
$11,294
$1,795
$1,795
$2,434
Balance..
Lossv
Months Ended Nov.
6
Earnings for
Gross income from rents
Cr451
13,244
deductions
Divs. accrued on pf. stk_
$186,526
47,400
1,566
$150,925
47,382
1,734
$12,533
3,950
$13,9263,932
Other interest
Selling
Corp. (One Park Lane West,
Y.)—Earnings—
officers' salaries, $375; accounting
Gross income
x
Co.—Registers with SEC—
of this department.
Net rents
Other income
or
See list given on first page
1938—12 Mos.—1937
1938—Month—1937
$65,795
$69,361
Period End. Oct. 31—
Operating revenues
and
The company's capital stock, par $5, has been removed from listing
registration on the New York Curb Exchange.—V. 147, p. 3167.
Mt. Vernon, N.
Earnings—
Airways Corp.- -Removed from Listing and
Pan American
Registration—
Like amount was paid
being the first dividend
1931.—V. 147, p. 3166.
Orange & Rockland Electric Co.-
..'I
Net income
—V. 147, p. 3618.
The directors have declared a
stock payable Dec. 23 to holders of record Dec. 16.
on Dec. 23, 1937, and on Nov. 1, 1937; this latter
to be oaid on the class B stock since
726
704
70
831,340
The directors have declared an extra dividend
addition to the regular
.
$1,696,792 $16,257,346 $16,687,792
$1,875,613
71
-
?.
Oilstocks, Ltd.—Extra Dividend—
Other
Co.—Listing—
stock
common
declared
Jan, 1, to holders of record of such stock at the close
Like amounts were paid in preceding quarters.—V.
a
Aug. 1,
The company's "Old" (non-voting) common stock, no par, has been
suspended from dealings on the New York Curb Exchange, and the "New"
common stock, no par, has been admitted to listing and registration.
Pursuant to a certificate of amendment of the articles of incorporation
24, 1936,
Ohio Service Holding
a
dividend of $1.75 per share on the 7%
1937.—V. 147, p. 3318.
Uncollectible oper. rev..
At
Co.—Accumulated Dividends—
1, Aug. 1, May 1, and Feb. 1, last; Dec. 24. Nov. 1 and on
Nov.
the first dividend
was
a
Initial Common Div.—
6.0% compared with the corresponding week last year.—V. 147, p.
July 1 aDd
directors
pref. stock, par $100, and a dividend of $1.60 per share on the 6%
cumulative pref. stock, par $100, both payable on account of accumula¬
tions on Dec. 24 to holders of record Dec. 12.
Similar amounts were paid on
cum.
Weekly Output—
Electric output of the Northern States Power Co. system for the week
Dec. 10, 1938, totaled 28,130,478 kilowatt-hours, an increase
ended
and
3771
Chronicle
stock
dividends
Premium on pref. stock
purchased and retired
Divs. on pref.
Common
Earns, per sh. on 200,000
shs. com. stk. (no par)
34,389
13,534
deducting cost of sales, selling, administrative and
penses
b Includes $10,000 for surtax on undistributed
cludes $1,313 additional charge for priqr year taxes.
a
After
$2,904,430
$0.98
general ex¬
profits,
c
In¬
Chronicle
Financial
3772
Dec.
17,
1938
Balance Sheet Oct. 31
WE DEAL
IN
1938
A
Philadelphia Electric Co. Common Stock
Electric Switch
Penn
Metropolitan Edison $6 Prior Preferred Stock
—
1,032
1,032
127.792
Consumers deposits
30,065
87,035
Other current Iiab.
42,863
174,096
184,445
Malnexten. depos.
528,133
490,244
5,116
5,116
Accrued
239,452
236,248
3,622
6,062
Accrued interest..
8,358
8,358
Other accrued llab.
cur. assets..
TJnamort. debt dis¬
Philadelphia
$364,581
876,946
876,665
1938
Accounts payable-
755.687
718,619
1,080,290
1,309,915
56,767
ot lite Insurance-
349.186
310.200
310.200
Common stock.-
300,COO
300,000
3,071,947
sur¬
plus.
Month of
Gross-
Sundry secur., mis¬
rec.
24,250
&c
November—
1938
-
-
Net after expenses
x
x
54,718
Dep. in closed bk-
48,000
27,987,824 28,451,226
Philippine Long Distance Telephone Co.—Smaller Div.
Pioneer Gold Mines of British
21,750
cellaneous
Total
Directors have declared a dividend of 38 cents per share on the common
stock, payable Dec. 23 to holders of record Dec. 20.
A monthly dividend
of 42 cents was paid on Nov. 30 last.^—V. 147, p. 2402.
Secure.of unconsol.
subs
2,492,520
48,000
Surplus
2,333,103
3,219,396
x
Profit and loss
Cash surrender val.
12,081
Dividends declared
27,987,824 28,451,226
126,491
13,853
121,312
2,559,076
1,806,841
126,960
349,186
$4 cum, pref. stock
51,931
accepts, payable
Inventory
25,978
49,484
-V; 147, p. 2699.
$168,782
30.748
Res. for contlng..
Customers' notes &
taxes
1937
$149,251
Accrued taxes
277,637
36,658
debits.
16,907,500
53,781
.
Reserves
267,662
count and exp_.
Total
Liabilities—
1937
1938
$352,179
general
Prepayments
Special deposits
Teletype—Phla 22
Consolidated Balance Sheet Oct. 31
Assets—
2,500,000
80,629
Undlstrib.
Cash
Common stock— 2,500,000
Funded indebted. 16,900,000
134,580
Investm'ts
YARNALL & CO.
U. S. Govt, secure.
$
3,200.000
Materials & suppi.
,
Walnut St.
$
3,200,000
Preferred stock
Accts. receivable__
Other
1628
1937
1938
Liabilities—
26,096,940 25,799,224
1,179,129
1,928,544
Notes receivable..
Philadelphia Suburban Water 6% Preferred Stock
United Gas Improvement $5 Preferred Stock
A. T. & T.
1937
§
sset s
Fixed capital
Cash
Class "A" Stock
$9,800
Before depreciation,
Columbia, Ltd.—Earns.
1937
$174,000
95,000
1936
$177,000
100,000
depletion and taxes.—V.
147,
p.
1935
$265,000
190,000
3320.
Ld., bldgs., mach.,
equipment, &c.
Unexp. Ins. prem.
1.0U.060
prepaid taxes—
32,402
Pittsburgh & Lake Erie RR.—Earnings—
1,055,225
42.870
Period End. Oct. 31—
1938—Month—1937
1938—10 Mos.—1937
Railway oper. revenues- $1,634,067
$1,818,554 $11,284,420 $20,473,490
Railway oper. expenses1,227,732
1,704,777
10,271,468
16,717,457
Total
$4,211,332 $4,474,525
Total
Represented by 200,000 no par shares.
x
«...-$4,211,332 $4,474,525
V.
Net
Pennsylvania RR.—Official Retires—
The
of
retirement
President
L.
Julien
Eysmans,
from ry. oper.
$406,335
Railway tax accruals—
Equip. & joint fac. rents
Crl61,354
147, p. 3318.
Vice-President—assistant
of the railroad, under the company's pension regulations,
on Dec. 14 by the board of directors.
rev.
176.642
$113,777
$1,012,952
$3,756,033
126,875
1.722.052
1,281,553
Cr214,679 Crl ,691,357 Crl ,846,436
to
Net railway oper. inc.
was
$391,047
15,047
$201,581
13.356
$1,422,756
136,472
$3,880,417
287,104
$406,094
69,845
3,654
$214,937
19,677
3,833
$1,559,228
281,416
35,774
$4,167,521
$332,595
$0.39
Other income
announced
$191,427
$0.22
$1,242,038
$1.44
$3,659,846
$4.24
Mr. Eysmans's
entire service of 47 years with the Pennsylvania was spent
in traffic work.—V. 147, p. 3467.
Total income.Miscell. deduc. from inc.
Penn
Gas
Western
&
Co.—Dividend
Electric
for
Total fixed charges
Liquidation Authorized—
460.432
47,243
Net income after fixed
Payment by the company of a dividend out of capital or unearned surplus
complete liquidationand dissolution was approved by the Securities
Exchange Commission, Dec. 13.
The company was incorporated in 1934 to act as a holding company in
effectuating a reorganization of American Electric Power Corp.
Directors
of the company have expressed the opinion that its continued existence Ls
economically unjustifiable in view of additional taxes and other expenses.
Prior to formal dissolution, all securities, except stock of Sioux City Gas
& Electric Co., will be sold for cash.
Holders of the company's 101,904
shares of common stock, in addition to cash distribution, will receive one
share of Sioux City common for each share of Penn-Western held
It is
estimated that cash available for distribution wilx aggregate $34,879, or
34 cents per share.—V. 147, p. 2253.
charges—
\
to effect
Net inc. per sh. of stock
and
—V. 147, p. 3468.
Petroleum Heat & Power Co.
1938
$2,218,577
2,49^,283
1937
$3,072,264
3,°33,832
$271,706
-
Cost of sales, including all operating expenses
,x$38,432
Net loss from operations
Other expenses
Federal income taxes
Years Ended Sept. 30—
1938
$315,872
Inventories
1938
Total loss
1937
$1,550,000
851,947
2,092,622
Mortgages payable
106,250
106,250
194,637
144,981
Deferred Income..
100,633
149,126
69,458
109,394
Res. for contlng...
75,000
Capital stock
1,824,928
lor Petroleum Co
75,133
135,620
Capital surplus—
2,360,684
2,708,503
1,477,109
421,032
426,839
Miscell. assets
44,314
34,119
Fixed assets
2,226,323
2,204,039
1
1
x
Intangibles
Total
x
After
..$7,290,475 $6,735,412
reserve
Deficit-,--.
y
Total.........$7,290,475 $6,735,412
depreciation of $1,802,147 in 1938 and $1,747,068
127.
Pharis Tire & Rubber
per
share
1937
y
On
220,000 shares
Rys. Co. and
railway *and transportation companies.)
street
1937
$40,312,824 $43,250,99
21,887,440
22,232.346
.
taxes.
$18,425,384 $21,018,654
1,916
341,313
-
x Net operating revenue and other income$18,427,300 $21,359,967
Appropriation for retirement and depletion reserves
5,200,114
5,360.972
1.......
Gross income.
Rents for lease of properties
Interest on funded debt
$13,227,187 $15,998,995
Amortization of debt discount and expense.
Other interest charges (net)
Guaranteed dividends on Consolidated Gas Co. of
the City of Pittsburgh pref. capital stock.
Appropriation for special reserve
Other income
y
Consolidated net income
170,200
5,476,829
509,670
Cr9,718
69,192
500,000
269,497
$9,013,326
y For divs.
minority interest of sub¬
sidiary tympanies and dividends on preferred and
common stock of Phila-
Note—-The above income account for the
year ended Oct. 31, 1937 has
beenadjusted to reflect $80,118 of additional taxes
applicable to the period
of 1936 included therein, paid
by Duquesne Light Co. in 1937 and charged
to surplus.—V. 147, p. 3619.
Philadelphia Suburban Water
Co.—Earnings—
12 Months Ended Oct. 31—
Gross revenues.
1938
1937
$2,472,714
Operation (incl. maintenance)
Taxes (not incl. Federal income tax)
Amortization and other deductions
Federal income tax
Capital stock—common (par $100)
Capital stock—employees'special (par $10)
Capital surplus
/_
Operating surplus
I
$12,860,977 $14,394,258
1-
172,930
90,197
86,075
971,993
6,834,200
51,820
1,036,474 *
3,617.288
258,805
172,121
53,849
2,024,550
6,830,600
55,480
1,028,651
3,670,203
132J87
144,862
p.3665.
Pollak Mfg. Co.—To Pay
$1,666,905
$1,661,919
676,200 '
676,450
18 149
22 977
105',680
232,390
$628,627
$624,420
20-cent Dividend—-
Directors have declared
a dividend of 20 cents per share on the common
stock, payable Dec. 22 to holders of record Dec. 15.
This compares with
15 cents paid on Oct. 28 last, and dividends of 20 cents per share paid on
Dec. 24, 1937, and on Dec. 21. 1936.—V. 147, p. 2543.
Postal Telegraph &
Cable Corp.—Hearing Jan. 12—
Federal Judge Alfred C. Coxe on Dec. 15 adjourned to Jan. 12 a scheduled
on
the proposed plan of reorganization for the corporation.
Percival E. Jackson, attorney for a bondholders' advisory group which
had opposed the proposal of the Stewart-Lehman bondholders' committee
for
reorganization, said his group now favored the proposal.
He added
that the depressed condition of the telegraph industry, plus the inability
of the Postal land lines to effect a merger with the Western Union Telegraph
Co.
50.000
387,905
2,937,581
556,735
Total
$12,860,977 $14,394,258
a Balance sheet at
Sept. 30, 1938, represents consolidation of Plymouth
Cordage Co. and its subsidiaries, consumers Cordage Co. (1938), Ltd. and
Cordage Distributors, Ltd., both Canadian corporations and both whollyowned at Sept. 30, 1938.
b Balance sheet at Sept. 30, 1937, represents
Plymouth Cordage Co. only,
c Wholly-owned at Sept. 30,
1938, and
consolidated as per (a) above,
d After reserve for depreciation.—V. 145,
674 475
106^599
Balance available for dividends.
•-
Liabilities—
Accounts payable—for merchandise, supplies, &c_
Accrued Federal, State, city & town taxes—reserve
Dividend declared (paid Oct. 20, 1938)
Pension and insurance fund—employees
Reserve revaluing normal inventory
$2,481,257
673 022
237.329
Retirement expenses
c
711,169
-
Total
37,784
68,838
422,905
2,937,010
.
Buildings
d Machinery and equipment
*
170,383
32,788
27,071
on
d
hearing
Net earnings
Interest charges
mortgages
$2,874,040
728,960
650,556
616,051
5,315,425
69,192
500,000
268,558
Before appropriation for retirement and
depletion reserves,
pref. and common stocks held by public and
x
OB
170,200
5,470.929
509,885
Crl43,803
$6,382,226
deductions
-
Miscellaneous securities and notes rec.—lessres've.
Land
bl937
$2,284,795
416,725
183,151
811,353
4,849,179
184.832
Accounts and notes receivable, &c. customers
Merchandise and supplies
Deferred charges—prepaid insurance, taxes, patent
Stock of Cordage Distributors, Ltd. (Canada selling
agency)—at cost
-2
.
al938
by
Cordage
Sept. 30
Assets—
to employees—secured
dwellings
affiliated
1938
.
maintenance and
x Net revenue-.
Other income (net)..
Balance Sheet
rights, &c_-
subsidiary and
Year Ended Oct. 31—
expenses,
Ltd., for the period Jan. 1, 1938, to Sept. 30, 1938.
b The 1937 year includes results of operations of Plymouth
Co. only.
.
Loans
Philadelphia Co. (& Subs.)—-Earnings—
revenues
$3,970,203
owned at Sept. 30, 1938) as follows:
Consumers Cordage Co. (1938) Ltd.,
the period May 28, 1938, to Sept. 30, 1938r Cordage Distributors,
Other marketable securities
$455,084 loss$190,766
$2.07
Nil
.
(Exclusing Pittsburgh
Operating
$3,617,288
year.—-
$144,221
4,114,424
a The 1938 year includes results of operations of
Plymouth Cordage Co.
for the year ended Sept. 30, 1938, plus those of its subsidiaries (both
wholly
-
1938
x After
depreciation, Federal income taxes, &c.
(par $1) capital stock.—V. 147, p. 2254.
Operating
Operating surplus—at end of
3,970,203
year.--.
Cash—demand deposits and currency
U. S. Treasury bonds
Co.—Earnings—
10 Months Ended Oct. 31—
Net profit...
Earnings
$352,915
Operating Surplus—at beginning of
for
for
in 1937.—V. 147, p.
x
Earned surplus
$8,612 prof$269,173
344,303
<
413,395
Dividends declared.
75,000
_
10,180
57,945
$5,382 prof$355,173
3,230
86,000
Net loss
$900,000
3,750
888,835
50,890
28,525
-
Current U. S. & Canada income taxes (reserves)._
Notes pay able
Accts. payable
2,985,678
__
62,408
18,797
53,849
Drll,159
Received in liquidation of Sisal Corp
Deferred charges._
Net invest, in Tay¬
Prepaid expenses.
$129,277prof$207,633
Miscellaneous items
Bank loans.
"1,698,763
6,761,120
925,750
1
Loss
5,428
1,407,004
(net)
bl937
$7,894,503
Dividends, interest, &c. received—net
Adjustment of prior taxes
Elimination of reserve for pensions & insurance
2,248
Liabilities—
1937
$287,926
$6,934,572
8,116,406
Crl,052,557
market) and selling and general expenses
Adjust, in normal inventory reserve
x$30,757
Consolidated Balance Sheet Sept. 30
Assets—
al938
8,402
Notes & accts. rec.
3619.
p.
Sales—less selling commissions
'
Cost of goods sold (incl. deprec. at regular rates
and with inventories taken at lower of cost or
Indicates loss.
Cash
Coal Co. above.—V. 147,
$280,108
^
—
Consolidated net loss
x
Co.—Transfers Anthracite Properties—
Plymouth Cordage Co.—Earnings—
(& Subs.)—Earnings—
3 Months Ended Sept. 30—
Net sales
Pittston
See Pennsylvania
under
proposal
Federal
was
laws, convinced the group that the Stewart-Lehman
the best that could be obtained.—V. 147, p. 3168.
Volume
Financial
147
taken in part by the banks
Insurance Co.
(G. E.) Prentice Mfg. Co.—Extra Dividend—
of Colorado—Postpones
Offering of
$55,000,000 Securities at This Time—
to
Co., has abandoned its plan
this time.
The company's
Securities and Exchange Commission for permission to
registration covering the proposed security was granted
The company, subsidiary of Cities Service
market $55,000,000 of ne"w securities at
request
the
to
its
withdraw
Dec. 15.
its SEC filings because of the time required for preparation
information.
The company said it expected to undertake
financing "after the turn of the year."
The securities, which were to have been issued,
of additional
the proposed
consisted of $40,000,000
1st mtge. bonds, due 1963; $10,000,000 of 4% debentures, due
1948, and 50,000 shares of 5H% cum. 1st pref. stock, $100 par.
No explanation was given at the SEC for the change in the company's
financing plans, although it is understood that lack of sufficient data
regarding the past writeups and writedowns delayed the application when
it came up for SEC approval.
It also was indicated that the Commission
was prepared to let the company proceed
with its financing program if
certain additional data were supplied.—V. 147, p. 3469.
of
3H%
Subs.)—Earnings
Puget Sound Power & Light Co. (&
Period End. Oct. 31—
Operating revenues
Operation
Maintenance
Taxes
1938—Month—1937
1938—12 Mos.—1937
$1,335,341
$1,441,249 $15,796,236 $16,625,132
471,162
539,136
5,486,149
6,332,447
88,811
104,761
1,146,402
1,135,186
189,720
221,745
2,196,606
1,987,700
$6,967,080
Drl63,490
$575,607
Dr20,050
$569,741
319,453
$555,557
320,968
$6,803,590
3.845.710
$7,178,911
3,856,895
$250,288
$234,589
$2,957,880
$3,322,016
Balance
Interest & amortization.
Balance
1,495,233
$1,487,969
$1,826,783
550,000
„
550,000
preference dividend requirements
$937,969
1,583.970
Balance, deficit
$1,276,783
1,583,970
$646,001
Balance
Preferred dividend requirements.
$307,187
...
1937, the company adopted the new system of
prescribed by the Federal Power Commission, which differs in
certain respects from the system the company previously followed, hence
the above 12 months' figures are not exactly comparative.—V. 147, p. 3619.
Note—Effective Jan. 1,
accounts
Pyrene Mfg. Co.—20-cent Dividend—
stock,
dividend of 20 cents per share on
$10, payable Dec. 23 to holders of record Dec.
have declared a
The directors
common
par
the
15.
23,1937; 20 cents paid on Sept. 15
Dec. 15, 1936; 20 cents paid on
Sept. 15 and June 15, 1936, and on Aug. 15, 1935, this latter being the first
payments made since Aug. 1, 1931, when 10 cents per share was distributed;
prior to this latter date dividends of 20 cents per share were distributed
This compares with 30 cents paid on Dec.
and on June 15, 1937; 50 cents paid on
each three months.—V. 147, p.
Radiomarine
130.
Corp. of America—Earnings—
Period End. Oct. 31—
Teleg. & cable oper. revs.
Deprec. and amortiz—
Relief departments and
R. C. A. Communications,
1938—10 Mos.
1938—Month—1937
$120,328
$85,077
$976,371
100,327
9,838
10,282
1937
$1,114,790
97,988
417
480
4,168
4,800
67,164
70,691
655,062
647,380
teleg. and cable1
operating revenues.
$7,214
$39,319
$216,814
$364,622
Uncoil, oper. revenues..
100
250
1,000
assignable to oper.
3,955
8,263
60,904
2,500
74,449
Operating incom$
Non-operating income..
$3,159
$30,806
$154,910
346
1,957
5,133
All other gen. and miscl.
expenses
Net
Taxes
$3,312,
Gross income
.
r
•
$434,173
$3,840,157
$4,376,034
51.885
63,009
536,001
629,454
2,900
2,900
29,000
29,000
miscellaneous expenses
308,312
308.018
3,021,838
2,895,769
Net tel. & cable op .rev
$41,695
Other oper. revenues.._
Other operating expenses
$60,249
32,616
38,530
$253,318
303,188
390,300
Uncollect, oper. revs
Taxes assignable to opers
30,548
37,984
1,000
26,832
1,000
32,845
10,000
247,375
$821,811
323,517
377,038
20,000
356,718
Operating income
Non-operating income.
$6,427
72,576
$20,487
97,320
*$91,169
620.540
$391,572
792,133
$79,003
23,224
$117,807
30,569
$529,371
236,469
$1,183,705
287,540
$55,779
$87,238
$292,902
$896,165
sions
All
other
and
general
_
Gross income.
Deduct, from gross inc..
Net income
Indicates loss.- -Y.
147,
Real Silk Hosiery
p.
3169.
Mills, Inc.—Options Canceled—
of the option previously granted to P. O. Ferrel
shares of common stock.—V. 147, p. 1352.
and a quarterly
the no par common stock, both payable
Like amounts were paid on Sept. 30
last.
See V. 146, p. 3966, for record of previous dividend payments.—V.
147, p. 3321.
extra dividend of 50 cents
an
share
on
Dec. 23 to holders of record Dec. 16.
$282,000 for
proposed local transportation company organized by Reo
has been obtained from the State public
p. 3321.
a
but for which no operating permit
commission.—Y. 147,
utilities
Republic Petroleum Co.—Earnings1938
Period End. Sept. 30—
Gross
sales,
crude oil
Prod, costs, excl. of taxes
General expense
$558,980
115,841
$683,571
103,432
$557,727
83,916
$182,861
51,559
16,448
29,855
35,366
$443,139
141,789
48,526
62,915
99,728
$580,139
141,402
52,066
62,936
109,230
$473,812
119,898
52,614
55,790
81,519
Dr6,533
55,881
$214,503
39,779
50,841
$163,990
24,879
$139,528
19,575
Net sales
Depletion—
Depreciation
$305,123
67,074
$188,869
33,660
$292,806
$155,185
$31,152
Rath Packing
,631
taxes
(net)
subsidiaries.
Gross income
incl.
Taxes,
prov.
Oct. 29, '38 Oct. 30, '37 Oct. 31. *36 Nov. 2, *35
$47,920,091 $44,427,326 $39,629,897 $34,937,695
Cost of sales, selling, de¬
livery & adm. exps... 45,924,815
43,603,267 38.285,622 34,660,345
148,240
Deprec. & obsolescence.
339,692
217,095
214,849
Other inc. & exp., incl.
»
30,901
interest, &c. (net)
20,342
22,104
«
12,113
15,500
Prov. for Fed. inc. tax..
Z300.800
75.261
155,803
Years Ended—
xNetsales
$1,334,443
Netprofit
$82,709
$961,511
$509,599
166,848
148,447
160,326
189,290
300,000
499,996
yl,399,917
300,000
200.000
Shs. com. stk. (par $10).
300,000
300,000
200.000
Nil
Earnings per share
$3.95
$1.16
$3.86
x After deducting returns and allowances,
y $399,917 paid in cash and
$1,000,000 paid in common stock,
z Includes $50,500 surtax on un¬
distributed profits.
John W. Rath President, says: "In view of the expansion pians of the
company, directors deemed it advisable to accept an offer,for $1,500,000
10-year 4% sinking fund debentures, which were soid at private sale to a
leading insurance company.
These debentures are due June 1, 1948, and
provide for a sinking fund at the rate of $75,000 per year with the privilege
of retiring any part of the unpaid amount at any time by giving proper
notice.
The proceeds of this sale will be used in carrying out the building
and expansion program now under way.
,
Preferred dividends
Common dividends
Comparative Balance Sheet
Oct.
Cash
1,753,214
Receivables
2.039,078
842,607
1,739,754
Notes
3,203,978
80,461
Accrued
29/38 Oct. 30,'37
$
$
Liabilities—
900,000
payable
payable
82,830
&
4,430,085
56,681
Deferred charges
4,103,370
48,124
—
175,457
160,867
payroll..
73,769
51,129
8. f. pay. on debs.
Prov. for real
stock, payable Dec. 15 to
paid on Oct. 1 last, and an initial dividend of 20
paid on this issue on Dec. 20, 1937.—V. 147, p. 2701.
cents was
was
Rima Steel
Net income
—
taxes
bentures
360,983
117,519
1938
8
Assets—
Forest & land prop.
742,415
Mine property.—
530,584
Ry.
Banreve-
of
105,459
Ozd
964,991
964,991
71,213
3,383,297
555,927 Capital res. fupd.. 3,428,072
Regular res. fund.
41,668
110,646 7% pref. bond loan 1,885,000
$172,209
pension fund...
108,844
Stock
on
280,761
hand
32,998
2,869,787
419,764
419,764
201,285
45,885
Pension supp. fund
271,459
3,766,772
651,311
—
1,885,000
58,471
50,258
961,271
521,876
3,139,959
583,256
of officers
Settle't
for
portfolio
S
3,428,072
24,274
210,030
3,205,315
Creditors
173,026
Cash in hand
1937
3,383,297
3,622,131
Unclaimed divs...
Bills of exchange In
Debtors
Liabilities—$
Capital stock
3,173,972
585,051
956,947
Macb. & equip't..
13,615,257. 12,791,957
Total
inspectors &
foremen
Armin de Biro Aid
Fund.
de
Borbely
47,403
43,031
469,163
458,564
1,959,744
510,000
11,634,818
2,906,200
3,000,000
1,277,104
510,000
10,018,294
have
from Dealings—
York Curb Exchange has received notice from the company
contemplated that liquidating dividend number 2, consisting of
securities of special situations distributed in kind, will be made on or about
Dec. 27, to stockholders of record at the close of business Dec. 14, and that
the board of directors have voted to close transfer books permanently at
The New
arrangements
for the con¬
by new loans
Dividend—
declared a liquidating dividend of 35 cents per share
stock, payable Dec. 27 to holders of record Dec 14.
On
the same date company will also distribute its holdings in Case, Pomeroy
Co., Inc., Thomas Young Nurseries, Inc., and Stokely Bros. & Co., Inc.
An initial liquidating dividend of $2 50 was paid on Dec. 1 last; a dividend
of 30 cents was paid on May 20 last; one of 10 cents was paid on May 20,
1937, and an initial dividend of 25 cents per share was distributed on
July 20, 1936.
that it is
Rayonier, Inc.—Plans Refinancing—
Company according to San Francisco dispatches has made
refinance its bank loans which were incurred primarily
struction of a new dissolving pulp mill at Fernandina. Fla.,
13,615,257 12,791,957
common
Removed
2254.
Total
902.
Reybarn Co.—Liquidating
Directors
on the
1,463,000
3,000,000
3,000,000
Earned surplus
%
676,475
2,656,929
Buildings......... 2,648,959
-V. 147, p.
5% pref. stock
Total
$346,448
1938
Profit balance
Common stock
Paid-in surplus...
$434,832
1937
59,270
10-yr. 4% s. f. de¬
to
$436,089
Balance Sheet June 30
Work. Aid Fund
64,874
Dividends payable
-Y. 147, p.
Corp.—Earnings—
[Conversions have been made at rate of 1 pengo= $0.1749]
1935
1936
1937
1938
$1,610,809
$1,972,195
Gross earnings
$2>717,632' $2,338,308
457,603
538,973
584,273
667,360
Depreciation.
147,791
149,797
155,586
164,185
Ipterest charges—*
264,568
297,858
326,998
342,840
General expenses
199,394
235,784
386,573
543,419
Taxes and duties
369.244
403,333
450,046
563,739
Employees' welfare
Years End. June 30—
Lewis
liab. arising from
11,634,818 10,018,294
share on the new com¬
holders of record Dec. 1.
A dividend of 10
cents per share
Directors have declared a dividend of 20 cents per
mon
and
pers'l prop, taxes
Res. for Fed. taxes
processing
147, p. 1352.
Co.—Dividend Doubled—
25,000
Accts.
Res. for un deter m' d
Total
35,179
$120,029
Before tax on undistributed profits.—V.
37,000
Accrued Interest
3,272,930
Other assets
plant
equipment
35,108
$202,940
Net profit
Inventory
Oct.
29,'38 Oct. 30,'37
A mis—
Property,
30,942
$89,010
x
Securities...
Inventories
$90,180
for
Rhinelander Paper
Co.—Earnings—
-
Oper. profit before ex¬
traordinary items &
Other income
1936
$256,186
73,325
products.
Royalties paid.
x
$3,312
-9 Months1937
1938
normal Fed. inc. tax..
-V. 147, p. 3168.
Suit Asks Receiver—•
Reo Motor Car Co.—Stockholders'
Twenty stockholders of the company filed a bill of complaint against the
present management in Ingham County Circuit Court at Lansing, Mich.,
Dec. 13, asking for appointment of a receiver because of alleged corporate
insolvency.
Waste and mismanagement on the part of the directors and
executive officers, also was alleged.
The chief complaint was that the firm has built a fleet of busses costing
Abandonments
$292,806
cancellation
for the purchase of 5,000
Reed Roller Bit Co.—Extra Dividend—
The directors have declared
dividend of 20 cents per
Profit from
$156,867
1,682
$31,152
Deduct, from gross inc.
Net income
1938—10 Mos.—1937
$404,792
$287,673
153
pensions
Inc.—Earnings—
1938—Month—1S37
Teleg. & cable oper. revs.
Deprec. & amortization.
Relief depart'ts & pen¬
Company has notified the New York Stock Exchange of the
1,469,910
Balance
new
Period End. Oct. 31—
x
Appropriations for retirement reserve
Prior
$7,169,799
9,112
$585,648
Dt 15,907
Net oper. revenues
Non-oper. income (net).
loans, apart from minor purchase money mortgages, will, it is
stated, constitute the only funded debt of the company, and will amount
to $8,000,000.
Of this total, $4,000,000 will be repayable in semi-annual
instalments over five years from Oct. 31, 1939, to and including Oct. 31,
1943 at 3H %, and the balance will be repayable in semi annual instalments
from April 30, 1944, up to and including Oct. 31, 1948, at 4H%.
The new loans, the dispatches add, provide the company with funds for
all contemplated capital expenditures.
Those participating in the loans are the Chase National Bank, Bank of
the Manhattan Co., Wells Fargo Bank & Union Trust Co. and Travelers
Insurance Co.—V. 147, p. 3469.
The
Denver, it withdrew
According to a statement issued by the company in
holding the present term loan and in part by
Travelers
Company paid an extra dividend of $1 per share on its common stock,
par $25, on Dec. 15 to holders of record Dec. 1.
Regular dividend of
50 cents was paid on Oct. 15 last.—V. 145, p. 2403.
Public Service Co.
3773
Chronicle
Financial
3774
of business
close
Dec. 14.
The company's capital stock, par
trading on the New York Curb Exchange on
stricken from unlisted
—V.
SI, was
Dec. 10.
147, p. 3169,
Rose's 5, 10
—V. 147, p.
Stores—Sales—
& 25-Cent
1938—11 Mos.—193 7
$4,119,456 $4,379,733
1938—Month—1937
$416,676
$453,697
Period End. Nov. 30—
Sales
3026.
Russell Industries,
Ltd,—Extra Dividend—
dividend of $1 per share in addition
regular quarterly dividend of $1.50 per share on the common stock,
Dec. 31 to holders of record Dec. 15.—V. 147, p. 1788.
Directors have declared an extra
to the
both payable
Rutland RR.—Earnings—
_
Railway oper. revenuesRailway oper. expensesNet
rev.
$4,156 def$199,184
25.622
287,795
Crl ,332
13,060
Railway tax accruals—
Equip. & joint fac. rents
Net ry. oper.
996
$52,380
deficit-
4,942
—
$500,039
43,532
x$29,869
59,237
$15,706
29,408
x$89,l06
238,648
Crl5,662
Miscell. deduc. from inc.
334
463
$456,507
3,741
Total fixed charges——
33,884
33,900
338,980
4,065
340,297
$50,069
$799,228
$255,256
$47,438
Total deficit
Net deficit after fixed
$81,656
charges
Indicates
x
profit.—V. 147, P- 3469.
Joseph Lead Co.—Listing—
application to list $1,996,841 shares of capital stock,
$10, has been approved by the Chicago Stock Exchange.—V. 147,
St.
'
resulting in a break-even in July; about $5,000 profit in August; about
$15,000 profit in September and about $17,300 in October.
The continued improvement in business at the present time, indicates that
the estimated profits of November and December will more than wipe out
the first 10 months' deficit of $17,500 (which is after 10 months' interest
charges of about $45,000 and depreciation charges of about $50,000) and
that the company will operate in the black for the year.
The total of bonds outstanding as of Sept. 30, 1938, was $882,750 as
against $932,750 outstanding as or Dec. 31, 1937.
The company was incorporated in 1928 as the Shur-On Properties Co.,
Inc., which changed its name to Shuron Optical Co., Inc. in January, 1937.
In its present corporate form the company (together with its affiliate
General Optical Co., Inc., a majority of whose common stock is owned by
Shuron) is successor to several old-established optica] businesses.
Company
manufactures a complete line of spectacle and eyeglass frames and mount¬
optbalmic instruments and equipment, optical ma¬
Most products are marketed under the name Shuron. Plants
Mt. Vernon and Rochester, N. Y.
As of Jan. 1,
1938, the company employed 950 people. -
ings, lenses,
chinery, &c.
cases,
located at Geneva,
are
Condensed Income Account, Years Ended Dec.
$252,855
$20,134
4,428
from ry. oper. def$21,976
Other income
1938—10 Mos.—1937
$2,429,268 $2,992,130
2,628,452
2,739,275
1938—Month—1937
$268,269
$292,347
290,245
288,191
WPeriod End. Oct. 31—
p.
903.
Other income--.
Total income
Non-oper. Income (net).
10.531
$82,929
30,744
—
$985,955
377,983
$607,971
246,444
$53,729
$980,360
379,533
$600,827
246,889
$84,838
31,109
$52,184
Balance
1
Appropriations for retirement reserve.—
HHf
$361,527
149,115
$353,938
149,115
$212,412
60,000
Balance
Debenture dividend requirements.
$204,823
60,000
Preferred dividend requirements
.—
|Sl Balance
for common dividends and surplus
$152,412
$144,823
Note—On Jan. 1, 1937, changes were made in accounting procedure,
hence the above 12 months' ifgures are not exactly comparative.—V. 147,
p.3620.
Schiff Co.—Sales—
November, 1938, were $1,053,209 as compared
1937, of $1,029,715.
This was a gain of 2.28%.
Sales for the il months period this year were $10,876,648 as compared
with last year of $11,850,262.
This was aloss of 8.22%.—V. 147, p. 3169.
Sales for the month of
with sales for November,
Sears, Roebuck &
Co.—Sales—
1938—4 Weeks—1937
1938—44 Weeks—1937
$49,264,622 $47,419,322 $442610,768 $484,195765
Period Ended Dec. 3—
147, p. 3170.
—V.
b$l 12,377
$94,557
Earned per share--$1.59
$1.15
a Includes credit of $11,828 from bond retirements,
b Before interest on
class A and B debentures outstanding in 1935.
Balance Sheet Dec. 31,1937
Assets—
Cash--
Liabilities—
•
£60,000
£112,500
2.062
P Co., Ltd
£75,000
2,791
-
.
£37,500
Add. amt. rec. for int. &
2,152
2,113
tax
4,950
1.063
account-
£62,178
6,034
£68,211
Total
843
£73,418
3,255
£43,721
4,534
£103,533
Income tax
—
£44,564
892
2,840
£102,109
1,425
947
Net income
£77,132
912
12,270
£76,674
£48,255
£115,291
£63,126
Total-..Secretarial expenses, &c_
Transferred from reserve
CM5.000
fund
Divs.
paid and accrued
Sept. 30 on pref.shs.
60,000
60,000
60,000
60,000
Credit of rev. account-
£8,211
£43,533
£16,674
£3,255
to
Notes & accts. ree'le (net)
Advances to salesmen, &c_
1937
1938
Assets—
of the issued or¬
dinary shs. cap.
Selfridge
£2,000,000 £2,000,000
31,083
Investment
Debtors
1,275
3,918
41,434
—
10,000
shares
320
10,000
17,375
-
Revenue
692
554
8,211
account-
Total----
18,750
43,534
£2,036,278 £2,072,838
—V. 145, P. 3210.
Directors have declared a dividend of 17 cents per share pavable Dec. 22
Dec. 15. This is the 14 th consecutive dividend declared
by the company, and is derived from income received from dividends and
interest on securities owned, plus the accumulations paid in our new shares.
The December dividend is 2 cents greater than the previous distribution
made last June.—V. 147, p. 755.
y
Years Ended Oct. 31—
Net profit—
1938
$1,572,469
Earnings per share on
1937
$4,666,802
1936
$4,240,355
1935
5,111,517
x
shares of $1 par common stock,
Optical Co., Inc.—Dividend, &c.—-
A dividend of 25 cents per share on the common stock payable Dec. 15,
1938, to holders of record Dec. 6, 1938, was declared by the board of di¬
rectors on Dec. 3,1938. This compares with a total of 50 cents paid in 1937.
While the company does not issue interim reports, it Is unofficially,
reported that during the generally poor six months period ended June 30,
1938, the net loss sustained by the company after all charges was ap¬
proximately $55,000.
-
—
First mtge. 6H%
bonds, 1940
Coll. trust 6% bonds, 1951—
Common stock-—
Paid-in surplus
$2,936,9411
-
—-
Seiberling
——
-
10,192
Deposit
of
56,000
10,500
932,750
824,880
759,507
100,826
—$2,936,941
Total——
Co.—Certificates
Rubber
to
Be
Auctioned Dec. 28—
Certificates of deposit representing the entire funded debt of the company
will be sold at public auction by Adrian H. Muller & Son, 18 Vesey St., on
National Bank as Manager for a group.
class A debentures of the company,
been extended to Nov. 15, 1939, and upon which
interest has been paid to Nov. 15,1938.
The debentures were sold in 1930 directly to a group of banks or other
large investors and never were in public hands. They were deposited under
a plan for financial readjustment some months ago, but no arrangements
for such reorgnaization were completed.
It is indicated that the proposed
sale is a legal step necessary to establish title in the certificates or deposit,
which are exchangeable for the debentures.
The Ohio Goodyear Securities Co., a private holding company which has
no connection with Goodyear Tire & Rubber Co., was the medium under
which the Seiberling debentures and other unidentified collateral were
pledged with the banks and other large investors.
Among the conditions of the sale it is provided that one-third of the
purchase price shall be paid at the time and place of sale in cash or accept¬
able certified checks, and that no bid or bids will be received or noted in an
aggregate amount less than $752,000, or 32% of the face value of de¬
The debt consists of $2,350,000 of 6%
of which the maturity has
bentures.
.
.
.
divided into 23 lots, of which one represents $150,000
be entered for the separate
in
sympathy with It; in fact, we hope to bring the sale about; It will in no way
affect present operations at the Seiberling Rubber Co., nor does it involve,
refinancing of the organization."
Robert Guinther, one of Seiberling's counsel, said the auction sale would
mean nothing to the rubber company except that it would have a new
creditor.
,
"The Seiberling Rubber Co.'s debt," he said, "Is not due until Nov.,
1939, but the Ohio Goodyear Securities Co. is heavily indebted to the Chase
Bank and the latter is selling them out at least partially."—V. 147, p. 431.
Sierra Pacific Power Co.—Dividends—
the common stock
of record Dec. 16.
This compares with 50
paid on June 30, last; and 55 cents on Dec. 15,1937.—V. 147, p. 3621
Directors have declared a dividend of $1 a share, on
payable Dec. 24, to holders
cents
Signal Mountain Portland Cement Co.—-Accum. Div.—
dividend of $8 per share on account of accumula¬
pref. stock, par $100, payable Dec. 21 to holders of
The directors declared a
tions
on
the 8% cumul.
A dividend of $3 was paid on Dec. 22,1937, and one of $4.
record Dec. 10.
was
paid on Sept. 15, 1937.—V.
146,
p.
121.
#
Co.—Enjoined—
and Exchange Commission on Dec. 10 reported that
operating certain mining properties in the State of Idaho, with
Securities
The
company,
its principal office in Spokane, Wasn., was permanently enjoined by the
U. S. District Court, Western District of Washington
Southern Division,
from further sales of its
Act of 1933.
stock in violation of Section 5(a) of the Securities
The company consented to the entry of the
injunction.
other things, that the company was offering its
of circular letters and had failed to
deliver to the stockholders a prospectus giving current information con¬
cerning the securities offered as required by the provisions of the Securities
Act of 1933.—V. 144, p. 2499.
securities to its stockholders by means
^ Singer Mfg. Co.—Extra Dividend—
dividend of $1 per share in addition
regular quarterly dividend of $1.50 per share on the capital stock,
$100, both payable Dec. 23 to holders of record Dec. 10. Like amounts
were paid on Sept. 30, last.
An extra of $1.50 was paid on June 30 last, and
an extra of $2.50 was paid on March 31 last, and in each of the 15 preceding
quarters, while on March 31. 1934, an extra dividend of $1 per share was
distributed.
In addition a special dividend of $15 per share was paid on
par
Dec. 31, 1935.—V.
147, p. 1939.
Corp.—Earnings—
1937
$2,084,492
1,105,861
$1,487,239
1,132,285
$481,737
1,139,050
$1,578,780
y$978,631
y$354,954
88,193
144,302
xl97.911
$657,313
105,482
$1,490,587
:y$1,122,933
y$552,865
$551,831
245,885
114,720
y$877,048
y$438,145
$1.76
$0.88
1938
1936
1935
loss$504,614
1,074,166
12 Mos. End. Oct. 31—
Operating income
Depreciation--.
$0.85
stock
After bond interest, all Federal taxes and other charges,
Shuron
-
-
$1.16
$2.59
$2.35
y On 1,781,426
after preferred dividends.
Earnings for quarter ended Oct. 31,1938 showed a net profit of $340,850,
equal to 18 cents a share on common, comparing with $215,428, or 11 cents
a common share, in quarter ended Oct. 31, 1937.—V. 147, p. 1353.
common
Total
(A. O.) Smith
Servel, Inc.—Earnings—
•
ing credit)
to the
Inc.—Dividend—
to holders of record
x
—
S5Q.000
65,496
22,814
93,976
Co.; Inc. (stand¬
Gen. Optical
The directors have declared an extra
American Shares,
Selected
.
Prov. for Fed. taxes
18,386
Goodwill, trade-marks &c
——-
Accrued wages, &c
581,276
19,068
1
Deferred charges
.
Co., Ine
The bill alleged, among
Unclaimed divs
£2,036,278 £2,072,838
Total
.1937
Acer. div. on pref.
31,084
—-
Cash
1938
Liabilities—
Reserve fund
&
Co., Ltd-
•
1,000,000 6% com.
pref. shares
£1,000,000 £1,000,000
1,000,000 ordinary
shares
1,000,000
1,000,000
considera¬
tion of the whole
of
Due Gen. Optical
1,269,152
Long-term notes receivable—
51,879
Inv. in Gen. Optical Co., Inc.
30,698
Cash bals. with trustee
—
Accounts payable.
Inventories, at cost or less..—-
Silver Dollar Mining
Comparative Balance Sheet Sept. 30
Purch.
Note payable
$283,054
212,004
458,712
12,711
—
-
—
lots as well as for the entire amount.
F. A. Seiberling, President of the company, is quoted as follows:
"I cannot give any information on the sale, other than to say we are
1935
1936
1937
1938
30—
Previous surplus
10,000
145.659
$131,449
Net income
The certificates are
Divs. rec. on ordinary
shares of Selfridge &
p transfer fee
Balance of income
64,000
Prov. for Fed. inc. tax & surtax
46.483
and the 22 others $100,000 each, and bids may
(Gordon) Selfridge Trust, Ltd., London—Report
Years End. Sept.
$268,036
Dec. 28; on behalf of the Chase
Balance
Sales
$335,391
176,834
•
Earned surplus
Interest and amortiz—
Balance
453
$326,174
186,225
-
Fixed assets (after deprec.)
$969,829
$993,848
Dr7,893
$84,385
$84,574
Dr 1,645
$221,553
.
discounts allowed, &c
Int. paid, cash
$289,592
45,799
8,500
-------
$347,680
58,088
a67,595
——
w
Net oper. revenues.—
1935
$278,107
56,554
$321,697
63,118
$258,579
Operating profit-.-Depreciation
U. 8. Treas. notes (at cost)—
Savannah Electric & Power Co.—Earnings—
Period End. Oct. 31—
1938—Month—1937
1938—12 Mos.—1937
Operating revenues.;.
$184,001
$187,757 $2,227,189 $1,143,696
Operation
65,782
71,940
835,823
826,861
Maintenance——
10,657
10,517
120,155
120,084
Taxes
22,899
20,915
277,362
226,922
31
1936
1937
The company's
par
1938
17,
Dec.
Chronicle
Since that time business has improved appreciably,
Other income (net)
*
Total loss
Esti.
Fed. and 8tate in¬
come taxes..
Net loss
•
share on
498,800 shares capital
stock (par $10)
Earns,
$1,490,587
$551,831
per
„
Nil
Nil
sale of machinery and equipment sold or dis¬
carded (net) and $55,885 loss on sale of securities (net),
y Profit.—V.
147, P. 2255.
x
Includes $77,121 profit on
Volume
Financial
147
Chronicle
Southwestern Associated Telephone Co.—Earnings—
(William) Simon Brewing Co.—Earnings—
Period End. Oct. 31—
y
Earns,
share
per
After all charges,
x
$14,930
$0.02
•
Period End. Oct. 31—
1938—6 Mos—1937
1938—3 Mos.—1937
Net income..
x
$153,326
$0.20
$65,663
$0.09
$53,191
$0.07
On common stock.—V. 147, p. 1646.
y
The Canada Paper Co., a subsidiary, effected a reduction in its
June 4,
on
145,
1938.—V.
28
Net
...
$372,356
261.040
14,597
41,318
...
$55,400
$55
.
....
expense
4,042
10.043
...
.....
3.695
13,173
$0.25
Due
from
and employees.
^
^
...
^
m
Trade accept.pay.
7,477
...
Notes
pay.(secured
by accts. receiv.)
804
342
6, 000
Accrued liabilities.
P&ysbl6
Subs, to cap. stock
—Employees
Contracts
*
~
8,768
-
99,680
6 356
2,381
$7,336,977 $72,952,738 $71,764,388
25,808
315,646
256,160
$7,311,169 $72,637,092 $71,508,228
4,704,169
expenses
Net oper.
Net
$1,679,007
1,463,284
income..
income
Standard
share on the
stock, par $1, payable Dec. 28 to holders of record Dec. 17. Regu¬
lar quarterly dividend of 40 centB was paid on Dec. 1, last.—V. 147, p. 3323.
Standard Gas & Electric
Operating reserves
Com.stock'Jl par)
4,569
Prem.on cap .stock
60,350
433,235 kilowatt-hours, an increase of 3.9% compared with the correspond¬
ing week last year.
New Chairman—
15,780
17,126
Capital surplus...
8.816
54,983
29,484
Earned surplus.._
Goodwill
76,086
76, 085
assets
un¬
1
classified
After
x
reserve
for depreciation of
$306,849
$346,001
Total....
$306,849
Total...$346,001
$26,751 in 1938 and $16,059 in 1937.
—V. 147, p. 3322.
Soundview
dend Rights—
11 Months Ended Nov. 30—
1937
$1,716,047
$3.42
$453,487
$J.69
Suncook Mills- -Earning s-
Co., Ltd. (&Subs.)~ -Earnings
Southern Canada Power
Years End. Sept. 30—
Customers connected
revenue
173,492
28,366
$2,138,052
170,036
,1936
27,214
$1,987,772
166,692
$2,364,425
124,829
402,418
277,733
204.789
3,600
293,671
$2,308,088
127,450
369,667
a281,655
181,137
3,600
312,165
$2,154,464
108,894
374,870
239,258
187,579
3,600
331,904
1938
28,917
$2,190,933
revenue..
.
1937
1935
26,487
$1,969,027
172,015
$2,141,042
95,094
371,723
232,448
164,368
3,600
333,339
12 Mos.End.
Oct. 2 '37
$2,175,373
2,220,930
85,271
$3,566,774
3,434,889
119,660
z$130,828
$12,224
47,612
$44,223
52,739
$11,953
29,248
$59,837
x46,390
$96,961
79,416
$41,200
34,478
9,717
12,098
17,542
.
Cost of goods sold.
Sell. & adminis. expense
.
Profit from operations
Other income
32,165
Total income
Gross earnings..
...
...
Operation
Taxes..
Maintenance
Bad debts
Interest
Surplus for
year
Surplus brought forward
$1,032,414
319,921
$908,359
373,866
$1,352,335
425,334
319,642
$1,282,225
425,334
319,257
Includes
$1^2,515
Federal
....._....
Preferred divs. paid
Common divs. paid
Minority int. in surplus.
Transf. to deprec. res've
taxes,
y
Oct.
Assets—
1
*38
Oct.
2
262,919
8,583
$400,706
of bond disc't..
Amort,
a
Adjusted,
$359,908
224,964
14,070
v.
Surplus.
217^713
b Surplus of discontinued subsidiary company
$373,866
eliminated.
Mtge. note3 rec...
Cash
on
hand A in
403,897
336,042
afffl.
has
for taxes...
210,124
216,901
106,333
106,334
Customers' depos.,
406.722
2,592,374
Preferred stock
y
7,088,900
8,672,000
Common stock. 8,000,000
Mln.
accrued revenue
Mdse. A main sup.
403,312
228,581
441,698
208,947
int.
shareholders
in cap.
and
95,392
95,737
....
465
475
Res. for deprec._.z2,009,185
Prepaid A deferred
expenses
43,240
142,063
7,088,900
accrued
incl.
rec.,
35,949
141,131
interest...
incl.
investmentsx2 ,412,272
subs...
Res. for bad
debts
escrow
100,727
As
at
15,334
In
Comparative Balance Sheet Nov. 30, 1938
••••'•
Pro-forma
Assets
Land, buildings, machinery, &c
...
Investment stock of other
Original
$2,010,242 b$4,510,242
24,810.915 25,517,387
Total
„
ruled that the company may
fixed charges without reduction thereof
First Week of Dec.
$2,403,387
i
1937
Jan. 1 to Dec. 7
1938
1937
$2,103,749 $110540.741 $123887,262
1
43,754
47,736
3,927
—
43,754
19,881
3,927
$3,773,295
—
$5,947,525
$4,754,223
Liabilities—
Capital stock.
Notes payable, current
Accounts payable
Wages payable
c
—
—
Accrued interest, taxes, &c
,
176,719
424,643
768,358
$1,803,000
Other assets
certificates.
147. P. 3621.
_.
Deferred charges
Approved—
1938
companies
Workmen's compensation fund
Total...
5%
,
.
768,358
approving the new issue, the Commission
(est.)
1st mtge.
424,644
Interstate Commerce Commission
Gross earnings
placed privately an issue of $1,250,000
sinking fund bonds.
Notes and accounts receivable after reserve
rough judicial reorganization.
—V.
564.158
.$3,177,432 $3,432,127
Total
sale of the bonds company has arranged a bank
instalments of $50,000
loan of $500,000.
The latter is due to be paid
each on Dec. 15, 1939, 1940, 1941 apd 1942, with a final payment of
$300,000 on Dec. 15, 1943.
Proceeds from the mortgage and bank loans will be used to retire $816,000
first mortgage 6% sinking fund bonds, due Dec. 15, 1938 and also to take
care of $600,000 in notes payable.
These notes were used for purpose of
paying extensive construction and improvements at company's plant at
Carnegie, Pa.
(see also V. 147, p. 2103.)
Sept.
reasonably be expected to meet its
h
770,534
424,934
capital, assets—
Surplus....
358,463
has authorized the company to
issue an additional $6,000,000 of equipment trust certificates to be sold to
Reconstruction Finance Corporation at par and accrued dividends, and use
the proceeds to complete its $20,000,000 equipment purchase program.
Specifically the issue will finance the purchase of approximately 2,400 allsteel freight cars and 25 express cars.
Commissioner Porter dissented, from the majority, stating that he
objected to the issuance of equipment certificates for the entire purchase
price of the equipment to be acquired.
Such practices, he asserted, are
"unsound and detrimental" to financing the purchase of equipment by
trust
802,494
32,770
2,134,672
400,706
18,403
Southern Ry.—Loan
The
850,000
Res. for deprec, of
474,633
30, 1938 the market value of "other investments" was
estimated at $2,412,470.
y Represented by 400,000 no par shares,
z Bal¬
ance after applying $225,000 to write down value of certain investments.
—V. 147, p. 3170.
x
850,000
Ocisii
4,660
.....24,810,915 25,517,387
Total
360,000
Common stock
128,213
Empl. cap. stock,
purch.accts.,bal.
584,497
360,000
142,496
reserve
with trus.
bondholders.
$302,938
450,960
.......
e p
In addition to the private
a
ft
for
'37
Superior Steel Co.—Borrows $1,750,000—The compan
44,601
of
Earned surplus...
Funds A secure. In
2
$289,043
taxes
Inventories
24,214
24,656
less reserve
*38 Oct.
Preferred stock...
...$3,177,432 $3,432,127
1,934,241
46,185
surp.
Miscell. & contlng,
Mortgages receiv.,
1
for
conv.
Pro v.
Bond Int. due and
400,815
value
Accts.
264,132
cos,,
bonds, shares A
ad vs.
at
book
Other
$
6,517,825
186,395
Dividend payable-
680.583
banks..
Invest,
$
6,443,046
Accounts
bonds
on
res.
—V. 145, p. 3830.
payable.
Liabilities—
20,659,247
disc.
A
Loans payable
1,664
Deferred charges..
29,478
2,142,369
Capital assets
Funded debt..—.
$
Investment .20 ,774,686
Unamortized
1937
1938
1937
S
Assets—
Plant
12,780
9,450
Items
889,415
10,026
8,977
depos. with
Mutual Ins. cos.
Tota'
Consolidated Balance Sheet Sept. 30
1938
609,803
Inventories
Prera.
Oct.
Aects. pay., accr'd
$353,040
Other assets
$319,921
Indicates loss.
Liabilities—
'37
$375,113
less reserves
124
233~381
z
$10,820
prof$5.363
prof$3,730
See x.
Balance Sheet
$1,345,298
425,334
321,010
84
y
Net loss...
$940,470
b404,828
$1,417,293
425,334
319,751
14,088
items
Cash & accts. rec.,
Total
-
disposal of plant
on
Prov. for Fed. inc. taxes.
x
$1,057,385
359,908
z$98,663
49,764
Other charges
Loss
12Mos.End.
QMos.End.
Sept. 26 *36 Sept. 28 '35
$3,504,903
$2,312,543
3,338,051
2,213,267
122,630
87,323
12 Mos.End.
Oct. 1 '38
Period—
Net sales
Purchased power.
The special
new stock will expire Jan. 20 and purchase price will be theliquidatyy
ing value of existini
icisting shares at the time the warrants are received dj the
V. 147, p. 3171.
corporation.
1938
.
Earnings per share on common stock
—V.
147, p. 3621.
Miscellaneous
special dividend of $5 per share in addition to a
a
dividend will be paid on Dec. 20 to holders of record Dec. 15 and the regular
quarterly distribution will be made on Jan. 16 to holders of record Dec. 15.
A dividend of 25 cents was paid on Oct, 15, and July 15, last; a dividend of
50 cents was paid on April 15, last and previously regular quarterly dividends
of 75 cents per share were distributed.
Company also will offer to stockholders the right to subscribe to one
additional share of stock for each 10 shares held as of Dec. 15. Warrants to
buy the
Pulp Co. (& Subs.)—Earnings—
Net income after all charges
Electric
3621.
p.
Corp.—Special and Larger Divi¬
quarterly dividend of 50 cents per share on the common stock.
1,569
__
Other
8,816
director, he succeeds George F. Doriot.—V. 147,
a
State Street Investment
Directors have declared
applied for {less
amortization)
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Dec, 10, 1938, totaled 115,-
As
7,922
3. 557
A
Cap & Seal Corp*—Extra Dividend—
Directors have declared an extra dividend of 20 cents per
4,023
50,778
9, 592
Patents granted
$1,699,991 $15,984,572 $16,580,713
1,532,235
14,295,354
15,054,844
3027.
129,640
75, 570
Organisation
Laboratory devel.
45,918,535
46,921,464
$2,593,471 $25,715,628 $25,589,693
893,480
9,731,056
9,008,980
Victor Emanuel was elected a director of the company at a special stock¬
holders meeting held Dec. 13, and was also elected Chairman of the Board.
Invest, and loans.
ex p.
4,717,698
$2,651,503
972.496
8,253
351
Taxes payable....
-
1938—10 Mos.—1937
31,641
639
6,943
15,895
174,220
Deferred charges.
x Fixed assets
$319,372
4,569
payable
95 806
Inventories
26,501
1
—
Salaries and wages
7, 746
Notes receivable-.
$307,723
1938—Month—1937
Net oper. revenues.
$67,116
$20,216
Accounts payable.
39.337
_
$33,136
Operating revenues... $7,355,672
_
_
$0.16
Nov. 12 '38 Nov. 13'37
Liabilities-—
$6,597
20 984
officers
$396,997
77,625
common
$43, 960
_
,
Balance Sheet
Nov. 13 'J <
Nov. 12 '38
:
_
$402,088
94,365
$969,430
$19,710
$41,997
Earned income to surplus
Dividends paid during period
Earned per share
Assets—
$43,490
10,354
$7,387,313
revenues.
—V. 147, p.
Accts. receivable.
$968,130
571,133
$33,381
Operating taxes
Cash
$1,021,207
619,119
UncoUectibie oper. rev—
$25,299
1,894
$56,083
Gross corporate income
Comparative
$101,274
57,784
9,881
.
Period End. Oct. 31—
Operating
$23,577
1,722
682
_
1,300
$103,607
60,345
$43,262
.
operating income
Operating
Provision for Federal income taxes
2,200
Southwestern Bell Telephone Co.—Earnings—
13 '37
$218,153
157,729
8,330
28,517
12 '38 Nov.
Nov.
Operating profit
Non-operating income
Non-operating
$1,023,407
150
—V. 147, p. 2876.
Weeks Ended—
Administrative expenses
$101,424
250
Net oper. revenues
Solar Aircraft Co .—Earnings—
Sales, less discounts allowed
Manufacturing costs
Selling expense.
$103,857
Operating taxes
debt of
2244.
p.
1938—10 Mos.—1937
1938—Month—1937
revenues
Uncollectible oper. rev..
Dec. 1 which reduced the
on
funded debt to $5,800,000.
This is the second maturity in the series A
bond issue bringing the total reduction in the debt to $500,000 thus far.
$125,000
Operating
Operating revenues
Operating expenses
(Howard) Smith Paper Mills, Ltd .—Bonds Redeemed—
Company redeemed $250,000 of serial bonds
3775
402,177
73,798
52,110
-
600.000
385,927
73,798
73,986
500,000
Bank loan note
1.250,000
sinking fund bonds
1st mortgage 6% sinking fund bonds
Accrued workmen's compensation fund
;
Operating reserves
Net excess of average issued value of treasury
stock
1st mtge. 5% conv.
over
43,754
40,239
816,000
43,754
40,239
Dr27,029
365,007
Dr71,272
769,130
-
cost
d Treasury shares
Deficit
$3,773,295 $5,947,525
b Includes $2,500,000 property appre¬
d Represented by 1.724 shares.
shares of common stock is now
$1,803,000. This is the actual
amount paid to the company for common shares.
Heretofore the stock had
been in the balance sheet at $4,754,223.
In 1916 company issued first
preferred and second preferred stock, as well as 40,000 shares of common.
Total
a
After reserve for
-
depreciation,
ciation.
c Represented by 115,000 shares,
Note—The stated value of the 115,000
carried in the pro-forma balance sheet at
Financial
3776
Only 30
properties with assets of approximately $4,000,000.
In 1924 all
common were paid for at $100 a share, netting $3,000.
preferred stocks were retired and 40,000 shares of common were issued
at $30 a share, bringing $1,200,000.
Again in 1929 the companysold 15,000
shares of common, at $40, netting $600,0CK).
Thus the total received for the
common was $1,803,000, as now carried in the balance sheet.
The elimination of an item of property "appreciation
amounting to
$2,500,000 has been eliminated in the pro-forma balance sheet.
In 1916
that amount was stated for "goodwill" to create asset values to offset the
stock issued.
In 1924 the "goowdiil" item was closed out, but a similar
amount was set-up as property "appreciation."
This has now been wiped
out entirely and charged against surplus account.—V, 147 p. 2877
against
shares of
the
Sun Life Assurance Co, of Canada, Ltd,—New Director
John A. Tory of Toronto, has been elected a director of this company,
—V, 146, p. 1091,
.
Sun Ray Drug
1938—Month—1937
1938—U Mo* —1937
$502,308
$495,198 $5,629,644 $5,379,890
Company had 38 stores in operation on Nov. 30, last, as compared with
36 a year previous.—V. 147, p. 3028, 2404.
_
Sunray Oil Corp. (& Subs.)—Earnings—
x
9 Months Ended
Net profit
.
$844,49!)
"2,005,000
.
......—...
........
0.37
Superior Portland Cement, Inc..—55-cent Ciass A Div.—
Directors have declared a dividend of 55 cents per share on the $3.30
class A participating stock, payable Dec. 24 to holders of record Dec. 19.
This will bring total payments for the year on the A stock to $3.30 per
share —V,
„
_
Taylor-Colquitt Co T—Earnings—
1937
-
1936
$501,218
$289,191
70,208
59,468
42,684
107,986
42,586
$185,333
$333,765
......
(based
com.
$188,332
Assets—
$3.80
$2.21
Liabilities—
1937
1938
$491,616
macti.diequip..
Cash....
95,493
352,055
1,237,099
Life ins.—cashval.
31,911
Eeal est., not used
in operations...
46,237
Miscell. receiv'les.
2,396
Deps. In closed bks
1,936'
Inventory
Deferred charges..
$426,000
$503,327 Notes payable..-.
58,992 Accounts payable-
450,000
560,000
72,541
122,547
350,669
Accrued accts....
8,869
14,004
1,105,223
Reserve for income
43,783
107,986
taxes
Notes
pay.
,46,238
•>
20,434
877,985
863,052
Total... .—-$2,279,177 $2,093,588
Technicolor, Inc.—15-cent Dividend—
Telephone Bond & Share Co.—Accumulated Dividends—
The directors at their recent meeting declared dividends of 28 cents per
on the 7% 1st pref. stock and 12 cents per share on the $3 1st pref.
stock to be paid Dec. 15 to holders of record Dec. 1.
Like amounts were
share
9 Months Ended Sept. 30—
Gross earnings
$878,226
293,537
(sec.)
565,000
1,500,000
Int.&prin. pay.on
City of Sarnia.
Notes pay'le
for
future delivery.
689,199
1,76L681
Accrued storage._
5,743
2,208
519,716
1,809,959
6,223
40,433
6,820
3,790
Equity...
—
Life insurance
Cash
in
bank
...
Net earnings
Interest on debentures
;
Amortization of debt discount and expense.
1937
$572,061
95,417
40,373
12,100
6,550
Land,
$476,644
371,985
31,494
.
..
141
2,129,379
Total.
*
.
.
.
.
...$3,983,947 $6,429,906
Represented by 52,318 no par shares in 1238 and 52,318 rxo par Rhares
In 1937, of which 27,318 shares were issued for preference shares converted,
b After reserve for doubtful accounts of $29,000 in 1938 and $25,000 in
1937.
c After reserve for depreciation of $886,935 in 1938 and $893,930
in 1937.—V. 145, p. 3023.
Corp.—1938 Income Largest in Its History—
Telephone & Telegraph Co.—Earnings—
1938—10 Mos.—1937
1938—Month—1937
$5,285,016
17,577
$5,182,546
$533,078 a$5,267,439
403,095
3,745,113
$5,155,276
3,934,380
$535,388
$546,628
1,096
2,310
27,270.
,
a$545,532
377,803
$167,729
46,935
$129,983
46,312
$1,522,326
496,714
$1,220,896
455,616
$120,794
$83,671
28,905
$1,025,612
$755,280
280,675
..
Net oper. income..—
59,750
395,642
Includes $50,463 for the month and $500,373 for the 10 months which
may be refundable in whole or in part in the advent of an adverse decision
in the pending St. Paul rate case.—V. 147, p. 2877.
1938
1937
S
5
5,520,700
5,520,700
18,700,929 18,673,290 7% 1st pref. stock
Unamort. debt dis-
($100 par)
count & expense
811,224
884,125
Deferred charges..
Cash In banks....
547
31,823
621,804
568,312
Special deps. and
working funds..
Accts. receivable..
Due from subsid'y
$3 1st pref. stock
14,858
187; 156
Tyrol Hydro-Electric Power Co.—Earnings-
14,858
b Partlo. pref. stk.
c Class A com. stk.
187,156
548,517
a
548.517
Earnings for Year Elided Dec., 31, 1937
Revenue from electric current, &c
General and other expense..
Class B com. stock
'
6,603
90,692
369,129
6,600
(SI par)
-
„
450,000
75,705 Funded debt
9,881,000
346,944 Accounts payable.
2,427
Due to sub. cos
330,225
.
Accrued Interest.
.
Accrued taxes....
Reserves..
...
d
Surplus reserved
Earned surplus
20,500,928 20,586,801
Total
164,683
20,176
2,237,613
115,000
1,028,572
450,000
9,959,000
Balance
Interest
27,931
216,691
165,983
19,092
2,375,653
100,000
1,001,219
Depreciation
...
General
Profit
..5,941,234
3,092,277
854
....
—
—
...
i
...
