The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
S. ADM.
DE" of)
3RARY
COPYRIGHTED IN 1937 BY WILLIAM B. DANA COMPANY, NZW
VOL. 145.
YORK,
ENTERED AS SECOND-Cl ASS MATTER JUNE 23. 1879. AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT
OF MARCH 9, »97f.
NO, 3782.
NEW YORK, DECEMBER 18, 1937
BROOKLYN TRUST
BANK
COMPANY
George V. McLaughlin
OF
New York
President
BROOKLYN
NEW YORK
CHASE
NATIONAL BANK
°f
Chartered 1866
THE
THE
CITY
The
Member Federal
Deposit Insurance
Corporation
New York
Exchange
as
correspondent
depository.
reserve
Depttit Insurant* Cerptratien
STATE
'iwf;
Amsterdam
AND
municipal
Representatives' Offices
bonds
Buenos Aires
Paris
and bankers
New York
Member Federal
,
Boston
London
has
and
White, Weld & Co.
Members New York .Stock
it
years
large number
a
of banks
COMPANY
tra-
bankers' bank.
a
many
served
YORK
NEW
chase is
ditionally
For
OF
United States
Government
Securities
The
Hallgarten & Co.
first boston
CORPORATION
Eatablshed 1850
Brown Harriman & Co.
Incorporated
63 Wall
Street, New York
Telephone: BOwling Green 9-5000
NEW
NEW
YORK
YORK
BOSTON
chicago
philadelphia
Chicago
London
Boston
Chicago
Philadelphia
San Francisco
san francisco
Washington
Representatives in other leading Cities
and other principal cities
Wertheim & Co.
rpi
120
_
The
Broadway
State and
New York
Amsterdam
London
CARL M. LOEB & CO.
61
Berlin
Capital Funds
.
.
$37,500,000
Barr Brothers & Co.
inc.
New York
Paris
London
Municipal Bonds
Company
BROADWAY
NEW YORK
Amsterdam
NewTorkTrust
ioo
Chicago
broadway
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
EDWARD B. SMITH & CO.
31 Nassau Street
PHILADELPHIA
CLEVELAND
NEW YORK
New York
BOSTON
LONDON
European Representative's Office:
8 king
william street
london, e. C 4
Edward B. Smith & Co., Inc.
CHICAGO
■
St. Louu
*
to
Banks .and
Dealers since
i
888
hornblower
t & weeks
Established 1888
40
Ctrrttfndtnt
Minneapolii
Service
Wall Street
NEW YORK
Members New York,
Member of the Federal Reserve System,
the New York Cleartng House Association
and of the Federal Deposit Insurance Corporation
Cleveland,
Boston, Chicago,
Philadelphia and
Detroit Stock Exchanges
i
i
i
^7
Becker & Co.
G.
A.
J. & W.
Seligman & Co.
Incorporated
Dec.
Chronicle
Financial
11
1937
18,
IMPERIAL BANK
OF CANADA
Established 1893
No. 54 Wall Street
Investment Securities
63rd ANNUAL STATEMENT
NEW YORK
Year Ending
Profits for the year ended 30th
London Correspondents
October, 1937, after pro¬
Chicago
New York
October 30th, 1937
Profit and Loss Account
Commercial Paper
viding for
and
Provincial
Dominion
SELIGMAN BROTHERS
Taxes
And Other Cities
Staff
$
292,166.52
Guar¬
and
Pension
antee Funds
82,500.00
and making appropriations to contingent
accounts, out of which accounts full
provision for bad and doubtful debts
has been made
$
967,977.19
Dividends at the rate of 1% per annum—
700,000.00
267,977.19
Written off Bank Premises
Leading Out-of- Town
Investment Bankers and Brokers
100,000.00
Reserved for contingencies
150,000.00
250,000.00
Balance of Profits carried forward—
Profit and Loss Balance 31st
$
17,977.19
October, 1936-
620,055.53
Profit and Loss Balance 30th October, 1937.$
BALANCE SHEET
NEWARK
BIRMINGHAM
Liabilities
:
'
Notes In Circulation—
Deposits
MARX & CO.
BIRMINGHAM, ALABAMA
__$
balances
by and
Jersey State & Municipal Bonds
Newark Bank & Insurance Stocks
Deposits
$ 2,378,936.34
due
balances
by and
6,044,775.00
due
to Dominion Government
New
638,032.72
to Provincial Governments.-
6,348,274.50
Deposits by the public not bear¬
ing interest
32,262,890.04
Deposits by the public bearing
interest, including interest ac¬
crued to date of Statement.. 91,207,987.56
MUNICIPAL
SOUTHERN
AND
CORPORATION BONDS
132,198,088.44
Deposits
J. S. RIPPEL & CO.
due
Banks in
$ 1,567,841.47
by
Banks
to
balances due
Banking Cor¬
and
and
respondents
DETROIT
balances
and
Canada
Deposits
Newark, N. J.
18 Clinton St.
by
other Chartered
to
In
United
the
Kingdom and Foreign Coun¬
tries
3,105,427.92
4,673,269.39
$142,916,132.83
Letters
and
Acceptances
MICHIGAN MUNICIPALS
of
Credit
936,888.35
WATLING, LERCHEN & HAYES
Members
New York Stock Exch.
New York Curb Assoc.
Detroit Stock Exchange
$ 7,000.000.00
Reserve Fund
CORPORATION BONDS
Out¬
—:
standing
Capital Paid Up
8,000,000.00
Dividends declared and unpaid
176,365.48
Balance of Profits as per Profit-
and Loss Account
638,032.72
FEDERAL INTERMEDIATE
15,814,398.20
Chicago Stock E3$h.
334 BUHL
$159,667,419.38
*
DETROIT
BLDG.,
CREDIT BANK *
Assets
Gold held in Canada
$
719.66
,
Exempt from Federal, State, Municipal
and
MICHIGAN
4,624,189.00
Deposits with Bank of Canada.
DEBENTURES
Subsidiary Coin held in Canada
Notes of Bank of Canada
8,090,465.69
Notes of other Chartered Banks
CONSOLIDATED
307,905.00
and
Government
other than Canadian..
Local Taxes
an
Act of Congress approved
Deposit with the Minister of Finance for the
security of note circulation
Cheques on other Banks.
Charles A. Parcel Is &, Co.
Members of Detroit Stock
PENOBSCOT BUILDING,
Exchange
DETROIT, MICH
Consolidated debentures
Eligible
Dominion and
months'
to six
up
ceptable
ma'
WISCONSIN
banks
CORPORATION SECURITIES
collateral security
day loans to member
as
for fifteen
of
Federal
the
Reserve
EDGAR, RICKER&CO.
legal
by savings banks
the State of New York.
Eligible
Street,
ciary,
Milwaukee, Wis.
are
held
as
and
the
Government direct and guar¬
anteed Securities, not exceed¬
ing market value
38,533,500.44
Canadian Municipal Securities,
—
4,165,148.61
and
value
110,930.64
54,559,726.01
(not
short
and
exceeding
thirty days) Loans in Canada
on
Stocks, Debentures, Bonds
other
Securities, of a
and
authority
or
$ 6,166,163,58
cover
Loans
to
Provincial
Govern¬
ments
Loans to
proved as security for deposits
of postal savings funds.
5,967,423.02
Cities, Towns, Munici¬
palities and School Districts.
can be
not
Loans
and
Discounts in
included,
other
information
and
circulars
estimated loss
of
Proprietors
A. G.
WALL
...
(Hong¬
H$20,000,000
KELLOGG, Agent
STREET. NEW YORK
pro¬
55,168,477.28
Non-current Loans, estimated loss provided
obtained from
for.
338,768.84
Charles R. Dunn
FISCAL
AGENT
Nassau Street
•
New York
6.000,000.00
Liabilities of Customers under Acceptances
and Letters of Credit as per contra
„
For the Federal Intermediate Credit Banks
31
263,060.12
Mortgages on Real Estate sold by the Bank
Bank Premises, at not more than cost, less
amounts, if any, written off
936,888.35
Other Assets
not included
City
372,282.91
under the fore¬
going heads
121,578.99
HJIO.OOO.OOO
Liability
Canada,
Real Estate other than Bank Premises
Incorporated in the Colony of Hongkong. The
liability of members Is limited to the extent and
in manner prescribed by Ordinance No. 6 of 1929
of the Colony.
kong Currency)
6,458,544.38
18,592,130.98
Current
vided for.
ir Further
BANKING CORPORATION
rency)
Debentures
Bonds,
Stocks, not exceeding market
These debentures have been ap'
Authorized Capital (Hongkong Currency) H350.000.000
Paid-up Capital (Hongkong Currency)
H$20,000,000
Reserve Fund In Sterling
£6,500,000
Reserve Fund in Silver (Hongkong Cur¬
market value..
sufficient marketable value to
States.
Hong Kong & Shanghai
maturing
ing market value
--.$11,750,146.32
Other Dominion and Provincial
public funds
control of officers of the United
Foreign
guar¬
within two years, not exceed¬
Call
security for all fidu'
trust,
under
and
Securities
anteed
Other
for investment
in
619,304.23
2.516,932.22
Provincial Gov¬
direct
ernment
not exceeding
System.
Consolidated debentures
Teletype—Milwaukee 92
Chartered Banks in Canada
Due by Banks and Banking Correspondents
elsewhere than in Canada
$ 23,317,505.90
Credit Banks.
turity for purchase by the Fed'
eral Reserve Banks and are ac
MILWAUKEE
750 North Water
the
are
joint and several obligation of
the twelve Federal Intermediate
308,137.96
6,466,452.89
,
and balances due by other
Deposits with
78
106,211.91
-$ 13,406,678.60
by
March 4, 1923 As Amended
Reserve
Notes
MUNICIPALS
Authorized
.
Bank
277,187.34
$159,667,419.38
A.
F.
PHIPPS.
President.
H. T.
JAFFRAY,
General Manager.
IV
flntimrctH
No. 3782,
DECEMBER 18, 1937
Vol. 145
CONTENTS
Editorials
page
3859
Financial Situation
Can Business, Industry
and Government Cooperate?
3872
3873
Wages and Hours Regulation
American Diplomacy
3875
Faces New Tests
Comment and Review
Gross and Net Earnings of
United States Railroads for
3876
the Month of October
Week
on
the European
3863
Stock Exchanges
__3864
3869 &. 3918
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
3880
3881
3862
3917
News
3891
3915
3964
Current Events and Discussions
Bank and Trust Company
General
Items
Corporation and Investment News
Dry Goods Trade
3996
State and
3997
Municipal Department
Stocks and Bonds
..3918 & 3929
Foreign Stock Exchange Quotations
3920
.3962
Dividends Declared
Auction Sales
3930
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations ..3930 & 3940
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations
Other
Exchanges—Stock and Bond Quotations
Bond Quotations
Canadian Markets—Stock and
Over-the-Counter Securities—Stock & Bond
3946
3950
3952
3957
Quotations .3960
Reports
Foreign Bank Statements
.3968
Course of Bank Clearings
__3918
.3927
Federal Reserve Bank Statements
General
Corporation and Investment News
.3964
Commodities
The Commercial Markets
and the Crops
Cotton
.
Breadstuffs
Published Every
Saturday Morning by the William B. Dana
Herbert D. Seibert, Chairman of the Board
.-.3986
3989
3994
Company, 25 Spruce Street, New
and Editor; William Dana Seibert, President and Treasurer;
York City
William D. Riggs. Business
(Telephone
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative. 208 S.<uth La Salle Street
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright 1937 by William B. Dana
Entered as second-class matter June 23, 1879, at the post office at New York, N. Y., under the Act of March 3. 1879.
Subscriptions
in United States and Possessions, S15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.60 per year, $9.76 for 6 months;
South and Central America, Spain. Mexico and Cuba, $18.60 per year, $10.75 for 6 months; Great Britain.
(except Spain), Asia, Australia and Africa, $20.00 per year. $11.50 for 6 months.
Transient display advertising matter,
per agate line
Contract and card rates on request.
NOTE. On account of the fluctuation in the rates of exchange,
for foreign subscriptions and advertisements must be made in New York funds.
Manager.
Company.
Continental Europe
45 cents
remittances
v
.
-r
••
i?
Chronicle
Financial
vi
'0;''-'
r-';r
.
Dec- 18■ 1937
'''.if"'ft'
.
thing
man
a
is to help
keep
man
of
offers you
do for
can
it
thing—instantly obedient
This
do
friendliest
engine
eager
'y.''
'V'
engine
your
ir
J'/':
friend
.
The
■■
alert,
an
will.
to your
Texaco Fire-Chief to
just that, not just "regular" gasoline but
Fire-Chief.
No
where you travel, you
matter
always find Fire-Chief, because
can
than
more
forty-five thousand dealers in all 48 States
have
their judgment
put
behind
inde¬
it
pendently.
Try
Texaco Dealer
a
next
time.
l|v:^
Published in
Company
.
.
.
.
.
behalf of
.
more
than
45,000 independent
Makers of Fire-Chief Gasoline, New
Dividends
AMERICAN
MANUFACTURING
COMPANY
CITY
Company has declared
the
regular
dividend of $1.25 per share on the
of the Company.
Also a divi¬
dend of $1.00 per share on the Common Stock
both payable December 31, 1937 to Stockholders
of record December 15, 1937.
Stock
HOMESTAKE
B.
BROWN,
MINING
Treasurer.
COMPANY
Dividend No. 800
The Board of
No. 800 of thirty-seven and one-half cents ($.37K)
share of $12.50 par value Capital Stock,
payable December 24, 1937 to stockholders of
record
3:00
Checks
P.
will
M.
be
December
20,
R.
A.
The Board of Directors has this day declared,
of surplus earnings of the Company, a divi¬
December 7, 1937
120
G.
F.
COMPANY
DIVIDEND
24, 1937.
No dividend will be paid
on
fractional
shares
WILLARD P.
SCHENCK, Secretary.
December 16, 1937.
of
record
December
the
at
14,
$6 PREFERRED
The
regular
STOCK
quarterly
55
Company
of
$1.50 per
share
on
the $6
Preferred
Stock of National
Power
&
Light Company
has
been
declared
for
payment February 1, 1938, to holders of
record at the close of business December 27.
1937.
ALEXANDER SIMPSON, Treasurer.
of
business
This
on
distribution
WILLIAM C. LANGLEY, Treasurer.
Broadway, New York
December 16, 1937.
The
Board
of Directors
has this
NEW
day declared
YORK TRANSIT COMPANY
of surplus earnings of the Company, a divi¬
dend of one (1%) per centum upon the issued
out
outstanding Common Capital stock of the
Company, payable January 4, 1938, to holders
of the Common Capital stock of record on the
books of the Company at the close of business
on December 27, 1937.
THE
F.
GUNTHER, Secretary.
YORK
NEW
100
TRUST
26
New York, December 15, 1937
MAHONING
take
INVESTMENT
COMPANY
that a dividend of fifty
share has been declared on the
capital stock of the Mahoning Investment Com-
(50c.)
value) of this Company, out of accumulations of
Erior years, payable the close of businessto stockolders of record at December 28, 1937
Decem¬
ber 15,
1937.
J. R. FAST, Secretary.
THE
notice
per
Sany, payable December 22, 1937. to stock olders of record December 20,
1937
O'DONNELL ISELIN, Secretary.
ATCHISON, TOPEKA AND
SANTA
FE
RAILWAY
COMPANY
New York, November 30, 1937.
The Board of Directors has this day declared
of Two
Dollars and
Fifty Cents
share (being Dividend No. 79), on
Capital Stock of this Company,
payable on February 1, 1938, out of undivided
net profits for
the year ended June 30, 1937,
to
holders of said Preferred Capital Stock as
registered on the books of the Company at close
of business December 31,
1937.
Dividend cheques will be mailed to holders of
Preferred Capital Stock who have filed suitable
a
dividend
($2.50)
MANICE deF. LOCKWOOD, JR., Secretary
Please
been
of Sixty (60) Cents per share has
declared on the Capital Stock ($5.00 par
Broadway
The Board of Trustees has this day declared a
quarterly dividend of five per cent (5%) on the
Capital Stock of the Company, payable January
3, 1938, to stockholders of record at the close of
business on
December 18, 1937.
The transfer
cents
Broadway
New York, December 4, 1937.
A "dividend
COMPANY
DIVIDEND
dividend
close
1937.
represents the final dividend in respect of
COMPANY
books will not close.
National Power & Light
341
today declared a dividend of One Dollar
and Sixty-five cents ($1.65) a share on
the outstanding capital stock, payable
on
December 24, 1937, to stockholders
GUNTHER, Secretary.
INVESTING
G.
clared for payment on January 3, 1938, to stock¬
holders of record at the close of business December
NO.
The Board of Directors of this Company
earnings for the year 1937.
CITY
Dividend No. 218
A semi-annual dividend of 2 % on
capital stock
of the
Brooklyn Trust Company has been de¬
Rosario
Broadway, New York, N. Y.
the three months
and
BROOKLYN TRUST
Honduras
December 10, 1937.
ending December 31,
1937, of one and three quarters
(1K%) per
centum upon
the issued and outstanding Pre¬
ferred Capital stock of the Company, other than
Preferred stock owned by the Company, payable
January 3,1938, to holders (other than the Com¬
pany), of Preferred Capital stock of record on
the books of the Company at the close of business
on
December 27, 1937.
dend for
1937.
CLARK, Secretary
&
Mining Company
out
mailed
by Irving Trust Com¬
Dividend Disbursing Agent.
pany,
York
December 16, 1937.
Directors has declared dividend
per
New
Broadway, New York
The Board of Directors of the American Manu¬
facturing
quarterly
Dividends
INVESTING COMPANY
55
Brooklyn, New York
ROBERT
Texaco Motor Oil, Havoline and Marfak.
Dividends
Noble and West Streets
Preferred
Texaco Dealers by The Texas
Sponsors of **Texaco Town" (Wednesday night—Columbia network)
.
the
per
Preferred
orders
therefor
D.
C.
at
this
office.
WILSON, Assistant Treasurer.
120 Broadway, New York City.
The Financial Situation
•ONGRESS is shortly to
will go
than
the
number
usual
down for
adjourn, and its members
of
will
enterprises
organize
More
back home for the holiday period.
the rocks.
year-end stock taking and for other pur¬
an excellent thing if the relative
to some wholesome
of
of
Congress,
the country,
clusions
No
one
doubt
can
Yet it certainly cannot
existing state of affairs and the outlook are to be
taken seriously.
Whether the "stage" of the "cycle"
man
in which
find
"depression''
or
merely
"recession" may
a
well be
left to those who find
joyment
in
nomena
have
we
period
Whether
entered
of
en¬
phe¬
giving
names.
long
a
de¬
and
poor
clining ^ business j| or
are
merely passing through a
relatively temporary if
trying adversity
left
those
to
prophecy.
be
may
gifted with
What is
per¬
fectly clear is that business
is in
highly unsatisfac¬
a
tory state, that the major
of
causes
Deal,
or
condition
this
to be traced to the New
are
whether
and .that,
not there
pears a
presently
ap¬
revival of activity,
really sound and solid
re¬
await
an
must
covery
altered attitude at Wash¬
Disappointment
Congress
has
been
a
posed. The general index of
the Reserve
proposal for reduc¬
tion in Federal expenditure for roads almost
at once evoked an outburst by the Chairman
of the House Roads Committee, who said:
"When this bill gets to the floor it will
then be time to discuss the economy in road
building appropriations.
If we are asked to
go along in reductions to balance the Federal
budget, then, of course, we will accept in
good grace such cuts as are proportionate.
But
we
road
not
are
building
creases
in
going to sit idly by and
stopped when there are
other
items,
at
or
averaged about 116 for the
first
of
This
statement
unusual
of
is
not
,
interest
not
had
occasion
interests
in
the
once
to
It is
let
are
fully
as
down
true that
moneys
all, and usually refuse bluntly
permit them to be reduced in greater degree
are
other expenditures of
the
govern¬
utterly illogical and
indefensible attitude.
It by implication de¬
nies that there is any difference in the degree
an
of necessity in
expenditures
patently absurd po¬
sition.
But
politicians are rarely logical,
and unfortunately are seldom deeply inter¬
ested in considerations of real statesmanship.
At any rate, the fact is that few more difficult
or even
purposes—a
tasks
expenditures.
ever
constructive sort
tion,
on
particularly
taxa¬
to
and
in
re¬
gard to the pernicious
articulate
more
than
support
month they must reconcile themselves
more
designed to
assure
will be
Prophecies
not
our
or
that
less
obviously
the business community that the
would
this
a
be
a
Congress that
of its own,
regardless of the White House, have
national legislators
have
not
Assurances that
would do their
own
proved well founded.
thinking
Where
hand,
the result, with deep regret be it said, has been
rebellion directed against pressure from the President
in behalf of greater circumspection in public ex¬
penditures.
The daily press has carried reports
within thej[past fewj[days of^an alleged_effort\to
Congress has been disposed to show its own
things
awry,
the December figure
be
will
badly
are
the
of
year,
below
drastically
While
that for November.
it
seems
figures
probable that these
do
more
no
than
half reveal and half conceal
truth
the
can
question that
albeit
depict,
they
general
very
of
course
there
within,
be little
in
a
the real
way,
business
during
past few months.
It
is true that inventories in
some
have
moderate increase
branches of business
been
very
substan¬
and that
may lead to
reduced,
in activity after the turn
but certainly one would have to be
optimist indeed to find in the current situation
an
any
real indication of either a fundamental change
in the situation or
promise of such a change.
Do-Nothingism at Washington
constructive program
been borne out in the event.
henceforth
words
duly considered at some later date.
would formulate
more
than
some
busi¬
know about
to
this reduction
to
matter
is
Unless
95.
whose
such
tially
that after a^
tangible
below
it
ness
has
he
had.
yet
the
statisticians
If he
find
nothing
stand
general
un¬
distributed profits tax,
succeed he must have far
more
the
figure will apparently
the
facing the President at present.
are
is
for
that
confront the State than to reduce
It is evident that these familiar difficulties
a
of
ment.
Obviously this is
Re¬
brings the
November
information
S month
reduce them at
than
Bulletin
serve
granted for this, that or the other purpose,
politicians soon acquire what they view as
a sort of vested
right to a continuance of such
outlays year after year, resist attempts to
to
The current
Federal
the
of
issue
because
and
in hand.
are
in¬
speak of the rise of vested
relief.
bars
have
will
reduced by
further
be
revision when all the data
rate, no
the govern¬
be
to
certainly
most
to
see
expected, but be¬
cause it is so
precisely typical of the reactions
of politicians to any and all reductions in
expenditure.
We have often in recent years
or
stood at 103 for the
and al-
month of October,
ment."
it is
eight months of the
year,
any
reduction for other activities
Those who had
relatively quick action of
Board, which
The President's recent
disappointment all round.
hoped for
any sane
that the business situation is less
Politicians and the Budget
for various
a
suppose
be said that anything has
serious than had been sup¬
of wisdom
ington.
Congress
to
to be recorded upon
are
convened to lead
our¬
selves is to be denominated
a
It
that the net
side of the profit and loss ledger.
occurred since Congress
we now
votes, and in the form
of legislation if and when
program
step is in some measure politically feasible.
a
the wrong
the
that
grandiose pronuncia-
a
event such a movement ought
results of the extra session
become well acquainted with the con¬
reached.
with
is not too soon to assert with assurance
to be widely scattered throughout
soon
In any
concrete
a
such
thought about the situation with
faced, and to seeing to it that members
we are
existence
to be announced in terms of
quiet of the next two weeks were in large part devoted
which
its
mento, but the project appears to have run upon
close
It would be
poses.
opposition coalition which planned to
an
announce
Yet
despite all the promises
weeks ago,
and hopes of six
not even a start has been made at Wash¬
ington toward establishing conditions under which
the
business
community
can
really get under way
again with a moderate degree of confidence.
The
Administration, for that matter, has not yet reached
the
stage of admitting that there is anything wrong
with the state of business.
replied to
a
The President recently
question concerning the current "de¬
pression," "recession," or whatever it is, by calling
3860
it
an
Financial
"assumption/' and still
that
what
business
depended
The
read.
one
Congress
nized
largely
time
some
is
ago
far not resulted in
shown
newspaper
rather well
now
recog¬
His much ad¬
hardly more than a gesture.
as
be
what
upon
housing program which he sent to
vertised conferences with
to
recently lie said
more
thought about the actual state of
one
utility executives have
anything concrete, and it is yet
convincingly that they will
anything of consequence in the future.
come
to
As to Con¬
itself, it has for the time being at least
gress
so
appar¬
ently lost interest in tax reform, and has been giving
attention
its
almost
exclusively of late to
presumably certain
measure
sooner
farm
a
later to be
or
form to
complicate matters further in
various ways, among
them by adding to rather than
enacted in
a
subtracting
from
wages-hours
measure
public
ties but which may
all sides
on
and
to
a
which is encountering difficul¬
yet become law in
form
Dec.
1937
18,
ment, for example the danger of a revival at some
later date of the old make-work
graceful, not to
obscure
the
at
suicidal, waste. Others
say
too
are
present time to permit of accurate
Still
forecast.
idea with its dis¬
others
likely to
are
only to
occur
One
thoughtful students of public affairs.
very
real
danger, probably of this last mentioned class, is in¬
herent in
the budgetary
in
banks
the
outlook and is directed at
No
particular.
seriously the decline in
knows just how
one
business and the virtual
disappearance of profits, actually experienced, or in
the
offing, will reduce tax revenues of the Federal
Government
next
but
year,
knowTs,
one
every
of
course,
that the effect will be very substantial. Few
believe
that the
Treasury has
as
yet made due al¬
lowance for all this in its estimates.
one
relief
for
tures
Nor
can
any
accurately estimate increases in expendi¬
nowT
will
that
be
found
necessary,
or
or
thought to be so, during the next six months, but
plague business which is already
another further to
beset
expenditures,
Chronicle
they too will be large. We are destined soon to test
one
by the vicious National Labor Re¬
lations Act.
The President has recommended
substantial
reduction
the construction of
in
Federal
a
very
expenditures
public roads, but, of
course,
in
the
the extent to which State
unemployment insurance
systems will act as a buffer against unemployment
distress and
have
public relief expenditures. The States
large funds on deposit in Washington.
About
whole
budgetary issue is yet to be clearly outlined,
twenty of them must begin paying unemployment
to say
nothing of settled.
insurance from
Later
of the year.
Responses
Greatly reduced business activity,
still
a
rate of decline
continuing which threatens to bring industry
to
near
standstill, profit margins
a
rapidly
dis¬
is
simply
tive
the
funds
un-under-
an
(i.
e.
apart from administra¬
matter
wears
totally different aspect.
a
been
affairs either
meet the claims of the States is a
denying its existence
or
spending its
applying hairs of the dog that did the biting—
such is the situation
This much is
today.
need
man
not
by which the country is faced
plain that
now so
therein.
err
What
a
may
wayfaring
not be
so
obvious to the rank and file is the hazard involved
in the
impact of the state of business
upon
Treasury's
sidies
ment
to
continue
to
ignore such developments in¬
definitely. As business conditions continue to
better,
the politicians will
pressure upon
gressively greater.
can
Of that
we
of the further fact that
will be afforded at
tion
is
therefore
In what way
uation
some reason
more
some
or
than
be
sure, as we
sort of response
another.
The ques¬
ordinary moment:
it
can
no
longer ignore?
to fear that the response
istration will
found and
time
one
of
may
grow pro¬
will the Government respond to
which
grow
if they merely fail to get materially
worse, or even
be, unless
applied, to
sit¬
is
of the Admin¬
to prevent it is
some way
come
stead of less "economic
a
There
forward with
more
in¬
planning" with all the trim¬
circumstances
in
Now
It may
to
two
courses
the banks in
The
general.
needed
its
it has at
profit—the
without
retirement
seignorage
has
influence
or,
as
always have with
time passes
us
at best, do not materially improve.
dent,
no
matter what he says
shown in his
from
immune
given
some
housing
to
other
the
will gain in
and conditions grow worse,
program
inflation
on
The Presi¬
the subject, has
that he is still far
organism—if it
is
name.
are
obvious
and
accordingly need little
obligations
acquired
the banks to
additional
the
for
various funds
use
the
obligations sold in the
the large
accumulated
to
pacify various
speculators
Can the Treasury sell large
new
money
without calling
provide the cash by the creation of
deposits for the purpose?
More to the
point perhaps, can the Treasury do so without caus¬
ing substantial declines in the market prices of out¬
standing government obligations now held by the
is all the
large volume?
more
If there is question
as
Treasury can do these things, there
reason
to ask whether governmental
corporations, whose obligations are guaranteed by
the
Treasury, can. At least it may be said with as¬
surance
that
conditions
which
impose
upon
the
Treasury the task of either directly or indirectly
raising large sums of money will place the Admin¬
under
great temptation
to make use of
the various funds it now has but which have here¬
Some of the directions in which these forces will
act
of
blocks of securities for
istration
The Direction of Forces
offer
obtainable by de-sterilizing gold
and the silver interests.
on
Treasury
to it, both threatening
the mountains of silver the Govern¬
on
to whether the
tionists whom we
is to
process—and
tatorship.
than probable that the infla¬
some¬
command, notably the so-called gold
money
sterilization
ment
of this sort the
open
funds, and the other is to
banks in such
more
govern¬
out of the
particular and to the country in
one
mings of regimentation and virtual economic dic¬
It is
through
be kept
budget/but the funds will have to be found
nia Avenue.
ible
Some of the sub¬
routed
thus
and
large batch of the
pay.
where.
public
Congress will find it feas¬
be
may
corporations
will find
nor
promises to
own
planned
legislators at both ends of Pennsylva¬
be taken for granted that nei¬
ago
expended, and all that is left from wdiich to
officials and
ther the White House
The
deposited with the Treasury have long
so
standing government responsible for this state of
time
process
difficulties), but for the Federal Government
appearing where they have not already disappeared,
all sides,
shortly after the turn
of drawing the funds down and paying
one
them out to claimants
mounting discouragement
on
these funds
For the States in question this
com-
tofore been held
another.
under earmark for
one
reason
or
Volumo
Financial
145
Either method of procedure would place
serious
*
strain
We hear
of
the already extended banking system.
upon
a
reserves
their
great deal constantly about the volume
of member banks and in
so-called
"excess
particular about
Chronicle
3861
the announcement
market
advance of
time when currency
a
Sept. 12 that
on
open
purchases of Treasury obligations would off¬
set the seasonal
been
made
was
currency
in
there lias
never
equalled the Labor
use
Day figure.
The total still is $1,000,000 under the
enough, little is said about the capital position of
level
time
the banks.
performance doubtless occasioned the hasty abandon¬
credit
Yet
reserves,"
strangely
but,
greatly has the volume of bank
so
expanded during the past few years, and so
relatively slightly have the capital funds
banks
of the
expanded, that the ratio of deposits to capital
funds is
time.
now
probably at
At the middle of
that bank credit
or near
the peak for all
1919, when it is
now
clear
extended almost to the break¬
was
the
at
ment of the open
reserve
ment
announcement,
market operations.
and this
Member bank
balances climbed somewhat in the last state¬
week, and the total of
requirements moved
000.
the
of
The
probably
up
excess reserves over
gold stock figures remain puzzling,
are
legal
$10,000,000 to $1,060,000,as
they
intended to be by the official manipu¬
ing point, bank deposits amounted to about 7.1
lators of other
times the
receipts from both foreign and domestic sources, only
of 1929
capital funds of the banks. In the Spring
deposits
last
deposits
6.3 times capital funds.
were some
At the end of 1931 the
figure
a
On June 30
7.9 times capital funds, and it is
were
well-known that if bank assets
value the
5.8.
was
taken at market
were
capital funds of banks would be shown at
to be
moment
swollen
ought not for
expected to increase their already
deposits by the purchase of government ob¬
ligations against artificially enlarged
the contrary,
the need, and
either to reduce bank
deposits
obligations to investors
the banks in such
prices
of
or
Sale of government
holds in
now
reserves,
now
outstanding
banks, since in this
capital funds, computed
funds it
depress materi¬
as to
issues
would be hazardous for the
basis, would be reduced.
to strengthen the
institutions other than
or
quantities
Treasury
On
reserves.
urgent need it is, is
an
capital position of the banks.
their
any
upon
way
realistic
Use by the Treasury of
would increase bank
reserves
but it would likewise increase their depos¬
its without
adding
a
nickel to their capital funds.
Nothing further need be said to make it clear that
while the Administration
temporizes with the situ¬
ation, and while Congress engages in what
sirable
legislation
may very
of the
well
$12,765,000,000.
It is plain that interactions of the
Treasury inactive fund and the stabilization fund
serve
take,
to
is
events
inevitable
the
creating forces that
ship of state.
public, if it will,
or
after the
of
Congress
alleviate this situation.
back
come
to
If
Washington
we
are
facing,
understanding of what needs to be
done, and above all with a conviction that they must
show
the
a
record
winter
next
quickly take
or
face
a
achievement
on a
outlook will
vastly different and far
appearance.
during
disgusted electorate
the Washington
autumn,
isfactory
of constructive
months
very
sat¬
business recession
of total
Federal
$11,205,000 to $7,534,968,000, with
the account variations consisting of a gain in
bank
reserve
407,000;
balance
a
balances
drop in the Treasury general account
by $10,303,000 to $231,540,000; a decline of
foreign bank balances by $9,500,000 to $216,438,000,
and
drop of other deposits by $17,117,000 to
a
$202,583,000.
The
reserve
ratio fell to 79.8% from
Discounts by the regional banks were down
79.9%.
$1,618,000 to $15,772,000, and industrial advances
receded $18,000 to $18,432,000.
Open market hold¬
ings of bankers bills were quite unchanged at $2,825,000.
The total of United States Government
securities in the open market portfolio remained at
quarter date was
THE current slump in business appears to have
had
effect
the solvency of commercial
its
on
enterprises/ judging from Dun & Bradstreet's recent
reports of failures.
These reveal
a
greater number of
insolvencies in three of the last four months
the
the first
than in
months of 1936, whereas in all but one of
same
seven
months of the year, there were fewer
failures than in the
corresponding months of last
and the single increase in
to be
virtually nil.
not
that period
was so
year;
small
raised the totals to
high levels by
or
toned
down
depression.
sharply
the percentage
by the
Currency circula¬
gains
were
many
night,
although
times that figure.
the
normal
Indeed, since
But
considerable, amounting to
7.9% in August, 25.7% in October and 14.2% in
November.
In each
succeeding month the increases covered a
wider range
of industries; in August, three of the five
ported
Wednesday
any
in fact, but for last year's figures, failures in
those months were the smallest in many years.
are
as
The increases in recent months
week
member
by $48,125,000 to $6,884,-
tion, for instance, increased only $5,000,000 in the
expectation is
dipped $1,578,000
Total deposits with the regional
$4,293,307,000.
banks advanced
classifications into which the
to
an
Reserve notes in actual circulation
to
small increase of
by $1,130,000 to $9,444,007,000.
reserves
means;
CHANGESonly the banking statistics variations,
in the ordinary seasonal this week
reflect
those
a
advance
possible
your
Federal Reserve Bank Statement
even
made
have
more
This is the time to "see
Congressman."
and
cash"
Business Failures in November
holidays with deep and realistic impres¬
better
"other
unchanged holdings of gold
$9,121,907,000, but
do much during the next
sions of the nature of the crisis that
a
certificates at
Congressman"
can
three weeks to
members
gold figure.
reflected through a gain of bond
holdings by $33,466,000 and a corresponding reduc¬
tion of note holdings.
This, it may safely be assumed,
merely indicates that Federal Reserve holdings of
notes due next February were refunded under the
Treasury's exchange offering into eight-year bonds.
"See Your
with
to obscure the real trend of the
The combined condition statement of the 12 Federal
$2,564,015,000, but the Treasury financing of the
too much for those in command
prove
acknowledged gold stock
passes
ought
economic
of
course
two
our
Wednesday, making the aggregate
precise form thoroughly unde¬
for debate about the
The
added to
Reserve Banks indicates
It is clear therefore that the banks
ally
was
Despite considerable
money.
in the week ended
figure much below that given in the official state¬
ments.
a
$1,000,000
people's
a
figures
are
divided,
re¬
larger number of failures; in October four,
and in November, all five.
Financial
3862
There
November
in
were
liabilities
current
of
failures
786
Dec.
In the listed bond market the tone
involving
November,
In
$10,078,000.
Chronicle
firm.
18, 1937
steady to
was
United States Government securities moved
1936, 688 firms failed for $11,532,000 while in Oc¬
slowly higher, as banks entered the market to re¬
tober last 768 failed for $9,335,000.
place with investments their dwindling loans.
In the
manu¬
facturing division 164 insolvencies with liabilities of
$3,058,000
involving
reported this
were
$3,631,000
in
compared with 139
year
two
issues
new
Wednesday
offered
eagerly
were
a
trade failures numbered 440 last month and 409
rather
Highest rated corporate bonds
year
liabilities in the /group totaled $3,816,000 this
tried to
year
and $3,901,000 last.
tional investors.
82
were
November
In|the wholesale^division
casualties^with $1,391,000 liabilities in
while^a
thereiwereJ[only^65 in¬
year ago
volving $932,000 liabilities.
The construction group
had 60 failures this year
accumulate blocks
tendency that
commercial
pressure.
only $287,000jlast
The
compared with 29 for
the
were
November
other ten
and one,
only
than
Grains
and
November,
districts, nine had
St..Louis, had the
Reserve
reporting fewer failures
ones
in
Federal
Business in the
same
1936.
Of the
number.
In respect
that intervention
of liabilities
involved, the districts in the East were
all smaller than a year
ago while those in the West,
with one exception, were higher. The
exception here
also was St. Louis where failures this
year involved
less liabilities than in November, 1936.
^
the
touched
stocks
Curb
New
new
on
was
materials of industry
The foreign exchange
funds
were
small scale.
a
Stock
York
high
touched
Exchange four stocks
levels for
the
New
115
new
high levels
low levels.
new
Stock
York
while
year
On the New York
low levels.
new
Exchange 81 stocks touched
the
not
small and changes incon¬
were
and two stocks touched
on
did
under mild
usual, but it was rather well understood
as
On
were
The various stabilization
sequential.
active
raw
low ebb.
a
Com¬
desultory
same
agricultural products
much, while base metals still
naturally is at
failures this year
more
alternately higher
was
apparent in securities markets.
was
other
dealings of the week
year.
BostonJ[and Philadelphia
districts
this
as
dealers
as
speculative departments of
modity markets followed much the
vary
serviceXclassification 40 firms failed for
to
offering to institu¬
lower, with net changes unimportant.
andA46 last, butjliabilities
involvedjfaggregated only $994,000 this year in comparison with|$2,781,000 in November, 1936. In the
$819,000 in November, 1937
In the
firm,
were
for
the bond market the trend
and
moved
and
large premiums over the par offering figure.
ago;
there
The
last
issued
and
sought
Retail
November,^1936.
6
Dec.
Call loans
Exchange remained
un¬
changed at 1%.
The New York Stock Market
AFTER modest
half-day
York market settled late
shares; on Monday they were 1,017,384 shares; on
day just about to levels prevalent
With internal
Exchange the sales at the
backing and filling, stock prices
in the New
**
On the New York Stock
week earlier.
a
and international affairs
traders and investors
plainly preferred
of aloofness.
reason
There is
to
yester¬
uncertain,
an
attitude
believe, in fact, that
session
896,330
Tuesday,
Saturday
on
shares;
last
389,970
were
929,480
Wednesday,
on
shares; on Thursday, 1,033,830 shares, and on Fri¬
On the New York Curb Ex¬
day, 792,760 shares.
change the sales last Saturday were 75,512 shares;
the bulk of transactions
on
day
are
shares;-on Wednesday, 214,480 shares; on Thursday,
lish
losses
now
reported from day to
of the switching variety, intended to estab¬
essential
for
tax
position
without changing the
purposes
of
the
holders
in
the
the New York Stock
214,290 shares, and
Extreme dulness
market.
Despite the prevalence of such trading, transactions
on
Exchange averaged less than
week, and little
the
problems
1,000,000 shares in the full sessions, which suggests
that the ordinary
variety of trading is of extremely
scope
small
make
wise
proportions.
are
Other financial markets like¬
extremely dull, for the circumstances mak¬
ing for inactivity and uncertainty
Stock
It
Exchange
could
the New York
of general application.
are
not
on
possibly be
that the current situation calls for clarification of
the
Administration
finance.
Only
as
stand
again be assumed, and it is
business
attitude.
The
direction
markets
are
business
a
provided of
a
halting steps
and
can
risks
commonplace to
every
that definite and
man
must be
ances
toward
confidence is .revived
trustworthy
assur¬
friendlier Washington
so
far taken in that
insufficient, and the stock and
other
give sufficient Evidence of that fact.
Inter¬
nally, the only satisfactory indication of the week
now
now
ending
has
was a
reached
provement almost
a
suggestion that steel production
its
lowest
sure
point, with
to follow.
some
This occasioned
little interest in steel stocks and in other
facturing issues.
little
of
American
in the
would
interest.
The
Japanese
gunboat Panay caused
able
prevent
manu¬
The sessions otherwise contained
week, but this
that the
im¬
was overcome
sinking of
nervousness
the
early
when it appeared
diplomatic handling of the incident
an
international flare-up.
on
more
Friday, 228,250 shares.
could be expected in view of
international
reasonable solution.
a
investing public
prices
opened
lower
reluctant to
were
and
in
Thus,
sizable commitments at this time.
any
Monday
186,935
Tuesday,
national and
both
traders and the
on
pervaded the stock market this
still awaiting
On
continued
throughout the session without benefit of
any
so
real
Irregular movements featured Tuesday's
support.
clearly apparent
more
180,022 shares;
Monday,
session, and trading was on
a
diminished scale.
tendency toward irregularly higher prices
A
was re¬
flected at
Wednesday's session after
opening.
On Thursday prices resumed their upward
trend to close the
likened to
rest
a
that of
9
more
points.
sessions, prices
average
closed
levels of
a
came
week
to
ago.
yesterday at 43% against
Friday of last week; Consolidated Edison Co.
of N. Y. at
at
earlier
slightly above the
on
or
market devoid of color and much
General Electric
43
fairly steady
day with leading issues enjoying
advances of from fractions to two
Yesterday in
a
24% against 25; Columbia Gas & Elec.
against 9%; Public Service of N. J. at 33%
against 34%; J. I. Case Threshing Machine at 93%
against 95; International Harvester at 66 against
68;
Sears, Roebuck & Co. at 59% against 57%;
Montgomery
Ward & Co.
Woolworth at 36
Tel.
at
at 34%
against 34%;
against 38%, and American Tel. &
146% against 150.
Western Union closed
yesterday at 23% against 26% on Friday of last,
week; Allied Chemical & Dye at 162 against 162;
Volume
Financial
145
E. I. du Pont de Nemours at
Chronicle
115% against 116%;
The spot price for cotton here in New York closed
Kegister at 17 against 17; Interna-
National Cash
yesterday at 8.31c. as against 8.22c. the close on
tional Nickel at
44% against 43%; National Dairy
Friday of last week.
Products
against 14%; National Biscuit at
yesterday
18%
at
3863
-
14
17%;
against
Sulphur
Gulf
Texas
at
27
was
15.06c.
Friday of last week.
The spot price for rubber
against 15.48c. the close on
as
Domestic copper closed yester-
against 29%; Continental Can at 40% against 41%;
day at 10%c. to 11c. as against 10%c. to 11c. the
Eastman
close on Friday of last week.
Kodak
Brands at
Mfg.
against
Standard
165;
8% against 8%; Westinghouse Elec. &
In London the price of bar silver yesterday was
16%
19 1/16 pence per ounce as against 18 15/16 pence
against 107%;
106%
at
161
at
Lorillard at
Friday of last week, and spot silver
against 16%; U. S. Industrial Alcohol at 21 against
per ounce
21%; Canada Dry at 14% against 14%; Schenley
in New York closed yesterday at 44%c., the close on
Distillers
25
at
tillers at
against 28%, and National Dis-
In the matter of the foreign exchanges,
irregularly changed for the
are
United States Steel closed
week.
against 56%
at 70
yesterday at 57%
Friday of last week; Inland Steel
on
against 69; Bethlehem Steel at 55% against
55%, and Youngstown Sheet & Tube at 38% against
In
39%.
Friday of last week.
20% against 22%.
The steel stocks
the motor group, Auburn Auto
55
against f 5.00% the close on Friday of last week, and
cable
32% against 34%; Chrysler at
In the rubber group, Goodyear Tire & Rubber
closed
last
yesterday at 19% against 20%
on
transfers
on
Paris
closed
yesterday
at
3.39 9/16c. as against 3.40 1/16c. the close on Friday
of last week.
closed
against 56%, and Hupp Motors at 1% against
1%.
cable
transfers on London closed yesterday at $4.99% as
European Stock Mar ets
yesterday at 3% against 6% on Friday of last week;
General Motors at
on
Friday of
week; United States Rubber at 26% against
QTOCK exchanges in the principal European
O
financial centers were dull this week, partly
in response to the advance of the holiday season,
Traders and investors also were made cautious,
ho,wever, by the international developments. The
present week,
fear prevailed in London and Paris early in the
week that the sinking by Japanese airplane bombs
Pennsylvania Mi. closed yesterday at 21% against
of the American gunboat Panay in the Yangtze,
23
and the artillery shelling of the British gunboat
27%, and B. F. Goodrich at 16 against 17%.
railroad shares suffered recessions the
Friday of last week; Atchison
on
Santa Fe at 40
The
Topeka &
against 40%; New York Central at
Ladybird, might lead to an enlargement of Far
When it appeared in the mid-
18% against 19%; Union Pacific at 84% against
Eastern hostilities.
87 ;
Southern Pacific at 21% against 22%; South-
week session that diplomatic moves would suffice
era
Railway at 13% against 14, and Northern Pa-
for adjustment of these incidents greater confidence
cific
at
Among the oil stocks,
12% against 13.
Oil
Standard
of
N.
J.
closed
yesterday at 45%
was
manifested in the European centers.
Close
attention again was paid the trend of business in
against 44% on Friday of last week; Shell Union
the United States, with a view to
Oil at
possible repercus-
sions elsewhere.
16% against 16%, and Atlantic Refining at
In the copper
20% against 20%.
group,
Anaconda
Copper closed yesterday at 31% against 32% on
Friday of last week; American Smelting & Refining
at
against 49,
48%
Phelps Dodge at 27%
and
against 27%.
Trade
and
industrial reports
ending today
Steel
and
were
continue to make
Steel operations for the week
pessimistic reading.
estimated by the American Iron
Institute at 27.4% of
capacity against
27.5% last week, the decline now having continued
for 16 consecutive weeks.
this
of
year
For the first nine months
the average rate of operations
Production of electric
83.12% of capacity.
for the week to Dec. 11 is
Institute
Electric
at
With the exception of a decline of
American purchases of foreign raw materials, however, not much effect so far is noticeable, in any
direct sense. The recently reported increase of British unemployed is occasioning caution, however, despite reports that some industries are operating at
capacity. In London and Paris a tendency to forecast business prospects for 1938 already is in evidence, and the tone of such prognostications is said
to be gloomy. The German market remains almost
completely unaffected by developments elsewhere,
under the control of the
energy
reported by the Edison
2,196,105,000 kilowatt hours
Nazi authorities,
The London Stock Exchange was
was
depressed on
Monday by the news from the Far East of the attacks on American and
British naval boats. Uncerincidents occa-
tainty as to the outcome of these
against 2,152,643,000 kilowatt hours in the preced-
sioned some liquidation, and almost all groups of
and 2,243,916,000 kilowatt hours in the
British funds slowly receded,
Gold mining issues
attracted some support, but international securities
were marked lower.
The situation on Tuesday was
not greatly changed, as the international atmosphere was thick. Liquidation was slow and spasmodic, but investors preferred to remain on the sidelines, and British funds and industrial stocks again
drifted slowly downward. There was a better tone
in Anglo-American favorites, however, owing to
improved reports from New York. After early un¬
certainty on Wednesday, the tone improved at London. Gilt-edged issues were marked upward, while
industrial stocks advanced on assurances from Brit¬
ish Ministers that the rearmament program can be
ing week
corresponding week of last year.
revenue
Car loadings of
freight for the week ended Dec. 11
are re-
ported by the Association of American Railroads at
622,131 cars.
week of
the
As
a
drop of 116,965 cars under
course
mar-
yesterday at 94%c. against 95%c. the close
December
corn
at Chicago
yesterday at 57%c. against 55%c. the close
Friday of last week.
closed
of the commodity
the December option for wheat in Chicago
Friday of last week.
closed
on
and
indicating the
closed
on
This is a decrease from the preceding
cars
figure for the corresponding week of 1936.
kets,
on
1,206
December oats at Chicago
yesterday at 31%c. as against 31%c. the close
Friday of last week.
issues were affected.
as
did most industrial stocks.
Financial
3864
Com¬
expected to continue for some years to come.
modity issues and international securities joined in
the modest
The session on Thursday was
upswing.
Chronicle
ment
the
ditions prevalent
debt.
demand
proved
securities
noted
was
international
and
for
also
commodity
obligations.
Gilt-
edged issues were steady in quiet trading yesterday.
stocks showed small gains,
Industrial
national issues
were
recessions
Small
while inter¬
the
rule
the
on
Bourse in the initial session of the
Paris
week, owing to
The Italian action
League of Nations.
sidered
French
Bentes
policy.
almost all French
lower and
fered.
marked
were
was con¬
viewpoint
the
from
important
more
fractionally
equities likewise suf¬
securities were in demand.
Foreign
unfavorable
trend remained
on
held close to former
securities.
with the
The
Tuesday, with clos¬
ing quotations the lowest of the session.
recorded in bank
of
Kentes
levels, but sizable losses
were
stocks, industrial issues and other
International
issues
also
were
exception of gold mining stocks.
lower,
The im¬
continued
Finland
tradition
worthy
pledges, and
honoring
of
the $1,939,000
observe
to
its
fine
and
international
its
payment in full of $232,143 was made
a
by the small Scandinavian country.
debtors continued to
All other
default, and the small
war
sums
by the Treasury contrast painfully with the
$1,680,170,447 actually due and payable
current
on
and overdue instalments.
Far Eastern events and the Italian withdrawal from
the
readjustment of
permanent
a
received
neglected.
were
note to the effect that
a
payments are to be made will be utilized in reach¬
ing
Im¬
accompanied by
was
18, 1937
three-year period during which such semi-annual
cheerful, with gilt-edged issues steady and firm con¬
in British industrial stocks.
Dec.
The amount due from Great Britain
counts
contented itself
ment
that it is
both
on
ac¬
$994,486,367, but the British Govern¬
was
"willing to
again with
once
ject whenever conditions
assurances
discussions
reopen
are
the sub¬
on
such as to warrant the
hope that a satisfactory result might be reached."
France
paid not
a
against the $455,009,163
penny
due, and the note from Paris is said to have been
devoted
largely to elaborate explanations of French
inability to
defaulters
payments at this time.
resume
the
and
Wednesday
due
sums
and
Other
due
past
last
Italy, $84,119,757; Belgium, $61,-
are:
pression spread Wednesday that a real balancing
300,084; Poland, $51,766,147; Czechoslovakia, $16,-
of the French
315,400; Rumania, $7,438,750; Estonia, $4,160,287;
sioned
budget still is distant, and this occa¬
strong demand for equities and interna¬
a
tional securities.
other groups
Rentes
were
Assurances
budget would remain
a
on
Standstill
This
sound basis.
brought fresh; buying of rentes, and
drifted
securities
tional
firm
Rentes
downward.
were
Little
activity
was
reported
in the initial session of the
toward
in good
were
extended to German banks and industrial
resistant.
few
A
tered in the
fractional
Wednesday
extended
regis¬
were
as
public
were
participation increased.
points
were
Ad¬
scored in representative
securities, while smaller gains appeared in the
eral
list.
The
uncertainty.
tions
was
relatively
fixed-income
group
gen¬
displayed mild
Another period of advancing quota¬
reported Thursday, but the gains were
Fractional
small.
advances
about
1931, the standstill then agreed
participation
were
re¬
$1,495,000,000,
lines
totaling
States share
Monday
$440,000,000,
munication from
ing centered in Berlin.
yesterday
equally
were
not maintained.
Move¬
small, with gains and losses
tion
of
new
commercial bills
tions
war
was
day, when semi-annual payments
baker's dozen of
announced
earlier
token payment
were
European countries.
this
year,
due from
consisted of
a
small
credi¬
which the meet¬
are
a
gradual substitu¬
of
highest types for
the poorest types of credit included
are
cur¬
Secondly, certain obliga¬
guaranteed by the German Golddiskontbank
the sole
now
the
obligation of that institution be¬
original obligors
kontbank in the
are
are
to be
bankrupt
about
other¬
or
paid by the Golddis¬
respective foreign currencies.
guaranteed lines of credit concerned
at
now
to take
$3,606,000,
or
are
The
estimated
10% of the total, and the
repayments will be made in proportionate amounts
to the individual creditors.
by Hungary, which thus is the first
of the defaulters to
resume
transfers
Hungary paid $9,828, which is
sum
a
The change,
on
a
Treasury.
small fraction of
actually due from the regency, but the
JapaneseTAgression
intergovern¬
mental debt account to the United States
the
as
wise out of existence
ONLY adebt position anticipated change in the
modest and
recorded last Wednes¬
on
existing finance bills and cash advances which
cause
Intergovernmental Debts
a com¬
Under the agreement
There is, firstly, to be
place.
and
numerous.
Details
supplied in
reported, two changes of significance
rently in the standstill.
were
the United
ing took place in London, previous discussions hav¬
ported in most departments of the market at the
best figures
which
were
This is the first occasion
end,
as
of
Rovensky, representatives of the American
tors.
re¬
Harvey D. Gibson and Joseph C.
regarded
ments
The
in respect of credit
was
hardly exceeds $100,000,000.
understanding
upon
with the American
calculated at $486,000,000.
newal effected last
were
The opening
groups.
in
involved
of the latest
firm, and the gains slowly
was
of 2 to 4
vances
advances
problem rapidly is being cleared
When the collapse of Germany's external credit
up.
more
leading industrial issues, but there
small losses in other
many
No great change was
Tuesday, although stocks proved
on
The
of rela¬
are
tively minor importance, as against the simple fact
occurred
Bank and industrial
con¬
evolved
were
meeting in London, from Dec. 1 to 13.
a
changes effected in the last agreement
was
slightly lower, while fixed-interest
obligations remained steady.
reported
the Berlin Boerse
week, and the trend
slightly lower levels.
securities drifted
on
at
that the standstill
demand.
and
Agreement
by institutions in other countries
interest
yesterday, while most French equities receded.
International securities
on
some
displayed in French equities, but interna¬
was
$1,607,298,
NEW standstill arrangements covering the credits
cerns
also
Latvia,
Lithuania, $1,353,227.
again
once
provided Thursday by French Ministers that
were
$1,913,515;
Yugoslavia,
surged forward under the impetus of
inflationary expectations.
the
dull, while almost all
pay¬
TILL
s
nese
another
tional
international
incident
of
excep¬
gravity has been occasioned by the Japa¬
militarists in
their heedless and headlong in-
Volume
Financial
145
vasion of China.
'
The
and the Chinese
tions
fighting between the invaders
overshadowed
was
by the complica¬
resulting from Japanese airplane bombing and
sinking of the United States gunboat Panay, 20
miles
from
upstream
Nanking,
Yangtze
the
on
lic instructions to
wherein the latter
occasioned
Sunday, and three
the
bombed
"Son
the
at
Japanese
airplanes
lists
casualty
On the
same
in
engaged
indicate
that
killed, nine wounded and
ing.
Several
time.
same
squadrons of
Emperor
of
diplomacy.
by the State Department, apologies were
by the Japanese Foreign Office.
Those killed
include
of
in
of the oil
one
spondent.
ships, and
moving
were
have been
the
as
flag
ditionally
Italian
an
Tokio note it
Executive
The American
and there
upstream,
easily visible and
painted ad¬
was
awnings and the sides of the 45-ton
received in Wash¬
were
steadily in¬
ington, the seriousness of the matter
information
Enough
hand
at
was
by
Thursday to indicate that Japanese surface vessels
approached
fired
on
the American boats were sinking and
as
the survivors
plainly visible.
The
emblems
even
though
case
of the attack
our
on
were
British
ships almost parallels the sinking of the Panay, for
a
number of direct hits
were
made
the Ladybird
on
despite plain indications of that vessel's nationality.
Great
indignation
naturally
occasioned
was
ing
for
"appropriate
matters, there
considerable
are
divergencies in the accounts of the survivors and
of
those
attackers.
the
alarmed
came
over
Japanese
authorities
the reaction and
be¬
attempted to
explain the airplane bombings as mistakes on the
part of their flyers.
Some of the Japanese airmen
said to have returned to their basis
were
that
they had sunk a Chinese warship.
nese
tried to claim, moreover,
not
boasting
The Japa¬
that the Panay had
reported her position and that the mistake was
therefore
understandable.
These
accounts
fail to
jibe with some official and obviously accurate ver¬
sions
It
available to the United
established that the
was
her
States
Government.
Panay actually reported
position with the utmost care and circumspec¬
tion.
It is understood, moreover,
that the Japanese
issued instructions for their airmen to
and all
ships
on
attack any
the great Yangtze, and the incident
involving the British ship Ladybird suggests that
land batteries received similar instructions.
With
treatment
sponsible."
The
of
those
Japanese note was handed to Ambassador
hours before a formal
Joseph C. Grew just two
In the latter
protest was cabled to Tokio.
communication, Secretary Hull expressed the sense
of shock occasioned
sels which
were
incontestible
by the sinking of American ves¬
in the Yangtze
by "uncontested and
The J apanese were reminded
right."
pointedly of their many assurances that foreign in¬
terests and
of
the
rights would be respected in the course
"In
expedition.
military
circum¬
these
stances," the note added, "the Government of the
requests and expects of the Japanese
United States
Government
formally
a
recorded
expression
insure that
will
by Japanese armed forces or unlawful in¬
to attack
terference
by
Japanese authorities or forces
indicated subsequently that
any
It
was
considered
maintained even
spontaneous Japanese apology was
inadequate, and this attitude was
after it
was
announced by the Japanese, on
Mitsunami, chief of
relieved of his
post as a result of the bombing and sinking of the
Panay.
The British Government made public on
Wednesday an exchange of notes with Tokio, in
Japanese aerial operations, had been
which strenuous
protests again were made against
such incidents as the
dor and the recent
attack
the British Ambassa¬
on
shelling of
a
British ship.
gies were made by the Japanese, and they
on
the
one
side, and the Japanese Government on
promised
again to take action against any repetition.
Events in the undeclared war between Japan and
China
were
were
of major importance, even
obscured by the
Japanese invaders
last
though they
international incidents.
gained
a
President Roosevelt took
prompt steps when the
He made pub¬
The
foothold in Nanking
Saturday, and after stern and protracted fight¬
ing they completed the investment
of the former
The actual circumstances
attending the capture of Nanking still are to be dis¬
capital on Monday night.
closed, for it is known that considerable bodies
of
preferred to remain and offer bitterresistance.
Other than the laconic military
Chinese troops
velopments.
The fall
Peiping.
the de¬
of the former capital was
made the occasion for announcement
visional
facts of the attack were established.
Apolo¬
once
diplomatic exchanges naturally has taken place be¬
the other.
Thurs¬
day, that Rear Admiral Teizo
end
States and British Governments
in¬
hereafter American nationals,
property in China will not be subjected
terests and
statements, there have been no reports of
the United
of
and com¬
prehensive indemnifications, and an assurance that
definite and specific steps have been taken which
regret, an undertaking to make complete
regard to all these circumstances, a series of sharp
tween
re¬
,
the
As usual in such
Strict orders quickly
promised.
further incidents, and a promise was in¬
any
cluded
cidents, and it would appear that even the Japanese
enormity of their offense, despite their vainglory.
In the
mistake had been
issued, the Japanese note added, for prevent¬
throughout the English-speaking world by these in¬
finally* have been impressed with the
a
visibility, and indemnification
poor
was
whatsoever."
militarists
contended that
was
owing to
American
direct consequence
Nanking.
on
slowly
were
corre¬
difficulty about identification,
no
was
on
creased.
war
Anders,
as a
As detailed reports
Panay.
the American captain
F.
developed
Japanese attack
could
ships
Panay, was seriously hurt.
These incidents
vessels
injured.
slightly
the American
on
Lieutenant A.
t
Officer of the
of the
members
crew
the attack
American seaman,
an
British
killed, another seriously wounded and
additional
three
and
tendered
for all losses
was
above politics
formal protest could be
a
delivered
made
seaman
considered
Even before
subjected to fire from Japanese artillery at Wuhu '
one
keenly felt in Japan, where the
was
Heaven" is
miss¬
are
day the British ship Ladybird was
Nanking, with the result that
Mr. Roosevelt requested
protest, and it would seem that the reference to
and
near
of shock and concern
sense
by the incident.
were
persons
number still
a
and
attack,
this
three
urged to communicate to the
specifically that Emperor Hirohito be informed of
river vessels of the Standard-Vacuum Oil Co. were
The attack occurred last
Secretary of State Cordell Hull,
was
Japanese authorities the
the
River.
3865
Chronicle
of
a new
Pro¬
Republic of China, with headquarters at
Chinese enemies of the Nanking
ist authorities wrere
National¬
placed at the head of the new
Financial
3866
closely resembles the intermediate
which
regime,
government established as a prelude to formal sev¬
The
of Manchukuo from China.
erance
name
of the
lishment with French
to
capital by
king, and the Japanese announced that they would
recognize the new regime.
The
recognition, it is believed, will be utilized
threat of
by the Japanese in the attempt to force peace over¬
tures
new
by the Nationalist Government of China.
The
government will have as its guiding principles,
M. Delbos proceeded
capital.
manifestations of official friend¬
warm
His arrival was signalized on Sunday, how¬
ship.
ever,
immediately
1937
18.
Belgrade, and he was greeted in the Yugoslavian
capital of this vast area was changed back to Pe¬
not
Dec.
Chronicle
by
sations
riots which the censored reports at¬
The conver¬
grave
tributed to
pro-French demonstrators.
were
ment that
concluded, Monday, with the announce¬
long-pending trade agreement would be
a
No reference was made to po¬
signed immediately.
understandings, and the impression thus was
litical
that
Yugoslavia is
turning
to
the
Japanese mentors state, vigorous opposition to
the
fostered
Nationalists, the complete eradication of com¬
the
fascist
dictatorships than to the democratic coun¬
tries.
The
cooperation with Japan and
and
munism,
Man¬
French
more
Minister
Foreign
arrived
at
Prague, Czechoslovakia, on Wednesday, and he was
chukuo.
greeted there with unmistakable enthusiasm.
Spain
The
loyalty of Prague to the French entente is unques¬
SHARPLY conflictingloyalists emanated this week
Spanish reports and insurgents,
from the
the civil
rounded out 17 months of continuous
war
and bitter
as
Wintry weather is holding
fighting.
the battle for Madrid and the
The insurgent commanders made it
taking place.
known at French border
a
points, last Sunday, that
general offensive had been started at three points,
and General Francisco Franco was reported as
hav¬
ing informed his men that a definite victory would
be
achieved
The usual airplane attacks
rapidly.
preceded the offensive, but it seems that the loyalist
anti-aircraft
bombed
positions
Insurgent
rout.
to
insurgents
and pursuit airplanes put
guns
the
were
by loyalist airplanes in retaliation, and the
impression is spreading that
General Franco
sector of the
no
The south¬
longer has complete control of the air.
ern
Aragon front was active for a few
days, but it appeared that the loyalists actually took
received
had
where
the
isolated
insurgent
the
are
base
garrisoned.
complaint that
London
Teruel,
day closed all border communications,
same
momentous
at
The insurgents
a
"vast conspiracy by for¬
eign elements" had been discovered.
in
reports were
sources
thrust at the Aragon front which
a
60,000 troops
with the
French
Thursday to the effect that the loyalists
completed
virtually
on
From
offensive.
the
was
Italy Quits the League
up
important developments nevertheless are
some
pected from the conversations there.
long-promised insur¬
gent drive on the Aragon front, but it would appear
that
tioned, however, and no great consequences are ex¬
that events in
The conclusion
Spain
assuming
are
importance, but the nature of the devel¬
opments is obscure.
PREMIER BENITO MUSSOLINI Saturday, the
announced in
his
oratorical style, last
best
of fascist Italy
resignation
The action
Nations.
a
serious
blow
the
to
and
Japan set in motion and leaves as members only
satisfied
sizes
the
the
outward appearances go.
Foreign Minister
Yvon Delbos of France continued his visits to the
French allies in central
the
discussions
conversations
Europe, and it is plain that
again concerned the results of the
in
Berlin
by Lord Halifax and the
in
empha¬
Geneva, and
various countries by
It in¬
dicates, also, despite Italian disclaimers, the force
behind the
is
grouping of dissatisfied States in what
sometimes referred to
now
Berlin, Rome and Tokio.
another
in
as
the "steel axis" of
All too plainly, this is
step toward the alignment of world Powers
opposite * camps of "have" and "have-not" coun¬
And it
tries.
of
peace
means
a
further waning of the ideals
and international amity that called the
League originally into existence.
Grand
The
Council of the fascist party
the decision to
rations
ratified
resign from the League just before
the announcement was made
by II Duce.
All
prepa¬
already had been made, however, and Pre¬
stepped to the balcony of the Palazzo
a
huge throng of his adherents.
speech to the assembled Black Shirts, Signor
Mussolini
chief
as
so
measure
the lack of resiliency at
discontent occasioned
In his
a
The Italian
States.
once more
Anglo-French domination of the League.
far
than
It is, nevertheless,
organization, for it
the
the
more
Geneva
augments the drift from the League which Germany
DIPLOMATIC developments inroutine nature,
Europe this week
little
of
the League of
representatives at League meet¬
ings during the last two years.
Venezia to address
were
from
clearly foreshadowed, not
only by preliminary hints from Rome, but also by
the lack of Italian
mier Mussolini
EuropearYDiplomacy
was
suggested that the sanctions imposed by
League when Ethiopia was invaded provided the
cause
withdrawal
for
at
this time.
Not
a
single nation has attempted to make amends for the
sanctions, he declared, and when the crowd
asked whether
response was a
was
Italy should stay in the League, the
thunderous "No!"
The Italian dic¬
applied
subsequent conclusions of British and French Min¬
tator went
isters in London.
by his German or Japanese allies toward this de¬
Minister's
tour
fundamental
visit to
ment
gained
matters.
greater
M.
was
than
concluded
a
such
his
joint state¬
issued to the effect that the two nations
principles.
and
loyal to the League of Nations and its
A deepening of the cooperation between
Rumania
was
pendent press reports it
phrase covered little
for
notice
Delbos
Rumania, late last week, and
will remain
France
But local incidents of the French
promised, but in inde¬
was
more
suggested
than
an
that this
understanding
augmentation of the Rumanian military estab¬
on
to say that no pressure was
cision, and he insisted that Italy would continue to
collaborate with other nations for peace.
"We draw
awray," he shouted, "from the tottering temple where
not working for peace but are
they
are
way
paving the
for war."
Within
usual
Italy this decision was hailed with the
apparent acclaim, and the chorus of the con¬
trolled press was
contrary
all in favor of the action.
views were entertained
carefully secret.
If any
they were kept
The question of continued Italian
•
Volume
Financial
145
participation in
of the
of the really admirable works
arose,
and in one sense at
boundaries.
postage
This unsettled
problem
was
revived by
in which
issues containing maps,
stamp
dispatch
each
country made plain its claims to disputed terri¬
Monday to the New York "Times/' it was re¬
tory.
After the customary exchange of unpleasan-
least the
of
some
League immediately
3867
Chronicle
is favorable.
answer
ported that
assurances
In
quickly
tion.
given the Bank
were
for International Settlements that
tinue to
Basle
a
Italy would con¬
participate in the activities of that institu¬
In
League circles the Italian announcement
accepted with good grace, and with the usual
was
caution that two years must
nation
become
can
elapse before the resig¬
London
fully effective.
and
Paris were reported not
especially impressed by the
Italian
was
which
measure,
generally anticipated.
The German Government made the most of the occa¬
sion, and
an
announcement was made in Berlin, last
Sunday, which has perturbing implications./
indicated that the Reich
statement
The
will
never
re¬
tries, however, both countries agreed to mediation,
and
arbitration board
an
bers from the United
Rica.
appointed with
was
mem¬
States, Venezuela and Costa
Acting in concert with representatives of the
disputants, this
Dec. 10
group
able to
was
announce
on
convention whereunder the two countries
a
agreed to discontinue all military measures and to
place sole reliance
the differences.
peaceful means of adjusting
upon
The agreement was
signed at San
Jose, Costa Rica, and it bids fair to prevent the
threatened
between the two countries
war
boundary question.
the
over
After achieving this result, the
Mediation Commission adjourned for the Christmas
join the League under any circumstances, and fresh
holidays, with further sessions scheduled for early
light thus is thrown on the Anglo-French endeavors
next year,
for
European appeasement through mutual conces¬
It
sions.
well understood, before the German
was
statement
can
appeared, that a German return to the
when it is hoped that the border question
disposed of entirely.
Discount Rates of
•THERE have been
League would be one of the demands offsetting pos¬
sible colonian concessions to the Reich.
be
1
are
RATES OF FOREIGN CENTRAL BANKS
Russia
communist
and
the
fascist
of
countries
Effect
Date
Established
by dictatorship, whatever its avowed aims,
furnished last
was
ballot for the
tion
the
was
Sunday in
a
"free and secret"
Supreme Soviet of Russia.
reminiscent of the last German
The elec¬
poll, where
only choice was to approve Chancellor Hitler's
program or
abstain from voting.
In the Russian
plebiscite of last Sunday an electorate estimated at
90,000,000
Union with 569 members, and a Soviet of
ties with 571 members.
ever,
were
The only candidates, how¬
in the last German
case
interest
be
was
induced
As
the
was
election, the sole point of
that of the number of voters who could
take the
to
trouble to
vote.
It
was
quickly established that the press and oratorical
campaign had sufficed to bring out most of the
electorate,
and
Dictator Stalin thus was able to
point to a tremendous and unanimously favorable
of the election, M.
ballot.
On
the
dressed
his
countrymen in terms that are hardly
eve
Stalin ad¬
distinguishable from those used by Herr Hitler not
so
He described the plebiscite as "the
long ago.
freest and most democratic election in the
of the world."
the
history
Such claims contrast sharply with
"purge" of thousands of victims of the Stalin
dictatorship, who were massacred in recent months
because
Date
vious
Established
Rate
2 1936
Holland
2
Dec.
4~
Hungary...
4
Aug. 28 1935
India
3
Nov. 29 1935
2
4J4
2J4
Ireland
3
June 30 1932
6
Aug. 15 1935
7
Italy
4M
May
18 1936
Canada
2X
Mar. 11 1935
3.29
Apr.
3.65
Chile
4
Jan.
24 1935
6 1936
14 1937
4
July
18 1933
>.-■ Feb.
1 1935
634
July
1 1936
3
Jan.
1 1936
4
Jan.
21937
4
Oct.
19 1936
3 34
Poland
2
June 30 1932
234
5H
4X
334
Portugal...
4
Bulgaria...
Colombia
.
-
_
1 1936
■
10 1935
July
Japan
Jugoslavia
5
vakia
Danzig
_
.
England
Morocco...
15
3
4
Greeoe
6
5
Oct.
4
Aug. 11 1937
...
Rumania
25 1933
Sept. 30 1932
Jan.
41937
May 15 1933
Spain
5
Sweden....
Switzerland
234
134
:
+ July
3M
5
4
6
4J4
SX
6
4X
4
3>*
.
3X
6
4M
South Africa
.
234
434
7 1934
Dec.
7
Nov. 12 1937
Germany..
4
May 28 1935
Dec.
5 1936
5
■t4--.V: Dec.
France
534
634
Norway
3X
Sept. 25 1934
4 1934
5
Estonia
Finland
Jan.
5
.
Lithuania-
Czechoslo¬
Denmark
3
Java
J
10 1935
5X
1 1933
3
Nov. 25 1936
2
Dec.
Bank of France Statement
Nationali¬
those who approved completely of the
present leadership of Joseph Stalin.
Country
July
1 1935
May 15 1935
Batavla
Mar.
3*4
3J4
Argentina.
asked to vote for a Soviet of the
was
Effect
Dec. 17
Rate
Belgium...
achieved
Pre¬
Rate in
vious
Dec. 17
Country
Austria
Europe, and another illustration of the like results
Pre¬
Rale in
the curious
of the foreign
any
shown in the table which follows:
DISCOUNT
INDEPENDENT observers long have procedureout
similarity of political pointed
in
of
Present rates at the leading centers
central banks.
Russian Election
changes during the week
discount rates
the
in
Foreign Central Banks
no
THE weekly statementof 791,000,000 francs,a loss
dated Dec. 9 showed the
circulation
in
note
total of which stands
now
at 91,142,929,520 francs,
compared with 86,778,731,470 francs a year ago and
80,847,795,615 francs two years ago.
A decrease
also registered against advances against securities
was
of 98,000,000
French
current
francs
francs, while credit balances abroad,
bills discounted and creditor
commercial
accounts
and
1,000,000 francs, 77,000,000
rose
respectively.
526,000,000 francs,
The
slight increase of
221,162 francs, which raised the total to 58,932,243,-
Bank's
gold holdings showed
349 francs.
140
francs
francs.
Gold last
year
and the
previous
The
reserve
a
amounted to 60,358,742,-
ratio is
year
now
65,911,343,586
53.51%;
at
a year
it was 61.27% and the year before 71.00%.
Below are the different items with comparisons for
ago
previous years:
BANK OF
FRANCE'S COMPARATIVE STATEMENT
they happened to hold views ever so slightly
Changes
divergent from those entertained by the communist
for Week
Gold holdings
aFrench commercial
bills discounted.,
+ 77,000,000
bought abr'd
No change
Adv. against securs.
Credit current accts.
—98,000,000
—791,000,000
+526,000,000
DESPITEofthe exampleevidence almost all other
set in was afforded by
parts
the globe,
Temp. advs. with¬
out Int. to State..
No change
Propor'n of gold on
hand to sight liab.
c
Nicaragua and Honduras late last week that the
peaceful settlement of international dis¬
putes still has some validity in the Americas.
two
Central
American
swords' points over the question of their
The
countries recently were
at
respective
17,772,480
11, 1936
Francs
Dec. 13. 1935
6,961,522
Francs
10,210,887
9,728.561,158
8,737,197,456 6,910,068,211
933,884,837 1,457,724,402 1,294,777,184
3,762,597,341 3,573,714,824 3,360,021,816
91,142,929,520 86,778,731,470 80,847,795,615
18,981,526,651 11,733,876,983 11.982,157,699
+0.12%
Note circulation....
Dec.
+ 221,162 58,932,243,349 60,358.742,140 65,911,343,586
+ 1,000,000
b Bills
of
Francs
Crtdit bals. abroad.
The Americas
ideal
Dec. 9, 1937
Francs
dictator.
26,918,460,497 13,798,092,309
53.51%
61.27%
71.00%
abroad, c Rep¬
resenting drafts on Treasury on 10-blllion-franc credit opened at Bank.
Since the statement of June 29, 1937, gold valuation has been at rate of 43 rog.
gold, 0.9 fine, per franc; previous to that time and subsequent to Sept. 26, 1936.
gold valuation was 49 mg. per franc; prior to Sept. 26, 1936, there were 65.6 mg.
a
Includes bills purchased In France,
of gold to the franc.
b Includes bills discounted
Financial
3868
Bank of
Chronicle
last week.
England Statement
y2%.
THE statement in the large amount Dec. 15 shows
expansion for the week ended of £9,124,000
an
in note
circulation, raising the total to £501,954,000,
within two
million
seasonal
on
Nov.
customarily
which
rise,
continues
declined £15,624 and so reserves fell off
circulation
when the
24,
until
At the same time gold holdings
Christmas, began.
Note
totals
now
£9,140,000.
£501,954,000 in
com¬
parison with £467,695,333 a year ago. The proportion
of
from
liabilities
to
reserves
35.3%
32.00%.
week
a
ago;
Deposits
dropped sharply to 30.1%
last
the proportion
year
public
for
and
£2,928,735
decreased
amount
Loans
2%.
£7,765,000 and
rose
on
£1,791,911
£2,030,025.
other securities
of
the
latter
Below
comparisons for preceding
the rate remains at
ALTHOUGH
n
New
different items with
activity
some
York
1936
Dec. 19,
1934
Dec.
on
Market
occasioned in the
was
market this week by the
money
ury, no
stringency of
kind
any
The
paper.
for which
be noted and
was to
set in
large part by discount bill maturities of like
in
amounts
the
the
date.
tax
bills
Treasury offerings of $450,000,000,
new
payment was made Wednesday, were off¬
due
few
A
March
awards
19,
puted
made
were
days immediately succeeding
fresh issue of
1938,
at
an
Treasury discount
sold Monday,
was
paper
that have been
rates
of 0.124%,
average
bank discount basis.
on a
commercial
were
Bankers' bill and
unchanged for months.
the New York
transactions, while time loans
maturities
to
Stock
90
and
com¬
motionless at figures
on
Call loans
Exchange held to 1% for
again 1%%
were
days, and 1%%
STATEMENT
Dec. 18,
1935
Dec. 10,
1937
was
lowered
quotations remained unchanged for all classes of
six months'
Dec. 16,
Friday
quarter-date financing of the United States Treas¬
years:
COMPARATIVE
on
was
1%.
New York Money
for
BANK OF ENGLAND'S
market rate
open
all
shown the
are
£238,-
The discount rate remains
from securities.
call at London
on
1937
18,
3K% to 3J^%, while in Switzerland
on govern¬
from discounts and advances and
was
was
13 from
Of the
from bankers' accounts
£195,212 from other accounts.
ment securities
114
was
was
decreased
account
£309,000 and for other account, £3,123,947.
latter amount
Dec.
Money
At Paris the
pounds of the record high and
higher than
£21,580,397
Dec.
for four to
datings.
20,
1933
New York
Money Rates
Circulation
601,964,000 467,095,333 419,463,533 401,990,743 389,883,910
Public deposits
8 389,542
20.035,684
11,432,000 10,420,672 10.253,959
Other deposits
139,844,169 134,908,080 117,142,760 127,733.806 128,579,188
Bankers' accounts- 103,381,627
96,151,502
79,802,228 90,732,832 91,902,611
Other accounts
30,462,632 38,756,578 37,340,532 37,000,474 38,676,077
Govt, securities
83.841,413
81,050,692
96,008,000 89,088.256 82,750,001
Other securities
19,430,857 23,621,170
28,665,610 27.504,221 21,353,913
Dlsct. & advances.
7.024.263
4,173,300
0,742,788
8,36i>,729
7,848,748
Securities
Reserve notes & coin
Coin and bullion
Proportion of
14,180,553 12,406,594 15,251,441
20,710,762 20.761.433
45,608,000 46,044,593 41,203,814 60,781,904 61,859,723
327,563,214 314,339,926 200,667,347 192,772,047 191.723,639
DEALING in detail with call loan rates
Stock Exchange from day to day, 1%
ruling quotation all through the week for both
loans
and renewals.
continues
quiet,
this week.
reserve
to liabilities
32.00%
Bank rate
Bank of
32.34%
2%
30.10%
2%
2%
37.30%
2%
41.62%
2%
90
no
The
market
42,000 marks, which raised the total to 70,565,000
marks.
The total of
and two
marks
gold
years
a year ago was
ago
market
for
Re¬
new
money
transactions having been reported
prime commercial
has been
paper
Paper has been in fair
supply and the demand has been good.
Rates
are
quoted at 1% for all maturities.
Bankers'
66,409,000
82,368,000 marks.
time
Rates continued nominal at
moderately active this week.
THE quarterly statement dated Dec. 15 showed
another slight increase in gold and bullion of
for
ll/i% up to
days and 1J^% for four to six months' maturities.
The
Germany Statement
on the
the
was
Acceptances
loss of 269,000
THE market for prime bankers'demand has been
acceptances has
been quiet this week.
The
marks, bills of exchange and checks of 783,000 marks
light and the supply of prime bills has been limited.
and notes in circulation of 69,000,000 marks.
There has been
serves
in
culation
foreign
currency
totals
now
showed
a
5,005,900,000 marks, compared
with 4,567,855,000 marks last year
and 4,067,209,000
change in the rates.
The official
issued by the Federal Reserve Bank of
New York for bills up to
other assets and other liabilities showed in¬
months, 9-16% bid and y% asked; for five and six-
namely 40,017,000 marks, 13,940,000 marks,
35,119,000 marks and 7,838,000 marks, respectively.
reserve
ratio is
1.57% and the
the
as
and including 90 days are
V2% bid and 7-16% asked; for bills running for four
creases,
The
quotation
no
Silver and other coin, ad¬
marks the previous year.
vances,
Cir¬
various
year
items
now
1.51%;
a year ago
before 2.15%.
with
Below
comparisions
for
it
we
was
show
previous
years:
months, y% bid and 9-16% asked.
bills, and 1% for 121- to 180-day bills.
Reserve Bank's
quoting the
Changes
for Week
Assrts—
Reichsmarks
Gold and bullion
+42,000
Of which depos. abr'd
Rea've In for'n currency
Bills of exch. & checks-_
Sliver and other coin
-
_
.
Advances
Investments
Dec.
15, 1937 Dec. 15, 1936 Dec. 14. 1935
Reichsmarks
Reichsmarks
Reichsmarks
70,565,000
20,333,000
—269,000
+ 35,119,000
Other dally matur.obllg.
Other liabilities
522,897,000
772,098,000
702,217,000
780,111,000
—69,000,000 5,005,900,000 4,567,855,000 4,067,209,000
703,254,000
667,931.000
720,675,000
+ 7~8~38~666
332,823,000
300,712,000
290,829.000
+ 0.02%
those
as
reported
are
by the
The rates for
follows:
are as
SPOT DELIVERY
180 Days—
1.51%
1.57%
150 Days
120 Days
Bid
Asked
Bid
Ashed
%
Prime eligible bills
'A
%
X*
90 Days
Bid
Asked
662,013,000
Propor'n of gold A for'n
curr. to note clrcul'n.
market acceptances
5,162,000
LiabUUies—
Notes In circulation
rates
un¬
66.409,000
397,253,000
Other assets
same
Open market dealers
Federal Reserve Bank of New York.
open
The Federal
holdings of acceptances remain
28,191,000
5,300,000
82,368,000
20,203,000
5,355,000
—783,000 5,240,500,000 4,645,983,000 3.944,877,000
+ 40,017,000
177,820,000
160,678,000
166,066,000
+ 13,940,000
56,700,000
56,713,000
47,487,000
No change
y2% for bills
running from 1 to 90 days; %% for 91- to 120-day
changed at $2,825,000.
REICHSBANK'S COMPARATIVE STATEMENT
The bill-buying
rate of the New York Reserve Bank is
Prime eligible bills
FOR
X
X*
Bid
Ashed
X
60 Days
30 Days
Ashed
Bid
Asked
X»
X
X*
X
DELIVERY WITHIN
Bid
THIRTY
DAYS
Eligible member banks
Eligible non-member banks
X % bid
Y% % bid
2.15%
Discount Rates of the Federal Reserve Banks
Foreign Money Rates
IN bills Friday market discount rates for short
LONDON open %-13-16%, against y%
on
on
were
as
Friday of last week, and 11-16@%% for three-
months' bills, as against
13-16@%%
on
Friday of
THERE have been
rediscount
rates
The
for
no changes this week in the
of the Federal Reserve banks.
following is the schedule of rates
thejvarious
Reserve^banks:
classes
of
paper
at
now
in effect
the
different
Volume
Financial
145
DISCOUNT
OF FEDERAL RESERVE
RATES
The
Date
Previous
Established
Rate
lain
2
which
Effect on
17
Dec.
Boston
IK
Sept.
New York
1
Aug. 27 1937
Philadelphia
IK
IK
IK
IK
Sept.
Cleveland
Richmond
IK
4 1937
Minneapolis
City
Dallas
San Francisco
and
2
2 1937
2
Aug. 24 1937
2
3 1937
Minister
2
3 1937
2
Sept.
Sept.
war."
an
He said:
ridiculed slump
program
several occasions to
united
keep sterling from going above
has been between $4.99 9-16
sight bills, compared with a
of between $4.99J^ and $5.00 7-16 last week.
$4.99^
cable
and
compared with
$5.00 1-16,
of between $4.99 3-16 and
The
has been between
transfers
$5.00j/£
a
week
range
a
Coordinator,
Union
of
time since the
any
coming slump is not only
a
Sir
dangerous."
but
Defense
National
Exchange
"Talk of
exaggeration,
is
$5.00. The range this week
"Great
position to meet any tem¬
decline in trade than at
porary
change equalization funds have had to intervene on
for
Manufacturers
few
a
or
five
gathering momentum daily and the
determination
its
to
years.
the full
out
carry
program."
Comparing armament expenditures since
before
war
the
he
said:
1913-1914
"In
£278,000,000.
1937,
In
1938-1939
we
will spend
£340,000,000. You will have to multiply the numbers
four, and
five before
even
will reach the full
you
of this
The present firmness in ster¬
largely to the business recession here,
resulted in
has
interest in American securities
investors.
However,
complete lack of
almost
an
the part of foreign
on
On
private funds from New York are indicated.
the contrary,
both London and Amsterdam report a
only
fraction of the momentum it will
a
have in 18 months.
for
gloom
There is not the
slightest
reason
depression, he stated.
or
Apart from the rearmament
that Great Britain is exerting
increase its
to
purpose
Rearmament, Sir. Thomas said,
program."
has reached
of
withdrawals
further
no
spent
we
£77,000,000 for defense, in 1924 £113,000,000, and in
of the past
which
It
Nation is
capacity which has been planned for the full
few weeks.
ago
employed in armament work at present by two, three,
ago.
underlying factors in the foreign exchange
are
on
the whole unchanged from those
very
the
days
discussion, saying: "The rearmament
will not slow down for four
in
Thomas
addressing
in
situation
ling is due
re¬
On Dec. 14,
asserted that
Chamberlain
far better
a
2
Aug. 31 1937
Sept.
STERLING exchange continuesand display a firm
to American ex¬
undertone, but the British
range
was
Parliament
before
sources
2
Aug. 21 1937
Course of Sterling
The
official
intended to give reassurance.
Britain is in
2
Aug. 21 1937
and $5.00 for bankers'
abroad
recession
business
2
Inskip,
range
of
other
were
Prime
2
11 1935
Aug. 27 1937
May
IK
IK
8t. Louis
Kansas
2 1937
IK
IK
IK
IK
Atlanta
Chicago
talk
sponsible for statements by Prime Minister Chamber¬
Rate in
Federal Reserve Bant
3869
Chronicle
BANKS
program
it is clear
extraordinary efforts
At present the chief
foreign trade.
mildly renewed interest in American securities.
acitivity in this direction is reflected in efforts to
foreign markets show
bring
business revival
on
The
strong tendency to await
a
this side, though the most com¬
petent authorities abroad seem
issues
are
agreed that American
Currently
levels.
attractive at present
a
large part of the demand for foreign exchange in
is due to year-end settlements, chiefly
every currency
Sterling and
commercial account.
on
currencies
European
season
the situation in
anxiety and
at this
be
to
among
that
no
the Far East has caused
financial experts in London
international
serious
com¬
Now, as during the
past few months, foreign funds previously disposed
to seek refuge in the United States, have turned
toward London, contributing to the firmness of the
plications
pound.
likely to result.
are
However,
Trading is, in fact,
trading.
small transactions
cause
so
There is renewed evidence of
interests in the
in the
Bank of
attributable
French
to
funds
interests
are
limited that
and French
However, by far the
higher wages.
£501,954,440
The business recession on this
of the
The Bank of
bank
a
new
by
record high.
side has caused some
Some industries there
is seen in the fact that
clearings in London, and in the provinces, have
anxiety
in
Great Britain.
report a tendency to lag, as
declined in the past few weeks.
British figures
not immediately avail¬
has
exports
ment
also
expanded.
all
countries,
to
showed,
The aggregate value of
the
Depart¬
Commerce
$333,136,000 for October,
was
United
pared with $264,949,000 for October, 1936.
States exports
com¬
decreased only with respect to France,
Greece, Union of South Africa, Spain, China, and
It is understood that British exports to the
Japan.
have increased with respect to
Domestic
risen
purchasing
the
to
wage
of
Ministry
but
other countries.
in Great Britain has
power
highest levels in
rapidly rising
declines
similar
shown
have
countries
same
many
years
due to
rates and record employment.
index of
Labor's
average
wage
quarter of this year, compared with 98.5 in
England's note circulation increased this week
£9,124,000 to
of
con¬
third
apparently ceased
at
are
very
and the increase
actively represented in accumulations
Britain
of foreign trade.
period
same
a
able, but from all accounts Great Britain's foreign
The
England reflects increased industrial activity
Great
covering the
been
has
figures
Department
(1924 rates being 100) stood at 102)^ for the
major part of the increased note circulation
in
siderable expansion
Recent
States
there
show that
Commerce
United
conversa¬
rates
England note circulation is in part
this source.
The repatriation of
has
United
the
by
preliminary
favorably.
progressing
are
with " the
agreement
activity by hoarding
London gold market
of hoarded funds in London.
Bank of
even
wide fluctuations.
trade
a
It is evident that the
published
present fluctuations in the ex¬
do not represent a large volume of
change rates
tions
trade
retardation of trading in all markets,
a
general feeling
seems
firmness
through the transmission of gift funds.
While
the
derive
also
of the
some
about
States.
the
series
so
period last
same
started in
was
high
a
a
because of the
fast
becoming
Retail
scene.
are
now
1925
no
time since the
has the index stood at
This gain in
level.
indicate
not
At
year.
wages,
however, does
corresponding increase in real
wages
rapidly rising cost of living which is
feature
a
prices
of the
British economic
for food and cost
of living
the highest since early in 1930.
Money rates in Lombard Street show only a slight
firmness in view
Overnight
of the approach
money
three-months' bills
bills
M%.
open
market
of hoarders.
of the year-end.
is in supply at J^%.
are
Two- and
27-32%, four-and six-months'
All the gold available in the London
seems
to have been taken for account
On Saturday last
there
was
available
Financial
3870
£56,000,
000,
and
the
Monday, £378,000,
on
Wednesday £897,000,
on
At the Port of New York
Friday £640,000.
on
gold movement for the week ended Dec. 15, as
reported by the Federal Reserve Bank of New York,
GOLD MOVEMENT AT NEW YORK, DEC. 9-DEC. 15,
Imports
Exports
None
INCLUSIVE
None
funds
There is
above
figures
for the week ended
are
on
On Thursday there were no imports
Wednesday.
gold held ear¬
On Friday there were
exports of the metal or change in
marked for foreign account.
iipports
no
though
Government
scribed.
exports of the metal but gold held ear¬
or
marked for foreign account
decreased $1,125,400.
Gold held in the inactive
fund,
had
day changes
are our own
The day-to¬
follows.
the
Including
The
Daily Change
Amount
exchange equalization fund, but forward francs
again showing severe discounts.
mercial
firms
+$7,173
the
+10,815
equivalent of
1,232,606,086
+6,893
as
protection
Dec. 13
1,232,609,400
+3,314
French currency.
Dec. 14
1,232,614,685
+5,285
Dec. 15
1,232,619,939
+5,254
exchange
discount of
The
3-64% and
the price
tables
the
show
open
London
mean
MEAN LONDON
market gold price, and
on
Wednesday, Dec 15
147.26
Thursday,
Dec. 16
Dec. 17...—..147.18
LONDON OPEN
139s. lOd.
Wednesday, Dec. 16...139s. 9xAd.
Monday,
139s. lid.
Thursday,
Friday,
PRICE PAID FOR GOLD BY THE UNITED
STATES
(FEDERAL
Saturday, Dec. 11
Monday,
Wednesday, Dec. 15
$35.00
Dec. 13
35.00
Tuesday, Dec. 14
35.00
Saturday last
was
$35.00
and
5%
The
rest in the
valued
at
last
bankers'
cable
slightly
$4.99%©$4.99 13-16
for
bills
and
$4.99 11-16@$4.99%
for
sight
transfers.
Bankers'
fers
was
was
sight
On
was
Tuesday sterling
was
firm.
$4.99 11-16@$5.00; cable trans¬
$4.99%@$5.00 1-16.
On Wednesday exchange
London continued firm. The range was $4.99 11-16
than offset
totaled
spot
The
16.95.
and
unit
17.00%.
discount of
while
steady.
bankers'
transfers.
firm
The
On
transfers.
was
The range was
steady with
a
$4.99 9-16@$5.00
sight and $4.99%@$4.99 13-16 for cable
Closing quotations
for demand and
mercial
$4.99 11-16@$4.99 13-16
Friday sterling
undertone.
for bankers'
range was
sight and $4.99%@$4.99% for cable
on
Friday
were
$4.99% for cable transfers.
$4.99%
Com¬
is
ruled
belgas
Belgium
on
Dec.
to
of
79.60%, and
liabilities of
the
lire
Fascist
Mussolini,
mated
of
so
between
week
far
as
belga is
are
16.99
at
a
discounts
as
high
as
9
the
a
con¬
present
The National
showed total
belgas,
a
Cabinet
for
ratio
gold
of gold
ratio of gold to total
68.90%.
are
held
at
Cotton and grain fortpayment closed
firm tone
Par of the
Unsettled
3,419,500,000
payment (60 days) at $4.98 11-16; and 7-day grain
$4.99%.
at
are
of
Italian
was
rise
a
30-clay belgas
holdings
sight bills finished at $4.99%; 60-day bills at
$4.99%.
a
weakness of the forward quotations.
notes
exports
francs,
accountable
vention of the Italian
bills at
in
1936.
this
favorable.
chiefly
are
of
of
The underlying position of the belga
extremely
Bank
were
increase
an
increase
concerned.
$4.98 11-16; 90-day bills at $4.98 5-16; documents for
.at
over
However,
90-day
ditions
French
year
2% points below the basic cable rate,
7% points.
was
to
the corresponding period
37,777,000,000
is
rate
@$4.99 13-16 for bankers' sight bills and $4.99%@
for
over
francs,
Belgas continued to display
$4.99% for cable transfers.
On Thursday exchange
seems
by the unfavorable import position.
15,401,000,000 francs
the
on
Monday,
on
11 months of this
However the
year.
Imports
Monday the pound
range
Saturday.
on
10% points
Tuesday, 6%
on
21,590,000,000
7,749,000,000 francs
$4.99 15-16.
On
widened to
rising costs, diminished production, and
35.00
more
The
On
30-day francs increased
on
increasing unfavorable trade balance.
$4.99%@$4.99 13-16; cable transfers $4.99 13-16@
easier.
how
of the adverse French situation
Dec. 17
was
of
be.
may
Saturday.
on
crux
exports for the first
sight
outlook
Monday, and 1%
35.00
Bankers'
firm.
on
discount
90-day
Dec. 16
Thursday,
Friday,
Referring to day-to-day rates, sterling exchange
on
Tuesday, 2
The
the
RESERVE BANK)
regardless
market,
immediate
the
years
protecting themselves by short
3% points under the spot rate from 2% points
on
Dec. 17...139s. 9d.
__139s. lOd.
upon
forward
the
in
favorable
Dec. 16...139S. 9^d.
Tuesday, Dec. 14
Commercial interests have suf¬
Wednesday from 8%
MARKET GOLD PRICE
Saturday, Dec. 11
Dec. 13.
of the
depreciation
was
exchange losses in the last few
severe
they insist
sales
147.28
Friday,
..147.18
higher insurance premium
The trend
past several weeks.
fered such
to
CHECK RATE ON PARIS
147.12
Dec. 13.
or
further
Wednesday the discount
147.07
Tuesday, Dec. 14
12%
a
against
indicated especially
Tuesday and Wednesday of this week as renewal
that
paid for gold by the United States:
Saturday, Dec. 11
Monday,
premium of 1-128%.
a
Paris, the
on
undertone.
firm
ranged during the week between a
following
check rate
+/++:+"
a
com¬
of maturing commercial short positions in francs
'.'3+ drove forward francs to the lowest levels in the
Ended Wednesday
shows
Foreign
operating in France are now paying
Dec. 11.
Canadian
held steady by operations of
spot franc is
the
1,232,599,193
Montreal funds
yields
issue
unsound under¬
rate to obtain funds an
$1,232,588,378
838,734
the
premiums
lying situation is indicated.
9
/%;.■;
The secret
are
calculations:
Increase for the Week
of
When the Government has to pay
Dec. 10
Dec.
time
high rate of yield.
lies in its
redemption
a
the
at
2,000,000,000 return.
a
success
6%%.
high
3,000,000,000
fully
although
taken,
sub¬
thought that the Government would
was
loan's
around
GOLD HELD IN THE TREASURY'S INACTIVE FUND
Date—
been
be content with
so
indicated in the
as
daily Treasury statements issued during the week
ended last Wednesday, was as
on
indications
well
been
have
to
seems
last
At
issuance it
of
including
Switzerland has extablished
restrictions
on
foreign capital intrusted to
banks.
The recent internal 5% bond issue of
francs
The
capital moving into
countries,
neighboring
received at San Francisco'from Japan.
was
or
to
Switzerland,
the
$7,217,000 of gold
that approximately
Note—We have been notified
evidence of French
and
firm
$1,125,000
largely if not altogether ceased.
has
some
Swiss
Decrease:
Exchange
seem
sure.
French
*
Gold Earmarked for Foreign Account
Net Change in
18, 1937
FRENCH It would apparentlythe repatriation of
francs are
again under pres¬
that
London
follows:
as
was
Dec.
Continental and Other Foreign
Tuesday, £333,-
on
Thursday £598,000,
on
Chronicle
steady through the inter¬
exchange control.
Cabinet
presided
over
On Dec. 15
by Premier
Finance Minister Thaon di Revel esti¬
Italian
receipts during
1938-39 at
$1,253,-
Volume
Financial
145
626,470 and expenditures at $1,251,755,347, leaving
surplus
a
1936-37
budget closed with
official
tion
an
original
seems
This
$1,022,133.
net surplus oh $64,-
a
with
to
have
compared
450,000,
disclosed that the
He
$1,871,123.
of
information
the
on
first
the
financial
Italian
of
estimate
been
The
table
following
the
shows
of the
relation
leading European currencies to the
United States
dollar:
°ldparitlar NpZity°{aT
b France
(franc)
notice.
Certain exemptions are provided and other con-
ditions prescribed. The agreement became effective
on Nov. 15, and will remain so until Dec. 31, 1938.
Bankers' sight on Amsterdam closed on Friday at
55.61, against 55.63% on Friday of last week; cable
transfers at 55.61, against 55.63%; and commercial
ThiTwee)fe
3.40
3.39 5-15 to
6.63
3.92
and the banks undertake to inform foreign depositors
that their deposits, to the extent to which they
exceed the balances on Sept. 30, 1936, may be withdrawn only after at least three months' advance
situa-
published since December, 1935.
sight bills at 55.55, against 55.58.
^
New dollar
parity
as
'sffUd;23.13K23-13^ and flt
before devaluation of the European currencies
bT™efrancc^Tromgold anTa.Iowed to "float"
The London check rate
at
147.18, against 147.09
New York
sight bills
on
In
Friday of last week.
on
belgas closed at 16.99% for bankers' sight bills
and at 16.99% for cable transfers, against
and
Friday
on
Friday of last week;
9-16, against 3.40 1-16. Ant-
3.39%, against 3.39 15-16
werp
June 30. 1937.
the French center finished at
on
cable transfers at 3.39
on
Paris closed
on
for
40.30
17.00%
Final quotations for Berlin marks were
17.00%.
Swiss francs closed
23.12% for checks and at 23.12% for cable trans-
™
a
3871
Chronicle
Copenhagen
checks finished at 22.31 and cable transfers at 22.31,
a8ainst 22'32 and 22-32" Checks On Sweden closed
at 25 ™ ami cable transfers at 25.76 against 25.78
and 2578; while checks on Norway closed at 25.11
*,ra
a^
25-12%.
against 5. /2 an
ers
t
-
p XCHANGE on the South American countries
Hi presents no new features of importance/ These
currencies
all inclined to firmness in
are
with sterling
sympathy
and their foreign exchange position is
transfers, in comparison with 40.33 and 40.33. Italian
bankers sight bills and 40.30 for cable
progressively improved by reason of the large expansion in their export trade. Dr. Alberto Acevedo,
5.26% for bankers' sight bills and at
Argentine Finance Minister, said a few days ago in
^
lire closed at
5.26% for cable transfers, against 5.26% and 5.26%.
Austrian
closed at
schillings
18.91,
18.93;
against
3.51%, against
3.51%; on Bucharest at 0.74%, against 0.74%; on
Poland at 18.97%, against 18.97%; and on Finland
exchange
at
Czechoslovakia
on
at
Greek exchange closed at
2.21%, against 2.21%.
0.91%, against 0.91%.
E
continues firm in
war
Dutch
sympathy with sterling,
guilders and Swiss francs have
tendency toward firmness
clined to
averse
to this inflow of
Reserve
of the
in
Governors
System published
and the
Bank
are now
Switzerland
bank
The Swiss
foreign funds.
of
independent
is in-
on
of
Dec. 12
In this
the
a
are
con-
Federal
translation
"gentlemen's agreement" between the Swiss
National
they
Board
the
nection
an
as uneasy money
into both countries.
move
notes
confined to
a
conservative minimum.
past week a new trade pact was
Swiss
banks
under which
trying to discourage foreign deposits
and curtail the hoarding of Swiss
Referring to the large
by foreigners.
Swiss franc in
the
many
copies
agreement pointed out that to a great extent
funds sought
these
rather
than
protection from exchange risks
permanent
investment in
Switzerland
and would be withdrawn at the earliest opportunity,
"Capital of this character constituted a serious and
constant
danger to
currency
and credit," the bulletin
said in discussing the agreeement,
as
/
situation.
The
agreement provides that the banks will classify
deposits
that
which it regarded
interesting way of handling the "hot money"
an
no
by
special heading;
payments will be allowed on any
foreigners
interest
under
a
foreign demand deposits; maturing time deposits in
Swiss francs,
treated
nine
as
as
well
as
new
time deposits, will be
demand deposits unless they are fixed for
months
at
least; they will accept no further
foreign demand deposits, but only time deposits
sub-
ject to at least three months' notice of withdrawal;
an
effort to extend its economic
provide
beef
and wool. It was not announced on what basis the
purchases would be made or what concessions, if
any, were made by the Argentine Government,
for extensive German purchases of Argentine
Argentine paper pesos closed on Friday,
official
quotations, at 33.32 for bankers' sight bills, against
on Friday of last week; cable transfers at 33.32,
33.34
The unofficial or free market close
29.32@29.35, against 29.35@29.45. Brazilian
milreis, unofficial or free market rates, were 5.40@
against 33.34.
was
5.55,
5.45@5.55.
against
Chilean exchange is
nominally quoted at 5.19, against 5.19.
Peru is
nominal at 24%, against 24%.
—<•—-
XCHANGE
1936, the letter sent by the
National Bank to the individual banks with
of the
signed between
The agreement, one of
which the Reich has concluded with the South
Argentina and Germany.
inflow of funds to the Swiss banks after devaluation
of
outlay be
During the
penetration of the southern hemisphere, will
the countries neutral during the *
on
the sound financial position of the
on
American nations in
—•—
XCHANGE
commenting
country that he recommends that the 1938
E-i
no
new
on
the Far Eastern countries presents
features of importance from those of
The Chinese Government has in the
deal of silver to Hongkong, whence it is rerouted to London and to a large
extent apparently finds ultimate lodgment in New
York. Heavy gold shipments from Japan to the
United States continue despite the Japanese Government's efforts to reduce its adverse trade balance
through drastic curtailment of imports. An additional engagement of $5,800,000 was reported on
recent weeks.
past few months sent a great
Friday, bringing the total movement since last March
to $239,500,000.
Closing quotations for yen checks yesterday were
29.11, against 29.13 on Friday of last week. Hongkong closed at 31.30@31%, against 31.30@31%;
Shanghai at 29%@29 25-32, against 29.60@29 13-16;
Manila at 50 3-16, against 50 3-16; Singapore at
58%, against 58%; Bombay at 37.74, against 37.76;
and Calcutta at 37.74, against 37.76.
Financial
3872
Gold Bullion in European
Banks
Chronicle
ness
THE following table indicates the amounts of gold
(converted into pounds sterling at
bullion
of
par
exchange) in the principal European banks
as
of
respective dates of most recent statements, reported
to
us
are
by special cable yesterday (Friday) ; comparisons
shown for the
corresponding dates in the previous
tested
obviously depends. Not only have tried and
principles of economic organization and
cedure been
and
rejected
pro¬
out of date, but the integrity
as
patriotism of business and industrial dissenters
have been
impugned and their criticisms ignored
with
viewed
alone to be
four years:
1937
18,
whose successful operations the general
upon
welfare
Dec.
or
Nor is the Administration
contempt.
blamed, for the
hostility and
same
sus¬
picion have appeared again and again in Congress.
1937
of—
1934
£
£
1933
Spain
Italy
Neth'lands.
Nat. BeJg_.
Switzerland
Sweden
..
200,667,347
192,772,647
527,290,748
657,853,653
2,875.350
87,323,000
42,575,000
47,491,000
106,006,000
82,534,000
90,202,000
42,575.000
52,504,000
99,620,000
24,708,000
6,552,000
6,603,000
22,082,000
6,602,000
...
3,066,700
191.723,639
616,254,492
17,012,500
90,672,000
65,081,000
70,170,000
71,513,000
69,435,000
15,804,000
7,396,000
6,582,000
46,743,000
6,555,000
6,602,000
On Dec.
ajAmount held Dec. 31, 1936, latest figures available,
tion of Manufacturers
76,595,000
the Association
77,898,000
61,710.000
14,386,000
Civil Liberties
is Senator La
able
is
Jan.
A cursory
when the gold was given a value of 49 milligrams to the franc as compared with
65.6 mgs. previously.
On the basis of 65.6 mgs., approximately 125 francs equaled
march
£1 sterling at par; on basis of 49 mgs., about 165 francs equaled £1 sterling, and at
43 mgs., there are about 190 francs to £1.
which
Cooperate?
one
Industry for 1938"
adopted by the National Association of
on
Dec. 8,
of
Sound
Industrial
Practices," the item
This advance
ment of
industry.
able
of
Government
"the
head
of
"Sound
Policies," the platform declares
ation to this
its
news
that
measures
Such
and
the Government for cooper¬
upon
end," and that "American industry
re¬
which
will
promote the best interests
people."
statements
represent the
hopes of large numbers of
and industrial fields.
ion there may
be at
persons
beliefs
in business
Whatever differences of
opin¬
given time between industry
any
business and government over questions of
it is obvious that the two
parties cannot
policy,
in¬
go on
to
that all
have
can
by, 1. Encourage¬
of
throughout
broader
relieve
7.
industry.
markets.
depression
policies.
8. Peace."
limitation
5.
Con¬
effects.
Cooperation
6.
with
The promotion of competi¬
initiative
is to
government
be
insured
regulation
by
"the
to
prevention of abuses inimical to the public interest,"
by "freedom from Federal control of prices,
and
hours
in
wages
manufacturing," and by "taxes that
fair both in amount and in character."
are
On the
the
subject of equitable employment relations
platform accepts collective bargaining.
sists,
doubtless
and
individual
and
the
pledge of ^cooperation in the furtherance
of the American
or
the
public needs government policies which will aid
business, and calls
of
under
on,
so
2. Maintenance and extension
government
agriculture.
Later
onward
practices by industry. 3. Equit¬
new
efforts
structive
Sound
more
relations
employment
Creation
4.
tion
functions."
coopera¬
"The
people," the platform de¬
be secured
can
of sound industrial
of
the exercise of their legitimate
of the
desires.
private initiative—the basis of competitive
"Cooperation with and support of all the agencies
government in
American
industry produces
American
reads, under the head of "Maintenance and Ex¬
tension
of the
more.
Industry and Government
Association
the
clares, "can be resumed and continued only if Amer¬
ican
meeting,
examination of the platform will show
of the difficulties in the way
some
tion
was
the Association
on
vice-president and secretary.
now
of gold 0.9 fine, equal to one franc; this was the second change In the gold's values
within less than a year, the previous revaluation took place on Sept. 26, 1936,
which
18, had been served
and its executive
b Gold holdings of the
Amount held Aug. 1, 1936, the latest figure available.
The gold of the Bank of France wasjrevalued on July 23, 1937, at 43 milligrams
Manufacturers at its New York
by the Senate
Committee, the Chairman of which
Follette, and that subpoenas, return¬
7,397,000
6,572,000
c
In the "Platform for American
to be undertaken
was
76,685,000
Bank of Germany are exclusive of gold held abroad, the amount of which
Cart Business,
adopted its platform, Wash¬
ington dispatches reported that an investigation of
90,441,000
Tota' week. 1,080,340,516 1,202,908,713 1.097,907,795 1.250,154,650 1,236,674,631
Prev, week. 1,080,863,876 1.137,664,627 1,097.207,494 1,250,937,640 1,236,839,646
reported at £1,016,650.
11, three days after the National Associa¬
£
314,339,926
482,869,937
1,906,850
c87,323,000
a25.232.000
113,820,000
96,845,000
77,646,000
26,083,000
6,545,000
France
Germany b.
Norway
1935
£
327.563.214
310.169.702
2.511,600
England
Denmark
1936
£
Banks
however,
upon
It in¬
"the right of individual
em¬
ployees to seek, secure and retain employment with¬
out
regard to membership or non-membership in any
organization, and to bargain individually," declares
that
"no
employer should be penalized for failure
to deal with any
porting
labor organization organizing,
maintaining
or
a
strike for illegal
sup¬
purposes
definitely working in opposite directions without
or
inviting political and industrial disaster. Sooner
or
for
"legal and social responsibility of both employ¬
accord must be reached which will admit of
ers
and
later
an
confidence and cooperation between the two.
can
be
no
the two
accord, however, if the principles to which
parties adhere and the aims which they seek
irreconcilable, if the methods of the
are
denounced
of
There
minor
or
one
are
rejected by the other, and if. in spite
disagreements, there is not at bottom
a
genuine cooperative spirit.
It
•
seems
up a
expected that the
would
be
cooperation
which it
called
for
forthcoming.
which it espouses and
which it
platform for 1938, seriously
would
The economic principles
the governmental methods of
approve
are,
at
a
number of vital
points, different from those of the Administration.
The
cooperative spirit, moreover, is not readily dis¬
Where,
ate?
of New
Deal
just
so
The wrhole trend
legislation for industry and business
been, not
right, but
indeed to abolish
competition
to control and circumscribe it
deprive it of much of its essential character
free economic
out¬
to
as
as
a
operation. Competition and planning
do not go
together, and the New Deal is for plan¬
ning.
the
On
brighter.
and
employment side the outlook is
Under
enforced
by
the Wagner
the
Act,
National
no
interpreted
as
Labor
Relations
Board, there is no place for anything except col¬
breaches
often been
tude of the
platform
Not, certainly, in the matter of insuring com¬
lective
hostility to the industry and busi¬
provisions of the
petition and individual initiative.
In spite
professions of regard for the general
welfare, the attitude of the White House has too
of
the
in
quoted, is the Federal Government likely to cooper¬
coverable in .the Administration's attitude.
one
his employees," and calls
employees for their commitments and their
of
unctuous
means among
acts."
has
unlikely that the Manufacturers Associa¬
tion, in drawing
by illegal
strikes.
bargaining, and no penalties
of
agreements
Thanks largely,
or
are
illegal
provided for
practices
in
also, to the tolerant atti¬
Administration, State laws and local
or-
Volume
dinances
Financial
us
which national prosperity has been built, the breach
The Association did well to
between the Administration and the industrial and
clearly its position, but between its proper
demands and
mon
present Federal policy there is no com-
conception of sound government policies, as
set out in the
platform, is that they "should estabconditions in which
and maintain
lish
conducted
be
can
commerce
business interests of the country will be widened,
We shall continue to have the unhappy situation
which
ground.
The
3873
applicable to strike disorders are only in-
differently enforced.
state
Chronicle
trade and
have
now—an
Administration in whose
have confidence, and under which production, dis-
tribution, employment and national
credit must
successfully by ; suffer.
most
private enterprise in the interest of the public."
The road to increased
we
fundamental policies industry and business cannot
production and employment
The question, then, is what the framers of such
platforms will do with their handiwork. If they are
through manufacturing, in turn, lies "in improving
to content themselves with merely publishing for-
old and
developing new products, in attracting pri-
mal statements, there is little to be looked for be-
capital for both operations and improvements,
yond a slow penetration of thoughtful minds by the
vate
and in
ees."
cooperation between employers and employ-
The way to
cumbered
is
declares,
that goal, however, the platform
with
many
"road
closed"
Among them are "legislation which reduces
signs.
truths and proposals which the statements contain,
It is to be hoped that they will do more than that.,
The platforms might well be made the starting-
points of
systematic and vigorous campaign of
a
funds, especially in the durable
political and economic education aimed at develop-
goods and construction industries;" "continued un-
ing throughout the country a body of enlightened
certainty involving Federal regulation of industry
opinion whose weight the Administration and Con-
beyond the field of necessary public safeguards;"
gress
policies whose effect is to redistribute wealth and
easy
incentive to invest
income instead of
and income ;
producing
national wealth
more
ill contrived and unduly burdensome
will eventually recognize.
It will not be an
task, but there is an encouraging precedent in
the campaign
more
which was successfully prosecuted
than a generation ago to combat the free silver
taxes, and a "continued unbalanced Federal budget
fallacy and maintain the gold standard. That cam-
caused
paign aroused the Nation, and what was done then
by excessive government spending;" labor
legislation which encourages controversies, leaves
can
be done again,
employees without protection against coercion, and
makes
only persons who can
employers the
be
Wages and Hours Regulation
guilty of "unfair" labor practices; tariff policies
imports of competing foreign goods
The situation in the House of Representatives
"by extending the benefits of reciprocal tariff provi-
arising out of the efforts to set up a thinly-disguised
National Recovery Administration under the sanction of a congressional enactment providing for
Federal regulation of wages and hours of labor has
degenerated to about the level of a common broil,
No one knows what may happen, whether any bill
which increase
sions to those not
and getting
benefits
the
parties to the agreements, giving
nothing in return;" "in-
creasing government competition with private en-
terprise," and "increasing centralization of ecoand
nomic
legislative
power
in the hands of the
will
Government."
Federal
Differently
and
on
the
whole
less
pointedly
phrased, but nevertheless clear in its championship
of
private enterprise and its criticisms of govern-
handicaps, is the "Address to the People of
ment
the United
made
States,"
public
a
tentative draft of which
Thursday.
on
Representing,
was
appar-
entlv, only the views of a group of Senators and
having
no
formal backing, the address carefully re-
frains from
of
the
making the document
a
direct criticism
Administration, and the partisan flavor is
lacking, but it nevertheless suggests a platform on
conservatives
whicli
which citizens of all
and liberals
might unite and
classes, occupations and inter-
ests, if they wish good government and a prosperous
national
life, might join in supporting.
It will be
interesting to
see
what response, if any,
Mr. Roosevelt makes to either of these suggestions of
cooperation. It is difficult to see how he can accept
them
tant
sible
without abandoning some
objectives.
of his most impor-
With all allowance made for pos-
adjustments and compromises, he cannot go
along with the Manufacturers Association without
giving
up
the program of Federal centralization
which he has
national
trolled
sedulously urged, the wide socialized
planning which he has supported, the con-
and
subsidized
agriculture to which he is
committed, and the government competition with
private industry which he has furthered.
such
made
policies
to
the
are
Yet unless
dispensed with and a return is
political and economic policies upon
pass, or
what new and eccentric changes may
the Democratic
majority, which obliged the Administration to resort
to almost open abuse of the power of patronage in
order to defeat the Rules Committee that had declined to allow consideration of the bill recommended by the Labor Committee, the arbitrary restrictions which allowed only the minimum time for
debate (oddly enough accidentally extended by
unusual inefficiency in handling the printing of an
unprecedented flood of amendments proposed by
those who had first sponsored the measure in another form), the obvious maneuvering on the floor
to advance the interests of one section of the country against another, or of one labor group against
another, and the cynical acceptance of conditions
which palpably disclose that very few of those who
will vote for the bill believe it is just or wise, have
become scandalous and apparent,
On Tuesday Representative Connery, brother of
the deceased Member from Massachusetts who gave
his name to the original bill, solemnly repudiated
the measure, in its present form, and in an impassioned but dignified address requested the removal
of his brother's name because the proposal has been
so mangled and modified that he could no longer
be
made.
The
conflict within
support it.
On the surface, the developments of the special
session to date are that the minority within the
Democratic ranks, ostensibly committed to the general scheme of legislation, with the quite visible aid
Financial
3874
of the entire corps
forced
defeated
what
bill
the
the
Monday, by
on
majority.
So the
of all those
But
whom
upon
formally rests, can as yet give satis-
question.
to that
answer
More
have been accepted
amendments
hundred
than
by
to the vote of
are
Representatives who
will neither know what they
many cases
a
mem-
by whom they have never been seen, and
to be submitted
nor
re-commit,
and
of preparing such a measure for legislative
consideration
in
to
substantial
a
No one, least
measure?
bers
the
is, at this moment, before the House.
the duty
factory
Committee
Rules
of
motion
like
looked
measure
was
of leg-men from the White House,
out
mean
attempt to foresee their probably consequences,
The
original Black-Connery bill which, in much
.modified form, passed the Senate at the last session
and
Chronicle
Dec. 18, 1937
William Green, learned in labor history and alert
of novel
to apprehend even the remote consequences
which allure the support of the less ex-
measures
perienced and less wise,
plainly that from gov-
sees
eminent benevolences which moderately restrict to
government control that is burdensome and oppres-
He perceives
sive is but a short step, easily taken.
that when any government, even one strongly sub-
servient to
of organized employees,
pressure groups
has fixed by enactment the maximum hours that
men
work,
may
or
the minimum wages for which
they will be permitted to exchange their labor, it
will have established a principle and practice of
regulation that may have most drastic and unIt
applications.
limited
is
than
more
probable
that John L. Lewis is controlled by precisely similar
long successfully smothered by the anti-
considerations and that his attitude of lukewarm
pathetic Rules Committee, has been, in very large
acquiescence, always coupled with insistence upon
was
so
abandoned.
measure,
pressure-groups
of
head
American
the
it will
that
which it is
not do
changes that seem to be far-reaching although their
William Green,
definition has been adroitly withheld, is merely the
acceptance of obligations that he does not intend
The strong
openly or tacitly against it.
are
Federation
at
of
Labor,
all, and offers
says
substitute
a
shall operate
so
far
as
to insure passage of the bill,
In truth, although these labor leaders might well
Lewis, militant chieftain of the Committee for
L.
impossible to take seriously, while John
be supposed to be asking themselves what conceiv-
Industrial
and
Organization, damns the bill with faint
Promptly
and
complacently
Mary
T.
Norton,
Representative from New Jersey and titular leader
of the Labor
Committee, announced radical commit-
tee amendments and declared that
from the floor
be
As
this
that
is
method of
or
have
craft
for
industrial
or
for skilled and salaried leaders and adept
and well-paid assistants to such leaders, their under-
lying and developing opposition must be assumed
to rest upon the real repugnance of such legislation
has
cumbersome
demonstrated
and
legislation, it is natural that
to re-commit the
could
employment,
unions
complete revision
experience
most
a
body of labor, looking to Congress for
a
unexpected and would not
not
was
unwelcome.
able need
the statement of its scale of wages and conditions of
plainly reluctant praise.
measure
unwieldy
to the fundamentals of free and democratic
ernment.
for detailed consideration
servitude,"
"Involuntary
movement
a
gov-
crimes
for
except
misdemeanors
or
punishment
as
after conviction
and
by the committee developed and, although it failed
by
at the first
United States, with Negro slavery, by the Thirteenth
it
attempt, there should be
renewed with increased
were
in the end it may
that
such
number
dilemma that must
in its
origin
to
to
of
seem
can
be
doubt
110
Representatives
to most of them
be sent
could
until the
repose
interest in it that
tion
prospects of success ;
There
from
as
back to
the
what, if
have
fatuous
defeat,
results from
Congress
and
the
have
nothing, for it is
form
been
now very
be
can
the
very
much-heralded
would
control bill
that
health
visible
special session
reduced
to
of
almost
unlikely that the
crop-
passed before Christmas in any
acceptable to Secretary Wallace and to the
President, and the government reorganization measure is
plainly doomed, as far as this session is concerned.
Yet, by such
an
ending to the highly
con-
that there is
must
conditions
standards?
do
stand
accord
not
the
general
aside because
with
the
statutory
Is there not slavery, in fact, when the
majority in
a
servitude
having opportunity to labor for
morals,
or
offered
even
Is it not
involuntary
actually and directly impairing
not
slight
form except compulsory toil?
true
and under conditions acceptable to himself
wages
injury could result anywhere,
But does any in-
consider that slavery and servitude
when any person,
attenuated
exceedingly
person
no
committee,
It is true that the President would have sustained
another
telligent
plainly
remains, outside of Administra-
any,
Amendment to the Constitution.
a
circles, shall vanish completely, it is difficult
see
competent court, was abolished throughout the
a
a
it is provoking in its imminence.
as
If the bill
there
surprise if
disposition of the bill would relieve
large
very
prevail.
no
any
single
employment
craft
or
industry effectively prevents
man or woman
upon
from accepting honest
individually satisfactory terms?
To these questions but
one answer,
the affirmative,
can
be given in good faith and candor.
yet
true
that
innumerable
the
Nor is it
decisions
of
the
courts, that to enforce such involuntary servitude
by statute is to deprive the affected
of
persons
inalienable rights of personal liberty, have lost their
innate
There
reasonableness
are
or
their
compelling
force,
governments which have found means to
troversial wages and hours measure even the Presi-
enforce such involuntary servitude upon
dent
might be
of their subjects, but such governments are never
oped,
it has
measure can
hearted
a
As the situation has devel-
become highly improbable
that
any
be formulated that will have the whole-
support
that is to say,
The
gainer.
even
of its intended beneficiaries—
the main
groups
of organized labor,
great brotherhoods of railroad employees have
retired from the discussion in
after
dignified disinterest,
insisting upon, and obtaining,
a
provision
com-
"just
governments"
Declaration of
sent of the
terion.
within
of
the
con-
governed the ultimate and absolute cri-
In Russia, in Czechoslovakia, in Italy, in
Germany, perhaps
now
the
be adopted,
men
and women
for such wages, and during whatever hours their
respective governments
may
in Brazil,
must give their labor in such places, on such work,
operation of
legislation that
the definition
Independence, which makes the
pletely exempting all railroad employees from the
any
multitudes
countries does
may
there
direct.
remain
But in
an
none
of
independent
Volume
craft
of
Financial
145
State, acting under President Roosevelt's direction,
organizations
has asked for ample apologies from the Japanese
Government, punishment of the persons responsible
for bombing the gunboat Panay, and assurances
against a repetition of such attacks. Mr. Roosevelt
has also asked that his feeling be communicated to
the Japanese Emperor. The apology called for has
been promptly tendered, and indemnification for the
attack on the Panay and some vessels of the Stand-
them, vestigial remnants of the old
suffered to continue,
have been
duced
to
agencies of
mere
the
within
autocracy.
administration acting
the
control of
detailed
only the insidiously entering nose
Once admitted to American polity,
camel.
the
they have been re-
In the United States the pending wages
and hours bill is
of
and
absolute
3875
Where, in any
union of labor.
industrial
or
Chronicle
the Nation will be fortunate indeed
should the plan
.
ard-Vacuum Oil Co. has been offered. The President's feelings, it is reported, have been made known
tyranny and disaster. Happy indeed is the expandto Emperor Hirohito. Beyond this, however, the
ing recognition that the experiment is in the wrong
matter is complicated. It is not certain that assurdirection, rests upon discredited and dangerous docances of respect for American citizens and their
trines of governmental supremacy, and ought to be
"'property in the future, if they are given, can be enabandoned before it has begun.
forced. The recall of Rear Admiral Mitsunami,
of
governmental control ever be halted or abandoned
has, in natural evolution, developed into
before it
—■—;—chief of the Japanese air operations, which has been
-
American
t>
ir
n
rfc-T
.
announced, may or may not be effective in restrainofficers to whom the war
.
Diplomacy Faces New Tests
ing the
y0^ Japai/ese
Japan in bomb-
in China has the character of a mingled adventure
ing and destroying an American gunboat in Chinese
waters has confronted the American Government
and crusade, and the Chinese, in their bitter ^hostility to the invaders, will show less than their
natural subtlety if they do not try to create situations in which Japan will again appear as the
The action of the armed forces of
diffcult and serious problem.
with
a
ular
temper that at times has been
country and in official circles at
incident would
an
at
once
have
With the pop-
found in this
Washington, such
aroused the war
demands would have been
vigorous and even forcible action to re-
spirit, and outspoken
for
made
dress the affront offered to
The calmness
the flag.
a
gratify-
ing tribute to the self-control and pacific
disposi-
with which the news has been received
of the American
tion
people.
is
Neither in Congress,1
in public meetings has the war
nor
in the press nor
cry
been raised. The situation has been left, as it
should be
left, in the hands of the President and
Department of State for such treatment as they
the
may
find it best or possible to give, and there is and
no inclination to hamper-them as long as
should be
diplomacy have a reasonable chance
the methods of
to work.
The situation
latest
in its
itself, however, is both delicate and
The attack on an American gunboat is the
of a succession of incidents in which Japan,
grave.
war
operations in China, has trespassed upon
rights of neutrals in violation of its obligations
under international law. On a number of occasions
the
American naval vessels have been exposed to
fire
bombing planes. The explanation, promptly
in most cases if not
unintentional
were
shell
compelled to turn their guns on Japanese
or
in
every one,
or
that,
in
offered
is that the attacks
the confusion
of
fighting, foreign flags or other national markings
could not be distinguished, and for the incidents
official
apologies have been tendered. The explana-
suffice, perhaps, for most of the cases, but
tions
The Japanese
nations, is a
highly trained body of men of more than ordinary
intelligence, presumably well disciplined and ac-
they hardly seem adequate for all.
air
force, like the air forces of other
quainted with the obligations as well as the technique of air fighting.
If the repeated attacks upon
American and British vessels, some
naval and some
commercial, have been due to ignorance or
ness,
and
careless-
lack of training
discipline which increases rather than diminthey would seem to point to a
ishes the
responsibility of the Japanese high com-
mand and the
The
what
Japanese Government.
practical question,
can
be
done
about
on
it.
the other hand, is
Department of
The
aggressor.
Presumably the Japanese Government, when in¬
vestigation has made clear all the facts of the case,
will make proper amends, and give such assurances
for the future as it feels able to give, and in the end
the United States will have to be satisfied with
what Japan offers. The reports of deep concern in
Japanese Government circles over the effect of the
Panay incident upon relations with this country
are to be taken, perhaps, with some allowance, especially in view of the apparent belief at Washington that the attack in the Yangtze River was deliberate. Beyond diplomatic pressure, however, the
United States can hardly hope to go. Even if there
were any popular support for a war with Japan,
which happily there is not, a naval war on the other
side of the Pacific is out of the question. The Neutrality Act has no resources that could be brought
to bear with any determining effect upon Japan,
and the suggestion of withdrawing American naval
and military forces from China and urging all Americans to leave the country would leave American
property in China, and such Americans as chose to
remain, with less protection than they have now.
A crucial fact of the situation is that while Japan
can be reasoned with and recognition of international obligations obtained, it cannot be coerced,
The position of Great Britain is similar to that
of the United States. The American Government, it
is reported, has declined to be a party to an AngloAmerican front in dealing with Japan, and "the
British Government shows no disposition to go beyond well-worded diplomatic protests. For Great
Britain, as for the United States, war is out of the
question. The most that it can hope to do is to
obtain from Japan amends and assurances as satisfactory as those which it is to be hoped will be given
to the United States, and safeguard as well as it
may its territorial and financial interests in the Far
East. It is not certain that at this latter point it
can expect to be very successful. Recent dispatches
from London report a feeling in financial and com¬
mercial circles that Great Britain is facing the end
of its great interests in China, that Japanese control of the Chinese customs may mean a stoppage of
3876
Financial
interest
to
British
on
loans, that a development of Chi-
industry under Japanese direction will operate
nese
reduce
British
imports, and that while the im-
portant colony of Hongkong may be retained, its
importance
be greatly impaired by Japanese
may
mainland.
control of the Chinese
Meantime the conquest
hai
king, the capital, has been occupied, and
tive form of
has been announced at
in
north
the
tenta-
a
government for the occupied territory
Peiping. Military operations
northwest
and
being vigorously
are
pushed, and Canton in the south can apparently be
taken whenever
a
Japan is ready.
revolution in
relations
those
countries
The vastness of the
with
the
rest
upon
its
to
as
ability to stand the strain, but there is
yet of an imminent break.
as
between them and Soviet Russia is hardly to be
pected. The withdrawal of Italy
political alignments
new
European
scene as
If,
as
no
has been
which
markedly
changing the
opens a
change the
may
Japan's invasion of
as
scene
ex-
prospect of
in the Far East.
The
smaller European States have long been restive
un-
der British and French domination of the League,
for the withdrawal of
and the way is now open
such of the smaller Powers as are Fascist in fact
or
sympathy and the formation of a European Fascist
bloc in which Germany and Italy will naturally
lead.
In view of all these circumstances, the wise
mean
undertaking
Japan has entered raises doubts
financial
sign
of
of each
of the world.
which
These things
Sino-Japanese relations and in the
Dec. 18, 1937
have politically much in common, close cooperation
China is
of China proceeds. Shang-
to be firmly in Japanese hands, Nan-
appears
Chronicle
for American
is
There
League,
longer any
no
cooperation
American
for
reason
with
the
even
informal
League,
international force for
as an
the way out.
on
course
foreign policy is plainly indicated,
for
the
is well
peace,
The Administration has been well
advised in refusing to join its interests with those
suggested, the aggravating incidents of which the
of Great
bombing of the Panay is for the moment the cul-
and Mr. Roosevelt is to be commended for pursuing
mination represent a
American
has
been
deliberate attempt to test the
British
and
chosen
temper,
for that
and
year
has prevailed in Europe, Italy
more
nouncement
comes
foreshadowed
as
the
but it nevertheless deals the
With
blow.
The
a
The American communica-
tions to Japan have been dignified
upon
has carried
assurances
as
threats.
no
well
forci-
as
redress and satisfactory
It may be some
time before the Panay incident is closed, but in the
meantime there should be general and hearty sup-
an-
port for Mr. Roosevelt in his efforts to bring about
episode of sanctions,
League another heavy
Japan, Germany and
independent course.
an
imbroglio,
an-
surprise, for it has been
no
since
ever
League.
the Sino-Japanese
ble, and the insistence
increasing in the Far
lessening of the tension which for
no
its withdrawal from the
nounces
opportune time
dangerous experiment.
With international tension
East, and
an
Britain in
a
settlement by proper diplomatic means.
Admit-
tedly the situation is difficult, and it is inevitable
that national feeling should be deeply stirred, but
the refusal of the President and Secretary Hull to
League, only three of the great Powers, Great
the
Italy out of
be stampeded by an extremely aggravating episode
now
Britain, France and Soviet Russia, remain in that
sets an example of restraint which it is to be hoped
organization, and while Great Britain and France
the country
Gross
and Net
Earnings of United States Railroads for the Month of October
Perhaps the most favorable thing that
about the railroad
will not fail to follow.
can
be said
question at this time is that it is
he plainly considers over-capitalization of the rail
roads, and secondly,
upon
the competition of paral-
attracting, belatedly, the national prominence and
lei lines.
the
far from encouraging, but
national
attention
that
Although the principal carriers
economic
have been
even
more
progress
up
hard hit
to
it
plainly
were
merits,
making
some
few months ago, they
a
by the business recession and
unfortunately affected by the rigid
lations under which
they operate.
net
earnings of the railroads, which
for
the
month
of
The
regu-
and
gross
we now
present
October, reflect plainly the net
effects of the various adverse circumstances.
Gross
receipts have tended to drop with the general decline of business.
But wage increases and the
high
costs of materials
purchased by the railroads
occa-
sioned
mounting costs of operations, with everincreasing taxes completing the picture of financial
devastation.
net
earnings.
that
a
sensational decline of
So marked is the downward
trend
equipment purchases and maintenance of
expenditures
of
The result is
way
again have been curtailed sharply,
necessity, and it requires no great perspicacity
to realize
once
that the
plight of the railroads
tends to
accentuate the decline of general business.
President
Roosevelt
at
length
has
cog-
nizance of this
situation, according to recent reports
Washington.
At a press
conference
on
from
Dec.
10, Mr. Roosevelt
cussed
at
some
was
reported to have
length the problems faced by the
carriers, with emphasis placed firstly
dis-
upon
what
Mr. Roosevelt's record
with regard to business and economics does not incline
to expect that he would take into
anyone
con-
sideration the effects of Federal regulation through
Commerce
Interstate
the
of
result
trous
motor
Commission,
highway
wage
of
an
the
disas-
competition
remained quite unregulated up to
a year
increases ordered under the general
that
ago,
the
pressure
Administration attitude favorable to labor but
heedless of capital and management, and the higher
costs of fuel and other items of operation,
sioned in large
such
part by the Administration
occameas-
It would plainly by poor politics to admit
ures.
things, but the
conscience of
apparently is not easy.
course
of the press
the President
He hinted broadly in the
conference that the ICC might
its consideration of the carrier
well hasten
diffi-
cnlties.
Even while the
endeavors
mination
taken
Such over-simplification of the problem is
were
press
conference
was
in progress,
a more
being made for
rapid deter-
by the ICC of the question of freight rate
increases.
If granted in full, these rate increases
would add $517,000,000 annually to railroad gross
income,
on
the basis of operations in the year ended
That
June 30, 1937.
but
as
every
barely make
seems
railroad
up
like
an
impressive
sum,
executive knows, it would
for the higher
wages
and increased
s
Volume
made
costs
If the gain
only to
a
perity.
formidable
a
Commission, and
managers
mildly encouraging aspect can
When the carriers requested immedi-
reported.
determination
of
the ICC issued its
the present
the
month
freight rate application,
we
;
find that the output in October
much larger than in the
ago—in fact, the largest recorded for
a year
The Bureau of the Census at
Washington reports
329,876
that
cars
in October, 1936; 272,043 in 1935;
But it did ad-
however, the output reached 380,617
Back in 1929,
80,142 in 1931, and 154,401 in 1930.
presumably for
expected denial.
decision
a
The
cars,
As to another great basic industry—the mining of
this highly important
on
coal—we find the results for October
matter.
results
noted
compared with
131,991 in 1934; 134,683 in 1933; 48,702 in 1932;
materially the dates for final hearings and
vance
above,
of
operations
October,
for last
as
sufficient argument for prompt
are a
vehicles
motor
were produced in October, 1937, as
only 224,688
tons in 1929.
gross
turn to the production
we
year was very
October since 1929.
have been able to
in the hearings before the
case
one
of automobiles
in
state
be considered general pros-
now
The railroad
present
nearly normal
more
of what must
years
ate
On the other hand, when
favorable ICC ruling, the carriers would be
a
restored
be
2,164,768 in 1930, and 3,588,118
made possible in full
were
3877
Chronicle
by developments of the last
necessary
four years.
by
Financial
145
satisfactory,
anything but
bituminous and anthracite
both the
production being below, especially in the
of the
case
granting of the desired increase of freight rates,
former, that of October, 1936.
Gross earnings in that month were
as
statistics prepared by the United States Bureau of
month of 1936 of
) Mines, the quantity of soft coal mined in October
compared to receipts in the
$390,633,743,
a
only beginning
to pay
which
The
added
wages
was
stride in
into full
move
October the railroads
the additional
were
4.69%.
or
recession, it should be noted,
to
in
But
$372,283,700
decline of $18,350,043,
current business
month.
same
that
forced
were
to operating employees,
top of the wage increase previ-
on
(the
present year reached only 40,040,000 net tons as
against 43,321,000 net tons in October, 1936, but
37,768,000
with
comparing
1935;
32,807,000
in
In the
of
operating
sharp increase
Net earnings before taxes;
expenses.
accordingly, fell to $102,560,563, in October of this
year,
against $130,196,850
1936,
a
are
month of
$27,636,287,
or
of
requires
a
adverse
that
October—
It is
a
difficulty.
1936
235,750
(+> oMDec. (—)
—577*0.24%
inc.
Mileage of 136 roads.......
Gross earnings
....$372,283,700
$390,633,743
—$18,350,043
Operating expenses-.-...... 269,723,137
260,436,893
+9,286,244
72.45%
Net earnings............$io2,560,563
$130,196,850
earnings.^
4.69%
j
we
year,
Going
find that the quantity of hard coal
-$27,636,287
carriers
find themselves
enmeshed
course.
There
aspects of business
many
as
si on which contributed to the lower
Conspicuous
among
Regarding still another important industry—the
a
building
trade—the
statistics
compiled
F. W. Dodge Corp. show that there was
21.22%
matter of
reees-
earnings of the
these is the heavy
by
the
heavy
value of construction con-
falling off in the money
a
tracts in the month under review as compared with
,
'
the
.same
period last year.
According to the figures,
^
*\
.
COnStl'UCtlOn COll tracts awarded
to the business factors in which the
are
tons.
3.56%
*
66,67%
railroads.
further back,
situation that
occasioned the
1937
235,173
now
but comparing with 4,279,000 tons in 1935.
in 1930,7,443,000, and in 1929, no less than 8,026,000
present the recent statistics in tabular form:
We turn
only 4,579,000 net tons as against
4,711,000 tons; in 1932, 5,234,000; in 1931, 6,561,000;
regulatory remedy, for it is excessive and
Ratio of expenses to
was
general result, for the adverse
regulation
Monm of
1937, output
4,608,000 net tons in the month the previous
universal and not attributable to
temporary nature.
a
less than 52,174,000 tons,
mined in October, 1934, was 4,729,000 tons; in 1933,
say,
particular condition that might be regarded
any
We
same
no
of Pennsylvania anthracite, the October,
case
all sections of the country
to this
circumstances
the
than
less
no
Needless to
contributed
as
of
decline
21.22%.
in
1933;
in
In October, 1930, the bituminous output aggregated
factor
a
October,
in
29,656,000
32,677,000 in 1932, and 35,700,000 in October, 1931.
44,150,000, and in 1929,
mainly responsible for
tons
net
1934;
ously granted to non-operating employees, and this
was
According to the
of the
east
111
the 37 States
Rocky Mountains in October, 1937, in-
volved a money
outlay of only $202,080,900 against
$225,767,900 in October
a year ago,
but comparing
with only $200,595,700 in October, 1935.
son
with the
years
follows: $135,224,800
as
Compari-
immediately preceding 1935 is
October,
in
1934; $145,-
Accord-
367,200 in 1933; $107,273,900 in 1932; $242,094,200
ing to the figures compiled by the American Iron
in 1931; $336,706,400 in 1930, and $445,642,300 in
and Steel
1929.
falling off in the iron and steel industries.
steel
Institute,
a
drop of 25% occcurred in the
ingot production in October, 1937,
with October last year
for that
(which
year), only 3,392,691
as
compared
was
the record month
gross
tons having been
The
which it is
so
in
decline
naturally reflected
the
building
trade
was
in the lumber industry, with
closely allied.
The statistics compiled
by the National Lumber Manufacturers Association
against
showed that an average of 554 identical mills re-
The October, 1937, out-
ported a cut of only 921,853,000 feet of lumber in
put, however, was still higher than in October, 1935,
the four weeks ended Oct. 30 the present year as
and other
against 1,094,906,000 feet in the same four weeks of
produced in the month the present
4,534,246 in October, 1936.
previous
comparisons being:
years
year as
back to October, 1929, the
3,142,759
gross
tons in
1935;
1,481,902 in 1934; 2,084,894 in 1933; 1,087,058 in
1,590,180
1932;
in
1931;
4,534,326 in October, 1929.
the decline in
the
production
statistics compiled
that
2,692,539
in
1930,
and
In the case of pig iron,
was
not quite so marked,
by the "Iron Age" showing
only 2,892,629 gross tons of coke pig iron were
produced in October, 1937, as against 2,991,887 gross
tons in
gross
October, 1936, fmt comparing with 1,978,411
tons in October, 1935; only 951,062 in 1934;
1,356,361 in 1933; 644,808 in 1932; 1,173,283 in 1931;
1936,
or a
decrease of 16%.
Shipments of lumber
during the same period of 1937
were
also much
smaller than a year ago, totaling only 847,591,000
feet
as
same
compared with 1,060,689,000 feet during the
period of 1936,
or
a
decrease of 20%, while
orders received aggregated only 727,169,000 feet as
against 1,143,452,000 feet,
or
36% below the similar
period of 1936.
Turning for the time being from the trade statis-
tics to the grain traffic
over
Western roads, we find
that the movement in October the current year was
3878
Financial
very much
fact,
1929.
larger than in the month a year ago—in
the largest recorded for the period since
was
All the various
items, in greater
less de¬
or
added to the present year's increase, with the
gree,
Chronicle
Dec.
$1,427,634 loss in
the Baltimore &
in gross
and
a
in
the
Northern, having
Western
smaller than
Western
ther
primary markets
a
considerably
were
We deal in detail with the
year ago.
grain traffic in
separate paragraph fur¬
a
along in this article, and therefore need only
here that for the five weeks ended Oct. 30, 1937,
say
receipts of the five staples, wheat,
and rye,
oats, barley
corn,
of
a
72,918,000
bushels
46,136,000 bushels in the
same
against
as
only
a year ago;
71,660,000 in 1935; 45,621,000 in 1934; 55,815,000 in
70,299,000 in 1930, but comparing with
no
OF
It
is, however, when
showing the loading of
railroads of the
of
that
all
brought out.
we
to the statistics
come
freight
revenue
on
all the
been
said
above
is
most
clearly
For the five weeks of October
the
present year, according to the figures compiled by
Car
the
Service
American
revenue
five
same
of
the
Railroads, the number of
freight
4,017,319
was
Division
of
loaded with
cars
the railroads of the United States
on
cars
weeks
Association
against 4,097,448
as
of
last
3,565,051 in 1935;
year;
3,147,988 in 1934; 3,213,427 in 1933; 3,158,104 in
1932;
3,813,162
5,751,645
in
1931;
4,751,349
in
1930,
and
Grand Trunk West
above, it is
no sur¬
prise to find that when the figures of earnings of
the
separate roads and systems
are
scrutinized, the
list of decreases in both gross and net
is
Louisiana & Arkansas
Total
(10 roads)..... $1,510,540
long
Not
a
gross
one;
earnings alike
in fact, assumes dismal proportions.
single road is able to show
and net earnings in
only three roads
are
an
excess
increase in both
of $100,000.
And
able to report increases in the
of the net above that amount.
the Illinois
$228,021.
One of the
Central, however, has turned
$775,669 in
earnings into
gross
a
a
three,
loss of
gain in net of
The other two—the Louisiana Arkansas &
gains in the
spectively),
$152,410 in the
the
case
gross
case
of the
($25,591 and $92,414,
increases
report
in
find the Atchison
increase of
by
net
earnings
Among the roads
number) which report gains in
we
$349,342 in
gross
cluding Pittsburgh & Lake Erie, the result is a decrease of $1,619,821.
PRINCIPAL
CHANGES
IN
OF
NET
gross
System, showing
a
a
and
tion
the
gain of $204,721
Lack of space prevents our
naming sepa¬
numerous
roads and
systems which have suffered decreases in both
and net
an
loss of $1,410,568 in the case of
rately, with their losses, the
earnings alike, and
only
a
few of the
we
will therefore
gross
men¬
most
conspicuous:
The
Pennsylvania RR., showing $2,656,659 loss in gross
earnings and $1,497,107 decrease in net earnings;
the New York
Central, reporting $1,199,084 loss in
gross
the
and $2,778,293 loss in net (these figures
cover
operations of the New York Central and its
leased lines ;
Erie is
in the
the
when, however, the Pittsburgh & Lake
included, the result is a decrease of $1,619,821
case
case
of the gross and a loss of
of the
THE
MONTH
Decreatf
Increase
Illinois Central
N Y Chic & St Louis
$228,021
Louisiana Ark & Texas.
Kansas City Southern
Total (3 roads)
$409,226
407,620
401,916
Boston & Maine
152,410
103,420
_
Missouri-Kansas-Texas.Wabash
$483,851
Pittsburgh & Lake Erie.
Northern
400,497
367,037
_
319,723
Pacific
Pere Marquette
Central of Georgia
Chesapeake & Ohio
Pennsylvania
Southern Pacific (2 roads)
Elgin Joliet & East
a$2,778,293
1,567,878
1,497,107
1,410,568
Baltimore & Ohio
1,131,880
New York N H & Hartf_
1,111,855
Great Northern
1,083,073
Atch Topeka & Santa Fe
1,080,504
Chic Mil St P & Pac
Lehigh Valley
Denver & Rio Gr West..
&
Nashville..
Dul Missabe & Iron Range
Norfolk & Western
Union Pacific..
Bessemer & Lake Erie
St L-San Fran
(2 rds)...
Erie (2 roads)
Chic Burl & Quincy
...
Reading
Missouri Pacific
251,313
212,827
203,133
186,923
159,208
Delaware & Hudson
Seaboard Air Line
—
Nash Chatt & St Louis..
Chic Great West
Chic 111 Midland,.
880,334
873,597
816,711
785,265
765,554
727,828
598,756
584,458
576,804
570,936
552,921
512,946
Louisville
279,810
264,788
Minn St P & SS M
882,628
Chicago & North West..
318,122
316,770
311,030
141,799
132,313
131,067
131,006
126,918
109,016
106,747
106,248
105,008
100,143
Penn Read SSL
Chicago Ind & Louis
Chicago & Eastern 111—
Delaware Lack & West..
Colo & Southern (2
roads)
New York Ont & West-
Mobile & Ohio
Gulf Mobile & North
Central of New Jersey
.
mn»~nn.AA
$26,790,144
Total (51 roads)
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¬
a
cluding Pittsburgh & Lake Erie the result is a decrease of $3,145,330.
When
the
roads
are
arranged in groups or geo¬
prominent part played by heavily increased operat¬
earnings, accompanied
in the gross
the net.
FOR
1937
of
(10 in
Topeka & Santa Fe, with
Southern Pacific
and
EARNINGS
OCTOBER,
re¬
earnings only,
loss in net earnings of $1,080,504,
a
N Y N H & II
graphical divisions, according to their location, the
of the former and $103,420 in
latter.
406,917
400,569
385,516
346,081
262,386
222,251
210,020
190,524
189,503
178,113
167,635
148,626
147,295
138,820
131,638
115,809
106,891
103,943
Northern Pacific
N Y Chic & St Louis
Missouri Pacific
a 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¬
Texas, and the Kansas City Southern—both with
small
Pittsburgh & Lake Erie..
I ehigh Valley
f Decrease
$488,923
484,193
462,414
423,107
420,737
Central of Georgia
Elgin Joliet & East
$2,656,659 Delaware & Hudson
1,427,634 Union Pacific
Baltimore & Ohio
1,375,148 Long Island
New York Central
al,199,084 Minn St P & SS M.
Norfolk & Western
872,867 N Y Ontario & West
Chicago & North West..
827,433 Nash Chatt & St Louis..
Louisville & Nashville.—
797,440 Chicago Great/West
Illinois Central
775,669 Penn Read SS L
Dul Missabe & Iron Range
748,284 Pere Marquette
Great Northern
645,247 Chic Ind & Louisville
Bessemer & Lake Erie
567,588 Western Maryland
Southern
554,564
St L-San Fran (2 roads).
Total (38 roads)
$19,080,109
500,581
_
case
__
Pennsylvania.
Chesapeake & Ohio
Southern
a
Reading
Erie (2 roads)
Chic Mil St P & Pac—
Boston & Maine
New York Central
in 1929.
cars
OBTOBER, 193?
Decrease
In view of what has been said
we
and net:
gross
$349,342
252,507
204,721
199.659
139,372
135,136
126,514
103,289
Chic R I & Pacific (2 rds)
Western Pacific
in the
cars
and
$100,000, whether increases
inprvp/i^p
country that the composite result
has
gross
Increase
Atchison Top & Santa Fe
Atlantic Coast Line
Southern Pac (2 roads)
less than
87,434,000 bushels in 1929.
Great
the
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
Virginian
1933; 71,884,000 in 1932; 67,117,000 in 1931, and
of
excess
__
five weeks
and
net,
In the table which follows
decreases, and in both
combined, at the Western primary markets
aggregated
in
decrease of $645,247 in
changes for the separate roads and systems
in amounts in
or
decrease of $1,375,148
Hartford, showing $262,386 loss
$1,111,855
$1,083,073 in net.
show all
a
loss of $1,131,880 in net; the New
York New Haven &
and
and $1,567,878 loss in net;
gross
Ohio, with
single exception of barley, the receipts of which at
gross
18, 1937
$3,145,330 in
net); the Chesapeake & Ohio, with
Of the eight
ing costs is very plainly brought out.
three great districts—the
regions into which the
Eastern,
ern
in
Southern
the
divided, only
one
Western—are
the
and
solitary region (the Central West¬
region in the Western district) reports a gain
gross
earnings, and
small
very
a
one
at that
(only 0.78%), while in the case of the net, not a
single region is able to report
percentages
an
increase.
of loss, too, in the net earnings,
The
are
of the regions comprising
high, especially in the
case
the Eastern district.
Our summary by groups is as
below.
to
As
previously explained,
conform
to
the
classification
we group
of
boundaries of the different groups
the roads
the TCC.
The
and regions
are
indicated in the footnote to the table:
SUMMARY BY GROUPS
-Gross Earnings-
District and Region
1937
Month of October—
New England (10 roads)
Great Lakes region (24 roads)
Central Eastern region (18 roads).
Total (52 roads)
1936
$
Eastern District-
—
.
S
13,715,692
68,092,779
74,468,741
14,554,762
71,577,547
156,277,212
Inc. (+) or Dec. (—)
$
+
'
5.76
4.86
80,601.540
—839,070
—3,484,768
—6,132,799
166:733,849
—10,456,637
6.27
44,116,663
23,402,998
46,526,551
5.17
25,525,214
—2,409,888
—2,122,216
67,519,661
72,051,765
-4,532,104
6.29
7.60
Southern District—
Southern region (28 roads)
Pocahontas region (4 roads)
Total (32 roads)
8.31
Volume
145
District and
Financial
Region.
-Gross Earnings
Month of October—
1937
Western District-
1936
%
Inc. (4r) or Dec.
;
(—)
+
49,072,182
73,060,059
7.35
—3,607,966
+ 577,068
—330,404
29,715,888
0.78
1.11
Flour
Wheat
Corn
Oats
Barley
Rye
Oct. 30;—
mis.)
(.Bush.)
{Bush.)
{Bush.)
{Bush.)
{Bush.)
Indianapolis-Omaha—
1937
1,523,000
1936
1,302,000
St. Louis—
Total
3879
5 Wks. End.
$
Northwestern region (15 roads)
45,464,216
Central Western region (16 roads)_ 73,637,127
Southwestern region (21 roads)
29,385,484
Chronicle
3,298,000
2,101,000
.148,486,827
District and
151,848,129
roads)..372,283,700
390,633,743
Regionf
Month of Oct.
1937
New England region.
Great Lakes region..
EarningsInc.{+) or Dec.{—)
$
$
%
1937
1936
6,976
26,393
7,053
26,540
Central Eastern reg'n 24,753
24,840
Total
4.69
—18,350,043
-Net
Mileage
Eastern District—
2.21
—3,361,302
f
1936
$
2,686,414
15,649,959
21,411,373
39.37
26.97
18.61
4,431,491—1,745,077
21,432,068 —5,782,109
26,309,889 —4,898,516
58,122
58,433
39,747,746
52,173,448 —12425,702
23.81
38,722
38,829
13,609,896
6,025
-2,666,518
-2,310,154
19.59
6,045
10,943,378
11,000,832
1937
620,000
1,663,000
1936.
(52 roads)
Total all districts (136
1,362,000
741,000
139,000
650,000
986,000
1937
198,000
173,000
1936—
184,000
57,000
1,438,000
894,000
414,000
314,000
416,000
381,000
25,000
31,000
2,680,000
1,356,000
344,000
295,000
200,000
124,000
438,000
125,000
424.000
Peoria—
Kansas City-
1937—
68,000
5,226,000
1,114,000
1936.
82,000
2,736,000
11,691,000
321,000
393,000
405,000
210,000
229,000
St. Joseph—
1937
1936...
34,000
280,000
117,000
1937
1,286,000
43,000
4,000
1936
1,223,000
14,000
2,000
1937
46,000
73,000
22,000
40,000
357,000
227,000
89,000
1936
Southern District—
73,000
168,000
7,000
19,025,000 11,727,000 11,560,000
11,043,000
4,522,000 12,272,000
3,102,000
Wichita—
Southern region.
Pocahontas region..
....
Total.....
13,310,986
17.35
44,767
44,854
21,944,210
26,920,882 —4,976,672
18.48
Northwestern region. 45,997
Central Western reg'n 56,867
46,143
13,997,795
19,787,248
18,589,576 —4,591,781
23,736,165 —3,948,917
m
Southwestern region.
56,751
16.63
29,420
29,569
7,083,564
8,776,779 —1,693,215
19.29
132,284
132,463
40,868,607
51,102,520 —10233,913
20.02
districts...235,173 235,750 102,560,563 130,196,850 —27636,287
1937.
2,092,000
27,504.000
2.083,000
16,341.000
On the other
21.22
PfNOTE—Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission, and the following Indicates the confines of the different
ment
groups and regions:
in October
EASTERN
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 north of
from Chicago via Pittsburgh to New York.
Central Eastern Region—Comprises the section south of the Great Lakes Region
east of a line from Chicago through Peoria to St. Louis and the
Mississippi River
to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W.
Va., and a line thence tothe 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
eastern boundary of Kentucky and the southern boundary of
19367
hand, the Western livestock
Region—Comprises the section north of the southern boundary
a
aggregated only 8,478 carloads against 10,779 car-
of
in
October last year.
receipts comprised 5,848
in
At Kansas City the
compared with 5,327 cars
as
October, 1936, while at Omaha they totaled 4,782
against 3,492
Turning
this
was
cars.
now
on
to the cotton movement in the South,
reduced
a
scale
both
regards the
as
Virginia, east
of Kentucky and the Ohio River north to Parkersburg, W. Va.,
line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its mouth.
and south of
a
WESTERN
Central Western Region—Comprises the section south of the Northwestern Region
west of a line from Chicago to Peoria and thence to St. Louis, and north of a line
from St. Louis to Kansas City and thence to El Paso and by the Mexican boundary
to the Pacific.
Southwestern Region—Comprises the section lying between the Mississippi River
south of St. Louis and a line from St. Louis to Kansas City and thence to El Paso,
aDd by the Rio Grande to the Gulf of Mexico
have
we
already pointed out, Western roads,
taking them collectively, had the advantage of
very
Moreover, it
was
the largest recorded for
October in all recent years.
tion
or
of
less
the
in
the
corn
Gross
outports.
aggregated only 137,905
bales in
shipments
bales
overland
against 237,360
as
October, 1936 (the largest amount for Octo¬
ber in all recent
in
receipts at the
years); 78,705 bales in 1935; 97,379
1934; 89,836 in 1933
58,566 in 1932; 74,219 in
;
1931; 78,670 in 1930, and 84,965 bales in 1929.
Re¬
ceipts of cotton at the Southern outports totaled
only 1,610,786 bales in October, 1937,
1,613,244 in the
in
against
as
month of 1936, and 1,676,620
same
1935, but comparing with only 961,203 bales in
1934.
Going
further
back,
comparison
is
with
barley, all the different staples, in greater
1,614,061 bales in October, 1933; 1,562,157 in 1932;
degree, contributed to the increase.
2,149,633 in 1931; 2,090,822 in 1930, and 2,314,730
the
five
weeks
27,504,000 bushels
in
With the single excep¬
Thus
receipts of wheat at the Western primary
kets
a
much larger grain movement than in October,
1936.
overland movement of cptton and the
Southern
DI3TRICT
Northwestern Region—Comprises the section adjoining Canada
lying west of the
a line from Chicago to Omaha and thence to Portland
and by the Columbia River to the Pacific.
Great Lakes Region, north of
As
move¬
have been somewhat smaller than
appears to
loads
Virginia to the Atlantic.
Pocahontas
1,958,000
year ago.
This was due entirely to a
falling off in livestock receipts at Chicago, which
DISTRICT
New England Region-—Comprises the New
a line
—
Total all—
1936
Total all
mm a* -»
Sioux City—
24.70
Western District*..
Total
53,000
2,000
r
were
11,727,000
11,560,000
as
five
same
ended
Oct.
30
mar¬
aggregated
against but 16,341,000 bushels
weeks
of
1936; the receipts of
In the
Alto¬
give the
Month of
Since Jan. 1
October
Ports
1937
Galveston
&c
Houston,
1936
1935
526,321
422,420
463,678
415,503
544,152
New Orleans
gether, the receipts at the Western primary markets
we
RECEIPTS OF COTTON AT SOUTHERN PORTS IN OCTOBER, 1937, 1936
AND 1935. AND SINCE JAN. 1, 1937, 1936 AND 1935
compared with 12,272,000, and of rye,
3,102,000 bushels against 1,958,000 bushels.
subjoined table
three years:
19,025,000 against 11,043,000; of oats,
against
4,522,000;
of
barley,
only
as
1929.
bales in
details of the port movement of cotton for the past
1937
1935
1936
390,846 1,233,471 1,245,928
905,233
477,280 1,185,421 1,095,584
897,498
408,160 1,567,253 1,399,659 1,104,021
102,801
279,578
218,380
193,827
36,187
105,803
33,689
81,198
94,280
247,833
151,463
132,170
161,507
77,844
172,184
133,326
13,782
7,763
16,283
14,770
11,746
40,021
34,211
33,317
34,423
450,565
291,818
298,870
68,044
10,938
51,543
49,397
480,177
cereals, wheat, corn, oats, barley and
in the five weeks ended Oct.
bushels against only
rye,
8,453
21,507
51,207
42,085
3,070
8,411
17,585
15,732
4,377
9,493
25,588
11,493
"3",220
"4,540
23*907
18", 558
14",806
30,733
662
445
5,433
3,709
4,060
Savannah
Charleston.
30, reached 72,918,000
46,136,000 bushels in the
56,769
Pensacola
of the five
Mobile—
corre¬
———.
Wilmington
Norfolk.
...
—
Corpus Christ!
...
Lake Charles
sponding five weeks of last year; 71,660,000 in 1935;
16,591
Brunswick
45,621,000 in 1934
58,994
10,503
Jacksonville..
;
55,815,000 in 1933; 71,884,000 in
Beaumont
1,610,786 1,613,244 1,676,620 5,221,963 4,696,561 4,066,422
1932; 67,117,000 in 1931, and 70,299,000 in 1930, but
comparing with 87,434,000 bushels in 1929.
following table
we
grain movement in
In the
our
usual form:
Wheat
Flour
Oct. 30—
{Bbls.)
{Bush.)
Corn
{Bush.)
Oats
{Bush.)
Barley
{Bush.)
1,128,000
1,090,000
2,849,000
1,381,000
8,018,000
3,255,000
2,996,000
1,441,000
1,517,000
1.874,000
Rye
{Rush.)
713,000
for
Earlier
636,287
(or 21.22%)
in
in net
namely,
year,
gross
in
5,722,000
1,017,000
2,944,000
5,598.000
665,000
583,000
4,344,000
4,149,000
706,000
both
gross
net—$48,095,489
in
the
512,645 in the latter—in October, 1935.
6,500,000
1,745,000
33,000
2,317,000
108,000
2,042,000
831,000
1,236,000
recorded
188,000
creases
78,000
77,000
1,319,000
307,000
325,000
219,000
366,000
30,000
2,969,000
4,151,000
123,000
38,000
804,000
458,000
162,000
220,000
404,000
4,000
313,000
122,000
24,000
3,000
Detroit—
1936
37,000
14l"6o6
158"6O6
gain in
increase
in October last
former
and
$27,-
However, the gains
1936, and October, 1935, followed de¬
in each and every year back to and including Octo¬
ber, 1929, viz.: $1,494,550 in gross and $9,217,000 in net in
net in
net
228",660
a
an
October, 1934; $393,640 loss in gross and $7,336,988 loss in
?
1937
in October,
loss of $27,-
top of increases in
came on
537,000
Milwaukee—
and
(or 19.89%)
earnings of $21,598,065
a
followed
(or 14.74%)
and these gains, in turn,
and
decrease of $18,-
a
earnings and
net earnings,
earnings of $50,213,876
gross
Years
results shown by United States railroads
present
year,
Dulvih—
1936.—.-
poor
the
(or 4.69%)
744,000
Minneapolis—
Toledo—
very
October
350,043
Chicago—
1937
The
in
WESTERN FLOUR AND GRAIN RECEIPTS
5 Wks. End.
Results
give the details of the Western
112,000
in
in
October, 1933; $64,475,794 in
1932;
$120,136,900 in
gross
gross
and
and $3,578,421 in
$55,222,527 in net
October, 1931; $125,569,031 loss in gross and $47,300,393
Financial
3880
loss
in
in
net
1930, and $9,890,014 loss in gross
October,
1929. On the other
hand, these losses followed very notable improvement in
October/ 1928, when our tabulations registered $36,755,850
gain in gross and $35,437,734 gain in net. But these gains,
in turn, came after decreases in the previous year, our
$12,183,372 loss in net in October,
and
1927, having shown a falling off
for October,
tabulations
$23,440,266 in gross and of $13,364,491 in net as com¬
of
Carrying the comparisons further back,
pared with 1926.
1926
1927 decreases came after increases in
the
that
find
we
$18,043,581 in gross and $13,361,419
1926 gains having been
in
the net;
under way in the
of the strike then
account
on
Y<;ar
Given
Preceding
193
.......
1912
1913
219,144
228,050
233,199
237,217
233,545
—1,281,011
—0.48
243,690
298,066,118 —28,740,856
+37,087,941
274,091,434
+35,050,786
310,740,113
+43,937,332
345,079,977
377,867,933 + 106,956.817
+ 18,942,496
489.081,358
503,281,630 + 130,570,938
640,255,263 —105,922,430
—9.64
244,917
240,886
241,093
247,009
246,000
245,967
230,576
—16.54
+ 13,074,292
+2.45
299,195,006
209,325,262
311,179.375
345,790,899
389,017,309
......
484,824,750
508,023,854
1918
633,852,568
534,332,833
545,759,206
1920
......
1923
586,328,886
..
571,405,130
..v.*.
590,161,046
604,052,017
582.542,179
616,710,737
607,584,997
482,712,524
362,647,702
298,076,110
297,690,747
292,488,478
340,591,477
390,826,705
372,283,700
1925
1927
1928....i.
1929
1930
.
1932
anthracite regions, but at
least, as far as the gross earn¬
the 1925 gain was little more than a
ings are concerned,
of the loss sustained in October, 1924, a year when
recovery
industrial
activity
at a low ebb because of the then
was
1933
1934
1935
1936
1937
300,476,017
532,684,914
+ 13.57
248,072
+ 11.28
246.683
+ 12.73
247,048
+28.30
230,184
233,192
231,439
+3.87
+25.94
229,935
234,686
235,608
+ 6.78
+37,248,224
—15,135,757
+ 18,585,008
586,008,436 1+18,043,581
605,982,445 —23,440,266
+36,755,860
579,954,887
233,136
235,228
233.872
236,015
235,625
236,564
549,080,662
586,540,887
—2.59
+3.25
232,882
235,189
571,576,038
236,724
+3.08
238,828
+ 6.33
240,661
617,475,011 I—9,890,014 —1.61
608,281,555 —125,569,031 —20.64
482,784,602 —120,136,900 —24.87
362,551,904 —64,475,794 —17.78
—393,640 —0.13
298,084,387
—1,494,550 —0.62
293,983,028
+ 48,095,489 + 16.44
292,495,988
340,612,829
+50,213,876 + 14.74
236,898
238,041
236,654
—2.45
214,622
242,578
242,031
240,858
242,177
238,937
240,428
237,385
238,971
236,554
237,573
235,750
235,173
(+> or Dec. (—)
Inc.
Net Earnings
239,602
241,451
241,555
242,174
242,024
242,745
—4.69
390,633,743 f—18,350,043
In other words, in October,
pending Presidential election.
Preced'g
232,162
236,291
1914
1922
Year
Given
Cent
222,632
......
1917
Per
Amount
S251.187.152 $225,109,822 +$26,077,330 + 11.58
+ 1.05
+2,662,525
256,585.392 253,922,867
+ 0.53
+ 1,370,352
260,482,221 259,111,859
+35,264,683 + 13.64
293,738,091 258.473,408
1909
1926
this was notwith¬
standing the heavy losses then suffered by the anthracite
carriers
of
alike—$18,585,008
in gross and net
$12,054,757
and
gross
Mileage
(+) or
(—)
Year
October
1911
18, 1937
Decrease
Year
1924
increases
of
one
was
in
192
Increase
Gross Earnings
Month
before, too, that is in 1925, the record
In the year
in net.
1927 losses, the
the
from
different
materially
not
1199 506
Dec.
Chronicle
ikz Onln
1924, there was a loss in gross of $15,135,757 as compared
1924, but rather an improvement in the considerable sum
1910
$99,243,438
91,451,609
$26,209,836, due to the great curtailment of operating
1911
93,836,492
108.046,804
97,700,506
1912.
then effected as a result of increasing efficiency
expenses
of
in net results was a dis¬
tinctive feature of the returns in virtually all the years (bar¬
ring only 1927 and 1929) after the abandonment of govern¬
ment
operations and the return of the roads to private con¬
trol, up to the collapse in October, 1929, just as in the period
preceding net results had been growing steadily worse, year
by
248,224
October, 1923,
In
year.
in gross and
gain
true that if we go
compilations showed $37,-
our
$20,895,378 gain in net.
It
is
back still another year, to 1922, we find
119,325,551
130,861,148
1916..*....+—u.
earnings then increased only $13,074,292, follow¬
(1921), when
ing a tremendous loss in the year preceding
trade
augmentation in expenses of $30,758,244, leaving, there¬
an
fore,
of
extremely depressed, and this was attended by
was
October, 1921, a prodigious
expenses
had been effected—dire need having
forced the utmost economy and compelled the elimination
ot every item of outlay that could be spared or deferred
for the time being.
Owing to this great saving in expenses
there
of
was
a
substantial addition to the net in 1921 in face
contraction
enormous
course, a genuine
in
addition,
in
the
gross
the
basis for the great cut in expenses in 1921
huge
also,
mounting in
antecedent
increases in
carriers had
the
the
In
expenses.
advantage
pronounced fashion for
very
growing cost
of
the
even
that
case
+ 19.49
—12.84
1922
120,216,296
137,900,248
1923..
141,922,971
1924
168,750,421
121,027,593
142,540,585
1925
180,695,428
168,640,671
+ 12,054,757
1926
193,990,813
180,629,394
+ 13,361,419
+7.35
1927
180,600,126
193,701,962
—13,101,836
—6.88
+ 18.38
+ 7.14
216,519,313
+35,437,734
—12,183,372
+ 19.56
—5.63
157,115,953
.....
1930
204,416,346
—47,300,393
—23.13
—35.14
181,084,281
101,919,028
157,141,555
—55,222,527
1932
98,336,295
101,914,716
—3,578,421
1933.....——
91,000,573
98,337,561
89,641,103
—7,336,988
—7.46
—9,217,800
—10.28
81,039,275
108,567,097
+27,512,645
+21,598,065
+33,95
130,196,850
—27,636,287
.'
80,423,303
108,551,920
130,165,162
102,560,563
1934
1935
1936
-
1937.
—3.51
+ 19.89
—21.22
The Course of the Bond Market
of
a
a
number of
been
suc¬
operations generally.
So much
was
this
the big advances then made in railroad
The experience in that
respect of the carriers in October, 1920, furnishes
illustration of the truth of this remark.
just been favored with
$125,000,000
accordingly,
our
a
advance in rates,
new
month
to their gross
tabulations then
earnings in
unfortunately,
a
amount
showed
of $130,570,938,
$115,634,417 of this
a
capital
The roads had then
was
calculated
earnings, and,
an
or
increase
25.9%;
by
consumed
in
but,
aug¬
prices have eased off this week, move¬
section of the market have not
bond
Although
ments in
the higher-grade
the different group averages have closed
large and
with little change from a
issues have lost ground.
gen.
of
109;
%
at
the
toward
end
of
bonds declined toward the close
road
1939, at 70 were off 1% points.
Fluctuations in utility bonds have been
narrow
fair
regardless of class.
range,
106%;
Delaware
Power &
In lower grades, no pronounced movements have
Brooklyn Union Gas bonds, which in previous
weeks have been off, have shown some recovery and sta¬
up
%.
Gatineau Power bonds firmed on news with respect
bility.
to revised contracts with the
of Ontario.
sion
the
The
6s, 1941, declined % to 101%.
been
gain in the large
gross
earnings regis¬
Hydro-Electric Power Commis¬
5s, 1956, closed at 103%, up %, and
have
government control,
Light 4%s, 1971, gained
been visible.
issues
under
relatively
New York Edison 3%s, 1965, closed at 102%,
107;
at
in a
High grades have shown
Dayton Power & Light 3%s, 1960, advanced
strength.
to
6s, 1945,
and freight rates made by the Director-General of
Wabash
of the week.
1st 5s,
conv.
passenger
scored losses.
purchase the 5s of 1950 in open market with cash pledged
those bonds and, compared with last week's price,
the 5s of 1950 showed almost no change.
Defaulted rail¬
baker
Railroads
and
under
4%s, 1966, fell 1% to 86%.
In October, 1918, owing to the first great advance in
week
to
in net.
or
the
1975, closed at 48%, off 1^ points; Illinois Central
4%s, 1966, dropped 1% points to 39%.
Alleghany bond
issues showed little change on the announcement of a plan
Erie 5s,
leaving only $14,936,521 gain in the net
14.49%.
This growth in the expenses had
added significance in view of the huge rise in
operating
costs in preceding years.
Thus, in October, 1919, our tables
showed $18,942,496 increase in gross,
accompanied by $21,136,161 increase in expenses, leaving actually $2,193,665 loss
expenses,
earnings,
The more speculative
ago.
Norfolk & Western 4s, 1996, advanced 1%
Medium-grade and speculative railroad bonds
points to 118.
softened
week
railroad bonds have sought higher levels.
4s, 1995, showed a fractional improvement
High-grade
Atchison
1%
a
+ 17.26
204,335,941
216,522,015
1928
1929....
constant additions to the expenses.
tered
—2.07
+22,531,080
—17,683,952
+20,895,378
+26,209,836
%
mented
+ 14.49
137,928,640
rates—passenger and freight—did not suffice to absorb the
gross
+ 14,936,521
115,397.560
117,998,825
cessive years, owing to repeated advances in wages and the
add
103,062,304
1920
In
revenues.
12%
reduction in the wages of railroad employees made by the
Railroad Labor Board, effective July 1, 1921.
As indicating the extent of the antecedent rise in operat¬
ing costs, it is only necessary to say that expenses kept
to
106,196,863
1919............
that in
brief, the decrease in the gross in October, 1921, reached
the huge sum of $105,922,430, but this was attended at the
time by a saving in expenses in amount of no less than
$128,453,510, yielding a gain in the net of $22,531,080.
Of
existed
+ 9.91
—4.81
—12.63
1921
in
the
—8.38
+33.70
—6,329,844
122,581,905
On the other hand, however, the fact should
attention
escape
saving
+2.30
+ 15.90
—11.85
—15,493,587
—2,193,664
125,244,540
107,088,318
104,003,198
1918
—10.76
actual loss in the net for the month in that year
an
$17,683,952.
not
119,063,024
131,574,384
—
1917......
1931
that gross
95,674,714
89,244,989
87,660,794
1915
;
matter of fact, improvement
a
+ 16.25
+$13,790,955
—11,029,095
+2,101,767
+ 14,282,082
—13,110,853
—8,014,020
+30,079,562
+ 11,798,120
110,811,359
1914
operations.
As
1913
Per Cent
Amount
Preceding
$85,452,483
102,480,704
91,725,725
93,224,776
1909
of
Year
,
Given
October
In the net there was no falling off in October,
with 1923.
Year
of
A
moderately declining trend has characterized industrial
although the recession has been confined
bonds this week,
largely to second and lower-grade bonds; high-grade issues
have remained
Steel 4s,
Warner
In the steel
relatively firm.
group,
National
1965, were unchanged at 107, but Wheeling Steel
Bros.
of $106,956,817, or 28.30%, but
expenses moved up in amount of $122,450,404, or 47.97%—
been
firm,
been
mixed,
causing
loss in net of $15,493,587, or 12.63%.
In October,
1917, the situation was much the same.
The gross at that
with
featured
In the automobile .group, Studeat 60%, off 4%.
Amusement
by a fall of % point to 74 in
6s, 1939.
Pictures
Meat packing bonds have
stronger.
Oil bonds have
at par.
time increased
closed
of
sum
a
$43,937,332, but expenses ran up in amount
$50,267,176, leaving net smaller by $6,329,844.
In the
following
sons
we
furnish
a
of the October compari¬
year back to 1909:
summary
of gross and net for each
tobacco bonds
and
Oil
Houston
5%s,
The foreign bond market has
slightly
bonds
ing
lower
rebounded
the
Panay
churned
around
prices
after
their
incident,
been
a
earlier
closing
unchanged
dull affair this week,
generally
while
recent levels.
1940,
ruling.
Japanese
unsettlement
other
speculative
follow¬
issues
Volume
Financial
145
MOODY'S BOND
(.Based
U.
S.
Govt.
Daily
Aaa
Corp*
A
Aa
AVERAGES
(REVISED)
P.
R.
k.
Baa
120 Domestic Corporate *
U.
Indus.
1937
120 Domestic
by Ratings
All 120
120 Domestic
Corporate by Groups *
tic
Averages
YIELD
BOND
(Based on Individual Closing Prices)
by Ratings
Domes¬
Bonds
MOODY'S
(REVISED)
Average Yields)
on
120 Domestic Corporate *
120
AU
1937
PRICES
3881
Chronicle
Corporate by Groups *
Domes¬
y%. Daily
Averages
30
For-
tic
Baa
A
Aa
Aaa
Corp.
V.
P.
R. R.
Indus.
Dec. 17- 109.55
95.46
114.72
107.69
94.81
72.87
82.93
99.66
106.17
Dec. 17—
4.27
3.23
3.58
4.31
5.95
4.02
95.62
114.51
107.69
94.97
73.20
83.06
99.66
106.17
18-
4.26
3.24
3.58
4.30
5.92
5.11
4.02
3.66
73.20
83.06
99.66
106.17
15-
4.27
3.24
3.59
4.31
5.92
5.11
4.02
3.66
3.58
4.30
5.91
5.10
4.02
3.66
3.58
5.60
3.66
16— 109.48
eigns
15
5.12
*»
mm
109.41
95.46
114.51
107.49
94.81
14- 109.35
95.62
114.51
107.69
94.97
73.31
83.19
99.66
106.17
14..
4.26
3.24
13- 109.33
95.62
114.51
107.69
94.97
73.42
83.33
99.83
106.17
13-
4.26
3.24
4.30
5.90
5.09
4.01
11
109.36
95.62
114.51
107.49
95.13
73.42
83.19
99.66
106.17
11
4.26
3.24
3.59
4.29
5.90
3.66
95.62
114.51
107.49
94.97
73.20
83.06
99.66
106.17
10—
4.26
3.24
3.59
4.30
5.92
4.02
3.66
9— 109.40
95.62
114.51
107.49
94.97
73.42
83.33
99.48
105.98
9..
4.26
3.24
3.59
4.30
5.90
15.10
*5.11
| 5.09
4.02
10- 109.38
4.03
3.67
8— 109.26
95.62
114.51
107.49
94.81
73.42
83.33
99.48
105.98
8-
4.26
3.24
3.59
4.31
5.90
I
5.09
4.03
3.67
VV^V7._ 109.26
95.13
114.30
107 11
94.49
72.76
82.66
99.31
105.79
7—
4.29
3.25
3.61
4.33
5.96
§ 5.14
4.04
3.68
6— 109.29
95.13
114.30
107.11
94.65
72.76
82.93
99.14
105.60
6—
4.29
3.25
3.61
4.32
5.96
5.12
4.05
3.69
4— 109.31
95.13
114.30
106.92
94.49
72.76
82.40
99.31
105.79
4..
4.29
3.25
3.62
4.33
5.96
5.16
4.04
3.68
99.30
105.79
3-
4.31
3.25
3.63
4.34
6.00
5.19
4.04
3.68
1—
4.34
3.26
3.63
4.36
6.12
5.27
4.06
3.70
4.34
3.26
3.63
4.36
6.12
5.27
4.06
3.70
...
5.78
—
3— 109.28
94.81
114.30
106.73
94.33
72.32
82.00
2— 109.31
94.33
114.09
106.73
94.01
71.04
80.96
98.97
105.41
1— 109.27
94.33
114.09
106.73
94.01
71.04
80.96
98.97
—
105.41
>
r
mmm
:
3.66
mmm
■mmm
5~.69
5" 65
.■«
...
Nov. 26— 109.14
93.37
113.89
106.17
93.37
69.37
79.70
98.62
104.30
Weekly—
Nov.26..
4.40
3.27
3.66
4.40
6.28
5.37
4.08
3.76
19- 109.30
94.65
114.09
106.92
94.33
71.89
81.22
98.97
106.36
19—
4.32
3.26
3.62
4.34
6.04
5.25
4.06
3.65
5.72
12- 108.59
95.62
114.09
107.30
95.13
73.53
83.06
99.14
106.92
12-
4.26
3.26
3.60
4.29
5.89
5.11
4.05
3.62
5.69
83.19
99.14
107.30
:
5-
4.25
3.25
3.59
4.27
5.89
5.10
4.05
3.60
5.61
Weekly—
9'
108.77
95.78
114.30
107.49
95.46
73.53
Oct. 29._ 108.60
96.11
114.00
106.73
95.78
74.89
84.01
99.14
107.11
Oet. 29„
4.23
3.26
3.63
4.25
5.77
5.04
4.05
3.61
5.60
96.44
113.48
107.30
95.95
75.58
85.93
98.28
106.54
22-
4.21
3.29
3.60
4.24
5.71
4.90
4.10
3.64
5 77
15-
4.22
3.29
5.74
4.90
4.11
3.05
22
108.34
—
5.75
15.. 108.44
96.28
113.48
107.11
95.62
75.24
85.93
98.11
107.17
3.01
4.26
»— 108.39
97.78
113.48
108.08
97.11
78.33
88.36
99.14
107.30
8-
4.13
3.29
3.56
4.17
5.48
4.73
4.05
3.60
5.09
79.32
89.25
99.83
107.69
1
4.09
3.29
3.53
4.12
5.40
4.67
4.01
3.58
5.42
Sept.24—
4.09
3.30
3.54
4.11
5.41
4.69
4.00
3.58
5.39
5.23
1— 108.36
98.45
113.48
108.66
97.95
Sept.24— 108.47
98.45
113.27
108.46
98.11
79.20
88.95
100.00
107.69
—
5.33
3.52
99.66
113.48
109.24
98.97
81.48
90.59
100.53
108.85
17-
4.02
3.29
3.50
4.06
4.58
3.97
10— 107.78
99.66
113.27
109.24
99.14
81.74
90.90
100.38
108.46
10-
4.02
3.30
3.50
4.05
5.21
4.56
3.95
3.54
5.38
3- 108.04
100.70
113.68
100.64
99.66
83.60
92.12
101.58
109.24
3-
3.96
3.28
3.48
4.02
6.07
4.48
3.91
3.50
5.28
109.24
3.27
3.49
4.02
6.04
4.45
3.91
3.50
6 28
17— 108.36
Auf.27— 108.28
20- 108.86
100.70
118.89
109.44
99.66
84.01
92.59
101.58
Aug. 27-.
3.96
101.06
114.09
109.84
100.00
84.41
92.75
101.94
109.64
20-
3.94
3.26
3.47
4.00
6.01
4.44
3.89
3.48
13- 109.12
101.76
114.93
110.63
100.88
84.83
94.01
102.30
110.24
13..
3.90
3.22
3.43
3.95
4.98
4.36
3.87
3.45
6 08
•— 109.49
101.76
114.72
111.03
100.88
84.55
93.85
102.12
110.24
6-
3.90
3.23
3 41
3 95
5 00
4 37
3 88
3 45
5.09
July 30— 109.52
101.58
114.72
110.63
100.70
84.28
93.85
101.94
109.84
3.91
3.23
3.43
3.96
5.02
4.37
3.89
3.47
5.13
5.33
23-
109.22
101.76
114.09
110.63
100.88
85.10
94.97
101.76
109.24
July 30_.
23—
3.90
3.26
3.43
3.95
4.96
4.30
3.90
3.50
5.13
16-
108.90
101.58
113.89
110.24
100.53
85.24
94.97
101.58
108.85
16..
3.91
3.27
3.45
3.97
4.95
4 30
3.91
3.52
5.20
95.13
101.06
109.24
9—
3.91
3.27
3.45
3.97
4.95
4.29
3.94
3.50
5.15
9.. 108.59
101.58
113 89
110 24
100 53
85.24
2.. 108.39
100.38
113.68
109.84
100.00
83.87
94.33
100.18
108.66
2—
3.95
3.28
3.47
4.00
5.05
4.34
3.99
3.53
5.17
100.70
113.48
109.64
99.83
93.87
94.33
99.83
108.66
June 25..
3.96
3.29
3.48
4.01
5.05
4.34
4.01
3.53
5.12
18-
3.92
3.27
3.45
3.98
4.96
4.29
3.96
3.50
5.13
11-
3.90
3.27
3.44
3.96
4.92
4.24
3.95
3.50
5.11
5.19
June 25..
108.36
18-
108.44
101.41
113.89
110.24
100.35
85.10
95.13
100.70
109.24
11—
108.53
101.76
113.89
110.43
100.70
85.65
95.95
100.88
109.24
85.65
95.46
100.70
109.05
4—
3.91
3.29
3.45
3.98
4.92
4.27
3.96
3.51
3.92
4.92
4— 108.59
-
101.58
113 48
110 24
100.35
May 28— 108.73
101.41
113.27
110.04
100.35
85.65
95.62
100.53
108.85
May 28..
3.30
3.46
3.98
4.26
3.97
3.52
21- 108.22
101.58
113.07
109.84
100.35
86.07
95.46
100.88
108.66
21..
3.91
3.31
3.47
3.98
4.89
4.27
3.95
3.53
5.27
14..
107.97
101.23
112.25
109.44
99.83
86.21
95.13
100.88
108.27
14..
3.93
3.35
3.49
4.01
4.88
4.29
3.95
3.55
5.38
7-
108.03
101.58
112.45
109.05
100.18
87.21
95.78
101.23
108.08
7-
3.91
3.34
3.51
3.99
4.81
4.25
3.93
3.56
5.37
Apr. 30— 107.59
100.70
111.43
108.27
99.48
86.50
94.97
100.70
106.92
Apr. 30..
3.96
3.39
3.55
4.03
4.86
4.30
3.96
3.62
5.41
100.70
111.23
107.69
99.48
86.92
95.29
100.70
106.54
23-
3.96
3.40
3.58
4.03
4.83
4.28
3.96
3.64
5.31
95.62
100.70
106.54
16-
3.96
3.41
3.57
4.03
4.81
4.26
3.96
3.64
5.33
23-
107.17
16-
107.79
100.70
111.03
107.88
99.48
87.21
9-
107.23
99.48
109.64
107.11
98.45
85.65
94.49
99.31
105.41
9-
4.03
3.48
3.61
4.09
4.92
4.33
4.04
3.70
5.33
2— 107.19
100.18
110.63
107.49
98.80
86.64
95.13
99.83
106.17
2-
3.99
3.43
3.59
4.07
4.85
4.29
4.01
3.66
5.36
3.53
4.03
4.76
4.23
3.96
3.60
5.33
Mar. 25
25..
108.40
101.23
111.84
108.27
99.48
87.93
96.11
100.70
107.30
3.93
19..
Mar
3.37
109.32
101.23
111.84
108.46
99.14
87.93
96.11
100.88
107.30
19..
3.93
3.37
3.54
4.05
4.76
4.23
3.95
3.60
5.20
108.27
12..
3.87
3.32
3.60
3.98
4.66
4.15
3.90
3.55
5.30
—
12-
110.76
102.30
112.86
109.24
100.35
89.40
97.45
101.76
5-
111.82
103.74
114.09
110.43
101.76
90.75
98.45
103.38
109.44
6—
3.79
3.26
4.55
3.90
4.57
4.09
3.81
3.49
5.24
Feb. 26-
112.18
103.93
114.72
110.83
102 12
90.59
98.62
103.93
109.84
Feb. 26—
3.78
3.23
3.42
3.88
4.58
4.08
3.78
4.47
5.13
19„
112.12
104.11
114.30
110.83
102.48
91.05
98.97
104.11
109.44
19„
3.77
3.25
3.42
3.86
4.55
4.06
3.77
3.49
5.13
11- 112.20
104.48
114.93
111.03
102.84
91.51
99.66
104.30
110.04
11-
3.75
3.22
3.41
3.84
4.52
4.02
3.76
3.46
5.18
5-
3.72
3.18
3.37
3.81
4.51
4.00
3.72
3.43
5.19
29..
3.70
3.14
3.35
3.80
4.52
4.00
3.72
3.39
5.34
6.39
5— 112.34
29..
Jan.
112.21
105.04
115.78
111.84
103.38
91 66
100.00
105.04
110.63
105.41
116.64
112.25
103.56
91.51
100.00
105.04
111.43
101.23
105.79
112.05
22-
3.66
3.09
3.30
3.76
4.47
3.93
3.68
3.36
Jan.
22„
112.39
106.17
117.72
113.27
104.30
92.38
15..
112.53
106.36
118.16
113.48
104.48
92.28
101.23
106.17
112.25
15-
3.65
3.07
3.29
3.75
4.47
3.93
3.66
3.35
8-
112.71
106 36
117.94
113.89
104.48
91.97
101 23
106.17
112.25
8-
3.65
3.08
3.27
3.75
4.49
3.93
3.66
3.35
5.43
3.74
4.46
3.92
3.66
3.34
5.08
Hlgh 1937 112.78
Low
118.16 c 113.89
1 Yr. Ago
Dec.17'36 112.39
105.98
104.67
92.43
101.41
106.17
112.45
1937
3.64
3.07
105.98
93.21
69.27
79.57
96.28
104.30
High 1937
4.40
3.48
3.67
4.41
6.29
5.38
4.22
3.76
5.78
117.50
93.37
3.27
109.64
106.54
1937 107.01
5.41
Low
113.68
104.11
91.51
100.88
105.60
111.04
Deo.17'36
3.67
3.10
3.28
3.77
4.52
3.95
3.69
3.38
5.65
4.20
3.46
3.65
4.37
5.33
4.76
4.13
3.73
0.23
1
Yr,
Ago
2 Yrs.Ago
2 Yrs.Ago
Dec.17'35 107.44
110.04
96.61
97.78
87.93
80.20
93.85
106.36
Dec.17'35
104.85
of one "typical" bond (4% coupon, maturing in 30 years), and do not purport to show either the average
merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
picture of the bond market
*
These prices are computed from average yields on the basis
level ®r the average movement of actual price quotations.
They
yield averages, the latter being the truer
Indications of Business
THE
For the first
been
halted
time in
in
its
weeks business activity has
many
steady
downward
index of the "Journal of Commerce"
course,
showing
as
1936.
a
It is stated
gain of 1.3
loadings
have
so
of
of
figure
75.0
the corresponding
for
electric
output
showed
advanced.
also
the
week of
Car
about steady, while petroleum runs to stills,
were
production
reductions.
revised
bituminous coal production
that
and
gain
a
100.9 for
and
week
marked
steel
with
compared
previous
A
and
automotive
number
of
showed
activity
economic
the
services
further
recently
reported that the curtailment of production has been
severe
that consumption
production.
Of
course,
buying also,
according
attained
pace
the
the
many
there
to these
lines is running ahead
has been a
observers,
reduction in
but this never
established by the curtailment in manu¬
facturing industries.
quarters that
in
Consequently, hopes are high in some
present
business
depression, despite its
According to Daniel C. Roper,
severity, will be short-lived.
Secretary of Commerce, there is decided evidence that in¬
dustrial
plies,
production is running below actual need for sup¬
while
inventories,
rapidly being absorbed.
of
Commerce
mas
mas,
much
trade
has
would
on
hand, are
Information which the Department
received
run
stocks of goods
or
recently
about
the
that
Christ¬
rate as last
Christ¬
indicates
same
although some reports state the volume might be as
as
5%
ahead of 1936.
than three months the rate of
For the first time in
more
steel-making operations this
a
decline.
According
to the
"Iron
the
steel-making
capacity probably will be shut down until after Jan. 1,"
the review continues.
It is expected that during the final
week of the year business may be accumulated that will
start operations off in January at moderately above the
present level.
According to the "Iron Age," conditions in
the
automobile
industry
are
immediately discouraging.
However, an output of about 4,000,000 cars is hopefully pre¬
dicted by automobile statisticians against almost 5,000,000
in 1937.
It is pointed out that the motor car industry's
forecasts of its own performance have usually been real¬
ized, and, if they do not miscarry in 1938, a considerably
higher rate of automobile production might logically be
expected by February.
Production of electricity by the
electric power and light industry of the United States for
Christmas
points the past week, the figures for the latest week being
76.3
show
mately the present operations will be maintained up to
the business
a
not
Age," production is on a basis of 27%% of capacity, un¬
changed from last week.
"It seems likely that approxi¬
Friday Fight, Dec. 17, 1937.
.
does
week
EPITOME
TRADE—COMMERCIAL
OF
STATE
Activity
the
>
holidays,
ended
week
at
which
Saturday
time
totaled
some
2,196,105,000
kilowatt
Edison Electric Institute.
This
figure constitutes a 2.1% drop from the power production
of the similar week last year.
It was a gain over the
hours,
according
the
however, which showed a 4.1% drop in
period last year.
Engineering construc¬
awards for the week totaled $35,706,000, 12% above
previous
week,
output from
tion
to
last week,
same
but 11% below the corresponding week in 1936,
News Record" reported yesterday.
Private
18% below the preceding week and 69% below
the 1936 week.
Public construction is 24% above last week
and 67% above 1936.
Public gains are due to more than
$11,000,000 in public building contracts awarded.
The
Association of American Railroads recently announced that
"Engineering
awards
are
preliminary reports from 92 Class I railroads showed that
during November these roads had estimated operating rev¬
enues amounting to $261,619,434 against $296,244,475 in the
Financial
3882
month last year and
same
$326,512,937 in the same month
Operating revenues of these roads in November
11.7% below those for November last year.
Accord¬
1930.
of
were
delayed rush of Christmas
sales 4% to 10% above
3% to 12% above the
corresponding period last year.
It is stated that retailers
were cheered
by the faster rate of inventory liquidation,
and many urgent replacement orders were reported by the
wholesale trade, which was seasonally quieter as a rule.
Revenue freight transported by United States railroads in
ing to Dun & Bradstreet, Inc., a
gift shopping this wek carried retail
last week.
The week's volume was
022,131 cars, a de¬
0.2%, from a week ago, and a drop
of 110,905 cars, or 15.8%, from the same 1936 week, the
Association of American Railroads announced today.
The
ended
week
the
crease
last
Saturday totaled
payments,
$9,000,000,000,
at
an
of $1,135,000,000
increase
It was stated that
days ended Dec. 12,
ing week and 351,922 cars in the seven
comparative table follows:
A
1936.
RECEIVED FROM CONNECTIONS
REVENUE FREIGHT LOADED AND
Loaded
Weeks
22,670
22,119
33,556
5,008
5,243
6,164
25,237
13,335
16,841
18,901
25,654
6,880
1,728
1,884
4,814
15,569
34,611
—
15,532
4,755
17,204
8,710
12,797
7,227
7,169
7,275
9,559
1,399
2,382
2,511
8,308
35,489
43,968
36,860
35,022
47,066
5,204
8,681
8,386
11,581
22,848
66.952
3,651
3,762
33,357
7,434
5,062
4,714
45,073
6,593
6,910
5.337
x7,720
33,321
4,652
4,182
bumper crops,
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
16,245
16,052
17,985
7,688
largest cash
Chicago Milw. St. Paul & Pac. Ry
18,576
18,649
Chicago & North Western Ry—
13,795
3,407
14,106
20,831
15,346
9,899
despite lower prices, will give farmers the
since 1929.
No considerable changes
were expected from November estimates of a corn crop of
2,651,393,000 bushels, largest since 1933, and a wheat crop
of 886,145,000 bushels, largest since 1931.
The cotton esti¬
mate last week jjlaced 1937 production at 18,746,000 bales,
the largest on record.
The week averaged abnormally cold
throughout the country east of the Rocky Mountains, being
one
of the coldest weeks of record for the season in many
10
from
weekly
The
places.
mean
temperatures
generally
were
degrees to 15 degrees below normal rather gener¬
International Great Northern RR
New York Central Lines.
Norfolk & Western Ry—
18,640
Pennsylvania RR.------Marquette Ry
Pittsburgh & Lake Erie RR
49,309
5,292
3,736
4,234
16,979
51,477
5,435
3,664
Southern Pacific Lines
26,947
28,561
5,267
5,456
Pere
Wabash Ry
♦
Reporting that "commodity prices appear to have estab¬
a temporary bottom," the "Annalist" announced
on
Dec. 16 that its Weekly Index of Wholesale Commodity
Prices on Dec. 15 was 85.9 (1926=100), unchanged from
Dec. 7 but 3.5 points lower than a year ago.
Prices are now
at about the levels prevailing in the latter part of October,
1936.
Beginning with Dec. 15 the "Annalist" is computing
its index as of Wednesday instead of Tuesday.
In its announcement of Dec. 16 the "Annalist" also stated:
Weakness
still
persists
in
some
sections
of the
are
markets,
notably the
either firm
slightly
or
better.
a
rise in grain prices.
prices
continued
their
Raw cotton
decline.
Fuel
bituminous coal which advanced sharply.
aluminum
suffering the worst declines.
was
higher although most
prices
Metals
steady
were
were
except
WEEKLY
INDEX
PRICES
OF
(1926=100)
Farm
products
Food
products
Tuesday,
Tuesday,
1937
Dec
84.5
13,569
14,933
46,453
69,579
50,822
Total..
Railroads, in reviewing the
The Association of American
week
ended
Loading of
This
ears.
Dec.
4, reported as follows:
of
decrease
a
sponding week in 1936, and a
the
week
same
Loading of
64,710
cars,
in
4 totaled 623,337
16.4% below the corre¬
decrease of 163,735 cars, or 20.8% below
freight for the week ended Dee.
revenue
was
121,958
1
or
'
the
preceding week, but
244,439 cars, an increase of 28,030
corresponding week in 1936.
Loading
cars,
of
merchandise
of
increase of
an
13,762
week
in
and
cars
37,783 cars,
products loading totaled
grain
an
increase of
In the Western districts alone, grain and
week of Dec. 4 totaled 23,401 cars, an
above the preceding week and an increase of 2,381
corresponding week in 1936.
grain products loading for the
of
increase
above
cars
2,902
the
cars
corresponding
week
in
1936.
v
-
increase of 2,812 cars
cars below the corre¬
sponding week in 19.36.
In the Western districts alone, loading of live
stock for the week of Dee.
4 totaled 11,449 cars, an increase of 1,874
stock
Live
above
the
above
cars
loading amounted
preceding week,
the
preceding
corresponding week in
products
the
above
but
but
week
cars,
an
decrease of 2,673
decrease
a
of
2,088
cars
below the
1936.
totaled
loading
preceding
15,174
to
a
but
week
28,021
cars,
an
5,712
decrease of
a
increase of 2,904 cars
cars below the Corre¬
sponding week in 1936.
the
loading amounted
preceding week and
week in
Coke
All
and
week
an
increase of 1,160 cars above
cars above the corresponding
a
decrease
cars,
a
5,477
of
decrease of 668 cars below the
cars
below
the
corresponding
1936.
districts
1936
cars,
increase of 2,353
loading amounted to 6,169
preceding
in
10,518
to
an
1936.
and
reported
decreases compared
with the corresponding weeks
1930.
of
revenue
freight
in
1937
compared
with
1936
and
1930
follows:
79.6
80.3
1937
1936
1930
82.8
61.5
,
■
Five weeks in January
3,316,886
2,778,255
Four weeks in February
*90.0
89.2
89.1
104.1
94.3
Four weeks in March
3,003,498
68.9
68.9
67.1
Four weeks in April
88.9
89.1
86.5
Five weeks in May
74.9
75.1
71.1
Four weeks In June
89.4
Five weeks in July
2,955.241
3,897,704
2,976,522
3,812,088
3,115,708
3,182,943
4,017,319
2,627,637
Miscellaneous
All commodities
85.9
85.9
as
of Wednesday
Four weeks In
Week of Dec. 4
Freight Car Loadings Off 1,206 Cars in Week
Ended Dec. 11
Loadings of revenue freight for the week ending Dec. 11,
1937, totaled 622,131 cars.
This is a drop of 1,206 cars or
0.2% above the preceding week; a decrease of 116,965 cars,
or 15.7%, from the total for the like week of 1936, but a gain
of 5,481 cars or 0.9% above the total loadings for the corre¬
--------
—
Total
In the following we
4,246,552
3,351,564
3,506,899
3,515,733
3,618,960
745,295
4,593,449
3,718,983
4,475,391
3,752,048
3,725,686
4,751,349
3,191,342
787,072
36,307,138
September
Five weeks in October
Four weeks in November
2,974,553
2,512,137
2,415,147
2,543,651
623,337
Four weeks in August
Commencing Dec. 15 the indexlis computed
Instead of Tuesday.
corresponding
above the preceding week, and an increase of 1,495 cars above
the
103.9
Revenue
5,163 cars above
126,168 cars, an increase of
decrease of 41,919 cars below the
a
155,065
in 1936.
1936.
Grain
4,866
but
totaled
above the preceding week, but a decrease
cars
loading amounted to
freight
lot
carload
than
less
20,443
below the corresponding week
cars
Metals
x
56,263 cars below the
decrease of
a
Fuels
Preliminary,
-
freight for the week of Dec. 4 was an increase of
11.6% above the precedihg week, which included Thanks¬
Miscellaneous freight loading totaled
above
or
1930.
giving holiday.
ears
cars,
revenue
98.4
79.6
84.6
Building materials
Chemicals
*
35,889
32,426
15, 1936
*61.3
Textile products
Not Available
33,471
12.982
St. Louis-San Francisco Ry
in
Dec. 7,
12, 1936
Dec.
Dec. 4, 1937
11, 1937
Illinois Central System._________
Loading
Wednesday,
Dec. 15. 1937
171,651 220,589
Lines and Texas & New
Not Available
COMMODITY
WHOLESALE
10,437
Chicago Rock Island & Pacific Ry.
week
"ANNALIST"
THE
7,005
x9,916
23,584
lower with tin and
A large demand for eggs pushed
quotations higher.
9,877
Weeks Ended—
Ore
Corn led
textile
1,503
2,026
3,138
RECEIPTS FROM CONNECTIONS
Dec.
Forest
metals and chemicals but most other divisions
9,302
(Number of Cars)
Coal
lished
9,717
10,847
.
the preceding week,
Weekly Index of Wholesale Commodity
Prices Unchanged During Week Ended Dec. 15 as
Compared with Preceding Week
8,789
*7,753
7,703
8,136
Co.
TOTAL LOADINGS AND
r:
"Annalist"
2,698
2,581
29,515
5,939
between S. P. Co.-Paciflc
Excludes cars Interchanged
RR.
1,617
290,989 292.659 351,922 174,556
.'
Total
x
Orleans
7.336
3,344
2,358
3,519
3.857
N. Y. Chicago & St. Louis Ry—
abnormally warm
the relatively warmest being in the
Great Basin and southern Rocky Mountain sections, where
the temperatures averaged from 12 degrees to 17 degrees
above normal.
Freezing weather was experienced through¬
out the United States, except in extreme southern Florida,
extreme
southern Texas, and narrow
southwestern and
Pacific belts.
Zero temperatures were reported from areas
in the upper Mississippi Valley and northern Kansas; also,
locally in the Northeast and northern Lake region.
The
lowest temperature reported was 20 degrees below zero at
Williston, N. Dak., on Dec. 10, but low records down to 40
degrees below occurred in some Canadian Provinces to the
northward.
In the New York City area it was generally
cloudy and cold, with mist at times forming coatings of ice.
Today it was raining and cold here, with temperatures
ranging from 37 to 43 degrees.
The forecast was for rain
tonight and Saturday.
Slightly warmer tonight.
Over¬
night at Boston it was 32 to 40 degrees; Baltimore, 42 to
54; Pittsburgh, 40 to 52; Portland, Me., 30 to 32; Chicago,
30 to 32; Cincinnati, 40 to 56; Cleveland, 32 to 42; Detroit,
30 to 34; Charleston, 54 to 68; Milwaukee, 28 to 32; Sa¬
vannah, 56 to 70; Dallas, 42 to 48; Kansas City, 28 to 38;
Springfield, Mo., 32 to 44; Oklahoma City, 34 to 44; Salt
Lake City, 34 to 44; Seattle, 46 to 54; Montreal, 24 to 28,
and Winnipeg, 18 to 34.
prevailing,
RR
Missouri Pacific RR—-------
West of the Rocky
ally from the Plains States eastward.
Mountains conditions were reversed, with
weather
Gulf Coast Lines-.-..—-----—-
M isso url-Kansas-Texas
12
1936
4,348
Baltimore & Ohio RR
21,828
income
Dec.
1937
22,008
25,836
Santa Fe Ry.
Atchison Topeka &
Connections
Ended—
Dec. 4
11
1937
1936
1937
1937
Weeks
Dec. 12 Dec.
Dec. 4
11
Dec.
Received from
Own Lines
Ended—
on
AAA'.A.-;
vAA.AA'A
(Number of Cars)
of Agriculture, in a preliminary estimate,
farm income, including government benefit
that received by farmers last year.
over
sponding week of 1935. For the week ended Dec. 4, 1937,
loadings were 16.4% below those for the like weeks of 1936,
and 2.4% under those for the corresponding week of 1935.
Loadings for the week ended Nov. 27, 1937, showed a loss
of 19.9% when compared with 1936 and a drop of 2.3% when
comparison is made with the same week of 1935.
The first 18 major railroads to report for the week ended
Dec. 11,1937 loaded a total of 290,989 cars of revenue freight
on their own lines, compared with 292,659 cars in the preced¬
of 1,200 cars, or
Department
placed cash
18, 1937
Dec.
Chronicle
34,030,953
43,883.464
2,786,742
3,572,849
2,954,522
3,062,378
4,097,448
3,014,667
undertake to show also the loadings
roads and systems for the week ended Dec. 4.
During this period 30 roads out of a total of 138 roads
showed increases when compared with the same week last
for separate
year:
REVENUE FREIGHT LOADED AND RECEIVED
Total Loads
Total Revenues
Railroads
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED DEC. 4
Railroads
Southern District—(Concl.)
550
642
1,068
1,769
9,205
1,949
1,703
7,935
1,510
247
Boston & Maine
Chicago Indianapolis & Loulsv.
Central Indiana
9,025
1,830
26
18
43
Central Vermont
Delaware Lackawanna & West.
8,595
1,942
7,057
5,672
1,085
1,443
5,919
11,476
1,384
4,134
Delaware & Hudson
5,224
9,589
235
109
107
2,608
318
379
13,465
5,725
12,813
4,266
1,214
3,382
11,806
6,788
204
143
140
1,618
1,501
10,251
1,681
2,974
4,071
1,838
38,475
11,292
1,920
4,429
5,256
6,488
1,526
4,222
17,221
8,763
2,112
1,416
8,544
2,893
Lehigh & New England
...
8,560
2,601
3,447
1,343
35,489
9,012
1,188
4,234
3,700
.....—
Maine Central.
4,628
1,670
1,002
7.385
2,353
8,308
f ,435
3,274
4,983
2,539
43,159
11,672
1,827
5,259
7,234
6,878
Pittsburgh & Shawmut
379
495
230
14
22
North.
Pittsburgh & West Virginia—
372
373
309
197
246
1,228
1,105
.■*
— •
.
.
- -
-
.
-
Monongahela
-
—
Montour.—————.
New York Central Lines
N. Y. H. H. & Hartford
New
York Ontario & Western
N. Y. Chicago & St.
Louis—
Pittsburgh & Lake Erie
Pere Marquette..
Pittsburgh Shawmut &
1,357
984
196
295
23
35
35,022
10,294
1,453
46,147
13,435
2,058
11,459
6,504
8.386
4,146
4,652
6,525
1,441
635
627
576
815
971
5,456
3,366
6,115
4,095
5,482
3,674
7,703
2,430
9,752
131,980
167,079
146,740
139,029
182,854
390
552
518
789
26,970
1,727
16,547
..........
Wheeling & Lake Erie
"■i;' Total
—
..........
7,535
19,508
443
389
611
161
182
196
618
820
96,792
109,744
94,277
58,016
69,227
1,949
9,559
2,692
7,275
2,977
11,310
3,375
8,563
3,326
125
108
Northwestern District—
Belt Ry. of Chicago
626
742
683
14,106
2,483
18,649
4,252
16,745
2,727
21,160
4,231
13,851
2,141
18,840
4,115
.......
Chicago & North Western
Chicago Great Western.
Chicago Milw. St. P. & Pacific
Chicago St. P. Minn. & Omaha
Duluth Missabe & I. R
619
943
550
Duluth South Shore & Atlantic-
536
595
480
3,705
2,189
302
366
7,961
4,712
7,262
5,867
4,353
South-
369
367
253
105
191
—.
10,388
10,962
10,184
2,264
3,035
508
652
558
401
671
Elgin Joliet & Eastern
Ft. Dodge Des Moines &
Great Northern
1
.——
Green Bay & Western
292
285
242
68
74
1,781
5,059
9,669
1,853
5,356
1,657
4,759
9,744
1,618
2,013
3,049
2,568
3,524
Lake Superior & Ishpeming
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
10,435
894
12,797
1,103
Rutland.
Wabash
8,718
21,604
415
...
Total......i..—..........
364
Grand Trunk Western
761
8,641
18,633
3,722
3,710
12,516
7,095
3,088
Lehigh & Hudson River
1,056
4,226
4,770
16,814
1,025
Winston-Salem Southbound
2,261
8,217
11,527
Erie
799
304
Southern System
286
Shore Line-
447
366
1,040
Tennessee Central
236
Detroit Toledo & lronton
456
336
1,047
Seaboard Air Line
2,092
Detroit & Mackinac..
1,163
369
Richmond Fred, & Potomac
70
...
1,187
Piedmont Northern
320
11,516
2.430
24
Bangor & Aroostook
Norfolk Southern
1,546
585
1,813
7,411
1,704
Anil Arbor
Lehigh Valley
1936
1937
1935
1936
1937
Eastern District—
Detroit & Toledo
from Connections
Freight Loaded
1936
1937
1935
1936
Total Loads Received
Total Revenue
Received
from Connections
Freight Loaded
1937
FROM
3883
Chronicle
Financial
Volume 145
1,726
196
125
83
208
267
1,048
1,858
2,023
1,298
1,485
75,293
86,298
76,036
40,256
50,739
22,670
2,845
22,338
3,195
19,260
2,784
5,243
1,931
6,196
2,644
514
308
333
69
128
16,052
1,674
12,344
17,850
2,342
12,589
3,362
1,612
15,427
7,169
1,834
10,787
3,269
1,339
4,143
916
8,726
1,112
9,006
2,712
1,376
2,985
Spokane International
Spokane Portland & Seattle
Total
Central Western District—
Allegheny District—
Akron Canton & Youngstown.
Baltimore & Ohio
289
Cambria & Indiana
383
326
8
12
1,369
7,181
1,213
5,830
10
15
9,960
12,666
—
532
69
754
33
62
Pennsylvania..
193
305
371
35
22
136
215
200
18
36
2,740
1,439
44,590
18,511
2,573
0
Central RR. of New Jersey.—
Cornwall
_.
.
_
_
.
.
.
.
— _ -
...
-
Ligonier Valley
720
674
721
1,010
51,477
11,654
6,482
1,238
67,364
15,560
1,123
15,079
12,925
8,703
2,262
1,177
33,321
14,819
1,485
38
83
93
0
Long Island
Penn-Reading Seashore
Lines.
Pennsylvania System..
Reading Co
Union (Pittsburgh)
West Virginia
2,279
1,220
5,605
Buffalo Creek & Gauley
Cumberland &
34,088
2,843
25,237
1,329
Bessemer & Lake Erie
Northern
Western Maryland
Total.......—.—..
83,040
122,397
150,409
109,383
5,223
3,319
3,406
3,071
...
57,604
6,872
109,258
Atch. Top. & Santa Fe SystemAlton..
Bingham & Garfield
Chicago Burlington & Quincy—
Chicago & Illinois Midland
Chicago Rock Island & PacificChicago & Eastern Illinois
2,851
1,278
3,320
Colorado <fc Southern
Denver & Rio Grande Western.
715
834
744
18
36
1,382
1,745
1,301
2,120
1,171
1,367
1,104
1,493
1,648
1,113
2,190
1,817
1,674
115
134
693
875
894
362
452
22
77
78
0
56
20,528
21,474
17,440
4,658
319
351
325
988
16,132
16,073
14,422
7,713
6,018
1,229
10,100
Denver & Salt Lake
Fort Worth & Denver
City
Illinois Terminal
Nevada Northern
...
North Western Pacific.
Peoria & Pekin Union.
— —
.
Southern Pacific (Pacific)
Toledo Peoria & Western......
Union Pacific System
Utah ii-ii
i .ii
,
516
756
779
16
5
1,668
1,805
1,524
1,685
2,210
108,916
115,066
100,477
46,761
57,722
5,118
.—...i.
.
Western Pacific.*— —
Pocahontas District—
915
907
4,623
55,687
42,741
16,512
3,624
41,317
9,573
4,959
1,249
13,309
838
4,522
Norfolk & Portsmouth Belt Line
Virginian
7,227
3,762
1,421
20,506
17,773
25,988
24,169
18,901
16,979
Chesapeake & Ohio
Norfolk & Western
.........——
731
4,105
7,724
2,152
1,001
2,463
Total—
—
Southwestern District—
166
205
128
4,853
Burlington-Rock Island
169
133
125
424
Fort Smith & Western
Total
225
191
191
215
268
3,519
1,884
3,263
2,106
2,804
1,399
2,382
1,237
1,796
1,295
1,409
2,001
1,212
2,044
1,065
Alton & Southern.......—..
Gulf Coast Lines
....
International-Great Northern.
Southern District—
Alabama Tennessee & Northern
201
255
231
161
189
Atl. & W. PW. RR.
682
953
706
1,212
1,486
Atlanta
of Ala..
Birmingham & Coast..
586
710
633
826
887
9,310
3,609
9,215
4,402
8,290
3,963
4,179
402
427
360
1,109
1,272
1,050
2,411
1,070
1,670
4,643
2,738
1,167
2,151
444
400
321
312
338
Atlantic Coast Line
Central of Georgia
Charleston & Western Carolina
Clinchfield
Columbus & Greenville
172
174
139
405
249
787
1,063
690
815
834
39
43
54
75
99
847
971
799
1,300
1,730
362
402
346
448
465
1,100
1,096
12,215
Durham & Southern
Florida East Coast
—.
Gainsville Midland
Georgia...
—
Georgia & Florida.._
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Mississippi Central
Mobile & Ohio.
10,318
4,299
5,239
284
154
248
2,075
1,605
2,190
1,608
1,701
1,461
Louisiana Arkansas & Texas...
178
212
122
402
431
Litchfield & Madison
350
354
370
780
966
Midland Valley
754
649
642
243
149
137
124
268
304
4,814
15,532
4,787
17,237
5,026
2,511
15,074
8,308
3,095
9,373
Kansas Oklahoma & Gulf
Kansas City
Southern
Louisiana & Arkansas
Missouri & Arkansas...—...
MLssouri-Kansas-Texas Lines..
Missouri Pacific
Note—Previous year's figures
289
461
334
2,034
1,597
2,789
1,680
1,920
1,876
FAIRCHILD
1.2% under Nov. 1, and also a decline of
iQuotations,
1936, or the
months. Current quota¬
only 3.1% above Jan. 1 level, but still continue
above
continue 4.1%
still
Dec. 1,
smallest gain for a year in recent
An announcement issued Dec. 13 by
7.5% above 1936 low.
Publications, New York,
Fairchild
The
wear
decline
sharp
home
and
modities still
was
due
furnishings.
the
Despite
changed.
lower
to
Men's
decline
wear
in home furnishings, this gToup of com¬
gain above a year ago, with men's wear
show the greatest advance above the
the beginning of this year.
With
the exception of musical instruments and electrical household appliances,
which showed a very nominal advance, no one item in the index gained
during the month.
Sharp decreases were recorded in cotton piece goods,
sheets and pillowcases, blankets and furs.
1936
low,
The
as
furnishings
well
downturn
as
in
also
compared
retail
prices
with
from
the
Sept.
1
high should gain mo¬
A. W. Zelomek, economist,
under whose supervision the index is compiled.
All of the advance recorded
in the early part of the year will be lost.
The tendency on the part of
mentum
retailers
during the coming months, according to
is
to
The lower prices
although
it
29
61,012
55,850
56,529
down
mark
are
prices
as
a
stimulant
to
increased
volume.
meeting with favorable response in sustained volume,
is slightly below last year.
2,313
3,259
4,310
19,744
'
V
•
74
27
62.
PUBLICATIONS RETAIL PRICE INDEX
JANUARY, 1931=100
Fairchild News Service
Dec.
1,
Sept. 1,
Oct. 1,
Nov. 1,
1933
1936
1937
1937
1937
1937
69.4
90.8
96.6
96.3
95.7
94.5
Composite index
Piece goods
65.1
85.7
89.2
89.2
89.2
88.2
Men's apparel
70.7
87.9
91.4
91.5
91.4
91.4
95.2
95.1
94.4
97.1
97.2
97.2
97.4
Dec.
1,
Women's apparel
71.8
91.0
95.1
Infant's wear
76.4
94.6
96.9
70.2
90.9
98.1
98.1
97.9
Silks
57.4
63.8
65.3
65.3
65.3
Woolens.——
69.2
83.7
86.9
86.9
87.3
87.3
Cotton wash goods
78.6
109.6
115.5
115.5
115.0
113.0
65.0
101.7
108.2
107.7
107.2
105.0
72.9
103.8
111.3
111.3
110.7
110.0
75.5
76.8
76.4
76.4
108.2
108.0
Home furnishings...
Piece goods:
Domestics:
Sheets
Blankets & comfortables
Women's apparel:
•
65.3
Hosiery
continued:
prices for piece {roods, women's
and infants' wear remained un¬
the greatest
shows
Home
following.
71
39
May 1,
2.2% under the 1937 high recorded on Sept. 1.
are
220
25
5,299
Copyright 1937 by
prices in November recorded one of
show a decline of
tions
225
19
7,772
* Previous figures.
revised.
the greatest
monthly declines in several years, according to the Fairchild Publications Retail Price Index.
Prices on Dec. 1
/
3,907
2,076
3,095
3,907
17,163
228
Total.
Index
j
3,013
2,488
7,465
5,265
2,233
Wetherford M. W. & N. W
THE
however,
7,922
Wichita Falls <fc Southern
363
Sharply During November,
According to Fairchild Publications Retail Price
Retail
113
4,846
2,528
Terminal RR. Assn. of St. Louis
194
128
Declined
Prices
Retail
17
151
8,752
Texas & Pacific
176
2,420
41
118
8,016
3,109
8,033
6,140
2,130
...
Texas & New Orleans
189
2,993
20
52
120
59.656
St, Louis Southwestern
2,067
2,381
Nashville Chattanooga & St. L.
324
44
Quanah Acme & Pacific
St. Louis-San Francisco
137
;
•
233
Natchez & Southern
145
Savannah
Macon Dublin &
1,652
21,123
19,808
1,686
24,551
25,019
1,679
22,771
19,460
2,037
300
59.2
Aprons & house dresses.
Corsets and brassieres._
75.5
103.8
108.7
76.8
108.2
83.6
92.6
93.3
93.3
93.3
93.2
114.1
Furs
66.8
106.1
118.2
118.6
117.7
Underwear
69.2
85.1
86.8
86.8
87.0
86.9
Shoes
76.5
83.2
87.1
87.6
87 8
87.8
Hosiery
64.9
86.9
89.2
89.4
89.5
89.5
Underwear
69.6
91.9
93.4
93.4
93.4
93.2
Shirts and neckwear
74.3
86.5
88.4
88.0
87.6
87.6
Men's apparel:
Hats and caps
69.7
83.0
84.5
84.5
84.6
84.6
Clothing, Incl. overalls-
70.1
88.8
96.8
96.9
96.6
96.4
90.6
96.0
96.6
97.0
97.0
Shoes.—..
76.3
74.0
100.3
100.7
100.7
100.7
100.7
74.3
93.2
80.9
90.4
95.0
95.5
96.0
96.0
69.4
94.7
101.6
102.0
102.2
102.0
79.9
105.5
124.0
124.2
124.3
124.3
Floor coverings
50.6
59.9
61.4
61.4
61.4
61.5
Musical instruments
80.5
80.7
80.6
——
Infants' wear:
Socks
Underwear
Shoes
—
Furniture
95.0
95.0
95.0
95.0
Luggage
60.1
75.2
80.4
72.5
80.3
83.0
83.0
83.0
83.1
Elec. household appliances
81.5
90.8
97.0
97.0
97.0
95.6
China
—
Financial
3884
Moody's Commodity Index Slightly Lower
Moody's Index of Staple Commodity Prices declined
fractionally this week, closing at 148.2 on Friday, as com¬
pared with 148.5 a week ago.
The principal changes were the advance in steel scrap and
the decline in hog prices.
There were also advances for silk,
corn, cotton, coffee and sugar; declines for cocoa, rubber,
wheat, copper, lead and wool; and no net changes for hides
Dec.
Chronicle
1.1%
the
in
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY GROUPS
Three-Year Average 1923-25=100
Nov.
The movement of the index during the
parisons, is
week, with
148.5
148.4
Dec. 13
com¬
148.9
-
Year Ago, Dec. 17
1935 High—Dec. 28
Low —May 12
1936 High—April 5
Low—Nov. 24-
—
148.9
>—150.5
201.8
208.7
162.7
228.1
.—144.6
the wholesale
week,
the week ended Dec. 11.
of 100%,
Based
on
the 1926-28
the index last week registered 78.5%
compared with 78.7% in the preceding week.
A month
as
ago
it stood at 81.1%, and a year ago at 82.3%.
The Associa¬
tion's announcement, under date of Dec. 13, went on to say:
week's
decline
in
there
group
indexes advanced
some
cotton
an
the
week,
last
but the effect of these increases
was
groups.
Another decline
took it to the lowest point reached in more
food prices
and
grain
decline
in
than
more
index
the
offsetting
of
the last three
in
point recorded
in
sustained
price of steel
textile
continued
price
weakness
in
prices, taking
it to
the lowest
A reversal of the long
years.
downturn
and slight increases in copper and tin
scrap
building material
in the metal price
resulted
index
caused
was
by
small
a
fractional
A
average.
mark-up
rise in
lumber
in
quotations.
price series included in the index declined during the week
advanced; in the preceding week there were 38 declines and 22
Thirty
and
23
advances;
the second preceding week there were 34
in
declines and
11
95.0
73.3
93.2
97.2
70.0
118.8
82.2
77.5
65.8
102.0
81.6
79.0
90.1
84.9
78.4
129.5
56.2
56.5
59.2
66.3
58.7
50.4
103.9
53.5
56.3
64.5
56.8
49.0
104.2
.—
98.2
94.9
80.5
81.0
82.0
81.5
80.0
67.6
64.1
67.9
72.2
69.2
59.0
60.5
108.5
70.1
70.3
70.4
67.7
67.8
73.8
108.9
91.8
74.8
All foods——.—
78.4
76.2
83.5
50.0
67.4
66.5
63.8
67.0
58.8
76.2
83.6
-----
77.5
67.1
-
Sugar and sweets-—
84.9
85.8
82.5
81.5
65.6
100.7
Preliminary.
The
4.1% increase in
and
and North Central
prices was less than the usual advance between
egg
November.
Higher prices
were reported in
42 cities and
The largest increases occurred in the Middle Atlantic
Egg prices
areas.
5.6% below the November, 1936,
are
level.:
Fruit and
in
vegetable costs
this group
prices
for
3.0%;
declined
advanced 0.1%,
The
five.
potatoes,
The cost of the fresh
items
with higher prices for eight items and lower
of
price
2.8%;
0.4%.
23.8%.
dropped
oranges
lemons,
5.4%,
and
Apples advanced
6.9%.
onions,
canned
The
products decreased 0.6%, with changes ranging from a decline of 1.4%
for canned corn to an advance of 1.7% for canned
peas.
Lower prices
for all six of the dried products resulted in a 5.6% drop for this sub¬
Navy beans, which registered the largest
group.
their lowest level since
to
The
cost
declined
of
Cocoa
11.6%, dropped
decline,
August, 1936.
beverages
0.3%.
respectively.
chocolate
and
decreased 0.3%.
Coffee prices
were
lower by 0.9% and 0.7%,
1.0%, continuing the gradual upward
chocolate
and
The price of tea
roBe
trend of the past 20 months.
The index
this
The
fats
of
and
oils
dropped 3.6%.
showed lower prices.
group
6.4%,
Six of the
seven
items in
Lard, which showed the greatest decline,
closely followed by lard compound, 6.2%.
was
cost
of
and
sugar
reported for all
sweets
four items in
moved
down
0.4%.
Lower
prices
were
the group.
Sugar declined 0.4%, breaking
the upward movement of the past few months.
All the regional areas shared in the general decline in food costs.
The
decreases
were
of
these
cities,
In
last week
upturn
91.9
83.9
53.5
Fats and oils
Declining prices for fibers, cotton goods and cotton yarn resulted
another
the
the
with last week's recession due largely to lower meat prices.
product price average moved upward, with higher quotations
livestock.
in
during
95.1
111.4
85.1
Dried
year,
farm
for
recorded
than offset by declines in four other
the index of
in
smallest
September, and
for the first time during that
indication of leveling off.
Three of the principal
pej-iod
was
the
was
which began
94.7
108.8
Canned
commodity price index, compiled
by the National Fertilizer Association, reached a new low
level during
94.0
Beverages and chocolate
Price
Commodity
Continuing the downward trend for the twelfth consecu¬
The
15,
1929
86.6
;
lower prices in nine.
more
15,
1932
84.9
October
a
19,
1935
——
National Fertilizer Association
in
17.
1936
i—
Average Declines Still
Further During Week Ended Dec. 11, According to
than
14,
1937
Eggs.-—
•
Wholesale
slightly
12,
1937
Cereals and bakery products
Fresh.----
2 Weeks Ago, Dec. 3
Month Ago, Nov. 17
Tues., Dec. 14— * ———149.1
Wed.,
Dec. 15—— ——149.8
Thurs., Dec. 16
148.4
Fri.,
Dec. 17
148.2
Last
Nov.
16,
Fruits and vegetables
Dec. 10,.
Dee. 11
Mon.
downturn
Nov.
Nov.
Not.
Sept.
,
1937 *
Commodity Group
Dairy products
follows:
as
FrL,
Sat.,
average
Oct.
;
102.8
and silver.
tive
IS, 1937
0.5%, respectively.
Evaporated milk showed the only decline
dairy products group, 0.2%.
and
addition,
in Atlanta,
largest
meat
costs
cereal costs
fell
Philadelphia and Birmingham.
substantially
dropped sharply in
slight increase in the food cost index for St.
of
the advance
in
the price of
than
more
Atlanta
Paul
and
was
In
other
in
each
cities.
Birmingham.
largely
A
result
a
fresh milk.
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY REGIONAL AREAS
advances.
Three-Year Average 1923-25=100
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association.
(1926-1928=100)
Nov.
Regional Area
Oct.
1937
16,
1937 *
Latest
Per Cent
Each Group
Week
Group
Rears to the
Week
11.
Dec.
Total Index
Month
Preced'o
Ago
Dec. 4,
1937
Nov.
1937
Foods
23.0
Farm products
Cotton
.
w.
.
.
•79.2
.
Fats and oils
12,
1936
63.9
83.8
85.0
85.6
80.1
66.5
107.2
Middle Atlantic
84.9
86.1
86.7
82.8
67.9
107.0
83.6
85.0
86.4
82.9
63.3
107.6
85.2
85.7
87.2
86.6
64.6
107.7
81.8
83.4
84.8
82.4
64.1
105.2
89.3
68 3
105.1
73 5
83.3
45.1
44 3
44.0
71.3
67.8
66.5
75.3
83.8
....
_
8 2
Textiles
7.1
Metals
84.7
79.9
81.0
99.4
89.9
83.4
83.3
84.7
83.3
95.5
96.5
96.3
73.1
73.1
73.2
69.2
Fertilizers
Farm machinery
79.9
79.9
80.5
of
96.4
78.7
81.1
82.3
A
1.5% in Retail Food Costs During Month
"Retail food costs declined 1.5%
during the month ended
Nov. 16," Commissioner Lubin of the Bureau of Labor Sta¬
tistics, United States Department of Labor, announced on
Dec. 10.
"This decline resulted from a
sharp break in me^fc
prices, particularly beef and pork," Mr. Lnbin said. "Fortynine of the 51 cities covered
by the Bureau reported lower
unchanged."
decreased, 21 increased,
The
Commissioner
con¬
tinued:
food
is
and
1.4%
show
index
The
lower
cities.
above
the
level
the
largest
costs
of
of
5.2%.
only
costs
January,
Prices
year
in
below
the
Despite
ago.
costs
of
1923-25
average.
time since December,
any
above
last
November,
below the November,
the
the
recent
year's
1936.
1936.
decline,
level.
All
Fruit
the
major
1929, level, when the food
declined
Corn
0.8%.
meal
Prices
showed
the
were
largest
flour dropped 4.0%, with price reductions in 42
0.1% for whole wheat bread and 1.0% for pound cake
dropped
Meat
for
than
seven
of the pork
5.0%
19
were
the
bakery
5.6%,
costs
the
were
product
largest
lower
items.
change
in
each
0.1% in San Francisco
ranging from
declined
bakery products
eight cereal items.
in
of
the
shown
items.
Roasting chicken
21
items
for four
in
of
The cost of beef
prices
declined
the
the
fell
to
any
month
since
of
the 51 cities, the
12.4% in Philadelphia.
meat
six
group.
beef
items
Decreases
and
for
of
all
6.7%, while pork dropped
2.1%.
dairy products group continued its seasonal advance with an increase
1.7%.
Butter and fresh milk prices rose 1.9%.
Higher prices were
reported for butter in 37 cities and for fresh milk in five cities.
The
New
York
by
decrease," Mr. Lubin said,
"brought the all-commodity index to 81.9% of the 1926
average, the low point of the year.
It is 1.6% below the
corresponding week of November and 1.8% below the level
of a year ago."
He added:
Commissioner
City,
fresh milk prices was
Rochester and St. Paul.
in
Lubin.
"The
Sharp decreases in wholesale prices of farm products and hides and leather
products largely accounted for the recession in the all-commodity index.
Smaller decreases
cals and drugs,
advanced
were
registered in the metals and metal products, chemi¬
and miscellaneous commodities groups.
fractionally.
Foods, fuel
approximately
Cream
and
lc.
cheese
a
quart
prices
in
rose
Textile products
and lighting materials,
building
ma¬
terials, and housefurnishing goods remained unchanged at last week's level.
It, The
materials group fell 0.5% largely because of weakening prices for
agricultural commodities.
The cm-rent index—75.3—is 3.7%
below a
raw
month ago and
prices
10.8% below
declined 0.4%
a
year ago.
during the week.
responding week of last month and 4.3%
Semi-manufactured commodity
They
are
2.4%
below the
below that of last
index for the finished products group remained
cor¬
The
year.
unchanged at 85.9.
Com¬
pared with the corresponding week of November, finished product prices
are
down
0.7%.
They are 2.9% above a year ago.
commodities other than farm
before.
year
as
measured by the index for
products", showed
no
According to the index for "all commodities other than farm
ago.
products and foods", industrial commodity prices declined 0.2%.
They
are
"all
change from the week
The index—83.8—is 0.8— below a month ago and 1.6% above a
2.2% above
a
month ago, industrial commodities
are
Com¬
down 0.4%.
a year ago.
The following is also from an announcement issued
Department of Labor:
by the
•
Pronounced decreases in prices of hides, skins, and leather together with
weakening prices for shoes caused the hides and leather products group
index to fall 1.5% to the low proint
of
increase
:
slight decline*—0.1 %—was recorded in the index of
commodity prices of the Bureau of Labor Statistics,
pared with the level of
for
The
largest
106.7
Non-agricultural commodity prices,
and
changes
more
7.4%.
a
15.2%
83.6%
was
been at
Wheat
1935.
reductions
of
advance
are
cereals
Advances of
Meat
16
has
105.0
United States Department of Labor, during the week ended
Dec. 11 according to an announcement made on Dec. 16
106.7.
seven
the
were
Nov.
index
groups are well
cost
decrease,
for
the
was
for
index
than
vegetable
commodity
cost
cost
lower
66.4
65.6
wholesale
Ended Nov. 16 Reported by United States
Depart¬
ment of Labor
Prices of 58 of the 84 items
five remained
81.0
82.5
0.1% Noted in Index of Wholesale Commodity
Department of Labor Dur¬
ing Week Ended Dec. 11
92.6
costs.
82.6
85.8
Prices of United States
74.7
96.5
*78.5
All groups combined
82.1
84.9
Decline of
96.5
„—.
80.9
83.6
Preliminary.
06.5
Fertilizer materials
Decrease
meats
104.0
V
•New 1937 low.
is
105.3
104.3
64.2
75.4
Building materials
Chemicals and drugs
100.0
The
61.0
62.3
86.8
70.0
66.0
98.1
>
.3
It
79.3
81.9
87.3
*
79.3
*62.2
.3
This
81.3
83.3
86.9
United States
78.7
.3
1.3
and
79.7
82.8
Pacific
62.7
98.4
6.1
8°.5
83.8
*79.2
_
77.4
81.2
85.6
104.7
*74.7
Miscellaneous commodities
East South Centra!
Mountain
67.6
68.3
70.8
Fuels
......
West South Central
63.9
69.3
—
—_
Livestock
15,
1929
East North Central
South Atlantic
83.9
69.6
Grains
17.3
82.5
68.5
Cot tonseed oil
10.8
79.9
I
Nov.
New England
Ago
13, Dec.
1937
West North Central
25.3
Sept. 14, Nov. 17, Nov. 15,
1937
1936
1932
12,
Year
of the year.
Average prices of gloves,
harness, luggage, and belting remained steady.
A decrease of 2.2%
hogs,
ewes,
in livestock and poultry prices, principally steers,
and lambs together with lower prices for barley, cotton, eggs,
lemons, hops, sweet potatoes, white potatoes at Boston, and wool caused
the farm products group index to
decline 0.7%.
Grains advanced 4.0%.
Volume
Quotations
Financial
145
for
higher
were
oats,
corn,
poultry, apples at New York,
wheat,
rye,
cows,
wethers, live
DATA
•>
,
Month of
.
■.
,
The fertilizer materials
8,664,110
+ 11.2
+ 4.8
November
9,670,229
9,237,905
December
9,850,317
July
9,791,969
8,926,760
9,908,259
9,584,251
9,703,394
9,818,888
10,113,071
Crude
Lower prices
during the week.
and paper and pulp decreased 0.5%.
for neutral oil and soap products.
August
10,351,661
March
April
May
June
electrolytic
copper, quicksilver, and pig zinc, together with a sharp drop in prices of
concrete reinforcing bars were responsible for a decline of 01% in the metals
and metal products group index.
Average wholesale prices of agricultural
Implements, motor vehicles, and plumbing and heating fixtures remained
September
9,982,609
October
10,123,439
+ 18.3
+ 15.0
+ 13.6
+ 10.4
+ 11.6
4-7.8
The textile products group index
The
increase.
Higher prices
such
as
for the first time in 20 weeks registered
Higher prices for clothing and raw silk largely
advance.
the
knit goods and woolen and
Quotations
Chicago market, dried apples and apricots,
pork, veal, copra, eggs, oleo oil, edible tallow,
The current food index—80.7—is
peanut oil, soybean oil. and vinegar.
3.5% below
For the fourth consecutive week the index for
fuel and lighting materials
Bituminous coal and Pennsylvania fuel oil
remained unchanged at
78.6.
advanced fractionally.
Coke, Oklahoma gasoline, and Pennsylvania gaso¬
and
line
crude
Anthracite prices remained steady.
declined.
petroleum
Higher
prices for yellow pine lath and flooring caused the lumber sub-group to
advance 0-9%.
Paint materials and prepared roofing declined. No changes
The building materials group
index remained unchanged at 93.0.
Prices of both furniture and furnishings were stationary.
The index
ber
for the past five
year
1926
as
100.
ous."
Continuing,
York
New
the
Reserve
deficits
into
profits,
quarters of 1936 and 1937
that
reduced
or
between
deficits
the
the other two-fifths of the companies
;
third
showed
last year.
These figures
upward trend of profits
the past four years was
rapid decline in business during the past three months
than
earnings
the
before the
quarter
third
the
in
of
of
got well under way.
industrial profits in the third quarter was
alone showing an increase
outstanding increase in
Dec.
Dec.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
11
4
27
20
13
12
14
15
16
1937
1937
1937
1937
1937
1936
1935
1934
1933
81.9
82.0
82.0
82.9
83.2
83.4
80.8
70.7
70.8
71.1
in
the
of
Commodity Groups \.;z
its
in
Bank,
Approximately three-fifths of the 231 companies either increased profits,
The
#;•
;■
Net profits of 231
the July to Septem¬
of this year were 19%% larger than in the
of last year, whereas profits in the
first quarter were approximately 50% above a year previ¬
1933;
Ci926~ibo>/
costs.
quarter
indicate
12, 1936, Dec. 14, 1935,
weeks and for Dec.
Dec. 15, 1934, and Dec. 16,
operating
corresponding period
checked
for the
increased
industrial and mercantile companies in
table shows index numbers for the main groups of com¬
The following
of
reason
smaller
and is based on the average
smaller increase over a year ago in the volume
and also a narrowing of profit margins by
a
business
the country's markets
weighted according to their relative importance in
modities
reflecting
converted
Statistics includes 784 price series
Bureau of Labor
of the
York,
remained at 92.1% of the 1926
The housefurnishing goods group index
average.
September," stated the Federal Reserve Bank of New
"total corporation profits for the third quarter of
this year remained above those of a year previous, but the
increase was less than in the early months of the year,
since
"Monthly Review" of Dec. 1, also had the following to say:
reported in prices of brick and tile, cement, and structural steel.
were
7,871,121
93,420,266 77,442,112 90,277,153
107035740
"As most of the current recession in business has occurred
of
month ago and 4.8% below a year ago.
a
7,681,822
6,507,804
6,638,424
New York Federal Reserve Bank
Meats decreased 0.3%.
and cottonseed oil.
mutton, cured
corn,
6,633,865
group
lower for cheese in the
canned
6,317,733
(Corporate) Profits During Third Quarter of
1937—-19%% Increase Over Same Period of 1936
in Net Earnings of 231 Companies Reported by
worsted goods.^
remained unchanged at last week's level.
Cereal products advanced 1.5%; dairy products, 1.0%; and fruits and vege¬
tables, 0.2%.
Higher prices were reported for butter, powdered milk,
flour, hominy grits, corn meal, fresh fruits and vegetables, fresh pork, lard,
were
6,310,667
Business
declined. Manila
reported in prices of
No changes were
hemp prices also averaged lower.
pepper, raw sugar,
6,112,175
accounted for
Several cotton materials
drillings, flannels, muslin, osnaburg, and sheeting
jjfcThe wholesale foods
6,219,554
6,130,077
goods subgroup remained at last week's level.
cotton
reported for wide print cloth.
were
6,294,302
8,521,021
firm.
Total
6,494,091
6,771,684
7,544,845
7,404,174
7,796,665
8,078,451
7,795,422
8,388,495
8,197,215
+ 13.7
7,585,334
6,850,855
7,380,263
7,285,359
7,486,635
7,220,279
7,484,727
7,773,878
7,523,395
8,133,485
7,011,736
7,762,513
7,048,495
7,500,566
7,382,224
+ 13.0
8,025,886
8,375,493
8,336,990
8,532,355
8,640,147
9,163,490
9,275,973
9,262,845
January
February
Weakening prices for nonferrous metals, including antimony,
an
1929
1932
1935
1936
0-6% largely as a
subgroups remained unchanged.
Wholesale prices of cattle feed dropped 1.4%
also reported
Cent
1937
from
result of lower prices for fats, oils, and glycerine.
rubber declined 0.9%
KILOWATT-HOURS)
Change
1936
1937
a year ago.
The index for the chemicals and drugs group declined
and mixed fertilizer
OF
(THOUSANDS
MONTHS
RECENT
Per
Portland, Oregon, markets.
This
level of a month ago
week's farm products index—73-4—is 5.7% below the
were
FOR
alfalfa hay. flaxseed, dried beans,
oranges,
onions, and potatoes in the Chicago and
and|15.9% below
3885
Chronicle
125%, and 14 companies, including United States Steel, a rise of
industry, United States Steel Corp.
steel
the third
over
quarter of
83%
Excluding the large increase in the steel
1936.
reporting companies amounted to 12%.
in the electrical
equipment, machinery and tool, metals and mining (excluding coal and
coke), and railroad equipment groups.
The important automobile group
had an
increase in combined profits of only 12%, although automobile
other
for
increase
the
industry,
Among these other companies, the principal increases were
All commodities....
..
.
.
.
_
55.9
Farm products........*...^.
Foods—.—..........
...
73.4
73.9
73.4
75.9
77.8
87.3
79.2
80.7
80.7
81.5
83.2
83.6
84.8
85.8
75.4
63.0
Hides and leather products.
.
98.3
99.8 100.2 101.8 103.0
99.8
95.4
85.7
*88.6
Textile products
.
69.9
69.8
70.0
70.5
71.0
75.2
72.8
69.4
76.0
78.6
78.6
78.6
78.6
79.0
77.5
75.7
75.2
74.2
96.2
96.3
96.1
96.6
94.6
88.4
86.3
85.4
83.1
93.0
93.0
93.7
93.8
94.0
88.7
85.3
85.0
85.3
generally tend to rise
expansion. There
were declines in profits in the clothing and textile, food and food products,
household supply, printing and publishing, cigar, and miscellaneous groups,
Chemicals and drugs
78.9
79.4
79.6
79.8
80.0
84.2
80.5
78.0
73.4
and
Housefurnishing goods
92.1
92.1
92.1
92.1
92.1
84.3
82.2
82.4
81.7
Miscellaneous
74.8
75.1
75.0
75.4
75.0
74.1
67.4
71.2
65.6
78.2
materials..
Fuel and lighting
Metals and metal products.
_
Building materials...
_
75.3
84.4
*
Raw materials
Semi-manufactured articles..
78.1
78.4
78.9
79.7
80.0
81.6
*
Finished products
85.9
85.9
86.1
86.6
86.5
83.5
83.8
83.8
84.0
84.5
84.5
82.5
81.1
77.9
73.9
83.7
83.9
83.9
84.2
84.0
81.9
78.9
78.2
77.5
other
commodities
All
farm
All
other
commodities
77.0
♦
deficit
a
Aggregate net profits, less deficits, of the 231 companies for the first
of 1937 were 26% larger than a year ago, and were 24% less
1929.
Large increases over a year
railroad equipment, paper and paper
products, building supply, and machinery and tool groups, and moderate
increases in several other lines were offset to a considerable extent by
ago
in
Totals
weekly statement,
disclosed that the production of electricity by the electric
light and power industry of the United States for the week
ended Dec. 11, 1937, totaled 2,196,105,000 kwh., or 2.1%
below the 2,243,916,000 kwh. produced in the corresponding
The Institute's statement follows:
1936.
y Week
Week Ended
Dec. 11.1937
Ended
1937
Dec. 4,
For
income
the
was
first
38%
less,
months
nine
although gross revenues were about 3% larger.
of the year, however, the net income of the
reflecting the increases which
the year.
Net operating income of
telephone companies in the third quarter fell 8% below last year, but for
the nine months was slightly ahead.
Net income of other public utilities
for the third quarter was 5% above a year ago, and for the nine months
railroads
showed
from
resulted
8%
substantial
a
operations
Nov.
increase,
earlier
in
ahead.
(Net Profits In Minions of DoUars)
Week Ended
yWeek Ended
Nov. 27. 1937
in most of the groups
the third quarter.
Owing to a rise in operating expenses, net operating income of Class I
in the third quarter of 1937 was 13% less than a year ago, and
PERCENTAGE INCREASE OVER PREVIOUS YEAR
Major Geographic
Regions
profits for
reduced
railroads
net
The Edison Electric Institute, in its
the automobile industry and
profits in
showed
which
2,196,105,000 Kwh.
corresponding period of
the
in
in nine-month profits of the steel,
declines
♦Not computed.
week of
supplanted the small net profits of the coal com¬
nine months
than
Electric Production During Week Ended Dec. 11
1937
for
panies in 1936.
*
than
and foods
industrial profits
and
rapidly than the volume of business in periods of
more
*
*
*
than
products
farm products
75.4
75.7
23%
increased
production
20,
Corporation Group
xl2.5
xl2 0
x2.1
0.2
2.3
Central Industrial
x7.1
x6.9
x5.8
x0.3
West Central
xl.O
xl.6
x0.9
1.8
Southern States
x2.8
x5.4
x3.0
0.0
Rocky Mountain
11.4
11.6
10.6
16.4
1932
1936
1937
1936
1937
86.9 X17.9
48.5
54.4
296.0
22.0
x4.6
11.3
12.3
78.5
x8.2
45.2
x5.6
8.7
15.5
40.5 117.1
131.4
x6.4
x0.8
1929
1932
1929
xll.5
First 9 Months
Third Quarter
1937
New England
Middle Atlantic
2.5
3.5
5.3
6.7
x2.1
x4.1
x3.2
2.5
Pacific Coast
Total United States.
x
Decreases,
y
Adjusted to Include holiday conditions
RECENT WEEKS
DATA FOR
Automobiles
Automobile parts &
(excl. tires)
Building supplies
Chemicals and drugs
1932
1929
Oct.
2
Oct.
23
Oct.
._
m
m
2,275,724
2,280,065
mm
-
m
m
m
m
6
mm
Nov. 13
mm•
Nov. 20..
Nov. 27
Dec.
2,098,924
2,028,583
2,170,807
2,157,278
2,169,442
m
mm
30
Nov.
2,154,276
2,280.792
2,265,748
»
16
Oct.
--
9
Oct.
m m
4......
Dec.
11
--
Dec.
18
+ 8.6
2,135,598
+ 2.6
+ 12.4
+ 4.4
+5.5
.•
+5.1
2,276,123
2,281,636
2,168,487
+ 5.0
2,170,127
+ 5.1
2,254,947
2,202,451
2,176,557
2,224,213
2,065,378
2.152,643
2,166,656
2,175,810
2,169,480
2,169,715
+4.1
2,196,175
2,133,511
2,243,916
2,278,303
—6.0
2,196,105
..
+ 1.2
+0.3
+2.5
+0.9
—2.1
1,827.513
1,851,541
1,857,470
1,863,483
1,867,127
1,863,086
1,895,817
1,897,180
1,913,684
1,938,560
1,953,119
1,876,684
1,969,662
1,983,431
1,464,700
1,423,977
1,476,442
1,490,863
1,499,459
1,506,219
1,507,503
1,528,145
1,533.028
1,525,410
1,520.730
1,531,584
1,475,268
1,510.337
1,518.922
1,563,384
1.3
0
3.2
xl.9
2.2
0.6
0
x0.3
2.5
xl.6
0.8
xO.2
Electrical equipment
15.1
21.7
90.3
1.7
43.6
66.7
51.3
24.1
38.4
31.1
137.2
81.7
99.2
92.3
5.4
1.7
4.2
3.3
14.2
1.6
6.8
6.5
x2.7
7.1
10.4
25.1
x9.2
19.2
31.6
68.8
8.4
Machinery and tools
&
mining
(excl.
coal
1,761,594
1,674,588
1,806,259
1,792,131
1,777,854
1,819,276
1,806,403
1,798,633
1.824,160
1,815.749
...
Paper and paper products...
1,798,104
1,793,584
1,818,169
1,718,002
1,806,225
1,840.863
16.0
22.7
46.6
2.4
44.7
x0.3
3.7
5.1
21.8
1.0
12.5
1.6
*0.2
0.9
1.2
4.1
x0.4
2.4
4.5
115.8
17.0
67.7
99.5
21.8
4.9
6.9
5.6
52.5
8.0
29.8
41.6
6.6
x0.2
1.8
0.9
Miscellaneous
Total, 231 companies
141 Class I Railroads:
Net operating income
Net income....
0.7
5.8
8.7
30.6
x0.5
11.8
25.4
28.9
52.8
240.8
X93.4
61.9
3.6
0.8
1.3
1.2
9.3
2.1
2.7
163.5
2.5
21.8
Tobacco (cigars)
x2.7
14.9
13.2
62.7
xl.2
12.3
393.3
*
88.2 196.5 170.2
66.9
41.6
56.4
x39.0
Deficit.
57.2
* Not available.
41.6
46.5
48.9
♦
52.1
55 other public utilities:
Net Income
944.7
187.6
34.8
39.6
16.3 814.1
1,022.8
197.8 434.5
468.4
43.7
78.7
169.8
470.0 xl9.6 276.5 330.5 1,343.6
telephone companies;
Net operating income.
x
18.6
83.9 x34.4
equipment
Steel.-
81
0.2
6.9
16.2
coke)
Railroad
1,809,716
1,752,066
0.1
52.3
xl.9
Printing and publishing
1936
2,320,982
4
Sept. 11
Sept. 18
Sept. 25.
124.4
2.0
Petroleum
from
Sept.
18.7
44.9
x0.6
and
1935
5.3
43.3
1.0
Office equipment
Change
1937
4.2
11.7
35.7
Coal and coke
Household supplies
(THOUSANDS OF KILOWATT-HOURS)
1936
xl.4
198.1
Food and food products
both years.
Per Cent
1937
8.9
43.0
...
Clothing and textiles
Metals
Wee I Ended
accessories
X14.6 225.9
170.2
152.9 148.9
160.9
X164.3
Financial
3886
reducing the purchasing
November Chain Store Sales Decrease
ticularly those
Volume of chain store business in November reflected the
compiled by that publica¬
from
makes
index
decline was reported by the chain shoe store
which in recent months has been showing the best
results.
figures for other groups compared as follows:
The index
Five-and-ten-variety stores group, 113 against 318 in Octo¬
1936; apparel group, 118 against
ber and 116.8 in November,
127 in November last year;
128 in October and
drug, 132
against 136 in October and 129 last November.
preliminary index figure of sales for the grocery
104, practically unchanged from October.
The
was
group
♦
■
Industrial
National
Board
Conference
Reports
of
Living of Wage Earners in United
creased Shaprly During November
Cost
States
De¬
Living costs of wage earners in the United States turned
sharply downward in November, according to the monthly
of the National Industrial Conference Board.
survey
decline
due
was
in
decreases
to
the
of
cost
The
of
each
the
major groups of expenditures except coal.
The most sig¬
nificant change noted in Nevember was a decline in rents,
first
since
decrease
November
declined
Largest losses
1934.
January,
Living
costs
in
lower than in October, 3,7% higher
0.6%
were
than a year ago, 24.1% higher than at the low of 1933, and
11.9% lower than in November, 1929. Under date of Dec. 13
were
than
prices in November
in
November,
Although
decline
ie
declined
significant
page
Since
a
Retail Financing
1933, and
Wholesale
Used and
Financ¬
0.1%
only
November,
November
in
year
October
from
the fact
that
the
November,
to
index
rent
this
ing
and
in
0.5%
were
than
lower
there has
1929,
been
20.7%
of
reduction
a
in
November
than
The
2.8%
they
in
in clothing
were
Number
in
Number
in
Number
in
of
Thour-
of
Thou¬
of
Thou¬
sand
Cars
sand
Cars
sand
Dollars
higher
than
November
in
November,
in
0.1%
was
8.4%
1936,
lower than
higher than
in
the
at
low
of
The purchasing value of
111.7c. in October,
the dollar
112.4c. in November as compared
was
456 Idem ical
Orga nizations
Dollars
Dollars
»—
1937—
99,000
227,052
63.782
76,945
193,166
53,745
ended Sept 1,452,740 3,471,444 1,417,368 1,456,087 855,046 2,015,357
562,322
August—......
September
Total
October,
1933, and 2.3% lower than in November, 1929.
with
Summary for
1929.
sundries
of
cost
0.6%, from October to November, but
0.6% lower than in November, 1936, and 8.3%
November,
Cars
Volume
Cars
Thousand
Dollars
prices.
Coal prices moved up seasonally,
lower
Volume
Volume
5.8%
October,
in
Unclassified
Volume
Month
has moved
New Cars
Total
Year
;
and 29.0% higher than at the low point of 1933.
ago,
Pre¬
AUTOMOBILE FINANCING
beginning of 1934, and only 3.2% lower than in November, 1929.
Clothing prices
and tin.
2611.
November
higher than
copper
Automobile Financing in September
markedly from month to month during the past few years.
Rents in
were 9.5%
higher than a year ago, 42.1% higher than at the
up
rubber,
sugar,
The dollar volume of retail financing for September, 1937,
for the 456 organizations amounted to $130,690,734, a
decrease of 19.7% when compared with August, 1937; an
increase of 2 % as compared with September, 1936; ana an
increase of 59.1 % over September, 1935.
The volume of
wholesale financing for September, 1937, amounted to $77,760,366, a decrease of 51.9% when compared with August,
1937; an increase of 35.1% compared with September, 1936;
and an increase of 88.2% over September, 1935.
The report for September shows the amount of retail
automobile receivables outstanding, which was reported for
the first time in the August, 1937, statement.
Comparable
figures, all as reported by 224 identical organizations, are
given in the September report for each month back to
January, 1936.
We have appended a table below showing
the figures for the entire period.
The volume of retail
automobile receivables outstanding at the end of September,
1937, as reported by the 224 organizations, amounted to
$1,253,926,346.
These 224 organizations accounted for
95.8% of the total volume of retail financing ($130,690,734)
reported for that month by the 456 organizations.
Figures of automobile financing for the month of August
were
published in the Oct. 23 issue of the "Chronicle,"
1929.
view of
in
than in the spring of
higher
in November,
rente
by
1.5% lower than in October, 1.3% higher
were
39.8%
1936,
21.7% lower than
wheat
experienced
the Conference Board also stated:
Food
the lowest point since June, 1936.
All com¬
and coffee, which advanced moderately.
average,
except
liminary reports show that the decline ;was continued throughout November.
„
The greatest
group,
1928
for the number of business days
adjustment
in each month.
of countries producing raw materials, par¬
America.
the
the
of
modities
dropped to 110 of the 1929-31 average taken as 100,
114 in October and 111 in November, 1936.
This
tion
18, 1937
of foodstuffs and raw materials declined substantially during
third consecutive month.
The October figure reached
for
71%
The index of sales in November
power
South
in
October
Store Age."
review of "Chain
the
World prices
activity, according to the current
decline in general business
Dec.
Chronicle
9
161,539
393,424
162.783
77,760
b320,652
130,690
166,372
127,486
mos.
1936—
August
September
Total
9
129,865
57,578
147,002
367,024
324,435
94,017
79,109
52,985
206,941
190,383
49,041
mos.
ended Sept 1,309,242 3,368,624 1,347,631
116.6c. in November, 1936, and 100c. in 1923.
160,083
134,052
128,150
1,610,295 871,990 1,857,329 475,642
1935—
Relative
Indexes of the
% of Inc. (+)
or Dec. (—)
Cost of
Living (1923=100)a
Importance
Item
in Family
to
Budget
Food *
Nov., 1937
Oct., 1937
33
85.4
86.7
—1.5
89.2
—0.1
—
20
Housing
89.1
Nov., 1937
78.3
Gas and electricity
30
Sundries
+0.6
86.7
0 0
97.9
Total
+0.5
84.8
97.8
Coal
—0.5
85.4
86.7
5
Fuel and light..
9
100
—0.1
—0.5
Based
on
89.5
89.0
112.4
Purchasing value of dollar..
*
food price Indexes of the
Total
9
111.7
+0.6
.
\
United States ^Bureau of Labor Statt
priorHoJuly, 1936,
United States, J914-1936," prlcb^2.50.
Total
Industrial
World
World
the
be
by National Industrial
production declined during October for
127,032
55,341
9
Sept 1,007,913 2,254,778
increased
situation.
Sweden
in
Output
continues
September,
October.
in
because
be
well
is
indicated.
Latin America
England,
receded
has
shown
maintained.
indications
of
new
unemployment.
by
108,954 between
three
months
gold
value
war
in
different
activity
the
in
a
in
and
was
rose
well
preliminary
maintained
number
The
Oct.
18
Chief
output.
of
and
to
about
vital
number 40.6% were new cars, 58.9% used cars,
As Reported by
activity
in
of
international
these
is
unemployed
15, bringing
are
the
A wide¬
growing
rising level
workers
rose
the increase for
the
190,000.
trade
in
74
countries
increased
frac¬
tionally during September.
Trade was still less than one-half of the 1929
21.0% higher than in September, 1936, and 14.5% above
January of this year.
Preliminary reports for October indicate a further
average,
but
increase
in
was
world
trade
161,099
132,340
38,100
31,536
965,310 528,480 1,289,468 307,832
despite the fact that
and 0.5% unclassified.
*
1937
1936
$
1936
$
June
END OF MONTH
224 Identical Organizations*
1937
$
$
...1,248,800,302 1.010,461,745
689,063,760
1,266,953,395 1,039,063,562
674,711,360 August
1,253,926,346 1,044,854,445
728,338,498 September
1,022.762,192
806,325,166 October
1,018,048,313
886,991,761 November..
1,035,994,308
958,036,566 December..
No data available prior to
falling commodity prices
Weekly
Report
July
...
1936.
are
of
Lumber
Dec.
in
has
industries
estimates,
through October.
of
registered
Nov.
46,114
in
increased
improvement
orders has occurred, however, and there
of
62,661
financial
activity
Germany
further
many
France
in
internal
improvement,
Output
countries.
crisis, rapid expansion in industrial
to
112,567
82,047
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING
a
during November.
curtailment
of
the
According
production
spread decline in
The
easing
Although publication of statistics for
production
last
Industrial
some
preliminary reports indicate
been suspended in Japan during
In
of
Denmark
to
and
conditions
sharply in Canada.
largely
1,464,775 845,526 1,721,147 440,935
836,313
1,106,521,475
1,164,568,870
1,217,156,358
September,
45,596
mos.
1,056,017,095
in
49,229
176,676
OI these organizations, 37 have discontinued automobile financing,
b Of this
number 39.8% were new cars, 59.8%
were used cars, and 0.4% unclassified,
c Of the 282 organizations, 24 have discontinued automobile financing,
d Of this
March
Business
principally
was
varied
191,983
76,562
77,651
April
May
indicates
91,206
129,782
100,761
ing to say regarding the survey:
survey
155,286
122,158
214,387
92,918
39,699
...
January....1,027,526,044
February... 1,019,141,962
Board's
140,435
306,458
273,666
August
September..
result of the
continued curtailment of activity in the United States, says
the Conference Board, which on Dec. 13 also had the follow¬
The
347,269
mos.
month, according to the monthly
survey of world conditions by the National Industrial Con¬
This decline
34,159
ended Sept 1.276,051 3,185,922 1,286,460
Production
consecutive
ference Board.
41,334
143,907
1935—
Board
industrial
second
175,617
47,988
a
During October Reported
Conference
9
ended
in
65,138
85.395
mos.
—0.6
Total
Decline
116,997
82,148
1936—
1937^
Further
106,472
229,302
ended Sept 1,411,105 3,267,148 1,345,868 1,402,212 824,277 1,864,936 521,591
August........
for Nov. 16, 1937, and Oct. 12,
a Revised series.
Figures on revised basis for dates
found In "Cost of Living In the
292,614
mos.
September
Weighted avge. of ar terns.
95,588
41,318
September.....
ended Sept 1,033,444 2,399,683
881,208 1,001,469 548,385 1,398,214 332,822
Summary for 282 Idem ical Orga nizations
95,373
210,297 59,205
160,260
1937—
154,578
370,557
157,199
74,210
179,457 50,033
124,243
122,828
August
75,140 d302,285
September..
—0 6
85.3
f Women's
71.9
85.8
....
85.4
71.5
Men's.
78.7
85.0
12
Clothing
August
from Oct., 1937
Movement:
4, 1937
The lumber industry during
Week
Ended
.
the week ended Dec. 4, 1937,
45% of the 1929 weekly average of production and
average 1929 shipments.
The week's reported pro¬
duction was 3% greater than new business booked and 2%
stood at
46% of
Reported production was
orders were heavier
than in the preceding holiday week.
Reported production,
shipments and orders were all appreciably below the corre¬
sponding week of 1936, even though the maritime strike was
curtailing the lumber movement at this time last year.
National production reported for the week ended Dec. 4,
1937, by 6% fewer mills was about the same as the output
(revised figure) of the preceding week; shipments were 6%
greater than reported shipments.
about
the
same;
shipments and new
Volume
Financial
145
of that week; new orders were 3% above
according to reports to the National
Manufacturers Association from regional associa¬
above shipments
week's
that
Lumber
orders,
covering the operations of important hardwood and
Production in the week ended Dec. 4, 1937,
tions
softwood mills.
by softwood mills reporting for both 1937 and
23% below output in corresponding week of 1936;
was
shown
1936
as
shipments were 25% below last year's shipments of the
week; new orders were 47% below orders of the 1936
week.
The Association further reported:
same
4, 1937, 538 mills produced 153,383,000
combined; shipped 150,765,000 feet;
booked orders of 148,476,000 feet.
Revised figures for the preceding
week were:
Mills, 572; production, 153,914,000 feet; shipments, 142,the week ended Dec.
During
feet
softwoods
and
hardwoods
of
144,705,000 feet.
Coast and Northern pine reported orders below
production in the week ended Dec. 4, and all except these two and Western
pine and California redwood reported shipments below production.
All
regions reported orders below those of corresponding week of 1936; all
but California
redwood reported shipments below last year's week, and
all softwood regions reported production below that of similar 1936 week.
Lumber orders reported for the week ended Dec. 4, 1937, by 459 soft¬
wood mills totaled 143,713,000 feet, or 1% above the production of the
same mills.
Shipments as reported for the same week were 143,329,000
feet, or 1% above production.
Production was 142,531,000 feet.
Reports from 100 hardwood mills give new business as 4,763,000 feet,
or
56% below production.
Shipments as reported for the same week were
587,000 feet; orders,
All
but
regions
West
Production was 10,852,000 feet.
7,436,000 feet, or 31% below production.
Mill
Identical
141,497,000
feet, and a year ago it was 183,491,000 feet; shipments were, respectively,
142,599,000 feet and 188,942,000 feet, and orders received, 142,529,000
production of 447 identical softwood mills was
Last week's
269,570,000 feet.
and
feet
♦
Agricultural Adjustment Administration
Dec.
9
announced
reallotment of 54,123 short tons of
a
sugar,
short tons,
raw
accordance
with the provisions of the Act.
It has been found that
the sugar producers of Hawaii will be unable to deliver this
quantity of sugar for United States consumption during the
calendar year 1937.
Under Section 204 (a) of the Sugar
Act of 1937, the Secretary is required to allot deficits of any
raw
value, out of the existing quota of 1,038,333
value, for Hawaii, to other producing areas in
areas
who
are
unable to market the quota for the calendar
then current.
The quantities allotted to other sugarproducing areas out of the above-mentioned deficit, which
are in direct proportion to the existing quotas, are as follows:
year
V
Short Tons,
Raw Value
Areas—
Puerto Rico
7,245
13,760
Area (Louisiana and Florida).
Mainland Cane Sugar
.......
...
.........
Nov. 20-Dec.
the
12
154
Virgin Islands.....
32,964
Cuba......^..............
The above allotments are contained in
General Sugar Quota
Regulations, Series 4, No. 2, Supplement 4, signed by the
Secretary of Agriculture on Dec. 8, 1937.
1+
First
Suit
and
Gain
Its
in
Output
Weeks—Madison
Adjourned—Crude
Governor
'
Products—Crude
Three
Oil
Rises,
Anti-Trust
Inventories
Lower-
Marland Conference Set for Jan. 17
Daily average crude oil production showed its first increase
during the Dec. 11 period in three weeks, all major oil-
producing
States contributing
that lifted the
to
the 27,450,-barrel gain
total to 3,414,450 barrels, according to the
Institute report.
American Petroleum
on
Dec. 17."
.■fx'VyVip-;.
'
Department of Justice's gasoline price-fixing suit was
adjourned by Federal Judge Patrick Stone in Madison on
Dec. 16 until Dec. 28 after the death of Mrs. Stone's mother,
The
Mrs. Louis Desert, at Wausau,
on
at
production total for the period, however, was approxi¬
mately 76,800 barrels less than the estimated December
daily market demand as fixed by the United States Bureau
of Mines.
Compared with the corresponding 1936 week,
however, the 3,414,450-barrel total was up 371,800 barrels.
The East Texas Sunday shutdowns, which pared about
60,000 barrels daily from Texas production, ended last Sun¬
day and a sharp rise in the total there, with a corresponding
increase for the Nation, as a whole, probable, is seen certain
barring new shut-down orders.
Sharpest gain last week was in Texas where output climbed
14,650 barrels to 1,319,000, compared with the Nov. 16
allowable of 1,354,143 fixed by the Texas Railroad Commis¬
sion and the market demand estimate of 1,399,800
barrels
by the Bureau of Mines.
A 10,100-barrel gain for Kansas
lifted the total there to 178,900 barrels, against the State
allowable of 176,700 barrels and the Federal recommenda¬
set
of the Nation's
of 560,200 barrels,
against the State quota of 550,000 barrels and the Bureau's
figure of 186,000 barrels.
Louisiana was the only member
of the "Big Five" to show a decline, output easing 7,000
barrels to 239,300 barrels daily, against the State quota of
253,975 and the Federal figure of 244,000 barrels.
Cali¬
fornia was up 9,800 barrels to 712,900, against the Central
Committee of California Oil Producers' recommendation of
674,600 barrels daily, and the United States suggestion of
679,400 barrels.
:v.; •
^
An announcement will be made by the Texas Railroad
Commission within a few days as to its future policy on
Sunday shutdowns. This was indicated at the Friday (Dec.
17) of the Commission to consider reports on the after-effects
4,100
barrels
increase, production there reaching a total
Wis. The defense will resume
associate of the Petroleum
that date with John W. Frey,
Washington.
Interior
of the Department of the
Conservation Division
.
/
#.
t
jury, the two extra jurymen being alter¬
the outset of the trial in order to avoid any
The "14-man"
nates named at
costly suit should one of the original jury be
on the jury for any reason at all, which
has been in the custody of the marshal since the trial began
Oct. 4, will remain "locked up."
mistrial of the
unfit to continue
made
the flat statement
the week's testimony was
Feature of
that the major
had not been
Ickes
oil companies' oil buying activities in 1935
"definitely" approved by Secretary of the
Administrative
Petroleum
the
or
Board,
cross-examination by a
by Dr. Frey on Dec. 15 during
The witness said he had been a
during the NRA code days.
Government prosecutor.
member of the Petroleum Board
official,
defense witness, Dr. Frey said that the
from Charles Arnott, Socony-Vacuum
as a
oral report on the major company
an
purchases of
independent refiners' gasoline through the Tank Car Stabili¬
zation Committee.
He added that Mr. Arnott, whom he
called the "chief stabilizer," had named this committee
authority of a letter sent the
by Secretary Ickes.
under
Socony-Vacuum official
Stone, Dr.
questioned from the bench by Judge
When
Frey said that he "thought the Petroleum Board did approve
of the activities" although he said he did not know whether
"the Board really had any authority to give approval,"
adding "its work was done informally." Under cross-exami¬
nation, however, Dr. Frey confirmed the Government's
contention that Mr. Arnott had told the Board that he was
conducting buying activities on his own authority, that Mr.
Arnott did not ask the Board's approval and had said that
he did not want the Board's "blessing."
He also testified
the buying activities
told other persons that
that he had
"unofficial."
were
Stocks of domestic and foreign
crude petroleum at the
Dec. 4 were
303,034,000 barrels,
barrels from the previous week, reflecting the
"under-demand production," according to statistics com¬
piled by the Bureau of Mines. The drop was comprised of a
dip of 1,280,000 barrels in domestic oil stocks which was
only partially offset by a gain of 158,000 barrels in foreign
off 1,122,000
inventories.
tentatively set as the date for the proposed
Governors to discuss methods to
increase conservation, Governor Marland, sponsor of the
Jan. 17 has been
of
conference
oil-State
plan, disclosed in Oklahoma
Marland also has invited
observer
Hot
to
the
meeting,
Springs, Ark.
There
were no
City on Dec. 13.
Governor
President Roosevelt to
which probably will be
,
send an
held in
#
crude oil price changes
Prices of Typical
The
tion of 186,000 barrels.
Oklahoma contributed
said in Oklahoma City
Bond, Chairman of the Commission,
close of the week ended
54,123
Total.
Petroleum
.
.
Board had received
Quota Deficit to Other
Producing Areas
The
East Texas field
period.
It was indicated that a
possible order shutting down all "wells in Texas on Sundays
might be issued.
^
January market demand for Oklahoma was estimated by
the United States Bureau of Mines at 566,600 barrels, against
the current State quota of 550,000 barrels fixed by the
Oklahoma
Corporation Commission and the December
recommendation of the Bureau of 588,800 barrels, Reford
for
Testifying
—
AAA Reallots Hawaiian Sugar
on
Sunday shutdown that ruled in the
of the
Interior
Reports
3887
Chronicle
this week.
Wells
not shown)
$2.20! Eldorado, Ark., 40
Crudes per Barrel at
(All gravities where A. P. I. degrees are
Bradford, Pa
Lima (Ohio
Corning. Pa
Illinois
—
$1,27
1.35
and over..
Darst Creek
1.35
Central Field, Mich....—.......
Kentucky.1.40
Mld-Cont't, Okla., 40 and above... 1.30
Rodessa, Ark., 40 and above
1.25
Smackover. Ark.. 24 and over
0.90
Western
REFINED
Rusk, Texas, 40
1.25
1.27
Oil Co.)
Sunburst,
-
—
Mont
30 and over
39 and over
Huntington, Calif.,
Kettleman Hills,
Petrolla,
Canada
DULL
AS
1.09
1.42
1.22
1.22
-
—
YEAR-END
1.42
2.10
AP-
PRODUCTS—MARKETS
FUEL STOCKS GAIN—CONSUMPTION
OFFSET BY LOWER REFINERY RATESWEATHER BRINGS DRAIN ON GAS. FUEL OIL STOCKS
PRO ACHES—MOTOR
SLUMP PARTIALLY
COLD
its close, a
prices combined with
the normal cold weather strengthening of the price structure
of heating and fuel oils featured the refined products' markets.
Prices, on the whole, were unchanged with revisions limited
to various adjustments due to local competitive conditions.
Stocks of finished and unfinished gasoline mounted 320,000
barrels during the week ended Dec. 11, totaling 70,153,000
barrels, the American Petroleum Institute reported.
Re¬
finery stocks were up 811,000 barrels in contrast to a drop
of 479,000 barrels at bulk terminals.
Unfinished gasoline
As
the final month
of 1937 moved along to
contra-seasonal steadiness in gasoline
off 12,000 barrels.
consumption continues its seasonal slump, cold
weather cutting down motoring in many areas save for
business vehicles, the industry's sustained effort to pare re¬
stocks
were
While
finery rates has held down the rise
further decline of 0.9
the rate to
in motor fuel inventories.
point during the Dec. 11
A
period pared
of
3,200,000 barrels
77.4% of capacity, with daily average runs
crude to stills dropping 30,000
barrels to
daily.
The
frigid wave enveloping most of the country
Mountains was quickly reflected in lower
the Rocky
east or
storage
3888
figures
Financial
U. S. Gasoline (Above 65 Octane), Tank Car Lots,
York—
Stand.
York—
New
N.
Oil
Texas.
J..$.073*
.......v.
.083*
.07?*
Shell Eastern
Richfield OlUCal.)
Warner-Qulnlan..
PETROLEUM
PRINCIPAL
BY
STATES
October, 1937
-.053*
.06j*-.07
.053*
,04?*-.04?*
.osj* New Orleans..
07?* Gulf ports
1937
September,
Jan. to Oct.,
Tulsa
Dally
Daily
Total
Arkansas—Ro dessa
Rest of State..
Total
Average
329
Aver ay
153
10.6
1937
5.1
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
[North Texas...
—
30.0
967
32.2
1,259
40.6
1,120
37.3
9,086
8,798
1,125
36.3
1,081
36.0
11,076
11,098
24,535
21,059
930
—
Fuel Oil,
F.O.B. Refinery
N. Y. (Bayonne)—
[California
Bunker C
__._$1.25|
Diesel 28-30 D....
8,525
[Chicago—
28-30
Not including 2%
2,418
80.6
24,128
57.8
1,779
1,261
59.3
18,332
41.4
42.0
13,227
13,729
14,811
21,529
477.7
14,017
467.3
128,844
108,791
694.5
20,556
685.2
195,607
179,212
Rest of State.;
Total California
120
3.9
120
4.0
1,231
1,433
912
29.4
849
28.3
5,351
3,695
68
2.2
71
2.4
687
6,002
193.6
5,918
197.3
59,641
47,948
436
14.1
448
15.0
4,611
4,661
5,220
175.5
51,645
43,534
Indiana
|Tulsa
I
D........$.053
Ser.'ice Station, Tar
Caroline,
z
81.3
1,791
1,282
Illinois
Terminal
or
$.02J*-.03
Kansas..—...^..
Kentucky.
Louisiana—Gulf Coast
Included
165|Buffalo
.181
..........$.175
/'
October, 1937,
3,577,800 barrels;
was
October,
only
crease.
The
production
still
California
only
Texas
in
the
the
Louisiana,
month,
600,000-barrel
which
experienced
withdrawal
Crude
of
to
declining
from
October.
for
moved
establishing
barrels „in
crude
in
month
barrels withdrawn
in
Gasoline
yields,
rebounded to
which
44.6%,
The indicated
of
are
the
to
barrels
the
same,
for
to
petroleum
month
since
September,
Oct.
of
the
months,
summer
products
March.
declined
The
1937, and
in
October
57.9
2,657,000
rose
for
Labor
of
October
index
was
October,
4,565
21,994
4.562
3,823
332
11.1
3,002
4,916
163.9
52,876
133.1
136.1
41,964
306.9
4,084
9,523
317.4
99,036
598.5
18,523
617.4
193,876
53.3
1,678
55.9
15,907
333.5
10,270
342.4
96,570
6,621
213.6
6,794
226.4
63,808
51,775
15,089
..
8.5
158.5
486.7
14,501
483.4
142,532
140,634
73.5
2,361
78.7
23,281
2,277
Rodessa
West Virginia..
28.2
1,002
33.4
11,417
1,608
310.2
9,566
318.9
91,075
70,295
44,816
—.
.
—
18,754
873
—
Total Texas
71,304
9,616
1,445.7
44,494
1,483.2
428,683
354,370
3,212
3,218
5,064
......
—
Rest of State.
3,239
45,310
42,584
82,732
170,626
14,123
:
10.5
324
...—
327
10.9
424
13.7
467
15.6
4,801
1,154
37.2
1,252
41.7
10,808
6,581
1,578
50.9
1,719
57.3
15,609
111,645
50
%*i»46
3,666.0 1066,868
909,846
Wyoming—Salt Creek
Rest of State..........
Total Wyoming
5
5
110,911
3,577.8 109,980
Other.a...
....
Total United States
Includes
a
—
Missouri,
Mississippi,
Tennessee and
Utah.
Daily
Crude
Average
Ended Dec.
The
Oil
Petroleum
American
Production During
3,414,450 Barrels
Week
11 Placed at
Institute
estimates
that
the
crude oil production for the week ended
11, 1937, was 3,414,450 barrels.
This was a gain of
daily
average gross
Dec.
calculated
total
price index
for the week ended Dec. 12, 1936, totaled, 3,119,500 barrels.
Further details, as reported by the Institute, follow:
barrels to
a
Statistics,
the
after
showing gains in every
61.7, compared with 62.2 for
1936.
be the total of
Imports of petroleum for domestic use and receipts in bond at principal
United States ports
a
refinery data of this report were compiled from schedules of refin¬
eries having an aggregate
daily crude oil capacity of 3,982,006 barrels.
These
refineries operated
at 85% of capacity,
compared with 87% in
September and 80% in October, 1936.
for the week ended Dec. 11 totaled 1,282,000 barrels,
daily average of 183,143 barrels, compared with
barrels for
the
week ended Dec.
4 and
daily average of 150,143
a
149,821 barrels daily for the four
weeks ended Dec. 11There
were no
receipts of California oil at Atlantic and Gulf Coast ports
for the week ended Dec. 11 compared with a daily average of 11,000 barrels
for the week ended Dec. 4 and 6,929 barrels daily for the four weeks ended
AND
DEMAND OF ALL OILS
(Thousands of barrels of 42 gallons)
>
4,965
32,221
15.1
by the United States Department of the Interior
the restrictions imposed by the various
oil-producing States during December.
Daily average
production for the four weeks ended Dec. 11, 1937, is
estimated at 3,450,300 barrels.
The daily average output
The
SUPPLY
15.6
113.7
453
10,340
Panhandle
to
45,361,000
was
31.
Bureau
468
3,410
14.3
27,450 barrels from the output of the previous week, but
the current week's figure was below the 3,491,300 barrels
Products
October,
in
on
data
12.7
106.4
1,652
East Texas
in
the
barrels, compared with 1,181,000
were
generally reduced
10,133
almost every
3,388,000
much
domestic demand for motor fuel in October
68,037,000 barrels
According
12.715
East
or 2.5% higher than a year ago.
Exports were 3,830,000 barrels,
54%, and total demand was 49,191,000, up 5%.
Stocks of gasoline,
which
52.2
9,514
18,554
-
— -
West Texas
average
barrels,
up
1,566
262
the daily average
abnormally low in the
1.1% higher than in September.
or
53.5
15,515
4,126
—
Texas—Gulf Coast..
Illinois
October.
Refined
•
to
65,651
4,914
—
Total Oklahoma-
November,
primarily
production,
continued
being 1,270,000
in
where
where
time since
peaks
in¬
an
The largest
Texas,
due
75,852
394
Rest of State..
in
field.
September
stocks
boom,
Oklahoma's
first
October,
with
in
own.
new
Lisbon
3,450,000
the
for the
unison
showing
Arkansas,
were
Rcwlesea
was
its
in
downward
and Michigan.
October
in
in
producers
the
area,
hold
the
generally
gains
of
decline
outlets
trend
The
reduction
still
in
to
mark
been
had
decided
a
pipe-line
runs
record
influence
district
was
important
to
the
production
average
only major
declined below
193G.
the
States
under
fields
and
boom in the Clay County
a
daily
was
States
among
other
still
was
enjoying
decline
the
in
264.1
444
Pennsylvania....
nearly 90,000 barrels below the average of Septem¬
ber, but 16% above the average of October, 1936.
The
Bureau's report further disclosed:
petroleum
7,923
15,357
■
3,297
Seminole..
was
Crude
6,602
245.2
—
Oklahoma—Oklahoma City
monthly petroleum statement of the United States
Bureau of Mines showed that the daily average
production
this
8,850
Ohio. ..i
October, 1937
crude petroleum in
37.4
New York
Products,
The
of
51.2
1,121
1,659
...
Montana
Petroleum
1,536
27.4
—.—
Michigan
and
5,266
49.4
849
7,600
-.
Total Louisiana
city sales tax.
Petroleum
168.4
1,531
—
——
Rest of State....
New Mexico
Crude
666
.
Ro dessa.
New York........-1.10 INewark............!.
Brooklyn
.19 |Boston
....
z
z
2,520
Colorado ...........
..$.045*1
plus..
Kettleman Hills
8,798
Santa Fe Springs
Terminal
or
2.20|
N. Y. (Bayonne)—
California—Huntington Beach.
New Orleans C
$1.05
24 plus D
$1.00-1.25 Phlla., Bunker C_... 1.35
Gas Oil, F.O.B. Refinery
27
Total Arkansas
INew Orleans..$.053*-.053*
ITulsa—-—. .03J*-.04
Long Beach
$. 055* | Los Angeles...
(Bayonne)..
$.04
.033*-.05
1936
561
v
New York
AND
FIELDS
$.05
.073*
Tide Water Oil Co.
CRUDE
Cities—
.$,072* Chicago..*;
Gulf
..
OF
(Thousands of barrels of 42 gallons)
F.O.B* Refinery
Other
.08
Socony-Vacuurn
Dec. 18, 1937
PRODUCTION
and fuel oils which showed a slump of 1,165,000
during the week to touch 120,1.34,000 barrels.
on gas
barrels
New
Chronicle
Dec. 11.
Reports received from refining companies owning 89-0% of the 4,159,000Jan. to
Jan. to
Oct.,
Sept.,
Oct.,
Oct.,
Oct.,
1937
1937
1936
1937
1936
basis,
New
Supply—
•
lines
110.911
109.980
3,578
Dally average..
Natural gasoline
3,666
4,418
Benzol.a._
4,272
95,795 1066,868
3,090
3,509
40,028
909,846
2,983
34,260
230
2,457
99,855 1109.353
946,169
3,830
229
256
114,508
3,728
3,817
3,221
3,649
145
average
as
•
115,558
Total production
187
93
1,627
2,164
2,862
21,040
1,530
2,464
1,919
3,102
19,265
548
433
453
6,531
120,071
charging capacity of all
119,756
3,873
3,992
3,393
3,809
122
c5,049
44,491
3,761
119,634
3,988
6,692
6,602
105,182 1157,816
a
daily during the week.
AVERAGE CRUDE OIL PRODUCTION
(Figures In Barrels)
of M.,
Four
State
Week
Change
Weeks
Interior
Allowable
Ended
from
Ended
Calcu¬
Dec. 1
Dept. of
y
lations
Dec.
11,
1937
588,800
Kansas
_
110,231 1113,325 1007,815
3,556
3.662
3,304
—
550,000
186,000
Oklahoma
demand
Dally average
Previous
Week
Dec.
11,
Week
Ended
Dec. 12,
1937
1936
176,700
Panhandle Texas
560,200
+ 4,100
178,900 + 10,100
568,500
176.500
592,200
172,500
Crude petroleum
Refined products
4,708
55,525
42,373
65,385
9,457
10,346
6,518
88,280
45,361
47,245
44,253
436,637
4,985
4,397
4,370
42,826
9,957
26,847
1,972
8,672
8,712
26,544
1,968
27,301
1,911
89,910
270,744
402,279
40,388
78,171
252,305
19,848
18,917
83
82
96
Domestic
demand:
Motor fuel..
69,750
72,350
+2,050
71,950
North Texas
Exports:
72,550
65,000
West Central Texas...
33,050
"—400
33,500
33,600
West Texas
Gas oil & distillate fuels
Residual fuel oils
Lubricants
Wax
56,900
190,950
+900
93,950
+2,550
97,900
84,250
417,800
East Central Texas—
Kerosene..
+900
433,850
444,900
+ 6,300
245,300
177,100
+2,350
195,300
167,600
East Texas
Southwest Texas
246,900
194,250
Coastal Texas
—
Total Texas.
193,550
166,700
1,399,800 X1354143 1.319,000 + 14,650 1,343,900 1,196,050
Still gas
895
586
601
North Louisiana..
70,750
—4,150
73,900
78,850
2,504
4,912
20,613
5,199
3,009
19,415
Coastal Louisiana
526
Road oil
889
706
2,268
Coke
Asphalt
168,550
—2,850
169,200
1,068
161,000
631
7,570
7,132
5,369
239,850
5,250
4,680
51,548
45,407
193
218
193
2,286
Miscellaneous..
Losses
3,528
3,753
1,949
22,074
28,052
100,434
3,240
average
102,686
3,423
99,005
3,194
969,520
3,189
900,057
2,951
253,975
239,300
—7,000
243,100
46,200
+2,100
+5,450
28,200
126,200
129,200
—7,800
134,000
113,550
Michigan...
51,800
52,400
—1,350
54,100
28,250
and
6,278
243,629
4,555
5,444
47,000
230,605
249,221
527,431
563,137
527,431
140
148
154
from
+ 700
52,600
15,200
—550
15,300
4,400
4,100
—200
4,200
3.750
107.650
+2,900
105,500
85,650
18,500
160
b Imports of crude as reported to Bureau of
Mines; all
exports
49,400
15,800
230,605
559,649
57,100
4,555
150
292,271
563,137
cDecrease.
308,472
249,221
From Coal Division,
292,271
5,444
Days' supply.
309,742
Wyoming
Colorado
308,472
..
Natural gasoline..
Refined products..
Imports
244,000
33,900
Arkansas
Montana
t
Stocks—
Crude petroleum
Total Louisiana
1,897
Eastern
Total domestic demand.
other
as
Dec.)
Demand—
a
94.8% of the potential
cracking units indicates that the industry
C14.269
116,583
supply, all oils
average
Daily
States,
whole, on a Bureau of Mines' basis, produced an average of 735,000 barrels
15,304
5,116
993,546
3,258
3,488
use
Decrease In stocks, all oils
Total
United
Bureau of Mines*
25,011
2,063
n.
Receipts In bond
Receipts for domestic
new
a
of the end of the week, 70,513.000 barrels of finished and unfinished
DAILY
use
Refined products:
Daily
on
Cracked gasoline production by companies owning
Crude petroleum:
Total
of the
capacity
gasoline and 120,154.000 barrels of gas and fuel oil.
1.946
2,290
Imports b:
Receipts in bond
Receipts for domestic
potential refining
daily
3,200,000 barrels of crude oil daily during the week, and that aU
companies had in storage at refineries, bulk terminals, in transit and in pipe
Domestic production:
Crude petroleum
Dally
estimated
barrel
indicate that the industry as a whole ran to stills,
Bureau
of
Foreign
and
Domestic
Commerce.
*104,100
New Mexico
107.600
2,811.900
California.
679,400
Total United States.
x
Nov.
1
3,491,300
allowable revised
to
2,701,550 + 17,650 2,743,150 2,525,500
y674,600
712,900
+ 9,800
707,150
594,000
3,414,450 +27,450 3,450,300 3,119,500
1,354,143, effective Nov.
16.
In
addition, the
Railroad. Commission's order calls for shutting down the East Texas field
on
the
Volume
following Sundays:
under
take pressure tests
Central Committee of
Nov. 21 and 28; Dec. 5 and 12, "in order to
stable
more
Financial
145
conditions."
of
Recommendation
y
California Oil Producers.
'
Note—Tbe figures Indicated above do not Include any
which
estimate of any oil
might have been surreptitiously produced.
3889
Chronicle
The
1937 to date
production of soft coal in
cumulative
approximately 3.9% ahead of 1936; the cumulation
of both soft and hard coal in 1937 to date, 3.1% ahead
of 1936.
\
v' cy..-.
".,;r
stands
.
AND UNFINISHED
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED
Finished and
Unfinished Gasoline
to Stills
,
Slocks
of
Unfin'd
District
P.
Oper¬
At Re¬
age
Reporting
ated
fineries
tial
Rale
P.
Total
C.
and
C.
Daily
Aver¬
Poten¬
Gas
in
Finished
Fuel
Terms.', Nap't ha
Oil
Distil.
&c.
10,957
14,030
1,158
80.1
129
88.4
103
79.8
962
1,630
222
950
489
92.4
425
86.9
5.059
4,778
690
7,000
383
84.7
276
72.1
3,511
2,342
435
349
3,708
1,845
669 100.0
669
__
Appalachian.
Ind.,Ill.,Ky_
Okla.,
536
146
529
452
East Coast
5.773
<
Kan.,
Mo
>
.
The Bureau
Inland Texas
355
201
56.6
132
65.7
1,529
256
Texas Gulf..
833
797
95.7
654
82.1
7,820
303
1,813
11,656
La. Gulf
174
168
96.6
135
80.4
1.060
402
511
58
63.7
48
82.8
253
92
58
89
62
69.7
43
69.4
1,477
86
90.9
515
69.0
9,459
2,416
1,242
73,286
3,702
89.0
2,867
77.4
36,903
2,990
23,176
fur¬
activities
of
1,298,000 tons.
The consolidated report
of both the above-mentioned or¬
ganizations follows:
640
746
in its weekly report, stated a
532
821
slackening
3,487
91
of Mines,
in the anthracite region of
Pennsylvania during the week of Dec. 4 brought the total
production down to 859,000 tons, a decrease of 95,000 tons,
or 10.0% when compared with production in the preceding
week.
The average daily production for the six days of the
week, amounting to 143,000 tons, declined 25.1% in com¬
parison with the five-day rate of the week before.
Produc¬
tion
in
the
corresponding week of 1936 amounted to
ther
Stocks of
Crude Runs
Daily Refining
;
Capacity
\
DEC. 11, 1937
No. La .-Ark.
Rocky
Mtn.
California
Reported
Esta.unrepd.
333
457
6,5§4 117,134
3,020
280
600
UNITED
ESTIMATED
STATES PRODUCTION OF COAL AND
COKE (IN NET TONS)
Bituminous coal:
Dec. 5, 1936
Nov. 27, 1937
Dec. 4, 1937
Week Ended—
BEEHIVE
a
c8,080,000
10,581,000
1,444,000
1,764,000
859,000
143,000
954,000
190,800
1,298,000
216,300
818,000
909,000
1,236,000
35,800
..1
Dally average
7,218,000
cl,347,000
Total, Including mine fuel
33,700
5,617
62,300
Pennsylvania anthracite: b
xEst.tot.U.S.
4,159
4,159
4,159
3,200
3,230
4,159
39,893
39,082
23,776
6,844 120,154
24,255
6,856 121,319
z3,002
Dec. 11, '37
Dec.
4, '37
34,596
19,277
6,376 109,877
U.S.B. of M.
xDec.11,'36
Estimated Bureau of Mines' basis,
x
Total, including mine fuel...
Daily average
-
Commercial production.!
Beehive coke:
United States total
5,976
Daily average
Bituminous coal: a
Natural Gasoline Statistics for October, 1937
daily average production in October was 5,986,000 gallons,
only 5,000 gallons more than in September but
was
(13%) greater than the average of October,
The most notable increases in production were in
Dally average
the Appalachian
and Panhandle fields.
Material withdrawals from stocks continued at both
fineries
sonal
and
trend
228,648,000
hand
year
the
in
first
with
compared
and
month
the
of
on Oct. 31 were
263,676,000 gallons on
stocks
Total
blending.
gallons,
re¬
in response to the sea¬
plants and terminals
184,128,000
gallons
a
400,312,000
1,387,000
501,610,000
h50,174,000
179,500
h66,669,000
238,800
1,733,000
Pennsylvania anthracite: b
Total, including mine fuel
163,400
Dally average.....
Commercial
g
6
g
production.!
Beehive coke:
10,535
Dally average
Includes for purposes of
a
6,144.800
1,590,400
5,503
3,044,500
United States total."...
797,000 gallons
1936.
415,822,000
1,444,000
h45,679,000
Total, Including mine fuel......
of natural gasoline increased slightly in
October, according to a report prepared by the Bureau of
Mines for Harold L. Ickes, Secretary of the Interior.
The
which
1929
1936
1937
Calendar Year to Date f—
The production
10,383
December, 1936, dally average.
z
21,262
historical comparison and statistical convenience the
production of lignite and anthracite and semi-anthracite outside
b Includes washery and dredge coal and coal shipped by truck
of Pennsylvania,
from authorized
1937, and
available,
operations,
c Subject to revision,
f Sum of 49 full weeks ended Dec. 4.
corresponding 49 weeks of 1936 and 1929.
g Comparable data not yet
h Sum of 48 weeks ended Nov. 20.
1 Excludes mine fuel.
WEEKLY
ESTIMATED
STATES
AND MONTHLY PRODUCTION OF
(IN THOUSANDS OF NET TONS)
(The current estimates are based on railroad
BY
carloadings and river shipments and
from district and
subject to revision on receipt of monthly tonnage reports
sources or of final annual returns from the operators.)
are
COAL,
State
ago.
NATURAL GASOLINE
Gallons)
PRODUCTION AND STOCKS OF
(In Thousands of
Monthly Production
Week Ended
State
Production
*
Oct. 31, 1937
1937
At
At
Plants
Oct.,
At
1936
Oct.,
1937
Sept.,
1937
1937 p
Sept. 30, 1937
At
Jan.-
Jan.-
Oct.,
Nov. 27 Nov. 20 Nov. 28
Stocks
Refin¬
&
Ter¬
Plants
&
Refin¬
minals
eries
eries
Ter¬
minals
Alaska
.
.
.
_
.
6~556
5J76
59~627
53~526
1,008
5",461
924
4~909
111., Mich.. Ky._
1,253
1,031
10,048
8,593
4,830
477
5,544
552
Oklahoma
45,128
..
Kansas
Texas
4,806
57,736
.
Louisiana
9,437
Arkansas
923
....
7,090
Rocky Mountain
52,627
California
44,921 401,899 341,127
4,652 45,756 28,896
56,056 504 065 411,180
48,337
9 337
940
9,982
7,046
61,360 52,162
50,626 506,654 485,117
8,976
13,104
25,176
1,828
68.792
15,876
77,856
168
3,394
294
5,953
168
177
126
i8i
6,174
1,591
2,388
7,350
90,384
2,666
2,306
3,402
42
82,430
83,706
4,452
42
30,758
;
2,961
Total........ 185,556 179,424 1681176 1438920 119,364 109,284 135,534 128,142
5,981
Dally aver.
5,986
5,530
4,718
of barrels)
Dally
Iowa
4,272
4,418
142
143
aver.
40,028
34,260
2,602
2,842
3,051
3,227
112
132
Shipments
Net
Kentucky—Eastern
Western.....
Total
3,694,322
follows:
.
November,
October,
November,
1937
1937
1936
932,173
813,882
Reading Co
Lehigh Valley RR
770,693
712,351
893,714
831,511
Central RR. of New Jersey
304,881
365,841
326,498
Del.
402,406
385,225
526,057
614,459
300,676
378,389
427,808
471.027
408,258
452,771
237,417
Erie RR
321,953
363,071
N. Y. Ontario & Western Ry__
127,545
202,358
137,153
164,247
196,382
180,565
3,694,322
4,320,074
3,783,385
3.942,486
192,033
Weekly Coal Production Statistics
coal report of the National Bituminous Coal
Commission disclosed that the total production of soft
coal
Dec. 4 is estimated at 8,080,000 net tons
holiday week preceding.
comparison with the full-time week of Nov. 20, the
increase is slight—172,000 tons, or 2.2%.
Production in the
week of 1936 corresponding with that of Dec. 4 was esti¬
mated at 10,581,000 tons.
against
7,218,000
In
tons
in
2
2
4,353
5,123
365
415
1,518
1,456
1,668
_
319
260
300
77
72
71
148
_
167
150
637
546
627
539
653
863
3,728
3,652
3,920
179
_
193
223
802
735
825
30
33
30
142
135
Michigan
8
8
19
54
50
52
Montana
77
76
77
336
234
334
New Mexico
30
32
34
150
137
163
Maryland
150
52
279
170
338
534
2,200
3,421
2,080
2,333
2,447 f
3,187
1
6,097
6,464
3,515
7,230
75
76
North and South Dakota.......
420
477
1,457
1,737
98
97
115
487
15
15
19
65
72
70
....W.....W.......-j—
66
78
70
380
337
380
..........
237
274
273
1,388
1.276
1,213
Ohio
Pa. bituminous—Eastern.e
Western _f_.
Tennessee
Utah
Virginia
....
.
..
40
42
32
175
145
182
1,335
1,921
427
......
488
626
110,645
8,238
2,450
8,928
2,600
Western
134
630
526
627
1
7
6
2
9,825
40,722
43,321
1,110
4,684
39,055
3,507
10,935 .45,406
42,562
47,929
*
*
States ,c
V
126
135
Wyoming..
Other
488
470
1,307
Virginia—Southern.a
the
bituminous coal
.
All coal
7,908
7,218
954
.......
983
8,172
Pennsylvania anthracite.d
8,891
4,608
C. & O., Virginian, K. & M„ B. C. & G.,
Mason, and Clay ocunties.
b Rest of State,
Includes operations on the N. & W.,
a
and
on
B.
the
<fc
O.
in
Kanawha,
Panhandle District and
Grant,
Mineral,
and Tucker counties,
c Includes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsyl¬
vania anthracite from published records of the Bureau of Mines,
e Represents
including
that
the
portion
of
the State
not
included
f Figures are
In western Pennsylvania,
comparable with records for 1935 and cover production of western Pennsylvania
as defined
by the NRA Sub-Divisional Code Authority,
p Preliminary,
r Re¬
vised.
*Less than 1,000 tons.
Non-Ferrous
Metals—Domestic Stocks
of
Refined
Copper Increased 38,765 Tons in November
"Metal
and Mineral Markets"
in its issue
of
Dec.
16,
reported that copper industry.
The domestic figures, show¬
ing a large gain in stocks on hand, had no influence on prices.
Traders inclined to the view that the current quotations for
metal
the
in the week ended
5
4,954
410,108
223,147
196,076
as
•*.
1936
828,128
912,658
302,971
425,835
Pennsylvania RR
The weekly
:♦
1,234
October,
Delaware & Hudson RR. Corp.
Total
785
582
705
154
170
1,075
Tons
Shipments of anthracite for the month of November, 1937,
reported to the Anthracite Institute, amounted to 3,694,322 net tons.
This is a decrease, as compared with shipments
during the preceding month of October, of 625,752 net
tons, or 14.48%, and when compared with November, 1936,
shows a decrease of 89,063 net tons, or 2.35%.
Shipments by originating carriers (in net tons) are as
Lehigh & New England RR...
401
Washington
as
& Western RR
12
1,034
333
334
...............
Total
Lack.
14
1,145
442
.........
Northern, b
Anthracite
15
1,160
74
•
.......
.
.
West
November
2
249
*
Kansas and Missouri
Texas,.........
Total (thousands
2
82
1,058
Indiana..
10,542
6,762
Appalachian
1937
236
170
.......
...
.
Georgia and North Carolina
Illinois
East coast
Oct.
1936
Sept.,
1937
r
91
_
Arkansas and Oklahoma
Colorado.
1936
2
.
_
p
203
......
Alabama
1937
Oct.,
discounts
about
all
of
unfavorable
the
news.
foreign statistics were better than generally expected.
Copper in the domestic trade last week averaged a little
lower in price than in the preceding seven-day period.
Lead and zinc were unchanged.
Tin was slightly lower.
The
The
publication further reported:
Y:Copper
The
domestic
statistics
for
.
7;vW
November were just about as
bad
as
the
38,765 tons.
Blister stocks
here decreased 5,892 tons, so that the net change in combined stocks of
blister and refined was an increase of 32,873 tons.
Production was down,
but deliveries for domestic account fell to 33,892 tons.
The foreign fig¬
industry expected, stocks of refined increasing
ures
were
good, deliveries of refined abroad mounting to
120,696 tons, a
3890
Financial
high.
new
Refined stocks abroad decreased 8,083 tons and blister stocks
declined 602 tons.
World stocks of refined at the end of November to¬
taled
an
413,846 tons,
previous.
Quite
of 30,682 tons
increase
compared
with
month
a
few of the figures released previously for October have
a
been revised.
U. S. scrap, Ac
Foreign mine
Foreign scrap, Ac....
Deliveries to Customers:
Nov.
9,199
103,758
9,470
Foreign
Totals
Nov.
43,742
114,191
Domestic
59,756
10,142
99,408
12,441
Oct.
33,892
120,696
—
196,636 178,776
.
Production, refined:
157,933
154,588
4,698
3,133
87.030
109,548
Domestic copper
United States
75,790
109,480
196,578
Totals
185,2701
383,164 413,846
10 %c., Valley, on
buying developed at that level.
Dec. 9,
and
Even
after
developed.
the
statistics
issued yesterday,
were
There
selling
no
Most operators hold to the view that 10c. looks like
bottom for this movement.
by the Cartel abroad
Foreign demand
was
good all week, and sales
80,000 tons this month.
may come close to
"
for
delivery.
prompt
The
volume sold
1,216 tons,
was
com¬
pared with 2,780 tons in the previous week and 4,965 tons two weeks ago.
The trade believes that responsibility for the hand-to-mouth
buying points
to
drop in
a
business by
new
end-of-year inventories.
and also their desire to reduce
consumers
Some
producers,
however,
believe
that
actual
consumption may be above the 35,000 tons estimated shipped to consumers
in November.
Stocks of refined lead will show an increase during No¬
vember of about 7,000 tons.
was
also the
settling basis of the American Smelting & Refining Co., and at
4.85c. St. Louis.
Zinc
reflected in
as
to sell, the
pressure
was
dull last week, but with
price structure remained steady
Sc., St. Louis, for Prime Western.
on
basis of
the
In the week ended Dec. 11 the Prime
Western division sold 1,661 tons, which compares with 1,900 tons in the
deliveries
of
domestic
zinc
to
From present
during
consumers
December
will be larger than those reported for November.
on
Dec.
10,
on buyers here.
Sales were confined to small orders.
The trade believes consumers have ample supplies of tin on
hand, in view
of the business slump, and some are said to be
requesting that shipments
be deferred until after Jan. 1.
Tin-plate mills
operating between
are now
50 and 55% of capacity.
Prices on the London Metal Exchange reached
following announcement of production curtailment, but
dropped the following day to £190 10s.
Sellers believe that supplies of tin
Dec.
even on
13
the lower production basis will be well above
requirements, unless a
sharp upturn in business should
Chinese tin, 99%, was
occur
nominally
DAILY PRICES OF METALS
Electrolytic Copper
follows: Dec. 9th, 42.500c.; 10th,
10.025
9.875
Dec. 10
10.025
Dec. 11
10.025
Dec. 13
("E' A M
Straits
Dom.,Refy. Exp., Refy.
9
J."
Tin
New York
QUOTATIONS)
Lead
New York
Zinc
St.
Louis
St. Louis
44.000
5.00
4.85
5.00
9.775
44.750
5.00
4.85
5.00
9.700
45.400
5.00
4.85
5.00
5.00
4.58
5.00
10.025
9.675
44.125
Dec. 14
10.025
9.550
43.375
5.00
4.85
5.00
Dec. 15
10.025
9.550
43.250
5.00
4.85
5.00
10.025
9.688
44.150
5.00
4.85
5.001
Average
__
speculative buying by dealers.
Severe weather, such
experienced in the Great Lakes
Average prices for calendar week ended Dec. 11 are: Domestic copper f. o. b.
refinery, 10.129c. export copper, 9.900c.; Straits tin,
44.442c.; New York lead,
6.000c.; St. Louis lead, 4.850c.; St. Louis zinc, 5.000c.; and
silver, 44.750c.
The above quotations are "M. A M. M.'s"
appraisal of the major United States
agencies. They are reduced to the
All prices are in cents per pound.
markets, based on sales reported by producers and
basis of cash, New York or St. Louis, as noted.
Copper, lead and zinc quotations are based on
deliveries; tin quotations are for prompt delivery
sales for both prompt and future
only.
Daily London Prices
Copper, Std.
Copper
Tin, Std.
Lead
Zinc
Electro.
3M
Spot
9
39%
Dec. 10
Dec. 13
Dec. 14
(.Bid)
Spot
3Af
Spot
jTiiutw
40ii«
4314
403n
40%
44
40
403u
44
199
39%
Dec. 15.
39 %
43%
190 %
189%
39»i6
43 %
190%
190
15»u
39 %
un
icau
3M
Spot
3M
aim
193
197
192%
15%
196
151si»
198%
16%
15%
15»u
16%.
167n
1513U
1513i«
14%
14%
15i»
15ii«
15%
15518
14i3i»
15
14%
15%
zinc
are ine oinciai ouyers
prices for the first session of the
London Metal Exchange;
prices for copper and tin are the official closing buyers'
prices. All are in pounds sterling per long ton (2,240
lb.).
the forecasting value that is frequently attributed to it.
fact
The
the
that
Commerce
Interstate
The
in
Dec.
first time in
Steel
16
Ingot Output
issue of
more
Halted
at
273^%
"Iron Age" reported that for the
come a halt
than three months there has
in the decline of
steel-making operations, this week's esti¬
same as that of last week.
important districts as Pittsburgh, Chicago, eastern
Pennsylvania, Buffalo, Wheeling-Weirton, Birmingham and
Detroit are holding at their previous
rates, the Clevelandmated rate of
Such
273^% being the
Lorain district has gained 2 points, while the southern
Ohio
area, which was below 10%, is up to
22%. The only loss of
consequence is at Youngstown, where the average is 2
points
lower than a week ago. The "Iron
Age" further stated:
It
likely that approximately the present operations will be main¬
tained up to the Christmas holidays, at which time
some steel-making
capacity probably will be shut down until after Jan. 1.
During the final
seems
week of the year,
however, business may be accumulated that will start
operations off in January at moderately above the present level.
Stocks of steel in the hands of
below normal.
Commission,
apparently
in
President Roosevelt's urging, has further expedited hearings on
response to
the railroads' plea
for higher freight rates, indicating that
a
decision
be
may
reached in late February or early March, has given rise to hopes in the trade
that railroad
111999333562546476572
2
buying, assuming
a
favorable decision, will be
an
important
factor by the second quarter of the new year.
Conditions in the automobile industry are immediately discouraging, but
output of about 4,000,000 cars in 1938 is hopefully predicted by
industry's forecasts of its
The motor car
performance have usually been realized, and.
own
if they do not miscarry in 1938, a considerably higher rate of automobile
production might logically be expected by February.
In view of the greatly reduced volume
of steel buying in most lines, the
lettings of fabricated structural steel stand out
of the current market.
of the bright spots
as one
The week's reported awards
totaled 24,000 tons,
of which 3,050 tons is for power houses for the Commonwealth & Southern
Power
Co.,
possibly
significant
development
of
the
rapprochement
An apartment
a
building in New York takes
Lincoln Tunnel, New York,
1,300 tons and
1,835 tons.
viaduct approach
a
to the
New projects out for bids total
some consumers are now believed
to be
This is indicated by the great number of small orders
being
RR., 5,000 tons for bulkhead gate
frames and track units for the Grand Coulee Dam and 2,800 tons for
bridge
are
Potomac River at Hancock, Md.
over the
light, but
a
a
Reinforcing bar awards
good deal of tonnage will be closed before Dec. 20, when
protection against outstanding bids will be withdrawn by distributers.
An oil company is inquiring for 24,000 tons of 12M~inch
line pipe for
export.
begun Feb. 7 with steel companies that have signed labor contracts
being formulated this week at
It is
doubted that
cessions, such
new
a convention
of the SWOC in Pittsburgh.
demands will be presented, but other con¬
wage
the checkoff of union dues and the closed shop, probably
as
will be discussed.
THE
"IRON AGE" COMPOSITE
PRICES
Finished Steel
Dec. 14, 1937, 2.605c. a Lb.
Based
on
steel bars,
beams, tank plates
One week ago
One month ago
2.605c.
wire, rails, black
2.605c.
rolled strips.
One year ago
2.274c.
85% of the United States output.
High
2.605c.
Mar.
pipe, sheets
and hot
These products represent
Low
9
2.330c.
28
2.084c.
Mar. 10
Oct.
1
2.124c.
Jan.
Apr.
Oct.
24
2.008c.
Jan.
2
2.015c.
3
1.867c.
Apr.
18
1.977c.
Oct.
4
1.926c.
Feb.
2
2.037c.
Jan.
13
1.945c.
Dec.
29
2.330c.
Dec.
2.130c.
2.199c.
*
Pig
Dec.
14, 1937, $23.25
a
[Based
$23,251
2
8
on average of basic iron at Valley
furnace and foundry irons at Chicago,
23.251
One year ago
Mar.
Iron
Gross Ton
One week ago
One month ago
Philadelphia,
Buffalo,
Valley
Southern iron at Cincinnati.
19.731
High
$23.25
and
Low
Mar.
9
$20.25
Feb.
16
19.73
Nov. 24
18.73
Aug. 11
18.84
Nov.
17.83
May 14
Jan. 27
17.90
May
5
1
16.90
16.90
Dec.
5
13.56
14.81
Jan.
5
13.56
Dec.
6
15.90
Jan.
6
14.79
Dec.
15
3
Jan.
Steel Scrap
Dec.
14, 1937, $13.42
One week
a
Gross Ton: (Based
;
ago
$13.08(
5.08(
One month ago
One year ago
.
on
No.
1
heavy,
steel
melting
quotations at Pittsburgh,
12.921
17.33 (
Philadelphia
and Chicago.
High
Low
$21.92
Mar. 30
$12.92
17.75
Dec. 21
12.67
June
13.42
Dec.
10.33
13.00
Mar. 13
Ap.. 23
Se L 25
12.25
1934.
Aug.
10
9.50
<
16
9
3
American
Iron
and
Jan.
12
6.75
6.43
Jan.
8.50
The
July
5
Jan.
6
8.50
Dec.
20
Steel
8
Nov
11.33
nounced that
Institute
Dec.
on
13
an¬
telegraphic reports which it has received indi¬
cated that the operating rate of steel companies having
98% of the steel capacity of the industry will be 27.4% of
capacity for the week beginning Dec. 13, compared with
27.5%
one
Decline
It will be inter¬
period of uncertainty whether the scrap market has
1931
Dec.
has recently been
as
tends to restrict the gathering and
area,
1937
in the next few months.
as
43.250c.; 11th, 43.900c.; 13th. 42.625c.; 14th, 41.875c.; 15th, 41.750c.
Dec.
There have been some small
The policy of the Steel Workers Organizing Committee in its negotiations
exerted little influence
on
week ago.
of the strength in the market is accounted for by
shipping of scrap, thereby adding firmness to the market.
is
by the International Tin Committee, that
production for the first quarter of 1938 will be 70% of standard tonnages,
£199
with
a ton,
a
has risen for the second week, now
being $13.42, or 50 cents above its recent low.
to be
Tin
Announcement
similar advance occurred
a
scrap price
brook, N. Y., for the Pennsylvania
orders
new
week previous and only 193 tons in the week ended Nov. 27.
indications,
Age" composite
24,650 tons, including 6,000 tons for grade-crossing elimination at Lyn-
Demand for zinc
no
The "Iron
between the public utilities and the Federal Government.
*
-
Quotations continued unchanged at Sc., New York, which
contract
halted in the third week
scrap was
automobile statisticians, against almost 5,000,000 in 1937.
Demand for lead during the week was chiefly confined to buying car¬
lots
change at Philadelphia, where
no
even so an
Lead
load
scale is probable in
more general
a
Although the decline in prices of steel
a
Sales for the last week totaled
quite some inquiry for copper at about one-quarter of a cent under
the market.
pressure
on
of more than very moderate proportions.
esting to observe in this
Totals....
established at
was
182,911 221,676
200,253 192,170
Foreign
8,441 tons, bringing the total for the month to date to 14,497 tons.
was
Replenishment buying
January, though the steel industry holds no expectations of an early rise
mill purchases, but part
copper.
Stocks, refined:
United States
Foreign
more
exercising in holding
users are
absolute minimum until year-end stock-taking is out of
an
Pittsburgh and Chicago, where there have been rises of 50 cents
U. 8. exports of domestic
little
the way.
1937
18,
of November, it was not until this week that prices actually advanced at
Production (blister):
Oct.
U. S. mine..
—71,238
Totals.
inventories to
of the statistics for October and November, in
a summary
short tons:
Dec.
received, emphasizing the care that steel
in operations
Following is
\
Chronicle
one
year
week
36.4%
ago,
month
one
This represents
ago,
and
79.2%
of 0.1 point, or
the estimate for the week ended Dec. 6, 1937.
ago.
0.4%, from
Weekly indicated
of
rates
a
steel
decrease
operations
since Nov.
23,
1936, follow:
1936—
Nov
23
Nov. 30
74.3% Mar.
Mar.
Dec. 21
75.9%
76.6%
79.2%
77.0%
Dec. 28
77.0% Apr.
Dec.
7
Dec.
14
1937—
Jan.
Jan.
4
11
Jan.
18
Jan.
25
Feb.
1
Feb.
8
Feb.
15
Feb.
22
1937—
1937—
Mar.
Mar.
Mar.
Apr.
79.4%
78.8%
80.6%
77.9%
79.6%
80.6%
81.6%
82.5%
Apr.
Apr.
May
May
May
May
May
June
1
85.8%
8
87.3%
15.....88.9%
22
89.6%
29
.90.7%
5
89.9%
12
90.3%
19
91.3%
26
92.3%
3
91.0%
10
91.2%
17
90.0%
24
91.0%
31
77.4%
7
76.2%
June
14
76.6% Sept. 27
4
75.9% Oct.
75.0% Oct. 11
5
Oct.
18
74.4%
66.1%
63.6%
55.8%
12
Oct.
25
52.1%
19
Nov.
1
Nov.
8
June 21
June 28
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
1937—
67.3%
82.7%
82.5%
26
84.3%
2
85.5%
9
84.6%
16.—.83.2%
23
83.8%
30.....84.1%
7
71.6%
Sept.
Sept. 13
Sept. 20
Dec.
6
48.6%
41.0%
36.4%
31.0%
29.6%
27.5%
Dec.
13
27.4%
Nov. 15
Nov. 22
Nov. 29
80.4%
76.1%
"Steel" of Cleveland, in its summary of the iron and steel
markets, on Dec. 13 stated:
Slight
have
been
signs of
improvement
multiplied
and
a
in
the
distinct
steel
market
change in
apparent
sentiment has
a
week ago
taken
place.
Volume
In
both
Financial
145
Eastern
Western
and
In
six
some
to
important
cases
has
from
come
The
increase
in
booked
week
the best
tonnage
Steel
buying is in
expected
for immediate delivery, indi¬
small lots
harbinger
a
27%
losing 3.5 points to
last week declined further,
operations
This was caused by curtailment of a few points at
important centers, and practically no increase of importance.
How¬
ever, in a number of instances schedules for this week call for additional
ingot
capacity.
all
Pittsburgh declined
points
to 29, Youngstown 11 points to 24, and Birmingham 9 points to 45.
New
England gained 4 points to 36, and Detroit 2 points to 52.
There was no
change from the preceding week at Wheeling 30%, Cleveland 31, Buffalo
21 and St. Louis 20.6.
Cincinnati regained the 15 points lost the previous
hearths and the rate niay recover a few points.
open
5
19%, Chicago 6 points to 24, Eastern Pennsylvania 2
points to
week, to 29%.
is the better indicator of a turn in the
number of large single projects aid in building mill backlogs.
Although miscellaneous buying
market,
a
Southern
30-inch
five
interests will profit from an order for 10,000 tons of
pipe placed with a Birmingham foundry, sufficient for
production.
A fabricator in the Birmingham district has
iron
pig
iron
cast
months'
12,000 tons of structural steel for the Baton
tenders requiring 12,500 tons of steel
have been placed with Eastern private yards, and two ethers to navy
yards.
Standard Oil Co. of New Jersey is considering bids on eight
received
specifications
on
Two navy
bridge.
Miss.,
Rouge,
tankers and it is believed it will
Various
down
from
adjustments
$2
being made in prices and allowances to meet
bars from warehouse have been marked
been reduced
On flat galvanized sheets and formed roofing and
jobber discounts have been readjusted.
Prices on
$8 to $6.
siding
lerroand other ferroalloys have been reaffirmed for first quarter.
Although much less in volume than usual at the year's end, railroad
buying of rails and rolling stock continues to give mills fair tonnages,
mostly for rolling in January and later months.
Last week some 61,000
tons of rails were placed by Western roads.
The Santa Fe placed seven
and
carload
with
peak,
lower
the corresponding period
1929, the
in
period of 1928, the second
38.22% of capacity, compared
similar
the
below
operations
in April,
11
cumulative production for
month,
last
for
than
4%
and
November
90.27%
at
were
the year's high rate.
assemblies
85,765, compared with 86,848
daily, and
last week produced 22,615 units against 13,070 the week before.
General
Motors output was off to 31,800 from 42,075, and Chrysler's to 19,600
from
20,700.
Independents accounted for 11,750 compared with 11,003
in the preceding period.
Most producers, Ford excepted, are expected to
the
continue
the
the
at
in
lower
schedules
consecutive
until
effect
in
now
after
This
caused by stronger prices
was
The iron and
partially from export competition.
Pennsylvania,
steel composite was
carried
Steel ingot
placed at
.
production for the week ended Dec. 13, is
shade
a
Finished
2c. to $38.88 by the scrap advance.
up
composite is steady at $61.70.
28% of capacity according to the
over
This compares with 30%
"Wall Street Journal" of Dec. 16.
in the
of
first
the
Week the composite of steelworks scrap prices
17c., to $13.08.
advanced, gaining
Eastern
steel
rate of about 5,000
'
year.
For the second
has
sagged slightly to
Ford has attained a
preceding week.
The "Journal"
previous week and 32 % two weeks ago.
further reports:
United States Steel is estimated at 29%, against
and
unchanged from the preceding week.
Indications
been
are
some
were
•
further drop in the current
practically unchanged on Dec. 13, there have
few companies in the industry toward curtailment
steps by a
before Dec.
Two weeks ago they were at 32 M %
that there is likely to be a
While schedules
33% in the week before
Leading independents are credited with 28%,
31% two weeks ago.
week.
the jobber functional allowance has
and
ton
per
are
buy 12.
Reinforcing
conditions.
current
only 7%
Automobile
in
larger buying after the year-end.
of
is
highest.
last
cating inventories are being depleted and assortments broken,
of
spite of this low record, for
Western mill has increased operations 10
sellers
decrease output.
to
In
months
all-time
the basis of increased orders where two weeks ago it had
on
a
from miscellaneous sources.
eight weeks, and the Mid
points
encouragement
centers
slightly better volume of orders
3891
Chronicle
18.
The following table gives a comparison
with the nearest corresponding
of the percentage of production
week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
manganese
Western and
that
something definite
Production
stainless
of
come
steel
This
was
1933
awaiting
1932
apparently
production since December,
monthly
lowest
the
47
this
1934.
28
70
—1
into the market to the
a
37% less than October output and 59% Mow March, the high tonnage
year.
+3
56
......
34
have bought,
Southern lines
80
1936
1934
for
cars
the pending freight rate increase petition.
ingots in November was 2,153,781 gross tons, almost
on
29
fleet of
steel streamlined
Eastern roads have not yet
luxury trains.
extent
43
and
locomotives
diesel
—2
28
1935
Independents
U. S. Steel
Industry
1937...
—4
87
33
+3
—1
15
—
1931
25
—1H
26
—1
1930
37
44
+1
1929
63 X—
64
—1
1928
80
+3
35X+3X
14^-1
30X+2X
14
24
—2
32
>
—1
63
79
—3
70 X +5
67 X+4
__
/
X
82
—2
1
1927
—3
38
+2H
28
X
+4X
64
+1
+1
65
+3
Current Events and Discussions
ASSETS AND
Banks
The Week with the Federal Reserve
LIABILITIES OF WEEKLY REPORTING MEM BER
IN
During the week ended Dec. 15 member bank reserve
increased
$48,000,000.
Additions to member
(In Millions of Dollars)
reserves arose
creases
with Federal
and
of $10,000,000 in Treasury deposits
Reserve
banks,
$19,000,000 in non-member deposits
other Federal Reserve accounts, and $2,000,000 in Treasury
cash other than inactive
$5,000,000
in
on
increase of
an
circulation.
Excess reserves of
Dec. 15 were estimated to be approxi¬
money
member banks
gold, offset in part by
in
week.
Inactive gold included in the gold stock and Treasury
cash amounted to
$1,233,000,000
on
Dec. 15, unchanged
for the week.
Assets—
<"
1936
$
$
$
■vi'v'"1"1 ^'«-V.:-
Loans and investments—total..
7,981
7,927
Loans—total....
3,570
3,590
Commercial,
industrial,
parison with the preceding week and with the
corresponding
will be found on pages 3928 and 3929.
Changes in the amount of Reserve bank credit outstanding
and related items during the week and the year ended
Dec. 15, 1937, were as follows:
date last year
Increase
(+)
or
Dec. 8, 1937
Decrease
(—)
_
16,000,000
3,000,000
2,564,000,000
...
Bills bought
U.
--
S. Government securities....
Industrial
advances
(not
,.
233
233
*
1,568
*
31
414
31
411
*
*
194
191
*
29
30
*
Loans to brokers and dealers.
732
770
43
44
232
232
130
48
131
38
77
13
1
77
13
2
22
,36
+21,000,000
2,625,000,000
Money in circulation
Treasury cash
+210,000,000
+ 44,000,000
6,884,000,000
.......
+ 48,000,000
3,620,000,000
232,000,000
+ 5,000,000
—2,000,000
+ 1,274,000,000
—10,000,000
+ 59,000,000
689,000,000
...
R. bank..
Non-member deposits and other Fed¬
Treasury deposits with F.
Returns of
+148,000,000
+ 1,000,000 +1,543,000,000
+2,000,000
+93,000,000
6,596,000,000
...
eral Reserve accounts.
+ 13,000,000
+ 19,000,000
Member bank reserve balances
-19,000,000
+197,000,000
Member Banks in New York
City and
Chicago—Brokers' Loans
"Below
Federal
is the statement of the
Reserve System
Board of Governors of the
for the New York City member
Chicago member banks for the cur¬
rent week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday:
banks and also for the
1,056
42
Other loans fo r purchasing or
carrying securities
Real estate loans............
....
*
130
27
*
14
6
Other loans:
236
189
237
190
3,111
3,049
3,661
920
21
86
899
1,118
364
924
2,451
56
447
1,060
2,582
61
87
480
103
255
613
31
164
59
100
256
608
31
159
63
98
266
623
38
206
75
V-V-'-'li'-h''5,917
6,445
662
614
On securities
Otherwise secured & unsee'd
U. S, Govt, obligations
Obligations fully guaranteed by
Cash In vault.
*
*
♦
*
*
•
359
941
2,530
Reserve with Fed. Res. banks..
60
......
66
477
73
Balances with domestic banks..
470
Other assets—net
Liabilities—
■
1,496
454
1,486
454
364
228
203
65
45
1,614
449
72
2,021
378
1,936
2,498
370
411
524
6
523
6
639
4
14
7
5,826
662
Demand deposits—adjusted
Time deposits
United States Govt, deposits...
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
Complete
—7,000,000
18,000,000
Treasury currency
2,096
614
366
374
364
19
19
24
1,483
...
1,483
1,452
247
248
236
+8,000,000
+i3^4,boo~66o
2,631,000,000
vl2,765,000,000
Gold stock......
1,920
665
♦Comparable figures not available.
—1,000,000
30,000,000
Total Reserve bank credit..
$
1,944
666
8,777
3,609
1,676
Returns
Reserve
$13,000,000 commitm'ts—Dec.15)
1936
$
and
Otherwise secured & unsee'd
including
Other Reserve bank credit
Dec. 16
1937
$
Dec. 16. 1936
$
Bills discounted
+•-
Open market paper..
Capital account
Dec. 15, 1937
'■<"
15
agricultural loans:
On securities
United States Government...
principal changes in holdings of bills and securities
were an increase of $33,000,000 in United States bonds and
a decrease of $33,000,000 in United States Treasury notes.
The statement in full for the week ended Dec. 15 in com¬
Dec. 8
1937
Dec. 16 Dec.
1937
Other securities
The
Dec. 8
1937
Loans to banks..
mately $1,060,000,000, an increase of $10,000,000 for the
15
Dec.
from increases of $19,000,000 in Reserve
$2,000,000 in Treasury currency and de¬
bank credit and
Chicago
New York City
balances
bank
BANKS
CENTRAL RESERVE CITIES
of
Member Banks of the Federal
System for the Preceding Week
explained above, the statements of the New York
As
and
Thursday, simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until
Chicago member banks are given out on
the following
Monday, before which time the statistics cover¬
ing the entire body of reporting
member banks in 101 cities
compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
cannot be
close of business Dec. 8:
The
leading
Dec.
condition
statement
cities shows
8:
of weekly reporting
Increases of $108,000,000 in
total loans and investments, $70,-
000,000 in loans to brokers and dealers in securities,
of United
States
Government
101
for the week ended
member banks in
the following principal changes
direct obligations,
$50,000,000 in holdings
$95,000,000 in demand
of $83,$66,000,000 in
deposits—adjusted, and $36,000,000 in vault cash; and decreases
000,000 in reserve balances
with Federal Reserve banks,
Financial
3892
balances
banks,
domestic
with
$51,000,000 in
time deposits,
and
Chronicle
$64,-
the
to
000,000 in deposits credited to domestic banks.
Commercial, industrial and agricultural loans decreased $9,000,000 in
^
New
York
Chicago district, all reporting member
Government
States
banks, and declined
$115,000,000 in New York City,
$33,000,000 in the San Francisco district and $11,-
York City and $51,000,000 at all reporting member banks,
New
in
domestic
declined $49,000,000 in
banks
all reporting
at
member banks.
and
Deposits credited to
of weekly reporting
New Yrk City and $64,000,000
banks
increased
$7,000,000
of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and year ended Dec. 8, 1937, follows:
Increase
(+)
Decrease
or
(—)
Since
Dec. 8. 1937
Assets—
$
Loans—total
Dec. 1, 1937
Dec. 9, 1936
$
$
■
21,489,000,000
9,509,000,000
...............
+108,000,000 —1,105,000,000
+68,000,000
+597,000,000
Commercial, industrial .andagri-
;
Open market paper....
476,000,000
—3,000,000
,
The
*
—6,000,000
+1,000,000
•
*
946,000,000
+ 70,000,000
—304,000,000
654,000,000
+ 4,000,000
1,168,000,000
+1,000,000
+ 9,000,000
*
+14,000,000
+21,000,000
....
loans
for
purchasing
carrying securities
Real estate loans.....
Loans to banks.
or
—......
77,000,000
—...........
On securities
735,000,000
825,000,000
U. S. Govt, direct obligations.... 8,013,000,000
Obligations fully guaranteed by
United States Government
1,102,000,000
—3,000,000
*
—5,000,000
*
+ 50,000,000 —1,179,000,000
—
Other securities
Cash in vault..
2,865,000,000
5,291,000,000
340,000,000
Balances with domestic banks....
1,803,000,000
Reserve with Fed. Res. banks
—16,000,000
—144,000,000
+ 6,000,000
—379,000,000
—83,000,000
—26,000,000
+ 36,000.000
—96,000,000
—66,000,000\ —654,000,000
Inter-bank deposits:
Domestic banks
—781,000,000
+133,000,000
—33,000,000
408,000,000
Borrowings..
13,000.000
—64,000,000 —1,222,000,000
—10,000.000
—39,000,000
+ 7,000,000
+13,000,000
therefore
Ambassador
furnish
to
relief
Japan, Following Sinking of
Yangtze River—Warship and
3 Standard Oil Vessels Also Bombed Were Carrying
Panay
in
Refugees—Secretary Hull States Japanese Surface
Craft
Machine-Gunned
Also
Diplomatic
Panay—Text
of
matter to get
the Japanese Government
was sent
by the United States this week, following an in¬
cident on Dec. 12, when Japanese airplanes bombed and sank
the American gunboat Panay on the Yangtze River above
Nanking.
The planes also bombed and sank three vessels
owned by the Standard Oil Co.
All four ships were carrying
refugees from Nanking.
Three, persons were killed and 14
were
injured in the attack.
The Japanese Government
promptly admitted responsibility for the incident, promising
to punish those involved and to furnish reparations.
Presi¬
dent Roosevelt, in a memorandum to Secretary of State
Hull, went to the unusual length of "requesting" that the
United States protest be conveyed personally to Emperor
Hirohito of Japan.
This action was regarded as of special
importance, since the Japanese Army and Navy are re¬
sponsible only to the Emperor, and have no direct connection
with the Japanese Foreign Office, which was
prompt in sub¬
mitting its apologies for what it termed an "accident" and a
"grave error."
Meanwhile Japanese planes within the last
week also bombed British vessels on the
Yangtze.
On
Dec.
15 the British
Government sent
of protest to
revealed that the German
a
note
Tokio, while on Dec. 14 it was
Government had also protested to Japan against the bomb¬
ing of the British steamer Wangpu, on the ground that
temporary offices of the German Embassy in China had been
established
on
the vessel.
Secretary Hull said at his press conference on Dec. 16 that
Japanese surface vessels had machine-gunned the Panay
after it had been bombed from the air.
He added that this
information had been sent to Tokio for transmission to the
Japanese
Government.
The State Department
following
apologies
Panay:
Please tell
-1.
WHITE
HOUSE
indiscriminate
Yangtze and
President
is
the
American
had
authorities
that
the Japanese
that
survivors
the
at
Japanese troops
authorities
but
Hohsien,
and
trying
were
the place
that
fighting and that it
are
informed
vessels,
was a
relief to them.
,
is
one
difficult
•
:
.
Minister
"The
for
has just called
Foreign Affairs
has informed
in person
me
on
at
of the receipt of a Domei report from
me
Japa¬
nese planes had bombed three Standard
Oil vessels and had sunk the U. S.
S. Panay while in the close vicinity on the Yangtze above Nanking.
The
Minister said that he had as yet received no official report, but that he
had come immediately to express to our Government the profound apology
of
the
"He
following fleeing remnants of the Chinese Army,
in
Government
Japanese
to
same
that Admiral
said
the
accident.
communicated
authorities.
"The
the
to
He
said
Ambassador
that
do
the
responsibility
for
Saito
would
immediately after
visit this morning
my
said:
'I
cannot
possibly
Navy
and
War Ministers
have
sent
how
express
r.v'U'U:/
Navy
he
representations to the Japanese naval and military
my
Hirota
had accepted full
Hasegawa
that
this.'
about
and
you.
had
similar
badly
feel
we
' '■.■'
expressions of
•
regret
War Departments in Washington through the naval and
and
here."
military attaches
Dec. 12 sent
on
preliminary instruction to the
The preliminary instruc¬
a
American Ambassador in Tokio.
tion read
and
follows:
as
British
above
Nanking
repeatedly
were
stated
all
on
above
miles
including
merchant
and
have
to
fire
to
Hankow indicate
from
naval
reported
bombed.
and
on
that
A Japanese
military
Japanese
forces
source
have
the Yangtze.
on
S. Panay and three Standard Oil steamers at point 27
Nanking
embassy
fired
Wuhu
at
ships
that yesterday and today American
at
various points on
Yangtze
vessels
reported
are
personnel,
navy
bombed
sunk
and
personnel and
some
and
survivors-
refugees—are now
Hohsien.
at
"Please
action.
Impress
take
to
Minister Hirota, ask for informa¬
immediately inform Foreign
that Japanese Government immediately take appropriate
and request
tion,
upon
him the gravity of the situation and the imperative
precaution against further attacks
every
on
American vessels
personnel.
or
"When
we
further particulars I
have
shall give you further instruction."
On Dec. 14 the State
Department made public the follow¬
ing text of the note which had been sent to Japan formally
protesting the bombing of American war and commercial
ships:
by
the facts
the
and
Panay
Meian
essential
people of the United
the bombardment and
of
sinking
Meisian
and
The
River
and
Government
The
shocked
or
burning
of
the
States have been deeply
the U. S. S.
sinking of
American
Meiping,
steamers
by Japanese aircraft.
facts
that
are
American
these
vessels
were
in the
Yangtze
that they were flying the
American flag; that they were engaged in their legitimate and appropriate
business; that they were at the moment conveying American official and
by uncontested
personnel
private
they had
to avoid
With
incontestable right;
from
away
points
times changed
several
regard
has
the
that
plane
endeavored
four
but
meters,
the
to
their
where
danger
had
developed; that
in order
moving up-river,
position,
attack,
a
Japanese naval
responsible
officer
at
commander-in-chief of the American Asiatic
vessels were proceeding up-river; that a Japanese
the
informed
Fleet
300
and
danger; and that they were attacked by Japanese bombing planes.
Shanghai
to ascertain
their nationality,
flying at an altitude of
that three Japanese
unable to distinguish the flags;
was
bombing planes, six Japanese fighting planes, and two Japanese bombing
in sequence, made attacks which resulted in the damaging of one
American steamers and the sinking of the U. S.
S. Panay and
planes,
the
of
the
other
Since
steamers.
beginning
of
of
present
unfortunate
hostilities
between
have repeatedly assumed the Government and authori¬
the United States that it is the intention and purpose of the Japa¬
Japanese armed forces to respect fully the rights
Government and the
nese
and
the
various points
ties at
ties
two
the
and China, the Japanese Government and various Japanese authori¬
Japan
interests
On
several
of
other
occasions,
powers.
however,
acts
of Japanese armed forces have vio¬
the rights of the United States, have seriously endangered the lives
American nationals and have destroyed American property.
In several
of
instances
the
Japanese
Government has admitted
the
facts,
has expressed
regrets and has given assurance that every precaution will be taken against
In
Secretary of State at 12:30
p.
Mv Dec. 13, 1937.
deeply shocked and concerned
at 1
so
o'clock:
by the
bombing of American and other non-Chinese
that he requests that the Emperor be
Saito
of
the
such
incidents.
present case acts of Japanese armed
forces have taken place in
complete disregard of American rights, have taken American life and have
the Japanese Ambassador when you see him
That the
Ambassador
receiving the instruction quoted above, Ambassador
Joseph C. Grew today reported to the Secretary of State
from Tokio, as follows:
'
recurrence
Washington
Memorandum handed to the
instructed
lated
on Dec. 13 issued the
series of statements in connection with
protests and
in connection with the sinking of the
THE
the
Before
need
Exchanges
A series of formal protests to
that
further
said
to
"Today the U. S.
Gunboat
had
Minister
added
where Chinese and
orders
United States Protests to
Minister of
Foreign
concerning
reports
authorities of the position of the American
the bombing was a very grave blunder.
Japanese
that
is
Comparable figures not available.
the
bombing and
Panay, called upon Ambassador Grew in Tokyo
S.
Foreign
Ambassador
The
"Telegrams
4,996,000,000
Foreign banks
*
S.
Secretary that
Secretary to do.
Mr. Hull
+ 95,000,000
—51,000,000
+1,000,000
from the
given to the Secretary of State. The Ambassador also
instructed to extend full regrets and apologies, which he came to the
was
Liabilities—
Demand deposits—adjusted......14,707,000,000
Time deposits..
5,183,000,000
United States Government deposits
417,000.000
D. R.
reports were to ge
Other loans:
Otherwise secured and unsec'd
F.
regrets.
Japanese
Shanghai that,
Loans to brokers and dealers in
securities
in
'
the Secretary of State at 1 o'clock
upon
the
official
receiving
the Chancery and
cultural loans:
On securities.576,000,000
Otherwise secured and unsec'd 4,052,000,000
Other
offered
and
The
A summary
informed
He
before
Japan,
during the week to $13,000,000.
Loans and investments—total
Japanese Ambassador called
afternoon.
the
member
attack
similar
,
1
at
sinking of the U.
Deposits credited to foreign banks de¬
clined $10,000,000 in New York City.
Borrowings
full compensation;
repetition of any
a
informed Ambassador Saito of this instruction
o'clock, Dec. 13, 1937.
Hull
House
The
Time deposits declined $60,000,000
increased $13,000,000 in the San Francisco district.
against
,
Secretary
White
this
$18,000,000 in the Boston district and $95,000,000 at all reporting member
000,000 in the Kansas City district.
future.
Government:
proffer of
regret and
guaranteeing
this
to
(Signed)
Holdings of "Other securities"
increased $6,000,000 during the week.
Demand deposits—adjusted increased
of
expression
be
hoped the Japanese Government will
net increase of
a
declined $11,000,000 in New York City and
$16,000,000 at all reporting member banks.
Methods
the
Holdings of obligations fully guaranteed by the
$50,000,000 for the week.
United
banks showing
Full
b.
Uhited States Government direct obligations increased
$59,000,000 in New York City and $9,000,000 in the Richmond district,
and declined $8,000,000 in the Cleveland district and $7,000,000 in the
of
9
is
presentation
for
18, 1937
being assembled and will shortly be presented
are
meantime it
definitely
a.
Chicago district and $70,000,000 at all reporting member banks.
Hi Holdings
the
in
considering
New York City $5 000,000
and dealers in securities increased $60 000 000 in
in the
Loans to brokers
City and at all reporting member banks.
facts
Government.
Japanese
That
3.
the
all
That
2.
Dec.
vessels
advised.
news
on
destroyed American
In
and
of
the
these
property, both public and private.
circumstances
the
Government
expects of the Japanese Government a
of
the
United
,
States
requests
formally recorded expression of
tions,
and
undertaking to make complete and comprehensive indemnifica¬
an
assurance that definite and specific steps have been taken
which
will
insure
regret,
an
that hereafter American nationals, interests and
property
Volume
in
China
will
unlawful
be
not
interference
subjected
by
by
attack
to
Japanese armed
forces
ASSETS
or
Japanese authorities or forces whatsoever.
any
14,
18,643,214.65
13,401,493.92
20,212,304.59
16,809,831.87
123,336,506.09
..146,124,156.50
115,558,294.03
148,389,289.40
Cash
hand and
on
269,460,662.59
263.947,583.43
39,822,139.66
7,754,457.89
60,552,702.40
1,630,667.36
6,184,800.00
47,576,597.55
on current
58,368,169.76
18,958,179.22
74,838,949.52
103,113,305.36
account with banks.-
Sight funds at interest
Redlscountable bills and acceptances:
1.
Commercial bills and bankers' acceptances
2.
Treasury bills
1937.
Dec.
12
which the United States gunboat
in
Time funds at interest:
Not exceeding three months
Between three and six months
Company were
sunk by bombing of Japanese naval aircraft at a point about 26 miles
above Nanking, I had the honor, as soon as unofficial information of the
incident was brought to my knowledge,
to request your excellency to
transmit to the United States Government apogoliea from the Japanese
three
Gavernment.
belonging
steamers
'
to
the
Standard Oil
Between six and nine months
Total
Sundry bills and investments:
1.
it has
(a)
(b)
subsequently
reports
Chinese
troops
bombed
were
incident
most
fleeing
from
3.
in
,'
the light of
is entirely
due to
profoundly that it has caused
sincere
••,i
2,
V''
v
will
Government
2.
Dividend
3.
General reserve fund
of
was
familiar
a
naval
pattern.
merchant
and
It reminded the
shipping "raise
grave
The
demanded punishment
then
note
formed
.
their
of
Foreign
ment
Anglo-American action of any kind except for laments in govern¬
it could not take place now.
Press advices from Tokio on
Dec. 16 the Japanese Navy announced it would take action
without precedent in its recent annals to ease the tension
arising from the sinking of the United States gunboat Panay
by Japanese planes. In part these advices continued:
According
The
to
nation could render to another, would be given the four persons
one
A company of
Sunday
on
the Pahay and three Standard Oil boats.
bluejackets was ordered to fire the salute of honor to the
victims at the spot on
201,439.575.94
2,651,150.42
2,622,445.86
1,025,314.39
Sight
1,025,859.12
5,821,672.10
6.019.129.60
6,846,986.49
7,044,988.72
..
Other depositors:
3.
Not exceeding three months..
Sight
(a)
(b)
.
..
TotaL............
..
Sight deposits (gold).
8,391,479.40
by the United States for indemnities, apologies and guarantees that there
would be
no recurrence
► The official said,
of the attacks.
however,
"the
negotiations at present are entirely
between the governments and, therefore,
Jap£n will reply
picture."
Statement
of
Total
Condition
resources
His Majesty has no part in the
to the American note in a
Settlements
of
as
Bank
for
few days, he added.
International
of Nov. 30
of the Bank for International Settlements,
Switzerland, declined during November from 671,-
259,624 Swiss francs Oct. 31 to 653,261,875 Swiss francs
Nov. 30, according to the Bank's statement of condition
as
of the end of November, made available on Dec. 5.
The assets of -the Bank on Nov. 30, however, are above a
1.
Guaranty on commercial bills sold.
2.
Sundry items
._
when they amounted to 604,907,229 Swiss francs,
during November were time funds
at interest, total sundry bills and investments, guaranty on
commercial bills sold, and sundry items.
Assets which decreased
statement
of
the
Bank for Nov.
30,
as
comnared
reported as follows in Associated Press
advices from Basle Dec. 5 (figures in Swiss francs at par):
was
2,432,451.78
38,731,112.09
39,844.001.53
..
...
42,265.333.77
41,163,563.87
.653,261,875.41
Total liabilities
671.259.623.87
Withdraws from League of Nations—Premier
Charges "Crumbling Temple" Is Place
"Where War Is
Prepared"-—Pledges Country to
Italy
Mussolini
Continue to Collaborate for Peace
Italy from the League of Nations was
The withdrawal of
Dec. 11 by the Grand Council of the Fascist
decided upon on
party and proclaimed shortly after by
solini from a balcony of the
Premier Benito Mus¬
Addressing
Palazzo Yenezia.
leave with no
but
where war is prepared," according to a United Press inter¬
pretation of his remarks.
While Italy has made formal
notice of its withdrawal, her membership in the League will
huge gathering, the Premier said that "we
regrets the crumbling temple where there is no peace,
not end officially until two years
hence.
Mussolini, in his address, took exception to the
Premier
imposed by the League of Nations against
Ethiopia. He said:
sanctions
Italy
because of its conflict with
The historic decision
have
you
with
greeted
crastinated.
We
the
by
for many years
economic
Geneva.
Mussolini
no
which
longer be pro¬
to give to the world a
daring
strangulation
the
of
Italian
people
1
withdrawal
"Italy's
pride could
We do not forget, however, as we will not forget,
at
attempt
frightful
perpetrated
enthusiastic
most
able
were
the Grand Council has acclaimed and
which
example of our patience.
from
continued,
the League of Nations," Pre¬
"represents an event of great
importance, which has attracted the attention of
historical
world, and whose consequences cannot yet be completely
foreseen.
Not because of this shall we abandon the funda¬
the
mental
policies
political
which
directed
our
collaboration
peace."
In commenting on Italy's withdrawal from the
League, advices from Rome, Dec. 11, by the Associated
Press, had the following to say:
In
leaving the League, Italy followed the footsteps of Germany and
Japan, with which nations she is joined in an anti-Communist pact.
for
Membership
pursued
The
"policy of non-cooperation" with Geneva.
a
continue
sanctions
present
of
at
late Marchese
Council
because
,
dates from May 11, 1936, when the Italian delegation
meeting of the League Council after the Council had
a
members
All
were
the
of
estrangement
walked out of
to
the League does not end officially until two years after a
withdrawal, but Italy for more than a year past has
in
notice
formal
year ago,
with Oct. 31,
8.415.411.61
2,421,332.24
..
Miscellaneous:
mier
high government official said Japan would meet the demands made
The
6,216,420.00
154,238,299.22
40,984,856.72
..181,795,537.95
Total
-
the Yangtze River above Nanking where they were
killed and the Panay sank with flags flying.
Basle,
134,422,587.69
41,119,519.18
Six and nine months
Not exceeding three months.
Sight
Central banks for account of others:
2.
Associated
Navy Ministry announced a formal salute, called one of the highest
killed in the attack
A
6,253,431.08
Between three and six months
(a)
(b)
(c)
(d)
a
protest.
quarters that
honors
(various currencies):
Central banks for their own account:
1.
Secretary Anthony
The text of the British note was communicated to Washington before
being sent to Tokyo, a visible symbol to the Japanese that the British
and American Governments were keeping in close and friendly contact on
events in the Far East.
But nothing more was heard today of the idea
of joint
262,390,116.10
263,227,865.61
Short-term and sight deposits
1,030,800.00
31,439,316.10
..
responsible for inci¬
of the men
Eden told the House
of Commons today, "must impair relations between the two countries."
Finally in polite language, but with scathing implications, the note
spoke of the latest Japanese apologies and of all previous assurances that
the interests of foreign powers in China would be respected.
"It is clear," said the British note, "that steps hitherto < taken by the
Japanese Government to prevent such attacks have so far failed in that
purpose, and His Majesty's Government must now
ask that they be in¬
formed that measures have actually been taken of a character which will
put a definite stop to the incidents of which they complain,"
All this was strikingly similar in tone and substance to the note al¬
ready sent by Washington to Tokyo, although the British did not follow
President Roosevelt's example in
asking that Emperor Hirohito be in¬
recurrence,
76,640,000.00
,
..
Total
whose
153,280.000.00
..
follows:
British
23,183,521.77
23,183.521.77
Total
Long-term commitments:
1. Annuity trust account deposits........... ..153,712,500.00
76,856,250.00
2. German Government deposit
1,036,800.00
3. French Government deposit (Saar)
31,622,315.61
4. French Government guarantee fund
spot.
dents
6,315,304.73
12,630,609.44
fund....
reserve
Total
Japanese that
issues."
With icy coldness it revived evidence that these attacks were not accidents
but deliberate actions ordered by the senior Japanese military officer on
the
4,237,607.60
6,315,304.73
12,630.609.44
Legal reserve fund
to the New York " Times" discussed the British note of pro¬
on
125,000.000.00
4,237,607.60
1.
had called at the
Department to express his Government's deep regret
over the bombing.
On Dec. 16 Rear Admiral Teizo Mitsunami, chief of Japanese naval aerial operations, was
relieved of his post as the result of the bombing of the Panay.
A London dispatch of Dec. 15 from Ferdinand Kuhn Jr.
note
.125,000,000.00
Reserves:
Meanwhile Ambassador Saito of Japan
The
2,191,805.15
671,259,623.87
LIABILITIES
State
.
2,183,655.68
653,261,875.41
Total assets
make
KOKI HIROTA.
attacks
1,014,682.34
1,177.122.81
-
Total
consideration.
as
296,328,435.15
1,006,822.94
1,176,832.74
r ">!.•-■ ",V.
V". V.
and desire to present hereby
.
indemnifications for all losses
and deal appropriately with those responsible for the incident.
Further¬
more, they already have issued strict orders to the authorities on the spot
with a view to preventing recurrence of a similar incident.
The Japanese Government, in fervent hope that the friendly relations
of Japan and the United States will not be affected by this unfortunate
affair, have frankly stated as above their sincere attitude, which I beg
your excellency to make known to your Government.
I avail myself of this opportunity to renew expressions of my highest
test
275,735,780.37
34,383,005.00
1 *
■
Capital paid up.............
apologies.
47,500,442.79
35,444,946.37
Guaranty of central banks on bills sold
Sundry items
damage to a United States man-of-war
our
39,257,075.85
53,051,507.26
Total
Oth©r assets *
1.
29,654,933.64
Treasury bills
Sundry investments
the above circumstances that the pres¬
ships and casualties among those aboard,
Japanese
(a)
(b)
33,994,053.13
55,636,015.39
Treasury bills
Sundry investments
mistake, the Japanese Government regret
a
and
The
Over six months:
(a)
(b)
'
46.231,801.99
Between three and six months
Nanking and were going up
sunk.
and
While it is clear
ent
were
Treasury bills
Sundry investments
2.
the
river by steamer, took off in pursuit, and discovered such vessels at the
above-mentioned point.
Owing to poor visibility, however, the aircraft,
although they descended to fairly low altitudes, were unable to discern
any mark showing any of them was an American ship or man-of-war.
Consequently the United States gunboat Panay and the vessels of the
Standard Cil Co., being taken for Chinese carrying fleeing Chinese troops,
that
Maturing within three months:
,
received from our representatives in China
been established that the Japanese Air Force, acting on information
From
13.775,479.27
25,886,485.30
Gold in bars
Total
Regarding the incident of
Panay and
Oct. 31
Nov. 30
•
Foreign Minister Hirota of Japan on Dec. 14 sent the
following note of apology to the United States, through
Joseph C. Grew, the American Ambassador at Tokio: ~
Dec.
3893
Chronicle
Financial
145
voted
Italy because of the Ethiopian war.
.
.
.
Grand Council, supreme governing body in Italy,
against
the
the meeting except Gabriele D'Annunzio, who succeeded
Guglielmo Marconi as an ex-officio member of the Grand
of
his
(D'Annunzio's)
election
as
President
of the Royal
Academy.
Count
London
Dino
for
the
Grandi,
session
Italian
and
he is Governor General of
Ambassador
Field
Marshal
to
Great
Italo Balbo
Britain, came from
from Libya, where
Italy's colony in North Africa.
Financial
3894
Premier
ing of
speech from the balcony was preceded by the read¬
Mussolini's
decision, by Achille
brief communique, announcing the Council's
a
Chronicle
Dec.
Mr. Forcade said that, according to the note delivered to him, the issue
might be
$85,000,000, which would cover the entire indebtedness,
to
up
the hands of United
including $40,000,000 in
Starace, Secretary of the Fascist party.
1937
18,
States and Cuban bond¬
holders, $20,000,000 in the bankers' short-term credit held by the Chase
Premier Mussolini's address
contained in Rome United Press advices of Dec. 11:
The following is the text of
as
The historic decision
have
you
greeted
crastinated.
example
forget,
with
We
of
for
We
patience.
our
the
frightful
enthusiastic pride could no longer be pro¬
many years to give to the world a daring
most
able
were
has acclaimed and which
Council
the Grand
which
do
attempt
however, as we will pot
strangulation of the Italian
forget,
not
economic
at
We
The
have
could
hoped
the League
that
make
ready to
was
a
rightful
do.
did not do and will never be able to
This it
reparation.
governments drowned
themselves no sooner
with that destructive atmosphere
typical of Geneva, controlled by muddled, hidden and inimical forces
against our Italy and our revolution.
In these conditions our presence on the threshold of Geneva was no
longer tolerable.
It wounded our doctrine, our style and our temperament
intentions of certain
good
than
their
delegates came
The
Bank
and
other
banking institutions
certificates.
no
con¬
might find necessary to meet this obligation.
taxes the Government
While
$20,000,000 in
and
j
paid by present revenue augmented by whatever
issue would be
new
official statement was issued by the commission indicating that
agreeable to the plan, it was learned that
holders of the indebtedness were
representatives of the bondholders were presenting a statement of their
principals, and it is expected that an agreement will be reached.
people perpetrated by Geneva.
gesture of
National
tractors'
into
contact
Comparative Figures of Condition of Canadian Banks
In the following we compare the condition of the Canadian
banks for Oct. 30, 1937, with the figures for Sept. 30. 1937,
and Oct. 31, 1936:
STATEMENT
CONDITION
OF
THE
OF
BANKS
DOMINION
THE
OF
CANADA
OF
soldiers.
of
The
time
approached
inside
remain
(Crowd
Here
it
solve
to
necessary
was
this
dilemma:
Outside?
(The crowds shouted "No!")
Inside?
"Yes!")
shout
we
when
get out.
or
shouted
"basta," which
our
enough, and
means
we
leave with
is
war
It
there
and
^r'
prepared.
which determined
could
this
be
is
which
Nations represents an event of
attracted
has
the
the
of
attention
whose consequences cannot yet be completely foreseen. '
of this shall we abandon the fundamental political policies
because
which directed
collaboration for peace.
our
luminous example
Threatening
by consecrating for
which
voices,
from
leave
There is
any
we
world
and
well-tempered
the heroic spirit of
possess
the sky,
We have weapons in
sacrifices.
numerous
has
ever
been
by
have given
we
a
-
-
Total.
Dominion notes
been
raised'
and
which
revolution,
capable of
are
land and at
on
victorious
two
who
human
no
which
sea
but
ware,
Deposits with Bank of Canada
—
United States & other foreign currencies.
Cheques on other banks———————
above
all
strength
in
including bills rediscounted
made
Deposits
mission
is
need
no
Canada
in
for legislation
Act
Administration
Futures
such as
indicated
was
on
18 by A.
E. Darby, Secretary of the Winnipeg Grain
Exchange, in presenting his views to the Royal Grain In¬
quiry Commission at Ottawa.
According to Mr. Darby, con¬
ditions
Exchange are
of Trade.
He
stated that the Winnipeg Exchange is not opposed to ap¬
pointment of a supervisor whose observations and experi¬
ence might result in improvement of exchange regulations
and practices.
This was reported in Canadian Press advices
from Winnipeg, which also said :
prevailing
different
While
from
attempts
occurred
the
in
to
the
on
those
the market
corner
United
Grain
Winnipeg
the Chicago Board
on
States,
or
had
they
due
3,915,135
they
taken
place
Winnipeg,
at
prices
regulated by the large exportable surplus of grain.
were
Simi¬
larly, attempts to depress prices stimulated demand and brought Canadian
pushed too high, exports ceased and prices came down.
were
prices back
The
to a level
proportion
smaller
available
for
protection
in harmony with world conditions.
Winnipeg
delivery
than at
at Winnipeg
against undue
Chicago.
much
speculation
sharp rise and
a
always
was
influence of
sudden
a
on
manipulation
but
to
"If anyone
suffered
short," said Mr.
made
the
heavy
a
demand
in the United States.
any
Darby.
21,780.334
72,956,767
97,668,520
86,395,247
Kingdom
and
Government
Provincial
Government securities
ish,
and
foreign
1,093,995,502
*
Canadian municipal securities
colonial
,119,772,593 1,096,674,545
and Brit¬
public se¬
182,903,952
133,786.565
curities other than Canadian
Railway and other bonds, debs. A stocks
192,587,428
162,447,153
133,270,530
103,951,963
(not exceeding 30 days)
Canada on stocks, deben¬
in
marketable
sufficient
; cover.
value
of
to
99,933,164
63,966,296
108,547,066
770,684,341
707.850,681
172,426,943
160,359,901
26,38L 622
20,128*052
*1*4,711*563
94,314,723
91,648,032
93,517.715
12,922,236
8,746,584
4,198,243
11,611,623
8,710,298
4,239,310
73,965,337
74,326,931
74,773,993
63,929,170
67,196,172
64,267,847
5,976,786
11,591,817
5,975,111
11,039,077
9,650,163
1,906,341
v—-
769,731,884
173,452,175
11,475,903
————
1,981,052
1,529,398
81,520,704
-—-—-
53,200,038
Elsewhere than in Canada
Other current loans & discts. in Canada.
Elsewhere.—
Loans
———
to
cities,
towns,
and school districts—Non-current
66,258,008
municipalities
-——-—- -
estimated loss
loans,
--
pro¬
vided for
Real estate other than bank premises
Mortgages on real estate sold by bank..
Bank
than cost
(if any) written off
premises
not
at
less amounts
8,964,196
4,510.841
more
Liabilities of customers under letters of
credit
as
per contra.
the Minister of Finance
with
Deposit
circulation
Shares of and loans to controlled cos
Other assets not included under the fore¬
for the security of note
going heads..
7,031,645
3.298,987,096 3,339,616,384 3,202,338,006
Total assets.
Liabilities
112,206,341
108,225,813
ducting adv. for credits, pay-lists, &c
Advances under the Finance Act..
32,431,107
45,136,007
50,045,200
Balance due to Provincial governments.
37,470,354
3*7,976*774
*36,177*434
679,125,141
713,627,549
664,281.664
Notes In circulation
-
117,971,877
of
the
greater
cash
and
was
a
price levels.
the price of barley
fall in
was
not due to market
malting barley due
for
was
grain
to
a
small
injury at that time it
was someone
who had sold
and
If they
those
involved
were
either
it would be against
were
would
be
found
and
out
Plan
for
Resumption of Service on Public
Bonds—Approval of Cuban Congress Re¬
Works
the
payable after
public,
notice or on a fixed day in
Canada
Deposits elsewhere than in Canada
other
from
Loans
banks
PI
*
,583,694,718 1,574,503,186 1,510,319,426
408,490,394
425,153,422
426,210,980
Canada,
in
secure^, including bills rediscounted__
Deposits made by and balances due to
13,600,970
14,048,763
14,504,962
11,280,503
13,683,503
9,463,299
36,968,501
other banks in Canada
Due to
37,699,635
30,310,640
banks and banking correspond¬
ents in the United Kingdom
Elsewhere
than
in
Canada
and
the
1,326,765
1,217.569
981,004
63,929,170
3,207,435
2,551,540
67,196,172
64,267,847
133,750,000
133,750,000
145,500,000
I
Bills payable
Acceptances and letters
standing...
of credit out¬
Liabilities not incl. under foregoing heads
Dividends declared and unpaid
145,500,000
Capital paid up
♦
Has
by
Rest or reserve fund
punished in the interests of the members of the Exchange generally.
Cuba
mand in Canada
United Kingdom
He did not believe that short sales
Exchange,
w*
Deposits by the public, payable on de¬
r
adjusted outside the Exchange.
or
rules
futures
of
The amount
Winnipeg in December, 1936, Mr. Darby said it
crop
4,284,627
HI
24,297,260
ents elsewhere than in Canada and the
United
Dominion
Deposits
of hedging to speculative trading in grain
at
Questioned about
at
4,421,761
22,788,808
Balance due to Dominion Govt, after de¬
Canadian
much
6,006,622
23,448,649
111.396,901
116,954,863
Due from hanks and banking correspond¬
manipulate prices might have
not
he said.
If
44,340,624
182,876,712
5,112,944
24,176,317
_
balance
and
with
Loans to Provincial governments
Nov.
53,716,466
179,361,600
Loans to the Government of Canada
That there
Grain
12,566.042
Due from banks and banking correspond¬
a
Futures
Legislation in Canada
According to Secretary Darby of Winnipeg Grain
Exchange—So Informs Royal Grain Inquiry Com¬
the
9,121,338
Call and short
capable of bending.
Grain
4,860,865
7,705,177
Loans to other banks in Canada, secured,
tures, bonds and other securities
For
Need
4.077,895
48,913,047
198,522,918
5,900,900
24,074,815
108,876,484
Notes of Bank of Canada
loans
No
5,043,443
—
ents in the United Kingdom
from the heads of the big democ¬
V
■
so
nothing to do against people like Italians,
are
the
have
time
time. to
perfectly indifferent.
us
-
-
3,926,269
8,529,272
-
from other banks in Canada
the waters of the Adriatic.
peace
perhaps will be raised all the more
racies,
In recent days
1936
4,603.003
Elsewhere-—- *-——-
Botes of other banks
the League of
from
have been-—
Berlin-Tokio axis
the
of
discreet.
importance,
historical
world, and
Not
Our comrades
none.
vv
1937 Sept. 30, 1937 Oct. 31,
30,
coin-
been
There has been no pressure, and
attitude.
our
true—absolutely
withdrawal
Italy's
great
'".4.'
"
simply grotesque to believe and make believe that there has
is
pressure
no
but where
regrets the crumbling temple where there is no work for peace,
Oct.
Assets
Current gold and subsidiary
In Canada
2,600,943
2,542,761
2,921,611
821,743
133,750,000
145,500,000
3,283,701,366 3,321,917,995 3,190,303,508
Total liabilities
Note—Owing to the omission of the cents in the official reports,
the footings in
the above do not exactly agree with the totals given.
quired
A new-plan for the resumption of payments on the Cuban
public works debt, in default since 1933, was announced on
Dec. 10 by Julio B. Forcade, President of the Havana Stock
Exchange and head of the Cuban Public Works Bondholders
Committee.
The committee has been studying the question
for the past several months.
The Secretary of the Cuban
Treasury informed Mr. Forcade of the details of the plan on
Dec. 10, following a meeting of the committee.
Any plan for
the payment of the public works obligations must be approved
by the Cuban Congress, said a wireless dispatch from
Havana, Dec.- 10, to the New York "Times" of Dec. 11,
which also had the following to say:
According to the proposal, the Government will make
to cover the
in
1977.
period since
1933,
when
payment
accrued and defaulted interest.
Amortization
$500,000.
a new
bond issue
public works indebtedness, with interest at 4H%. maturing
Holders of these bonds will receive 2H% interest in the 4-year
would start
From
1939
to
in
1944
was
suspended,
as
compensation
for
Agreement Renewed with Modifica¬
Features Incorporated—•
tions for Year—Two New
Recommercialization
Plan
fdr
Provides
tion of Commercial Bills for Poorest
—$3,600,000 Payment
Proposed
A
for
new
on
Standstill Agreement
1938,
to remain
in
Substitu¬
Type of Credit
Certain Obligations Also
on
short-term German debts
effect for
one
year
from
Feb.
28,
1938, with the provision for the possibility of renewal for
three
months
after
expiration,
if previously agreed to by
creditors, was adopted at conferences in London which were
concluded
Dec.
13.
from
Seigfried
Stern, Secretary of the American committee and Vice-Presi¬
on
According
to
a
cablegram
London and received and released in New York by
dent
of
the
Chase
National
Bank
of
New
York, the new
•
the
fiscal
payment
year
1938-39 with payment of
of $1,000,000
would
be
made
yearly; from 1944 to 1949, $1,500,000 yearly; from 1949 to 1954, $2,000,000;
from 1954 to 1959, $2,500,000; from 1959 to 1977, $2,750,000.
German Standstill
agreement
modifies in various respects the existing agree¬
ment which
expires
on
Feb. 28, 1938, and contains two new
provisions.
One of the new provisions calls for a so-called
"recommercialization plan," whereby, said the cablegram,
volume
there
will
bills
Financial
145
be
"gradual
a
covering
current
Germany of the
in
commercial
transactions - of
new
import
and
for
been originally
in
been
$486,000,000,
Standstill."
for
$3,600,000 of obli¬
gations bearing the guarantee of the Golddiskontbank.
The new Standstill Agreement is the eighth of its kind,
reference to the previous agreements having appeared in
our issue of Feb. 27, 1937, page 1358.
The conference this
year was held in London for the first time, the sessions in
previous years having been held in Berlin.
Creditors' dele¬
gates from eight countries were in attendance, the United
States being represented by Harvey D. Gibson, President of
the Manufacturers Trust Co., and Joseph C. Rovensky, VicePresident of the Chase National Bank, both of New York.
Messrs. Harvey and Rovensky sailed for the conference on
$641,700
Nov. 27, page 3435.
The cablegram received by Mr. Stern disclosed that the
total of Standstill indebtedness outstanding in all countries
fact that
The other
feature provides
new
the repayment after March 1 next of some
The
between
conference
annual
their
committee
agents
in
meeting
to
economic
statement
a
trade
remained
compared
to
Poland
for
ment
one
months
period
year
last
being
of this year, the
showed that while
substitution
import transactions
export and
of new commercial bills covering
of Germany of the same general
Further details of the offers of dollar
the best
as
Debtors
German
mercialization
debtors'
his
thus
be
will
optional
is
that there
Standstill
The
become
to
maximum
or
expected
year
other
will
whether
Will
or
improved.
soon
after
agreed
were
upon,
but
of the
As
it
hoped
is
and
its
that it
become
have
bankrupt
or
ceased
have
to
continue
in
business,
of the Gold¬
Golddiskont¬
bank will, under the arrangement agreed upon, satisfy their guarantee in
full by making payment at face value in currencies of countries where
credits
are
The payment
held.
of remaining outstanding
obligations
is being again postponed.
Owing to repayment
being confined to a specific group of obligations, the Golddiskontbank
will arrange various exchanges of their guaranteed obligations held by
creditors so that
each creditor having Golddiskontbank guaranteed lines
will
receive
the
same
proportionate reduction, which will amount to
such
bearing
guarantee
The
total
amount
8,700,000
approximately
will
The
the
made
be
transfer
$3,600,000,
and
payment
be
be
a232,1431 Rumania
France
455,009,1631 Yugoslavia
Great Britain
994,486,3671
in
Hungary
past
year.
three
The
months
by
desire
agreement
after
expiration
provides
on
for the
Feb. 28,
possibility of renewal
1939, if previously agreed
The usual spirit of cordiality, cooperation, and general
constructive solution of the whole Standstill situation prevailed
creditors.
for
throughout
the conference.
The agreement consummated is generally re¬
the best possible to negotiate under
garded as a distince step forward and
the circumstances.
During the past year there
involved
in
the
Standstill.
has again been a large decrease
The approximate present total
in the amount
Standstill in¬
-
.
b467,673|
51.766,147
7,438,750
a Paid in
1,913,515
full.
b $9,828 of this amount paid.
84,119,7571
Italy
notified the State Department at
Dec. 9 that they would default, and were
followed on Dec. 10 by Great Britain and on Dec. 14 by
Italy and Yugoslavia.
The other six defaulting nations were
expected to pursue a similar course, Sir Ronald Lindsay,
Ambassador of Great Britain, in a note to the State Depart¬
France
and
Washington
combined will be approximately $7,000,000
for the full
Standstill year.
There will be some further cancellation of
unavailed lines.
The registered mark privilege in connection with the
emigration of Jewish residents of Germany will be continued.
There will be no change in the interest rates which have applied during
to
1,353,227
Finland
at
for
$1,607298
.
16,315.4001 Lithuania
4,160,2871 Poland...
registered marks
the
check in the Federal Reserve Bank of
$61,300,0841 Latvia
Czechoslovakia
European and American creditors
,
a
Estonia
as
year
indebtedness
On
The total amount due from the 12 default¬
Belgium
this has made possible substantial liquidation of Standstill
face value in foreign exchange.
Exact figures will not
available * for several months, but it is estimated that the total for
present
payments.
Washington, notified the State Department
depositing
into travel marks, which was the most
last year's conference, will again, with minor
provided for in the coming agreement.
During the
fee
of
modifications,
to
resume
due from each of the 13 debtor nations:
involved
equivalent
to
practicable after March 1 next.
collected by the Reichsbank for benefit of creditors for
development
important
marks,
promptly
as
license
amount
acted
on
defaulting
Hungarian Government, through John Pelenyi,
torium of 1932.
conference is therefore
is comparatively small.
for European and American creditors combined will be
the
though
even
has
One of the 12
ing nations and Finland on Dec. 15 was $1,680,170,447.
The following tablillation shows the amounts which were
approximately 10% of his total of such lines.
This
development resulting from the present
encouraging
again the only
$9,828, in partial payment for her installment
of current and past due amoutns of $467,674.
Last August
Hungary advised the State Department that it proposed to
resume partial payments at the rate of $9,828 semi-annually
for a period of three years, or a total of $58,968.
This com¬
pares with $258,440 which will fall due during that time.
The Hungarian Government disclosed that it would seek to
negotiate a refunding of its entire debt of $1,939,000 during
the 3-year partial-payment period.
Hungary and the 11 other debtor nations which are in
arrears, defaulted during or shortly after the Hoover mora¬
thereby resulting in such credits becoming sole obligations
diskontbank, the guarantor.
In respect to these credits, the
such
was
was
New York for
institution
having
substantial resources.
Naturally, most creditors selected what
then seemed their poorest credits.
Since then various debtors among those
selected
Hungary,
its Minister to
percentage of his individual credits to receive
Finland
in full its Dec. 15 semi-annual installment
debt to the United States.
war
Dec. 15 the
guarantee of the Golddiskontbank, an existing governmental
the
previous occasions,
on
nations,
The First
Golddiskontbank.
Debt-—Hungary Makes Partial Payment—
Adjustment—$1,680,170,447 Was Due
Seek
Nation to pay
executed in September, 1931, permitted each creditor
designate a certain small
funding bonds and
from 13 Nations
not he elects to par¬
The first instal¬
March 1 next.
No
effective
guarantee
by
are
War
on
entitled.
is
he
be several recommercialization operations during
be substantial.
of major importance relates to a certain group
the
15
Finland Only Nation to Meet in Full Dec. 15 Installment
the whole amount
and that the total will
development
Standstill Agreement,
to
which
to
creditor
amounts
obligations bearing
of
each
with
expected
minimum
the
amount of
each phase of the recommercialization plan.
ticipate in
ment
recommercialization
Dec.
contained in the prospectus, which is avialthe offices of the special agents of the various loans.
able at
creditor will thereupon advise which of
exchanged for new commercial bills,
position of creditors should, as the plan operates, be much
The
It
zloty bonds
desires
he
on
amount available for recom¬
an
of the proportional
himself
for
available
indicate
Each
purposes.
obligations
availing
will
Committee
York
Province of Silesia loan of 1928.
type now in the Standstill for now existing finance
bills and cash advances generally regarded as the poorest type of credit
now
in the Standstill.
From time to time during the coming year the
quality
New
attached, in exchange therefore, its 4^2% internal state loan
of 1937 bonds payable in zlotys.
The bonds included in
this offer are the Republic's 6% loan of 1920, its 8% loan of
1925, the 7% City of Warsaw loan of 1928, and the 7%
recommercialization
gradual
the
for
provides
current
in
the holders of certain of its bonds with all unmatured coupons
marks,
developments of major importance
plan was agreed upon.
This
following two
the
year,
so-called
A
made
was
in
the following loans:
Republic of Poland 206% United States dollar gold bond loan of 1920, Re¬
public of Poland 8% external sinking fund gold dollar bond
loan of 1925, Republic of Poland 63^% external secured
sinking fund gold bond loan due Oct. 1, 1965, 7% City of
Warsaw gold bond loan of 1928, 7% Province of Silesia ex¬
ternal gold bond loan of 1928, National Economic Bank 7%
mortgage gold bond loan (II issue P. Z-l) of 1928, and Land
Mortgage Bank of Warsaw guaranteed first mortgage 8%
loan of 1924.
In addition to the offer of the dollar bonds,
the announcement said that the Republic is also offering to
total increase of foreign trade of about 1,660,000,000 marks.
than the renewal with various modifications of existing agree¬
resulted:
unre¬
of coupons of
resulting in
Other
still
were
year
foreign
German
and imports have each increased approximately 830,000,000
exports
Attention is called to the
$137,900 principal amount of the
cease.
Offers 20-Year 3% Dollar Funding Bonds
Exchange for Coupons on Various Loans
Announcement
probably not exceed that of last year, both
Germany's export surplus will
Dec. 4, 1937,
Janusz
made by the
within Germany
problem.
difficult
most
a
same
on
deemed.
in London.
place but that the
covering nine
submitted
figures
available,
latest
still
situation
exchange
foreign
after Jan. 15, 1938, after which date interest
or
bonds, previously called for redemption,
was
developments
improvement had taken
respects
many
on
the drawn bonds will
on
3% dollar funding bonds in exchange for equal face amounts
German
of
during the period intervening since the last conference, the substance
that
princpial amount of the
short-term
the
of
relative
Cuba, is notifying holders of its external loan 30-year
redemption on Jan. 15,
fund, at 100% of their
par value, by J. P. Morgan & Co., fiscal agents.
Bonds so
drawn for redemption will be paid at the office of the fiscal
Bank, both of New York.
the commencement
63^%
bonds have been drawn by lot for
1938, out of moneys in the sinking
the United
States being represented by Harvey D. Gibson, President of the Manu¬
facturers Trust Co., and Joseph C. Rovensky, Vice-President of the Chase
At
Loan
creditors, commonly known as the
representatives
It was for the first time held
Creditors' delegates from eight countries attended the meetings,
German
External
Zoltowski, Financial Counselor of the Embassy of
Poland, that the Republic is prepared to offer its 20-year
Standstill, was concluded today.
National
Cuba
dated Jan. 26, 1923, that $641,700
The
international
various
of
sinking fund 5^% gold bonds issued under loan contract
Dec. 13:
debtors and
Republic
Republic of Cuba, through Pablo Suarez, Consul General
of
American portion has
been reduced by 80%, or from the original amount of $486,000,000 to an amount just under $100,000,000.
The follow¬
ing is the cablegram received and released by Mr, Stern
75%.
of
reduction
a
of
$1,495,-
approximate $394,000,000, having been lowered from
on
reduction being approximately 80%.
the
Gold Bonds Drawn for Redemption Jan. 15, 1938
Nov. 24, as noted in these columns of
000,000,
The amount
time is just under $100,000,000, originally
generally regarded as the poorest type of credit
in the
now
is $394,000,000, the amount having
The reduction is nearly 75%.
$1,495,000,000.
in America at the present
use
having
and cash
existing finance bills
new
3895
debtedness outstanding in all countries
general quality as the best type now
same
Standstill
the
advances
substitution of
export
Chronicle
•
ment
►
I
am
on
Poland
on
behalf of his Government, said:
directed to express the appreciation of
His Majesty's Government
fully disposed
of the assurance that the Government of the United States is
to discuss any
proposals which His Majesty's Government may desire to
put forward in regard to the payment
I
am
to assure you
of this indebtedness.
discussions on the subject whenever circumstances are
the hope
And in return
that His Majesty's Government will be willing to reopen
that a satisfactory result might be reached.
such as to warrant
Financial
3896
Changes in Amount of Their Own Stock Reacquired
by Companies Listed on New York Stock Exchange
The
New
York
Stock
Exchange issued on
Dec.
16 its
monthly list of companies listed on the Exchange reporting
changes in the reacquired holdings of their own stock.
A
previous list was given.in our issue of Nov. 20, page 3272.
The following is the list made available by the Exchange on
Dec. 16: '-v', Xv]
' f
■,
Shares
Previously
Reported
981,375
Name—
Adams Express Co. (common)
Adams-Mills Corp. (common)
a
„
Addressograph-Multigraph Corp. (common)
Air Reduction Co., Inc. (common)
Alaska Juneau Gold Mining Co. (capital)
Allis-Chalmers Manufacturing Co. (common)
Alpha Portland Cement Co. (common)
American Brake Shoe & Foundry Co. (5M% pref.)..
American Coal Co. of Allegany Co. (capital)..
American-Hawaiian Steamship Co. (common)
American Machine & Foundry Co. (common)
b American News Co. (capital)
American Ship Building Co. (common)
American Stores Co. (common)......—........—.
American Woolen Co. (preferred)
Armour and Co. (Illinois) (common)
Atlas Corp. (common)
Atlas Corp. (6% preferred)
—
Atlas Powder Co. (common)
Bethlehem Steel Corp. (common)
Brown Shoe Co., Inc. (common)
—
Cannon Mills Co.
(capital)...
11,000
15,460
600
2,035
413
45,000
28,943
5,282
19,411
98,130
1,400
13
716,342
44,452
13,581
3,020
3,000
000
11,(
City Stores Co. (common)
Columbian Carbon Co. (capital, voting trust)
Consolidated Oil Corp. (So preferred)
Davega Stores Corp. (common)
Davega Stores Corp. (5% preferred)
Detroit Edison Co. (common)
Duplan Silk Corp. (common)
Federal Mining & Smelting Co. (preferred)
Federal Motor Truck Co. (common)
Florsheim Shoe Co. (class A common)
General Foods Corp. (capital)
General Railway Signal Co. (common)
George W. Helme Co. (7% preferred)
c Hercules Powder Co. (common, voting)
Hershey Chocolate Corp. (common)
Hershey Chocolate Corp. (convertible preferred)
d Holly Sugar Corp. (7% preferred)
Household Finance Corp. (common)
Interchemical Corp. (6% preferred)
International Mercantile Marine Co. (capital)
Island Creek Coal Co. (preferred)
Julius Kayser & Co. (common)
Lone Star Cement Corp. (common)
Loose-Wiles Biscuit Co. (common)
May Department Stores Co. (capital)
McCall Corp. (common)
Mission Corp. (common)
Mohawk Carpet Mills, Inc. (capital)
National Gypsum Co. (common)
National Malleable & Steel Castings Co. (common)..
National Supply Co. ($2 preference)
National Supply Co. (5M% prior preferred)
Natomas Co. (common)
Outboard Marine & Mfg. Co. (common)
Patlno
Mines
&
Enterprises Consolidated
(Inc.)
(capital stock)
Penick & Ford, Ltd. (common)
Pennsylvania Glass Sand Corp. (common, vot. tr.)..
...—._
........—
— ...
...
—
....
_.—
Pennsylvania Glass Sand Corp. ($7 preferred)
Pet Milk Co.
(common)
Poor & Co. (class B)
Pullman Inc.
100
6,614
463
589
802
960
500
7,900
4,413
81,300
2,352
12,400
None
108,283
4,300
7,171
22,355
26,900
17,207
3,504
440
110
105,000
24,585
82,100
16,200
25,703
136,929
1,100
13,000
None
None
16,215
None
None
12,570
1,400
147,751
63,773
1,654
2,755
8,671
65
(capital)
—
Pure Oil Co.
(6% preferred)
Raybestos Manhattan. Inc. (common)
Remington Rand, Inc. ($4.50 Preferred)
Reynolds Metals Co., Inc. (common)
Safeway Stores, Inc. (5% preferred)...
Safeway Stores, Inc. (7% preferred)
Schulte Retail Stores Corp. (preferred)
W. A. Sheaffer Pen Co. (common)...
Superior Steel Corp. (common)
Swift & Co. (capital)
Texas Corp. (capital)
Transamerica Corp. (capital)
Truax-Traer Coal Co. (common)
Trusoon Steel Co. (common)
54,325
3,000
40,512
35,447
370
360
252
Shares per
Latest
Report
999,075
None
6,400
13,663
12,500
14,629
1,000
2,135
13,311
46,200
20,908
10,564
19,861
98,680
9,000
11
716,421
18
13,881
5,600
4,600
12,200
1,014
1,160
1,500
9,000
5,059
81,800
2,966
8,000
300
108,311
3,970
6,171
44,710
42,900
17,507
5,234
350
60
88,748
24,600
84,120
16,400
26,803
136,956
2,600
14,700
3,700
3,194
4,715
data issued
The
by the Commission is in the series of
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 Segre¬
gation of the Functions of Broker and Dealer."
The figures
for the week ended Nov. 13 were given in these columns of
Dec. 11, page 3739.
In making available the date for the
current
week ended Nov. 20 the Commission stated:
The figures given for total round-lot volume for the New York
the
volume reported by the ticker.
460
7,757
2,554
1,424
86,240
511,055
378,284
1,212
7,752
2,694
1,724
80,250
511,045
386,885
931
9.5% larger than the volume reported
was
Curb
39,320
41,785
None
183
United Dyewood Corp. (7% preferred)
United Fruit Co. (common)
14,460
23,000
600
37,278
2,100
2,800
15,500
25,600
None
37,318
None
12.600
1,440
(7% preferred)
Westinghouse Air Brake Co. (common)
Wheeling Steel Corp. (6% preferred)
1,120
64,781
None
17,536
2,140
7,536
3,660
the ticker.
The
data
Stock
published
are
based
reports filed with the
upon
Exchange and the New York Curb
members.
verted into 10,56a shares of the latter corporation,
c Increase due to two for one stock
split-up.
d Includes shares not authorized for
listing on the New York Stock
Exchange and shares held for sinking fund.
e Includes
34,918 shares not authorized for listing on the New York
Stock Exchange.
Member
Curb
Mew Yort
While the percentage of
trading in stocks on the New York
Exchange during the week ended Nov. 20 by all
members, except odd-lot dealers, was lower than in the
preceding week, member trading on the New York Curb
Exchange was larger, it was announced by the Securities and
Exchange Commission yesterday (Dec. 17).
Member trad¬
ing on the Stock Exchange during the latest week amounted
New York
Stock
Curb
Exchange
Exchange
1,073
867
208
.
105
Number of reports received
Reports showing transactions:
As specialist*
Other than
Initiated
_
specialist:
as
floor
on
294
Initiated off floor
Reports showing
no
71
335
133
443
transactions
584
The number of reports in the various classifications may total more than
the
number
of reports
because,
received
at
times,
a
carry entries in more than one classification.
single
report
may
v
*Note—On the New York Curb Exchange the round-lot transactions of sp ecialista
"in stocks in which registered" are not strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange
odd-lot
dealer, as well as those of the specialist.
YORK
NEW
STOCK
EXCHANGE—TRANSACTIONS
ACCOUNT OF MEMBERSa
FOR
IN
ALL
STOCKS
(SHARES)
Week Ended Nov. 20, 1937
'
Total for
Week
Total volume of roun i-lot sales effected on the Exchange
Per
Cent, b
8,208,280
Round-lot
transactions of members except transactions of
specialists and odd-lot dealers in stocks in which registered:
1.
Initiated on the
floor—Bought
613,610
Sold
648,790
Total
2.
Initiated off
th§ floor—Bought..
Sold.
277,313
378,205
-
Total.
Round-lot
7.69
1,262,400
3.99
655,518
transactions
of
specialists
i
registered—Bought
In
stocks
In
which
819,390
_.
Sold.
885,130
Total
10.38
1,704,520
Total round-lot transactions of members, except transactions
of odd-lot dealers in stocks In which
registered—Bought..
Sold
Total
1,710,313
1,912,125
22.06
3,622,438
Transactions for account of odd-lot dealers In stocks In which
registered:
1.
In round lots—Bought
Sold
2.
In odd lots (Including odd-lot transactions of specialists):
534,260
132,010
.....
Total.
Bought
Sold....
1,022,508
1,472,752
Total
NEW
4.06
666,270
2,495,260
YORK
CURB
EXCHANGE—TRANSACTIONS
ACCOUNT OF MEMBERSa
ALL
STOCKS
Total for
Week
FOR
IN
Cent, b
(SHARES)
Week Ended Nov. 20, 1937
Total volume of round-lot sales effected
Round-lot
transactions
of
on
members,
the Exchange.
except
specialists In stocks In which registered:
1. Initiated on the floor—Bought
1,370,055
59,375
Sold
58,650
Total.
2.
4.31
118,025
Initiated off the floor—Bought.
Sold
Round-lot
Per
transactions of
43,165
47,380
Total.
Trading on New York Stock and New York
Exchanges During Week Ended Nov. 20, 1937
.1^
New York
Exchange by their respective
These reports are classified as follows:
63,198
Notes—a Includes 282,313 shares not authorized for
listing on the New
York Stock Exchange.
b Under agreement of merger between American News New York
Corp.
and American News Co. 5,282 shares of the former
corporation were con¬
On the New York
week, 1,370,055 shares
same
by 6.4% the ticker volume (exclusive of rights and warrants)
100
Zenith Radio Corp. (common)
New York Shipbuilding Corp. (preferred)
on
Exchange, total round-lot volume in the
exceeded
407
255
The total round-lot volume for the
week ended Nov. 20 on the New York Stock Exchange, 8,208.280 shares,
12.670
9,400
64,473
None
None
8,646
1,265
54,363
4,500
41,412
35,541
1,770
Stock
Exchange and the New York Curb Exchange represent the volume of all
round-lot sales of stock effected on those exchanges as distinguished from
300
2,000
18.
ing to the SEC, to the amount of 612,020 shares, against
total
transactions of 1,370,055 shares, a percentage of
22.33%.
In the preceding week (ended Nov. 13) member
trading on the Curb Exchange was 20.87% of total trans¬
actions of 1,315,290 shares, the member trading having been
reported by the Commission at 549,110 shares.
300
United Biscuit Co. of America (common)
United Drug, Inc. (common)
United Dyewood Corp. (common)..
Vulcan Detinning Co.
Dec.
501
1,250
29,271
48,685
U. S. Hoffman Machinery Corp. (5H% preferred)..
e United States Leather Co.
(prior preferred)
U. S. Pipe & Foundry Co. (common)
Vlck Chemical Co. (capital)
Chronicle
3.30
90,545
transactions
of
specialists
In
stocks
In
which
registered—Bought
196,910
206,540
Sold.
Stock
to
3,622,438 shares in round-lot transactions, the Commission
noted, or 22.06% of total transactions on the Exchange of
8,208,280 shares.
This compared with 3,289,067 shares of
stock bought and sold on the
Exchange for the account of
members during the previous week ended Nov.
13, which
was
22.21% of total transactions that week of 7,401,690
shares.
On
their
the
own
Total.
»
Bought
York
account
Curb Exchange, members traded for
during the week ended Nov. 20, accord¬
299,450
312,570
Sold
Total.
22.33
612,020
Odd-lot transactions of specialists in stocks in which registered:
Bought
74.957
Sold
88,767
163,724
a
The
term
"member"
includes
all
Exchange
members,
their firms
and
their
partners. Including special partners.
b Percentage of members'
culating
New
14.72
403,450
Total round-lot transactions for accounts of all members:
these
twice the total
percentages
transactions to total Exchange transactions.
In cal¬
the total of members' transactions is compared with
exchange volume for the
actions includes both purchases and sales,
only sales.
reason
that the total of members'
trans¬
while the total exchange volume Includes
Volume
Nov.
Financial
145
Chronicle
Coupons on National Hungarian Industrial
Mortgage Institute Ltd. First Mortgage 7% Gold
Bonds to be Paid at Rate of $8.75 per $1,000 Bond
The Cash Office of Foreign Credits at Budapest, Hungary,
on Dec. 15 that
pursuant to its offer of July 23,
announced
1937, it will
Nov. 1, 1937
pay
on
against surrender of coupons maturing
National Hungarian Industrial Mortgage
Institute Ltd. first mortgage sinking fund 7% gold bonds
series A, dollar issue, at the rate of $8.75 per coupon detached
from a $1,000 bond.
The offer applies only to persons resi¬
dent outside of Hungary.
Coupons tendered in acceptance
of this offer must be transmitted to Schroder Trust Co. as
Central Paying Agents of the Cash Office, 46 William
Street, New York.
The offer of July 23 was referred to in out issue of July 24,
page 525.
Payment of other issues under the offer was noted
in the "Chronicle" of Dec. 11, page 3738.
Odd-Lot Trading on New York Stock Exchange During
Week Ended Dec. 11
The Securities and
Exchange Commission made public on
Dec. 16 a summary for the week ended Dec. 11, 1937 of the
daily corrected figures on odd-lot transactions of odd-lot
dealers and specialists in stocks, rights and warrants on
the New York Stock Exchange, continuing a series of current
figures being published weekly by the Commission.
The
figures for the week ended Dec. 4 appeared in our issue of
Dec. 11, page 3739.
The data published are based upon reports filed daily with
the Commission by odd-lot dealers and specialists.
The
figures for the week ended Dec. 11 follows:
ODD-LOT
TRANSACTIONS OF
IN STOCKS.
ODD-LOT DEALERS AND SPECIALISTS
RIGHTS AND WARRANTS ON THE NEW YORK STOCK
EXCHANGE—WEEK
ENDED
DEC.
11,
1937
No. Ord.
Shares
to
Buy)
(.Customers' Orders to Sell)
Value
No. Ord.
6
6,714
165,414
35,702,015
4,787
Dec.
7
6,489
Deo.
8--..--..^---
8,363
Dec! lo'and'nlll
10,449
167,185
224,775
185,717
262,863
6,014,512
7,914,028
6,613,099
8,923,909
4,846
7,359
5,154
7,738
Total for week__
39,196
1,005,954 335,167,563
29,884
7,181
Rate
Shares
j
^
50o. and above but under 31
$1
and above but under $2
and above but under 33
$3
and above but under 34
3 cents
3 cents
5 cents
6 cents
7 cents
8 cents
34
and above but under 35
8 cents
9 cents
$5
and above but under 36
and above but under 37
82
9 cents
10 cents
10 cents
11 cents
11 cents
12 cents
38
$9
and above but under 310 (base rate).
13 cents
37
124,498
135,456
208,640
310 and above
a
As
designated by tbe committee of arrangements,
A
146,019
223,297
837,910 329,178,901
Vote
on
Changes
The recommendations of the Committee
Quotations and Commissions
11, page 3740.
were
referred to in
our
issue
of Dec.
special schedule
adopted by the Governing Com¬
provide that members who also hold
membership on another exchange may charge whatever
rates of commission may be prescribed
by the other market,
and that members may collect service
charges on inactive
on
Dec.
15
accounts, "at not less than such rates as shall from time to
time be prescribed by the Governing Committee."
This is
the only
change made by the Governing Committee in the
of the
Committee on Quotations and
recommendations
Commissions.
The
latter
committee had recommended
a
$2 monthly minimum service charge on inactive accounts.
Under the proposed amendment to Article XIX of the
Stock Exchange's constitution relating to the
11% average
increase in
commission revenue,
there is established a
$3 minimum commission charge on each transaction for nonmembers in shares, rights and warrants, when the amount
involved in the transaction is $50 or more, and a minimum
charge of either $1 or 6% of the amount involved in the trans¬
action, whichever is greater, when the amount involved is
$1 or more, but less than $50.
On member transactions,
the
commission
rate
is
adjusted to involve
estimated
derived therefrom of about
an
increase in the revenue
5%.
The rates applicable on stocks selling at 50 cents a
share and above, the Governing Committee
proposed, shall
not be less than the following:
average
was
approved by the Governors for
the rate for such stocks is agreed upon between the broker
and customer.
The following are the texts of the two other
proposed amendments:
;;■■-7;''\£
Amend Article XIX by adding to Section 1 a new paragraph to read:
Notwithstanding the provisions of this article, any member of the Ex¬
change or firm registered thereon holding a membership or associate member¬
ship in another exchange located in the United States may in respect of
transactions made on such other exchange charge the rates of commission
prescribed by such other exchange.
Amend Article XIX by adding a new Section to be designated Section 7*
reading:
^7777 777-7
'
Sec. 7.
7/:7''';77:^ -'A',
Each member of the Exchange or firm registered thereon carrying
for customers shall make ana collect service charges on inactive
accounts
accounts at not less than such rates as shall from time to time be
prescribed
by the Governing Committee.
Such service charges shall be net and free
from any rebate, return, discount or allowance made in any shape or manner
by any method or arrangement direct or indirect, and no bonus or
percentage of a service charge, whether such charge be at or above the
rates prescribed by the Governing Committee, shall be given, paid or
allowed, directly or indirectly, or as a salary or portion of a salary to a
clerk or to any member of the Exchange or firm registered thereon, or to
any other person, firm or corporation for business sought or procured for
any member of the Exchange or firm registered thereon.
or
on
Investment
of New Issues—Also Clarifies
for Cost of Portfolio
Requirement Calling:
Securities—Changes Effective
Jan. 3
Several
and
amendments
Exchange
Act
Dec. 8,
on
by
Securities
the
regulations under the
investment trusts.
The
its
to
affecting
made to become effective Jan. 3.
were
mission,
1933
of
made
been
have
Commission
The Com¬
announced amendment of the
instruc¬
tions for Form A-2 with respect to the prospectus, to require
that there be included in the prospectus with respect to
engaged primarily in the business of investing or
trading in securities, a schedule showing the complete list
persons
of securities held in the portfolio, the market value of each
such
security, and the amount at which carried in the bal¬
ance
sheet.
On
Dec.
9
Rules
830
and
under
the
the
SEC
835
Securities
that
announced
General
the
of
Act,
which
it
had
Rules and
rules
relate
A-l
and
E-l.
amended
Regulations
material
to
required in prospectuses for securities registered
on
Forms
The
amendment, the Commission explained,
the financial statements of issuers engaged
provides that
primarily in the business of investing or trading in securi¬
ties, required to be furnished in the prospectus, be supple¬
mented by information with respect to security holdings,
including, among other things, the cost, ledger value and
market
value.
nounced
The
Commission
8
Dec.
on
ment
to
had
calling for the cost of portfolio securities
require the cost of each issue to be given.
The
SEC announced
for Form A-2
In
paragraph
than
Other
on
6(f), under
the
as
paragraph
(2)
stricken;
is
at
a
so as
clearly
follows, effective Jan. 3:
heading
Newspaper Prospectuses,"
serted, in 'lieu of the period,
an¬
Dec. 8 that the instruction book
amended
was
also
Form C-l to clarify the require¬
amendment to
an
ately following subparagraph
The other amendments
mittee
b Plus lc. for each 310 of
;/v
stocks selling under 50 cents a share that ranges from 0.1 cent
a share for stocks
selling at 1-256 of $1 to 1.5 cents a share
for stocks selling from 8-32 of $1 to 50 cents.
Presently,
a
Governing Committee
amendment providing a new scale of commission
rates on stocks, which will raise revenue
by an estimated
11%.
It is reported that more than two-thirds of the 48
members of the committee approved the amendment.
A
proposed amendment to the recommendation of the Com¬
mittee on Quotations and Commissions which would have
provided for an 18% increase in revenue from commissions,
was defeated by a
large margin.
Under Exchange procedure,
the members of the Exchange have
up to two weeks to vote
on the action of the
Governing Committee, and if a majority
of the membership is against it, it will not become effective
unless reapproved by two-thirds of the
Governing Committee.
If not disapproved by the
membership, the amendments
adopted by the Governing Committee on Dec. 15 will become
on
13 cents
14 cents
b 14c. base rate
b 13c. base rate
the price per share.
34,511,548
4,597,997
7,117,275
5,293,183
7,658,898
an
effective Jan. 3.
12 cents
Trusts—Requires Additional Data in Prospectuses
week ago by the Committee on Quota¬
tions and Commissions.
As recommended by the Quotations
and Commissions Committee, the
approved
-
SEC Amends Rules Under Securities Act
The Governing Committee of the New York Stock Ex¬
change on Dec. 14 adopted several amendments to the
Exchange's constitution designed to carry out the recom¬
mendations made
M
7 cents
6 cents
and above but under 38
and above but under 39
36
Value
Governing Committee of New York Stock Exchange
Approves
Higher
Commission
Rates—Proposed
Amendments Provide for 11% Increase and In¬
stitute
Service
Charges—Members of Exchange
to
Share for
Stocks
Securities
Weeks
per
10-Share-Unit
Stocks
changes
Have Two
a Rate
Share for
per
100-Share-Unit
Price per Share
PURCHASES
SALES
{<Customers' Orders
Trade Date
Dec.
3897
1
end
the
"Instructions
the word
of
"and"
as
at
subparagraph
lo
Prospectuses
the end of sub¬
(3)
there is
in¬
semicolon and the word "and"; and immedi¬
(3)
a
subparagraph is added
new
as
follows:
"(4) Schedule IA if the registrant la engaged, directly or through subsidiaries
primarily in the business of investing and reinvesting or trading|in securities for
revenue and
profit, and not for the purpose or with the effect of exercising control."
Paragraph
6(f)
amended reads
as
as
follows:
.
.
"(6) All schedules to the respective financial statements other than:
"(1) Schedule VII, which schedule, however, may be expressed in condensed
summarized form if containing numerous Items:
or
JM
"(2) The information required by Columas B and C of Items 1, 2 and 5 of
Schedule VIII, and that required by footnote (2) of Schedule VIII, which information
shall be set forth by an apposite note to the respective Profit and Loss Statement;
"(3)
The information required by Note
(l)(c) of Schedule III and Note fl)(b)
of Schedule V; and
"(4)
Schedule IA If the registrant is engaged, directly or through subsidiaries,
primarily in the business of investing and reinvesting or trading in securities for
revenue and profit, and not for the purpose or with the effect of exercsising control."
The following are the changes made to Rules 830 and 835:
1.
Rule
schedules
830 is
hereby amended by changing the phrase "all
balance
to
sheets
and
profit
and
loss
statements"
supporting
to
read
as
follows:
"all supporting schedules to financial statements, except that if such statements
are for a person engaged, directly or through
subsidiaries, primarily in the business
of investing and reinvesting or trading in securities for revenue and
for the
by
purpose or
Instructions 6
with the effect of exercising control,
and
11
profit, and not
the schedules called for
pertalning|to balance sheets shall be Included in the
prospectus;"
The
text
of
Rule
830,
as
amended,
reads
"In the case of a security registered on form
following,
contained
in
the
registration
as
follows:
'
A-l, information in respect of the
may
be omitted from any
statement,
prospectus:
Items 9; 17; 18; 23, except as to the issue or issues for which the
registration statement is filed; 28; 29, except information as of a date within 20 days
concerning persons owning more than 10% of any class of voting stock of the Issues;
31, except as to principal underwriters; 36; 37; 38; 46; 48; 49; 52, except that the
Financial
3898
be stated; all supporting schedules to
that if such statements are for a person engaged,
business of investing or reinvesting
or trading in securities for revenue and profit, and not for the purpose or with the
effect of exercising control, the schedules called for by Instructions 6 and 11 per¬
taining to balance sheets shall be Included in the prospectus; all financial statements
and schedules of any unconsolidated subsidiary the total assets of which, as shown
by its latest balance sheet filed with the registration statement, amount to less than
15% of the total assets of the registrant and Its consolidated subsidiaries as shown
by the latest consolidated balance sheet filed with the registration statement; and
and affiliates shall
number of subsidiaries
financial
directly
except
statements,
through subsidiaries, primarily in the
or
imports and
Rule 835
in subparagraph (a)(5), immediately
amended by adding,
words "all supplemental
and the following:
the
following
colon,
is
'.r,
'
-
STATES
DOLLAR ACCEPTANCES OUTSTANDING—UNITED
BANKERS'
—BY
>
RESERVE
FEDERAL
DISTRICTS
Nov. 30, 1936
Oct. 30, 1937
Nov. 30, 1937
Federal Reserve District
1.
Boston
2.
New York
3.
Philadelphia
Cleveland
4.
the supplementary, earlier balance sheet, re¬
R, T, and W; exhibits M, O, Q, U, and X, Including
"(5) Exhibits A to K, inclusive;
quired under exhibits L, N, P,
who are such under paragraph (2) of definition number
19 in the form (except the most recent profit-and-loss statement of the predecessor
most recently owner of each item or group of property), but excepting the profitand-loss statements for the latest fiscal year and any subsequent period of the
registrant, all guarantors, and all predecessors who are such under paragraph (1)
of definition number 19 in the form; the unconsolidated financial statements of the
registrant and the financial statements of subsidiaries required under exhibit V;
all supplemental schedules, except that if the financial statements are for a person
engaged, directly or through subsidiaries, primarily in the business of investing
and reinvesting or trading in securities for revenue and profit, and not for the
purpose or with the effect of exercising control, the schedules called for by in¬
structions Nos. 3 and 7 of financial statement instruction set No. 1 shall be included
In the prospectus; any schedules or statements submitted in lieu of any of the
balance sheets or profit-and-loss statements which may be omitted from the pros¬
pectus under this rule,"
Richmond
Atlanta
7.
■
5.
Chicago
-
874.387
8. St. Louis
9.
Minneapolis
10.
$34,234,767
247,026,727
13,127,126
4,055,763
$31,110,919
250,127,335
15,844,080
3,217,849
928,380
2,041,628
13,764,080
879,675
2,811,465
$31,567,951
248,613.273
16,079.328
3,114,408
1,214,131
1,950,589
13,524,079
-
6.
all statements of predecessors
2,159,497
-------
3,007",922"
1,420,797
18,901.467
1,025,357
2,377,035
25,921,428
22,150,003
2,327,026
24,149,142
$348,026,993
$346,246,657
$349,053,490
11. Dallas
12.
San Francisco
Grand total
3,371,243
Decrease for year, $1,026,497.
Increase for month, $1,780,336.
ACCORDING TO NATURE OF CREDIT
Oct
Nov. 30, 1937
Nov.
30, 1937
81,601,656
$111,665,054
77,349,139
8,691,609
70,487,210
8,168,633
66,548,662
69,473,310
1,489,015
1,390,947
1,322,258
61,446,651
Exports
61,853,336
76,010,759
Domestic shipments
Based on goods stored in or
Requires Foreign Utility Holding Companies to
Register and Obtain Approval for Acquisition of
Securities or Assets of United States Companies—
13,232,970
shipped
Own bills.--..
Also
Bills of others.
Announcement
made
was
on
on
Instalment Paper
Public Utility
between
foreign countries
BY ACCEPTING BANKS
BILLS HELD
Dec. 14 by the Securities and
Exchange Commission of the adoption of rules under the
30, 1936
$122,058,013
83,854,495
Imports
$126,683,423
Dollar exchange
Adopts New Rules
408,283
V,
Kansas City
Domestic warehouse credits
SEC
shipped
or
only credits created for domestic shipments and those based
on goods stored in or shipped between foreign countries were
below Nov. 30, a year ago.
The following is the report for
Nov. 30, 1937, as made available by the New York Reserve
Bank, Dec. 13:
for a person engaged, directly or
through subsidiaries, primarily in the business of investing and reinvesting or
trading in securities for revenue and profit, and not for the purpose or with the
effect of exercising control, the schedules called for by instructions Nos. 3 and 7
of.flnancial statement instruction set No, 1 shall be included in the prospectus;"
The text of subparagraph
(a)(5) of Rule 835, as amended, reads as
■
goods stored in
on
In the year-to-year comparisons,
that If the financial statements are
"except
follows:
18.
7
and before the semi¬
schedules"
comma
a
those based
between foreign countries.
all exhibits."
2.
Dec.
Chronicle
$147,866,866
131,197,723
$279,064,589
2,477,102
Total
Decrease for month
CURRENT MARKET RATES ON PRIME BANKERS ACCEPTANCES
Holding Company Act of 1935, designed, in
DEC.
1937
13,
part, to bring more fully under the supervision of the Com¬
mission activities of
seek to
or
foreign holding companies which
acquire securities
provided in amend¬
are
and 9A2-3.
ments to Rules 3A5-1
The SEC also announced
exempts from section 6 (a) of the Act the endorsement or
guarantee by a public utility company, or any of its sub¬
sidiaries, of
instalment
7-16
120
9-16
lA
7-16
150
y*
9-16
A
7-16
180....
%
9-16
The
of
connection
with
the
sale
of
appliances.
The rule also
exempts the issuance by such companies of notes or drafts
secured by such instalment paper.
Rule 3D-10 exempts the
issuance of securities by jmblic utility companies in amounts
aggregating not more than $50,000 if issued to the vendor of
equipment or materials.
Regarding the changes made to Rules 3A5-1 and 9A2-3,
1935—
utility subsidiaries.
Rule 3A5-1
The amended
exempts
July 31
Aug. 31
$315,528,440
308,112,141
more
than 5% of the securities of any holding company or subsidiary
which itself
or
through
a
384,146,875
29
376,804,749
Nov. 30
Mar. 31
359,004,507
Dec.
31
Apr.
30
343.694,299
Jan.
30
387.227,280
Sept. 30
May 30
330.531.460
Feb.
27
401,107,760
Oct.
June 30.
316,531,732
31
Feb.
Reserve
30
346.246.657
348,026,993
Deposits of
System—Existing
$51,000,000,000 Sufficient
Business
Finance Substantial
to
Expansion—Increase in Volume of Excise
Reserves
thereof
This provision of
the Act makes it unlawful for any person, without the approval of the Com¬
a
31
All Banks This Year
A net
decline of
$600,000,000 in total deposits at all
over
banks this year is noted by the Board
will become,
July
$600,000,000 According to Board of Governors
Federal
of
June 30
Nov. 30
Net Decline in Total Deposits at
(2)
or
Rule 9A2-3, as amended, narrows in some respects, and broadens in other
if he is,
30
May 29
315,000,590
330,205,152
349,053,490
372.816,963
these
in the United States.
mission, to acquire, directly or indirectly, any security of
Apr.
Sept. 30
Oct. 31
subsidiary company owns or operates utility assets
respects, the exemption from Section 9 (a) (2) of the Act.
$396,471,668
395,031,279
385,795,967
364,203.843
351,556,950
343,881,754
344,419,113
Aug. 31
1936—
holding companies from registration if they acquire or negotiate for the
acquisition of (1) any utility assets located within the United States,
Mar. 31
396,957,504
domestic public
longer
no
public utility
an
affiliate of such company and any other
public utility or holding company.
Federal
Reserve
System
in
of Governors of the
"Bulletin"
Reserve
the
granted
a
or
broad exemption from this provision of the Act as to acquisitions
which did not result in the acquiring company holding as much as
any
class of securities of
a
domestic
company.
subject to the approval of the Commission
holding company of
utility
vided
or
more
than 5%
holding company.
by Rule 9A2-3
as
any
10% of
The amended rule will
acquisition by
of the securities of
a
a
foreign
domestic public
The amendment broadens the exemption pro¬
to acquisitions of securities of exempt holding com¬
panies and as to certain acquisitions which
a
registered holding company
pared with the total volume of deposits of $51,000,000,000.
According
more
pansion
use,
security holdings of banks in New York City increased sub¬
stantially after
brokers'
loans turned
Acceptances Outstanding Increased
November
Nov.
30
for
Third
Reported
at
Consecutive
$348,026,993
During
Month—Total
Is
Below
Year
Ago
long period of liquidation; the volume of
diminished
considerably,
States
last
outstanding bankers' dollar acceptances
Nov. 30 amounted to
$348,026,993,
the Oct. 30 figure of
an
on
increase of $1,780,336
$346,246,657, it
was
announced
on
by the Acceptance Analysis Unit of the Federal
Reserve Bank of New York.
This is the third consecutive
month
outstanding
in
which
previous month.
acceptances
were
above1 the
The Oct. 30 figure
than that for Sept. 30 of
was $1,827,544 higher
$344,419,113, which, in turn, was
$537,359 above the $343,881,754 outstanding on Aug. 31.
Although increasing during November, the acceptances on
Nov. 30 were $1,026,497 below those outstanding on Nov. 30
1936.
During November, this year, increases occurred in all
classifications of acceptance credits except those drawn for
Government
Since
the
September,
excess
$1,100,000,000
as
of
with
the policy
announced
in part of these purchases and in part
consequence,
required
purchased $38,000,000 of United
accordance
in
the volume of excess reserves of member
reserves,
to over $1,100,000,000
release
of Bunks
Reserve banks
obligations,
As a
decrease in
banks increased
the middle
Continuing, the "Bulletin" says:
September.
a
commercial
and
seasonal peak in
after their
down
In November the Federal
of
The volume of
13
a
loans
Reserve Position
Bankers'
Dec.
Discussing credit develop¬
activity."
business
in
"if put to
existing deposits,
sufficient to finance a substantial ex¬
are
ments, the "Bulletin" states that "in October and November
of October."
over
"Bulletin,"
the
to
active
or
subsidiaries may acquire without applying to the Commission.
for
that "this is small" com¬
December, in which it is stated
Prior to this amendment Rule 9A2-3
company
record
a
1937—
1936—
$387,373,711
Dec. 31
Over
foreign holding companies having no
furnishes
us,
bankers'
Nov. 30
The old Rule 3A5-1 granted exemption from the obligations imposed by
certain
H
acceptances outstanding at the
close of each month since Nov. 30, 1935:
the Commission's announcement stxted:
the Act to
following table, compiled by
the volume of
J an.
in
Selling Rate
y
received from its customers
paper
Dealers'
Rale
Buying
Days—
Selling Rate
Rale
60
30
Dec. 14 the adoption of Rules
on
Rule 3D-9, the Commission explained,
3D-9 and 3D-10.
Buying
90-_.-
The changes
holding companies.
Days—
Dealers'
Dealers'
Dealers'
may
assets of United States utility
or
$300,000,000
in the latter part of November.
of
inactive gold by the Treasury in
have been generally between $1,000,000,000 and
reserves
between $700,000,000 and
The effect on reserves
gold, of the System security purchases, and of a
compard
with
level
a
of
$900,000,000 from May to the middle of September.
of
the
decrease
and
about
of
by the
part
of inactive
release
in
$150,000,000
seasonal
increase in
required
money
reserves
has
been
offset
in circulation since last
in
summer
growth of non-member deposits at the Reserve banks.
the increase in excess reserves since the first half of September,
a
Most of
in
the
table,
has occurred
at New
York City
banks.
as
shown
In
September these banks gained reserves when Treasury bills which they
were
redeemed, and in recent weeks they have shown a substantial
following
held
decrease
in
required
reserves,
reflecting
principally
of brokers'
a
decline in
deposits
loans.. Chicago banks and reserve
city banks also gained small amounts of reserves and at the same time
showed small decreases in amounts required, while at country banks there
caused
were
by
no
the
liquidation
appreciable changes
in
either item.
Volume
Financial
145
3899
Chronicle
EXCESS RESERVES OF MEMBER BANKS, BY CLASSES OF BANKS
During the first half of the
with
Reserve City
Central
Reserve
New York
Banks
Country
City Banks
Banks
370,000,000
347,000,000
404,000,000
_
investments
73,000,000
Ruling
in
in
money
circulation
this
In
autumn,
shown
as
the
on
28 to Nov. 24 there was an increase of $130,000,000 compared
From July
with
$300,000,000
last
in
likely that
seasonal
November
been
for currency have
already outstanding, which has been at
demand
for
until Christmas
circulation
Christmas,
between
reflects
but
currency
exceptionally
an
The
since the adjusted-service payment to veterans last year.
level
largest
of the seasonal requirements
some
met out of currency
high
increase of
seasonal
customary
a
effects of the reduction in business activity and payrolls,
part the
is
with
and
year
The smaller demand for additional
nearly $200,000,000.
in
by
of
currency
$200,000,000
which
will
$300,000,000
the
from
comes
latter
of
part
week, when there has generally been an increase
add
or
flow of
The return
more.
member
to
bank
after
currency
usually amounts to
reserves,
ruling
a
the
period
banks reduced theirs by
nearly
neighborhood of $1,600,000,000,
than
of
amount
an
customarily held in the 1920's.
was
Governors
Federal
of
Reserve
tlie eligibility for discount of consumers'
as to
maker
rather than
to
for
System states that it "has reached
note, the proceeds of which are used
a
purchase goods for
resale, is
use
consumption
or
note arising out of an actual
a
commercial transaction within the meaning of Section
Federal Reserve Act."
the
"such
will
note given
a
in
mem¬
the
Paper Eligible for Discount
on
conclusion that
by
during
correspondents
insured
more
of the Federal Reserve
the
growth
Country
Federal Reserve banks, the Board of Governors
by
paper
"Accordingly,"
13 of
the Board,
says
by the maker directly to a member bank
be
eligible for discount by a Federal Reserve bank
under Regulation A if it meets the applicable requirements
of the regulation as to maturity and in other respects."
The
$400,000,000.
and
the
in
Board
System
increase
The
balances held
the
requirements.
reserve
with
non-member
balances
which is about $600,000,000
Money in Circulation
chart, has been much less than in the same period of other recent years.
increased
balances
their
and
declines in
there were
year
by. country banks, accompanying
and
Since June balances have shown little change, with country
member bank
Preliminary.
x
it
reduced
$250,000,000.
315,000,000 335,000,000
356,000,000 x310,000.000
63,000,000
banks
by $375,000,000
$39,000,000 $295,000,000 $340,000,000
47,000,000
284,000,000 326,000,000
47,000,000
314,000,000 336,000,000
71,000,000 300,000,000 311,000,000
337,000,000
1,034,000,000
1,052,000.000
Oct. 16-31...
1,060.000,000
Nov.
1-15.
Nov. 20-26.- xl,143,000,000
1-15
Oct.
Chicago
$786,000,000 $112,000,000
1,014,000,000 358,000,000
Sept. 1-15—
Sept.
16-30.
correspondents
and
ber
Banks
AU Member
1937
city
loans
(Averages of dally figures)
ruling,
given in the Federal Reserve "Bulletin" for
as
December, follows:
Decline in Bank
decline
The
bank deposits
in
reduction that took place
New
at
York
has
There
City
banks,
country
demand
posits
at
both
From
the
first
city
little
principally in demand deposits
year,
at
other
than
change.
those
of
the
States
United
the period, time
Throughout
have shown
banks
country
Discount
is a continuation of the
United States Government deposits.
banks in reserve cities* while at
in
decline
deposits,
and
the
of
and
some
have shown
Government,
that
earlier in the
banks
been
also
Deposits in 1937
in recent weeks
a
de¬
growth.
continued
to the latter part of November it is estimated
year
adjusted demand deposits at all member banks declined by $750,000,000
United
and
Government
States
deposits by $410,000,000, while time de¬
posits increased by $530,000,000.
The changes are shown in the table.
At non-member banks; for which no
information is available after the
half
the year,
of
middle
there was little change in deposits during the first
eligible for discount by
this
connection
discounted
commercial,
ig
of
CHANGES IN DEPOSITS OF MEMBER BANKS
Adjusted
Demand
Government
Time
Deposits
Deposits
Deposits
Total
commercial
a
of
which have been
out
purposes,
—100,000,000
—70,000,000
—30,000,000
Reserve city banks.
—240,000,000
—90,000,000
—270,000,000
+ 120,000,000
Country banks
+ 180,000.000
+ 10,000,000
—130,000,000
+300,000,000
Chicago
All member banks.. —$630,000,000 —$750,000,000 —$410,000,000 + $530,000,000
for central reserve and reserve city banks
member banks, and for country banks from semi¬
Note—Changes since June 30 estimated:
from figures for weekly reporting
monthly reserve reports through Nov. 15
The
this year
decline
net
in
total
all banks,
deposits at
excluding the
is as large as in
collection,
much
was
with
the
items
in
of
process
finance
to
Their activity
and
deposits
1929, when the volume of business transacted
Existing deposits, therefore, if put to more active use,
a
substantial expansion in
business activity.
greater.
sufficient
are
interbank
excluding
$51,000,000,000,
1920's,
reflecting
the
large
amount
of
deposits
by
idle
held
institutional and individual investors.
in demand deposits this year represents in part a decline
industry and by
The
decrease
the
in
amount
available
funds
of
indication of
for
active
use,
while
the
increase
in
further growth in savings.
Some of
the decrease in demand deposits reflects
the purchase by investors of
securities sold by banks.
It appears, however, that a part of the decline
in demand deposits and of the growth in time deposits represents a shifting
of deposits at the instance of the depository banks in order to reduce
required reserves.
Inquiries made of certain New York City banks showed
time
deposits
is
an
a
that substantial amounts of corporate trust
growth
demand
first
half
of
the
At country
year.
banks,
the
in time deposits generally increased somewhat in regions where
deposits showed the largest declines and where excess reserves
smallest
were
last
the
deposits in
time
to
funds were shifted from demand
the
before
raising
of
reserve
requirements
by
Board
the
spring.
or
making
In
October
and
November
member banks
of
chart
decrease
[this we
tinued
about
omit.—Ed.],
of
repayment
total
and
loans
$850,000,000
the
brokers'
since
investments
30.
As
at
reporting
shown
by
decline reflected largely the
recent
loans,
June
accompanying
the
drop
in
a
the
extends
and
February.
agricultural
In the six weeks ending Nov.
declined
loans
at
New
is
by about $30,000,000 at Chicago banks, and by an aggregate
These loans continued
leading cities in the South as a result of increases in loans
purpose of carrying cotton.
holdings of United States Government securities at reporting
banks, except for a reduction in September when the Treasury
increase
for
the
Total
member
in
retired maturing bills, have shown
relatively little change since the second
Towards the close of October, however, New York
City banks, which had been reducing their holdings of government securi¬
ties
since June,
1936, began to purchase them in substantial amounts,
while banks in other leading cities further reduced their holdings.
At country banks, total loans and investments are estimated to be about
the same as they were last June.
In the first half of the year country
quarter
of
is,
or
drafts
notes,
and
commercial
or
be used, for
to
are
Reserve System to
of the Federal
Governors
there
buyer
the
While
it
difference
a
goods
the character of the paper thus
define
is
the
of
purpose
a
directly
the proceeds are
case
to
bank
a
used to finance
be suggested that from
may
the
between
discount
to be
appears
finance
final
the
justification for
no
either
In
case
the
in
note
a
the hands
in
the
step
such distinction
any
distribution
goods,
of
of
from
the
the
purchaser,
legal
a
the note
of the giving of
purpose
for in
company,
practical viewpoint there
a
such
of
finance
or
sale-^a "commercial transac¬
a
direct lending by a bank or finance company to the
a
standpoint.
sale
is to
to
the
consumer.
Accordingly,
consideration
upon
of the
which
used
are
the maker
by
rather than for resale is
within
action
the
it
if
meets
the
who
uses
the
furniture
discount
of
finance
loaned
Reserve
pre¬
of the regulation
Act.
Reserve
discount if it has
90
funds
a
maturity at
the note of
Likewise,
days.
bank,
the
use
to maturity
as
household equipment such
to purchase
member
who
Federal
the
note given to a member bank by a
a
exceeding
a
of
13
a
of which are
obtained to purchase
proceeds
the
thus
or
use
to maturity and in
as
been
consumption
or
consumption, will be eligible for discount by a Federal
bank if the note meets the applicable requirements of the regula¬
goods for
other respects.
particular case, of course, the question whether paper offered for
the requirements as to eligibility and whether it is accept¬
any
able
to
borrowers
other
to
not
given
company
use
the maker directly to a member bank
be eligible for
will
of
has
the proceeds of
note,
a
Federal Reserve bank under Regulation A
proceeds
or
time
the
a
For example,
radios
as
by
applicable requirements
in other respects.
householder
Section
of
note given by
be eligible for discount
and
that
purchase goods for
note arising out of an actual commercial trans¬
a
meaning
Accordingly, such a
will
to
which
question
sented, the Board has reached the conclusion
meets
from
credit standpoint is one
a
the
of
circumstances
for the consideration cf the Federal
when the paper is offered, in the light of all of the
Reserve bank as and
case.
'
..
v
Earnings of Member Banks of Federal Reserve System
in First Half of 1937 at $661,978,000 Compare with
$654,344,000 in Last Half of 1936
York
$45,000,000 at banks in 99 other leading cities.
to
that
which have been used,
of
determine or
to
drafts and bills of exchange
"notes,
transactions;
con¬
City banks,
of
the Board
purchase
seller and
24 commercial,
by $115,000,000
goods by
Reserve bank,
drawn for agricultural, industrial,
the proceeds of
by
given
or
tion."
loans begins about this time of year in most leading cities and
through
industrial
discount
commercial
actual
Federal
a
stock
prices, and also a decrease in commercial loans, which had shown a steady
increase until the
middle of October.
Ordinarily a seasonal decline in
commercial
finance company, the proceeds
a
Reserve Act authorizes
conditions, to
right
a
discount
cities declined by about $600,000,000, making
in leading
total
paper
borrowing for a commercial purpose,
whether the borrower intends to use the goods himself or to resell them..
A note of a buyer given to a seller in payment for articles purchased is
clearly a note issued or drawn for a commercial purpose.
However, the
purpose of the note is the same, whether given by the buyer to the seller
In
Changes in Member Bank Loans and Investments
the
be used to finance the purchase of
to
are
the Federal
of
or
the
tion
Recent
provided
eligible for discount, within the meaning of this Act."
It is the opinion of the Board that a borrowing for
turnover, however, continues at a low level as compared
or
other borrower for a
and
purpose,
be eligible for discount.
of
purposes,
either
large decrease in interbank deposits, amounted to over $600,000,000.
This
is
small compared with
the total volume of deposits, which at about
some
used by such
are
transaction, the note of
may
certain
have
+$20,000,000 +$110,000,000
New York City.. —$470,000,000 —$600,000,000
to
permits paper, the
other borrower, to be
maturity and rheets the other requirements of the regulation.
as
such
Cent. res. city banks
loaned
or
industrial
or
bills of exchange issued or
.
the regulation
If, therefore, the purchase of goods for use and not for resale is regarded
arising
United States
noted that
the proceeds
agricultural
proper
under
Dec. 31, 1936 to Nov. 24, 1937
be
advanced
are
provided
In
Federal Reserve bank under Regulation A.
a
should
it
proceeds of which
Section 13
ESTIMATED
Banks
the question whether
note
given directly to a member bank, the proceeds of which are used
by the maker of the note to purchase goods for use and not for resale, is
a
consumers,
1937.
of
of Consumers' Paper by Federal Reserve
The Board of Governors has been asked to rule upon
of the year.
Total current earnings at all member banks of the Fed¬
eral Reserve System "showed little
change," said the Board
"in the first half of 1937, reflecting the con¬
tinued low level of interest rates."
The Board of Governors,
of Governors,
the November
in
Total
tions,
Reserve "Bulletin," further said:
also
showed
,
and consequent net earnings from current opera¬
current expenses,
change.
little
Net
profits,
declined
however,
some¬
what, reflecting a marked decrease in the amount of recoveries, profits on
securities
amount
at
an
in
&c.,
which
of losses and
annual
1936,
In
sold,
and
1936
rate
an
the
of
was
offset only in
depreciation
7.3%
about
average,
volume
on
part
by
capital
funds
recoveries,
profits
on
in the
reduction
loans and investments.
of total
of about 8.8% in 1928 and
of
a
as
Profits were
8.9%
against
1929.
securities
sold,
&c.,
had
while
and
unusually large, amounting to over $500,000,000 at all member banks,
had for the first time in many years exceeded the volume of losses
holdings of other securities were reduced somewhat.
In this period city
banks made additional commercial loans and sharply reduced their holdings
and
depreciation, amounting
member
banks
and
non-member
insured
banks
increased
their loans
standing and their holdings of United States Government securities,
ot
United
States
Government and
other securities.
out¬
been
first half of this year
about $160,000,000
to somewhat less than $450,000,000.
recoveries, profits
on
In the
securities sold, &c., amounted to
and losses and depreciation to nearly $170,000,000.
3900
Financial
Chronicle
Detailed
figures on earnings and expenses at all member
banks during the first half of 1937 and the second half of
1936,
in
presented
as
EARNINGS
"Bulletin,"
the
EXPENSES
AND
show
total
OF NATIONAL AND
IS, 1937
earnings for the first half of 1937 at $651,978,000 as
pared with $654,344,000 for the second half of 1936.
corn-
The
detailed figures follow:
current
STATE
Dec.
MEMBER BANKS,
BY SIX-MONTH PERIODS, JULY
1,
1936,
|TO JUNE 30, 1937
[Figures lor National banks were compiled by the Comptroller of the Currency from reports submitted by National banks]
AU Member Banks
Second Half
National Member Banks
Stale Member Banks
First Half
Second Half
First Half
Second Half
of mi
of 1936
of mi
e/1936
$268,075,000
243,557,000
$175,222,000
167,680,000
516,000
16,303,000
5,547,000
46,708,000
21,688,000
40,767,000
462,000
$180,647,000
163,144,000
384,000
11,367,000
3,399,000
16,784,000
15,262,000
25,195,000
6,075,000
$85,118,000
84,194,000
149,000
4,784,000
2,566,000
29,834,000
6,109,000
15,398,000
3,302,000
of ma
First
Half
of mi
Earnings:
Interest and discount on loans.
...
$260,340,000
251,874,000
611,000
16,376,000
7,632,000
.
Interest and dividends on Investments
Interest on balances with other banks
Collection charges,
commissions, lees, Ac....
Foreign department
-
-
-
Trust department
46,827,000
Service charges on deposit accounts
20,168,000
40,271,000
10,245,000
11,592,000
-
5,066,000
$ 87,428,000
80,413,000
132,000
4,936,000
2,148,000
29,924,000
6,426,000
15,572,000
2,742,000
8,817,000
$654,344,000
$651,978,000
$422,890,000
$422,257,000
$231,454,000
$229,721,000
$86,954,000
3,431,000
1,074,000
$86,816,000
3,396,000
1,008,000
$62,401,000
2,487,000
703,000
$62,092,000
2,299,000
674,000
$24,553,000
944,000
371,000
$24,724,000
1,097,000
334,000
$91,459,000
68,987,000
111,170,000
$91,220,000
70,137,000
111,486,000
$65,591,000
46,218,000
67,496,000
$65,065,000
46,744,000
67,570,000
$25,868,000
22,769,000
43,674,000
$26,155,000
23,393,000
3,249,000
318,000
Rent received...
16,993,000
14,059,000
24,873,000
6,943,000
3,348,000
214,000
16,537,000
27,583,000
128,592,000
2,308,000
148,000
10,830,000
15,236,000
78,643,000
2,347,000
132,000
10,436,000
17,867,000
79,866,000
941,000
170,000
6,108,000
9,955,000
46,274,000
6,101,000
9,716,000
48,726,000
_
Other current earnings........
......
........
Total current earnings
i,,:
Expenses:
Interest on
deposits:
Time.-
■
-----
DemandBank
-
Total
Salaries, officers
Salaries and wages, employees (other than officers)
Fees paid to directors and members of executive,
and advisory committees
Interest and discount
borrowed money
on
43,916,000
discount
Real estate taxes
16,938,000
25,191,000
Other taxes
Other expenses
124,917,000
Total current expenses
1,001,000
82,000
$442,229,000
$449,117,000
$286,470,000
$290,027,000
$155,759,000
$159,090,000
$212,115,000
$202,861,000
$136,420,000
$132,230,000
$75,695,000
$70,631,000
$.50,282,000
75,387,000
114,969,000
13,821,000
$44,478,000
32,292,000
65,114,000
16,572,000
$36,876,000
52,722,000
78,972,000
7,318,000
$27,332,000
$13,406,000
22,665,000
35,997,000
6,503,000
$17,146,000
11,813,000
19,321,000
6,623,000
$254,459,000
$158,456,000
$175,888,000
$103,553,000
$78,571,000
$54,903,000
$106,251,000
66,091,000
23,139,000
29,923,000
$49,318,000
76,459,000
15,963,000
24,283,000
$78,158,000
46,956,000
15,792,000
17,085,000
$32,524,000
47,096,000
10,595,000
13,765,000
$28,093,000
19,135,000
7,347,000
12,838,000
$16,794,000
29,363,000
5,368,000
10,518,000
$225,404,000
$166,023,000
$157,991,000
$103,980,000
$67,413,000
$62,043,000
$241,170,000
103,374,000
$195,294,000
100,333,000
$154,317,000
$131,803,000
63,517,000
61,053,000
$86,853,000
39,857,000
$63,491,u00
39,280,000
$42,885,326,000
$27,555,856,000
3,164,624,000
c24,318,000
149,422,000
$41,490,046,000
5,338,795,000
32,589,000
155,466,000
93,565,000
$26,715,556,000
3,205,577,000
24,752,000
97,431,000
$15,329,470,000
2,110,555,000
7,662,000
55,857,000
$14,774,490,000
2,133,218,000
7,837,000
58,035,000
$6,376,000
$6,357,000
$5,325,000
$5,293,000
$1,051,000
$1,064,000
Net earnings
Recoveries, profits on securities, Ac.:
Recoveries on loans
Recoveries
Profits
investments
on
sold
on securities
All other
Total
20,479,000
45,793,000
9,949,000
Losses and depreciation:
On loans
On investments
On banking
house, furniture and fixtures
All other
Total losses and depreciation
Net profits.
Cash dividends declared
_.
a
Total deposits at end of period
Capital funds at end of period b
Number of officers at end of period.
5,275,179,000
c31,980,000
Number of employees (full and part time) at end of period..
Number of banks at end of period
.
a Includes interest on capital notes and
debentures,
b By "capital funds" is meant the aggregate book value of
capital stock, capital notes and debentures, surplus
undivided profits, reserves for contingencies, reserves for stock dividends on common
stock, and retirement fund for preferred stock and /or capital notes and debentures,
c Revised.
Note—Corresponding figures for the first six months of 1936
banks,
are
shown
on page
536 of the June, 1937 Federal Reserve "Bulletin".
Tenders
of $153,402,000 Received to
Offering of $50,000,000 of 94-Day Treasury Bills Dated Dec. 15—
$50,030,000 Accepted at Average Rate of 0.124%
A
of
total
$50,000,000,
Dec.
15,
was
$153,402,000
Of
maturing
13
offering of
March
19,
1938,
it
was
an¬
Secretary of the Treasury Morgenamount, Mr. Morgenthau said, $50,030,000
this
offering of Treasury bills
received
were
the
Federal Reserve banks and the branches
thereof,
to 2 p. m., Eastern Standard Time, Dec. 13.
Reference
to the offering was made in our issue of Dec.
11, page 3743.
up
The following regarding the accepted bids is from
Morgenthau's
announcement
of
Dec.
Total applied for, $153,402,000
Secretary
13:
is
have
witnessed
steady decline in
a
since June, and their proportion
continually
smaller
Bodfish
October Loans by
rate
approximately 0.142%
rate approximately 0.124%
the low price was
accepted.)
Loans
with
furnish
to
of the
14,500
in
size
the
of
the
the
moderate
demand
and
purchase
and this.
in
purchase
beginning
September
Total loans made by the
savings, building and loan
for all purposes in October were
Dec.
of
1937
to
League said, is $64,532,000
of 1936.
The
from
the
over
more
slump
houses
new
caused
some
League continued
8,800
families
:
borrow
to
$27,-
savings, building and loan associations in October, in
spite
in construction activity generally.
Loans made for this
purpose
were
lowest
October,
1936,
was
contracts
in
20%,
awarded
for
volume
in
line
residential
since
with
February.
the
building
18%
The
decrease
when
the
decrease
value
in
two
from
of
months
all
Were
compared.
Morton
Bodfish,
^
that
loans
which
ing
to
savings
has
for
for
Executive Vice-President of
repair and
modernization
are
the
holding
been
customary since June, the general
have affected this field of credit less than
and
loan
months has been
more
than
associations
about
are
interested.
The
League,
up
at
points
about
the
business recession
any
out
level
seem¬
other in which the
total
$63,640,000, and only five of those
October.
in
the
October
the
the
associations'
The
year.
1
mortgages
Mr.
of
on
the
savings
be
can
down
was
but
seen
that
and
to
a
fact
have
Average
ago.
he
as
is
that
entered
that
with
comparing October
decline,
managers,
the
they
compared
year
$200
as
estimates
as
the
gathers from
due
not
to
are
of more
person
market
any
homes
smaller
than last and thus the
year
to
about
the
loan
rather
in October
month
same
Bodfish said
the whole this
income
the
just
money,
League
more
con¬
the
analysis
total
of
loans
October
on
each
loans,
according
account,
to
purpose
and
the
per
cent
follows:
OCTOBER LOANS MADE BY ALL ASSOCIATIONS IN THE
STATES
Purpose
Amount
New construction
$27,830,500
6,625.600
Repair and modernization
P
C
of Total
28.4%
Purchase
33,767.000
6.8%
34.5%
Refinancing
20,256,000
20.7%
Other purposes
9.379,400
Total
9.6
%
$97,858,500
$1,000,000,000, which, the
than for the first 10 months
The announcement of the
building of
830,500
of
the
Building and Loan League, in Chicago, an¬
4.
This brings the disbursement for the
months
10
asso¬
$97,858,500,
first
signs
alreadyrexisting properties continued
for
of
15,900
property prices
ESTIMATED
Savings, Building and Loan Associa¬
$97,858,500
ciations
on
hopeful
more
people borrowed to buy homes
observations
fall-off
people
heaviest
since
13,400
last year
which
the
done
about
of
tions Totaled
States
loans
one
is
UNITED
United
for such
statistics.
The
amount bid for at
nounced
demand
the
since
indicated,
the
of the total disbursement has been getting
first of 1936.
The continuation of this,
spicuously. '
99.963—Equivalent
99.968—Equivalent
Average price,
any
being bought
Total accepted, $50,030,000
Range of accepted bids:
High
100
Low
reaction has not yet been
enlarged demand for refinancing existing mortgage obliga¬
the figure on refinancing loans in October.
The savings and loan
in
associations
have
accepted.
(33% of the
tions
by
The tenders to the
at
the
to
Demonstrating that the recent weeks' business
reflected
Mr.
and
Dec.
on
tendered
was
thereabouts, of 94-day Treasury bills, dated
or
1937,
nounced
thau.
For annual figures for all member
Annual Report for 1936 (Table 60).
see
for
the
months
first
10
accounted
New
Offering of $50,000,000,
or Thereabouts, of 91-Day
Treasury Bills—To Be Dated Dec. 22, 1937
A new offering of 91-Day Treasury bills to the amount of
$50,000,000, or thereabouts, to which tenders will ber^cived
at the Federal Reserve
2 p.m.,
banks,
or
the branches thereof,
Eastern Standard Time, Dec. 20,
up
to
announced on
Dec. 16 by Secretary of the Treasury Henry Morgenthau Jr.
The tenders will not be received at the Treasury Department,
Washington.
The Treasury bills will be sold on a discount basis to the
highest bidders. They will be dated Dec. 22, 1937, and will
mature on March 23, 1938; on the maturity date the face
amount of the bills will be payable without interest. There is
a maturity of similar securities on
Dec. 22 in amount of
was
A
Financial
145
Volume
$50,177,000.
In his announcement of Dec.
Morgenthau had the following to say:
Chronicle
16±Secretary
of
$10,000,
$1,000.
(maturity value).
No
for
tender
Each
The price offered must be expressed
the basis of $100, with not more than three decimal places, e.g.,
on
99.125.
Fractions must not be used.
or trust
company.
an
incorporated
Boston
Dec. 20,
to the closing hour will
acceptable prices will follow as soon
thereof.
as
of tenders, and to allot less than
or parts
applied for, and his action in
tenders will be advised
of the acceptance or rejection
Payment at the price offered for Treasury bills allotted must be
on
other immediately available
or
Dec. 22, 1937.
A Ay.
The Treasury bills will
gain from sale
taxation,
estate
and
inheritance
invited to
(Attention is
taxes.
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
No loss from the sale or other disposition of the Treasury bills
gift tax.)
shall be allowed
as a
deduction,
'
Total..
$2,000,050
of
amended, and this notice
as
"7A:'': A
;
Offering of $22,700,000 of Federal Intermediate Credit
Bank
Federal
The
slight
System
a
the
debentures
which
a
and
are
offered
were
in less than
was
value,
par
an
securities
outstanding
now
total
ber, 1937, amounted to $2,000,050, Secretary Morgenthau
on Dec. 15.
This compares with $3,716,000 of the
October.
shows the Treasury's transac¬
tions in government securities,
by months, since the begin¬
ning of 1935:
1935—
1936—
January
Final Figures on
Treasury's Dec. 15 Financing—-Cash
of $512,544,450 Allotted for 2A%
Bonds and 1 %% Notes—$6,786,725,800 Subscribed
—Exchange Subscriptions of $260,768,000 Allotted
Subscriptions
April
May
23,326,525 purchased
October
June
8,765,500 purchased
33,426,000 purchased
35,439,000 purchased
60,085,000 purchased
17,385,000 purchased
18,419,000 sold
5,275,200 purchased
November
July
__
October
Full
The final
on
subscription and allotment figures with respect
of 2%%
Treasury bonds of 1945
1%% Treasury notes of Series C-1942,
Dec.
14
Treasury.
were
announced
by Henry Morgenthau Jr., Secretary of the
The bonds were offered for cash in amount of
$250,000,000,
or
$200,000,000,
or
thereabouts,
and
thereabouts—both
the
notes
in
amount
of
the bonds and notes, in
addition, were offered for the amount of maturing 2%%
Treasury notes of Series A-1938, tendered in exchange and
The 2%% notes,
accepted.
will
standing,
mature
of which $276,679,600 are out¬
Feb.
on
1,
1938.
Reference
to
the
Dec. 15 financing of the Treasury was made in our issue of
Dec.
11,
3744.
page
725,800,
Secretary
Morgenthau
The
announced.
reported at $512,544,450.
was
$6,786,amount
All exchange sub¬
scriptions of the maturing 2%% notes, amounting to $260,768,000, were allotted in full.
For the 2%% bonds cash subscriptions of $4,084,309,500
were
received and
$293,511,750 allotted.
The exchange sub¬
scriptions tendered and allotted for the bonds amounted to
$247,428,500,
total of
making
total
a
$2,702,416,300
of $540,940,250 allocated.
tendered in cash
was
notes, of which $219,032,700 was allocated.
amount
of
$13,339,500,
amount allotted for the
ments,
for the 1%%
The tenders and
as
announced
by
to $232,372,200 the
Subscriptions and allot¬
bringing
new
notes.
Secretary
Morgenthau,
were
divided among the several Federal Reserve districts and the
Treasury
as
follows:
Exchange
Subscriptions
Total Cash
District—
Subscriptions
Subscriptions
Received
Subscriptions
Received
Allotted
{Allot. In Full)
Allotted
Cleveland
Richmond
Atlanta
Ohff^ftgn
Bt
Tv-inis
Minneapolis
Kansas City
Dallas
Sao Francisco
Treasury
....
....
March
April
14,363,300
5,701,800
119,553,000
11,856,500
May..
purchased
purchased
purchased
purchased
3,853,550 purchased
24,370,400 purchased
July
4,500,000 purchase!
April...
4,812,050 purchased
12,510,000 purchased
8,900,000 purchased
3,716,000 purchased
2,000,050 purchased
August
September
October..
November.
..
"Baby Bond" Sales Exceed $1,000,000,000—Sales March
1, 1935, to Dec. 11, 1937, Reported at $1,000,566,182
—Have Maturity Value of $1,334,088,243
Cash sales of United States savings
bonds, or so-ealled
"baby bonds," passed the $1,000,000,000 mark on Dec. 11, it
was
announced on Dec. 12 by Secretary of the
Treasury
Henry Morgenthau Jr., who said that this $1,000,000,000
investment represents a sale of approximately
4,500,000 bond
units,
which
purchased
were
by
about
said
that
Total
Cash
$388,392,700
2,078,465,700
242,038,350
208,652,800
134,496,600
102,447,700
381.247,050
97.155,700
51,270,550
68,324,750
73,715,050
243,346,550
14,756,000
$27,632,000
146,232,700
17,345,000
15,400,750
9,902,150
7,920,800
27,935,700
7,926,800
4,001,200
5,282,400
5,586,800
17,310,950
1,034,500
$4,084,309,500
$293,511,750
Total
$6,163,300
196,157,900
440,800
3,431,200
1,468,500
2,848,900
16,468,900
$33,795,300
342,390,600
17,785,800
18,831,950
11,370,650
10,769,700
2,039,700
893,500
9,370,400
2,635,100
1,852,300
3,658,000
9,966,500
4,894,700
14,652,800
$247,428,500
1,200,000
$1,000,566,181.95.
date
amounted
savings bonds
the
end
price,
this
to
sold
are
10
of
sale,
that the
expressed in
a
or
daily
actual
As
people.
sales
cash
United
to
States
discount basis, and mature at
a
on
for 33%%
years
$1,344,088,242.60,
than their purchase
more
maturity
value,
amounts
to
maturity value sale of
average
$1,571,364.24 for each of the 850 business days which have
1935, when these bonds were first
elapsed since March 1,
offered.
The
the
The
$259,000,824.77,
date
in
Secretary's announcement continued:
sale of savings bonds has steadily increased.
The sales for
period in which these bonds were sold in 1935 amounted to
annual
10-month
1937,
maturity
have
It
$473,515,140.78,
and to
this
individual
Many thousands of these
the
Regular
Purchase
for systematic saving
week,
investors
purchased
Plan
through
the
savings
offered
by
purchase
of
at other intervals of their choice.
or
bonds
on
regular purchasers,
are
the
Treasury
bonds
savings
Approximately
investors buy these bonds each month.
new
is
that
1936,
120,000
each month, each
30,000
in
month.
each
adopted
Department
value;
$601,572,277.05.
Approximately
who
permissible under the law authorizing United States savings bonds
(but not more than $10,000) maturity value, issued during
calendar year (Jan. 1 to Dec. 31) may be held by any one person.
$10,000
any one
An additional
$10,000, maturity value, issued during each
calendar year
may
be
since
bonds have been
these
or
any
subsequent
held.
so
Analysis of sales of savings
bonds show this
on
year,
in previous years
as
sale, that thousands of investors
the end
as
of year
approaches, are applying at the poet offices throughout the country,
by mail to the Treasurer of the United States and the Federal Reserve
or
banks
for
purchases
of
savings
holdings to the permissible
A
year.
number
large
for
maximum
and
each
own
now
then
bonds
which
will
bring
their
respective
$10,000,
investors
of
legal
have bought the annual permissible
that savings bonds have been on sale
of the three years
total of
a
of
the
44,404,600
8,221,900
19,163,250
4,692,500
$540,940,250
the
limit,
for
the
present calendar
$30,000, maturity value, of these bonds.
sale
total
$1,000 unit
expressed
$50
but
$100,
over
in
over
date.
to
in
The
18.48%,
with
$500 unit with 9.31%,
$25
the
$50
bond is
unit
the order named.
dollars,
of
bonds
bought
85% of the purchasers
next
with
are
with
23.48%,
18.39%, and
More than
50%
in
of
the
the total
denominations
of
in the groups buying $25,
are
and $100 units.
Approximately
9.71%
aries,
while
names
As
85% of the bonds purchased
and the remainder
by banks,
The
&c.
usually
man
of
to
most
popular
and wife, as
21.21%
account
10,000
Total
February
32,702,150 purchased
19,025,000 purchased
15,794,000 purchased
amount,
Philadelphia
1937—
January
June
March
30.34%
Total
Federal Reserve
New York
December
The State of Illinois is, and has been almost constantly, the
leading
State, both in the amount of sales and the number of bonds bought.
The $100, maturity value, bond is the most popular and accounts for
2K% TREASURY BONDS OF 1945
Boston
September
18,546,850 purchased
A
allotments of the exchange subscriptions for the notes were
in
August
May
January
February
the average
Cash subscriptions received to the offering totaled
allocated
$30,465,400 purchased
15,466,700 purchased
3,794,850 purchased
47,438,650 purchased
27,021,200 purchased
5,912,300 purchased
24,174,100 purchased
July
Secretary Morgenthau
the offering last week
to
and
June
1936—
'
in
-X':'
$5,420,800 purchased
1,300,000 purchased
41,049,000 purchased
21,900,000 sold
February
approximately
$174,900,000.:,
,
by
Dec. 8 and the books were closed
on
hour, following an over-subscription.
There
maturity on Dec. 15 of $23,900,000 of the debentures,
the
Purchcsed
the joint and several obligations of the 12 Credit
are
banks,
$9,000,000 of which will
$13,900,000 on Sept. 15, 1938;
dated Dec. 15, 1937.
The debentures,
over
Securities
week
June 15, 1938, and
on
Government
securities purchased during
The following tabulation
December....
Bank
Credit
Intermediate
premium
82,000
Net market purchases of Government securities for Trea¬
sury investment accounts for the calendar month of Novem¬
November
llA% Debentures
sold $22,700,000 of 1 %% consolidated debentures at a
mature
987,700
Treasury During November
August
September
ago
$232,372,200
Francisco
Treasury
March
Treasury Department Circular No. 418,
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
$13,339,500
Dallas.,
otherwise recognized, for the purposes of
or
hereafter imposed by the United States or any of its posses¬
any tax now or
sions.
$219,032,700
Kansas City.....
"l,13^600
6,956,700
3,592,000
announced
be exempt, as to principal and interest, and any
other disposition thereof will also be exempt, from all
or
except
281,500
44,800
_
Minneapolis.....
541,100
608,300
7,179,500
22,516,600
85,031,200
276,319,100
78,991,400
such respect shall be final.
any
made at the Federal Reserve banks in cash
funds
25,000
184,500
4,445,500
15,916,000
142,000
$2,702,416,300
St. Louis
1,553,000
possible thereafter, probably on the
The Secretary of the Treasury expressly reserves the
following morning.
Those submitting
4,575,300
99,027,200
7,254,300
be opened and public announcement of the
right to reject any or all tenders
the amount
43,403,000
55,226,200
53,427,800
198,014,500
1,765,000
$15,937,200
108,693,100
16,571,200
14,304,800
8,806,300
7,179,500
23,647,100
7,944,400
3,617,000
4,759,800
4,527,500
16,197,500
186,800
Cleveland
Richmond
1937, all tenders received at the Federal Reserve banks or branches thereof
Allotted
$646,700
$15,290,500
101,438,800
15,018,200
13,763,700
8,198,000
$189,842,000
1,265,430,300
186,337.500
169,601,100
New York
Philadelphia
San
!
.
Immediately after the closing hour for receipt of tenders on
up
{Allot. In Full)
Chicago
accompanied by an express guaranty of payment by
bank
Subscriptions
Allotted
and from responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a deposit
10% of the face amount of Treasury biLs applied for, unless the tenders
are
Total
Received
Atlanta
and trust companies
of
Subscriptions
Subscriptions
accepted without cash deposit from incorporated banks
Tenders will be
ment securities.
Total Cash
Subscriptions
Received
than $1,000 will be considered.
less
amount
an
tender must be in multiples of $1,000.
Total Cash
District—
''■
'
Exchange
Federal Reserve
$500,000, and $1,000,000
$100,000,
TREASURY NOTES OF SERIES C-1942
Total
They (the bills) will be issued in bearer form only, and in amounts or
denominations
3901
1 H%
men
of
16.42%
in
population groups,
44.54% of the
for
to
remaining
25,000
in
the
names
of
two
people,
and accounts for 33.42% of the sale,
to date are registered in the individual
co-owners,
the bonds sold
and
are bought by individuals,
by corporations, associations, fiduci¬
registration is
population,
the
the
names
of
women.
metropolitan
sale;
cities
10.21%;
of
5,000
cities
25,000
to
of
100.000
and
to
100,000,
13.91%;
10,000,
7.70%,
23.64% going to the villages and rural America.
and
over
the
Financial
3902
The
1,200,000 people
the United
Although a savings bond may be redeemed at any time after 60
days from its issue date, over 92% of the total money received for the
purchase of these bonds remains thus invested.
ownership
marks
these
of
bonds
the
most
approximately
by
bonds
savings
as
Dec.
Amendments
Social
to
single security in
held
widely
Chronicle
SecurityJAct
18, 1937
Advocated
by
President Roosevelt
States.
Treasury
Department Issues Rules on Taxation
Foreign Personal Holding Companies
of
The Treasury Department announced on Dec. 13 that
Secretary Morgenthau had approved a Treasury Decision
which contains the amendments to the income tax regulations
made necessary by Title II of the Revenue Act of 1937,
relating to the taxation of foreign personal holding companies.
The Decision was published in the "Federal Register" of
Dec. 14.
The text of the Revenue Act of 1937 was given in
our issue of Sept. 4,
page 1484.
In its announcement of
Dec. 13 the Treasury Department said:
This legislation
prescribes
a new
foreign personal holding companies,
Its most important feature is that no attempt is
defined in the Act.
made to impose a surtax upon
In his letter to the latter the President said:
The White House
Washington, Dec. 14, 1937.
,
My dear Senator:
Mr. Altmeyer, Chairman of the Social Security Board, has submitted to
me some
they
non-controversal amendments to the Social
date.
'
■/
will considerably improve the effectiveness of this
important act, I have asked Chairman Altmeyer to discuss this matter with
you
personally.
Best wishes to you.
>
-7/';\
Very sincerely
'■
ordinarily being outside the effective jurisdiction of the United States),
such corporations.
Under the Act the income of
a
Honorable Pat Harrison, United States Senate,
Washington.
foreign personal holding
includes income from all sources, whereas foreign corporations
company
generally are taxable directly only upon income from sources within the
United States.
This Treasury
The amendment
"1.
Decision also contains regulations pertaining to returns,
of probating estates, as in veterans' laws.
and directors and American shareholders of such companies and
real money to the
persons
new regulations was enacted
by Congress to prevent evasion of income taxes through the formation by
»
a
conference
press
Conference
(Dec.
yesterday
Roosevelt indicated that he did not believe
consistent with
was
war
Indicates
17)
a
President
referendum
Asked by a woman reporter whether he thought a referendum, requiring
public vote before the nation could go to war,
was
consistent with the
American form of government, the President said the easiest way to answer
that
to
was
just
referen¬
a war
signed by 218 House members, forcing the House to order
was
a vote
to other
He said
gencies.
a
"6.
to railroads in
emer¬
loans in the last
few
minating further allocations of emergency public works funds.
That
was
finished, he said.
other subjects, Mr. Roosevelt expressed the belief that the
Government should hold
on
they
He said, when asked to
making money.
Major-Gen. T.
to its inland
waterway barge lines
as
long
as
comment on a remark by
Q. Ashburn, head of the Inland Waterways Corp., that
Government officials from the President
down flavored retention of the
on
lines.
„
Gen.
Ashburn
was
quoted
making the statement after rejecting an
as
offer to sell the lines to private interests.
The President said he had given very little thought to the subject in the
past year.
But, he added, he knew the lines
and
as
as
long
they did
he
so
saw
As to the movement in
vote of
"(a) To
sion
no
were
particular
operating profitably
Congress to require
a
declare
except in event of invasion, Secretary Hull was quoted
stating to reporters on Dec. 15 that "from the standpoint
of promoting peace and keeping this
country out of war, I
unable to
see
the wisdom
or
the
practicability of this
proposal."
and
Senate Agriculture
and
Senate
the
feed
loans
predicted that the
Congress, it
American vessels.
seamen on
the
International
Seamen's
old-age annuities instead of
Approved by Maritime Commis¬
Union
Federal Reserve System, institutions that,
Bank System, and the like.
same
and
the
National
Maritime
Homer S.
are
are members of the
members of the Home Loan
The American Bankers Association approves."
advices said:
Cummings in
Security Act prohibited
a
was
presented after Attorney General
formal ruling declared that the present Social
States from advancing the date for paying un¬
employment benefits.
other
Measure
Committee
bill
a
to
on
Authorizing
to
Dec.
authorizing
farmers
measure
that
States
years.
For New Jersey and
delayed in passing their legislation, this
means
no
in
would
1938.
Farmers
Senate Coalition Group Reported
Furthering 10-Point
Recovery Program to Reassure Business—
Plans
to
advance a 10-point recovery program were
reported on Dec. 15, when it was said that the movement
was being furthered by a Senate coalition group of Democrats
and Republicans, but mainly the former.
Senator Josiah
W. Bailey of North Carolina (Democrat) who has opposed
many of
President Roosevelt's New Deal measures, was
indicated on Dec. 16 as revealing that he aided in drafting
the "coalition" document for Senators to sign, but denied
that it is directed at forming an anti-New Deal bloc.
United
Press accounts from Washington on Dec. 16, reporting this,
,
added in part:
conservatives "is a statement of views and policies
may espouse or
that anyone in America
reject." He said he hoped that President Roosevelt and the
American people would Indorse It.
The statement, headed "an address to the people of the United States,"
was
critical
of many
Administration
policies and included
demands
6
favorably
$50,000,000
While
receive the
it
for
was
approval of
was
immediate tax revisions to aid business; drastic changes in the New Deal's
a
.
.
.
declared that the document constituted
collection of views formed after many conferences and added that he had
working on the plan since Mr.
session
of
Congress
urging
that
Roosevelt's
private
to
message
enterprise take
up
the special
the
"pump
priming" of business, a job which the New Deal expressed a desire to drop.
Reports that the statement had met a cool reception and that it had been
withdrawn
influential
after
Republican
leaders
had
advised
minority
members against participating in the movement, were denied by Mr. Bailey.
"It has not been abandoned," he said.
"It
was not
intended to form
Senate bloc, but to put forward an affirmative policy.
will be formed.
I
was
interested in getting the program before the people.
Let's
the
Wage and Hour Bill Reported to House—Opposition
Agriculture Committee,
bill
in
Mr.
1934
1936,
he signed a
$50,000,000
such
as
for
loans
this
year.
vetoing the 1936 legislation, said he had approved a
only on the theory it was proper to taper off the crop loan
He later made available funds for loans from relief money.
bill
The loans would be limited to
out
measure
Roosevelt, in
loan
system.
"but they voted the bill unanimously."
pointed out tliatj although the President vetoed a similar
droughts or floods.
$400 to
farmer, except in emergencies
They would bear a 4% interest and be paid
any
through the Farm Credit Administration.
see
a
I think that policy
Dec. 6, which went on to say:
"There was some discussion by the committee of the President's atti¬
tude," said Chairman Ellison D. Smith, Democrat of South Carolina, of
Smith
for
early balancing of the budget; guarantee of the collateral behind securities;
been
also doubted whether President Roosevelt
would approve it in view of his desire to balance the
budget
next year, said Associated Press advices from
Washington,
Senator
un¬
employment benefits may be paid before Jan. 1, 1939.
The North Carolinian
Approves
$50,000,000 for Seed and Feed Loans
seed
to continue working through
labor policy, and an end to Government competition with business.
+
Committee
reported to
over
A great gain all around.
Senator Bailey said the 10-point program advanced by a group of Senate
favorable
war,
The
60 and
"(b) To employes of national banks, State banks that
for their sale.
reason
the people before the United States could
Senate
now
Union.
as
am
in
up
cor¬
He said, however, that there would be no exceptions to the decision ter¬
on
funds have been built
To increase coverage.
months was only a general rule and that exceptions were to be expected.
are
It
was not a revocation of admin¬
He added that stoppage of such
policy.
Reconstruction
statement by Chairman Jesse H. Jones that the
poration would make loans to needy carriers
Touching
permit persons
ployment taxes have been collected for two
President said the
questions the
Finance Corporation would continue to make loans
istration
to
The act provides now that benefits may not be paid until after unem¬
RFC Loans to Railroads
In response
To
The
by Representative Ludlow, Democrat, of Indiana,
years
to qualify upon retirement for monthly
receiving small lump sum payments.
the proposal.
on
For two
Mr. Roosevelt's recommendations
proposing the submission of a constitutional amendment for
dum,
compensation
With increasing unemployment this will get money earlier
States.#
"5.
Representative Ludlow's Petition
A petition circulated
unemployment
To permit earlier payment of unemployment compensation in States
passed their laws late.
1941
and stop right there.
say no
in
to those laid off.
representative form of Govern¬
a
reporting said:
a
that
these
on
Asssociated Press advices from Washington further
ment.
payable'
'wages
To enable 'merit rating' to work by making technical changes.
"3.
"4.
Opposition to Proposal for War Referendum—
Also Opposed by Secretary of State Hull—Com¬
ments by President on Other Subjects
At
change
reports.
-v-
Press
at
save
becomes effective in Wisconsin January 1, 1938.
ments and accumulate the income therefrom abroad tax-free.
Roosevelt
This would
widow and to the board.
payments and so complete our efforts to greatly simplify employers' wage
American citizens and residents of foreign corporations to hold their invest¬
President
To
'wages paid' as in old-age insurance and permit a duplicate list of wage
of foreign corporations.
interpreted by the
expense
"2.
aiding, assisting, counselling or advising in the formation, organiza¬
The legislation which is
accounts from
To pay death claims direct to the wife or dependent children and
save
tion. or reorganization
given in United Press
as
Washington follow:
including information returns, which the Act requires to be filed by officers
by certain
yours,
FRANKLIN D. ROOSEVELT.
but their American shareholders are required to include as gross income in
of the undistributed net incomes of
In brief
I feel they are
importance to warrant their passage at the earliest possible
As the amendments
the foreign personal holding companies them¬
their own returns their proper shares
Security Act.
the points listed in the attached memorandum.
cover
of sufficient
undistributed net incomes (such corporations
selves with respect to their
Security Act which President
mitted this week by the President to Representative Doughton Chairman of the House Ways and Means Committee
and Chairman Harrison of the Senate Finance Committee.
method of taxation of the net income
of foreign corporations which constitute
as
Amendments to the Social
Roosevelt regards "are of sufficient importance to warrant
their passage at the earliest possible moment" were trans¬
what the consequences
are."
to
Legislation in Congress and Elsewhere—Provision
Eliminated Affecting Tariff Structure—House Re¬
jects Bill of A. F. of L.
Debate in the House
on the Administration's wage and
begun on Dec. 13, after the House on that day
had adopted, 285 to 123, a motion to discharge the measure
hour bill
from the
was
House
Rules
Committee.
Earlier
in
the
month
Volume
Financial
145
Chronicle
(Dec. 2) a petition to force the bill out of the hands of the
Committee obtained the necessary signatures of 218 House
members,
As
than
60
amendments
mittee,
All Amendments in New Bill
Mrs. Norton and other leaders decided, accordingly, that the Committee
would draw up a new
noted in these columns Dec. 4, page 3582.
as was
brought before the House this week the bill had
attached
in the
House
said
special Washington advices Dec.
New York "Times," which also stated in part:
13
each
separate amendment
Despite the
the
to
bill, incorporating all of the amendments, and offer
it in its entirety as a substitute for the Senate
more
Com¬
Labor
3903
leaders
that
their
the
as
of Mrs.
assurances
only intent
reading
bill, instead of proposing
of the
Senate bill advanced.
Norton, Mr. Rayburn and other House
was
simplify and expedite procedure,
to
advocates of rival proposals showed themselves highly suspicious.
The Labor Committee reported the bill favorably by ail 18-to-2 vote
Aug. 6, but it remained buried in the House Rules Committee until today,
A. F. of L. substitute and intended to
press for its adoption.
when
time,
discharge petition
a
The fight in
support of the
measure
Chairman of the Labor Committee.
led
was
Under
six
general debate.
hours.
hours
the California
Finally,
Unanimous consent extended the time for debate to
>-77v, v •77."7777 7.77■ 77,7\777;''••7,>7.7/■'7' 7
'v
Labor Committee
;
;
the measure favored by those who had
not
was
discharge petition, but
one
weiler,
signed
South.
.
that
.
it
should
be
was
"You have
wage
Rams peck
of
Georgia,
who
from
comes
industrial
an
She said that the
by the Labor Committee providing for
board of five, as in the Senate bill.
false charges and statements
as
On Dec.
the bill,
Paid lobbyists are all
a
7
a
was
of
Labor Committee
issue of
our
the Administration's bill
week ago
a
as
substitute for
a
This
of
that
action came,
the
"I
was
Committee
; 77-
,
or
a
:
who
merit,"
he concluded.
bill at
better than no
all."
fail
to consider
its effects," adding that it
was
a
"bare face-saving
it would make worse the business recession.
"Northern manufacturers have been told they would benefit, but
Northern industrialist thinks he can
less efficient labor 40
^77
no
jurisdiction
over tariff
conferred
substandard
conditions.
It
cents an hour,
the
would
have
as
as
developments on Dec. 14 were summarized as
by Clarence L. Linz in the New York "Journal of
Chief developments were:
'
1.
Declaration by the House leadership that
Office had
to postpone consideration
morrow.
Critics
of
the
Committee
in
nations, of permitting executive juggling of the tariff barriers,
.
.
Labor Parley Held
This clause
Mrs.
Norton,
however,
coached by Representative O'Connor of New York, Chairman of the Rules
Committee, sent to the Clerk's desk as a new amendment a copy of the
Committee's bill with the offending sections deleted.
tangled situation brought
a
in the House Post
was
sitting
the pending measure.
Representative Lawrence
3.
members
Office and Post Roads Committee room to make known
labor's disapproval of
of his
4.
as
the Committee of the
Whole on the State of the Union, as it always does to consider the bills
during the second reading, or amending stage.
considering the bill which the Senate passed at the
This had been reported to the House, before adjournment
last summer 7 with certain amendments by the House Labor
J. Connery (Dem., Mass.), announced in
for deletion from the bill of the name
bill
5.
Representative William P. Connery.
.
devoted themselves to
of the strategy to be employed in seeking the return of the
Opponents of the legislation in its present form
to
committee.
Plans also were made for the offering of substitute bills more to
liking of the American Federation of
the
Labor group.
President Green of the American Federation of Labor in
a
Congress on Dec. 10 de¬
opposition to the Labor Committee's proposal for
single administrator instead of a five-man board. In a
letter addressed to members of
clared his
a
letter to Mrs. Norton he said:
"All of the objections
Committee.
Subsequently the Committee decided on more than 60 other amendments.
late brother,
consideration
shower of "parliamentary inquiries"
The House
Labor and
i
Mr. Cooper's point of order against the tariff provisions of the Norton
invalidated.
Between 25 and 30 officials of the American Federation of
affiliated national unions conferred with a similar number of House
amendment having been upheld by the Chair, Mr. McCormack ruled that
thereby
had provided
Saturday.
the House he would move tomorrow
7
.
of changes effected therein until to¬
placed the blame upon the latter,
pointing to an incomprehensible draft of the legislation it
2.
for reciprocal trade agreements against the practice, prevalent
is not contained in the Senate bill.
the Government Printing
bungled in the printing of the new form of the bill, making it
the
Secretary Hull have directed their entire
would have done much to frustrate their efforts.
he's wrong," he said.
Commerce":
on
well
if any
force Southern industrialists to pay
The chief
follows
necessary
on
program
the A. F. of L.
as
device" and a failure, at that.
successfully by Repre¬
imposition of quantitative limitation in Executive discretion.
was
such
regard of every consideration except the political consideration of those
spirit of friendli¬
shifting of articles now on the free list to the dutiable list,
Technically, it
the majority of my own Com¬
He said that the theory that this bill was better than no
far beyond the present tariff law in that it would have allowed the
Since President Roosevelt and
along with
go
all reminded him of the "theory that the fires of hell are
section of the Labor Committee's
a
The draft of the Committee substitute would have
produced under
I cannot
Representative Hoffman of Michigan attacked this and similar defenses
the
President the power of imposing embargoes and quotas against imports of
last session.
Representative
delegation of wage-fixing powers to groups of private citi¬
alone is sufficient
"That
want
the second reading of the wages and hours bill, upheld him.
directed to the Chairman.
this issue.
;7>' /7V:7-7'777 77-77.7 7 7;'7" 777-777.7;-7;7.o:>:Vv7777
Representative Cox of Georgia described the measure as "reckless dis¬
matters, and Representative McCormack of Massachusetts, who is presiding
was
on
substitute for the original five-man board.
or a
of the bill.
Mr. Cooper, a member of the Ways and Means Com¬
substitute
divided
Representative Casey of Massachusetts said that "regardless of the short¬
heat at
77.
of Tennessee against
mittee, contended that the Labor Committee had
the provisions
is
help to regulate wages and hours in this country."
amendment which would have drastically altered the whole tariff structure
goods
hour, but
majority of the employees filed complaint with a
comings of this bill, regardless of the things it fails to accomplish, it does
complicated by points of
the whole, disposed of in
The most important point of order was brought
of the country.
a
constitutional, according to recent opinions of the Supreme Court.
which does not always prevail in the House when such controversial
'7
...
Farmer-Labor member, intro¬
Representative Snell of New York, the Republican leader, argued that;
situation all day long
stake.
Representative
by
brother, William P.
provided by the Committee amendment, would be equally un¬
as
zens,
order against various aspects of the pending business and numerous amend¬
at
a
he said, adding that a rigid standard,
proposes,
proposal of the labor federation.
are
any
regret that
mittee,"
legislation at all, to defeat the 40-hours-a-week and 40-cents-an-hour
sentative Cooper
Labor
the
vote for
In part the
passed by the Senate combined with Southern members who
were, on
debate was sounded
Ramspeck of Georgia told the House today that he would be unable to
Adminis¬
Administration supporters who favor the Labor Committee draft
They
today's
bill today providing for the 40-hour week at 40 cents an
a
Even
said Washington ad¬
of time-killing tactics
the "Times," after hours
kept the House in a parliamentary tangle.
advices from which we quote also said:
to
ments offered.
Labor Com¬
action at the special session.
no
Holds Substitutes Illegal
(page 3746),
which
The parliamentary
had received
lieutenants
was
adopted by the Committee providing for administration
single administrator in the Department of Labor
instead of by a five-man board as proposed in the Senate
bill. The House Labor Committee on Dec. 5, as we reported
in our item of a week ago, declined to support the wage and
hour proposals of the American Federation of Labor.
On
Dec. 15 the House, by a vote of 162 to 131, rejected the
bill
Democratic leaders against
he and his
district court alleging substandard conditions.
a
measure.
in
only in industries where
was
Federation's
mean
note
of the
one
to send the measure back to the
Representative Johnson of Minnesota,
duced
ordered rewritten by the House
Dec. 3, at which time an amendment
on
Texas,
today that
again
Connery Jr., former Chairman of the Labor Committee.
members.
indicated in
declared
bitterest
The
7
attacked
House
attitude
was no
on the bill was ended, it was
having developed much bitterness; from the
Washington account on that date we quote:
to vote out of the title of the bill the name of his late
favoring the bill
of the bill,
proponent
tried to
ground that the House
Connery of Massachusetts, who announced that he would ask the House
letter from Homer Martin,
the
The
.
14, when debate
which would
mittee,
the
over
President of the A. F. of L., for attempting to "dictate"
entire
.
as
promises of enough votes
7V777"'7'
Representative Maverick of Texas,
the
various con-
disposed of drew protests from Representatives Boileau of Wisconsin
reported
has this bill," Mrs. Norton declared.
William Green,
many
.
Rayburn and the House
Representative
bill by Saturday night, if it meant sitting late every night to do so.
and asserting that an unfavorable vote would not be forgotten next
year
"when Representatives ask their constituents to re-elect them."
gone
on
investigating body could determine.
an
determination of
Representative Dies of
President of the United Automobile Workers of America
foreign
only
"Times"
Representative Knutson of Minnesota read
over
He de¬
favored
ceedings today that the leadership meant to complete the wages and hours
measure pro¬
single administrator instead
a
corridors of the Capitol."
matters
.
.
Com¬
Mr. Rayburn had served notice on the House at the beginning of the pro¬
The American Federation of Labor
"Propaganda has reached its perfection.
ness
Labor
longer in the temper to consider perfecting amendments on their merits.
Denounces''Propaganda"
no
the original print.
member of the
a
and Knutson of Minnesota, both of whom, on separate occasions,
"Not in all my years in Congress has there ever been a bill subjected to
measure
further complicated by the fact that a child-
was
force adjournment until tomorrow, on the
objected strenuously to the board plan.
vices
Dockweiler
Thus, the Dock¬
the Griswold amend¬
leadership to keep the House in session until the A. F. of L. amendment
Republicans joined with 238 Democrats, 8 Progressives
Mrs. Norton opened the general debate.
tration
as
written in which did not appear in
was
The evident
Republicans opposed it.
by
a
and hour legislation, did not believe in geographical differentials,but
which
tions
tected both employers and employees, and gave special stress to the amend¬
As
introduced
had
that he did believe in differentials between industries based
passed to prevent industries from moving
and 4 Farmer Laborites in favor of the motion, and 69 Democrats and 54
many
7''7■■■;•• 77./-.71 \7'77
question of wage differentials between the South and the North.
supposed to end.
On the roll-call 33
so
contemplated was in
who
member of the Labor Committee, which Mr.
a
Representative Ramspeck of Georgia,
was
a
.7/'
.
Representative
of
■
Indiana,
clared that he, as the only member of the Georgia delegation who
section, supported Mrs. Norton's motion.
ment
of
mittee who favors the bill passed by the Senate, dragged into the open the
He alleged that the measure would
perpetuate the very conditions that
it
As
ment, and the situation
bill which all business, small and big, denounces."
He declared that the measure was
designed to humbug labor, that it
said to the South that it would not hurt Southern industries and then to
North
Griswold
A. F. of L., bill came before the House
or
labor section
a
the
the
Time after
Representative objected, although his friends and partisans
Representative
measure.
v
"Now you have a bill that labor does not
want," he shouted,
already introduced
is not, he was entitled to prior recognition by the Chair.
greatly changed by amendments.
Charges Wide Opposition
;: !
had
Rayburn tried by unanimous consent to
substitute proposal of his own, decided to take charge of the A. F. of L.
777'j77' 777': ;777
Representative Dies of Texas, speaking in opposition to the motion to
discharge the Rules Committee, argued that the bill as reported by the
the
California
of
i777;'-'.77-
allocated
was
Dockweiler
Norton and Mr.
of the substitute tried to reassure him that the
step
his interest.
7;;7y :;"77v"7;V7;;:7
discharge the Rules Com¬
mittee from further consideration of the bill and four
Mrs.
as
adopt procedure which would facilitate consideration of his amendment,
by Mrs. Mary Norton,
special rule 20 minutes was
a
set aside for debate on Mrs. Norton's motion to
to the
Representative
ratified, 282 to 123.
was
a
which exist against administration of the Act by
board and all of the dangers inherent therein exist in
aggravated form
Financial
3904
administrator; this for the reason that in the case
under the set-up of the
of the
board
there
are
minds functioning of persons selected
five
different localities, and with a
from
dangerous,
under such circumstances,
even
the administrator is
more
even
and unacceptable, certainly
dangerous and should be rejected."
Dec. 18, 1937
estate
obtained
the treasury and
to
ruling on his
a
He paid the tax demanded by the treasury.
liability.
A
V
with his
connection
representative of labor thereon," he said.
and balances, therefore, may apply in the case
board, but not in the case of one administrator.
If the board is
"The principle of checks
of the
Chronicle
the^tax'Tn" undistributed
Republican proposal to repeal
corporate profits was rejected by the subcommittee on Dec.
17, according to Associated Press Washington advices which
said:
Chairman Vinson said the vote, which was along party
lines, was 6 to 3.
President of the Cotton-Textile
Institute, stated on Dec. 13 that "the cotton textile industry
is overwhelmingly opposed to the wage-hour bill now before
the House."
From Washington Associated Press advices
flat 12
Dec. 13
plan had been in operation for the present taxable year, the
Claudius T. Murehison,
we
quote:
said,
Murehison
Mr.
in
a
"the impression has gone
that
statement,
He said Representative
the committee adopt a plan by which the present normal corporate tax
favored by the New England division generally and
by some elements in the Southern section of the industry.
"Such
a
I have found little
grossly exaggerates the situation.
rumor
difference of opinion on
XA %
During the last six months, Mr. Murehison added, "the cotton textile
"The addition of new burdens and new costs of
"
We're going to
which
under
on
the
Cypress Manufacturers Association in con¬
vention at Jacksonville (Fla.) on Dec. 1 adopted a resolu¬
tion declaring its opposition to the Black-Connery labor
standards bill and to any effort (we quote from the Florida
"Times-Union") by Federal legislation to determine the
minimum wages and maximum hours of employment in
American industry." It further directed "that the Secretary
be instructed to wire our Congressmen
not to vote
in favor of the passage of this bill."
On Dec. 14 Syracuse (N. Y.) press advices reported that
the Metropolitan Milk Producers' Bargaining Agency, an
organization of up-State New York dairymen, declared itself
"unalterably opposed to the wage and hour bill before Con¬
.
.
.
gress.
telegrams were sent by the A F of L to all
members of Congress urging them to recommit the Labor
Committees bill for revision; the pending bill, said the tele¬
gram "is highly objectionable" to members of the Federation.
Yesterday (Dec. 17) the House rejected by a voice vote an
attempt to substitute the Wheeler-Johnson child labor plan
(embodied in the Senate bill) for the child labor provisions
of 16 to 20%, de¬
pending on the .percentages of earnings distributed to stockholders.
The
was
proposal for repeal of the undistributed profits levy, Mr. Vinson said,
baseckon the idea it is the severest burden
on
the corporate taxpayer.
he said, now pay $1,200,000,000
capital stock and
excess
in normal in¬
a year
profits taxes, against $150,000,000 of un¬
distributed profits tax.
does not take into account the increased taxes paid by
The latter figure
individuals
on
income from dividends declared by corporations as a
enactment of the undistributed
result of
profits tax.
The New York "Journal of Commerce"
Washington bureau
reported from its
Dec. 14 that:
on
Reduction in the import tax rate on oil seeds entering the United States
from abroad
was
voted today by the tax subcommittee of the House
and Means Committee to stimulate
Ways
crushing of oil seeds in this country and
to remove discrimination in the present
law
as
between the tax
on
imported
seeds and imported oil.
The change
agreed
tentatively by the
upon
Chairman Vinson (Dem.,
in administrative
so-called
16
be increased to 2H%
S20.000 of profits.
Firms with incomes above $25,000 would pay a levy
But corporations,
The Southern
and announced by
group
Ky.) along with several other proposed revisions
provisions of the tax structure is
Bailey amendment inserted
in the
an
1936
amendment to the
Revenue
Act
by the
Senate.
Bate Scale Given
In
place of the present flat tax of 2c.
per
pound provided for in the
existing law on the seed, the committee plans to recommend the following
schedule of "compensating" levies:
JpHempseed, 1.12c.
per
pound
.73c. per pound; rapeseed,
perilla seed, 1.31c.
1.51c.
per
pound, and
per
pound; kapok seed,
sesame
seed, 1.05c. per
pound.
,
i*
The present rate of 4j^c. per pound on the imported oil produced from
such seeds
that
Consideration
corporations with income up to S25.000 would pay no un¬
the first S5.000 and 14% on the next
come,
of the House bill.
undistributed profits and
of the
The sub-committee tentatively has approved a new corporate tax system
lowest ebb in years is obviously uneconomic," he asserted.
On Dec.
retain the principle
capital gains tax," the Chairman said.
production which must
be reflected in higher prices at a time when consumer demand is at
Government
would have received S416.000.000 less in revenue.
Industry has undergone one of the severest slumps in its history—from a
peak of almost 100% capacity operation to less than 50% at the moment.
a
Mr. Vinson said the committee had been informed that if this
•
distributed profits tax, but their normal tax would
the bill," he said.
of 8
15% would be boosted to 9 to 16% and the capital gains tax fixed at
to
abroad that the industry is divided in its attitude toward this measure—
that the legislation is
Crowther, Republican, of New York, moved that
By
House
Sub-Committee
ofMTax Re¬
vision—Proposal to Repeal Tax on Profits Tax
Rejected—Accord
Reported
Reached
on
Com¬
mittees' Program With President Roosevelt and
the
was
left untouched
by the committee.
Chairman Vinson said
change should be "particularly helpful to the crushers" in this
country because it lessens the present rate on the seed and should make
possible importation of the seeds for crushing in much larger quantities
than heretofore under the present
flat 2c. per pound rate.
Secretary Morgenthau
Following
a conference
on
Dec. 10 between President
Roosevelt and
Representatives Doughton and Vinson,
Chairmen of the Ways and Means Committee and its sub¬
committee
on
United States Supreme Court
Upholds Government in
Declining to Pay Until Maturity Interest on Gold
Called
for
Redemption—Decision
6-to-3
Given in Three Cases Where Litigants Had Sought
to
Collect—Saving to Government Through De¬
Bonds
taxation, respectively; with Secretary Morgen¬
thau and Roswell Magill,
Under-Secretary of the Treasury,
it was reported that
the
tax
"complete accord" had been reached on
of the House Ways and Means
revision
program
subcommittee.
From advices to the New York "Times"
Dec. 10 to the New York "Times" we
on
In reporting
"complete accord in the discussion" Mr. Vinson indicated
that his subcommittee would
speed its work so that a measure
modifying
the undistributed
profits and capital gains taxes could be reported to Con¬
early in the regular session.
A two-day
lapse in meetings of the subcommittee had given rise to a re¬
differences with the Treasury, but after the White House conference
port of
Mr. Doughton and Mr. Vinson declared that there
were no
differences.
Approval of the Program
Both Representatives Indicated
that the work of the committee and its
program had met with the
approval of the White House and the
Treasury.
They reiterated that the subcommittee would continue its
deliberations
without haste, hoping that when
the bill was ready it would not mean a
loss of revenue
t
or an
They said that
opening of
before the
suance
nearer
new tax
loopholes.
no time had been fixed for the committee to make its
reassurance statement"
to
business, but Mr. Doughton expected its is¬
Christmas holidays, when the tax revision draft
would be
completion and
a
"recapitulation" could be made of conclusions from
the subcommittee's
studies.
Mr. Vinson, who has been confirmed
Court of
Appeals,
announced
that
as
judge of the District of Columbia
he would remain
Ways and Means subcommittee until
the
passed.
tax
as
Chairman of the
modification bill had been
King, moving for immediate action on
proposal to modify the undistributed profits and
capital
taxes, offered an amendment to that effect to a House
gains
tax
bill
pending
account
the Senate.
in
The "Times" Washington
said:
Senator
King s amendment proposed to grant
exemptions on corporate
prior to calculation of the undistributed
It would reduce
profits tax.
the rapital gains tax
by half, and afford an exemption to
corporations for all
income
funds used for replacement of
machinery and for expansion.
On Dec. 14 the subcommittee
From
tentatively agreed to permit
declaratory rulings or
decisions on tax matters submitted
by taxpayers.
Washington account Dec. 14 to the Chicago
a
"Jounal of Commerce"
Such ruling would be
we
binding
quote:
on
the Government to enable taxpayers
to arrange their financial affairs with
certainty.
Chairman
Fred
M.
would end repetition
Vinson,
Democrat,
of incidents such
as
Kentucky,
the
said
Couzens
the
case.
proposal
The
late
Senator James Couzens, Republican, Michigan, submitted certain data in
on
Dec. 13 the United States Supreme
Court upheld the Government in three cases where
the liti¬
infgold interest
on
Liberty bonds carrying the gold clause,
which had been called for redemption.
They claimed that
the redemption call was invalid because the Treasury in¬
tended to redeem the bonds in devalued currency instead
of in the gold dollars which the bonds specified.
From advices to the "Wall Street Journal" from its Wash¬
ington bureau it is learned that the Court's opinion covering
the three cases said that only one question was involved—
namely, whether a notice of call issued by the Secretary of
the Treasury for the redemption of Liberty bonds was ef¬
fective to terminate the running of interest on the bonds
from the designated redemption date.
The advices from
which we quote added:
P"No question of
cases
"
the
constitutional law is involved in the decision of these
Supreme Court said.
"Irrespective of the validity or invalidity of the whole or any part of the
legislation of recent
years
in suit was accelerated
devaluing the dollar
by valid notice.
tion the right to interest has
gone"
As
the maturity of the bonds
a consequence
of such accelera¬
the Supreme Court ruled.
The
majority opinion was written by Justice Benjamin N*
was read by Chief Justice Charles E. Hughes,
the illness of Justice Cardozo having prevented him from being
present with the handing down of the decision.
Those
joining with Justice Cardozo in the majority views were the
Chief Justice and Justices Brandeis, Roberts, Stone and
Hugo L. Black.
Justice McReynolds, speaking for himself
and Justices Butler and Sutherland delivered an oral dissent
in which he said (to quote
the Government's action
from United Press accounts) that
"violated
the
Ten
Command¬
ments" and that the
the Internal Revenue Bureau to make
advance
Rendered.
6-to-3 decision
Cardozo, and
On Dec. 9, Senator
nis
a
gants had sought to compel the Treasury to continue to pay
quote:
gress
cision
In
majority opinion "sanctions a fraud."
Justices Black and Stone, agreeing with the majority de¬
cision, each wrote separate concurring opinions.
The de¬
cision was presented in two suits brought by Robert A. Taft,
Cincinnati attorney and son of the late President and Chief
Justice William Howard Taft, and another suit filed by H.
Vernon Eney, Baltimore attorney.
Mr. Taft brought his
two suits
on
behalf of the Dixie Terminal Co. and James D.
Smyth, executor of the estate of the late James J. Ransom,
of Ohio.
Mr. Eney acted as attorney for Arthur W. Machen
of Baltimore.
Volume
Financial
145
From United Press advices from Washington Dec.
quote:
i:-:
Sued,
r
to
Chronicle
13^we
.
on an interest coupon on a
Liberty loan
bond.
interest
coupon
$10,000 First Liberty Loan
case
involved
on
a
Smyth's suit
sought
collection
bond.
on
a
$50
dismissing the suit
cases
on
U.Q VIKJU
and
to the New
^
are
date became substituted for
the old ones
The Secretary of
Treasury did
as
today were contained in a brief.
cases
favorable to the
challenging the validity of this refunding
large part of the public debt would seriously affect
persons
"The effect of such
provisions for
even
if such decision were limited to a
who have not yet surrendered their bonds are
a
decision
even
more
as an
interference with the power to manage
apparent when it is viewed in the relation
of the large number of
'gold clause' public debt obligations which contain a
redemption privilege but which have not yet become callable.
"On June 30, 1937, obligations of this kind in the aggregate amount
the acceleration of
maturity at the pleasure of the Government and upon
publication of the notice of call for the period stated in the bond, the new
"2.
a
the public debt is
The so-called redemption
provisions of the bonds
the Eight Command-
entitled to retain them and receive interest thereon.
bureau:
"1.
retirement of
holding that those
According to advices Dec. 13
York "Journal of Commerce" from its Washing¬
Conclusions of Cardozo
?
went as it did
Government financial operations
AV/ilV/tt
ing principal findings of fact.
ton
gaze upon
"It is obvious," said the Government, "that a decision
bondholders in the present
A-V
\^a>X\A\JAKJ
fix their
■■
$1,000,000,000 of the decision
were
U
obligation 'remains binding upon the conscience
V— ,'V
The Treasury's conclusions that the Government could save more than
the grounds that the calls
Y';*;v.V- >A
ought not to be difficult where men anxiously uphold the
contractual
ment."
valid.
Mr. Eney had gained a victory when the Fourth Circuit
Court of Appeals upheld his claim and directed that the
Treasury pay the
$17.50.
a
of the sovereign' and
reverently
The Court of Claims ruled in favor of the Government in both the Dixie
Terminal and Smyth
of the redemption call, and remarked:
answer
doctrine that
$17.50 coupon on another First Liberty Loan bond.
a
reason
"The
$175
Machen's
Mr.
.
At another point he asked if the Government caused the bonds to mature
by
The Dixie Terminal sued to collect $1.07
is betokened by the circumlocution presented in de¬
fense."
Collect" Interest
Fourth
3905
"Its wrongfulness
$5,255,877,980
were
outstanding.
of
computed interest from the call
The
dates of such obligations to the dates of maturity is in excess
if there from the beginning.
of $1,000,-
000,000."
not act in excess of his lawful powers
by issuing the calls
without further authority from Congress than was
conferred by the statutes under which the
bonds were issued.
The argu¬
ment to the
United
contrary is inconsistent with the plain provisions of the statutes
He
then
or
invalidity of the whole
of recent years devaluing
the dollar, the
or
any part
Supreme Court
Washington dispatch to~the*New"York
the oral statement by Justice McReynolds was a summary of a written opinion lying before
him, but it became in spoken word a much stronger expres¬
sion.
In part we also
quote from the "Times" dispatch:
Two years ago when the
gold clause cases were decided, Justice Mr
Reynolds shouted that the Constitution had
gone: today he said in cold,
measured tones that he and his
colleagues could not believe that the Ten
Commandments and obligations to observe them were
"outmoded."
three
cases
were
fused into
single issue through the judgment
of the court, the Cardozo decision
saying in its opening words:
a
"Three cases present a single
question; was a notice of call issued by the
Secretary of the Treasury for the redemption of Liberty Loan bonds ef¬
fective to terminate the running of interest on the
bonds from the designated
redemption date?"
Justice
Black,
'
in
his agreement,
with
the
majority
noted
that
Mr.
Cardozo dealt only with the rights flowing from the
redemption call notice.
Thus, Mr. Black concluded, it was not
necessary for him to express any
opinion on the policy of dollar devaluation.
Over and
over
again in his opinion Mr. Cardozo reiterated a conviction
for redemption was valid notice and
that the Government
could pay in legal tender instead of
gold and also that the redemption call
that
the
call
automatically stopped interest payments.
He noted that Mr. Taft, son of the former
President and Chief Justice,
originally made his drive against dollar devaluation
by insisting on payment
of the Smyth bond in gold, then when
that was refused, asked payment
of the interest coupon in
gold or legal tender, and failing in that,
sought
payment in "current dollars."
The facts in the other two cases were much
the same.
Justice
Cardozo
out a
the
provisions
of the
contract
stipulation that interest should
on
cease
the
when
interest would then cease.
"The so-called redemption provisions of
the bonds are provisions for the
acceleration at the pleasure of the
Government and upon publication of the
notice of call for the period stated in the
bonds the new date substituted
for the old one as if there from the
beginning," Justice Cardozo stated.
"If the bonds in suit had matured at
the date of natural expiration in¬
terest would automatically have
ended, whether the bonds were paid or not.
Maturity at a different and accelerated date does not make the
obligation
greater."
Justice
Cardozo's
views
as
to
Secretary Morgenthau's
action
clashed
directly with Justice McReynolds.
He held in so many words that
Secretary
Morgenthau committed no fraud through the
redemption call; Justice MoReynolds emphatically declared that the
Secretary did.
Mr. Cardozo
held further that Mr.
Morgenthau did not exceed his powers
by issuing redemption calls without further Congressional
authority than
the laws under which the bonds
were issued.
"The argument to the
contrary is inconsistent with the plain provisions
of the statutes and also of the bonds
themselves," he said.
"In issuing the calls, the
Secretary of the Treasury was not limited by
♦he Act of March 18,
1869, which in its day placed restrictions upon the
redemption by the Government of interest-bearing
bqnds.
"The aim of that statute
was
the protection of holders of United States
obligations not bearing interest, the 'greenbacks' of that era.
Upon the
resumption of specie payment in 1879 the aim of the statute was
achieved,
and its restrictions are no
longer binding.
"We do not
now
determine the effect of
a
notice given in bad faith with
preconceived intention to withhold
performance later.
Fraud vitiates
nearly every form of conduct affected by its taint, but fraud has not been
proved and indeed has not been charged.
a
"There is
no reason
to doubt that a
Secretary of the Treasury who was
willing to give notice of redemption after knowledge of the decision in
Perry
vs. United States understood
that the obligation of the Government would
be measured by the Constitution and
not by any statute, in so far as the
might be found to be in conflict.
two
"Never for
supremacy
a
moment
of law.
and liabilities in
a
summer
conducted
In answer to
Supreme Court order to show
a
not be dismissed as moot,
it for
V:
cause
by the American
why the case Bhould
the labor organization asserted an action against
damages for alleged violation of the Sherman anti-trust act was still
pending.
This
was
the
first
litigation
involving
sit-down strikes to reach
the
Supreme Court.
The Wagner Labor Relations Act. often described as the "Magna Charta
of labor," was employed by the Circuit
Cou^t as the basis for ruling that
the company's activities affected interstate commerce.
hibits
a
conspiracy in restraint of interstate commerce.
Act, which pro¬
It directed that
the strikers vacate the plant.
In
issue of Nov. 13, page
our
3135, it
was
noted that the
United States Supreme Court on Nov. 8 indicated that it
believed no ruling on the constitutionality of "sit-down"
strikes is necessary, when it directed the American
tion of Hosiery Workers to show cause before Dec. 6
Federa¬
why an
appeal from an injunction granted by the Third Circuit
Court of Appeals against such a strike by employees of the
Apex Hosiery Co. of Philadelphia should not be dismissed
on the ground that the
question is no longer pertinent. The
settlement of the strike at the Apex Hosiery Co. plant was
reported in these columns Aug.' 7, page 865, and in our June
26 issue, page 4267, we referred to the decision on June 21
of the United States Circuit Court of Appeals at Philadelphia
holding the strike at the Apex Hosiery Mills to be in violation
of both the Sherman anti-trust law and the Wagner Labor
the
came.
Then he stated that
Secretary Morgenthau issued
March 14, 1935, of
redemption on June 15, and repeated that
on
sit-down strike last
a
gold
redemption date
notice
of
Relations Act.
dissected
bonds, and pointed
a
scene
Federation of Full Fashioned Hosiery Workers.
It held that the sit-down strike violated the Sherman
Three Issues Made One
The
on
This action had been requested by the Apex Hosiery Co., of Philadelphia,
that
13
of
Federal Court at
a
Dee.
"Times"
Dismissal
Dec. 13, when it sent the case back to the
Philadelphia with instructions to dismiss
"upon the ground that the cause is moot" since the strike
had been settled long ago.
Associated Press advices from
Washington Dec. 13 reporting this, stated:
maturity of the
the
noted in
was
Orders
Court
the
of
bonds in suit was accelerated
by valid notice.
As a consequence of such
acceleration the right to interest is
gone."
Justice Stone, while
concurring in the result of the majority opinion,
said that a decision on
constitutionality of the Gold Clause Act is "un¬
avoidable" and should have been rendered
by the court.
He added that
he viewed the Act as
constitutional.
It
Supreme
Dismissal of litigation involving the constitutionality of
"sit-down" strike was ordered by the United States
concluded:
"Irrespective of the validity
the legislation
States
"Sit-Down" Strike in Apex Hosiery Case
and also of the bonds
themselves."
was
there less
than
complete submission to the
At the utmost, there was honest mistake as to
rights
situation without precedent.
Fraud being eliminated,
the case acquires a new
clarity."
The written dissent of Justice
McReynolds said that the majority
"gives effect to an act of bad faith and
finding
upholds patent repudiation."
added:
He
Dismissal by United States
Supreme Court of Action
by Hornblower & Weeks Questioning
Validity of Massachusetts Sale of Securities Act
Action
Affected
Sale
of
Chase
National Bank
Brought
Stock
a suit brought by Hornblower & Weeks of
questioning the validity of the Massachusetts Sale of
Securities Act of 1929, was denied by the United States
Supreme Court on Dec. 13, when it dismissed "for the want
of a substantial Federal" question an appeal from a judgment
of the Supreme Judicial Court of Massachusetts in favor of
Harvey D. McGray of Arlington, Mass., who sought to
recover $13,300, the purchase price of 50 shares of Chase
National Bank stock.
The Massachusetts court upheld the
A review of
Boston
application of the statute, said the Associated Press advices
which added:
from Washington Dec. 13,
Mr.
McGray purchased the stock in
1929 and learned that the price
of Chase Securities Corporation stock, as well as
He sued to recovr on the ground that the sale of the Chase
he paid bought 50 shares
the bank shares.
Securities shares was in violation of the law "since a statement
certain information with reference to the issuer
containing
of the stock had not been
filed with the proper State authorities."
The brokers
argued that "a State statute could not make void a sale
National bank shares since to do so would be to impair the
of such shares and
of
transferability
thereby obstruct the operations of a Federal instru¬
mentality."
Court Rules Against Receiver
Perry, Fla. in Action to
Retain Control of Assets Pledged to Florida State
Treasurer.
Other Rulings of Supreme Court
United
States Supreme
of First National Bank of
Iron Ross,
receiver of First National Bank of Perry, Fla.,
of assets pledged to the
of county funds, said a
lost in his attempt to retain control
Florida State treasurer for deposit
dispatch from Washington to the "Wall Street Journal'
of
Dec. 14, which went on to say:
The receiver, at the instance
suit on the ground
of the Comptroller of the Currency, brought
that an amendment to the National Banking
Act passed
'
Financial
3906
made thereafter.
He said, "the language of the amend¬
in the light of conditions that brought about the necessity for
leads irresistibly to the conclusion that Congress did intend to
deposits of public money prior to that time but only pledges
Justice Black read the opinion.
ment, read
its passage,
Dec.
The suit seeks to recover
made by the National banks for
June 25, 1930, did not validate pledges
on
Chronicle
plaintiffs
advices
same
aggregate of $40,000 claimed by the
an
12
1937, when the suit
1936, and Oct. 1,
The action relates to the class A preferred
was started.
stock of American Cities Power & Light optional series of 1936.
Deny Misstatements
also take the following:
we
1937
having been lost because of the decline in the market price of
as
owned securities from the time of their purchase in July,
make existing pledges enforceable."
From the
18.
The defendants, Mr. Finney, Louis E. Kilmark and Harrison Williams,
assert the decline in the market value of the stock followed "almost
O. L. Miller & Co.
exactly
the decline in utility stocks generally; this result is natural, inasmuch as the
The Court denied
of G. L. Miller & Co., New
17 preferred stockholders
York City, a review
of
Circuit Court of Appeals decision upholding a
a
trial court's refusal to charge a jury that
Haskins & Sells, certified public
allegedly misrepresented the position of G. L. Miller & Co. in a
accountants,
balance sheet which it issued
involving
Interstate
an
from Monday,
Commerce
to
the
for argument
docket
Commission railway
mail
a
case
order
pay
misstatements
omissions of material fact to the plaintiffs,
or
Kirby Newberger and Robert J. Levy,
as trustees
Newberger; L. Carroll Root, of Spencer, N. Y.; Emile
Zimmerman, of Montgomery, Ala.; Ernst Cohn, of New Rochelle, N. Y.;
New Orleans, La.; Frank E. Mandel of Chicago; Marjorie S. Irving of Deal,
N. J.; Clara N.
Schwartz of New Orleans; Ruth Blumenthal of Philadel¬
phia, and H. Stuart Flook of Ossining, N. Y.
applicable to the Georgia & Florida RR.
The
Some of the other decisions this week of the
referred to in this issue under separate
are
any
public.
Helen E. Gluck and Edith G. Greifus of New York City; Elsa Newman of
it had restored
announced
the
of the will of Samuel
20 until Monday, Jan. 3also
They deny
or
The plaintiffs are E.
The Supreme Court announced that it will take a recess
It
marily of common stock of utility holding companies and utility companies."
Sept. 30, 1925.
on
To Recess Dec. 20 to Jan. 3
Dec.
investment portfolio of American Cities Power & Light Corp. consists pri¬
Supreme Court
headings.
supplemental
prospectus
is
a
sent
was
Levy & Co., which Mr. Finney said
to,
others,
among
Robert
J.
of the group which sold the
was one
Mr. Finney said he was informed that Robert J. Levy, a plaintiff,
stock.
member of Robert J. Levy & Co., as is J. K. Newman, Jr., husband of
plaintiff Elsa Newman.
United
States
Supreme Court Acts to Permit Review
Guaranty Trust Co. of New York of
Affecting Recovery of Funds Assigned to
United States Government by Soviet Russia
Sought
On Dec.
13 the Guaranty Trust Co. of New York was
Supreme Court review of its effort to prevent the
Government from proceeding in a suit to recover $4,976,722
assigned to the United States by Soviet Russia, according to
Associated Press advices from Washington Dec. 13, which
we also quote further as follows:
granted
Calls Suit
by
Decision
a
The High Court consented to pass upon a decision
"Other plaintiffs are
he declared.
were
1917, when the
deposit to the credit of the Czarist Government in
on
Soviet
Government seized
control in
The bank
Russia.
at that time had several accounts in Russian banks which it learned would
bo paid and it used the
not
Russian banks
as an
The United
$4.976,722 deposit and other deposits from
offset to the Russian losses.
States
claimed title to the Czarist deposit
by virtue of
an
assignment made by the present Russian Government in 1933.
The
Guaranty Trust Co. contended that the account in suit
was
definitely
closed in 1918 and that the New York six-year statute of limitations barred
action to
any
the
recover
The Federal Court for the
money.
publication of the fact and for
In
decision last term, the High Court ruled that the Government under
a
some time
subsequent to the second statement
thereof equaled or nearly equaled the prices alleged to have been paid by
the plaintiffs upon the acquisition
Court
Permits "Peaceful
Non-Union
Interest"
The New
Goods,
with
Of the stock by them."
Picketing" of Stores Selling
if They Possess "Unity of
Manufacturer
York
State Court of Appeals, in a ruling on
picketing of a New York City store by a
butchers' union was illegal because it was not specifically
directed against a non-union product sold by the establish¬
ment. The Court held that a union may seek to
persuade the
public by peaceful picketing from purchasing a non-union
product "whether at the plant of the manufacturer or at the
store of the retailer" if the retailers have "a unity of interest"
Dec. 7, held that
with
the
manufacturer.
Court
The
Southern
New York District upheld this contention, but the Circuit Court reversed.
indirectly with said firm,"
after the full publication of these facts, although
even
the market price of such stock for over three months subsequent to the first
of the Second Circuit
the ground that the statute of limitations barred the Government's action.
The funds
or
"The truth is that they (plaintiffs) did not sell or otherwise
dispose of their stock
Court of Appeals which ruled against the bank in its effort to dismiss the case
on
Without Merit
associated directly
also
found
that
it
is
illegal to picket the place of business of any one who is not a
party to a labor dispute for the purpose of "coercing the
sides in
take
to
the 1933 assignment, could recover funds on deposit with August Belmont
owner
& Co. of New York.
interest."
and that
The tribunal held that New York law did not apply
"in respect of all international negotiations and compacts and in
respect of our foreign relations generally, State lines disappear," and power
is "vested exclusively in the National Government."
The
as
decision
by
was
controversy in which he has
a
a
vote of 6 to 1.
It
The Court laid down
Court
Decides
in
Government's
Favor
in
Elk Hills Oil Suit—Rules Against Standard Oil Co.
A decision in favor
turned
Yankwich
of
the
Federal Government
was
re¬
Calif.,
rule that the union's purpose mast be to "per¬
a
upheld
the
estimated
$10,000,000
and
summarized
as
that
the
decision
$22,000,000.
follows in
a
Its
was
worth
between
principal points were
dispatch of Dec. 4
San Francisco
to the New York "Times":
On
purchased from
of it, bit
by bit, to the oil company, beginning in 1909.
Judge Yankwich held that, because the land was known
surveyed Jan. 26, 1903, it had
the public domain and hence never
who
and
are
Clara
Fairbank
was a
as
never
"mineral"
passed from
part of the State's school lands.
The
area
of 640
acres
is known
were
as
Sec¬
damage verdict, the Judge ruled that the company
Ranney and Frank J. Carman of EI Paso, Texas,
jointly responsible for $1,896,819 in roylaties
parcel in the section
important this
Goldfinger,
who
sold
The decision is viewed
Appellate
union
from
products
as one
of the
year
an
employer
interest in
may
apply economic
pressure on
a
third person, who has
no
connection with the dispute, in order to bring the employer to
or
terms.
The prevailing opinion, written by
Associate Justice Finch, after review¬
ing testimony of alleged threats and acts exceeding
"Picketing is not peaceful where
or
"peaceful picketing,"
on
oil
taken from
a
large crowd gathers in mass formation,
there is shouting or the use of loud-speakers in front of a picketed place of
business,
circle
or
or
the sidewalk
lying
on
or entrance
the sidewalk.
form of intimidation.
bought their land from the State of California
declared to have been trespassers.
tion 36.
In addition to the
non-union company.
a
an
butchers'
City
stated:
question of title to the land, the Government's victory is allThe area originally was part of the Federal domain, but the
State of California sold it as school lands to settlers who in turn
disposed
The persons
York
"Secondary Boy colt"
the
was
New
Goldfinger charged picketing of his store constituted illegal "secondary
boycott," and declared the issue was whether a union in controversy with
embracing.
in character when it
a
picketing the delicatessen store of Isaac
Dec. 4, when Judge Leon R.
Government's title to land in the
Field, denying the claim of the Standard
Oil Co. of California and
awarding the Government $6,164,102 as damages due to
drilling operations over a long period.
was
injunction restraining
on
Elk Hills Petroleum
It
Division
most
in Fresno,
outlined
was
follows in the Albany "Times-Union" of Dec. 8:
suade, not to intimidate." and therefore modified to this extent
California
no
is obstructed
Such actions
are
by parading around in
illegal, and
are
a
merely a
Likewise it is illegal to picket the place of basiness
of one who is not himself
party to an industrial dispute to persuade the
a
public to withdraw its patronage generally from the business for the purpose
of coercing the
interest.
or to
owner
to take sides in
orderly
a
controversy In which
he has no
Nor is it legal to threaten to ruin the custom and trade generally
accost or interfere with
force,
conduct,
customers at the entrance to the store.
violence,
or
by
intimidation
pickets
Dis¬
should
be
sternly suppressed by the police and administrative authorities."
Can Follow Product
one
to which the Texans claimed title.
But Judge Finch pointed out that within the limits of peaceful picketing,
He also held that the decision of
Secretary Ickes in upholding the Gov¬
to the property was based on
the product could be followed to the store, provided there was a unity of
Eugene M.
the union
ernment's title
ample evidence.
Prince
of
San
Francisco, who, with Oscar Lawler of Los
Angeles and Donald Rich berg, former NRA chief,
represented the defend¬
ants in the case, said an
of
on
Appeals here and that
a
stay of judgment would be asked pending ruling
Prospectus Is Filed—Twelve Plaintiffs Sue Presi¬
dent of American Cities Power &
Light Corp. and
Two Others
The first
based
on
suit
to be filed
under the
1933 Securities
permitting investors to sue for losses from
misleading statements or omissions of material facts in a
registration statement or prospectus, was brought on Dec. 13
m
the New York State
I mney,
Supreme Court against Clinton M.
President of the American Cities Power & Light
Corp., and two other defendants.
Mr. Finney filed a motion
invoking the discretion invested in the court by the law to
require the 12 plaintiffs to file security for the defendants'
as
and counsel fees.
Details of the suit were
given
follows in the New York "Herald Tribune" of Dec.
14:
expenses
he
asserted,
of bringing its
labor
and state
where
the same is
sold."
Judge Lehman, brother of Governor Lehman, voted for reversal of the
injunction and dismissal of the complaint.
Judge Rippey, who concurred
majority's decision, commented that his vote
was on
the question of
"unity of interest between Goldfinger and the manufacturer."
United States Board of Tax Appeals Clears Late Andrew
W. Mellon of Charge of
Alleged Income Tax Evasion
—Government Claims Against Estate Reduced
Act,
the clause
Otherwise,
peaceful way. ask the public to refrain from purchasing products made by
in the
Charging Misleading Statements in Security
the manufactuerer and retailer.
"would be deprived of a fair and proper means
"In other words," Judge Finch held, "it may in a proper manner and in
a
non-union
Preston, former State Supreme Court Justice, and Mrs. Annette
Francisco, appeared as the Government's counsel.
Adams of San
First Suit
between
plea to the attention of the public."
appeal would be taken to the Ninth Circuit Court
the appeal.
John W.
interest
The late Andrew W.
the
Treasury
Mellon, who served as Secretary of
exonerated on
by the
Appeals, which also lowered
government claims against the late financier's estate for
1931 back taxes from about $3,075,000 to an amount esti¬
Dec.
7 of
United
mated
at
upheld
the
the
States
tax
stituted
under
three
Board
between
evasion
1932
of
was
Tax
$400,000 and $700,000.
by the Board
in
Presidents,
charge of alleged income tax evasion
on
six
of the
and avoidance charges
when
it
Mr.
10 issues
Mellon was
involved
in
the government in¬
challenged the former
Secretary's
Volume
145
three of the
Chronicle
Financial
1932 tax return
1931 income.
on
The government won on
issues, while the other
slight talk in the background against the
pending rate increase,,petition because it would increase building costs.
compromised.
The
Board, in dismissing the charge of alleged tax fraud, agreed
with the Pittsburgh Grand July
which, in May, 1934, re¬
fused to indict Mr. Mellon.
3907
There has been
covery.
was
some
Doubts
on
ICC Action
Reaction of the Interstate Commerce Commission itself to the request
The decision of the Pittsburgh
is
a more
perplexing problem.
While it is thought that the natural tendency
Federal Grand Jury was referred to in our issue of May 12,
of the Commission would be to insist on
1934,
action, observers here will not hazard
of
3209.
page
the
Mr. Mellon, who had served as Secretary
Treasury
from
became Ambassador
until
March,
1921 to
1932,
February,
Aug. 26 last.
on
he
when
Great Britain—which post he
to
1933—died
the emergency of the sotuation
to
held
His death
Donald
D.
of
the
Trust, said
Third
back
taxes.
is from
New
the
Mellon
York
estate
motion filed
"Such
Dec.
on
orderly
2.
entitled to claim
was
as a
3.
8:
cities
a
loss of
daughter, for $328,000
a
Mellon
estate
On
value
of
an
as
largest
point
at
the
issue
held
Board
Construction
claim
approved in
Co.
the findings
the liquidation of the McClintic-Marshall
Corp.
speaking for the executors of the estate, said:
"The point
decisions
counsel
which
not
were
"The
we
r:
that
was
fair
a
$300
a
that
technical
the
the
and
Board
Tax
of
of
Mr.
Appeals
the
Shepard,
Mr.
and which
Mellon's
erred
Hails
Mr.
Mellon's
to
as
At the
not
Chairman Jones of
16
same
Trust
this
are
time he (Mr.
once.
loans within
any
Jones) said that he favored legislation such as
the
on
same
He did
in favor of such
was
C
'
While he said he did not think competition in transportation ever could
be eliminated, he added that he thought consolidations to eliminate much
He said he did not know what form the legislation would take, but felt
it
important that something be done to hurry consolidation movement.
was
He did not favor government ownership of the rail carriers and said he
nation
a
single corporate management for the railroads of the
far away.
was
.
.
.
He declared the plan to lend money to railroads was not inconsistent with
President's
there would be
most
no
recent
further
"The President did not
stitutions
.
Mr.
RFC indicated the
the
competition between railroads would be desirable.
and other
point
unanimously rejecting this charge confirmed the decision
by the Attorney General,"
and
On the contrary, to deny
qualify his statement in this respect, stating that he
legislation at
opinion in general, Mr. Shepard stated that the charge of fraud
in
To put the
would not prejudice final con¬
of the Corporation to make
thought the idea of
Charitable
Exoneration
Pittsburgh Grand Jury in May, 1934,
a
to this,
important issue.
Board
matter
Senator Wheeler, Chairman of the Senate Interstate Commerce Committee,
the
Trustee
"The
make borrowing for actual ear
to
Consolidations Favored
features."
As to the
was
As
inapplicable,
are
trustees
of
as
Advices to this effect were contained in a Washington
dispatch Dec. 16 to the New York "Times" which in part
also had the following to say:
with
had to do
permitted to meet.
executors
advised
advised
are
V
:
000.
favoring the government relating to corporate reorganizations
It is based upon a technical construction of two very recent
is surprising.
■
said yesterday might be necessary to spur consolidation of railroads.
McClintic-Marshall
government
bankruptcies which are
prevent
difficult, if not impossible.
emergency
share, the government having argued for $150 and Mr. Mellon for $500.
The
to
which the railroads of the country may need.
This
was made known at a
press conference on Dec. 16 at which
time he said he did not expect such loans to exceed $25,000,-
were:
;v
stock
serve
reason
X
of
will
the Commission by any subsequent order to remedy."
Dec.
willingness
3. That payments by Mr. Mellon to the Union Construction Co. and the Pitt
Securities Corp. constituted dividends taxable at 20% and were not loans as had
compromising the other
effect
into
power of
2. That liquidation of the McClintic-Marshall Corp., of which Mr. Mellon was
of four stockholders, did not represent a reorganization and that profits by
Mr. Mellon of $6,549,000 represented a taxable gain.
In
If,
the carriers immediate relief would work an irreparable injury, beyond the
one
market
of these proceedings.
immediate relief is granted..
some
irreparable disadvantage of the shipping public.
1. That Mr. Mellon was not entitled to a $400,000 deduction as a result of the
sale of 27,000 shares of Western Public Service Corp. stock to the Union Trust Co.
.1.
interfere with
not
clusions of the Commission in any way, nor operate to the permanent
valid.
were
false and fraudulent return.
Deductions Are Disallowed
been claimed.
and, in many cases,
imminent unless
rates
Corp.,
5. That Mr. Mellon reported taxable gains realized in the liquidation of the
Union Construction Co., of which he was one of the stockholders.
6. That the A. W. Mellon Educational & Charitable Trust was a valid organi¬
zation.
the
will
effect whatever rate struc¬
approves as a result
"The state of railroad credit is such
Mellon's claim that he had sold $10,000,000 in bank stocks to his
brother R. B. Mellon in 1921 was valid.
against
finally
penses and interest requirements
$5,675,000.
4. That Mr.
Findings
Commission
Borrowing Is Difficult
deduction from income
That Mr. Mellon did not file
of the
part
however, the railroads are permitted to put the rates into effect pendente
lite, the result will be to permit the carriers to meet their immediate neces-
which the Board held in favor of the
That sales by Mr. Mellon of stock which cost him
$775,000 to Ascalot
owned by his
the
on
progress of the case or with putting into
ture the Commission
1. That the sale of .123,000 shares of Pittsburgh Coal Co. common stock to the
Union Trust Co. of Pittsburgh for
$500,000 was a valid transaction and that Mr.
Mellon
effec¬
requested, the
to take the action
by R. V. Fletcher, general counsel, A. A. R.. argued:
action
follows:
as
granting the request.
prompt hearing before the full Commission and
,
The following bearing on the Board's
Washington advices, Dec. 7, appearing in
"Times" of
were
a
Concerning right of the Commission
Charitable
and
of
Briefly summarized, the points
Mellon
Educational
to what effect
as
order permitting the increases proposed by the carriers to become
tive on five days' notice.
an appeal would be taken to the
Appeals in Philadelphia on the
approving the government's claims for
Court
decision
decision
W.
this time
Administration pressure, if brought
an
Dec. 7 that
on
Circuit
Board's
1931
A.
to prevent
The motion asked for
Aug. 28, page 1355.
Shepard, executor of Mr. Mellon's estate and
or any
formal investigation before taking
guess at
As the railroads pointed out, in their motion, there is
nothing in the ICC law
was
noted in these columns
trustee
bear, will have.
a
a
more
which
money,"
had
budget statement, in which it
new
loans
mean
was
promised
by the RFC.
that there would be
no
more
loans to in¬
already borrowed from the corporation and needed
Mr. Jones said.
The railroads, he added, are in a "bad plight."
charge first raised
Shepard said.
"Mr.
Mellon never entertained the slightest doubt that the charge so
unjustly made against him would be found to be without justification.
We
deeply regret that he did not live to read the repudiation of that charge
which
the
"The
decision
other
rendered
questions
involve
jority of which the Board
United
technical
decided
in
About
provisions
favor
States Purchases of
American
today has settled.
Mr.
of
of the
laws,
the
ma¬
Urges
Mellon."
Countries
Raw
Held
Materials from Latin
Essential
in
Bringing
Resumption of Debt Service—J. B.
Country Cooperate in Stimulating
Glenn
Intra-
American Trade
The
Association iof
Increase
March
American
Rail
in
Railroads
Rates—ICC
to
Urges
Rule
Immediate
on
Petition
1—Hearings Start Jan 17—RFC Plans Loans
Roads
to
The Interstate Commerce Commission revealed this week
raw
purchase from the Latin American countries of those
materials which the United States most needs is abso¬
lutely essential to the working out of satisfactory arrange¬
ments with our Latin American debtors for the resumption
of service on their foreign dollar bonds, John B. Glenn,
President of the Pan American Trust Co. of New York and
New York
Dee. 11, pages 3745 and 3750.
The Association of American
Railroads on Dec. 9 told the Commission that an immediate
Agent of the Banco Nacional de Mexico, said
Washington.
Speaking before the Inter-American
Center of George Washington University there, on the final
evening of the University's three-day forum on Pan Ameri¬
canism, Mr. Glenn declared that it was up to the United
States to cooperate in opening and keeping open the doors to
intra-American trade and the distribution of National neces¬
increase in railroad rates is
sities
The Association said
chases," he said, "will put out debtors in possession of dollar
that it will rule before March 1
on
the appeal of the country's
railroads for authority to in rease basic freight rates by 15%.
Final hearings of testimony on the petition will begin Jan. 17.
The petition of the railroads, and comment thereon by
President Roosevelt, were referred to in the "Chronicle" of
imperative to avert bankruptcy.
roads will not be able to
continue present service unless they obtain relief soon after
Jan.
in
a
that many
The Association's brief
1.
was
summarized
as
follows
Washington dispatch of Dec. 9 to the New York "Journal
Dee. 8 at
mediately would not interfere with the orderly progress of the pending rate
case
with
or
finally
putting into effect
approves as a
whatever rate structure the Commission
move
of the railroad association
comes at an
of the Administration to check the present
officials
are
and
cause
probably start
a
an
to
them to
won con¬
These
upward swing that would have wide effect in other
Corporation Chairman Jesse Jones.
He is understood to have impressed
President Roosevelt with the necessity of a return of railroad prosperity.
Following a conference with
yesterday Chairman
a
President Roosevelt at the White House
Jones declared that the railroads must have
be subsidized by the Government.
more
He held that officials have
case" for rate increases in proceedings so far before the ICC.
Opposition in Adminisrtation circles if it develops, may come from those
sources
pushing a private construction building program as a way to reI
.
Latin America
simultaneously de¬
Prices dropped so
far that Latin American countries, who could not now pay us with
payments, though they had the money and were anxious to
When defaults of interest appeared instead of showing that
of
our
goods,
maintain
But,
understanding
foreign debtors which has been characteristic of certain European
lenders, our attitude toward all foreign financing
for the future of Pan
fortunately
became antagonistic.
American financial relations,
Europe has been in no position to lend and we still have an opportunity
to
work out satisfactory arrangements with our Latin American
That agreements will
Most outspoken supporter of the roads has been Reconstruction Finance
"made
can
creased. shutting off their only means of payment to us.
claims that increased rail
buying in the heavier industries
related industries.
money or
we
suddenly stopped, and our purchases of raw materials
Efforts
opportune time.
business recession has
be impressed with
return of railroad
pur¬
their credit standing.
of the rate increase petition in official circles.
understood
would
revenues
"Our
countries.
obligations and it is only by buying from
hope to keep their good'will and enable
purchase our surpluses." He said:
L
them that
terest
The
American
encountered serious difficulties in the transfer of dollars to us to meet in¬
result of the present proceedings.
Move Regarded Opportune
siderable support
Pan
With the crisis at the close of 1929. United States loans to
pointed out that allowing the roads to put rates into effect im¬
was
the
funds to meet their
of Commerce":
It
among
doubt.
debtors.
be reached in nearly all cases there can be no slightest
'
than
foreign invest¬
Despite the misfortunes of the past, which are likely to be less serious
they seem. Americans cannot afford to look askance at our
ment
business.
They must overcome their characteristic lack of under¬
longer a
Meanwhile, the
standing of foreign affairs and realize that the United States, no
debtor Nation, must assume world leadership in finance.
satisfactory trade relations being built up between Latin America
United States are the strongest forces tending to build up
solidarity in Pan America.
and the
friendship and
3908
Financial
Rail Rate Hearing Adjourned to Dec. 23
The railroads
evidence in support of their petition for a 15% increase in
freight rates and hearings were adjourned until Dec. 23.
At that time Commissioner Claude R. Porter will hear evi¬
dence in support of the Eastern carriers' petition for
crease in their
passenger coach fares from 2 to 2^
mile.
Meanwhile,
held
at
Cashie.
Atlanta,
At the
same
Ga.,
Jan. 6, before
Commissioner
time Commissioner Splawn will take
shipper testimony in this regard at El Paso, Texas.
J. H. Parmelee, 'economist of the Association of American
Railroads, informed the Interstate Commerce Commission
Dec.
Mayor La Guardia has
13 that the carriers
were
in
extremely undesirable
predicament—that they were caught between dropping
and rising costs.
He was testifying about the
the carriers' petition for a 15% increase in
freight rates.
On
the basis of 1936 traffic, he estimated that the increase would
have meant $437,337,011 additional revenue.
Of this, the
an
Eastern roads would have received $205,041,299, the South¬
carriers $5,986,734 and $178,308,979, the
remainder,
would have gone to roads in the Western district.
ESTIMATED
INCREASE
IN
FREIGHT
New List of
Philadelphia
Other
with
4,570,624
Chesapeake & Ohio
10,345,254
2,739,601
Delaware & Hudson
Delaware & Lackawanna & Western
4,852,327
9,421,301
5,192,943
33,065,187
6,159,372
7,351,173
44,271,349
6,596,640
(including Chicago & Erie)
Lehigh Valley
New York Central (Including all leased
lines)
New York New Haven & Hartford
Norfolk & Western
Pennsylvania
Reading...
Virginian
699.919
All other Eastern district roads..
48,521,609
Total Eastern district (including Pocahontas
region)
..$205,041,299
Southern Region:
Atlantic Coast Line....
Illinois Central System
as
meeting the
rapidly
authorities,
it was stated by Mr.
4,347,620
$53,986,734
9,914,247
3,030,062
2,893,537
Denver & Rio Grande Western
Duluth, Missabe & Iron Range
Duluth South Shore & Atlantic
Great Nothern
377,537
10,647,068
Lake Superior & Ishpeming
Minneapolis St. Paul & S. S. Marie
385,332
3,193.923
Missouri-Kansas-Texas Lines
Northern Pacific
Ill"
I
I."1
St.
Louis-San Francisco System
Southern Pacific—Pacific Lines
10,741,371
7,235,860
6,556,160
16,554,200
17,820,220
"""
System
Western Pacific
All other Western district
roads
2,037,743
IIIIIIIII'HUIII
Total Western district
contribute one-fifth of the annual
to
The only
generally feasible
Wagner-Steagall Act requiring them
subsidy to
as
what the U SHA regards as complete
enabling Acts.
Comptroller Tremaine of
In
Federal
New
York
30,456,444
In two recent addresses Morris S.
Tremaine, Comptroller
undistributed profits tax and the extreme upper brackets of
the income tax have been the direct cause of the current
recession in business, and the primary cause for the enormous
increase in unemployment in the last few months," was
expressed by Comptroller Tremaine in addressing
on Dec. 9
League of
Savings and Loan Associations, held in New York City.
In the New York "Sun" Mr. Tremaine was
quoted as
the midwinter conference of the New York State
follows:
slowed down to
a
a
barnacle
on
slower pace than ever before in
"We have plenty of labor," he continued.
tunity, but we have
ordination
is
no
co-ordination, and the
no
Funds
Allotted
to
Cities
for
allotments, said:
This
revenue
can
be done with loss to
charge
with far less pain and a lower
on
Straus
a truce.
As the first allocations under
the
new
Wagner-Steagall Act were pub¬
lished, Mr. Straus announced that
$134,000,000 in Federal grants to housing
projects started under the Public Works
Administration probably would
complete loss to the Treasury."
was
required by law to fix
a
The ad¬
rental for such
projects that slum dwellers could pay.
That meant, he said, that the rents
would not return sufficient revenue
to permit the
repayment of the Federal
PWA projects were built with
45%
Federal grants and
55%
that the projects were to
be henceforth considered
100% subsidized by the Federal Government.
The cities outside New York
State allocated funds under the WagnerSteagall act were Pittsburgh,
$10,000,000; Detroit, $10,000,000; Bridge¬
port, Conn., $3,500,000; Columbus, Ohio.
$1,500,000; East St. Louis, 111.,
$1,500,000; Jacksonville, Fla., $1,000,000 and
Annapolis, Md., $400,000.
Dec.
10
were
Washington dispatch of that date
Of the amount earmarked
today,
detailed
as
follows
in
for the lack of
reason
co¬
of capital
occupation to its natural
no
one
burden
use
and gain to everybody,
on
bring in
an enormous
equilizing
success—an
equalization plan must be put into
operation because it would help to bring back jobs and tend at least to
equalize the opportunity for both labor and capital.
As
to
comments
of
other
speakers at the
meeting
same
the "Sun" said:
Housing Subsidy Opposed by John Bush
There is no need for direct Government lending or subsidy in the owner-
occupied home where the building and loan association has served for
a
over
hundred years, John Bush, of Poughkeepsie, president of the league, said
introductory speech.
see
our
great cities, and I believe this
or
can
local.
only be
accom¬
Our only concern
that this activity is confined to those who need housing
subsidy,"
Mr. Bush said.
He denied that the
Government is attempting to become a
competitor
home-financing, but declared that the publicity for housing and home
building will stimulate the desire for better housing, thus assuring more
business for the associations.
W. I.
Bolton, Secretary of the Oneonta Building & Loan Association and
Chairman of the League's committee on surplus funds, said there has been
no
marked improvement in general business conditions so that
to the New York "Times":
$4,900,000
was
approved for Buffalo
people can
make mortgage loans on homes."
Small industry has been unable to recover because of cheap foreign com¬
petition he declared.
He urged protective tariffs.
The surplus funds of loan associations would quickly be put to work
the small industries were revived, he said.
men
if
He urged upon the savings and
the necessity of promoting home industry in their own
communities.
Others addressing the League midwinter conference were
reported to the following effect in the New York "Times"
of Dec. 10:
Mr. McNamara, former
Assemblyman from Brooklyn and
now active
in
the field of housing and housing financing, declared that the cost of fore¬
closures in New York State
was
excessive.
"The home financing structure of our State," he said, "must cease to be
used to support our political organizations."
He assailed current foreclosure requirements and declared that the whole
system was rife with political patronage and many unneeded restrictions.
"We must prepare a comprehensive program
and the property
Mr.
such
a
McNamara
program
for aid to the home
owner
owner." he said.
urged that the legaue take the leadership in starting
with savings banks, trust companies and other investors
of "thrift" moneys taking part.
Mr. Bruere also stressed the need for
a
and $2,200,000 for Yonkers, which,
together with the $2,500,000 reserved
history.
the careless operator, bringing him into fair field of competition.
It is to equalize opportunity that a tax
loan association
revealed that two revised
applications from New
York City for a total of
$40,000,000 had since been received and were now
being examined.
He refused to confirm a
report that the Mayor had
was
has
in
allocated for
was
Tribune," discussing the
ministrator explained that he
its
on
"We have plenty of oppor¬
"A very moderate levy on our gross business would
is to
Dec. 8 Mr. Straus allotted
$30,500,000 among eight cities,
while on the same
day his nomination as Administrator was
confirmed by the Senate.
On Dec. 10 an aggregate of $41,000,000 was earmarked for ten cities. A
Washington dispatch
of Dec. 8 to the New York
"Herald
"almost
drag
"The first thing we must insist on is the immediate repeal of the loss and
gains tax.
termed the slums of
housing projects within the past fortnight by Nathan Straus,
Administrator of the United States
Housing Authority. On
telephoned him seeking
our
a
undoubtedly the penalty put on the movement
enterprise to another, or from
one
capital, such
"We must recognize the necessity for better housing in place of what is
Federal
on
Advocates
of the State of New York urged changes in the Federal tax
laws.
The belief that "the capital loss and
gains tax, the
in his
Makes First Allocations
Allocations
State
Income
Tax—Again Urges
Repeal or Modification of
Capital Gains and
Profits
Taxes—Speaks Before State League of
Savings and Loan
Associations
and
American
Management Association
$437,337,011
A total of $71,500,000 in Federal
funds
as
The
case of Birmingham and Lowell will
future earmarkings for cities in Alabama and Massachusetts, both
of which States have
Housing—Nathan Straus, Housing Administrator,
As
seems
Mr. Straus said.
stipulation made today in the
govern in
plished through subsidy, whether national, State
loans, the inference
low rentals.
assure
of meeting this requirement
means
be through partial or complete tax exemption,
to
same
$178,308,978
Grand total United States
loans.
con¬
Birmingham and Lowell were made subject to the enact¬
by Alabama and Massachusetts of valid State legislation enabling
ment
their cities to meet the provision of the
4,155,315
Missouri Pacific
an
in
in making jobs.
$18(715,623
10,692,810
9,756,932
13,142,594
...
as
now
Straus that the
effort to do its part in the econonmic system that the flow of
capital
10,000,493
Chicago, Burlington & Quincy
Chicago Milwaukee St. Paul & Pacific
Chicago Rock Island & Pacific (including C. R. I. &
G.)
off
are
pre¬
finished
reservations for
14,384,945
Atchison Topeka & Santa Fe System.......
Chicago & North Western
be written
who
are
but these taxes have become such
Western District:
Today Mr.
qualification for
conferences
as
6
from
initial
al¬
"Normally money and capital flow quickly to the most attractive spot,
Nashville
in
tentative
a
12,308,273
8,409,511
Total Southern region
$71,500,000
with
$4,535,892
Seaboard Air Line
Southern Railway System
All other Southern region roads
Union Pacific
ear mar kings,
communities
Of today's tentative allotments,
year
$ 21,254,000
Allotments
of
Other reservations
of local housing
Reduction
Boston & Maine
Straus tomorrow
versations here with Mr. Straus.
Amount
Louisville and
today's list
for
reservations
representatives
1936t
Erie
headed
liminary applications will be made
Which would result from rates and charges
proposed In petition of Class I railroads
dated Nov. 5, 1937, when applied to traffic handled
during tho calendar
Eastern District (Including Pocahontas
region)):
Baltimore & Ohio
Mr.
meet
were: Birmingham, $4,500,000;
Lowell, Mass., $2,700,000; Memphis, $1,000,000; New Orleans, $7,200,000;
Omaha, $2,100,000; Youngstown, $3,600,000, and St. Petersburg, $900,000.
REVENUE
Road—
appointment to
an
of his State's 10% quota of available Federal funds.
revenues
ern
1937
conference at which it is assumed he will present
a
lotment of $12,000,000.
hearing will be held in Washington on Dec.
20-21 on Pullman Co.'s petition to increase its charges.
The next hearing in the general freight rate increase will
18,
of the $30,000,000 available
the claims of New York City for its share in the $20,400,000 which remains
cents
a
makes'$9,600,000
for New York State.
forenoon in his office for
in¬
an
per
be
Dec.
last Wednesday for Syracuse,
Dec. 14 concluded presentation of direct
on
Chronicle
cooperation among these groups.
John M. Bush. President of the League, presided.
The final sessions of
the conference will be held today.
Comptroller Tremaine
ference of the Finance
was
likewise
a
speaker at the
con¬
Division of the American Manage-
Volume 145
Financial
ment
Association at the Hotel
Pennsylvania in New York
City on Dee. 14 at which time, according to the "Times" he
recommended
in the higher
reduction of 25% in the Federal income tax
brackets.
His remarks upon that occasion,
Records
of
that
the
Treasury Department,
he said, showed
"the
extreme
"undoubtedly tends to reduce
3909
other
:
lines"
noted
was
be cured by repealing or
brackets of the income tax with the sole
purpose of producing more revenue."
also
work and buying of
equipment by the railroads, which had
large volume earlier this year, have also been curtailed, reflecting
in
less favorable
earnings outlook as
prices for materials consumed, and
of
can
which
Construction
been
Discussing methods of improving the tax system and thus halting the
business recession, Mr. Tremaine also
urged repeal or modification of the
undistributed profits and capital gains taxes.
the evils of the three items
Board,
building increased through the summer, but recently has de¬
as
plans for plant expansion have been postponed, reflecting gen¬
uncertainty, reduced profit margins, and increased construction costs.
a
drastically modifying the capital loss and gains tax, by repealing or modi¬
fying the undistributed surplus profits tax, and by modifying the upper
the
clined
revenues."
"It seems that
by
..'fivv'" -T .*!:>■
Factory
eral
rate" in the upper brackets of the income tax
in
said
a
given in the "Times" follow:
as
Chronicle
traffic.
volume,
result
a
of
increased wages,
uncertainty
to
as
the
Construction
outlays of the utilities have
publicly-financed construction has shown
and
increased
future
continued
decline
a
volume
in
email
from
the
high level of 1936.
"The
decline
in
output of
Board stated, "has been
manufactured
products,"
the
widespread."
Mr. Tremaine said.
Predicts Rise in Revenue
Referring to the capital gains tax, he said it had been estimated that its
repeal would increase the Government's revenues
by $75,000,000.
"But I
am
sure," he added, "from conversations with
Department who have wide experience, that in the
it would increase the Government's
men
in the
of
course
in other
revenues
Chairman] Eccles
That
And
two
spheres by at least
On the last occasion when the
Government reduced the rate from 46 to
upper income tax
Government did collect
After
his
brackets
address,
"should
should be
greatly increased number of dollars."
Mr.
Tremaine said
the
be materially reduced,"
much
as
a
brackets, Mr. Tremaine pointed out, "the
25%
as
on
income
tax
added
that
and
the average.
Such
a
the
in
higher
the reduction
reduction, he estimated,
would increase Government revenues
by "more than 25%."
"Responsibility for
back for many
our present tax
Administrations,
manfully to revamp
and the
it
on a
I believe it (the
capital-gains tax)
incalculable
harm
laboring
present Government is
our entire tax system, to put
constructive basis.
Administration
system," Mr. Tremaine said, "dates
and
has
sounder and more
has done the present
counteracted
of
many
2162.
Prices
Increased
and
National
Income
By
Before the American Farm Bureau Federation in
Chicago
Dec. 14, Marriner S. Eccles, Chairman of the Board of
Governors of the Federal Reserve
System said that "broadly
speaking, I feel that the resumption of an orderly recovery
depends upon the adjustment downward of those mono¬
polistic or controlled prices and wage rates which still remain
too high in relation to consumer
purchasing power and an
adjustment upward of such prices and wage rates as may be
low in relation to the cost of
too
quoted
as
living.''
He is further
saying:
"In my opinion the extent of the
present recession will depend upon how
are
more serious maladjustments between
prices and buying power
corrected and increased national income is created
by the activity of
private business.
"An adequate treatment of your particular
problem of agricultural in¬
be
come must
+.
Reasons for Recession in Business Discussed
by Board
of Governors of Federal Reserve
System in
Monthly
Activity and Prices, it is
Stated, Reflect Influence of "Numerous Maladjust¬
ments—Fall in Security Prices Factor
Reacting on
Bulletin—Declines
Holds
Depends on
Buying Power
rapidly the
Previous recommendations
by Mr. Tremaine for changes
in the Federal tax laws were noted in these columns
Oct. 2,
page
of
System
on
the
splendid and constructive activities of President Roosevelt."
Between
Creation
Reserve
Recession
Private Business
$250,000,000."
25% in the
Federal
Present
to
Adjustments
Treasury
a year or
of
Check
in
Business Plans
commenting, in their December "Bulletin," on the re¬
business, the Board of Governors of the federal
Reserve System observe that "the volume of industrial
pro¬
major part of
a
changes in the national income
successful program of recovery.
feel that
created
I feel that
spending must adapt itself to
by private enterprise and, finally, I
the monetary authorities should exert
their efforts
availability, supply and cost of money at such
a
level
to
keep the
to
as
encourage
continuous expansion of the real income of the nation in
goods and services
and to prevent or moderate an
expansion of monetary income in
excess
of
the nation's productive capacity.
"I
In
a
the Government in its policy of taxation and
confident
am
that
monetary authorities are prepared
to contribute
their full share to the end that the nation's economic health
may be regained
cession in
and preserved."
duction has
in
and
declined sharply during the last three
months,
Board's adjusted index, which, during the first
the
eight
months
of
the
averaged 116% of the 1923-25
average, is expected to be below 95 for November."
It is
further
noted
finished
"wholesale
ing recent months,, following
employment
of
a
According
autumn
and
forward
costs
orders
not
was
and
that in buying.
At
In the belief that this
sharply.
prices would continue, many business men placed
up
on
goods.
Wage rates were advanced.
Unemployment continued
to
some
shortages
of
no
be
in
large
types
workers
new
volume,
but
skilled
of
labor
there
actual,
were
only have been the absence of competition
Spring.
"How
are we to
competitive laissez
interest
"I
or
Many business
became
upon
farm
by
products."
The
fabricators
and
of
considered
cessive
in
tories
distributors
plants
declined
the
declined,
expectation
further,
postponed.
were
unduly large when
activity
as
reacting
business
on
about
reequipment
or
factor
a
business
and
that
they
and
plans
Inventories
was
for
that
the up-grade
on
expansion
had
a
be
could
replenished
appeared
later
ex¬
inven¬
at
lower
prices.
prices of
goods
time
particularly
increased
and
and semi-finished
raw
Beginning about this
manufactures,
fabricators
a
and
further.
shoes,
sharply
was
materials
decline in
Activity
partly
summer,
distributors
industrial
was
textiles
somewhat
high level throughout the
there
reduced,
began to decline.
of
output
non-durable
but production
generally
of
durable
continued
at
a
the basis of the large volume
on
of unfilled orders previously accumulated.
It became increasingly clear,
however, that the maintenance of production near the rate prevailing in the
first half of the year
hand
on
munities
were
depended
filled.
were
the
at
was
as
a
to veterans
maintained.
There
had
result
of
the middle of
both
in
than
were
a
year
recovery
the
however,
wave
of
August there
•-••••
forward
was
of staple commodities traded in
a
on
period,
factor stimulating trade.
a
considerable
a
agricultural
although
com¬
gov¬
earlier when the large adjusted-
;;'
been,
and
industrial
highest levels of the
ernment expenditures were less
service payments
the resumption of buying before orders
upon
Incomes
previously
-.7
-•.
accumulation
buying earlier in
Consumption
not
shown
the
year,
.
are
bound up
own
ultimate benefit, as well as in the interests of
a
stable economy
am
hopeful that labor policy will increasingly take into
count the fact that after a certain point
increased productivity.
Advances in
creasing productivity and result in
well
as
as
the gains of labor
wages
which
are
in
increased prices react
against the community at large.
"Actually," he continued, "there is only
.
excess
of in¬
against labor
.
one way in
which the general
living can rise and that is by an increase in the production and
consumption of real goods and services per head of the population.
stubborn fact,
"We
are
though incontrovertible, is too often ignored
inclined to think too
much
"In the final
This
forgotten.
or
in terms of money incomes and
enough in terms of what the incomes will buy.
of goods.
ac¬
dependent
are
not
'
analysis, the national income is measured by the total output
If there is less to divide, all groups of the population, including
capital, labor and agriculture, will suffer.
The national standard of living
will decline."
these long-range, fundamental problems
faith is placed in monetary management or fiscal policies, and the problems
raised
by the decline in competition and the growth of restrictive policies
The basic problems "must be successfully met if
ignored.
serve
our
have the
we are to pre¬
capitalistic system, and they will confront whatever group
may
responsibility of government."
"Although I have been thinking mainly of the basic problems raised by
the current recession,"
Mr. Eccles asserted, "much of what I have been
saying is applicable to the immediate problem of stopping the contraction
and resuming the recovery.
were
Two of the principal
excessive inventory accumulations and the
causes of the recession
failure of building con¬
struction, railroad and utility expenditures to increase sufficiently to offset
the decline in the government's contribution to community
buying
power.
Considerable progress has been made since September in rectifying the in¬
ventory situation.
Production has declined much
more
Consumer Demand
rapidly than con¬
Hopeful
and after
organized markets.
recovery
.
steadily rising standard of living, they must resist the temptation to
inventories
sharp decline in prices of securities and
a
.
in strategic positions, and
sumption.
of
during recent months in construction "which
had
men
larger returns through the adoption of policies that restrict output.
"If
consumer
commensurate with
demand
can
be sustained, we may be hopeful that produc¬
tion may soon begin to increase.
In addition to
The decline
facing
"either self-government in the public
by hard and realistic thinking; it is only doomed to disappointment if all
Earlier in its comments the Board said:
April buying by
a return to a
alternative
a
The nation, he said, must solve
Last
and
was
The
recognition of the fact that their long-run interests
For their
been
not
enterprises began to reduce
many
ap¬
power,
with the largest possible volume of production at the lowest possible prices.
with
plans.
particularly those in close touch with financial centers,
future demand and prices for their
goods; buying
men,
uncertain
was
likely.
economy
increased regulation in the public interest."
standard of
prices
faire
hopeful that individual business
am
increased
security
man
the various local, trade and national associations of business men, will act
or
Board continues:
in
abundance of idle and unused
organizations of capital and labor
upon
fall
an
Deficit spending was not the answer, he continued, nor was
itself,
The
prices and costs whenever increased demand
plant facilities and raw materials ?" he asked.
September," says the Board, "partly reflected reduced
buying of materials by dealers and manufacturers, and also
y
explain the main¬
can
achieve and maintain full employment if
private group
although there is still
pears,
in
of
that permitted
the low volume of building that took place last
prices and wage rates when the volume of activity declines
and organizations raise
"Likewise, I
particularly
on
It is only the absence of competition that
tenance of fixed
during the
"The commodity price decline which became
general late
supplies,
soar
secure
because
been trained.
had
could
sharply.
great as
so
stocked
anticipated
"It
building costs to
truly
buying by manufacturers and distributors was
production reached a high and profitable level,
and
depression almost
of
The Board added:
time prices and costs mcreaged
rapid rise in
Board
winter
active, and
although the increase in output
same
the
to
activity and prices reflect
maladjustments that have de¬
numerous
unusually
the
semi¬
in
veloped during the past year."
Last
and
raw
and there have been decreases in
summer,
payrolls."
"recent declines
influence
of
declined
substantially dur¬
moderate decrease during the
and
Governers,
the
prices
commodities have also
foregoing comments Mr. Eccles was indicated
Chicago dispatch to the New York "Times" as saying in
a
part:
year,
that
late spring and
Prior to his
an
measures to
.
sustain
.
.
buying
power and
impetus that will bring about an actual increase.
primarily to the building industry.
production, we need
For this we must look
Building has demonstrated in the past
Financial Chronicle
3910
i taxability to move
against a general downward trend if
the relation of costs
construction."
,In order for the opportunity presented by-the Federal private housing
program to be fully availed of, Mr. Eccles asserted, building costs should
torrents is favorable for
be lowered to around the levels of 1936.
.
.
.
of duplicating facilities and with
decreased costs.
I trust that the importance of a building revival in this
connection will not be lost sight of.
I question whether any steps to help
the railroads that would have the effect of increasing building costs or re¬
traffic, with consolidations and elimination
of the railroads or of the
ducing farm income would be in the real interest
tion, at which time he also said that "the more we examine
the existing situation the more clear it becomes that the
great uncertainty abroad in the land today does not come
from economic causes."
"It comes," he said, "from a
in their humanitarian
Instead of the freedom of democracy, we
of free
competition,
Taxation—Opposed
Double
Branch
to
Banking
demand, we have encountered processing
the
on
Mr. Benson, who spoke before
Chapter of the American
of Banking, at Pittsburgh, Pa., went on to say
of
amounts
Institute
"there
that
money."
paper
are
who believe that this would
some
It is a danger against which every patriotic
wage earners.
American should be
Mr. Benson, "that
realize
the
his guard."
on
"There
signs," said
are
inflationists are getting active.
take
inflation
of
menace
Let those
definite
a
stand
against it, and on behalf of sound money."
Mr. Benson, who is President of the Dime Savings Bank
Brooklyn, N. Y., also sounded a warning about what he
thinking about social security
of
called "a great deal of wrong
Social
the
and
itself,"
Act
Security
which,
fund built up
called
A
by contributions from employer and employee"
fiction.
a
In
understanding
greater
The contributions
exists.
the
create
government,
of
purposes
These
fund.
employer and
the
government
he said:
his comments
the
of
they
as
and
facts
reveal
would
in
come
which
such fund
no
aside
put
are
just promises
are
that
ostensibly
to
The fund is not
to pay.
The money is spent and the contributions made
employee
reality
in
are
levying
is
really taxes,
are
using.
and
interest
on
posed must also be paid by taxes,
themselves.
It
just
The
and
the
for
again
as
must
many
so
taxes
more
that
the
fund is com¬
also the principal of the bonds
are
we
taxed
will
that
money
benefits.
have
made
twice—first
for
to
pay
the
of
the
profits tax.
"This tax has already done great
harm," he declared, "and it is fortunate indeed that Con¬
is
of this, and that many leaders recognize the
aware
fallacy in making corporations distribute all their earnings,
or
tax them
heavily for not doing so."
The speaker characterized as "another fallacy" the trend
of
thinking
people in this country "that it is
some
among
good for government to
try."
Commenting
unified
banking
current
on
of
our
He added,
centralized
and
Mr. Benson described this
tion
business and indus¬
efforts to bring about a
compete with
system
as
banking
present time-honored dual
system
of banking."
however, that he considers this merely
and stated that there is
no
control,
"trend toward the destruc¬
a
do
wish
to
There
and
not
see
is
no
In recent years we have seen an alarming increase
I
believe the people of the country or the bankers of the
present
our
likelihood
banking system
that
the
right
away
to
pass
into
charter
discard,"
banks
and
country
he
declared.
to
I
bank¬
"The bankers of this country," he said, "and I
majority of them, should properly
extension of branch banking for National banks
State lines
mental regulations
for business
for real
progress
tions to correct real abuses
or
where it is necessary
regula¬
genuinely to protect the
public interest, and where such regulation is fairly and impartially applied.
But business must oppose regulation or
control which is punitive in intent
and destructive in effect.
In my opinion, the
function of Government should not be to control in¬
It should be to regulate activities in the country so that
dustry.
and unethical practices are
control,
unsound
But when we go from regulation to
avoided.
the verge of the next step which is Government manage¬
we are on
ment—Fascism—and
from
there
it
only another step to
is
Government
ownership—Communism.
And so, I say, that Government rules and regulations
in the public interest and which will
deserve to stand.
which are genuinely
permit business to function normally,
those measures of Government
But
That would be
control which are
first step in a genuine recovery.
a
"One of
the underlying
influences which is doing much
prosperity," said Mr. Girdler, "is the Wagner
Act ayxl the manner in which it is being administered."
Among other things he said:
defeat
to
Most of the labor disturbances this year were the
to fasten
the vast
result of
a
daring
effor^
labor dictatorship upon the workers and upon industry in this
a
The demands in
The medium was to be an industrial union.
country.
majority of
cases
did not involve grievances on the part of the work¬
themselves, collective bargaining or even wage increases or better con¬
ditions of work for them.
that grows up in the State, is something we must resist with
power
if
resources
To
establish
big
one
stratification of
our
industrial
a
union in this
country would mean a
This would limit the
rigidities.
on more
oppor¬
to get ahead in the world, to get a better income and im¬
a man
And when that comes we will have
the living standards of his family.
prove
our
It would make for regimentation, for a
economic life.
rigidity which will bring
tunity for
all
would preserve democracy.
we
whole negation of the great advances which have marked American in¬
nation of the
dustry and which have made America the leading industrial
world.
One of the greatest
obstacles in the way of the return of
times, lies in the legislation involving the right
collective bargaining said Mr. Girdler, who in part
prosperous
of
added:
I
am
It is
wholeheartedly in accord with the principle of collective bargaining.
But to have col¬
indispensable under modern industrial conditions.
on
the grounds that
it is
an
That is exactly what the Wagner Act
placed at swords points.
To my
mind the
both
that
first step which should be taken to curb the current
very
parties
ployees—will get
to
collective
a square
in
invasion of
across
State
Necessary to Enable Business
Move
Forward, Says T. M. Girdler—Uncer¬
tainty, He Says, Results from National Policies—
Addressing
Illinois
Manufacturers
Association,
Urges Revision of Wagner Labor Act, Taxation
Social
Security—Warns
Against
Further Experiments in Government Control
The declaration that "it is time for universal cooperation
industry and the country" was made by Tom M.
Girdler, Chairman of the Republic Steel Corp., on Dec. 14,
who added "that is a job that can be done if the Government
will strike off the shackles which are
destroying confidence,
restricting business and causing unemployment."
"As
business men," said Mr. Girdler, "we
musy be ready to
cooperate with every constructive force in the job of getting
more men back to work and
getting thd country back again
on the road to a sound and widespread
prosperity."
The
foregoing remarks of Mr. Girdler were made at the annual
banquet in Chicago of the Illinois Manufacturers Associasave
well as
em¬
At present the law says that employees should have the right to bargain
Future
and
as
collectively without interference, restraint or coercion from the employer.
to
Methods
the Wagner Act
bargaining—employers
deal.
think
need for it."
Confidence
be
de¬
seems
signed to do.
That is
sound provision.
a
But employee*, should also be free from coercion
intimidation from labor organizers.
or
coercion
What we want is protection against
intimidation from any source.
or
Our laws
were
enacted to protect the
rights of the various citizens of this
Corporations have to obey our laws, and it seems to me that even
country
strikers ought to obey our laws.
to
Such regulations which
highly essential.
are
and for the welfare of all the people have my
Business men cannot object to Government
wholehearted support.
oppose
rights, that it will do much harm, and that there is abso¬
no
of the fact that under modern conditions certain Govern¬
aware
recession and get more men back to work again is to revise
Benson also declared his opposition to branch
lutely
fully
am
are necessary
supervise
from the several States.
speak for the
any
based upon
in Government regulation
branches of our economic life.
and control over all important
so
ing.
work.
They will not work because from the very start they were
lective bargaining does not mean that employees and employers must
regulate them will be taken
Mr.
tried in an attempt to secure steady
unsound concepts.
trend,
a
real movement in this direction.
He said:
I
outstanding fact—
to remember this
us
prosperous—and we have found out that
Dictatorship and autocratic control by the State, or by some insidious
undis¬
tributed
gress
of
certain artificial methods
these artificial methods just will not
the
used
be
termination
plea for
a
seen
employment and to make business
y"'"'"'
Benson
Mr.
of the people.
The vital thing now is for all
we
tax-paying
the bonds of which
that
obvious
seems
threat to the well-being
ers
contributions
have had insidious at¬
successful and profitable business is a
tempts to create the impression that a
hamstringing prosperity and causing unemployment, should be removed.
public is being
pretty heavily fur this social security, for besides the contributions,
taxed
all our people, we have seen
that a successful business enter¬
being used for the ordinary
are
bonds
certain
bonds
put to work productively.
by
"is
said,
he
The so-called reserve
physically unsound in many respects.
he
Instead of the basic American doctrine
be good
The history of currency inflation," he said,
"indicates beyond question that it results in disaster.
It
creates no wealth whatever.
It leads to poverty, not wealth.,
The losses it would cause would fall heaviest upon the'
for the country.
who
Instead of encouraging cooperation among
class aligned against class.
Pittsburgh
dinner of
forum
production control.
prise is an aid to employment and prosperity, we
the trend of American banking, Philip A.
Benson, First Vice-President of the American Bankers Asso¬
ciation, stated on Dec. 14 that "we still have the danger of
inflation of the currency through the issuance of additional
Speaking
taxes and
have had restraints and regulations.
we
Instead of the law of supply and
curity
have been faced with a strait"
jacket of specialized legislation and punitive taxation.
Instead
Danger of Inflation Still Facing Country, According to
Philip A, Benson of A. B. A.—Declares Social Se¬
in their
operation and administration and undemocratic
impact upon the country."
He continued in part:
'
general public.
policies, probably well intended
objectives, but impractical in their
national
of
series
whole
problem Is bound up with increasing
Fundamental solution of the railroad
Dec- 18 > 1937
I don't know whether
we
need any new
laws in this connection—I say this, because in the case of strikes called
the C.
I.
O. it has been proved time
enforcement of
if
we
do
present laws, the strike was over.
had further legislation defining a little more
sum
up my
views on this subject
1.
it would
help
precisely what our laws
I believe that whatever final form
labor legislation may take it should embody certain
these
But
by
had'
do not allow strikers to do.
or
To
our
and again that the moment we
are
the
basic principles. Among
following:
Employees should have the free right to bargain collectively with their
employers through representatives of their own choosing
without coercion
from any source
2.
No employee should be forced to pay dues to a union.
3.
All employees should be permitted to take a vote by secret ballot on
whether
4.
or
not
they want to strike.
Responsibility of
to the
a
union in any contract or agreement should be equal
responsibility assumed by the employer.
The revision of the
Wagner Act and further definition of the rules of
collective bargaining constitute only one of several vital steps which must
be taken if
on
we are
to reverse the current trend
of business and get back again
the road toward better times.
I haven't time to go into this in detail tonight, but
to make a few
specific suggest ions
.
before I close I do wish
Volume
Financial
145
We must make a real effort to balance the National
Government ?
present methods of taxation.
The
up is directly contributing to unem¬
uncertain of the credit standing even of our own
We need
drastic revision of our
a
Undistributed Profits Tax as now set
The tax penalizes the retention of earnings in a
ployment.
places a heavy penalty on prosperity.
The Social Security plan should
be revised.
unduly heavy burden of taxation upon
without guaranteeing the security
.
.
.
business
needed to straighten out
:;;v
National finances.
let
And above all else
provide.
business back to the point
able to afford a tax bill of the size
where it will be
.
The
.
us
in Government
proposed new plans may
Governmental encroachments upon
have no more new experiments
of
idea
very
more
and discourage
enterprise.
What I have had to say
and to
recriminations.
suggest
criticism.
some of the major causes of our present
remedies for them.
This is no time for
tonight has not been in a spirit of carping
attempted to describe
have
troubles
some
;
Control
—Would
Plan for Preventing Depressions
Volume of Currency and Bank
Deposits—M. S. Rukeyser Among Speakers at
of Society for Stability in Money
Banking—Comments by Edmund Piatt
ference
A
plan for preventing depressions,
control
in the opinion of the
years,
says:
shown
has
Building activity
tion awards reached a low of
great advances since 1933, when construc¬
$1,068,400,000, but current levels are a far
awards reported in 1929, and it is
cry
from the $3,950,000,000 volume of
likely that Federal encouragement alone could bridge
over
Con¬
and
deposits, was
the
of
aspects
states:
changed
Union
but
the
in
the
by
an
industry are too high
long term as well.
this
in
burden
may even decline in December.
susceptible to downward adjustment,
admittedly pro-labor Administration that
and
not nearly so
are
statement
recent
wages
advanced rapidly and undoubtedly were
recovery, have remained virtually un¬
three months
past
scales
hourly
building
checking
in
wage
this
which previously
costs
of
including provisions for
the volume of currency and bank
this gap.
building outlook are de¬
cidedly encouraging, however," says the report, which also
"Fundamental
Materials
E. Goodbar Offers
likely
$16
the
F. & B. Industries
Service, periodical review of 28 leading industries privately
published for their staff by Fenner & Beane, New York
Stock Exchange firm.
Noting that construction awards this
year will probably not reach $2,450,000,000, and will barely
exceed actual awards of $2,384,345,000 in 1936, the review
five
next
instrumental
J.
in building activity is
despite President Roosevelt's plan to stimulate $12 to
billions of new construction by private enterprise in
not
business is in itself enough to hamper
the freedom of doing
I
Housing Plan
No great immediate increase
I don't care what the purposes of these
control.
.
both employees and employers,
which it is designed to
We can only solve it by getting
out of existence.
be
As it stands today, it places
problem of this country by taxing
We can't solve the taxation
our
by Fenner & Beane Despite
business for
This means less
business and less employment in machinery and equipment industries.
The Capital Gains Tax should be revised.
As the tax stands today it
Building Activity Seen
President Roosevelt's
Large Gain in
Immediate
No
of installing new machinery and equipment.
the purpose
an
liquid credit has as much to tio with the
when
How can we have confidence
have confidence in the future.
else,
we are
of
velocity of money and
effect as volume."
be done and forgets that the
of things that cannot
budget and wipe out
business must above all
To move forward
the threat of ruinous inflation.
3911
Chronicle
suggests possible lightening
the
over
Administration suggestions
that large-scale housing activi¬
national mortgage associa¬
ties should be financed by large
tions
Society:
acting in groups
implications, tbe report also
by leading materials concerns
and
conference in New York City of
Banking by the
organization's President, Dr. Joseph E. Goodbar. Among
other speakers who addressed the meeting was Merryle S.
Rukeyser, financial editor of the Hearst Newspapers. Dr.
Goodbar said that the aggregate volume of money should be
consistent with "changes in population, changes in production
methods, and an increase in real income and consequent rise
in the standards of living."
Extracts from his address are
given below, as contained in an abstract issued by the
propitious.
presented
on
Dec. 15 to
a
Society for Stability in Money and
the
The maintenance of the aggregate
the aid of "sensitive indexes" and proposes
production activity, agricultural
conditions, to be supplemented by accurate
knowledge of foreign trade.
disturbing
knowledge of debt conditions, accurate
Goodbar
Dr.
"When money and bank credit are not
said:
will remain substantially stable with
respect to each other, in the absence of powerful outside influences."
A task of the Governors of the Reserve Board would be "to maintain
•prices and profits, the basic indexes
substantial stability and harmony among
economic
the basic indexes, or indicators
a
himself
A layman's balance apparently is to be
appearances.
confusing trust funds, repayments on
of the proceeds
of the payroll taxes intended to build up a
mythical old age pension reserve fund to defray
constitutes a case in point.
private trust company
the accounts of
achieved through
capital accounts, and other non-re¬
The juggling of funds, which permits
curring receipts with true income.
use
of the budget and
gigantic
current Federal deficits,
if a
What would our politicians and courts say
followed similar procedure, and used receipts for
for pay¬
of the exhausted funds interest bearing
fiduciaries to meet the company's current expenses
roll and rent, depositing in place
receipts of the trust
"Even if
we were
company?
tradition of rapid reduction
increase of the
of the national debt, this vast fund
national debt mandatory, would stand in the way.
"We shall have a balanced budget when
non-earmarked
Such
ment.
based
on
no
a
and if receipts from ordinary
taxation equal total expenditures
balance will satisfy both experts
clever intermingling of trust funds,
of the Federal Govern¬
and laymen.
It will be
capital funds, and true
loose financial prac¬
Or, is the higher
denizens of Wall Street, with no brake
Wonder what the SEC would say of current
income.
tices of the Federal Government
if it had jurisdiction.
morality to be applied exclusively to
on
Mellon's
which makes
disposed as a people to resume the late Andrew
Pennsylvania Avenue?
funds of the State unemployment
found a new way to buy its own obliga¬
the impartial test of independent in¬
"Similarly as depositary for the trust
funds, the Federal Government has
tions
without submitting them to
vestors.
favor the large reserve for the old
described as the 47 billion dollar blight.
The large reserve is based on a false analogy between social security and
private insurance.
The private company needs a reserve as a guarantee
of its financial solvency; and as an assurance of its capacity to carry out its
"But, irrespective of this, I would not
age
pension scheme, which has been
pledge even if in the future it should
men
to
be unsuccessful in inducing younger
On the other hand, the social security
compulsory in character, assuring continuity of participation by
participate in its scheme.
scheme is
younger men
in the future, and has behind it the full faith and credit of the
It adds little to the security of the Federal good faith to
United States.
add
as
collateral the Government's own formal
From
the
New York
"Times"
promise to pay."
of Dec.
16
we
take the
Edmund Piatt,
had
been invited
a
Board, who
attend, left before the end of the
or
buy
of
ownership
afternoon session, but
observed that the Goodbar plan "proposes a
number
For some time now it has
to purchase his home or a
industry
a
on
thin equity if other phases of
of
Federal
the
emphasize
structural
could
cost,
home
a
Discussions
existing
housing
the venture are not equally
with
Government
shortages,
respect
to
maintenance
the
building
and
arrears
obsolescence.
The Fenner &
since
their
must
form
Beane study, in conclusion, states:
Roosevelt's
President
objective
the
suggestions would
is stimulation of
framework of any
*
be 6teps in the right direction,
private residential building, which
enduring and nationally important im¬
However, the prospect that building activity
during the immediate future may show further deceleration must be recog¬
nized as a normal phenomenon after the rapid rise since 1933.
The vital
the industry.
provement in
importance of the building
can
tion
industry outlook to the Nation's
scarcely be over-emphasized and amply
it
is
now
receiving.
economic health
justifies the widespread atten¬
,
+.
by Philip W. Kniskern That 111-Considered
Action by Congress on Housing Bill May Defeat
Warning
Aims
Sought—Regards Bill
Direction—Suggestions
as
as
Whole Move in Right
Problem
to Meeting
ill-considered action on tbe
bousing measure may result in the reverse
$4,000,000,000
of the hoped for
stagnation of business, Philip W. Knis¬
First Mortgage Corp. of Philadelphia,
urged on Dec. 11 that Congress give careful consideration
to the various phases of the proposed Act before final
enactment.
Mr. Kniskern referred particularly to tbe en¬
forced lowering of interest rate and increasing the maxi¬
mum
of Federal Housing Authority insured mortgages to
90%; he said, however, that the bill as a whole is a step in
the right direction in that the government shows definite
realization of the fact that to be successful any housing pro¬
gram must build within the means of the people.
In his
comments Mr. Kniskern stated that "the general idea back
of raising the maximum insurance on mortgages to 90% is
to make it possible for a greater number of people to buy
homes in the lower price brackets.
That is a commendable
thought," he observed, ''but will the 90% mortgage do it? A
survey of the experience of operative builders when they
have recently offered houses at low down payments would be
interesting on this point."
He went on to say:
goal, with complete
kern, President of the
When one recog¬
it is quite a
fair statement to say that the insurance of a 90% mortgage is in effect
insurance of the full purchase price.