,
±:
.
....
...
,
....
.....
«...
47,402
50,000
—
Relief—funds
no par shares,
b Represented by 3,299 no par
Represented by 95,024.4 no par shares,
d Amount reserved
for general contingencies.—V. 147, p. 1505.
_
2,848,103
-2,113,996
36,705
650,000
.*
reserve
Dividends
20,500,928 20,586,801
...
......
reserve
Schillings
.7,023,332
1,082,097
....
—
Net income
Reserve for renewals
Represented by 391
c
Deficit
a dividend of 10 cents per share on the com¬
stock, par $1, payable Dec. 23 to holders of record Dec. 13.
This
paid on Sept. 30 and on June 30 last: 10 cents paid
on March 21 last; 25 cents paid on Dec. 23, 1937; 15 cents
paid on Sept. 30,
1937, 25 cents on June 30, 1937, and 18 cents paid on March 31, 1937. For
detailed record of previous dividend payments see Y. 146, p. 3972.—V.
147, p. 1789.
Title Guarantee & Trust
The board of trustees voted
on
Liabilities—
73,373,924
Inventory..—..,
Cash...
Receivables..
29,614
,
.
131.702
9,849
2,969,307
.
directors
have declared
a
dividend of $1 per share on the common
stock, payable Dec. 28 to holders of record Dec. 23.
This compares with
2 paid on Nov. 1 last; $1 paid on July 15 last; $3 paid on Dec. 24, 1937;
Capital stock
13, 000,000
Funded debt..
Loans payable
24 ,583,821
...
,
Suspense account
4 ,820,113
454,718
2, 281,706
Reserves
Depreciation of property
12, 743,242
Accounts payable.,
Accrued dividends
stockholders' meeting on Jan. 17, 1939, a reduction in the capital stock from
$10,000,000 to $6,000,000 and the reduction of the par value of its shares
from $20 to $12.
Tobacco & Allied Stocks, Inc.—$1 Dividend—
1937 (In Schillings)
A. ssct ^
Power plant, &c._
Securities
12 to recommend at the annual
I
The action, if ratified by the stockholders, will result in the transfer
of $4,000,000 from capital to surplus and will have no effect on the com¬
bined capital and surplus account of the company.—V. 147, p. 1209.
56,004
—
Balance Sheet Dec. 31,
Co.—May Reduce Capital—
Dec.
58,602
....
Carried forward, surplus
The directors have declared
mon
compares with five cents
2.598
—
Brought forward, surplus
Tintic Standard Mining Co .-—Ten-cent Dividend—-
The
100,000
493,524
a
Liabilities—
$
1,500,000
1,030,600
r
Net income
Sept. 30
1937
§
1,030,600
193,253
stock.
Common
General reserve—
Net oper. revenues.
246
...
1938
'
a
.
Operating revenues.
Operating expenses...
$109,386
81,154
7% 1st preferred dividend.
Investments
r
...$3,983,947 $6,429,906
Operating taxes
Balance Sheet
*
elevator
structures, eqpt.
2.482,302
docks, &c
Uncollectible oper. reV..
$516,014
374,420
32,208
.........
$3 1st preferred dividend
1,497,500
pref.
cum.
Surplus
Invest, in mtge—
c
46,000
532,329
12,100
—
Operating revenues
$609,939
*
93,925
$73,164
46,374
.......
Net income.
5H%
55,691
6,520
494,751
Prov. for taxes—
Deferred liabilities
stock
14,461
33,058
56,202
.
for
...
expenses.
sinking fund
Period Ended Oct. 31—
1938
Operations and taxes..
a
$99,027
41,093
Tri-State
paid on Sept. 15, June 15 and on March 15, last.
shares,
Accts. pay. & accr.
order for hearing, it is perhaps fitting for Transamerica
Corporation, whose chief asset constitutes 42% of the outstanding stock of
Bank of America National Trust & Savings Association to report to its
stockholders through the press that according to figures given to tne corpora¬
tion by the bank, the bank's net income for 1938 will be the greatest in its
34-year history.
■
"With deposits at an all time high and a greater aggregate of loans out¬
standing than ever before, figures for the first 11 months of the year show
net income to be $22,911,000, as compared with $19,205,000 for the full
year 1937, before provision for amortization of bond premiums and depre¬
ciation on banking premises, but after accrual for taxes and all other ex¬
penses.
After payment of dividends amounting to $9,600,000 and the
allocation of $1,200,000 to employees under the profit sharing bonus plan,
it is anticipated that in excess of $5,000,000 will be added to capital funds
at the end of the year.
Provision has been made for all of the loss classifi¬
cation in the latest examination report of the bank with the exception of
$2,484,331.40, of which $1,500,000 is subject to review.
"Payment of regular quarterly dividends on the bank stock at the rate
of $2.40 per share per annum will he made Dec. 31, 1938, to holders of
record Dec. 15, 1938."—V. 147, p. 3622.
400,000
current).
1,662 Surplus
4,536
18,231
Directors have declared a dividend of 15 cents per share on the common
stock, payable Dec. 28 to holders of record Dec. 21.
This compares with
35 cents paid on Nov. 1 last; 50 cents paid on June 15 last; 25 cents paid on
Dec. 23, 1937; 50 cents on Sept. 1, 1937, and an initial dividend of 50 cents
paid on Dec. 26, 1936—V. 147, p. 2103.
Total
Owing to grain pur.
220,708
Commission's
(non-
•
Represented by 85,200 shares, par $5. y After depreciation allowances
and$389,573. in 1937.—V. 145, p, 3360.
'
$409,275
175,278
Transamerica
of $455,997 in 1938
A.SRCtS
$32,496
b Accts. & bills rec.
John M. Grant, President of Transamerica Corp., said Dec. 9:
•'In view of the wide publicity given to the Securities and Exchange
'
4,710
1937
1938
Liabilities—
1937
1938
Cash
paid on this issue on June 25, 1937, this latter being the first disbursement
made on the new stock since the three-for-one split up.
A regular quarterly
dividend of $1 per share was paid the old stock on April 1,1937.—V. 147.
p. 1506.
1937
$426,000
Total.........$2,279,177 $2,093,588
x
1938
Common stock..
x
Accounts receiv'le.
$55,856
$52,195
25,426
25,411
$3.20
$3.03
a Includes $57,253 dividend on 7% preference shares to date of redemp¬
tion, March 7, 1937, and $19,800 dividend on 5K % preference shares.
Consolidated Balance Sheet July 31
$39,838
52,318
$2.25
Balance, surplus.
def$400,658
Shs, com. stock (no par)
52,318
Earnings per share
Nil
The directors have declared a dividend of 25 cents per share on the com¬
stock payable Jan. 2 to holders of record Dec. 20.
This compares with
20 cents paid on Oct. 1 and on April 1, last; 30 cents paid on Jan. 3, 1938;
40 cents paid on Oct. 1, 1937, and a special year-end dividend of 70 cents
on
Land, buildings,
104,006
25,426
mon
Balance Sheet Sept. 30
y
$181,651
104,456
25,000
$185,288
$194,635
a77,053
77,744
52,318
Torrington Co.—To Pay 25-cent Dividend—
15,589
$323,649
$2.17
on
10,116
$185,333
...
profit for common stock......
Earned per sh.
85,200 shares)
stock....
on com.
$203,921
—
Net profit.
Preferred stock dividends—
13,925
loss$269,622
78,718
a
40,292
$295,833
,
Income tax deduction
Net
Net profitDivs. on pref. stock
Total....
1938
.
124,526
33,288
assets writ¬
on cap.
changes
July 2 last, and on July 2,1937,—V. 146, p. 3822.
Depreciation
32,175
117,589
28,496
...—
Seats on grain ex¬
Directors have declared an extra dividend of 25 cents per share in addi¬
tion to a se ni-annual dividend of 50 cents per share on the ordinary stock
both payable Jan. 3 to holders of record Dec, 16.
Like amounts were paid
Years Ended Sept. Z0-~
Profit
$359,912
42,209
ten-off.............
Prepaid
147, p. ,3172.
Supertest Petroleum Corp., Ltd.—Extra Dividend—
on
$385,312
28,892
128,726
40,025
Grain lnventories.
interest, abandonments,
income taxes.—V. 347, p. 3622.
1935
1936
1937
$392,280
27,127
Prov. for income taxes..
Loss
(& Subs.)—Earnings-
1938
loss$228,570
.
Interest....
Prov. for depreciation..
Contract sales
depletion, depreciation and Federal
After
x
profit
Operating
1937
0.22
Earnings per share
Toronto Elevators, Ltd*
Years End. July 31—
Assets—
1938
$532,584
2,000,173
Sept 30—
Shares common stock
17, 1938
$1 paid on June 15 1937: $1.25 paid on Dec. 28, 1936; $1 paid on Nov. 16
and Aug. 3, 1936; $4 paid on Dec. 31, 1935; $1.50 on July 10, 1935; $2 on
Dec. 31, 1934; $1 on Nov. 1 and July 16, 1934, and 50 cents per share paid
on March 1,1934 and July 15,1933.—V. 147, p. 2405.
Divs.
Co.—Sales—
Period End. Nov. 30—
Sales...
Dec.
Chronicle
17, 828,610
9,477
792,710
Surplus
.76,514.3971
Total
Total...
76.514.P97
Note—Figures expressed in schillings.
,
—V. 146> p. 3034.
,
Twin Coach Co.—10-cent Dividend—
The
directors
common
have declared
a
dividend of 10 cents
stock, no par value, payable Dec. 24 to
per
share on the
holders of record Dec. 17.
Volume
Financial
147
This compares with 40 cents paid on Dec. 24,1937; 15 cents paid on
Nov. 15,
July 15, and on May 10, 1937; a special dividend of $1 paid on Dec. 16,
1936 and a regular quarterly dividend of 10 cents per share paid on Oct. 15,
1936.
An extra dividend of 10 cents was paid on Nov. 14, 1936.—V. 147,
p.3172.
Ulen &
Notes <fc accts.
Coll.
$824,690
3,003,579
rec.
7,246.342
Notes
7,904
23,667
34,115
30,892
site
leas
dealers
251,378
249,973
..
15,041
30,805
Defd.
298,242
discount on
181,000
164,000
750,000
732,152
After
369,767
369,767
281,217
reserve
;
minority
1,858,412
2,303,613
$6,694,923
$7,803,455
of inc.
27,511
73,532
$6,722,434
404,799
$7,876,987
191,867
$6,317,634
•___
Expenses & taxes of United Light & Power Co
Balance.
$7,685,120
for depreciation of $25,027 in 1938 and $23,621 in 1937.
1938 and $22,205 in 1937, for depreciation,
shares.—V. 147, p. 2714.
.
Int.
on funded debt, bond discount &
holding company
&c. of
exp.,
2,437,456
12 Months Ended Oct. 31—
Expenses and taxes
Int., amortiz. of discount &
Union Metal Mfg.
Co.—15-cent Dividend—
the common
This will be the first
in several years.—V. 145, p. 624.
dividend paid by
the company
United Frui'. Co.—Larger
$3,284,798
404,799
2,398,454
39,001
Directors have declared
a
dividend of $1 per share on the common
determined to be improper.
pointed out that the proposed reduction in par value of common
stock is not to affect the voting power.
All the voting securities are held
by the parent.
Among the conditions attached to the Commission's order is a requirement
that all published balance sheets must contain a footnote to the effect that
neither "special capital surpius" nor "surplus on Dec. 31,1937" are available
for the payment or dividends.
The company stared that no dividends will
be paid out of "special capital surplus."—V. 147, p. 2105.
The SEC
United Gas Corp. (8c
Subs.)—Earnings—
Period End. Oct. 31—
1938—3 Mos.—1937
1938—12 Mos.—1937
Operating revenues
$8,747,687 $10,997,476 $41,501,982 $47,060,978
Oper. exps., incl. taxes.
5,386,587
5,489,244
22,172,206 22,611,743
Prop, retire. & depletion
?
reserve appropriations
1,965,480
2,078,731
8,712,561
8,741,608
Net oper. revenues
Other income.
$3,429,501 $10,617,215 $15,707,627
215,219
422,261
800,045
128,508
601,637
835,096
$1,395,620
61,896
71,594
.—
Other income deductions
$1,385,922
83,085
50,000
Interest on debentures._
405,063
Other
interest
(notes,
loans, &c.)
494,024
x Other deductions__—
8,037
Gross income
Int.
on
Int.
on
mortgage bonds.
coll. trust bonds.
■
$3,516,212 $10,437,839 $15,672,576
414,384
588,880
132,027
200,000
222,019
50,081
1,620,250
1,620,250
405,063
486,596
143,952
Cr2,734
$2,303,950
212
Balance
Cr5,457
$348,447
Int. chgd. to construct'n
6,585
public,subs
Pref. divs. to
$442,543 loss$295,558
United Light & Rys. Co. (&
1,945,887
373,482
Cr30,805
1,947,244
164,951
Cr56,147
$5,914,641 $11,185,37
847
43,247
nority interests.
17,822
$317,031
$2,279,543
$5,822,438 $11,097,492
93,365
325,140
93,365
periods have in certain
—
Provision for retirement.
...
General taxes & estimated Fed. income taxes
Net earnings from opers. of sub. S controlled cos.$20,913,686
Non-oper. income of sub. & controlled companies..
545,770
$8,038,414
$9,613,623
1,858,412
2,307,373
$6,180,002
Balance
$7,306,250
Prop, of earnings, attributable to min. com. stock-
Equity of United Light & Rys. Co. in earnings of
sub. & controlled companies
Income of United Light &
Rys. Co. (excl. of income
Total..
Balance-
.
—
.
$7,917,249
117,496
122,526
239,388
74,021
$7,603,840
1,353,006
1,375,000
42,345
18,309
42,988
19,931
$5,325,194
-
——
co.
610,999
$6,978,877
$6,165,921
—_
Expenses of United Light & Ryd. Co
Taxes of United Light & Rys. Co
Holding
798,875
$6,738,855
received from subsidiaries)
.
—
deductions:
Interest on 5 H % debentures, due 1952
Amortization of debenture discount & expense..
Tax
on
debenture interest
,
Balance transferred to consolidated surplus.
Prior preferred
Balance...
—
.
—
.
1,213,082
1,229,775
$4,112,111
stock dividends.
$4,936,145
—
—
—V. 147, P. 3173.
United Merchants & Manufacturers,
Inc.—Earnings—
1937
1936
1935
$2,113,455
381,404
$1,996,909
311,276
$1,348,588
362,063
1938
Operating profit
—__loss$442,529
Depreciation reserves
374,069
Collateral trust note int.
135,126
x
_
Includes non-recurring
charges for reorganization exps. of subs
Note—Figures previously published for prior
been rearranged in the above statement.
cases
(Corporation Only)
1938—3 Mos—1937
1938—12
Statement of Income
Period End. Oct. 31—
$1,394,513
1,338,108
95,000
Oper. rev., natural gas.. $1,368,178
Oper. exps., incl. taxes..
1,304,829
Prop, retire, res. apprpp.
109,400
Net oper. revenues—
natural gas
Other income deductions
Gross income.—
Interest on debentures.
on
loss$38,595
_
1,478,449
45,903
95;987
503,300
731,888
$1,386,495
501,525
$1,592,866
$6,418,012
yl ,978,238
156,243
191,296
213,606
$1,494,337
$772,919
599.918
$2.62
600,000
$2.49
600,000
$1.28
1938
$1,530,448
4,078,199
x Accounts and notes
2,164,607
Other notes and accounts receivable..
64,526
Loans receivable
459,300
Due from subs., affii. & assoc. cos. (not consol.)..
64,861
b Merchandise inventories
4,341,048
Advance payments for merchandise purchases
14,768
c Investments in sub. and associated cos. not consol
-2,252,197
d Advances to officers, employees and others —;„.
259,216
Value of life insurance—...
38,255
1937
$958,112
4,825,806
a3,755,652
e243,236
f451,000
227,877
8,056,624
8hs.com.stk.
profit—loss$951,724
(par$l)__
599,955
Earnings per share..—
Nil
Consolidated
443,517
14,007
1,106
443,517
7,951
$1,141,398
notes and loans.
Other deductions
—
1,759.604
40,572
4,791
'Balance'Sheet July 3i
1,759", 604
7,952
—
—
$2,634,902
Summary of Surplus for the 12
$4,354,541
Months Ended Oct. 31, 1938
~
*
Total
"*•••
'•"*
Capital
Earned
$9,259,757
14,274,591
Surplus,Nov. 1,1937
$22,701,398
Adjust, upon liquidation of subs, (net) 15,287,286
$13,441,641
1,012,695
13,815
13,483
332
——'
....$38,002,499 $14,467,819
Deduct miscellaneous adjust'ts (net).
18,791
$23,534,680
18,791
Miscellaneous
__
Total
——$37,983,707 $14,467,819 $23,515,889
for the 12 months ended
-
Oct. 31, 1938--.
Total
Dividends on $7 preferred stock
Surplus, Oct. 31. 1938
147. p 3029
—V
2,634,902
2,634,902
$40,618,610 $14,467,819 $26,150,791
3,148,754
83,237
25,664
193,759
&c., receivable..
consol.)
Other investments (at cost)
Plant and equipment—
Deferred charges
—
Trademarks and goodwill
Other notes, accounts,
Due from sub. and assoc. cos. (not
7,084,995
591,379
2,346
—
3,148,754
—$37,469,856 $14,467,819 $23,002,037
63,765
2,292,629
311,660
115,687
96,095
77,196
218,134
g7,116,925
426,319
1,971
-$23,248,805_ $29,236,687
Total. .
h Notes payable,
$130,000
3,535,141
S352,836
5,900,000
1,666,941
144,385
1,957,974
70,424
15,836
bank
payable, banks (unsecured)
bank
Due to foreign banks (unsecured)
Acceptances payable to banks
Due for accounts purchased
Trade accounts payable.
Sundry liabilities, taxes and accrued expenses
Credit balances of factory clients
Due to associated companies.
Local school taxes, due 1939-1945 incl
Reserve for fluctuation in foreign exchange
Res. for Dom., Prov., and Federal taxes
k Note payable to bank...
Notes
i Due to foreign
x Items
so
marked represent operations
of natural gas distribution
natural gas
properties acquired on and subsequent to July 28, 1937.
y Represents
interest on United Gas Public Service Co. 6% debentures from Nov. 5,
1937, on which date said debentures were assumed by this company.
Net income
receivable—
receivable purchased
Trade accts., notes and acceptances
_
Cr95
chgd. to construct'n
Net income
Balance
x
$6,122,097
Other interest
Int.
$1,089,006 xloss$38,595
5,832,306
6,892,580
1,727,448
$426,340
Other income
Int.
loss$46,051
Mos.—1937o
$8,385,599 x$l,394,513
6,674,793 xl,338,108
621,800
x 95,000
^
$1,575,808
Balance, net
Assets—
solid. earned surpl.
$20,980,030
1,802,413
Total income of subsidiary and controlled cos
$21,459,456 $22,782,443
Int., amortiz. & pref. divs. of sub. & controlled cos. 13,421,042
13,168,820
Cash..
Balance carried to con-
1937
$77,840,416 $73,471,705
35,483,973
36,399,890
4,256,563
4,089,558
7,801,339
7,560,318
9,384,855
9,441,908
Maintenance
44,640
31,204
__—
1938
,
eliminating intercompany transfers)
General operating expenses.:
Portion applicable to mi¬
91,356
Subs.)—Earnings—
12 Months Ended Oct. 31—
Gross oper. earns, of suo. & controlled cos. (after
Years Ended July 31—
—
_
.
Net income.
stock,
United Fuel Gas Co.—Par of Shares Reduced—
The proposal of the company, a subsidiary of Columbia Gas & Electric
Corp., to reduce the par value of its common stock to $1 a share from $100
was approved by the Securities and Exchange Commission on Dec.
14.
The reduction in common capital, amouting to $29,700,000, will be segre¬
gated in a separate account to be designated "special capital surplus."
The
purpose of the reduction is to create surplus against which in the future the
company may charge items now included in its fixed assets, which may be
funded debt..
$2,407,716
191,867
2,472,149
39,258
—V. 147, p. 3173.
Dividend—
no par value,
payable Jan. 14 to holders of record Dec. 22.
Previously
regular quarterly dividends of 75 cents per share were distributed.
A
special dividend of $1 was paid on Dec. 23, 1937; one of $1.25 was paid on
Dec. 21, 1936, and an extra dividend of 50 cents was paid on April 14,1934.
—V.147, p. 2405.
exp. on
Other deductions.......
stock, payable Dec. 20 to holders of record Dec. 15.
1937
1938
Gross income
...
Directors have declared a dividend of 15 cents per share on
$5,173,713
Earnings of Company Only
„
,
2,511,407
$3,880,179
Balance transferred to consolidated surplus.....
Total.$4,044,752 $8,507,241
of $21,668 in
no par
to
of sub. companies
359,844
$4,044,752 $8,507,241
reserve
attributable
Income of United Light & Power Co. (excl.
received from subsidiaries)
c732,152
Earned surplus—
a
$8,553,335 $10,107,068
of earnings,
750,000
Common stock..
Capital surplus....
167.594
$24,591,427 $25,924,753
16,038,092
15,817,686
cos
stock
Total.
debs
b After
Proportion
conv.
1st pref. stock....
c
c
$23,332,376 $23,535,081
1,259,050
2,389,672
288,167
110,580
notes rec
5%
Total income of subsidiary companies
Interest, amortization & pref. divs. of sub.
170,000
131,609
Reserve for losses.
55,250
10-yr.
Total..;
from opers. of sub. companies
earns,
Equity of United Light & Power Co. in earnings
170,000
11,589
_
cos.
87,151
57,383
...
and site
of
deprec.
of sub.
earns,
Non-oper. income of sub. companies
common
Mtge. pay. on bldg.
$22,205..
(& Subs.)—Earnings—
1938
1937
(after eliminating
intercompany transfers)
$87,672,756 $88,824,904
General operating expenses.
40,072,095
41,394,118
Maintenance
4,736,813
4,629,297
Provision for retirement...
8,838,749
8,612,573
General taxes & estimated Federal income taxes... 10,692,722
10,653,834
Gross oper.
Balance..
&
Fed.
State taxes
b Furn. & equip-—
Deferred charges.
72,325
ac¬
Res. withheld from
and
100,155,347
49,765
30,978
&
673,328
36,198
for
Res.
policies.
surance
Office bldg.
a
614,866
pay.
cruals
Cash val. ol life in¬
Dec.3,'38 Dec. 11, '37
99,968,269
93,819,905
Dec. 10, '38
3623.
p.
pay.—not
Accts,
& mtecell, accts.
$596,000 $4,475,500
......
secured
59,980
36,062
at market value.
Other assets, loans
147,
Net
notes
trust
pay able.
Repossessed mdse.
—V.
1937
1938
Liabilities—
1937
1938
$670,724
Improvement Co.:—Weekly Output-—
12 Months Ended Oct. 31—
Consol. Balance Sheet Oct. 31—
Union Investment Co.Assets—
United Gas
Week Ended—
Electric output of system (kwh.)
United Light & Power Co.
Co.—Options Granted—
Company reports that an option has been granted to Ralph O. Wilson for
he purchase of 1,000 shares of the common stock of the company at $2.50
tper share, in whole or in part from time to time within three years of
Dec. 1, 1938.—V. 147, p. 3172.
Cash...
3777
Chronicle
351,366
76,275
609,936
Common stock
Canital surplus
of subs. cons.
($1 par)
Ea?S surplus since Aug.
f^O.OOO
0
400,000
3,500,000
191,921
5,999,553
5,999,184
0
Unearned int., commissions, rentals, &c
— ...
272,477
580,000
2,248,219
22,661
Funded debt
Minority int. in capital stk. & surplus
756,788
957,162
23,225
8,000
28,280
58,468
.
Bank credit
841,940
844,416
535,118
2,284,219
35,974
168,104
915,554
34,189
5,102,130
1,1932
5,236,797
$23,248,805 $29.236.687
assumption of credit risk,
pledged to secure
foreign bank indebtedness; also subject in part to liability under acceptances
payable (per contra)
Total
a
—
-
Including $343,337 purchased without
b Including
certain merchandise located in Argentine
3778
Financial
Chronicle
Dec.
1938
17,
Including pref. stock of an associated company (Seneca Textile Corp.)
of the aggregate par value of $1,743,100 pledged as collateral to funded
am
debt of parent company,
d Including $29,235 ($36,273 in 1937) of mortgages receivable and $168,988 ($248,881 in 1937) representing advances for purchase of voting trust
certificates for common stock of United Merchants & Manufacturers, Inc.
Atlas claims included a $1,200,000 commission assigned to it by its
President, Floyd B. Odium, for his sale of U. P. L. English properties, and
$3,000 000 in U. P. L. 5% bearer notes held by Atlas Corp.
Judge Holly reviewed trie case and concluded:
(voting trust certificates held as collateral), less reserve in 1938 of $2,030.
In 1937 also included stock of an associated company held as collateral,
the
c
per
contra.
Including $118,474 secured by merchandise.
f Secured by assigned Instalment accounts receivable aggregating $1,029,484 as per books or assignor.
g After reserve for depreciation and
amortization of $3,481,179 and
reserve for revaluation of fixed assets of $2,898,227, applicable in part
to inactive mills of the net book value of $1,233,092 included in net fixed
e
assets.
h $186,000 ($396,000 in 1937) par value of bonds from treasury pledged
COllfttCTEl,
i Of which the bank advises $469,539 ($321,180 in 1937) is secured by
merchandise inventories in warehouse; also $589,000 par value of bonds
convinced the trustee could not adequately defend himself against these
claims," the court said in an oral ruling.
"If these claims
are settled now there .will be something in the estate for
stockholders and perhaps those holding common stock.."
preferred
Clarence H. Ross, counsel for Associated Investing Corp., which owns a
large block of (J P. L. securities, and who had previously indicated he would
contest
the
settlement, said, "We do
not
approve or
disapprove of this
settlement."
Following Judge Holly's ruling Associated Gas & Electric Co. officials
intimated that they would exert every effort to bring about an early re¬
organization of Utilities Power & Light Corp.
See also Utilities Power <fc L'ght Corp., Lta. below.
&S
from treasury and
capital stock of Argentine subsidiary pledged
as
collateral.
LSecured by trustto July 31, 1938. certain merchandise, per in accord¬
Due subsequent receipts covering I Maturing July 1, 1940, contra.
ance
Mm
with agreements dated Feb. 1, 1937 and amendments thereto.
After reserves for depreciation and amortization of $5,841,903.—
V. 146, p. 930.
Corp.—Earnings—
Net oper. Income
$50,758
Dr2,217
$47,325
$119,073
25
189
Dr 662
$48,541
18,044
Other income
$47,350
18,549
$119,262
54,455
1,531
6,391
$107,292
56,068
1,266
6,892
7,952
1,107
$34,006
Gross income
long-term debt..
on
interest
489
2,367
2,689
cost.....
461
2,128
Amort, of b'd disct' & exp>
Amortization of flood re¬
habilitation
3,152
195
180
$24,994
income
$22,641
$47,3 §2
—V. 147, p. 3030.
United Shirt
$107,954
8,173
1,330
Miscell. inc. deduct'ns..
Net
Suspended from Dealings—
Utilities
Power
& Light
Corp.,
Ltd.—To
Expend
$9,000,000 in Purchase of Parent Company Debentures—
Power & Light Corp., Ltd., a subsidiary of Utilities Power & Light Corp.
$9,000,000 cash for the purchase of U. P. & L. debentures at
to use at least
(Including Kentucky Power & Light Co.]
Period End. Sept. 30—
1938—9 Mos.—1937
1938—3 Mos.—1937
Operating revenues..
$172,652
$166,452
$509,715
$479,792
Oper. exps. and taxes—
121,894
119,127
390,642
371,838
General
Stock
The Securities and Exchange Commission on Dec. 12 authorized Utilities
United Public Service
Int.
Class A
The class A stock (par $1) has been suspended from dealings on the
New York Stock Exchange.
The New York transfer agent and registrar
will be discontinued,—V. 147, p. 3625.
Distributors, Inc.—20-cent Dividend—
a price of 70.
Atlas Corp., as a holder of $27,981,500 of debentures on April 30, 1938,
supported the application of the debtor to buy up the debentures while the
proposal was opposed by Associated Investing Corp., a subsidiary of
Associated Gas & Electric Co. and a holder of large amounts of U. P. & L.
junior securities.
An additional amount of $3,000,000 may be used later for further de¬
benture purchases, if the commission so orders.
The SEC said it was unable to rule at this time on another application
for authority to purchase $3,000,000 of securities of certain affiliated com¬
panies of Utilities Power & Light and ordered the record reopened to
permit other details to be supplied on which it could make a finding.
Terms and conditions were prescribed by the SEC in relation to the
debenture purchases as follows:
(a) That the approval herein granted shall not become final until the
court having jurisdiction over the 77B proceedings shall have approved the
transactions proposed by said application;
(b) That the maximum amount to be used for the purposes of this ap¬
plication shall be $9,000,000. and that the privilege of tendering, within
the limit of such
maximum
amount, shall be
extended to all holders of
well as to holders of de¬
Directors have declared a dividend of 20 cents per share on the common
stock, payable Dec. 27 to holders of record Dec. 20.
A dividend of 12 lA
cents was paid on Dec. 23, 1937.—V. 147, p. 588.
claims
f' United
this proceeding, the use of an additional amount not to exceed $3,000,000
for such purposes;
of the
Directors have declared
International
Securities
Corp.-—
dividend of 50 cents per share on the $5 cum.
value, payable Dec. 27 to holders of record
Dec. 20.
This compares with $1.25 paid on Nov. 1 and on
Aug. 1, last,
prior to which the last previous payment was the regular quarterly dividend
of $1.25 per share distributed on Feb. 1, 1938.—V. 147, p. 3030.
first preferred stock,
no
United States
a
par
Plywood Corp.—■Earnings—
Earnings for 5 Months Ended Sept. 30, 1938
Gross sales, less discounts, returns and allowances
Cost of sales and expenses:
Cost of sales, selling and shipping,
administrative expenses.
Maintenance and repairs
$1,685,466
warehouse, general and
1,475,020
17,474
Depreciation and amortization
Taxes, other than Federal income tax
19,248
28,554
20,921
Rents
Provision for uncollectible notes and accounts
Net profit from operations
Other income
12,096
$112,153
5,082
...
Total income
Interest
$117,235
6,218
and contracts payable
on notes
Miscellaneous deductions
442
Provision for Federal income taxes..
19,891
».
Net profit
$90,684
Comparative Balance Sheet
Assets—
Sept. 30 '38 Apr. 30'38
Cash in banks and
Jh on hand.
x
$214,059
602,280
Notes & accts.rec
Advs.
on
log purch
$159,014
498,584
mercial
contracts pay'le.
33.844
51,294
250,679
151,074
Accrued liabilities.
39,312
...
40,979
45,400
62,145
67,192
22,909
30,193
453,900
^ supplies, Ac
453,900
val.
167,635
86,829
Com.stk. (par $1).
1,093,280
210,167
1,093,280
210,167
Surpl. at organlz
1,095,054
1,095,054
46,371
one
year..
cum.
pf.stk.(par
life ins. policies-
34,219
30,612
Due fr. off leers and
a
N employees
due
pay.,
after
$1.50
of
same
$20)
3,613
Paid-in surplus
Earned surplus
1,750
z
562,805
569,158
94,290
.
95,896
5,956
46,079
194,580
135,994
Treasury stock.. Dr262,821
Dr262,821
yiProp., plant and
ff equip., at cost..
Rights to standing
timb.,less amort
Total
$3,449,070 $2,993,3411
Total
$3,449,070 $2,993,341
After
reserve for uncollectible
accounts, discounts and freight allow¬
$72,984 on Sept. 30, 1938, and $63,702 on April 30, 1938. y After
reserve for depreciation and amortization of
$295,288 on Sept. 30, 1938,
and $276,290 on April 30, 1938.
z Represented by 11,870 shares $1.50
cum. conv. pref. stock and 18,656 shares common stock,
a Less dividends
of $169,021 paid therefrom per authorization of board of directors.—V.
147, p.
3624.
x
ances of
United States Steel
Corp.—November Shipments—
See under "Indications of Business Activity" on
147,
p.
preceding page.—V.
a
3173.
United Wall
Utah Ry.
1938
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Utilities
ment in
.1
$154,293
1937
$134,778
49,209
33,091
$115,359
59,119
46,908
$155,503
75,980
61,052
489,600
14,427
def78,819
1,008,056
200,479
96,146
845,377
237,821
152,427
774,967
215,982
93,835
1936
—V. 147, p. 2709.
Power
&
Light Corp.Atlas Corp. Case—
-Court
1935
Approves Settle-
■IFederal Judge William H. Holly, at Chicago on Dec. 8,
approved a settle¬
$3,200,000 of claims totaling $4,200,000 of Atlas Corp., against
ment for
the corporation.
N^The settlement was proposed by Charles True Adams, trustee of the
U. P. L„ and had approval of a majority of attorneys in the case.
"I
to
authorize, by further order and
on
the basis of the record in
the interest
of investors and consumers;
(d) That no tenders shall be accepted after 15 days from the date of
mailing the letter inviting tenders, and the letter shall so provide;
(e) That the price at which debentures, with accrued interest thereon,
and claims, with interest thereon, shall be tendered and purchased shall be
70% of the principal amount;
(r) That if the price of 70 is not paid on any debenture or claim, the
tender of which has been accepted, within 30 days after the closing date for
tenders, the amount payable therefor in accordance with the terms of the
call for tender, shall bear interest from such closing date at 3%;
(g) That in the event more debentures and claims shall be tendered
than the amount available for that purpose (in accordance with (b) above)
will suffice to purchase, each lot tendered shall first be purchased up to
$5,000 principal amount of the debentures and (or) claims tendered, and
purchases of any remaining amounts shall, to the extent practicable, be
made pro rata: Provided, however, that no tender of debentures by Atlas
Corp. or any subsidiary thereof shall be accepted until all other tenders of
claims and debentures made within the 15
day period within which
may be made have been accepted;
(h)
That
tenders
any
the same beneficial owner shall not be permitted;
(i) That if tenders are received from holders of debentures or claims, to
which any complete or partial defense has been established or is pending
undetermined in legal proceedings, then the sum payable to such debenture
or claimants shall be placed in escrow
pursuant to an agreement
shall provide for payment to such debenture holders or claimants
only when (1) such proceeding questioning his rights shall have been de¬
holders
which
cided
by the proper court, and all rights of review shall have been waived
terminated, or (2) the dispute settled by a compromise entered into by
the
debenture
holder
or
claimant
and
the
trustee
for
the
estate
of the
debtor, and satisfactory to the 77B court.
If the proceeding or dispute
questioning the rights or the debenture holder or claimant shall be successful,
and his claim ultimately allowed by the court be in a sum less than principal
and accrued interest, the sum
payable to such debenture holder or claimant
or tender shall be reduced
proportionately and the balance of the sum shall
be released from escrow.
Any debenture or claim placed in escrow shall not
draw interest during the escrow period except as follows:
1. If it is ultimately determined that the debenture or claim is entitled
to share on the same basis with other debentures or claims tendered, the
amount due on such debenture or claim at the tender
price shall bear
interest in accordance with the provisions of
paragraph (f) above;
2. If it is ultimately determined that the debenture or Claim is not
entitled to share on the same basis with other debentures or claims tendered,,
the right of such debenture or claim to interest shall be determined in
accordance with law
as
if it had not been placed in escrow;
(j) That the trustee shall submit to the Commission the name or names
of the proposed depository with whom tenders shall be lodged, which shall
be the depositary for that purpose unless the Commission within tnree days
after the receipt of this information informs the trustee that depositary is
unacceptable;
(k) That the applicant and intervening applicant shall file a statement
with the 77B court waiving all rights, if any, to vote, or cause to be voted
the debentures or claims acquired in accordance with this order in
respect
plan of reorganization of the debtor;
That the Commission reserve jurisdiction for the purpose of passing
by the foregoing conditions required to be passed upon,
and for the purposes of passing upon any other questions subject to its
jurisdiction that may arise in connection with the tenders or acquisitions
pursuant thereto.—V. 147, p. 435.
(1)
$79,588
17,623
3,089
Net after rents
as
upon the matters
Earnings—
October—
Gross from railway
Net from railway
debentures,
to any
Paper Factories, Inc.—Earnings—
Earnings for 2 Months Ended Aug. 31, 1938
Net loss after taxes, depreciation and other deductions
—V. 147, p. 3173.
the
(c) That after the 77B court authorizes the soliciting of tenders, the
trustee shall mail to every known holder of debentures and claims a letter
advising him of the privilege of tendering, and shall make or cause to be
made to the debenture holders and claimants prior to or simultaneously
with the sending of such letters, such disclosures as may be necessary or
desirable for the purpose of enabling the holders of debentures and claimants
to determine whether or not to tender,
including data designed to show the
effect of the contemplated acquisitions upon the creditors who do not
tender and upon stockholders of the debtor; Provided, however, that the
trustee shall submit to the Commission at least three days prior to the
inviting of tenders, true copies of the letter inviting such tenders, and
within said period the Commission reserves the right to order the trustee
to make such changes as it considers
necessary in the public interest and
or
conv.
8,690
3,332
1,750
Long-term receiv.
M la cell, investm't
;
Contr.
Investm't in Wash.
Veneer Co
24,801
Prov. for Fed. inc.
taxes
as
debenture holder may tender all or any part of the de¬
bentures held by him, but tenders in more than one lot of debentures having
Accts. pay., trade.
Prepd. ins., taxes,
surr.
$300,000
Curr. maturities of
kf with the Mengei
Cash
$300,000
200,000
paper..
9,009
Int.in Joint venture
Co
Sept. 30 '38 Apr. 30'38
1,101,811
4,041
1,407,481
Inventories
Liabilities—
Note pay. to bank
Notes pay'le com¬
rank
(g) below), at the same price and under the
conditions; without prejudice, however, to the right of the Com¬
mission
States &
Preferred Dividend—
same
bentures (except as stated in
Victor Chemical Works—Lamer Dividend—
The
directors
have declared
a
dividend of 35 cents per share on the
This
paid on Sept. 30, last; 15 cents paid on June 30,
last; 20 cents paid on March 31, last; 30 cents paid on Dec. 22, 1937; 25
cents paid on Sept. 30, 1937; 20 cents paid on July 31, 1937; \&H cents on
June 30, 1937, and 18^ cents on March 31. 1937.—V. 147, p. 2551.
$5 par
common
stock, payable Dec. 27 to holders of record Dec. 17.
compares with 20 cents
Vicana Suga-
Co.—Earnings—
Years Ended.June 30—
Total income
Loss
on
purchase and sale of sugar
Expenses
Interest
Depreciation of plant and equipment
1938
,
68,666
Cuban income tax
Net deficit for the year
1937
$562,365
5,638
598,045
28,825
$792,108
628,637
26,313
»
70,353
6,757
$138,809
prof$60,049
Volume
Financial
147
Washington Ry. & Electric Co.—2 o Pay $14 Special Div.
Balance Sheet June 30
Assets—
stock,
Nat. City Bank
$8,601
Accounts receiv'le.
Sugar
330,723
444,502
Pignoration of sug.
54,933
20,534
Pignoration of sisal
21,542
24,027
on
hand
y
loan.
31,104
hand...
Colonos' accounts.
265,462
4,000
Deferred charges.
Z73.639
38,619
65,004
38.451
180,647
4,739,033
Accounts payable-
58,626
11,186
14,988
Accrued liabilities.
27,229
payable
_
Est. sug. A
25,000
Investment
an extra
of $20 per share was paid on March
13,618
17,209
Cap.stk. (par$3).
3,377,064
1,335,018
3,460.589
1,335,018
Surplus.
_
def76,300
$989,706 $10,098,926 $11,404,226
593,829
5,601,789
6,666,983
83,804
1,099,169
1,010.452
$337,450
1,210
$312,073
1,879
$3,397,968
32,702
$3,726,791
$338,660
82,963
9,285
Int. chgd. to cons true'n.
$313,952
82,963
4,523
Cr3,641
$3,430,670
995,550
62,562
Cr2,152
$3,760,769
995,550
53,811
Crl3,438
Net income
Dividends applicable to
$246,412
$230,107
preferred stock for the
$2,374,710
$2,724,846
62,509
—
$5,263,406 $5,463,437
and $139,624 in 1937.
the company's real estate, by sugars and
Notes only.—V. 145, p. 2410.
Total
$5,263,406 $5,463,437
After
for
reserve
depreciation of $209,167 in 1938
Secured by first mortgage on
current and future crop liens, z
y
'
Net oper. revenues...
Other income (net)
Gross income
Virginia Electric & Power Co.—Earnings—
-1937
1938—M<mth—1937
1938—12 Mos.
$1,535,861 $18,075,695 $17,616,234
Operating revenues
$1,561,469
on mortgage bonds.
Other int. and deduc'ns.
Operation
600,903
Taxes
6,687,812
1,408,512
2,186,187
6,989,643
1,456,791
2,133,232
592,658
120,412
a75,812
-
118,793
190,203
33,978
622,518
622,518
.$1,752,192
$2,102,328
period, whether paid or unpaid
Period End. Oct. 31—
Maintenance..
J
$876,092
445,375
93,267
Operating re venues
Oper. exps.,incl. taxes..
Prop, retire, res, approp.
Int.
x
u
.
mol'ses
shipping exps...
I/>ng-terrn liabs—
Total
11, 1935.—V.
—-1—
Washington Water Power Co. (& Subs.)—Earnings—
Period End. Oct. 31—
1938—M<onth—1937
1938—12 Mos.—1937
4,000
175,171
&
1, 1936, and
5,000
4,614,886
plant
equipment
Juarterlvof $14
ividend dividend of $9 on Nov. 30, 1937; an extra of $10 was paid on extra
An Dec.
paid per share was paid on Nov. 30, last.
was
Car eqpt. note pay
Notes
A
accepts.
other assets
par
l4?.1^2066'
hand
on
&
crops
Prop.,
*
$176,575
343,762
& mol'ses on hd.
Other materials on
Growing
$101,848
—
a special dividend of $14 per share on the common
$100, payable Dec. 20 to holders of record Dec. 13.
A regular
Directors have declared
1937
1938
Liabilities—
1937
1938
$11,660
18,304
Cash..
3779
Chronicle
Balance
-V. 147, p. 2709.
Waukesha Motor
Co.—Earnings—
Non-oper. income (net).
$764,342
Z>r9,696
$634,207
Drl8,817
$7,486,028
I>rl22,097
$7,333,724
Drl49,002
Balance
Interest & amortization.
$754,645
b259,104
$615,390
144,693
$7,363,931
1,861,177
$7,184,722
1,744,169
$470,698
$5,502,7.54
$5,440,553
2,055,438
2,033,333
$3,447,316
$3,407,220
1,171,420
Federal and
State
—V. 147, p. 2258.
$495,541
1937
1938
3 Months Ended Oct. 31—
Net
1,171,620
Net oper. revenues.
Balance
Appropriations for retirement reserve
Balance.
Preferred dividend requirements
$2,275,896 $2,235,600
a The redemption of series A bonds which have been called for payment
on Nov. 7, 1938, will substantially reduced Federal income taxes for the
taxable year 1938.
Dining the last three months of the year the company
will in part reverse accruals made through Sept. 30, 1938; $72,000 of such
Balance for
accruals
common
and
after charges
$152,479
income taxes
Earnings
per
Wentworth Mfg.
b Includes interest of $87,500 applicable to the series B 3£4% bonds
which were sold on Oct. 7, 1938, as well as interest of $150,077 applicable
to the series A 4% bonds called for redemption on Nov. 7, 1938, funds
for
been deposited with the trustee out of the
proceeds derived from the sale of the 3£$% bonds.
Note—Effective Jan. 1, 1937, the company adopted the new system of
accounts prescribed by the Federal Power Commission, which differs in
certain respects from the system the company previously followed, hence
the above 12 months' figures are not exactly comparative.—V. 147, P. 3625.
the redemption or which have
Co.—Earnings—
1938
$1,897,675
1,104,539
$1,771,161
1,059,144
790,952
966,284
$1,677,966
1,032,854
1,016,492
*
905,004
From Jan. 1—
„
Net after rents-
p.
$657,555
34,431
82,003
preceding year.
Preferred dividend
Common dividend
Other charges
7,747,535
,
Dec. 22, 1936.—V. 145, p.
13,106,410
7,095,627
1.29
Current assets
Fixed
declared
paid
on
holders of record Dec. 21.
the
This com¬
«JjdM
$4,040,961
786,533
249,451
$4,096,361
1,187,030
677,124
1935
$3,872,836
1,088,390
668,459
38,938,978
8,688,589
562,013
Net after rents
3,591,272
37,922,982
9,277,544
4,358,909
34,218,979
8,148,975
3,809,476
1936
1937
From Jan. 1—
Gross from railway
Net from railway
Net after rents
West Michigan
Directors have
Davis to pay
$211,895 on
last
paid
on
£>rl7,225
$1,841,473 $1,654,676
Total...*
a dividend of 12 M cents per share on the common
holders of record Dec. 12. A dividend of 20 cents
Dec. 24, 1937.—V. 144, p.
1981.
Mfg. Co .—Earnings—
"
yarn$15,638,847 $22,353,508 $18,438,995 $16,094,282
Oper
15,689,920
20,735,505
16,977,723
16,671,113
b$51,073
$1,618,004
$1,461,272
47,048
165,184
104,510
b$576,830
101,232
profit of cloth
mill divisions
profit other divis'ns
Other income (less other
Net
charges)
-
226.815
60.381
65,608
y386,834
Dr208,396
prov. for Fed. and
State income taxes—
251,716
Est.
b$415,216
7,839,085
$1,379,675
6,775,869.
$1,623,168
7,569,990
...
b$212,421
8,049,164
Miscellaneous credits—
c215,000
8,005
226,202
*.$8,051,743
$9,201,164
$8,381,746
1,152,000
276,596
103,160
432,000
468,000
$8,049,164 x$7,569,990
$6,775,868
Net profit for year...
authorized by Federal Judge Charles B.
delinquent interest coupons of several of the road's
Previous surplus
issues.
Norman B. Pitcairn and Frank C.
Nicodemus Jr., will pay out of current revenues a 20% balance on first
mortgage bond interest due on Nov. 1, 1937; a 20% instalment of interest
on the Detroit & Chicago division first mortgage bonds due serially on July 1,
1937, and Jan. 1, 1938, and two interest instalments due on Sept. 1, 1937,
and March 1, 1938, on interest on Toledo & Chicago division first mortgage
bonds.
Total surplus
p.
of the Wabash, testified the
road had funds
and expected improved earnings
this year.—
Walker & Co.—Accumulated
180,00
plants
assessed valuation.
Surplus res. for conting.
Dividends paid in cash..
Surplus unapprop
capital stock....
Dividend—
288,666
declared
a
1938
$1,870,641
1937
$2,933,439
1,911,806
78,750
Years End. Sept. 30—
Gross income
2,782,630
81,250
Operating expenses
Depreciation
loss$119,914
Net profit
$69,559
Balance Sheet Sept.
1938
Assets—
1937
$5 989,357 $5,981,167
chinery, Ac
Mdse., materials
$2,274,035
2.062,246
$1,640,688
1,667,724
55,000
55,000
$156,789
954,496
10,948
245,216
Investments ",5.4—.
Cash A accts. rec.
960,106
1938
A
401*030
1937
$5,593,400 $5,593,400
ceptances
Deferred charges.
.
33,868
Cotton acceptances
Deprec. A surplus.
756,942
822,162
47,036
183,741
104,641
x830,5O8
984,732
164,641
57.992
Total
$7,417,620 $7,564,934
$726,247.—V. 145, p. 3673.
$7,417,626 $7,564,934
After deducting deficit of
27,'%S Aug. 28'37
Real estate, plant
and equipment. 9,141,271
Securities owned..
865,750
2,337,289
4,228,991
767,915
1
Accts. A notes reo.
Inventories
-
Cash
Goodwill
cot. furture
...
140,291
Total
$
9,365,373
883,750
2,433,030
5,681,878
609,341
1
7,200,000
Notes payable
1,750,000
7,200,000
2,750,000
602,624
972,208
payable
Accounts
and
accruals
Employees
insur.
liabil.
reserve..
5,140
Surp. res. for con¬
.
tingencies...
tingencles
contr
Prepaid expenses.
Aug. 27/38 Aug. 28'37
Liabilities—
Capital stock
y
160,000
160,000
7,763,743
209,300 Profit and loss
Profit and loss..._ 7,763,743
375,000
8,049,164
163,760
accounts
Res. for taxes
Cotton against ac¬
183,741
Consolidated Balance Sheet
Aug.
Margin deposits on
Liabilities—
Notes
loss$82,036
30
payable
A
stock In process-
1935
1936
Capital stock
Land, bldgs., ma¬
360,000
a360,000
z72,000
z72,000
Nil
$4.51
$19.16
Nil
x I he companies have made no provision in their accounts for liability
if any for tax under Title III of the Revenue Act of 1936 (windfall tax;,
because of uncertainties as to interpretation of the statutory provisions,
y Includes surtax on undistributed profits,
z Par $100. a Par $20.
b Indicates loss,
c Portion of reserve for contingencies restored to surplus.
Earnings per share
Assets—
Mills—Earnings-
Wamsutta
$7,763,743
Shares
dividend of 50 cents per share on account
of accumulations on the $2.50 cumul. class A conv. stock, no par value,
payable Dec. 20 to holders of record Dec. 15.
Like amount was paid on
Dec. 1, last; and compares with 37M cents paid on Oct. 12 and Aug. 25,
last; 25 cents paid on July 5 and on May 28, last, and with 50 cents paid on
Feb. 17, 1938; Dec. 23, Sept. 30, July 26, April 26 and Feb. 18, 1937;
Nov. 30, Oct. 15, Aug. 31, July 1, April 25 and Feb. 15, 1936, and Dec.
20, Nov. 15, Aug. 15, May 15 and Feb. 15, 1935.—V. 147, p. 3325.
Total
val. of its stock
acquisition
mkt.
at
Red. of non-oper.
2709.
The directors have
$7,423,868
Dixie
Cot. Mills over est.
to
A- K. Atkinson, Treasurer
147,
Excess of net assets
,
sufficient to meet payments
x
660
Dr60,416
[Including Dixie Cotton Mills, fully-owned Subsidiary]
'•
Consolidated Statement of Income and Surplus
-52 Weeks)
,
Year End.
Period—
Aug. 27, '38 Aug. 28,'37 Aug. 29,'36 Aug. 31/35
Under the court's order the receivers,
V.
660
Steel Foundry Co.—Dividend Resumed—
declared
West Point
Delinquent, Interest on Bonds—
Receivers of the road have been
bond
...$1,841,473 $1,654,676
Net sales of cloth &
33,162,728
6,215,838
Net from railway
612,520
501,690
540,970
45,968
Cost of cloth & yarn sold
&seil. &adm. exps...
1938
612,520
Represented by shares of $1.25 par.
y Represented by 39,940 no par
shares,
z Represented by 6,085 shares in 1938 and 1,750 shares in 1937 of
preferred stock.—V. 147, p. 2551.
the
$4,089,994
1,142,387
553,389
October—
371,580
38,963
prepaid expenses
of record Dec. 20.
paid on Dec. 22 and on
and Jan. 20, 1936,
April 20, 1934, and 50 cents per share
Ry.—Earnings—
Gross from railway
222,918
depreciation)
stock, payable Dec. 22 to
*
April 20, 1932.—V. 147, p. 3174.
Wabash
Common stock__
Capital surplus
z Treasury stock..
x
year-end dividend of $3 per share on
1935; $3 paid on
19,
Jan.
539,190
x
$117,841
539,190
$308,549
Conv. pref. stock
Earned surplus
Deferred charges A
Co.—Year-end Dividend—
a
19,100
143,846
(less
assets
1937
1.938
Liabilities—
Current liabilities,
y
not used
in business
stock, par $100, payable Dec. 27 to holders
This compares with $1.50 paid on July 20, last; $3
June 21, 1937; special dividends of $4 paid on Dec. 21
on
1937
$1,435,745 $1,218,028
1938
Property
was
common
410,016
par)
Earnings per share.
5,968,715
final dividend of 10 cents per share on
3985.
Vulcan Detinning
$501,690
410,016
$0.30
$540,970
„
Dividend—
stock, payable Dec. 27 to
150
to surplus—net.
Earned surplus, Oct. 31,1937
Shs. of com. stk. outstanding ($1.25
with 50 cents paid on Dec. 24, 1937; 15 cents paid on Sept. 30 and on
June 30, 1937, and previously, quarterly dividends of 10 cents per share
were distributed.
In addition an extra dividend of 60 cents was paid on
and
$673,964
34,533
133,246
4,494
Net income..
Earned surplus,
Total
The directors have declared a
have
$158,760
515.204
Provision for Federal income taxes.
pares
Directors
$186,386
27,626
$155,864
501,690
Selling, general & admin, expenses
2700.
Vlchek Tool Co.—Final
common
14,405,071
7,880,887
7.243,066
16,545,861
8,993,075
15,523,920
7,526,414
6,158,962
Gross from railway
Net from railway
147,
$162,773
23,613
$182,507
26,643
;
Cost of goods sold
Balance Sheet Oct. 31
$1,773,322
958,655
Gross from railway
Net from railway
—V.
$4,707,150
4,204.251
340,126
$204,657
Dr22,150
Net sales
Assets—
1935
1936
1937
1938
Net after rents
1937
$4,503,547
3,970,386
328,504
Years Ended Oct. 31—
Virginian Ry.—Earnings—
October—
$0.38
$0.06
share on capital stock
dividends and surplus
reversed in October.
were
profit
17,481,507 19,346,432
Total
17,481,507 19,346,432
y After deducting $10,780,009 ($10,312,427 in 1937) allowance for de¬
preciation and $234,479 ($245,756 in 1937) reduction of non-operated plant
to assessed value.—V.
146, p. 3823.
West Texas Utilities
Co.—Accumulated Dividend—
The directors on Dec. 5 declared a dividend of $3 per share on account of
accumulations on the $6 cum. pref. stock, no par value, payable Jan. 2
to holders of record Dec. 15.
Dividends of $2 were paid on Oct. 1, and
on July
1. last.
Dividends of $2.50 were paid on April 1, last, and on
Financial
3780
15, 1937; a dividend of $2 was paid on Oct. 1, 1937; one of $1.87
paid on July 1, 1937; one of $2.50 was paid on April 1, 1937; $1.50 was
on Jan. 2, 1937; $1.12 H paid on Oct. 1, 1936, and dividends of 75
cents per share were paid on July 1, 1936, and each quarter since and incl.
Oct. 1, 1933, prior to which regular quarterly dividends of $1.50 per share
were paid.—V. 147, p. 1648.
Chronicle
The
Dec.
new
Dec.
company
would
distribute
1938
17,
types of securities—firstpreferred stock and common
four
was
mortgage 4% bonds, 4H% income bonds, 5%
paid
stock.
Western Canada Flour Mills Co.,
Period—
1938
Operating profit
11 Mos.End,
July 31,'35
loss$1.378
$177,862
$205,235
loss$158,362
Prov. for deprec. and
doubtful accounts
Ltd. (& Subs.)—
Years Ended July 31
1937
1936
*132,629
Net profit
loss$315,305
Divs. on pref. shares—
*139,461
50,977
$72,606
156,943
$38,400
loss$52,355
36,195
Including income taxes.
x
Consolidated Balance Sheet July 31
Assets—
build¬
ings, &c
794,953
788,225
member¬
ships, miscel. in¬
vestment,
1937
6lA7c pref. stk,.$2,413,000 $2,413,000
Common stock,. 2,205,700
2,205,700
Bank loan.
1,663,000
1,942,000
Accts. <fe bills pay,
652,805
797,349
Reserves
1,381,112
1,660,037
Profit & loss acct146,398 .
367,222
y
$4,978,880 $5,103,266
Investments
Trade
1938
Liabilities—
1937
1938
Heal estate,
66,986
&.C.,
1
and goodwill
807,575
45,513
54,027
Cash
Deferred
bonds, $29,547,060 of the preferred stock and 197,157 shares of the com¬
mon stock, representing $400 of the income bonds and $600 of the preferred
shares of com¬
present bonds.
To the RFC for
of income
57,882
charges-
collateral note it
now
interest on the
_
,
holds on earlier loans, $1,185,200
bonds, $1,777,800 in preferred stock and 13,498 shares of common
To the Railroad Credit Corporation for its claim of $2,445,610 plus
$146,503 of accrued and unpaid interest, 37,030 shares of common stock.
To the A. C. James Co. for its claim of $4,999,800 plus accrued and unpaid
interest of $1,249,950, 40,544 shares of common stock.
The income bonds would be dated Jan. 1, 1939, the proposed effective
date of the plan.
They would mature on Jan. 1, 2014, and be redeemable
n whole or part on May 1 of each year.—-V. 147, p. 3474.
Western Tablet &
Years End. Oct. 31—
Net earnings...
Stationery Corp.—Earnings—
1938
1936
1937
1935
$555,681
83,591
$578,198
79,390
$293,372
42,749
$755,588
145.651
145,651
31.655
118,041
$250,623
$474,063
134.854
$0.61
$2.27
$467,152
134,854
$2.22
$354,048
134,854
Net income
Shs.com .stk.out. (no par)
Earnings
Total
,
a
135.874
2,586,701
38,710
follows:
stock for each $1,000 face value of present bonds, and four
mon stock at $66 2-3 for each $100 of accrued and unpaid
Federal tax..
Prov. for inventory price
declines
1
832,339
1,692,265
Inventory
as
x
Patents, tr.-marks
Accts. & bills rec.
These would be distributed
To the RFC, the entire new issue of $10,000,000 of first-mortgage bonds,
these representing the new money supplied by that agency.
To the present first-mortgage bondholders, $19,716,040 of the income
Total..1
$8,462,016 $9,385,308
135,000 shares common stock of
of $100 par.—V. 145, p. 2870,
x
no par
per
share
,.$8,462,016 $9,385,308
value,
y
$1.00
Balance Sheet Oct. 31
Represented by shares
Assets—
surr.
1937
1938
Liabilities—
-«1,681,612
$756,206
Accounts, payable.
507,237
Cash.......
Cash
1937
1938
652,761
Dividends payable
42,105
Accrued taxes
39,838
Income taxes
42,749
135,874
5% cum. pref. stk. 3,365,300
v Common
stock. 1,666,459
3,365,300
Notes & accts. rec.
Western Dairies, Inc.—Accumulated Dividend—
118,110
value of
159,948
138,634
1,077,247
22,583
i ,994,065
23,350
Dec. 20, Nov. 20 and June 30. 1937; on Dec. 30, Oct, 30 and June 1, 1936,
xLd.,
and
2,435,512
Deferred assets—
58,489
$169,834
$191,651
109,493
70,996
2,508,777
The directors have declared
to
a
on
on
was
meeting of the directors
a
declared
on
Dec. 13
on
A dividend of 25 cents was paid on March 31, last, and compares with
90 cents paid on Dec. 28, 1937; 75 cents on Sept. 30 and on June 30, 1937
and 60 cents per share distributed on March 31, 1937.
See V. 146, p. 1731
for detailed record of previous dividend payments.—V.
1938
Jan. 1 to Dec. 7
1937
$304,166
Operation
90,614
12,262
15,904
$65,189
Dr6,283
Net oper. revenues
Non-oper. income (net)
_
Balance
$2,166,203
.1,078,849
137,920
191,066
145,081
193,689
$847,031
Dr70,169
$748,585
Dr37,531
$60,702
Dr6,639
Taxes
$58,905
Interest & amortization.
$54,063
29,312
$776,861
348,995
$427,866
226,443
$360,854
225,110
$135,744
119,451
$81,972
.
$29,825
Appropriations for retirement reserve
-
$25,751
Balance
Preferred dividend requirements
Balance for
common
dividends and surplus
$16,293
Note—Effective Jan. 1, 1937, the companies adopted the new system of
prescribed by the Federal Power Commision which differs in
certain respects from the system the companies previously followed, hence
the above 12 months' figures are not exactly comparative,—V.
147, p. 3625
accounts
Western
Pacific
RR.—Asks
ICC
The company has petitioned the Interstate Commerce Commission to
modify its order of Oct. 10 for reorganization of its properties. At the same
time, the A. C. James Co., the Irving Trust Co., and an institutional
bondholders' committee also appealed to the Commission for modification
of the plan.
„
In its petition, the railroad declared that the
plan recommended by the
unjust, inequitable, and failed to afford due recognition
The Commission's plan, the petition asserted,
discriminates unfairly in favor of certain creditors and fails to conform to
the requirements of law regarding the
participation of the various classes
was
to the rights of stockholders.
of creditors and stockholders.
"The basic injustice lies in the
proposal of the Commission to limit the
capitalization of the reorganized company to $93,726,517," the debtor road
asserted.
"A strikingly
.
inequitable feature of the plan approved by the Com¬
mission," the carrier said, "is in the use of no par value stock of the reor¬
ganized company as an elastic currency for adjusting creditor claims."
The plan rails to give any recognition to the
rights of the debtor's un¬
secured
creditors and
stockholders„ the petition declared, although the
valuation placed by the ICC upon the common stock of the
reorganized
was
confident that such evaluation would be held confiscatory
by
,
"Unless the Commission will modify the
proposed plan so as to give sub¬
stantial recognition to the true value of the rehabilitated Western Pacific
RR., the inevitable alternative is long litigation which ought to be avoided
in the interest of the railroad
industry and those unfortunate creditors and
stockholders who believe capital interested in the
property will be given a
square deal," the petition declared.
The carrier asked the ICC to issue
order modifying the plan so as to
give due recognition to the rights of the debtor's amsecured creditors and
stockholders, though the authorization of additional capital stock out of a
total capitalization of not less than
$120,000,000 or in the alternative,
reopening of the proceeding for further testimony and argument.
The petition filed by A. C. James Co. as secured creditor of the debtor
company in the principal amount of $4,999,800, said that the plan promul¬
gated by the ICC is objected to by substantially all classes of creditors.
The Irving Trust Co., as trustee under the general mortgage, asked the
ICO to modify the proposed plan of reorganization so as to
provide for issue"
ance to general mortgage
bondholders of securities on a par with those
awarded to first mortgage bondholders to the extent of the value of
collateral
on which the general mortgage is
admittedly a first lien.
an
_
The
institutional
bondholders'
committee
composed
of
Frederick
H.
Ecker, John W. Stedman, and Reeve Schley, said the Commission's plan
the rule laid down by the U. S. Supreme Court in the case of
violates
Northern Pacific RR.
vs.
Boyd.
The institutional bondholders committee proposed a modified
plan of
reorganization.
Under the proposed modification, existing equipment
trusts, the -Baldwin
Locomotive Co.'s lease and the Pullman Co. s contracts, aggregating
$2,750,050, would remain undisturbed and be assumed by the new company.
Neither the stockholders in the present company nor the unsecured
creditors would be entitled to participate in the reorganization.
(no par)
shares.— V.
146;
Inc.—Earnings-
1938—Month—1937
1938—10 Mos .—1937
Teleg.& cable oper. revs. $7,650,698
$8,147,702 $75,702,887 $84 .225,274
Repairs..
581,455
581,019
5,217,120
5 ,837,870
Deprec. & amortization.
685,706
440,542
6,861,355
4 ,942,020
All other maintenance..
395,549
482,728
4,625,831
4 ,588,236
Conducting operations..
4,696,337
5,165,180
47,076,517 52 ,513,115
Relief depts. & pensions.
170,765
169,667
1,755,291
1 .743,473
All other gen. & miscell.
195,677
1,856,852
1,900,205
expenses
179,188
$8,309,921 $12,700,355
oper. revenues
Uncollectible oper. revs.
Taxes assign, to opers—
$941,698
$1,112,889
30,603
491,716
32,591
455,726
4,930,505
387,825
4,548,455
Operating income
Non-operating income..
$419,379
105,895
$624,572
107,108
$3,076,604
1,247,769
$7,764,075
1,312,335
$525,274
593,040
$731,680
$4,324,373
5,940,292
$9,076,410
6,130,007
x$67,766
$120,946 x$l ,615,919
Gross income
....
Deducts, from gross inc.
Net income
Indicates deficit.—V. 147, p.
610,734
302,812
3625.
$2,946,403
"
Western Utilities Corp.—Notes
Offered-t-H. M. Byllesby
Dec. 12 offered $550,000 6% sinking fund
notes at 65 and accrued int.
The offering does not represent
new financing in behalf of the
company.
& Co.,
Inc.,
on
Dated Nov. 15, 1937; due Nov. 15, 1952.
Int. payable M & N.
Com"
pahy may at its option redeem all or any of the notes, at any time, upon 30
days' prior published notice, at principal amount thereof and int. to date
of
redemption.
incorp. in Delaware on April 30, 1928.
holding company, owning 85.77 % (72,328 shares) of common
California Water & Telephone Co., $250,000 of
6% 1st mtge. bonds of Southwestern States Telephone Co. and $185,000
of 6%. 1st mtge. bonds of Southwest Telephone Co.
Company intends
to continue to operate as a holding company owning the common shares of
its subsidiary, California Water & Telephone Co.
California Water & Telephone Co., a subsidiary, is an operating public
utility engaged principally in the business of supplying and selling water
for domestic, agricultural and industrial purposes and in the telephone
business.
The principal territories served by California Water & Tele¬
phone Co. are in four general geographical areas in California, namely,
the Monterey Peninsula, parts of Los Angeles County, parts of San Ber¬
nardino and Riverside Counties, and portions of the San Diego Bay region.
Under date of Oct. 1, 1937, the company proposed a plan of recapitaliza¬
tion.
This plan was declared effective and was consummated, on April 28,
1938.
Pursuant to said plan, 50,000 shares of old common stock (no par),
were converted into 42,360 shares of new common stock (par $1); 12,000
shares of old preferred stock (no par), were exchanged for 176,265 shares
of new common stock (par $1), and $782,500 of 6% notes, due Nov. 15,
1937, were exchanged for 78,250 shares of new 6% cumulative convertible
preferred stock (par $10), and 117,375 shares of new common stock (par $1).
The remaining $1,650,000 of 6% notes, due Nov. 15, 1937, except for
$37,500 which were paid and cancelled, were exchanged for an equal prin¬
cipal amount of the company's 6% sinking fund notes, due Nov. 15, 1952.
Company
stock
is a
of its subsidiary,
Capitalization as of June 30, 1938
$93,726,517 demonstrates mathemati¬
cally the existence of substantial equity.
The petition declared that the
the courts.
$5,942,630 $ J,141,186
Total..
134.854
Western Union Telegraph Co.,
company in fixing capitalization at
debtor
$6,141,186
Represented by
Company—Corporation was
to
Modify Plan of
Reorganization—Creditors also Ask Changes—Committee for
Institutional Holders Submits Proposal—
Commission
y
Period End. Oct. 31—
x
Balance
$5,942,630
deprec.