Possibly the government can do this,
but no private enterprise could.
The second, and possibly the more serious
question, is the effect of this 90% guaranty on the minds of the purchasers
of insured loans.
A great many of the present buyers are only recent con¬
verts to the 80% loan, and the exposure of the insurance fund to 90%
risks can very well weaken their confidence in the benefit of insurance.
I have previously stated, and still believe, that a better way to meet the
problem of a buyer with limited cash for down payment is to continue to
adhere to a maximum 80% insurance but to change the law so as to permit
the seller to take hack a second mortgage for the shortage of available
cash.
At the present time the law prohibits this, and thereby prevents
builders who
are
otherwise willing to provide housing for our people
who are themselves good credit risk6 and desirous of owning homes but
There are two
nizes the expense
An
former member of the Federal Reserve
by Mr. Goodbar to
availability of easy mortgage money will
a home if he has not already considered
home owner.
equity.
build
instead
lacking the full
following:
buy
The fact that under the President's proposal he
home at the rate of 10c. down on every dollar of
20c., is not likely to lead him into the speculation of
20%
conception
He said,
emphasis is placed on realities, or
mere
or
justified in becoming a
Warning that
"Apparently the difference between an actual balancing
laymen's balancing lies in whether the
mere
build
to
man
a
possible for the prospective home .owner
been
in part:
a
lead
and industrial balance."
Rukeyser criticized the Administration's
"layman's balance of the Federal budget."
Mr.
of
of
the other hand, the
On
not
long-range
It further says:
admits.
volume at a stable level, the plan says,
that "these indexes
should provide definite guidance, so that the Governors of the Federal
Reserve Board, and the public at large, may know when, and in what
direction, the power of volume control should be exercised."
The Federal Reserve Board, under the Goodbar plan, would "supply itself
with the best attainable knowledge of developing conditions by preparing
and establishing, subject to constant revision and improvement, a set of
basic indexes."
These would relate to data on demand deposits, prices,
requires
favorable
contain
90% mortgage.
of foreclosing and rehabilitating a property
down payment.
intelligently conceived—and carried
out—housing program can
restore
It can start the wheels of industry and business turning.
But
be successful it must interest the private capital necessary to finance
prosperity.
to
serious objections to the
3912
the
Financial
and
program
homes
within
people
with
keep that capital available at all
the
the
of
means
home
public,
not
must
it
load
so
that they will not be
:■
'"'v: /.-/■ ^ ■ cri
mortgage payments
■ :"■
'
anything else.
and it
times;
build
must
down
able to
throughout
the
This
in
from
In part, he also had;
of
less than
the
50c.
week.
a
monthly payments
of
ence
make
50c.
On
If
a
can't afford
man
too great for him to
are
it
$5,000 mortgage, it would
a
possible
him
for
to
to
buy
assume
buy
a
The law
are
premium
will
people
The
to
up
take
of
care
The
holder
Of
sion
therefore,
in
pays
.
.
mill
of
Cleveland
Trust
Co.—Describes
1938,^^
have
plan."
"It
He
not
was
Colonel
serves
shall have to have
to
be
designed
Ayres, "but
that
states
we
now
"the
it
them
economic
steps
out
be
to
be
to
taken
appeared
prosperity that it
ments were
though it
as
had
contained
constituting the
Dec.
promised."
in
Chamber of Commerce
about
was
Colonel
address
an
to
15
ob¬
for
fidence.
while
all
the
requisites
for
.of
We
have
the
men,
not
business.
If that
can
materials
money,
economic.
We
need
be attained
and
markets.
we
can
have
a
Our
plan
unlikely
that
recovery
sorts
will
of
policies
continue
in
develops there, these forecasts
This is
time
a
Washington
Europe,
will
but
will
if
almost surely
adopt.
serious
prove
They
business
be
regained
advances
only
as
be
must
a
part
a
the
previous
well under
gotten
cooperative
of
way
in
recovery
1938.
*
That
can
be
was
a
rapid
that
of
in
risks
that
are
reliable
more
changes in
about
the prospects
offerings
of
business
securities
new
for
future
securities
new
con¬
mean
profits,
that
mean
complete
halt
assumed
in
legislation
new
the
the
future
for
than
they
collapse
floating
serious proportions
of
new
when
the
special session of the
a
the
further
have
regulation
decided that
of
stocks
been
normally
in
the
for restricted markets, still higher taxes,
resulting from the forced disbursements of
labor organizations, and the chronic fears of
prospects
of
hurried
selling of stocks
withdrawal by corporations
the
but
securities.
new
the
most
endurance
dangerous
almost
surmount
conditions,
it
any
cannot
The
of
for
whatever
of
the
business.
series
a
survive
of
would
they
the
They had
continuous
of
"business
definite
"must convince business
a
they
projects
managers
had
recovery
overlooked
foe of business is chronic uncertainty.
obstacle that has known quantities and
Ayres asserts that
only by
says,
most
effective
restoration of
tax
recession
the
reflect
proposed to submit to
was
the
assume
shifting
it
must
confidence
acts."
that
in
the
the
laws,
operate.
can
"These
be
acts,"
Administration
fair opportunity to make profits is essen¬
on
first
move
that
could
be
taken
toward
the
business activity would
undistributed
profits."
be the repeal of the
"The tax on undistributed
profits," be states,
too optimistic.
movement,
enough
present
to industry, trade, transportation, and the utilities.
Employment is dependent on profits."
He adds that "the
for
as
loss
and
have
men
take
tial
courage, cooperation, tolerance, and
goodwill between
government, business and labor.
The hard-won economic
gains of the past
three years have been
largely canceled in three short months.
If they are
to
them
up
confidence
profit
a
business
as
make
confidence
them
declines
insolvencies
recognizes that
new
what
of
nearly
a
for marketing
can
restored
be
impossible
foresee
business
confident
exactions
a
Colonel
can
do so rapidly enough to lift the
figures for new
construction above those of 1937.
These forecasts reflect the expectation that most
of the business averages
will be less favorable in 1938 than
they have been in 1937.
Most of the
forecasts are stated in somewhat indefinite
terms because it is
to
to
have
to
is
economy
long
as
One
confidence.
miscalculated
fact
fixed
it
that
could
sustain
investing public, made
continue
regulations, taxes, and labor conditions under which
.
Even
capital and
then
harassing laws and regulations.
result
had
the
of
the
more
The
on
the raising of new enterprise
capital by private
the closely related matter of new corporate and
private
if recovery regains
good momentum next year it seems
on
construction.
of
These
less
of
dangers
earnings,
Recovery depends
financing, and
Our
profits
and smaller
and
program
worth
because
past,
the
are
.
and
political condition.
a
Apparently when this became known investors
ho
would
and
.
for
in both
feel
lack such
a
business.
pros¬
difficulties
Government
create
other
the
should
profits.
indicators
prices,
Congress
be
government
business
equaled in
popular support.
on
public learned that it
com¬
resumption of recovery.
following
of
before
National
the
that
was
corporations,
prospects
men
men
stock
Business
between
cooperation
the
money to
and
keep going only
can
corporate securities.
perity," he said, and, in part, he continued:
political,
The
branches
In recent months there has taken place an almost
unprecedented
policies that will be adopted
economic
condition
declining prices
business,
way
have
all
seldom
in order to have the plan succeed.
condition,
future
the changes
under
"We
industry.
speed
a
Rising security prices and increasing sales of
business
and
there."
nearly
that
supposed
necessary
and
for
two
are
bring,
on
steel
in
the others.
in
Washington, and
and
that
story,
Cleveland
will
iron
declines
the
that
be called
decisions that
result would
enterprise.
.
ever
were
the
in
still
on
basic
economic
an
and it
of which Colonel Ayres is editor.
Ac¬
cording to Colonel Ayres, "there is not much use in trying
to make many definite forecasts of the course of
business
depend
The
by private
One of them is the action of
security prices on the
exchanges, and the other is the marketing of new securities sold to
raise capital for business.
In general, the two indicators tell the same
produce the
the
demands.
stock
issue
made in
the
individuals
There
the
Ayres's
before
the
meet
plan
general
has
prospects
than all
"Business Bulletin,"
1938 for the outcomes
in
one
confidence and
Dee. 14, his remarks substantially
of the Cleveland Trust Co.
on
to
carried forward
hope of being rewarded by future gains.
political condition that was necessary for the success of the plan
the public generally should continue to believe that
developments
were taking place because
they had been planned that way.
The success
of the plan for a managed
recovery had depended all along both on business
plan, and probably they will not even look like parts
of a new plan, but in
reality that is what they will have
to be if they are to prove successful."
"The clear fact about
the old plan," he declares, "is that it went into reverse
just
it
the
was
new
when
great demand for all
a
The
one."
by
order
recovery
brought
was
both
in
new
five-year plan,"
a
has turned
National Government in the coming year will not
a
in
and
indefinitely to spend enough
confidence
Our
a
was
fundamental
manufacturing capacity would be
industry and transportation would
No
economy,
P.
ing months of 1937," and
the
ability and willingness of private enterprise to take over the
maintaining prosperity was the essential condition of the under¬
of
in
five-year plan for
Leonard
the
Two conditions
a managed recovery," says
Ayres, Vice-President of tlie Cleveland
Trust Co. of Cleveland, Ohio, "came to an end in the clos¬
Colonel
of
ever-progressive recovery.
of
Policies
"Our first
goods,
prosperity
The necessary economic
Political, Not Economic—Prospects
Says Dependent on Washington
as
One
more
taking.
"Managed" Recovery Plan Ends with Reverse
Prosperity Declares Col. Leonard P.
Difficulties
economic
spending which the plan entailed
apprehension.
continue
an
Promised
Ayres
facilities
autumn
of
for
their
ultimate
tax and,
♦
of
the
citizens.
plan for a managed recovery has from the beginning been based
the theory that we should spend our
way back to prosperity by using
public funds, and then that private enterprise would support and continue
the prosperity, and furnish jobs for all the workers.
This reliance on the
investments.
Five-Year
to solve
its
of
Our
income tax.
as
aroused
on
5% mortgage nets him only 4.2%, and out of that he still
The 4%% interest rate suggested by the President
would make the return to the '■ investor only 3.7%, a
yield which to my
mind could make mortgages, because of their lack of
liquidity, in small
demand
lavish
Then
.
a
has to pay
the
the
restoration of
.
eight
an
the economic burdens
widespread
produce
to
proportions
task
Pennsylvania
democracy volunteered
great
years
activity, and they have developed with
our previous
history.
.
.
will not draw out the funds.
mortgages
a
consumption goods.
the
weeks
who are purchasing the insured mortgages of a il/z%
generally, however, is for 5% interest at par or at a
102%, possibly some cases 102%%.
The interest rate
itself, and if you put too much pressure on the lowering
of
depression
great
came to an end in a spectacular and
manner.
The first conspicuous failure came in a part of the
about which there had been a minimum of anxiety.
It came as a
sudden and violent collapse in the market
prices of stocks.
This was
followed by a diastic decline of production which
rapidly reached depres¬
market
of the interest rate you
the
endorsed
twice
by sweeping majorities
There has been nothing like it in previous history.
assume
with
from
recovery
It has been
program
today is sufficiently broad for lowering interest rates arid there
few
a
basis.
.
,
labor
unforeseen
But that difference of % of 1% could conceivably
impair the available
supply Of mortgage funds—the life blood—millions of dollars are essential
the housing program.
by
The End
v
to
of
This
differ¬
a
1937
18,
exercised
power
purchasing power which would result in
consumer
increase
saving
home today—if
tomorrow?
to
regarded
be
not.
course-
time
and
required
a
now—can
home
a
mean
first
increased
assumptions behind the plan, and perhaps its most fundamental assumption,
was that we could spend our
way out of the depression.
The theory was
that lavish public spending would supply farmers and urban dwellers with
sorts
,
may
5% to 4%%?
the
not
be too much agitation for making these charges
still lower.
There is the danger that such agitation will seriously mislead
the people into false hopes and expectations.
The situation is too serious
for anything of that nature to be permitted.
After all; how much is the home buyer benefited by lowering the interest
rate
managed
a
support.
During the first
capital," and he added that "to get private capital to
that sum it is necessary that we make the return
attractive."
According to Mr. Kniskern, "too much empha¬
Today there easily
for
greatly
,A-'v•'/
Popular Support
■
political campaigns.
For
vate
interest rate.
1
plan
problems
invest
sis may be placed on the
the following to say:
'
with
.
great popular
pointed out that "after all, these $4,000,to come not from the government but from pri¬
are
industry,
buy
Kniskern
000,000
Dec.
organizations,
/"• ,
Therefore, if Congress desires to make the $4,000,000,000 housing program
successful, to my mind it should eliminate the lowering of the present
interest rate and the increasing of the maximum amount of the insurance.
Mr.
Chronicle
ness
of
men
"is uppermost in the thinking of busi¬
because it seems to them to embody the attitude
government
toward
the
whole
theory
and
practice
of
profit-making in business."
new
achieved
undertaking.
Former
President
Hoover
Before
Economic
Club
of
In bis comments with
respect to "the plan for a managed
recovery that has been in operation in this
country during
the five years from 1933
Proposes An Alternative to New Deal
"Penned
Economy"—Outlines
"Philosophy
of
part, stated:
sion
through 1937,"
The
essence
assume
full
of
the
plan
was
responsibility
that the
for
solving
government
the
Chicago
Government
Colonel Ayres, in
at
economic
citizens.
of
and
other
corporations,
other
two
poses
and applications,
and
the
regulations
of
stock
exchanges.
Combat
Reces¬
imperative
for the moment is relief from pressures which
stagnate bil¬
lions of industrial and home construction and millions of
jobs
for men."
"But," he added "it is currents
There
deeper than this
discussing to-night, although this recession is one of the indications of profound currents."
Mr. Hoover in his speech outlined what he "conceived" to
be a "philosophy of government and economics"
whereby
recession that
undertakings that
were even more
sweeping in their pur¬
One of them undertook to make
farming profitable
by taxing the rest of the population to contribute to its
support.
The
other sought to institute a program of
higher wages and shorter hours
To
President Herbert Hoover in discussing "Economic
Security
and the Present Recession" declared that "what is
the
Among the undertakings which were parts of this new
policy were the
support of the unemployed, vast programs of public
works, mortgage loans
for
farmers and urban home
owners,
financial aid for railroads, banks,
were
Economics"
Before the Economic Club of Chicago on Dec. 16, former
Washington should
problems
and
.
we
are
Volume
"free
Financial
145
and
men
in
women
modern world" would be
our
en¬
abled" to live their
own lives with the limitation that they
injure their neighbors." What they want of gov¬
ernment he said "is to keep the channels of opportunity
open and equal, not to block them and then send them a tax
bill for doing it.
They want rewards to the winners in the
race.
They do not want to be planed down to a pattern."
Mr. Hoover, it was observed in United Press advices from
Chicago offered an alternative economic and social system
to the New Deal's planned
economy, which he described as
having the central idea of shifting "government from the
function of umpire to the function of directing, dictating and
competing in our economic life." In part the United Press
accounts added:
shall not
Planned economy, he said, can control production but not the consumer,
whom he described
"on strike in residential
as
does not like the distorted
building today because
building costs."
For his alternative system, the former President sketched a
of Government and economics" under
"1« The main anchor of
liberty.
"2.
*
.
Drive
invention,
new
production that
every
machine,
be consumed.
can
improvement,
every
We must work
machines
our
Where
we
We must regulate banking and finance to
prevent abuse of trust.
"4.
poses to
welfare activities is unlimited, this
particular foundation pro¬
concentrate, to an important degree, on a single objective; i.e.,
promotion
accepted
of
we are
well as
as
today
concerned.
"While
wider
a
of basic economic truths
knowledge
generally
such by authorities of recognized standing and as demonstrated
as
by experience,
which
While the scope
a
better understanding of economic problems in
involved and
so greatly
which
as to
importantly
we are so
...
the
Alfred
P.
Foundation
Sloan
undertake
may
promote
or
activities
on its own behalf it will give preference to
encouraging, through
financial grants and otherwise, such useful agencies as already exist, thus
stimulating
broader approach to the common objective, although it might
a
be added its activities will necessarily be limited to the areas of education
and research.
.1..'";';'
■
,
"Having been connected with industry during
entire life, it seems
my
eminently proper that I should turn back, in part, the proceeds of that
activity with the hope of promiting a broader
standing
of
the
economic
principles
and
well
as
national
better under¬
a
as
policies
which
have
characterized American enterprise down through the years, and as a result
of which its truly marvelous development has been made
possible.
belief that its progress may not only be maintained
but accelerated through a more constructive
opportunity resulting from a
enlightened understanding on the part of
more
of
Thus,
people.
our
in the exercise of their rights, they may be better advised as to our national
policies and, according to their beliefs,
all have
promote the objectives
may
that
much in mind—more things for more people, everywhere—an
so
opportunity for achievement—and greater security and stability
our men and women.
in utilities that special privilege shall be given we must directly
as
indirectly regulate profits.
or
spiritual
of waste unceasingly for the reduction of costs and the
We must compel competition in a large area of business.
decide
of all such
the
3913
of the interests of the community at large.
way
"All this with the
five topics:
civilization must be intellectual and
our
.
every
heartlessly, but not
"3.
"philosophy
proper
more
every elimination
maximum
he
Chronicle
well."
as
The Alfred P. Sloan Foundation, it is stated, was estab¬
lished on July 6, 1936 as a non-profit corporation under the
laws of Delaware.
Co-operation between groups and sections outside of Government and
with Government.
"5. The economic and social gears must be enmeshed.
jective of
our
The primary ob¬
system must be to eliminate poverty and the fear of it."
Ambassador
"The economically successful," he continued, "must carry the burdens of
health, sweated labor, old
age
sponsibilities.
must
The nation
by taxes
Child labor,
otherwise.
or
and housing are but part of our social re¬
protect its people in catastrophies beyond
their control."
While accepting the principle of collective bargaining, Hoover said the
National Labor Board has not been a solution to labor problems.
"I have long
believed," he said,
security in the wage group until
we
cannot secure full economic
The greatest insecurity in the world is fear of losing the
come.
lieve there
of
"that
are
I be¬
large wage groups where employers could extend this greatest
of security in
assurance
both sides.
job.
It would be
increasing degree
to the mutual advantage of
great demonstration of cooperation in industry to
a
accomplish it."
Leviathan Sold for
Where
Will
It
Be
Broken
the sale of the liner Leviathan at
where
sold
she
to
will
be
a
a
Proceeds
of
sale
the
will
be
mortgage which the Commission
the Leviathan and nine other vessels operated
by
the Unites States Lines.
A Washington dispatch of Dec. 10
to the New York "Times," in reporting the
announcement,
on
said:
buyers
Metal
were
Industries,
Ward, Ltd., of Sheffield, England.
toward
the reduction
held against the
of
a
of
Glasgow,
and
Thomas
$2,244,712 mortgage which the United States
extensive repairs
final journey of the former queen of the seas.
will be required for the
Only about 36 of her 49
15 knots, it
was
said.
The
Leviathan,
formerly
the
Vaterland,
was
seized
from
The vessel is
Germany
now
24 years
passenger
liner
of the type
of the Manhattan and Washington,
which
and
will
be used by the United States Lines to replace the Leviathan in the North
Atlantic service, was recently awarded to the Newport News
&
Shipbuilding
Drydock Co.
home
$10,000,000
by Alfred P. Sloan Jr. for Economic Research
the Alfred
P.
made known
was
Sloan
on
Foundation
Dec. 12.
Mr.
for
economic
Sloan,
East
Mr.
at
the
has
The
follows:
been
in
is taking
a
session
in
Brussels,
Belgium,
The American
recess.
under
delegation has
of
this conference
seek
and
method
a
to
bringing to
United States
The
conflict.
been
has
of
examine
the
situation
end by peaceful
an
is
in
means
because
participating
.
Although
it
has
clear
In
the
conference
nevertheless
the
its
issues
formal
arising
in
which
have
about
Far
nations have affirmed
16
whose
an
world
directly affects
their
to
adherence
treaty
and
which
Far
East
in
the
not thus
by
and
rights
themselves
concern
main
their
and
the
to
no
long
far
that
views
is
of
war
concern
principles
that
essential
to
of the
for
a
just
must prevail.
a
method
disposes of
means
obligations
with
are
run
found
end the effort of the conference.
interests,
continue
its
has emphatically reiterated fundamental principles
East
in the
peace
achieved
objective,
number of useful things.
It has made
whjch it has under consideration.
a
The fact that the conference has
brings to
far
conflict
reaffirmed
It
thus
international relations, which
govern
the
in
not
the
the
of
part
Treaty.
should
settlement
in
declarations,
and
has
accomplished
involved
any
nations
for
that
bring¬
problem
the contrary, nations
On
affected
are
problem
thereby
until
it
is
will
solved
Accordingly,
by him respecting his action said that the specific
purpose of
twofold, viz.: "First, to avoid any mis¬
conception as to the aims involved, and, second, to establish
the objectives, that I have in mind."
In part Mr. Sloan
was
added:
the
governments
participating
in
the
conference
will,
during the reeess, exchange views and further explore all peaceful methods
the
with
a
just
settlement of the
principles
conflict
may
be
of the Nine-Power Treaty and in
attained
consistently
conformity with the
objectives of that treaty.
Accompanying Mr. Davis (who holds the post of United
Ambassador to Russia) on his return from abroad
States
Dr.
State
Stanley Hornbeck, adviser
Department;
J.
on
Eastern affairs for
Pierpont
Moffatt, chief of the
European Division of the State Department, and Robert T.
Pell, press representative for the delegation.
Title and Mortgage Bureau and Real Estate Bureau of
New
who is
Chairman of the General Motors Corp. in a statement issued
his statement
which
Sino-Japanese
were
Announcement of the donation by Alfred P. Sloan Jr. of
an endowment of securities valued at
approximately $Hbresearch
delegation
it is a signatory to the Nine-Power
Treaty and because it is deemed
important that this country participate in any appropriate common effort
to effect a
peaceful settlement of that conflict.
the
OOO,000 to
American
statement,
report.
objective
the Far
the
to
—♦
Endowment of Securities Valued At About
his
just settlement of the conflict.
a
Davis
Mr.
conference
by which
old and has been laid up at Hoboken, N. J., for over two years.
A contract for the construction of a new combination
cargo
referred to in
was
In
constructively.
The cost of the farewell trip will rim from $40,000 to $45,000.
by the United States during the World War.
of
Nine-Power Treaty,
come
or
boilers will be used and speed will be held to about
3418.
the
of
Nov. 24
on
page
head
was
peaceful methods" for
ing
no
27,
conference, indicated that during the recess the participating
governments will "exchange views and further explore all
Leviathan and nine other vessels operated by the United
believed here that
Nov.
of
who
Nine-Power
Ltd.,
Proceeds of the sale will be applied
States Lines.
It is
Davis,
all
»
The
issue
our
The
price of $732,000.
The
to Glasgow, Scotland,
for scrap.
The vessel was
up
firms.
applied to the reduction of
holds
journment of the conference
Scrap
Dec. 10 approved
on
own power
broken
British
two
for
Up
The Federal Maritime Commission
ship will travel under her
tive to the Nine-Power conference at Brussels, held to con¬
sider measures to effect peace in the Far East.
The ad¬
The
Scotland,
to
Following
Conference
Views
the
$732,000—-Liner Will Go
Europe
Nine-Power
Returning from Europe, on Dec. 11, on the United States
liner Washington, Norman H. Davis, United States Am¬
bassadors t-Large, took occasion to issue a statement rela¬
statement
%
.
.
from
of
Brussels on Sino-Japanese Conflict—Says That
During Recess Participating Nations Will Exchange
face the question of assured annual in¬
we
Returns
Adjournment
at
Such an economic system, he said, "would
constantly diminish the mar¬
ginal group who do not get a just share of the production pie. And the pie
would be far bigger."
social improvement for the less fortunate
Davis
Recent
York
State
To Be Known
New
as
Insurance Department
Merged—
Real Estate and Mortgage Bureau
York State Superintendent of
Insurance, Louis H.
Dec. 16 the merging of the Insurance
Department of the Title and Mortgage Bureau and the Real
Pink, announced
on
Estate Bureau into
The
new
a new
bureau will
Real Estate and
Mortgage Bureau.
be under the direction of E. Everett
100,000 shares
Thorpe, head of the Real Estate Bureau and Isaac Siegel,
principal examiner of title and mortgage companies, will be
his assistant.
In announcing this reorganization within the
Insurance Department, Superintendent Pink said, in part:
"Due to Government regulations, changes in my General Motors holdings
the Title and Mortgage Bureau, leaves not only a vacancy to be filled but
of public record on account of my official relationship with
brings up for consideration the problem of the Department in connection
"I particularly wish to emphasize the fact, even if it appears self-evident,
that this transaction has nothing whatsoever to do
Corporation or
matter.
of the
are
a
official relationship with
my
However,
common
matter
among
a
personal
I
The sudden death of Herbert C. Clark, who was
hence it is important, especially in the period of uncer¬
tainty now existing, that
that
It is entirely
are over
stock of General Motors.
that organization:
the action
same.
the securities involved
with General Motors
am
no
prejudice should develop
taking.
as to
the
reasons
for
I shall recommend to the trustees of the
Foundation that they continue to hold these securities as part of its portfolio.
"As to the objectives: The Alfred P. Sloan Foundation has
purposes,
as
its general
in common with all such organizations, the advancement in
any
Principal Examiner in
with the supervision of the remaining title and mortgage companies.
These companies were originally under the Miscellaneous Bureau.
The
failure of organizations doing approximately 90% of the title and mortgage
business which
this
were
problem that
a
in February, 1934.
under the control of the
Department,
so
accentuated
special bureau to supervise these companies was created
At the present time most of the companies supervise
3914
by this
Financial
Bureau
continues
in
comparatively small and
are
refusal
its
to
adopt
State of New York
if the
the
constructive mortgage program
a
wisdom of continuing the Bureau as a separate entity is
doubtful.
The Department is making every effort to assist the Joseph Committee
in its efforts to work out
the
tentative
mortgage
Code
constructive mortgage program
a
proposed
by
Department
the
for the State and
contains
com¬
of its third annual
The
Cowles
founded
in
vision, this Bureau will be
ated with
important than ever.
more
the Title and Mortgage Bureau
It would therefore
Instead of abolishing
I have decided to merge it with the Real
Estate Bureau, which handles appraisals of real estate held by life insurance
companies, and create
administrative bureau to be known
one
Estate and Mortgage Bureau.
real estate title and mortgage
concerned.
It has
no
the Real
as
This Bureau will have charge of all of the
problems
so
far
relation to the Title and
rehabilitating and liquidating companies taken
as
the going companies
1937
18,
Economics and
on
The report contains abstracts of over 40 lectures presented
aging
that it should not be discontinued at this time.
Conference
Research
by prominent authorities in
panies and the insuring of mortgages under proper safeguards and super¬
seem
Dec.
Statistics, held in Colorado Springs from June 28 to July 23.
complete
a
If the State does make provision for mortgage
program.
Chronicle
Commission
economics and statistics.
is
a
not-for-profit corporation,
1932 for the purpose of conducting and
investigations
into
economic problems,
the Econometric
Society,
it
encour¬
is
affili¬
international society
for the advancement of economic theory in its relation to
statistics
and
mathematics.
an
Arrangements
made for the fourth annual research
are now being
conference, to be held
Colorado Springs, July 5 to July 29, 1938.
at
are
Mortgage Bureau which is
over
Vanderbilt University (Tennessee)
by the State.
to Hold Symposium
Higher Education in South—To Be Held Coin¬
cident with Inauguration of New Chancellor in
on
Death of Frederick H.
Colburn, Manager of San Fran¬
Clearing
House—Russell
W.
Schumacher
Appointed New Manager
February
cisco
Frederick H. Colburn,
Manager of the San Francisco
Clearing House, died on Nov. 23 in a hospital at San Fran¬
cisco, Calif., following a long illness.
He was 65 years
Mr.
old.
Colburn
had
been
Secretary of the California
Banking Association for 20 years before his resignation in
1929 and was Manager of the Clearing House since 1915.
From
the
San
Francisco
"Examiner"
of
Nov.
24
take
we
the following regarding Mr. Colburn's career:
Mr.
Colburn
was
born
in
Keene,
N.
Hi,
gold rush, made several successful strikes,
woods in the Mexico and Central
In
his
years
banks
of
became
an
the
At
fine
America.
one
against crime.
He became an
executive of the Clearing House
in 1911,
Manager in 1915, and held that position until his death.
Dec.
Klondyke
exporter of
Secretary of the State Banking Association, he fostered
of them being creation of a department for protec¬
as
innovations,
many
tion
West for
came
then
was
named
meeting of the Clearing House Committee, held on
Schumacher was appointed Man¬
of the San Francisco Clearing House to fill the vacancy
a
1, 1937, Russell W.
ager
caused
by the death of Frederick H.
Colburn.
Mr.
Manager of the Clearing House
prior to this time, and formerly was connected with the
Bankers
inducting
the new Chancellor, Oliver C. Carmichael, into
office, Vanderbilt University, Nashville, Tenn., will hold a
symposium for the consideration of questions pertaining to
higher education in general and problems confronting the
South in particular.
The University has announced that
many leading educational and professional authorities of
the country will address the sessions, which will be devoted
to the liberal arts and science, medicine,
engineering, law,
theology, nursing and graduate education.
During the 62 years of its history, Vanderbilt University
has had only two Chancellors—Land on C. Garland (18751893) and James H. Kirkland (1893-1937).
Mr. Carmichael,
who was elected as the University's third Chancellor
early in
July and took over the duties of the office on July 1, will be
formally inaugurated on the final day (Feb. 5) of the threeday ceremony.
The University has extended invitations to
400 representatives of other universities,
colleges and earned
societies to attend the inauguration and
symposium.
Schu¬
macher had been Assistant
California
Coincident with ceremonies to be held Feb. 3 to 5
formally
Alfred
Rheinstein and Edward
Members of
New
York
F. McGrady Appointed
City Housing Authority by
Mayor La Guardia—Former Also Named Commis¬
Housing and Buildings for New York City
Association.
sioner of
Death of William J.
Harahan, President of Chesapeake
Railways—Was Also President of Pere
Marquette and Nickel Plate Railroads
&
Ohio
William Johnson Harahan, President of the
Ohio Ry., died on Dec. 14 at the C. & 0.
Clifton Forge, Va.
He would have been 70
&
Chesapeake
Hospital in
old
years
Dec. 22.
Mr. Harahan
on
brought to the company hospital
after he became ill at White
Sulphur Springs, W. Va., about
two weeks ago.
One of the outstanding figures in American
railroading, Mr. Harahan was also President of the Pere
Marquette and Nickel Plate Railroads. He had been Presi¬
was
dent of the C. & 0. twice, from
December, 1920, to May,
1929, and from July, 1935 up to his death.
The following
of the career of Mr. Harahan is from the New
Alfred
former
Rheinstein,
Assistant
builder
and
Secretary of
Edward
Labor,
were
F.
McGrady,
appointed
by
Mayor La Guardia on Dec. 14 as members of the New York
City Housing Authority.
The Mayor also named Mr.
Rheinstein as Commissioner of Housing and Buildings, a
position created under the new City Charter which becomes
effective Jan. 1, 1938.
Mr. Rheinstein and Mr. McGrady
were sworn in
by the Mayor on Dec. 15.
The positions on
the Housing Authority carry no
salary.
Mr. McGrady
succeeds Nathan Straus, who resigned to become the Federal
Housing Administrator, and Mr. Rheinstein takes the post
formerly held by Langdon Po^t, who was succeeded tempo¬
rarily by Lester B. Stone, the Mayor's former Secretary.
summary
York "Times" of Dec. 15:
Mr. Harahan spent half
Senate
century working with railways.
a
.
..
.
As
President of the Chesapeake & Ohio, the Pere
Marquette and the Nickel
Plate Railroads, Mr. Harahan looked out from his
office in the Termina
Tower at Cleveland upon a vast network of
lines.
He became President of the C.
were
was
suffering
one
&
O. in
1920, at
a
time when railroads
of their worst depressions since the World War.
the chief figure in the reorganization of this
line,
high level of efficiency,
He
bringing it back to
a
He already had served eight years
as head of the
Seaboard Air Line, from 1912 to 1920.
He remained as President of the C. & O. until
1929, when John J. Bernet
became its head and he assumed the
post of senior Vice President. When
Mr. Bernet died in 1935 he
again took command of the
Chesapeake and
Marquette and Nickel Plate of the Van Sweringen interests.
was born in
Nashville, Tenn., Dec. 22, 1867, the son of
Jamas T. Harahan, late
president of the Illinois Central, and Mary Kehoe
also of the Pere
Mr.
Harahan
Harahan.
Soon after he was born the
family moved to New Orleans and
he attended school there before
entering St. John's College, from which he
was
graduated in 1885.
;
.
.
In
1904 Mr.
Harahan became
a
Vice-
President of the Illinois Central.
Death
of
Norman
Land
Norman
Monaghan,
Bank of
President
of
Federal
Approves Nomination of Nathan
Administrator of United States Housing
The Senate
Memphis cotton man, died on
Memphis, Tenn.
He was 49 years
old.
Born in Tupelo, Miss., Mr.
Monaghan was graduated
from the University of
Mississippi receiving his law degree
in 191 h
He practiced law for two
years at Tupelo and then
served as a railway clerk before
entering the cotton business
at Memphis.
Mr. Monaghan was in charge of the
Memphis
office of the Commodity Credit
Corp. in 1933.
He later was
appointed Vice-President and Treasurer of the Production
Credit Corp., of
Louisville, Ky.
In June, 1934, Mr.
Monaghan was named Assistant Director of the
Emergency
Crop and Feed Loan Section at Washington and some months
later was appointed Director.
He was elected President of
the Federal Land Bank of New Orleans in
June, 1937.
C. Fagg Elected President of Association of
Uptown Bankers of New York City—Other Officers
Economics and Statistics
Cowles Commission
for
Research
Springs, Colo., recently
Elected
Charles
C. Fagg, Vice President of the Bank of Man¬
hattan Co., in charge of its branch at 41st St. and Madison
Ave., was elected President of the Association of Uptown
Bankers of New York City, at a dinner
meeting held Dec. 16
by the Association at the Harvard Club in New York City.
Edward Streeter, Vice-President of the Fifth Avenue
Bank,
elected Vice-President of the Association, and John J.
was
Radley, Jr., Assistant Vice-President of the Central Hanover
Bank and Trust Co., in charge of its 49th St. and Fifth Ave.
Office, was elected Secretary-Treasurer.
In addition to the President and
Vice-President,
ex-officio,
following
were
elected to
utive Committee for the
Report of Cowles Commission Third Annual Research
The
Dec. 8 confirmed the nomination of Nathan
Charles
the
♦
Colorado
on
New Orleans
Monaghan, President of the Federal Land Bank
on
as
Straus, of New York, as Administrator of the United States
Housing Authority.
President Roosevelt appointed Mr.
Straus on Oct. 18 during the recess of
Congress and confirma¬
tion by the Senate was delayed in order that the Senate
Education and Labor Committee might consider his
eligibil¬
ity.
Mr. Straus appeared before the Committee at the
request of Senator Arthur H. Vandenberg, Republican, of
Michigan, to explain his interest in Hillside Homes, Inc., a
limited dividend housing project in the Bronx, N. Y.
The
Senate Committee favorably reported the nomination on
Dec. 7 after Senator Vandenberg had withdrawn his
object¬
ions and publicly declared in favor of the
appointment.
The
Senate confirmed the nomination the
following day (Dec. 8)
without a dissenting vote.
Reference to the appointment of
Mr. Straus by President Roosevelt was
given in these
columns of Oct. 23, page 2637.
of New Orleans and former
Dec. 3 at a hospital in
Conference
Straus
Authority
made
in
a
coming
members of the Exec¬
year:
Donald McK. Blodget, Assistant Vice-President, National
City Bank.
Charles P. Luckey, Vice-President, New York Trust Co.
Economics,
available
serve as
of
report
Carl Miller, Vice-President, Irving Trust Co.
Edward P. Townsend, Vice-President, Chase National Bank.
Charles A. Whyte, Vice-President, Bankers Trust Co.
Volume
Golden
Financial
145
Gate
International Exposition Opens Offices
York—Steps Taken by Half of States of
Union and 15 Foreign Nations to Participate in
Pageant'..,',
The Golden Gate International Exposition,
from Feb.
open
bring together the 13 members of the Executive Council, in
New
in
Dec.
18 to
2,
addition to
to attend
the
established
Building, to ar¬
for exhibits and handle the Exposition's
promotion campaign in the east.
The Exposition's repre¬
sentatives in the New York offices are G. L. Bowe for the
G.
D.
Murphy, Crocker First National Bank,
J.
Citizens
111.;
York
J.
L.
Richard M. Tobin, Hibernia Savings & Loan Society; Parker S.
Bank;
Herbert
Anglo-California
Fleishhacker,
Citizens
Bank,
State
and
Spokane
Eastern
National
National
the
Angeles,
Calif.;
City,
Bank
Farmers
Colorado, Arkansas,
National
At
Branch,
Orleans,
Merchants
E.
possible.
a
ABOUT
a
head the list of speakers and
and
BANKS,
He is the
Reeve Schley, Vice-President
of the Cannon
The by-laws were drawn by Arthur
Adolph Lewisohn & Co., Chairman of the com¬
mittee.
The new by-laws call for the election of four ad¬
ditional directors to serve for one year.
The following
additional
directors were elected at the same meeting:
TRUST
son
Chase Bank
was
announced at the meeting was the Samuel
Club activities during the closing year were reviewed
conferences
broadening
Stonier, Executive Manager of the Association.
There will
The first will be held at Des Moines,
be three conferences.
Feb.
second
third
at
In
at
Indianapolis,
Ind.,
Oklahoma
City,
Okla.,
Second
Bierbauer;
with
for
the exchange
of
and especially on those developments by
tices and services,
of
opportunities
experiences on current banking operations, prac¬
which
banks
service to the public.
are
possible, the programs now being
developed will place the emphasis on the local angle.
Local
authorities are being invited to lead the discussions from
the standpoint of the local applications of their
of the A.
and
topics.
The
city
on
Dec. 6 said:
Wheeler, Manager for the liquidating trustee of the closed
Bay State National Bank, today (Dec. 6) announced a dividend of $343,000
would be paid to approximately 10,000 depositors Dec. 18.
The payment,
he said, would bring to 70% the amount returned to depositors.
L.
Philip
■
meeting of the Directors of the First
City, Jersey City, N. J., Lloyd
Clarkson and Avery Robinson were appointed Assistant
Cashiers and Herbert S. Croft was named an Assistant Trust
At
the
regular
National Bank of Jersey
Officer.
-v.
•
Similar gath¬
1937 at Atlanta, Ga.; Pittsburgh, Pa.,
closed Northwestern
Philadelphia, Pa., the Philadelphia "Inquirer"
With reference to the affairs of the
B. A. regional conference program.
Trust Co. of
of Dec. 16 carried the
Portland, Ore.
following:
Doubts that depositors will receive
Meeting of Executive Council of American
Institute of Banking to Be Held at Wichita, Kan.,
Midwinter
closed Northwestern Trust Co.,
tion for five years,
as
Jan. 12-13
were
The
midwinter
Hotel,
meeting of the Executive
Institute
of
Wichita, Kan.,
Banking
will
be
Jan. 12-13, 1938.
Council of the
at the Allis
It is
any
additional dividends from the
which has been in the process of liquida¬
voiced by banking officials yesterday (Dec. 15)
Luther Harr, State Banking
With the prothonotary
American
Secretary,
18 to depositors of the defunct Bay State
Associated Press advices
conferences this winter will mark the third successive year
erings were held in
Tetley;
extending and broadening their
To make the educational value of the
conferences as practical as
T.
A. Sael.
National Bank of Lawrence, Mass.,
from that
bankers
ideas and
John
Vice-President,
indicating that a dividend totaling $343,000 would be
paid on Dec.
object of these conferences, Dr. Stonier states, is to
provide
means
the
the
24-25.
March
The
10-11;
17-18;
by
yesterday for the 1938 term
announced as follows: President, Sherman Anderson; Vice-President,
Co., New York, announced on Dec. 11,
inauguration of a cooperative group insurance plan for
all employees including those employed in the bank's main
office at 857 10th Ave., and the 42d St. branch in the
McGraw-Hill Building.
The number of employees at present
totals 75.
The bank announced that it will pay the entire
cost of insurance during the period Dec. 11, 1937 to Jan. 1,
1938, inclusive, after which it will pay approximately onehalf the cost of the entire plan.
banking service to the public, it is announced by Dr. Harold
Iowa,
H.
presented to Charles Brickner for attaining the
Clinton Trust
the medium of regional banking forums, the American Bank¬
of
The 10 highest ratings in
John Moynahan, Kennedy Buell,
the
Program
regional
examination in general
taken by almost 300 employees, were received by
S. Wallace, F. N. Garrett Jr.,
retiring officers and the new officers elected
Continuing its program of education for bankers through
subject
&c.
from the local American Institute of Banking course.
Regional Conferences to Be Held by A. B. A.
of
COMPANIES,
being made, from a trust fund established by the late Henry W.
Another annual award
Feb. 10 at Des Moines, Iowa—Third
Successive Year of Association's Regional Confer¬
March
The Brown Hotel
This contest has been held each year since 1925, cash
Miller prize, which
Beginning
series
C.
Los
Lake
of the Bank, presented awards to winners
Hortense B. Bosc, and Treasurer, John
general
Salt
highest academic standing among Chase employees graduating this year
Adam
a
Bank,
George R. Thomson, Edward H. Schneider, Bernard J. Borneman, Frederic
Bouton & Co.
the
Jr.,
Russell
Angeles,
Pollman, Horace A. Foulks and W. W. Sproul, in the order named.
were
hold
La.;
Los
of Warren Cruikshank who
Cannon, former Chase Director and President.
Benjamin Van Keegan of Frank C. Masterson & Co., Cyril
Murphy of Mackubin, Legg & Co., Clifton B. Smith of
Frazier Jelke & Co. and Stanley Roggenberg of H. R.
to
Reserve
Prize Contest, which is an annual
this year's examination
of New York.
will
of
Barnes,
LaPlace
Director of the Fulton Trust Co. for 15 years.
banking subjects.
devoted
Orleans,
Bank
Federal
Simms,
B.
The 28th annual meeting of the Chase Bank Club, a social
organization of Chase National Bank employees, was held
on Dec. 14 at the Hotel St. George in Brooklyn.
Winthrop
W. Aldrich, Chairman of the Board of Directors, and H.
Donald Campbell, President of the Bank, were guests of the
Club and briefly addressed the meeting..
An announcement
bearing on the club's meeting also said:
Joseph W. Cath¬
Retalik of
winter
New
National
L.
John
John
Cruikshank
has been
Ralph
Association
C.
National
vacancy.
prizes
this
Lawrence
meeting of the Board of Directors of the Fulton Trust
of
Security Traders Association, at a meeting
Dec. 9, voted a permanent Constitution and set of by¬
laws and also voted to incorporate under the laws of the
ers
Ohio;
Louisville, Ky., June 6-10.
Co. of New York.
Louisiana, Texas,
The New York
ence
Mich.;
Wash.;
Spokane,
Columbus,
New
of
McEntee,
Mr. Cruikshank is Vice-President and Direc¬
Co. and Director of the Almy Realty
Corp., Brooklyn & Queens Y. M. C. A., Brooklyn Home for
Children, Home Life Insurance Co., Merchants Refrigerator
a
tor
on
Series of
Plainwell,
W.
P.
Co. of New York, held on Dec. 16, Russell V. Cruikshank,
Vice-President of Cruikshank Co. was elected a Director to
Directors
State
Fla.;
Arrangements were made Dec. 13 for the transfer of a New
York Stock Exchange membership at $75,000.
The previous
transaction was at $70,000, on November 30th.
Traders
Constitution
Minneapolis,
Adolph
Corp.,
Utah.
ITEMS
Maddux,
Association Votes Per¬
Set
of
By-Laws—To
Incorporate Under State Laws—Elects Four New
Security
Service
Jacksonville,
San
discussion leaders.
York
Secretary,
Assistant
Larson,
Bank,
Bank,
Tex.;
Bank,
&
David
will be held at
arine, New York, President elect of the Association, who will
manent
of
will be the headquarters.
Oklahoma and New Mexico will take part in the exchange of
real estate ideas and methods from all over the country
New
Cashier
Stonier,
The 1938 convention of the American Institute of Banking
fill
office in January, will
National
Savings
Worth,
Huntington
Whitney
regional conference of the National Association of
assume
W.
Henry Vardelin, First
Florida
Fort
Lemmon,
Real Estate Boards for the year 1938 will be the third annual
conference for the South Central region, to be held at the
Lassen Hotel, Wichita, Kan., Jan. 28 and 29.
Realtors from
which the conference will make
Barlow,
Harold
E. Graham, the First
Bank,
Kansas, Jan. 28-29
Kansas,
Floyd
and
Dr.
Seattle-First
the
Regional Conference of National Association of Real
Estate Boards for 1938 to Be Held at Wichita,
Missouri,
F.
Milton
Minn.;
National
Bank, and H. R. Gaither, Pacific National Bank of San Francisco.
First
Mankato,
Secretary,
City;
Dart,
Lochead, American Trust Co.; Charles K. Mcintosh, Bank of California;
Francisco
Vice-President
Bank,
Freer, the Chase National Bank, New York City; T.
Francisco; A. P. Giannini and L, M. Giannini, Bank of America; James K.
San
Those scheduled
Savings Bank, San Diego;
Belcher, First National Trust &
and
Institute.
the
Curda, Assistant Vice-President, City National Bank &
Chicago,
National
New
Burchfield,
Exposition, the entire scope of which is estimated to
$50,000,000, will celebrate western progress, par¬
ticularly in transportation, communication and hydro¬
electric development.
Half of the States of the Union and
15 foreign nations have thus far made appropriations or
taken definite steps toward participation in the pageant.
First banking exhibitor to announce its definite plans is the
Bank of America (California), which will erect its own
building and maintain a complete branch bank on the
Exposition's site.
Leland W. Cutler is President of the
Exposition. Included on the Board of Directors are:
Crocker
of
Lodmell, Northwestern Security National Bank, Sioux Falls, S. Dak.; Felix
Montano, the Hartford-Connecticut Trust Co., Hartford, Conn.; R. W.
Nuckols, First & Merchants National Bank, Richmond, Va.; Forrest C.
department and Stanley Beaubaire in the promotion
The
W.
of
Minn.;
reach
Frank
officers
Educa¬
Director; William A. Irwin, Assistant Educational Director; Richard
Hill,
all
field.
W.
of
National
W.
contracts
exhibits
Co.
tional
offices in New York City, at 1429 Lincoln
range
the
are;
President Frank R.
Trust
which will be
1939, recently
3915
Chronicle
Secretary, filed a receivership accounting
of Common Pleas Courts.
will receive anything more
Charles I. Engard, a deputy
If they receive anything it
difficult to say whether the depositors
held
than the 9%
The meeting will
receiver
they already have received.
for the Banking Department, said.
Financial
3916
The bank still owes part of the Reconstruction
will not be much.
Corp. loan
well
as
Nov. 30, there were cash and uncon¬
of $5,891,471-88. Since a previous
accounting, Jan 12, 1935, the receivership disbursed $944,992.13.
On an
RFC loan, $266,100-43 was paid.
Deposit liabilities as of Nov. 30 were
$1,798,794.24 in demand deposits and $3,635,315.31 in time deposits.
It The accounting shows that, as of
1937
Bank of St. Louis,
Mo., were scheduled to receive a
5% payment, amounting to $81,633, beginning Dec. 6, it is
tional
verted assets of $886,583 and liabilities
IS,
other creditors of the closed Grand Na¬
Depositors and
Finance
loans from other banks.
as
Dec.
Chronicle
learned
St.
the
from
Louis
"Globe-Democrat"
Dec.
of
5,
which also said:
This
to
the
is
4,000
Co. of Philadelphia,
according to a third and
disbursement,
sixth
$1,338,820,
or
82%
the
of
increasing the total repaid to claimants
$1,632,660
claims
filed
by approximately
The bank was closed in March, 1933.
persons.
Assets of the defunct Bankers' Trust
Pa.
Nov. 30 stood at $6,491,907,
on
partial accounting of the receivership filed on behalf of
Luther Harr, State Secretary of Banking.
The accounting,
filed with the Prothonotary of Common Pleas Court, lists
of liquidation from Jan. 13, 1935, to Nov. 30, 1937,
The Philadelphia "Inquirer" of Dec. 15,
which this information is obtained, continuing said:
expenses
$341,424.05.
at
from
bank's unconverted assets and cash stood at $10,-
On Jan. 12, 1935, the
The account also shows
$2,330,367.56
of
$392,292.07.
It is pointed out that the receiver has cash and other
A total of $496,940 was
Roosevelt
order
It
will
that
over
Carolina
$600,000 will be turned loose in Columbia through
National here
(Columbia), the remainder to be paid
Greenville and Charleston.
be recalled
that
.
all those holding
.
.
certificates
of $1,000
or
less
$22,181.54, representing the
the 550 certificate holders who had more than that to their credits, are re¬
cash,
enough
ceiving
plus
interest,
to
make their
total
payments
84%, the balance to be taken in interest-bearing certificates.
.
.
over
.
Of the total of money to be distributed, $545,000 was already available
paid out by the administrators for
expenses,
The accounting further shows that
including interest on borrowed money.
the time the bank closed in 1930 were $27,-
deposit liabilities at
the
(original deposits of $1,660 or less) are being paid in full, plus interest, while
totaled $3,748,077.56, against disbursements
$185,845.20 and an additional
Since then depositors have been paid $13,795,726-38.
590,480.73.
means
through
transfer of accounts receivable.
total
This
South
Finance Corp.
under
The Columbia "State" of Dec. 10, from which this
information is obtained, in part, further said:
out
The receivership receipts
balances
the institution closed
time
the
Balance outstanding on these loans is
of $3,540,050.82.
the
in 1933.
The receiver claims credit of $5,519,129.88.
loans obtained from the Reconstruction
on
was in Charleston, S. C., were to receive
beginning Dec. 10, $1,831,789, representing, in all but a few
instances, payment in full, with interest, of their deposits at
that the receiver, during the accounting, paid
665,614.29, the report shows.
off
Depositors in the old South Carolina National Bank, the
head office of which
from liquidated trustee assets of the bank, and the remainder,
$1,300,000,
borrowed
Finance Corporation
by the holding company from the
on
a
little less than
Reconstruction
trusteed assets of the old bank.
No
dividends have been paid during the latest accounting period.
liabilities on Nov. 30 stood at $13,794,753.85.
Total deposit
liabilities of
$165,351-34
Three closed
Bank
of
Unsecured
Pennsylvania banks—the Mt. Airy National
Philadelphia, the Citizens' National Bank of
Se¬
ward, and the First National Bank of Rockwood—will pay
dividends
depositors
of
in
the near
totaling
future,
announced by the Comptroller of the Cur¬
was
Dec.
Washington on
in
rency
quirer"
their
to
$108,400, it
Dec.
6.
which
from
7,
The
this
"In¬
Philadelphia
learned,
is
likewise
10%,
amounting
stated:
The
to
Mt.
make
second
a
payment
of
$36,300.
The
burse
others
Citizens'
the
are
$22,900, representing
First
to
bank will
Airy
National
of
Bank
National
Bank
of
which
Rockwood,
Seward,
final dividend
third and
a
will
which
will dis¬
of 35.2%, and
10%,
pay
the
amounting
$19,200.
The
the
Mahoning National Bank of Youngstown,
Ohio, and
Mahoning Savings & Trust Co. of that city,
affiliated
institutions, have been consolidated under the title of the
former, it is learned from "Money and Commerce" of
Dec.
11, which went
The
Mahoning
new
$14,000,000
and
to say, in part:
on
National
$16,000,000
Assistant
Vice-President
Assistant
Vice-President,
officers
of
the
and
National
Bank
will
resources.
J. It.* Rowland, President; W.
.
deposits
in
of
excess
.
J. Roberts, Vice-President; E. R. Watkins,
Cashier;
and
have
.
C.
L.
A.
Hood,
M.
Stewart
and
Assistant
O.
W.
Abbey,
been
have
Cashier,
The Citizens &
Southern National Bank, with offices in
principal cities of Georgia, is issuing an attractive
brochure, entitled "After Fifty Years," commemorating the
50th anniversary of the founding of the institution.
The
booklet outlines the origin, growth and development of the
bank, whose story is aptly summed up by Mills B. Lane,
Chairman of the Board of Directors and for 37 years its
President, in the single sentence "our bank grew as Georgia
grew."
The Citizens Bank of Savannah—the nucleous of
the present organization'—was opened in November, 1887,
with a capital of $200,000.
Today the institution, which
became a National bank in May, 1927 under its present title,
is capitalized at $5,000,000 with surplus and undivided
profits of $2,891,778.
Branches were established through¬
out the years in the following chronological order: Augusta,
July, 1912; Macon, December, 1916; Atlanta, September,
1919; Athens, August, 1925, and Valdosta, March, 1926.
In May of the following year, as noted above, the institution
joined the national system.
At this point, we are told in
the booklet, extension of the national bank stopped.
"The
failure of a large chain banking system," we
quote from the
all
due to persons other than depositors.
were
Bank.
James E. Atkinson, receiver for the State Bank of America,
the
booklet," resulted in the enactment, not of anti-chain bank
legislation, but strangely enough of legislation against
branch
banking.
Any further expansion, therefore, re¬
quired a new type of structure and accordingly on April 12,
1928, the Citizens & Southern Holding Co. was created, the
difference between this and the conventional
holding com¬
being the fact that instead of the holding company
owning the national bank, the national bank owns the holding
company and the assets of the holding company are trusteed
pany
for
the
benefit
of
the
stockholders
of
the
national
bank.
The
Hamtramck, Mich., will mail 10% pay-off checks to com¬
mercial and savings account holders during' the week of
holding company was capitalized at $ 100,000.
Immedi¬
ately came the establishment of the Citizens & Southern
Dec. 19, it is learned from the Detroit,"Free Press" of Dec. 12,
Bank
which added:
The
dividend
be
will
$95,066
basis of $950,665 unpaid.
the
on
is the third dividend, the last disbursement
make
ago, and
a
having been about three
This
years
total of 43% on total claims.
Oshkosh,
and the
Wis.,
banks—The
National
First
Bank,
Security Bank, capitalized at $200,000 and $100,000,
be consolidated on Dec. 31, when the
respectively—will
hitter will
South
Carolina with
two
offices in
Charleston."
September, 1928, the banks of Dublin, Ga., closed and
to provide facilities for the Dublin citizens, Mills B. Lane
and associates opened a private bank and
applied for a
charter, and in November of the same year this bank became
the
Two
of
In
become
branch of the First National Bank.
a
Citizens
& Southern Bank of Dublin.
The following
(1929) in July, the capital of the holding company was
increased from $400,000 to $1,900,000, and in the same
month the Lagrange National Bank, now the Citizens &
Southern
Bank
of
Lagrange, joined the group.
Three
year
months later the Citizens & Southern Bank of Thomaston
Three promotions were made recently in the
personnel of
the Winona National & Savings Bank, Winona,
Minn., we
learn
from
the
"Commercial
West"
of
Dec.
11.
F.
W.
Queisser, heretofore Cashier and Trust Officer, was elected
Executive Vice-President, to succeed the late L. D. Allen;
John Ambrosen, formerly an Assistant
Cashier, was advanced
to Cashier, while S. J.
Kryzsko, who has been connected
with the institution since
December, 1925, was made an
Assistant Cashier.
Mr. Queisser, the new Executive VicePresident, joined the bank in March, 1920 as an Asisstant
Cashier, and was named Cashier and Trust Officer in January,
1932.
A
plan to increase the capital of the Tower Grove Bank &
Trust Co. of St.
Louis, Mo., from $500,000 to $1,000,000 was
formally approved by the State Finance Commissioner of
Missouri
on
Deinocrat"
The
plan,
Sept.
14,
from
$100
$500,000
With
consists
Dec. 4, it is learned from the St. Louis "Globeof
Dec. 5,
which
provided
to
to
$20
was
for
share,
per
of
undivided
Deposits
by the stockholders at
change
in
and
the
as
Resources total
of
and
for
a
special
meeting
The
Bank
as
of
June
30,
last,
Farmers'
National
Bank
of Colfax, Wash.,
effective
The institu¬
tion, which was capitalized at $100,000, was absorbed by the
Old National Bank & Union Trust Co. of Spokane, Wash.
Nov.
6,
was
placed in voluntary liquidation.
business
as
of the
in receipt of the annual statement of the National
Ltd. (head officer Edinburgh), covering
increase
an
Friday
same
are
Bank of Scotland,
in
the
capital
from
the fiscal year
$400,000
capital,
J^We
stock
of
$16,398,956
National
Board.
capital
the capital structure of the bank
of
of the
the
of
surplus
and
now
$391,000
of
reserves.
close
Southern
of
of the plan,
$1,000,000
profits
&
value
par
$1,000,000.
the completion
Citizens
reported total deposits of $78,696,437 and total resources
of $87,652,544.
In addition to Mr. Lane, the chief officer
of the organization is William Murphey, who became Presi¬
dent in September, 1928, when Mr. Lane was made Chairman
which added:
ratified
a
created and in December, 1929, the holding company
acquired the Albany Exchange National Bank, Albany Ga.
Again, in March, 1933, Spartanburg, S. C., was without a
bank, and in July of that year, a branch of the South Carolina
bank was opened in that city.
Finally, in November, 1934,
the latest of the offices was opened at Columbia, S. C.
The
was
(Dec.
date.
3)
were
$14,728,160.
ended Oct. 31, 1937.
The report, which was
presented to the shareholders at their annual general meeting
on Dec.
16, shows net profits, after deducting expenses of
management at head office, London office, and 189 branches
and sub-offices, allowing for rebate, interest, &c., and after
making provision for all bad and doubtful debts, of £276,012.
To this sum was added £84,065, representing balance brought
Volume
forward
from
£360,077
the
the
preceding fiscal
available
making together
year,
this
From
distribution.
for
amount
made: £132,000 (after the
dividend at
the rate of 16% per annum; £50,000 added to reserve fund;
£35,000 applied to heritable property account; £50,000 con¬
tributed to officers' pension scheme, and £5,000 to staff
widows' fund, leaving a balance of £88,077 to be carried for¬
ward to the current fiscal year's profit and loss account.
following appropriations
were
deduction of income tax of £44,000) to pay a
The institution's
total
shown in the report
are
resources
as£45,612,342 (as compared writh£44,374,038 last year), and
deposit receipts, savings account, current accounts, and
other creditor balances, at £37,002,384(as against £36,532,163
the previous year).
The paid-up capital of the bank, at
£1,100,000, remains the same as last year, but the reserve
fund has been increased from £1,600,000 to £1,800,000 by
the addition of
the£50,000 mentioned above and the transfer,
told, to that fund of £150,000 "being a portion of the
provisions no longer required which were made in past years
against possible losses."
The amount of the reserve fund
(£1,800,000), the report tells us, is exclusive of £132,000"
set aside to meet the dividend requirement and the balance
of £88,077 carried forward.
The Most Hon. The Marquess
of Lothian is Governor of the institution; Colonel Sir Donald
we are
*
Cameron of Lochiel is Deputy-Governor
Leggat, General Manager.
March
on
and John Taylor
The institution was
21, 1825.
-
THE
Dull
established
,
EXCHANGE
CURB
trading and sagging prices
were
apparent on the New
York Curb Exchange
while
during the forepart of the week, and
few selected stocks were able to show minor gains,
a
the list
as a
whole
On Wednesday there
sought lower levels.
considerable improvement in the oil issues, utilities
and
metal stocks and small gains were recorded by some of the
more active shares.
Trading has been unusually quiet and
was
without movements of
Uneven
noteworthy importance.
price swings with dull trading
features of the
brief session
the dominating
were
Saturday.
on
Public utilities
Singer Manufacturing Co.
was
sharply off
the
day and dipped 8 points to 232. Other weak stocks
Babcock & Wilcox, 2 % points to 77; DetroitfSteel
were
Products, 3% points to 19%; and Montgomery Ward A, 1
The transfers
point to 133.
down
to
76,000 shares
on
the preceding
resumed
was
the
list
increased
the line.
the
as
the
as
on
Monday.
market
There
opened but offerings gradually
day progressed and prices sagged all along
Industrial specialties
Book Co., 5
continued to recede,
many
points to 48; Brown Co. pref., 2 points to 26;
Childs pref., 3% points to 35; Jones & Laughlin Steel, 2%
points to 34; Niles-Bement-Pond, 5 points to 31; and SherwinWilliams, 3 points to 87.
The sales for the day
were
and while there
were a
few selected issues that
were
on
the gains
12,000
27,000
1,205,000
1,222,000
1,126,000
1,309,000
1.205,000
$89,000
$6,737,000
228,250
1,180,000
1,071,000
1,226,000
1,144,000
1,099,489
$6,390,000
$258,000
214,290
Total--.-
$10,000
33,000
71,000
34,000
Jan. 1 to Dec. 17
Week Ended Dee. 17
Sales at
New York Curb V,:
1936
1937
Exchange
Stocks—No
1937
1936
1,099,489
4,136,695
101,131,846
130,252,370
$6,390,000
258,000
$15,109,000
$407,308,000
$771,321,000
637,000
89,000
316,000
12,051,000
9,606,000
18,123,000
12,710,000
$6,737,000
$16,062,000
$428,965,000
$802,154,000
of shares-
Bonds
Domestic
Foreign government—
Foreign corporate
Total—.
-—.
.
THE
SILVER
AND
GOLD
ENGLISH
MARKETS
reprint the following from- the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 1, 1937:
GOLD
were
the upside,
not especially noteworthy.
Industrial
progress
pref. which climbed
either
up
way
and public utilities
1 % points to 34%.
On the
dipped 4 points to
102^s; and Sherwin-Williams, 2% points to 84%.
Moderate gains were apparent on
of the advances
were
active of the
some
speculative issues.
of the oils, metals
The widest gains
was a
Wednesday.
In the open
Prominent
t)he advance
were
were
gave
the premium over
Quotations:
Per Fine
36; and Brown Co. pref., 1 point to 26.
Active buying among
gave
a
firm tone
on
Thursday.
few speculative favorites the advances
140s.
-
12s. 1.55d.
...
140s.
12s. 1.64d.
139s. 11 Md.
——
.....
12s. 1.64d.
140s. Id.
-
—
12s. 1.68d.
.--139s. lid.
12s. 1.72d.
140s. Hd.
12s. 1.59d.
140s.
-
-
12s. 1.64d.
1
Average
the United Kingdom imports and exports of gold,
The following were
registered from mid-day on the 22d ult. to mid-day on the 29th ult.:
Exports
Imports
British South Africa
British West Africa.
.
.
-
-
293,961
68,010
581,200
30,433
British India-....-.
-
Canada
Venezuela
—
£7,472
321,204
318,180
129,520
25,499
2,276
Netherlands
Belgium
4,994
Tanganyika Territory
Australi a
British India
£3,124,037
128,532
France.
Switzerland
Other countries
100,000
Belgium..
23,373
12,711
—
Other countries..
£4,367,251
£804,151
27 carries gold to
the value of about £256,000.
The
Southern
Rhodesian gold output for October, 1937, amounted to
68,170 fine ounces as compared with
68,781 fine
The market continued to show a quietly
ounces
for September,
were
steady tone and fluctuations in
prices during the past week were unimportant.
Bear
covering purchases by the Indian Bazaars were a feature of the
week and there was also some buying for America,
re-sales by
speculators and
a
demand being met by
few offerings on Continental account.
There has been a further large arrival
the oil stocks, industrial specialties
the list
Equivalent Value
of £ Sterling
Ounce
Nov. 25--
SILVER
Pa. Salt,
points to 85; Aluminium Ltd. pref.,3 points to
a
varying between 8Hd. and lOd.
of late,
1937, and 64,935 fine ounces for October, 1936.
98; Humble Oil, 1% points to 63; Childs pref., 1 point to
utilities
Demand from the Continent continued, but
dollar parity included in prices was rather smaller than
among
3% points to 143; Derby Oil pref., 5 points to 70; Babcock
Except for
market about £1,900,000 of bar gold was available at the
daily fixing during the week.
The SS. Comorin which sailed from Bombay on Nov.
modest
and utilities that
of strength.
the stocks closing on the side of
and public
against notes amounted to £326,
reserve
406,625 on Nov. 24 showing no change as compared with the previous
recorded among a small group of the
these groups an appearance
& Wilcox, 4
of England gold
Finland
Wednesday but the bulk
the industrial specialty stocks but there
demand for
Bank
The
Nov. 30
generally quiet with the possible exception of Cities
among
15,000
6,000
22,000
1,116,000
—
Thursday
Friday
inclined
were
45; Duke Power, 4 points to 65; Mead Johnson, 2% points
more
74,000
36,000
180,022
186,935
214,480
Tuesday
Nov. 29
on
side of the decline Colt's Patent Firearms
to
$670,000
,*653,000
Monday
Total
Corporate
$7,000
75.512
Saturday
Tuesday,
far greater than the
Mining and metal stocks moved
specialties made little
Service
Government
Domestic
Nov. 27
against the trend, the losses
advances.
were
EXCHANGE
Foreign
Foreign
of
Shares)
Dee. 17. 1937
Dec.
but
CURB
Bonds (Par Value)
Stocks
Nov. 26-
being 393.
general curb list again moved downward
to buck
YORK
NEW
down
180,172 shares with 57 advances and 212 declines, the
total issues traded in
The
THE
(Number
Week Ended
was no pressure
prominent shares swinging downward including American
to
AT
We
Curb prices broke from fractions to 2 or more points as
on
TRANSACTIONS
the volume of sales dropping
against 112,000
Saturday.
trading
DAILY
down to the lowest point
were
since the middle of October,
movement
pref
which moved up 2% points to 32 % and Bell Telephone
o£
Canada which had a gain of 4 % points to 165 on a small over.,
night turnover.
particularly noteworthy at anyftime, but the upward
continued fairly steady throughout the session.
The best gains were recorded among the high priced stocks,
Babcock & Wilcox climbing upward 5 points to 90 and
Pepperell Manufacturing Co. moviug forward 9 points to
74.
Lesser advances were recorded by Brown Co. pref. 2%
points to 28%; Duke Power 2% points to 67%; Aluminium
Ltd., 234 points to 70; Carrier Corp., 134 points to 32%;
Colt's Patent Firearms 2 points to 47 and Indianapolis Power
& Light pref., 3% points to 88%.
Stocks moved irregularly downward during most of the
dealings on Friday, and while there were a modest number
of advances apparent as the session ended, the market as a
whole was lower than the preceding close.
Montgomery
Ward A moved upward 3 34 points to 135% on a small turn¬
over.
Some of the slow moving utilities were stronger and
there was a modest amount of buying in the specialties group
but the gains were generally fractional.
Prominent on the
side of the decline were Aluminum Co. of America 2 points
to 77; Duke Power 2% points to 65; Pepperell Manufacturing
Co., 4% points to 69% and Newmont Mining, 1 point to 59.
As compared with Friday of last week prices, were lower,
Aluminum Co. of America closing last night at 77 against
80 on Friday a week ago; American Cyanamid B at 22%
against 23%; American Gas & Electric at 28% against 28%;
Duke Power at 65 against 69; Electric Bond & Share at 10%
against 11; Fisk Rubber Corp., at 6% against 7; Glen Alden
Coal Co. at 5% against 6; New Jersey Zinc at 60 against
61%; Newmont Mining at 59 against 62; Singer Manufac¬
turing Co. at 226 against 240 and Sherwin Williams Co. at
88 against 89%.
not
Wednesday
attracted very little buying aside from Cities Service
on
3917
Financial Chronicle
145
silver which is being sent to this country
of the Chinese Government owned
for safe custody, the figures below
showing an import from Hongkong of £2,536,000 in silver coin.
The
following were the United Kingdom imports and exports of silver
registered from mid-day on the 22d ult. to mid-day on the 29th ult.:
Financial
3918
Union of South Africa
xl7,270
13,279
3,200
5,511
4,629
-
Belgium
Germany
Other countries
£88,250
22,042
United States of America-
*£2,535,936
Australia.
Bankers, manufacturers,
xl4,263
Egypt
Germany
Norway
Sweden
Other countries.
MANUFACTURERS
PRINCIPAL
tender in the United Kingdom.
Quotations during the week:
19^d.
19Md.
29—19%d.
Nov. 30—19^d.
1 —.19 ll-16d.
Nov. 27
Nov. 29
45 cents
45 cents
-.45 cents
19 9-16d.
Nov.
Dec.
(Per Ounce .999 Fine)
Nov. 24
_----_„45 cents
Nov. 25
Holiday
19 9-16d.
19 9-16d.
19 9-16d.
Nov. 26—_19 ll-16d.
Nov. 30
Association
Member Federal Deposit Insurance Corporation
FOREIGN
EXCHANGE
RATES
BY
CERTIFIED
FEDERAI
SERVE
45 cents
Nov. 26
-
The highest rate
of exchange
New York recorded during the period
$4.98>$.
on
from Nov. 25 to Dec. 1 was $4-99 J$ and the lowest
Statistics for the month of November, 1937:
—Bar Silver
BANKS TO TREASURY UNDER TARIFF ACT OF
DEC.
11.
1937 TO
DEC.
INCLUSIVE
1937,
17.
|to.T
Average.
Bar Gold
Oz. Fine
140s. 7d.
139s. lOd.
140s. 1.88
2 Moi.
19 15-16d.
19 9-16d.
19.7067d.
Highest price.
Lowest price
Noon Buying Rate for Cable Transfers in New
Value in United Slates Moneu
Country and Monetary
per
19J$d.
19Kd.
19.6298d.
j
MARKET—PER
CABLE
The
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Mon,,
Dec. 11
Dec. 13
Wed.,
Tues.,
14
Dec.
18 13-16d. 18Kd.
Silver, per oz—
139s.lid.
Gold, p. fineoz. 139s.lOd.
Consols, 2}$%
Holiday
£74 K
Thurs.,
Dec. 15
Fri.,
Dec. 16
Dec.
18 11-ied.
18 13-16(1.
18 ll-16d
139s.lOd.
139s.9 J^d.
£74 ^
139s.9J$d
£74 5-16
17
19 l~16d.
139s 9d
£74 yt
£74 7-16
British 3}$%—
Dec. 13
| Dec.
Dec. 15
14
Dec. 16
Dec. 17
Europe—
Austria, schilling
Blegium, belga
.188900*
.188957*1
.188971*
.188950*
.188950*
$
.188900*
.169936
.169966
.169997
.169921
.169942
.169882
Bulgaria, lev
.012725*
.012725*
.012725*
.012725**
*
S
.012725*
.012725*
.035143
.035154
.035141
.035137
.223070
.223095
.223087
.223019
L996708
|4 .997333
L997750
L997041
1.996375
.022033
koruna .035154
Denmark, krone
.223058
England, pound sterl'g 1.997958
Finland, markka
.022066
France,franc
.033978
Germany, relchamark
Greece, drachma
Holland, guilder
Hungary, pengo.
Italy, lira
Norway, krone
*
S
.223042
Czechoslo'kla,
FINANCIAL
Y
Unit
Dec. 11
Oz. Sid.—
per
Cash
as
YORK
19.562d.
Average.-. 19.687d.
ENGLISH
DEPARTMENT:
FOREIGN
STREET, NEW
Member New York Clearing House
YORK
NEW
IN
COMPANY
TRUST
AND
BROAD
Member Federal Reserve System
LONDON
Nov. 25...19 ll-16d.
OFFICE
55
Coin not of legal
Nov. 27—.19 ll-16d.
world-wide banking facilities.
geous to use our
£153,623
£2,579,825
-Bar Silver per Oz. Std.~
Cash
2 Mos.
others
interested in trade abroad will find it advanta¬
2,296
2,025
2,525
1,245
1,000
5,747
Denmark
IN
merchants and
14,230
Portugal
Ceylon
x
1937
18,
Exports
Imports
Hongkong
British West Africa
Dec.
Chronicle
.022058
.022091
.022091
.022068
.033955
.033929
.033932
.033927
.035133
.033943
.403038
.403111
.403170
.403145
.403179
.402932
.009142*
.009153*
.009160*
.009166*
.009147*
.009164*
.556242
.556228
.556200
.556200
.556182
.556028
.198250*
.198500*
.198500*
.198375*
.052601
.052596
.052601
.052607
.052606
.052598
.251095
.251057
.251087
.251095
.251072
.251030
Poland, zloty.
.189533
.189400
.189400
.189433
.189433
.189433
.198375*
.198375*
Holiday
£101K
£101H
£101*$
£101*$
Portugal, escudo
Rumania, leu
.045316
.045083
.045250
.045216
.045216
£101*$
.045216
.007364*
.007292
.007342*
.007341
.007341*
.007410*
Spain, peseta
Holiday
W. L
£112*$
£112*$
£112*$
£112*$
£112*$
British 4%—
.061142*
.061333*
.060785*
.060714*
.060857*
.061166*
Sweden, krona...
.257550
.257530
.257572
.257562
.257572
.257534
price of silver per ounce (in cents) in the United
States on the same days has been:
Switzerland,
.231291
.231257
.231291
.231294
.231280
.231216
.023160*
.023216*
.023160*
.023180*
.023180*
.023180*
Bar N
China—
.294687
1960-90
The
Y. (for¬
Closed
S.
U
44*$
44*$
44*$
44*$
50.00
50.00
50.00
50.00
Yugoslavia, dinar
Asia—
Chefoo
(yuan) dol'r
Hankow(yuan) dol'r
Shanghai (yuan) dol
44*$
50.00
eign)
U.
50.00
8. Treasury
Treasury
franc
.294791
Tientsin (yuan) dol'r
Hongkong, dollar-
.294687
.294687
.294687
.294687
.294791
.294687
.294687
294687
.294687
.294687
.294791
.294687
.294687
294687
.294687
.294687
.294791
77.57
77.57
77.57
CURRENT
.294687
.294687
.294687
.294687
.294687
.311718
.311800
.312031
.311750
.311750
.377128
.377203
.377209
.377165
.377171
Japan, yen
77.57
.377198
.291012
.290891
.290981
.290855
.290897
.290822
Singapore (S. 8 ) dol'r
77.57
.312031
India, rupee
(newly mined)
.586125
.586125
.586250
.586125
.586125
.586125
77.57
NOTICES
—George W. Service, formerly with J. Arthur Warner & Co., has become
associated with the trading department of Fuerst & Co. at Rector Street.
Australasia—
Australia, pound
New Zealand, pound
South Africa, pound
North America
general partner of Prentice & Brady.
1.011250*4 .011354*4.011979*4 .012500*4.013541*4 011979*
Africa—
—J. Paul Lynch, member of the New York Stock Exchange, has become
a
1.981979*3 .981458*3.982083*3 .982343*3.981406*3 983482*
—
4.949464*4.949296* 4.951562*4.952109* 4.951562* 4.951171*
Canada, dollar
Cuba, peso
THE
LONDON
STOCK
Quotations of representative stocks
each day of the past week:
Sat.,
Mon.,
Dec. 11
Dec.
Boots Pure Drugs
British Amer Tobacco-
Courtaulds 8 & Co
De Beers
------
Distillers Co
Electric & Musical Ind.
Ford Ltd
Gaumont Pictures ord.
Hudson Bay Mln & Sm
Imp Tob of G B & I—
London Midland Ry..
Metal Box.-
£119$
102/16/3
21 /6
Holiday
5/49$
21/25/144/49$
£299$
68/9
Rand Mines
Royal Dutch Co
Shell Transport
-
Triplex Safety Glass.
Unilever
45/3
109/49$
£669$
£67
£679$
5/£239$
74/49$
45/9
Wickers
16
21/25//9
£29
67/6
£79$
£189$
17/3
91/3
£389$
Dec.
£12
.999693
.999591
.999166
.999166
.999166
.999166
.277500
.277500
.277500
.277500
.277500
.997343
.997366
.997343
.997176
.997098
.996919
Newfoundland,
17
£30
68/3
£79$
£199$
18/6
90/£40»n
£49$
£4»i«
£416i6
54/-
54/37/8
26/26/-
55/38/3
26/26/49$
£79$
£7*!.
£79$
.333283*
"
export-
Colombia, peso
Uruguay, peso
*
.333216*
.333204*
.333116*
.054428
.054357
.0.54714
.054685
.051720*
.051720*
.051720*
.051680*
.051680*
.040000*
.040000*
.040000*
.040000*
.040000*!
.040000*
.544800*
.545000*
.548000*
.546500*: .546900*
.800000*
"
.333225*
.054312
.051680*
.542100*
__
.333191*
.054300
peso
Chile, peso—official
.800000*
.800000*
.800000*
.800000*1
.800000*
Nominal rates: Arm rates not available.
OF
BANK
CLEARINGS
Bank clearings this week will again show a decrease
pared with
com¬
Preliminary figures compiled by us,
telegraphic advices from the chief cities of the
a year ago.
based upon
country, indicate that for the wreek ended today (Saturday,
Dec. 18) bank
clearings from all cities of the United States
from which it is possible
to obtain weekly returns will be
21.6% below those for the corresponding week last year.
Our preliminary total stands at $6,992,268,994, against
£79$
24/6
24/9
37/3
.999423
South America—
COURSE
105/17 /3
22/6/21/19$
25/9
149/49$
£428ji
54/37/3
25/6
25/109$
dollar
Brazil mllrels (free)
£12
104/17/22/5/6
5/6
21 h
21/24/9
25/9
143/9
146/3
£299$
£299$
68/3
68/9
£79$
£79$
£189$
£189$
17/S
17/9
91/109$
89/49$
£409$
£409$
£79$
Ltd
.999843
.999166
.277500
5/3
£239$
74/49$
46/19$
25/24/79$
—
United Molasses
Vest
45/19$
105/79$
143
£71Ji«
Roan Antelope Cop M.
Dec.
44/9
102/6
5/3
£189$
16/9
91/3
£389$
£49$
56/3
37/3
Rolls Royce—
Fri.,
Dec. 15
5/5/£23
£229$
73/19$
73/9
44/9
45/19$
£12
£119$
102/6
102/3
16/3
16/6
21 /6
21/6
'
Rio Tinto
14
Thurs.,
£669$
•
Canadian Marconi
Central Mln & invest.
Cone Goldflelds of 8 A.
Wed.,
44/9
102/6
45/103/9
£679$
5/£22}$
73/19$
45/-
Cable & W ord
Dec.
by cable
.999843
.999166
peso
Argentina,
Tues.,
13
received
as
.999843
Mexico,
EXCHANGE
$8,922,991,402 for the
there is
a
same
week in 1936.
At this center
loss for the week ended
comparative
summary
Friday of 21.6%.
for the week follows:
Our
Witwatersrand
Areas
Clearings—Returns by Telegraph
Per
Week Ending Dec. 18
THE
BERLIN
STOCK
EXCHANGE
Closing prices of representative stocks
each day of the past week:
as
Boston
Dec.
Dec.
Dec.
Dec.
Dec.
11
13
14
15
16
17
-Per Cent of
Allgemelne Elektrizitaets-Gesellschaft
Berliner Handels-Gesellschaft (6%)
114
114
113
114
134
134
134
134
Berliner Kraft u. Llcht (8%)
Dessauer Gas
(5%)
Kansas City
St. Louis
$4,400,820,338
332,938,102
417,000,000
261,372,000
94,083,255
—19.6
80,600,000
Chicago
Philadelphia
1936
$3,537,710,995
283.054,182
350,000,000
207,765,602
82,338,735
New York
received by cable
Dec,
Commerz-und Privat-Bank A. G.
1937
99,100,000
153,341,000
151,404,773
124,248,152
—18.7
San Francisco
Par115
134
116
134
168
168
169
168
(5%)...118
118
118
118
118
119
119
118
118
118
119
122
122
Pittsburgh
135,313,744
Detroit
104,842,232
92,451,576
71,411,791
Cleveland
—15,0
—16.1
—20.5
—12.5
—3.0
—10.6
—15.6
102,188,505
—9.5
79,357,963
—10.0
$5,094,305,857
$6,215,854,088
—18.0
732,418,305
950,068,090
—22.9
$5,826,724,162
—18.7
1,165,544,832
$7,165,922,178
1,757,069,224
$6,992,268,994
$8,922,991,402
—21.6
119
122
148,817,000
Cent
-
Deutsche Bank (5%)
Deutsche Erdoel (6%)
122
169
123
123
142
140
140
141
142
141
Deutsche Relchsbahn (German Rys pf7%)_131
Dresdner Bank 4%)
113
131
131
130
130
113
113
113
113
Farbenlndustrle I. G. (7%)
Eleven cities, five days
Other cities, five days
131
113
Baltimore
154
154
153
154
154
154
-.142
141
141
143
143
148
147
148
149
149
150
Mannesmann Roehren (4*$%)
Nordeutscher Lloyd
114
113
114
115
115
80
80
80
Reichsbank (8%).
Rhelnlsche Braunkohlen (8%)
Salzdeturth (6%)..
206
204
204
205
205
205
231
Total all cities, five days
All cities, one day
—33.7
143
Hamburg Elektrizitaetswerke (8%)
Hapag.'
-
_
Gesfuerel (6%)
Siemens & Halske (8%)
FOREIGN
78
78
115
231
231
177
177
177
177
177
177
197
...
197
198
201
202
202
__
231
RATES
In
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
a
record for the week just passed:
Complete and exact details for the wek covered by the
foregoing will appear in our issue of next wreek. We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures wall not be available
until noon today.
Accordingly, in the above the last day
of the week in all
EXCHANGE
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now
certifying
give below
Total all cities for week
We
cases
has to be estimated.
the elaborate detailed statement,
however, which
we
present further below, we are able to give final and complete
results for the week previous-—the week ended Dec. 11.
For that week there was a decrease of 14.6%, the
aggregate
of
clearings
for
the
whole
country
having amounted
$5,512,255,711, against $6,452,703,582 in the
same
to
week in
Volume
Financial
145
Outside of this city there was a
1936.
decrease of 9.2%,
clearings at this center having recorded a loss of
18.2%. We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals register a loss of 17.8%, in the Boston
Reserve District of 13.0% and in the Philadelphia Reserve
District of 10.3%.
In the Cleveland Reserve District the
totals are smaller by 14.0%, in the Richmond Reserve
District by 5.0% and in the Atlanta Reserve District by
2.9%. The Chicago Reserve District shows a falling off of
11.2%, the St. Louis Reserve District of 14.0% and the
Minneapolis Reserve District of 4.2%. The Dallas Reserve
District enjoys an increase of 1.7% but the Kansas City
Reserve District suffers a decrease of 11.3% and the San
the bank
Week Ended Dec. 11
Clearings at—
Inc. or
1937
1936
$
%
Seventh Feder al Reserve D istrict
following
we
furnish
by Federal Reserve
—1.7
600,034
88,917,419
99,548,888
3,255,453
—10.7
98,410,670
—24.3
2,313,979
548,241
74,665,493
1,866,077
Detroit
Grand Rapids
—15.4
13,048,000
2,464,159
Week Ended Dec. 11,1937
Reserve
—11.1
18,318,000
—8.1
1,057,759
1,158,497
16,062,000
1,323,983
1,298,975
+ 1.9
956,374
5,114,729
21,053,081
1,215,038
10,527,679
2,935,451
438,279
293,814,956
941,144
3,699,438
1,108,221
1,200,337
5,539,391
23,356,440
1,260,792
8,639,153
3,906,854
426,853
—7.7
4,337,186
19,378,574
914,879
7,861,205
3,183,039
462,820
4,040,708
15,368,648
233,349,619
454,167,057
360,404,412
Indianapolis.-.
>
South Bend
Terre Haute.
__
Wis.—Milwaukee
Iowa—Cedar Rap
Des Moines
Sioux City.
111.—Blooming ton
Chicago
Peoria
Rockford
1936
1934
%
S
J
—9.9
—4.1
+21.9
—24.9
+2.7
334,474,840
—12.2
990,444
—5.0
4,830,605
1,190,785
—23.4
1,544,966
—22.3
277,033.537
951,078
3,525,574
1,019,788
1,126,551
511,526,799
—11.2
440,353,544
'
—6.9
Eighth Federa 1 Reserve Dis trict—St. Lo
92,400,000
79,700,000
33,255,285
30,387,428
$
Ky.—Louisville.
226,764,074
260,639,524
—13.0
257,749,391
241,061,817
Tenn.—Mem phis
3,989,171,858
—17.8
3,432,236,952
337,274,163
375,812,480
—10.3
364,230.185
3,408,666,166
319,946,828
111.—Jackso nville
3,280,164,450
"
Atlanta
'
260,240,439
302,568,870
—14.0
257,106,535
130,929,532
137,792,171
—5.0
119,695,235
"
152,585,678
157,211,462
—2.9
133,771,438
328,479
634,104
2,673,514
756,767
880,598
] 78,900,000
69,500,000
—8.6
32,110,496
—21.5
19,642,279
26,178,023
17,396,464
209,788,100
Richmond
6th
"
X
x
X
X
573,000
728,000
—21.3
452,000
391,000
131,701,604
153,194,561
—14.0
131,104,775
113,465,487
Quincy
.
117,801,926
Cleveland..
5th
5
6
10
4th
660,951
6,627,945
2,644,677
—13.7
26,811,276
21,041,176
755,943
uis—
_
•'
12 cities
745,488
>
1v jr:
Mo.—St. Louis..
$
Dists.
Dec.
1936
1937
York. 13
Boston
New
809,160
1,475,011
1,115,739
Philadelphia 10
1st
.
1,248,596
991,730
16,831,000
Lanslng___
Ind.—Ft. Wayne
V
Inc.or
3d
$
Chi cago—
347,610
Total (18 cities)
2.9%.
a summary
OF BANK CLEARINGS
SUMMARY
2d
—
$
341,817
Mich .-Ann Arbor
Decatur
districts:
Federal
1
yw
1934
1935
Dec.
$
Springfield
Francisco Reserve District of
In the
3919
Chronicle
.
105,633,131
Total (4 cities).
18
"
511,526,799
—11.2
440,353,544
360,404,412
"
131,701,604
153,194,561
—14.0
131,104,775
113,465,487
Ninth Federal
4
Minneapolis 7
101,064,184
105,520,557
—4.2
94,807,911
88,676,658
Minn.—Duluth..
"
10th KansasCity 10
"
121,558,756
137,120,119
—11.3
11th Dallas
6
"
66,732,244
65,605,424
+1-7
58,157,701
46,957,228
Fran..ll
"
249,070,530
256,539,757
—2 9
240,552,109
201,773,236
5,660,599,703
5,328,842,285
7th
Chicago
8th
St.
9th
Louis..
12th San
454,167,057
114,667,296
130,833.924
Total.......112 cities
5,512,255,711
6,452,703,582
Outside N. Y. City.....
2,350,283,367
2,589,465,286
—9.2
2,342,522,617
2,023,536,296
Canada.. ....^,.32 cities
385,008,305
376,240,172
+2.3
327,382,797
329,983,672
add
now
our
detailed statement showing last
week's
figures for each city separately for the four years:
Minn eapolis
61,193,980
28,389,605
2,261,794
666,795
752,261
—3.4
—6.0
24,561,169
2,176,415
605,126
433,389
3,179,455
+ 1.3
—28.0
688,281
2,290,037
3,184,281
3,651,673
101,064,184
105,520,557
—4.2
94,807,914
88,676.658
Mont.—Billings
Helena.......
.
cities).
Reserve Dis trict — Kans
Tenth Federal
+ 1.4
as
City
652,787
565,412
661,305
—14.5
110,020
121,276
2,633,887
31,018,156
1,670,723
3,108,551
87,456,681
3,259,587
719,722
735,321
121,558,756
137,120,119
—11.3
130,833,924
114 667,296
$
1,262,580
34,664,872
5,352,628
2,536,381
28,804.526
—9.3
.
1,929,808
3,077,607
.
Wichita
640,715
517,325
1,960,196
220,000,000
1,564,497
210,497,787
80,975,455
St. Joseph
Colo.—Col. Spgs.
2,782,210
■
2,278,034
—17.0
—14.0
—27.2
881,645
—2.2
373,597
—15.8
771,172
702,433
3,049,508
1.945,725
11,173,888
3,604,044
2,249,985
—15.4
3,170,676
1,748,905
13,312,592
3,647,976
2,609,857
1,399,007
10,376,235
New Haven...
3,489,488
R.I.—Providence
10,080.600
N.H.—Manches'r
531,791
(12 cities)
226,764,074
—13.5
+2.4
10,911,142
3,998,171
10,717,100
470,949
Hartford
—11.3
—21.7
—9.5
v
Total (10 cities)
563,063
Reserve
Eleventh Fede rai
Da las
District—Da Has—
1,446,747
Texas—Austin...
49,831,038
8,457,718
:.
1,256,083
49,818,745
+ 15.2
1,188,662
+ 0.1
43,981,579
7,076.022
2,581,000
—13.0
—31.6
257,749,391
Ft. Worth
7,616,201
2,124,000
+ 11.0
2,279,000
1,122,613
Wichita Falls..
954,306
768,053
+24.3
855,579
3,763,435
4,022,342
—6.4
2,474,859
2.508,148
66,732,244
65,605,424
+1.7
58,157,701
46,957,228
Galveston
241,061,817
+ 7.3
3,169,000
X
York-
17,771,439
10,791,100
450,817
2,946,920
8,252,500
Total (6 cities).
—5.9
+ 12.9
260,639,524
12,158,332
11,799,626
8,509,266
868,532
944,914
—8.1
895,130
716,866
29,300,000
446,942
32,600,000
—10 1
30,100,000
27,400.000
641,613
—30.3
810,442
431,967
689,529
766.213
Binghamton...
Buffalo
Elmira
Jamestown....
—10.0
—7.8
+ 0.5
+37.5
391,854
37,358,378
Reserve Dist rict—Philad
.18.884,603
+5.3
—5.4
26,470,352
+ 1.8
13,684,411
4,342,229
8,232,000
512,937
23,117,141
13,073,869
6,106,546
Utah—S. L. City
16,316,498
16,035,108
1,742,595
2,537,732
441,647
22,641,484
29.309,648
Calif.—L'g Beach
Pasadena.....
4,184,241
3,967,388
33,792,226
Yakima
—21.7
476,195
263,915
+ 41.7
+ 1.5
—13.5
262,548
250,313
326,000,000
363,000,000
—10.2
+5.9
1,400,205
1,217,170
2,807,065
1,012.054
1,654,412
2,960,100
3,498,000
337,274,163
375,812,480
Scranton
900,192
Wilkes-Barre..
York
i ".
1,874,206
2,701,684
2,359,382
+ 14.5
2,184,205
1,845,997
....
249,070,530
256,539,757
—2.9
240,552,109
201,773,236
—14.6 5,660,599.703
5,328,842,285
.;
Francisco.
X
969,459
884,295
3,587,130
Grand
—11.1
978,781
—15.4
—15.4
1,553,180
8,910,000
891,059
1,288,461
4,852,000
—10.3
364,230,185
319,946,828
X
5,512,255,711 6,452,703,582
Outside New York 2,350.283,367 2,589,465,286
2,114,612
1,743,685
Inc.or
1937
1936
$
Canada—
S
X
X
1935
Dec.
X
______
Winnipeg
Vancouver
Cleveland-
82,630,140
—5.9
11,781,800
—35.8
1,407,941
1,746,562
—19.4
77,884,850
11,281,400
1,246,504
62,173,909
9,940,200
1,008,363
Ottawa
Columbus
87,829,434
18,338,500
X
X
X
X
_
.
Quebec
$
%
+ 1.2
128,765,306
111,700,935
33,302,719
16,948,334
44,680,820
5,053,738
127,264,264
113,627,702
37,141,369
20,362,229
30,192,246
4,736,640
2,513,420
+ 18.8
4,801,716
108.901,563
89,590,452
+ 6.7
2,985,740
5,362,476
Montreal.
X
v;.;-
+ 11.7
Halifax
Hamilton
—1.7
—10.3
—16.8
+ 48.0
47,713,152
17,166,857
18,606,398
4,140,978
2,264,049
3,917,386
Wr.Va,—Hunt'ton
Va.—Norfolk....
Richmond
...
260,240,439
91,985,507
302,568,870
257.106,535
209,788,100
6,884,623
1,862,319
1,675,082
2,781,382
4,045,457
4,377,055
Reserve Dist rict—Richm ond—
—13.4
347,491
300,980
66,336,987
23,657,184
—2.4
4,064,296
—0.1
Regina
4,299,474
4,232,233
358,590
330,484
+ 8.5
Lethbridge——
626,936
570,171
+ 10.0
565,714
Saskatoon. ______
1,359,996
598,344
944,012
1,499,467
—9.3
1,532,541
716,897
—16.5
585,991
924,796
+2.1
885,427
773,589
+ 14.5
677,730
New Westminster
640,334
—0.4
508,166
238,594
+ 4.1
258,379
635,086
642,798
229,175
649,251
Sherbrooke
679,529
+21.2
612,545
Kitchener.
1,039,785
560,801
965,489
Windsor....
3,009,727
+ 7.7
—6.6
1,010,792
2,282,508
—14.5
—2.9
57,601.759
53,318,885
Moose Jaw__
—5.9
20,938,190
15,595,188
Brantford
40,739,138
1,122,870
22,267,496
2,769,182
4,059,984
131,162
37,887,199
D.C.—Washing'n
2,701,501
_______
2,812,000
32,859,901
—7.0
Md.—Baltimore.
+ 19.3
—12.6
225,234
—12.6
1,312,906
68,301,358
S. C.—Charleston
Victoria.
1,839,711
V
Calgary
3,107,000
36,777,952
1,045,100
3,447,000
3,014,000
+ 5.9
1,763,666
Peterborough
113,874,220
—14.0
5,998,216
Edmonton.
—16.2
1,607,227
Medicine Hat.__
_
Fifth Federal
132,968,781
2,103,574
London
Total (5 cities)
111,416,941
6,352,087
St. John___.____
Pa.—Pittsburgh.
915,995
Brandon
Fort William
tties).
Sixth Federal
—
3,283,324
16,356,711
_.
50,900,000
TennKnoxville
Nashville..
Ga.—Atlanta..
Augusta
Macon
...
Fla.—Jack'nville.
Ala.—Birm'ham.
Mobile....
130,929,532
...
Miss.—Jackson..
137,805,077
Reserve Dist rict—Atlant
1,248,075
814,734
17,089,000
18,440,703
1,493,929
X
—5.0
119,695,235
105.633,131
a—
2,757,792
13,446,467
42,400,000
3,706,869
—11.4
3,374,688
17,598,549
56,900,000
1,608,620
1,168,140
16,938,000
—7.1
14,893,975
—10.5
48,700,000
—22.4
+0.9
1,157,766
1,014,244
14,172,000
13,171,000
—6.0
16.665,723
17,082,142
—7.6
1,563,658
1,090,187
19,610,913
1,616,214
X
—30.3
X
X
1,146,473
874,739
X
193,162
215,250
—10.3
112,215
42,769,040
37,848,907
+ 13.0
32,117,169
25,732,357
Total (10 cities)
152,588.678
157,211,462
—2.9
133,771,438
308,984
911,962
Kingston
660,071
3.220,697
330,755
800,823
596,293
Chatham
671,640
Sarnia.
Sudbury—
+ 1.6
290,198
814,632
671,967
—2.2
'
—6.6
331,597
767,844
567,798
617,701
+ 10.7
+ 8.7
601,089
540,017
+ 11.3
914,284
—
+ 13.9
964,078
—5.2
503,192
968,656
385,008,305
376,240,172
+2.3
327,382,797
117,801,926
505,614
100,769
LaNew Or leans
Prince Albert
Moncton. _______
Vicksburg
Total (32 cities)
*
Estimated,
x
Figures not available.
1,647,774
—9.2 2,342,522,617 2,023,536,296
'
44,680,121
Youngstown...
2,717,483
—2.8
Week Ended Dec. 9
52,819,561
X
+28.3
Clearings at—
—14.1
■
3,119,595
117,083,377
1,448,023
2,068,435
61,685,593
Mansfield—.-.
3,894,607
144,055,720
(112
total
cities)
53,003,617
..
—2.1
—14.7
308,000,000
—18.8
347,000,000
1,248,605
2,581,104
Feder al Reserve D istrict—Clev eland-
Cincinnati..
149,110,000
San Jose
Toronto
Ohio—Canton
3,527,412
Santa Barbara.
San
250,640
1,208,423
371,148
1,397,401
Reading
—8.0
4,550,023
4,652,184
152,380,073
2,795,963
1,928,005
elphia
555,230
Lancaster..
Total (10 cities)
9,148,000
831,251
2,994,817
*300,000
Chester
N. J.—Trenton..
27,600,834
—5.6
27,800,895
434,744
Bethlehem
Philadelphia...
31,377,854
—17.8
1,018,915
26,303,633
*425,000
376,622
_.
.
—3.4
Spokane....._
10,345,000
1,079,312
Ore.—Portland..
1,289,491
2,279,386
Pa.—-Altoona.
32,613,812
8,504,000
—17.8 3,432,236,952 3,408,666,166
Total (13 cities) 3,280,164,450 3,989,171,858
Third Federal
2,898,716
582,987
+ 0.2
—7.3
18,925,135
35,462,573
J.—Montclair
7,429,219
3,679,410
2,605,679
Franc isco—
31,502,835
Total (11 cities)
+ 16.4
391,134
17,548,608
Northern N. J.
527,609
Twelfth Feder al Reserve D istrict— San
Wash.—Seattle..
Stockton..
1
Newark.
681,828
—18.2 3,318,077,086 3,305,305,989
3,161,972,344 3,863,238,296
8,162,441
Rochester
7,527,080
3,673,622
Syracuse
3,691,768
2.545,465
Westchester Co
3,499,862
4,049,013
Conn.—Stamford
4,711,221
New York
Total (6
3,096,144
76,446,043
3,136,796
562,522
La.—Shreveport.
—12.7
Feder al Reserve D istrict—New
N. Y.—Albany..
Fourth
+ 8.8
—21.8
281,140
816,577
Pueblo
—10.3
2,042,162
25,067,726
3,485,278
791,503
358,,543
Worcester
N.
S
223,727,466
787,816
|' Springfield
Second
$
—29.3
New Bedford..
Tota
—13.1
Mo.—Kan. City.
687,365
Lowell
—
1934
192,481,900
573,562
350,523
..
Fall River
Conn.
f
719,697
508,823
1,890,901
Mass.—Boston
1935
%
Reserve Dist rict—Boston
Federal
Me.—Bangor
Portland
^
+32.7
143,147
Kan.—Topeka
Dec.
1936
S
First
83,080
124,360
Omaha..
1937
184,868
82,694
2,797,612
32,126,684
1,773,657
3,935,548
91,325,427
3.552,382
721,277
110,210
Lincoln...
Inc. or
2.969,804
56,575,753
22,650,185
1,854,115
541,739
—3.7
Hastings..
Week Ended Dec. 11
2.398,662
—4.0
Neb.—Fremont..
Clearings at-
__
2.954,697
67,315,950
762,012
St. Paul..
N. D.—Fargo
Total (7
—
2,837,556
64,819,019
27,435,475
2,293,250
626,835
S. D.—Aberdeen
—14.6
We
Reserve Dis trict
Minneapolis
Chronicle
Financial
3920
Dec.
Per
Name of Company
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CAPITAL STOCK INCREASED
National Stock Yards National Bank of National
City, National City, 111. From $750,000 toj$1,000,000. Amount .1
of increase
250,000
Dec. 7—The
PREFERRED
STOCK
INCREASED
Dec. 8—The First National Bank of Albert I ea, Albert Lea, Minn.
From $120,000 to
$160,000. Amount of increase
40,000
Dec. 8—The First National Bank of Mandan, Mandan, N.
From $103,800 to $173,000.
Dak.
Amount of increase........—
Dec. 8—First National
Bank in Minot, Minot, N.
$123,750 to $198,000. Amount of increase
Dec. 8—Stock
Neb.
Yards
National
Bank
From $450,000 to $1,000,000.
of
Dak.
69,200
From
74,250
;
South
Omaha,
Amount of increase
Omaha,
550,000
Dec. 8—The James River National Bank of Jamestown, James¬
town, N. Dak. From $49,500 to $148,500. Amount of increase.
99,000
-
Dec. 8—The First National Bank of Dillon, Dillon, Mont.
$89,000 to $445,000. Amount of increase
Dec. 8—First
From
Second preferred B
One-half of above divs.
National
Bank
of
Hillsboro. Hillsboro,
Amount of increase
$29,400 to $49,000.
From
N.
356,000
19,600
VOLUNTARY LIQUIDATION
,
MM
CURRENT
100,000
revised tax
municipalities and counties
as
data
—Kennedy, Hall & Co.
for
most New
Jersey
trading department.
are grouped in two separate
tables.
In the
bring together all the dividends announced the
we
show
the
we
dividends
follow with
a
second table in which
jireviously announced,
but
which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany
News
in our "General Corporation and Investment
Department" in the week when declared.
name
The dividends announced this week
•
Per
Name of
Company
Share
Abbott Laboratories, preferred (quarterly).
Abraham & Straus, Inc..
t—...
i6r?c
Holders
Payable of Bevord
Jan.
Dec.
15 Jan.
24 Dec.
20
24 Dec.
17
3
50c
25c
Dec.
Dec.
23 Dec.
17
Aetna Casualty & Surety Co. (quar.)_.
Extra..
Aetna Insurance Co. (quarterly)
75c
Jan.
3 Dec.
11
$1
40c
Jan.
3 Dec.
11
Jan.
1 Dec.
15
Aetna Life Insurance (quar.)
Extra
25c
Jan.
3 Dec.
11
25c
Jan.
3 Dec.
11
Agfa Ansco Corp. (initial)
50c
Air Associates, Inc. (quar.)
10c
Preferred (quar.)
Albany & Susquehanna RR. Co. (special)...
$134
Amalgamated Sugar Co., pref. (quar.)
12Hc
American Baking Co. class A (quar.)
50c
Class A (extra).
25c
7% preferred (quar.)
SIX
American Bern berg Corp., 7 % pref
t$14
American Brake Shoe & Foundry Co
$1.40
Preferred (quarterly)
S1.31H
American Cast Iron Pipe 6% pref. (quar.)..
SIX
American Commercial Alcohol Corp
50c. cash and 2-5ths of a share of 5% cumul.
pref. stock ($10 par) of Amer. Distilljng Co.
for each share neld.
Scrip ctfs. will be
Dec.
20 Dec.
17
20
1 Jan.
it
Dec. 27 Dec. 15
Dec. 27 Dec. 15
Dec. 27 Dec. 15
Dec. 23 Dec. 17
Dec. 24 Dec. 20
Dec. 24 Dec. 20
Jan.
3 Dec.
19
Dec.
24 Dec.
21
Dec.
Dec.
Jan.
23 Dec.
18 Dec.
15 Dec.
17
15
15
Dec. 28 Dec. 24
Dec. 28 Dec. 24
Dec.
31 Dec.
15
Dec.
31 Dec.
15
Dec.
24 Dec.
17
Jan.
15 Dec. 20
Feb.
1 Jan.
15
Dec.
24 Dec.
*8
22
$1
$1X
$1X
& Teleg. Co., 7% 1st pref
1st $6 preferred
10c
60c
5c
six
25c
$1.47
$1.26
Dec. 28 Dec.
Dec. 24 Dec. 21
Dec. 22 Dec. 20
Dec. 20 Dec.
9
Jan.
3 Dec. 21
Dec.
24 Dec.
17
(quar.).II""
6% preferred (quar.)
Automobile Insurance Co. (quar.)
Dec.
21
Jan.
3 Dec.
21
Jan.
30c
(quar.)
Autonobile Finance (Greenwood)
$3
25c
25c
"II
Dec. 24
Dec. 31
Jan.
3
Jan.
3
75c
Atlantic City Fire Insurance
(quar.)
Attleboro Gas Light Corp.
Jan.
3 Dec.
3 Dec.
20c
Dec. 28 Dec.
11
11
24
20c
Jan.
Jan.
$1
Extra
II
III"
8% preferred (quar.)
Backstay Welt Co. (quarterly)
30c
Badger Paper Mills (increased)
Bancamerica-Blair Corp. (no action takeni
BancOhio Corp. (quarterly)
$1.30
Extra
2c
(quarterly)
534% preferred
Baumann (L.) & Co., 7% preferred
S3X
75c
.......
68 He
t$4
15
17
Dec.
22 Dec.
Jan.
3 Dec.
$2
Jan.
25c
Dec.
SIX
Building Products class A & B (quar.)
Class A & B (extra)
Burco, Inc., $3 preferred (quar.)
Burry Biscuit Co.. pref. (quar.).
Canada Bread Co., preferred B
Preferred B (quarterly)
1st preferred (quarterly!
Canada Southern Ry. (s-a)
Capital City Products....
Carnation Co., common
Dec.
90c
Dec.
Jan.
Jan.
3 Dec. 20
Jan.
Jan.
Jan.
3 Dec. 20
3 Dec. 22
3 Dec. 22
Jan.
3 Dec. 22
Feb.
1 Dec.
Jan.
2 Dec.
28
24
50c
Jan.
Dec.
3 Dec.
18
Jan.
18 Dec.
3 Dec.
20 Jan.
Jan.
20 Jan.
18
18
10
10
——
Jan.
20 Jan.
SIX
SIX
six
SI
20c
preferred
$1^
*-
3c
«*
Jan.
Dec. 23 Dec.
Dec. 24 Dec.
Dec.
Dec.
45c
Jan.
$1
Jan.
t$134
Jan.
Dec.
Cliffs
—
—
Corp
Dec.
17
Dec. 20
Dec. 15
3 Dec. 24
15 Dec. 28
Dec. 21 Dec.
13
Dec.
27 Dec. 22
Dec. 27 Dec. 22
Jan.
3 Dec. 24
Dec. 23 Dec.
17
Jan.
1 Dec.
24
Dec.
24 Dec.
20
tSl X
$1.30
20c
.
.....
Coca-Cola Bottling, class A (extra)
Class A (quarterly)
10
50c
75c
20c
—
17
17
10
15c
...
Cleveland Graphite Bronze Co.
3 Dec.
3 Dec.
75c
Carolina, Clinchfield & Ohio (quarterly)
(quarterly).
16
Jan.
50c
Common
23 Dec.
20 Dec.
20 Dec.
tl2^c
62 y2c
SIX
SIX
—
(quarterly)
Carriers & General Corp
Central Electric & Telep. Co.
Oontr^tl Tub©
15
17
3 Dec. 24
50c
Extra
SIX
6234c
SIX
—
23 Dec.
23 Dec.
3 Dec.
4 Dec.
3 Dec.
24 Dec.
___
10
16
17
15
18
20
27
27
18
18
__
Dec. 24'Dec.
Dec. 29 Dec. 21
Dec.
24'Dec.
18
Dec.
24 Dec.
15
Dec.
24 Dec.
15
24
Dec.
28 Dec.
50c
Dec.
75c
(initial)..
Preferred (quar.)
Consolidated Copper Mines (initial).
Consolidated Oil Corp. (quar.)
Dec.
27 Dec. 20
25 Dec. 14
24 Dec. 20
15 Jan. 15
3 Dec. 20
3 Dec. 20
3 Dec. 15
3 Dec. 18
10 Dec. 31
10 Dec. 31
1234c
Dec.
20c
Feb.
SIX
SIX
Jan.
Jan.
75c
Jan.
20c
Jan.
Continental Insurance Co. (s.-a.)
80c
Jan.
Special year -end dividend
Copperweld Steel Co., year end dividend
Payable in certificates of indebtedness.
Davenport Hosiery Mills
De Beers Consol. Mines, preferred—
Derby Oil& Refining Co., $4pref
$4 preferredDetroit Edison Co. (final)...
Detroit Paper Products
—...—-—Preferred (quarterly)
20c
Jan.
Dec.
22 Dec.
15
50c
Dec.
21Dec.
15
Dec.
24 Dec.
—
-
10s
1 Feb.
20
21
Jan.
15 Dec.
27
634c
3734c
Dec.
27jDec. 24
Dec.
50c
Dec.
50c
Jan.
27iDec. 24
15 Nov. 30
3.Dec. 20
3 Dec. 20
3'Dec. 20
4 Dec. 24
-
Mar.
—
— — — -
—
-—I-
— -
-
—
De VilbissCo
Jan.
30c
Jan.
10c
Divco Twin Truck (quar.)
Dobeckmun Co.
Dow Drug Co., preferred (quarterly).—
Duro-Test Cop
Jan.
35c
Jan.
15 Dec.
Jan.
10c
Jan.
1 Dec. 21
21 Jan. 15
31 Dec. 20
Early & Daniel Co., pref. (quar.)
Easy Washing Machine, A & B (no action).
Dec.
Electric Auto-Lite Co
40c
Dec.
$3
Empire District Electric, 6% pref.
Empire Safe Deposit Co. (quarterly)
Da c.
$134
Dec.
„
Endicott-Johnson Corp
Preferred (quarterly)
—...
75c
Federal Mogul Corp.
— _
—
—
Jan.
—
.
Gemmer Mfg., class B
General Capital Corp
—
Jan.
2 Dec.
23
Jan.
2 Dec.
23
10c
$234
—
....
Dec. 24 Dec.
Dec.
Dec.
20
24 Dec.
24 Dec.
16
3 Dec.
24
16
Dec.
30 Dec. 20
Dec.
22 Dec.
Jan.
1 Dec.
15
20
Dec. 27 Dec.
11
1.1c
Dec.
Dec.
27 Dec.
27 Dec.
11
11
Dec.
.lc
.7c
2.3c
3.2c
Extra
1.8c
;
Chemical Shares.
2.5c
...
.
——
_
Distillery & Brewery Shares
Electrical Equipment Shares
Extra
Food Shares
Industrial Machinery Shares
Investing Co. Shares
Extra.
—
Merchandising Shares
_
_
.
.
.
1.5c
2c
6.3c
1.7c
,2.1c
4.3c
•9c
.lc
2.9c
—
.lc
Mining Shares
4.6c
Extra.:
Petroleum Shares
2.4c
Extra
Railroad Shares
Railroad Equipment Shares
Steel Shares.
;—.———...
.4c
1.6c
1 7c
3c
3.6c
.4c
!
15
15
3 Dec. 20
2.9c
Building Shares
Extra
Jan.
4.9c
....
Extra.'w_
Tobacco Shares
Utilities Shares
21 Dec.
Dec. 21 Dec.
Dec.
50c
50c
Aviation Shares—
Extra
Extra
31
$134
.
Extra
22
31
Jan.
10 Dec.
10 Dec.
Jan.
Extra.
...
25 Jan.
75c
Automobile Shares
_
3 Dec. 31
Jan.
75c
Group Securities. Inc.—
Agricultural Shares
_
23
20
19
3 Dec. 14
10 Dec. 31
10 Dec. 31
45c
(year-end)
General Gas & Electric, $6 pref. B__
Payable in 4% scrip.
General Re-Insurance Corp. (quar.)
Gibson Art Co. (quar.)
.
24 Dec.
29 Jan.
Jan.
2oc
General Fireproofing Co
Preferred (quarterly)
Extra.
1 Dec. 24
15 Dec.
8
27 Dec.
25c
(quar )
.....
_
27 Dec. 21
30 Dec. 18
30 Dec. 23
1 Dec. 24
12Xc
com.
Extra.
.■..
Fulton Trust Co. (N. Y.) (quar.)
Gair (Robert) Co.,Inc.,pref. div. action deferred.
_
Jan.
Jan.
31
SIX
5% preferred (quarterly)
_
Jan,
—
Florsheim Shoe, class A
Class B
—
80c
20c
$6
18Mc
...
Fifth Ave. Bank of N. Y. (quar.)
Filene's (Wm.) & Sons, pref. (quar.)
Fishmau (M. H.), 7% pref. (quar.)
_
Dec
Dec
$1.06M Jan
Fidelity Phenix Fire Insurance (s.-a.)
Foreign Bond Assoc., Inc.,
<5t
25c
—•
Federated Dept. Stores, Inc., 434% pref.
Fidelity & Deposit Co. (Md.) (extra)
Special year-end (dividend)
Jan.
SIX 'Jan-
—
.
Fear (Fred) & Co., com. (quar.)
Federal Light & Traction—
.
20c
15
24 Dec.
21 Dec.
5c
(extra)
...
Autoline Oil Co
24 Dec.
Dec.
Dec.
Brooklyn Trust Co. (semi-ann.)
Buckeye Steel Castings (extra)
Bucyrus-Monighan, class B—
_
50c
Arkansas Natural Gas, preferred,
(resumed)
Arrow Distillerias. Inc. (Mich.)
Arrow-Hart & Hegeman Electric Co.
(yr.-end).
Arundel Corp. (quar.)
Feb.
8 Dec.
SIX
American Thermos Bottle
Bank of New York & Trust
Barker Bros. Corp
Jan.
omitted)
Angostura-Wupperman Corp. (final)
Telep.
$2
25c
Dec. 20 Dec. 14
3 Dec. 22
Jan.
50c
Preferred (quar.)
American Metal Co., Ltd
American Rolling Mill (com. div.
Preferred (quar.)
American Ship Building Co
Associated
1434c
SIX
SIX
Dec.
—
634% preferred (quar.)
Second preferred (semi-annual)
When
Adams-Millis Corp. (special)
Administered Fund Second
issued in lieu of fractional shares.
Argonaut Consol. Mining Co., Inc
American District Telegraph of New
Jersey
Preferred (quarterly)..
American I. G. Chemical Corp., com. A
Common B
American Machine & Metals, Inc.
(no action)
American Mfg. Co., common
15
18
50c
Diamond Shoe Corp. (quar.)
are:
24 Dec.
Dec.
24 Dec.
20c
Connecticut General Life Insurance
Dividends
Then
14
—
$4X preferred (quar.)
current week.
3 Dec.
30c
...
Connecticut Gas & Coke Securities ($3 pref.)
DIVIDENDS
we
Jan.
Dec.
30c
Consumers Power Co., $5 pref. (quar.)
first
14
$4
■
.
Coleman Lamp & Stove
that James E. Scott and Frank Welsh,
both formerly of James E. Scott & Co., and John Kavanaugh have become
associated with them in their
3 Dec.
—
of September 30, 1937.
announce
Jan.
J25e
Extra
Breeze Corp., Inc
Brewster Aeronautical Corp
British American Oil Co. (quar.)
Co nsolidated Aurcraft
i
18
Jan.
Chamberlain Metal Weather Strip Co
B. Hanauer & Co., 786 Broad St.,
collection
3 Dec.
50c
25c
$5
.Quarterly...
Brach (E. J.) & Sons (quarterly)
\
■' Special..-—.—-.......--——.-——
Preferred
contains
9
(special)
City Investing Co-_
Preferred (quarterly)
Cleveland Cliffs Iron, preferred
—The December number of the "New Jersey Municipal Bond Market",
Newark. N. J.
9
Dec.
Chemical Bank & Trust (quarterly).
NOTICES
the monthly publication issued by J.
Dec.
t $3,565
Dec.
are
Stamped (quarterly)
■
Dec. 8—-The First National Bank of Albertville, Ala
Effective, Nov. 19, 1937. Liq. Committee: John Bishop, J. V.
Waldrop, E. D. Vinyard, care of the liquidating bank. Ab¬
sorbed by, Tennessee Valley Bank, Decatur, Ala.
t $20.79
i
Preferred
Dak.
t$18.76
—
—-
Class B
3
Dec. 23
Dec. 23
Dec.
8
Dec.
9
Special
Boston Insurance Co.
Jan.
Jan.
Jaa.
payable Dec. 10
remaining half payable Jan. 3.
Boston Herald-Traveler Corp. (quar.).
Amount
Jan.
25c
30c
Bliss (E. W.) Co.. 1st preferred
Second preferred A
;
COMMON CAPITAL STOCK REDUCED
: -V ■■'■■■
Dec. 7—The Milford National Bank, Milford, N. Y. From $25,000 ^
to $12,500.
Amount of reduction
———
$12,500
Holders
Payable of Record
6234c
$134
Birmingham Fire Insurance..
of America National Trust & Savings Association,
San
Francisco, Calif. Location of branch, Southwest corner of Main St. and
Palm Ave., Town of Highland, San Bernardino County, Calif.
Certificate No. 1395A.
Dec. 6—Bank
When
Share
Belding-Heminway Co
Bickfords, Inc. (quar.)
$234 preferred (quar.)
BRANCH AUTHORIZED
COMMON
1937
BANKS
NATIONAL
The
i
18,
3c
2.6c
.4c
27 Dec.
11
Dec. 27 Dec.
Dee. 27 Dec.
Dec. 27 Dec.
11
Dec. 27 Dec.
Dec. 27 Dec.
Dec. 27 Dec.
11
Dec. 27 Dec.
Dec. 27 Dec.
Dec. 27 Dec.
Dec. 27 Dec.
Dec.
11
11
11
11
11
11
11
11
27 Dec.
11
Dec. 27 Dec.
Dec. 27 Dec.
Dec. 27 Dec.
11
Dec. 27 Dec.
Dec. 27 Dec.
Dec. 27 Dec.
11
Dec. 27 Dec.
Dec. 27 Dec.
Dec. 27 Dec.
11
11
11
11
11
11
11
Dec. 27 Dec.
Dec. 27 Dec.
11
Dec. 27 Dec.
Dec. 27 Dec.
Dec. 27 Dec.
11
Dec.
11
27 Dec.
11
11
11
Volume
When
Per
Gilbert (A. C.) & Co
62Mc
Preferred (quarterly).,
Gilchrist Co
87 Mc
Dec.
25c
Dec.
24 Dec. 20
24 Dec. 20
24 Dec. 17
Dec.
28 Dec.
Glen Aid en Coal
,
_
25c
_
Gold & Stock Telegraph (quarterly)
Goodman Mfg. Co
$1M
Great Lakes Steamship Co.
75c
SIM
75c
(quar.)
Special
Dec.
80c
25c
Dec.
35c
Dec. 24 Dec.
Extra
24 Dec.
10c
Jan.
3 Dec.
18
Jan.
Heyden Chemical Corp. (extra)
Hobart Mfg. class A (extra)
50c
50c
3 Dec.
24 Dec.
Dec. 22 Dec.
Dec. 23 Dec.
Dec. 30 Dec.
20
17
18
24 Dec.
20
.
Hooker Electrochemical Co.
SIM
(corrected)
40c
Horn (A. C.) Co
Dec.
12
6% non-cum., non-vot. pref.
of Horn Maintenance Division at
of one share for each 12 M shs. held.
Payable in
$5
par
the rate
20c
Payable in 6% non-cum., non-vot. pref.,
$5 par, of Horn Contracting Division at
the rate of one share for each 25 shs. held.
Horn & Hardart Baking of N. J. (quar.)
Household Finance Corp., com. (quar.)
5% preferred (quarterly)
Houston Natural Gas (stock dividend)
Quarterly
Preferred (quar.)
SIM
Extra
/o
50c
24 Dec.
1 Dec.
15 Dec.
20
21
31*
31*
Dec. 22 Dec. 10
Dec. 22 Dec. 10
Jan.
15 Dec.
22 Dec.
10
;
-
—
(quar.) _i
Independent Pneumatic Tool (quar.)
———
.
.
Dec.
30 Dec. 20
22 Dec. 15
22 Dec.
15
Truax-Traer
Dec.
27 Dec.
17
Tubize Chatillon, class A (no action
Jan.
3 Dec. 20
15 Dec. 31
15 Dec. 31
Jan.
Jan.
Dec.
Jan.
Jan.
Jao.
Dec.
Dec.
•50c
Irving Air Chute Co. (quarterly)
Jan.
Jan.
25c
-
Jarvis (W. B.) Co. (extra)
Jones & Laughlin Steel (no
3 Dec.
3 Dec.
24 Dec.
27 Dec.
16
21
20
16
United Stores Corp., $6
Utah-Idaho Sugar
Landers. Frary & Clark (quar.)
Leath &
Dec.
Dec.
18
Jan.
Dec.
20
Jan.
Dec.
20
Jan.
— .
.
Van Camp Milk Co.,
13*
13*
Dec.
Dec.
22
Dec.
Dec.
Virginian Ry., pref. (quarterly)_ .
Wagner Baking Corp
7% preferred (quar.)
Wellington Oil Co. of Del. (special)
Dec.
Dec.
17
Western Electric
Dec.
Dec.
16
Western N. Y. & Penna.
16
Dec.
Dec.
18
Dec.
Dec.
18
Dec.
Dec.
16
Dec.
Dec.
Jan.
Dec. 31*
Jan.
Dec.
Jan.
20
Jan.
Dec.
Dec.
Dec.
22
Jan.
Dec.
21
50c
Dec.
Dec.
23
SIM
Dec.
31 Dec.
...
Magor Car Corp., common
Preferred (quarterly)
Manning Maxwell & Moore (new)
Marshall Field & Co., 6% pref. (quar.)
7% preferred (quar.)
Mc Graw Hill Publishing
McKay Machine Co. (quar.)
Dec.
17 Dec.
SIM
Dec. 31 Dec.
31 Dec.
15
15c
Jan. 14 Jan.
Dec.
24 Dec.
20
Dec.
24 Dec.
20
25c
Jan.
2 Dec.
20
75c
Jan.
50c
—
Jan.
SIM
S6M
6M% pref. A
25c
Below
we
Dec.
24 Dec.
18
Dec.
29 Dec.
24
20
25c
give the dividends
Name
1
Dec.
Jan.
15 Dec.
Abbott Laboratories
Acme Glove Works,
Class
Preferred (extra)
50c
24 Dec. 18
1 Dec. 27
Dec. 24 Dec. 17
Dec. 24 Dec.
17
Dec. 27 Dec. 17
3 Dec.
2
Dec.
24 Dec.
3 Dec.
3 Dec.
Jan.
25c
Dec.
75c
Jan.
23 Dec
1 Dec.
21
17
23
Jan.
3 Dec.
15
Jan.
3 Dec.
15
SIM
Jan.
3 Dec.
3 Dec.
15
Jan.
Jan.
1 Dec.
15
15
15
Jan.
15 Dec.
Dec.
50c
24 Dec.
15
24 Dec.
15
m Dec.
-
-
—
-
20*
3
3
15 Jan.
Dec. 27 Dec. 20
Dec. 31 Dec. 18
Dec. 31 Dec.
24 Dec.
Dec.
3 Dec.
Feb.
1 Jan.
Dec. 24 Dec.
Jan.
3 Dec.
Jan,
Dec. 29 Dec.
Dec. 28 Dec.
18
17
27
15
15
15
21
24
Jan.
3 Dec. 3i
3 Dec. 31
Jan.,
3 Dec.
15
Jan.
1 Dec.
20
Jan.
27 Dec. 20
Feb.
1 Jan. 20
Mar.
1 Feb. 19
Apr.
1 Mar. 19
Dec.
Alabama Great Southern
Alabama Power
31
(special)—-
SIM
Dec.
S2M
Jan.
75c
Jan.
10 Jan.
3 Dec.
23 Dec.
Dec. 28 Dec.
Dec. 24 Dec.
3
22
15c
Dec.
15
Dec. 24 Dec.
15
10c
tSIM
t$1.07
16
15
24 Dec.
$2
15c
Jan.
15 Dec.
17
24
Dec. 28 Dec.
13
18
American Gas &
Dec.
30c
Dec.
SIM
Jan.
30c
Dec.
30c
20c
Jan.
33 l-3c
10c
Dec.
15 Dec. 13
15 Dec. 31
23 Dec.
28 Dec.
16
13
Dec.
24 Dec.
Dec. 24 Dec.
14
14
2 Dec.
21
Dec.
---------
pref. (quar.)
Jan.
17*
Dec.
Dec.
20 Dec.
American Hide & Leather
15
,
preferred (quar.)
11
3 Dec.
lo
Jan.
15
17
9
3 Dec.
9
3 Dec.
Jan.
3 Dec. 20*
Dec. 24 Dec. 15
Dec. 30 Dec. 15
Jan.
1 Dec. 18
Jan.
Jan.
Dec. 20 Dec.
3 Dec.
50c
50c
$1M
10
Jan.
Jan.
15c
20
3 Dec. 20
Dec. 21 Dec. 14
Jan.
3 Dec. 17
Jan.
3 Dec. 17
Jan.
15 Jan.
35c
Dec.
35c
-
---
Hardware Corp. (quar.)
15
31 Dec.
1 Dec.
Dec. 23 Dec.
Dec.
24 Dec.
24 Dec.
5
7
7
1 Jan.
Feb.
Dec. 22 Dec.
Dec. 22 Dec.
8
10
10
SIM
(quar.)
Extra
31 Dec.
Dec
Jan.
.,
American Hard Rubber
Preferred
(quarterly)
American
1
8
8
20 Dec.
15 Dec. 31
Dec.
$3 preferred
Hoe preferred (quar.)
Electric Co., com (quar.)
20 Dec. 31*
3 Dec. 20
21 Dec.
1 Dec.
Jan.
Extra
Jan.
22 Nov. 30*
Dec.
—
Preferred
13
27 Dec.
Jan.
American Fork &
28 Dec.
6c
16
15
27 Dec.
6% pref. (qu.)~
Extra
20
Dec.
—
& Cigar Co. pref. (quar.J.¬
American Cities Power & Light, pf. (quar.)-- —
Option payment of 1-16th sh. of cl. B or cash.
American Coach & Body
American Crystal Sugar
6% preferred (quar.).
American Cyanamid, A & B
American Express Co. (quar.)
Dec.
1 Dec.
22 Dec.
Dec.
American Cigarette
70c
13
43 Mc
class A conv. com
American Capital Corp.,
3
3 Dec.
3 Dec.
15c
Preferred (quar.)
American Can Co.,
4
13
Dec.
Manufacturing. Inc. (quar.)
7% preferred (quar.). ——...
----Amalgamated Leather Cos.. 6 % pref. (quar.)
American Agricultural Chemical Co
American Bakeries Co . 7% pref (semi-annual).
American Bank Note Co
.1
15 Jan.
Jan.
----------
Aluminum
21
10
Jan.
(s.-a.)
Alpha Portland Cement
Aluminum Co. of Amer. (Pa.),
6% preferred (additional)
Aluminum Industries (quar.)
3 Dec. 22
3
15 Nov.
10
10
15
Jan.
Allied Stores Corp., 5% pref. (quar.)
Allis-Chalmers Mfg. Co., common
28 Dec.
2
10
3 Dec. 20
15 Dec. 31
Dec. 24 Dec.
3 Dec.
Common
28 Dec.
18
3 Dec.
Jan.
--
--
Dec.
14
Feb.
---
AlliediCbemical & Dye Corp., com.
Inc. (quar.)
Dec.
16
16
18
15 Dec. 31
3
Dec. 24 Dec.
3
Dec. 24 Dec.
RR. Co. ord. stock—
$6 preferred (quarterly)
Albany & Susquehanna RR.
Allegheny & Western Ry. Co
Jan.
Holders
Payable of Record
Jan.
Co., $7 pref. (quar.)
15c
SIM
table.
Jan.
(extra)
Extra
When
Jan.
------- —
Allied Products Corp.,
Jan.
'ii
-
15
SI .65
1
11
20*
Jan.
Jan.
Allied Laboratories,
15
Dec.
Extra
14
18*
24 Dec.
3 Dec.
SIM
SIM
SIM
Preferred (quarterly)
Dec. 20 Dec.
Jan. 15 Jan.
Dec. 20 Dec.
Mfg. Co
Agnew-Surpass Shoe Stores, pref. (quar.)_
Agricultural Insurance Co. (N. Y.) (quar.)
Air Reduction Co. (quar.)
-
Ordinary stock
Preferred
15 Dec. 31
23 Dec. 14
Jan.
$6 pref. (quar.)
Pyrene Mfg. Co
Railroad Employees' Corp., class A & B com
20
Dec. 23 Dec.
Dec. 23 Dec.
Dec. 23 Dec.
—
(initial)
B
Aetna Ball Bearing
Feb.
Jan.
Prudential Investors—
3 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Jan.
Jan.
Addressograph-Multigraph (quar.)
Mfg., class A
Class A (quarterly)
Dec.
SI.65
6% preferred
Prentice-Hall, Inc. (special)
Procter & Gamble, 8% pref. (quar.)
Providence Gas Co
Prudential Investing Corp. (quar.).
20
3 Dec.
Dec. 20 Dec.
Dec. 22 Dec.
Ltd. (quar.)
Aero Supply
Dec.
Jan.
<
20
24 Dec. 20
Dec. 20 Dec. 15*
Jan.
3 Dec. 20
Dec.
29 Dec.
Dec. 29 Dec.
Jan.
3 Dec.
—
6M% preferred (quar.)--
50c
Pitney Bowes Postage Meter (year-end) —
Portland Gas & Coke, 7% pref
...
Dec. 24 Dec.
Dec. 24 Dec.
Dec.
(quar.)
Adams Express Co_
Jan.
50c
Share
of Company
Extra
17c
(quarterly)
3 Dec. 20
Dec. 24 Dec. 20
3 Dec. 15
Jan.
announced in previous weeks
Per
12Mc
SIM
62 Mc
7% pref. (quar.)
Philadelphia & Trenton RR. (quar.)
16
21
dividends an¬
25c
Paton Manufacturing Co.
Dec. 30 Dec.
31 Jan.
and not yet paid.
The list does not include
nounced this week, these being given in the preceding
25c
Xr rin
25c
25c
31
Dec. 31 Dec. 15
Dec. 24 Dec. 20
50c
23
Jan.
_
Additional
Rath Packing, pref. (quar )
Rhode Island Insurance Co
20
30c
SIM
Neptune Meter, class A & B
New Jersey & Hudson River RR. & Ferry (s.-a.)
New York Hanseatic Corp. (extra)
New York & Honduras Rosario Mining
New York Trust Co. (quar.)
Niagara Wire Weaving (quar.)
North American Rayon Corp.. A & B common
6% prior preferred (quarterly)
Northwestern Electric, 7% pref
Ohio Edison Co., $.5 preferred (quar.)
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)
$7.20 preferred (quar.)
Ohio Service Holding Corp., $5 non-cum. pref..
Pacific Can Co. (no action taken)
Pacific Gas & Electric (quar.)
Pacific Power & Light, 7% pref
$6 preferred
Paramount Pictures, Inc., 1st pref. (quar.)
Second preferred (quar.)
Phoenix Securities, $3 pref.
Pierce Governor Co.
2 Dec.
3 Dec.
Dec. 30 Dec.
22 Dec. 17
3 Dec. 24
Dec. 24 Dec. 20
75c
Minnesota Mining & Mfg
Murphy (G. C.) Co., 5% preferred
Murray Ohio Mfg. Co.
National Bond & Share
National Casket Co., pref. (quar.)
National City Lines, Inc. (quarterly).
National Fuel Gas Co. (quar.)
National Investors Corp. (Md.)
National Lead Co
—
National Power & Light, pref. (quar.)
National Steel Corp
25c
1-
4
75c
class B (quar.)
$2
25c
15
Dec.
25c
Mc Quay-Norris Mfg. (interim)
Merchants Bank of New York (quar.)
30c
15
S1. M
Extra.
5c
90c
'118
(quar.)
17
23
25c
Preferred (semi-ann.)
-
RR. (s.-a.)
Monthly—.
Monthly.
31
SI 5
SIM
Manoning Coal RR
40c
Wrigley (Wm.) Jr. (special)
Monthly
$2
$1
$1M
SIM
(semi-annual)
5% preferred
31*
Jan.
—
Co
West Point Mfg. (quar.)_.
Will & Baumer Candle, pref.
Dec. 31*
Dec. 31
m
A (quar.) —
Convertible preferred (quarterly)
Merritt Chapman & Scott,
Midland Oil Corp., $2 pref
pref. (quar.)
27
55c
Preferred (quarterly)
Mahon (R. C.) Co., preferred
McKee (A. G.) & Co.,
Class B (extra)
2c
15c
Dec.
3/ Mc
50c
—
Extra
55c
12Mc
17 Mc
t$6
—
Dec.
SIM
...
MacAndrews & Forbes Co., common..
—
(quar.)__
Dec.
50c
.
Preferred
Valley Mould & Iron Corp
Dec.
50c
SIM
-
Dec.
62 Mc
—.i...
Le Tourneau (R. G.), Inc., com. (extra)
Lunkenheimer Co.
... .... ... ........
6c
A & B—
pref
10c
(initial)
Laclede Steel
(quar.)..
-.
SIM
37 Mc
Extra
Kinney (G. R.) Co., Inc., pref.
Knott Corp....;...
•
SIM
Kentucky Utilities. 6% pref. (quar.)
Keystone Watch Case Corp., common
S2M
$2M
(Brooklyn)
United States Foil Co., common class
Preferred (quarterly)
23 Dec.
Dec.
SIM
SIM
$1
S2M
—
—
15c
United Stockyards (quar.)
Preferred (quarterly)
50c
—
25c
SIM
United States Plywood Corp. (extra)
25c
Kahn (E.) & Sons (quar.)
1st preferred (quar.)
25c
—
17
27 Dec. 20
Dec. 24 Dec. 20*
Dec. 24 Dec. 21
Jan.
$1M
—
—'—
17
action taken)
Kalamazoo Stove & Furnace Co
— —
17
SIM
20 Dec.
Dec. 20 Dec.
Jan.
40c
24 Dec.
Dec.
17
17
Jan.
1M
—
Extra
16
24 Dec.
Dec.
16
Dec.
$4
Preferred (quarterly)
United Distillers of Canada
United Industrial Loan Bank
Dec. 22 Dec.
Dec. 23 Dec.
Dec.
taken)
prior lien (quar.)
Extra
15
16
20c
—
Union Twist Drill (quar.)
1 Dec.
Dec. 22 Dec.
Dec. 22 Dec.
Jan.
18 Dec. 31
Dec. 23 Dec. 15
Dec. 23 Dec. 17
$3
10c
7% preferred (quar,)...—.—
22
15 Dec. 31
15 Dec. 31
(semi-ann.)
Twin Coach Co
21
21
- —
-
Co
Twin State Gas & Electric,
24
$1
SIM
. —
,Dec. 24 Dec.
15c
Extra
24 Dec.
3 Dec.
Coal
21 Dec.
Dec. 31 Dec.
1 Dec.
50c
Trans-Lux Corp. (special)
Travelers Insurance Co. (quar.)
Dec.
Dec.
t50c
Preferred (quarterly)....__
75c
25c
Tobacco & Allied Stocks, Inc
20c
Interstate Hosiery Mills..i.-»~
Intertype Corp., common
Investment Foundation, Ltd., preferred
Preferred
20
$2
75c
.......... —
.
Feb.
10c
$3
$4
Intercolonial Coal (semi annual)
Preferred (semi-annual)..——
.
Title Insurance Co. of Minn,
25c
$1
50c
—
Insuranshares Certificates, Inc
Common (extra).
17
62 Mc
Industrial Rayon Corp
Insurance Co. of N. Amer. (semi-ann.)
■: Extra--
17
21 Dee.
50c
Extra
21 Dec.
Dec.
50c
Hussman-Ligonier (quar.)
Preferred (quarterly)
Ideal Cement Co..
10
Jan.
15 Dec. 31
15 Dec. 31
10c
Dec.
1 .Jan.
10
Dec. 24 Dec.
Jan.
14
80c
25c
68 Mc
„
25
25
20
27 Mc
25c
_ — -
—
_
15 Jan.
15 Jan.
Dec. 24 Dec.
Dec.
50c
Dec.
— .
Feb.
15
Jan.
50c
—
87 Mc
75c
-
.
-—
Feb.
deferred).
6% preferred (quar.)
5% preferred (quar.)
& Co
Superior Portland Cement, class A
Symington-Gould Corp
Taylor Wharton Iron & Steel
Tennessee Corp
Textile Banking Co. (quar.)
— —
28
3 Dec. 20
3 Dec. 20
25c
Stroock (S.)
_
15
S2M
•SIM
$1M
South Bend Lathe Works (extra)
Southwestern Bell Telephone (quar.)
Standard Fuei 6M % pref. (quar.)
Standard Products Co. (div. action
Sterchi Bros. Stores (special)
15
Dec. 22 Dec.
Jan.
S2M
37Mc
37 Mc
_-
Southern Calif. Gas, pref. (quar.)
Preferred A (quar.)
Extra
15
27
Dec. 30 Dec.
Jan. 20 Dec.
Jan.
SIM
_
3 Dec.
Jan.
5c
—
Singer Mfg. Co. (quar.)
Extra
16
30c
20c
(quar.)
75c
Howe Sound Co..
Extra
Jan.
Jan.
SIM
__
■■
Dec.
20c
Dec. 28 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
$1M
conv.
Preferred
Stock dividend
$2M
Sears, Roebuck & Co. (extra)
15
Dec.
'
20c
-
_
preferred (semi-ann.)
Shawinigan Water & Power (quar.)
25c
(quar.)
(special)
Selected American Shares
50c
Carpets
Hartford Fire Insurance
25c
25c
Shamrock Oil & Gas 6% pref.
Hercules Motors Corp. (quar.)
Harding
25c
17
17
6%
Harbauer Co. (no action taken)
Jan.
12Mc
16
1 Dec. 21
3 Dec. 21
1 Dec. 21
Jan.
Jan.
30c
(quar.)
Extra
20*
16
Dec. 24 Dec.
75c
Sangamo Electric (quar.)
Scovill Mfg. Co
Seaboard Surety Co.
Payable of Record
$2M
L
Root Petroleum, SI .20 pref.
Samson United Corp
16
3 Dec. 31
21 Dec. 21
Dec. 24 Dec. 21
Dec. 24 Dec. 21
Hanna
(year-end)
(M. A.) Co. (quar.)
25c
Richfield Oil Corp. (initial)
Richman Bros. Co. (quarterly).
Rome & Clinton RR
Dec.
Hale Bros. Stores, Inc.
Greif Bros. Cooperage Corp., class A
,
Jan.
Dec. 24 Dec.
Dec. 21 Dec.
80c
Share
Name of Company
Holders
When
Per
Holders
Payable of Record
Share
Name of Company
3921
Chronicle
Financial
145
$2
25c
25c
75c
4
Dec. 23 Dec.
4
Deci 23 Dec.
Dec. 31 Dec. 23
3922
Financial
When
Per
Share
Name of Company
American Hawaiian Steamship,
Extra
Monthly
American Ice Co., preferred
American Investment Co. of 111., 8% pref. (qu.)
7% preferred (quarterly)
American Locomotive preferred
American Maize Products, pref. (quar.)
Jan.
3 Dec.
14*
$1
50c
Dec.
20 Dec.
3
Dec.
20
40c
Jan.
43 Mc
t$7
Dec. 20
Dec. 20 Dec.
6
Dec. 21 Dec. 14
Dec. 21 Nov. 30
Dec. 21 Nov. 30
SIX
$1
American Optical Co 7%
pref. (quarterly)—-
American Power & Light Co. $6
preferred
SIX
3 Dec.
18
Dec. 20 Dec.
1
Jan.
tUUI
American Radiator & Standard Sanitary
American Republics Corp.
30c
Dec. 20 Dec.
1
Dec. 23 Nov. 26
Dec. 27 Dec. 15
50c
$5 preferred
Dec.
15c
—
American Safety Razor (quar.)
American Smelting & Refining (special)--Preferred (quar.)
$1
SIX
American Snuff Co. (quar.)
Extra
Preferred (quarterly)
American Sugar Refining
10
10
Jan.
76c
--
Special
18 Dec.
6
Dec. 22 Dec.
Dec. 21 Dec.
1
1
75c
2 Dec.
Jan.
2 Dec.
9
SIX
Jan.
2 Dec.
9
60c
Jan.
3 Dec.
6
SIX
$1H
SIX
92 X
(quar.)—
Jan.
25c
;-
(quar.)
American Superpower Corp., 1st pref
American Surety Co
American Telephone & Telegraph (quar.)
American Thermos Bottle $7 pref. (quar.)
American Thread Co.. Dref. (semi-ann.)__-
Jan.
3 Dec.
6
Jan.
3 Dec.
3 Dec.
10
Jan.
Jan.
87 He
American Tobacco Co., pref. (quar.)..
American Water Works & Electric Co., 1st prefAnaconda Copper Mining Co
Anaconda Wire & Cable (extra)
Anchor Cap Corp. common
9
Jan.
50c
15c
Special
$6H preferred (quar.)
Apex Electrical Mfg. Co
30c
SIX
30c
9
15 Dec. 15
3 Dec. 20
1 Nov. 30
3 Dec. 10
Jan.
12Hc
1X%
$1 H
SIX
Jan.
Jan.
3 Dec.
17
Dec. 20 Dec.
Dec.
18 Dec.
3
11
Dec. 20 Nov. 30
Dec. 20 Nov. 30
Jan.
3 Dec. 17
SIX
Dec. 28 Dec. 20
Dec. 28 Dec. 20
91X
(quarterly
Appalachian Electric Power $7 preferredArcade Cotton Mills 6% pref. (semi-ann.)
Arkansas-Missouri Power (initial)
Jan.
7
18
10
Jan.
$6 pref. (quar.)
(Del.), preferred (quar.)-.
3 Dec.
Dec. 21 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
6% preferred
;
Arkansas Power & Light Co., $7 pref
3 Dec.
15
10
Jan.
3 Dec.
15
Armour & Co.
Jan.
2
Dec.
10
Armour & Co. (111.) $6 preferred (quar.)
Jan.
Jan.
2 Dec.
2 Dec.
10
7% preferred (quar.)
Armstrong Cork Co
Art Metal Works, Inc.,
Dec. 18 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
Feb.
1
9
common
Extra
...
Asbestos Mfg. Co., $1.40 prer. (quar.)
Ashland Oil & Refining Co. (quar.)
Dec.
______
Dec.
15
1 Dec.
23 Dec.
1 J an.
24 Dec.
1
13
Jan.
Jan.
18
5
14
Dec. 31
Dec. 27 Dec.
17
3 Dec. 20
21 Dec. 24
Dec. 22 Dec.
Jan.
Jan.
11
20 Jan. 15
1 Nov. 30
62 He
(quarterly)
Calif. Water & Telephone Co. 6% pref. (quar.).
Camden & Burlington Co. Ry. (s.-a.)
Campbell Wyant & Cannon Foundry (extra)
Jan.
1
sik
Jan.
3 Dec.
10
six
Jan.
3 Dec.
10
3 Dec.
3 Dec.
3 Dec.
15
14
18
3 Dec.
20 Dec.
18
4
50c
Jan.
37Xc
Jan.
50c
Jan.
50c
(quar.)
Jan.
25c
Dec.
Nov. 30
25c
Dec. 20 Dec.
4
40c
Jan.
Dec.
15
1 Dec.
15
Jan.
Bath Iron Works
Corp., payable in stock
1
Gee.
30
Jan.
3%
Bayuk Cigars, Inc., 1st preferred
Beatrice Creamery Co.
(quar.)
Cannon Mills Co
15 Dec.
31
Dec
16
:
Central Patricia Gold Mines
Central & South West Utilities, $6 prior lien—
(quar.)
Telephone of Canada (quar.)
Telep. of Penna.. 6H % Pref. (quar.)
Bellows & Co.. Inc., class A
(quar.)
Beneficial industrial Loan
Corp., com
Preferred series A
Benson & Hedges, preferred
15
Jan.
Jan.
3 Dec.
10
Jan.
3 Dec.
3 Dec.
15
Jan.
15 Dec. 23
Jan.
15 Dec. 20
18 Dec.
1
Citizens Water (Wash., Pa.), 7% pref.
Claude Neon Electric Products (quar.)
Clearfield <fe Mahoning Ry. (s.-a.)
S2X
Sit!
Dec.
24
Jan.
25c
Corp
7% preferred (quar.)
5% preferred (quar.)
B/G Foods, Inc., 7% preferred
Dec.
Jan.
U5y
Dec.
Dec.
3
25c
Dec.
21 Dec.
27 Dec.
25c
Dec.
31
50c
Dec.
20 Nov. 26*
50c
25c
Dec.
24 Dec.
11
Dec.
24 Dec.
11
37 He
Dec.
24 Dec.
11
$1X
$2X
Birdsboro Steel Foundry & Machine
(extra)
Black & Decker
Mfg. (quar.)
Blaw-Knox Co. (year-end
dividend)
Dec.
21 Dec.
Dec.
21 Nov. 30
Laughlin, Inc. (quar.)
M
50c
Co., ordinary.
J50c
Bridgeport Gas Light Co. (quarterly)
Bridgeport Machine Co
50c
25c
...
stock"!
Transit—
3 Dec.
10
Dec.
22 Dec.
10
Mar. 25 Mar. 10
Jan.
25 Dec.
22
3 Dec.
15
SIX
SIX
Dec.
29 Dec.
15
Dec.
30 Dec.
17
Dec. 30 Dec.
"I-I-III"
Payable in 7% cum. pref. stk"$fd6~p~aY."
Preferred (quar.)
Briggs Mfg. Co. (final)
ZIIIIII
Brhlo Mfg. Co. class A
(quar.)
6
Jan.
Jan.
__
A
9
17
17
17
Dec.
Dec.
17
Dec.
Dec.
14
50c
20c
Jan.
Dec.
15
Jan.
Dec.
15
J50c
Jan.
Dec. 31
(semi-annualjI
3H% cumulative preferred (quar.)
(special)...
Brunswick-Balke-Collender Co.,
Preferred (quarterly)
Bucyrus-Monighan, class
Co., 1st pref. (quar.)__!"I
First preferred (participating
dividend)
Buffalo Niagara & Eastern Power, 1st
pref
Prior preferred (quar.)
Optional payment, l-5th of
a
Bullard Co
Feb.
14
SIX
Jan.
Dec.
24
87 He
50c
Jan.
Dec.
24
Dec.
Dec.
10
40c
$1H
$1
Jan.
3 Dec.
17
$1H
ts IX
t$lH
t$lH
Jan.
2 Dec.
20
Jan.
1 Dec.
10
Jan.
1 Dec.
10
Jan.
1 Dec.
10
4c
Jan.
3 Dec. 15
$3
Dec. 20
Dec. 20
Dec. 20
Dec. 28
Dec.
4
Dec.
Dec.
4
5
Dec.
Dec. 20
18 Dec.
8
Dec.
27 Dec.
16
Jan.
1
Dec.
15
Jan.
1 Dec.
8
Jan.
1 Dec.
8
24 Nov. 24
1
Dec.
a
20 Nov. 26
20 Nov. 26
20 Dec. 10
Dec.
28 Dec.
Dec.
23 Dec.
13
Jan.
20
Dec.
3 Dec.
18
18
Dec.
21 Dec.
16
Jan.
3 Dec.
Jan.
3 Dec.
15
15
Jan.
1 Dec
13
Jan.
1 Dec.
13
Dec.
20 Dec.
Dec.
20 Dec.
10
Jan.
3 Dec.
15
1 Jan.
10
Dec.
23 Dec.
Dec.
23 Dec.
3
3 Dec.
17
3
Dec. 20 Dec.
8
8
Dec. 20 Dec.
Feb.
1 Jan. 24
Jan.
Jan.
3 Dec.
17
Jan.
3 Dec.
20
50c
3 Dec.
Dec.
20
21 Dec.
Dec. 21 Dec.
10
Jan.
1 Dec.
21
23 Dec.
Dec. 23 Dec.
16
Dec.
10
16
Jan.
15 Jan.
Dec.
23 Dec.
13
Jan.
21
3
Dec.
3 Dec.
28 Dec.
Dec.
24 Dec.
6
$1H
50c
Jan.
Dec.
6
70c
1
Dec.
20 Dec.
20
1
Dec.
20 Dec.
1
10c
Jan.
15 Jan.
1
$1
$1
$ 1.06 X
Jan.
S2X
Dec.
1 Dec.
10*
18 Dec.
10*
Jan.
1 Dec.
10*
30c
Dec.
22 Dec.
3
10c
Dec.
23 Dec.
4
share of capital
75c
Jan.
3 Dec. 10
SIX
J an.
3 Dec.
SIX
SIX
SIX
SIX
Jan.
3 Dec. 15
Mar.
1
$l
Jan.
Jan.
15
Feb.
15
3 Dec.
20
3 Dec. 20
Dec.
31
Dec.
24
20
Consolidated Laundries Corp., pref. (quar.)
17
Consol. Mining & Smelting, (Can.)
10
Dec.
10
Continental Bank & Trust Co. (quar.)
Continental Can Corp., Inc., $4H pref
28 Dec.
14
1 Dec.
15
$3
10c
Feb.
1 Jan.
six
Feb.
1 Jan.
3
90c
Jan.
3 Dec.
15
six
Jan.
3 Dec.
15
10c
Dec.
22 Dec.
4
Jan.
3 Dec.
15
Jan.
3 Dec.
15
1 Jan.
15
Dec.
23 Dec.
3
4
s IX
Dec.
31 Dec.
Dec.
31 Dec.
8
$2
+50c
—
Feb.
150c
t$l H
(s.-a.)
Extra
Consolidated Retail Stores, Inc., 8% pref
Consolidated Steel Corp., $1^ preferred
Consumers Gas of Toronto (quar.)
Continental Baking'Corp., preferred
Dec.
Jan.
90c
Dec.
$1
75c
SIX
Consolidated Biscuit Co
Consolidated Edison Co. (N. Y.), pref. (quar.).
Consolidated Elec. Light & Power Co. (Balt.)-5% preferred (quar.)
Consolidated Equities.
Dec.
10
12
12Hc
Dec.
Jan,
3 Dec.
Dec. 22 Dec.
20 Dec.
SIX
Jan.
Dec.
17*
4
Dec.
15
SIX
75c
Consol. Gas of Baltimore (quar.)
Preferred (quarterly) _
15
1*5
17
20 Dec.
25c
Commonwealth & Southern Corp. $6 preferred-.
Commonwealth Utilities Corp., 7% pfd. A (qu.)
6% preferred B (quar.)
6H% preferred C (quar.)
Commonwealth Water & Light, $7 pref. (quar.).
$6 preferred (quarterly)___
Confederation Life Assoc. (Ont.) (quarterly)
Congress Cierar Co., Inc
Connecticut Light & Power (quar.)
Connecticut & Passumpsic River RR. Co.—
6% preferred (semi-annual)
Feb.
1 Jan.
22 Dec.
Dec.
stock or cash.
$1
Feb.
Dec.
SIX
50c
preference (quarterly)
Dec.
SIX
$3
88c
$3
SIX
Extra
Jan.
25c
.
15
six
Commercial Solvents Corp., (semi-ann.)
Commonwealth Distribution
I
1
17*
1 Dec.
31 Dec.
$5
$22 X
$1.12
Preferred (quar.)
Colt's Patent Fire Arms Mfg. (quar.)
Extra
Commercial Alcohols. Ltd.. 8% pref. (quar.)
Commercial Investment Trust, common (quar.)
31
Dec. 31 Dec.
Dec. 31 Dec.
12
Jan.
Dec.
SIX
„
Dec
SIX
SIX
Budd Wheel
1 Dec.
SIX
25c
Apr
Jan
Jan.
SIX
30c
Apr.
45c
Dec.
$15*
75c
(qu.)
Jan.
A (quar.)..
j
20%
S 2H
s IX
Cluett Peabody & Co.. pref. (quar.).
Cohn & Rosenberger, Inc
Colgate-Palmolive-Peet (quar.)
conv.
20
$1
$4H preferred..
Jan.
SIX
Bucyrus-Erie Co. preferred
10
9
Dec.
1 Dec.
S2X
SIX
62 He
common
40c
preferred (quar.)..
11
11
20 Dec.
29 Dec.
25c
30c
tlX
91X
Brown Fence & Wire
Co., pref. A
Bruce (E. L.) Co., 7% cum.
3 Dec.
tsi
Extra
SiX
1 Dec. 20
2 Dec. 15
24 Dec. 20
3 Dec. 18
SIX
-----
Preferred (quarterly)
Bohn Aluminum & Brass
Corp
Boston & Albany RR. Co
Boston Elevated Ry. Co.
(quar.)
Bower Roller
Bearing Co., common
Common
Brazilian Traction
Light & IPower
"class
Dec.
Dec.
3 Dec.
$2
Year-end dividend
Clinton Water Works Co., 7% pref. (quar.):
Clorox Chemical (quarterly)
3
Jan
Jan.
SIX
15c
17
3
Jan.
1
50c
City Auto Stamping (quar.)...
27 Dec.
17
20
Jan.
30c
Common (extra)
Cincinnati & Subruban Telephone (quar.)
Climax-Molybdenum
Dec.
15
1 Dec.
75c
13
3 Dec.
1 Dec.
$1H
75c
City Baking Co. 7% pref. (quar.)
15
Dec.
1 Dec.
Jan.
Jan.
Dec.
3 Dec.
3 Dec.
87 He
Jan.
50c
Jan.
1
Jan.
3 Dec. 17
3 Dec. 17
15 Dec. 31
1 Dec.
1
Jan.
$1
-
Chicago Artificial Ice Co
Chicago Burlington & Quincy
Chicago Daily News (semi-ann.)
$7 preferred (quarterly)
Chicago Electric Mfg. Co., $2 class A pref.
Chicago Flexible Shaft (quar.)
Chicago Junction Ry. & Union Stockyards
6% preferred (quar.)
Chicago Pneumatic Tool, $2H pref. (quar.)
$3 preferred (quarterly)
Chicago Towel Co. (increased)
7% preferred (quar.)—
Cincinnati Gas & Electric, pref. (quar.)
Cincinnati N. Orleans & Texas Pac. Ry. —
Common (semi-ann.)
14
20 Dec.
20 Dec.
Jan.
Dec.
Dec.
14
Dec.
Jan.
Jan.
$1
$1H
3 Dec.
Dec.
Jan.
Jan.
50c
Extra
3 Dec.
3 Dec.
25c
30c
3 De6. 15
15 Dec. 31
3 Dec. 15
Jan.
3 Dec. 15
Jan. 10 Dec. 27
Dec. 31 Dec. 17
Dec. 31 Dec. 17
Jan.
Jan.
Illuminating
22
25 Dec. 31
15 Dec. 31
3 Dec. 15
Jan.
$1
Cleveland Electric
Extra
15
30
30
75c
75c
(quar.)
Chesebrough Mfg. Co. (quar.)
Jan.
Jan.
Jan.
Preferred
SIX
t$2
six
Preferred
Bell
Jan.
Jan.
Dec.
$1
Bell
Jan.
3 Dec.
Dec. 20 Nov.
Dec. 20 Nov.
Jan.
5 Dec.
$1
Jan.
10
15
Jan.
2 Dec. 15
Dec. 20 Dec. 10
Feb. 15 Jan. 31
Feb. 15 Jan. 31
Jan.
1 Dec. 20
Extra
$1
25c
(quar.)
Belding-Oorticelli, Ltd. (quar.)
8
15
SIX
$3 H
Champion Paper & Fibre 6% preferred
Chesapeake Corp
Chesapeake & Ohio Ry. (quar.)
Jan.
14
10
15
12c
Incl. 38c. from net income of Luse Co.
Central Eureka Mining Co. preferred
6% preferred
$6 preferred
10
3 Dec.
Dec. 22 Dec.
Dec. 21 Dec.
Jan.
3 Dec.
Jan.
3 Dec.
50c
-
Capital Administration, prtf. (quar.)
Carolina Power & Light, $7 pref. (quar.)
u
$6 preferred (quar.)
Carpenter 8teel Co. common (Interim)
Carreras Ltd., Am. dep. rec. A & B ord. (final)
Less tax and expenses of depositary.
Case (J. I.) preferred (quar.)
Celanese Corp. of Amer., com. div. deferred.
Prior preferred (quar.)
7% cum. 1st preferred (s.-a.)
Celluloid Corp., 1st pref. (quar.).
Central Aguirre Assoc
60c
Beech Creek RR. Co...
Common (quar.)
British Columbia Power
Corp
25c
t$lH
t$l
1 30c
Ltd
7% cumulative preferred (quar.)
XIX %
Canada Packers, Ltd. (quar.)
X75c
Canada Permanent Mtge. (Toronto. Ont.) (qu.)
$2
Canadian Breweries, Ltd., preferred
t; 50c
Canadian Canners, Ltd., conv. pref. (quar.)
15c
First preferred (quar.)
25c
Canadian Car & Foundry. 7% pref. (auar.)
2 44c
Canadian Celanese, Ltd
1 40c
Preferred (quar.)
——ts IX
Canadian Cottons, Ltd. (quar.)
$1
Preferred (quarterly)
1H
Canadian Fairbanks Morse, pref. (quar.)..
$1H
Canadian Foreign Investment (quar.)
40c
Preferred (quarterly)
$2
Canadian General Electric (quar.)
$1H
Canadian Oil Co.., Ltd., 8% pref. (quar.)
$2
Canadian Westinghouse Co. (quar.)
50c
Canadian Wirebound Box, class A (quar.)
37 Xc
Canfield Oil Co., pref. (quar.)
SIX
25c
50c
Preferred (quarterly).
Stock dividend
37 He
75c
Canada Northern Power Corp.,
SIX
Extra
Preferred (quar.)
—
Canada Cement Co.. 6H % preferred
Canada Foundry & Forging, class A (resumed).
-
in 7o
Blessing Co. (quar.).
Extra
40c
62 He
37 He
Central Violeta Sugar Co
Central West Co., common, voting trust ctfs
Chain Belt Co
Dec.
Preferred (quarterly)
Brooklyn-Manhattan
Preferred (quar.)
Preferred (quar.)
Brooklyn Union Gas
50c
$7 prior lien
Central Steel & Wire Co. 6% pref. (quar.)
Feb.
Bankers Trust Co
Bank of the Manhattan Co.
(quar.)
Bank of Yorktown
(N. Y.) (quar.)
Extra
Barber (W. H.) Co.
Extra
10
Feb.
common
<
common
Jan.
60c
Dec.
—
Cumulative preferred
Bangor Hydro-Electric, 7% pref. (quar.)
6% preferred (quarterly)
Extra
3 Dec. 20
3 Dec. 15
3 Dec.
35c
Central Hanover Bank & Trust Co. (quar.).—
Central Illinois Light Co., 4H% nref
10
Jan.
Jan.
Jan.
10c
Central Maine Power, 7% preferred
10
Holders
SIX
15
31 Dec.
When
Payable of Record
SI
15c
15
24 Nov. 29
Dec. 23 Nov. 29
Automatic Voting Machine
(quar.).
Avon Geneseo & Mt. Morris RR.
(s.-a.)
Babcock & Wilcox Co
Baldwin Rubber Co.
(quarterly)
Bethlehem Steel
Preferred
18, 1937
30c
(quarterly).
Burlington Steel Co—
Burt (F. N.),
Preferred (quar.).
Butte Copper & Zinc Co
Zir
Byron Jackson Co. (special)
Calamba Sugar Estate (extra)
Preferred (quarterly)
(Quarterly)
California Ink Co., Inc. (quar.)
California Packing (quarterly)
Dec.
1
Jan.
Atlas Powder Co.
(special)
Atchison Topeak & Santa Fe, pref. (s.-a.)
Autocar Trucks cum. partic. pref
Beech-Nut Packing Co.
Bulova Watch Co.
Dec.
Atlantic Coast Line Co. of Connecticut
Atlantic Coast Line RR——
Atlantic Oil Investment
Atlantic Refining Co., pref. (quar.)
Bliss &
10
Dec. 31 Dec.
Dec. 31 Dec.
Jan.
1 Dec.
LI
Extra
Share
31 Dec.
Jan.
Preferred (quarterly)
Atlanta, Birm. & Coast Co., 5% pref. (s.-a.)
Atlanta Gas Light Co., 6% cumul. pref
Bastian
10
23 Dec. 13
Dec. 31 Dec. 15
Preferred (quar.)
Associates Investments (quarterly)
Bangor & Aroostook RR. Co.,
10
Dec.
Assoc. Breweries of Canada (quar.)
Extra
Extra
Per
Name of Company
—
Preierred
Preferred
14*
20c
American Meter Co
Dec. 24 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
25c
,
'
--
Dec.
Holders
Payable of Record
20c
(quarterly)
American Home Products Corp
Chronicle
Jan,
Dec.
3 Dec.
18 Dec.
17
t$2H
S 4X
Jan.
20c
Jan.
SIX
Jan.
Dec.
3 Dec.
24 Dec.
llDec.
l'Dec.
8
4
15
13*
17
10*
Volume
6A% preferred (quar.)
25c
Extra
15 Dec.
31
Dec. 24 Dec.
14
20
10
10
7
14
Jan.
10c
3 Dec.
Dec. 27 Dec.
Dec. 27 Dec.
Dec.
10c
Dec.
75c
10c
Jan.
28 Dec.
3 Dec.
Jan.
$134
class A (quar.)
22 Dec.
24 Dec.
Dec.
25c
--
-
Preferred (auarterlyi
& Forster Insurance
Dec.
-
-
24 Dec.
24 Dec.
14
Extra.
Dec.
75c
;
14
Mar. 31 Mar. 21
95c
Dec. 21 Dec.
10
11
3 Nov. 30
4
15 Jan.
General Candy Corp
General Cigar Co., Inc.,
Jan.
Jan.
Jan.
20c
Dec.
$134
Jan.
$1
20c
Dec.
i
3 Dec. 20
27 Dec. 20
20 Dec. 10
3 Dec.
Dec. 24 Dec.
Jan.
1 Dec.
2 Dec.
15
17
Dec.
Dec.
20 Dec.
Dec.
20 Dec.
14
Jan.
6 Dec.
20
14
20 Dec.
Dec. 20 Dec.
7
Dec. 22 Dec.
11
Jan.
20
Jan,
3 Dec.
3 Dec.
1 Feb
Mar.
Dec. 27 Dec.
16
25c
Dec.
Jan.
$154
$134
Jan.
150c
3734c
Jan.
Dec.
Jan.
;
7
20
18
15 Dec. 20
1 Dec. 10
6
21 Dec.
3 Dec.
3 Dec.
10
10
3
25c
Jan.
13 Jan.
50c
Dec.
24 Dec.
14
,138c
Jan.
15
15
— —
t$134
Jan.
3 Dec.
3 Dec.
1$154
1$134
1$154
75c
Jan.
3 Dec.
15
3 Dec.
15
$2
—
$134
3734c
$154
$134
$154
_
Preferred (quar.) --------- - ——
Duke Power Co----—------*.-------—
Preferred
(quarterly)
Duplan Silk (semi-annual)
Preferred (quar.)
—
Du Pont de Nemours (E. I.) & Co. debenture._
Jan.
Jan.
Jan.
15 Dec. 31
4
4 Dec.
4 Dec.
4
Dec. 20 Dec.
10
Jan.
Dec.
Jan.
Dec.
Jan.
16
22 Dec.
2 Dec.
21
22 Dec.
3 Dec.
7
15
1
15
50c
Jan.
15 Feb.
3 Dec.
Jan.
z5 Jan.
10
Jan.
25 Jan.
10
Dec.
20 Dec.
10
Jan.
2 Dec.
Dec.
(quar.)
—
Feb.
$2
$134
$134
$134
6%
$1.34
23 Dec.
Jan.
1 Dec.
50c
Jan.
3 Dec.
15
8
18
15
15
17
$154
J an.
1 Dec.
15
Dec. 27 Dec.
1 Dec.
3734c
$134
Jan.
75c
—
Grant (W.
18
14
1 Dec.
1 Dec.
1
28 DeC.
10
Dec.
20 Nov. 30
Great
Dec.
20 Dec.
Dec. 20 Dec.
13
13
Great
$4
Dec.
14
Green Bay & Western RR. Co
Class A debenture, on each $1,000
23 Dec.
3 Dec.
10
Jan.
3 Dec.
1 Jan.
15
Dec. 23 Dec.
10
75c
Jan.
Dec.
25c
Dec.
3 Dec.
23 Dec.
23 Dec.
15
25c
25c
Dec.
13
$1H
MA
Jan.
23 Dec.
1 Dec.
10c
S3
—
21 Dec.
1
$1
$1.60
Dec.
1
Jan.
21 Dec.
3 Dec.
20
$134
Jan,
15 Dec
31
Dec.
29 Dec.
18
18
50c
5% preferred-
8
25c
Jan.
3 Dec.
18
Griesedieck-Western Brewery
Group No. 1 Oil Corp
Guaranty Trust Co. of N. Y. (quar.)
Hackensack Water Co., elass A pref.
23
Haloid Co.. common
— -
15
17
Jan.
Jan.
Jan.
Jan.
Jan.
$1
$2
certificate-
10
Hamilton Cotton Co..
10
3 Dec.
3 Dec.
Jan.
3 Dec.
10
Hamilton Paper 6% preferred (quar.)-.Hamilton United Theatres, Ltd., 7% pref
Jan.
3 Dec.
3 Dec.
10
Hanover Fire Insurance
Jan.
10
3 Dec.
3 Dec.
10
Harbison-Walker Refractories Co.,
Harrisburcr Steel Corp..
Dec.
22 Dec.
7
15c
Dec.
15
1734c
Dec.
31 Dec.
30 Dec.
2.5c
Dec.
23 Dec.
50c
Dec.
23 Dec.
8
15
15
Faultless Rubber Co. (quar.)
50c
Jan.
1 Dec.
15
Fedders Mfg. Co., Inc., common...
35c
Excelsior insurance Co. (N. Y.)
Falconbridge Nickel Mines. Ltd
Fanny Farmer Candy Shops (quar.)
—-
50c
.
Dec.
20 Dec.
10
Dec.
31 Dec.
31 Dec.
9
9
3 Dec.
20 Dec.
23
15
20 Dec.
2 Dec.
1
75c
Dec.
Federal Insurance (J. C., N. J.) (quar.)
Federal Knitting Mills (liquidating)
35c
Jan.
$10
Dec.
Feltman & Curme Shoe Stores
25c
Dec.
8734c
Jan.
50c
Jan.
50c
Jan.
15c
Dec.
5% preferred (semi-ann.—
j
Preferred (quar.)
Fidelity & Guaranty Fire Corp...
Fifth Avenue Coach__
Finance Co. of Amer. (Bait.) com. cl. A & B__
24 Dec.
14
14
3 Dec.
20 Jan.
18
Jan.
3 Dec.
16
Jan.
3 Dec. 22
4
3 Dec.
Jan.
Firestone Tire & Rubber Co
50c
Jan.
N. Y. (quar.)..
First National Bank (Toms River, N. J.) (qr)__
First National Stores (quar.)
—
$25
8734c
6234c
$154
$134
A
(quar.).—
First National Bank of
1
25c
3 Dec. 22
3 Dec. 15
Dec. 24 Dec.
Dec.. 24 Dec.
4354c
834c
$234
7% preferred
1
Jan.
14
5
3 Nov. 26
20 Dec. 10
Dec. 20 Dec. 10
Jan.
Dec.
—
-----
4
4
3 Dec.
10
3 Dec.
Dec.
22 Dec.
10
17
Dec.
23 Dec.
10
Jan.
3 Dec.
15
Jan.
3 Dec. 16
3 Dec. 23
Jan.
Jan.
Dec.
20 Dec.
21 Dec.
10
10
23 Dec.
35c
Jan.
1 Dec.
13
16
Jan.
1 Dec.
16
75c
$2
Dec. 24 Dec.
Dec. 20 Dec.
14
30c
Jan.
$5
60c
Jan.
Dec.
Jan.
Jan.
$50
Dec.
Dec.
Jan.
10
15
Dec.
Dec.
27 Dec.
1 Dec. 22
20 Dec. 10
3 Dec. 10
Dec.
17
3 Dec.
3
Dec. 31 Dec.
17
24 Dec.
15
15
15
30
17
Doc.
Jan.
$1H
Jan.
Jan.
Dec.
_
1 Dec.
3 Dec.
31 Nov.
3 Dec.
Doc.
20 Jan.
20 Dec.
23 Dec.
6
10
17
11*
3 Dec.
Dec.
Jan.
29 Dec.
Dec.
9
3c
10c
15c
Dec.
Dec.
17
Dec.
Dec.
17
Dec.
Dec.
17
$r'
Jan.
Dec.
10
Jan.
«r- u,- tM. m m* -m -mu -W ju m
■»
quarterly")
W.) common
Extra
Jan.
25c
43 He
Heller
yiyt'rft '
Dec.
10
Jan.
—
50c
Dec.
$3H
Dec.
21 jDec.
31 Dec
15c
-,--.--7
Hershey Creamery Co. common
7% cum. preferred (s.-a.).
Harriett & Co. (monthly)-.
Hickock Oil prior preferred (quar.)
5% preferred (quarterly) —
Hilton Davis Chem cal Co. common:
Hinde & Dauch Paper Co
Preferred (quarterly)
Holland Furnace Co
Preferred (quarterly)
Hollinger Consol. Gold Mines (monthly)
Hibbard, Spencer,
bba
Extra
H.), Ltd. (quar.)
Teleg. Co. (Ft. Wayne, Ind,)--
Home Telep. &
Homestake Mining (monthly)
Dec.
75c
(year-end div.)
Preferred (s.-a.)
Dec.
10c
Corp.(quar.)
Extra
1
Dec. 10
5
20!Dec.
5
20 Dec.
21 Dec. 10
6
21 Dec.
MA
Preferred (quar.)
Hercules Powder Co., new
20 Dec.
3 Dec.
Jan.
Jan.
20c
15
8
3 Dec. 20
27 Dec. 17
Jan.
Jan.
MA
Gold Mines. Ltd. (quar.)
(Walter E.) & Co. (quarterly)
Hein-Werner Motor Parts
3 Dec.
21 Dec.
21
Dec. 21
Jan.
43!£
1
1 Dac. 31
3 Dec. 20
3 Dec. 15
Dec.
pref. (quar.)
Hedley Mascot
Holmes (D.
18
Jan.
40c
(quar.)
Hecla Mining Co
Preferred
18
1
31
t50c
MA
niA
$2 conv. pref-
Harsbaw-Chemical Co. 7% pref. (quar.)
Hazel-Atlas Glass Co. (quar.)
Helme (Geo.
Dec.
1 Dec.
23 Dec.
Jan.
3%
Jan.
30c
20
Dec.
—
(quar.).—
t$3
Extra
17
1 Dec.
23 Dec.
3 Dec.
Dec.
$1A
$100
Jan.
13
7
Dec.
Dec.
Jan.
20 Dec.
Jan.
3 Dec.
3 Dec.
25
25c
5634c
t$234
$134
t$2 54
$154
22 Dec.
1
3
2 Dec.
2c
2 Dec.
Dec.
16
Jan.
$15
each $1,000 certificate$3
(semi-annual)
15c
Greening (B.) Wire Co., Ltd. (initial)
$1H
Greenwich Water & Gas System, 6% pref
20c
Greyhound Corp. (quarterly)
Extra, l~20th share of 5% $10 par pref. stock.
"IS Ac'
Preferred
(quarterly)
——
15
Dec.
15
1 Jan.
Class B debenture, on
3 Dec.
20c
15 Jan.
Feb.
(quarterly)
20 Dec.
30c
3 Dec.
3 Dec.
Jan.
$1
$1H
5c
(resumed)Chemical 6% pref. (qu.)_
Western Life Assurance Co. (quar.)
Western Sugar (quar.)
29 Dec.
30c
Jan.
Jan.
50c
Great Northern Ry.. pref.
Dec.
15
17
31 Dec. 20
Dec. 27 Dec. 17
Dec. 27 Dec. 17
Dec
27 Dec. 17
3oc
Great Western Electro
Dec.
Jan.
14
- —
Jan.
Jan.
14
Dec.
5QAc
Great Northern Iron Ore Properties—
Certificates of beneficial interest
50c
$134
10
40c
»
50c
—
Feb.
18
MA
(quar.)
Greene R.R. Co.
20c
—
Jan.
25c
— —
Dec.
25c
$1A
MA
25c
Dec.
Dec.
17
$1A
—.—
Jan.
$1
2 Dec.
18 Nov. 30
75c
Steel Co
f.) Co
Jan.
14
27 Deo.
17
17
25c
24 Dec.
14
1 Dec.
Dec.
$1H
Co. (quar.).—
(s.-a.)
Dec.
Dec.
9
17
Dec.
5c
Dec.
24 Dec.
9
1 Dec.
Jan.
Grand Rapids & Indiana Ry.
Grand Rapids Varnish Corp
Granite City
Dec.
10
Jan.
class A
MA
Telegraph (quar.)
60c
Goldblatt Bros., Inc. (quar.) —
Opt. payment l-40th of a sh. of com. or cash
62 Ac
Preferred (quarterly)
MA
Goodrich (B. F.) Co. $5 preferred (quar.) — _ —
50c
Goodyear Tire & Rubber Co., common
__
t63c
Goodyear Tire & Rubber (Canada; (quar.)
*62 He
Preterred (quarterly)
4
Dec.
1 Jan.
24 Dec.
Jan.
Extra
4
$354
10
Feb.
Gold & Stock
Preferred
10
3 Dec.
Dtec. 21 Dec.
3 Dec.
24 Dec.
Dec.
20 Dec.
50c
3 Dec.
22c
20 Nov.
Dec.
- -
-
2
Dec.
Co
Gorton-Pew Fisheries
__
1 May 20
June
(quar.)
$1
7% 1st preferred
_
4A% convertible preferred
Globe Knit Works 7% pref. (s.-a.)—
3fer
Globe-Wernicke preferred (quar.)
Godchaux Sugars, Inc., class A.
Preferred (quarterly)
Goebel Brewing Co
Jan.
1
18
Jan.
25c
Emerson Drug Co., A &
——------
Jan.
22c
Flintkote Co., common
Extra
4
10
1 Feb.
Mar.
Dec.
3c
Optional div. of 99-1000th sh. of com. or cash.
Electric Storage Battery Co. common
Preferred (final)
Elmira & Williamsport RR. 7% preferred
EI Paso Electric Co., $6 pref. (quar.)_
El Paso Natural Gas Co
(quar.)
13
20 Dec.
—
334%
$1.35
_
Class A
Fisk Rubber Co., pref.
13
13
22 Dec.
«S
25c
Electric Shareholdings, preferred
7% preferred class
22 Dec.
Dec. 20 Dec.
7% preferred (quar.)
25c
...
Finance Co. of Pennsylvania
22 Dec.
Dec.
Preferred (quarterly)
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quarterly)
Georgia RIi. & Banking Co. (quar.)
Gillette Safety Razor Co. $5 conv. pref.
Glens Falls Insurance Co. (quar.) —
$2
—— —
3 Dec.
Dec.
(quarterly)
General Printing Ink. common
Preferred
(quarterly)
General Public Utilities, Inc
Option div, payable in cash or stock.
$5 preferred (quarterly)
General Railway Signal Co., common
Preferred (quarterly)
General Telep. Allied Corp., $6 pref. (qu.)
General Telep. Corp., com. (quar.) & extra
$3 conv. preferred (quarterly)-General Theatres Equipment Corp
(Final)General Time Instruments (quar.)
Preferred (quarterly)
General Tire & Rubber, pref. (quar.)
General Water Gas & Electric (quar.) —
Glidden
Dec.
_
Jan.
Corp
7% preterred (quar.)
$134
.
Preferred
Federal Bake Shops.
11
11
20
Dec. 20 Dec.
2
Dec.
Preferred
25c
75c
...
Dec.
Dec.
General Paint Corp., com. and
2 a Dec. 20
$2
25c
(quar.)
preferred
Corp.-Seagrams (resumed)
Extra
15
Dec.
;
General Motors Corp. preferred
20
Jan.
8c
-
Special year-end dividend.
B (quar.)
8% preferred (quar.)
Emporium Capwell Corp. (quar.)
434% cum. preferred A 'qu.)
Engineers Public Service $5 preferred
$5 preferred (quarterly)
$634 preferred
$534 preferred (quarterly)
$6 preferred
$6 preferred (quarterly)
Esquire-Coronet, Inc. (quar.)
European Electric, class A & B
Ex-Cell-O Corp
Dec.
Preferred
2c
Diamond State Telep., 634% pref.
Di Giorgio Fruit Corp., $0 partic.
(quarterly)
Eaton Mfg. Co. (special)
Economy Grocery Stores Corp--Ecuadorian Corp., Ltd., common (quar.)
Preferred (semi-ann.)
Eddy Paper Corp
Edison Bros. Stores, Inc. (quar.)
Electric Controller & Mfg. Co. (quar.)
Special.
Electric Power Association..
15
Dec.
General Outdoor Advertising class A
15
$154
Eastman Kodak Co., common
15
Dec.
General Finance Corp. (quar.)General Mills. Inc.. Dref. (quar.)
$13-4
;
Eagle Picher Lead Co preferred (quarterly)
Eagle Warehouse & Storage Co
Eason Oil Co. (quarterly)
Eastern Gas & Fuel Assoc., 4 A % Pref. (quar.)
6% preferred
Eastern Steamship Lines preferred (quar.)
Eastern Steel Products, pref. (quar.)
15
Dec.
——
General Electric Co. (final)
$134
B (quar.)
$414 preferred
Durham Hosiery Mills, 6% pref.
20
Dec.
Dec.
Jan.
General Box Co. (quar.)
23 Dec.
75c
Driver-Harris Co
Dec.
Dec.
Jan.
Transportation
(.quarterly)
20 Dec.
$1
15
__
14
Dec. 10
Dec. 20
Dec.
Special
50c
—
Dec.
Dec.
General Baking
Dec.
25c
.-
Dodge Mfg. Corp. (irregular)
Doehler Die Casting Co
Dominion Coal Co., Ltd., pref. (quar.)
Dominion Glass Co. (quarterly)
Preferred (quarterly)
Dominion Textile Co., Ltd. (quar.)
Preferred (quar.)
Draper Corp
Special
Dresser (S. R.) Mfg. Co., class A
15
Dec.
_
Dec.
3734c
3134c
Detroit Steel Products--—
Dixie Vortex Co., common (quar.)
Class A (quarterly)
13
Dec.
Jan.
—
T$5
(s.-a.) —
Diamond Match Co., pref. (semi-ann.)
Diamond T Motor Car Co. (quar.)
10
Dec.
—
pref
(quar.)
20c
_- -
Detroit Steel Corp. (quar.)
Extra
Dec.
Jan.
Preferred
Dejay Stores, Inc. (quar.)
De Long Hook & Eye (quar.)
Dentists Supply Co of N. Y , 7% pref. (quar.;
Detroit Gray Iron Foundry (s.-a.)
Detroit Hillsdale & Southwestern RR.
14
10
15*
Dec.
Dec.
Garlock
14
15
Dec.
—
General American
24 Dec
7
Dec.
Dec.
Packing Co., common (quar.)
Special div. in 10-year 4H% conv. notes—General American Investors, pref. (quar.)
14
24 Dec.
Dec.
Deisel-Wemmer-Gilbert Corp
-—- -—__-
Dec.
-
(special)
—
8% preferred fquar.)
Cuban American Manganese Corp.—
8% class A cumulative preferred
Cuban Tobacco Co., preferred
Curtis Publishing 7% preferred
Darby Petroleum Corp. (s.-a.)
Davega Stores Corp
Preferred (quar.)
Davey (W. H.) Steel Co..
Davidson-Boutell Co. 6% preferred (quar.)--u-
Dutch Ford (interim)
Gardner-Denver Co.
Dec.
Dec.
Gannett Co., Inc., $6 conv.
11
Dec.
Jan.
'
>>
13
Nov. 27
Feb.
Galland Mercantile Laundry
3 Dec.
28 Dec.
15
Dec.
(quar.)
Fyr Fvter Co., class A (quar.)
Extra
Dec.
Dec.
Fundamental Investors, Inc
10*
15
Dec.
Mfg. Co. (Kalamazoo, Mich.)—,-.1
Fulton Service Corp. (increased)
10
6
Dec.
Dec.
—————————————
—
Dec.
Dec.
Fuller
Dec.
_ -
—
Dec.
Dec.
Fruehauf Trailer Co
25c
Class A & B
Devoe & Raynolds, A &
Preferred (quar.)
Extra
Freeport Sulphur Co., pref.
t$334
Shares—
Crum
Distillers
Jan.
50c
Crucible Steel Co., 7% preferred
Crum & Forster (quar.)
_
Dec.
.
Special_
17
$1
10c
i
Crow's Nest Pass Coal Co
■
10
25c
Crown Zellerbach Corp
-v-
Dec.
-
Crown Central Petroleum (Md.)
Crown Cork International Corp.,
-_i-
1
6
Dec.
Foresight Foundation, Inc., class A (s.-a.)
Formica Insulation Co. (quar.)
Fox (Peter) Brewing Co. (common)
Frankenmuth Brewery Co. (quarterly)
15
28 Dec.
5c
__
1 Dec.
$134
:
Crocker-Wheeler Electric Mfg
Crowell Publishing Co., (quar.)
Jan.
17
—
Light Co. $7 preferred (quar.)_
$6 preferred (quar.)
Food Machinery Corp
4 A% preferred
Ford Motor Co. of Canada, Ltd., A and B
Jan.
$154
Cooper-Bessemer Corp., $3 pref. (stk. div.)
Div. of l-20th of a share of common stock.
Coronat Phosphate Co
Cosmos Imperial Mills 5% preferred (quar.)
Coty, Inc. (resumed)
Cream of Wheat Corp., stock transfer ctfs
__
Creameries of America, Inc., com. (quar.)__
«
Florida Power &
$154
$l8/a
(quar.)_
Continental Steel Corp. (quar.)
Preferred (quar.)
»-
Florence Stove
Dec.
50c
Continental Steel Corp. (extra)
Continental Telep. Co. 7% partic. pref.
Extra_
Jan.
25c
3 Dec. 13
20 Nov. 29
Dec. 22 Dec. 15
3 Dec. 15
Jan.
3 Dec. 15
Jan.
1 Dec. 15
Jan.
Dec.
Dec.
$1A
Continental Gas & Electric, prior pref. (quar.)__
Continental Oil Co
Payable of Record
Share
Company
Holders
When
Per
Name of
Payable of Record
Share
of Company
Holders
When
Per
Name
■
3923
Financial Chronicle
145
—
Dec.
„
6
21
20c
Dec.
MA
31 He
Jan.
3 Dec.
Jan.
3 Dec. 24
25c
Jan.
50c
Dec.
MA
Dec.
1 Dec.
1
23! Dec. 10
23 Dec. 10
3 Dec. 17
3 Dec. 17
50c
Jan.
Jan.
__
24
31 Dec. 16
31 Dec. 16
3 Dec. 18
Dec. 22 Dec. 15
Dec.
10c
Dec.
MA
Jan.
8Ii1?
Jan.
37Hc
Dec.
3
24 Dec. 20
3924
Financial
Per
Share
Name of Company
25c
62 He
Hoskim Mfg. Co
Houdaille-Hershey class A
Houston Oil Co. of Texas, preferred
HowesjBros. Co., 7% 1st & 2nd pref. (quar.)—
6% preferred (quarterly)
Hubbell (Harvey,) Inc., common
)
Extra.
Humble Oil & Refining Co. (quar.)
Huron & Erie Mtge. Co. (Ont.) (quar.)
Huttig Sash & Door Co. 7%
30c
50c
62 He
—
$1
75c
Jan.
S3X
J 10c
Jan.
40c
S1H
$1H
3 Dec.
—
$1H
Jan.
$1X
S1H
$1H
Jan.
1 Dec.
4
Jan.
1 Dec.
11
Dec.
24 Dec.
Jan.
3 Dec.
6
Dec. 30 Dec.
Dec. 23 Dec.
10
9
$1%
$2H
8
Dec. 23 Dec.
Extra
24 Dec.
...
International Nickel of Canada
Dec.
24 Dec.
15
15 Dec.
24 Dec.
20
17
Massachusetts
tSl X
Feb.
Jan.
1 Jan.
3 Dec.
3
$1H
t25c
Extra
Dec. 21 Dec.
Dec. 21 Dec.
9
25c
Prefer red
International Ocean Telegraph (quar.)
International Paints, Ltd., 5% preferred
5% preferred
International Power Co. 7% preferred
International Shoe Co. (quar.)
1
Mathieson
2c
21c
(year-end)
(quar.)
Cos.
75c
-
$2
$1H
40c
52 He
SIX
50c
3 Dec.
13
1 Dec.
15
International Silver Co., preferred
Dec. 27 Dec.
13
International Vitamin Corp
Dec. 22 Dec.
11
Melchers Distilling, Ltd., 6% pref. (s.-a.)
Dec.
15
15
Dec.
13
Memphis Natural Gas, pref. (guar.)
Memphis Power & Light Co., $7 pref. (qu.)
$6 preferred (quarterly)
Mengel Co. 1st preferred
For period from July 1 '37 to Dec. 31 '37.
Merck & Co., Inc
Jan.
Jan.
60c
tSlH
$1H
Jan.
3
3
23
3
Dec.
50c
75c
common
Extra
$1H
30c
10
$1
$1H
Jan.
Dec. 23 Dec.
1 Dec.
18
Jan.
8
8
16
14
Middlesex Water Co., 7% prer. (s.-a.)
Midland Grocery Co 6% pref. (s.-a.)
15
Midland Steel Products
$3
15
$2
Jan.
20 Dec.
20 Dec.
6
8% preferred (quarterly)
$2 non-cumulative
Midwest Piping & Supply Co., Inc., common
50c
Jan.
(quar.)
Metropolitan Edison Co., $6 pref
Miami Copper Co. (resumed)
Michigan Gas & Electric, 7% preferred
6% preferred
6
Dec.
t$3H
$3
15c
Miller Wholesale Drug Co
Dec.
17
17
17
Dec.
20
Dec.
3
14
Dec.
15
Jan.
Dec.
„
$2H
12Hc
Minneapolis-Honeywell Regulator (extra)
Minnesota Power & Light, 7% pref
7% preferred (quarterly
6% preferred
6% preferred (quarterly)
$6 preferred
$6 preferred (quarterly)
50c
Dec.
Dec.
20
Dec.
15
Mississippi River Power Co., 6% pref
Mississippi Valley Public Service Co.— ?
6% preferred B (quarterly)
Missouri Edison Co., $7 cum. pref
$7 cumul. preferred (quarterly)
Mitchell (J. S.) & Co., 7% pref. (quar.)
Mobile & Birmingham RR., 4% pref. (s.-a.)
Mock, Judson Voehringer
Preferred (quarterly)
Modine Mfg. Co
Molybdenum of America
Payable in 6% 5-year notes, callable at $102
10
17
Nov. 26
Special
Nov. 26
Kerlyn Oil Co. class A (quar.)
10
Dec.
15
Kimberly-Clark Corp. (quar.)
Dec.
14
Preferred (quar.)
Kings County Lighting Co., 7% ser. B. pf. (qu.)
6% series C preferred (quar.)
5% series D preferred (quar.)
King-Seeley Corp. 5H%|conv. pref. (quar.)
Klein (D. Emil) (quar.)
Preferred (quar.)
(Quarterly)
This payment incl. the ones ordinarily due
April 1 and July 1 of 25c. each.
Kleinert (I. B.) Rubber Co. (quar.)
*
Special
Knapp-Monarch, $2H pref. (quar.)
Koppers Co. 6% preferred (quar.)
Kroehler Mfg. Co. 6% pref. A (quar.)
Kroger Grocery & Baking Co., 6% pref. (quar.).
7% preferred (quar.)
Kysor Heater Co. (quarterly)
Dec.
14
Dec.
15
Dec.
15
Monongahela Valley Water Co.—
7 % preferred (quarterly)
Dec.
15
24
Preferred (quar.)
..
Dec.
14
Jan.
20
Dec.
16
Dec. 24 Dec.
Dec. 24 Dec.
14
-
...
62 He
svx
Dec. 28 Dec.
14
22
2 Dec.
11
Jan.
Dec. 31 Dec.
Jan.
24
3 Dec. 20
Feb.
1 Jan.
20
Dec. 20 Dec.
10
Dec. 20 Dec.
Extra
10
3 Dec.
3
30 days' notice.
Monarch Knitting Co., Ltd., 7% preferred
Extra
17
six
Jan.
$1 "A.
SIX
S2
Jan.
(extra)
—
55c
"It
Common
preferred (quar.)
Libby, McNeill & Libby pref. (semi-annual)
Liggett & Myers Tobacco com. &
Preferred (quar.)
Link Belt Co., pref. (quar.)
(Quarterly)
com.
B (extra)
3%
$2
S1H
SIX
50c
Extra
$1
Preferred (quar.)
SIX
J30c
(interim)
Lion Oil Refining Co
Extra
25c
Lipton (Thomas J.), class A
Preferred (quarterly)
25c
25c
24 Dec.
14
16
Dec. 28 Dec.
24
Jan.
10
20
2 Dec.
Dec. 27 Dec.
Dec. 22 Dec.
Jan.
Jan.
Locke Steel Chain Co
Locomotive Firebox Co
—
Loew's, Inc. (quar.)
2
Mar.
1
Dec. 23
1
Apr.
Feb.
15
Dec.
10
Mar. 15
Jan.
3 Dec.
20
Deo.
24 Dec.
15
Dec. 24 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
$2
30c
50c
15
15
Jan.
15
75c
v
20c
87 He
75c
7% preferred (quarterly).
Myers (F. E.) & Co
Nashville & Decatur RR. 7H % gtd.(s.-a-)
S1H
S2X
15c
National Acme Co
National Battery Co., preferred (quar.)
National Bond & Investment Co
Extra
HI
Jan.
1 Dec.
3 Dec.
Dec. 22 Dec.
17
National Lead
Jan.
17
8
Preferred B
National Malleable & Steel Castings Co., com..
15 Dec. 31
15 Dec. 31
15 Dec. 31
I Jan.
Natomas
Co
Dec.
May 10
Dec.
Dec.
15
1
Dec.
Dec.
Dec.
15
Dec.
Jan.
Dec.
10
"li
Jan.
Dec.
Dec.
17
15
Dec.
Dec.
20
Jan.
Jan.
Jan.
Dec.
10
Dec.
Jan.
Jan.
10
2
Jan.
Dec.
Dec.
3
Dec.
10
Dec.
Dec.
Dec.
10
10
Dec.
Dec.
Dec.
Dec.
10
10
Jan.
Dec.
24
45c
Jan.
Dec.
Dec. 15
Nov. 29
$2
Dec.
Nov. 22
Dec.
10
$1H
Dec.
Dec.
18
Dec.
Dec.
Dec.
Dec.
13
Dec.
13
$lHr
5c J
lc
50c
__
15
(quarterly).
National Standard Co. (quar.)
Nationa ISugar Refining Co. of
3
June
>|c
$1
93 He
15
Jan.
14
50c
1 Dec.
13
Dec. 22 Nov. 22
14
Dec.
Dec.
$1
MutuafChemical
Co. of Amer.. 6% pref. (quar.)
Mutual System, Inc. (quar.)
Extra
1 Dec.
11
Dec.
25c
25c
Jan.
Dec. 31 Dec.
Dec. 23 Dec.
18
Dec.
30c
Mother Lode Coalition Mines Co
Motor Finance Com., extra (pay. in cash or stk)
Motor Products Corp
Jan.
3 Dec. 20
Dec. 20 Dec. 10
Dec. 31 Dec. 11
10
Jan.
87
65c
5% preferred (with warrants).
National Breweries, Ltd. (quar.)
tiO;
Preferred (quarterly)
National Candy 1st & 2d pref. (quar.)
National Cash Register (year-end)
Quarterly
National Dairy Products Corp. pref. A & B (qu.)
National Distillers Products (extra)
National Enameling & Stamping Co
National Grocers Co., 7% preferred
National Gypsum Co., 1st pref. (quar.)
2d preferred
3 Dec. 18
Dec. 31 Dec. 20
Jan.
3 Dec. 31
10
10
Jan.
75c
Jan.
$1
(year-end)
ser. A pref. (qu.)_
6% series B preferred (quarterly)
Loose-Wiles Biscuit Co pref. (quarterly)
Lord & Taylor (quar.)
Los Angeles Industries. Inc
Louisville Gas & Elec. Co. (Ky.), 7% pref. (qu.)
6% preferred (quar.)
5% preferred (quar.)
Dec.
7
10
15
Jan.
50c
Extra
1 Dec.
20
1
10
3 Dec.
SIX
SIX
Murray Corp. of America
Muskegon Piston Ring..
Jan.
3 Dec.
Dec. 18 Dec.
Dec. 18 Dec.
Dec. 20 Dec.
Dec. 22 Dec.
Jan.
40c
Mountain City Copper
15 Jan.
2 Dec. 20
Dec. 20 Dec. 10
Dec. 20 Dec. 10
Jan.
3 Dec. 18
Jan.
SIX
six
$2 H
$3H
S3X
Preferred (quarterly)
Morrison Cafes Consol. 7% pref.!(quar.)
Morristown Securities Corp., common
Dec. 22 Dec.
37 He
40c
75c
Liquid Carbonic (quarterly)
Lock Joint Pipe Co. (monthly)
8% preferred (quar.)
Long Island Lighting Co.. 7%
Dec.
$1
40c
Class B, common (extra)
6
Jan.
10
50c
Class B, common (quarterly)
15
*1H
12Hc
12Hc
21Hc
15
$1H
SIX
-
3 Dec.
LeTourneau (R. G.), Inc. (extra)
Lewis (Edgar P.) & Sons, Inc., common
Dec. 24 Dec.
3 Dec.
10
10c
—
Preferred (quarterly)
Moore (Wm. R.) Dry Goods (quar.)
Morris & Essex RR. Co
Morris Finance Co., class A, common (quar.)
Class A common (extra)
2 Dec.
14
24
10
S2X
6% preferred (quarterly)
5% preferred (quarterly)
Montgomery Ward & Co., Inc..
Class A (quarterly)
Monumental Radio Co. (Bait., Md.)
Moore Corp., Ltd. (quarterly)
Dec. 23 Dec.
3 Dec.
7 Dec.
10
Dec.
Jan.
50c
-
Utilities
Jan.
Jan.
Dec.
Jan.
SIX
(extra)
$4H class A pref. (semi-ann.)
Montana-Dakota
Jan.
$1
25c
50c
Jan.
tSIM
Monsanto Chemical Co.
Lang (John A.) & Sons, Ltd. (quar.)
Lava Cap Gold Mining Corp
Lehigh Portland Cement Co. pref. (quar.)
Lehman Corp. (quarterly)
Le Roi Co
10
on
Lackawanna RR. Co. of N. J
Lambert Co
Jan.
10
Dec.
Dec.
SIX
Monroe Chemical Co
Dec.
$2.80 pref
10
Jan.
25c
Dec.
Keystone Public Service Co.
14
3 Dec.
Dec.
Jan.
Jan.
Mission Corp.
13
15
Dec. 23 Dec.
Jan.
150c
15
10
15
1 Dec.
15
Jan.
1 5Jan. 8
Dec. 22 Dec. 15
Dec. 18 Dec.
9
Dec. 27 Dec. 15
$1H
13
20
Dec.
22
$1H
Dec.
Dec.
3 Dec.
Dec. 24 Dec.
1 Dec.
t50c
Dec.
Jan.
23 Dec. 16*
4
Dec. 20 Dec.
Dec. 20 Dec.
4
Jan.
3 Dec. 27
+59c
7% preferred (quarterly)
Kansas Power Co., $6 cum. pref (quar.)
$7 cumul. preferred (quarterly).
Katz Drug Co., pref, (quar.)
P.
Kaufmann Dept. Stores, Inc., preferred
(Quarterly)
Keith-Albee-Orpheum, 7% pref
Kennecott Copper Corp
18
1 Dec.
16
Dec. 29 Nov. 30
SIX
Kansas Gas & Electric, $6 pref. (quar.)
4
Dec.
Jan.
MidvaleCo
Dec.
6% preferred (quar.)
15c
15c
9
9
Dec.
Joliet & Chicago RR. Co
Joplin Water Works, 6% pref. (quar.)
Kansas City Power & Light pref. B (quar.)
Kansas Electric Power, 7% pref. (quar.)
$1H
Extra
Dec.
Dec.
13
Dec. 22 Dec.
Dec. 31 Dec.
Mesta Machine Co., common-
8
1
1
$1
Preferred
15
1
6
SIX
SIX
$1H
SIX
21 Dec.
21 Dec.
tSl X
,
15
4
Dec. 28 Dec. 13
Dec. 31 Dec. 15
Jan.
3 Dec. 20
4
Dec. 22 Dec.
13
Preferred (quarterly)
Dec. 20 Dec.
Dec. 28 Dec.
Dec. 20 Dec.
Dec. 22 Dec.
Dec. 22 Dec.
Extra
Lone Star Cement Corp.
Lone Star Gas Corp
Dec. 23 Dec.
Dec. 21 Dec.
3 Dec.
50c
10
27 Nov. 29
15 Dec. 31
15 Dec. 31
Dec. 20 Dec.
Dec. 23 Dec.
20
Jersey Central Power & Light Co., 7% pf. (qu.)
6% preferred (quarterly)
5H% preferred (quarterly).
Jewel Tea Co., Inc. lyear-end div.).
(Quarterly).
Johns-Manville Corp
Corp.
Jan.
20
Preferred A & B (quar.)
Lionel
Dec.
Dec.
Irving Trust Co. (quar.)
Jamaica Public Service Ltd.
conv.
Dec. 24 Dec.
Jan.
3 Dec.
1 He
—
(Del.)—
7% preferred
6H% preferred..
6% preferred
Iron Fireman Mfg. Co. (extra)
8H% cumul.
Dec. 20 Dec. 15
3 Dec. 20
Dec. 22 Dec. 15
Dec. 25 Dec. 15
3 Dec.
...
15
Jan.
3 Dec.
Jan.
8
5
10 Dec. 20
Jan.
3 Dec. 17
Dec. 20 Dec. 15
27 Dec.
18c
Royalty Co. (quar.)
Preferred (quar.)
Iowa Southern Utilities Co.
2 Dec.
17
Dec. 20 Dec.
21 Dec.
$6 preferred (quarterly)
Investors Fund C, Inc., (increased)
Investors
Dec.
Jan.
5c
Jan.
Intertype Corp., 1st pref. (quar.)
2d preferred (semi-annual).
Jan.
$1H
Jan.
Investment Co. of America (quar.)
Investors Corp. of li. I., 2nd cumul. pref
3 Dec. 15
15 Dec. 31
37^
Alkaji (year-end div.)
Maytag Co
Mead Corp. (quar.)
Mead Johnson & Co.,
Jan.
50c
Preferred (quarterly)
9
Jan.
$1
25c
$8 preferred (quarterly)
$6 preferred (quarterly)
Master Electric Co. (quarterly)
3
20
21Hc
Massachusetts Investors Trust
Dec.
1
17
3 Dec.
Dec. 21 Dec.
50c
Marion Water Co., 7% pref. (quar.)
Masco Screw Proddcts (quar.)
Mascot Oil Co
Jan.
Dec. 31 Dec.
Dec. 31 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
50c
10c
50c
1
Jan.
$1H
10c
Lighting
15
Dec. 21 Nov. 30
25c
(quar.)
62Hc
—
...
Mining Co
3 Dec.
15 Dec. 31
10 Dec.
$3
25c
45c
....
International Harvester Co. (quar.)—
International
30c
Jan.
Jan.
3 Dec. 15
50c
50c
Marine Midland Trust Co. (quar.).
Extra.
15
S1H
Jan.
Dec. 20 Dec. 10
Dec. 20 Dec.
6
Dec. 20 Dec. 20
Jan.
5 Dec. 15
50c
Mapes Consol. Mfg. Co. (quar.)
Calculating Machine (year-end)
15
Dec.
-
$3
Margay Oil Corp
Marine Midland Corp
16
1 Mar. 15
Apr.
Common..
International Button Hole Machine (quar.)—..
2
13
$1H
Marchant
Dec. 20 Dec.
International Business Machines (stock div.)—
3 Dec.
50c
Manufacturers Trust Co.,
Preferred (quarterly)
Dec. 24 Nov. 30
Dec. 23 Nov. 29
Dec. 20 Dec.
Year-end
Manischewitz (B.) Co. pref. (quar.)
Manufacturers Finance Co., 7% 1st pref. (qu.).
7
Holders
Jan.
Jan.
McKales, Inc
7
When
Payable of Record
25c
Co., class B (year-end)
McKeesport Tin Plate Corp., com__
Macfadden Publications, inc., preferred--;
Mack Trucks, Inc., common
7
1937
18.
40c
SIX
McKee (Arthur) &
4
Jan.
37>|c
_
10
Dec. 22 Dec.
Jan.
3 Dec.
—
Lux Clock Mfg
Lykens Valley RR. & Coal Co. (s.-a.).
Lynchburg & Abingdon.Telegraph Co. (semi-an.)
McColl Frontenac Oil preferred (quar.)
McCord Radiator & Mfg. class A (stock div.)
H of 1 sh. of funding stock for each cl. A held.
Mc
cCrory Stores Corp
3 Dec. 10
3 Dec. 11
3 Dec. 31
3 Dec.
3 Dec.
25c
.
Steamship
Louisville Gas & Electric class A & B (quar.)—
15
Dec. 31 Dec.
Share
Louisville & Nashville RR. Co. (extra)
Lunkenheimer Co. preferred (quar.)
30 Dec. 20
S3
.
Preferred (s.-a.)
Installment Credit Corp. 7% preferred (s.-a.)
Interlake Iron Corp
Jan.
$2
Hygrade Sylvania Corp
Imperial Life Assurance of Canada, (quar.)
Imperial Tobacco Co. of Canada, ord
—
Incorporated Investors—
Indiana General Services Co. 6% pref. (quar.)..
Indiana Michigan Electric 7% pref. (quar.)- —
6% preferred (quar.)
Indianapolis Power & Light preferred (quar.) —
Indianapolis Water Co. 5% cum. pref—
Ingersoll-Rand Co
Per
Name of Company
Dec. 24 Dec.
9
Jan.
3 Dec. 20
Dec. 27 Dec. 17
Dec. 24 Dec. 14
Dec. 24 Dec. 14
Dec. 23 Dec. 13
Dec. 23 Dec. 13
Dec. 27 Nov. 27
Jan.
Dec.
Holders
Payable of Record
Dec
preferred (quar.).
Illinois Central RR. Co. leased line
Interlake
$1H
When
Chronicle
55c
36c
36c
S1H
*50c
t43c
SIX
Dec.
4
Dec.
Dec.
16
an.
Nov. 30
Jan.
Jan.
Dec.
Nov. 30
Dec. 31
Dec. 15
Jan.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Jan.
Dec.
10
Dec.
20
Dec.
10
21
Dec.
10
Dec.
10
Dec.
15
Jan.
Dec.
15
Jan.
Dec.
25c
Dec.
Dec.
13
14
25c
Jan.
Dec.
Jan.
Dec.
50c
Dec.
30
Nov. 29
Dec. 10
23 Dec.
13
3 Dec.
Dec. 22 Dec.
Dec. 22 Dec.
15
4
Jan.
25c
m|c
*50c
4
Dec. 24 Dec. 18
Feb.
l'Jan. 21
8*
Dec. 22 Dec.
50c
N. J
Jan.
3 Dec.
15
50c
Jan.
3 Dec.
1
20c
Dec. 27 Dec. 13
Volume
Financial
145
8
22 Dec.
Dec.
Dec.
6
6
Jan.
Dec.
24
Jan.
Dec. 24
Dec.
Dec.
Dec.
Dec.
Extra
Nehi Corp., common
Newberry (J. J.) Co., (quar.)
New England Gas & Electric Assn. $534 pref—
New England Power Assoc., 6% preferred
$2 preferred
—
New England Tel. & Tel. (quar.)
New Hampshire Fire Insurance Co. (quar.)
New Jersey Water Co., 7% pref. (quar.)
Dec.
Dec.
Jan.
Jan.
Extra-.. L
Pocahontas Fuel Co
mm
6
10
Dec.
Dec.
6%
6%
Dec. 20
Jan.
Dec.
Dec.
15
Jan.
Dec.
10
Jan.
Jan.
Dec. 31
Dec. 15
Jan.
Dec.
15
Jan.
Dec.
Dec.
Dec.
15
14
Dec.
Dec.
15
Dec.
Dec.
15
Jan.
Dec.
15
Dec.
Dec.
Dec.
Dec.
7
7
Dec.
Dec.
14
Dec.
Dec.
14
Dec.
Dec.
8
Dec.
Dec.
3
Dec.
Dec.
3
Dec.
Dec.
Dec.
Dec.
New Process Co
New River Co. 6% preferredNew York Transit Co___
Niagara Alkali Corp., 7% pref. (quar.)
Niagara Share Corp. of Md., cl. B com
Class A preferred (quarterly)
Noblitt-Sparks Industries (quar.)
Extra
—
Noranda Mines, Ltd-Norfolk & Western Ry. (quar.)-.------—
Extra
North American Aviation, Inc
North American Co
Preferred
———
10
10
10
Public Service Co. of Oklahoma—
Dec.
16
Dec. 15
Dec.
Dec.
13
Dec.
Dec.
13
Dec.
15
Jan.
Dec.
Dec.
15
8
Dec.
10
Dec.
10
Jan.
Jan.
412-3 c
6% preferred (monthly)
5% preferred (monthly).
Ohio Seamless Tube 7% preferred
581-3 c
50c
—
Jan.
Dec. 15
3 Dec. 15
3 Dec. 15
_
t$334
Dec.
Dec.
11
$1
Dec.
Dec.
10
30c
Ohio Water Service, ciass A—
Dec.
30c
Dec.
Oliver United Filters, B
50c
Dec.
Dec.
17
Reece Button Hole Machine
Omnibus Corp. (initial)
Preferred (quar.)
$1.80
$2
Otis Elevator
Co__
Dec.
10
15
10
Dec.
Dec.
Dec. 10
Dec. 22
Dec.
Dec. 22
Dec.
Nov. 30
Dec. 15
Jan.
50c
Jan.
Dec.
$7
Dec.
Dec.
4
45c
Dec.
Dec.
10*
15
45c
Pacific Greyhound Line $334 pref.
Pacific Indemnity Co. (quar.)
Dec.
10*
Dec.
Dec.
13
40c
(quar.)
Dec.
8734c
'
Jan.
Dec. 15
Dec. 15
Dec. 31
Dec. 27
Dec. 15
10c
Jan.
75c
Pacific Southern Investment, pref
Jan.
$134
t50c
Extra
Pacific Lighting Corp., pref. (quar.)
Pacific Public Service, 1st preferred
Jan.
$2
$134
Jan.
Jan.
50c
Dec.
85c
Dec.
Dec.
Dec.
Dec.
Dec.
Packer Corp .(extra)
60c
Dec.
Dec.
Page-Kersey Tubes (quarterly)
$1
25c
Jan.
Dec.
12
Jan.
Dec.
12
$1
Dec.
Dec.
6
$1
23 Dec.
Jan. 15 Jan.
Dec. 20 Dec.
Dec. 20 Dec.
10
3
1
1
Pacific Telephone &
Preferred (quar.)
Pacific Tin Corp.
Telegraph Co
(quarterly)
—— —
—
Extra
Extra
-
-
Pan American Petroleum & Transport
Payable in 7-year 334% notes.
Paraffine Cos., Inc. (quarterly)
Preferred (qnar.)
$1
50c
Park & Tilford, Inc
Extra---
$1
50c. div. Dayable in cash or pref.
Park Utah Consol. Mines (resumed)
stock.
15c
$154
$7 pref. (quar.)
Patino Mines & Enterprises Consol., Inc.—
American shares (special)
Peninsular Telephone Co. (quar.)
Pathe Film Corp.,
Extra
$2
40c
--
•40c
$194
$1
7% preferred (quar.)
Penney (J. C.) Co
'
Extra
3(
Penn-Mex Fuel Co
Penna. Power &
$134
Light, $5 pref. (quar.)
$6 preferred
(quarterly)
$7 preferred
(quarterly)
Penn, Water & Power Co., common
$134
$134
(quar.)
$5 preferred (quarterly)
Penn western Gas & Electric Co
90c
Pennsylvania Edison Co., $5 pref
$2.80 preferred
Pennsylvania Gas & Electric, $7 pref. (quar.)—
7% preferred (quar.)
Pennsylvania Glass Sand Corp.—
$7 cum. conv. pref. (quar.)
Pennsylvania Power Co., $6.60 pref. (monthly)
$6.60 preferred (monthly)
$6.60 preferred (monthly)
—
$6 preferred (quar.)
Pennsylvania RR. Co
Peoples Drug Stores, Inc., (quarterly)
—
Special
Perfect Circle Co. (quar.)
Extra
.
Pet Milk Co.
*1$
70c
Dec.
Dec.
———
Feb.
Preferred
15 Feb.
5
Mar.
Mar.
Feb. 21
Dec.
Nov. 20
Dec.
Dec. 11
Dec.
11
Dec.
Dec.
Dec.
Dec.
Dec.
8
Dec. 20
Dec.
1
Dec.
1
Jan.
Feb,
Dec.
Dec.
Dec.
Dee.
8
Dec. 14
Dec. 20
Dec.
8
Dec. 15
Dec.
9
Jan.
Dec.
Jan.
Dec.
1
Dec.
Dec.
14
1
9
3,Dec. 21*
4
4
15
1 Dec. 15
3 Dec.
——
Dec.
20
Dec.
15
Dec.
10
$194
Dec.
15c
Dec.
10
10
60c
Dec.
6% pref. (quar.)
25c
Dec.
15
14
Dec. 20
Dec.
11
Dec.
11
Dec.
10
Mar.
10
each sh.
Notes
(quarterly) _ — ------- Rustless Iron & Steel (stock dividend) — — — — Payable at rate of l-75th share of 2nd pref. for
St. Joseph Lead
held.
Co— ——
Co., 6% 1st pref.
Dec.
$1H
$194
——
National Stockyards
Safety Car Heating & Lighting Co....
Safeway Stores, Inc., 5% preferred (quar.)
6% preferred (quarterly)
7 % preferred (quarterly)
——
Preferred (quarterly)
— —
$6 pref. (quar.)—.
Seaboard Commercial Corp. (quar.)
Scranton Electric
Extra
5% preferred A (quarterly)
Seagrave Corp. (resumed)
Corp.
Payable in $25 par 6% pref. tock.
Securities Holding Corp. 6% pref—
Selected Industries, $594 Pref. (quar.)
Securities Acceptance
Dec.
15
Servel. Inc.
Dec.
15
I
Seton Leather Co
preferred (quarterly)
Sharon Steel Corp
$5 Convertible
preferred
(quarterly)
Shattuck (Frank G.)
22
Dec.
14
Dec. 14
Dec. 14
Dec.
Dec.
Dec.
17
Dec.
Dec.
10
Dec.
15
Dec.
15
25c
Dec.
Dec.
$194
$194
$394
$194
Dec.
Dec.
Dec.
Dec.
15*
15*
14
Dec.
tin
■
!1H
Dec.
9
Jan.
Dec.
Jan.
162-3c
75c
Extra.
6
Dec.
Dec.
$3 Jan.
$194 Jan.
San-Nap-Pak Mfg. Co., 70c. pref. (quar.)
Saratoga & Schenectady RR. (s.-a.)
$194
Savage Arms Coup., 2nd preferred
—
33 l-3c
Savannah Sugar Refining. — —
——
Represents payment for Nov. and Dec.
Schenley Distillers Corp.
Dec.
Jan.
Dec.
25c
50c
(s-a)
(semi-ann.) —
& Pacific Co., common..
St. Louis, Rocky Mtn.
Preferred (quar.)
6
—----—--
notes at the rate
Preferred
St. Louis Bridge
10
Dec.
Extra
each share of common
10
10
Dec.
Nov. 30
of 4% per annum,
20,1940
Rubinstein (Helena) class A (quar.)
Russell Motor Car Co. (quar.)—
Extra
9
50 Dec.
1 Dec.
due date of Dec.
Jan.
1(»
13
50 Dec.
(quar.)
$1.40 of face value for
Dec.
10
15
13
3 Dec.
will bear interest at rate
Dec.
3 Dec.
14
51 Dec.
—
Rubereid Co. (quar.)
Year-end div. in promissory
St. Louis
15
51 Dec.
Royalty Insurance Shares, A
a
3*
10*
15
15
15
15
23
15
14
14
14
14
14
15
23
13
13
13
Dec.
Common—
Ross Gear & Tool Co.
•with
15
June
Dec.
4 Dec.
51 Dec.
Quarterly
Quarterly
J an.
Jan.
3 Dec.
3 Dec.
54 Dec.
(quar.)—
(quar.)--Mines. Amer. shares— —
Two additional Amer. shs. for each share held.
Roberts Public Market, Inc. (quar.)
Rochester Telep. Corp. (quar.)
694% preferred (quar.)
Roeser & Pendleton, Inc. (quar.)—
——
Jan.
10
3 Dec.
53 Dec.
3 Dec.
Roan Antelope Copper
Jan.
31
57 Dec.
60c
Co
River Raisin Paoer Co_
Riverside Silk Mills, class A
of
Dec.
54 Dec.
54 Dec.
(quar.)
Preferred
3% 2d preferred
15
Dec. 20
Jan. 20
Feb. 21
Jan.
Jan.
—
1 Dec.
Rich's, Inc., 694% preferred (quar.)
Ritter Dental Mfg. Co. (quar.)
Dec. 20 Dec. 10
Jan.
3 Dec.
1
Ltd----
1 Dec.
3
—
Class B
Jan.
Pittsburgh Ft. Wayne & Chicago Ry. Co
51 Dec.
60c
Richmond Water Works Corp.,
13
13
16
Jan.
3 Dec. 15
Jan.
3 Dec. 15
Jan.
3 Dec. 15
Jan.
3 Dec. 15
Jan.
3 Dec. 15
Dec. 23 Dec. 15
Jan.
3 Dec. 10
Jan.
3 Dec. 10
Jan.
3 Dec. 20
Jan.
3 Dec. 20
Jan.
Extra
51 Dec.
Co., com
pref. (quar.)—
Remington Arms Co
Remington Rand, Inc
Preferred (with warrants)
Rensselaer & Saratoga RR. (s.-a.)
Republic Investors Fund, Inc., com
Republic Petroleum Co., common
— -—
Republic Steel Corp., 6% conv. prior pref. A—
t$1394
6% convertible preferred
—-—■$194
Revere Copper & Brass, 7% pref. (quar.)
1.3194
594% preferred (quarterly)
.
$194
Reynolds Metals Co., 594 % cum. pref. (quar.) —
11
23 Dec.
Dec. 23 Dec.
Dec. 21 Dec.
Pfaudler Co.
Phelps Dodge Corp
Philadelphia Baltimore & Washington (s.-a.)—
Philadelphia Bourse, 6% pref
Philadelphia Co., $6 preference (quar.)
$5 cumul. preference (quarterly)
Philadelphia Diary Products, 1st pref
Philadelphia Electric Power, 8% pref. (qu.)
Phillips Packing Co., pref. (quar.)
$
Phoenix Finance Corp., 8% pref. (quar.)
Phoenix Insurance (quar.)
1 Dec.
51 Nov. 12*
50 Dec.
10
Dec.
Dec.
(quar.)
9
16
1
58 Feb.
1
54 Dec. 15
53 Dec.
54 Dec.
50 Dec.
50 Dec.
Reynolds (R. J.) Tobacco
10
10
50 Dec.
(quar.)
Preferred
10
Dec. 23 Dec. 15
Jan.
1 Dec. 15
Dec. 22 Dec. 15
Dec.
(quarterly)
1 Dec.
54 Dec.
Rice-Stix Dry Goods, 1st pref.
2nd preferred (quarterly)
Dec, 20 Nov. 22
3 Dec. 23
Jan.
Petroleum Corp. of America
Pick (Albert) Co. (special)
Pioneer Gold Mines of B. C.,
10
31
Dec.
Dec.
—
Perfection Stove Co. (quar.)
Permutit Co..
1 Dec.
51 Nov. 26
Reliance Mfg. Co.,
$2
Calif, (quar.)
3 Dec. 20
1 Dec. 10
Reliance Electrical & Engineering
Nov. 30
60c
—.—
3 Dec. 20
Reliable Stores Corp
Extra
Dec.
(quarterly)
Ottawa Car Mfg. Co. (resumed)
Pacific & Atlantic Telep. (s.-a.)
50 Nov.
Reed Roller Bit Co., common
Extra
Dec.
$134
$1M
Preferred
Extra
Dec.
Dec.
;
-
Pacific Coast Mortgage
Pacific Finance Corp. of
Dec.
Jan.
25c
preferred (qu.)
50 Nov.
(quar.)
20c
Orange & Rockland Electric 6%
5% preferred (quar.)
50 Nov.
58 Dec.
Dec. 15
(monthly)
50 Nov.
15
15
15
26
20
20
20
20
20
20
58 Dec.
Dec.
Onomea Sugar Co.
Ontario Mfg. Co
10 Nov.
B preferred
Jan.
(quar.)—
Oklahoma Natural Gas 6% prior pref.
Old Joe Distilling Co. 8% pref. (quar.)
50 Nov.
Ralston Steel Car (special)
Preferred (quar.)
10c
——————————————-
—
50 Nov.
—
$134
—
3 Dec.
preferred (quar.)
594% preferred (quarterly)
6% preferred (quarterly)
Pullman, Inc. (special)
Pyle-National Co., common
Pyrene Mfg. Co., common
Quaker Oats Co. (quar.)
Preferred (quarterly)
Quaker State Oil Refining Corp. (year-end)
Queens Borough Gas & Electric Co.—
6% cum. preferred (quarterly)
Radio Corp. of America, common
$3 94 cumul. conv. 1st preferred
Rayonier, Inc
$2 preferred (initial quar.)
Reading Co., 2nd preferred (quar.)—
Extras.
3 Dec.
$194
Dec. 16
Dec. 16
Dec. 15
(semi-annual)
Oilstocks, Ltd.
3 Dec.
m
7% prior lien stock (quar.)
6% prior lien stock (quar.)
Jan.
(monthly)
10
10
57 Dec. 15*
3 Dec. 21
Pure Oil Co.,, 5%
$1
Special (payable in 5 % notes)
Ohio Public Service Co., 7% pref.
Co
iig
4
Dec.
-—
.
-
15
Dec.
62 94c
54 Dec.
15
Dec.
3c
50c
—
40c
Special
10c
Public Investing Co. (semi-ann.)
3794c
Public National Bank & Trust (quar.)
Public Service Co. of Colorado, 7% pref. (mo.) 581-3 c
50c
6% preferred (monthly)
412-3c
5% preferred (monthly)
65c
Public Service of N. J. (quar.)
$5 preferred (quar.)
7% preferred (quar.)
$2
8% preferred (quar.)
50c
6% preferred (monthly)
Public Service Electric & Gas, $5 pref. (quar.) —
7% preferred (quar.)
Dec.
50c
20c
20
Dec.
75c
50c
J
54 Dec.
Feb.
30c
J75c
13 Dec.
50c
Ohio Finance Co
tm%
18 Dec.
Jan.
Novadel-Agene Corp
:
April 1 & July 1, 1938 divs. amounting to
(quar.)
Ogilvie Flour Mills Co., Ltd. (bonus)-Ohio Brass Co., com. class A&B
t30c
coml (interim)
cum.
20c
Dec.
Nova Scotia Light & Power Co.
$194
13 Dec.
25c
Jan.
—
$194
6*
6*
11
3 Dec. 20
U Dec.
4
[5 Dec. 31
[5 Dec. 31
14 Dec.
8
13 Dec. 11
15 Dec. 17
10 Dec. 22
54 Dec. 10
54 Dec. 14
>2 Dec.
m m m mm
-
_
3
15
12 Dec.
mm — — m m mm m
—»
Preferred (quar.)
Protective Indemnity Co
Providence Washington Insurance
Mar.
Northwestern Telegraph (semi-annual)
Norwich & Worcester RR. Co., 8%ipref
«*•»«■•••.
Prosperity Co., Inc., class A&B
Payable in 5% pref. stock.
Jan.
(quarterly)
North American Edison Co., preferred
Northwest Engineering Co., com
—
4
10 Dec. 31
ressed
Jan.
preferred
Newport Electric Corp., 6% pref. (quar.)
..
?ressed Metals of America pref
Steel Car 5% 2nd (quar.)
15
New York Mutual Teleg. Co. (s.-a.)
New York Power & Light Corp., 7%
$6
.
Premier Gold Mining (quar.)
New York Lackawanna & Western
pref
L5 Jan.
Dec.
preferred (quarterly)
non-cum. preferred (quarterly)
Pratt & Lambert, Inc
Preferred Accident Insurance Co. (quar.)
15
Jan.
Preferred
Dec.
11 Nov. 26
6% preferred (semi-ann.)
3
Dec.
«.
•»
Power Corp. of Canada, Ltd.,
15
Dec.
Jan.
New York & Harlem RE. Co
Holders
of Record
•
Nov. 30
Dec. 15
Dec.
of Company
Pittsburgh Plate Glass Co
Pittsburgh Screw & Bolt Corp
Preferred (quarterly)
Plough, Inc.
Plymouth Cordage Co. (quar.)
Plymouth Oil Co., common (quar.)
6
Dec.
Dec.
59£ % prior preferred
$210-year prior preference _
6% Preferred
Navarro Oil (quar.)__
Name
Payable of Record
Dec.
National Supply Co. (Penna.), stock div
1-1 Oth of a sh. of $2 10-year prior preference
stock for each share held.
Per
Share
Holders
When
Per
Share
Name of Company
3925
Chronicle
Dec.
10
10
Jan.
Dec.
10
Jan.
Dec. 20
Jan.
Dec. 31
Dec.
Dec.
10
Dec.
Dec.
13
Dec.
Dec.
13
Dec.
Dec.
16
Jan.
Dec.
Jan.
Dec.
16
7
20c
Dec.
Dec.
16
50c
Dec.
Dec.
6294c
Dec.
Dec.
16
16
15c
Dec.
Dec.
15
50c
Dec.
Dec.
10
65c
Jan.
Dec.
22
$194
$194
Jan.
Dec.
17
Jan.
Dec.
20
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
16
13
13
1
1
50c
30c
•ia
40c
Dec.
Dec.
Dec.
Dec.
Financial
3926
When
Per
Name of
Share
Company
Shattuck-Denn Mining Corp
Association
Sr>eciai
.«»~
50c
Shell Union Oil Corp., common
5M% cumul.
conv.
preferred (quar.)
SIM
x
itsiM
Sherwin-Williams of Canada, prer
Silver King Coalition Mines Co
Simmons Co
Dec. 24 Dec.
3 Dec.
Dec. 22 Dec.
Dec. 20 Dec.
Jan.
3 Dec.
Jan.
10c
22c
mmmm+
*»«•
Jan.
Jan.
25c
Preferred
(quar.)
SIM
14
Co., $6 pref. (quar.)
Extra..'
-
South
Pittsburgh Water Co., 7% pref. (quar.)
6% preferred (quarterly)
5% preferred (semi-ann.)
South Porto ltico Sugar Co., com. (quar.)
—
SIM
37Mc
77 Ac
SIM
SIM
SIM
o
Jan.
Jan.
Feb.
Sovereign Investors, Inc. (extra)
Spartan Mills (semi-ann0
Spencer Kellogg & Sons, Inc. (quar.)
Sperry Corp
Springfield Gas & Electric Co. $7 pref. (quar.)..
Square D Co
Staley (A. E.) Mfg. Co., $5 pref. (quar.)
7% preferred (semi-annual)
—
Standard Brands, Inc., common (quar.)
$434 cum. pref. (quar.)
Standard Fire Insurance (Trenton, N. J.)—
—
Extra
Jan.
Jan.
Jan.
60c
Dec. 22 Dec.
18
Jan.
3 Dec.
Dec. 24 Dec.
Dec. 20 Dec.
15
14
Jan.
20
20c
Jan.
$1A
Power
sh.
of
each
3
1
Sierra
sh.
of
Stone
50c
SI A
SI'/%
15c
SIM
29
17
Dec.
17
Ventures, Ltd.,
Dec.
18
Vermont & Boston
15
3 Dec.
3 Dec.
16
Jan.
Dec. 27 Dec.
16
3
Jan.
Jan.
3 Dec.
1 Dec.
Dec.
Jan.
Jan.
15 Jan.
1 Dec.
Dec.
28 Dec.
24 Dec.
14
16
8
15
5
17
50c
Jan.
3 Dec.
17
25c
Jan.
3;Dec.
17
75c
Jan.
3 Dec.
17
50c
Jan.
3 Dec.
29 Dec.
10
20
1 Dec.
1
Sweets Steel Co
15c
Dec.
Swift & Co
30c
Jan.
5c
Dec.
31 Nov. 25
50c
Dec.
15
50c
-
Taggart Corp., $2M cumul. pref. (quar.)
Talcott (James) Inc., common
5M% participating preferred (quar.)
Tamblyn (G.) Ltd. (quar.)
5% preferred (quarterly)
Tech-Hughes Gold Mines (quarterly)
Technicolor, Inc
SIM
62 Mc
31 Dec.
Dec. 31 Dec.
15
Feb.
1 Dec.
17
Dec.
24 Dec.
15
15c
—
Jan.
1 Dec.
15
68Mc
Jan.
1 Dec.
15
20c
Jan.
3 Dec.
15
62Mc
Jan.
3 Dec.
15
10c
Jan.
3 Dec.
10
25c
Dec.
23 Dec.
16
SIM
SIM
SIM
$1.80
—
Jan.
3 Dec.
15
Jan.
3 Dec.
15
Jan.
Tennessee Electric Power Co.—
5% first prererred (quar.)
6% preferred (quar.)
7% preferred (quar.)
7.2% preferred (quar.)..
6% preferred (monthly)
7.2% preferred (monthly)
Texas Corp
Texon Oil & Land Co., common
Thew Shovel Co
15
Jan.
Dec.
10
Dec.
Dec.
10
Dec.
Nov. 19
Dec.
Dec.
8
20c
Dec.
Dec.
8
Jan.
Dec.
Dec.
Dec.
10
50c
Amer. dep. rec. def. register (final)
Less tax and deposit expenses.
Amer. dep. rec. ord. register,
(final)
Less tax and deposit expenses.
Todd Shipyards Corp
Dec.
Dec.
15
Dec.
Dec.
Dec.
SI
Jan.
Dec.
15
10
Dec.
15
4.5714% Dec. 21 Nov. 30
11%
50c
Special.
Toledo Edison Co., 7% pref.
(monthly)
6% preferred (monthly)
5% preferred (monthly)
Tonopah Mining Co. (Nevada)
Torrington Co
Trade Bank (N. Y.)
(quar.)
Traders Financial Corp. 6% preferred A
(qu.)_.
7% preferred B (quar.)
Trico Products Corp.
(quarterly)
Year-end dividend
;
TrI-Continental Corp., 6% pref. (quar.)
Tung-Sol Lamp Works
__b
Payable in 3 years interest bearing notes at
4% per year.
Dec. 21 Nov. 30
Dec.
Dec.
6
$3
581-3 c
Dec.
Dec.
6
Jan.
Jan.
Dec.
Dec.
15
50c
412-3 c
Jan.
Dec.
15
3c
Dec.
15
Jan.
8
Dec.
Dec. 20
15c
Feb.
Jan.
5
SIM
SIM
62 Mc
Jan.
Dec.
15
Jan.
Dec.
Dec.
15
Dec.
SIM
SIM
Dec.
Dec.
14
Jan.
Dec.
17
40c
Dec.
Dec.
16
30c
14
(quar.).!!!
fi
Union Pacific RR
-.—.II
Union Premier Food Stores, Inc.
(quar.).
Extra
Extra dividend is optional cash or stock.
United Biscuit Co. of America, pref.
(quar.)
United Bond & Share Ltd., common
Common
Common
—
Jan.
Dec.
15
Jan.
Dec.
3
SIM
Jan.
Dec.
15
25c
Dec.
Dec.
7
25c
Dec.
7
SIM
Jan.
Dec.
Dec.
1
20c
Dec.
Nov. 24
90c
Dec.
Nov. 24
Dec. 31 Dec.
Dec. 24 Dec.
3 Dec.
Jan.
3 Dec.
Dec. 24 Dec.
8
8
Jan.
8
10
15
Dec. 20 Nov. 30*
25c
Jan.
25c
Jan.
S3
Dec.
Jan.
J. Dec.
16
1 Dec.
16
23 Dec.
10
15 Dec.
10
28
Jan.
15 Dec.
Dec.
Jan.
20 Nov. 20
15 Dec. 15
Apr.
July
15 Mar. 15
15 June 15
Jan.
Dec.
3 Dec. 21
6
20 Dec.
Dec.
.
preferred (quar.)
25c
new
Telegraph Co
...
Victor Chemical Works.....
....
Virginia Electric & Power Co., $6 pref
Virginia Public Service, 7 % pref. (quar.)
Virginian Ry. Co
Vogt Mfg. Corp
Vulcan Detinning
Preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Ih-eferred (quarterly)
Vulcan Oils, Ltd. (semi-ann.)
Wagner Electric
Waimanalo Sugar
Waldorf System, Inc., common
Walker Mining Co
:
Ward Baking Corp., preferred
Waukesha Motor Co. (quar.)
Wayne Knitting Mills, common
Preferred (semi-ann.)
Wayne Pump Co
Wellington Fund, Inc. (quar.)
$2
30c
SIM
SIM
$2
25c
S3
SIM
SIM
SIM
SIM
5c
SIM
28 Dec.
Dec.
17
Dec.
13
14
Nov. 22
Nov. 22
10
10
Dec.
20 Dec.
10
Jan.
July
1 Dec.
17
19
1 June 15
Dec. 12 Dec. 15
Dec.
Jan.
20 Dec.
3
1 Dec.
10
13
15
Dec.
23 Dec.
Dec.
23 Dec.
Dec.
22 Dec.
14
Jan.
20 Jan.
10
Apr. 20 Apr.
July 20 July
11
Oct.
10
20 Oct.
11
Dec. 20 Nov. 30
Dec. 20 Dec.
2
20 Dec.
21 Dec.
Dec.
23 Dec.
Dec.
24 Dec.
13
10
Jan.
14
16
10
10
SI
Dec.
3 Dec.
24 Dec.
SIM
Jan.
2 Dec.
50c
Jan.
2 Dec.
17
15c
—
Dec. 30 Dec.
Dec. 30 Dec.
15
3 Dec.
15
Jan.
SIM
I
SIM
SIM
SIM
West Penn Power Co., 6% preferred
7% preferred
West Virginia Water Service Co.—
$6 cum. preferred
Western Grocers, Ltd. (quar.)
Dec.
SIM
SIM
SIM
...
Feb.
tSIM
15
3-38 Dec.
Jan.
50c
!.
3 Dec.
15
15
15
12Mc
6% preferred
7% preferred
31 Dec.
15
Dec. 30 Dec.
17
Feb.
21
21
15 Jan.
15 Jan.
Feb.
1 Jan.
5
Feb.
1 Jan.
5
Dec. 31 Dec.
15
20
20
Dec. 20 Dec. 10
Dec. 30 Dec. 15
Dec. 30 Dec. 15
Dec. 23 Nov. 27
75c
15 Dec.
Jan.
30 Dec
25c
—
15 Dec.
Jan.
25c
(quar.)
Western Light & Traction, $1M pref. (quar.)
Western Pipe & Steel Co. (quar.)
Jan.
SIM
43 Mc
Preferred
Apr. 30 Mar. 31
July 30 June 30
Oct. 31 Sept. 30
50c
Extra
50c
Westinghouse Air Brakes (Irregular).
Subject to approval of stockholders.
Quarterly
Quarterly
Quarterly
Quarterly
Westinghouse Electric & Mfg
Participating preferred
SIM
.
25c
—
25c
$2
S2
Westminster Paper Co. (semi-ann.)
Westmoreland, Inc
;
Weston Electrical Instrument
May
25c
Jan.
25c
—
Dec.
50c
—
Jan.
20c
Dec.
$5
6% preferred (quar.)
White Rock Mineral Springs (quar.)
1st and 2d preferred (quar.)
Whitaker Paper Co
Preferred (quar.)..
Whitman (Wm.) & Co.. Inc.. 7% pref. (qu.)
Wickland (J. V.) Development (quar.)
Willys-Overland Motors, pref. (quar.)
Winn & Lovett Grocery, class A (quar.)
Class B (quarterly)
Preferred (quarterly)
Wisconsin Public Service Corp.—
7% cumulative preferred (quar.)
6M% cumulative preferred (quar.)
6% cumulative preferred (quar.)
Wiser Oil Co. (quarterly)
Woodley Petroleum Co. (quar.)
Woodley Petroleum Co
WJR Goodwill Station (extra)
J
Wright-Hargreaves Mines, Ltd. (monthly)
Jan.
20c
Weyenberg Shoe Mfg. Co
Wheeling & Lake Erie Ry., intitial
Wheeling Steel Corp., $5 pref. (quar.)
Jan.
tSI
SIM
—
Dec.
SIM
SIM
—
35c
Jan.
Jan.
18
31
Apr.
July
7
-
20 Dec. 10
3 Dec. 20
3 Dec. 15
3 Dec.
3 Dec.
28 Dec.
18 Dec.
15
15
10
14
15
2 Dec.
18
Jan.
11
15
Jan.
2 Dec.
18
Jan.
3 Dec.
18
Dec.
Jan.
Dec.
20 Dec.
1 Dec.
22 Dec.
Dec.
Dec.
22 Dec.
22 Dec.
15
15
13
13
13
SIM
SI %
SIM
Dec.
20 Nov. 30
20 Nov. 30
Dec.
20 Nov. 30
25c
Jan.
10c
3 Dec.
27 Dec.
27 Dec.
90c
Dec.
Dec.
Dec.
10c
Jan.
50c
25c
SIM
10c
Dec.
Jan.
10c
25c
Jan.
15c
Jan.
Jan.
12
13
13
20 Dec. 10
3 Nov. 24
3 Nov. 24
15 Dec.
3 Dec.
1
20
+$14
Dec.
3 Dec.
23 Dec.
SIM
Dec.
23 Dec.
15
75c
—
-
15
15c
Yukon Gold Co.
20c
7
-
6c
Young (L. A.) Spring & Wire (div. omitted)
Youngs town Sheet & Tube Co
5 M % preferred A.
Dec.
—
SIM
Preferred-.
Feb.
-
24 Dec.
Dec.
5c
Jan.
-
SIM
(special)
20c
•
11
SIM
Extra
SIM
1
3 Dec.
Dec. 23 Dec.
Dec. 23 Dec.
Dec. 24 Dec.
SIM
......
Wrigley (Wm.) Jit Co. (monthly)
Yale & Towne Mfg. Co
Yellow Truck & Coach Mfg., 7% pref
31
Dec. 21 Dec.
Dec. 21 Dec.
25c
Weston (Geo.) Ltd
West Texas Utilities, preferred—
Preferred (quarterly)
.....
Dec.
20 Dec.
20 Dec.
Dec.
25c
Co., class A
—
Dec.
Dec.
t50c
West Jersey & Seashore RR. Co. (s.-a )
West Kootenay Power & Light 7 % pref
Class A (quarterly)
10
5c
Wesson Oil & Snowdrift Co., Inc
Extra
—.
16
Dec. 20 Dec.
20c
10c
West Penn Electric
Dec. 27 Dec.
Dec. 20 Dec.
40c
Extra
Interim
$2M
tSIM
6Mc
6Mc
SIM
SI
—
$3
80c
±
Union Electric Co. of Mo., 7% prer.
Union Investment Co
I
Dec.
9
6
6
15
Mar. 21
15c
United Chemicals, Inc., S3 cum. & partic.
pref—
United Corp. $3 cum. preferred (quar.)
75c
United Elastic Corp. (Jersey City, N. J.)
15c
15
30c
SIM
Tidewater Associated Oil Co. preferred
(quar.)..
Tinken-Detroit Axle Co
Tobacco Securities Trust Co—
Extra
Dec.
20c
Thompson Products
Preferred (quarterly)
Tunnel RR. St. Louis (s.-a.)
Union Carbide & Carbon Corp
Jan.
10c
int.
15
15c
prop.
15
Dec.
50c
50c
Extra
15
Dec.
Jan.
60c
Texas Gulf Producing Co
Texas Pacific Land Trust, ctfs. of prop, int
Sub-share ctfs. for sub-shs. in ctfs. of
3 Dec.
Jan.
50c
Jan.
Dec. 22
Dec. 23
S 1.16 2-3 Dec. 21
Dec. 21
si
Van Norman Machine Tool
Dec. 31 Dec.
75c
14
14
3 Dec. 20
3 Dec. 20
25c
Deoenture (semi-ann.)
Dec.
Jan.
50c
5 Dec.
Dec. 24 Dec.
Jan.
Jan.
Utica Clinton & Binghamton RR
Jan.
43 Mc
43 Mc
35c
$2M
SIM
SIM
t$3
21
9
Jan.
$2
Liquidating distribution
Universal-Cyclops Steel Corp. (quar.).
Universal Products Co., Inc
Upresit Metal Cap Corp., 8% preferred
Utah Power & Light, $7 preferred
27 Dec.
Dec. 22 Dec.
Jan.
15c
Utica Knitting Co., 7% preferred
Jan.
15 Dec. 24
Dec. 23 Dec. 18
5 Dec. 14
50c
SIM
SIM
SIM
(quar.)
Van de Camp's Holland Dutch Bakers (quar.)
Extra
S2M
Common (quarterly)
Preferred (quarterly)
Preferred
Preferred (quar.)
United States Trust Co. (quar.)
United Verde Extension Mining
15
Jan.
15c
$2M Jan. 10 Dec. 20
12Mc
62 Mc
37 Mc
SI
i
Corp. (resumed)..
United States Sugar Corp pref. (quar.)
1 Dec.
25c
Sylvanite Gold Mines (quar.)
Tacony-Palrnyra Bridge, class A (quar.)
(quar.)
17
68 Mc
75c
Preferred B (semi-ann.)
Sussex RR. (s.-a.)
Preferred
31
Dec. 20
3 Dec. 20
3 Dec. 17
15%
15
15
Dec. 24 Dec. 15
Jan.
6 Dec.
3
SI
Common
United States Steel
15 Dec.
Feb. 15
Dec. 30
Dec. 30
Dec. 31
'Jan.
3
24 Nov. 30
24 Nov. 30
50c
3 Dec. 10
15 Dec. 20
6
23 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
87Mc
Smelting, Refining & Mining Co..
20 Dec.
t$3M
Extra
United States
21 Dec.
10c
Superheater Co., all outstanding stock
All outstanding stock (quar.)
Supersilk Hosiery Mills 5% pref. (s.-a.)
Supertest Petroleum, Ltd. (s.-a.)
United States Pipe & Foundry Co
com. (quar.)
United States Playing Card (quarterly)
Extra
Dec.
&
Sun Life Assurance of Canada
Sun Oil Co. preferred (quar.)
United States Lumber Co
Dec.
Pacific
Webster.capital stock held.
Sudbury Basin Mines
United States Leather Co., 7% preferred
Jan.
14
Dec.
Dec.
58 l-3c
53c
SIM
tSIM
SIM
(quar.)
$6 Preferred
43Mc
)
Stokely Bros. & Co. (no common div. action)—
7% conv. preferred (quar.)
7% non-con v. preferred (quar.)
Stone & Webster, Inc. stock dividend
Four-fifths of a sh. of Engineers P. S. Co.
l-10th of a
Co. com. for
10
1 Dec.
3 Dec.
Mar. 15 Mar.
31Mc
&
15
SIM
SI.05
•SIM
3 A%
Stanley Works (New Britain) preferred (quar.).
Starrett (L. S.) Co
Preferred (quarterly)
Stecher-Traung Lithograph 7M% pref. (quar.).
Stedman Bros., Ltd
6% conv. preferred (s.-a.).
Stein & Co. preferred A (quar.)
Sterling Brewers, Inc
com.
20
Dec.
50c
Inferred
24
Dec.
(quar
1 Dec.
3 Dec.
31 Dec.
75c
pref.
9
3 Dec.
15 Dec. 20
15 Dec. 20
15 Dec. 20
Dec.
55
...
—
Extra
9
Jan.
Jan.
Stix-Baer & Fuller 7%
3
lc
SIM
ttl A
-
3
10
$1
25c
6.36% preferred (monthly)
6% preferred (monthly)
United Molasses Co., Amer. dep. rec. ord. reg„
Less tax and deposit expenses.
United New Jersey RR. & Canal (quar.)..
United Securities, Ltd. (quar.)
United Shirt Distributors (quar.)
United Shoe Machinery (quar.)
Preferred (quar.)
United Specialties Co
United States Gauge Co. (s.-a.)
7% preferred (s.-a.)
United States Gypsum Co. (quar.)
10
54
Standard Oil of Ohio preferred (quar.)
Standard Steel Construction Co., S3 cl. A
Standard Steel Spring Co., common
—
15 Jan.
15 Jan.
19 Feb
3 Dec.
40c
SI
(Kansas)
Jan.
10
Dec. 31 Dec. 15*
Jan.
3 Dec. 15
Dec. 18 Nov. 30
Dec. 18 Nov. 30
Dec. 24 Dec. 14
+62Mc
SIM
....
10
Jan.
SIM
—
Southwestern Light, preferred
Preferred
......
15
28 Dec.
28 Dec.
Dec.
2%
50c
South
pref. (qu.)
3 Dec.
Dec.
Jan.
Calif. Edison., original pref. C (quar.)
34Mc
37Mc
Original preferred (quar.)
Southern Canada Power Ltd., 6% pref
XIA %
Southern Pine Chemical Co. 6% pref
%IA
Southern
10
Jan.
50c
(quar.)
West Penna. Pipe Line
Southwestern Gas & Electric, 7%
27 Dec.
Dec. 30 Dec.
3 Dec.
Jan.
%\y
Special
United Light & Ry. Co., 7% pref. (mo.)
10
Jan.
Jan.
75c
15
10
Holders
Payable of Record
25c
United Gas Improvement (quar.)
Preferred (quarterly)
Dec.
5c
South Penn Oil Co
Oil Co.
9
15
$1M
15
25c
Preferred (quar.)
Sonotone Corp
Standard
United Dyewood Corp., pref. (quar.)
Common (quar.)
United Fruit Co. (quar.)
10
3 Dec.
6
15 Dec. 31
27 Dec. 14
Jan.
1
Share
of Company
15
Jan.
Dec.
20c
$1M
Preferred
13
When
Per
Name
15
SIM
—
S. M. A. Corp. (quar.)
Smith (Howard) Paper Mills, pref. (qu.)
Smith (L. C.) & Corona Typewriters, Inc
South Carolina Power
3 Dec.
3 Dec.
Dec. 22 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
50c
l
Sloss-Sheffield Steel & Iron (special)
Dec. is, 1937
Holders
Payable of Record
25c
——
-
Shawmut
Chronicle
S3
June 30
Dec.
Dec.
Jan.
Dec.
Dec. 24 Dec.
16
8
3
*
SIM
1
Jan.
20 Dec.
1 Dec.
9c
Dec.
22 Dec.
9
Transfer books not closed for this dividend,
t On account of accumulated dividends.
t Payable in Canadian funds, and in the case of non-residents of Canada,
deduction of a tax of 5% of the amount of such dividend will be made.
Volume
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing House
The
STATEMENT
OF
ASSOCIATION
MEMBERS
FOR
OF
YORK
NEW
THE
Capital
Deposits,
■
.
Deposits,
Average
comparison with the previous week and the corresponding
x."'
''
v'/v'
'V, ^
date last year:
Time
Profits
Clearing House
Net Demand
Undivided
*
in
CLEARING HOUSE
SATURDAY, DEC. 11, 1937
THE WEEK ENDED
York
New
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Dec. 15, 1937,
York City
weekly statement issued by the New
Clearing House is given in full below:
3927
Chronicle
Financial
14S
Average
Surplus and
Members
Dec.
1937 Dec. 16, 1936
15, 1937 Dec. 8,
$
v.
Assets—
$
J
d747 ,624,000
12 ,586,000
2,507,000
94 ,822,000
10,302,000
39,505,000
2,571,000
51,504,000
6,000,000
13,252,400
138 ,674,000
Bank of Manhattan Co.
20,000,000
25,804,400
381 ,092,000
Natlonal City
77,500,000
58,932,400 al,428 ,367,000
410 061,000
54,330,900
Bank
Chem Bank & Trust Co.
20,000,000
Guaranty Trust Co
90,000,000
42,661,000
180,657,900
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
21,000,000
68,756,100
17,632,600
Corn Exch Bank Tr Co.
15,000,000
First National Bank
44,247,000
10,000,000
50,000,000
Irving Trust Co
Continental Bk & Tr Co
105,095,400
61,140,100
4,095,300
126,158,500
4,000,000
100,270,000
Chase National Bank
Fifth Avenue Bank
3,529,900
76,151,400
1,301,800
9,061,900
500,000
Bankers Trust Co
25,000,000
10,000,000
Title Guar & Trust Co..
Marine Midland Tr Co..
61,288 ,837,000
443 ,525,000
673 ,995,000
239 ,649,000
415 ,260,000
450 ,839,000
39 ,752,000
cl.818 ,833,000
47 ,353,000
28,125,700
272 190,000
Comm'l Nat Bk & Tr Co
5,000,000
12,500,000
7,000,000
7,976,700
77 ,436,000
Public Nat Bk & Tr Co.
7,000,000
8,665,900
80 ,563,000
New York Trust Co
Totals
*
9,061,458,000
894,916,300
523,431,000
Gold certificates
11,404,000
40,229,000
173,433,000
13,873,000
57,731,000
88,814,000
51,926,000
24,887,000
4,907,000
8,798,000
2,488,000
53,852,000
3,026,000
51,928,000
Bank of N Y & Trust Co
Other cash
3,458,263,000 3,504,112,000 3.471,784,000
1,437,000
77,389,000
f
Secured
by
■ ;
U.
1.619,000
1,680,000
77,918,000
62,478,000
3.537,089,000 3,583,649,000 3,535,942,000
Total reserves...
Bills discounted:
S.
■
Govt,
obligations,
3,993,000
312,000
3.650,000
448,000
3,261,000
1,173,000
4,305,000
4,098,000
4,434,000
1,004,000
4.584,000
1,004,000
4,599,000
1,100,000
6,282,000
Bonds
222,584,000
Treasury notes
327,441,000
189,679,000
212,930,000
337,095.000
189,679,000
129,985,000
357,682,000
157,576,000
739,704,000
739,704,000
645,243,000
749,597,000
749,405,000
657,059,000
71,000
5,947,000
193,335,000
71,000
8,402,000
10,011,0«0
135,667,000
255,210,000
direct or fully guaranteed
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial
advances
United States Government securities:
Treasury bills
693,685,000
Total U -S. Government securities..
National, Sept. 30, 1937; State, Sept. 30, 1937; trust
As per official reports:
hand and due from
on
United States Treasury_x
Redemption fund—F. R. notes
companies, Sept. 30, 1937.
Includes deposits in foreign
branches as follows:
$275,091,000; 6 $92,164,000;
a
Total bills and securities
C$128,238,000, d $42,383,000.
The New
Due from foreign banks
"Times" publishes
York
regularly each week
companies which
are not members of the New York Clearing House.
The
following are the figures for the week ended Dec. 10:
returns of
Federal Reserve notes of other banks
number of banks and trust
a
INSTITUTIONS NOT
BUSINESS
CLOSING
WITH THE
HOUSE
CLEARING
IN
Uncollected Items
Bank premises.
9,969,000
10,693,000
13,214,000
THE
4,506,701,000 4,500,377,000 4,498,879,000
Total assets.,
FRIDAY, DEC,
WEEK ENDED
Liabilities—
•
F. R. notes In actual circulation...
Loans,
Including
Investments
Deposits—Member bank
Res. Dep.,
Other Cash,
Disc, and
Bank Notes
Dep. Other
Y. and
Banks and
Gross
Trust Cos.
Deposits
N.
Elsewhere
reserve
955,207,000
Manhattan—
$
Lafayette National..
People's National...
312,088
1,534,600
7,536,900
705,000
325,600
404,000
COMPANIES—AVERAGE
5,477,000
Empire
Dep. Other
Banks and
Deposits
$
*7,361,200
8,802,655
Fiduciary
...
228,228
Fulton
Lawyers
United
........
States.
*1,105,418
10,789,154
*6,326,300
20,616,100
26,816,000 *11,004,500
68,117,475 24,136,223
$
$
Ratio
of
total
10,719,600
1,632,518
2,274,034
522,100
4,665,000
1,504,221
17,527
538,300
965,500
reserve
to
deposit
77,154,000
30,519,047
Kings County
♦Includes amount with
3,701,000
2,188,552
Federal R(serve
as
8,849,000
9,177,000
and
84.2%
15,312,216
37,968,000
8,498,219
follows:
liability
on
bills
Commitments
make
to
476,000
4,774,000
purchased
for foreign correspondents
65,734,700
10,174,852
11,590,933
23,495,500
36,265,000
77,698,034
85.7%
84.3%
579,000
4,612,000
Contingent
...
Industrial
ad¬
vances
8,893,000
t "Other cash" does not Include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
Brooklyn—
Brooklyn
9,117,000
2,242,000
Gross
Trust Cos.
$
53,499,100
Federation
7,744,000
9,117,000
245,766,000
50,271,000
50,825,000
7,744,000
Total liabilities.................... 4,506,791,000 4,500,377,000 4,498,879,000
Elsewhere
$
51,474.000
7,744,000
F. R. note liabilities combined
Manhattan—
129,123,000
51,053,000
2,646,000
All other liabilities
Res. Dep.,
Cash
182,176,000
51,049,000
51,474,000
Capital paid in
;
Surplus (Section 7)
Surplus (Section 13b)...
Reserve for contingencies
FIGURES
N. Y. and
Loans,
Disc. and
Investments
22,723,000
102,970,000
3,247,288,000 3,300,971,000 3,226,821,000
Deferred availability Items
Brooklyn—
TRUST
77,196,000
82,514,000
168,422,000
158,578,000
Total deposits..
26,863,600
26,287,000
6,319,750
102,000
4,861,000
3,261,200
3,403,000
170,726
327,600
6,245,500
Trade Bank of N Y_.
111,656,000
78,539,000
Foreign bank
8,004,100
6,804,000
2,466,606
107,300
803,000
899,426,000
29,442,000
%
S
$
$
19,334,000
19,006.000
4,528,738
Sterling National
948,653,000
acc't.. 2,980,729,000 2,938,379,000 3,023,932,000
U. S. Treasurer—General account
Other deposits
Grace National
29,707,000
-
OF
10, 1937
NATIONAL AND STATE BANKS—AVERAGE FIGURES
FOR
10,866,000
9,969,000
All other assets
84,000
x
65,000 110,878,000
These are certificates given by the United States Treasury for the
over
35,457,929
Empire, $5,291,400; Fidu¬
gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to
59.06
cents,
worth less to the extent of the
these certificates being
difference, the difference itself having been appropriated as profit by the Treasury
ciary, $728,219; Fulton, $6,034,900; Lawyers, $10,329,000.
under the provisions of the Gold Reserve Act of
1934.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions",
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
items of the
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans as reported in this statement,
an announcement of the Federal Reserve Bank of New York of April 20, 1937, as follows:
which were
described in
The changes in the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carryingsecurities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
outside New York
City.
Provision has been made also to include "acceptances of own bank purchased or
cial paper bought in open market" under the revised caption "open market paper," instead of in "all other
discounted" with "acceptances and commer¬
loans," as formerly.
Subsequent to the above announcement it was made known that the new items "commercial, industrial, and agricultural loans" and "other
would each be segregated as "on securities" and "otherwise secured and unsecured."
A
more
detailed explanation of the revisions was published in the May 29, 1937, issue
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN
Federal Reserve Districts—
New York
Phila.
$
$
$
S
1,222
8,794
1,126
1,844
$
21,489
Loans and Investments—total
LEADING CITIES BY DISTRICTS, ON DEC. 8,1937 (In Millions of Dollars'
101
Boston
Total
ASSETS
Atlanta
Chicago
St. Louis
S
Cleveland Richmond
$
$
S
Minneap. Kan. City
San Fran.
Dallas
$
$
$
$
633
556
2,970
654
392
679
508
2,111
185
280
252
1,049
9,509
662
4,034
459
720
252
293
1,001
322
576
Loans—total
loans
of the "Chronicle," page 3590.
35
247
44
43
15
12
50
49
11
18
11
271
1,692
165
250
98
145
559
146
82
158
149
82
202
22
18
15
4
53
10
7
23
3
Commercial, indU3. and agricul. loans:
On securities
Otherwise secured and unsecured
4,052
__
Open market paper
■
,
476
■"
1'
337
37
23
4
6
50
5
1
4
4
16
40
19
15
91
13
9
13
15
59
59
176
30
27
86
47
6
20
21
373
2
6
2
3
5
9
1
1
3
50
121
30
27
46
12
15
10
80
946
32
781
20
654
35
309
36
1,168
84
239
77
6
39
735
Loans to brokers and dealers.
41
•
62
269
V.
Other loans for purchasing or carrying
securities
Real estate loans
Loans to banks
'
Other loans:
On securities
13
Otherwise secured and unsecured..
825
55
256
43
39
54
31
56
28
38
103
United States Government obligations
8,013
410
3,263
310
803
272
153
1,389
194
151
238
179
651
Obligations fully guar, by U. S. Govt-
23
410
93
61
43
33
187
44
14
46
27
121
Other securities
1,102
2,865
127
1,087
264
260
66
77
393
94
42
115
50
290
Reserve with Federal Reserve Bank..
5,291
306
2,579
217
330
135
101
810
142
75
165
112
319
61
61
Time deposits.
_
-
United States Government deposits..
75
21
42
20
11
68
11
6
13
12
141
122
173
123
94
313
94
77
191
164
202
80
565
88
108
39
38
95
23
17
23
29
202
999
6,469
776
1,066
416
321
2,212
411
265
478
402
892
5,183
270
1,068
275
738
193
184
871
183
121
145
127
1,008
417
18
235
8
9
6
11
61
4
2
11
16
36
4,996
Other assets—net
LIABILITIES
Demand deposits—adjusted
38
109
1,307
:
1,803
14,707
Balances with domestic banks
195
2,000
260
309
216
186
712
228
113
342
190
245
9
371
—
Inter-bank deposits:
Domestic banks
Foreign banks
-
—
Capital account
3
1
1
mm-mmm
1
14
13
•1
7
872
26
387
24
21
26
6
23
8
8
3
7
333
3,634
237
1,617
228
350
93
89
370
90
57
92
82
329
408
.i._—
Borrowings
Other liabilities
23
340
Cash in vault
—
1
7
2
3
Financial
3928
Chronicle
Dec.
18,
1937
Weekly Return of the Board of Governors of the Federal Reserve System
followingjwas issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Dec. 16,
The
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
for the System as a
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
(third table following) gives details regarding transactions in Federal Reserve notes between the
week last year.
Reserve note statement
The comments of the Board, of Governors of the Federal Reserve System upon the
and the Federal Reserve banks.
Reserve Agents
returns
for the latest week appear in our department of "Current Events and Discussions."
I
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC.
Dec. 15,
(000) omitted
Dec. 8,
1937
Three cipher*
1937
S
$
ASSETS
Dec. 1,
1937
3
f
9,121,907
8,920
313,180
9,121,907
9,688
311,282
9,121,905
9,787
9,444,007
Gold ctfs. on band and due from U. S. Treas.
Nov. 24,
1937
Nov.
Nov.
17,
10,
1937
1937
3,
1937
3
3
3
Nov.
Oct.
27.
1937
Dec.
16,
1936
8,853,624
315,489
9,442,422
9,451.301
9.439,730
9,098,510
16,950
7,369
17,890
6,265
5,536
13,193
5,291
5,856
1,828
18,696
20,976
24,319
23,426
18,484
7,684
2,831
19,256
2,832
19,332
2,832
19,352
2,830
2,830
19,478
3,089
25,313
738,073
738,073
1.158,463
640,054
738,073
1,158.463
629,654
738,073
1,168,463
657,479
738,073
1,168,463
648,179
1,158,463
629.654
1,157,713
630,404
489,576
1,347,163
593,488
2,664,015
2,564,015
2,554,715
2.536,590
2,526,190
2,526,190
2,526,190
2,430,227
2,602,340
2,601.295
2,595,498
2,579,730
2,572,693
2,571,896
2.566.982
2,466,313
8.126,391
322,264
9,124,896
9,381
308.145
9.442,877
9.453,956
9,451,525
9,458.406
9.440.280
12,004
3,768
12,210
12,072
14,711
4,961
11,597
4,266
14,414
5,180
4,282
17,390
17,033
15,863
2,825
18,450
2,828
18,464
2,828
18,589
771,539
1,134,997
738,073
1,168,463
738,073
738,073
657.479
1,168,463
657,479
2,564,015
2,564,015
2,601,044
Total reserves.
1937
9,126,389
9,438
303,903
9.124,891
9,381
306,008
657.479
Other cash *
Oct. 20.
3
3
9.123,898
9,287
325,221
2,825
18,432
_
9,122,402
9,940
319,183
15,772
Redemption fund (Federal Reserve notes)
15, 1937
2,602,680
9,421
12,133
232,753
Bills discounted:
Secured
U. S.
by
Government obligations
direct or fully guaranteed
Other bills discounted
—
Total bills discounted.
Bills bought In open market.
Industrial advances—
United States Government securities- -Bonds--
Treasury notes
Treasury bills
Total U. S. Government securities
Other
19,450
securities
Foreign loans
gold.
on
Total bills and securities.
Gold held abroad
Due from foreign banks
Uncollected
178
178
175
173
173
173
173
220
26,314
25,784
25.892
589,718
23,785
25,427
670,245
736,957
27,262
581,920
45,364
28,526
622,341
26,646
895,842
45,435
28,431
714,261
45,455
40,730
40,807
39.679
39 468
12.710,564
12,760,479
12,834,711
12 575,081
181
181
Federal Reserve notes of other bmaks.
23,358
774,034
Items
45,268
45,344
44,161
43,850
45,365
42,470
638,847
45,365
41,720
12,732,584
12,841,932
12,757.802
12,902,656
12,771.542
premises
45,284
All other assets
36,066
669,040
45,269
46,223
12,923,974
Bank
Total assets.
48,082
LIABILITIES
Federal Reserve notes in actual circulation
4,293,307
4,294,885
4,279,489
4.264,829
4.249,618
4,277,419
4,284,159
4,256,097
4.270.223
4,268,972
Deposits—Member banks'
6,884,407
6.906,472
6,922,400
135,165
266,227
237,178
6,888,943
6,050,730
139,237
272,742
209,879
110,826
253,936
227,788
265.891
218.679
6,938,802
81,557
276,444
202,130
6,674,157
186,855
6,948,927
113,302
270,068
214,742
6,879,403
202,583
6.836.282
241,843
225,938
219,700
7,534,968
7,523,763
7,542,456
7,547,039
7,560,970
7.501,261
7,481,493
7,629.346
7,498.933
7,073,565
744,682
132,550
145,854
27,615
35,697
9,301
560,213
669,928
595,428
132.505
742,234
132,505
145,854
27,615
642,771
624.534
716,041
879,317
132,683
35,709
8,151
8,339
7,579
145,854
27,615
35,768
8,582
132,67f
145,854
27,61.
130 390
145,854
27,615
35,742
595,440
132,682
145.854
27,615
35,742
reserve account...
United States Treasurer—General account-
Foreign banks
Other
....
Total deposits
Deferred availability items.
Total liabilities........
Ratio of total reserves to deposltb and Federal
Reserve note liabilities combined
liability
bills
on
f
132,541
purchased
correspondents
132,534
132,518
145,854
145,854
27,615
35,733
11,987
27,615
35,734
8.338
145,854
27,615
35,709
8.823
12.732,584
12,841,932
12,757,802
12.902,656
12,771,542
12,710.564
79.8%
79.9%
80.0%
80.0%
80.1%
80.1%
1,785
1,683
1,888
2,169
2,486
2,586
12,955
13,137
13,249
13,316
13,431
13,326
Reserve for contingencies..
All other liabilities...
foreign
176,637
272,492
12,923,974
Capital paid In...
Surplus (Section 7)
Surplus (Section 13-B)
Contingent
231,540
216.438
deposits....
13,903
16,903
94,046
172,826
60,779
165,803
145,501
35,761
7,59/
27,088
34,246
16,002
12,760.479
12,834,711
12,575,081
80.3%
80.2%
80.2%
80.2%
2,219
2,326
1.855
13.522
14.403
14,488
1T4.554
18,533
21,956
21,044
16,604
for
...
Commitments to make Industrial advances...
21,371
Maturity Distribution of Bills and
Sh r< erm Securities—
1-15 days bills discounted
247
180
704
650
823
456
604
628
403
426
429
515
612
246
492
478
564
6,297
230
275
383
237
277
347
448
758
760
679
808
933
966
836
552
334
347
15,772
1-15 days bills bought In open market.
17,390
17,033
15,863
18,696
20,976
24,319
23,426
18,484
7,684
297
171
26
539
485
544
232
297
584
1,451
1,919
1,966
117
222
326
""§53
297
196
25
2,310
2,285
235
2,828
2,828
2,831
2,832
2,832
2.830
2,830
3,089
1,091
922
1,226
1,032
1,014
1,086
1,057
596
244
323
288
337
468
257
161
647
799
751
842
866
916
784
712
818
468
767
586
485
1,269
1,451
1,990
1,545
open market.....
open market
173
174
open market
1,107
615
""791
2,825
2,825
1,037
563
758
544
232
1,944
In open market
Total bills bought In open market
....
1-15 days Industrial advances
16-30 days industrial advances
31-60 days Industrial advances
921
61-90 days Industrial advances
938
515
industrial advances.
392
802
624
689
791
827
876
830
853
15,675
Over 9C days industrial advances
15,626
15,576
15,878
16,187
16,256
16,259
16,519
16,612
22,407
18,432
Total U.S. Government securities.
18,589
19,256
19,332
19,352
19,450
19,478
25,313
33,103
41,783
57,681
147,816
2,283,632
28,285
38,083
54,053
147,937
2,295,657
31,255
32,103
51,768
145,392
2,294,197
31,370
28,285
57,016
29,685
31,370
60,168
52,853
30,190
29,281
141,932
2,277,987
29,539
31,255
59,486
139,147
2,266,763
3,240
50,855
64,189
2,352,114
29,539
63,358
51,768
2,351,335
2,282,662
2,564,015
2.564,015
2,564,015
2,554,715
2,536,590
2,626,190
2,526,190
2,526,190
2,430,227
4,669,198
375,891
4,665,962
371,077
4,623,603
4,608,797
343,968
4,615,443
4,604,267
320,108
4,612,569
356,472
4,576.604
365,825
4,609,218
331,799
4,618,979
344,114
348,756
307,632
4,294,885
4,279,489
4,264,829
4.249,618
4.277.419
4,284.159
4,256,097
4,270,223
4,268,972
4,705,632
14,801
20,000
4,690,632
4,645,632
4,645,132
23,938
4,637,132
23,186
4,535,838
20,000
20.000
20,000
4,643,132
20,443
20,000
4,641,132
16,450
4.644,632
15,293
4.654,132
16,677
20,000
20,000
32,000
18,276
32,000
95,000
4.740,433
Over 90 days U. 8. Government securities
18,464
46,083
26,333
141,932
70,582
2,279,085
4,293,307
....
18,450
2,246,394
....
49,011
24,385
63,926
180,299
2,564,015
1-15 days U. 8. Government securities
16-30 days U. S. Government securities
31-60 days U. S. Government securities
61-90 days U.S. Government securities
1-1S
478
625
428
Total bills discounted.....
Total
14,889
381
434
Over 90 days bills discounted
16-30 days bills bought In
31-60 days bills bought in
61-90 days bills bought In
Over 90 days bills bought
15,349
826
16-30 days bills discounted....
31-60 days bills discounted.
61-90 days bills discounted
4,727,309
4.682,082
4.679,925
4,692,327
4,683.575
4,689,070
4.692.318
4,691.408
days other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities
Over 90 days other securities...
I
Total other securities.
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Aoenl as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. S. Treas..
By eligible paper
United States Government securities
Total collateral
•
z
"Other
cash"
does
not
Include
Federal
Reserve
notes,
f
Revised
18,195
1934. these certificates being worth less
provisions of the Gold Reserve Act of 1934
4,636,981
figure.
These are certificates given by the United States
Treasury for the gold taken over from the Reserve
cents on Jan. 31,
6,143
to the extent of the
banks when the dollar was devalued from 100 cents to 59.06
difference, the difference itself having been appropriated as profit by the Treasury under
Volume
Financial
145
Chronicle
3929
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 15. 1937
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
RESOURCES
s
Gold
certificates on hand and
from United States Treasury
Boston
New York
$
Cleveland Richmond
Phila.
$
$
;v
%
Atlanta
Chicago
$
$
$
Dallas
St. Louis Minneap. Kan. City
$
$
3
San Fran.
$
$
due
9.121,907
499,227
522,856 3,458,263
687,566
315,543
8,920
notes..
Other cash *
Total teserves........
865
1,437
689
806
362
313,180
Redemption fund—Fed. Res.
31,230
77,389
20,218
22,320
20,452
231,719 1,778,889
332
1,615
13,384
38,479
554,951 3,537,089
520,134
710,692
336.357
246,718 1,817,700
300,566
220
303
50
214
15
253
759
162
125
328
112
332
318
303
973
287
333
9,444,007
278,195
285,633
191,691
821
461
62
251
14,112
8,600
23,377
13,021
684,965
1,219
30,598
200,752
301,634
200,632
716,782
187,360
Bills discounted:
Secured by U. S. Govt, obligations,
direct and (or) fully guaranteed..
Other bills discounted
12,004
816
3,993
2,439
1,027
416
2,036
3,768
150
312
716
139
299
883
Total bills discounted..........
15,772
966
4,305
3,155
1,166
715
2,919
..
Bills bought in open market
Industrial advances
2.825
18,432
Treasury notes
Treasury bills.....
....
Due from foreign banks
Fed. Res. notes of other banks
Bank
110
99
353
54
80
200
4,584
3,685
765
1,783
127
750
239
655
465
970
65,252
95,994
40,442
59,492
34,462
33,775
49,683
28,780
84,854
124,827
72,310
33,847
49,792
28.844
24,979
36,745
21,285
37,694
55,449
32,120
30,009
44,148
55,607
75,104
110,485
64,002
25,574
1,528
66,791
98,254
56,917
216,853
249,591
134,396
112,238
281,991
112,483
83.009
125,263
99,731
221,962
223,986
251,791
137,004
115,383
283,426
113,118
84,021
126,781
101,068
224,023
1,134,997
657,479
Total bills and securities.
269
293
1,004
5
222,584
327,441
2,881
56,208
82,687
47,899
189,679
2,564,015
186,794
739,704
2,601,044
190,846
749,597
_
Total U. S. Govt, securities.....
Uncollected
205
771,539
....
U. 8. Government securities—Bonds.
1
78
80
181
13
71
18
16
8
6
21
3
2
5
5
13
23,358
459
901
2,012
542
29,230
2,709
2,198
1,328
3,162
29,458
1,356
1,275
2,318
45,830
3,355
2,243
21,380
1,522
1,264
38,609
3,872
1,722
33,700
2,345
1,298
1,646
64,365
3,888
107,031
855
70,922
1,452
79,940
6,228
1,616
774,034
5,947
193,335
9,969
10,693
814,314 1,053,991
544,302
396,875 2,219,829
452,752
309,796
473,360
...
items
premises
45,284
All other resources
Total resources.............
3,006
36,066
.....
2,036
12,923,974
60,234
4,836
4,205
822,233 4,506,701
4,601
3,159
1.526
3,164
334,336
v
995,485
LIABILITIES
F. R. notes in actual circulation
4,293,307
288,026
955,207
323,412
437,549
213,210
163,233
989,545
181,854
138,431
168,501
88,190
346,149
Deposits:
Member bank
6,884,407
399,626 2,980,729
29,442
18,247
353,466
450,042
36,842
19,854
3,670
215,121
172,435 1,01? ,637
12,812
41,101
200,042
237,187
13,832
6,258
547,515
5,557
15,322
15,095
19387
reserve account
U. 8. Treasurer—General account.
231,540
Foreign
216,438
Other
bank
deposits
202,583
Total deposits
7,534,968
26,803
9,280
3,395
25,033
1,672
6,474
5,642
125,951
7,702
4,964
2,871
446
189,606
4,117
6,258
2,924
195,081 1,080,493
225,936
141,488
257,723
202,905
583,489
37,050
4,073
3,613
41,271
10,016
21,504
20,401
2,893
3,116
3,877
5.616
34,388
3,856
4,655
32,108
4,391
104,807
12,905
3,851
1,416
545
1,003
1,142
9,645
2,121
7,666
1,174
2,013
941
1,262
1,847
1,493
344
451
317
296
757
396,875 2,219,829
452,752
309,796
473,360
334,336
995,485
15,754
78,539
3,917
158,578
21,307
21,149
2,092
437.544 3,247,288
398,014
510,408
254,599
61.490
*5,657
4,887
4,869
7,553
2,281
Deferred availability items
744,682
72,437
182,176
59,100
Capital paid in...
Surplus (Section 7)
Surplus (Section 13-B)
132,550
9,383
51,049
12,262
145,854
9,826
2,874
1,570
51,474
13,362
73,797
12,958
14,323
7,744
9,117
4,325
1,007
3,422
754
3,000
3,121
1,496
573
2,646
839
828
329
1,715
428
814.314 1,053,991
544,302
27,615
Reserve for contingencies
All other liabilities
35,697
...
Total liabilities
12,923,974
Contingent liability on bills purchased
for foreign correspondents
Commitments to make Indus, ad vs..
*
"Other cash"
does
1,785
Issued to F. R. Bank by F. R. Agent
held
by Agent
Gold certificates
....
hand
and
Total collateral.......
States
5
quoted
26 1938—
Feb.
.....
Feb. 23 1938
2 1938
Mar.
9
1 Q9Q
Mar. 16 17
18419" 1938
Mar. 23 1938
Mar. 30 1938
April
$
$
$
Chicago
St. Louis
S
$
%
$
6 1938——
226,963
13,753
182,569 1,020,288
393,102
30,743
144,446
6,015
97,844
19,336
194,674
12,820
179,911
26,991
11,410
9,654
46,953
4,293,307
288,026
955,207
323,412
437,549
213,210
163,233
989,545
181,854
138,431
168,501
88,190
346,149
4,705,632
14,801
341,000 1,090,000
893
4,275
347,000
466,500
1,161
228,000
99,500
404,000
318
147,000
208
180,000
715
162,000 1,040,000
306
2,659
20,000
200,632
2,701
945
287
333
341,893 1,094,275
349,701
467,661
228,715
184,659 1,040,306
200,950
147,208
180,945
99,787
4,740,433
Securities
on
the
Transactions
New
the
at
New
Averages—See
Asked
Bid
Asked
April 13 1938.
April 20 1938.
April 27 1938.
May
41938.
May 11 1938.
0.18%
PARIS
Bank of France
May
Banque de Paris et Des Pays Baa
Banque de l'Unlon Parisienne..
Canadian
Pacific
0.17%
each
0.17%
0.17%
0.18%
18 1938.
June
81938.
0.20%
0.20%
0.20%
June 15 1938.
June 22 1938.
July
July
July
6 1938.
13 1938.
20 1938.
Dec.
15 1941...
1 H%
100.6
100.8
Mar. 15 1942.
1H%
1 H%
IH%
W%
1H%
1 H%
1 H%
101.11
101.13
Dec.
15 1942
101.11
101.13
Sept.
15 1942.
100.22
100.24
June 15 1939.
15 1940...
Dec
15 1940...
.
101.11
101.13
Sept.
101.8
101 10
Feb.
101.18
101.20
June 15 1938.
101.15
101.17
Mar. 15 1938.
15 1938.
1 1938.
248
245
25,000
620
25,500
25,200
25,300
617
625
1,260
676
190
670
674
200
675
190
221
460
219
218
233
457
458
456
1,400
1,390
1,220
287
494
1,400
1,210
284
494
1,400
1,240
280
491
—
Lyonnaise..
1,240
_
L'Air
.
HOLIDAY
—
Ry.—
Pathe Capital
Bid
Asked
101.25
101.27
101.16
101.18
1
101.10
101.12
102.18
102.20
H%
2%
2H%
2X%
-
—
4%, 1918
Rentes 43^%. 1932, A
Rentes 43^%, 1932 B
Rentes 5%, 1920
Royal Dutch..... ———
Saint Gobain C & C
102.11
102.13
101.29
101.31
2
100.7
2K%
3%
101.19
101*21
101.11
101.13
Schneider & Cie
...
Societe Francalse Ford
Societe Generale Fonclere
Society
Societe
Lyonnaise
#
.........
Marseillaise..-.
— -----
284
492
621
626
1,060
799
820
371
22
1,931
70.50
67.80
67.80
75.40
74.30
94.60
5,700
1,950
1,090
790
1,090
810
815
370
23
1,990
69.50
67.60
67.60
75.80
74.50
94.80
1,238
1,220
-—
155
Union d'Electricite.
394
92
Wagon-Lits..
1,250
37
190
....
1,400
1,240
635
1,080
820
830
371
23
1.955
70.70
68.00
67.90
75.40
74.30
94.80
5.740
1,980
1,075
65
108
Tublze Artificial Silk preferred..
—
190
629
.........
Liquide.
Rentes
>A%
IH%
6,500
495
Rentes, Perpetual 3%
1
1,138
424
247
1,250
40
Pechiney
Mar. 15 1940.
1,125
426
240
496
Coty S A.
Int.
17
Francs
1,105
426
Comptolr Nationale d'Escompte
32ds of
Dec.
6,500
1,260
38
Orleans Ry 6%
101.4
16
Francs
6,500
38
Nord
101.2
15 Dec.
Francs
6,500
505
Lyon(PLM)
Rate
14 Dec.
Francs
40
Energie Electrique du Littoral.
Maturity
Dec.
1,300
Transatlantique..
Kuhlmann
Asked
13
Francs
511*
Generale
Energie Electrique du Nord
Bid
Dec.
Citroen B
Cie
Eaux Lyonnaise cap.
more
received by cable
25,100
626
Cle Generale d'Electricite
Credit
or
as
247
Cie Distr d'Electricite
Courrieres
one
BOURSE
426
Credit Commercial de France..
Sept. 15 1939...
June
3945.
6.600
Canal de Suez cap
0.20%
0.20%
0.21%
0.21%
0.21%
June 29 1938.
11
Francs
0.18%
11938.
15 1938...
15 1941...
Exchange,
day of the past week:
Dec.
0.18%
May 25 1938.
June
Dec.
Mar. 15 1941...
Stock
3945.
page
Quotations of representative stocks
Rentes 4%, 1917
Mar. 15 1939...
page
404,33
for discount at purchase.
0.12%
0.12%
0.14%
0.14%
0.15%
0.15%
0.15%
0.17%
Rate
York
Daily, Weekly and Yearly—See
page.
Int.
June
$
464,540
point.
15 1939...
SanFian.
$
20,090
Figures after decimal point represent
Dec.
Dallas
S
%
343,502
Dec. 17
Maturity
Minneap. Kan. City
129,786
Quotations for United States Treasury Notes—Friday,
a
Atlanta
$
Cleveland Richmond
48,340
0.8%
0.8%
0.10%
0.10%
—
16 1938...
Mar.
Phila.
336,366 1,084,993
0.18%
0.18%
0.18%
0.5%
0.5%
9 1938
Feb.
3,016
THE
2 1938
Feb.
134
269
Treasury Bills—Friday, Dec. 17
Bid
19 1938
Jan.
New York
Government
are
12 1938
Jan.
55
112
Stock and Bond
18 1937
Dec. 29
Jan.
55
51
RESERVE NOTE STATEMENT
Boston
Exchange—See following
Dec. 20 21 & 22 1937.
Jan.
43
176
20,000
.....
United States
Dec.
56
10
4,669,198
375,891
U. S. Government securities
Rates
219
due
paper
United
66
350
security
as
from United States Treasury....
York Stock
81
1,651
banks:
to
on
:
Reserve notes.
%
In actual circulation...
174
141
H
Held by Federal Reserve Bank
for notes Issued
2,037
833
185
4,612
Total
Federal Reserve notes:
Eligible
579
1,734
FEDERAL
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Collateral
138
12,955
include Federal
not
822,233 4,506,701
•
13,778
1,056
65
108
482
152
390
90
807
371
22
1,975
70.30
67.40
67.50
75.30
74.30
94.60
5,930
1,988
1,075
65
108
1,212
480
5,950
2,020
1,069
64
106
1,240
388
484
153
389
92
91
156
1,090
- —
368
69.80
67.75
67.70
75.90
74.60
94.80
5,990
63
—.
....
....
Dec.
3930
1937
18,
Stock Exchange
Stock and Bond Sales—New York
DAILY, WEEKLY AND YEARLY
One
Occupying Altogether Sixteen Pages—Page
United States Government Securities on the
Below
furnish
we
Corporation bonds on the New York Stock Exchange during the current
Quotations after decimal point represent one or more 32ds of a point.
16 Dec.
116.10
116.11
116.11
100.31
106.31
107.1
High
106.31
Low.
106.30
106,30
106.28
106.30
106.31
106.30
106.31
100.31
107.1
111.28
111.25
Low.
111.25
111.28
111.29
111.29
111.30
111.25
111.28
111.29
112.1
111.30
8
2
10
6
(High
101.28
101.29
100.29
100.27
100.26
100.26
100.26
100.26
7
11
45
25
7
11
100.17
100.20
100.23
100.27
28
14
100.29
101.3
100.30
101.1
100.25
100.26
100.30
101.1
100 29
100.30
101.1
101.3
Low.
100.16
100.14
100.16
100.20
100.26
Close
100.18
100.17
100.17
100.23
100.27
Total sales in $1,000 units...
18
24
68
17
30
(High
99.16
99.15
99.15
99.16
99.18
99.20
2Kb, 1956-59....
5
110.10
110.11
101.25
101.25
100.18
112.4
Total sales in $1,000 units...
101.22
101.23
75
(High
112.4
Close
101 20
101.20
Close
112.4
{High
4s, 1944-54
101.29
25
Total sales in $1,000 units.
5
112.3
112.1
111.29
17
101.25
Low.
2KB, 1951-54
107.3
9
10
5
16 Dec.
15 Dec.
101.23
High
107.3
8
101.21
14 Dec.
101.21
(Close
Total sales in $1,000 units..
107.5
107
Close
13 Dec.
101.21
...{Low.
2^8. 1948-51
3
*1
107
,
11 Dec.
101.21
(High
116.20
3
Total sales in $1,000 units
,
Treasury
116.20
116 12
116.11
Total sales in $1,000 units...
3X8, 1943-45
Owners' Loan and Federal Farm Mortgage
week.
Daily Record of U, S. Bond Prices Dec.
17
116.20
116.12
116.11
{Close
15 Dec.
116.11
116.11
(High
-.{Low.
4^s, 1947-52
14 Dec.
13 Dec.
11 Dec.
Daily Record of V. S. Bond Prices Dec.
Treasury
New York Stock Exchange
daily record of the transactions in Treasury, Home
a
No
the only transactions of the day.
disregarded in the day's range, unless they are
for the year.
Cash and deferred delivery sales are
account is taken of such sales in computing the range
NOTICE
110.17
110.11
110.13
110.17
Low.
99.15
99.13
99.14
99.13
99.17
99.19
{Close
110.11
110.16
110.17
Close
99.15
99.15
99.15
99.16
99.18
99.20
2
2
10
12
106
15
62
4
$1,000 units...
Total sales in $1,000 units...
(High
107.14
107.11
107.17
107.17
{Low.
107.14
107.11
107.12
107.15
107.14
107.11
107.17
107.15
{Low
3Xb. 1946-56
Total sales in
3 HB, 1943-47
....
Close
1
Total sales in $1,000 units...
1
17
103.28
2Mb, 1949-53.
(Close
103.31
High
103.28
103.28
103.27
{Low.
103.24
103.25
103.26
103.26
103.27
103.28
103.27
103.27
103.27
103.28
6
30
•42
9
7
Low.
103.27
Total sales in $1,000 units—
29
3s, 1951-55
3X8, 1944-64
103.12
103.12
103.8
Close
103.27
Close
High
Federal Farm Mortgage
103.12
103.8
102.10
102.9
102.12
103.8
163
78
103.16
103.8
103.8
103.16
103.8
103.16
102.27
102.29
102.30
1
3
High
102.29
Total sales in $1,000 units.
Federal Farm Mortgage
102.4
101
Total sales in $1,000 units
13
103.28
101.27
{Low.
1945
102.9
101.31
(High
2 Ms,
1
103.5
High
•
104 28
104 27
104.30
105
Low.
104.28
104.27
104.30
104.29
104.30
Low
102.29
102.27
102.29
102.30
103.5
{Close
3s, 1946-48
104.28
104.27
104.30
105
104.30
Close
102.29
102.27
102.29
102.30
103.5
10
1
1
6
Total sales in $1,000 units...
3
1
25
1
(High
103.20
103.22
Total sales in $1,000 units.
_
105.2
34
{High
106
106.1
106
106
106
105.30
106
106
106
105.30
106
106
Federal Farm Mortgage
100.2
106
106.3
105.31
106
1
1
2
12
Total sales in $1,000 units...
■
6
106.22
106.27
103.20
103.18
6
106.22
106.27
106.28
106.22
106.27
8
1
1
-
-
-
105.24
105.19
105.18
105.21
Low.
105.19
105.18
105.19
105.22
105.19
105.18
105.21
105.24
1
23
6
Total sales in
11
105.26
105.15
102.27
102.24
102.28
103
102.27
102.30
103.4
12
11
7
24
27
101.10
101.11
101.18
101.6
High
Home Owners' Loan
101.6
101.6
101.6
105.14
105.15
105.14
105.15
105.15
105.17
Low.
101.6
101.2
101.4
105.14
105.15
105 15
105.17
.Close
101.6
101.3
101.4
9
3
25
10
54
Total sales in $1,000 units...
106 27
106 27
106.29
106 27
106 27
106.29
106 27
106 27
106.29
25
2
10
106.20
106.30
103.5
106.31
105.19
2Xb, series B. 1939-49..
106 26
100 23
{Low.
106.23
106.23
100.23
106.23
106.25
106.26
106.23
J 00.23
106.26
106.30
106.30
2
2
1
6
5
4
101.13
101.11
101.13
8
21
5
19
100.23
100.23
100.22
100.25
100.28
100.29
Low.
100.23
100.21
100.22
100.25
100.27
100.28
Close
100.23
100.21
100.22
100.25
100.28
100.29
Total sales in $1,000 units...
2
5
1
18
59
3
2^s, 1942-44
106.30
{Close
Odd lot sales,
t Deferred delivery sale.
Note—The
table
above
bonds.
Transactions in
5 Treasury,
Total sales in $1,000 units.
101.11
101.10
23
High
Home Owners' Loan
*
106 23
(High
includes only sales
registered bonds were:
3Xb, 1943-1945
High
101.17
101.17
101.19
101.19
101.24
101.29
101.15
101.16
101.16
101.19
101.20
101.29
8 Treasury, 3s, 1951-1955
101.16
101.17
101.17
101.19
101.24
101.29
4 Treasury, 3^s, 1944-1946
(Close
3
15
15
103.11
103.13
103.9
103.10
103.9
103.17
103.9
103.7
103.9
103.7
103.10
103.13
103.17
18
6
15
'
„
Treasury, 2^s, 1955-1960
20
5
Total sales in $1,000 units...
1
103.18
103.9
103.9
103.9
(High
.{Low.
{Close
16
103.11
5
27
Total sales in $1,000 units...
United States
United
Treasury Bills—See previous
States
of
coupon
106.28
111.28
.103.25
106.21
101.13
4 Treasury. 4s. 1944-1954
{Low.
•
103.5
102.26
102.29
105.12
Close
'
103.5
16
{Low
2^s, 1945-47
6
103.6
102.26
105.12
Total sales in $1,000 units
„
102.31
102.29
$1,000 units
(High
2HB, 1955-60.
102.11
Close
Total sales in
105.12
Total sales in $1,000 units..
3XB, 1944-46-...
102.11
102.10
Low.
3s, series A, 1944-52
Close
3Xb, 1941
...
20
102.29
102.29
High
Low.
High
3Hs, 1949-52
—
— -
102.11
102.10
....
:<*m
$1,000 units
Home Owners' Loan
105.24
4
Total sales in $1,000 units..
3
102.10
Close
105.24
{Close
fHlgh
103.20
Low.
2'4b, 1942-47
....
103.20
—
High
106.28
J
{Close
-
2
103.20
103.18
103.20
Federal Farm Mortgage
106.28
Low.
Total sales in $1,000 units
3Xb, 1946-49...
Low.
{Close
Total sales in $1,000 units...
3s. 1942-47.
(High
3Xb, 1941-43
3s, 1944-49
106.3
Low
Close
3*Ab, 1940-43
43
102.13
101.31
Notes,
Treasury
to 106.28
to 111.31
to 103.25
to 106.22
to 101.13
page.
&c.—See
previous
page.
f
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
for
Saturday
Tuesday
Dec.
$
Monday
Dec.
Dec.
per
11
share
$ per share
38
38
*3658
*32
41
*32
*46%
*912
*19%
50
46
*21
9h
21
z8%
*1958
23
21
1%
51%
Ds
51%
4934
1
1
*
72
11%
IDs
13
1%
1
*
37
*31
46
*4514
9
9
Dec.
$ per share
37
*36%
43%
46
*31
46
15s
51%
l's
Dec.
*30
46
*44i2
9i8
834
*20%
*20%
*134
487s
1
9
21
2D2
178
5D2
Ds
3778
9i8
2018
1
*
...
11
21
134
49
72
*
72
1D2
IDs
113s
16
Friday
Dec.
$ per share
3834
43%
Ds
21
Thursday
15
20is
20%
1S4
48%
21
HI4
14
$ per share
38
43%
72
1078
Wednesday
3778
4312
50
17
$ per share
38
38i2
*30
*44l2
48i2
9%
9
*2012
2II4
20
20
*21
134
5114
2D4
178
52 i4
2H2
134
51%
22%
134
52 i2
1
1
1
1
72
m4
i2is
*:_._
600
"""266
8,200
12
Par
134
17%
1%
16%
15
16
16
15
15
16
15%
183s
17%
183g
778
16%
7%
162
*161
*9%
*13i4
10
1358
8
*51l2
4534
1234
2%
*21
5234
4638
1234
23s
23
56
*58%
56%
60
1378
1378
53
53
*
17%
778
157
*9%
*13%
734
51%
43 78
1258
2i4
*21
55
58%
13%
*52
Ds
1734
16%
16i2
1634
18
778
160%
10
1358
d8
16%
16is
D4
1634
112
16l2
16i8
*16
16
16
*15
16
16i2
173s
18
7%
155
8%
13
16i8
1778
7%
7%
159
2:157
9
9%
13i2
160
9%
D2
1678
1%
173.1
17
D8
17%
1634
17
17
17
*16
*834
12%
7%
6
42
Mar
70
Acmi Steel Co
44
Nov 22
85
Aug 13
69
Apr
Apr
74%
17% June
22% Jan
35%
A a ami
26
Express.... ...No par
Address Multlgr Corp
Advance Rumely
No par
Air Reduction Ino
10
No par
5258
54
54
53
43 34
45i2
12%
45
46
46
123s
*2%
*21l2
1278
2l2
23%
1238
2%
561,2
59l2
*55*
57i2
13i4
1234
2%
*12l4
238
23
*20%
8
2%
5618
5834
135s
55i2
22%
56%
57
57
13%
13%
53
52
53
1318
*
5134
Bid and asked prices, no sales on this day.
54
*20
60i2
*55
13
,
.-No par
4,300
14~666
Alaska Juneau Gold Mle.-.IO
100
7% Nov
17% Oct
16% Oct
112 Oct
146
238
2134
63i2
57i2
13
5134
11,300
16,800
1,300
2l4
1,000
1214
2l4
*20
63
$ In receivership,
57i2
13
a
2,400
52
2
Jan
91
Mar
13
July
178 Aug
37%
21% Jan
88% Nov
6% Apr
103
Nov
17% Sept
195
Mar
Oct 19
5% Feb 18
2%
Oct 19
6934 Feb 11
Oct 20
59
Oct 19
58% Feb 17
Apr
Jan
Jan
Jan
5% Nov
61% Nov
80% Nov
10
12%
12%
12%
10% Oct 19
62% Feb 18
45% Mar 16
27
Apr
54% Nov
40% Oct
Allen
Industries ine
13
Oct 19
6% Oct 19
1
Nov 23
8% Dec 14
Oct 19
No par
100
6% Oct 18
4978Nov26
A Ills-Chalmers Mfg
No par
34
Alpha Portland Cem
No par
5%
Corp
preferred....
Amalgam Leather Cos Inc
6% conv preferred..
200
Apr
1
$2.50 prior oonv pref.No par
Allegheny Steel Co
No par
1,500
"e'.ooo
5
xl% Jan
58
11
Allegheny Corp
21l2
62%
*54i2
1234
5134
Oct
7
5% Jan 25
100% Jan 22
15*4 Feb 25
160
Aug 10
Feb
Feb
Oct
11
Allied Stores
758
4778
1214
9
Jan
4% Jan 26
80% Jan
Nov
15% Nov
.No par
10
54
36
9%
5H %Pref A with $30 war 100
6H%Pref A with $40 warlOO
5H%Pref A without warlOO
Aillod Mills Co Inc...-No pa*
54
19
15
Oct 19
145
47
3
Mar 11
Aided Chemical A Dye.No par
Allied Kid Co
5
778
28% Feb
8
1,100
54l2
47%
1238
22% Mar 11
97
9
1,800
23
19
44% Nov 24
12 Oct 19
Air Way El Appliance..No par
Aia A Vicksburg RR Co..100
12l2
share
8
Mar
700
12U
7i2
per
Mar
8
1234
Highest
55
163
9
share $
69
9
18
per
8
8
1678
1734
$
share
Nov
162
1634
1634
18
per
Nov 26
778
16
17
$
share
37
16312
1734
162
per
17,600
12,700
1,300
1,100
3,200
4,200
1,400
2,900
1734
7i2
46
758
d2
17
1234
8
54i4
8
1258
7%
D8
17
16l2
16%
1634
18
7l2
$
Lowest
Highest
36
Adams-MUlis
1,900
Year 1936
100-Share Lots
Abbott Laboratories...No par
Abraham <fe Straus
No par
Albany & Susq RR..
1%
14i2
On Basis of
Lowest
200
10,000
Range for Previous
Range Since Jan. 1
STOCK
Shares
72
m2
YORK
EXCHANGE
Week
4312
912
*
NEW
the
8% Oct 19
li4 Oct 19
1
19
Def'd delivery,
6%
Preferred
n New
stock,
r
'85
Mar
9
83% Jan 22
39%
Jan 28
8% Mar 13
167
Jan
23
Aug
6%
Jan
69
Jan
35%
Jan
19% May
4
Oct
52% Mar If
75
Jan
101% Jan 22
41% Jan 16
49
July
38
Dec
4
66
J*n
10
6134 Dec 17
Cash sale,
9
17% Aug 14
33% Jan 16
217, Mar 6
1147g Mar 11
10
x
Oct 19
Ex-div.
y
60
Nov
237s Apr 12
258% M&r
Oct 20
50
American Bank Note..
26% July
5D2 Nov 23
53% Oct 19
50
Amerada Corp
No par
Am AgricChem (Del)..No par
260
Oct 19
Feb 11
75i8 Feb
Ex-rights.
31% Nor
245
Aug
"34"
Nov
20% Nov
90
Nov
81
Dee
34% Nov
5% Dee
39% Dee
125% Mar
89
Nov
55%
Apr
73
Vov
? Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 2
145
HIOH
SALE PRICES—PER
NOT PER
SHARE,
Sales
CENT
Saturday
Monday
Tuesday
Dec.
Dec.
Dec.
11
% per share
13
$ per share
Wednesday
14
Dec.
9 per share
39
39%
4012 41%
3912 41i2
*11534 118
*114% 118
*114l2 118
73
78
78%
78%
72%
75%
166
166
*16412 160
*165% 167%
25%
25% 26
2434 26%
24*4
49
49
49% 50
48%
48i4
16
16
167g
17ig
16%
1634
*91
150
*90i4 150
*9014 150
95
*91
*91% 95
91% 93
*22U 24
*22% 24
*2214 24
*7
8
*712
8
73g
73g
16
15%
16i2
165g
16%
16*4
16
*15ig
15l2
1434 15% *15
*80i2 87
80% 80%
*80% 85
45g
*45g
434
4*g
412
4%
*6
67g
67g
6%
*4ig
*6%
9 per share
Week
$ per share
Shares
16
Dec.
$ per share
40
42
43% z423g 43%
118
*116
123% *115% 12312
75
7534
73
727g
74%
73%
167
xl63% 164
165% 165% *165
26%
267g
25%
26%
26% 27%
50
50
50
50%
50%
51%
16
1612
1634
16%
163g
173s
39%
150
22
1034
4
4
25
25
36i2
36i2
1%
*1%
*16i2
*73g
22%
67ig
14l2
19
734
17i2
*10i2
18
1H2
334
*2034
*3534
17g
*16
4
25
36l2
17g
*16%
734
23
647g
15
15
11%
334
3*4
334
*2484
*35%
1%
25%
36%
1%
24%
2434
*35%
35%
*23%
3534
19
*17
18%
*17
64%
15%
62%
64
64
1434
*4%
15%
*101%
29
7%
45
357g
13%
*161
15
187g
197g
18*4
19%
70
68
69%
66
68
173g
17%
173g
167g
16%
12
12
11%
11%
11%
26
26
26
11
26*-
25% 26%
49
48%
*122% 125
51
*4934
126
46% 49
46*4
48%
123% 123% *124
124%
50
*4934 51
49%
*115
126
*120
126
31
33
31
68
9%
263g 263g
*107% 109
17%
17%
149% 150
62% 62%
9
8%
25%
109
26
109
26
27
26%
60
48%
27%
49%
*49
*120
126
*120
32%
834
8%
9%
25
25%
2534
25%
*106% 109
*106% 108
*123% 125
49%
49%
5034
124
126
834
32%
8%
3334
834
25%
2434
25
108
33%
108
2,600
*4%
4,000
200
300
8,400
900
6%
13%
*80
*80
*87
6%
6%
33
*30
31*4
6%
50
*17%
18%
*3
*26%
63g
48
48%
173g
173g
107
*103
107
15
14
*119
*119
*95*4
6%
66%
*80
39
98
6%
*119
*96
98
mm
6
*30
4%
6%
*119
98
'
mmmm
*119
98
*96
mm'
65
*62%
65
97%
*80
97%
39*g
37
38%
38
7
85
■
"7*4
7*4
♦59
67
6*4
3%
37%
6%
*334
684
4
*
85
"7"
85
"*7
7%
65
67
6%
3%
4
*
7%
67
6%
*
38%
36%
6%
384
6%
3%
85
"7%
65
*67
•
""7%
7%
67
6
6%
6%
1,600
3%
2,300
*
80
♦70
80
*70
82
*70
*35%
40
*35%
40
*35%
40
74
75
75
75
74
74
72
74
75
*72
*72
*72
74
74
27
26*"""
72
70
70
39%
41
73
73
721?
71l2
72
'*70%
2634
47
45
45
♦100
110
*100
110
*534
6
6
7
7
3%
3
*20
♦100
6%
3
3%
22%
3%
8%
9%
110
*684
3% ;
*234
*19
3%
110
6
5%
334
*234
3%
3
*19
22%
35g
110
*108
112
*108
*5%
4
3
534
5%
5%
3%
514
334
3%
3%
*234
22%
*19
3
*234
3
22%
*19
22%
*
*16%
83g
....25
100
10
Am Water Wks A Elec. No par
*
3
31
Deo
Feb 20
18
Apr
68
Mar 19
25*8
Jan
106*4 Mar 11
66*4
Jan
7
Nov 23
Dec
2
22% Oct 19
6
136% Jan
57% Mar
133% Jan
73% Jan 21
26% Jan 20
567g Jan 11
20% Apr
24% Dec
48% Apr
Jan 28
154
68*2 Jan 29
148
Feb
conv
8
13
13
13
19
1
Oct 19
Oct 19
Andes
Copper Mining
A P W Paper Co
20
No par
Armour A Co of Illinois
36 conv pref
6
No par
7% preferred
......100
Armstrong Cork Co--.No par
Arnold Constable Corp
5
Artloom Corp.........No par
Preferred
—.100
Associated Dry Goods
—1
7
8
Oct 19
25g Oct 19
25
Dec 17
11634May
93
4
Oct 18
45g Oct 19
62i2 Dec 17
4
6% 1st preferred
7%
2d preferred
5% preferred....
100
Feb
92*4
1
20
Feb 23
3% July
May
79*8 Feb 23
24
69% Mar 10
28
Feb 23
35
97
24*4 Aug
16%
3
Feb 18
37
Apr
12114 Feb
8
118
May
Mar
6
105% Jan
4% June
111
13*4 Feb 27
99i2 Mar 1
Oct 19
47g Oct 19
66%
104
70i2 Mar 13
I6I4 Feb 27
17*8 Jan 21
100
July 23
126
Jan
24*4 Mar
9
47%
7%
8%
95
125
Mar
900
400
10
1,100
21,800
mmrnmmm
mmrnmmm
12,100
20,900
3,100
6% prelerred
60
—
Dec 16
88
15
14%
14%
33
32
32
*80
95
*80
*81%
90
♦80
90
11%
14%
12
11%
1434
14%
95
90
90
16%
I684
10%
10
10%
16%
10%
17%
11%
30
29
30
28%
28%
13%
163g
17
17
12
11
*28%
2934
60
29
27%
29%
26
27
*45
27%
27%
60
28%
27%
*
60
"28%
28
29%
28
Bid and asked prices; no salee on this day.
*
60
~28%
2634
29%
27
17%
17
1734
xll
II84
11%
9%
10
28% 28%
14
13%
10%
10%
*110% 112
16
*1534
300
40
3,300
3,200
No par
Austin Nichols.—
....No par
3
{Baldwin Loco Works.No par
35 prior A
4% preferred
—.100
Bangor A Aroostook...——60
Conv 6% Drererred—100
Barber Co Ino—.—.——10
—No par
Barker Brothers
5
08
94*4May
Feb
«9
300
8*2 Nov 22
9% Oct 19
Oct 20
13U Oct 19
Nov 10
20
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref— -
82% Dec 10
73g
8%
Oct 19
Oct 19
8,100
Bendlx Aviation
1,600
Beneficial Indus Loan..No par
15
Oct 19
Best A Co—
No par
32
55
56%
2,500
68,300
(Del).No par
41
Nov 26
Oct 19
20
7% preferred
—100
Blgelow-Sanf Carp Inc.No par
Black A Decker Mfg Co No par
14
Oct 19
92
91
1,800
24%
12
500
13»4
*23%
1334
1,500
12%
19
*15%
♦
2,400
40
28%
25
27
{ In receivership.
0
6% preferred
Blaw-Knox Co
No par
Bloomlngdale Broth en.No per
Blumenthal A Co pre!
60
"28%
Bethlehem Steel
46,000
1,300
Def. delivery,
100
Feb
Mar
9U Jan
11U Jan
26% June
5% June
29% June
3
Apr
2% July
2% July
9i2 Jan 30
23*4 Aug 18
40i2 Mar 17
"15%
Deo
17%
1,500
Feb
Jan
Dec 15
10% Oct 19
33%
15
June
90
17%
33%
♦14%
Jan
14
Apr
Apr
30 1 Dec 17
90*4 Oct 19
...6
*112
9
2
1
25
12
29
Jan
21
Barnsdall Oil Co—.—..—6
Beech-Nut Packing Co
48
Jan 13
18ia
36*4
9i2
62i2
39
92
1,800
52 ig Mar 10
94
Mar 11
133
Feb 11
Oct 19
—60
109
6
6
45
Nov 24
35 preferred w w
13% Apr
28% June
Sept
Jan 18
Mar 11
47*4 Mar 17
10
Beech Creek RR—
44
37
116i2 Feb
18% Mar
Oct 19
No par
30
Jan
21% Apr
11
Apr
Mar 13
Oct 19
400
100
Oct 19
8% Oct 19
108
94
2
20
No par
Jan
90*4
9
7
10
preferred.....—..—100
Beatrice Creamery.
26
30
Dec
preferred....—...60
1st
Fob
30
Bayuk Cigars Inc
30
Nov 26
4i2 Oct 19
3% Dec 13
2
Sept 25
15U Oct 19
2% Oct 19
3% Sept 10
3
Sept 11
500
...
94
*95% 102
7%
7%
♦82% 85%
12% 12%
13
Baltimore A Ohio..——.100
Vot tr ctffl.
250
12,100
1013s Sept 29
7% Oct 19
39U Oct 19
38
Avla'ii Corp of Del (The)
Jan
Dec
June 29
104
110
Automoblls..-No par
Jan
Jan
95
9
32% Nov 23
71
Nov 27
No par
Auburn
Feb
Feb 18
5% conv preferred—
100
Atlas Tack Corp
No par
Atlas Powder
Jan
Aug
67*2 Feb 18
106
Oct 19
9,300
July
12% Apr
6
Jan 28
101
Nov 20
6
Oct 19
4% conv pref series A...100
Atlas Corp
.1
June
10% Feb 10
46
9
....100
25
6% prelerred
Atlantic Refining
Jan
Jan
May
9
37ii Jan 12
18
100
Jan
97
2
Feb 13
111
29
400
Jan
75g Sept
62*4 Sept
56i2 Mar 17
9,700
Apr
Jan 12
30
Dec
Jan
8% June
19%
14*8 Jan 18
Feb
58
Mar
88% Mar
136
79
96
25g Oct 19
80
Nov 27
63g Oct 19
Apr
87
4
107
Oct 20
Dec 15
Oct 19
—26
997g Feb
Jan
20% Mar
Jan 28
99
Oct 19
82
pref
129
149%
8
150i2 Jan 26
20i8 Feb 3
29i2 Jan 13
3l2
25%
3%
Z27%
....100
Amer Zinc Lead FA Smelt
35 prior
60% Dec
61% Dec
128%May
414 Oct
Jan
Oct 19
884
*30
153g
28%
♦27
Feb
29
Oct 19
8%
mmmm
"27%
36
7% Oct 19
No par
Preferred
Jan
16i8 Dec 16
No par
36 1st preferred
Woolen
American
Feb
23*4 July
45% Mar 11
1015s Aug 18
5
9
33
*42
Deo 14
h 18
8%
*30
no
15% Oct 19
66
157
Jan 21
170
Atlantic Coast Line RR... 100
834
14
14
13
14
14%
12%
13%
13%
11
11
11
11
11
1034
*10%
*10%
♦10% 11%
*110% 112
*110% 112
*110% 112
*110% 112
♦110% 112
17
16
16
Zl6
16
16%
*16*4
*15%
*15%
15%
*93
94
*93
94
94
*94
105
*93
*92*4 96
*31
42
42
30% 30%
*30%
*30% 42
*313g 42
97
95
*94
*94
96
96
95%
95%
95%
*94%
8
8
8
7%
734
7%
7%
734
734
784
85%
*82%
*82% 85%
*82%
85% *82% 85% *82%
13
1234
13%
12%
12%
12%
1234
12% 13
12%
17
17%
17%
17%
17%
*17%
17%
17%
173g
17%
32
32
34%
33%
32*4 3234
32% 3234
32% 3234
57
54%
56%
67% Z55%
55*4 57
54% 166%
5634
14%
14%
14%
14%
14%
14%
14%
143g
143g
14%
90
91
90
90%
9034 90*4
88% 90%
90% 90%
27
27
*25% 27
23% 24
25% 25% *23% 25%
14%
1434
*14*4
15%
14*4
14%
14% xl4
14%
14%
13
12%
12%
12%
12%
*12%
12% 12 34
12%
12%
19
18
18
18
♦15%
15%
153g
*15%
*15% 18
*
Oct 23
Atl G A W I SS Lines..No par
8%
11%
143g
834
12%
14%
34
10
140
7%
3
600
4,700
*30
*28%
13%
9% Oct 19
3,800
3%
12%
11
18*4 Apr
Oct 19
70
900
3%
32
30
Feb
29i2 Feb
Oct 19
26
6% pref with warrants..100
35 pref without warrants 100
3%
11%
14%
*28
Feb
36%
31
Atch Topeka A Santa Ft—100
3%
32
*10
43
Oct 19
310
3%
9%
12%
15%
17*8
87ig Jan 18
72i2 Jan 12
3
21,400
3%
95
15
Dec
27i2 Dec 15
Oct 19
110
35
12%
*32
118
Nov 20
187
Assented..————
8%
Apr
Apr
129i2 Feb 1
31i2 Dec 9
16% Jan 13
100
Dec 16
75
26% 2634
26% 27
26% 27% r 26% 27
6
6
*534
6%
*534
6%
6%
6%
12
1134
10%
10%
*lQ3g
*10%
1134
1134
20%
1934
20%
20%
20%
20%
20%
19%
»10434 105% *10434 105% 10434 10484 *10484 10784
8
8
734
734
7%
734
7%
7%
41
41
41
41
41
41
40% 40%
43
44
43
44
44% 44% *43
44%
6
21%
3%
May
10
27
72
320
23% Apr
66
Apr
6
f
*44
*234
70%
40%
Feb
2% Sept
16% Sept
95g Apr
21
35
mmm m
40
73%
"
70
40%
6%
6%
6%
12
12*4 *10%
20
203g
?o% 2034
*104*4 104% *10484 105%
8%
784
7%
7%
40
40
3934 39*4
*20
m
72
39%
72%
*5%
*1134
3%
*234
m
73
40
125
Oct
68*4 Mar 10
83
mm
300
Jan
Oct 19
Assoc Investment Co.-No par
mmmm
.
37
2454 Nov 22
100
100
300
35%
35
38%
r
27
82
*70
V
~
3,300
70
41
39%
73%
7%
♦67
82
40
85
""7%
7%
67
*70
72
6,100
3%
*35%
74
500
3%
40
41%
10,100
mm.m~.mm
37%
6%
80
72
97%
Oct
Mar 3
Mar 16
Feb 15
Mar 11
Feb 4
143*4 Jan 13
257g Jan 25
100
37%
*70
40%
6%
62%
62%
31%
Oct 19
7% preferred
100
ArmourACo (Del) pf 7% gtdlOO
97
Mar 13
Oct 19
Archer Daniels Mldl'd.No par
mm
4%
14
1,700
36%
*35%
"
mm
*80
85
70
25
97
97%
6%
100
3%
*119
mm
100
15
3%
25
*80
4
105
*13%
Feb
Mar 13
11%
65*4
523g
484
27%
17*4
587g
8
136s Jan 20
Oct 26
*61
7
3
21
29*8 Mar
Oct 19
97%
♦3%
Oct 19
10
65
38
Oct 19
10i8
96
*80
6
63
36.60 conv preferred.No per
*61%
6%
Oct 20
65g Oct 19
14% Oct 19
Anchor Cap Corp.....No par
97%
6
14
1,400
66
6%
Jan
17%
*80
6
Apr
13
*17
97%
6%
25
19
19
19
19
140
—26
Deo
Oot
6
Oct
Oct
Oct
Oct
1334 Jan 22
Am Sumatra Tobacco..No par
Amer Telep A Teleg Co.—100
6% preferred
;
Am Type Founders Inc
Deo
Jan
587S Jan 22
2l2
20i2
32U
118
17%
*102
9*4
175
4
38i2 Jan 22
Oct 19
784 Oct 19
Oct 20
3%
25%
Mar
634 Oct 19
17
39
15
2
Jan 18
American Sugar Refining. .100
Preferred
100
Common class B.
Dec
Nov
687g Jan 18
Anaconda W A Cable..No par
66%
6%
7,200
mmrnmmm
27
Oct 19
19
600
*95*4
6%
65*4
*96%
5%
38
5,500
99% Mar
8% Nov 22
2484 Dec 17
1047g Oct 11
American Tobacco
60%
100
6% Apr
29*4 Jan
12
Apr
49%
*101% 105
25%
225
*48%
17%
*13%
*3%
Oct 19
2% Oct 19
48
*17
33g
25%
176
24i2Nov
47%
15
17
Anaconda Copper Mlalng—60
48
105
2,600
Snuff
Dee
20% July
16U Jan
89
Apr
3% Apr
13i2 Jan 28
Oct 19
86,700
*47%
*13%
*3%
25%
Oct 19
32%
32%
*103
Nov 29
31%
31%
*1634
100
4%
28
*30
38
2,100
16,300
8734
8734
4%
27%
5%
88
28
31%
26
'■mm
4%
27
6%
38
31%
33g
25%
2634
26*4
4%
26
♦30
14
*3
3%
88
4%
25%
31
18%
*3
27%
38
30%
50
*14
3%
4%
25%
6%
31%
*4714
177l
15
♦14
88
4%
25%
6%
*27
38
30%
106*4 *103
♦103
*80
4%
26%
*31
32%
♦47
88
6%
American
174
7% July
5
Nov 16
Preferred
Deo
137% July
87% May
23% Mar 3
30®4 Mar 31
33% Jan 21
2
125
2,100
Smelting A Refg.N#
29
80
6% preferred
100
Amer Steel Foundries. .No par
American Stores
No par
20,300
3,400
14
Aug 12
Jan 25
Oct 19
64%
64%
112
4
46
62%
4%
Oct 19
Oct 19
Oct 19
Oct 19
25
400
63%
62%
62%
25
4H% conv pref
—100
American Safety Rasor—18,50
Apr 25
Dec
70%
141
33'4 Aug 25
150
122
61%
25*4
Nov
80*4 Feb 18
Oct 19
86
100
138% 139
6%
6%
13%
13%
61
100
American Rolling Mill
300
♦106% 109
13834 139
...No par
Preferred
11,500
4*4
111
IH4 Oct 19
41
19
27
27
Apr
24% Dec
88
*80
67
par
14634
6%
30% Apr
Amer
146
13%
4
4
Amer Ship Building Co-No par
*17
65
Feb
1,570
19,800
19%
139
71
104i2 Feb
Oct 19
36
American Seating Co—No par
14534 147%
65
No par
Am Rad A Stanu San'y.No par
130
145% 147
62
61%
64
62%
13834 13834
6%
6%
13%
13%
*17
new
35 preferred
29,500
*17
18
100
Amer Power A Light—.No par
36 preferred........No par
2,700
17
17
17%
17%
148% 149% *14534 146%
60% 6134
6034
6134
6434
61%
61% 63%
138% 13884 *138% 139
634
6%
6%
6%
13
13
13%
1284
139
6%
13%
American News Co
126
*120
24%
9
May
900
884
33
33%
340
12,400
100
6% conv preferred
2,500
4834
50
100
16%
26%
48%
*49
3,400
No par
Preferred
3,200
11
124
1
Amer Mach A Fdy Co. .No par
Amer Mach A Metals.-No par
Amer Metal Co Ltd...No par
27,600
11
124
American Home Products
American Ice
19%
11%
124
..50
6% non-cum pref
.100
Amer Internet Corp
No par
American Locomotive.-A# par
6738
16%
4734
10
6% preferred
500
11
16%
No par
800
3,200
8,750
26
32
33%
9%
«
22
16%
66%
2d Preferred A...No par
36 prelerred
100
7%
11
20
..No tor
American Hide A I<eather_—1
18
11
19%
66
91
600
19%
x6634
16%
19%
67
19%
66%
16%
No par
1,600
3534
134
21*2
65
Power
%7 preferred
300
*63%
14%
4%
30%
22%
n
Amer Hawaiian 8S Co
2,400
14%
Amer A For
500
24
714
10
6% 1st preferred
__100
American Encaustic Tiling.. 1
Amer European Sees
No tar
Amer Express Co
100
1,300
*15g
7%
No par
Am Coal Co of N J (Alleg Co)26
3,400
5
5
5
4*2
4%
*4%
4%
.'/> 4
31
31
32
xZO
29% 29%
28%
29%
30%
110
105
119
*101
119
*101
105
*101
10H2 10U2 *101
29
29
30
28
27*2 28
*27%
30
*27%
27% 28
7
7
7
7
7%
67g
7I4
6*4
6%
7%
7%
45
44
43
4334 44*2
44%
4334
43% 44
43% 44*4
36
35
35
3534
35%
35%
3534
3434
34*4
35%
34%
1334
133g
12% 13
13%
12%
1234
13ig 1334
12*4 133g
*161
*161
165
165
165
*161
165
165
0161
161
*161
173g
•
"7',eob
18
1%
18%
3OS4
203g
33
200
4,300
1934
69%
*115
50
1434
147g
5
5
30%
*63
.
v
2,100
100
1,200
334
3%
36*4
1%
21
647g
15%
*3%
1%
162
American Crystal Sugar
11
7%
21*4
9
2,200
18%
73g
21%
Jan
7,400
11
7*g
2034
174
90
18%
7%
2134
Deo
Dec
22%
5%
8%
12i2
11
1%
110
American Colortype Co
10
Am Comm'l Aloohol Corp..20
17%
7%
May
9
American Chicle
11
*17
734
227g
21
67%
19
124
Jan
""400
17%
36*4
Am uhaln A Cable Inc.No par
Feb 18
121
""400
11
25
100
160
25
7%
17%
*23
No par
Preferred
Apr
1
72l2 Dec 14
I517g Oct 22
15% Oct 19
95
11
3*4
100
40
109
95
17%
3*4
25
*2214
7U
7%
*7
20
*11
100
American Car A Fdy
1,100
9,400
pre£
Prelerred
500
6,100
conv
5% preferred
16%
15%
163g
6M.%
American Can
Highest
I per share 9 per share
$ per share
25
95
*22%
7*4
Am Brake Shoe & Fdy.N# par
40
10,600
Lowest
Highest
3 per share
28
Oct 19
95
95
25
*90%
*22%
7*4
Par
150
150
Year 1936
lOO-Share Lou
Lowest
*92
*92
16%
16%
16%
15
153g
153g
15% a;15%
*80
87
87
87%
*80%
*80%
4
4%
4%
4%
4%
4%
8
*6*4
6%
6%
6%
6%
*180
300
*180
300
*180
300
*180
300
*176% 300
*176% 300
4
4%
4l8
4%
45g
4%
4%
4%
4%
4%
43g
4%
21 ;
23
21
21s4 227g
223g 2238
21%
*20% 25
*21%
10
10
♦10
10%
11
1012 10%
10%
10%. 10%
*17%
*1012
6,000
117
*92
On Basil of
STOCK
EXCHANGE
Friday
Dec. 17
Thursday
15
the
Range fos Previous
Range Since Jan. 1
STOCKS
NEW YORK
for
3931
85% Nov 24
23
Nov 29
13UNOV 24
9
Oct 19
153s Dec 13
50
Dec
3
llOig Feb
43*g Mar
8
9
32
13%
Jan 21
42
24*s Nov
Jan 21
35U Feb 1
20U Jan 17
115
14%
Jan
16*4 June
110
Aug 16
Jan
May
9
18
Jan
8
100
Aug
43U Feb 19
114*4 July 14
35
Feb
28*4 Feb
105*4 Mar
85
Feb
16*4 Feb
8
13
Dec
88%
3012
23*4
62*4
4
83
June
July
21%
Feb 11
Jan
Jan
5
8
Jan
20
Jan
48
Jan
45*4 Apr
105i2 Mar 11
Jan 18
16% Apr
12912 Feb 16
69*4 Feb 10
107% July
20
28
23
28*4
Jan 21
297iMar 10
7
32i2 Jan
94i2 Jan 16
Jan
Dec
14% July
18% May
77% July
Boeing Airplane Co
5
16
Oot 19
49*4 Mar
3
16%
Apr
Bohn Aluminum A Brass
6
21
Oct 19
48% Feb 13
40%
Dec
n New stock,
r Cash sale,
s Ex-dlv.
y Ex-rlghts.
Called for redemption.
Dec.
11
Dec.
40
40
413s
1312
17h
13
13i2
26*4
4%
26i2
418
1
1
*40i2
12i«
413s
13*2
I7h
1738
247S
43s
*78
19l2
9i4
*17
9
2414
*1778
25
z21l2
3078
31
31l2
3H2
30
20
20
34*8
6*4
1778
45
4*s
32*2
18*8
1934
6*4
6*4
17*8
258
177fi
278
*258
46
4*8
32l2
49
18*2
6*4
8*4
21
6*4
18
17l2
2*2
*778
254
9*4
1414
8*4
8
8
13*4
14*4
8*a
21
*8
*13
20
8*8
*13
7*4
19*4
20
.29
29
27
27
*25
30
30
2912
1«4
7
8ia
26l2
29i2
29l2
1«4
7
8*2
134
187S
2
2'?
2
7
C;: 75s
83g
284
30
1958
19l2
734
9i2
36
*3514
»812
812
8
80
918
47
47
50
4*8
32*4
*18*4
57g
18
18
258
*778
12l2
234
968
1414
8
76g
20
1934
3*4
33s
4
13,100
1,400
2,000
837g
5*4
6,800
634
7,100
9,700
234
1,100
JBush Terminal
234
95f
1034
6
778
307s
*5*8
42
*33*2
8
8*s
307s
30*8
*5*2
6
42
*35
42
90
*82
90
*-...
90
*..._
*83
85
*
~~
85
*"
"14*4
*4
1478
4*8
94
96*2
92
14«8
378
99
9984 100
63
53
50*4
100
*100*4 101
1578
16*8
15*8
8
♦306s
63g
6
14*4
*311.
"14*2
378
62*4
101
1578
8*8
42
*45
6*2
37*2
*___.
"l5"
334
93*2
334
900
93*2
97
3,300
490
50*2 51*4
99*4 100
16*2
16*4
17
*75
3*4
358
*10138 102*2
*10
1078
*7
7*2
0*2
*4%
*95
106
♦40*2
*8*4
42
8*2
32
32*4
104l2
30*2 30*2
*8
9*4
48
47*4
38*4
38*8
*89
*1*4
*3*2
1*4
39*4
7*2
29*2
*
106
*95
40*2
38*4
8*8
7&s
31
104l2
28*2
*
8
8
4578
3734
4634
38*2
89*2
1*4
3*2
1*2
4&S
45*2
37*4
*89
*1*4
36s
1*4
4*8
1*4
5*2
3*2
47*8
38*2
90*8
1*2
*89
1*4
358
3*4
*1*4
458
»234
1034
178
1&8
434
1078
2834
1U
*11
1*8
1*8
1
2
2*8
2
2
3*2
1*4
♦5*8
11*4
5
♦2*4
1*4
1*4
6
*5
11*4
11
32
♦29
1*4
*2*4
2*4
*9
*29
1*8
1*4
3
*2l2
2
214
*33
50
57
12
178
5*8
11*2
31*2
1*8
3
23g
2
12*8
50
12
60*4
60*4
63
60
60
75
*58
75
*3*4
3*2
3*4
3*4
*20*4
21*2
20*2
*58
20*2
110
*108
28*2
*----
26*2
*3*8
20
27
12
61*4
75
*58
3*4
1
1*8
178
1*4
45g
*1
178
1*2
11*8
1«8
1«4
1*2
434
4*2
11*4
♦28*2
178
11
11*4
31
*28*2
Oct 19
Dec 15
700
fChic A East 111 Ry Co
100
6% preferred
—100
tChlcago Great Western.. 100
4% preferred
100
60
Chic Ind & Loulsv 4% pf_.100
700
*35*4
50
-
5534
5678
55
56*4
12
12
12
12
61*4
61*4
62*4
63
108
*19*2
*58
*3
22
108*8 108*4 £108
25*4
25*4
22
590
*._—
29*4
16
16
29*4 303s
29*2 303g z3034 32*4
31*2 33
32*2 33
16
15*4
157s
15*2
16
153g
16*4
15*2
15*2
1534
*112*4 124
*112*4 124
*112*4 124
*112*2 124
*112*2 124
*110
115
113*2 115
115
*113*2 114*2 11434 11434 114
*112*4 124
115
115
57*4
9*4
♦95
25i8
•
57*4
*57*8
9*4
10
98
9712
25*4
99
*10"
57*8
9*4
98
2484
*95*4
25
*12*8
39
♦
39
*16l2
57*2
97s
99
1634
16
9*4
8
8*4
14
1434
*11*4
*9&8
17*8
1758
11
10l2
17l2
*l?l4
17*2
70i2
70*2
18
*14
147g
*2712
70
32
9U
~38*~4
75
38*2
87
*80
40l2
*85
41
94
,.23,4
39
*1218
2378
98
2312
»
1334
*1134
*1134
1334
1034
*9
1312
1034
173s
1634
17
17
*17
6958
1334
68
70
66
17
17&8
*1634
70
1738
17
1734
1634
70
13*o
69i2
13i2
*2734
135g
28*2
9
9*4
773g
*76
*
9*8
9
77
75
75
►
17
14i8
*2838
31
914
9*s
75l2
76
75
c
10
17
1714
1414
2914
93g
75l2
70
9U
140
3,000
17ia
9
26,400
7578
600
70
3534
36*4
~36~
373s
37
86
80
83
*79
"3614
37
*83
"3534
85
*81
*81
85*s
37*2
387g
85l8
39i2
88
*84
40*4
92
*80
778
7*2
2
2*8
2
2*8
2
41
41
40
92
734
2*8
4134
375s
*80
73s
2
413s
3834
88
75S
2*g
4158
Bid and asked prlces;no sales on this day.
37<%
1
1
52i8 Nov 23
~5~I66
200
conv
4%
z91
Nov
Feb 13
90*2 Mar
6878 Mar
100
4
35"
Apr
par
6
4
Oct
Mar
111
19
Aug
38*4
Deo
22*4
Jan
09*8
Apr
59
Jan
61
Jan
Mar
138 May
4
Jan
6
May
3*4
8*s
25g
145s
Jan
Deo
Feb
Dec
27g
Feb
27s Apr
2*2 Apr
684 May
57$
Feb
125s
Oct
12*2 Apr
2478
Dec
Feb
9
33s Mar 17
10*8 Feb 19
8'4 Mar 8
27*2 Jan 14
22*8 Jan 29
1578 Mar 3
80
12
Mar 11
135*4 Feb 11
47g
Feb
Apr
3
Feb
3ia Apr
3*4 Apr
8
Jan
8
July
325s
30*4
1434
Oct
Jau
Deo
1*2
1984
Jan
173s Sept
7
Jan
25
Jan
85*2
16*4
7278
Jan
Jan
Jan
150i2
Jan
7
107*4
45
484
23*4
Mar
Jan
Jan
Jan
Jan
51
23
50
200
Oct
47*2
Deo
Oct
Feb
90
Deo
Mar
51
III84
82
48
297g July 15
13278June 3
48
Apr
77*4
July
Oct
Jan
129
Dec
July
2
84
Jan
134
Nov
9
555s
Jan
58
Nov
2534 Mar 19
104i2 Jan
6
6234 Feb 13
11234 Mar 11
45
Apr 12
5178 Feb 10
27*4 Mar
Nov
13*2 NOV
46*8 Mar
50*2 Feb 26
37
Oct 26
June
NOV
89*4 Nov
33
170*2 Apr
Deo
138*4 Nov
48*8 Aug 16
90
Jan 14
59
Jan
337s Nov
Aug 28
Oct 18
11*4 Oct 19
5*2 Oct 19
100
Nov
7784 Nov
1*2 Apr
179
Jan 18
100
Deo
3*4 Mar 18
113
26
72if Dec
25*8 May
Oct 18
9834 Nov 24
19*4 Mar
18*4 Mar 0
123gMay 19
Jan 20
32
Dec 14
100
Nov
Mar 11
Feb 18
95*s Nov 26
2034 Oct 19
Feb
Nov
July 15
1
"57"
74
105s Mar 1
48
Aug 10
56i2 Jan 29
8*2 Oct 19
Sept
108
74
9334 Oct 19
86
Deo
97*2 May
47*4 j an
8*4 June
57*2 Sept
92
12034 Dec
397s
12
Oct 19
24*2 Nov 26
13i2 Oct 19
Deo
110
Apr
0*2
Feb 16
8
Jan
32*4
Dec
Dec 10
No par
Colorado A Southern
July
Jan
Dec
10234June 21
100
preferred
June
143
9*8
179
5
124
13
June
100
Aug
39*2 Apr
8*4
Jan
28*4 Sept
21*4
Deo
106*2 Feb
66*4 Nov
30" "Oct
48
19
Dec
36*4
Dec
Feb
100
4% 2d preferred
9
Oct 19
30
Jan 14
19*8
Jan
377g Mar
100
1st preferred
85s
Oct 21
29
Jan 25
10
Jan
36
17
Columbia Broad 6yBlncclA2.60
Class B
Dec 14
1634 Dec 15
Nov 23
2.50
31*2 Aug
2
2
12534 Apr
1
Mar
32
Aug
94
Jan
136*2 Aug
t c.—No par
10
Oct 19
39*2 Jan 20
31
May
$2.75 conv preferred-No par
Columbia Gas A Elec.-No par
27
Oct 19
40*8 Jan 20
2078 Jan 14
39*2 Dec
z45*2 Jan
51*4 Jan
23*8 July
10834 Oct
v
v
65
t c No par
Commercial Credit
43^%
conv
preferred
Jan
8
90*2
101
Jan 14
80*4
Jan
Jan
44
Jan
Dec
3312 Oct 19
80
Dec 14
114
3738 Dec 16
Oct 19
100
2iS
120
95
69*4 Jan
8
Jan 12
55
Jan
Jan 25
97
Jan
5
Oct 19
16,800
1
Oct 19
21*4 Jan 21
4*a Jan 13
2,100
$6 preferred series..-No par
34
Oct 19
75&8
New stock,
r
Cash sale,
z
Ex-dlv.
y
100*4 July
80*4 Jan 26
Solvents.-No par
Commonw'lth A Sou
No par
n
Jan
108
9
68
...10
2
14
x45s Oct 19
x68*2 Oct 19
6% preferred series A—100
5% preferred
100
$4.25 conv pf ser '35.No par
Def. delivery,
"9»4 "Feb
186
37*2
20
i.100
2*8
a
Oct
Dec
10384
Jan
2
Coca-Cola Co (The)...No par
Class A
No par
2
X In receivership,
Nov
65g Nov
25*8
60
Comm'l Invest Trust--No par
43
Feb
18*2
Jan
21*4 May
60
Commercial
4234
6884 Nov
53
Jan
5484
213g Feb 18
Oct
11,300
88
684 May
9212
116
Oct 19
47*8 Mar 31
13"400
40
Apr
1234 May
4534 Jan
11
82
75g
43
Oct 19
6*2 Oct 19
Special guar 4%
50
Climax Molybdenum_.No par
Cluett Pea body A Co.—No par
73g
4li2
Oct 16
Oct 19
6% preferred
Feb
7*4 Mar 17
638 Mar 4
23
Colgate-Palmollve-Peet No
Feb 10
63*4June 10
19*2 Feb 17
15g Oct 19
Clev El Ilium $4.60 pf.No par
Clev Graph Bronze Co (The).l
734
38l2
82
Oct 19
Oct 19
712
*83
235* Feb 10
Oct 19
36
Columbia Plct
*7434
►
37
Oct 15
25
Chrysler Corp
6
City Ice A Fuel
No par
6H% preferred
—100
City Investing Co
100
City Stores
5
Clark Equipment
No par
C C C A St Louis Ry Co. —100
1,700
100
Feb
101
Jan 14
863g Mar 10
1
Chile Copper Co
Columbian Carbon
291s
914
Aug
16
Jan
Oct 19
14
14
*28
60
Jan
Apr
3
2,000
38
3734
400
30*4
Jan
1*4
No par
Childs Co
66
36
*85
90
Deo
103s Apr
27S
Oct 19
5%
17i8
914
115
3
3
Colonial Beacon Oil—.No par
Colo Fuel A Iron Corp.No par
12
Nov
1078
8
12
Collins A Alkman
300
3
54
434 Mar 16
10
Chickasha Cotton Oil
3,300
2,500
Deo
16*2 Nov
3
6% preferred
100
Chicago Yellow Cab--.No par
2378
8U
8I4
II84
Oct
48*4
40*4 Apr
13*2 Mar 17
258 Nov 24
100
400
163s
8
7% preferred
^
16
163s
8
173s
71
10,200
39
1534
95g
95s
Deo
3334
Jan
Oct 19
10*2 Oct 19
7g Oct 19
1*8 Oct 19
...100
Preferred
"i",ioo
121*8
*95S
10»4
3,800
98
*
39
8
1514
6,300
400
57
97
*9514
1534
734
*
♦lii's
1
*11*4
14
75
98
»
97
8
28l2
9
24l8
9678
9*2
8
14
7738
97
*5634
9*4
1534
32
*
9*4
57
90
8
77«
42
23
57
57*8
9*2
*
90
1512
77S
42
*9514
39
13*2
77*2
9*4
24*4
*28*2
93s
77l2
*5634
97
98
*13
1634
9
2358
*
57*8
938
*
700
88*2
Jan
Oct 19
Clev A Pitts RR Co 7% gtd.50
2534
90
90
_
300
1,400
108
2534
25*4
230
m m m
3*4
*203s
96,500
1,200
75
Preferred
14*2 Mar
JChtc Rock Isl 4 Pacific. -.100
434
65s Mar
29*8 Dec
Jan
May
45
*458
16*4 Nov
6
54
034 Oct 19
45g
5g
3I84 Nov
33*4 Nov
30
7
2834 Dec 14
45g
16*2 Apr
54*8 June
22
Apr
30*4 Apr
Dec
63 conv preferred.—No par
500
14*8 Apr
13*8 Dec
293s Dec
25s Jan
Apr
Chicago Pneumat Tool. No par
1,600
Dec
19
200
1,200
Mar
106
1,400
934
9
33*2
8
33
2
Oct
Jan
Jan
2*2
8*4
34 Oct 19
tChlcago & North West'n.100
1238
107
90
3,100
2,000
34*8
1
Chicago Mall Order Co.
10,300
4*2
11*4
30*2
Deo
Apr
25
2
5
tChlc Mil St P A Pac..No par
5% preferred
100
1,300
2
21
Nov 24
31
*9*8
12*8
3*4
Oct 19
89
13*4
3*4
5
z40
10*2
1*8
134
1*2
Dec
Apr
9
48
5
Preferred series A—_—100
900
Mar
595s
35*2
8«8
June
111
Chesapeake Corp
No par
Chesapeake & Ohio Ry
25
9*4
12*2
3*8
Sept 23
200
5
14
11*2 Jan
2034 Apr
48U Mar
115
103*2 Dec 2
25i8 Nov 23
No par
Checker Cab
93g
75
6% prior preferred
100
ChampPap & Fib Co 6% pi 100
200
1,100
*58
2
3514 Nov 24
3ig Oct 19
18*2 Oct 19
1
Common
1,400
75
Dec
18,800
29*2
90
Certain-Teed Products
1*8
50
95
100
Cerro de Pasco Copper.iVo par
2*2
*35*4
6% preferred..
7,100
1*8
563g
12*8
61*4
Oct 16
3,000
*238
50
21
Oct 19
1*4
412
92
Oct 19
2*2
958
100
No par
prior pref
312 Oct 19
1*8
2
7%
Celotex Co
4
2*2
2
41UMay 20
8
2i2
2i2
13
I5is Dec 13
Century Ribbon Mills..No van
1*4
20
*
10*2
1
438
31
3*8
*24
43g
*234
1578 May
105*4 Aug 11
I
Feb
Central Violeta Sugar Co.—19
138
5
Dec 15
100
700
500
438
Nov 22
900
1,400
11
Dec 16
June 29
1,500
.
Nov 23
97
96
1*2
43g
Sept
115
115*2 Sept
Jan
Central 111 Lt 4M% pref—100
Central RR of New Jersey. 100
1*2
J an
91
2
9*2 Apr 20
191>4 Aug 3
12934 Jan 22
20
37g
107*2 Sent
9*s Jan
♦■85
Jan 18
125s Jan 28
107*4 Jan 20
41'4 Jan 15
2434 Jan 11
13S
Deo
3538June
82*2 Jan
*1*4
21*4
106
39*4 Jan 12
*3*4
Dec
Nov 12
Oct 19
1*4
22*8
Jan zlOO
Oct 19
9,200
Jan
8*8 May
878 Jan
87
Oct 21
40
Oct
57
0558
8
2
650
Oct
106
Feb
52
33g
*234
1034
Mar 0
Jan 9
Mar 11
Jan 2
Feb
102
377g
47
Jan 14
17*2
01*2
18*2
52*4
58*4 Sept
8
Oct
925g
46*4
37*4
*89
38*4 Mar 19
01
24
1*4
20*2
*
4634
38*4
925g
3758
373* Feb 13
—100
138
43g
108*4 108*4
*23*2 2578
110
46
*89
Feb 2
Sept 29
Feb 25
Jan 12
80
700
778
48*4
52*8
6*8
20*8
Central Agulrre Assoc ..No par
Central Foundry Co
1
3*4
938
55*2
12
46
77$
2
3438 Mar
100
Preferred
32
Jan 11
1
100
10
1*2
123g
4*2
*35*4
545s
2
1,400
5,200
1*4
45g
234
113s
23g
*2lg
4*2
5334
*58
27
1U
*36
8
*7*2
500
33g
♦27*2
1*8
2l2
2*4
9*2
12
89
178
1*2
4*2
1034
1
18*4 Mar
Preferred
97
10,100
Nov 24
13*2 Nov 19
278 Oct 19
No par
106
*30
85
6% preferred
100
Celanese Corp of Amer.No par
1*4
45g
234
113s
1078
56*2
8*2
*95
31
31
38*8
*1
45*4 Feb
Case (J I) Co
......
37*2 38*4
3934
8
8
8*4
29*2
28*2
30«4
104*2 *100
104*2
90
Caterpillar Tractor
26
106
100
--5
Stamped
Carpenter Steel Co
Carriers & General Corp
6
Oct 19
5U Dec 16
3712 Dec 16
6,200
33g
29
50
*60
*108
95
1
S3 preferred A
10
Carolina Clinch A Ohio Ry. 100
4,500
*1*4
.
13
*9
104
30
89
5
*1258
4*2
29
104*2
*7*2
455s
373g
11*8
1*8
178
1*>4
2*8
9*2
12*4
4l2
*9
12*4
47g
56*4
1
3878
778
29*2
8
30
5
1234
4*2
*35*4
54*8
*1178
958
12*4
*4*2
26
*95
40*2
8
30
9
106
393s
28
2934
104*2 *100
*28
*8
90*8
1*2
*95
39*2
734
29
11*4
*5*4
100
29
1*2
5*4
4*4
11*4
1*8
♦11
95
26
25*2
*24*2
64
♦58
63*2
63*2 *58
63*2 *58
29
28
28
27*2 2958
27*2 27*2 *28
378
37g
3*2
33g
3*2
312
3*2
35g
10212 102l2 *101*4 102
*101*4 102U *101*4 102*2 *101*4 102*2
*9
10
10
10
9*2
9*2
934
9*2
105s
97g
7*8
7*4
7*4
768
7*4
*7*4
76s
*7*8
75g
*65g
6
6
6
6
55g
*4*4
*434
*4*2
*4*2
*4*2
30
♦95
*75
95
Dec
67g
40
*68
28*4
358
65
*28
^
2,200
97
•
5034
99*2
16*2
1638
25
63
378
28
Capital Admin class A
50
......
97
03
Cannon Mills
400
153g
912 Oct 19
44
No par
400
42
83
"l5"
12ig Oct 19
100
25
Canadian Pacific Ry
6
♦
4834
28*4
3*2
19",600
8
Oct 19
Oct 19
214 Oct 19
6i8
I6I4
5
Canada Sou Ry Co
30*4
83
85
97*2
1534
'
......
5034
*75
6,800
90
97
1578
3,200
'
*——
49
95
1234
15
90
98
I5I4
51
48
77g
30*4
*5*2
*32*2
8*8
343s
5*4
37*2
53g
51
25
*63
*
\
*3038
8*8
307g
12*2
14*4
15
48
*45
99*4
25
Oct 19
10
Jan
Sept
1
Feb
12*4 Mar
51*2 Mar
45
ID4 Jan 29
39
Campbell W & C Fdy—No par
Canada Dry Ginger Ale
5
12*2
14*2
14*2
97
*50
Oct 19
Oct 19
97
95
I84
7i2 NOV 24
9
353s Feb
Oct 19
92
26
Oct 19
15
1
98
*25
534 Dec 14
1
2
4
92
*50
45*4 Jan 18
183s July 14
10i2 Oct 19
98
95
65*4 Mar
Oct 19
7,200
91
26
Oct 19
10U
50*2 July
Jan
44*2 May
Feb 15
26
5,200
Z384
*50
13
par
134
16*2
20*2
134
76s
178
83g
127g
93
*25
Jan
8*4
*4778
51
•}
98
99*4
7
98
Mar 22
15*8
37g
9634
378
14*8 Jan 11
50
14l2
334
91
2i2 Oct 19
117i8 Mar 12
5% preferred
50
Callahan Zinc-Lead
1
Calumet <fc Hecla Cons Cop.-5
98*2
60*4
4
94l2
Oct 19
Dec 17
8*8
48
90
85
"l378
15
*35
Dec 15
Oct 19
40*4
97»4
3
20
*477g
1«4
17g
8*8
30&8
214
35
24U Feb
Jan
Feb
Apr
Dec
4i2
33
24*2 Jan 11
No par
No par
'
8*8
80
7
Jan
Byron Jackson Co
13*8
14*8
31
612 Oct 19
50
California Packing
48
8*8
*30*2
*612
*33*2
Oct 19
2
62»4 Jan 14
1,500
*43
52
83g
127g
14*4
6
102*2 Jan
1,500
20
*45
Oct 19
91
17*8
1258
14*8
Dec 17
19U
35*4 Dec 16
Oct 19
21
48
255s
Dec
41
Jan 13
Oct 19
17
12l2
Oct 19
Jan 23
8
6
21
13*2
8
47
38i2 Jan 14
53
Jan 12
24
2U2
*45
Oct 19
100
17*4
'
Oct 19
1
612 Dec 17
No par
21
48
29
Byers Co (A M)
Partlc preferred
17*2
13*8
69
1,500
2112
14*4
6478 Mar
47
33g
21l2
*4778
1*4
*43
43*4 Apr
934
17*2
21*2
*4978
1*4
8*8
127g
13*4
"l878
yl2f8 July
36*4 Mar 3
9*4 Feb 25
33«4 Mar 9
18
1112 Jan
5*2 Nov
5978 Feb 11
10
22*8
Apr
1*8 July
53i2 Feb 13
30
*22
0
23*4 Feb 23
6% conv preferred
Butte Copper & Zinc—
*17*4
32^5
Oct 19
Oct 19
1,100
3,600
340
Nov
Aug
Jan
Dec 16
7
19*4
33
47
Aug 14
19*4
33g
share
per
100*4 Apr
254
4i2 Jan 11
34
1934
3*2
10*8
3212
3*4
June
18
par
100
80*s June
39
27
100
{Bush Term Bldg gu pf ctfs
share $
per
1534 Mar 23
par
par
$
605s Aug 25
Oct 19
*2 Oct 19
18U Oct 19
Butler Bros
934
32*2
16*2
1*4
Oct 19
3
2,500
10
77g
123s
24*4
77g
31*2
♦497g
Dec 17
7*2
3*4
134
Dec 15
17
'
7&8
10*2
8*8
12
4612 Apr 13
25
Aug 16
2-8' * Jan 18
Oct 19
12*2
33l2
17*2
52
130
14
93
7684 Oct 19
39
..No par
Debentures
300
8
77g
*12
share
Jan 22
per
76g
196g
10
8
1,000
$
Highest
Lowest
Highest
share
per
12*2
12*2
734
31
134
8*4
Bulova Watch
1734
11
62
Budd Wheel
1,400
234
6*2
18
35
1*4
100
7% preferred
90
4,900
$
No par
17*8
193g
6*4
*33*8
17*2
8*2
13*2
14*2
100
7% preferred..
Budd (E G) Mfg
No
——No
Bullard Co
No
Burlington Mills Corp
Burroughs Add Mach—IVo
*10
52
6.300
4
10*2
8%
100
600
3234
195g
4
z32
35
»4978
1*4
Brlggs
46
c46
10
17*2
Co— .No par
Manufacturing .No par
Brlggs & Stratton
No par
Bristol-Myers Co
5
Brooklyn & Queens Tr.No par
$6 preferred
No par
Bklyn-Manh Transit—No par
16 prerfered series A .No par
Brooklyn Union Gas...No par
Brown Shoe Co
No par
Bruns-Balke-Coilender.iV# par
Bucyrus-Erle Co—..——5
Bridgeport Brass
70
5*8
35
21l2
1,100
8*g
1078
35
1,300
255s
1934
36
8I4
8
35
*1058
300
30
1,100
193s
*8
95*
27
1«4
67g
>
33
1884
6*4
17*2
25g
6*£
18*8
25s
7,800
4*j
32*2
19
3,700
•351s
8U
77S
8I4
*45*2
4*8
321j
100
87S
8
837g
5*4
47*2
5*8
1834
♦76*4
734
5*4
fBotany Cons Mills class A.50
Bower Roller Bearing Co. 17
22l2
25*8
19l2
9
*76*4
83
Boston &
600
884
6I2
Corp
Maine RR
500
2178
2812
1934
3514
1934
3514
834
1958
36
9
8*s
5*8
4*8
3214
19*2
6*8
z3*4
35s
33s
35s
*312
187g
9*8
2234
*18
9
2214
6*4
4
Bore-Warner
9
8i8i
32*8
*18*2
10,500
2278
84
*461$
4*s
2514
458
7g
9
5
5*s
2478
*414
78
2134
8
*80
17»8
25l2
478
II4
Borden Co (The)
9
81a
84
5*4
5*4
♦46*2
4l8
*32l2
8I4
858I
8I4
*70
*35l2
36
Bond Stores Inc
2178
29
31
19&8
2,600
11,200
34
9
*29
1978
1234
17i8
*1
No par
No par
-1
15
--5
100
A
Class B
17*8
*43g
19
Bon Ami class
30
17
2514
758
31
330
12l2
478
«4
*17
Shares
1284
173«
*43g
IW-Share Lots
Lowest
41i4
*40
4114
1212
25*8
*1«%
8
978
12ig
17i8
30
30
17S
9l2
84
6*8
*19
30l4
*40
413g
12
25
8«4
31
1958
*3514
8I4
8I2
812
*7715
*1778
2138
*2834
*75g
9l2
*9
«4
2212
17g
35«4
434
914
*28
31l2
2
8i2
97s
*3514
17*8
24l2
9
3H2
1*>8
*7h
9«4
*29
175g
26
458
1
19
*40
41ig
125»
173s
2514
• "
78
19
On Basis of
Par
87i2
87
88I2
8012
89
8834
EXCHANGE
Week
$ per share
$ per share
$ per share
$ per share
88
88
$ per share
85
88
f per share
85
86i2
14
NEW YORK STOCK
the
Friday
Dec. 17
Thursday
Dec. 16
Wednesday
Dec. 15
Tuesday
Monday
Dec. 13
Saturday
8TOCKS
for
1937
18,
Range for PreHous
Year 1936
Range Since Jan. 1
Sales
NOT
SALE PRICES—PER SHARE.
AND HIGH
LOW
Dec.
New York Stock Record—Continued—Page 3
3932
Jan 13
Ex-rlghts.
103
Aug
847$ Sept
128
Nov
9184 Nov
136
Nov
14*4 June
245s
Feb
Apr
Apr
5*2
Feb
2*4
59*4
82
Feb
f Called for redemption.
Volume
LOW
New York Stock Record—Continued—Page 4
145
Dec.
SALE
HIGH
Monday
11
Dec.
$ per share
$
PRICES—PER
Tuesday
13
per
share
Dec.
14
Dec.
$ per share
NOT PER
SHARE,
Wednesday
Dec.
15
Dec.
16
7
*6
7
22
2212
21*4
22
22
22
6i2
22lg
10l2
10i2
1512
x9
9
*8
9
*8
10
*8
912
*8
8
*7i2
1434
9
712
145g
*614
7l2
1538
684
*514
7*8
*614
a:14i2
*8'$
143s
612
6i2
7l2
1478
*6i4
612
*64
*7034
155S
6l2
*
68
74
*618
21i2
6i2
*—
*7034
U2
*6i2
74
ll2
678
2378
2478
9934
5
97l2
*458
9812
5
93s
15s
634
*4*s
9*8
912
*100
102
*3i2
9
*100
*86
87*4
U2
H2
778
2434
98
98
99
99i8
7%
2414
98«s
478
458
9
918
*3*g
*2
4
**8
5
5
5
20
20
20
*84
87
8712
13U
1214
135s
1278
158
134
79l2
73
73
40*4
3934
4U4
81
41
*72
4H2
*104
108
39*4
*106
*734
8
28U
29U
285s
li4
3H4
li4
17
1512
4914
6334
63i2
*165*s 16734
47g
*434
28
91
91
90
90
*23
24
23
2314
8I4
3234
8I4
8i2
3278
*36i2
3JU
*32
34~l2
8
3ll2
*3H2
1078
6734
65
3212
33i8
30*8
32
88
**8
714
714
434
IH4
*85
34
434
1234
1*8
74l2
4H4
2734
28i2
Hs
303s
Us
30U
14i4
28i4
U4
30i2
28l2
114
3H4
90i4
23
61
37
*33
3234
1034
11
"6*566
65
65
900
31
32
32
3234
88
84
84
0i2
434
334
3l2
1314
*54ig
*24l2
334
1378
60
....
23i8
23i2
7*8
778
*0i2
714
*14
1478
14t2
14i2 *13l2
1434
*1005s 102l2 *101l4 I02i2 *101
102i2
2478
2514
2314 24i4
2312 2434
22
22
*22
22l2
22i8 2218
*15
15
15
1514
143s
1412
1734
173g
1734
1634
16i2
17i8
8
83g
812
8*s
8is
8is
2i4
234
2U
91l2
91
92
*6i2
10
*6l2
10
19
*13
19
*13
19
34
34
34
34
34
1512
*65*4
778
15l2
*33l2
2U4
3114
7i2
1478
70
*66
70
2114
*318s
712
1478
6512
1512
*32lg
1512
32*8
*15
16i2
*15
*3214
22
22
z2l
4914
4914
5l2
3712
5l2
49lg
*5l2
32*8
2H4
4934
3834
3634
217g
3212
2112
32
7«4
15ia
95
*90i8
*22
*78
234
234
*11
12
51
2612
93g
91
10
1
6
*22
914
*3g
12
26i2
10
*3g
h
1
*34
234
3
*234
12
*11
7i2
1478
20*8
2«4
*H
214
32
32l4
1914
51l2
512
3634
9212
*22
3
19
19
92l2
26i8
35
35
*100
106
*6*4
7l2
1
234
234
115
131*8
110*8
*11312
57g
16034
*158l4
xWg
3*8
18*8
634
80*4 Oct 19
92ij Aug 16
IO84 Oct 19
37*8 Apr 13
37*4 Jan 14
103s
Jan
514 Jan 15
1*8
Jan
4
Nov
6714
6334
Jan
Dec
109
Nov
PCoJ4.50pfNo
Class B
712 Oct 19
1
8% preferred
Continental Can Ino
$4.50 pref
100
20
Oct 19
65
No par
Oct 18
No par
Continental Diamond Fibre. .5
Continental Insurance... 12.50
Continental Motors
1
23
Continental Oil of Del
24
Continental Steel Corp. No par
Corn Exch Bank Trust Co._20
Crane
$2.25
912 Oct 19
100
8
June
16*4 May
17i2 June
35i2 Apr
2ig Apr
28i8 June
25
Dec
Feb 13
55U Apr
03*8 Aug
17H2 Jan 14
lOU Mar 16
66i2 Feb
3
6
115
37
Jan 16
Oct 19
158
4
Aug
87U
Jan
243g Mar
46
Feb
4
Mar
447, Deo
46
Apr
09ij Oct
8212 June
170
Deo
July
7*8 Mar
41
Oct
5012 Deo
35
Mar
377g Nov
16*8 Mar
353$ Sept
9112 Nov
68I4 Nov
493g Nov
.
28*4 Jan 15
28U Nov 23
10078 Feb
3
43*8
7
56>2 Jan
8
4014 July
36*2 Dec
33
No par
2014 Ma
35*8 Nov
Aug 13
Nov 23
7
Nov 16
..5
8i2 Oct 19
47U Jan 28
25U Apr 13
..No par
pref
64i2Nov 23
44
Jan
Dec
108*4 Apr 16
Preferred
21
Oct 19
8H4 Mar
135
MarlO
3
Jan 11
80
No par
—100
3
...100
75
Oct 28
127
50
15
Dec 17
43
par
4
Oct 18
Cuba RR 6% pref
Cuban-American Sugar....10
Preferred
Cudahy Packing
Curtis Pub Co (The)...No
Preferred
Jan 11
Mar
1
20*8 Feb 11
109i2 Jan 6
Oct 19
83g Mar
4
23*4 Mar
6
2
714 May
28
Apr
95i2 Apr
114 Sept
9
0i8
Sept
Jan
6312 Jan
35i2 May
1078 June
99i2 Mar
4
1012
62
Feb 27
3018 May
27
Deo
Deo
14U Mar
129
44i2
2414
114
Deo
Jan
Apr
Deo
Oct 29
181j
Jan 16
Oct 19
1212 Oct 19
24
Feb
Jan
5
27
Nov
6
Jan
197g Nov
107
Dec
108U Dec
27
Jan
323a Nov
33i2 Nov
64*4 Oot
1
31*4 Mar
Jan
70ij
6
109
90
Apr
7*8
1,000
1,200
134 Oct 19
Detroit Edison....
107g Feb 18
1161* Jan 7
Diesel-Wemmer-Gllbert.... 10
20
Oct
Deo
914 Mar
Nov 20
90l2 Oct 21
19l2Nov 23
2058 Nov 20
20
3*8
2l?fc Deo
69
6
No par
50*4
125
Deo
Jan
Jan 14
18UNov 23
Conv 5% pref
26
Dayton Po w 4 Lt 4>£ % pf. 100
19ia
Jan
Sept
86
24
Cutler-Hammer Inc newNo par
Davega Stores Corp
6
Preferred...—
143g Jan 12
8i8 Oct 19
67l8 Aug 19
.1
Cushman's Sons 7% pref.. 100
$8 preferred
No par
new
4
173g Jan
4334 Dec 17
1
Class A
Oct 19
234 Oct 19
No par
Curtlss-Wrlght
3
Nov 26
*8 Oct 19
100
(The)
Deere 4 Co
77
21
88*8 Dec
Crucible 8teel of America.. 100
Cuba Co
Jan 9
Dec 2
Jan 23
Jan 23
Feb 11
July 19
2
1214 June
7114 Jan 15
2212Nov 20
pref w w__No pur
ex-warrants
conv
Feb 17
35*8 Mar
Oct 19
3
25
Crown Zsllerbach Corp
$5
49
6012 Oct 20
153
Apr 14
No par
conv
Oct 19
4684Nov27
25
Co
Oct 19
78 Oct 19
5
Corn Products Refining
Preferred
109*4
69i8
108!2
2534
42*4
378
3934 Dec 13
10678 Dec 17
6i2 Oct 19
6
6
147» Apr
*6*8
Jan
lOU
30i4
23ia
Fej
32
31*8
10U
*111
3*8
1834
634
7i8
58
62is
2»8
7l2
2
73g
12
12
10
10
1»4
-
I84
10*8
28*4
3H4
934
*74
21784
684
35
347g
*6*8
[
52
51
53l2
7
46l2
50i2
634
48
105
47i2
62i8
2
2I8
2
73s
7l2
117s
8*8
378
1214
10
10
5012
*54
*5234
10
2834
2la
73g
11*8
12
8*8
87S
9
4
3*8
934
ll2
378
1*8
134
ih
134
*95
56
*134
10
30
*912
29
10*8
74
112
178
1018
2914
*9*8
*95
76
10
29
29l2
'V
3H4
984
73«
74
3034
9l2
*75
*100
*47
297g
""206
1
800
50i4
2,600
20
*60
67
*60
67
*60
67
*95
105
*95
105
*95
105
3
3
3
3
3i2
178
17l2
3i2
178
17i2
4
2
17
*3l2
178
17
4
2
17
Bid and asked prices; no sales on this day.
—rait—:
*37g
4
2
2
17
•
17
J In receivership,
17
1512 Oct 19
334 Oct 19
3*8 Oct 19
6i8 Oct 19
Elec 4 Mus Ino Am shares.—
Electric Power 4 Light-No par
a Det.
.
...
400
Dec
47i2 Nov
173a
7*4
Feb
Feb
257a Deo
32*4
Jan
94U
Deo
Jan
87*8
Deo
Dec
65i4
15s
6U
Jan
Feb
Deo
Jan
ll2 Oct 19
14i2 Oct 19
8
Jan 18
Nov
51
29
100
4%
2d preferred
100
5
3
5
7
Oct 19
H4 Oct 14
1
Oct 19
150
26
16ia
Oct 18
-
45i2
Jan
48
Jan
84*4 Oct
89i2 June
55
Jan
97
11
11*4
14is
34U
6*4
6*8
12
70
7i2 Oct 19
Jan 21
Mar 3
Jan 21
Jan 28
Jan 28
Jan 11
29*8 Jan 18
100
74
Nov 24
103
60
100
90
Nov 29
Oct 19
129
Federal Motor Truck. .No par
2
Oct 19
2U Oct 19
Federal Screw Works..No par
Federal.Water Serv A..No par
1U Oct 19
1,700
Federated Dept Stores.No par
1612 Dec 13
*
"f.
E*-dlv.
y
Dec
Feb 19
7178 Jan 16
210U Jan 14
Mar 31
Feb
July
Jan
28
7i2 Oct 18
23i2 Oct 19
100
09
7i2
235gMarl7
353s Mar 17
28UMarl7
Oct 19
25
29U Deo
116
78U Jan 30
Oct 19
5
63i2 July
Aug
110
86i2 Feb 10
9*4 Jan 15
3
1st preferred
i2 Jan
ll2 Jan
22*4 Nov
81
Oct 21
4%
Feb 11
115ia Jan 19
17*» Jan 10
1*4 Oct 19
414 Oct 19
8I4 Oct 19
100
Jan 18
60
Nov 23
:
Apr
6
393s
45
f Cash sale.
10
29i2
41
New stock,
Mar
40i2 Nov
1578 Nov
8
No par
a
160
Jan
Apr
30*4 Apr
6*4
Jan
Jan 19
1,300
delivery,
July
28i2
6*8
2
Oct 19
Preferred
"woo
162
Deo
87
3
preferred
Aug
12*8
44i2 Jan 10
Nov 24
$6
185
26^8 Jan 14
92U Jan 7
NOV 30
preferred
6
Apr
Oct 19
33
8%
Feb 23
7U Feb
12 Oct 19
100
Fairbanks Co
4
Mar 17
110
160
Oct 19
22
50
Eureka Vacuum Cleaner
Nov
Deo
zlllU June
5i2 July
Oct 19
preferred
100
Engineers Public Servloe—.1
55 conv preferred
6
Aug 16
24
JElk Horn Coal Corp..No par
6% preferred
60
El Paso Natural Gas...
3
Corp
Deo
27"
preferred
No par
$6 preferred
No par
Elec Storage Battery.-No par
$7
Endlcott-Jobnson
Mar
45i2 Feb 11
10
120
Nov 18
37i2 Feb 11
Federal Mln 4 Smelt Co...100
70
105
3
*312
3
3
Electric Boat
30"I2 "MOO
*60
17
4
preferred
100
Fajardo Sug Co of Pr Rloo.20
Federal Light 4 Traction—16
*95
*17g
6% cum preferred
Eaton Manufacturing Co
Eltlngon Schlld
No par
Electric Auto-Lite (The)
6
6%
3
2
184*4 Nov
130i2 Deo
Fairbanks Morse & Co.No par
70
378
Feb
Feb
220
105
1734
Oct
Jan
Apr
3,400
3
2
8*4
18U
114
934
*62
378
47g July
13ia Aug
133
28*4
12
Jan
8U Jan 16
17i2 Jan 19
Oct 19
129
Evans Products Co.
80
3
Jan 19
Exchange Buffet Corp.No par
12
Deo
Jan
Jan
122
1,900
*75
1 ig
ISOig Jan 18
135ia Feb 19
3,300
12
Deo
36U
1*4
Oct 20
ll2
50
51
Jan
*8 May
Nov 20
3*8
912
2
Jan
5i2
Nov 24
2838
500
29
61i2 June
12*a Deo
Oct
82i4
98
Erie Railroad
1,600
Jan
7i2 Apr
Jan
60*8
130
1,700
*95
16i2
Jan 10
41 ii
106
preferred
4,300
9
Nov
407» Deo
100
8%
6% non-voting deb
$4.60 pref
73g
1134
2,600
34*a Jan
95ij Deo
25
Du P de Nemour«(E 1)4 Co 20
2
3
4*8
1
73g
lll2
*8is
3*8
914
li2
*1*4
934
1,100
"
70
2ig
18*8
l2 Oct 19
112 Oct 19
553^ preferred w w_.No par
56 preferred
No par
Equitable Office Bidg.-No par
56
*30
65
39U Jan 7
1*8 Jan 6
3'a Feb 19
14 Oct 25
5%
6*2
2
Dec 2
Oct 19
9
JDuluth S S 4 Atlantic—100
8% preferred
....100
8
10
80
3i8
27
123s Mar
7714 Jan 25
143*4 July 13
164
2,100
1,100
34
105
3
79l2Nov26
2
Oct 19
900
3
3i8
No par
Dec
5
Apr 2
15l2 Oct 19
*95
•
2612 Oct 19
150
l"800
3,000
7,700
2,600
1,800
26,600
1,800
2,300
50
50i4
54ig Dec 17
No par
100
"
18i2
634
*51
Oct 19
35
Douglas Aircraft
198
105
6i2
Aug
41U Jan 25
18U Apr
Jan
Aug
46*4 Feb 17
NOV 24
300
*100
40
Oct 19
144
23g
173g
1834
' Oct
Eastman Kodak (N J)-No par
23g
17is
333g
36
Dec
19
112
234
105
93
9
115i2 Jan 22
500
*35
9
Feb
107l2 Oct 21
34
*100
Mar
10912 Oct 27
2i2 Oct 19
26
18
Mar 17
No par
42
52
IOI4
76
0*8
43
2,100
*158l4 161
18
1814
37g
37g
I8I4
404
Oct
Duquesne Light 5% 1st pf-100
Eastern Rolling Mills
5
10
57g
16034 161
*4
Oct
37ij
800
600
*11312 115
534
30i8
96
.....100
10
13,100
1,200
63
26
10
114
Jan
29
Duplan Silk—.......No par
11412 116
132
13134 13134
11034 *110
11034
June
16l2 Oct 19
No par
Oct
Jan
Deo
13
42
30i2 Feb 2
40ig Feb 4
23
Apr 10
Oct 19
Feb
Feb
117a
213a
May 13
27
No par
Class B
Apr
9*a
153
76i8 Feb 19
Occ 15
Doehler Die CastlngCo No par
Dome Mines Ltd
No par
Dominion Stores Ltd.-No par
Dow Chemical Co
4
Oct 15
Dunhlll International—
11714
57g
Class A
Jan
May
15
"i"66o
*h
*95
*74
114
10
4*8
128
60i2 Oct 20
par
......
212
42
*5112
*5234
28l4
1
2534
*47
*10
______
84
834
1014
h
Corp-Seagr's Ltd No
30
6*4 Oct 19
Dresser (SR)Mfg conv A No par
"""800
26i2
378
28
2i2
1,000
26i2
97g
42l2
105
*6*8
*ll2
1«4
101
*22
26
834
2
54is
42
378
1014
1*8
2,000
17,250
1,300
20,700
Distil
May 19
30
5% pref with warrants.. 100
Dlxle-Vortex Co..
No par
160
1912
41
834
97g
3114
44i2
37g
112
*134
500
200
46
18*8
3514
35
*100
13
4,200
163g
12
*23s
734
1514
70
44
2*8
1
1434
68
*147g
3U4
193g
53i2
*11
183g
No par
8% participating pref.—.25
12
161
Match
22
1218 Oct 15
z32i2 Dec 17
I8I4 Oct 19
Diamond T Motor Car Co..2
1
162l2
Diamond
Oct 19
5
5% non-cum preferred.. 100
Devoe 4 Raynolds A ..No par
600
96
115
88*8 Dec
Co... 100
2,500
6
234
Det 4 Mackinac Ry
.100
7
44
258
183g
62i8
2l2
1,600
IDenv 4 Rio Or West 6%pfl00
32
67g
13ls
234
*18i4
7l2
'""466
3714
**8
35i8
30
8I4
137g
84
106
*5lg
13l2
45l2
1834
35i8
214
94
13*8
4414
2634
3
214
94
*95
=
par
Container Corp of America. 20
Continental Bak class A No par
1314 Apr
52*4 Apr
24]aMar 17
*62
•
Oct 19
Oct 19
1314
%
*95
*2
Oct 19
16
v t 0
6
1314
41
934
37g
*312
1*8 Jan
914 Deo
3778 Deo
3
100
5% preferred
Delaware Lack 4 Western..50
4ig
13*8
44l2
2512
133s
*177g
Deo
12*4 Nov
8,200
4
34
234
*83A
11
1714
106i8 June
734
4
4H2
133s
10i2
Feb
Feb
48*8 Oct
109
July
9*8 Nov
Jan
Jan
Ih
718
20is
5i2 Sept
3g May
Apr
4
2534
8
75
1*8 Feb 27
101
19iat
4
**8
8
33
6
4112
*23g
75
111
6
2512
55
33
3s Oct 16
4
30*4
6
95
234
34
58
*10i4
10*8 Jan
Apr
Apr
6
3612
26l2
*34
*111
26
*47
1U8
2934
2*s Oct 19
Jan
378
lli2
68*8 Mar 17
*3g
*34
114
4212
*5g
*51l2
*5234
2U
734
12l2
*8*8
37g
*95
10014Nov29
102
29
h
131*8 1315s
*41
6218
2i2
*1012
2912
Jan 12
Apr
Apr
Oct 19
*3s
112l2 115
43
57
17a
1514
27U
13i2 Feb 26
177s Apr 6
10578 Jan 23
Oct 19
4i8 Sept
9
Jan 23
Oct 19
J2
*111
44
52
2
Jan 20
8
934
112
127g
*54
10
Nov
13
978
132
1312
44l2
*4612
*1*8
*1*4
Deo
Nov
95
100
*9*8
*11
37g
*51
10
19*4
85
Jan
Delaware * Hudson
6
94l2
12
378
,
378
June
72U
900
97g
*11
37g
*100
8
25*4 Mar
33i2 Jan
65*4 June
4,100
3778
*22
97g
*3g
*34
161
158l4 15934 160
163
*158l4 161
*158i4 161
183s
18l2
183s
1834
I8S4
4
334
378
334
37g
18
19i8
18*8
181*
18i2
6*8
678
67g
6*8
6*8
*234
1834
53l2
6
160
2512
20
37
160
34
163g
31l2
513g
6
163
13
32
20
377g
162
378
734
*1458
3H4
*113l2 115
4512
43U
*2534
**8
*234
26,400
1,200
108
2
1334
69
*110
1312
4612
4314
26i2
$5 preferred
Nt par
Consol RR of Cuba 6% pf.100
^Consolidated Textile.-No par
Consol Coal Co (Del) v t C--25
Aug
1612
147g
15
6
634
Nov 26
5*4
18*4 Jan
497g
3U Oct 19
7
Jan
15
1334
69
6978
15
115
18*4
92
Oct 19
414 Oct 19
15 preferred
No par
Consol Laundries Corp
5
Consol Oil Corp
..No par
Deo
16
7h
1514
111
634
22
2134
6
37g
22
X678
*113
1914
30
24*8
2134
*313g
6
6*2
378
133s
700
24
19
113
19
14
10112 101i2
3212
2134
6
4
400
*13
113
18l2
137g
2,200
714
*7
23i2
232l2
213g
*3H2
6
♦158U
m-mmi *. m
"
19
114
4
15,200
'm
35
6
19i2
3*8
14i8
*13
*112
!
2,900
18,100
59
#32io
153s
*66
1918
5078
93
734
112
il 12
*108l2 115
110
llll2 11434
131*8 131*8 131l2
11034 11034 110*8 110*8 111
116
4
23I2
23g
93
12
131*8 131*8
*158'4
*1838
3i2
1334
*54i8
*24I2
7l2
2114
1512
3214
*108i2 115
115
3,600
19
313s
3734
*34
5S
1
700
534
4414
447g
334
Oct 19
250
33l2
2134
313g
33l2
7*8
1514
6512
50
94
287g
IOI4
*13
2II4
*5l2
36*8
90*8
6
*20
*h
1514
5*8
4334
_
2U
92l2
812
214
92i8
8i2
32
3214
19i2
387s
*90ig
*938
15
534
22
1
15ij
44i2
Jan
1
*23g
91
*13
2112
*31i4
*7*4
3,600
75
-
-
6I4
4l8
614
V 4
75
14
1414
137g
1414
60
59
*54l8
*54ig
*24i2
*2412
23i2 2312
2334
23l4
73g
7i8
73g
7l8
143g
143g
I43g
1414
*10H4 102i2 *101
10112
2434
24i4
253g
243g
223s
223g
2214
223g
1438
1412
*133g
1378
17
16i2
1714
16i2
8
778
8i«
734
—
200
2,400
1,390
84
15*8
*15i4
5*8
44i2
3I2
334
7,200
83
34
80
80
Consol Film Industries
1
$2 partic pref
No par
Consol Edison of N Y..No par
Pref
3134
31l2
*75
*8
6I4
414
4lg
447g
1414
83
6
634
414
4i8
44l2
3i2
9
100
*33
*8
Mar 11
No par
6534
83
96
Crown Cork 4 Seal
34ig
1138
84
Oct 21
6,400
6534
**8
6i2
63
No par
11
34
100
w w
July
16
7
July
Mar
6J4 % Prior pref
7
3078 Aug
187g Jan 15
87
Crosley Radio Corp
*33
578
2*8
36i2
484 Oct 19
5% conv pref
100
Cream of Wheat ctfs.—No par
65
1534
93
37
26
8
Oct 18
32l2
36i2
34i2
32
Oct 19
Jan 14
22
65
2,100
1112
5*8
214
*9H2
*6i2
3314
6«4 Oct 18
1
1,000
500
Nov 24
Highest
share $ per share
per
19ig Feb 11
45i2Marll
19U Jan 23
Oct 19
8
share
100
8
734
4i8 Oct 19
per
Range for Previous
Year 1936
Lowest
Highest
$
share
21
No par
Coty Ino
3418
15i2
2414
500
65
157g
584
4434
23i2
7l2
77S
Consol Aircraft Corp
Consolidated Cigar
7% preferred
3,200
5,200
1078
5*8
4434
*2412
150
28,000
6412
31U
157g
2478
51
60
■
8
5*8
45l2
*24l2
2414
*758
14i2
*50
11*4
*0l4
*414
60
*14
6034
166
166
166
I66I4
4
414
412 v
4l8
27
26
2714
2634
91
90
90
901S
*23
2414
22i2
«22l2
23
16
312
1438
6112
;
*3012
32
6,000
23,500
1,000
313s
50
50
9014
*1514
1312
*54i8
2,000
4,500
29
16
334
200
27i2
H8
29*8
16
14ig
400
15,000
No par
Congoleum-Nalrn Jno—No par
Cigar
No par
Conn Ry & Ltg 4M % pref. 100
Congress
Consumers
8,000
6,300
7,100
1067g 10678
H4
Conde Nasi Pub Inc
$ per
1
100-Share Lou
Lowest
300
75s
80
60
1,2 JO
75
7i2
80
3l2
13U
*54ig
6,800
;
42
734
77
45
10678
100
13ig
1*8
7*8
77
46
127g
ll2
74l2
40i4
100
127s
8
80
*44*A
9:
7*8
*77
5*8
31,400
12*8
42i4
*106
80
534
800
47g
9i8
79
41
107
*75
5*4
98
45g
1*8
77«
32i4
*36l2
®8
7
2,700
5,800
40,400
1,100
24i2
98
12*8
1314
*75
3412
30*8
45g
414
1214
1*2
74i2
40*4
41
*70
34
H2
77g
1*8
714
On Basis of
Par
""70
74
24
958
1214
127g
1*8
13141
77s
32l2
64l2
88
**8
634
8
31i4
*36i2
*3212
107g
65
*78
90
2412
*7*4
3412
1138
6734
29l2
*23
41
1078
1234
*105
77g
28
1*4
90
*3612
914
49i2
16558 16558
Z&2
458
26l4 2714
2714
9
*14
15
15
50
4934
4934
6234
62i2
63
6H2
16558 16558 *166
16734
}
438
4i2
4l2
412
26
26l4
2512 26i2
49i4
62
63i4
107
734
27i2
Us
285*
*1478
16
50
*49
1*4
107
13s
315s
2834
lU
3H8
*16i8
133g
1234
12U
*15g
107
778
29*s
778
13i8
9
400
*100
103
103
IOOI4 IOOI4 *100
*358
4
*35g
4
35g
h
*8
3g
3g
3g
45g
4i2
4I2
45g
*412
434
*18
*18
20
*18
20
19l2
*84
86
871 *84l2 8612' *84i4
102
*100
478
*4l2
22,300
6*8
*70i4
8i2
2478
9834
47g
458
1478
67
H2
24
1*4
*76
71l4
100
70
*
2412
U2
5
*84
71
70*4
400
2,500
91;
*6i4
634
67
6*8
135s
13i8
1312
1234
1*4
2U2
153s
634
70*4
U2
65s
4
*8
24
15
67
74
ll2
6l2
20
5i4
*20
*
23*4
102
*35s
4
*5
68
*70*4
25
15s
634
2434
*9812
15is
6i2
6
68
6i2
Range Since Jan
Shares
22
7
7
23
*10
634
EXCHANGE
Week
17
$ per share
$ per share
*22i2
*612
STOCKS
NEW YORK STOCK
the
CENT
Friday
Thursday
$ per share
Sales
for
AND
Saturday
3933
150
10
Apr
Apr
Oct
29
Oct
157a Aug
2*8 June
8i2 Apr
34*4 Jan
Jan
Ex-rlgbts.
25
Deo
71*4
210U
Deo
Deo
Feb
6112
Deo
18*4
Apr
27*4
Deo
84
Jan
10Ua
Deo
92
Mar
Aug
4
Jan
8I4 Mar
4*4 Mar
407a
31*8
37
Jan 14
Deo
Jan
Mar 11
43*4 Mar
June
Jan
23i8 July
4*8 Jan
122i2
107a
18U Sept
3412
4
Jan
Apr 2
11*8 Feb 19
lll2 Feb 25
6
6I4 Apr
697b Mar
7*8 Jan
3
Apr
2ij
Jan
20*8
Jan
123ia Nov
1214 Mar
6
Deo
6
Oct
40U Nov
T Called for redemption.
EE
New York Stock Record—Continued—Page 5
3934
LOW
Saturday
Dec.
11
•67
29%
20%
2934
20%
29
29l2
20U
28
28%
2734
28%
20
20
20%
20
20%
90
90
90i2
90i2
*87
93
90
90
30U
171*
30U
30%
17%
32l2
•10l2
212
20'8
2i2
32
86
*4
*70
30
14
•Vi
5
*67
30%
85
85
85
*07
18%
73
4%
4
2%
18%
*67
*4
18
87
18%
18%
200
2%
3034
1,900
1,100
Food Machinery Corp.... 100
8534
18%
....100
80
6,400
4%
4%
13%
2
1®4
r
4%
3%
|
*1%
3%
*
lh
1%
2
1
4
4
378
4%
134
2
*134
4
15
20
14%
147g
147g
1434
147g
14
14%
14%
*14%
16
*14%
15%
*14%
15%
14%
14%
*14%
90
90
*89%
0%
0%
90
Z90
90
*88
90
90
*88
6%
6
6
6
6
57g
6
5%
6%
6
6%
6%
6%
0%
6%
6%
100
41
100
42
43
42
41%
4234
*90
100
*90
100
*90
43
42%
43%
7%
25%
♦107
413s
3034
1%
43%
42 84
41%
43%
120
*107
427g
43%
42%
30%
42%
120
1%
1%
lli>
11»
6%
10
♦100%
1«4
22%
*85%
1%
183s
1%
116
*28
34
45
*28
6%
10%
5*4
5%
10%
5%
7%
12%
13
13
13
13
12
16
16
*16
96
*93%
96
90
*11%
9%
12 34
11%
69
*55
984
6684
57
934
*55
8%
8%
9%
♦51
55
•51
*10
177,
*10%
177a
*95
96
*95
90
♦2%
♦3
25%
4634
25
%n
1"
►
92
17
10
50
54%
19%
20%
21
82
82
4%
♦56
80
58
1%
1*4
4%
•1%
2%
2
3%
3
*4
1%
27
2H4
14%
24%
22
21
*40
64%
16*4
10»4
1634
*8%
*1%
*20%
*5%
8»4
1%
2478
6%
20
20
11
1%
14
15%
15
*40~
16%
10%
•
64%
16%
8%
*1%
20
*60
*2%
*92
6%
*89
41
*42
86
86
*847,
*17
20
*17
*23%
24
*25%
10%
*50%
27
10%
52
*82
7%
47%
*1%
5%
7
1%
11%
*1984
*40%
*7%
227,
101
*9*4
20
*101
52
18
*17
19
*16%
52%
25%
10
6%
*19%
20
*97
99
95
92
21%
127
*6
70
95
99
92
*88%
Grand Union Co tr ctfa
2,800
1,100
1,400
3,100
17.400
1,700
6% pref
Great Western Sugar..No par
8%
99
91
*60
2%
68
2%
2%
90
*60
96
2%
*94
68
*60
130
*125
46
47
46
44
44
87
*80
87
18%
23%
23%
♦99
10
984
19%
20
52%
*25
7%
49
2
5%
684
48%
7%
49
1«4
684
0%
47%
*1%
7
1%
102
1%
11%
19%
40%
8
*5
984
187,
*101
63%
27
1
10
60
79
678
49
184
684
7
1%
1%
11%
19%
39%
8
19%
39
*7%
100
*984
67g
11
17
23%
9%
*49
*79
684
47
27
934
51
82%
7
48%
1%
1%
~
684
1%
100
934
19%
...
19%
39%
684
*125
*40
45
86
86
*16%
21%
984
19%
*101
97g
19%
53
*25
27
47%
1%
45%
134
9%
9%
50
50
80
80
6%
*5
634
1%
7%
4678
178
534
67g
1%
11%
■
1,900
100
2,800
1,600
..—-
300
300
100
I,800
170
900
2,200
200
6,600
300
500
9,700
4,800
900
500
6,900
9,100
ii,400
11%
*19
20
400
39
39
230
634
684
a
110
Def. delivery,
Oot
70% Feb 11
122% Feb
60% Jan
16% Feb
2
9
1
19
Jan 19
Jan
Jan
5%
123% Nov
Jan
Jan
18%
59% Dee
15% Deo
Mar 20
110
537,
118
68, Jan 13
65% Feb
4
117% Jan 22
584 Jan 20
487, Jan
70% Feb
7
4
Jan
6
88
33*4 Jan 26
437, Feb 11
105% Jan 4
Jan
110
3% Apr
321, Apr
June
57
105
Jan
106
2
Apr
20% May
33% Apr
32% Apr
Feb
6%
Deo
118% Mar
47, Deo
48% Deo
71
Deo
89
Deo
July
31% Dee
30% July
44% Nov
13% June
70
Aug
90
17
Aug 30
1
88% Feb 23
9
9
51% Jan 28
58% Jan 18
»t« Oct 2
67, Feb 26
8% Feb 19
Feb 17
115
60% Mar 11
87% Mar 11
47% Mar 11
141
Mar 11
19%
Oct
Jan
Jan
27% Nov
Oct
92
37% Deo
52% Sept
55%
Jan
56
Deo
0%
84
87,
Nov
Jan
0% Nov
Feb
110
13%
Jan
Sept
74
21% July
*100
Deo
8% Apr
13% Jan 18
Jan 6
77
Jan
9
2
June
90
484 Feb
15
Jan 12
1% July
6% Jan 22
3% Apr
1
8
6
24% Aug
27% Feb
48% Feb
47% Jan
22% Deo
28% Mar
56*4 May
42% Jan
145% Mar
64% Mar
39% Mar
107, Feb
10
8
20
2
2
10
10
8
11% Mar 18
4*4 Jan 11
59
Jan 9
10
Apr
28%
Jan
10
Jan
32%
Jan
31
Jan
136
Jan
50% Mar
22
Apr
14*4
Dec
1% July
24
9%
July
Jan
Jan
20% Feb 10
31
Feb 16
0
95
Nov 26
108
92
Oct 20
105
18
Oct 19
100
1
100
2
123
Oct 28
Oct 19
25
Hecker Prod Corp v t c.No par
10
634 % preferred w w
Hayes Body Corp
Hazel-Atlas Glass Co
Feb 18
Jan 22
58% Mar
6
Jan
Jan
14
Jan
*104
Dec
100
June
30%
Jan
Jan
Feb 26
120
12
Jan
70% Nov 19
1% Oct 19
104
Nov
81
Nov 23
117% Aug 13
6
Oct 19
25
89
129
No par
Hercules Motors
Jan
17% Jan 11
107
Feb 20
8
Jan 14
6
100
11
-
Nov 24
Nov 24
Oct 19
140
167, Jan 25
Feb 9
120
4% Apr
99%
Deo
12% Aug
117
May
6
160% July
39% Feb 11
25% Apr
166
Jan
Hercules Powder new—No par
60
NOV 24
Dec
6
100
125
May 22
135% Feb
2
Hershey Chocolate
No par
54 conv preferred-— No par
Hlnde A Dauche Paper Co. 10
Holland Furance
..No par
41
Dec 1
Nov 26
6% conv preferred ..No par
Hollander A Sons (A)
6
93
07% Jan 21
111
Jan 19
87 June 4
52% Feb 5
120% Jan 4
30% Mar 9
43% Jan 7
114% Mar 8
53% Dec 14
0% cum preferred
No par
Holly Sugar Corp
—100
7% preferred
15,166
19%
40
t In reoelvership.
18
June
6% preferred
Hat Corp of America cl A
19%
*39%
634
Jan
1
Feb
124
Harbison-Walk Refrao.No par
11
6%
Jan
July
33
Hall Printing
...
351%
67g
1%
1%
17%
21%
104
*96
5
11
130
53
25%
91
61
80%
7
684
1%
11%
39
684
52%
25%
9%
*49%
*79%
6%
z45%
1%
17%
22%
5
*19
Bid and asked prices; no sales on thia day.
53
47,
11
984
19%
*101
...
*25
87
*1634
321%
zloo
10
19%
52%
45
87
17
19%
130
*40
23%
99
*101
52%
25%
10%
*125
130
*17
102
684
*125
*80
87
18%
23%
...
130
90%
7,
7
Preferred
91
9
Jan
34% Apr
33% Feb
36
25
Helme (G W)
*89
Jan
Dec
26% Apr 17
484 Oct 19
19
Oct 19
3% Oct 19
7% preferred class A
130
91
Oct 15
Jan
30
99
95
6
7, Oct 19
12
Nov 19
50
2%
*94
6%
8
25
100
*89
6%
Dec
25
150
*132
150
131% 133*, ♦131
*132% 150
15
15
14%
13% 14%
14% 314%
14%
59
68
57
57
69%
58%
57%
68%
91
6%
6%
129
Water—
9,400
6%
23% Oct 19
23% Oct 19
Oct
Jan
17
30%
6% preferred
—100
Hanna (M A) Co 55 pf.No par
—
320% Dec 15
10
Oct 19
Jan
7
5%
6
6
8
Hamilton Watch Co.—No par
-
3
10% Apr
17% Mar
69% Mar
34% Feb
20
mm
Dec
Oct 19
100
—
22
12
Hackensack
2,300
—
14% Nov 20
100
20
68
2
2%
95
100
100
*88%
1% Oct 19
Oct 19
10
No par
preferred
6% preferred
20
*97
Oct 19
77, Oct 19
Gulf Mobile A Northern—100
100
6%
1% Oct 19
3
10
preferred..
Guantanamo Sugar
20
32
v
50% Sept 14
15% Oct 19
7% Oct 19
5H%
300
*31%
6%
*19%
Oct 19
3% Oct 18
Oct 19
65
Co. 100
1
Greyhound Corp (The)-No par
Green Bay A West RR
Green (H L) Co Inc
mmm—-
34
100
Preferred
2,300
27
100
Great Northern pref
5,700
11,700
25
20
...
Gt Nor Iron Ore Prop.No par
------
1%
10
Grant (W T)
mmrnmm -
25
197,
1
53 conv pref series—No par
300
100
5
6%
90%
79
*7%
*19%
77
par
Granite City Steel——No par
18%
6%
par
800
22
4,200
21%
22%
21% 22
21%
■■'■i
20
*121% 124
*121% 124
♦121% 127
900
7
6%
6%
6%
6%
6%
6%
*89
61
*88%
6
par
100
1
Motors.
Oct 28
Oct 19
54% Nov 24
16% Oct 19
par
Granby Consol MSA P
900
21
5%
Graham-Paige
Oct 19
90
13
No par
Preferred
8
1% Oct 19
42% Apr
68
90% Mar
2
Jan
97
14
29% Mar
%i» Dec
1
6% preferred
No
Goodyear Tire A Rubb-No
55 conv preferred
No
Gotham Silk Hose
No
23,200
1,900
9
*1%
50
Nov
3S4 Jan 18
49% Oct 19
20% Oct 19
43
Oct 25
No par
No par
(The)
7% Aug
16% Dec
8% May
64% Jan 29
657, Jan 18
207, Feb
Goodrich Co (B F)
22%
2%
*93%
6%
21
96
82
19%
40%
92
6%
*21
9%
1%
9
44% Feb
Oct 19
1
Gold A Stock Telegraph Co 100
127
70
82
11
6%
*60
83
1%
177,
99
9%
49%
*5
18
20
62
7
*5
*97
*49
1%
11%
20%
42
734
6
*19%
59%
41
52
21
*5
1%
99
6%
15
*125
97g
20%
2478
6
68,
20
133%
130
97g
247,
*5
9%
1%
*31%
♦125
*20
1%
*177,
6
9%
*25
22%
23%
21% 228,
*121% 127
♦121% 127
61
*6%
6%
6%
*101
8%
1%
20%
9
34
6%
27%
127%
*40"
64%
17%
17%
978
10%
107,
10%
11
13%
247,
27%
•
16%
10%
27
*92
101
04%
17%
15%
27%
127%
*40"
64%
17%
17%
310
10%
*32
99
*
•
*247,
*92
17
27%
32
*95
61%
13%
24%
27
99
*59%
137g
25%
32
*95
90
25
*17%
*247,
*20
16
21
198,
6%
20%
133% 133%
27
*20
*17
20%
32
*89
*20%
*5
32
6%
26%
20%
20%
13%
24%
27%
0
*247g
2%
20
15%
20%
20%
13%
1%
137fi
22
34
97
64%
1%
4%
1%
13%
15%
*1%
137,
147,
1%
*40"
1%
4%
1%
13%
147g
Feb
49
647, Jan 21
Oct 19
Rights
10
1%
Dec
63%
140
52% Jan 23
Jan 13
162
784 Oct 19
Goebel Brewing Co
944
4%
78
70%
126% Mar 31
8
Gobel (Adolf)
700
4
58
1%
14
128
79%
4
4
*5
27
2%
*017g
0%
•
20
8
4
66
50 preferred
10,400
1,300
10,900
*55
*77%
4%
58
*21
*32
71
28%
129
16%
10%
884
*1%
*247g
•60
25%
81
*4
*55
1%
4%
325%
320%
13%
24%
27%
21%
13%
*40"
27
6%
27
20%
81
4%
16
15%
13%
30
I2984
1%
16%
65
Oct
Mar
65
24
4K % conv preferred
------
16
53%
195,
197,
60
1%
4%
1%
♦13%
14%
24%
*28%
25%
*4
50
92
16%
65
Oct
Feb
Apr
141
4
Oct 19
Glldden Co
2,900
1.200
2%
3%
*85
92
16
80
80
4
27
29
355
1%
22
*
*85
10%
56%
20%
4
1%
4%
28
29%
92
157,
*53%
19%
68
22
129*4
*85
197,
79%
4%
*56
28
15%
3
3
60
1%
*13%
15%
*25%
26
2%
3
10%
15%
55%
19%
79%
20%
2%
92
*
16%
55%
2%
2%
3%
3
.3
13%
15%
153s
*48
3,300
2%
13%
15%
25*4
29*4
51
Feb 4
Feb 11
14
55 conv preferred.—No par
Brothers
No par
300
24%
51
Feb
11% May
32% Mar
8
Gimbel
4,100
50
*53
*323%
*46%
2%
58
1%
4%
1%
*13%
*15%
23
53
25
4%
•56
227,
53
237,
*467,
51
Dee
Nov xl36
100
Gillette Safety Razor.-Ns par
200
55
80
4
4%
53
54
53
100
0% pref
4,600
25
13% Oct 19
9% Oct 19
16
Dec 16
95
NOV 29
General Tire A Rubber Co— 5
900
8%
10
%».
92
17
♦55
68%
8%
24%
♦407,
47
2%
9%
66%
8%
Oct 19
Gen Time Instru Corp.No par
10
8%
Oct 19
18
400
1,700
7.900
57
*56%
1
14
Gen Theat Equip Corp-No par
------
117,
87,
1
Gen Steel Cast 56 pref-No par
11%
Nov 16
85
100
3,030
1,400
12%
8%
8%
1% Dec 16
16
Oct 19
50 preferred.
No par
General Refractories—No par
Gen Realty & Utilities
4,800
67
9%
*66%
57
3% Oct 19
8% Oct 19
299
Dec 16
No par
26%
11% *11%
97, m 9%
11%
♦51
55%
2584
40*4
3%
»
9%
8%
884
*m
25%
4634
11%
9%
21% Oct 19
Signal—No par
28
12%
1
Oct 25
111
1
No par
6% preferred.
May
31% Oct 19
10
50 preferred
10,500
177g
4*93%
*95
12%
984
12%
preferred
General Printing Ink
900
27
13
100
117
$5 preferred-__...—N# par
Gen Outdoor Adv A...No par
Common
No par
------
29
2884
13%
17%
Oct 19
Gen Railway
*25%
26
48
4,000
1%
28% Nov 23
84 Oct 19
No par
No par
No par
23%
17
2238N0V 26
Dec 16
34
Oct 19
399
Nov 10
6%
Jan 16
33
163
100
General Motors Corp
73
Oct 13
2% Oct 19
6% Oct 19
14% Oct 19
66
Oct 25
No par
Gen Public Service
99
35%
108
117
33
1,400
28% *28%
18%
14
1%
17
23% July
32% Jan 13
Mar 25
117
Oct 19
31% Nov 22
preferred-..--——-100
General Mills.-.
60
45%
127
97%
03
5
5% Oct 19
91
Nov 5
S6 conv pref series A-No par
2,000
2,200
42% Dee
66% Dec
Dee
11% Mar
48% Deo
34%
July
9
Jan
83
106% Jan 28
19% Feb 1
15% Mar 9
105% Jan 6
80% Feb 17
19% Jan 14
4
No par
2
25%
27%
90
14
99
Oct 19
Nov 23
Oct 19
88
—No par
Gen'l Gas & Elec A
200
10
Cable
General Foods
1,100
100%
28
*95
29%
*1%
22%
*85%
1%
*16%
25%
27%
25%
♦17%
29%
10
*99
1%
23%
247,
20%
2534
27%
a;13%
*17%
20%
10%
10%
General Electric——No par
1%
115% 115%
34
*31%
5%
5%
14
No par
6
i—5
No par
—6
preferred...
Class A
31
99%
1
10
7% cum preferred
General Cigar Inc
66,600
Dee
183, Jan 12
3% Oct 19
Dec 17
3,700
1,100
120
115% 116
34
33%
*31%
6% w 5%
5%
Apr
95% July
Jan 14
136
June
36%
153, July 19
z39%June21
58 1st preferred
Bronze
100
f 115% 115%
24%
Jan
General
45
5%
5%
10
10% 310%
10
10%
10%
399
*100% 103
*101% 103
103
*100% 103
2
1%
1%
1%
1%
1%
1*4
*1%
22
22%
22%
22%
227,
22% 22%
23%
100
*85% 99
*85% 99
i*85%
*85% 99
1% m 1*2
1%
1%
1%
1%
1%
1%
17
16% 16% *16%
16%
16%
17%
188*
20
*
30%
1%
*33%
31%
1%
1%
*33%
45
110
•
35
34
1%
*33
*115% 116
37%
*35
31
3034
1%
31%
45
*33
45
3
Jan
General
31
5,900
3134
4,700
1%
1%
*33% 45
51
"moo
51%
50%
51
50%
51
51
50%
51%
50%
*51
52%
*118% 119
♦118% 119
*118% 119
*118% 119
*118% 119
*118% 119
33%
32%
3234 33% 130,400
33%
33
33%
34%
32*4 33%
34%
34%
32
31«4
*33
54% Feb
37, Aug
Apr
10
43%
Sept
3
9
32
98
3%
900
4234
58
47%
16
1,200
4378
Dec
45
25% Mar
31%
General Baking—
24
30% Sept
Mar
Feb
Apr
3
Gen Am Transportation
80
68% Nov
8
5,400
23
24%
105% Nov
Apr
4
preferred
"
24
76
24
Jan
Feb
40
z247,
Jan
1,200
1,700
*107
76
24
*107
120
*107
no
80
24
24%
100%
9
1
5
6
9
1
7% Mar
No par
Gannet Co conv 56 pf—No par
Gar Wood Industries Inc
3
Gen Amer Investors.--No par
*66
*75
80
24%
2434
24%
120
*108
*66
80
*75
90
*24%
116% Nov
49% Nov
48% Jan
20% Oct 19
Game well Co (The)
60
11%
Apr
1% Oct 18
Galr Co Inc (Robert)
30
11%
*22%
Feb
Mar
Feb
Feb
share
Dec
38
6% Oct 19
4
*3*4
107%
62%
46%
68%
39%
97,
per
105
1087, Mar 9
45% Jan 18
413, Mar 11
No par
118
118
f per share S
share
per
Gabriel Co (The) cl A ..No par
7,700
7%
'
*66
Oct 19
2,400
43
42%
7%
42%
7
Oct 19
4~900
100
*90
100
*90
7%
7%
7%
8
7%
7%
8
7%
123
*118
♦118
122%
*118
123
*118
123
125
*118
4
4
4
4
4
4
4
4
4%
4%
12
11
117g
1134
11%
11%
12%
11«4
1238
12%
23
23%
23
24
22% 23
22% 22%
*24
25%
-
18
102
Sulphur Co
J6 2d preferred
1,000
6%
10
6% conv preferred
100
Fuller (G A) prior pref-No par
Free port
370
57g
6%
6%
6:
No par
F'k'n Simon & Co Inc 7% pf 100
""190
90
*88
Oct 20
11% Oct 19
67
Dec 2
284 Oct 19
40
Dec 10
—10
preferred...No par
Francisco Sugar Co
2,600
14%
15%
16
1% Oct 19
Oct 19
Foster-Wheeler
17 conv
4%;
21
*90
4%j % conv pref
Dec 16
15
t FollansbeeBrothers.-lVe par
620
134
21
*6%
Fllntkote Co (The)
72%
*4%
4
8
27
*67
72%
:
Nov
28% Dec 17
11% Oct 19
29
Nov22
Florence Stove Co
100
60
*4
90
A—100
85%
17%
15
2%
30%
*84
1734
17%
15
2%
30
3,200
11,000
"loo
2
47*
85%
17%
*2%
6% preferred series
First National Stores. -No par
2%
30%
16%
27
*16
17%
Firestone
No par
No par
Plorsheim Shoe class A .No par
16
*40 %
50
44%
44%
*38
*40%
50
44%
44%
22
*2284
23
2234
21% 22%
2134 22
21%
22%
*10534 110
*10534110
*10534110
*10534110
*10534 110
>, 28
28
*27% 30
*28% 30
31
28% 28% *27%
12
12
'12%
12%
*12
14
*12%
13
12
*±05% 114
30
*84
2834
28%
*23
27
*40
22
•13l2
29%
16%
*24
300
4%
•4
40l8
22
18%
2%
30
3112
8612
17l2
434
40
2%
*29%
87
2%
87
*14%
86I4
18%
*16i2
18%
18'2
•67
29
16%
91%
*90
5
Highest
Lowest
Highest
share
Oct 19
22% Oct 19
10% Oct 19
Fidel Phen Fire Ins N
5,800
2,600
per
z66
Pf—100
Y..2.60
Tire A Rubber—10
Fed Dept Stores 4H %
500
29
20%
28%
20%
20%
93
29%
1634
20%
*89%
28%
2984
1634
29
29%
173a
16l2
86
15%
32
2%
*30
•31%
29%
*27
1812
*27
30
1678
32
30
♦27
67
28%
5
1937
18,
Range for Previous
Year 1930
100-Share Lou
Lowest
Par
Shares
69
*60%
66%
28
On Basis of
Week
I per share
f per share
$ per share
66
66
% per share
*66
67
67
67
70
NEW YORK STOCK
EXCHANGE
the
17
Dec.
16
Dec.
15
Dec.
Dec.
13
f per share
$ per share
Wednesday
Tuesday
14
Monday
Dec.
STOCKS
for
Friday
Thursday
Range Since Jan. 1
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
Dec.
12.50
Houdallle-Hershey d A-No par
Homestake Mining..
No par
Class B
Household Fin com ttk.No par
100
6% preferred.
c—25
Howe Sound Co
...—5
Hudson A Manhattan
100
5% preferred
100
Houston Oil of Texas v t
Hudson Motor Car.—No par
Hupp Motor Car Corp
1
100
Illinois Central
83
17
Dec
15
15% Oct 19
Nov 19
9
15% Oct 19
984 Dec
Oct 19
109
*39*4 Oct 19
23
Oct 19
0
Oot 19
44
Oct 19
Dec 14
484 Oct 19
37
Oct 19
79
38
72
A—1000
Oct 19
a New
stock,
r
Cash sale,
a
4% Aug 17
Mar 17
1% Oct 19
Oct 19
16
Oct 19
0
Ex-dlv.
r
9
19%
Jan
June
Jan
Jan
108
Feb
407
Dec
22% July
157, Jan 31
23% Feb 17
Nov 23
30%
108
Sept
397, June
Jan
1% Oct 19
39
Aug
587, Bept
5
41
3% Oct 19
4
Oct 19
8
120
102
277, Feb 11
73
Jan 11
94
Mar 20
17% Jan 22
90% Mar 10
57, Jan 21
0% preferred series A—100
Leased lines 4%
100
RR Sec ctfs series
64
64*4 June
6%
Jan
48%
Jan
3% June
8% Apr
13% May
18% Apr
June
071, Mar 11
30
Jan 20
58
Jan
25% Mar 11
11
May
Ex-rights
T Called for redemption.
Volume
AND
Monday
Saturday
Dec. 11
Tuesday
13
Dec. 14
Dec.
Dec. 15
EXCHANGE
On Basis of
$ per share
$ per share
♦84
*7
7%
18
1784
18%
217%
1778
1,200
4,400
Industrial Rayon
No par
Oct 19
17%
18
16
17%
678
17»4
Indian Refining
17
82
84
82
82
81
81
82
85
*79
83
1,900
Ingersoll Rand
No par
72
85
17
Nov 24
100
132
Oct 16
7
7%
*7
7
734
*7
734
4
3%
23
21%
*130% 132
*130% 132
*130% 132
•130% 132
70
72%
68
70%
72%
6934
66%
67%
69
11%
11%
11%
12
11%
1178
11%
H%
11%
378
37g
378
378
*4
*378
378
4%
4%
334
334
3%
3%
3%
3%
3%
334
378
21%
21%
21
21
21
21%
2034 21%
22%
96
98
•130% 132
•130% 132
70
11%
67%
12
70
11%
♦4
4
4
100
4
978
♦2S4
278
•96
3%
•3%
978
9%
2%
,
24
135
146% 146% •140
7
7%
7%
•140
146%
7%
7«4
4%
4%
•9
9%
147
7%
7%
6578
4
4
4
378
9%
8%
9
9
9%
42%
43%
42%
*126
40
3%
39%
37
9%
10
9%
37
9%
2%
*23%
237g
135
*135%
68% 26534
378
984
2%
24
13734
68%
8,800
900
3,200
2,900
60
Steel
Inspiration Cons Copper.-.20
Insuransharee Ctfa Ino
.1
t Interboro Rap Transit.—100
No par
6% preferred
100
Interconfl Rubber
No par
42%
42%
3
3
39%
♦3
278
278
3%
3%
39%
3%
39%
3
*33%
40
*35%
37%
37
*20
21%
*20
21%
*20
21%
*20
213s
*20
21%
*20
33%
*33%
33%
*32%
33
1778
*17
177g
•17
333g
1778
33
18%
33%
1778
*32%
18%
17%
18
32%
*1784
32%
18%
77
*70
77
•70
75
*70
77
•70
7%
8
11%
11%
75
•71
22
22
*116
118
9%
*21%
25
53%
53%
81
83
122
122
122
•121%
70
18
72
18
"9%
9%
*19%
21
18
*17
*13
13%
•80
87
•5%
9%
5%
"36%
37%
9%
19%
13%
8%
778
778
•20%
*2%
21%
2%
♦22
25
*14%
15%
16%
16%
5%
5«4
13
13%
9%
584
353#
J5*
*20
*2%
5%
*
37%
8
20»4
2%
22
21
*14%
1578
*5%
•24%
1634
16
90
"36%
7%
*19«4
*2%
•20%
14%
1584
5%
6
13
7%
2084
2%
24%
14%
16
5%
27
27
16%
20%
31%
16%
16
16%
16
27%
16%
21%
18
19
15
17
35
28%
29
•14%
14%
14
*6%
•13%
18%
7%
1378
13%
*6%
13
13%
1778
18%
17%
100
7
7
1
1
4%
25%
*10%
•25%
4%
25%
10%
27
*24
37
37%
8
8%
26
*25
*2478
Jan
105%
Dee
..100
138
162
Jan 18
148%
Jan
160
Apr
6,500
Int Hydro-Elec Sys el A...25
3
Jan 29
284
Apr
10%
1,900
Int Mercantile Marine. No par
178 Oct 19
4% Jan
13% Deo
Feb
Internat Mining Corp
9
7
8
6
18%
Deo
Nov 23
73% If ar 10'
27
19
13
10
19
19
4% Sept 25
13584 Jan 5
19% Sept 22
18
Apr 6
43% May
125% Feb
300
2,000
100
10,200
370
No par
Preferred.
7
634
13%
6%
*12%
*17%
100
Preferred
No par
84
87%
87
164
•160
734
77g
•2%
2%
20
24%
15
16%
1578
15%
5%
*247g
1578
5%
27
16
18%
2934
13%
1234
13%
6%
1284
•5%
*12%
1278
18
17%
*96
7
17%
100
684
6%
684
1
%
37g
%
378
25%
25%
13%
87
600
8%
5%
8%
5%
"i",66o
20
20
2%
2
24%
*24
17
18%
1534
16
5%
*2478
1578
27
17
*96
6%
•84
17%
100
6%
5,800
1,100
37%
7%
25%
38*
7%
26%
86
86
88
89
*160
36%
778
38%
16%
8
27%
86%
16%
3234
18%
19%
18%
1834
218%
18%
48 s4
48%
10434 10434
32
39
1%
1%
3 634
*384
4
334
37%
334
1784
18
18%
18%
17%
26
103s
2334
165
24
16
378
86
2334
100
25%
10%
23%
84
*160
10%
5%
26
6%
34
37g
6%
87
4%
26
19
52
290
16%
*16%
3034
38
*18%
48
104
1%
36%
*3%
1734
89%
165
7
2%
7
6*4
12%
678
684
13%
6
10«4
IO84
*134
1%
684
1%
5%
9%
2%
31%
984
*6%
6%
1%
*3%
*9
*1»4
*27
9%
14
*6
1%
6%
*«4
♦3
2%
*1%
2%
♦1%
2%
6
*6
784
*6
778
714
14
6%
534
*6%
7%
13
6
♦11
584
1%
5%
784
1034
*10%
*1%
134
684
1%
6%
10
•84
♦3
*77#
784
*184
2%
*134
•28%
31%
*27%
9%
9%
17%
3%
87g
1%
5%
8%
2%
30%
9%
*84
*3
*7%
*184
*28%
8%
7
1284
6
11
I84
6«4
1%
5%
8
2%
30%
884
17
17%
16%
17%
17%
15%
16%
3%
*3%
3%
3%
378
*3%
3%
33
33
33% 33%
32%
327g
32% 32%
24
23%
24
24%
24%
2384
24% 24%
157
*147
*147% 157
♦14584 155
*145% 155
35
35%
36%
36%
37% 37%
36% 3684
5%
5%
5%
5%
5%
5%
*5%
5%
24
24
24
*23«4 24
*2384
•23«4 2484
*75
90
*75
90
*75
90
*75
90
♦12%
127g
12%
984
•76%
1284
984
79%
12%
9%
*76%
13%
9%
79%
12%
9%
•76%
13%
9%
79%
10
•76%
10
79%
Feb 15
8
121
Mar 17
116
Nov
Oct 19
29
Mar 17
13
Jan
115% Apr
5
Kelsey Hayes Wheel conv cl A1
Class B
1
13
Nov 20
80
4
Nov 20
Oct 19
Oct 19
90
Nov 29
Kennecott Copper
35
Oct 19
28% Nov 8
5% Oct 19
No par
Keystone Steel A W Co No par
Kimberly-Clark
No par
Kinney (G R) Co....
1
No par
No par
S5 prior preferred
-.10
Kresge (S S) Co
Mar
39% July
6
19%
Deo
80
Jan
19% Dec
17% Dec
19% Jan 14
20% Mar
8
4684 Apr 14
98# Mar 30
Feb 30
Oct 19
35% July
29% Jan
2
28% Jan
17«4 June
18% Jan
37# May
30
Apr
6
15% Nov 24
Feb
87
4
693# Mar 10
71
Jan
237#
233g Feb 11
19% Nov 19
184 Oct 19
20% Oct 13
Jan
17
5
27% Jan 18
110
Jan 14
109% Feb
Feb
75% May
447g Jan 16
15
7
Jan
46
14% Oct 19
100
Stores.S12.50
Kayser (J) A Co
5
Keith-Albee-Orpheum pf__100
preferred
400
1,600
7,500
2,800
400
1,100
4,300
200
5,200
18%
48%
104%
2,800
15,200
13g
37%
334
18%
7,900
4,000
1,100
3,600
900
500
80
5,300
160
1,700
3,900
2,300
Kresge Dept Stores
Kress
(S H) A Co
6%
preferred
Lambert Co (The).-..-No par
No par
5
Lehigh Portland Cement—25
4% conv preferred
100
Lehigh Valley RR_.
50
Lehigh Valley Coal
No par
6% conv preferred
50
Lehman Corp (The)
1
Lehn A Fink Prod Corp
6
Lane Bryant
Lee Rubber A Tire..
12
Oct 19
24% Nov 30
14% Oot 19
20% Apr
4% Apr
35»4 Aug
157# Jan 16
47% Jan 23
4
5
Oct 19
23
Oct 19
Tobacco..25
Series
25
100
B
Preferred....
Lily Tulip Cup Corp...No par
Lima Locomotive Wks.No par
......No par
Inc
No parr
No pur
Corp No par
Long Bell Lumber A...No par
Loose-Wiles Biscuit
25
5% preferred....
-100
Lorlllard (P) Co
10
7% preferred
100
Louisville Gas A El A—No par
Louisville A Nashville
100
Ludlum Steel
1
Mac Andrews A Forbes
10
Lort
Inc
Lone Star Cement
No par
preferred
No par
No par
Madison Square Gard_.No par
Mack Trucks Inc
Macy (R H) Co Inc
10
Magma Copper
778
110
634
200
*10%
578
1234
1234
578
4,500
Modified 5% guar
10
10%
3,000
1,100
7,900
Manhattan Shirt
10
10
*1%
134
6%
6%
*84
*3%
*734
*184
*2734
8%
17
*3%
34%
23%
152
35%
*5%
2334
1%
5%
8
2%
30%
*84
*3%
778
1«4
*2784
878
17%
3%
3434
23%
8%
152
37
5%
2384
1678
3%
34%
23%
*150
60
I84
30%
878
17%
3%
35
23%
157
10
"12",300
12,000
800
2,000
2,000
50
38%
2,600
5%
5%
700
23%
23%
300
*75
13%
1334
9%
r
79%
12%
9%
*76%
*76%
77g
37%
90
*75
1%
5%
10
90
13
9%
79%
3,300
1,400
May
97
Mar
15% Oct 19
23%May
18% Oct 19
Liquid Carbonic Corp.No par
*6
134
26
Oct 19
6%
634
5
4
Nov 24
6%
*1%
2
Aug
113% Feb
14
J6.50 preferred
45% Nov 24
9934 Nov 24
25'
Corp......5
Market Street Ry
—.100
6% preferred.
...100
6% prior preferred..—.100
6% 2d preferred
—.100
Marlln-Rock well Corp.——1
Co.—No
Martin (Glenn L) Co
Martin-Parry Corp
No
Masonlte Corp
No
Mathleson Alkali Wks.No
Marshall Field A
par
1
par
5
83% Feb 15
63
Aug 14
267# July 26
877# Aug 11
110
Jan 23
37# Feb
160
Oct
19
Apr
257#
36
Apr
2
35%
3%
101
Oct 30
157g Oct 19
125
Oct 29
28% Feb
8
z38»4
107
Deo
20
May
Mar 17
4I84 Mar 11
36
Feb 11
57% Jan
22% July
33
9
8
8
127%
8% Oct 19
18% Oct 19
15% Jan 20
63
Mar 10
1% Oct 19
77# Jan 12
7
Mar 30
1%
Jan 11
7%
1
Oct 15
Oct 16
Oct
21% Apr
140
99
Oct 19
Jan
May
Jan 13
2884
27
Jan
1478# Jan 20
14% Oct 19
48% Nov 24
13% Oct 19
2634 Oct 20
123% Nov 19
18% Oct 19
Jan
July
"43
Apr
104% Feb
IO84 Jan 26
43% Jan 8
110 May 12
132% Feb
62% Mar
58% Mar
30
Oot
Jan
27%
Jan
40%
Apr
8%
Jan
34%
Jan
Jan
Jan
7
June
Oct 19
21% Apr 6
167# Jan 11
39
Jan 14
32
Dec
4% Oct 19
16% Jan 20
127# Dec
9% Oct 19
1% Oct 19
29% Jan30i
684 Feb 17
14% Feb 13
17% May
3% Mar 29
1% Jan
6% July
18*4 Jan
2% July
6
Dec
1
6
Deo
7
6% Oct 19
1
Sept 10
Oct 19
20
734 Dec 13
1% Oct 19
26
Oct 21
39
3
8% Dec 15
Oct 19
10
184 Oct 19
20
preferred..
—100
May Department Stores...10
Maytag Co
No par
$3 preferred w w
No par
$3 preferred ex-warr. No par
$61st cum pref.—-No par
McCall Corp
...No par
McCrory Stores Corp
1
preferred..—.100
z66
conv
Jan 13
75% Mar 11
Oct 18
142
6%
175
9784 Mar
Oct 19
par
par
7%
Jan 28
June 22
10
Maracalbo Oil Exploration.. 1
114
1
t Manhattan Ry 7% guar. 100
Marine Midland
15% Mar
29
2% Oct 19
1734 Dec 15
6
100
Jan 16
79
32
100
100
No par
—
Pref ctfs of deposit
Mandel Bros
Jan
82% Oct 19
83% Oct 19
151
May 20
33
Loew's
12
387# May
47% Jan
7
May
No par
Link Belt Co
Jan
July
9
6
Life Savers Corp—
8%
2
9% Apr
89
May
Llbby McNeill A Libby No par
Liggett A Myers
*5%
z6%
334 Jan 18
58% Jan
*1%
250
1
24% Mar 17
Oct 19
8
July
15% Apr
94% Apr
Oct 19
23% Nov 23
Jan
12
1
Nov 24
2%
*10%
5%
Nov 12
4% Oct 19
s4 Oct 19
3
Oct 19
1
277# Mar 11
51% Feb
203
Feb
June
157# July
7%
34
6%
6%
100
1784 Mar
6
23
$ Manatl Sugar
—100
Certificates of deposit.-.100
2%
Oct 19
Mar
Llbbey Owens Ford Gl.No par
6
*1%
14
24
No par
Lerner Stores Corp
6%
3,700
9,400
1,400
1,900
113s Dec 18
5% Oct 19
984 Oct 19
24%
18% Jan 18
43%June 10
213# Feb 11
Preferred
*6%
*10%
6%
10%
1%
2,200
4,400
32%
38%
103
*103
106
106
*103
103
103% 103% 2103
16
16%
163g
16%
16%
16%
16%
16%
16%
16%
135% 135% 135% 135% 135%
*130% 135% •132
129% 131
17
16%
17
16%
1634
16%
16%
1684
1678
16%
54
55
51
54%
.52
54%
52% 5434
51%
5034
18
18
17%
177g
1734 18%
17%
1778
18%
17%
6
5,000
400
103
*1%
1,200
"2I66
16%
18%
18%
*31
33
34
*31
32
33
•31
31
•30
*29%
•29% 31
*123% 126
*123% 126
*123% 126
*123% 126
•123% 126
•123% 126
21
20%
2034
20%
21
20%
21% 220%
21%
20%
21%
21%
29
28%
29%
29
2778
28%
27% 28
2778
28%
29% 29%
10%
1034
1078
10%
IO84
IO84
*10%
1078
10%
1034
•107#
11
24
2434 25%
24%
2434
24
25
25
24%
24% 24«4
24%
•1%
200
100
*96
*162% 165
4
25%
*10
19
52
*5%
*12%
17%
1
*38
17%
136
1,000
40
16%
121*4
13
7
12%
39
135%
88
2
6,600
30%
17
10
100
Kaufmann Dept
S8 preferred
Jan
May
8
Jan
6484 Nov
B No par
ser
Southern
58%
Jan
126
12
7
19
16%
City P A L pf
5
155
24'
15% Nov 23
Jones <fc Laugh Steel pref.. 100
Kalamazoo Stove A Furn
Apr
113
4
87% Jan
Jan
24% Aug
113g
40
•131
Preferred
Aug
Jan
15
127g
86%
18%
preferred
Johns-ManvSlle
127
Apr
10%
82
32%
85%
18%
20% Oct 19
..1 *116
Sept 23
No par
497g Nov 24
No par
65% Nov 22
Mar 18
1001 120
Jewel Tea Inc
4%
26% Jan 30
30
Apr 15
.1
Island Creek Coal
Kansas City
Nov 29
9
No par
2984
85%
3%
Corp
212%
*5%
12%
86
18
100
Preferred
Intertype
11% Sept
157# Feb 19
8% Nov 10
36% Jan 18
107% Apr 6
19% June
*25
3%
Interstate Dept Stores. No par
Oct 19
6% Oct 23
9% Oct 19
72% Oct 18
No par
32
8
1%
4
Foreign share ctfs
20% Apr
25%
37
No par
preferred
Inter Telep & Tel eg
Oct
Jan 14
8
1%
100
June
41% Jan 14
25%
36
Apr
50
47
277# Jan 14
778
27%
84%
1%
35%
3%
18%
15
Feb 19
Oct 19
3
1%
Mar 11
110
Oct 19
37%
35%
52
Oct 19
6
35«4
1%
Oct 19
8
36
37
Oct 19
16
65
...100
3478
1%
30
100
Laclede Gas Lt Co St Louis 100
37
35%
3%
No par
500
39%
1%
1%
37% 38
•334
4
18%
18%
al03% 103%
Shoe
International Silver
International
850
24
•
17%
Apr
4,700
25
47% 48%
47%
48%
49%
47%
48% 49
•103
105
105%
105% •104
104% 104% *103
190
23
19% Oct 19
18%
39%
32%
3,000
1,100
1,000
Jan
Jan
33%
24
16%
1,600
53~306
Jan
3
19%
No par
Kendall Co 16 pt pf A .No par
300
334
Jan 30
Feb 16
Jan 25
Jan 4
83t
57%
2834
498g
6
Jan
Jan
1%
17
1634
25%
87
86
86%
8534
165
162% 162% •162
16
16
16%
16%
31
30
32%
29%
Dec
2%
6
3234
16
5%
*2478
10%
24%
84
34
100
preferred
Apr
91<
68% Sept 22
10
Feb 16
17%
17
39%
32%
♦39%
16%
1578
10%
83
.100
Internat Rys of Cent Am.. 100
5%
15% Apr
18»4 Ian
Oct 19
Apr
160
No par
No par
Kroger Grooery A Bak.No par
5%
41
16%
2%
25%
83
38%
734
20%
26
10%
*25
500
90
37%
734
20%
2%
24%
16%
31%
•15%
19
*
38%
778
25
7%
25%
1,100
"166
*7434
4
734
700
*13
10%
36%
""666
13%
25%
*25
300
87
4
•10
1,000
20%
*17%
25%
4%
3M00
7,400
1,800
20%
1734
♦10%
378
500
8%
%
%
"""360
"8%
90
"37%
*22
No par
5% conv pref
167#
1277,May
7% Oct
884 Sept
4% Sept
36% Oct
2% Oct
..15
Inter Pap & Pow Co
Class B
Nov 30
Oct 19
37
Int Nickel of Canada_.No par
Kan
%
'
84
*
3738
16%
28%
100
•96
6%
7
5%
5%
91
"36%
3
20
1
International Salt
100
87g
5%
7% Dec
56%
*119% 123
20%
18
2284 July
63% Apr 14
Deo
Dec
57# Mar
5
Internat Harvester
$6
9
27# July
Sept
57#
18%
4
4,700
17%
Jan
9% July
Jan
51%
17%
2%
Aug
*118
13%
*7434
878
8%
26
25
99%
•95
•96
27
13
*
36*4
.
1734
87
8%
5%
8%
5%
.
•8%
20%'
18
♦80
13%
*8%
20%
18
87
•80
*1684
"9%
*1834
2% Oct 19
187# Jan
483# Nov
112
120
83
*118
Apr
24% Deo
77# Jan
189
80
68
17%
107
Feb
18% Oct 19
127% Nov 22
53% Nov 22
51%
6534
111% July 16
Prior preferred
100
Int Business Machines.iVo par
900
54
68
Dec 17
300
14,600
82%
66
69%
17%
9%
18
18
90
91
17%
*118
"
20%
87
•80
66
May
9% Apr 14
118
*116
118
•119% 123
*121% 123
9"
18
*17
82%
934
2234
23
*51%
28134
503s
75
*9%
*22%
37
Oct 19
30
*71
10
*116
118
81
11%
72%
*22
50%
♦18%
19%
22
*116
9
"¥%
*9
10
2184
18
17%
*118
•118
•9%
71
•69
73
•71
53
82
80*4
•121% 123
•17%
73
72%
•17%
•119
1078
72%
*9%
217g
•50%
53%
83
11%
118
•116
118
•116
53%
IO84
Dec
64% Apr 20
2
Iron
Oot
5
107#
Jan 20
1384
Jan
Oct 19
Internat Agricultural..No par
7%
7%
778
11%
634
7%
7%
8%
1078
7%
778
9%
*21%
83
7%
7%
11%
74%
9%
9%
7%
6%
33% Feb 23
6
Jan 18
2,100
77
*70
76
7%
784
•71
73
•71
9%
9%
8%
1134
*70
7%
7%
7%
11%
7%
7%
7%
11%
7%
8
Nov
11% Mar 16
28% Mar 11
21%
•32%
♦36
Dee
122
Oct 19
110
37
*35
37
140
94
Voting trust certlfs. .No par
37
147
Aug
88% July
6
13,800
40%
3%
May
125
6
-..No par
56,300
3934
40%
3%
106
Feb
20
Interchemlcal Corp
Class C
42
40
5
July 30
143
131% Mar
5834Nov23
6% Oct 19
37g Oct 19
1% Oct 19
,.No par
Interlace
400
44%
44%
46%
preferred....
Inland
144
7.500
135%
135% *126
9%
984
10%
44«4
44%
132
132
9%
9%
10
437s
43%
135
♦126
135
9%
94
378
3%
978
2%
"4~800
14684
14634 14634 *142
7
7%
7%
7%
334
4
378
4
8%
8%
2:8%
834
147
*142
87#
10%
66
7%
4
•126
135
10%
135
4
44
431#
*23
135
6434
64%
3%
984
2%
234
23%
*23
133
64
67%
•126
2%
24
24
24
132
67
9%
136% *133
64
65%
25
*136% 141
25
234
94
98
*94
4
978
♦3%
3%
9%
234
3%
9%
97
95
100
•97
3%
10
2%
6%
10
Highest
share f per shore
15% Nov
4% Jan
41% Nov
25% May
% per
22% Jan 20
47% Apr 20
5% Oct 19
7h
17%
*7
Lowest
Highest
I per share
Par
Shares
Year 1936
100-Share Lots
Lowest
Week
17
Dec.
$ per share
$ per share
$ per share
$ per share
$ per share
Friday
Thursday
Dec. 16
Wednesday
|
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
SALE PRICES-PER
HIGH
Sales
for
LOW
3935
New York Stock Record—Continued—Page 6
145
22% Oct 19
May 17
34
Nov 23
4% Oct 19
67#
6I84
307#
29%
Jan 21
Jan 20
Mar 27
Mar 4
Mario
Apr 30
137# Jan 10
2%
Jan
8% Apr
41
May
11%
Jan
"0%
Apr
Feb
5
418# Jan
8
"27%
Apr
Jan 25
1537#
Jan
74
165
66% Mar 11
15% Jan 11
43% May
13% Apr
43% Deo
44
Jan 13
3
45
Jan 13
44
Nov 22
111
Jan 22
103
Jan
12% Dec 1
7»4 Oct 19
36
2
29
Feb
23% Dec 17
35
93
June
Oct 19
Jan
24% Feb 11
106% Mar
2
Nov
2% May
92
June
194
Dec
Dec
New York Stock Record—Continued—Page 7
3936
LOW
SALE PRICES—PER
HIGH
AND
for
NEW
J VI
Dec.
Dec.
11
1434
r8
8
8
*36%
22%
37%
22%
2134
7%
32%
7%
37
7%
32%
7%
7%
3234
7%
90
13%
*66%
14
Dec.
14
8
37%
z21%
7%
3734
21%
32%
323s
7%
7%
3234
14
8
32%
8%
37%
22%
7%
734
734
to <*> c*
15
7%
37%
21%
7
7%
13%
*14
8
7%
7%
32%
32%
8
7
90
*75
90
♦70
13
13
13
13
13
*66%
79
*66%
79
59
*55
79
*66%
56
56
*55
42
39%
40
4%
5
37%
4%
60
55
39
600
1
8%
3,100
McGraw-Hill Pub Co ..No par
734 Dec 15
39%
21%
7,300
Mclntyre Porcupine Mines..5
4,200
0%
30%
McKeesport Tin Plate
McKesson A Robblna
10
5
30% Oct 19
19% Oct 19
5% Oct 19
31
No par
30% Dec 17
38%
7%
7
90
*70
13
79
12%
*66%
78% Dec 1
11% Oct 19
No par
70
Dec
55
Dec 15
$5.50 pref ser B w w'sNo par
Melville Shoe
No par
Mengel Co. (The)....
18%
19
1,210
5% conv 1st pref
1934
29%
28%
19%
29%
19%
x24%
25
19%
23%
24
95%
95%
x93
93
♦90
93
J ♦91%
96
*92%
96
*92%
96
*92%
96
♦92%
96
*92%
6334
62
62
62%
64
61%
64
200
96
X5934
40%
8%
103
7
7
*%
\
56%
%
1%
*1%
138
15%
*3%
10%
*134
1534
3%
*3%
3%
*16%
16%
1%
11
2
*82% 84%
*110% 113
34%
34%
*21%
23
*40
41%
%
217,
%
22
12
12
♦17%
18
55
5%
60
5%
5%
55
55
1134
978
9%
53%
55
55
*46
534
47
*46
48
11
11
1538
16%
1134
93g
8%
177s
17%
*45
9
*152
1034
156
16
11
15
15
*11%
12
1534
*75
8434
"4l"
41
*17%
14%
1778
1478
41%
Xl7
1378
10%
*52%
53%
*102
5%
5%
*44
11
1034
15
*13
1134
11%
*8%
1734
8%
17%
17%
155% 155%
16
15%
156
*154
16
*
52
46%
10%
14%
11%
8%
17%
•"'V'
5%
10
104
104
10434 *104
10434
6
578
6%
6%
17%
61%
55
*51
10%
*104
9
834
19%
1534
38%
8%
9
19%
23%
5
33% Nov 23
4% Oct 19
6,500
Mid Continent Petrol
21%
23%
3,700
Midland Steel Prod
1534
*75
8434
41%
40%
1634
13%
17%
14%
*105
111
*106
111
108
108
*108
*75
41
41
17
1634
14
14%
111
7
5%
*4%
5
22%
22%
2138
22
*17%
7%
26%
19%
7%
2634
1734
1734
*19
26
634
,
Mo-Kan-Texas RR
11
*8%
1,800
Motor
2,400
Mulllne
5,200
200
310
National Acme
14%
7%
""
30
*6%
*4%
4%
6%
5
21
20%
19%
*17%
7%
*26%
7%
27%
1,900
155
155
135
135
136% 136%
23
24
7
7,700
27%
27%
11,500
23%
20
20%
65%
20%
23
23
65
65
65
65
700
*70
90
*70
90
100
23
90
66
7,000
20%
23%
4,100
600
4
4
*4
4
4%
3%
3%
3%
3%
3%
3%
3%
9
9
9
9
9
9
9
*8%
9
*8%
9%
9%
24
24
*23%
23
23%
23
22%
*23%
23%
22% *22%
24%
*61
*61
71
71
71
71
*61
71
*61
*60%
71
*61%
40
39
*37%
38
*37
37%
37%
*37%
37%
37% 37% *37
106
106
*100
*100
106
100% 100% *100
106
106
*100
*100
14
*11
14
*11
14
*11
14
*11%
*11
14
*11
14
14
13%
13% 14
13%
13%
13%
13%
13%
14%
14%
15%
38
39
37
37
36
38
35
37
39
38
36%
37%
412
4%
*9%
*11412 118
*111
*
634
m4
6
49
42
44
20%
4%
934
20%
20%
438
*4
9%
118
*112
123
♦111
*%
_
234
*
~~2%
7
6%
*H4
578
1%
6
*41
1938
22%
*111
I
63%
"*234
22%
*115
123
58 .">•
25
4578
*40%
%
63%
234
6%
1%
6
45
2%
6%
*1%
5%
40%
45
21%
4
4
*9%
10%
*112
123
%
60
278
6%
1%
5%
40%
*%
*
23
46%
*21
*111
6%
1%
5%
*41%
*89
98
*87
98
*89
98
*90
108
*97
108
*99
108
*100
1
1
*1
51%
7%
*9634
*9214
98
*11
37
2%
*16
12i2
30i4
13%
2%
20
1134
28%
12%
29%
94l2
*7
*128
*128
130
10%
10%
13i4
*13
14
49
*42%
49
8
8
*
478
15%
'
16
12%
29%
1078
12%
29%
20
128
10%
*51
13%
*39
95%
7%
22%
130
734
66%
10%
5%
15%
8
6134
10
4%
16
*7
128
t
155
Oet
171
Dec
Jan 29
137%
Jan
147
Nov
54
Dec
61%
Deo
9% May
1478
Feb
1%
189
98
7%
22%
128
10%
*93
*6%
22%
*126
128
128
10%
55
55
52
53%
128
*52
13%
13%
*42
*114
63%
10%
4%
16%
7%
10%
15
*13%
15
*42
48
*42
...
65
10%
4%
*13%
4%
16
7%
*114
6434
10%
4%
15%
7%
Jan 22
36%
Jan
95
Oot
Sept
3%
July
15
Nov
Oct 19
2% Oct 20
31% Mar 19
12% Jan 22
135
Jan 20
119
50
113
Nov 24
137
Mar 12
% Oct 18
2
7
Feb 10
90
Jan
3
Apr
7%
Apr
No par
69
Oct 23
2
Oct 15
4% Oct 19
97
Jan
9% Mar
Oct 19
Oct 15
76% Jan 22
6% Feb 11
No par
No par
63%June 14
9
10284May
112%May
100
% Oct 19
434Mar
Jan 14
210
Jan
114
Jan
8
105
May
14%
9% Oct 19
53% Jan 22
Oct 19
40
Oct 19
22% Apr 5
73
Apr 20
19
Aug
12% Aug
24% Jan
6% Oct 19
26% Feb 16
17
6% preferred
90
125
100
Otis Steel
No par
52
No par
48
100
114
2d
320
-
n
'
.
.
.
pref
.
"...
107
140
Jan
8
1
45% Jan 21
Jan
24% Apr
123
Nov
36%
57
Feb
Mar
4% Mar
32
Nov
18
Dec
59% Deo
25% Mar
115% Feb
19% Nov
3934 Nov
Feb
3
24% Mar
8
12% July
20®4 Mar
97
8
79
Dec
83%
47
Jan
70
Nov
114
July
114
July
"l3"
July
22
Dec
Mar
8
28
75
Jan 12
4
115
136
June
Dec
Jan 26
Oct 13
Jan
1278 Dec
May
June
9
103% Aug 11
51% Nov 20
934 Oct 19
10
2% Oct 19
15% Feb
1
3%
15
Dec
7% Oct 19
40
3
8% July
32%
Deo
4
27% Feb
4%
2978
Deo
No par
New stock
'
Dec 16
Feb 13
19% Mar
July
Dec
106% July
103
No par
1st preferred
delivery,
Nov 10
114
Jan 18
June
5
Pacific Coast
180
Nov 19
6% Oct 19
$5.50 conv 1 st pref. .No par
Outboard Marine A Mfg
5
340
11 ""
Jan
Nov 23
Preferred
4%
2
3
9
Outlet Co
15%
97% Apr
237, July
50
Aug
36% Mar 11
6% Mar
Jan1
24
70
6,400
4
98
8
Jan 28
31% Dec 16
13s Oct 19
5% Oct 19
20% Oct 19
Oct
59
50
No par
Oct
115
Jan
No par
Elevator
310%
Feb
100
8% preferred A..
100
Oppenhelm Coll A Co..No par
Nov
6%
104% Jan
Otis
Sept
104
109% Aug
278 Jan
3
106
15
7% Feb
15% Mar
99
17% Jan 21
57% Feb
Oct 27
60
99% Sept
6% Deo
18% Deo
35% July
Oct 14
Preferred
Feb
Apr
91
50
Oct 19
2%
23%
52%
34% Jan 14
Oliver Farm Equip
No par
Omnibus Corp(The)vtc No par
50
15
Mar
272
93
Ohio Oil Co
200
4%
83
93% Apr
1% Aug
Oct 19
3
Telegraph
July
May
Apr 8
14% Oct 19
48%June 18
50
Pacific
Sept
9% Apr
3
June
138
57
3
5
73
Oct
Jan
Jan
;■
4
19% Feb 11
Oct 19
150
1
8
1
29% Nov
Jan
125
26% Feb 25
3
Norwalk Tire A Rubb.-No par
13,600
15%
10% May
25% Jan 22
30
100
Pacific Amer Fisheries Inc
7%
100
15
Owens-Illlnols Glass Co..12.50
■
53%
Oct 19
6,600
Def
Oc1
Jan
110
3,200
a
49%
Mar 17
27%
17%
Jan
72
50
10%
' 1
Deo
55% Mar 17
Oct 19
Oct 19
66%
''
83
5
10
*7
Jan
No par
65
'
Deo
32%
Nov 26
1
*114
7%
Apr
98% Feb 10
14
preferred series A... 100
"
J In receivership
Nov
64% Nov
30% Nov 24
par
10%
65
110
Feb
15% Oct 191
Northwestern
48
10%
Apr
Apr
10%
No
Northern
400
*13%
104%
Mar 17
64% Mar 10
No Amer Edison $6 pf.No par
300
13%
Jan 11
37
Northern Central Ry Co
54
49
63%
7
10%
109
40
180
200
Jan
Nov
8
29
6% preferred
North Amer Aviation
13%
Nov 24
102
19,400
41
12% Nov
60
43
100
5,200
10%
Oct 19
57% Feb 13
87
Sept 21
Apr
.100
10%
10%
Oct 27
No par
40
6%
Oct 29
9
No par
500
30
4134 Jan 18
Adjust 4% pref
North American Co
4,700
98
Nov24
Feb
10% Oct 19
9
Norfolk A Western
21,000
10%
37
160
13
24
Deo
7% July
800
22
634
23%
78"
10% June
32% Apr
1
N Y Steam $6 pref
$7 pref series A
29,500
30%
*93
Apr
Jan 15
t Norfolk Southern
12%
7
67%
13% Feb 25
100
30
98
99% Aug 14
26% Nov 12
12%
100
7% preferred.
10
12%
10%
49
3,100
30%
10%
23%
Feb
Oct 19
Dec 14
N Y 1-ack A West Ry Co.. 100
1NYNHA Hartford... 100
Conv preferred.100
800
9%
1%
75
100
10% pref
1NY Investors Ino
"4", 100
2%
*16
Jan
3% Oct 19
5% preferred
20
16%
%
80% Oct 30
NYC Omnibus Corp.-No par
New York Dock
No par
94
2
Jan 18
1
Dec 16
N Y Chic A St Louis Co... 100
.15,700
2%
3
19% Nov 24
1
N Y & Harlem
1284
*2%
55
Jan
New York Central
5,900
61% Jan 22
1434 Jan 14
36% Nov
%
6% Oct 19
22% Dec 15
6%
26% June
2% Jan 18
No par
60
31%
2%
Oct 19
18% Apr 22
%Sept 9
%Sept 11
N Y Air Brake
400
*31
12%
31%
Nov 19
3
Dec 14
Newport Industries
1,900
96%
31%
12%
"9", 600
96%
*92%
12%
127S
33
Bid and asked prices; no sales on this day.
irr
22%
60
*114
6134
10%
5
''
57
*114
17
20
2%
2178-
1314
*4212
5
*16
34
23
*50
17
*92%
94
11
57
10i2
97%
7
7
22%
6~6%
*92
96
1034
*92%
*634
*54
6614
*1014
97%
*92%
12%
*31%
2%
12
94l2
*114
*92
96
1234
29%
10%
*92%
*6%
22%
11%
11
*16
97
12
95
130
1034
*2%
50%
8%
29
11
73s
34
8
11%
95
2378
97
2178
*50%
8
2134
51
8%
29
lll2
2278
*1
1%
189
*34
20
1214
2912
100
105% 105%
21%
22%
*50%
50%
8
7%
*92%
12%
Jan 22
150
July
99% Nov
101%
100
105
2i8
*16
*90
108
188
96
171
9
5
t N Y Ontario A Western.. 100
185
97
Oct 19
18
N Y Shlpbldg Corp part stk-.l
*104
*9534
*92%
12%
96
June
24% Nov
Jan 28
75
120
104
8%
112
Apr
23
500
185
8
9
65
3,500
1%
104
8!
Dec
10
21
107%
100
100
6
41
185
8
107
26% Feb 8
112% Mar 11
112
May 20
..40
41
1%
5%
5%
42%
101%
185
13U
2i8
1%
6%
103% 105
20% 21
51
*50«4
37
13
*34
*1
2%
185
21%
50%
Oct
32% Nov
28% July
112% Mar
Apr
5% pref series A
$ New Orl Tex A Mex
10
61%
2%
6%
105
213*
51%
Apr
Apr
Mar 11
300
......
123
187
20%
51%
21
44
65
1,000
187
2134
51%
8l4
Deo
57% Aug 17
38% Feb 25
Oct 19
No par
2,600
*103
105
213s
107%
Mar
Natomas Co
2,400
%
6%
*99
*103
*111
123
2%
90
1%
Dec
Dec
30%
377s
4M% conv serial pref...100
Newberry Co (J J)
No par
21
61%
108
1%
21%
2%
*98
*H4
1%
190i4 190i4
Deo
3784
100
"§3%
Nelsner Bros Inc
61,100
%
*88
*1
164%
Dec
3
3334 Jan 13
103% Feb
Oct
300
45%
45%
20%
$2 pref
1,400
19%
4
3%
4%
9%
9%
*9%
10%
*112% 115
*112% 115
%
2%
6%
1%.
578
41
Dec
15% Mar
Jan
38%
28
5^% prior pref
6% prior pref
National Tea Co
2,500
23%
18%
*22%
47%
62
2%
6%
*1%
5%
40%
19%
19%
22%
*4
115
♦111
123
%
19%
23
43%
21%
9%
118
*58
1878
23
153
Jan 18
19%
Oct
Jan
2834
2
25% June
127
264%
66%
~47% "Oct
9% Apr
Mar
153
preferred A
6434
66%
20% May
Mar 17
100
7%
6% 2d preferred
100
National Steel Corp..
25
National Supply (The)PcnnalO
*70
22% Mar
38
6% preferred B
.100
Nat Mall A St Cast's CoNo par
National Power A Lt...No par
60
1,700
4,200
%
*22%
Dec
35
18
%
75
1034
1
*%
66%
Deo
79% Aug
62% Nov
12% Apr
167
36%
108
Jan
9
333s Mar
101% Nov
Oct 19
10
*%
6434
23
21
Co
Lead
%
75
Mar
Oot
Nov
17% Dec 13'
4% Oct 19
Nat Rys of Mex 1st 4% pf.100
66
*41g
National
500
155
22
Nat Gypsum
%
23
43
1
18% Jan 21
17
Nat Enam A Stamping.No par
8%
90
24
No par
Nat Distillers Prod
300
20%
7%
*%
*%
64%
19%
*22%
67
*10
Oct 19
6% Oct 19
17% Dec 14
145
May 18
14% Dec 17
10%
8%
23%
4312
*20%
Oct 20
8
Mar
71
z24% Jan 28
47% Mar 11
Oct 19
%
23
19%
Oct 19
4
8%
*75
18%
2234
4434
20%
Oct 19
Nov 27
4478 May
102% July
14
Apr
108% Jan 26
20% Feb 11
24% Mar
*%
*66
8
Apr
5% Oct 19
preferred
Jan
Jan
Mar 13
90
No par
8%
90
27
1
104% Oct 19
%
%
65%
68
<5i.
Mar 15
100
8%
24
Feb 13
51
May
100 zl07%June
A
*%
*75
26
21
90
8%
1934
43%
70
100
8%
%
*66
1978
2434
49%
6%
28% Apr
15% Aug 16
99% Mar 19
Nov 23
2% Nov
38% Jan 15
10
pref class
79
'
155
20
Oct 19
10
100
w w
Nat Depart Stores
9,500
21%
19
ser
7% pref class B
100
23
1934
Feb
5
Nat Bond A Invest Co .No par
m
16,200
.
108
135
20%
Feb
71
Jan
Oct 19
108
23
20%
69%
Jan
%
12
14
13%
*106% 111
*150
20%
*23%
Dec
60%
Oct 19
*120
64
41%
3% Feb 26
13
23
63%
19%
Feb 17
66% Jan 18
39
»
A
46
Dec 17
Nov 26
Oct 19
Nat Bond A Share Corp No par
-
5% pref
Mar
Nat Cash Register.....No par
Nat Dairy Products...No par
135
19%
7% cum pref
500
Feb
Dec
Nov
3
10
Feb
7%
68
46
No par
4
33%
36% Feb 11
102
1
Nat Aviation Corp
National Biscuit
33%
19% Aug
Dec 15
50
Nash-Kelvlnator Corp
5
Nashv Chatt A St Louis.. 100
13,300
Feb
Oct
Jan
3%
12% Mar 17
9% Dec 13
52
Murphy Co (G C).__No par
5% preferred
100
Murray Corp of America...10
Myers F A E Bros
No par
9%
103
4% Oct 19
1
par
Feb
Dec
Dec 10
21
par
Sept
Feb
29%
Jan
1,000
155
23
B
No
2
6% Mar 17
Feb
6%
May
16% Dec 16i
preferred...No
5%
35%
4,600
23
64%
Co class
Mfg
conv
Deo
2%
MarlO
17%
155
%
$7
Munslngwear Inc
94
69
42%
*125
%
107% Aug 27
109
Sept 24
1634
23
*%
•%
6334
40% Jan 23
1
Wheel.......
12% Mar
1% July
5
19
6
Mueller Brass Co
Apr
34
Jan
Jan
2% Aug
234 Jan
16% June
5% Jan
14% Jan
2% Jan 23
6% Mar 4
6% Jan 8
34% Mar 17
37%
z%
12%
8%
4,550
3
19
13
19
Morris A Essex
60
Aug
9% Mar 17
350
Mother Lode Coalltlon.No par
Motor Products Corp. .No par
6%
57%
16% Mar 11
Oct 19
"42%
140
8
Dec 16
Oct 15
Oct 19
Nov 26
Aug 20
Oct 19
23
8%
34
108
700
44,900
2,100
*130
*%
*%
Deo
Dec 14
40,300
mi*. «*
145
8%
Nov
120
Oct 19
15
84
155
8%
%
Sept
112
Dec
Oct 19
20,400
155
24%
109
Apr
Nov 23
800
*130
7
*19%
7%
25%
Mar
119
30
18%
18%
156% 156%
14%
88
x65
105
1,700
1738
4%
20%
30% Nov
48% Sept
131% Mar
Jan 22
x 71
8%
42
108% 108%
6%
6%
Feb
MarlO
No par
11
*
*106% 111
Jan
110
2
Mar 17
5% Oct
1% Oct
1% Oct
14% Oct
100
$4.50 preferred
20
14
111
21%
5
Jan
120
Mont Ward A Co Inc..No par
Morrel (J) A Co
No par
10334
103% *101
6
5%
5%
534
*44
46%
46% 46%
10%
10%
10%
10%
13%
*13%
14%
12%
17%
48% Mar
Dec
124
Mohawk Carpet Mills.....20
Monsanto Chemical Co
10
*100
*40%
Nov
16%
106
2,700
2,200
104
41%
17%
14%
Oct
65
Nov 24
2
100
5% conv preferred
400
7
7%
26% 27
*154% 158%
8%
♦%
*%
64%
^Missouri Pacific
600
1,600
52%
84
45
%
1%
7S
15%
No par
..100
Preferred series A
5,300
*51
♦
Deo
52
par
2,000
52
8%
19%
preferred.No
2,100
400
52
84
Oct
12
Dec
Deo
Nov
98% Oct 19
4% Oct 19
7% preferred
100
4% leased line ctfs_.
100
Mission Corp
No par
54
1138
conv
5,300
20%
7%
26%
158%
*23%
$6.50
140
1
22%
7%
27%
Oct 26
53
Minn Mollne Pow Impl No par
1,400
108% *108
108%
6%
6%
6%
6%
434
♦4%
*4%
434
21
21%
21% 2134
*634
*438
6%
*106
91
100
Minn St Paul A S S Marie. 100
5
108% *108
*106
122
100
11
155% 15534 *150
155%
1534
15%
15%
15%
84
Oct 19
Nov 24
500
55
18%
353s Mar 10
15
87
400
5
18
Oct 19
14
10
4% conv pref ser B
3,000
11
11%
834
91
31% Jan
40% Jan
5% Jan
xl7% Apr
5
26% Feb 23
.100
50
*53
9%
108%
28«4
122
55% Jan
6% May
Jan 16
72% Mar
Mtlw El Ry A Lt 6% pf..l00
Minn-Honeywell Regu.No par
"4",200
5
1434
11%
Jan
Dec
12%
Jan 13
41
No par
1st pref
14% Nov
49% Not
21% Nov
I
11
6
3
5
Miami Copper
cum
Deo
Jan
93% Aug 13
86
Dec
14
Mesta Machine Co
8%
24%
49%
8
Mercb A Mln Trans Co.No par
53
11
z95
9
1,600
50
Dec
x95
Feb 16
163s Feb
4,100
5
47
112% Jan 14
34«4 Apr 19
47% Mar
8%
19%
96
8
Jan
101
Oct
8% Apr
3734 Jan
11% Apr
Mar 17
Jan 12
Dec 14
16%
38%
*90
June
38%
18
8%
18%
1
19
16
Jan 14
Mar 24
100
15%
20
28%
42%
42%
16%
47%
share $ per share
$
share
Sept 21
Oct 19
38%
270
21
Highest
per
Jan 19
per
3
9
53
10%
37% Dec 14
$
1
15%
*10%
6%
53
2
39
„
56%
1134
41
■
55
*55
8%
*100% 10334 *100% 10334 *100% 10334 *100% 103% *100% 103%
7
7
6%
634
6«4
6%
7%
6%
6%
6%
52
52
55
53
53
54
*52%
53%
53% *52
%
%
*%
%
%
%
*i2
%
%
*%
2
2
134
1%
*1%
1%
*1%
1%
*1%
*1%
2
1%
1%
1%
*1%
1%
*1%
1%
♦1%
1%
16
16
16
15%
1534
16%
*15%
15%
15% 1534
3
3
3
3
3
3
3
2%
3%
2%
10%
10%
10%
1034
10%
10%
10%
10%
10%
10%
1%
1% O 134
1%
*134
*134
1%
1%
1% :;:.v 1%
3
3
3
3
3%
3%
3%
3%
3%
2%
15
15
14%
14%
15%
1434
16%
14% 15
15%
82
83
83
84
82% 83
83% 84
86% 86%
113
*110
111
111
*110
*110
*110% 113
*110% 113
33
33%
34%
32% 33%
33%
34% 35%
34%
34%
23
*21
21
21
22
21% 21%
21%
21%
21%
41
40
*40
40
40
41%
41% ♦40
37% 40
%
%
%
%
%
%
%
%
%
*2
21
20%
21%
2034 2l3g *18% 19
18%
21%
1734
12
12
12
12
11%
11%
1178
11%
117,
11%
17
17
17%
17%
17% 17%
16% 17%
17% 1734
6
J5%
♦1078
40%
9
4%
'
6334
103
*64
19
'
96
*15
41
41
9
8%
*92%
*6338
♦15
1578
40%
100
2,800
95
*15
18
1934
15%
19
20
4%
18%
Oct 19
No par
2.600
*41%
40%
4%
19%
95
19%
4%
1834
15%
40%
6
1
59%
41%
4%
59
~40%
1938
29%
5%
preferred
Stores
conv
per
16 pref series A
1,400
12%
4%
18%
15%
x39%
834
19%
23%
5
new
$
6% conv preferred
Mead Corp
79
*
40
13
McLellan
90
12%
*66%
McGraw Elec Co
11,200
1,400
800
7%
7%
•.
•70
55
39%
434
1834
15%
13%
8
32%
*7%
734
90
Par
Shares
per share
13%
Year 1936
Lowest
Highest
Lowest
share
12% Oct 19
V
8%
38%
21%
1937
Range for Prefions
100-Share Lots
21
$
14%
3734
21%
On Basil of
STOCK
YORK
IS,
EXCHANGE
Week
17
Dec,
3734
21%
79
♦40
16
$ per share
$ per share
14
14
13
*75
*75
Dec.
% per share
% per share
14
14
$ per share
♦14
13
the
Friday
Thursday
Range Since Jan. 1
STOCKS
Sales
CENT
NOT PER
SHARE,
Wednesday
Tuesday
Monday
Saturday
Dec.
Cash sale,
»
..
.
...
'
'
.
^
x
Oct 19
Ex-div.
y
23
Jan
Mar
Ex-rlghts.
"———^**
^
7
2
Jan
Jan
f Called for redemption
■
.
i .1 "
■
■
Volume
New York Stock Record—Continued—Page 8
145
RE.
NOT PER
Sales
CENT
Saturday
Dec.
11
$ per share
*13%
25%
3734
Thursday
Tuesday
Monday
Dec.
Dec.
13
Dec.
14
$ per share
$ per share
13ig
13ig
*12
26%
26
3784
1212
3734
2634
3734
12i2
12
12
♦113
114
113
♦137
137%
13%
47g
;
*8
♦li4
*41%
38
♦92
11%
*92%
IO84
*22
25g
13l2
47g
8%
13g
51
385g
*1%
1%
*403g
40%
40%
37
38
95
12%
1,700
Pacific Mills
111% *111% 115
*137% 140
*137% 140
140
13
13%
*12%
13%
13%
4-%
4%
4%
4%
434
9
8%
*734
*784
8%
1%
1%
1%
*1%
1%
100
38
95
11-%
12
12
41
41
39
39
*92
45
38
38%
*92
99%
1134
1034
90
92
92
88
90
87%
107g
247g
10%
10%
247g
10%
10%
247g
10'%
2l2
2%
30
6
6
6
135g
13%
13%
4lg
4212
43g
65
6312
2i4
23g
434
4l2
2214
*2h2
1514
2li4
17
227g
30%
*18%
18%
134
1*4
134
1%
6I4
4lg
43
*42%
65
62%
214
2%
4%
*21%
412
23
2%
6%
4%
*4
2%
4%
4%
22
*21%
15i2
14%
14%
*1434
223g
207g
2134
207g
*6%
10%
4%
42%
42
64%
6334
2%
4%
2234
15%
2134
32%
11%
4%
42%
42%
63%
6334
*2%
4%
*2%
4%
*20%
14%
2%
4%
2234
15%
21%
*20%
15%
21%
*4
21%
*31
35
*31
35
*31
34
*31
*31
114
*112
114
*112
114
*112
114
*112
*35
37
*35
33%
5%
34%
14
14
34%
13
*13
15
*36
38
*36
37
*36
37%
35
36
38
38
39%
*36
38
♦13«4
14%
*1334
11%
11%
11
33i2
*412
12
*5%
5%
26i2
2634
39
62
*%
*7834
*6%
*51
39%
*3
*2734
*6%
*213g
*
*31
*5
*
5ig
26i4
2434
14%
11%
5%
2534
38
36%
37
*35%
37%
*36%
3634
68%
*62
70
*62
70
h
4
*6%
68
38ig
*3
34
*27
612
*213g
2H2
*
34
34
5
7i2
*6%
8i2
*
700
34
684
2H2
36
8
7%
35
35
5
5%
*
36
"7%
77g
12%
12%
40%
734
12l2
43
30
30
27
30
25
27
*41
47
41
41
*40
43
2
2
*60
*9
95
1612
*34
18
*60
183g
15i2
1J4
I8I4
*84
lUg
1212
11%
3
3
17l2
*11%
1034
*234
1
1
*1
*1112
*334
4
10
IOI4
*9i2
30%
45U
10l2
334
9%
31
4534
115% 115l4
34ig
3414
*96i2 98i2
♦1077g 110
*12312
125
*135
138l2
*11214 113
35
3534
*9
1%
*60
95
113g
3
12
1%
95
16
18
*1
1%
334
3%
9%
1014
634
21%
*21%
"7%
~*7~
*32%
"7%
7%
12
12
12
40
42
42
m'm
m
~
7
500
«.
38
.
35
Dec 15
87
Jan
7
35
Nov 26
91
Jan
8
56
Jan
90
Deo
par
11
Oct 16
25
Jan 11
16
Jan
31
Nov
6% Prior preferred
5% preferred
Pet
Petroleum Corp of Am
No
Phelps-Dodge Corp
Philadelphia Co 6% pref
10
101
9%
28
*28-%
44%
45
97%
10834
125
Pittsburgh Coal of Pa
%5
«
-
5% pref class A
5H 1st
1,700
15
2,770
Pittsburgh A West Va
1%
177g
11%
3,900
3,900
1%
27g
*34
3%
9%
934
Plttston Co
100
Pond
200
Creek
No par
J Postal Tel A Cable 7% pf.100
Pressed Steel Car Co Inc
700
1
5
60
5% conv 1st pref
6% conv 2d pref...
600
Procter A Gamble
No par
300
5% Pf (ser oi Feb. 1 '29).100
Pub Serv Corp of N J..No par
$5 preferred
No par
200
6% preferred..........100
6,500
125
100
137
139
140
100
112% 112%
30,700
..
..
100
..100
Pub Ser El A Gas pf 15. No par
No par
Pullman Inc..
16,800
11
1114
10%
11%
10%
10%
1034
11%
11%
113g
1034
lUg
*111253a H2 Ul«3llll»M *1112%! 112 11122 32111
*1112%! 112 *1112*»2 112
94
94
*9312
93%
93%
*93% 94%
9412 *9312 94l2 *93% 94%
7
77g
7%
7%
7%
7%
7%
7%
77g
7%
7i2
~
15
15
xl5
15
15
15
15
15
*1434
15%
1434
1514
6%
6%
6%
6%
6%
6%
634
634
7
634
67g
6i2
7% preferred...
8% preferred.
'
100
*60
*65
115
75
*65
49
50
*22
26
"l93g
50 ig
48%
22
22l2
22
22
25%
2534
2912
31
19
19%
x25%
*29%
1934
25%
2912
5012
4%
5Hg
45g
49
225g
26
4%
43g
20"
4%
19%
*65
75
75
*65
75
50%
4%
49%
4%
50
22
22
*25
21%
25%
*28%
30
29
25%
29%
1934
19%
19%
21%
*24.%
*28%
19%
4%
21%
19%
*24%
48%
4
4%
*31
34
*25
34
*26
34
*28
30%
*27
30%
*25
*237g
*37g
2534
4
*23i4
37g
31
37g
*23%
31
*23%
31
*23%
*3%
31
4
*23%
3%
*36ig
1%
*812
44
*36%
14
72
45
1U
10
8 84
IH4
1414
*36%
1312
*68i2
*36ig
*Hg
*8ig
1884
lUg
13%
*36%
*9i4
*lli4
45
H4
10
97g
13
14
69
*68
72
78
78
69
►
334
*1%
*8%
*8%
*10
13%
*
334
45
1%
10
3%
*36%
1%
*8%
3%
45
1%
10
*8%
9
9
13%
17%
13%
*10%
13%
68
68
10
9
12
*10
77%'
2l2
"2%
77%
2%
*73
2U
17%
183g
17%
18%
18
7034
*63
18%
7034
65
*63%
66
78
*1%
65
*
*83i4
88
*8314
88
88
88
*83%
87%
2%
18%
70%
*63%
13%
27%
*83%
*50
70
*50
70
*50
70
*50
70
*50
*1534
1634
16
16
*81
90
8i4
4034
*583g
8%
41
597g
*9l2
lll2
23g
18ig
2l2
1812
*57
72
71
71
*63
*65
70
65
65
65
1434
15
1334
1334
30
3Hg
29
29
♦81
90
8:
834
407g
413g
*583g
59%
*9i2
534
934
*50
*2Hg
*2i2
32
»1J4
3
*
10
6
934
56i2
22i2
3
3234
1%
3
5*8
57g
9
9
*49%
523g
21
2H4
*2l2
31%
H4
234
27g
32i4
H4
3
1334
14%
*25
32
15%
*83
8
40-%
*58%
*9%
5%
*9%
*50
*20
2%
31%
♦1%
234
15%
2%
14
*26
15%
14%
32
15%
*83
8%
41%
59%
7%
7%
41%
*58%
41%
10%
56%
*9%
z5%
*9%
*51%
22
*21
10
534
10
2%
33%
1%
234
15%
*83
90
90
59%
5%
10%
54%
2%
33%
22%
2%
33%
1%
234
2%
Bid and asked prices; no sales on this day.
2%
1%
7%
41%
59%
*9%
5%
*9%
54%
21%
2%
33%
1%
*2%
5,700
800
39,600
'
-
49%
4%
21%
-
-
-
5,300
7,800
Nc par
Quaker State 00 Ref Corp..10
Radio Corp of Amer...No par
55 preferred B
No par
$3 50 conv 1st pref..No par
JRadlo-Kelth-Orph
No par
Manhattan.No par
30
600
Raybctos
500
25
Rayonler Inc
600
$2
1
25
60
60
preferred
400
77%
10
Rensselaer A Bar RR Co...lOO
2%
18%
7,500
43,900
71%
200
64%
13%
28%
87
400
70
"2%
18
*63
65
87
28%
*83%,
70
*50
64%
13%
2,200
600
10
mmmm~m
15%
15
15%
90
85
85
60
7%
4234
57%
7%
43%
58%
10
*9%
10%
5%
5%
8%
3,900
100
5,500
9,500
80
Reo
6
Motor Car
Republic Steel Corp ..No par
100
6% conv preferred
6% conv prior pref ser A. 100
Revere Copper A Brass
.6
Class A
-——10
7% preferred
514% preferred....
Reynolds Metals Co
..100
100
13%
28%
28%
73%
Deo
Deo
Deo
Deo
66
Dee
Feb 11
17%
Oot
31
Feb 10
17«4
Oct
86
Feb 11
65% Jan 15
67%
Oot
40% May
Deo
39
Apr
122% Feb
50% Nov
Oct 20
103%
Feb
113
July
103% Oct 19
117
Oct 25
132
Sept 29
128% Jan 21
140% Jan 20
162% Jan 25
113%
130
July
146
Apr
Apr
Apr
June 17
113% Jan 25
72% *eb 4
112
Jan
114
91
110
25% Oct 19
Oct 19
684
13% Dec 1
484 Oct 19
96% Dec 8
48% Nov 24
2% Oct 19
2
z25% Dec 14
19% Dec
Dec 16
29
24% Feb 3
112*4 Feb 27
128
36%
Jan
16
Aug
103
May
144% July
164
69%
24% Mar
133%
23a4 Feb 25
18% Jan 21
12*4 Mar 6
9% May
20% Nov
19% Oot
115
Nov
80
5
Jan 15
10% Apr 19
37% Aug 25
26
16%
Oct
984 May
83% Jan
68% Apr
14% Jan
108% June
80
Jan
10% Nov
Jan
38% Nov
Dec 11
29% Dec 13
47
35%
Jan
60%
Jan 11
39
Jan
50
Deo
23
4384 Jan 8
13% Jan 16
37
Jan
47
Nov
83
65%
Dec
8
3% Oct 19
Mar
49
8
9%
Mar
6
Jan
Oct
1% Apr
12% May
22% Feb
8
16
J an 20
4% Mar
30
6
8% Oct 19
984 Oct 19
94% Jan 30
4%
31
8%
Dec 11
I84 Oct 19
Oct 19
12%
69
Nov 25
29% Mar
110
Feb
9
18f
9% Feb 18
47% Mar 11
124
Apr 23
25
90% Nov
16%
77
Dec
2
Nov 19
139
Jan 26
9584
128
3334
1%
2%
33%
1%
2%
n
New stock,
r
Cash sale.
x
80
9
Nov 12
Nov 26
44%Nov 23
17% Oct 19
1
Oct 19
26% Nov 24
30% Jan 14
112
Jan
Oot
39*4
79%
Deo
Deo
90
Apr
138
Oot
92
Dec
98
Nov
22% May
34
Feb
117
Jan
31% Feb 4
86% Mar 10
June
Apr
25
July
36% Nov
50
Apr
60% Nov
Feb
Jan
19%
32
"Feb
Jan
35
75%
Mar
Dec
4
984 Feb 19
65
105
Oct 29
6%
38
Deo
Deo
Apr
10
98
60
Apr
8% Mar
29%
24% June
49% Apr 14
88
May
114
104%
Oct 19
Apr 14
Apr 17
Apr
78% May
110% MarlO
9
Deo
99% Sept
4% July
64% Dec 17
26% Nov 24
Nov
17% Aug
81
13%
100
St Joseph Lead
....10
{ st Louis-San Frandsco.. 100
6% preferred
........100
Deo
24% Nov
65%
Rutland RR 7% pref
Jan
Deo
Deo
35% Mar 31
Oct 19
8
Aug
16>4
100
8% Nov
500
Oot
18% Nov 24
30% Dec 9
58% Sept
800
July
5
28%
Jan 26
3
Apr
117% Mar
Feb 23
No par
Apr
Dec
91% May
14
Antelope
July
Feb 15
107
67
22%
delivery.
Deo
6*4 May
Oct 19
*2%
Def
3«4
Jan 20
10% Nov 9
4% Oct 19
2%
a
Deo
Jan
65
—
Copper Mines
Ruberoid Co (The)
No par
J In receivership,
11%
1%
El A Pow.
No par
Roan
1,600
1,000
Jan
Jan 22
May
8
100
4,700
Jan
4%
8
Richfield
Apr
Jan 22
Feb
Jan 22
400
1%
41%
3% Feb
27% Deo
26% Mar
29% Deo
Jan
10
3
Jan
58
56
34
9% Apr
112% Nov
Jan
34%
*9%
10,300
Oct
21
7% Dec 17
40% Dec 7
Rhine Westphalia
Deo
2%
58%
5*4% conv pref..:
100
Reynods Spring
1
Reynolds (R J) Tob class B.10
Common
10
*53%
*20
6
1284 Oct 19
54%
21%
10
47% Mar
4%
No par
Oil Corp
Rltter Dental Mfg
5%
Deo
II684
78
9,000
Deo
Deo
118% Jan 4
62<4 Jan 21
112% Feb 8
61% Nov
13%
♦
Oct 19
20
43% Oct 19
114% Mar 25
30% Oct 19
Oct 21
65%
13%
29
110
30% De°
5% Oct 19
8
300
300
Dee
June
2% Oct 19
6% Oct 19
«4 Oct 19
Oct 19
.mmmmrnrn
8% Feb 1
141
July 14
1% May
14
12
>:
77
2
20
1% Oct 19
Sept 11
8%
Jan
4
Oct 19
7
1
10
49
Aug 30
11% Dec 14
60
6
Rela
7% Apr
23% Dec
1% Apr
11% Jan
100
Preferred
13
42%
35% Apr
Jan 12
Real Silk Hosiery
12
*10
13%
76% Jan 22
14% Aug 16
100% Aug 14
Apr 22
600
40
60
65%
27%
7% June
3
Oct 19
500
4% 1st preferred
4% 2d preferred
13%
70%
2
18% Jan
29%
22%
33%
11%
3%
15%
31%
% Oct 19
3%
Reading
65
77%
2%
18%
62% Aug
18% Deo
Jan 12
1,700
1%
*8%
*8%
9
12%
Dec
Jan 12
884 Oct 19
(Robt) A Co.
No par
1st preferred
100
Reliable Stores Corp...No par
Reliance Mfg Co
—.—10
Remington-Rand
1
Preferred with warrants..25
10
Jan
4984
Feb 17
Dec
20%
30%
34%
*1
1%
Deo
66
28
107%June 28
85
Oct 18
Purity Bakeries
Feb
37%
Oct 22
100
100
118% conv preferred
6% preferred
Deo
84
Dec 11
Nc par
Pure OH (The)
20
200
Deo
11%
Dec
4
13
No par
Class B
Mar
52%
May
27%
45
8% Oct 19
Pocahon__A% par
Poor A Co ilass B
88
Jan
5% July
33% Jan 18
30
13g Oct 19
x97% Apr 29
6
Jan
Nov
18%
Dec 13
9
No par
3%
16
Jan
84 Nov 24
Porto Rlc-Am Tob cl A.No par
1,100
1,400
7,000
*123
347g
(The)
100
100
Plymouth Oil Co
400
27g
1%
3%
97g
934
35%
*60
Dec 13
2
4% Oct 19
100
26
Conv pref unstamped
31
*27
-
scr conv
8% preferred
Pittsburgh United
280
-am
Oct 19
5
4834 Dec
No par
11
11
•'
25
100
Corp No par
pref
Pitts Term Coal Corp
95
17%
*10%
138% *136% 141%
113
*112%
35
35
357g
4% Oct 19
100
Apr
8
Dec 17
4,700
125
conv
Dec 14
IOI84 July
Mar
784
July
41
45
*123
20% Oct 19
36
66
16% Mar
70
23
45
44%
115% 115%
33%
34%
33%
33%
97
*96
97%
97%
108
108
*107
10834
331
Oct 19
Pirelli Co of Italy "Am shares'
Mar
68
4
25
Oot
12
38%
Oct 19
284 Oct 19
54% Aug
102%
87% Jan
27
Oct 19
30%
5
Deo
81% jan
3% Jan
8% Jan
1% July
64
100
50
100
No par
Plllsbury Flour Mills
120
116
116
116
1
Jan 16
i_100
11%
10
20
prior pref 100
1
11
10
Nov 22
3% Feb
95% Aug 31
8
18%
3%
5% Oct 19
8
%
1734
*10%
3%
9%
Oct 19
65
No par
2
Jan 12
Mar
134
%
3%
10%
10%
317g
% Oct 15
.No par
7% Feb
14
Mar 10
15%
%
Oct 19
Mar
95
1
Oct 18
2%
43
15
1%
3%
97g
2
20
*60
2%
Jan
8
122
16
11%
45%
106% Jan
Oct 19
95
2%
34% Nov 26
Pierce Oil 8% conv pref...100
10
11%
50
Dec 17
12
11
6684
8
*9
234
19% Mar
Jan
38
12
10%
10% June
25%
50
Preferred
Deo
13% Feb 19
50
Hosiery
18%
Nov
69% Mar 10
54% Jan 14
6
July 26
9% Jan 20
74% Jan 13
2084 Apr 6
Phoenix
122
Oct 19
3
Dec 11
Phillips Jones Corp
7% preferred
Phillips Petroleum
12% June
Oot
18% Nov 22
62
7% preferred
21% Mar 11
58
7% Feb
46% Aug
25
par
No par
tPhlla Rapid Tran Co
,
100
*9
3
9% Oct 19
6
Pfelffer Brewing Co
10
11%
No
No par
J,800
11%
Milk
No par
1
%
Jan
25% Apr
64% Jan
7% pref class B
23
1
Apr
4
6
Plttsb Screw A Bolt
41
18
38
4
Pittsburgh Steel Co
1
*34
59% Nov
II684 June
700
23
17%
*10%
1%
Feb
Mar
370
3,200
7%
*35
14%
*%
Oot
30
110
13
1
*60
Deo
Mar
m
44
1%
45
17
6% preferred
-
25
1%
28% Apr
10% Mar
74
27% July
9
40
*1134
Jan
Jan
June
17
48% Mar
Pitts Coke A Iron
-
m
1
134
Mar
4%
2884
Oct 19
600
6
54
*35
15%
2
1
Feb 10
Feb
Oct 19
300
3434
*22%
*60
Mar 17
Feb
Feb
73
112% Nov
6% Jan
Oct 15
10
%
9
Mar
9
400
42%
9
Aug
3% June
3
«.
26
h
60
69
Apr
22
1,700
"7%
734
12
40
-
38
*
9
Jan
10
100
200
6%
*53g
7%
54
23
116% Jan 27
65% Feb 6
2
110% Sept 27
Phillip Morris A Co Ltd...10
21%
3434
3434
*5%
*
Dec
Deo
100
100
100
Pblla A Read C A I
18,900
35
"7"
31
37%
11% Apr
17% Nov
384 Deo
2»4 July
Pere Marquette..
7,500
------
3
*21
7%
Peoples Drug Stores
No par
6% conv preferred
100
People's G L A C (Chic)..100
Deo
Apr
63
Oct 19
2,700
h
4034
*
38
20
50
Deo
22%
4% Jan
6% June
10% May
1% Jan
12%
76%
2984
50%
Oct 19
Pennsylvania RR
Deo
174
8% Aug
17% Jan
5% Jan
47% Mar
32% Nov
64
2% Oct 19
par
25
June
69
103«4 Mar 8
6% Jan 23
Nov 23
Nov 24
$6 preferred
8%
6%
2% Oct 19
15
100
*28
No
7% Aug
4084 May
10% Jan 5
23% Mar 11
7% Feb 18
57% Nov 23
1% Oct 19
14
330
3
21%
*
7%
3434
5%
40
7
634
600
68
*51
35
24,500
81
*6%
40%
3%
*28
35
54
10
10
*9%
28
27
30
*28% 31
45
44%
4514
44% 45%
11514 115l2 *115% 1157g *115%
33
327g 33%
33l2 34
*97
*965g 9812
97%
97%
109
109
*107
*108i2 109
*123%
12414 124U *123% 125
*135
135
135
138% *136
*112%
*112%
*11214
33
36"
3234 34"
34%
*9ig
*3
1,400
3,100
4
%
80
Cement
Jan
4% Apr
74% Apr
97% Feb
109% Deo
7% Jan 14
Oct 19
37
No par
.No par
Coke Corp...10
Deo
Oct
4484 Feb 3
29% Aug 25
1% Oct 19'
J7 conv pref ser A...No par
Penn G1 Sand Corp v t cNo par
30
2
*3%
68
40
Oct 19
69
%
*51
3%
300
*38
17%
11%
1034
*234
12
8%
8
23%
13%
20%
Peoria A Eastern
800
5%
"2"
80-%
*6%
39%
m
*22%
15%
*34
17U
1%
1734
5%
*
34
h
13i2
1%
*32%
5%
12i2
!
8%
38
~*7~
35
40i4
34
*
7%
7i2
133g
H4
*2734
6%
21%
6%
21%
46
18
♦3
34
54
40
3834
3%
*36%
2%
334
Oct 19
120
*
334
%
79%
81
~
~
200
5%
2634
28
4
68
*51
68
*45
*9
*6%
39
*125g
♦7g
79
m m
34% Jan 5
8% Feb 25
4
Penn-Dlxle
------
200% Jan 28
18% Oct 19
12
C)
Apr
July
26>4 Jan 28
Parker Rust Proof Co. ..2.50
(J
67
103
Oct 19
Parmelee Transporta'n.No par
Pathe Film Corp
No par
Penney
Mar 10
2884 Jan 28
Oct 19
Penn Coal A
27,900
90
Oct 19
1,700
•m
8
J fay 13
109% Mar 18
32% Nov 23
Sept 30
8% Oct 19
80% Oct 19
1
1,300
100
4% Jan 25
II84 Apr
6% Jan
12% Aug
1% Jan
18% Jan
121
x95
28
Penlck A Ford
14%
11%
5%
2734
37%
5%
5%
27
*2
%
%
38%
3%
♦2734
6%
21%
54
~~7%
37g
8
*51
4lg
5%
27
2%
*2
78
397g
38
"784'
734
%
78
79%
5
25%
2%
37g
68
*51
4
7
334
!
%
403g
*2
23g
78
812
*62
70
334
80
5
12% Oct 19
__1
Inc
C M
1,300
5,200
36
*1334
107g
July
Patino Mines A Enterprise par
Peerless Corp
3
37
14%
11%
162
1
Utah
5,100
36
38
Jan
No par
Park
Parke Davis A Co
36
36
38
1412
11%
*2
212
334
543g
"7%
*35%
*31%
*1334
11%
*60
38
"_734
16
5lg
12
334
5%
*13
25
14
*2
*4%
*4%
*1334
*llig
39%
14
62
512
377g
39l2
*36
3514
140
10
15
3234
*4%
35%
5%
1512
2
100
37
*4%
*12%
35%
*4l2
Jan
1
2,300
4,700
114
*14
149
No par
preferred.,...100
Park-Tllford
32
*112
Apr 28
Oct 19
3,000
3,000
1,000
21%
35
Deo
133
Oct 19
6% 2d preferred
700
114
153
100
6% 1st preferred
15
♦31
Jan
1
conv
Dec
118
29
4%
47%
4
17% Jan 20
Paramount Pictures Inc
58% July
Jan
2984 Apr 6
12% Feb 18
preferred
14% May
152
Oct 19
600
17g
6%
11%
4%
42%
64%
27g
4%
2234
♦112
9
Nov 22
Oct 19
12,200
18
1%
6%
11%
*6
1134
42%
6234
2%
63
1734
44% Jan
39% Nov
41
July
110
10
Paraffine Co Inc
1,500
31
134
Jan
Dec
7
conv
Dec
3084
4484
4
Oil Corp
30
Jan 12
53% Jan 14
38
Highest
share % per share
I per
share
No par
8%
50,700
247g
234
2%
30%
1%
6%
1134
61
12
4%
42%
*22
per
3284 Jan 14
Oct 19
x34«4 Oct 19
10% Oct 19
J Pan handle Prod & Ref No par
,
...
11
18%
*18
40
11
31%
;
Packard Motor Car
500
91%
10%
247g
234
234
31%
1%
6%
zll%
4%
137g
*22
27g
30%
18%
30
18
134
*22
234
30%
19
2l2
30%
18
*22
*88
__100
100
$
Pan-Amer Petrol & Transp__5
800
99%
1034
No par
Pac Western
22
Lowest
Highest
$ per share
Oct 19
11
25
No par
Telep <fe Teleg
6% preferred
42,400
38
*92
1034
1034
(Cal).lO
Ltg Corp
Pacific
60
45
37%
44
*42%
*2214
44
*12
12%
111
103g
2
22l2
Pacific
11%
107g
247g
25g
18%
♦15l2
Pacific Gas <fe Electric
1,100
11%
87%
31
23g
*4%
2214
8,300
37%
99%
11%
*1%
43g
300
27
37%
*12
90
II84
94
64
13
26%
3734
111
1%
1%
47
37l2
*91%
lUg
13g
*92
95
44
117g
*110
Pacific Finance Corp
13
27
37%
*137%
137% *137% 140
*13
13%
13%
13%
13%
4%
434
5
484
478
*734
*734
9%
*784
8i2
18%
*303g
112
Par
Shares
$ per share
Year 1936
100-Shaie Lou
Lowest
Week
17
13
13%
26%
37%
On Basu of
STOCK
YORK
EXCHANGE
26%
*37%
13%
26%
137
11%
112
113
Dec.
16
S per share
$ per share
13ig
26
*3714
*1134
14
26*4
37%
Dec.
15
the
Range for Previous
Range Since Jan. 1
STOCKS
NEW
for
j i/»
Friday
3937
Mar 11
5%
22
June "16% "Feb
July
50%
Deo
Oct 19
4«4 Mar 17
1%
Jan
3% Mar
1% Oct 15
11% Feb 25
2%
Jan
6»4
1
Ex-dlv.
y
Ex-rlghts.
^ Called for redemption.
Deo
New York Stock Record—Continued—Page 9
3938
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER CENT
Dec.
Dec.
$
11
per
share
2H2
♦
*85
"89 i*
*1312
»
8912
Dec.
15
684
*11
534
*534
25
*11
217s
2U2
2134
215g
85
85
80
85
80
83
78
80
90
87
87
*80
*
♦loo"
♦14
10378 *100
14
15l2
1037g
z26
2634
76
76l2
z75
75
1
1
26l2
76i2
*7S
2714
76
♦7
8
7
7
7
7
381s
314
22*4
36i2
*b
27s
217g
334
*3l2
3
314
1812
22b
334
55i2
1378
75a
*1714
61
♦50
8
8
1812
♦57
39
7S
67
6758
143g
81*
17i2
13l2
75g
18
.
60
1
78
*6*2
25
*74i2
78
*6l2
3714
78
b
7
37
37
1
1
1
3
*234
22*4
22l2
334
3%
683g
137g
7*8
6734
127g
18
18*4
3
60
234
23
c
384
69l4
135s
8
7*2
*
8712
IOOI4 IOOI4
15
*1414
14
1
23ig
4i8
58l4
14l2
I8I4
60
2214
384
5814
1318
734
18*2
3714
3634
*78
2%
2234
*3i2
5834
6U8
434
*46i2
6U4
47g
47l2
1,100
2934
1714
*27
2934
20
6,000
9614
96
1712
9714
7%
2U2
60
61
5
47g
47g
47
47
*4612
47*4
*47g
*4612
48
27
27l2
2978
*27
I6I4
♦9714
2712
16*2
*27
I6I4
27
9734
8i2
2284
27*
8
2U4
*234
1714
16lg
*9312
163g
99U
8I4
Z712
20*4
*234
17l2
2212
3
16%
95*4
96
784
17ig
9514
17lg
9614
7i2
8
77g
22
2134
2134
3
*284
3
22
18*2
18
18l2
3114
92l2
80
7434
18
3U4
323g
31
32
177g
*29*2
30*4
30
9U4
893g
69l2
89l2
*8712
92
*8712
92l2
71
70
71
73l2
*87%
76b
100
*97
100
73
73
♦100
102
♦2U2
135s
♦11
151*
100
20l2
•127*
137g
*20
14
1134
*1278
1U4
1434
1U2
153s
1434
114
♦110
2U2
11
22
111
15
111
25g
258
25g
2l2
*2512 27
*255g 2614
»132i4 142
*13214 142
21
21
2034 21
*97
20*2
137g
11*4
20*2
♦1278
11*4
7*4
3
3214
17*2
8
3
18
1734
1634
2012
*234
183S
303g
92l4
3214
*88
5
75
100
*97
20
20*2
33
127g
11*4
147g
114
*111%
258
2l2
25
*2412
11*4
15*4
22l2
100
*97
800
5,300
200
18l2
1.200
31
3,100
92i4
300
7434
590
100
15
1434
♦llUg 114
*llli8
25g
25g
2l2
25
2414
25*2
142
*133
142
♦133
142
13214 13214 *132
21
21
2U2
2U2
21lg
2U2
2U4
2U2
30
1,400
500
1,300
48,000
Dee
Jan
6
108
Aug
114
Nov
Feb
3
110i| Sept
Dec 15
113
Dec
113
27i2 Mar
2
11
__
9
Oct 19
U2 Oct 19
100
16
Mar
Oct 19
3U Feb
235a
45U
2ig
8i2
9
Feb 10
Jan
Jan
2
Sears. Roebuck A Co..No par
49®4 Nov 23
Servel Inc
12 7g Dec
34
1
15
Shattuck (F G)
Sharon Steel Corp
No
No
par
15
Oct 19
$5 conv pref
Sharpe A Dohme
No par
60
Dec 15
6i2 Oct 19
par
preferred
MarlO
2
Jan
Apr
30i2 Aug
3i2 July
595* Jan
165g Jan
IDs
20*4
89
Jan
Jan
July
227g
1334
1414
»3l4
37
23
22
35
22l2
*28
*29l4
314
3i2
37
*278
*8i2
*
r2
1378
*35
2l3g
14
1314
21
2238
*28
34
314
4H2
27g
812
2314
1412
1314
40l2
105g
50b
♦36ig
25g
8l2
*22i"2
33g
3
9'2
23i2
14i2
♦13
14
*3718
107g
60l2
40l2
107g
61
*23
2314
8*4
83g
104l2 104 i2
314
♦3j8
6i2
512
1134
1134
*_
76
14J8
1314
♦371*
10i8
50i2
x2U2 23
8*4
8I8
104*4 10484
31*
3i8
*8
*
50l4
21*2
5
24
2214
25
26
24l2
3334
337g
1*4
28is
33is
1*4
2834
3334
*1
29
138
29is
*40
♦II8I4
1438
4412
2U2
5714
103g
812
1434
65s
47i2
12U2
1434
29
29
2U2
67
10l8
*8l4
14i2
5i2
♦46
258
1434
•195g
*8i2
17U
*23l2
95g
7i2
*7i8
♦40
42l2
*21
5612
IOI4
8I4
14
53g
46i2
120
14
2834
258
14ig
20i2
*812
I684
2314
•93g
714
25g
1484
24
1212
1714
2414
10
712
7iZ
*7i8
46
♦434
43
5
6i2
3934
37g
2914
8I4
7U
♦2014
♦2214
64
Deo
44
Feb
8
30 U
Apr
45
not
1478 Nov 22
Simonds Saw & Steel ..No par
25
Skelly Oil Co
Nov 26
3434 Feb 19
1053s Feb 2
177, Mar 11
58
Marl6
414 Apr 21
26
Oct 8
100
88
Nov 23
605a Apr 22
10214 Feb 4
100
67
Nbv24
197
MarlO
No par
96
June 17
120
Mar
Smith (A O) Corp
10
Smith & Cor Typewr..No par
Snider Packing Corp
No par
13
Oct 19
1234 Dec 17
9»4 Oct 19
13
Oct 19
110
Mar 18
1734 Oct 19
19i2 Jan
975g Dec
54
4
7
7
7
135g
5ig
1414
1378
538
6I8
47
46
46
1434
14
20l2
12l2
*20*4
*812
165g
2312
914
17
237g
10
758
7*4
7*2
x67g
*3914
*4l2
618
3784
334
2734
43
378
*
*4i2
3ia
125g
145g
*80l2
1»4
514
15
3i8
125g
-
4I4
XI314
3
xl2
8
8
37*
4
*778
384
86
4U4
1034
5I2
*77S
334
7
7*8
45
*39*4
4%
X6%
39i2
358
2758
8is
7*8
*1912
2214
37g
638
3878
3%
283g
27*2
♦80
8
8*4
73g
7*8
20
20
378
3i2
*
"*l84
4i2
4%
*13i8
1314
42*8
11
684
8*8
37g
86
634
39i2
334
2838
838
7*4
20
3
*lll4
15
83l2
11
55s
778
378
914
9*4
2O84
2U4
26i2
*712
20i2
263s
*434
5U2
83s
*7i2
2O84
2658
434
*5012
8I4
8
85g
*2
23g
63i2
2
51*4
♦93*
7414
95g
7484
19i2
85l4
7184
193g
9i2
743g
197g
71
84
85
8414
♦82
84
8212
8212
•22*4
21*4
23
23
23
23i8
2214
237g
9
*2
5U2
9U
1918
*82
22l2
2214
8%
23g
5U2
914
7214
1912
84*4
8312
22*2
23*4
*2
52
9*4
714
*55
*57
70
35g
*
*8
*434
*57
334
35
*12
2214
134
434
1278
1538
*334
*
7,500
6,700
*4i2
13
31g
*1U4
not
Jan
29*4 Feb 15
23U Aug 14
21
30i* Deo
115
June
9
155
Jan
2
Sept
12i2 May
110
Mar
37g July
26
Apr
150
Jan
15
32i2 Jan 13
25
Feb
321* JuJjr
65*8 Mar 11
23i*
12*4
Jan
Apr
1U4
5%
778
37g
85
83
83
9*2
7U8
83*4
7284
1958
8412
82
82
725g
19l2
83l2
82l2
*22
23
2378
>
*22
2314
*45
x8%
I84
2
10
Oct 19
23*4 Jan 12
13
Dec 17
13 conv preferred A..No par
Spiegel Inc
2
40
Oct 20
49
Nov 23
1
16
Nov
$4.50 pref
Stand Comm Tobacco
No par
101
6314
6*4
67*
735g
29*4
157*
133g
June
Apr
Jan
June
May
Apr
6
16U
105i2
123s
143s
Jan 20
Dec 15
43*4 not
18i* not
Jan 22
13*4 Mar
97* Feb
277* Dec
Mar
8
9i2 July
6i* Apr
Oct 19
325s Mar
8
9i2
Jan
No par
10
Oct 19
65
14
Oct 19
72b Jan
1
Nov 22
4
Jan 11
12
Feb
35,800
14,700
28i8 Oct 19
26*2 Oct 19
3058May 14
60
Feb 19
36
Aug
60
Feb
9
32*4
70,200
Standard Oil of New
3,000
10
12,500
3,500
5,600
1,800
300
mm*,*
~
5,700
7,900
10,200
900
400
Dec
8
26
Mar
9
48
Mar
6
551* Jan
24*4 May
Sterling Products Inc
54
Nov
8
75
Jan 29
65
5i2 Oct 19
21
Feb 11
181* Apr
78i* not
24i* Apr
7
6i2 Oct 19
17i2 Jan 20
335s Jan 29
145*
301*
3
20
10
Stewart-Warner
.
.5
Stokely Bros A Co Inc
1
Stone A Webster
Studebaker Corp
Sun Oil..
No par
(The)
1
No par
.....
6% preferred......
10
Oct 19
Superheater Co (The)..No par
Superior Oil
1
18
Oct 19
U2 Oct 19
8
Oct 19
10
18
Oct 13
60
Superior Steel
734 Oct 19
15U Oct 19
2214 Oct 19
434 Oct 19
4is Oct 19
100
Sutherland Paper Co..
Sweets Co of Amer
(The)
25
Without warrants.....
1
Talcott Inc
(James)
5H% preferred
Telautograph Corp
Tennessee Corp
42
6
4
Oct 19
5U
Oct 19
—.5
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal A Oil...10
Texas Pacific Land Trust
conv
pref...
com
1
$4.50
conv
pref
118
Jan
125
not
61«4 Feb
3
734 Mar
2
47U Mar 11
"27" "Jan
3
Jan
95* July
658 Jan
20U Apr
28i2 Apr
357*
15
203* Deo
8
Mar 31
Jan 20
173s Jan 21
8
3
8b Jan 12
153s Mar 3
Jan
Nov
123* Nov
Mar 30
165s Jan 22
153a Jan 28
6
48
Feb 19
64
Jan 13
Oct 19
10
13*4 Mar
1
93 ig
4
3
2
Jan
13 ig Feb
z40
Sept
8i2 Jan 13
15U
287g
10U
40*4
Mar
5
Feb 11
Jan 25
Jan 25
215g Feb
Nov 24
4
981| Aug 13
834 Oct 19
287, Feb 11
77
No par
10
15i2
Jan
Deo
1534 Jan
Oct 19
Jig Oct 19
6is Oct 19
13i8 Oct 19
1312 not
263* not
67i2 Feb
Oct 19
4*4 Dec 14
Dee
684 Mar
425* Deo
377* Oct
23
Jan 20
Mar
6*4 May
65* Apr
6414 Mar
10
~60~
397* Jan 25
Jan
2ig Oct 19
Sept 25
U2 Oct 19
Oct
20i2
285s
337|
23>4
Nov
36
No par
Tim ken Detroit Axle
Mar
6
Nov 23
Dec
157*
91
33
55
Oct
Jan
44
3l2 Oct 20
Dec
Dec
287*
Oct 19
Deo
703*
20i2 July 12
19
10
pref..
4
65
Thompson (J R)
25
Thompson Prods Inc. .No par
Thompson-Starrett Co. No par
$3.60
Jan
Jan
31
40*4
70
155s Nov 19
1
100
Tide Water Assoc Oil
125
91*
Jan
6518 Apr 22
95g Mar 15
2
No par
pref
conv
5
Feb 17
7712 Jan 11
Mar
2334 Oct 19
53g Oct 19
55g Oct 19
.No par
100
.....
Nov
3434 Oct 19
Texas A Pacific Ry Co
100
Thatcher Mfg
No par
$3 dlv
500
6i2 Oct 19
9
60
Third Avenue Ry
6,800
Oct 19
9
Thermotd Co
300
Dec 14
4412 Dec 16
118
Aug 6
100
Sunshine Mining Co
""2", 166
10,300
Jan
475* Feb
48i* Dec
76
"1,60b
400
Dee
43
Preferred
1,900
2,300
Deo
3*4
Nov 24
Symington-Gould Corp ww__l
5,300
j an
62
721*
Nov26
4,100
4,100
4,900
53,900
24*4 Apr
26*4 Apr
20
Swift International Ltd
40
7
42
10
2,200
700
Jan 12
Jersey.25
Swift A Co
600
Not
Starrett Co (The) L S..No par
5,700
•
Oct
241* Aug
21*4 Apr
143* Apr
No par
1,400
12,900
18,600
Jan
53*4 Mar
prior pref
2,200
2,800
Oct
921*
36*4
37
prior pref
Standard Oil of Kansas
Oct
9*4 Mar
27
Jan
cum
200
Oct
117* Nov
82
Jan
44
cum
5,600
14,500
Tim ken Roller Bearing. No par
Transam erica Corp
2
36
Oct 19
79
Feb
10
Oct 19
17
534
734
7,400
Transcont A West'n Air Inc. 5
4
Oct 19
400
Transue A Williams St'l No par
5i8
378
6,000
400
Tri-Contlnental Corp..No par
$6 preferred
No par
Jan
71* Jan
914 June
28
Jan
337* Apr
69
Mar
8*4 June
85
Oct
93*
Jan
13
Deo
5514
Dee
87* Deo
44*4 Nov
15U Feb
143* Mar
July
487* not
49
631*
Oct
16
Nov
110
Feb
81* May
125* Mar
314
Jan
"91* "Feb
8U
245*
Jan
135* not
323* July
47*
JaD
26
14*4
121*
Jan
Jan
81* Mar
39*4 Feb
213* Dec
Jan
277*
Apr
Dec
Aug
11
50
80
83g
1%
2,500
400
Oct 19
33g Oct 19
82
10
20th Cen Fox Film Corp No par
$1.60 preferred
Twin
Preferred
25
No par
City Rap Trans..No
7634
197g
36,200
5,600
8414
837g
84i4
3,500
Union Pacific.
82
82
400
2284
2312
200
a Def,
47,300
delivery,
4% preferred..
a
New stock,
Cash
3
2658 Mar 8
407g Mar 13
60
Mar 13
17ii Jan 22
94
Jan 20
25
147*
Apr
741* Nov
jan
275* Apr
103* May
71*
93
12
Jan
110
47* Jan
71* Apr
22i* June
31** Apr
8*4 May
65U Jan
Feb
Oct
93* Nov
28
Dec
385* not
47*4 not
17i* Dec
Mar 29
Oct 19
t>7g Jan 25
100i| Jan
8
18*g Sept 17
27* June
745* June
111
Feb 20
"715* "Jan
28U Feb 4
148*4 Mar 16
99<4 Jan 13
20*4 Aug
1081* jan
90i* jan
225* Jan
205* Apr
22
Nov 24
311* Feb
4
10«4 Oct 19
s
22i* Dee
Jan
61UNOV23
6
sale"
Mar
56
17i2 Oct 19
80
Nov 23
78
Oct 19
100
r
12
Oct 19
9
No par
United Aircraft Corp
109ig Jan 21
Oct 19
U8 Oct 19
46U Nov 24
.........100
Union Tank Car
2
225g Jan 11
273g Jan 22
lisg Mar 8
7
....No par
Under Elliott Fisher Co No par
20
4
40
.....1
Ulen A Co..
Union Bag A Pap new .No par
Union Carbide A Carb. No par
Union Oil California
25
5,000
Nov 23
2314 Oct 19
par
...........100
Twin Coach Co
Dec 15
4U Oct 19
7i2 Oct 16
1812 Oct 19
...No par
3,500
{In receivership,
Oct 20
212 Oct 19
2i2 Oct 19
1
5438
97g
23b
8
712 Oct 19
{Stand Gas A El Co...No par
$4 preferred
No par
97g
75b
19l4
2334
Jan 18
95i2 Apr 28
483s Mar 8
No par
No par
54
*22
Aug 14
50
6*4 July
28»4 Feb 11
Conv $4.60 pref
Square D Co class B
10
8212
2278
35
85s Oct 19
Standard Brands
5434
7534
Feb 26
2
100
2
31
Jan
7,100
2,200
50i2
8%
Oct 19
Feb
434
2
7
94
21%
2734
5014
838
69
3514 Oct 19
ll2 Oct 19
36
Truscon Steel
*412
Jan
Oct 19
300
27
Jan
34
20
Truax Traer Coal
2U4
19
20
16
17
28
735s Sept 20
500
5
6
65*8 Jan
HTgMar
775gMar
9i2 Jan
16.60 preferred
No par
Spencer Kellogg A Sons No par
Sperry Corp (The) v t o
1
Spicer Mfg Co
No par
6I4
914
215s
60ijMar
3
Dec
li2 Oct 19
1
6I4
*712
27
54
Spear A Co
6%
914
*4%
Oct 18
477* Oi»
261* Dec
541* Dec
$6
100
70
84
27
53
16
$3.60
117g
4134
Feb
Mar
433g Mar 17
28
The Fair.
1112
4l3g
107g
5i2
734
334
160
Oct 19
100
100
12
42
July
71*
351* Aug
Oct 19
6% preferred..
Spalding (A G) A Bros .No par
1st preferred
100
Sparks Wlthlngton
No par
500
134
434
13ig
3i8
1278
1514
171* not
114
9
100
5
37g
47«* Dec
Apr
132
17
25
Southern Pacific Co......100
Southern Railway
58
84
2034
8i2
214
37g
277g
8l2
77g
2U2
2214
84
484
52
4l2
634
41l4
Jan
Oct
Jan
72
$7
4,400
7
45
14i2
487*
684
85
Stand Investing Corp._No par
Standard Oil of Calif. .No par
Standard Oil of Indiana....25
500
35
""134
2134
2714
Bid »nd asked prloes.: no sales on thin day
8I4
714
5
9«,
2278
27
83g
56
9U
19*4
334
28i4
5
1U2
4U4
1034
5i2
77s
35g
*80i2
*534
1212
*7i2
52
6i2
40i4
334
*20
1518
8384
6
52
6%
41
2U2
2214
153g
8312
42
7
*3914
4l2
3
82
52
7
13l2
12
5
412
3
4U2
105s
63s
778
358
714
1034
714
14i4
45
*4l2
*131g
3ig
13
6
5
20
57
1458
5i8
45
45
4578
120
*11814 120
1234
1288
1212
28
287S
285s
234
2l2
2%
15
1514 *1412
20
20
2014
11
11
*8l2
16l2
1634
163g
2334
23l2 2312
10
984
978
778
734
77s
45g
14
82
21U
26i2
1034
""134
6i4
5
5634
2l4
*6
26l2
*434
*4834
2012
56
358
35
1*2
1334
3i8
12l2
15i8
8334
5
63g
2
•
17%
6I4
52
193g
85U
63g
38%
35
"lb
12i2
1458
*8U2
153g
1078
57g
814
378
*80
384
*
84
1034
534
*57
4
35
1078
578
85g
*684
*3914
*4l2
5
11
165s
2334
958
70
107*
684
8i2
7
45
21
♦57
1412
52
9is
714
738
14l2
70
1934
70
4234
♦48
9*2
234
5
1334
514
*20i2
*8i2
1638
23i2
28
44l2
*118l4
1238
28i4
25g
15l4
2OI4
*8l2
16l2
2334
958
714
60
41
2U4
2714
2%
14*4
5
2312
145g
21
27
2*2
14*4
5
43
27U
*484
28
*56
141*
8
714
1458
5I8
*22l4
4234
8
7*8
14i8
538
46
5
15
6i2
7i«
1438
60
15
86
103s
2278
7*8
20
34l2
4538
20l2
*118l4 120
12
127g
13l2
11
900
9,600
1,060
1,600
34,500
1,000
3,300
43
5
8
8ig
714
293g
34i8
30
4434
*20%
5634
1018
45
167g
23*2
30,100
1*4
*35
5684
10*8
21
"166
23i2
4514
*2214
14 3g
♦63*
57
200
26
43
*55
1518
3i2
•80
2918
33i2
*1
314
514
1U2
*35
5
4
29
1*4
3014
34l2
m
4458
x20%
5638
1038
*118l4 120
2b
2614
*1
m
4434
22l2
5634
60
*434
147g
♦3U
153g
8I4
1458
558
23
25
IU4
23%
25l2
818
44
23
"lb
84
10l8
125g
10l2
5412
20l2
4334
*20*2
'
658
397g
214
514
1518
10
23
4,000
14
20l2
II84
110
40
*35
22
484
*56
4
84
IOI4
113s
29ig
33i2
5
51*
35
4384
x27
13
1271* not
40*4 June
42i2 Jan 12
Oct 25
Dec
8*4 July
1934 Jan
x3i2 June
Deo
8
6«» Feb 26
130
102
28U
64i2 Jan 11
40ig f eb 16
20l2 Oct 19
..100
14*4 Apr
Sept
112 Oct 19
Mobile A Ohio Stk tr ctfs 100
24
*37%
IOI4
5334
1034
8
8ig
105l2 105l2 *106
*3
3i8
318
5I4
478
6*8
1*4
*55
4
29i2
83g
738
2U2
2312
70
"♦I84
44
25g
14
40l2
1041* DeO
IU4 Dec
'
258
812
1434
31*8 Nov
1934 Nor
32?* Dec
Jan
Socony Vacuum Oil Co Inc. 16
75
*2012
1438
54l2
283s
3234
33
*
Dec
10U* Nor
Jan
South Am Gold A Platinum .1
So Porto Rico Sugar
No par
"""500
37
212
*778
21
618
38i2
37g
277g
8is
7*8
*1912
*2214
60
*518
•57
28i2
338
8
*1
1*4
37
15
53
42i2
*2012
56l2
1414
2834
51
31
Dec
77* Nov
4*4
Solvay Am Corp 5M% pref 100
2214 r 32,500
1334
16,100
2212
9,500
33g
237g
21
*40
120
1038
2I84
8*8
105
10612
3*8
3*8
5*4
5*8
1114
1U2
2214 22*4
25
2584
44
57
14
33g
37ig
234
8I4
75
*2118
14l2
*1312
*371g
IOI4
2U8
1314
2134
*28i4
31
8
46i4
2212
*
40l2
434
6i2
4034
*55
28l4
3284
234
*778
2258
137g
2234
21
2434
2534
75
*13*8
40l2
10*8
5084
23
*1*4
2212
15*4
15
3*8
5ig
1U4
2634
44
*2118
8*4
10434 105
3i8
35
8
*
8
11
217g
133g
22i8
*28l2
33g
3718
3*2
37ig
25g
'*
22lg
15ig
133g
40l2
10l2
605g
21*2
514
2214
*33s
37*8
25g
8
27g
9*4
*22
*45
22
39
lll2
1334
*28
338
5
22lg
1388
35
75
Z22b
143g
1338
*37ig
10i8
2U4
22i8
135g
217g
11
25
♦22
225g
3
75
*22
213s
13i2
87*
44
43i|
'
221*
Feb
2i* Dec
1
2i2 Nov 4
1714 Dec 13
2678 Nov 24
Southern Calif Edison
7g
Jan 21
91
10
8% preferred
Feb
Feb
Slmms Petroleum
$6 preferred
4U
201*
14
512 Oct 19
17i2 Oct 19
6% preferred
101*4 Mar
247g Oct 20
100
Sloss Sheff Steel & Iron
177* Nov
557* Nov
65
Dec
Silver King Coalition Mlnes.6
Simmons Co
No par
.
1141* Mar
2
44
Sheaffer (W A) Pen Co-No par
Shell Union OH
.No par
conv
4
Feb
175s Feb 10
42i2 Mar 10
120
Dec
Oct
334 Oct 19
No par
pref ser A_Nc par
conv
June
1®8 May
Vi June
2
54is Apr 6
HUMar 1
985g Aug 18
<3.60
11
Oct
495* Nor
Jan 14
312 Oct 19
100
9.400
99
87
7,200
1,300
10
Dec
103
No par
600
3
29
2014
195s
127g
1234
1234
11
1H2
IU4
15i8
147g
15ig
114
*11U8 114
234
25g
2%
26
2434 2434
4-2% preferred.
Seagrave Corp
100
6,100
96
Dec 17
34i2Nov26
34 Oct 19
18*2
477g
6
78
93
28,900
15,600
4,100
900
July
3i2 Oct 19
Seaboard Oil Co of Del. No par
7%
27
Jan 13
100
8% preferred.
Scott Paper Co
600
13lg
46
377* July
1,700
6,100
5934
1334
8b
18b
37
61»4 Mar 17
334
69l2
1334
7%
18i2
334
15
Jan
7b
98U Mar 15
2%
2312
27g
Jan
18
Nov 10
Oct 19
z98
share
per
2034 Mar 5
37i2Marll
10
21
7412 Nov 29
l2 Oct 19
2,400
5
I6I4
9734
♦8I4
22l2
*234
500
312 Oct 29
Highest
$ per share $
2414 Nov 23
1
24
$ per share
1
{Schulte Retail Stores
No par
1 Seaboard Air Line..-No par
*46l4
5*4
400
2,500
t Bt Louis Southwestern..100
5% preferred
100
Safeway Stores
No par
5% preferred
100
6% preferred
100
7% preferred
100
Savage Arms Corp
No par
Scbenley Distillers Corp
5
5)4% preferred
100
260
1
Highest
$ per share
Par
37
514
597g
7,700
b
6%
6
477g
29*2
5
40
75
78
7
♦5
*5512
70
100
25ig
75
78
.
370
87
25
26
-
3,000
IOU4 101%
147g
*1418
75b
*46
*27
30
*•*.«. -
Year 1936
Lowest
Lowest
Shares
217g
78
1
25
1937
EXCHANGE
Week
534
534
*11
21*2
90
3812
7g
67g
25
2134
10378
IOOI4 *100
15
15i2
*1312
28
2634 2784
39
$ per share
21*2
1
38l2
♦78
3U
2258
*334
57U
1438
17
21i2
♦76
28
Dec.
$ per share
$ per share
25
16
18,
Range for Previous
On BasU of 100-Short Lou
STOCK
NEW YORK
the
Friday
90
2U2
2Uj
Dec.
714
*534
*11
25
*11
90
100
7*4
*578
25
14
$ per share
$ per share
57*
678
♦11
Dec.
13
1
Thursday
Wednesday
Tuesday
Range Since Jan. 1
8TOCKS
Sales
ffiT
jtrr
Monday
Saturday
Dec.
351* Mar
5
Ex-div.
y
Ex-rights.
109
85*
Deo
Jan
1023* Deo
losu not
28i* Feb
149*4 Aug
100
June
315*
Feb
32*8
Feb
T Called for redemption.
Volume
AND
LOW
SALE PRICES—PER
HIGH
SHARE,
NOT PER
NEW YORK
for
11
Dec.
Dec.
8
7*4
♦8
7*4
814
9U
17
18
18
1914
19
3*4
♦185s
35s
3214
678
32*4
378
3234
7%
7%
10
*9
*
85
61*8
♦8012
5*4
6ia
34
36
*33i2
66U
105s
10*4
*10214 103
•5
5is
16*4
9
6*4
9
♦80l2
82
578
6
6
♦lis
U»
♦1
812
*7
8i2
*6*4
72i2
165
814
37i2
21*4
6*4
914
**7*8
*♦31
2114
6*8
9i8
29*8
20*4
6%
87S
56i4
6112
6*4
62
♦6714
120
♦66
565s 57%
106*4 107*4
107
56
*51
%
20
16*4
20
20
♦18*/
*97
110
*♦97
*.♦39
41
*3?8
16
.
*38
4
25
♦106
107
378
23*4
25
^♦3*4
*13
►11214
|*56i8
4*2
16%
118
64
125
♦119
♦2*4
4*8
*106
105
40
378
24%
107
11%
U1978
7%
72*2
778
40
♦18%
11
125
7%
39*2
4*4
3
*38
3%
23*4
*106
21
*119
2*4
4%
40
125
2*4
4%
5
7%
72
72%
8
40
40*2
1878
18%
18%
12
10*2
10*2
3%
7
107
107
19
7*4
39*2
35s
23*4
3*4
24*4
19
8%
20*2
*97
105
40
3%
45
7*4
*3*4
♦14*4
*
*56"
♦119
20
20
110
♦37
7
8
40*4
*1858
*10*2
12
3
45
7*4
34
♦4
12
12
26*2
2*4
25
26
247S
2%
*1%
*28*4
*73%
25
1478
26*2
2*2
1%
28*2
73*4
4*4
♦7318
74*2
*1%
29%
*73%
♦90
93
*88
90
89
90
*90
96
96
95*4
96
9412 96
*84*2 87
118** 119
*8*4
9*2
♦1%
*2*4
1%
3*8
26*8
25*8
26*8
25
107*2 109*2
*128*4
♦32
15*2
34*4
*13
14
»15*s
♦24*4
24*4
113*2 113*4 ♦113*2 11334 *113*2 113*4
17
17
16*8
16*8
165s
17
5
4%
4*4
45a
45s
*45s
9
9
9
♦8*8
♦8*8
*8*4
1*8
13s
1*4
*1*4
1%
3
234
2*2
2l2
234
*2*4
24
2434
23*8 24*4
2478 26*8
24*4 245a
2338 24
235s 2478
104*8 107*2 104*8 106*2 104*8 107
128*4 128*2
*128*4
*128*4
15*2 ♦1418 1512
*14*8 15*2 *1412
*32
34*4
*32
34*4 *32
34*4
13
13
13
13
13*4
13*4
22
22i2
23*2 23*2
24*4 24*4
7
33
*4
*8
8*8
4078
1878
11
278
45
7*8
34
4*8
14
X25
26
15
107
3*4
16
25*2
95
97*4
84
84*2
♦118*8 119
•95
7*8
*1858
1934'
*71*2
72*2
8
40*8
*16*2
10*8
2*4
3
16*4
4*4
9
1%
2*4
24*2
25
26
108
*95
74*2
95
86
140
119
16
16
4*2
4%
*7*8
1%
2*2
40
1,700
23%
24*2
106
1,000
1%
"""400
25*4
108
15
*14
3434
12*4
13
"i'ioo
22
800
10
1
No par
No par
West Penn El class A—No par
7% preferred..
100
6% preferred
1001
West Penn Power 7% pref.100
preferred
—100
Western Auto Supply Co.—10
Western Maryland
-100
6%
*15
*2%
5*4
m
38*4
16*4
17*4
63
63
♦50
60
♦34%
37*2
15
1034
178
10
10
14%
2i2
23s
6*8
*1312
*2i2
2*4
57g
5*4
15
♦52
55
13*4
38%
1412
2*2
2*4
i578
5*2
54*4
12*2
37l2
1678
17
17
80
*60*2
80
60
11
10*8
*10
2
178
15
2%
2%
6*4
5%
55*8
1334
37%
16%
55*2
38
57*8
*14*4
10%
1%
6%
5%
*50*2
16
16
15
2*4
*55*4
57
62*4
*14*4
*10
2*4
*2%
♦
*46
34%
2%
234
6%
5*4
55*4
1034
5*4
54*4
1234
38*8
178
10*4
178
2%
2*4
6*8
57«
13
13*4
3.*8
38%
17%
16*4
*45
*2%
2%
14*4
2%
2*4
5*4
2%
5%
*54*2
5*4
5%
55
700
preferred.
50
Weston Elec Instrum't.No par
Class A
No par
Westvaco Chlor Prod—No par
1st
38
76*2
605s
61
24l2
25
24
25
10
10*4
8034
10
10*4
8078
24%
10%
24*4
24*2
10*8
25
107S
95
96
95
98
18
18
1634
397s
37
17%
39*2
10%
17*4
280*4
16*4
36*4
♦735s
1612
3
3
85
Bid and asked prices; no
16*2
37*2
80
16*4
3
8078
16*4
37*2
♦735a
] 16*2
3
75
60%
24*4
978
*8078
77
60%
25
10%
84
72
72
61
24%
978
80*4
16%
16%
16%
16
39
40*8
*73%
78*4
38*4
*73%
16*4
1634
10
80*4
16
15%
3%
24*4
278
3
sales on this day.
3
1 In receivership,
39*4
78*4
100
mmmmrnm
350
1,000
2,300
19,200
540
1,900
25,500
mm.-mm*
a
Zenith Radio Corp
Def. delivery,
n New
stock,
Apr
4%
157g
MarlO
21
Jan
Jan
Apr
46
38% Feb 19
50*4 Aug 10
.
19*2
Apr
1
6
6% June
Mar 17
33% June
78
91*4
9*4 Feb
2% Jan
1
Aug
Feb
Jan
Oct 23
103
Aug 26
87
Feb
Oct 19
116%
Jan
8
29% July 12
111*4
Jan
11*4 Mar
5
""§%
Apr
23% Mar
6
15
Apr
Oct 15
484 Mar 17
11*4 Mar 17
83% Jan 22
Oct 18
57*4 Mar 6
167% Jan 22
170
Jan 22
30*8 Jan 22
39 May 6
10*4 Oct 19
27*4 Feb 23
347g Jan 7
115
Apr 13
126
Aug 6
70
Dec 17
90
Dec 10
.
14% Oct 19
6
Oct 19
8% Oct 19
1% Oct 19
11
Oct 19
6
1*4 Oct 19
1
-.10
2*4 Dec 14
5*8 Dec 17
4% Oct 19
52
100
Nov29
12% Dec 14
35
Oct 19
12
Oct 19
54% Oct 20
40
Oct 19
34% Nov
3
45
Nov 27
38
Oct 19
Jan
9
2134 Dec 16
No par
65
Mar 11
14
31
15
16
25
6*4 Mar 22
126*4 Aug
90*4 Aug
23%May
33% Feb
187S Jan
46% Jan 4
6*4 Jan 25
5% Sept 7
12
Sept 7
12% Feb 27
2
13*4 Dec 13
65% Jan 20
91*4 Mar
47
Jan 22
112% Mar 25
100
MarlO
40*4 Dec
Nov
35*2
Oct
19*4 June
31*4 Nov
34
Jan
Feb
978
Feb
160
33*4
Oct
Jan
39
Jan
32
July
35*4
91
Oct
Nov
Oct
July zl20
397s Deo
21% July
84
July
109% Feb
18%
Feb
13*4 July
3%
16
2*4
Apr
Apr
Jan
6% June
June
70
66
Apr
Apr
Apr
47
Jan
44*4
23%
5
Jan
128
Mar
6
62%
76
Jan
7
63
Aug
62% Jan 27
33%
8*4
Apr
Jan
80*4 Dec 17
70
12
Dec 17
Oct 25
Oct 19
2% Oct 19
x
4
96% Nov
*507g Deo
153*2 Oct
99
58*2 Oct 19
1
12% Feb
23% Sept
1
54
17g Nov
5% Aug
72*2 May
34*4 Jan
94% Jan
123*2 Jan
22% June
22% Nov 22
7*2 Oct 19
No par
r Cash sale,
44
96
34*8 Nov 24
Zonlte Products Corp
69% Jan 23
12*4 Jan 25
35% Jan 16
Feb 11
10*4 Oct 19
Wire—No par
T
No par
preferred
100
1,900
5
39% Dec
5% Jan
26% Apr
1778 Apr
107g Jan
2% Apr
47% Jan
9% Apr
109
Youngstown S A
6,400
Jan
Jan
Apr
108
Young Spring A
3
18
30
Oct 20
16
16*4
8
1
10*4 Feb 26
99% Mar 2
31 *2 Nov 19
4^% series
pref AH % convserleslO
Wright Aeronautical—No par
Wrigley (Wm) Jr (Del) .No par
Yale A Towne Mfg Co
.25
Yellow Truck A Coach cl B—1
Preferred
100
5M%
92% Aug 18
18*4 Mar 11
51% July 16
9%
Oct 25
113
100
100
10
Prior pref
8
1% Oct 19
23% Dec 14
17*4 Oct 19
87% Nov 23
Prior
mm
Feb
Jan
5
4
Aug 26
1
...10
Co
10
(Del) No par
Preferred B 6%
60
x61
38*4
78*4
17
$6 preferred
Woodward Iron Co
Preferred A 7 %
43
49
84% Feb
2% Oct 19
5*2 Oct 19
No par
Wilson A Co Ino
20
*42
76*2
300
Wool worth (F W)
*30
61
5,700
W orthingtonP&M
*45
80
6% conv pref
2,500
1,100
38
61
500
19% Fob 11
56
16
—
2,700
60
Oct 19
Oct 19
17,700
44
Oct 19
Dec 15
12%
*41
Nov 24
Nov 23
36%
16*4
*28
Oct 19
Dec 16
19
12%
*45
Oct 19
57
3578
16*4
44
4% June
75
17%
60
2*4 Aug
Mar 17
16
115% Jan
Corp—.No par
100,
pref ...No par
WhlteDent'lMfgCo(The 88) 20|
White Motor Co
1.
White Rk Mln Spr ctf
No par\
White Sewing Mach—.No pari
13*4
38
10% Mar 16
183s Mar 16
$5 conv prior
37%
*27
Oct 16
9
Wheeling Steel
Willys-Overland Motors
*45
Aug
110*2 Apr
preferred--.100
1,100
*38
78
conv
5,300
60
Aug
120
98
123% Mar
preferred
—30
Wheeling A L Erie Ry. Co. 100
2%
5%
5%
46
70
122% Jan 11
117% Oct 19
6% conv
3
77
Jan
Mar 12
2
Oct 23
76
60
Westinghouse El A Mfg
16*4
*45
*114%
84
100
12*4
35%
77
4
88
Telegraph .100
$4 conv preferred
Wilcox Oil A Gas
56
Mar
73% Nov 20
100
preferred
14%
5%
5%
♦55
5,100
1,500
2%
14
200
2
39
61
3
1078
1/
*30
86*2
17
2
"""266
10
10
*36
61
18
14
15
*45
74
17*4
2
57%
57*8
*1434
10%
135
Preferred
"4",600
105
46
72
*73%
10*4
10*2
24
23*4
*80
34%
617fi
80
10
*62
50
*73*4
10*4
*178
90
*35
3%
24*4
105
57
*57
15
10*4
16
23%
*80
♦14*4
103s
62*4
15
*57
1078
24
105
9
Dec
2% Oct 19
1
July 15
23% Oct 19
100
Western Pacific
5H%
Apr
May
11% Oct 19
1
Mar
4
14
16
.No par
4% Jan
28*4 Aug
109
5
9
20
Apr
7
2% Oct 19
Westingh'se Air Brake.No par
100
6
16%
Jan
4*4 Oct 19
$4 conv preferred
90
23*2
40
33
9,000
*21%
70
♦85
100
6
3,700
120
6
Feb 15
197a Jan
Western Union
21,700
12*4 Apr
743s Apr
115
50*8 Feb
Wesson Oil A Snowdrift
6%
Apr
Oct 20
No par
Preferred
1,100
Feb
40
May 12
Oct 19
4% 2d preferred—.
2%
24
70
2
*
170
zll0*4
77g Oct 19
2
Oct 19
Warner Bros Pictures
8*2
*85
12
*3
30
180
90
2
39*2
200
97*4
105
*10
60%
"T,206
Jan
5
Mar
17
Wells Fargo A Co...
lh
29
84*4
119
700
June
28*4
32
Wayne Pump Co
Webster Elsenlohr
2*8
100
30
393$ Mar 11
44% Jan 20
-No par
..No par
Class B
3,200
Jan
July
A W Ltd No par
Preferred
2,700
1,400
25
*85
16
*70
Walk (H) Good
Ward Baking class A.
Jan
3%
12*4 Jan
72
Dec 14
3*4 Oct 19
No par
Mar
37
9
6% Dec 15
18
Apr
57%
Oct 20
2% Oct 19
2*8 Oct 19
with warrants 100
Walworth Co...
1,100
*70
62*4
*40
700
2
{Warren Bros
No par
$3 convertible pref.-No par
Warren Fdy A Pipe
No par
Waukesha Motor Co
6
90
♦57
6*4
4 H % pref
500
52
No par
600
19*4
14%
June 29
117*4 Feb
No par
1,200] Walgreen Co
700
105
*15
1078
1,100
113
100
100
100
4*8
11*2
19*4
14*8
25*2
*85
2334
105
67*4 May
1
47
6% preferred
100
Virginia Ry Co 6% pref—100
Vulcan Detlnnlng.
100
Preferred
100
34*2
*70
105
Apr
478 Jan 13
2% Jan 20
58% Jan 20
115
3% Dec
40
2i
Oct 19
18*2 Oct 19
100
4
90
22%
No par
34*2
*10*2
Oct 19
5
84% Jan 11
3534 Nov 24
23s Oct 19
5
preferred
Oct 19
14% Oct 19
97
$3.85 conv pref.....No par
*32
21*4
6%
200
*32
13
9*4
8
21,300
128*2 128*2
34*4
16
Virginia Iron Coal A Coke.100
7
678
Oct 25
20
45
*37
46
*10*4 Dec 16
5
Va-Carollna Chem
200
105
*81
Apr
Oct 19
Va El A Pow 16 pref... No par
8,200
3,600
*70
24
Oct
"5
1
50
1678
10*2
113*4" "*112*4 113341
106
21*4
2,400
3,400
8*8
40*8
*85
105
160
9
100
5% preferred A
6% preferred B
Waldorf System
90
23*2
131
5
% Oct 19
t Wabash Railway
128*4 128*4
15*4
15*4
13
Tioo
2,800
105
*85
9
Jan
9*4 Feb
8*8 Feb
278 Oct 19
*4 Oct 19
Vlck Chemical Co
5,800
20
5
♦85
25*2
Mar
169
1
Van Raalte Co Inc
3*8
*1*8
287s
*73*8
*88*2
*89
Preferred
2*8
♦70
105
♦80
136
Apr 29
Vanadium Corp of Am.No par
3
lh
29
Sales
2
*278
7*2
*2*8
74*2
16*8
*4*2
*8*8
1%
2*2
23*4
35s
24*2
90
*85
Oct 22
147
No par
-100
futilities Pow A Light A
7% 1st preferred
*110*2 118
238
*73*s
113*4
40
3*4
16
500
63
19*4
29
*106
>
125
*19*4
14*2
*2*8
♦1*8
39*4
3*2
24*2
21
preferred
Vadsco
110
110
*75
mm
95
278
*37
*97
*56
7*2
8
3,800
8%
Universal Pictures 1st pref.100
80
16
*119
7h
187S
20
15*4
*185s
63
1911 19
72*2
72*2
40*2
34
34
♦19*4
125
3
19*4
5
*56"
*119
358
14%
25*2
♦2*8
*1*8
28*2
73*8
17*4
16*2
118
2*2
19*4
*4*4
4*8
278
15*4
*17
107
3
34
118% 118%
16*4
*
3*4
2
20
118% 118*4
*3*4
16*4
Z15
113*2
24
107
4*4
4%
14*4
88
40
35s
23*2
107
15*4
88
39
3978
358
23*2
38
2%
1%
28%
74%
1
5
778
40*2
♦18*2
♦10*2
278
114
50
*97
73
Jan 22
Jan
153
4*8
♦71
150
Jan
Jan 18
21
7*8
48% Nov 23
100*4 Oct 19
753s Jan 18
126% Mar 11
Jan 19
110
19
Oct 21
63
1
No par
Jan
72% July
68*2 Jan
46% Jan
115% Jan
86
Corp
19%
113*4 July
Jan
47
108
2*4
6%
Mar 11
164
4
18*4
Feb 18
105
Nov 29
Oct 20
1678
15
119
Preferred
118
62% Nov 23
16%
Nov 26
2*2
♦3
No par
100
Doc
Nov
Jan
47
16*8
63
100
S Tobacco
87
Apr
135
29
34
19*4
125
100
Preferred
U
45% Nov 23
71
100
*33
*4
20
♦113
U S Steel Corp
June
8*4
50*4 Nov
Aug
21%
7%
Universal Leaf Tob...-No par
16*4
118
50
Preferred
Oct 19
Mar 30
72% Mar 9
19*8 Jan 12
723s Mar 31
May 17
Jan 21
20
15
88
20
$6 conv prer. A
4,500
2,100
*37
88
No par
100
50
16*2 Feb
29% Aug
105
31*4 Aug
4% Oct
10
Aug
Universal-Cyclops Steel Corp 1
1
19
86
U S Rubber
3*4 Oct 18
223s Mar 17
112
49
1,400
10*4
1
•13
86
U S Realty A Impt
9
63*4
50
16
9712
Oct 19
60
16%
97%
Dec 14
24
Mar 22
16% Mar 18
*35
10*4 f 10^4
500
*97
6% Oct 19
65
70
43% Feb
63*4
33
*19%
16% Oct 19
334 Oct 19
*35
53
*4
Oct 20
z34
United Stores class A..No par
138
16
Feb 10
1,600
33
♦19*4
Feb
23% Mar 22
6,300
138
16*4
137
172
100
8% 1st preferred
3
Nov 23
53
..20
No par
U S Smelting Ref A Mln
4878 Aug
Apr
154*8 Nov 4
6*2 Oct 19
class A.No par
Jan
24*4 June
80% May
160
May
87a Jan
2*4
*52
16
conv
Prior preferred-
33% Nov
Jan
10
37*4 Nov
117
Jan
20% Jan 19
347g Jan 13
25*2 Sept
Apr
2
4*4
34*2
1%
*4
19*4
20
1%
Partlo &
No par
13
91
2
54
%
19*4
conv pref__
5
50
9
3
24*4 Mar
100% Feb
4*8
140
us
20
100
Jan
43s Oct 20
5% Oct 19
No par
Corp
109
11378 Jan 14
16% Feb 8
3% Jan 28
Nov 23
70
100
preferred
Gypsum
7% preferred
10
140
1%
*4
19*4
100
No par
4
July
32*8 June
66% Jan
14% Nov
*4 Oct 19
6% Dec 15
No par
$6 first preferred
Jan 14
Jan
2*8
11*8 ?X10«4
♦19
30
V
*52
•7%
2*4
1%
29*2
74*2
U S & Foreign Secur
17
03
4*8
11*4
*13
♦lis
200
53
J%
Oct 19
Oct 20
3*2 Oct 19
10
2
Jan
2
63*4
34l2
1*4
9
101
No
preferred
Mar
15
4*8
2*4
63*4
•15*8
♦28*4
58% 103,800
57*4
5,200
107*8 107*4
140
7*4
2*4
S5
par
No par
United Gas Improvt
United Paper board
100
53
7*4
4
86*4 Mar 19
2% Oct 19
16% Apr
24*4 Mar
United Stockyards
4*8
♦3078
4*8
*12%
*19%
♦25l2
2*4
67
*66
3,000
*33
*3
41
Oct 19
6,400
62
140
3*8
41*4
4
54%
61%
33
7
*3078
52
5,000
51
5
19*4
72%
No par
U S Pipe «fe Foundry
19,700
8
63
1,800
140
40
3%
45
26%
Nov 16
Mar
26*4 Apr 19
106% Feb 26
9% Mar 11
Oct 19
7,000
33
50%
2*4
19
5%
80
16
24
5H%
*138
4*4
7%
13
•41U
7U
39i2
4U
16%
20*4
4%
1978
74*2
8%
40*4
187g
12*2
Klf
26
2*4
7*4
*73
1%
%
3
*3
68
59*8
107*4
100
Oct 19
5
100
150
33%
4%
5
♦3
27*4
57*4
62*4
6*2 Oct 19
U S Leather
*145
*3
4%
4*2
4*2
*14
16%
16*2
*14*4
♦112*4 112*4 *112*4 118
64
*53%
♦53% 64
•119
_
35*8 Nov
9*4 Feb
5
60
878
96*4 Nov
22% Jan
5% Apr
40% Apr
10*4 Apr
Mar 17
United Eng&Fdy
United Fruit
U S DlstrlbCorp
75
Jan
United Electric Coal Cos
"
28%
5%
27*2
55%
68
10
U S Industrial Alcohol.No par
87g
3
Feb
8% Jan 14
5
Jan
Oct
4678 Jan 14
3,100
150
140
33
*4
9*2
35
13
111
Oct 19
4^566
6
2
91
$ per share $ per share
Jan 12
Feb 10
Jan 11
Feb 6
25*4 Oct 19
United Dyewood Corp
Preferred
Conv
33
20*4
*145
55
*138
35
3,600
36*4 Dec 17
183s Dec 16
243s
31%
30*4
117*4
No par
6
S3 preferred
United Drug Inc..
6
*31*4
6*2
150
*50
United Carr Fast Corp No par
United Corp
No par
200
1,600
No par
21
35
♦145
11%
United Carbon
U S Hoffman Maoh
150
11
140
18,100
119
11%
♦51
4,800
8
*115
♦11
Oct 15
1,000
*7%
119
♦50
110
U S
*115
4*8
Oct 19
2,000
119
2
15
4,300
♦115
2*4
16i2
57*4
No par
100
778
150
♦138
200
........
120
4%
19
61
United Biscuit
U S Freight
"~8~
5!
26*2
545s
Oct 19
67%
67
*164%
30
55
218
1%
**4
♦18%
8*8
$ per share
53s Oct 19
7
8
5*2
5*2
27*4
62*4
67*4
4%
1%
♦6%
778
28*2
29
54
2i4
63*4
♦118
8
28
6H2
67*4
"4I4
1*33%
4,700
1%
67*4
$ per share
5
No par
100
♦1
*65
54*4
414
2%
*50
2U
10
70
70
70
75
*64
6H2
214
63*4
*414
:
900
82
♦115
*149
♦150
26i2
9*4
9*4
60
69
*67*4
565s
55%
106*4 10712
571s
IO8I4
120
6*8
5314
69
55
107
120
♦118
26
82
82
42,800
7*8
8*4
7*8
8*4
7*2
8*4
21*2
21
21
75
27*4
5*2
26*4
5i2
•
5778
69
9%
•61
28i2
2712
8*4
6*2
87fi
65
65
29l2
578
2714
55i2
20%
6l2
6i2
878
9l2
108*4
108
37
21
20*4
75
60
27*4
7i2
♦31
2178
29i8
5i2
255s
54l2
5*4
67
5,500
5,500
1*2
♦65s
8
8
778
665s
64i2 66*4
165
165
*164*2
*7*2
7*2
♦31
35i2 *31
165
714
37
*31
29*4
512
27i2
5512
61i2
*67i4
56*8
165
*69
lh
*6*4
8ifi
8%
63i4
66*4 70
16412 164l2
7i2
8
*53
80
♦53
8
8
914
♦8ig
71
7*4r
32*2
900
6
578
57S
578
*30*2 33
*30*2 34
56
56
155*4
55*4
54*4
10%
10*4
105s
10*2
10*4
*102% 106
♦102*8 106
4*4
4*4
4*8
4*4
45s
6%
6%
6*2
6*2
75
♦1
Hz
~3~66O
6%
*69
75
*67
75
*81
3878
18*2
35s
34
34
35
•34
8
1,100
17
Transport.
Lowest
Highest
United Amer Bosch
300
32
325s
9
Un Air Lines
9,000
*18*4
3*8
18*2
3*4
7
Par
Shares
9*4
Year 1936
\QO-Share Lots
Lowest
Week
Preferred
36*4
On Basis of
STOCK
EXCHANGE
*113
41*2
7
82
*81
6
1%
*163
8*4
82
34
•67
76
*714
678
17*8
32*4
19
3*4
32*4
*7*4
16*4
9*4
39*4
18*s
3*2
41%
19
35s
17
17i2
35s
32i2
6*4
18*4
33
*7*4
*113
41
56
54
5412
55i2 56l4
10i2
10*4
10*4
10l2
10i2
♦102
106
IO2I4 10212 ♦102
5
5
4*4
412
4*4
6l8
612
6*4
6I4
6i2
67
♦65
9
9
3278
7iS
3*4
778
9U
17i2
41
*4014
185g
3i2
32%
678
20
$ per share
7*4
7*8
75s
♦8
♦113
♦113
42*"
41
Dec. 16
$ per share
778
7*8
818
17%
8iS
1714
17i2
42*14
42%
$ per share
8
7i2
77S
8I4
"
♦113
*113
Dec. 15
$ per share
14
Dec.
13
$ per share
$ per share
the
Range for Previous
Range Since Jan. 1
STOCKS
Sales
CENT
Friday
Dec. 17
Thursday
Wednesday
Tuesday
Monday
Saturday
3939
New York Stock Record—Concluded—Page 10
145
Ex-dlv.
37% Feb 16
Jan 23
142
46% Feb 15
1017g Mar 6
115
Jan 27
43*4 Aug 31
9*4 Jan 16
y Ex-rlghts.
83% Jan
42*4 July
41*4
105
11%
Jan
Jan
Jan
5*4 July
T Called for redemption.
3940
Dec. IS,
NEW
Bond
NOTICE—Prices
are
YORK
Record, Friday, Weekly and Yearly
"andttnterest"—except for Income and defaulted bonds.
unless they are the only transactions of the week, and
occur.^^o
Week's
Friday
Last
STOCK EXCHANGE
Y.
Ended
Week
Cash and deferred delivery sales are disregarded In the week's range,
when selling outside of the regular weekly range are shown In a footnote In the week in which they
range for the year.
account Is taken of such sales In computing the
BONDS
N.
STOCK EXCHANGE
Dec.
*1
17
Range
Sale
Friday
or
Price
Bid
<t
Asked
LOU)
High
No.
Since
Low
A
O
O
116.20 116.10
107.3
1j6.28
116.20
15 1943-1945 A
Dec. 15 1944-1954 J
107.5
41
104 2
D
112.4
112.4
38
109 12115.20
110.17
14
107 .12114.9
107.1/
32
104 .28110.18
103.31
123
15 1947-1952
111.25
Mar. 15 1946-1956 M S 110.17 110.11
June 15 1943-1947 J D 107.15 107.11
Treasury 3s
-.Sept. 15 1951-1955 M S 103.2/ 103.24
Treasury 3s
June 15 1946-1948 J D 1C4.30 104.27
Treasury 3M®
105.30
June 15 1940-1943 J D 106.3
Treasury 3Ms
Mar. 15 1941-1943 M 8 106.28 106.22
Treasury 3Ms—June 15 1P46-1949 J D 105.24 105.18
D 105 17 100.12
Treasury 3Ms—Dec. 15 1940-1952 J
Treasury 3 Ms
Aug. 16 1941 F A 106.29 106.2/
Treasury 3Ms..-Apr. 15 1944-1946 A O 106.30 106.33
Treasury 2Mb
Mar. 15 1955-1960 M 8 101.29 101.15
Treasury 2%n
Bept. 15 1945-1947 M S 103.1/ 103.7
Treasury 2 Ms... Sept. 16 1948-1951 M S 101.29 101.20
Treasury 2^8-.-June 15 1951-1954 J D lol.3
100.25
Treasury 2 Ms—Sept. 16 1966-1959 M S 100.27 100.14
Treasury 2 Ms.—Dec. 15 1949-1953 J D
99.20
99.13
Treasury 2 Ms
Dec. 15 1945 J D 102.12 101.27
Federal Farm Mortgage Corp—
103.8
3Ms
Mar. 15 1944-1964 M 8
Treasury 3Ms
Treasury 3 Ms
3s
May 15 1944-1949 M N
3s
Jan.
2MB
15 1942-1947 J
Mar.
1 1942-1947
Home Owners' Loan Corp—
3s series A
May
1 1944-1952
—
29*s series B—Aug.
2lis series G—
EXCHANGE
Ended
Dec.
SI
17
Range or
Salt
Friday
Price
M
102 .10107.30
104 ,20107.27
106.28
3
Loto
105.26
♦Colombia Mtge Bank 0 Ms—1947 A O
♦81nklng fund 7s of 1926
1940 M N
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
1947 F
26-year gold 4 Ms
♦Cordoba (City) 7s
1957 F
♦7s stamped
1957 F
Cordoba (Prov) Argentina 7s. .1942 J
102 .20 108.24
♦Costa Rica (Rep of)
105.19
101
102 ,24108.18
Cuba (Republic) 5s of 1904
3,
104 ,24108.24
103.31
20
104
109.25
99
104.30
10a.29
81
103.18
65
xul.29
148
99 2
104.10
101.3
106
98 4
103.17
100.27
157
99.20
242
102.13
342
100 .18106.16
98
6
103.5
10122
101. 27102.13
101.7
106.10
32
100.11105.17
103.22
17
101.8
105.23
102.11
26
99.6
104.10
103.6
97
99.24105.3
101.13 101.2
101.18
81
98.28103.2
100.29 100.21
100.29
88
1947 F
A
1948 A
O
1963 M N
♦Antloqula (Dept) coll 7b A—1945 J
7s series B
A
J
20 M
10
25
10
20
30
100 M
100 M
3
97
101
5
8
7
6M
8
6M
6M
16
0
20
7
10
0
20 M
5M
6M
\External i f 7s series D
1945
s
1957
6M
5M
♦External
sec s
f 7s 2d series. 1957
*5M
♦External
sec s
f 7s 3d series. 1957
5M
6
~~7
98 M
99
6
94 M
95 M
89
Antwerp (City) external 5s
30
6M
6M
♦External
f7s 1st series
20
6 Vs
1946
1958
1971 M N
S f extl conv loan 4s Feb
1972 F
O
86 H
H
86 M
S
104 M
104 M
1956 M N
99 M
J
A
J
1957 M
17s
88
104 n
104 M
.—.1955
External g 4Mb of 1928
Austrian (Govt) s
A
1972 A
4s Apr
95 M
—1957
♦Bavaria (Free State) 6 Ms
1945 F
Belgium 25-yr extl 0Ms
87
5
20 M
5M
10 M
5M
16M
97
102
External b f 6s
1955
J
External 30-year s f 7s
—1955
Bergen (Norway) extl s f 68—1960 M
♦Berlin (Germany) 8 f 0Ms
1950 A
♦External sinking fund 6s .—1958
♦Brazil (U 8 of) external 8s
1941
D
140
99
89
88M 103*
80
95 M
80
94M
104 M 110M
104 K 110
69
99 M
105M
100 M
103 M
103 M
104 M
9
98
20 M
20 %
20 M
2
18M
107 M
15
104 M
112M
27
105 M
101 H
17
109 H 118M
104M
112M
S
110M
*99M
O
D
126
36
106 M
103 M
20
20
2
20
30 M
35
96
97 X
48
93
101M
100M
86
18M
A
1949 F
58
18M
102 H
*103 M
101
A
J
103 H
102 M
D
67 H
65 M
O
103 M
*103 M
O
77
53
31
30 H
90
53
"l6
51
80
86
1
84
99
18M
103
12
4
18
101
iol"
"4
103 H
68 M
92
103 M
1
8
30 M
100 M 105 M
104M
97 H 102
102
47 M
105
09 M
103 M 105 M
103 M 105 M
104
99 M
103M
104 M
25 M
111
110M
100 M
20
5
18M
18
18M
25
99
18
103 M
25 M
105M
101M
28
22
104 M 107 M
100 M 103 M
100
20
97 M 101M
75
75
5
65
65
2
1942
105
105
1955
100 M
100 U
Apr 15 1962
99 H
99 M
75
Deutsche Bk Am part ctf 0s
1932
{♦Stamped extd to Sept 1 1935— M S
Dominican Rep Cust Ad 6Ms—1942 IVI 8
1st ser 5 Ms of 1920
1940 A O
2d series sink fund 6 Ms
Customs Admins 6 Ms 2d ser
6 Ms 1st series
.
5 Ms 2nd series
dep.
-
1940 A
_
O
45
75
63 M
82 M
68
59 M
82
64 M
64 M
65
71
81M
65
59
81M
62
1961 M S
1909 A O
61
81
82
1909 A O
1945 M N
_
20
20 M
10
19
20
J
40
44
10
40
00M
98
100M
.1948
J
1907
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 0 Ms.-.1953 IVI N
French Republic 7 Ms stamped. 1941 J
7 Ms unstamped
1941
External 7s stamped..
1949 J
7s unstamped
D
99 M
*107 M
19M
99 M
1
105 M 109
108
"lo
20
1965 J
D
105 M
100 M
112
14
100 M
D
104 M
97 M
110
105M
.1949
German Govt International—
♦5 Ms of 1930 stamped
101
21
113
19
16
17M
25M
124M
92M 119M
105 M 130
102
99
124
2«M
31M
7
18M
28M
2
21M
25M
30
24 H
24
2o
22
21M
21M
22
21M
29M
31
24
20 M
♦7s unstamped
1949
German Prov & Communal Bks
26
25
2
23
30 M
♦(Cons Agrlc Loan) 0Ms
1958 J D
♦Greek Government s f ser 7a_.1964 M N
29M
29 M
o3
2
23 M
29 M
34
42
♦5 Ms unstamped
17M
5M
105M
1949 M S
20 M
13
*50 M
51
S
1949 F
Denmark 20-year extl 6s
External gold 6Ms._
20
Argentine (National Government)—
8 f external 4 Ms
1
21
"53"
J
1944 M
A
External loaD 4 Ma
♦El Salvador 8a ctfs of
20 X
20 M
ioo m
1945
f 7s series C
conv loan
High
20 M
99 H
97M
A
1951 M N
7s
ser
Sinking fund 5 Ms
Jan 15 1953 J
♦Public wks 6 Ms
June 30 1945 J
Czechoslovakia (Rep of) 8s
1951 A
Sinking fund 8s ser B
1942 A
98.16102.31
I
♦Gtd sink fund 6s
Akershus (Dept) Ext 5s
8 f extl
Low
High
20 H
98 M
97 X
Estonia (Republic of) 7s
Australia 30-year 5s
External 6s of 1927
Since
Jan. 1
103.18
96 0
External 5s of 1914
External g 4 Ms
103.16
103.18
♦Gtd sink fund 6s
a
Ss
f§0Q
21
D
1953 IVI N
106.29
Agriculture lMtge Bank (Colombia)
a f
Range
Asked
20 M
20 M
A
1952 J
♦Dresden (City) external 7s
♦External
<t
104 .24 108.24
45
102.11 102.10
J
100.28
52
J
102.24
101
109.26
23
8
A
113 16121.14
x06.3
103.5
M N
1 1939-1949 F
1942-1944 J
8
105.2
102.27
Foreign Govt. A Municipals—
♦External
Bid
Foreign Govt. & Mun. (Cont.)
Treasury 3M*-—Oct.
Oct.
STOCK
High
Treasury 4s
Treasury 4Mb
Y.
Week
Jan. 1
fiQt*}
U. S. Government
i
N.
Week's
Last
BONDS
Range
!i
Friday
1965
♦5 Ms stamp(Canad'an Holder)'05
♦German Rep extl 7s stamped. 1949 A
♦7s part paid
O
A
1908
Haiti (Republic) s f 6s ser A
1952
♦Hamburg (State) 0s..
1940
♦Heidelberg (German) extl 7 Ms '50
Helsingfora (City) ext 0 Ms
1900
Hungarian Cons Municipal Loan—
s
s
f g
29M
32 M
a27M
*"5
25
35M
26M
6
25
28
14
95
19
18M
19
4
18
18
18
7
105
2
104 M
1945
J
1940
f g
5
a27 M
26 M
1908 F
♦6s part paid
♦7 Ms secured
3
*29
1904
♦Sink fund secured 6s
♦7s secured
"a'I"
J
18M
104 M
18M
93M 101M
17
15 M
104
17M
18M
25
20 M
107
30 M
*18
20
18M
19 H
17M
30 M
18M
18M
27M
A
♦17M
18M
58 M
47 M
62 M
1960 M N
*114M
♦Hungarian Land M Inst 7 Ms. 1901 rvi n
♦Sinking fund 7 Ms ser B
1901 IVI N
24 H
95
22
♦External
59 M
s
f 6Ms of 1926-—1957 A
O
18M
22 M
21M
21
23M
137
18
♦External
f 0 Mb of 1927—1957 A
O
21M
21
22 M
81
18
47
Irish Free State extl
D
21
83
18
47 M
97M 103M
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s
97M 103M
1951 J
ser B ,'47 IVI
Italian Public Utility extl 7s...1952 J
D
14
36
99 M
Japanese Govt 30-yr
30M
47M
s
♦7s (Central Ry)
1952
Brisbane (City) s f 5s
—1957 M
D
18M
22 M
20 M
99 M
100
A
99 M
99
1950
♦Budapest (City of) 6a
8
1958 F
Sinking fund gold 5s
20-year 8 f 6s
D
101 V»
—1962
D
Busdos Aires (City) 0Ms B-2.1955
J
4MS-4M8
Refunding s f 4 M 8-4 Ms
Extl re-adj 4Ms-4Ms
Extl B f 4Ms-4Ms
8% external s f $ bonds
M
102
7
1977 M
8
1976 F
—1976 A
21M
11
100
100'M
3
*80
106
21M
*70
84 M
s
1960 A
68
O
66 M
65M
137
62 M
29 H
2
2
80 M
71M
14
67
88
84 M
53
4
48 M
05 M
31M
1
21M
31M
32 M
32 M
5
22
33 M
108
107 M
108
23
104 M
112M
112
112M
21
99 M
13
109 H
97
100 M
42
A
99 M
ioo"
1944
J
99
30-year 3s
J
1967
♦Carlsbad (City) s f 8s
J
—1954
♦Cent Agrio Bank (Ger) 7s
1950 M S
♦Farm Loan s f 6s_.July 15 1960 J
J
♦Farm Loan a f 6s
Oct 15 1960 A O
♦Farm Loan 6s ser A Apr 15 1938 A O
94
♦Chile (Rep)—Extl a f 7s
♦External sinking fund 6s...
♦Extl sinking fund 6s...Feb
♦Ry ref extl s f 6s
Jan
1942
M N
1960 A
O
1961
F
A
1961
J
♦Extl sinking fund
6b..Sept 1961 M
♦External sinking fund 6s_..1962 M
J
S
8
♦External sin/ting fund 6s... 1963 (VI N
♦Chile Mtge Bank 6 Ms
1957 J D
♦Sink fund 6Ms of 1926
1961 J D
•Guar
s
f 6s
1961
♦Guar
s
f 6s
Vh
A
1960 M
1951
J
♦Cologne (City) Germany 5 Ms. 1950 M
Colombia (Republic of)
99 M
46 M
94
6
90 M 103 M
99 M
98
43
91
95
1
45
60
*35
(Province) 7Ms.l950 J
♦Medellln
D
(Colombia) 0Ms
1954 J
♦Mexican Irrig assenting 4 Ms. 1943 M N
♦Mexico (US) extl 5s of 1899 £ 1945 Q
J
♦Assenting 5a of 1899...... 1945 Q J
36
32 M
54 X
35
40
3
20 M
20 H
5
33 M
40 M
„
Milan (City, Italy) extl
0Ms... 1952 A
Minas Geraes (State)—
s
f 6 Ms
6M
3M
4
3
11M
3M
3M
11H
11
2M
2M
J
23
10M
34
34
10M
33
7
58 M
164
12
25
17M
85
12
25
External sink fund 4 Ms—..1950 M
External s f 4 Ms
1905 A
17M
49
12
24 H
4s
17
51
11M
24 M
Municipal Bank extl
....1903 F
24 M
♦Nuremburg (City) extl 0s
12
24 H
10M
21N
Oriental Devel guar 0s...
Extl deb 5 Ms
14
15
20
11
21M
15M
35
Oslo (City) a f 4Mb
Panama (Rep) extl 5 Ms
•Extl s f 5s ser A
S
104 H
102 M
D
56 M
4
56
68 M
101M
101M
12
100
105 M
7
100
105
106 M
106 M
107 M
107 M
7
104 M
108M
23
106 M
109
104 M
103 M
104 %
13
101 M 100 M
103 M
102 H
12
102
*102 M
*20
62
104
99 M
104M
95M 102 H
102M 104 M
17
25 M
S
63
62
"63
29
52 M
85
1958 M N
59
58
60
46
47 M
1952 F
1953 IVI
A
M
1955 A
O
101H
102
8
1953 J
D
103 M
103 M
7
15
12
12
11M
12M
29
9H
8M
22
S
D
33
33M
33 M
3
33M
20 M
4
18M
20 M
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s
14M
14 M
65
13M
38
39
13 M
38
♦Nat Loan extl sf 6s 1st ser..1900 J
♦Nat Loan extl s f 6e 2d ser.. 1901 A
♦Poland (Rep of) gold 6s
.1940 A
79
M
97 M 103M
103
107
73
8
M
20 M
13M
13M
13M
21 M
♦Stamped
1903 M N
1963 IVI N
1947
IVI
1959 M
64
85
39 M
70
12
10
30 M
11
11
28
*40
"4 I'M '"26
41
39M
8
10 M
S
12M
12 M
D
O
11M
11M
10M
12M
10M
10M
11M
55
O
63
59
63
38
47
60
80
45 M
64
11
12
102
f 7s
1947 A
O
76
/3
/6
8
♦External sink fund g 8s
70
56
101
107
O
A
11M
101
56 M
107
f 5s... 1970 J
12
13
12 H
17M
7
13M
82
12M
16M
16M
16X
16M
23
2M
59
58 M
1944
62
30
HM
20-year external 0s...
16 M
15 M
"5
62 M
58 M
25 M
16M
9
4M
5M
4
9M
1M
12M
48M
16M
60 M
"•20
9M
12M
12
14
9
2
58 M
30M
16M
4
60 M
2H
16
S
24
s
2M
*1M
J
O
♦6s series A
1959 M N
New So Wales (State )extl 5s.. 1957 F A
External s f 6a
Apr 1958
Norway 20-year extl 0s
1943
s f ext loan
5M
8
1959 M S
D
1952 J
1958 M
♦Sec extl s f 6 Ms
♦Montevideo (City) 7s...
16 M
21M
8M
2M
4
2M
♦Assenting 4s of 1910 small
♦ITreas 6s of *13 assent (large) *33 J
♦{Small
J
♦Sec extl
17
2M
2M
D
34
9M
5M
6M
D
1954
1950 J
J
60
5,
60
16
♦Stabilization loan
For footnotes see page 3945.
43
26
100M
4
1954 J
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
16M
14 M
82 M
89 M
*2H
14
O
19M
95
94
*3M
♦Assenting 5s large
♦Assenting 6s small
34
16M
x6M
16M
16M
16M
16M
16M
14 M
14 M
Oct 1961
Jan 1961
99 M
93 M
46 M
110M
114M
101M
*33 M
33 M
1962 M N
f g
07 M 100 M
42 M
53
32 M
J
s
93
1905 IVI N
81 %
68
20 M
104 M
31M
1961
♦6s extl
57
79 M
20 M
65 M
7x
1952 M N
Aug 15 1945 F
1928
65
15
A
f 6Ms.._ 1954 F
42 M
11
69 M
1968 M N
Canada (Dom of) 30-yr 4a
of
3
61M
♦4s Of 1904
♦Stabilization loan 7 Ms
♦6s
81M
60
D
69M
O
53
80
60 M
81
A
85M
69 M
J
56
81M
J
O
92
68M
J
79 M
U5M
93 M
0SM
S
Lower Austria
64
A
1984 J
78
111
♦Jugoslavia (State Mtge Bk) 7s 1957 A
♦Leipzig (Germany) s f 7s
1947 F
33 M
10
124
71M
78
59
93M
"69M
1967 J
♦Chilean Cons Munlc 7i
♦Chinese (Hukuang Ry) 5s
s
F
106 M
80
68M
1975 M N
f 7s...
10-year 2 Ms
25-year 3Ms
7-year 2Ma
f 5s
102M
78 M
63 M
*70
68 H
21M
100
97 M
Bulgaria (Kingdom of)—
♦Secured
105 M
s
Extl sinking fund 5 Ms
♦Buenos Aires (Prov) extl 6s... 1961 M 8
♦6s stamped
1961 M 8
♦6 Ms stamped
1961 F A
Extl 8 f
22
♦Hungary (Kingdom of) 7MS..1944
s
9M
9M
20
20
63
J
Volume
New York Bond Record—Continued—Page 2
145
BONDS
Lost
N. Y. 8TOCK EXCHANGE
Week
Ended
Low
Foreign Govt. & Munlc. (Concl.)
♦Porto Alegre (Ctty of) 8s
1961
♦Extl loan 7 Ma
1966
D
J
1952 MN
Prague (Greater City) 7%s
♦Prussia (Free State) extl 6 %s_ 1951 M S
♦External 8 f 6e
1952 A O
A
19%
195*
O
Queensland (State) extl a f 7s__1941
25-year external 6s
1947 F
115*
115*
*955*
195*
195*
♦Rhine-Main-Danube 7s A
1946
A
A
♦7s extl loan of 1926
1966 M N
♦7s municipal loan
1967 J
♦6 Mb extl secured
San Paulo (State of)
F
A
165*
113
-■
115*
16
105*
325*
625*
16
60
835*
38
11
255*
205*
43
27
12
11
115*
12
9
23
10
32 5*
J
1945 J
1946 J
Serbs Croats A Slovenes (Kingdom)
♦Saxon State Mtge Inst 7s
g 6%s
*195*
14
Bklyn Manhat Transit 4%s...1966 IVI N
Bklyn Qu Co A Sub con gtd 6S.1491 M N
J
1st 5s stamped
1941 J
1950 J
11
355*
137
49
3
10
345*
455*
98
25
25
315*
25
315*
295*
305*
24
315*
54
56
405*
28
57
315*
905*
985*
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st cons g 5s
A
*28
A
1035*
1971 J
J
1952 M S
5.75*
315*
*94
A
104
49
1015* 106
s f 5%s.Tokyo City 5s loan of 1912
1961 A O
Trondhjem (City) lBt 5 Mb
1957 M N
♦Uruguay (Republic) extl 8s__.1946 F A
♦External s f 6s
1960 M N
♦External a t 6s
1964 M N
External
s
*525*
f 5 Ha guar
3%-4-4%% extl readj
1979 M N
Venetian Prov Mtge Bank 7I..1952 A O
Vienna (City of) 6s
1952 M N
F A
1961 J D
♦Warsaw (City) external 7s
625*
100
100
49
785*
66
49J*
735*
805*
50
625*
995* 103
101
535*
525*
45
72
465*
515*
525*
47
705*
705*
50
52
*65
80
78
835*
100
100
88
1005*
525*
525*
505*
515*
"515*
1958
Yokohama (City) extl 6a
575*
545*
635*
64
47
395*
56
515*
655*
52 5*
57
865*
AND
7%
8
*
102%
102%
49
49
.
1957
48
90
45
48
47%
14
44
91%
85%
35
8%
8%
41%
12
"64
102%
56%
49
61
106
51
100% 132%
A
91%
110%
N
J
O
38
106
8
110%
108% 112%
41%
"46%
104% 105%
93
41%
"41%
......
9%
u
*41%
"41%
41
83
90%
41
83
113%
J
116
103%
12%
104
25
15
116%
A
O
118
F
A
*118
J D
Guar gold 45*8
June 15 1955
F A
Guaranteed gold 4 %s
1956
Guaranteed gold 4%s._Sept 1951 M
J
Canadian Northern deb 6
116
116
113%
113%
124%
85%
114%
30
113%
5
%s_—1946
Canadian Pac Ry
4% deb stk perpet
...1946
6s equip trust ctfs...
1944
Coll trust 4 %s
J
113%
113%
124%
86
8
118%
118%
...
{{♦Abltlbi Pow A Paper 1st 5s.1953 J
D
S
57
10-year deb 4Mb stamped.. 1946 F
1952 A
1st
cons
cons
"975*
"965*
t
1035*
A
*54
Albany Perfor Wrap Pap 6s..-1948
6s with warr assented
1948 A
Alb A Susq 1st guar 3 Mb
1946
57
....—1950
1998
1942
A
Allied Stores Corp deb 4Mb
1950 A O
1951 F A
4Mb debentures
A Ills-Chalmers Mfg conv
4s—1952
3
1035*
"335*
80
"16
"2
57
76
129
67
98
80
S
M S
1075*
375*
80
120
80
101%
5
J
113
114
100%
101
5
9
24
97%
4
94
102"
319
1
1075*
4
945*
6
1025*
*98
110
76
57
74
101%
12
107 %
108%
20
1st A cons g
6s ser A.Dec 15 1952
MN
Carriers A Gen Corp deb 5s w w 1950
1198 F A
Cart A Adlr 1st gu gold 4s
J
D
1947
Celotex Corp deb 4%s w w
1948 J D
♦Cent Branch U P 1st g 4s
F
{♦Central of Ga 1st g 6s.-Nov 1945
♦Consol gold 6s
♦Ref A gen 6 %s series B
—
S
M
126
103
S
2030
American Ice
1953 J
f deb 5s
s
D
M N
Amer I G Chem conv 5 Mb
1949
6%s.-1949 J
Am Internat Corp conv
101%
♦Chatt Dlv pur money g
59
965*
♦Mac A Nor Dlv 1st g 5s
93%
♦Mid Ga A Atl Dlv pur m
72%
♦Mobile Dlv 1st g 5s
A
3%s debentures
1961
3%s debentures
1966 J
♦Am Type Founders conv deb. 1950 J
Central Foundry mtge 6s
80
102%
1075* 112%
92
101%
96
1005*
105%
C
4s..
Amer Wat Wks A Elec 6s
Anaconda Cop Mln s f
ser
D
93% 102%
545*
875*
585*
60
276
96
96
97
12
87
deb 4%s 1950
A
O
104
36
99
109%
1035*
1035*
1125*
1125*
113
100®32
100*82
100®32
1005*
1005*
1005*
1005*
1005*
1005*
105
107
4
95
200
92
94
20
91
110%
965*
35
86% 1065*
"93
5*
1035*
1025*
1035*
85
111% 114
87
100*M 113
104
965* 102%
241
96% 1025*
121
99% 107
♦Anglo-Chilean Nitrate—
1967
S f Income deb....
Jan
1955 Q
5s.1964 M
Armour A Co (Del) 4s series B.1955 F
J Ann Arbor 1st g 4s
Ark A Mem Bridge A Term
J
General 4s
1995 A
O
Adjustment gold 4s
Stamped 4s
1995
1995
1955
s
f 4s ser C (Del)
36
40
405*
J
1957 J
1st M
35
355*
S
A
42
4
99
"855*
86
855*
855*
875*
87
"95
29
23
42%
38%
74
995* 105
75% 1005*
80
99%
Atchison Top A Santa Fe—
Conv gold 4s of 1909
Conv 4s of 1905
Nov
M N
J
Rocky Mtn Dlv 1st 4s
Cal-Arlz 1st A ref 4Mb
A
Atl Knox A Nor 1st g 5s
Mb A
1st 30-year 5s series B
cons
10-year coll tr 5s
LAN coll gold 4s—
Atl A Dan 1st g 4s
Second mortgage 4s
19
1045*
1035*
1045*
30
J
J
104
105
1045* 107
1115*
1125*
110
*95
J
*103
925*
915*
75
75
895*
106
895*
114
110% 1135*
1185* 1185*
98
111%
995* 116
l6i"
925*
108
104% 111
*113
J
MN
J
7
F
A
Cent Illinois Light 3 %s
O
J
17
85% 1055*
735*
99%
895* 106%
J
1949
1982
{♦Chicago Great West 1st 4s—1959
{♦Chic Ind A Louisv ref 6s
1947
♦Refunding g 5s series B
1947
Chicago A Erie 1st gold 5s
60%
31
6
28
64
69%
83%
85%
Chic Mllw A St.
605*
11
175*
215*
38
17%
99% 1075*
945*
102
102
1025*
5
102
104
785*
78
79
122
435*
825*
425*
455*
200
40
82
84
157
.79
116%
50
495*
535*
179
46
103%
74
755*
4
"625*
73% 108%
945*
67% 105
51
107%
56
11
50
995*
81
38%
93%
.1960
355*
38
414
33
82%
Ref A gen M 5s series F__.•— 1996
425*
42
44 5*
130
38%
93%
Con ref 4s
4b stamped
For footnotes see page
164
1115*
1125*
3
111
116
1065*
1065*
4
103
110%
10
1085*
ICO
105% 116%
60
78%
101
103%
1175*
1265*
1185*
1155* 121%
1275*
120
*
1948
1175*
1960
1265*
3945.