601,413
67,393
290.
p.
$711,054
350,200
$201,423
119,452
29.079
After
1,666,459
616,344
surplus...
c&blo
1938—12 Mos.—1937
$2,223,727
1,047,710
93,085
13,910
15,598
Maintenance
$16,638,603
x
Earned
ma¬
&c
Subs.)—Earnings—
1938—Month—1937
$183,968
$183,295
revenues
1937
1938
$320,963 $12,561,791
Western Public Service Co. (&
Period End. Oct. 31—
Operating
147, p. 2106.
Ry.—Earnings—
Week End. Dec. 7
Gross earnings (estr.).—
-V. 147, p. 3625.
bldgs.,
Total
a
to holders of record at the close of business on Dec. 23.
Western Maryland
Other assets
25-cent Dividend—
dividend of 25 cents per share
The dividend is payable on Dec. 28,
the common stock.
Inventory
chinery,
Dec. 20, 1935.—V. 147, p. 1055.
Western Electric Co., Inc.—To Pay
At
life Insurance—
dividend of 75 cents per share on account
the $3 cum. pref. stock, no par value, payable Dec. 20
holders of record Dec. 10.
A like payment was made June 00, last;
of accumulations
Authorized
6% sinking fund notes, due Nov. 15, 1952
6% cuin. convertible pref. stock (par $10)
Common stock (par $1)
$1,650,000
78,250 shs.
*600,000 shs.
Outstanding
$1,561,500
78,250 shs.
336,000 shs.
*
234,750 shares of common stock, are reserved for the conversion of the
6% cumulative convertible preferred stock, which is convertible into com¬
mon
stock in the ratio of three shares of common stock for each share of
preferred stock.
Sinking Fund—Indenture provides that the company, upon each and
every declaration by it of any cash dividend upon its common stock and(or)
any class of its capital stock junior to its 6% convertible preferred stock,
shall concurrently set aside an equal amount for sinking fund purposes
and upon payment of any such dividend the company shall forthwith
deposit with the trustee for such purposes an amount equal to the dividend
or dividends.
At its option, the company may deliver to the trustee any
of its 6% sinking fund notes and receive credit against any such sinking
fund notes and receive credit against any such sinking fund requirement
in the sum equal to the actual cost of such notes to the con pany, such
credit, however, not to exceed the principal amount of such notes so
delivered.
Company may also, at its option, deposit cash, other than
cash received as the proceeds of the sale or capital assets, vrith the trustees
for sinking fund purposes, or its notes in lieu thereof, in excess of sinking
fund requirements and such excess shall be deem ed to be an advance pay¬
ment of sinking fund requirements and shall be credited against the next
ensuing sinking fund payment or payrr ents required.
Any cash deposited with the trustee in the sinking fund shall be applied
by the trustee to the purchase from tim e to tirr e of notes at the best price
readily obtainable, but not in excess of the redemption price, and includ¬
ing accrued interest only to the date of such purchase.
The Indenture provides that if the trustee shall have had on hand in
the sinking fund for a period exceeding six months available money in an
amount not less than $10,000, and the trustee shall have been unable
therewith to purchase notes at or below the redemption price thereof.
Volume
Financial
147
shall be applied by the trustee to the redemption of
such available money
notes
(Wm.) Wrigley Jr. Co .—Extra Dividend—
by lot.
Income Account
Years Ended Dec. 31
on securs.
$150,081
26,100
461
$112,108
26,100
1,200
26,100
145,936
$67,296
1,786
$176,642
4.878
$139,408
11,785
$172,037
34,791
380
561
478
$54,246
13,050
of affil.
A regular
General & adminis. exp.
Taxes (other than Fed-
K eral income taxes)
Zenith Radio
.
122
258
145,950
145,950
7,437
8,653
.
funded debt
Amort, of debt discount
on
and expense
Int. paid to subsidiaries.
Other interest
241
241
47.931
1,874
Depreciation
mm
211,982
,
After
x
""761
bd. int.
come taxes on
'
Miscell. inc. deductions.
*
-
540
Prov. for Fed. normal tax
been
opened
York, with
W
H.
«* «•
M.
-
■
and
6% notes, 1952....$1,561,500
►•(not consoi.)_-.$3,615,556 $3,615,556
Other
*
....
382,751
1,486
Furn. Afixts. (net)
382,751
1,607
1,342
Special deposits..;
$2,432,500
6% gold notes, 1937
bank
30,000
Trade accts. pay'le
5,143
~7~, 669
11,971
18,649
Note pay. to
in¬
security
vestment#.
June 30 '38 Dec. 31 '37
Liabilities—
June 30 '38 Dec, 31 '37
Assets—
in
the
publisher
as
began
Michigan.
in
Commerce,"
and
Vice
publication
and
became Vice
of
Written
Business
Week
of
country
several
New
news¬
of the Fox Film Corpora¬
He resigned in 1933
Company and
relations
S.
in
has been
for
Shepard,
J.
Publishing
the phenomenal
its field.
of that
growth
during
leadership
lecturer he
sound
by
President
McGraw-Hill
the
active for many years
promoting
industry.
—A booklet entitled "The Dow
Theory in Relation to Regulated Markets"
been published
has
Inc., New York, of which Mr. Shepard is head.
in
Street,
editor of that business daily for 10 years.
into national
defining
publisher
as
public relations and advertising.
editor and
an
42nd
West
financial editor of the Chicago "Examiner"
was
President
publisher of
was
330
Business Week,
the practice of
He left this work to organize the Chicago "Journal of
was
charge of
become
for
Principal offices have
and then established a successful public relations
Griswold
Mr.
1931
in
Building,
business
He
business in Chicago.
tion
of
Griswold Associates
McGraw-Hill
Chicago "Tribune,"
by
Surveys,
Shepard
The new booklet answers,
revealing analysis of the forecasting value of the Dow Theory, the
of the effects of the SEC and its regulated markets upon the
a
functioning of the
the
aSecurs.of affiliate
resigned
Glenn
of
question
loss$29,551 loss$253,215
Comparative Balance Sheet
F
recently
branch office at 520 North Michigan Avenue, Chicago.
a
Griswold
......
$15,876
$13,460
Net income...
'
—
Griswold,
the formation
announces
and
3,804
8,098
1,852
1,681
442
NOTICES
public relations, specializing in the industrial field.
5,448
151,591
Trustees' fees & Fed'l in¬
surtax on
expenses
CURRENT
—Glenn
$1,903,008
$648,383
$780,824
and deperciation, but before
undistributed earnings.—V. 147. p. 1649.
royalties,
taxes,
or
1938—6 Mos.—1937
1938—3 Mos.—1937
$523,577
excise
Federal income tax
As
8,703
—
Corp.—Earnings—
Net profit
to
593
monthly dividend of 25 cents previously declared will be paid
Period End. Oct. 31—
x
In
Total income
par
no
Jan. 3, also to holders of record Dec. 20.—V. 147, p. 3625.
on
papers
1935
1936
stock,
common
Dec. 20.
Mr.
1937
June 30, '38
Int. on 1st mtge. bonds.
Miscell. other income
the
for Stated Periods
6 Mos. End.
Int.
an extra dividend of 25 cents per share on
value, payable Dec. 28 to holders of record
The directors have declared
all notes delivered by the company as part
of any sinking fund payment and all notes purchased or redeemed by
operation of the sinking fund shall be canceled by the trustee.
ta»The indenture provides that the company shall not issue any of its 6%
convertible preferred stock in excess of 78,250 shares, nor any share of
any class of stock having a parity with or seniority over said preferred stock.
Purpose of Issue—No part of the net proceeds of the present sale of
$550,000 notes, in an estimated total net amount of $343,750 will be re¬
ceived by the company, but the whole thereof will be received by H. M.
Byllesby & Co., Inc., the present owner of said notes.
Underwriters—H. M. Byllesby & Co., Inc., Chicago, the present owner
of the $550,000 6% sinking fund notes.
H. M. Byllesby & Co., Inc. owns 4,323 shares of common stock of
California Water & Telephone Co.; 38,850 shares of common stock and
25,900 shares of preferred stock of Western Utilities Corp., parent of
California Water & Telephone Co., representing in the aggregate 15.63%
of the total voting power in Western Utilities Corp.; and owns shares of stock
representing approximately 13.19% of the total voting power in Utility &
Industrial Corp., which corporation owns 88,133 shares of the common
stock of Western Utilities Corp., representing 21.28% of the total voting
power in the latter corporation.
The indenture provides that
Divs.
3781
Chronicle
Accrued interest on
funded debt...-
Other accrd. int..
117
Taxes
997
important
picting
the
Theory.
features are
Among its
velocity
relative
—A Christmas party
and luncheon will be held for the New York
Advertisers and their guests at the
Trust Co.
James
and
Financial
21,
Lawyers Club on Wednesday, Dec.
according to announcement made by Joseph Bame of
&
chart showing all
the pre-SEO markets.
pared with
Bank
a
the market pince 1935 and a table de¬
of the SEO-regulated markets as com¬
turning points of
Rascovar,
II,
Commercial National
of Albert
Frank-Guenther
2,175
2,175
6% cum. pref. stk.
Common stock
Organ! z. expenses.
21.875
21.875
Capital surplus. ;.
The party will also be a
celebration of the completion of 50 years of business.in Wall Street by
Philip Bleeth of the "New York Sun."
Col. Gilbert T. Hodges, Chairman
of the executive board of the "Sun," will deliver a eulogy on Mr. Bleeth
Reorganiz.
41,746
16,106
Earned
during the meeting.
Cash
on
demand
►i deposit
Accrd.
int.
83,455
2,346
...
1st
on
mtge. bonds
exps..
....
Law, Inc., who comprise the luncheon committee.
425
782,5001
336,000/ bl950,000
1,293,586
surplus...
46,120 def281,727
2,648
Sundry def. chgs.;
Total.......-$4,067,934 $4,127,515
Nuveen
—John
$4,067,934 $4,127,515
Total.;'
Comprising 72,328 shares of common stock of California Water &
Telephone Co.
b Represented by 12,000 (no par shares $6 pref. stock
and 50,000 shares (no par) common stock.
As at Dec. 31, 1937, dividends
on the then outstanding cum. pref. stock, $6 dividend series, were in arrears
$30, per share, aggregating $360,000.—V. 147, p. 3175.
•»
& Co.
of Chicago announces that
who has been co-manager of
Fred D. Stone Jr.,
their wholesale and trading department,
Co.—Recapitalization Voted—
|k White Sewing Machine
-
Stockholders of the company at a special
recapitalization plan of March 5 and authorized the directors to declare
plan operative upon securing the required number of assents from
preferred stockholders.
Under the plan each present preference share and dividend accumulations
thereon will be exchanged for one share of new $2 prior preference stock and
three shares of new common stock, and each present common shares will be
exchanged for two-fifths of a share of new common stock. Capital will be
reduced from $5,750,000 to $2,380,000.—V. 147, p. 3475.
the
Wisconsin Public Service Corp.
1938
and taxes
38,130
Merchandise and jobbing
Dr25,222
(net)
x Net operating revenue and other income
Appropriation for depreciation ...,
i—.—..
Net income
Before
$3,533,916
$3,533,472
32,278
13,020
$3,578,771
...
appropriation for
964,167
932,500
$2,569,750
...
Interest charges (net)
...
—
Amortization of debt discount, premium & expense
Amortization of abandoned street ry. property....
Other income deductions
.—~—
x
$8,410,861
4,877,389
$3,521,008
operating revenue
Interest, dividends, &c
Gross income
1937
$8,767,188
5,246,180
•
Operating revenues.
Operating expenses, maintenance
Net
(& Subs.)—Earnings—
$2,646,271
1,001,144
160,959
1,017,683
151,872
45,833
30,811
.....—...
$1,323,550
depreciation.—V. 147, p. 3326.
30—
& depreciation
debt
...—
Interest on long-term
1938
$625,993
352,886
392,860
has
R. E. Watson is manager of the trading
Hornblower, senior partner of Hornblower & Weeks, members
York
Stock Exchange and other principal exchanges, an¬
•—Ralph
New
the
of
nounced
the
that
January 1,
investment
will
firm
the
firm's
the
Hornblower &
two
Weeks organization in
—Announcement is made
with
admit
Mr. Pontius, a graduate
on
Previous to this he was
the Pacific Coast.
been a Vicefor the past 10 years in charge of
associated with the National City Bank
New York and the Home Insurance
of
Co.
—Brailsford & Co., 208 S. La Salle
Adams and Albert
associated
City, to represent them In
of the University of Michigan, has
President of G. L. Ohrstrom & Co., Inc.,
with
partnership
1920 and Mr. Verrill in 1915.
Chicago and adjacent territory, and also on
& Co., A.
to
that Miller H. Pontius has become
& Co., Inc., of New York
F. Eberstadt
sales.
employees
1939—William R. Rovensky, at present manager of the firm's
in Now York, and Harold E. Verrill, manager of
Portland and Bangor offices in Maine.
Mr. Rovensky joined
department
St.. Chicago, announce that
J. Hunter have become
Stanley
associated with them in their
Mr. Adams was formerly with Paine, Wdbber
k Co. Mr. Hunter was formerly
C. Allyn & Co. and John Nuveen
Roger K. Ballard &
Co., Harrison, O'Gara & Co. and John
Nuveen
& Co.
27,594
$1,458,574
—W.
& Co. have opened a new
E. Wetzel
Trenton, N. J. to engage in a
business.
1937
$1,745,541
372,702
415,190
-
office at 1 West State St.,
security brokerage and investment advisory
active in handling finance problems
The firm has been particularly
for New Jersey
municipalities.
Co. of Trenton, N. J., which
1936
$962,680
385,018
Depreciation.
412,076
Net loss--'.-I.r
119,753 prof957,649 profl65,586
Current assets as of Sept. 30, 1938, amounted to $8,646,341 and current
liabilities were $1,436,279, compared with $9,559,836 and $2,034,671
respectively, on Sept. 30, 1937.—V. 146, p. 2714.
Years Ended Sept.
Income before interest
department.
William A. Grigsby Jr.,
department in the Miami office, who
department in Miami.
municipal bond department.
Corp.—Earnings—-
York Ice Machinery
Hammond will continue as manager of the trading
transferred to Chicago.
been
meeting held Dec. 12 approved
the
Year Ended Oct. 31—
W. H.
Associated with him are Lawrence Wingader and
former manager of the trading
will
wholesaling.
hereafter devote himself exclusively to
a
"
year.
Mr. Wetzel is President of the First National
discontinued its security business earlier this
■
—James O. Safford, for many years
active in municipal financing in New
with R. A. Ward k Co., inc. Mr. Safford
associated with Bank of the Man¬
manager of the muniipal division of their bond
England, has become associated
for over a
period of about 20 years was
hattan Co.,
where he was
department» E. H.
Rollins & Sons and Eldredge & Co., Inc.
the Crops
The Commercial Markets and
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
.
Coffee—On the 10th inst. futures
closed 1 point lower to 1
point higher, with sales totaling 5 lots.
There was only 1
lot sold in the Rio contract, which closed 1 to 3 points lower.
The local
news
at
market
was
extremely dull, with nothing in the
Santos soft 4s were
kilos and hards were
of special interest.
20.2 milreis per 10
100 higher at 15.5.
Havre
points lower. On the 12th
futures closed 10 to 11 points up in the Santos contract,
sales totaling 29 lots. Only one sale was effected in the
17.5c.,
Friday Night, Dec. 16, 1938
100 reis lower
unchanged at
while
Rio
5s closed
finished barely steady and 2 to 3
inst.
with
Rio contract,
which showed a range of 9 to 11
points net
With the market apparently sold out
following recessions of over 70 points in the last four weeks,
higher at the close.
buyers were
forced to bid up to execute contracts.
Dis-
3782
Financial
cussion of
but
proposed change in Rio contract is in progress,
yet no compromise has been reached.
Nothing de¬
as
a
veloped in the actual market to influence the price trend.
Although Brazilian offerings were unchanged, milds con¬
tinued easy, the shipment difficulties
having been overcome
in
Colombia.
Spot 7s in Brazil
were 300 reis higher at
unchanged to 1 franc higher. On the
13th inst. futures closed 1 to 4 points net lower in the Santos
contract, with sales totaling only 26 lots.
The Rio contract
reported no sales, and closed nominally 4 to 5 points net
lower.
A cable from Brazil to the exchange
reported that
the Minister of Finance late yesterday received a com¬
mission of Sao Paulo coffee farmers, which led to rumors
13.500.
Havre closed
that the "Farmers' Moratorium" will be further extended.
The moratorium is scheduled to
expire
were no
immediate
new
Actuals
continued
quiet with
on
Dec. 31.
factors to influence the price
an
undertone,
easy
There
trend.
mostly
to 43d
because of lack of demand.
Havre futures were 3^
francs higher and in Brazil hard 4s on the
spot were 100 reis
lower at 17.400.
On the 14th inst. futures closed 2 to 6
points down the Santos contract, with sales totaling 13 lots.
The Rio contract closed 7 points off, with sales of
only 4
lots.
Coffee futures were unable to retain recent advances.
Prices early this afternoon are 6 to 7
points lower in light
trading with July Santos contracts selling at 6.38c.
were
8 points lower with December at 4.01c.
delivery of Ecuador coffees
contracts.
were
One "short" notice
Rios
Three notices of
issued against December Rio
traded. In Havre futures
was
2 to 2% francs lower.
In Rio de Janeiro spot No. 7
was 200 reis lower at 13.3 milreis.
Cost and freight
offers from Brazil were scarce and about
were
coffee
unchanged.
coffees
Mild
unchanged.
were
On the 15th inst. futures closed 5 to 12
points net higher
in the Santos contract, with sales
totaling 62 contracts.
The Rio contract closed 7 to 8 points net
higher, with sales
totaling 6 contracts.
sold out
The belief that coffee futures
were
confirmed
was
today when gains of 8 to 15 points
registered in Santos contracts and 10 to 11 points in
Rios.
Futures in Havre were 2 to 3 francs higher.
Interest
in actuals were showing signs of a revival, but so far no sub¬
stantial purchases were reported.
Cost and freight offers
from Brazil were about
unchanged, with Santos 4s at 6.80
were
to
7.30c.
Mild coffees were steadv, with Manizales for
January shipment at 12c.
Today futures closed 2 points
down to 2 points up in the Santos
contract, with sales of
only 12 contracts.
There were no Rio sales.
Trading in
coffee futures
which stood
was
1
to
small and limited to the Santos
contract,
points net higher this afternoon, with
2
May selling at 6.47c.
The market reflected a better interest
steady prices for mild coffees.
In Havre futures were
231 to 334 francs higher.
In Brazil the spot price of coffee
advanced 200 reis.
Cost and freight offers by Brazil were
unchanged, but mild coffees were Y%q. higher.
Offerings
from primary sources were
light.
Roasters were reported
to be buying more
liberally than formerly.
'
and
0
Rio coffee
prices closed
December
March
as
follows:
4.05
.
4.14
May
July
September
4.24
-
_
„
4.25
_
-4.20
Santos coffee
December
March
prices closed
».
May
as
-.6.22
6.33
6.44
follows:
July....September
6.49
-
6.54
either
on
the outside
90
prices very little
London prices showed no change
the Terminal Cocoa Market.
traded
there.
Local contract
or on
tons. of
futures
amounted to 48 lots, or 643 tons.
Local
closing:
Only
sales
Dec., 4.47;
Jan., 4.51; May, 4.71; July, 4.81; Oct., 4.97. On the 12th
inst. futures closed 3 to 5 points net lower.
Sales totaled
lots or 2,988 tons.
The opening range was 2
points
down to 1 point up. Outside
prices showed no change, and
223
futures
the Terminal
Cocoa Market ran
unchanged to
13^d. lower in London, with only 90 tons
changing hands.
Some manufacturer
buying was noted in the local market,
but this seemed insufficient to meet the
steady pressure of
hedges against the new West African crops. Local
closing:
Dec., 4.42; Jan., 4.47; March, 4.58; May, 4.68;
July, 4.78;
Sept., 4.89; Oct., 4.94. On the 13th inst. futures closed
7 to 10 points net lower.
Opening sales had been at 2 to 4
points below previous finals. The trading volume rose to
on
369 lots or 4,945 tons. Outside
prices declined 6d. in London,
while futures lost 3d. to 6d. on the
Terminal Cocoa Market,
with 1,080 tons changing hands.
Coast and other West African
full
Marketing of the Gold
bean crops is now in
of West African cocoa crops,
cocoa
swing. Heavy hedging
particularly Accra, set prices back further on the New York
Cocoa Exchange today. Local
closing: Dec., 4.35; Jan., 4.37;
May, 4.60; July, 4.71; Oct., 4.85; Dec., 4.96. On the 14th
inst. futures closed 5 to 7
points up, with the exception of
spot December, which was unchanged. Transactions totaled
358 contracts. Ad though
hedge selling by producing coun¬
tries continued actively, the cocoa futures
market showed
ability to absorb offerings. Manufacturers and Wall Street
traders were ready buyers,
encouraged by the good action
of markets generally.
This afternoon prices were 4 to 6
points higher, with March selling at 4.55c., up 4. London
also was steady.
Warehouse stocks decreased 2,000 bags.
They
Dec.
17, 1938
total 915,840 bags, against 1,161,000 a year ago.
Local closing: Dec., 4.35; Jan., 4.43; March,
4.56; May,
4.66; July, 4.77; Sept., 4.87; Oct., 4.91; Dec., 5.02.
now
On
the 15th inst. futures closed 4 to 7 points net lower.
220 contracts.
In the early trading
Transactions totaled
the market
was off 3 to 4 points under further
hedge selling
producing countries.
Manufacturers and scattered
Wall Street buyers absorbed their offerings.
The trading
to early afternoon amounted
to 160 lots.
London was
steady.
Warehouse stocks decreased 3,800 bags.
The total
now
is 912,073 bags, against 1,161,000
bags a year ago.
Local closing: Dec., 4.31; Jan., 4.36; March, 4.51;
May,
4.60; July, 4.70; Sept., 4.82; Oct., 4.87.
Today futures
closed 1 point up to 2 points down.
Transactions totaled
from
355 contracts.
Cocoa futures were under hedge pressure
and selling due to cables reporting the
heavy crop movement.
Prices during early afternoon were 1 to 5
points lower, with
December at 4.30c.
Sales to that time totaled 250 lots.
Warehouse stocks increased 7,025 bags over
total 919,090 bags, against 1,144,881
now
Local
closing: Dec., 4.32;
4.59; July, 4.68.
Transactions
night.
They
bags a year ago.
Jan., 4.36; March, 4.49; May,
Sugar—On the 10th inst. futures closed
lower.
totaled
54
lots
of
1 to 2
points net
which 30
were
in
switches mostly from January to May at 12
points.
The
movement forward of sugar
hedged in January was absorbed
by shorts and that month closed at 1.84c. Since no urgent
demand prevails for refined sugar in the
East,
some
observers
expect that Eastern refiners will not at this time take ad¬
ditional new business at 4.30c., but it is
expected they will
reduce with the Southern refiners to 4.45c.
The market for
in today's short session was stagnant, and there
important changes in asking prices from the close
of the previous session.
The world sugar contract closed
unchanged to-1/2 point higher.
London futures closed un¬
changed to 34<L higher and raws there were unchanged at
6s, equal to 1.08Kc.
On the 12th inst. futures closed 1 to 3
points net higher in the domestic contract. Although refined
raw
sugar
were
no
in the South
was down to 4.30c. and indicated a lower
market
time later for sugar in the
East, it merely brought
that market into line with futures and raws and was
therefor
of no significance to futures. New factors in the
at
some
the decline in Louisiana
market for
raws
raws
at 2.75c.
since
1934.
business
was
raws
American
market were
from 2.80c. to 2.75c.
In the
bought 1,500 tons of Louisiana
delivered, off 5 points, and the lowest prices
At
the
close
the
under negotiation.
latest
word was that more
In the world sugar contract
trading was extremely light, with only 23 lots being traded in
January at 1.08c. and in March at 1.09c. and 1.10c., with
final prices unchanged to y2
point lower. London raws were
quiet, sellers asking 6s. equal to 1.08>£c. f.o.b. Cuba, with
freight at 5s. 3d.
On the 13th inst. futures closed 1
point
down to 2 points up.
As expected, a downward revision in
Eastern refined quotations to 4.45c. was made
today. Raws
meanwhile continued dull, and futures ruled 1
to 2 points
higher beyond January, which was 1 point lower.
Sales
totaled 178 lots, or 8,900 tons.
Of the total sales in futures
96 lots represented switches.
Practically all were from
January to March and May at widening differences. In view
of the restricted demand for
making
definite
available
Cocoa—On the 10th inst. futures closed 1
point higher to
unchanged. The cocoa market was stagnant, the same as a
number of other commodity
markets, with
changed from the opening.
Chronicle
on
a
offerings
raw
sugar,
today.
sellers refrained from
However,
Cubas
bid at 4 points over March futures for
were
De¬
cember
early January shipment. The world sugar contract
unchanged to ]/2 point higher.
Sales were only 64
lots, of which half were in March at 1.11c. and
1.10Y2q.
London futures were
unchanged to ]/2 point higher and raws
there sold in parcel quantities at 5s. 11
yd., equal to 1.07>^c.
f.o.b. Cuba.
Additional offerings wrere held at 6s.
On the
14th inst. futures closed
unchanged to 2 points higher in the
domestic contract, with sales
totaling 180 contracts. Trad¬
ing was fairly active, with the market deriving its steadiness
from trade
covering and absence of pressure.
Nothing was
reported done in raws. Cubas were still offered at 4
points
closed
over
March.
In the refined market all local
reduced 10 points to 4.45c.
excepting Arbuckle.
processors
That firm
after
cutting to 4.40c. yesterday went to 4.35c. today for
prompt shipment only.
Withdrawal demand for refined is
reported as fairly good.
In the world sugar market prices
followed London to higher
levels, showing gains of \y2 to
2Y2 points, with March selling at 1.12k£c.
Prices were in
new
high ground.
In London futures were % to
l^d.
higher on a large turnover, estimated at 70,000 tons. Raws
there were also
active, selling at the equivalent of 1.11c.
f.o.b. Cuba.
On the 15th inst. futures closed
unchanged on all deliveries
in the
domestic contract, with sales
totaling only 66 lots.
The world sugar contract closed
l/2 to 1 point up, with sales,
of 169 lots.
The news that the raw sugar market was firmer
brought
a change of sentiment toward
sugar futures,
the result that the market's tone
improved. In
noon
domestic
with
early after¬
futures stood
1
point higher, with March
selling at 1.93c. a pound.
While no sales of raws were
reported, sellers of Cubas raised their asking price for Jan.
and Jan .-Feb.
were
shipment sugars to 2c. a pound, while refiners
showing interest at 1.95c.The pending change
duty has produced a nominal market for duty¬
said to be
in the Cuban
free sugars.
Withdrawals of refined sugar continued
In the world sugar market
prices went to new
good.
highs since
the
war
scare
last
Sept., with March
at
1.13c.
London
Volume
futures
147
Financial
Chronicle
%d. higher to 34d. lower. Raws there were held
at 1.1134c. f. o. b. Cuba.
Tate & Lyle, British refiners,
were said to have
purchased 20,000 tons of raws yesterday.
Today futures closed 2 to 3 points up in the domestic con¬
were
tract, with sales totaling 147 contracts.
head for the
The world sugar
contract closed
unchanged to 34 point down, with sales of
Sugar markets were strong. Domestic sugar
futures in an unexpected movement advanced several
points
on the
strength of Secretary Wallace's prediction that con¬
sumption of sugar would be higher next year.
This after¬
noon March was
selling at 1.95c., up 4 points. Nothing was
reported done in raws, although it was rumored that business
had been done at 2c. a
pound. Demand for refined sugar
continued fair. Resale refined was
quoted at 4.40c. a pound.
In the world sugar market
prices edged into new high ground,
with May selling at 1.14 34c.
London futures were steady
while raws were held at
1.1134c. a pound. Prices follow:
42 contracts.
January
1.831 July.
March
1.94
May
from $6.90 to $7.40.
Lard futures displayed a steadier under¬
today due to scattered buying for speculative and trade
account induced
by reports of a fair export business to the
United Kingdom on
Tuesday and also on the firmness in
cotton seed oil. Prices
opened unchanged to 2 points lower, but
later advanced 2 to 7
points over the
tone
2.05
1.981
previous closings.
Export clearances of lard from the Port of New York
today
308,050 pounds, destined for London, Southampton
Decrease of 12.6% in United States
Exports of Refined
Sugar During First 10 Months of 1938
Refined sugar exports by the United States
were
and
during the
refined
went to over 50
a
by Lamborn & Co., New York, which said:
sugar
exportsjduring the
different countries.
The United Kingdom leads with 25,499
of
Agriculture
Rican
Revises
Allotments
Processors
Sugar
and
raw
as
...
—
1.584,524
815,810
—
....
Cuba
Foreign countries other than Cuba..—
Total
-■
-
—_
9,115
1,052,854
1.954,303
27,004
6,832,157
The detailed
will be issued
Act of 1937.
Sugar Quota Regulations for the year 1939
shortly pursuant to the provisions of the Sugar
The revised quotas for 1938 were announced
by Secretary
Wallace on June 10, as was noted in our issue of June
18,
page
3872.
Eoints lower. For the past few days trading inshort futures
been exceptionally light, and
during the lard session
as
improvement in demand for contracts was in evi¬
Prices moved within a range of 5 points
onjthe active
deliveries. Export clearances of lard from the Port of New
York today totaled 319,000 pounds, destined for Cardiff
no
dence.
and
Bristol.
The
Liverpool lard market was very quiet,
with prices unchanged from previous finals.
Receipts of
hogs at Chicago and other Western cities are expected to be
very heavy the coming week.
Chicago hog prices today
ranged from $7.30 to $7.50, with sales light. On the 12th
inst. futures closed 5 to 7 points net lower.
There was no
special feature to the lard futures market at the start of the
week.
However, prices declined slightly under light selling
for speculative and trade account influenced by the bearish
hog news. There were no export clearances of lard reported
from the Port of New York. Liverpool lard futures continue
dull, and for the second consecutive day prices remained
unchanged from the previous closings. Western hog receipts
were very heavy and above trade
expectations. Receipts
for the Western run totaled 110,200 head, against 100,900
7.42
Wed.
6.77
Thurs.
6.85
7.32
7.50
6.87
6.90
7.35
7.55
Fri.
6.80
6.85
7.32
7.50
Picnic, Loose, c.a.f.—4 to 6 lbs., 12%c.; 6 to 8 lbs.,
12%c.;'8 to 10 lbs., 1234c.
Skinned/Loose, c.a.f.—14 to
lbs., 1734c.; 18 to 20 lbs., 1734c. Bellies: Clear, f.o.b.,
New York—6 to 8 lbs.,
16c.; 8 to 10 lbs., 15%c.; 10 to 12 lbs.,
15c. fellies: Clear,
Dry Salted, Boxed, N.Y.—16 to 18 lbs.,
12He.; 18 to 20 lbs., ll%c.; 20 to 25 lbs., 11 %c.; 25 to
30 lbs., 11%}.
Butter: Creamery, Firsts to Higher than
Extra and Premium Marks: 24 to
2934c.
Cheese: State,
Held '37, 20 to 2134c.
Eggs: Mixed Colors: Checks to
Special Packs—2134 to 3634c.
16
Oil—Linseed
,
oil
market
is
holding firm according to
cars.
Quotations:
Nearby—14.4 to 14.5. • Coconut: Tanks,
nearby—.03 %c.; Pacific Coast—.02% to .02%}.
Corn:
Crude, West, tanks, nearby—.0634*
Olive:
Denatured,
Drums, carlots, nearby—93 to 94; Shipment—92c. offered,
no bid.
Soy Bean: Crude, Tanks, West—.0534 bid; L.C.L.
N. Y.—6.8
bid.
Edible:
Coconut, 76 degrees—.0834
offered.
Lard:
Prime—9c. offered; Extra winter strained
—834c. offered.
Cod: Crude, Norwegian, light filtered—
no quotation.
Turpentine: 2734 to 2934c.
Rosins: $5.00
latest advices,
China Wood:
at 8.1
to
8.3c. in tank
$7.80.
to
Cottonseed Oil
sales, including switches, 118
Crude, S. E. 6%@634Prices closed as follows:
January
February.------
7.44®
7.45®
7.62®
March
j^JLard—On the 10th inst. futures closed unchanged to 2
today
7.52
7.32
7.47
Tues.
6.75
6.80
7.27
Hams:
follows:
958,994
Virgin Islands..
Commonwealth of the Philllpine Islands
6.85
6.75
6.80
Pork—(Export), mess, $27.3734 per barrel (per 200
pounds); family (40-50 pieces to barrel), $20 per barrel.
Beef: (export),
steady.
Family (export), $22 per barrel;
(200 pounds), nominal. Cut Meats:
barely steady. Pickled
on
429,553
...J
LARD FUTURES IN CHICAGO
Mon.
6.80
March
value):
1
OF
Sat.
May
with the formulae established in the Act will be
Puerto Rico
PRICES
January
value, which corresponds, on a per capita basis, to the con¬
sumption in the two years 1935 and 1936.
In 1935-36,
the per capita consumption
averaged 104.2 pounds, compared
with a 10-year average in the
years 1928-37 of 106 pounds.
This total of 6,832,157 tons for 1939 is
slightly less than the
initial total quotas of 6,861,761 tons established for
1938,
which were
subsequently revised to 6,780,566 tons.
The quotas for the various areas for 1939 in
accordance
Hawaii
CLOSING
,
with Initial Quota of 6,861,761 Tons for 1938
Domestic beet sugar
Mainland cane sugar
This
DAILY
;•
(In short tons,
exports reported from the
Liverpool lard futures were un¬
higher. Hog sales at Chicago ranged from
Western hog receipts continue
fairly heavy
_
Dec. 3 that the total
supply of sugar required to meet con¬
sumers' needs for 1939 under the
provisions of the Sugar Act
of 1937 has been determined to be
6,832,157 short tons, raw
"
lard
December
Virgin Islands
reported in these columns of Nov. 26,
Sugar Quotas for 1939 Announced by Secretary of
Agriculture Wallace—Total of 6,832,167 Tons Com¬
pares
light covering for speculative and trade
on
market was heavy today in
sympathy with the
decline in hog prices.
Hog receipts were much larger than
anticipated, and this of course brought about a decline in
price of hogs. Best light hogs got
steady prices, top holding
at $7.50, but others were
10 to 15c. lower.
The run of
18,000 head was 2,000 larger than advance estimates had
indicated.
marketing quota from 809,649 to
Secretary of Agriculture Henry A. Wallace announced
unchanged to 3d.
5c. to 10c. higher.
today totaled 74,400 head against 89,900 head for the
day last year. Today futures closed 7 to 3 points net
lower.
tons of sugar, raw value.
The reallotment of the 1938 Hawaiian and
,
were
were
same
815,582 short
page
to 3d.
$7 to $7.50.
of
34,794 short tons of sugar, raw value, which was announced
Nov. 15, 1938.
The additional allotment increased the 1938
was
points
changed
Puerto Rican processors of
5,933 short tons of sugar, raw
value.
The allotment was made as the result of reallocation
of the 1938 Hawaiian and
Virgin Islands sugar deficits of
deficits
3230.
12
There were no
Port of New York
today.
Sugar Division of the United States Department of
Agriculture announced on Dec. 8 the allotment to individual
sugar
to
account.
The
Puerto Rican continental
futures
Chicago
year ago.
7
tons, being followed by Panama and Holland with
3,891 tons and 2,660
respectively.
In the previous season, the United Kingdom with
26,324 tons also headed the list, while Colombia and Panama with
9,464
tons and 2,945 tons,
respectively, followed.
Puerto
at
On the 15th inst. futures closed
10 to 2 points net higher.
The opening range was 5 to 10
points up, and later advanced
January-October period of 1938
tons
Department
Closing hog prices
Hog sales ranged from $7 to $7.50. Western hog marketings
totaled 65,700
head, against 84,900 head for the same day
52,295 tons during the similar period last year, a decrease
of 6,567 tons or
approximately 12.6%, acecording to an
JjThe
Antwerp. Liverpool lard
lower.
first 10 months of 1938 totaled
45,728 long tons, as against
announcement
On the 14th inst. futures closed 2 to 5
points net higher.
2.01
_
September
3783
day a year ago. Prices on hogs at Chicag *
declined 10c. owing to the heavier
marketings than antici¬
pated. Hog sales ranged from $7.10 to $7.50 at
Chicago.
On the 13th inst. futures closed
unchanged to 5 points lower.
Trading was relatively light while prices moved within a
very narrow range.
Export clearances of lard from the
Port of New York totaled
19,600 pounds, destined for Ham¬
burg. Liverpool lard futures were 3d. to 6d. lower. Chicago
hog prices closed 10c. to 20c. lower, due to the very
heavy
hog marketings at the leading Western hog centers. Re¬
ceipts for the Western run totaled 89,900 head, against
91,300 head for the same day a year ago. Hog sales
ranged
same
April
—
7.62®
7.461 May
June
n
7.64 J
n
July.-
(August
— -
contracts.
7.71®
7.70®
7.78®
——7.78®
-
n
7.79
n
Rubber—On
the 10th inst. futures closed 3 to 7
points
net higher.
Transactions totaled 370 tons. Spot standard
No. 1 ribbed smoked sheets advanced l-16c. to 16 3-16c. in
the outside trade. Most of the
buying on the floor came
from London dealers.
seller.
The trade proved to be the
principal
Spot prices this week gainea 5-16c. after moving down
to a low of!15%c.
Local closing: Dec., 16.12; Jan., 16.07;
March, 16.07; May, 16.08; July, 16.10. On the 12th inst.
futures closed 4 to 10 points net lower. Transactions totaled
only 1,190 tons. Spot standard No. 1 ribbed smoked sheets
in the trade declined l-16c. to
1634c. There was some
Japanese buying during the morning session which enabled
the market to advance slowly. Later in the
day the buying
dried up and selling
by floor traders pushed the market lower.
Activity in the outside market was again very quiet. Local
closing: Dec., 16.08; Jan., 16.92; March, 16.00; May, 15.99;
July, 16.00; Sept.; 16.01; Oct., 16.02. On the 13th inst.
futures closed 2
points higher to 9 points lower. The Decem¬
position is still being quoted at a higher price than any of
on the board.
Volume on the Exchange
was light, with
only 980 tons sold. Spot standard No. 3
ber
the other months
3784
Financial
smoked
ribbed
sheets
declined
opening of the futures market
both sides of the market.
l-16c.
was
to
16 l-16c.
The
steady, with the trade
on
Dealer selling near the close de¬
pressed prices to close easier for the day. Activity in the out¬
side market was very quiet.
Local closing: Dec., 16.09;
Jan., 16.00; March, 15.96; May, 15.95; July, 15.96; Sept.,
15,95.
On the 14th inst. futures closed 21 to 30 points net
higher.
Transactions
rubber futures
was
totaled 483 contracts.
Trading in
active and prices strong in response to
the monthly statistics
consumption. The figures were
higher than the trade had expected. Gains of as much as
22 points were registered during the early trading.
During
early afternoon the market was 5 to 17 points higher with
December at 16.14c., March at 16.12c. and May at 16.12c.
Sales to that time totaled 1,570 tons, of which 70 tons were
exchanged for physical rubber. London closed unchanged
to l-16d. higher, while Singapore was l-32d. lower.
Local
closing: Dec., 16.30; March, 16.21; May, 16.18; July, 16.21;
Sept., 16.21; Oct., 16.23.
On the 15th inst. futures closed 9 to 29 points net lower.
A mixed trade
was
on
done in rubber futures.
On
a
turnover
of
1,700 tons to early afternoon the market moved within
range of a few points.
In the earlv afternoon prices
were off 1 to 3
points, compared with an advance of 4 points
in the forenoon.
The East was reported to be offering rubber
more freely.
Short covering was reported as an offset to
profit taking.
London closed 1-16 to 3-16 higher.
Singa¬
pore also was higher.
Local closing: Dec., 16.21; March,
16.07; May, 15.96; July, 16.00; Sept., 16.02; Oct., 15.94.
Today futures closed 4 to 13 points net higher.
Transac¬
tions totaled 166 contracts.
Trading in rubber futures was
moderate, but prices were higher, indicating little pressure
to sell.
There was buying by commission houses with foreign
connections.
Moreover, it was reported that shipment of¬
ferings from the East were light and prices higher.
During
early afternoon the market stood 5 to 14 points higher with
March at 16.12 and May at 16.10,
respectively.
London
closed unchanged to 3-32d. lower.
Singapore also was easier.
Local closing: March, 16.11;
May, 16.09; July, 16.08; Sept.,
16.08; Oct., 16.10.
a narrow
Hides—On the 10th inst. futures closed 14 to 26 points
higher, this
covering both the old and new contracts.
The opening range for both contracts was 10
points decline
to 12 points higher.
Trading was sluggish, with transactions
totaling 40,000 pounds in the old contract, while business in
the new contract totaled
760,000 pounds.
The last trading
reported in the domestic spot hide market included 6,600
hides, with October-November heavy native steers selling at
llHc- In the Argentine the last business reported included
8,000 November-December frigorifico steers at 11 5-16c.
Local closing: Old contract:
Dec., 10.80; March, 11.10;
Sept., 11.60; Dec., 11.80.
New contract: Dec., 11.60;
March, 11.93; June, 12.30; Sept., 12.63. On the 12th inst.
futures closed 5 to 18 points net
higher, this range covering
both contracts. Opening from
unchanged to 10 points higher
in the old contract and from 11
to 20 points higher in the
new
contract^ the list fluctuated within a comparatively
narrow
range in a moderate turnover.
Transactions totaled
200,000 pounds in the old contract, while trading in the new
contract totaled 4,840,000
pounds.
There were no trans¬
range
ferable notices recorded
during the
hide situation was much firmer
day. The domestic spot
today following the turnover
of
approximately 150,000 hides in the Middle West last
Local closing: Old contract:
Dec., 10.95; March,
11.25; June, 11.54; Sept., 11.70.
New contract: Dec.,
11.65; March, 12.08; June, 12.44; Sept., 12.78. On the 13th
inst. futures closed 24 to 26
points net higher. The market
was irregular at the
start of the session.
The old contract
opened from unchanged to 1 point higher, while the new
contract opened 5 points lower to 9
points higher. The tone
of the market improved
considerably during the day. The
firmness in the domestic
spot hide market together with the
strength displayed in the securities markets were held
partly
■©sponsible for the improved demand for hide futures. Trad¬
week.
ing in the old contract totaled
80,000 pounds while the
turnover in the new contract totaled
4,400,000 pounds. Local
closing: Old contract: Dec., 11.20; March, 11.51. New con¬
tract: Dec., 11.90;
March, 12.33; June, 12.70; Sept., 13.04.
On the 14th inst.
futures closed 28 to 17
points net higher in
new
contract, with sales totaling 207 contracts.
News
that spot hides had sold at advances
of H of a cent a pound
was followed
by gains in futures, where more confidence in
the market was shown.
Up to early afternoon all trades were
in the new
contract, in which 4,520,000 pounds were done at
advancesof 9 to 10
points, with March at 12.43c. Sales of
8,800 hides in the domestic
spot market were reported, in¬
cluding December light native cow hides at 11
He. a pound.
Further trades in South American
markets also
the
were
a
Local closing: Dec.,
12.90; Sept., 13.24.
re-
12.18; March, 12.50; June,
On the 15th inst. futures closed
5 to 11 points net lower.
Transactions in the old contract
totaled 6 lots.
The new
contract showed sales of 208 lots.
Raw hide futures went to
new high prices in the
early trading, but later
much
slumped as
day, and closed
nothing in the news
18 to 21 points from the
highs of the
at the lows of the session.
There was
as
to account for the late
turn
m
vance
sharp break outside
the securities market.
were
of the unfavorable
Spot hide sales at He. ad¬
reported in Chicago.
Local closing: Old Con-
Chxonicle
Dec.
n,
ms
tract—March, 11.56; June, 11.89.
New Contract—March,
12.41; June, 12.79; Sept., 13.18.
Today futures closed 4
points net higher in the old contract, with sales totaling
only 3 contracts.
The new contract closed 4 points up to
1 point down, with sales totaling 62 contracts.
Raw hide
futures rebounded after a lower opening, when the details
of yesterday'8 heavy trading in spot hides became known.
The market during early afternoon was 4 to 6 points higher,
to 3
with March
new
at 12.45c. and June new at 12.85c.
Trade
interests, dealers and commission houses were reported buy¬
ing on the rally.
Packers were reported today to be refusing
to sell light native cow hides at 11 Hc-> the last price paid.
Local closing: Old Contract—March, 11.60; June, 11.92.
New Contract—March, 12.45; June, 12.82; Sept., 13.17.
Ocean
Freights—The demand for tonnage
was more or
less
spotty during the week, but inquiries for same were
fairly active.
Charters included: Grain: Gulf to United
Kingdom, basis 3s. 6d., Jan. 5-20. Gulf to United Kingdom,
spot, basis 3s. 6d.
Vancouver to Antwerp
or
Rotterdam,
spot, 23s.
Gulf to Antwerp or Rotterdam, picked ports
United Kingdom, Dec .-Jan., basis 3s. 6d.
Gulf to Antwerp
Rotterdam, picked ports United Kingdom, Dec.-Jan.,
Gulf to Antwerp or Rotterdam, picked ports
or
basis 3s. 6d.
United Kingdom, Dec.-Jan., basis 3s. 6d.
or Gulf to
Antwerp or Rotterdam,
Atlantic range
picked ports United King¬
dom, schedule rates, Dec.-Jan.
Grain booked: three loads
New York to French
Atlantic, Dec., 16c.
Scrap: Cuba to
Japan, Feb., 18s. 6d. Gulf to Japan, Jan., $4.25 net form.
Trip: Trip out to South Africa, delivery north of Hatteras,
end Dec., p. t.
Round trip Canadian trade, delivery north
of Hatteras, spot, $1.15.
Trip across, delivery Remington,
N. C., end Dec., $2.05.
Coal—Notwithstanding the cold weather that has
vailed for
some
pre¬
days past, the demand for anthracite is not
fully up to expectations. Most of the wholesale and retail
interests reported that the demand the past week in some
quarters has even dropped off a bit, but coal is still moving
out
a
fairly well. Steam sizes at Tidewater are moving out at
better rate than the other grades.
Wholesale lists are
unchanged.
The retail trade is experiencing about the
same
conditions.
Prices remain the same, with activity a little
"slower than the preceding week.
Shipments of anthracite
for Nov., as reported to the anthracite
institute, amounted
to 3,167,348 net tons.
This is a decrease as compared with
shipments during the preceding month of Oct. of 351,330
net tons, and when
compared with Nov., 1937, shows a
decrease of 526,974 net tons.
Metals—The report of Copper, Tin, Lead, Zinc, Steel and
Pig Iron, usually appearing here, will be found in the articles
appearing at the end of the department, headed "Indications
of Business
Activity,' where they are covered more fully.
Wool—The wool situation the past week showed no en¬
couraging change, the demand being reported as listless,
with the only sales of
any importance being confined to
original bag territories at from 63 to 65c. for short French
combing and 65 to 68c. for good French combing. The best
types of original bag wool are not in demand. Texas twelve
months and Ohio delaine are also inactive.
easier tone is reported.
One
In fleece wools
an
encouraging feature, how¬
ever, is that the passage of wools into consumption is
being
maintained at a fairly good rate.
Since the middle of
November the market at Boston is declared to have been
unsatisfactory in the matter of the volume of business
placed and yet, on the whole, has managed to maintain
prices as a result of the surge in mill buying which occurred
very
in October.
According to close observers, the situation and
outlook continues somewhat confused.
To most dealers a
dull and
unimportant market is likely to drag out for the
balance of the year.
Silk—On the 12th inst. futures closed
unchanged to 2He.
higher. Transactions totaled only 90 bales, including
50 bales on the old
contract, 40 bales on No. 1 contract and
net
none
on
No. 2 contract.
Yokohama was 1 to 5 yen better,
unchanged to 2 yen up. Grade D remained
unchanged at 810 yen in both centers. Spot sales in these
Japanese markets totaled 625 bales, while futures transac¬
tions totaled 2,800 bales.
Local closing: Old contract—
Dec., 1.73H; Jan., 1.73H; Feb., 1.73H- Contract No. 1:—
March, 1.71; May, 1.70H; June, 1.70; July, 1.70. Contract
No. 2—March,
1.68H; May, 1.67H; June, 1.67; July, 1.67.
On the 13th inst. futures closed
lHe. to 3He. net higher.
while Kobe ruled
Buying orders from dealer and trade interests advanced raw
sharply today. After opening lc. to lHe. up on
hedge lifting, the market proceeded to move to slightly better
silk futures
levels.
to
610
bales
The volume, which was the best in
weeks, amounted
bales, including 210 bales on the old contract, 330
the No. 1 contract and 70 bales on the No. 2 con¬
Yokohama futures ranged 4 to 7 yen higher, while
Kobe was 3 to 6 yen
up.
Grade D advanced 2H yen to
on
tract.
812 H yen at Yokohama and moved
up 5 yen at
815 yen.
Spot sales in both
Kobe to
Japanese markets totaled 950
bales, while futures transactions totaled 5,850 bales. Local
closing: Old contract—Dec., 1.75H; Jan., 1.75H; Feb., 1.75.
Contract No. 1—March, 1.73H; April, 1.72H; May,
1.72H;
July, 1.72H- Contract No. 2—March, 1.72; May, 1.69H;
June, 1.69; July, 1.69. On the 14th inst. futures closed lHc.
to 4c. net
higher. Strength in the spot silk market uptown
and higher cables influenced the silk futures market.
Prices
"
Volume
3785
Chronicle
Financial
147
early this afternoon were as much as 2c. higher, with January
contracts at $1.77 3^, up 2c. Crack double extra silk was 2c.
higher in the uptown spot market.
Yokohama Bourse
prices were 2 to 4 yen higher. Grade D silk was 10 yen
higher at 822
yen a bale.
Local closing: Old contract—
Jan., 1.77; Feb., 1.77.
No. 1 contract—March, 1.76;
April, 1.76jH>; May, 1.753^; June, 1.74L£; July, 1.74L£.
On the 15th inst. futures closed K to 2%c. net lower.
Trade buying and commission house traders absorbed offer¬
ings in the silk futures market in the early trading. In the
later trading the market developed considerable weakness
influenced somewhat by the unfavorable turn in the securities
market.
The price of crack double extra silk in the uptown
spot market was le. higher at $1.83 a pound.
Yokohama
Bourse prices were unchanged to 5 yen lower.
Grade D
silk advanced 7% yen to 830 yen a bale.
Local closing:
Old contract: Dec., 1.76; Jan., 1.76H; Feb., 1.75^.
No. 1
contract: March, 1.743^; April, 1.743^; May, 1.74; June,
1.73M; No. 2 contract: March, 1.7234; April, 1.7034- Today
futures closed lc. up to 23^c. down. Trading in silk futures
was of a mixed character.
There was some trade buying of
Exported to—
Week Ended
Dec. 16, 1938
Ger¬
Creat
Exports from—
France
Britain
Galveston
Mobile
&c..
463
550
—
3,261
Corpus Christi-.
3,449
26
2,390
—
Mobile
—
-
2,539
2",037
1,847
395
262
_
261
4
—
226
'
Pensacola, &c__^
Jacksonville
—
m
m»
—
"
574
7,160
1,713
6,845
13,346
Wilmington.
*.*•
_
"l
-
•
82
Norfolk
Baltimore
—
<*» *•
—
15,694
564
56
1936-..-.
30.537
25.532
29.906
13,766
14,756
Britain
Galveston-
136,932
62.299
73,635
62.469
52,012
23,952
21,671
26,287
12,606
1,240
_
173
Beaumont
New Oi leans
22,903
8,926
4,284
5,283
3,918
796
20,801
Jacksonville..
610
Pensacola, &c.
5,051
Savannah
5,717
Charleston...
1,932
265
....
"IIo
150
New York...
288
This
1, 1938
Week
—
Corpus Christi—
Beaumont
18~305
New Orleans
Mobile—
971
_
"29
7,749
1,734
26,724
15,393
38,192
9,423
9,417
226
Pensacola, &c
40
Jacksonville..—
832
Savannah
144
Charleston
Lake
108
Charles
10
Wilmington
223
Norfolk—
488
Baltimore
1,692
—
Total 1936...
10
223
488
64,534
30
11,212
In order that
comparison
give below the totals at
Receipts at—
1937
921,639
865,096
69,149
16,127
906,650
75,307
14,192
3,657
155,616
72,696
34,088
11,902
30,678
100
3,487
10,930
2,729
1,150
925
5,201,991 2,934,776 3,181,309
be made with other years",
1936
1933
1934
1935
443
58,674
55,624
54,163
8,703
2,818
"2.756
"2,442
"4-,810
"
65,694
55,395
23.071
6,510
1,807
26,562
18,023
41,655
4,239
1,777
46,398
33,544
49,106
5,146
48,699
45,185
Mobile
971
Savannah
Brunswick
832
5,284
1,360
""144
~2~, 007
10
256
433
365
850
572
223
3,223
823
1,315
1,525
814
Houston
Orleans-
Charleston
Wilmington
Norfolk
Newport News
All Others
62,244
■
" 1,338
"
"~2,389
1,453
"Y,946
"4", 039
"5",558
10~635
64,534
169,711
143,595
188,143
105,029
165,800
Total this wk_
5,087,812 3,103,271 5,236,002
Since Aug. 1-- 2,681,972 5,201,991 4,720,092
for the week ending this evening reach a total
bales, of which 10,092 were to Great Britain, 7,150
France, 1,713 to Germany, 6,845 to Italy, 13,345 to
The exports
of 45,224
Japan, 597 to
China, and 5,482 to other
destinations.
In
corresponding week last year total exports were 129,496
For the season to date aggregate exports have been
1,718,854 bales, against 2,906,201 bales in the same period
of the previous season.
Below are the exports for the week.
the
bales.
»-
3,425
*
29,619
61
13,266
500
*.
-
5,432
216
*
*.
-
5,587
695
1,100
"33
3,268
769
171
4,037
155
719
1,524
2,478
.*
600
w—
1
'■
*
*
a
-
~
«.
*
313
J
97,614
33,913
....
387
2,489
*»
-
1,000
1,317
«
121,853
38,387
29
*
-
216
561
■
255,893 159,335
414,382
17,678 330,948 1718,854
526,872 258,635
105,336
559,891 445,651
389,296 146,097
768,880
21,365 547,875 2906,201
12,947 342,533 2665,295
Canada—It has never been our practice 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 reports from the customs
districts on the Canadian border are always very slow in coming to hand.
In view,
the matter, we will
the Dominion the present season
month of the preceding season
the exports were 10,169 bales.
For the two months ended Sept. 30, 1938, there
were 27,721 bales exported as against 16,348 bales for the two months of 1937.
however, of the numerous
say
Inquiries we are receiving regarding
that for the month of September the exports to
been 11,990 bales.
In the corresponding
have
our
telegrams tonight also
give us the following amounts of cotton on
cleared, at the ports named:
On
shipboard, not
Shipboard Not Cleared for—
Leaving
Dec. 16 at—
Ger¬
Great
Britain France
New
Orleans.
Savannah
.......
2,000
6,155
1,890
_
Other
many
4,400
Stock
Coasts
Foreign
wise
7,000
369
900
4,968
2,376
23,700
16,526
3,611
3,500
195
7;334
Total
40,600
24jl45
20,179
.
„
Charleston
"296
"296
Norfolk
Total 1938
Total 1937
10,341
30,981
38,007
Speculation
20.629
21,031
18,3j5
Galveston
~
in
9,737
33,457
47,596
10,276
24,439
16,647
cotton for
43,837
63,577
62,447
791,360
895,778
729,089
151,142
39,355
64,138
28,788
149,906
85,220 2,849,556
11,212 163,666 3,017,643
4,759 169,456 2,583,661
11,029
future delivery
during the
past week was slightly more active, with prices generally
inclining to the upward side.
However, there appeared no
substantially aggressive buying or selling, and no large-
leading ports for six seasons:
1937
1938
may
*•
-
NOTE—Exports to
scale
operations are looked for with the
increasing uncer¬
Some traders are of the opinion that
the Government loan will exert a sustaining influence on
near positions as they approach their maturity, while othefs
are pointing to the unfavorable statistical position and slow
demand for spot cotton, especially for export.
On the 10th inst. prices closed 6 to 12 points net higher.
The market firmed up today largely as a result of covering
and evening up pending results of the referendum held in
the South on the acceptance or rejection of allotments for
next season's crop.
The opening range was unchanged to
tainty that prevails.
5
64,534 2,681,972 169,711
247,463
29,587
941,923 504,195
Houston
7,290
35,856
8,643
....
256
10,211
246,311 294,307
Galveston
1938
62,244 1,435,823
156,335
5,284
52,560
3,478
113,002
1,360
165,165
2,007
79
72,668
3,223
't-
468
5,286
2,221
108
0
Totals
to
Francisco
144
831,960
919,923
75,324
31,761
749,268
64,434
6,586
2,225
151,142
39,355
12,705
17,326
28,788
48,699 1,409,373
45,185 1,345,642
511
385,226
Boston
New
5,749
40
Stock
New York...
we
13,468
Total 1937
1,039
53,266
-
Other ports
Since Aug
1, 1937
829
m-
In addition to above exports,
100
801,325
846,163
272,591
16,580
588,492
36,977
20,629
21,031
1,527
Galveston—
Houston
Since Aug
-
-
"ioo
18
_
Total.......
4
1937
This
i.
66
Philadelphia.
with last year:
Week
1
M
679
«.
-
—
56
Total 1936
Dec. 16
866
-
'
following^* table shows the week's total receipts, the
total since Aug. 1, 1938, and the stocks tonight, compared
1938
-»
414
Boston
226,336
49,092
—
'
The
Receipts to
w
3,000
410
Gulfport
10
488
7,740
883
98
*
Norfolk
4
7,459
15,018
12,857
7,910
~
2,775
25,065
27,755
•
Mobile
-
-
.....
57", 094
_
-
M
■
58,605
_
Lake Charles
Total
482,947
459,827
4,082 107,991
8,040 92,845
1,965 48,914
6,745
97,408
55,676
2,214
Corpus Christi
_
41,435
22,146
Houston
Brownsville
Japan
72,549
many
Other
China
Italy
79,017
France
40,941
63,131
—,.
Mobile
Totals this week.
23,870 165,446
40,84r
Exported to—
832
13,550
45,224
44,490 129,496
Get-
Great
Exports from—
18
»-
12
101
4,426
3,028
5,482
597
18,153
55
6
m>
_
573
550
261
10,092
108
74
Lake Charles
*-
375
36,773
76
""22
~~16
16
128
9
Savannah
Charleston
-
*
1937
40
"
b.
~
2,728
From
971
226
■
110
*
2,281
327
1,303
300
Dec. 16, 1938
tele¬
7
422
-1
Aug. 1,1938 to
20,629
21,031
1,527
18,305
2,957
7,958
273
6,708
*
m
New Orleans.
3,347
1,818
1,877
2,198
3,673
4,677
1,105
5,172
8
Houston
-
Total
,
2,067
1,990
Galveston
1,768
2,207
8
W
....
mi
140
Francisco..
Total
Fri.
Thurs.
Wed.
Tues.
Mon.
44
-1
-
3,408
3,061
-
.
Angeles
Total
.■
Sat.
■4
Total
For the week
ending this evening the total receipts have reached 64,534
bales, against 77,815 bales last week and 89,957 bales-the
previous week, making the total receipts since Aug. 1, 1938,
2,681,972 bales, against 5,201,991 bales for the same period
of 1937, showing a decrease since Aug. 1, 1938, of 2,520,019
Receipts at—
62
-
—
—
Norfolk
Los
San
from the South tonight, is given below.
bales.
-
276
-
8
Savannah
Friday Night, Dec. 16, 1938
our
-
*
*,
1,418
310
Charleston
COTTON
indicated by
12,334
1,704
-
350
1,791
.
Pensacola,
San
of the Crop, as
1,621
1,319
^
Los Angeles..
Movement
13,600
ml'-m
5,526
1,704
1,156
Lake Charles
positions with the result that Dec. old contracts ad¬
vanced 134c. to $1.77 a pound.
June new No. 1 advanced
34c. to $1.7434- Transactions in the old contract to early
afternoon totaled 100 bales while sales of new contracts
amounted to 70 bales.
The price of crack double extra silk
declined lc.-a pound to $1.82.
Yojkohama Bourse prices
were unchanged to 3 yen higher.
G-rade D silk in the out¬
side market declined 5 yen to 825 yen a bale.
Local closing:
Dec., (old) 1.77; March, No. 1. 1.7334; May, No. 1, 1.73;
March, No. 2, 1.70.
The
753
310
1,638
'
Corpus Christi..
New Orleans
near
grams
597
6,632
4.434
Houston
Total
Other
China
Japan
Italy
many
745
3,988
points advance in response to a firmer tone in the Liverpool
trade buying of the near positions and Bombay
market and on
buying of October. There was considerable exchanging of
one kind or another, and after moving over a narrow range,
the market developed pronounced firmness for a time on
covering and local buying, which sent prices up 11 to 18
points without more than a moderate amount of liquidation
or hedging.
At the last minute the market experienced a
quick down-turn, however, under realizing by early buyers.
It was officially reported that 167,474 bales of cotton had
been pledged for the Government loan during the week ended
on Thursday, bringing the total to 3,278,924 bales with a
value of $151,204,054. Average price of middling at the 10
designated spot markets advanced 12 points to 8.42c. On
the 12th inst. prices closed 7 to 5 points net lower. The out¬
come of the referendum on Government allotments failed
to have any effect on cotton values.
Early prices advanced
5 to 9 points in response to higher Liverpool cables and on
scattered buying, but subsequently reacted and closed at
about the lows of the day.
While agricultural officials in
Washington expressed satisfaction over the outcome of the
trade at large
preclude new
Congress. Consequently, traders
referendum as far as cotton was concerned, the
was not convinced that the farmer vote would
farm
were
legislation at the next
not inclined to take an aggressive position either way
Financial
3786
1938
17,
Dec.
Chronicle
premiums represent 60% of the average premiums
J^-inch cotton at the 10 markets on Dec. 15.
and the market
and staple
enced
over
was comparatively narrow and easily influ¬
by moderate buying: or selling. The market opened
steady and 2 to 6 points up and continued upward until
gains of 5 to 9 points were registered. This advance, however,
attracted renewed liquidation and hedging, while Liverpool
was on the selling side despite a
sharp widening of the differ¬
ences between New York and the Liverpool market.
Aver¬
age price of middling at the 10 designated spot markets was
2
points off to 8.40c. On the 13th inst. prices closed 6 to 24
points net lower. The December delivery continues the feat¬
ure of cotton trading.
This option eased about Si.25 a bale
today under increased liquidation in the final week for
evening up of accounts. Other months closed at losses of
8 points partly in sympathy with the action of December
and under foreign selling and Wall Street liquidation. The
issuance of 14 December notices brought out increased selling
pressure.
A large part of the selling was attributed to New
Orleans account.
The December delivery expires at noon
Friday and at the opening of trading today there remained
unliquidated an open interest of 23,600 bales. The market
started off unchanged to 3 points lower, but was soon sub¬
jected to additional pressure. Liverpool and Bombay inter¬
ests were sellers of the forward months, while buying was
restricted to trade price fixing on a scale down. Easier Liver¬
pool cables and reports of limited business in spot cotton and
cotton goods markets influenced sentiment.
Average price
of middling, at 10 designated spot markets was 8.34c.
On
the 14th inst. prices closed 22 points up on spot December
delivery, while the rest of the list was 7 to 5 points net higher.
The cotton market recovered sharply today in a moderate
15-16
1 in. &
M
15-16
1 in. A
Inch
H
inch
Longer
inch
inch
Longer
Spotted—
While—
on
.80 on
.94
on
.37
on
St. Good Mid..
.50 on
.74 on
.88 on
St. Mid
.06 off
.09 on
.22
on
Good Mid
.50
.68
.82 on
Mid
.65 off
.51 off
.37 off
1.20 off
•St. Low Mid— 1.39 off 1.32 off
2.14 off 2.09 off 2.07 off
♦Low Mid
.62
Mid. Fair
on
on
Good Mid
on
St. Mid
.34
.51 on
.66 on
Mid
Basis
.17
.31
St. Low Mid-
.57 off
.42 off
Low Mid
on
on
on
.31 off
•St. Good Ord. 2.02 off 1.97 off 1.94 off
.50 on
of transactions.
short time before the close of
A
.34
Mid
St. Low Mid-
.68
on
.66 on
on
.31 off
Good Mid
.42 off
.57 off
on
on
.51
Even
.31 off
•St. Mid
1.63 off 1.69 off 1.56 off
♦Mid
2.27 off 2.25 off 2.23 off
.82 on
Yet. Stained—
1.30 off 1.23 off 1.18 off
•St. Good Ord. 2.02 off 1.97 off 1.94 off
2.61 off 2.55 off 2.53 Off
volume of business.
a
At
market
opened
59 off
1.35 off 1.28 off 1.24 off
Futures—The
highest,. lowest
New York for the past week have
Saturday
Dec.
Monday
Dec. 12
Dec. 13
prices
closing
at
follows:
as
Friday
Thursday
Wednesday
Tuesday
Dec. 10
and
been
Dec. 10"
Dec. 15
Dec. 14
0*4
(1938)
Range
8.30-
—
Closing.
8.47
8.38
8.39- 8.46
8.19-
8.45- 8.46
8.21
8.28-
—
8.16-
8.22- 8.43
8.44- 8.49
8.43
8.42
—
8.45
—
8.35- 8.47
—
Jan.(1939)
Range
8.22-
—
Closing
8.29
8.29
_
8.34
8.25 n
—
8.13- 8.31
—
8.24- 8.32
8.17- 8.28
8.24
8.24
8.17
8.24
8.20
—
—
8.2 6ft
8.15«
8.22 ft
8.23 ft
8.10- 8.20
8.10- 8.31
8.22- 8.28
8.14- 8.26
8.13
8.23 n
8.14-
Closing.
8.30
8.16-
8.23-
.
8.24
8.21
8.30
8.20
8.23
8.17
8.18ftJ&
—
—
—
—
Apr11—
Range..
8.14ft
Closing.
8.11ft
8.30ft
7.96- 8.12
7.90-
8.01
7.93
8.07 ft
8.10ft
8.13ft
7.90- 8.11
8.02- 8.07
7.94-
8.07
7.99-
8.04
7.97-
7.98
May—
Range
7.95-
Closing.
8.06
8.11
—
—
7.99
—
8.01
—
June—
Range
Closing.
July—
Range
—
Closing
.