1085*
*93"
1085*
Battle Creek A Stur 1st gu 3s.. 1989
1951
1st A ref 5s series C
64
1943
Beech Creek ext 1st g 3 Mb
Bell Telep of Pa 5s series B
615*
.1951
1951
40
31
24
14
11%
18
34
244
28%
60% 125%
"45
90
104%
100% 108%
38
75%
*106
"98"
97%
*106
41
102
107
98
107
"68
42
109
34
37%
40
28
88%
29
29%
20
25%
78%
97%
A
99%
85
97%
♦Refunding 4s series C
♦1st A gen 6s series
98
5
76
86
93% 112%
97% 108%
66% 104%
88
95%
M
S
695*
131
93
IVI
F
96
"
A
J
J
J
J
122%,
65%
I
10
105%
105%
105%
9
106%
24
118%
3
95%
95%
*106%
106%
96%
43
96%
4
*112%
*109%
*107%
J
M
63
118%
105%
8
MN
76
90
*116
"63%
S
IVI N
8
O
27%
J
92
116% 125%
55
96%
104% 108
105% 109
116% 128%
93% 102%
92% 102%
108
107% 111
111%
105% 111%
108
120%
109% 115
108
30
21
22
108%
58%
110
9
104
110%
107%
110%
107%
J
110%
5
107% 113%
8
108%
108
108%
67
A
103%
103
103%
30
A
109
108%
109
14
O
*88
"15%
15%
15%
15%
M N
M S
107
"17"
17
90
17
16%
107
18
J
J
13%
14
J
J
*13%
20
J
J
13%
5%
6%
13%
M N
J
J
J
J
J
D
♦
"46
107
117%
101% 116%
104% 119
88
101%
10
37
9
3
107
174
4
46%
45%
124
15
51%
12%
13%
44%
28
21
13
43
10%
....
39%
5%
26%
5%
26%
93
107%
110% 112%
92%
*Iio"~
"30
{♦Chic A No West gen g
3%s._1987
1987
♦Stpd 4s non-p Fed inc tax 1987
25%
29%
25
27%
.May I 1989
C
May 1 1989
♦Gen 4%s series E—May 1 1989
♦Gen 4%s series F—May 1 1989
{♦Chic Mllw 8t P A Pac 6s A..1975
♦Conv adj 5s
Jan 1 2000
4s
72%
M N
♦Gen 4%s series
25
30
32%
*29%
190
25%
66
2
25
36
28
57%
69%
28
69%
31
30%
33%
"46
A
11%
11%
12%
333
8
O
3%
3%
4%
458
3
12%
16%
17%
28
16
49%
18
101
17
52%
18%
18%
18%
18
52%
20%
20%
84
17%
54%
19
21%
65
18
56
J
A
"31
M N
M N
M N
"l"8
18%
M N
stpd Fed lnc tax..1987
M
♦Gen 5s stpd Fed inc tax
1987
M
♦4 %s stamped
1987
M
{♦Secured 6%8...
...1936
J
♦1st ref g 5s
May 1 2037
J
♦1st A ref 4%s stpd.May 1 2037
J
♦1st A ref 4%s ser C.May 1 2037
M
♦Conv 4%s series A—
1949
♦Gen 4%s
"74
Paul—
♦Gen 4s series A
♦General
99%
M N
M
A
99%
44
Bangor A Aroostook 1st 5s
23%
5
M N
{{♦Chicago A East 111 1st 68—1934
IVI N
{♦C A E 111 Ry (new Co) gen 5s.1951
♦Certificates of deposit
74
595*
A
A
27
54
4Mb
23%
7
25
63
62
O
3s
1949
J
Chic Burl A Q—111 Dlv 3%»—1949
Illinois Division 4s
1949
M
General 4s_.
—1958
F
1st A ret 4%s series B
1977
F
1st A ref 5fl series A
...1971
Chic A Alton RR ref g
56
.755*
F
Through Short L 1st gu 4s—1954
F
Guaranteed g 6s
1960
{♦Cent RR A Bkg of Ga coll 5s 1937
6s extended to May 1 1942
Central Steel 1st g s f 8s
1941
Certain-teed Prod 5%s A...—1948
Champion Pap A Fibre deb 45*8 '50
Ches A Ohio 1st con g 6s
1939
General gold 4%s
1992
Ref A impt mtge 3%s ser D..1996
Ref A impt M 3%s ser E
1996
Craig Valley 1st 5s
May 1940
Potts Creek Branch 1st 4s.—1946
R A A Dlv 1st con g 4s
1989
2d consol gold 4s
—.1989
Warm Spring V 1st g 5a..—.1941
25
10
42
Conv
19
8
81%
36%
7
90
J
A
Cent Pacific 1st ret gu gold 4s..
36
51
55
2000
5
1
34
74
775*
425*
365*
Southwest Dlv
Ref A gen 5s series D
8%
40
9%
102
"41%
1987 J
1987 J
315*
.1941 MN
Tol A Cln Dlv 1st ref 4s A... 1959
"11
60%
1966 A
1961 J
74
*85
J
12%
07%
102""
1951
325*
1941
1st 3%s-5s— 1950 J
70
98
18
25
*
Cent 111 Elec A Gas 1st 5s
General 4a
106%
70%
15
"*7_"
Cent Hud G A E 1st A ref 3 %s.
Central of N J gen g 5s
85
24%
*
♦Gen g 3 %s series B—May 11989
P L E A W Va Sys ref 4s
16
*
1941 M S
1965 M S
1947
A
-.1966
♦1st A gen 6s series B'..May 1966
Chic Ind A Sou 50-yr 4s
1956
Chic L B A East 1st 4%s
1969
1959
Baldwin Loco Works 5s stmpd. .1940 M N
A O
Bait A Ohio 1st g 4s
July 1948
D
.1995 J
Refund A gen 6s series A
1948 A O
1st gold 58
July
D
.1995 J
Ref A gen 6s series C.
23%
8
1946
30
M N
J
1125*
D
deb 4%s..l939
Austin A N W 1st gu g 5fl
1035* 110
1035*
1055*
105
S
D
112
1045*
1045*
J
100
111
1055*
1962
1946 J
1944 J
1944 J
112
105
D
J
100
1045* 109%
D
M
90% 105%
50
83%
101% 105%
107
111%
71
"16
11%
1951
1065* 116
107
D
1964
May 1 1946
Oct 1952
1948
1948
Atl Gulf A W I S3 coll tr 5s
conv
133
1035*
D
4s July 1952 M 8
General unified 434s A
J Auburn Auto
1095*
103
J
Trans-Con Short L 1st 4s—1958 J
Atl A Charl A L 1st 4
1085*
1035*
J
1960
1948
1965
Conv deb 4 Mb
Atl Coast Line 1st
109
1955 J
Conv gold 4s of 1910
109% 115%
98% 110%
100
J
A. 1975 M N
99%
99% 105%
60
62%
75%
*25
6s. 1947
Gen mortgage 5s
1
85
"75"
A
1941
245*
595*
96
O
50
23%
1946
Amer
Telep A Teleg—
20-year sinking fund 5%8—1943 MN
TConvertible debenture 4 %s. 1939 J
*
75%
1959
♦Ref A gen 6s series
71
{♦Cent New Eng 1st gu 4s
1955 M
Alplne-Montan Steel 7s
Am A Foreign Pow deb 5s
85
1945 M N
1959 A O
965* 107
3
1015*
50.
101%
38
3
865*
"94"
101
51
57
965*
"335*
935* 1055*
76
995*
1105* 115
50
Allegh A West 1st gu 4s
Allegh Val gen guar g 4a
M
"4
775*
635*
65
A
♦5s stamped
975*
72
1950 A
5s
1055*
118%
106
90
965*
~73~"
F
conv
1095*
90
57
A
Alleghany Corp coll trust 5s.—1944
Coll A conv 5s
—1949 J
♦Coll A
56
3
1125*
.
1943 J
4s series B
35
92
77
1943 J
A 5s
92
t
Adriatic Elec Co extl 7s
Ala Gt Sou 1st
58%
90
575*
128%
121
116%
110% 116
10
{♦Car Cent 1st guar 4s........1949
Adams Express coll tr g 4s....1948 M
Coll trust 4s of 1907
1947 J
121
128
Caro Clinch A Ohio 1st 5s.—1938
COMPANIES
114%
114%
112%
110%
86%
101
96%
119%
109% 116
113
118%
124%
M
Dec 1 1964
1960
trust 4 %s
u
31
-
53
73%
102% 105%
42
7%
54
113
113
32
7
43
43%
53
54
9
10
10
10
106
1970
102
110%
*105%
106
July 1969
Oct 1969
109
103% 107
100
O
Guaranteed gold 5s.
106
100
J
J
122%
65
10
105%
*99%
106
115%
87
70
O
Guaranteed gold 5s
Guaranteed gold 5s
83
75"
108
—1942 A
Canadian Nat gold 4%s„—1957
104
55
101%
Canada Sou cons gu 5s A—.—.1962 A
deb 6s
34%
41%
7%
41%
7%
72
101%
107
103%
*9%
conv
8%
97% 105%
316
68%
D
1940 J
5
10
18
"68%
J
...1955 J
{Bush Term Bldgs 5s gu......I960 A
Collateral
INDUSTRIAL
112
136
79
76
91
A
A
6s
107
51%
53%
100%
O
J § ♦Burl C R A Nor 1st A coll 5s 1934
♦Certificates of deposit
{Bush Terminal 1st 4s
1952 AO
CodsoI
111
60
107%
1957 IVI N
F
s f deb 35*s—1950
Brans A West 1st gu g 4s
1938 J
Buffalo Gen Elec 4%s ser B....1981 F
Buff Nlag Elec 3%s series C..1967 J
M
Buff Roch A Pitts consol 4
Ca 1 Pack
99% 106%
89%
09%
92%
44%
76
D
Brown Shoe
Coll trust gold 5s
RAILROAD
A
1946 M N
♦Camaguey Sugar 7s ctfs
Taiwan Elec Pow
F
1950
%s.
F
""8%
1947 M N
53
F
1946
1955
f 5 Ha
{{♦Botany Cons Mills 6 %s
1934 A O
♦Certificates of deposit
J
Brooklyn City RR 1st 6s
1941 J
Bklyn Edison cons mtge 35*8..1966 M N
1st lien A ref 6s series A
13
"56
A
Debenture gold 5s
1st lien A ref 5s series B
19 5*
D
F
435*
135*
30
47
45*s series JJ
1961
{'♦Boston A N Y Air Line 1st 4s 1955
44
22
315*
O
1st g
125*
*19
1962 M N
A
52%
46%
9%
17%
14
15
*19
1962 M N
49%
62%
355*
24
25
"69
100
*107%
50
345*
125*
505*
52
D
1967 M S
1955 M N
105*
D
♦7s series B sec extl
Syria (Province of) 7s_._
...1944 J
12
D
♦8s secured extl
♦8ilesia (Prov of) extl 7s
1958 J
♦Slleslan Landowners Assn 6s1947 F
v.
115*
125*
J
O
99%
92%
92%
115*
14
27
26%
20
24.
*
Boston A Maine 1st 6s A C
365*
*205*
1952 M N
1940 A
f 7s
1966
Big Sandy 1st 4s
115*
"99%
M 45*s ser D..1960
33
615*
J
..1968 J
♦6s extl Dollar loan
cons
Cons mtge 35*s series E
345*
—
♦7s extl Water loan
Beth Steel
325*
33
18%
21%
10
95*
18%
22
21%
11
31
28
3
22
*18
High
11
22
♦Berlin Elec El A Undergr 6 %s 1956
Low
2d"
215*
20
115*
No.
High
1955
3
40
Jan. 1
"25% ""2
1959
2
115*
'*■
"25%
♦Debenture 6s....
86
14
Since
Asked
♦Deb sinking fund 65*s
125*
14
A
Low
245*
135*
105*
105*
115*
Range
Friday
Bid
Price
Belvldere Delaware cons 3%a..l943
♦Berlin City Elec Co deb 6%s..l951
125*
105*
38
J
1950 J
1956 M S
s
12
255*
255*
106
625*
1936 J
Sydney (City)
20
100
175*
1045* 1135*
105*
O
{*8s extl loan of 1921
♦Sinking fund
92
"n
9
D
♦8s external
s
205*
335*
81
2
11
A
1957 M N
•
Secured
10
985*
Range or
Sale
17
High
11
1
Last
Dec.
1st M 6s series II
1953 J
f
s
18
115*
109
105*
1959
(City) 6s
No.
125*
Ended
245*
1952
Sao Paulo (City of, Brazil)—
♦8s extl secured s f
Low
High
1075*
O
1953 F
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
1946 A O
♦6s extl s f g
1968 J D
♦Saarbruecken
R)i
STOCK EXCHANGE
Week
Jan. 1
108
1950 M S
7s
Asked
107
l09~"
A
♦Rio de Janeiro (City of) 8s
♦Extl sec 6%s
Rome (City) extl 6%s
♦Roumania (Kingdom of)
A
N. Y.
Since
Friday
Bid
Price
BONDS
Range
Range or
Sole
17
Dec.
3941
Week's
Friday
Week's
Friday
N
r19%
6
37
N
N
"21%
"21%
D
11%
11%
D
11
D
11
N
28%
5%
"23% ""29
20
71%
36%
62
61
12%
35
9%
11
12%
85
9
38
36%
10%
12%
69
9
36%
5%
7%
62
5%
24%
New York Bond
3942
Dec.
Record—Continued—Page 3
%
Friday
BONDS
N
Y.
Bennett 'Bros. & Johnson
Ended Dec.
Sale
17
Price
bid
<ft
Range
Since
Asked
Low
Jan. 1
No.
4Mb ser D..1961 F
...1952 A
A
113M
High
H3M
O
108 M
109
15
Gen A ref M 4s ser F........1965 A
O
109
110M
105M
43
Detroit Edison Co
Gen A ref 6s
E
ser
Gen A ref mtge 3 Ms ser G—1966 M
♦Detroit A Mac 1st hen g 4s.-.1995 J D
RAILROAD 'BONDS
Tork,
Chicago, III.
T.
Vrrvate Wire
TJlgby 4-5200
Connections
D
D
Randolph 7711
6
70
*42
.1995 J
6
♦42
24
Minn Nor Dlv 1st 4s.-1948 A O
East T Va A Ga Dlv 1st 5s
1956 M N
Ed El 111 Bklyn 1st cons 4s
1939 J
Ed El 1U (N Y) 1st cons g 5S—1995 J
Electric Auto Lite conv 4s.....1952 F A
Elgin Jollet A East 1st g 5s
1941 M N
El Paso Nat Gas 4Ms ser A....1951 J D
Week's
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended Dec. 17
Price
Range or
Range
Friday
Since
Sale
Bid
&
LOW
{(♦Chicago Railways 1st 6s stpd
Feb 1 1937 25% par paid
{♦Chic R IA P Ry gen 4s
1988
Asked
Jan. 1
Low
High
65
55
37
55
"24"
68
108M
21
108
42
F
47
17M
17M
184
16
J
50M
18 H
16
484
16M
15M
AO
(♦Secured 4Mb series A.—1952 MS
126
7M
7
8M
55
8M
8M
7M
4M
9
89
6M
6M
22 M
25 M
8M
21
1960
M N
7
22 M
5M
119
4
16
5
90
113M
86
94H
Erie A Jersey 1st s f 6s
90
98 M
Genessee River 1st s f 6s
68
99 M
N Y A Erie RR ext 1st 4s
48M
91
"4M
90
D
♦86
J
D
Chic T H & S'eastern 1st 5s...1960 J
D
"68""
69%
..Dec 11960 M 8
*63 M
56
..1951
I
90
80 M
10
.1944 A
Guaranteed 4s
*106
...
let mtge 4s series D
.1963 J
1st mtge 3%b series
.1963 J
E
109M
107M
.1943 A
Chllds Co deb 6s
109M
104
.1961 M
3 Ms guaranteed
.......
Chic A West Indiana con 4s....1952 J
.1962 M
1st A ref M 4Mb ser D
104
107
99
91M
O
{♦Choc Okla & Gulf cons 5s....1952 M N
.1966 F A
Cincinnati Gas & Elec 3Mb
.1987 J D
1st mtge 3 Ms
.
Cln Leb A Nor 1st con gu 4a—.1942 MN
Cln Un Term 1st gu 6s ser C—.1957 M N
98M
91M
65
65
.1977
J
.1939
104
Spr A Col Dlv 1st g 4s—...1940 M S
J
.1940 J
WWVal Dlv 1st g 4s
Cleve-Cllffs Iron 1st mtge 4M>-.1950 MN
J
Cleve Elec Ilium 1st M 3Ms---.1965 J
A
102 M
I
"84M
100
J
4Mb guar...........1942 J
1948 M N
Series C 3Ms guar
.1950 F A
Series D 3Ms guar
A
.1977
Gen 4Ms series A...
J
Gen A ref mtge 4 Ms series B. 1981
O
.1961
Cleve Short Line 1st gu 4 Ms—.
O
Cleve Union Term gu 5Ms.... .1972
o
.1973
o
.1977
1st sf 4Mb series C
D
.1945
Coal River Ry 1st gu 4s
A
Colo Fuel A Iron Co gen s f 6s.. .1943
A O
♦6s Income mtge
.... .1970
Colo A South 4Ms series A.... .1080 M N
Columbia GAB deb 5s-_.May 1952 MN
Debenture 5s.......Apr 15 1952 A
Debenture 5s.......Jan 15 1961 J
O
CoIumDlA A H V 1st ext g 4s.. 1948 A
Columbus A Tol 1st ext 4s_...1955 F
O
J
A
Columbus Ry Pow A Lt 4s....1965 MN
Commercial Credit deb 3MS...1951 A O
2Ms debentures
.....1942 J D
J
Commercial Invest Tr deb 3 Ms 1951 J
105M
Conn Ry A L 1st A ref 4Mb
55
!0$M
94
35
40 M
1975 A
..1955 J
Ref A lmpt oe of 1930
1938
97 M
104M
101
110M
104 M 104 M
82
88M
107%
115M 118
76M
102 M
87 M
84M
34
io6~"
3
5
67
98 M
102 M 106 M
89M 104
84 M 104 M
15
34
95
92M
112M
110M
106 M
96M
100
102M
42
J
96M
16M
J
*16
O
*16
Copenhagen Telep 5s. .Feb 15 1954
F
F
A
104%
101M
98 M
103 M
1950 MN
J
1951 J
1942 J
28
5
58
99
105M
D
1943 MN
1971 J
11
45
126
19
1969 J
..1969 J
J
J
106M
Den Gas A El 1st A ref s f 58...1951 MN
Stamped as to Penna tax
1951 MN
{(♦Den A R G 1st cons g 4s...1936 J J
J
(♦Consol gold 4MS.........1936 J
{♦Den A R G West gen 5s.Aug 1955 F A
♦AssentedC sub] to plan)
♦Ref A lmpt 6s sot B...Apr 1978 AO
{♦Dee M A Ft Dodge 4s ctfs
J
1935 J
{♦Des Plains Val 1st gu 4 Ms
1947 M S
102
1HM
94
108 M
9?M
100%
105 M
106
105 M 112M
104 M 107 %
59
100 M 108 M
102 M 106 %
331
99M 107 M
3
18«
26
10
62
100M
97
88M
94M
*46
108 M
52
92M
94%
47%
47 H
94 M
93M
40 M
89
40
89
104% 119
112 M 118M
109
114%
100
100M
60
80%
5
99
6
95M 103 M
98 M 102 M
97
103M
98 M 104M
"97"" """5
100
94 M
27
86
1
55
105
105
96 M
15
41M
41M
27
5
40
15
5
40 M
49
71M
103 M 110M
99 M 107M
101M 105 M
79M 103 M
99M 102 M
89
10
2
98M
105 M
99
13
106
21
103 M
1
97
103 M 107
101M 106
28
30
65
42
2
35
64M
4
42M
62 M
55
45
46
35
"7
68
19
101% 108
58%
104
95M
107 M
105M
101% 105 M
106 M
104 M 107
106 M 108 M
106 M 108 M
13M
14M
275
11
S6M
23
11
38
6M
27
5
23
6M
9M
58
4
40
62
7M
125
*1M
102 M
102 M
2M
2M
102 M
107
107
107
50 M
4
7H
2M
42
50 K
*60
*U7M
J
J
...I960 J
A
101M
102
101
16
20
102%
102M
96
52
55M
J
*20 M
*20
49
41
6
26
25
O
D
D
N
S
24M
93
24%
94
94 M
95
92M
102 %
102%
94%
102%
80
80
D
85
3
12
62
97
5
"95""
73M
A
76%
68M
68
J
6
20
9M
2H
6H
2%
5
102 M 107M
107
50M
110M
87M
90
100M
121M 122 M
99
102 M
96% 106 M
44
41M
29M 44
98M 105
8*
92
105 M
41M
97M
44 M
20
104M
*91
20 M
19
*106""
J
D
5M
30
28
J
87
30
38 M
40
96
"55""
1
44
38
*37 M
J
J
99
*37 M
102""
1
2
118
101M
81M
56
2M
84 M
99
38 M
39
17M
101
......1951
1939
warr.1949
{♦Ga A Ala Ry 1st cons5s Oct 1 '45
{(♦Ga Caro A Nor 1st ext 6S..1934
♦Good Hope Steel A Ir sec 78—1945
Goodrich (B F) conv deb 6s..—1945
1st mtge 4Mb
..—1956
Goodyear Tire A Rub 1st 5s...1957 M
Gotham Silk Hosiery deb 5s w w *46 M
Gouv A Oswegatchle 1st 6s._—1942 J
Grand R AI ext 1st gu g 4%s..l94l J
Grays Point Term 1st gu 5s
1947 J
Gt Cons El Pow (Japan) 7a——1944 F
1st A gen s f 6Ms—
7
»
21M
89
89
100
108 M
52
30 M
107
101M
106
80
107M
103 M 103 M
105M 111
95
8
5
Great Northern 4Ms soles
General 5 Ms series B
109%
A—1961
1952
General 4 Ms series D
110
17
102 M
104M
105M
98 M
41
98
—1973
General 5s series C
90 M
1976
90
General 4 Ms series E
.1977
General mtge 4s series G....1946
Gen mtge 4s series H...
Gen mtge 3%s series I.
J
J
1946
1967
104M
96 M
J
79 M
104M
95M
78 M
Feb
"iik"
12
274
97
163
80 M
33
65
11M
12
"§i
*105
MN
Greenbrier Ry 1st gu 4s.....—1940
Gulf Mob A Nor 1st 5 Ms B
1950 A
13
91
106
*55
Feb
♦Green Bay A West deb ctfs A
♦Debentures ctfs B
10
~82%
O
82%
1st mtge 5s series C
1950
Gulf A S11st ref A ter 5s Feb 1952
O
78
J
*60
J
*60
91M
O
1966
o
102 M
—1946
o
102 M
1952
J
~~2
91
...1952
1961
*107 M
Stamped....
s
f 4 Ms
10-year deb 4 Ms
Hackensaok Water 1st 4s.
J
♦Harpen Mining 6s...—1949
J
Hocking Yal 1st cons g 4 Ms..—1999
o
Hoe (R) A Co 1st mtge
1944
{(♦Housatonio Ry cons g 5s...1937 MN
Houston Oil sink fund 5Ms A..1940 M N
Hudson Coal 1st 8 f 5s ser A—1962 J D
Hudson Co Gas 1st g 5s.....—1949 MN
79
86
86
86M
8
102 M
5
103%
28
*18
*117%
65M
65M
95
69
98M
95M
61
99
100
31
121
30 M
120
A
52
O
17%
17M
Illinois Bell Telep 3Ms ser B...1970 A
Illinois Central 1st gold 4s. ....1951 J
O
32 M
121
51M
A
22%
32M
12
57M
108
*98
J
J
1st gold 3 Ms
..1951 J
Extended 1st gold 3 Ms—1951 A O
1st gold 3s sterling.—.1951 M S
Collateral trust gold 4s.—.1952 A O
Refunding 4s
...........1955 MN
J
Purchased lines 3Ms—1952 J
Collateral trust gold 4s
1953 MN
Refunding 5s..............1955 MN
40-year ,4%a
Aug 1 1966 F A
Cairo Bridge gold 4b
1950
Litchfield Dlv 1st gold 3s
1951
Loulav Dlv A Term g 3 Ms.-.1953
Omaha Dlv 1st gold 3s...—.1951
St Louis Dlv A Term g 3s
1951
Gold 3 Ms
Springfield Dlv 1st
g
3 Ms
Western Lines 1st g 4s..
1951
1951
1951
108
53
♦
18M
17
63
2
96
109
15
81M 106M
75
90"
103M
93 M
83M
99 M
97M 105 M
102 M 105 M
105% 108
28
43
86K
96 % 103 M
28
67 M
116M 124
48
14
85 H
36 M
92 M
93
50M
95
65%
54 M
50
2
48
48
50
24
57 M
60
10
79M
80
75
80
107 M
19
52 %
49
82
111
107 M
39
53
41%
103%
102
44 M
49
96
41%
90
56
36M
~77%
90M
104«
80
103
109
93
98
80
102 M
70
89 M
88
92 M
90
*90""
110
96
99
49
♦III..
♦IIII.
♦III..
*1—1.
65
106 M
93
93
*
106
96
97
99
~39M
7M
101%
103
^*93%
38
50
108
*93%
"54M
77 M
114 M 126M
61
97 M
44
166""
108
116M
100% 119 M
97
115K
89
109 M
87
108 M
98H 141M
89
111M
22
119M
65M
*42
Hudson A Man hat 1st 5s ser A.1957 F
♦Adjustment Income 5s Feb 1957
6
103
42
106M
62M
107 M
6M
6M
J
Ms.
Gulf States Steel
53M
3
A
15-year 3%s deb
Gen Pub Serv deb 5
Gulf States Utll 4s series C
107
57 M
J
Gen Steel Cast 5 Ms with
15
"19""
57 M
6%
1941 J
1942 J
1947
151945
49
57 M
Galv Hons A Hend 1st 5Ms
92 M 107M
6
*8M
4Mb
22
100M
12M
5M
5M
8M
*3M
Fort St U D Co 1st g
69
19
98 M 108 M
12
98 M
*1M
Framerlcan Ind Dev 20-yr 7 Ms
17M
96 M 103 M
12M
5M
100M
Francisco Sugar coll trust 6s...1956 MN
96 M
33
12M
309
101
♦Certificates of deposit
105 M 108 M
49
106M
*100
80
58
104
♦Certificates of deposit.
84
22
58%
107
*103 M
*99
1952
{(♦Proof of claim filed by owner. M N
(Amended) 1st cons 2-4a
1982
{ (♦Proof of claim filed by owner MN
107%
101M
103 %
103M
105
103 M 107
105 M
98 M 101
101
*107 M
*107 M
5M
8M
89
110M 115
103 M
*40
58M
105 M
105M
106 M
J
90
92M 105
98 M
44 M
D
105 M
112M
101M
42
Dayton Pow A Lt 1st A ref 8MB 1960 A O
90
104
103M
40M
J
J
21
113
95 M ill H
109
"~2
100M
D
Cuba RR 1st 5s g
1952 J
J
7Ms series A extended to 1946
107
89
A
Crane Co s f deb 3 Ms
Crown Cork A Seal s f 4s..
Crown Willamette Paper 6s
Cuba Nor Ry 1st 5 Ms
53
107
100
77 M
*16
J
102 M 11«M
96
1
104M
111M
107M
59
17
20%
104%
1946
Flat deb s f 7s
♦Sinking fund deb 6 Ms.
1940 J D
♦20-year s f deb 6s..
1948 M N
Gen Motors Accept Corp deb 3s *46 F A
38M
106 %
107
48 M
48M
105
"97"
Gen Cable 1st s f 5 Ms A
♦Gen Elec (Germany) 7s Jan
12
107"
104
107M
96 M
16M
174
*60
104M 108
105 M 111M
52
106
104
J
D
51M
51%
~48M
"49M
100
Gen Amer Investors deb 5s A..1952 F
99 M 108
101
104
J
s 15s
1960
Consumers Power 3Ms.May 11965 M N
1st mtge 8Ms
...May 1 1965 MN
1st mtge 3 Ms
1970 MN
1st mtge 8Ms
1966 MN
Container Corp 1st 6s........1946 J D
p 15-year deb 5s
....1943 J D
3945.
96 M
103M
♦Consolidation Coal
-
47
104
D
25
95M
103
109
100%
60M
107
{♦Consol Ry non-conv deb 4s.. 1964
♦Debenture 4S.............1955
♦Debenture 4s..........
1955
♦Debenture 4s
1956
6s series B extended to 1946.
96
6
*107 M
106 M
of Upper Wuertemberg 7s...1956
Consol Gas (N Y) deb 4 Ms
1951
Consol Oil oonv deb 3Ms..
1951
1951
49
102
102
63%
60%
100M
104
105
22
95
53
♦56
100
105
100
94M
92 M
92 M
♦1UM
110M
106 M
106 M
95
94M
99M
99M
22
A-.1938 A O
Gas A El of Berg Co cons g 5a. .1949 J D
109 M 113
107
109
*109
95
63 %
S
110M 110M
105M
110M
105M
45M
J
104
103M
59
65
102 M 106
Fonda Johns A Glov 4 Ms
103
59
stamped..
104 M 108H
105 M 109 M
13
103
46M
O
1942 M
—1942 M
1954 J
1st lien s f 5s stamped
1st Hen 6s
30-year deb 6s series B
"3
108
95%
61M
53
Fairbanks Morse deb 4e_—.1956 J
108 M
105M
108
100M
5
Federal Light A Traction 1st 5s 1942 M
5s International series
1942 M
104 M 106 M
"20
*105M
*105M
99M
M
1
*
99M
95M
~85%
1954 F
106M
*104
105
102M
♦
139 M
97 M 111
108% 113 M
100 M 106 M
106 M 112
95
106M
103
*101%
J
1957 J
1947 MN
3d mtge 4Mb..
37
111M
♦102M
85M
59M
60M
M N
111
103 M 107 M
96 M
{♦Fla Cent A Penin 5s.
.1943 J
{♦FloridaEast Coast 1st 4Ms..1959. J
♦1st A ref 5b series A
1974 M
♦109M
1951
3Ms debentures...
1956
♦Consolidated Hydro-Elee Works
34
*109
*
Stamped guar 4 Ms
1951
Conn Rlv Pow s f 3%s A
1961
Consol Edison (N Y) deb 3MS-1946
see page
105%
110M
110M
Conn A Passum Rlv 1st 4s....1943
For footnotes
68
108 M
O
B..1942
Series A
1st A ref 4Mb.
1st mortgage 4Ms
91%
*101M
O
.1942 A
74
111%
14
D
74
103
101M 108 M
93
100M
87M
J
Cln Wabash A M Dlv 1st 4a..1991 J
.1990 MN
St L Dlv. 1st coll tr g 4s
Del A Hudson 1st A ref 4s
Del Power A Light 1st 4 Ms
6
95
103
J
Cleve A Pgh gen gu 4 Ms ser
Series B 3 Ms guar.
60
107%
104 M 113
70
102M
106M
♦101H
108 M
108M
102M
D
E
104
9
99
3Ms series D_..1971 MN
J
Clearfield A Mah 1st gu 4s_. .1943 J
Cleve Cln Chle A 8t L gen 4s....1993
General 5s series B
.....1993
107M
109%
107M
104M
99M
*98M
1st mtge guar
1st s f 6s series B guar
1967
1927
Ernesto Breda 7s...
Chicago Union Station—
Ref A lmpt 4 Ms series
Cairo Dlv 1st gold 4s
Ref A lmpt 5s Of
101
*109
"53""
110
131
100
100
102
95% 116M
106%
102M
4s prior
1st consol gen lien g 4s
Conv 4s series A
.......1953 A
Series B...
1953 A
Gen conv 4s series D
1953 A
cons g
9M
D
5s
Series C 3 Ms
8M
"SH
1961 J
June 15 1951 J
Inc gu
Erie RR 1st
Ms ser B
42 M
26 M
♦Certificates of deposit
♦Conv g 4Mb
Cb 8t L & New Orleans 5s
Memphis Dlv 1st g 4s
Erie A Pitts g gu 3
7
1934
(♦Refunding gold 4s
♦Certificates of deposit
3Mb
83 M
43 M
97
*89 M
*103%
*131M
101
1965 A
1940 J
1940 J
1996 J
1996 J
109 % 118M
100M 102 M
20M 72M
107
1965 A
El Paso A S W 1st 5s
5e stamped
♦Certificates of deposit
Gold
High
60
48
East Ry
Friday
109 M
46
109
108
{(♦Dul Sou Shore A Atl g 58—1937 J
Duquesne Light 1st M 3 Ms
1965 J
101
"65"
*102 %
D
High
111 M 116M
106M 110M
105 M 111M
53
*
M N
1951 J
Lots
60
*43
Dow Chemical deb 3a_
3^. T. 1-761 -<• 'Sell System Teletype -h Cgo. 543
*43
D
Detroit Term A Tunnel 4 Ms.-1961
133 So. La Salle St.
105M
...1995 J
♦Second gold 4a.
♦2d 4s assented....
One Wall Street
110%
105%
...1995 J
♦1st 4s assented
1937
Range or
Friday
Last
STOCK EXCHANGE
Week
18,
Week's
98M
100% 100M
83% 101M
Volume
New York Bond Record—Continued—Page 4
145
9
BONDS
Friday
fci
Last
SB,
STOCK EXCHANGE
Week Ended Dec. 17
Price
Y.
N.
Range
Range or
Sale
Since
Bonds Sold
Friday
<k
Asked
Bid
Jan. 1
BROKERS IN BONDS
1
High
Low
I
High
Low
L & N
Joint let re! 6a series A
1st & ref 4*8 series C
HI Cent and Chic St
.1963 j
D
D
.1940 A
o
Ind Bloom <k West 1st ext 4s_ .1940 A
.1950 j
Ind 111 A Iowa 1st g 4s
40 *
50*
106
47*
45
106*
8
47
47
.1963 j
Inland Steel 3*s series
D—- .1961
{Interboro Rap Tran 1st 5s_.
♦Certificates of deposit.
s
F
a
*100*
103*
------
104
j
1947
deb 4s
stamped 1942—
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A_-July 1952
Int Agric Corp 5s
1956
1944
1941
A A B—1947
deb 6s
Int Merc Marine s f 6s
m
105*
101
287
60
49
95*
16*
18*
93
13*
56
57*
30
54*
10
53
70*
73*
29
67
100*
5s B—1972
1947
deb g 4*s--1952
1939
a
100*
15
98*
20*
42
17
5
6*
19
20*
18
4*
16*
5
J
54
19
19*
o
19*
19*
63
Wall St.
91
104*
102
42*
17*
40*
40*
Friday
Week
Ended
Dec.
19
19*
10
16*
70*
08*
72
93
46
90
Marlon Steam Shovel
47*
47*
88*
53
43
47*
89*
91*
39
88* 102*
Market St Ry 7s ser A.-.April 1940 Q
Mead Corp 1st 6s with warr_-1945 Mi
77*
77*
80*
27
76* 101*
J
J
19
j
s
IVI n
80*
1
80*
80*
j
J
61*
59*
61*
144
J
j
88*
88*
90*
007
74
F
a
65
62*
66
234
40
Ml
8
3
2
95
38*
F
a
*
94
97
3
102
2*
J
d
79*
79*
82
75
94*
80*
9*
s
97*
96*
98
79* 102*
91* 106
16
IVI
18
o
92* 108
66*
~29*
4S.1936
26
2
25
64
72*
5
69
95
71
j
j
j
J
d
108
m N
38
*23
11*
8
84
j
j
*108
j
j
j
j
j
j
j
*100
107*
a
o
*151
mmm
f
A
mmmmmm
78
j
J
mmmmmm
100
100*
35
-
_
*
j
25
-
*
mm
Low
s
1947 A O
f 0s
♦Mlag Mill Mach 1st
8
....
97*
mmmmmm
115*
89* 101*
99
107*
....
....
109* 109*
107* 108*
146* 161
mm
78
5
78
108*
1
99*
114
104
104*
mmm
—
—
m
m N
101*
J
J
99
99*
16
91
20
89* 102*
104*
104*
*98
101
101*
101*
99*
F
119*
98* 102
99* 104*
96* 111*
89*
J
a
1
«...
26
{♦Kreuger A Toll secured 5s
IM
s
A
o
F
50*
27
28*
67
23*
91
91
91*
12
89
a
64*
63*
66
65
53*
F
a
63*
63*
05
27
64
70*
70*
f
A
66
56*
9
43
68*
f
D.
A
60*
56*
2
49
70
101
Lake Erie A Western RR—
j
j
91
90
j
J
91
d
*95
97*
102
101*
37
mmmm
15
J
98
109*
29*
J
21*
03
65*
22
60
61*
o
75
65*
13
68
8
95
j
A
31*
mtmmmmm
97
95
95
m S
*
73
100*
75
107
73
73
1
75
J
60
60
5
59* 103*
27*
27*
28*
128
25*
72
31*
31
32*
87
27*
32*
70*
38
mmmmmm
o
m m m
O
mm.
f
A
j
6s.
d
m N
series A...
38*
38
O
A
a
F
a
67
*116*
mmm m
88
mmmm
116
129*
136
129
129*
23
126
122*
122*
122*
6
117
104*
104*
105
m mmm
mmmmmm
110*
*107
97*
98*
97*
27
mrnrnm
22
mmmmmm
o
m m m mm -
j
d
mmmmmm
IM
8
mmmmmm
IM
8
mmmmmm
IM
8
88*
a
O
125*
127
11
f
68-
D
A
1
A
119*
121
2
J
A...
j
61
60
*
104*
~
102*
*100*
*
70
m S
IM
80
109
88
124
♦
m m -
j
88
70
102*
8
87*
88*
106*
■
88*
73
102*
107*
5
mmmm
mmmm
mmmm
18
1
120*
100* 106*
108
108
95* 101*
60
100
79*
100*
100* 103*
94* 108
88
100*
88* 104*
125
135
116* 124*
35
07* 100*
29
99* 103
0
106
112*
Louisville A Nashville RR—
)j
104*
o
i-01*
A
O
93*
A
O
A
O
80
F
1
J
A
a
mmmmmm
IM
8
F
mmmmmm
J
mmmmmm
j
IM n
f
D
A
1st
O
111
cons
J
d
(IM
25*
99*
*38
98
105
98*
23
97
105
14
15
J
13*
J
1938 J
J
—1940 J
J
5*s
8
IM n
♦1st A ref 6s series F
J
j
15
40*
16*
10
57
57
5*
3*
21*
2*
2*
2*
10
3*
2*
10
14
13*
8*
gold 5*8
♦1st A ref g 5s series H
♦Certificates of deposit
..1981
F
A
"67*
72
45
TO*
44*
48*
43
43
61*
96*
88*
38
40
16
37
76
"41*
41*
44
20
38
79*
23
25*
24*
22*
66
21.
80
20
19
48*
22
18*
126
5*
24
24*
22*
253
18*
49
18
47
24*
143
18*
23
24
7*
7*
23*
24
6*
23*
*22*
5*
23*
22*
23*
21*
24
24*
93*
88*
100
103*
93*
87
100
6
105* 111*
4
85*
96*
110* 115
85
100*
85
85
1
111
3
a96
1
98*
99
98*
90
9
59
mmmm
4
29
109* 115
93
99*
97
100
95* 105*
90
105*
55
80*
90
mmmm
25
41*
10
25
90*
25
27*
59
25
57*
26
2
23
53
14*
6
12
33*
99
84
1
70
70
2
*...—
25
mmmm
92*
92*
82*
09*
90
12
41
78*
1905
f 4s
{♦Naugatuck RR 1st g
4s...—1954
Newark Consol Gas cons
6s—1948
54*
39*
3
9*
39*
80
98*
"l3
105
111*
104*
23
100
108*
94*
7
90
110*
88*
38
87
99*
100
1
80
74
80
70
7
04
67
67
01*
33
57
114*
3
*65
20
*97*
98*
101*
1*
•1*
1*
~T*
2
70f
71*
27
24
100
95
98*
102*
75
65
97*
97
111
98*
63*
101
95* 107
100
100*
1*
1*
4
4
4
"T*
1*
2*
2
1*
6*
4
2*
•2*
O
a*
102
112* 119
100
1*
*2*
♦2
2*
O
0*
2*
2*
11
7*
35
102* 107*
93*
65
*1*
♦1 *
*2*
107
106*
"2 *
107
80
IVI N
*55
J
D
*118
J
J
*25
50
*25
39*
{♦New England RR guar 5s—1945
♦Consol guar 4s
1945 J J
J D
New England Tel A Tel 5s A—1952
1st g 4*s series B
.1961 IM N
F A
N J Junction RR guar 1st 4s—1986
N J Pow A Light 1st 4*8
I960 A O
J
J
New Orl Great Nor 6s A...—1983
J
J
N O A N E 1st ref A Imp 4 *s A 1952
A O
New Orl Pub Serv 1st 5s ser A—1952
1st A ref 5s series B
1955 J D
J
J
New Orleans Term 1st gu 4s...1953
98* 104*
85*
79*
74
80*
68*
114*
97
8*
69
98*
D
17
70
102*
J
4
43
21*
16*
16*
79*
106*
23
1914 coupon on
1951
A O
1914 coupon off-—1951
♦Assent warr A rets No 4 on *61
Nat Steel 1st coll s
74
82*
♦4s April
mmmm
47
92* 100
74
IVI N
A
♦4s April
18*
29
70
1914 coupon on.-.1977
1914 coupon off
1977 A O
♦Assent warr A rets No 5 on *77
Nat RR of Mex prior Hen 4 *s—
J
J
♦Assent warr A rets No 4 on. 1920
♦4s April
18*
23
5
70*
IVI N
A
17*
20
79
*72*
D
J
24*
22*
*72*
J
J
18*
1
"6* "88
78
►
A
J
74
181
48*
45*
18*
48*
40*
49*
19
*72*
Gen A ref s f 5e series
A
1978
4s stpd
1951
extend to
1940
Nat Dairy Prod deb 3 *s w w—1951
Nat Distillers Prod deb 4*s—1945
National Rys of Mexico—
♦4*s Jan 1914 coup on.
1957
♦4*s July 1914 coup on
1957
♦4* July 1914 coup off
1957
♦Assent warr A rets No 4 on '57
20
45*
75 ;
O
Nassau Elec gu g
8
7
88
D
Nat Acme 4*8
90>
32
39*
70*
O
Nash Chatt A St L 4s ser
28*
95*
6
30
A
ref 3*s.l900
J
6s
1941
O
A
1955
O
Gen A ref s f 6s series B
1955
o
Gen A ref s f 4*s series C—1965
o
Gen A ref s f 5s series D
1955
D
Morris A Essex 1st gu 3*8
2000
Constr M 5s series A
1955 MN
Constr M 4*8 series B
1955 M N
MN
Mutual Fuel Gas 1st gu g 5s.. .1947
IVI N
Mut Un Tel gtd 6s ext at 6%—1941
60
67*
41*
70*
44*
A
Montreal Tram 1st A ref
30
7*
30
A
Montana Power 1st A
7
.3
4%.-July 1938 MN
F
32
10
9
00
♦Certificates of deposit
♦Ref A lmpt 4*8
8
27
9*
22
1949 IVI N
1980 A O
17
8
9
1978 M N
♦Conv
37*
55
7
7*
22
8
8
13*
11*
14*
9
95
13*
♦Certificates of deposit
♦1st A ref 6s series G
98
84
mmmmmm
91*
54*
IVI S
J J
M N
J J
J D
J J
J J
J J
A O
F A
1975 IVI
1977 IVI
♦General 4s
103*
*72
IM n
85
99*
77
"_5*
♦Certificates of deposit
80
111
14
83
90
79*
IVI
J
M
M
Q
1949
1st ref 5*s series B
1978
1st Chicago Term s f 4s
1941
{♦Mo-Ill RR 1st 6b series A
1959
Mo Kan A Tex 1st gold 4s
1990
M-K-T RR pr lien 5s ser A—1962
40-year 4s series B
1902
Prior lien 4*s series D
1978
♦Cum adjust 5s ser A
Jan 1907
{♦MoPaclst A ref 6sser A.—1905
25-year
85
45
90*
20
25
'88"
4s Int gu.1938 J
5s
42
20
♦Certificates of deposlt.
110*
85* 108
99
-
5*
cons 5s gu as to Int
1st A ref 6s series A
mmmm
87
90
88
102
*77
D J
J D
S
J
N
S
F
1st
82
106*
28"
105*
97*
1938 J
M St P A SS M con g
90
♦111*
*48*
*39*
41*
O
) A
87
109*
98
92* 108*
90
D
)j
106*
103
16
98
99
) IMN
j
80
72
34
a96
111
A
IM n
104*
104*
100* [100*
92* * 93*
*87*
m S
*17*
"99*
J
♦4s April
C.
4s..
{[♦Mllw&No 1st ext 4 *s(1880) 1934
1st ext 4*s
1939
Con ext 4*s
1939
{♦Mil Spar A N W 1st gu 48—1947
{♦Milw A State Line 1st 3 *8-1941
{♦Minn A St Louis 5s ctfs
1934
♦1st A ref gold 4s
1949
♦Ref A ext 50-yr 5s ser A
1962
7
106*
IM n
Lex A East 1st 50-yr 5s gu
1st ext 4s
1971 J
34
89
*78
75
24
a
Manila RR (South Lines)
1st mtge 5s
89
IVI N
77
20
29
>j
,
16*
6*
2l"
102
104
M S
78
26*
23
25*
j
1*
"""
88
16
35
29
26*
IM n
{♦Manhat Ry (N Y) cons
4
♦Certificates of deposit.
{♦Mid of N J 1st ext 5s
Mllw El Ry A Lt 1st 5s B
104
M S
mmmm
27*
a
a
6
102"
*
S
N
J
O
D
20*
16*
IM n
1st & ref 4 *s series
C
M 8
47
28
F
General cons 4*s
Louisiana A Ark 1st 5s ser
M
IVI
J
A
1901 J
1951
1952
1979
1940
3*s
1977
♦Secured 5% notes
1938
Mohawk A Malone 1st gu g 4s. 1991
Monongahela Ry 1st M 4s ser A '00
Monongahela West Penn Pub Serv
1st mtge 4 *s
1960
6s debentures..
1965
70
mmmmmm
a
F
4*s...
Lehigh Val (Pa) cons g 4s
1st gold
Ref A lmpt 4 *s series
{♦Mobile A Ohio gen gold 48—1938
♦Montgomery Div 1st g 5S--1947
*37
m
a
J
8
9
4*
102
M 8
70
F
Leh Val N Y 1st gu g
Jack Lans A Sag 3*s
♦
J
Mo Pac 3d 7s ext at
1
a
F
5s._.
102
107*
102* 109*
100
104*
"25"
*20
D
1940 J
106*
104*
105*
70
66
64
F
Leh Val Harbor.Term gu
35*
94*
100*
mmmmy
46
*2*
1950 J
f 7s
"25
109
Michigan Central Detroit A Bay
♦1st A ref 5s series I
31*
Llttle Miami gen 4s
96
99*
106*
85*
Ltd—
J
97
96
107*
101*
♦5*
*1*
♦Certificates of deposit
J
Lauta.ro Nitrate Co
96
108*
High
100
103
93
83
1977 M S
♦4s (Sept 1914 coupon)
70
79
5
70
1977 M S
♦Mex Internat 1st 4s asstd
Low
No.
High
70
♦81
J
N
Metrop Ed 1st 4*s ser D
--1968 IM S
Metrop Wat Sew A D 5*8
1950 A O
5{*Met West Side El (Chic) 4s. 1938 F A
Since
108
....
98*
*
D
83* 100
1
84
mmm
mmmmmm
J
31
-
ivi
j
25
21
10
44
....
*27
Kentucky Central gold 4s
40
....
14*
14*
14*
23
47*
*37
......
m N
$925).
17
105*
105
105
106
109
108
58* 100
109*
102* 105*
63
65*
63*
64*
J
4s.
40
26*
71
o
o
"32*
26*
a
A
Coll A ref 5*s series
Jan. 1
Price
o
Kanawha A Mich 1st gu g 4s._1990 A
♦Ctfs w w stmp (par
Range
Friday
Bid
<k
Asked
17
o
Jones A Laughlln
Kansas City Term 1st
Range or
Sale
STOCK EXCHANGE
A
James Frank A Clear 1st
{|»K C Ft 8 A M Ry ref g
♦Certificates of deposit
Week's
Last
BONDS
N. Y.
City Air Line 4s
4s—1959
Steel 4Ha A.-1961
A. T. A T. Tele. N. Y. 1-1598
Telephone WHltehaU 4-2900
a
j
1955
Debenture 6s
{♦Iowa Central Ry 1st A ref 4s_1951
73*
J
NEW YORK
91*
55*
Ml n
j
Member* New York Stock Exchange
97
7
D. H. SlLBERBERG & Co.
108
56
o
A
1st lien A ref 6*s
Conv deb 4 *s
98 *
72
104
55*
S
1955 Mi
Int Rys Cent Amer 1st
Int Telep A Teleg
mmmm
17
o
a
1956 j
♦1st 6b series B
Internat Paper 6s ser
Ref s f 6s series A
mmm m
60*
51*
50*
♦Certificates of deposit--
♦1st g 6s series C
mmmm
55
|*10-year conv 7% notes— .1932
Internat Hydro El
—
43
14
18
61*
!l932
Inter lake Iron conv
96* 107
98
*14*
IVI
.1966 J
BANKS AND DEALERS
FOR
104 * 104 *
*
J
_
§♦ 10-year 6s
44
106*
J
.1956 j
{♦Ind A Louisville 1st gu 4s—
Ind Union Ry 3*s series B__ .1986
44
106*
91*
37*
87*
106* 108
o
Illinois Steel deb 4*s
3943
Week's
123
124
121
121*
*
116*
119*
52
6
2
100
96
106*
100*
*58
"16
70
"l6
48
50
96*
95
90*
13
90
94*
76*
96
65
75*
1
*2*
82
74*
52*
118* 127*
110* 125*
101
104* 108*
98
75*
85*
45
90* 103*
89* 103
100*
75
New York Bond
3944
BONDS
N.
Last
Y. STOCK EXCHANGE
Week Ended Dec. 17
&
O
O
*28
30%
A
1960
..1964
♦1st 4%s series D
♦1st 5%s series A
♦Certificates of deposit
O
*30%
A
Newport 4 C Bdge gen gti 4%S1945
N Y Cent RR 4s series A..—1998
series C
3%S-_——1962
M 3 %8.1997
Debenture 4s
1942
Ref A lmpt 4 Ha ser A
2013
Lake Shore coll gold 3 Ha
1998
Mich Cent coll gold 3%s
1998
Ref A lmpt 5s
Conv secured
N Y Cent A Hud River
37%
37H
No.
Low
"22
30
36 H
13
32
High
61%
59%
64%
36
49
10
32
60
28
38
37H
30
6
30
65%
62%
3
32
67
*110
110
113%
Dec.
Low
90
12
89
72%
74
85
72%
90
91%
Parmelee Trans deb 6a
.1944
40
42
Pat A Passaic G A E cons 6e... .1949
77%
*.85
77%
79%
ft 87
52
68
55
81% 109%
Penn Glass Sand 1st M 4%s_. 1960
93%
44
*70%
70 X
72
84
83%
16
79%
84%
79%
89% 105
96% 108%
59%
06%
80
98%
Pa Ohio A Det 1st A ref 4
97%
93%
97%
75
78
20
69
64 H
64%
67
160
53
88 H
82%
91%
90
46
93
58
108
6
J
♦
F
A
2
114
2
79%
97%
aer
E trust ctfs
Penn-Dlxie Cement 1st 6s A... 1941
(75 %
91H
108
*109
48%
*49%
'"•4
45%
14
*40
102%
96%
71% 100%
87
105%
106
109%
108% 109%
44%
49 H
45%
105
45
102%
102%
102%
102%
122
*45
122
6
47
72%
37%
40%
72
00
97
105%
97% 105%
♦113%
—.
MN
*
Branch gen 4a.—. 1941 M
90
97% 101%
82
99% 107
82
105%
94% 109%
*102
%82
...
*
S
95
100
*
...
104%
100%
1939 A
♦Conv
O
M
8
21%
M
S
19%
19%
20%
20%
19%
21%
21%
20%
21%
21%
20%
21
24
34
36
9%
21%
75
75
A
O
J
J
M N
1966 J
*
20
20%
I20H
J
ii m
.1948 J
debenture 6s .
—
J
.1940 A
O
421
.1967 MN
♦Debenture 4s.
of 1927— 1907 J D
♦Harlem R 4 Pt Chee 1st 4a. 1964 MN
♦1st 4 ref 4 Ha aer
{♦N Y Ont A West ref g 4s.... .1992
M S
.1966 J
♦General 4a
D
134
I 9%
21H
6%
6%
{♦N Y Providence A Boston 4a. .1942 A O
4s... .1993 A O
3 Ha.. .1966 MN
J
{N Y Rys prior lien 6s stamp.. .1968 J
N Y A Richm Gas 1st 6a A
1961 MN
N Y 8team 6s series A
♦97%
*61%
107%
*90%
94%
107%
105%
105%
1947 M N
lstmtge 6s
1st mtge 6s...-...-
1961 M N
105%
1960 MN
105%
15%
N Y Telep 1st 4 gen s f
J
J
F
A
1943 MN
4 Ha—.
1939 MN
1967 J
J
1940 J
ref mtge 3Ha ser B
N Y Trap Rock 1st 6a
6s stamped
15
*11%
9%
43
43
106%
103%
D
100%
103%
*
1940
1940
{♦N Y Westell 4 Boot 1st 4Ha.
1966
Niagara Falls Power 3 Ha
Nlag Lock 4 O Pow 1st 6s A... 1966
Niagara Share (Mo) deb 5%s.. 1960
1960
Nord Ry ext sink fund 6 Ha
({♦Norfolk South 1st 4 ref 5s..
♦
Certificates of deposit
j"J
A
No Am Edison deb 6s ser A
4%
105
O
M N
A
O
1961 F
A
103%
105
1968
109
Debenture g 4%s
1970
109%
90%
General 4%s series D
1981
100
Aug 161963
F
Refunding gold 5s
—
April
Pere
..1974 M
1974 M
♦{Northern Ohio Ry 1st guar 5s—
♦Oct. 11934 4 sub coupons-1945
..
♦Og 4 L Cham 1st gu
47%
60
19
47
24
75
10%
20%
34
71
10
37
59
7%
20
37%
23%
75
99%
5
98
67
69
107%
92%
97%
107%
106%
105%
10
23
89
102% 108%
98% 107%
98
107%
10%
92%
11% 91
7
69%
43
100%
106
109%
63
101
5
25
16
157
10
9%
43
107%
104
95
101% 109%
90
106%
94% 108%
"l2
1
104
77
94%
70
70
98
5%
105%
107%
88
33
4%
100
22%
109%
Series F 4a guar
Series G 4a guar
102%
101
100%
103%
98%
9
45%
9
112
17
97
8
16
41
125
82%
122
106%
98% 105%
101% 106%
95% 107
120
125%
119
120
72%
83
87
87
J
94%
93%
97
Q
F
62
61%
62%
67
J
75
77
37
70
*8§"~
J
0
87%
89
191
J
♦75
*78%
77
98
79
"27
•102%
83
70
97
106
112
110
76
103
107
109%
104%
107%
g
4s
1948 J
J
J
J
Ohio Indiana 4 West 5a..Apr 11938 Q J
lOhto Public Service 7s ser B..1947 F A
Oklahoma Gas 4 Elee 3%a....1906 J D
debentures
Ontario Power N F 1st g 6a
1940 J
D
1943 F
A
Ontario Transmission 1st 5s—1945 MN
Oregon RR 4 Nav
con g 4s_..1946 J
Ore Short Line 1st cons g 68—1946 J
Guar stpd cons 5s
1940 J
Ore-Wash RR A Nav 4a
—1961 J
D
J
J
J
Oslo Gas 4 El Wka extl 6a—1963 M
S
Otis Steel 1st mtge A 4 Ha
J
1962 J
Pacific Coast Co 1st g 6s
1946
Pacific Gas 4 El 4s series G—_ 1964
*13
*7%
100%
100%
*111%
111% 111%
♦108%
iir 116%
117%
105
105%
100%
"71%
70%
107%
104%
100%
*
"~98%
97
34
2
37
♦109.21
Panhandle Eastern Pipe L 4s.. 1952
For footnotes see page 3945.
101%
84
95
59
101
98% 104
110
115
107% 115
106
I17""
2
117%
105%
68
100%
43
72
1
23
62%
108%
104%
106
100%
58
84
103%
103%
98%
114
115
121%
117
123
103% 107%
99% 103%
69%
92%
64
60
10
6
47
106
97%
109% 109%
96
106%
101% 101%
91% 100
109% 112%
101%
101%
112%
111%
85
103%
102%
*
A
14
102
109% 111
96% 100%
108
112%
109
116%
109% 116%
89%
115%
100%
105%
86%
95%
103%
126
115%
123
107
111%
95% 111%
82% 111%
116% 121%
108% 117%
00
5%
105
99
20%
113
76% 108
69
101
68
103%
97% 119%
129
119
4
107%
100
41
96
139
12
31
109
2
107% 117
87
100%
102
13
4%
100
50%
20%
8
30
106
109
85% 102
87
100%
Series H cons guar
Series I cons
.1963
—1957 MN
—1960 F
1963 F A
1964 M N
1970 J D
4s
4%s
Gen mtge 5s aeries A
Gen mtge 5s series B_
Gen 4%a series
1976 A
108
mmmmmmm
*
6s aeries C
1st 4%s aeries D
Port Gen Elec 1st 4%s
1st 5s 1936 extended to 1950
J
J
♦109%
42
♦Rhelnelbe Union s f 7s
42
10%
103%
10%
mmmmmmm
S
J
J
J
D
J
O
1
1
J
>-*
1
78
44
67
90%
93%
92%
92%
94
1
99%
26%
•
86
35
110
mmmmmm
112
9
82%
106%
83%
99%
26%
20%
*19
mm m mm
28%
104
20
61
17
1
106
70
100
7
28%
85%
90
84% 101
84
76
126%
104%
84% 108%
84% 108
88
115%
112
112
110
212
77
100
99% 130%
78
100
97% 106
22
32
"29"
18
19
30
19%
19%
19%
30%
30%
30%
84
92
3
29
1
28%
28%
8
88%
28%
S
9%
100
mmmm
29
mmm'mmm
88%
45%
mmmmmm
*27
mmmmmm
75%
108%
42
1
78%
105%
81%
98%
20%
78%
105%
♦Rhine-Westphalia El Pr 7a
1952 M
7
112"
J
f conv debentures
13
41
104
mmmmmm.
~87
*
J
1950 MN
♦Direct mtge 6s
.....1952 MN
♦Cons mtge 6a of 1928
1953 F A
♦Cons mtge 6s of 1930
1955 A O
Richfield OilCorp—
104
"85" "l9
mmmmmm
A
J
219
10%
92
MN
J
3
7
91
M N
1946 J
23
1
M S
♦Rhine-Ruhr Water Service 68.1953 J
120
45
93
J
F
m
"87""
92
97%
110%
119% 124%
"55"
81
77
96
00
108
104%
I
mmmmm
J
J
1
100 IN
•
101
107%
112% 113
96%
64%
----
"84%
""84%
108% 124
108% 123%
62
6
61
110%
7
D
A
5
50
— — — —
*77
MN
Remington Rand deb 4%a w w.1956 M 8
Rensselaer A Saratoga 6s gu
1941 M N
Republic Steel Corp 4%s ser A. 1950
Gen mtge 4%s series B
1961
Purch money 1st M conv 5%s '54
Gen mtge 4%s series C
1956
Revere Cop A Br 1st mtge 4%a.l956
53
104%
J
M
14
*110
54%
......
J
{♦Providence Sec guar deb 4a..1957
{♦Providence Term 1st 4a
1950
Purity Bakeries 8 f deb 5s.....1948
{♦Radio-Keith-Orph pt pd ctfs
for deb 6s A com stk (65% pd)...
(♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 4a. 1951
Gen A ref 4%s series A
—1997
Gen A ref 4%s aeries B
1997
mmmm
110%
109%
103%
70
60
Porto Rlcan Am Ton conv 6s..1942 J
mmmmm
111
03%
*
D
113
120"
♦ins
1UO
1962 F A
1974 J D
1977 J D
—.1960 M S
1st gen 5s series B
114%
114%
125%
124%
109
♦119%
*110%
110% 109%
109%
103% 102%
J
1948 J
112%
111
109
------
1959
1960
4%s series C
Pitta Y A Ash 1st 4s aer A
a
mmmm
107% 111%
107% 113%
106
113%
110% 113%
110
O
1977 J
C
let mtge 4%s series B
1st gen
"""3
*109
Pitta Va A Char 1st 4a guar
1943 MN
Pitta A W Va 1st 4%s aer A—.1958 J D
1st mtge
110%
90%
6
26%
83%
10
103
101
103%
1965 F
14
101%
96%
100%
Pacific Tel A Tel 3%b ser B...1966
Ref mtge 3%s ser C
1966
Paducah 4 111 1st a f g 4 Ha
1955
Paramount Broadway Corp—
1st M b f g 3s loan ctfs
14
11%
I62""
102%
101%
108%
104%
100%
1st 4 ref mtge 3%s aer H...1981
1st 4 ref mtge 3%s ser I....1966
Pao RR of Mo 1st ext g 4a..—1938
2d ext gold 6s.
1938
gold..
Series J cons guar 4%s
4s
Stamped..............
88
102
105%
100% 107
113%
J
J
40%
118%
110
95% 106%
110
100%
110%
*110%
*110%
J
45%
117%
100%
100%
102%
98%
101
107
*108
J
Q
J
Series C 4%s guar..
Series D 4s guar
{♦Postal Teleg A Cable coll 56.1953
J
A
1940
1942
1942
..1946
Potomac Elec Pow 1st M 3%a.l966 J
Pressed Steel Car deb 6a
1951 J
101
96
107
mmmmm
Plxta C C C A St L 4%a A
Series B 4%s guar
104
22
104
109
15%
*
80
101H 106%
2
5
Pirelli Co (Italy) conv 7a..—.. 1952
Pitts Coke A Iron conv 4 %a A. 1952
77%
3
114
106
109
108
11%
202
118
4%
11%
11%
75
27
78
75
14%
s
95% 109%
9
32%
31
8%
12%
10
74
105%
4%
106
11%
10%
60
15
15
11%
83
106
12
1
1
92
1937
f 4s
Plllabury Flour Mills 20-yr 6s.. 1943
(♦Philippine Ry 1st
11
90%
1949
98%
72%
81%
90% 112%
60%
82%
J
""SI"
60
59
70
Ohio Connecting Ry 1st 4s....1943 M S
Ohio Edison 1st mtge 4a......1965 MN
1st mtge 4s
1907 M S
1st mtge 3%s
J
—1972 J
4s
44%
♦Conv deb 6s
8
105
118
1907
5s series A
18%
18%
70
J
sec
10
*70
J
Phila Co
6
100%
111%
*106%
107%
1981
31
60
111
1977
{♦Phila A Reading C AI ref 6s. 1973
S
J
72
100
1974
General g 4%s series C
General 4 %s series D
74%
94%
8
J
General 5s series B
71
74
100%
97%
♦Oct 1937 and sub coupons.. 1945
♦Stpd aa to sale of April 1 '33 to
April 11937 lncl coupons..1945
North Pacific prior lien 4s
1997
Gen lien ry 4 Id g 3s Jan
2047
Ref 4 lmpt 4 Ha series.A
2047
Ref 4 lmpt 6s series B......2047
Ret 4 lmpt 6s series C—....2047
Ref 4 lmpt 6s series D
2047
Nor Ry of Calif guar g 6s......1938
Northwestern Teleg 4 Ha ext.
1944
1956
80%
1
116%
109%
7%
82%
94
107%
Nov 161969 NM
North Cent gen A ref 5s
Gen 4 ref 4 Ha series A.
.....
24
105
105
let g 4%s series C
1980
Phelps D dge conv 3%s deb... 1952
Phila Balv A Wash 1st g 4s
1943
111
208
60
7%
1956
Marquette 1st aer A 5s
75
90%
89
108%
60
1974
109%
100
87%
"l09%
1990
Peoria A Pekln Un 1st 5%s
44
100
116%
1947
144
99%
87%
1943
Peoria A Eastern 1st cons 4a— 1940
4s
88%
10
99%
99%
1952
98
S
A
1984
Gen mtge 4%s series E
Conv deb 3%s
Peop Gas L A C 1st cons 6a
Phila Electric 1st A ret 3%s... 1967
28
5
105
46%
46%
42%
101%
mmmm
70
1965
47
8%
2
112%
General 4 %s series A
General 6s series B
98
128
rnm'mmm
118
98
10%
6%
110
110%
92%
93
172
101%
*111%
112%
7
mmmmm
100%
110
110
94%
11%
1967 M
♦100
110
118%
19%
70
*65%
4%
M S
({♦Norfolk 4 South 1st g 6s—1941 MN
Norf A W Ry 1st cons g 4a
1996 O A
North Amer Co deb 5s
1961 F A
Deb 6 Ha aeries B
Deb 6s series C—
97%
A
F
7
1960
20%
65
51
93%
118%
8
45
98%
10
1970
10
7
2
101
88%
"ioI%
96%
103
103% 107%
mmmmm
104%
103%
Series E 3%s guar gold—..1949 F
8%
N Y 4 Putnam 1st con gu
{♦(N Y Susq 4 West 1st ref 6a. 1937
1937
(♦2d gold 4 Ha
1940
♦General gold 6a
—
100
9
N Y Queens El Lt A Pow
♦Terminal 1st gold 6s
99% 102
105
106%
101% 108%
mmmm
88%
May 1 1948
Gen mtge 3%s aer C—
Consol sinking fund 4%s
----
103%
102%
1948
Consol gold 4a
----
"l03%
Pennsylvania PAL 1st 4%s... 1981
1943
Pennsylvania RR cons g 4s
♦Income
116% 125%
109% 117%
97%
1981
4Hs series B
101
90
39%
High
105%
116% 122%
79%
104%
103%
88%
%s A. 1977
1st 4s series B
♦Conv debenture 3 Ha
98
193 H
N Y Lack A West 4s ser A— 1973 M N
1973 M N
4Ha series B
---•
N Y L E A W Coal 4 RR 5Ha. 1942 MN
J
N Y L E A W Dock 4 lmpt 6s. 1943 J
♦Collateral trust 6s
"i0i"
J
2000 MN
{♦N Y 4 N E (Boat Term) 4a_.
1»NYNHAH n-c deb 4s— 1947
♦Non-conv debenture 3%s_. 1947
♦Non-conv debenture 3%s.. 1964
1966
♦Non-conv debenture 4a
1960
♦Non-conv debenture 4a
♦103%
1952
85
deposit
N Y Edison 3%a aer D
1966 A O
1st lien A ref 3%s aer E
-1960 A O
N Y A Erie—See Erie RR
N Y Gas El Lt H A Pow g 68-1948 J D
Purchase money gold 4a
1949 F A
N Y A Long
*
------
1963
72
Certificates of
6e—. 1946
*
.1944
Guar 3 %s trust ctfs D
Guar 4s
J
4
12
*118%
♦102%
28-year 4a
—1963
1961
1938
gold3H«
......
♦Paulista Ry 1st ref a f 7a
.1942
Penn Co gu 3 Hs coll tr aer B_. 1941
Guar 3%a trust ctfs C
.1942
4s sterl stpd dollar
N Y A Greenwood L gu g
.1968
77% 106%
103
Low
89
74
86
85
No.
High
89
99
i
Sines
Jan. 1
Asked
.1947
40
A
&
.1955
83%
90%
104%
69%
96%
Bangs
|2
Friday
Bid
1937
3%s conv debentures
PariS-Orleans RR ext 5%s
80H
89 H
69%
Ha series A-----1974
Ref 4H» aeries C
------J978
3-year 6s........-.--Oct 1 1938
4s collateral trust—--1940
N Y Connect 1st gu 4 Ha A
1963
N Y A Harlem
Price
81H
89%
16 9%
Ref 6
Serial 6% notes
Range or
Sale
17
18,
|
Paramount Pictures deb 6s
N Y Chic A St Louis—
1st guar 6s series B
N Y Dock 1st gold 4s
Last
8TOCK EXCHANGE
Week Ended
MN
1946
2013
2013
A
38
N. Y.
Jan. 1
51
38
35%
196® P
10-year 3%s sec s f
Ref 4 Impt 4 %s series
High
35
♦Certificates of deposit
♦1st 6s series C
Sines
Asked
36%
BONDS
Bangs
Friday
Bid
Low
A
♦let fie series B—...—...1964 A
Dec.
Week's
Friday
Bangs or
Sals
Pries
t|W O Tex A Mex n-c Inc 5S..1935
Record—Continued—Page 5
Week's
Friday
"l7
82
103
111
99% 107%
94% 100%
84
102%
95
102%
99
105%
98% 104%
108% 108%
97
101%
Richm Term Ry 1st gen 6a....1952
♦Rima Steel 1st s f 7s
1955
{♦Rio Grande June 1st gu
♦Rio Grande West 1st gold
59
75%
J
55
mmmm
48
60
*20
68%
mmmm
91
45
19
91%
44
44
84
19%
21
36
20%
9%
♦Ruhr Chemical
s
.1948 A
f 6s
♦Rut-Canadian 1st gu g 4s.
*11R
♦Stamped.
rl08% rl08%
9%
20%
O
1949
*10%
mmmmmm
St Lawr A Adlr 1st g 5s
2d gold 6s
10%
15
42
5
....
13
28%
25%
32%
10
13%
10%
34%
10
15
42
*
8
20%
6
99% 2100%
*108
18%
62%
110% 117
107% 109%
2
20
100%
mmmmmm
"""2
10%
101%
10
"156%
1996
I960
16
13%
13%
10%
1941
♦Stamped
Safeway Stores s f deb 4a
1947
Saguenay Power Ltd 1st M 4%a *66
ISt Jos A Grand Island 1st 4a—1947
10
20%
10
mmmmmm
...
♦Rutland RR 1st con 4%s
101% 104%
*45
O
.1949 A
5
m
amm
1977 M S
1962 M S
({♦R I Ark A Louis 1st 4%s._1934 M 8
♦1st con A coll trust 4a A
104
mmmmmm
A
D
6s..1939
4s. .1939
Roch G A E 4 %s series D
Gen mtge 5s series E
11
109
99% 103%
97
104%
107
112%
94
mmmmmm
*11"-.
96
103%
97%
92
102
St Louis Iron Mt A Southern—
♦§Rlv A G Div 1st g 4s
♦Certificates of deposit..
1933
M N
62%
61%
*69
{♦S L Peor A N W 1st gu 5s—.1948 J
1955 J
{♦St L-San Fran pr lien 4s A—1950 J
♦Certificates of deposit
St L Rocky Mt A P 6s stpd
15
J
j"j
16%
55
59
80
17
89%
88%
15
48
*65
77
70
85
14
16
92
10%
13
13
13%
67
10
37%
33%
38
11%
14
10%
160
9%
8%
14%
16
13
12
1978 MS
♦Ctfs of deposit stamped.—
12%
12
10%
io%
13%
13%
12%
1950
39
14%
J
J
64
♦Certificates of deposit..
♦Prior lien 5s series B
♦Con M 4%s series A
69
104
J
mmmmmm
103
36%
33%
33%
30%
Volume
New York Bond Record—Concluded—Page 6
145
3945
.
Week's
Range or
BONDS
.
1
Friday
Range
-
i
»
Week Ended Dec.
Asked
s?S
<§3
High
STOCK EXCHANGE
N. Y.
No.
Friday
17
Bid
{St L SW 1st 4s bond ctfs
1989
♦2d g 4s too bond ctfs—Nov 1989
{♦1st terminal A unifying 58.1952
♦Gen & ref g 5s series A
1990
St Paul A Duluth 1st con g 4s.-1968
A
32 H
4
26 H
20
19 H
High
100
69
10
69
36
3
15H
St Paul Un Dep 5s guar
—1943
S A A At Pass 1st gu g 4s
1st
E 4s—1965
Santa Fe Pres A Phen 1st 5S..1942
{♦SchUlco Co guar 6H8
1946
Ban Diego Consol G A
s
f 6
27
♦{Wabash RR 1st gold 5s
1939
MjjN
70
♦2d gold 5s
♦1st lien g term 4s
♦Det A Chic Ext 1st 5s
♦Des Moines Dlv 1st g 4s
113
1989
{{♦Seaboard Air Line 1st g 4S--1950
{♦Gold 4sstamped
1950
♦Adjustment 5s
Oct 1949
{♦Refunding 4s
1959
1941
1939
1941
1941
28 H
27 H
44
25
43*
♦Ref A gen 5s series D
10
13
35 H
10
36 H
13H
Walworth Co 1st M 4s
♦Silesia Elec Corp 6 Ha
98
1946
Blleslan-Am Corp coll tr 7s
Simmons Co deb 4s
1941
77 H
1952
85
1951
-1950
Skelly Oil deb4s_
Socony-Vacuum Oil 3 Ha-
Southern Calif Gas 4 Ha
1st mtge A ref 4s
Southern Colo Power 6s A
50
4s
Devel A gen 4s series A
Devel A gen 6s
St Louis Dlv 1st g 4s
lien g 5s
Mobile A Ohio coll tr 4s
reor
130
89 H 100H
75*
118
66
170
65*
65*
200
86 H
91
68H 100H
58 H
98
58
97 H
96
97 H
67
84 H
13
102
101H
99 H
65
103
101
102 H
109 H
85 H
108H
100 H 100 H
112H
86
53
79
55
96
69 H
81
43 H
85 H
63
105H
73 H
81
90
100
1943
♦Studebaker Corp conv deb 6a. 1945
Swift A Co 1st M 3*8
1950
Tenn Coal Iron A RR gen 5a—1951
1
11H
18
100 H
100
79
"65""
41
106
31
100
Ha—1939
1st cons gold 5s
1944 F
Gen refund a f g 4s
1953
Texarkana A Ft S gu 5 Ha A—1950
Texas Corp deb 3 Ha
1951
Tex A N O con gold 5s
1943
Texas A Pac 1st gold 5s
2000
10
"86* ""29
83H
95 H
109H
"
59 H
40
106
102..
103
159
102 H 107 H
115
126
93 H 105
82H 104
109H
107 H
107 H
Term Assn of St L 1st g 4
95
100
100
105
98 H 106
11
122
1947
77H
102
14*
102*
*119
B—1944
C—1944
15
108*
102 H
101H
14*
101H
99 H
*100 *
60 *
105 H
1961
5
80
79
110H
71H 103
99
107*
55 H
101H 105 H
74*
3
106
115
105 H 111H
115*
115*
22
108 H
108 H
109
14
104*
104 H
2
87
108H
100
105H
105
105 H
110
103 H
114
114
118H
59
87
87
1
1955 A
110H 128 H
Gen A ref 5s series B
1977
88
87 H
88 H
15
83
Wash Water Power s f 5s
1939 J
Westchester Ltg 5s stpd gtd.._1950 J
1979
87*
86 H
82
25
80
110H
101)4
S
120 H
120 H
1
J
*109)4
107 H
108)4
55
91
88H 106H
7
94H 108 H
106
111H
101H
107 H
J
29
106H 111H
93)4
1st A ref 5 Ha series A
West N Y A Pa gen gold 4s
1977
J
97
95 H
97
1943
o
{♦Western Pac 1st 5s
1946
s
10754
19
46
16H
40H
42
16 H
9954
22
98
39 H
104H
59
59
64
59
111H
6554
63 H
65 H
~75H
73 H
18H
9954
66H
6954
66 H
20 H
75 H
67
67
107
107
5
105
107H
111
Ill
1
106
113H
87
55
1938
J
1950
IVI N
D
1960 IVI
S
♦Westphalia Un El Power 6s... 1953 J
2361 J
J
2361 J
63
H
20)4
J
West Shore 1st 4s guar
J
Wheeling A L E Ry 4s
D...1966 M S
ser
RR 1st consol 4s
107"
1949 M S
Wheeling Steel 4Ha series A.-.1966
White Sew Mach deb 6s
*92 H
J
Wllmar A Sioux Falls 5s
.
1942
16
Wilson A Co 1st M 4s series A.. 1955
3Hs
1947
Winston-Salem S B 1st 4s
1960
{♦Wis Cent 50-yr 1st
1949
gen
4s
♦Certificates of deposit
♦Certificates of deposit
{♦Wor A Conn East 1st 4 Ha—.1943
8H
i""j
63H 109H
5
70H 100H
67
96
10
■
84H 103 H
12 H
47
13
12 H
47
43
6H
m
m
62
101H 104
10
33
83
92
104
iz
82 H 100
23
3
106 H 115
15
32
10H
2
12)4
9)4
28
97 H
98
25g
6H
8H
5
—
35^
320
11
8
8H
—
105
92
109 H
*
25 H
19
49
8H
10154
9754
754
{♦Sup A Dul dlv A term 1st 4s '36 MN
65 H 107 H
167
17
754
10154
96 H
"9654
82 H
82 H
*10854
13)4
"l3H
12)4
1938
108
20
7H
J
2
100 H
*15)4
J
7s A. 1935 MN
conv
{♦Wllkes-Barre A East gu 5s..
Conv deb
85H
86H
A
„1940 MN
{♦Wlckwlre Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank
♦Ctfs for col A ref
F
109%
17H
98H
18
1951 J
102
107 H
18
"l9~"
1946 IVI s
Registered
108H 112 H
104H 108 H
116
127H
96 H 101H
117
123H
2
105)4
121H
10154
92 H
25-year gold 5s
30-year 5s..
80
24
6
7
96
105
Youngstown Sheet A Tube—
e
97 H
1961 MN
1st mtge s f 4s ser C...
Cash sales transacted during the current
72
weekjand not included
in the yearly
range:
No sales.
r
Cash sale; only transaction during current week,
a Deferred delivery sale; only
n Under-the-rule sale; only transaction
during
{ NegotlablUty Impaired by maturity,
t Accrued
interest payable at exchange rate of $4.8484.
transaction
during current week,
current week,
x
Ex-Interest.
7 Bonds called for redemption or nearing maturity.
{ Companies reported as being in bankruptcy, receivership, or reorganised under
Section 77 of the Bankruptcy Act. or securities assumed by such
companies.
*
♦
Friday'8 bid and asked price. No sales transacted during ourrent week.
Bonds selling flat.
Deferred delivery sales transacted during the ourrent week and
In the yearly range:
z
not Included
No sales.
108
87
88 H
88 H
35
88
102H
93
est g 4 Ha
76
77
100
O
Funding A real
99 H
106
*10754
*10954
105)4
*121H
J
...1966 J
A
90
100H
97
1952
ser
67 H
75
3
70
D
Gen mtge 3Hs
1967 J
West Penn Power 1st 5s ser E..1963 M
1st mtge 4s ser H
1961 J
1st mtge 3Ha series I
Western Maryland 1st 4s
10
106H
Gen A ref 5s series C
42
S
2000 F A
Washington Cent 1st gold 4s—1948 Q-M
Wash Term 1st gu 3 Ha
1945 F A
1st 40-year guar 4s
1945 F A
Western Union coll trust 6s
108 H
101H 107 H
98H 106 *
94 H
6s debentures
♦5s assented
98* 102
3
69 H
25H
82 H
102 H
102*
105
46
85 H
1938
Tenn Elec Pow 1st 6s ser A
73
100H 107 H
62
62 H
B—1964
S'weetern Gas A Elec 4s ser D—1960
♦{Spokane Internet 1st g 6a—1955
Staley (A E) Mfg 1st M 4s
1946
Staten Island Ry 1st 4 Ha
94
64*
63 H
S-western Bell Tel 3 Ha ser
Standard Oil N J deb 3s
18 *
10
26
93 *
89*
100
50 H
96
1956
-.1956
1996
1951
1938
Devel A gen 6 Ha
Mem Dlv 1st g 5s
102
54H
94
94 H
92 H
14 H
4H
93
78
118
1994
1956
Southern Ry 1st cons g 5s
3*
67 H
73
1955
1955
1st 4s stamped
6H
17
1
121
84
101H
39 H
30
81
107 H
98 H
D
1950
San Fran Term 1st 4s
Tenn Cop A Chem deb 6s
Tennessee Corp deb 6s ser
44
41
109H
70
41
*106*
Lines) A...1977 M
1968 M
Gold 4Hs1969
Gold 4 Ha
1981
10-year secured 3*a
1946
100
1941 M
13
1st 4 Ha (Oregon
12
f ♦Warren Bros Co deb 6s
Warren RR 1st ref gu g 3 Ha
"40
Gold 4 Ha
68
1955 A
103 H
23*
22*
38H
14 H
68
96
103
6H
107 *
O
103
75
loiH
1946
44
40
74H
107 *
1st mtge pipe line 4 Ha——1951 A
So Pac coll 4s (Cent Pac coll).-1949 J
10H
15
78
85*
94 *
106 *
98 H
93 *
13H
69
101*
1947
Southern Kraft Corp 4Ha
Southern Natural Gas—
43 H
71
14
72
*118
1962
1961
1965
South Bell Tel A Tel 3 H s
10H
10 H
15
78
77*
94 *
"12H
68
20 H
106 H
South A North Ala RR gu 5s.—1963
44
27
10
O
100
85
10 H
12
5
1939 M S
"59 *
77 H
45
13
Warner Bros Pict deb 6s
*98 H
59 *
20 H
11H
15H
10H
20 H
98*
70 *
69
66
20
4*
1951
Shlnyetsu El Pow 1st 6 Ha
1952
♦ISlemens A Halske s f 7s.__-.1935
♦Debenture s f 6Ha
1951
71H
99H
44 H
41H
5H
5*
1935
40
97H
5
9H
Shell Union Oil deb 3 Ha
1
1
22 H
4*
81
60
_
mmmm
296
10
1933
{♦Seaboard All Fla 6s A ctfs.—1935
♦Series B certificates
2*
89
8*
6*
4s
So Pac RR 1st ref guar
22
—
86
106H
15
13H
♦Certificates of deposit...
Walker(Hiram) GAW deb 4^8.1945 J
♦Certificates of deposit
gu
A
1980 A
51
97
....
40
13H
U H
O
1976 F
17 H
4*
98 %
82 H
91
O
25H
♦Certificates of deposit
♦Ref A gen 4 Hs series C
1978 A
♦Certificates of deposit._.
"i5H
103H
30
10
♦Ref A gen 5s series B_
43
110
65
9
55
13H
41*
*111*
101H
107H
68
94
40
18
121
84
101
38
♦
110
103
-
48
*
♦Omaha Dlv 1st g 3Hs
19 H
1945
6s series A
{♦Alt A Blrm 1st
East Tenn
38
*45
41H
47
71H
*
27 H
20
♦Certificates of deposit.
cons
A
25 *
Scioto V & N E 1st gu 4s
70
High
8
104 H 109H
45
67
10
105
104 %
1954
!♦ Wabash Ry ref A gen 5Hs A. 1975
♦Certificates of deposit
9
40
64 H
*52
♦Toledo A Chic Dlv g 4s
115
110
1939 F
Jan. 1
Low
103
105
*25*
1946
His series B
♦Stamped.
♦1st A
*90
J
S
124
11
109 H
50
O
cons
18""
*
♦Stamped
♦Guar
10
*109
*112*
5s
1958 A
80 H 103*
108* 112 H
105H 110*
49
83
109 H
109 H
No.
50
1966 M
113
eqii
9H
109H
Virginian Ry 3*8 series A
101H 106*
80 H
80 H
9H
109 H
S
Since
Asked
&
D
1942
—p-, -.
Range
83
High
Bid
.1955 MN
37
119
Ban Antonio Pub Serv 1st 6s. .1952
Price
7H
14
9*
119
Friday
8
102
1940
1972
Range or
Sale
II
Va Iron Coal A Coke 1st g 5s... 1949 M
Va A Southwest 1st gu 4s .....2003 J
St Paul Minn A Man—
tPacific ext gu 4s (large)
STOCK EXCHANGE
Week Ended Dec. 17
♦Vertlentea Sugar 7a ctfs
Virginia El A Pow 4s ser A
109H
96
9H
Y.
Low
74H
65 H
54
32H
24H
"25
{♦St Paul E Gr Trk 1st 4 Ha—1947
{♦8t Paul A K C Sh L gu 4H8-1941
N.
Jan. 1
Low
Last
BONDS
Since
.
Week's
108H
1980
Tex Pac Mo Pac Ter 5 Ha A—1964
Gen A ref 6s series D
1960
Jan 1960
1937
1952
J J
A O
J J
1953
Tol A Ohio Cent ref A Imp 3H8 1960
Tol St Louis A West 1st 4s
1950
Tol W V A Ohio 4s ser C
1942
Toronto Ham A Buff 1st g 4s—1946
Trenton G A El 1st g 5s
1949
J D
J D
Third Ave Ry 1st ref
4s
♦AdJ lnc 5s
{♦Third Ave RR 1st g 5s
Tide Water Asso Oil 3 He
Tokyo Elec Light Co Ltd—
sec s
62 *
61H
99*
J
M N
106 H
ll7H
;. 1952
J
1st Uen A ref 5s.
1970
1971
A
O
M N
"94*
94
O
106 H
Un Cigar-Wbelen Sts 5s
United Drug Co (Del) 5s
A
O
67 H
U N J RR A Can gen 4s
M
—1952
1953
1944
^♦United Rys St L 1st g 4s
1934
U S Pipe A Fdy conv deb 3H8-1946
M
77
♦Sec
s
f 6 Ha series C
A—1951
1951
M N
J
"
J
Light,1st 5s
-1944
{♦UtU Power A Light 5 Ha.—- -1947
{♦Debenture's—
1959
Vanadium Corp'of Am conv
5s_1941
F
J
.
F
A
83
97
108H
103
94
106
*64
*76 H
*109
2
10
26
mm
m
22
"24"
A-26
*26 If 26
M 25H & 26H
*86
# 87
£ 86
487*
i 88
i50H i 50 * 1151
50* fc 50 HA 51
104
119
123
26
101H
90
York
Stock
69
102 H
Stocks,
Week Ended
Dec.
17 1937
Railroad A
State,
United
Total
Number of
Shares
MisceU.
Municipal A
States
Bond
Bonds
For'n Bonds
Bonds
Sales
$3,169,000
5,602,000
5,484,000
Friday—
389,970
1,017,384
896,330
929,480
1,033,830
792,760
6,161,000
5,959,000
902,000
1,184,000
867,000
990,000
772,000
5,059,754
$32,545,000
$5,318,000
Saturday—
11
Thursday
106 H
110
116H
30
90 H
101H
91H 101H
50 H
72 H
67 H
103 H
23
1937
Exchange
Stocks—No' of shares.
«
$39,924,000
17
1936
Jan. 1 to Dec.
1937
5,059,754
12,394,436
395,339,392
479,894,958
$2,061,000
»
5,318,000
32.545,000
$342,995,000
336,110,000
2,025,409,000
$310,647,000
State and foreign
$5,892,000
12,549,000
69,584,000
339,389,000
2,796,195,000
$39,924,000
$88,025,000
$2,704,514,000
$3,446,231,000
Bonds
Railroad and Industrial
I
Total
170H
100
29
22
107 H
33 H
23H
50
32 H
19 H
32 H
85 % 105 H
84
106*
82
41
41
are
Tthe
daily closing
stocks and bonds listed
69
48
Stock and Bond
Below
on
Averages
averages
of representative
the New York Stock Exchange
67 H
27
23
as
compiled by Dow, Jones & Co.:
Stocka
Bonds
10
A
O
{♦Vera Crux A P 1st gu 4 Ha—1934 J
J
{♦July coupon off
83 %
""I*
-mm*
81H 111
mmmm
110
8
113H
1H
4
Total
20
Total
10
First
Second
10
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
roads
ties
Slocks
trials
Rails
Rails
ties
Bonds
5H
4
10
20
Rail¬
trials
Date
30
Indus¬
107H HI
~mm~
*82
1~—
17
1936
Government
36 H
106
1
$2,061,000
114H
92
2
525,000
$3,936,000
6,832,000
6,915,000
7,479,000
7,506,000
7,256,000
105 H 109
108
-
6,170,000
$164,000
328.000
247,000
442,000
355,000
New York Stock
109H
111H 116H
47
$603,000
Week Ended Dec.
Sales at
23
103
7
...
Wednesday!
116H 121H
101
114H
10
8
—
Monday
Tuesday
'
97 H
20
17
Exchange,
100
27
---
{ 112H
104 H
j
26 H
105 H 105 H
102 H 107 H
90
.
_
Vandalla cons g 4s series A..—1955 F
Cons 8 f 4s series B
1957 M N
#93*
104 * il03H
♦Sink fund deb ,6 He ser A—1947
Utah Li A Trac 1st A ref"5s
1944 A
Utah Power A
112 *
106 H
%'24
J
J
12
117*
106 *
113H
107*
115H
94 *
94*
106*
67 H
78*
117*
*109
U 8 Rubber 1st A ref 5s ser A—1947 J
♦Un Steel works Corp 6Hb
106 H
115H
United Biscuit of Am deb 5s—1950 A
11
mm
75H
106 H
106 H
June 2008 M S
34-year 3 Ha deb
35-year 3Hs debenture
61
116
—
a95
♦
113*
106H
3
H
100
74H
75 H
J
J
Union Pac RR 1st A Id gr 4s.—1947 J
1st Hen A ref 4s—
June 2008 MS
105
a95
A
debentures
101H
5H
New
Total
-
—
105 *
*96
105 *
1945 M S
1962 J
J
O
{ {♦Union Elev Ry (Chic) 5s—1945 A
3 Ha
46 H
101H
96 H
96
15
99*
93 *
107*
103 H
*105*
103 H
*116H
A
A—1942 F
134
64
A O
UJlgawa Elec Power s f 7s
Union Electric (Mo) 3*8
Union Oil of Calif 6s series
76
100*
100H
M
J D
M S
1952 F
f 7s
81H
*71
the
at
Daily, Weekly and Yearly
73H
76 H
124
7
6
6
lOOH
29H
_
deb A.-1953 J
Tyrol Hydro-Elec Pow 7H8—1955
Guar
J
.
1st 6s dollar series
Trl-Cont Corp 5s conv
J
56
31*
29H
29H
Transactions
107H 110H
105
Dec. 17.
124.98
31.43
21.42
42.06
104.24
103.05
62.78
103.69
93.44
Dec. 16-
125.75 I
31.68
21.57
42.34
104.08
103.08
62.99
103.51
93.42
Dec. 15-
124.19 I
31.38
21.46
41.88
104.15
102.86
63.16
103.55
93.43
Dec. 14.
123.50
31.30
21.35
41.68
104.18
103.21
63.10
103.80
93.58
Dec. 13.
122.83
31.30
21.50
41.58
104.31
103.10
63.38
103.71
93.63
Dec. 11-
126.83 1
32.36
21.97
42.88
104.35
103.14
63.46
103.71
93.67
New York Curb
3946
Exchange—Weekly and Yearly Record
Dec.
18,
1937
Referred delivery Bales are disregarded In the week's range unless they are the only transactions of the week, and when selling outside of the
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.
NOTICE—Cash and
regular weekly range are
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (Dec. 11, 1937) and ending the present Friday (Dec. 17, 1937).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
week
Sale*
Friday
Par
20
Aero Supply Mfg class A.*
Class B
*
Agfa Ansco Corp com
1
Alas worth Mfg common, 6
Air Devices Corp com
1
Week't Rang*
for
SaU
of Price*
Week
Price
Acme wire v t c com
3%
26%
17
17
17
3%
22 X
3%
23
7%
6%
common
12
Oct
16
Oct
Oct
38
May
22
Feb
7% 1st preferred
4
May
Borne Scrymser Co
1%
Dec
80
55
Oct
87
Jan
60 X
Oct
77
Jan
Sept
5%
Jan
Dec
5%
Mar
Dec
2%
Jan
11
Dec
5
Oct
15
77
77
80
Nov
72 %
107%
2,260
50
107X 107X
Aluminum Goods Mfg
14
Aluminum Industries com*
Nov
Dec
Oct
June
24
American Airlines Inc—10
70
98
200
10%
American Beverage com
Jan
48
Jan
Amer Box Board Co com.l
Mar
Dec
131
May
1,400
100
1
Oct
32%
3%
50
48
Dec
75
Oct
24%
Oct
8X
9X
700
5
3%
3%
400
3%
Nov
X
Oct
23 X
Nov
Feb
Jan
Jan
Mar
Apr
American Capital—
Class
A
common—10c
10c
3%
Common class B
""160
~23% "23%
S3 preferred
16.50 prior pref
11
1%
42
Mar
Feb
Feb
78%
Amer Centrifugal Corp—
1%
1%
Oct
89%
Mar
1%
Oct
5%
July
900
1%
Am Cities Power A Lt—
25
Class A
Class A with warrants 25
Class B
Amer Cyanamld class
Class Bn-v
28%
26%
3%
A, 10
"22%
Amer Foreign Pow warr—
Amer Fork A Hoe com—•
1%
American General Corp 10c
12 preferred
12.50 preferred
110
4%
1
1
Amer Hard Rubber
com,
Amer Invest (111) com
60
25
Oct
20%
27%
3%
1,000
22%
3
Preferred
13%
Arcturus Radio Tube
1
Arkansas Nat Gas com.,.*
Common class A
*
Preferred
10
4
7%
0%
6%
6
36%
Feb
42
Feb
4
10%
103%
X
3%
3%
7%
X
.10
30
25
30
950
5%
6%
2%
com.
.
4
2,200
Oct
Oct
2%
Nov
X
3%
3%
39%
39%
22%
2,000
3
Oct
5%
Oct
30%
700
3%
9
60
37%
3%
3%
6
8
15%
21
15%
16%
1,400
Nov
51%
20
Oct
Oct
25%
106%
31%
13%
*
1%
32
Oct
Burma Corp Am dep rets..
Burry Biscuit Corp..l2%c
Cable Elec Prod vtc
Cables A Wireless Ltd—
Oct
26%
Jan
28%
Jan
Oct
54%
Apr
2%
2%
Oct
82
Canada Cement Co com..*
Canadian Car A Fdy pfd 25
Canadian Indus Alcohol A*
Oct
Oct
Oct
2%
59
2%
63
Mar
3
2%
400
2%
Dec
200
2
Oct
8
1%
Mar
Jan
Canadian
__1
1%
Jan
Capital City Products
*
Carlb Syndicate
—25c
"1%
Apr
Marconi
Nov
9%
Nov
Oct
1
10%
Jan
Jan
Carnation Co
Oct
3
Oct
Feb
Oct
42%
110%
3
Feb
Oct
Jan
*
common
Carrier Corp
Carter (J W) Co
Dec
*81
Jan
Oct
Feb
IX
Oct
15%
8%
Jan
20
Nov
13%
Mar
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
%
Oct
Jan
1
Oct
6%
'12
X
Oct
Oct
Feb
Jan
Dec
3
5%
39%
Jan
7,2
1%
Jan
Feb
Jan
% May
40
80
83%
80
29%
6%
32%
6%
13%
7,600
7% 1st partlc pref...100
Celluloid Corp common. 15
87 dlv preferred
•
""2% "3
X
1%
7%
7X
6% pref without
7% preferred
warr
7
7%
9
Mar
1X
6%
Oct
600
300
6
Oct
Oct
9
11%
16%
Feb
Mar
Aug
160
13%
800
60
..100
'l5X
Conv preferred
100
Conv pref opt ser '29.100
6,800
2
Cherry-Burr ell com
5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 6
Chic Rivet A Mach
Chief Consol Mining
Oct
Nov
Dec
15%
15%
200
8
7%
8%
1%
500
2%
8
3X
IX
1,600
iox
5
X3X
250
4%
1,300
5
200
20
""ix
1
'"2%
100
IX
15*
T.400
3X
600
4,100
165 +* 165
lux
40
115X117%
30
3%
5
1
IX
300
*
*
%
hi
iox
100
30%
25
7X
7X
6X
6%
18%
For footnotes see page 3951.
Oct
Dec
8
400
7%
19%
800
300
200
%
6%
15%
Apr
1
Oct
6%
Jan
%
2%
Oct
Oct
2%
27%
Jan
15%
325
7
Oct
52
Jan
Oct
50
3
Oct
33%
26%
2%
Oct
7
3%
900
20%
7
200
200
6
6%
239
9%
%
40
35
9%
%
36%
2%
150
95%
750
32
300
7
he
1,500
75
34,100
13,500
30
1%
15
Oct
19
May
16%
27%
Oct
Oct
Oct
Sept
Oct
Nov
28
Oct
1%
4%
6% conv pref
Colorado Fuel A Iron
Dec
Sept
*
£1
warr.
1%
1%
1,900
"ix
4%
3%
5
3%
1%
2
100
3
Oct
Oct
Columbia Oil A Gas
1
Columbia Pictures com..*
4%
30%
Commonwealth Edison..25
Commonwealth A Southern
Warrants.
Commonw Dlstrlbut
1
26%
15
Sept
24%
41
Feb
Aug
Community P A L 86 pref *
Community Pub Service 25
Community Water Serv..l
16
Oct
9*
Oct
22
Dec
9%
8%
4%
24%
74%
'""166
1,800
2
Sept
3%
5%
4
700
3
Oct
6%
2%
6
1,100
53
600
41
Oct
59%
300
57
Sept
4%
3,500
2%
29
26%
X
%
200
Oct
Oct
104%
10%
Feb
Feb
Apr
Mar
Jan
Jan
Aug
Apr
Mar
Mar
Feb
Feb
Feb
Feb
Apr
Jan
Jan
June
39
Jan
20%
Oct
33
Aug
%
Sept
5,400
X
he
X
6,900
27
9
2%
Dec
2%
4%
15%
4%
3%
10%
48%
57
53
Feb
Oct
45
5%
Conv 5% preferred.. 100
Oct
700
76
Jan
2%
Oct
Oct
1
Jan
Feb
40
Oct
Jan
79%
Oct
"8
400
5%
58
Dec
"~6% ~~6%
4
X
Oct
Oct
Sept
3
Colt's Patent Fire Arms. 25
Columbia Gas A Elec—
July
4
32%
Oct
14%
Oct
3
1,300
Feb
Oct
24
4%
2%
Oct
100
4%
Feb
Sept
Apr
76% May
18% July
123
Oct
39
*
Jan
Dec
Nov
31
1%
Jan
Mar
39
500
Jan
7
13
X
4%
Feb
91%
820
Cohn A Rosenberger Inc.*
Colon Development ord
15
22%
37%
Oct
Oct
Oct
Dec
Nov
3
31
2
158% Nov
113% June
6X
Feb
150
11,400
Cockshutt Plow Co com..*
9
Jan
96
88
39%
Club Alum Utensil Co
Mar
Oct
2%
25%
Oct
Mar
Mar
Nov
3
37%
Oct
3
6%
74
105%
June
7%
2%
11n
900
82%
124
19
31
July
12
19
*
s*
4,000
2,600
10%
30%
%
Oct
2
.....
Cleveland Tractor com
*
Clinchfleld Coal Corp.. 100
Apr
16
Purchase warrants
100
22%
IX
12%
2%
39%
""%
Claude Neon Lights Inc...
Clayton A Lambert Mfg..*
Cleveland Elec Ilium
»
Oct
5
12
97% 100
City Auto Stamping
*
City A Suburban Homes 10
Clark Controller Co
1
Oct
3%
Oct
*
86 preferred
Dec
*
1
Preferred.
Oct
IX
IX
8
57
Dec
Preferred BB
__.*
Cities Serv P A L 87 pref.*
Oct
si*
I 5,500
8
m 8%
15
"25%
19
4
Chllds Co preferred
Cities Service common
Oct
3XT4X
15%
Oct
Dec
2%
2
%
100
X6%
6%
3%
70
24
25
Chamberlln Metal Weather
Strip Co
5
Charls Corp
10
Oct
150
"""50
800
Feb
Mar
Jan
Oct
276%
7
13%
57%
Mar
Oct
80
6%
80
Oct
4
Oct
Oct
74
Oct
29%
Sept
June
"""190
3
Oct
Oct
75
23%
2
2,500
88
20
Oct
Oct
6
87
100
X
Oct
%
10
12%
6%
3%
9%
%
19
78
200
12%
*
,
Oct
200
1st preferred
88
Jan
Oct
72%
"24"
Centrifugal Pipe.
1,800
1,100
Jan
Mar
Mar
Oct
3
70
70
Sept
300
Jan
Mar
Oct
28
2%
90
6,800
Feb
Mar
Jan
Aug
Oct
X
900
87%
Dec
"
300
21
1%
32
Cent P A L 7% pref
100
Cent A South West Utll 50c
Cent States Elec com
1
Oct
19%
86%
420
1*
2,900
1%
Cent Hud G A E com
Cent Maine Pow 7% pf 100
2,800
13%
*11
IX
Jan
Apr
Sept
Mar
Oct
Oct
'4"500
...10
Catalin Corp of Amer
1
Celanese Corp of America
96
2,500
T
13
Oct
14,100
1%
"1%
2%
%
3%
common, l
Casco Products
Castle (A M) com
Feb
600
'""266
83%
*
1.300
3%
32*
Apr
Oct
6
"87%
12%
13%
10%
hi
Feb
Oct
14%
3%
15
1
com
Oct
Oct
2
1%
50
Carman & Co class A
*
Class B
._..*
Oct
2%
19%
"3% "3%
400
IX
Feb
Nov
11
19%
B non-voting
4X
66%
4%
9%
»xe
38%
%
5%
Oct
Calamba Sugar Estate..20
Oct
3,700
1
5
Oct
Aug
H
10
11,200
12,200
7%
4%
70
90
21
*
15
5,300
3%
3%
xl5%
28%
12%
Feb
Mar
{June
Oct
800
40
85
Oct
5
common
9%
60
50
83 convertible pref
Warrants
Dec
20
1
.
25
900
2%
*
Brown Rubber Co
Bruce (E L) Co
2%
39
Oct
3
100
Class A pref
Dec
8*
1
Nov
Sept
%
"""166
IX
2X
6
1
33
8% May
Brown Forman Distillery. 1
86 preferred..
*
Carolina P & L 87 pref..
86 preferred
1
Bliss (E W) new com
Bliss A Laughlln com
Brown Co 6% pref
100
Brown Fence A Wire com.l
Carnegie Metals
5
common
25
Preferred B
32.50 conv pref...
*
Blrdsboro Steel Foundry A
Machine Co com...
*
Blauner's com
♦
Feb
4%
20%
76X192%
90
Berkey A Gay Furniture. 1
Blckfords Inc
34%
Oct
13X
Purch warrants for com..
Conv pref
Jan
32
*
Tobacco—
1
33
Oct
Amer dep rets pref shs £1
1,400
13
5
6% % pf.100
Hedges com
..*
Dec
Jan
6%
3X
29%
X
32
Automatic Products
5
Automatic Voting Mach__*
Bell Tel of Pa
25%
25%
Feb
*i§ Sept
1
1
Mar
*
80
1
Bellanca Aircraft com
Bell Tel of Canada
34%
Class B
Dec
hi
*
31.60 conv pref.
Beech Aircraft Corp
Bell Aircraft Corp com
Am dep rets ord reg.-lOs
British Col Power class A.*
9%
Coast RR Co pref
100
Atlantic Coast Fisheries. _*
,10
25
Mar
Atlanta Birmingham A
7% preferred
30
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
Oct
32
*
com.
100
6X
8
7% 1st pref
Beaunlt Mills Inc
26%
X
75%
IX
Bath Iron Works Corp
Baumann (L) A Co com
26%
300
8
Barium Stainless Steel
Barlow A Seellg Mfg A
£1
300
1
*
Mar
Mar
37
7,500
%
Mar
20%
38
7%
7%
300
12%
31
Oct
Oct
3,100
1X
1%
3%
4%
10% xll
103% 103%
Feb
May
Oct
""'25
"
Feb
Mar
16
May
2,200
14%
Feb
28
Am dep rets ord bearer£l
Amer dep rets reg
British Celanese Ltd—
14,400
*
Babcock A Wilcox Co
(Baldwin Locomotive—
Dec
77
Jan
Apr
British Amer Tobacco—
IX
15 preferred
common
200
Oct
Oct
Oct
Mar
Aug
19%
18
Class A
Avery (B F)
7%
Registered
3%
Option warrants
Assoc Laundries of Amer.*
Austin Sliver Mines
*7%
*
78%
X
IX
Atlas Corp warrants
Atlas Plywood Corp...
*
British Amer Oil coupon
1
1
Atlantic Coast Line Co..60
50
8
£1
o common
25
Oct
14
50
""366
Industries
Common
Brlllo Mfg Co common
Class A
17
4
Amer deposit rets
Assoc Gas A Eleo—
100
400
3%
100
78
1
Benson A
Jan
Mar
Oct
150
Ashland OH A Ref Co
Class A
12
Oct
400
7X
Axton-Fisher
24
48%
112%
22%
600
24
5
V t
Nov
4%
1%
4
25
1%
Class A
Burco Inc
Oct
28
com
Associated Elec
Oct
Jan
Oct
99
Arkansas P A L $7 pref. ..*
Art Metal Works
Dec
%
1%
2%
16%
27%
Feb
Oct
21%
23
*
Wupperman__l
*
Appalachian El Pow pref.*
89
86 1st preferred
*
Bunker Hill A Sullivan 2.50
6
Apex Elec Mfg Co com
10
Jan
2,300
"25"
%
17
Angostura
89
..100
79%
Am Superpower Corp com*
1st preferred
*
American Thread pref
Anchor Post Fence
89
Preferred
Buckeye Pipe Line
Sept
Preferred
Oct
Buff Nlag A East Pr pref25
28
2
Oct
7
Aug
900
12
~2~5~
*
10
2
1,700
Aug
Amer Pneumatic Service.
Republics
3
8,400
*
23
14%
Amer Potash A ChemicalAmer Seal-Kap com
7%
4%
11%
2
2
z20
12
1
American
6%
3%
*9%
500
4%
Bridgeport Machine
37
100
Amer Meter Co
Breeze Corp
1
Brewster Aeronautical... 1
37
Oct
Jan
Jan
Mar
Oct
Jan
32%
8
Oct
11,000
"17X ~18X
Amer Mfg Co common 100
Amer Maracalbo Co
Jan
Oct
Jan
30%
14%
5%
21%
108%
3%
7%
16%
Dec
25
6% preferred
Jan
10
Jan
Mar
Nov
17 H
28
29X
109% HI H
4%
4%
24%
24%
250
Oct
Oct
Sept
25
1
12
%
Dec
3%
%
200
1%
100
800
10
3%
Jan
10%
482
1%
Feb
300
8
10,400
Jan
19
1,600
47
25
56%
Oct
2%
Nov
23 J*
11
Oct
3%
14%
2
22
1%
41%
27
*
20
Amer Laundry Mack
Amer Lt A Trac com
23%
12
* f 28%
—*
Preferred
260
25
10
Amer Gas A Elec com.
29%
Oct
11
13%
7% preferred
140
7%
10
Brill Corp class B
Oct
Jan
Jan
Jan
x!3%
Feb
Mar
IX
52
100
4%
48%
43%
2d preferred
100
Brazilian Tr Lt A Pow.—*
Mar
Nov
98
7% 1st preferred
Oct
4
75
100
Bright Star Elec cl B__
10%
IX
100
34%
%
3%
July
55%
1,200
98
,100
63 %
200
1,600
High
Oct
Nov
9
16%
Bourjols Inc
16%
26%
177%
119%
17%
14%
4%
69%
1%
Bowman-Blltmore com...*
54*
100
Low
500
(Botany Consol Mills Co
Jan
Jan
50
11
Bohack (H C) Co com..
Jan
X
100
American Book Co
5%
34%
Oct
40
11
6% preferred
Dec
Sept
69%
75
5%
3%
1%
37%
6%
3%
17
Range Since Jan. 1 1937
Share*
25
67
900
37
5%
100
Oct
7
300
1%
*
Dec
54
67
13 conv pref
Aluminium Ltd common.*
*
X
IX
Allied Products com
preference
13 opt conv pref
Blumenthal (S) A Co
Feb
Alliance Invest common
6%
Sept
Mar
Price
1
6X
200
2,200
Allied Internal Invest com*
10
Class A
25
Aluminium Co common..*
Blue Ridge Corp com
2%
IX
*
Week
Jan
59
Gt Southern,.50
16 preferred
*
Alles & Fisher Inc com.,,*
for
of Price*
Low
High
56%
24%
6%
65
%
Week't Range
Sale
Par
13%
%
55 X
Warrants
Ala Power J7 pref
25
1,500
Latt
High
50
1,200
1,300
2
1%
Conv preferred—.
Alabama
1
X
X
Low
Share*
100
26%
_
Air Investors
High
Low
Sale*
Friday
STOCKS
Continued)
Range Since Jan. 1 1937
Last
STOCKS
*i«
26
27
75
13
18%
19
300
18
Jan
Jan
Oct
Oct
Oct
%
64
34
Oct
2%
Jan
Jan
Mar
Volume
New York Curb Exchange—Continued—Page 2
145
Friday
STOCKS
Last
{Continued)
Week's Range
Sale
Par
Low
Range Since Jan. 1, 1937
for
Week
of Prices
Price
High
Shares
Cities Service Co.
High
Low
Compo Shoe Much—
v
t c ext to 1946
12%
12%
400
8%
Oct
17*4
38
Oct
BOUGHT—SOLD—Q VOTED
3*4
x4 %
3%
5%
1,000
13,300
2%
3%
11
Oct
115
89*
69
600
60
Oct
115
115
60
110
Oct
1
1
700
'
1
56%
1
3%
56%
3%
Jan
Oct
68
Consol Mln A Smelt Ltd .5
Consol Retail Stores
3%
4%
68
100
Consol Gas Utilities
Oct
38
*
—1
Consol Copper Mines
6
Consol G E L P Bait com *
6% pref class A
Preferred
Common and
Jan
Conn Gas A Coke Secur—
S3 preferred
Consol Biscuit Co
3947
Sales
Oct
50
%
48%
Nov
900
3%
Dec
4*4
100
10*4
135
1%
Oct
3*4
17*4
102*4
2*4
26*4
3%
2,000
2*4
Oct
77%
Cont G & E 7% prior pf 100
Continental Oil of Mex
1
4%
78%
100
69 J*
Oct
5i«
Oct
Jan
60
Dec
115
Oct
90
8% preferred
100
Consol Royalty Oil
10
Consol Steel Corp com—*
WILLIAM P. LEHRERCO.,
Mar
HA
Mar
Wall
INC.
Street, New York City
2-5383
Teletype:
N. Y. 1-1943
Mar
Jan
Range Since Jan. 1,1937
STOCKS
Last
Week's Range
for
{Continued)
Jan
Sale
of Prices
Lots
High
Week
Mar
Jan
Jan
Sales
Friday
Mar
Par
Florida P A L 97 pref
Ford Motor Co Ltd—
•
Cont Roll A Steel Fdy
*
Continental Secur Corp. _5
7
T,800
4
Oct
5
5
5
150
4
Oct
15
Cook Paint A Varaisn....*
9 *4
9%
9%
100
9
Oct
52
Oct
21*4
61*4
Oct
35
Apr
Jan
41
41
Shares
650
42
Amer dep rets...100 frcs
Fox (Peter) Brewing
5
Low
21*4
High
Oct
65
Mar
Ford Motor of France—
52*4
Price
$4 preferred
~~6% ~~7%
*
Cooper Bessemer
com
*
$3 prior preference
*
Copper Range Co
—*
Copperweld Steel com..10
Cord Corp
5
Corroon A Reynolds—
Common
$6 preferred A
Cosden Petroleum
754
7%
8%
"5% "~6%
1.000
'"400
3*4
17**
Nov
4%
Oct
18*4
Oct
34
20
1*4
"i'% "2"
a", 500
1*4
Oct
654
1
2
2
1
"I *4
68
1%
14%
2%
14%
2
Oct
7*4
Jan
Nov
Mar
Oct
94*4
5*4
July
Oct
28
July
NOV
*4
Oct
20*4
Oct
14*4
1*4
38%
Oct
20
6% conv preferred
60
Courtaulds Ltd
Creole Petroleum
5
24
Crocker Wheeler Elec
*
7
Croft Brewing Co
1
Crowley, Mliner & Co
*
(Md)«5
23*4
6%
%
Crown Drug Co com..25c
Preferred
25
6,800
7%
700
hi
2,800
Oct
16
Feb
Oct
5
Jan
Sept
25
Feb
18
60
1
500
8
100
4*
&
100
100
5
10
Curtis Mfg Co
Cusl Mexican Mining
50c
hi
1.600
I*
1
Nov
100
16
T%
"1% "7% ""406
"3*4
"3% "3% T.766
2%
Oct
76
52*4
Nov
18
18%
Derby Oil A Ref Corp com*
Preferred
1
Detroit Paper Prod.
Detroit Steel Products
*
70%
9%
70
9
20
Detroit Gray Iron Fdy
1
Det Mich Stove Co com__l
12%
1%
2X
2%
18*4
2%
2%
18%
13
1%
2%
3%
21
300
400
3,000
100
900
1,300
Apr
Oct
Nov
1*4
2
Oct
Oct
100
100
*
Driver Harris Co
10
7% preferred
100
Feb
Feb
Gray Telep Pay Station .10
Mar
Jan
Oct
Dec
223
Aug
28*4
Mar
1*4
Oct
17*4
100
July
Apr
Sept
111
6*4
May
Feb
Feb
600
a:49*4
760
26*4
26
1%
1%
Hartford Rayon vtc
Hartman Tobacco Co
Jan
Hat Corp of Am cl B com.
Jan
110
Jan
Nov
82*4
82*4
13*4
Jan
Helena Rubenstein
Jan
Jan
Heller Co com
Nov
23
Jan
Oct
24
Mar
3
Oct
Oct
50
Oct
Oct
Nov
4*4
Jan
28*4
Jan
80
Feb
Oct
22
1
c
15
Empire Dlst El 6% pf.100
Empire Gas A Fuel Co—
7% preferred
8% preferred
100
1%
1*4
30%
22*4
Oct
25*4
26*4
Oct
Oct
74
Feb
176
24
Oct
77
Mar
315
26
Oct
81
Feb
Nov
Oct
Mar
Oct
31*4
1954
2*4
Feb
7
Oct
11*4
Nov
Oct
600
154
300
Oct
5
Oct
1$
Oct
1*4
160
20
33*4
X30
160
25
"34*4 "36*4
38
37*4
9%
%
9%
%
X8%
28
38
100
9%
»x«
6,800
,9%
1,050
28
60
Oct
Jan
Jan
Feb
Feb
*4
8
24*4
Oct
4734
Jan
Feb
100
3
8%
8%
50
5
Oct
45*4
9
10**
4,600
7
Oct
1
3%
900
1*4
Oct
6%
21%
5%
8%
3%
6%
21%
5%
8%
400
5
Oct
21
22**
900
**
51**
7%
57
700
Oct
27*4
854
1154
25*4
17*4
15*4
47*4
1*4
8254
1834
Mar
Oct
92
Mar
*
5
1
1
%
**
Fire Association (Phlla)-lO
51%
51**
6%
6%
Flak Rubber Corp
1
100
66
54%
200
16*4
100
5
100
8*4
110
2,300
100
45*
12*
Aug
Oct
Sept
*4 June
27*4 Dec
2*4
Dec
20*4
Dec
Hud Bay Mln A
Feb
Deo
7*4
38
Jan
Apr
33*4
Aug
Jan
Oct
4*4
18*4
22*4
Dec
117*4
Jan
5
700
4:54
"5*4
•x«
»xe
Oct
Nov
15*4
*4
41
3*4
60
Oct
Aug
Oct
Oct
Oct
Oct
48
500
325
150
1,200
Oct
128
Feb
27
Oct
47
Apr
4
Oct
16*4
Oct
6
Oct
1*
Oct
63*
Jan
11654
#it
1*4
Feb
3*4
Feb
Mar
Mar
Feb
Mar
Aug
Feb
Mar
38
9,000
70
70
30
67
Nov
90
Feb
78*4
Nov
95
Jan
17*4
7*4
Apr
Jan
10
12
Sept
3
200
12
100
2*4
11*4
Nov
Sept
1554
Nov
70
8
Oct
Feb
Jan
Jan
200
100
54
Oct
4*4
Jan
4*4
500
4*
4
4
Dec
15
Feb
7
Oct
Feb
Feb
800
Deo
Oct
Nov
3*4
Apr
954
8
7,300
2,500
4,900
Oct
Dec
52
554
454
Oct
Oct
26*4
9*4
7
17*4
9
18*4
17*4
5
Feb
Mar
Apr
1,700
6*4
754
32*4
32*4
100
11
300
13
2,800
7*4
Oct
11
4*4
20
Oct
10*4
Oct
28*4
Jan
6*4
Dec
1654
47*4
July
June
31
Nov
36
10*4
212*4
Jan
45
10*4
Dec
9
Oct
Oct
15*4
33*4
11*4
22*4
16
22*4
99
22*4
22*4
99
Oct
Sept
*4
9
Apr
Jan
'
Jan
Feb
Mar
July
Oct
Dec
200
10*4
Dec
16*4 Sept
11,100
6,800
1,700
16*4
Oct
42
64*4
Nov
87
4*4
Oct
12*4 July
Jan
23
17
54
Aug
99
*
1
Jan
2*4
18*4
200
10
64*4
554
5
5
Apr
35
10
13
Oct
54
300
Dec
4154
112
2
Jan
Jan
Feb
Feb
Mar
Feb
6
554
554
"3554
3554
654
2
2
36
4
4
454
16
16
16*4
5*4
5*4
10*4
9*<
6
10*4
100
Oct
27*4
Feb
8
Nov
26
Apr
454
154
Nov
Oct
13
Feb
500
8
Oct
400
3*4
9*4
Oct
654
Jan
53*4 Mar
11*4 May
3354 May
13*4 May
Dec
34
900
250
1,500
650
35
Oct
2*4
Oct
July
Sept
62*4
Feb
854
Dec
Mar
Mar
60
1754
18
4,000
14*4
14*4
Oct
954
24*4
Oct
24
Feb
13
13
100
1254
Oct
15
Mar
CO
1754
Imperial Tobacco of Can. 5
Imperial Tobacco of Great
Britain and Ireland..£1
36*4
500
3554
800
6*4
Oct
Oct
44*4
8
15
Mar
14
60
10*4
Oct
36
Jan
10*4
Oct
39*4
Jan
00« OOI
"50
84
Oct
1
1
100
1
Dec
1*4
1*4
300
1*4
Dec
4*4
4*4
*4
10
Oct
Oct
254
Feb
22*4
Oct
75*4
Feb
July
lOb.
Indiana Service 6% pf.100
1-t rj«
7% preferred
..100
Indpls P A L 6*4 % preflOO
88"
I
Indian Ter Ilium Oil—
preferred
2*4
33*4
14*4
7*4
Imperial Chem Indust—
Am dep rets ord reg._£l
Class B
Jan
1*4
*4
1*4
64*4
Non-voting class A
Jan
Aug
1*4
*4
1*4
—*
Indiana Pipe Line
24
5454
1*4
23
Imperial Oil (Can) coup—*
Registered
*
Jan
36*4
21*4
61*4
*
Jan
70
2254
Illinois Zinc
Mar
37*4
Smelt-..*
Ctfs of deposit
Jan
33
12*4
7% pref stamped
100
7% pref unstamped.. 100
Hydro Electric Securities
Hygrade Food Prod
5
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co
*
Preferrred
.—.50
Jan
3
10*4
Hussman-Llgonler Co
7%
v
54
27*4
Dec
4*4
"16*4
Humble Oil A Ref
Vtc common
Feb
107
Dec
Oct
Iao_._5
•
*
—1
5*4
.100
Insurance Co. of No Am.10
3951.
Feb
*4
8
Industrial Finance—
For footnotes see page
Feb
28
1554
IHylers of Delaware Inc—
*4
1
Feb
200
1,375
100
Jan
'it
Corp
5% preferred
Hubbell (Harvey)
Feb
1,200
1
36 preferred
*
72*4
4,700
Fldello Brewery
400
Co com.*
1
60
%
Fansteel
9*4
554
Hummel-Ross Fibre Corp 6
%
Fanny Farmer Candy
16
7,800
Illuminating Shares cl A_*
Falstaff Brewing
Jan
Nov
9*4
♦
Mar
Mar
*
Metallurgical
Mfg Co
400
Co com
Common
35
35
1
50
Option warrants
Evans Wallower Lead
Ferro Enamel
Heyden Chemical
10
Hires (C E) Co cl A
Hoe (R) A Co class A... 10
Holllnger Consol G M—5
Horn (A C)
Oct
"50
6
Hewitt Rubber com
Hormel (Geo A)
European Electric Corp—
Fed d era
ww
Oct
7*4
98*4
22*4
1754
634
40*4
1*4
23
22
23
10c
Eureka Pipe Line com
400
11
11
xll
Empire Power part stock.*
Emsco Derrick A Equip—5
Esquire-Coronet
254
7
7
100
100
100
7% preferred
Preferred
Oct
60
36 conv, pref w w
*
Elec Shovel Coal 34 pref..*
Electrographlc Corp com.l
2*4
Teoo
2
25
Holophane Co com
Holt (Henry) A Co cl A.
Oct
22
2%
3,900
—*
Class A
Horn A Hard art
1
Apr
55
July
*
Oct
2*4
1*4
2*4
Common.
Apr
Nov
Oct
49*4
117
118*4
31*4 31*4
5*4
6*4
8*4
6*4
*4
6*4
47*4
35%
Oct
16*4
1*4
*4
48
48
17*4
7*4
Oct
16*4
"4*4
50
25c
1*4
900
34%
Dec
6% preferred
Hecla Mining Co
10
34%
65
9
1
Hazel tine Corp
*
Hearn Dept Store com..5
Jan
12*4
Option warrants
Electric Shareholding—
2*4
15*4
%
1
10*4
80
Feb
300
*
Elec P A L 2d pref A
2*4
1
*
71
12%
1,500
1154
36?4
95*4
6
Light..—25
26*4
12
4%
Dec
Sept
85
5
Haloid Co
Oct
100
3%
"il*4 "13*4
3
Dec
14
1,500
6*4
12
8
14
4%
"12*4
5*4
*
Gypsum Lime A Alabas..*
Hall Lamp Co
*
Jan
Oct
3%
Feb
4*4
200
16 preferred
Feb
2
...1
Ex-Celi-O Corp
Falrchlld Aviation
25
Mar
1,600
3%
3%
5*4
1
Hartford Elec
3%
52
8
58
1
8*4
Hamilton Bridge Co com.*
Oct
8
59
com
100
25
Greenfield Tap A Die
*
Grocery Sts Prod com..25c
Mar
Oct
1,400
1,500
200
79
8*4
7% 1st preferred
1*4
7*4
10*4
27*4
7
32,000
85
6454
Gt Northern Paper
Oct
3*4
27% X29
*
Elgin Nat Watch Co
*
79
Oct
36 preferred
Elec Power Assoc com
Equity Corp
Non-vot com stock
Oct
1,000
6,200
1%
100
Great Atl A Pac Tea—
6%
9%
11
74*4
75
*
Jan
"~6% "ex "V.OOO
53%
59%
4*4
S3 preferred
10*
29?
53
%
1%
10%
107
Feb
Jan
Gorham Mfg Co—
Apr
4
52%
Oct
240
88
4*4
50
9
62
1%
10%
88
Grand Rapids Varnish—*
300
63*4
6*4 % preferred
Goodman Mfg Co
Gorham Inc class A
Dec
*
Oct
1,800
S7 preferred
Goldfleld Consol Mines.. 1
104
1
Oct
12*4
45
V t c agreement extend.*
Grand National Films Inc 1
20
Corp
854
11*4
Jan
17
35 preferred
12*4
Jan
Feb
Jan
Elec Bond A Share com__5
Oct
200
3954
Aug
42*4
Elsler Electric
1
1*4
Mar
Feb
Feb
Oct
'l2~~
Dec
15
14
2
39
61
100
Edison Bros Stores
""30
39
Jan
'it
96*4
100*4
354
2254
51*4
Oct
17
1,600
Feb
100
Oct
*12
Oct
Apr
Nov
""206
Nov
Feb
Aug
Mar
5
30
May
18%
4%
2554
1*4
24
17
4%
Dec
•
Gulf States Utll S5.50 pref *
17%
Oct
54
60
Godchaux Sugars class A.*
Class B
»
Jan
"T%
10*4
Glen Alden Coal
...
Apr
$6 preferred series B__
23
Dec
July
Preferred
35*| Sept
103
Sept
Oct
700
Feb
Oct
Nov
1*4
»
96
Easy Washing Mach B
*
Economy Grocery Stores.*
6% preferred
Gilbert (A C) com..
Oct
X48%
1,100
3,900
*
Nov
10
17 preferred series A
t
$5 preferred
Dec
"l%
Eastern States Corp
v
Georgia Power S6 pref.—*
19*4
"29
6*4
32*4
52
4*4 % prior preferred. 100
39
1
com
25
3
%
S3 preferred
20
8%
Oct
76
100
6% preferred A
Gen Water G A E
19%
3
1054
7554
Deo
Oct
Rubber—
54
Eastern Malleable Iron.25
Electrol Inc
A
Harvard Brewing Co
*
Common
14
%
*
pref
Tire
52
"~8 %
Oct
May
East Gas A Fuel Assoc—
Class A
conv
19%
6%
10
6% preferred
S3
General
54
Duval Texas Sulphur
854
65*4
1*4
100
Sept
900
67%
20
300
*
Gulf Oil Corp.
64%
13
Warrants
60
Durham Hosiery cl B com *
Duro-Teet Corp com
1
Eagle Plcher Lead
J6 preferred
Guardian Investors
65
"loo
Gen Electric Co Ltd—
July
400
"T*4 "T% "l% """3OO
7554
2*4
'
Oct
Jan
13
14%
100
Dublller Condenser Corp.
Duke Power Co
100
2
Nov
Douglas (W L) Shoe Co—
7% preferred
Draper Corp
74*4
»
98
19
"l0*4 "16*4
100
Jan
8
Feb
2*4
12*4
100
Jan
Mar
75
Gamewell Co $6 conv pf._ *
Gatlneau Power Co com
*
6
10*4
Teoo
Domln Tar A Chem oom_*
Jan
July
32
64
15
12%
13%
14*4
19
21*4
30
Oct
83
*14"
Oct
Nov
200
3*4 May
11
10*4
7
Oct
2*4
15
14
300
43
1954 May
20
250
7
87
8%
Oct
Jan
5*4
Jan
11*4 June
14*4 Feb
42
Nov
12
6*4
Feb
*
Jan
89
400
Feb
»
16
8*4
Oct
7*4
8*4
2954
31*4
Gilchrist Company
Gladding-McBean A Co.
Apr
July
Oct
3%
3
3
1
com
Jan
Dec
"it
4
10*4
26
9
9
___£1
Dominion Steel A Coal B 25
33
400
14*4
General Telephone com.20
Feb
Feb
Oct
4
10*4
June
Jan
Oct
14*4
Jan
Feb
Feb
Feb
Dec
1
16
10
Diamond Shoe Corp com.*
Distilled Liquors Corp
6
Dlvco-Twln Truck com__l
15
Oct
16*4
15
Conv preferred
Fruehauf Trailer Co
28**:
10*4
10
com
Preferred
Oct
13
60*4
108*4
16*4
*4
18*4
15*4
28*4
14
250
7
1
Gen Outdoor Adv 6% pflOO
Gen Pub Serv 16 pref
•
Gen Rayon Co A stock...*
6*4
50
*
Detroit Gasket A Mfg
Oct
2*4
Sept
hi
Dennison Mfg 7% pref-100
5*4% preferred
Oct
5
35
Dejay Stores
Dobeckmun Co
Sept
Aug
"8% "~8% "l",700
Defiance Spark Plug com *
6% pref ww
Nov
Dec
ht
17,200
7%
May
Sept
8*4
Dayton Rubber Mfg com
Class A
%
7%
Darby Petroleum com..
Davenport Hosiery Mills
Oct
8*4
2,900
Nov
4
General Investment com.l
Oct
5,500
12
15*4
16*4
16
Franklin Rayon Corp.—1
Froedtert Grain A Malt—
5% preferred
General Alloys Co
5*4
16*4
17
5
5
5*4
2,000
2*4
5%
*
Feb
4*4
1*4
•
Distillers Co Ltd
Class B
Mar
8*4
1*4
16*4
9%
6
1*4
100
5
1*4
1,000
c.*
Cuneo Press lac
De Vllblss Co
Am dep rets ord reg..£l
Ford Motor of Can cl A__*
Amer dep rets ord reg.£l
Gen Flreprooflng com
*
700
4%
9%
%
Oct
Jan
Dec
4%
18
3
Jan
Feb
Aug
3*
~ix
...10
com v t
100
3
*
com..
26
1,800
3
Crown Cork Internat A..*
6*4 % preferred
Jan
63
£1
com
6% preferred
Jan
May
1,000
Cramp (Wm) A Sons com.l
Cuban Tobacco
Jan
Mar
200
2%
65
1*4
13**
10*4
CryBtal Oil Ref
Feb
Common
*
Crown Cent Petrol
Feb
53*4
52*4
53*4
850
46
105
Jan
Jan
Jan
Jan
Week's Range
for
Sale
of Prices
Low
High
Week
Par
International Cigar Mach
Price
19%
19
19%
Low
Shares
600
14
Inv__*
Hydro-Eleo—
Pref $3.50 series
60
Internat Holding A
19%
94
"~2~H "T"
2,400
3,800
23%
18%
4
purch warr
Internat ! Paper A Pow war
2%
_*
International Petroleum.
28%
29
31%
"
Registered
24
2*4
OA
200
24
1
2%
5%
900
4
B-*
A
%
500
International Products...
Internat Radio Corp
Internat Safety Razor
Oct
28%
4%
Oct
Oct
44
Oct
Oct
9
Nov
Oct
Oct
H
Feb
Feb
Oct
Jan
3%
A....-.-———'*
B.._...........1
$1.76 Preferred
...»
$3.60 prior pref
*
Warrants serlesof 1940..
International Vitamin—1
Interstate Home Equip.. 1
Interstate Hosiery Mills..*
Dec
Mar
8% Apr
15% May
1% Feb
pref.*
1
t C..10
Interstate Power $7
Investors Royalty
Iron Fireman Mfg v
4
'■■A'3*4
Oct
4
900
24
Oct
3%
500
3*4
Dec
"Ik "T%
""20
3%
3*4
25
"in
%
%
1,200
14 *4
200
7*4
'11"
1
Irving Air Chute
Isotta Franschlnl Co—
38
x84
800
14
4
114
64
1
icts_..20 Lire
Italian Superpower A
*
Amer dep
%
%
4
'
Jacobs (F L)
Co
Jeannette Glass Co
Jersey Central Pow
7% preferred
Naumburg._.2.60
Jonas A
Lane Bryant 7%
2%
Feb
Sept
%
Feb
National Transit
*
24
2*4
34*4
1,600
1,000
63%
Oct
89
Jan
Nov
81
Nov
100
14
27%
Oct
Nov
9%
128%
114%
6
io *4
4
1,200
200
Dec
54
94
Dec
28%
3%
88%
65%
8%
8%
1%
200
4
Dec
36%
Nov
"24 "2*4
Nov
1%
2%
Oct
Oct
24
2~,300
300
3
'»i«
*145* ~14%
"loo
200
14%
6%
Feb
Dec
Oct
Jan
Jan
12
10
40
96%
Dec
27%
2%
21
Jan
Feb
Nev-Calif Elec
7% preferred
New Bradford OH
New Engl Pow Assoc
Apr
Feb
Oct
21%
Dec
49
61 %
6,000
24
87*4
24
87*4
1,100
45%
1%
87%
Oct
78%
59%
9%
Feb
Mar
Feb
Dec
110
Feb
10
Oct
10
Nov
10
*
34
26
'it
"i«
4,800
Le Tourneau (R G) Inc-.l
174
184
300
Develop
4
6,700
xJne Material Co...
Lion Oil Refining
•
Llpton (Thos J)clA
1
6% preferred....
18
194
94
4,200
x9*4
200
25
"~2~
*
com
Locke Steel Chain
Lockheed Aircraft
1
Lone Star Gas
*
Corp
~~2
""266
Loudon Packing
Louisiana Land A Explor.
Lucky Tiger Comb G M.10
Lynch Corp common
6
Majestic Radio A Tel
1
Mangel Stores
1
$6 conv preferred
34
July
13
Oct
Nov
21%
7
Nov
Mar
Feb
74
74
74
6,500
5%
Oct
14%
Jan
4
38
uw
38
40,600
1,200
60
1
3%
14
400
34
34
1,400
1
Oct
6%
Jan
17
18
600
Marlon Steam Shovel
*
Mass Utll Assoc vto
1
2
Mills
$4 preferred w
N, Y. Merchandise
10
2*4
24
McWilliams
*
104
10%
Dredging
Mead Johnson A Co.....*
com
*
Merchants A Mfg cl A
Participating preferred.*
Merrltt Chapman A Scott *
Mesabl Iron Co
%
Dec
Oct
Oct
Jan
Oct
10%
Jan
Oct
82
Jan
Oct
Nov
15% Apr
25% May
Sept
10
17
13%
Dec
100
300
"350
24
60
24
*A
50
4
14
Oct
Nov
18
Oct
600
100
4
100
1
27
4,600
14
300
*4
4*4
84
44
7,800
1,500
200
Oct
Jan
33%
22%
3%
16%
25%
Mar
Mar
Jan
Mar
Aug
4
34
10
*
55% May
14%
Feb
44% Feb
125
July
7
Jan
73
Apr
Nor European 011
900
1*4
1,500
*4
12*4
50o
1%
10%
62%
1,100
1,800
1%
1,300
1%
59
59
60
300
7
Ohio Power
Ohio P S 7% 1st pref... 100
Jan
Jan
6% 1st preferred
Ollstocks Ltd com
Oklahoma Nat Gas
Feb
Feb
Jan
Oldetyme Distillers
1
Feb
Jan
Oliver United Filters B
Overseas Securities
*
Jan
Pacific Can Co
37
"
106
4%
14%
3%
Jan
Oct
Oct
11%
18%
1%
Mar
5
Montreal Lt Ht A Pow
Oct
2
Feb
3
Feb
Oct
10
Jan
10%
Oct
24
Mar
53
Oct
90
Mar
4%
14%
Mar
500
1%
Nov
8%
Oct
8
26
Nov
Jan
100
Page-Hersey Tubes Ltd..*
Pan-Amer Airways
6
1
Pantepec OH of Venez
3,700
"lA ""14 "14
""900
"""i"
"54
"966
132
135%
90
304
250
22%
100
'l35~*4
"21
30 4
21
Parkersburg Rig A Reel__l
Patchogue-Ply mouthMllls *
Pender (D) Grocery A
*
13
Aug
Oct
5
Feb
Dec
43
Jan
Oct
98
Jan
Peninsular Telp com
Preferred
Dec
4
Oct
Oct
37
6%
Feb
Mar
Jan
Mar
Apr
22
Nov
Dec
Oct
Oct
240
7%
8%
73
76%
10,700
16
Jan
34
Mar
Feb
15%
115%
105%
Mar
Mar
Feb
Mar
Jan
Oct
12%
5%
Dec
65
Jan
Oct
16%
Feb
Oct
14%
4
25
Feb
""it
Oct
100
Feb
94
Feb
63
Dec
79%
Aug
98
775
63
Feb
69%
"4^66
14
4
14
54
6*4
64
2,700
~32%
""766
Oct
100
4
Oct
115
%
2%
Feb
Feb
Feb
Oct
4%
16
Feb
Feb
Apr
$2.80 preferred
$5 preferred
Penn Mex Fuel Co
Class B
98
Apr
Oct
62
8
"si"
2
1%
1,000
3%
3%
2,000
Dec
15
Aug
Aug
3%
11%
Feb
Jan
1%
1%
24
Sept
Oct
Oct
14
550
37
Oct
20
20%
300
20
Nov
20%
500
20%
""166
20%
1%
37%
24,700
37
47%
4
20%
Dec
Oct
Oct
Oct
3
Sept
%
%
65
69%
80
65
Dec
75%
75%
20
72
Nov
1,000
7%
77
51%
Jan
Jan
Aug
50% Apr
51% June
Jan
4%
Jan
6%
Jan
%
Jan
96%
103%
Feb
6H
3:660
Oct
12% May
7
Oct
41
300
%
Oct
H
1,000
11
Nov
23%
300
20
Oct
31
31
100
28%
93%
93%
108
25
500
97
97
97
102%
100
9%
9%
200
7
7%
1,700
Mar
Jan
Nov
111%
Oct
Oct
85
Oct
106
Feb
Oct
6
Jan
Sept
Oct
87%
2%
88
3%
3%
3%
500
5%
800
24
54
Dec
28%
6%
29
1,500
264
Oct
26
26
200
25%
Oct
101% 102
100
98%
Nov
50
Nov
75
2,700
Nov
"29"
Oct
100
28%
5%
89
26
Oct
Oct
Feb
July
Jan
Apr
Feb
Aug
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Aug
2:660
Oct
26%
Sept
5%
5%
2,400
2%
Oct
700
3*4
15%
Oct
9%
6%
Feb
4%
'
"16"
"17%
zl5
Oct
Oct
2",6l6
30
30%
Dec
"21%
29%
107%
Feb
"17% "16"
4%
17%
Sg
Apr
Oct
101%
17%
10
10%
8%
24%
54%
106%
2%
14%
28%
Jan
Feb
9%
6%
19%
"2%
2%
Jan
112
111%
104%
14%
14%
32%
Dec
20
750
Jan
67
20
20
Jan
110
June
97
90
74
35%
Feb
Feb
Oct
103
100
109
110% 110%
6%
37
Nov
89
"21% "21%
""50
20
Oct
53
43
Jan
Jan
July
Feb
Feb
28
*
*
16%
11%
1
Oct
Nov
5
Nov
17
Jan
120%
27%
Nov
157
Feb
Sept
37
Jan
Penn Traffic Co
Dec
27
Oct
180
Aug
44
45%
184
Sept
Feb
Pa Gas A Elec class A
Pa Pr A Lt $7 pref
$6 preferred
Penn Salt Mfg Co
Pa Water A Power Co
Apr
PeppereU Mfg Co
Perfect Circle Co
2%
Mar
49%
3%
2%
Nov
72
Mar
Nov
Mar
10%
95%
100
9%
Sept
8%
5%
17%
Oct
Feb
143"
50
143"
50
Jan
25
Jan
86
Oct
113
79%
*
Oct
112
Jan
Oct
179
June
115
24%
2
2.50
Nov
Sept
69%
63
7424
425
24%
4%
Nov
Mar
Oct
25
3951.
/
Feb
151
Apr
Oct
58%
95
Nov
62
*
100
Apr
42%
12,400
*
Aug
110
10%
93%
*
__1
Oct
2%
Pennsylvania Sugar Co..20
Jan
21
*
2%
4%
Pennroad Corp v t c
Mar
2%
1
May
Feb
30%
109% May
100
25
12%
Oct
19
*
Oct
Oct
3%
*
Oct
Oct
5%
2%
Sept
30
91%
"32%
Penn Edison Co—
100
For footnotes see page
Oct
3%
135%
Mar
93
Paramount Motors Corp.l
Parker Pen Co...
10
2
64
Nov
8%
96%
10
*
12
*
*
com..
%
1,800
2,500
8
Mar
5
Oct
*
2%
Oct
1*A
x54
Mar
Oct
250
9
99%
16%
63
100
Pacific G A E 6% 1st pf.25
60
54
1%
50%
4
*
1
*
pref
Nov
1%
Montana Dakota Utll... 10
Montgomery Ward A
conv
$1.30 1st preferred
Pacific Tin spec stock
Monarch Machine Tool..*
63
Dec
2%
*
Oct
Nov
6%
4
%
3%
Monogram Pictures com.l
60
Oct
Voehrlnger
1
$3 preferred
Feb
Minnesota P & L 7% pf 100
35
88
Nov
8%
Mar
Jan
9%
12% May
3% Sept
3% Feb
Apr
28%
Jan
2%
Feb
112%
59% Mar
80% Apr
19% Feb
Jan
19%
Jan
2%
Jan
23%
Jan
89%
6% Apr
140%
30%
94%
200
27%
84
99%
6
15
Oct
4
1
8
2.50
100
5%
100
com.
7
Missouri Pub Serv com..
Nov
864
*26
8%
6% pref... 100
Oct
100
Oct
20
*
26
Oct
Nov
Oct
60
60
100
Mar
Jan
74
26
53
Nov
10%
*
Pacific PubUc Service
*
Oct
98
Ohio Edison $6 pref
Ohio OH 6% pref
Jan
50
Oct
Oct
58
Ohio Brass Co cl B com..*
Jan
62%
Nov
3
20
21%
8
400
Oct
Oct
100
13
11%
2%
80%
1*4
26
June
30
64
*4
12%
21%
|Nor Texas Elec 6% pf. 100
Northwest Engineering..*
Novadel-Agene Corp
•
31%
7
10
102*
25
13%
Oct
62%
*
Oct
20
53
11%
cl A. .100
Oct
250
Oct
104
500
35
12
com
%
4%
Oct
14
500
105%
68
24
13%
Oct
900
13%
Nor Ind Pub Ser 6% pf.100
7% preferred
100
Northern Pipe Line
10
300
4
74
100
1
com
1,000
4
.*
8%
6% prior preferred
60
No Am UtlUty Securities. *
Nor Cent Texas OH
..5
4
12
pref.—*
Mining Corp of Can
*
Minnesota Mining A Mfg.*
Class A 7% pref
7%
1%
13
1%
34
9lt
Dec
Sept
64
"20%
Mar
63%
Midland Steel Products—
Moody Investors pref
Jan
17
100
5%% 1st preferred
25
Pacific Ltg $6 pref
*
Pacific P A L 7% pref..100
*
Moore Corp Ltd com
Jan
28
700
17%
4%
1
2%
8
*
Monroe Loan Soc A
*
Common
Oct
Nov
Oct
78
%
Common
Mar
57%
5*
$6 preferred
*
North Amer Rayon cl A—*
Class B com
♦
Oct
1%
A
26%
Michigan Bumper Corp__l
Michigan Gas A OH
l
Michigan Steel Tube..2 60
t c
Oct
Oct
Oct
2%
24
2*4
4
Middle States Petrol—
Class A v t c
90
3%
*
Michigan Sugar Co
Nov
7%
_»
Molybdenum Corp
%
7%
Oct
Nor Amer Lt A Pow—
2%
Metropolitan Edison pref.*
Midwest Piping & Sup
Oct
14
4
2%
26
58
*
Midwest Oil Co
Sept
600
4
Jan
Niagara Share-
Nineteen Hundred Corp B1
Nlplssing Mines
5
Noma Electric
1
Oct
"Isk "20k
19
1
Metal Textile Corp com
Mid-West Abrasive
4
2",400
%
53
•11
Dec
Oct
44
44
6%% A preferred...100
$2 non-cum div shs
Mid vale Co
Apr
100
4%
Warrants
Preferred
Feb
19
6%
Class A opt warr
Class A pref
Nlles-Bement Pond
2
1
Partlc preferred
91%
12%
Oct
100
Jan
Dec
Memphis P A L $7 pref..*
Mexico-Ohio Oil
Oct
100
Jan
700
105
102
6
com
Oct
3%
78%
100
6%
15%
500
3
11
Feb
Feb
55
200
100
80
X52
*
conv
1st pref
2d pref cl A
2d preferred
2d pref cl B
Oct
4
„_*
w
Mercantile Stores
5%
5%
5%
5%
Dec
900
250
47
650
34
N Y A Honduras Rosarlo 10
1%
6%
Jan
1,500
Dec
1%
5
Inc
McCord Rad A Mfg B
Memphis Nat Gas
64
14
Jan
Oct
81
5%
Class B common
200
2
64
134
1
Aug
Oct
300
Nor Sts Pow
Massey Harris common..*
Master Electric Co
54
July
12
20%
com
Mar
17
4
July
13%
19%
13%
2%
20
105"
Warrants
93
8%
54
18
45
N Y City Omnibus—
Dec
42%
*
Jud,
N Y Auction Co
44%
34%
10%
Margay Oil Corp
Mock,
1%
"13%
84
Oct
Nov
16%
600
14%
3,100
4
7%
Niagara Hudson Power—
Common...
10
12%
9%
Oct
Communication ord reg£l
Midland Oil
Newmont Mining Corp. 10
New Process common
*
Oct
Oct
Oct
64
6H
14%
4
200
13%
17
17
New York Transit Co
5
N Y Water Serv 6% pf.100
Feb
6,000
2%
8%
4
700
4
Aug
Marconi Intl Marine—
v
New Mex A Ariz Land...l
July
25
39
8%
250
74
May
Jan
3%
10% May
4
30%
Jan
Mapes Consol Mfg Co...*
Class B
6% preferred
100
New England Tel A Tel 100
New Haven Clock Co
*
New Jersey Zinc
25
Oct
Oct
4
59%
61
Oct
Dec
%
13%
19%
18%
900
74
Jan
Feb
Oct
Dec
64
5,000
N Y Shipbuilding Corp—
Founders shares
.1
Oct
14
1,100
64
June
20
Jan
Oct
47
36
2*4
9
23
200
Apr
Feb
1%
Manischewltz (B) Co
Hosiery
7%
14%
13%
2%
5
14
444
344
24
74
Dec
;V
7
20
200
1%
8
84
Oct
Jan
84
84
100
100
100
85
Oct
Sept
4%
Long Island Ltg—
7% preferred
6% pref class B
8
4
100
Class B opt warr...
Common
Nov
4
2%
Oct
84
84
..5
13%
4
N Y Pr & Lt 7% pref.. 100
$6 preferred.
4
21
18%
Dec
64
10%
Preferred..;
10
*
Oct
""IOO
200
5
6
.....
10
100
com
Jan
100
....
155%
28%
Feb
Nov
*
Mar
Feb
Feb
Jan
50
Oct
3
Dec
84
*
45
50 *4
Nov
123%
400
*
Neatle-Le Mur Co cl A
Feb
■;f- 20
"m
*
Neptune Meter class A
600
102
6*4
Nehl Corp common
1st preferred
7%
10
Nelson (Herman) Corp..5
74
102
7%
Oct
8
Nebel (Oscar) Co com
*
Nebraska Pow 7% pref. 100
Jan
Aug
Jan
Feb
Jan
X84
4%
1
Mar
17%
111%
74
pref-.100
Lehigh Coal A Nav
May
12.60
*
40
*
Lit Brothers
Oct
National Sugar Refining..*
National Tea 5% % pref. 10
Nat Union Radio Corp
Navarro Oil Co
25
4,000
4
Nat'l Tunnel A Mines
""io
4%
4%
"4%
Jan
664
May
10
10
1
common
Feb
"84"
13
Conv part preferred...*
National Steel Car Ltd
*
14
1
Oil
Feb
Jan
Nat Service
18%
18%
m
m
A
2%
Lefcourt Realty com
Jan
27%
Oct
Lackawanna RR (N J). 100
Langdendorf Un Bak A
»»i«
Oct
Oct
Oct
105
Klein (D Emll)
1
Sept
Nov
Jan
Oct
1
..__*
14
Klrkl'd Lake G M Co Ltd. 1
Lake Shores Mines Ltd
National P A L $6 pref...*
National Refining Co
25
Nat Rubber Mach
1
6
4%
9%
4
Jan
Mar
Apr
3 J 00
*
44
100
Lakey Foundry A Mach.
42%
24%
Nat Mfg A Stores com
National Oil Products
200
33 4
2%
Kingsbury Breweries
1
Kings Co Ltg 7% pref B100
Co com..*
Knott Corp common
1
Koppers Co 6% pref... 100
Kreuger Brewing Co
1
July
72
7% pref. 100
Kennedy's Inc
6
Ken-Rad Tube A Lamp A *
1
1
7
Feb
Feb
$
"5% "5*4
.
$3 conv pref
60
National Container (Del).l
National Fuel Gas
._*
8
400
14
National Candy Co com .
*
National City Lines com.l
1,500
Kansas G A E
6% preferred D
Kingston Products..
Mar
1
com
2*4
664
Jones A Laughlln Steel. 100
Kir by Petroleum
%
7%
Nat Auto Fibre
64
"84"
4%
National Baking Co com.l
Nat Bellas Hess com
..1
6
100
100
100
6%% preferred
jj
"5%
*
24
1
*
A Lt—
6% preferred
Oct
Nov
200
Warrants
Leonard
Oct
14
Aug
N ach man-Sprlngf llled
High
Oct
1%
123% 123%
1%
Mountain States Power. _*
Mar
Oct
Oct
10
38
Oct
4
Mountain Producers
Low
Shares
.
39%
21% Feb
3% Feb
15% Sept
Dec
7
2,300
A
Moore (Tom) Distillery_.l
Mtge Bk of Col Am shs.
Mountain City Cop com 5c
Price
Mountain Sts Tel A Tel 100
30
*4
Week
Murray Ohio Mfg Co
*
Muskegon Piston Rlng.2%
8
100
Class
Class
for
of Prices
Low
High
Sept
International Utility—
.
Week's Range
Sale
Par
Internat
300
Last
High
Oct
18
1937
Range Since Jan. 1,1937
STOCKS
(Continued)
Range Since Jan. 1,1937
Last
18,
Sales
Friday
Sales
Friday
STOCKS
(<Continued)
A stock
Dec.
New York Curb Exchange—Continued—Page 3
3948
37
Feb
Volume
New York Curb Exchange—Continued—Page 4
145
STOCKS
Last
(Continued)
Sale
Par
Pharis Tire A Rubber
1
Philadelphia Co
Price
*
com
Week's Range
of Prices
High
Low
314
7%
3%
7%
7X
Range Since Jan. 1, 1937
for
Week
Low
Shares
900
3%
500
6%
Phlia Elec Co $5
pre!
♦
Phila El Power 8% pref-25
Phillips Packing Co
*
3949
Sales
Friday
High
Dec
Oct
111
June
8%
20
QUAW & FOLEY
July
Members
Jan
116%
York Curb
New
Exchange
Feb
"""50
30
Oct
34
3%
3%
4%
1,100
2
Oct
15%
Feb
2%
2%
18%
3%
21
3,400
Mar
40
Mar
10
2,200
6%
Oct
Dec
Oct
11%
500
2%
18%
1
300
1
Dec
~30~X "31X
Mar
30 Broad Street
New York
Phoenix Securities—
Common
1
Conv pre! series A
Pierce Governor
,
10
121
*
com
,
9%
Pines Winter-front
1
1
Pioneer Gold Mines Ltd
1
*3%
8
■?; 1
:
2%
3%
2,800
2%
Oct
4%
33%
3%
6%
Telephone HAnover 2-9030
Feb
Feb
Jan
<M>6t6T
■
■
STOCKS
5%
5%
5%
700
Pitts Bessemer & L ERR 60
Last
(Continued)
Sale
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
-1
8
A Lake Erie. 60
59
Forgings
Metallurgical 10
7%
Plate Glass._25
88%
Pleasant Valley Wine Co.l
Plough Inc
*
Polaris Mining Co
25c
7%
87X
IX
2%
%
X
5
Power Corp of Can com
Pratt A Lambert Co
2,000
5%
52%
Nov
3%
3%
100
3,400
400
500
2X
X
5,300
1,200
4
1,600
*
14
14
25
.*
20
20
300
2
1,900
19
100
Premier Gold Mining
1
1%
Pressed Metals of Amer..*
19
Producers Corp
*
5X
6%
Providence Gas
*
7X
8X
6%
77
$6 preferred
1%
6%
Dec
7
2%
%
Pub
Serv
16%, preferred
17% preferred
Sept
Nov
41%
29%
Nov
28
Southern Colo Pow cl A. 25
2%
2%
200
Oct
Oct
7% preferred
Southern Union Gas
__.*
Southland Royalty Co.
5
Dec
Dec
Oct
Oct
June
27 X
40
22
Oct
68%
MX
90
10%
Oct
Oct
41
98
Jan
74
Oct
93
Feb
110
Nov
115
Sept
120%
120%
77
Nov
103
Feb
90
Oct
106%
Jan
Oct
4%
Jan
Mar
Nov
NOV
Pub Service of Okla—
10
%
65 preferred
*
66 preferred
*
Pyrene Manufacturing-.10
Quaker Oats com
*
6% preferred
Quebec Power Co
93%
28 X
14%
28%
14%
8%
"97"
32
15%
500
26
Oct
650
10%
Oct
8%
200
97
500
141
100
96
141
30
Oct
Nov
125%
Apr
90%
60%
14%
124%
Feb
Jan
150
Jan
Jan
Jan
15%
""9% ""9%
*
"175
Nov
25%
Jan
9%
Dec
28%
Jan
»!6
*
Ry. A Light Secur com
Railway A Util Invest A
6%
91
Oct
1%
Jan
2
Jan
-
Rainbow Luminous Prod
Class A
*
Class B
X June
•
...
%
X
X
700
%
%
Nov
Common
63
150
Mfg
Oct
Nov
1
16%
14
30
MX
preferred
conv
Oct
50c
com
Red Bank OH Co..
*
Reed Roller Bit Co
*
3X
3%
24
24
3%
1,500
24%
4
he
600
Nov
Oct
53% Mar
7% Feb
21% Sept
46% Mar
X
3%
%
*11
9
400
3%
Dec
8%
Feb
1,100
%
Oct
Nov
%
Oct
1%
32%
5%
2%
13%
7%
Apr
Mar
2%
Reeves (Daniel) com
*
Reiter-Foster Oil
Reliance Elec A Engln'g .6
Reybarn Co Inc
400
X
X
1%
9
1,300
Dec
300
1%
Reynolds Investing
Rice Stlx Dry Goods
Richmond Radiator
3%
21
Mar
49
4
IX
Oct
1
Oct
Jan
Feb
Mar
Feb
Rio Grande Valley Gas Co-
Voting trust ctfs
he
ht
1
X
500
Rochester G A E 6 % pf D100
Rochester Tel 6 % % pf-100
%
95%
110
14
14
Sept
Nov
Oct
Rolls Royce Ltd—
Amer dep rets ord reg.£l
Rome Cable Corp com..
100
12
Nov
26
Roeser A Pendleton Inc..*
June
5
61.20 conv pref
Ros8la International
Rotallte OH Co Ltd
1%
6%
1%
6X
""166
6%
Oct
IX
300
1
Oct
3
Roosevelt Field Inc
Root Petroleum Co
3%
1,200
2
Oct
"he
*
»
*
2%
Russeks Fifth Ave.
Rustless Iron A Steel
1
July
Feb
July
14
Dec
27%
15%
4%
13%
Aug
Aug
Feb
44%
42
44%
""■ioO
7%
9
2,900
:.41..G1- 41%
Oct
36%
Oct
3%
3
3%
1,700
6%
1%
1%
1,600
2%
1%
Oct
1%
Oct
8
Nov
141
...*
62 conv pref A
St Regis Paper com
50
5
100
83
•u
4%
4%
4X
200
"3%
3%
3%
8,400
73
200
Dec
Jan
15%
Jan
Apr
27%
2%
Oct
38%
11%
Apr
Apr
67
3~
IX
5
common..
Manufacturing. .25
Scranton Elec 66 pref
Scran ton Lace Co com
3%
500
22%
13%
22%
Nov
1%
100
Oct
Dec
117%
Jan
6%
July
89
Feb
1%
13%
400
13
Oct
26
Jan
May
24
300
22%
Dec
55
Mar
Oct
109
Oct
1
Oct
109
*
•
36%
Sept
4%
18
Nov
64% May
36
Seeman Bros Inc
1
IX
1
Selberllng Rubber com.—•
Selby Shoe Co
2X
2%
Segal Lock A H'ware.
16%
36
100
1%
2%
16%
800
50
%
1
IX
1
1%
5
8X
8%
9
Seton Leather
2
Jan
4%
9%
Feb
Mar
Oct
16%
Oct
30
com.
58
50
.25
4%
1 %
7%
20%
88
pref ser AAA 100
%
4%
1%
8%
4%
Dec
28%
Dec
101%
56%
Dec
104
Jan
Oct
2%
1%
Oct
12%
%
Oct
3%
Oct
6%
28%
33%
154%
700
5
200
%
4
1%
1,900
7%
20%
3,800
90%
107% 108%
1,950
72%
Nov
170
106%
Oct
7
20%
84%
100
18
Oct
17
Sherwin Williams of Can.*
Nov
114
%
5%
com
6
700
5%
Sept
28%
Dec
1
10%
Jan
Jan
Mar
Mar
June
Feb
Jan
Mar
Conv pref
21
1%
Simplicity Pattern com
1
Singer Mfg Co
..100
5%
226
226
Nov
2%
1.200
5%
400
4%
Nov
70
221%
Nov
240
1%
Nov
4%
Oct
Sioux City G AE 7% pf 100
98
Apr
Skinner Organ com
*
2
July
Smith (H) Paper Mill
•
16
Oct
7%
13%
370
23%
Aug
Oct
27
Apr
Oct
Dec
18%
63%
Oct
21%
12%
17%
9%
1,050
1,500
1,600
1%
1%
%
8
Oct
700
16
Oct
25
100
Oct
1%
400
6%
%
10%
1,200
%
Swiss Am Elec pref
100
Taggart Corp com
1
Tampa Electric Co com..*
15%
3%
*13"
4%
31
25
1,800
®ie
Oct
600
10%
»i«
6
Oct
12
Oct
8
15%
50
3%
15%
Dec
25
700
"13""
"lOO
13
Nov
21%
Feb
Oct
13%
Oct
40
15%
13%
7%
6%
27%
5%
33%
Oct
4%
Oct
100
3
Oct
2%
2%
9%
2,900
2
Oct
i'ioo
175
8%
1
"II % "12%
7X
2%
32%
'""lOO
8
1,500
10%
5%
13%
4,100
Oct
Oct
Oct
28
32
Feb
Mar
Feb
Feb
Feb
19%
4%
Mar
Mar
Jan
6%
107
4%
25
1,»*
4%
29%
%
%
*ie
28
28
100
6%
107
4%
1,800
2,200
16,200
2,200
Oct
50
Jan
10
Oct
22%
44
Apr
Feb
Apr
46
Oct
17
Feb
Jan
5%
98
119
Aug
4%
Oct
25%
%
Nov
%
Oct
Nov
16%
41
Feb
Jan
"it
Dec
2^ Jan
"T%
1%
1%
500
%
Oct
•
17%
17%
18%
'3,600
Oct
34
5%
5%
5%
2,100
4%
Oct
25
53%
July
6%
77%
96
Nov
2
Oct
2
57
57
""4"
4
"4^ """300
14
9%
11%
900
8%
8%
9%
200
Tobacco Prod Exports...*
2%
2%
300
40%
50
Nov
Nov
55
9%
9%
5%
3
.5
com
Feb
Sept
Mar
Feb
Oct
2
500
3
32%
Dec
Sept
July
Feb
3
30
4%
"~5% "~6X
8%
Feb
107
25
8
"2%
Feb
800
5%
31
Tllo Roofing Inc
1
Tlshman Realty A Const.*
Tobacco and Allied Stocks*
Securities
10
93
1
Texon OH A Land Co
Tobacco
Mar
Oct
Feb
%
4%
5%
Tenn El Pow 7% 1st pf.100
Texas P A L 7% pref... 100
Apr
2
Oct
Oct
112
Feb
Jan
Jan
7%
Jan
III '
10%
66
Jan
Jan
4%
July
Trust
Am dep rets ord reg
18%
Jan
14%
1%
£1
Am dep rets def reg...£l
Todd Shipyards Corp....*
Toledo Edison 6% pref. 100
40%
Oct
Oct
3
Feb
32%
Oct
74
July
90
X
105
Feb
Oct
116
Mar
%
•it
Dec
1,100
2,100
1,500
1%
4%
Nov
X
6%
Nov
500
6%
Oct
9% May
31%
Feb
100
X
Tonopah Mining of Nev.l
Oct
95
7% preferred A
100
Tonopah Belmont Devel.l
%
2
'it
Jan
2
Jan
Feb
Trans Lux Plct Screen-
Common
..1
Transwestern OH Co
10
2%
2%
3
6
5%
6
%
%
»i
8
7%
30
8%
30%
300
Tung-Sol Lamp Works.-.1
3%
3
3%
1,500
80c dlv preferred....—*
Ulen A Co 7%% pref...25
6%
6%
7
700
2
2
2
200
Corp... 1
Class A
1
5% preferred
UnexceUed Mfg Co
2
10
1%
1
1%
600
Investment
cum
United
3
86
Oct
11%
13%
9%
6%
1
Dec
4%
Jan
18%
10%
Jan
July
Oct
Oct
Oct
Oct
X
Apr
9%
10%
9%
100
900
11
3%
3%
200
he
*
%
%
800
96% 101%
13,400
1,300
%
Corp warrants
*
1
4%
pref non-voting.*
"ix
4%
1%
5
1%
700
•
"3%
"3% ""3%
X
Apr
12%
Nov
4
Oct
30% Mar
13% Feb
52% May
1% Nov
July
"27"
Nov
Oct
2
Jan
,nM
Mar
*11
Mar
3
78
"ie
2%
14%
3%
100
26%
28%
4.000
Oct
Oct
Nov
Nov
Oct
Oct
Oct
13%
124
3%
Feb
Jan
Jan
94
Jan
11%
11%
75%
Jan
Jan
Feb
17
Nov
45
55
*
Jan
hi
1%
United Milk Products...*
83 preferred
Molasses Co—
Oct
2
6,656
3%
*
86 1st preferred
Feb
Feb
85
80
United G A E 7% pref. 100
Common class B
Feb
Oct
47
Sts_.10o
Option warrants
Feb
Jan
9%
9",600
A part pref....*
Jan
May
85
9%
.100
Transport
Apr
Jan
Oct
4%
United Elastic Corp
Feb
Apr
Dec
11%
Warrants
83
6%
13%
1%
6%
1%
1%
30
Union OH of Calif deb rts__
Aircraft
Oct
*
Union Stockyards
United
Oct
com..*
Union Gas of Canada
Union
United Gas Corp com
Jan
69%
Oct
6
1
common.
Feb
Feb
July
Oct
Oct
107
83.30 class A partlclpat *
Swan Finch OH Corp...15
Un Clgar-Whelen
Feb
Oct
1
93
6%% conv pref.
50
Superior Ptld Cement B
*
United Chemicals com
Aug
%
3,100
1%
13%
45
105%
2%
Sunray Drug Co
Sunray OH
Feb
Mar
10%
14%
1
May
75
Jan
Feb
United
Singer Mfg Co Ltd—
Amer dep rec ord reg.£l
For footnotes see page
35
Oct
16
100
6
Stroock (S) A Co
..*
Sullivan Machinery.....*
United Lt A Pow com A.*
*
14
200
20
Jan
Feb
Simmons-Broad man Pub—
Simmons Hard're A Paint *
"300
17
20
Stetson (J B) Co com
*
Stinnes (Hugo) Corp....5
1st 87
Shreveport El Dorado Pipe
Line stamped
25
Sllex Co
preferred...
Union Premier Foods Sts.l
Seversky Aircraft Corp
1
Denn Mining..5
Shawlnlgan Wat A Pow.
cum
Oct
IX
58
Shattuck
5%
400
1
56
£1
1
com
Sherwln-Willlams
1,900
25
Allotment certificates
Selfrldge Prov Stores—
Amer dep rec
Sentry Safety Control
*
Sterling Aluminum Prod.l
Sterling Brewers Inc
..1
Sterling Inc
1
Jan
50%
Selected Industries Inc—
Convertible Stock
"lX
Sterchl Bros Stores ..___.*
1st preferred
50
Tublze ChatUlon
Oct
Sept
1h
12»A
Oct
"l6%
Trunz Pork Stores
Nov
29
2,500
Oct
1%
100
100
Jan
78%
5%
Nov
1
Securities Corp general..
65.60 prior stock
100
Tri-Contlnental warrants.
Scranton Spring Brook
Water Service pref
Common
6%% preferred
Thew Shovel Co
Apr
4
IX
22%
22
20
Teck-Hughes Mines
Jan
""IOO
8%
"l3~"
Mar
July
Apr
Jan
%
4%
9
1
Jan
Mar
1
9
Rights
Tastyeast Inc class A...1
Apr
%
50
Savoy OH Co
Scovlll
500
'ii
7% preferred
Samson United Corp com
Sanford Mills com
Bchlff Co
83
51
Oct
%
%
1
common
July
150
*
Ryerson A Haynes com__l
Safety Car Heat A Lt
»
St. Anthony Gold Mines
St. Lawrence Corp Ltd
*
62.50 conv pref
Ryan Consol Petrol
300
16%
"3%
Technicolor Inc
Oct
Jan
X
%
"l6~
*
Taylor DlstUUng Co
5
42
Wholesale Phosp
A Acid Works com
Jan
5%
""8
Nov
% May
Starrett (The) Corp v t c.l
Steel Co of Canada ord..*
Jan
Nov
20
IX
Standard Steel Spring....6
Standard Tube cl B
1
1
35%
250
___*
18
55%
110%
14%
17%
22%
22
Oct
Sept
Aug
Standard Oil (Ohio) com 25
5% preferred
100
Standard Pow A Lt
1
Nov
32
56
10%
2d
Apr
Oct
17
Standard
Feb
35
17%
Standard Products Co
Standard Silver Lead
6%
600
11
..
1,200
Mar
37
Standard Invest 85% pref*
Standard OH (Ky)
10
Standard Oil (Neb)
25
Preferred..
6%
Aug
7%
5%
11%
"'5% "5%
Standard Dredging Corp—
81.60 conv preferred..20
*if
"i00
6%
•
Standard Brewing Co
—*
Standard Cap A Seal com. 1
Conv preferred
10
Common class B
163
Oct
Oct
Dec
Feb
Mar
20
*
com
9%
20
Royal Typewriter
%
104%
112
Stahl-Meyer Inc
Dec
1%
8%
36
Stein (A) A Co
Feb
Raymond Concrete Pile—
Raytheon
6%
200
2
Jan
Aug
Jan
83
3%
Am dep rets ord bearer £1
Spencer Shoe Corp
*
Jan
Oct
July
148
2
2
South Penn OH
25
So West Pa Pipe Line. .60
Spanish A Gen Corp—
Am dep rets ord reg__£l
Sept
1
65
..100
South New Engl Tel... 100
Southern Pipe Line
10
Oct
Oct
100
93 X
Jan
Mar
33%
25%
23%
74
93 %
July
20
MX
6% prior lien pref
100
7% prior lien pref
100
Pub Util Secur 67 pt pf
*
Puget Sound P A L—
Dec
700
7%
25
2%
500
10
120X 120X
900
36
98
100
100
3%
Mar
2X
10%
6%
24%
26
*
4%
25%
5%
60
300
36
200
of Nor 111 com..*
1,400
2X
"3%
1%
6%
23%
15
1%
1
1%
6
1%
7
25%
1?*
16
l
1
Oct
Oct
Oct
25
400
100
Common
High
1%
1%
6% % pref series C
98
27
Low
Shares
Oct
103X 103X
*
High
5% original preferred .25
6% preferred B
25
Public Service of Indiana—
67 prior pref
66 preferred
Low
Oct
Oct
Oct
*
preferred
Nov
6
100
Range Since Jan. 1, 1937
for
of Prices
Week
1
Soss Mfg com
South Coast Corp com
Southern Calif Edison—
Oct
%
Prudential Investors.——*
Pub Ser of Col 7% 1st pf
Solar Mfg Co
Sonotone Corp
Nov
1
Prosperity Co class B
Price
Week's Range
Nov
10
i.
7%
7
2%
5
Potrero Sugar com
Powdrell A Alexander
9%
60%
7%
89X
IX
Par
Nov
39
Sales
Friday
Oct
Pltney-Bowes Postage
3951.
6%
100
5%
29%
Apr
Jan
Sept
Mar
Am
5%
dep rets ord reg—
United Profit Sharing
Preferred
*
—10
%
%
100
8%
Apr
253
Aug
%
Oct
2
July
8
Dec
12
Mar
244
United N J RR A Canal 100
Jan
Oct
Last
(.Concludes)
Sale
Par
-.1
_
Preferred..
of Prices
Low
High
Week
1%
A—1
United Shipyards cl
Class B
United Shoe Mach
Price
for
com.25
—-25
United Specialties com—1
U S Foil Co class B
1
%
%
68%
5%
x5%
X5%
6%
4,900
"h
»16
62%
1%
56 %
200
21%
3%
22
—'
U 8 Lines pref
10
1
U S Playing Card
21%
3%
2
2
U 8 Rubber Reclaiming—
*
*
"~ht
*16
United Verde Exten—50c
1%
1H
Wall Paper....—2
350
%
500
Vot tr conv
pref
1%
June
Feb
Mar
Mar
Oct
Oct
1J$
4*$
Feb
Nov
400
Oct
z2%
3%
200
1H
1,700
12 %
1
Jan
1st
Oct
Oct
35*$
100
49%
%
1%
Dec
Oct
Oct
89*$
'2:600
%
Oct
Sept
Oct
Oct
(Balt) 3*$s ser N—1971
3*2
Mar
Jan
Feb
Nov
18*$
Feb
1%
Oct
10
Jan
Det City Gas 6s ser A. 1947
5s 1st series B......1950
1
Oct
6
Oct
1%
200
%
1A
400
8
1%
x8
6
2%
3%
5H
2%
3H
900
3,100
800
4*$
11*$
2*$
5
Oct
4%
5%
5%
2%
Oct
Nov
5
2
Jan
Apr
7*$
Oct
13*2
Mar
Mar
102*$
Jan
21*$
Mar
Oct
Oct
Oct
*
*
19
Nov
WestjN J A Seashore RR 50
WestiTexas Utll 96 pref—*
60
2%
2%
6%
600
74%
1%
6%
200
6%
5
5
200
4
4%
100
2
%
1,000
4%
he
%
1
200
1
10%
10
1
12
10%
4%
4%
6%
5
5%
6%
18%
7%
20%
VA
20%
VA
1%
300
1946
102
14%
1%
4*$s
1967
82*4
Aluminium Ltd debt 5sl648
Amer G A El debt 5S..2028
Am Pow A Lt deb 68—2016
Amer Radiator 4*$s_.1947
107%
Debenture 6a
Associated Eleo 4*$s..1953
Associated Gas A El Co—
Conv deb 5*$s
1938
Conv deb 4*$s C...1948
Conv deb 4*$s
1949
Conv deb 5s
1950
.1968
1977
5*$a A'65
1950
Bell Telep of Canada—
1st M 58 series A...1955
1998
Birmingham Eleo 4*$s 1968
Birmingham Gas 5s... 1959
Broad River Pow 5s. 1954
Canada Northern Pr 5s '53
•Canadian Pao Ry 6s. 1942
_
1956
Cedar Rapids M A P 5s '53
Central 111 Public Service—
6s series E_
"77"
"73"
Oct
Gen Pub Utll 6*$s A. 1956
•General Rayon 6s A. 1948
Gen Wat Wks A El 5s. 1943
8/
Oct
Georgia Power ref 6s__1967
Georgia Pow A Lt 5s. .1978
61
23*$
6*$
8*$
Jan
Apr
Jan
30% Sept
4*$ Mar
♦Gesfurel 6s
104*$
Apr
84
74*$
76
79
58,000
11,000
61
63
49~66O
10,000
34,000
18,000
57,000
113
99% 100
93%
93%
37% 39%
29%
37
35
37
71%
71%
73
1
30%
67*$
67
"69k
6,000
10,000
4,000
35,000
63,000
61,000
5,000
11,000
112%
118%
t120%
128%
95
Jan
Oct
Apr
107*$ June
Oct
108*$ June
Jan
Nov
103%
105*$
Oct
106*2
Jan
106*$
Nov
108*$
Oct
110*$ June
1195$
Jan
111 Northern Utll 5s._. 1957
111 Pow A Lt 1st 6s ser A '63
107*$
1st A ref 5*$s ser B.1954
1st A ref 5s ser C
1956
S f deb 6*$s__.May 1957
Indiana Electric Corp—
92*$
86*$
109
Mar
98
Oct
89
Oct
28
Oct
6s series B
55
Oct
83*$ May
23 %
Oct
62*$
Jan
6*$s series B
61
Jan
1951
Jan
Jan
Indiana Gen Serv 5a..1948
Indiana Hydro Eleo 5s 1958
Jan
25.000
19,000
97
Oct
97%
Oct
18,000
6,000
4
93*$ Mar
98*$
Jan
104*$ July
101
July
80
Jan
105*$
109*$
107*$
Jan
Mar
Apr
106*$ May
Oct
135$
4
Oct
15$
Dec
12*$
45$
4*$
955$
ii",666
5$
Dec
70*$
Dec
100*$
57*$
Mar
Oct
102*$ May
109
965$
Jan
Jan
Mar
Mar
Jan
Jan
Jan
115
Feb
100
Dec
1041$
Oct
85
Oct
65
Oct
1035$
93*$
Jan
Feb
Mar
Jan
54
Oct
103
Dec
73*$
108*$
62
Dec
935$
Jan
104*$
Dec
103*$
16,000
82
105*$ Mar
1055$ June
96
100*$
Jan
Jan
Oct
2d,000
99
Sept
*4,000
96
Oct
4,000
96
Sept
3,000
2,000
77
Dec
82
Dec
58*$
70*$
Oct
Jan
72*$
Oct
36,000
2,000
20,000
«9,000
11,000
74
58
Oct
Oct
Mar
Oct
11,000
55
Dec
91%
30,000
88
Nov
100
Oct
Oct
22
Oct
65*$
65*$
32%
Oct
69
69
Oct
91*$
105*$
74
Feb
Jan
Nov
5s
86*$
*75*$
"
1:660
2,000
1065$
67*$
Jan
Dec
43
Oct
82
Oct
11,000
1,000
Indiana Service 5s
1st lien A ref 5s
1950
1963
87
17,666
1.000
4,000
2,000
27
60*$ 60*$
65
*60*$
107*$ 1075$
97*$
98*$
92
92*$
86*$ 88*$
77
79*$
86*$
865$
91
75
77
3,000
7,000
30,000
5,000
42,000
23.000
6,000
1,000
11,000
555$
55*$
45*$
105*$
9,000
2,000
10,000
8,000
1055$
1095$
2,000
45*$
Dec
29,000
1035$
Mar
57
55*$
65*$ 57
45*$ 45*$
105*$ 106
115*$
Jan
Mar
124
Jan
6*$s series C__
595$
60
114*$
Mar
125
Jan
7s series E
1957
62
62
130
"9;000
128
Jan
7s series F
1952
*57
60
41,000
10,000
57
3,000
12,000
16,000
22,000
84*$
101
Dec
Mar
102
Oct
91
111*$
Sept
Feb
99*$
86*$
Oct
Oct
95
Oct
145
99
88*$
101*$
104*$
114*$
105*$
92
71%
89
43%
44
44% 45%
106% 106 %
11,000
76,000
23,000
18,000
7,000
14,000
127,000
39,000
36,000
36,000
4,000
113*$
107
105
87*$
Oct
104*$
104*$
103*$
88
Oct
104*2
63
Oct
94
Jan
International Salt 5s.. 1951
Interstate Power 5s.—1957
Aug
Jan
5s series D..—1956
Jan
July
4*$s series F
1958
Iowa-Neb LAP 5s—1957
Jan
Iowa Pow A Lt 4*$s—1958
Iowa Pub Serv 5s
1957
Jan
Jan
Jan
Jan
Feb
Oct
99
Jan
Oct
72*$
Jan
33
Oct
Oct
Apr
Mar
72*2
Jan
75*$
Jan
Sept
107
107
Debenture 6s
June
6,000
91*$
Dec
100
Jan
.1952
Isarco Hydro Elec 78.1952
Isotta Fraschlnl 7s
1942
Italian Superpower 68.1963
Jacksonville Gas 5s
1942
Stamped'
43*$
22
72*$
64*$
95*$
1961
106%
102%
59
*1075$ 109
43
45*$
37
;....
4*$ s series C
1961
Kansas Elec Pow 3*$s.l966
Kansas Gas A Elec 68.2022
1947
22
70*$
64*$
95*$
*95
"103*$
275$
72*$
65*$
96
96*$
106*$ 1065$
102
102*$
59
48
Oct
Oct
7,000
2,000
52
53
53%
105
Oct
77
Jan
Oct
83*$
Feb
81
Feb
109
May
Nov
Mar
60
79,000
77,000
32
Oct
18
Oct
76*$
695$
21,000
62
Oct
96
Jan
16,000
13,000
68%
i2~,666
1045$
Jan
Oct
88*$
92
June
1045$
Jan
Feb
92
July
Apr
104*$
Feb
1065$
Dec
105*$
795$
Jan
Feb
7,000
99
Oct
5,000
54
Oct
71
Oct
80
Feb
435$
26,666
32*$] Oct
71
Feb
37
39*$
10.000
35
Oct
565$
Jan
105*$ 105*$
103*$ 1035$
97*$
98
10,000
103
Mar
1055$
1055$
Apr
80
54,000
16,000
*113*$ 117
*100
Jan
395$
*75
"40%
Jersey Central Pow A Lt—
6s8eriesB.
—1947
Kansas Power 5s
92
45
Oct
Mar
Feb
Interstate Public Service—
73
103*$
104*$
1955
Jan
Jan
31
31
78
International Power Sec—
Mar
113
Oct
Oct
"i",666
110
Oct
Oct
Aug
"66"
80
6,000
Dec
70
106*$ 1065$
111*$ 111*$
~80~~
23,000
73%
85%
1065$
*108*$
1957
♦Indianapolis Gas 5s A1952
Ind'polls P L 5s ser A. 1957
22*$
91
Indiana A Mich Eleo 5s '55
20%
22%
1947
8l"
113%
118%
121%
42
91 %
98
1953
5a series C
Oct
87%
42%
*106
60%
...1949
68 series A
80*$
*17
Mar
May
Hygrade Food 6s A... 1949
107
Nov
57
90%
69%
3951.
Jan
595$
87
Oct
6s series B
1961
106
60
22*$
6*$s with warrants. 1943
•Hungarian Ital Bk 7*$s*63
68
103*$
59
100*$ 101
92
92%
98*$
99%
91
92%
Chicago A Illinois Midland
Ry 4*$s A
1956
Jan
*100
80%
Houston Gulf Gas 6s.. 1943
95
134,000
105*$
99*$
71
72
84%
57%
84%
84% 84%
103
103%
103%
106% 106%
95
94%
tl 13%
6*$s ex-warrants... 1954
Cent States PAL 5*$s '53
Oct
Oct
32,000
110
*107
67*$ 67*$
62*$
62*$
36*$ 38*$
100
1977
1947
104
94
68
82
Chlo Dlst Eleo Gen 4*$s'70
Nov
985$
215$
90
Guardian Investors 5s. 1948
6s series A
86
73*$
74*$
76*$
81*$
74*$
75*$
55
"67"
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stpd.. 1950
102
87
87
33
1948
Oct
1,000
85
72
101*$ 102
97
*96
29
"57"
Jan
*26
31%
29%
129
Jan
52
t30%
..1953
Glen Alden Coal 4s... 1965
Gobel (Adolf) 4*$s... 1941
84
83*$
102*$ 103*$
i01J$ 101*$
101*$ 101*$
77
775$
Jan
Jan
28
Cent Power 5s ser D..1957
Cent Pow A Lt 1st 5s. 1956
83*$
103*$
101*$
Oct
61
1968
For footnotes see page
875$
78%
29
113%
1095$
1255$
92
58
Hall Print 6s stpd
57%
69
Feb
4,000
"5:666
65
♦Hamburg Elec 78—1935
•Hamburg El Underground
A St Ry 5*$ s
1938
Heller (W E) 4s w W..1946
105*$ 106 %
107% 108
~32~~
104*$
Oct
103*$
Jan
28
4*$s series H
1981
Cent Ohio Lt A Pr 5s._1950
6sserle8 B
62
Jan
59
1st A ref 4*$s ser F-1967
Cent States Eleo 5s
103
105
29
.1956
5s series G
103"
108*$
113
i960
Bethlehem Steel 6s
58
1953
Oct
75
99%
93%
37%
1st M 5s series B—.1957
5s series O
.4
Oct
.
Atlanta Gas Lt 4Kb-1955
Baldwin Locom Works—
Convertible 6s
70
1
Oct
185
106"
Apr
Oct
70*$
71*$ 106,000
106*$ 107*$ 20,000
67*$
70*$ 129,000
1,000
102*$ 102*$
13,000
101*$ 101*$
t86*$
8»*$
74
<2*$
86
106% 106 J*
2024
Ark-Loulslana Gas 4s 1951
Arkansas Pr A Lt 5s..1956
*$
70*$
107*$
87
100% $18,000
14,000
95%
8,000
93%
87
86%
20,000
81% 82% 61,000
6,000
106% 106%
107
107% 33,000
79
Jan
98*$
9954
2*$
97
100
106 %
Amer Seating 6s stp—1946
Appalachian El Pr 5s. 1956
Appalachian Power 5s_ 1941
4
1950
Empire Dlst El 6s
1952
Empire Oil A Ref 5*$s. 1942
Ercole Marelll Eleo Mfg—
4
J$
4*$
4*$
95%
.1968
104*$ June
Jan
90*$
130
60 %
57*$
M%
4*$
General Bronze 6s
1940
General Pub Serv 5s_. 1953
Jan
Dec
101
1,000
97*$
103
92
100
1956
.
Carolina Pr A Lt 5s
El Paso Elec 5s A
Deb gold 6s. June 151941
Deb 6s series B
1941
Dec
Oct
Dec
Gary Electric A Gas—
Oct
Oct
102
102
104
101
Hackensack Water 5s. 1938
1951
Conv deb 5*$s
Assoc T A T deb
Elec Power A Light 5s.2030
Elmlra Wat Lt A RR 5s '56
Grocery Store Prod 68.1945
Guantanamo A West 6s '58
1st A ref 5e
Debenture 5s
Eastern Gas A Fuel 4s. 1956
Edison El 111 (Bost) 3*$s '65
5s ex-warr stamped. 1944
Gatlneau Power 1st 5s 1956
Nov
Oct
Nov
Dec
106*$
1075$
Aug
Oct
Oct
5%
108
1235$
72
Apr
1135$ Dec
113*$ Sept
112*$ July
112*$ Dec
Oct
58,000
BONDS
Abbott's Dairy 6s
1942
Alabama Power Co—
Oct
Florida Power A Lt 5s. 1954
Oct
5
Dec
Sept
Oct
Aug
Sept
4%
Jan
685$
93
93
2
80
56
1025$
Jan
5,000
3,100
99*$
Dec
Mar
104*$ 105*$
104*$ 105
*94
100
85*$
88*$
Nov
6
7H
97
t54
Aug 1 1952
♦Certificates of deposit
Banks 6s-5s stpd
Oct
ht
1
15*$
7%
Apr
Oct
106*$
100*$
Firestone Cot Mills 5s. 1948
Firestone Tire A Rub 5s *42
First Bohemian Glass 7s '57
10
200
102
Jan
Oct
Oct
Nov
300
500
1075$
Jan
Apr
Jan
10 %
1,500
110*$
110*$
1075$
101*$
61
Wolverine Portl Cement. 10
Wolverine Tube com....2
8,000
9,000
50,000
2,000
4,000
32,000
38,000
18,000
104*$ 104*$
600
Winnipeg Electric cl B
*
Wise Pr A Lt 7% pref-100
2,000
1961
6
'10%
"97"
♦Deb 7s
Erie Lighting 5s
1967
Federal Water Serv 5*$s *54
Finland Residential Mtge
July
Aug
46*$ June
Oct
•
Weyenberg Shoe Mfg
1
Williams (R O) A Co.—•
Williams OU-O-Mat Ht—*
1st A ref
Aug 1 1952
•Certificates of deposit
6*$s series A
8%
Apr
Jan
Bridge¬
ts
Jan
Feb
Feb
2%
101
Detroit Intermit
Jan
Aug
Apr
Oct
Oct
9
1st Aref 5s—_
1st A ref 5s
1940
Cuban Telephone 7*$s 1941
Cuban Tobacco 5s
1944
6%
Aug
104*$
795$
Oct
102
108*$ 108*$
103*$ 104*$
101
101*$
Aug
Oct
60
79*$
102
Denver Gas A Elec 6s.l949
98
1st A ref 5s
79*$
Jan
23
Oct
18,000
63*$
80*$ 150,000
62
stamped—1943
103
Dec
...5
ser A
Delaware El Pow 5*$ s 1959
76
Yukon Gold Co
68
Cont'l Gas A El 5s... 1958
Crucible Steel 6s
Jan
Dec
92
36*$
36
Apr
3*$
11
4,000
67,000
47,000
6,000
July
Oct
83
Jan
105
3~200
50
Jan
103
118
Feb
Oct
83
Oct
2,000
Apr
200
Woodley Petroleum
1
Woolworth (F W) Ltd—
AmeridepSrctS—
.5c
6% preferred
..£1
Wright Hargreaves Ltd..*
Youngstown Steel Door..*
1954
Feb
"300
Jan
Oct
Oct
Consol Gas Utll Co—
9*$
"7%
82
Jan
88
10,000
33
100
Dec
104*$
104
73
1%
Jan
Feb
87
101*
1055
fl07
108*$
120*$ 120*$
104*$
Oct
20
Wlllson Products
64
96
95%
127
X126
Dec
11
fWll-low Cafeterias Xno-.l
Conv preferred..
*
Wilson-Jones Co
*
61%
Sept
100
West Va Coal A Coke
96
3%
%
72%
26
Western Maryland Ry—
Westmoreland Coal Co
102*$ 103*$
~62J$
12%
y
Western Air Express
1
West Cartridge 6% pf.100
Western Tab A Stat
106*$
50
83
Grocery Co
4*$s
106
1,000
1%
1
5
7% 1st preferred
106
Conn Light A Pow 7s A '61
Consol Gas El Lt A Power-
Gen mtge
112
112*$
107*$ 107*$
14%
Welsbaum Bros-Brower—1
Western
107%
Consol Gas (Bait City)—
5b
...1939
100
Wentworth Mfg
Com'wealth Subsld 5*$s '48
Community Pr A Lt 5s '57
Community P S 5s...I960
Jan
a
1
1.25
1965
Jan
28*$
10*$
Jan
84
Dec
42
113
28%
Wahl (The) Co common. •
Waltt A Bond class A—*
Class B
*
Wellington Oil Co
113
*1125$ 114
1115$ 112*$
111%
106*$ 106*$
Feb
83
Wayne Knit Mills
67*4
6*$
1*$
•
Walker Mining Co
67
12%
*
7% preferred
67%
2
Jan
110
Nov
45
1005$ 1005$
28
'l2%
Va Pub Serv 7% pref. .100
Vogt Manufacturing
—*
Wagner Baking v t o
54*$
54*4
3*$s series H
2%
40%
11 %
2
52
1981
Jan
Jan
900
51
53
1956
1957
19
Jan
550
52%
Registered
Apr
2%
1005$
5*$s. 1952
4*$s series C
4*$s series D
Jan
Feb
Sept
5«j,000
27,000
Nov
43
86
Pipe
1st M 4b series F
Oct
6
16%
Gas
.1949
Apr
45$
2%
2%
92
1st M 5s series A... 1953
July
80*$
16
16
92%
1st M 5s series B...1954
6
Dec
1
5*$s '42
58*$ 317,000
16,000
93*$
1943
8*$
22*$
Sept
Oct
4,900
62
55*$
5*$s..
18
2%
2%
%
60*$
57%
Commerz A Prlvat 5*$s'37
Edison—
Oct
41 %
%
62
105*$
High
Commonwealth
1st
150
50
87
1966
Line 6s
Oct
9%
3%
23,000
24,000
9,000
1950
Cities Serv P A L
Service
Low
Shares
90
5s
Cities Service Gas
Dec
10*4
Service
Mar
Feb
1%
40%
Cities
Jan
"l% "1%
40%
"1%
88
16
"406
2%
48
86
4*$
34*$
2%
43
46
86
Cities
14
106*$
46
Conv deb 5s.
%
1
1%
1X
Aug
106
1927
Cincinnati St Ry 5*$s A '52
6s series B
1955
|*Chlc Rys 5s ctfa
Range Since Jan. 1 1937
Week
Chlo Jet Ry A Union Stock
Yards 5s
1940
Mar
zl%
1%
10*$
3%
l
Waco Aircraft Co
Oct
8
5
Venezuelan Petroleum
Oct
Oct
Oct
93%
2
41%
Van Norman Mach Tool-5
Venezuela Mex Oil Co..10
%
2%
19
3
900
—1
Class B
Nov
15
18*$
2
—
7% preferred
100
Valspar Corp v t c com__l
47
Oct
5,300
4,600
Utah Radio Products
Utility Equities Corp
Priority stock—
Utility A Ind Corp com...6
Conv preferred.
7
lUtU Pow & Lt common—1
Nov
Oct
%
Jan
Jan
Feb
Universal Products
Utah Pow A Lt *7 pref -
Apr
1%
18*$
90
5$
1%
Oct
7*$ May
4*$
Jan
96*$
Jan
47*$
Jan
2
2
Oil.—10
1
Universal Insurance
8
Universal Pictures com—1
6
4%
4
100
Universal Consol
Universal Corp vto
Utah-Idaho Sugar
37%
800
200
4
4
17 conv 1st pref
United Stores v t c
400
3%
2%
%
%
U 8 Stores Corp com
1%
200
Dec
Oct
63
1,200
38
1st pref with warr
U S Radiator com
977
"5%
67%
~
U S and Int'l Securities.
300
1
69%
38%
6%
1%
%
for
of Prices
Low
High
Price
High
Low
Week's Range
Sale
(Continued)
Shares
400
2
Last
BONDS
Range Since Jan. 1, 1937
Week's Range
18, 1937
Sales
Friday
Sales
Friday
STOCKS
United
Dec.
New York Curb Exchange—Continued—Page 5
3950
100
101
985$
Nov
935$ June
Nov
110*$
14:666
98
Nov
98
121*$
104*$
Jan
Oct
Jan
Jan
Volume
BONDS
Last
Weet's Range
Sale
{ContinueI)
Price
of Prices
High
Low
for
034s series D__
534s series F
5s series I
1969
♦Leonard Tletz
10134
734s--1940
Lexington Utilities 5s_1952
Libby McN A Llbby 5s '42
Long Island Ltg. 6s...1945
Louisiana Pow A Lt 5s 1957
♦Manitoba Power
65
Oct
"9634
"99"
9854
3,000
93
Oct
88
334s '66
Lehigh Pow Secur 6s..2026
17,000
98
1948
1955
Lake Sup Dlst Pow
81
80
88
1.000
85
Oct
80
8034
95
9534
10034 10134
29
*2334
9534
9634
10354 10434
99
10134
10334 10434
534s1951
*7034
6,000
6534
44,000
93
17,000
9934
"7",000
93
1834
20,000
27,000
34,000
Price
75
10134
99
102 34
87
9954
10754
10334
Jan
Jan
Jan
Marlon Res Pow
434s.1952
95
Oct
Mar
101
Jan
Ref M
11134
Jan
Ref M
Oct
Mar
2634
July
Oct
105
Jan
Nov
106
Feb
Dec
107
May
Oct
July
105
Jan
85
Nov
104
Jan
7.000
81
Oct
104
Jan
18,000
8034
Oct
118
Apr
10734
9934
9734
10634
10254
Jan
17,000
10054
Nov
80
79
Oct
67
16,000
64
Oct
9034
92
29,000
8954
31,000
86
1955
10034
Mississippi Pow 5s
1955
90
9034
100 34 102
6834
Miss Power A Lt 5s... 1957
84
Miss River Pow 1st 5s. 1951
109
66
71
8334
84
10934
6534 66
109
Dec
Oct
Jan
Mar
Feb
Jan
17,000
95
Oct
106
Jan
6,000
68
Oct
17,000
Nov
6,000
107
Feb
9954
10034
10934
Jan
78
3,000
65 34
4,000
92
Dec
93 34
1944
9354
234
June
Oct
♦Munson SS 634s ctfs.1937
Nassau A Suffolk Ltg 6s *45
3
53,000
95
95
1,000
95
Dec
Nat Pow A Lt 6s A—.2026
8254
7,000
8334
7454 133,000
13,000
44?4
71
Oct
Deb 5s series B
254
2030
*7334
J»Nat Pub Serv 5s ctfs 1978
t 443*
Nebraska Power 434s 1981
10934
68 series A
2022
75
New Amsterdam Gas 5s '48
N E Gas A El Assn 58-1947
5g
1948
4,000
5,000
90
Nelsner Bros Realty 6s '48
Nevada-Calif Eleo 5s. 1956
7334
4454
10934 10934
11454 11454
90
1,000
74
75
52,000
67
Oct
44
May
10634 June
Oct
10634
88
Dec
69
Oct
113
Apr
75
10034
1434
Jan
107
Jan
10734
9734
Feb
Jan
51
Jan
110
May
12634
Jan
110
Jan
9934
12134
8434
Jan
Jan
24",566
4734
Oct
11.000
45
Oct
85
Jan
Jan
Jan
Jan
1950
5734
8334
44,000
19,000
Oct
18234
6534
8154
5854
New Eng Pow Assn 5s. 1948
Debenture 534s
1954
New Orleans Pub Serv—
81
Oct
8534
8334
8534
39,000
8334
Dec
10134
10254
9034
68
10234
41,000
9,000
85
Oct
9534
Jan
60
Oct
92
Jan
*99
10654
N Y A Westch'r Ltg 4s 2004
Debenture 5s
1964
104
90
11334
11334111334
10434
90
Dec
9,000
100
Apr
10434
Apr
11334
Jan
Nov
Dec
Oct
8654
Feb
3,000
11034
Nov
Oct
61 34
65
3,000
54
76
Nippon El Pow 634S--1953
Feb
20,000
101
10454
10354 104
Jan
10934
10734
10434
11,000
57,000
76
1,000
12,000
76
Dec
35
Oct
Jan
Aug
No Amer Lt A Pow—
534s series A
1956
Nor Cont'l Utll 5348—1948
No Indiana G A E 6s. 1952
4034
10754
4034 42
10734 10834
11,000
10654
10034
6934
Jan
10854
Oct
107
Jan
Jan
Nov
Northern Indiana P S—
6s
series
C
99
1966
9934
32,000
95
1945
5s conv debs
1946
Okla Power A Water 5s '48
4,000
8934
10154
88
"o",666
Jan
10134
10454
Oct
11154
Jan
108
*106
10634
103
Feb
10554 May
10034
Jan
10834
Jan
103
104
Nov
96
9654
45,000
92
Oct
8654
86
88
30,000
79
Nov
78
78
79
4,000
78
Dec
100
Jan
102
Oct
108
11334
Oct
10434
11434111534
1941
ser
*88 M 90
11254 113
A. 1948
Pacific Ltg A Pow 6s_.1942
Pacific Pow A Ltg 5S..1955
3,000
84
"2" 000
1938
101
101
38,000
9,000
Park Lexington 3s
1964
Penn Cent LAP 434s.197/
32
32
1,000
Palmer Com 6s
6534
63
34
6554
8634
8734
1979
96
96
96
1971
1st 5s
Penn Electric 4s F
8634
86 34
8854
8654
26,000
1,000
19,000
11134
61
30
9934
8334
95
8434
Oct
Deb
Nov
D
Oct
Oct
1968
Peoples Gas L A Coke—
11134
1948
434s series F
1,000
34J10234
8954
12
11134 11134
18.000
105
"59
10634
11134
Jan
Jan
10834
Dec
76
Mar
Oct
534
Oct
10834
Mar
74
Nov
100
3034
113
434 s
10534
Toledo Edison 5s
Twin City Rap Tr
.
Mar
Apr
Mar
10234
Jan
Nov
51
87
Oct
90
Nov
7534
Dec
9934
Oct
10,000
40
Oct
17,000
1,000
1,000
36,000
21,000
4,000
42
Oct
42
Oct
42
Oct
31,000
30,000
35
Oct
16
Oct
37
Apr
May
"13*666
102
Mar
10234
Mar
Oct
40
3934
70
Oct
Dec
37
79
*9*666
70
Nov
6534
6534
60
8,000
3,000
55,000
70,000
3,000
1,000
65
Oct
9734
103
103
9734
10434
92
1962
6434
96
8534
1979
634s '52
4034
10534 10534
5834
..2022
Tide Water Power 6s.
Tletz (L) see Leonard
9954
9934
104
78
034s.. 1953
6s series A
Mar
3,000
10134
5734
*10534 10534
1970
8534
10734 10834
62
6434
7,000
53
Oct
9234
Oct
102
Nov
92
Dec
80
Oct
10034
Jan
55
Oct
9734
6134
28,000
Oct
Ulen Co—
Conv 6s 4th stamp. 1950
United Elec N J 4s... 1949
United El Serv 7b
1956
♦United Industrial 634s.'41
♦1st
f 6s
s
38
40
11334
634s
634s
1974
534s '52
35
*2334
6534
25
6734
71
98
""7734
3,000
2,000
60
70
71
...1959
Un Lt A Rys (Del)
11334 11434
58
6634
23,000
40
*23
58
1945
United Lt A Pow 6s...1975
6s series A
1952
6s series A
1973
Utah Pow A Lt 6s A..2022
10234
98
7734
79
Va Pub Serv
102
10234
64
*74k"
26,000
8,000
1,000
18,000
Oct
77
""89 k
8934
9034
1st ref 6s series B...1950
84
84
85
80
80
8034
15
14
1534
1940
102
Dec
62
Oct
74
Deo
Dec
12*.000
85
Oct
5,000
2,000
81
Oct
75
Oct
65,000
9,000
11
84
6s
534s A.. 1946
14,000
1,000
14,000
83
64
74
*8234
1944
Waldorf-Astoria Hotel—
♦58 Income deb
.1954
Wash Gas Light 5s...1958
10434 105
Wash Ry A Elec 4s
1951
Wash Water Power 5s 1900
107
West Penn Elec 5s
"l05k
107
West Newspaper Un 6s '44
West United G A E 534s '55
35
Wlso-Mlnn Lt A Pow 5s '44
1906
York Rys Co 5s
1937
40
35
10434 10434
10554
9234
""75""
*10634
10554
80
75
103
Nov
Apr
June
93
Oct
Nov
8l",000
75
Oct
21,000
6,000
35
Dec
102H
105k
105k *1*2*,000
92
9334
10434 105
Oct
10434
10534
101
96
*10334 10434
8434 8634
8434
Wheeling Eleo Co 6s..1941
2,000
5,000
3,000
10534 10534
96
2030
West Penn Traction 5s '00
West Texas Utll 6s A 1957
23,000
34,000
58,000
105
Oct
Feb
Oct
8934
Nov
10334 June
75
Dec
9934
13334
July
104
Apr
109
Jan
"9.666
57
Dec
81
Mar
1,000
90
Oct
104
Feb
18
Mar
25
July
10334
103
10454
10254 10334
102 34 103 34
10454 10454
10734
10354
Oct
Mar
1,000
12,000
100
Oct
101
Mar
35,000
10034
15,000
102
Mar
94
Oct
Oct
11234
10554
105
17
Jan
17
Jan
17
Mar
Nov
108
2,000
9,000
2034
Jan
6,000
14,000
2034
Apr
Apr
23
23
59
103
Apr
*20
10554
103
2034
20
2034
*2034
Apr
Mar
Mtge Bk of Bogota 78.1947
Jan
105 34 105 34
2034
1947
♦Secured 6s
1934
99
Jan
85
11034 11034
♦German Con Munlo 7s '47
Sept
Feb
97
57
*51
1962
634s
21
60
Danzig Port A Waterways
External
Aug
96
Nov
20
~3~3~666
*9934 10134
....1953
9434
Dec
6
Oct
Nov
1978
10034
5,000
*2454 27
10034 10034
Dec
80
80
Nov
Jan
1966
1955
1,000
1,000
27,000
75
Aug
...1956
534s....
754
27
27
1952
5s
80
70
25
147
Danish
80
734
*6234
107
Oct
734
Mendoza 4s stamped.. 1951
108
12834
80
80
1952
1947
Feb
Oct
21,000
Dec
7
100
13134T13334
Dec
Sept
9
Apr
2134
18
*734
57
*21
2034
2034
♦Medellln 7s series E.1951
Dec
6,000
3,000
12,000
Mar
1834
60
2034
1934
26
96
57
2034
*1234
*1434
105
10,000
2134
1958
6.000
►1.000
*19
2034
2034
1951
♦Maranhao 7s
16,000
9734
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
♦Lima (City) Peru
Oct
434® series D
434s series E
1st A ref 434s
4>4s series 1
1960
1st
Oct
52
5s series C
..1980
44
Oct
103
*3934
1946
Jan
Jan
Pub Serv of Nor Illinois—
F.1981
4334
2d stamped 4s
Super Power of 111 434s '68
Jan
Public Service of N J—
ser
24
Oct
77
*20
100
Electric 6s. 1954
1st A ref 5s
2254
34,000
42,000
25,000
2,000
2,000
17,000
4,000
3,000
6,000
4,000
Dec
70
2,000
1,000
41,000
30
2134
"i'ooo
*107541109
1961
Corp (Can)434sB '59
6% perpetual certificates
2334
Stlnnes (Hugo) Corp—
2d btamped 4a.
1940
♦Hanover (City) 7s...1939
♦Hanover (Prov) 634s. 1949
77
20
10754 10734
10034 May
10734 Mar
o,000
9634
5834
Jan
Apr
25,000
72
6134
Mar
109
105
2,000
—
20
Potrero Bug 7s stmpd-1947
♦Prussian
10554
105
"9734
Potomac Edison 5s E.1956
Power
106
6134
♦Pomeranian Elec 6s__1953
Portland Gas A Coke 5s '40
Oct
Oct
May
*60
Pittsburgh Coal 68...1949
Pittsburgh Steel 6s
QO
80
105
11
I ♦Peoples Lt A Pr 5S..1979
534s.. 1972
Phila Rapid Transit 6s 1962
Pledm't Hydro El 634s '60
5534
♦6 series A
3,000
88
1981
B
5234
♦Prov Banks 6s B..1951
Nov
2,000
*10834
4348 series B__
series
~5334
5534
♦Cauca Valley 7s
1948
Cent Bk of German State A
11.000
8934
107341108
Penn Water A Pow 5s_1940
4s
72
♦734s stamped
Oct
102
1954
Phlla Elec Pow
5734
5734
71
♦7s stamped
Mar
9734
90
9554
90
Penn Pub Serv 6s C..1947
5s series
55
Standard Investg 534s 1939
5Standard Pow A Lt 6sl957
♦Starrett Corp Inc 5s. 1950
'"5534
Low
6834
Buenos Aires (Province)—
Oct
10634 10734
1950
534s series B..1959
5534
Debenture 6s
1951
Debenture 0s. Dec 11960
♦Baden 7s
Penn Ohio Edison—
6s series A
55
55
Agricultural Mtge Bk (Col)
♦20-year 7s
.1946
♦20-year 7s
1947
Pacific Gas A Elec Co—
1st 6s series B
5434
101
Range Since Jan. 11937
eet
Jan
*102
Pacific Coast Power 5s '40
Pacific Invest 5s
5434
Jan
Jan
*10654 10634
104
434s ser D.1956
Okla Nat Gas 434 s—1951
5434
Wise Pow A Lt 4s
Oct
1st A ref
56
78
Yadkin River Power 5s '41
Oct
8934
Ohio Power 1st 5s B..1952
54
Jan
95
25,000
Ogden Gas 5s.
5334
54
105
2o,000
94
10334
5434
Oct
9934
93
*88
10134
Oct
9834
9334
103
7534
78
§»Stand Gas A Elec 0s 1935
♦Certificates of deposit
♦Convertible 6s
1935
Jan
Jan
9834
1970
N'western Elec 6s stmpd'45
N'western Pub Serv 6s 1957
94
"9l"
10554
10434
10534
1969
58 series D
434s series E
91
S'western Lt A Pow 5s 1957
So'west Pow A Lt 6s
2022
434s
10634 107
90
9454
9234
for
Shares
United Lt A Rys (Me)—
99
f 10134 10234
Ext 4J*s stamped-.1950
N Y P A L Corp 1st 434s *67
N Y State E A G 434s 1980
56
92
"97*34
5734
N Y Central Eleo 534 s 1950
New York Penn A Ohio—
10434 10434
55
55
Feb
11834
5834
90
104 H
Sou Indiana Ry 4a
1951
S'western Assoc Tel 5s 1961
Texas Elec Service 5s. 1960
Texas Power A Lt 6s. .1956
5534
6734
108
6534
6634
1942
10434
108
Tenn Public Service 5s 1970
Ternl Hydro-El
8434
6s stamped
95
104
Apr
6734
♦Income 6s series A. 1949
78
104
354s.May 1 1900
354s B.July 1 '60
1st A ref mtge 4s
1960
Sou Counties Gas 434s 1968
Nov
44
Conv deb 5e
5934
78
10434 10534
10334 10434
Tennessee Elec Pow 6s 1956
"5734
*116
58J4
10534
10331
Jan
Dakota Power—
6348
of Prices
High
9334
♦Certificates of deposit
8934
1978
Montana
Aug
66
Mllw Gas Light 434s~1967
Missouri Pub Serv 5s. 1960
101
86
83
*75
Minn PAL 434s
1st A ref SC.
Aug
Dec
95
*
83
2734
76
81
1946
Weet's Range
Low
So'weat Pub Serv 6S..1945
10654 May
1,000
81
Memphis Comml Appeal
Deb 434s
1952
9 5 34
95 34
95
Debenture 354s
82 34
88
103 34 104
McCord Rad A Mfg 6s »43
Memphis P A L 5s A..1948
Mengel Co conv 434s.1947
Metropolitan Ed 4s E.1971
Middle States Pet 034s '45
Midland Valley RR 5s. 1943
34
1,000
58 H
78
Southeast PAL 0s„ .2025
Sou Calif Edison Ltd—
Jan
2234 May
*23
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 5s. 1957
99
Mansfield Min A Smelt—
♦7s without warr'ts.1941
Sale
(Concluded)
High
Low
Kentucky Utilities Co—
1961
Last
BONDS
1,1937
Range Since Jan.
Week
Shares
Sales
Friday
Sales
Friday
1st mtge 58 ser H
3951
New York Curb Exchange—Concluded—Page 6
145
Aug
Apr
July
♦Issue of
1927
May
♦Issue of Oct
634s-'68
*20
1434
1927
♦Mtge Bk of Chile 68.1931
6s stamped
1931
*10
9934
Mtge Bk of Denmark 5s *72
7s
1958
034S--1959
♦Russian Govt 634s—1919
♦Parana (State)
11
♦634s certificates—1919
♦534s
1921
♦534s certificates—1921
♦Santa Fe 7s stamped. 1945
1134
54
34
54
34
54
*55
♦7s
221666
1,000
13,000
4,000
63,000
2,000
31,000
1949
1134
1254
*1134
Oct
Dec
Oct
11
1134
9534
July
Apr
12
Nov
1034
Nov
34
34
Oct
Oct
34
I0T666
34
Oct
Oct
62k
70
1961
♦Santiago 7s
2,000
Apr
Sept
2034
17
9934
54
54
54
34
10
2134
1434
14
14
♦Rio de Janeiro
1754
Jan
1034
Nov
954
1434
Nov
10434 June
104
Nov
10554 May
Pub Serv of Oklahoma—
1st A ref
434s
9954 100
1966
4s series A
Puget Sound P A L 534s '49
1st A ref 5s series C-1950
ser
D.1950
18,000
1952
6348-1953
634s.-1958
Safe Harbor Water 434s '79
**St L Gas A Coke 6s. 1947
♦Ruhr
6034
Oct
37.000
57
Oct
96
Jan
the rule
65
96,000
5434
Oct
9234
Jan
range,
5,000
65
Mar
18
8634
21,000
10434
Apr
Jan
*0934
10854 10934
934
9,000
7
Oct
10234 10234
1,000
10034
Apr
9
125
*12834 130
110
11034
"5",000
10754
22
Shawlnlgan WAP 434s '67
10354
2434
10034 101
*2534
28
9,000
10334 10354
39"66o
1,000
10134
Jan
132
Nov
35
Sept
47
sales
z
.
e
Cash sales transacted
during the current week
Dec
Jan
10354
Jan
10734 May
105
10434
10534
Feb
Feb
July
and not included in weekly or
yearly range:
No sales.
Mar
Oct
Oct
Mar
5,000
Dec
Mar
112
Apr
10354 10354
107
Jan
Aug
Aug
Feb
Nov
10334 10334
2854
2554
10934
1834
Nov
2354
9454
10134
10134
107
Mar
10554
*23 34
101
2234
2634
8254
10234
Scrlpp (E W) Co 5348-1943
Servel Inc 5s
1948
1968
1970
Dec
28
*21
1955
♦Saxon Pub Wka 6s..1937
♦Schulte Real Est 6s..1951
434® series B
434s series D
8254
*2534
8534
Gas Corp
Sauda Falls 5s
1st
No par value,
64,000
68
San Joaquin L A P 6s B '52
1st
a Deferred delivery sales not Included in year's range,
n Under
not included in year's range,
r Cash sales not included in year s
Ex-dividend,
v Ex-Interest.
* Friday's bdd and asked price.
No sales were transacted during current week.
♦
Bonds being traded flat.
S Reported In receivership.
1 Called for redemption.
•
7034
6634
6434
♦Ruhr Housing
San Antonio P S 5s B.1958
Jan
Jan
6934
Queens Boro Gas A Eleo—
534s series A
10534
9834
70
68
y
Under-the-rule sales transacted during
the current week and not
included in
weekly or yearly range:
*
No sales.
z
Deferred delivery sales
transacted during the current
week and not included
In weekly or yearly range:
No sales.
Abbreviations Used Above—"cod," certificates of deposit; 'cons," consolidated)
"cum," cumulative; *oonv," convertible; "m," mortgage; "n-v,' non-voting stock,
"v t c," voting trustj ertiflcates "w i," when issued; "w w," with warrants: x-w.,
without warrants.
Financial
3952
1937
18,
Dec.
Chronicle
Other Stock Exchanges
Sales
Friday
Range Since Jan. 1 1937
Last
New York Real Estate Securities
Stocks (Concluded)
Closing bid and asked quotations, Friday, Dec. 17
Unlisted Bonds
Ask
Bid
Unlisted Bonds
Bid
Place
Park
1945
90
Ask
616 Madlaon Ave
Bryant Park Bldg 6)4sl945
11 West 42d St 6)48.-1945
Internat Commerce Bldg—
28
Apt Hotel 6s)4—— 1938
65 West 39th Street Bldg—
38
21
"4)4
Inc
1943
-
20)4
77
N Y N H A H RR—.100
12
North
Baltimore Stock
6
S.
Established 1853
Calverf Sf.
39
BALTIMORE, MD.
25
11 to Dec. 17,
Last
Par
Arundel Corp..—
•
Atl Coast Line (Conn) ..50
Bait Transit Co com vtc_*
1st pref vtc—
for
Sale
Stocks—
Week's Range
of Prices
Low
*
6% preferred
100
Shares
Low
16)4
16
16)4
927
14
30
30
30
22
1
1
370
67)4
...1
Oct
2354
Preferred
1
Fidelity A Deposit.
54
Fidelity A Guar Fire
Finance Co of Am A com 5
3
9
13)4
Oct
38
Oct
89)4
1154
25)4
3)4
Mar
1654
Feb
3354
Jan
7)4
102
2
36
115
3
y
.
.
55
36
Dec
4854
1354
Oct
2354
1)4
12)4
Nov
254
154
9254
y*
1,625
578
60
45
74)4
6
37
13)C
28)4
Nov
33
Mar
655
64 H
98
Jan
46)4
20
2,497
13)4
33
25)4
27
28)4
31
10154 10154
71
60
37)4
Oct
Sept
3,675
51c
2
Oct
454
4)4
Jan
Apr
14
Dec
41
Established
Dec
82
1)4
Apr
612
7)4
Dec
186
2)4
Oct
24)4
10
24)4
Dec
46
Feb
62
Dec
89
Feb
70
Dec
95
Jan
Oct
Dec
18)4
854
IX
90
10
2
104
Oct
Feb
Sept
Feb
1)4
X
Oct
68
Oct
74)4
Dec
37
Dec
45
11
Oct
29)4
15)4
Oct
37
Listed and
Feb
95
Feb
103)4
Mar
Apr
Jan
Jan
$15,100
8,150
2,000
Unlisted
Chicago Stock Exchange
Chicago Curb Exchange
10 So. La Salle St., CHICAGO
Chicago Stock Exchange
Dec. 11 to Dec.
17, both inclusive, compiled from official sales lists
Sales
Friday
v
:v?;Stbck«%;;;}'-;
for
of Prices
Low
High
Shares
Price
Par
Common
(new)
»
38)4
Adams Mfg (J D) com
Advance Alum Castings. _5
354
36)4
854
354
9
Aetna Ball Bearing com._l
Altorfer Bros conv pref*
Oct
Jan
48
Jar
A»ft
.
Aviation com
Friday
Week's Range
for
Sale
of Prices
Low
High
1
Oct
Oct
4
Oct
Week
Low
Oct
38
200
34 X
Oct
57 X
4
200
3X
Nov
17
Jan
150
1H
2%
Oct
9
Mar
Dec
9
Mar
654
6X
1,250
IX
1,300
154
200
14654
95)4
145)4 150)4
9654 98)4
117
115
49
49
19)4
19)4
117
50)4
20)4
51c
2,788
139)4
Oct
2)4
187)4
Dec
147
870
115
Dec
160
816
49
Dec
420
18)4
235
9654
Dec
Oct
69)4
30)4
Jan
Jan
Jan
Jan
Mar
Jan
Boston A Maine—
\m
:m
'
m
—
—
Class B 1st pref std._100
*4)4
Glass D 1st pref std.100
Boston Per Prop Trust..
554
4)4
1154
3)4
254
454
554
1054
1054
11)4
63
63
65
25
12
3)4
4)4
13
354
254
4)4
6
25
Oct
a*
Dec
19 X
20)*
9
Oct
23)4
Feb
10
10)4
1054
550
10
Dec
22
Aug
3,900
Oct
6
Oct
25
2454
26)4
13)4
2,300
12
_
"
10)4
63
Dec
3)4
Oct
4)4
Oct
151
20)4
17)4
Feb
Common
13
July
Mar
2154
460
19)4
Dec
43
July
54
550
H
554
49)4
5)4
50)4
300
Oct
Nov
2)4
2,400
3
3
100
50)4
49
100
2854
2754
Chicago Corp common
3
5054
2854
100
1st pref.......
100
Adjustment
Employers Group..
100
*
80c
28
2
15
Gilchrist Co
*
Gillette Safety Razor
*
15)4
654
954
7)4
9)4
80c
356
62
199
Oct
10)4
49
Dec
81
26)4
Oct
48)4
2)4
141
2
Dec
461
15
Oct
2654
Mar
7)4
125
6
Oct
Jan
569
8)4
Oct
14)4
2054
26 X
Oct
3)4
51
7
Mar
Jan
Jan
Feb
*
29c
For footnotes see page 3956.
25e
x
30c
1,410
1
154
666
25c
1
Oct
Nov
Jan
Mar
Oct
20X
Jan
350
3)4
75
Nov
12
Part ctfs 2
2)4
23,800
950
.
-
—
-
4
16)4
10
15
Dec
2
Nov
200
250
1
1
X
9)4
X
9)4
61X
;
""9)4
61)4
954
2)4
IX
Commonwealth
1
Mar
1
32
Feb
Oct
IX
77
Mar
Dec
July
Feb
6)4
Mar
Feb
3
Oct
X
Jan
80
8
Oct
3754
Feb
10
60
Nov
100
X
77
May
450
6)4
Oct
IX
Oct
27)4
5)4
Jan
7.600
1
Oct
2)4
Mar
Aug
650
Jan
Edison—
New
25
26)4
19)4
3)4
Compressed Ind Gases cap*
Consumers Co
,
10
Jan
6)4
48
Oct
35
IX
Oct
Dec
15
40 X
IX
*
com
1)4
32
16)4
—
100
-
Chic Rivet A Mach cap
Chi Towel Co—
X
40
•»
com.
1
Com part shs v t c A..50
Cord Corp cap stock
5
Cudahy Pack'g Co pref. 100
Cunningham Drg Stores 2)4
Curtis Lighting Inc com..*
.
«—
-
-
"""154
Decker A Cobn
Jan
De Nats Inc pref
com
10
*
33)4
48)4
2
Oct
11
14X
6,350
20 X
20
900
19)4
3)4
7
10
5
Oct
3
3
50
3
Dec
2
2,500
6
Feb
Jan
July
Sept
Oct
5X
Feb
59
62
60
59
Nov
15
15)4
750
12
Oct
110X
26)4
Mar
15)4
3
3)4
854
140
3
Oct
400
5X
Oct
3
450
2
Oct
10 x
28)4
11X
23
20
19
Oct
28
254
Jan
6)4
Oct
Dec
550
27
59
8)4
2
26)4
19)4
3)4
7
icpref_50
v
Dayton Rubber Mfg com. *
Isle Royal Copper Co.-.25
Jan
110X
32)4
9)4
2)4
16
Dec
6)4
Oct
2
32
2
30
80c
Oct
Feb
Oct
32
2)4
*
9)4
Jan
IX
Feb
Jan
19
*81)4
78
150
2
Aug
Nov
48
3)4
Mar
30
X
X
Cities Service Co
Jan
5X
Oct
70
60
14
1254
Common capital
*
Chicago Yellow Cab Co..*
Hathaway Bakeries—
12 5i
310
5X
100
4
Jan
100
220
10
4
......
._*
Consolidated Biscuit
Common.
Class B
2
2
Club Aluminum Uten Co.*
....
4)4% Prior pref
6% preferred
East Mass St Ry—
Dec
Feb
Feb
18)4
36)4
Jan
East Gas A Fuel Assn—
4X
Mar
Oct
■
10
Oct
17
*
Jan
676
6
54
54
554
49)4
*
Part pref
18
209
150
Aug
50)4
22)4
15)4
30)4
19)4
Chicago Rys pt ctfS 1..100
6
Oct
Feb
Mar
Chic City A Con Ry—
Mar
8)4
Dec
5
Feb
Feb
300
96)4
Mar
5)4
Oct
12
Dec
1,800
2.560
34
Mar
754
24
550
Feb
754
19)4
96
18)4
554
Oct
Mar
8X
454
8X
20)4
34
29
8
16)4
400
6
*
24 X
Oct
20
30)4
14)4
14)4
43)4
8X
4X
600
1
Dec
Nov
Oct
300
Prior lien pref
.*
Central States PAL pref. *
Chain Belt Co—
Nov
454
M
1,650
850
Convertible preferred..*
Cent 111 Pub Serv pref...*
Central 8 W—
Chicago Elec Mfg A.....*
5
Dec
7
19)4
Chic Flexible Shaft com..6
Chic A N West Ry com. 100
254
35
M
6)4
18)4
1
Mar
50
228
Oct
13)4
"l8X
Castle (A M) common.-10
Central Illinois Sec—
Mar
Dec
10
6X
754
19)4
common
100
6)4
10
Common...
250
12 X
"~6X
30
Mar
Nov
Feb
8X
8)4
4)4
1454
56)4
3)4
11)4
3)4
Mar
100
8X
aft — «•
8)4
4)4
20
165
450
July
250
10
—
^
5)4
Preferred.
...100
X
Nov
12
3
554
(New)
H
5X
Feb
154
3)4
10)4
8X
12)4
Common
High
Jan
84)4
13)4
12)4
4%
4,400
Preferred
American Pneumatic ServCommon
*
Jan
43
48
354
1
6% conv preferred
Range Since Jan. 1 1937
Shares
30
Bruce Co (E L) com
*
Burd Piston Ring com... 1
Sales
Last
Oct
10
60
1
354
5
(New) com
5
Brach A Sons (E J) cap..*
17, both inclusive, compiled from official sales lists
5)4
250
12% Mar
14)4 May
54
Brown Fence A Wire com 1
Exchange
Feb
Oct
-
Bliss A Laughlln Inc cap. 5
Borg Warner Corp—
Lewleton
Feb
17)4
3
30
37
37
10
Butler Brothers
Boston Stock
_
Berghoff Brewing Co
N. Y. Tel. CAnal 6-1541
65)4
Dec
854
6
.5
Binks Mfg Co capital
System
30 State St., Boston
Nov
36
160
550
t16
com
Belden Mfg Co com
Bendix
450
9
4)4
7)4
6
6
Bastlan-Blessing Co com.*
Rights
38)4
7
Athey Truss Wheel cap— *
^
High
53
"54"
Associates Invest Co com.*
102)4
1887
Low
30
_ _
Amer Pub Serv pref
100
Armour A Co common.„6
Jan
4154
Week
Abbott Laboratories—
Oct
Portland
Copper Range.
Range Since Jan. 1 1937
Week's Range
Sale
25
New York Curb Exchange (Atso.)
Private Wire
Boston A Providence... 100
Calumet A Hecla
25
$2,000
1,000
Member*
22)4
100)4
UNLISTED TRADING DEPARTMENT
Prior pref
100
Class A 1st pref stpd. 100
Class A 1st pref
.100
Jan
Paaf M. Davis &©o.
Aro Equipment Corp com 1
Asbestos Mfg Co com
1
Members
Common..
Feb
SECURITIES
CHICAGO
Mar
New York Stock Exchange
Boston-Herald-Traveller .*
Mar
IX
72)4
Jan
65
„v
Townsend, Anthony and Tyson
100
2H
19)4
12)4
8
4)4
62,
com
*
Barlow A Seelig Mfg A com 5
Boston Elevated
Jan
254 June
25
72)4
Backstay Welt Co
Amer Tel A Tel
100
Boston A Albany...... 100
Boston Edison Co
100
41)4 May
Oct
62
Automatic Washer conv pf *
Price
Dec
38)4
1)4
1948
Automatic Products
Par
Nov
24)4
18 X
1948
Jan
Jan
Oct
250
70
33
25)4
Stocks—
91c
80
Jan
Bonds—
11 to Dec.
160
696
Aug
Dec
2
120
56)4
10
37
Bangor
Feb
3)4
95c
24)4
m
24)4
*
Jan
Mar
Dec
X
7)4
X
241
4,856
732
68)4
'1354
Boston Stock Exchange
Jan
23
Series B 5s
Jan
Dec
9)4
14
144
4,295
7454
Bait Transit Co 4s (flat) '75
Jan
M
7X
3)4
*
*
__*
Aug
136
435
x
70
A 5s flat
1976
Read DrugAChem 5 He '45
Nov
Dec
Oct
25)4
New York Curb (Associate)
Oct
Oct
3
9254
Seaboard Comm'l Pref-.25
Dec.
654
95c
Apr
10
1,015
.
16
9)4
1)4
1
Boston Tel. LAF 7010
660
Last
Phillips Packing Co pf..l00
U 8 Fidelity A Guar.—2
Western National Bank .20
14)4
New York Stock Exchange
89
3
15
55
New Amsterdam CaaualtyS
No American Oil com
1
Northern Central Ry
50
Penna Wat A Pow com...*
2)4
9)4
68
Jan
30
7)4
)4
2)4
7)4
)4
2)4
2)4
Owings Mills Distillery.
Nov
100
206
38
1
3054
48
36
..25
..25
100
20
x2X
10
91c
Oct
106
18
97)4
54
Preferred
27
20
Jan
24)4
Oct
215
9)4
1854
Merch A Miners Transp..*
Nov
Jan
22
95c
25)4
5
25
17)4
9654
54
Mt Vern-Woodb Mills—
3
9)4
1354
110)4
1,342
8
9)4
16)4
Common class A
19)4
206
x2X
5
_
275
3
10
20
*
com
Co
Jan
X
..1
Jan
June
Jan
62
9)4
1654
....
Mar
Oct
14)4
Jan
88
100
1st preferred
2d preferred..
Mar Tex Oil
23
Jan
Oct
23
common vt.
Houston Oil pref
Mfrs Finance
Dec
Mar
Bonds—
Mar
Nov
67)4 *69)4
7)4
20
10
4
954
Mar
Apr
Nov
54
405
113 54 114
114
2)4
29)4
50
(new)....*
Eastern Sugar Assoc—
Common
Oct
High
2)4
14M
2)4
13)4
*
Consol Gas EL & Pow
Dec
4)4
Series A 4)4s
Range Since Jan. 1 1937
30
*
Black A Decker com
High
36c
216
44)4
^96e
Week
Price
1)4
321
Eastern Mass St. Ry—
Sales
Friday
5,741
Oct
"68"
both inclusive, compiled from official sales lists
Mar
Mar
1054
_...*
Warren Bros Co
Dec.
xQ
142
1,051
2054
2)4
9X
9)4
Venezuela Holding Corp.
Exchange
Apr
Oct
Noy
Oct
154
Utah Metal A Tunnel
Warren (8 D)
11 x
1
98
Nov
10
Waldorf System Inc
Baltimore Stock
Oct
2)4
355
25c
United Shoe Mach Corp. 25
Preferred25
Chicago Board of Trade
New York Curb Exchange (Associate)'.
100
580
110
.*
Union Twist Drill Co
Members New York, Baltimore and Chicaso Stock Exchanses
Feb
1254
22)4
12
-----
9)4
Torrlngton Co
Jan
3)4
56
15
2
Suburban El Sec
Oct
35c
50
Stone A Webster
York, Pa.
Dec
23
2,875
35c
25
Mining Co
Reece Folding Mach
Shawmut Aasn T C
NEW YORK
Louisville, Ky.
Hagerstown, Md.
1)4
164
135
Jan
35c
Reece Button Hole MachlO
Broadway
2454 May
4
Quincy
.
Dec
4
Pennsylvania RR
Stein Bro s xJ3 oyce
7
45c
5
Pacific Mills Co.—
Exchange
19
4
100
Ctfs of deposit
Old Dominion Co
on
Oct
,5)4
36c
.....
Butte——2.50
Old Colony RR
Orders Executed
""254
13
50
1)4
23)4
3)4
—_1
National Tunnel A Mines. *
New England Tel A Tel 100
22
Certificates of deposit...
10 East 40th St Bldg 5sl953
High
Low
72
7
2
25
4)4
IX
154
99)4 101
2 54
254
154
Shares
13)4
r
Mergenthaler Linotype..*
Narragansett Racing Ass'n
6
High
13)4
100
250 W 39th St Bldgs 6s *37
6)48
Low
Mass Utilities Asso v t c._*
Income bonds v t c
78——.-
Week
Loew's Theatres (Boet)_.25
Maine Central-
Dodge Corp—
33 X
6s.——1941
B'way 38th St Bldg—
for
of Prices
Price
Par
Common..
Alden (The)
Week's Range
Sale
Exchange
154
8)4
2)4
23
1H
Feb
Feb
Apr
Jan
Mar
'
Volume 145
Financial
Friday
Dexter Co (The) com
Dixie Vortex Co com
5
Week's Ranae
for
Sale
Par
3953
Sales
Last
Stock* (Concluded)
Chronicle
of Prices
Low
High
Week
Price
Range Since Jan. 1 1937
Shares
Low
Members Cincinnati Stock Exchange
High
Active
5
.
Class A
*
*
Elec Household Util cap.5
18%
3%
Elgin Nat Watch
23
com
Fuller Mfg Co com..
Gardner Denver Co—
New common
Oct
50
21
250
19%
3%
23
400
Oct
12%
18%
17%
25
Feb
41
Feb
Dec
26%
Aug
Dec
AUg
Mar
BALLINGER & CO.
Oct
550
21
Oct
40%
7
x2%
350
5
Oct
20
200
2
Dec
12%
1,050
11
Dec
4%
150
3%
Oct
1%
11
Common..
IK
5,950
1%
Oct
10%
Jan
Oct
50%
Feb
Friday
38
Feb
Last
Week's Range
Sale
of Prices
1%
30
*
*
Goldblatt Bros Inc com..*
Gossard Co (H W) com..*
Great Lakes D & D com..*
2,900
30
2%
20
27
Jan
UNION
Jan
23%
11%
23%
100
11%
19%
Dec
50
Oct
42%
Cincinnati Stock Exchange
7%
12%
7%
13%
100
5%
Oct
July
9
Oct
12%
29%
Dec. 11
to
Dec. 17,
Printing Co com...10
1,250
■
Stock*—
*
Par
"■
5
Hlbb Spencer Bart com..25
Hormel <fc Co com A
*
z41%
Houdatlle-Hershey cl B
*
Hubbell Harvey Inc com.5
Hupp Motor
(new)__l
com
Illinois Brick Co cap
111 North Util pref
Indep Pneum Tool
Indiana Steel Prod
Kerlyn OH Co cl A
Part pref
4%
5
150
3%
Oct
11%
13%
Mar
52%
May
16
16%
250
16
Oct
10
10%
350
10
Nov
10%
1%
10%
13
150
Dec
1,650
10%
1%
150
4%
Oct
1%
1%
6%
7
105% 106
Aug
Jan
4%
Nov
10
3%
Dec
22%
Jan
15
100
13%
Dec
27
21
700
13%
Oct
29%
4%
3,400
4
Oct
7%
300
6
Oct
49
10
10
200
10
Dec
26
40
19
Oct
16%
12%
28%
43%
63%
3%
K
63%
10
54
Oct
89
3%
100
1
600
H
2%
2%
600
IK
3%
Aug
Mar
Cin Street Ry
10
30
300
4%
Llbby McN & Libby.._10
Lincoln Printing Co—
7%
4%
8%
8%
8
8
3%
28
7%
*
Zion Oil Ref Co com..
*
27%
*
Loudon Packing com
Lynch Corp common
5
McQuay-Norrls Mfg com.*
100
15
700
2
37%
2%
37%
30
~30~
30
%
8%
8%
4
Mer & Mfrs Sec cl A com.l
4
8
1%
1%
1%
50
Dec
5
Feb
1%
Apr
Feb
Feb
29
29
29
100
29
Dec
63
June
104
104
104
7
104
Dec
111
Jan
6
6
6%
«120
5K
Oct
Jan
14%
97
112
98
291
94
Oct
108
Jan
112
97%
112
15
110
Dec
120
Jan
5
754
99
79
Oct
100
Jan
25
12%
Oct
22
Jan
8%
250
7%
Oct
28
6%
6%
20
6%
Dec
9%
5%
5%
17
Dec
9
Mar
135
5%
11%
Nov
25
Jan
Dec
4%
4%
Nov
Jan
10%
*
*
12
100
8%
6%
5%
11%
12
11%
3%
3%
3%
100
3%
6
6
6
100
6
Oct
,
Jan
Jan
Jan
5%
16
Jan
Jan
Kroger
16
16
16
50
15
Oct
24
Jan
Jan
Lunkenheimer
22%
22%
22%
65
20
Dec
37
Mar
85
1
Oct
Jan
Jan
Feb
15%
Mar
Jan
*
.2.50
Magnavox
*
Moores Coney A
*
P & G
*
Pure Oil
-100
6% pref.
*
*
Rapid
10
U S Playing Card
U S Printing pref
60
100
Wurlitzer pref
1
1
1%
1
IK
1%
225
8%
16%
Oct
65%
Jan
Dec
93
Dec
75
280
44
93
93
50
93
2%
2%
50
22
22%
73
22
21%
21%
21%
50
19%
5%
50
5% ■:*- 5
Feb
Nov
11%
Jan
Nov
1%
22
12
Feb
Dec
Dec
4%
45%
.1
Feb
1%
4%
44%
2%
4%
4%
4%
44%
93
Feb
49%
38
Feb
34%
Feb
Oct
5
Dec
21
Jan
12
12
10
12
Dec
36
May
70%
•
70%'
70%
39
70%
Dec
134
Apr
Jan
333%
July
Oct
6%
Jan
26
56
Aug
60
29%
Nov
57%
Mar
%
Oct
4%
Jan
3,950
8%
Dec
30%
Mar
1,050
4%
I May
Nov
50
9%
3
33
12%
45
200
41
Oct
Oct
3%
34%
Nov
■;'/
May
33
1,150
%
Manhatt-Dear'nCorp com*
*
40
18%
18%
2%
2%
July
2
33
Oct
5%
2%
27%
1%
125
*
July
950
100
3
*
13%
19%
800
2%
2%
3%
Hobart A
Aug
Oct
2%
3
12%
Hatfield Prior pref
Part pref
3%
Nov
2%
81%
Feb
Oct
7%
Feb
36%
2%
3%
12%
8%
Wurlitzer
3
;
com
3
50
Oct
79
*
Jan
50
High
16 %
12%
Formica Insulation
Mar
Oct
50
79%
Feb
Feb
18
.
Feb
Mar
18
18
Cin Telephone..
-.50
*
Cin Union Stock Yard.
Randall
10
preferred
30
Low
Shares
4%
,
National Pumps
30
Range Since Jan. 1, 1937
for
Week
High
50
.
Crosley Radio
Crystal Tissue
Dow Drug
7%
3%
Oct
100
*
10% May
25
5
com
Marshall Field
.*
.160
50
4
_Ioo
Cin Advertising Prod.
92
7
#
Cin Gas & Elec pref...
C N O & T P pref
21
Oct
..*
Feb
70
Nov
Burger Brewing
Champ Paper & FibreChamp Paper pref
Dec
4%
19%
111%
Low,
3%
.7
...
13
160
'
Amer Products.
♦
27%
3%
14%
18%
4%
Jan
5%
5%
3%
Common
Common
Dec
23
22%
22
Zawbeck Cor 6 % cum pflOO
Leath & Co-
$3%
6%
-.20
Prior pref
Jan
16
Kingsbury Breweries cap.l
La Salle Ext Unlv com
Le Rol Co
Apr
Nov
.5
com.
14
Oct
40
Interstate Power $7 pref..*
Iron Fireman Mfg vie
*
Jarvls (W B) Co cap
1
1
Kellogg Switch <fc Sup com*
Ken-Rad T & Lamp comA*
Ky Util jr cum pref
50
6% preferred
..100
Feb
Dec
5
50
80
1
Katz Drug Co com
20%
6%
550
41%
c__*
com
Dec
100
41
10
100
v t
6
63
6
6%
6%
Price
Sales
Jan
6
6
6
Heln-Wern Mot Pts com_3
both inclusive, compiled from official sales lists
Mar
13%
CINCINNATI
July
5% May
11%
23%
Hamilton Mfg cl A pref.10
Helleman Brew Co G cap. 1
TRUST BLDG.
Phone Cherry 6711—Bell Sys. Tel. Cln. 363
5% May
AmerLdry Mach
Hall
Trading Markets in
Cincinnati and Ohio Listed and Unlisted Securities
4
*
Class B
15
11
*
1
Godchaux Sugar cl A
100
Jan
41%
12%
1
Gen Finance Corp com
Gen Household Util—
Dec
2
15
Fitz Sim & Co D <fc D
5
13%
32%
12%
18%
3%
22%
6%
12%
.*
_
130
15%
32%
15
•
Dodge Mfg Corp com
Eddy Paper Corp (The)
6
3%
Nov
Oct
7
Members Cleveland Stock Exchange
Feb
5
Ohio Listed and Unlisted Securities
Jan
Mlckelberry's Food Prod—
Common
Stock
1,200
1H
Oct
6
6%
8,850
3%
Oct
1%
1%
1%
2,150
M
Oct
%
%
%
150
Oct
4%
3%
4%
1,500
H
1%
2%
2
40
1%
1%
Oct
1%
1%
1%
2%
1
Middle West
6
Corp cap
5
purchase warrants
,
.2%
15%
7H
Jan
1%
12%
Jan
9%
9%
Feb
GILL IS
Jan
Midland United Co-
Common
......„*
Conv preferred A
*
Oct
Jan
Union Truit Building, Cleveland
Midland Util—
6% prior lien
7% prior lien
7% pref A
Miller <fc Hart
100
100
1
100
;
370
1
40
Dec
Nov
*
22
com
Preferred
%
National Battery pref
*
Natl Pressure Cooker Co_2
Natl Rep Inv Tr conv pf__*
com
.
10
_
Noblitt-Sparks Ind com..5
Nort Amer Car
20
com
Northwest Bancorp com
Northwest Eng Co com
*
Northwest Util 7% pref 100
"2l"
Penn Gas & Elec A
10
(The) Co
Pictorial Paper Pkg com_5
Pines Wlnterfront
so ;-:- July
Nov
156
Feb
Dec
22
Jan
134%
60
7
7
50
7
22%
60
22%
Dec
32
Jan
5%
50
5%
Dec
17
Apr
830
50
3
2
18
22%
%
22%
%
100
21
25
650
2%
Oct
H
550
12%
Jan
Oct
19
36%
Feb
3%
Feb
Nov
Nov
100
100
100
Feb
2%
7%
2
Oct
4,250
5%
Oct
16%
12%
200
10%
Oct
37
13
440
10
Dec
54
Jan
10%
10%
100
10%
Dec
22
July
25
25
Dec
30%
15%
K
12%
10%
30
9%
Feb
Jan
Mar
Apr
250
15%
Oct
29%
Jan
K
350
%
Oct
2%
Jan
12%
10%
200
17
; r
11
50
32
Oct
24%
Mar
Oct
17%
Jan
Oct
7%
80
25
35
Jan
200
4%
1%
550
1%
%
450
1,000
%
Oct
1%
%
1%
120%
1%
142
-
7%
%
Oct
3%
Feb
1%
Oct
5%
3%
Feb
50
1% June
104
105
Oct
97
880
86
Nov
142
95%
140
Mar
Dec
4%
2,450
1,220
20
120% 120*i»
120«»2 1207i« 120"n
95%
com...
58
41%
80
Oct
121
Apr
Jan
4%
Jan
120»u
Nov
122
Jan
126%
Jan
150
11 to Dec.
Friday
Par
Stocks—
Akron Brass Mfg
*
10
2%
11%
11
2%
11%
1
Common
1
20%
Sangamo Electric Co....
24
26
Schwltzer-Cummlns cap__l
Sears Roebuck <k Co con. *
12%
13%
20
com
100
220
6
%
60
Standard Dredge com
Standard G & E com
Jan
12
14
12
Dec
21
Feb
2
2
2
22
2
Dec
8
Mar
Cleve Cliffs Iron pref
*
68
68
69
645
101%
Mar
Cl Elec Ilium $4.50 pref..*
108
108
108
Oct
58%
103% June
33
31
33
610
31
Oct
63%
15%
39%
18%
17%
17
2,385
14
Oct
50
Mar
39%
18%
29%
25
30
Jan
56
Aug
Dec
18%
49%
Dec
Federal Knitting Mills—*
15%
39%
18%
17%
Greif Bros Cooperage
40
40
40
58
40
Nov
60
Jan
33
33
35
310
33
Dec
50
May
92
92
92
50
92
Dec
104
Jan
Cleve Railway
100
*
Cliffs Corp v t c
Commercial Bookbinding. *
Eaton Mfg
*
A..*
100
Halle Bros pref
Hanna (M A) $5 cum pref *
58
7
100
18
150
15
15%
350
71
15%
71
10
100
7
*
41
41
Jaeger Machine
Kelley Isl Lime&Tra
*
*
Lamson & Sessions
*
17%
15%
4%
4%
17%
3%
17%
15%
4%
4%
17%
3%
Lima Cord Sole & Heel... 1
Medusa Portland Cement *
.
15
"23%
25
16%
16%
4%
5
2
"13%
13%
14
*
1%
1%
1%
Util <fc Ind Corp com ....5
■lConvertible pref
7
Wahl Co (The) com
%
%
%
1%
1%
18%
*
4%
Sunstrand Mach Tool com5
International
Swift <fe Co
Thompson (J R) com...25
Trane Co (The) com
Utah Radio Products
com
*
common
Bank shs com.*
Woodall Indust com
2
Yates-Amer Mach cap
*
4%
5
Zenith Radio Corp com
19
4
2%
6%
17
4%
1%
3956.
45
16
3%
100
Nov
Dec
70
70
14
70
Dec
100
2
Oct
2%
%
Feb
Richman Bros
*
42
Apr
28*%
Feb
2%
%
33
*
3
1
S M A Corp.
Upson-Walton.:.
31
11
.--1
-
Van Dorn Iron Works
*
6%
2%
32
31
61
%
28%
10%
17%
Dec
Mar
Feb
100
June
10%
2%
Mar
Feb
67
Mar
Oct
20%
Mar
Oct
11%
18%
4%
Oct
34
400
3
Oct
33
467
30
Nov
7%
57%
9%
4
32%
100
200
Mar
12%
70
2%
%
Jan
Feb
11%
pref-100
*
Feb
85
National Refining
3%
Mar
60
Nov
25
71
Apr
Mar
8% June
Nov
2
4
National Tile
18
Nov
2%
70
70
Oct
3
20
11
3
10%
6%
2%
100
10
Sept
60
6
Oct
6%
2%
500
2%
1%
Nov
Feb
Mar
Mar
Apr
19
Jan
Mar
13%
14
Feb
Mar
40
Oct
27%
Dec
77
6%
Apr
Detroit Stock
Mar
Dec
Dec. 11 to Dec.
Exchange
17, both inclusive, compiled from official sales lists
Jan
Sales
4%
9%
Dec
Dec
Friday
Dec
28%
Mar
Last
Week's Range
for
Nov
33%
28%
Mar
Sale
of Prices
Low
High
Shares
400
4%
Nov
15%
Mar
750
Oct
26%
July
1,400
11%
1%
1,450
%
Sept
1%
800
1%
1%
250
%
450
650
2,800
„
Oct
Mar
Par
Stocks—
Price
1
Auto City Brew com
Apr
Allen Electric
Jan
Baldwin Rubber com
1
Oct
6%
Feb
Oct
5
Jan
Briggs Mfg com
Burroughs Add Mach
*
Feb
Burry Biscuit com...
1%
7%
22%
17%
22%
17%
2c
12%c
950
18
Oct
4%
5,600
4
Dec
49%
12
Mar
8
22%
Chrysler Corp com
5
4%
1%
15
18
47%
%
1%
2c
1%
4%
2
Oct
19%
650
6
55%
15
4%
Dec
Consolidated Paper com. 10
1%
Dec
15%
2%
Feb
100
Nov
Continental Motors com.l
1%
12%
Oct
43%
Aug
Crowley Mliner com
*
10
100
3%
$5,000
47%
Dec
73%
Mar
Det Gray Iron com
5
..
93%
1%
91%
1%
Range Since Jan. 1, 1937
Week
Low
High
2,731
7i«
Dec
100
1%
5%
Dec
Oct
875
8
100
19
Nov
567
16
Oct
700
2c
Oct
2,139
54
1,250
Det & Cleve Nav com.
For footnotes see page
17%
22%
15%
4%
10
23%
17%
47%
1927
Feb
14
71
345
4
30
Oct
Jan
30
Dec
40
5
11%
Bonds—
Chicago Ry 50 ctfs
Dec
4%
16
18
Aug
Jan
73%
37%
70
Detroit Edison com
4%
'11"
Dec
4
4%
12
100
Dec
Nov
17%
15%
4%
4%
70
18
Oct
2%
7
40
28
100
11%
71
250
100
295
_25
*
*
14%
Dec
Met P Br 7% cum pref
3
98
18%
17%
National Refining
Peerless Corp
Nov
460
43%
17%
7
Jan
Nov
50
200
112
7
*
Interlake Steamship
July
Oct
3
-■
Harbauer Co
2%
Nov
Feb
14%
12
Oct
11%
High
Oct
6
*
*
23%
Low
70
—*
City Ice & Fuel
*
450
Range Since Jan. 1, 1937
Shares
6%
12%
6%
Ohio Brass B._
650
2%
4%
9%
23%
Wisconsin
6%
High
Packer Corp
Nov
17%
18
com
So Bend Lathe Wks cap..5
Southw Lt & Pow pref
*
Walgreen Co
Low
Feb
Oct
20
58
1
com
Signode St Strap Co
Swift
Price
Cleve Builders Realty
Seiberling Rubber
.
Week
Oct
1%
1,400
20
Corp cl B
for
of Prices
Patterson-Sargent
50c
Reliance Mfg Co com
Rollins Hos Mills—
Serrick
Sales
Week's Range
Sale
Nestle LeMur A
Common vtc
Exchange
17, both inclusive, compiled from official sales lists
7%
36%
Raytheon Mfg—
Ross Gear & Tool
Cleveland Stock
Dec.
Last
1
Process Corp com
Public Service of Nor 111—
Preferred
Dec
4%
Potter Co (The) com.:
1
Prima Co com
..."
6% preferred
7% preferred
Quaker Oats Co
10
Metro Paving Brick._...*
"30"
1
com
Jan
40%
i9
com
Perfect Circle
Jan
10
25
11%
%
12%
A 10
Jan
46%
Oct
6%
.....
Peabody Coal Co B
conv
8%
Oct
2%
22%
10%
Penn Elec Switch
Oct
4
5%
Ontario M fg Co com
*
Oshkosh B'Gosh com pfd.*
Parker Pen Co (The) com 10
com. .6
1
21
150
22%
1
com
120
400
4%
133
Montg Ward & Co cl A...*
Nachman Springfilled com*
National Standard
Natl Union Radio
3%
24%
40%
120
A. T. & T. CLEV. 565 8c 566
Feb
4%
3
22
pref..*
Telephone OHerry 5050
Mar
5
40%
conv
Modlne Mfg Co com
Monroe Chemical Co
WOODco
52%
Nov
14
Dec
15
175
1%
3%
1%
93%
1%
300
420
350
111
'350
1%
3%
1%
90
1%
Oct
Dec
Oct
Dec
Oct
2%
Feb
3
July
15%
56%
35
7%c
132%
22
Feb
Jan
'
Jan
Mar
Mar
Jan
3% Feb
11% Mar
3% Mar
145%
Jan
3% May
Financial
3954
Dec. 18, 1937
Chronicle
■sal
Revel Miller & Co.
Members
New York Stock
Detroit Stock
New York Curb Associate
Chicago Stock Exchange
Exchange
Exchange
STOCKS
BANK
ANGELES
LOS
WATLING, LERCHEN & HAYES
LOS
MEMBERS
ANGELES
STOCK
EXCHANGE
STREET. LOS ANGELES
Telephone: VAndike 2201
Teletype: LA 477
SAN FRANCISCO
SANTA ANA
;-V '
650 SOUTH SPRING
DETROIT
Buhl Building
Telephone: Randolph 5530
Sale
for
of Prices
Low
High
Stocks (Concluded)
Price
Par
1
1
*
2%i
3
Gemmer Mfg B
*
General Motors com
10
Goebel Brewing com
1
Graham-Paige com
1
Grand Valley Brew com._l
General Finance com
1
Hall Lamp common
*
Hoover Ball & Bear com >10
Houdaille-Hershey B
*
Hudson Motor Car com»*
Hurd Lock & Mfg com—1
m
Federal Mogul com
2:M
m
10
Freuhauf
Gar Wood Ind com
5%
475
8%
200
8%
36
36
36
10
25%
25%
24
24
25%
24%
800
21%
29%
21%
28%
2%
22%
900
34%
25%
23%
17%
12
Jan
21%
19%
29%
32
Oct
70
Feb
25
6%% preferred C.._.25
2H Oct
1H
Oct
% Dec
ZH Nov
2H
Oct
8
Feb
Southern Pacific Co—100
.14%
Feb
2%
Feb
1,060
3,765
1,350
200
4H
Oct
t
July
Feb
Mar
5% June
7
Jan
Feb
6% preferred B
Standard Oil Co of Calif..*
Sunray Oil Corp
Superior Oil Co (The).
Taylor Milling Corp
Transamerlca Corp
10%
10%
2,000
19%
19%
8%
20
8%
2,200
1,100
2
Feb
Feb
Wellington Oil Co
100
6,500
1,000
*4
3*
1%
140
1%
«
5H
30%
30
11
210
11
4H
10
Tom Moore Dist com
1
480
25|
1,150
16
95
14%
ZH
ih
ZH
1
23%
95
100
10
com.
Tivoll Brewing com
UH
3H
m
230
2%
Z%
22%
2H
14%
4
Oct
1
50
5o
5c
1,300
4%c
Nov
15c
Jan
2%
1%
4%
4%
20%
21%
Jan
Mar
Jan
Amer Rad & Std Sanitary *
12%
12%
13
300
12
Oct
29%
Feb
Bendlx Aviation Corp
5
1
12%
3%
42%
12%
3%
12%
100
12%
Dec
3%
42%
200
2%
Oct
Feb
160
37%
Nov
27%
8%
62%
Montgomery Ward Inc...*
New York Central RR__.*
32
Nov
68%
Mar
16
Oct
45%
45%
59
59
7
7
4%
4%
1%
2
980
850
1%
%
2%
H
400
35
10%
103
100
m
2
Warner Bros Pictures Inc.5
3%
4%
200
54% Mar
17% June
12% Feb
Oct
Dec
Feb
100
5
100
8%
Dec
16
46%
300
Dec
72
69
100
45%
49%
Nov
117%
July
400
5%
Oct
17%
Feb
7%
Mar
Nov
12%
Jan
Feb
Feb
Mar
28%
Feb
Feb
Established 1874
Feb
10
8
13
Feb
38%
9%
DeHaven & Towns end
Jan
11
Feb
25
900
Jan
Feb
Jan
27
Oct
5
2,105
Feb
Jan
<
100
25
*
Standard Oil Co (N J)
US Steel Corp
Oct
4H
|
19
8%
Nov
200
100
33%
8%
Standard Brands Inc
Dec
1%
250
19
*
of America
Feb
9%
5%
6%
Oct
Dec
3H
26%
19
8%
4%
6%
8%
Oct
5
42%
33%
7%
Dec
100
33%
*
6%
Nov
100
Curtlss-Wrlght Corp
General Electric Co
4%
Oct
Feb
Jan
Feb
Jan
6%
Oct
39c June
Unlisted—
4%
2
7
Zenda Gold Mining
8%
12
4H
Wayne Screw Prod com..4
Wolverine Brew com
1
82 %c
Apr
*
95
7
-*
-*
Dec
1%
*
10
4H
Warner Aircraft com—._ 1
Oct
16o
200
Radio Corp
253
Union Investment com...*
25
12o
1,700
North Amerlean Aviation *
2,025
2,606
United Shirt Dist com...*
United States Graph com 10
700
16c
3%
150
Packard Motor Car Co
Oct
2H
U%
2H
16
(Fred'k)com*
20C
16c
3%
20c
Oct
2
Apr
5% June
16c
Nov
485
Feb
13%
Mining—
Oct
2
Oct
3%
Feb
10%
2%
Nov
5
Cons Chollar G & S Mln..l
Feb
1,220
:
Jan
12%
23
23 %
Standard Tube B com—1
100
Feb
1%
44%
125
300
9
Calumet Gold Mines—10c
Oct
247
5%
3%
Dec
4
Blk Mammoth Cons M 10c
Oct
2%
Z%
3%
5%
3%
6%
3%
X
2%
120
4
Aug
Feb
Dec
631
2H
Scotten-Dlllon com
Oct
July
2%
4
625
2
ZH
ZH
4
18%
Jan
10
24
2
2
com..*
1H June
%
Oct
%
Oct
% Dec
2% June
1H
Oct
Oct
5
Jan
Apr
28
11
2H
Prudential Invest com_„l
River Raisin Paper
28
100
44
31
Penln Metal Prod com—1
6
Oct
4
4
-.1
8%
Yosemite Port Cem pref...
1,250
2,122
10
10
"4 n
200
1,611
Oct
Oct
Oct
10%
10
750
Dec
Mar
9%
17%
*
Union OR of California-.25
•»
15%
H
Mar
25%
16%
28%
Dec
2*4
19
Feb
55
10
Weber Shwcse & Fix 1st pf*
577
Nov
5
Oct
100
Universal Consol Oil
201
49%
Mar
Oct
10
Feb
1,175
Dec
10
Feb
Jan
Mar
Nov
Nov
10
23
16
Feb
29%
28%
12%
29%
27%
1%
8%
29%
1%
Jen
41
Oct
Dec
300
22
Oct
14%
2
900
Feb
Mar
Nov
28%
1,600
3
Mar
48
34%
Oct
Oct
30
6%
Nov
34%
Oct
%
800
Nov
34%
Oct
2ff
5%
3
2%
22
100
3.25
Aug :
1
.25
*
9
*
Parker Wolverine com—*
Wolverine Tube com
500
4
%
Parke-Davis com
B
2%
22%
10
Packard Motor Car com—*1
Unlv Cooler A
2%
22%
8%
217
16
com—1
Axle
2%
22%
8%
H
*
Preferred
6% preferred.
10
Signal Oil & Gas A
Sontag Drug Stores
—*
Sou Callf-Edlson orlg pf.25
2,248
iqjI im
m in
10
Muskegon Pist R com.2.60
Timken-Det
1,050
2H
Murray Corpicom
Stearns & Co
Dec
10
1.45
1.00
1,285
4,550
•u
Mid-West Abrasive com 50c
Rlckel (H W) com
Oct
Jan
High
Low
Shares
High
Low
95c
%°7H
10
1
Reo Motor com
Jan
Week
95c
355
A pref..*
Masco Screw Prod com._l
McClanahan Oil com
1
McClanahan Refln com..l
Mlcromatic Hone
Feb
23
Par
12H
UH
liH
9%
m
Mahon Co (R C)
Michigan Sugar com
11
110
100
Kingston Products com._l
Kresge (8 8) com
KInsel Drug common
Oct
Oct
1,285
12
1H
H
4H
H
2
2H
8H
479
34H
3%
1%
ut,
4H
3
"m
675
(Concluded)
for
of Prices
Price
Samson Corp B com
100
12
33
"ZZ
High
805
2%
2.%
m
10H
OH
2%
Det-Mlch Stove com
Det Paper Prod com
Low
Stocks
Week's Range
Sale
Week
Shares
Range Since Jan. 1, 1937
Last
Range Since Jan. 1,1937
Week's Range
Last
Sales
Friday
Sales
Friday
Dec
Oct
Oct
Oct
Oct
,°A
Feb
PHILADELPHIA
NEW YORK
1513 Walnut Str..t
30 Broad Street
Feb
July
Dec
Philadelphia Stock Exchange
Feb
8J^ Mar
i to
Jan
Ha
Members
New York Stock Exchange
18
Feb
Philadelphia Stock Exchange
both inclusive, compiled from official sales lists
Dec. 11 to Dec. 17,
Sales
Friday
Par
Stocks—
Week's Range
for
Sale
Wm.Cavalier&Co.
of Prices
Low
High
Shares
Price
Week
MEMBERS
New York Stock Exchange
Chicago Board of Trade
523 W. 6th St.
Los Angeles
Budd (E G) Mfg
Budd Wheel Co
Teletype L.A. 290
7
705
145%
114%
207
112
*
5
307
4
295
100
Co
26%
Feb
Nov
187%
127%
14%
Mar
May
2%
2%
52%
Z%
529
5
Chrysler Corp
High
Nov
*
American Tel & Tel
Bell Tel Co of Pa pref—100
San Francisco Stock Exchange
Low
894
*
American Stores
Los Angeles Stock Exchange
Range Since Jan. 1,1937
Last
Oct
Oct
Nov
.*
70
Electric Storage Battery 100
291
21%
Feb
General Motors
270
83
31%
22%
3%
4%
20
%
Nov
Dec
Nov
Oct
Oct
Curtis Pub Co com
Los
Dec. 11
to
Dec.
Angeles Stock Exchange
Sales
Last
Week's Range
Sale
Stocks—
Par
Price
High
Range Since Jan. 1,1937
for
Shares
Lehigh Valley
Mitten Bank Sec
Week
of Prices
Low
*
50
Lehigh Coal & Nav
High
1
Barnhart-Morrow Cons..1
ZH
57 %c
3%
4%
4,300
2%
Oct
1
50
9%
Jan
Phila Elec of Pa $5 pref.
90c
Apr
..
*
56c
60c
1,100
35c
Oct
1
1
1
100
3%
Jan
Phlla Elec Pow pref
Phila Insulated Wire
40c
40o
300
62 %c
35c
Oct
40c
Dec
2.25
Feb
Bolsa Chlca Oil A com..10
2%
2%
2%
900
1.10
Oct
7%
Jan
Buckeye U Oil pref v t c._l
Chapman's Ice Cream
7c
6c
7c
2.009
5c
Sept
1.30
1.30
1.30
200
1.30
Dec
14.50
Feb
50
7% preferred
50
Philadelphia Traction...50
Salt Dome Oil Corp
1
7%
9%
6%
Oct
12%
Jan
24%
4%
9%
9%
9%
100
7
Oct
19%
Mar
75c
75c 92 %c
1,000
50c
Oct
1%
Mar
Claude Neon Elec Prod
Consolidated Steel pref
Creameries of Amer v t c.l
District Bond Co
25
Emsco Derrick & Equip..5
Exeter Oil Co A com
1
Farmers & Merch Nat'l 100
General Metals Corp new.*
General Motors
com
10
390
7%
32%
Gladding McBean & Co..*
GIodo Grain & Milling..25
6%
20%
Hancock Oil A
25
*
Holly Development Co
1
Lincoln Petroleum Co-.lOc
Lockheed Aircraft Corp..l
Los Ang Industries Inc...2
Los Ang Investment Co. 10
*
300
5%
20%
25%
100
1,300
Oct
5
—
Oct
70
Feb
30%
11%
Mar
Jan
16%
Oct
46%
Oct
27%
10
55c
Oct
1.50
Oct
60c
Feb
Oct
16%
Feb
2
2%
1,100
1%
Oct
6%
4%
400
4%
Oct
67 %c
70c
400
50c
Oct
1.45
Mar
1%
1%
1,400
50c
Oct
4%
Jan
50o
25c
15
38c
1.10
21
5%
55c
12%
26%
28%
For footnotes see page 3956.
3,500
1.35
5,000
11c
13
25c
Aug
July
Oct
1,057
35
30
*
25
130
600
3%
32%
20
Oct
Dec
2%
5%
22%
22%
%
1%
1%
Nov
Oct
Oct
Oct
Sept
Oct
Oct
Jan
Mar
Apr
Feb
Jan
Apr
Mar
Feb
Apr
Apr
Feb
Jan
Feb
Dec
Aug
Mar
Feb
Jan
Oct
25
l*u
7%
8%
40%
Jan
114%
5,430
Oct
Oct
8%
Oct
11
$9,000
*
100%
65
103%
8%
165
*
Jan
30
39%
35%
5%
Oct
16%
17%
Jan
Jan
Feb
Bonds-—
8%
Elec & Peoples tr ctfs 4s '45
Mar
Members
f Pittsburgh Stock Exchange
^ New York Curb Exchange
Tel. Oourt-6800
120
(Associate)
PITTSBURGH, PA.
UNION BANK BLDG.,
Feb
80c
A. T. & T. Tel. Pltb-391
BROADWAY, NEW YORK
Feb
2.00
Mar
Sept
40
Mar
5%
Dec
18
Feb
100
45c
Nov
13%
800
3,000
70c
16
Jan
Specialists in Pittsbuqh Listed and Unlisted Stocks and Bonds
1% May
Pittsburgh Stock Exchange
12%
24%
Oct
32
Jan
100
Oct
37%
Jan
700
28%
Dec
32%
Jan
200
36
Nov
51%
Jan
Friday
Feb
Last
Week's Range
for
July
Sale
of Prices
Low
High
Week
400
.
40
2%
30
Oct
13%
Oct
50
15c
1,000
15c
Dec
5%
5%
4,200
4%
Oct
1.75
1.75
200
4%
1,100
1.35
500
4
45
H. S. EDWARDS & CO.
Feo
400
31
1.05
10
6
55c
23
31
5%
1.75
4
100
4,100
48c
37%
4%
15c
1.05
25c
15
26%
28%
37%
4%
15c
.
"11%
_—.__*
Westmoreland Coal
Feb
31
Richfield Oil Corp com...*
Warrants
Preferred
Feb
4%
13
-
2
13%
24%
4%
5%
14%
5%
50%
117%
35%
35%
7%
13%
16%
Mar
10c
5%
26%
28%
37%
4%
50
330
41%
Aug
100
5%
6% 1st preferred
25
Pacific Llghtln Corp com.*
Republic Petroleum com.l
United Gas Imp com
Oct
1%
Jan
Feb
Mar
Feb
Jan
Oct
Feb
Mar
18
400
1.30
Pacific Gas & Elec com..25
Nov
Jan
Dec
7,000
55c
1
CZ2 %
7%
75c
21
Pacific Distillers Inc
Ryan Aeronautical Co
300
460
22c
34c
1
Roberts Pub Markets Inc.2
Dec
8%
15
5
1
Rice Ranch Oil Co
Nov
JfH
2
Occidental Petroleum....1
5%% preferred
390
200
7%
34
18
50
*
Preferred
Oct
Dec
30
165
3%
.*
75o
1%
25c
com
United Corp com
Oct
Oct
2
50
8%
1
»
Pacific Finance
Union Traction
22c
Menasco Mfg Co..
Pacific Clay Products
Feb
75c
1
Olinda Land Co
Feb
6
Oct
100
5%
20%
23%
7
Dec
20c
Mascot Oil Co
Oceanic Oil Co...
4%
"21"
*
..*
Tacony-Palmyra Bridge..*
Tonopah Mining
1
8%
4%
67 %c
Mills Alloy Inc B
Nordon Corp Ltd
4
63
390
7%
32%
7
700
510
Oct
2%
19%
109%
10
25
Oct
100
8
Goodyear Tire & Rubber.*
com
390
16c.
Oct
5
144
Scott Paper
Feb
4%
7%
9%
4%
4%
300
4%
7%
9%
4%
1
Warrants
1
130
6,892
1,646
477
Phlla Rapid Transit
Berkey & Gay Furn Co
Oct
531
1%
8%
2%
21%
114%
25
Preferred
Pennroad Corp vtc
Pennsylvania RR.
Bandlni Petroleum Co
335
Corp..25
National Power & Light..*
Lou,
55
22%
3%
Horn & Hard (N Y) com..*
17. both inclusive, compiled from official sales lists
Friday
...-.10
13
134%
20%
44%
70%
Jan
1.25
4
1.05
Oct
87 %c
Mar
10% May
3.25
July
Oct
9%
Jan
Dec
3.25
Feb
Dec. 11 to Dec. 17,
Stocks—
both inclusive, compiled from official sales lists
Par
Arkansas Nat Gas Corp..*
Preferred
Armstrong Cork Co
Price
Sales
4%
Range Since Jan. 1,1937
Shares
Low
High
Feb
4%
35
ZH
Oct
12%
5%
31%
Dec
Oct
10%
Jan
70%
Mar
100
5%
7%
145
*
36%
39%
120
Volume 145
Financial
Friday
Blaw-Knox Co
Par
for
of Prices
Low
High
Week
Price
*
—
—III
Carnegie Metals
100
Nat Fireproofing Corp...5
Penn Federal Corp com..*
Phoenix Oil
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Renner
Feb
Oct
205*
Jan
Bank of Calif N A
.80
200
11
Oct
245*
Feb
5
40
5
Oct
41
Bishop Oil Co
Byron Jackson'.Co
2,600
60c
Oct
10
100
786
112
112
; 112
:
Feb
145*
Jan
Dec
112
45*
725*
Mar
Caterpillar TractorlpreflOO
Clorox ChemicaltCo
10
1,066
35*
Oct
125*
Jan
Cons Chemical Indus A__*
300
15*
Oct
10
Mar
120
1
Oct
15* May
25o
Creameries of Amer|Inc__l
Crown Zeller Corp com
5
Preferred
*
500
4c
22 5*
Nov
55*
Nov
85*
100
3
3
200
88
30
85*
75*
55*
Feb
Mar
Oct
195*
30
100
5
Oct
700
1
Oct
Shamrock Oil & Gas
1
25*
75*
105*
6% preferred
...10
Standard Steel Spring
*
*
102
11
75*
Dec
125
25*
75*
45
July
310
155*
25*
9
110
155*
,
10
45
850
Westinghouse Air Brake..*
Westlnghouse El & Mfg.50
389
19
Jan
3
63*
181
95
25*
$1,000
108
Oct
565*
Feb
1635*
Jan
55*
Dec
Mar
Dec
111
Mar
New York Stock Exchange
St. Louis Stock Exchange
343*
323*
233*
463*
483*
Feb
173*
21
21
21
203*
103*
203*
103*
203*
100
103*
Dec
20
ni
300
20
221
964
503*
503*
503*
973* 1005*
293*
293*
273* 30
45*
43*
113*
10%
64
683*
20*i
493*
97%
Dec
Nov
29%
27%
Dec
56
Mar
Dec
46
Apr
100
293*
27%
43*
103*
645*
1,203
13
Oct
142
20
Oct
20
Nov
20
280
225
402
3
Oct
Oct
43*
243*
45*
103*
283*
253*
43*
113*
295*
11
Nov
64
510
K
b43*
Dec
8%
436
2,520
Mar
Mar
Mar
Feb
Aug
Aug
63* May
25
1083*
Apr
Apr
204
2%
Oct
173*
40
223*
4%
9%
Oct
59
Mar
Dec
9
Sept
600
1,121
303*
30
Gladding McBean & Co..*
75*
253*
325*
75*
35*
26
10
253*
323*
123*
253*
Dec
963*
27
15*
173*
303*
23*
173*
1,383
15*
173*
Oct
245*
473*
195*
Oct
69
293*
53
1045*
Mar
i-1
160
Corp com___10
23*
25
Galland Merc Laundry
General Motors com
*
*
*
12
12
Hancock Oil Co
*
25
*
233*
245*
233*
830
27
Oct
6%
60c
10
LeTourceau (R G) Inc
Lockheed Aircraft
1
1
Magnavox Co Ltd
(I) Magnin & Co
23*
*
com
Marchant Cal Mach
com.
Meier <fc Frank Co
19
19
830
71
Mar
Mar
Mar
Mar
Jan
Mar
120
333*
83*
2,796
515
4
2,259
25
95c
193*
12,786
1.308
13*
13*
Mar
25%
323*
7%
2%
Dec
40
Mar
Feb
Oct
703*
313*
85*
Oct
22
Feb
193*
Oct
23%
Dec
273* Aug
363* Sept
60c
Dec
5
Oct
25*
255
10
35
35
35
236
343*
175*
85*
3*
113*
135*
175*
8%
%
113*
135*
19
660
14
11,892
360
143*
874
73*
73*
53*
8
83*
83*
93*
43*
43*
43*
Feb
Oct
Oct
53*
Dec
Dec
Oct
Dec
Dec
6%
Oct
7%
30
Jan
Feb
8
Oct
%
113*
11%
1,743
2,080
1,700
65*
Nov
31
4%
Nov
5
470
13*
Apr
Oct
2
113*
85*
1,40
Feb
Oct
%
25*
5%
No American Inv com..100
Dec
16
113*
10
...*
Nov
9
25*
Natomas Co
New ^ork Curb (Associate)
Chicago Board of Trade
Mar
22
260
Natl Automotive Fibres..*
•
7
Oct
910
12
575*
Dec
215
1,400
2,437
Oct
1%
16%
113*
10
Leslie Salt Co
1874
33*
60c
Honolulu Oil Corp
*
Hunt Bros com.........10
Langendorf Utd Bak A.._
Enquiries Incited on all
Mid-Western and Southern Securities
'
10
Sept
I. M. SIMON & CO.
MEMBERS
Oct
43*
72
Foster & Kleiser com
A preferred
ST. LOUIS MARKETS
,
300
69
Preferred
Business Established
July
5
69
56
Feb
108
Feb
214
200
Rights
108
25
Dec
9
Bonds—
Plttsb Brewing 6%...1949
Oct
181
9
Food Mach
15*
25*
4
30
9
Oct
Mar
437
42* % cum pref w w_
50
Emsco Derrick & Equip. .5
Fireman's Fund Insur
25
Jan
73*
45*
163*
Hawaiian Pineapple
25*
High
Oct
45*
163*
45*
Feb
Unlisted—
*
Low
2
1,950
181
Golden State Co Ltd
Hale Bros Stores Inc
Pennroad Corp v t c
Range Since Jatii 1,1937
Shares
33*
75*
6%
181
43*
12
Nov
89
3
2431
75*
155*
Oct
18
69
Jan
Mar
Price
10
..
25*
Week
100
com
Oct
60o
65c
65c
Giorgio Fruit
$3 preferred
for
of Prices
Low
High
Doernbecher Mfg Co
*
Emporium Capwell Corp.*
Oct
Oct
40
235* 255*
1045* 1075*
1
Di
Mar
1745*
1
155*
Feb
27
Feb
12
155*
Feb
50
45*
90
75*
Jan
Nov
15*
80
1
5
Vanadium Alloy Steel
Victor Brewing Co
0
Dec
50
6c
23
12
Ruud Mfg Co.
Feb
Oct
Nov
*
Fdry
Dec
1
35
1
Steel
Co
112
7% preferred
20
Calif Cotton. Mills com. 100
Calif Packing com...
_*
Preferred
50
44
88
Screw & Bolt.*
Sept
1115*
20
300
6c
■:n
107
Oct
Oct
55*
*
Calamba Sugar com
55*
25*
15*
23
5
Jan
15*
IK
Plate Glass..25
July
15*
405*
15*
395*
55*
25*
25*
20
4
Dec
70
25
75*
Brewing pref..*
Forging Co
1
Oil & Gas
Oct
75*
25c
com
90c
45*
70
70
*
Mesta Machine Co
5
Mountain Fuel Supply..10
Mar
347
302
1025* 1035*
*
295*
Par
2,050
70c
Koppers Gas & Coke pf 100
63*% preferred
McKinney Mfg Co
Oct
r Concluded)
85c
10
Lone Star Gas Co
95*
Stocks
15*
125*
Follansbee Bros pref___100
Fort Pitt Brewing
1
Jones & Laughlln St'l pf 100
High
Low
Week's Range
Sale
95*
125*
105*
9
Duquesne Brewing com..5
Last
Assoc Insur Fund Inc.—10
Atlas Imp Diesel Eng
5
13*
Columbia Gas & Electric.*
Range Since Jan. 1,1937
Shares
13
125*
Sales
Friday
Week's Range
Sale
(.Concluded)
3955
Sales
Last
Stocks
Chronicle
Dec
4
163*
Jan
42
Feb
453*
163*
Feb
Feb
Jan
5
233*
28
Mar
Feb
133* May
10
133*
O t
Feb
33
Mar
163*
Mar
North Amer Oil Cons
10
11
11
11
250
93*
Nov
Occidental Insur Co
10
243*
163*
243*
243*
10
Oct
32
Jan
163*
173*
556
20 %
12
Oct
28
Mar
75*
636
4%
Oct
123* May
Chicago Stock Exchange
315 North Fourth
St., St. Louis, Mo.
Oliver United Filters A...*
B
Telephone Central 3360
;
*
Paauhau Sugar
St. Louis Stock Exchange
Dec. 11
Dec. 17, both inclusive, compiled from
to
Range Since Jan. 1,1937
Last
Par
,
Week's Range
for
Sale
Stocks—
official sales lists
Sales
Friday
of Prices
Low
High
Pacific Clay Products
Pacific G & E com
High
Low
20
205*
525
20
Dec
25
Brown Shoe com
*
36
355*
36
500
353*
Dec
49%
Bruce (E L) pref
100
40
40
35
40
Dec
49
Sept
225*
225*
30
22
Dec
37
2
Dec
4
Dec
1
2
5
Chic & Sou Air Line pref. 10
Coca-Cola Bottling com__l
Dr. Pepper com
*
4
26H
2251
Ely & Walk D Gds com.25
2d preferred
Falstaff Brew
.
1
Griesedieck-Wt Brew
com
*
Hamilton-Brwn Shoe
com
65*
*
Huttig S & D
_
com
Preferred
com...
27
5%
Apr
9
392* May
Oct
48
Mar
Dec
32
98
Nov
106
Apr
713*
43*
Nov
125
Mar
375
Oct
Oct
24
11%
403*
Mar
Apr
Dec
6
Feb
195
15*
14
12
Nov
23
July
62
8
Nov
202*
75
June
90
Feb
Apr
Feb
26
Feb
105*
80
20
245*
35*
325*
26
355
335*
167
Nov
11
100
10
Dec
22
Mar
17
175*
105
12
Oct
322*
Mar
*
32
32
95*
235*
55*
165*
95*
245*
55*
165*
Midwest Pipe & Sply com *
Natl Bearing Metals com.*
""95*
*
com
*
com
35*
25
Jan
293*
7%
Nov
58
Mar
Oct
13
Aug
55
23
Nov
70
Jan
375*
38 3*
690
35
Nov
87
Feb
925*
92 5*
10
94
Oct
109
Feb
393*
393*
100
39%
Dec
543*
43*
45*
264
43*
Dec
24%
29 3*
Dec
185*
273*
315*
133*
100
Preferred
Phillips Petroleum
*
925*
393*
Ry Equip & Rlty com
Rayonler Inc com
*
43*
Cum preferred
1
50
Republic Petroleum...
53*% preferred
Rheem Mfg Co com
1
Richfield Oil Corp com..
Roos Bros
*
com.
S J L & P 7% pr
245*
pref...100
Scblesinger Co (B F) com *
Preferred...
.25
5
Oct
132*
Mar
15%
Oct
29
255
200
Feb
.
.....
.
43*
120
133*
53*
Dec
Oct
Nov
31
9%
53*
1,160
4,501
163*
130
15
10
Oct
109
Preferred
...
.
Sou Calif Gas 6%
100
pref.-.25
100
Southern Pacific Co
24
Jan
Jan
Oct
4
Feb
Jan
Deo
Dec
Feb
50
Apr
193* June
105* May
Nov
303*
Aug
213*
22 3*
680
17%
3*
1,827
%
663*
25*
Mar
3*
Nov
Oct
Dec
So Pacific Golden Gate A
3*
%
300
283*
12 3*
303*
3,475
28
540
11
Super Mold Corp of Calif 10
310
Apr
Mar
Aug
June
128
Mar
101
117%
112*
132*
492*
Mar
Dec
33
102
*
1
1
13
11
9%
17%
Union Oil Co of Calif
25
193*
193*
195*
Union Sugar Co com
25
24
23
24
9
610
Victor Equipment
Preferred
com___l
83*
83*
17
Nov
Oct
Oct
Sept
Oct
4%
July
Aug
1
Jan
Feb
493*
213* June
Feb
5
215*
165*
Feb
Aug
283*
285*
19
Feb
Oct
July
3%
Oct
93*
July
9%
546
45*
4
4
Dec
135*
6,815
1,433
1,458
Universal Consol Oil.... 10
Oct
200
143*
Oct
1
600
13*
145*
105*
%
105
Dec
185*
July
Oct
405*
Mar
May
Nov
110
3*
75*
125*
102
2,668
29%
125*
B.
Standard Oil Co of Calif..*
143*
Oct
July
Nov
21
100
195*
103*
Dec
693*
19%
80
27%
Transamerlca Corp—...2
Dec
Apr
Mar
60
Tide Water Ass'd Oil comlO
7
123*
483*
285*
Mar
5
2
75*
80
750
100
203*
200
200
Dec
Oct
28%
22
195*
15
15
33*
223*
Mar
Sept
Apr
%
86
80c
10
1,231
23
122
285*
22}*
80c
100
1
Oct
Dec
-
Oct
Nov
Thomas-Allec Corp A
Nov
111
3*
33*
33*
Mar
Feb
May
6
55
5
Oct
85*
10
8
Dec
25
215
19
Oct
$7,000
7,000
23
56
Jan
Feb
Western Pipe &
5
Steel Co. 10
Yosemite Ptld Cement pflO
93*
93*
21
21
33*
33*
675
95*
725
33*
16
150
23
3
Nov
43* June
-K "X--'-.