7.91 n
7.86ft
7.70- 7.83
7.62-
7.76
7.72
7.64
7.80ft
—
—
7.60- 7.80
7.74
7.69-
7.59 ft
—
7.83
7.73- 7.78
7.70- 7.71
7.72
7.89ra
7.61- 7.84
7.78 ft
7.68- 7.85
7.64ft
7.59ft
7.54ft
7.50ft
ft
7.70
Aug.—
Range
—
Closing.
Sept.—
moderate
Range—
Closing.
Shortly before the end of the trading
7.65ra
7.61ft
7.54ft
7.32- 7.32
7.45n
7.61ft
7.49ft
7.44ft
Oct.—
points above yesterday's closing
the market was 5 to 6 points higher.
The
firmer, with futures registering advances
—
7.37-
7.57
7.38-
Closing.
7.44-
7.46
7.40
Range
7.31-
7.53
7.30-
7.40
7.43- 7.48
7.50
7.39
7.34
7.39- 7.50
7.41
.7.44
—
Nov.—
Range..
9 points over the last quotations of the preceding
Some foreign buying was in evidence in the July
and October options, although this was partly offset by
hedge selling.
Cooperative brokers were credited with sell¬
Dec. 16, .1938, and since trading began on each option:
ing the May and July positions in a small way, while priceappeared to be more general.
Activity in Worth
Option for—
of
6
noon
36 off
.69 off
♦Mid
Closing.
session the list was 2 to 6
levels.
.46 off
•Not deliverable on future contract.
Range
On the 15th inst. prices closed unchanged to 5 points up.
displayed a firmer tone today in
.59 off
.80 off
Mar.—
^
market
m
Oray—
Good Mid
St. Mid
•Good Ord
Range—
registered gains of 11 to 19 points
levels of the preceding day. Around midday
prices were 5 to 16 points higher. Dealings were mixed on the
opening sales with futures 2 points above to 4 points below
yesterday's last quotations.
A fair amount of contracts
changed hands during the initial business, with December
option 2 points higher and other months 3 to 4 pointsjower.
Price-fixing in the December, January and March positions
was the feature of the early trading.
This was offset by
Bombay and commission house liquidation in the near
months.
Other brokers with Bombay connections bought
the October contract. Average price of middling at the 10
designated spot markets was 6 points up at 8.40c.
the closing
The
.94 off
1.10 off 1.02 off
Feb.—
business active months
over
.61 off
•St. Low Mid.. 2.11 off 2.09 off 2.07 off
2.75 off 2.70 off 2.70 off
•Low Mid
,
volume
.28 off
.17
St. Mid
Low Mid
.38 off
.61 off
1.44 off 1.39 off 1.34 off
•Mid
Extra While—
Good Mid
.48 off
.70 off
St. Mid
2.61 off 2.65 off 2.53 off
•Good Ord
.25
on
Tinged—
Good Mid
1.30 off 1.23 off 1.18 off
—
.09
—
Closing
to
day.
n
.
Nominal.
Range for future prices at New York for week ending
fixing
Range for Week
Range Since Beginning of Option
Street
today was reported as the best in some time, with
volume of business exceptionally good.
Prices were
the
advanced
%c.
yard
a
numerous constructions.
on
the
this
short
afternoon
time
showed
before
declines
in
the
of 5
moderate
a
volume
of
sales.
above
of business active positions
points from the closing levels
Around midday the market was 10
8
leans
Dealings were moderately
futures unchanged to 2 points
yesterday's last quotations.
Brokers with New Or¬
on
the opening, with
connections
sold the December delivery, while trade
good buyers of that month.
A fair amount of
hedging and commission house liquidation was in evidence
shorts
15
14
8.34
12
Dec.
Feb.
June 28 1938
14
May 31 1938
8.34 May 25 1938
9.25
July
8.37
Aug. 23 1938
Dec.
13
8.12
Dec.
12
7.81
May 31 1938
9.27
July
8.11
Oct.
7.60 Dec.
16
7.85
Dec.
10
7.60
Dec.
7.90
7.77
4 1938
Nov. 21
8.20
7.32
Dec.
10
7.32
Dec.
7.30 Dec.
14
7.57
Dec.
5 1938
9.05 July
8.12 Oct.
Oct.
3 1938
8.12
10
7.82 Oct.
181938
10
7.27
Dec.
5 1938
7 1938
7 1938
Oct.
1938
22 1938
3 1938
8.07 Sept. 30 1938
8.01
Oct.
24 1938
Nov. 1939-
Volume of Sales for Future Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the vomue of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
were
options. The Continent and Liverpool bought
position.
A Statement by the Indian Govern¬
ment, reaffirming their position against devaluation of the
*
Openjfz
New York
Dec. 9
Dec.
10 Dec. 12 Dec.
13 Dec.
14 Dec. 15
Contracts
Dec. 15
October
rupee,
New
23 1938
9.51
8.74
Dec.
in the distant
the
9.50 Feb. 23 1938
3 1938
8.31
Aug. 1939Sept. 1939—
1939-
May 31 1938
May 31 1938
13
1939..
1939-
7.74
8.10 Dec.
1939—
June
7.73
A
of the previous day.
points lower to 4 points higher.
active
8.49 Dec.
8.18 June
May 1939.,
July
close
to
Apr.
-
13
1939..
Mar. 1939-
selling
Dec.
8.13 Dec.
1939—
Feb.
on some
Today prices closed 10 to 3 points net lower.
After displaying an irregular tone throughout the greater part of
the day, pricey for cotton futures suffered a general set¬
back
Jan.
Futures
Liverpool Exchange advanced 2 to 3 points
covering,
which
absorbed
light hedge
against outside growths.
on
Bombay
8.19
Dec. 1938-
encouraged
Indian
straddlers
between
Bombay and
York.
quotation for middling upland cotton in the
New York market each day for the
past week has been:
-to Dec. 16—
„Sat. fMon. Tues.
8.68
|8.66
18.58
Wed. Thura.
L8.68
»8.65
Fri.
8.621
5,500
May
2,300
4,100
14,100
4,500
6,300
9,300
2,200
1.
—
October
2,900
2,800
3,900
2,900
5,500
53,300
35.900
March
July
_
The official
Middling upland
December...,
January (1939).'
12,800
22,800
23,500
19,100
17,400
42,900
36,100
27,000
34,100
18,400
11,800
661,500
28,300
19,600
24,900
26,000
15,300
16,800
17,600
23,300
25,500
35,000
636.6C0
7,200
785,800
5,400
,
410,900
Inactive months—
August (1939)
100
"ioo
September
Total all futures
101.700
83,500
3,100
90,700 143,600 129,700
54,000 2,566,600
NewY ork Quotations for 32 Years
The quotations for middling
upland at New York
Dec. 16 for each of the past 32 years have been as
follows:'
im....- 8.62c. 1930
9.60c. 1922
25.70c. 1914
1937
1936
1935
1934
1933
1932
1931
8.37c. 1929
12.92c. 1928
11.65c. 1927
12.80c. 1926
10.10c. 1925
6.00c. 1924
6.20c. 1923
-17.00c.
....
....
....
1921
-20.50c.
1920
-19.40c.
....
1919
-12.60c.
-19.45c.
-24.00c.
1918
-34.35c.
1915
1917
1916
18.30c.
16.00c.
1913
1912
39.10c. 1911
29.55c. 1910
30.10c. 1909
18.35c. 1908
—-.12.20c. 1907
Open
7.35c.
12.90c.
13.20c.
9.45c.
staple in relation to the base grade, Middling
on
contract
on
Dec. 22, 1938.
Dec. 8
December
10 Dec.
12 Dec.
13
Contracts
2,100
1,350
1,750
3,750
350
50
100
150
3,950
2,900
2,100
3,700
6,106
117,800
May
1,800
7,200
4,050
3,250
4,250
3,400
5,600
2,900
2,400
3,150
4,350
4,400
97,400
91,450
5,300
6,300
7,150
5,500
10,250
9,050
119,450
50
50
100
350
3,050
100
4,400
25,150
441,500
July
October
December
established
Dec.
3,350
January (1939)
9.10c*
11.90c*
Premiums and
Dec. 9
March
15.15c
discounts for grades and staples are the
average quotations
of 10 markets, designated by the
Secretary of Agriculture,
Dec. 7
Dec. 13
15.15c
Premiums and Discounts for Grade and
Staple—The
table below gives the premiums and discounts for
grade and
for deliveries
New Orleans
on
.
March (1940)
1,000
350
850
100
Total all futures
18,150
22,050
17,700
14.600
23.650
4,200
•Includes 1,000 bales against which notices have been issued,
leaving net open
contracts of 7,700 bales.
The Visible
Supply of Cotton tonight,
as
made
up
by
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are this week's returns, and
consequently all foreign
Volume
figures
Financial
147
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only.
r
17—
Ttpr
Stock
"at
IQSfi
ICTtfi
1QQ7
iQoo
978,000
108,000
825,000
157,000
734,000
101,000
553,000
75,000
1,086,000
244,000
332,000
15,000
982,000
213,000
283/000
19,000
835.000
187,000
244,000
15,000
64,000
19,000
7,000
~59*,666
"l8"666
13,000
6,000
7,000
3,000
628,000
188,000
121,000
16,000
46,000
74,000
10,000
3,000
bales.
Liverpool
Stock at Manchester
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
>.
Stock at Genoa
Stock at Venice and Mestre.....
Stock at Trieste
..
.
Market and Sales at New York
To make
brought down to Thursday evening.
are
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed
on
1,309,000 1,086,000
84,000
118,000
533,000
374,000
164,000
183,000
1,575,000
40,000
517,000
241,000
152,000
140,000
Total European stocks
1,767,000
India cotton afloat for Europe.—
83,000
American cotton afloat for Europe
Egypt. Brazil,&c.,afi't for Europe
Saturday
Monday
Tuesday
Nominal
Nominal
Nominal
Thursday
Friday
555,000
576,000
9,678,288 9,014,997 8.031,357 7.813,949
.
.
Nominal
Nominal
1,200
300
56,400
A'700
85,540
354,000
253,000
290,000
105,000
176,000
255,000
76,000
517,000
52,000
137,000
206,000
16,000
374,000
55,000
139,000
106,000
96,000
533,000
Via St.
-
66,000
168,000
241,000
71,000
241,000
Bremen stock
-
Other Continental stock—;
American afloat for Europe
U. S. port stock—
-
2,934,776 3,181,309 2,753,117 2,791,583
—3,471,589 2,640,423 2,290,467 2,371,801
exports today
a
—7,645,288 7,425,997 6,120,357 6,414,949
East Indian, Brazil, &c.—
V
Liverpool stock
,r—
533,000
371,000
481,000
263,000
Manchester stock
42,000
52,000
49,000
20,000
Bremen stock
.....
76,000
37,000
50,000
49,000
Total American—
_
Mounds,
72,283
86,421
&c
5,200
78,432
66,195
4,951
764
4,653
—
185
1,775
4,882
400
1,695
2,382
3,785
...16,085
74,127
322,407
3,132
29,882
76,646
365,118
29,723
560,884
40,325
488
11,523
7,238
4,284
185,314
30
187
7,931
201,121
Island
Via Louisville.
____
Via Virginia pointsVia other routes, &c
Total gross overland
Deduct
Aug. 1
Week
Aug. 1
Week
Louis
Via Rock
32,565
38,773
21,265
6,923
—
V
Since
Since
Shipped—
-
-1937-
1938-
445,000
TJ. S. Interior stock.
100
f.ioo
100
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
-bales-
Havre stock..—
100
100
Since Aug. 1
Dec. 16—
American—
Manchester stock
"loo
Total week.
of American and other descriptions are as follows*
Of the above, totals
300
300
1,400
29,140
Nominal
.
Total
Conlr'ct
Spot
Barely steadySteady
...
Barely steady—
Barely steady—
Steady.
Barely steady—
Overland Movement for the Week and Since Aug. 1—
389,000
3,471,589 2,640,423 2,290,467 2,371.801
32,565
38,773
21,265
6,923
Total visible supply
o.
Market
Closed
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
333.000
429,000
605,000
today.
verpool stock
SALES
Futures
Closed
2,934,776 3,181,309 2,753,117 2,791,583
Stock in U. S. ports
Stock in U. S. interior towns
TJ.
days.
325,000
426,000
Stock in Alexandria, Egypt
Stock in Bombay, India
U. 8. exports
458,000
474,000
593,000
681,000
._
same
Spot Market
Wednesday
Total Continental stocks
3787
Chronicle
590,468
Shipments—
Overland to N. Y., Boston, &c—.
Between interior towns
Inland, &c., from South
-
6.408
10,930
4,000
105,289
6,625
120,219
33,700
470,249
'
-
......
Havre stock.-..-
91,000
.......
-
Indian afloat for Europe.
15,000
53,000
38,000
27,000
118,000
28,000
21,000
40,000
34,000
83,000
Continental stock
Other
84,000
140,000
152,000
183,000
164,000
429,000
605,000
Egypt, Brazil, &c., afloat.......
Stock in Alexandria, Egypt—.
Stock in Bombay, India
333,000
555,000
389,000
576,000
325,000
426,000
.1,933,000 1,589,000 1,911,000 1,399,000
.7.645,288 7,425,997 6,120,357 6,414,949
Total East India, &c—...
Total American
7,813,949
Total visible supply-—-9,578,288 9,014,997 8,031.357
a
6.88d.
5.16d.
4.81d,
Middling uplands, Liverpool
8.62c.
8.37c.
12.80c.
Middling uplands, New York
5.62d.
9.12d.
9.08d.
Egypt, good Sakei, Liverpool....
5.62d.
4.10d.
4.05d.
Broach, fine, Liverpool—------5.86d.
6.06d.
8.36d,
Peruvian Tanguis, g'd fair, L pool
5.66d.
4.07d.
4.20d.
C.P.Oomra No.l staple, s'fine.juiv
J
01
ooJ
J
6.38d.
Interior
Towns
Including movement by rail to Canada.
The
foregoing shows the week's net overland movement
has been 21,792 bales, against 33,700 bales for
the week last year, and that for the season to date the
this
year
aggregate net overland exhibits a decrease from a year ago
of 110,486 bales.
Week
2,681,972
169,711
5,201,991
359,763
2,308,000
33,700
105,000
470,249
2,305,000
206,326
*24,633
5,349,735
1,518,666
308,411
29,573
7,977,240
1,818,868
over
consumption to Dec. 1-
North, spinn's' takings to
*
ments
Ala., Birm'am
63,682
1,580
Dec.
7.381",763
597,214
Dec. 17- 37,006
37,006
10,204",423
20,065
4
638,828
-
18
20
sight in previous
.— —
21
Bales
1
258,755
.323,268
208,003
years:
Since Aug. 1—•
1936
1935
1934--.. — -
Bales
9.693.976
9,241,837
6.145,886
1,335
43,172
10,380
of the week:
17
36
11,872
40
9,432
10
9,409
Montgom'y
367
77,607
1,517
97,110
142
42,112
638
52,757
Selma
133
43,047
642
84,080
110
67,314
439
65,807
2,050
125,813
38,025
1,096
174,189
6,741
447
53,839
,951
136,503
41,845
4,488
188
109
59,266
1,732
67,253
2,824
75,908
Eufaula
-
Ark.,BlytHev.
City
Forest
Helena
-
184
121,123
33,228
2,147
1,348
86
295
38,323
62,979
1,037
49,810
27,533
Jones boro—
167
19,109
79
37,233
718
29,781
1,118
26,469
Rock
600
98,489
726
146,962
2,286
128,470
1,422
955
37,828
333
105,189
27,162
Little
Newport—.
552
38,974
643
43,205
Bluff-
1,266
126,481
3,712
135,957
7,681
150,176
5,206
Walnut Rge
397
47,768
411
47,335
3,442
3,453
48
12,075
18,349
29
19,653
89
56,740
15,971
85
18,734
325
32,757
38,288
360
35,051
104,191
130,030
2,876
17,700
500
Pine
Ga., Albany..
5,660
86.682
4,389
Augusta...
2,331
86,273
3,664
149,620
157,116
1,120
5,633
1,750
Columbus,.
500
6,400
200
35,100
500
Macon
232
744
38,851
342
31,643
170
1,411
94,267
5,996
88,627
2,022
7,273
47
Athens
Atlanta
La., Shrevep't
190
25,293
14,991
84,924
Miss., Clarksd
2,716
112,780
Rome
355
—
236
25.883
1,249
43,263
769
1.659
182,263
5,035
143,296
8,823
30,610
„
34,797
6,612
35,414
247,014
9,258
22,514
78,846
1,165
188,163
86,488
34,876
41
160
16,488
720
60,497
16,051
1,311
7,370
26,679
446
26,546
2,332
41,771
44,808
931
55,163
2,519
63,795
2,531
4,743
73,482
4,653
4,463
4,792
78,248
133,871
36,044
1,352
345
>
139,311
140,258
35,650
150
138,376
;
89,243
37,418
1,046
15
4,951
—
Vicksburg—
Yazoo City.
Mo., St. Louis
36,788
15,942
2,235
295
Jackson
Natchez
150
18
Columbus—
Greenwood-
867
44,365
339
Saturday Monday
Dec. 16
Tuesday
Wed'day Thursday
towns *.
2,516
217
3,138
18,692
231,108
1,868
76,975
86,144
672,551
8,598
2,477
136
6,508
316,696
49.049 1354,397
55,256
101
2,433
32,916
52,628
.
B. C.f Gr'vllle
Mem's
229
Texas, Abilene
1,743
21,344
152
17,907
621
8.08
8.14
8.19
8.66
8.58
8.65
8.75
8.30
8.65
8.70
8.25
8.30
8.80
8.68
8.75
8.33
8.83
8.40
8.30
Norfolk.
8.75
8.35
8.83
8.81
8.35
8.73
8.35
8.17
8.30
-
Montgomery-.
Augusta.
Memphis
Houston
8.35
8.27
Dallas
8.25
7.99
Fort Worth-..
7.99
Little Rock
8.25
8.30
7.97
7.97
New Orleans Contract
for
Friday
7.89
7.89
8.35
8.27
•
8.30
7.96
7.96
,
8.25
7.99
7.99
8.17
8.39
8.12
8.62
8.70
8.22
8.77
8.40
8.25
8.15
7.93
7.93
Market—The closing quotations
leading contracts in the New Orleans cotton market for
the past
week have been as follows:
Saturday
Friday
Dec. 10
Dec. 16
Dec. (1938)
Jan.(1939)
February
_
March
April
May
14,983
200
4,548
197
16,387
341
13,782
200
3,990
45,112
26
505
1,826
1,186
17,389
July——
61,852
6,470
989
44,071
1,149
13,075
80,197
88,401
2,536
20,909
August...
32
1,412
1
15,657
9
928
a7,403
a8
a654
Robstown..
55 #
1,669
3,042
San Marcos
38
13,008
117
3,308
a33
Texarkana.
29
26,542
199
37,478
527
40,028
384
21,603
245
52,652
975
25,196
801
83,950
431
20,888
Waco
8.43
8.16
8,21
8.69
88
Paris
8.35
8.23
8.47
8.45
40,050
146
_
8.20
New Orleans..
Mobile
Savannah
_r..
664
_
Dallas
8.13
8.24
200
Austin
Brenham
8.21
8.43
Galveston.....
39,970
2,360
Oklahoma—
Tenn.,
Week Ended
11,807
24,261
436,503
63,062
4,758
77,947
907,997 100,420 1503,837
488
14.247
43,033
100
5,604
2,259
N.C., Gr'boro
16
Closing Quotations for Middling Cotton on-
40,052
'
Hope
•*
337,984
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
Week
50 ,'318
4,137
59,531
181,693
Stock
Season
Week
16
'
689
Ship¬
ments
Receipts
Dec.
Week
Season
Week
1936—Dec.
1935—Dec.
1934—Dec.
Movement to Dec. 17, 1937
.
408,315
•
Decrease.
Movement into
Stocks
513,362
—
Came into sight during week
Total in sight Dec. 17
Week—
Ship¬
Aug. 1
Week
64,534
21,792
South'n consumption to Dec. 16--120.000
corresponding period of the previous year—is set out in
Receipts
Since
Since
Aug. 1
and Spinners*
Takings
detail below:
Movement to Dec. 16, 1938
-1937
1938
In Sight
the
is,
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
Towns
359,763*
21,792
Receipts at ports to Dec. 16-Net overland to Dec. 16
movement—that
the
*
5.81d.
week have been 90,000 bales.
The above figures for 1938 shows a decrease from last
week of 145,709 bales, a gain of 563,291 over 1937, an
increase of 1,546,931 bales over 1936, and an increase of
1,764,339 bales from 1935.
the
Leaving total net overland *
11.90c.
9.78d.
Continental imports for past
At
Total to be deducted-.
June
September
October
..
November
December.
Tone—
otal, 56 towns
*
84.681 3613,419 109.314 3471.589 198,988 4511,736 169,415 2640,423
Includes the combined totals of 15 towns In
The
above
totals
show
that
Oklahoma,
the
a
the
same
week last year.
Steady.
Steady.
San Antonio.
interior
stocks
have
during the week 24,633 bales and are tonight
833,166 bales more than at the same period last year. The
receipts of all the towns have been 114,707 bales less than
decreased
Steady.
Spot
Options— Barely stdy
Report on Cotton Consumed and on Hand,
November—Under date of Dec. 14,1938, the Census
Bureau issued its report showing cotton consumed in the
United States, cotton on hand, active cotton spindles and
imports and exports of cotton for the months of November,
Census
&c.f in
3788
1938
Financial
and
1937.
Chronicle
Cotton
consumed amounted to 596,289
bales of lint and 66,822 bales of linters,
compared with 542,-
778 bales of lint and 72,109 bales of linters in
October, 1938,
and 482,976 bales of lint and 57,619 bales of linters in No¬
vember, 1937.
It will be
that there is
seen
half bales, except foreign, which Is In
600-pound bales)
Cotton
During—
on
Aug. 1 to Nov. 30
1938
Alabama
1937
202,034
Arkansas
409,306
281,833
462,815
California
113,891
184,838
Georgia
—
Hand
162,087
214,928
51,908
67.186
218,605
241,883
210,923
221,316
66,574
65,004
69.031
125,302
214,359
375,534
170,499
155,711
216,504
711,754
117,700
152,743
43,893
63.965
569,799
296,945
371,190
314,652
348,530
93,216
158,511
195,855
77,211
123,347
23,800
72,919
Oklahoma
188,701
93,872
135,908
68,309
53,295
South Carolina
105,886
164,976
293.733
94.405
130,361
13,033
35,265
315,809
839,039 1,288,820
143,792
155,436
168,857
172,224
125,289
836,787
453,479
474,905
72,356
77,092
79,475
In Conr-
78,940
3.321.353 4.520,859 2,094.082 2,821.058 1.559,881
In
Public
Spindles
United States
1,741.876
*
Includes seed destroyed at mills but not 337,118 tons and 42,394 tons on hand
Months
suming
Establish¬
Nov. 30
ments
presses
November
tively.
{Bales)
tBales)
{Bales)
{Boles)
{Number)
COTTONSEED PRODUCTS MANUFACTURED,
Storage
Active
at Com¬
During
hand Aug.
1
nor
12,200 tons and 49,522 tons reshipped for 1938 and 1937, respec¬
Produced
New England States
1938
77,685
193
54,228
1938
15,060
279,230
271,143
62,819
1937
11,708
58,920
160,126
198.412
45,868
4,755,698
39,698
7,021
625,986
47,532
11,020
647,560
Season
Shipped Out
Aug. 1 to
Aug. 1 to
Nov. 30
Nov. 30
Crude oil
1938-39
(lbs.)-J
Egyptian cotton...-.
1938
1937
5,614
4,320
1938
4,863
1937
19,571
21,177
22,644
5,891
18,849
645,790,092
557,012,603
846,541,974
6470,477,757
759,648,083
20,703
16,178
35,113
23,355
23,588
11,262
1938
920
594
2,822
3,125
66,822
57,619
280,140
277,067
316,167
224,899
1 1937
373,973,282
313,538
41,952
1,250,319
1,121,964
133,153
542,329
491,815
183,667
43,422
718,834
646,121
116,135
Linters, running
1938-39
457,464
504,958
442,524
519,898
Hmf nber""500-,
1937-38
61,547
639,711
378.496
322,762
1938-39
30,534
18,414
1937-38
1,828
10,348
18,046
1938-39
36,592
26,566
24,163
21,670
39,085
lb.( 1937-38
7,379
32,957
12,586
27,750
lb. bales
Grabbots, motes
Imports of Foreign Cotton (500-fS. Bates)
•
836,213
1937-38
&c.,
•-
0503,890,222
214,611
588,449.317
935,140
1937-38
101,058
65,089
Not Included Above—
441,052.343
*168,456,714
*186,851,709
1938-39
(tons)
4,614
.f 1938
4,746
a487,927,952
1938-39
Hulls (tons)
11,141,266
1938-39
(lbs.),
Cake and meal,
1937
Linters
1937-38
Refined oil
3,063
12,946
36,987
2,860
Amer .-Egyptian cotton.
Nov. 30
*33,833,717
1937-38
"{
On Hand
4,797,100
62,054
Item
On Hand
Aug. 1
1938 603,644 1,892,401 1,514,440 15524637
17,026,194
1937 417,040 1,882.023 1,407,707 11480284
17,374,560
Other foreign cotton
SHIPPED OUT, AND ON
HAND
1938 596,289 2,234,510 1,714,264 15577 526
22,449,280
2,212,086 1,053.651 11553358 22,777,818
1937 482,976
Cotton-growing States..
Jpcluaed Above—
74.964
59,154
156,195
Nov.
All other States
302,898
567,633
Ended
i
1937
1938
Louisiana
All other States
Cotton
United States
Nov. 30
1937
1938
(TONS)
On Hand at Mills
Nov. 30
Four
Year
HAND
Aug. 1 to Nov. 30
State
Tennessee
Consumed
ON
Crushed
Texas
Cotton
AND
Received at Mills *
North Carolina
EXPORTED, AND ACTIVE COTTON SPINDLES
as
CRUSHED,
1938
17
Mississippi
NOVEMBER REPORT OF COTTON CONSUMED, ON HAND. IMPORTED
(Cotton In running bales, counting round
RECEIVED,
increase in
an
November, 1938, when compared with the previous year, in
the total lint and linters combined of 122,516
bales, or 22.7%.
The following is the statement:
AND
Dec.
COTTONSEED
500
bales
170,307
18,144
.
30,804
(
*
Country of Production
November
1938
Egypt
1938
1937
6,386
14,931
17
88
18,942
'
124
505
23,603
414
3,193
269
758
8,395
1,283
7,061
7,100
95
43
9,115
54,157
7,696,711 and
1938, respectively.
5,472,135 pounds in transit to manufacturers of shortening,
Ac., Aug. 1, 1938, and Nov. 30, 1938, respectively.
499,937,477 pounds of crude oil.
soap,
b Produced from
952
31,359
All other.
Total
and
oleomargarine,
758
2,183
British India
Aug. 1, 1938, and Nov. 30,
Includes 5,199,739 and 5,534,364 pounds held by refiners, brokers, agents, and
at places other than refineries and manufacturing establishments
a
warehousemen
8,069
China
Mexico
Includes 11,339,523 and 42,512,381 pounds held by refining and
manufacturing
establishments and 12,855,220 and 27,527,870 pounds in transit to i-eflners and
consumers
1937
3,784
Peru-
4 Mos. End. Nov. 30
14,322
Linters imported during three months ended
Oct. 31,
equivalent 500-pound bales.
EXPORTS
AND
IMPORTS
OF
COTTONSEED
MONTHS ENDED
Item
1938
Exports—Oil, crude, pounds
November
United Kingdom.
4 Mos.End. Nov. 30
1937
1938
1,257,898
71,963
269,179
192,761
743,793
240,864
33,475
129,777
59,420
33,956
119,156
144,122
412,556
217,992
398,406
114,307
1,515
Belgium.
13~719
China
25",805
43,725
84*184
91,945
90,709
120,956
Other Europe
Japan—
15,234
307,908
344,560
299,528
83,907
6,836
214
103,813
98,347
5,664
Canada...-
31,842
12,078
34,232
53,473
34,468
*21,401*,365
796,985
1,534,879
2,433,765
Note—Linters exported, not included
above, were 27,459 bales during November
1938 and 30,959 bales in 1937; 78,928 bales for
four months ended Nov. 30, in
1938 and 92,643 bales In 1937.
The distribution for
November, 1938, follows:
United Kingdom, 4,428; France,
11,708; Belgium, 35; Germany, 3,887; Italy,
3,138; Canada, 1,315; Panama, 7; Japan, 2,925; Australia, 16.
In
WORLD
estimated
world's
STATISTICS
production
of
*
f
Returns
by Telegraph—Telegraphic advices to us this
evening indicate that there has been
some
rain in the western
and central third of the cotton belt, but
dry in the eastern
third.
cotton,
Rain
CCC
Loans
$151,204,055
Dee.
9
on
by
on
Cotton
Through
Dec.
8
exclusive
of
Aggregated
3,278,924 Bales—Announcement was made
the Commodity Credit Corporation that
"Advices of Cotton Loans" received
showed .loans disbursed
by the
by it through Dee. 8
Corporation and lending
agencies of $151,204,054.97 on 3,278,924 bales of cotton.
The loans average 8.86 cents
per pound.
Figures showing the number of bales on which loans
have been made by States are
given below: „
State—
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
Missouri
Bales
255,001
20,982
602,216
17,968
Stale—
"
Bales
New Mexico
27,775
8,437
North Carolina
Oklahoma
111,193
South Carolina
136,644 Tennessee
247,293 Texas
501,030 Virginia—
74,193
38,205
.-..245,120
992,809
—
58
$13,303,295 Loans on 73,488,839 Pounds of Wool
Made by CCC Throuh Dec. 3—On
Dec. 9 the Commodity
Credit Corporation announced that
through Dec. 3 loans
aggregating $13,303,294.84 had been made on 73,488,839
net grease pounds of
wool, an average of 18.10 cents.
This
figure includes repayments of $2,068,044.81
covering 11,638,839 pounds of wool.
Census Report on Cottonseed Oil
Production—On
Dec. 13 the Bureau of the Census issued the
following state¬
ment
showing cottonseed received, crushed, and on hand,
products manufactured, shipped out, on
hand, and exported for the four months ending with Novem¬
ber, 1938, and 1937:
cottonseed
Rainfall
Inches
High
1
0.02
71
47
59
1
0.02
76
24
50
1
0.06
80
30
78
24
51
78
42
60
78
42
60
80
32
Texas—Galveston
Amarillo
r
Austin
Abilene
dry
Brownsville
1
Corpus Christi.Dallas
Thermometer
Low
Mean
-
55
56
32
54
0.06
60
0.06
78
74
30
38
38
38
45
1
-
76
1
r_
Houston.
0.54
dry
dry
dry
El Paso
78
34
56
58
Palestine
78
dry
Port Arthur
San Antonio
v.
1
0.03
dry
...
Oklahoma—Oklahoma City--.
Arkansas—Fort Smith
Little Rock.
and
901
3,124
♦-Amounts for November not included above are 1,294,214 pounds refined "enteied
directly for consumption," 5,312,712 refined, "withdrawn from warehouse for con¬
sumption," and 2,497,289 refined,, "entered directly into warehouse."
Del Rio
<
commercial
linters, grown in 1937, as compiled from various
sources, was 35,591 >000
bales, counting American in running bales and
foreign in bales of 478
pounds lint, while the consumption of cotton
(exclusive of linters in the
United States) for the year ended
July 31, 1938, was 26,748,000 bales.
The total number of
spinning cotton spindles, both active and idle, is about
147,000,000.
<
on
20,6*40,195
175
14.613
Days
Total
The
29,198
61,684
:
Cake and meal, tons of 2,000 pounds
94,838
480,788
All other
1,519,432
7,672
51,469
Cake and meal, tons of 2,000 pounds
Linters, running bales
Imports—Oil, crude, pounds
;
Oil, refined, pounds
120,782
Linters, bales of 500 pounds
1937
65,190
France
Italy
Germany
Spain
1937
87,620
Oil. refined, pounds
1938
FOR .THREE
31
1938, amounted to 14.013
Exports of Domestic Cotton Excluding Linters
{Running Bales—See Note for Linters)
Country to Which Exported
PRODUCTS
OCT.
0.11
2
Louisiana—New Orleans.Shreveport
24
41
56
28
42
36
0.12
76
42
59
78
74
36
30
36
35
57
0.34
1
Mississippi—Meridian
Vicksburg
Alabama—Mobile
Birmingham.
Montgomery
Florida—Jacksonville
58
56
72
dry
dry
-
58
.
2
dry
2
0.28
2
0.45
3
76
70
1
0.05
0.06
1
0.10
64
74
74
1
1.94
80
0.28
66
54
52
51
51
43
I
53
1
0.02
74
36
50
38
38
35
1
0.10
64
28
1
0,12
72
72
30
51
2
0.24
70
26
48
Miami
Pensacola
1
Tampa.
Georgia—Savannah
Atlanta
Augusta
74
dry
dry
Macon
North Carolina—Charlotte
Asheville
dry
Raleigh
Wilmington
1
,
55
65
52
56
54"
,
46
34
53
60
0-18
24
42
70
48
42
45
1
1
0.03
71
Chattanooga
0.02
54
26
36
32
30
Nashville
1
0.02
64
26
72
dry
Tennessee—Memphis
54
45
The
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates
given:
Dec. 16. 1938
Feet
New Orleans
Above
zero
Memphis
Above
zero
Nashville
Above
zero
Shreveport
Vicksburg--.
Above
Above
Receipts from
the
of gaugeof gauge-
1.2
Dec. 17, 1937
Feet
1.7
6.8
0.7
9.9
10.1
zero
of gauge.
of gauge.
2.0
4.9
zero
of gauge-
3.3
—1.1
Plantations—The
following
table
indicates the actual movement each 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.
Financial
147
Volume
3789
Chronicle
Plantations
Receipts from
Stocks at Interior Towns
Receipts at Ports
and leave those
comparison:
We give prices today below
present prices.
Week
previous weeks of this and last year for
for
End.
1938
1938
1936
1937
1936
1937
1938
1936
1937
Twist
478,343
7- 183,309 441,721 330,033 2881,080 1715,093 1980,336 430,890 660,850
489,120
14- 205,107 379,000 370.723 3110,218 1904,035 2098,733 434,239 590,889
18.
25.
d.
d.
2.
9.
30-
19378
ship'ts to Dec. 15
Alexandria receipts to Dec. 14
14 *
Other supply to Dec.
Season
Visible supply Dec.
9,578,288
16
483,402
16 a
Total takings to Dec.
Of which American
256.402
227,000
Of which other
7.858", 941
7,381,763
337",984 10,204,423
39,000
312,000
126,000
56",000
490,000
1,057,200
172,000
219,000
'
787,800
187,000
14,000
9,397,845 16,210,645
242,848
140,000
"•
Dec. 15
nent
Great
China
Conti¬
Japan &
Britain
nent
China
Jap'nA
Britain
Total
Bombay—
1,000
1938——
1,000
7,000
1930——
11,000
4,000
5,000
Total
30,000
7,000
79,000
18 >000
2,000
67,000
16,000
71,000
428,000
515,000
6,000
70,000
138,000
83,000
373,000
474,000
18,000
,
12,000
1936—
Total
29,000
41,000
70.000
34,000
21:666
lROQO
32:660
102,000
86,000
245,000
143,000
71,000
219,000
149,000
92,000
220,000
126,000
1054@10
154
4.88
8H@ 9H
9
@
9
3
5.09
1054@10
154
4.55
9
@
9
3
5.05
1054 @12
105*@125$
9
9 10 54 @10
154
4.63
8H® 9H
8H@ 9H
9
@
9
3
5.08
154
4.55
9H
9
@
9
3
5.22
9 1054@10
154
4.64
8H@
1054 @12
1054 @12
9 1054 @10
@10
@10
54
4.65
54
154
4.70
8H®
9
@
9
8)4®
8 10H®
9
8 10H®
4.97
1)4
5.16
1)4
1937
1936
428,000
40,000
4,000
18,000
2,000
7,000
40,000
160,000
138,000
16,000
67,000 111,000
120,000
226,000
373,000
734,000
340,000
719,000
Bombay appears to show an
compared with last year in the week's receipts of
8,000 bales.
Exports from all India ports record an increase
of 64,000 bales during the week, and since Aug. 1 show an
According to the foregoing,
increase
increase of 394,000
bales.
*
Shipments—We now re¬
ceive weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
Alexandria
Receipts
and
previous two years:
Alexandria, Egypt,
Dec. 14
Since Aug.
This
1
6,000
Liverpool
Aug.
49,620
58,946
252,282
8,050
7,000
&c
and India. 17,000
To Manchester,
To Continent
This
Since
Week
Exports {bales)—
1.000
To America
31.000 368,898
Total exports
280,000
5,449,409
280,000
5,316,761
2,946,334
1_
Week
5,000
This
Since
Aug.
Week
1
78,727
71,415
302,333
11,008
1,000
18",666
-
-
-
...
—
...
~
.
-
the
the past week have
in detail, as made
follows:
Bales
2,446
1,542
6,632
697
852
786
745
,10
1,052
1.677
2,757
1,663
445
261
3,418
753
298
310
755
401
50
386
933
226
150
Total
1.018
250
1,186
.
24,000 463,483
518
1.704
60
50
114
349
8
150
400
Lehigh,
261
1.038
753
310
62
44
200
140
301
327
1,002
175
2,281
300
2,728
45,224
—
Cotton
Density
.
Manchester .45c.
Antwerp
.46c.
Havre
.45c.
Rotterdam ,46c.
Genoa
d.55c.
.56c.
Oslo
Stockholm
High
Standard
Density
.01c.
Nqu Quotation,
x
d.46c.
Flume
d.45c.
.00c.
*
.85c.
Piraeus
Salonlca
Standard
1.00
.85c.
1.00
d.86c.
1.00
*
Venice
*
•7lc.
.90C.
Copenbag'n.56c.
Naples
d.55c.
Leghorn
d.55c.
.610.
Gothenb'g
.660.
.710.
Bombay x
*
*
.75c.
Bremen
,46c.
.46c.
•01c.
Japan
Shanghai
Hamburg
Only
Density
ard
.60c.
Barcelona
High
Stand-
Trieste
.60c.
.00c.
.61c.
.60c.
.61c.
.00c.
.71c.
.76c.
.45c.
Liverpool
from . New
Inc., are as
Freights—Current rates for cotton
York, as furnished by Lambert & Barrows,
follows, quotations being in cents per pound:
*
350
,
--
small lots,
*
.60o.
.60c.
d Direct steamer.
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Dec. 2
Nov. 25
Forwarded
Dec. 9
42,000
54,000
47,000
—--1,088,000 1,074,000 1,091,000
528,000
516,000
518,000
58,000
42,000
67,000
26,000
12,000
24,000
153,000
147,000
130,000
55,000
60,000
49,000
»
Total stocksOf which American
—
-
—
Dec. 16
46,000
1,086,000
511,000
44,000
15,000
141,000
45,000
and futures
daily closing prices of
Liverpool market for spots^
day of the past week and the
spot cotton have been as follows:
Since
Aug.
1
12,302
34,000 434,028
Saturday
Dec. 14 were
cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.' Merchants are not willing to pay
Monday
Tuesday
Quiet.
Spot
Quiet.
Quiet.
Market,
12:15
•
Wednesday
Quiet.
Thursday
Friday
Quiet.
Quiet.
P. M.
4.98d.
Mid .Upl'ds
Market
decline.
opened
5.lid.
5.02d.
5.12d.
5.16d.
1
4
.
advance.
Qu't unch. Q't but st'
Firm;
Q't but st'y
Firm;
unch. to
to 3 pts.
1 to 2 pts.
5 pts. 8 to 15 pts. 0 to 7 pts.
pts. adv.
decline.
decline.
decline.
advance.
advance.
Steady;
Market,
P. M.
5.06d.
Barely st'y; Q't but st'y Q't but st'y
Q't but st'y Qu't unch. Q't but st'y
unch. to 1 1 pt.dec. to
3 to 4 pts. 4 to 7 pts.
to 1 pt.
2 to 3 pts.
1 pt. adv.
pts. adv.
decline.
decline.
Futures
Market—Our report received by
4.81
t
each
8,000
89,954
86,065
10,000
16.000 245,707
Note—A cantar is 99 lbs.
This statement shows that the receipts for the week ended
275,000 cantars and the foreign shipments 31,000 bales.
Manchester
9 10 54 @10
West Kipka, 1,038
Kipka, 753
To Havre, Dec. 7, Wacosta, 310
—- —
To Bremen, Dec. 7, Wacosta, 62
To Rotterdam, Dec. 7, Wacosta, 44
LOS ANGELES—To Antwerp, Dec. 8, San Antonio, 200
To Liverpool, (?), Pacific Crest, 140»
To Havre, Dec, 8, San Antonio, 301
To Bremen, (?), Birchbank, 327
To Dunkirk, Dec. 8, San Antonio, 1,002
—
To India, Dec. 8, Silverbrick, 75; Hoegh Silver Crest, 100
To Japan, (?), President Cleveland, 2,281--—
SAN FRANCSICO—To Great Britain, (?), 300—To Japan, (?), 2,728
----
Total imports
Of which American
Amount afloat
—
Of which American
1936
1937
1938
275,000
This week
9 1054
from mail and telegraphic reports, are as
The tone of the
Receipts (cantars)—
9 10 54
News—As shown on a previous page,
High
13,000
1,000
28,000
10%@11%
10J4 @1154
10)4®11K
5.14
3
9
9'A
9)4
8H@ 9)4
h
all—
1938
To
9
214,000
Oth. India—
1937—
11H@12H
—
Since Aug. 1
For the Week
Conti¬
Great
522,000
80,000
312,000
Exports
from—
Aug. 1
Week
Aug. 1
39,000
490,00C
47,000
Bombay
Since
Since
Since
5.20
186
MOBILE—To Liverpool, Dec. 4,
To Manchester, Dec. 4, West
1936
1937
5.19
3
CHARLESTON—To Liverpool, Dec. 9, Fluer Spar, 150
To Manchester, Dec. 9, Fluer Spar, 400
NORFOLK—To Hamburg, Dec. 10, Satartia, 75; Dec. 16,
cabled,
week and for the season from Aug. 1 as
have been as follows:
3
9
Copenhagen, Dec. 9, Delaware, 50
-Dec. 9, Livenza, 386
9, Livenza, 933
To Gdynia, Dec. 9, Delaware, 226
LAKE CHARLES—To Ghent, Dec. 10, Scottsburg, 150
To*Havre, Dec. 10, Scottsburg, 350
--To Rotterdam, Dec. 10, Scottsburg; 1,018
To Cartagena, Dec. 12, Margaret Sykes, 250
CORPUS CHRlSTI—To Liverpool, Dec. 10, Actor, 1,186..
To Manchester, Dec. 10, Actor, 518
To Japan, Dec. 13, Munsterland, 1,704—
SAVANNAH—To Antwerp, Dec. 13, Schoharie, 60
—
To Ghent, Dec. 13, Schoharie, 50-----To Liverpool, Dec. 10, Fluer Spar, 114
— ----To Manchester, Dec. 10, Fluer Spar, 349
—
PENSACOLA, &c.—To Havre, Dec. 12, Desoto, 8
for three years,
Week
4.89
9
@
To Venice, Dec.
7,195,648
5,195,848
1,999,800
382,848
7.346,216
5,200,616
2,145,600
Aug. 1
4.82
154
To Trieste,
All Ports—The receipts
Bombay and the shipments from all India
Week
4.75
154
9 1054@10
@
5.24
To
9,014,997
9,014,997
9,578,288
Cotton Movement from
Receipts—
@10
9 10 54 @ 10
9
5.00
3
GALVESTON—To Liverpool, Dec. 13, Actor, 2,446. - J
To Manchester, Dec. 13, Actor, 1,542
To Japan, Dec. 8, Kunikawa Maru, 6,632
—
To China, Dec. 8, Kunikawa Maru, 597..
To Ghent', Dec. 10, Spaarndam, 818; Dec. 14, Scottsburg, 34To Rotterdam, Dec. 10, Spaarndam,,786
—
To Havre, Dec. 14, Scottsburg, 745
HOUSTON—To Antwerp, Dec. 14. Ostende. 10—-—
To Ghent, Dec. 14, Ostende, 344; Dec. 12, Scottsburg, 708
To Havre, Dec. 14, Ostende, 7; Indiana, 1,026; Dec. 12, Scottsburg, 644
To Dunkirk, Dec. 14, Indiana, 2,757
To Trieste, Dec. 14, Livenza, 1,663
v
To Venice, Dec. 14, Livenza, 445
To Susak, Dec. 14, Livenza, 261,
--To Genoa, Dec. 9, Montello, 3,127; Dec. 14, Ada O, 291.-To Bremen, Dec. 15, Winston Salem, 753
To Rotterdam, Dec. 15, Winston-Salem, 298
NEW ORLEANS—To Bremen, Dec. 12, Winston Salem, 310
To Liverpool, Dec. 7, Counsellor, 755
To Manchester, Dec. 7, Counsellor, 401--—
4,339",022
"
1938
4.89
0
9
9
up
being available—and the aggregate
ports for the
5.08
154
8J4@ 9H
Shipping
eign spinners,
of Indian cotton at
3
@10
11H@12)4
11M@12 H
115*@125*
3
9
9
®
@
9
exports of cotton from the United States
reached 45,224 bales.
The shipments
Embraces receipts
India
9
@10
9
16—
amount taken by Northern and for¬
5,038,216 bales in 1938 and 4,890,648 bales in 1937, of which
2,892,616 bales and 2,890,848 bales American,
b Estimated.
not
9 1054
9-
in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug.
1 the total estimated consumption by
Southern mills, 2,308,000 bales in 1938 and 2,305,000 bales in 1937—takings
*
10
11H@1254
2-
8,950,861
10,061,690 16,924,504
Total supply
Deduct—
1154 @13
4.80
Dec.
Season
Week
9,723,997
"
4.70
3
25-
1937
1938
Week and Season
Other India
3
4—
out of
obtainable; also the takings or amounts gone
sight for the like period:
47,000
41,000
55,000
13,000
@
5.33
10-
receipts
are
181,693
@
9
d.
454
Nov.
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 frpm all sources from which statistics
9
1
American in sight to Dec. 16-Bombay receipts to Dec. 15--
1K@10
28-
plantations since Aug. 1, 1938, are 4,309,432 bales;
7,030,176 bales and in 1936 were 5,820,263
bales.
(2) That, although the receipts at the outports the
past week were 64,534 bales, the actual movement from
plantations was 39,901
bales, stock at interior towns
having decreased 24,633 bales during the week.
Visible supply Dec.
Visible supply Aug.
10
21—
were
Week
1154 @13
18-
(1) That the total
Cotton Takings,
4.81
d.
SH@ m
m® m
8H® 9h
7-
14-
73,964 213,711 181,327
65,209 230,448 94,354
39,901 199,284 106,109
89,957 169,362 211,898 3508.828 254,908 2366,617
77,815 165,506 133,018 3496,222 2610,850 2327,953
64,534 169,711 143,595 3471,589 2640,423 2290,467
1937
3
Oct.
from the
in
s.
d.
9
9
9
@
9
8H®
23-
406,335 305.198
92,125 245,688 264,096 3510,308 2387,570 2342,886 141,936
267,158 282,311
125,857 195,034 251,440 3518,088 2459,694 2373,757 133,637
240,994
3524,821 2501,559 2397,188 94,876 202,425
88,143 160,560 217,563
The above statement shows:
d.
e.
s.
d.
9
9H
8H® 9K
85i@ m
16-
388.719 295,054
256,332 263,182 259,641 3460,497 2226.923 2301,784 329,745
Dec.
16-
Upl'ds
d.
s.
Sept.
483,163
21- 300,646 323,319 378,683 3275.615 2051,912 2179,563 306,043 471,190
471,919
28- 150,872 313,437 385,111 3387,084 2129,804 2200,371 263,541 391,329
10-
to Finest
Middl'g
Upl'ds
Oct.
4.
Middl'g
Twist
Cotton
ings, Common
to Finest
32 < Cop
Cotton
32s Cop
8A Lbs. Shirt¬
ings, Common
8X Lbs. Shirt¬
500,408
16. 227,732 347.270 340,815 2198,739 1059,914 1499,275 381,855 480,006
492.874
23. 236,051 411,538 314,287 2390,140 1245.539 1677,802 428,052 600.163
500 519
30. 221,050 479,801 319.754 2033.505 1490,564 1832,026 465*081 724,826
Nov.
1937
1938
Sept.
to
3790
Financial
Prices of futures at
Liverpool for each day
are
Chronicle
given below:
lots of Canadian wheat.
sition
Dec.
10
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
manifest
was
Argentina's first
to
Dec. 16
Dec.
Close Noon Close Noon Close Noon Close
Noon Close Noon Close
In various quarters,
to
await
official
this
of
1938
too, a dispo¬
announcement
estimate
17,
tomorrow
season's
of
wheat
4.71
4.66
4.61
4.73
July
4.64
4.69
Relative indifference shown by the Liverpool
here were a further
disappointment.
Today prices closed % to %c. net lower.
Reports of
increased offerings from the Southern
Hemisphere accom¬
4.58
4.63
4.57
4.56
4.51
4.57
October
4.51
4.39
4.59
4.63
4.60
4.4:-:
panied
4.48
4.41:
4.41
4.3/
4.42
4.4/.
December
4.41
4.46
4.50
4.47
but
New Contract
December
d.
d.
d.
d.
production.
market
d.
d.
d.
d.
d.
<1.
d.
1938-
4.5v
1939...
4.6c
4.71
4.78
4.74
4.71
4.6;
4.71
4.7/
4.75
4.6!
4.79
4.75
4.70
4.76
4.71
4.6!
4.63
4.71
4.73
4.73
4.77
May...-.-
4.60
4.74
4.6.'
January
March.
January
—
-
1940—
March
4.42
V
»
-
4.80
4.49
4.73
-J
..
4.65
-
-
.
4.51
4.43
4.50
4.44
4.K3
-
4.46
4.74
\
..
~
•
4.66
4.77
_
4.61
4.45
--
-
.
4.4
4.46
-
i~
1
4.77
~
w
4.49
,
situation
no
the
past week.
noted
Friday Night, Dec. 16, 1938
appreciable change in the flour
The grain markets have shown
no
to be
real incentive
A forecast for unsettled weather in the winter wheat
belt where moisture is needed badly caused some
selling, but
this was a minor factor.
At yesterday's close wheat had
risen 3 to almost 5c. above recent 6-year
lows, while corn was
5 to 8c. higher.
This inducement to
accept profits found
support in the lower Liverpool wheat market, the domestic
weather forecast and absence of new export business.
The
decline at Liverpool reflected smaller miller
was
steadied
as
a
for
lower.
The
was
side.
wheat contained nothing of a stimulat¬
The absence of fresh export demand for wheat
news on
ing character.
anything but encouraging to those favoring the upward
In sharp contrast was
European purchasing of 1,500,-
000 bushels of Canadian wheat.
Although approximately
500,000 bushels of wheat from this country were
reported
taken by British millers, it was
apparently part of an amount
bargained for some time ago. Transient advances of about
a cent a bushel in the
Chicago wheat market petered out soon
when the fact became
apparent that there was a notable
dearth of follow-up buying, and that trade volume
in all the
speculative pits had dwindled to nearly zero. Frosts
reported
in southern Argentina,
together with a decided curtailment of
world shipments last
week, did much to
upward trend of the wheat market here.
quotations showed l%e. bulge in some
ness over unsettled
political conditions
to attract notice.
help a temporary
Besides, Liverpool
,and nervous¬
cases
continued
overseas
On the other
hand, likelihood of moisture
in dry areas of domestic winter
crop territory served as a
check to buyers. On the 13th inst.
prices closed ^c. to 3^c.
net lower.
Traders on the Chicago Board
virtually ignored
reports that British mills would buy
25,000,000 bushels of
United States wheat this
season, an amount 5,000,000
bushels more than was
recently announced.
Attention
focused instead on statements
current that aside from the
aggregate of subsidized wheat already
negotiated for, Great
Britain was not expected to
purchase any additional from
the United States the rest of the
season.
Offsetting
enlargement of
any
seasonal total British
buying of wheat from
the United States was evidence
for the time being that North
American actual new export business had
come
to
complete
Meanwhile, generally good crop prospects in
Europe were reported, as well as
hedging pressure at Liver¬
pool following large purchases of Canadian
grain yesterday.
Trade volume on the
Chicago Board was thin. On the 14th
inst. prices closed 3^>c. to
%c. net higher. The wheat market
was somewhat in the
background today, attention apparently
being focused on the corn market. Previous to the
bulge
in corn values, wheat
averaged slightly lower, reflection fears
that Argentine and Australian
selling pressure would soon
develop abroad. Trade comment was
general that hedging
sales in Liverpool were a
forerunner of what would
happen if
the usual big volume of
southern hemisphere
offerings ap¬
peared after the first of the year.
On the other hand, no
important changes materialized in domestic winter con¬
ditions in the
Southwest, especially as Oklahoma's crop was
reported as almost the worst on record.
standstill.
On the 15th
Downward
inst.^ prices closed
a
unchanged to %c. lower.
tendencies prevailed in
Chicago wheat values
today except during a brief interval at
the outset.
A reac¬
tionary drift of the corn market and
of
quotations
Argentine
was
conducive
Government
to
selling.
Wheat Board
It
had
Winnipeg wheat
was
asserted
the
Australian visible supply showed
Elevators in New South Wales were
was
decided
asserted
noted in sections of
indicate
not
wheat
any
100,352,000 bushels.
was
DAILY
CLOSING PRICES
OF
WHEAT IN NEW YORK
Sat.
No. 2 red
DAILY
Man.
80%
CLOSING
PRICES
OF
December
Tues.
Wed.
Thurs.
80%
80%
81%
FUTURES IN
WHEAT
Sat.
Man.
Tues.
Wed.
Frl.
80%
80%
CHICAGO
Thurs.
Fri.
64%
64
63 %
64%
64%
63%
66%
66%
66%
67%
66%
66
66%
66%
66%
66%
66%
66
season's High and
When Made
I
Reason s Low and
When
Made
December
84%
June 15, 1938 Decernoer
61
Nov. 28, 1938
March
73%
July 23. 1938 March
62%
Sept.
8, 1938
May
74%
July 23. 1938 May
62%
Sept.
7, 1938
July
J 69%
Sent 24.1938 July.
62%
Oct.
5. 1938
DAILY CLOSING PRICES OF WHEAT FUTURESI IN
WINNIPEG
March
—_
May
July
67
_
Sat.
December
Mon.
61%
§3%
May
July
Tues.
61%
64
64%
Wed.
Thurs.
Fri.
60%
61%
60
60
63
63%
61%
62%
61%
_
64%
-
_
63%
63%
62%
Corn—On the 10th inst. prices closed
There was no change in the
unchanged to ^c.
underlying corn market
materially recently.
dwindling supplies in Argentina
with higher prices of the
principal competitive corn, and
operation of the ever-normal-granary program in this coun¬
down.
situation which has strengthened prices
Revived export demand,
try have helped to lift corn quotations here.
Traders re¬
garded today's dip as a technical reaction to some extent.
Except for about 100,000 bushels sold here to
exporters, no
large export business was reported. Terminal market
receipts
for the week were almost
1,000,000 bushels below the pre¬
vious week. Argentine prices rose more than
a cent
today.
On the 12th inst. prices closed
%c. to 3^c. net lower. The
news on corn
generally was bearish. Sudden pause in export
demand caused prospective
buyers to withdraw. Word, top,
after the end of
came
business on the Chicago Board that
quotations in Buenos Aires showed a tumble of
l^gC.
2l/±c. On the 13th inst. prices closed
corn
to
3^c.
lower.
Absence of
_
to
%c. net
demand, together with 3 cents
Argentine prices, brought increased selling of corn
break in
corn export
futures here.
Somewhat freer offerings from domestic rural
noted. The increase,
however, was said to be
mainly on the part of country dealers rather than
producers.
On the 14th inst.
prices closed %c. to 13^c. net higher.
Corn became the grain market leader
today and scored a 134e.
a bushel
jump, stimulating a %,g. rise in wheat. Unusual
scarcity of offerings of corn futures aroused
misgivings on
the part of traders short of
supplies needed to fill
sources were
speculative
contracts.
Somewhat flurried purchasing
grains climbed more or less as a
ensued, and
all
Part of the
consequence.
upward impetus of grain values was credited to the influence
of stock market
bulges. Evidence accumulated that United
States
farmers
either were holding their corn for
higher
prices or were storing large quantities in cribs so as to
obtain
Government loans. The rise of the corn
market took place
regardless of the fact that today's
export business in United
States corn was restricted to a few
loads, and that at first
the price of corn here inclined
downward because of sympathy
with wheat weakness.
in
losing later
most
On the other
hand, arrivals of corn
totaling but 105 cars today.
corn market was
strong early, although
of its gain.
Chicago continued
meager,
The Buenos Aires
On the 15th inst.
prices closed
cago receipts of corn were
% to lc. net lower.
larger,
erpool reported that Argentine corn
147
was
cars
able turn
effect
net
in
in
it
lower levels.
in
corn
on
only
natural
Receipts of
late, 148
Thursday
that
corn
receipts of
values
should
corn
seek
were
OF
68%
PRICES
OF
Sat.
December.
CORN IN NEW YORK
Mon.
Tues.
Wed.
Thurs.
Fri.
68%
67%
68%
67%
67%
FUTURES
IN CHICAGO
Mon.
Tues.
Wed.
Thurs. FH.
CORN
51
50%
49%
50%
50
49%
52%
53%
....
52%
53%
52
52%
53%
52%
51%
March
May
July.
Season's
and
larger than has been
in Chicago today.
Open interest
reached 63,002,000 bushels.
Sat.
No. 2 yellow
DAILY CLOSING
corn
cars
DAILY CLOSING PRICES
December
Liv¬
The unfavor¬
its depressing
Today prices closed % to *4c.
With wheat values lower
was
the rule of
Chi¬
the securities market also had
the late trading.
lower.
heavy,
today.
offered abroad at
discount under United States No. 2
yellow.
a
started
offering
to exporters.
Reports that the Argentine harvest
making favorable progress and that
recent purchasers
of Australian wheat
were
being re-offered for sale, but
having no takers, acted as a
handicap to higher prices.
Another obstacle to advances was
that European
overnight
demand for North American
grain applied
only to small
wheat
was
today,
desultory
a
widely prevalent.
result of
reports of unprecedented shedding of unharvested wheat in
Victoria
province, Australia, as well as drought in northwest
India.
On the 12th inst. prices closed
unchanged to %e.
of
Oklahoma, but forecasts
general moisture.
Overnight export
business in North American grains was restricted to a
few
loads of Pacific Coast Canadian wheat.
Open interest in
Wheat—On the 10th inst. prices closed %c. to
y8a. net
The highest grain prices in a month or more attracted
turn.
times
at
was
so
Some rain
did
lower.
enough profit taking today to whittle values down frac¬
tionally.
Both wheat and corn reacted slightly in a quiet
session of week-end evening-up and
realizing sales, but minor
price setbacks brought fresh support that checked the down¬
prices
Trade
full that farmers were temporarily unable to find
sufficient storage room.
On the other hand, dry weather,
adverse for domestic crops, was shown as
buying of flour.
Demand generally is slow.
The trade appears reconciled to this dull market,
however,
being convinced that no important buying can be expected
barring a sustained advance in wheat values.
wheat, but the British market
wheat
followed.
the
that
enlargement.
for consumer
inquiry
rallies
crop
no
spectacular changes, and there has been
downturns of
pre-holiday character, with advices of unfavorable domestic
conditions Southwest serving somewhat as an offset
for Liverpool quotations lower than due.
Cables reported
Argentine wheat being offered freely to Europe, and it was
4.50
4.53
BREADSTUFFS
Flour—There has been
slight
numerous
4.49
4."
^
.4.'
to yesterday's price upturns
as
High
and
63%
March
56
May...
July
60%
55%
When
July
July
July
Sept.
Made
13.
28.
23.
24,
[
Season's
1938 December
1938 March
1938 May
1938 July
52%
Low
and
43%
...
46
47%
48%
53
52%
When Made
Oct.
18. 1938
Oct.
Oct.
Oct.
15. 1938
18, 1983
18.1938
Volume
147
Financial
Chronicle
?•
Prices closed J^c. off to Y^o. up.
light and without feature.
On the 12th inst.
higher. There was very little to report
concerning this market, trading
being very light and without
t"
Iradmg
was
prices closed /gc. net
feature.
J^c. off to ^c. up.
May touched a new high for the
season.
On the 14th inst.
prices closed unchanged to Yfi.
higher.
There was very little to this
market, though the
undertone held
steady.
Receipts at—
Trad¬
light, with prices easing off largely in sympathy
was
Flour
New
Wheat
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
York-
81,000
100,000
11,000
45,000
22,000
60,000
88,000
3,000
30,000
7,000
13,000
New Orl'ns*
24,000
114,000
153,000
16,000
"V.ooo
"6,666
383,000
374,000
53,000
30,000
3,000
13,867,000 129,420,000
Galveston.
Sat.
~
.
December
May
July
OATS
28%
...
27 %
__r
Seasrm'if
tiiyh.
and
When
Made
December— 28%
May—
29%
July—
-27 %
Dec.
Dec.
Dec.
DAILY
PRICES
CLOSING
|
15. 1938
Season's
Low
(December
OF
*
OATS
28
28%
27 H
Made
16, 1938
Sept.
6, 1938
Oct.
18,1938
Aug.
23
23%
24%
FUTURES
28%
28%
27 %
When
and
Fri.
Thurs.
28^
28^
27%
Sat. Mon. Tues.
28%
28 %
28%
29H
29 %
29
28 H
28%
—
CHICAGO
IN
Wed.
28%
28«
27%
15, 1938 May
6, 19381 July
v
,
December
May—„„„
JuJy
Tues.
28%
28%
27%
——
.
FUTURES
Mon.
4,000
Wed.
8,000
Tot. wk. '38
1938—
28 %
2$%
28%
29%
28^
28H
28 %
y2c. net lower.
There w$s
heavy pressure in this market, prices easing off
in sympathy with the heaviness of the other
grains.
largely
Today
prices closed unchanged compared with previous finals.
This market held up surprisingly well in the face of heavy
87,762,000
7,410,000
3,382,000
2,440,000
2,135,000
922,000
79,000
54,000
158,000
13,425,000
96,299,000
32,271.000
6,214,000
'
1937.,
*
on
PRICES
OF
RYE
Sal.
Receipts do not include grain passing through New Orleans for foreign
ports
through bills of lading.
45%
*
Wheat
New
.-.
-
Season's
High
When
and
December
55%
May
July
53%
46%
DAILY
45%
Made
I
42%
44%
45%
45%
45%
Season's
Low
July 14, 1938 J December
July 25, 1938(May
Nov. 15. 19381 July
and
45
45
44%
When
39%
44%
7.1938
7,1938
7,1938
Nov.
FUTURES IN WINNIPEG
Mon. Tues.
Wed. Thurs. Fri.
Sal.
Dccombcr
42%
July
—
Flour
Oats
Rye
Barley
Bushels
Barrels
Bushels
Bushels
Bushels
York
93,000
-
11%
mi
41%
11%
42%
....
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Y.660
—
Closing quotations
New Orleans—
Montreal
46", 000
-----
4,000
Halifax
8,000
Total week
Same week
1938—
1937
—
235,000
2,253.000
-
July 1, 1938, is
Flour
and Since
Week
Since
July 1 to—
Dec. 10,
July 1,
1938
1938
1938
Barrels
Barrels
Bushels
United
Kingdom
Continent
—
West Indies..
2",000
89,484
709,666
100", 000
93,446
2,460,032
235,000
82,081,000
100.520
2.378.981
2.253.000
64.010,000
292,000 50,021,000
537.000
2,401.000
Other countries-
_.
The
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, Dec. 10, were as follows:
at
GRAIN STOCKS
'
"
Wheat
Boston
37%
follows:
45,000
331,000
541,000
206,000
22,000
1,000
689,000
42,000
32,000
63,000
New Orleans
—
1,031,000
1,086,000
101,000
19,000
131,000
36,000
5,271,000
260,000
No. 2 white
37£
62
2,385.000
663,000
118,000
28,950,000
2,508,000
888,000
5,230,000
53
Peoria
Chicago
356,000
99,000
346,000
959,000
127,000
63,000
123,000
161,000
171,000
15,000
1,415,000
443,000
29,000
311,000
515.000
Barley
923.000
362,000
12,000
2,652,000
764,000
2,010,000
474,000
283,000
1,977,000
afloat-..
648,000
1,212,000
1,902,000
386,000
6,000
1,929,000
11,995,000
5.403,000
9'2£}'^
1,933,000
5,188,000
4,059,000
3,567,000
1,527,000
5,608,000
1,124,000
—-
Minneapolis
—
— —
afloat--
—
—-
-
afloat
74,000
150,000
10,643,000
10,483,000
Total Dec. 10, 1938.-120,249,000
3, 1938
Total Dec.
Total Dec. 11, 1937---.
229,000
115,000
879,000
613,000
81,000
77,000
52,000
3,000
296,000
106,000
4,000
95.000
158,000
247,000
110,000
6,000
46,000
27,000
9,000
1,314,000
354,000
322.000
36,000
17,000
4-
-
w*.
76,000
360,000
339,000
85,000
149,000
1.000
13,000
83,000
9,000
3,988,000
710,000
«.
38,000
76,000
4* «.
«•
OT
39,000
397,000
•
69,000
Joseph.
Wichita.—
«.
12,000
Buffalo
.
—
~
"2,666
5,000
"2,666
155", 000
4,261,000
650,000
595,000
881,000
258,000
933,000
496,000
793.000
46,037,000 16,408,000
123,171,000 45,530,000 17.249,000
97,520,000 28,424,000 24,209,000
Note—Bonded grain not Included above:
bushels,against 135,000 bushels in 1937.
Erie, 2,151,000; on
8,097,000 11,463,000
8,516,000 11,312,000
5,361.000 10,250,000
Oats—On Lakes, 10,000; total, 10,000
Barley—Duluth, 21,000;
bushels, against 408.000 bushels in 1937.
on
Lakes, 33,000;
Wheat—New York, 863,000
147,000; Buffalo, 777,000; Buffalo afloat, 3,763,000;
Lakes.332,000; Albany. 851,000; Philadelphia, 49,000; total,
8,933,000 bushels, against 6,072,000 bushels In 1937.
148,000
620,000
267,000
69,000
9,412,000 13,424,000
— — —
tota., 54,000
Rye
121,000
2,233,000
——
Buffalo.;
bush 56 lbs bush 48 lbs
6,286,000
12,000
353,000
744,000
-
Indianapolis
"
8,000
3,947,000
—
Detroit—
5~
....
'«
776,000
City
St. Louis.
Duluth-..
1,011,000
—
3,000
2,000
■
1,000
—
Omaha
Sioux
M
,
Oats
w m. ■ -r
3,000
4,000
——
Joseph—
Milwaukee
Rye, United States C. I. F.