Bonds—
24
1941
1934
t United Rys 4s
"635*
"24"
t 4s o-ds
24
61
235*
tClty & Sub P S 5s... 1934
t Scullln Steel 6s
635*
265*
24
25
4,000
23%
4,000
22
Dec
Nov
363*
342*
Jan
Jan
Schwabacher 6k Co.
Members New
————
mi
111
Dean Witter
Co.
&
York Stock Exchange
Broadway, New York
Cortlandt 7-4150
Private wire to own offices In
Private Leased Wires
MUNICIPAL AND CORPORATION BONDS
Members: New York Stock Exchange, SanFrancisco Stock Exchange,
New York Curb Exchange (AssoJ, San Francisco
SanFrancisco
Oakland
Oct
2%
470
45*
32
163*
223*
Mar
"235*
113*
3*
Signal Oil & Gas Co A....*
Soundview Pulp Co com..5
2.00
15
800
13
3*
133*
83*
42*
192*
292*
com
704
303*
111
Dec
Wagner Electric
26
315*
65*
163*
111
Nov
1225*
110
293*
24?*
29 3*
45*
315*
133*
Sept
85*
235*
Jan
38
50c
6
Jan
*
3
120
Jan
85*
150
5%
120"
Oct
Nov
50
1
2
133
40
Sterling Alum com
492
107
45
160
Southwstn Bel Tel pref. 100
Oct
136
85c
Stlx Baer & Fuller com.. 10
98
136
3
7
20
136
65*
125*
Oct
100
6% preferred
Parafflne Co's com
Mar
540
70
100
Jan
353*
1523*
65*
*
Jan
538
293*
53 3*
Dec
85c
Securities Invest pref-.100
Jan
32 %
Oct
110
3
Scullln Steel pref
38
Oct
240
65*
Scruggs'V-B Inc com....5
Oct
699
114
3
......
23
27%
253*
1,805
1,412
110
St L Bk Bldg Eq com
St Louis P S pref A
150
63*
29
283*
255*
253*
37%
373*
102 3* 103 3*
5
43*
17
17
112
Nicholas Beazley Air com.5
Rice-Stix Dry Gds com..*
*
*
Dec
Jan
Feb
Dec
Pacific Tel & Tel com..160
-
17%
2%
21%
11
com
5
53*
183*
53*
Oct
Aug
Dec
13*
100
*
"325*
1033*
22%
Dec
17
Feb
16
27
373*
Nov
5
9%
Feb
Oct
243*
193*
19 3*
152*
493*
com
com
Natl Oats Co
Feb
10
73
65*
80
26
Aug
20
Laclede-Christy Clay
Natl Candy
27
10
International Shoe com..*
McQuay-Norris
45
15*
Hydraulic Prd Brk pref 100
Laclede Steel
175
20
985*
13
10
23
80
*
100
Hyde Park Brew
150
65*
5
Hussmann-Ligonier com.
580
985*
100
com
20
4
80
100
Emerson Electric pref
2
27
4
265*
225*
195*
255*
*
com
Jan
10
50
27
26
18
105
1,631
65*
53*
53*
29
*
52*% pref
Pacific Lighting
Jan
Burkart Mfg com
Central Brew com
10
5
(non-vot)com*
(Non-voting)f pref
*
20
com
113*
10
263*
Pac Pub Ser
*
American Invest
113*
5
25
25
6% preferred
Shares
73*
113*
10
25
6% 1st pref...
Week
Price
15
Pacific Amer Fisheries...5
Pacific Can Co..
*
73*
Tacomo
Seattle
Barbara
—
Del
Monte
San Francisco — Los Angeles —
—
Hollywood — Beverly Hills
Chicago BoardofTrade
Curb Exchange, Honolulu StockExchange
Portland
Stockton IFresno
Sacramento
Santa
New York
Beverly HHU
Honolulu
Los Angelas
Ppsadeno
long Beach
San
Dec. 11 to Dec.
Francisco Curb
Last
San
Francisco Stock Exchange
Sale
Stocks—
17, both inclusive, compiled from official sales lists
Last
Sale
Par
Stocks—
Price
Alaska Mexican
Sales
Friday
Week's Range
of Prices
High
Low
for
Range Since Jan. 1,1937
Amer Tel & Tel
High
Low
Amer Toll Bridge
Alaska-Juneau
Gold
10
Angl Cal Nat Bk of S F..20
For footnotes see page
12
15
3956.
113*
15
12
153*
450
430
Price
9%
15
Oct
Dec
155*
313*
Feb
Feb
100
1
Anglo-American Mines—
Anglo National Corp
Week's Range
of Prices
High
Low
for
Range Since Jan. 1,1937
Week
Shares
50c
Feb
Jan
3.10
Nov
Oct
293*
1865*
Feb
Jan
Jan
45c
20c
1,000
2.00
1463*
High
Low
10c
20c
5
5
Amer Rad <fcS—
Week
Shares
Alaska United Gold
Par
official sales lists
Sales
Friday
Dec. 11 to Dec.
Exchange
17, both inclusive, compiled from
2.00
200
125*
125*
1453* 1495*
100
12
z
111
141
Oct
"13%
62c
69c
1,200
55c
Oct
97c
Feb
45c
69c
45c
400
40c
Sept
85c
Aug
135*
143*
530
Nov
273*
Feb
12
Financial
3956
Last
0J Prices
Corp
Range Since Jan. 1, 1937
for
Low
1
"4
Bunker Hill & Sull
10
16
Oct
97
7A
100
2A
Dec
Oct
Oct
Oct
34
5A
16 A
18,438
3%
35
134
7Vs
16
High
1.80
40
4
74
34
34
74
Bancamerica-Blair
Toronto Stock
Week
Shares
High
4
5
5
3
Atlas Corp com
Low
Price
Par
Argonaut Mining
Aviation
Week's Ranye
Sale
(Concluded)
11A
184
9A
Mar
Jan
Jan
31
8
8
25
8
Dec
65
65
10
60
Dec
Calif Art Tiles A
Calif Ore Pw 6% pf '27.100
Last
Feb
253*
95 A
Mar
1
Canada Bud
*
Canada
14
Consolidated
Press
*
Consolidated Paper
Dalhousie Oil
*
"~6A
*
80c
1.60
250
40c
Jan
1.90
Mar
1%
1A
2A
601
1A
Oct
Jan
1A
100
70c
Jan
54
3A
2A
Mar
17 A
Apr
448
25c
Dec
430
Nov
Dec
Oct
Nov
294
34
29 As
50
3%
155
42%
8 As
223
37A
1,169
7
Oct
33
1
8A
294
2A
42%
1%
....
Curtlss Wright Corp.
33
10
33
Mar
48
July
Marconi
*
General Metals
20
Hawaiian Sugar Co
zJHolly Development
70c
73c
1
Mar
Oct
1.60
Mar
Kirkland
Dec
Feb
Oct
•
S
20
4.80
6A
5A
10
Idaho Maryland Mining.. 1
1,600
3.60
Apr
17A
7A
Mar
Jan
45c
55c
2,200
45c
Oct
1.85
Mar
Montreal LHAP
38c
"2 A
1
1
Kinner Air & Motor
40c
650
30c
Oct
24
—.1
Preferred
2.70
2,495
1.45
Oct
14c
8,700
15c
1,050
12c
13c
11c
..10
1A
7A
10c
Mar
Mar
Dec
53c
Feb
Dec
50
Shawlnlgan W <fe P..
90c
Oct
4.15
Oct
1.80 May
Pacific Portl Cement-.. 100
1.60
1.65
465
Feb
United
8
Feb
Too
Walkervllle Brew
1.45
Oct
OA
194
234
2534
Nov
21
21A
24 A
265
254.
46
312
20
25
70
370
9A
Feb
27
3236
2836
29 A
Oct
44
Fuel pref
*
Texas Cons Oil...
8A
Dec
1634
Jan
45c
Dec
2.70
Mar
AdmlnlsteredFund2ndInc» ill.94
54
Oct
1436
Aug
Affiliated
Inc...14
4.22
Feb
Amerex Holding Corp...*
174
90c
1.00
375
75c
Oct
3.75
1.10
1.15
1,600
95c
Oct
2.90
1A
200
1A
4A
23A
Oct
Oct
23%
43
234
Par
Fund
Feb
Amer
3
Aug
Amer <fe Continental Corp.
18
Feb
55 A
Dec
June
Amer Gen
Equities Inc 25c
Am Insurance Stock Corp •
Bankers Nat Invest Corp •
•No par value,
c Cash sale.
on
A. M. Castle <fe Co. split Its co mmon stock on
a
Basic Industry
Boston
March 9, 1937.
Bid
Business Shares.50c
Assoc. Stand Oil Shares..2
two-for-one basis
Stock dividend of 100% paid Sept. 1, 1936.
r
Cash sale—Not included In range for year,
Listed,
140
300
174
24
10
Jan
84
Feb
34
Oct
94
Oct
Mar
Jan
194
Dec
56
20
50c
Dec
3.50
Jan
21,400
16c
Oct
58c
Mar
24
100
14
Jan
2 4
Nov
21
,
20
26
39
42
115
300
1.50
1.50
17
Dec
26
June
30
1.25
Oct
624
Jan
Oct
3.25
Jan
Fund
Shares..10
Inc
Par
Ask
12.76
4.64
x Ex-dlvldend.
y
9.71
10.31
22.45
24.88
Series B-3
44
54
24
3.47
15.70
44
64
34
.33
.48
144
3.55
3.95
19.72
21.20
3.20
3.42
pf.100
Corporate Trust Shares.. 1
Shares
64
11.59
14.54
15.71
Series S-4
4.96
5.49
Major Shares Corp.
♦
24
Maryland Fund Inc
10c
5.86
6.42
1
19.47
20.66
10
10.39
11.31
Nation Wide Securities 25c
3.23
3.33
Mutual Invest Fund
24.52
134
Continental
17.16
10.60
Mass Investors Trust
16.79
22.93
1
16.37
15.77
Series S-2
.72
14.97
Series K-l
Series K-2
.77
.64
Ask
Bid
1
9
Century Shares Trust
*
Commonwealth Invest--.1
Ex-rlghts.
Investors Fund C
Keystone Cust Fd Ino B-2
184
.70
8
Canadian Inv Fund Ltd.. 1
t In default.
J Company In bankruptcy, receivership
Feb
24 June
25
50c
Bullock Fund Ltd
d Stock split up on a two-for-one basis.
2
Jan
122
22c
British Type Invest A...1
Broad St Invest Co Inc..5
b Ex-stock dividend.
g
124c
Investing Companies
215
125
Feb
Oct
Dec
Closing bid and asked quotations, Friday, Dec. 17
265
7
14c
107
Jan
9,425
1.15
5
16c
Jan
64c
1.00
West Union
Oct
No par value.
54
1A
Warner Brothers
Dec
19c
1.50
8A
1
Utah Idaho Sugar
Feb
5
Jan
1
U S Petroleum
2c
34
26
.39
45c
50c
6.65
Mar
Oct
Oct
7
•
Mar
Oct
Feb
6c
Oct
50c
54
Stearman-Hammond 1.25
Studebaker
2
60
Oct
150
Dec
June
34
20 4
20
21c
..
"""*
July
2
24
8A
.
1st preferred
46
25
Standard Brands Inc
2
Feb
2
24
20
615
204
34
.*
"."i
Thayers
100
..25
6% pf 100
Jan
Preferred
Stop & Shop
Temiskaming Mines
2A
2.00
20 A
10
107
34
HI*
lioo
Mar
8A
"~3A
!!.•
Stand Paving
40c
Dec
107
•
Rogers Majestic
Jan
82c
Oct
Jan
■
Feb
44
Nov
10
4c
19,000
725
50
31
2c
1,725
S P Gold Gt Ferr
34c
14c
55c
25
Jan
•
.100
1.30
54% preferred
6% preferred
12c
•
Oil Selections
...1
48c
Southern Calif Edlsofl
Jan
Oct
National Steel Car
18
Robt Simpson! pre!..
1.20
9A
Oct
674
31
Robb Montbray
50c
1.45
374
Mar
1.30
PT6f6IT6d
Oct
2,000
264
184
34c
30
Mar
684
17A
Oct
Pacific Coast Aggreg._10
Pacific Dlst—......
Schumacher Wall Board
210
30
4,000
40
Dec
1.60
Jan
304
•
24c
1,300
•
69c
24c
14c
34 A
2A
Nov
".'.ll
33A
1.60
10c
Ritchie Gold
7c
50
15c
Feb
12c
1
Feb
15c
15c
-*
Mandy
1.25
7c
100
Apr
44o
14c
33A
4A
Park Utah Mines
55c
Nov
160
100
...
Oct
lc
500
215
31
144c
2,000
4,500
20,595
5A
15
700
14c
54
33 A
Mar
108
194
14c
14c
54
4,400
Dec
75
194
2.08
33 A
31
70
15
70
44
Mountaln City Copper..5c
31
Feb
Jan
1.87
Montgomery Ward & Co_.
31
Feb
414
184
Oct
14c
63
20
3.35
Oct
7
5A
Oct
Onomea Sugar Co.
Oct
154
150
1.95
24
32
30c
2,500
8
1.00
*
7,100
25c
1,225
23
7
-,-1
30
45c
Apr
...1
27
35c
Apr
584
Prairie Cities
27
1
10
Oct
Pend Oreille
34
5
Oct
Dec
Pawnee-Klrkland
Dec
20
Jan
May
3.60
Feb
35c
24
Jan
21
Nevada Porph
Jan
June
2A
10
55
Feb
15
Occidental Pete
194
6
Mar
21
Oahu Sugar Co
Oct
2,280
10,010
50c
Oct
21
Bancorporatlon...
M J & M & M Consol
1
22
72c
10c June
"2l"
Marine
Feb
1
Townsite
Malroblc
"45c
124
1
.....lOO
Preferred...
6A
International Cinema.-.1
34c
24
224
"8
•
Inter Metals A
6A
Honokaa Sugar Co
34
Oct
29
1.00
1.00
...
Hudson Bay M &
Dec
50c
Oct
lc
Mar
644
1034
48A
2,000
73c
1.00
15
80c
65c
2A
16
High
1,240
1,000
64
29
7
25
17
64
-*
DIsher Steel
Dominion Bridge
Foothills
General Electric Co
Preferred-.
Feb
14
1
38c
2
21
IKc
Cobalt Contact
9A
2
Oct
1.25
Canadian
25c
2
Apr
Feb
14c
Feb
Mar
9
z
104
384
1.15
82c
1.90
1
Kleiber Motors
Oct
90
125
14c
Oct
Jan
Claude Neon Lights
2
Feb
Oct
304
8
35
8
334
164
T.25
10c
40c
1.60
Italo Petroleum
21c
1
Canada Vinegars
100
2,950
Consolidated Oil
2
Oct
8
19c
Coen Go's Inc A
z
3c
33 A
1.60
...
Continental Oil
Low
28,525
•
—*
Malting
19c
Preferred
Cities Service
Shares
Low
Aug
1.45
Central Eureka
Range Since Jan. 1,1937
for
Week
of Prices
High
94c 104c
Price
1
Cardinal Gold
Week's Range
Sale
Par
Stocks—
-.1
z
z
official sales lists
Sales
Friday
Jan
13 A
Exchange—Curb Section
17, both inclusive, compiled from
Dec. 11 to Dec.
Brett Trethewey
z
1937
18,
Sales
Friday
Stocks
Dec.
Chronicle
1.35
1.22
Voting shares
National Investors Corp.l
4.95
5.19
1
12.14
13.05
New England Fund
N Y Bank Trust Shares.. 1
;:
24
m
_
N Y Stocks Inc—
Agriculture
7
9.12
8.43
reorganization.
8.88
2.21
Bank stock
7.65
1
2.11
Building supplies
6.95
Accumulative series... 1
or
2.11
Electrical equipment—
7.73
Series AA
2.60
Insurance stock
7.81
8.45
Machinery
Series AA
November
Newsprint Production in Canada Decreased
3.2% from October—However, Total Is 6% Above
Year Ago—Output in United States Above October
newsprint
302,236 tons,
an
about
a
6%, but
increase
further
a
79,338 tons
below
totaled
November
compared with
a year ago
of
by Newsprint Service Bureau. Shipments
1
23
100
109
7% preferred
Deposited Bank Shs ser A1
Deposited Insur Shs A...1
Series 1955
expansion, 335,777 tons exceeding
was
pro¬
United States output in November
above that of October of 78,352 tons but
November, 1936, when this country produced 79,853
Production
at
Canadian
mills
months of the year, an increase of
in the first
11
months
of 1936.
totaled
15.8%
3,345,197
over
in
tons
the
stated:
first
11
the 2,888,460 tons produced
Including Newfoundland's output, total
North American production was higher
by 505,533 tons, or 12.5%.
Stocks of newsprint at Canadian and U.S. mills at the end of November
totaled 71,836 tons, as compared with 109,009 tons at the
qnd of
October.
its
Monthly Review" for December, Do¬
Securities Corp., New York,
reports that there are
minion
many
"Canadian
factors which support
coming
year
an optimistic outlook for the
provided that there is not a general economic
collapse in other sections of the world.
Canada, according to the
during November, but
ing month in 1936.
somewhat lower
any
as
"Review," receded fractionally
still well above the
25c
1.21
1.31
17.17
18.41
26.49
244
18.25
28.47
Eaton A Howard Manage¬
ment Fund series A-l
Eqult Inv Corp (Mass)..5
Equity Corp $3 conv pref 1
•
not off to
an
extent which would
The further observations
November,
a minor decline from
1936.
Nov. 1 registered
other month since
The seasonally
beginning of November
October and
adjusted
September. 1929.
27 4
19.63
2.41
2.68
Insurance stk series. 10c
2.93
3.30
and gains
were
of
Inc Shares.-10c
5% deb series A
Representative TrustShslO
Republic Invest Fund.25c
Royalties Management..1
Selected Amer Shares.24
...
'
-
«» *»«>
-
---
;
----
----
74
4
44c
10.65
93
84
14
57c
11.66
100
9.28
9.78
34c
39c
45c
60c
9.08
9.89
Selected Income Shares—
3.91
Sovereign Investors
67c
94c
10
B
9.05
Spencer Trask Fund
*
14.80
15.58
10
Fixed Trust Shares A
7.16
Standard Am Trust Shares
2.60
2.86
Utilities
Inc.50c
57c
8.39
Standard
Foundation Trust Shs A. 1
3.75
4.00
State Street Invest Corp. * £764
Fundamental Invest Inc.2
15.76
16.76
Fundamental Tr Shares A2
4.65
5.25
Foreign Bd Associates Inc.
B
•
7.74
Super Corp of Am Tr Shs A
AA
Capital Corp...•
28.60
30.75
Investors Trust.•
4.60
5.00
Group Securities—
utornoblle
1.14
1.24
75c
shares
2.03
5.64
C
5.64
D
3
9.30
Series C
2.27
Series D
1.33
1
1
2.23
1.22
1.15
1.26
Food shares
72c
80c
Investing shares
68c
75c
Trusteed Amer Bank Shs B
Merchandise
84c
92c
Trusteed Industry Shares.
1.23
U S El Lt A Pr Shares A..
Mining shares
1.13
Petroleum
10.10
Trustee Stand Invest Shs—
83c
Building shares
Chemical shares
shares
----
3.10
-
Supervised Shares..
Agricultural shares..
62c
79
2.98
2.03
-
B
4.24
BB
Trustee Stand Oil Shs A.l
--
6.33
1
6.33
Series B
60c
.94
124
m
68c
1.03
134
1.02
1.12
B
1.93
2.03
RR equipment shares—
79c
87c
Voting shares
87c
95c
Steel
1.13
1.23
.88
.97
4
4
shares
shares
/
Tobacco shares
Guardian Inv Trust
com.
•
1
Investors..*
Incorporated
74c
34c
16.34 17.57
Bank
Group shares
Insurance Group Shares
Insuranshares Corp (Del)l
Invest Co. of Amer com. 10
par
value,
e
Un N Y Bank Trust C-3_*
Un N Y Tr Shs ser F
♦
Wellington Fund
1
Investm't
1.09
1.17
4
32
Ex-coupon,
1.22
1.31
14
36
x
1
12.85
34
14
14.16
Corp.l
Corp cl A
•
4
5
30
35
•
2
10
12
class B_
First Boston
Corp
Schoelkopf, Hutton A
Pomeroy Inc com
Ex-dividend,
24
Banking Corps
Bancamerica-Blalr
Central Nat
Institutional Securities Ltd
y
10c
14
5
134
24
Ex-Stock dividend.
was
CURRENT
substantial gain
NOTICE
Employment
higher than any
Retail sales in Canada for October
was
1936 by 3.5%, according to the review.
the 10-month period retail sales as a whole increased
year ago
Index
120.3% of the 1926 normal, which
exceeded those for October,
a
Plymouth Fund Inc—10c
•
28
26
*
Quarterly
Bank stock series—10c
♦No
The employment situation in Canada at the
over
a
indicated
follows:
favorable, with only
on
are
cause
•
Class B
5~75
Dividend Shares
*
Class A
5.15
Huron Holding Corp
correspond¬
Carloadings and bank clearings while
were
real anxiety.
were
Wholesale prices in
2.31
Pacific Southern Inv pref.
1
General
In
1
3.50
D
General
Many Factors Support Optimistic Outlook for Coming
Year, According to Dominion Securities Corp.
2.51
2.43
Fiscal Fund Inc—
In the Montreal "Gazette" of Dec. 13, it was also
2.56
1
Series 1958
3.50
Fidelity Fund Inc
tons.
1
Series 1956
1.50
Diversified Trustee Shares
8.19
534
2.05
2.63
B1
8.43
7.57
No Amer Tr Shares 1953. •
4.55
ser
9.40
7.79
No Amer Bond Trust ctfs.
Cumulatl ve Trust Shares. ♦
Deposited Insur Shs
9.36
8.69
Steel
26
8.09
8.60
Railroad equipment
shares...10
7.47
Metals
25"
22
113
Crum & Forster Insurance
B
7.53
8.37
Oils
2.60
10
100
com
8% preferred
C
duction by nearly 11%.
at
as
in
decrease from October's total of 3.2%, it was
announced Dec. 13
showed
production
1
Series ACC mod
Crum A Foreter
Common
Canadian
mod
*
For
7.8% as compared with
recorded for 12 of the 13 kinds of business covered.
—Joseph Malcolm Semmes, formerly finance examiner for the Public
Works Administration, Washington, D. C., has been appointed to the post
of Assistant
Manager of the new accounts department
of O'Bryan-Suhr
Factors, Inc., Chicago correspondents of James Talcott, Inc., New York
City.
members
Telephone HAnover
new
2-0980
SPECIALIZING
IN
CANADIAN
security
52
AND
WILLIAM
MONTREAL
NEW
frSTVATE
WIRES
dealers
Teletype
System
UTILITY
BUILDING
ALDRED
york
Bell
NY
association
1-395
Cable Address
INDUSTRIAL
STOCKS
STREET
AND
ROYAL
YORK
Hartwal
BONDS
BANK
BUILDING
TORONTO
CONNECT
OFFICES
Volume 145
3957
Canadian Markets
LISTED
Provincial and
AND
UNLISTED
Montreal Stock
Municipal Issues
Closing bid and asked quotations, Friday, Dec. 17
Province of Alberta—
5s
5s
July 12 1949
Oct
1 1953
4%s
Oct
1 1942
111
111 %
Sale
52
6s
Sept 15 1943
116
117
5s
Oct
11950
Prov of British Columbia—
5s
May
1 1959
4s
June
1 1902
4%s
Jan
Province of Ontario—
Ask
/53
/50
4%s
Ask
Last
55
Bid
1 1948
Jan
99% 100
95%
96%
Bid
15 1965
5s
Aug
89
1 1941
....June 16 1954
5s
Dec
3
92
106% 107%
114
115%
Province of Quebec—
88
91
4%s
Mar
2 1950
90
2 1959
92
4s
Feb
1 1958
Prov of New Brunswick—
434s
434s
Apr
4%8.......May 11961
109
109%
106% 107%
109
no
106' 107
15 1960
Apr 15 1961
102% 103%
Province of Nova Scotia—
June 15 1943
434s
Sept 15 1952
107
108
Mar
114% 116
4%s
1 1960
75
77%
Nov 15 1946
1 1951
5% 8
5s
76
75
Canadian
Pacific
Ry—
4% s
4s perpetual debentures.
6s
86
86%
5
Howard Smith Paper
Preferred
100
"98"
Imperial Oil Ltd
*
Imperial Tobacco of Can.5
13%
13
for
Week
Low
High
12%
13%
17%
5s
Bid
Sept
1 1940
6s
Dec
1 1954
4%s
July
1 1960
Ask
101% 101%
102
101
96%
97%
35
13
Oct
20
98
Oct
17%
13%
18%
13%
*
42%
28%
3%
100
74%
45%
29%
3%
74%
17
Bid
Ask
Bid
Ash
Canadian Northern Ry—
1 1951
113
June 15 1955
Sept
5s—
113 %
634s
July
Lake of the Woods
Montreal Cottons
.^10
76
Nov
17
286
10
Oct
43%
11
585
9
Oct
27
Aug
14
555
13
Oct
22
Mar
510
1 1946
5
Oct
15
575
4%
Oct
10%
Mar
1,240
8%
Apr
15
Mar
40
40
8
29%
31
4,818
56%
10
39%
89%
38%
30%
*
35
35
Noranda Mines
*
52%
48%
52%
28
Ottawa LH&P pref—.100
100
"I§"
106% 108
95
95%
Penmans pref
100
Power Corp. of Canada..*
Price Bros & Co Ltd
*
"15"
11969
118
118%
Preferred
Feb
1 1970
118
118%
Quebec Power
Sales
Stocks—
Par
Agnew-Surpass Shoe
for
Price
11
«.«•«
«.
mm
*
mm'mm
mm
100
Assoc Tel & Tel pref
*
Bathurst Power & Paper A*
Bawlf (N) Grain
*
Bell Telephone
100
B
12
2%
29%
50
1.50
Oct
7
Jan
Sept
30
Apr
12%
12%
119
16
Mar
insw
100
2%
166%
14
45
10%
10%
1.25
166
40
400
30
166%
12%
33%
mm
1.25
25
1,276
14%
34%
6,388
Can Forgnings class A
*
Canada North Pow Corp. *
Canada Steamship (new).*
Preferred
...50
Canadian Bronze
Cndn Bronze pref
9%
95
-
-
2%
m
+
m
*. m m
33%
971
186
17
100
18
50
3
338
9%
196
33%
55
2%
9
103
100
""9%
Canadian Car & Foundry. *
Preferred
25
103
20
21
16%
*
8%
19%
16%
16%
9%
1
7%
m
20
4%
4%
3%
3%
3%
7%
7%
7%
8
8
8%
8%
*
Canadian Locomotive
Canadian Pacific Ry
Cockshutt Plow
20
m
"4%
Canadian Induat Alcohol.*
Class B__
mm
100%
*
25
*
8%
Con Mln & Smelt new...25
Apr
Apr
8%
Oct
Dec
61%
101
July
Oct
no
Oct
17
Oct
42%
57%
30
29
Oct
54
Feb
2,891
37
Oct
83
Feb
170
Oct
300
10
28
983
5
19
54
19
5%
Oct
21%
745
12%
Oct
32
14%
51
230
46
Nov
16
70
15
Oct
25%
Oct
11
June
"23%
19
Jan
25
Aug
10%
2334
2,775
15%
9%
763
23%
75
7%
Oct
31
106
Dec
126
Dec
Apr
2,150
4
Oct
15
1,030
12
Oct
39%
5
St Lawrence Flour Mills..*
18
18
6
20
Oct
25
June
50
50
210
43
Oct
98
Aug
19%
943
Sherwln Williams of Can. *
14%
20%
14%
Simpsons pref
80
80
13%
64%
13%
65
795
—25
57
57%
115
Tuckett Tobacco pref. .100
145
20%
•
100
13%
Southern Canada Power..*
65
*
Steel Co. of Canada
Preferred
United Steel Corp
4%
...»
Vlau Biscuit pref
18%
Feb
53
Oct
49
Oct
96%
88%
Mar
Mar
155%
Oct
Sept
Jan
8
9
Sept
23
Jan
Oct
10%
Jan
55
1.85
Oct
10
Jan
15
12%
Oct
43
Jan
60
June
*
2%
11%:
11%
58%
—50
Canada
76
58%
55
160
160
160
52
150
Jan
100
167%
107
167%
180
150
Nov
211
Montreal
100
197
198
180
193
Nov
214
Feb
Nova Scotia
100
296
300
23
290
Nov
340
Mar
184% 185
230
165
Dec
226
Feb
Royal
....... ..
185
...100
10
Sept
30
Feb
93
5
105
Apr
106
Mar
10
100
Nov
103
Sept
70
17
Oct
33
Feb
145
3%
Oct
120
3
Oct
105
5
Oct
1,855
7
Oct
520
7%
Oct
45
Oct
10
16
Dec
8%
7%
23%
17%
22%
100%
22
Industrial Bonds
HANSON BROS., Inc.
Aug
Established
255
Jan
Jan
56
St.
James
1883
St., Montreal
330 Bay Street, Toronto
Sparks St., Ottawa
Jan
Mar
Mar
Montreal Curb Market
Mar
Jan
both inclusive, compiled from official sales lists
Mar
Last
Week's Range
for
18%
19
500
15
Oct
Mar
Sale
153
7
140
Mar
of Prices
Low
High
Shares
154
Dec
2,576
10
Oct
28%
1,970
5%
Oct
18%
Apr
78
325
July
70
m m«. m
76%
Oct
85%
*
7%
7%
7%
25
5%
Oct
20
East Kootenay Power
*
mmmmmm
75c
75c
20
1.25
Sept
6.50
Jan
1.25
1.35
140
1.25
Oct
6%
Jan
13%
13%
1.165
12%
32
32
13%
8
Preferred
General Steel Wares
Nov
24
Jan
10
28
Dec
40
July
230
8
Dec
16%
320
9
Oct
31
Apr
4%
Oct
14
Aug
Jan
14
13
14
10%
10%
10%
1,798
100
76%
74
76%
1,284
Oct
75%
Aug
9
9%
460
8%
Jan
18
Mar
7%
5%
7%
37
7%
Oct
6%
1,000
5%
Oct
15%
18%
18%
9
*
*
Gypsum Lime & ALabas..*
Gurd, (Charles)
Hamilton Bridge—
8%
Apr
*
Foundation Co. of Can... *
Gatlneau
mm
mrnmmmm
»
5%
7%
Sales
Friday
Price
Far
Stocks—
Range Since Jan. 1 1937
Week
Low
High
Mar
7
14%
Dryden Paper.
rn'mmrn
Jan
|Jan
Mar
*
Aug
Canadian Government Municipal
Public Utility and
58%
23%
1
'*
101%
Feb
29
B
Oct
100
Commerce
Oct
Electrolux Corp
Jan
Canadlenne
Oct
English Electric A
Mar
4
10%
Eastern Dairies...__....*
Mar
2
6
24
m
11%
60
10
225
.
Feb
159
329
270
*
Jan
3
8
100
B
Sept
11%
Feb
8
*
Preferred
Apr
108%
47
4
Feb
30
Dec
Dec
155
2%
2%
Winnipeg Electric A
33%
14%
80
405
4%
47
4
—100
Preferred
3
Oct
17%
Apr
2%
-*
Windsor Hotel..—
95
145
47
100
75
1,000
15%
....
Apr
16%
15%
preferred..........50
29
Dominion Textile
Jan
15
A
Mar
2,192
7
Mar
79
16%
Saguenay Power pref. .100
St. Lawrence Corp
*
Mar
15
13%
Apr
103%
15
7
Feb
33%
48%
Oct
10
140
4%
Oct
12
Dec
16
99
4%
123%
95
16
29
14%
Jan
16
*
*
June
130
Nov
*
Dom Tar & Chemical
23
Dec
275
98
Feb
15%
57
153
Dec
19
180
15
Dominion Bridge
Dominion Coal pref
Dominion Glass pref
100
Dominion Steel & Coal B 25
May
May
125
Distill Corp Seagrams
18%
Mar
Nov
28%
103
103
14%
14%
*
Dec. 11 to Dec. 17,
25
Nov
27%
Feb
Jan
Mar
815
15
.
May
33
Jan
9
33%
2
55%
56
Crown Cork & Seal Co...*
Feb
Jan
75
82
109
Apr
Jan
25
82
22%
111
29%
6%
18%
35
100
Feb
80
715
Banks—
20%
10
109
100
44
952
Mar
Oct
10
mmmmmm
Jan
Jan
Oct
Canadian Converters.. 100
100
73
Jan
10
106
Canadian Cottons
11%
11%
Feb
Mar
16%
106
Canadian Cottons pref. 100
30%
39%
Oct
100
Cndn Fairbanks pref
100
Cndn Foreign Invest——*
Nov
170
86
1,115
1,000
Preferred 7%
Nov
Nov
18
33%
May
40
17
mmm -
*
Canadian Celanese
9%
10%
Oct
207
95
157
Oct
48
9%
1.25
Jan
Nov
48
95
Apr
5.75
2
*
Mar
23%
Oct
4
Building Products A
57
Apr
Oct
30
4
.*
Dec
110%
Jan
9%
35
6%
4
.....100
45
Jan
Dec
305
5
4
47%
11
108%
275
5%
....*
25
Jan
0 Feb
100
9
*
25
Shawlnlgan W & Pow
Jan
*
Preferred
High
8%
Brack Silk Mills
Canada Cement
Low
Shares
80
45
mrnmmmm
'mm mm'mm
Brazlllian Tr Lt & Power. *
British Col Power Corp A. *
11
29%
Amalgamated Elec pref .50
Preferred
High
11
Range Since Jan. 1, 1937
IORW
Alberta-Pacific Grain A..*
Associated Breweries
Low
65
St Lawrence Paper pref 100
Week
*
"le"
*
Rolland Paper vt
Exchange
30%
38
50
15%
100
Regent Knitting
Preferred
17, both inclusive, compiled from official sales lists
48
Oct
Oct
222
125
Mar
Jan
50
28
222
Jan
25%
100
222
Ogllvle Flour Mills
124% 124 %
Oct
of Prices
"89%
4
112
35
5s
Jan
7
31%
5s
1 1962
Jan
Week's Range
Jan
98
11
*
July
Sale
125
"29%
100
Ottawa Traction
Grand Trunk Pacific Ry—
4s
Jan
1 1962
Last
1,562
56%
89%
40%
31%
113% 113%
116
116%
Friday
13,070
15%
38%
73%
39%
12%
6%
*
116%
113% 114%
Montreal Stock
Mar
Mar
Jan
Mar
Mar
Jan
Oci
Oct
Oct
Nov
Oct
Nov
5
40
1 1956
Dec.
24%
14%
12%
24%
36%
23%
3%
3,018
10%
100
Mtl L H & P Consol
Montreal Telegraph
Montreal Tramways
1 1957
1 1969
to
Apr
July
11
Oil...*
Feb
Dec. 11
Jan
34%
106
10
29
*
McColl-Frontenac
July
3s
15%
13
'44%
(New)
116
434s
4%s
434s
434s
3,580
27
National Breweries
Dominion Government Guaranteed Bonds
Canadian National Ry—
Oct
15
Niagara Wire Weaving
4348
High
Low
10%
98
27
Industrial Acceptance.—- •
Intl Nickel of Canada
*
Internat-Pet Co Ltd
*
Preferred
2,097
98
National Steel Car Corp..*
Sept 15 1942 /106
106%
Deo 15 1944
99% 100
113
July
1 1944
113%
Range Since Jan. 1,1937
Shares
14
*
Lake Sulphite
*
Lang & Sons Ltd '.John A)*
Lindsay (CW)
*
Massey-H arris
*
Canadian Pacific Ry—
Ask
Holllnger Gold Mines
Price
of Prices
78
73%
Oct
Railway Bonds
Bid
Par
International Power
Prov of Saskatchewan—
5s
Stocks {Concluded)
Sales
Week's Range
117% 118%
Province of Manitoba—
4%s__
Exchange
Friday
7%
10
55
5
Oct
Feb
Abltlbl Pow & Paper
0% cum pref....
100
Pref ctfsof dep
Asbestos Corp Ltd
mmm
mm
55
Bathurst Pr & Pap class B *
Beauharnols Pow Corp—*
6%
Van..5
Brit Amer Oil Co Ltd
*
*
1.75
18%
19%
1,310
17%
Oct
19
50
17%
Nov
79%
Apr
55
57
567
Oct
122%
Apr
4
20
Oct
12%
Apr
7
5,333
5%
4%
21%
21
mmmm*—
10
67%
Canadian Breweries Ltd— *
1.25
1.25
*
15%
15%
Preferred
No par value
—
4%
22%
66
107
Can Nor P 7% cum pref 100
•
132
10
British Columbia Packers*
Canada & Dom Sugar
3,896
132
Beld-Corticelli 7% cmpflOO
Brewers & Distill of
Mar
Apr
*
,
2.00
4
100
1.75
19
2.00
Co.. *
108
1.35
17
32
35
40
3%
4
123%
4%
16%
Nov
Oct
15%
80
9%
Apr
Apr
Jan
July
132
Dec
Dec-
9
A pr
26%
Mar
175
10
Dec
22
Mar
50
60
Apr
82%
Aug
33
109
1,290
420
215
1.20
12
Oct
Jan
112
Feb
Nov
4.00
Jan
Oct
23%
Aug
Financial
3958
Dec.
Chronicle
Unlisted
Canadian Markets—Listed and
Montreal Curb
Market
Range Since Jan. 1, 1937
Last
Par
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Low
High
Week
Price
1.50
Cndn Pow A Paper Inv—
5
7%
Oct
11%
1.15
25
1.00
Oct
3%
Jan
.1.50
1.50
110
1.50
Sept
7.75
Jan
Dec
27H
:,5
"lh"
7% cum pref
3%
Canadian Wineries Ltd...'
220
2
Oct
16
10
Oct
65
3%
Jan
3%
100
1.70
July
3%
Jan
2.50
Mar
60c
125
50c
Nov
35c
35c
35c
100
20c
Sept
80c
1.50
1.50
55
1.25
Oct
4.00
3H
6%
3H
6H
120
2%
Oct
5
Aug
7,681
6
Oct
Apr
Friday
6
6
10
4
Mar
Feb
Last
Week's Range
for
10
5H
Nov
24H
5%
12%
19H
Apr
SaU
of Prices
Low
High
Week.
Apr
60c
Commercial Alcohols Ltd»**•»«•••-»
3H
Consolidated Paper Ltd-
6%
David <fc Frere Ltee A
50c
Jan
Toronto
Jan
Dominion Stores Ltd
6
6
Donnacona Paper A
6H
6%
540
5
Oct
6
6
355
5
Oct
19
8
8
35
5
Oct
33
Jan
Alberta Pacific Grain
50
Oct
30
Jan
A P Cons Oils——
1
Stock Exchange
1
*
0
B
Apr
Par
Stocks (Continued)
Afton Mines Ltd
7%cmpfl00
East'n Dairies 7%cm pflOO
Ea Kootenay P
7
7
Jan
Alderrnac
29H
Feb
Alexandria
Oct
50
Apr
Amm Gold Mines
14%
14H
15
880
13%
Oct
50
Apr
Anglo-Can Hold Dev
37H
37 H
38
60
32
Nov
49
Jan
75 %
*
pf 100
Voting trust ctfs
GenStlWare87% cum pflOO
Intl Paints 5% cum pref-20
Intl Utilities Corp A
*
Internatl Utilities Corp B_1
75%
79
36
75
Oct
110
Mar
13
220
13
Dec
20
Jan
13
16
13
150
8X
8H
90
85c
85c
230
3
7
Oct
70c
Oct
Lake St John P&P
*
28
28
50
28
Dec
Loblaw Groceterias A
*
23^
23?*
10
24
May
21H
3H
Copper
Gold—
Anglo-Huronlan
Ashley Gold...
Astona-Rouyn
55c
17
17
MacLaren Pow A Paper.-*
42%
89%
90
6X
Jan
Oct
95c
Feb
30o
Oct
1.89
Feb
1%
Nov
49c
40C
50c
13.840
2>4c
3c
19,000
4%
Jan
1.85
1.70
1.85
3,950
lie
Oct
31c
Nov
3.75
3.50
3.75
2,205
1.00
Nov
2.00
Dec
17
19
3.40
Nov
87
Aug
July
"58"
21c
7.050
Oct
1.42
Feb
25c
750
18c
Oct
1.15
Feb
654c
3,400
5c
Sept
15c
Feb
5Hc
42,300
3c
Oct
25c
Feb
6c
0Hc
1
Bagamac Mines....
Feb
28c
25c
50
Bank of Canada...
25H
8.75
2654c
18H
3o
"07c
1
60c
1.55
$1 cum
"l8%
1
286
Nov
340
Apr
Mar
Bank of Toronto...—.100
74
234
Nov
273
Mar
Nov
1.50 June
9.00
Feb
Barcelona Traction
5
Nov
15
June
9H
Feb
Base Metals Mln
120
Nov
65c
Feb
Jan
Bathurst Power A
Oct
24%
Apr
Oct
1.75
Feb
21H
85
6
145
1,330
89
Oct
6
Oct
7H
Oct
30
Mar
5
5
*
—*
21c
180 22 He
10 54
14H
90
40
80
Nov
110
Mar
95 %
17
95
Oct
107
Feb
4%
4%
85
4
Nov
5
July
87
104H
Sept
108
Feb
Beauharaols
Bell Tel Co of Canada .100
105 H
1
1
1
39c
38c
36c
*
104H 107
1.60
455
25
41
18 H
18H
290
Oct
3%.
Jan
32
Oct
51%
July
17 H
Oct
20
1.00
Feb
Feb
Til
Beattle Gold
1st preferred.
Bldgood K'rkland
Big Missouri
*
3,200
30c
Oct
1.90
5,000
lXo
Oct
4Hc
16c
Dec
65c
Feb
Brewers & Distillers
24c
37HO
43c
36o
37c
10c
13c
5c
5c
5c
0c
6c
7c
24%
25%
19,500
3,000
2,900
7,800
3,500
13,014
1,070
97c
99c
200
9%c 10 He
34,500
24c
1
Big Missouri Mines Corp.i
37c
Bouscadlllac Gold Mines. 1
lie
Brazil Gold & Diamond. .1
Brownlee Mines (1930)...1
Bulolo Gold Dredging
6
Can Malartlc Gd M Ltd..*
9Hc
29c
8c
9Hc
10c
8.00
8.05
535
12 H
14H
10,083
Brazilian
&
5
160
22
2,040
34 H
33
35
QQ
Nov
72c
Feb
Brown Oil
38
42
9,500
7c
Nov
1.14
Feb
60
to
15
3c
Oct
15c
Jan
Brown Oil pref
Buffalo-Ankerlte
2H
Nov
13c
Jan
Buffalo-Canadian
20
Oct
30
Feb
100
—1
2.28
Feb
18c
Aug
13 H
3c
*
3Hc
4754
*
Burt (F N)
4754
14Hc
22 H
—*
Bunker Hill
Nov
11H
3c
—25
Building Products
90c June
6 He
13H
*
3.00
45 H
14c
21
Calgary A Edm
....—1
00c
2.65
48c
2.40
400
2.00
Oct
5.15
Feb
Calmont Oils
40c
19,850
20c
Nov
2.70
Feb
Canada Bread
*
725
30 %
Oct
60X
Jan
Canada Cement
*
7Hc
12,100
5o
Sept
15c
Mar
1.00
1.02
4,700
60c
Oct
2.03
Jan
Canada Packers
2.20
2.30
1.500
1.45
Oct
3.60
Apr
Canada Permanent—..100
5.00
500
4.70
Oct
12.75
Feb
Can Steamship (new)
11 He 11 He
500
55c
Jan
Can Bank of Commerce 100
165
25,300
8H0
33c
Oct
51c
Nov
1.58
Feb
Canadian Breweries
*
130
1
1.00
1
2.24
5.00
30c
53
0Hc
6H0
Falconbrldge Nick M Ltd. *
Federal-Klrkland Mln... 1
45c
40c
100
Preferred
18c
6Hc
23
18c 18Hc
17c
12c
.1
"l"25
4Ho
Nov
60c
15H
Oct
41%
Feb
7,050
18c
Oct
57c
Jan
Apr
9%
176
Jan
Feb
1.70
Jan
Oct
72c
Feb
Oct
29c
Jan
6.40 May
9.00
Feb
10
Jan
30%
Mar
4H
16H
Oct
Oct
9%
26%
Apr
Mar
29
Oct
39
7,060
3,400
195
23c
Nov
Dec
60
Jan
05c June
Oct
75
Apr
12.50
Feb
2c June
6%c
74H
Mar
Mar
Sept
23c
Feb
Dec
44H
Jan
Oct
6.55
Feb
1.75
Mar
8.25
39
10c
Nov
15c
11,500
22 H
273
3.05
21,450
60c
20,100
30c
Oct
354
9H
90
3X
Dec
10%
123
7H
85
Oct
23
21
1,000
18c
Nov
45c
Apr
1.64
Apr
300
97Hc
Mar
49
51%
920
46%
Sept
3%c
2,200
3c
Nov
1.25
1.25
Canadian Cannerslst pf-20
Jan
Apr
'146"
954
94H
95
48
73
95
73
100
65
Oct
98
Feb
144 H 146
16
137
Nov
160
July
70
2
July
7
Apr
168
83
149
Nov
210
Apr
135
300
16
17
155
1754
17 X
9
25
350
6H
954
35
5H
254
*
-—*
1.15
16
17H
254
Oct
110 H
Nov
3%
12
Oct
23H
17
Oct
Oct
20H
12%
Oct
21%
1.00
Aug
Jan
Aug
Jan
Feb
3%0
51
Lamaque Contact G M..*
Feb
500
435
6 Ho
22
Graham-Bousquet G M..1
354
9H
*
Preferred
854
*
Can Car A Foundry
*
——25
Preferred
Jan
9%
Lebel Oro Mines Ltd
1
14Hc
15c
300
10c
Oct
30C
Jan
2Kc
2c
2Hc
5,000
lHc
Oct
7 Ho
Jan
Canadian Oil
..1
4.90
4.75
5.00
700
3.95
Oct
8.50
Jan
*
Canadian Malartlc
1
C P R
—*
9
13
Oct
32
Jan
30
29 H
Oct
47
May
1,035
3H
Oct
21
33
454
1.00
11
110
8%
Jan
1.02
6.950
85c June
2.30
Feb
11H
300
10
Dec
8H
2,368
3
Oct
18H
17H
Mar
Jan
38%
135
30H
Oct
Jan
Canadian Wineries
*
354
7H
354
425
1H
Oct
3o
3c
3,200
lHc
Dec
8c
Jan
Cariboo Gold
1
1.70
1.68
1.70
550
1.30
Oct
80c
80c
1,000
80c
Dec
2,15
July
Castle Trethewey
1
60c
69c
2,150
46c
Oct
1.66
Jan
5.35
5.85
35,125
1,700
2.45
Oct
13H
Jan
Central Patricia
1
"2~40
2.37
2.45
8,005
1.85
Oct
5.25
Feb
Central Porcupine
Chemical Research
1
9Hc
9Hc 11 He
21,100
7Ho
Oct
43c
Jan
35c
Dec
1.44
Oct
1.47
Jan
Oct
95c
Feb
22%
Mar
CO 00
6
1
*
3c
5.00
Pamour Porcupine M Ltd *
Pandora Cad
1
3.45
Parkhlll Gd M Ltd
Pato Gold
9 He
3.35
3.45
39c
42c
8,100
14,833
42
4.05
Jan
20c
Oct
1.10
Mar
7Hc
Nov
42c
Feb
2.15 June
...25
2.20
2.20
250
1.70
Oct
3.80
Feb
1
2.00
1.90
2.10
1,300
1.25
Oct
6.50
Feb
Cockshutt Plow
*
Perron Gold Mines Ltd—.1
1.15
1.10
1.15
4,000
60c
Oct
2.51
Jan
Conlaurum Mines
*
5.40
5.40
225
4.30
Sept
9.10
Feb
Cons Bakeries
*
1
1
9c 10Hc
4.05
*
3.75
4.15
0,875
2.25
Oct
6.85
Feb
40c
Read-Authler Mine
Cons Chlbougamau.
Cons Smelters
40C
5,350
20c
Sept
2.00
Feb
Consumers Gas
Reward
1
0Hc
6c
6Hc
Nov
22c
Feb
1
3c
3c
3c
11,600
3,100
5c
Ritchie Gd Mines Ltd
2c
Oct
16c
Feb
36c
1.41
10
1
5
50 H
24Hc
23o
30c
23,750
23c
Dec
1.13
1.34
1.30
1.40
600
97o
Oct
4.00
Feb
Dark water Mines
1
Slscoe Gold Mines Ltd—
3.40
3.25
3.40
3,770
2.25
Nov
6.65
Jan
Davies Petroleum
*
8H
16
31c
40c
9
1.64
16
41c
5,600
430
1,480
87
38
15c
7H
Oct
1.00
May
15
20c
22,120
2,465
45
Nov
Oct
Mar
4
1.75
2.14
23
Jan
Jan
Jan
Feb
2.70
Feb
100H
Mar
200
56
192
Oct
211
Mar
20
20
220
19
Nov
27 H
Feb
10354 10354
"20"
Oct
196
20
100
Aug
105H
Feb
13c
14,400
Nov
2.95
55 H
57
Feb
Sherrltt-Gordon
9,675
40c
35c
*
1,600
46c
8H
1.51
..100
Preferred
35c
44c
"~45c
—100
Cosmos
4
35c
1
Chromium Mining
*
Commonwealth Petroleum*
1
7H
97c
10
Jan
Feb
454
20
33
20
Canadian Dredge
*
Canadian Ind Alcohol A__*
Jan
59
27Hc
2nd preferred
Lee Gold
Red Crest
2,347
4,100
9c
Apr
112
Jan
Eldorado Gold M Ltd
Pickle Crow Gold
36c 37Hc
21H
Mar
*
Pend-Orellle
Oct
*
*
65c
1
new..
360
*
47Hc
50
Normetal Mining
O'Brien Gold
191
41,974
Brit Col Power A
Dec
53
Mclntyre-Porcuplne
154
Oct
41c
B A Oil
Sept
2.40
"34c
Moffatt-Hall Mines
4H
160H
165
Feb
9o
East Malartlc Mines
Mines..
1,977
Aug
22o
Duparquet Mining Co
Macassa
7
79c
10,000
1
1
Aug
05c
51,850
1
1
100
Dec
10c
Consol Chlbougamau
Dome Mines Ltd
Lake Shore Mines
18
Sept
40c
Central Patricia Gold
Klrkland Lake Gold
96c
Oct
19c
9c
"*38c
Hudson Bay Mln <fe Smelt *
1
10
13
37Hc
32c
35c
Cartler-M alar tic G M Ltd 1
J-M Consol Gold
9,300
14
5
22c
10
Jan
1,500
1.35
550
29,750
125
554
50c
38 He
Klrkland Gold Rand
1.20
1054
15
1454
1015-4 104
*
100
Beatty Bros A
20c
1
Francoeur Gold M Ltd...*
Jan
296
245
2Hc
Beaufor Gold
Central Cadillac G M Ltd 1
1.85
296
245
2c
1
Feb
Bank of Nova Scotia—100
48c
*
Capltol-Rouyn Gold
Sept
Apr
Bankfleld Cons
20c
50c
Base Metals Mining
Bldgood-Klrk Gold
63c
Jan
490
241
Jan
Mines—
Alderrnac Copper Corp.—*
Alexandria Gold Mines...1
Nov
Apr
133
41
*
pref.—
Nov
1.80
2H
1.46
14HC
190
60
37H
73H
100H
Bralorne Mines
pflOO
Walkervllle Brewery Ltd.*
Walker-Good A Worts (H)*
24,815
Oct
56
Oct
Bobjo Mines
4H
67c
22
Dec
13X
104%
Sou Can Pow 6% cum
6,412
19
198
95%
Page-Herehey Tubes Ltd.*
Power 6% cum 1st pref-100
Quebec Tel A Pow A
*
21c
170
88
Mitchell (Robt) Co Ltd—*
138
59
58
197
100
13,200
55c
6
14
10Hc
Oct
18o
13 H
32 H
2%
10
Preferred
Sept
IX
3,700
100
105
43
McColl-F Oil 6% cm pf 100
Melchers Distilleries Ltd.*
2c
50
34c
710
55c
20
Massey-Harr 5% cu pf 100
4,000
254
29c
2 He
1
1
Bank of Montreal
Mackenzie Air Service—*
3c
2H
1
Arntfleld Gold
Feb
Jan
254c
33 He
*
•
..1
Argosy Gold Mines
Feb
High
Low
1
13
Oct
12 H
Fraser Cos Ltd
1 1937
Range Since Jan.
Shares
*
Oct
14%
30
4H
16 %
Ford Motor Co of Can A. *
Price
Salts
1
4%
16H
14H
585
14H
5
Falrchlld Aircraft Ltd
Inc.
WA. 3401-8
Street West, Toronto.
15 King
Jan
5
5%
16
16
5
Canadian Commodity Exchange,
New York Curb (.Associate
1.50
City Gas <fc Elec Corp
Claude Neon General Adv*
Frelman (A J) 6% cm
Stock Exchange
Jan
65
5
4H
Can Vlckera Ltd
Members Toronto
Feb
5
pf
100
Cndn P<fc P Inv5% cm
8%
1.15
Marconi Co—
©rrscl
STOCK BROKERS
High
Low
Shares
8%
Cndn General Invest
Canadian
Duncanson, White & Co.
Sales
Friday
18, 1937
Shawkey
Sladen Mai
Dlst Seagrams
*
90c
3,400
74c
Oct
2.50
Jan
48c
46o
53c
49,350
28c
Nov
2.90
Mar
1.00
99c
1.05
7.895
80o
Oct
2.25
Jan
Dome Mines
2.98
3.10
600
2.60
Oct
4.70
Feb
Dominion Bank..
90c
Stadacona-Rouyn
Sullivan Cons Mines Ltd. 1
Sylvanlte Gold
85o
52
5.15
5.25
645
4.50
Oct
6.10
Feb
38c
35c
42c
16c
Oct
2.15
Jan
42
53
8H
33,320
1,375
20
Oct
Jan
40
Aug
28H
94%
Mar
10H
Oct
200
66
Dec
54
4954
202 H 208
43 H
10,701
36
Oct
100
202 H
219
194
Nov
250
£
25
*
1854
Jan
18H
19
510
17
Oct
24
*
Mar
27
150
24
Oct
Aug
25
"14H
13 H
1454
2,847
10
14H
1554
66
*
Dominion Coal pref
Dom Foundry A Steel
1054c
27
15
..100
Preferred
5.25
Teck-Hughes Gold...
1
Thompson Cad
Towagmac Exploration.. 1
12c
66 H
51 A
Feb
Jan
51c
39c
Dec
1.95
Feb
Dom Steel Coal B_.
38c
45c
57,800
19c
Oct
73HC
Apr
Dominion Stores
*
5H
6
815
5H
Nov
43H
28%
12%
7.45
7.45
100
5.80
Oct
8.10
Jan
Dominion Tar
*
6H
7H
110
6H
Nov
18
Apr
Dorval Slscoe
Wood
98,480
1,000
1
19c 22 He
25,110
16c
Nov
1.22
Feb
*
14c
10c
Nov
45c
Feb
1
95c
95c
1.05
24,465
4 54
5
"2.20
454
2.18
2.35
27,276
50c
Cad
38c
Wright Hargreaves M Ltd*
20c
Oct
Mar
Mar
Oil—
2.67
3.00
1,600
1.25
Oct
Feb
East Crest Oil
37o
37c
100
26c
Jan
70c
Feb
Eastern 8teel
75c
75c
38c
Oct
3.60
Feb
East Malartlc
*
Commonwealth Pete
3.00
"75c
Calgary A Edmonton
*
Dalhousie Oil Co
Davies Petroleum..
*
Home on Co
*
Okalta Oils Ltd
*
Royallte Oil Co..
*
6.40
45c
"
1~54
1.85
49
45c
2,700
2,000
31c
Nov
50c
Dec
1.54
14,685
80c
Oct
4.10
Feb
Eldorado Mines
200
1.00
Oct
1.55
Sept
3,220
24c
Oct
59H
Mar
10H
Easy Washing
1.33
1.75
44
1.85
49
*
..1
25
Equitable Life
Fanny Farmer
554
5.20
Falconbrldge
Famous Players
voting—*
1 "21
11 to Dec.
Exchange
17, both inclusive, compiled from official sales lists
Last
Sale
Par
Price
Ford A
*
16H
*
20c
Federal-Klrkland-...
Friday
Stocks—
Firestone Petroleum...25c
11 He
19c
Foundation Pete
Toronto Stock
Dec.
Sales
Week's Ranoe
of Prices
High
Low
for
1
6%
*
preferred
100
Acme Gas & Oil
*
2.00
9c
2.15
18H
19
1.85
1954
955
9c
9H
2,582
2,740
6
7,950
100
148
5.00
5.20
18
18
20 H
2154
1,768
11 He 13 He
92,000
2,275
13
Francoeur
19c
500
1654
2,756
20c
22c
41c
Gatlneau Power
Lew
High
Preferred
50c
3,100
22,100
1,315
19c
16
12
600
4
1.50
5
4 75
Feb
Oct
24
Oct
2.05
Jan
Nov
9H
Feb
Oct
3.05
Apr
Dec
Oct
8
Aug
12.90 May
18
Dec
29
Apr
10H
Oct
25H
Aug
6Hc Sept
54c
Jan
Oct
26c
July
Oct
29%
Jan
16c
Dec
1.25
Feb
32c
Nov
1.58
Feb
Aug
16c
15
*
10H
10
10H
Oct
14
..100
7054
73
77
578
58
Oct
75%
Q
Q
30
8
Feb
18H
Dec
Apr
Oct
65c
May
General Steel Wares
Abltibl
5
14c
17
Ranoe Since Jan. 1 1937
Week
Shares
12 He
1.65
18
Nov
Oct
9o
Nov
15%
80
20c
Apr
*
Gillies Lake Gold
1
Apr
Mar
•
No par value.
13 He
13c
14c
13,900
7H
12c
Financial
Volume 145
3959
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
(Continued)
Par
Glenora..
*
Goidale Mines
1
Price
4Ho
47 He
18%c
25%c
Gold Eagle...
1
Goodfish Mining
1
*
Goodyear Tire
Granada
5c
47c
50c
49
Jan
Oct
68
Apr
Reno Gold
22c
Apr
Roche Long Lao
Oct
97%
Aug
Royal Bank
Oct
57
Jan
Royallte Oil
*
St Anthony
4,500
4c
Nov
630
Feb
55
6Hc
*
1
4H
100
3%
Oct
14%
1.39
1.19
Oct
2.40
11%
Dec
12
Dec
Shawkey Gold
1
24c
22c
30c
22c
Dec
1.10
Feb
200
5,725
42,450
7o
Nov
60c
Apr
95c
Nov
5
31%
31%
Oct
30
Harding Carpets
*
3%
3%
3H
140
3H
Oct
Hard Rock
1
1.12
95c
1.15
28.055
70c
Oct
Harker..1
11c
10 He
High wood Sarcee
*
Hinde A Dauohe——*
18c
42%
Apr
92c
92c
700
"l~35
1.30
1.41
13,413
90c
Oct
3.95
1.00
1.00
1.25
185
1.00
Dec
2.00
Oct
4
265
3%
Oct
4%
Sept
80
5
Jan
Slscoe Gold
Jan
Sladen Malartio
80
Oct
33c
Feb
10c
Oct
90c
Mar
Oct
22%
Jan
12c
15,200
18c
15%
16
5,000
^260
14
12 H
13
3,910
9 %
Oct
15%
80
405
Jan
16c
Home Oil Co..
*
1.55
1.33
1.55
Homestead Oil
1
28c
27c
28c
26o 28Hc
23,619
4,300
10,450
2c
Oct
87c
Jan
21c
Oct
72c
Jan
11
11
25
11
Nov
19
Mar
11
11
8
11
Nov
18
Mar
50
211
210
17%
18H
3.439
14H
Oct
13
13H
190
12
Oct
10
97
Nov
21,154
36 H
Nov
4,223
23 H
7
Dec
100
100
*
"44 H
42 H
International Pete
*
28%
28H
45%
29H
fe
*
7
7
7
85c
1
85c
80c
Mines...........1
18c
14c 20 He
1
97c
94c
18c
170 18HC
13%
13%
13%
105% 106
1.60
1.84
1
Kirk Hud Bay
1
Nov
195
17%
13
International Nickel
Kerr Addison
1.29
5c
6c
1,500
50c
60c
760
20c
500
90c
Slave Lake
1
11c
Southend Petroleum
*
*
5c
60c
10 He
90c
Spooner Oils
49c
1.02
25
1,400
21,365
58,890
4,500
Oct
240
24%
15%
105
73%
39%
21%
46 He
53c
*
64 H
65%
55%
57
15
17
13
13
*
"15"
*
Oct
40% c
Oct
3.25
Jan
2.90
3.05
2.50
Oct
4.80
Feb
Mar
Tamblyns......—•
10 %
10%
14%
10
10%
Dec
16%
Jan
Mar
Tashota
1
3Hc
3%c
4c
15,200
30
Oct
28%c
Feb
4.25
Oct
6.00
...
.
_
.
.
65c
Oct
3.25
Feb
Dec
53c
Mar
..
......
Teck Hughes..
14c
Texas Canadian
...»
*
*
Preferred...........100
5.30
1.30
1.34
1.35
8,395
5,150
11%
33
10
Feb
16
Aug
10
106
Nov
110
June
10
2.15
Feb
59c
Feb
11%
104%
Oct
39
Feb
2.15
2.10
2.20
80
Nov
108
Mar
Toronto General TrustslOO
84 H
29
3.30
Apr
Towagmac
Exploration..1
45c
84 H
45c
85%
Oct
51c
10,400
34%o
Nov
2.00
Treadwell-Yukon
25c
25c
800
20c
Nov
2.60
Feb
...—1
1.00
90c
1.03
50o June
1.10
Aug
11%
Oct
295
13,681
1,900
75c
Oct
2.65
Feb
1.29
28,370
90c
Feb
1.70
Tip Top Tailors
Toburn Gold
107
107
1
10 H
420
4c
4,250
15,150
10
65
■*
84c
6,325
28,933
22,150
4.75 T 5.15
8.890
% 92c
Ir
78c
* I '5.10
* '23%
23
19c
Oct
70c
2%
Oct
11%
*
4H
4%
Jan
Ventures .... ........... *
6.00
5.55
6.00
5,397
3.30
Oct
Jan
Vulcan Oils
1
1.31
1.15
1.31
2,450
90c
Sept
2.25 June
1.44
1.41
1.55
1.00
Oct
4.65
Feb
40 H
18 H
40%
18 H
31
Oct
52%
July
18%
7,533
1,083
1,293
16%
Oct
20
22o
12,000
18o
Dec
22o
Dec
7,400
25o
Oct
Aug
9%
Nov
36% c
18%
Oct
58
77
Aug
1.30
July
Oct
30c
Jan
1.35
Jan
68c June
10c
United Steel
Jan
Walte Amulet..
—
*
Walkers
*
Preferred
35c
Oct
4.00
Oct
8.40
Jan
Wendlgo
22
Oct
25
Feb
Westflank OH
1
Gold
150
19 H
Oct
23%
Aug
26i
1,600
lie
Sept
90o
Feb
Macassa^Mines
1
4.85
4.70
18c
»
"40
5.00
1.35
1.20
38c
7,305
36,503
28.350
3.70
Oct
8.60
Jan
80c
Oct
4.85
Dec
10c
Oct
10%
11
75
79
95
Dec
106%
Jan
Mar
6
6
6
5o
Oct
28c
Mar
White Eagle
*
1%
1%
1,000
11,500
l%c
Dec
6c
Jan
4%c
4%c
600
3e
Oct
17c
Feb
.
...
1.20
Mar
1
*
Wiltsey-Coghlan
Winnipeg Electric A
34c
23o
25c
16,900
2c
2c
2ho
14,000
Maple Leaf Gardens preflO
6%
2%
6H
6H
2H
110
2H
150
1
Oct
11
Jan
4%
100
3
Nov
12%
Jan
Wood (Alex) pref—
Wood Cadillac
100
4%
1
38c
Oct
36c
Mar
Wright Hargreaves
*
7.45
Oct
16%
Mar
Ymlr Yankee Girl...
*
Oct
74
Mar
York Knitting
*
Maralgo
Mines
6H
6H
*
Preferred
McColl Frontenac
6%
100
Massey Harris
i
""Wo
...
10Hc 11 Ho
42 H
11
42
89
39
37%
39
*
100
"■
Preferred
1,220
75
Jan
34c
10 H
75
1
_
Preferred...
35c
*
Jan
*
100
Westons
25o
Preferred
40
35
*
Maple Leaf Milling
41
Whitewater
21%
—
Jan
Feb
28c
21c
East
19
1.33
27
21%
McDougall-Segur
13%
Oct
26c
1
12o
705
13
Nov
Nov
k31 H
Madsen Red*Lake
22c
20,400
1,195
5,500
Feb
3c
390
I 24
Jan
Feb
110
33c
10
•
Manitoba A
4.65
Oct
Nov
77
Mar
9.10 May
*
1.35
1.79
1,100
4%
Lowery Petroleum
1
107
Apr
13o 11 15c
Jan
Oct
10
MacLeod Cockshutt
2.35
Oct
Dec
3 Ho
41c
A
1.00
17o
1.10
86c
Jan
5.10
5.20
60c
1.20
65
Jan
Feb
1.40
46c
Oct
3.00
22c
B
Feb
Feb
Sylvanlte Gold-..——1
Feb
2.80
13H
Loblaw
17
Oct
.*
80c
Dec
15%c
9c
Union Gas——.———*
1
13
Oct
80c
United Oils
Gold
Oot
1.75
Jan
Leitch
Mar
9 Ho
670
Feb
Little Long Lac....
Feb
88
40
18,900
2,610
5,825
1.10
92c
Apr
2,000
59%
13 He
2.85
96
Oct
15c
Oct
'
Nov
1.08
Oct
'm
Feb
28
52 %
55
3.00
25o
1
1
660
13c
45%
Gold
Dec
1.00
8,303
Oro
Feb
20c
14c
3,800
Lebel
Aug
2.00
1.00
56c
Lava Cap
19o
Oct
"~3"00
51 *
*
5c
1
32c
Laura Secord
Jan
Feb
*
1
Sudbury Basin
48%
42c
2.49
2.50
Sullivan Cons
Mar
"
51
~~3~Hc
Jan
Oct
Dec
Dec
Sudbury Contact
May
Mar
1
*
6.65
Nov
40c
10
Preferred——25
Straw Lake Gold
1
1
Feb
74c
830
Lake Shore
Lake Sulphite
110
10he
40,000
65H
Stadacona
Steel of Canada
Laguna'JGold
Lamaque Contact
3.40
20o
Southwest Petroleum
Uchl Gold
Lapa Cadillac
Dec
2.40
9,933
16,300
17,600
3.40
1
...
78
6.90
1.05
1.82
""
Kirkland^Lake
84c 92 He
14c
3.25
1
....
Stuart Oil pref..
106
80
Feb
Jan
Oct
3H
*
100
.
Simpsons pref
3.44
7
Jan
1
50c
Sliver woods
Silverwoods pref -
m
"
..*
Sherritt Gordon
*
Jan
Apr
4H
1.30
Sheep Creek
100
32c
12o June
16,000
l"§5
Ap
Kelvlnator
Mar
14c
*
Jan
^Preferred
60
24
2,356
13c
1
Feb
1
Oct
50
13c
San Antonio
18c
Cons
44
"56"
Jan
Feb
St Lawrence Corp....
1.25
M Consolidated
Mar
1.35
48% c
Jan
18%
J
227
Aug
Oot
Jelllcoe
Oct
Dec
18c
5H
B
Nov
7c
53%
55c June
Jacola
57c
164%
Oct
1,390
Intl Utilities A
11c
186
Nov
6.900
211
62c
10c
184
4Ho
1,100
Imperial Bank........100
Imperial OU-—
Imperial Tobacoo
5
Intl Milling pref
100
60c
10 He
4Hc
80c
"ir
Feb
23 %
6H
*
Feb
1.78
92
7Hc
1
Feb
1.95
Nov
2,000
76c
B
6.85
Sept
12c
12,217
5H
Howey Gold
Oct
20c
11%
11%
7%o
Hunts A
2.25
5Hc
6
13
15,915
3,000
35,600
5,350
17,900
6Hc
""76c
5
22c
31H
5Hc
1
Holllnger Cons..
45c
19c
v
Nov
*
Hamilton Cottons pref--30
4.15
44c
Feb
57o
High
Low
Shares
48
3.75
4.05
"tic
1
1
fc
Price
1
12
72H
52 H
1937
Wee
100
20
75
Gunnar
Gold
Range Since Jan. 1
for
of Prices
Low
High
*
Red Lake G Shore
Grul 1 Wiksne Mln
Gypsum Lime A Alab
Sales
West's Range
1
Red Crest Gold
July
5o
11%
Read Authler
7 HO
30
*
Jan
Jan
22
6c
*
Lakes.Preferred.
30c
1.02
27,900
*
(B) Greening Wire Co
July
10c
8H0
55
6c
Par
40c June
Oct
15
3Hc
16Hc 18Hc
25c 28%c
75
1
Mines
Stocks (Concluded)
High
Low
Shares
3,700
9,950
7,900
17.500
1
Ml nee
Grandoro
Great
9 Ho
50
Preferred
Graham Bousquet
Jan. 1 1937
Weet
1
God's Lake Mine
for
of Prices
Low
High
Last
Sale
Range Since
Wert's Range
Sale
Exchange
Friday
Sales
Last
Stock*
Toronto Stock
Exchange
Friday
2o June
8c
5,910
2,350
JaD
2H
4H
32
44
402
10%
11
921
8H
June
88%
89
33
86 H
Oct
44c June
16c
5%
14%
101
Feb
Nov
2
Dec
10
Jan
u
50
2
Nov
10
Jan
11%
11%
10
10
Oct
44
Jan
65
65
35
53
Jan
95
Aug
5
ig
B
100
Preferred
32,400
11,925
1,100
20c
Oct
77c
5.80
Oct
8.10
24c
18c
Oct
62o
Feb
4%
38c
25
4%
Dec
6%
Nov
45c
7.30
7.50
24c
4%
Feb
Jan
Mar
Mar
!
J&n
Oct
42%
McKenxic'Red Lake
1
1.03
1.04
45,700
85o
Oct
2.03
Jan
McVlttle-Graham
1
15c
14c 15Hc
7,100
12c
Oct
570
Feb
McWatters Gold-.....--*
34c
32c
7,000
240
Oct
1.18
Jan
Sept
39c
Feb
5.00
Feb
McIntyre^Mlnee
Meriand
8c
4,800
6c
1.71 T1.90
10,337
1.25
Oct
3c
3 He
7.000
3c
Dec
40c
i| 420
2,650
32c
Oct
21c
5,900
17%c
2.22
49,950
95o
8c
1.71
3 He
41c
"2"20
2.05
31
31H
191
25
Oct
120
144 H 146
17c
23c 117,300
140
Oct
1
25c
Oils
Moneta Porcupine
*
Moore Corp....
A
1
*
31H
100
20o]f
1
""20c
1
2 He
2Ho
2%c
40
Klrkland
Murphy Mines
Sri
34c
40
40
5,800
8H
National/Trust
*
..100
"205"
Nlplssing
5
I 2.00
*
*
162 H
Mines...
Normetal
1
3Hc
r80c
1
Norgold Mines
Nordon Oil......
i: i4c
North Star OH pref..
205
50
56c
July
1.98
45%
190
Apr
Aug
June
15c
Oct
88c
July
10c
Feb
Oct
42%
Feb
11
Apr
35
6
Oct
20
12
Dec
205
2
200
Oct
8H
1,025
21%
212
Feb
Feb
23c
27c
8,900
20o
Oct
1.05
Feb
25c
26c
8,700
25c
Dec
1.49
1.99
48
2.03
1,350
1.65
Sept
3.60
52 H
84c
3,533
6,376
36 %
65c
3c
14c
Oct
83
Nov
2.23
16%c
Feb
2Ho
Oct
8,200
4,600
14c
Sept
49c
Oct
95o
5 I 3%
3%
3%
10
3H
Aug
4H
2.50
Oct
13.25
Jan
65c
Oct
Oct
4.10
Feb
30c
5.90
1.55
1.90
OlgaOll&fGas
3Hc
3Hc
4c
Omega Gold
•
1
63,555
34,540
3,900
38c
37c
40c
.11,725
Ontario Steel....
*
9
9
Orange Crush
Preferred
*
Oro Plata
*
1.50
10
5H
5H
5
1.05
1.10
10.728
1.50
*
1.08
lc
Oct
Beauharnols Pr Corp 5s '73
Jan
Bell Tell Co of Can 5s.
3.50
Apr
Burns & Co 5s
10
Jan
11 He 13%c
91
3.30
3.50
2.20
Mar
80
Nov
43 he
Feb
Canadian Inter Pap 6s '49
95
Oct
81
118
94
Jan
Cedar Rapids m a p 5s
5%
15c
5H
300
18c
Oct
35
July
9 Ho
11c
13,000
11,940
2H
15c
Oct
15c
9Hc
7Ho
Nov
40
Feb
Partanen-Malartlc
1
7Hc
7Ho
8c
7.400
5c
Oct
41c
Apr
21,800
38,327
12,425
8c
Oct
46c
Jan
—
Paymaster Cons...
Perron Gold
1
18c
14c
19c
1
54c
47c
54c
1
1.14
1.12
1.17
33c
Oct
1.38
Jan
50 Ho
Oct
2.50
Jan
Pet-Cob Mines....
1
lHc
1,000
lc
Dec
3%c
Jan
1
lHc
f6.35
lHc
Pickle Crow
5.25
5.35
5,740
4.10
Oct
9.20
Feb
Pioneer Gold
1
3.10
2.85
3.10
2.35
Oct
6.85
Feb
76c June
2.20
Feb
15c
Oct
29e
July
1.50
Oct
Powell Rouyn
Prairie Royalties
Premier
1.65
1
25c W 40c
35Hc
40c
6,110
15,150
7,000
2.00
1.87
2.00
4,785
1
Preston E Dome
*
1
Prospector* Airways
*
Pressed Metals
1.60
1.65
Nov
Maple Leaf Milling—
2%a to '38—5%s to '49
Massey-Harrls Co 5s..1947
McColl Frontenac Oil 6s *49
Minn a Ont Paper 68-1945
Montreal Island Pr 6%s '67
Montreal l h a p (j50
*
mmm
94%
•>
95%
101
1
9%
64
113%
108
1949
1
4.00
Bid
Canadian Lt a Pow 5s
'53
/43
1961
6%s-1945
Donnaconna Paper Co—
4s
1956
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
Eraser Co 6s—Jan 1 1950
Gatlneau Power fie... 1956
Gt Lakes Pap Co 1st 5s '65
Int Pr a Pap of Nfld 5s '68
Lake St John Pr A Pap Co
Dom Gas a elee
Jan
5%s
1961
Feb
6s
1951
265
17%
1.03
1.12
46,105
50c
Oct
1.47
75c
1,400
75c
Dee
2.00
Aug
75%
Power Corp of Can
5s
74%
60
75%
95%
53
98%
103% 103%
92%
91%
101%
mmmm
20
20
20
-
■
-
»'.n
■iwsiii
11
\——
tNopar value.
/ Flat »rioe.
99% 100%
102%
102
1957
6%s '47
Saguenay Power 4%s a '66
4%a ser b
-1966
Shawl nigan w a p 4%s *67
Smith h Pa Mills 4%s '51
United Grain Grow"5s.l948
United Secure Ltd 5%i '62
96%
66
»
105% 106
5%s'70
4%s '59
Dec 1
Provincial Pap Ltd
Winnipeg Elec
95%
50
50%
100% 101
94
95%
100% 100%
Montreal Tramway 5s 1941
Ottawa Valley Pow
76%
42
96" 96%
103% 104%
33
33%
102
1939
1956
1973
value) 3s
3%s
3%s
Jaa
75c
44
/50
5%s ex-stock
4.50
75c
112%
Consol Pap Corp 5%s 1961
36
1.06
par
95
Nominal.
ASM
102 % 103%
72
MacLaren-Que Pr 5%s '61
Manitoba Power 5% s. 1951
103% 103%
Canadian Vlckers Co 6e '47
Parkhill
1.90 June
1953
*»
Jan
Mar
Payore Gold
22,825
58
Bonds
Friday, Dec. 17
68
63%
113
July
21,500
10
91
1955
1968
85c
Pantepec Oil
Paulore Gold
1946
Alberta Pac Grain 6s.
Jan
*
*
1
"3*56
m'
57%
65
Calgary Power Co 58—1960
Canada Bread 6s
1941
Oct
4
HAnover 2-6363
11
Asl
J67
Jan
Dec
1.50
Bid
Abltlbi f a Pap ctfs 5e '53
12c
18
•
NY 1-208
"
Closing bid and asked quotations,
1.28
Dec
9
'I-
industrial and Public Utility
Canada North Pow 5s.
13 He
PacaltafOIls
6
New York
—i"
Apr
Feb
5.30
•
Dell System Tele.
.m
Feb
60c
1.89
Corporation
Jan
5,500
15c
'63c
•
New York, Montreal and Toronto
July
3 He
ft
5.65
Porcupine...
Municipal
•
Royal Securities Corporation
30 Broad Street
Feb
*
Pamour
Government
Jan
1
Page Hersey
CANADIAN SECURITIES
Feb
2HC
12
Okalta Oils
Gold
Feb
Nov
63c:64Hc
.._*
North Canada
1.15
80c
New Golden Rose
Noranda
7H
12
1 t24Hc
1 jg 26c
Naybob Gold
See Page 3956
Private wire connection between
National Grocers
National Sewerplpe
Exchange—Curb Section
Toronto Stock
33Ho May
June
r-ra
National Brew
O'Brien
30
*
Model Oils
Morris
2,650
*
Gold
Monarch
90o
...»
OIL.
Corp
Mining
Mlnto
5
...
100
100
...
*»<*«•
100%
100%
103% 103%
103
73%
...
74%
65
73
6s.Oet 2 '54
t
em mm
Financial
3960
Quotations
New York
Bid
a3s
1 1977
Jan
a3%s July
o3%s May
03%s Nov
a3%s Mar
o3%» Jan
o3%s July
96%
on
101%
103% 104%
103% 105
102% 103%
101% 102%
1 1954
1 1954
1 1960
15 1976
105
1 1975
103
a4s
May
1 1957
a4s
Nov
1 1958.......
107% 108%
107% 109%
a4s
May
1 1977
107% 109%
107% 109
a4a
Oct
1 1980
108
109
111%
1 1959
May
a4s
1 I960
110
1 1962
110% 111%
1 1964
04%s Sept.
04%s Mar
o4%s Mar
New York Bank Stocks
City Bonds
97%
Bid
a4%s
04%s
04%s
a4%s
a4%s
04%s
04%s
04%s
a4%s
a4%s
04%s
o4%s
o4%s
a4%s
1937
18.
Qver-the-Counter Securities—Friday Dec. 17
Ask
100
1 1975.
Dec.
Chronicle
1 1966
Apr
Apr 15 1972,
1 1974.
June
Feb
110% 112
111
112%
111% 112%
111% 113
15 1976.
Jan
I 1977.
111% 113%
112
Nov 15 1978.
1 1981.
Mar
1 1957.
May
1 1957.
Nov
1 1963.
Mar
1 1965.
June
1 1967.
July
Dec 15 1971.
1 1979.
Dec
Par
As*
113%
113
114
113
114%
113% 114%
Bank of Manhattan Co. 10
Bid
20%
53
63
£95
125
13.55
12%
City (National)
National.. 100
100
Fifth Avenue
30%
26%
130
780
First National of N Y—100 1760
35
100
Flatbush National
Bid
65
115%
114% 115%
116%
115
32%
10
10
60
54
65
830
Public National
25
28%
29%
1800
Sterling Nat Bank A Tr.25
Trade Bank.
12%
45
Bid
26
28
18
22
Companies
Par
Ast
100
106
Fulton
365
Guaranty
45
47
7
100
Brooklyn
New York State Bonds
83
Bid
225
217
222
100
10
10%
.100 1660
Kings County
3a
Bid
62.80 lees
-
35
20
35
37
20
46
48
90%
1981
1
93%
5s Jan & Mar 1964 to '71
4%s April 1940 to 1949.
62.10
43
58
13
16
New York
11%
Title Guarantee A Tr. ..20
6
Cora Exch Bk A Tr
20
49%
Underwriters
100
74
Empire
10
21%
12%
50%
22%
United States
100 1445
—
Improvement—
4s Mar A Sept 1958 to'67
62.90
88
53
Clinton Trust
Colonial Trust
World War Bonus—
Hlghway
Canal A Highway—
85
£41
50
25
Continental Bank A Tr.10
Ask
123
Highway Imp 4%s Sept '63
131
Canal Imp 4s J&J '60 to '67
131
Barge C T 4s Jan '42 A '46
110%
Barge C T 4%s Jan 1 1945.
113%
-
Manufacturers
,
Preferred
-.25
7
84
1495
__
123
Canal Imp 4%s Jan 1964..
Can A High Imp 4%s 1965
11%
1700
30
25
Lawyers
20
Central Hanover
Ask
Ask.
100 £205
Irving..
9
78
.
Chemical Bank A Trust. 10
3811974
12
Penn Exchange
Peoples National
27%
New York Trust
115% 117
117
118%
Bankers.
1
m
m
136
355
62.70 less
m
114
110% 111%
Bid
Ask
115
100 £100
45
40
National Bronx Bank...50
13%
15%
National Safety Bank. 12%
Merchants Bank
Bank of Yorktown__66 2-3
Commercial
National—100
Klngsboro
Bensonhurst National...50
Chase
Par
A St
22%
128
---
...
---
Chicago & San Francisco Banks
Par
Bid
Port of New York
Authority Bonds
Ask
Gen A ref 4s Mar 11975
107 %
Gen & ref 2d ser
103% 104
100% 101%
Gen A ret 3d
ser
Bid
Holland Tunnel
Port of New York—
3%s '66
3%s '76
Gen A ret 4th ser 3s 1976
Gen A ret 3%s
1977
George Washington Bridge
4%s ser B 1940-53.M N
108%
96
97
97%
98%
4%s
ser
1938-1941
1942-1960
...MAS
4%s
ser
Atk
A
Trust.. .33 1-3
82
199
205
.
—
Bk of Amer
111
Par
1938-1941
MAS 60.75 to
MAS
Aetna Cas A Surety
110% 112
Bid
Bid
101%
Honolulu 58
4% b oct'Ymi:::::::
4%8 July 1952
101
103
U S Panama 3s June 1 1961
101
103
Apr
1965
100
102
4%s July
1958
5s
Feb
1962
105
108
5s
1948
6%s Aug
1941
108% 110%
Ask
Govt of Puerto Rico—
5e
4%® Oct 1956..
.
113
116
63.50
115
24%
Importers A Exporters...5
Ins Co of North Amer—10
53%
Knickerbocker
10
25
61%
65
10
17
18%
5
25
3.00
26%
Lincoln Fire
5
2%
10
11%
Maryland Casualty
1
Mass Bonding A Ins.. 12%
3%
37%
41
37
41
Re-Insurance. 10
10
American Surety
25
Automobile
10
110%
110%
—2%
26
Bankers A Shippers
Boston
Camden Fire..
100
6
Carolina
..10
...
Continental Casualty
Eagle Fire
5
2%
Employers Re-Insurance 10
Federal Land Bank Bonds
Excess...
5
A st
Bid
1017i6 101"x«
48 1958 opt 1938
38 1956 opt 1946....MAN
IOUII 101»xa
4%S 1958 opt 1938..MAN
3%S 1955 opt 1945..MAN
Ask
102% 103%
4a 1946 opt 1944
JAJ
MAN
29
30%
Meroh Fire Assur com
19%
36%
23%
21
Merch A Mfrs Fire New'kO
8%
38%
25%
Merchants (Providence)..5
National Casualty ..... 10
4
6
14
16
110
110%
101% 101%
103
103%
5
70%
522
15%
18%
6
73%
5
10
New Brunswick
10
New Hampshire Fire
10
20
17%
19
24%
25%
4%
41%
39%
5%
New Jersey
6%
10
30
33
95
100
Fire Assn of Phila.
10
51
Fireman's Fd of San Fran25
69
Firemen's of Newark
8
5
2
New York Fire—
12.50
2.50
Northern
North River
Northwestern
National.25
25
Pacific Fire
10
Phoenix
Preferred Accident
52%
....5
5
Providence-Washington 10
.
9%
Reinsurance Corp (N
Republic (Texas)
28%
Revere (Paul) Fire
Rhode Island.
24%
9%
50%
52%
6%
7%
104
107%
9
24%
39%
36%
14
73%
24%
10%
25%
38%
IV*
26%
115% 120
94%
72%
13%
25%
y*
74%
27%
71
26
26%
Franklin Fire
2
17%
20
23%
23%
3%
National Liberty
....2
National Union Fire
20
New Amsterdam Cas
532
Fidelity A Depof Md...20
Federal
Bid
8%
55%
11%
3%
4%
9%
National Fire
3.50
2%
15
&%
City of New York
10
Connecticut Gen Life...10
1017u 101»x«
-5
7%
ASI
...10
117
108% 111
38 1955 opt 1945......JAJ
3s 1956 opt 1946
JAJ
10
Newark...2%
108
Conversion 3s 1947
1%
13%
23
Baltimore Amer
U S conversion 3s 1946
Bid
10
109
d3.70
10
41%
American Reserve
100
Home Fire Security
Homestead Fire
86%
39%
American
Ask
Par
Ask
82%
10
American of
United States Insular Bonds
Hawaii
45
.10
Agricultural
July
43
Aetna
American Equitable
1(148
NTASA..12%
Aetna Life
1.25%
106% 108
American Home
4n
520
Insurance Companies
112%
American Alliance
Philippine Government—
290
490
SAN FRANCISCO
86
100
First National
1.50%
D
1942-1960
Bid
Ask
265
Northern Trust Co
E
MAS 60.50 to
Inland Terminal
195
Continental Illinois Nail
Bank
Bid
165
Bid
100
100
Harris Trust A Savings.
....100
A Trust
Par
Ast
American National Bank
Y).2
.10
10
—.5
6
21%
19%
5
7
23
20%
7
20
22
Ross la
5
4
19
21
178
188
35
37
St Paul Fire A Marine. ..25
Seaboard Fire A Marine..5
12
13%
Globe A Rutgers Fire... 15
2d preferred..
15
Great American
5
27%
32
Great Amer Indemnity... 1
8%
21%
Joint Stock Land Bank Bonds
Bid
A st
Bid
Atlanta 3s
99
100
Louisville 5s
Atlantic 3s
99
100
A st
Maryland-Virginia 5s
Mississippi-Tennessee 5s..
Burlington 6s
California 5s
/50
56
100
Chicago 5s
102
/5%
Dallas 5s
100
6%
102
100
97%
North Carolina 5s
99
Ohio-Pennsylvania 6s
Oregon-Washington 5s
97%
96
98
First Carollnas 5s
89
91
100
102
Pacific Coast of Portland 5s
Pao Coast of Los Ang 5s„.
First of Fort Wayne 4%s_.
First of Montgomery 5a
Halifax
New York 5s
Denver 5s
102
99
J 50
76%
19%
20%
9%
Hanover
10
26
Hartford Fire
10
Seaboard Surety..
10
Security New Haven
10
Springfield Fire A Mar..25
Stuyvesant.
5
10
4
22
29
101% 104%
5%
6%
100
440
490
23
Travelers
100 £393
403
60%
27%
62%
U S Fidelity A Guar
U S Fire
56
58
U 8 Guarantee
25
26%
Westchester Fire
...5
8
27
Sun Life Assurance
Hartford Steamboller.._10
60
99
...10
73
...
Home..
99"
100%
,
5
Gibraltar Fire A Marine. 10
Co. .2
13%
14%
4
10
46%
£39%
2.50
27%
48%
41%
29%
101
94
96
Pac Coast of Salt Lake 5s_.
ioo"
First of New Orleans 5s
98
100
Pao Coast of San Fran 5s..
100
First Texas of Houston 5s.
First Trust of Chicago 4 %s
97%
Pennsylvania 5s..
100
101
Phoenix 5s
107
109
Potomac 5s.
100
101
St Louis 5s
/24
27
Fletcher
3%s
99
99
101
100% 102%
Fremont 6s
mm
m
Surety Guaranteed Mortgage Bonds and Debentures
Bid
Allied Mtge Cos Inc—
All series 2-5s
1953
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-6s *53
54
75
Greenbrier 5a
100
102
San Antonio 5s
100
102
Greensboro 3s
Illinois Midwest 5s..
Ill of Montlcello 4%s
Iowa of Sioux City 4%s...
100
102
78
83
Southwest 5s...
Southern Minnesota 5s
72
80
/14
16
93"
96"
Associated Mtge Cos Inc—
Debenture 3-6s
1953
99%
Kentucky 5s
100
Cont'l Inv Bd Corp 2-5s '53
Contl Inv DebCorp 3-6s'53
Tennessee 5s
La Fayette 5s..
99% 101
Lincoln 5s___
65
Union of Detroit
98"
4%s
99
Virginia-Carolina 3s
Virginian 3s
101
Bid
Ast
82
65
...
44
46
~
-
2-3s
.....1945
Inc 2-58
Joint Stock Land Bank Stocks
Bid
60
60
Atlantic
100
38
Dallas
100
73
Denver
A St
1953
Par
Bid
New York
ioo
11
42
North Carolina..
100
43
76
Pennsylvania
100
(Central
......1953
Funding
72
Potomac Cons Deb Corp—
1953
3-6s
1953
3-6s
47%
32
43%
43%
46%
46%
43%
46%
...
Potomac
84
...
Nat Bondholders part ctfs
100
(all
Corp
Potomac Franklin Deb Co
Mortgage Bond Co of Md
Par
Bond
Issues) 2-5s
-
...
Empire Properties Cora—
Interstate Deb Corp 2-5s'55
Atlanta
72
—
Potomac
44
53%
1954
Series B 2-5a
76
77
1954
Series A 3-6s
Potomac Deb Corp 3-6s '53
75
Ask
Nat Union Mtge Corp—
series)
/26
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-6S.1953
29
72
Maryland Deben¬
ture Corp 3-6s
1953
Potomac
Realty Atlantic
Deb Corp 3-68
1953
Realty Bond A Mortgage
71
43%
24
Ask
14
100
10
15
Potomac
100
65
50
60
San Antonio
100
37
3
6
Virginia
5
1
Fremont
100
1
3
Virginia-Carolina...... 100
Lincoln
1
3
32
65
100
44
Unified Deben Corp 5s 1955
41
100
46%
75
.......100
First Carollnas
43%
1953
deb 3-6s
....
Des Moines
Telephone and Telegraph Stocks
1%
Par
Am DIst Teleg (N J) com."
Preferred
100
Bell Telep of Canada... 100
Bell Telep of Pa pref—100
Federal Intermediate Credit Bank Debentures
Cuban Telep 7% pref--100
Bid
Par
Ast
89
93
113
Bid
Ask
115
New York Mutual Tel. 100
20
164% 167%
Pac A Atl
14
114
Peninsular Telep com
41
117
—
Telegraph
Preferred A__
Rochester
25
♦
21%
100
107
25
18
25%
110%
Telephone—
Emp A Bay State Tel.. 100
Bid
F I C
l%s—Dec 15 1937 6 .25%
15 1938 6 .30%
1%8—Feb 15 1938 6.35%
I C l%s
Mar 15 1938 6.40%
I C l%s
Apr 15 1938 6.45%
F I C
l%s—Jan
Ask
Bid
F I C
F I C
F I C
F
F I C
53%
58%
Franklin Telegraph
100
Gen Telep Allied Corp—
33
38
100
109
88
91
25
Sou New Engl Telep--.100
17
145
147%
83
9'western Bell Tel pref. 100
119
122
Wisconsin Telep 7% pf.100
116
118%
$6 preferred..
F I C
F
Ask
l%s—May 16 1938 6.45%
l%s.__June 15 1938 6.50%
l%s—July 15 1938 6.55%
l%s...Aug 15 1938 6.60%
*
Int Ocean Telegraph... 100
78
Mtn States Tel A Tel..100
122
For footnotes see page 3962.
125%
$6.50 1st pref
So A Atl Telegraph
-
-
—
21
Volume
145
Financial
Quotations
on
Chronicle
3961
Over-the-Counter Securities—Friday Dec. 17—Continued
RAILROAD BONDS
Guaranteed Railroad Stocks
BOUGHT
SOLD
.
Earning* and Special Studies
3oscpb Walkers Sons
Mjtmbm New York Sloth
Exchange
Dealer* in
120 Broadway
john
Tel. REctor
41 Broad St., N. Y.
2-6600
STOCKS
Bulletin
e. sloane & co.
Members New York Security Dealers Association
GUARANTEED
NEW YORK
,
Monthly
Request
on
.
QUOTED
.
HAnover 2-2455
-
-
Bell Syst. Teletype
NY 1-624
Since 1855^
Railroad Bonds
Guaranteed Railroad Stocks
Bid
(Guarantor In Parenthesis)
Asked
6.00
63
10.50
120
•■■■'mm
100
6.00
60
2.00
30
,100
8.75
95
70
86
Canada Southern (New York Central)
—100
Carolina Clinchfield A Ohio (L A N-A C L) 4%_. ..100
Common 5% stamped
,100
2.85
43
46
4.00
80
83
5.00
A
Betterment
Delaware
81
5.00
90
95
3.50
Cleve Clnn Chicago A St Louis pref
Cleveland
78
82
47
60
43
(N Y Central) ..100
50
(Pennsylvania)...
50
Pittsburgh
2.00
.
stock
25
(Pennsylvania)
Fort Wayne A Jackson pref (N Y Central)
Georgia RR A Banking (L A N-A CL)
85
40
2.00
100
5.50
57
63
...100
10.00
168
175
Lackawanna RR of N J (Del Lack A Western)... ..100
100
Michigan Central (New York Central)
4.00
45
49
50.00
900
1050
37
40
,
Morris A Essex (Del Lack A
50
Western)
New York Lackawanna A Western (D L A
Northern Central (Pennsylvania)
Northern RR of N J (Erie).
W)
3.875
100
5.00
Oswego A Syracuse (Del Lack A Western)
-,,,.60
Pittsburgh Bessemer A Lake Erie (U S Steel)
62
91
94
4.00
—
57
4.00
,
40
45
45
4.50
50
V,
50
1.50
50
3.00
75
80
Pittsburgh Fort Wayne A Chicago (Pennsylvania) ..100
7.00
163
168
100
7.00
172
176
,100
6.82
72
77
Preferred
.
Preferred
Rensselaer A Saratoga (Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)
Second
100
38
42
138
6.00
preferred
3.00
Tunnel RR St Louis (Terminal RR)
,,100
United New Jersey RR A Canal (Pennsylvania).. -.100
Utica Chenango A
1939
62
64
Birmingham Terminal 1st 4s
mm
98
8.50
(New Haven)
86
Baltimore A Ohio 4Ms—
68
72
6.00
137
10.00
232
237
6.00
57
63
.1.00
Susquehanna (DLAW)
Valley (Delaware Lackawanna A Western)
100
Vicksburg Shreveport A Pacific (Illinois Central). ..100
.
5.00
Preferred
70
5.00
—
54
59
5.00
60
65
Warren RR of N J (Del Lack A Western)
—50
3.50
30
34
West Jersey A Seashore (Pennsylvania)
—.50
3.00
58
50
1957
94
98
April 1, 1943
94
96
1950
42
48
.1942
48
56
^...........1944
Prior lien 4s...
Prior lien 4Ms
33
...100
Boston A Providence
82
65
50
Central)
Albany (New York Central)
48
1953
1945
53
60
Boston A Albany 1st 4Ms
Boston & Maine 3s
67
,100
Beech Creek (New York
Boston A
Bid
..100
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts)
50
1945
Augusta Union Station 1st 4s
Dividend
Par in Dollars
Alabama A Vtckgburg (Illinois Central)
Asked
48
Akron Canton A Youngstown 6 Ms
08
......
........................
Convertible 5s
1940-45
58
65
Buffalo Creek 1st ref 5s
1961
90
94
Chateaugay Ore A Iron 1st ref 5s
Choctaw & Memphis 1st 5s
1942
69
71
1949
/30
45
Cincinnati Indianapolis A Western 1st 5s
Cleveland Terminal A Valley 1st 4s
1965
63
67
1995
63
67
Georgia Southern & Florida 1st 5s
1945
45
49
Goshen A Deckertown 1st 5 Ms
Hoboken Ferry 1st 6s
1978
1946
60
66"
Kansas Oklahoma & Gulf 1st 5s__
1978
87
90
Little Rock A Hot Springs Western 1st 4s
1939
/8
11
Long Island ref mtge 4s
1949
87
89
Macon Terminal 1st 5s
100
90
1965
96
Maryland & Pennsylvania 1st 4s
1951
47
Meridian Terminal 1st 4s
1955
85
90
Minneapolis St Paul A Sault Ste Marie 2d 4s
1949
25
36
Montgomery & Erie 1st 5s
1956
88
New York A Hoboken Ferry general 5s
52
1946
00
89
91
58
60 M
1945
83
85
.1957
1st mtge 3 Ms—
54
...1966
1951
Piedmont & Northern Ry
70
77
Portland RR 1st 3 Ms
Consollcated 5s
Rock Island Frisco Terminal 4Ms
St Clair Madison & St Louis 1st 4s
1951
85
90
Shreveport Bridge & Terminal 1st 5s
Somerset Ry 1st ref 4s
Southern Illinois A Missouri Bridge 1st 4s
1955
87
93
1955
50
..1951
78
82
...1957
107
111
Toronto Hamilton A Buffalo 4Mb
1966
86
90
Washington County Ry 1st 3 Ms
1954
48
53
_
I
Toledo Terminal RR 4Ms
58
61
Public
m Par
EQUIPMENT TRUST CERTIFICATES
66M
Arkansas Pr A Lt 7% pref ♦
76
Associated
*
*
$7 preferred
*
Atlantic City El 6% pref.*
Bangor Hydro-El 7% pf 100
Birmingham Elec $7 pref *
Stroud & Company Inc.
Philadelphia, Pa.
25
Carolina Pr A Lt $7 pref._
Equipment Bonds
6%
Atlantic Coast Line 4Mb..
62.00
Baltimore A Ohio 4Mb
6s..
1.25
Missouri Pacific 4Mb
3.00
5 Ms—
63.60
3 Ms Dec 1 1936-1944—
2.75
63.60
.....
2.75
—
New Orl Tex A Mex 4 Ms..
New York Central 4Mb...
8M
New Eng G A E 5 M % Pf- *
N E Pow Assn 6% pref.100
24
26_"
63
64
30
31
5
42
46
*91
93
100
78
62.00
1.25
Dallas Pr A Lt 7%
pref. 100
112
79 M
115
63.25
2.50
Derby Gas A El $7 pref..*
32
34 M
63.25
2.50
3.60
Essex
63.20
2.40
N Y N H A Hartf 4Mb
5s
64.50
Canadian Pacific 4 Ms
64.50
3.50
Federal Water Serv Corp—
Cent RR New Jersey 4Ms.
63.50
2.00
Northern Pacific 4Mb
61.75
1.20
5s
N Y Chic A St L 4Mb
5s
62.50
Hudson Gas
100
Chesapeake A Ohio—
Pennsylvania RR 4 Ms
2.00
62.75
4MB
6s
61.75
1.00
4s series
65.50
4.00
65.50
4.00
65.75
5s
5.00
1.00
62.90
2.00
E due
Dec 1 1937-50
5.00
66.75
Chicago R I & Pacific—
Trustees' ctfs 3 Ms
62.75
63.00
2.40
62.00
63.00
2.25
1.10
88
St Louis-San Fran 4s
3.00
St Louis Southwestern 5b..
63.75
3.00
63.76
2.50
2.00
2.25
5 Ms—
Southern Pacific 4 Ms
63.00
63.75
86
64.00
.
5 Ms
62.50
2.00
6s
62.50
1.75
4Mb
63.25
1.75
61.80
1.26
61.80
1.25
61.75
1.00
2.40
2.00
63.50
2.50
62.75
2.00
2.50
62.25
Southern Ry 4M8—L——
5s
63.00
62.60
5s
Erie RR 5 Ms
98
68
Great
Northern 4 Ms
5a
Hocking Valley 5s
Texas Pacific 4s
63.20
5s
Illinois Central 4 Ms
63.50
62.50
6s
Ipternat Great Nor 4Ms..
Long Island 4 Ms
2.75
1.75
64.00
6s
3.00
63.15
2.50
62.75
2.00
5 Ms
1.10
6s
61.75
1.10
Western Maryland 4Mb...
Maine
Central 5s
5 Ms
Minn St P & 8 8 M 4s
63.25
2.50
63.25
2.50
63.75
3.00
Western Pacific
6 Ms
5s
98M
70 M
Ohio Edison $6 pref
$7 preferred
*
preferred
91M
92M
103
109 M
111M
86 M
96
100
Penn Pow A Lt $7 pref...*
91
101
*
Okla G A E 7% pref... 100
Pacific Pr A Lt 7% pf-100
72 M
89
100
*
99
3
88
97 M
101M
53 M
57
92 M
Queens Borough G A E—
6%
preferred
100
108
110
37K
Rochester Gas A Elec—
Interstate Natural Gas— *
24
26
7%
preferred
Interstate Power $7 pref..*
Iowa
7%
preferred
100
4
Supply—
preferred
50
Jer Cent P A L 7% pf-100
Kan Gas A El 7% pref. 100
Kings Co Ltg 7% pref..100
Long Island Ltg 6% pf-100
100
7% preferred.
Memphis Pr A Lt $7 pref. *'
Mississippi Power $6 pref.*
$7 preferred..
...*
3M
4M
preferred C_.__.100
6%
95
96 M
6
Sioux City G A E $7 pf.100
Southern Calif Edison—
85
87 M
41
6% pref series B
25
South Jersey Gas A El.100
25 M
26 M
52
54
Jamaica Water
7M%
1
38 M
Southern Utilities—
84
106 M 108 M
31
34 M
Tenn Elec Pow 6%
preferred
7%
pf.100
100(
34M
36
Texas Pow A Lt 7% pf.100
Toledo Edison 7% pf A. 100
43 X
54 M
45 M
United Gas A El
56M
49
preferred
7%
(Conn)—
100
178
50 M
56
99
98
73
52
Utah Pow A Lt $7 pref..*
40
56 M
Virginian
100
140
Par
51M
57 M
K 101
Bid
99 M
53
•
i
Ry
76
42 M
148
Chain Store Stocks
95
100
Bid
Ask
Ask
100
95
Par
95
100
100
62.75
2.25
2.00
64.00
3.00
7% preferred
100
/G Foods Inc common..*
Bickfordu lnc
*
$2.50 conv pref
*
B
9
77
85
1M
10 M
2M
11
30 M
32
Kress (S H) 6% pref
11K
Miller
4
11M
9
(I) Sons common..*
6M% preferred
100
Murphy (G C) $5 pref.100
22
28
102
105
Reeves (Daniel) pref
100
3.00
64.00
7
Borland Shoe Stores
C) common...*
preferred
100
Bo hack (H
7%
100
Flshman (M H) Co Inc..*
Kobacker Stores
*
7%
/
(Del) 7% pref
(Minn) 6% pref
Republic Natural Gas
Diamond Shoe pref
For footnotes see page 3962.
96MJ
92
1.00
62.65
5s
26
51
*
,
Northern States Power—
107
1.00
95
—
90
preferred
*
7% cum preferred... 100
cum
103
1.00
61.70
Wabash Ry 4Mb.
5s
23 M
178
preferred
1.00
61.70
5s
49 M
1.60
61.50
61.50
Virginia Ry 4Mb
61.75
Loulsv A Nash 4 Ms
6s
2.40
62.25
5s
Union Pacific 4 Ms
2.40
63.20
4Ms
$6
*
..100
97
95
4Ms
Denver A R G West 4 Ms.
6s
94
$7 prior lien pref
*
New Orl Pub Serv $7 pf—*
New York Power A Light—
Idaho Power—
2.00
Pere
Marquette 4Ms
Reading Co 4Mb
24
120
$6
5s
Chic Milw A St Paul 4Ms.
6s
22 M
Hudson County Gas...100
1.25
23
21
108 M
New Eng Pub Serv Co—
7%
preferred...*
$7 cum preferred
*
Gas A Elec of Bergen.. 100
2 Ms series G non-call
Jan A July 1937-49
Chicago & Nor West 4 Ms.
62.00
61.60
5s
178
21M
$6.50 cum
18 M
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf„„100
2.00
$6 cum preferred
19
88 M
82
Continental Gas A El—
2.50
16
86 M
2.75
2.75
2M
1
100
106 M
2.25
63.50
preferred
120
63.80
63.25
Mountain States Pr com..*
100
63.00
Canadian National 4Mb—
6s
24M
Newark Consol Gas
2.76
preferred
25
6M
23 M
Penn
Nassau A Suf Ltg 7% pf 100
Nebraska Pow 7% pref.100
80 M
7
7%
West
7% pref
22
78 %
2.75
Pub Serv
68
77 M
3.00
Monongahela
59 M
106
5M
66 M
67 M
63.75
102
21M
65 M
preferred
$6
Miss Rlv Pow 6% pref. 100
Missouri Kan Pipe Line. .5
Ask
58
7%
79
preferred
Bid
Par
Mississippi P A L $6 pref.*
120
75 M
64.00
5s
2.25
7M
110
100
Ask
63.76
64.00
8M
preferred
100
Cent Pr A Lt 7% pref„100
Consol Elec A Gas $6 pref. *
Consol Traction (N J) .100
Consumers Power $5 pref. *
Bid
63.75
...
Boston A Maine 4 Ms
68
Ask
5
7
Central Maine Power—
7%
Bid
3M
Buffalo NlagaraAEastern-
$1.60 preferred
Railroad
67 M
78
Electric
Gas A
Original preferred
$6.50 preferred
Private Wires t« New York
Ask
Bid
Alabama Power $7 pref..*
Quotation*-Appraisal* Upon Request
Utility Stocks
preferred
..100
3
15
95 M
7
4
100
20
100
9
10
17
74
81
United Clgar-Whelan Stores
$5
preferred
*
17M
19M
Financial
3962
Dec.
Chronicle
18, 1937
Quotations on Over-the-Counter Securities—Friday Dec. 17—Continued
Public
Water Bonds
Utility Bonds
Federated TJtil 534s—.. 1957
8034
84
Green Mountain Pr 5s.1948
10134 10234
4434
Associated Electric 5s. 1961
4534
Houston Lt A Pow 334s *66
104)4 10454
1967
534s—1950
Inoome deb 334s
25 54
2634
Idaho Power 354 s
Income deb
2634
2054
Iowa Sou Utll
1978
3J4s—1978
2834
10034
1978
31
103~~
New Jersey Water 5s 1950
101
10234
9934 10034
98
9634
Kan City Pub Serv 4s.1957
263*
Conv deb 4s
1973
Kan Pow A Lt 1st 4Mb '65
108
1973
5134
5234
53
Conv deb 434s
54
Keystone Telep 534s—1955
92
Conv deb 5s
1973
56
1973
64
B
.1954
10034
1954
8-year 8s with warr.1940
88
90
Metrop Edison 4s ser G '65
Missouri Pr & Lt 3 548.1906
88
90
Mtn States Pow 1st 6s. 1938
Calif Water Service 4s 1961
100
9834
9954
Chester Wat Serv 434s *58
10234 10434
84
87
Citizens Wat Co (Wash)—
mmmm
29
434s..1983
Sink fund lnc
mm.-*
29
1983
Sink fund lnc 5s
mmmm
34s-—1986
Sink fund lnc 5-08—1986
S f lno
10334
101
104
1965
4s
8934
8834
North Boston Ltg Prop's—
31
mmmm
40
Secured notes 3 348—1947
mmmm
29
North'n States Pr 334s '67
mmmm
Sink fund lnc 5348—1983
Sink fund lnc 4-5s—1980
S f lnc 434s-5
103
Newport N A Ham 5s. 1944
N Y State Elec A Gas Corp
1983
103 34 10334
99
9954
29
'
mmmm
534-634S—1986
mmmm
Atlantic City Elec 3348 '64
9854
5s 1958
1951
634s series A
1951
City of New Castle Water
5s
1941
City Water (Chattanooga)
6s series B
1954
1st 68 series C
Ohio Edison 4s
.1967
40
Ohio Pub Service 4s..1962
99 34
Old Dominion par 5s..1951
46
48
Parr Shoals Power 5s..l952
Pennsylvania Elec 5s. 1962
10854
---
8934
9034
Cent Ark Pub Serv 5s. 1948
84.
8534
Peoples LAP 534s.—1941
Public Serv of Colo 6S.1961
Central G A E 534s—1946
6534
6734
Pub Util Cons
69
G '60
104""
10234
Income 534s with stk
60
97
Sou Cities Ulll 5s A...1958
3634
1st A ref 5s
62
64
'52
/234
119 34
1953
Power 5s
Consol E A G 08 A—1962
1902
6s series B
Cumberl'd Co PAL 3 34b '66
Western Mass Co 3 Xs
3834
3834
Western Pub Serv 534s *60
40
Wisconsin G A E 3 34s. 1966
9834
99
Wis Mich
10234 10334
Pow 3 548—1961
1961
1st mtge 4s
107
106
103
100
Phlla Suburb Wat 4s..1965
10434
102"
Pinellas Water Co 5 34s. *59
10534 108
87
92
Pittsburgh Sub Wat 5s '58
99
101
103
1st mtge 5s
1950
80
85
Roch A L Ont Wat 5s_1938
97
101
Roanoke W W 5s
9234
106"
97
St Joseph Wat 4s ser A..'66
10434
Scranton Gas A Water Co
5s series A
1942
9954
6s series B
1942
99
76
10034
1960
434s
1958
Scranton-Sprlng Brook
Water Service 5s.1961
E St L A Interurb Water—
10134
—
1st A ref 5s A
Greenwich Water A Gas—
1952
6s series A
1952
9534
9534
92 34
9234
102
80
1967
76
80
Shenango Val 4s ser B 1961
South Bay Cons Wat 5s '50
95
100
63
68
South Pittsburgh Water—
Hackensack Wat Co 6s. '77
105
1st mtge 5s
1955
10234
1977
109
5s series A
1960
10234
5s series B
1960
105
Water—
6s series B
1954
101
Sprlngf City Wat 4s A *56
90
6s
1954
103
Terre Haute Water 5s B '56
101
5s
10134 102 34
Wisconsin Pub Service—
Dallas Pow A Lt 334s.l967
1958
1958
h 534s series B
40"
1946
1948
10434
103 H 104
75
73
105
102
Prior lien 5s
Richmond W W Co 5s_1957
Huntington
Colorado
101
99
66
5s series B
Utlca Gas A El Co 58—1957
99
1948
99
3734
Tel Bond A Share 5s—1958
334
96
1948
1st consol 5s
10034
1950
1st consol 4s
61
10254
102
100
Peoria Water Works Co—
.1946
6s series A
62
96
9
101
5s series D
104
534s—.1948
87
Connellsvllle Water 5s 1939
434s
7834
10534
81
1st coll trust 4348—1966
94"
104
98 34 100
105 34 10634
/7734
77
Plalnfleld Union Wat 6s *61
91
Sioux City G A E 48—1966
10234 10334
Central New York PowerGeneral mtge 4348—1902
Central Public Utility-
'65
Ore-Wash Wat Serv 5s 1957
Penna State Water—
63
71
Penn Telep Corp 1st 4s
ser
7734
90
58
9934
9854
Calif-Oregon Pow 4s. .1966
1st lien coll trust 68.1946
7234
1946
t—
Blackstone V G A E 4s 1965
Cent Maine Pr 4s
74
105
102
Water Service
5 34s series B
31
1957
Clinton W Wks Co 58.1939
Community
103
102
101
Ohio Water Service 5s. 1958
102
Consol Water of Utlca—
Bellows Falls Hy EI
88
97
Ohio Cities Water 534s '53
10454
10434 10534
Narragansett Elec 3 Ha *66
31
26
Cons ref deb 4 348—1958
Sink fund lnc 4s
84
10334
A
534s series
5s
Assoc Gas A Elec Co—
69
Ohio Valley Water 5s.1954
8s without warrants. 1940
Conv deb 634s
68
.1951
New York Wat Serv 5s '51
—
Butler Water Co 5s_—1957
95
102
64
Newport Water Co 5s 1953
10234
5734
62
1957
5s series
2734
10854
C
99
1951
534s
6s series
32
Ask
103
104
New Rochelle Water—
6s series B
2854
Income deb 434s
Income deb 4s..—-1978
Morgantown Water 5s 1965
Muncle Water Works 5s "65
98
10434
Atlantic County Wat 6s *68
Assoc Gas A Elec Corp—
Bid
Ask
94
59
57
6434
02 34
Serv 68.1964
Amer Wat Wk A El 5s *75
Amer Utility
Bid
Ask
Bid
Ask
Bid
1962
104
6s series A
1966
1958
101
100
103
97
100
104
103
101
Indianapolis. W.W Secure—
5s
Texarkana Wat 1st 5s. 1958
W Va Water Serv 4s..1961
10034 10234
Indianapolis Water—
1st mtge 334s
94
10234
Union Water Serv 534s *51
Illinois Water Serv 5s A '52
10434 10534
1949
Western N Y Water Co—
92
87
1957
Kokomo W WCo*5s—1958
Issues
Estate
Real
Reports
AMOTT,
-
Lexington Wat Co 5 34s '40
Long Island Wat 5 34s. 1955
Middlesex Wat Co 5 34s '57
Monmouth Consol W 5s *66
Markets
BAKER
Monongahela Valley .Water
634s
1950
& CO.
5b series B
1950
88
1st mtge 5s
Joplln W W Co 5s
1951
87
92
1st mtge 534s
1950
97
100
Westmoreland Water 5s '52
98
101
10334
104
9934 10134
93
Wichita Water—
101
1956
5s series B
10434
92"
10134
100
mmrn
5s series C
1960
104
6s series A
87
..1949
104
W'msport Water 5«—.1952
101
103
INCORPORATED
BArclay 7
150 Broadway,
2360
Belinriu588Te1'
N.Y.
Sugar Stocks
Par
Real Estate Bonds and Title Co. Mortgage
Bid
Alden 1st 6s
Broadmoor
1941
f22
35
1945
S f deb 6s
24""
38
00
22 34
5334
5634
52
55
Chaebrough Bldg 1st 6s '48
6134
54
Apr 28 1940
Dorset (The) 1st 6s—.1941
N Y Majestic
1956
534s series BK
/30
/25
33
...
534s series C-2
534s series F-l........_
2734
/47
/33
/49
/37
/5
5334
Deb 5s 1952 legended...
50 Bway Bldg 1st 3s lno *46
600 Fifth Avenue—
1949
34
July 7 1939
1st 6s
6
M
1
30)4
32
West Indies Sugar Corp
1
v
a Interchangeable.
6 Basis price,
n Nominal quotation,
to i When Issued,
Now selling on New York Curb Exchange.
value,
52
40
/10
2 Ex-stock dividends,
on
Wednesday
By R. L. Day & Co., Boston:
T#stocks
$ per Share
1951
70
1941
40
45
165 Bway Bldg 1st 534s *51
/46
48
/41
42
sold at auction
50 Atlas Powder Co., common
680 Blue Ridge Corp., common,
2d mtge 6s
36
/45
1958
were
f7
Nov 15 1939
1st 6s
103 E 57th St 1st 6s
Nov 1947
following securities
of the current week:
21
(The)—
1 Park Avenue—
Film Center Bldg 1st 6s *43
44
Prudence Co—
$450 lot
20
4434
$1; 68 Central States Electric Corp.,
Corp., class B common; 100 Flsk
Rubber Co., conv. 1st pref. ctf. of deposit, par $100; 121 Adams Building
Trust, 7% cum. pref., par $100: 250 the Georgian, Inc., common; 60 North
A South American Corp., class A common, par $1; 10 Colombian Holding
Corp. de Call, 8. A., par 5 col. dollar
$1 720 lot
1 Boston Athenaeum, par $300j.
312
J.
par
common, par $1; 200 Eastern States Power
1939
65
534s stamped..—..1961
69
1400 Broadway Bldg—
1st 3 348-6348 stpd-1948
36
3834
Realty Assoc Sec Corp—
5s Income
1943
/51
54
15 Columbian National Life Insurance
Fox Theatre A Off Bldg
1st 6 34b
Sept 1 1941
/5
634
Roxy Theatre—
1st fee A l'hold 6348.1940
/4334
45
10 Montan Inc., pref., and 5 common B
100 Hill Realty Trust Co., common
Co.,
par
$100
1944
42
45
1st 2 34-48 (w-s)
Graybar Bldg 5s
1949
36 34
55
4034
67
Savoy Plaza Corp—
3s with stock—....1956
23
—lOo. lot
$10 lot
,.$50 lot
By Crockett & Co., Boston:
2434
35
37
Sherneth Corp—
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
6834
71
/16
39
41
3-5^s deb lno (ws).1956
60 Park Pi (Newark) 6s '37
Hotel St
35
37
616 Madison Av 1st 634s'38
f22
25
180 Boston Metropolitan Buildings, Inc., voting trust certificates
40 Boston Metropolitan Buildings, Inc., voting trust certificates
37
39
40 Northeastern Public Service Co., pref. ctf. of dep
1950
N|
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
Lewis Morris Apt Bldg—
1st 6 34b—... Apr 161937
Income 534s w-s
1963
32
61 Broadway Bldg—
Syracuse Hotel (Syracuse)
1st 634s
Oct 23 1940
4
0134
65
/38
68
Textile Bldg—
1st 3-5s (w s)...
60
6s
1948
1958
3534
37
1947
—
Springfield Gas Light Co., par $25.-
8
50c
40c
4
$2 lot
—
834
500 John T. Slack Corp., par $100
Federal National Bank receivers' certificate No. 23721 of proof of claim for
$5,454.35 commercial department 35% of which baa been paid.
&due $3,545.33
-
4J4
Balance
$220 lot
Trinity Bldgs Corp—
i4*
/38
8634
4034
60
1st 534s
1939
2 Park Ave Bldg 1st 4s 1941
70
75
52
54
1st 6 34s
Oct 19 1938
fl 8
Wall A Beaver St Corp—
82
85
88
92
1st 434s w-s
.1951
19
22
Westing ho use Bldg—
1st fee A leasehold 4s '48
By Barnes &JLofland, Philadelphia:
Stocks 1*
1
% per Share
Corn'Exchange National Bank A Trust Co., par $20——
4534
25 Pennsylvania Co. for Insurances on Lives A Granting Annuities, par $10— 2834
50 Inter-County Mortgage A Finance Co., preferred, par $100
$6 lot
100 Inter-County Mortgage A Finance Co., common, no par
$5 lot
10 American Academy of Music, par $100—
300
10 Richland Collieries, preferred
—
$1 lot
Shares
20
Walbrldge Bldg (Buffalo)—
60
Metropolitan Corp (Can)
6s
—
st
Ludwlg Bauman—
1st 6s (Bklyn)
1942
1st 6348 (L;I)
1936
Metropolitan,Chain Prop—
$ per Share
Stock
1 Nashua Manufacturing Co., B preferred
13 Brockton Gas Light Co., par.$25—
1950
334-5b with stock
4934
Lincoln Building—
Loew's Theatre Rlty Corp
1st 6b...
1947
London Terrace Apts 6s '40
Shares
18
81
...
....
—
50 Arimont Housing/preferred, par $100, and 25 common
Fuller Bldg deb 6s
George,4a
4
d Coupon.
« Ex-rights,
w-s With stock.
* Ex»
225 Stanley Engineering, Inc., common
8 Massachusetts Real Estate Co., par $50..
Oliver Cromwell
52d A Madison Off Bldg—
1946
Harrlman Bldg 1st 6s. 1951
3
AUCTION SALES
The
Shares
39
6s
•
1
50
36
56
56
40 Wall St Corp 6s
42 Bway 1st 6s
par
2934
19tb A Walnut Sts (Phlla)
East Ambassador Hotels—
634s stamped
1834
Ask
Bid
Haytlan Corp Amer
Savannah Sug Ref com
Corp—
4s with stock
534s series Q
1st Aref 534s
1947
Eqult Off Bldg deb. 5s.l952
17
N Y Title A Mtge Co—
Court A Remsen St Off Bid
1st 6s
734
t Quotations per 100 gold rouble bond, equivalent to 77.4234 rrama of pare gold.
Chanln Bldg lnc 4s...1945
1948
1354
634
t Now listed on Nsw York Stock Exchange.
22
Broadway Motors Bldg—
4-6s
No
/ Flat price,
dividend,
/2034
/20
Par
Ask
1154
Ask
•
67
N Y Athletic Club—
1st mtge 2s stpd A reg '55
1st A gen 6s
1946
B'way A 41st Street—
1st leasehold 634s..1944
Preferred.
Metropol Playhouses lnc—
m
B'way Barclay 1st 2s—1956
Bid
Ask
/35
(The) 1st 6s '41
Certificates
Cuban Atlantic Sugar_ -10
Eastern Sugar Assoc—
1
Bid
6
m
Per Cent
Bond—
$2,000 CitleslServlce Power A Light, 534s, 1949, J. A D. 1
5234 & Int.
Miscellaneous Bonds
CURRENT
Bid
Associates Invest 3s..1946
9134
Ask
Bear Mountain-Hudson
River Bridge 7s..-.1953
Sept
1
1939
Aug 15 1938
101.2
—
101.6
Federal Home Loan Banks
100.9
101.3
101.6
101.2
101.6
100.12
134s
Reynolds Investing 5s_1948
Treasury Notes—
2 34s
Deo 15 1945
134s
April 1938
1 Ha
July 1938
100.11 100.14
4s
2a
D»o 1940
101.11 101.14
4s seriai revenue 1942-68
Henry Hudson Parkway
4s
April I
1955
NOTICES
Ask
..June 1 1939
2s
98
Federal Farm Mtge Corp—
134s
Bid
9234
Trlborough
i
67 34
71
t—105J4 10634
52.40
a
branch office in the Americus Hotel Building, Allentown. Pa.
under the management of Leroy
Smith, with whom will .be associated James
R. Klnsloe and Charles R. Stauffer.
Bridge—
f revenue 1977.AAO
—Reynolds & Co., members New York Stock Exchange, announce the
opening of
3.70
—Dyer, Hudson & Co., members of the
nounce
that they will open on
New*York"Stock Exchange,
104 34
m
mm
an¬
Jan. 10,1938, an office in the British Colonial
Hotel, Nassau, Bahamas, under the management of Waiter L. Carey.
^
Volume 145
Financial
Chronicle
Tennessee Products Common
S.
H.
3963
Foreign Stocks, Bonds and Coupons
Inactive Exchanges
& CO.
EDWARDS
/ Pittsburgh Stock Exchange
i/mhIu**
Mtmocr*
\
isrew York Curb Exchange (Associate)
120
Union
Bank
62 William
Y. 1-869
Teletype N
BRAUNL
WALTER E.
Broadway, New York
Tel. REctor 2-7890
St., N. Y.
Tel. HAnover 2-5422
Pittsburgh
Building.
Foreign Unlisted Dollar Bonds
Bid
WICKWIRE SPENCER STEEL
hid
Ask
Hansa SS 6s stamped. 1939
/20
12
6s unstamped
New York City
Street,
Teletype N. Y.
8s_.__
1-1642
/8
9%
/4%
/4%
4X
/4%
4%
4%
Preferred and Common Stock
Bremen
6s
Prospectus on request
/58%
/21
(Germany) 7s. 193
194
British
Brown Coal
ROBINSON, MILLER & CO.
21
Par
American Arch
American
Bid
Ceara (Brazil) 8s
1
Central German Power
Pat he Film 7%
24
100
Book
x20
45
55
80
85
8%
19
20%
100
American Hardware....25
X
14%
Amer Maize Products....*
American Mfg 5s pref.. 100
Andlan National Corp...*
x72
43%
Art Metal Construction .10
Radio
18
17%
45%
19%
7%
"ix
Corp
*
Beneficial Indus Loan pf_*
Bowman-Biltmore
50 X
*
Remington nrms com
*
Scovill Manufacturing __2 5
Singer Manufacturing..100
2%
52
1
59"
7%
232
4%
Singer Mfg Lid.
27%
..100
Burdlnes Inc common
9%
l
13
5%
30
6
8%
3%
*
3%
4%
5%
7%
(A & B)
...
14%
16"
/14
12
*
Steel common
Hungary 7%s
68
.]
1
1
3
45
Oberpfais Elec
Cordoba 7s stamped.. 1
Costa Rica funding 5s.
7
/18
/40
/62
66
2
3
36
37
z80
85
/15
18
3
18
Protestant Church
1
East Prussian Pow 6s. ]
5
3
/20
3
/20%
/20%
33
United Merch & Mfg com *
United Piece Dye Works. *
7
8%
3
%
%
3
3%
7
5
...
...
102
36
...100
7
*
40
44
Warren
100
117
*
39
44
(Jos) Crucible...100
47
5l"
Welch Grape Juicr com__5
14
19 X
24
52
55
*
3
....30
15
.
.
...
V-.
Dictaphone Corp
Preferred
Dixon
Federal Bake Shops
Preferred
Foundation Co For shs...*
American
shares
Good
Humor
Corp
Graton & Knight com
King Seeley Corp
com
103%
18%
93%
West Dairies Inc com v t c 1
7%
2%
3%
46
17X
'
5,
■
4#
Preferred.
100
Great Lakes SS Co com..*
Great Northern Paper.__25
Harrisburg Steel Corp
Kildun Mining Corp
100
West Va Pulp & Pa p com. *
Preferred
...100
44
•
July to Dec 1933
53
57
Jan to June 1934
11%
63%
13
66
80
90
45
Worcester Salt..,
7%
9X
%
7%
%
8%
X
X
19
115
Macfadden Pub common.*
6
...
*
7% preferred
100
Young (J S) Co com.__ 100
7% preferred
100
128
American Tobacco 4s. 1951
Am
106
Wire Fabrics 7s..1942
44%
47%
28
30
1st
conv s
83%
Cudaby Pack
80
9X
44
*
4%
10%
47
6%
23
*
27
18%
...100
109
84%
91
92
91
92%
Graz (Austria) 8s
72
/70
/13 X
Dec 1'34 stamped
June 1 '35 to June 1 '37..
15%
(Glenn
4s...
1960-199(
1948
Nat Radiator 5s
1946
75
.
/13
15
80
Shipbuilding 5s..1946
83
194?
46
36%
Wither bee Sherman 6s 1944
12
17
"
6%
7%
1st 6s assented
1st 58
2d
CURRENT
conv
.1942
1962
Income 5s..l962
/21X
/36
28
13
/10%
12%
/64
/80
68
rex
79
/21
/20%
400"
56 X
58
56%
58
m
1937
/42
Stettin Pub Util 7s... 1946
/20
Stinnes 7s unstamped. 1936
/59
Oct 1935
18%
12
/13%
22 X
/21
1956
Oct 1932 to April 1935
7
9%
7~~
10%
23
Coupons—
27
/6%
to April
14%
4s.-.1936
/47
7s unstamped
1946
/57
Certificates
4s.-.1946
Certificates
/45
/64
107
ia
111% 112%
/42
1947
7s.
/6
70
6%
Union of Soviet Soc Repub
48
20%
7% gold ruble.....1943
1947
jsten Elec Ry 7s
J87 01
91.63
f20H
/20
22 X
21X
/2()
95
For footnotes see page 3962.
24
39
100% 102%
81%
85%
NOTICES
E.
Quincey
& Co., specialists in
nine'years with Chisholm & Chapman,
in their main office.
nounce
that
Robert
J.
A.
that Richard A. Lewis has been
appointed manager of their Phila¬
delphia office.
1
—Redmond & Co., members New
week's salary to all employees of the
firm, it
was
Vice-President in the Government
of The First Boston Corporation, have been admitted
general partners.
Mr. Love, after his graduation from Pennsylvania
State College in 1916,
War as a second lieu¬
Captain of Engineers, Third Division.
First National Corporation of Boston as a salesman
He joined the
in 1922 and was elected
Vice-President of The First Boston Corporation in 1935.
Leonard
was
graduated from Holy Cross in 1922 and
trading department of The First National Corporation
year.
He
was
entered the
of Boston in the same
elected Assistant Vice-President of The First Boston
Cor¬
poration, the successor company, in 1935.
announced.
—Homer & Co., Inc., 40 Exchange Place, New
of The First Boston Corporation, and Ed¬
served in the United States Army during the World
Mr.
York Stock Exchange, will distribute
formerly Vice-President in charge of the
Love,
Leonard, formerly Assistant
tenant and later as
■—Burton, Cluett & Dana, members of the New York Stock Exchange,
United States Government
Curb Exchanges, an¬
securities and members of the New York Stock and
to the firm as
the past
NOTICES
;>
—Chas.
bond department
has become associated with Alexander Eisemann & Co. as a customers man
York City has issued its
periodical circular on the high grade railroad and public utility bond market.
19X
/40
/30
Jugoslavia
1956
2d series 5s.
/8%
fl7X
Government bond department
one
Mtge Bk
6s.—
85
Haiti 6s
mund
Christmas bonus o
State
CURRENT
Woodward Iron—
a
28
/17%
T—i o 00
34%
announce
1951
Saxon State Mtge 6s. .1947
aterelbe Electric 6s.. 1953
88
107
21X
130
/20
/22
Siem & Halske deb 6s.2930 /370
82
140
1
Scovill Mfg 5%s
1945
Standard Textile Products.
43"
—Gerard Fernandez, for
Santander (Colorn) 7s. 1948
6%s
...
/19%
Guatemala 8s
L)—
.1939
10%
22 X
20%
100
Ohio Leather common...*
Ohio Match Co
.*
—195<
.........
Sao Paulo (Brazil) 6s. .1943
Great Britain & Ireland—
Norwich
5
Scrip
Saxon Pub Works 7s.. 1945
/II
1955
Conv deb 6s.
N Y
German scrip
German Dawes coupons:
Dec 1934 stamped
Apr 15'36 to Apr 15 *37.
German Young coupons:
Kelsey Hayes Wheel Co—
Martin
100
/34%
/33
/26
/25
conv 4s. 1950
Northwestern Yeast...100
Pharmacal
/97
July to Dec 1936.
...........1947
8%
32%
/31%
Jan to June 1936.
...
94
1937
1948
8s ctfs of deposit. 1948
/40
84
Conv 6s_.
108%
*
100
26"
79
/20%
/20%
/10
1945
7%
8s
.'38%
/37%
/36
90
Haytian Corp 88-.-_.l938
1933
6%s '46
4s scrip
/58
82
1st 3%S-_
6%
Santa Fe 7s stamped. 1942
3
1940
f 6s
Deep Rock Oil 7s
113 X
.
German defaulted coupons
95
Bethlehem Steel 3%s.l952
Janeiro
1957
7s ctfs of deposit. 1957
—
3
Bonds—
Chicago Stock Yds 5s. 1961
Cont'l Roll & Steel Fdy—
7%
Mock Judson A VoehriDger
preferred
100
York Ice Machinery
250
5%
IP
8X
37
33
com
7X
Rio de
Rom Cath Church
Santa Catharina (Brazil)
15%
17
New Haven Clock—
Preferred 6X%
/20
.
e
-
-
14%
110
New Britain Machine
*
Woodward Iron
200
Nat Paper & Type com
preferred
5
1
7% preferred
100
Muskegon Piston RIng_2 X
National Casket....
*
/23
.
19
cum
15
100
Preferred...
17
92
$3
27
5
.1
100
*
White Rock Min Spring—
$7 1st preferred
100
12
.100
100
preferred..
2
25
1st 6% preferred
2d 8% preferred
6%
5
7
WJR The Goodwill Sta_.5
30
*
3
/99%
/99%
/99%
J
-
-
6%
Lord & Taylor com
Preferred
1
/19
Royal Dutch 4s
i
•
21%
96%
18%
35 X
Merck & Co Inc common. 1
preferred
/26
/50
/19
Saarbruecken M Bk 6s '47
104
/26
Rhine Westph Elec 7% '36
0S
1941
Salvador
Wiekwire Spencer Steel..*
Wilcox & Gibbs com
50
42
Lawyers Mortgage Co..20
Lawrence Port! Cement 100
preferred
20
2%
1
*
(Northam)—
conv
5
1%
*
Garlock Packing com....*
Gen Fire Extinguisher
*
S3
1 OX
/20
..........1941
5s
R C Church Welfare 7s *46
16
Douglas Shoe preferred. 100
Draper Corp.
.
/9%
(Ger¬
many) 7s
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
...
/28
/21
/20
2
....
/21
2%
7%
/28
Preferred
37
/19%
/19%
30
...
/34
5
Crowell Publishing com__*
1
30
1956
-_iy68
]
3
65
Porto Alegre 7s
rnx
1
62%
/20
Poland 3s-...-
i
6%s
/98%
/20
/25
/22
1945
to...
3
Duisburg 7% to
/l8
1952
7s
Panama City 6%s
Panama 5% scrip
18
2%
109
7s..-.1946
/15
/15
/6%
IX
x32
1947
-
3
United Artists Theat com. *
...100
...1948
1
13
preferred
/18
Oldenburg-Free State
Mtge 7s
North German Lloyd 6s "47
City Savings Bank
Budapest 7s
11
$7
1962
16
m
Electric Pr (Germ) 6%f
13%
*
Corp..
*
Tublze Cbatillon cum pf.10
Trico Products
/94
/93
National Hungarian & Ind
/14
i
6s
16
/25
Nat Centra] Savings Bk of
1
__*
Dennison Mfg class A... 10
Devoe & Raynolds B com *
6%s. 1946-1947
6 %s. 1948-1949
Dueeseldorf 7s to
Tennessee Products
Columbia Baking com
$1 cum preferred
/20%
Nassau Landbank 6%g '38
Nat Bank Panama
Cundinamarca 6%s... ]
Dortmund Mun Util 6s
8
7
Taylor Wharton Iron &
10
common
8
/6
/6%
(C&D)
....
Chilean Nitrate 6s
Colombia 4s...
8
6
Skenandoa Rayon Corp..*
Standard Screw
..20
Municipal Gas & Elec Corp
Recklinghausen 7s. .1947
64
/19%
Costa Rica Pac Ry 7%t
3%
24
226
1945
12
/22
1
7s assented
/20%
/6l
/20
Munich 7b to
Munlc Bk Hessen 7s to '45
/4
Chile Govt 6s assented.
4%
41%
22
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp..... *
5X
Madgeburg 6s
Hotels
1st preferred
Chilton Co
X
3%
38
Publication Corp com
80
Bankers Indus Service A_*
Belmont
1
Petroleum Heat & Power. *
pref
cum
98
94
*
Conversion
Petroleum
American Hard Rubber—
pref
Ask
Bid
Par
Ask
*
L
7%s
1
7%s....l
/21
Meridionale Elec 7s... 1957
/22
/56
fill
rex
fiox
■
/57
/21
/20
Mannheim & Palat 7s. 1941
N.?elr«
Industrial Stocks and Bonds
/20
Leipzig O'iand Pr 6%s '46
Leipzig Trade Fair 7s. 1953
uneberg Power Light &
Water 7s_._
.1948
f27X
m
Callao (Peru)
Cauca Valley
53 X
/59
/42
1943
24~~
1/18
Buenos Aires scrip
HAn?&%82 52 William Street, N.Y.
53%
52
Land M Bk Warsaw 8s '41
Ind Corp—
6%s
INC.
Nov 1935 to May 1937
52
Koholyt 6%s
Hungarian Bank
7%s.__._,^..___.19f
Jugoslavia 5s funding. 1956
igoslavia 2d series 5s. 1956
Coupons—
Nov 1932 to May 1935
/25
21
43%
Brazil funding scrip
/21%
1948
45
/20
Inc.
/20
/IS
7
/5
Houston Oil Field Material Company,
/18
Ilseder Steel 6s
78__.____.____.
A. T. & T.
/95
Hungarian Ital Bk 7%s '32
Hungarian Discount & Ex¬
change Bank 7s-__. 1936
17
7s
HAnover 2-3080
1939
Housing & Real Imp 7s '46
Hungarian Cent Mut 7s '37
23
23
Bavarian Palatinate Cons
62 Wall
Ask
/so
18%
/10
7s..
22
/16%
New Common
25
/20
8s.
Bank of Colombia 79!
22
/21
/19
/19
/13
Antioquia
—Pelz & Co. have just installed a private wire
and Syracuse
offices.
between their New York
Financial
3964
General
Chronicle
Dec.
7
IS.
Corporation and Investment News
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL—MISCELLANEOUS
Aetna Life Insurance Co.—Extra &
Larger Dividend—
The directors have declared an extra dividend of 25 cents per
share in
quarterly dividend bf 25 cents per share on the capital stock,
par $10, both payable Jan. 1 to holders of record Dec. 10.
Previously, regular quarterly dividends of 20 cents per share were dis¬
tributed.
An extra dividend of 30 cents was paid on Jan. 2, 1937.—V. 144,
addition to
RIGHTS-SCRIP
Specialists since 1917 S ;
a
4164.
p.
;
Agfa Ansco Corp.—Initial Dividend—
dividend of 50 cents per share
payable Dec. 20 to holders of record Dec. 17.
The directors on Dec. 10 declared an initial
on
J
MC PONNELL & CO.
Members
New York Curb Exchange
Broadway, New York
Bell
FILING
Telephone REctor 2-3815-00
Teletype NY 1-1640
STATEMENTS
REGISTRATION
OF
Employees oi this corporation will receive Christmas bo tuses totaling
approximately $100,000, Dr. Ernst Schwarz, President of the concern,
9, following action by the board of directors.
About
2,300 workers will receive tae bonuses which will be distributed about
Dec. 15, Dr. Schwarz declared.
,
"It gives me great pleasure to announce that in accordance with my
recommendation the board of directors has authorized the distribution of
a
Christmas bonus to all employees of our corporation who have been
employed prior to Nov. 1, 1937, and are still iu active employment with
our company as of this date," Dr. Schwarz's announcement read.—V. 144,
p. 3992.
announced on Dec.
New York Stock Exchange
120
SECURITIES
UNDER
ACT
following additional registration statement (Nos. 3547
3553, inclusive, have been filed with the Securities and
Albany & Susquehanna RR.—Special Dividend—
The
to
The
Exchange Commission under the Securities Act of 1933.
land, Ohio, has filed a registration statement covering 500 shares of 7%
cumulative preferred stock, $100 par, and 1,000 shares of common stock,
$1 par, to be offered in units of 5 shares of preferred stock and 10 shares
of common stock at $510 per unit.
Proceeds will be used for development
and sales promotion.
No underwriter was named in registration statement.
L. R. Robinson is President of the corporation.
Filed Dec. 9,1937.
Richmond Ice Co., Inc. (2-3548, 2-3549, Form D-l) of
plan of reorganization, covering certificates of deposit
for $654,900 QH% 15-year first-mortgage sinking-fund gold bonds, due in
1942. The registration also covers certificates of deposit for $230,850 6 34 %
5-year sinking-fund secured notes, due in 1937.
James C. Wheat is Chair¬
man of the protective committee.
Filed Dec. 9, 1937.
a
Benjamin Franklin Foundation, Inc. (2-3550, Form C-l) of Phila¬
delphia, Pa., has filed a registration statement covering Benjamin Franklin
Foundation certificates to be offered for estimated cash proceeds of $10,000,000, which will be used for investment.
They will be offered in three
series: 2,500 monthly payment certificates without insurance at $1,200
each; 5,000 monthly payment certificates with insurance at $1,200 each,
and 1,000 fully paid certificates at $1,000 each.
Sponsored by depositor.
Frank D. Hughes is President of the trust.
Filed Dec. 9, 1937.
Mid-Plains Oil Corp. (2-3551, Form A-l)
of Wichita, Kan., has filed
registration statement covering $500,000 5% income debentures, due in
no-par common stock.
The securities are held by
Stern Bros. & Co., and will be offered for their account in units consisting
of $1,000 debentures and 50 shares common at $1,000 a unit.
None of
the proceeds accrue to the company.
Stern Bros. & Co., will be under¬
writers.
Sigmund Stern is President of the corporation. Filed Dec. 9,1937.
a
1947, and 25,000 shares
American Business Shares, Inc. (2-3552, Form A-l) of Jersey City,
N. J., has filed a registration statement covering 2,000,000 shares of capital
stock, $1 par, to be offered at market. Proceeds will be used for investment.
Lord, Abbett & Co., Inc., will be underwriter.
Leon Abbett is President.
Filed Dec. 13. 1937.
Gold Horn
Mining Co. (2-3553, Form A-l) of Denver, Colo., has filed
registration statement covering 110,000 shares common stock, $1 par.
The company plans to offer 100,000 shares at $1 each through Gordon
Bottinelli & Co., underwriter.
Two stockholders plan to offer 10,000
a
shares, each as its own underwriter, at $1 each.
Proceeds received by
company will be used for machinery, equipment, mill development and
working capital.
C. A. Bottinelli is President of the company.
Filed
Dec. 14, 1937.
The
SEC
withdrawal
has
of
announced
the
that
it
has
consented
to
the
following registration statements filed
under the Securities Act of 1933:
Clarksburg
Columbus
Short
Route
certificates of deposit for $647,800 634%
Horni
Bridge
Co.
(3465), covering
Filed Oct. 6,
1st mtge. bonds.
Signal Mfg. Corp. (3362), covering 34,187 shares (par $1) $1
Filed Aug. 21, 1937.
participating preferred stock.
Signode Steel Strapping Co. (3425), covering 10,000 shares (no par)
common stock.
Filed Sept. 23, 1937.
Snap-On Tools Corp. (3433), covering 90,000 shares ($1 par) common
stock.
Filed Sept. 27, 1937.
Weinberger Drug Stores, Inc. (3427), covering 20,000 shares of capital
stock (no par).
A stop
Filed Sept. 25. 1937.
order with opinion
was
issued in the
case
#
In addition to the foregoing, stop-order proceedings
Nyari River Fruit Co., Inc. (3365), covering land purchase agreement
Filed Aug. 23, 1937.
non-cum.
The last
in
our
Equipment Corp. (3495) .covering 100,000 shares ($1 par)
pref. class A stock.
Filed Oct. 25, 1937.
previous list of registration statements
Alleghany Corp.—Directors Seek Assent to Buy 5s, 1950,
in
Open Market—
given
Chesapeake Corp. probably will be
On Dec. 16 directors of Alleghany
Corp., top holding company, moved to change the indenture of the 5s of
1950 to permit use of cash deposited as collateral in the purchase of the bonds
in the open market.
A letter was sent to holders of this issue asking ap¬
proval of plan.
On Dec. 7 the Interstate Commerce Commission gave its conditional
approval for Chesapeake & Ohio Ry. (see below) to exercise direct control
of Nickel Plate and Erie railroads.
All of these steps are in line with moves to eliminate intermediate holding
companies and to make Alleghany Corp. a first degree holding company
directly controlling C. & O. System, under which all of the railroads would
be operated as a unit.
The holding companies which would be eliminated
immediately are Chesapeake Corp. and Virginia Transportation Corp.,
the latter wholly owned by C. & O. and controlling stock in the various
railroads in the system.
preparation for dissolution shortly, Chesapeake Corp. is expected to
In
pay off bank loans of around $4,000,000 at the end of this year.
for this purpose were made available through dividends received from
Funds
C.& O.
maintain its cash by paying an extra dividend
On the other hand Alleghany because of the
default existing under its indenture cannot pay dividends and is exempt from
the undistributed profits tax.
The purpose of purchasing Alleghany 5s, 1950, is to reduce the outstand¬
ing amount as the discount at which this issue is selling in the open market
and, consequently, increase the collateral behind the remaining outstanding
and Chesapeake was able to
in C. & O. common stock.
bonds.
change the indenture of the 5s of 1950
apprasial of the value of the collateral behind Alleghany Corp. 5s of 1944,
In connection with the move to
an
of Dec. 2 by Guaranty Trust Co. trustee shows the collateral at
of the face value of the bonds outstanding compared with 138.8% on
as
142.6%
Nov. 1.
118.5% against 113.7 %
as of Nov. 1.
The value of collateral under the 5s of 1950 was 42.7 % as of
Dec. 2 against 44.7% on Nov. 1.
Under the terms of the plan to purchase Alleghany Corp. 5s, 1950, to
which assents are being sought, Guaranty Trust Co. could pay as high as
46 for this issue, it is figured.
The latter takes into account the liability which might arise from suits of
the Missouri Pacific RR. trustee to recover $3,200,000 as that portion paid
under the terms of the sale by Alleghany of terminal properties to the MOP.
Excluding that liability the trustees could pay as high as 59 for the bonds.
In the letter to bondholders it is pointed out that there is $1,171,000 cash
deposited under the three bond issues which •represents part of the funds
received from that payment.
Deducting only that amount instead of the
full $3,200,000, the trustee could pay as high as 54 for the 5s of 1950 which
on Dec. 16 closed at 33H
While seeking assents to this plan, which requires approval of at least
60% of the holders, the bonds will no« be stamped as assenting to this plan
and consequently, it will not be necessary to seek listing privileges for any
issues on the New York Stock Exchange.
Last summer a plan—since
abandoned—of merging Alleghany and Chesapeake was proposed stamping
The value of the collateral under the 5s of 1949 was
•
necessary
to grant
and because the listing committee of the Exchange refused
(Wall Street
trading privileges, the application was withdrawn.
p. 3809.
Journal).—V. 145,
(Del.)—Accumulated Dividend—
The directors have declared a dividend of $6.12M per share on account
Dec. 22 to holders of record
Aluminum Co. of America-—United States
Rules Against
of
Dec. 15.—V.137, p.2810.
Supreme Court
Company—
The company as
a
result of a Supreme Court decision Dec. 6, will be
Court for the Southern
Federal anti-trust laws.
read by Justice McReynolds, held the
company could not escape the suit on the ground that a consent decree
entered in 1912 in another Federal anti-trust action in a Pennsylvania
to stand tirial in the Federal District
District of New York on charges of violating the
The Supreme Court, in an opinion
was
still in effect.
be held immediately as the anti-trust division
Justice is not quite ready.
Justice Depart¬
cartels and foreign trade agreements
being collected, which would delay it somewhat.
All pleadings have been filed and the only thing that remains is for the
court to set a date for trial.
In preliminary proceedings, Judge Vincent L.
Lei bell, of the New York court, declined to dismiss Aluminium Ltd. as a
The trial probably will not
U. S. Department of
of the
ment officials said that information on
share on the
common stock, no par value, payable Dec. 24 to holders of record Dec. 17.
A regular dividend of 50 cents was paid on Nov. 1, last and in each of the
three preceding
quarters; on Dec. 23 and on Nov. 2, 1936, and compares
with 25 cents paid on Aug. 1 and May 1, 1936; 50 cents paid each three
months from May 1, 1934, to and incl. Feb. 1, 1936; 25 cents on Feb. 1,
1934, Nov. 1 and Aug. 1, 1933, and 50 cents per share paid each quarter
from Nov. 1, 1928, to Feb. 1, 1933, incl.
The May 1, 1933, dividend was
omitted.—V. 145, p. 1086.
Aetna Casualty & Surety Co .—Extra &
'
The first moves in the dissolution of
made shortly after the first of next year.
Federal court
r
sinking
default
by the company in payment of the sinking fund.
Bondholders at the same
meeting will vote an approving other modifications to the indenture.—
—V. 145, p. 3336.
required
was
issue of Dec. 11, page 3808.
Adams-Millis Corp.— Special Dividend—
The]directors have declared a special dividend of 50 cents
Ltd.—Meeting of Bondholders
6% 1st mtge. sinking fund gold bonds dated June 1,
accumulations payable
for 5,000 acres to be sold at $75 each.
12.5 cents
Alberta Pacific Grain Co.,
The holders of the
1926 will vote Dec. 21 on releasing the company from payment of the
fund payment due June 1, 1937 and instructing the trustee to waive
Allendale Corp.
were
dismissed and registration statements withdrawn by:
Sandt Farm
par
declared will be paid on Jan. 3.—-V. 141, p. 3850.
was
of:
Kane America Corp. (2992), covering 100,000 shares (par $1) common
stock.
Filed March 26, 1937.
stock,
semi-annual dividend
A
Richmond, Va.
The bondholders protective committee has filed a registration statement
$1.50 per share on the
$100, payable Jan. 8 to holders of record Dec. 20.
of $4.50 per share which had been previously
The directors have declared a special dividend of
common
total involved is approximately $18,161,000.
United Combustion Corp. of Delaware (2-3547. Form A-l) of Cleve¬
in connection with
the common stock,
To Pay $100,000 Bonus—
v
per
of the company was
defendant.
The Supreme Court affirmed a
decision by a special Federal "expediting"
court which had declined to grant the company a permanent injunction
which would have prevented government counsel from prosecuting the suit.
The Pennsylvania Federal District Court had temporarily enjoined the
on the plea of Aluminum Co. that unless the New York suit
prevented there could be concurrent decrees on the same subject
by both courts and there was a possibility of conflicting decrees.
The expediting court ruled that the two suits were substantially different
Government
Larger Div.—
were
Theldirectors have declared an extra dividend of $1 per share in addition
to a quarterlyfdividend of 75 cents per share on the capital stock, par $10,
both^payableiJan. 3 to holders of record Dec. 11.
»
Previously, regular quarterly dividends of 50 cents per share were dis¬
matter
tributed.
Chief Justice Hughes and Justice Stone
decision of the Aluminum Co. case.
An extra of $1 was paid on Jan. 2, 1937, and on Jan. 2, 1936; an extra of
50 centsjwasjfpaid on Jan. 2, 1935; 40 cents on Jan. 2, 1934 and 20 cents
3, 1933.—V. 143, p. 4143.
extra on Jan.
and Justice
and
the
The
McReynolds observed "the findings are
think, is proper."
Government's
dissolve
adequately supported
conclusion reached, we
the
took no part in consideration or
objective in the trial which will now
Co., rearrange its properties under
Aluminum
.....
be held is to
several inde-
Volume
Financial
145
Chronicle
pendent corporations and divorce it from Aluminium Ltd.—V. 145, p. 3644.
Amalgamated Sugar Co. (& Subs.)—Earnings—
r
r*
companies during the past year were substantially greater than during any
previous fiscal year.—V. 145, p. 3186.
Years Ended
sept. 30 '37 yMar. 31'3fi yMar. 31'35
18 Mos. End.
■
,
Z Period—
'
; •
Sugar sales
z$8,179,218
6,729,341
Cost of sugar sold.-.
$8,668,520
7,508,830
$9,141,585
7,464,672
3965
Russell R. Brown, President, stated that the current action of the board
of directors with respect to the form of these dividend distributions was
determined primarily by the fact that the burdens or taxation upon the
American Dredging Co.— To Pay
$2 Dividend—
The directors have declared a dividend of $2 per share on the common
stock, payable Dec. 28 to holders of record Dec. 17.
This compares with
dividends of $1 per share paid on June 28, last, and on Dec. 28, 1936.
—V. 137, p. 4700.
$1,676,912
57,319
$1,159,689
77,569
Gross profit from operations
$1,503,924
Adm., gen. & idle plant exps., inci.
depr., taxes & maint. of idle plants.
255,763
$1,734,232
$1,237,259
371,805
599,285
Net profit from operations
$1,248,161
Int., discount, bad debt recoveries, &c
41,835
$1,362,426
20,650
$637,973
$1,289,996
$1,383,076
$708,458
44,031
155,364
166,181
95,273
16,774
233,730
63,462
197,500
45,000
$1,087,230
$1,013,438
167,000
$263,546
Earnings for Year Ended Aug. 31, 1937
Sales, less returns, allowances and discounts
Cost of goods sold
Administrative, selling and engineering expenses..
$1,087,230
$846,438
$263,546
Miscellaneous income (net)..
$1,449,877
Income from auxiliary operations.
_
_
54,047
_
American
Equities Co.—Merger—
The stockholders
on Dec. 2 approved the merger of the company with the
International Utilities Corp.
Certificates confirming the merger of Amer¬
ican Equities Co. into the International Utilities Corp. were filed Dec. 9
in
70,484
Dover, Del., and Baltimore, Md.
which have been approved by shareholders
Under terms of the merger,
Total income—
Interest, discount, bad debts, miscel¬
laneous taxes, &c
Loss from sale, removal and abandon¬
ment of fixed
properties
Provision for Federal income and capi¬
tal stock taxes
Net income for year.:
Approp. for
prov.
for contingencies.
_
Remainder of net income
Dividends
paid
of both concerns, American Equities stockholders will receive one-tenth of
a share of International Utilties $3.50
prior pref. stock and one-half share
of class B stock for each share of American Equities Co.—V. 145, p. 3809.
American Forging & Socket Co.—Earnings—
Company only,
Assets—
Cash
1,459,499
649,204
164,055
1,194,077
_
Notes receivable..
Inventories
Adv.
873,394
1,618,928
11,056
Inv. in sub. cos..
mtge.
80,603
31,908
17,078
Factories,
x
62,002
200,000
130,369
49,048
24,371
other taxes,
estimated
75,299
wages
17,205
Insurance
86,143
on
1936
180,374
payments, est..
Other curr. liabils.
569,966
162,545
Consol. Assets Co.
2,147
6,746
&C............
Crystal
Co
Sugar
prepd. tax., int.,
.
13,616
American
Bond disc., insur.,
.
75,334
85,527
Funded
171,662
6.814.468
sink. fund.
Common
a690,549 y6,165,467
804,956
1,451,192
379,785 df2,687,197
Earned surplus...
9,290,759 10,600,8061
Total
9,290,759 10,600,806
reserve for depreciation of $3,651,799 in 1937 and $6,909,112 in
Represented by 724,624 no par shares,
z Company only,
a Par
$1.—V. 144, p. 3992.
x
After
1936.
y
American
WThe corporation has called for redemption on Feb. 1,1938, at 102 H % and
accrued interest, all of its outstanding 15-year 6% sinking fund gold de¬
bentures, series A.
The debentures are payable at the First National
Bank of the City of New York, trustee, on that date or at any time prior
thereto.—Y. 142, p. 4011.
Corp.'—Extra Class A Dividend—
extra dividend of 25 cents per share in
quarterly dividend of 50 cents per share on the curmilative
15.
Similar pay¬
ments were made on Oct. 1, July 1 and on April 1, last, and on Dec. 24,
1936.
A quarterly dividend of 50 cents and an additional dividend of 25
cents per share were paid on Oct. 1. 1936, these latter being the first distri¬
butions made since April 1, 1932, when a dividend of 25 cents per share
was distributed.—Y. 145, p. 2061.
Corp.—-To Pay $14 Dividend—
American Bemberg
The directors have declared a dividend of $14 per share on account of
accumulations on the 7% cumul. pref. stock, par $100, payable Dec. 23 to
holders of record Dec. 17.
Like amount was paid on July 1, last.
A divi¬
$14 per share.—V.
144,
American Brake Shoe &
10,712
Land not used in operations
14,000
1
depreciation of $151,384.—V. 145, p. 2999.
After allowance for
a
..$1,247,080
Total-—.——.-
...-$1,247,080
Total
At
34,198
..."
Deferred charges.....
Chemical Corp.—Additional Dividends—
meeting held on Dec. 10 the
board of directors voted to declare an
$2 a share to holders of the no-par common A stock.
In addition, a 20-cent distribution was declared to holders of the $1 par
common B stock.
Both are payable on Dec. 28 to holders of record of
additional dividend of
Previous
share
on
dividend payments this year were interim payments of
the common B, made on
the common A and 30 cents on
$3 a
Sept.
1247.
15, last.—V. 145, p.
American Light & Traction Co. (& Subs.) —Earnings
31—
1937
1936
earnings of sub. cos. (after eliminating
intercompany transfers)
$40,822,994 $38,618,736
.
Gross oper.
22,167,124
of general plant.
& est. Federal income taxes —
General taxes
— -
from opers. of sub. cos
Non-operating income of subsidiary companies
$8,226,536
57b ,»by
$9,071,305
-
-
-
Provision for retirement
20,694,898
$9,011,018
60,287
General operating expenses
Maintenance-
Dec. 31, Sept.
subsidiary companies...
of sub. cos..
$8,803,405
2,23T ,925
2,398,449
5,008,47b
2,719,442
2,344,427
4,b33,431
Proportion of earnings,
Earnings per
—V. 145, p.
J. B. Spencer has been elected a Vice-President.
He is
Ramapo Ajax Corp., a subsidiary.—V. 145, p. 3645.
Business Shares,
President of
Inc.-—Registers with SEC—
1937
1936
$1,483,135
American
1935
1934
An
$729,3761oss$1731319 loss$330,754
$0.78
Nil
Nil
a After depreciation and Federal normal tax but before any
Federal surtax on undistributed earnings.—Y. 145, p. 3645.
American Chain & Cable
share
Nil
$5,936,868
$5,517,571
144,583
133 ,329
$5,792,284
surplus
$5,384,242
804,48b
—
—--
....
Metal Co., Ltd. —Dividend
8U4,4Sb
$4,987,798
$1.80
84,579 756
$l.bo
Increased—
Paper Goods Co.—Extra
income taxes, &c., but before
Earns, per
share on 986,707 shares common
145, p. 1087.
Commercial
Net oper. revenues.
$3.44
Pay
Cash
and Stock Dividends—
declared
Net oper.
:
a common
$9,119,492 $89,977,632 $88,419,352
$9,075,984
6,652,242
$9,090,259 $89,500,815 $88,118,182
6,345,672
64,878,658 61,877,273
$2,423,742
839,003
$2,744,587 $24,622,157
53,073
..
..
$3,676,992
Operating taxes
Corp.— To
^
$9,129,057
Uncollectible oper. rev..
Operating revenues.
Operating expenses—
stock (no par)
Alcohol
Telephone & Telegraph Co.—Earnings—
1937—Month—1936
1937—10 Mos.—1936
Period End. Oct. 31—
Co., Inc. (& Subs.)—Earns.
undist. profits tax
declared an extra dividend of 75 cents per
Operating revenues
refund & after deprec., int. Fed.
Net income, excl. of excise tax
dividend of 50 cents per share in
preferred stock of American
Dividend—
share on
Dec. 15 to holders of record Dec. 8.
50 cents was paid on Nov. 1, last.
extra dividend of 25 cents was paid on Aug. 2, last, and one of $1 per
was paid on Dec. 15, 1936.—V. 145, p. 596.
American
provision for
Earnings for 12 Months Ended Sept. 30, 1937
The directors have
$5,814,022
177,614
118,836
the common stock, par $25, payable
The regular quarterly dividend of
599,400
shares common stock.
American
l,Zb2,525
$6,388,503
227,814
223,820
Co......
share of common stock
2999.
The directors have
profit
$4,551,497
declared a dividend of $1.75 per share on the common
payable Dec. 24 to holders of record Dec. 17.
This compares
With 50 cents paid on Dec. 1 last; an extra dividend of 25 cents in addition
to a dividend of 25 cents paid on Sept. 1 last, and a dividend of 25 cents
paid on June 1 last, this latter being the first dividend to be paid since
Dec. 1, 1930, when 25 cents per share was also distributed.—V. 145, p. 2833.
Foundry Co. (& Subs.)—Earnings—
6 Mos. End. Oct. 31—
$4,791,596
1,59b,90b
-
American
10.082
of
deductions
-
11,374
The directors have
given on first page of this department.—V, 145, p. 930.
Earns. per sh. on
in
4,241,825
$4,561,579
stock,
New Vice-President•—
American Car &
attrib. to min. com. stock..
Equity of American Light & Traction Co.
earnings of sub. cos
Income of American Lt. & Traction Co. (excl.
income received from subs.)
4,268,333
$4,802,971
—
Balance
Balance
30 and June 29, 1935; 20 cents in each of the five preceding
American
Total income of
Int., amortiz. & pref. di vs.
Balance transferred to consolidated
Dividends on preferred stock
quarters, and 15 cents per share paid each 3 mos. from June 30, 1932, to
Dec. 30, 1933.
In addition an extra dividend of $1 was paid on
Dec. 21, 1936; 25 cents was paid on Dec. 31, 1935, and an extra dividend
of 5 cents per share on March 30, 1935.
—V.
x391,725
__
Patents at nominal value
Holding company interest
and incl.
Net
488
.
Land, Improve., bldgs., mach,,
equipment, &c
Balance
Foundry Co.—Larger Div.—
directors have declared a dividend of $1.40 per share on the com¬
stock, no par value, payable Dec. 24 to holders of record Dec. 20.
This compares with 75 cents paid on Sept. 30 and on June 21, last; 50
cents paid on March 31, last, and on Dec. 21, 1936; 40 cents paid on Sept.
30 and June 30, 1936; 30 cents paid on March 31, 1936; 25 cents paid on
a
365,494
......
188
Expensesof American Light & Traction
Taxes of American Light & Traction Co
3992.
p.
mon
See list
76,989
231,400
410,000
banks,
Total.
dend of $10.50 was paid on Dec. 15, 1936.
Accumulations as of Jan. 1, 1938 after the current payment will amount
Th
198,987 Capital stock ($1 par)
106,802 Capital surplus
3,073 Earned surplus...**
a
class A stock payable Dec. 27 to holders of record Dec.
to
deposits
against closed
$143,761
19,435
Federal taxes on Income
Net earnings
The directors have declared an
addition to
101,028
commissions, &c
Accrued taxes and Insurance..
12 Months Ended Oct.
Aggregates Corp.-—Debentures Called—
American Bakeries
of $1,000——.——-
American I. G.
3,687,000
stock
Capital surplus...
Total
ance
Inventories.....—..—..
x
cum.
capital stock
1st pref. stock 8%
cum.
7,083
739,265
237,034
debt-—..
Reserves
1st pref. 5%
$100,347)...
allow¬
■
Trade accts. payable, payrolls,
Land
Accrued add'l beet
rights.
Liabilities—
'
$385,879
at cost (quoted
bonds
Sundry accts. & investments.
78,792
4,471.760
ter
HOLC
V;-'
hand and on deposit..
less allow, of $11,193
eqpt. at cost
5,191,658
Farm lands & wa¬
Feed yards._.....
on
Claims
partic.
beet (contra)...
bldgs., mach. &
Assets—
Cash
Insurance
Prov. for final pay.
farm
share on 231,400 shs. capital stock (par $1)
per
market prices,
849
5% 1st prtf. div..
pr"
Trade accounts rec., less
and
payable
Accrued
notes
<fc id. sales contr.
31,000
Gen.
salaries
176
$382,437
307,960
$1.65
Balance Sheet Aug. 31,1937
27,314
funded debt....
Acer,
Cap. stk. & bonds
White Satin tr.-mk.
Earnings
121,661
77,816
on
estimated
105,814
25,000
7,492
Dividends paid in cash
Accts. pay., curr't
trade accountsAccrued interest
69,498
Net profit.
-
Fed. income taxes,
sink; Id. trustees
of other corps..
Provision for nqrmal and excess-profits taxes
Provision for surtax on undistributed profits
Additional for prior year.
Septi 30*37. zMar. 31*36
$
$
Liabilities—
3,111,843
247,858
mfg. costs..
Cash In hands of
Irrig.
214
$459,603
Profit
z
Sept. 30'37 zJfar.31'36
$
$
Accts. receivable.
$459,389
Operating profit.
426,867
After deducting $1,516,563 for sugar marketing expense.
Note—The fiscal year of the company has been changed to end Sept. 30,
Instead of March 31.
Consolidated Balance Sheet
y
$3,151,110
2,397,461
294,260
..
income.— $1,584,739
29,233
135,348
476,817
8,478,498
301,l70
$26,240,909
7,632,397
$2,609,239 $16,143,659^$18,608,512
New Directors—
At
a
meeting of directors held on Dec. 15,
Elihu Root Jr. of New York
Crawford of Chicago were elected to fill vacancies caused by
E. Loomis and Thomas Nelson Perkins.—V. 145, p. 3338.
cash and two shares of 5% cumulative $10 par
and David A.
Distilling Co. for each five shares of American Commercial Alcohol common
held, both payable Dec. 24 to holders of record Dec. 21.
Similar payments
were made on Dec. 24, 1936. and prior to this latter date no dividend on
common was paid since April 15, 1930, when 40 cents per share was dis¬
tributed.
:-
the death of E.
American Rolling
The directors at
Mill Co.—No Action on
Common Div.
10 took no action on the de¬
stock for payment in January
their meeting held Dec.
claration of a dividend on the common
Financial
3966
deemed it inad¬
stock for pay¬
the board took into con¬
sideration the fact that with the payment on Dec. 15, 1937, of the extra
common dividend of 40 cents per share the company will have paid out as
dividends a large part of its current year's earnings and also took into con¬
Hook. President, stated that the board had
Charles R.
visable at this time to declare any dividend on the common
ment in
January.
In reaching this determination
uncertainties as to the near
v&vf ]'-i
dividend of 40 cents paid on Dec. 15, mentioned
above/the company paid quarterly dividends of 50 cents on Oct. 15, and
July 15, last, and previously/regular dividends of 30 cents per share were
distributed each three months.
In addition an extra dividend of $1 was
paid on Dec. 15, 1936.—-V. 145. p. 2999.
tv ? ?
'
sideration the drastic business recession and the
future.
A'Hr
In addition to the extra
American Thermos Bottle
The directors have declared a
Co.—Special Dividend—
special dividend of 50 cents per share on the
stock, no par value, payable Dec. 24 to holders of record Dec. 18.
An extra dividend of 75 cents in addition to a quarterly dividend of 25
common
cents was
paid on Nov, 1 and on Aug. 2, last.—-V. 145, p. 2002.
American Water Works & Electric
Co., Inc.—To Issue
$6,000,000 Promissory Notes'—
Company, a registered holding company, has filed with the Securities
Exchange Commission a declaration (File 43-96) under the Holding
Company Act asking approval of the issuance of $6,000,000 of 3lA%
promissory notes, payable Dec. 31, 1039, for the purpose of renewing, as
they mature, an equal principal amount of the presently outstanding
promissory notes.
Opportunity for hearing in this matter will be given
Jan. 4, 1938.
and
Weekly Output—
Output of electric energy of the electric properties of American Water
and
under the output of 47,357,000 kilowatt
1936.
Comparative table of weekly output of electric energy for the last five
as
Purpose—Company intends to use the net proceeds, estimated to amount
$2,534,929, to liquidate bank loans in the amount of $637,125 and to
balance in estimated amount of $1,897,804. to additions and
betterments to company's plant, including rights of way, land, buildings,
central office and station equipment, poles, wire, cable, furniture and fix¬
tures and motor vehicles.
The bank loans were incurred for the purpose of
repaying to General Telephone Corp., parent company, the amount of
$337,125 borrowed from parent and expended for the purpose of making
additions and betterments to company's plant and for the purpose of reim¬
bursing company's treasury for $300,000, also expended in making addi¬
tions and betterments to the company's plant.
'■i '
Business and Territory—Company was incorp. in California March 18,
1929.
On Sept. 1, 1929, company commenced operations through acquisi¬
tion of assets and assumption of liabilities of Associated Telephone Co.,
Home Telephone Co. of Covina, Huntington Beach Telephone Co., Laguna Beach Telephone Co., Redondo Home Telephone Co. and Santa
Monica Bay Telephone Co.
Since that date, company has been engaged
in providing, without competition, local telephone service in certain cities
and communities in southern California, the aggregate population of which
is estimated by the company to be approximately 500,000.
Company controls, through stock ownership, San Joaquin Associated
Telephone Co. This subsidiary operates, without competition, local tele¬
phone systems in Fowler, Lindsay and Reedley, all of which are located
in the central part of California.
Said subsidiary also owns and operates
a
toll line between Reedley and General Grant National Park, Calif.,
serving by means of toll stations a number of intermediate communities.
to
Nov. 20-..
44,631,000
Nov. 27_..*40,793,000
Dec.
4-- 42,206,00./
Doc.
*
11-..
43,911,000
1936
1935
1934
47,134,000
43,756.000
35,014,0.4)
46,495,000
-*4,4,,0,000
3 5,437,000
*44,832,000 *42,434,000 *33,317,000
47,537,000
44,253,000
35,363,000
Includes Thanksgiving
1933
,33,065,000
33,231,000
*30,0.30.000
32,793,000
Day,—V. 145. p. 3809.
Anglo-American Corp. of South Africa, Ltd.
of Operations for Month of November, 1937—
•
Results
Declared
Costs
£137,406
1 <>8,929
147,2.35
267,429
301,642
118,347
the
in cancellation of indebtedness to the amount
Springs Mines, Ltd-...--. 149,200
West Springs, Ltd
87,500
Note—Revenue has been calculated
on
77,464
the basis of £7. 0. 0. per fine ounce,
Each of which is incorporated in the Union of
South Africa.—V. 145,
3187.
Anglo-Chilean Nitrate Corp/—Interest
—
Interest amounting to $45 per $1,000 debenture will be made on Jan. 1,
1938, to holders of sinking fund income debentures, due 1967, of record at
theciose ofbusinesson Dec. 21.—V. 145,
p.
3810.
Angostura-Wuppermann Corp.—Final Dividend—
Directors have declared
a
final
dividend
of
-Years Ended
of $912,875.
10 cents
per
256,619
287,313
$984,042
5,970
$955,855
Dr3,672
$626,266
Dr4,816
_
$845,498
423,761
25,100
$990,012
389,446
29,651
$952,183
340,147
28,120
$621,449
226,666
34,554
$396,636
.
_
.
$570,914
$583,915
$360,228
_
bondsdeduc'ns
1st mtge.
:
After deducting provision for uncollectible accounts.
143,000 shares of cumulative pre¬
ferred stock, $1.25 series, to be outstanding upon the completion of this
The annual dividend requirement on
financing will be $178,750.
The annual interest requirement on the $10,300,000 of series B bonds,
to be outstanding upon the completion of this financing, will be $412,000.
Control—On Nov. 1, 19,37, 56.93% of the voting shares of company
were held by General Telephone Corp.
The common stock held by said
corporation on that date amounted to 159,026 shares or 91.92 % of that class
outstanding. The balance of the common stock (13,974 shares or 8.08%)
is held by Pacific Telephone & Telegraph Co.
Underwriters—The names of the principal underwriters and the amounts
underwritten by them are as follows:
Bonds
The directors have declared
a
To Pay 30-Cent Dividend —
—
dividend of 30 cents per share on the com¬
stock, payable Dec. 28 to holders of record Dec. 20.
A like amount
paid on Oct. 1, last, and compares with a dividend of $1 per share paid
Dec. 21, 1936, and 5 cents per share distributed on Dec. 30, 1932.—
V. 145, p. 1891.
mon
was
on
Arcturus Radio Tube
7,338 shs.
3,669 shs.
180,000
Consolidated Balance Sheet Aug. 31, 1937
Liabilities—
Telephone plant, equip., &c.$17,709 690
Investments, at cost-.-12,019
Cum. pref. stk., $1.25 series.y$2 524,910
Common stock
z3 344,200
Debt discount & expense in
process of amortization
Prepaid accts. & def'd charges
Notes pay.
Cash in banks and
on
hand--
1st mtge. 4% bonds,
992,730
340,335
359,146
21,409
x418,513
other notes & accounts—.Materials and supplies
773,560
-
terests of stockholders of the company, was
announced Dec. 16.
Counsel
for the committee are Miller, Owen, Otis & Bailly.
Office of the Commit¬
tee, Room 908, 72 Wall Street, New York.
The committee has already received proxies from the holders of more
than 500,000 shares of stock and has agreed to act in negotiations for any
plan of reorganization on behalf of all stockholders who deliver proxies to it.
The committee, however, will not vote proxies given it for any plan of re¬
organization until such plan has been submitted to the stockholders it re¬
presents for their approval.
Deposits of stock are not being requested.
Company on Dec. 3, 1937, filed a petition in the U. 8. District Court,
District of New Jersey, asking that it be reorganized under the provisions
of Section 77B of the Bankruptcy Act.
On Dec. 13, 1937, the Court
determined to approve the company's petition.—V. 144, p. 4166.
11,006 shs.
Mitchum, Tully & Co., Los Angeles
Blyth & Co., Inc., San Francisco
Due from subscribers & agts.,
Formation of a stockholders' protective committee, composed of Lewis
L. Clarke, Hulbert A. Yerkes and Leslie G. Weldon, to represent the in¬
14,675 shs.
540,000
360,000
-
Paine, Webber & Co., Boston
Working funds
Co .—Protective Committee—
Pref. Stock
$720,000
Name—
Bonbright & Co., Inc., New York
Assets—
Apex Electrical Mfg. Co.
$2,394,663
1,424,816
343,581
1,589,572
$836,923
8,575
Net income
share on the
apital stock, payable Dec. 28 to holders of record Dec. 22. Similar distri¬
were made on Sept. 30 and on June 30, last, and previously regular
quarterly dividends of five cents per share were distributed.
In addition
tne following extra disbursements were made:
Five cents on March 31
last; 15 cents on Dec. 28, 1936, and five cents on June 29 and April 1,
1935, and on Dec. 31 and April 2, 1934.—V. 145, p. 2380.
butions
% Mos. End.
Aug. 31,'37
1936
$3,223,922
1,817,516
450,550
Net earnings
Other income
a
Subsidiaries
31
$2,907,001
1,635,645
,683,115
Operating revenues—
Oper. exp., incl. deprecTaxes, incl. Fed. inc. tax.
a
on
Dec.
1935
1934
Net earnings
Profit
£107,100
128,500
154,407
a0,883
xOutstanding
$10,300,000
300,000 shs, yl73,000shs.
—150,000 shs.
143,000 shs.
150,000 shs.
None
Upon completion of present financing,
y Includes 36,515 shares which
company issued to parent, General Telephone Corp., on Nov. 1, 1937,
x
Other int., &c.,
£244,506
x CompaniesMilled
Brakpan Mines, Ltd---. -135,500
Dap
iggafontein Mines, Ltd--126,500
p.
1965__
pref. stock, series B (no par)
Cum.
Int.
(In South African Currency)
Tons
Value of Gold
x
Authorized
$16,500,000
Capitalization—
Istmtge. 4% bonds, ser. B, due July 1,
Common stock (no par)
Cum. pref. stock, $1.25 series (no par)
Consolidated Earnings of the Company and Its
1937
1937
18,
share and accrued dividends on
devote the
years tollows:
Week
Ended~
assets to the extent of $25 per
to
voluntary or involuntary liquidation.
Works & Electric Co. for the week ended Dec. 11,1937, totaled 43,911,000
kilowatt hours, a decrease oi 7.28%
hours for the corresponding week of
Dec.
Chronicle
series B,
8,500,000
due July 1,1965-
to
General Tele¬
1,000,000
8,108
478,462
644,219
102,364
124,139
17,472
phone Corp.—parent co_—
Deferred liabilities
.
—
—
-..
-
Accounts payable.
Accrued liabilities...
Common stock divs. payableService billed in advance—_
Due to affiliated companies-
52,277
Other current liabilities
3,098,042
440,356
292,854
Res. for deprec. & amortiz.
Contrib. of telephone plant—
Earned surplus
Total.
x
$20,627,402
—
After
reserve
-
$20,627,402
Total
y Repre¬
Represented by 136,485 no-par shares.
for uncollectible notes and accounts of $30,409.
sented by 106,312 no-par
-ZV. 145, p. 3490.
shares,
z
.
_
Associated Telephone
^
y,
V
& Telegraoh Co.—Pref. Divs.—
directors have declared a dividend of $1.47 per share on the 7%
1st pref. stock and a dividend of $1.26 per share on the $6 cumul.
pref. stock, both payable Dec. 24. to holders of record Dec. 17.
Divi¬
dends on both issues are in arrears.
See also V. 145, p. 2381.
The
Arrow-Hart & Hegerran
Electric Co.-—Year-End Div.—
The directors have declared a year-end dividend of $1.25 per share on
the common stock, par $10, payable Dec. 20 to holders of record Dec. 9.
A dividend of 75 cents per share was paid on Oct. 1 last, and each three
months previously,
An extra dividend of 75 cents was paid on Dec. 18,
1936, and at the same time the regular quarterly dividend was raised from
50 cents to 75 cents per share.—V. 144,.p 4166.
Arundel Corp.—-Earnings —
x
Period End. Nov. 30—
Profit—
x
1937—Month—1936
$86,997
$77,853
1937—11 Mos.—1936
$1,060,162
$741,781
After depreciation, &c., but before Federal income taxes.
Joseph
V.
Hogan,
President, states that
new
contracts
received
total
$1482,7^U^arul^contract work on hand approximates $7,500,000.—V.
Associated Gas & Electric
Co.—Weekly Output—
For the week ended Dec. 10 Associated Gas & Eiectric
System reports
electric output of 90,301,627 units (kwh.), which is a decrease of
2,864,218 units, or 3.1% below the comparable week a year ago.
Gross output/including sales to other utilities, amounted to 102,677,731
net
units for the week.—V.
145, p. 3810.
curnul.
1st
Atlas
Telephone Co., Ltd .—Bonds and Preferred
Stock Offered—Financing for the
company in the form of
bonds and preferred stock was carried out Dec. 14 with an
offering- of $1,800,000 first mortgage 4% bonds and 36,688
shares of cumulative
preferred stock, $1.25 series, through
comprising Bonbright & Co., Inc.,
Paine, Webber & Co., Mitchum, Tully & Co. and Blyth
& Co., Inc.
The bonds were priced at 1023^ plus accrued
int. from July 1, 1937, and the preferred stock at $22.50
per share plus accrued dividends from Nov. 1, 1937.
Both
an
underwriting
group
issues have been oversubscribed.
bonds bear interest at 4% per annum, accruing as to this
offering from July 1, 1937, payable on Jan. 1 and July 1 of each year in
Los Angeles or, at the option of the holder, in New York.
The cumulative preferred stock, $1.25 series, is preferred over the com¬
stock as to cumulative dividends at the rate of $1.25 per share per
mon
annum,
payable Q.-F. and accruing as to this offering from Nov. 1. 1937,
Dec.
15 the first annual report of the new
approximately $13.36 per share, as compared with $18.77 per share
Oct. 31. 1936.
On July 31, 1937, the date of the last report issued
by Atlas, the asset value of the common stock was $18.17 per share.
During the past fiscal year 80 cents per share in dividends was paid on the
common stock and $3 per share was paid on the preferred stuck during the
same period.
The preferred stock (par $50) had net assets as of Oct. 31.
1937, of approximately $143 behind each share.
Floyd B. Odium, President, in a letter to shareholders embodied in the
report, points out that the Standard Statistics 90-stock index on Oct. 30,
1937, was at the exact point where this index stood on Oct. 30, 1935.
On that date, that is, two years ago, the asset value of the common stock
of Atlas was approximately $12.80 per share, while on the same date
this year it was $13.36.
During these two years, $1.60 was paid in divi¬
on
the common stock.
on
formation of the present company's direct predecessor Atlas
September, 1929, when the asset value of the common stock
$8 per share, there has been an increase in the asset value of
approximately $5.36 per share, which is equal to a 67% increase, wrhile
during the same period the 90-stock index declined over 60%.
During
that period Atlas paid out in dividends $6,162,901 on the preferred stock
and $7,408,248 on the common stock.
The income of the company during the fiscal year from dividends, interest
and miscellaneous sources was $3,292,835, and the expenses for the same
Since
Corp.
was
the
in
about
period
Mr.
were
$1,307,050.
Odium's letter
to
the shareholders points out
obtained during the fiscal year
that no income
was
from the company's investment in Radio-
Keith-Orpheum Corp. and none since Dec. 1, 1936, from the other major
investment in Utilities Power & Light Corp., due to the reorganization
proceedings in the case of these two companies.
However, Mr. Odium
"The earnings of these companies applicable tu company's holdings,
aggregated more than $1,000,000 during the year and, naturally, this
earning power will be given expression in the final reorganizations."
During the year net loss on sale of securities amounted to $280,924.
This, with the expenses and other deductions from the total income, left
$1,605,398 of consolidated net income carried to earned surplus.—V. 145,
p. 2538.
states:
The series B
made public
was
dends
Associated
Corp.—A nnual Report, Year Ended Oct. 31,1937—
Corporation
Atlas Corp. which was organized on Oct. 31. 1936, as a result of a con¬
solidation of the former Atlas Corp. and certain of its subsidiaries.
The asset value of the common stock of corporation on Oct. 31, 1937,
Volume
Financial
145
Chronicle
Atlas Press Co.—Extra Dividend.—
Barlow & Seelig Mfg.
The directors have declared
addition to a regular
mon
an extra dividend of 10 cents per share in
quarterly dividend of 10 cents per share on the com¬
stock, both payable Dec. 20 to holders of record Dec. 14. An extra
of 5 cents in addition to the
10 cents
last, and
P. 3646.
an
quarterly dividend
initial dividend of 10 cents
was
was
paid
on
Sept. 15,
paid on June 15, last.—V. 145,
7;.<J
Period End. Nov. 30—
Gross sales, less returns,
allow's & cash disc'ts.
Cost of goods sold
Sell.,
$3,558,224
2,496,192
680,993
$3,615,974
2,454,722
642,721
$2,425
$34,167
$381,039
12,171
$518,531
895
500
$35,062
7,900
$393,210
85,700
$529,196
117,450
$1,935
gen. & adm. exps__
$247,416
165,871
47,379
$27,162
$307,510
$407,742
Net profit from oper
tial interest in the capital stock and debentures of Auburn and in the com¬
mon and preferred stocks of
Lycoming.
Following filing of the petitions
under 77-B in the U. S. District Court for the Northern District of Indiana,
the Court entered orders
continuing the two companies in possession of their
Net
necessary solely because of the impossibility of meeting fixed obligations for
sinking fund, debenture interest due Jan. 1, 1938, and Auburn's guaranty
to pay dividends upon and retire the
preferred stock of its subsidiary,
Lycoming Mfg. Co.
In the case of Lycoming, it is expected that sales of its
products will permit payment of all trade creditors.
Operations of both
companies will continue and a plan of reorganization will be presented at
an early date."
As of Nov. 30, 1936, Cord Corp. had a total of $5,507,152 invested in
prov.
taxes
4,004
■
;:c:
1937
Accts.
x
1936
$309,952
&
$496,419
notes
receivable......
221,346
Liabilities—
Accounts payable.
1937
272,642
259,685
surance, &c
in Am. Iron¬
10,096
13,304
ing Mach. Co..
112,448
61,991
common stock..
Common stock
9,137
12,573
Paid-in surplus...
Prop., pl't & eq_
219,593
178,728
Earned surplus...
Pats. & goodwill..
2
1936
$31,877
28,444
Accrued expenses.
Fed. & State inc.
475,487
$50,150
48,313
2
Inventories
Prepaid freight, in¬
Other
non-current
Total
time Auburn has concentrated its efforts on the
in
current..
for
30,640
$1,358,061 $1,295,3451
17,721
86,233
126,235
475,000
475,000
120,000
82,348
accrued
income taxes
$1.20
assets
y
taxes,
Res.
Inv.
1936.
class A
cum.
375,578
$1,358,061
Total
120,000
82,348
503,519
$1,295,345
After
reserve for doubtful accounts of
$12,441 in 1937 and $15,631 in
After reserve for depreciation of $267,881 in 1937 and $247,891
1936.—V. 145, p. 3339.
x
y
Beauharnois
bodies.
,
Light Heat & Power Co.—Contract with
Hydro-Electric Po wer Commission of Ontario—
Z-Year 4%% Convertible Debentures Interest—
Stock Exchange having received notice that the U.
District Court for the Northern District of Indiana entered an order
10,666
Comparative Balance Sheet Nov. 30
Assets—
Cash
this year and Mr. Manning took charge of Cord Corp.'s affairs, manufac¬
ture of the Cord automobile by Auburn was also suspended.
Since that
York
$2,435
Ironing Mach. Co
It abandoned manufacturing of the Auburn automooile about a year ago
and when E. L. Cord disposed of his holdings in Cord Corp. in August of
development of new products
including kitchen, refrigerator and washing machine cabinets and truck
•
profit before
Net profit for period..
securities of Auburn and
Lycoming, out of totai investments of $10,190,120
shown in its protfolio.
Mr. Manning stated that little change had been
made in these holdings in the past year.
Auburn's present difficulties are the result of six
years' unsuccessful
efforts to regain its former position in the automobile business.
10
for income
Prov. for income taxes..
Prov. for loss on Amer.
properties.
A statement issued by Mr. Manning and credited to the Auburn manage¬
ment said in part:
"As far as the Auburn Automobile Co. is concerned, all
current bills to the trade have been met
promptly and reorganization is
The New
1937—11 A/os.—1936
$157,388
112,314
42,649
Other income..
Proceedings to reorganize the company and its subsidiary, Lycoming
Mfg. Co., under Section 77-B of the Bankruptcy Act were announced
Dec. 11 by L. B. Manning, President of Coard
Corp., which has a substan¬
on
Co.—Earnings-
1937—Month—1936
\
Auburn Automobile Co.—To
Reorganize—
Ruling
3967
S.
on
The
of statement
text
issued Dec. 14 on behalf of Beauharnois
Heat & Power Co. and Beauharnois Power
Corp. by John S.
Dec. 11, 1937, approving a petition filed by the company for reorganization
pursuant to Section 77-B of the Bankruptcy Act: the Committee on Secur¬
ities rules that beginning Dec. 14, 1937, and until further notice, the 3-year
4%% conv. debentures, due 1939, shall be dealt in "flat" and to be a de¬
livery must carry the Jan. 1,1938, and subsequent coupons.—V. 145, p.3188.
restoration
Light
Norris, Presi¬
dent, follows:
The Beauharnois
between it and the
Light, Heat & Power Co. announces an agreement
Hydro-Electric Power Commission of Ontario for the
forthwith
of its
contract
with
the
Commission
on a
modified
basis, which will bring to
an end the litigation resulting from the
suspension
by the Commission and the Ontario Legislature.
The price provided in the revised contract is
$12.50 per horse power per
year and the deliveries, which have been extended in horse
power-years
for a period equivalent to that of the
suspension, are as follows:
125,000 hp. from Nov. 1, 1937 to Nov. 1, 1938: 150,000 hp. from Nov.
1, 1938 to Nov. 1, 1941; 200,000 hp. from Nov. 1, 1941 to Nov.
1, 1942:
225,000 hp. from Nov. 1, 1942 to Nov. 1, 1943; and 250,000
hp. from
Nov. 1, 1943 to Nov. 1, 1976.
of the contract
Automobile Banking Corp.—-Extra Dividends—
The
directors
declared
have
an
extra
dividend
of
10
cents
per
share
in addition to the regular
quarterly dividends of like amount on the class A
stocks, all payable Dec. 27 to holders of record
Similar amounts were paid on July 1 last.—V. 145, p. 2381.
and
common
Dec. 20.
common
Automobile Insurance Co .—Extra Dividend—
The directors have declared an extra dividend of 30 cents per share in
addition the regular quarterly dividend of 25 cents per share on the capital
stock, both payable Jan. 3 to holders of record Dec. 11.
Extra dividends of
20 cents were paid on Jan. 2, 1937 and on Jan. 2, 1936.—V. 143, p. 4145.
dividend of $1.30 per share on the common
a
stock, no par value, payable Dec. 21 to holders of record Dec. 13.
This
compares with 50 cents paid on Oct. 25, Aug. 25, June 25, last, and on
Oct. 23, 1936, this last being the first pyament made since Dec. 15, 1935,
when
a
similar dividend
was
paid.—V. 145,
p.
102.
Baldwin Locomotive Works—Trustee Gets Order to Cancel
'
;
Judge Oliver B. Dickinson, in U. S. District Court, Dec. 10, gave the
Fidelity-Philadelphia Trust Co., as trustee, authority to satisfy the old
$10,436,000 consolidated mortgage on the property in view of the fact that
the new refunding mortgage has been completely authenticated and exe¬
cuted.
At the
occur on
same
time he gave the five
authority to take
voting trustees of the new common
action necessary to fill vacancies that might
any
the reduction in price, the
company feels that in thus
amicably settling the dispute it is acting in the best interests of the bond¬
holders and shareholders in that there is advantage in the
avoidance of
further prolonged litigation and the immediate
resumption of deliveries.
As regards the status of the bondholders of the
Beauharnois Power Corp.
the modified contract, the officers of the
company are preparing
of earnings for the protective committee; the bondholders
under
estimates
Old Mortgage—
stock the
subject to ratification on or before July 1, 1938,
as also by the bondholders of the
company; if
provided the judgments obtained by the company
against the Commission are to be waived, each paying its own costs.
While it will lose a huge sum of money as a consequence of the
suspension
This latter order was made because of doubt whether a previous order of
Judge Dickinson requiring the Court's permission for the election of any
officers applied to the board.
The petition for the cancellation of the mortgage was filed by George H.
Houston, President, who explained that the 60-day period for conversion
of the old bonds into new common stock expired Nov. 1, but that con¬
solidated holders were still protected by the provision in the reorganization
plan to exchange consolidated bonds for an equal number of refunding bonds
plus new 7% cumulative preferred stock for the interest coupons due
March 1 and Sept. 1,1935.—-V. 145, p. 3339.
through the committee, in due course, the amount of money it is
anticipated will be available for payments of interest on the bonds of that
company.—V. 143, p. 2040.
Belmont Radio
Thomas
H.
Schultz,
Assistant Treasurer,
on
Dec.
11,
accordance
of the
1937—Month--1936
-
Operating revenues
Operating expenses
$1,005,140
828,720
.
Net oper. revenues..
$176,420
Dec.
plan
on
approved
on
on Dec.
9
the lirst preferred
the respective issues.
mentioned dividends will be paid on
9 and the balance is payable Jan. 3.
Unlisted
common
new
Dec.
10
to
One-half
holders
of
Trading—
The New York Curb
stock
Exchange has admitted to unlisted trading privileges
(voting) $1 par, in lieu of old common stock (non¬
no par.
New common stock
(voting) issued, share for share, in exchange for old
stock (non-voting) in accordance with the plan of
recapitalization,
Aug. 17, 1937, as amended.—V. 145, p. 3811.
Boston
$980,338 $10,891,582 $10,737,387
796,642
9,146,303
8,988,031
$183,696
103,658
$1,745,279
1,050,651
$1,749,356
1,063,966
Operating income
Non-operating income.
$81,086
1,372
$80,037
1,857
$694,627
20,983
$685,390
18,901
Gross income
Fixed charges..
$82,459
5,574
$81,894
9,841
$715,610
75,600
$704,292
111,837
$76,885
$72,053
$640,010
353,076
$592,454
Herald-Traveler
$286,933
$357,073
.
on
'■&}
Ser. A 4% & 5% debs
.
Remainder
Note—Interest
deductions
for
series
A 4%
and 5%
a
Boston Insurance
235,380
a special dividend of $5 per share in addition
regular quarterly dividend of $4 per share on the capital stock, both
payable Jan. 3 to holders of record Dec. 14.
A similar special dividend was
paid on Jan. 2, 1937 and on Jan. 2, 1936.—V. 143, p. 4146.
to the
Personal
cents was
Period End. Nov. 30—
x
Profit
x
have declared
special dividend of 75 cents on common
stock, payable Dec. 23 to holders of record Dec. 17.
This is the first dis¬
tribution on the common stock since January, 1931, when 50 cents per share
was distributed.
Company stated that any future disbursement on the
common will of necessity depend on earnings in the future and conditions as
they develop.—V. 145,
p.
The
See list given on first page of this department.
Inc.—Registers with
p.
3339.
directors
nave
declared
C
Special Dividend—
a
Corp., Inc.—To Pay 50-Cent Dividend—
a
dividend of 50 cents
per
share
on
the capital
stock payable Dec. 21 to holders of record Dec. 17.
An initial dividend
of 30 cents was paid on Dec. 30, 1936.—V. 144, p. 4170.
Brewster Aeronautical
Corp.—Initial Dividend—
The directors have declared
common
an initial dividend of five cents per share on
stock, payable Dec. 22 to holders of record Dec. 15.—V. 145,
2383.
(J. G.) Brill Co.—New Officials—
At
„
145,
special dividend oi 30 cents epr share
share, and the regular quarterly dividend
of 30 cents per share (or a total of 80 cents per share) on the common
stock, no par value, all payable Dec. 24 to holders of record Dec. 15
An extra dividend of 80 cents per share was paid on Dec. 24, 1936.—
V. 144, p. 4169.
p.
Foundation,
SEC—
1937—11 Mos.—1936
$191,045
$114,647
extra dividend of 20 cents per
an
the
3647.
Franklin
taxes.—V.
Breeze
a
2383.
1937—Month—1936
$22,581
$35,111
The directors have declared
Corp.—To Pay Special Dividend—-
p.
Corp.—Earnings—
(E. J.) Brach & Sons—Extra and
paid on Dec. 26, 1936.—V. 144, p. 98.
Barker Brothers
—
Hotels
After ordinary taxes and interest, but before amortization and Federal
income
Corp.—Dividend Omitted—
dividend
action was taken by the directors at their meeting held
In commenting upon the action of the directors, Robert C. Adams
President; said, "It was the general opinion of the directors, in view of the
present depressed condition of the security markets and of the desirability
of maintaining present resources, that the interests of the stockholders would
be best conserved by not paying any dividend at this time."
A regular semi-annual dividend of 25 cents was paid on July 12, last, and
an extra dividend of $1.25
in addition to the 25 cents semi-annual dis¬
paid on Dec. 24, 1936.—V. 145,
Bowman-Biltmore
3647.
Dec. 14.
Property Trust—Extra Dividend—
The directors have declared an extra dividend of 19 cents per share in
addition to quarterly dividend of 16 cents per share on the common stock,
both payable Dec. 24 to holders of record Dec. 16.
Extra dividend of 24
debentures, in the
June 30 only.
Int. for the
five months, July to November inclusive, at the full stipulated rates, for
which no reduction is made above, totals approximately $392,075.—V.
145,
Co.—Special Dividend—
The directors have declared
cumulative figures are for the six months to
Bancamerica-Blair
Corp.—Special Dividend—
have declared a special dividend of 25 cents per share in
quarterly dividend of 50 cents per share on the common stock,
no par value.
The special dividend will be paid on Dec. 24 to holders of
record Dec. 18, and the regular quarterly payment will be made on Jan. 3
to holders of record Dec. 18.
A special dividend of 75 cents was paid on
Dec. 21, 1936 —V. 145, p. 103.
addition to
Boston
Net income.
Interest declared
Benjamin
readjustment
dividend of $18.76 per share
The directors
1937—11 Mos.—1936
95,333
.
Taxes
The directors
a
above
record
Co.-—Earnings—
[Including Baltimore Coach Co. (Inter-co. Items Eliminated) ]
Period End. Nov. 30-
was
capital
a
common
Baltimore Transit
tribution
with
in satisfaction of all back dividend
are
dated
No
$1.02
stock; $20.79 per share on the second preferred class A stock, and a dividend
of $3.56K Per share on the second preferred class B stock.
These payments
1937.—
V. 145, p. 3491.
p.
$306,866
(E. W.) Bliss Co .—Clears Perferred Arrears—
In
directors have declared
voting)
died
Corp.—Earnings—
Earnings for lo Months Ended Oct. 31, 1937
Net income before Federal taxes..
Earns, per share on 30u,000 capital shares
—V. 14u, p. 2064.
the
RR.—Obituary—
will
learn
the board of directors.
Baltimore & Ohio
as
of the contract and
Badger Paper Mills, Inc.'—-Larger Dividend—
The directors have declared
The modified contract is
by the Ontario Legislature
the contract is ratified
a
recent
meeting of the board of directors B. D„ F. Baird was elected
Assistant Treasurer to serve for
/the unexpired term of Frederic W. Brill,
Financial
3968
The following appointments were also made:
Herbert
Comptroller; T. B. Richardson. Assistant Comptroller,
Auditor.—V. 145, p. 428.
deceased.
Anderson,
hand
on
Fence & Wire Co.—Sales—
a
last year, a
&
Co., Inc.—Debentures
Called—
elected to redeem on Feb. 1,
3^% sinking fund debentures, due
The company has
of its 1,5-year
1938, $60,000 face value
1950, at 105 and accrued
lot, will be payable
30 Pine St., New
interest.
These debentures, which have been drawn by
at the office of Goldman, Sachs & Co., fiscal agents,
Llab. for notes rec.
391,583
119,455
Local prop. &
Investments, &c._
216,318
221,319
franchise
3,095,894
3,262,903
Payroll
and
RIghtB in local ice
industry & pro¬
duction & equal,
4,034
5,847
7,232
Notes & accts. pay.
to affil.
112,433
98,805
not
cos.
Sundry
5% fixed & inc. int.
mtge bonds
3,472,500
Earned surplus
Corp.—Earnings—
Ended Oct. 30, 1937
$155,914
;
15,368
2,866
Si 75,124
24,358
allowed
Miscellaneous
1,971
603
1.093
—;
Development expenses
Interest paid
expenses
18,942
5,520
Federal income taxes
Provision for surtax on undistributed profits
Provision for
Net
$122,636
1,619
....
income
----
Portion applicable to
minority int. of former subsidiary-
carried to surplus
Earned surplus—Balance Oct. 31,
$121,016
Balance
Total
Dividends paid on 6% cum. conv.
Dividends
on common
Balance Oct. 30,
125,125
1936 (note)
$246,141
29,700
pref. stock—$3 per share
100,260
stock—25 cents per share
$116,181
1937
$0.23
Earnings per share on common
Note—Burry Biscuit Corp. (Western) and Educator Biscuit Co., former
subsidiaries of Burry Biscuit Corp., were dissolved June 12, 1937, and
1937, respectively, and their assets and liabilities merged with
The above statement includes the operations
for the period from Nov. 1, 1936, to dates of
liquidation.
Balance Sheet Oct. 30, 1937
Oct.
30,
those of the parent company.
of the subsidiary companies
Liabilities—
Assets—
Cash in banks and on hand...
receivable
Accounts
Inventories
-
Investments.-
Property, plant & equip, (cost)
Patents
&
trade names, at
value
nominal
25,042
After
Earned
for doubtful accounts,
reserve
493,500
50,130
148,875
116,181
surplus
$949,746
$9,955.
of $108,143.—V. 144,
discounts and allowances of
After reserve for depreciation and amortization
y
36,641
30,900
Total
$949,746
Total...
$73,519
$59,945 Accounts payable
xl65,608 Accrued liabilities
225,175 Prov. for Fed. Inc. & profits tax
88,325 6% cum. conv. pref. stock
(par $50)
y385,649
Common stock (par 12)^ cts.)_
1 Capital surplus
Deferred charges
x
4337.
p.
Butler Mfg.
Co., Kansas City,
Consolidated Bal. Sheet
—
Sept ..so—
1,054,640
accts.
2,273
8,836
486,442
1936
$4,675,025
1,946,400
$4,354,431
xl ,597,808
res.)__ $2,728,624
1,484
Dr53,877
$2,756,623
4,153
Dr38,829
and taxes
Net oper. rev. (before approp. for retire.
Miscellaneous non-operating revenues
merchandising, jobbing & contr.work
(before approp.
Net oper. rev. & other income
for retirement reserve)
$2,676,231
$2,72i,947
300,000
300,000
$2,376,231
237,430
840,467
20,401
$2,421,947
239,415
930,111
37,539
183,619
11,400
$1,029,713
$1,019,861
Appropriation for retirement reserve.
income
Rent for lease of electric properties
Interest charges
(net)
of projects
Amort. of preliminary costs
Amortization of debt discount
and
45,046
abandoned_
203,171
expense
deductions
Other income
Net income
x Including $33,340 for amortization of
deferred in 1931.
extraordinary operating expenses
Notes—(1) For comparative purposes the above figures have been re¬
vised to reflect certain changes in classifictaion, due to the uniform system
of accounts which became effective Jan. 1, 1937.
(2) No provision has been made for Federal income taxes or
surtax on
undistributed profits for 1936 as the company claimed as a deduction in
its final income tax return for that year an unamortized discount and ex¬
pense
and redemption premium
and expense on bonds and debentures
for 1936.—V. 145,
redeemed in 1936, which will result in no taxable income
p.
3190.
Callahan Zinc-Lead Co.—To
Offer Shares to Stockholders
of an offer of 498,413 shares of
stockholders upon certain terms
As a condition precedent to carrying the offer into effect,
the directors have authorized the filing of a registration statement with the
Securities and Exchange Commission under the Securities Act of 1933,
as amended.
Formal application will be made to the New York Stock
Exchange for listing these 498,413 additional shares.
When the registration statement becomes effective the company will offer
the 498,413 shares to its stockholders subject to the following conditions:
The date of record of stockholders entitled to purchase the 498,413 shares
will be Dec. 24, 1937: the purchase price will be $2 per share; the ratio will
be 1-3 of a share of the authorized but unissued stock for each share held;
the date of expiration of the right to purchase will be Jan. 13, 1938.
All payments are to be made in New York funds on or before the close
of business on Jan. 13,1938, to Title Guarantee & Trust Co., 176 Broadway,
New York, N. Y.
Such payments are to be held by Title Guarantee &
Trust Co. in escrow until the close of business on Jan. 20, 1938.
If by
the close of business on Jan. 18, 1938, company has not received $250,000,
whether from the exercise of subscription warrants
by stockholders or
through the exercise of an option granted to Goldfield Consolidated Mines
Co. on such stock as is not taken up by stockholders through the exercise
The directors have authorized the making
the authorized but unissued capital stock to
and conditions,
subscription warrants or if by the close of business on Jan.
20,
67.840
36,563
750,000
935,000
935,000
—V. 145, p. 2688.
13,325
366,621
officers
6,245
and employees.-
13,517
75,891
28,141
72,136
due)
Accrued taxes.___
in process
7,270
74,098
__
Employees (notyet
352,028
492,603
Goods finished and
stock...
15,000
contingencies
69,965
743,172
...
Fixed assets
64,895
company
Surplus reserve for
of life
Insurance-.
1937
Operating revenues
Operating expenses, maintenance
750,000
credit
balance
Trade creditors.
Raw mater als
value
Co.—Earnihgs—
Preferred stock
856,627
re¬
ceivable
from
$4,569,486 $4,483,223
1937 and
$305,800 in 1937 and
3834.
1938, directors nave determined not to exercise a certain option which the
has to acquire 51,000 shares of the capital stock of Livengood
Placers, Inc., then and in such event all payment made by stockholders in
the exercise of their subscription warrants will, within 30 days after Jan. 18,
1938, be returned to them without interest, and the transaction cancelled.
Otherwise, the shares for which subscriptions are received will be issued to
subscribers as soon as practicable after Jan. 20, 1938.
All of the foregoing dates are subject to change in case the registration
statement filed with the SEC has not become effective on or before Dec. 19.
$400,000
$675,000
Notes payable
Customers'
accounts
Cash
California Oregon Power
Gross
28,080
doubtful notes and accounts of $36,487 in
Year Ended Oct. 31—
Income from
3,496,500
542,740
542.740
def. 15,917
Common
$81,205
Customers' notes &
Miscell.
After reserve for
of their
1936
1937
LiablU'les—
1936
1937
$85,701
Assets—
Cash
Due
a
Total
$4,5f9,486 $4,483,223
Total
$29,479 in 1936.
b After reserve for depreciation of
$154,269 in 1936.
c Paid Oct. 1, 19o7.—V. 143, p.
976
Interest
13,929
billed In advance
The directors have
operations
Discounts received on purchases
Profit on sale of securities (net)
12,149
reserves..
Def'd credits—rev.
Ltd.—Extra Dividend—
Earnings for Year
50,231
12,188
advances
Cap. stk. (par $10)
Burry Biscuit
104,649
Llab.for ice distrib.
145, p. 2065.
Gross income from
34,965
41,602
Def. liabs. & res..
declared an extra dividend of 50 cents per share in
addition to a quarterly dividend of 50 cents per share on the class A and
class B stocks, no par value, all payable Jan. 3 to holders of record Dec. 17.
An extra of 25 cents in addition to the 50 cent quarterly dividend was paid
on Oct. 1, last; dividends of 35 cents per share were paid on these issues
in each of the four preceding quarters and prior thereto regular quarterly
dividends of 25 cents per share were distributed.
In addition, an extra
dividend of 50 cents was paid on Jan. 2, 1937, and an extra of 25 cents was
paid on Oct. 1 and Jan. 2, 1936, and on Jan. 2, 1935.—V. 145, p. 1893.
16,653
34,725
62,518
at
accr
3% from Junel.
75,100
79,478
Deferred charges..
Total
Cash discounts
24,506
wholly owned..
Bond int.
21,418
have declared a extra
Building Products,
41,951
stock taxes.
packing
dividend of 25 cents per share on the
common stock, no par value, payable Dec. 23 to holders of record Dec. 16.
This compares with a dividend of 50 cents paid on Nov. 1, last; 25 cents
paid on Aug. 2, May 1 and Feb. 1,1937; 50 cents on Dec. 22 and on Nov. 2,
1936 and 25 cents per share on Aug, 1, 1936, this latter being the first divi¬
dend paid since Nov. 1, 1932 when 25 cents per share was also distributed.
—V.
61,800
63,479
40,113
<fcc., accr.
2,420
cap.
& amort-
agree.
Fruit Juice
State
taxes.
Dep.& adv.collect.
Res. for Fed.Inc. &
Co.—Extra Dividend—
Buckeye Steel Castings
The directors
166,549
discounted
434,369
259,080
licenses & proc.„
York.—V. 145, p. 3492.
$68,310
C75.000
Liabilities—
accts,
receivable
equipment
Brown Shoe
1936
$41,215
Bank loans
1936
$300,429
Inventories
b Land, bldgs.
1.65%.—V. 145, p. 3190.
decline of $21,103. or
Notes
1937
Accts. pay., trade.
1937
$364,124
Assets—
Cash in banks and
Sales in November totaled $209,009, a decrease of $16,901, or 7.5% from
November, 1936 total of $225,910.
For the five months ended Nov. 30
sales amounted to $1,255,095 as against $1,276,198 in corresponding period
1937
18,
Consolidated Balance Sheet Sept. 30
M.
and
William J. Brophy,
Brown
Dec.
Chronicle
Surplus and
760,491
Camaguey Sugar Co.—New Securities Ready—
See Vertientes Sugar Co.
undi¬
vided profit
Canada Bread
Supplies & deferred
charges
44,732
41,648
Co., Ltd.—Accumulated Class B Divs.-—•
share on account
pref. class B stock, par $50, payable
Like amount was paid on Oct. 1, last;
July 15, last; one of 75 cents on July 2,
The directors have declared a dividend of 75 cents per
36,823
Other assets
below.—V. 145, p. 1735.
361.656
446,584
75,042
of accumulations
on
the 5%
cum.
Jan. 3 to holders of record Dec. 22.
$3,033,984 $2,609,522
Total
$3,033,984 $2,609,522
Total
-V. 144, p. 765.
California Water Service Co.000
Bond
•Seeks Issuance of
$300,-
Issue'—
The company has asked permission of the California Railroad Commission
for authoritv to issua and sell $300,000 first-mortgage 4% bonds to be due
May 1, 1961.
Tne proceeds of the issue will be used to reimburse the
company's treasury for sums expended on additions and betterments to
existing facilities and not covered by outstanding bonds.
The company states that it will receive a price of 99 or better for the new
issue.
It is likely that the bonds would be sold privately, but the name of
the institution with whom the issue would be placed is not yet known.
on
V.
145, p.
2837.
a dividend of 50 cents was paid on
last; 62H cents was paid on April 1 and on Jan. 2, 1937,
per share was paid on Oct. 1, 1936.—V. 145. p. 1894.
Canada Dry Ginger
Ale, Inc. (& Subs.)—Earnings—
Years Ended Sept. 30—
Gross sales, less returns and allowances
1937
.$14,863,458
Cost of goods sold, advertising, selling, distributing
and general and administrative expenses
Gross
income..
Earnings for
the
Year Ending Sept. 30
(Incl.
Prov. for est. Fed. & Dom. of Can. income taxes..
Wholly-Owned Subs.)
1937
Profit
•ther
income
Total income
Interest on purchase money
obligations, &c...
Provision for Federal capital stock taxes
Proportion of loss of Hollywood Ice Co. (50% own.)
sold or scrapped
Exp. of removing cap. assets
Provision for depreciation
Loss
on
capital assets sold or scrapped
fixed interest
Bond interest—3%
$1,551,483
1,311,813
$239,669
$225,686
Costs and expenses (excluding depreciation)
$1,510,460
1.334,711
$165,749
59,936
Revenues—
$285,923
3,852
1,503
4-84i
918
1,278
1,336
154.733
3,955
3,160
159,107
for
year.
1,487
87,413
2,800
$47,547
prof$28,080
9,507,119
207.281
.$249,923
102.587
$352,511
109,603
60,507
149,859
100,128
in prior years
Shares common stock outstanding
Earnings
x
To
per
share
reduce
mortgage
(par $5)
$730,474
4,784.922
42.454
$182,400
4,646,261
11.262
$5,557,850
xl,801,955
Restor. to surplus of res'ves created
46,254
104". 692
Provision for Federal income taxes
Loss
Prov. for est. Fed. tax on undistributed profits
1936
13,666,346
242,069
$1,084,484
104,024
income
Income deductions
Consumers Corp.—Earnings—
California
1936
$9,964,323
$955,043
129,442
Provision for depreciation
Other
and one of 50 cents
$4,839,922
55,000
$3,755,896
615.157
$1.18
$4,784,922
512,631
$0.35
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 cares), $274.2/5; Federal income
taxes applicaole to prior years (net), $14,978; and transfer to capital surplus
of amount equal to charges made thereagainst as of Oct. 1, 1932, represent¬
ing reduction of property, plant and equipment to approximate 1931 price
levels, $424,701.
Volume
Financial
245
Chronicle
Consolidated Balance Sheet Sept. 30
1937
Cash
a
1937
S
2,045,998
accts.
828,138
Accounts payable-
1,248,562
787,625
Notes payable
U. S. & Dom.
14,179
receivable
Amts. receiv. from
Can. inc.
employees
rec.
24,976
15,115
19,582
Advs.for trav. exp.
Inv. In J. Chr. G.
8,379
Hupfel
1,000,000
1,608,989
313,241
258,302
6,208,151
168,101
5,382,539
261,341
1
Funded
debt
289,077
tr.-mks.,
11,925,198 10,167,081'
After
416,590
36,000
48,000
457,703
1.810,373
337,942
1,257,507
pay.
within 1 year...
current)
Customers' depos.
200,000
200.000
Capital stock
3,075,785
1,470,092
3,755,896
4,784*922
c
reserves
11,925,198 10,167,081
Total
Canadian
1937
Represented by
for uncollectible notes and accounts of $82,593 in
and $89,108 in 1936.
b After reserve for depreciation,
shares of $5 par value.—V. 145, p. 3492.
Industries,
The directors have declared
c
Canadian National
a
Ry.—Earnings—
Earnings of System for Week Ended Dec. 14
1937
Gross earnings.
1936
$3,584,956
—V. 145, p. 3813.
Canadian Pacific
Decrease
$153,930
$3,738,886
'
•
.
Ry.—Earnings—
Week Ended Dec. 7—
1937
1936
Increase
$2,856,000
Traffic earnings
—V.
145, p. 3813.
$2,806,000
$50,000
Wineries, Ltd. (& Subs.)—Earnings
6 Months Ended Oct. 31—
—
$37,434
loss$22.202
145, p. 429.
The directors on Dec. 11 declared an extra dividend of 50 cents per share
in addition to a semi-annual dividend of 50 cents per share on the common
The extra dividend will be paid on Dec.
22 and the regular semi¬
18.
annual dividend will be paid on Jan. 3 both to holders of record Dec.
An extra of 50 cents was also paid on Dec. 22, 1936.—V. 145, p. 1251.
Carriers & General
Corp.—Balance Sheet Sept. 30
1936
1937
Assets—
Liabilities—
a$8,863,972 $8 ,333,759
Investments
104,781
801,362
29,915
30,106
44,622
56,513
149,749
Cash in banks
29,266
161,084
Cash dep. with div.
paying agent
Cash
diva.
rec.
not yet delivered
_
$9,193,040 $9,412.0901
Total
a
$602,120
2,000,000
6,330
30,106
54,637
60,405
6,702
52,556
6,490,536
6,660,573
expenses
Prov. for Fed. inc.
Rec. for secur. sold
Deferred charges.
1936
1937
bCap. stk. (par $1)
$602,120
5% debentures
2,000,000
Pay. for sec. pur..
9,130
Dividend payable.
29,915
Acct. pay. & accr.
&
accr.int.onbds.
tax
_
Capital surplus
Total
$9,193,040 $9,412,090
value at Sept. 30, 1937, $6,731,325.
b Warrant attached to
$1,000 debenture entitles the holder, subject to and as provided in
purchase 50 shares of common stock of the corporation at
Market
each
the indenture, to
any time prior to Jan. 1, 1939, at the price of $12.50 per
time thereafter and prior to Nov. 1,1950, at prices ranging
share and at any
from $15 to $20
share. On Sept. 30, 1937, options to purchase, or before April 14, 1941,
6,547 shares of common stock at $16.01 per share and 4,147 shares at $16.10
per share were issuable to Calvin Bui Lock under agreement dated Aug. 26,
per
1929.
Chesapeake & Ohio RR.—President Dead—
William J.
Control of Erie and Nickel Plate Approved by ICC—
^
The Interstate Commerce Commission on Dec. 7 approved the
acquisition
of the New York Chicago & St. Louis RR. and
of stock (subject to conditions imposed by the
ICC).
The report of the Commission says in part:
The Chesapeake & Ohio Ry. applied on Feb. 4, 1937, for authority under
Section 5(4) of the Interstate Commerce Act, as amended, to acquire con¬
trol, through acquisition of capital stock, of New York Chicago & St. Louis
company of control
the Erie RR. by purchase
The Nickel Plate
granted, the applicant now has working control of the Pere
Marquette Ry. through ownership of 49.14% of its capital stock.
The applicant proposes to take over from the Virginia Transportation
Corp., a wholly-owned subsidiary, 25,100 shares of Nickel Plate common
stock, 151,405 shares of Erie first preferred, 60,195 shares of Erie second
preferred, and 769,800 shares of Erie common; and from the Alleghany
Corp., 167,300 shares of Nickel Plate common and 215,000 shares of Erie
common.
Taken together, these interests would amount to 57.02% of
Nickel Plate and 55.68% of Erie securities having full voting power.
The Virginia Transportation Corp. was incorp. in Maryland with an
authorized capital stock of 500,000 shares (no par), for a variety of corporporate purposes, on Oct. 13, 1926, but eight days later certain powers re¬
lating to land and water transportation were relinquished.
On Dec. 22,
1930, the authorized stock was increased to 1,000,000 shares.
Its chief
function has been to make and hold investments in railroad and other cor¬
porations.
The company has outstanding 606,930 shares, issued to the
applicant from time to time at $100 a share, or a total par value of $60,693,000.
Of these total proceeds, the amount of $44,046,430 was used to purchase
stock of the Nickel Plate and the Erie as follows; From the applicant,
005 shares,
stock, payable Dec. 23 to holders of record Dec. 16.
This
with 5 cents paid on Oct. i, July 1 and on April 1, last; 15 cents
paid on Dec. 24, 1936, and a regular quarterly dividend of five cents paid
on Oct. 1, 1936.—V. 145, P. 2540.
Carthage Mills, Inc.—-Pays $1 Dividend—
The company paid a dividend of $1 per share on its common stock, no
value, on Dec. x7 to holders of record Dec. 17.
This compares with
$1.25 paid on Dec. 24, 1936 and $1 paid on Dec. 15. 1935, this latter being
the initial distribution on the common stock.—V. 145, p. 600.
par
this time.
An initial special
share was paid on Dec. 15, 1936.—V. 145, p. 2838.
Central Fire Insurance Co. of Baltimore—Div. Doubled
have
declared
a
dividend of 50
cents
per
share
on
the
capital stock, par $10, payable Dec. 28 to holders of record Dec. 27.
This
compares with 25 cents paid on June 28, last; 50 cents paid on Dec. 28,1936
and dividends of 25 cents per share previously distributed each six months.
—V.144,p.4172.
Central Ohio
Light & Power Co.—Serial Notes—
Company, a subsidiary of Crescent Public Service Co., a registered
holding company, has filed with the Securities and Exchange Commission
an
application (File No. 32-76) under the Holding Company Act, for
exemption from the requirements for filing a declaration covering the
issuance of four series of 6% unsecured serial notes amounting to $93,215.60.
The notes are to be issued to various companies in payment for equipment
necessary in
the construction and completion of an electric generating
The P. U. Commission of Ohio nas approved the issuance.
Oppor¬
tunity for hearing in the above matter will be given at 10 a. m., Dec.
28, 1937—V. 145, p. 3003.
plant.
Central Vermont Ry.,
Period Ended Nov. 30—
Inc.-—Earnings—•
1937—Month—1936
1937—11 Mos.—1936
Railway oper. revenues.
Railway oper. expenses.
$447,022
433,366
$504,266
425,807
$5,807,583
5,001,635
$5,324,226
5,096,546
Net rev. from ry. oper.
$13,655
14,285
$78,458
22,105
$805,947
224,244
during the last four months of 1930.
purchased, at substantially
The Erie stock purchases by the sub¬
sidiary company direct were made over the period from Dec. 31, 1926,
through April, 1931, and the Nickle Plate stock in December, 1930, and
March and April, 1931.
For all the Nickel Plate stock and Erie stock
owned by the subsidiary the applicant proposed to surrender for cancella¬
tion $44,046,430 of the former's stock in partial liquidation of that company.
The Virginia Transportation Corp. owns also 42.75% of the stock of the
Chicago & Eastern Illinois Ry., now in process of reorganization under
Section 77 of the Bankruptcy Act, as amended; and 128,600 shares of Chi¬
cago Great Western RR. preferred stock are pledged as part collateral for
a demand note in its favor made hy the
Bremo Corp., on Lee. 30, 1930, for
$3,917,336, but since curtailed to $3,900,000.
It also owns $3,583,750 of
Nickel Plate 3-year 6% notes due Oct. 1, 1938; $645,000 of Chicago &
Eastern Illinois gen. 5s, 381,250 shares of the Pittston Co. and 450 shares
of Standard Carloading Co.; and has loans outstanding to the Pittston
Co and^e Cleveland Stevedore Co. in the sums of $1,500,000 and $500,000,
The stock
was
transferred to the subsidiary, as
the cost thereof to the
applicant.
respectively.haR
Corp
controls the applicant, through the Chesapeake
proposed to be acquired from the former the agreed
$5,065,475, which averages $13.25 a share for the stock
of both issuing companies.
Provision for this transaction was made initially
in an agreement dated Feb. 1, 1932, whereby the applicant was given the
exclusive option to buy the stock at the above-stated figure at any time on
or before Feb
1
1936.
Meanwhile, the stock is deposited in escrow with
the New York Trust Co. and the Alleghany enjoys all voting rights, subject
Corp.
For the stock
purchase price is
not, over \mtten
limitation that it may
any
$56 353
46,696
$581,702
37,014
$8,210
273 423
def$37 643
1,485
$9,657
2,161
The^p^icant^p^d^o^he^e
of the agreement
amount an to
tfian
28
ih
1936
a a7
?ant proposes
,700 forthwith upon execution
subsequently has paid additional sums bringing this
together with interest on unpaid balances at 6%
and 4% subsequently, $405,688, and miscellaneous extnexerciseofthe option to buy all the stock the appli-
and
$4 515 475
now to pay
interest thereon from
the
balancejof'the> P^se price $550,000, and
of payment.
to the date
of the option was
Oct. 31, 1936,
The time limit for exercise
supplemental agreement
$ii,818
106,615
$205,408 def$241,180
1,189,991
1,186,625
$143,554
$94,797
•A' 1
dated leb. 1, 1936, which amended the original
SnsoUdation
of the railway properties
ISe conVS^uSi^States ^^KCtC^n MSX1tSt
Si
fbe'ap^nt the NiSTrPa'te11, S^eTrleTr'e
Stated toSmNo:6—Chesapeake & Ohio-Nickel Plate,with the shortalong with the
assigned ro system
*
interests therein, and
of
primary railroads, or undMded
line railroads. including that or
^w
^e^Pjn B* ^
d
^
UnionviUe, listed in t
p
applicant has
Big Sandy & Keatucky Riv
p
d
Gf the
^Jf^^vlr Ry^the
_y .
th Middletown &
g.nce ^ ^ ^
Ashland Coal & Iron Iiy., the
Island Creek RR., the Long Fork
RR. and the Sandy
Fork & }iald Rnob
THkhnrrVRV all subsidiaries;
Elkhorn .Ry., ah
and the properties of the Chesapeake
suiSo a subsidiary. It acquired the properties
H?1 xiR3m£°Vo11pv Rv nursuant to authorization granted April 2, 1930.
of the Hocking VaUeyRy- pursuant
j,o^ ai gtock of the Detroit & Toledo
The Nickel I late ow
5th™ odified pjan iS assigned tolsystem No. 5—
vyiV 2
Valley &
.
«fefei No:
the Ivew Jersey
RR. and the
A New
Eastern RR.,
Wilke^Barre & .Eastern
are comroUed
The applicant states tnai;
in the system
important and
that, including the
tne>
p^opoged
railroads included
owne/ship by the Erie.
transactions will constitute an
which operate
of system
formation
ZraraJette's mileage operated in
q
Pere M
35%
No. 6;
the United States,
0f the total mileage
omtrol, and in
embraced in the
$173,636 def$265,213
31,772
24,033
def$36,158
107,396
objection by the applicant,
Nickel I late or the Erie,
consolidation, sale or lease
increase in the capital stock of the
other share readjustment, or any merger,
$227,679
219,469
def$629
$419,787,
taken over
the latter during the last three months
from the applicant was purchased by
of 1926 and the Nickel Plate stock
agIif the1 Cormnias?on^s lplanhfor'the
America—Dividend Passed—
The directors at their meeting held on Dec. 8 decided to omit the declara¬
tion of a dividend on the common shares at
directors
shares, $1,824,955; Erie first preferred, 119,$5,572,451; Erie second preferred, 50,295 shares, $2,259,929,
and Erie common, 305,700 shares, $11,702,705; and from or through a firm
of brokers, Nickel Plate common, 3,600 shares, $244,930; Erie first preferred,
common
The
1923 of the New
to authorization
vote for any
The directors have declared a year-end dividend of 20 cents per share on
dividend of 40 cents per
formed by the consolidation in
was
York Chicago & St. Louis RR., Lake Erie & Western RR., Toledo St.
Louis & Western RR. and certain other constituent companies.
Pursuant
compares
Catalin Corp. of
Harahan, 69, of Cleveland, President of this company, the
the Pere Marquette RR., died on Dec. 14.
by the
to the
Year-End Dividend—
the
be paid
Nickel Palte and
32,400 shares, $1,456,463; Erie second preferred, 9,900 shares,
and Erie common, 464,100 shares, $20,565,210.
The Erie stock
Carnation Co.-—Extra Common Dividend—
stock.
year|19371will!
Nickel Plate common, 21,500
1936
1937
Net income before taxes
—Y.
of the undistributed net income of the Trust for the
Feb. 1, 1938.—V. 145, p. 2540.
RR. and the Erie RR.
Dividend—
Ltd.— Year-End
year-end dividend of $2.75 per share on
the class A and class B stocks, ooth payable Dec. 28 to holders of record
Dec. 15.
This compares with $1.75 paid on Oct. 30, last $1.50 paid on
July 31 and April 30 last; $2 paid on Jan. 30. 1937, and $1.25 per share
paid on Oct. 31. 1936.
Previously regular quarterly dividends of $1 per
share were distributed.
In addition, the following extra dividends were
paid; 75 cents on July 31, 1936; $1.25 on Dec. 16, 1935; 75 cents on July 31,
1935; $1.50 on Dec. 15, 1934* 75 cents on July 31, 1934, and 87H cents
per share paid on Jan. 31, 1933.—V. 145, p. 1895.
Canadian
The current dividend is declared from the net investmentHncome of the
Trust and does notlrepresent any distribution of profits fromlthe sale of
The regular semi-annual dividend representingfthe^balance
2,563,155
Res. for conting..
Earned surplus...
a
1933.
investments.
Capital surplus
Property
Total
The directors have declared a special dividend of 12!cents"per"share on the
participating shares, payable Dec. 24 to holdersTof record Dec. 16
This
compares with 41 cents paid on Aug. 1, last; 35 cents paid on Feb. 1, last; a
special dividend of 10 cents paid on Dec. 24, 1936J38 cents paidfon Aug. 1,
1936; 45 cents on Feb. 1, 1936; 40 cents on Aug. 1, 1935, and on Feb. 1,
1935; 37 cents on Aug. 1 and Feb. 1, 1934, and 35 cents paid on Aug. 1.
Funded debt (non-
con¬
return'le
Deferred charges..
G'dwill,
35,353
bottles
& miscell. accts.
1,893,608
by customers...
b
63,465
5,101
247,046
taxes.
Res've for obsolete
Brewing
Corp
tainers
200,000
Local taxes, wages
Inventories
Depos. rec. for
255,046
583,227
of
Res. for prop. adj.
5,447
Sundry accts.
$
Liabilities—
Notes, drafts and
Century Shares Trust—Special Dividend—
1936
$
1936
S
Assets—
3969
RaUWay tax accruals
RaJway oper. income.
Hire of equip., rents, &c_
Net ry. oper.
Other income
inc
408,066
insure
continuance of savings
tU totteringJhe
in aumim»wdu^—
Inc. available for fixed
Fixed charges
-—
Deficit, balance
—V
145, P-3341.
$984,583
$i,427,805
and converge on
St. Louis, Mo
inea^g w
main trunk of the
Financial
3970
Louis, 111.; and the Erie's principal stem from N. Y. City to Chicago through
Buffalo.
While the lines of the Nickel Plate and of the Erie are generally
parallel between Buffalo and Chicago, they serve different territories and
the only intermediate common points are Cleveland, Lima and Ohio City,
Ohio, and they compete with each other only to a limited extent for through
traffic between Chicago and New York.
This competition is unimportant
from the public standpoint because of the competition provided by the
other railroads between these points.
Competition between the applicant
and the Erie for the same character of import, export and coastwise traffic
handled between the Atlantic seaboard and Chicago is negligible.
The interveners contend that unless provision is made for inclusion of
short lines, the applicant's proposals cannot be found to comply with the
tests prescribed by the statute because, as argued by counsel, preservation
of all short lines is the primary object of the statute and that, therefore,
the question of public convenience and necessity may not properly be raised.
We think these contentions are without merit.
;
The fact that a line of railroad is allocated in the consolidation plan to
one or more of the systems alone does not establish public need for its per¬
manent preservation.
As it now stands the record In this proceeding does
not warrant a condition of the kind sought by the Springfield interveners.
The question of the disposition of short-line railroads in unification pro¬
ceedings has been dealt with in a number of previous cases, with some of
which the applicant has reason to be familiar.
Yet, in all the steps taken thus far by the applicant and its affiliates to
advance the formation of system No. 6, provision has been made but for
one short line—Big Sandy & K. R. Ry.
Some of the short lines allocated
to the system meanwhile have lost the struggle to survive.
Existence of
these lines may not have been assured even if actually united with stronger
lines, for even the strongest carriers do not willingly continue operation of
unprofitable branches indefinitely.
But in view of the extent to which
unification of control Will have been completed on consummation of the
applicant's proposals, the short-line question becomes acute.
Therefore,
to the end that the intents and purposes of Section 5 may be accomplished,
the authorization and approval sought herein will be granted upon the ex¬
press condition that the applicant agree and undertake to abide by such
findings with respect to the acquisition by it of the properties of the Chicago
Springfield & St. Louis Ry. and of the Middletown & Unionville RR.,
interveners, as we may make hereafter, in this or other appropriate proceed¬
ings in which the question of public convenience and necessity shall also
^
have consideration.
„
,
Subject to that condition, we find that acquisition by the Chesapeake &
Ohio Ry. of control of the New York Chicago & St. Louis RR. and the Erie
RR., by purchase of stock upon the terms and conditions proposed, will be
harmony with and in furtherance of the Commission's plan for the con¬
in
solidation of railway properties, and will promote the public interest.
No order will be entered at this time.
For the purpose of considering
the applicant's acceptance of the condition, if such acceptance is filed, this
proceeding will be held open for 30 days
3493.
from the date hereof.—V. 145,
p.
S.
Gill
has
been elected President
of this company to replace
C. W. McGee who became Chairman of the Board of Directors, now the
Chief Executive office of the company.
Mr. Gill was formerly a ViceC. Y. Emery was elected Secretary to replace T. J. Dobbins
President.
who was elected a Vice-President.
Coleman
A. B. Richardson also became a Vice-
President.—V. 145, p. 3342.
mon
share of
one
stock
one
new
stock for two shares now held and holders of com¬
The original plan proposed share for share
share for four.
dividend of $1.75 per share on
final
a
the
no par value, payable Dec. 28 to holders of record Dec. 24.
This compares with 25 cents paid on Oct. 15, July 15 and on April 15, last;
50 cents paid on Dec. 21, Oct. 15, and April 15, 1936; $1 paid on Jan. 2,
stock,
1936, and 50 cents
p.
1252.
share paid on Oct. 15, and
per
on
July
1935.—
15,
V. 145,
Co. —Insurance
Petroleum
Colombian
Companies Take
$15,000,000 Notes The Socony-Vacuum Oil Corp. and the Texas Corp., holders of promis¬
of the Colombian Petroleum Co., reported to the Securities and
Exchange Commission that these notes, maturing at various dates and
bearing a 3% interest rate, were sold privately to four insurance companies.
A total or $11,259,000 was indorsed and sold to the Metropolitan Life
Insurance Co.. and $1,250,000 each to the Equitable Life Assurance Society,
the Travelers Insurance Co. and the Aetna Life Insurance Co. (New York,
sory notes
Dec.
"Sun,"
145, -p. 3814.
14.)—V.
Connecticut
Light & Power Co.—Earnings—
1937
$4,429,117
$3.50
12 Months Ended Nov. 30—
Net income after charges and taxes-...
x
Earnings per share on common stock..
x
Based
on
average
1936
$4,687,320
$3.39
number of shares outstanding.—V. 145, p. 2690.
Consolidated Aircraft Corp.— Initial Dividend—
The directors have declared an initial dividend of 50 cents per
the
stock, payable Dec. 27
common
share
on
to holders of record Dec. 20.—V.
144, p. 4001.
Consolidated Coppermines
The directors
share
—V.
the
on
145,
on
Corp.—*Initial Dividend—
13 declared an initial dividend of 12)4 cents per
stock, payable Dec. 24 to holders of record Dec. 20.
Dec.
common
603.
p.
Consolidated Royalties,
Inc.—Larger Common Div.-—
have declared a dividend of six cents per share on the
stock, par $1, payable Dec. 20 to holders of record Dec. 6.
An
initial dividend of four cents was paid on Dec. 15, 1936.—V. 143, p. 3837.
The
directors
common
Consolidated Textile
Corp.—Amended Plan Submitted —
An amended
plan of reorganization which provides for a loan not to exceed
the Reconstruction Finance Corporation, was submitted
Dec. 10 to Federal bankruptcy referee Peter B. Olney jr. by the reorganizatio i committee, headed by Francis W. Storer.
The plan, in addition to the proposed RFC loan, contemplates issuance
of $1,430,550 in 15 year 5% income bonus and 281,122 shares of capital
$350,000
from
'
Hoiders of outstanding 20 year 8% bonds, amounting to $2,750,000,
would receive for each $lu0 principal amount oi their holdings $50 in new
income bonds and 10 capital shares.
Unsecured creditors, holding claims
would receive
totaling $36,399,
of their claims.
amount
held
shares
15 capital shares for each
$50 principal
Prese it stockholders would receive tor every 10
to
purchase new capital stock over a three-year
period at prices ranging from $5 to $7.50 a snare.—V. 145, p. 3650.
warrant
one
Continental Gas & Electric Corp.
Chicago & North Western Ry.—Amended Plan Filed—
amended its plan of reorganization Dec. 15,
making sharp reductions in capitalization and fixed charges.
f Other major changes included in the amendment filed with the Interstate
Commerce Commission related to treatment of preferred and common
stockholders.
Under the revised plan holders of preferred stock would
1937
IS,
Lamp & Stove Co.-—Final Dividend—
The directors have declared
common
(& Subs.)
12 Months Ended Oct. 31—
The management of the road
receive
Dec.
StOCk.
Chesebrough Mfg. Co .—New President—
Robert
Chronicle
Gross operating earnings of
—
Earnings
1937
xl936
subsidiary companies
$37,058,768 $35,024,325
14,219,577
13,588,802
1,851,322
1,733,292
4,930,212
4,746,202
taxes4,417,058
3,052,068
(after eliminating inter-company transfers)
General operating expenses_
Maintenance
Provision for retirement
General taxes and estimated Federal income
for the
preferred and one for two for the common.
plan would provide a total capitalization of S470.767.288,
compared with approximately 1550,000,000 in the first plan.
Fixed charges
were set at $2,612,390, a reduction of about $4,000,000.
►
The management said "many changes in the political and economic
situation" have occurred since the filing of the original plan on June 10,
1936, which will increase the railroad's operating costs for 1938 by more
than $8,000,000 compared with 1936.
One section of the plan provides that the Chicago, St. Paul, Minneapolis
& Omaha Ry. be leased to the Chicago & North Western at an annual rental
of $1,500,000.
The plan proposes paying off in full equipment trust certificates, a Public
Works Administration loan of $1,360,000, about $4,500,000 owed to banks,
$42,000,000 owed to the Reconstruction Finance Corp. and $660,000 owed
to the Railway Credit Corp.
The Reconstruction Finance Corporation would provide $50,000,000 to
take care of these payments, including the money now owed to it.
Holders of Chicago & North Western bonds would receive income bonds
or new Class A preferred stock in exchange for their holdings.—V.
145,
p. 3649.
p- The
new
Net earns, from opers. of sub. companies
Non-operating income of subsidiary companies
$11,640,598 $11,903,959
598,551
560,446
Total income of subsidiary
companies,
$12,239,149 $12,464,404
Int., amort. & pref. divs. of subsidiary companies4,709,701
5,099,836
Balance
—
Propor. of
—
attributable to minority
earns..
com.
stk
$7,529,448
18,456
Equity of Continental Gas & Electric Corp. in
earnings of subsidiary companies,
of Continental Gas & Electric Corp. (excl.
of income received from subsidiaries),,-.-
$7,364,568
15,571
$7,348,997
icome
Total,,
-
$7,392,848
120,677
$7,423,177
Expenses of Continental Gas & Electric Corp
Taxes of Continental Gas & Electric Corp
Balance,.,.-
43,851
$7,577,307
110,759
43,370
$7,234,846
37,325
Holding company deductions:
Railway
Chicago
Equipment
Co .—Preferred Accruals
Paid—Common Dividend Resumed—
The directors have declared
accumulations
a dividend of S3.06M per share on account of
7% cumulative preferred stock, par $25, payable Dec.
This payment clears up all accruals on the
See V. 145, p. 1896 for detailed record of previous pay¬
the
on
Interest
5% debentures, due 1958———_
2,600,000
Amortization of debenture discount and expense
164,172
2,600,000
164,172
Balance transferred to consolidated surplus,.
Dividends on prior preference stock
$4,659,005
1,320,053
$4,470,674
1,320,053
$3,338,952
$3,150,621
$15.57
$14.69
on
18 to holders of record Dec. 17.
preferred shares.
Balance---.
Earnings
ments.
The directors also declared
dividend of $1
share on the common
stock, par $25, payable Dec. 18 to holders of record Dec. 17.
This will be
the first dividend paid on the common shares since December, 1930.—
V. 145, p. 1896.
a
per
have
directors
declared
a
dividend
of
15
cents
share
on
share paid each three months from March 20, 1936 to and including
March 20, last; 20 cents paid on Dec. 20, 1935, and 15 cents per share dis¬
bursed on Sept. 20 and June 20, 1935, this latter payment being the first
made since May 15, 1931 when a quarterly dividend of 35 cents per share
was paid.—V.
144, p. 4000.
blEaras
per
Co.—Earnings—
1937—Month—1936
$11,853
$40,278
1937—11 Mos—1936
$195,052
share
$0.41
$289,089
$0.61
aJAfter depreciation, interest. Federal income taxes, &c.
b On 475,239 shares of capital stock, $50 par.—V. 145,
p.. 3342.
Clarksburg-Columbus
Short
Route
on
—
Bridge
—
Co. (& Subs.)—Earnings
(Including Compania Azucarera Atlantica Del Golfo)
al937
Cost of
cane...
—
Manufac'g, shipping & other
Depreciation.
Gross income from sugar &
Other operating income
6,101,721
3,985,183
124,787
—
molasses $ 1,862,709
—,
—
Extraordinary income.
first page of this department.—V. 145, p. 2541.
Cleveland Cliffs Iron Co.—Accumulated Dividend—
on notes
a1936
$9,076,924
4,582,993
3.064,573
125,272
1935
$7,677,395
3,638,035
2,938,628
119,387
—
_
payable
60,190
153.524
c229,295
$1.304,086
59,528
91,034
b 145,687
$981,345
58,396
$2,305,718
.
Other income.
—
exps
Total income,
Co.—
—
Years Ended Sept. 30
income from sugar & molasses, f.o.b.
Cuban ports
—$12,074,400
Interest
Registration Withdrawn—
See list given
.—
Consolidated Statement of Earnings
the
per
Cincinnati Street Ry.
—
Cuban Atlantic Sugar
per
capital stock, payable Dec. 24 to holders of record Dec. 16.
This compares
with dividends of 10 cents paid on Sept. 30 and on June 30, last; 30 cents
Period Ended Nov. 30—
a'Net income.
—
share
Adjusted.
Note—No provision for taxes on undistributed profits has been made.
—V. 145, p. 3193.
Churngold Corp.—Dividend Increased—
The
per
x
$1,600,335
$1,199,763
49,094
110,928
245,160
-----
Other interest, exchange & discount-.
28,798
59,222
97,426
Legal & auditing fees & other exps__
88,507
78,931
8,800
57,095
10,901
279,854
175,130
85,000
65,000
65,000
65.000
$1,817,904
2,227,843
$1,213,253
870,111
$639,180
87,729
135.943
51,619
127,060
13,258
$4,097,366
$2,227,843
$876,111
Miscellaneous expenses
Loss on property retired
Prov. for U. S. Fed. income & Cuban
profits taxes.
The directors have declared a dividend of $2.75 per share on account of
accumulations on the $5 cum. pref. stock, no par value, payable Dec. 24
to holders of record Dec. 18. This compares with $1.25 paid on Oct. 5, last;
Provision for contingencies
$2.50 paid on June 30, last, and a dividend of $3 paid on Dec. 15, 1936.
Accumulations after the current payment will amount to $22.95 per share.
Previous balance
Miscellaneous credits
—V. 145, P. 2690.
25,655
Net adjust, with respect to prior year's
Cleveland Graphite Bronze Co.—Year-End Dividend—
The directors have declared
year-end dividend of $1.30 per share on
the common stock, par $1, payable Dec. 29 to holders of record Dec. 21.
This compares with 50 cents paid on Sept. 30, June 30 and May 30, last,
and on Dec. 24 and on Oct. 1, 1936, and prior thereto regular
quarterly
dividends of 25 cents per share were distributed.
In addition, an extra
dividend of 25 cents was paid on July 1, 1936, and in each of the four pre¬
crop
17.419
operations
;
a
Amt.
to which
cost to parent co.
capital stock of sub.
value
of
exceeded par
thereof
6,000
"2",034
Transfer to capital surplus
Dividend
paid
—
357,000
ceding quarters.—V. 145, p. 3004.
Coca Cola
Bottling Corp. (Del.)'—Extra Dividend—
The directors have declared
dividend of $1.25 per share in addi¬
tion to the regular quarterly dividend of 62 M cents per share on the class A
and class B common stocks, no par value, all payable Dec. 24 to holders of
record Dec. 15.
Similar distributions were made on Oct. 1. last, and on
Dec. 28 and Oct. 1, 1936.—V. 145, p. 2068.
Earned surplus Sept. 30
Earns, per sh.
an extra
a
on
on
1)
714,000 shs. (par $10)
$3,738,332
$2.54
$2,227,843
$870,111
$1.70
$0.89
Also includes Soledad Trading Corp.
b Amount realized by del Golfo
deferred claims, $132,305; income from cutting and sale of timber.
$13,382.
c Amount realized by Compania Azucarera Atlantica del
Golfo
deferred claims, $136,624; amount realized by Compania Azucarera Atlan¬
tica del Golfo on sales of sundry assets, in excess of cost attributed thereto
Volume
Financial
145
Chronicle
by the company, $84,342, and income from cutting and sale of timber,
.358,328.
\:
<c\V;'/•
•.,
V;;;..,'vi
•'
i'Kv■ '*■.-i,
■
y,:jY;Y:/.-<•
•
•:
■;..,vY
.
•
•.y
Consolidated Balance Sheet Sept. 30
1937
Assets—
Liabilities—
$
4 ,703,125
1936
1937
1936
$
Prop, .plant & eq.
Cash..-.
x
$
$
3,183,577
on
hand, &c. 2 ,554,085
50,681
Margin deposit...
15,531
975.677
49,694
229,671
176,645
Accts. payable and
Molasses
7,140,000
228,053
Cap. stk. (par $10)
3 ,684,014
7,140,000
306,472
4,651,318
Sugar
Est.
72,051
15~, 762
404,823
327,893
Accts. receivable..
Mat'ls & supplies,
at
accrued
Accrued
ship.
dividends
10,193
paid
Misc.
claims,
350,000
2,227,843
2,363
16,092
10,476
y
pre¬
179,613
45,661
expenses..
Total
415,000
3,738,332
...
Capital surplus—
cane....
&
16,555
cies
503,091
16,092
252,152
19,665
247,753
-
credits..
Earned surplus
"
Investments
chgs.
on
properties
Deferred
Deferred claims...
Def.
(censos)
Res. for contingen¬
923,467
for advs.,
Growing
134,238
10,193
-
Div. checks pay..
cane
int. & rentals
•/
on
exps.
Liens
growers, less res.
Rec.
from
cane
grow,
&
molasses
cost
Special deposit for
Advs. made to
-
taxes
handling
&c_
12,238,960
.
193,126
48,896
10,395,977]
.12,238,960 10,395,977
Total
x After reserve for
depreciation of $425,464 (1936, $305,817).
y Compania Azucarera Atlantica del Golfo has deferred claims receivable which
are not included in the above consolidated balance sheet.
Subject to con¬
tinuance of existing conditions in the industry and in part to continued
adherence by the debtors to existing arrangements with the company,
the officers of the company anticipate that future collections against such
claims will amount to approximately $150,000.
z In
sidiaries not consolidated, at cost.—V. 145, p. 3651.
Contract & Investment
wholly-owned sub¬
operating
expenses
Douglas Shoe Co .—Capital Reorganization—
A special meeting of the stockholders will be held Jan. 14 to vote on
approving a plan of capital reorganization.
Joseph W. Bartlett, President in letter to stockholders, says:
We appreciate the patience of preferred stockholders and want to resume
dividends as promptly as possible.
Our problem has been a difficult one.
Owing to the fact that prior to 1930 most of the earnings of the company
were paid out to stockholders in the form of dividends, the loss of
$1,824,211
during the depression impaired its working capital.
In spite of the steady
progress in earnings which have been realized since 1933, when the present
management took hold, only a portion of the impaired capital has been
restored.
As a result of this, not only is there a capital deficit of over a
half a million dollars, but the
company has had to borrow from banks
$925,000, even during the current season, in order to carry on its operations.
It is clear that additional working capital on a long term basis is absolutely
necessary to relieve this banking situation, to place the company in a sound
financial condition and thereby permit the resumption of dividends; that
a fair present
day value for the preferred stock be established in line with its
present book value; and that the rate of dividend on the preferred stock be
based on the present earning power of the company, considered in the light
of its ever increasing burdens of taxation.
We are advised that unless the
deficit and accumulated dividends on the preferred stock are eliminated and.
the balance sheet restored to a better condition by a plan of capital reorgani¬
zation, the securing of the needed additional capital will not be possible.
It is the belief of directors that the proposed plan affords the best solution
of the problem.
Briefly, it provides for the ultimate elimination of the
present preferred stock and accumulated dividends, and the creation of a
new class of convertible
prior preferred stock and additional common stock
to be issued in exchange for the
present preferred stock either by the present
company or by a new corporation as provided by the plan.
Upon con¬
summation of the plan by either method, holders of the present
preferred
stock will be entitled to receive for each share of preferred stock and all
accumulated dividends thereon:
(a) Three shares of new convertible prior preferred stock, without par
(liquidation value $25 per share, plus accrued dividends) entitled to divi¬
dends at the rate of 80c. per share for the calendar years 1938 and 1939,
and thereafter at the annual rate of $1 per share, cumulative to the extent
earned; and convertible at any time, share for share, into
of the company; and
•'/
(b) Two shares of common stock.
Co.—Earnings—
Earnings for 9 Months Ended Sept, 30,1937
Net income after
(W. L.)
3971
Present
& Federal income charges,
but before provision for Federal surtax on undistributed prof. -
$22,496
common
certificates of
stock will
common
be exchanged share for share for
Copperweld Steel Co.—$1
The directors have declared
Year-End Dividend—
year-end dividend of $1 per share on the
payable in certificates of indebtedness on
Dec. 22 to holders of record Dec. 15.
A quarterly cash dividend of 50 cents
was paid on Nov. 30 and on
Aug. 31, last, and compares with 30 cents paid
on May 31 and on March 1
last; dividends of 20 cents per share paid on
Nov. 30
1936 and in each of the three preceding quarters and dividends
of 12 H cents per share paid in each of the four quarters of 1935.
Prior to
1935 no distributions were made since Feb. 15, 1931 when a dividend of
50 cents was paid.
An initial payment of like amount was made on Nov.
15, 1930.
In addition, an extra dividend of $1.30 was paid on Dec. 15, 1936.—
V. 145, p. 2691.
stock,
no
par
a
value,
Cumberland County Power & Light
The
Co,-—Acquisition-—
Securities and
Exchange Commission announced Dec. 14 that tne
subsidiary of New England Public Service Co., a registered
holding company, has filed an application (File No. 46-84) under the Hold¬
ing Company Act for approval of the acquisition bv it of 9,770 shares
($25 par) common stock and $224,000 of 5% 1st & ref. mtge. gold bonds
of Berwick & Salmon Falls Electric Co., for $499,000 in cash, from Twin
company,
a
State Gas & Electric Co.
is
The Twin State Gas & Electric Co., also a registered holding company,
indirect subsidiary of New England Public Service Co. and Berwick &
an
Salmon Falls Electric Co. is its only subsidiary.
It is contemplated that
Berwick & Salmon Falls Electric Co. will be consolidated with the applicant.
As a result of the transaction, New England Public Service Co. will cease
being
a
holding
company
with respect to
a
subsidiary which itself has a
hearing in this
subsidiary which is a holding company.
Opportunity, for
matter will be given at 2 p. m., Dec. 30,1937.—V. 145, p.
3815.
Davenport Hosiery Mills, Inc.—Larger Dividend—
mon
Dividends of 25 cents per share have been distributed each three months
April 1, 1935, to and including Oct. 1, last. In addition a dividend
from
of 25 cents was
paid
on
Dec. 21, 1936.—V. 144, p. 4341.
Derby Oil & Refining Corp'.—Accumulated Dividend—
directors have declared a dividend of $6 per share on account of
on the $4 preferred stock, no par
value, payable Dex. 24 to
holders of record Dec. 20.
They also declared a dividend of $1 per share on
the preferred stock payable March 1, 1938 to holders of record Feb. 21.
The
accumulation
A dividend of $2 was paid on
1936.—V.
July 1, last and
one
of $4
Detroit
Edison
Co.
paid
on
Dec. 15,
(& Subs.)—Earnings—
12 Months Ended Nov. 30—
Gross earnings from operations:
1937
Electricity
Gas—Miscellaneous
Total-__
—
..—$59,062,326 $54,703,497
42,799,490
37,504,416
—
Operating and non-operating expenses..
Balance, income from operations-...
Other miscellaneous income.
Gross corporate income
Interest on funded and unfunded debt
,
...
—
....
Interest charged to construction
Amortization of debt discount and expense..
and thus continue control of the company.
As a result, while the pre¬
ferred stockholders are giving up their right to past dividends, and accept¬
new preferred stock which bears a lower dividend rate, the shares
of common stock which they will receive place them in a position either
to hold
of
the
those shares and participate to a larger extent in all the earnings
in the future, or to exercise the immediate right to
new common stock and still retain their new preferred stock.
Through the conversion privilege, holders of the new convertible prior
preferred stock may retain their preferred position as to dividends and
assets, until such time as it becomes advantageous for them to exercise their
conversion privilege and to thus share further in the future growth of the
company.
h'VV;■
Upon the consummation of the plan, one-half or all of the dividends
payable on the new convertible prior preferred stock for the period com¬
mencing Jan. 1, 1938, and expiring on June 30, 1938, will be prepaid, and
it is hoped that the stock may be maintained on a regular dividend basis.
With the dividend requirements of the new convertible prior preferred stock
on a reasonable basis, additional profits in normal years will be available
for the common stock.
Present preferred stockholders, through their
acquisition of common stock, will not only share in any common stock
dividends, but also benefit by any appreciation in common stock vaoie.
Whue the plan contemplates that the goodwill item as shown on the
balance sheet is to be reduced from $933,033 to a nominal vaiue of $1, the
board of directors recognizes the fact that this is being done only to conform
with present day accounting methods.
The name W. L Douglas, widely
known throughout the country through years of extensive advertising and
merchandise quality consistently maintained, is of great value to the opera¬
sell
company
their
tion of the company.
Counsel advise that the stockholders will incur no Federal income taxes
$16,262,835 $17,199,080
118,888
129,611
.$16,381,724 $17,328,692
5,742,858
6,022,256
CY3.700
268,689
283,221
-
account any
Federal surtax
1936, according to
undistributed net income.
With respect to the year
the company's Federal income tax returns, there was no undistributed net
income subject to surtax; on the basis of present
estimates, it is anticipated
that no such tax will be payable for the year 1937.
Final Dividend—
The directors
Dec.
14 declared a final dividend for the year 1937 of
capital stock, par $100, payable Jan. 15 to holders of
record Dec. 27.
An extra dividend of $1 per share in addition to the
regular quarterly
dividend of $1 per share was paid on July 15 and Jan.
15, 1937 and
July 15 and Jan. 15, 1936.—V. 145, p. 3344.
Distillers
Exchange has authorized the listing of 5,000 shares
of cumulative preferred stock 5% series (par $100) with and without war¬
attached on official notice of issuance and payment in
full; and
5,000 additional shares of common stock (no par) on official notice of issu¬
ance upon the exercise of warrants attached to the 5,000 shares of cumu¬
lative preferred stock 5% series, making the total amounts
applied for
155,000 shares of cumulative preferred stock, 5% series, and 1,927,645
rants
By
common
stock.
agreement dated Nov.
11, 1937. the company agreed to sell to
Brintcan Investments Ltd., Merchantile Holdings Ltd. and General United
Securities Ltd- or their nominees 5,000 shares of cumulative preferred stock
5% series at a price of $100 per share (U. S. currency) plus accrued dividends
thereon and agreed to attach common stock purchase warrants to the cer¬
tificates for cumulative preferred stock 5% series.
Common stock purchase warrants are exercisable to April 30, 1938, at
$28 per share, thereafter and to Sept. 30, 1939, at $30 per share, and there¬
after and to the expiration date, Oct. 31,1941, at $32 per share.
The proceeds will be loaned by the company to its subsidiaries for such
subsidiaries' general corporate purposes.—V. 145, p. 3815.
an
company's program for raising additional capital hereinafter referred to.
Comparative Analysis—Upon consummation of the plan and complete
exchange of stock as provided herein, the capital structure of the company
before and after the completion of the proposed reorganization or recapitali¬
After
None
None 111,132 shs.
11,005 shs.
85,093 shs.
Before
37,044 shs.
7% cumulative pref. stock, $100
Convertible prior preferred stock
Common stock
Common reserved for conversion of
preferred
None 112,500 shs.
Net worth on June 30, 1937:
$3,747,700
New convertible
preferred
—
Common stock
—
Common stock pursuant to
Deficit
Goodwill.
plan.
.
-----
$2,222,640
85,093
_
—
-
None
None
430,551
Preferred stock
—
—
-
551,494
933,033
Surplus
--- —
None
1
385,(ffil
b Stockholders equity
$2,693,723
$2,693,723
a Liquidating value $25
per share, book value $20 per share,
b After
deducting book value of goodwill.
Immediate Payment of Dividends—It is contemplated that upon the con¬
summation of the plan, directors will immediately declare and prepay all
or at least one-hair of the semi-annual dividends on the convertible prior
-
Corp.-Seagrams, Ltd.—Listing—
The New York Stock
of
Authorized
Issued
Treasury
Outstanding
7% cum.pfd.stk.($100par)_55,000shs. 38,000 shs.
523 shs. x37,044 shs.
Common stock (no par)—45,000 shs. 15,400 shs. 4,395 shs. yll,055shs.
x Exclusive
of 433 shares in sinking fund,
y Including shares held in
voting trust.
As of Sept. 30, 1937, the arrears in dividends on the 7% cumulative pre¬
ferred stock amounted to $45.50 per share, or a total of $1,685,502 on the
37,044 shares outstanding.
Capitalization upon Consummation of the Plan—Upon consummation of the
plan, and complete exchange of stock, the authorized capitalization shall
consist of 112,500 shares of new prior preferred stock (no par) to be desig¬
nated "convertible prior preferred stock" and 300,000 shares of
common
stock either without par value or with a par vaiue of $1.
The present shares of common stock after consummation of the plan will
either continue to represent shares without par
value having a book value
of $1 or in the event of the organization of a new corporation, may be
changed to shares of $1 par value, if directors should so determine.
Complete exchange under the plan will require the issuance of 74,088
shares of common stock to holders of present preferred stock and 11,005
shares to holders of the present common stock.
112,500 shares of common
common stock will be initially reserved to provide for the conversion of
112,500 shares of the new convertible prior preferred stock.
The balance of 102,407 shares of common stock, and any shares of the
authorized convertible prior preferred stock not required for exchange
may be issued by the company as and for such consideration as the directors
may from time td time determine.
It is anticipated that some part of the
unissued shares of common stock may be utilized in connection with the
a
on
per share on the
snares
of the company
outstanding at the date of the promul¬
gation of the plan are as follows:
$10,370,176 $11,026,913
foregoing figures do not take into
on
$2
involved under the plan.
Capitalization—The authorized capitalization
and the amount of each class of stock
zation will be as follows:
income
Note—The
1936
$56,770,795 $52,284,120
1,894,092
1,994,908
388,979
366,472
8,459
57,997
Steam
Net
was
145, p. 3652.
new
new
ing
Present
dividend of 50 cents per share on the com¬
stock, no par value, payable Dec. 21 to holders of record Dec. 15.
a
the
convertible prior preferred stock and
the common stock under the plan, present preferred stockholders will
acquire all of the new preferred stock and over 85% of the common stock,
In the exchanges
The directors have declared
stock
stock.
Through the issuance of the
common
common
—-
preferred stock for the period commencing Jan. 1,1938 and expiring June 30.
Proposed Additional Financing—It is anticipated that after the consum¬
plan, the company will give consideration to the question
additional capital required in the operation of its business.
In
anticipation of such program additional common stock is provided through
the plan, for issuance in connection with such warrants or conversion fea¬
tures as directors may in its discretion deem necessary and advisable in
connection with the sale of any new securities.
In the opinion of the
directors, it will be impossible for the company to provide for new financing
unless a plan of capital reorganization is consummated.—V. 145, p. 1738.
mation of the
of raising
Dow Chemical
Co,—Rights to Subscribe—
Holders of common stock of record Dec. 22 will be offered the right to
subscribe at $103 per share for 30,308 shares of 5% cumulative preferred
Financial
3972
Chronicle
stock ($100 par) to the extent of 4-125 of a share of preferred stock for each
share of common stock held and to as many additional shares as may be
desired, subject to allotment, of any stock remaining unsubscribed for by
stockholders.
The rights to subscribe expire on Jan. 12.
The directors of the company are authorized to sell at not less than the
price fixed any portion of such preferred stock that remains unsubscribed
on Jan. 12, without the
necessity of offering such shares to holders of comon.
The proceeds will be useu for additions to plants, for the purchase
Dec.
Emerson
Electric
Manufacturing
IS,
Co.—To
1937
Vote
on
Stock Increase—
A stockholders' meeting has been called for Feb. 8 to vote on a proposed
increase in stock from 350,000 shares of $4 par value to 500,000 shares of
like par value.
If authorized, it is proposed to deliver 37,770 shares of
stock to the St.
Louis Union Trust Co.
as trustee under an estate in pay¬
The balance of the issue would be marketed in whole
ment of two loans.
of
6% preferred stock of Ethyl-Dow Chemical Co., and for projects to be
selected in the light of future business conditions, trade developments and
the results of experimental work.—V. 145, p. 3052.
in part
or
but not for less than its
value—V. 145, p. 3495.
par
Empire District Electric Co.—Accumulated Dividend—
The directors have declared
(Allen
B.)
Amendments to
Inc. — Will
DuMont
Laboratories,
Registration Statement—
File
cumulations
Counsel for the company nas intimated that they will not file exceptions
6%
a dividend of $3 per share on account of ac¬
cumulative preferred stock, payable Dec. 30 to
144, p. 2125.
Equity Fund, Inc.-—Extra Dividend•—
of 11. Victor Schwimmer, trial examiner for the Securities and
Commission, in stop-order proceedings against the company.
The attorneys, obtained an extension of the statutory period in which
exceptions must be filed, but hope, before then, to file amendments to the
registration statement in accordance with the examiner's findings.
Thus it is hoped that, whether the Commission finds for or against its
Examiner, the registration statement covering 74,000 shares of common
stock, of which 20,000 are to be offered to the public at $12, may receive a
clean bill of health.
V Mr. Schwimmer's report found fault with three minor and rather closely
related points in the registration statement and emphasized that the issue of
fraud did not enter the proceedings.
"The registration statement," he
declared, "does not contain any intentional or deliberate untrue statements
of material fact, nor does it intentionally or deliberately omit to state any
material facts."—V. 145, p. 3652.
to the report
The directors have declared
Exchange
share
on
the
extra dividend of 5 cents per
share on the
par 20 cents, payable Dec. 20 to holders of record Dec. 11.
An extra dividend of 5 cents was paid on Feb. 15, last, and one of 4 cents
was
paid
on
July 15, 1936.
The regular quarterly dividend of 5 cents per share was paid on Nov. 15,
last.—V.
145, p. 2693.
Erie RR.—Control
See Chesapeake & Ohio
Seeks to Borrow
by C. & 0. Approved—•
Ry. above.
$6,006,000 from RFC—
The company has asked the Interstate Commerce Commission for per¬
mission
to borrow $6,006,000
at 5% interest from the Reconstruction
Finance Corporation for payment of vouchers, taxes, principal and interest.
The loan would be for three years.
The carrier also asked permission to issue an additional $5,000,000 of
6% refunding & improvement mtge. bonds as collateral for the proposed
for expenditures for additions and better¬
Theatres, Ltd.—Dividends Resumed—
The directors have declared a dividend of 50 cents per
an
capital stock,
,
Eastern
the
on
holders of record Dec. 18.—V.
loan and to reimburse its treasury
com¬
ments.
stock, payable Dec. 22 to holders of record Dec. 15. This will be the
paid since Dec. 1, 1933, when 25 cents per share was dis¬
tributed.—V. 138, p. 1923.
mon
At the
first dividend
time, it asked authority to issue $653,750 of general lien 4)^ %
refunding and retiring a like amount of
same
bonds to reimburse its treasury for
indebtedness
slynj|ar
Eaton & Howard
144,
paid.—V.
p.
Federal Light & Traction Co.—Resumes Common Div.—
The directors
on
Dec. 16 declared a dividend of $1 per share on the
stock, payable Dec. 27 to holders of record Dec. 23.
This pay¬
the resumption of dividends on the common shares the last
previous distribution having been the 25-cent cash and 1 % stock dividend
paid on Jan. 3, 1933.—V. 145, p. 1738.
4177.
common
Eaton & Howard Management Fund
Shore
Issues
Public
Service
Co.
"F"—Dividend —
paid on
March 31
were
on
First Security Corp. of
1937
(Del.)—Subsidiary
Dividends
received
Interest received
Profit on sale of stocks and bonds
Recoveries on charged off assets
Shore Public Service Co. of Maryland, a subsidiary, has
by the Maryland P. S. Commission to issue and sell $800,000
of refunding bonds and 2,855 shares of common stock ($100 par).
The
order approved the acquisition of such bonds and stocks by the Eastern
Shore Public Service Co. of Del. for deposit under its first mortgage and
The Eastern
been authorized
The
Ogden—Earnings-
Income Account for the Year Ended Sept. 30 (Co. Only)
Approved—
first lien.
marks
ment
The directors declared a disbursement on Fund F of 15 cents per share,
payable Dec. 24 to holders of record Dec. 11.
Like amounts
Sept. 25 and June 25 last.
A 10-cent disbursement was made
last.—V. 143, p. 3839.
Eastern
—
Premiums
Weekly Input—•
on
$227,310
3,662
expenses
life insurance policies,
Operating Subsidiaries of—
1937
American Power & Light Co. .108,327,000
Electric Power & Light Corp. 51,917,000
National Power & Light Co.. 77,022,000
*
Increase
1936
104,432,000
52,123,000
80,530,000
Amount
3,895,000
*206,000
*3,508,000
••
-;,j
P.C.
3.7
*0.4
*4.4
Decrease.—V. 145, p. 3816.
Miscellaneous expenses
Net income for year
■'
$199,263
$250,614
245,519
166,366
Note—Earnings shown above represent only cash income received and to
Balance Sheet Sept. 30 (Company Only)
Assets—
—
dividend of $1.25 per share on account of
accumulations on the
6H % cumulative preferred stock, par $100, payable
3 to holders of record Dec. 15.
A similar payment was made on
Oct. 1, July 2, April 6 and Jan. 2, 1937, and prior thereto regular quarterly
dividends of I1.62H per share were distributed.—V. 145, p. 1900.
Jan.
Edwards
1937
1936
Liabilities—
$176,470
14,866
204,248
25,855
235,716
c2,984,455
2,928,884
($10 par)
Provision for taxes
5,342
Capital surplus..,
Earned surplus
Bonds
Inv. of stock of sub
companies
Net cash surrender
value—life insur
11,898
Other assets
Class A
com.
Auto-Lite
Co.
—
Year
similar distribution
was
Total
$3,383,322 $3,373,008
Total
$3,383,322 $3,373,008
x
Condensed Consolidated Income Account
for.the Year Ended Sept. 30
1936
Other income.
$2,127,064
474,541
$2,125,169
449,793
$2,601,605
1,447,858
408,164
$2,574,962
$745,583
$788,883
222,038
made.
In addition
an
extra
Net profit on bond sales
Losses in
excess
489,749
of recoveries & non-oper. income.
11,918
$1,131,156
Less
$999,003
arbitrary net transfer to reserve for contin¬
gencies from current year's income, none of which
now needed on basis of latest examinations
is
dividend of
228,462
152,008
y$902,694
Bond
&
Share
Net income after appropriations
Co.—Court
Review
of Holding
Company Act Asked—
constitutionality of the Utilities Holding Cpmpany Act.
The company filed the petition in conjunction with 26 of its
subsidiary
companies in an appeal from a second Circuit Court of Appeals decision
upholding validity of the act.
The company directed its attack
upon sections of the act providing for
registration of all utility holding companies with the Securities and Ex¬
change Commission.
It charged that the section violated several provisions
$846,995
of
on
a
which
is
Condensed Consolidated Balance Sheet Sept. 30
1937
tions and barring of mails against
companies
act, providing for injunc¬
failing to register, deprived
the^pompany of "their ordinary civil rights" guaranteed under the
The appeal marked the second time the
case
Constitu-
has been brought to the
tribunal.
Cash
on
$
hand and
in banks
Munic.
&
21,504,471
19,607,131
6,516,566
5,362,408
listed
securities
however, and ordered that it be taken
to
Bank...
Ousts.' letters
Other
127,500
121,500
5,000
19,550
1,182,626
64,006
671,486
11,898
5,342
678,916
e
Real estate
houses,
furnit. & flxt
92,705
Net cash surr. val.
The directors have declared a dividend of $1.50
I
stock, payable Dec. 30 to holders of record Dec. 1<
of $1 per share were paid.—V. 137, p. 1943.
>er
.
share
on
the common
Previously dividends
Other assets
a
reserves
surp. &
1,180,204
undivid.
246,994
178,296
71,783,558 67,118,777
Market value,
277,440
2,460,020
2.421.830
2,631,953
1,928,913
h Outstand. A & B
common
stock..
Consol.surp. &
consolidated
Total
1,468,500
profits of subs..
of life Insurance.
f Inv. In subs, not
c
12,207
gl,239,500
1,405,740
by banks
Min.int.in cap.stk.
Banking
c
215,746
9,296
1,275,037
281,851
of
provided for subsidiary companies
operating in only one State.
In addition, the petition charged that the act
constituted "an unconsti¬
tutional delegation of legislative power"
through authority delegated to the
Electric Vacuum Cleaner Co., Inc.- -Dividend Increased
279,645
stk.issued by bks
Pref. stock issued
credit
The petition charged that the act was unconstitutional
because it sought
regulate intrastate as well as interstate corporations.
This, it is said,
resulted because no exemptions were
& other expenses
securities...
60,776
347,560
Loans & discts..23,290,743 21,064,247
d Stk. in Fed. Res.
to
$
Res.for divs.on pf.
and
Circuit Court.
1936
$
63,337,170 59,465,069
Letters of credit..
5,000
19,550
Other liabilities—
168,240
129,317
Res. for taxes, int.
Other invests, bds.
c
Last year, after the Federal District Court for Southern
New York had
upheld the act, the company and the SEC joined in urging the Court to
review the act without
requiring that it go through the usual routine of the
1937
Liabilities—
Deposits
18,162,760 18,269,958
aU. S. bonds
b
1936
$
Assets—
They charged that penalty provisions of the
The Court denied that request,
the Circuit Court.
include
bank and office building subsidiaries, which are
self-sustaining basis; liquidating companies, the invest¬
stated at $266,559 less than present appraised value,
y Segregated as follows:
Div. on pref. stock of banks, $38,764, minority
int. (common stock of banks),
$34,134 int. of First Security Corp. based on
percentage of stock ownership of subsidiaries at Sept. 30, 1937 ($3.37 per
per share for the 246,002 shares A and B stock outstanding Sept. 30,
1937),
$829,796; total $902,624.
ment
Constitution.
The petition was signed by Thomas D. Thacher and John F.
Maclane,
attorneys for Electric Bond & Share.
high
not
operated
The company on Dec. 14 asked the U. S.
Supreme Court to review the
of the
Does
x
1,324,201
461,877
104,177
_
50 cents per share was paid on Aug. 15, 1936.—V. 145,
p. 3007.
Electric
288,095
a Market
value $16,499 in 1937 ($27,365 in 1936).
b Market value
$204,258 ($254,956 in 1936).
c At appraised values of corporation's officers
as at Sept. 29, 1934,
plus subsequent additions at cost, including $82,365
premium on class A stock exchanged for subsidiary stock:
companies in
active operation, $2,855,538; companies in
liquidation, $128,916.
End Dividend—
a year-end dividend of 40 cents
per share on
stock, par $5, payable Dec. 27 to holders of record Dec. 21.
This compares with 80 cents paid on Oct. 1 and on July 1, last; 60 cents paid
on April 1, last, and on Dec. 21 and on Oct.
15,1936, and with 30 cents per
share paid each three months from Oct. 1,
1935, to and including July 1,
1936.
The Oct. 1, 1935, dividend was the first
paid since Jan. 2, 1933,
common
a
241,839
Interest paid.
The directors have declared
when
200,000
663,083
1937
distributed.—-V. 145, p. 2072.
Electric
200,000
3,688
677,775
740
July 15, last, and a dividend of $5 paid on Dec. 15, 1936, this latter being
the first dividend paid by the company since Feb. 1,1926, when $2 per share
the
1936
stock
($10 par)
$2,260,020 $2,221,830
Class B com. stock
Mfg. Co.—Pays $2 Dividend—
The company paid a dividend of $2 per share on the common stock, on
Dec. 15 to holders of record Dec. 10.
This compares with $3 paid on
was
1937
$167,855
b Stocks
Edmonton City Dairy, Ltd.—Accumulated Dividend
a
include accrued and undistributed earnings of subsidiaries.
not
a
This company has sold to Southern Kraft Corp. for a consideration of
$690,000, its paper mih and building at Rockford, Iil., operated by its sub¬
sidiary Rockford Fibre Container Corp.
Eddy, however, will continue
to manufacture at that point fibre and corrugated boxes, leasing space in
the soid building for the purpose and purchasing kraft from Southern.
Eddy continues to operate two paper mills at White Pidgeon, Mich.—V.
145, p. 2843.
_
Dividends paid
Cash in banks
Eddy Paper Corp.—Sells Paper Mill—
The directors have declared
9,491
1,318
10,746
2,318
Stock register fees
9, 1937, the kilowatt-hour system input of
the operating companies w ich are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1936, was as follows:
$289,074
1,159
1,919
2,925
1,262
29.393
1,800
5l2
_
Provision for valuation reserve on stocks
Dec.
''
405
24,309
51,732
31
7,372
Taxes
ended
212,595
13,287
Total income
Legal and accounting
companies had asked authority for $1,100,000 of bonds and
Ebasco Services, Inc.
1936
$205,485
1,167
Miscellaneous income
3,500 shares of stock.—V. 145, p. 3652.
For the week
$2,174,744 to the
Railroad Credit Corporation.—V. 145, p. 3495.
share, payable Dec. 24 to holders of record Dec. 11. Dividends of 22 cents
were paid on Sept. 25 and on June 25, last, and on March 31 last 20 cents
was
\
The road already owes $19,552,000 to the RFC and
Management Fund "A-l"—Dividend
The trustees have declared a disbursement on Fund A-l of 30 cents per
un¬
divided profits..
Total
71,783,558 67,118,777
$21,766,908 ($20,445,078 in 1936).
b Market value,
($5,223,739 in 1936).
c After elimination of items classified
by bank examiners as "doubtful" or "loss."
d At par value,
e After
depreciation as allowed by U. S. Bureau of Internal Revenue,
f Bank
$6,609,825
Volume
and
Financial
145
building company, $550,000; companies liquidation (at book
value of First Security Corp.), $128,916.
g Available for future market
fluctuation of investments, none of which are now needed on basis of latest
bank examination: Minority interest, $55,968; interest of First Security
Corp. ($5.49 per share on outstanding A and B stock), $1,349,771.
H 246,002 (242,183 in 1936) shares of a par value of $10 per share.—V. 143, p.
363jD,
First Investment Counsel Corp.—Extra
Dividend-—
General
The
1752.
500 Fifth
Avenue, Inc.—Earnings—
L
have declared a dividend of 75 cents per share on the
stock, payable Dec. 24 to holders of record Dec. 16. This compares
with 30 cents paid on Oct. 1 and on July 1, last; 25 cents paid on April 1,
last; an extra dividend of 30 cents in addition to a regular quarterly divi¬
dend of 10 cents paid on Dec. 24, 1936, and an extra dividend of 10 cents in
addition to the regular quarterly dividends of 10 cents per share distributed
on Oct.
1, 1936.—V. 145, p. 3196.
General Gas & Electric
General
$1,184,727
4,473
Miscellaneous income
Total income.
..$1,189,200
1,115,650
295,495
469
5,580
176,559
Expensas..
Bond interest accruals for year.
Special bond expense
Sundry taxes
Depreciation and amortization
Excess of expenses and charges over income
I
Leasehold
x$9,441,834
Mlscel). construction & bldg.
232,352
Cash
93,037
...
Rents receivable, less reserve.
6,165
Ad vs., prepayments & sundry
1,392
Rent
conting. dep. (amount
req. by indent. $131,250)..
Investments
131,449
2,842
337.632
-
Deferred charees
Suspended accounts
6}4 %
s.
$5,940,000
11,694
-
157,897
8,460
(to
be liquidated
only when, as and if earn¬
ings are available)
3,327,849
5,000
Capital stock
Surplus arising from appraisal
.....
of leasehold—less
to
amortiz.
Sept. 30, 1937
5,341,561
....
income
to
Sept.
30,
1937
Total
$10,249,180
Dr4,543,282
and trucks to dealers in the
an
overseas
markets
increase of 21.8%
Total
represented
an
all-time
high volume for that period, and
an increase of 13.5% over the volume in
the first 11 months of 1936.
For the 12 months through November, 1937,
sales totaled 364,483 units—an increase of 13.6% over the volume in the
12 months ended Nov. 30, 1936.
These figures include the products of the corporation's American, Cana¬
dian, English, and German factories sold outside of the United States and
Canada.
5;;,,,, r..:
.-i-■
$10,249,180
The total number of General Motors common and
preferred stockholders
for the fourth quarter of 1937 was 375,755 compared with 363,675 for the
third quarter of 1937 and with 342,384 for the fourth quarter of 1936.
There were 355,110 holders of common stock and the balance of 20,645
represents holders of preferred stock.
These figures compare with 343,125
common stockholders and 20,550 preferred for the third quarter of 1937.
—V. 145, p. 3817.
After
General
Reinsurance Corp.— New
Director—
E. H. Boles, President of this company and its affiliate. North Star
Insurance Co., has announced that at meetings of the boards of directors
Florsheim Shoe Co.—Dividends Reduced—
The directors have declared quarterly
dividends of 25 cents per share on
par class A stock and 12 H cents per share on the no par class B stock,
payable Jan. 2 to holders of record Dec. 23.
Dividends at double
these amounts were paid on Oct. 1, July 1, and on April 1, last, and pre¬
viously regular quarterly dividends similar to those now being distributed
were
paid..
In addition an extra dividend of 25 cents was paid on the
class A stock and an extra of 12H cents on the class B stock on Jan. 2,
1937, Oct. 29, Oct. 1, July 1 and Jan. 2, 1936.—V. 144, p. 4006.
the
cars
the volume in November of last year.
In the first 11 months of 1937, sales of 334,438
depreciation and amortization to Sept. 30, 1937 of $2,058,165.—
V. 141, p. 3535.
x
Corp.—Overseas Sales —
Stockholders Nu?nber 375,755—
Excess of expenses & charges
over
General Motors
f.
Advance rents & tenants' sec.
liabs.
Ltd.—Special Dividend—
a special dividend of 50 cents per share on
capital stock, par $2.50 payable Dec. 24 to holders of record Dec.
18.
An initial quarterly dividend of 25 cents was paid on Nov. 15, last.
See also V. 145, p. 2391.
new
over
1st mtge. leasehold
2,475
General Metals Corp.,
The directors have declared
the
Sales of General Motors
Accounts payable
Accrued items
Def.
accounts receivable
a dividend of 40 cents per share on the com¬
stock, payable Dec. 24 to holders of record Dec. 18.