Barley, New York—
40 lbs. feeding
Chicago, cash
bush 32 lbs
m
19.000
7,000
6,902,000
— —
On Lakes
62.C00
Sioux City.
Bushels
—
—.1.
Kansas City
Corn
Omaha
Barley
Bushels
1,000
Baltimore....-----
Philadelphia.
St.
93,000
St.
Rye
Bushels
2,000
York..2
New
Oats
Bushels
5,452,000
391.000
-
Corn
Bushels
United States—
Hutchinson...-
bush 58 lbs
133,000
•
visible
....
17,000
City
23,000
i
71,000
Kansas
3,000
1,000
42,000
ot'/s
Indianapolis
Peoria
214,000 26,692,000
78,000 23,226,000
182,000
2,419,000
Toledo
Louis—
1938
588,500
31,500
Brit. No. Am. Col
bushels; New York afloat,
St.
Bushels
45,872,000
35,295,000
Wichita———
67%
14,000
Bushels
1,
8,000
Fort Worth-—
8034
72%
183.000
Bushels
July
226", 000
Galveston.—------
Wheat
-
Since
Dec. 10,
1938
July 1,
1938
10.
266,500
37"
bush 60 lbs
-
Dec.
Week
1
37%
Flour
*
Corn
Since
415,202
12,500
Fri.
bbls. 196 lbs
i.
Week
1,058,346
39,085
8,361
_
So. & Cent. Amer.
37%
37 M
of the last three years:
.
Wheat
Exports for Week
37
Thurs.
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
214.000
m.666
175.000
below:
as
38%
All the statements below
Minneapolis
32,000
27,000
The destination of these exports for the week and since
37%
Wed.
Oats, New York-
Corn, New York—
No. 2 yellow all rail...
Milwaukee
100.520
37%
,
Manitoba No. l.f.o.b.N. Y_
-----
93,446
537.000
36%
Tues.
GRAIN
Duluth
292,000
38£1
Mon.
Spring Pat. high profcein_4.95@5.10 Rye flour patents.*
3.50@3.60
Spring patents
4.45@4.60 Semlnola, bbl.. New. l-3.-5.25@5.35
Clears, first spring
4.05 @4.35 Oats good.
..2.45
Hard winter straights
4.25@4.45 Cornflour
1.65
Hard winter patents.4.45@4.65 Barley goods—
Hard winter clears
Nom.
Coarse
3.25
Fancy pearl. (New) Nos.
1.2-0,3-0.2
4.50 @5.00
■
32.000
32,000
St. John, West
37%
were as
Wheat, New York—
No. 2 red, c.i.f., domestic
"9", 000
137,000
_
39}<
FLOUR
Chicago
26,660
16",000
Philadelphia
aoya
—
39,446
~
38%
Sat.
December—
May——„
July
Receipts at—
129,000
80,000
— _
Boston
granary
Made
Sept.
Sept.
4154
44%
Fri.
Thuts.
42%
4534
45%
CLOSING PRICES OF RYE
May—.i*"—-i 42"%
Corn
Bushels
Exports from—
Total 1937
CHICAGO
IN
Wed.
Tues.
42 %
k
The exports from the several seaboard ports for the week
ended Saturday, Dec. 10, 1938, are shown in the annexed
statement:
'
t
FUTURES
Mon.
December.
May
July
6.495,000 11,378,000
Total 1938
lower markets in the other grains.
CLOSING
-
Slnce Jan. 1
Albany
no
DAILY
•
266,000
1937.
futures.
and
------
324,COO
Since Jan. 1
Fri.
Thurs.
28%
higher.
There was some commission house and elevator
buying of
rye, but it was not sufficient to have any appreciable effect
on values
except to keep the undertone firm throughout most
of the short session.
On the 12th inst. prices closed pgc. off
to 34c. gain.
Trading was light and of a very mixed char¬
acter, which was reflected in the irregularity of price move¬
ment.
On the 13th inst. prices closed
34c* to %c. lower.
This^market ruled heavy during most of the session in sympathy^with depressed state of wheat and corn. On the 14th
inst. prices closed 34c. to %c. net
higher.
This market
derived its firmness largely from the
strength of wheat and
corn, which induced some speculative buying and covering of
On the 15th inst. prices closed
—
35,000
WINNIPEG
IN
Rye—On the 10th inst. prices closed }/%<s. to
rye
1,000
46,009
32,000
_
...
Week
OF
"2", 606
30,000
79,000
.
St .John, W.
Boston
DAILYfcCLOSING
PRICES
Barley
154,000
.
Halifax
the
Rye
bush 56 lbs bush 48 lbs
Baltimore-.
Philadelphia
depressed state of the wheat and corn markets,
loday prices closed y2 to *4c. net lower. There was
nothing
of particular interest in
this market, prices going lower in
sympathy with wheat and corn.
with
Saturday, Dec. 10, 1938, follow:
bbls 196 lbs
Montreal.
On the loth inst.
prices closed % to %c. net lower.
ing
Total receipts of flour and grain at the seaboard ports for
the week ended
On the 13th inst.
prices closed
Sellers of oats were scarce.
3791
Wheat
Lake, bay,
Com
Bushels
Canadian—
Bushels
river—seab'd 34,456,000
33,254,000
94,284,000
Total Dec. 10.
Rye
Bushels
Barley
Bushels
2,032,000
152,000
672,000
6,055,000
824,000
723,000
947,000
5,141,000
7,974,000
1,923,000
1,912,000
6,691,000
9,595,000
1,309,000 10,588,000
120,249,000 46,037,000 16,408.000
161,994,000
8.759,000
8.097,000 11,463,COO
1,923,000
7,190,000
It. William & Pt. Arthur
Other Can. & other elev.
1938
—
161,994,000
3. 1938
156,817,000
Total Dec. 11, 1937
55,390,000
Total Dec.
Oats
Bushels
8,759,000
—
1,346,000
7,210,000
Summary
*
«...
-
326,000
4,000
88,000
American-
416,000
16,000
Canadian—
Total Dec. 10. 1938
282,243,000 46,037,000 25,167,000 10,020,000 18,653,000
3. 1938
279,988,000 45,530,000 25,223,000 10,428,000 18,003,000
152,910,000 28,424,000 33,804,000
6,670,000 20,838,000
Tot. wk.'38
424.000
1,498,000
326,000
1,921,000
Total Dec.
382,000
7,891,000
3,210,000
4,951,000
Same wk .'37
9,514,000
1,651,000
181,000
1.790.000
Total Dec. 11, 1937
Same wk .'36
426,000
9,871,000
4,366,000
1,915,000
271.000
2,029,000
Since Aug
.
1
1938
1937
1936—
.
-
—
8,178,000 205.497,000 138,771,000
7,458,000 192,570,000 104,090,000
7,977.000 137,835.000
70.645,000
55,244,000 16,362,000 54,298,000
65,523.000 18,871,000 53,088,000
41.270.000
9.203.000 53.914.000
The world's
shipment of wheat and
corn, as
furnished by
Broomhall to the New York Produce Exchange, for the week
ended Dec. 9, and since
shown in the following:
July 1, 1938, and July 1, 1937,
are
Chronicle
Financial
3792
Dec.
17.
appreciable growth while some additional late
grain has germinated and come up.
In Washington wheat shows
Wheat
seeded
Corn
v
Week
Since
Since
Week
Since
JulJf 1,
July1.
1938
July 1.
1937
Dec. 9,
1938
1938
1938
July 1,
1937
Bushels
Bushels
Bushels
Bushels
Bushels
The
Since
Dec. 9,
Exports
Weather Bureau furnished the following resume
of
conditions in the different States:
Florida—Jacksonville: Cold and dry; frosts on 10-11th damaged tender
and south.
Winter vegetable shipments con¬
truck in interior of central
2,123,000 115.319,000
1.768,000 56,280,000
No. Amer.
Black Sea.
85.737,000
52,546,000
53,466,000
1,114,000
3,969,000
2,800,000
2,697,000
77.938,000 161.970.00C'
1,233,000
22,684,000
453,000
.
Celery and cabbage good.
Potatoes growing well in south; land
being prepared in north.
Citrus groves good; fruit ripening and sweet¬
ening.
Strawberries good; shipments increasing.
Texas—Houston: Averaged 6 degrees above normal; light rains on upper
coast and moderate in lower Rio Grnade Valley.
Progress and condition of
tinue.
2.370,000
26,633,000
16,892.000
1,644,000
39.032,000
7,344,000
33.328,000
17,360.000
10,848.000
Argentina.
Australia
Bushels
299.000
India
10,392,000
good in Panhandle, but elsewhere drought becoming serious;
dry-planted wiU not germinate without rain nad some early-planted
up has died; rain needed for sowing.
Oats also need moisture.
Truck fair to good in coast regions and extreme south, but beginning to
show effects of drought on south coastal plains.
Livestock mostly fair to
good, but much feeding necessary as ranges poor and stock water low in
many areas.
Beneficial rains in lower Rio Grande Valley last, day, but
winter wheat
Other
much
countries
1.248,000
Total...
7J236.000 261.968.000 210.663.000
Wheat
Loans
of
CCC
51.866,000
that
5,343.000 157,137,000 219.006,COO
Aggregated
$32,200,738
on
elsewhere rain needed.
Bushels Through Dec. 8—The Commodity
Credit Corporation announced on Dec. 9 that "Advices of
Wheat Loans" received by it through Dec. 8 showed loans
disbursed by the Corporation and held by lending agencies
on 54,635,514 bushels of wheat, aggregating $32,200,738.48,
averaging .5894 cents per bushel.
Figures showing the number of bushels on which loans
have been made by States are:
54,635,614
Form A
Bushels
California
1*
6,006
Colorado...,.
379,621
1,218,047
130,377
niinols.
Indiana
84,709
104,994
Iowa
Kansas
2,749,053
Kentucky
Michigan
71,470
1,382,362
Minnesota
Missouri
20,965
2,758,038
Montana
Nebraska
.2,061,097
THE DRY GOODS TRADE
New York, Friday
the close approach of the
peak of the holiday buying season, combined to impart a
very active pace to retail business, with the dollar volume
of sales not infrequently exceeding that of last year, not¬
withstanding the fact that retail prices are generally lower,
and buyers adhered to their previous policy of giving prefer¬
ence to popular-priced articles.
While gift items supplied
the bulk of the business, an improvement was also shown in
the home furnishing and apparel divisions.
For the week
ending Dec. 3, department store sales, the country over,
according to the Federal Reserve Board, declined 2% from
last year.
In New York and Brooklyn stores the loss was
confined to 1.8%, while in Newark establishments a gain of
2.4% was recorded.
For the entire month of November,
the Federal Reserve Board reported; a decrease in sales
amounting to 3%, with the Philadelphia district showing the
largest decline of 9%
while the Atlanta and St. Louis
districts were able to report gains of 4%.
Trading in the wholesale dry goods markets was again
enlivened by efforts on the part of retail stores to place
numerous last-minute
orders to be immediately delivered
for holiday selling.
As a result a further tightening of the
delivery situation developed, and shipping delays were
reported in many instances. Wholesalers on their part con¬
tinued their previous buying reserve, chiefly because of the
desire to keep inventories down to moderate levels.
More
interest was displayed in merchandise offerings for January
promotions although the bulk of these purchases remained
to be filled.
Business in silk goods continued active, and the
scarcity in spot offerings of pure dye crepes became more
pronounced, with substantial price premiums being conceded.
Trading in rayon yarns maintained its active pace, not¬
withstanding retarding seasonal influences.
Chief interest
Bushels
North Dakota
2,033,134
124,789
409,351
709,654
Oregon
49,959
182,838
259,478
1,360,600
2,755
5,658,619
959
3,592,600
5,755,091
Tennessee..
Slate—
New Mexico
1,009
187,896 Ohio
2,531,588 Oklahoma
South Dakota
54,481 Wisconsin
6,457,539 Wyoming
1,105,413
1,139,493
123,951
.
3,343,931 Texas
206,671 Utah
8,888 Virginia....
2,195,936 Washington
134,377
534,987
947
415,618
1,591,999
388,565
26,523
2,647,174
838
36,011
149,280
254,998
♦
Weather Report for the Week Ended Dec. 14—The
general summary of the weather bulletin issued
by the
Department of Agriculture, indicating the influence of the
weather for the week ended Dec. 14, follows:
Except in the Northeast and extreme Northwest, the week opened
generally fair weather, but a moderate depression during the first few
with
days
period moved in a south-southeasterly direction from the extreme
western Lake region to Kentucky and thence northeastward to New Eng¬
land.
It was attended by general precipitation from the Mississippi Valley
eastward, except in the extreme Southeast.
At the same time moderately
high pressure obtained in the Gulf region, drifting eastward to northern
Florida by the 12t,h, attended by a sharp drop in temperatures.
On the
morning of Dec. 10 light frost occurred well southward over the Flordia
of the
Peninsula.
However, freezing temperatures were not reported from first-order
Weather Bureau stations farther south than Macon, Ga., Montgomery,
Ala., and Meridian, Miss.," while no station east of the Rocky Mountains
reported a temperature as low as zero.
In the Mississippi Valley the
minima ranged from 12 degrees in the extreme north to about 40 degrees in
southern sections, while in the Great Plains the range was from 6 degrees
above zero at Williston, N. Dk., to 36 degrees at Abilene, Texas.
A limitod
area in the Rocky Mountains had subzero temperatures, the lowest reported
for the week being 8 degrees below zero at Yellowstone Park, and Lander,
Wyo.
Abnormally high temperatures prevailed in southern California,
Los Angeles reporting a maximum of 92 degrees on Dec. 8, the highest ever
so late in the season.
existed in the finer counts
recorded at that station
continued
throughout nearly the entire
country.
In the extreme Southeast the weekly mean temperatures were
somewhat subnormal, and also locally along the Pacific coast and in
Wyoming.
In all other sections they averaged above normal, decidedly so
In the Southwest with unusually warm weather in Arizona and southern
California.
In the northern Plains the week was 10 degrees to 14 degrees
warmer than normal, while in the Northeast the plus departures ranged
Abnormally
warm
weather
Domestic
in the Northeastern States and light
to moderate falls in most other sections east of the Mississippi River.
However, west of the Mississippi only a few local areas had appreciable
precipitation, although the amounts were heavy along the north Pacific
coast.
North Head, Wash., reported 3.8 inches of rainfall for the week.
The Missouri Valley, Plains States, and all sections from the lower Missis¬
sippi yalley westward to the Pacific Ocean had a practically rainless week.
An outstanding feature of the week's weather was a continuation of ab¬
warmth that has characterized the year 1938, and especially the
and early winter periods.
For the year to date, May had aooutnormal'warmth', while November was abnormally cold in the Western
States, but decidedly warm in the East, making the average for the country
as a whole about normal.
/»11 other months from January to November had
normal
fall
This
temperature trend is In line with conditions that have prevailed in general
a quarter of a century.
True, there have been relatively cool
years in this period and an occasional abnormally cold month or season, but
the general trend has been to above-normal temperatures for the past 25
for about
years.
The week just closed was favorable for agricultural interests from the
Mississippi Valley eastward, and mostly favorable from the Rocky Moun¬
tains westward.
However, in much of the Great Plains and in the far
Southwest,extreme dryness continues, with the situation becoming critical
in some sections.
Rainfall is urgently needed in many places, especially in parts of Ne¬
braska, in western Kansas, Oklahoma, Texas, except the Panhandle, much
of New Mexico, Arizona, and southern California.
Some soil blowing was
reported from the western Plains, but this is not yet serious.
However,
conditions are unusually favorable for drifting soil and bad duststorms in
the late winter and spring whenever high winds occur, unless an abnormally
favorable moisture situation develops through rains or snow.
The stock-water situation is causing apprehension in some sections of the
western dry area.
However, there is very little snow cover anywhere in
the country which, together with the abnormal warmth, was unusually
favorable for livestock.
Grazing was widespread and but little yard feed¬
ing necessary in the great western grazing sections wherever there was
Precipitation during the week was favorable in the
sepecially in Tennessee and the Carolinas.
In the
Southeast only limited areas now need moisture.
Frost in Florida did some damage to tender vegetation, but temperatures
were
not generally harmful.
Seasonal farm work made good progress
practically everywhere, with corn husking almost completed.
Small Grains—Under the influence of warm weather and generally
unfrozen soil, wheat made some growth during the week in eastern portions
of the Wheat Belt and in the Atlantic area.
The condition of the crop
sufficient range feed.
south Atlantic sections,
continues satisfactory generally east of the Mississippi River.
By reason
of recently improved moisture conditions there is some improvement shown
in small grains in the Southeast.
West of the Mississippi the situation remains largely unchanged, except
that intensification of drought in the southern Plains area, including much
of Texas, is affecting the winter wheat crop adversely, with deterioration
reported in many places.
In Kansas wheat has lost more or less ground in
practically all sections with the late seeded especially poor; some soil
blowing was reported in the western part of the State, but this has not as
yet become serious.
In Oklahoma the condition of wheat is still fair locally, but, in general,
or poor development is in evidence, with some plants dying;
Texas, outside the Panhandle, dryness is becoming serious with
dry-planted wheat still ungerminated, while some which came up has
died; many farmers are still waiting rain for seeding.
In the Rocky Moun¬
tain sections and the far Northwest conditions continue generally favorable.
deterioration
also
in
much
as
well
as
in acetate yarns.
Cotton
Goods—Trading in the gray cloths
markets opened the week in its previous desultory fashion,
with distress selling by some producers capsing a further
easing of quotations. Later in the week, however, a sudden
turn for the better developed, and trading attained a pace
not seen in several months.
Buying activities extended to
all
sections of the
trade, with converters, corporation
printers and bag manufacturers absorbing large quantities
of goods. • Chief causes for the spurt in buying were the
depletiqn of stocks in users' hands following a protracted
period of limited purchases, the growing conviction that
prices had struck bottom, the optimistic outlook for business
in the coming year, and the better tone displayed by the
security, as well as the commodity markets. Further hints
of contemplated drastic curtailment measures by many mills,
also helped to stimulate buying.
Business in fine goods,
after early dullness, profited to some extent from the revival
in the print cloth market, with increased buying of fancies
being reported.
Continued interest existed in voiles, and
fair-sized inquiries were received for carded piques.
Closing
prices in print cloths were as follows: 39-inch 80's, 63^ to
6%c.; 39-inch 72-76's, 5% to 6c.; 39-inch 68-72's, 5 to 5J^c.;
3834-inch 64-60's, 4M to 4^c.; 38M~inch 60-48's, 3% to
3%c. *
•'
from 9 degrees to 15 degrees.
Moderate to heavy rains occurred
widespread warmth and several of them markedly high temperatures.
Night, Dec. 16, 1938.
Real winter temperatures, and
Form B
Bushels
835
Idaho
Form A
Form B
Bushels
State—
Arkansas
was
.
;
.
Wooleii Goods—Trading in men's wear fabrics remained
quiet, largely because of the growing scarcity of goods for
early delivery. Mill operations, on the other hand, contin¬
ued at their previous active pace, with the backlog of un¬
filled orders formerly reported as amounting to 30,000,000
yards, substantially undiminished.
Reports from retail
clothing centers improved further as cold weather stimulated
the covering of accumulated consumer requirements.
Busi¬
ness
in women's wear goods broadened perceptibly, with
garment manufacturers placing additional orders for suitings
and coatings for Spring manufacture.
The better flow of
goods in distributive channels also helped to improve
sentiment.
Foreign Dry Goods—Tradings in linens showed further
signs of an impending revival in activities immediately
following the enactment of the British trade agreement.
Reports from fbreign primary sources indicate the receipt of
a
growing number of inquiries from American buyers. Busi¬
ness in burlap remained dull
and prices ruled slightly easier,
partly under the influence of the less favorable United States
consumption statistics for November.
Domestically light¬
weights were quoted at 3.65c., heavies at 4.95c.
Volume
147
Financial
Illinois & Missouri Bonds
More than 300 county officials,
legislators, auditors and Chamber of
Commerce executives in a stormy session here
Friday, refused to endorse
the so-called Taber plan to refund
$182,000,000 in county road bonds.
The principle of bond refunding,
however, was approved and the group
pledged its further efforts toward an acceptable solution of the burdensome
road bond problem.
Stifel, Nicolaus St Co.,Inc.
Founded 1890
DIRECT
CHICAGO
3793
Texas—Endorsement Refused on County Road Bond Re¬
funding Plan—The East Texas Bureau of the Dallas "News"
reported in part as follows from Palestine, Texas, on Dec. 9,
in regard to a conference held to discuss the
advisability of
adopting a State-wide refunding plan on county road bonds:
Specialists in
105 W. Adams St.
Chronicle
The
WIRE
meeting, State-wide in scope, was called by the East Texas Chamber
of Commerce to sound out opinion of the
Taber proposal.
Official action
was taken in
a
resolution first adopted by directors of the East
Texas
regional chamber and was unanimously accepted by the entire
assembly.
The final vote was taken amid a clamor to
314 N. Broadway
ST.
LOUIS
reject the plan entirely.
"We approve of the general principal of
refunding
by the State, but we are not ready at this time to commit
ourselves to any plan of refunding yet submitted.
We believe, the subject
is of vital importance, that it demands
study by businessmen and taxpayers
and we pledge ourselves and our tax
department to work with other in¬
The resolution reads;
local road bonds
News Items
Connecticut—Additions
The
to List of Legal Investments—
following bulletin (No. 1), made public by the State
Bank Commissioner
Dec. 14, shows the latest additions
on
to the list of investments considered
legal for savings banks,
published in its entirety in our issue of Dec. 3—
147, p.3486:
which list
V.
was
Additions
Municipal
Tax
the present county and district road indebtedness commission and
administer
all of the duties of the office.
„
Survey
Prepared—Lowest tax
rates in the United States and Canada are levied
by cities
having the council-manager form of government, it is
revealed by a survey of the tax rates of 294 cities published
on Dec. 12 in the December issue of the National
Municipal
Review.
Wheeling, W. Va. has the lowest tax rate of all, according to the director
survey, Rosina Mohaupt of the Detroit Bureau of Governmental
Its rate is $9.35 per $1,000 of assessed valuation, in contrast
with Atlantic City, whose rate of $56.37 is the highest of the 294.
Since
all property is not assessed on the same ratio to true value, the rates given
by Miss Mohaupt were adjusted to make them comparable.
The survey shows that "the average tax rate of 248 comparable American
cities reporting in 1938 and 1937 again shows a small increase, continuing
the trend of 1937 and 1936—the increase amounting to 65 cents per $1,000
of assessed value.
It may be said that this is the fourth year during which
assessed values of urban property have remained practically stationary."
However, Miss Mohaupt finds "a rather serious situation facing the
larger American cities.
Assessed values, upon which the most important
source
of revenue is based, have decreased about one-fifth, or 18.2%.
of the
Research.
Whether these assessed values
ject to question.
will
If not, then
a
ever
return to their former level is sub¬
considerable part of the ability to pay
Eroperty taxes isaboutto these cities. 15.2%."
increased
lost one-sixth, or To compensate for this loss, tax rates
ave
Other council-manager cities besides
their
respective
population
groups
Wheeling which take lowest rank in
are
Cincinnati,
Ohio
and
Verdun,
Quebec.
In the
population group 100,000 to 300,000 Cincinnati's rate is $17.42,
in contrast with Jersey City, N. J.f which ranks highest with a rate of
$47.54.
Among cities in the population group 50,000 to 100,000, 9 of the 15
lowest tax rates are levied by council-manager cities, including Charlotte,
N. C.; Roanoke, Va.; Springfield and Hamilton, Ohio; Wheeling, W. Va.;
Saginaw, Mich.; Greensboro, Durham and Asheville, N. C.
San Francisco's rate of $19.36 is lowest for cities with population of
500,000 and over, the highest rate being that of Boston, Mass., $41.30.
Verdun, lowest among the 17 Canadian cities reporting, has a rate of
$20 per $1,000.
Highest is Canada is St. John, N. B., with $40.60.
Miss Mohaupt's survey shows that the average unadjusted tax rate for
all cities is $39.19, while the average adjusted rate is $26.90.
Unadjusted
rates range from $13.35 in Wheeling to $117.38 in St. Petersburg, Fla.
"The wide range in both total and adjusted rates indicates the lack of
uniformity in the administration of the general property tax," notes Miss
Mohaupt.
,
Municipalities Urged to Adopt Cash Basis Method of
Operation—Strict cash basis wherever possible for all of the
175,000 units of local government in the United States was
recommended by the Committee on Local Government
Finance of the National Municipal League,
meeting in
Baltimore recently.
Formal budgetary procedure for city,
town and county governments was also decided on by the
committee of financial experts, which is engaged in drafting
model financial laws for local units.
Arnold Frye, New York bond expert, who is Chairman of the committee,
announced tnat the committee had also concluded that when a municipality
was nearing its debt limit bond issues should be subject to public referendum.
They fixed 75% exhaustion of the debt margin as the point at which public
participation in the approval of debt issues should begin.
The committee recognized the capital budget as one of the new develop¬
ments in municipal finance.
A subcommittee headed by Frederick Bird
of Dun & Bradstreet, credit-rating agency of N. Y. City, was appointed
to
recommend
a
grilling from the floor.
Some
State Representative from
proposal and threatened a bitter
fight if it ever reaches the Legislature.
County Judge Jake Loy, Sherman,
another avowed opponent, said the plan, if
put into effect, would take
$76,000,000 from the counties and obviously is unfair.
of the comments were caustic.
Robert Wood,
Harrison County, vigorously opposed the
A constitutional amendment
Lighting Co. first 4s, 1943
Rate
procedure.
the committee will have completed drafts of
It is expected that
sound and fair system of refund-
into
Paterson & Passaic Gas & Electric Co. consolidated 5s, 1949
South Jersey Gas Electric & Traction Co. first 5s, 1953
Somerset Union & Middlesex
a
>etails of the Taber plan were outlined at the
morning session by J. B.
Ramsey, representative of the Norman Taber Co., New York.
In the after¬
noon Mr. Ramsey was put
through two hours'
would be
necessary to put the Taber plan
effect.
Mr. Ramsey explained that the Taber
company has just
completed a 10-month survey of road bond structure of the State and that
the proposed plan was designed to create a new vehicle of credit which
would
liquidate existing bond indebtedness at a greatly reduced rate.
A report
of the survey will be submitted to the next session of the
Legislature.
Under the provisions of the Taber plan a new State
body to be known as
the highway liquidation board would be created to take over the duties of
Chesapeake & Ohio Ry.—Refunding & improvt. series F, 3 Ms, 1963
Public Service Electric & Gas Co.—First & refunding 8s, 2037
First & refunding 5s, 2037
Gas & Electric Co. of Bergen County general 5s. 1954
Gas & Electric Co. of Bergen County consolidated 5s, 1949
Trenton Gas & Eiectric Co. first 5s, 1949
terested groups in an effort to work out
a
model
United
States—Additional Reports on Results of General
Balloting—Municipal bond issues found little favor
Election
in the
November elections,
as
voters in the various cities
approved only $11,000,000 of bond proposals totaling
$100,000,000, an analysis by the International City Managers
Association showed on Dec. 5.
Voters also passed on ques¬
tions of pensions for muncipal employees, city charter revi¬
sions, and local liquor regulations.
Among the largest local bond issues approved were those of Harrisburg,
Pa., $1,600,000; New Orleans, La., $1,500,000; Cinicnnati, Ohio, $1,500,000, and Savannah, Ga., $1,000,000. Several other bond proposals
requiring a 65 % favorable vote for passage received majorities but lacked
the necessary two-thirds.
A number of Ohio cities voted extra tax levies
to cover deficits in their treasuries.
Pensions for police and firemen were adopted in Ann Arbor, Mich, and
Paramus and Rochelle Park, N. Y., while proposals to liberalize municipal
pensions lost in Midland Park, N. J., Santa Monica and San Francisco,
Calif.
A State constitutional amendment approved in New York puts all
municipal memberships in the State pension or retirement system on a
contractual basis after July 1, 1940, making it impossible for cities to change
pension agreements after that time.
Several city charter changes resulted from the balloting.
Yonkers, N. Y.
became the 475th city to adopt council-manager government.
Greenwood,
S. C. asked the State legislature to
jegalize charter changes favoring the
council-manager plan.
New Bedford, Mass. amended its 90-year oia city
charter, replacing a 30-member bicameral legislative body with a council
of 11 members.
Utica, N. Y. reduced the number of its councilmen from
17 to 9.
1937 Tax Bill Less per
Person Than Great Britain—
The bill paid by taxpayers of the United States in 1937 was
an estimated $15 less per person than that paid in Great
study by the Federation of Tax
Citizens of Great Britain
paid $107 per person for all taxes, while the total local, state
and Federal tax bill for the United States figured- $92 per
capita, according to the study.
Britain,
a
comparative
Administrators showed recently.
From
two
of tax revenue which varied widely in yield between the
Great Britain's taxes totaled $4,908,410,000 and those of
large,
sources
countries.
the United States, with a population a little less than three times as
amounted to $11,838,700,000.
In Great Britain 34% of this total
as
came
In the United States property taxes constituted 38%
from income taxes.
the largest source.
„
,
Customs duties in Great Britain produced approximately one-fourth of
total tax revenue—about the same proportion as yielded by various
taxes in the United States.
The British income tax brought in
$1,692,000,000 and customs $1,075,000,000, while in the United States the
property tax revenue totaled $4,500,000,000 and excise taxes $2,896,000,000
the
excise
as
the first and second most
important sources.
Besides the outstanding differences in yields of the various taxes, there
also a wide difference in the amount of taxes collected by the national
was
and local governments in the two countries, the study showed.
In Great Britain, for example, the national government received an esti¬
mated 83% of the total 1937 tax collections, while the Federal government
"Of this country received about 41 %.
The local authorities in Great Britain,
constituting the only level of government below the national, received their
16.8% of the total taxes entirely from property levies, while in the United
States, State, county and municipal governments raised 59% of the total
by various types of levies.
Combined State and local taxes in the United States totaled about
$7,000,000,000 in 1937 as compared to about $827,000,000 in Great
taxes
Britain.
bond and model budget law in February, in time for their consideration by
State Legislatures which meet after the first of the year.
Also in process
of completion are a revenue
bond law and model laws for the assessment and
collection of taxes.
North
Dakota—Court
Invalid—An Associated Press
New York "Herald Tribune"
on
an
unfavorable
District
recently authorized high cost
District Judge H.
Old-Age
Pension
Plan
dispatch from Mandan to the
on Dec. 13 reported as follows
Court decision affecting the
old-age pension plan:
L. Berry ruled today that the $40 minimum old-age
pension plan approved in the November election is unconstitutional.
He
denied a writ of mandamus sought to force the Welfare Board to pay the
$40 minimum regardless of other income.
Judge Berry gave his decision orally immediately after hearing two other
pension cases, so that the questions involved could be promptly sent to the
State Supreme Court for final determination.
He held the amendment unconstitutional because none of the money
appropriated by the 1937 Legislature can be used to pay assistance in excess
of $30 monthly, and ruled the measure violates the State constitution, which
provides for a "reasonable assistance."
I
Bond
Proposals and Negotiations
Rules
ALABAMA
ALABAMA"POLYTECHNIC INSTITUTE (P. O. Auburn), Ala.—
BOND SALE DEFERRED—It is stated by President L. N. Duncan that
the sale of the $506,000 4% semi-ann. building revenue bonds, which had
been scheduled for Dec. 15—V. 147, p. 3488—was postponed for an
indefinite time.
The bonds are described as follows;
$308,000 women's dormitory group, series 1938-B bonds.
Due Dec. 1,
as follows;
$6,000 in 1941 and 1942; $7,000 in 1943 to 1946; $8,000
in 1947 to 1949; $9,000 in 1950 to 1952; $10,000 in 1953 and 1954;
$11 000 in 1955 and
1959 and
1956; $12,000 in 1957 and 1958; $13,000 in
1960; $14,000 in 1961 and 1962; $15,000 in 1963 and
1965 and 1966; $17,000 in 1967 and $18,000 in
1964; $16,000 in
1968
88 000 stadium
follows;
and field bouse, series 1938-A bonds.
Pue Dec. I as
$2,000 in 1941 to 1949; $3,000 in 1950 to 1958; $4,000 in
$5,000 in 1966 to 1968.
1959 to 1965, and
Financial
3794
55,000 library additions, series 1938-C bonds.
Due Dec. 1, as follows:
$1,000 In 1941 to 1948; $2,000 in 1949 to 1961, and $3,000 In
1962 to 1968.
55,000 infirmary, series 1938-D bonds.
Due Dec. 1 as follows: $1,000
in 1941 to 1948; $2,000 in 1949 to 1961, and $3,000 in 1962Ato
1, 1938.
Dec.
Denom. $1,000.
The bonds shall be subject to
Srior redemption on (selection as payment date atof the sameof the Institute,
whole
in part any Interest Between bonds the option maturity to be
or
i
by lot) in reverse order of maturity, at a price per bond equal to the prin¬
cipal amount thereof and accrued interest plus a redemption premium of
if of 1% of the principal amount for each unexpired year or fraction thereof,
such premium, however, not to exceed 5% in any case, upon not less than
30 days' notice by publication.
Ih
ANNISTON, Ala.—BOND OFFERING—It is
m., a
DOTHAN, Ala.—BOND SALE
CANCELED—BONDS RESOLD—It is
Scarborough, City Clerk, that the sale of the $246,000 4K %
series 9, electric improvement, series E-l; water, series
W-6- and sanitary and storm sewerage, series 8S8-2 bonds to the Recon¬
struction Finance Corporation, at par, as noted in these columns on Nov.
5—V. 147, p. 2891—has been canceled and the bonds were resold in the
open market to Marx & Co. of Birmingham, at par.
The bonds are dated
Sept. 1, 1937. and their legality will be approved by Storey, Thorndike,
stated by I. P.
semi-ann. school,
Palmer &
Dodge of Boston.
P GADSDEN,
Ala.—BOND OFFERING—Sealed bids will be received
until 11 a. m. on Dec. 27, by II. C. Thomas, City Clerk, for the purchase of
public improvement bonds.
Interest rate is
J.
Dated Jan. 3, 1939. Denom. $1,000.
$16,000 in 1940 to 1948, and $22,000 in 1949. Bidders
to name a single rate of interest in a multiple of M of 1%.
The bonds will
be sold to the highest bidder, but no bid for less than par and accrued interest
will be considered.
Prin. and int. payable in lawful money at the Central
Hanover Bank & Trust Co., New York.
The full faith and credit of the
city are pledged for the payment of the bonds and the interest thereon, and
as security of the bonds and interest thereon, all the proceeds of the assess¬
ments that may be made by the City Commission against the property
benefited by the improvements are pledged for the payment of the bonds.
The legal opinion of Storey, Thorndike. Palmer & Dodge of Boston, will be
furnished the purchaser.
Enclose a certified check for $1,000, payable to
an
issue of $166,000 coupon
not
exceed 5%, payable J.
to
Due Jan. 3 as follows:
the City Clerk.
(These bonds were originally scheduled for sale on Dec. 15 but
ing was postponed because of a technicality in the ordinance.)
f
the offer¬
WHALE COUNTY (P. O. Greensboro). Ala.— WARRANTS OFFERED
TO PUBLIC—It is stated that $60,000 3% semi-ann. Board of Education
capital outlay warrants are being offered by Marx & Co. of Birmingham,
for public subscription.
Dated Aug. 1, 1938.
Denom. $1,000.
Due
Feb. 1, as follows:
$2,000 in 1940 to 1944, $3,000 in 1945 to 1954, and
$4,000 in 1955 to 1959. Prin. and int. payable at the Peoples Bank, Greens¬
boro.
Legality to be approved by Storey, Thorndike, Palmer & Dodge of
Boston.
1
JACKSONVILLE, Ala.—BOND OFFERING— Sealed bids will be re¬
W. Goodlett, City Clerk, for the purchase of a
$50,000 issue of water bonds.
Interest rate is not to exceed 5%, payable
J-J.
Dated July 1, 1938.
Due from Jan. 1, 1940, to 1969.
These
bonds were approved by the voters at an election held on July 23, according
W
ceived until Dec. 20, by D.
to report.
ANGELES
LOS
Los
Angeles), Calif .—SCHOOL
District bonds offered
LOS ANGELES COUNTY SCHOOL DISTRICTS (P.O. Los
bids will be received until
Angeles),
10
a.
m.
20, by L. E. Lamp ton, County Clerk, for the purchase of the
following not to exceed 5% semi-annuai scuool bonds aggregating $52,500:
Dec.
$40,000 Bellflower schooi district bonds.
Dated Jan.
$1,000.
Due $2,000, Jan. 1, 1941 to 1960.
Denom.
1, 1939.
12,500 Palmdale School District bonds.
Dated Sept. 1, 1938.
Denom.
$1,000, one for $500.
Due Sept. 1 as follows: $500 in 1941 and
$1,000 in 1942 to 1953.
«
Each
bid must state that the bidder offers par and accrued interest to
premium, if any, and the rate
The bonds will be sold at not
will be received for all or any
portion of said bonds.
In the event tnat the oidder submits a proposal
to purchase a portion of said bonds, the bid shall designate specifically the
bonds bid for.
All bonds sold to a bidder bidding for a portion of said
bonds shall bear the sane rate of Interest, and bids for varying rates of
interest for the same block or portion of said bonds will be rejected.
Prin.
and int. payable in lawful money at the County Treasury.
Payment for
and delivery of the bonds will be made in the office of the Board of Super¬
visors.
Enclose a certified check for 3 % of the amount of bonds bid for
payable to the Chairman Board of Supervisors.
date of delivery, and state separately the
of Interest offered for the bonds bid for.
less
than
par
and accrued interest.
Bids
LOS ANGELES COUNTY SCHOOL DISTRICTS (P. O. Los Angeles),
Calif.—BONDS OFFERED FOR PUBLIC SUBSCRIPTION—Public offer¬
ing of $395,000 Los Angeles City School District and $750,000 Los Angeles
City High School District 4M% bonds, dated June I, 1931 and due June 1,
1949 to 1953, was made on Dec. 3 by Bankamerica company; the Anglo
California National Bank; Weeden & Co., Inc.; Dean Witter & Co.;
William R. Staats Co., and Redfield & Co., The bonds are priced to yield
from 3% to 3.20%, according to maturity.
The same offering group is offering $180,000 Long Beach, Calif., City
School District and $825,000 Long Beach City High School District 4M%
bonds, dated Nov. 1, 1933 and due Nov, 1, 1939 to 1953, at prices to yield
from .75% to 3.20%.
Voted and issued in accordance with the laws and constitution of the State
of California, all of the above-mentioned bonds, in the opinion of counsel,
constitute legal and binding obligations of the respective districts and are
payable both as to principal and interest from ad valorem taxes which under
the laws now in force may be levied without limitation as to rate or amount
upon all the taxable property except certain personal property within the
respective districts.
They are interest exempt, In the opinion of counsel,
from all present Federal income taxes and present California State income
taxes, and, in the opinion of the bankers, meet the requirements as legal
investments for savings banks and trust funds in California, and are eligible
as security for deposits of public moneys in California.
SAN DIEGO
COUNTY (P. O. San Diego),
Calif.—SCHOOL BOND
SALE—The $96,000 issue of National School District bonds offered for
on Dec. 12—V. 147, p. 3489—was awarded jointly to Banks, Huntley
sale
and the William R. Staats Co., both of Los Angeles, as 2<^s, paying
price of 100.628, a basis of about 2.68%.
Dated Dec. 12, 1938, and due
& Co.,
a
from Dec. 12, 1940 to 1958, inclusive.
BARBARA
SANTA
COUNTY
(P.
Santa
O.
Barbara).
Calif.—
SCHOOL BOND SALE—The $6,000 issue of Cuyama School District bonds
offered for sale on Dec. 12—V. 147, p. 3339—was purchased by the Santa
Barbara County Farmers' Mutual Fire Association, at a price of 100.16,
Dated Oct. 3, 1938.
according to the County Clerk.
Due from Oct. 3,
1940 to 1959, incl.
CONNECTICUT
DARIEN (P. O. Darien), Conn .—NOTE OFFERING—J. Benjamin
Corbin, First Selectman, will receivejsealed bids until 10:30 a. m. on Dec. 19
for the purchase of $200,000 tax anticipation notes.
Dated Dec. 22, 1938,
and payable May 15,1939, in New York City.
A satisfactory legal opinion
will be furnished the successful bidder.
A certified check for 2% of the
HAVEN, Conn.-NOTE SALE—The $600,000 tax anticipation
Dec. 15 were awarded to Chace, Whiteside & Symonds of
W NEW
FAIRBANKS, Alaska—PWA OFFER ACCEPTED—The City Council
formally accepted on Nov. 14 the offer of the Public Works Administration
to purchase at par an issue of $240,000 4% school, sewer and street bonds.
Due Nov. 1 from 1940 to 1963, Inclusive.
ARIZONA
notes offered
Boston at 0.096% interest.
Dated Dec. 19, 1938 and payable Feb. 1, 1939
at the First National Bank of Boston or at the Central Hanover Bank &
Trust Co., New York.
Legality approved by Storey, Thorndike, Palmer
& Dodge of Boston.
The Bank or the Manhattan Co., New York, next
highest bidder, named a rate of 0.15%, plus $2.50 premium.
SUFFIELD, Conn.-r—BOND SALE—Estabrook & Co. of Boston and
MIAMI, Ariz .— WARRANTS CALLED—It is now reported that the
following warrants were called for payment on Nov. 10 at the office of the
Town Treasurer:
including-No. 20099, dated Jan. 15, 1938.
21015, dated Oct. 15, 1938. This
Fund warrants.
is also reported that the said town is now paying all coupons which
due on Jan. 1, 1937, on all the 6% town bonds.
Street Fund, to and
General Fund, to and including No.
includes all outstanding General
It
O.
principal amount must accompany each proposal.
ALASKA
were
(P.
Calif.—BOND OFFERING—Sealed
on
""RUSSELL COUNTY (P. O. Seale), Ala.—BONDS SOLD—The $40,000
3M% semi-ann. jail construction bonds approved by the voters last April,
have been purchased by Marx & Co. of Birmingham, at a price of 100.27,
a basis of about 3.48%.
Dated July 1, 1938.
Due July 1, as follows:
$1,000 in 1941 to 1956 and $2,000 in 1957 to 1968.
Legality approved by
Storey, Thorndike, Palmer & Dodge of Boston.
COUNTY
1938
17,
BOND SALE—The $9,000 issue of Bassett School
stated by W. T. Morton,
will offer for sale at public auction on Dec. 21. at 3
$50,000 issue of 5% semi-ann. water revenue bonds. Coupon bonds,
dated April 1, 1935Denom. $1,000. Due on April 1 as follows: $1,000,
1939 to 1946, and $2,00Q, 1947 to 1967, all incl.
Prin. and int. payable
at the Chase National Bank In New York.
A certified check for $1,000,
payable to the City Treasurer, must accompany the bid.
City Cleric, that he
p
Dec.
for sale on Dec. 13—V. 147, p. 3489—was awarded to G. W. Bond & Son
of Los Angeles, as 2Hb, paying a price of 100.52, a basis of about 3.69%.
Dated Dec. 1,1938. Due $500 from Dec. 1, 1940 to 1957 incl.
m
1968.
Dated
Chronicle
Putnam & Co. of Hartford joined in purchasing on Dec. 14 an issue of
$137,000 high school bonds as lhs, at 100.225, a basis of about 1.72%.,
Dated Jan. 2, 1939, and due Jan. 2 as follows: $7,000 from 1940 to 1958
incl. and $4,000 in 1959.
Other bids:
Int. Rate
1 h%
lh%
VA%
2%
Bidder—
Shields & Co. and the R. F. Griggs Co
Day, Stoddard & Williams and Cooley & Co
Bissell & Co
R. L. Day & Co
Rate Bid
100.163
100.086
Par
101.05
ARKANSAS
MONTICELLO, Ark .—BONDS SOLD—It is reported that the following
bonds aggregating $16,500, were purchased on Dec. 10 by the Southern
Securities Co. of Little Rock, at a price bf 101.73: $11,000, street, and
$5,500, fire station bonds.
ST.
FRANCIS LEVEE DISTRICT
(P.
O. West Memphis), Ark.—
Clyde C. Pierce Corporation
Barnett National Bank
BOND CALL— It is reported by W. O. Byler, Secretary-Treasurer of the
Board of Directors, that the series F bonds are being called for payment.
They are to be paid off through the issuance of refunding. series T 3 % bonds
in the amount of $500,000 and by the use of $210,000 in cash.
JACKSONVILLE
—BOND SALE—The $350,000 issue of water works bonds offered for sale
on Dec. 12—V. 147, p. 3641—was awarded to a group composed of Sargent,
Taylor & Co., Donnellan & Co., both of San Francisco, ana Banks, Huntiey
& Co. of Los Angeles, paying a
premium of $172, equal to 100.049, on the
bonds divided as follows: $70,000 as 4Mb. due $10,000 from Dec. 1, 1940 to
1946; $100,000 as 2Mb, due $10,000, 1947 to 1956; $60,000 as 2Mb, due
$10,000, 1957 to 1962; $90,000 as 2hs, due $10,000, 1963 to 1971, and
$30,000 as 2s, due $10,000 from Dec. 1, 1972 to 1974.
COUNTY
are
(P.
informed
O. EI Centro) Calif .—SCHOOL BOND
by W. J. McClelland, County Clerk, that he
will receive sealed bids until 2 p. m. on Dec. 19, for the purchase of a $76,000
issue of Brawley Union High School District bonds.
Interest rate is not to
exceed 5%.
?£.iSr°v-J
payable M-N 14.
^
Denom. $1,000.
Dated Nov. 14, 1938.
foll®w®: l^.OOO, 1943; $13,000, 1944; $15,000,
1947, and $9,000 in 1948
Due
1945 to
Prin. and int. payable at the office of the County
Treasurerer.
Each bid must state that the bidder offers par and accrued
interest to the date of delivery, and state separately the premium, if any,
offered for the bonds bid for, and the rate of interest said bonds shall bear.
A certified or cashier's check for a sum not less than 5% of the amount
payable to the order of the Chairman of the Board of
Supervisors, must accompany every bid.
Brawley Union High School District has been acting as a school district
under the laws of the State of California continuously since July 8, 1908.
The assessed valuation of the taxable property in said school district for
the year 1938 is $9,639,682.00, and the amount of bonds previously issued
add now outstanding is $104,500.00.
The said school district includes an
area of approximately 482 square miles, and the estimated population of
said sdhool district is 20,194.
of the bonds bid for,
-
-
Building
-
-
FLORIDA
First National
T. S. Pierce. Resident Manager
Bank Building
FLORIDA
HILLSBOROUGH (P. O. 705 El C a mi no Real, Burlingame.) Calif.
IMPERIAL
-
Branch Office: TAMPA
CALIFORNIA
CALIFORNIA,
State
of— WARRANT
SALE—The $2,068,342.49
issue of registered revolving fund warrants offered for sale on Dec. 9—V.
147, p. 3641—was awarded to the Bankainerica Co. of San Francisco, at
2%, plus a premium of $5,210.57.
Dated Dec. 13,1938.
Due on or about
May 29,1939.
<
.
OFFERING—We
BONDS
FLORIDA
FLORIDA
(State
of)—BOND
TENDERS
INVITED—The
State
until 10 a. m. on Dec. 30, at the Gov¬
sealed offerings of matured or unmatured
Board of Administration will receive
ernor's
original
office in
or
Tallahassee,
refunding road and bridge, or highway, bonds, time warrants,
and negotiable notes of the Florida counties
certificates of indebtedness
and special road and bridge
districts therein, as follows:
Monroe and Palm Beach S. R. & B.
Highway Bridge District.
All offerings submitted must be firm for 10 days subsequent to the date
of opening, i. e.t through Jan. 9, and must state full name, description
and serial numbers of bonds, interest rate, date of issue, date of maturity
and price asked.
The offer must specifically state exactly what coupons
are attached and
will be delivered with the bonds for the price asked.
Bonds that are in default of interest must be offered at a flat price, which
price shall be understood to be the price asked for such bonds with all
maturities of past due defaulted or unpaid coupons attached, and notice is
hereby given that if any such coupons nave been detached prior to delivery
of any bonds accepted and (or) purchased hereunder, the face value of such
missing coupons will be deducted from purchase price, and offerings must be
Brevard, Broward, Blade, Hardee,
Dists. Nos. 3, 8, 17, 21 and Cross State
submitted
on
this basis.
GAINESVILLE, Fla.—CERTIFICATE
OFFERING—It is stated that
sealed bids will be received until 7 p. m. on Dec. 21, by
A. C. O'Neill,
Director of Finance, for the purchase of 3 M % semi-annua, water works
revenue certificates to an amount of not more than $70,000 and not less
than $60,000.
Denom. $1,000.
Dated Jan. 1, 1939.
Due $7,000 from
1940 to 1949 incl.
Prin. and int. payable at the office of the Director of
Finance.The certificates are issued under the provisions of an Act of the
Legislature of the State, known as Chapter 12760, Special Acts of Florida,
1927, and acts amendatory and supplementary thereto, together with the
Sowers vested to the City under and by
tate relating in municipal corporations
virtue ofordinance passed by the
and an the General Law of the
solely from the
No bia for iess
accrued interest will be considered
City Commission on Nov. 7.
The certificates are payable
derived from the water works system of the city.
revenues
than par vame
of the certificates with
.
Volume
147
Financial
Chronicle
The certificates are to
be validated by a decree of
the Circuit Court of
Alachua County, in accordance
with the laws of the State.
The approving
°(P ,.°,n
Giles J- Patterson of Jacksonville, will be furnished if same
required by the purchaser.
i,,
the bid.
LAKELAND,
Enclose
a
certified check for 3%
Fla.—CERTIFICATE
of
I,.c09j&£0£nty forest
of
that the
payment
officially reported
Names of Other Bidders—
John Nuveen & Co.
(syndicate)
H. C. Speer & Sons
Co. (syndicate)
Fenner & Beane
as
Price Bid
Prem.
Under various conditions
for
foi
3 %
illinois
foi
tion
purchased
the
following 4%
semi-ann.
bonds
School District No. 47 bonds.
offered for sale without success on
Jan. 12.
These
bonds
were
that
10.
.
•
were
bids
were
City Clerk, for the purchase of
according to report.
a
received until
$10,000 issue
WINNETKA, 111.—BOND SALE—The $950,000
public
benefit judg¬
funding bonds offered Dec. 14r—V. 147,
p. 3642—-were awarded to a
composed of Halsey, Stuart & Co.,
Inc., Bancamerica-Blair
Corp., Stone & Webster and Blodget,
Inc., and First of Michigan Corp.,
all of New
York,as 2Ms, at 100.364, a basis of about 2.21%. Dated Dec.
20.
1938, and due Dec. 1 as follows:
$35,000, 1939; $36,000, 1940; $37,000,
1941; $38,000, 1942; $40,000, 1943;
$41,000, 1944; $42,000, 1945; $43,000,
1946; $45,000, 1947; $46,000, 1948;
$48,000, 1949; $49,000, 1950; $50,000,
1951; $52,000, 1952; $54,000.
1953; $55,000. 1954; $57,000, 1955; $59,000,
1956; $61,000 in 1957 and
ment
FITZGERALD, G&.—BOND
SALE DETAILS—It is now
reported by
the Secretary of the
City Bond Commission that the $63,000 3% semi-ann.
bonds awarded to
Johnson, Lane, Space & Co. of Savannah, at a price of
103.87, as noted here on Dec. 10—V. 147, p. 3642—are
actually divided as
follows: $35,000 school
bonds, maturing $2,500 from Dec. 1, 1939 to 1952,
and
syndicate
$10,000 city hall bonds, maturing $1,000 from Dec.
1, 1939 to 1948,
giving
a basis of 2.42%.
He states that the $18,000
sewer bonds were withdrawn from sale as
the
Works Progress Administration
agreed to furnish all labor for this project
city agreed to pay the estimated cost of $8,000 for all materials
from the net revenues of the electric
light plant.
$62,000 in 1958. Bonds numbered from
109 to
158, being $38,000 due in 1942 and
$12,000 in 1943, are callable on any
interest date on or after June
1, 1940, at par and accrued interest.
The bankers re-offered the bonds
to yield from
0!40% to 2.25%, accord¬
ing to maturity. In the opinion of counsel, the bonds are
general obligations
of the village,
payable from unlimited ad valorem taxes.
Assessed valua¬
tion as of 1937 was
$22,270,507 and the total bonded debt
including this
issue is $956,000.
and the
IDAHO
BINGHAM COUNTY RURAL HIGH SCHOOL DISTRICT
NO. 9
(P. O. Shelley), Idaho—BOND OFFERING—It is
reported that sealed
bids will be received until 8 p. m. on Dec.
24, by Alfred Christensen, Dis¬
trict Clerk, for the purchase of a
$15,000 issue of school'bonds.
Denom.
$500.
Dated Jan. 1,1939.
A certified check for 5% must accompany the
bid.
'
Other bids
*
CALL—It is reported that Myrtle
Enking,
State Treasurer, is calling for
payment as of Jan. 1, the following bonds:
Smith,
$100,000 highway refunding or 1931; $90,000 State
Capitol; $26,000 Lava
tHot Springs refunding of 1925, and $20,000
highway of 1919 bonds.
Idaho—BOND OFFERING—It is stated by Ray Carter,
City Clerk, that he will receive sealed bids until 7:30 p. m. on Dec.
purchase of a $40,000 issue of not to exceed
sewage plant bonds.
Dated Jan. 1, 1939, or on
as
20, for
4%
&
Co.,
Lazard
(Formal
announcement
appears on page
of the
ill.)
semi-ann.
convenient date
inverse order of their
numbering, highest numbers first, at the option of the
on any interest payment date on or after three
years from date of said
bonds.
Prin. and int. payable at the
City Treasurers office, or at such
other place permitted by law as
may be
designated hereafter by the
City
Council prior to the issuance of the bonds.
None of said bonds shall be
sold for less than par and accrued interest
to date of delivery.
Bidders shall
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
approving opinion of Weldon Schimke of Moscow, and Burcham & Blair
of
Spokane, will be furnished.
Enclose a certified check for
5% of the amount
of bid, payable to the city.
ILLINOIS
CHICAGO,
III.—BOND SALE— The $2,000,000 refunding bonds of¬
fered Dec. 15—-V. 147, p. 3642—were awarded to a
syndicate composed of
the Harris Trust & Savings
Bank, Northern Trust Co., First National Bank,
City National Bank andTthe American National Bank, all of
Chicago, as
at 100.71, a basis of about
1.59%.
Dated Jan. 1, 1939 and due
$500,000 on Jan. 1 from 1942 to 1945 incl.
Other bids:
Bidder—
Int. Rate
Chase National Bank
124 %
Halsey, Stuart & Co., Inc., et al
124%
C. J. Devine & Co. and Central
Republic Co. of Chicago 124 %
Blyth & Co., Inc., et al
124%
Brown Harriman & Co., Inc., et al
2%
Shields & Co.; Ladenburg, Thalmann &
Co., and Minsch,
Monell & Co., Inc
2%
Smith, Barney & Co., et al
2%
Stifel, Nicolaus & Co., et al
2%
—
Bankers Trust Co. and National City
Bank, both of N.Y. 2%
Phelps, Fenn & Co., Inc., et al
2%
PARK
DISTRICT,
111.—BOND
Rate Bid
100.30
100.177
100.162
100.156
100.829
100.803
100.779
100.477
100.189
OFFERING— Le
Roy
the right to call and redeem all bonds
prior to maturity at par and
on June 1 as follows:
$28,000, 1940; $30,000 in 1941 and
1942; $40,000 in 1943 and 1944; $50,000 in 1945 and $188,000 in 1946.
Prin. and int. (J-D) payable at District Treasurer's office.
Registerable
as to principal only in the office of the
Director of Finance.
The bonds will
not be sold at less than par and accrued interest and
purpose of the loan is
outstanding floating indebtedness of the superseded Northwest
Park District,
Albany Park District and Hollywood Park District. The
bonds will be general obligations?of the
district, payable from unlimited
ad valorem taxes on all of its taxable
property.
Territory of the district
is co-terminous with that of the
City of Chicago.
Bids must be for all of
the bonds and be accompanied by a certified check for
to fund the
$5,000, payable to
order of the district.
Legal opinion of Chapman & Cutler of Chicago and
engraved bonds to be furnished by the district.
DISTRICT, III.—ADDITIONAL REVENUE
NEEDED—Ross A. Woodhull, District
President, recently informed the
Board of Trustees that the district faces the need for additional
revenues as
a result of its steadily
increasing operations.
He pointed out that sewage
treatment operations will reach a new record in 1939.
(P. O. Chicago), 111.—BOND CALL—^Horace G.
Treasurer, announces that the following series A
of
101.863
101.639
& Co., Illinois
Milwaukee and
2H%
101.229
re-offering of the bonds by the bankers
INDIANA
follows:
$9,000 from 1940 to 1948 incl. and $6,000 in 1949. Second
high bid
of 100.76 for 2Kb was made
by the Indianapolis Bond & Share Corp.,
Indianapolis.
CENTER SCHOOL TOWNSHIP (P. O. Crown
Point), Ind.—BOND
DEI'AILS—The $22,000 school addition bonds awarded
SALE
Channer Securities Co.,
101.07, a basis of about
to
Chicago—V.
147, p. 3490—-were sold
2.33%.
as
the
2j^s, at
DYER, Ind.—BOND OFFERING—William N. Gettler, Town ClerkTreasurer, will receive sealed bids until 1 p. m. on Dec. 20 for the
purchase
$15,000 waterworks plant addition bonds. Dated Dec. 20,1938.
Denom.
$500. Due $500 July 20, 1940 and $500 each six months
thereafter to and
of
incl. Jan. 20, 1955.
Bidder to name rate of interest, payable J-J 20.
A
certified check for 2% of the bid is
required.
Legal opinion of Davis,
Pantzer, Baltzell & Sparks of Indianapolis will be furnished the
successful
bidder.
p
hammond school city, Ind.—BOND SALE—The $27,000
3%
refunding bonds offered Dec. 12—V. 147, p. 3491—were awarded to
Paine,
Webber & Co. of Chicago at 103.53, a basis of about
1.79%. Dated Dec. 16,
1938 and due Dec. 16, as follows:
$12,000 in 1940 and $5,000 from 1941 to
1943, incl.
Second high bid of 103.34 was made by John Nuveen &
Co. of
Chicago.
.
HENSLEY TOWNSHIP (P. O.
Trafalgar), Ind.—BOND OFFERING—
Grover Coverdale, trustee, will receive sealed bids until
10:30 a. m. (Central
Standard Time) on Dec. 30 for the
purchase of $48,000 not to exceed 4%
interest bonds, divided as follows:
$26,000 School Township bonds. Due as follows: $1,000 on Dec. 30 from
1939 to 1942 incl.; $1,000 June 30 and Dec. 30 from 1943 to
1953
Interest J-D 30.
incl.
22,000 Civil Township bonds.
incl.
Interest J-J.
Due $2,000 on Jan. 1 from 1940
to 1950
•
•
Al of the bonds
are dated Dec. 30,1938.
Denom. $1,000. Bidder to name
single rate of interest, expressed in a multiple of % of 1%. The bonds are
unlimited tax obligations of the respective issuers.
Legal opinion of Matson,
Ross, McCord & Clifford of Indianapolis will be furnished the successful
bidder.
a
HIGHLAND SCHOOL TOWN (P. O.
accrued interest
COOK COUNTY
Lindheimer, County
2^%
Freres
Rate Bid
ANDERSON SCHOOL CITY, Ind.—BOND SALE—The
$87,000 school
building bonds offered Dec. 9—V. 147, p. 3340—were awarded to
Halsey
Stuart & Co., Inc.,
Chicago, as 2s, at par plus $137 premium, equal to
100.15, a basis of about 1.97%.
Dated Dec. 1, 1938 and due July 1 as
100.314
Woodland, Director of Finance, will receive sealed bids until 11 a. m. on
Dec. 27 for the purchase of $406,000
224 % coupon funding bonds of 1938.
Dated Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1, 1948.
District re¬
CHICAGO SANITARY
.
coupon
some
city
serves
Barney
subsequently
determined by the City Council.
Denom.
$1,000.
Due Jan. 1, as follows: $1,000 in 1941,
$4,000 in 1942 and $5,000
in 1943 to 1949. provided that
any or all of the bonds, $10,000 in
principal
amount, maturing in the years 1948 and 1949, shall be
redeemable in the
CHICAGO
follows:
Co. of Chicago, Securities
Co.
Mississippi Valley Trust Co_-
WMOSCOW,
the
were as
Bidder—
Int. Rate
Northern Trust Co., Harris Trust &
Savings Bank and
Biyth & Co., Inc
2H%
Brown Harriman & Co.,
Inc., Central Republic Co.,
John Nuveen & Co.,
Bacon, Whipple & Co. and Mullaney, Ross & Co
IDAHO, State of—BOND
thereafter
to 1962
PINCKNEYVILLE, III.—BOND SALE—Paine, Webber & Co. of
Chicago recently purchased a new issue of
$40,000 4% sewerage improve¬
ment bonds. Dated Nov.
1,1938. Denom. $1,000. Due Nov. 1 as follows:
$2,000, 1945 to 1950 incl.; $3,000 from 1951 to
1954 incl. and $4,000 from
1955 to 1958 incl.
Principal and interest (M-N) payable at First
National
Bank of Chicago. Bonds
are unlimited tax
obligations of the city and have
been approved as to
legality by Chapman & Cutler of Chicago.
offered for
GEORGIA
on Dec. 14, by the
of water works bonds,
Pickett & Co. of Chicago
water and sewer revenue bonds.
Due Jan. 1 as follows:
and $12,000 in 1979.
Interest J-J.
PERIL 111.—BOND SALE NOT
CONSUMMATED—The sale of $1307
000 2H% city hall
building bonds to Lewis, Williams & Co. of
Chicago—
V. 147, p. 2728—was not
consummated as the voters refused to
approve
the loan at the Dec. 1
election.
*
CADWELL, Ga.—EONDS OFFERED—Sealed
2 p. m.
LAUDED—A.
$2,000,
$3,000, 1946 to 1953 incl.; $4,000, 1954 to 1959
inch;
incl.; $6,000, 1963 to 1966 incl.; $7,000, 1967
to 1969
incl.; $8,000 in 1970 and 1971;
$9,000, 1972 to 1974 incl.; $10,000,
1975;
$11,000 from 1976 to 1978 incl.
$92,000 school bonds. Due on Jan. 1 as follows:
$4,000,1947 to 1954, and
$5,000, 1955 to 1966, all inclusive.
9,000 school bonds. Due $1,000 from Jan.
1, 1946 to 1954, inclusive.
These bonds are part of the
$130,000 school bonds
Feb.
CONDITION
LAWN, 111.—BOND SALE—Lewis,
$5,000, 1960
Dec. 15, at 10 a. m., for the
purchase of the following
6% semi-ann. bonds, aggregating $101,000:
on
of)—FINANCIAL
have purchased an issue of
$216,000 5%
Dated Jan. 1, 1939.
Denom. $1,000.
1941 to 1945 incl.;
were received until
sale without success
(State
by the same company—
price of 101.50, a basis
1955, incl.
year from 1940 to
optimistic note, voicing the opinion
of the State of Illinois
continue
8,000 Special Tax School District No. 5 bonds.
These bonds were
offered for sale without success on Dec.
10, 1937.
VOLUSIA COUNTY SPECIAL TAX SCHOOL
DISTRICT NO. 12
(P. O. Deland), Fla.—BONDS OFFERED—It is
reported that sealed bids
two issues of
Bank & Trust Co.,
1797 and 1799 to 2237.
funding of the voted road and that t'bonds
to warrant a
high credit rating.
OAK
$25,000 Special Tax
American National
to
status of Illinois brought up to date since the
spring
1937 indicates that the
situation has not changed
sufficiently to warrant
any important revision of the
earlier findings.
The study prepared by
Lazard Freres
&
Co., calls attention to the
continuing decline in the
States funded
debt, caused by a "rather rapid
maturity schedule;" the
reduction by nearly
$17,000,000 in the debt burden from
April 1, 1937;
the fact that
approximately one-third of the debt
outstanding is scheduled
to mature
during the next five years; the substantial
increases in total
receipts to $224,488,529 in the
1937-38 fiscal year; substantial cash
balances,
in
ccmclusion, the study ends on an
$33,000
aggregating
1395; 1398
8>jUdyof the financial
of
W MARTIN COUNTY (P. O.
Stuart), Fla.—BOND TENDERS INVITED
—It is announced
by the Board or Administration that it will receive
sealed offerings in
Tallahassee until 10 a. m. on Dec. 30, for the
purchase of
the
following road and bridge refunding bonds, dated
July 1, 1936: Countywide and Special Road and
Bridge Districts, Nos. 4, 12, 16 and 18.
All
offerings must be firm for 15 days, i.e., through Jan.
14, 1939.
POLK COUNTY SCHOOL DISTRICTS
(P. O. Bartow), Fla.—
BONDS SOLD TO PWA—It is stated
that the Public Works Administra¬
at par:
1939 at the
to
$500 each
foi
500
1,
$8,000 general obligation water loan
purchased
147, p. 3340—bear 5% interest and
were sold at a
of about
4.80%.
Due
95.52% of par 3H%
$315,313 for 35£ %
98.230
95.85
Prem. $300
Jan.
on
HOMER, III.—BOND SALE-—An issue of $29,000 water
works revenue
™nd8
wA88old to the White-Phillips Corp. of Davenport at a price of 90.
1 he
follows:
Corp. (syndicate)
Fenner & Beane
Corp. (syndicate)
Equitable Securities Co.
(syndicate)
preserve district (p. o.
Chicago),
CALL—William J. Gorrmey, District
Treasurer, announces
following series A refunding bonds of 1936 have
been called for
Chicago; Nos. 1339
years.
are
of 1936 have been called
for payment on
Jan. 1, 1939 at
the American National
Bank Trust Co.,
Chicago: Nos. 4739 to 4822:
4823 to5122; 5578 to
6462; 6478 to 7489; 7495 to
8370; 35600 to 35622,
35623; 35870 to 35912; 36780 to 36783.
'
SALE—The $325,000 issue
coupon light and water revenue
certificates offered for sale on Dec. 12—V.
147, p. 3340—was awarded to
Welsh, Davis & Co. of Chicago, as 3^s,
paying a price of 95.52, according to the
City Clerk.
Dated Nov. 1,1938.
Due serially in 20
The other bids
3795
refunding bonds
—The
Highland), Ind.—BOND SALE
$17,500 school bonds offered Dec. 12—V. 147,
Jp. 3491—were
awarded to A. S. Huyck& Co. of Chicago as 4s, at
par plus $17.60 premium,
equal to 100.10, a basis of about 3.99%.
Dated Nov. 15, 1938 and due
Jan. 1 as follows: $1,000, 1941 to 1950
incl.; $4,000 in 1951 and $3,500 in
1952.
Second high bid of 101.057 for 4)^s was made
by Lewis, Williams
& Co.,
Chicago.
HOBART
SCHOOL
CITY, Ind.—BOND SALE DETAILS—The
$20,500 school bonds awarded to Doyle, O'Connor & Co. of Chicago—
V. 147, p. 3643—were sold as 25^s, at 101.234, a basis of about
2.60%.
A. S. Huyck & Co. of Chicago, second
high bidder, offered to pay 101.18
for 2Hb.
INDIANAPOLIS, Ind.—CORRECTED MATURITY SCHEDULE—
The $600,000 not to exceed 3H% interest city hall
refunding bonds being
on Dec. 19—V.
147, p. 3643—will mature as follows: $33,000
July 1,1940; $33,000, Jan. 1 and July 1 from 1941 to 1948 incl. and $39,000
Jan. 1, 1949.
The previous report fixed the amount maturing in 1949
offered for sale
at
$33,000.
INDIANAPOLIS
PARK
DISTRICT,
Ind.—BOND
$27,500 2M% bridge construction bonds offered Dec. 14
SALE— The
were
awarded to
the City Securities Corp. of Indianapolis at 101.53, a basis of about
Dated Dec. 14, 1938.
Denoms. $1,000 and $375.
Due $1,375 on
incl.
1960,
Treasurer's office.
from
Chronicle
Financial
3796
1941
to
Principal and interest
1938
17,
MINDEN, Iowa—BOND OFFERING—It is stated by the Town Clerk
2.35%
that he will receive sealed bids until 8 p. m. on Dec. 20, for the purchase
of a $2,000 issue of coupon town hall bonds.
Denom. $500.
Dated Jan. 2,
Jan. 1
payable at City
(J-J)
Dec.
Due $500
1939.
on
Nov.
in
1
1942,
1944,
1946 and 1947.
INDIANAPOLIS SCHOOL CITY, Ind.—BOND SALE—'The $1.35,000
MONTICELLO, Iowa—B'tNDS SOLD—It is stated by the City Clerk
building bonds offered Dec. 13—V. 147, p. 3643—were awarded to Phelps,
Fenn & Co., Inc., New York, and the Fletcher Trust Co., Indianapolis,
that $35,000 sever bonds were offered for sale on Dec. 12 and were awarded
to the White-Phillips Corp. of Davenport.
jointly, as 2s, at 101.29, a basis of about 1.85%.
Dated Dec. 23,
and due as follows: $15,000, July 1, 1941; $5,000, Jan. 1 and July 1,
1938
1942;
SPENCER INDEPENDENT SCHOOL
Iowa—BOND OFFERING—Sealed
1, 1944; $10,000, Jan. 1 and $5,000. July 1, 1945; $5,000,
Jan. 1 and July 1, 1948; $10,000 on Jan. 1 from 1949 to 1953 incl. and
$5,000 Jan. 1 from 1956 to 1959 incl.
Bankers re-offered the bonds to yield from 0.65% to 2%, according to
maturity.
Second high bid of 100.66 for 2s was made by the First National
Bank of Chicago.
$15,000, Jan.
LINCOLN TOWNSHIP (P. O. Mill Creek),
Ind.—BOND OFFERING
will receive sealed bids until 10 a. m. (Cen¬
Dec. 24 for the purchase of $34,750 not to exceed
4% interest school building bonds
(P. O.
until
Spencer),
1.30
p.
m.
M-N.
Dated Dec. 1, 1938.
Denom. $1,000.
Due Nov. 1 as follows:
$2,000 in 1943, $1,000 in 1944, $2,000 in 1945 and 1946, $7,000 in 1947,
$6,000 in 1948 $7,000 in 1949, $6,000 in 1950 and 1951, and $8,000 in 1952
and 1953.
Prin. and int. payable at the District Treasurer's office.
The
printed bonds and the approving opinion of Chapman & Cutler, of Chicago,
vyill be furnished by the District.
These bonds carried at an election held
on Sept. 27.
—William T. Quinn, Trustee,
tral Standard Time) on
DISTRICT
bids will be received
Dec. 19, by Lula Flint, District Secretary, for the purchase of a $55,000
issue of school building bonds.
Interest rate is not to exceed 3%, payable
on
of 1939, divided as follows;
July 1, 1942'
$500 Jan. 1,
WATERLOO,
$16,000 school township bonds.
Denom. $500.
Due $500.
$500, Jan. 1 and July 1 from 1943 to 1957 incl. and
sewer,
Iowa—BONDS
NOT
SOLD—An
issue
of
$13,430.14
special assessment bonds is said to have been offered for sale without
Dec. 12 when
success on
no
bods
were
received.
WEST POINT, Iowa—BONDS SOLD—It is reported that $3,000 sewer
were offered for sale on Dec. 12 and were purchased by the Carleton
18.750 civil township bonds.
One bond for $615, others $585 each.
Due
$615, July 10, 1942; $585, Jan. 10 and July 10 from 1943 to 1957
incl and $585, Jan. 10,1958.
bonds
D. Beh Co. of Des Moines.
All of the bonds will be dated Jan. 10, 1939.
Bidder to name a single
expressed in a mulitple of M of 1%.
Principal and interest
payable at the First National Bank & Trust Co., La Porte.
A certified
check for 5% of the bonds, payable to order of the township, is required
Bonds are unlimited tax obligations of the respective issuers.
Sale of the
bonds is subject to final approval of the projects by the Public Works
Administration and of grants toward cost of the Improvements.
$40,000:
COUNTY (P. O. Anderson), Ind.—BOND SALE—The
building bonds offered Dec. 9—V, 147, p. 3340—was
awarded to John Nuveen & Co., and Paul H. Davis & Co., both of Chicago,
jointly, as 2Mb. at 100.425, a basis of about 2.16%.
Dated Dec. 1, 1938
and due as follows:
$4,000 July 1, 1940; $4,000 Jan. 1 and July 1 from
1941 to 1947, incl. and $4,000 Jan. 1, 1948.
Second high bid of 100.799 for
2M» was made by McNurlen & Huncilman of Indianapolis.
$8,000 2% school bonds.
Due on Aug. 1 as follows: $1,000, 1940; $2,000,
1941 and 1942, and $3,000 in 1943.
12,000 2M% school bonds.
Due on Aug. 1 as follows; $3,000, 1944;
$2,000, 1945; $3,000, 1946, and $2,000 in 1947 and 1948.
10,000 2M% school bonds.
Due $2,000 from Aug. 1, 1949 to 1953, incl.
10,000 2M % school bonds.
Due $2,000 from Aug. 1, 1954 to 1958, incl.
Dated Nov. 1, 1938.
Prin. and int. (F-A) payable at the State Treas¬
urer's office.
Legal opinion by Long, Depew, Stanley, Weigand & Hook
SEDGWICK COUNTY SCHOOL DISTRICT NO. 172 (P. O. Andale),
Kan.—-BONDS OFFERED
TO
PUBLIC—The
Sullivan-Brooks Co. of
Wichita is offering for general investment the following bonds, aggregating
MADISON
issue
of
KANSAS
J
rate of interest,
$64,000
of Wichita.
MIDDLEBURY SCHOOL TOWN (P. O. Middlebury), Ind.—BOND
building bonds offered Dec. 2—V. 147, p.
awarded to the Central Securities Corp. of Fort Wayne as
SALE—The issue of $13,000
KENTUCKY
3192—was
Dated Nov. 1, 1938 and due as
2Ms, at 100.19, a basis of about 2.22%.
follows: $590, July 1, 1940; $500, Jan, 1 and July 1 from 1941 to 1952 incl.
and $500 Jan. 1, 1953.
Second high bid of 101.35 for 2M» was made by
Raffensperger, Hughes & Co. of Indianapolis.
I nd.—BOND
MUNCIE,
OFFERING—Hubert
L.
Parkinson,
City
Controller, will receive sealed bids until 10 a. m. on Dec. 23 for the purchase
of $19,000 not to exceed 4 M% interest series A refunding bonds of 1939.
Dated Jan. 1, 1939. Denom. $500. Due $9,500 on Jan. 1 in 1943 and 1944.
Bidder to name a single rate of interest, expressed in a multiple of M of
1% and payable J-J.
A certified check for $500, payable to order of the
city, must accompany each proposal.
The bonds are unlimited tax obli¬
gations of the city and the legal opinion of Matson, Ross, McCord & Clifford
of Indianapolis will be furnished the successful bidder.
Bonds will be "
delivered prior to 10 a. m. on Jan. 3, 1939 at City Treasurer's office or at
such bank In the city designated in the bid.
OFFERING—L. L. Deisch, City ClerkTreasurer, will receive sealed bids until 7.30 p. m. on Dec. 21 for the pur¬
chase of $10,000 not to exceed 4% interest sewer construction bonds. Dated
Dec. 5, 1938.
Denom. $500.
Due $500, July 1, 1940; $500, Jan. 1 and
July 1 from 1941 to 1949 incl. and $500 Jan. 1, 1950.
Bidder to name a
single rate of interest, expressed in a multiple of M of 1 %.
A certified check
for $500, payable to order of the city, is required.
Bonds are payable from
ad valorem taxes within limits prescribed by law and the legal opinion
of Matson, Ross, McCord & Clifford of Indianapolis will be furnished
NAPPANESE,
Ind.—BOND
the successful bidder.
NORTH TOWNSHIP
Hammond), Ind.—BOND SALE— The
Dec. 12—V. 147, p. 3643—was
group composed of John Nuveen & Co., Chicago, City Securi¬
ties Corp., Indianapolis, and A. S. Huyck & Co. of Chicago. Dated Nov. 1,
1938, and due as follows; $5,000, July 1, 1940; $5,000, Jan. 1 and July 1
from
1941
a
to
1947 incl., and $5,000,
SUMMITVILLE,
Jan. 1, 1948.
SALE—The $4,500 fire department
equipment bonds offered Dec.-8—Y. 147, p. 3340—were awarded to the
Central Securities Corp. of Fort Wayne.
Dated Sept. 15, 1938 and due
$500
on
Ind.—BOND
Jan. 1 from 1940 to 1948 incl.
TIPTON COUNTY (P. O. Tipton),
Ind.—NOTE SALE—The $12,500
construction notes offered Dec.
10—V. 147, p. 3340—were awarded to the
Citizens National Bank of Tipton as 1 Ms, at par, Dated Dec. 1. 1938 and
due as follows:
$500, July 1, 1939; $500, Jan. 1 and $1,000, July 1, 1940;
$1,000, Jan. 1 and July 1 from 1941 to 1945 incl. and $500, Jan. 1, 1946.
VINCENNES TOWNSHIP (P. O. Vincennes). Ind.—BOND OFFER¬
D. Green, trustee, will receive sealed bids until 1 p. m. on
Jan. 9 for the purchase of $14,500 not to exceed 5% interest bonds, divided
ING—Perry
follows:
as
$10,500 Civil Township refunding bonds.
Dated Jan. 1, 1939.
Denom.
$500.
Due $5,000 Jan. 1 and $5,500 July 1, 1949. Interest J-J 1.
4,000 School Township refunding bonds. Dated Jan. 15, 1939. Denom.
$1,000. Due $1,000 on Jan. 15 from 1945 to 1948 incl. Int. J-J 15.
Bidder to
name
a
Louisville.
Stein
single rate of interest, expressed in
a
multiple of M
of 1%.
The bonds are unlimited tax obligations of the respective issuers
and the legal opinion of Matson, Ross, McCord & Clifford of Indianapolis
will be furnished the successful bidder.
»
Bros.
&
Boyce of Louisville is associated with the above named
firm in the offering of the said bonds.
MADISON COUNTY (P. O. Richmond), Ky .—BOND SALE DETAILS
—We are now informed that the $112,000 (not $106,000) school building
bonds purchased by the Madison-Southern National Bank & Trust Co. of
Richmond, as reported here on Oct. 1—V. 147, p. 2120—were sold as 3s at a
3.38%.
Coupon bonds in the denom. of $1,000 each.
Due from 1949 to 1958, incl.
Int. payable M-S 15.
net interest cost of
LOUISIANA
La.—BOND SALE—The $10,000 issue of 5M% semi-ann.
system bonds offered for sale on Dec. 12—V. 147, p. 3491—
was purchased by the Bank of Bernice, the only bid received, according to
the Mayor.
Dated Nov. 1, 1938.
Due from Nov. 1, 1941 to 1958.
BERNICE,
water works
The
(P. O.
issue of $80,000 park impt. bonds offered
awarded to
HODGENVILLE, Ky.—BONDS OFFERED TO PUBLIC—The Bankers*
Bond Co. of Louisville is offering for general subscription a $35,000 issue of
3 %% coupon semi-annual school ouilding revenue bonds at prices to yield
from 2.50% to 3.75%, according to maturity.
Dated Nov. 1, 1938.
Denom. $1,000.
Due Nov. 1 as follows: $1,000 in 1939 to 1943 and $2,000
in 1944 to 1958, callable at 102M and accrued interest on any interest
payment date.
Prin. and int. payable at the Lincoln National Bank of
Hodgenville.
Legality approved by Woodward, Dawson & Hobson of
price paid was par on 5M% bonds.
BOGALUSA, La.—BOND SALE—The following two issues of bonds,
aggregating $243,000, offered for sale on Dec. 13—V. 147, p. 3341—were
purchased by the Equitable Securities Corp. of Nashville, according to
report.
The issues are divided as follows:
$74,000 navigation bonds.
169,000 lake terminal and navigation bonds.
LAFAYETTE, La.—BOND SUITS DISMISSED—It is stated in news¬
paper dispatches that the State Supreme Court has upheld a lower court
ruling, dismissing suits brought by taxpayers seeking to enjoin the issuance
of $803,330 in refunding bonds, which were authorized on Nov. 1 by the
City Council.
LA FOURCHE DRAINAGE DISTRICT NO. 2 (P. O. Thibodauz),
La.—BOND OFFERING—Sealed, bids will be received until 10 a. m. on
Jan. 10, by Wilson O. Toups, Secretary of the Board
the purchase of a $30,000 issue of not to exceed 6%
Dated Jan.
1,
1939.
PONCHATOULA, La.—BOND OFFERING—It is stated by J. G.
McWilliams, Town Clerk, that he will receive sealed bids until 10 a. m.
on Jan. 11, for the purchase of a $15,000 issue of public improvement bonds.
Interest rate is not to exceed 6%, payable F-A.
Denom. $500.
Dated
Feb. 1, 1939.
Due from Aug. 1, 1941 to 1952.
The approving opinion
of B. A. Campbell of New Orleans, and the transcript of record will be
furnished the purchaser.
A certified check for $300, payable to the
Town, must accompany the bid.
IOWA
MAINE
ALLAMAKEE COUNTY
(P. O. Waukon), Iowa—BONDS OFFERED
—It is reported that bids were received until Dec. 15, by the County
Treasurer, for the purchase of an issue of $105,000 court house bonds.
ALLISON, Iowa—BOND SALE DETAILS—It is stated by the Town
by the Carleton D. Veh Co.
147,
Clerk that the $20,000 sewer bonds purchased
of Des Moines, at a price of 100.5789, as reported here on Dec. l(b—V.
3643—are dated Dec.
1, 1938, and mature $1,000 from 1939 to 1958,
basis of about 2.93 %.
Coupon bonds in the denomination of
$1,000; 3% interest rate, payable J-D.
p.
incl.
„
giving
of Commissioners, for
semi-annual drainage
Denom. $500.
Due Jan. 1, 1942 to 1959.
The approving opinion of B. A. Campbell, of New Orleans, and the tran¬
script of record as passed upon will be furnished the purchaser.
Enclose
a certified check for 2%, payable to the District.
bonds.
a
BLOOMFIELD, Iowa—BONDS SOLD—It is reported that $23,642.44
>es Moines.
Saving bonds were purchased recently by the Carleton D. Beh Co. of
OFFERING—David Walton, City Manager,
Dec. 20, for the purchase of $14,000 coupon
storm emergency bonds.
Dated Jan. 1 1939.
Denom. $1,000.
Due
$2,000 on Jan. I from 1940 to 1946, incl.
Bidder to name the rate of
interest in multiples of M of 1 %.
Principal and semi-annual interest pay¬
AUBURN,
Me—BOND
will receive bids until 5 p. m. on
able at the Merchants National Bank
of Boston, which will supervise the
preparation of the bonds and certify as to their genuineness. Legal opinion
of Ropes, Gray, Boyd en & Perkins of Boston will be furnished the successful
bidder;
Delivery will be made at the Merchants National Bank of Boston
for Boston funds.
Telegraphic proposals will be accepted.
AUGUSTA, Me.—BONDS OFFERED—Alfred J. Lacasse, City Treas¬
received sealed bids until noon on Dec. 16 for the purchase of $60,000
refunding bonds of 1938.
Dated Dec. 15, 1938.
Denom. $1,000.
Due $3,000 on Dec. 15 from 1939 to 1958 incl.
Bidder to name the rate of
interest in multiples of M of 1%.
Principal and interest (J-D 15) payable
at the National Shawmut Bank of Boston, which will supervise the prepara¬
tion of the bonds and certify as to their genuineness.
Legal opinion of
Ropes, Gray, Boyden & Perkins of Boston will be furnished the successful
urer,
coupon
BRIDGEWATER, Iowa—BOND OFFERING—Sealed bids will be
re¬
ceived until 10 a. m. on Dec. 22, according to report, by the Town Clerk,
for the purchase of an issue of $11,220 water works bonds.
Dated Nov. 1,
1938.
Due
on
Nov. 1
as
follows:
$700,1943 to 1956, and $1,420 in 1957.
COUNTY
(P. O. Bloomfield), Iowa—CERTIFICATES OF¬
FERED—It is reported that bids were received until 1 p. m. on Dec. 16,
by Floyd Patterson, County Treasurer, for the purchase of a $33,000 issue
bidder.
of road certificates.
MARYLAND
DECORAH INDEPENDENT SCHOOL DISTRICT
(P. O. Decorah).
Iowa—BOND OFFERING—It is reported that bids will be received until
2 p. m. on Dec. 21, by Clara M. McConaty, District Secretary, for the
purchase of a $19,000 issue of building bonds.
ELKHART CONSOLIDATED SCHOOL DISTRICT
(P.
O. Elkhart)
Iowa—BONDS SOLD—A $33,000 issue of refunding bonds is reported to
have been purchased as 3s by the White-Phillips Corp. of Davenport.
BALTIMORE,,
MAQUOKETA, Iowa—BOND SALE—The $19,000 Issue of swimming
pool bonds offered for sale
on Dec. 12—Y. 147, p. 3643—was purchased by
WhiteKPhilJips Corp. of Davenport, as 3Ms, paying a price of 100.21, a
basis of about 3.475%.
Dated Nov. 1, 1938.
Due $1,000 from Nov. 1,
1940 to 1958 incl.
Interest payable M-N.
the
i
SALE— The
$3,524,000
bonds
offered
147, p. 3644—were awarded to a syndicate composed of the
First Boston Corp., Brown Harriman & Co., Inc.,
Alex, Brown & Sons, Baltimore. F. S. Moseley & Co., First of Michigan
Dec.
12—V.
Chase National Bank,
& Co., as 2Ms, at 100.357
described below, were reyield from 1.90% for the 1957-1958 maturities
2.10% for the 1966-1970 maturities.
Corp., L. F. Rothschild & Co. and R. H. Moulton
basis of about 2.11%.
The bonds, which are
a
offered oy the oanK group to
to
LINDEN, Iowa—BONDS OFFERED—It is said that bids were received
until 7.30 p. m. on Dec. 16, by Carl Burnham,
City Clerk, for the purchase
of a $9,300 issue of water works bonds.
Md.—BOND
$1,158,000 water bonds, part of an authorized issue of not to exceed $7,500,•
000, of wnich $2,680,000 have previously been issued.
Dated
Nov. 1, 1938.
Due $193,000 each Nov. 1 from 1957 to 1962,
incl.
Interest M-N.
936,000 airport bonds, part of an authorized amount of not to exceed
$2,500,000, of which $1,564,000 have previously been issued.
Dated Aug. 1
1938.
Due $72,000 on Aug. 1 from 1958 to
1970, incl.
Interest F-A.
Volume
Financial
147
860,000 Howard Street extension and viaduct bonds, part of an author¬
ized amount of not to exceed $6,000,000, of which $5,140,000
previously oeen issued.
Dated Aug. 1, 1938.
Due
$172,000 on Aug. 1 from 1964 to 1968, incl.
Interest F-A.
570,000 water bonds.
Part of an authorized amount of not to exceed
$10,000,000, of which $9,430,000 have previously been issued.
Dated Oct. 1, 1938.
Due $285,000 on Oct. 1 in 1966 and 1967.
have
AS?a bA®*8 of about 1.05%. Dated Dec. 1, 1938. Denom.
fi'SS0* Due $13,000 on Dec. 1 from 1939 to 1943, incl. Prin. and int.
(J~D) payable at the First National Bank of Boston or, at holder's option,
City Treasurer's office.
Legality approved by Storey, Thorndike,
Dodge of Boston.
Second high bid of 100.52 for 134s was made by
Whiting, \Veeks & Knowles of Boston.
Several other bids named the same
at the
Palmer &
coupon.
Interest A-O.
of 2 34 %.
Other bids for the bonds, all of which specified an interest rate
were:
Rate Bid
Bidder—
First National Bank of N. Y., and Stone &
101.659
101.628
al
Bankers Trust Co., and National City Bank, N. Y., et
Shields & Co., and Laden burg, Thalmann & Co
Webster and Blodget,
Inc., et al
■£
Halsey, Stuart & Co., Inc., and Bancamerica-Blair Corp., et
ISSUE—The Com¬
missioners of Finance announced their intention to seek a ruling from the
Court of Appeals on legality of the $4,025,000 emergency relief bonds which
were refused by the successful banking group after counsel had questioned
their validity.
The bonds were formally awarded Nov. 28 to Smith,
Barney & Co. of New York and associates, and the sale subsequently
rescinded by the city following disclosure of doubts raised oy legal counsel
as the authority of the municipality to undertake the financing.—V, 147,
COURT TO RULE ON LEGALITY OF PREVIOUS
P.
3644.
CHESTERfOWN, Md.—BOND OFFERING—City Clerk will receive
17 for the purchase of $30,000 sewer
sealed bids until Dec.
bonds.
SUBURBAN SANITARY DISTRICT, Md.—BOND
Duckett, Chairman of Sanitary Commission, will
office, 804 Tower BIdg., 14th and K Sts., N. W.,
Washington, D. C., until 2:30 P- m. on Dec. 21 for the purchase of $600,000
3% series QQ water bonds.
Dated Dec. 1. 1938.
Due in 50 years; re¬
deemable in 30 years.
Interest J-D.
Bonds carry all the exemption as
to taxes of Maryland municipal bonds and are guaranteed unconditionally
as
to both principal and interest by Montgomery and Prince George's
Counties, by endorsement on each bond.
Application has been made to
the Public Service Commission of the State for approval of the issue.
A
certified check for $6,000 must accompany each bid.
Legal opinion of
Masslich & Mitchell of New York will be furnished the successful bidder.
WASHINGTON
OFFERING—Howard
receive sealed bids at his
Mass.—BOND OFFERING—Francis S. Murphy, Town
sealed bids until 8 p. m. on Dec. 16 for the purchase
school bonds.
Dated Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1 as follows: $7,000 from 1939 to 1951 incl. and $6,000 from
1952 to 1958 incl.
Bidder to name rate of interest in multiples of 34 of 1 %.
Principal and semi-annual interest payable at the Merchants National Bank
of Boston, which will supervise the preparation of the bonds and certify
as
to their genuineness.
Legal opinion of Storey, Thorndike, Palmer &
Dodge of Boston will be furnished the successful bidder.
Delivery will
be made at the Merchants National Bank of Boston for Boston funds.
ABINGTON,
Treasurer, will receive
ATTLEBORO, Mass.—BOND SALE—The $65,000 municipal relief
bonds offered Dec. 15 were awarded to Jackson & Curtis of Boston as
134s, at 100.924, a basis of about 1.32%.
Dated Dec. 1, 1938. Denom .
$1,000.
Due Dec. 1 as follows: $7,000 from 1939 to 1943 incl. and $6,000
from 1944 to 1948 incl.
Principal and interest (J-D) payable at the First
National Bank of Boston.
Legality approved by Storey, Thorndike,
Palmer & Dodge of Boston.
Estabrook & Co. of Boston, second high
bidders, offered to pay 100.845 for 134s.
COUNTY
BRISTOL
was
(P.
O. Taunton), Mass.—NOTE SALE— The
p. 3644—
$11,000 emergency loan notes offered Dec. 13—V. 147,
awarded to the First National Bank of Attleboro at 0.25%,
premium.
Dated Dec. 15, 1938 and due Nov. 15,
-
CAMBRIDGE, Mass.—BOND SALE— The
Smith, Barney & Co
L. Day & Co.; Estabrook
Weeks &
Knowles
$150,000 coupon municipal
Salomon Bros. & Hutzler of
CANTON,
& Co., and Whiting,
100.217
154%
1 H%
-
100.209
,
Mass.—NOTE SALE— The $10,000 municipal relief notes
awarded to the Merchants National Bank of Boston
offered Dec. 14 were
1, 1938, and due
bonds, the second
& Curtis of Boston,
EASTON, Mass.—NOTE SALE—The $32,000 coupon school house
notes offered Dec.* 14 were awarded to the Merchants National Bank of
Boston as 2s at 100.59, a basis of about 1.92%T
Dated Dec. 15, 1938.
Denom. $1,000.
Due $2,000 on Dec. 15 from 1939 to 1954, incl.
Prin;
and semi-ann. interest payable at the Merchants National Bank of Boston.
100.61, a basis of about 0.80%.
Dated Dec.
from 1939 to 1943, incl.
A number of others bid for 1%
as
Is at
highest offer being a
Notes will be
at
SOMERVILLE,
price of 100.514 offered by Jackson
certified as to their genuineness by the
Director of Accounts,
Department of Corporations and Taxation of Massachusetts.
& Co. of Boston, next highest bidder, offered to pay 100.31 for
Estabrook
2s.
>,
*
(P. O. Salem), Mass .—NOTE OFFERING—Harold
Treasurer, will receive sealed bids until 11 a. m. on
Dec. 20 for purchase of $30,000 industrial farm loan notes.
Dated Dec.
15,1938.
Denom. $5,000.
Payable Dec. 15, 1939, at Merchants National
Bank of Salem or at the National Shawmut Bank of Boston.
Notes will
be certified as to genuineness by the National Shawmut Bank and legal
opinion of Ropes, Gray, Boyden & Perkins of Boston will be furnished the
ESSEX COUNTY
E. Thurston, County
successful bidder.
FRAMINGHAM, Mass.—NOTE OFFERING—John P. Dunn, Town
receive sealed bids until 11 a. m. on Dec. 19 for the pur¬
due Nov. 1, 1939.
Treasurer, will
GLOUCESTER, Mass.—NOTE SALE— The $300,000 notes offered
awarded to the New England Trust Co. of Boston at 0.15%
discount, plus $3 premium.
Payable Nov. 15, 1939 at the Merchants
National Bank of Boston or at the Central Hanover Bank & Trust Co.,
New
York, at holder's option.
Legality approved by Ropes, Gray,
Dec. 13 were
GREAT
Trust Co.
National Bank, second high
BARRINGTON, Mass.—NOTE SALE—The New England
purchased $105,000 notes at 0.17% discount, plus a
of Boston
premiu n of $7.
They comprise $100,000 revenue, due $50,000 each on
Nov. 15 and Dec. 15, 1939, and $5,000 reimbursement, maturing April 1,
1939.
The Second National Bank of Boston, next highest bidder, named a
rate of 0.169%.
HOLYOKE,
Treasurer, will
Mass .—BOND
OFFERING—Lionel
receive sealed bids until 11 a. m. on Dec.
Vonvouloir, City
19 for the purchase
muncipal relief bonds.
Dated Dec. i, 1938. Denom.
$1,000.
Due $10,000 on Dec. 1 from 1939 to 1943, incl.
Bidder to name
one rate of interest in a multiple of 34 of 1 %.
Prin. and Int. (J-D) payable
in Boston.
The bonds will be engraved under the supervision of and
authenticated as to their genuineness by the First National Bank of Boston,
which will further certify that the issue has been approved by Storey,
Thorndike, Palmer & Dodge of Boston.
This opinion will be furnished
without charge to the successful bidder.
of $50,000 coupon
LOWELL,
Mass.—BOND SALE—Albert J. Blazon, City Treasurer,
the First National Bank of Boston of $614,000
recently reported the sale to
bonds, divided as follows:
$400,000 254% funding bonds, due in 10 years.
100,000 254 % funding bonds, due in 10 years.
97,000 3% trade school bonds.
Due in 5 years.
17,000 154% cemetery improvement bonds.
Due
City Treasurer is reported to have said that the
considering the financial condition of the city.
LYNN,
in 5 years.
rates were favorable,
Mass.—BOND SALE—The $65,000 coupon municipal relief
14 were awarded to Jackson & Curtis of Boston as 1 34 s
bonds offered Dec.
OFFERING—John
J.
Donahue,
City
Principal and interest (J-D) payable at the National Shawmut Bank
1 %.
of Boston, which will supervise the preparation of
as to their genuineness.
Legal opinion of Storey,
Dodge of Boston will be furnished the successful
Mass.—NOTE SALE—The
the bonds and certify
Thorndike, Palmer &
bidder.
$100,000 revenue notes
Trust Co. of Dedham
Due Nov. 10, 1939.
0.18% discount.
at
TAUNTON, Mass.—NOTE SALE—The $300,000 revenue note issue
13—V. 147, p. 3644—was awarded to the Merchants National
of Boston at 0.22% discount.
Dated Dec. 15, 1938, and due in
instalments of $100,000 each on June 14, Sept. 1 and Nov.. 10, 1939.
Second National Bank of Boston, next highest bidder, named a rate of
offered Dec.
Bank
0.237%.
WARE, Mass .—BONDS AND NOTES SOLD—On Dec. 12
the following
issues were sold:
$13,500 water oonds purchased Oy Tyler & Co. of Boston as
17,700 municipal relief bonds purchased by F. W. Horne
ford as Is, at 100.134.
notes
4,000 emergency
discount.
purchased by
the
234®. at 100.59.
& Co. of Hart¬
Ware Trust Co.
at 0.42%
Due in one year.
o?
Mass .—NOTE SALE—The Merchants National Bank
Boston was awarded on Dec. 9 an issue of $40,000 notes at 0.25% discount*
Due $20,000 each on July 12 and Dec. 14, 1939.
The First Boston Corp.,
next highest bidder, named a rate of 0.443%.
WARREN,
MICHIGAN
ARBOR* SCHOOL
ANN
DISTRICT,
Mich.—BOND
SALE—The
$82,500 building bonds offered Dec. 14—V. 147, p. 3644—were awarded
Alpena Savings Bank as 134s, at 100.487, a basis of about 1.33%.
Dated Jan. 2, 1939 and due $16,500 on Jan. 2 from 1940 to 1944 incl. Second
high bid of 100.35 for
Chicago.
134s was made by Brown Harriman
& Co., Inc.,
.
BELDING, Mich .—TENDERS WAN TED—Kathleen Maloney, City
Treasurer, will receive sealed tenders of $5,000 refund interest bonds of the
issue dated Aug. 1, 1935, until 1() a. m. on Dec. 24.
Tenders must state the
lowest prices, not exceeding par and accrued interest, at which the bonds
will be sold to the sinking fund.
Mich.—BOND OFFERING— Raynor F. Marshall, Village
bids until 8 p. m. on Dec. 19, for the purchase of
interest first mortgage electric light plant revenue
bonds.
Dated Nov. 1, 1938.
Denom. $1,000. Due $4,000 on Nov. 1
from 1939 to 1958, incl.
Rate or rates of interest to be expressed in multiples
CLINTON,
Clerk, will receive sealed
$80,000 not to exceed 6%
M of 1%. Principal and interest
of
(M-N) payable at Village Treasurer's
office or at a bank or trust company on the City of Detroit (to be designated
after the sale), at the option or the holder :
Bids will be received for all of
for the first $14,000 and (or) for the final $66,000.
payable solely from revenues of the utility plant and wil be
the bonds, or
will be
Bonds
secured
by a first mortgage on the entire plant which will include a 20-year franchise
setting forth the terms upon which, in case of foreclosure, the purchaser may
operate the plant.
A certified check for 2% of the bonds bid for, payable
to order of the Village Treasurer, is required,
Bids will be conditioned
the execution and recording of a mortgage in accordance with ordinance
adopted Aug. 30, 1938, and upon opinion of Berry & Stevens of Detroit,
upon
approving the legality of the bonds. Cost of legal
paid for by the Successful bidder.
opinion and printing of
the bonds to oe
GRAND
RAPIDS,
Mich.—BOND OFFERING—Louis
F.
Battjes, City Clerk, will receive sealed olds until 7 p. m. on Dec. 19, for
the purchase of $36,000 special assessment refunding bonds.
Dated Nov. 1,
1938.
Denom. $1,000.
Due Nov. 1 as follows: $4,000 from 1941 to 1944,
incl. and $5,000 from 1945 to 1948, incl.
Rate of interest to be expressed
in multiples of M of 1%, payable semi-annually.
A certified check for
2% of the issue, payable to order of the City Treasurer, is required.
Cost
of legal opinion and printing of the bonds to be paid for by the successful
bidder.
The bonds will be issued on the general faith and credit of the city.
EAST
chase of $50,000 notes,
Boyden & Perkins of Boston.
Gloucester
bidder, named a rate of 0.149%.
Mass.—BOND
Treasurer, will receive sealed bids until 11 a. m. on Dec. 19 for the purchase
of $92,000 coupon municipal relief bonds.
Dated Dec. 1, 1938.
Denom.
$1,000.
Due Dec. 1 as follows: $10,000 in 1939 and 1940 and $9,000 from
1941 to 1948 incl.
Bidder to name rate of interest in multiples of 34 of
to the
1.55%. Dated Dec. 1, 1938.
Denom. $1,000.
Due $15,000 on Dec. 1 from 1939 to 1948, incl. Principal
and interest (J-D) payable at First National Bank of Boston,
Legality
approved by Storey, Thorndike, Palmer & Dodge of Boston.
Other bids:
Bidder—
Int. Rate
Rate Bid
Halsey, Stuart & Co., Inc. —
1/4%
101.027
R.
SALEM, Mass.—BOND SALE—The $40,000 municipal relief bonds of¬
were awarded to the Second National Bank of Boston as 134s,
100.492, a basis of about 1.16%.
Dated Dec. 1,1938.
Denom. $1,000.
Due $4,000 on Dec. 1 from 1939 to 1948 incl
Principal and interest
(J-D) payable at the National Shawmut Bank of Boston or at the office,
of the City Treasurer, at option of the holder.
Second high bid of 100.008
for 134s was made by Smith, Barney & Co. of New York.
fered Dec. 15
plus $2.20
.
relief bonds offered Dec. 13 were awarded to
New York as 1%b, at 101.08, a basis of about
PEABODY, Mass.—BOND OFFERING—Patrick M. Cahill, City Treas¬
bids until 11 a. m. on Dec. 19 for the purchase of
$26,000 coupon municipal relief bonds.
Dated Dec. 1, 1938.
Denom.
$1,000.
Due Dec. 1 as follows: $3,000 from 1939 to 1944, incl., and
$2,000 from 1945 to 1948, incl.
Bidder to name rate of interest in multiples
or 34 of 1%.
Principal and interest (J-D) payable at the National Shwmut
Bank of Boston, which will supervise the preparation of the bonds and
certify as to their genuineness.
Legal opinion of Storey, Thorndike,
Palmer & Dodge of Boston will be furnished the successful bidder.
urer, will receive sealed
1939.
BROOKLINE, Mas*.—NOTE OFFERING—Town Treasurer will re~
ceive sealed bids until noon on Dec. 19 for the purchase of $300,000 notes,
payable Oct. 19, 1939.
validity of the notes, under advice of Ropes, Gray, Boyden & Perkins of
offered Dec. 13 were awarded to the Norfolk County
of $133,000 coupon
issue of
and payable $200,000 each on Oct. 27 and Nov. 24, 1939, at the National
Shawmut Bank of Boston, which will certify as to the genuineness and
STOUGHTON,
MASSACHUSETTS
.
MALDEN, Mass —NOTE OFFERING— Walter E. Milliken, City Treas¬
urer, will receive bids until 7 p. m. on Dec. 16 for the purchase at discount
of $400,000 revenue anticipation notes of 1938.
Dated Dec. 19, 1938,
Boston.
100.79
100.276
al
3797
Chronicle
GRAND
LEDGE,
Mich.—BOND OFFERING—H. S. Reames, City
sealed bids until 8 p. m. on Dec. 21, for the
Clerk-Treasurer, will receive
Surchase of $24,000 not to exceed 1, 1938. Denom. $1,000. Due $2,000
nprovement bonds.
Dated Dec. 4% interest coupon general obligation
Rate or rates of interetst to be expressed
J-D. Principal and interest payable at
Clerk-Treasurer's office. Bonds are unlimited tax obligations of the
A certified check for 2 %, payable to order of above-mentioned official,
is required.
Successful bidder to pay the cost of printing the bonds and
the city will furnish at its own expense the legal opinion of Miller, Canfield,
on
in
Dec. 1 from 1940 to 1951, incl.
multiples of 34 of 1%, payable
City
city.
Paddock & Stone of Detroit.
GROSSE POINTE TOWNSHIP RURAL AGRICULTURAL SCHOOL
DISTRICT NO. 1 (P. O. Grosse Pointe), Mich.—BOiVD SALE—The
$350,000 school bonds offered Dec. 12—V. 147, p. 3492—were awarded to
an account composed of Ryan, Sutherland & Co., Toledo; H. V. Sattley &
Co., Martin, Smith & Co., and Cray, McFawn & Petter, all of Detroit,
as 2 34s, at par plus $207.06 premium, equal to 100.059, a basis of about
2.225%.
Dated Jan. 1, 1939, and due $70,000 on Jan. 1 from 1940 to
1944, incl.
Other bids:
Int. Rate
Bidder—
& Co., Inc
Michigan Corp.; Crouse & Co.,
bell, McCarty & Co., Inc
3%
Stranaham, Harris
First of
Premium
$387.50
and Camp¬
3H-3 54%
376.77
HIGHLAND
PARK
SCHOOL
DISTRICT,
Mich.—TENDERS
WANTED—Mrs. Audrey M. Finley, Secretary of the Board of Education,
will receive sealed tenders of outstanding bonds, purchases of which will be
made in sufficient amount to exhaust the approximately $80,000 available
for such purpose.
Tenders must give a complete description of the bonds,
also state the price at sum, plus accrued interest at which they will be sold,
giving dollar value and yield.
Bonds purchased shall be delivered to the
Treasurer at the Manufacturers National Bank of Detroit, within seven
days of date of mailing notice of acceptance of tender .
HILLSDALE, Mich.—BOND SALE—The issue of $100,000 electric
light plant bonds offered Dec.
12—V. 147, p. 3645—was awarded to
McDonald, Moore & Hayes of Detroit at 100.192 for 1939-1940 as Is, 1941-
3798
1942
Financial
1 54s, and balance as 2s.
Dated May 1 1938 and due $10,000 on
May 1 from 1939 to 1948, incl.
Bonds maturing after May 1, 1940 are
callable in inverse numerical orde.on any interest date on or after that date.
Re-offered to yield 0.50% to 1% to call date. as
Other bids:
'
Int. Rate
Bidder—
Cray, McFawn & Petter
First of Michigan Corp
Paine, Webber & Co
Stranahan, Harris & Co
x
Prem.
llAA 54%
1 H~2 Y*. %
2%
2%
*$98,631
36.77
293.00
95.00
Chronicle
Dec.
that, when prices
17,
1938
his salary will do likewise.
It has made depart¬
ment heads free from the constant pressure and demands for increases from
employees.
The taxpayer has been given a fair deal too, as he is assured that
expenditures for salaries and wages will be kept down in depression periods.
All in all, the adjustable wage scale and salary standardization scheme
insures a definite, equitable, and uniform plan for increasing and
decreasing
city salaries and wages in place of the haphazard method in effect
go up,
heretofore."
The article includes tables and text
the plan over a
period of
illustrating the specific operation of
years.
Per $100 bond.
MANISTEE, Mich .—BOND SALE—The $160,000 sewage disposal
plant and system bonds offered Dec. 12—V. 147, p. 3645—were awarded
to Stifel, Nicolaus & Co. of St.
Louis.
Dated Nov. 15, 1938, and due
Nov. 15 as follows: $7,000 from 1941 to 1956, incl., and $8,000 from 1957
MISSISSIPPI
GRENADA, Miss.—BONDS SOLD—It is reported that $4,000
paving bonds were purchased
to 1962. incl.
Award
made
HANCOCK
REED
CITY,
on
a
here
Mich.—BOND
by the
$1,000.
15 as follows: $500 from 1940 to 1948, incl.; $1,000, 1949; $500 in
1950 and 1951; $1,000, 1952; $500, 1953; $1,000, 1954; $500, 1955: $1,000
in 1958 and $1,000 from 1959 to 1967, incl.
Callable
date of issue.
Rate or rates of interest to be ex¬
pressed in multiples of 54 of 1%.
Principal and interest (J-D 15) payable
at the Reed City State Bank, Reed City.
The city is authorized and re¬
quired by law to levy upon all of its taxable property such ad valorem
taxes as may be necessary to pay both principal and interest.
A certified
check for 2% of the bonds bid for, payable to order of the City Treasurer,
is required.
Purchaser to pay cost of printing the bonds and legal opinion.
City reserves the right to withhold from sale bonds of the last six maturities
not exceeding $6,000.
of $37,500
as 2s.
building bonds
O.
Bay
St.
Louis),
Dec. 10—V. 147. p. 3645—we
are
advised that the correct amount
bonds to be offered is $75,000, not $7,500
as
we
had reported
Pascagoula National Bank, as 454sDenominations
Dated Dec. 1, 1938. Due from Dec. 1, 1939 to 1963.
$500
and
MISSISSIPPI, State of—NOTES SOLD—It is reported that $100,000
were purchased on Dec.
7 by the Delta National Bank of Yazoo
City, at 1%.
notes
SCOTT COUNTY (P. O. Forest), Miss.—BONDS SOLD—It is
reported
that $30,000 354% semi-annual court house and jail bonds have been
purchased by Walton & Jones of Jackson.
Dated Oct. 1, 1938.
Legal
approval by Charies & Travernicht of St. Louis.
(A loan of like amount
was approved by the Public Works Administration for court house and
Jail construction.)
,
DISTRICT,
was
Mich.—BOND SALE—An issue
sold to Paine, Webber & Co. of Chicago
MISSOURI
MINNESOTA
Markets in all State,
ALDEN, Minn.—BOND SALE—The $15,000 issue of village hall bonds
offered
street
Dec. 8 by the Grenada Trust & Banking Co
JACKSON COUNTY (P. O. Pascagoula) Miss.—BONDS SOLD— It is
reported that $100,000 District No. 3 industrial bonds have been purchased
Dec.
SCHOOL
on
(P.
previously.
in 1956 and 1957; $500
after five years from
JOHNS
on
of funding
OFFERING—Anna Hesselsweet, City
Clerk, will receive sealed bids until 8 p. m. on Dec. 20 for the purchase of
$21,000 not to exceed 3A% interest coupon general obligation hospital
building bonds.
Dated Dec. 15, 1938.
Denoms. $1,000 and $5)0.
Due
ST.
COUNTY
Mi*9.—OFFERING
CORRECTION—In connection with the offering scheduled for Dec. 19, of
the $1,043,000 refunding road bonds, and of the
funding bonds, as noted
bid of 100.128 for 3H&.
Other bidders:
C. W.
McNear & Co., Welsh, Davis & Co., both of Chicago, Stranahan, Harris
& Co., Toledo; Charles K. Morris & Co., Channer Securities Co., A. S.
Huyck & Co. and H. C. Speer & Sons Co., all of Chicago.
was
for sale on Dec. 9—V. 147, p. 3493—was awarded to the First
according to the Village Clerk.
Dated Dec. 1,
Due $1,000 from Dec. 1, 1940 to 1954, incl.
BONDS
County & Town Issues
National Bank of Alden,
1938.
AUSTIN, Minn.—BOND SALE—The $32,000 issue of swimming pool
SCHERCK, RICHTER COMPANY
bonds offered for sale on Dec. 8—V. 147, p. 3493—was awarded to the
First National Bank & Trust Co. of Minneapolis, and associates, as 2 Aa
according to the City Recorder.
Dated Dec. 1, 1938.
Dec. 1 in 1939 to 1948; optional on and after Dec. 1, 1940.
at
par,
Due
LANDRETH BUILDING, ST. LOUIS, MO.
on
HENNEPIN COUNTY CONSOLIDATED SCHOOL DISTRICT NO(P. O. Minneapolis, R. R. No. 1), Minn.—BOND OFFERING—
MISSOURI
142
Sealed bids will be received until 2 p. m. on Dec. 19 by Mrs. R. J. Kelley,
Clerk of the School Board, for the purchase of a $38,500 issue of coupon
school building bonds.
Interest rate to be specified by the bidder.
Denom.
KANSAS
$1,000, except one for $500Dated Jan. 1, 1939.
Due on Jan. 1 as fol¬
lows: $2,500 In 1942; $2,000.1943 to 1947; $3,000,1948 and 1949, and $5,000
in 1950 to 1953, all inclusive.
The said bonds will be payable at the First
National Bank & Trust Co. of Minneapolis.
The district will furnish the '
executed bonds and approving legal opinion of Junell, Fletcher, Dorsey,
Barker & Ooiman of Minneapolis, Minn., without cost to the purchaser.
All bids must be unconditional and accompanied by a certified check in the
amount of at least $1,500, payable to the order of the district.
Sealed bids
may be mailed and oral auction bids will be received at said time and place.
The Board reserves the right to reject any and all bids and to adjourn the
sale if deemed expedient.
CITY SCHOOL
DISTRICT
(P.
Co.
1959 incl.
BONDS OFFERED FOR INVESTMENT—'The successful bidders reoffered
the above bonds for public subscription at prices to yield from 2.10% to
2.50%, according to maturity.
The
following is
an
official list of the bids received:
Rates Bid
Name of Bidders—
2A%
Baum,
Bernheimer Co., and Halsey,
Stuart & Co., Inc
$1,392.00
Lazard Freres & Co., Chicago; Stone
& Webster and Blodget, Inc., and
Callender,Birke & MacDonald, K.C.
Brown
Harriman
& Co., Inc.,
and
Phelps, Fenn & Co., New York; Boatmen's National Bank, St. Louis, and
F. S. Moseley & Co., Chicago.
Harris Trust & Savings Bank; City
National Bank & Trust Co., and
OFFICE
OF O.
J.
TURNER, CITY COMPTROLLER
Minneapolis, Minnesota
Mercantile-Commerce
Co.,
and
Chicago.
.
Minneapolis
on
Nov. 10, 1938, passed
a
resolution which reads in part as follows:
"Resolved by the City Council of the City of Minneapolis:
"That in pursuance of an Act of the Legislature of the State of
to and it shall be his
or owners
of the
&
Trust
Trust
Co.,
*1,734.00
same
Co.,
•
9,939.00
6,525.00
$16,848.00
and
SCHOOL DISTRICT
7,949.70
(P. O. St. Joseph) Mo.—BOND
OFFERING-^—Sealed bids will be received until 7:30 p. m. no Dec. 20, by
T. E. Dale, Secretary of the Board of Education, for the purchase of an
$85,000 issue of coupon refunding bonds. Denom. $1,000. Dated Feb. 1,
1939. Due on Feb. 1, 1959. Bidder to name one interest rate for all of the
bonds in a multiple of 54. of 1%.
Prin. and int. (F-A), payable in lawful
money at the Guaranty Trust Co., New York.
No bid will be accepted
are
thereof from time to time at the request of the owner
the payment of the fees herein set forth."
6,390.00
Successful bid.
ST. JOSEPH
"In all such
cases when the bonds are returned to him to be
registered or
registered when issued, the said City Comptroller is hereby empowered
duty to cancel all bonds so returned, together with the
unpaid coupons thereon, and issue in lieu thereof, a certificate or cer¬
tificates of registration amounting to the face value of such bonds.
"The City Comptroller shall charge the sum of one dollar ($1.00) for each
such registered certificate, plus five cents ($0.05) for each $1,000 for the
amount for which such certificate is issued.
In the event re-registration is
requested, the Comptroller shall charge the sum of fifty cents ($0.50) for
each certificate issued for the purpose of such re-registration.
"And the Mayor and City Clerk of the City of Minneapolis are
hereby
authorized and directed to sign and attest
respectively, such certificates of
registration upon application of the City Comptroller, and the
City Comp¬
troller is hereby directed to countersign such certificates and deliver the
same upon surrender of the coupon bonds for which
they are to be exchanged,
and to transfer such certificates or to issue new registered certificates in lieu
,
1,079.00
Bank
Northern
Mississippi- Valley
Trust
Braun, Bosworth & Co
x
-
$5,517.00
-
First National Bank of Chicago
Minnesota,
approved Feb. 26, 1897, entitled 'An Act to Provide for the Registration of
Municipal Bonds of the Cities of this State,' the City Comptroller be, and
he is hereby authorized and empowered to register any of the bonds of said
city which have been or hereafter may be issued on the request of the
persons owning and holding the same or the person or owner to whom the
same may be hereafter issued.
3%
899.70
Commerce Trust Co.
Nov. 28, 1938.
To Whom It May Concern:
The City Council of the City of
254%
.
Stern Brothers & Co
City Comptroller:
Mo.—
and the Mercantile-Commerce Bank & Trust Co. of St.
as 2Hs, paying a premium of $1,734, equal to 100.578, a basis of
°.46%.
Dated Jan. 1, 1939.
Due $30,000 from Jan. 1, 1950 to
MINNEAPOLIS,
Minn.—STATEMENT ON REGISTRATION OF
BONDS—The following announcement was sent to us by O. J. Turner,
*
Kansas City)
of Chicago,
Louis,
about
FALLS, Minn.—CERTIFICATE SALE— The $21,000 issue
of paving certificates of indebtedness offered for sale on Dec. 12—V. 147,
p. 3493—was awarded jointly to C. 8. Ashmun & Co. of Minneapolis and
Mairs-Shaughnessy & Co. of St. Paul, as 2*4s, paying a price of 100.476,
a basis of about 2.16%.
Dated Nov. 1, 1938.
Due from Nov. 1, 1939 to
1949* inclusive.
LITTLE
O.
—BOND SALE—The $300,000 issue of coupon school bonds offered for sale
on Dec. 13—V. 147, p. 3493—was awarded jointly to the Northern Trust
for less than the entire amount or at less than the par value of the bonds.
The bonds are issued to provide funds for refunding of previously voted
,
bonds of Ike amount.
It is the intention of the Board of Education to
require the amount of the bid to be deposited with the Guaranty Trust Co.,
New York, where this issue of bonds will be delivered and the funded issue
will be taken up.
Bonds, before delivered, will be certified by the State
Auditor and their validity attested by a decree of the Circuit Court of
Buchanan County. The district operates under the education laws of the
State. The bonds are authorized under Article 4, Chapter 15, and Article 16,
Chapter 57, R. S. Missouri, 1929.
The bonds will be valid and legally
binding obligations of the district and all the taxable property within the
district will be subject to a levy of ad valorem taxes to pay the bonds and
interest thereon, without limitation of rate or amount. Enclose a certified
check for $2,500, payable to the district.
upon
MOOSE LAKE, Minn.—BONDS NOT SOLD—It is stated
by the Village
Cierk that the $21,000 issue of sewage treatment plant bonds offered on
Dec. 12, as noted here—V. 147, p. 3645—was not sold.
He
MONTANA
ANACONDA, Mont.—BONDS OFFERED TO PUBLIC—An issue of
$124,000 4% Special Improvement District No. 24 bonds is being offered
by Brown, Schlessman, Owen & Co. of Denver for public subscription.
Dated Nov. 1, 1938.
Denom. $1,000.
Due Jan. 1, 1945.
Callable in
numerical order upon 15 days' published notice at par and accrued interest.
Prin. and int. Jan. 1 of each year, payable at the City Treasurer's office.
The City has covenanted to pay 25% of the total bonds issued from
general
ad valorem taxes, as its share of the cost of
improving street intersections
reports that
the Council meeting was adjourned until Dec. 14 for consideration of the
bids.
Dated Sept. 1,1938.
Due $1,000 from Sept. 1,1939 to
1959, incl.
NORMAN COUNTY COMMON SCHOOL DISTRICT NO. 81
(P. O.
coupon school bonds
offered for sale on Dec. 10—V. 147, p. 3493—was purchased
by the State
Bank of Shelly, as 3 54», according to the District Clark.
No other bid was
received.
Dated Jan. 3, 1939.
Due $500 from Jan. 3, 1940 to 1953, incl.
Shelly), Minn.—BOND SALE—The $7,000 issue of
within the district.
to the increase
says.
In the 16 years of operation "there have been both increases and
decreases.
At no time have horizontal cuts been made in
disregard of the original plan.
The system has eliminated the discontent among city
employees because of
variations in the rates paid for similar work.
It has assured the
city
employee a fair wage, regardless of the rise and fall of the cost of living.
The employee has accepted reductions in his salary
cheerfully, realizing
an
providing, among other things, for a revolving fund (ordinancd adopted
and approved Oct. 19. 1938) to take care of any delinquencies which might
from time to time in the payment of special improvement district
bonds issued after the passage of said Act.
The validity of this Act has
been upheld by the State Supreme Court.
For the purpose of providing
funds for the revolving fund, the city is obliged to levy^and collect such a tax
on all the taxable property In the city as shall be
necessary to meet the
financial requirements of the fund; but not exceeding in any one year an
amount corresponoing to 5%
of the principal amount of the then out¬
standing special improvement district bonds.
Legality to be approved
by Burcham & Blair of Spokane.
occur
adjustment according
or decrease in the cost of
living."
"The basic rate has been adjusted up or down In accordance with
increases
or decreases in the price scale indices, as indicated
by the United States
Bureau of Labor Statistics annual reports," the writer
These bonds will be issued under the laws of the State
in force relating to special improvement district bonds, which includes
Act passed by the 1929 Session of the Legislature and now in effect,
now
ST. PAUL, Minn.—PUBLIC WAGE PLAN HELD
SUCCESSFUL—
St. Paul's 16 year experiment with a unique system of
hitching the salaries
of public servants to the cost of
living is judged a complete success by
Samuel E. Turner Jr. of the St. Paul Bureau of
Municipal Research writing
in the December National Municipal Review, issued on Dec.
13.
"The system as worked out since 1922 has proved
satisfactory to all con¬
cerned," declares Mr. Turner.
The St. Paul plan differs from
public com¬
pensation systems in other municipalities in that only a basic rate is
embodied in the law, with salaries automatically
geared to living cost
changes, while in other cities salaries themselves are frozen into law
Mr. Turner explains that there is an "annual
wage
•
MONTANA, State of—DEBENTURE OFFERING—Sealed bids will be
received until 10 a. m. on Jan. 17, by Ray N. Shannon, State Treasurer,
for the purchase of an issue of $1,500,000 State Highway Treasury antici¬
pation debentures. Interest rate is not to exceed 4%, payable J-J. Dated
Feb. 15, 1939.
Denom. to suit purchaser.
Due Feb. 15, 1949.
Subject,
however, to the provision that the debentures shall be callable and payable
at or on any interest payment date after the expiration of five years from
date of issuance, at the option of the State Treasurer and upon at least
Volume
Financial
147
3799
Chronicle
tained at the sale of the bonds is $78,500.
State Treasurer's office on January and July 1 of each year
The bonds are unlimited tax
obligations of the borough and the legal opinion of Hawkins, Delafield &
Longfellow of New York City will be furnished the successful bidder.
A
certified check for 2% of the bonds offered, payable to order of the borough,
is required,
except for year of maturity, when
Feb. 15, 1949.
These debentures
Commission has stated that it would approve
30 days' notice to the owner or holder thereof, by registered mail prior to
the date on which such debentures shall be called for payment. The debs,
shall be registered in the office of the State Treasurer; and they shall be
bearer coupon debentures with semi-annual interest coupons payable at the
after issuance,
the last interest coupon date shall be
are being offered for sale to provide
additional working funds for the State Highway Commission for the con¬
struction, betterment and maintenance of State highways, as authorized
by Initiative Measure No. 41, the State Highway Treasury Anticipation
Debenture Act of 1938, adopted at the general election on Nov. 8, and
proclaimed a law by the Governor on Nov. 30, 1938.
They are financed and
secured by the proceeds of the five cent gaso ine tax. No bids will be con¬
sidered for less than par, and no split-rate interest bids will be considered.
Enclose a certified check for 2% of the amount of bid, payable to the State
Treasurer.
Roundup),
Mont.—BOND
the call for tenders up to
Dec. 10, it is stated by Harold P. Bennett, County Clerk and Recorder,
that a total of $35,000 par value bonds were purchased at a price of 60.
MUSSELSHELL
TENDEltS
COUNTY
(P.
O.
ACCEPTED—In connection with
Neb.—BONDS SOLD—It
bonds have been sold.
$12,500 2%
is reported that
/
semi-ann. refunding
7, have been sold at a price of
100.83.
Dakota City) Neb.—BOND SALE CAN¬
the sale of the $1,850,000 4% semi-ann
Sioux
City Bridge revenue bonds to Stranahan, Harris & Co., Inc. of Toledo,
noted in these columns last January, was canceled because of a ruling of
the District Court, which held that the above county had no authority to
purchase the toll bridge located at Sioux City. The county officials appealing
the case to the State Supreme Court, contend that the District Judge's
ruling would construe the Act (a 1935 law giving counties the right to
purchase existing interstate bridges through bona issues) a special and
focal measure, thus invalidating it, whereas the law was capable of being
viewed broadly within constitutional limitations.
DAKOTA COUNTY (P. O.
CELED—It is reported that
HAMPTON, Neb.—BONDS SOLD—It is stated by the Village Clerk that
$7,000 2%% semi-ann. auditorium bonds have been sold.
Dated Nov. 1,
1938.
Due $1,000 from Nov. 1, 1939 to 1945.
State of— UNICAMERAL LEGISLATURE PROVES
TAXPAYERS—Law-making cost Nebraska taxpayers 27%
discarded a second house in tip State Legislature, Walter L.
Pierpoint, President of the Association^of Omaha Taxpayers told the
National Municipal League at a session on "State Government" of its
Conference on Government, held recently at Baltimore.
Half as many bills were introduced in the one-house legislature, which
met for the first time in 1937, than in the previous bicameral body of the
preceding year, the speaker also pointed out. The number of laws finally
passed, however, was about the same as before.
Mr. Pierpoint pronounced Nebraska's experiment with a unicameral
law-making body a success thus far, although he warned that "maintenance
of high grade personnel by an alert electorate will be necessary to ensure
success.
Should the citizenship of the State become negligent and cease to
elect qualified persons it could soon become a failure."
NEBRASKA,
TO
SAVING
less after they
bond
unique feature of the new type legislature, which is the only
United States, is that the membership is non-partisan.
personnel of the first session was above the average," said the speaker.
"To what extent this was due to a change in system remains to be seen.
The honor of sitting in the first unicameral had wide appeal to good citizens.
Party politics played a very minor—almost negligible part—in the first
session."
•
WAYNE, Neb.—BONDS SOLD—It is said that a $48,000 issue of 3%
semi-ann. building bonds was offered for sale on Dec. 14 and was purchased
NEW
Omaha.
HAMPSHIRE
HAMPSHIRE (State of)—NOTE SALE— An issue
of $2,000,000
Second National
notes, due March 1, 1939, was recently awarded to the
Bank of Boston at 0.089% interest.
The National Shawmut
Bank of
0.10% and the Indian Head National Bank of Nashua 0.15% .
due Feb. 28, 1939, was sold to the National
Shawmut Bank of Boston at 0.1Q%.
Each loan runs for a period of 90 days.
Boston bid
An additional $800,000 notes,
NEW
JERSEY
PARK, N. 3.—FREE OF SUPERVISION—Supreme Court
Justice Joseph B. Perskie on Dec. 10 signed an order removing the city
from jurisdiction and supervision of the State Municipal Finance Com¬
mission, which has been in control of the municipality's fiscal and financial
affairs throughout the past few years.
During that time Justice Perskie has
served as
abiter of numerous disputes involving the municipal govern¬
ment, the finance commission and bondholders.
The order was signed
following submission to the court of evidence by Judge
Ward Kremer,
counsel for the city, that the government had fully complied with ail provi¬
sions of the $11,000,000 debt refunding program.—V. 147, p. 2897.
ASBURY
BELVIDERE
SCHOOL
DISTRICT,
$141,950 school bonds offered Dec. 13—V.
N.
J.—BOND
SALE— The
147, p. 3646—were awarded to
composed of B. J. Van Ingen & Co., Inc., New York; C. A. Preim
& Co. and Cf. P. Dunning & Co., both of Newark, which bid for a total of
$141,000 bonds, naming an interest rate of 3X% and price of 100.687, a
basis of about 3.20%.
Dated Dec. 1, 1938 and due Dec. 1 as follows;
$3,000, 1939 to 1948, incl.; $4,000 from 1649 to 1975, incl., and $3,000 in
1976.
Among other bids were these;
a
group
Bidder—
H. L. Allen & Co
„
M. M. Freeman & Co
H. B. Boland & Co.
Amt. Bid for
$140,000
141,000
141,500
Int. Rate
3)4%
Rate Bid
101.53
*
100.67
101.19
CARLSTADT, N. 3.—BOND OFFERING—G. Theodore Swenson, Bor¬
ough Clerk, will receive sealed bids until 8 p. m. on Dec. 28 for the pur¬
chase of $145,000 not to exceed 6% interest coupon or registered sewer
bonds.
Dated Jan. 1, 1939.
Due Jan. 1 as follows; $6,000, 1940 to 1947
incl.; $8,000 from 1948 to 1958 incl. and $9,000 in 1959.
Bidder to name
a single rate of interest, expressed in a multiple of M of 1%.
The price
for which the bonds may be sold cannot exceed $146,000.
Principal and
interest (J-J) payable at the Rutherford National Bank, Carlstadt branch,
Carlstadt.
A certified check for $2,900, payable to order of the borough, is
required.
Legal opinion of Reed, Hoyt, Washburn & Clay
successful bidder.
of New York
City will be furnished the
CARTERET SCHOOL DISTRICT, N. 3.—BOND OFFERING—Frank
Haury, District Clerk, will receive sealed bids until 8 p. m. on Dec. 21 for
the purchase of $154,000 not to exceed 5% interest coupon or registered
school bonds.
Dated Nov. 1, 1938.
Denom. $1,000.
Due Nov. 1 as
follows; $5,000, 1940 to 1949 incl.; $7,000 from 1950 to 1963 incl. and
$6,000 in 1964.
Bidder to name a single rate of interest, expressed in a
multiple of H or 1-10 of 1%.
Principal and interest (M-N) payable at
the First National Bank Carteret.
A certified check for 2% of the bonds,
payable to order of the Board of Education, is required.
Legal opinion
of Caldwell & Raymond of New York City will be furnished the successful
bidder.
EAST BRUNSWICK, N- J.—BOND ISSUE
APPROVED—'The proposal
issue $128,000 refunding bonds to permit ic< to operate on
a cash basis without difficulty was recently approved by the State Funding
Commission.
The Commission pointed out that the bond ordinance in¬
cludes a cash basis covenant.
of the to*. nship to
ENGLEWOOD CLIFFS, N. 3.—BOND OFFERING—E. W. Bragaw,
Borough Clerk, will receive sealed bids until 8 p. m. on Dec. 27 for the
purchase of $78,500 not to exceed 6% interest coupon or registered sewer
assessment bonds.
Dated Dec. 1, 1938.
One bond for $500, others $1,000
each.
Due Dec. 1, as follows; $8,500, 1940; $8,000 from 1941 to 1947,
incl., and $7,000 in 1948 and 1949.
Bidder to name a single rate of in¬
terest, expressed in a multiple of Hot 1%.
Principal and interest (J-D)
payable at the Fort Lee Trust Co., Fort Lee.
State
Funding
anticipation notes provided than the bond ordinance contain a pro¬
a cash basis of operations in accordance with R. S. 40:1-74, and a
hoidinfe of annual all inclusive tax salesi
FRENCHTOWN
SCHOOL
DISTRICT,
N.
3.—BOND SALE DE26 to Clarence B.
TAILS—The $36,000 3% school bonds awarded Sept.
.
Fargo—V. 147,
p.
3123—were sold at a price of 101.089.
HILLSIDE TOWNSHIP, N. J.—BOND ISSUE PROPOSAL REJECTED
—Following a review of a 1 the facts in connection with the township s
proposal to issue $605,000 refunding bonds, the State Funding Commission
ordered that the present application be denied, at this time,
without
prejudice.
This action, it was stated, will permit the municipality to make
further application if it so desires.
N. J.—BOND OFFERING—
John J. McHugh, Clerk of Board of Chosen Freeholders, will receive sealed
bids until noon on Dec. 22 for the purchase of $1,065,000 not to exceed 6%
interest coupon or registered maternity hospital bonds.
Dated Dec. 1,
Denom. $1,000.
Due on Dec. 1 as follows: $25,000 from 1939 to
1959, incl., and $30,000 from I960 to 1977, incl.
Bidder to name a single
interest, expressed in a multiple of H of 1 %.
Prin. and int. (J-D)
payable at the County Treasurer's office.
The sum required to be obtained
at the sale of the bonds is $1,065,000.
The bonds are unlimited tax obliga¬
tions of the county and the legal opinion of Hawkins, Delafield & Longfellov of N. Y. City will be furnished the successful bidder.
A certified
check for 2% of the bonds offered, payable to order of the county, is
required.
,
rate of
,
JAMESBURG, N. 3.—BOND ISSUE APPROVED—The State Funding
Commission approved the borough's proposal to issue $173,000 refunding
bonds to permit a complete refinancing of its indebtedness. ^Ordinance
covenants that complete annual tax sales will be held by the borough.
KEARNY, N. J.—BOND OFFERING—William B. Ross, Town Clerk:
Dec. 28 for the purchase of $220,000
6% interest coupon or registered school bonds. Dated Nov. 1.
1938. Denom. $1,000.
Due Nov. 1 as follows: $7,000 from 1939 to 1958
incl. and $8,000 from 1959 to 1968 incl.
Bidder to name a single rate of
interest, expressed in a multiple of H of 1 %. Principal and interest (M-N)
payable at the First National Bank & Trust Co., Kearny. The sum required
to be obtained at the sale of the bonds is $220,000. The bonds are unlimited
tax obligations of the town and the legal opinion of Hawkins, Delafield &
Longfellow of New York City will be furnished the successful bidder.