This will be
common shares since 1930.—V. 145, p. 2075.
the first dividend paid on the
during November totaled 29,338 units, representing
Liabilities—
bonds, due June 1,1949...
equipment
Machinery Corp.—Resumes Common Dividend—
The directors have declared
mon
$404,552
Balance Sheet Sept. 30, 1937
Corp.-—Preferred Dividend—
The directors have declared a dividend of $1.50 per share on the $6 pre¬
ferred class B stock, payable in 4% scrip due Dec. 30, 1942, on Dec. 30
to holders of record Dec. 20.—V. 145, p. 3345.
Earnings for the Year Ended Sept. 30, 1937
Income—Rental charges, less reserve for doubtful collections
Assets—
Fireproofing Co.—7O-Cent Dividend—
directors
common
The directors have declared an extra dividend of $1.50 per share in addi¬
tion to the regular quarterly dividend of 90 cents per share on the common
stock, both payable Dec. 20 to holders of record Dec. 14.—V. 138, p.
3973
Chronicle
office
no
both
of the respective companies, held
director of each.
It
also
announced
that
Dec. 9, Walter Hoving, was elected a
Watts
S. Humphrey was elected a vicepresident of both General Reinsurance Corp. and North Star Insurance
Co. at the same meetings.—V. 145, p. 3654.
was
General Theatres
solution
Equipment, Inc.-—Court Orders Dis¬
of Reorganization Committee—Payment on Old De¬
bentures-
Fonda, Johnstown & Gloversville RR.*
Period End. Nov. 30—
Operating revenues
Operating expenses
Net
from opers-.
rev.
1937—Month—1936
$37,369
$44,424
40,819
40,558
def$3,189
$295
$42,251
31.X85
$11,065
13,913
379
544
$16,860
15,008
def$6,664
$839
$31,869
Gross income--..--...
13,778
156,713
$12,938
$124,844
$131,278
under the plan of reorganization.
The order provided tor the payment to the
Georgia & Florida RR.—Earnings—
Deductions from gross
income..
Net deficitx
—
Includes interest accruals
on
outstanding funded debt.—-V. 145,
p.
receiveij of the balance of the
purchase price of the assets of the old company and the distribution of the
proceeds of the sale of the assets on the claims. It provides for the payment
of $83.80 by the receiver on each $1,000 of all debentures which did not
participate in the reorganization.—V. 145, p. 1901.
156.253
$20,627
Chancellor Josiah O. Wolcott has handed down an order calling for the
dissolution of the reorganization committee of General Theatres Equipment,
Inc. The assets of the company acquired by the reorganization committee
has been turned over to General Theatres Equipment Corp., organized
$24,979
13,962
Other income-
x
$511,910
469,659
$61,585
44,724
3,309
...
Operating income
$504,805
443,219
$3,604
3.855
def$7,044
Tax accruals
-Earnings-
1937- -11 Mos.-
—Week Ending Dec.
7
1937
Operating revenues
—V. 145, p. 3817.
Jan.
1936
$20,125
Period—
$21,975
1
to
Dec.
7
1937
1936
$1,229,074
$1,111,242
3496.
Giant Portland Cement Co.—Accumulated Dividend—
Foreign Bond Associates, Inc.—Extra Dividend—
The directors on Dec. 15 declared an extra dividend of 10 cents per share
in addition to the regular quarterly dividend of 25 cents per share on the
common stock, both payable Dec. 21 to holders of record Dec. 15.
See
V. 144, p. 1783 for record of previous dividend payments.—V. 145, p. 3195.
declared a dividend of $1 per share on account of
the 7% cumulative preferred stock, payable Dec. 22 to
16.—V. 145, p. 609.
The directors have
accumulations
on
holders of record Dec.
(A. C.) Gilbert Co.—Common Dividend—
The directors have declared a dividend of 62 H
(Robert) Gair Co., Inc.—Preferred Dividend Deferred—
The directors at their meeting held Dec. 13 decided to defer the dividend
ordinarily due on the $3 cumulative preferred stock at this time.
A regular
quarterly dividend of 75 cents per share was paid on Sept. 30, last.
E. Victor Donaldson, President, in a letter to stockholders points out
that the company incurred bank loans in the amount of $2,000,000 and
this credit was obtained for the purpose of participarting in construc¬
tion of a plant at Plymouth, N. C., in order to reduce materially the cost
of sulphate pulp, none of which will be available this year.
The balance
of this credit was needed for plant rehabilitation as well as to finance in¬
creased inventories and receivables.
Since
a
substantial
part of the expenses were for capital
expenditures,
the management planned to refund them on a long-term basis, Mr. Donald¬
points out.
The condition of the securities markets prevented this,
he says, and in consequence, directors felt that the prudent policy dictated
the necessity of conservation of the resources of the company pending a
clarification of its outlook.—V. 145, p. 2845.
cents per share on the
stock, payable Dec. 24 to holders of record Dec. 20. A like amount
paid on Dec. 24, 1936, this latter being the first payment made on the
common shares since Feb. 16, 1931, when a dividend or 25 cents per share
was distributed.—V. 145, p. 609.
common
was
Glen Alden Coal Co.-—25-Cent Dividend—■
The directors have
declared
an
interim dividend of 25 cents per share
the common stock, no par value, payable Dec. 28 to holders of record
on
This compares with 12^ cents paid on Oct. 20 and on July 20,
last; a special dividend of 50 cents paid on Dec. 23, 1936, and a regular
dividend of 25 cents paid on Oct. 20,1936, and each three months previously.
Dec. 16.
dividends of 25 cents per share were paid in each of the
1935.—V. 145, p. 2075.
In addition, extra
four quarters of
son
Globe Hoist Co.—Extra Dividend—
The company
paid an extra dividend of 25 cents per share on the no-par
Nov. 29 to holders of record Nov. 24. A quarterly divi¬
of 25
per share was paid on July 20, last.—V. 145, p. 1098.
common
stock
on
dend of 25 cents was paid on Oct. 27, last, and an initial dividend
Gemmer
Mfg. Co.—Resumes Class B Dividends—
cents
The directors have declared a dividend of 75 cents per share on the class
Gold Horn Mining
B stock
payable Dec. 24 to holders of record Dec. 20.
This will be the first
dividend paid on the "B" shares since July 1, 1931 when a distribution of
15 cents per share was made.—V. 145, p. 1418.
General Box Co.—Extra Dividend—
an
initial dividend of 5 cents paid
an
Graham-Paige Motors Corp. (& Subs.)
extra dividend
of 50 cents per share in
of 25 cents per share on the $2.50
addition to the regular quarterly dividend
non-cumulative class A stock, both payable Dec.
Dec. 10.—V. 145, p. 609.
General
20 to holders of record
Period End. Sept. 30—
x
Net loss
x
dividend of 45 cents per share, payable Dec. 24
to holders of record Dec. 16.
This compares with 40 cents paid on Oct. 11,
and on July 10, last; 25 cents paid on April 10, last; 95 cents paid on Dec. 26,
a
1936; 65 cents paid on Feb. 15, 1936; 50 cents on Aug. 26, 1935: $1.25 on
April 2, 1934, and April 1,1933, and a dividend of $1.50 per
share was paid on Feb. 1, 1932.—V. 145, p. 3497.
Feb. 11, 1935;
taxes,
The
—
Charles E. Wilson, Vice-President in charge of the merchandise depart¬
ment, has been elected Executive Vice-President,
been announced by President Gerard Swope.
a
new
position, it has
time, Mr. Swope announced the election of Philip D. Reed
Assistant to the President.—V. 145, p. 3497.
same
General Fire
ExtinguisherCo.— Dividend Increased—
The directors declared
a dividend of $1 per share on the common stock,
par value, payable Dec. 23 to holders of record Dec. 17. This compares
with 30 cents paid on Dec. 10, last, and 25 cents paid on Sept. 10 and on
June 10, last. A dividend of 20 cents was paid on March 10, fast; dividends
totaling $1 per share were paid during 1936 and a dividend of 10 cents per
share in 1935.
No dividends were paid in the years 1934 or 1933.—V. 145,
p. 3654.
*
no
-
—
Earnings
—
1937—9 Mos.—1936
$645,894
$1,449,489
depreciation, other charges, including write-off of tools
models.—V. 145, p. 3498.
directors have
declared
a
dividend of 80
A Dividend—
cents
per
share on the
$3.20 cum. class A common stock, no par value, payable Dec. 24 to holders
of record Dec. 20. A like amount was paid on Oct. 1 and on July 1, last, and
with $1.30 paid on April 1, last; $2.80 paid on Dec. 22, 1936;
dividends of 50 cents were paid on Oct. 1, July 1 and April 1, 1936, and
dividends of 25 cents paid in each of the eight preceding quarters and on
compares
Quarterly distributions of 40 cents per share were made from
2,1931, to and incl. April 1, 1932, as compared with regular quarterly
paicf.—V. 145, p. 1901.
Dec. 20,1933.
Jan.
General Electric Co.— New Vice-President
as
After
and dies for prior
1937—3 Mos.—1936
$966,869
$429,246
Greif Bros. Cooperage Corp.— Class
Capital Corp.—45"Cent Dividend—•
Directors have declared
At the
Increased—
have declared a dividend of 75 cents per share on the
stock, par $50, payable Dec. 21 to holders of record Dec. 21.
Previously regular quarterly dividends of 50 cents per share were dis¬
tributed.
In addition, an extra dividend of 25 cents was paid on Dec. 21,
last.—V. 144, p. 279.
directors
common
General Candy Corp.—To Pay Extra Dividend—
The directors have declared
Co.—Registers with SEC—
first page of this department.
Goodman Mfg. Co.—Dividend
The
The directors have declared an extra dividend of 5 cents per share on the
capital stock, par $1, payable Dec. 24 to holders of record Dec. 15.
A
dividend of 2 cents was paid on Oct. 1, last; one of 13^ cents paid on April 1,
last; 8 cents paid on Dec. 15, 1936, and
on Nov. 16, 1936—V. 145, p. 2693.
See list given on
dividends of 80 cents per share previously
Greyhound Corp.—Subsidiaries to Issue Equip. Notes
The Interstate Commerce Commission has authorized subsidiaries of
—
the
corporation to issue a total of $3,512,000 equipment mortgage notes to
finance the purchase of 326 new buses.
Note issues authorized were:
Central Greyhound Lines, Inc., $300,000 to buy 25 buses, and $396,000
for 33 buses.
Pacific Greyhound Lines, Inc., $800,000 to buy 100 buses.
Dixie Greyhound Lines, Inc., $180,000 for 15 buses.
Illinois Greyhound Lines, Inc., $120,000 for 10 buses.
Pennsylvania Greyhound Lines, Inc., $1,200,000 for 100 buses.
Teche Lines, Inc., $96,000 for eight buses.
Southwestern Greyhound Lines, Inc., $360,000 for 30 buses.
Ohio Greyhound Lines, Inc., $60,000 for five buses.
Financial
3974
Chronicle
American Trust Co. of San Francisco will provide the funds to the Pacific
Greyhound
the National City
145, p. 3818.
Lines and
Bank of New York will finance
all other transactions.—V.
Group Securities, Inc.—Dividends-—
and extra dividends on
payable Dec. 27 to holders of
The directors have declared the following regular
the various classes of stock of the company,
Hoosac Tunnel &
-Dividend Per Share'
/':■
Agricultural
0;'Regular
$0,029
Building
-----:
--.
Distilling and brewing
—
Horni
—
.
Petroleum
__
.030
.018
.015
.050
.040
.020
.017
.080
.001
.001
.004
.030
.021
.024
-017
-
Railroad
Railroad equipment
Steel
.016
.040
.017
.030
Utilities
.050
.030
Tobacco
.026
.030
.036
.004
.040
.030
.004
.030
—V. 145, p. 942.
Hale Brothers Stores,
common
Co.—Extra Dividend—
extra dividend of 75 cents per share in
regular quarterly dividend of 75 cents per share on the
common stock, par $5, both payable Dec. 21 to holders of record Dec. 17.
Previous extra distributions were as follows: 75 cents on Sept. 30, June 30,
March 31, last, and on Dec. 23, 1936; 60 cents on Sept. 30, 1936; 50. cents
on June 30, -936; 75 cents on Dec. 31,1935, and 30 cents on Sept. 30, 1935.
—V. 145. p. 2849.
the
to
Ideal
Co.'—Extra
Cement
The directors have declared
Dividend—
extra dividend of 50 cents per share in
dividend of 50 cents on the new common
both payable Dec. 22 to holders of record
Dec. 15.
An initial dividend of 50 cents was paid on Sept. 30, last.
The company's old common stock was recently split-up on a 3-for-l
basis—three new $10 par shares being issued for each old no par share.
A dividend of $1.50 per share was paid on the old common stock on
May 27, last.
See V. 144, p. 3839 for detailed record of dividend payments
on old stock.—V. 145,
p. 1904.
an
addition to the regular quarterly
stock (par $10) now outstanding,
Inc. — Year-End Dividend—
a year-end dividend of 80 cents per share
stock, payable Dec. 21 to holders of record Dec. 16.
This
compares with 25 cents paid on Dec. 1 and in each of the three preceding
quarters and previously regular quarterly dividends of 15 cents per share
were paid.
In addition, an extra dividend of 25 cents per share was paid on
Dec. 21, 1936.—V. 145, p. 281.
the
certificate per¬
Signal Mfg. Corp.—Registration Withdrawn—
Howe Sound
Illinois Zinc Co.
The directors have declared
on
a
The directors have declared an
addition
.010
.043
.043
.009
.029
046
—
«
.050
.023
.021
-
Industrial machinery
Investing companies
Merchandising
Mining
$0,040
.001
.020
.063
—
Electrical equipment
Food
SO .011
.025
—
Ghem ical
Dec. 3 issued
Total
-049
-007
—
on
mitting abandonment by the company of part of its line of railroad extend¬
ing from Readsboro to Wilmington, approximately 13 miles, all in Ben¬
nington and WTindham counties, Vt.—V. lo5, p. 1160.
See list given on first page of this department.—V. 145, p. 1421.
Extra
.032
Automobile
Aviation
18,
7
Wilmington RR.—Abandonment —
The Interstate Commerce Commission
record Dec. 11.
•
Dec.
Years Ended Sept.
(& Subs.)—Earnings—
30—
1937
1936
Net
profit after interest charges and provision for
customary reserve for deprec., depl. and taxes.
$111,428
Shares capital stock
95,140
Earnings per share
$1.17
$57,888
72,500
$0.80
Consolidated Balance Sheet, Sept. 30, 1937
Handley-Page, Ltd.—To Recapitalize—
Directors
A. 8SCtS,mmmm
have recommended the
capitalization of certain reserves and
the issue to existing common stockholders of a capital bonus of one fiveshilling unit of stock for every five-shilling unit held.
The sum involved
byAthe issue is £124,465.—V. 145, p. 2848.
Liabilities—
Cash & accts. receivable, net-Inventories
$208,087
395,347
2,452,612
—-
Fixed assets
(net)
Patents, processes, &c
Dec.
17.
See
no
V.
Capital stock
Surplus
value, both payable Dec. 24 to holders of record
par
144,
p.
structure,
directors authorized liquidation
into
the
parent
of two subsidiaries, Hanna Coal Co.; a Delaware corporation, and
Monongahela Securities Co.—V. 145, p. 2694.
Harding Carpets, Ltd.
Years Ended Oct. 31—
•Earnings■
1937
1936
1935
1934
$135,799
$114,086
$92,585
$97,472
54,478
48,564
47,004
46,806
15,000
11,200
7,100
7,111
$66,321
34,205
$54,323
8,500
$38,481
43,554
buildings and plant
Dominion and Provincial
income taxes
Net
profit
before
de¬
preciation of plant
.
Dividends paid
$3,108,8411
Total——
x
Total
The company on Dec. 20 will pay a bonus to all employees on a basis of
10% of their annual earnings, according to Neil C. Hurley, President.
"The past year has been the best since 1929 in respect to both sales and
profits," Mr. Hurley stated.
"Increases were noted in all branches of the
business and in both our pneumatic and electric tools."—V. 145, p. 116.
Independent (Subway) System of N. Y. City-—Earns.
Period End. Sept.
30—
Month
$1,411,641
1,153,208
Income from railway operation
Non-operating income
Cash
x
$487
Accts. receivable
$7,483
76,851
290,013
99,844
419,898
574,566
Inventories
y
1936
Fixed assets
Deferred charges..
567,233
6,542
7,515
Liabilities—
Bank loan
1937
(secur.)
$1,102,310
$948,122
Indiana Harbor Belt
Period End. Oct. 31—
54,785
$35,776
Res. for Dom. and
Prov. Inc. taxes.
15,080
777,514
158,931
774,330
126,815
$1,102,310
dividend of $6.25 per share on the common
stock, par $25, payable Dec. 20 to holders of record Dec. 10 This compares
with $3 paid on Oct. 1, last, and in each of the three
a
preceding quarters;
$5 per share and a regular dividend of $2 per share paid
18, 1936; $3 paid on Oct. 1, 1936; $2.25 paid on July 1, 1936; $1.50
April 1 and Jan. 1, 1936, and $1.1214 per share paid each three months
previously.
In addition an extra dividend of $1.50 per share was paid on
Sept. 30, 1935.—V. 144, p. 2129.
an
RR.—Earnings—
1937—Month—1936
1937—10 Mos.—1936
$928,087
602,864
$1,013,548
592,378
$8,904,314
5,676,797
$8,508,221
5,180,933
$325,223
x32,899
95,584
$421,170
87,118
110,800
$3,227,517
x788,024
920,764
$3,327,288
$196,740
3,373
$223,252
2,584
$1,518,729
20,777
$1,841,073
$200,113
3,463
37,325
$225,836
3,403
38,515
$1,539,506
32,671
374,369
$1,861,773
32,049
381,177
$159,325
oper. revenues-
Net rev. from ry. oper.
Railway tax accruals
Equip. & joint fac. rentst
Net ry. oper. incomeOther income
Total income
Miscl. deduc. from inc._
Total fixed charges
Net income
Cooley Co.'—To Pay $6.25 Dividend—
The directors have declared
$410,727
$183,918
$2.42
$1,132,466
$1,448,547
$14.90
$19.06
11,200
x After
reserve for bad
and doubtful accounts of $11,100 in 1937 and
$8,600 in 1936.
y After reserve for depreciation of $345,783 in 1937 and
$291,804 in 1936.
z Represented by 171,025
(170,000 in 1936) shares of
no
par value, of which 170,963 (169,573 in 1936) have been issued and
62 (427 in 1936) are held for exchange for the old common shares.
(Au¬
thorized, 300,000 shares of no par value.)—V. 143, p. 4155.
Hart &
2,445
$258,809
$948,122
Capital stock...
Total
Railway
Rawilay oper. expenses.
Earned surplus
Total
1936
$96,000
Accts. & bills pay,
& accrued llabil.
z
$408,281
376
—Y. 145, p. 3347.
Balance Sheet Oct. 31
1937
3 Months
$3,901,621
3,493,340
$258,433
Operating revenues
Operating expenses
Excess of revenues over operating expenses.
Assets—
$3,108,841
—
Represented by 95,140 no par shares.—V. 145, p. 1904.
Independent Pneumatic Tool Co.—Bonus to Employees
corporate
company
-
30,000
x2,378,500
355,058
—'
-
3174 for detailed record of previous dividend
payments.
The company announced that the extra payment is being made because
of the Federal surtax on undistributed profits.
In order to simplify the
Profit from operations..
Provision for deprec. of
45,854
60,110
6% six-year convertible notes,
series A due June 1, 1942—
The directors have declared an extra dividend of 35 cents per share in
to the regular quarterly dividend of 25 cents per share on the
stock,
139,319
cus¬
Accruals
52,794
charges
addition
common
$100,000
-
on
tomers' accounts
1
Prepaid expenses and deferred
(M. A.) Hanna Co.—Extra Dividend—
Notes payable—bankAccounts payable
Advance
payments
extra dividend of
Dec.
Net inc. per sh. of stock
Includes
$15,680
$2.10
680,906
805,309
20,700
the month of October, and $125,465 for the
10 months ended Oct. 31, account carriers excise tax in connection with
Railroad Retirement Act, at 2M% of payrolls.
No similar charge in
1936.—V. 145, p. 3198.
x
for
on
Hendrick
Hudson
Distillers,
Inc.—To Reorganize—
A petition to reorganize under Section 77-B of the Federal
Bankruptcy
Act has been filed in Federal Court yesterday
by the company with offices
at 207 East 43rd St., New York and
bottling plants in Kinderhook and
Hudson, N. Y. A statement filed with the petition shows current assets of
$56,645, of which $500 is in cash, and current liabilities of $29,866. Total
assets amount to $205,498 and
7,162 Ma common shares of stock of Laird
& Co.
The petition states debtor is unable to meet
obligations as they mature,
lacks working capital but owns valuable contracts for
sale of its products
during the spring of 1938.
Indian Motocycle
Co.-—Earnings—
9 Months Ended Sept. 30—
Net profit after all charges
Earnings per share
—V. 144, p. 1962.
Indian
1937
$178,016
$3.86
on common
Valley
1936
$111,589
$2.26
RR.-—Abandonment—
The Interstate Commerce Commission on Dec. 10 issued a certificate
permitting abandonment by the company of part of its line of railroad
between Paxton and Crescent Mills, about 8.05 miles, in Plumas County,
Calif.
Industrial Rayon Corp.-—Dividend Halved—
The directors have declared
a dividend of 25 cents per share on the capital
no par value, payable Jan. 3 to holders of record Dec. 20.
Dividends
of 50 cents were paid on Oct. 1, July 1 and on April 1, last, and
compare
with an extra dividend of 50 cents paid on Jan. 2, 1937; a quarterly dividend
stock,
Heyden Chemical Corp.—Extra Dividend—
The directors have declared
an extra
dividend of 50 cents per share on the
stock, par $10. payable Dec. 22 to holders of record Dec. 17.
The regular quarterly dividend of 50 cents
per share was paid on Dec.
common
The directors have declared an extra dividend of
50 cents per share on the
class A stock, payable Dec. 23 to holders of record
Dec. 18.
The regular quarterly dividend of 37
Ms cents per share was paid on
Dec. 1, last.
An extra dividend of 50 cents was
paid on Dec. 1, 1936, and an extra
dividend of 25 cents per share was
paid on Dec.
Holland Land
p.
1741.
Co.'—Liquidating Dividend—
The directors have declared
the common stock, par
a
liquidating dividend of $1 per share on
$25, payable Dec. 24 to holders of record Dec. 16.
A like amount was paid on
Sept. 20, last, and compares with 50 cents paid
on Feb.
24,last, and on Dec. 22,1936; $1 paid on June 3, 1936; $2.50 paid
on Feb.
6,1936; $1 paid on Nov. 4, July 15 and April 23,1935; 50 cents paid
on April 1 and $1
per share distributed on Feb. 26,
1935; $2 on Dec. 29,
$3.25 on Oct. 13; 50 cents on July 31; $1 on April
27; 50 cents on March 31,
and $1 per share on Feb. 23, 1934.—V.
145, p. 1902.
Home
The
Dairy Co., Inc.— $1 Class A Dividend—
directors have declared
accumulations
on
a dividend of $1
per share on account of
the $2 cumul. class A stock, no
par, value payable Dec. 30
A dividend of 50 cents was
paid on Jan. 15,
to holders of record Dec. 20.
1937, Oct. 15, July 15, April 15 and Jan. 15, 1936, and on Oct.
15, July 15
April 15, 1935, this latter being the first distribution to be made on this
April 1, 1932, when a regular quarterly dividend of like amount
was distributed.—V.
145, p. 2549.
and
issue since
per
Dec. 24, 1936, and regular quarterly dividends of 42
share distributed from July 1, 1934, to and including Oct. 1,
1936.—V. 145, p. 2695.
Inland Investors, Inc.-—Dividend Increased—
The directors have declared
mon
Hobart Mfg. Co.—Extra Class A Dividend—
1, 1935.—Y. 145,
of 42 cents paid on
cents
1
An extra dividend of 75 cents
per share was paid on Dec. 1, 1936,
at which time the regular
quarterly dividend was raised from 25 cents to
50 cents per share.—V. 145, p. 1260.
ast.
stock,
no
par
a dividend of 80 cents per share on the com¬
value, payable Dec. 24 to holders of record Dec. 15.
A dividend of 20 cents
was paid on Sept. 30, June 30 and March 31 last;
one of 65 cents was paid on Dec. 23, 1936: 20 cents
paid on Sept. 30, June
30 and April 1, 1936, and previously regular quarterly dividends of 15 cents
per share were distributed.
In addition, an extra dividend of 20 cents was
paid
on
Dec. 31, 1935.—V. 145,
p.
2076.
Insurance Co. of North America—Extra Dividend-—
The directors have declared an extra dividend of 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, 1937, Jan. 15, 1936 and on July 15, 1935.—V. 144,
p. 2131,
Insuranshares Certificates, Inc.—10-Cent Dividend—
The directors
Dec. 9 declared a dividend of 10 cents per share on the
$1, payable Dec. 24 to holders of record Dec. 16.
A
paid on June 26, last, and compares with 11 cents paid on
Oct. 15, 1936; 9 cents paid on March 20,1936; 8 cents paid on Sept. 20,
1935; 7 cents on March 20, 1935, and 5 cents per share paid on Sept. 20
and March 20, 1934.—V. 145, p. 2695.
common
stock,
like amount
on
par
was
Intercolonial Coal Co., Ltd.—Extra
Dividend—
an extra dividend of $2 per share in addition
regular semi-annual dividend of $3 per share on the common stock,
par $100, both payable Jan. 3 to holders of record Dec. 21.
See also
V. 144, p. 4181.
The directors have declared
to the
Volume
Financial
145
International Power Securities Corp.Years End.
Interest
1937
Sept. 30—
earned
$161,945
337,441
See list given
$137,759
129,907
$139,594
282,435
Net accretion of disc, on
for'n loans less financ¬
ing exps. and disct.
bonds
12,794
25,344
13,191
2,260
$518,385
108,170
19,295
$460,168
78,343
21,154
$283,117
61,574
22,102
$390,920
271,548
$360,670
$199,441
316,805
3,671
income
$538,898
Gen. and admin, exps
Prov.for Fed.inc. tax..
prov.
12,581
6,418
12,335
Miscellaneous.
Adjust,
Keeshin
on
first page of this department.—V.
Transcontinental
Freight
107,978
24,030
of prior year's
for Fed. inc. tax
17,499
$389,392
358,737
Sheet
Balance
Assets—
297,912
Sept. 30
'
1935
1936
1937
deposited with trustees
collateral under trust indenture.
Accrued interest thereon
as
..
securities
Accrued int. and divs. receivable
Cash....
The
issue will be divided into three parts: $400,000 each of series A and
and $800,000 of series B debentures.
The series A and series B
debentures will be exchanged respectively for the series A and series B
debentures issued on July 15, 1936, on a par for
_______________
....
......
226
226
226
1,259,529
1,374,970
1,496,711
Brothers, which firm has waived its right to participate in
offer, according to the application.
Any series C debentures not
bought by the stockholders will be offered to others at not less than the
face amount.
The application added that there had been no firm com¬
mitment to take the issues'.
';
Kentucky Securities
.....$28,826,631 $30,298,543 $28,208,991
......
Liabilities—
Accrued interest thereon._________
Loans payable (secured, per contra).
Acc'ts payable and accrued expenses
$21,206,000 $21,806,000 $22,367,000
351,923
361,035
342,181
1,625,000
3,150,000
2,850,000
17,360 ,v
22,404
21,077
173,893
234,017
192,488
.
'
Reserve for Federal taxes on incomeReserve for redemption of pref. stock
Capital stock......
x
Capital
surplus.
226
_
.....
.
.
.
226
2,830,279
1,950,268
3,043,080
616,353
now held by the applicants.
Kentucky Securities Co. will acquired 22,633 shares of 6% convertible,
($20 parj preferred stock and 95,368 shares ($10 par) common stock of the
issuer in payment of $1,406,340 of the issuer's notes
payable, and Lexington
Utilities Co. will acquire 5,488 shares of the
preferred and 23,124 shares
of the common in payment of
$341,000 notes payable of the issuer.
Ken¬
tucky Securities Co. also will acquire 63,540 shares of new $10 par stock
in exchange for the same number of
$5 par shares now held.
Opportunity for hearing in these matters will be given Dec. 27.—V. 144,
p. 2659.
;•
Keystone Watch Case Corp.— Extra Dividend—
The directors
on Dec.
10 declared an extra dividend of $2.50 per share
a regular dividend
of $1 per share on the common stock,
$16,66 2-3. both payable Dec. 20 to holders of record Dec. 13.
This
compares with $1 paid on July 10, last; an extra dividend of $2.50 and a
dividend of $1 (or $3.50 per share) paid on Dec. 15,
1936; dividends of $1
paid on July 10, 1936; Dec. 20, July 10 and Jan. 15, 1935, and on July 16,
1934.
This last-mentioned dividend was the first
paid on the issue since
Feb; 1, 1931, when a semi-annual dividend of 75 cents
per share was dis¬
tributed on the old $25 par stock.—V. 145,
p. 1905.
in
Total...
x
$28,826,631 $30,298,543 $28,208,991
Represented by
49,874
shares
etc.—
The Securities and
Exchange Commission announced Dec. 14 that the
Kentucky Securities Co. and Lexington Utilities Co., both subsidiaries of
Middle West Corp., a registered
holding company, have filed an applica¬
tion (File No.
46-85) for the acquisition of preferred and common stock of
Southeastern Greyhound Lines in exchange for notes
payable and common
226
2,698,861
1,474,271
.
...
...
.
Co.—Acquisition,
stock of the issuer
discount and expense.
Sinking fund gold bonds
basis.
The $400,000 of series C debentures will be offered to stockholders other
than Lehman
such
.
.$19,827,756 $20,296,165 $20,721,935
361,035
351,923
342,181
5,490,423
7,895,538
7,285,385
85,830
92,033
108,990
46,066
270,174
19,522
v.558
6,766
Sundry accounts receivable
Special fund for red. of pref. stock.
Deferred charges—unamortized bond
Total.
3003.
Inc.—De¬
series C
________
Other
p.
The company applied Dec. 16 to the Interstate Commerce
Commission
for authority to issue
$1,600,000 of 4^% debentures dated Nov. 1 and
maturing serially from Feb. 1, 1940, to Nov. 1, 1945, except for $400,000
of series C debentures which would mature
collectively on Nov. 1, 1947.
The proceeds would be used to retire
outstanding debentures and increase
working capital.
par
Net income
Preferred dividends....
Securities
144,
Lines,
benture Issue Planned—
on
sold
Total
3975
Kane-America Corp.—Stop Order—
1934
1935
1936
$178,897
343,994
Divs. rec. & declared...
Chronicle
Earnings—
(no
$6 pref,
par)
stock and 151,451
$6 pref. stock
shares (no par) common stock in 1937; 52,345 shares (no par)
and
153,912 shares (no par) common stock in 1936, and 57,453 shares of
pref. stock and 162,200 shares of common stock in 1935.—V. 145, p. 3658.
Interstate Bakeries Corp.—To Reorganize—•Initial Pre¬
addition to
par
ferred Dividend—
Kings Brewery, Inc., Brooklyn, N. Y. — To Reorganize—
and agreement for the reorganization of this corporation and
Baking Co., and the complete liquidation of Western Bakeries
Corp., Ltd., a wholly owned subsidiary of Interstate Bakeries Corp., has
been approved by the stockholders of Interstate Bakeries and Schulze
Baking, it was announced on Dec. 14 by R. L. Nafziger, President, in a
Federal Judge Matthew T. Abruzzo in Brooklyn, Dec. 8, signed an
order approving a petition filed for reorganization of the
company under
Section 77-B of the Federal Bankruptcy Act. The brewery has two
plants,
both in Brooklyn.
letter to holders of certificates of stock of Interstate and Schulze.
Effec¬
tive Dec. 13, 1937, these companies have now been consolidated under the
trustee
The plan
Schulze
Interestate preferred, one and two-fifths shares of preferred and one share
common of the new company; for each share of Interstate
common, one
The order set Dec. 30 as date for a hearing to determine whether a
shall be appointed, or whether the present management shall be
permitted to continue in possession.
Until that date the present manage¬
ment will remain in possession under the order.
Company was admitted previously into reorganization under 77-B of the
Federal Bankruptcy Act on July 12, 1934, by Judge Clarence G. Galston,
who confirmed a plan of reorganization a year later.
This resulted in the
corporation's subsequent dismissal from reorganization.
The petition stated that none of the officers, including Samuel
Rosoff,
President, received any salary at all, except Oscar Gebler, who in addition
share of
to
of Interstate Bakeries Corp. and the
name
outstanding stock of the prede¬
cessor
companies has been converted as follows;
For each share of Schulze preferred, one and two-fifths shares of preferred
and two shares of common of the new company; for each share of Schulze
common, one-half share of common of the new company; for each share
of
of
common
Stockholders
of the
are
new
asked
to
company.
surrender
Continental Illinois National
deliver the new certificates.
As
Bank
their
&
Trust
present stock certificates to
Co. of Chicago, which will
»
result of the consolidation, each stockholder of record of Interstate
on Dec. 13 became stockholders of the new
company.
The board of directors of the new company, declared an initial dividend
a
and Schulze
of $1.25
share
its
preferred stock, payable Dec. 27, to holders of
record Dec. 22.—V. 145, p. 2078.
a
on
Interstate Hosiery Mills, Inc.—To Pay lb-Cent Div.—•
The directors have declared
a
dividend of 75 cents per share on the com¬
stock, no par value, payable Dec. 24 to holders of record Dec. 20.
Dividends of 62H cents per share were paid on Nov. 15 last, and each three
previously.
In addition, an extra dividend of 50 cents was paid on
Dec. 15, 1936.
*
.
The company announced that the current dividend is in lieu of the divi¬
dend which ordinarily would have been paid on Feb. 15, 1938.—V. 145,
p.
1262.
Intertype Corp.'—Smaller Dividend—
The
directors
have
declared
dividend of 20 cents per share on the
value, payable Dec. 27 to holders of record Dec. 22.
paid on Nov. 1 and on June 1, last; 25 cents
on Dec. 15, Sept. 15, and on June 15, 1936, and 20 cents paid on
16 and on July J, 1935, this latter payment being the first made since
15, 1931, when a quarterly dividend of 25 cents per share was paid.
145, p.3011.
common
stock,
a
no par
This compares with 30 cents
paid
Dec.
Aug.
—V.
Investment Foundation
Ltd.—AccumMatedDividend—
A dividend of 50 cents per share (being at the rate of
4% per annum)
a further dividend of 50 cents
per share on account of arrears of
and
preferred
(or a total of $1 per share) have been declared on the
6% cumulative convertible preferred stock, par $50, both payable Jan. 15
$470,000,
and a $1,000,000 general mortgage bond issue, with interest
defaults totaling $175,106. The trustee of this bond issue is the Trust Co.
of North America, 115 Broadway, New York.—V. 139, p. 447.
(G. R.) Kinney Co., Inc.—Initial Preferred Dividend—
Exchange Time Extended—
The Board of Directors has declared an initial dividend of $1.50 per share
the new $5 prior preferred stock, payable on Dec. 27 to holders of record
on
Dec. 22.
The above payment is on account of the dividend of $2.50 per
share to which this stock is entitled, if earned, for the period from July 1,
1937 to Dec. 31, 1937.
is
Any stockholder who does not exchange his $8 preferred stock under the
plan of recapitalization will hold a stock that is subordinate to the $5 prior
preferred stock both as to the payment of dividends, if earned, and in the
event of a liquidation of the company.
The Board of Directors has granted a final extension of time to exchange
$8 preferred stock for $5 prior preferred stock and common stock, in ac¬
cordance with the plan, up to the close of business on Dec. 22,1937.
Hold¬
ers of the $8 preferred stock who desire to receive the above dividend are
required to make their exchange on or before said date.
In fixing this date the board of directors has taken into consideration the
request .made by some of the $8 preferred stockholders who were uncertain
as to What action they should take until they were informed as to what
dividend would be paid on the new securities.—V. 145, p. 3500.
Kinsel Drug
of Dec. 30, 1937 amount to $5.25
per
Previous dividend distribution were as follows: 75 cents
the common stock, payable
share.
on
Oct.
15 and
July 15, last; $1.25 paid on April 15, last; 75 cents on Jan. 15, last; $2.50
during 1936; $2.25 during 1935, and $2 per share paid during 1934 and
during 1933.—V. 145, p. 2228.
.
Co.—Special Dividend—-
The directors have declared
to holders of record Dec. 31.
as
When the final audit of the earnings for this period
available, the holders of the $5 prior preferred will be notified concerning
the further action of the Board of Directors.
dividends accrued,
Accumulations
-
p.
a special dividend of five cents per share on
Dec. 24 to holders of record Dec. 18.—V. 143,
1403.
\
.
Kroger Grocery & Baking Co.— Sales —
Period Ended Dec. 4—
Sales
Ironrite Ironer Co.—Final Dividend-—
His salary is $250 a
The principal liabilities are a mortgage payable to the Rosoff Subway
Construction Co., Inc., of $338,933 on which there is default in interest of
$24,820; a debt to A. H. Diamant of 295 Madison Ave., Manhattan, of
mon
months
being Vice-President and director is brewmaster.
week.
1937—48 Weeks—1936
1937—4 Weeks—1936
....$18,881,944
$18,789,377 $229547,309 $218371,183
—V. 145, p. 3349.
The directors have declared
common
stock,
no par
a final dividend of 25 cents
per share on the
value, payable Dec. 20 to holders of record Dec. 10.
An initital dividend of 10 cents was
paid
on
Nov.'l, last.—V. 145,
p.
2697*
Laclede Steel
Co.—-Larger Dividend—
The directors have declared
a dividend of $1.25 per share on the com¬
stock, par $20 payable Dec. 27 to holders of record Dec. 17.
This
compares with a dividend of 25 cents paid on Sept. 30, June 30, and March
30, last; 45 cents paid on Dec. 26,1936, and dividends of 15 cents per share
paid each three months previously.—V. 144, p. 2133.
mon
Irving Air Chute Co.—Extra Dividend—
The directors have declared an extra dividend of 15 cents
per share in
addition to the regular quarterly dividend of 25 cents
per share on the
common stock, par $1, both payable Dec. 24 to holders of record Dec.
17.—
V. 145, p. 3500.
(W. B.) Jar vis Co.-—Extra Dividend—
The directors have declared an extra dividend of
S1.12H per share on the
par $1, payable Dec. 23 to holders of record Dec. 16.
The regular quarterly dividend of 50 cents
per share was paid on Dec. 1,
last.
capital stock,
A special dividend of $1.25 was paid on Dec. 15, 1936.—V.
145, p.
Kansas City Power & Light
Period Ended Oct. 31—
Gross earnings.________
Oper. exps., incl. mainte¬
nance, gen. & prop .tax
Net
earnings
charges
Interest
Amort.of discts.& prems.
Depreciation
Amortization
of
Co.—Earnings—
Fed. & State inc. taxes..
Net income.
$1,433,958 $17,582,829 $16,683,545
766,219
732,904
8,597,298
7,999,916
$713,417
113,639
8,539
187,551
$701,053
119,157
8,496
184,848
$8,985,531
1,396,267
102,089
2,244,294
$8,683,628
1,592,211
108,752
2,212,088
6,633
28,933
723,266
Earns, per sh. com. stock
after income tax
1,894
72,000
161,452
Again Adjourned —
ofjnew common for each share of old preferred.—V. 145, p. 3500.;
$329,792
$381,917
$4,491,680
$0.69
$8.08
$8.32
have
stock,
par
similar amount
was
La Salle Extension
University—Initial Preferred Div.—
The directors have declared an initial dividend of $1.75 per
new
7%
share on the
preferred stock, payable Dec. 23 to holders of record Dec. 20.
Period. End. Nov. 30,1937—
Month
Net inc. after oper. exps. & Fed. inc. charges, but
before prov. for Fed. surtax on qndistrib. profits
Earns, per sh.
145,
p.
on 252,000 shs.
3659.
common
stock
$39,553
$0.11
11 Mos.
$262,189
$0.93
$4,690,123
$0.59
Building Corp.—To Pay 50-Cent Dividend—
declared a dividend of 50 cents per share on the
$50, payable Dec. 31 to holders of record Dec. 15.
A
paid on Dec. 31, 1936, this latter being the first payment
made since June 30, 1933 when a regular quarterly dividend of 50 cents per
share was distributed.—V. 142, p. 130.
directors
common
—V.
Lautaro
Note—No deduction is made in the foregoing statements for the surtax,
it any imposed on undistributed profits.—V. 145, p. 3500.
share
The
1937—12 Mos.~ 1936
limited
term investments
Co .—Meeting
1905.
Land Title
1937—Month—1936
$1,479,636
& Sessions
Lamson
Special stockholders meeting held Dec. 14, 'was adjourned until Jan. 14.
Purpose of meeting was to consider a plan for exchanging outstanding no-par
common on share-for-share basis for new $10 par common and to exchange
outstanding 7% cumulative preferred, on which there is an accumulation
of unpaid dividends, on the basis of seven shares of new preferred and one
Nitrate
Co., Ltd.—Interest—
Interest amounting to $25 per $1,000 bond will
be paid on
1937, to holders of first mortgage income bonds, due Dec. 31,
record at the close of business on Dec. 21.—V. 144, p. 2659.
Dec. 31,
1975, of
Financial
3976
Chronicle
Maine
Lehigh Valley RR.~—Bonds-—
The
Interstate
Commission on
Commerce
Dec.
1 modified its supple¬
mental order of Nov. 3, 1937, so as to permit the pledge and
time to time, to and including June 30, 1939 of all or any part of $3,000,000
of general consolidated mortgage 5% bonds, due 2003, in the respective
repledge from
amounts stated in
of Nov. 3, 193/ and such addi¬
required to maintain the/pledging
the supplemental report
tional amounts of like bonds as may be
requested, as collateral security for short-term not^ amounting to
$1,500,000. including a note or notes in the sum of $1,000,000 to the Phila¬
delphia National Bank, or for any renewals thereof.
The
Dec.
Central
Interstate
18,
7
RR.—Abandonment—
Commerce Commission
on
Nov.
29 issued
a
certificate
permitting abandonment by the company of parts of certain branch lines
extending (1) from Waukeag to the end of the line at Mount Desert Ferry,
approximately 2.38 miles, all in Hancock County, Me.; and (2) from
Crowley's Junction to Leeds Junction, approximately 11.26 miles, all in
Androscoggin County, Me.—V. 145, p. 3660.
ratio
Marshall
Field
&
Co.-
-Preferred Dividend—Changes in
Personneb—
To Guarantee Coat Notes—
At a meeting of the board of directors held Dec. 13, a quarterly
The Interstate Commerce Commission has authorized the company
to
and interest and minimum annual sinking fund re¬
quirements of $250,000 on the extension of the $4,047,000 of five-year
secured 0% notes of Lehigh Valley Coal Co. as and when the maturity is
extended from Jan. 1, 193$ to Jan. 1, 1943.—V. 145, p. 3822.
guarantee the principal
dividend
and old unexchanged cumu¬
Dec. 31, to holders of record
$1.50 per share on the 6%
declared payable on Dec. 31, to holders of
of $1.75 per share on the prior preferred stock
lative preferred stock was declared, payable on
on Dec. 15, and also a
quarterly dividend of
cumulative preferred stock was
record on Dec. 15.
At the meeting, certain changes in the organization made necessary by
the recent death of Mr. James O. McKinsey, Chairman of the company,
,
Lerner Stores
Corp.—-Bonus to Employees—
The company announced on Dec. 13, that all employees who had been
with the company a year or more would receive one week's pay as a Christ¬
bonus.
Those who have been employed for a period of six months,
mas
but less than one year, will receive one-half week's pay.
Approximately 4,500 employees will share in the bonus, which is being
paid to all whose salaries do not exceed $75 a week.
Part time employees
will be rewarded proportionately.—V. 145, p. 3822.
Lion Oil Refining Co.—Registrar—
The Manufacturers Trust Co. is
registrar for 580,000 shares of common
stock—V. 145, p. 3059.
Lone Star Gas
Corp.—Acquisition of Assets-
The Securities and Exchange Commission has authorized the acquisition,
pursuant to Sections 10 (a) (2) and 10 (a) (3) of the Public Utility Holding
Company Act of 1935, by Lone Star Gas Co. and Community Natural Gas
Co. (two subsidiaries of Lone Star Gas Corp.) of the natural gas production,
transportation and distribution properties owned by Texas Public-Service
Co., West Coast Power Co. and Texas Public Service Production Corp.,
subsidiaries of Peoples Light & Power Corp., in what is known as the
"San Angelo area" in Texas, including all leases, gas purchase and sales
contracts, and other contracts, franchises and appurtenances belonging
thereto, as well as all cash and other assets in connection therewith.
Reorganization proceedings have been instituted against Peoples Light
& Power Corp. pursuant to Section 77-B of the Bankruptcy Act.
During
the pendency of those proceedings, the Chase National Bank of New York
and National Tube Co., both of which are substantial creditors of Peoples
Light & Power Corp., have claimed liens on the properties covered by the
application.
The final plan of reorganization of Peoples Light & Power Corp. provides
that these properties shall be transferred to nominees of those two creditors.
This plan has been tentatively confirmed by order of the court but the order
is made subject to a final order of confirmation upon taking the various
steps requisite to consummating the plan and satisfying the court that such
steps are authorized by applicable State and Federal laws.
Thereafter,
certain declarations and applications were filed with the SEC regarding
steps necessary to consummate the plan.
By order dated Nov. 15, 1937,
the Commission
permitted such declarations to become effective and
approved such applications.
The proposed acquisition covered by the present application can be con¬
summated only in the event that the court snail enter its final order of
confirmation with respect to the plan.
The properties in question are adjacent to and would supplement certain
fatural Gas
fas propertiesCo. On July owned bythe Lone Star Gas Corp. entered into a
that are now 8, 1930, the Lone Star Gas Co. and Community
contract to purchase these assets at a base price of $1,762,000, subject,
however, to certain adjustments with respect to interest, earnings and other
The
matters.
contract
was
conditioned
upon
the
consummation
of the
proposed plan of reorganization.
Lone Star Gas Co. will acquire all of the aforesaid production and trans¬
portation facilities in the "San Angelo area."
Community Natural Gas Co. will acquire the franchises and distribution
systems in San Angelo, liowena and Miles, Texas, including all sales con¬
tracts covering industrial use of gas in such communities.
:i
The purchase price will, in the first instance, be paid by the Lone Star
Gas Corp., which is the owner of all of the outstanding securities of the
Community Natural Gas Co. and of by far the greater portion of the securi¬
ties of the Lone Star Gas Co.
It is proposed that the parent company
shall allocate the cost of the properties between such
respective subsidiaries
on a basis representing the cost of the assets allocated to and
acquired by
each.
The amount applicable to Lone Star Gas Co. is to be paid by that
company immediately
upon
consummation of the purchase agreemen
The amount applicable to
Community Natural Gas Co. is to be charged to
the open account of that company.
No interest will be charged on said
account and it is expected that it will be
paid off in the regular course of
business without the issuance of any securities on the
part of such ac¬
quiring company.
b*The adjusted purchase price as of Sept. 30, 1937, after giving effect to
the aforesaid adjustments for interest and net
earnings, was estimated
to be $1,728,831.
After deducting therefrom the amount of net current
assets to be received by
Community Natural Gas Co., the cost to the
acquiring companies of the physical properties to be acquired would be
as of Sept.
30, 1937, approximately $1,555,554.—V. 145, p. 3350.
Loomis-Sayle8 Mutual Fund, Inc.—To Pay $3 Div.—
The directors have declared a dividend of $3
per share
on the common
stock, payable Dec. 23 to holders of record Dec. 13.
This compares with
$15 paid on Dec. 1, last, and a dividend of $1 per share paid on Oct. 1, last,
and each three months
previously. The company on Dec. 18, 1936, paid a
special dividend of $10, an extra dividend of $1 and a quarterly dividend of
$1 per share.
See V. 143, p. 4006, for detailed record of previous divi¬
dend payments.—V.
145, p. 3660.
McKay Machine Co.—Extra Dividend—
The directors have declared
an
extra
addition
dividend of 75 cents per share in
to a
quarterly dividend of 25 cents per share
stock, both payable Dec. 24 to holders of record Dec. 20.
the common
Extra dividends
on
were
effected.
The office of Chairman was abolished.
Mr. Frederick D. Corley, as
of the company.
to Dec. 7.
Stockholders' Rights—Company is offering to holders of its common stock
(voting, par $1) and of its common stock class A (non-voting, par $1)
record Dec. 13, the right to subscribe at $3 per share for 532,180 shares
waivers have
As
been obtained.
200,000
shares of the common stock (voting) offered, less any
purchased by A. W. Porter, Inc., and less any shares sold for cash
stockholders, a public offering will be made within seven days after
to
shares
to
Dec.
so
27
Ail
1937.
of the
100,000 shares of common stock (voting) and all the 400,000
common
stock class A (non-voting) of the company now out¬
standing are listed on the Baltimore Stock Exchange.
Company has made
application for listing on the Baltimore Stock Exchange of all shares of
common stock (voting)
which may be outstanding pursuant to the offers
shares
of
made.
History and Business—Company was organized in Maryland on March 27,
1935, and has been engaged in business since July 1, 1935. Company has
predecessors, subsidiaries or affiliates.
At time of organization com¬
pany's authorized capital consisted of 100,000 shares of common stock, $1
par.
All of such shares were sold to the public prior to Nov. 23. 1935, the
proceeds to company, after paying all expenses incident thereto, being
$80,000. In Feb., 1936, the stockholders authorized an amendment to the
company's charter increasing the authorized capital by 400.000 shares of
common stock class A (non-voting), $1 par.
Between March 1 and June 30,
1936, 200,000 shares of such class A stock were sold to the public, the net
proceeds to company being $238,104, and in March, 1937, the remaining
200,000 shares of such class A stock were sold to the public, the net pro¬
ceeds therefor being $546,600.
Under a contract dated March 28, 1935,
Henry White & Co. was entitled to an overriding commission on the sale
or issue of any securities of the company at any time
prior to March 2, 1940,
the amount of such commission to be determined by the company's then
board of directors.
On April 26, 1937, in consideration of the payment of
$6,000 by the company to Henry White & Co., the latter executed a release
of all its rights under the contract.
On Sept. 8, 1937, the stockholders
authorized the amendment to the company's charter increasing the au¬
thorized capital.
The company is engaged generally in the business of producing and
marketing crude oil and natural gas.
Company is not now engaged in the
refining or manufacture of petroleum products or in the retail
distri¬
bution thereof although under its charter it has authority to do so.
At the present time the company's operations are confined to the State of
no
Texas.
a
It has undivided leasehold interests in 16 developed properties with
total acreage of approximately 582 acres, and in nine undeveloped proper¬
with a total acreage of approximately 882 acres.
ties
Use of Proceeds—Any moneys realized pursuant to the offers made, will be
used either in the purchase of the Ken-Ben Co. property or for the purpose
of retiring a portion of the company's secured indebtedness.
Capitalization—Authorized capital consists of 1,600,000 shares of com¬
stock (voting), par $1, and 400,000 shares of common stock class A
As of Sept. 30, 1937, there were outstanding 100,000
mon
(non-voting), par $1.
shares of
of the common stock have full
(Arthur
G.) McK.ee & Co.—Extra Dividend
The directors have declared
an
extra
dividend
of 75
share in
the class
a regular
quarterly dividend of 25 cents per share on
stock, both payable Jan. 2 to holders of record Dec. 20. A similar extra
paid on Oct. 1 and on July 1, last; an extra of 50 cents was
paid on
April 1, last, and extra dividends of 25 cents were
paid on Jan. 2, last,
B
was
1, July 1, and Jan.
1, 1936, and on Oct. 1. 1935.
year-end dividend of 50 cents, wrhich had been previously
on Dec. 20.
A special dividend of 25 cents per share
distributed on Dec. 22, 1936.—V. 145,
p. 3660.
In addition
a
declared, will be paid
was
McQuay-Norris Mfg. Co.—50-Cent Interim Dividend—
The directors
on
the
months
paid
on
have declared
common
dividend
of 75
an interim dividend of 50 cents
per share
payable Jan. 3 to holders of record Dec. 23.
A
share was paid on Oct. 1, last, and each three
In addition, an extra dividend of 25 cents per share was
stock,
cents
per
previously.
Dec. 22, 1936—V. 145,
p.
1264.
Magor Car Corp.—To Pay 50-Cent Dividend—
V The directors have declared
a dividend of 50 cents
per share on the com¬
mon stock, payable Dec. 31 to holders of
record Dec. 23.
A dividend of
$1 per share was paid on May 1, last, this latter being the first
payment
made on the common shares since
Sept. 30, 1926 when a dividend of 12 K
cents per share was distributed.—V.
144, p. 1791.
Mahoning Coal RR.—$15 Common Dividend—
The directors have declared a dividend of $15
per share on the common
stock, par $50, payable Dec. 29 to holders of record Dec. 22.
Dividends
of $7.50 were paid on Oct. 1, July 1 and on
April l.last and compare with
$13 paid on Dec. 23,1936 and $6.25 paid on Nov. 2,1936 and in each quarter
previously.—V. 145, p. 3350.
Manchester Street
See Public Service Co.
stock and 400,000 shares of class A stock.
Ry.—Merger, &c.~
Hampshire below.- -V.
because of unfavorable market conditions, not to offer the debentures
on
Oct.
15,
1938.
$9,333.34 loan, dated Aug. 16, 1937, payable to Bennett Petroleum
Corp. and bearing int. at rate of 6% per annum. This note is payable in
monthly installments of $666.66 from Oct. 16, 1937, to and incl. Nov.
16, 1938.
$8,666.68 loan, dated July 17, 1937. payable to Bennett Petroleum Corp.
bearing int. at rate of 6% per annum.
This note is payable in monthly
installments of $666.66 from Oct. 17 to and incl. Oct. 17, 1938.
Subsequent to Sept. 30, 1937, the company concluded arrangements with
City National Bank of Houston, Texas, whereby the company's current
indebtedness to City National Bank in the amount of $203,500, secured by
pledge of the Bertrand, Keystone A and B and Llewellyn Leases, is to be
paid at the rate of $6,500 per month until the full amount has been paid.
In addition, subsequent to
Sept. 30, 1937, company has informally
arranged with the Ken-Ben Oil Co. for a change in the financing of the pur¬
chase of the Stewart lease.
Upon the completion of these arrangements,
company instead of being obligated to pay the full amount of the purchase
price by Jan. 15, 1938, will be obligated to pay $25,000 on Dec. 15, 1937.
$100,000 on Jan. 15, 1938, and the balance on Jan. 15, 1939.
Sales and Earnings 9 Months
p.
2**28.
Ended Sept. 30, 1937
$72,503
$191,201
3d Quarter
1937
$199,243
23,896
78,547
85,445
1st Quarter
—V.
145, p. 3201.
"
2d Quarter
1937
,
Net profit (after taxes)__
124,
The holders
The holders of
Company had outstanding as of Sept. 30, 1937, four
long term notes as follows:
$500,000 loan from the Bank of Manhattan Co., N. Y. City, dated
May 17, 1937, bearing int. at rate of 5% per annum.
Note is payable
$25,000 per month from Oct. 15 to and incl. May 15, 1939.
$150,000 loan payable to Bennett Petroleum Corp., Dallas, Texas,
dated April 1, 1937, and bearing int. at rate of 53^% per annum.
Note is
payable $50,000 on Jan. 15. 1938, $50,000 on April 15, 1938, and $50,000
Total income.
of New
and exclusive voting rights.
for sale at this time.
per
addition to
Oct.
common
the class A stock have no voting privileges.
Stockholders on Sept. 8, 1937, authorized directors to issue $2,000,000 of
convertible debenture bonds.
Directors on Nov. 4, 1937. concluded, how¬
ever,
—
cents
of
of
(voting) at the rate of 1 1-5 shares of such stock for each
share of common stock (voting) or common stock class A (non-voting) so
held, provided, However, that the holders of shares of common stock class A
(non-voting) will be permitted, in lieu of exercising their right to purchase
1 1-5 shares of common stock (voting) for each share of such class A stock
held by them, to exchange all or any part of their shares of such class A
stock for shares of common stock (voting), on a share for share basis.
The
offer will terminate at 3 p. m. Eastern Standard Time on Dec. 27.
Of the common stock (voting) offered, 75.000 shares, less any shares
sold for cash to stockholders are, subject to certain conditions, to be pur¬
chased by A. W. Porter, Inc., and, prior to the termination of the offer to
stockholders, A. W. Porter, Inc., may purchase and offer to the public
all or any part of 67,820 shares of common stock (voting) as to which
stock
common
26 and
35 cents in addition to quarterly dividends of 2,5 cents were
paid on Dec.
on Oct. 1, 1936, and prior thereto
regular quarterly dividends of 20
share were paid.
In addition an extra dividend of 20 cents was
paid on Aug. 1, 1936.—V. 145, p. 2699.
v
Mar-Tex Oil Co.—Stock Offered—A. W. Porter, Inc., New
York, is accepting subscriptions at the present time for
67,820 shares of common stock at $3 per share.
Of a total of
200,000 shares of common stock which are at present being
offered, waivers of rights on 67,820 shares had been received
or
cents per
President, will be the chief executive officer
M. McBain was elected First Vice-President, in charge of
the manufacturing division, with offices in the merchandise mart.
Mr. Charles C. Bunker, a Vice-President, who has been in charge of the
New York office, has been transferred to Chicago to assist Mr. Corley as
merchandise manager of the retail store.
Mr. Kenneth E. Armstrong, Assistant Comptroller and Secretary, will
for the time being, act as Comptroller in place of Mr. Horace Vaile, whose
resignation as comptroller was accepted at the meeting.
The resignation of Mr. John McKinlay as director was accepted.—
V. 145. p.3823.
u-u
•
Mr. Hughston
1937
(9
Totals
Months)
$462,949
187.883
Volume
145
Financial
Material Service Corp.—To
The directors
Chronicle
Pay $1 Dividend—
have declared a dividend of SI
per share on the common
stock, payable Dec. 23 to holders of record Dec. 13.—V. 144, p. 4185.
Merck & Co., Inc.—25-Cent Dividend—
common
stock, payable Dec. 23 to holders of record Dec. 18.
Regular quarterly dividends of 25 cents per share were paid on Oct. 1,
July 1 and on April 1, last; an extra dividend of 20 cents in addition to a
quarterly dividend of 20 cents was paid on Dec. 15, 1936; a dividend of
20 cents was paid on Oct. 1, 1936, and
regular dividends of 10 cents per
share were previously distributed each three
months.—Y. 144, p. 4185.
per
Middle West Corp.—To Eliminate
share
distributed.
was
Chairmanship—
Directors have amended the by-laws of the
corporation to eliminate the
position of Chairman of the Board.
Purcell L. Smith, who was Chairman
Board, was elected to fill the vacancy in the position of President of
the corporation.—V.
145, p. 3351.
of the
Midland Oil Corp.—Accumulated Dividend—The directors have declared a dividend of 25 cents
per share on account
of accumulations on the $2 cum. conv.
preference stock, no
payable Dec. 29 to
Dec. 1, June 18
1936, and compares
en Dec. 23, 1935; 25
en
par
value,
holders of record Dec. 24.
A like payment was made
and March 20, last, and on Dec. 16 and onSept. 15,
with 50 cents paid on June 16 and March 16, 1936, and
cents paid on Nov. 15, Sept. 16, June 15 and March 15,
1935; 50 cents paid
on Feb. 15, 1935, and on Dec. 15, 1934, and with 25
share distributed on Sept. 15, June 15 and March 15, 1934, while
Feb. 15, 1934, a payment of 50 cents per share was made. In
addition,
regular payment of 50 cents per share was made on May 15. 1934. This
cents per
en
a
company
formerly known
was
as
the
Midland
Royalty Corp.—V.
p. 3502.
Month
revenue
_
Balance, deficit
-V. 145, p. 3351.
„
Mountain States Power Co.—Alters
department.
Minneapolis-Moline Power Implement Co.—To Change
Common Shares and Write Off Existing Deficit—
A special meeting of the stockholders will be held
Jan.
following the annual meeting, for the following
18, immediately
purposes: To consider and
amendment to the certificate of incorporation
proposed by
the directors changing the shares of common
stock from shares without
par value to shares of $1 each; to consider and
adopt a resolution passed
by the directors reducing tae stated capital of the
upon
Offering Price—
Inc.
12 Months Ended
Operating
Sept. 30—
1937
revenues
x
y
:
.
$3,954,747
1,215,753
Net operating revenues and other
income.
Net income
1936
$3,565,354
1,174,505
228,385
297,200
x After taxes and
retirement reserve,
y After interest, amortization and
other income deductions.—V.
145, p. 3661.
(G. C.) Murphy Co .—Extra Dividend■—•
extra
dividend of 25 cents per share on the
stock, no par value, payable Dec. 27 to holders of record Dec. 24.
This compares with $1
paid on Dec. 1, last; 90 cents paid on Sept. 1 last;
80 cents paid on June 1 last; 65 cents
paid on March 1 last; an extra dividend
of $1.30 paid on Dec. 28,
1936; an extra of 75 cents paid oh Dec. 23, 1936;
a dividend of 50 cents
paid on Dec. 1, 1936; one of 40 cents paid on
Sept. 1,
1936, and one of 30 cents per share distributed on June
an
common
Par of
vote
$90,056
The company's $700,000 serial notes will
be offered as follows; 99 for the
1938 maturity; 97 for the 1939
maturity; 98M for the 1940 maturity, and
973^ for the 1941 maturity.
Underwriters for the securities will be: A. C.
Allyn & Co., Inc., H. M.
Byllesby & Co., Inc., Arthur Perry & Co., Inc., E. H. Rollins & Sons,
Inc., Stifel, Nicolaus & Co., Inc., Granbery, Marache &
Lord, Stepehnson,
Leydecker & Co., Schroeder, Rockfeller & Co.,
Inc., and John W. Clarke,
145,
Corp.-—Registers with SEC—
See list given on first page of this
615
„.
The company has filed an
amendment with the Securities and Exchange
Commission stating that the
offering price on its $8,000,000 6% first mort¬
gage bonds due 1942 will be 99 when
paid for in cash and 98 when paid for in
5% series A or 6% series B first mortgage bonds.
The directors have declared
Mid-Plains Oil
„
$70,146
13,881
95,817
43,822
6,682
$7,061
Amort, of franchise cost
:
Amort, of organ, and development...
$47,304
22,841
$7,558
1,309
8,710
3,983
_
Income ded. except int. on bonds
Prov. for int. on 63^
% income bonds.
$680,877
633,573
$5,458
2,099
„
Balance.
12 Months
$63,505
58,046
Balance
Income
Merritt-Chapman & Scott Co.—Resumes Pref. Div.—
The directors have declared a dividend of
$6.50 per share on the 6M%
cumulative preferred class A stock, payable Dec. 24 to holders of record
Dec. 18.
This will be the first dividend paid on this issue since Dec.
1,
1931 when a regular quarterly dividend of
SI .62
(Fla.)—Earnings-
Period Ended Nov. 30—
Transportation
Oper. exp. taxes, rents and depn
The directors have declared a dividend of 25 cents
per share and an addi¬
tional dividend of 75 cents per share
(or a total of SI per share) on the
—V. 145, p. 3502.
3977
Motor Transit Co.
being the initital dividend
1, 1936, this latter
on
the
larger
amount
of
common
stock
now
outstanding.—V. 145, p. 3824.
an
corporation from $17,363,123 to $11,700,000 by reducing the amount of stated capital
represented
by the 700,000 outstanding shares of common stock from $6,363,123 to
$700,000, or $1 per share; and to approve crediting the amount of such
reduction ($5,663,123) to capital
surplus, and charging against capital
surplus the operating deficit of $5,150,317, resulting in a balance in
capital
surplus of $2,550,926.
(F. E.) Myers & Bro. Co.
Years End. Oct. 31—
-Earnings ■
1937
1936
Mfg. profit after deduct¬
ing cost of sales, incl.
mat'l, labor & mfg. exp $2,133,711
Adm., sell. & gen. exp..
792,073
1935
1934
$1,934,435
694,973
$1,497,670
649,600
$1,258,555
549,821
$1,341,639
28,809
$1,239,462
22,122
$848,070
14,475
$708,734
44,247
$1,370,448
87,253
199,500
undist. profs..
20,500
$1,261,584
107,545
167,000
$862,545
90,685
112,000
$752,981
$987,039
.
Operating profit
Other income
Consolidated Income Account
Total income
10 Mos.End. 12 Mos.End
Period-
Oct.
31,
'37
Oct.
31, *37
1936
Total sales...
Cost (incl. manuf.
admin., gen.
expense)..
cost,
$9,061,185
12,752,271
14,016,799
Net profit
8,767,103
$2,518,710
$1,035,229
on receivables and
miscell. earnings.
194,845
182,509
: $2,726,585
$476,592
164,018
Total profit
68,157
$1,230,074
9,411
364,525
326,627
251,000
9,081
510,258
249,979
9,886
113,000
32,000
$1,574,970
641,550
$1,524,585
x937,650
$739,150
64,872
310,109
8,574
514,000
Interest paid
!:
Pro v.for Fed.& State tax
Prov. for Fed. surtax.._
900",000
500,000
$659,860
7,500
340,000
$567,745
52,500
230,000
Balance, surplus
$163,195
$487,039
x$312,360
x$285,245
8,238
286,852
10,822
Earns, per share
000 shs.
com.
$170,678
retired.
Balance Sheet Oct. 31
Assets—
on 700,stk, (no
$1.48
$1.26
$0.60
Nil
Includes dividend of $3 per share paid Dec. 24, 1936 and
$6.50 per share
Oct. 31, *37 Dec. 31, '36
Liabilities—
1,100,041
3,819,573
r.
6,363,123
6,363,123
1,596,442
1,076,007
797,189
145,000
4,045,617
5.804,228
44,026
74,979
47,341
46,371
98,471
Accts,
pay.
& accr.
expenses
Fed.
&
come
....
State
In¬
taxes.....
Res.
d Investments....
30,596
16,773,091 14,667,047
Total
16,773,091
128,534
14,667,047
a After
depreciation of $3,395,703 in 1937 and $3,211,098 in 1936.
b Represented by 700,000 no par shares,
c Represented
by 100,000 no
par shares,
d Includes 1,300 shares of company's own pref. stock at
cost
of $12,018.—V. 145, p. 3823.
Minnesota Mining & Mfg.
The
Co.—•Larger Dividend—-
directors
have declared a dividend of 75 cents
per share on the
stocK, no par value, payable Dec. 22 to holders of record Dec. 17.
This compares with an interim dividend of 60 cents
paid on Sept. 30, last;
one of 50 cents paid on
July 1, last; one of 40 cents paid on April 1, last,
and a special dividend of 40 cents and a
regular quarterly dividend of
25 cents per share distributed on Dec. 22, 1936.
An extra dividend of 10 cents was paid on Sept.
30, 1936; extras of
common
5 cents per share were paid on July 1, April 1 and Jan.
2, 1936, and extras
of 2H cents per share were distributed on Oct.
1. July 3 and Jan. 3, 1935.
The regular quarterly dividend was raised from
17K cents to 25 cents per
share with the July 1, 1936, payment.
See also V.
142,
p.
p.
2082.
Missouri
Federal
Pacific
Judge
RR.—Advance to
George
4185.—V. 145,
dividend of 75 cents per share on the com¬
20 to holders of record Dec. 10. This compares
a
stock, payable Dec.
with 50 cents paid on June 30, last; 75 cents
25 cents on Oct. 31, 1936, and 12}4 cents paid on
mon
Interstate
paid in December, 1936;
July 31 and April 30, 1936.
of Bonds—
Commerce Commission has authorized the
*
company
to
extend from Jan. 1, 1932 to Sept. 1, 1947, the maturity date of a
$165,000
6% first mortgage bond.—V. 130,
Morris
1,037,739
17,823
44,910
42,026
Res. for Fed. inc.,
State and local
x
taxes & conting.
Common stock..
Profit & loss surp-
266,259
1,000,000
2,783,846
212,667
1,000,000
2,620,651
x
$4,172,008 $3,907,668
Total
....$4,172,008 $3,907,668
Represented by 200,000 no par shares,
y Less allowance for deprecia¬
$846,544 in 1937 and $764,425 in 1936—V. 145, p. 3662.
Nachman
Spring-Filled Corp.—-Common Div. Deferred—
The directors at their meeting held Dec. 15 decided to defer action on the
payment of a dividend on the common stock at this time.
Company stated
that resumption of quarterly dividends will depend upon the course of earn¬
ings during the balance of the fiscal year which ends June 30, 1938.
A dividend of 37 Y* cents per share was
paid on Sept. 15 and on June 25,
last, and compares with 25 cents paid on March 15, last, and on Dec. 15,
1936; 75 cents paid on Sept. 15,1936, and 50 cents per share paid on May 1,
1935, this latter being the first distribution made since April 1, 1930, when
50 cents was also paid.
Prior to then, quarterly dividends of 75 cents per
share were paid.—V. 145, p. 2083.
Nashua
Mfg. Co.—Annual Report—
On June
23, 1937 the plan for recapitalization of June 8, 1937, was voted
on by the stockholders.
Pursuant to the plan, 37,543 shares of the former
preferred stock (now class C preferred) were exchanged prior to the end of the
fiscal year for the new first preferred, leaving 2,972 shares of class C pre¬
ferred outstanding.
Additional shares of class C preferred have been ex¬
changed since the close of the fiscal year.
Dividends in second preferred
stock were paid to the first preferred shareholders on Sept. 27, 1937, and
Oct. 27, 1937, totaling 37,543 shares of such second preferred stock.
This
stock is capitalized on the books as representing capital at $1 per share.
The par value of common stock was reduced to $50 per share, and then
changed to no par, which accounts for $3,100,000 of the increase in surplus.
Consolidated
Years Ended—
Sales, less discounts and
allowances
Oct. 31 '37
Income
Account
Oct. 31 '36
Nov. 2 '35
Nov. 2 '34
;
$14,453,567 $11,478,678 $11,013,851 $10,785,756
12,847,676
10,510,624
11,747,110
10,252,657
Gross trading profit._
$1,605,891
Flood damage
Depreciation in full
Capital assets sold and
scrapped
Capital stock and other
taxes paid or accrued.
426,643
41,832
xl03,753
$968,055
131,313
471,467
68.327'
z$733,259
$533,099
480,967
492", 837
92,521
116,491
259,072
277,861
12,566
70,591
221,000
40,291
20,844
25,872
$553,592
2,166,735
z$21,204
2,153,735
z$l,340,157
2,908,084
z$ 172,694
14,390
34,204
4187.
Montana Western Ry.—Extension
The
1,031,564
15,336
Maintenance of idle plant
Interest
Missouri Portland Cement Co.—ITy-Cent Dividend—-
p.
607,563
401,976
876,973
Cost of sales...,
H.
The directors have declared
144,
607,563
504,135
1,121,558
$74,350
Transportation Co.-r-
Moore has authorized Guy A.
Thompson,
trustee of the company, to advance $250,000 to its
subsidiary Missouri
Pacific Transportation Co. for purchase of 20 new buses.—V.
145, p. 3661.
—V.
1936
41,984
pref.
b Common stock..
Cash surender val.
Total.......
$
no par
stock
119,555
992,587
4,161,605
of life ins. policy
Deferred charges..
1937
$79,918
tion of
11,000,000
c$6.50
3,413,634
7,644,170
ree.
$
11,000,000
for casualty
liability
128,534
Capital surplus... 2,038,120
Deficit
5,150.317
Prop., plant and
equipment
3,935,485
Plant property not
used..........
107,474
Inventories
Miscell. assets
Liabilities—
Accounts payable.
Customers credits.
Deferred assets...
Total....
-
Oct. 31, '37 Dec. 31, '36
Assets—
Notes & accts.
Real est., mach'y
and equipment
1936
$923,568
...v.;-
Consolidated Balance Sheet
Cash
rec.
.
paid Oct. 26, 1937.
a
sees.
Notes & accts.
y
par)......
x
1937
$846,942
Cash & ctfs of dep.
U. 8.
Govt, and
Mdse. inventory.,
296.100
$5.32
$4.93
$3.26
$2.58
Before deduction of premium of $25,000 on
5,000 shs. of pref. stock
marketable
Net profit for year
Pref. divs. paid
,
Earns, per sh. on 200,000
shs. com. stk. (no par)
x
$2,723,525
_
Depr eci ati on
$1,063,195
93,237
92,000
Common dividends
$294,082
207,876
Profit from operations1 $2,559,507
on
_
Preferred dividends
10,992,318
Int.
charges.
Surtax
,
sales
............
Miscellaneous
Prov. for Federal taxes.
1935
$15,311,778 $16,535,508 $12,027,547
&
Depr. and other charges.
-Calendar Year-
Plan
on
to holders of record
134.
Corp. of America-Accumulated Dividend—•
The directors have declared
of accumulations
p.
the series
Dec.
17.
July 1 and on April 1, last, and
1936.—V. 145, P. 1909.
dividend 01 45 cents per share on account
1931 6% preferred stock payable Dec. 27
Dividends of 15 cents were paid on Oct. 1,
a
a
dividend of 30 cents
_
was
paid
on
Dec. 26,
Net profit
Surplus begin, of year..
on pref. stock
3,048,892
Discount
retired
22,668
Adjust, prior years
Surplus resulting from
demp'n of capital
y Dividends
Surplus end of
Includes
re-
year...
3,100,000
Dr363,563
$5,471,154
$2,166,735
$2,898,866
$1,567,927
anticipation by customers,
y
$326,020 paid
$37,543 paid in stock and capitalized at $1 per share,
z Loss.
x
in
cash^and
Financial
3978
Comparative Balance Sheet Oct. 31
1936
Liabilities—
%
$
Bankers'
accept's
184,363
210,059;
sec. by cot. held
1,740,915
1,732,620!
under tr. rects..
2,861,281
2,232,065 Accts. pay. & accr.
Cash.
x
—
Acc'ts receivable
Inventories
Prem.
j
deps. with
Mutual Ins.Cos.
88,202
1st mtge. notes rec.
29,520
Invest.
&
,
Items
$175,782
.
355,011
47,870
Capital stock..—.z7,189,043 10,251,500
Surplus
5,471,154
2,166,735
6,237
6,237
408,044
254,609
-----
contingencies
at book value-
'
Res. for Fed. taxes,
commitments &
26,162
46.031
dejx)sits
Inv. In & advs. to
ended Aug. 31, 1936 and Aug. 31, 1937, $58,60o and $68,373, respectively.
By the exchange of the proposed 6% note for the 7%
—
42,764
pany's annual interest requirements being reduced from $59,500 is $51,000.
To the extent that dividends are paid as contemplated by the application,
the company's
8,190,887
8,640,269
125,650
13,049,931
National
Co.—Final
Foundry
Aluminum
&
Bronze
dividend of $1.50 per share on the
stock, payable Dec. 24 to holders of record Dec. 20.
An initial
paid on Oct. 25, last.—V. 145, p. 2232.
dividend of 50 cents was
Grocers
National
Ltd.—Plans, to
Co.,
Eliminate
Ar¬
proposed issuance of securities will not exceed $1,050, of
$100 is to be payable for revenue stamps and as governmental
proposed a plan for elimination of arrears on preferred
Plan provides for payment of $4 cash and rights to
company
amounting to $26.25.
eld.
Eurchase three shares would be increased a share for shares.preferred share
Common stock of common at $1 by 100,000 each
Stockholders
4,1938 to approve the plan.—V. 145, p. 3824.
will meet Jan.
Neptune Meter Co.—50-Cent Class A and
National
Investors
Corp.—Larger Dividend—
Directors have declared a dividend
of 17 cents, approximately equal to
Dec. 3x, 1937.
The dividend is pay¬
Dec. 14.
An initial dividend of five
losses for the six months ending
able
Dec.
cents was
23
or record
July 29.—V. 145, p. 3202.
holders
to
paid
B Dividends—
New
England Telephone & Telegraph Co.—Earnings—
6,384,454
26,460
1937—10 Mos.—1936
$6,216,338 $62,300,402 $59,420,312
16,113
183,005
90,076
$6,357,994
4,501,523
$6,200,225 $62,117,397 $59,330,236
4,353,308
44,587,875 42,130,213
$1,856,471
673,829
$1,846,917 $17,529,522 $17,200,023
599,922
6,767,122
5,748,777
$1,182,642
$1,246,995 $10,762,400 $11,451,246
1937—Month—1936
Period End. Oct. 31—
Operating revenues
Uncollectible oper. rev—
Operating revenues
Operating expenses—
..
._
Net oper. revenues.—
Operating taxes
Net oper. income
—V. 145, p.
3353.
on
of Eight Units with
"Big Four" and Five with Toledo & Ohio Central
Approved by
Directors—
The
subject to approval by stockholders and the Interstate
approved the merger of eight subsidiary com¬
company,
Commerce Commission, has
the cash dividend income less expenses and irrespective of security profits
or
which all but
fees.—V. 145,
3353.
p.
New York Central RR.—Consolidation
rearages—
This
undistri¬
■
The directors have declared a final
common
on its
connection with the
.13.269,818 13,049,931
Total
x
After reserve for discounts, allowances and doubtful accounts of
$31,196.
y After reserve for depreciation of $7,196,619.
z Represented
by 37,543 shares 1st pref. stock (no par), 37,543 shares 2d pref. stock (no
par), 2,972 shares class C pref. stock (par $100) and 62,000 shares common
stock (no par).—V. 145, p. 2855.
Dividend—.
in
The directors have declared a
112,571
13,269,818
-
Total
Federal taxes
expenses
and B common shares
Prepaid and def'd
items
claim is that its liabilities for
buted profits will also be reduced.
The declarant has estimated that its
dividend of 50 cents per share on the class A
payable Dec. 27 to holders of record Dec. 17.
Divi¬
dends of 60 cents per share were paid on Dec. 23, 1936, these latter being
the first distributions made since Dec;. 15, 1931 when .30 cents per share was
distributed.—V. 144, p. 113.
43,918
—
Mfg. Co
Plant
wLl be increased $8,500, the com¬
note, the company's annual net income
Sorners worth
y
1937
18,
month8 periods
1936
1937
1937
Assets—
Dec.
Chronicle
panies into the Cleveland Cincinnati Chicago & St. Louis By. and the
merger of five subsidiary companies into the Toledo & Ohio Central Ry. Co.
The companies proposed to be merged into the "Big Four," which already
owns all or most of the outstanding stock, are Cincinnati Northern Ry.,
Cincinnati Sandusky & CI veland RR., Cincinnati Lafayette & Cnicago
RR., Columbus Hope & Greensburg RR., Evansville Indianapolis & Terre
Haute Ry., Evansvihe Mt. Carmel & Northern Ry., Muncie Belt Ry.
and Vernon Greensburg & Rushville RR.
The roads whicn would be merged nto the Toledo & Ohio Central are
Kanawua & Michigan Ry., Kanawna & West Virginia RR., Zanesville &
Western Ry., Bailey Run Sugar Creek & Athens Ry. and Middleport &
Northeastern Ry.
The "Big PYmr" and Toledo & Ohio Central are leased
by the New York Central and are its subsidiary companies.
Jesse L. McKee, Vice-President Oi. New York Central, at Detroit, has
been elected a director of the Toronto Hamilton & Buffalo Ry.. succeeding
,
National
Com.—Sale Adjourned-—
Service
Public
New York Trust Co. as trustee under
712,411 shares of the common stock of
Jersey Central Power & Light Co., originally advertised for Sept. 10, 1936,
at the auction block of Adrian H. Muller & Son, auctioneers, at 75 Mont¬
gomery St., Jersey City, N. J., has been adjourned until Jan. 28, 1938,
The sale at. puoiic auction by the
the indenture dated Feb. 1, 1928 of
the
at
same
place.
The Associated Gas & Electric Co. on Dec.
8 obtained
an
order from the
Division restraining any auction of the sale of Jersey Central
Power & Light stock until 30 days after determination by the Appellate
Division of a motion to be made by Associated for leave for appeal to the
Court of Appeals.—V. 145, p. 3662.
Henry Shearer, retired.
Appellate
National Rys. of
(Mexican Currency)
Period End. Sept. 30—■
Railway oper. revenues.
Railway oper. expenses.
lectible
1937—9 Mos.—1936
1937—Month—1936
93,544,987
11,905,441
10,085,971 107,541,245
87,201,392
77,106,172
9,936,788
8,941,241
1,968,653
1,144,730
20,339,853
16,438,815
52
Net oper. revenue—
Tax accruals and uncol¬
Income Account
(Including All Leased Lines)
Net rev. from ry. oper. $6,540,118
Railway tax accruals— x2,189,685
Equip, and joint facility
rents
1,326,920
$9,318,411 $73,870,657 $73,740,473
2,252,716 y26,381,632
21,659,257
income— $3,023,513
1,511,294
$5,791,607 $35,178,568 $38,471,583
1,734,268
17,813,740
16,765,621
$4,534,807
130,050
4,236,107
$7,525,875 $52,992,308 $55,237,204
129,363
1,437,867
1,314,345
4,780,155
44,149,998 47,805,196
Net ry. oper.
Other income
Total income
1,968,653
194,213
Total income
Deductions
1,144,730
140,201
20,339,801
1,886,598
16,408,552
1,274,446
2,162,866
664,617
Balance.--
1,284,931
440,966
22,226,399
6,000,519
17,682,998
4,247,929
Misc. deduct's from inc.
Total fixed charges
1,498,249
National Steel
843,965
16,225,880
13.435,068
14 declared
both payable Dec. 24 to holders of record
Dec. 17.
Similar amounts were paid on Sept. 30, last.
An extra dividend
of $1 per share was paid on Dec. 21, 1936.
on
the common stock, par $25,
Chairman
E. T.
Weir announced that the current extra dividend is
to
be paid "in view of the Federal surtax."—V. 145, p. 3015.
National Surety
of a suit agaiast 158 defendants—officers and directors of/
National Surety Co.—has been completed before Supreme Court
Philip J. McCook.
The settlement, whicn was agreed to by all
parties interest therein involved a payment of $1,350,000.
The action for
civil damages was brougnt by the National Bondholders' Corp.. creditors
and others interested in the aifairs of the old company.
The plaintiffs
included holders of mortgage certificates
insured by tne
company.—•
V. 144. p. 1291.
Settlement
Justice
National Tea Co.'—Sales—
The consolidated sales of the company for the four weeks ending Dec. 4
1937. amounted to $4,783,931 as compared with $5,337,522 for the four
weeks ending Dec. 5, 1936, a decrease of $553,591 or 10.38%.
Sales for the 12 weeks ending Dec. 4, 1937 show an increase of .13%
over the corresponding 12 periods of last year.
The number of stores in operation increased from 1217 on Dec. 5, 1936
to 1222 on Dec. 4, 1937—V. 145, p. 3352.
Natural
Gas
Co.—Issuance of Securities—
The Securities and Exchange Commission has approved (1) a declaration
(File No. 43-89) filed by the company, a subsidiary of North American
Light & Power Co., a registered holding company, pursuant to Section 7
of the Public Utdity Holding Company Act of 1935 regarding the issue and
sale of 6,700 shares ($100 par) common stock and an unsecured 6% 10year promissory note of $850,000; (2) the declaration of a dividend on its
common stock out of capital or unearned surplus.
The company's outstanding capitalization consists of $90o,000 of 7%
cumulative preferred stock (par $100) and $500,000 of common stock (par
$100), and $850,000 of 7% unsecured demand notes.
No dividends have
been paid on the preferred stock, the arrearages amounting to $50.75 per
share as of Aug. 31, 1937, a totai of $456,750.
Ail of these securities are
held by North American Light & Power Co.
The company now proposes to issue 6,700 additional shares of common
stock solely in exchange for the 9,000 outstanding sharas of its preferred
stock.
Upon the issuance of thase shares, following the amendment of
the company's articles of incorporation to provide for the proposed change
in its capitalization, the company's capital stock will all be of one class
having the same' rights as to dividends, distribution and voting power.
It also proposes to issue a 6% unsecured 10-year note of $850,000 solely
in exchange for and discharge of the presently outstanding 7 % unsecured
demand note.
The new note is to be payable in 10 annual instalments,
nine of $50,000 each and one final instalment of $400,000.
The new secur¬
ities, when issued, are to be delivered to North American lAght & Power
Co. upon surrender, for cancelation of the outstanding preferred stock and
demand note.
The issuance of these seucrities for such purposes has been
capital will be reduced
by $230,000 and paid-in surplus of that
amount created.
This transaction will leave the company with only one
Gass of outstanding capital stock and will also dispose of the existing pre¬
ferred stock dividend arrearages.
pany's
The company's net income, after the payment of fixed charges, for the
period from Jan. 1, 1937 to Aug. 31, 1937 was $64,893 and for the two 12-
of carriers excise tax in connection with
% of payrolls for period Jan. 1, to Oct. 31,
No similar charge in 1936.
commutation
Note—Excluding
passengers
and
interline
and revenue,
for October, 1937, increased 150,503, or 9.60%, but revenue
resulting therefrom increased only $367,534, or 8.10%, and for the 10
months of 1937 the increase in interline and local passengers amounted to
3,460,478,
or
24.92%, with an increase in revenue of only $3,659,829, or
7-81%^V. 145,pJ?663.
New York
~
■i
i
.v—
in'
hili'r"
hi
■
-in
.1
ill.
m
i
in
i 111" I i
'-V
'
'
jg-
Chicago & St. Louis RR.—Control by C. & 0,
Chesapeake & Ohio
Approved—See
3825.
Ry. above.
—
V. 145.
p.
Extended Bonds Now
Ready for Exchange—•.
due Oct. 1, 1937, have been
for extension in accordance
of the extension agreement dated as of Oct . 1, 1937,
are now ready for delivery at the corporate trust
department of Guaranty
Trust Go. of New York, 140 Broadway, New York, N. Y.
On Dec.
15, 1937, the New York Chicago & St. Louis RR. sent to
holders of receipts a notice and a letter cf transmittal for use in surrendering
receipts in exchange for extended bonds.
Copies of this notice are available
at the corporate trust department of Guaranty Trust Co. of New York,
or at
the office of the New York Chicago & St. Louis RR., Terminal
Tower, Cleveland, Ohio.
Holders of receipts for 1st mtge. 4% bonds
the bonds which were deposited
notified that
with the provisions
President Dead—
See
Chesapeake & Ohio RR. above.—V. 145, p. 3825.
New York Hanseatic
The
directors
have
declared
,
Corp.—Extra Dividend—
an
extra
dividend of $4 per share on the
capital stock, payable Jan. 3.
An extra of $5 was paid on Jan. 2, 1937;
$2.50 was paid on Jan. 2, 1936; an extra of $2 on Jan. 15, 1935, and an
extra of $1 per share was paid on Dec. 29, 1933.—V. 145, p. 445; V. 144,
p. 459, 113.
New
York
&
Rosario
Honduras
Mining
Co.—$1.65
Dividend—
The directors have declared a
dividend of $1.65 per share on the capital
stock, par $10, payable Dec. 24 to holders of record Dec. 14.
An
dividend of $1.15 was paid on Sept. 30. last; one of 87H cents was
interim
paid on
75 cents was paid on March 27, last.
See V. 144,
p. 1794, for detailed record of previous dividend payments on this stock.
—V. 145, p. 3353.
June 26, last, and one of
New
York
New
Haven
&
Hartford
RR.—Abandon¬
ments—
Commission has authorized the abandonment
of track totaling 1.27 miles in length.
The segments are
in North Kingstown and 0.48 miles in
Norfolk County, Mass.—V. 145, p 3825.
The Interstate Commerce
of three segments
0.21 miles in New Haven, 0.58 miles
New York State
authorized by the Nebraska State Railway Commission.
As a consequence of the retirement of preferred stock of $900,000 and
the issuance in exchange therefor of common stock of $670,000, the com¬
$1.22
$1.15
local passengers
Co.—Litigation Settled—
the old
Nebraska
$0.52
$149,498 account of carriers Excise Tax in connection with
Railroad Retirement Act, as 2% % of payrolls,
No similar charge in 1936.
1937.
additional dividend of 50 cents per
share in addition to tne regular quarterly dividend of 62 % cents per share
an
$6,117,663
$7,404,443
$2,616,357
$0.03
sh. of stk_
Includes
y Includes $4,207,627, account
Railroad Retirement Act, at 2%
Corp.'—Additional Dividend—
The directors on Dec.
13,609,633
12,310,457
1,274,088
$168,650
Net income
Net inc. per
x
Net oper. income
—V. 145, p. 3504.
Mos.—1936
$310.240,195$294,573,431
236,369,538 220,832,958
30,263
revenues
Other income
1937—10
1937—Month—1936
Period Ended Oct. 31
Railway oper. revenues.$31,835,274 $33,034,358
Railway oper. expenses_ 25,295,156
23,715,947
Mexico—Earnings—
t
Rys.—Reorganization—•
Commission on Dec. 6 heard final proposals
Division of the system, which has
1929.
The plan calls for the issuance of $5,2o0,000 m first mortgage bonds and
172,000 shares of no-par value stock.
The Rochester properties would be
organized into a separate unit, with a board of 12 directors, 8 of whom
would be residents of Monroe County.
The Rochester properties would
be operated entirely separate from those in Syracuse and Utica.
*
The New York Public Service
for
a
plan to reorganize the Rochester
been in receivership since
,
.
Volume
145
Financial
Chronicle
3979
At present all these properties are operated by Benajmin E. Tilton, who
was appointed
trustee in 1934 by Federal Judge Frederick H. Bryant.
of $4,070,000 to be obtained from other sources.
The proceeds of the notes
described above are to be used to supply this balance and hence will be used
—V. 145, p.
solely to defray cost of construction of certain necessary additions and im¬
provements to the properties of declarant and its subsidiaries.
"To the extent that it is necessary for its subsidiary companies to carry
out these additions and extensions, the declarant will advance to such com¬
panies on open account portions of the funds obtained through the issue and
sale of the notes.
The subsidiaries will pay interest to declarant on such
advances at the same rate paid by declarant on the notes, i. e., 3% and will
reimburse declarant for the pro rata share of the commitment fees and ex¬
penses applicable to the funds so advanced to them.
"On the facts above stated, the Commission is of the opinion that the
949.
New York Title &
Mortgage Co.—Distributions—
An income distribution of $225,401 has been declared by the trustees
of series C-2, payable on Dec. 31, to certificate holders of record Dec. 15.
This is equivalent to a distribution of 1 % on tne reduced value of the cer¬
tificates outstanding in the ha ads of the public in the face amount of
$22,883,388.
P. Walker Morrison,
trustees of series
B-K,
a
State Senator Lazarus Joseph and Leon Leighton,
$13.00d,000 issue have announced that the regular
semi-annual income distribution
holders of record Dec. 15.
This
of 2% would
be made on Dec. 31 to
payment of $260,000 will make a total o.
$520,000 to the certificate holders of this series in 1937.
A distribution of $106,824, representing payments of 1% of principal and
2% out of income, is to be made to certificate holders -y the trustees of
series CW-1.
This payment will bring the distributions made by the
trustees since they were appointed in April, 1936, up to $320,472.
Harry
Rodwin, John D. McGrath and Adrian P. Burkeare the trustees.—V.
145,
p. 3825.
Norfolk Southern
RR.—Court Orders—
Judge L. B. Way has signed
order requiring the company to return
stocks, securities, bonds and $100,000 cash to Atlantic & North Carolina
RR.
The latter
until
railroad
was
October, 1934 when the
an
leased
and
Judge Way also authorized a lease of 400,000
L. Roper Lumber Co., a subsidiary of
acres
North American Oil
directors
Nov.
29
dividend
a
of
25 cents per
on
North American
Rayon Corp.—25 Cent Dividend—
The directors have declared a dividend of 25 cents
per share on the class
A and B common stocks
payable Dec. 23 to holders of record Dec. 17.
Dividends of 50 cents were paid on
Oct.
12, Aug. 10, June 21 and on
April 1, last.
The company paid an extra dividend of $1.25 per share in addition to
quarterly dividend of 37lA cents per share on Dec. 15, 1936.
A 25-cent
was paid on Oct. 1 and
July 1, 1936, and compares with 123^ cents
distributed on April 1, 1936, and 50 cents per share paid on Jan. 1, 1936,
this latter being the initial dividend of the issue.
a
dividend
In addition
1936.—V.
extra
145,
Northern
tribution
dividends of 25 cents per share were paid on
Oct. 1,
2234.
p.
Canada
Mining
Corp.,
Ltd.—Stock
Dis¬
a
was
basis of two shares of Kirkland Lake Gold and two shares of the
new
company for each five shares of Northern Canada now held.
Application
is being made for a charter for the new
company and stockholders will be
advised in due course
regarding exchange of share certificates.
Northern Illinois Finance
Corp.—Special Dividend—
directors have declared a special dividend of 20 cents per share
the common stock, no par
value, payable Dec. 20 to holders of record
Dec. 11.
A quarterly dividend of 25 cents per share was
paid on Nov. 1 last;
a special of 25 cents
paid on Sept. 15 last; quarterly of 25 cents paid on
Aug. 1, May 1, and Feb. 1, 1937; special of 30 cents paid on Dec. 22,
1936;
;
\
an appropriate method of obtaining bank credit.
"The Commission recognizes that the timing of capital issues involves
managerial judgment.
Nevertneless, it is of the opinion that a postpone¬
ment of permanent financing and
consequent resort to bank loans should
ities
at
or
before
bank loans.
the
maturity of these notes
at
better
than
prices
If this expectation is realized, the result will
be
now
better bal¬
a
ance
capital structure than would result from meeting its present cash
requirements through sale of long-term bonds.
"The desirability of entering into standy agreements is also a matter of
judgement.
Nevertheless, in inquiring as to the reasonableness of the total
costs of any proposed issuance of
securities, the Commission must be satis¬
fied that the aggregate cost of borrowing such sums as may be actually ob¬
tained under
a
standby agreement is not out of line with the cost of money
available by otoer methods.
Particularly under the present conditions of
low interest rates and in view of the
large sums which banks now
able for loans, such arrangements call for careful scrutiny.
have avail¬
"In the present instance it is estimated that the total commitment fee
will amount to approximately
$32,000.
In view of the relatively short
period covered by the standby agreement and the relatively specific con¬
struction plans of the declarant, it does not appear probable that the net
cost to declarant of such funds as will
actually be borrowed, will be unreason¬
able.
Accordingly, the Commission is satisfied that, under the circum¬
stances of this case, it not required to make any adverse findings under any
of the provisions of Section 7(d)."—V. 145, p. 3505.
Northern Utilities Co.—Initial
Preferred Dividend—
The directors have declared an initial dividend of $6 per share on the 7
non-cumulative preferred stock, par $100, payable Dec. 10 to holders
%
of
record Dec. 3.—V. 444, p. 2839.
The directors have declared
a dividend of $1.75 per share on account of
7% cum. 1st pref. stock, par $100, payable Dec. 24 to
15.
A similar payment was made on Oct. 1, July 1
and on April 1 last, and on Dec. 24, 1936, as against $5.25 paid on Oct. 1,
1936, this latter being the first dividend paid since Jan. 3, 1933, when 88
cents per share was distributed; prior to Jan. 3, '33 regular quarterly payments
accumulations
on
the
holders of record Dec.
of $1.75 per share were made.—V. 145, p.
3825.
Nyari River Fruit Co., Inc.—Stop Order—
See list given on first page of this department.—V. 145, p,
Ohio Service Holding
Jan. 9, 1935.
The company has called our attention to the fact that a
stock dividend
declared and issued in December of 1935 on a basis of one share for
each two held.
As a result in December of 1935 there was
1430.
Corp♦—Preferred Dividend—
The directors
on Dec. 7 declared a dividend of $1 per share on the $5
pref. stock, payable Jan. 1 to holders of record Dec. 15.
Like
paid on Oct. 1, July 1 and on April 1, last, and compares with
$1.75 paid on Jan. 1, 1937; 5d cents paid on Oct. 1, July 1, April 1 and
Jan. 1, 1936; $1 paid on Oct. 1, 1935, and 50 cents paid on April 1, 1935
and on Oct. 1,
1934, this latter being the initial payment on the issue.
—V. 144, p. 2667, 1971.
non-cum.
amount was
dividend of 25 cents paid on Nov. 2, 1936; 30 cents
paid on July 1, 1936;
25 cents paid on April 1 and Jan. 6,
1936; 50 cents paid on Oct. 1, 1935;
60 cents on July 1, 1935; 25 cents on
April 1, 1935, and 50 cents per share
on
of investors or
protection
.
on
paid
the
for
declarant to resort to short-term bank credit to meet requirements for per¬
amounts here involved, and (2) whether the proposed
Dr. J. B. Tyrrell, a director of the
company since 1926 and President
since 1931, has retired from the Board and Walter E.
Segsworth elected to
fill the vacancy. The new officers of the
company are R. G. O. Thomson, President an
R. V. LeSueur, Vice-President.—Y. 145,
p. 3505.
The
or
Northwestern Electric Co.—Accumulated Dividends—
meeting of shareholders held Dec. 1 last, unanimous
given to directors' proposals for the distribution of 1,000,000
shares of Kirkland Lake Gold and
1,000,000 shares of a new company
(which will take over the remaining assets of this company) to shareholders,
on
interest
manent capital in the
standby agreement is
Voted—New Directors—
At the special general
approval
public
prevailing, and use the proceeds to refund in substantial part, the proposed
Co.—Optional Common Dividend—•
declared
the
"With respect to the requirements of Section
7(d) of the act, two sub¬
stantial questions arise (1) as to whether or not it is appropriate for the
Southern RR. to
145, p. 3boS.
share
the common stock, par $1, payable Dec. 20 to holders of record Dec. 3.
The dividend is optional, being
payable either in cash or in stock at the
rate of one-quarter of one share of common stock for each share held.
Stockholders must notify the company no later than Dec. 10 as to what
form they wish to receive their dividend.
Those who fail to notify the
company in time will receive the stock dividend.—V. 145, p. 3353.
on
appropriate in
consumers.
of wood lands of the
Norfolk
Union Bag & Paper Co., at an annual rental of $50,000.—V.
The
are to be issued for
necessary and urgent purposes of the declarant
where the requirements of the provisiions of Section 7
(c) (1) would impose an
unreasonable financial burden upon the declarant and are not necessary or
only be undertaken after the most careful consideration.
In this instance
it appears that the only method of
permanent financing which is now avail¬
able to the declarant on favorable terms, would be the sale of 1st mtge.
bonds.
It also appears that delcarant hopes to be able to sell equity secur¬
operated by Norfolk Southern
reject and disaffirm
court directed receivers to
the lease.
John
securities
Oklahoma Gas & Electric
Year Ended Oct. 31—
Co.—Earnings —
1937
_—$13,003,180 $12,37b ,217
6,944,268
6,356,243
./
™
Operating revenues
Operating expenses, maintenance and taxes.
was
outstanding
91,683 shares of common stock instead of 61,122,
During the year 1935 a total of $1.85 per share was paid on common
stock and in 1936 $1.35 was paid.
After payment of the dividend of July 1,
1936, the class B common stock was exchanged on a share-for-share basis
tor
common
Feb.
stock
and
1,
May 1, Aug.
1937, there was
the
regular dividend payment dates changed to
1, and Nov. 1.
During the months of June and
approximately 12,000 shares of $1.50 cum. conv.
July,
pref. stock converted into common stock shares on a basis
for each share of the preferred.
As a result there was
close of July
31,1937, 121,923
shares of
Northern States Power Co.
common
of
shares
outstanding at the
stock.—V. 145, p. 1268.
(Del.)—-Weekly Output—
Electric output of the Northern States Power Co.
system lor the week
Dec. 11, 1937, totaled 26.533,360 kwh., a decrease of
0.4% com¬
pared with the corresponding week last year.—V. 145, p. 3825.
Net oper. rev. (before approp. for retire,
res.)
Other income
$6,058,912
—
►
2,732
—
Net oper. rev. and other income (before approp.
'■/.
for retirement reserve)
$6,061,644
Appropriation for retirement
Gross income
$6,022,306
1,135,833
$4,861,644
—
_
$4,886,472
1,766,117
„
_
Net income
.
2,221,931
;
280,777
52,598
375,360
28,704
—$2,762,151
$2,260,475
Amort, of debt discount and expense
Other income deductions
—V. 145, p.
•
1,200,000
reserve
-
Interest charges (net).
,019,974
2,331
.
.
.
3017.
ended
Northern States Power Co.
(Minn.)—$4,000,000 Note—
A declaration of the
company filed with the Securities and Exchange
Commission under the Utility Holding Company Act of 1935 and
covering
the issuance and sale of not more than $4,000,000
3% unsecured notes due
Oct. 1, 1939, has been made effective by the Commission.
Pointing out in its opinion that a postponement of permanent financing
and consequent resort to bank loans
only should be undertaken after the
most careful consideration, the SEC said that in this instance
it
Old
Colony Investment Trust—Earnings—
Earnings for 3 Months Ended Nov. 1, 1937
Income:.Interest
—
Dividends.
-
v
i'
-------------$16,228
o5,182
-
Total income-
------
------
-
—
-
--$71,410
Interest, series A debentures. —25,218
Interest, series B debentures
12,044
Expenses.
—-3,154
—
—
appears that
the only method of permanent financing available to the
company on favor¬
able terms would be the sale of 1st
mtge. bonds.
The company hopes to be able to sell
equity securities at or before the
maturity of the notes at better prices than prevailing and use the proceeds
to refund, in substantial part, the
proposed bank loans, the SEC noted.
If
this expectation is realized the SEC said, the result will be a
better capital
structure than would result from meeting its
present
cash
requirements
Balance Sheet Nov.
42,655
15,949
——-
Accrued interest available
be used for construction of certain necessary additions and
improvements to properties of company and its subsidiaries,
are
to
The notes are to be sold to a number of banks, in accordance with
crddit agreement which declarant proposes to enter into with said
The proposed bank credit agreement provides, among other
Provision
&
1, 1938, at 100.25 until April 1, 1939, and thereafter at
the Commission makes the following
findings:
"Declarant states that it and certain of its subsidaries need to make addi¬
tions,
extensions
and
betterments to
their
plant and equipment, at an
aggregate estimated cost of $9,005,000 for the period from Oct. 1, 1937, to
Dec. 31,
1938.
It is estimated that declarant, itself, will need about
$3,257,300, that its principal subsidary, The Minneapolis General Electric
Co., and its subsidiary companies will need approcimately $5,644 ,700, and
that the balance of the $9,005,000 will be needed by two other subsidiaries
of declarant.
Declarant estimates that $4,935,000 will be available for
such purposes from earnings or cash on hand.
This would leave a balance
divs.,
less
divs.
paid:
1927 to Aug. 2, 1937
For the 3 months end. Nov.
amount.
of the record,
44,546
y4,000,000
From date of organization in
issue to the lending banks severally and not jointly unsecured notes
bearing
an interest rate of 3 % per annum, due Oct. 1, 1939, and callable
by declarant
face
interest
bank
during that period), ana that, thereafter, declarant may reserve
quarterly all or any part of the unused credit by paying an additional
quarterly commitment fee of % of 1% of the credit to be reserved for the
ensuing quarter.
As the credit is drawn upon by the declarant, it will
100.5 until Oct.
for accrued
debentures, &c
Common shares.
on
Accumulated net inc. from int.
1,
$8,043,005
Total
able
After examination
--.-$3,275,900
4H% debentures
things, that
the
1937
banks.
a
in return for bank credit in the total amount of
$4,000,000 declarant will
pay an initial quarterly commitment fee of $10,000 for the quarter ending
Dec. 31, 1937 ($10,000 being # of 1% of the $4,000,000 total credit avail¬
at
1,
TAabilUles—
Investment securities, at costx$7.984,401
Cash in bank
through sale of long-term bonds.
Funds
-.--$30,995
Net income from interest & dividends..
1937,t__.
Total
691,564
30,995
58.043,005
The value of investment securities, as per statement
attached, based on
quotations, where obtainable, as at Nov. 1, 1937, was less than the
value by approximately $3,474,000, as compared with a corre¬
sponding difference of approximately $2,195,000 at Aug. 2, 1937.
m?
The net asset value of tne common shares as at Nov; 1, 1937, taking the
investment securities at such market quotations, was $4.1612 per share,
deducting the debentures at par plus accrued interest; and was $4.0343
per share deducting the debentures at their call prices plus accrued interest,
x
market
net
y
book
Represented by 300,000 no par shares.—V. 145, p. 1749.
Old
Colony Trust Associates—Extra & Larger Dividend
The trustees
have declared
an
extra
dividend of 10 cents per share in
addition to a quarterly dividend of 20 cents per share on company's stock.
The extra dividend will be paid on Dec. 24 to holders of record Dec. 14
and the
quarterly distribution will be made on Jan. 15 to holders of record
share was paid on Oct. 1. last, and each three
144, p. 1293.
^
A dividend of 15 cents per
months previously.—V.
Financial
3980
Broadway Building (Benenson Building Corp.)
165
Plan of Reorganization
Pennroad
—
on
£old loan certificates ($8,728,
The committee for the first mortgage 5H %
due Aug. 1, 1951 (Miles S. Altemose, Chairman), in a
letter states that for several months negotiations have been in progress
between the owners of the equity and the committee, another committee
of which Albert J. Courtney is Chairman, which also represents substantial
000 outstanding)
holdings of the outstanding loan certificates, a number of other representa¬
tives of scattered holdings of loan certificates, and the committee repre¬
the purpose of obtaining an agree¬
would provide such modifications
originally promulgated as would make it possible for all of these
parties to unite in asking the approval thereof by the referee and by the
court as required by the New York statute known as the Burchill Act,
under which the reorganization proceedings are pending.
The parties have now agreed that the plan be modified substantially in
accordance with a stimulation, and that this stipulation was filed in the
of the plan
proceedings on Nov. 30, 1937, the approval of the second mortgage bond¬
holders committee having been obtained on that date.
The principal changes contained in the stipulation:
W (t) Interest on the new first mortgage bonds will be at the rate of 4M %
for th.? first five years and 4lA % thereafter instead of 4% as originally pro¬
posed
but that the tax-free clauses contained in the original indenture
will be adjusted during the first five years and thereafter be eliminated
because they would be applicable only to individual bondholders resident
in the particular States therein mentioned.
(2) Amortization has been fixed at $100,000 per annum cumulative,
but will be wholly applicable to the first mortgage bonds and payable
,
before interest on the second mortgage
bonds, which will follow on a cumu¬
lative if earned basis.
(3) All additional earnings over and above interest on the second mort¬
gage bonds will for the first five years be added to the amortization of the
first mortgage bonds.
new
$312,000 cash derived from past earnings of the property contributed
owner of the equity pursuant to its agreement with this committee
applied to immediate rehabilitation and improvement of the building
as,determined by a control committee of three members, two of whom will
represent the holders of the new first mortgage bonds.—V. 145, p. 616.
h (4)
the
by
will be
Pacific Can Co.—No Common Dividend—
Directors announced that no action would be taken in regard to a
dividend
declaration at this time for the reason that while from present indications,
uings for the year may be expected to exceed 75 cents a share, the un¬
certainties existing in the business would make it unwise i j their judgment
ear
to make any
distribution at this time.
had been paid each quarter from Sept. 30,
inclusive.
In addition, an extra
dividend of 25 cents was paid on Dec. 24, 1936.—V. 145, p. 2702.
Dividends of 25 cents per share
1936 (the initial payment) to June 30 last,
Pacific Commercial Co.,
Inc.—Larger Dividend—
The directors have declared a dividend of $3 per share on the common
stock, payable Dec. 15 to holders of record Dec. 10.
This compares
$1 paid on June 30, last; $2 paid on Dec. 15, 1936, and a semi-annual
dend of 50 cents per share paid on June 30, 1936.—y. 144, p. 115.
Pacific
Power
& Light
with
divi¬
J
Co.—-Merger Denied—
The Federal Power Commission on Dec.
11 denied
joint application
Co. in Oregon and
a
for transfer of the facilities of the Inland Power & Light
Washington to the Pacific Power & Light Co., an American Power & Light
Co. subsidiary.
In handing down its decision the Commission stated that the intent of
the Federal Power Act as expressed by Congress was that applicants must
establish that the public would benefit from a merger before the com¬
mission's approval
properly could be given.
The Commission indicated that the act was not intended to require the
merger of the two operating companies simply because they operate in
the same territory and supplement
each other's activities.
The Com¬
mission's report stated that "the record affirmatively shows that the book
value of the Pacific
properties is already seriously inflated."
The Com¬
savings would be affected, that
mission said it believed that no substantial
no
rate reductions would result.
Dividends—
Accumulated
a dividend of $1.75 per share on tue 7%
pref. stock, par $100, and a dividend of $1.50 per share on the
6%lcumul. pref. stock, par $100, both payable on account of accumulations
onfDec. 24 to holders of record Dec. 15.
Similar amounts were paid on
Nov. 1 and on Aug. 1, last.—V. 145, p. 3826.
The directors have declared
cumul.
Pacific
Telephone & Telegraph Co.—Earnings—
$5,746,017
20,700
1937—10 Mos.—1936
$5,451,646 $55,893,692 $52,016,236
16,600
215,198
169,699
Operating revenues— $5,725,317
Operating expenses
4,028,525
$5,435,046 $55,678,494 $51,846,537
3,660,892
38,990,702
35,016,155
r Period End. Oct. 31—
Operating revenues
Uncollectible oper. rev..
1937—Month—1936
f
'
Net oper. revenues-.
$1,696,792
Rent from lease of operated property
$1,774,154 $16,687,792 $16,830,382
70
735,573
Operating taxes
Net operating income.
-V. 145, p. 3354.
70
636,567
$961,289
|
$1,137,657
725
6,346,558
726
7,382,507
$9,306,011 $10,484,549
Patterson-Sargent Co.—Earnings—
1934
$477,659
Cr 13,280
67,000
1935
$262,429
Cr8,239
40,000
$371,642
12,216
52,392
$413,371
3,175,159
$423,939
2,904,430
$230,668
2,827,537
$307,034
2,780,111
$3,588,530
13,534
350,000
$3,328,369
$3,088,819
150",666
34,389
150,000
$3,087,145
34,608
225,000
5,600
3,210
$2,904,430
$2,827,537
1937
$496,571
Prov. for Federal taxes..
Previous surplus
Adjust,
19$6
Cr7,400
b90,600
Years End. Oct. 31—
aTOperating profit
Other deductions (net)--
prev. years
Fed¬
eral taxes..
30,614
Total surplus
Divs. on 2d pref. stock—
Common dividends
on 7% pref. stock
k pui
purchased & retired—
Prem.
Ba
Balance, surplus
Earns, per sh. on 200,000
r
shs.
T
a
$3,219,396
stk. (no par)
-——
$3,175,159
$2.00
$2.02
$0.98
$1.36
selling, administrative and general ex¬
b Includes $10,000 for surtax on undistributed profits.
com.
After deducting cost of sales,
penses.
Balance Sheet Oct. 31
Assets—
1937
Cash
$364,581
876,665
TJ. S. Govt, secure.
1936
accepts,
payable
Inventory
718,619
1,309,915
623,619
1,084,052
Cash surrender val.
1937
x
47 273
51,931
Common stock._
54,718
3,175,159
99,276
349,186
427,700
300,000
sur¬
1,073,859
42,870
$203,648
46,848
1,055,225
plus
1936
$168,782
126,960
349,186
310,200
300,000
3,219,396
Res. for contlng..
$4 cum. pref. stock
Profit and loss
of life Insurance-
Dep. in closed bank
Liabilities—
$611,454 Accounts payable1,027,285 Accrued taxes
Customers' notes &
40,679
Ld., bldgs., mach.,
equipment, &c_
Unexp. ins. prem.
prepaid taxes...
k ►»
Total
x
—
—
$4,474,525 $4,554,969
Represented by 200,000
Total
no-par shares.—y.
$4,474,525 $4,554,969
145, p.
1270.
Peabody Coal Co.—Accumulated Dividend—
The directors have declared a dividend of $2 per share on account of
accumulations on the 6% cumulative preferred stock, par $100, payable
Dec. 20 to holders of record Dec. 18.
A dividend of $1 was paid on April
28, last, and dividends of $2 were paid on March 10, 1937, and on May 25,
1936, this latter being the first dividend paid since Nov. 2, 1931, when a
regular quarterly dividend of $1.50 per share was distributed.—V. 144, p.
4195.
1937
18,
Corp. — Will Not Trustee Boston & Maine and
the corporation,
public the complete text of a letter which
New Haven Stocks— H. H. Lee, President of
Modified—
senting the second mortgage bonds, with
ment of ail the interested parties which
Dec.
Chronicle
Dec. 13 made
has been forwarded to the Governor of each of the New Eng¬
The letter follows, in part:
has been given by our board of directors the
of the subject matter and the
high standing of the signatories demanded.
It is, of course, apparent that
your request that this corporation place its stock of the New Haven and the
land States.
Your joint letter of Nov. 4
careful consideration which the importance
be actuated by your belief
free and independent agent, but is under the
As that belief is erroneous,
we earnestly ask your indulgence in a recital of facts which we believe may
not be within your knowledge, and which we trust will be informative.
The Pennrcad Corp. was organized in April, 1929, at a time when the
consolidation of railroads was a live question, and Eastern railroad systems
were vying with one another in acquiring substantial stock interests in
railroads which might be strategically important in the event or ultimate
unification of many railroads in the formation in Eastern territory of three
or four large systems.
Various stockholders urged, from time to time, that
similar action be taken by the Pennsylvania RR., and therefore certain
officers and directors of the Pennsylvania RR. caused the incorporation of
The Pennroad Corp. as a separate and independent corporation for that
purpose.
Believing that its activities would result in financial profit to its
stockholders, the idea was conceived of having that corporation present a
plan for voluntary participation in its stock ownership to the stockholders
of the Pennsylvania RR.
The plan as published included a voting trust
in order to secure unity of interest and continuity of management, the hold¬
ing of all the stock by three voting trustees. and the direct sale to purchasers
of voting trust certificates.
In order to reach the stockholders of the
Pennsylvania RR. it was necessary to secure the assent of the directors of
the railroad company so that the names of its stockholders could be ob¬
tained.
That board, believing the purposes and objects of the new corpo¬
ration to be protective of the interests of the railroad company and its
stockholders, approved a letter signed by its president proposed to be sent
to the stockholders of the railroad company.
With this letter your are no
doubt familiar.
Many of the Pennsylvania RR. stockholders purchased
the voting trust certificates in respect to the common stock of the new corpo¬
ration, and many did not do so; subsequent financing by the raising of addi¬
tional capital was done by the corporation solely through the medium of its
own stockholders and the owners of voting trust certificates.
It is quite clear as a matter of business integrity and law that the affairs
of this separate corporation, in which Pennsylvania RR. had no financial
investment whatever, had to be conducted in the primary interest of its own
stockholders.
There could be no objection to cooperation between the two
companies in a common interest, but the men who composed the Pennroad
board of directors were alive to their obligations and whatever was done was
according to their best Judgment for the primary benefit of that corporation
and for their own investment therein as well as that of all the other voting
trust certificate holders.
Your letter states that the Pennsylvania RR., in order to assist in the
settlement of the New England problem and in a successful reorganization
of the New Haven RR. Co., has offered to place its New Haven stock in
the hands of suitable trustees.
This generous offer is commendable, but the
reasons therefor, whatever they may be, are not applicable to this corpora¬
tion, which is not a common carrier and has no interest, directly or in¬
directly, in the New Haven and the Boston & Maine except as an investor
interested in the prosperity of both railroad companies.
The Pennroad Corp. is the owner of 7.27% of the voting stock of the
New Haven, but at the moment, in view of the New Haven reorganization
proceedings, it seems problematical whether this corporation will, upon the
adoption of a permanent plan of reorganization, hold any substantial per¬
centage of its stock.
It is also inconceivable that such a plan of organiza¬
tion, established by the Interstate Commerce Commission and the courts,
and affecting the vast corporate and financial interests involved, should be
conditioned upon some action by one independent legal holder of stock whose
presence in the New Haven family may not be entirely to the liking of certain
New England interests.
This corporation is not in any manner, directly or indirectly, specially
represented on the New Haven's board of directors.
It has regularly, each
year, executed and delivered its proxy for voting trust purposes at the
request and in favor of the management, qualified in only one instance, in
the 1936 proxy, to the effect that autuority should not be exercised in voting
on a plan of reorganization,
As to the Boston & Maine, this corporation's holdings were acquired
Boston & Maine in the hands of trustees must
that this corporation is not a
influence
or
control of the Pennsylvania RR.
,
,
largely through R. A. Ballou, of the firm of Schrimer, Atherton & Co.
of Boston, Mass., and the stock purchased came almost entirely from New
England holders of the same.
This corporation has never been specially
represented on the railroad's board of directors.
In 1930 the stock was in
the name of Schirmer, Atherton & Co., and this corporation instructed that
the proxy be presented to Mr. Perkins in person with the statement that the
owner desired that it be voted in favor of the management of the Boston &
Maine.
In 1931 and 1932 this corporation executed and delivered its proxy
to Louis M. Atherton with instructions that it be delivered to Mr. Perkins
to be voted in favor of the management.
In the years 1933 to 1937, inclus¬
ive, this corporation executed and delivered to Louis M. Atherton its special
proxy to vote at the annual meeting of the stockholders of tae Boston &
Maine "on all questions affecting the interest of the said company in favor
of such policies and action as will De in the best interest of the Boston 8c
Maine RR. and its stockholders."
Mr. Atherton has been for many years
and is a director of the Boston & Maine, and this corporation gave its proxy
to him not as its representative, but solely for the purpose of acting along
with other stockholders for the best interests of the Boston & Maine.
Aside
from the giving of these proxies each year, this corporation has never in
any manner made any demands or requests upon the management of the
Boston & Maine in connection with tne affairs of the railroad company.
This, we feel sure, will be verified by the management and its very able
President, E. S. French.
We have heard much talk of "New England s railroad problem,
but
just what that problem is at the present time we know not.
In the year
1934 your predecessors in office, as governors of the six New England
States, were engaged in seeking a solution of that "problem."
A plan was
proposed, the purpose of which was to obtain ultimately corporate consolida¬
tion of the New England railroads.
What seemed to be a definite construc¬
tive step by negotiation towards securing a settlement of railroad differences
led this corporation to llok with favor upon the plan which contemplated
the union of the New Haven and the Boston & Maine, and, perhaps, other
New England carriers, for unified management under conditions which
would insure the strongest railroad system for New England and the greatest
possible economy and efficiency of operation.
Accordingly, the undersigned
as President of The Pennroad Corp., wrote Hon. Joseph B. Ely, then Gov¬
ernor of Massachusetts, and I quote from that letter one paragraph:
"Pennroad's investment was made at a time when the financial outlook
and general railroad conditions presaged not only continued dividend
returns but also accretion of values.
This situation was greatly changed by
the widespread depression years, and we are now deeply concerned in doing
what we can to conserve our large investment in these two companies.
To
that end, and without prejudice to our strictly legal rights, I am author¬
ized to say that this corporation is willing, under proper and reasonable
terms and conditions which may be made toe subject of negotiation by and
among the interested parties, to place the voting power of its stock in both
companies in such persons as may be selected under a plan suitable to effect
and carry out the objects and purposes desired."
Nothing came of this laudable proposition and now no plan is suggested;
and the present situation of the New Haven makes it impossible to foresee
what the future may require or develop.
When The Pennroad Corp. was organized, the board of directors (aside
from its President, H. H. Lee, who had been Treasurer of Pennsylvania RR.)
consisted of men who were then not only directors of Pennsylvania RR. but
of other corporations, and the voting trustees were three of those directors.
As voting trust certificates became
widely distributed, and vacancies
occurred, new directors were chosen, as well as new voting trustees.
Sad
to relate, all of the directors who initiated the purchase of the stock of the
New Haven and the Boston & Maine have departed this life, except Mr.
County and Mr. Lee.
There are now 11 members of the board of directors
of The Pennroad Corp., only 2 of whom are directors of Pennsylvania RR.,
to-wit: A. J. County and Joseph Wayne Jr.
The latter was a member of
the board of directors of the Pennroad and also a voting trustee before he
became a director of Pennsylvania RR.
Because of unsusual tax burdens The Pennroad Corp. at the close of 1936
removed its office to Delaware, the State in which it is chartered, its office
now being in Wilmington.
The voting trustees, as now constituted, consist
of three independent, representative citizens of the State of Delaware: and
Volume
145
Financial
Chronicle
the claim that The Pennroad
Corp. is under Pennsylvania RR. influence,
directly or indirectly, is without foundation in fact and is under
prevailing
conditions fanciful and absurd.
Our directors feel, in justice to our
stockholders and the voting trust
certificate holders, who are
widely scattered and many of them resident in
New England, that
they can not comply with your request to trustee the
stocks of the companies
named, involving as it would considerable expense
to the corporation.
This does not mean that this
corporation would not be
glad to cooperate in any constructive
project desgined to benefit New
England and its railroads.
Our possession of the stock of these
companies cannot be surrendered, as
we must remain
free
so
to
administer
our
9 Mos. End.
Sept. 30—
1935
1934
$3,446,674
2,857,484
$2,535,520
2,022,905
$689,646
309,633
$1,022,601
332,519
$589,190
226,940
$512,615
224,089
6,313
70,839
x42,893
9,173
63,166
x92,450
2,847
50,722
41,986
6,176
51,492
30,068
10,979
$531,618
145,000
$1.83
$263,365
79,750
$195,987
$1.81
$1~32
_
income (net)
Depreciation
Prov. for Fed. inc. taxes
Interest on bonds (net)
possible this large investment.
While we own the stock this corpo¬
ration may be depended
upon to deal with the same solely in the interest
of such a railroad system as the people and the industries of New
England
shall find best suited to their needs.—V.
p.
1936
$4,381,769
3,359,168
Gross profit on sales.
Sell., adm. & gen. exp._
Idle plant exp. less other
trust as to conserve in the best
145,
1937
$5,229,357
4,539,712
Sales
Cost of sales
manner
.
3981
Reynolds Spring Co.—Earnings—
-
_
Net profit for period—
Dividends paid
per share
2556—V. 144, p. 1795.
$250,795
217,500
Earnings
Pere
Marquette Ry.—President Dead—
x
Includes
excess
$0.87
profits
See Chesapeake & Ohio RR. above.—¥.
145, p. 3506.
Philadelphia
Rapid Transit
Balance Sheet Sept. 30
Assets—
Co.—Court
Awards $1,-
Cash
life ins.
The trustees reported to Judge Welsh that the cash in P. R.
T.'s treasury
to
amounts
approximately $10,300,000 with the expectation that it
will be increased by another million
by next April.
Judge Welsh expressed
the hope the parties would get
together and work out a plan which would
take the case out of the Court
by April 1.
Significant part of the decree of Judge Welsh's allowance order is that the
payment specifically is not for use and occupancy.
It is said in the decree
that it will be charged against
any claim the underliers may have against
P. R. T. whether for use and
occupancy, unpaid rentals or for any basis.
p.
1,044
166,659
338,795
a6,643
z2,000
1,836,264
Federal Judge Oliver B. Dickinson
on
Dec. 16 refused to appoint indepen¬
dent trustees for the Iron company but he served notice that the
company
must have its reorganization filed within the three
months' period he recently
allotted it; otherwise it would go into enforced
liquidation.
would be granted only if a J the parties
agreed to it.
His decision rejected a petition filed
tax payment
Unclaimed divs
46,916
164
Notes payable
Res. for conting..
605,751
4,200
68,702
1,800
42,893
406,838
107,865
420.338
160,000
69,950
Work.comp. claims
1
Res.
66,861
for
Federal
income taxes
Treasury stock
Surplus
Total
jDr33,179
770.932
DrSS.m
a
Dec. 22, 1936, and one of 15 cents was paid on Nov. 25 and on
Aug.
25, 1936, this latter being the first dividend paid since July 1, 1930, when a
payment of 37^ cents per share was made.'—V. 145, p. 618.
Pitney-Bowes Postage Meter Co.—Year-End Dividend—
The directors have declared
a
the
year-end dividend of 10 cents per share
on
common stock, no par
value, payable Dec. 28 to holders of record
Dec. 16.
An extra dividend of 15 cents was paid on Dec.
24, 1936.
A regular quarterly dividend of 10 cents
per share was paid on Nov. 15
p. 599 for detailed dividend record.—V.
801,936
Period End. Oct. 31—
revenues.
expenses.
provision
for surtax on undistributed
profits, $250,795, total $660,840.
Deduct—Dividends paid, $217,500, balance,
$443,340; total surplus (as
above), $770,932.—Y. 145, p. 159&.
•■■■.<> V;,
Providence Gas Co.—15-Cent Dividend—
The directors have declared
Net rev. from ry. oper.
$113,777
xl26,875
Cr214,679
Net ry. oper. income.
Other income
$480,814
$4,107,371
$4,189,247
155,582
xl,764,014
1,482,697
Crl51,629 Crl,846,436 Crl ,688,309
$201,581
13,356
Total income
Misc. deduct, from inc..
Total fixed charges
$476,861
15,469
$4,189,793
287,104
$4,394,859
147,265
$214,937
.
$492,330
31,935
69,379
$4,476,897
532,022
47,243
$4,542,124
19,677
3,833
Netincome
652,591
130,964
$191,427
$391,016
$3,897,632
$3,758,569
$0.22
$0.45
$4.51
$4.35
Net inc. per sh. of stock.
dividend of 15 cents per share on the com¬
a
stock, no par value, payable Dec. 28 to holders of record Dec. 13.
This compares with a dividend of 20 cents
per share paid on Oct. 1, last,
mon
thre^months previously.—V. 144,
Prudential
Includes
$31,779 for the month of October and $302,484 for the 10
ended Oct. 31, account of carriers excise tax in
connection with
Railroad Retirement Act, at 2^ % of pay rolls.
No similar charge in 1936.
—V. 145, p. 3665.
months
Pittsburgh & West Virginia Ry.—To Renew Notes—
The company has asked the Interstate Commerce Commission for
author¬
ity to renew for one year two notes held by the Chase National
Bank,
New York.
The notes amount to $1,316,314 and are due
Dec. 1, 1937.
bearing int. at 3H%.
One note is for $1,050,000 and the other is for
$266.314.—V. 145, p. 3665.
directors
have
declared
Co.'—Preferred Dividends—
The
directors have declared a dividend of 30 cents
per share on the com¬
stock, payable Dec. 15 to holders of record Dec. 13, provided that im¬
mediately after the payment of this dividend the net assets as determined
by directors at a special meeting on Dec. 15 shall be equal to at least $200
share
a
paid
the $6 preferred stock.
on
Dec.
on
10,
1936.—V.
dividend
Co.
of
New
all of the outstanding securitirs of which are
assignable to
19,046,542
Operating deficit
Non-operating income.
$359,803
2,500
152,460
$531,336
48,000
782,763
$1,700,278
82,769
$53,943
3,168
x$204,843
3,098
$299,427 X$1,142,818
35,057
27,244
$50,774
_
Gross deficit..
Deduct, from gross inc..
N. H. dated Nov. 29,1937, authorizing such acquisition.—V. 145,
p. 3507.
Pyrene Mfg. Co.—Dividend Increased—
The
directors
have
declared
a
dividend
x$207,941
240,128
$264,371 x$l,170,062
2,460,852
2,370,512
4,000
$300,264
of 30
cents
per
share
on
the
stock, par $10, payable Dec. 23 to holders of record Dec. 16.
This compares with 20 cents paid on Sept. 15 and on June 15,
last; 50 cents
paid on Dec. 15, 1936; 20 cents paid on Sept. 15 and June 15, 1936. and on
common
Aug. 15, 1935, this latter being the first payment 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 each three months.—V. 145, p. 2403.
Rantoul
RR.—Bonds
Extended—
than
$1,000,000 of first mortgage gold bonds.
Rath
'*■
Packing Co.— Earnings—
Years Ended—
x
Oct. 30 *37
Oct. 31 '36
Nov. 2 '35
Oct. 27 '34
$44,427,326 $39,629,897 $34,937,695 $25,733,725
Net sales.
Cost of sales, selling, de-
livery & adm. exps— 43,603,267
Deprec. & obsolescence217,095
& exp., incl.
22 104
interest. &c. (net)
Prov. for Fed. inc. tax—
75,261
38,285,622
214,849
34,660,345
148,240
24,662,937
12,113
155,803
30,901
15,500
15,306
123,704
175,352
Other inc.
Net
profit-
$509,599
Preferred dividends
$756,427
148,558
400,000
200.000
200,000
Nil
$3.03
,'917 paid in cash and
$82,709
166,848
300,000
$961,511
160,326
189,290
yl,399,917
Common dividends
300,000
200.000
Shs. com. stk. (par $10)300,000
Earnings per share
$1.16
$3.86
x After deducting returns and allowances,
y
$1,000,000 paid in common stock.
Comparative Balance Sheet
Oct. 30 '37 Oct. 31 '36
Assets—
Cash
$842,607
Receivables,
reserve
$839,337
1,739,754
-
Inventories..--.- 3,203,978
80,461
Other assets
plant &
equipment
4,103,370
1,660,397
3,325,743
76,458
Property,
Oct. 30 '37 Oct. 31 •36
$900,000
160,867
payable
Accrued
payroll.
_
203,338
51,129
44,545
59,270
59,032
200,920
Prov. for real and
pers'l prop, taxes
Res. for Fed. taxes
117,519
3,700,357 Res. for undeterm'd
liab. arlsingfrom
48,124
Total
Liabilities—
Notes payable
Accts.
less
38,482
$10,018,294 $9,640,772
processing taxes
Dividends payable
964,991
71,213
7% cum. pref. stk.
6% pref.stock
5% pref. stock
2,906,200
Common stock
3,000,000
Earned surplus.— 1,277,104
Paid-in surplus.—
510,000
Total
Reynolds Spring Co.—No Action
249,489
Y.
the
1,000,000
195,321
2,117,300
694,300
188,400
2,000,000
2,427,615
510,000
$10,018,295 $9,640,772
17,752,467
$32,827
oper.
as
-V. 144, p. 4197.
1,736,336
Net tel. & cable oper.
Uncollect, oper. revenuesi
by Public Service Co.
sole stockholder of Manchester Street Ry. upon and pursuant to the
liquida¬
tion of Manchester Street Ry. and the order of the P. S. Commission of
assets
1,896,720
revenues
ownea
of New Hampshire, such acquisition to be by the transfer and distribution
of said assets and franchises to Public Service Co. of New
of
1937—Month—1936
1937—10 Mos.- -1936
$1,929,547
$2,096,139 $19,577,878 $19,452,745
expenses
Hampshire— Acquisition—
The Securities and Exchange Commission has authorized the
company,
subsidiary of New England Public Service Co., a registered holding
company, to acquire all the assets and franchises of Manchester Street Ry.,
a
Telegraph Land Line System—Earnings-
Period End. Oct. 31—
Tel. & cable oper. revs__
Total tel. & cable oper.
A dividend of 25 cents per share was
145, p. 2861.
$1.25 per share on the $7
preferred stock and a dividend of $1.07 per share on the $6 preferred
stock,
both payable on Dec. 24 to holders of record Dec. 15.
Similar payments
were made on Feb. 1, 1937.—Y. 145,
p. 3828.
a
md
4$
mon
Deferred and other
Portland Gas & Coke
p. 1798.
Investors, Inc.—Dividend—
The Interstate Commerce Commission has authorized the company to
extend from June 1, 1927, to April 2,1952, the date of maturity of not more
1937—Month—1936
1937—10 Mos.—1936
$1,818,554
$2,239,291 $20,473,489 $18,000,649
1,704,777
1,758,477
16,366,118
13,811,402
Railway tax accruals...
Equip. & jt. fac. rents..
$3,903,501 $2,949,736
x Represented
by 297,132 shares (par $1).
y After reserve of $16,129
$17,024 in 1936.
zAfter reserve for losses of $17,127. a Sun¬
dry note receivable (endorsed by two offices) and accrued interest
only,
b Surplus is arrived at as follows:
(1) Paid-in—Balance at Dec. 31, 1936,
total, $327,591.
(2) Earned (since July 1, 1934)—Balance at Dec. 31,
1936, $410,046; net profit for the nine months ended Sept. 30, 1937 before
145, p. 3355.
Pittsburgh & Lake Erie RR.—Earnings —
Railway oper.
Railway oper.
Total
in 1937 and
on
See also V. 143,
$3,903,501 $2,949,736
Hampshire
dividend of 15 cents per share on the com¬
mon stock, payable Dec. 23 to holders of record
Dec. 15.
-n. like amount was
paid on Oct. K, July 15 and on April 10, last a dividend of 20 cents was
Taxes
59,718
16,408
Other liability
Public Service
Pierce Governor Co.—IB-Cent Dividend—
The directors have declared
-
159,409
18,596
An extension
by a small group of debenture bond¬
holders to oust tne present management and
placing independent trustees
in charge.
Judge Dickinson said he could see no advantage at the present
time in naming trustees as the court could not do
any better than tne men
who run the business.—V.
145, p. 3664.
Postal
123,855
taxes,
Funded debt
apd each
Three Months■—
The
268,739
wages,
insurance, &c
Taxes payable
1936
Fed.
inc.
and
bldgs., ma¬
chinery & equip. 2,245,826
Patents, good-will
& developments
1
Deferred charges..
153,279
3827.
Philadelphia & Reading Coal & Iron Co.—Court Will
Not Appoint
Trustees—Insists on Reorganization Plan in
x
int.,
a
allowance."
last.
Acer,
3,632
358,983
605,465
Investments
That rignt was challenged
by City Solicitor Sharfsin and Public Utility
Commission counsel at tne hearing on Dec. 8.
Judge Welsh granted the allowance after a conference with P. R. T.
trustees, Charles E. Ebert, Financial Vice-President of the company, and
Frederic L. Ballard, P. R. T. counsel.
He filed an opinion and a formal
decree in which he requires Union Traction Co. and its affiliated underliers
paid
Liabilities—
1937
1936
Common stock..$1,382,292 $1,382,292
salaries,
policy..
assets
150,000
Land,
3llow3iiirfi
—V. 145,
150,000
of
Accts. receivable
Inventories
Judge Welsh said he imposed these conditions because of doubt as to
whether or not the Circuit Court's
reference to him of the $3,000,000 claim
filed by the underliers last
July means that he has the authority to grant an
now
val.
y
Other
x
Accounts payable.
judgm't.
sur.
$388,112
of
as guar,
pay. of
Federal Judge George A. Welsh on Dec. 10 awarded
Philadelphia Rapid
Transit underliers an allowance of
SI,000,000 "on account of any amount
that may be found to be due
them," but payment is not to be made for 10
days so as to give any party in interest a chance to take an appeal to U. S.
Circuit Court of Appeals.
If an appeal is taken, no payment is to be made
until Circuit Court passes
upon the matter.
1936
$379,670
Deposit
refunding bond of $z ,000,000 guaranteeing the return of the
money in the event the Circuit Court should decide that they are not en¬
titled to it.
The decree also stipulates that the
payment which would be
made to security holders of record as of Dec. 20 "has no
reference" to the
reorganization plan, the question of ownership, the 1902 underlier-P. R. T.
lease, and moreover, Judge Welsh said "it is not a precedent for any further
1937
Cash
000,000 to Underliers—
to furnish
"
taxes.
145,
p.
$32,187
3208.
$2,725,223
45,000
512,460
$1,200,449
on
Dividend Payment—
Directors at their recent meeting took no action on the declaration of a
dividend on the company's $1 par capital stock.
Dividends of 25 cents per share were paid on Sept. 29, last, and each
three months previously.
In addition an extra dividend of 25 cents
paid on Dec. 15, 1936.—Y. 145, p. 1598.
was
Richfield Oil Corp.—Initial Dividend—
The directors have declared
common
an initial dividend of 25 cents per share on the
stock, payable Dec. 24 to holders of record Dec. 16.—V. 145, p.
2556.
Richmond Ice
See list
given
on
Co., Inc.—Registers with SEC—
first page of this department.—V. 127, p. 1819.
Financial
3982
Rutland
Railway
Railway
Net
Scovill Mfg.
RR.—Earnings—
Period End, Oct. 31—
1937—Month—1936
$292,347
$314,856
388,191
265,630
oper. revenues.
oper. expenses.
1937—101936
$2,992,130 $2,865,210
2,739,275
2,642,173
$4,156
*25,622
from ry. oper.
rents
$49,226
13.463
$252,855
x283.648
$223,037
130,668
Crl,332
rev.
Railway tax accruals—
Equip. & joint facility
Dec.
Chronicle
1,365
Cr 15,662
2,557
The
Co.—2o-Cent Dividend—
have
directors
declared
a
dividend of 25 cents per share on the
stock, par $25, payable Jan. 3 to
common
holders of record Dec. 15.
Co.—Special Dividend—
Seaboard Surety
$89,812
63,911
$34,398
4,224
$ 29,869
Total income
def$15,706
463
Misc. deduct's from inc.
33.900
Total fixed charges
$38,622
$153,723
24,168
$89,106
4,065
340,297
def$50,069
$4,120
$255,256
$194,264
4,428
Other income-
Net income.
59.237
334
5,320
The directors on Dec. 15 declared a special dividend of
the common stock, par $10, payable Dec. 30 to holders
342,667
for the month of October, and $49,965 for the 10
months ended Oct. 31, account Carriers Excise tax in connection with
Railroad Retirement Act, at 2%% of payrolls.
No similar charge in
Includes
$5,460
1936.—V. 145, P. 3666.
St. Helen's
Pulp & Paper Co.—Special Dividend-—
The company paid a special dividend of 40 cents per share on the common
stock, par $10, on Dec. 1 to holders of record Nov. 25.
Dividends of 20 cents per share were paid on Nov. 1, Sept. 1, July 1,
April 1 last; a dividend of 60 cents was paid on Dec. 1, 1936,
previously regular quarterly dividends of 20 cents per share were
tributed.—V. 144, p. 118.
and
on
St.
Louis-San
and
dis¬
Sears, Roebuck & Co.—Extra Dividend—
plan submitted by the company for reorganization.—V.
the common stock, no par value,
Dec. 28.
Company stated that this
Samson United
Corp.—Initial Dividend
common
145, p.
share on
stock, payable Dec. 28 to holders of record Dec. 16.—V. 145,
p. 3350.
San Diego
Consolidated Gas & Electric Co. —Earnings
$8,146,815
4,842,371
1937
1936
$7,819,652
4,557,334
(before approp. for retire, res.)...
$3,304,443
$3,262,317
Other income----.--—--—-------------—-
4,063
776
$3,308,506
1,285,000
$3,263,093
ft Year Ended Oct. 31—
Operating revenues
Operating expenses, inaint. and taxes.
*Net
oper. rev.
Net oper. rev. & other inc.
retirement reserve)
(before approp. for
Appropriation for retirement reserventerest charges
Jt kross income
(net)
——-
$2,023,506 $2,013,093
604,694
620,811
61,953
22
61,887
256
$1,330,137
—
Other income deductions.
lb
5^et
1,250,000
$1,356,837
Amort, of debt discount and expense.
income
—V. 145, p. 3829.
Sandt Farm Equipment Corp.—Stop Order—
this department.—V. 145, p. 3020.
See list given on first page of
Sangamo Electric Co.—Extra Dividend—■
extra dividend of 25 cents per share in
of 25 cents per share on the com¬
both payable Dec. 24 to holders of record Dec. 15.
Similar
payments were made on Oct. 1 and on July 1, last. Prior to July 1, last, the
company's stock had been split up on a two-for-one basis.
A dividend of 50 cents was paid on the old stock on April 1, last, and each
three months previously.
In addition, an extra dividend of 25 cents was
paid on Dec. 24, Oct. 1 and Jan. 2, 1936.—V. 145, p. 2406.
The directors have declared an
addition to the regular quarterly dividend
mon
stock,
Sayers & Scovill Co.-—$1 Dividend—
The directors have declared a dividend of $1 per share on the common
stock,
par
fjares$1.50
ast; with
$100, payable Dec, 27 to holders of record Dec. 20.
This com-
$1.50 paid on 1, 1936;and on July 1, last; and April 1, 1936; $1.50
paid
Oct. Oct. 1
$1 paid
July 1 50 cents paid on April 1,
on
on
Aircraft
Security
Corp.—-Stock Offered—Rutland, Ed¬
November offered 210,000
($1 per share).
wards & Co., Los Angelas, in
shares of common stock at par
J. D. Owen, care of Security Aircraft Corp., 2735 East
Municipal Airport, Long Beach, Calif.
Registrar: Bank of
Savings Association, Los Angeles, Calif.
Transfer agent:
—
The directors have declared an initial dividend of 12 H cents per
earnings.
A regular quarterly dividend of 75 cents per share was paid on Dec. 15.
An extra dividend of $2.50 per share was paid on Jan. 7, 1937.
See V.
144, p. 3018 for detailed record of previous dividend payments.—V. 145,
p.3829.
St.
America National Trust &
3666.
the
share
payable Jan. 20 to holders of record
dividend was payable out of surplus
13 declared an extra dividend of $2.50 per
The directors on Dec.
Spring
Francisco Ry.—Hearing on Plan—
A hearing will be conducted on Feb. 8 before Oliver E. Sweet, director
of the Bureau of Finance of the Interstate Commerce Commission, on the
modified
share paid each three months from July 2, 1934, to and including Jan. 2,
1936, and $1 per share distributed each quarter from April 1, 1933, to April
2, 1934, inclusive.—V. 144, p. 4198.
per
Application will be made to list these shares on the Los Angeles Stock
Exchange.
History—Corporation, incorp. in Calif. Jan. 19, 1937, manufactures and
repairs airplanes, airplane engines, parts and accessories and carries on
machine shop work incidental to its general business.
Company's prede¬
cessor,
Security National Aircraft Corp., was organized in Jan., 1933,
and during the period of its operation designed and developed a two-passen¬
ger sport-trainer, low winged monoplane, of which model 15 were partially
manufactured, fabricated and assembled, each of which planes was equipped
with a 100-horsepower engine, which, together with various other parts
and materials, were purchased by the predecessor on the open market.
These planes were sold principally for training purposes and private use.
Company proposes to develop and expand its plant and operations so
that eventually it will manufacture, fabricate, assemble and sell airplanes,
except that various materials, parts and accessories will be purcnased on
the open market, and for the present proposes to direct its activities to a
two-place sport-trainer used by sportsmen and aviation schools.
Capitalization—Capitalization consists of 500,000 shares of common stock
(par $1). There will be issued 322,842 shares, of which 132,329 shares have
been issued as of Aug. 25, 1937 (sold only intra-State within California
to bona-fide residents).
Of this amount 37,312 shares were sold for cash,
15,000 for the cancellation of indebtedness of $15,000 owing to Rutland,
Edwards & Co., 72,842 shares were issued intra-State to Security National
Aircraft Corp. (predecessor), for business, property and assets of predeces¬
i937, were $1,029,714 as compared
with sales for November, 1936, of $1,049,878.
This was a loss of 1.92%.
Sales for the 11 months period this year were $11,850,260 as compared
with last year of $11,281,850.
This was a gain of 5.04%.—V. 145, p.
and affiliate.
sor
Underwriting—The issuer entered into an agreement dated April 2, 1937,
Rutland, Edwards & Co., Los Angeles, underwriters, which agree¬
ment gives the exclusive right to handle and sell 225,000 shares at $1.25
per share, or at such other price as may be authorized by the Commissioner
of Corporations of California, 20% selling commission to be paid to.under¬
writers, said shares to be sold within six months after effective date of
registration statement or issuance of permit by Commissioner of Corpora¬
tions, whichever is later. 72,842 of the shares covered by this registration
were issued intra-State to Security National Aircraft Corp. for business,
property and assets of predecessor.
15,000 of the shares covered by this registration were issued intra-State
to Rutland, Edwards & Co. in consideration of the cancellation of $15,000
of indebtedness assumed by issuer in acquiring the property and assets of
predecessor; this stock was sold to J. D. Owen on April 29, 1937.
210.000 shares are to be offered to the public at $1 per share, of which
44,487 shares had been sold intra-State, as of Aug. 25, 1937. 25,000 shares
will be issued to W. B. Kinner (after the 297,842 shares above referred to
are all issued) in consideration for promotional services rendered.
Rutland, Edwards & Co. will also receive from W. B. Kinner, in con¬
sideration for assistance rendered in organization and promotion of regis¬
trant, or the predecessor, 17,854 shares of registrant which he will receive
in the distribution of the assets of predecessor, and 12,500 of registrant's
shares received by Mr. Kinner for promotional services rendered by Mr.
with
Kinner.
Proceeds and Purpose
of Issue—Proceeds to be derived from the sale of
shares total $251,032.
Of this total, $15,000 of indebtedness was satisfied
and canceled by the issuance of 15,000 common shares.
Business and
assets of the Security National Aircraft Corp. subject to liabilities of $19,224
as
Schiff Co.—Sales—
Sales for the month ol November,
of Jan. 31,
common
1937,
acquired by the issuer in consideration for 72,842
to the public for $1 per
which will be used to pay indebtedness
Aircraft Corp., expansion and working capital.—
were
210,000 shares are to be sold
shares.
share, to net the issuer $168,000,
of
V.
3358.
Security National
144, p. 3851.
.
Shawmut Bank Investment Trust-
Schulte Retail Stores
Corp.
-Progress
on
Plan Outlined
-Details to Be Fixed—
Holders of the 8%
cumulative preferred stock are urged to inspect the
York, which is the first store
reflecting the experiment in remerchandising and re-equipment of the whole
Schulte chain, by a letter just sent out by the protective committee for the
8% cumulative preferred stock, of which Samuel McRoberts is Chairman.
The letter states that the program of re-merchandising and re-equipment
is being undertaken in 10 stores as an experiment and indicates that if
successful it will be extended throughout the chain.
The program is based
upon the recommendation of a survey of the business of Schulte Retail
Stores Corp. prepared-by S. D. Leidesdorf & Co. upon order of the U. S.
District Court for the Southern District of New York after application
by the preferred stockholders' protective committee.
expenses
Federal capital
Int. paid and
x
stock tax
accrued,
3,286
167,116
Net loss,
x
interest
on
junior
notes
1,471
182,885
(payment
Cash
on
in
bank and
$223,482
$268,816
11.181
Securities (at mar¬
z
y
Excludes
Excludes $39,330
;■/, -■
1937
1936
4H%-$1.629.000 $1,768,000
Senior debs, 5%— 1,717,000
1,867,000
Jr. note 6%. ser A.
960,000
960,000
int.
Accrued
y2,950,272
x4.427,653
pay.
debs.,..,
39,788
Accr'd int. payable
ket prices)
14,400
57,628
2,571
3,605
on sr.
Res.
for
Federal
capital stock tax
stockholders.
Unrealized deprec.
The committee's letter also states late operating figures as follows:
"Sales of the cigar stores as reported by the corporation for the period
Drl.242,771
of sec
53,766
Surplus
from Jan.
less than the net sales for the same number of
the month of October, 1936, and approximately 8% more than
the net sales for the same number of stores for the month of September, 1937.
y$50,334
y$58,203
deferred).
sold,
Senior deb.
call
The committee's letter also states that there has been progress with
1 to Oct. 31, 1937, aggregate $17,084,766, and for the month of
October, 1937, amounted to $1,785,271.
The number of stores operated
during the month of October, 1937, was 268 as compared with 284 for the
month of October, 1936.
The net sales for the month of October, 1937,
16.043
Liabilities—
1936
Accrued interest,_
$3,173,754 $4,707,650
Total
x
Market value,
$4,961,900.
y
51,417
$3,173,754 $4,707,650
Total
Cost, $4,193,043.—V. 145, p. 2244.
approximately 6%
stores for
Net income as estimated by the corporation before expenses of adminis¬
in the reorganization proceedings, depreciation, and adjustments
tration
for real estate operations and rental adjustments, and special charges and
credits for the period from Jan. 1 to Oct. 31, 1937, was $86,075.
After
deducting depreciation and expenses of administration in the reorganization
proceedings, a net loss of $112,166 was reported for tne period.
For the
month of Oct., 1937, the equivalent figures were net income of $48,391
and $40,218, respectively.
Huyler's (and subsidiary), in which the corporation is interested both
through stock ownership and alleged liability on preferred stock guarantee,
reported sales for the period from Jan. 1 to Oct. 31, 1937, of $2,774,959.
It reported a net operating profit before depreciation, amortization, adjust¬
ments for real estate operations and rentals, other income and other deduc¬
tions, &c., of $3,926. After deducting depreciation and amortization, other
income and other deductions, and expense of the reorganization proceedings,
the net loss was $70,273.
Comparable results for the month of Oct., 1937,
were net profit of $3,478, and net loss of $62.40, respectively.—V.
145,
p.
$150,065
16,101
1,886
181,593
Balance Sheet Nov. 30
1937
Assets—
Schulte now operates 268 stores.
the
negotiations for a reorganization and that the principles upon which a
reorganization shall be based have been quite generally agreed upon
but no final arrangements have been made with any group of creditors or
z$36,667
z$41,368
_
Includes
1934
1935
$141,377
176,288
$243,038 (1934, $14,423) net loss on securities
($38,164 in 1936) net profit on securities sold.
■
-Earnings—
1936
$163,823
19,017
5,185
1937
$148,551
19,517
9 Mos. End. Nov. 30—
Int. & di vs. received
Administrative
Schulte store at 86th St. and Broadway, New
were
20 cents per share
of record Dec. 27.
with 40 cents paid on Nov. 15 and on May 15, last; 25 cents
paid on Dec. 30.1936; 50 cents paid on Nov. 10, 1936; 25 cents paid on May
15, 1936 and on Dec. 30, 1935, and 12M cents per share distributed on Feb.
15,1932 and on Nov. 16.1931.—V. 145, p. 2705.
This compares
on
x
This
with 50 cents paid on Oct. 1, July 1 and on April 1, last; with a
dividend of 75 cents paid on Dec. 21 and on Oct. 1, 1936, and with 25
cents paid each quarter previously.—V. 145, p. 3020.
compares
on
def$20,134
1937
18,
3210.
Sierra Pacific Power
Period End. Sept. 30—
Operating revenues,,—
Operation
Co.—Reorganized—
See Interstate Bakeries Corp.
above.—V. 145,
2243.
$1,698,556
663,252
110,186
a250,884
624,562
75,892
238,425
12
$786,754
4,296
$759,676
3,508
$78,836
7,743
$83,653
8,333
$791,051
94,992
$763,185
100,000
$71,093
11,266
$ 75,320
$696,058
129,197
$663,185
126,493
$59,826
$64,647
$566,860
209,419
396,550
$536,692
209,226
206,000
Net oper. revenues.
$78,863
$83,640
Non-oper. inc. (net),.
Dr26
Balance.
Retirement accruals,.
Gross income.,...
Int. & amort., &c,_.
Net income,
—
Pref. divs. declared
Con. di vs. declared
No
1937—12 Mos.—1936
$1,811,078
6,999
24,409
Taxes
net
p.
1937—Month—1936
$176,190
$158,295
63,148
43,246
8,749
a25,429
Maintenance
a
Schulze Baking
Co.—Earnings-
10,672
provision has been made for the Federal surtax on undistributed
for the year 1937. since any liability for such tax cannot be
income
determined until the end of the year.
Volume
Note—-On
145
Financial
Jan.
1, 1937 the company adopted the Federal Power Com¬
System of Accounts hence previous year's figures are not exactly
mission
comparative.
Figures
shown
appearing in this statement have been compiled from those
the books of the company and its former parent company. Sierra
on
Pacific
Electric
Co.,
after
intercompany
All
eliminations.
figures
give
effect to the merger of Sierra Pacific Electric Co. into Sierra Pacific Power
Co.
pursuant
to
agreement of consolidation,
effective for accounting
of the close of business July 13, 1937.—V. 145. p. 3830.
purposes as
Chronicle
3983
Judge Nields also appointed Daniel O. Hastings, as special trustee to
litigate the $100,0u0,000 law suit against certain officers and directors of
the company, H. M.
Byllesby & Co., Standard Power & Light Corp. and
others.
The suit, entered by stockholders, charges the defendants with
corporate "abuses" to the utility.
Judge Nields also appointed William G. Mahaff.v and William H. Button
as General Counsel
to Mr. Hastings and made Simon H. Rifkind, member
or the New York law firm of
Wagner, Quillinan & Rifkind, an Associate
Counsel to conduct the litigation
proceedings in the suit.
Gn Sept. 27, 1935, the company instituted proceedings for reorganization
by filing in the U. S. District Court for the District of Delaware, a voluntary
petition for reorganization under the provisions of Section 77-B of the Bank¬
ruptcy Act. Debtor has remained in possession of its property throughout
the reorganization
proceedings.
The petition recited the inability of the
company, although otherwise solvent, to meet the maturity of $24,649,500
of its 20-year
6% gold notes and 6% convertible gold notes, which came
.
Shawinigan Water & Power Co.—Extra Dividend—
Directors
common
share.
on
Dec. 15 declared
an extra
dividend of 5 cents per share on the
stock, in addition to the usual quarterly dividend of 20 cents per
are payable Feb. 15 to holders of record Jan. 25.
Both dividends
—V. 145, p. 3358.
Signode Steel Strapping Co.—Registration Withdrawn—
See list given on first page of this department.—V. 145, p. 2863.
Silverwood's Dairies, Ltd; (& Subs.)—Earnings —
Earnings for 30 Weeks to Oct. 31, 1937
Net income after oper. exps. & Fed. inc.
chgs., but before prov.
*
for Federal surtaxes on undistributed
earnings
$76,807
Earns, per share on 176,598 common shares
$0 25
—V. 145, p. 2244.
Singer Manufacturing Co.—Extra Dividend—
The directors have declared an extra dividend of $2.50 per share in
addition to the regular quarterly dividend of $1.50 per share on the capital
stock, par $100, both payable Dec. 24 to holders of record Dec. 10. Similar
extra divs. were
paid in each of the fourteen preceding quarters, while on
March 31, 1934, an extra dividend of $1
per share was distributed.
In
addition^a special dividend of $l5 per share was paid on Dec. 31, 1935.—
Snap On Tools Corp.—Registration Withdrawn—
See list given
on
first page of this department.—V.
145, p. 2244.
Solar Aircraft Co
.—Earnings—
Period Ended Nov. 13, 1937—
Net income after oper. exps. & Fed. inc. charges,
but before prov. for Fed. surtax on undist. prof-
Earnings
per
share
on
4 Weeks
24 Weeks
$3,411
$20,724
$0.16
129,640 shares
—V. 145, p. 3359.
Soundview Pulp
Co.—Earnings—
1
11 Months Ended Nov. 30—
after oper. exps. & Fed. inc. charges,
but before prov. for Fed. surtax on undistributed
1937
1936
Net income
earnings-.
—V. 145, p. 3211.
$1,716,047
$511,090
The directors have declared an extra dividend of 25 cents per share on
the common stock, payable Dec. 21 to holders of record Dec. 14.
The regular quarterly dividend of 40 cents per share was paid on Dec. 1,
last.—V. 145, p. 780.
Bleachery
Works,
& Print
Inc.—Accumu¬
lated Dividends—
The directors have declared
a
dividend of $1.75 per share on account of
accumulations on the 7% cumul. pref. stock, par $100, payable Jan. 1 to
holders of record Dec. 20.
Like payment was made on July 1, April 1 and
Jan. 1, 1937.
A dividend of $2.42 was paid on Dec. 19, 1936, and divi¬
on
dends of $1.75 were paid on Oct. 1, 1936, and in each of the five preceding
quarters and on March 2,
Southern
1935.—V. 144,
Canada
Period End. Nov. 30—
Gross earnings.........
Operating
Power
4361.
p.
Co., Ltd.—Earnings•—
1937—2 Mos.—1936
$413,461
$384,431
176,973
159,793
1937—Month—1936
$211,227
90,137
$195,080
80,098
$121,090
$114,982
$236,488
$224,638
110,502
109,313
220,150
218,034
$10,588
expenses
securities.
Thereafter it became evident that the provisions made in that
amended plan for the $4 cumulative preferred stock and the common
stock, which were the result of negotiations in behalf of holders of the
common stock with the protective committee therein mentioned for the $4
cumulative preferred stock, were no longer practical. Therefore, it becmae
necessary that the aforesaid amended plan of reorganization be modified
to provide that the $4 cumulative preferred stock and the common stock
remain unchanged, except with respect to voting power, upon which
accord as between the $4 cumulative preferred stock and the common
stock was found more practicable of achievement.
Such modification was
effected by an amended plan of reorganization (as modified), dated as of
Aug. 18,1937, and filed in Court. Thereafter consultations and negotiations
among the committees and the company resulted in certain revisions of the
amended plan (as modified) which are now incorproated.
The company's plan, changed and modified as aforesaid, is proposed by
the company as the plan. The provisions of the plan have been developed
with the company by the following protective committees, all of which
concur therein:
(1) Protective committee for holders of notes and debs.,
Samuel McRoberts, Chairman.
(2) Protective committee for the $7 and $6
Erior preference stock, James W. Gerard, Chairman. (3) Noteholderscom¬
ondholders committee, George McAneny. Chairman.
(4) Protective and
mittee for $4 cumulative preferred stock, John K. MacGowan, Chairman,
and (5) Independent protective committee for the notes, W. S. Kinnear,
$5,669
$16,338
$6,604
Notes and Debentures—'The funded debt is represented by notes and
debentures, and aggregates $73,649,500, of which $24,649,500, is repre¬
sented by notes which were due Oct. 1,1935. Under this plan these matured
notes are extended for 10 years from the first day of the month succeeding
the date of the entry of an order confirming this plan.
The notes as extended and the debentures will have the following among
other provisions for their protection:
(1) A sinking fund, and a provision for utilizing the proceeds of the sale
oi capital assets under certain conditions for funded debt retirement;
(2) a prohibition against the issuance or assumption of additional debt
except under specified conditions;
(3) a provision that while any notes or debentures are outstanding
dividends shall not be paid from certain specified sources; and
(4) a provision giving the holders representation on the board of directors.
Prior Preference Stock—The holders of the prior preference stock, $7
cumulative and $6 cumulative, are to retain their present stock.
The
dividends accumulated thereon will not be affected by the plan. Each share
of prior preference stock will have the same voting power as each share of
common stock, except that in the election of directors the prior preference
stock voting as a class will be entitled to elect two of the nine directors of
the company.
$4
stock
Net earnings
Interest, deprec., amort.
dividends
Surplus
-V. 145, p.
3668.
Southern Colorado Power
Co.—-Earnings—
12 Months Ended Oct. 31—
Gross
1937
$2,334,902
724,785
286,948
revenues
x
Net oper. rev. & other income
y
Net income
x
After
Federal taxes and depreciatio..
y
preferred stock will have the same voting power as each share of common
stock, except in the election of directors, in respect of which each share of
$4 cumulative preferred stock shall be entitled to IK votes, ana shall have
the rig.it of cumulative voting.
Common Stock—The common stock ceases to be the sole voting stock.
Each share will be entitled to one vote, and in the election of directors will
have the right of cumulative voting.
1936
Weekly Output—
637,885
206,654
After interest, &c.—V. 145,
an
initial dividend of 25 cents per share on
the class B stock, payable Dec. 27 to holders of record Dec. 17.—V. 142,
p.
472.
Southern Pacific
Period End. Nov. 30—
Lines—Earnings—
1937—Month—1936
$
Net
rev.
$
17,324,058
14,305,430
Ry. oper. revenues
Ry. oper. expenses
from ry. op._
3,018,627
Ry. tax accruals1,325,909
Equipment rents (net)..
800,678
Joint facil. rents (net)..
61,067
1937—11 Mos.—1936
$
$
18,907,728 208,548,311 181,878,595
13,439,775 160,701,701 134,476,738
5,467,953
815,273
779,038
40,547
47,846,609
15,709,761
9,928,966
699,587
47,401,857
11,315,068
8,366,820
602,775
141.319 kwh., a decrease of 1.8% compared with the
last year.—Y. 145. p. 3830.
States Oil
ry.
oper.
income:
After depreciation..
—V.
830,972
Before-depreciation145, p. 3669.
1,519,382
Southern
3,833,093
4,474,888
21,508,294
28,929,673
27.117,192
34,273,495
Ry.—Stockholders Approve Change in Stock —
At the adjourned session of the annual meeting of stockholders held in
Richmond Dec. 14, the stockholders by a vote of 419,713 shares, or 69.95%
of the preferred stock, and 692,042 shares, or 66.71% of the common
a total of 1,311,755 shares, or 69.10% of the total stock of. the com¬
outstanding and having voting power, adopted the resolution author¬
stock,
pany
izing the proposed amendment to the charter of the company providing
for the issue of common stock without par value, and the exchange, share
for share, of such common capital stock without par value for the existing
common stock of the company.
The total number of shares voted in
opposition to the proposed amendment was 1,165 shares of both classes.
First
Period—
-
Gross earnings (est.)
—V. 145, p.
Week
1937
$2,133,761
of Dec.
Jan. 1 to Dec. 7
1936
1937
1936
$2,582,194 $123,855,261 $118,384,856
3830.
Standard Gas & Electric Co.—Reorganization Plan—
mailed copies of a plan of reorganization to security
holders, Dec. 16, and also requested acceptance of the plan.
This action
Wilmington, Del.. Dec. 3,
permitting the company to solicit acceptances to tiu latest amended plan
for reorganization.
Concurrently with the mailing of the plan, various protective com¬
mittees which have been active for reorganization of the system issued a
joint statement announcing approval of the latest plan.
There are six
protective committees involved, and five of these now are in accord. The
Allen committee for the $4 preferred stock, however, did not join in the
approval, withholding its consent to the latest plan, which was submitted
an
order by the U. S. District Court in
to the Court on Nov.
24.
The Court has set Feb. 10 for a
also ruled
hearing on the proposed plan, and it was
6% notes under the original
that depositors of the company's
five-year extension plan, proposed by Standard
Jan. 27,1938, to withdraw from the agreement if so
Gas in 1935, had until
desired.
Corp.—Larger Dividend—
have declared a dividend of 25 cents per share on the
stock, par $5, payable Dec. 15 to holders of record Dec. 5.
This
compares with 10 cents paid on June 15 and March 15 last; dividends of
60 cents paid during 1936, and a dividend of 65 cents per share paid on
Dec. 26, 1935, this last being the first payment made since Nov. 20, 1928,
when 10 cents per share was distributed.—V. 142, p. 137.
The directors
Sterchi Brothers Stores,
Inc.-—Special Dividend—•
The directors have declared a special
dividend of 50 cents per share on
dividend
payment
distributed.
the common stock payable Dec. 22 to holders of record Dec. 9.
A
of 30 cents was paid on Dec. 15, 1936, this latter being the first
15, 1930, when 30 cents per share was also
made since Feb.
—V. 145, p.
3360
&
.
Webster,
Inc.—Stockholders
Approve
Plan—
Company to Cease to Be Holding Company—
Stockholders have approved the plan whereby, in conformity with the
objectives of the Public Utility Holding Co. Act, the corporation disposes
of its controlling interest in public utility companies by distributing the
major portion of its holding in Engineers Public Service Co. and Sierra
Pacific Power Co. pro rata to stockholders, and trusteeing the remainder
of such holdings, together with holdings in certain other public utility com¬
panies.
Upon consummation of this program, Stone & Webster, Inc. will cease
to be a holding company under the Public Utility Holding Company Act
of 1935.
Its remaining subsidiaries will continue their activities, dating
back to 1889, in the engineering and construction, investment banking, and
service fields, including the development and organization of new enternrisps
The distribution to the
stockholders of Stone & Webster, Inc. will take
place on or about Dec. 27 to stockholders of record Dec. 3.
Each share of
common stock of Stone & Webster, Inc. will receive 4-5ths of a share of the
common stock of Engineers Public Service Co. and l-10th of a share of the
common stock of Sierra Pacific Power Co.—V. 145, p. 3670.
Stonega Coke & Coal Co.—Pays $1.25 Dividend—
The management
follows
corresponding week
common
Stone
Net
operating companies in the Standard
for the week ended Dec. 11, 1937, totaled 11.-
Electric output of the public utility
Gas & Electric Co. system
Southern Natural Gas Co .—Initial Class B Dividend—
The directors have declared
Cumulative Preferred Stock—The holders of $4 cumulative preferred
are also to retain their present stock.
The dividends accumulated
will not be affected by the plan.
Each share of $4 cumulative
thereon
$2,150,200
3509.
p.
had registered with the Securities and
Exchange Commission a plan for the extension of the notes to Oct. 1, 1940.
$13,927,900 of the notes were deposited for extension pursuant to the plan
prior to the time of the filing of the petition in the reorganization pro¬
ceedings.
Company regarded the amount deposited as inadequate to
enable it to put the plan into effect, and, therefore, instituted the re¬
organization proceedings. Subsequently and to the present date, deposits
of the notes for extension pursaunt to the plan aggregate $17,914,250.
On May 17, 1937, an amended
plan of reorganization, dated as of that
day,.was filed in Court. This amended plan contained changes and modi¬
fications of the company's plan which had been developed with the company
by the protective committees therein mentioned for various classes of
Chairman.
South Bend Lathe Works—Extra Dividend—
Southern
due Oct. 1, 1935.
On June 22, 1935, the
company
on
the common stock,
dividend to be paid
dividend of 50 cents per share was paid in 1936.—V. 133, p. 1303
The company paid a dividend of $1.25 per share on
Dec. 14 to holders of record Dec. 4.
This is the first
this year; a
Sweet's Steel
Co.—Earnings•—•
Earnings for the 43 Weeks Ended Oct. 30,1937
Net income after
operating expenses and Fed. income charges, but
before surtax on undistributed
Earns, per share on 130,000
—V. 145, p. 3831.
profits
capital shares
$36,564
$0.28
.
Taylow-Wharton Iron & Steel Co.—To Pay 80-Cent Div.
The
directors
have
declared a dividend of 80 cents per share on
capital stock, no par value, payable Dec. 23 to holders of
An initial dividend of 60 cents was paid on Dec. 23, 1936.
the
record Dec. 15.
Financial
3984
Chronicle
Dividends on shares to which the holders of certificates outstanding after
Dec. 15 for old preferred or old common stock or of certificates of deposit
for old stock deposited under the readjustment plan dated May 15, 1933,
Union Twist
directors
declared
have
a
of 10
cents
share was distributed.—V. 145, p. 1275.
per
United
J
of
Corp.—Earnings—
Earnings per share
—V. 145, p. 2090.
on
but before prov.
a
Company will pay a dividend of $1 per share on account of accumulations
the 624 % cumulative preferred stock, par $100, on Dec. 20 to holders of
record Dec. 10. Similar payment was made on Oct. 12, July 2 and Aprli 15,
last, and on Dec. 1. 1936.—V. 145. p. 2409.
Dividend—
on
United Distillers of Canada, Ltd.—5-Cent Dividend—
The directors have declared
An initial dividend of 10 cents
the
United Gas
directors
have declared a dividend of 25 cents per share on the
stock, par $1, payable Dec. 23 to holders of record Dec. 13. This
paid on Sept. 30, last; 25 cents on June 30, last; 18
cents paid on March 31, last; 22)4 cents paid on Dec. 24, 1936; 12H cents
paid on Sept. 30, 1936; 7M cents paid on June 30 and March 31, 1936; 15
cents paid on Dec. 24, 1935; 1)4 cents paid in each of the three preceding
quarters; 22)4 cents paid on Dec. 24, 1934; 10 cents on Sept. 29, 1934; 7)4
cents paid on June 30 and March 31,1934, and 5 cents per share distributed
each three months previously.—V. 144, p. 4026.
,
Realty & Construction Co., Inc. (& Subs.)—subsidiary [in process of
a
12 Mos.
1937
$45,148
44,400
13,667
TV11 OOl AVU3
General and
corporate expense
Interest expense
9 Mos.
1936
$22,762
31,814
11,094
$103,215
pfx54,344
230,698
70,182
Period Ended Sept. 30—
'ATYI
Income—Commissions
Bad debts receovCTedi.-^.-*---,.^.—
Miscellaneous
I
$65,670
19,081
166,620
18,019
284,563
y408.734
Operating loss after depreciation
z$552,055
Other income
-;y.
z$552,055
See
Net loss carried to capital surplus
General
z$552,055
Consolidated Balance Sheet Sept. 30
Tishman Properties, Inc., and a Subsidiary [in process of
reorganization under Section 77-B of the Bankruptcy Act]
1937
Accts. & notes
$275,840
25,880
rec.
Adv. to mortgagees
a Real est., bldgs.
Liabilities—
& leaseholds
$355,376
31,613
60,076
4,175,058
In & adv.
4,118,555
30,000
10,000
co.
■
in
&
89,575
adv.
wholly-own,
dep.
Accrued
mtges.
Rents
not consolidated
Security
89,575
to
cos.
Net earns, from oper'ns of sub. & controlled
Non-oper. income of sub. and controlled cos
763,273
624,205
on
leasehold..
5,000
5,000
Adv. to mtges. held
in trust for others
5,867
Def. oper. charges.
Total
49,543
$5,343,9431
Total income of sub. and controlled companies. .$25,924,753
$25,450,987
Int., amortiz. & pref. divs. of sub. & controlled cos. 15,817,685
16,185,629
-Balance
$10,107,067
2,303,612
$9,265,357
2,115,560
Equity of United Light & Power Co. in earnings
of subsidiary and controlled companies
$7,803,454
(exclusive of
$7,149,797
y73,532
25,537
Proportion of
Tobacco & Allied
no
Total.
„
Expenses of United Light & Power Co
Taxes of United Light & Power Co
174,504
56,620
191,909
$7,645,862
$6,934,893
2,318,073
154,076
2,318,073
Amortization of bond discount and expense
Balance transferred to consolidated surplus
$5,173,712
Balance
x
int.
533,238j
on
Adjusted,
y
Includes $43,825 profit
on
186,881
$4,429,938
sale of temporary investments.
—V. 145, p. 3213.
United
Light & Railways Co. (& Subs.)— Earnings—
12 Months Ended Oct. 31—
1937
xl936
operating earnings of sub. and controlled
companies (after eliminating inter-co. transfers).$78,471,705 $74,160,405
General operating expenses
36,399,890
34,293,945
Maintenance
4,089,558
4.453,190
Gross
Provision for retirement
7,560,318
9,441,908
;
General taxes and estimated Fed'I income taxes..
Balance.
7,224,438
7,703,467
earns.,
attributable to min.
com.
$9,613,622
2,307,372
In adv.
65,617
60,448
75,000
Total..
2,110,000
subsidiary and controlled companies
$6,867,658
610,999
2,079,487
1,375,000
42,988
1,229,775
$5,782,789
1,238,634
$4,936,145
Amortization of debentures discount and expense
$7,200,777
1,375,000
42,988
$6,165,920
Balance..
Holding company deductions:
Interest on 5)4% debentures, due 1952
$7,373,702
156,254
16,670
$7,583,909
Expenses of United Light & Rys. Co
Taxes of United Light & Rys. Co...
506,044
$7,917,249
239,388
93,951
i__
Total...
400,000
$5,449,028 $5,343,943
shares.—V.
of
Income of United Lt. & Rys. Co. (exclusive of in¬
come received from subsidiaries)...
100,000
10-year 3% notes,
due July 1, 1946 2,375,000
Capital stock
400,000
Capital surplus
1,883,799
$8,986,455
2,118,797
$7,306,250
stk.
Equity of United Light & Rys. Co. in earnings
325,758
$4,544,154
143, p. 3859.
Stocks, Inc.—$3 Dividend—
Balance transferred to consolidated surplus
Prior preferred stock dividends
Balance
x
Adjusted.—V.
145, p. 3213.
on
Toledo Edison Co.-—Bonds Authorized
—
The Ohio Utilities Commission has granted the
company authority to
issue and sell at par, $2,000,000 first mortgage
4% bonds, due 1942, and
pending such sale, to pledge the same as security for 4% note of similar
amount to Chase National Bank, New
York, due Aug. 1, 1941. Of total
United States Foil Co.—Dividend Reduced
$679,000 will be used to reimburse its treasury for uncapitalized
capital expenditures, the balance to be released upon validation of the
Commission for 75% of actual expenditures on a
budget cading for im¬
provement estimated at approximately $1,951,000 between Nov. 1, last,
and Dec. 31, 1938.—V. 144, p. 1804.
Dividends of 25 cents
have declared
an
extra
dividend
of
common
14.
stock,
no
Similar
$1.37^
months on these issues.—V. 145, p.
United States
The directors have declared
the
common
4170.
Twin Coach Co.—40-Cent Dividend—•
declared a dividend of 40 cents per share on the
value, payable Dec. 24 to holders of record Dec. 20.
This compares with 15 cents paid on Nov. 15, July 15, and on May 10 last.
A special dividend of $1 was paid on Dec. 16, 1936.
A regular quarterly
dividend of 10 cents per share was paid on Oct. 15, 1936. An extra dividend
of 10 cents was paid on Nov. 14, 1936.—V. 145, p. 3212.
The
directors
stock,
have
no par
an
extra dividend
payable Dec. 20
of 55 cents per share on
holders of record
Nov. 1, last.
to
initial dividend of 25 cents was paid on
Dec.
profit after oper. exps. & Fed. inc. charges, but before
for Fed. surtax on undistributed earnings
Earnings per share on 191,961 shares common stock
prov.
An
11.
$406,747
$1.83
Note—On May 1 the corporation succeeded to the business of the United
States Plywood Co., Inc., a New York corporation, United States Plywood
Co.
Corp.—No Class A Dividend—
Directors at their meeting held Dec. 15 took no action on the
payment of
a dividend on the class A stock at this time.
A dividend of $1.50 per share was paid on Oct. 1, and on July
1, last,
and an initial dividend of $1 was distributed on April
1, last.—Y. 145,
common
stock,
1754.
Plywood Corp.—jExtra Dividend—
Net
share in
share on the
per
quarterly dividend of 62)4 cents per
par value, both payable Dec. 24 to holders of record
distributions were made on Dec. 24, 1936.—V. 143,
Tubize Chatillon
paid on April 1, last, and on Dec. 24, 193o, and
15 cents per share were distributed each three
were
previously dividends of
Earnings for 10 Months Ended Oct. 31,1937
Trico Products Cor p.r—Extra Dividend—
The directors
addition to the regular
—
The directors have declared a dividend of 6 cents per share on the class
A and class B common shares, par $1, payable Dec. 24 to holders of record
Dec. 20.
Dividends of 12)4 cents was paid on Oct. 1 and on July 1, last.
amount
p.
debt.
funded
on
48,532
deductions:
company
Interest
156,772
16,
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 on July 15, 1933 —V. 144, p. 3353.
Dec.
$7,876,987 $ 7,175,334
Proportion of
The directors have declared a dividend of $3
per share on the common
stock, payable Dec. 24 to holders of record Dec. 20.
This compares with
$1 paid on June 15. last; $1.25 paid on Dec. 28, 1936; $1 paid on Nov.
and
attributable to min.com. stk.
Income of United Light & Power Co.
income received from subsidiaries)
15,194
17,813
& rent dep. pay.
Def. acct. payable
par
earns.,
Sept.30,
After reserve for depreciation of $2,930,656 in 1937 and
$2,836,708 in
b Represented by 400,000
$22,760,549
2,690,438
Total income of sub. and controlled companies..$22,782,443 $22,541,125
Int., amortiz. & pref. divs. of sub. & controlled cos. 13,168,820
13,554,669
b
78,535
$5,449,028
1936.
cos
4,955,939
8,346,457
8,792,765
17,701
payable.,
rec.
.$23,535,081
2,389,672
General taxes and estimated Fed'I income taxes._
Net earns, from oper'ns of sub. & controlled cos_$20,980,029 $20,485,363
Non-oper. income of subsidiary and controlled cos.
1,802,413
2,055,761
10-
1936)
at cost...
Inv.
39,152,364
1936
cos.
on
year 3% notes..
Real est. taxes ac¬
crued to
41,394,118
4,629,297
8,612,573
10,653,833
expenses
$78,583
not consolidated
to
partly-owned
operating
*1936
$84,008,077
1937
wholly-own.
int.
Dec.
$98,562
Accounts payableAccounts pay.
to
Accrd.
Mtge. receivable..
Inv.
1936
hand & In
4 '37
Dec. 12 *36
90,765,345
97,302,153
'37
Provision for retirement
$451,021
Not Including
on
11
93,839,616
Maintenance.
$418,813
32,208
a
z Before a special credit of
$15,000, represenitng discount on notes pur¬
chased.
a No provision has been made for
reorganization expenses of a
subsidiary in process of reorganization,
b On a subsidiary in process of
reorganization under Section 77-B of the Bankruptcy Act, not included in
consolidation (incl. depreciation of $28,561.)
banks
Dec.
United Light 4 Power Co. (& Subs.)—Earnings—
$422,613
3,800
x Includes $27,214 from the
operations of a subsidiary in process of re¬
organization under Section 77-B of the Bankruptcy Act.
y Includes
$38,081 being depreciation of a subsidiary in process of reorganization,
Cash
April 15, last.—V. 144, p. 2153.
12 Months Ended Oct. 31—
1937
Gross operating earnings of subsidiary and con¬
trolled cos. (after eliminating inter-co-transfers).$88,824,904
Holding
Net loss..
Loss for 9 months ended Sept. 30, 1936
Assets—
on
Consolidated Income Statement
Tishman Properties, Inc., and
reorganization]
.
paid
Improvement Co.-—Weekly Output•—
Week Ended—
compares with 15 cents
v
dividend of 5 cents per share on the ordinary
on Dec. 20 to holders of record Dec. 15.
was
Elec. output of system (kwh.)
—Y. 145, p. 3831.
Co,—Larger Dividend—
common
t
a
stock, payable in Canadian funds
dividend of $3.50 per share on account of
Tintic Standard Mining
Not Including
paid on Nov. 15, 1935, this latter payment being the initial distribution
the class A stock.—V. 145, p. 2709.
on
$3.50 first preferred stock, no par value, payable
Jan. 1 to holders of record Dec. 20.
A dividend of $2.50 was paid on Jan.
2, 1937.
The last previous payment was the regular semi-annual dividend
of $1.75 per share paid on Jan. 2, 1936.—V. 143, p. 4017.
y
Tishman
was
was
$94,664
$1.29
Thayers, Ltd.—•Accumulated Dividend■—
The directors have declared
The
Dividends of 75 cents were
Fov. 16, 1936
Said on Nov. 15, 75 cents May 15 and May 15, last; one ofone was50 cents
Aug. 16,
paid on Feb. 15, 1936. and $1 of paid on
The directors have declared an extra dividend of $1 per share in addition
to the regular quarterly dividend of 50 cents per share on the common
stock, payable Dec. 20 to holders of record Dec. 17.
An extra of $3 was
paid on Dec. 15. 1936.—V. 144, p. 4200.
on
The directors have declared a dividend of $1.8714 per share on account
accumulation on the $1.50 cumulative class A stock, no par value,
United Dairies, Ltd.—Accumulated Dividend—
Textile Banking Co.—Extra
accumulations
^'
Corps., Ltd.—Accumulated Dividend —
;
73,584 capital shares
addition
Del.*—Registers with SEC—
payable Jan. 3 to holders of record Dec. 15.
Earnings for 10 Months Ended Oct. 10,1937
Net income after oper.
exps. & Fed. inc. charges,
for Fed. surtax on undistributed earnings
Drill Co.—Extra Dividend—-
quarterly dividend of 25 cents
See list given on first page of this department.
-
Terre Haute Malleable & Mfg.
regular
United Combustion Corp. of
share on the
per
stock, par $5, payable Dec. 23 to holders of record Dec. 17.
This
compares with 25 cents paid on July 22, last, and 15 cents paid on Dec. 18,
1936", this latter being the first payment made since June 15, 1931, when
common
12^ cents
the
10-Cent Dividend—
dividend
1937
per share on the common
stock, par $5, on Dec. 24 to holders of record Dec. 20.
Like amounts were
paid on Dec. 24, 1936—V. 145, p. 1917.
entitled, will be paid only upon the surrender of such certificates to the
Corporation Trust Co., Jersey City, N. J.—V. 145, p. 783.
Tennessee Corp.—To Pay
IS,
The company paid an extra dividend of 75 cents per share in
to
are
The
Dec.
of Delaware,
Inc., and Aircraft
Plywood Corp.
The figures reflect
the four months ended April 30,
the earnings of predecessor companies for
1937.—V. 145. p. 3361.
United
States
Universal
Joints
Co.—Earnings—
1
tributed earnings
Earnings
per
—V. 144, p.
share on 200,000 shares
1937
1936
$23,023
9 Months Ended Sept. 30—
Net income after oper. exps. & Fed. Inc. charges,
but before prov.
for Fed. surtax on undis-
$10,165
$0.12
$0.05
955.
United Stores
Corp.—Accumulated Dividend—
The directors have declared
accumulations
on
the $6
a
dividend of $6 per share on account of
preferred stock, par $100, payable
cumulative
'
Volume
Financial
145
Dec. 27 to holders of record Dec. 20.
Dec
15, 1936;
per share was
one
paid
Consolidated Balance Sheet Sept. 30
paid on
81M cents
A dividend of $11.81 M was
of $3 was paid on June 15, 1936, and one of
on Dec. 15, 1934.—V. 145, p. 1440.
Dividend—-
Short-term! invests.
The directors have declared
a dividend of 2 cents per share on the com¬
$5, payable Dec. 31 to holders of record Dec. 18.
A divi¬
on March 31, last; one of 10 cents was paid on
Dec. 31, 1936, and one of 5 cents on Sept. 30 and on April 10, 1936, this
latter being the first dividend paid since 1926.—V. 145, p. 2092.
stock,
Fed.
Int.
tr.
Credit.
Period End. Oct. 31—
(.& Subs.)—Earnings-—
'
1937—12 Mos.—1936
$1,045,857 $13,069,788 $11,564,512
636,040
7,743,506
6.751,762
62,275
763,965
747,299
receivable
Net oper. revenues
$368,614
Gross income
Dr30
$367,842
195,879
25,000
15,593
Int. on mortgage bonds.
Int. on debenture bonds1
Other int. & deductions.
Int. charged to constr'n.
$4,065,451
8,943
$4,562,317
3,895
$347,542
Dr772
,
Other income (net)
$4,074,394
2,350,910
$4,566,212
2,350,550
300,000
201,996
$347,512
195,879
25,000
17,764
300,000
205,753
Cr5,254
—
--—-
$108,869
$1,713,666
1,704,761
income
'
$131,370
_
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the companies reported no undistributed adjusted
for that year.
During 1937 provision for Federal surtax on
undistributed profits has been made in the amount of $4,000.—V. 145,
3361.
p.
Valley Mold & Iron Corp.:—Dividend Doubled—
The directors have declared a dividend of $2 per share on the common
stock, payable Dec. 24 to holders of record Dec. 17.
This compares with
$1 paid on Sept. lo and on May 1, last. An initial dividend of $2 per share
was paid on Dec. 19, 1936.—V. 145, p. 2561.
Vertientes Sugar Co.—New Securities
Ready —
The reorganization committee for the reorganization of the Vertientes
Sugar Co. and Camaguey Sugar Co. is notifying holders of certificates
of deposit for the 1st mtge. bonds of these companies that the shares of
common
stock ($5 par)
of Vertientes-Camaguey Sugar Co., the new
corporation organized pursuant to the plan of reorganization, are now
ready for delivery in exchange for the certificates of deposit.
Holders of
each $1,000 principal amount of bonds of these companies are entitled
to 50 shares of this stock and of each $500 principal amount to 25 shares
under the terms of the plan.
The Wilmington Trust Co. of Wilmington,
Del., has been appointed as agent to deliver the new eommon stock.
The bondholders' protective committees representing, respectively, the
Vertientes and Camaguey bonds, announce that for the purpose of com¬
pleting the delivery of securities under the plan the terms of the deposit
agreements have been extended to June 16, 1938.—V. 145, p. 1755.
Virginia Central
have
declared
dividend
of 50
36,223
3 009,270
cane
47,004
with trustee....
Total..
x
After
stock, both payable Jan. 3 to holders of record Dec. 18.
were paid on July 2, last.—V. 144, p. 4204.
Like
Wagner Baking Corp.—40-Cent Dividend—
a dividend of 40 cents per share on the com¬
stock, payable Dec. 24 to holders of reocrd Dec. 15. Similar amount
paid on Oct. 1, last.—V. 145, p. 1755.fl
Walker & Co.—Accumulated Dividend—
The directors have declared
a dividend of 50 cents per share on account
on the $2.50 cumulative class A convertible stock, no
par
value, payable Dec. 23 to holders of record Dec. 13.
Similar payments
were made on Sept. 30, July 26, April 26 and Feb. 18, last-Nov. 30, Oct.
15,
Aug. 31, July 1, April 25 and Feb. 15, 1936, and on Dec. 20, Nov. 15,
Aug. 15, May 15 and Feb. 15. 1935.—V 145, p. 2093.
of accumulations
Walkerville Brewery,
Ltd.—Initial Common Dividend—
The directors have declared an initial quarterly dividend of 2^ cents per
on the common stock, payable Jan. 15 to holders of record Jan. 5.
share
—V.
145,
p.
962.
Weinberger Drug Stores, Inc.—Registration Withdrawn
See list given on first page of this department.—V. 145, p. 2249.
Wellington Oil Co. of Del.—Special Dividend—
The directors have declared
common
p.
a special dividend of 5 cents per share on the
stock, payable Dec. 29 to holders of record Dec. 21.—V. 145,
1120.
West Indies
Sugar Corp. (& Subs.) —Earnings
Years End. Sept. 39—
Raw sugar produced
Molasses produced
Interest received
Profit
on
stores
1937
$7,982,316
1,078,720
interest
170.136
222,147
55,540
638,417
28,839,831 28,578,939
Total.
for depreciation of $9,131,104 in
143,
1937 and $10,040,095
4020.
p.
on
Increased—■
Dec. 14 declared
no par
Western
Maryland Ry.—Earnings—
—Week Ended
1937
Period—
Gross earnings (est.)
—V. 145, p. 3833.
Dec.
7—
1936
$354,361
$288,783
Western Reserve Investing
-Jan. 1 to Dec. 7
1937
1936
,553,852 $15,162,369
Corp.—Accumulated Div.—
The directors
have declared a dividend of $3 per share on account of
the $6 cum. participating pref. stock, no par value,
payable Dec. 22 to holders of record Dec. 13. A dividend of $12 was paid
on Dec. 15,1936, this latter being the first dividend paid since July 2,1931,
accumulations
when
a
on
quarterly dividend of $1.50 per share was distributed.
regular
—V. 145, p. 626.
Western Union Telegraph Co., Inc.—Earnings—
Period End. Oct. 31—
Tel. & cable oper. revs._
Total tel.
1937—Month—1936
$8,147,702
$8,467,541
7,034.813
&
6,863,481
1937—10 Mos.—1936
$84,225,275 $80,905,996
cable oper.
expenses
revenues.
_
Uncollect, oper. revenues
Taxes assign, to oper...
71,524,920
65,890,942
$1,112,889
32,591
455,726
$1,604,060 $12,700,355 $15,015,054
42,338
387,825
499,075
328,190
4,548,455
3,301.381
$624,572
107,108
$1,233,532
168,349
$7,764,0/5 $11,214,598
1,312,335
1,227,419
$731,680
610,734
$1,401,881
615,591
$9,076,410 $12,442,017
6,130,007
6,645,280
$120,946
Gross income.
$6,967,662
....
Deduct, from gross inc.
.
Net income.
145,
p.
$786,290
directors
have declared a dividend of 25 cents per share on the
stock, payable Jan. 31 to holders of record Dec. 31. A dividend
previously declared will be paid on
Wisconsin
Michigan Power Co .—Bonds and Notes Ag¬
gregating $2,700,000 Placed Privately—
The
Securities
and
Exchange Commission has exempted the company,
from
Com¬
pany Act of 1935 in connection with the issue and sale of $2,000,000 first
mortgage bonds, 3M% series due 1961 and of a 3% five-year serial note in
the aggregate principal amount of $700,000.
As of Sept. 30, 1937, applicant had issued and outstanding securities of
the following aggregate principal amount or par value; First mortgage bonds,
3M% series due 1961, $10,500,000; preferred stock (par $100), $3,890,200,
and common stock (par $20), $5,225,000.
Gross income availableffor
payment of fixed charges, after depreciation, but before provision for income
taxes, for the 12-month period ending tie same date is stated to have
amounted to $1,450,524.09.
Section 6 (b) of the Act provides in effect that the Commi ;ion shall
exempt "subject to such terms and conditions as it deems appropriate in
the public interest or for the protection of investors or consumers" the
issue or sale of any securities b" any subsidiary company of a registered
holding company, if the issue and sale of such securities are solely for the
purpose of financing the business of such applicant and have been expressly
authorized by tne State Commission of the State in which applicant is
organized and doing ousiness.
The first mortgage bonds will be issued under a certain mortgage and
deed of trust and supplemental indentures to First Wisconsin Trust Co.,
as trustee.
They will be dated July 15, 19o6 and mature July 15, 1961
A single insurance company has agreed to purchase the entire issue at the
price of 100 U. plus accrued interest from July 15, 1937 to date of delivery.
The serial note for $700,000 will be dated as of the date of issue, and will
mature in five annual instalments of $140,000 each.
It will evidence
a bank loan of $700,000 to be made by a single banking institution, at an
interest rate of 3% per annum.
The proceeds of the bonds and of the serial note will be used, to the
extent of $350,000, for the purpose of reimbursing applicant's treasury for
additions and betterments to its properties heretofore made, and tne
balance of $2,350,000 as the purchase price of certain hydro-electric plants,
and substations and transmission lines connected therewith, known as the
Chalk Hill Rapids and White Rapids plants, which are owned oy Northern
Paper Mills, a non-affiliated company, applicants' vendor.
The issuance of the securities in question has been expressly authorized
by the P. S. Commission of Wisconsin.
The issuance has also been author¬
ized by the Michigan P. U. Commission.—V. 145, p. 3516.
a subsidiary of North American Co., a registered holding company,
the necessity of filing a declaration under the Public Utility Holding
Wisconsin Public Service
6,177,313
4,892,455
$1,246,963
$790,350
$1,096,817
491
1.344
613 602
668,614
2,779
657,159
operating revenues
Net operating revenues
Net income after charges
—V. 145, p. 3362.
2,259
656,814
Corp. (& Subs.)-—Earnings —
1937
12 Months Ended Oct. 31—
1936
$8,410,861
3,578,771
_
$7,860,914
1,456,574
Gross
6,062,331
$5,796,737
of $1.25 per share which had been
Dec. 23.
See also V. 145, p. 3362.
$5,989,272
7,381,098
$2,946,403
3674.
Westinghouse Air Brake Co.—To Pay 2o-Cent Div.-—
The
common
176,787
$7,309,294
-
(collat.) gold bonds,
6% conv. series due
1947—
S.
4,000,000
4,000,000
822,944
822,944
Capital surplus
16,985,389 16,971,877
Operating surplus.
213,026 def693,291
hona Sug. Corp.
Com. stk. (par $1)
1 A36,052
3,332,790
tnan
Prov. for depreciation—
Int. accr. on 1st mtge.
U.
453,390
21.318
$1,888,997
Operating profit
Miscell. int. other
for
1934
$5,337,776
209,059
Expenses of producing,
manufacturing, &c—
Pro v.
1935
$5,747,621
986,133
11,761
$9,270,094
Total income
bond
1936
$6,253,042
886,116
& other
miscellaneous income.
382,398
13,511
—...
Bara¬
a dividend of 90 cents per share on the
value, payable Dec. 28 to holders of record Dec. 24.
This compares with 75 cents paid on Sept. 30, and on June 30, last; 60 cents
paid on March 31, last; $1.50 paid on Dec. 28, 1936; 75 cents was paid on
Sept. 30, 1936, and 50 cents paid on June 30, 1936, t .is latter being the
first payment made since June 30, 1931, when the company distributed
a dividend of 75 cents
per share.
From March 30, 1929, to and including
March 31, 1931, the company paid regular quarterly dividends of $1 per
share.
An extra dividend of $1 per share was distributed on Dec. 31,1929.
—V. 145, p. 1918.
for Filing Plan Extended —
The directors have declared
was
stock
382,398
per
The receivers have been granted an extension of time until Jan. 15. 1938,
by Federal Judge C. B. Davis, in which to file a narrative statement of their
plan of reorganization.
The plan was filed in tabulated form on July 14,
1937, with the notation that the limited time available made it impracticable
to complete the usual descriptive narrative to the plan.
The court allowed receivers until Dec. 15 to compile this data, but re¬
ceivers reported that, due to conditions over which they had no control,
it had been impossible to complete and file the narrative statement.—V. 145,
p. 3672.
mon
Res. forconting—_
...28,839,831 28,578,939
The directors
Co., Ltd.-—Extra Dividend—
Wabash Ry.—Time
64,452
3,117,260
10,958
58,540
634,486
reserve
capital stock,
The directors have declared an extra dividend of 15 cents per share in
to the regular quarterly dividend of 25 cents per share on the
amounts
544,000
Western Electric Co., Inc.-—Dividend
addition
common
984,069
Pref.
Deferred charges..
—V.
Wabasso Cotton
1,051,256
Operating income
Non-operating income..
cents
share on the
common stock, payable Dec. 24 to holders of record Dec. 20.
This com¬
pares with 15 cents paid on Sept. 30 and on June 30, last, and previously,
quarterly dividends of 10 cents per share were distributed. In addition an
extra dividend of 60 cents was paid on Dec. 22,1936.—V. 144, p. 4204.
a
1st
for Barahona
Net tel. & cable oper.
Vlchek Tool Co.-—Dividend Increased—
directors
on
mtge. 6%
Res.
equipment, &c.20 070,591 20,540,628
Deposit
in
trust
Railway—Abandonment —
The Interstate Commerce Commission issued a certificate permitting
abandonment by the company of that portion of its line of railroad extend¬
ing westerly from milepost 1, at or near West Fredericksburg, to Orange in
Orange and Spotsylvania Counties, Va.—V. 126, p. 965.
The
45,000
5,986,500
Sug.Corp.pf.div.
Prop., plant and
x
x
net income
207,366
Investments
$8,905 def$481,776
Dividends accumulated and unpaid to Oct. 31, 1937, amounted to
$6,392,854.
Latest dividends, amounting to $1.16 2-3 a share on $7 pref.
stock and $1 a share on $6 pref. stock, were paid on Oct. 1, 1937.
Divi¬
dends on these stocks are cumulative.
949,767
125,725
.....
in 1936.—V.
Balance——.—
Res. for int.
327,502
Colonos
Admin,
55,189
5,986,500
1947..
32,944
hand & in
in stores..
U.S.Govt.
1st mtge. (coll.) 6s,
Accts. receiv. from
Dividends
x
on
.179,595
& Cuba prof. tax
103,104
Mat'ls, 8uppl.,&c.,
1.704,761
Net
Res.for
82,479
on
liquidation
Molasses on hand.
$1,222,985
applicable to preferred stocks for the
period, whether paid or unpaid
Sugar
112,329
136,142
wages, rents, &c.
future sales
1937—Month—1936
Operating revenues
$1,154,584
Oper. exps.,incl. taxes._
722,029
Prop, retire, res. approp.
63,941
$
accrued
bond interest
202,292
(less reserve)...
Margin depos.
for
214,075
258,244
Res. for 1st mtge.
IH% debs..
Accts.
1936
S
Gen. accts. pay—
Res.
500,000
Bks. consol.coll.
par
dend of 5 cents was paid
Utah Power & Light Co.
1,705,086
,863.811
___
Liabilities—
$ '
S
|
1937
1936
1937
Assets-
Cash
Utah-Idaho Sugar Co.—Two-Cent
mon
3985
Chronicle
income tax
the
Doc
359.190
359,551
360,000
15,000
24,000
360,000
Govt,
Net operating profit..
fWm.) Wrigley Jr. Co.—Special Dividend—
The directors on Dec.
on
6,000
$909,714
$202,455 loss$253,588
$77,743
common
stock,
a special dividend of 25 cents per share
value, payable Dec, 27 to holders of record
16 declared
no par
20
They also declared three regular monthly dividends of 25 cents per share
each, payable Feb. 1, March 1 and April 1, 1938, to holders of record the
20th of each preceding month.
A special dividend of 50 cents was paid on Nov. 1 and on May 1 last, and
a special dividend of 25 cents per share was paid on Dec. 22, 1936.—V. 145,
p.
2710.
Financial
3986
Chronicle
Dec.
v
The Commercial Markets and the
1937
18,
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS-RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
in
higher
lots.
The
sales totaling
Santos
the
Rio
responsible
largely
7
firmness
some
which
milreis to
half
last
the
November
of
the
destroyed
total
the
amounted
327,000
with
displayed
in
was
today's
dollar,
140 reis net
or
for
the
since
to
484,000
first
the
half.
coffee
during
bags,
This
destruction
the
which
brought
program
Rio 7s at 12.900.
and
On
the
13th inst.
Santos
the
contract,
a
3 to 3y2
was
closed
7
francs lower.
Cocoa—On
points higher in
of Santos Decem¬
gain of 21 points
on a
few covering
Sales of Santos contracts totaled 106 lots.
contract closed 8 to
The Bio
11
feature of cocoa
Cocoa Exchange today (Satur¬
day).
London closed 3d. lower for actuals.
Futures ran
unchanged to 4%d. easier on the Terminal Cocoa Market,
with 270 tons trading.
Local closing: Dec., 5.39; Jan., 5.40;
March, 5.45; May, 5.51; July, 5.52; Sept., 5.65.
ing bids by the Hershey Co. again were a
trading
the New York
on
On the 13th inst. futures closed
The
London
Cocoa Market ran unchanged to 4%d.
the Terminal
May, 5.40; July, 5.46; Sept., 5.55; Oct., 5.58; Dec., 5.68.
On the 14th inst. futures closed 13 to 9 points net lower.
Santos 4s
bearish effect
was
ing
the
inst.
Santos contract,
cember
1
up
to 1 point down in
with the exception of the Santos De¬
delivery, which closed 23 points net higher.
actions
in
the
Santos
totaled
contract
contract closed 5 to 7
points
95
lots.
Trans¬
The
Bio
which
with the exception of the
closed 23 points net higher.
Sales of Itio totaled 22 lots.
the
contract,
selling
coming
principally
from
Brazilian
firms.
In
Brazil the spot No. 7 price advanced 200 reis to 13.2
per 10
while the No. 4 spot price was up a like amount
kilos,
to
19.7.
Milreis
exchange,
unchanged
was
17.4.
at
Cost
and
West
the
sentiment among the trade, prices break¬
on
thin market.
13 to 21 points on another
much
as
as
the
close
there
a
was
feeble rally,
though
prices
Transac¬
London came in 6d.
considerably under last night's finals.
were
still
tions
totaled
314
lots,
4,208 tons.
or
weaker for actuals and 7U>d. to 10%d. lower on the Termi¬
with 680 tons of futures trading.
Cocoa Market,
nal
closing;
Interest expanded today, with
December
up,
of a cargo of about 8,000 bags of cocoa beans
African coast on the New Texas had a
The clearing
Toward
futures closed
lower,
Local closing: Dec., 5.25; Jan., 5.25;
with 470 tons trading.
milreis to the dollar.
the 14tli
was
unchanged to 3d. higher, while futures on
in
came
15 to 6 points net lower.
5 to 6 points above the previous
Transactions totaled 124 lots, or 1,662 tons.
opening range
and
On
points
opening range was 14 to 10 points up,
with the exception of December, which opened 22 points up
and closed 19 points higher compared with previous finals.
Transactions totaled only 207 lots, or 2,774 tons.
Support¬
from
were 200 higher at 19.70,
100 higher at 13 milreis per 10
to 11
futures closed 3
inst.
11th
the
points higher in sympathy with the
gains in Santos, with Bio sales totaling only 14 lots.
Bra¬
zil's dollar rate improved
progressively 160 reis to 17.40
the Bio spot price
kilos.
6.07
6.07
The
higher.
closing prices.
9
to
the exception
with
ber, which registered
orders.
Havre
futures
follows:
6.07 J
net
was
adopted in June, 1931, to 55,055,000 bags.
Spot quota¬
tions in Brazil were unchanged, with Santos 4s at 19.500
-
May
01
extent by the better dollar rate,
that coffee destruction
report
compares
totaling
the
for
closed at 17.56
sales
points higher, with
stated that short covering
markets, inliuenced to
higher, and
11
to
points
was
It
8 lots.
with
contract,
closed
contract
17
to
March
as
6.971 July
__.__6.12 J September
December.
Coffee—On flie 11th inst. futures closed 4
net
prices closed
Santos coffee
COMMERCIAL EPITOME
5.12;
Dec.,
5.13;
Jan.,
5.28;
May,
July,
Local
5.35;
Oct., 5.45.
On the 15th inst. futures closed 4 points up to
in
The
totaled 248 contracts.
Transactions
unchanged.
market was firm
On sales of 170 lots prices rose 5 to 8
quiet trading.
points, with December going to 5.20c.
It was said , that the
market had become oversold.
Fundamentals show little
freight offers from Brazil were unchanged to 15 points
higher, with prompt Santos 4s unchanged in a range from
6.85 to 7.25, while January-December
shipments improved
1,154.000
and were offered
March, 5.22; May, 5.29; July, 5.37; Sept., 5.44; Oct., 5.47.
Manizales
vanced
On
the
down
ber
for
1%
at 6.50 to 6.65c.
shipment
to 4 y2
15th
offered
Milds
at
were
9c.
steady, with
Havre
prices
ad¬
francs.
inst.
futures closed
5 points up to 1 point
with the exception of Decem¬
13 points up.
The Rio contract
Santos, which closed
unchanged to 3 points down.
closed
Santos
sales
totaled
161 contracts.
Itio sales totaled 18 contracts.
Pronounced
strength in the spot month in the Santos contract, reflect¬
ing the scarcity of spot supplies of Brazilian
coffee, fea¬
tured active coffee
trading in today's session.
Santos con¬
tracts opened 5 points higher to
unchanged, while Bios
-
5 lower
were
by 30
reis
to
was
and
5
losing
They now total approximately
closing;
Local
bags.
decline,
to
continued
stocks
Warehouse
5.16;
Dec.,
Jan.,
5.16;
On the 16th inst. futures closed 8 to 11
points net higher.
fraction under the day's highs. The
opening range was 1 point off to 4 points up.
Transactions
totaled 342 lots or 4,583 tons.
London ruled 3d. lower to
3d. higher on the outside, while futures on the Terminal
Cocoa market closed easy, ranging 7 Y?d. higher to 1
• lower,
with 810 tons trading.
17 more notices were posted against
Dec. in the local market today, bringing the total deliveries
thus far to 477.
The Hershey Corp., which has been stop¬
ping these notices, supposedly stopped the latest tenders and
also turned more of its Dec. futures into actuals by swapping
the contracts for actual cocoa.
Local closing: Dec., 5.24;
Jan., 5.24; March, 5.32; May, 5.39; July, 5.47; Oct., 5.58;
Dec., 5.69.
Today futures closed 18 to 11 points net lower.
The closing range was a
in the Santos contract,
price in Bio
change.
about 6,000 bags overnight.
points higher.
In
Brazil the spot No.
7
100 reis higher while the milreis
improved
stood at 17.37 to the dollar.
Cost and
Transactions
totaled
277
contracts.
Lack
of
in
interest
freight offers were unchanged to 10 points higher, with
prompt Santos 4s at from 6.90 to 7.25c.
Milds were steady,
with Manizales for
January shipment offered at 9c. Havre
cocoa
gains of 5%
5.17c.
14 to 18 points net lower, with March selling at
Offerings in the actual market were lacking, but
neither
was
On
to 8 francs
were
registered.
the
16th inst. futures closed
unchanged to 5 points
the Santos contract, with sales
totaling only 38 lots,
or 9,500
bags.
The Rio contract closed 10 to 15 points
lower, with sales of only 12 lots.
Trading was
lower
m
with
operations
largely local,
more
or
less
mixed.
The
run
of
news
showed
slight change. The dollar rate at 17.47 milreis to the
dollar was
unchanged, as were the spot Santos 4s and Rio 7s,
which
respectively were 19,900 and 13,300.
Havre closed
/2 rranc to 2% francs lower.
Today futures closed 4 to 2
points down, with the exception of
December, which closed
1 point up in the Santos
contract.
Sales of Santos totaled
78 contracts.
The Rio contract closed 5 to 3
points off, with
sales of only 2 contracts.
Concentrated hedge lifting from
Brazilian
sources was
at the
The spot No. 7 price for Rio coffee was off ,500 reis
opening to 12.8 per 10 kilos, while the milreis was 10
reis weaker at 17.38 to the United States
dollar.
freight offers from Brazil
with
were
Cost and
unchanged to 10 points lower,
Santos 4s at from 6.90 to
7.20.
Milds were easier,
with Manizales for
January shipment reported done at 8J^j.
Havre futures were 4 y2 to 7 francs lower.
|^j|
Rio coffee prices closed
December
March
—
May
as
4.98 July
4.19 September_
4.10
drifting market, which this after¬
there any
buying interest.
Warehouse stocks
unchanged.
Local closing: Dec., 5.06; Jan.,
March, 5.19; May, 5.28; July, 5.36; Sept., 5.43.
were
5.09;
Sugar—On the 11th inst. futures closed 2 to 3 points up
with sales of only 60 lots.
With
in the domestic contract,
the
trade
expecting
generally
an
announcement
over
the
traders in the futures market
were
extremely cautious on commitments.
It was stated
that the better tone reflected the prospect that because of
week-end
on
and
government officials by Continental beet
and that because of recent allotment
interests,
cane
of additional
consider
toward
quotas,
sugar
recent pressure on
a
sugar
middle
the
low
for use this year, the government might
in fixing quotas and possibly lean
course
side.
The only
reported
sale
in
raws
on
tons of Philippines for DecemberJanuary shipment at 3.25c., delivered, to Rionda.
Other
offerings were held at 3.30c., but buyers were not inter¬
ested.
The world sugar contract closed unchanged to V2
Saturday
1,000
was
point lower, except for the inactive January position,,*vhich
closed 1% points higher.
Sales totaled 26 lots.
x
On the 13th inst. futures closed 1 to 2 points net lower.
The
market
news
lots,
no
follows:
a
was
met
by further hedge selling and scat¬
tered^ liquidation, the latter outweighing the former and
bringing lower prices.
In the early afternoon Santos con¬
tracts were 11 to 15 points lower
except for the spot month,
which was off but a
point.
Rio contracts were 11 points
lower.
noon
futures resulted in
on
interest
to
be marking time
Trading was very light, totaling only
2,850 tons.
or
real
pending some
57
In the market for raws there appeared
appeared
quotas.
on
the part
of buyers or sellers.
It was
2.38c. c. & f.,1 but the best an
could have done against the tape was 2.32c.
The
possible to purchase sugar at
_4.08
.4.08
operator
world
sugar
contract
market
ruled
irregular,
V2
point
Volume
145
Financial
higher to % point lower at the close.
Transactions in this
contract totaled 68 lots, or
3,400 tons.
The London market
was quiet.
Sellers of raws there were asking 5s. 10%d.,
equal
1.09 ^c.
to
prices there
On
the
14th
domestic
session
Cuba with freight at
l%d. lower to unchanged.
inst.
contract,
was
futures closed 3
with
sales
exceedingly dull,
ing attitude.
the
f.o.b.
were
Nothing
point
totaling 55
in the
The
contracts.
raw
unannounced.
Terme
up
traders maintaining
doing in the
was
1938 quotas were still
were
1
to
19c.
a
wait¬
market, and
Refiners
not
were
3987
entered into covers all of the points ratified
by Czechoslovakia
at the London
Conference, according to the report.
Sugar Production in Java from April to Nov. 1 Increased
781,567 Tons Over Same Period in 1936
Sugar production in Java since the start of the campaign
in April to Nov. 1 amounted to 1,351,800
long tons, as com¬
pared with 570,233 tons during the corresponding period in
1936, an increase of 781,567 tons, according to advices re¬
ceived
Duty-free sellers
asking 3.30c., while Cubas might have been obtained
at 2.37c.
Chronicle
This
by Lamborn & Co., New York, which said:
year's Java sugar crop,
1932 when 2,569,000 tons
which is expected to be the largest since
produced, is forecast at 1,410,000 long tons
were
contrasted with 583,000 tons made in 1936.
indicating interest above 3.20c.,
few points additional.
Vorld sugar contracts, reflecting the better tone in Lon¬
don, opened unchanged to V2 higher, and closed 1% to %
point higher, with transactions totaling 93 contracts.
In
as
London the spot month rose 3*4d., while January was
up
Other positions were *4 to %d. higher.
Raws there
Lard—On the 11th inst. futures closed 2 points higher
2 points lower.
Opening prices were unchanged to 5
points lower.
Trading interest was very light.
Export
shipments of lard from the Port of New York totaled
412,811 pounds, destined for Hull, Aberdeen and New
while
operators might have paid a
21/4(1.
were
valued at 6s. per cwt.,
sold at
but afloat sugars were reported
10%d., equal to about l.lO^e. per pound f.o.b. t
5s.
Cuba with freight at 18
shillings per ton.
On the loth inst. futures closed
unchanged to 1 point up
in
the
domestic contract,
market
lower,
range.
and
The
sellers were 10 points apart at 3.20 to 3.30c.
believed offered at 5 points; over March futures,
were
but this would
in
of 30 contracts.
opened unchanged, and later stood 1 higher to 1
with prices showing very little change from this
Nothing was done in the market for raws, where
buyers
Cubas
with sales
face
of
"World
probably bring them close to the 3.30c. basis
the
small
offerings
contracts
sugar
in
the
futures
market.
V2
ruling
point higher in dull
trading. At the close this contract ranged V2 point down to
V2 point up, with sales totaling 9 contracts.
In London
the spot month continued its gymnastics with a loss of
l%d., while the balance of the list
lower.
Raws there
6s. per cwt.,
On
the
were
equal to about 1.13c.
16th
inst.
was
offered at 6s.
futures
unchanged to *4d.
%d., after sales at
pound f.o.b. Cuba.
per
closed
unchanged to 1 point
higher.
Transactions totaled only 4 lots.
With uncer¬
tainty more pronounced than ever in the sugar trade over
the probable size of the initial United States
consumption
estimate for 1938, the general inclination was to await the
announcement, now expected definitely on Saturday after
the market closes.
to sell to
In the market for
raws
it
was
still possible
outport refiner today at 3.25c. delivered, but the
lowest offering of raws was one of 3,000 tons of
Philippines
an
for
Januray shipment at 3.28c.
A fairly heavy line of Cubas
Puerto Ricos and Philippines for December to March
ship¬
ment
was
held at 3.30c., advices stated.
The world sugar
closed
contract
"A point higher to 14 point lower, with
transactions totaling 24 lots.
London raws were steady,
with small offerings of afloats held at 6s. %d.,
equal to 1.15c.
f.o.b. Cuba, based on freight at 17s. 6d., a reduction of 6d.
Futures were 34d. to Ad. lower.
Today futures closed
unchanged to 1 point off in the domestic contract, with sales
of only 2 contracts.
The world sugar contract closed
point up to unchanged, with sales of 11 contracts.
Sugar
trading continued slow.
By early afternoon only a few
scattered lots had been done at two points above last
night's
final bid prices in the domestic market.
March sold at
2.36c.
In the market for
interest
raws
refiners
were
not
showing
any
above
3.30c.,
3.20c., while sellers were generally asking
although one lot of January Philippines was still
offered
at
3.28.
The
sections of the trade
1938
refined
market
waiting for
an
was
also
slow,
all
announcement of the
World sugar contracts started lA lower to
unchanged levels in quiet trading, which reflected the lack
of news and the stagnant condition of the London market.
May was selling at 1.18^c., last night's bid price.
In
London futures were unchanged to Ad.
higher, while raws
were still offered at 6s.
l^d. per cwt.
quotas.
Closing quotations
were
December
January
;
—
March
as
2.35 May..
2.34 July
2.34 September
2.34
2.36
2.37
Period of 10 Years
sugar
cartel
agreement which regulates the production of
in Czechoslovakia and the exports of the commodity
from that country which is valid for a
period of
has just been entered into
by the 92 local
10 years
sugar companies
cooperation of the Government, according to a
report from the American Consulate General, Prague, made
public by the Foodstuffs Division, Department of Commerce,
with
on
the
Dec.
8.
An announcement
by the Commerce Depart¬
ment also said:
The domestic
sugar,
or
contingent, amounting to 308,248 metric tons of refined
344,026 metric tons of
raw
sugar,
has been divided among the
92 companies which operate 122 sugar processing mills and
122 sugar
re¬
fineries, the report states.
The cartel will not only fix contingents, but will also
regulate the price
of sugar
to more
beets.
A definite production contingent will assist the industry
accurately calculate production costs and the regulation of prices
for sugar beets is reported to be important to the sugar beet
growers since
the announced purchase price of beets depends upon domestic
price of
sugar
it was stated.
The formation of the cartel is considered important as a means of
securing
Czechoslovakian cooperation and adherence to the export
contingents
fixed by the sugar conference in London during this year.
hand in Java
on
on
Nov. 1 this year totaled 742,857 tons as
on hand on the same date last
year.
Exports during
April-October period amounted to 668,576 tons, as compared
with 528,580 tons in the
corresponding period of 1936.
the current
to
Castle.
Liverpool prices
and
3d.
Is.
Is.
to
6d.
were
lower
6d. lower
the
on
the spot position
distant
months.
Hog
prices at Chicago ranged from $7.75 to $8.20.
Hog receipts
at
the
principal Western markets totaled 20,500 head
against 24,000 head for the same day last year.
On
13th
the
inst.
on
futures
closed
unchanged to 5 points
prices dropped 7 to 10
points from the previous close, due largely to speculative
selling.
Cold storage lard stocks in this country decreased
5,503,000 pounds during the past month in spite of the
fairly heavy hog movement.
Total stocks of lard on Dec. 1
net
lower.
In
the
early
trading
were
33,974,000 pounds against 39,477,000 pounds
Hog
prices
at
Chicago
ended
10
to
on
Nov. 1.
15c.
higher, the top
price reaching $8.30, with the bulk of sales ranging from
$7.60 to $8.20.
Total receipts for the Western run were
99,800 head against 127,900 head for the same day last
Export clearances
year.
were
reported
of
lard
over
the
past
week-end
615,395 pounds, destined for London, Liv¬
erpool and Southampton.
Liverpool lard futures were 6d.
Is.
to
as
lower.
On the 14th inst. futures closed 2 to 7
points net higher.
The market, while steady, was devoid of
any special fea¬
ture, the gains being due largely to in-and-out operations
of the speculative interest.
Export shipments of lard from
the
port of New York today total 22,400 pounds, destined
Hog prices at Chicago closed 10 to 15c. lower,
with the top price $8.25, and bulk of sales
ranging from
for Malta.
$7.50 to $8.10.
Western hog marketings continue to run
quite heavy and today totaled 89,600 head against 118,200
head
for
the
same
day jlast
year.
Liverpool lard futures
closed unchanged to 3d. lower.
On the 15th inst. futures closed 5 to 12
points net higher.
Trading was moderately active, with the undertone steady
throughout most of the session.
Export clearances of lard
totaled 576,707 pounds, destined for
Hamburg and Glasgow.
The
latter
the
month.
shipments represent business booked
Stocks
of
lard
at
earlier
in
Chicago for the fir*& half
of December only showed an increase of
866,000 pounds.
Total supplies now at Chicago are 12,432,000
pounds against
11,566,000 pounds on Nov. 30 this year and 78,305,000
Dec. 15, 1936.
Hog prices at Chicago today were
higher, the top price reaching $8.40, with the
bulk of sales ranging from $7.55 to $8.25.
Total Western
pounds
10
to
on
15c.
marketings
84,000 head against 84,600 for the same
Liverpool lard futures were unchanged to
were
day last year.
3d. lower.
On the 16th inst. futures closed 10 to 15 points net lower.
The opening range was 10 to 12 points below the
previous
finals;
Export shipments of lard from the Port of New
York as reported today were
very light and totaled
only
pounds, destined for Stockholm.
Hog prices at
Chicago closed 25c. lower, due to the very heavy hog receipts
at the principal western markets.
Yesterday's marketings
at the leading Western packing centers totaled
89,300 head
against 87,900 head for the same day last year.
Hog sales
were reported at
Chicago ranging from $7 to $8, the top
price for the day being $8.15.
Liverpool lard futures were
unchanged to 3d. higher.
Today futures closed 15 to 8
points net lower.
This market was heavy in sympathy with
most commodity markets.
4,500
follows:
Sugar Cartel Agreement Formed in Czechoslavakia—
Regulates Production of Sugar and Exports for a
A
Sugar stocks
against 826,609 tons
The cartel just
DAILY
CLOSING PRICES OF
LARD FUTURES IN
Sat.
Mon.
December..
8.30
8.22
January
8.47
8.45
8.60
8.72
March
8.62
May...
8.75
Tues.
8.30
8.45
Wed.
8.62
-8.35
8.50
8.75
8.77
8.85
CHICAGO^
Thurs.
8.20
8.40
8.60
8.75
Fri.
8.05
8.30
8.50
8.67
Pork—(Export); mess, $33.75 per barrel (per 200 pounds);
family, $31.75 (40-50 pieces to barrel), nominal, per barrel.
Beef: (export), steady.
Family (export), $26 to $27 per bar¬
rel (200 pounds), nominal.
Cut Meats: Pickled HamsPicnic, Loose, c. a. f.—4 to 6 lbs., 13c.; 6 to 8 lbs., 11 %c.;
8 to 10 lbs., 11 %c.
Skinned, Loose, c. a. f.—-14 to 16 lbs.,
17c.; 18 to 20 lbs., 15Mc. Bellies: Clear, f. o. b. New York—
6 to 8 lbs., 19c.; 8 to 10 lbs., I8H0.; 10 to 12
lbs., 17^e.
Bellies: Clear, Dry Salted, Boxed, N. Y.—16 to 18 lbs.,
13%c.; 18 to 20 lbs.,'13%c.; 20 to 25 lbs., 13^c.; 25 to 30
lbs., 13YgC.
Butter: Creamery, First to Higher than Extra
and Premium Marks—32c. to 401^c.
Cheese: State, Held,
'36—22c. to 24c.
Eggs: Mixed Colors, Checks to Special
Packs—19c. to 31c.
Financial
3988
Oils—Linseed oil prices are very little changed, the com¬
modity in tank cars being quoted 9.6 to 9.8c. nominal.
Quotations: China Wood: Tanks, nearby—15c., nominal
futures—14%c., nominal.
Coconut: Crude, Tanks .04;
Pacific Coast, .03%.
Corn: Crude, West tanks, nearby,
.06%; Drums, ton lots, 12%c.
Olive: Denatured, Spot,
drums, $1.10 to $1.15; New crop, .85 to .90.
Soy Bean:
Crude, Tanks, West, forward .05% to .05%; L.,C. L., N.
Y., .08.
Edible: 76 degrees, 10c.
Lard: Prime, 12c.; Ex.
strained, 10%c.
Cod: Crude, Norwegian, Light
filtered, 39c.
Turpentine: 31c. to 35c.
Rosins: $5.45 to
$8.35.
winter
including switches, 99 contracts.
Prices closed as follows:
7.10© 7.12 May
7.13©
7.10© n
June-.--.—---------- 7.13© n
Cottonseed Oil, sales,
Crude, S. E., 5%c.
January
February-------------
7.15©
July
7.11©
March
7.15© n
Rubber—On the 11th inst. futures closed 5 to 10 points
net lower.
However, the closing range was 3 to 4 points
better than the lows of the day.
Transactions totaled only
22 contracts.
Cables were off 1/16 to y8d., a circumstance
which was reflected in the small business which took place
on the Exchange.
Local closing: Dec., 15.38; Jan., 15.47;
March, 15.62; May, 15.75; July, 15.85.
On the 13th inst. futures closed 1$ to 24 points net lower.
The market ruled heavy during most of the session, appar¬
ently influenced by the bearish atmosphere prevailing in
most markets, especially the securities market, the Far
Eastern situation very likely being the overshadowing in¬
fluence.
Factory interest was reported as very poor in all
directions.
Shipment offerings on a c.i.f. basis were too
high on the easier trend here.
Local closing: Dec., 15.20;
Jan., 15.23; March, 15.40; May, 15.52; July, 15.63.
7.10©
April
n
August--
closed 17 to 23 points net
23 points lower and con¬
tinued easy throughout the forenoon under selling attrib¬
uted to dealers and trade interests.
Fair c.i.f. offerings
of rubber were reported, while it was said that manufac¬
turer demand for rubber was limited.
The London market
closed easy at declines of 1/16 to 5/32d.
Singapore also
was
lower.
Local
closing:
Dec.,
15.00; Jan., 15.00;
the
On
lower.
14th
inst.
futures
The market opened 10 to
points
After an early
rally rubber futures sold off under foreign selling and con¬
tinued easy in light trading, which reached only 800 tons
to early afternoon.
The London and Singapore markets
were steady, unchanged to l/32d. higher.
Monthly rubber
consumption figures were disappointing, but not entirely
unexpected.
Local closing: March, 15.15; May, 15.29;
July, 15.39; Sept., 15.47; Oct., 15.52.
Transactions totaled 141 contracts.
down.
On the 16th inst. futures closed 13 to
21 points net higher.
Activity in crude rubber widened and prices firmed up on
renewed factory interest in actuals and a better feeling in
speculative circles.
Standard ribs and latex were at least
3-16c. a pound higher on the day after a prominent Akron
manufacturer purchased a moderate tonnage of forward
arrival rubber.
Local closing Dec., 15.14; Jan., 15.14;
March, 15.33; May, 15.43; July, 15.53; Sept., 15.64.
Today
futures closed 9 to 7 points net lower.
Transactions totaled
50 contracts.
Rubber futures were dull, but steady.
Only
80 tons had changed hands to early afternoon, indicating
one of the slowest sessions of the year.
At that time prices
were
about 2 points higher, with May selling at 15.45c.
The London market closed unchanged to l-16d. lower, but
Singapore was 3-16 to 7-32d. higher.
C.i.f. offerings were
high, it was reported.
The price of ribbed smoked sheets
has rallied above 15c. a pound.
Local closing: Jan., 15.05;
March, 15.25; May, 15.36; July, 15.45; Sept., 15.57.
Hides—On the 11th inst. futures closed 33 to 40 points
net
higher.
The market opened irregular, 5 points advance
Buying power increased as the session
and as a result the market rallied vigorously.
Transactions totaled 2,640,000 pounds.
Stocks of certifi¬
cated hides in warehouses licensed by the Exchange de¬
to 10
points decline.
progressed,
Local closing:
Sept., 11.58.
On the 13th inst. futures closed 28 to 37 points net lower.
Trading was fairly active, transactions totaling 103 lots.
No new developments were reported in the domestic spot
hide market, while the Argentine market for frigorifico
creased by 960 hides to a
total of 787,481.
Dec., 10.75; March, 10.95; June, 11.30;
steer hides was also reported
quiet.
The break in the securi¬
attributed largely to the latest
developments
in
the
Sino-Japanese conflict, was held
largely responsible for the downward trend in hide futures
in the local market.
Local closing: Dec., 10.75; March,
ties market here, which was
10.95;
Sept., 11.58; Dec., 11.88.
On the 14th inst. futures closed 1
to 4 points net lower.
opening range was 3 to 13 points below the previous
finals, the market ruling easy during most of the session.
Transactions totaled 2,480,000 pounds up to early afternoon,
with total transactions 124 contracts.
The trade continued
to await developments in the spot market.
Packers' ideas
were
reported firm despite the easier tone of futures.
Local closing: March, 10.59; June, 10.94; Sept., 11.26.
The
On the 15th inst. futures closed 16 to 14 points net higher.
Transactions
totaled
91
contracts.
Demand for
raw
spot market,
Packers are quite
confident, it was said, while shoe manufacturing operations
are
improving.
On sales of 1,560,000 pounds March ad¬
vanced 26 points to 10.85c., while June rose 26 to 11.20c.
hide
reflected
futures
the
Local closing:
feeling in the
better
where advancing prices
reported.
were
11.08.
March, 10.75; June,
On the 16th inst. futures
closed unchanged to 2 points up.
higher, but the market
Transactions totaled
2,640,000 pounds.
Heavy Texas steers are said to have been
sold at 14c., while packers in the Chicago market are offer¬
ing more butt brands and Colorados at 14c. and 13%c.
respectively.
Buyers, however, are said to be holding off.
Local closing: Dec.,
10.55; March, 10.75; June, 11.10;
Sept., 11.40; Dec., 11.70.
Today futures closed 10 to 12
The
opening range was 5 to 14 points
to hold these initial
gains.
failed
points lower.
Although
Transactions totaled 66 contracts.
market was firm, raw hide futures slipped 15 to 17
points in moderate trading, which to early afternoon totaled
1,200,000 pounds.
March sold at 10.60 and June at 10.93c.
respectively.
In the domestic spot market 5,300 hides were
sold with heavy native • steers bringing 14%c.
In the
Argentine market 4,000 frigorifico steers brought 13 5-16c.
Local closing: March, 10.65; June, 10.98; Sept., 11.28.
the spot
Ocean
Freights—While chartering has not been
especially
active the past week, rates in general held steady.
Charters
included: Grain: Gulf to Antwerp, Rotterdam, January 3s.
l%d., option picjked United Kingdom ports 3s.
to
Antwerp—Rotterdam, Jan. 5—25, 3s. l%d.
Antwerp-yRotterdam, Jan. 1-15, 3s. 7%d.
4%d. Gulf
Albany to
Victoria to
United Kingdom-Continent, Jan. 20-Feb. 10, bulk wheat,
basis 5s. 6d. pm.
San Lorenzo to full range United King¬
ft.), 25s. 3d., heavy grain with Continental reduc¬
tions, options France, Santa Fe loading, Is. 3d. per ton
extra, Jan. 5-17.
Beira to picked ports United Kingdomdom (60
Antwerp-Rotterdam, Dec .-Jan., 22s. 6d.
Grain Booked:
New York to Liverpool, Jan., 3s. 7%d.
New York to
Antwerp, Dec., 14c.
Trip: Trip across, Dec .-Jan., $2.25.
Trip across, delivery Baltimore via Gulf, Jan. 1-15, $1.90.
Sugar: Four loading ports, Cuba to United Kingdom and
Continent, Jan. 20-FYb. 15, 18s.
Coal—Aside from the bituminous price controversy,
market
March, 15.17; May, 15.27; July, 15.40; Sept., 15.50.
On the 15th inst. futures closed 2 points up to 3
Dec- 18 ■ 1937
Chronicle
is
sizes, and
active
more
for
the
household and industrial anthractie
coal is moving in this section as a result of
this year so far.
Yard
cold weather than the trade has seen
Western advices
behind in deliveries of
while slack continues depressed
piles in the meanwhile are diminishing.
state
that
smokless
operators
are
prepared sizes and mine run,
in view of accumulations.
Bituminous
coal production ex¬
panded to the 10,000,000 ton level during the week ended
Dec. 11, according to an estimate made by the National Coal
Association made from the incomplete car loading reports.
Production for the corresponding week of 1936 was 10,882,000 tons.
Wool—It is reported that the wool situation has brightened
considerably the past several days, though the order books
of suppliers do not yet reflect this change in any material
fashion.
There are signs of new life in fabrics associated
with the firming of values in raw wool.
Good prices are
now said to be on a level low enough to promote wholesale
buying of merchandise for 1938.
Suppliers are
taking a little courage in naming prices on the yarns
wanted, although testifying to difficulty in making firm
offers on a fluctuating top futures market.
Wool tops have
taken a turn for the better in the matter of price, but actual
business is still at a low ebb.
The rise in the futures market
and retail
now
wiped out much of the recent weakness in manufac¬
quotations.
Average asking price at this time is
around 90 cents for a good 64s top.
Exports of woolens by
Great Britain in November amounted to 5,353,000 square
has
turers'
yards as compared with 5,178,000 square yards in the same
period a year ago, the United States taking 335,000 yards
as against 311,000 yards last year.
Exports of British wool
were down sharply, amounting to 2,600,000 pounds as against
5,890,000 pounds in the preceding November, the United
States taking 238,000 pounds as against 2,368,000 pounds
in the previous year.
\
•
.
•
.
Silk—On the 13th inst. futures closed % to 2c. net
The
opening
range
was
1%
to
lc.
lower.
lower.
Transactions
and a declin¬
influences in the
silk market today.
The average price of crack double extra
moved
l%c.
lower to $1.49%.
The Japanese markets
showed a decline of 13 to 20 yen at Yokohama and 11 to 19
yen at Kobe.
Grade D also was easier, the price being
677% at Yokohama, the price at this figure being off 7%
yen.
At Kobe Grade D was 675 yen, off 10 yen. Actual
silk sales in these Japanese markets totaled 525 bales,
while futures transactions totaled 2,900 bales.
Local clos¬
ing: Dec., 1.49%;" Jan., 1.46; March, 1.44; May, 1.43%;
totaled 650 bales.
ing
An easier Japanese market
stock market here were the adverse
July, 1.43.
On the 14th inst. futures closed
1 to 2% points up, with
exception of December, which closed 2% points off.
Improvement in the Japanese markets was reflected in
the
steady, with
In the New York
spot market the price of crack double extra silk was un¬
changed at $1.56%.
Yokohama Bourse prices were 6 to 13
higher
raw
silk
prices.
The market ruled
only 280 bales traded to early afternoon.
Volume
yen
Financial
higher, but Grade D silk
bale.
a
145
Imports of
10 yen lower at 667% yen
into Great Britain during
November totaled 4,336 bales against 3,640 bales in October.
Local closing: Dec., 1.47; Jan., 1.47; March, 1.46; May, 1.46;
June, 1.45
On
July, 1.45.
;
15th
the
inst.
futures
closed
3%
% points up.
light, but the undertone was pronouncedly
firm.
There were indications of a tight postion in Decem¬
ber as that option advanced 5c. to $1.52, while January was
up only l%c. at $1.48%.
Transactions totaled 51 contracts.
Trading
The
to
was
price
of
crack
double
silk
extra
New
in
York
was
of
129,496 bales, of which 36,773 were to Great Britain,
18,153 to France, 15,694 to Germany, 13,766 to Italy, 564
to Japan, 56 to
China, and 44,490 to other destinations.
In_ the corresponding week last year total exports were
165,446 bales.
For the seasGn to date aggregate exports
have been 2,906,201
bales, against 2,665,295 bales in the
period of the previous
same
yen
higher to 3
yen
higher at 675
Jan.,
1.48;
In
Yokohama
lower.
yen
yen
March,
closed 2
Grade D silk outside
bale.
a
Bourse
the
was
Week Ended
1.47%;
May,
1.46%;
June,
14,
1.46%;
July, 1.46%.
Exported to—
Great
Galveston
Houston
...
Corpus Christi..
Beaumont
kets
mar¬
active.
Yokohama reported
an advance of 15 to 23
yen, while Kobe showed an increase
of 9 to 18 yen.
Grade D was at 687 H, up 12H yen at Yoko¬
more
hama, and at 690, or 15 yen better at Kobe. Actual sales at
these primary markets were 675 bales, while futures trans¬
actions
totaled 39 contracts.
Prices
were
lower in the
raw
silk
mar¬
ket, mainly in sympathy with a decline on the Yokohama
Bourse.
In the early afternoon the local market was 1 to
2He. lower, with December selling at $1.51 on sales of 270
bales.
In the New York spot market the
price of crack
double extra silk was 1 cent lower at S1.58HYokohama
bourse prices were 12 to 15 yen lower, but outside Grade D
silk was unchanged at 687H yen a bale.
Local closing:
Dec., 1.50; Jan., 1.48H; March, 1.47; May, 1.47; June,
1.46H; July, 1.47.
Other
3,829
7,494
7,539
3,088
41,272
'
mm
~
m,
~
~
a.
-
2,221
«.
mmmrnmm~
374
56
'
800
21,026
Lake Charles
5,592
■
'
1
560
'
3,106
1,014
3,109
Charleston
2,553
'!:
560
.
Savannah
800
4,562
'''
■
m
^
Mobilo.
mm
m,
mm
3,106
2,061
mm
1,047
6,525
Norfolk
1,893
2,237
«.
—
-
190
2,200
36,773
Total
1935
18,153
15,694
13,766
25,532
29,906
14,756
40,845
41,513
41.060
17,466
21,350
564
30,537
78,999
1936
9,634
1,941
2,887
24,390
48
650
-
650
Total
Total
Total
23,578
16,616
2,651
7,409
'
67,791
From
56
44,490 129,496
23,870 165.446
1,850
38,451 287,130
Exported lo-
Aug. 1, 1937, to
Dec. 17,
Great
1937
Galveston
Corpus Christi.
BeaumontNew Orleans.
Lake Charles.
France
mm
_
.
Mobile
61,001
Jacksonville
43,979
Charleston
~
28.928
Savannah
79,722
Norfolk
mmmm
m
•
~
—
»
-
«
bales.
Mon.
Tues.
Wed.
Thurs.
Total
Fri.
106,890
54,208
65,977
52,438
23,405
599
51,333
1,169
29,334
5,008
10,417
7,381
Corpus Christi.
12,963
5,547
321
165
10,673
Houston
5,572
1,082
11,593
1,419
_
10,323
14,121
Beaumont
..
New Orleans
-
3,588
5.519
4,607
2,954
6,801
9,663
14
—
a.
_
26,651
11
511
62,244
5,284
829
251
45
4
4
127
298
102
134
453
152
244
Mobile-
Jacksonville
359
121
1,375
1,360
2,007
79
79
—
246
Charleston
Lake Charles
«
-
-
-
_
2
»—
—
—
—
506
-
-
48
-
647
14
16
176
501
580
406
3,223
30
Baltimore
mm
28,756
3,147
a.
768
mm
~
_
—
132
-
—
mrn
rn.~m.mm
las Angeles...
San Francisco
25,025
420
m.
mm
~
mm
-
~
4
4,876
....
250
mmm
1,065
70
mm
~
7,164
mm
111,625
18,878
2,260
5,761
1,457
1,541
....
100
749
•
mmm
515
~
70
200
13,760
.
.
.
.
■
1,727
2,555
38,971
108,154
44,136
.
57,051
.
1,162
22,072
941,923 504,195
526,872 258,635
105,336
21,365 547,875 2906,201
559,891 445,651
769,630414,330
389,296 146,097
768,880
820,399
12,947 342,533 2665,295
18,614 497,724 3151,529
4,496
_
Total..
Total 1936
Total 1935 j._.
5,741
2,678
437,716 193,117
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
Shipboard Not Cleared for—
Leaving
Ger¬
Britain
Galveston
France
Other
Coast¬
many
Foreign
wise
11,800
86,84
9,000
"300
33,457
47,596
42,136
24,439 63,577
16,647 62,447
20,424 114,113
Stock
Total
2", 399
30,981
38,007
24,043
Orleans
9,100
5,466
18,591
1,497
Houston
New
Savannah
Charleston.
10,300
7,610
5,529
1,000
36,700
16,904
7,574
3,000
2,134
6,078
70,900
40,798
46,772
1,000
850,739
824,298
859,878
154,616
72,696
71,111
30,678
153,627
_
Mobile
Totals this week.
29,469
26,411
38,909
14,929
15,516
Other
ports.
Total 1937.
Total 1936.
_
Speculation
following table shows the week's total receipts, the
total since Aug. 1, 1937, and the stocks tonight, compared
ately
with last year:
generally
active
1937
1936
Week
1, 1937
48,699 1,409,373
Galveston
Texas City
Houston
are
This
Since Aug
Week
1.1936
46,398 1,430,147
1937
921,639
1,345", 642
33",544
1,095,162
865",096
511
385,226
8,643
1,435,823
156,335
52,560
3,478
113,002
165,165
72,668
7,290
35,856
605
277.926
69,149
16,127
906,650
75,307
14,192
3,657
155,616
72,696
34,088
11,902
30,678
Corpus Christ!—
Beaumont
New Orleans
829
-
62,244
5,284
Mobile
Pensacola, &c
"
4
Jacksonville
1,360
2,007
Savannah
Charleston
79
Lake Charles
256
Wilmington
Norfolk
3,223
11.871
2.145
49,106 1,310,833
5.146
167,159
645
81,847
5
3,600
443
96,288
2,756
139,797
776
53.526
433
823
15,535
22,584
New York
883,495
595.140
67,229
26,645
764,463
110,586
7,266
2.771
149,620
59,940
28,681
20,905
32,234
30
...
10,930
770
2,715
925
13,817
402
3,487
Baltimore
975
the
169,711 5,201,991 143,595 4,720,092 3,181,309 2,753,117
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
1937
Galveston
48.699
Houston.
45,185
New
62.244
Orleans.
Mobile
5,284
1,360
Savannah
1936
46,398
33,544
49,106
5,146
443
1935
58,674
55.624
54,163
8,703
2,818
1934
1933
1932
26,562
18,023
65,694
55,395
40.311
41,655
23,071
6,510
1,807
49,141
4,239
1,777
Brunswick
48,128
8,718
2,881
293
"
"2", 007
"2",756
"2",442
"4",810
1,338
2,090
256
433
823
365
850
572
1,528
3,223
Charleston—
1.315
1,525
814
1,385
l",453
"4",946
"4",039
"5,558
10.635
"7". 695
169,711
143,595
188,143
105,029
165,800
162,170
_
Norfolk
News
All others
Total this wk.
"
Since Aug. 1__ 5.201.991 4,720,092 5,087,812 3,103,271 5,236,002 5.568.608
with
price
trend
much
of
its
the
was
market's
decidedly
moder¬
undertone
upward.
The
strength from the sharp
With
cotton
situation
raw
cotton
there
has
prices
are not
taken
a
a
touching
the
best
few who believe that
decided
turn
for
the
better.
On the 11th inst. prices closed 3 to 5 points net lower.
It
a
rather inactive session, with fluctuations moving
was
within
a
range
of 4 to 6 points.
The fact that the House
farm bill had been passed seemed to be entirely without in¬
fluence.
The market opened quiet and unchanged to 3 points
lower.
and
Trading operations consisted largely of hedge selling
trade and foreign buying, although towards the close
was s'ome increase in the volume
of offers from the
there
South.
It
officially reported that 3,478,022 bales of
had been accepted on the Government loan
in the South up until Dec. 9, with an aggregate value of
$153,422,513, representing average loan price of 8.39 cents a
pound.
The opinion was expressed in some quarters that
this total appeared small in view of reports that much of the
movement is going into the loan.
Southern spot markets,
officially reported, were 5 points lower to 5 points Higher.
The average price of middling cotton at the 10 designated
spot markets was 8.07.
On the 13th inst. prices closed 3 to 6
points net higher.
Trading was very light and devoid of any
significant feature.
Cotton evidently is still going into the
loan or being held off the market, the steadier tone of the
market being attributed largely to an absence of contracts
pressing for sale than to any increased desire to buy.
There
was nothing of importance in the news.
Traders could see
little prospect of any farm legislation until the new session
of Congress convenes next year.
The demand for spot cotton
this
Totals
front.
levels in two months,
100
Boston
and
received
week,
textile sales.
The cotton goods markets
reported as showing definite signs of recovery along a
broad
1936
50
45,185
firm,
for future delivery
cotton
past
improvement in
Stock
Receipts to
Since Aug
in
the
has
market
This
11,212 163,666 3,017,643
4,759 169,456 2,583,661
3,221 203,927 2,587,656
44,477 169.711
The
17
4", 196
Norfolk
Total 1935..
_
1,014
40,190
75,274
3,996
....
256
583
30
Wilmington
Norfolk
Wilmington
120,006
60
243
....
'
'''mm*—mm
Savannah
Dec.
10,819
....
....
Dec. 17 at—
23,236
2,243
6,351
6,407
630,057
40,787
648
12,010
-
604,607
346,813
1,200 103,017
18,582
....
mmmm
113
48,699
45,185
829
—
4,819
....
100
Great
Galveston
10,056
67
mm
Total
733,235
300
76,932
250
-
15,809
Other
7,833 134,046
8,776 125,292
3,556 65,957
2,700
10,807
On
Sat.
Receipts at—
30,642
—
Philadelphia...
Friday Night, Dec. 17, 1937
The Movement of the Crop, as indicated
by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 169,711
bales, against 165,506 bales last week and 169,362 bales the
previous week, making the total receipts since Aug. 1, 1937,
5,201,991 bales, against 4,720,092 bales for the same period
of 1936, showing an increase since
Aug. 1, 1937, of 481,899
80,398
3,772
142
...
Baltimore
mm
China
Japan
157.649
mm
112
1,135
1,142
Gulf port
mm
13,844
887
Pensacola, &c_
m.
Italy
many
187,090 135,577
166,277115,586
87,994 69,255
3,407
235,836 151,683
14,749
5,688
Houston
Boston
COTTON
Ger¬
Exports from— Britain
New York
New port
China
Japan
5,904
totaled
6,125 bales.
Local closing: Dec., 1.50 H;
Jan., 1.48; March, 1.47H; May, 1.46H; July, 1.46H- To¬
day futures closed 2c. to 2He. net lower.
Transactions
we
Italy
many
6.839
'
Los Angeles
San Francisco
Japanese
higher and
France
3,426
2,205
New Orleans
also
Ger¬
Britain
On the 16th inst. futures closed l^c. to 2
He. net higher.
The opening range was 2c. to 2 He. above the
previous finals.
Transactions totaled 940 bales.
The average quotation of
crack double extra moved up 3c. to
$1.59Hwere
the exports
are
1 vat
Exports from,—
7%
Local closing: Dec., 1.50%;
Below
season.
for the week.
j.jw.
unchanged at $1.56%.
3989
The exports for the week ending this
evening reach a total
was
silk
raw
Chronicle
year's
was
crop
Financial
3990
continued
merchants expressed the belief
buy oyer the year-end in¬
ventory season.
It is stated that textiles have improved.
Mill activity is being curtailed, so advices state, and the
New York Cotton Exchange Service estimated that total
domestic consumption of all cotton during November was
510,000 bales, compared with 527,000 in October and 626,000
in November last year.
Southern spot markets were un¬
changed to 10 points higher.
Average price of middling at
the 10 designated spot markets was 8.11 cents.
slow,
and
spot
there will be little disposition to
On the 14th inst.
prices closed 8 to 13 points net higher.
active and prices moved to new highs for the
movement on a show of firmness abroad and on foreign,
trade and commission house buying.
The market closed
within a few points of the top prices of the day.
Contracts
were
not plentiful at any time, although after reaching
834 cents for the March and May positions, a little more
selling developed.
Late in the day demand was again in
evidence and the closing tone was steady.
Demand for spot
cotton continued quiet, as mills were not buying freely in
advance of inventory period.
Textile markets were again
firm with a fair trade, which encouraged a moderate amount
of price fixing in the local market.
Total sales at leading
spot markets for the day were 18,587 bales, compared with
19,442 last year.
The average price of middling at the 10
designated spot markets was 8.22 cents.
On the 15th inst.
prices closed 2 points up to 6 points down.
After showing a
steady tone during the early part of today's trading, cotton
prices sagged somewhat in the late dealings in a limited
volume of business.
The market opened unchanged to 4
points lower.
Some hedge selling, principally in the March
and May contracts, was done through leading spot houses.
Although some selling was credited to Bombay brokers,
their activities during the morning were limited.
The best
purchasers were the Far East, Liverpool and trade shorts.
The firmness of the market was due to the scarcity of con¬
tracts rather than to aggressive demand.
There was a little
price fixing by mills, but no hedge selling was in evidence.
New Orleans reported 16 regular December notices and 5 job
notices issued there this morning.
Prices at Liverpool were
steady, with spots in limited demand.
Trading
Following
Wednesday's
8 to 11 points net higher.
slight
setback, the cotton market
today resumed its upward course.
New highs for the move¬
of
established
were
active
absence
foreign
of
and
the
Street
Wall
and
market
felt
influence
the
buying and
general
a
from the South.
The market opened
unchanged for the December position, due to selling against
pressure
notices and
last-minute liquidation as trading in
went out at noon,
but prices
the other months.
There
Wall Street account, as
from
Washington
rose
December
4 to 10 points higher for
active substantial buying for
was
well as trade price-fixing.
Reports
again indicated that there is very little
probability
of farm legislation at the present session of
Congress, and that the farm bill will probably be carried
over
into the regular session.
points higher.
Average price of spot cotton at the
10 designated spot markets was 8.27c.
Today prices closed 6 to 5 points net lower.
The market
easier
volume
of
in
the
preceding
was
afternoon
Throughout
trading
in
the greater
moderate
a
of
part
the
barely changed from the quotations of
session,
The
month.
late
business.
day the market
the
which
market
were
the
highest
the
for
fairly active, with initial
prices 1 to 3 points net higher.
The trade, Liverpool and
Japanese interests were buyers on the opening.
Spot
opened
houses and the South supplied most of the contracts.
bay- brokers
plentiful.
The official quotation for
middling upland cotton in the
day for the past week has been:
New York market each
Dec. 11 to Dec. 17—
Mon. ^Tues.
Sat.
Middling upland
8.17
—
8.21
Wed. Thurs. Fri.
8.29
8.37 ^8.31
8.32
Market and Sales at New York
The total sales of cotton
week at New York
For
the
convenience
which show at
closed
day during the
the
of
reader,
also
we
add
columns
glance how the market for spot and futures
a
same
on
the spot each
on
indicated in the following statement.
are
day.
.
did
very
little
Futures
Spot Market
Closed
Quiet, 5pts. dec
Steady, 4 pts. adv..
Steady, 11 pts. adv.
Steady, 3 pts. decSteady, 8 pts. adv..
Quiet, 6 pts. dec
Saturday
Monday
Tuesday
WednesdayThursday
Friday
trading.
The trade buying
was
Contracts
Bom¬
not
were
coincident with
sales
of
goods in Worth Street conservatively estimated yester¬
day at around 20,000,000 yards.
Prices advanced to a basis
of 4%c. for 64-60s, 5.35 yard prints, after moving
heavily
at 43£c.
Premiums and Discounts for Grade and
Staple—The
premiums and discounts for grade and
staple in relation to the base grade, Middling %, established
table below gives the
for deliveries
on contract on
Premiums and
discounts for grades and staples are the average
quotations
_
of 10 markets,
SALES
Market
Closed
Steady
Steady
Total
Contr'ct
Spot
— _
"200
2",400
2,600
"200
Steady
Steady
Steady
Steady
200
200
200
Total week.
400
3,000
2,600
32,882 105,700 138,582
Since Aug. 1
Futures—The
highest, lowest and closing prices
week have been as follows:
at
New York for the past
Saturday
Monday
Tuesday
Dec. 11
Dec. 13
Dec. 14
Dec.
Friday
Thursday
Wednesday
Dec.
Dec. 16
15
17
Dec. (1937)
Range.
_
7.98- 8.05
7.94- 8.04
8.01- 8.12
8.06-
Closing
.
7.99/z
8.04
8.12
8.10
Jan
8.15
8.10- 8.24
(1938)
Range—
8 00- 8 05
7 95- 8 04
8 07-
8 10- 8.15
8.14- 8.25
8.13- 8.20
Closing
7.99/z
8.0472
8.13
8.10
8.19
8.13
_
8 15
veb.—
Range—
8.03/z
8.0772
8.1772
8.1472
8.2372
8.1772
Range..
8 07- 8.12
8.05- 8.14
8.15- 8.25
8.16- 8.24
8.23- 8.33
8.20- 8.30
Closing
8.07- 8.08
8 11-
8.22
8.19- 8.20
8.27
8.21
8.2372
Closing
.
March—
_
8.12
April—
Range—
8 09?2
8 1272
8 2277
8 2172
8.2972
.Range..
8.11- 8.15
8.07- 8.15
8.19- 8.25
8.20- 8.27
8.28- 8 36
8.22- 8.35
Closing
8 11- 8 12
8 14r- 8 15
8 23
8 23
8 31
8.36
8.11n
8.1572
8.2572
8.2472
8.3372
8.2872
8.12- 8.18
8.11- 8.19
8.23- 8.29
8.22- 8.30
8.31- 8.40
8.29- 8.39
8 12- 8 13
8 17-
8 28-
8 26
8.36- 8.37
8.31
8.1472
8.1972
8.3172
8.2872
8.38/2
8.33/2
Closing.
Ma j—
.
June—
Range..
Closing.
July—
Range
—
Closing
.
8 18
8 29
Aug.—
Range..
Closing.
Sept.—
Range..
8.1672
8.2172
8.3472
Range..
8.17-8,23
8.17- 8.24
8.30
Closing.
8.18
8.24
8.37
Closing
.
8.3072
8.40/2
8.3572
8.38
8.38- 8.46
8.36- 8.44
—
8.42- 8.43
8.37- 8.38
Oct.—
8.37
8.29-
8.31
Nov.—
Range.
it
.
Closing.
8.3872
Dec.—
Range..
8.46- 8.46
Closing
8.40/2
72
.
Nominal.
Range for future prices at New York for week ending
Dec. 17, 1937,
and since trading began
Range for
Option for-
7.94 Dec. 13
8.24 Dec.
16
Jan.
1938..
7.95 Dec. 13
8.20
17
Feb.
1938-
Mar. 1938-
Dec.
7.53
Nov.
8 1937 13.93
5 1937
5 1937
Apr.
8.05 Dec. 13
8.30
Dec.
17
7.50 Oct.
9 1937 13.94 Apr.
Nov.
3 1937 13.85
Mar. 31 1937
7.39
Dec.
3 1937 13.97
Apr.
5 1937
Apr. 1938May 1938-
"8*07 "Dec"." 13
~De"c".~i6
"§:fl D"ec"."i3
8To "Dec." 16
June 1938-
July
1938-
7.60 Oct.
9.63
8 1937
13.96 Mar. 21 1937
Aug. 27 1937 11.36 July
7.65 Oct.
8 1937 11.36 July
27 1937
27 1937
Aug. 1938-
Sept. 1938Oct.
1938-
8.17 Dec. 11
8.46 Dec.
16
7.85 Nov.
8.46 Deo.
8.46
17
8.46 Dec.
4 1937
8.52
Oct.
16 1937
17 1937
8.46
Dec.
17 1937
Nov. 1938Deo.
1938-
17
Dec.
Volume of Sales for Future Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of. sales
for future delivers'- 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.
designated by the Secretary of Agriculture,
60% of the average premiums
on
each option:
7.69
Open
Contracts
and staple premiums represent
%-ineh cotton at the 10 markets
on
Range Since Beginning of Option
Week
1937-
Dec.
gray
over
1937
18,
Southern spot markets were
5 to 18
was
Dec.
was
On the 16th inst. prices closed
ment
Chronicle
Dec.
10 Dec.
11 Dec.
13 Dec.
14 Dec.
15 Dec.
16
Dec.
16
Dec. 16.
New York
H
15-16
1 In. &
7A
15-16
Inch
Inch
Longer
Inch
Inch
1 in
4
Longer
Current crop (1937-38):
December
January
1,800
1,800
5,600
7,600
6,100
10,300
18,100
31,400
46,700
17,100
23,000
8,700
21,500
21,100
28.400
Mid. Fair
.65
.90
on
1.14
on
Good Mid.....
May
on
15,100
33,200
17,300
.14
on
.33
on
.54 on
St. Good Mid—
.58
.83
on
1.07
on
St. Mid
July
on
17,100
.05 off
.15
on
.36 on
Good Mid
.50
.75
on
.99
on
Mid
All inactive futures..
on
.64 off
.43 oft
.23 off
St. Mid
.35
on
.61
on
.84
on
♦St. Low Mid.. 1.48 off 1.32 off 1.18 off
Mid
Basis
.25
on
.48
on
♦Low Mid
St. Low Mid—
.61 off
.36 off
March
White—•
Spotted—
.18 off
Good Mid...
♦St
♦Mid
1.39 off 1.23 off 1.13 off
Good Ord. 2.16 off 2.11 off 2.05 off
Ord
2.77 off 2.75 off 2.73 off
Extra White—
.45 off
.29 off
Good Mid
.50
on
.75 on
.99
on
St. Mid
.35
on
.61
on
.84
on
Mid
Even
.25
on
.48
on
Good Mid
.69 off
.35 off
Low Mid
•8t.
♦
Good
.16 off
1.37 off 1.21 off 1.10 off
Ord. 2.14 off 2.08 off 2.02 off
Good Ord
2.75 off 2.73 off 2.71 off
2.41 off 2.28 off 2.22 off
Gray-
♦Mid
.93 off
1.72 off 1.52 off 1.43 off
♦Mid
St. Mid
Not deliverable on future contract.
1.22 off 1.05 off
♦St. Mid
Good Mid
-
—
—
— -
-
-
4,700
116,800
878.800
25.800
14,700
50,600
998,200
-
-
— -
—
982,600
---
October.
12,400
.56 off
.36 off
97,000
8,600
14,200
23,100
59,900 101.400 135,700
8,500
20,000
305,300
89,900 170,600 3,286,400
.13 off
.71 off
.53 off
.36 off
1.50 off 1.39 off 1.27 off
♦8t. Low Mid.. 2.31 off 2.24 off 2.17 off
♦Low Mid
2.90 off 2.84 off 2.80 off
Yel. Stained—
St. Low Mid
-
5,400
10,700
59,300
24,600
New crop (1938-39):
Total futures
St. Mid
♦Good
-
2,900
8,400
29,600
2.25 off 2.15 off 2.07 off
Tinged—
Low Mid
100
3,700
.19 off
.80 off
.59 off
.43 off
1.40 off 1.26 off 1.15 off
New Grleans
Current crop (1937-38):
December
January
March
May
July
'
450
_
3,750
2,950
4,450
1,300
100
2,100
900
2,700
2,000
6,100
100
250
4,200
4,450
4,350
10,550
6,300
22,100
7,200
1,900
6,150
50
50
200
79,700
3,950
40,350
17,050
51,650
467,600
1,000
3,550
----
3,300
2,600
3,100
—
December
Total futures
-
-
13,600
5,750
10,200
All inacttve futures..
New crop (1938-39):
October
-
----
5,000
1,050
1,500
600
100
150
17,200
8,250
11,650
,
----
------
4,200
114,800
105,250
159,700
------
J
Financial
145
Volume
3991
Chronicle
cable and
349,956 bales more than at the same period last year. The
receipts of all the towns have been 41,828 bales more than
as
the
Supply of Cotton tonight, as made up by
telegraph, is as follows.
Foreign stocks as well
afloat are this week's returns, and consequently all foreign
The Visible
brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
figures
only.
1937
825,000
157,000
1935
553,000
75,000
835,000
187,000
283,000
19,000
bales.
1936
734,000
982,000
213,000
Dec. 17—
Stock at Liverpool
Stock at Manchester
244,000
15,000
101,000
1934
839,000
63,000
902,000
327,000
160,000
29,000
77,000
43,000
15,000
59,000
13,000
6,000
18,000
7,000
3,000
628,000
188,000
121,000
16,000
46,000
74,000
10,000
3,000
593,000
474,000
458,000
659,000
—.1,575,000 1,309,000 1,086,000
40,000
118,000
84,000
517,000
374,000
533,000
1,561,000
70,000
262,000
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
Total Continental stocks
Total European stocks
8,000
India cotton afloat for Europe—
American cotton afloat for Europe
Egypt, Brazil,&c., afl't for Europe 152,000
183,000
164,000
166,000
Stock in Alexandria, Egypt.
333,000
389,000
325,000
323,000
Stock in Bombay, India
555,000
576,000
426,000
495,000
Stock in U. S. ports
3,181,309 2,753,117 2,791,583 2,989,736
Stock in U. S. interior towns
2,640,423 2,290,467 2,371,801 1,915,166
U. S. exports today
21,265
38,773
32,565
32,697
Total visible
9,014,997 8,031,357 7,813,949
supply
Of the above, totals of American and other
American—
•
253,000
290,000
230,000
105,000
176.000
255,000
76,000
52,000
137,000
206,000
16,000
55,000
139,000
106,000
96,000
517,000
374,000
533,000
3,181,309 2,753,117 2,791,583
2,640,423 2,290,467 2,371,801
32,697
-7,425,997 6,120,357 6,414,949
5,974,599
263,000
609,000
U. S. port stock
U. S. interior stock
38,773
21,265
U. S. exports today
1,915,166
East Indian, Brazil, &c.—
481,000
52,000
37,000
49,000
50,000
20,000
49,000
28,000
21,000
40,000
38,000
27,000
118,000
15,000
53,000
84,000
23,000
76,000
70,000
152,000
183,000
164,000
166,000
333,000
555,000
389,000
576,000
Manchester stock
Bremen stock-...
Other Continental stock
—
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
23,000
55,000
325,000
426,000
323,000
495,000
1,589.000 1,911,000 1,399,000
7,425,997 6,120,357 6,414,949
1,840,000
5,974,599
9.014,997 8,031,357 7,813,949
4.81d.
6.88d.
6.38d.
Middling uplands. New York—.8.37c.
12.80c.
11.90c.
Egypt, good Sakel, Liverpool
9.12d.
11.04d.
9.78d.
Broach, fine, Liverpool
4.05d.
5.62d.
5.8ld.
Peruvian Tanguis, g'd fair, L'pool
6.06d.
8.36d.
C.P.Oomra No.l staple,s'fine.Liv
4.20d.
5.66d.
—
7,814,599
7.15d.
&c
Total East India,
.
Total American—
—
-
Total visible
supply
Middling uplands, Liverpool
12.75c
9.60d
5.86d.
figures for 1937 show an increase over last
64,136 bales, a gain of 983,640 over 1936, an
of
1,201,048 bales over 1935, and a gain of
above
The
of
increase
movement—that is,
the
Towns
Interior
the
1919
39.25c.
1934
12.70c.
1926
1910
10.10c.
1925
1918
1917
29.75c.
1933
1932
30.30c.
1909
1924
1931
6.15c.
6.20c.
19.45c.
12.55c.
19.35c.
24.25c.
1923
35.50c.
9.95c.
1922
25.70c.
18.35c.
1915..-..11.95c.
1914
7.30c.
1908
1907
1930
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
in
corresponding periods of the previous year—is set out
We
Movement to Dec.
1937
give below
statement showing the overland movement
a
made up from telegraphic
The results for the week and since
Aug. 1 in the last two years are as follows:
reports Friday night.
Since
'
•'' *
Week
*■
Season
Week
4,137
Eufaula
10
Montgomery.
142
Selma
110
Ark. Blythevllle
6,741
Forest City..
951
2,824
1,037
718
...
Little Rock-
2,286
Newport.—.
955
Pine Bluff—
7,681
3,442
Walnut Ridge
89
Ga., Albany...
Athens
—
Atlanta.——
1,120
Augusta iii.
5,633
1,750
Columbus...
500
342
Macon J.—
170
Rome
La., Shreveport
Miss.Clarksdale
2,022
7,273
769
Columbus
Greenwood
8,823
..
867
Jackson
720
Natchez
Vicksburg
Yazoo City-.
Mo., St. Louis.
N.C.,Gr'nsboro
2,332
2,519
4,792
101
50,318
9,409
42,112
67,314
136,503
41,845
75.908
62,979
29,781
128,470
37,828
150,176
56,740
15,971
38,288
104,191
130,030
17,700
36,788
15,942!
138,376;
188,163
35,414
247,014
60,497
16,051
41,7711
63,795
78,248;
Stocks
Ship¬
Dec.
Week
17
Week
1,335
"638
439
4,488
184
2,147
1,348
43,172
10,380
52,757
65,807
121,123
33,228
40,052
27,533
26,469
Season
59,816
8,311
38,159
2,260
4,951
Via Mounds, &c___
Via Rock Island
1,775
towns
17,907
4,758
Tenn.,Memphis 100,420
488
Texas, Abilene.
197
Austin
25
Breriham
Dallas
Paris——
1,826
1,149
1
—
San Antonio
Texarkana
33
.
527
—
801
Waco
Total, 56 towas 198,988
*
Includes the
The
Aug. 1
11,030
5,200
400
29
2,924
5,928
3,132
76,646
5,220
87,187
29,882
365,118
22.000
326,520
40,325
590,468
43,479
666.140
30
770
187
10,930
4,000
6,408
105,289
9,808
13,817
5,802
190,715
185
Via LouisvilleVia Virginia points
Via other routes. &c
158,414
85,167
Deduct Shipments'—
Overland to N. Y., Boston, &c_
Between interior towns
—
.
.
6,625
120,219
10,833
210,334
33,700
Total to be deducted.
Heaving total net overland ♦
*
255
470,249
32,646
455,806
Including movement by rail to Canada.
The
this
foregoing shows the week's net overland movement
has been 33,700 bales, against 32,646 bales for
last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
year
week
of 14,443 bales.
1936
1937
In Sight and Spinners'
Since
Aug. I
Week
Takings
1
Southern consumption to
5,201,991
33,700
Dec. 17 105,000
470,249
32,646
2,305,000
120.000
4,720,092
455,806
2,535,000
7,977,240
1,818,868
296,241
*37,486
7,710,898
1,107,700
— _
875,378
308,411
Interior stocks in excess
29.573
.
Excess of Southern mill takings.
Came into sight during week
Total in sight Dec. 17— —
143,595
_
408,315
consumption to Dec. 1
over
Since
Aug. 1
169,711
Receipts at ports to Dec. 17
Net overland to Dec.
Week
..
258,755
337,984
9.693", 976
10,204,423
—-
takings to Dec. 17 20,065
638,828
65.870
860,151
♦Decrease.
Movement into sight in previous years:
Bales
Since Aug. 1Bales
323,268 1935
208,003 1934
296,011 1933
Week—■
1935—Dec. 20—
1934—Dec. 21
-
9,241.837
6,145,886
8,829,413
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other
principal cotton markets for each day
of the week:
Saturday
Monday
8.30
8.35
8.45
8.45
8.50
8.45
8.17
8.20
8.30
8.30
8.36
8.00
8.30
8.44
8.35
8.32
7.95
8.52
8.15
8.46
7.95
7.95
8.05
1,796
2,954
2,770
13,512
Little Rock
28,524
Dallas
7.56
7.61
Fort Worth
7.56
7.61
42,780
12,171
20,209
137
18,775
8.14
8.05
7.72
1,454
8.10
7.72
8.10
8.20
8.15
8.10
7.77
8.05
200
30,516
55,362
772
52,562
114
18,392
166,317
18,734
1,246
35,651
100
2,876 139,311
2,235 140,258
21,776
17,755
166,955
3,642
147,750
500
35,650
800
9,625
1,046
34,797
22,514
78,846
86,488
34,876
133,871
36,044
11,807
24,261
39,970
2,360
3,138
500
33,134
217
Norfolk
8.04
37,418
2,516
8.46
10,685
8.00
85
4,951
8.35
8.11
8.52
62,724
Houston
360
339
8.26
56,160
70,059
307
8.14
8.40
8.08
8.44
v
89
98,605
1,071
Friday
849
1,757
1,520
26,951
1,352
2,531
8.36
5,327
110,721
41
8.33
8.08
8.46
52,607
229
9,258
1,311
Mobile
8.20
8.31
8.35
163,417
264
6,612
8.19
7.96
284
5,178
150
New Orleans.,
8.08
8.11
1,330
89,243
1,165
18
Wed'day Thursday
Tuesday
8.47
8.10
8.14
4,236
3,453
Dec.
8.00
8.25
7.99
7.90
Galveston
18,737
277
11,518
3,322 120,528
894
17,178
6,030 76,344
7.77
7.71
7.71
Market—The closing quotations
in the New Orleans cotton market for
past week have been as follows:
New Orleans Contract
for leading contracts
the
21,932
4,257 181,455
4,436 132,203
200
7.69
7.69
Saturday
Friday
Dec. 11
Dec. 17
35,600
500
40,745
Dec. (1937)
8.14
700
19,643
400
(1938)
8.15
98,805
4,000
31,902
31,576
Jan
1,000
4,080
137,547
36,147
9,614
48,506
March
250
35,277
April
237,161
56,822
9,642
95,074
May
1,499
26,227
June
1,271
4,904
100
3,151
453
69
15,565
942
36,497
142
50,828
157,788
11,464
74
5,813
2,017 J.7,563
2,492 22,097
1,252
11,030
161
2,771
February
.
July-
August
...
September
October
..
November
December-
S. C.,Greenville
Robstown
Week
78,432
66,195
v 1,695
2,382
Montgomery -.
Augusta
Memphis
136
1,126
1,118
1,422 105,189
333 27,162
5,206
Stock
Week
Receipts
Oklahoma—
15
Since
-
Aug. 1
Via St. Louis
Savannah
Receipts
Hope.
1936
1937
Dec. 17—
Shipped—
Week Ended
Dec. 17
18, 1936
ments
Ship¬
ments
Towns
Jonesboro
1906
Closing Quotations for Middling Cotton on—
Movement to Dec. 17,
Helena
1916
for the week and since Aug. 1, as
detail below:
Ala., Blrmlng'm
—
Overland Movement for the Week and Since Aug. 1—
1933—Dec. 22
1,200,398 bales from 1934.
At
9.45c.
15.15c.
15.10c.
9.10c.
11.90c.
10.55c.
1920...
1927
8.31c.
North, spinn's'
week have been 115,000 bales.
Continental imports for past
week
13.10c.
1911-.._-
1921
20.55c.
11.80c.
the
371,000
Liverpool stock
Indian hfloat for Europe.
1913-----12.90c.
1912
17.05c.
1928
1935.
1937
2,989,736
32,565
Continental stock
Havre stock
18.75c.
16.00c.
1929.
1936....-12.75c.
262,000
Havre stock
American afloat for Europe
Total American..
Quotations for 32 Years
quotations for middling upland at New York on
Dec. 17 for each of the past 32 years have been as follows:
40,000
272,000
137,000
96,000
Bremen stock
f
descriptions are as follows:
354,000
bales.
Liverpool stock.
New York
The
7,814,599
,
Manchester stock
Other
week last year.
same
are
436,503
63,062
,503,837
43,033
3,094
162,276
76,975
4,885
75,482
,730.215
988
36,815
1,165
4,957
482
15,040
234
1,868
86,144 672,551
621
8,598
3,738
80,914
92,960 698,874
341
55
3,042
188
260
1,653
2,535
80,197
88,461
15,657
1,186
2,536
17,389
1,363
71,397
851
10,708
26,909
892
66,409
2,040
10,353
928
298
13,696
1,236
7,403
40,028
83,950:
8
6.54
229
7,944
261
1,091
384
21,603
261
705
11,964
431
20,888
1,452
33,887
74,642
2,056
7,042
1,669
9
5,638
622
"
4,511,736169,4152640423 157,1604,402,990194,6462290467
totals
show
increased during the week
119,114
16,387
13,075
combined totals of 15 towns in
above
7,995 107,052
18,692 231,108
that
Oklahoma.
the interior
29,573
stocks have
bales and are tonight
Tone—
Steady
Spot
Options.
—
Steady
Steady
Steady
Second
Cotton Crop Lower—
Estimate of Egyptian
Output Still Expected to Reach Record—According to
advices from Cairo, Egypt, reported by Reuters, the second
estimate of cotton production by the Ministry of Agriculture
placed the Egyptian crop at 10,796,000 kantars, exclusive of
Scarto.
While this estimate is below the earlier estimate of
10,923,000 kantars, this year's crop, according to the advices,
still lis expected to be the highest on record.
The cotton
crop of Egypt a year ago was finally placed at 8,903,400
kantars.
.
.
•
/.
3992
Financial
Cotton
Output of China Reported Below Last Year
—China's cotton production is semi-officially estimated at
3,083,000 bales, compared with 3,870,000 bales last year,
it was reported in advices from Shanghai by Reuters.
The
decrease, the advices said, is partially due to excessive
precipitation and floods in the provinces of Shangtung and
Hopei, and to neglect of fields because of the war situation.
According to the advices, acreage under cotton cultivation
is placed at 15,355,000 acres.
Uganda Cotton Crop Expected to Reach Record this
Season—Acreage and production of cotton in Uganda during
the current season of 1937-38 are estimated to be the largest
record, according to cablegrams received by the New York
Cotton Exchange Service Bureau from Mairobi, Kenya,
and Entebbe, Uganda.
An announcement issued by the
Cotton Exchange Dec. 11 added:
on
The acreage this season Is estimated at 1,736,900 acres, compared with
1.484.829 last season and an average of 1,239,574 In the past five seasons.
Production by Uganda this season is estimated at 305.000 equivalent 478-
Chronicle
Dec.
18,
7
statement
showing cottonseed received, crushed, and on
hand, and cottonseed products manufactured, shipped out,
hand, and exported for four months ended Nov. 30,
on
1937 and 1936:
COTTON SEED RECEIVED. CRUSHED AND ON HAND
Received at Mills*
Aug. 1 to Nov. 30
State
Crushed
Aug. 1 to Nov. 30
1937
Alabama
1936
Nov. 30
1937
1936
1937
(TONS)
On Hand at Mills
1936
280,752
249,370
212,521
166,956
458.688
372,624
240.246
126.616
61,894
Georgia
166,308
375,711
303,490
Louisiana
216,204
306,772
194,627
192,676
51,859
233,828
152,743
127,038
63,665
Mississippi..
710,789
700,118
319,457
195,111
Arkansas
.
California.
.......
68,512
218.826
109,882
74,549
83,131
180,574
75,865
74,821
69,263
382,697
151.271
370,225
123.551
Oklahoma
186,948
65,257
134,322
47,931
348,530
71,971
53,128
South Carolina
164,376
128,073
129,961
108,142
35,065
293,733
316,425
155,512
1,297.055
149,764
759,883
168,857
842,679
543,569
125,289
477,248
21,116
161,724
226,190
124,604
76,730
67,402
73,630
57,473
North Carolina
Tennessee
......
Texas
All other States..
United States
the bales, compared wuth 276,000 last season and an average of 248,000
I>ound last five
111,638
40,323
18,381
4,495,439 3,495,640 2,817,219 2,126,008 1,720,295 1,391,558
seasons.
n
Uganda plants its cotton crops from April to September and harvests
from January to May.
Consequently that country is about to
harvest Its 1937-38 crop.
Uganda bales average about 400 pounds, but
the foregoing figures for production are in 478-pound bales so that they
will be roughly comparable with figures for American cotton bales.
them
Census
Report
Cotton Consumed and
on
on
♦Includes seed destroyed at mills but not 42,394 tons and 21,926 tons on hand
Aug. 1
49,260 tons and 35,922 tons reshipped for 1937 and 1936, respectively.
nor
COTTONSEED PRODUCTS MANUFACTURED,
AND
Hand,
&c., in November.—Under the date of Dec. 14, 1937, 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 month of Novem¬
ber, 1937, and 1936. Cotton consumed amounted to 484,819
bales of lint and 57,565 bales of linters, compared with
526,464 bales of lint and 72,928 bales of linters in October,
1937 and 625,794 bales of lint and 63,435 bales of linters in
SHIPPED OUT,
ON HAND
Produced
On
Season
Item
Shipped out
Aug. 1 to
Hand
Aug. 1 to
Nov. 30
Nov. 30
Aug. 1
Crude oil,
lbs—/ 1937-38
♦11,141,266
1936-37
Refined oil,
Cake
and
lbs.
|
meal,/
1
19.191,508
1937-38
On Hand
Nov. 30
845,157.737
759.138.540
632,975.745
579,743,165
a441,052,343 b583,818,094
*185,496,010
143,129.878
a
1936-37
318.873,305
476,741,416
1937-38
41,952
1,248,904
372,245,361
1,121,749
'
'
'
m[m
mmmm
mm
386,889,540
169,107
211,241
1936-37
65,053
951,181
804,993
1937-38
43,422
720,002
647,334
116,090
1 1936-37
23,893
546,338
425,151
1937-38
61,547
638,546
380,904
1936-37
43,819
511,584
389.898
1937-38
1,828
10,347
88
26,608
17,425
145,080
319,189
165,505
18,089
1936-37
tons
15,656
1,857
1937-38
7,379
2,991
32,338
12,552
27,165
21.368
12,439
11,920
Hulls, tons
Linters, running
November, 1936.
It will be seen that there is a decrease
in November, 1937, when compared with the previous year,
Hull
in the total lint and linters combined of
Grabbots, motes,
146,845 bales,
or
500-/
500-lb.
bales
NOVEMBER REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND
fiber,
Ac.,
The following is the statement:
21.3%.
bales
lb. bales
1936-37
♦Includes 4,272,188 and 50,131,695 pounds held by refining and
manufacturing
and 4,369,480 and 46,845,520 pounds In transit to refiners and
establishments
EXPORTED, AND ACTIVE COTTON SPINDLES
consumers
[Cotton in running hales, counting round as half hales, except foreign, which is In
500-pound bales)
Aug.
Codon on Hand
b Produced
Nov. 30
In Con¬
Months
suming
In
Public
Storage
Nov.
Ended
(bales)
Nov. 30
ments
presses
(bales)
(bales)
(bales)
Establish¬ & at Com¬
1936
79.395
323.253
179,920
1937
11,678
58,535
47,895
1036
19,787
78,480
36,392
6,738
1937
5,052
24,032
24,252
1936
23,385
1937
5,456
7,292
7,281
38,480
30,737
1937
594
2,822
5.617.022
647,560
733,770
12,946
11,904
23,588
1936
22,018
23,419
9,440
Other fore gn cotton..
Amer .-Egyptian cotton.
"1
1936
2,107
6,905
3,125
4,194
1937
Not Included Above—
57,565
63,435
276,408
271.601
223,323
196,614
1936
November
1937
Egypt
6,386
Peru
3,423
64,545
55,337
1937
4,463
1936
18,942
19,419
88
9
414
142
518
3,192
758
758
1,283
2,250
1,672
2,361
6,594
11,734
95
33
952
452
9,115
8,945
31,358
40,702
7,100
Linters imported during three months ending Oct.
31, 1937, amounted to 3,124
equivalent 500 poiund hales.
Exports of Domestic Cotton Excluding Linters
(Running Bales—See Note for Linters)
Country to Which Exported
November
4 Mos
End. Nov. 30
1937
1937
1936
122,235
80,681
38,917
86,239
743,793
412,556
466,548
25,805
90,709
19,952
73,603
15,234
221,374
34,232
Italy.
Germany
1936
269,179
129,777
59,420
119,156
United Kingdom
France..
1,700
37,689
218.142
398,606
Spain
Other Europe
Japan
China
Canada
84.184
64,037
299,178
214,354
662,772
4,050
100,035
23,482
2,302,942
83,907
214
53,473
Total
e—uiuieiB
caiaum;u,
nut
muiuueu
7,425
98,347
94,838
796,985
other
/vi/
368,871
111,592
286,922
279
Belgium
689,815
2,433,765
aoove,
were au.yoy
United Kingdom, 10,205;
Netherlands, 4,424;Belgium, 240: France, 3,421; Germany,
10,170; Italy, 1,457; Canada, 651; Japan, 5; South Africa, 385; British West
Indies, 1,
WORLD
i
STATISTICS
The world's production of commercial
cotton, exclusive of linters, grown
1936, as compiled from various sources was 30,204,000
bales, count¬
ing American in running bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the
United States) for
the year ending July 31. 1937, was
30,820,000 bales.
The total number
of spinning cotton spindles Jboth active and
idle, is about 149,000,000
►
D
Census
ec.