A
certified check for 2% of the bonds offered, payable to order of the town,
will receive sealed bids until 8 p. m. on
not to exceed
is
required.
The sum required to be ob¬
"
m
LINDEN, N. 3.—BOND OFFERING—James J. Smith, City Treasurer,
until 11a.m. on Dec. 22 for the purchase of $351,000
not to exceed 6% interest coupon or registered bonds, divided as follows;
will receive sealed bids
$54,000*school bonds.
Due Dec. 15 as follows: $3,000 from
incl. and $4,000 from 1954 to 1956 incl.
63,000 library bonds.
Due Dec. 15 as fohows: $3,000 from
incl. and $4,000 from 1948 to 1956 incl.
167,000 general
1939 to
1940 to 1953
1939 to 1947
improvement bonds.
Due Dec. 15 as follows: $8,000,
1943 incl; $9,000 from 1944 to 1946 incl., and $10,000 from
1947 to 1956 incl.
Due Dec. 15 as follows: $15,000, 1940 to 1942
incl.; $12,000 in 1943_and_$10,0p0 inJ944.
~~A"il"of~the bonds are date*d~D*ec. 157*1938.
DenomT$ 1,000. Combined
67,000 assessment bonds.
maturities
are as
follows: $11,000,1939;
$29,000,1940 to 1942 incl ; $26,000,
$16,000, 1947; $17,000 from
1956 inci.
Bidder to name
H of 1%. Principal
Linden. A certified
check for 2% of the amount of bonds bid for, payable to the City Treasurer,
is required.
Legal opinion of Caldwell & Raymond of New York City
will ne furnished the successful bidder.
Delivery of bonds will be made
1943; $25,000, 1944; $15,000, 1945 and 1946;
1948 to 1953 incl. and $18,000 from 1954 to
single rate of interest, expressed in a multiple of
and interest (J-D 15) payable at Linden Trust Co.,
a
on
NEW
ISSUE—The
further section providing for the
of its kind in the
"The
by Burns, Potter & Co., Inc. of
BOND
vision for
Another
one
3.—PROPOSED
1938.
ATKINSON SCHOOL DISTRICT (P. O. Atkinson) Neb.—BONDS
is reported that $18,000 3H% semi-ann. gymnasium bonds
SOLD—It
approved by the voters on Sept.
N.
HUDSON COUNTY (F, O. Jersey City),
NEBRASKA
ASHLAND,
FANWOOD,
the borough's plan to issue
$25,000 general refunding bonds to take up certain current obligations and
or
pany
about Dec. 29 at City Treasurer s
in New York City to be
office or at a bank or trust com¬
designated in the bid.
N. J.—BOND OFFERING—J. Arthur Wooding,
sealed bids until 3 p. m. on Dec. 21 for the purchase
6% interest coupon or registered refunding bonds
1938.
Denom. $1,000.
Due Dec. 1, as fohows:
$5,000, 1939 to 1941,. inch; $10,000, 1942; $15,000, 1943; $30,000, 1944;
$40,000, 1945 to 1950, inch, and $45,000 in 1951 and 1952.
Bidder to
name a single rate of interest.
Principal and interest (J-D) payable at the
City Treasurer's office or at holder's option at the City Bank Farmers
Trust Co., New York City,
The sum required to be obtained at the sale
of the bonds is $400,000.
A certified check for 2% of the bonds offered,
payable to order of the city, is required.
The bonds are unlimited tax
obligations of the city and the legal opinion of Hawkins, Deiafield & Long¬
fellow of New York City will be furnished the successful bidder,
y
LONG
BRANCH,
City Clerk, will receive
of $400,000 not to exceed
of 1938.
Dated Dec. 1,
LONG BRANCH, N.
3.—APPROVAL OF BOND ISSUE DEFERRED—
According to the minutes of its meeting on Dec. 7, the
Commission resolved that approval of the city's proposal to
State Funding
Issue $400,000
held in abeyance pending the receipt from the city of a
resolution agreeing to hold a tax sale before July 1, 1939, covering all taxes
of the year 1937 and prior, delinquent and subject to sale, and a further tax
sale before Nov. 1, 1939 covering all taxes of the year 1938 subject to sale
refunding bonds be
at
that
time.
MOORESTOWN
TOWNSHIP
(P.
O. Mooregtown),
N. 3,—BOND
OFFERING—Charles Laessle, Township Clerk, will receive sealed bids
until 8 p. m. on Dec. 27 for the purchase of $32,000 2)4 % first series coupon
sewer assessn ent bonds.
Dated Nov. 30, 1938. Denom. $1,000.
Due
Nov. 30 as follows: $4,000 from 1939 to 1943 incl. and $3,000 from 1944 to
1947 incl. Principal and interest (M-N) payable at the Burlington County
Trust Co., Moorestown.
The bonds are unlimited tax obligations of the
township and the legal opinion of Walter Carson, Township Attorney,
Camden, will be furnished the successful bidder. A certified check for 2%
of the bonds, payable to order of the township, is required.
ol)—PLANS TO CALL $2,000,000 BONDS—The
reported to have announced on Dec. 13
redemption on July 1, 1939 about $2,000,000 of
State bonds in order to save interest charges of about 4M% until July,
'1953.
The particular bonds to be redeemed is yet to be determined, it was
said.
Funds to effect the redemption will require the liquidation of certain
holdings in the State Sinking Fund.
The State will give six months* notice
of its intention to call the outstanding bonds, the report continued.
NEW JERSEY (State
State Sinking
its intention
Fund Commission is
to call for
TOWNSHIP, N. J.—TAX COLLECTIONS SHOW
1MPROVEMEWT—Tax collections in the township showed
increase during the month of Novemoer, according to an
announcement oy Josiah M. Hewitt, North Bergen bondholdersr repre¬
sentative. Collection of current taxes during the month, he said, amounted
to $267,470.69, as compared with $215,961.79 received-during the same
month of 1937—and $192,279.60 in Nocemoer, 1936.
Collection of de¬
linquent taxes also snowed a big increase for the month.
The receipts
amounted to $47,677.29 for November, 1938, compared with $27,404.30
in Novemoer, ±937, and $8,076.58 in 1936.
For the first 11 months of
this year, the total amount of current taxes collected amounted to $1,624,541.63 co npared with $1,403,759.14 received during the same period of 1937.
NORTH BERGEN
FURTHER
another sharp
NUTLEY,
N.
AWARDED—The $44,000
awarded to MacBride,
about 2.16%. Dated
Dec. 1 as follows: $3,000 from 1939 to 1942 incl. and
1950 incl. Second high bid of 100.46 for 2Hs was
3.—BOND SALE—NOTES
impt. bonds offered Dec. 13—V. 147, p. 3494—were
Miller & Co. of Newark as 2H», at 100.547, a basis of
Dec. 1,
1938 and due
$4 000 from 1943 to
made by H. B. Boland
& Co. of New York.
NOTE SALE— The $69,000 bond anticipation notes offered the same day
sold to J. S. Rippel & Co. of Newark at 0.60%, plus $3 premium.
Dated Dec. 1, 1938 and due Dec. 1, 1939.
MacBride, Miller & Co. of
were
Newark, next highest
series
bidder, named a rate of
0.70% and $21 premium.
N. 3.—REFUNDING ISSUES APPROVED—-The
Commission has approved the city's proposal to i«sue several
of refunding bonds amounting in the grand aggregate to $3,810,000. It
PERTH
AM BOY,
State Funding
'
3800
was
Financial
recorded that
commission
on
Nov.
the ordinance introduced
Dec. 5 is
now
in proper
25
and filed
with
the
Chronicle
12,000 water
N.
OFFERING—3. F. Ostrander, Borough
Clerk, will receive sealed bids until 8 p. m. on Dec. 23 for the purchase of
$195,000 not to exceed 6% interest coupon or registered series A general
funding and refunding bonds.
Dated Dec. 1, 1938.
Due Dec. 1, as fol¬
lows: $10,000, 1945: $10,000, 1951 to 1956, incl.; $20,000 from 1957 to
of call,
no
Principal
proposal for bonds without that privilege will be considered.
(J-D) payable at First National Bank, Itoselle.
and interest
Price for which the bonds may be sold cannot exceed $196,000.
tified check for $3,900, payable to order of the borough, is required.
A cer¬
Legal
opinion of Reed, Hoyt, Washburn & Clay of New York City will be fur¬
nished the successful bidder.
ROSELLE PARK, N. J.—BOND OFFERING—Charles E. Renton,
Borough Clerk, will receive seaied bids until 8:30 p. m. on Dec. 28 for
purchase of $88,000 not to exceed 6% interest coupon or registered
Dated Jan. 1, 1939.
relief sewer bonds.
Denom. $1,000.
Due Jan. 1,
as follows: $2,000 from 1940 to 1944, incl., and $3,000 from 1945 to 1970,
incl.
Bidder to name a single rate of interest, expressed in a multiple of
H of 1%,
Principal and interest (J-J) payable at the Roselle Park Trust
Co., Roselle Park,
The sum required to be obtained at the sale of the
bonds is $88,000.
The bonds are unlimited tax obligations of the borough
and the legal opinion of Hawkins, Delafield & Longfellow of New York
City will De furnished the successful bidder.
A certified check for 2%
of the bonds offered, payable to order of the borough, is required.
the
SCHOOL
RUTHERFORD
$205,000 school
N.
J.—BOND SALE—The
12—V.
Boland & Co. of New York
147,
3494—were
p.
234s at 100.129, a basis
Sale consisted of:
$90,000 series A bonds, due annually from 1939 to 1958 inclusive.
115,000 series B bonds, due annually from 1939 to 1958 inclusive.
All of the bonds are dated Oct, 1, 1938, with payments due each Oct. 1
as follows:
$9,000, 1939 to 1948 incl.; $12,000 from 1949 to 1957 incl.,
and $7,000 in 1958.
J, S. Rippel & Co. of Newark and Dougherty, Corkran
& Co., Philadelphia, joined in making an offer of 101.19 for $203,000
bonds as 234s, which was the second best bid.
Others were reported thus:
of about
"
DISTRICT,
building bonds offered Dec.
awarded to H. B.
as
2.24%.
No. Bonds
Bid for
Bidder—
H. L. Allen & Co._
203
Goldman, Sachs & Co. and Union Securities Corp.
Minsch, Monell & Co. and Graham, Parsons &
203
Co
B. J. Van
J. B.
Ingen & Co., Inc...
C. P. Dunning & Co.: C. A. Preim & Co., and
John B. Carroll & Co___
234%
203
SECAUCUS,
N.
Bid
101.13
101.03
100.33
100.03
224%
224%
101.66
101.35
bonds
offered Dec. 13—V. 147, p. 3494—were awarded to First National Bank of
North Bergen as 4s, at 100.25, a basis of about 3.98%.
Dated Dec. 15,
1938 and due $1,000 on Dec. 15 from 1939 to 1963 incl.
Second high bid of
101 for 434s was made by the State Employees' Retirement System.
Final
bid of 100.84 for 424s was submitted by J. B. Hanauer & Co.
storm
sewer
SUMMIT, N. J.—BOND SALE—An account composed of R. W. Pressprich & Co., New York, and Colyer, Robinson & Co., Inc., Newark, was
the successful bidder for the $200,000 coupon or registered refunding bonds
offered Dec. 9—V. 147, p. 3494. Bankers bid for a total of $198,000 bonds,
an interest rate of 234% and price of $200,081, equal to 101.05, a
of about 2.16%.
Dated Nov. 1, 1938 and due Nov. 1 as follows:
$5,000, 1941 to 1944 incl.: $10,000 from 1945 to 1952 incl.; $20,000 from
1953 to 1956 incl. and $18,000 in 1957.
Other bids:
naming
basis
No.Bonds
Bidder—
Bid
H. B. Boland & Co
Rate
200
200
Graham,
Parsons
&
Co.
and
8.
J.
Interest
For
Halsey, Stuart & Co*, Inc
Ami. Bid
234%
234%
$200,992.00
224%
224%
200,520.00
200,218.00
200,514.00
200
200
200
234%
John B. Carroll & Co_
200
234%
200,160.00
200,137.50
A. C. Allyn & Co., E. H. Rollins & Sons and
McBride, Miller & Co
Shields & Co. and Julius A. Rippel
«.
198
198
224%
234%
200,455.20
200,593.80
198
224%
199
224%
234%
234%
234%
200,501.00
200,475.00
224%
234%
200,344.44
200,309.60
Campbell,
_
Phelps
&
Co.
and
Tucker,
Anthony & Co.
Bancamerica-Blair & Co., Goldman,
.
200,805.66
Sachs
& Co. and Chas. Clark & Co
■„
Union Securities Corp
H. L. Allen & Co. and Minsch, Monell & Co.
Citizens'Trust Co
M. M. Freeman & Co
j
West Hudson County Trust Co___
197
198
198
199
197
200,760.00
200,752.20
Campbell & Co., and Union County Trust
_Co., Elizabeth
Lean, Taylor &
Speer & Co—
198
and
Van
224%
200,974.21
234%
200,009.20
Deventer,
VERONA, N. J .—REFUNDING ISSUE APPROVED—In approving the
borough's proposal to issue $83,000 refunding bonds of 1938, the State
Funding Commission did so only with the understanding that the ordinance
wouid provide for a cash basis of
operations.
WEST CAPE MAY, N. J.—BONDS NOT SOLD—No bids were submitted
for the $17,000 5% coupon or registered sewer bonds offered
Dec.
13
—V.
147, p. 3495.
They will be sold privately, according to Borough
Clerk. Dated Dec. 1,1938 and due $1,000 on Dec. 1 from 1939 to 1955 incl.
WEST ORANGE, N. J.—BOND OFFERING— Ronald C.
Alford, Town
Clerk, will receive sealed bids until 8:15 p. m. on Jan. 4 for the purchase of
$42,000 not to exceed 6% interest coupon or registered general improve¬
ment bonds.
Dated Jan. 1, 1939.
Denom. $1,000.
Due Jan. 1 as fol¬
lows: $3,000 from 1940 to 1951, incl., and
$2,000 from 1952 to 1954, incl.
Bidder to name a single rate of interest,
expressed in a multiple of 34 of 1 %.
Prin..and int. (J-J) payable at the First National Bank, West Orange, or at
the Chase National Bank, N. Y.
City.
The sum required to be obtained
at the sale of the bonds is
$42,000.
Bonds are unlimited tax obligations of
the town and the legal opinion of
Hawkins, Delafield & Longfellow of N. Y.
City will be furnished the successful bidder.
A certified check for 2
bonds
on
1943 tn
15
Dec.
from
COUNTY
(P.
O.
Little
Valley), N. Y —BOND
L.
Farnham, County Treasurer, will receive sealed bids
Dec. 21 for the purchase of $75,000 not to exceed 5%
interest coupon or registered highway refunding bonds.
Dated Dec. 15,
1938. Denom. $1,000.
Due Feb. 15 as follows: $2,000, 1940 to 1945 incl.;
$28,000, 1946; and $35,000 in 1947. Bidder to name a single rate of interest,
expressed in a multiple of 34 or l-10th of 1 %. Principal and interest (F-A 15)
payable at the Salamanca Trust Co., Salamanca, with New York exchange.
The bonds are unlimited tax obligations of the county and the legal opinion
of Dillon, Vandewater & Moore of New York City will be furnished the
p.
m.
on
bidder.
successful
A
certified check for
$1,500, payable to order of the
county, is required.
DUTCHESS COUNTY (P. O. Poughkeepsie), N. Y.—NOTESALE—
The issue of $200,000 tax anticipation notes offered on Dec. 14 was awarded
to Barr Bros. & Co. of New York at
0.096%
interest. Due in 224
months.
The Fallkill National Bank & Trust Co., Poughkeepsie, second high bidder,
named
a
rate of
EAST
AURORA,
Dec. 12—V.
of Buffalo
of about
0.166%.
as
:
N. Y.—BOND
,
$66,749 bonds off^S
SALE—The
147, p. 3344—were awarded to Glenney, Roth & Doolittle
2.40s, at par, plus $220 premium, equal to 100.329, a basis
2.38%.
Sale consisted of:
^
____
Due*$l7000 on Dec. 1 from 1939 to 1967, incl.
bonds.
Due Dec. 1, as follows: $1,500 from 1939
1941, incl., and $1,800 in 1942.
$29,000 water bonds.
to
revenue
31,449 public impt. bonds.
Due Dec. 1,
as
follows: $1,449 in 1939, and
$2,000 from 1940 to 1954, incl.
are
dated Dec. 1, 1938.
Bidder—
Other bids:
Int. Rate
•
Manufacturers & Traders Trust Co
Erie County Trust Co
Marine Trust Co. of Buffalo
Premium
2.40%
Stevens, Dann & Co., Inc
Union Securities Corp
...
$199.58
2.40%
2.50%
2.50%
2.60%
51.00
222.50
172.00
55.00
EAST GREENBUSH, NASSAU, SCHODACK, SANDLAKE, NORTH
GREENBUSH AND CHATHAM CENTRAL SCHOOL DISTRICT NO. 1
(P. O. East Greenbush), N. Y.—BOND OFFERING—Selby Sumners,
District Clerk, will receive sealed bids until 3 p. m. on Dec. 22 for the pur¬
chase of $725,000 not to exceed 5% interest coupon or registered school
bonds.
Dated Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1 as follows:
$20,000, 1941 to 1948 incl.; $25,000 from 1949 to 1955 incl., and $30,000
1956 to 1968 incl.
Bidder to name a single rate of interest, expressed
a multiple of 34 or l-10th of
1%.
Principal and interest (J-D) payable
at the Rensselaer County Bank & Trust Co., Rensselaer, with New York
exchange.
The bonds are unlimited tax obligations of the district and
the legal opinion of Dillon, Vandewater & Moore of New York City will
be furnished the successful bidder.
A certified check for $14,500, payable
to order of the district, is required.
from
in
FALLSBURGH
(P.
O.
South
Fallsburgh),
N.
Y.-—{SHELDRAKE
SE WER DISTRICT BOND OFFERING—Arch B. Rosenstraus, Town Super¬
visor, will receive sealed bids until 2 p. m. on Dec. 22 for the purchase of
$45,750 not to exceed 6% interest Sheldrake Sewer District coupon or
registered sewer bonds.
Dated Dec. 1, 1938.
One bond for $750, others
$1,000 each.
Due Dec. 1 as follows: $1,750 in 1940 and $2,000 from 1941 to
1962, incl.
Bidder to name a single rate of interest, expressed in a multiple
of 34 or l-10th of 1%.
Prin. and int. (J-D) payable at the First National
Bank, Woodridge, with New York exchange.
The bonds will be general
obligations of the town, payable in the first instance from a levy upon prop¬
erty in the Sewer District, but if not paid from such levy, then all of the
town's taxable property will be subject to the levy of unlimited ad valorem
taxes in order to pay prin. and int. charges.
A certified check for $915,
payable to the order of the town, is required.
Legal opinion of Hawkins,
Delafield & Longfellow of N. Y. City will be furnished the successful bidder
GALEN,
SAVANNAH,
ROSE,
BUTLER,
LYONS,
TYRE,
AND
JUNIUS CENTRAL SCHOOL DISTRICT NO. 2 (P. O.
Clyde), N. Y.
SALE—The issue of $330,000 school bonds offered Dec. 12—
V. 147, p. 3647—was awarded to the Harris Trust & Savings Bank and
Sherwood & Reichard, both of New York, jointly, as 2.60s, at 100.927, a
basis of about 2.52%.
Dated Dec. 1, 1938 and due Dec. 1 as follows:
$10,000, 1941 to 1945. incl.; $11,000, 1946 to 1950, incl.; $12,000, 1951 to
1955, incl.; $13,000, 1956 to 1960, incl.; $14,000 from 1961 to 1965, incl.
and $15,000 in 1966and
1967._Other bids.
—BONDS
196
Co.
$1,000
Due
dated Dec. 15, 1938.
are
CATTARAUGUS
OFFERING—U.
until 2
Rippel
& Co..
B, J. Van Ingen & Co
C. A. Preim & Co., C. R. Dunning & Co.,
and Schlater, Noyes & Gardner, Inc_
$1,000.
ALFRED, ALMOND, WEST ALMOND, WARD, HORNELLSVILLE
AND HARTSVILLE CENTRAL SCHOOL DISTRICT NO. 1 (P. O.
Almond), N. Y.—BOND OFFERING— Seaied bids will be received by
Pearl Armstrong, District Clerk, until 3 p. m. on Dec. 21 for the purchase of
$230,800 not to exceed 6% interest coupon or registered school bonds.
Dated Dec. 1, 1938.
One bond for $800, others $1,000 each.
Due Dec. 1
as follows: $7,800, 1941; $7,000, 1942 and 1943; $8,000, 1944 to 1950,
incl.;
$9,000 from 1951 to 1957, incl., and $10,000 from 1958 to 1966, incl.
Bidder to name one rate of interest, expressed in a multiple of 24 or 1-lOth
of 1%.
Prin. and int. (J-D) payable at the University Bank, Alfred.
The bonds are unlimited tax obligations of the district and the legal opinion
of Reed, Hoyt, Washburn & Clay of N. Y. City will be furnished the suc¬
cessful bidder.
A certified check for $4,616, payable to James R. Evans,
District Treasurer, is required.
All of the bonds
J.—BOND SALE—The $25,000
1938
Bidder to name a single rate
of interest, expressed in a multiple of 34 or l-10th of 1%.
Principal and
interest (J-D) payable at the University Bank, Inc., Alfred.
All of the
bonds are payable from unlimited ad valorem taxes and the approving
legal opinion of Reed, Hoyt, Washburn & Clay of New York City will
be furnished the successful bidder.
A certified check for $620, payable
to order of the village, is required.
100.95
234%
234%
202
M. M. Freeman & Co____
Rale
Denom.
bonds.
All of the bonds
6,300 tax
204
205
205
*.
Hanauer & Co
Int.
Rate
234%
234%
17,
Due $500 on Dec. 15 from
1943 to 1954 inclusive.
J.—BOND
1962, inch, and $5,000 in 1963.
Bidder to name a single rate of interest,
expressed in a multiple of 34 of 1%.
Bonds maturing on or after Dec. 1,
1951, will be redeemable at par and accrued interest on Dec. 1, 1949, or
On any subsequent interest payment date upon at least 30 days' notice
given in a newspaper or financial journal published in New York City.
Any bidder may, at his option, bid separately for the bonds if such right
of redemption is reserved.
Should the borough decide to reserve the right
Denom. $500.
1962 inclusive.
form in that it oarrys the necessary
covenants, &c.
Rt^SELLE,
Dec.
10,000 sewer bonds.
% of the
offered, payable to order of the town, is required.
___
Bidder—
Int. Rate
*
Halsey, Stuart & Co., Inc
Rate"Bid
2.60%
100.66
2.70%
100.71
Bancamerica-Blair
Corp.; Roosevelt & Weigold,
Inc. and Bacon, Stevenson & Co
Marine Trust Co. of Buffalo; R. D. White & Co.;
A. C. Allyn & Co.; E. H. Rollins & Sons and
B. J. Van Ingen & Co.
Manufacturers & Traders Trust Co.; George B.
Gibbons & Co. and Adams, McEntee & Co., Inc.
GERMAN
FLATTS,
N.
Y.—BOND
2.70%
100.589
2.70%
100.449
OFFERING—Floyd A.
Clayton.
Town Supervisor, will receive sealed bids until 2 p. m. on Dec. 28 for the
purchase of $50,000 not to exceed 5% interest coupon or registered home
relief bonds.
Dated Nov. 1, 1938.
Denom. $1,000. Due $5,000 on Nov. 1
from 1939 to 1948 incl.
in
a
multiple of 34
or
Bidder to
single rate of interest, expressed
Principal and interest (M-N) payable
name a
l-10th of 1%.
at the
Ilion National Bank & Trust Co., Ilion, with New York exchange.
The bonds are unlimited tax obligations of the town and the legal opinion of
Dillon, Vandewater & Moore of New York City will be furnished the success¬
A certified check for $1,000, payable to order of the town, must
proposal.
ful bidder.
NEW
YORK
accompany each
ALBANY COUNTY (P.
O. Albany), N. Y.—BOND SALE— The
$896,000 coupon or registered bonds offered at public auction on Dec.
1--V, 147, p. 3646—were sold to a
syndicate composed of Haisey, Stuart
& Co., Inc.; Pheips, Fenn &
Co., Inc.; Bancamerica-Blair Corp.; F. S.
Moseiey & Co.; Eastman, Dillon <& Co.; G. M-P. Murphy & Co., and
Granbery, Marache & Lord, ail of New York City, as 2.10s, at 100.21, a
basis of about 2.0%.
Bankers re-offered the bonds
2.15%, according to maturity.
They are described
to
as
yield from 0.35 % to
ALFRED,
are
dated Dec. 1, 1938.
Y.—BOND OFFERING—William H. Thomas, Village
Clerk, will receive sealed bids until 2p.m. on Dec. 22 for the
purchase of
$31,000 not to exceed 6% interest coupon or registered bonds, divided as
follows:
1940 to 1957 inclusive.
Denom.
$500.
HARMONY,
DISTRICT
NO.
SHERMAN
AND CLYMER
(P. O. Panama), N. Y.—
1
1941
each.
to
Due
1968 incl.
Co.,
New
HEMPSTEAD
Lynbrook),
school
bonds
N.
UNION
FREE
SCHOOL
DISTRICT
Y.—BOND SALE—The $298,500
offered
Dec.
16—V.
147,
p.
NO.
20
(P.
O.
coupon or registered
awarded to the
3647—were
Lynbrook National Bank as 2.60s at 100.349.
Dated Dec. 1, 1938 and
as follows:
$10,500, 1940; $10,000, 1941 to 1954 incl.; $13,000
and $15,000 from 1956 to 1964 incl.
due Dec. 1
N.
$9,000 street impt. bonds.
NORTH
SCHOOL
Dec. 1 as follows: $1,750 in 1940 and $2,000 from
Principal and interest (J-D) payable at the Guaranty
York.
Legality approved by Reed, Hoyt, Washburn
& Clay of New York.
Second high bid of 100.04 for 2.90s was submitted
by the Union Securities Corp., New York,
$1,000
Trust
follows:
$496,000 refunding bonds.
Due Dec. 1, as follows: $21,000 in 1939, and
$25,000 from 1940 to 1958, incl.
300,000 highway and bridge bonds.
Due $20,000 on Dec. 1 from 1939
to 1953, incl.
100,000 public works bonds.
Due $10,000 on Dec. 1 from 1939 to 1948,
incl.
All of the bonds
HARMONY,
CENTRAL
BOND SALE—The $57,750 school bonds offered Dec. 15 were awarded to
the Manufacturers & Traders Trust Co. of Buffalo as 2.80s, at 100.349, a
basis of about 2.77%.
Dated Dec. 1, 1938.
One bond for $750, others
Due
$500
on
Dec.
15
from
in 1955,
HOOSICK (P. O. Hoosick), N. Y.—BOND SALE—The $30,000 bonds
offered Dec. 15—V. 147, p. 3647—were awarded to E. H. Rollins & Sons,
Inc., New York, as 2s at 100.388, a basis of about 1.93%.
Sale consisted of:
$12,000 home relief bonds.
Due Dec. 15 as follows: $1,000 from 1939 to
1944, incl., and $1,500 from 1945 to 1948, incl.
Volume
18,000 public works bonds.
Due $2,000
N. Y.—BOND SALE—The issue of $80,000 refunding
awarded to the First National
Bank & Trust Co. of Port Jervis,
jointly, as 3s, at par.
Dated Dec. 1, 1938 and due $4,000 on Dec. 1 from
1939 to 1958. incl.
A. C. Allyn & Co., Inc., and E. H. Rollins & Sons,
Inc., both of New York, joined in submitting the next best bid which was
PORT JERVIS,
Dec. 15 from 1940 to 1948,
on
bonds offered Dec. 15—V. 147, p. 3496—was
inclusive.
__All of the bonds
are
Bank of Port
The Union Securities Corp.,
dated Dec. 15, 1938.
New York, second high
bidder, offered to pay 100.10 for 2.20s.
•ol^H^T^'NGTON (P. O. Huntington), N. Y.—BOND SALE—The
refunding water bonds offered Dec. 15—V. 147, p. 3647—were
to Bacon, Stevenson & Co. of New York as 2.60s at 100.30, a
Dated Dec. 1, 1938, and due June 1 as follows:
$5,000, 1951 and 1952; $8,000, 1953; $3,000, 1954; $11,000 in 1955 and
$5,000 iu 1956.
George B. Gibbons & Co., New York, next highest bidder,
$37,000
POUGHKEEPSIE UNION FREE
basis of about 2.58%.
HYDE
PARK,
POUGHKEEPSIE,
CLINTON AND PLEASANT
VALLEY CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Hyde Park),
N. Y.—BOND OFFERING—Victor E. Durbeck, District Clerk, will re¬
ceive sealed bids until 2 p.m. on Dec. 20 for the purchase of $715,000 not
to exceed 5% interest coupon or registered school bonds.
Dated Dec. 1,
1938.
Denom. $1,000.
Due Dec. 1 as follows: $20,000, 1940 to 1954,
incl.; $25,000 in 1955 and $30,000 from 1956 to 1968, incl.
Bidder to name
a single rate of interest, expressed in a multiple of
M or l-10th of 1%.
Principal and interest (J-D) payable at Fallkill National Bank & Trust
Co., Poughkeepsie, with New York exchange.
The bonds are unlimited
tax obligations of the district and legal opinion of Dillon, Vandewater &
Moore of New York City will be furnished the successful bidder.
A
certified check for $14,300, payable to order of the district, is required.
Y.—BOND SALE—The $68,500 coupon or reg¬
14—V. 147, p. 3647—were awarded to the
York, jointly, as
basis of about 3.15%. Sale consisted of:
Dec.
Marine Trust Co. of Buffalo and R. D. White & Co., New
3.20s, at 100.292,
a
are
dated Jan. 1, 1939.
Int. Rate
3.20%
3.25%
3.40%
Rate Bid
100-139
100.167
N.
bidder, recently purchased an issue of
Dated Dec. 1, 1938, and due Dec. 1 as
Y.—BOND
and $2,550 in
NASSAU COUNTY (P. O. Mineola), N. Y.—BOND OFFERING—
Harry L. Hedger, County Treasurer, will receive sealed bids until 12:30 p. m.
Dec. 20, for the purchase of $3,957,000 not to exceed 4% interest coupon
or registered bonds, divided as follows:
incl., and $9,000 from
Treasurer, is required.
the
Goodwyn & Olds of Washington, D. C., for the account
National Bank, New York, as 3 Ms, at a price of 102 fixed by
$36. This was the only bid submitted for the issue.
Dec. 1, 1938 and due Dec. 1, 1950.
The county is to reserve the
to
redeem the bonds before maturity at its option on any interest payment
date on or after Dec. 1, 1941, but not prior thereto, upon payment
par,
accrued interest, and a premium equal to M of 1 % for each year or fraction
thereof from the date of redemption to the date of maturity. No reoffering
of the bonds was made.
awarded to Brown,
dated Dec. 15, 1938.
Denom. $1,000. Rate or
expressed in multiples of M or 1-lOth of 1 % and all
of the bonds of each issue must bear the same rate, although different rates
may be named on the respective issues.
Principal and interest (J-D 15)
payable at County Treasurer's office.
The Nassau County Trust Co.,
Mineola, will supervise the preparation of the bonds and certify as to their
genuineness.
A certified check for $79,140, payable to order of County
Treasurer, is required.
Legal opinion of Reed, Hoyt, Washburn & Clay of
New York City will be furnished the successful bidder.
Delivery of bonds
will be made at aforementioned trust company, unless otherwise agreed.
of the Chase
of
WYOMING
5%
3648—was
for the bonds
1949: the
incl.
HENDERSON, N. C.—BOND OFFERING—Sealed bids will be re¬
ceived until 11 a. m. on Dec. 20, by W. E. Easterling, Secretary of the
Local Government Commission, at his office in Raleigh, for the purchase
of
$55,000 issue of coupon sanitary sewer bonds.
Interest rate is not
to exceed
6%, payable M-N.
Denom. $1,000. Dated Nov. 1, 1938.
Due Nov. 1, as follows: $2,000 in 1941 to 1944, $3,000 in 1945 to 1953,
and $4,000 in 1954 to 1958.
Bidders are requested to name the interest
rate or rates in multiples of H of 1%.
Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for the
balance, but no bid may name more than two rates, and each bidder meat
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the City, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities.
No bid of less than par and
accrued interest will be entertained.
Prin. and int. payable in New York
City in legal tender.
General obligations; unlimited tax. The bonds are
registerable as to principal alone.
Delivery on or about Dec. 29, at place
of purchaser's choice.
Bids must be on a form to be furnished by the
above Secretary.
The approving opinion of Masslich & Mitchell, of
New York, will be furnished.
Enclose a certified check for $1,100, payable
147,
48.00
160.00
930.14
607.00
coupon or registered school bonds.
Dated
$500.
Due June 1 as follows: $2,000 from 1940
interest
Denom.
18.00
35.00
a
69.00
Dec. 1, 1938.
to 1942, incl.,
payable
Dillon,
1943 to 1949, incl.
Principal and interest (J-D)
at Millerton National Bank, Millerton,
Legality approved by
Vandewater & Moore of New York City
OYSTER BAY UNION FREE SCHOOL DISTRICT NO. 23*(P. O.
Massapequa), N. Y.—BOND OFFERING—Charles E. Krohn, District
Clerk, will receive sealed bids until 1 p. m. on Dec. 19, for the purchase of
$96,000 not to exceed 5% interest coupon or registered school bonds. Dated
Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1 as follows:
$4,000, 1940 to
1943, incl.; $5,000 from 1944 to 1959, incl.
Bidder to name a single rate
of interest, expressed in a multiple of M or l-10th of 1%.
Principal and
interest (J-D) payable at the City Bank Farmers Trust Co., New York
City.
The bonds are unlimited tax obligations of the sistrict and the legal
opinion of Dillon, Vandewater & Moore of New York City will be furnished
the successful bidder.
A certified check for $1,920, payable to order of the
district, is required.
• •
.
to the State
coupon
of Winston-Salem, and
equal to 100.077, a
as follows: $24,000
3s, maturing $12,000 on Dec. 1, 1945 and 1946, the remaining $24,000
as 2 Ms, due $12,000 on Dec. 1 in 1947 and 1948.
WADESBORO, N. C.—BOND SALE—The $140,000 issue Of coupon
public improvement bonds offered for sale on Dec. 13—V. 147, p. 3649
was
awarded to a group composed of R. S. Dickson & Co. of Charlotte, the
Southern Investment Co. of Charlotte, and Vance, Young & Hardm or
Winston-Salem, paying a premium of $116, equal to 100.082, a net interest
cost of about 3.39% on the bonds divided as follows: $100,000 as 3Ms,
maturing on Dec. 1; $4,000, 1941 to 1945; $5,000, 1946 and 1947, and
$10,000 in 1948 to 1954; the remaining $40,000 as 3Ms, maturing $10,000
awarded jointly to the Wachovia Bank & Trust Co.
Lewis & Hall of Greensboro,, paying a premium of $37,
net interest cost of about 2.85%, on the bonds divided
as
single rate of interest, expressed in a multiple of M or l-10th of 1%. Prin¬
cipal and interest (A-O) payable at Chase National Bank, New York.
The bonds are unlimited tax obligations of the village and the legal opinion
of Reed, Hoyt, Washburn & Clay of New York City will be furnished the
successful bidder.
A certified check for $280, payable to order of the
village, is required.
PHELPS, SENECA, JUNIUS, LYONS AND ARCADIA CENTRAL
SCHOOL DISTRICT NO. 1 (P. O. Phelps), N. Y.—BOND OFFERING—
Loveless, District Clerk, will receive sealed
Dec. 21 for the purchase of $90,750 not to exceed
S.
from Dec. 1,
ING—it jS reported that
NORTH
DWIGHT COMMON
Bidder—
Bank & Trust Co__l
Mutual Trust Co. (plus $2 premium)
First National
Int. Rale
k.
:
—
0.75%
0.75%
SCHOOL DISTRICT (P. O. Grenora) N. Dak.
issue of school bonds offered on Dec. 1—V.
sold as 5s. at par, according to report. Due $500 from
GRENORA SPECIAL
—BOND SALE—The $10,000
147, p. 3346-~-was
1940 to 1959 incl.
Y.—CERTIFICATE ISSUE DETAILS—The
Other bids:
Dwight), N. Dak.
purchase of
1,
of
1939.
DAKOTA
SCHOOL DISTRICT (P. O.
OFFERED—It is reported that sealed bids were received until
5 p. m. on Dec. 15, by Harold Slotten, District Clerk, for the
a $5,000 issue of not to exceed 5%, payable J-J.
Due $1,000 from July
1940 to 1944, incl.
—BONDS
PLEASANTVILLE, N. Y.—BOND SALE—The $10,000 water bonds
16—V. 147, p. 3648—were awarded to Sherwood & Reichard
of New York as 2.20s, at 100.17, a basis of about 2.155%.
Dated Dec. 1,
1938 and due Dec. 1 as follows:
$2,000 in 1940 and 1941 and $3,000 in
1942 and 1943.
N.
Local Government Commission,
issue of $135,000 beach erosion
bonds.
offered Dec.
CHESTER,
Wilmington) N. C.—BOND OFFER¬
received until 11 a. m. on Dec.
sealed bids will be
20, by W. E. Easterling, Secretary of the
at his office in Raleigh, for the purchase of an
registered school bonds.
Dated Dec. 1, 1938. One bond for $750, others
$1,000 each. Due Dec. 1 as follows: $6,750 in 1940 and $6,000 from 1941 to
1954 incl. Bidder to name a single rate of interest, expressed in a multiple
of M or l-10th of 1%. Principal and interest (J-D) payable at the National
City Bank, New York City. The bonds are unlimited tax obligations of the
district and the approving legal opinion of Reed, Hoyt, Washburn & Clay
of New York City will be furnished the successful bidder. A certified check
for $1,815, payable to order of the District Clerk, is required.
PORT
1955 to 1958 incl.
WRIGHTSVILLE BEACH (P. O.
bids until 3 p. m. on
6% interest coupon or
$100,0 )0 0.54% certificates of indebtedness sold to F. B. Eyre & Co.
New York—V. 147, p. 3648—are dated Dec. 1, 1938 and mature Feb. 15,
Treasurer.
WILKESBORO, N. C.—BOND SALE—The $48,000 issue of
refunding bonds offered for sale on Dec. 13—V. 147, p. 3648
was
NORTH
PENN YAN, N. Y.—BOND OFFERING—William B. Manley, Village
Clerk, will receive sealed bids until 2 p. m. on Dec. 28, for the purchase of
$14,000 not to exceed 3% interest coupon or registered municipal building
bonds.
Dated Oct. 1, 1938. Denom. $500. Due Oct. 1 as follows: $1,000
in 1939 and 1940 and $1,500 from 1941 to 1948, incl.
Bidder to name a
H.
$10,000 issue of coupon
municipal building bonds offered for sale on Dec. 13—V.
p.
awarded to R. S. Dickson & Co. of Charlotte, paying par
divided as follows: $5,000 as 5Ms, due $500 from April 1, 1940 to
remaining $5,000 as 5s, maturing $1,000 from 1950 to 1954
EAST
and $1,500 from
CAROLINA
C.—BOND SALE—The
GRANITE FALLS, N.
0.50%
0.50%
0.54%
0.57%
0.67%
3648—were awarded
basis of
in 1949
.
NORTH
Premium
$19.00
0.47%
0.48%
Y.—BOND SALE—The
Dec. 16—V. 147, p.
New York as 1.90s, at 100.15, a
1938 and due $24,000 on Dec. 1
and 1950.
,
Int. Rate
0.45%
O. Warsaw), N.
to
UNION FREE SCHOOL DISTRICT NO. 6 (P. O.
Millerton), N. Y.—BONDS OFFERED—Frederick L. Smith, District
Clerk, received sealed bids on Dec. 16 for purchase of $16,500 not to exceed
NORTH
COUNTY (P.
$48,000 refunding bonds offered
Salomon Bros. & Hutzler of
about 1.885%.
Dated Dec. 1,
YORK, N. Y.—NOTE SALE—The issue of $3,000,000 tax notes
offered Dec. 14 was awarded to Goldman, Sachs & Co., New York, and the
Marine Trust Co. of Buffalo, jointly, at a rate of 0.44 %, plus a premium of
$44. Dated Dec. 15, 1938 and due in one year. Interest is payable semi¬
annually on June 15 and at maturity on a 365-day basis.
Reoffered to
yield 0.375%.
—
Dated
right
the RFC, plus
NEW
Salomon Bros. & Hutzler
Y.—BOND
by
WESTCHESTER COUNTY (P. O. White Plains), N.
$1,800,000 cross county parkway revenue bonds offered
Reconstruction Finance Corporation on Dec. 12—V. 147, p. 3648—were
SALE—The
All of the bonds will be
First Boston Corp
Lazard Freres & Co
unlimited
of Reed,
successful bidder.
District
(J-D) payable at the National Bank of Hobart.
The bonds are
tax obligations of the district and the approving legal opinion
Hoyt, Washburn & Clay of New York will be furnished the
'A certified check for $5,000, payable to order of Donald Rose,
rates of interest to be
Halsey, Stuart & Co., Inc., and Associates
National City Bank of New York
Chase National Bank of New York
Bank of the Manhattan Co
1951 to 1968, incl.
Bidder to name a single rate of
multiple of A or l-10th of 1%.
Prin. and int.
interest, expressed in a
$1,500,000 series D refunding bonds.
Due Ded. 15 as follows: $100,000
from 1940 to 1946, incl. and $200,000 from 1947 to 1950, incl.
1,457,000 series A public bldg. bonds.
Due Dec. 15 as follows: $60,000,
1939 to 1948, incl.; $80,000, 1949 to 1952, incl.; $90,000 from
1953 to 1957, incl. and $87,000 in 1958.
1,000,000 series D public works bonds.
Due Dec. 15 as follows: $80,000
from 1939 to 1943, incl. and $120,000 from 1944 to 1948, incl.
Other bids:
1941.
Bank
on
Bidder—
follows:
STAMFORD, KORTRIGHT, DELHI,
HARPERSFIELD, MEREDITH AND BOVINA CENTRAL SCHOOL DISTRICT NO. 2 (P. O.
South Kortright), N. Y.—BOND OFFERING— Lester G. Rowe, District
Clerk, will receive sealed bids until 2 p. m. on Dec. 21 at the National
of Hobart, in Hobart, for the purchase of $238,000 not to exceed 6% interest
coupon or registered school bonds.
Dated Dec. 1, 1938. Denom. $1,000.
Due Dec. 1 as follows: $7,000, 1941 to 1944, inch; $8,000 from 1945 to 1950,
Co., both of New York, in joint account.
Dick & Merle-Smith
Bank of Sea Cliff, only
$8,550 street impt. bonds as 3s.
$3,000 in 1939 and 1940
Y.—BOND SALE—The State
SEA CLIFF, N.
100-22
SALE— The $88,550 sewer bonds
offered Dec. 13—V. 147, p. 3647—were awarded to the Marine Trust Co.
of Buffalo and R. D. White & Co., New York, jointly, as 3s at 100.57,
a basis of about
2.96%.
Dated Dec. 1, 1938 and due Dec. 1 as follows:
$2,550, 1939; $2,000 from 1940 to 1970 incl., and $3,000 from 1971 to 1978
incl.
Reoffered from a 1% yield basis to par.
Second high bid of 100.58
for 3.20s was made by Sherwood & Reichard and George B. Gibbons <fc
MANCHESTER,
Y.—BOND SALE—The
SALAMANCA, N. Y.—BOND SALE—The issue of $83,000 sewer bonds
Dec. 12—V. 147, p. 3648—was awarded to the Union Securities
2.30s, at par plus $151 premium, equal to 100.181, a
basis of about 2.28%.
Dated Dec. 1, 1938 and due Dec. 1 as follows:
$4,000 from 1939 to 1955, incl. and $5,000 from 1956 to 1958, incl. Roose¬
velt & Weigold, Inc., New York, second high bidder, offered to pay 100.11
for 2.30s.
Other bidders were the Salamanca, Trust Co., Sherwood &
Reichard and Manufacturers & Traders Trust Co. of Buffalo.
Other bids:
George B. Gibbons & Co. and Adams, McEntee & Co.
A. C. Allyn & Co. and E. H. Rollins & Sons
Roosevelt & Weigold, Inc.
___________
O. Troy), N.
Corp. of New York as
$6,500,
to 1949
incl.
Bidder—
(P.
offered
$20,000 water bonds. Due $1,000 on Jan. 1 from 1940 to 1959 incl.
48,500 general impt. bonds. Due Jan. 1 as follows: $6,000, 1940;
1941; $7,000 from 1942 to 1944 incl. and $3,000 from 1945
All of the bonds
COUNTY
RENSSELAER
$225,000 coupon or registered refunding bonds offered Dec 16 were awarded
Mackey, Dunn & Co., Inc., New York, as 2.10s, at 100.15, a basis of
about 2.08%. Dated Dec. 1, 1938. Denom. $1,000. Due Dec. 1 as follows:
$10,000 from 1939 to 1953 incl. and $15,000 from 1954 to 1958 incl. Prin¬
cipal and interest (J D) payable at National City Bank, Troy, with New
York exchange.
Legality approved by Dillon, Vandewater & Moore of
New York City.
to
MAMARONECK,, N.
offered
SCHOOL DISTRICT NO. 7 (P. O.
Poughkeepsie), N. Y.—BOND OFFERING—-Watson E. Sanford, District
Clerk, will receive sealed bids until 2 p. m. on Dec. 21 for the purchase of
$216,000 not to exceed 5% interest coupon or registered school bonds.
Dated Dec. 1, 1938.
Denom. $1,000. Due Dec. 1 as follows: $6,000 from
1941 to 1946 incl. and $9,000 from 1947 to 1966 incl.
Bidder to name a
single rate of-interest, expressed in a multiple of A or 1-I0th of 1%. Prin¬
cipal and interest (J-D) payable at the Fallkill National Bank & Trust Co.,
Poughkeepsie, with New York exchange.
The bonds are unlimited tax
obligations of the district and the legal opinion of Dillon, Vandewater &
Moore of New York City will be furnished the successful bidder- A certified
check for $4,320, payable to order of the district, is required.
offered 100.23 for 2.60s.
bonds
Jervis and the National
100.288 for 3.10s.
awarded
istered
3801
Chronicle
Financial
147
LISBON
.
SCHOOL DISTRICT NO. 19 (P. O. Lisbon)
OFFERING—Sealed bids will be received until 11 a. m. on
SPECIAL
N. Dak.—BONE
by Walter H. Billing, District Clerk,
issue of building bonds.
Interest rate is not
Dated Dec. 24, 1938.
Denom. $1,000, one
Dec. 24,
for the purchase of a $72,600
to exceed*4%, payable J-D.
for $600. Due Dec. 24, as
3802
Financial
Chronicle
follows:
$3,600 in 1941, $3,000 in 1942 to 1945, $4,000 In 1940 to 1953 and
$5,000 in 1954 to 1958. Prin. and int. payable at any bank or trust company
designated by the purchaser.
The approving opinion of Junell, Fletcher,
Dorsey, Barker & Oolman, of Minneapolis, will be furnished. Enclose a
certified check for 2% of bid, payable to the district.
WEST
FARGO
SCHOOL
DISTRICT
NO.
6
(P.
Bidder—
Minneapolis,
as
3%b,
noted here—V. 147,
as
p.
3049—were sold for
OHIO
AKRON
CINCINNATI
the county
script bond
SPRINGFIELD
CINCINNATI. Ohio—NOTE OFFERING— Henry Urner, City
Auditor,
noon on Dec. 28 for the purchase of
$1,500,000
1 Yi % water works improvement bonds to be issued in
anticipation of the
sale of bonds for the purpose of refunding at a lower rate a like
amount of
water works bonds callable prior to maturity.
Notes will be dated Feb.
1, 1939.
Due Feb. 1, 1941, but redeemable at any interest
paying period.
Interest is payable Feb. 1, 1940, and semi-annually thereafter.
Bidder
may name a different rate of interest, but such fractional rate shall be in
multiples of H of 1%.
Principal and interest payable at Irving Trust
Co., New York City.
City will provide without cost not more than 15
typewritten manuscript notra.
Ir any additional notes or different type
notes are desired the cost of
printing same shall be paid for by the bidder.
Approving opinion of City Solicitor will be furnished without cost.
Any
other opinion must be secured at bidder's cost.
CINCINNATI, Ohio—BOND CALL—Jessie
B. Brown, Secretary of the
Board of Trustees of city sinking fund, announces that the
following
described 3 Yt % callable water works bonds have been called for
redemption
on .Feb. 1, 1939 and will be redeemed on that date
upon presentation at the
the Provident
or at
Savings Bank & Trust
„
$500 each.
Dated Feb.~T,
Feb. 1, 1923.
$500 each.
Dated Aug. 1
Aug. 1, 1923.
,
Financial Statement Nov. 30,1938
Date of incorporation, March 1, 1819.
$77,926,344.29
:
1,130,950.00
xiNotes issued in anticipation of the levy and collection of
special assessments.*
54,200.00
$79,111,494.29
l',345,000!00
1938
Total indebtedness
-----
$80,456,494.29
—
\Special
assessment bonds and notes included
in above
Water works bonds and notes incl. in above._
Cincinnati Southern Railway bonds included
in above
Par value of water works sinking fund
Par value of Cincinnati Southern
By.
fund
Par value of all sinking funds
$2,324,114.80
7,837,300.00
-
Principal and interest (J-D) payable at Village Treasurer's office.
to be approved by Peck, Shaffer & Williams of Cincinnati.
Total valuation of taxable property
December, 1937
Tax rate--*
x
These notes
These bonds
mitted for the
"
SOLON, Ohio—TENDERS WANTED—Fred S. Brit ton. Village Clerk
approximately $6,000 is available in the sinking fund for the
purchase of refunding bonds, dated July 1, 1936, sealed tenders of which
states that
will be received at his office until noon on Jan. 14.
Prices must not exceed
face value and tenders must include a complete description of the nature
of the bonds offered.
Bonds tendered must be ready for delivery not later
than 10 days following consideration of tenders.
r
SYLVANIA'SCHOOL
M
TROT WOOD,
sewer system
12—V. 147, p. 3346—were awarded to Ryan, Suther¬
Dated Nov. 1, 1938 and due $1,500 on Nov. 1 from
1940 to 1959 incl.
TROY. Ohio—BOND SALE DETAILS—The
$100,000 sewage disposal
plant and community center building bonds re-sold to the First Troy Na¬
tional Bank & Trust Co.,
Troy—V. 147, p. 3649—bear 3% interest and
were
sold at par.
WICKLIFFE, Ohio—BOND
EXCHANGE IN PROGRESS—According
Wayne E. Davis, Village Solicitor, whose address if the Terminal Bldg.,
Willoughby, a total of $807,111 of the $969,711 general obligation and
special assessment bonds outstanding in the hands of the
public and held
by the municipal sinking fund have been deposited in
approval of the plan
for refunding the
village's debt.
Exchange of bonds is already in progress
through facilities of the Cleveland Trust Co., Cleveland, and payment of
interest from Oct. 1, 1936, to July 1, 1938, is
being made at the rate of 3%
as provided in the debt
adjustment plan,
YORKVILLE, Ohio—BOND SALE—Charles A. Hinsch & Co., Inc.,
of Cincinnati purchased a new issue of
$40,000 4 H% first mortgage water
works revenue bonds.
Dated Dec. 1, 1938.
Denoms. $1,000 and $500.
Due Dec. 1 as follows:
$1,000, 1941 and 1942; $1,500, 1943 to 1945, incl.;
$2,000, 1946 to 1949, incl.; $2,500 from 1950 1952, incl., and $3,000 from
1953 to 1958, incl.
The 1952 and subsequent maturities are callable Dec. 1,
Issue was re-offered to yield from
3% to 4%, according to maturity
with reference to the callable bonds to the
optional date.
Principal
and interest
(J-D) payable at Village Treasurer's office.
Legality to be
approved by Squire, Sanders & Dempsey of Cleveland.
Proceeds of the
issue will be supplemented by Public Works
Administration grant of $27,000
and the entire $67,000 used in
improving the village's present water supply
system.
$807,677,550.00
21.78
are
paid from
and
notes
R. J. EDWARDS, Inc.
collected by the State of Ohio,
by special assessments levied upon
revenues
paid
are
COLUMBUS, Ohio—SERIOUS
REVENUE SHORTAGE IN TROSPECT
—Mayor Myron B. Gessaman has stated that under present conditions the
city stands to receive only $2,927,514 in revenues next year, or a reduction
of $476,000 from the $3,398,000
during the current period. Unless additional
income becomes available, the
city will be forced to curtail various services
in 1939, the
Mayor warned.
Stating that he is "profoundly disturbed"
over the impending revenue
deficiency, the Mayor said he would request
the City Council to
appeal the report of the County Budget Commission,
adding that he found it difficult to understand why the Commission did not
allow the city an additional
$147,000 in revenue by placing certain debt
service charges outside the 10-mill limitation.
In face of the drastic cut in
city income, the Budget Commission increased
by $300,000 the revenues
to. be obtained by the county
government, the Mayor disclosed.
Mr.
Gessaman said there
was little
hope of assistance, particularly with respect
city's relief requirements, being made by the State
Legislature.
COUNTY
(P.
O.
Cleveland), Ohio—BOND
Municipal Bonds Since 1892
sinking fund $393,500 bonds
as
follows:
$200,000 3H% refunding bonds.
Dated
Oct.
1,
1936.
Due
as
follows:
£ct* 1. 1946; $5,000, April 1
°ct"
and $25,000, Oct. 1, 1947;
l' 1948; 810.000, April 1 and $30,000, Oct. 1,
1949;
$31,000, Oct. 1, 1950; $29,000, April 1 and $20,000, Oct.
1,4951;
callable Oct. 1, 1946.
101,500 4M% refunding bonds.
Dated Oct. 1, 1934.
Due as follows:
$500, April 1 and $2,000, Oct. 1, 1940;
$8,000, April 1 and $2,000,
Dct. l, 1941; $7,000, April 1 and
$4,000, Oct. 1 in 1942 and 1943;
$7,000, April 1 and $2,000, Oct. 1 in 1944 and
1945; $7,000,
April 1 and $4,000, Oct. 1, 1946; $7,000,
April 1 and $5,000,
Oct. 1, 1947 and 1948;
$8,000, April 1 and $6,000, Oct. 1, 1949;
callable Oct. 1, 1942.
92,000 sewer bonds.
Dated May 1, 1927.
Due $23,000 on Oct. 1
from 1939 to 1942, incl.
Principal and interest payable at the County Treasurer's
office.
Bonds
are payable from limited ad
valorem taxes and have been
approved as to
legality by Squire, Sanders & Dempsey of Cleveland.
)
6 Sa^6 correc^8 ^
Previously given in these columns.
DAYTON SCHOOL
DISTRICT, Ohio—CERTIFICATE SALE DE¬
TAILS—-The $248,073 4% State School
Foundation certificates purchased
by the Huntington National Bank of Columbus—V.
147, p. 3649—mature
on or before Dec. 1, 1939.
FREDERICKSTOWN SCHOOL
DISTRICT, Ohio—BOND
SALE—
The $77,000 building bonds offered Dec. 10—V.
147, p. 3346—were awarded
Stranahan, Harris & Co., Inc., of Toledo as 3s, at
par plus $1,013.32
premium, equal to 101.31, a basis of about 2.86%.
Dated Dec. 10, 1938
to
Oklahoma City, Oklahoma
AT&T Ok Cy 19
Long Distance 787
OKLAHOMA
OKLAHOMA, State of—LEGISLATURE
TO DECIDE ON FINAN¬
special dispatch from Oklahoma City to the "Wall
Street Journal" of Dec. 16 reported as follows:Oklahoma
Legislature con¬
vening in January will determine if long term bond issue required to taek
up short term treasury notes payable May 1, 1939.
State Note Board
thus far marketed two series totaling $13,000,000 and
may be required to
offer additional series of $5,000,000.
Gov .-elect Leon C. Philips, who is formulating a
program for presenta¬
tion to the January session, will request cut of
$8,000,000 in appropriations
for departments, institutions and State school fund to
balance the general
revenue fund.
His plan contemplates pledge of sales tax income for social
security and direct relief costs.
At present, $3,000,000 is taken from
general revenue for these purposes.
CING
PLANS—A
.
OREGON
SALE—
A group composed of the First
Cleveland Corp., A. C.
Allyn & Co., Inc.,
Chicago, and Stifel, Nicolaus & Co. of St. Louis purchased from the
county
^ 147rePO]3G49
Ohio—BOND SALE—The $30,000 sanitary
bonds offered Dec.
land & Co. of Toledo.
CLEVELAND.
Ohio—SURVEY OF UTILITY SYSTEM ISSUED
IN CONNECTION WITH BOND OFFERING—An
elaborate study of the
municipal electric light and power plant, replete with statistical and other
pertinent information, has been issued by the
city in connection with the
prospective sale on Dec. 22 of $3,000,000 not to exceed
6% interest light
and power plant first
mortgage bonds, complete details of which appeared
In V. 147, p. 3497.
CUYAHOGA
DISTRICT, Ohio—BOND SALE—The $137,500
school building bonds authorized at an election on Sept. 27—V.
147, p. 2575
—have been sold, according to Lora Randall, District Clerk.
property benefited by the improvements.
The water works and Cincinnati Southern Ry. bonds are
self-supporting.
The City of Cincinnati has never defaulted
payment of its bonds, notes
or interest.
to
Ohio—BONDS NOT SOLD—No bids were sub¬
$2,300 4% funding bonds offered Dec. 10.—V. 147, p. 3498-
and
642,360,040.00
90,317,510.00
75,000,000.00
Personal property tax duplicate (estimated)
Legality
PROCTORVILLE,
1951.
21,918,239.41
4,089,852.79
sinking
9,823,445.09
24,221,309.92
Assessed valuation real property
Assessed valuation public utilities
Ohio—PURCHASER—
to
Population, 473,421.
Bonds outstanding
♦Poor relief notes
Bonds advertised for sale Dec. 27,
DISTRICT,
POWHATAN POINT, Ohio—BOND SALE—An issue of $45,000
4^%
first mortgage water works revenue bonds was purchased
by Charles A.
Hinsch & Co., Inc., Cincinnati, and re-offered to yield from
3.20% to
4.25%, according to maturity.
Dated Dec. 1, 1938.
Denoms. $1,000 and
$500.
Due Dec. 1 as follows: $1,000, 1941 to 1943, incl.; $1,500, 1944 to
1946, incl.; $2,000, 1947 to 1949, incl.: $2,500. 1950 to 1952, incl.; $3,000,
1953 to 1955, incl.; $3,500 in 1956 and 1957 and $4,000 in 1958 and 1959.
will receive sealed bids until
Co., Cincinnati:
SCHOOL
'
OHIO
Irving Trust Co., New York,
sinking fund—V. 147, p. 3649—we are advised that a manu¬
issued, bearing 3% interest and to mature in 25 years.
was
PLEASANTVILLE
CASSTOWN, Ohio—BOND SALE DEFERRED—D. H. McNeal,
Village Clerk, reports that the sale of $6,000 water and sewer bonds is being
deferred pending Public Works Administration approval of the
project.
$1,000,000 bonds, numbers 8,205 to 10,205,
1903, due 1943, first optional date
500,000 bonds, numbers 10,205 to 11,204,
1903, due 1943, first optional date
370.00
Walter, Woody & Heimerdinger of Cincinnati purchased the issue of $25,000
high school building bonds reported sold in V. 147, p. 2735.
Price paid
was par and accrued interest for
4% bonds.
CLEVELAND
COLUMBUS
468.00
376.00
MANSFIELD," Ohio—BOND SALE—The $19,350 special assessment
improvement bonds offered Nov. 25—V. 147, p. 3055—were awarded to
the Citizens National Bank & Trust Co. of Mansfield as
2Ys, at 100.05,
a basis of about
2.48%.
Dated Nov. 1, 1938, and due as follows: $2,400,
April 1 and $2,350 on Oct. 1 from 1939 to 1941, incl.; $1,300, April 1 and
Oct. 1, 1942; $1,300. April 1 and $1,200, Oct. 1, 1943.
4 MM A
MITCHELL, HERRICK & CO.
CANTON
$848.85
HAMILTON COUNTY (P. O. Cincinnati). Ohio—BOND ISSUE
DETAILS—In connection with the purchase of $500,000 sewer bonds
by
a
MUNICIPALS
700 CUYAHOGA BUILDING,
Premium
Season good & Mayer
Braun, Bos worth & Co
Knox National Bank, and Knox
Savings Bank, Mount Vernon
Farmers Savings & Trust Co., Mansfield
West Fargo)
N. Dak.—PRICE PAID—It is stated by the District Clerk that the
$45,000
coupon building bonds purchased by the First National Bank & Trust Co.
of
17, 1938
$1,000, April 1 and $2,000, Oct. 1 from 1940 to 1942incl., and $2,000, April 1 and Oct. 1 from 1943 to 1959, incl.
Other bids: J
O.
grice of 101.64, a basis of about 3.58%. Due from Nov. 1, 1941 to 1958
Dec.
and due asTfoIlows:
MALHEUR COUNTY UNION HIGH SCHOOL DISTRICT NO. 5
(P. O. Nyssa) Ore.—BOND SALE—The $41,750 issue of school building
bonds offered for sale on Dec. 10—V. 147, p. 3498—was awarded to
Merton
R. De Long of Portland, and associates, paying a
price of 100.07, a net
interest cost of about 3.61%, on the bonds divided as follows:
$30,000 as
3Ks, maturing $2,000 on Jan. 1-in 1942 to 1956; the remaining $11,750 as
3 Ms, maturing on Jan. 1: $2,000, 1957 to 1961, and $1,750 in 1962.
SCIO, Ore.—INTEREST RATE—It is
water
now reported that the $12,000
bonds purchased by Tripp & McClearey of Portland, at a
price of
as noted here on Dec. 3—V. 147, p. 3498—were sold as 4s.
100.07,
WICKIUP
WATER
DISTRICT
(P.
O.
Svenson)
Ore.—BONDS
OFFERED—Sealed bids were received by H. E. Lawrence, District Secre¬
tary, until 3 p. m. on Dec. 17, for the purchase of a $25,000 issue of 5%
semi-ann. water bonds.
Dated Dec. 20, 1938.
Due on Dec. 20 as follows:
$500 in 1941 and 1942, and $1,500, 1943 to 1958.
YAMHILL COUNTY SCHOOL DISTRICT NO. 140 (P. O. McMinnville) Ore.—BOND SALE—It is now reported that the $50,000 school
bonds offered for sale on Oct. 14—V. 147, p. 2431—were sold to a
group
composed of Tripp & McClearey, the Baker, Fordyce, Tucker Co., Atkin¬
son, Jones & Co., and Camp & Co., all of Portland, paying a premium of
$135, equal to 100.27, a net interest cost of about 2.58%, on the bonds
divided as follows:
$22,500 as 2%a. maturing on Oct. 1: $2,000, 1943 to
1947, and $2,500, 1948 to 1952; the remaining $27,500 as 2Y&, maturing on
Oct. 1: $2,500 in 1953; $3,000, 1954 to 1961, and $1,000 in 1962.
PENNSYLVANIA
ALTOONA SCHOOL DISTRICT, Pa.—NOTE SALE—Singer. Deane
& Scribner of Pittsburgh purchased an issue of $299,000 notes
1H%
interest, at par plus $11 premium. Due on July 15 and Oct. 1, 1939."
Volume
GIRARD, Pa.—BOND SALE—The $15,000 sewer bonds offered Dec. 12
—Y. 147, p. 3347—were awarded to Singer, Deane & Scribner of Pittsburgh
as 2 Ms, at par plus $41.55 premium, equal to 100.27, a basis of about 2.21 %.
Dated Jan. 15, 1939 and due $5,000 on Jan. 15 from 1946 to 1948 incl.
Callable at par and accrued interest Jan. 1, 1944 or on any subsequent
interest paying date.
Other bids:
Bidder—
Int. Rate
Premium
E. H. Rollins & Sons, Inc
2M %
$58.50
S. K. Cunningham & Co
3%
106.50
$120,000 BOROUGH OF WILKINSBURG,
ALLEGHENY
Due $10,000
each
COUNTY, PENNSYLVANIA, 2
year
3803
Chronicle
Financial
147
1/1/43 through 1/1/54 @ 1.30% to 2.12%
-
JOHNSON & McLEAN
HARRISBURG, Pa.—FINANCIAL STUDY ISSUED—In connection
sell an issue of $1,600,000 not to exceed 3%
bonds on Dec. 20, reported in Y. 147, p. 3650
the firm of C. C. Codings & Co. of Philadelphia has prepared for distribution
a detailed financial study pertaining to all phases of the city's financial
and fiscal operations.
The study also includes a statement explaining the
conditions which make It necessary for£the cityjto provide for a new source
of water supply, cost of which will be borne jointly by the municipality and
the Public Works Administration.
President Roosevelt previously ap¬
proved a Federal grant of $1,236,000 for the project.
with the city's intention to
interest water improvement
Incorporated
PENNSYLVANIA
PITTSBURGH
Teletype—PITB 289
A. T. T.
Telephone—Atlantic 8333
PENNSYLVANIA
Pa .—BOND OFFERING—Philip S. Strange, Borough
Secretary, will receive sealed bids until 8 p. m. on Jan. 3 for the purchase of
$50,000 coupon bonds. Dated Dec. 15,1938. Denom. $1,000. Due $10,000
on Dec. 15 in 1943,1944,1947,1950 and 1952.
Bidder to name a single rate
of interest, expressed in a multiple of M of 1% and payable semi-annually.
Sale of bonds is subject to approval of proceedings by the Pennsylvania
Department of Internal Affairs. A certified check for $1,000, payable to
order of the Borough Treasurer, is required.
Borough will print the bonds
and furnish the approving legal opinion of Burgwin, Scully & Churchill of
BELLEVUE,
HELLERTOWN, Pa.—BOND SALE—An issue of $30,000 3% improve¬
during November to Burr & Co., Inc., Philadelphia,
ment bonds was sold
at a price
of 100.361.
TOWNSHIP
MAHANOY
(P.
DISTRICT
SCHOOL
Pittsburgh.
OAKMONT,
Library, R. D. 1),
STATEMENT—
Johnson & McLean, Inc. of Pittsburgh are making public offering of a new
issue of $70,000 2M% school bonds—V. 147, p. 3650—at prices to yield
from 1.50% to 2.65% for maturities from 1941 to 1959 incl., and at a
price of 101 for I960 to 1963 maturities. The bonds are tax free in Pennsyl¬
vania, free of present Federal income taxes and legal for trust funds and
BETHEL TOWNSHIP SCHOOL DISTRICT (P. O.
Pa.—BONDS
PUBLICLY
OFFERED—FINANCIAL
savings banks in Pennsylvania.
Financial
Bonded debt including these
Less sinking fund, cash Nov.
Net debt before other deductions, about 1.81% of
Delinquent taxes at 75% of face
$3,000, 1945; $4,000.
1953; $5,000 from 1954 to
1959.
80,000 bonds, series 1939-B. Due Jan. 1 as follows: $2,000, 1940; $4,000,
1941; $3,000, 1942 and 1943; $4,000, 1944; $3,000, 1945; $4,000
from 1946 to 1951 incl.: $5,000, 1952; $4,000, 1953; $5,000, 1954
to 1957 incl.; $6,000 in 1958 and $2,000 in 1959.
Callable as a whole
but not in part, at par, on Jan. 1,1941, or on Jan. 1 of each succeeding year.
All of the bonds are dated Jan. 1, 1939.
Second high bid of 101.17 for
2Mb was made by Glover & MacGregor of Pittsburgh.
$104,221
valuation..
37,585
-
,
PENNSYLVANIA (State of)—LOCAL
ment
amount
Date
road or other bonded debt.
1938 (est.), 7,500; 1930 (U. S. Census), 5,482; 1920, 2,406.
Population
Collected During
Collected to
Levy Year
Nov. 17, 1938
$78,877 $43,713 or 55% $66,030 or 84%
84,471
62,597 or 74%
67,528 or 80%
85,316
65,324 or 77%
66,557 or 78%
85,680
——
*41,315 or 49%
Tax
Levied
1935----
1936..
1937-...
—
1938
purposes
fiscal year.
14 mills; 1937, 14 mills; 1936, 14 mills; 1935, 13 mills
on the basis of 85% tax collections.
Bethel Township, with which the School District is identical in area, Is
about 2 miles south of Pittsburgh city limits and includes numerous im_
portant suburban developments and a part of Allegheny County South Park
DISTRICT,
SCHOOL
Pa .—BOND
Pa.—BOND SALE—The $75,000 sewer bonds offered
Dec. 13—V. 147, p. 3347—were awarded to Stroud & Co. of Philadelphia
as 2Ks, at 101.66, a basis of about 2.39%.
Dated Dec. 15, 1938 and due
Dec. 15 as follows: $10,000 in 1943. 1948 and 1953; $15,000 in 1958, 1963
Int. Rate
2\i%
-.
E. H. Rollins & Sons..---.
2M%
.
Singer, Deane & Scribner—
2M%
—
2M %■
2%%
M. M. Freeman & Co
Bancamerica-Blair Corp
Date
ing floating indebtedness
—
Co.—Streets, improve Cambria Co.—Repaying money
in general fund being used for capital improvements _
Johnstown
City S.
D., Cambria Co.—Refunding
bonded indebtedness
101.14
100.649
100.392
(P. O. Renshaw), Pa.—BONDS NOT SOLD—No
bids were submitted for the $100,000 improvement and funding bonds
offered Dec. 14—V. 147, p. 3650.
<
---
Donegal Twp. S. D., Washington Co.—Funding t
floating indebtedness;— - _
S. D., Blair Co.—Temporary indebted¬
Altoona City
ness
• -
Northampton Twp. S.
COAL TOWNSHIP
addition, &c
-
Davidson Twp. S.
indebtedness
D., Bucks Co.-r-High
D., Sullivan Co.—Funding
Subjcet was discussed previously in V.
FRANKLIN TOWNSHIP SCHOOL DISTRICT (,P. O. Greensburg),
Pa.—OTHER BIDS—NEW ISSUE OFFERING—In connection with the
$23,000 school bonds to Johnson & McLean, Inc. of Pitts¬
2Mb, at 100.13, a basis of about 2.73%—V. 147, p. 3499—we give
unsuccessful bids and report of reoffering of the issue
by the bankers, together" with latest available data on district's financial
recent award of
burgh
as
Bidder—
,•
Warren
Int. Rate
S. K. Cunningham & Co
Singer, Deane & Scribner
E. H. Rollins & Sons, Inc..
Moore, Leonard & Lynch
But & Co., Inc
Leach Bros., Inc...
Rate Bid
3%
3%
t
100.82
100.36
101.22
100.625
McLean, Inc., reoffered the
bonds to yield from 1.70% to 2.58%, according to maturity.
Offering
was made subject to
the favorable legal opinion of Burgwin, Scully &
BONDS PUBLICY OFFERED—Johnson &
Churchill of Pittsburgh.
Financial Statement {as of Nov.
$1,551,375
25,000
Assessed valuation (50% of real value)
Bonded debt, including this issue
Floating debt
Sinking fund (cash)
Taxes of prior years
6,973
875
—
7,297
outstanding (at 50% of face)
Net debt (1.4% of assessed
Population
;■>—
valuation)
(present estimate), 4,000.
$23,801
The above statement does not
political subdivision having the power to
school district.
Include the debt of any other
levy taxes within the
Tax Collections
Fiscal Year
Beginning—
Levy
July 1, 1935
$25,825
July 1,1936
27,337
July 1, 1937------ 32,281
Collected in Year of
Levy
$21,018
83.7%
22,637
82.7%
27,242
84.4%
Collected Nov.
1938 "
$23,815
25,103
28,415
19,
92.2%
91.9%
87.9%
D.,
S.
Borough
Warren
Co.—Remodeling
school building
—
indebtedness
Sharon
Hill
Nov. 22
Nov. 22
195,000
Nov. 22
10,000
Nov. 22
299,000
Nov. 28
16,500
Nov. 29
4,000
Nov. 29
51,000
Nov. .29
36,000
20,000
220,500
Nov. 29
35,000
Nov. 29
Dec.
1
Dec.
1
- -
Borough
improvements
Nanty-Glo Borough,
streets and sewage
S.
D.,
Delaware Co.—School
a
25,000
. _ -
—.
Cambria Co.—Improvements to
system
Sharon Hill Borough, Delaware
indebtedness
.
-
10,000
—
Co.—Funding floating
-
41,000
------- ----- -
Dec.
2
Dec.
2
Dec.
2
PHILADELPHIA, Pa.—CITY MAY SELL GAS WORKS TO AVERT
NE W TA XES—We quote in part as follows from a lengthy article appearing
in the Philadelphia "Inquirer" of Dec. 15:
"City Council will seek to avoid retention of new taxes by selling the
municipal gas works to a banking syndicate, it was indicated yesterday.
"Almost to a man, the Councilmen welcomed the proposal of A. Webster
Dougherty, a banker, that the city dispose of the plant for an amount said
"Dougherty>would
not disclose the identity of those he represents, but
sufficiently impressed by the offer to set a meeting of the
Lighting Committee for next week to hear more details.
'If we are able to sell the gas works, then we can repeal
these taxes,
Committee.
in the
declared Councilman Bernard Samuel, Chairman of the Finance
"The bills he referred to were the 3% sales tax and a 50% increase
which the committee approved during a recess meeting.
Both measures, as well as repeal of the 1M % income tax, will be passed
water rents,
finally today.
SUPREME COURT
INJUNCTION POSTPONES ACTION
"Evening Bulletin" of Dec. 15
PROGRAM—The Philadelphia
report from which we quote as follows:
The entire 1939 budget making activity
ON TAX
carried a
.
,
^
.
.
of City Council was brought to
the Pennsylvania Supreme Court.
,
The Court granted a preliminary injunction asked in a taxpayer s suit
filed by William A. Schnader for State Senator George Woodward.
The injunction restrains Council from adopting a budget or imposing
any new taxes until argument is heard Monday to make the injunction
an
1, 1938)
Nov, 21
180,000
-----
-
South
100.389
4M%
—-
101.23
3%
3%
3%
-
-
-■-
Councilmen were
.
*
Nov. 21
Co.—School addi¬
S. D., Delaware
tion, Ac
the following list of
status:
180,000
10,000
floating
Fayette Twp., Allegheny Co.—Improv. roads. Sharon, City of, Mercer Co.—-Sewer improvements. ..
Coaldale Borough, Schuylkill Co.—Refunding bonded
obligation of the municipality.
146, p. 1927, 3555.
Nov. 21
-
IN SPECIAL ASSESSMENT BOND CASE
APPEALED—Edward M. Murphy, City Solicitor, reports that a lower
court decision granting a local taxpayer a judgment of $62,500 and interest
in a suit involving the status of over $700,000 special assessment paving
bonds has been appealed to the State Supreme Court and will not be finally
determined until some time next summer.
In his view the decision in
question is not a final judgment and city has not defaulted. These bonds, he
added, must be distinguished from our full faith and credit bonds. The city
has refused to accept responsibility for the payment of the special assess¬
ment bonds on the ground that they were not issued solely in anticipation of
collection of assessments against specific properties and are not a general
Nov. 21
300,000
3,500
school,
Haverford Twp.
Pa.—RULING
Approved
$44,000
—----- —
--.— - -
CORAOPOLIS, Pa.-^BOND OFFERING—Borough Secretary will re¬
ceive sealed bids until Jan. 6 for the purchase of $20,000 equipment bonds.
Denom. $1,000.
Due $2,000 each year from 1941 to 1950. incl.
.
: 1
ERIE,
133,000
Amount
Brookville Borough, Jefferson
Rate Bid
100.27
101.56
118,000
hasjsincejapproved
Johnstown City S. D.,
'
Bidder—
Department
Municipality and Purpose of Issue—
Doylestown Borough, Bucks Co.—Enlarging sewage
disposal plant
-----Baldwin Twp. S. D., Allegheny Co.—High school con¬
struction, &c
—
Coal Center Borough, Washington Co.—Improv. sts. Bradford Co. Institution Dist., Bradford Co.—Fund¬
HILL,
Dougherty, Corkran & Co
9,000
38,000
the issues recorded below:
payable at Brookville Bank &
faith and credit obligations of the
district and a sinking fund will be established in order to facilitate their re¬
tirement.
Proceedings will be subject to approval of the Pennsylvania
Department of Internal Affairs.
A certified check for 1% is required.
(Previous mention of this offering was made in V. 147, p. 3650.)
Other bids:
APPROVALS—The
ADDITIONAL
1941 to 1955, incl.
Prin. and int. (J-J)
Trust Co., Brookville.
The bonds are full
and 1968.
20,000
Nov. 17
buildings construction)
OFFERING—
W. A. Kelly, District Secretary, will receive sealed bids until 8 p. m. on
Dec. 23 for the purchase of $60,000 3% coupon elementary school building
bonds.
Dated Jan. 1, 1939.
Denom. $1,000.
Due $4,000 on Jan. 1 from
CAMP
28,000
45,000
—
balanced
BROOKVILLE
$25,000
Co. (annex construction) Nov. 15
Trumbauersville Borough, Bucks Co. (equipping pub¬
lic water supply system and fire alarm system)
Nov. 15
West Elizabeth Borough, Allegheny Co. (streets im¬
provement)- —
Nov. 15
Forty Fort Borough, Luzerne Co. (reconstructing
sanitary and storm water drainage system)
Nov. 17
Pottstown Borough S. D., Montgomery Co. (grade
school buildings and alterations) - vNov. 17
Carlisle Borough S.
D., Cumberland Co. (school
Tax levy 1938.
1938-9 budget
Nov. 15
Nov. 15
-
Dunkard Twp. S. D., Greene
-
-
Collected in first 5M months of
Amount
Approved
Municipality and Purpose of Issue—
Washington Township S. D., Westmoreland Co.
(equip and furnish school bldgs.; fund floating in¬
debtedness)
Lower Burr ell Twp. S. D., Westmoreland Co., (school
Collections
Tax
„
*
of Internal Affairs.
property in this School District.
The Township of Bethel has nor
Year—
ISSUES APPROVED—Following
by the Pennsylvania Depart¬
Information consists of name of municipality,
and purpose of issue and date approved:
Is the latest list of local bond issues approved
Net debt about 1.19% of assessed valuation for taxation
$66,636
The above does not include debt of any other political subdivision having
power to tax
$2,000, 1940; $4,000,
Due Jan. 1 as follows:
1941; $3,000 in 1942 and 1943; $4,000, 1944;
1946 to 1951 incl.; $5,000, 1952; $4,0^0,
1957 incl.; $6,000 in 1958 and $2,000 in
110,000
5,779
17,1938
building
municipal
$160,000
3499—were awarded to a group com¬
p.
ISO.OOO bonds, series 1939-A.
$9,000,000
5,583,867
approximately
only, (60%) bonds (no floating debt)
:
SALE—The
147,
13—V.
posed of S. K. Cunningham & Co., Pittsburgh; Moore, Leonard & Lynch
and Schmidt, Poole & Co., both of Philadelphia, as 2Ms, a,t par plus $2,592
premium, equal to 101.62, a basis of about 2.58%.
Sale consisted of:
Statement
Estimated true value of taxable property
Pa .—BOND
bonds offered Dec.
-
Assessed value for taxation, real estate
Mahanoy
O.
City), Pa .—BONDS NOT SOLD—No bids were submitted for the $60,000
4H% interest school bonds offered Dec. 8—V. 147, p. 3347.
Dated Nov. 1, 1938 and due $5,000 on Nov. 1 from 1941 to 1952 incl.
not to exceed
abrupt halt today by
perma^ent.^
Q0uncjj from taking any
and a
approved by a 12
scheduled for
action on the 3% sales tax
50% increase in water rents, two ordinances that were
3 vote of the finance committee yesterday and which
to
were
Council's meeting this afternoon.
The appeal to the Supreme Court was a surprise move said to have been
engineered over night by Council leaders, although the suit was
in the name of Senator Woodward.
.....
,
.
^
.
Back of the move was believed to be Council s sudden interest in the
proposition of A. Webster Dougherty, investment banker, to
final enactment at
brought
purchase the
city-owned gas works for $65,000,000 in cash.
Because today was the deadline fixed in which Council
City Charter to adopt a budget for next year, time to work
,.
.
.
is obliged by the
out technicalities
3804
Financial
involved in the possible sale of the gas works was
Court appeal was the strategem decided on.
PITTSBURGH,
vital necessity.
a
Chronicle
Dec. 17,
The
Pa.—NOTE
SALE—'The $2,950,000 notes offered
Dec. 14 were awarded to the National City Bank and the Chemical Bank
& Trust Co., both of New York, in joint account, at 0.50% interest,
plus
$5,469.50 premium. The notes are dated Dec. 1, 1938, and mature Dec. 1,
1939.
Denom, $50,000.
No re-offering was made.
Total is divided as
follows:
RHODE
CRANSTON,
1938
ISLAND
I.—OTHER BIDS—The $100,000 welfare bonds
awarded to Estabrook & Co. of Boston as 2s, at
101.06, a basis of about
1.80%—V. 147, p. 3651—were also bid for as follows:
Bidders (All at 2% Interest)—
Rate Bid
Chace, Whiteside & Symonds, Inc
101.04
R.
Kidder, Pea body & Co
100.929
Mechanics National Bank of Providence
Burr & Co., Inc
$2,000,000 general public improvement notes.
300,000 home relief notes.
300,000 Leech Farm Hospital construction notes.
300,000 hospital improvement notes.
50,000 Leech Farm Tuberculosis Sanatorium heating plant notes.
100.90
100.889
100.31
100.279
First National Bank of Boston
Kennedy, Spence & Co
WEST
WARWICK,
R.
I.—APPROVES
$550,000
BOND
ISSUE—
The city will pay any and all taxes which may be levied on the notes
under any present or future law of the Commonwealth of
Pennsylvania.
.
Town Council has authorized an issue of
$550,OUO bonds to finance town's
share of the cost of constructing a $1,0U0,UUU system.
A Federal grant of
Legality approved by Keed, Shaw, Smith & McClay of Pittsburgh.
$450,OuO already has been accepted
bids at
the sale
Other
Int. Rate
Union Trust Co. of Pittsburgh.
Brown Harriman & Co., Inc
0.50%
Halsey, Stuart & Co.. Inc., and associates
$2,539.00
2,062.00
855.50
442.00
READING SCHOOL DISTRICT, Pa .—DEBT STUDY COMPILED—
Prospective bidders for the $340,000 not to exceed 3j^% improvement
bonds to be sold on Dec. 20—V, 147, p. 3650—are advised of the prepara¬
tion for distribution of a detailed analysis of the district's financial and
economic status by Palmer & Co., certified public
accountants, First Na¬
Bldg., Easton, Pa.
SPEERS
(P. O. Belle Vernon), Pa .—OTHER BIDS—The $16,000
to S. K. Cunningham & Co. of Pittsburgh as
3Hs, at par, plus $227.20 premium, equal to 101.42, a basis of about
3.34%—V. 147, p. 3650—were also bid for as follows:
line bonds awarded
water
Bidder—
Int. Rate
Johnson & McLean, Inc
Charleroi Savings & Trust Co.
Singer, Deane & Scribner—
Burr & Co., Inc
Leach Bros., Inc
MORELAND
UPPER
Willow
TOWNSHIP
Rate Bid
3Yi%
3H%
3%%
4%
4%
—
SCHOOL
SOUTH
Premium
0.50%
0.50%
0.50%
First Boston Corp. and Bank of the Manhattan Co
tional Bank
100.78
100.209
100.13
DISTRICT
(P.
O.
Pa.—BOND SALE— The $75,000 school improvement
bonds offered Dec. 14—V. 147, p. 3347-—were awarded to the BancamericaBlair Corp., New York, as 2Hb, at 102.045, a basis of about
2.08%.
Dated Dec. 15, 1938 and due $3,000 on Dec. 15 from 1939 to
1963, incl.
Re-offered to yield from 1% to 2.10%, according to
maturity.
sealed bids until Gee.
coupon bonds offered
12—V. 147, p. 3499—were awarded to Stroud & Co. of Philadelphia
2Mb, at 101.519, a basis of about 2.09%.
Dated Jan. 1, 1939 and due
Jan. 1 as follows:
$10,000 from 1941 to 1954, incl. and $20,000 from 1955
ta 1957, incl.
Second high bid of 101.18 for 2H& was made by the First
Boston Corp.
ADDITIONAL DETAILS—The above issue
was purchased jointly
by
McLean, Inc. of Pittsburgh and Stroud & Co. of Philadelphia.
in re-offering the bonds, priced thexn to yield from 1% to
2.14%, according to m aturity.
The bonds are tax free in Pennsylvania,
free of present Federal income taxes and legal for trust funds and
savings
banks in Pennsylvania.
Johnson &
The bankers,
WINDBER,
Pa .—BOND
OFFERING—Don
L.
Morford,
Borough
Secretary, will receive sealed bids until 8 p. m. on Dec. 16 for the purchase
as to principal, borough bonds.
Dated
HUNTER SCHOOL DISTRICT
maturity
and after Jan. 1, 1945.
Bidder to name a single rate
of interest, expressed in a
multiple of yx of 1%.
A certified check for
2%, payable to order of the borough, is required.
Bonds will be sold
subject to approval of proceedings by Pennsylvania Department of Internal
on
Affairs.
a.
$27,000 issue of
grammar
KERSHAW COUNTY (P. O.
24
Camden), S. C.—BONDS OFFERED TO
PUBLIC—A $45,000 issue of 2% % coupon semi-annual jail bonds is
being
offered by Hamilton & Co. of Chester, for public subscription at
prices to
yield from 1.25% to 2.65%, according to maturity.
Dated Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1 as follows: $2,000 in 1939 to 1941; $3,000 in
1942 to 1944, and $10,000 in 1945 to 1947.
Principal and interest payable
in New York City.
These bonds are general obligations of the county,
and the full faith, credit and unlimited taxing pewer of the county is
pledged
for the payment of principal and interest of same.
Legality to be approved
by Nathans & Sinkler of Charleston.
S.
SPARTANBURG SCHOOL DISTRICT NO. 34 (P. O. Spartanburg),
C —BONDS OFFERED FOR INVESTMENT—The $150,000 issue of
3% coupon semi-annual site purchase and school building bonds that was
awarded on Dec. 8 to a group headed by Halsey, Stuart & Co., inc., of
New York, as noted in detail in these columns—V. 147, p. 3651—was
offered by the successful bidders for public investment at prices to yield
from 2% to 3%, according to maturity.
Dated Jan. 1, 1939.
Due from
Jan. 1, 1942 to 1958. incl.
Statement of Bonded Indebtedness of the County and Other Information Relating
to
the Above Bond
Issue
Bonds
Less:
outstanding as of Nov. 1, 1938 (all bonds are serial)
$4,023,000
Highway reimbursement bonds paid by State
$466,000
Road improvement bonds paid from gasoline tax_ 355,uUO
Sinking fund—Cash in banks9,486
830,486
_
Net bonded debt
Due Jan. 1, as follows: $3,000 from 1940
$4,000 from 1955 to 1958, incl.
Callable in Inverse
1954, incl.; and
NO.
(P. O. Pendleton). S. C.—
BONDS OFFERED FOR INVESTMENT—A $35,000 issue of
3^% coupon
semi-annual school building bonds is being offered by Hamilton & Co. of
Chester, S. C., for public subscription at prices to yield from 2.75% to
3.25%, according to maturity.
Dated Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1 as follows: $2,000 in 1943 and 1944, $3,000 in 1945, and $4,000
in 1946
to
1952.
Principal
and
interest
payable at
the
Guaranty
Trust Co., New York.
The bonds will be valid and legally binding obliga¬
tions of the district, and a resolution has been passed whereby an additional
levy may be placed on the taxable property therein for the purpose of servic¬
ing the bonds should same be necessary.
Legality approved by Reed,
Hoyt, Washburn & Clay of New York.
of $65,000
coupon, registerable
Jan. 1, 1939.
Denom. $1,000.
to
16, for the purchase of
school bonds.
WILKINSBURG, Pa.—BOND SALE—$200,000
Dec.
as
CAROLINA
ABBEVILLE SCHOOL DISTRICT (P. O. Abbeville) S. C.—BONDS
OFFERED—it is reported that the Clerk of the Board of Trustees received
100.62
100.419
Grove),
order of
to finance the balance of the cost.
were:
Bidder—
$3,192,513
Assessed valuation for
taxation, 1938
$28,978,397
True valuation (estimated)
200,000,000
Population, Census 1920, 94,265; Census 1930, 116,277.
Tax rate, 1938, $26 per $l,uoO.
Notes outstanding, $150,000 ordinary
county, maturing Jan. 5, 1939.,
Receipts from Gasoline Tax for Past Five Fiscal Years
PUERTO
PUERTO
RICO
Years Ended June 30—
Gasoline tax receipts
RICO
of)—BOND SALE—The $2,625,000
issue of Puerto Rico, series A to J, Isabela
Irrigation refunding coupon
bonds offered for sale on Dec. 14—V.
x47, p. 3650—was awarded to a syn¬
dicate composed of the Chase National
Bank, the Bancamerica-Blair Corp.,
Goldman, Sachs & Co., Phelps, Fenn & Co., all of New York; Hayden,
Miller & Co. of Cleveland,
Whiting, Weeks & Knowles, Inc., of Boston,
and Hawley. Iluller & Co. of
Cleveland, as 2^s, paying a price of 100.609,
a basis of about
2.39%.
Dated Dec. 1, 1938.
Due on Jan. 1 as follows:
$25,000, 1940; $200,010 in 1941, and $300,000, 1942 to 1949 incl.
BONDS
OFFERED
FOR
INVESTMENT—'The successful oidders repuolic subscription at prices to yield from
0.70% to 2.50%, according to maturity.
The proceeds of this issue are to be used in the
redemption of five out¬
standing bond issues pertaining to the Isabela Irrigation
System, aggre¬
gating $2,500,000, callable on that date at 105, and which have been called
for payment as follows:
offered
the
above
bonds
for
'
Maturity
Callable
Date
Title of Bond—
P. R. 4H'% gold
(1929-1941)
Date
R.
4Gold
(1942-1949)
Loan
------Jan.
Jan-
—;
R. 4H%
1,1940-41
Jan.
1,1939
$150,000
1, 1942-49 Jan.
1,1939
600,000
1, 1950-59 Jan.
1, 1939
750,000
1. 1960-66 Jan.
1,1939
525,000
(Series
R. 4lA% Gold Loan of 1925
(1950-1959) Irrigation (Series
V to EE).
Jan.
P. R. 4Vi% Gold Loan of 1927
(1960-1966) Irrigation (Series
(1967-1973)
MM to SS)
Outstand'g
of 1924
Irrigation
P.
P.
Amount
•
loan of 1923
Irrigation (Series
------Jan.
P.
1934
1935
1936
1937
1938
$91,655 $104,828 $lu9,520 $126,486
$129,963
(Government
Gold Loan of 1927
Irrigation (Series
SOUTH
offered for sale
on Dec. 8—V. 147, 3499—was
purchased by Fred F. Gefke
of Sioux Falls, as 3%s, paying a premium of $100, equal to 100.83, a basis
of about 3.59%.
Dated Jan. 1, 1939.
Due $2,000 from Jan. 1, 1942 to
1947, incl.
JAVA, S. Dak.—BONDS SOLD TO PWA—lt is stated by the City
Auditor that $16,000 4% semi-ann. coupon water works bonds were offered
on Dec. 12 and were purchased at
par by the Public Works Adminis¬
tration.
Dated Nov. 1, 1938. Due on Nov. 1 as follows: $1,000 in 1941 to
for sale
1950, and $2,000, 1951 to 1953.
JERAULD COUNTY (P. O. Wesslngton Springs), S. Dak.—BOND
OFFERING—Sealed and oral bids will be received until 2 p. m. on Feb. 7,
by Alberta Fellows, County Auditor, for the purchase of a $335,000 issue
of coupon funding bonds.
Interest rate is not to exceed 4%, payable J-D.
Dated Dec. 15, 1938.
Denom. $1,000.
Due Dec. 15, as follows:
$15,000
in 1941 to 1948, $20,000 in 1949 to 1955, and $25,000 in 1956 to 1958.
All bonds maturing after Dec. 15, 1948, being subject to redemption and
prepayment at the option of the county at par and accrued interest on said
date and any interest paymlent date thereafter.
Prin. and int. payable
at any suitable bank or trust company designated by the
purchaser.
No
bid for less than par and accrued interest can be considered.
The county
will furnish the printed bonds and the approving legal
opinion of Junell,
Fletcher, Dorsey, Barker & Colman, pf Minneapolis.
Enclose a certified
check for at least 2% of the amount bid, payable to the
County Treasurer.
(These bonds were originally scheduled for sale on Dec. 12—V. 147, p.
3651—but the offering was postponed.)
.
Jan.
1, 1967-73 Jan.
TENNESSEE
475,000
1, 1939
DAKOTA
ARLINGTON INDEPENDENT SCHOOL DISTRICT (P. O. Arling¬
ton), S. Dak .—BOND SALE—The $12,000 issue of coupon building bonds
CARROLL COUNTY (P.
The
$2,500,000--
on
O. Huntingdon;, Tenn.—BONDS SOLD—
following is
an
Name of Bidder—
Knowles, Inc., Boston, and Hawley,
C,°•9,Iev1ela0n(L-
Wanted
A11
_.
Y.; Mercantile-Commerce
°r none
Successful bid.
none
100.455
or none
All
100.429
2^ %
2H%
2Yx%
Due
Dec.
or
none
100.1899 2K%
1
as
Issued under
1938.
Rate of interest to be in multiples of not less than
faithful payment of this obligation.
No bid for less than par and accrued
interest will be received.
The approving opinion of Caldwell & Raymond
Enclose a certified check for 2%
face value of the bonds, payable to Alvin Shipp, City Treasurer.
COAL
of the
CREEK,
Tenn.—BOND OFFERING—Sealed bids will be re¬
Dec. 30, by J. A. Briggs, Town Recorder, for the
$35,000 issue of 5% semi-ann. municipal building bonds.
ceived until 7:30 p. m. on
Bluffs,
x
8 bonds.
of 1 %.
Each lot of bonds may bear a separate rate of interest if desired
by bidder.
Prin. and int. payable at National City Bank, New York.
The full faith and credit of the city are herewith irrevocably pledged to
of New York will be furnished.
x$ 100,000
z35,000
25,000
$25,000 each series—-B, C, D and
1H%. 2% respectively,
z Series J.
100.609
Bank
Geo. W. Lane and Wm. S. Bedal, St. Louis..
Central Hanover Bank & Trust Co. for Vera
M. Gerli, New York
District No.
Chapter 727, Private Acts of Tennessee of 1931.
82,000 Local Improvement of 1938 bonds.
Due Dec. 1 as follows:
$4,000 in 1940 to 1957 and $10,000 in 1958.
Issued under Chapter
727, Private Acts of Tennessee of 1931.
17,000 Public Improvement of 1938, Issue No. 5, bonds.
Due $1,000
Dec. J, 1941 to 1957.
Issued under Chapter 10, Public Acts of
Tennessee for 1935, First Special Session, as amended by Chapter
37, Public Acts of 1937.
17,000 Public Improvement No. 3 for 1937 bonds.
Due Dec. 1, 1958.
Issued under Chapter 673, Private Acts of Tennessee for 1937.
Dated Dec. 1,
or
& Trust Co., N. Y.; R. H. Moulton &
Co.,
N. Y., and BancOhio Securities
Co., N. Y-.A11
Council Bluffs Savings Bank, Council
Iowa.
Improvement for
follows: $3,000 in 1940 and $8,000 in 1941 to 1958.
New York; Brown
Harriman & Co., Inc., N. Y.; Smith,
Barney
*
Rale of
Int.
$147,000 Local
Blodget, Inc., N. Y.; Spencer Trask & Co.,
N. Y.; A. C. Allyn &
Co., Inc., N. Y.; Eldredge & Co., Inc., N. Y.; Stifel, Nicolaus &
Co., Chicago; Field, Richards & Shepard,
Inc., Cleveland; Commerce Trust Co., Kan¬
sas City,
Mo.; Fletcher Trust Co., Indianap¬
olis; Indianapolis Bond & Share Corp., Indianapolis, and C. F Childs & Co., N. Y__A11
g; \TD?,vine, &.g°v, N. Y
The National City Bank of
Bid
Huller
-
Chemical Bank & Trust Co., N.
Y.; Lehman
Brothers, N. Y.; Stone & Webster and
& Co., N.
CHATTANOOGA, Tenn.—BOND OFFERING—It is stated by F. K.
Rosamond, City Auditor, that he will receive sealed bids until 11 a. m. on
Dec. 30 for the purchase of the following issues of not to exceed 5% semi¬
annual bonds, aggregating $263,000:
official tabulation of the bids received:
Amount
Price
♦Chase National Bank. N.
Y.; BancamericaBlair Corp.. N. Y.;
Goldman, Sachs & Co.,
N. Y.; Phelps, Fenn &
Co., N. Y.; Hayden,
Miller & Co.,
Cleveland; Whiting, Weeks &
^
It is reported that $300,000 electric plant bonds have been purchased
by
Clark & Co. of Nashville.
$2,625,000
5% premium
$2,500,000
125,000
purchase of
100
100 10
2H%
100
3%
E. 111%
4/0
1JA%,
x™/0'
a
Dated Dec. 1.
1938.
MEMPHIS, Tenn.—BOND
OFFERING—Sealed bids will be received
until 2:30 p. m. on Jan. 10, by D. C. Miller, City Clerk, for the purchase
of an issue of $1,000,000 coupon electric plant bonds.
Dated Oct. 1,
1938.
Denom. $1,000.
Due Oct. 1, as follows: $54,000 in 1942, $55,000
Volume
Financial
147
in 1944, $59,000 in 1945, $61,000 in 1946, $62,000 in
1948, $66,000 in 1949, $68,000 in 1950, $70,000 in 1951.
$75,000 in 1953, $77,000 in 1954, $79,000 in 1955, and
Bonds are all general liability serial bonds and the full
faith and credit of the city is being pledged for the payment of both prin¬
in*1943, $57,000
1947, $64,000 in
$72,000 in 1952,
$81,000 in 1956.
cipal and interest as they severally become due.
Prin. and int. payable
in lawful money at the City Hall in Memphis,,or at the Chemical Bank &
Trust Co., New York.
The bonds may be registered as to principal only
and may be discharged from registration and again registered at will.
The
Board of City Commissioners are required to provide that the principal and
interest of the bonds shall be paid from the earnings of the electric plant,
as
the
principal and interest, respectively, become due; and the Board of
instrumentality, commission
Commissioners have authority to require the
orlagency that may hereafter be appointed to operate the plant and electric
system, to fix such rates, tolls and rentals as will furnish sufficient revenue
to pay all operating expenses of the system, all necessary repairs and fixed
charges of the same, and the principal and interest or the bonds herein
authorized.
However, should the rates, tolls and rentals so fixed be in¬
sufficient to meet the above requirements, then and in that event, the
Board of Commissioners of the city shall fix the rates to meet the necessary
requirements as to these bonds; but such provisions for the payment of the
principal and interest of said bonds out of the earnings of said electric plant
and system shall not be construed to impair general and absolute obligations
of the city in said bonds to pay both principal and interest as they severally
become due.
The bidder will name the interest rate in a multiple of M or
l-10th of 1%.
No higher rate of interest shall be chosen than shall be
required to insure a sale at par, and all bonds will bear the same rate of
interest.
This is to be construed as prohibiting a split rate.
All bonds are
sold and delivered as coupon bonds payable to bearer.
The bonds will be
delivered in New York City or equivalent at the option of the bidder, if
bidder so states in bid, naming point of delivery.
Delivery will be made
within approximately 20 days of date of sale.
The approving opinion of
Thomson, Wood & Hoffman of New York, will be furnished.
Comparison
of bids will be by taking the aggregate of interest and deducting therefrom
the premium bid to determine the net interest cost to the city.
The bonds
will be sold for par, or face value, plus interest to time of delivery and a
premium, if any, be bid.
No arrangement can be made for deposit of
funds, commission, brokerage fees, or private sale.
Enclose a certified
check for 1% of the amount of bonds, payable to the city.
(These bonds were originally scheduled for sale on Oct. 18, but the offer¬
ing was postponed at the time—V. 147, p. 2283 )
OBION
COUNTY
(P. O. Union City), Tenn.-MATURITY— It
is
stated by the County Judge that the $40,000 school bonds purchased by
Webster & Gibson of Nashville, as 2Mb at par, as noted here on Dec. 3—
147, p. 3499—are due on Nov. 1 as follows;
$12,000 Sabine Consolidated School District No.
the voters at an election held on Aug. 1.
interest,
optional
held on
the
Brown-
LOCKHART,
PARIS, Tenn.—-PRICE PAID—In connection with the sale of the $200,& Co. of Nashville, noted here on Dec. 10
147, p. 3651—it is stated by the City Recorder that the bonds were
purchased as 3s, at a price of 99.46.
RIQGELY, Tenn.—BOND OFFERING—It is stated by Mayor
W. S.
27, for the
of a $10,500 issue of 5% semi-annual water revenue bonds.
$500.
Due $500, July 1, 1939, and January and July 1, 1940 to
The bonds will be sold pursuant to authority contained in Chapter
purchase
Denom.
1949.
33, Public Acts of the State, 1935, First Special Session, and amendatory
Acts thereto, and pursuant to duly adopted resolution of the Board of
Mayor and Aldermen of the town, at regular meeting on Dec. 6.
Principal
and interest payable at the Peoples Bank, Ridgely.
The bonds and interest
will not constitute general obligations of the town, and are secured by a
pledge of 50% of the gross revenues of the water works plant and water
distribution system in the town.
The bonds will be sold at not less than par
TENNESSEE, State of —BOND SALE—The $1,080,000 consolidated
bonds offered for sale on Dec. 12—V. 147, p. 3651—were awarded to a syndi¬
cate composed of Lehman Bros., B. J. Van Ingen & Co., Inc., both of New
York, the Manufacturers & Traders Trust Co. of Buffalo, R. S. Dickson
& Co. of Charlotte, and Charles Clark & Co. of New York, as 2 Ms, paying
a price of 100.52, a net interest cost of about 2.453 %.
The issues are divided
as follows;
$500,000 refunding, and $580,000 county reimbursement bonds.
Dated Dec. 1,1938. Due on Dec. 1.1949.
FOR INVESTMENT-—The successful
offered the above bonds for public subscription at a price to
to
said
that
revenue
power
SCHOOL DISTRICT (P. O. Lubbock)
supplementary
with the sale of the $150,000 3%
semi-ann. building bonds to the Brown-Crummer Co. of Wichita, noted in
our issue of Dec. 10—V. 147, p. 3652;
Dated Oct. 1, 1938. Denom. $1,000.
Due April 1, as follows: $4,000 in 1939, $5,000 in 1940 to 1942, $6,000 in
1943 to 1946, $7,000 in 1947 and 1948, $8,000 in 1949 and 1950, $9,000 in
1951 to 1953, and $10,000 in 1954 to 1958.
Prin. and int. payable at the
Chase National Bank, New York. These bonds are a direct and voted obli¬
gation of the district and are payable from ad valorem taxes levied against
all taxable property located in the district, within the limits prescribed
by law. Legality approved by Chapman & Cutler of Chicago;
LUBBOCK INDEPENDENT
Texas—ADDITIONAL INFORMATION—The following
information is furnished in connection
SCHOOL DISTRICT (P. O. McAllen), Texas—BONDS
is reported by the Secretary of the Board of Education that
>,000 bldg. bonds have been purchased by the State Board of Education.
Mc ALLEN
SOLD—It
McKINNEY,
Texas—BONDS OFFERED—Sealed bids
until 2 p. m. on Dec. 15, by T. F. Wolford, City
chase of a $60,000 issue of hospital bonds.
Dated
$2,000 from Feb. 15, 1940 to 1969,
were
received
Secretary, for the pur¬
Feb. 15, 1939, and due
incl.
INDEPENDENT SCHOOL DISTRICT (P. O. Moran),
Texas—BONDS SOLD—It is reported that $9,000 4% semi-annual building
bonds have been purchased by the State Board of Education.
Denom.
$450.
Dated Sept. 1, 1938.
Due $450 from Sept. 1, 1939 to 1958, incl.
MORAN
NATALIA, Texas—BONDS SOLD—It is reported that $9,000 3M%
school building bonds approved by the voters at the election on
18, have been purchased by the State Board of Eeducation.
semi-ann.
Oct.
PAMPA, Texas—BOND SALE DETAILS—It is now reported by the
City Secretary that the $165,000 4M% semi-ann. water revenue bonds sold
August, as noted here, were purchased by the Brown-Crummer Co. of
Wichita, and mature semi-annually from 1939 to 1952.
last
ARTHUR, Texas—BONDS DEFEATED—'The voters are said
proposed issuance of $235,000 in improvement
15.
PORT
have turned down the
bonds at an election held on Nov.
SCHOOL DISTRICT (P. O. Poteet)
by the Secretary of the Board of
INDEPENDENT
POTEET
Texas—BONDS NOT SOLD—It is stated
Trustees that the $40,000
147,
to
p.
issue of refunding bonds
Dated Nov. 1, 1938.
3500—-was not sold.
offered on Dec. 9—V.
Due from Nov. 1, 1939
1968.
Texas—BOND OFFERINGS INVITED—It is announced
Eubank, City Secretary, that he will receive sealed offerings until
for the purchase of refunding bonds, series of 1933, dated
1933.
All offerings should be firm for 10 days.
RANGER,
by E. T.
Dec. 31 at 5 P. m.
Jan. 1,
RANKIN, Texas—BONDS SOLD TO PWA—It is stated by the City
that $22,000 4% semi-annual water system bonds have been
purchased by the Public Works Administration,
Due $1,000 from Aug. 1,
1942 to 1963, incl,
Attorney
ANGELO, Texas—BONDS SOLD—It is stated by the City Treas¬
refunding bonds were purchsaed recently by Rauscher,
Antonio, as 3 Ms, paying a premium of $143, equal to
100.22, a basis of about 3.72%. Due $5,000 from Jan. 2, 1940 to 1952 incl.
VICTORIA COUNTY (P. O. Victoria), Texas—BOND SALE—The
$100,000 issue of 2% semi-ann. jail bondi offered for sale on Dec. 12—V.
147, p. 3652—was purchased by Milton R. Underwood & Co. of Houston,
paying a premium of $1,099, equal to 101.099, a basis of about 1.72%.
Dated Oct. 10, 1938.
Due from April 10, 1939 to 1945, inclusive. ,
SAN
urer
that $65,000
Pierce & Co. of San
WATSON SCHOOL DISTRICT NO. 60
(P. O. Fort Worth). Texas—
stated that $1,500 4% semi-annual building bonds
purchased by the County Permanent School Fund.
Due $75
1939 to 1958, incl.
BONDS SOLD—It is
have been
from
INDEPENDENT SCHOOL DISTRICT (P. O. White
Texas—BONDS BOLD—It is stated that $40,000 3% semi-annual
WHITE DEER
and accrued interest.
BONDS
is
purchased on Dec. 7 an issue of $300,000 light
bonds.
Dated Jan. 1, 1939.
Due in 1941 to 1958;
optional in 10 years.
These bonds were approved by the voters at an
election held on Sept. 30.
and
000 electric plant bonds to Nichols
PORTLAND, Tenn.—BOND OFFERING—It is stated by W. H.
Rigsby, Town Recorder, that he will receive bids until 10 a. m. on Dec. 30,
for the purchase of a $20,000 issue of electric bonds.
Interest rate is not
to exceed 5%, payable J-J.
Denom. $1,000.
Dated Jan. 1, 1939. Due
on Jan. 1 as follows;
$1,000, 1941 to 1958, and $2,000 in 1959.
All bonds
maturing after 10 years are subject to call on notice.
Rate of interest to
be in multiples of M of 1 %.
No bid for less than par and accrued interest
to date of delivery from Jan. 1, 1939, will be considered.
The bonds are
payable from the proceeds of the Electric Distribution System, and the
full faith and credit and the unlimited taxing power of the town are pledged
to secure the payment of the interest and principal of the bonds.
Payable
at the Town Treasurer's office.
The successful bidder sill be required to
deposit a certified check for 2% of the face value of the bonds. ■
SOLD—It
Texas—BONDS
Crummer Co. of Wichita
to
—V.
11 bonds, approved by
12,000 CheeK Consolidated School District bonds, bearing 4%
payable semi-annually.
Due $600 in from 1 to 20 years;
after 10 years.
Approved by the voters at an election
July 26.
$3,000,1940 to 1944, and $5,000
from 1945 to 1949.
Alexander that he will receive sealed bids until 1 p. m. on Dec.
3805
Chronicle
OFFERED
Deer),
building bonds were purchased on Nov. 14 by
of Dallas.
Dated Oct. 1, 1938.
Due in 1939
the Dailas Union Trust Co.
to 1948; optional after
three
'
years.
$30,000
PORTSMOUTH, VIRGINIA Water 5s
bidders re-
yield 2.35%
Due December
maturity.
syndicate headed by Blyth & Co.,
net interest cost of about 2.469%.
1, 1948 at 3.00% basis
The second best bid, submitted by a
Inc.,
was
equivalent to a
F. W. CRAIGIE
BRENHAM. Texas—BONDS SOLD—It is stated by the
"
April 15, 1939 to
VIRGINIA
1954.
DISTRICT (P. O. Weatherford),
SOLD—It is stated that $12,000 gymnasium and audito¬
purchased recently by the State Board of Education.
BROCK INDEPENDENT SCHOOL
Texas—BONDS
BRYAN, Texas—BONDS SOLD—It is stated that
bonds were purchased by the Brown-Crummer
system
$250,000 water
Co. of Wichita,
paying a price of 100.124 for 2Ms to 3 Ms.
CADDO MILLS, Texas —BONDS SOLD TO PWA—It is stated by the
City Secretary that the Public Works Administration has purchased the
$20,000 4% semi-ann. water revceue bonds approved by the voters at an
election held on Aug. 15. Due in 1972.
CHILDRESS INDEPENDENT
SCHOOL DISTRICT (P. O. Child¬
ress) , Texas—PRICE PAID—It is stated by the District Secretary that the
$25,000 4% semi-ann. gymnasium bonds purchased by the Brown-Crummer
Co. of Wichita, as noted here on Dec. 10—V. 147, p. 3651—were sold at
par.
FALLS COUNTY
(P. O. Mariin), Texas—BONDS
OFFERED—It is
reported that sealed bids were received until Dec. 12, by
County Judge, for the purchase of an issue of $130,000 court
C. M. Pearce,
house bonds.
GREENVILLE, Texas—BOND SALE—The $97,000 issue of 3% semi¬
municipal building bonds offered for sale on Nov. 1—V. 147, p.
annual
2577—was purchased at par
according to report .
by Mahan, Dittmar & Co. of San Antonio,
HEMPSTEAD, Texas—BONDS OFFERED—Sealed bids were received
17, by J. C. Calhoun, Town Clerk, for the purchase
a $41,000 issue of 5 % coupon semi-annual water revenue bonds.
Denom,
$1,000.
Due Dec. 1, 1940, to June 1, 1957.
The bonds are being issued
and sold by the town for the purpose of securing funds to construct a water
system in and for the town, and constitute special obligations of the town,
payable from and secured by an exclusive fust lien on and pledge of the
revenues of the town's water system after deduction of reasonable operation
of
of any
and the holder of such obligations
demand payment of the same or any
funds raised or to be raised by taxation.
have the right to
shall never
part thereof out
JEFFERSON COUNTY SCHOOL DISTRICTS (P. O. Beaumont),
Texas—BONDS SOLD—It is stated by C. E. Doyle, Superintendant of
Schools, that the following bonds aggregating $24,000, were sold to the State
Board of Education:
Amount
Name—
Mercantiie-Commerce Bank & Trust Co. of
St. Louis and Milwaukee Company of Milwalkee (award)
Haisey-Stuart & Co., Inc., and First of Michigan
Corporation-Harris Trust & Savings Bank. Chicago, and
Kidder, Peabody & Co.,
Goldman, Sachs &
N. Y
---
Co., and Investment Corp.
of
Norfolk
Phelps,
Fenn & Co. of N.
Corp
Y., and The Rich—
Smith, Barney &
Co., and Davenport & Co
National Bank of N. Y.; Dougherty,
Cockran & Co., Philadelphia, and MasonHagan, Inc., Richmond
Estabrook & CO., N. Y.; Equitable Securities
Int. Rate
2M%
$340,710.04
'
„,. ^
340,479.02
2M%
340,336.33
2M%
„
t.
340,227.62.
2M%
344,630.58
344,626.84
2M%
2M%
344,080.21
2M%
Chase
Corp.,
N.
Y., and F.
W. Craigie & Co.,
Richmond
341,749.63
Bank, Charlottesville; Scott,
Horner & Mason, Lynchburg; Scott & Stringfellow, Richmond; C. F. Cassell & Co., Char¬
lottesville, and W. E. Buford & Co., Chariot-
ni,„
2M%
Peoples National
-i
./w
2M%
344,015.66
2M%
CREWE, Va .—BONDS SOLD—It Is stated by Mayor L. II. Wilson that
$25,000 municipal building bonds approved by the voters on Aug. 31. have
teevill e__I
Blyth & Co.,
until 10 a. m. on Dec.
and maintenance expenses,
CHARLOTTESVILLE, Va.—LIST OF BIDS—The following is an
official tabulation of the bids received for the $339,735 school improvement
bonds that were awarded on Nov. 21, as reported in detail in our issue of
Nov. 26, V. 147, P. 3348:
mond
Due from 1939 to 1968.
ELECTRA, Texas—BOND TENDER REJECTED—In connection with
the call for tenders of refunding bonds, dated Dec. 1, 1936, it is stated by
E. W. Presson, City Secretary, that only one tender was received, this for a
small amount, and it was rejected.
A. T. T. Tel. Rich.Va.83
Phone 3-9137
City Secretary
Donald D. James,
that $32,500 city hall bonds were purchased recently by
Inc. of Austin, as 3s, paying a price of 102.85.
Due from
rium bonds were
& COMPANY
Richmond, Va.
TEXAS
339,802.95
-
Inc., and R. S. Dickson & Co.,
Inc.
been sold locally.
VERMONT
WOODSTOCK TOWN SCHOOL DISTRICT, Vt.—BOND OFFERING
—Edward H. Williams, Chairman of Board of Directors, will receive sealed
bids at the office of Paul A. Bourdon, Esq., 24 Elm St., Woodstock, until
1 p. m. on Dec. 29 for the purchase of $55,000 not to exceed 2M % interest
coupon school bonds.
Dated Jan. 1, 1939. Denom. $1,000. Due Jan. 1 as
follows:
$3,000 from 1940 to 1957 incl. and $1,000 in 1958.
Bidder to
name one rate of-interest, expressed in a multiple of M of 1 %.
Principal and
interest (J-J) payable at the First National Bank of Boston or at the Wood¬
stock National Bank, Woodstock. The bonds are unlimited tax obligations
3806
Financial
Chronicle
Dec.
of the district and the legal opinion of Storey, Thorndike, Palmer A
Dodge
of Boston will be furnished the successful bidder. Delivery of bonds will be
made on or about Jan. 9, 1939 at the First National Bank of Boston against
at not less than par and accrued interest
payment-in Boston funds.
17,
1938
best bid will be the bidder
UTAH
SALT
LAKE
Utah—BONDS SOLD—It is stated by Ethel
MacDonald, City Recorder, that an issue of $1,250,000 tax anticipation
bonds has been purchased recently by a syndicate composed of the First
Security Trust Co.; Edward L. Burton A Co., both of Salt Lake City;
R. W, Pressprich A Co. of New York; the First National Bank; the Walker
CITY,
Bank & Trust Co., and the Continental National Bank A Trust Co., all of
1945, and $3,000 in 1946 to 1954.
Treasurer's office.
Prin.
The bonds will be sold
and int. payable at the District
to the
highest responsible bidder
The basis of determination of the
.
offering to pay the highest additional price, over
and above the price hereinbefore stated.
These bonds were authorized at
the election held on July 27, by a vote of 211 to 134.
The purchaser will
be required to furnish and print the bonds.
The bonds are to be issued
subject to the favorable opinion of Chapman A Cutler of Chicago, and the
cost of such opinion to be borne
by the purchaser.
Bids must be accom-
Sanied payable to the check for not less than 2% of the
onds, by a certified District Treasurer.
(These bonds were originally scheduled for sale
postponed—V. 147, p. 3500.)
on
par value of the
Dec. 9, but the offering
was
Salt Lake City, paying 0.50%.
Dated Jan. 1, 1939.
Due on Jan.l, 1940.
Legal approval by Thomson, Wood A Hoffman of New York.
BREMERTON. Wash.—BONDS OFFERED—Sealed bids
were
received
until 10 a. m. on Dec. 17, by E. H. McCall, City Clerk, for the purchase of a
$200,000 issue of not to exceed 6% semi-ann. water revenue bonds.
Due
$1,000 Jan. and July 1, 1940 to 1944. $8,000 Jan. and July 1, 1945, $8,000
Jan. and $9,000 July 1, 1946 and 1947, $9,000 Jan. and July 1, 1948 and
1949, $9,000 Jan. and $10,000 July 1, 1950. $10,000 Jan. and July 1, 1951,
$10,000 Jan. and $11,000 July 1, 1952, and $11,000 Jan. and July 1, 1953
and 1954.
•
EAST WENATCHEE, Wash.—BOND OFFERING—Se&led bids will be
received until Jan. 9, by the Town Clerk, for the purchase of a $3,000 issue
of 6 % semi-ann. sewer bonds.
Due in 20 years. These bonds were approved
by the voters at
election held
an
EDENBOWER
SCHOOL
on
Dec. 6.
DISTRICT
(P.
O.
Roseburg)
Wash.—
BONDS SOLD—It is reported that $1,800 building bonds were sold
recently
to a local purchaser as 4s.
OAKESDALE,
OFFERING—It
is stated by R. W.
Clarke, Town Clerk, that he will receive sealed bids until Jan. 2, for the
purchaseof an $8,000 issue of swimming pool bonds. Due Dec. 1, as follows;
$500 in 1940 to 1946, $600 in 1947 to 1950, and $700 in 1951 to 1953, callable
on and after Dec. 1, 1950.
Bidders to name the rate of interest. These bonds
Nov. 22.
on
SEATTLE, Wash .—BOND OFFERING— Sealed bids will be received
until 10 a. m. on Jan. 16, by W. G, Thomas, City
Comptroller, for the
purchase of an issue of $150,000 not to exceed 6% semi-ann. coupon or
registered sewer bonds. Dated Feb. 1,1939. Denom. $1,000. Due annually,
commencing with the second year and ending with the 20th year after their
said date or issue in such amounts (as nearly as practicable) to be
specified
by the City Council by resolution, as will, together with interest on all out¬
standing bonds of the same series, be met by an equal annual tax levy for
the payment of said bonds and interest. Prin. and int. will be
payable at the
State Fiscal Agency in New York City, or at the
City Treasurer's office.
The bonds will be approved as to legality by Thomson, Wood A
Hoffman,
of New York City, whose favorable opinion will be delivered to the
purchaser
free of charge.
Bidders shall be required to submit upon blank forms furnished
by the
City Comptroller separate bids, specifying (a) the lowest rate of interest
and the premium, if any, above par at which the bidder will
purchase said
bonds; or (b) the lowest rate of interest at which the bidder will purchase
said bonds at par; said bids to be without condition, interlineation or
erasure.
These bonds are part of an issue of $2,125,000 authorized at
any election
held on March 9, 1926.
Enclose a certified check for 5%, payable to the
City Comptroller.
SNOHOMISH COUNTY (P. O. Everett) Wash .—BOND SALE DE¬
TAILS—The following supplementary information is furnished in con¬
nection with the sale of the $150,000 airport bonds
jointly to H. P.
A Co., Richards & Blum, and Bramhall & Stein, all of
These bonds represent
portion of an issue of $250,000 authorized
defray a portion of the cost of construction of new county
airport located
Mukilteo, and are general obligations of the county payable from ad
valorem taxes on all property therein, within the
limits, prescribed by the
40-mill limit tax law, which limits levies for county
purposes to 10 mills.
Legality to be approved by Preston, Thorgrimson A Turner, of Seattle.
STEVENS COUNTY SCHOOL DISTRICT NO. 91 (P. O.
Colville),
Wash.—BONDS NOT SOLD—The $5,000 issue of not to exceed
4% semi¬
annual school bonds offered on Dec. 12—V. 147,
p. 3500—was not sold as
no bids were received,
according to the County Treasurer.
Due in from
2 to 20 years; optional after five years.
WASHINGTON TOLL BRIDGE AUTHORITY
Wash.—BOND OFFERING—It is stated by P. H.
(P. O. Olympia)
Winston, Secretary of
sealed bids until
noon on
Dec. 21, for the
Surchase of bridge bonds to an amount tentatively set atLaws of Washing¬
onds
to be issued pursuant to
Chapter 173, Session $4,700,000. The
are
ton, 1937, and
being issued to f inance not less than 55% of the cost of the
construction of the Lake Washington
Bridge.
The amount of such bonds
to be sold is
tentatively set at $4,700,000 and the definite and total amount
are
of funds required to bo secured
by the
which such bid shall constitute
issuance or sale of such bonds
and
upon
a firm offer,
will be fixed by the
Dec. 21, at noon. The bonds will be an obligation of the Auth¬
ority to the extent provided by law and will constitute an exclusive
charge
and lien against and be
payable out of the revenues of the Lake Washington
Toll Bridge and will not be a direct obligation of the
State. Bidders shall
Authority
as
all bids
were
rejected.
Feb. 1, 1944 to 1949 incl.
DARIEN,
Wis.—BONDS SOLD—The
town hall bonds have been purchased
at a price of 101.25.
Town Clerk states that $8,000
by the Farmers State Bank of Darien,
DODGEVILLE SCHOOL DISTRICT NO. 1 (P. O. Dodgeville) Wis.—
INTEREST RATE—We are now informed by the District Clerk that the
$85,000 coupon building bonds awarded to the Milwaukee Co., of Mil¬
waukee, at a price of 102.38, as noted here on Dec. 10—V. 147, p. 3652—
were sold as 3s (not
214%), giving a basis of about 2.67%. Due from Dec. 1,
1939 to 1953,-
EDGAR, Wis.—BONDS SOLD—It
is reported by the Village Clerk that
following bonds aggregating $44,000, have been sold to T. E. Joiner &
$24,000 general obligation, and $20,000 water and sewer
Co. of Chicago:
evenue
bonds.
■
LA CROSSE, Wis.—BOAT) SALE—'The $520,000 issue of school build¬
on Dec. 9—V.
147, p. 3500—was awarded to a
group composed of the Northern Trust Co. of Chicago, Smith, Barney &
Co. of New York, and the
Mississippi Valley Trust Co. of St. Louis, as
lMs. paying a premium of $2,423.25, equal to 100.466, a basis of about
1.67%.
Dated Dec. 15, 1938.
Due on Dec. 15 as follows. $50,000, 1939
to 1946, and $60,000 in 1947 and 1948.
ing bonds offered for sale
BONDS NOT SOLD—We
are
officially informed that the $62,000 library
construction bonds offered at the same time—V. 147, p. 3500—"were not
sold since a Federal grant for the said construction has not as
yet been
reinstated by the Public Works Administration; the bids which were sub¬
mitted for these bonds were referred to the Ways and Means Committee
for further consideration.
The highest bid received was an offer of $226.93
Sremium Duel%s,Dec. 15
on
submitted follows:same account as purchased the above
by the $6,000, 1939 to 1947, and $8,000 in
onds.
on
as
1948.
MADISON, Wit.—BOND REOFFERING DATE SET—In connection with
the report given in our issue of Dec. 10, that the
offering of the various issues
of not to exceed 4%
coupon semi-annual bonds had been postponed from
Dec. 8, the original date scheduled—V. 147, p. 3652—we are now informed
by A. W. Bareis, City Clerk, that the total of $413,500 bonds described
previously,
as
noted above, will be offered for sale
on
Dec. 22.
PRAIRIE DU CHIEN, Wi».—BOND SALE—The $40,000 issue of
3%
coupon semi-ann. general refunding bonds offered for sale on Dec. 9—
V. 147, p. 3500—was awarded to A. 8. Huyck & Co. of
Chicago, paying a
Eremium 1938. Due $4,000 from March
>ec. 15,
of $1,639, equal to 104 097.
a basis of about inclusive. Dated
2.25%.
15,,1940 to 1949,
County Clerk, for the purchase of a $494,000 issue of 2 M % coupon semi-ann.
hospital for the insane bonds. Denom. $1,000. Dated Jan. 2, 1939. Due on
Jan. 2 as follows: $25,000, 1945 and 1946;
$30,000 in 1947 and 1948, $35,000
$34,000 in 1959. Prin. and int. payable at the County
Treasurer's office. The bonds are general obligations of the
county and are
issued for the purpose of providing funds for the
construction of a county
in 1949 to 1958 and
to
Authority, that he will receive
3652—was not sold
SHEBOYGAN COUNTY (P. O. Sheboygan) Wis.—BOND OFFERING
—Sealed bids will be received until 2 p. m. on Dec.
20, by W. W. Birkle,
a
near
the
p.
Pratt
Seattle, paying par
split interest basis; Dated Jan. 1, 1939 are issued in denoms. of
$1,000,
and were sold as follows: $120,000 maturing Jan.
1, $5,000 in 1941, $6,000
in 1942 to 1944, $7,000 in 1945 to 1948, $8,000 in 1949 to
1952, $9,000 in
1953 to 1955, and $10,000 in 1956, as 3Ms, and $30,000
maturing $10,000
Jan. 1, 1957 to 1959, as 3s. Prin. and int. payable at the
County Treasurer's
on a
office.
147,
BONDSREOFFERED—It is stated by Fred W. Hilgen, City Clerk, that
he will again receive sealed bids for the purchase of the above
bonds, this
time until 7:30 p. m. on Dec. 27.
Dated Dec. 1, 1938.
Due $3,000 from
the
Wash.—BOND
carried at the election held
CEDARBURG, Wis.—BONDS NOT SOLD—The $18,000 issue of
3J4% semi-ann. bridge and river improvement bonds offered on Dec. 13—
V.
WASHINGTON
»
hospital for the insane, for the purchase of all lands, buildings and appurte¬
nances, houses, barns, sheds, coops, pens, fences,
enclosures,corals,roads,
tunnels, walks, equipment and other necessary lands, buildings and con¬
structions,
for the operation of a county hospital for the insane in the
The bonds shall not be sold at less than oar. The purchaser will
be furnished with the opinion of Chapman &
Cutler, of Chicago, that the
bonds are binding and a legal obligation of the
county. Enclose a certified
check for 1% of the bid, payable to the
county.
County Treasurer.
SPRING GREEN, Wis.—PURCHASER—It is
reported by the Village
Clerk that the $20,000 sewer bonds sold as
2He, at a price of 100.05, a
basis of about 2.74%. as noted here in
September, were purchased by the
Milwaukee Co. of Milwaukee.
Due from April 1, 1939 to 1958 incl.
WEST BEND SCHOOL DISTRICT NO. 1 (P. O. West
Bend), Wis.
—BOND SALE—The $165,000 issue of 214% semi-ann.
building, series B
bonds offered for sale on Dec
12—V. 147, p. 3500—was awarded to the
Harris Trust & Savings Bank of Chicago,
paying a premium of $5,609,
equal to 103.464, a basis of about 1.99%.
Dated Sept. 1, 1938.
Due
$15,000 from March 1, 1941 to 1951 incl. ■
'
on
bid upon the full amount of bonds
and shall state the
maturities,
as
shall be determined by the
Authority
coupon rate and all other terms and con¬
ditions consistent with the trust terms and the
provisions of the law under
which they offer to purchase said bonds. Enclose a
certified check for not
less than 2% of the total amount of
bid, payable to the State Treasurer.
WYOMING
SHERIDAN COUNTY SCHOOL DISTRICT NO. 36
(P. O. Sheridan)
Wyo.—BONDS SOLD—The $3,000 issue of school bonds offered for sale on
Oct. 29—V. 147, p. 2284—is reported to have been
purchased by the Bank
of Commerce, of Sheridan, as 4s.
CANADA
WEST
VIRGINIA
CAMERON, W. Va.—BONDS SOLD—It
bonds
have
been
Is reported that $6,900 reservoir
purchased by Nelson, Browning A Co. of Cincinnati.
MARSHALL COUNTY (P. O.
Moundsville), W. Va .—BONDS DE¬
FEATED— It is now officially reported that at an election held on
Sept. 27
the voters turned down a
proposal to issue $310,000 in school construction
bonds
SOUTH
Town
CHARLESTON, W. Va.—BONDS SOLD—It
Recorder that
an
proved by the voters at
the
State.
issue of $110,000
an
election held
on
is stated by the
public improvement bonds ap¬
Sept. 20, has been purchased by
WEST
VIRGINIA, State of—BOND SALE—An issue of $500,000
coupon or registered semi-ann. road bonds was offered for sale
on Dec. 15
and was awarded at that time to a
syndicate composed of Halsey, Stuart
A Co., Inc., Geo. B. Gibbons &
Co., Inc., both of New York, and Schmidt,
Poole A Co. of Philadelphia, paying a price of
100.022, a net interest cost
1.98%, on the bonds divided as follows: $120,000 as 1 %%,
maturing
$20,000 from June 1, 1939 to 1944; the remaining
$380,000 as 2s, due
$20,000 on June 1, 1945 to 1963.
of about
BONDS OFFERED FOR INVESTMENT—1The
successful bidders reoffered the above bonds for public
subscription as follows:
The offering
comprises $120,000 W\% bonds at prices to yield from
0.20 to 1.20%,
according to maturity, and $380,000 2% bonds, at prices to
yield from
1.40 to 2.10%.
In the opinion of counsel, the bonds are valid and
legally binding obli¬
gations of the State of West Virginia, for which its full faith
and credit are
pledged.
The bonds, in the opinion of the bankers, are
legal investment
for savings banks in New York, Massachusetts and
Connecticut.
FORT
ERIE, Ont.—NOTICE TO BONDHOLDERS—'The Guaranty
Trust Co. of Canada, Toronto and Windsor, is
requesting, in its capacity
as fiscal agent for the
refunding of the town's debt, that all creditors of the
municipality furnish it with a complete description of their holdings.
HALIFAX, N. S.—BOND SALE—The $409,000 coupon bonds offered
Dec. 14 were awarded to a group composed of Laurence
Smith & Co.,
Vancouver; W. C. Harris & Co., Toronto, and Nova Scotia Bond
Corp.,
Halifax, at a price of 99.80, a net interest cost of about 3.35%.
Sale con¬
sisted of:
$104,000 2^4% impt. bonds.
Due Jan. 2 as follows: $19,000.1940; $20,000,
1941; $22,000, 1942: $21,000 in 1943 and $22,000 in 1944.
99,000 3% impt. bonds.
Due Jan. 2 as follows: $21,000 in 1945 and
1946;
$22,000, 1947; $24,000 in 1948 and $11,000 in 1949.
206,000 3 M % impt. bonds.
Due Jan. 2 as follows: $10,000,1950; $11,000,
1951 to 1953, incl.; $12,000, 1954 and 1955; $13,000 from
1956'to
1958, incl., and $100,000 in 1959.
All of the bonds are dated Jan. 2,•'1939.
Denom.r$l ,000.
A group
composed of the Bank of Nova Scotia, W. C. Pitfield &"Co. and Dominion
Securities Corp. submitted second high bid of 99.57.1
IBERVILLE,
Que.—BOND SALE—An issue of $20,500 4% school
awarded to Credit Anglo-Francais of Montreal at a
price of
basis of about 4.03%.
bonds
was
99.72,
a
MONCTON, N. B.—BOND SALE—F. J. Brennan & Co. of Toronto
recently purchased an issue of $70,000 4% improvement bonds at a price of
101.77, a basis of about 3.87%. Due in 1958.
NEW
GLASGOW,
of 105.53.
WISCONSIN
BRILLION JOINT SCHOOL DISTRICT NO.
Wis.—BOND OFFERING—It is stated by Otto
2
(P. O. BrilHon),
Zander, District Clerk,
that he will receive sealed and oral bids until Dec.
20, at 7:30 p. m., for the
purchase of
nasium
and
$41,000 issue of 3J4% semi-ann. general obligation
gym¬
equipment and improvement bonds.
Dated Aug. 1, 1938.
Due Feb. 15, as follows: $1,500 in 1940, $2,500 in 1941 to
a
Denom. $500.
N.
improvement bonds
S.—BOND SALE—An
issue
of
$45,000
4%
was awarded to R. A. Daly A Co. of Toronto at a
price
Frank L. Craig, Ltd., second high bidder, offered a
price of 104.
ONTARIO (Province of)—NEW ISSUE OF $16,500,000 BONDS—Wood.
Gundy A Co. of Toronto is expected to make public offering soon of a new
bonds, due in 11 years. Proceeds will belused by the
Government to retire an equal amount of Treasury bills.m
■
issue of $16,500,000 3%
THREE
RIVERS,
Que.—BOND OFFERING—City Treasurer will
Dec. 19 for the purchase of $1,193,500 ZlA% or
4% improvement bonds to mature serially in 13 years.
receive sealed bids until
@FedFRASER