11
Report
the
on
Bureau
Cottonseed Oil Production—On
the Census issued the
of
PRODUCTS
OCT.
FOR
THREE
31
1937
*
1936
120,782
27,297
1,519,432
554,995
33,734
61.684
2,054
55,521
1.464,579
27,076,938
♦20,617^818
Oil, refined, pounds
Cake and meal, tons of 2,000 pounds
Linters, bales of 500 pounds.
901
3,124
6,125
10,932
Amounts for November not yet available.
Loans of
Commodity Credit Corporation Ag¬
Through Dec. 9—The CCC an¬
$153,422,514
on
Dec. 10 that "Advices of Cotton Loans" received
The amount of the loans aggregated
$153,422,-
represented an average loan of 8.39 cents per
pound.
This compares with loans by the Corporation
through Dec. 2 on 3,077,576 bales, aggregating $136,093,299.06, an average of 8.41 cents per pound.
Three
Elected
to
Membership in New York Cotton
meeting of the Board of Managers of the
New York Cotton Exchange, held Dec. 13, Bisesarial Chirawawala, of Bombay, India, who does a grain, seed, bullion
and cotton merchandising business, Harold J.
Roig, VicePresident and Secretary of W. R. Grace & Co., New York
City, who are engaged in the exporting, importing, banking
ana
steamship business, and Seizo Kimura of Dallas, Texas,
Vice-President of the Japan Cotton Co., who are
engaged
in the spot cotton business, were elected to
membership
in the New York Cotton
Exchange.
Mr. Chirawawala is a
member of the Liverpool Cotton Association, Ltd., and
several other exchanges.
Mr. Roig is a member of the Coffee
and Sugar Exchange and the
Commodity Exchange, Inc.
Mr. Kimura is a member of the Dallas Cotton
Exchange.
following
a
New York Cotton
Exchange Fixes Maximum Limit of
Interest'—Tjhe Board of Managers of the New York Cotton
Exchange voted Dec. 13 to set the maximum limit of interest
on future contracts for
delivery in any one month by any
member, firm or corporation, and his or its affiliations, at
250,000 bales for delivery in December, 1937, and in all
months up to and including November, 1938.
Four New Members of New York Wool
Top Exchange
meeting of the Board of Governors of the New York
Top Exchange held oo Dee. 15, the following were
elected to membership:
Abram R. Peterzell of the Onyx
Knitting Mills, Philadelphia/ who are manufacturers of
knitted goods; Aram A. Milot, President of M & F Worsted
Mills, Inc., of Providence, R. I., who are worsted yarn
spinners; Sherburn M. Becker Jr. of Fahnestock & Co.,
New York City, who do a commission business; and
Henry G.
Reifsnyder of I. Reifsnyder Son & Co., Philadelphia, who
—At
Dales during November
in 1937 and 27,461 bales *n 1936; 92,643 bales for the
four months ended Nov. 30 In
1937 and 82,982 hales in 1936
The distribution for
November, 1937, follows-
in
COTTONSEED
Linters, running bales
Exchange—At
505
Total
of lard substitute,
1937, respectively,
513.74 and
China
Britteh India
manufacturers
by it through Dec. 9, 1937, showed loans disbursed by the
Corporation and held by lending agencies on 3,478,022 bales
4,614
Mexico
AH other
to
Imports—Oil, crude, pounds
nounced
11,412
4 Mos. End. Nov. 30
1936
OF
Item
gregated
Imports sf Foreign Cod on (500-16. Bales)
Country of Production
IMPORTS
Exports—Oil, crude, pounds
Oil, refined, pounds
Cake and meal, tons of 2,000 pounds..
of cotton.
Linters..
transit
MONTHS ENDING
Cotton
Included Above
A1
AND
Nov.
All other States
Egyptian cotton.
In
CNumber)
New England States..
53,833
11,020
EXPORTS
Active
1937 418,395 1,885,479 1,408,140 11476374 17,381,936
1936 526,612 2,079,928 1,584,285 8,325,595 17,463,500
1937
54,746
273,486
200,074
62,054 4,762,054
Cotton-growing States.
pounds
&c., Aug. 1, 1937 and Nov. 30,
630,913,024 pounds of crude oil.
During
1937 484,819 2,217,500 1,656,109 11549 448 22,791,550
1936 625.794 2,481,661 1,800,597 8,386,166 23,814,292
.
from
Cotton
Spindles
Four
United States
5,949,546
oleomargarine, soap,
Consumed
During—
Year
1937, respectively.
a
7,957,878 and
Cotton
1, 1937 and Nov. 30,
Includes 13,349,453 and 9,676,540 pounds held by refiners, brokers, agents and
warehousemen at places other than refineries and manufacturing establishments and
a
Wool
wool merchants.
Mr. Becker is also a member of the
New York Stock Exchange, New York Produce
Exchange,
and New York Coffee and Sugar Exchange,
are
Volume
145
Financial
Returns by Telegraph—Reports to us
by telegraph this
evening denote that the large export movement was regarded
favorably by the trade.
Private reports were that the move¬
ment of the crop into Government loans continues on a
large scale.
Rain
Rainfall
Days
Inches
High
4
2.71
-
Thermometer
Mean
Low
54
0.28
65
70
42
1
v
22
46
5
2.81
70
36
53
4
1.30
28
4.04
78
40
2.15
2.69
0.95
68
42
59
55
70
30
36
34
38
4
-
Del Rio
7
El Paso
2
Houston
Palestine
Port Arthur
60
0.44
5
72
3.15
5
4
__
72
72
72
4.98
1.62
-v:
■
.
36
,52
54
0.48
37
2.33
1.14
58
62
22
40
22
42
1
3
2
0.60
1.60
74
32
53
72
29
0.46
72
22
61
47
0.54
1
4
——.
Mississippi—Meridian.
_
3
Alabama—Mobile
dry
24
25
18
24
48
1
0.06
72
72
74
30
0.10
76
52
64
u
Pensacola
0.40
66
26
46
Tampa
Georgia—Savannah
0.24
1
0.18
1
Augusta
dry
dry
dry
dry
Macon
South Carolina—Charleston.
North Carolina—Charlotte
Asheville
Raleigh.
_
55
76
34
70
30
50
68
18
43
'
70
24
68
22
67
66
30
22
12
22
26
45 —
49
v
0.02
68
0.01
70
72
2
0.51
68
Chattanooga.
3
0.40
66
17
16
Nashville
4
0.58
64
44
40
46
49
14
1
dry
........
43
41
•
'
.
Dec. 17. 1937
Feet
of gauge-
zero
of gauge-
0.7
zero
of gauge-
10.1
Shreveport
Vicksburg.
Above
zero
of gauge.Above zero of gauge-
4.9
10.6
9.1
—1.1
9.8
Jap'n&
Britain
nent
China
1,000
7,000
3,000
Stocks at Interior Towns
Receipts at Ports
Received from Plantations
Ended
1937
1935
1936
512,000
Conti¬
Japan &
Britain
nent
China
Total
6,000
70,000
138,000
83,000
373,000
214,000
474,000
99,000
277,000
390,000
92,000
32",666
102,000
143,000
7,000
24,000
18,000
14,000
34,000
67,000
5,000
2l"666 ii~,66o
1,000
78,000
129,000
''■mm
207,000
7,000
79,000
32,000
126,000
245,000
'
6,000
----
1,000
4,000
7,000
40,000
16,000
67,000 111,000
120.000
160,000
226,000
138,000
373,000
340,000
28,000
4,000
11,000
24,000
39,000
92,000
228,000
277,000
597,000
2,000
719,000
Alexandria
Receipts and Shipments-—We now re¬
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
previous two years:
weekly
a
1936
1935
1937
1937
1936
1936
1935
280,000
5,316,761
280,000
5,449,409
370,000
5,472,123
Dec. 15
Receipts (cantars)
This week
Since Aug. 1
1935
This
Since
Week
Aug.
This
Since
Week
1
Since
Week
1
Aug.
Aug.
1
78,777
71,415
&c
India.— 18", 006 302,333
11,008
1,000
8,000 89,954
10,000 86,065
16,000 245,707
12,302
9,000 108,820
66,000
18",606 326,427
1,000 14,990
24,000 463,483
34,000 434,028
28,000 516,237
5,000
To Continent &
1937
Total
5,000
To Liverpool
To Manchester,
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.
Week
Great
2,000
4,000
Exports (Bales) —
Plantations—The
the
68,000
522,00(
80,00(
i
Aug. 1 |
Since Aug. 1
Conti¬
This
12.1
Above
from
Since
Week
Aug. 1
For the Week
Great
2.2
1.7
zero
Above
Nashville
Receipts
312,000
Alexandria. EayvL
Dec. 18. 1936
Feet
Memphis
—
39,000
.-
Aug. 1
all—
ceive
39
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. on the dates given:
Above
Week
Week
The
New Orleans
1935
Since
47
2
——
Wilmington
Tennessee—Memphis
U
1936
Since
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
41,000 bales.
Exports from all India ports record a decrease
of 104,000 bales during the week, and since Aug. 1 show a
decrease of 379,000 bales.
0.10
dry
dry
-
Atlanta
1937
1935.
52
2
2
Florida—Jacksonville.
Total
50
45
:
cabled,
as
Other India-
'48
72
72
from Aug. 1
season
follows:
Dec. 16
Receipts—
1937—
53
36
24
68
3.15
vl
as
Bombay—
55
72
50
6
_
11993367567
have been
Exports
53
2
San Antonio
Oklahoma—Oklahoma City
Arkansas—Fort Smith
Little Rock
Louisiana—New Orleans
for three years,
From—
50
48
34
■
3993
ports for the week and for the
Bombay
50
5
4
Chronicle
To America
Total exports
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Dec. 15 were
280,000 cantars and the foreign shipments were 24,000 bales,
■
Note—A cantar is 99 lbs.
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and in cloths is steady.
Merchants are not willing to pay
present prices.
We give prices today below and leave those
for previous weeks of this and last year for comparison:
Sept.
17.. 347.270 340.815265.021 1,050,9141,499.275 1,414.604 480,006 500,408 405,544
24.. 411,538
Oct.
314.287j330.897 1.245.5391.677.8621,610.222,606,163492.874
1936
1937
532,515
i
1_. 479.801319,754326.252
8Libs. Shirt¬
32s Cap
ings, Common
Middl'g
Twist
to Finest
596,8891489,120
514,566
22.. 323.319378,683 405.164 2,051,912 2,179,563 2,220,751'471,196483.163 493,570
29.. 313,437385,111372,149 2,129,8042.266,3712,253.100 391,329'471,919 404.498
Cotton
32s Cap
ings, Common
Middl'g
Twist
to Finest
Upl'ds
Upl'ds
1,490,6641,832,02611,784,489:724,826;473,918 500.419
8.. 441.721330,033 387,060 1,715,6931,980.3361.990,723 666,850478,343 593,294
15.. 379,066370,723 372.945 1,904,0352,098,7332,132,345
85* Lbs. Shirt¬
Cotton
d.
8.
d.
d.
s.
d.
d.
d.
8.
d.
s.
e.
Sept.
Nov.
'263,182259, 641 363, 686 2,226 ,9232,301,7842,287, 554388,719295,054398,140
12.. 245,688264, 096330, 485
2,342,8862,316, 783 406,335 305,198 359,714
19.. 195.034251, 440 271, 993 2,459 ,694 2,373,757i2,321, 538 267,158 282,311276,748
26- '160.580,217, 563222, 432 2,501 ,559 2,397.1882,350, 425 202,4252 40,994 251.319
5..
....
Dec.3..
I
^169,362211. 898258, 9502.545 ,9082,366,6172,358, 279 213,711 181,327 266,804
455;2.610 ,8502,327.9532,369, 180230,448 94,354188,356
17- 169.711H43, 595 188, 14312,640 ,423 2,290.4672,371, 801 199,284106,109190,764
10.. 165,506133, 018177,
17_.
24-
11J*@13
11H@13
3
6.98
5.33
10J*@11 J*
10
0
3
5.08
105* @H5i
10
0
1J*
4.89
10
m
1H
1H
4.82
4.89
4.83
105*@115*
11
@125*
11
@125*
10J*@12
103*@12
9 10J*@10
9 10H@10
15*
4.65
11
15*
4.63
11
@12
@125*
9
1M
15*
4.55
11
@125*
10
3
@10
6
6.76
9 10 J* @10
4.64
11
@125*
10
9
@11
0
0.72
115*@125* 10
115*@125* 10
115*@123* 10
9
@11
10
1*4@10
0
10
4H
@10
@10
@10
3
6.73
@10
3
7.02
10
@10
3
10
45*@10
10
3
@10
10
9
@11
10
75*@10 105*
9
@11 0
Oct.
1-
9
8-
9
11J*@12J*
22- 11K@12K
29- 11J*@12K
15-
10J*@10
9
4.75
@10
9 103*@10
9 10H@10
9 10>*@10
6.86
6.99
75*
6.96
6.81
Nov.
The above statement shows:
(1) That the total receipts
plantations since Aug. 1, 1937, are 7,030,176 bales;
in 1936 were 5,820,263 bales and in 1935 were 6,314,243
bales.
(2) That, although the receipts at the outports the
past week were 169,711 bales, the actual movement from
plantations was 199,284 bales, stock at interior towns
having increased 29,573 bales during the week.
#
from the
World's Supply
and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are
obtainable;
also
the takings
sight for the like period:
or
amounts gone
out
of
*
10}*@12
103* @12 H
105* @12
26- 105* @12
5-
12..
19-
3-
105*@HJ*
9
105*@10
15*
4.65
10-
10X@U*A
10J*@115*
9 103*@10
1J*
15*
4.70
17..
Shipping
1936
1937
Takings,
Week
Week
Season
9 105* @10
up
News—As
4.81
shown
on
a
@10
0
45*
6.81
9
6
@10
9
6.88
previous
from mail and telegraphic reports, are as
Alexandria receipts to Dec. 15
Other supply to
Dec. 15-*&—
Total supply
8,072,272
8,950,861
4,899",258
4,339,022
10,204,423
312,000
39,000
126,000
56",000 1,057,200
172,000
14,000
258", 755
9,397,845 16,210,645
9,693,976
80,000
32,000
56,000
18,000
337", 984
245,000
1,092,200
208,000
522,000
8,517,027 16,660,434
Deduct—
Visible supply Dec. 17
Total takings to Dec. 17 a___
Of which American
Of which other
9,014,997
9,014,997
8,031,357
8,031,357
382,848
242,848
140,000
7,195,648
5,195,848
1,999,800
485,670
8,629,077
6,664,877
1,964,200
326,670
159,000
West Indies, &c
1 the total estimated consumption by
Southern mills, 2,305,000 bales in 1937 and 2,535,000 bales in 1936—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 4,890,648 bales in 1937 and 6,094,077 bales in 1936,
of which 2 890,848 bales and 4,129,877 bales American.
& Estimated.
*
a
Embraces receipts in Europe from Brazil, Smyrna,
This total embraces since Aug.
Ports-—The receipts
of Indian cotton at Bombay and the shipments from all India
India Cotton Movement from All
the
Copenhagen—Dec. 9—Toledo, 200.Dec.
—
Gdynia—Dec. 9—Toledo, 702—Dec. 13—Kexhelm, 1,558
To Gothenburg—Dec.
1,040
-
-
Liverpool—Dec. 11—Dakarrian, 797
11—Dakarrian, 2,629
To Venice—Dec. 15—Clara, 1,946.
To Trieste—Dec. 15—Clara, 3,958
»
HOUSTON—To Ghent—Dec. 15—American Press, 463—Dec. 10
Gand
45.
960
2,260
9—Toledo, 1,674—Dec. 13—Kexhelm,
To Manchester—Dec.
.
1,375
2,215
4,624
13—Kexhelm,
-
-
Bales
100
To
Visible supply Dec. 10
Visible supply Aug. 1
American insight to Dec. 17._
Bombay receipts to Dec. 16—
Other India ship'ts to Dec. 16
6.93
page,
follows:
GALVESTON—To Antwerp—Dec. 14—Gand, 100
To Ghent—Dec. 14—'-Gand, 1,375
To Havre—Dec. 14—Gand, 2,215
To Dunkirk—Dec. 14—Gand, 4,624
To
Season
6.71
exports of cotton from the United States the past week have
reached 129,496 bales.
The shipments in detail, as made
760---
Week and Season
10
Dec.
To
Cotton
105* @10
6.92
,
2,714
797
2,629
1,946
3,958
508
■
To
50
To
249
Antwerp—Dec. 15—American Press, 50
Copenhagen—Dec. 15—Kexholm, 249
To Havre—Dec.
15—American
Press, 2,161—-Dec.
v
Gand, 472-To Rotterdam—Dec. 15—American Press, 308
To Genoa—Dec. 14—Countess Peck, 1,335
To Oslo—Dec. 15—Kexholm, 177To Gdynia—Dec. 15—Kexholm, 1,242
To Oporto—Dec. 14—Countess Peck, 3,164
To Leixioes—Dec. 14—Countess Peck, 127
—
To Gothenburg—Dec. 15—Kexholm, 334
To Dunkirk—Dec. 10—Gand, 1,196
To Liverpool—Dec. 14—Dakarrian, 7
---To Manchester—Dec. 14—Dakarrian, 2,198
To Trieste—Dec. 13—Clara, 1,055—
To Venice—Dec. 13—Clara, 2,033-__ — - — BEAUMONT—To Bremen—Dec. 10—Hamelor, 800--CORPUS CHRISTI—To Japan—Dec. 14—Siljestad, 374
To China—Dec. 14—Siljestad, 56---To Genoa—Dec. 16—Monroesa, 2,221
10—
2,633
308
1.335
177
1,242
3,164
„
—
127
334
1.196
7
2,198
1.055
2,033
„
--
--
§00
374
56
2,221
Financial
3994
Bales
1,325
1,325
NEW ORLEANS—To Ghent—Dec. 10—Ethan Allen,
701
Antwerp—Dec. 10—Ethan Allen, 701 — ..
___________
5,592
To Havre—Dec. 10—Ethan Allen, 5,592-------------2,974
To Rotterdam—Dec. 10—Ethan Allen, 1,886; Oakwood, 1,088
239
To Durban—?—Silmer Willow, 239----1 To Liverpool—Dec. 7—Chancellor, 729---Dec. 10—Colorado
13,325
Springs, 12,596
- —
7,701
To Manchester—Dec. 7—Chancellor, 7,701
1,547
To Venice—Dec. 10—Clara, 1,547
1,006
To Trieste—Dec. 10—Clara, 1,006---4,562
To Bremen—Dec. 10—Oakwood, 4,562
100
To Oslo—Dec. 14—Taurus, 100
1,250
To Gdynia—Dec. 14—Taurus, 1,250--500
To Gothenburg—Dec. 14—Taurus, 500
To
— -- — -
-
-
300
50
Sydney—Dec. 13—Yoslar, 300
To
50
13—Yoslar, 100----—-—--LAKE CHARLES—To Bremen—Dec. 12—Sameln, 560
SAVANNAH—To Liverpool—Dec. 9—Saccarappa, 175
To Manchester—Dec. 9—Saccarappa, 839-To Hamburg—Dec. 9—Saccarappa, 1,047- — --MOBILE—To Manchester—Dec. 7—Bienville, 3,106NORFOLK—To Rotterdam—Dec. 14—London Exchange, 48—,—
ft*
To Bordeaux—Dec. 17—Col lamer, 1,893—- —
CHARLESTON—To
Liverpool—Dec.
7—Saccarappa,
120--Dec. 10—Corinthie, 2,050.
To Manchester—Dec. 7—Saccarappa 939—
To Hamburg—Dec. 7—Saccarappa, 1,025—Dec. 15—Binna,
1,550
To Bremen—Dec. 15—Binna, 3,950—
SAN FRANCISCO—To Great Britain—?—650
To Tallin—Dec. 14—Taurus,
100
560
175
To Melbourne—Dec.
839
1,047
3,106
48
1,893
2,170
—-— — -
2,575
3,950
939
——
650
2,200
Germany—?—2,200
To
200
-
190
Japan—?—190
To India—?—21,150
21,150
-
LOS ANGELES—To Liverpool—Dec. 11—Pacific President, 1,887
Dec. 13—Gracia, 200
— To Manchester—Dec. 11—Pacific President, 150
2,087
150
650
650
To India—Dec. 13—Hoegh Transporter,
times,
-
-
129,496
-
Liverpool—By cable from Liverpool we have the following statement of the week's imports, stocks, &c., at that port:
Nov. 26
Forwarded
which
Of
American
Total imports
American
61,000
964,000
538,000
162,000
136,000
232,000
161,000
126,000
101,000
288,000
215,000
►» Of which
Amount afloat
Of which
Dec. 6
59,000
866,000
434,000
-
Total stocks
American
Dec.
Dec.
10
58,000
959,000538,000
17
54,000
982,000
559,000
58,000
80,000
51,000
36,000
287,000
202,000
259,000
190,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
each
Saturday
Spot
Tuesday
Monday
Wednesday
Thursday
(
1
I
12:15
P. M.
Quiet.
Friday
Quiet.
Quiet.
Quiet.
Quiet.
fluence was
4.72d.
4.66d.
4.70d.
4.75d.
4.80d.
4.81d.
Steady,
Barely stdy
Quiet
but
Quiet, un¬
Steady,
1 to 4 pte. changed to 3 to 5 pts. 1 to 3 pts. 3 to 7 pts. st'y; 2 to 3
2 pts. dec.
advance.
advance.
decline.
advance.
pts. decline
opened
of
the
4
P. M.
Steady,
Very stdy., Quiet
Quiet but
Steady,
but
Quiet but
stdy., 1 to stdy., 3 to 5 to 7 pts. 1 to 3 pts. 6 to 7 pts. st'y; 1 to 2
advance.
3 pte. adv. 5 pts. dec.
advance.
advance.
pts. decline
Prices of futures at
Liverpool for each day
are
the
on
Sat.
Tues.
Mon.
Wed.
given below:
Thurs.
Dec. 17
Close Noon Close Noon Close Noon Close Noon Close Noon Close
d.
d.
d.
d.
d.
d.
4.58
showing a gain of lc., but
unchanged.
The Winnipeg market was
outstanding in its action, closing 2^4 to. lc. net
higher, following a rise of as much as 4%c. by December
virtually
at
time.
Thus for a while the spot delivery showed a
gain of better than 9c. in two days.
Minneapolis ranged
one
net
14 to %c. firmer, while Kansas City ran y2c. higher to
y8c. lower.
Wheat export sales again failed to amount to
much, about 400,000 bushels of hard winters going to United
Kingdom and Holland.
It is understood that Germany is
interested.
officially
d.
d.
d.
d.
d.
Estimating
for
anticipates
els
than
the
of
the
the
part
4.62
4.63
4.66
4.69
4.68
4.68
trade within
4.64
4.65
4.67
4.69
4 73
4.71
4.71
ness
May
4 70
4 70
4 72
4 74
4 78
4.76
4.76
4 71
4.68
4.67
4.73
4.74
4.73
4.79
4.80
January (1939)__
4.82
March.
4.85
May-.
4.87
July
4.88
4.73
-
-
M
-
-
4.79
-
— »
-
*»*•-.
4.82
4.84
«.
4.87
mm
-
-
4.83
mm
—
4.74
4.79
4.82
4.76
-
4.89
4.75
4.79
mm
■
mm
mm'
mm
mm
mm
4.81
4.87
•
-
~
-
~
-
«
-
4.90
-
-
4.86
mm
4.92
4.89
4.95
4.90
4.91
4.85
4.78
4.83
4.81
4.84
mm
4.93
-
4.97
-
4.79
4.79
4.85
4.85
mm
mm
mm
mm
-mm
mm
mm
as
areas
served
also
the day approached
from
moisture
an
fast
was
to
promote
outburst
an
end.
being
It
was
restored,
shipments
Argentina,
counted
of
bearish
as
range of iy2c.
Helping to impart late firm¬
prices was an authoritative unofficial report
estimating the condition of all Kansas wheat at but 70%
a
of normal
and
stressing need of timely moisture to permit
Notice was also taken of Washington
4.91
plant development.
4.94
official
4.96
4.99
-
act
to wheat
4.88
mm
lower.
to
Today prices closed %c. off to %c. up.
The late rallies
of wheat prices today overcame earlier losses after a mixed
4 69
4.77
figures
crop
speculative purchasers
subsoil
clearances
4.63
October
Government
be¬
of
factors.
4.59
December
guesses
helpful for crops.
Russian wheat
upward of 1,000,000 bushels, together with forecasts
4 63
July
private
condition
a
4.58
4.60
recent
wheat
of recent
that
4.53
4.66
mm
Argentine
liquidating sales
contended
4 64
mm
of
average
ice in domestic winter
4.58
4.68
crop
Government
buying stimulus did much to lower wheat prices 2%c.
bushel maximum late today.
Rapid disappearance of
4.53
mm
wheat
new
a
4 68
mm
its
Argentine
180,000,000 and 185,000,000 bushels.
16th inst. prices closed 1% to l%c. net
4.62
4.61
mm
of
the
a
4.58
mm
size
time,
the
Failure
of
the
first
production of approximately 192,000,000 bush¬
last year's yield of 248,000,000 bushels, it
announced today at Buenos Aires.
This is somewhat
was
a
the
against
as
March
m
all grain mar¬
on
maximum
rather
January C1938)__
4.51
showing
nervously, at one time
closing
4.55
-
the last nearly 5c. a bushel
gains of l%c. a bushel.
Meanwhile, export purchases of North American wheat
totaled
approximately 400,000 bushels, chiefly Canadian,
but including some United States hard winter wdieat.
On the 15th inst. prices closed
VsC. up to %c. down.
Wheat on the Chicago Board of Trade backed and filled
December (1937)
~
up at
had a wholesome influence
wheat
larger
Fri.
to
New Contract
At Winnipeg Decem¬
Chicago Board wheat prices.
this country
kets,
of
11
A
owing to scarcity of good grade cash wheat in Winnipeg.
of a broadening export demand for corn from
mi
Dec.
in corn futrues.
strength displayed
pronounced
strong Winnipeg market also served as a bullish influence
on
f
Market,
July wheat contracts scored the best
gain here, closing at the day's top, 86%c.
the 14th inst. prices closed 1% to y2c. net higher.
The wheat market developed firmness largely as a result
On
tween
Quiet.
Quiet,
Market
construed
were
net
as
Futures.
territory
Another disbturbing in¬
uncertainty in regard to the Argentine official
report, Dec. 15.
crop
On
Mid.Upl'ds
wheat
winter
unfavorable to crop prospects.
larger
Market,
domestic
of
areas
as
rather
Total
strong rally
a
with prices closing
Indications
-
To Holland—?—200----
1937
18,
followed each setback in wheat,
substantially higher for the day.
Brisk
jumps of wheat quotations at Buenos Aires, together with
export purchases of United States wheat totaling 650,000
bushels, helped to bring about late advances in price, and
so, too, did 2,745,000 bushels decrease of the domestic wheat
visible supply.
Reports of extensive sleet storms over large
at
ber wheat contracts ran
-
To
Dec.
Chronicle
4.97
statements
Government
that
wheat
downward
production
revisions
figures
of
Argentine
appeared
probable.
Late reactions in Liverpool wheat quotations led to tumbles
that carried the market here lc. a bushel below
yesterday's
finish.
BREADSTUFFS
tina
Friday Night, Dec. 17, 1937.
Flour—The flour
here.
Only
mill
offices
little
see
prior to the
tract
trade
is
more
spotty demand for odd
a
new
balances
chance
less
at
pick-up
any
standstill
a
is reported.
in
Local
business
Shipping instructions against
year.
are
of
or
cars
spotty also,
The
inst.
market
winter
little
and
and
wheat.
Argentine
prices
closed
the
of
an
on
our
at the close.
markets,
opening
South
excellent.
running
Australian visibles has been
the
13tli inst. prices
market
^
de\e!opments
aspects of
wheat
the
Sino-Japanese
today, late
of
the
stock
of
y2c. lower
to
Buenos Aires stood
Wales is largely completed,
a
The
huge
Fast.
war
as
market
as
had
early.
a
The
today from
happenings did
of
recently.
to lc net higher.
Nervousness
well
increase
of comment
cause
closed y4
Far
prices
reactions
offerings
Liverpool had
*4
received its chief stimulus
in
OF
Sal.
CLOSING
PRICES
OF
94 X
91K
855*
December
May
July
over
much
the
grave
to
lift
Although the
disconcerting effect
WHEAT
Mon.
WHEAT
Sat.
December
High and
1315*
1225*
10554
in Argen¬
Open inter¬
Mon.
NEW
1075*
YORK
Wed.
IN
Tues.
Thurs.
107M
106
Fri.
1055*
FUTURES IN CHICAGO
Tues.
Wed.
Thurs. Fri.
94 H
94 3*
95 %
925*
96
925*
865*
87
87
When Made
Season's
July
6, 1937 December
July 29. 1937 May
Sept. 28, 1937 July.
Low
945*
915*
85 M
and
When
845*
855*
815*
Nov.
Nov.
Nov.
94 M
91
855*
Made
8,1937
8, 1937
8,1937
DAILY CLOSING PRICES OF BONDED WHEAT IN WINNIPEG
hard
ran 1 to l%c. lower, and
An advice out of Australia remarks
that the harvest in New
yield
on
Winnipeg ruled % to 1^4c.
with
On
net
Minneapolis
Kansas City lost %c.
wheat
freer
crop wheat to the Continent.
new
PRICES
109107M
Sat.
December
of
closing unchanged to %c. higher.
the
l^c.
demand for
export
mention
was
lVs to l^c. lower at the close.
down
to
harvesting
101,669,000 bushels.
CLOSING
No. 2 red
the softness of the Argen¬
were
lack
There
influence
was
%
Season's
1
contributing factors in the decline of values
Chicago Board today
tine
wheat
DAILY
DAILY
wheat
May
July
Wheat—On the 11th
the
said
progressing with favorable weather.
con¬
showing the usual year-end
tendency to slow up.
lower.
in
est
Reports current
was
1195*
11454
10954
May
July---
Mon.
Tues.
Wed.
12054
11554
11054
12554
11654
11154
128
118
11254
Thurs.
12654
11754
11154
Fri.
12654
117
11154
Corn—On the 11th inst. prices closed y2 to %c. net lower.
Corn felt the effect of additional deliveries of
nearly 900,000
bushels, and also the weight of the bearish wheat trend.
Export sales of about 500,000 bushels were reported
today
('Saturday).
c.
was
On the 13th inst. prices closed %c. higher to
lower.
seen
A further visible increase of 3,558,000 bushels
last week for this grain.
Primarj^ receipts reached
the heaviest total in
more than a week,
being reported at
Corn export purchases today aggregated
more than 250,000 bushels.
On the 14th inst. prices closed
5Ac. to 1 %c. net higher. The market from the start showed
2,061,000 bushels.
a
strong upward tendency, influenced by fresh export
purchases today, totaling about 600,000 bushels.
It was
pointed out that Argentine corn January shipment, quoted
in
Europe at 86^c. as against 79c. for United States corn,
promise of a sustained demand abroad for corn from
gave
Volume
Financial
145
this country.
Moreover,
showed a notable falling
primary receipts of domestic corn
off in volume, and there were
predictions of further immediate shrinkage because of wintry
weather unfavorable for
of
corn
movement
as
well
indicative
as
enlarged feeding demand.
Prbfit taking led to only slight
compared with the day's top price
December corn, which scored the sharpest gain, 1 Mc.
at 57
closed at 56% to 56 %c.
On the 15th inst. prices
closed %c. to l%c. net higher.
The market again derived
its strength largely from a broadening export demand.
European purchases of United States corn were estimated at
1,000,000 bushels today, and there were intimations that the
reactions in
values
corn
as
level.
total
would
have
been
larger if greater quantities were
available for immediate shipment.
Scantiness of rural
offerings played their part in stimulating the rise of corn
values, and so likewise did reports that St. Louis and other
markets were bidding over Chicago for corn. Winter weather
throughout the corn belt and indications that rural holders
of
corn
levels,
not
were
were
going to part with their property at low
also bullish factors.
3995
Closing quotations
Spring oats, high protein .6.30< »6.55 Rye flour patents
4.65@ 4.75
Spring patents..
5.85< &6.00 Seminola, bbl., Nos.1-3. 7.10@
Clears, first spring
5.50 ( 8>5 80 Oats,good
2.45
Soft winter straights
2.00
4.75< £5 50 Cornflour
Hard winter straights
5.40< )5.70 Barley goods—
Bard winter patents
Coarse
4 00
5.50 < &5.80
Hard winter clears
4.60 ( H.80
Fancy pearl, Nos.2.4&7 5.25@5.60
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic
.105JManitoba No. l.f.o.b. N.Y..157
No. 2 yellow, all rail
such
wheat, lacking the support of
as
showed
big export
a
sold for export.
In
some
ket
as
holding
was
view
of
stantial
closed
viewed
the
pronounced
advance
quarters, however, the corn mar¬
pretty
up
weakness
has
corn
Only 100,000 bushels
Wednesday.
had
recently.
unchanged to %c. lower.
especially
well,
wheat
in
and
the
in
sub¬
prices
Today
There was comparatively
little
interest in corn today, attention of the trade being
largely centered in wheat.
However, the corn market held
fairly steady throughout the session. Open interest in corn
No. 2 white
44%
Rye, No. 2. f.o.b. bond N. Y.. 82%
Barley, New York—
47% lbs. malting
55%
Chicago, cash
42-60
...
74%
All the statements below
regarding the movement of grain
•—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
Flour
Wheat
bbls 196 lbs
bush 60 lbs
Chicago...
Minneapolis..
196,000
_.
demand
Oats, New York—
Oorn, New York—
T£66o
Milwaukee
Toledo
Indianapolis.
.
iis'ooo
St. Louis
Peoria..
40,000
Kansas
City.
bush 56 lbs
13,000
Omaha
St. Joseph
244,000
1
30,000
210,000
429,000
18,000
78,000
70,000
6,000
76,000
99,000
126,000
681,000
1,052,000
317,000
761.000
849,000
225,000
28,000
Wichita
2,000
199,000
653,000
136,000
612,000
15,000
4,000
'
42",066
54,000
58,000
52,000
98,000
49,000
48",000
59,000
3,000
3,000
223,000
'WOO
636,000
1,769,000
134,000
Sioux City
Buffalo
Barley
388,000
893,000
148,000
Rye
bush 32 lbs bush 56 lbs bush 48 lbs
1,223,000
1,293,000
133,000
663,000
196,000
69,000
91,000
23,000
205,000
41,000
730,000
Duluth....—
Oats
fCorn
Corn
% to %c. net lower.
follows:
were as
FLOUR
Receipts at—
On the 16th inst. prices closed
weakened with
Chronicle
"e'ooo
ll",066
78,000
45,056,000 bushels.
was
DAILY
CLOSING
PRICES
OF
No. 2 yellow
__
DAILY CLOSING PRICES
CORN
Mm.
Sat.
72
Mm.
Sat.
55%
58%
58%
May...
July.....
May
July
When
Oats—On
Made
55%
the
11th
Thurs.
75%
74%
Wed.
Tues.
.
Fri.
74%
~58%
58%
Season's
Thurs.
Fri.
wk.
'37
382,000
3,210.000
9,514,000
1,651.000
Same
wk.
'36
397,000
4,375,000
5,273,000
1,344,000
181,000
357,000
Same
wk.
'35
316,000
3,361,000
4,644,000
1,516,000
529,000
Since Aug. 1—
1937
56%
58%
58_.
57%
o9%
60
59%
59%
58%
58%
1935.
7,458,000 192,670,000 104,090,000
8,374,000 142,210,000 75,918,000
7,564,000 233,258,000 58,140,000
1936
59'"
59%
and
Low
July
8, 1937 Dec. (new)...
July 29, 1937 May
Sept. 30, 1937 July
74
66%
Wed.
73%
72%
Total
NEW YORK
Oft CORN FUTURES IN CHICAGO
December
Season's High and
Dec. (new)
86%
IN
Tues.
Made
Nov. 30, 1937
Nov. 30, 1937
Nov. 30. 1937
.
the week ended Saturday,
Flour
Receipts at—
inst.
prices closed %e. to J^c. net
lower.
Heaviness prevailed in this market principally as a
result of the weakness of the other grains.
On the 13th inst.
prices closed %c. to %c. lower. Trading light and without
65,523,000 18,871,000 53,088,000
42,614,000 9,560,000 55,523,000
84,007,000 12,697,000 48,419,000
Total receipts of flour and grain at the seaboard ports
When
51%
55%
56%
—
1,790,000
1,609,000
1,335,000
Wheat
New York
New Orleans *
bush 56 lbs
Rye
Barley
bush 32 lbs bush 56 lbs bush 48 lbs
647,000
369,000
2,000
32,000
126,000
25,000
16,000
24,000
Baltimore
Oats
Corn
bbls 196 lbs bush 60 lbs
Philadelphia..
for
Dec. 11, 1937, follow:
109,000
100,000
285,000
18,000
21,000
59",000
27~66O
101,000
147,000
10,000
9,000
35,000
7,000
74,000
10,000
1,000
1
feature.^ On the 14th inst. prices closed unchanged to %c.
This market was quiet, with trading largely routine. On
prices closed %e. to %c. net higher. Trading
was light and without feature, the firm undertone
being in¬
fluenced largely by the pronounced strength in corn.
Galveston—
748,000
22",000
Montreal....
up.
St. John, West
the 15th inst.
Boston
On the 16th inst.
close.
ous
this grain.
prices closed unchanged from the previ¬
There was virtually nothing to the trading in
Today prices closed %c. up. Trading was very
OF
OATS
Sat.
May
July
30%
29%
28%
30
________
28%
Seasm's High and
December.— 41%
May
July
FUTURES
Mm.
31
When Made
I
Season's
July
6, 1937 [December
July 29, 1937 May
Oct.
2, 19371 July
33%
32%
Tues.
Low
2,135,000
96,399,000
286,000
Since Jan. 1*36 14.442,000
Thurs.
31%
30%
31%
30%
Fri.
31%
30%
..........
Rye-—On the
46%
45%
-.-42%
v.
46
45%
42%
When
This
27%
Oct. 13,1937
28%
28
46%
45%
43%
46%
45%
43%
46%
45%
43
46%
45%
43
% to %c. net lower.
This
decline in rye was largely in sympathy with the pronounced
decline in wheat.
Today prices closed % to %c. net lower.
This market ruled heavy during most of the
with
sympathy
market.
DAILY
the
weakness
PRICES
OF
RYE
Sat.
December
High
and
96
May
July
84
70
66%
69
65
-
December
65
When Made
|
Seasm's
May
6, 19371December
Aug. 10, 1937 May
Oct. 21, 19371 July
DAILY CLOSING PRICES
OF
December
—
-
—
-
Tues.
Low
73%
76%
75%
Mm.
74%
76
74%
IN
CHICAGO
Wed.
67%
69%
65%
Tues.
75
77%
76%
Thurs.
68%
70%
66%
and
63%
63%
62
RYE FUTURES
Sat.
May
July..
FUTURES
Mm.
67%
69%
—
May
July..
Seasm's
session, largely
displayed by the wheat
.
CLOSING
68
69%
66%
December.——
May
-
4,512,000
38,000
3,913,000
The exports
from the several seaboard ports for the week
Saturday, Dec. 11, 1937, are shown in the annexed
ended
statement:
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
Exports from—
265,000
148,000
Albany
Baltimore
42,520
371,000
86,000
100,000
3,000
"^ooo
New Orleans
1,356',000
Galveston
34.000
141,000
24,000
6,000
———
——-
27:660
"73:666
13,000
22,000
Montreal
400.666
St. John, West
59*,066
13,000
14,000
Halifax..
69%
65%
WINNIPEG
Wed.
Thurs. Fri.
IN
75%
77%
76%
1936—
—
75%
77%
76%
100,520
27,000
64,222
537.000
2,253,000
1,594,000
9,000
The destination of these exports
July 1, 1937, is
175,000
173,000
for the week and since
below:
as
Flour
Wheat
Corn
Exports for Week
and Since
Week
Since
Week
Since
July 1 to—
Dec. 11
July 1
Dec. 11
July 1
1937
1937
1937
1937
1937
1937
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
United
Kingdom.
Continent
S. & Cent. Amer„
West Indies
43,635
10,385
11,000
29,000
1,164,639
227,661
1,504,000
723,000
34,678,000
26,876,000
293,500
18,000
966,000
555,500
Brit. No. Am. Col.
Week
Dec.
Since
11
July 1
250,000
279,000
8,000
862,000
1,369,000
537,000
2,401,000
170,000
21,000
"
6,566
137,681
fLOOO
X,469:666
Total 1937— 100,520
2,378,981
2,561,593
2,253.000
1.594,000
64,010,000
75,480,000
Other
countries..
64,222
Total 1936—
1,000
visible
The
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Dec. 11, were as follows:
GRAIN STOCKS
67%
When Made
Nov. 30, 1937
Nov. 8,1937
Nov. 8. 1937
76%
78%
77%
Total week 1937—
Same week
Fri.
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mm.
Tues.
Wed.
Thurs.
Fri.
July
58,000
7,752.000
measured
On the 16th inst. prices closed
in
4,174,000;
209,000
134,258.000! 10,461,000
through bills of lading.
Oct. 13. 1937
Nov. 6.1937
11th inst.
decline
54,000
158,000
6.495,000 11,378,000
Made
prices closed lc. to l%c. net
up fully to the decline in
wheat on the Chicago Board, and was brought about largely
by the same influences that affected wheat.
On the 13th
inst. prices closed unchanged to %c. easier.
This grain failed
to respond to the strength in wheat values today, the heavi¬
ness in rye being attributed to a steadier
pressure of offerings.
On the 14th inst. prices closed %c. to %c. net higher.
The
firmness of rye was the result of the firm wheat and corn
markets, also unconfirmed talk of export business. On the
15th inst. prices closed lc. to 1 %e. net higher.
The firmness
of the other grains, especially corn, had its effect on rye as
reflected in the substantial net gains at the close.
It was
reported that Norway bought some more American rye.
lower.
79,000
6,214,000
Receipts do not include grain passing through New Orleans lor foreign ports
New York
December..
922,000
32,271,000
—
and
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mm.
Tues.
Wed.
Thurs.
Fri.
May......
July...
73:666
4.000
CHICAGO
IN
Wed.
30%
30
28%
300,000
Week 1936—
*
_
460".66C
SinceJan.1'37 13,459,000
on
DAILY CLOSING PRICES
13,000
26,000
14,000
-
Total wk. '37.
light and without feature.
December
.
Halifax.
Wheat
Corn
Oats
Rye
Bushels
United States—
Bushels
Bushels
Bushels
Barley
Bushels
'
Boston
4,000
New York
"
334,000
!
2,000
400,000
68,000
■
529,000
62,000
'
afloat
Philadelphia..
Baltimore
29,000
...
...
New Orleans
33,000
46,000
33,000
124,000
1,404,000
25,000
85,000
1,000
1,000
7,000
11,000
356,000
-
Omaha
58%
58%
58%
58
59
58%
59%
58%
59
58
59%
58%
St. Louis
56%
56
56%
56
55%
56
Indianapolis..
28.000
-
101,000
1,283.000
6,000
3,987,000
H'lfhinpnn
St. Joseph
Kansas City
-
217,000
Fort Worth
....
-
529,000
Galveston
Wichita
-
1,095,000
1,500,000
....
....
—
4,378,000
20,461,000
5,307,000
379,000
2,177,000
4,214,000
70,000
44,000
870,000
306,000
26,000
1,094,000
25,000
192,000
9,000
576,000
Sioux City
....
....
985,000
168,000
17,000
114,000
5,011,000
1,614,000
1,721,000
78,000
11,000
7,000
1,013,000
464,000
Financial
3996
10,000
7,028,000
26,000
afloat
1,965,000
1,208,000
9,668,000
2,689,000
...
180,000
Detroit..
9,077,000
7,084,000
Buffalo
afloat
noticeably in portions of the Rocky Mountain region.
.
Fair condition is reported in Nebraska while the crop is holding Its
own in Kansas,
except for some deterioration in southwestern counties.
In this State top growth Is generally small with some freezing down re¬
ported.
There was very little growth in Oklahoma because of general
cold and dryness in the western half.
Condition of winter wheat, oats,
and barley is fair to good in Texas.
Progress of the crop is mostly slow, particularly in the central-valley
sections of the belt, where the weather was hard on wheat although no
great damage is reported.
Growth is generally very small in Missouri,
where many fields show bare spots, and has stopped in Arkansas, but
condition is still good.
In more eastern and northeastern sections a moder¬
532,000
483,000
98.000
913,000
173,000
1,402,000
5,186.000
1,010,000
2,000
1,351.000
417,000
1,056,000
147,000
384,000
200,000
ate
5,361,000 10.250,000
5,528,000 10,434,000
Note—Bonded grain not Included above: Oats—On Lakes, 135,000 bushels: total,
135,000 bushels, against 78,000 In 1936.
Barley—Duluth, 120,000 bushels: New
York 35,000; on Lakes, 253,000: total, 408,000 bushels, against 5,424,000 in 1936.
Wheal—New York, 2,521,000 bushels; New York afloat, 116,000; Baltimore, 3.000;
Buffalo, 713.000; Buffalo afloat, 209,000; Albany, 388,000; Erie, 1,115,000; on Lakes,
1,007.000; total, 6,072,000 bushels, against 26,118,000 bushels In 1936.
4, 1937—100,265,000 24,866,000
Total Dec.
weather and
24,360,000
Wheat
Corn
Oats
Rye
Bushels
Canadian—
Bushels
Bushels
Bushels
55,000
re^astward
of the Ohio Valley most States reported slow growth and un¬
Oats were damaged in northern and middle Alabama,
sprouting grain in South Carolina was injured by freezing on the 7th.
Farther northeast, light to moderate snowcovers afforded considerable
protection though there was little growth.
favorable weather.
and
Barley
Bushels
832,000
1,154,000
7,609,000
Total Dec.
11, 1937— 55,390,000
9,595,000
THE DRY GOODS TRADE
Total Dec.
4, 1937- 55,042,000
10,279,000
1,309,000 10,588,000
1,328,000 10,748,000
97.520,000 28,424,000 24,209,000
55.390,000
9,595,000
5,361,000 10,250,000
1,309,000 10,688.000
11, 1937-152,910,000 28,424,000 33,804.000
4, 1937—155.307,000 24,866.000 34,639,000
6,670,000 20.838,000
936,000
994,000
318,000
6,785,000
SummaryAmerican
Canadian
Total Dec.
Total Dec.
6,856.000 21.182,000
shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Dec. 10 and since July 1, 1937, and July 1, 1936, are
shown in the following:
The world's
Corn
Wheal
Week
Since
Since
Week
Since
Since.
Dec. 10
Exports
July 1
July 1
Dec. 10
July 1
July 1
1937
1937
1936
1937
1937
1936
Bushels
Bushels
Bushds
Bushels
Bushels
Bushels
2,370,000
2,800.000
1,000
9,850,000
Black Sea
3,615,000
2,216,000
Argentina
406,000
North Amer.
1,473,000
Australia
India
Oth. countr's
Total
I
480,000
536,000
537,000
53,466,000' 37,200,000
9,000
16,892,000 26,133,000 2,374,000161.970,000182,616,000
33,328,000; 30,892,000
10,392,000
6,488.000
10.848,000 12,024,000 2,468,000 51,866,000 11.654,000
1 8,726,000210,663,000224,885,000 5,388,000219,006,000204,121,000
Weather Report for the Week Ended Dec. 15—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Dec. 15, follows:
At the beginning of the week a marked depression was central over New
England, attended by widespread precipitation, with considerable snow
Appalachian Mountain sections well south; also, another "low" over
the North-Central States resulted in snowfall over wide areas.
Freezing pre¬
vailed well into the Florida Peninsula.
On the 8-9th considerably warmer
weather obtained in the Southeast, but by the 11th another high-pressure
area had advanced well southward and freezing again occurred in northern
Florida.
An extended and pronounced "low" in north Pacific sections
brought heavy rains to the far West, with excessive amounts and damagaing floods in northern California.
Near the close of the week pre¬
cipitation, mostly light to moderate, was extensive in the central valleys
over
and much of the Great Plains.
throughout the country east of the
Rocky Mountains, being one of the coldest weeks of record for the season
In many places.
The weekly mean temperatures were generally from 10 deg
to 15 deg. below normal rather generally from the Plains States eastward.
West of the Rocky Mountains conditions were reversed, with abnormally
warm weather prevailing, the relatively warmest being in the Great Basin
and southern Rocky Mountain sections where the temperatures averaged
The week averaged abnormally cold
from 12 deg. to 17 deg. above normal.
Freezing weather was experienced throughout the United States, except
Texas, and narrow south¬
were reported from firstValley and to northern Kansas;
also, locally in the Northeast and northern Lake region.
The lowest tem¬
perature reported from a first-order station was 20 deg. below zero at Williston, N. Dak., on Dec. 10, but low records down to 40 deg. below occurred
in some Canadian provinces to the northward.
In the Southeast freezing weather again occurred to the Lake Okeechobee
sections of Florida, some low records being 24 deg. at Gainesville and
Orlando, 30 deg. at Moore Haven, and 32 deg. at Ritta on the south of Lake
Okeechobee.
Below-zero temperatures were experienced on several days in
in extreme southern Florida, extreme southern
western and Pacific belts.
Zero temperatures
order stations into the upper Mississippi
central Appalachian Mountain sections.
Heavy precipitation occurred in nearly all sections west of the Rocky
Mountains, the heaviest being reported from northern California, with a
total weekly fall at Redding of 8.2 inches.
The eastern Lake region also
had heavy precipitation in the form of snow.
On the morning of Dec. 11,
Buffalo, N. Y., reported 25 inches of snow on the ground.
In most other
sections of the country precipitation was moderate in amount, but wide¬
spread, more or less being reported from every first-order Weather Bureau
station, except Key West, Fla., and Roswell, N. Mex.
Continued unseasonably low temperatures, with freezing weather, caused
additional damage to vegetation, especially the tender varieties, in more
southern sections from eastern North Carolina southward to central Florida
and westward to Texas.
In Florida, where freezing temperatures again
extended into the Lake Okeechobee district, there was extensive damage
to
protected small grains, though in Ohio many fields were
In the Ohio Valley and Tennessee near-zero
glaze were injurious, but no prounced lifting effect has been
2,809.000
17,468,000
Ft. William & Pt. Arthur 10,460,000
Other Can. & other elev. 27,462,000
Lake, bay, river & seab'd
snowcover
swept bare by high winds.
97,520,000 28,424,000 24,209,000
Total Dec. 11, 1937..
with condition improved
Barley
(bush.)
1,308,000 13,854,000
1,504,000
2,769,000
2,000
4,000
745,000
2,458,000
1,683,000
197,000
1,111,000
1937
18,
dition in Washington and is thriving in Oregon,
I::::::
65.000
afloat
Minneapolis
Duluth
(bush.)
17,000
3,139,000
76.000
Milwaukee
"
(bush.)
87.000
10,259,000
1,286,000
Chicago
On Lakes
"
>
Rye
(bush.)
Oats
Corn
Wheal
(bush.)
Peoria
Dec.
Chronicle
tomatoes, green peas, beans, peppers, eggplant, and strawberries, but
little harm is reported to the hardier crops, such as cabbage and celery.
Some ice formed in citrus fruit in low-land groves of the northern producing
section, but damage, on
New Yorky
Friday Night, Dec. 17, 1937
Favorable weather conditions
prevailing during the larger
Eart of the week and the retail business materially. Chief
oliday served to enliven close approach of the Christmas
interest centered in accessories and gift items, although it
was noted that preference was given to medium and lower
priced goods.
While the total volume of salts increased
substantially as compared with previous weeks, there were
few gains over the corresponding period of last year, and in
many instances moderate declines were registered.
Recur¬
rent labor troubles and slackening industrial activities con¬
tinued as chief retarding factors.
Trading in the wholesale dry goods markets improved
perceptibly
as
reorders for gift merchandise
were
received
fairly large volume and the better sentiment prevailing
in the gray goods marker served to revive confidence among
buyers.
Following the reduction of one cent per yard in the
price of percales, a steady flow of small orders came into
the market, indicative of the materially improved condition
in
of
inventories.
Considerable
interest
made
itself
felt
in
brown
sheetings and in bleached goods.
While no broad
buying movement is expected before the end of the year,
many observers predict that early next month a sharp upturn
in sales will materialize.
Business in silk goods continued
very quiet and prices showed an easier trend.
Trading in
rayon yarns remained inactive although a slightly better
feeling existed, predicated on the belief that shortly after
the turn of the year a better demand for yarns may develop.
Surplus stocks in producers' hands increased further, not¬
withstanding the fact that curtailment measures continued
in full force.
Rumors of impending price cuts circulated
in the market but they appeared largely based on reports
that some smaller producers were selling yarns with a price
guarantee.
Domestic
Cotton
Goods—Trading in the gray cloths
materially.
Early in the week the
volume of sales declined somewhat from the previous spurt.
Later in the period, however, a broad buying movement
got under way as the conviction appeared to be gaining
ground that prices were scraping bottom and stocks in
users' hands have been greatly reduced.
Other stimulating
factors were the further mild rally in the raw cotton market,,
the spreading movement among mills to curtail production
and the somewhat better sentiment displayed by the security
markets.; Prices showed a firmer trend as the market ap¬
peared to be cleared of second-hand offerings, and mills
markets
assumed
broadened
a
stiffer attitude towards demands for concessions.
More interest
shown in drills, twills and tobacco cloths.
goods, after early quiet trading, also ex¬
panded materially with heavy buying developing in combed
yarns, and more interest being shown in fancies and special¬
ties.
Closing prices in print cloths were as follows: 39inch 80s,
6^c.; 39-inch 72-76s, 5%c.; 39-inch 68-72s,
5y8 to 5%c.; 38^-inch 64-60s, 4% to 4^c.; 38h£-inch>
60-48s, 3^ to 4c.
was
Business in fine
Woolen
Goods—Trading in men's fabrics gave indications
early improvement as buyers showed more interest in
offerings.
While the volume of actual orders continued
small, and drastic curtailment measures of most mills re¬
mained in force, the hope was expressed that the depleted
of
an
state
of
the whole, to citrus has been generally small.
However, many strawberry blooms were killed, which will delay marketing
several weeks.
In other Gulf sections there was more or less damage, ex¬
result in
cept that hardy varieties survived in most places.
In Louisiana freezing
weather at the beginning of the week caused considerable damage to stand¬
for
ing cane and only the hardier vegetable crops survived in that State.
Seasonal farm work was largely at a standstill over the eastern two-thirds
inventories
in
manufacturers'
hands
is
bound
to
retail
of the country, because of extremely low temperatures, though conditions
throughout the South were ideal for butchering.
In the Pacific area heavy
rains had varying
application.
In northern California there was extensive
flood damage, but in the southern part of the State, where severe drought
had prevailed, the rains brought much needed moisture and the soil is now
in excellent condition for plowing and planting; citrus fruits are developing
normally.
In some north Pacific localities new rainfall records have been
established in some sections, while generous, helpful precipitation occurred
eastward to the northern Rocky Mountain districts some of which report the
seasonal water prospects the best in years.
An unusual seasonal feature
precipitation in the Northwest was the occurrence of much of it in
instead of the customary snow.
Rather general light to moderate precipitation over the Great Plains
was decidedly helpful, especially in eastern Colorado, but much more is
needed.
Low temperatures, with considerable bare ground, have been
hard on winter wheat in the immediate Ohio and lower Missouri Valleys;
also for winter grains in the Southern States.
scale.
Small Grains—Cold, glaze,
and absence of
snowcover
in portions of
In much of
the Winter Wheat Belt were unfavorable most of the week.
Plains, except for most of South Dakota, the snowcover was mostly light, with many fields bare, though late rains and snows
were helpful in most western sections.
Wheat is in good to excellent con¬
the northern Great
early release of purchase orders
Additional reorders
were
received
on
substantial
tropical worsteds
on a
in the cruise and winter resort trades.
Reports from
clothing centers continued fairly encouraging as lower
prices quoted by most chains acted as a stimulus to consumer
purchases.
Business in women's wear goods expanded
moderately, with increased interest shown in shetlands and
fleeces.
White coatings also moved in fair volume.
Retail
business gave a satisfactory account with the nearness of
the holiday season resulting in a quickening flow of goods.
use
Foreign Dry Goods—Trading in linens turned quiet as
volume of last-minute fill-in orders on holiday items
of the
the form of rain
an
the
started to recede and
year-end inventory influences proved
retarding factor.
Reports from foreign primary markets
were
uninspiring, with spinners showing small interest in
yarn offerings.
Business in burlap remained negligible as
buyers showed little willingness to add to their commit¬
ments beyond immediate needs.
Domestically lightweights
were quoted at 3.70c.; heavies at 5.05c.
a
Volume 145
Financial
Chronicle
3997
New York
State—Legislature Defers Vote on New York
City Code Bill—The new administrative code for New York
City, subject of a special session of the State Legislature,
Specialists in
which convened
DIRECT
CHICAGO
WIRE
314 N. Broadway
ST. LOUIS
advices.
George Pollock, Sacramento contractor, has filed suit against A. R.
Gallaway Jr., President of the State Reclamation Board, seeking to compel
him to sign new bonds which will be issued to refinance $266,500 worth of
Sacramento and San Joaquin Drainage District bonds, Feather River
Assessment No. 7.
Mr. Gallaway has refused to sign an order to obtain a court ruling on the
validity of the refinancing act, according to the attorney for the plaintiff.
The attorney said the suit is a friendly action.
If the suit is successful the
Interest rate on the bonds will be reduced from 6% to 4%.
New
Jersey—New Taxes for Relief Financing Opposed—
diverting highway
funds, disposing of unissued bonds, or imposing new taxes to
finance the $20,000,000 relief bill of 1938 as sufficient surplus
funds will not be available under the present State govern¬
mental set-up to supply the funds, according to a Trenton
news dispatch which continued as follows:
The State is faced with the alternatives of
A combination of the three possible sources of revenue may be
approved
by the 1938 Legislature which must shoulder the task of supplying the
relief funds, according to indications here today.
However,
both major parties are opposed to new taxation which further complicates
necessary
Headed
finding funds to aid the jobless of the State next year.
by Senator Loizeaux, of Union, a special joint Assembly and
Senate committee settled down yesterday to study possible sources of funds
to finance relief.
After quizzing officials of all State departments which
produce
revenues,
revenues
estimated
the
to
committee
be
available
uncovered
on
June
but
30
of
$1,500,000
next.
State
excess
Treasurer
William H.
in
Albright said the State even may face a deficit next June.
Senator Clee, of Essex, insisted that the relief situation would not result
new taxes but Mr. Loizeaux refused to comment on the subject of new
He is an original supporter of the sales tax, and later
replacement tax program.
taxation.
of
a
an
advocate
on
Dec. 14 with his veto.
In addition to the
simple error in the resolution, the Mayor
another reason for considering the budget
illegal, which he wrould produce at the proper time and place.
He has been at odds with the Aldermen over the city water
rate reduction, on which they overrode his veto, despite his
contention that they lacked the power to cut the rates as they
did.
The Mayor's message to the Board of Aldermen follows:
said,
he
securities of the United States Government and its instru¬
mentalities has been prepared
by The First Boston Corp.
The manual covers the most essential features of the issues
of United
States Government bonds, notes and
Treasury bills, with figures brought
up to Sept. 30, 1937, as well as the obligations of Home Owners' Loan
Corporation, Federal Farm Mortgage Corporation, Federal Land banks.
Federal Intermediate Credit banks and other
governmental corporations
and credit agencies.
Two
States
new
had
CITY OF NEW YORK
sections, devoted to the Federal Home Loan banks and United
Sayings bonds, have been added to the 1937
pamphlet, which also
discusses Federal tax exemptions, the
corporation tax and arbitrage trans¬
actions in United States Government securities.
The booklet provides
tables of accrued interest and discount, decimal
equivalents, factors for
determining taxable equivalent yields, and
numerous charts and tabulations.
Bond Proposals and Negotiations
ALABAMA
ALABAMA, State of—INSTALLMENT REDEMPTION OF PROP¬
ERTY EXPLAINED—In view of the fact it has been
found, it is stated,
that a large percentage of Alabama's
population are not familiar with the
laws governing redemption of lands that have been sold for
taxes, J. T.
Carlton, head of the land Division of the State Tax Commission, on Dec.
9 issued an informal notice as to redemption, addressed to all owners of
property that was sold to the State for taxes prior to Jan. 1, 1936. The
text of the notice follows:
Ml
"House Bill 259, approved Feb. 3, 1937, provides that these sales
may
be redeemed in instalment payments and without interest
provided the
application to redeem is filed with the Judge of Probate prior to Jan. 1,1938.
"Henry S. Long, State Land Commissioner, is hopeful that every property
will avail himself of these generous redemption laws and
regain title
To do this will mean a great saving to you."
Obviously, the main purpose of this notice is to notify all those who wish
to redeem their property by instalment payments and without
interest,
that they must file their application to do so before the first of the coming
year, with the Probate Judge of their county.
owner
to his property.
ANNISTON,
Ala.—BOND
OFFERING—The City Clerk will receive
on an issue of $50,000 coupon impt. bonds.
5%.
Denom. $1,000.
Dated Jan. 1, 1938.
Prin. and semi-ann. int. (J. 1& J. 1) payable at the Chase National Bank
of New York.
Due on Jan. 1 as follows: $5,000, 1939 to
1941; $10,000,
1942 to 1944, and $5,000, 1945.
Certified check for $1,000, payable to the
City Treasurer, required.
Bonds will be sold subject to legal opinion of
Storey, Throndike, Pzlmer & Dodge of Boston.
bids
New York City—Mayor Vetoes 1938 Budget Over Tech¬
nicality—Discovering a typographical error in the resolution
adopted by the Board of Aldermen on Dec. 2, approving the
1938 city budget, which made it appear that the Aldermen
had approved a 9-year instead of a 1-year budget, Mayor
La Guardia returned the resolution
one
United
California—Constitutionality of Bond Refinancing Act Up
for Test—A suit was filed in the Superior Court of Sacramento
County on Dec. 8, which is expected to determine the
validity of the State Bond Refinancing Act, according to
the task of
Dec. 16,
States'—Government Securities Manual for 1937
Prepared—The 1937 edition of its publication relating to the
News Items
Sacramento
objection of
This action ended all hope that the
special session, called
by Governor Lehman at the request of Mayor La Guardia,
would be a one-day affair, as promised
by legislative leaders.
The two bodies of the Legislature
adjourned on the 16th,
to convene again the following
day, but it was considered
doubtful that the Assembly would act on the code without
a
prolonged debate.
STIFEL, NICOLAUS &. CO., Inc.
105 W. Adams St.
on
was presented to the Senate and,
of the legislators, was referred to the
Committee on the Affairs of the
City of New York, according
to press advices from
Albany.
the
on
Illinois & Missouri Bonds
on
Int.
rate
Dec. 23
is
not
at
to
7.30
p.m.
exceed
HALE COUNTY (P. O. Greensboro), Ala.—BOND SALE—The $100,000 highway bonds offered on Dec. 13—V. 145, p. 3688—were awarded to
Watkins, Morrow & Co. and King, Mohr & Co., both of Birmingham, as
3 Me, at a price of 98, a oasis of about 3.46%.
Dated Aug. 1, 1937.
Due
$5,000 yearly on Feb. 1 from 1940 to 1959.
J. Mills Thornton of Birming¬
ham bid 97 for ZM, % bonds.
JEFFERSON
COUNTY
(P.
O.
Birmingham),
Ala.-—WARRANT
OFFERING—It is stated by R. E. Smith, President pro tem, of the County
Commission, that he will sell at public auction on Dec. 22, at 10 a.m., a
$467,500 issue of road construction warrants.
Due on Jan. 1 as follows:
$39,000 from 1941 to 1951, and $38,500 in 195^.
The warrants will be
sold subject to the approval of Reed. Hoyt & Washburn, of New York.
A deposit of 2% is required of all bidders.
Office of the Mayor
To the Honorable Board
y-'>'
Re:
I
am
ARIZONA
of Aldermen
Dear Sirs:
Int. No. 1570
returning herewith a resolution adopting the budgets for the year
1938 and the first six months of 1939, adopted by your honorable board on
1937.
Aside from the reason which I consider the present budget unlawful,
Dec. 2
which reason will be submitted at a later and proper time, I cannot approve
the resolution adopted by the board which reads as follows:
"That the budget for 1938 and the budget for the period Jan. 1,1930, to
hereby is adopted and approved."
being obvious, the resolution is returned with my disapproval
June 30, 1939, be and the same
The reasons
and veto.
.
F. H. LAGUARDIA,
Mayor.
1937.
confusion prevailed at City Hall after the Mayor's message
read to the board, which will hold its last scheduled meeting next
Dated Dec. 13
Considerable'
was
Tuesday before being replaced by the new City Council after the first of the
year.
New York City—$414,518,0.50 Outlay for City Projects
Requested—Departmental requests for the city's capital outlay
budget for 1938, as published on Dec. 15 in the "City Record"
are put at a total of $414,518,050.
Of this sum $112,134,324
represents renewals of appropriations authorized in the
capital outlay budget for 1937.
The balance of $302,383,726
represents new projects and additional appropriations for
projects already under way.
The last-named category
accounts for by far the largest part of the $414,518,050 total.
This capital outlay budget will be the first under the new
city charter, and as such contains requests for many items
mentioned above, which are not to be completed within the
year.
Under the new charter, the budget will be prepared
for a six-year period by the new City Planning Commission,
and will include all major improvements in the city's physical
plant which are deemed necessary by the planning board
and the Board of Estimate, which must eventually ratify
the Commission's work.
NAVAJO COUNTY SCHOOL DISTRICT NO. 23 (P. O. Holbrook),
Ariz.—BOND SALE—The $1,000 coupon, registerable, bonds offered on
Dec. 6—V. 145, p. 3530—were awarded to the First National Bank of
Holbrook at par, as 6s.
Denom. $1,000.
Dated Nov. 1, 1937.
Intrest
payable May 1 and Nov. 1.
Due from 1938 to 1942.
SALT RIVER PROJECT AGRICULTURAL IMPROVEMENT AND
POWER DISTRICT (P. O. Phoenix), Ariz.—BIDS REJECTED—All
bids received for the $3,197,000 coupon district bonds offered on Dec. 14—
V. 145, p. 3688—were rejected.
$100,000, 1948 to 1954.
dollows:
to
Dated Oct. 1, 1937.
Due on Jan. 1 as
$200,000, 1955 to 1957; $250,000, 1958
1962 to 1964; redeemable on and
premium of M % for each year of the unexpired term,
1960; $247,000, 1961; and $300,000,
after Jan. 1, 1948 at a
not in excess of
3 %.
m
with the above report, the following information is taken
from a letter sent to us on Dec. 15 by A. W. McGrath, District Secretary;
We wish to advise that the Board of Directors of Salt River Project
Agricultural Improvement and Power District received one bid for $3,197,000 in bonds of the District advertised for sale on the 14th instant.
The bid was 95M Plus accrued interest, for 4M % bonds.
The bid was
In connection
re^Tbefollowing are the
members comprising the syndicate which presented
the bid:
Blyth & Co., Inc.
Stranahan, Harris & Co., Inc.
John Nuveen & Co.
Bosworth, Chanute, Loughridge & Co.
Eldredge & Co., Inc.
A. C. Allyn & Co., Inc.
B. B. Robinson & Co.
Stifel, Nicolaus & Co.. Inc.
Crowell, Weedon & Co.
Griffith, Wagenseller &
Van Ingen &
Durst
Redfield
&
Co.
Wm. R. Staats Co.
Schwabacher & Co.
Co., Inc.
Whiting, Weeks & Knowles, Inc.
Kennedy, Spence & Co., Inc.
Banks, Huntley & Co.
Boettcher & Co., Inc.
ARKANSAS
BLYTHEVILLE, Ark.—CITY SEEKS TO BUY WATERWORKS—A
special report from Blytheville to the Memphis "Commercial Appeal" of
Dec. 4 had the following to say:
,
,
,
City Countil last night passed a resolution authorizing
J. Herring Co., Inc., of Little Rock, to offer Robert K. John¬
$300,000 for the Blytheville Water Co. water works and system.
"Last night's action climaxed about two months of negotiations, including
an appraisal of the plant and system by representatives of the Little Rock
firm, and was the first definite offer authorized by the council.
"The Blytheville
its agent, W.
ston
Financial
3998
Chronicle
Dec.
"Proceeding under law, the council would, if a deal for purchase of the
an amount
profits derived from operation of the plant over a
period of about
30 years,
"City Attorney Roy E. Nelson has declared that no special election
will be required to float the necessary bond issue as only the water system
and revenue derived from water consumers would be pledged,
"A report submitted by the Herring Co. last night indicated that Mr.
Johnston would likely ask around $325,000 for the Blytheville Water Co.
properties."
SPRINGS
HOT
Hot
Springs),
SPECIAL
SCHOOL
Ark.—BOND SALE—The
DISTRICT
NO.
(P.
6
O.
$620,000 issue of refunding
145, p. 3530—was purchased by
Walton, Sullivan & Co. of Little Rock, as 4^s at par.
No other bid was
received, according to A. B. Rhine, District Secretary.
Dated Jan. 1,
1938.
Due from Jan. 1, 1939 to 1956; callable on Jan. 1 of any year prior
to maturity.
\
bonds
offered
for
sale
on
10—V.
Dec.
LITTLE ROCK, Ark.—BOND OFFERING—Sealed bids will be receive*!
by Mayor R. E. Overman until 8 p. m. on Dec. 20, for the purchase of a
$418,000 issue of 4% municipal auditorium bonds.
Dated Feb. 1, 1937.
Dueion Aug. 1 as follows: $10,000. 1940 and 1941; $11,000, 1942 to 1944;
$12,000, 1945 to 1947; $13,000, 1948 and 1949; $14,000, 1950 and 1951;
$15,000, 1952 and 1953; $16,000, 1954; $17,000, 1955 and 1956; $18,000,
1*57; $19,000, 1958; $20,000, 1959 and 1960; $21,000, 1961; $22,000, 1962;
$23,000, 1963; $24,000, 1964; $25,000, 1965, and $3,000 in 1966.
Interest
payable F. & A.
These bonds are issued for the purpose of paying a part
of the cost of purchasing a site for and construction and equipment of a
municipal stadium.
(A loan of like amount has been approved by the
Public Works Administration.)
NEW
Conn.-INCREASES
HAVEN,
unpaid
the holder of the document has not as yet presented it for col¬
He pointed out that the gross debt as the start of the coming year
as
lection.
will amount to
$13,146,000, against which there is a sinking fund for pay¬
$1,045,407. Early in 1938 the city will issue $1,750,-
ment of term bonds of
000 bonds for the new sewage disposal plant and the Ferry St. bridge. While
the
borrowing margin will thus be reduced by that amount, this will still
ample balance to allow for any new capital emergencies that may
leave
Statutory borrowing limit is $18,572,929, being 5% of the grand list.
arise.
DELAWARE
LEWES, Del.—BOND SALE—The issue of $36,000 3M% coupon re¬
funding bonds offered Dec. 15—V. 145, p. 3530—was awarded to Laird,
Bissell & Meed of Wilmington, at a price of 103.67, a basis of about 3%.
Dated July 1, 1937 and due July 1, 1957.
Optional after 5 years at par.
bids:
Other
:'V
Rate Bid
Rollins &
H.
Sons,
Inc
101.80
Schmidt, Poole & Co
Paul J. Nowland-
100.794
100.40
School
BONDS
Clyde C. Pierce Corporation
Barnett National Bank
LASSEN COUNTY
LOS ANGELES COUNTY
(P. O. Los Angeles), Calif.—BOND PAY¬
1—Ix)8 Angeles County, general obli¬
OF DEC.
MENTS CURRENT AS
gation, flood control, high school district, school district, drainage, water
works and sanitation district bonds aggregating approximately $150,000,000
in principal amount were up to date in both principal and interest payments
on Dec. 1, 1937, according to a survey made by Gatzert Co. of Los Angeles,
specialists in municipal and district bonds.
Of the 68 Los Angeles County acquisition and improvement districts 38
were in default of principal or interest, or both.
Of the 25 road improvement districts in the County 11 are in default of
principal or interest or both.
Four of the 36 municipal improvement dis¬
tricts and four of the five acquisition and improvement districts in the
City of Los Angeles were in default of principal or interest, or both,on
Dec. 1, the survey revealed.
A copy of the report will be sent free of charge upon request by Gatzert
Co.
JACKSONVILLE
First
National
Bank Building
SCHOOL BONDS OFFERED—L. E. Lampton, County Clerk, will receive
bids until 2 p. m. Dec. 21 on an issue of $20,000 school building bonds of
Pasadena City School District.
Bidders are to specify rate
to exceed 5%.
Denom. $1,000.
Dated Feb. 1, 1934.
of interest, not
Principal and
semi-annual interest payable at the County Treasury.
Due Feb. 1 as
foUows: $1,000, 1939 to 1950, and $2,000, 1951 to 1954.
Certified check
for 3% of amount of bonds bid for, payable to the Chairman of the Board
of Supervisors, required.
■
LOS
ANGELES
COUNTY
(P.
O.
Los Angeles),
Calif.—TEMPLE
election the voters of Temple School
SCHOOL BONDS VOTED—At a recent
District approved a proposition to issue $100,000 school bonds.
SAN
BERNARDINO
COUNTY
(P.
O.
San
Bernardino).
$57, equal to 100.076, a basis of about 2.99%.
$5,000 yearly on Dec. 1, from 1938 to 1952.
SAN
FRANCISCO
Dated Dec. 1, 1937.
Due
(City and County), Calif.—NOTE OFFERING
offering of about $2,000,000 tax anticipation
CONTEMPLATED—An
notes
will be made
from San Francisco
about Jan.
on
or
on
Dec. 14.
17, according to newspaper advices
Notes would be payable from April tax
collections.
At the present time, tax notes outstanding total $5,000,000, all of which
will be paid Dec. 21 out of first half tax revenues.
These notes were sold
last September and October in amounts of $3,500,000 and $1,500,000,
respectively.
The September sale drew a $21 premium for 1% notes due
in 104 days and the October issue was sold at a $69 premium for
^ of 1 %
notes due in 56 days.
In connection with the forthcoming January sale, it is understood the
city-county is considering the advisability of making the issue payable
through its fiscal agent in New York as well as through the San Francisco
city and county offices.
FLORIDA
S. Pierce, Resident Manager
FLORIDA
COUNTIES AND ROAD AND BRIDGE DISTRICTS—
BOND TENDERS INVITED—The State Board of Administration
will
receive until 10 a. m. Dec. 31, at the Governor's office in Tallahassee,
sealed offerings of matured or unmatured road and bridge or highway
bonds, time warrants, certificates of indebtedness or negotiable notes of
Florida Counties, and Special Road and Bridge Districts therein as follows:
Bay, Brevard, Broward, Charlotte (except McCall S. R. & B. Dist.)r
Desoto, Glades, Hardee, Indian River, Jensen R. & B. District, Martin,
Monroe, Okaloosa, Okeechobee, Palm Beach (S. R. & B. Dists., No.,
3, 8, 9, 17, 21, and Cross State Highway Bridge District), and St. Lucie.
All offerings submitted must be firm for 10 days subsequent to the date
of opening, i.e., through Jan. 10, 1938, and must state full name, descrip¬
tion and serial numbers of bonds, interest rate, date of issue, date of ma¬
turity, and price asked.
All bonds must be offered at a stated price and the offer must specifically
state exactly what coupons are attached and will be delivered with the
bonds for the price asked.
HALIFAX HOSPITAL DISTRICT
(P. O. Daytona Beach), Fla.—
connection with the call for sealed
10 of $10,000 refunding bonds, noted in these columns
October—V. 145, p. 2886—it is stated by David L. Black, Secretary of
TENDERS ACCEPTED—In
BOND
offerings
in
on
Dec.
HIGHLANDS
NOS.
3 AND
6
that the district purchased that amount at
Bonds are dated April 1, 1936.
price of 96.50.
COUNTY SPECIAL TAX SCHOOL DISTRICTS
(P. O. Sebring), Fla .—REFUNDING BONDS AVAIL¬
ABLE FOR DELIVERY—The holders of bonds of the above districts
are
being notified by the Barrow Investment Co., De Soto City, Fla., that
refunding bonds will be available for delivery on and after Dec. 20, to all
those who deposit their original bonds at the Tropical State Bank, Sebring.
HILLSBOROUGH
COUNTY (P. O. Tampa), Fla.—MUST PAY
Judge J. B. Johnson issued two mandamus
BONDHOLDERS—Circuit
orders
Dec.
4 requiring Hillsborough County to pay bondholders'
claims
aggregating more than $30,000.
The final writs were issued to Western Bank & Trust Co. of Cincinnati and
H. E. Carpenter for approximately
Calif.—
ETI WANDA SCHOOL BONDS SOLD—'The $75,000 school building bonds
of Etiwanda School District, offered on Dec. 13—V. 145, p. 3689—were
awarded to Blyth & Co. of San Francisco, as 3s, at par plus a premium of
T.
FLORIDA
a
Angeles), Calif .—PASADENA
Building
-----
Branch Office: TAMPA
the Board of Commissioners,
LOS ANGELES COUNTY (P. O. Los
•
Bidder—
E.
FLORIDA
payable to the County Treasurer, must accompany the bid.
CAPACITY—
bonding margin of $6,468,598, the latter figure, as a result of prinipal
payments in the current year, being almost $1,000,000 larger at the be¬
ginning of 1937.
The Controller also noted that sewer B bond No. 36 in
the amount of $1,000, dated July 1, 1912 and due July 1, 1937, remains
CALIFORNIA
(P. O. Westwood) Calif.—WESTWOOD SCHOOL
BOND OFFERING—Sealed bids will be received until 1 p. m. on Dec. 27,
by Maud E. Tombs, County Clerk, for the purchase of an sisue of $135,000
Westwood Unified School District bonds.
Denom. $1,000.
Dated Jan. 1,
1938.
Due $15,000 from Jan. 1, 1939 to 1947 incl.
Interest rate Is not to
exceed 5%, payable J. & J.
Bidders may bid a different rate of interest
for different maturities in multiples of M of 1%.
The award will be made
on the basis of the lowest net interest cost to the District.
No bid for
less than par will be considered and all bids must be unconditional.
The
approving opinion of Orrick, Dahlquist, Neff & Herrington, of San Fran¬
cisco, will be furnished the purchaser.
Prin. and int. payable in lawful
money at the County Treasurer's office.
These bonds were approved by
the voters at an election held on Nov. 13.
A certified check for $5,000,
BORROWING
Controller G. Henry Brethauer stated Dec. 13 that the city will start the
fiscal year on Jan. 1, 1938, with a net bonded debt of $12,100,592 and a
new
BUTTE COUNTY (P. O. Oroville), Calif,
BONDS
OFFERED—Clara A. Osborn, County Clerk, will receive bids until 2 p. rn.,
Dec. 27 for the purchase of $5,500 5% bonds of Bangor Elementary
District.
Denoms. $200, $300 and $400.
Dated Jan. 2, 1938.
i
CONNECTICUT
giant was consummated, enactto purchase calling for the issuance of revenue
onds in
sufficient ordinances the plant, the bonds to be retired
from
IS, 1937
$15,000 of principal each in two long-
pending cases.
The orders were based on a recent Supreme Court decision holding valid
more than $1,000,000 of county road bonds which were contested because
they were issued to pay for subdivision paving.
Judge Johnson ordered Mr. Carpenter's and the bank's bonds paid from
gasoline tax funds in the hands of the State Board of Administration to the
credit of Hillsborough County. Attorneys said the write would use virtually
all the county's money on hand here.
HILLSBOROUGH COUNTY SPECIAL TAX SCHOOL DISTRICT
NO.
29
(P. O. Tampa), Fla.—BOND OFFERING—Ed. J. Keefe, Chair¬
Board of Public Instruction, will receive bids until 11 a. m. Jan. 6, for
the purchase of $7,000 6% coupon bonds.
Denom. $500. Dated Dec. 1,
1937.
Principal and semi-annual interest (June 1 and Dec. 1) payable at
the Exchange National Bank of Tampa.
Due $500 yearly on Dec. 1 from
man,
1939 to 1952.
LAKE
WORTH DRAINAGE DISTRICT
—COURT HEARING
(P. O. Lake Worth), Fla.
SCHEDULED ON DEBT PLAN—It is stated by
Edwin R. Williams, Clerk of the U. S. District Court, that a hearing will be
held in this court, situated in Miami, on March 3,1938, in order to consider
the
proposed debt settlement plan under which cash payments of 15.008
exclusive of interest, are to be made to creditors of
Objections to the plan must be filed in writing before Feb. 22
cents on the dollar,
the district.
SAN JOAQUIN COUNTY (P. O. Stockton), Calif.—TRACY SCHOOL
BONDS SOLD—The $50,000 issue of Tracy School District building bonds
offered for sale on Dec. 13—V. 145, p. 3689—was awarded to the Stockton
and all claims must be filed before the date of hearing.
PORT
OF PALM
BEACH DISTRICT (P.
O. Palm
Beach), Fla.—
Savings & Loan Bank, as 3s, paying a premium of $21, equal to 100.042, a
basis of about 2.99%.
Dated Jan. 1,1938.
Duefrom Jan. 1,1939 to 1958.
PROGRESS REPORTED ON REFUNDING PROGRAM— The following new©
SAN LUIS OBISPO COUNTY (P. O. San Luis Obispo), Calif.—SALE
OF SHANDON SCHOOL BONDS NOT COMPLETED—The sale of
$30,000
Shandon Union High School District bonds to Dean Witter & Co. of San
Beach District have been exchanged for refunding bonds, port commissioners
were advised Wednesday by Thomas M. Cook & Co., of this city, their
Francisco
it is
was
on Oct. 18—V. 145, p. 2722—was not completed.
The bankers,
reported, refused to accept the issue, on the ground that the district
improperly organized and the issue was invalid.
items is taken from the Palm
Beach "Post" of Dec. 9:
Approximately 83% of the outstanding obligations of the Port of Palm
fiscal agents, in association
The exchange was made
with R. E. Crummer & Co. of Chicago.
by the First National Bank of Chicago and
involved bonds having a par value of $2,575,000.
From present indications the larger portion of the
bonds will be exchanged in the near future,
SELMA, Calif.—PRICE PAID—We are now informed by the City Clerk
that the $20,000 coupon street lighting bonds purchased on Dec. 6
by
Lawson, Levy & Williams, of San Francisco, as 3s, as noted here recently
145, p. 3848—were sold for a premium of $32, equal to 100.16, a
basis of about 2.97%.
Due from July 1, 1938 to 1949, inclusive.
The second highest bid was an offer of $28 permium on 3s, submitted by
—V.
Kaiser & Co. of San Francisco.
bonds, all bearing date of July 1, 1937.
and 5H% there¬
Series "B" bonds bear 5>£% interest for the first
two years and 6% thereafter.
This constitutes a reduction in interest of 1% for the first two years,
being sufficient to offset the 1%- commission which the refunding agency
There are two series of refunding
Series "A" bonds bear 5% interest for the first two years
after until maturity.
^
will receive for
COLORADO
DELTA, Colo.—BONDS AUTHORIZED—An ordinance has been passed
authorizing the issuance of $60,000 light and power plant extension bonds.
DENVER (City and County), Colo.—BOND CALL—John F. McGuire,
Manager of Revenue, is said to be calling for payment various storm
sewer, sanitary sewer, improvement, alley paving and street paving bonds.
Interest to cease 30 days from Dec. 31.
remaining outstanding
the refunding agents informed
the board.
handling the program.
L. R. Bishop, John
R. Wells and George W. Slaton, members of the port
M. Cook & Co. July 18the district.
The fiscal
have put forth special efforts to have theplan in operation so the bonded indebtedness of the district will be placed
on a current basis by Jan. 1, 1938.
Now that this has been accomplished, the threat of an excessive tax levy
to meet matured bonds and interest coupons is no longer feared, official©
of the port district said yesterday.
commission, entered into a contract with Thomas
to refund all outstanding bonded indebtedness of
agents and the commissioners
,
COUNTY BRIDGE AUTHORITY (P. O. De Funiak
Fla.—BOND OFFERING NOT SCHEDULED—In connection
WALTON
LARIMER COUNTY SCHOOL DISTRICT NO. 2 (P. O. Loveland),
Colo.—BOND OFFERING CONTEMPLATED—It is now reported by
Marie M. Curtis, District Secretary, that the offering of the $160,000
high school building bonds, which had been tentatively scheduled for this
month, as noted in these columns last June, will not be offered for sale
until some time in the Spring.
\
Springs),
with the $350,000 Choctawhatchee Bridge bonds approved by the voters
on Nov. 23, as noted in these columns at the time—V. 145, p. 3690—we are-
Wheeler & Co. of Orlando, who are handling the public
that the details of the issue have not been completed as
informed by Leedy,
sale of the bonds,
yet.
Volume
Financial
145
GEORGIA
r
ATLANTA, Ga.—BOND SALE DETAILS—In connection with the
private sale of the $200,000 2%% refunding bonds to the Trust Co. of
Georgia, of Atlanta, at a price of 101.375, noted in these columns recently
—V. 145, p. 3848—it is stated by B. Graham West, City Comptroller, that
the said firm headed a group in the purchase.
He states that the bonds are
dated July 1, 1937, and mature on June 30 as follows:
$7,000, 1938 to
1957, and $6,000, 1958 to 1967, giving a basis of about 2.63%.
Ga .—BONDS SOLD—It is stated that $12,000 school
bonds have been purchased by the Clement A. Evans Co. of Atlanta.
(A loan of like amount has been approved by Public Works Administration.)
DECATUR,
Ga.—BOND SALE—The $20,000 4% water works bonds
16—V. 145, p. 3848—were awarded to Johnson, Lane,
Space & Co. of Atlanta at par plus a premium of $1,100, equal to 105.50,
a basis of about 3.58%.
Dated July 1, 1937.
Due on July 1 as follows:
$500, 1938 to 1957: $1,000. 1958 to 1965, and $2,000 in 1966.
Wayne
Martin & Co. of Atlanta bid $20,837.17 for the bonds.
*
SENOIA,
offered
on
Dec.
TEMPLE LOCAL SCHOOL DISTRICT NO.
Ga.—BONDS VOTED—At a recent election the
approved
a proposal calling
42,
Carroll County,
voters
of
the
district
for the issuance of $20,000 school house bonds.
IDAHO
COUNTY
IDAHO, State of—REPORT ON MUNICIPALITIES AND DISTRICTS
received the following compilation, drawn
of Nov. 1, 1937, by Myrtle P. Enking, State Treasurer, to show the
present condition of the municipalities and districts in the State which
IN DEFAULT—We have just
up as
were
in default:
COUNTIES
Teton—Refund $109,000 outstanding.
Anticipate no diffi¬
None due.
culty in payments.
VILLAGES
Driggs—Refinanced.
Lava Hot
All interest paid to date.
Good condition.
Springs—Refinancing almost complete.
All delinquency will
be paid.
CITIES AND TOWNS
.
A
Nampa—Sewer—County by tax deed.
Payment unlikely.
Pocatello—Paving, sewer and curb.
County property.
Bondholders
declaratory judgment for apportion¬
ment of collections.
Will pay about 40%.
St. Anthony—Sewer.
County property on tax deed.
Soda Springs—Sewer and sidewalk.
County tax property.
Bonds de¬
faulted 1929.
$500 paid on each one.
Twin Falls—Paving.
County tax property.
No payment likely.
Wallace—Evidently an error.
O. A. Magnuson, City Treasurer, thinks
the last improvement bonds were paid in 1935.
Weiser—County tax deed property.
Payment unlikely.
have a suit in the district court asking
OTHER
DISTRICTS
Boundary County Drainage Districts—Refinanced through Federal loan.
Sound basis.
Old bonds paid.
IRRIGATION
DISTRICTS
Gem—Refunding through Reconstruction Finance Corporation for $212,-
500, about 25% of the delinquency.
Default due to former excessive power
and subsequent tax deeds.
Sound basis.
Fertile lands.
Lewiston Orchards—Refinancing negotiations under way with Federal
Default result of water
agencies—also to improve water delivery system.
shortage.
■Mud Lake—Project abandoned for lack of water.
No further collection
of delinquent assessments likely.
rates
MURTAUGH
SCHOOL
DISTRICT
(P.
O.
Murtaugh),
Idaho—
BONDS SOLD—It is stated by the District Clerk that the $17,000 construc¬
tion and playground bonds approved by the voters on Oct. 8, as noted in
these columns, were purchased
119933456574
Financial Statement Dec. 6,1937
by the State of Idaho.
First Security Trust Co. of Salt Lake City, as 6s at par, as noted in these
columns in November—Y. 145, p. 3041—are due on Oct. 1 as follows:
$3,000, 1939 to 1941; $4,000. 1942 to 1946; $5,000, 1947 to 1949; $6,000,
1950 to 1952; $7,000, 1953, and $1,000 in 1954.
Prin. and int. (A. & O.)
payable at the City Treasurer's office or at the Irving Trust Co., New York.
obligations
Water pipe extension certificates
Added debts (other than funded)
ALTAMONT, 111.—BONDS VOTED—At a recent special election a
proposal to issue $23,000 sanitary sewer bonds was approved by the voters.
BLANDINSVILLE, 111.—BOND SALE—An issue of $5,000 4H% road
has been sold to Vieth, Duncan, Worley & Wood of Davenport.
Due $1,000 on Dec. 1 from 1941 to 1945 incl.
bonds
Denom. $1,000.
DISTRICT,
'
V
$11,560,978.32
Tax Collection Statement {Dec.
-
Collection
a
III.—FINANCES IN EXCEL-
Taxes
Received
$49,391,635.90
50,950,102.38
65,951,321.91
72,210,667.66
*74,252,'369.32
—
1936.
1937
Tax
7, 1937)
Total City
Taxes Extended
Year—
Statement
(For
'
Levies Against
Been Issued)
Taxes
Extended
Which
$35,054,575.90
35,595,180.52
44,268,668.83
44,694,620.94
Tax
Warrants
Have
/<_■',;A
Total Tax Warrants
Issued•
Outstanding
Taxes
Received
$44,476,448.83 $31,566,134.75 $34,013,000.00
45,832,346.57
31,995,671.43
30,129,000.00
41,698,524.38
27,989,412.68
30,725,000.00
a48,482,574.94
26,661,571.60
35,424,000.00
*47,756,540.00
30,721,000.00
$4,837,000
2,988,000
3,811,000
9,463,000
30,721,000
levy—estimated to be extended.
Second half due Dec. 1, 1937.
COOK
COUNTY
(P.
O.
'
111.—CITES REDUCTION IN
DEBTS—Clayton F. Smith of
County and the Board of Forest
Preserve Commissioners of Cook County, in his annual message calls
attention to the fact that the funded debt of the county has been reduced
in the past year from $47,291,910 to $37,922,410 or a total of $9,069,500.
The funded debt of the Forest Preserve District during the same period,
COUNTY AND
Board
the
Mr.
of
PRESERVE
Commissioners
Smith states,
Chicago),
DISTRICT
of
Cook
has been reduced $569,000.
There
are
$907,000 Forest
Preserve District bonds of an optional maturity Jan. 1, 1938, the funds for
which Mr. Smith said are at present available in the sinking fund.
NILES
have
CENTER, 111.—BOND SALE—Paine, Webber & Co. of Chicago
purchased
an
issue of $57,000 4>4% fire station and equipment bonds.
OAK PARK, 111.—LEVY ON PERSONALTY RAISED 82%.—Reference
to the Federal income tax returns in making assessments for personal prop¬
erty tax lists was credited Dec. 7 by County Assessor John S. Clark for the
gain of 82% in the total assessments of Oak Park township over the 1936
assessments.
The 1937 lists for the township, which is coextensive with the village,
$10,814,693, as compared with the 1936 total of $5,949,374, and the
number of corporations, businesses, individuals and trusts assessed increased
from 6,820 to 9,743.
The total value of intangible property of individuals assessed for 1937
is listed as $4,927,413, as against $229,225 for 1936, Mr. Clark said.
total
OAKLAND, 111.—BOND SALE—N. L. Rogers & Co. of Peoria have
plant bonds at par.
Due serially
purchased an issue of $7,000 4 A % water
from 1942 to 1948 incl.
PALOS PARK,
III.—BONDS SOLD—An issue of $10,000 village hall
bonds has been sold to Lewis, Pickett & Co. ol
Chicago.
PHILADELPHIA, 111.—BOND SALE—An issue of $45,000 road bonds
has been sold to Vieth, Duncan, Worley & Wood of Davenport.
ROODHOUSE. 111.—BOND SALE DETAILS—The $60,000 4% water
bonds sold in October to N. L. Rogers & Co. of Peoria, as previously
reported in these columns, were sold at par plus a premium of $91, equal
to 100.151, a basis of about 3.99%.
Dated Jan. 1, 1938 and due in 20 years.
revenue
ROSCOE, III.—BONDS SOLD—The Second National Bank of Beloit,
Wis., purchased an issue of $5,000 3% bridge bonds.
INDIANA
BATESVILLE, Ind.—BOND SALE—The issue of $36,500 sewage dis¬
posal plant bonds offered Dec. 2—V. 145, p. 3378—was awarded to McNurlen & Huncilman of Indianapolis, at par plus a premium of $456.25 for 3s,
equal to 101.25.
Other bids were:
Bidder—
ILLINOIS
SANITARY
$588,505.37
4,593,646.34
719,114.43
584,889.46
501,555.75
4.265,112.98
308,153.99
Leases
Contract
;
;
$1,956,928,663.00
97,846,433.15
al29,419,000.00
b22,101,642.44
Sinking fund for bonds and interest
Judgments (corporate fund)
Judgments (judgment tax fund)
Judgments (special assessments)
Accrued interest on judgments
PRESTON, Idaho—BOND SALE DETAILS—It is now reported that
the $70,000 coupon water works improvement bonds purchased by the
CHICAGO
:
Assessed valuation, 1936
5% of assessed valuation
Gross funded debt
♦Tax
Special Assessments (not General Obligations)
Caldwell—Property taken over by county for unpaid taxes.
Filer—Property taken over by county for unpaid taxes.
$28,000 with
interest from 1929—probably not be paid.
Glenns Ferry—County property by tax deed.
$7,500 collected and to be
paid pro rata.
Sewer bonds.
Idaho Falls—County property by tax deed.
Payments of about $225,000
made to bondholders' committee.
Probably no more paid.
Kellogg—Paid in full.
No more delinquencies likely.
■
Lewiston—County property by tax deed.
Mullan—Interest all paid.
Balance of collections being prorated on
bonds.
3999
Taylor & Co., and L. F. Rothschild & Co., all of New York; Dean Witter
& Co., San Francisco; Burr & Co., Inc., and G. M.-P. Murphy & Co., '•
both of New York; Manufacturers & Traders Trust Co., Buffalo; Commerce
Trust Co., Kansas City; Schwabacher & Gq., San Francisco; Hayden,
Miller <& Co., Cleveland; Commercial NatlonaPBank & Trust Co., Kansas
City; Whiting, Weeks & Knowles, Boston; John Nuveen & Co., Chicago;
Morse Bros. & Co., Inc. and James H. Causey & Co., both of New York;.
Robinson, Humphrey & Co., Atlanta, and B. B. Robinson & Co., Chicago.
a Bonds due Jan.
1, 1938, $22,730,000.
b Bonds to be redeemed Jan. 1,
1938, from sinking fund for bonds and interest, $12,730,000.
Bonds due
Jan. 1, 1938, to be refunded, $10,000,000.
INDEPENDENT SCHOOL DISTRICT NO. 8
(P. O. Parma), Idaho—BONDS TO BE SOLD— It is stated by the District
Clerk that $2,500 building completion bonds will be purchased by the State
Department of Public Investments.
'
CANYON
Chronicle
Batesville State Bank
Fletcher Trust Co._
FAIRFIELD
—
Bidder—
Premium
Premium
-$366.00 A. S. Huyck & Co
---.$124.10
303.00 Indianapolis Bd. & Share Corp. 56.00
SCHOOL TOWNSHIP (P. O.
Auburn), Ind.—BOND
SALE—The issue of $22,200 bonds offered Dec- 10—V. 145, p. 3531—was
awarded to the Indianapolis Bond & Share Corp. of Indianapolis, as 4s, at
plus a premium of $1,429, equal to 106.43.
The Fletcher Trust Co.,
Indianapolis, second high bidder, offered a premium of $1,156.
par
HAMMOND, Ind.—BOND OFFERING—G. B. Smith City Comptroller,
Dec. 27, for the purchase of $124,000
will receive sealed bids until 2 p. m. on
LENT CONDITION—Indicating that the sanitary district of Chicago has
materially strengthened its financial position during the current year,
R. A. Woodhull, president of the district, states that funded debt has been
reduced $8,643,500, interest on all outstanding bonds has been paid, and
3% judgment funding bonds of 1937.
Dated Dec. 26, 1937.
Denom.
$1,000.
Due Dec. 15 as follows:
$18,000 from 1945 to 1950, incl. and
$16,000 in 1951.
Principal and semi-annual interest payable at the City
Treasurer's office.
The bonds, according to the notice of sale, will be
time the district has no defaults either in interest or principal.
Woodhull, was made pos¬
exempt from taxation and shall constitute full faith and credit obligations
of the city.
No bid for less than par and accrued interest will be considered.
A certified check for 3 % of the bonds bid for must accompany each proposal.
at the present
This financial accomplishment, according to Mr.
sible by refunding of the district's debt in 1935. Economies, and curtailments
of unnecessary expenditures, following upon the refunding, have made it
possible for the sanitary district to live within its income and to pay promtply
every obligation incurred.
The corporate budget of the sanitary district this year will be approxi¬
mately $400,000 more than last year, Mr. Woodhull said, accounted for
by a partial restoration of salaries. The salary restorations include increases
of the union scales for various crafts, amounting to approximately $300,000.
An added $50,000 will be needed for payment to the State of the sales tax
on
electrical ccurrent that the district sells,
Woodhull said
that
a
the sanitary
district was ever mindful of its
obligation not to increase unnecessarily the carrying charge of the taxpayer.
In this, he said, the district had been successful, as it had not increased its
rate, but had actually reduced the rate through the sinking fund and in¬
Mr.
terest levies.
The district is engaged in a construction program which will be com¬
pleted in 1938 and will cost $60,062,000.
Prior to the beginning of this
year $33,664,907 of this work had been completed.
During the current
year work completed amounted to $11,371,523, making a total of $45,036,430 completed.
Funds for the construction program were raised in $41,938,000 bonds sold to the Public Works Administration, a $16,692,000
grant from the PWA, a $339,793 profit on government bonds, and $1,092,000 in sanitary district of Chicago funds.
City will furnish at its own expense the approving Legal opinion of Matson,
Ross, McCord & Clifford or Indianapolis.
Bonds will be printed and
furnished by the city for delivery about Dec. 27.
INDIANA (State of)—REFUNDING OF DEFAULTED BONDS—'The
"Indianapolis Commercial" of recent date reprinted the following letter
by Hon. Omer Stokes Jackson,
State Attorney General, to Hon.
sent
Robert
Hougham,
Executive Secretary,
Teachers'
Retirement Fund
Retirement Fund is the owner of securities issued by municipalities which
both as to principal and interest.
You state further that in
corporations issuing the securities have entered into agree¬
bondholders for the refunding of such bonded indebtedness
involving, in some cases, the reduction of the interest rate, and in others
have defaulted
these cases the
ments with the
simply an extension of time for the payment of the bonds.
You inquire as
to whether the Indiana Teachers' Retirement Fund Board is authorized to
accept such refunding bonds in exchange for
by the Board,
This
the defaulted securities held
department has held that the board has no authority to trade in the
exhausted with respect to
have been made in securi¬
eligible under the statute for such investments. The board, of course,
would have the further power to do such reasonable things as would be
involved in the collection of the securities held by it and the question arises
in this case as to whether the procedure suggested can be said to be a
reasonable process of collection. 1 think it is doubtful whether the principle
can be stated in any less general terms than as already stated in the opinion
of Sept. 25, 1937, addressed to yourself as Executive Secretary of the
Teachers' Retirement Fund Board and that each case would, therefore,
necessarily have to be determined upon its own peculiar facts.
Generally
speaking, I think the procedure outlined would be valid and within the
authority of the board, subject to the supervisory control of the Department
securities held by it and that the board's power is
the investment of funds when these investments
ties
CHICAGO, 111.—BOND SALE—The Chase National Bank of New York
headed a syndicate which obtained the award on Dec. 14 of an issue of
$10,000,000 refunding bonds of 1938, the successful bid being a price of
101.14 for 3s, a basis of about 2.83%.
Issue is dated Jan. 1, 1938 and due
$1,250,000 each Jan. 1 from 1941 to 1948, inclusive.
The successful banking group made public re-offering of the issue at
prices to yield from 2% to 2.95%, according to maturity.
Others in the
purchasing group were: National City Bank of New York; Bankers Trust
Co., New York; Paine, Webber & Co., Chicago; A. C. Allyn & Co., Inc.,
New York; Stifel, Nicolaus & Co., St. Louis; Estabrook & Co.,Kean,
B.
Board of Indiana:
I have before me your letter in which you state that the Indiana Teachers'
Financial
4000
Chronicle
(P.
O.
Wichita),
Kan.—BOND
bonds approved by the voters on Dec. 7—V. 145, p. 3850—will be offered
before March 1.
He also states that the offering of
Ol Versailles). Ind.—BOND OFFERING
Township Trustee, will receive bids until 1 p. m.
Jan. 3, for the purchase of the following bonds:
822,000 Johnson School Township school building bonds.
Denom. $880.
Due 81,760 Jan. 1, 1940, and $880 each six months from July 1,
1940 to July 1, 1951, inclusive.
11,000 Johnson Township community building bonds.
Denom. $1,000.
Due $1,000 yearly on Jan. 1 from 1940 to 1951.
Bidders are to name rate of interest, in a multiple of H%, but not to
exceed 4M%.
Interest payable Jan. 1 and July 1. Approving opinion of
Matson, Ross, McCord & Clifford of Indianapolis will be furnished to the
purchaser.
JOHNSON TOWNSHIP (P.
for sale some time
—Harrison Courtenay,
MONROE
DISTRICT
IS, 1937
SALE CONTEMPLATED—It is stated by Louis Gerteis. Secretary-Treas¬
urer of the District, that the $688,314 building, equipment and site purchase
original security.
$110,000 refunding bonds has been put off until June, 1938.
WILSON COUNTY
(P. O. Fredonia), Kan .—BOND SALE—The
$9,500 issue of 2H% semi-ann. unemployment relief bonds offered for sale
Dec. 13—V. 145, p. 3850—was awarded to the First National Bank of
Fredonia, paying a premium of $202.35, equal to 102.13, according to
Due from Feb. 1,
W. D. McGinnis, County Clerk.
Dated Nov. 1, 1937.
T
on
1939 to 1948.
WINFIELD, Kan-INTEREST RATE— It is now reported that the
$140,000 incinerator improvement and sewage disposal works bonds pur¬
jointly by the Harris Trust & Savings Bank of Chicago, and Estes &
Co. of Topeka, at 100.368, as noted in these columns recently—V. 145, p.
3850—were sold as 2He, giving a basis of about 2.18%.
Due from Dec. 1,
1938 to 1947, incl.
chased
(P. 0„ Alexandria), Ind.—BOND
building bond issue offered Dec. 13—V. 145,
SCHOOL TOWNSHIP
SALE—The $60,000 school
SCHOOL
WICHITA
Control, depending upon the fact thatjjtlcan"be shown that
the procedure is a reasonable and necessary step in the collection of the
of Audit and
Dec.
ted Nov. 15, 1937 and due
B 3531—were awarded to theas follows: $2,000 July 1, 1939; $2,000 Jan. 1
Commercial Bank & Trust Co., Alexandra,
a
and July
to
1 from 1940 to 1949, incl.; $3,000 Jan.
1 and July 1 from 1950
KENTUCKY
1952, inclusive.
r
BULLITT COUNTY (P. O. Shepherdsville), Ky.—SCHOOL BONDS
PUBLICLY OFFERED—The Bankers Bond Co. of Louisville is offering
IOWA
GRINNELL, Iowa—BONDS SOLD—It is stated by the City Clerk that
$11,000 2Yi% refunding bonds have been purchased by
&
Sparks, or Des Moines.
$70,000 4% Public School Corporation, closed first
Dated Sept. 1, 1937. Due on Sept. 1 as follows: $4,000,
Prin. and int. (M. & S.) payable
at the Peoples Bank of Shepherdsville.
The bonds are said to be callable
at par and accrued interest on 30 days' notice, on any interest payment date.
Legality approved by Woodward, Dawson & Hobson, of Louisville.
The
validity of these bonds is to be passed on by the State Court of Appeals.
The financing of this project ana the rental contract are said to have been
approved by the State Department of Education.
for public subscription
Shaw, McDermott
mortgage bonds.
Dated Sept. 1, 1937.
1939 to 1948, and $5,000, 1949 to 1954.
MASON CITY INDEPENDENT SCHOOL DISTRICT, Iowa—BONDS
VOTED—The residents of the District recently gave their approval to a
proposal to issue $120,000 school building bonds.
MUSCATINE INDEPENDENT SCHOOL DISTRICT (P. O. Musca¬
tine),
Iowa—BOND SALE—The $280,000 high
school
building bonds
on Dec. 15—V. 145, p. 3849—were awarded to the White-Phillips
Corp. of Davenport and the Harris Trust & Savings Bank of Chicago as
2%s, at par plus a premium of $4,526, equal to 101.616, a basis of about
2.61%.
Due on Jan. 1 as follows: $24,000, 1947; $25,000, 1948; $26,000,
1949: $27,000, 1950; $28,000, 1951 and 1952; $29,000, 1953; $30,000, 1954;
§31,000, 1955, and $32,000 in 1956. The Carleton D. Beh Co. of Des
Moines bid a premium of $4,501 for 2%% bonds.
offered
CATLETTSBURG
PUBLIC
SCHOOL
CORPORATION
(P.
O
Catlettsburg), Ky.—BONDS PUBLICLY OFFERED—The Bankers Bond
of Louisville is offering for general subscription $25,000 4H% first
mortgage bonds.
Denom. $1,000. Dated Nov. 1, 1937.
Due on Nov. 1
as foUows: $3,000, 1947; $2,000, 1948; $3,000, 1949; $2,000, 1950; $3,000,
1951 to 1953, and $2,000, 1954 to 1956.
Prin. and int. (M. & N.) payable
at the Kentucky Farmers Bank, Catlettsburg.
Legal approval by Wood¬
ward, Dawson & Hobson, of Louisville.
The bonds are callable on any
interest payment date at a price of 103.00.
This building and improvement
program is said to have been recommended and approved by the State
Department of Education.
Co.
INDEPENDENT SCHOOL DISTRICT (P. O. New
Iowa—BOND SALE—The $25,000 issue of building addition
145, p. 3690—was awarded to Shaw,
McDermott & Sparks, of Des Moines, as 3s, paying a premium of $262,
equal to 101.04, a basis of about 2.89%. Due from Dec. 1,1940 to 1957.
NEW SHARON
Sharon),
bonds offered for sale on Dec. 8—V.
KENTUCKY, State of—ADDITIONAL INFORMATION—It is now
reported by Robert Humphreys, Commissioner of Highways, that associated
with Almstedt Bros, of Louisville, in the purchase of the $915,000 bridge
revenue, Project No. 13 bonds, as 3s at par, on Nov. 23, as noted in these
columns—V. 145, p. 3532—were J. J. B. Hilliard & Son, of Louisville, the
Security Trust Co. of Lexington, W. L. Lyons & Co., James C. Wilison &
Co., Stein Bros. & Boyce, the Bankers Bond Co., the Urban J. Alexander
Co., O'Neal, Alden & Co., and Dunlap, Wakefield & Co., all of Louisville.
SARGEANT BLUFF, Iowa—BOND SALE—The $4,000 issue of water
on Nov. 18—V. 145, p. 3228—was purchased
by Jackley & Co. of Des Moines, as 3££s, paying a premium of $25, equal
to 100.625, according to the Town Clerk.
works bonds offered for sale
SIOUX CITY, Iowa—BOND OFFERING—It is stated that C. A.
Carlson, City Treasurer, will receive bids until 1:30 p. m. on Jan. 5, for
the purchase of an issue of $100,000 airport bonds.
Bidders to name the
rate of interest.
Dated Dec. 1, 1937.
Due on Nov. 1 as follows: $5,000,
1939 to 1946, and $6,000, 1947 to 1956.
Prin. and int. (M. & Nf) payable
PENDLETON
COUNTY
(P.
O. Falmouth),* Ky.—SCHOOL BONDS
PUBLICLY OFFERED—The Bankers Bond Co. of Louisville is offering for
public subscription $70,000 4% Public School Corporation bonds.
Dated
Oct. 1, 1937.
Due from Oct. 1, 1939 to 1954.
Prin. and int. (A. & O.)
payable at the Falmouth Deposit Bank.
Legality approved by Wood¬
ward, Dawson & Hobson, of Louisville.
These bonds are callable at par
and accrued interest on 30 days' notice before any interest pyament date
in inverse order of maturity.
The development of this system is said to
have been recommended and approved by the
State Department of
the
City Treasurer's office.
The approving opinion of Chapman &
Cutler of Chicago, will be furnished.
A certified check for 2% of the
bonds bid for is required.
(This notice supersedes the offering report given in these columns recently.
—V. 145, p. 3849.)
at
SIOUX CITY, Iowa—MATURITY—In connection with the sale of the
$10,000 safety lane revenue bonds to Shaw, McDermott & Sparks, of
Des Moines, as 4s, at par, noted in these columns recently, it is stated by
the City Treasurer that the bonds mature on Jan. 1 as follows:
$3,000,1939
and 1940, and $4,000 in 1941; optional on any interest date.
Education.
STAMPING GROUND, Ky.—BOND OFFERING—It is stated by O. N.
Jameson, Town Clerk, that he will receive sealed bids until Dec. 20, for
the purchase of a $3,750 issue of 5% semi-annual fire equipment bonds.
Dated Jan. 15, 1938.
Due in 18 years.
These bonds were approved by
the voters on Nov. 2, by a count of 100 to 13.
KANSAS
HADDAM
CITY, Kan.—BOND SALE—The $30,000 general obligation
water works bonds offered on Dec. 13—V. 145, p. 3850—were awarded to
the Lathrop-Hawk-Herrick Co. of Wichita.
Tne successful bid was par
less 1% for expenses, the bonds to mature over 12 years, these coming due
the first six years to bear interest at 3% and the remainder at 8H%>
LOGAN
SCHOOL
DISTRICT,
Kan.—BOND
ELECTION—At
LOUISIANA
EUNICE, La.—BONDS NOT SOLD—The $20,000 issue of not to exceed
6% semi-annual public improvement bonds offered on Nov. 16—V. 145, p.
2888—was not sold as ail the bids were rejected, according to the Town
Clerk.
Dated Oct. 1, 1937.
Due from Oct;T, 1938 to 1947, incl.
an
election called for Dec. 21 a proposition to issue $45,000 school building
bonds will be submitted to a vote.
LOUISIANA,
SEDGWICK COUNTY (P. O. Wichita), Kan.—BOND OFFERING—
required.
Dec. 7—V. 145, p.
water
works
times licked.
,
f
.
TONGANOXIE,
bonds.
Interest
yet.
Due
serially in 10 years. We are informed by the City Clerk that these bonds will
be offered for sale as soon as possible.
y
rate
is
fixed
not
as
Kansas City,
Chicago, 111., and Stern Brothers & Co.,
SUNSETT"La.—BONDToFFERING^-Sesiied
premium of $15.61 per $1,000.
*
premium of $15.01 per $1,000.
i
Series 439—No bid submitted.
Inc., Chicago,
MacDonald, Kansas City, Mo.:
111.,
and
Callender,
Burke
&
Series 437—Par, accrued interest, plus a premium of $11.62
per $1,000.
Series 438—Par, accrued interest, plus a premium of $12.81
per $1,000.
Series 439—Par, accrued interest plus a premium of $7,693
per $1,000.
Northern Tr. Co., Chicago, 111., and Boatmen's Nat. Bank, St. Louis, Mo.:
Series
437—Par, accrued interest, plus a premium of $13.82 per $1,000.
Series 438—Par, accrued interest, plus a premium of $12.29
per $1,000.
Series 439—Par, accrued interest, plus a premium of $3.63
per $1,000.
City National Rank & Trust Co., Kansas City, Mo., and The SmallMilburn Co., Wichita, Kan.:
Series 437—No bid submitted.
Series
438—Par, accrued interest, plus
a
premium of $11.60 per $1,000.
Series 439—Par, accrued interest, plus a premium of $3.03
per $1,000.
.
WEST CARROLL PARISH CONSOLIDATED SCHOOL DISTRICT
Lathrop-Hawk-Herrick Co.; Ranson-Davidson Co., Wichita, Kan., and
Columbian Securities Corp., Topeka, Kan.:
Series 437—Par, accrued interest,
plus a premium of $15.05 per $1,000.
Series 438—Par, accrued interest,
plus a premium of $15.05 per $1,000.
Series 439—Par, accrued interest, plus a
premium of $7.84 per $1,000.
Lazard, Freres & Co.,
bids will be received until
for the purchase of
$25,000 issue of 6% semi-annual gas system bonds.
Due from Feb. 1,
1939 to 1958.
These bonds were approved by the voters on Dec. 7.mi
(P. O. Oak Grove), La.—BOND OFFERING—Sealed bids will be
received until 2 p. m. on
Jan. 4, by O. E. Huey, Secretary of the Parish
School Board, for the purchase of a $25,000 issue of school bonds.
Interest
rate is not to exceed
6%, payable J. & J.
Denom. $500.
Dated Jan. 4,
1938.
Due from Jan. 4, 1939 to 1963.
These bonds were approved by the
at an election held on Dec. 7.
The approving opinion of Clay,
Dillon & Vandewater of New York, will be furnished.
A certified check
for $300, payable to the Treasurer of the Parish School Board, must ac¬
voters
company
the bid.
MAINE
MAINE
The Brown-Crummer Co., Wichita, Kan.:
Series 437—Par, accrued interest,
plus a
Series 438—No bid submitted.
Governor Leche,
a
NO. 2
interest, plus a premium of $10.39 per $1,000.
Mercantile Commerce Bank & Trust Co., St. Louis, Mo., and Estes &
Co., Topeka, Kan.:
Series 437—Par, accrued interest, plus a premium of $16.56
per $1,000.
Series 438—Par, accrued interest, plus a
premium of $15.48 per $1,000.
Series 439—Par, accrued interest,
plus a premium of $7.59 per $1,000.
Blythe & Co., Inc., Chicago, 111., and Baum, Bernheimer Co.:
Series 437—Par, accrued interest, plus a premium of $15.56
per $1,000.
Series 438—Par, accrued interest,
plus a premium of $14.73 per $1,000.
Series 439—Par, accrued interest,
plus a premium of $4.83 per $1,000.
The Dunne-Israel Co., Wichita, Kan.:
,
Series 439—No bid submitted.
booming in Louisiana, said
2 p. m. on Jan. 20, by Roland R. Sibille, Village Clerk,
1
a
were
new industries in the State and six other big corporations expanding
their plants.
He laid the improved situation largely to a constitutional amendment
1
♦Series 439—Par, accrued
plus
Things
with 80
Mo.:
Series 437—No bid submitted.
Series 438—Par, accrued interest,
BUSI¬
Director.
Since the adoption of the amendment, said Governor Leche,
industry had invested $47,000,000 in the State.
"As a consequence of these investments," he said "we have not felt the
recession in Louisiana.
I think we felt the depression more than most
States, because of the program Huey Long instituted, and now we hardly
know there is a recession. Our theory is that prosperity is based on circula¬
tion of money—the spending power of the masses of the people.
If the
people have money to spend everybody is prosperous; if they haven't it
you are bound to have a depression.
Also, you can't have work without
an investment of capital and you can't have investment of capital unless
you havp some assurance of safety.
In Louisiana we give that assurance."
♦Series 437—Par, accrued interest, plus a premium of $18.37 per $1,000.
♦Series 438—Par, accrued interest, plus a premium of $18.37 per $1,000.
Series 439—Par, accrued interest, plus a premium of $9.57
per $1,000.
P. S. Moseley & Co., Chicago, 111.:
Series 437—No bid submitted.
Series 438—No bid, submitted.
IMPROVED
{rovided for which A. B. Patterson is Chairman, and Ernest E. Jancke a
ndustry, of the establishment of a State Department of Commerce and
WICHITA, Kan.—LIST OF BIDS—The following is an official tabula¬
tion of all the tenders received for the three issues of bonds, aggregating
$215,268.71, that were awarded on Dec. 6 (the successful bids are noted
below by asterisks) as carried in detail in our issue of Dec. 8:
Series 437—Park bonds, $18,000, interest 2^%. dated Nov. 1, 1937.
Series 438—Curb, gutter, paving and sewer bonds, $54,268.71, interest
2H%, dated Nov. 1, 1937.
Series 439—Refunding bonds, $143,000, interest 2H %, dated Dec. 1, 1937.
Bidders and Issues Bid—
Harris Trust & Savings Bank,
of—GOVERNOR REPORTS
providing exemption from the 8H mills property tax for outside industries
entering the State and for old ones expanding their plants, providing only
residents of Louisiana got the new jobs involved.
The amendment also
Kan .—BONDS VOTED—At the election held on
3532—the voters approved the issuance of the $15,000
extension
State
NESS CONDITIONS—Governor Richard W. Leche of Louisiana, in a
New York interview on Dec. 13, stated that his State seemed to have hard
Claude N. Cartwright, County Clerk, will receive bids until 10 a. m. Dec. 20
for the purchase of $50,000 2)4% poor relief bonds.
Denom. $1,000.
Dated Dec. 10, 1937.
Int. payable June 10 and Dec. 10.
Due serially
on Dec. 10 from 1938 to 1947.
Certified check for 2% of amount of bid,
(State
BOARD ASSUMES JURISDICTION
restoring financial soundness,
the cost of government, three insolvent towns in Maine re¬
cently were taken over by the Maine Emergency Municipal Finance Board;
while 13 other Maine towns have acted to "de-organize" during the last
three years, according to reports to the International City Managers'
of)—STATE
OVER THREE TOWNS—With the object of
or
of (jutting
Association
■
The Emergency Finance Board is a State agency authorized by 1933-37
legislation.
The Act, as amended, provides that the Board may take
control of any municipality that drops a year and half behind in the pay¬
ment of State taxes; defaults on bond issues, or goes broke for any reason
other than disbursements for emergency relief.
When the Board takes over
a municipality, it may declare any and all town offices vacant and tem¬
porarily fill and supervise them.
The Board retains control of affairs until
it feels that the municipality can resume operations. '
The other 13 towns have "de-organized" because the cost of continuing
the town government was
ment
have passed
believed excessive.
Eight of these local govern¬
completely out of the picture, their normal function
absorbed by State and county.
The other five abandoned the
of government in favor of a "plantation," a simplified form.
town form
The "de-
organization" takes place by local referendum, after passage of a special
Act by the State Legislature.
<
PORTLAND WATER DISTRICT
(P. O. Portland), Me.—BOM?
OFFERING—Sealed bids addressed to the Board of Trustees, 16 Casco St.,
Portland, will be received until 4 p. m. (Eastern Standard Time) on Dec. 20
Volume
Financial
145
P^chase of $100,000 2}^%
1938.
Denom. $1,000.
coupon
Due Jan. 1, 1958.
water bonds.
Dated Jan. 1,
Principal and interest payable
The bonds are issued under
at the National Bank of Commerce of Portland.
the supervision of and certified
as to genuineness by the National Bank of
Commerce, Portland, and no bonds will be valid without such certification.
Approving legal opinion of Cook, Hutchinson, Pierce & Connell of Portland
will be furnished the successful bidder.
All legal papers incident to this
issue will be filed with the National Bank of Commerce where that may be
inspected.
Delivery will be made at that institution.
•
LAWRENCE,
$10,344,157.02
3,242.51
Cash
Materials and supplies
Sinking fund investments
Special deposit for bond interest
Special deposit for bonds matured
Bond discount unamortized.
Deposits in closed banks
i;
,
_
____
-
____ ________
MALDEN, Mass.—NOTE OFFERING—Walter E. Milliken, City Treas¬
received bids until 7:30 p.m. Dec. 17 for the purchase on an interest
basis of $200,000 revenue anticipation temporary loan notes, dated Dec. 20,
urer,
._
$11,342,247.00
,
said
bank.
$6,614,000.00
_
78,129.17
503,000.00
Bond issue 1927-1937-1916-1917
Bond premium
1,038.00
1,028,476.77
reserve
103,900.00
reserve
43,696.61
18,558.78
12,001.16
6,269.17
41,240.00
Accident and liability insurance reserve.
reserve
Other permanent reserve
Injuries and damages reserve
Deposits in closed bank reserve
Uncollectible bills reserve
denominations
in
suit
to
purchaser.
973.04
__
as of Dec. 1, 1937
1935
1936
1937
$2,550,236.06 $2,606,308.58 $2,640,351.36
5,540.48
239,746.56
862,742.58
2,886,000.00
2,627,810.91
258,189.09
746,329.89
Gross debt
Net debt
Sinking funds.
2,533,311.95
........i.i.229,210.30
Cash
1938.
Other bids
1,409.58
Expense Fiscal Year of 1936
Revenue—
^
-
$590,205.86
Jobbing...;.
.............._....w.
6,412.62
Miscellaneous rentals
2,863.00
Bond premium (amortized)
519.00
Interest...............
............
626.72
Miscellaneous-income^..
..............1,474.33
Sales of water...........
.........
..............
...
.....
-
.....
...
Total......
$602,101.53
—.
Expense—
Operation
Depreciation
;
a *^
■_____
______
Interest
.
w.-i'.
$145,256.57.
116,800.76
'
265,190.25
...
66,659.96
100.00
680.94
Sinking fund appropriation
Sinking fund expense..—
Coupon expense
Amortization of debt discount
7,145.73
.
12,032.23
Rebates, refunds and uncollectible bills.
$613,866.44
Total
Deficit.........
11,764.91
i..........-
....
COUNTY
(P.
O.
NEW
BEDFORD,
Rockville), Md.—BONDS PUB¬
Chicago, which purchased the
Mass.—NOTE SALE—The $300,000 revenue anticipation
on Dec.
15 were awarded to the Second National Bank of
0.185% discount basis. The notes are payable Nov. 15, 1938.
The New England Trust Co. of Boston bid 0.19% discount, plus $3 pre¬
mium.
NORFOLK COUNTY (P. O. Dedham), Mass.—NOTE OFFERING—
Ralph D. Pettingell, County Treasurer, will receive bids until 11 .am.
Dec. 21 for the purchase at discount of $50,000 tuberculosis hospital mainte¬
nance notes.
The notes will be in the following denominations: 1 at $25,000,
2 at $10,000 and 1 at $5,000.
They will be dated Dec. 21, 1937, and payable April 5, 1938, at the First
National Bank of Boston, in Boston, or at The Central Hanover Bank &
Trust Co. in New York.
Delivery will be made on or about Dec. 22. at
the First National Bank of Boston, 17 Court Street Office, Boston.
Said notes will be authenticated as to genuineness and validity by the
First National Bank of Boston, under advice of Ropes, Gray, Boyden &
Perkins, and all legal papsrs incident to this issue will be filed with said
Bank, where they may be inspected.
PALMER, Mass.—NOTE SALE— On Dec. 14 an issue of $50,000 notes,
due June 17, 1938, was awarded to R. L. Day & Co. of Boston on a .26%
discount basis.
The Second National Bank of Boston bid .284% discount.
Other bids
$195,000,000
Assessed valuation, 1937-38
119,091,115
Total bonded debt, Dec. 1, 1937
*10,554,800
*
Includes approximately $3,385,000 debt incurred for school purposes.
In Maryland, scnool debt is a county obligation as there are no separate
Pull value of taxaole property, estimated
Population,
1930
estimate, 65,000.
United
~
t
^
•
*•"*''* - *
..v^.i -v
• ■
Tyler & Co__^-__
1934-35
$885,019
873,277
98.7 %
30—
_
1937
Percentage.
.
„
1935-36
$1,378,597
1,365,455
99.0%
1936-37
$1,534,949
1,512,465
98.5%
____
0.47%
$400,000 revenue anticipation
awarded to the National Shawmut Bank of
Mass.—NOTE SALE—The
notes offered on
Dec.
17
were
.35% discount basis.
Dated Dec. 17, 1937 and
each of the dates Aug. 24 and Sept. 21, 1938.
a
on
on
Mass .—LOAN OFFERING—Albert P. Briggs, Town
Treasurer, will receive bids until noon on Dec. 20 for the purchase at
discount of $300,000 revenue notes, dated Dec. 20, 1937 and due Oct. 19,
BROOKLINE,
1938,
RANDOLPH, Mass.—NOTE SALE—The First National Bank of Bos¬
14 an issue of $50,000 notes at 0.44% discount.
ton was awarded on Dec.
Due Dec.
15, 1938.
Other bids were as follows:
Discount
Bidder—
Tyler & Co
16
an
0.509%
-
0.54^
0.55'
0.59<
Home National Bank of Brockton
Merchants National Bank of Boston
National Shawmut Bank___
0.59%
STOUGHTON, Mass.—NOTE SALE—The $100,000 revenue note issue
offered Dec. 9 was awarded to the Merchants National Bank of Boston,
at 0.26% discount.
Dated Dec. 17, 1937 and due Nov. 10, 1938.
Other
Didswere:
■
Discount
Bidder—
New England
0.28%
I
Trust Co
0.28%
___-_-___-_0.289%
0.30%
—
__0.55%
premium),
TAUNTON, Mass .—NOTE SALE—The issue of $200,000 revenue
anticipation notes offered Dec. 14—V. 145, p. 3851—was awarded in equal
amounts to the Merchants National Bank and the Shawmut National Bank,
both of Boston, each institution having bid a rate of 0.38%.
Dated Dec.
15, 1937, and due $100,000
each on Aug. 3 and Sept. 1, 1938.
bids were as follows:
Discount
Bidder—
Chace,
Whiteside & Co
Jackson & Curtis
—
Merchants National Bank
First Boston Corp
First National
Bank of Boston
Co
Wrenn Bros. &
Boston wasawaraedon Dec.
payable
WAKEFIELD, Mass.—NOTE SALE—The Second National Bank of
awarded on Dec. 14 an issue of $150,000 notes at 0.349% dis¬
count.
Due $50,000 each on Oct. 28, Nov. 10 and Dec. 8, 1938. Other
MASSACHUSETTS
Mass.—NOTE SALE— The
0.44%
Boston was
BOSTON, Mass.—NOTE SALE—The issue of $3,000,000 notes offered
Dec. 17 was awarded to the First Boston Corp.
which bid par and interest
rate of l%%.
Dated Dec. 20, 1937 and due Nov. 2, 1938.
CAMBRIDGE,
0.39%
__________
Wrenn Bros & Co______
Chace, Woiteside & Co. (plus $2
West Newton Savings Bank..
,
Tax Collection Record
Collected to June 30,
Discount
0.33%
0.33%
include the debt of other political
levy txaes on property witnin this county.
Population,
48,897.
,
Fiscal Year July 1 to June
follows:
Norfolk County Trust Co
Second National Bank of Boston
Census,
The above financial statement does not
Amount of tax levy
as
1937
States
subdivisions having power to
were
Bidder—
First National
Merchants National Bank
Wrenn Bros. & Co
Financial Statement
Co..
on a
Boston
City.
&
offered
$200,000
:• .»* *
Harriman
SALE—Brown
NEWTON,
par—V. 145. p. 3850—are now offering for public invest¬
ment $203,500 3H% coupon refunding bonds at prices to yield from 2.50%
to 3.10%, according to maturity.
Dated Jan. 1, 1938.
Denom. $1,000.
Due Jan. 1 as follows: $20,000 from 1943 to 1951 incl. and $23,500 in 1952.
Principal and interest (J. & J.) payable at the Chase National Bank,
N. Y. City, or at the Montgomery County National Bank, Rockville.
The bonds, according to bond counsel, are full and direct obligations of the
county, payable from unlimited ad valorem taxes on all of its taxable
property.
Legality to be approved by Masslich & Mitchell of Nev York
v
Mass.—BOND
Inc., of New York recently purchased an issue of $150,000 2K% relief
Dated Dec. 1, 1937. Due $15,000 annually on Dec. 1 from 1938 to
1947 incl. Interest payable J. & D. Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
LICLY OFFERED—John Nuveen & Co. of
districts.
0.36%
0.365%
0.44%
:
bonds.
QUINCY,
issue recently at
,
Discount
Frederick M. Swan & Co
Wrenn Bros. & Co.
Bancamerica-Blair Corp
MARYLAND
MONTGOMERY
follows:
were as
Bidder—
National Shawmut Bank of Boston
Boston
$11,342^247.00
hand
on
MEDFORD, Mass.—NOTE SALE—The First National Bank of Boston
was awarded an issue of $200,000 notes at 0.359% discount.
Due Aug. 15,
notes
Revenue and
Said
genuineness and validity by the National
Financial Statement
Long-term debt retired through surplus
school
be
will
Tax levy
Uncollected taxes
Contributions for permanent assets
Profit and loss
.
Notes
notes will be authenticated as to
_
Bond interest matured
Sinking fund
Notes are payable on Nov. 1, 1938, at the National Shawmut Bank
Boston, in Boston, and will be ready for delivery on or about Dec. 20
they may be inspected.
_
Annuities
at
Shawmut Bank of Boston, under advice of
Ropes, Gray, Boyden & Perkins,
and all legal papers incident to this issue will be filed with said bank, where
Notes payable. _
..........
...
67,000.00
Consumers' deposits..4,580.80
Bond interest accrued
55,451.67
Depreciation
municipal
84,258.60
18,828.82
79,802.50
503,000.00
53,923.80
118,679.14
Accounts receivable
.
coupon
3,333.00
133,021.61
;
Liabilities—
Bonds.
$70,000
on Dec. 14—V. 145, p. 3851—were awarded to
Spence & Co. and Tyler & Co., both of Boston, on a bid of
100.79 for 234s, a basis of about 2.10%.
Dated Dec. 1,1937.
Due $7,000
yearly on Dec. 1 from 1938 to 1947.
The Bancamerica-Blair Corp. of
Boston bid 100.375 for 234s.
Kennedy,
of
Notes receivable
Mass.—BOND SALE—The
relief loan bonds offered
1937.
-V
Balance Sheet Dec. 31, 1936
Permanent assets (cost)
4001
Chronicle
First National
Bank of
issue of $500,000 notes atO.27% discount.
Other bids were as follows:
Discount
Bidder—
0.32%
Jackson & Curtis. _
Second National Bank
0.362%
Wrenn Bros. & Co
Leavitt & Co....
0.382%
Due July 28, 1938.
Bidder—
Discount
0.44%
National Shawmut Bank
—
0.37%
0.39%
0.43%
0.468%
0.505%
0.56%
WATERTOWN, Mass.—NOTE SALE—The $100,000 revenue anticipa¬
tion notes offered on Dec. 15 were awarded to the New England Trust Co.
of Boston on a 0.219% discount basis.
Due Sept. 15, 1938.
The Second
National Bank of Boston bid 0.297% discount.
0.44%
EVERETT, Mass.—BOND SALE—The $122,000 coupon bonds otfered
awarded to Newton, Abbe & Co. ot Boston,
2Ks, at 101.184, a basis of about 2.14%. The sale consisted of:
$92,000 municipal relief bonds. Due Dec. * as follows: $10,000 from 1938
to 1946 incl. and $2,000 in 1947.
30,000 water main bonds.
Due $2,000 annually on Dec. 1 from 1938 to
We
Buy for Our Own Account
Dec. 15—V. 145, p. 3851—were
as
„
MICHIGAN MUNICIPALS
„
1952 incl.
Each issue is dated Dec.
1, 193V
.
Other bids were as follows:
Int. Rate
Bidder—
Tyler & Co
--
2j^%
-
101.099
234%
—:
________
234 %
234%
100.333
101.277
HOLYOKE, Mass.—NOTE SALE— The $450,000 revenue anticipation
offered Dec. 16 were awarded to the Second National Bank of Boston,
0.297% discount.
Due Aug. 17, 1938.
Other bids were:
Bidder—
Discount
Bidder—
Discount
First Nat. Bank of Boston.-.0.32%
Mansfield & Co
Merchants Nat.Bk. of Boston 0.34%
Leavitt & Co
0.414%
notes
at
0.39%
Wrenn Bros & Co
DETROIT
Telephone CHerry 48W
A. T. T. Tel. DET 547
100.548
HAVERHILL, Mass.— BOND SALE—The $50,000 municipal relief loan
bonds offered on Dec. 17 were awarded to Tyler & Co. of Boston on a bid
of 100.299 for 234s, a basis of about 2.20%.
Dated Dec. 1, 1937. Due
$5,000 yearly on Dec. 1 from 1938 to 1947.
Jackson & Curtis
Cray, McFawn 8l Company
100.655
234 %
______
Goldman, Sachs & Co
Kidder, Peabody & Co
100 751
234 %
Bancamerica-Blair Corp
Chace, Whiteside & Co
Estabrook & Co
Rate Bid
0.44%
MICHIGAN
BROWNSTOWN TOWNSHIP (P. O. Flat Rock), Mich.—TENDERS
WANTED—Frank Vreeland, Supervisor, announces that sealed tenders
will be received until 1 p. ra. on Dec. 29 covering offers for sale to the town¬
ship, at not more than par and accrued interest, of Brownstown Special
Assessment Improvement District No. 1 refunding bonds of the issue of
July 1, 1934, due July 1, 1944.
It is also announced that for failure to re¬
ceive acceptable tenders of said bonds, thereupon bonds numbered 85 and
86 of the above-mentioned issue are and the same shall be called and re¬
deemed as of Jan. 2, 1938, as provided in the resolution of the Township
Board adopted Dec. 4.
Bonds with interest and coupons attached will be
payable at par and accrued interest out of sinking funds upon presentation
'(?Wk
Financial
4002
at the State
Savings Bank, Flat Rock, at any time on Jan. 3, the preceding
day being a legal holiday.
CHESTERFIELD TOWNSHIP SCHOOL DISTRICT NO. 6, Macomb
County, Mich.—REFUNDING APPROVED—The State Loan Board has
approved a proposal to refund bonds totaling $19,000 and interest totaling
$3,610.
The refunding bonds and Interest refunding certificates are to be
term callable, the bonds to be due Sept. 1, 1957, the certificates Sept. 1,
3947.
Mich.—TAX COLLECTIONS HIGHER—Tax collections
of the city as of Nov. 29. 1937 amount to 53.21% of the levy for the fiscal
year ending June 30, 1938, according to a study of the city's credit position
made by Hipkins & Topping, One Wall St., N. Y. City.
The collections
of 53.21% compare with 50.41% on the same date last year and 46.25%
of the same date of 1935.
The study indicates that Detroit
than $25,000,000, as compared with
has at present a cash position of more
less than $1,000,000 on June 30, 1933.
The survey points out that the city has no large bond maturities to meet
for several years and has been operating on a cash basis for a number of
years and therefore has no floating debt.
The study estimates that interest
saved by the city on its last two years refundings is sufficient to pay off the
short term serial maturities issued at that time.
nothing could be found to substantiate rumors that
industry was moving out of Detroit.
Total building construction and
development programs during 1937-38 are estimated at $100,000,000 o
which $40,000,000 is accounted for by the expansion program of the Ford
The report states that
Motor Go.
a
optional
Dec.
basis of about 2.995%.
on
ISANTI
1937
IS,
Due $2,000 from Dec. 1, 1939 to 1963
Doc. 1, 1951.
COUNTY
(P. O. Braham), Minn.— WARRANT OFFERING
—M. E. Norell, County Auditor, will receive bids until 2 p. m. Dec. 20 for
the purchase of $20,000 5 % county welfare fund w arrants.
Denom. $ 1,000.
LE SUEUR COUNTY INDEPENDENT SCHOOL DISTRICT NO. 91
(P. O.
Le Center), Minn.—BOND SALE—The $38,000 building bonds
on Dec. 7—V. 145, p. 3693—were awarded to
the Justus F. Lowe
Co., Minneapolis: Harold E. Wood & Co., St. Paul, and the Wells-Dickey
Co., Minneapolis, jointly, as 2^s, at par plus a premium of $176, equal to
100.463, a basis of about 2.69%.
Dated Dec. 1, 1937. Due on July 1 as
follows:
$2,500, 1939 to 1952, and $3,000 in 1953.
Figures on relief expenditures indicate that on Nov. 30, 1937 the city's
cases
totaled 14,955 as against 16,610 on November of last year,
and 35,985 in November, 1935.
Mich.—BOND OFFERING—Sealed bids addressed to
Carrie Huff, City Clerk, will be received until noon on Dec. 18 for the pur¬
DOWAGIAC,
chase of $19,500 4% water works revenue bonds.
Dated Dec. 1, 1937.
Denoms. $1,000 and $500.
Tenders will be acted upon Dec. 20.
Principal
and interest (J. & D.) payable at Dowagaic.
A certified check for 5% of
the bid must accompany each
HARRISON
TOWNSHIP
SCHOOL
DISTRICT
1,
Macomb
INKSTER. Mich.—REFUNDING APPROVED—The State Public Debt
has approved the refunding of $781,000 special assessment
The refunding bonds are to mature July 15, 1965, with option of
prior payment.
bonds.
IRONWOOD,
OTHER BIDS—The following bids were also received:
Bidder—
Interest
Trust & Savings Bank; Chemical Bank &
described in these columns—V.
145, p. 3851:
Financial Statement
begins March 1.
Population, 1930 Census, 14,299; present,
15,000.
Year of incorporation, 1889.
Are there now any past
interest for which money not set aside? No.
Has munici¬
pality ever failed in last 10 years to pay bonds or interest when due? No.
Assessed valuation, 1937
$8,560,170
Total bonds now outstanding
437,000
Total floating debt
6,480
Sinking funds, none.
All bonds are serial.
Is any bond refunding
comtemplated? Yes.
Amount
and
when—$382,000—Dec.
20,
1937.
Special revenue bonds, none.
estimated,
due bonds and
Tax Collection Record (Do not Include
Special Assessments)
C^oUcct'ioYio
Amount of
Year—
Levy
End Fiscal Yr.
$214,700.76
202,410.70
200,972.60
220,606.60
1937.
Moseley & Co
Phelps, Fenn & Co., and Wells-Cickey Co
Lehman Bros.; Bancamerica-Blair Corp.; Estabrook
& Co., and Piper, Jaffray & Hop wood
•___
The National City Bank of New York; L. F. Rothchild & Co.. and J. M. Dain & Co
Bankers Trust Co., N. Y.; Brown-Harriman & Co.;
Northwestern
1936
-
National
$179,160.75
177,816.40
191.576.10
Penalty date or dates for taxes of latest tax levy shown above, Aug. 10,
1937.
CITY, Mich.—BOND SALE DETAILS—The $6,000 bridge
bonds
purchased as 3}4s by Braun, Bosworth & Co. of Toledo, as pre¬
viously reported in these columns—V. 145, p. 3851—were sold at par plus
a premium of $20, equal to 100.33, a basis of about
3.43%. Due $1,000
annually on Nov. 1 from 1940 to 1945 incl.
OWOSSO, Mich.—BOND SALE—The issue of $32,000 refunding bonds
offered
Dec. 13—V. 145, p. 3851—was awarded to Stranahan, Harris &
Co. of Toledo, as 3s, at par plus a premium of $204.80, equal to 100.64,
basis of about
2.89%.
Dated Nov. 1, 1937 and due Nov.
$2,000 in 1938, and $3,000 from 1939 to 1948 Inclusive.
1 as.follows:
Trust
300
50
200
of
Inc
2.40%
by Charles
Dec. 31,
bonds.
Interest rate is not to exceed 5%, payable J. & J.
Denom. $1,000.
Dated
Jan. 1, 1938.
Due on Jan. 1 as follows: $12,000, 1941 to 1944, and $13,000,
1945 to 1968, all incl.
The bonds are to be issued under and pursuant to
Chapter 341, 1933 Session Laws, for the purposes and use of the Board of
Trustees of the Minneapolis-St. Paul Sanitary District in the construction,
on
system
maintenance and operation of a sewage disposal system in the district.
A
certified check for 2% of the bonds bid for, payable to H. C. Brown,
City
Treasurer, is required.
ROCHESTER
SCHOOL
DISTRICT
(P.
O.
BOND
Rochester),
Minn.—
OFFERING—Sealed bids will be received until 4:30 p. m. on
Jan. 17, by R. W. Chadwick, District Clerk, for the purchase of a $50,000
issue of coupon grade school addition bonds.
Denom.
$1,000.
Dated
March 1, 1938.
Due on March 1 as follows:
$15,000, 1941 and 1942, and
$20,000 in 1943. The successful bidder will be required to furnish the bonds
ready for signatures.
No bid for less than par and accrued interest will be
considered.
These bonds were approved at the election on Nov. 23, at
which
time
the
voters
turned
down
another
proposition
calling for the
issuance of
$800,000 in school building bonds, as noted in these columns—
V. 145, p. 3693.
A certified check for 5% of the bid, payable to the Presi¬
dent of the Board of Education, is required.
ROSEAU
INDEPENDENT
SCHOOL
DISTRICT
NO.
41
(P.
O.
Roseau), Minn.—BONDS TO BE SOLD—We are informed by the District
Clerk that $50,000 3% school building bonds have been
approved by the
voters, to be sold to the State of Minnesota.
Denominations $3,000 and
Dated July 1,
when funds
are
1938.
available.
Due from
1943 to 1956, to be redeemable
Interest payable July 1.
SHELLY, Minn.—BOND SALE— The $10,000 issue of 3% semi-ann.
works construction bonds offered for sale on Dec. l3—V.
145, p.
3693—was purchased at par by the State Bank of Shelly, according to tne
Village Recorder. Dated Dec. 1, 1937. Due $500 from Dec. 1, 1938, to
1957 incl.
water
STILLWATER
CITY
SCHOOL DISTRICT
(P.
O.
Stillwater),
Minn.—BOND SALE—The two issues of coupon bonds
aggregating $247,on Dec. 15—V. 145, p. 3693—were awarded to the First
500, offered for sale
National Bank of St.
100.10,
a
Paul as 3s, paying a premium of $247.50, equal to
basis of about 3.72%, to maturity.
The issues are described as
follows:
$95,000 grade school building bonds.
Due from 1941 to 1963; redeemable
after i943.
152.500 junior high school building bonds.
deemable after 1952.
was
Due from
1941
to
1963;
re¬
received, according to the Secretary of the Board of
Education.
Offering* Wanted:
LOUISIANA
&.
MISSISSIPPI
MUNICIPALS
(City reserves the
right to sell not more than $19,000 worth of bonds).
Issue is dated Oct. 1,
1937.
Denom. $1,000.
Due $1,000 on Oct. 1 from 1939 to 1963 incl.
Principal and interest (A. & O.) payable at the City Treasurer's office.
A certified check for $500. payable to the order of the City
Treasurer, must
pay
1,100
2.20%
Co.
2.20%
2.20%
Minn.—BOND OFFERING—It is stated
will receive sealed bids until 8 p. m. on Dec. 27 for the purchase of
$25,000
not to exceed 6% interest general obligation bonds.
City will furnish legal opinion and will
$1,150
1,125
C. Swanson, City Clerk, that he will receive bids until 9:30 a. m.
the purchase of a $360,000 issue of sewage disposal
SANDUSKY, Mich.—BOND OFFERING—S. E. Bissonette, City Clerk,
each proposal.
printing the bonds.
&
2.20%
2.20%
for
No other bid
ST.
CHARLES,
Mich.—BOND SALE POSTPONED—William C.
Krause, Village Clerk
states that the sale of $41 000 4% water works
system bonds scheduled for Dec. 14—V. 145 p. 3693—was postponed.
Dated Jan. 1
1938 and due Jan. 1 as follows:
$1 000, 1940 and 1941;
$1,500 from 1942 to 1947 incl. and $2,500 from 1948 to 1959 incl.
accompany
Bank
Minneapolis and Mannheimer-Caldwell,
Halsey, Stuart & Co
$4,000.
Dec. 1,1937
$181,879.22
189,512.65
187,364.14
208,1119.40
Premium
Harris
Mich.—FINANCIAL STATEMENT—The following is
fiven in connection with the Dec.obligation refunding bonds, previously
20 offering of $382,000 not to exceed
y2% interest water and general
MARINE
OFFERED FOR INVESTMENT—'The successful bidders rethe above bonds for general subscription at prices to yield from
to 2.30%, according to maturity,
0.60%
MINNEAPOLIS,
NO.
Commission
1935
1934
BONDS
offered
proposal.
County, Mich.—REFUNDING APPROVED—The State Loan Board has
approved the proposal to refund bonds totaling $52,000 and interest totaling
$2,900.
The refunding bonds and interest refunding certificates are to be
term callable, the bonds to be due Sept. 1,1967, the certificates Sept. 1, 1942.
Fiscal year
MINNEAPOLIS, Minn.—BOND SALE—The $500,000 issue of coupon
or registered water works bonds offered for sale on Dec.
14—V. 145, p.
3693—was awarded to a group composed of Phelps, Fenn & Co. of New
York, the Harris Trust & Savings Bank of Chicago, and F. S. Moseley &
Co. of New York, as 2.20s, at a price of 100.231, a basis of about 2.155%.
Dated Dec. 1, 1937.
Due $50,000 annually from Dec. 1, 1938 to 1947. incl.
Trust Co., and F. 8.
■
relief
a
100.02,
offered
DETROIT,
as
■k
Chronicle
Bond
Department
WHITNEY NATIONAL
NEW
for
Bell
SOUTHFIELD TOWNSHIP SCHOOL DISTRICT NO.
10, Oakland
State Loan Board has
approved the district's request to refund bonds totaling $59,000 and interest
totaling $15,413.75.
The refunding bonds and interest refunding certifi¬
BANK
ORLEANS, LA.
Teletype N. O. 182
Raymond 5409
County, Mich.—REFUNDING APPROVED—The
cates are to
cates June
be term callable, the bonds to be due June 1,
1967, the certifi¬
1, 1947.
VERNON TOWNSHIP SCHOOL DISTRICT NO. 7 (P. O.
Durand),
Mich.—BONDS APPROVED—The Public Debt Commission has
approved
an issue of $164,000
refunding bonds, to mature serially from 1939 to
1959, inclusive.
WARREN TOWNSHIP SCHOOL DISTRICT NO. 2
(P. O. Warren),
Debt Commission has approved
Mich.—BONDS APPROVED—The Public
refunding of $162,000 bonds and bond interest totaling $39,390.
.
WAYNE COUNTY
—B.
(P. O. Detroit), Mich.—PWA TO TAKE ISSUE
received Nov.
12.
increase of $6,386,536 over current biennium.
Commission will also recom¬
mend that the Governor be granted the authority to make budget adjust¬
ments in event revenue drops below estimates.
Anticipated surplus of
$5,335,730 as of June 30,1938, is set up by the Commission to offset revenue
loss estimated at 5.83%.
Included in the budget is a proposed appropria¬
tion of $8,630,245 for debt service, of which $5,439,000
represents
and
principal
$3,173,745 interest
noted in these
PRENTISS,
State bonds.
on
until 7:30 p. m.
of
an
Miss.—BOND OFFERING—Sealed bids will be received
on Jan. 4, by B. G. Walker, City Clerk, for the purchase
$11,00J issue of water main extension bonds.
Bidders to
name
the
of interest.
Dated Feb. 1, 1938.
Due as follows:
$500, 1939 and
1940, and $1,000, 1941 to 1950.
These bonds were approved at an election
rate
YPSILANTI,
Mich.—BOND OFFERING DETAILS—As previously
columns, the city is making a new offering on Dec. 20 of the
$120,000 general obligation sewage disposal bonds, the sale of which was
postponed from Dec. 6 at the request of the Public Debt Commission,
which pointed out that the maturity schedule would have to
be revised in
accordance with the provision of the election at which the loan was author¬
ized.
State Budget Commission, of which Governor Hugh L. White is Chair¬
will recommend to 1938 Legislature biennial budget of $35,566,124,
man,
B.
Pelham, Clerk of the Board of County Auditors, states that the
Public Works Administration will
shortly purchase at par the issue of
$802,000 4% garbage disposal system revenue bonds for which no bids
were
MISSISSIPPI
MISSISSIPPI, State of—BUDGET INCREASE RECOMMENDED—
A special report from Jackson to the "Wall Street Journal" of Dec. 15 had
the following to say:
Sealed bids for the issue will be received by H. C.
Holmes, City Clerk,
Bidder is required to name a rate of interest
Bonds will be dated Dec. 1, 1937.
Denom.
until 7.30 p.m. on Dec. 20.
of not more than 3H%.
$1,000.
Due $5,000 annually on Dec. 1 from 1938 to 1961 incl.
Redeem¬
able at the city's option on any interest date after four
years from Dec. 1,
1937, provided a six month's written or public notice is given to holder of
the bonds.
Principal and interest (J. & D.) payable at the
held
on
Dec. 3, by
a count
of 114 to 8.
MISSOURI
Markets in all
BONDS
State, County & Town Issues
City Treasurer's
office.
City to furnish transcript of proceedings.
Bids are to be made
subject to legal opinion of purchaser's attorneys.
Successful bidder to pay
cost of legal opinion and of printing bonds.
A certified check for 5% of
the bid, payable to the order of the City Treasurer, must
accompany each
proposal.
INDEPENDENT
SCHOOL
DISTRICT
NORBORNELAND
NO.
(P. O.
Bayport), Minn.—PRICE PAID—It is now reported that the $50,000
building bonds purchased by Harold E. Wood & Co. of St. Paul, as noted
in these columns recently—V. 145, p. 3852—were sold as
3s, at a price of
LANDRETH
BUILDING, ST. LOUIS, MO.
MISSOURI
MINNESOTA
BAYPORT
SCHERCK, RICHTER COMPANY
15
DRAINAGE
DISTRICT
(P.
O.
Norborne),
Mo.—BONDS SOLD—It is stated by Anna D. Franken, Secretary of the
Board of Supervisors, that $66,000 4% semi-ann. refunding bonds were
purchased at par by the Carroll
March 15, 1938 to 1953.
County Trust Co. of Carrollton.
Due from
Volume
Financial
145
ST. JOSEPH SCHOOL DISTRICT
kik—^e $80,000
periods
sold
POTOSI, Mo.—BOND SALE—A $12,000 block of bonds was
recently to the Mississippi Valley Trust Co. of St. Louis at par.
(P. O. St. Joseph), Mo.—BOND
offered on Dec. 13—V. 145,
coupon refunding bonds
Mississippi Valley Trust Co., St. Louis, and
Baum, Bernheimer Co. of Kansas City, jointly, as 3s, at par plus a
premium of $1,046.40, equal to 101 038, a basis of about 2.93%.
Dated
Feb. 1, 1938.
Due Feb. 1, 1958.
The Harris Trust & Savings Bank of
Chicago and the Empire Trust Co. of St. Joseph joined in bidding a premium
of $949.60 for 3 % bonds.
P. 3534—were awarded to the
the
,
MONTANA
CASCADE COUNTY (P. O. Great Falls), Mont.—BOND
CALL—It is
announced that the following bonds will
Road improvement, issue of Jan. 1,
be retired on Jan. 1, 1938:
1919, 5% bonds Nos. 95 to 100.
Payable at the Harris Trust & Savings Bank, Chicago.
Public highway, issue of Jan. 1, 1920,
6% bonds Nos. 171 to 185.
Payable at the Irving Trust Co., New York City.
Public highway, issue of Dec. 1, 1920,
6% bonds Nos. 281 to 290.
Payable at the Irving Trust Co., New York City.
Refunding, issue of Jan. 1, 1921, 6% bonds Nos. 113 to 125. Payable at
County Treasurer's office, Great Falls.
Refunding (special relief), issue of Jan. 1, 1923, 5% bonds Nos. 81 to 90.
Payable at the Irving Trust Co., New York City.
Rural school district No. 3 (unit), issue of July 1,1918, 6% bonds Nos. 24
to 26.
Payable at County Treasurer's office. Great Falls.
O.
Bel-
fp. m. on Dec. 27, by A. E. Hall, District Clerk, will the purchase
ade), Mont.—BOND OFFERING—Sealed bids for be received
of an
GALLATIN
COUNTY
issue of $11,075 refunding bonds.
able semi-annually.
NO.
DISTRICT
SCHOOL
until
exceed 6%, pay¬
Interest rate is not to
Dated Jan. 1, 1938.
(P.
44
Amortization bonds will be the
first choice and serial bonds will be the second choice of the school board.
Whether amortization or serial bonds are issued, they will be redeemable
in full
interest payment date from and after five years from the date
certified check for $1,107.50, payable to the Clerk, must
the bid.
(These bonds replace the $14,673.46 issue that was originally offered for
sale on June 8.)
of
on any
issue.
A
accompany
GILA COUNTY SCHOOL DISTRICT NO. 66 (P. O. Roosevelt),
Mont.—BOND SALE—An issue of $35,000 school building bonds was sold
recently to Refsnes, Ely. Beck & Co. of Phoenix, as 434s, at par plus a
premium of $188.58, equal to 100.538.
ROOSEVELT
COUNTY
17 (P. O. Culreported by the District Clerk
DISTRICT NO.
SCHOOL
bertson), Mont.—PRICE PAID—It is
that
now
the
$7,000 gymnasium-auditorium bonds purchased by the State
Land Board, as poted here recently—V. 145, p. 3694—were sold as 5s at
par.
Due in 20 years, optional after five years.
TOOLE
COUNTY
M°nt.—-BOND
SCHOOL
DISTRICT
OFFERING—Sealed
bids
will
NO.
14
O.
(P.
received
be
Shelby),
until Jan.
14,
by W. B. Martin, District Clerk, for the purchase of a $35,000 issue of
construction bonds.
Interest rate is not to exceed 6%, payable J. & D.
Dated Dec. 30,
These bonds were
1937.
Payable in 20 years from dtae.
approved by the voters on Nov. 6.
NEBRASKA
SIDNEY, Neb.—BOND SALE DETAILS—Vie are now advised by the
HAMPSHIRE
MANCHESTER, N. H.—LOAN OFFERING—F. D. McLaughlin, City
Treasurer, will receive bids until 2 p. m. on Dec. 21. for the purchase at
discount of $400,000 tax anticipation notes of 1937.
Dated Dec. 21, 1937.
Denoms. $25,000, $*0,000 and $5,00u.
Payable July 15, 1938 at tne First
National Bank of Boston, or at tne Central Hanover Bank & Trust Co.,
New York Citv.
Tnev will be ready for delivery about Dec. 22 in Boston,
or about Dec. 23, 1937, in New York City.
The notes will be authenticated
as to genuineness ana validity by the First National Bank of Boston, under
advice of Ropes Grav, Boyden & Perk-ns of Boston.
Financial Statement Dec.
Valuation:
Tax
1936—
Year—
Levy
—
1935
$3,061,541
to
$3,580,174
$3,285,736
10,411
—
Uncollected
12,642
1,368,647
date
11993448208
FORT
N. 3.—COURT SIGNS JUDGMENT ORDER—A writ
LEE,
Tax anticipation notes outstanding against 1936, None; 1937. $300,000
(not including this issue).
$900,000 held by the Committeee for Bondholders of the Borough of Fort
Lee was signed by United States District Judge William Clark in Newark
on Dec. 13 and filed in the office of the clerk of the Federal Court on the
following day.
Judge Clark denied the request of Arthur T. Vanderbilt,
committee counsel, that the writ direct the borough to segregate the tax
money derived from the special levy in order to insure payment of regular
instalments of principal and interest on the judgment.
In making the
request. Mr. Vanderbilt is reported to have alleged that the money might be
diverted to other purposes and thus necessitate further application to the
court for a contempt order.
Judge Clark is said to nave replied:
"If they
do, I suppose I will have to send the officials to jail."
William A. Stevens,
counsel to the State Municipal Finance Commission, wnich is supervising
tne borough's affairs, declared that the order would be complied with in
every particular.
That part of the writ ordering a tax levy to liquidate the
judgment is given herewith:
*
"It is on tnis 13tu day of December, 1937, on motion of Arthur T. Vander¬
bilt. Attorney of relators, Ordered that a peremptory writ of mandamus
forthwith issue out of and under the seal of this court, commanding Arthur
E. Kerwien, Rocco Ciccone, John J.
Aikens, Michael T. Jennings,
Heft, Edwin D. New and Albert Nelson, constituting the
the Borough of Fort Lee, in the
Due June 5
-
—
-
— —
—
—
.
-
-
—
wis:::::::::::::::::-..1946
......—
-
-I
.
.
.
1952-111-—I
40,529.84
39 116.01
37,702.17
36,288.35
34,874.52
33,460.68
32.046.85
30,633.02
66,214.45
63,386.79
60,559.12
1947:::::::::::::::::::::
1950
1951
27,562.10
40,841.60
69042.12
.......
-
$17,277.74
27,562.10
40,841.60
39,822.93
38 409.09
36,995.26
35.581.43
$34,555.48
55,124.20
81,683.20
80,352.77
77 525.10
74,697.43
71,869.78
i
— —
Due Dec. 5
$17,277.74
Annual Levy
Year—
34.1e7.60
32.753.77
31,339.94
29,926.10
28,512.27
29,219.19
27,805.36
26,391.53
57,731.46
54 903.80
——52,076.14
49.248.55
27,098.44
25,684.61
24,270.86
24,977.69
—
the total of said sums
being the amount necessary to
satisfy said execution,
plus legal interest thereon by the year 1952."
Judge Clark also stated that the order requiring liquidation of
ment shall not in any respect jeopardize the right of the bondholders
the judg¬
and
any balance remaining
credited on the principal of
is paid shall be
after all interest in arrears
such judgment."
of
affairs
N. J.—TAX COLLECTIONS HIGHER
The minute?
the Municipal Finance Commission meeting of Dec. 3 concerning the
of the Borough, include the following data on the collection of taxes:
4
The collections of 1937 taxes to date amount to $326,049.40 or 00.68%
FORT LEE,
$607,370.67.
Collections of 1936 taxes ^correspond¬
of the 1936 levy of $618,935.82.
amount to $401,483.10 or 64.8l/o
ing period were $319,536.49 or 51.63%
Total collections of 1936 taxes now
of the levy of $618,935.82.
Total collections of 1935 taxes now
of the
levy of $663,443.26.
Collections
•
of tax title liens in
_
^
amount to
_
1937 to date amount to
compared with $71,976.64 for a similar period in
Collections of assessment title liens amount to
611.33
as
$^7
$461,291.56 or 69.53%
,
$17,881.64 as comparea
corresponding period in 1936.
in 1937 to date
amount to $iz,-
of assessments receivable
compared with $13,861.92
$82,397.04 as
1936.
collected in 1936 for a
similar period.
LAKEWOOD TOWNSHIP, N. J.—APPROVES f?50,000.
ING ISSUE— The Township Committee Dec. 2 passed on final
INCORPORATED
1180
Raymond Blvd., Newark
MArket 3-1718
A. T; &^T^Teletype
,New York Wire:
NWRK 24
REctor 2-2055
REFUND¬
reading an
rhe
providing for issuance of $750,000 in refunding bonds,
proceeds will be used to pay the indebtedness to the State school runa,
delinquent State and county taxes and other obligations.
The issue pro¬
vides for raising about $70,000 more than the debts to be refunded.
I he
surplus was included to cover expenses of floating the issue and paying tne
"discount" at which it is expected the bonds will be sold.
— Q,nWni,
Despite that most of the bonds are to be taken over by the State Sinking
Fund Commission at par, they cannot be issued directly to that body,
Committeeman Sam Kite said, but must first be disposed of to bond
ordinance
Colyer, Robinson $ Company
com¬
proportionate share of such other funds as may be dis¬
tributed to creditors by the borough.
In this connection. he said:
"It is further ordered that nothing in this order shall affect the right of
relators to receive their proportionate share of any cash on hand which
may be distributed to creditors of the Borough of Fort Lee, and any such
payments shall be credited upon said judgment, and the amounts of all
credits shall be applied first in the reduction of interest on such judgment,
mittee to receive its
Collections
Semi-monthly summary available
Charles
Borough Council
County of Bergen, and Edwin B. Cavanagh, Assessor of said Borough, and their successors in office to forthwith
assess and levy a tax in and for the year 1938, and each year thereafter, to
and including 1952. upon all the property witnin the Borough of Fort Lee,
in addition to the regular taxes, and at the same time, and in the same
manner, and under the same conditions, restrictions and regulations as
taxes for other purposes are required to oe assessed in such Borough, the
amount set opposite each of said years in the following table, to-wit.:
oc
with $25,649.90 for a
NEW JERSEY MUNICIPAL BONDS
of
mandamus ording the borough to provide by annual taxation over a period
of years from 1938 to 1952, incl. for payment of a judgment of more than
of the 1937 levy of
1,1937
1937.
$85,165,879
Tax title loans._
None
1936
1937
$85,038,060
90,115
titles
EDGEWATER, N. J.—BONDS AUTHORIZED—On Dec. 7 the Bor¬
ough Council adopted on final reading an ordinance authorizing the issuance
of $45,000 Works Progress Administration project bonds.
1944
City Clerk that the $40,000 234% street improvement bonds purchased
recently by the Wachob-Bender Corp. of Omaha, as noted in thfse columns
—V. 145, p. 3694—were sold at par,
Coupon bonds dated Jan. 1, 1938.
Denom. $1,000.
Due from Jan. 1, 1940 to 1948.
Interest payable J. & J.
NEW
74.4% and 66.4%, it was said.
On the basis of the results for
the current year, the city expects to lead all other New Jersey resident
communities witn budgets exceeding $1,000,000 with regard to the per¬
centage of current tax collections this year, Mr. Nooney declared.
A
substantial increase in delinquent tax receipts was also noted.
These
totaled $760,449.10, or 74.4% of the amount outstanding, according to
report.
Collection of arrears in the 11 months of 1936 were 73.3% and for
1935 they were 60.6%.
The volume of delinquent taxes at the start of
1935 was $2,573,739, while as of Jan. 1, 1937 the figure had been reduced
to $1,021,399.58.
Commenting on the figures, the Tax Collector pointed out that Linden
and Kearny, both industrial towns, are perenniai leaders in tax collections,
with South Orange usually next in line.
East Orange was in 8th position
last year, in contrast with a rank of 19th when he assumed office, according
to Mr. Nooney.
"We are still gaining, and I expect we'll be right behind
Linden and Kearny this year," he added.
were
1941.
CENTRAL
NEBRASKA
PUBLIC
POWER
AND
IRRIGATION
DISTRICT (P. O. Hastings), Neb.— BOND PURCHASE AGREEMENT
—It is stated by the Secretary of the Board of Directors that the Public
Works Administration has agreed to purchase at par the $11,053,000 4%
power development completion bonds which secure the loan portion of the
$20,096,000 allotment approved by President Roosevelt last August, as
noted in these columns at the time.—V. 145, p. 1620.
_
4003
Chronicle
'■^0'
NEW
ASBURY
JERSEY
PARK, N. 3.—APPROPRIATES $5,000
TO FACILITATE
REFUNDING ASSENTS—The Mnicipal Finance Commission under date
amended resoltuion adopted by the Mayor and City
Council authorizing the refunding agent to expend up to $5,000 for the
payment of services of agents employed for the purpose of facilitating the
receipt of consents to the plan of refunding which was approved by the
State Supreme Court on July 21, 1937.
In approving the proposal, the
Court specified that the city should secure the consent of 85% of the creditors
on or before Dec. 31, 1937.
of Dec. 10 approved an
BURLINGTON, N. J.—BOND SALE—Award of the $146,000 coupon
registered refunding bonds offered on Dec. 16—V, 145, p. 3694—was
made to C. C. Collings & Co. of Philadelphia, bidding $146,381.17 for
or
J144,0001937. Due Dec. 1 to 101.653, a basis of about 3.08%. Dated
3J4% bonds, equal follows: $5,000, 1938 to 1941; $6,000, 1942
1,
an.
as
1945; $7,000, 1946 to 1948; $8,000, 1949 to 1951: $9,000, 1952 to 1954;
$10,000, 1955 and 1956, and $8,000, 1957.
E. H. Rollins & Sons of
Philadelphia and J. S. Rippel & Co. of Newark submitted the next best
bid, offering to pay $146,013.07 for $144,000 3)i% bonds.
to
>
BUTLER
SCHOOL
DISTRICT,
N.
equal to 100.324, for 3^% bonds, a basis of about 3.46%.
Dated Jan. 1,
1937.
Due Jan. 1 as follows: $5,000, 1939 to 1955; and $6,000 in 1956.
CAPE MAY POINT, N. J.—BONDS APPROVED—The State Funding
Commission has approved the proposal of the city to issue $42,000 funding
bonds..
EAST ORANGE, N. 3.—REPORTS
■
-1
:
HIGHER COLLECTION OF TAXES
Mayor Charles H. Martens on Dec. 11, Citv Tax
Collector Harold E. Nooney pointed out that during the first 11 months of
the present year a total of 82.2% of the 1937 tax levy of $3,681,613 had
been collected.
Comparable figures for the two preceding 11 months'
—In a report made to
frona his
take
,
02
ctt/
Fund Commission takes them over from the
why can't they take them directly from the township
"If the Sinking
at par
basis?"
J.—BOND SALE—The $91,000
registered school bonds offered on Dec. 14—V. 145, p. 3694—
awarded to H. L. Allen & Co. of New York on a bid of $91,294.84,
coupon or
were
should be exposed," Mr. Kite said after the
"The State Treasurer said he would take practically the whole issue at par,
but they have to be sold to a brokerage concern at a big discount first ana
the taxpayers of Lakewood have to stand the loss."
A joint committee of the township officials and the Lake\^°d Taxpaym
Association conferred with State Treasurer Albright in Trenton several
weeks ago.
In their report to the Township Committee they said tn^ivir.
Albright had urged them to issue bonds covering the entire neoe^ary
refinancing of the township. Mr. Albright later sent an assistant
office to Lakewood to prepare a plan.
The joint committee had iirst
suggested to Mr. Albright that the State Sinking fund Commission
over about $270,000 worth of bonds, sufficient to pay off obligations to the
revolving school fund.
Mr. Albright had suggested that the whole debt be
refunded and, it was reported, the sinking fund would absorb the issue 01
practically all of it.
_ .
c.lf1
Mr. Kite said Dec. 2 indications are that the bonds will have to be sold
"The whole thing
S.
bond bo}^®®
on the same
he asked.
LONGPORT, N. J.—CLEARS UP DEFALLT—According
Gilmore, Borough Clark, the municipality is no longer in
charges.
to William
default on
either bond principal or interest
LOWER TOWNSHIP,
Funding Commission has
N.
3—REFUNDING
APPROVED—The State
refunding bonds.
approved the issuance of $35,000
MENDHAM, N. J.—BOND OFFERING—Sealed bids addressed to Leo
Robinson, Borough Clerk, will be received until 8 p. m. on Dec. 27 for the
purchase of $33,000 not to exceed 6% interest coupon or
refunding bonds.
Dated Dec. 31, 1937.
Denom. $1,000.
Due1 Dec. 31
as follows:
$1,000 from 1938 to 1942 incl. and $2,000 from 1943 to 1956 incl.
Bidder to express the rate of interest in a multiple of \i of 1%.
Principal
and semi-annual interest payable at the National Iron Bank, Morristown.
A certified
check for 2% must accompany each proposa .
Approving
registered general
Financial
4004
Chronicle
legal opinion of Hawkins, Delafield & Longfellow of New York City will
be furnished the successful bidder.
millburn
Bidder—
and
AND
1,674.00
PRATTSBURG
of
BEACON, N. Y.—BOND SALE— The $56,000 coupon or registered
refunding bonds offered on Dec. 14—V. 145, p. 3853—were awarded to
Allyn & Co. of New York as lMs, at par plus a premium of $22.40,
equal to 100.04, a basis of about 1.49%.
Dated Dec. 1, 1937.
Due
$14,000 yearly on Dec. 1 from 1939 to 1942, incl.
Sherwood & Co. of
New York bid a premium of $39 for 1.60% bonds.
approved the proposal of the city to issue $138,000 re¬
funding bonds.
Although the proposal involves no covenants or cash
basis, the financial experience of the city appeared to warrant its approval,
A. C.
said
The
n. 3.—revised bond proposal approved—
Dec. 2 approved a revised proposal under
following is
complete list of the other bids submitted for the issue:
Rate of Int.
Premium
1.60%
$39.00
Granberry & Co., New York City
1.60%
33.04
Manufacturers & Traders Trust Co., New York City
1.60%
$0.80
The Marine Trust Co. of Buffalo, Buffalo
1.75%
39.20
Salomon Bros. & Hutzler, New York City
1.75%
16.80
Adams, McEntee & Co., Inc., New York City
1.80%
70.00
Halsey, Stuart & Co., Inc., New York City
1.90%
104.16
Geo. B. Gibbons & Co., Inc., New York City
2.00%
91.84
a
Bidder—
The State Funding Commission on
Sherwood & Co., New York City
which the city proposes to issue $162,000 refunding bonds at a price of 94.
The original plan, which was rejected by the Commission, provided for the
The Commission declared that the
and also objected to the maturity schedule on the
The city planned to redeem the bonds in
serial installments from 1938 to 1971 incl.
In approving the project on
Dec. 2, the Commission pointed out that new ordinances are being prepared.
sale of the issue at a price of about 80.
too great
too long.
Paterson), N. J.
BELFAST CENTRALIZED SCHOOL DISTRICT (P. O. Belfast),
N. Y.—BONDS VOTED—At a recent election the voters of the district
approved a proposition to issue $93,000 school building bonds.
NOTE SALE—Adams & Mueller of Newark purchased on Dec. 7 an issue
of $100,000 revenue notes at 0.90% interest. Dated Jan. 3, 1938 and pay¬
able April 3, 1938, at the Second National Bank of Paterson.
The notes
are valid and legally binding obligations of the Passaic Valley Water Com¬
mission, payable only from receipts on account of fees, rentals and charges
made or to be made by the commission for the sale of water.
Legality
approved by Hawkins, Delafield & Longfellow of New York City.
COEONIE (P. O. Newtonvllle), N. Y.—SEWER DISTRICT BONDS
$140,000 coupon or registered Albany-Schenectady Road
SOLD—The
Sewer District bonds offered on Dec. 16—V. 145
p. 3853—were awarded
to R. D. White & Co. of New York and the Marine Trust Co. of Buffalo
on a bid of 100.564 for 3s
a basis of about 2.96%.
Dated Dec. 1
1937.
Due on Dec. 1 as follows: $4,000, 1938 to 1947, and $5,000, 1948 to 1967.
SECAUCUS, N. J,—BONDS AUTHORIZED—The Town Council on
Dec. 7 adopted an ordinance authorizing the issuance of $34,000 sewer bonds.
The
trenton, n. j.—TAX COLLECTIONS BETTER THAN IN 1936—
Figures submitted by W. Willard Schwab, Director of Finance, to City
Manager Morton show that during the first 11 months of the year the city
had collected 72% of the current tax levy, in contrast with collections of
onlyi71 % of the levy during the entire year of 1936. Taxes still unpaid this
yearjamounted to $1,816,707, it was said,
NEW
2,173.41
3.20%
CENTRAL SCHOOL DISTRICT NO. 1 (P. O.
N. Y.—BOND OFFERING—Guy W. Cheney, attorney for the
Education, announces that sealed bids will be received until
2 p. m. on Dec. 28 for the purchase of $22(3,000 coupon or registered build¬
ing bonds.
Denom. $1,000.
Due as follows: $6,000, 1941 to 1945, incl.;
$7,000, 1946 to 1950, incl.; $8,000, 1951 to 1957, incl.; $9,000 from 1958 to
1968, incl.
Principal and interest (J. & J.) payable in N. Y. City.
A
certified check for 2% of the bid must accompany each proposal.
Legality
approved by Clay, Dillon & Vandewater of New York.
has
PASSAIC VALLEY WATER COMMISSION (P. O.
3.10%
Avoca),
Board
city, n. j.—bond issue approved—'The State Funding
was
2,232.00
2,192.94
1,113.21
438.00
AVOCA, WHEELER, COHOCTON, HOWARD, FREMONT, BATH
payable to the order of the city, must accompany each proposal.
discount
and Shields & Co
Co., and George B. Gibbong
$2,287.80
3%
3%
3%
3%
..yw
.
in a multiple of
or l-10th of 1%.
The bonds will
the supervision of the Continental Bank & Trust Co.,
ground that it was
Co
Stevens, Dann & Co., Inc.; Bacon, Stevenson &
Co., and Estabrook & Co
York, which will certify as to the genuineness of the signatures of
city officials and the seal impressed thereon.
Delivery will be made at the
offices of the Trust Co. on or about Dec. 30.
A certified check for 2%,
Commission
&
B. J. Van Ingen & Co., Inc.,
New
Tleasantville,
Sherwood
J. & W. Seligman &
& Co., Inc
new
brunswick,
n.
J.—BOND OFFERING DETAILS—As
reviously noted in these columns—V. 145, p. 3645—the city is offering for
sale on Dec. 21 an issue of .$250,000 not to exceed 6% interest refunding
bonds
They will be in coupon form, registerable as to principal only and
as to both principal and interest.
The price bid for the bonds must be not
less than $250,000 and not more than $251,000.
A bidder may bid such
price for less than $250,000 par value of bonds, in which case the bonds to
be excluded will be those last maturing.
Bidder to name a single rate of
the
Premium
3%
Halsey, Stuart & Co., Inc
Manufacturers & Traders Trust Co., Buffalo
o
ocean
Int. Rate
Corp.; Adams, McEntee &
Co., Inc., and Roosevelt & Weigold
Marine Trust Co. of Buffalo; R. D. White & Co.,
district,
n.
J.—BOND OFFERING—
Walter R. Staub, District Clerk, will receive bids until 8 p. m. Dec. 28, for
the purchase vf $266,000 coupon, registerable, building bonds.
Denom.
$1,000.
Dated Dec. 1, 1937.
Principal and semi-annual interest (June 1
and Doc. 1) payable at the First National Bank of Millburn.
Due serially
from 1938 to 19.57.
Certified check for 2%, required. Legality approved by
Hawkins, Delafield & Longfellow of New York.
Commission
1937
18,
Bancamerica-Blair
school
interest, expressed
be prepared under
Dec.
Other bids:
bankers
re-offered
according to maturity.
the
bonds
Other bids
at
yield from
prices to
were as
Int. Rate
E.
H. Rollins & Sons., Inc., and A.
& Co., Inc
Manufacturers & Traders Trust Co
to 3%,
Rate Bid
C. Allyn &
3%
100.238
100.429
$.10%
State Bank of Albany
Roosevelt & Weigold
MEXICO
1%
follows:
Bidder—
3.10%
3.20%
100.025
100.612
CORTLANDT (P. O. Peekskill), N. Y.—CERTIFICATE SALE— The
issue of $50,000 certificates of indebtedness offered Dec. 14—V.
145, p. 3853
—was awarded to Wrenn Bros. & Co. of
Boston, as Is, at par.
Dated
Dec. 1, 1937 and due July 1, 1938.
Second high bidder was R. D. White
& Co., New York, naming an interest rate of
1.10% and premium of $2.
Eastman, Dillon & Co. of New York, with an olfer of par for 1 Xs, was
LEA COUNTY (P. O. Lovington) N. Mex.—BOND CALL—It is stated
by C. A. Love, County Treasurer, that Court house and jail bonds numbered
1, 2, 4 to 23, and 25 to 50, all dated Jan. 1, 1918, are being called for apyment at par and accrued interest, at his office on Jan. 1 J
—
-
another bidder.
NEW
YORK
DANNEMORA, N. Y.—BOND SALE— The $10,000 coupon or
were sold locally as
$5,000 street improvement bonds.
Due Dec. 20 as follows:
$1,000,
$500 from 1940 to 1945, incl. and $1,000 in 1946.
3,000 sewer construction bonds. Due $500 on Dec. 20 from 1942 to
tered bonds offered Dec. 10 and described below
ALBANY
COUNTY
(P.
O.
Albany),
N.
Y.—BOND OFFERING—
Felix Corscadden, County Treasurer, will sell at public auction at 2
p. m.
on Dec. 21 an issue of $500,000 not to exceed
4% interest, series of 1938,
registered refunding bonds.
Dated Jan. 1,
Due $25,000 each Jan. 1 from 1939 to 1958, incl.
coupon
or
$1,000.
a
1938.
2,000 water lines extension bonds.
Due $500
1945, inclusive.
All of the bonds are dated Dec. 20,1937.
name
single rate of interest, expressed in
a multiple of )4, or l-10th of 1%.
Principal and interest (J. & J.) payable at the State Bank of Albany. The
first bidder will name the rate of interest and price bid.
Bidding will
DAY (P. O.
proceed for bonds bearing such rate until a bidder names a lower rate,
when bidding will continue for bonds bearing such lower rate.
No bid for
less than par and all of the bonds will be considered.
A certified check for
$10,000, payable to the order of the County Treasurer, mugt accompany
each proposal.
The successful bidder will be furnished with the opinion
Financial Statement (Dec. 15. 1937)
_
census,
(P. O. Edinburg), N. Y.—BOND SALE—The $5,000
or registered tax equalization bonds offered on Dec. 14—V. 145,
3854—were awarded to the Marine Trust Co. of Buffalo on a bid of
100.117 for 2.70s, a basis of about 2.68%.
Dated Dec. 1, 1937.
Due
$1,000 yearly on March 1 from 1938 to 1942.
HALFMOON, N. Y.—BOND SALE—The $23,000
subject to the taxing power of the county.
Taxes for tne City of Albany and tne towns of
Berne, Bethlehem, Coeymans, Colonie, Green Island, Guilderland, Knox, New
Scotland, Rensselaerby the City Treasurer for
The
town taxes are collected
by town tax collectors for the first four
months of the year and are then returned to the
County Treasurer who
collects them for about a year and then
proceeds to sell them at a tax sale.
The collections by the
City Treasurer, the County Treasurer and the
town collectors are lor all
city, county, town and State taxes.
School taxes and special district taxes are not included.
Fiscal Year Beginning—
1933
1934
1935
Total levy
(not incl. special
$9,236,322
776,923
$9,277,611
641,627
375,441
304.971
successful
erty),
987.39.
the taxes
are
returned to the
County Treasurer.
&™°unts or taxes levied
by the Board of Supervisors for the fiscal
1934,1935,1936 and 1937, oeing the taxes levied at tne annual sessions
December, 1933, 1934, 1935 and 1936,
respectively, the amounts of such
years
in
taxes uncollected
at
tne
end
of
eacn
which remain uncollected
as
r
«rt1934
Uncollected" at "end"
of
"at date"
of
Unroll ected
r0Port
NO. 2
and the
amounts
1935
of such
1936
1937
304,971
375.441
848,768
&EJHANY' DARIEN, ATTICA, BEN-
MipDLEBURY CENTRAL
SCHOOL
DISTRICT
(P. O. Alexander), N. Y.—BOND SALE—The issue of
$279,000
°r registered school building bonds offered on
Dec. 14—V. 145,
p. 3853—was awarded to E. H. Rollins &
Sons, Inc. and A. C. Allyn &
Co.,Inc.,T^thofNewYork.^ 2 90s, at a price of 100.189, a basis of about
2.89%.
Dated Oct. 1, 1937 and due Oct. 1 as follows* $8 000
1940 to
coupon
i^ $12,000 from ?o§i to 1967 incl. inCl-'> $10,000
«in<?n:nn9f00° 1958 J94^ J95,2
and
from 1952 to 1957 incl,,
E. H. Rollins & Sons, Inc., and A. C.
Allyn & Co., Inc., are offering a
BPtj *?ue S $279,000 2.90% school building bonds. They are priced to
yield from 1.50 to 3.00% for maturities
ranging from 1940 to 1967.
They
are legal investments, in the
opinion of the bankers, for savings banks and
trust funds in New York State.
N.
Y.—BOND
receive bids until 10
1
a.
FREE SCHOOL DISTRICT NO.
1
(P. O. Lib¬
OFFERING—Nial Sherwood, District Clerk, will
Dec. 21 for the purchase at not less than par of
m.
$5,000 registered, general obligation, unlimited tax, site purchase bonds.
are to name rate of interest, not to exceed 4%.
Denom. $1,000.
Dated Jan. 1, 1938. Principal and semi-annual interest (Jan. 1 and July 1)
payable at the National Bank of Liberty, in Liberty, with New York
exchange. Due $1,000 yearly on Jan. 1 from 1939 to 1943 incl. Certified
check for 5% of amount o* bid, payable to the Board of Education, required
Bidders
taxes
respectively:
S2'035'424 *2.106.872 S2.W2.650 $1,901,701
986'181
776'923
641'627
"
242,129
DaET£a
year
of the date of this
notice, were,
bidder.
LIBERTY UNION
tax
collections started Jan. 1, 1937.
1936 total tax levy $8,894,1936 estimate of taxes collected to Dec.
15, 1937 is $7,338,301.19.
By custom in the City of Albany a large
percentage of tae unpiad taxes
is paid on Dec. 31 of the
year in whicn thev are levied, the last day before
registered
HUNTINGTON UNION FREE SCHOOL DISTRICT NO. 4 (P. O.
Northport), N. Y.—BOND OFFERING—Hilda L. Baumann, District
Clerk, will receive sealed bids until 2 p. m. on Dec. 30 for the purchase of
$391,000 not to exceed 6% interest coupon or registered building bonds.
Dated Jan. 1, 1938.
Denom.
$1,000.
Due Jan. 1 as follows:
$16,000,
1939 to 1946 incl.; $20,000, 1947 to 1950 incl.; $21,000 from 1951 to 1953
incl. and $24,000 from 1954 to 1958 incl.
Bidder to name a single rate of
interest, expressed in a multiple of K or l-10th of 1%.
Prin. and int.
(J. & J.) payable at the Northport Trust Co., Northport. A certified check
for 2% of the amount of bonds bid for, payable to the order of the Board of
Education, must accompany each proposal.
The approving legal opinion
of Hawkins, Delafiled & Lognfellow of N. Y. City will be furnished the
year thereafter and are then returned to the
County Treasurer who
collects the taxes for nine montns.
Alter nine montns the County Treasurer
proceeds to sell them at a tax sale.
986,181
242.129
or
equalization bonds offered on Dec. 17 were awarded to the State Bank
Albany as 2.40s, at a price of $23,052.90, equal to 100.23, a basis of
about 2.45%.
Dated Dec. 1, 1937.
Due Dec. 1 as follows: $2,000, 1938
to 1941; and $3,000, 1942 to 1946.
of
ville and Westerlo are levied in December each
year.
The taxes for the City of
$9,211,583
coupon
tax
one
assessments)..
Uncollected at end of first year..
Uncollected Dec. 15, 1937
regis¬
p.
1930, 211,953.
are collected
coupon or
coupon
The bonded debt of the county does not include the debt of
any other
subdivision having power to levy taxes upon
any or all of the property
Albany
Day), N. Y.—BOND SALE—The $6,500
1942 to
EDINBURG
$10,554,000
1,000,000
.320,227,464
Temporary tax loans outstanding
Population
Dec. 20 from
EASTCHESTER UNION FREE SCHOOL DISTRICT NO. 2 (P. O.
Tuckahoe), N. Y.—BONDS DEFEATED—At the Dec. 11 election the
proposal to issue $280,000 property purchase bonds was defeated.
amount.
Bonded indebtedness
Assessed valuation_
on
$1,000, 1938 to 1943, and $500. 1944.
York, that the bonds are valid
county, payable from general tax without
or
1939;
1947,
tered tax equalization bonds offered on Dec. 14—V. 145, p. 3854—were
awarded to the Marine Trust Co. of Buffalo on a bid of 100.144 for 2.60s,
a basis of about
2.58%.
Dated Dec. 1, 1937.
Due Dec. 1 as follows:
of Sullivan-Donovan & Heenehan of New
and binding obligations of the
limitation of rate
4&s:
inclusive.
Denom.
Bidder to
regis¬
MALTA (P. O. Ballston Spa), N. Y.—BOND SALE— The issue of $8,00
or registered tax equalization bonds offered Dec. 14—V. 145, p
3854—was awarded to E. H. Rollins & Sons, Inc., and A. C. Allyn & Co.,
Inc., both of New York, jointly, as 2.60s, at 100.156, a basis of about
coupon
2.585%.
Dated
Dec.
1,
1937, and due $1,000 on Dec.
1 from 1938 to
1945, incl.
MOREAU (P. O. South Glens Falls), N. Y.—BOND SALE— The issue
$39,000 coupon or registered tax equalization bonds offered Dec. 14—V.
145, p.3854—was awarded to E. H. Rollins & Sons., Inc., and A. C. Allyn &
Co., Inc., both of New York, jointly, as 2 Ws, at a price of 100.13, a basis
of about 2.22%.
Dated Dec. 1, 1937, and due March 1 as follows: $5,000
from 1938 to 1944, incl., and $4,000 in 1945.
of
NEW
CASTLE
(P. O. Chappaqua),
N. Y.—BOND SALE—The
registered bonds described below, which were offered on
as 3.10s, at par plus
a premium of
$147, equal to 100.30, a basis of about 3.07%:
$36,000 highway refunding bonds, general obligations, payable from un¬
limited taxes.
Due Dec. 1 as follows:
$1,000, 1938 to 1942;
$2,000. 1943 to 1956, and $3,000, 1957.
13,000 New Castle Sewer District No. 1, bonds, general obligations,
payable primarily from taxes on property in the district.
Due
$1,300 on Dec. 1 from 1938 to 1947.
$49,000
coupon or
Dec. 17
were
awarded to Sherwood & Co. of New York
Financial
Volume 145
Denom. SI,000, except 10 for $300.
Dated Dec. 1, 1937. Principal and
semi-annual interest (June 1 and Dec. 1) payable at the Chappaqua Na¬
tional Bank, Chappaqua, with New York exchange.
J. & W. Seligman & Co. of New York bid a premium of $53.90 for3J0s.
Inc.']
NEW YORK, N. Y.—BOND SALE— Halsey, Stuart & Co.,
New
York, headed a banking group which obtained the award on Dec. 15 of
$11,210,000 bonds, the successful bid being an offer of 100.618 for all or
none of the offering as 2 Ms, the net interest cost of the financing to the city
being 2.4202%.
Associated with Halsey, Stuart & Co., Inc. in the purchase
of the loan were: Gregory & Son, Inc.; E. H. Rollins & Sons, Inc.; Graham,
Parsons & Co.; Hemphill, Noyes & Co.; B. J. Van Ingen & Co., Inc.; Bacon,
Stevenson & Co., all of New York; Cassatt & Co.. Philadelphia; Coffin &
Burr, Inc., New York; H. C. Wainwright & Co., Boston; Shields & Co. and
J. N. Hynson & Co., Inc., both of New York; Singer, Deane & Scribner,
Pittsburgh; Morse Bros. & Co., Inc., New York; McDonald-Coolidge & Co.,
Cleveland; Edward Lowber Stokes & Co., Philadelhpia; Equitable Secur¬
ities Corp., Nashville; Mississippi Valley Trust Co., St. Louis; Newton,
Abbe & Co., Boston
and Schlater, Noyes & Gardner, Inc., New York.
The
$JL1,210,000 bonds, all dated Dec. 1, 1937, are divided as follows:
$7,290,000 various municipal purposes bonds.
Dec.
1 from
1939 to
1953
Due $486,000 annually on
incl.
2,220,000 bonds, including $1,950,000 for the construction of schools and
$270,000 to provide for dock improvements.
Due $220,000
annually on Dec. 1 from 1939 to 1948 incl.
1,700,000 bonds, including $1,635,000 for various municipal purposes
and
$65,000 for rapid transit railroad construction.
Due
$340,000 annually on Dec. 1 from 1939 to 1943 incl.
Stuart & Co. and associates
re-offered the bonds to yield, from 1% to 2.90%, according to maturity.
Advertisement appears on page iv.
v-I.'/•'
BONDS PUBLICLY OFFERED—Halsey,
.
Three syndicates competed for the obligations and a bid was made by the
City Comptroller on behalf of the various sinking funds.
In addition to
the successful tender for all or none of the offering as 2Ms, at 100.618, the
account headed by Halsey, Stuart & Co. also bid for all or any part of the
respective issues, as follows:
price of 103 for $7,290,000 3s, 102.50 for
$2,220,000 2fcs, and 100.75 for $1,700,000 2s.
The second highest offer on an all or none basis was made by the Chase
National Bank of New York and associates, the bid being 100.2859 for 2M®,
or a basis cost of about 2.46309%.
This group also submitted a bid for all
or any part of the respective issues, the terms being par with the bonds to
bear interest at 3M% in each instance.
The third and last group was
managed by the National City Bank of New York, their all or none proffer
being a price of 101.50 for 2 Ms.
In addition, this account made two offers
for all or any part of the respective issues.
One offer was a price of par for
$1,700,000 2Ms, $2,220,000 2Ms, and $7,290,000 3s.
The other a price of
100.25 for all of the bonds in each instance to bear 3% interest.
The offer
on behalf of the sinking funds was par for all or any part of the offering as 3s.
Bidding with the Chase National Bank were the following:
Chemical
Bank & Trust Co.; Lehman Bros.; Barr Bros. & Co., Inc.; R. W. Pressprich
& Co.; Blyth & Co., Inc.; Bancamerica-Blair Corp.; Manufacturers Trust
Co., New York; Marine Trust Co., Buffalo; Hallgarten & Co.; Harris Trust
& Savings Bank, Chicago; Northern Trust Co., Chicago; P. S. Moseley &
Co.; White, Weld & Co.; J. & W. Seligman & Co., and Goldman, Sachs &
Co.
In the National
City Bank group were: First National Bank of New York;
& Co.; Edward B. Smith & Co.; First Boston Corp.;
Hutzler; Lazard Freres & Co.; Stone & Webster and
Blodget, Inc.; Estabrook & Co.; Kean, Taylor & Co.; Phelps, Fenn & Co.;
L. F. Rothschild & Co.; Mercantile Commerce Bank & Trust Co., St. Louis;
R. H. Moulton & Co., Inc., San Francisco; Darby & Co.; Manufacturers
& Traders Trust Co., Buffalo; George B. Gibbons & Co., Inc.: Eldredge &
Co.; First Michigan Corp.; Dominick & Dominick; R. L. Day & Co.;
G. M.-P. Murphy & Co.; Hannahs, Ballin & Lee; Anglo California National
Bank, San Francisco; City National Bank & Trust Co., Kansas City;
Minsch, Monell & Co., Inc.; Bigelow, Webb & Co., Minneapolis, and
Butcher & Sherrerd of Philadelphia.
The sale of these bonds will not add to the debt of the city as the proceeds,
together with $78 ,790,000 of much long-term corporate stock to be taken by
the city's sinking funds, w;ill be applied to the redemption of maturing
corporate stock notes in the aggregate principal amount of $90,000,000, all
of which, incidentally, are now held in the various trusts.
With this trans¬
action Comptroller Frank J. Taylor, who will be succeeded to that office on
Jan. 1, 1938, by Joseph D. McGoldrock, will thus relinquish the office to
his successor with all immediate long-term financing matters completed.
Brown
Harriman
Salomon
Bros.
&
NORTHUMBERLAND
(P.
Northumberland),
O.
SALE—The $2,630.42 tax equalization bonds offered Dec.
N.
Y —BOND
14—V. 145,
3854—-were sold
to Mary Peck of Northumerland, as 4s, at par.
Dec. 1, 1937 and due serially on March 1 from 1938 to 1941 incl.
ODESSA, N. Y.—BONDS VOTED—The voters of Odessa at
p.
Dated
a recent elec¬
tion gave their approval to a proposition calling for the issuance of $70,000
water
supply system bonds.
OSSINING, N. Y.—BONDS DEFEATED—The proposal to issue
$40,000 swimmi lg pool bonds was decisively defeated at the Dec. 14
election, the count showing 157 in favor and 668 against the measure.
POMFRET SCHOOL DISTRICT NO.
16 (P.
O. Fredonia), N. Y.—
BOND SALE DETAILS—The $12,000 3M% schoolhouse addition bonds
sold to the Dunkirk Trust Co., Dunkirk, at a price of 100.12, as previously
reported in these columns,
1951.
Denom. $800Dec- 1.
;■. -.yT-;.!'
are dated Dec. 1, 1937 and mature serially until
Coupon in form with interest payable annually on
-TV T
the
formal
opening
of
one
of
the
first
giant permanent improvements for which a Public Works Administration
allotment was made.
Although the general public will not be permitted to drive their vehicles
through the tube until 4 o'clock the following morning, completion of the
project will make it possible for them to drive from the New Jersey side
to the midtown district in New York City in only a fraction of the time
it previously required to travel by either the Holland Tunnel, the George
Washington Bridge or the ferries, across the Hudson on the crowded water¬
way.
The PWA has already made a second allotment which will permit the
Port of New York authority to double the traffic facilities of the Lincoln
Tunnel-
The tube to be dedicated Dec* 21, is the South Tube which, from
portal to portal, will measure 8,215 feet.
It will be used for both the East
and West traffic until the second or North tube, which will measure some
7,400 feet from portal to portal, is completed in 1941.
The Port of New York Authority obtained a PWA grant of $4,780,000
to finance the $40,600,000 South Tube in 1933 only a few weeks after
Congress established PWA.
It has since obtained commitments for a
PWA loan and grant of $29,100,000 to complete the North Tube.
In the
latter case, however, the grant is conditional upon the Authority's ability
to use certified relief labor.
Plans were started for the Lincoln Tunnel in 1930, when the Port of New
York Authority, a bi-State organization, decided that the Holland Tunnel,
which was opened in 1927, and the George Washington Bridge, opened in
1931, would be unable to accommodate the trans-Hudson traffic, which
was increasing at a rate of 8.7 % per year.
The area is in one of the heaviest
traffic sections in the world.
Between 1926 and 1936 trans-Hudson vehicu¬
lar traffic increased from 13,680,000 to 31,573,000 despite the fact that the
depression of 1930, 1931 and 1932 retarded vehicular traffic expansion to
extent.
The Authority estimates
some
that the
South
tube
of Lincoln Tunnel will
handle more than 6,000,000 vehicles during the coming year and take but
little traffic from the Holland Tunnel and the George Washington Bridge.
The trans-Hudson bridge and tunnel of the Port of New York Authority
has detracted hardly any from
the ferries and the Authority estimates that
the flow of traffic by ferry will be decreased only slightly during the next
After that officials of the Authority estimate that the normal ferry
traffic of approximately 13,000,000 vehicles per year will return to normal.
By 1930, when it became evident that immediate steps should be taken
to alleviate the trans-Hudson traffic condition, plans were made to float
a bond issue for $40,000,000.
New York bankers loaned the Authority
$2,500,000 for preliminary work, but by the time that actual construction
work was to be
started, investment funds were frozen by the depression,
and plans to float the remaining $37,500,000 bonds were suspended.
Commissioners of the Authority applied to the Reconstruction Finance
Corporation, which had not completed negotiations for the loan when the
year.
PWA
June, 1933.
The Authority then transferred its
application to the PWA.
It did not ask for a grant.
Inasmuch as plans
were
already underway, the project obviously qualified under PWA'S
engineering, examining and social measurements and the value of the
bonds had been established, PWA did not hesitate to make the loan.
By June 6, 1935, the Authority had negotiated amendments to Its con¬
tract whereby it repurchased all of the bonds which had been accepted to
that date by PWA.
Administrator Harold L. Ickes then granted the
Commission $4,780,000 so that it might make extensive changes in its
approach plans.
In 1937 the Authority was given an allotment of $29,100,000 so that It
might economically continue its construction of the North Tube.
Work
has already started on this PWA project.
The Lincoln Tunnel is but one of the three large PWA trans-river trafficways either completed or under construction in New York City.
PWA allotted $44,200,000 for the Tri-Borough Bridge which is now in
operation over the East River.
Traffic over it has exceeded expectations.
During the first year's operation, 9,500,000 vehicles crossed the bridge. It
had been originally estimated that not more than nine million would pay
tolls across.
' VVVv
V/-PWA also allotted a total of $58,365,000 for the construction of the East
River or Queens Midtown Tunnel.
Construction on this twin tube struc¬
ture, which will connect Manahttan and Queens, is underway.
was
created
in
1NTERESTATE CROSSINGS SHOW TRAFFIC GAIN
OF 500,00
VEHICLES—One half million more vehicles used the interstate crossings of
the Port of New York Authority in the first 11 months of tnis year than in
the entire 12 months of 1936, it was announced Dec. 11.
All facilities, including the Staten Island bridges, shared in
the record, the
George Washington Bridge setting the pace with a total of 340.000 more
followed by the Holland Tunnel with 135,000.
The grand total of all five crossings for the 11 months that ended Nov. 30
last was 20,842,736, compared with 20,345,768 for the calendar year of
1936.
On a straight 11 months comparison, the gain over last year was
2,119,658, or more than 11%.
cars,
This
was
divided
follows:
as
Holland Tunnel 12,029,000, an increase of almost 11%; George Wash¬
ington Bridge 7,400,000 up 13%; Bayonne Bridge 500,000 an increase of
10%; Goethals Bridge and Outerbridge Crossing, combined as the "Arthur
Kill Bridges," 915,000, or 8% gain.
RED HOOK
CENTRALIZED
SCHOOL
DISTRICT
(P. O. Red
Hook), N. Y.—BONDS VOTED—The voters of the district recently ap¬
a proposition calling for the issuance of $251,000 school building
proved
bonds.
ROCKLAND, N. Y.—OFFERING OF LIVINGSTON MANOR WATER
DISTRICT BONDS—R. B. Twiss, Town Supervisor, will receive
bids until 2 p. m. on Dec. 21, for the purchase of $30,000 not to
sealed
exceed
interest coupon or registered water bonds.
Dated Dec. 1, 1937.
Denom. $1,000.
Due $1,000 annually on Dec. 1 from 1938 to 1967* 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 Livingston
Manor National Bank, Livingston Manor.
A certified check for $600
must accompany each proposal.
Legality approved by Clay, Dillon
Vandewater of New York City.
6%
SALINA (P. O. Liverpool), N. Y.—OFFERING DATE CHANGED—
Date of sale of the $50,000 not to exceed 5% inerest coupon or registered
Lyncourt Sewer District bonds described in these columns on Dec. 11 has
been postponed from Dec. 20 to Dec. 22.
Sealed bids will be received until
2p.m. and should be addressed to Melvin A. Orth, Town Supervisor,
jrf
SARATOGA
COUNTY
(P.
O.
Saratoga
Springs),
N.
Y.—BOND
SALE—The $100,000 coupon, fully registerable, general obligation, un¬
limited tax, highway bonds offered on Dec. 14—V. 145, p. 3855—were
awarded to Salomon Bros. & Hutzler of New York, as 1.90s, at par plus a
premium of $240, equal to 100.24, a basis of about 1.85%.
Dated Dec. 1,
1937.
Due $10,000 yearly on Dec. 1 from 1938 to 1947.
Adams, McEntee
& Co. of New York bid a premium of $130 for 1.90s.
Salomon Bros. & Hutzler of New York are offering for public investment
$100,000 1.90% highway bonds priced to yield from 0.60% to 2%, accord¬
ing to maturity.
Ine following is a complete list of the bids submitted at
the sale:
„
Int. Rate
Bidders—
Salomon Bros. & Hutzler, New York-
Adams, McEntee & Co., Inc., New York..
State Bank of
—______
Albany. Albany
E. H. Rollins & Sons, Inc., New York
Manufacturers & Traders Trust Co., Buffalo
Harris
Trust
&
Savings
Bank
-
1.90%
1.90%
2.00%
2.00%
2.00%
_
,
Price Bid
100.240
100.130
100.260
100.246
100.089
New York
(Chicago)
address, 14 Wall St
Sherwood & Co., New York
—
Halsey, Stuart & Co., Inc., New York
Geo. B. Gibbons & Co., Inc., New York
Manufacturers National Bank of Troy, N. Y.___
Saratoga National Bank, Saratoga Springs
—
2.10%
2.00%
2.10%
2.10%
2.00%
2.20%
100.337
100.001
100.185
100.154
100.101
100.131
(P.
O.
Schuylerville),
N. Y.—BOND
SALE—The
$31,000 coupon or registered tax equalization bonds offered on Dec. 17
were awarded to the State Bank of Albany on a bid of $31,043.40, equal to
100.14, for 2.40s, a basis of about 2.38%. Dated Dec. 1,1937. Due Dec. 1
as follows:
$3,000, 1938 to 1946, and $4,000 in 1947.
Sherwood & Co. of
New York bid a premium of $93 for 2M% bonds.
SARATOGA
N. Y.—BOND
bids until
of $150,000 coupon,
fully registerable, unlimited tax, general obligation, emergency relief public
works bonds.
Bidders are to specify rate of interest, in a multiple of M %
or 1-10%, but not to exceed 4%.
Denom. $1,000.
Dated Dec. 1, 1937.
Principal and semi-annual interest (June 1 and Dec. 1) payable at the Union
National Bank, Schenectady, with New York exchange, or at the Chase
National Bank, New York, at holder's option.
Due $15,000 yearly on
Dec. 1 from 1938 to 1947, incl.
Cert, check for $3,000, payable to the
County, required.
Approving opinion of Sullivan,|Donovan & Heenehan
SCHENECTADY
PORT OF NEW YORK AUTHORITY, N. Y.—NEW FACILITY IN
OPERATION SHORTLY—When the dedicatory party of Municipal, State
and Federal officials whiz a mile and a half through Lincoln Tunnel under
the Hudson to Weehawken, New Jersey, to New York City and Manhattan
Island, Dec. 21, it will mark
4005
Chronicle
COUNTY
(P.
O.
Schenectady),
OFFERING—William A. Dodge, County Treasurer, will receive
10 a. m. Dec. 22 for the purchase at not less than par
of New
York will be furnished by the county.
STILLWATER (P..O, Stillwater), N. Y.—BOND SALE—The $32,000
coupon or registered tax equalization bonds offered Dec. 17—V. 145, p.
3855—were awarded to the Manufacturers & Traders Trust Co. of Buffalo,
as 2Ms, at a price of 100.39, a basis of about 2.42%.
Dated Dec. 1, 1937
and due Dec. 1 as follows:
$3,000 from 1938 to 1945, incl. and $4,000 in
1946 and 1947.
«m| «
.
SUFFOLK COUNTY (P. O. Riverhead),
N. Y.—BOND SALE—The
$831,000 coupon or registered bonds offered Dec. 16—V. 145, p. 3855—
awarded to an account composed of First Boston Corp., B. J. Van
Ingen & Co., Inc., and A. C. Allyn & Co., Inc., all of New York, as 2s, at
a price of 100.14, a basis of about 1.98%.
The sale consisted of:
1
$456,000 refunding bonds, series of 1938. Due Dec. 1 as follows: $45,000
from 1938 to 1941 incl. and $46,000 from 1942 to 1947 incl.
<
375,000 highway bonds, series A of 1938. Due $25,000 annually on Dec. 1
were
from 1938 to
All of the bonds
are
1952 incl.
dated Dec. 1, 1937.
Second high bid of 100.33 for
made by Salomon Bros. & Hutzler of New York City.
The bankers made public reoffering of the bonds at prices to yield from
2.10s
was
0.50% to 2.20%, according to maturity.
Bidder—
Other bids were as follows:
Int. Rate
Rate Bid
Blyth & Co., Stone & Webster and Blodget, Inc.,
and F. S. Moseley & Co
Chase National Bank, Bankers Trust Co. and
Reynolds & Co
Halsey, Stuart & Co., Inc., Bancamerica-Blair
Corp. and Darby & Co
Estabrook & Co., Phelps, Fenn & Co. and Roosevelt & Weigold, Inc
Harris Trust & Savings Bank, R. W. Pressprich &
Co., Geo. B. Gibbons & Co., Inc., and Eldredge
& Co., Inc
Lehman Bros., Manufacturers & Traders Trust Co.,
Kean, Taylor & Co. and Adams, McEntee & Co.,
Inc
-
Goldman, Sachs & Co., Bacon, Stevenson & Co.,
Washburn & Co., Inc., and Burr & Co., Inc
Lazard Freres & Co., Inc
Stranahan, Harris & Co., Inc., and associates
2.10%
100.31
2.10%
100.259
2.10%
100.231
2.10%
100.17
2.20%
100.377
2.20%
100.99
„
„
'
_
2.25%
2.25%
2.25%
100.2
100.189
100.169
^
Financial
4006
TARRYTOWN,
N. Y.—DOND OFFERING—Catherine P. McCaul,
Village Cleck, will receive sealed bids until 3 p. m. on Dec. 27, for the
Eurchase of $80,000 not to exceed 1, 1938. Denoxn. $1,000. Due $8,000
nprovement bonds.
Dated Jan. 6% interest coupon or registered street
Jan. 1 from 1939 to 1948,
inch Bidder to name a single rate of interest,
expressed in a multiple of X or l-10th of 1%.
Principal and interest
(J. & J.) payable at the Washington Irving Trust Co., Tarry town.
The
village is authorized and required by law to levy such ad valorem taxes
on all of its taxable property, without limitation as to rate or amount, to
provide for payment of both principal and interest charges.
A certified
check for $1,600, payable to the order of the Village Clerk, must
accompany
each proposal.
Legal opinion of Reed, Hoyt & Washburn of New York
City will be furnished the successful bidder.
on
SCHOOL
VESTAL CENTRAL
DISTRICT
(P. O. Vestal),
N. Y.—
BOND OFFERING—Sealed bids will be received by the Board or Education
until 4 p. m. on Jan. 11 for the purchase of an issue of $546,00@ school
building construction bonds, due serially in from 1 to 25
T,
years;
OFFERING—Allen Germain,' Town
Clerk, will receive bids until 12.30 p. m. Dec. 27 for the purchase at not
less than par ox $15,000 coupon, fully registerable, general obligation, un¬
limited tax, tax equalization bonds.
Bidders are to specify rate of interest
in a multiple of M%or 1-10%, but not to exceed 5%.
Denom. $1,000.
Dated Dec. 15, 1937.
Principal and semi-annual interest (June 15 and
Dec. 15) payable at the Bank of Waterford, Waterford, with New York
exchange.
Due $2,000 yearly on Dec. 15 from 1938 to 1944; and $1,000,
Dec. 15, 1945.
Certified check for $300. payable to the Town, required.
Approving opinion of Clay, Dillon & Vandewater of New York will be
furnished by the town.
•
•
N.
WATERFORD,
Y.—BOND
Financial Statement
Chronicle
power to
does
not
levy taxes
bid submitted.
.
BONDS OFFERED FOR INVESTMENT—The successful bidders reoffered the above bonds for public investment at prices to yield from 3.00
to 3.20%, according to maturity.
NORTH
GRAFTON, N.
1,
1936,
was
respectively
WEST
a
FARGO
thereafter.
OHIO
$82,946.94,
Jan. 1, 1935 and
and $81,259.45.
700
The taxes of the fiscal year com¬
All have been collected or
CANTON
2.40s, at 100.105,
a
The sale consisted of:
CINCINNATI
(P. O. Wilton),
N. Y.—BOND SALE— The $3,300
Dec.
14—V.
145,
p.
coupon
3855—
awarded to Addie S. Miller of Saratoga Springs, as
4s, at par.
Dated
Dec. 1, 1937 and due Dec. 1 as follows: $500 from 1938 to 1942 incl. and
were
$800 in 1943.
NORTH
CAROLINA
State of—BOARD OF HEALTH BOND SALE
—We are informed by Chas. M. Johnson, State
Treasurer, that at the
offering on Dec. 16 of the $160,000 issue of State Board of Health, State
Laboratory of Hygiene revenue coupon bonds, noted in these columns
recently—V. 145, p. 3855—only one bid was received. This was submitted
by Lewis & Hall, Inc., of Greensboro, and Scott, Horner & Mason of
Lynchburg, Va., offering a tender on 43^% bonds of $17.00 premium, equal
to 100,0106. Dated July 1. 1937.
Due from July 1. 1939 to 1957 incl.
the bonds divided
as follows:
$170,000 as 4s, maturing as follows: $20,000,
1948 to 1955, and $10,000 in 1956; the remaining $320,000 as
3s, maturing
$10,000 in 1956; a total of $63,000, 1957 to 1959; a total of $157,000, 1960
to 196o, and a total of $90,000, 1966 to 1968.
The issues are divided as
follows:
$45,000 water bonds.
Due on Jan. 1 as follows: $2,000, 1948 to 1965,
and $3,000, 1966 to 1968.
151,000 school bonds.
Due on Jan. 1, as follows: $6,000, 1948 to
1959;
$8,000, 1960 and 1961, and $9,000, 1962 to 1968.
294,000 general bonds.
Due on Jan. 1 as follows: $12,000, 1948 to 1958:
$15,000, 1959 to 1964, and $18,000, 1965 to 1968.
Coupon bonds, not registerable.
Denom. $1,000.
Dated Jan. 1, 1938.
The following is an official tabulation of the bids
received for the above
bonds.
Bidders and Issues Bid—
Chase Nat. Bank; Wachovia Bank & Tr.
Co., and R. S. Dickson & Co.:
$45,000 Water Refunding Bonds—
For 1st $24,000, 3H%; for
balance, 3^%
$45,000.00
$151,000 School Refunding Bonds—
«oQ?n^nV$72,00,0b3^^i for balance, 3K%~
$294,000 General
-
Refunding Bonds—
151,000.00
For 1st $147,000, 3H%;
for balance, 3^%
294,000.00
Blyth & Co.; Equitable Securities Corp.; F. W. Craigie &
Co., and Lewis
& Hall, Inc.:
$45,000 Water Refunding Bonds—
For 1st $10,000, 5%; for
balance, 3%
$45,000.00
$151,000 School Refunding Bonds—
ioKW30,00?^5^ for balance, 3%
151,000.00
$294,000 General Refunding Bonds—
For 1st $60,000, 5%; for balance,
3%
294,000.00
Phelps Fenn & Co.; R. W. Pressprich & Co.; Interstate Securities
Corp.;
Robinson Humphrey & Co., and Harold E.
Wood & Co.:
$45,000 Water Refunding Bonds—
balance' 3M%
$45,025.00
^oPnnn^48,00,0^^^! for balance, 3H%
$294,000 General
151,050-00
$151,000 School Refunding Bonds—
Refunding Bonds—
For 1st $96,000, 3
H%; for balance,
Brown Harriman & Co.:
$45,000 Water Refunding Bonds—
3M%-__
294,050.00
for
balance, 3H%
$151,000 School Refuning Bonds—
$45,026.96
toEPnnnV?66,00!0^3^^: for balance, 3
151,090.45
Chas. Clark & Co.:
$45,000 Water Refunding Bonds—3\i%
$45 072.00
$151,000 School Refunding Bonds—3)4%
III "
151 241.60
$294,000 General Refunding Bonds—3H%-294*470.40
First of Michigan Corp ; Illinois Co. of
Chicago; The Milwaukee Co.
Wells Dickey Co.; Bartlett
Knight & Co., and the First Citizens
-
Bank & Trust Co.:
$45,000 Water Refunding Bonds—
<R4'°,00r>for balance, 3K%
«1
«9oi>rnn1ntr.$72'0(!0T>3^^: foLbalance, 3X%
$294,000 General Refunding Bonds—
™
Sr }s4$147.000, 3Vx%: for balance, 3^%_
Boston Corp.; B. J. Van
The First
Arnold:
.$45,005.09
Shadley,
Village
Clerk,
AKRON
CITY
SCHOOL
DISTRICT, Ohio—MATURITIES PAID
IN CASH—Hazel
Fleek, Clerk of the Board of Education, has reported
principal in amou it of $507,987.04 which came due throughout
the present year was paid off in cash at
maturity and that funds are avail¬
able to meet the remaining $45,000 bonds scheduled to mature
during
tuat bond
December.
BROOKFIELD
TOWNSHIP
(P.
O.
Brookfield),
Ohio—BOND
OFFERING—Steve Boor, Jr., Clerk, Board of Trustees, will receive bids
until noon Jan. 8 for the purchase of $6,500
4% funding bonds.
Denom.
$650.
Dated Nov. 1, 1937.
Interest payable semi-annually.
Due $650
1939 to Oct. 1, 1943.
Cert, check for $65,
required.
CINCINNATI,
Ohio—ADDITIONAL
BOND
CALL
DETAILS—
Supplementing the previous report in these columns—V. 145, p. 3856—of
by the Sinking Fund Trustees for the redemption on Feb. 1,
1938. at par and accrued interest, of $2,000,000 water works bonds, we give
the call issued
below
a
description of the bonds:
$1,000,000 3s,
dated Feb. 1, 1901, payable 1941. optional from Feb. 1,
1921.
Numbers 3804 to 5203, each $500; Nos. 5204 to 8203,
each $100.
1,000,000 3)^8, dated Feb. 1, 1905, payaole 1945, optional from Feb. 1,
1925.
Numbers 13,355 to 15,354, each $500.
The $2,000,000 water works bonds being called for redemption on Feb. 1
1938 should be presented ror redemption at the Irving Trust Co.. New
York City, or at the Provident Savings Bank & Trust Co., Cincinnati.
CLINTON TOWNSHIP RURAL SCHOOL DISTRICT
(P. O. Tiffin)*
Ohio—BOND OFFERING—C. C. Mann. Clerk, Board of Education, will
receive
bids until noon Jan. 3, for the purchase at not less than
par of
$30,000 6% school building bonds.
Denom. $500.
Dated Feb. 1, 1938.
Interest payable semi-annually.
Due Nov. 1 as follows:
$1,500, 1939 to
1950; and $1,000, 1951 to 1962.
Certified check for $600. payable to the
Board of Education, required.
!r
DEER
PARK, Ohio—BOND OFFERING—Alvin J. Buck, Village
Clerk, will receive bids until noon Jan. 5 for the purchase of $2,400 5%
special assessment bonds.
Denom. $480.
Dated Jan. 1, 1938.
Interest
payable annually on Sept. 1. Due $480 yearly on Sept. 1 from 1939 to 1943,
incl. Certified check for $25, payable to the Village, required.
GARFIELD HEIGHTS (P. O.
Cleveland), Ohio—BOND OFFERING—
E. H. Malone, City Auditor, will receive sealed bids until noon on Dec. 27
for the purchase of $15,225 4% coupon delinquent tax bonds.
Dated Dec.
1, 1937.
One bond for $225, others $1,000 and $500.
Due Dec. 1 as
follows: $1,725, 1939; $2,000, 1940; $1,500, 1941; $2,000,
1942; $1,500,
1943; $2,000 in 1944, and $1,500 from 1945
to
J.
1947 incl.
& D.
A certified check for
2%, payable
Treasurer, must accompany each proposal.
LAKEWOOD,
Interest payable
the order of the City
to
Ohio—BOND
SALE—The $100,000 coupon hospital
145, p. 3537—were awarded to Braun,
284s. at par plus a premium of $101.66, equal
to 100.101, a basis of about 2.74%.
Dated Jan. 1, 1938.
Due on Oct. 1
as follows:
$4,000, 1939 to 1948, and $5,000. 1949 to 1960.
bonds
offered
on
Dec.
11—V.
Bosworth & Co. of Toledo
NORTON
Barberton),
as
TOWNSHIP
SCHOOL
DISTRICT
Ohio—BONDS SOLD—The
issue
approved at the
Reitrement System.
Nov.
2
election
$25,000
was
sold
(P. O. R.R. No.l,
school addition bond
to
the
State
Teachers'
OAKWOOD, Ohio—BOND OFFERING—A. C. Bergman, City Auditor,
will receive bids until noon Jan. 6 for the purchase at not less than par or
$98,500 4% coupon storm sewer bonds.
Denom. $1,000, except one for
$500.
Dated Jan. 1, 1938.
Interest payable March 1 and Sept. 1.
Due
$2,500 Sept. 1, 1939 and $4,000 yearly on Sept. 1 from 1940 to 1963, incl.
Cert, check for $985, payble to the city, required.
PALMYRA
SCHOOL
DISTRICT
(P.
O.
Diamond), Ohio—BONDS
State Teachers'
Retirement System purchased an issue of
$42,400 3H% auditorium and construction bonds at par and a premium
of $50. equal to 100.117.
Dated Dec. 1, 1937.
PARMA
(P.
O.
Brooklyn
Station,
Cleveland),
Ohio—CALL FOR
TENDERS—John M. Graham, City Treasurer, announces that pursuant
to the provisions of the plan for municipal debt readjustment of the city,
sealed tenders will be received at his office, 6611 Ridge Road, Brooklyn
Station, Cleveland, until noon
offering price, not to exceed
Jan. 15, for sale to the city at the lowest
of outstanding refunding bonds.
The
fund applicable to
the payment of such bonds, which are dated Oct. 1, 1936. Tenders of bonds
will be accepted to the extent of the funds available. Bonds so tendered must
be ready for delivery not later than 10 days after Jan. 15, 1938.
on
par,
notice states that about $125,000 is available in the sinking
SUMMIT COUNTY (P. O. Akron), Ohio—BOND SALE—The $102,000
151,017.06
294,033.22
Ingen & Co., Inc., and Kirchofer &
$45,000 Water Refunding Bonds—
For
4%: f?r balance, 3%
$151,000 School Refunding Bonds—
For 1st $46,000, 4%; for balance,
3%
$294,000 General Refunding Bonds—
For 1st $106,000, 4%; for balance,
3%___
OFFERING—Morris
SOLD—The
$294,000 General Refunding Bonds—
F°r 1st $132,000,
3^%; for balance, 3\i%
294,176.11
Chemical Bank & Trust Co.; Goldman Sachs
& Co.; Eldredge & Co., and
$151,000 School Refunding Bonds—
SPRINGFIELD
Dec. 30 for the purchase of $5,000 4% coupon
sidewalk bonds.
Denom. $1,000.
Dated Nov. 1, 1937.
Interest payable
May 1 and Nov. 1.
Due $1,000 yearly on Nov. 1 from 1938 to 1942. Cert,
check for 1% of amount of issue, payable to the Village, required.
WINSTON-SALEM, N. C.—BOND SALE—The
three issues of refund¬
ing bonds aggregating $490,000, offered for sale on Dec. 14—V. 145,
p.
3697—were awarded to a group composed of B. J. Van Ingen & Co.,
Inc.,
the First Boston Corp., both of New York, and Kirchofer &
Arnold, Inc.,
of Raleigh, payiDg a price of 100.05, a net interest cost of about
3.23%, on
COLUMBUS
noon
each six months from April 1,
NORTH CAROLINA,
t,v.
Ohio—BOND
will receive bids until
registered tax equalization bonds offered
West
OHIO
ALGER,
basis of about 2.39%.
$62,000 refunding relief bonds.
Due Dec. 1 as follows: $6,000 in 1939, and
$7,000 from 1940 to 1947, inclusive.
47,000 school building completion bonds.
Due Dec. 1 as follows:
$2,000
from 1938 to 1950, incl. and $3,000 from 1951 to 1957, inclusive.
23,000 improvement bonds.
Due Dec. 1 as follows:
$2,000 from 1939
to 1942, incl. and $3,000 from 1943 to 194/, inclusive.
All of the bonds are dated Dec. 1, 1937.
WILTON
(P. O.
CUYAHOGA BUILDING, CLEVELAND
AKRON
WATERVLIET, N. Y.—-BOND SALE—The $132,000 coupon or regis¬
bonds offered Dec. 13—V. 145, p. 385.5—were awarded to J. & W.
or
6
MUNICIPALS
tered
as
NO.
MITCHELL, HERRICK & CO.
mencing Jan. 1, 1937, amount to $81,242.73.
received from the county as above.
Seligman & Co. of New York,
DISTRICT
The amount of
taxes,
handles all collections
SCHOOL
RURAL
Fargo), N. Dak.-—BOND SALE—The $5,000 issue of coupon school build¬
ing bonds offered for sale on Dec. 9—V. 145, p. 3697—was purchased by
H. E. Mueller of Hazen, N. Dak., as 4s at par.
No other bid was received,
according to the District Clerk.
Due $1,000 from Nov. 1, 1939 to 1943,
The amount of such taxes uncollected at the end of said fiscal
year is nothing
as the county pays over to the Town the amount of all
uncollected
and
bonds offered
price of $15,025, equal to 100.166, a basis of about 3.97%.
Dated Nov. 1, 1937.
Due $1,000 yearly on Jan. 1 from 1939 to 1953.
of any other subdivision having
all of the property subject to the taxing
$79,061.57.
Dak.—BOND SALE—The $15,000 4%
17—V. 145, p. 3537—were awarded to the Grafton National Bank
Dec.
on
of Grafton at
nclusive.
power
of the Town.
The fiscal year commencies Jan. 1.
taxes levied for tae fiscal years commencing Jan. 1, 1934,
Jan.
DAKOTA
MOUNT PLEASANT SCHOOL DISTRICT NO. 4 (P. O. Rolla)
N. Dak .—CERTIFICATES NOT SOLD—The $3,500 issue of certificates
of indebtedness offered on Dec. 14—V. 145, p. 3697—was not sold as no
bids were received, according to the District Clerk.
Dated Dec. 15, 1937.
Due on April 15, 1939.
include the debt
upon any or
18, 1937
-
The assessed 'valuation of the property subject to the taxing
power of
the Town, is $3,262,870.
The total bonded debt of the Town, including
the above mentioned bonds, is $111,600, ot which $83,000 is water debt.
The population of the Town (1930 Census) was 5,667.
The bonded debt
above stated
Dec.
Halsey Stuart & Co., and Darby & Co., Inc.:
$45,000 Water Refunding Bonds—3^%
$45,140.85
$151,000 School Refunding Bonds—3M%
151,472.63
$294,000 General Refunding Bonds—3H%
294,920.22
The $490,000 bonds were awarded the First Boston
Corp.; B.J. Van
Ingen & Co., and Kirchefer & Arnold in accordance with the terms of the
145, p. 3538—were awarded
2s, at par plus a premium of
$330, equal to 100.32, a basis of about 1.90%.
Dated Oct. 1, 1937 and due
March 1 as follows:
$14,000, 1938; $12,000, 1939; $14,000, 1940 and 1941;
$15,000, 1942; $16,000 in 1943, and $17,000 in 1944.
Among the other
coupon poor relief bonds offered Dec. 15—V.
to Banc Ohio Securities Co. of Columbus, as
bids
$45,026.55
151 089.09
294,173.48
were
these:
Bidder—
Braun, Bosworth & Co
Field, Richards & Shepard
Merrill, Turben & Co
Fox, Einhorn & Co
Int. Rate
2%
.2)1%
2>|%
Premium
$133.00
166.00
541.00
398.80
Volume
Financial
145
Chronicle
BEN
Oklahoma City,
Certified check for $500, required.
BOYERTOWN, Pa.—BOND SALE—The issue of $70,000 general obliga¬
tion bonds offered Dec. 10—V. 145, p. 3698—was awarded to Blyth & Co.,
Inc., Philadelphia, as 2Ms, at par plus a premium of $447.30, equal to
100.639, a basis of about 2.18%.
Dated Dec. 15, 1937.
Due annually
on Dec. 15 as follows:
$2,000 in odd years and $3,000 in even years from
1939 to 1962, both incl., and $2,000 each year thereafter to 1967.
Any
Oklahoma
and all bonds
Long Distance 158
Cy 19
HEIGHTS,
1939 to 1948.
Municipal Bonds Since 1892
Ok
4007
PA.—BOND OFFERING—Wm. A. Lowrie,
Borough Secretary, will receive bids until 8 p. m. Dec. 27, for the pur¬
chase of $10,000 coupon bonds.
Bidders are to specify rate of interest, in
a multiple of M%.
Denom. $1,000.
Due $1,000 yearly on Jan. 1 from
R. J. EDWARDS, Inc.
AT&T
AVON
are
callable
and after Dec. 15, 1947, at any interest date,
Other bids were as follows:
on
in inverse numerical order.
2M %
2M%
2M%
Halsey, Stuart & Co., Inc
Yarnall & Co
OKLAHOMA
Janney & Co
Oklahoma City), Okla.
on Nov. 27, authoriz
Ing the immediate issuance of $11,563,000 4 % water reservoir revenue bonds.
Due in 35 years.
This action has been taken in order to clear the way for
a test suit to estaolish the validity of the Authority, the initial movement
to obtain a $20,000,000 allotment approved by tne Public Works Adminis¬
tration, consisting of a loan in the amount of $11,563,000 and a grant of
GRAND RIVER DAM AUTHORITY (P. O.
—BONDS AUTHORIZED—A resolution
$8,437,000.
•,
.
fr-
•
was
passed
'
Stroud & Co
-
Corp..
-
Butcher & Sherrerd
Edward Lowber Stokes & Co
2)4%
2%%
2%%
2H %
2M %
2%%
Chandler & Co
E. H. Rollins & Sons, Inc
Brandon & Co
$272.30
186.90
126.70
90.00
239.93
Par
1,167.60
1,071.00
846.30
770.00
Par
2M%
2M%
-
Bioren & Co
Bancamerica-Blair
Premium
Int.Rate
*
Bidder—
,
election called for
will be submitted
HOLDENVILLE, Okla.—BOND ELECTION—At an
Dec. 21, a proposal to issue $70,000 water works bonds
to the voters.
MARLOW, Okla.—BONDS VOTED—At the election
Dec. 7—V. 145,
on
p. 3385—the voters approved the issuance of $55,000 in not to exceed 5%
electric light system extension bonds by a vote of 147 to 66.
The date for
the offering of these bonds has not been set as yet, according to the City
CRAFTON, Pa.—BOND OFFERING—Wm. A. England, Secretary of
Borough Council, will receive bids until 8 p.m. Dec. 28 for the purchase of
$6O,OO0 coupon bonds.
Bidders are to specify rate of interest, in a multiple
of H%Denom. $1,000.
Dated Jan. 1, 1938.
Interest payable Jan. 1
and July 1.
Due $5,000 yearly on Jan. 1 from 1944 to 1955, incl.
Ap¬
proving opinion of Burgwin, Scully & Churchill of Pittsburgh will be
furnished by the borough .which will also print the bonds.
Certified check
for $1,000, payable to the Borough Treasurer, required.
Clerk.
TULSA, Okla.—BONDS DEFEATED—At the election held on Dec. 14
—V. 145, p. 3385—the voters failed to approve the issuance of the
in water system bonds, according to W. F. Graham, Commissioner
Works and Sewage.
VALLIANT,
Okla.—BONDS SOLD—We
works
water
refunding bonds, approved
have been sold as 6s at par.
Oct. 25,
VERDIGRIS
(P.
CONSOLIDATED
Claremore,
O.
R.
R.
are
by
the
informed that $13,000
Board of Trustees on
v:';
SCHOOL
Okla.—BOND
1),
$600,000
of Water
19
OFFERING—M. L. Fry
purchase at not
Interest rate will be determined
by the bidding.
Due $1,000 yearly, beginning three years after date of
issue. Certified check for 2 % of amount of bid, required.
District Clerk, will receive bids until 2p.m. Dec. 21 for the
less than par of $17,000 building bonds.
SCHOOL
WALTERS
DISTRICT
(P.
O.
Walters),
Okla.—BONDS
SOLD—It is stated by the Superintendent of the Board of Education that
$18,750 4M % semi-ann. refunding bonds approved recently by the Attorney
General, have been sold to R. J. Edwards, Inc. of Oklahoma City.
1937654
Inc. of Philadelphia.
DENVER,
NO.
DISTRICT
CONEMAUGH TOWNSHIP SCHOOL DISTRICT (P. O. Davidsville), Pa.—OTHER BIDS—Two bids were submitted for the $170,000
As previously noted in these columns, an ac¬
count headed by E. H. Rollins & Sons, Inc. of Philadelphia, was awarded
the loan at a price of 100.69 for 4s, a basis of about 3.935%—V. 145, p.
3857.
The other tender, an offer of 100.35 for 4s, was made by Leach Bros.,
bond issue offered Dec. 9.
OREGON
Pa.—BOND SALE—An
issue
of $34,000 filter plant and
pumping station bonds was sold to the Denver National Bank, as 3s, at a
price of 101.76, a basis of about 2.91 %.
Due July 1,1967; optional on and
after July 1, 1939.
EAST
STROUDSBURG,
Pa .—BOND OFFERING—Sterling Gramer,
Borough Secretary, will receive bids until 7.30 p. m. Dec. 28 for the pur¬
chase of $81,000 coupon bonds.
Bidders are to specify rate of interest,
making choice from 1 M%. 1 M%, 2%, 2M%, 2)4%, 2%%, 3%, 3M%,
3M%, 3M% and 4%.
Denom. $1,000. Interest payable June 15 and
Dec. 15.
Due $8,000 yearly from 1938 to 1946, and $9,000 in 1947. Certifield check for 2%, required.
The bonds are being issued for refunding purposes.
They will be dated
Dec. 15, 1937.
In coupon form, registerable as to principal only.
Au¬
thorized at the Nov. 2 election, they will be approved as to legality by
Townsend, Elliott & Munson of Philadelphia.
DONALD, Ore.—BOND OFFERING—It is reported that A. D. McCully,
bids until 8 p. m. on Dec. 21, for the
purchase of an issue of $1,500 5% water bonds.
Denom. $500.
Due $500
from Jan. 1, 1943 to 1945.
Prin. and int. (J. & J.) payable at the office of
funding bond issue awarded to S. K. Cunningham & Co. of
previously noted in these columns—V. 145, p. 3698—were
the Town Treasurer.
par
JEFFERSON COUNTY UNION HIGH SCHOOL DISTRICT NO. 1
(P. O. Madras), Ore.—BOND SALE—The $9,000 issue of refunding bonds
on Dec.
13—V. 145, p. 3856—was awarded to Jaxtheimer
& Co. of Portland, as 3Ms, at a price of 100.47, a basis of about 3.16%,
Dated Dec. 15, 1937.
Due from Dec. 15, 1944 to 1948; optional on Dec.
15, 1943.
has
Town Recorder, will receive sealed
offered for sale
(P.
CITY GRADE SCHOOL DISTRICT
JUNCTION
City,,
O.
Junction
Ore.—BONDS SOLD—We are informed that $25,000 school con¬
bonds have been purchased by the State of Oregon.
struction
PORT OF COOS BAY (P. O. Marshfield),
Ore.—BONDS NOT SOLD
5% refunding bonds offered on Dec. 13—V. 145, p. 3698—
bids were received.
Dated Jan. 1, 1938.
Due $5,000
yearly on Jan. 1 from 1940 to 1944.
—The $25,000
sold,
were not
as no
SWEET
HOME, Ore.—PRIVATE SALE PENDING—It is stated by
George L. Corner, City Recorder, that the City Council is trying to dispose
of at private sale the $40,000 issue of not to exceed 5% semi-ann. water
bonds that was offered without success on Aug. 31, as noted in these columns
at the time—V. 145, p. 1940.
Dated Aug. 15, 1937.
Due from Aug. 15,
1939 to
MORRIS
TOWNSHIP,
Pa .—BOND SALE DETAILS—The $17,000
Pittsburgh, as
sold as 3s, at
plus a premium of $25, equal to 100.147, a basis of about 2.98%. Dated
Dec. 15, 1937 and due Dec. 15 as follows: $1,000 in 1938 and 1939, and
$1,500 from 1940 to 1949 incl.
fa.—BONDS AUTHORIZED—The Borough Council
authorizing the issuance of $125,000 power plant
MYERSTOWN,
passed an ordinance
and distribution system
bonds.
PENNSYLVANIA (State of)—LOCAL ISSUES APPROVED—The
Department of Internal Affairs, Bureau of Municipal Affairs, has approved
the following local bond issues.
Information includes name of the munici¬
pality, amount and purpose of issue and date approved:
V':v
Date
Municipality and Purpose—
Borough, Lancaster County—Constructing
and erecting a water filter plant and water pumping
station and water system improvements
- •
Guilford Township School District, Franklin County—
Refunding bonded indebtedness, $24,000; acquiring
land for school building, building, furnishing and
equipping same
Saegertown Borough, Crawford County—Erecting and
constructing a public building including furnishing
1955.
LOANS
OF
THE
OF
PENNSYLVANIA ISSUES
CITY
PENNSYLVANIA
OF
PHILADELPHIA
MUNICIPALS
1520 Locust St., Philadelphia
CITY OF PHILADELPHIA
BONDS
Walnut
1528
T.
&
T.
VOTED
Philadelphia
PENNSYLVANIA
Floati ng
None
17,363
32,132
fund
applicable for any other
3,000
purpose
$41,005
Net debt
Tax Collections
Collected During
Fiscal Year
Tax Levy
$16,600
15,164
17,164
17,663
*
Collected to Dec. 1, 1937—eight months only.
Since April 1, 1934, through Oct. 1, 1937, $15,329
Beginning April 1—
-
-
—
-
been collected.
Population 1930, 1,224.
Cranberry Township School District, Venango County
—Refunding bonded indebtednessOld Forge Borough, Lackawanna County—Fund floating indebtedness
25,000
Year of Levy
$9,224
10,133
11,153
9,615*
9,000
Nov. 30
Dec.
1
125,000
Dec.
1
20,000
Dec.
1
7,500
Dec.
2
155,000
Dec.
2
,
56%
67%
65%
55%
of back taxes have
$17,000
100,000
Dec. 10
■
n
-
—
-
-----
36,000
Dec. 10
175,000
Wormleysburg Borough, Cumberland County—Street
improvements-South Canaan Township School District, Wayne County
—Erecting, equipping and furnishing a school building
Greenville Township School District, Somerset County—
Erecting a school building; furnishing and equipping
same
debt -
Outstanding solvent debts
Taxes available within one year and not
5,800
Nov. 29
building
BADEN, Pb,.—BONDS PLBLICLY OFFERED—Johnson & McLean of
P ttsourgh are making public offering, at prices to yield from 2 to 3%
according to maturity, of a new issue of $10,000 3M% municipal building
bonds, dated Dec. 1, 1937, and due serially from 1938 to 1947, inc..
Re¬
port of the sale of these bonds was made in these columns recently.
In
addition to details previously given, we learn that principal and interest
(J. & D.) are payable at the Freedom National Bank, Freedom.
Financial Statement (as Officially Reported)
Assessed valuation
--$1,308,381
Bonded debt, including this issue
93,500
Cash in sinking
40,000
—
Teletype—Phila. 22
Street
Nov. 23
Township School District, Greene County—
Funding floating indebtedness----North Charleroi Borough School District, Washington
County—Paying part cost of constructing a school
building
-—
Braddock Borough School District, Allegheny County—
Constructing and equipping a junior high school
YARNALL & CO.
A.
$34,000
Morris
.
UGH T—SOLD—Q
BO
Nov. 23
County—Improve¬
Skippack Township School Dist., Montgomery County
—Remodeling, rebuilding school building; erect an
addition thereto, furnish and equip same—
Westover Borough School Dist., Clearfield County—
Acquiring land for the erection of school building;
furnish and equip said building
—
Phoenixville Borough, Chester County—Constructing
a sanitary sewerage system and disposal plant
West Hazleton Boro School District, Luzerne County
—Erecting, equipping and furnishing school building
Moncure Biddle & Co.
Amount
Nov. 24
same
Elwood City Borough, Lawrence
ments and sewer construction
COMMONWEALTH
Approved
Denver
Dec. 10
10,000
Dec. 10
_
25,000
^
Dec.
8
Dec.
8
^
12,500
PENNSYLVANIA, State of—PUBLIC DEBT SHOWS RECENT IN¬
CREASE—Pennsylvania's public debt rose 89 cents a person since 1930,
State Treasurer F. Clair Ross reported recently.
The increase is nothing
to be alarmed about, however, Mr. Ross said.
"Several States have incurred indebtedness of more than $50 a person
since 1930," he added.
The per capita debt now is $10.36 a person here, a rise of 9.4% 'through
the depression years," Mr. Ross stated.
The National increase was 34.25%.
The public debt is $129,942,000, with more than $16,000,000 in the
treasury for refunding purposes.
In 1930 the total was $91,224,000.
PHILADELPHIA, Pa.—URGES ISSUANCE OF BONDS IN SERIAL
FORM—Plans for reducing the debt that consumes almost 40 % of municipal
income each year were made public Dec. 9 by the Philadelphia Advisory
Finance Commission, of which Thomas S. Gates is chairman.
The Commission proposed:
1 Gradual adoption of a pay-as-you-go-plan for capital outlay so that at
least half the debt could be paid from current income at the end of 50 years.
2 Inclusion of all capital expenditures in yearly budgets so that greater
control could be exercised over such spending.
3 Long-range planning for such outlays through an effective City Plan¬
ning Commission, which would have wide powers.
4 Eventual elimination of the Sinking Fund by issuing all future bonds in
serial form so that they can be retired in regular instalments from annual
^
TThefCommission submitted its 26-page report to Mayor Wilson with the
suggestion that he pass it on to the City Charter Commission.
PHILADELPHIA
SCHOOL DISTRICT, Pa .—BOND SALE—The
$6,650,000 school bonds offered on Dec. 14—V. 145, p. 3698—were awarded
to the State Public School Employees Retirement Board, as 3Ms, at par
4008
plus
Financial
a
premium of $28,603.05, equal to
Dated Dec. 16, 1937.
Due $350,000
100.428, a basis of about 3.70%.
yearly on Dec. 16 from 1939 to 1957.
Second high bid, offering a
premium of $21,280 for 3%s was submitted
by Lehman Bros., Blyth & Co.. Moncure Biddle & Co., and associates.
Brown Ilarriman & Co. and associates bid
$6,733,783.35 for 4% bonds.
.
PHILADELPHIA, Pa.—TAX COLLECTIONS LO WERr-Tax collections
in the City from all sources amounted to
$80,970,716 in 11 months of 1937
compared with $84,871,329 in corresponding period of 1936, a decrease of
$3,900,613, according to a report of Frank J. Willard, receiver of taxes.
The figures for 1937 do not include $330,246
privilege and amusement taxes.
City tax collections were $286,592 less than a year ago,
amounting to
$36,840,901 compared with $37,127,493.
School tax receipts were $20,410,861 against $20,575,685 while personal property collections totaled
$4,001,802 against $3,523,523.
Delinquent city payments were down $2,742,897 to $7,450,284, while
delinquent school collections of $4,107,703 were $1,498,491 under year
ago.
Keceiver of Taxes Willard stated that
during the 11 months of 1936
"we collected 83% of the levy, and so far this
year we have collected 86%,
showing a gain in the collections of 3% in 1937.
"The difference between the 1936 and 1937
levy which was $1,781,849
in city and $96,017 in school taxes is due to
the reduction of assessment on
all real estate," Mr.
PITTSBURGH,
PRIOR
Willard said.
Pa.—OFFERS
PLAN
TO
REFINANCE
NOTES
TO
MATURITY—Prior to submitting new budget estimates for
1938, Mayor C. D. Scully on Dec. 7 offered for consideration of Common
Council a plan designed to eliminate the
necessity for appropriating $2,000,000 otherwise needed and thus reduce nexjt year's deficit
by that
amount, according to Pittsburgh press sources.
Under the
plan, which is
said to have
received the Finance's Committees qualified
endorsement, the
city would be authorized by ordinances to refinance a total of
$5,950,000
outstanding 3-year notes through the issuance of long-term bonds.
In
discussing the matter, the Mayor pointed out that only $500,000 are call¬
able before 1940, adding that the success of the
proposal is necessarily
contingent upon the willingness of the holders of the
remaining notes to
surrender them for refinancing in advance of
maturity date.
Emphasizing
that the success of the scheme thus
hinges solely upon the co-operation of
holders of the non-callable
notes, the Mayor stated that "certain of the
holders of said notes have agreed to surrender"
them in accordance with
his proposal.
_____________
POTTER COUNTY (P. O.
Coudersport), Pa .—BOND SALE—The
$40,000 coupon or registered refunding bonds offered on Dec.
14—V. 145,
3699—were awarded to E. H. Rollins & Sons of
Philadelphia as 2s at par
plus a premium of $104, equal to 100.26, a basis of about
1.94%. Dated
Jan. 1, 1938.
Due $5,000 yearly on Jan. 1 from 1939 to
1946, incl. fechmid
Poole & Co. of Philadelphia were second
high bidders, offering a premium
of $2.41 for 2% bonds.
p.
Other bids
were as
follows:
Bidder—
Bioren & Co
Int. Rate
2%
2H%
2M%
234%
2M%
234%
334%
Singer, Deane & Scribner
Chandler & Co
W. H. Newbold's Son & Co
Bancarnerica-Blair Corp
Johnson & McLean
Leach Bros., Inc
-
SHAMOKIN SCHOOL
Premium
$2.41
301.50
227.84
226.00
65.88
268.00
140.00
DISTRICT, Pa.—BOND SALE—The $120,000
school site purchase bonds offered Dec.
15—V. 145, p. 3699—were awarded
to Chandler & Co. of
Philadelphia as 334" at par plus a premium of $707.76,
equal to 100.589, a basis of about
3.44%.
Due $5,000 each Dec. 15 from
1938
to
1961, inclusive.
Financial Statement
as
of Nov. 10, 1937
Assessed valuation (33
1-3% of actual), 1937
Gross bonded debt
(a) electoral,
$58,000;
$210,000Floating debt
Tax anticipation
$5,962,000.00
(b)
non-electoral,
268,000.00
v
None
notes, bank loans or other
indebtedness
Bonds authorized but unissued
(this issue)
Gross debt
evidences
of
None
120,000.00
388,000.00
10,000.00
378,000.00
102,805.47
275,194.53
Sinking fund
Net funded and authorized debt
Deductions—Returned
taxes
Net debt
-
(75% of actual)
Debt service charge,
terest and
1937-38, (a; principal, $10,000; (b) In¬
tax, $13,740
23,740.00
-
Net
debt ratio,
4.62%.
Tax rate, 31 mills.
Amount
$226,774.05.
Population, 1930 census,
(levy),
1937,
estimated, 20,274. Assessed value per capita, $294.07.
capita. $882.21.
of tax
duplicate
20,274:
1937
Actual value per
Ratio to
Net direct debt
burden, school diet, (a)
Net overlapping debt burden:
(b)
(c)
Borough of Shamokin
County of Northumberland
Ratio to
Assessed
Value
Actual
Value
1.54%
2.38%
0.79%
6.99
0.85%
0.28%
2.49
7.85%
2.61%
$23.05
(a) Borough and school district are coterminous,
(b) The borough of
a net debt of
$141,750.
(c) The County or Northumberland
a net debt of
$633,400.
Shamokin has
Tax Collections
'1934
1935
1936
1937
.$242,153.17 $237,763.81 $234,289.00 $235,319.38
176,026.33
176,774.13
174,129.49
178,626.51
Collected in year of levyOutstanding unliend &
returned
taxes
38,149.99
15.7%
39,998.62
16.8%
39,180.97
16.7%
45,972.51
19.5%
Tax Rale—Usually set
prior to June 1 of year of levy.
Duplicate is
delivered to Collector for collection about
July 1.
Rate for each of years
1934 to 1937 has been 31 mills.
Rebate—No rebate.
Collected flat from July 1 to Oct. 1.
Penalty—Five percent penalty from Oct. 1 to the first
Monday of May
in the following year.
Delinquent Taxes—Delinquent taxes are liened by
filing with the County
Treasurer not later than the first
Monday in May of the following year.
The school district levies its own taxes
and is independent of any other
taxing authority.
SUNBURY SCHOOL
DISTRICT, Pa.—BOND SALE—The $175,000
bonds offered on Dec. 14—V.
145, p. 3699—were awarded as
coupon
follows:
$98,000 Junior High School Building bonds to
Brown, Harriman & Co. of
New York on a bid of 101.387 for
2Hs, a basis of about 2.37%.
Due Dec. 1 as follows:
$5,000 from 1940 to 1955 incl., and $6,000
from 1956 to 1958 incl.
77,000 Sixth Ward School Building bonds to the Bancamerica-Blair
Corp.
of New York on a bid of
101.06 for 2^s, a basis of about
2.13%.
Due Dec. 1 as follows:
$5,000 from 1940 to 1952 incl. and $6,000
in 1953 and 1954.
All of the bonds win be dated Dec.
1, 1937.
Denom. $1,000.
payable J. & D.
A complete list of the bids
follows:
„
Bidder-—
Brown Harriman & Co
Bancamerica-Blair
CassattfeCo
E. H. Rollins & Sons, Inc
Singer, Deane & Scribner
Stroud & Co
Halsey^Stuart & Co., Inc
Leach Bros., Inc
x Accepted bids.
UPPER
MORELAND
Interest
*'
$98,000
Int. Rate Rate Bid
2H%
xlOl 387
2 M%
100.378
2%%
101.76
2%%
2%%
2%%
TOWNSHIP
Hatboro), Pa.—BOND SALE—The
$77,000
Int. Rate
101.41
xlOl.06
101.001
101.397
100.81
101.799
101.449
100.07
101.16
101.799
101.099
100.07
SCHOOL
Rate Bid
DISTRICT
(P.
O.
issue of $50,000 coupon high school
improvement bonds offered on Dec. 13—V. 145,
p. 3699—was awarded to
Dougherty, Corkran & Co. of Philadelphia as 2J4s, at a
price of 101.14.
WEST
HAZELTON
SCHOOL
DISTRICT,
Pa .—FINANCIAL
STATEMENT—The following is given in connection with
the offering on
1935-36
1936-37
$2,571,753
2,057,403
5,936
$2,504,153
2,003,323
4,544
Occupation
Personal property
Total assessed valuation
2,007,867
2,053,339
Percentage of assessed valuation to actual value 80%.
Population (present estimated), 7,500; 1930 census, 7,310; 1932, census,
5 854.
Funded Debt Statement
as
of Dec.
1,
1937
Total funded debt (exclusive of special
assessments)
Water and other utility debt (included above)
General sink, funds (excl. of utility sink,
$78,500.00
funds) $12,316.57
Total deductions.
1193936542
12,316.57
Net debt
—
Bonds authorized,
but not issued:
furnishing and equiping high school.
$66,183.43
—
$100,000.
Purpose:
Erecting,
Principal and Interest Requirements on Funded Debt for Fiscal Years,
Beginning
1938
1939
1940
1941
$6,500
Principal
$6,500
3,600
$6,500
3,275
$6,500
2,950
Interest
3,925
Condition of Sinking Funds as of Dec. 1, 1937
Total cash
on
hand
Investments on hand
Total term bonds outstanding against which sink, funds
$12,316.57
None
are
held
78,500.00
Bank Deposits as of Dec. 1, 1937
General funds
$30,791.18
12,316.57
Sinking funds
"'Total
$43,107.75
Statement of
Unfunded Debt
as
of Dec. 1, 1937
All other debts (purchase of land)
Tax
$6,666.68
Collection Data
Fiscal year dates: From July 1 to July 1.
When are taxes billed? Oct. 1.
When payable?
Within 30 days.
When and what penalties imposed?
5% after 30 days. When do taxes become delinquent?
May 1.
Tax
rate
per
$1,000: 1934—$33
1935-$33
1936—$33
Current year district tax rate per $1,000—General$26.50
Sink, fund—
6.50
Fiscal
1937—$33
-Total $33.00
Tax Collection Report
Total Levy (not Incl.
Uncollected end
Year
Beginning
Special Assessments)
Fiscal Year Beginning—
% of Levy
Uncollected
of Year Levy
$10,832.99
11,241.98
13,997.06
14,088.18
11,927.64
$85,239.85
80,818.06
79,471.29
70,653.65
73,833.01
Uncollected July 1, 1937
$6,750.07
8,242.85
8,422.05
10,686.16
11,927.64
12.7
13.9
17.6
19.9
16.1
%
Uncollected
7.9
10.2
10.6
15.1
16.1
Tax Title Liens,&c.
Total of uncollected taxes prior to years
above,
$6,708.03.
Total tax
title liens owned (years 1932 to
1936, incl.), $62,087.85.
Are tax title
liens included in uncollected taxes above?
Yes.^How much? $46,028.77.
PUERTO
RICO
RIO PIEDRAS, Puerto Rico—BONDS SOLD TO
PWA—It is stated by
J. J. Fuertes, Secretary to the
Mayor, that the Public Works Administra¬
tion has purchased at par
$85,000 4% sewer construction bonds. Denom.
$1,000.
Dated July 1, 1937.
Due on July 1 as follows:
$2,000, 1939 to
1942; $3,000, 1943 to 1965, and $4,000 in 1966 and 1967. Prin. and int.
(J. & J.) payable at the office of the Treasurer of Puerto Rico, San
Juan,
or
at the office of the Treasurer of the United
States.
P.VEGA BAJA, Puerto Rico—BONDS SOLD TO PWA—It is stated
by
Daniel Acuna, Town Auditor, that
$58,000 4% water works system bonds
have been purchased at par by the Public Works
Administration.
RHODE
ISLAND
CRANSTON, R. I .—OTHER BIDS—The $100,000 notes awarded to
Jackson & Curtis of Boston, at
0.58% discount, as previously reported in
these columns—V. 145, p. 3857—were also bid for as
follows:
Bidder—
Discount
First National Bank of Boston
0.72%
Wrenn Bros. & Co
-
0.74%
-
Stephen W. Tourtellot of Providence
0.84%
NORTH PROVIDENCE (P. O.
Centerdale), R. I.—BOND OFFER¬
ING—William L. Clark, Town Treasurer, will receive bids until 8
p. m.
Dec. 21 for the purchase at not less than
par of $275,000 coupon high school
loan bonds.
not
to
Bidders are to name rate of interest, in a
multiple of
exceed 4%.
Denom. $1,000.
Dated Dec.
semi-annual interest
Nov.
10,1937
Per cent
1937
Per
has
Year Ended July—
18,
Property Valuation
Estimated actual value
Assessed valuation—Real property
$13.57
Total
Levy..
Dec.
Dec. 20 of $100,000 not to exceed 4% interest school
bonds, fully described
in a previous issue.—V. 145,
p. 3699:
Capita
4.62%
Chronicle
(June 1 and Dec.
1)
% but
1, 1937. Principal and
payable at the First National
follows: $15,000, 1938 to 1952,
Bank of Boston, in Boston.
Due Dec. 1 as
and $10,000, 1953 to 1957.
These bonds will be valid general
obligations of the Town of North Provi¬
dence, and all taxable real estate and tangible personal property in the
town will be subject to the
levy of unlimited ad valorem taxes to pay both
principal and interest. They will be engraved under the supervision of and
authenticated
as to their genuineness
by the First National Bank of Boston.
This bank will further certify that the
legality of this issue has been approved
by Ropes, Gray, Boyden & Perkins of Boston, a copy of whose opinion will
accompany the bonds when delivered, without charge to the purchaser.
The original opinion and
complete transcript of the proceedings covering
all details required in the
proper issuance of the bonds will be filed with the
First National Bank of
Boston, where they-may be inspected.
Bonds will
be delivered to the purchaser on or about Dec. 31 at the First
National
Bank of Boston, 17 Court Street
Office, Boston, against payment in
Boston funds.
PAWTUCKET, R. I .—BOND
SALE—The $350,000 coupon or regis¬
First Boston Corp. and
tered bonds offered Dec. 16 were awarded to the
Brown Harriman & Co., Inc., both of New
100.2199,
$100,000
a
York, jointly, as 3&s, at
basis of about 3.475%.
The sale consisted of:
bonds.
Due $5,000 annually on Dec. 1 from 1938 to 1957
sewer
incl.
100,000 water bonds.
Due $5,000 annually on Dec. 1 from 1938 to 1957
incl.
150,000 highway bonds.
Due Dec. 1 as follows: $8,000 from 1938 to 1947
incl. and $7,000 from 1948 to 1957 incl.
All of the bonds are dated Dec. 1, 1937.
RHODE ISLAND, State of—NEW AND ADDITIONAL TAXES PRO¬
POSED—A special dispatch from Providence to the "Wall Street Journal"
of Dec.
8 had the following to say:
"Imposition of new and added taxes calculated to yield annually $2,990,000 to the State and $1,800,000 to municipalities for current operation or
debt retirement purposes was recommended by the Rhode Island
Advisory Tax Commission in a report to Governor Robert E. Quinn,
Tuesday.
"Created by the Legislature last March and consisting of five members
appointed by the Governor, the Commission made the following recom¬
for
mendations together with estimates of the respective levies:
"1. A State tax on individual income based substantially on the Federal
income tax, municipalities to be given one-half net receipts in lieu of in¬
tangible taxes now collected.
"2. Substitution of a 3% tax on net incomes of manufacturing, mercantile,
business and financial corporations operating in the State, or a tax on their
corporate excess (whichever is higher) for the present
on corporate excess.
$4 per thousand tax
volume
Financial
145
"3. Tax on cigarettes at rate of one mill on each cigarette
annual license fees to be paid by dealers and distributors.
Electric
"4.
gross
power
corporations'
tax
to
be increased
sold, plus
1%
from
of the
earnings to 2%.
"5.
Communications corporations' 2%.
Gross earnings tax be increased
4%, in lieu of local taxes upon tangible personal property
of local real estate taxes.
An
increase
from
3M%
of pari-mutuel
Park to 4%.
"In addition to the additional taxes,
receipts
but not in lieu
Narragansett
at
the Commission recommends
that
An additional tax of
the three-cent per gallon gasoline tax be continued.
gallon was added to the two-cent levy last July after Governor
Quinn had promised that it would be in force for one year only.
The addi¬
tional one-cent a gallon levy will expire June 30, next, and it would be
necessary to re-enact the additional cent levy.
"Declaring that the total taxes paid by the New Haven RR. to the State
and municipalities are unduly high as compared with taxes paid by other
municipalities, and that the carrier is now in reorganziation under pro¬
visions of Section 77-B of the Bankruptcy Act, the Commission notes that
the tax is 1% on its gross and does not recommend any increase.
The
Commission suggests that if any relief is to be granted a detailed study of
the matter be made as to its taxpaying abilities."
one
The bonus represent valid general obligations of the State of Tennessee
for the payment of which the full faith and credit of the' State are pledged,
there is also pledged the annual net
operated by the State, the first $307,500 of
fiscal year 1946-47, the annual
proceeds of a tax of 5 cents per gallon upon gasoline, the annual proceeds of
all fees for inspection of volatile substances, one-half of the annual proceeds
of motor vehicle registration fees and the entire anunal proceeds of franchise
taxes imposed by the Franchise Tax Law.
The bonds are regarded by the bankers as legal investment for savings
banks in New York, Massachusetts and Connecticut.
and
as
additional
revenues
security therefor
of all toll bridges now
annual receipts of tobacco taxes through the
to
"6.
4009
Chronicle
cent a
public offering appears on page iil
{The official advertisement of this
^this issue.)
TEXAS
Texas—BOND
SALE.
bonds, men¬
is stated by
W. J. Underwood, County Judge, that the bonds were purchased by the
Union Trust Co. of Dallas, as follows: $5,000 as 2Ms, maturing on Nov. 1,
1939, and $25,000 as 3s, maturing $5,000 from Nov. 1,1940 to 1944, incl.
COUNTY
ANDREWS
O.
(P.
Andrews),
DETAILS—In connection with the sale of the $30,000 road
tioned in these columns in November—V. 145, p. 3049—it
<
BURLESON
COUNTY
IMPROVEMENT
NO.
DISTRICT
1
(P. O
Texas—BOND CALL—It is stated by Mrs. Emmie Oliver,
Treasurer, that the district, acting through the county Com¬
missioners' Court, has exercised its option and is calling for redemption at
par and accrued interest, at the Mercantile National Bank of Dallas, on
Jan. 20, on which date interest will cease, a total of $45,000 5% district
bonds.
Denom. $1,000.
Dated Aug. 1, 1909.
Due on Aug. 1, 1949.
Caldwell),
SOUTH
County
CAROLINA
COLLETON COUNTY (P. O. Walterboro), S. C.—
—Sealed bids will be received until noon on Dec. 30, by J.
County Supervisor, for the purchase of
bonds.
an
OFFERING
H. Hayden,
issue of $120,000 coupon highway
Interest rate is not to exceed 4 M %. payable J.
1945 to 1954 incl.
& D.
Dated Dec. 1
Bidders are invited
multiples of M of 1 % and must be the same
for all of the bonds.
Prin. and int. payable in lawful money at the State
Treasury in Columbia, or at the agencies of the State in Charleston or
New York City.
The bonds will be general obligations of the county,
issued under Act. No. 1802, Laws 1936.
The payment of the bonds is
secured not only by a sufficient levy on all taxable property in the county,
but also by reimbursement agreement between the county and the State
Highway Commission.
Purchasers will be furnished with the approving
opinion of Caldwell & Raymond of New York.
The bonds will be delivered
in Columbia, S. C., or New York City.
A certified check for $1,000,
payable to the County Supervisor, must accompany the bid.
1937.
Due $12,000 from Dec. 1,
to name the rate of interest in
GEORGETOWN HIGH SCHOOL DISTRICT
(P. O.
Georgetown
S. C.—BOND SALE—The $80,000 coupon school bonds offered on Dec. 14
—V. 145, p. 3857—were awarded to Frost, Read & Co. of Charleston
and Johnson, Lane, Space & Co. of Savannah as 3Ms, at par plus a premium
of $312, equal to 100.39, a basis of about 3.71 %. Dated Jan. 1, 1938.
Due
Jan. 1 as follows: $2,000, 1939 to 1941: $3,000, 1942 to 1944; $4,000,
1945 to 1949; and $5,000, 1950 to 1958. The Robinson-Humphrey Co. of
Atlanta bid a premium of $887 for 4% bonds.
on
CHAMBERS COUNTY ROAD DISTRICT NO. 2 (P. O. Anahuac),
Texas—BOND SALE—A $250,000 issue of road bonds was offered for sale
Dec. 13 and was awarded to a syndicate composed of Neuhaus & Co.,
on
all of Houston, and Mosle &
Moreland, of Galveston, as 2s, at a price of 99.379, a basis of about 2.20%.
Due $50,000 from Feb. 15, 1939 to 1943 incl.
Aves & Wymer, the Gregory-Eddleman Co.,
DALLAS
GREENWOOD COUNTY (P. O. Greenwood), S.
C.—BONDS SOLD
Chester.
Due $5,000 from Jan. 1,
1939 to 1949 incl.
tration
as to principal or as to both principal and interest.
Prin. and int.
will be^payable at the State Treasury or at the agencies of the State in
Charleston and New York.
Bidders are invited to name the rate of int.
which the certificates
are to bear.
The rate must be a multiple of M of 1 %
same for all of the certificates bid for.
They will be awarded
offering the lowest rate of int., at a price not less than par and
accrued int. to date of delivery.
Authority: Act No. 339 of the General
Assembly, approved May 18, 1937.
For the payment of these certificates
there is specifically appropriated and irrevocably pledged so much of the
income tax imposed, levied collected and paid pursuant to the provisions of
Sections 2435 to 2479, incl., Code of 1932, as may be necessary for payment.
In addition thereto, the full faith, credit and taxing power of the State are
pledged for the payment of principal and interest of the certificates.
Pur¬
chaser will be furnished with the opinion of the State's Attorney General
that the certificates are valid obligations of the State, such opinion to be
furnished without cost to the purchaser.
The certificates will be delivered
in Columbia, or New York, at the option of the purchaser.
A certified
check for 1% of the amount bid for, payable to the State Treasurer, is
required.
and must be the
the bid
on
SOUTH
CLARK COUNTY INDEPENDENT SCHOOL DISTRICT NO. 15
(P. O. Clark), S. Dak.—BOND SALE—The $10,000 issue of coupon
on Dec. 3—V. 145, p. 3387—was awarded to
M. J. Twist, of Doland, as Sy^ths, at par plus accrued interest.
Dated
Dec. 1, 1937.
Due from Dec. 1, 1939 to 1947, incl. The next best bid was
an offer of par for 4s, submitted by the Clark County National Bank of
Clark.
FLANDREAU, S. Dak.—BOND ELECTION CONTEMPLATED—W
informed by City Clerk that an election will be held in the near futur
are
to vote on the issuance of
$98,000 in bonds for the acquisition and remodeP
ing of the electric light plant.
"
_______
RAPID
CITY, S.
bonds has been sold
Dak.—BOND SALE—An issue of $30,000 airport
to Piper, Jaffray & Hopwood of Minneapolis.
our
issue of Dec.
3857—has been deferred until Jan. 7. It
found it would require
and because the bonds were not
We have not been advised of any change in
Dated Feb. 1, 1938.
Due $95,000 from
11—V. 145, p.
is said that this action was taken because the city
time for its preparation of estimates
ready for immediate delivery.
particulars of the issue.
1, 1939 to 1948, inclusive.
the
Feb.
TRICT,
»
PETITION
Texas—BANKRUPTCY
DIS
petition in
SCHOOL
INDEPENDENT
CONSOLIDATED
FILED—A
bankruptcy has been filed in Federal Court by the Edinburg Consolidated
Independent School District, in accordance with a bond refunding plan
adopted by the board of trustees in the District.
The petition was filed under Federal law which requires that 51% of
the bondholders must approve the petition before it is entered and 66%
must approve the plan before it is formally accepted.
Refunded would be
$3,131,000 in bonds now outstanding and interest now about five years
default in excess of $800,000.
A hearing on the petition has been set for 10 a. m. Feb. 21, in Houston.
Dr. John G. Getz Jr., and A. G. Hugenin, bondholders, who are now
seeking judgment against the School District in Federal Court have been
ordered to appear in Brownsville to show cause why they should not be
restrained from further prosecuting their suits.
COUNTY
GAINES
ROAD
PRECINCT
NO.
1
(P.
O.
Seminole)
Texas—BONDS SOLD—It is reported by the County Judge that $10,000
bonds have been purchased by the State Department of Education.
road
HOUSTON, Texas—BOND OFFERING DETAILS—In connection
with
scheduled for Jan. 11, of the various issues of bonds aggre¬
gating $2,822,000. noted in these columns recently—V. 145, p. 3858—it is
stated by H. A. Giles, City Comptroller, that all of the bonds will mature
in the years from 1941 to 1968, as of Jan. 15.
Prin. and int. payable at
the Chase National Bank in New York.
These bonds are part or a $4,100,the offering
000 issue authorized at the election
held
on
April 3, 1937.
INDEPENDENT SCHOOL DISTRICT
(P. O. London),
Superintendent of
Schools, that $180,000 high school building bonds have been purchased by
Mahan, Dittmar & Co. of Dallas, as follows:
$60,000 as 2Ms, maturing
in 1938, and $120,000 as 3s, maturing $60,000 annually in 1939 and 1940.
O. Fort Stockton), Texas—BOND CALL—It
by Mrs. L. M. Gorom, County Treasurer, that a total of $150,000
PECOS COUNTY (P.
is stated
5M% road, series B bonds, numbered from one to 150, are being called for
payment at the American National Bank, Austin,on Jan. 25,1938. Denom.
$1,000Dated Aug. 15, 1928. Due on Jan. 25, 1958, redeemable at any
time after 10 years from date.
All of said bonds or any of them, not
presented for payment, shall cease to bear interest on and after date
called.
Texas—BONDS PURCHASED— It is stated by
Duncan, City Secretary, that he has purchased $5,000 refunding
dated March 1, 1935, at a price of 90.00.
S. E.
bonds,
FLOYDADA.
POLK COUNTY (P. O. Livingston). Tex.—BONDS
ZIEBACH COUNTY (P. O. Dupree), S. Dak.—BONDS TO BE EX¬
are informed by W. J. Knipfer, County Auditor, that
the $89,500 refunding bonds authorized recently, as noted in these col¬
umns—V. 145, p. 3699—are being issued for exchange on a like amount of
outstanding warrants, plus accrued interest. After this exchange is made,
which is with the individual holder as far as possible, these bonds may be
for sale, but as far as the county is concerned they will not be put on the
open market.
These bonds will be in denominations of $100 each.
CHANGED—We
Dallas),
1950; and $15,000. 1951.
Texas—BONDS SOLD—It is stated by R. L. Bunting,
school bonds offered for sale
O.
DALLAS, Texas—BOND SALE POSTPONED—We are informed that
the sale of the $950,000 1M%, 2% and 2M% semi-ann. coupon sanitary
sewer and sewage disposal plant bonds, scheduled for Dec. 17, as noted in
LONDON
DAKOTA
(P.
4.50%, an issue of
$150,000 4M% high school athletic field revenue bonds. Denom. $1,000.
Dated Dec. 1, 1937.
Principal and semi-annual interest (June 1 and
Dec. 1) payable at the Republic National Bank, Dallas, or at the City
Treasurer's office, at option of the holder. Due Dec. 1 as follows: $8,000,
1938, 1939 and 1940; $9,000, 1941 and 1942; $10,000, 1943 and 1944;
$11,000, 1945 and 1946; $12,000, 1947 and 1948; $13,000, 1949; $14,000,
EDINBURG
SOUTH CAROLINA, State of—CERTIFICATE OFFERING—We are
informed by E. P. Miller, State Treasurer, that he will receive sealed bids
until noon on Jan. 5, for the purchase of an issue of $1,350,000 State certif¬
icates of indebtedness.
Denom. $1,000.
Dated Jan. 1, 1938.
Due on
Jan. 1 as follows: $100,000, 1939 to 1951, and $50,000 in 1952.
The certificates will be issued in coupon form with the privilege of regis¬
DISTRICT
offering to investors at prices to yield from 2% to
more
—It is stated by the Secretary of the Finance Board that $55,000 3M%
semi-ann. highway bonds were purchased at par by Hamilton & Co. of
SCHOOL
INDEPENDENT
Texas—BONDS OFFERED FOR INVESTMENT—Garrett & Co. of Dallas
are
SOLD—The $50,-
bonds approved by the voters on
said to ha ve been purchased by various
000 highway construction right-of-way
Aug. 9. as noted here at the time, are
county sinking funds.
FORT
WORTH
SCHOOL
DISTRICT, Tex.—BOND SALE—The
stadium first mortgage bonds
Board of Education has sold $100,000 4 M%
Brown-Crummer Co. and R. A. Underwood &
at par, less charge of $4.66 per $100 for handling.
to the
Co., both of Dallas
ANGELO, Texas—BOND ELECTION—It is reported that an
election will be held on Dec. 16 in order to vote on the Issuance of $50,000
in recreation center bonds.
SAN
TENNESSEE
MARION COUNTY (P. O. Jasper), Tenn.—BONDS AUTHORIZED
—The County Court on Dec. 4, is said to have approved the issuance of
the $90,000 school construction bonds approved by the voters on Nov. 22,
as noted in these columns—V. 145, p. 3699.
TENNESSEE (State of)—BOND SALE—The $3,599,000 bonds offered
Dec. 15—V. 145, p. 3857—were awarded to a syndicate headed by
Halsey, Stuart & Co. of Chicago at par plus a premium of $2,411.33, equal to
100,067, for $2,286,000 2M% bonds and $1,313,000 3M% bonds, the net
interest cost being equal to about 2.9357%.
Associated with Halsey,
Stuart & Co. were: Lehman Bros., the Bancamerica-Blair Corp., Stone &
Webster and Blodget, of New York; Kelley, Richardson & Co. or Chicago;
E. H. Rollins & Sons, Kean, Taylor & Co., B. J. Van Ingen & Co., Hemp¬
hill, Noyes & Co., Geo. B. Gibbons & Co., Bacon, Stevenson & Co., of
New York; the Manufacturers & Traders Trust Co. of Buffalo; R. S. Dick¬
son & Co. of Charlotte; Burr & Co., Morse Bros. & Co., of New York;
Lawrence Stern & Co. of Chicago; the First Michigan Corp. of Detroit;
J. C. Bradford & Co. of Nashville; Kalman & Co. of St. Paul; Piper. Jaffray
& Co. of Minneapolis; Ward, Sterne & Co. of Birmingham: Stern Bros. &
Co. of Kansas City; Edward Lowber Stokes & Co. of Philadelphia; Win. R.
Compton & Co. of New York, and Schmidt, Poole & Co. of Philadelphia.
The bonds are divided into two issues, as follows:
on
$2,286,000 funding bonds.
Due on Dec. 1 as follows: $2,000,000 in 1947
and $286,000 in 1948.
1,313,000 county reimbursement bonds. Due on Dec. 1, 1948.
Denom. $1,000.
Dated Dec. 1, 1937. Prin. and int. payable at the
fiscal agency of the State in New York City, or at the office of the State
Treasurer, at the option of the holder, and the bonds contain provisions for
their registration as to principal alone or as to both principal and interest.
BONDS
OFFERED
FOR
to
successful bidders rethe 2 M% bonds at prices
INVESTMENT—'The
offered the above bonds for public subscription,
yield 2.80%, while the 3M% bonds are priced to yield 2.90%.
TEXAS,
State
of—NO
REVENUE REDUCTION DESPITE TAX
the State ad valorem tax rate from
RATE CUT—Reduction this year of
62 cents to 49 cents on each $100 of assessed property valuation has not
caused a reduction on tax revenue, according to George H. Sheppard, State
Comptroller.
The increases are attributed to the raising of valuations and
better tax collections in many of the counties, he said.
Harris County raised its tax rate from $1.01 to $1.02 and increased the
valuations from $268,532,455 to $285,336,780.
Tax Assessor-Collector
J. W. Hall said collections, State and county, had amounted to $3,635,309
on the 1936 rolls and that anticipated revenue on the 1937 rolls was $4,116,641.
Galveston County reduced the rate from 60 to 55 cents and increased
the valuation from $61,886,315 to $63,668,981.
W. E. Lewis, Tax Asses¬
sor-Collector, said.
Collections on the 1936 levies were $609,138, State
and county, and anticipated revenue on the 1937 levies was $553,263.
Dallas County increased its valuation from $273,642,923 to $284,060,000
during the past year.
The county tax rate remains the same, 75 cents per
$100 valuation.
County Tax Assessor-Collector Ed Cobb estimated 1937
collections would amount to 85% of the $2,128,855 county taxes and $1,143,078 State taxes.
Total collections on the 1936 rolls are approaching $2,900,000.
VERA SCHOOL DISTRICT (P. O. Vera), Texas—BONDS SOLD—
It is stated by the Secretary of the Board of Education that $12,000 build¬
ing bonds have been purchased by the State Board of Education as 4s at
par, and they mature over a period of 40 years.
UTAH
PROVO, Utah—BOND SALE—The $37,000 issue of 6% coupon semiann. special improvement, street paving bonds offered for sale on Dec. 9
—V. 145, p. 3858—was awarded to Edward L. Burton & Co. of Salt Lake
City, paying a premium of $2,038.70, equal to 105.51, a basis of about
4.85%. Dated free. 1, 1937. £>ue from Dec. 1, 1938 to 1947.
Financial
4010
Chronicle
Dec.
18, 1937
VERMONT
Dated May 1, 1938.
Due on May 1, 1943.
The successful bidder agreed
to defray the cost of printing the bonds and furnishing legal opinion.
Vt.—BOND SALE—The issue of .$80,000 3% refunding
bonds offered on Dec. 15-—V. 145, p. 3858—-was awarded to Brown Harriman & Co., Inc., of New York at a price of 100.62, a basis of about 2.93%.
Dated Dec. 1, 1937, and due $4,000 on Dec. 1 from 1938 to 1952, inclusive.
S. N. Swanson, County Clerk, will receive bids until 8 p. m. March 1, for
the purchase of $104,000 3% coupon series D highway improvement bonds.
ST. CROIX COUNTY
SHELDON,
Denom. $1,000.
Dated April 1, 1938.
Principal and semi-annual interest
(April 1 and Oct. 1) payable at the County Treasurer's office. Due $100,000
April 1, 1943 and $4,000 April 1, 1944.
$25,000.00
WYOMING
ALEXANDRIA, Va. Fdg. & Impt. 6s
Due Oct.
(P. O. Hudson), Wis.—BOND OFFERING—
ROCK SPRINGS, Wyo.—BOND SALE—Of the $97,000 bonds offered
on Dec. 6—V. 145, p. 3388—the $75,000 flood control bonds were awarded
to the Stock Growers National Bank of Cheyenne
as
3s.
The bonds
awarded will mature serially for 10 years.
1, 1946-49 @ 3.00-3.15% basis
F. W. CRAIGIE & COMPANY
CANADA
Richmond, Va.
A. T. T. Tel. Rich. Va. 83
Phone 3-9137
VIRGINIA
DANVILLE,
SALE—The $250,000 coupon, registrable as
V a.—BOND
to principal, general obligation, electric plant bonds offered on Dec. 14—
V. 145, p. 3858-—were awarded to Halsey, Stuart & Co. of New York as
Ws, at par plus a premium of $1,965, equal to 100.786, a basis of about
Dated Dec. 1, 1937.
Due $10,000 yearly on Dec. 1 from 1938
to 1962.
Estabrook & Co., New York, and F. W. Craigie & Co., Rich¬
mond, joined in bidding $251,767.50 for 2%% bonds, equal to 100.707.
2.68%.
NORFOLK, Va.—BOND OFFERING—Sealed bids will be received until
Jan. 4, by City Manager Thomas P. Thompson, for the purchase
of an issue of $1,000,000 coupon or registered general improvement bonds.
Denom. $1,000.
Due on Jan. 1 as follows: $32,000, 1939 to 1943, and
$56,000, 1944 to 1958.
Bidders are requested to name the interest rate,
in multiples of
of 1 %, all bonds to bear the same-interest rate.
Bidders
should submit bids on an all or none basis.
The lowest net interest cost
to the city will determine the award.
Prin. and int. (J. & J.) payable at
a bank to be designated in either New York or Norfolk.
These bonds are
said to be general obligations, payable from an unlimited tax.
Delivery on
or about Jan. 15, at place of purchaser's choice in New York or Norfolk.
The approving opinion of Reed, Hoyt & Washburn, of New York, will be
furnished.
Bidding forms may be had upon request.
A $10,000 certified
check, payable to the City Treasurer, must accompany the bid.
noon on
VIRGINIA BEACH, Va .—BOND SALE DETAILS—It is now reported
that the $92,000 43^ % sewage bonds purchased by the Investment Corp.
of Norfolk, at a price of 98.16, as noted in these columns recently—V. 145,
p.
3858—are dated Dec. 1, 1937, and mature
on
Dec. 1
as follows:
$3,000,
1940 to 1942: $4,000, 1943; $3,000, 1944 to 1946; $4,000, 1947; $3,000. 1948
1950; $4,000, 1951; $3,000, 1952 to 1954; $4,000, 1955; $3,000, 1^56 to
to
1958; $4,000, 1959 and 1960; $3,000, 1961 to 1965, and $4,000 in 1966 and
1967, giving a basis of about 4.67%.
Prin. and int. (J. & D.) payable at
Norfolk.
Legal approval by Reed, Hoyt
& Washburn, of New York.
the National Bank of Commerce
^rumhdte, Ehrltcltman & HHiito
ESTABLISHED
1921
Managers of Investment Capital
Underwriters of Bonds and Stocks
Exchange Building
SEATTLE
Washington
WASHINGTON
BELLINGHAM, Wash.—SEWER DISTRICT BONDS SOLD—It is
reported that $60,000 Eureka Sewer District bonds have been purchased
at par by the Bellingham National Bank.
'
i
/
LONGVIEW,
Wash.—BOND
ISSUANCE
APPROVED—The
City
Council is reported to have agreed to issue $125,000 4% refunding bonds to
mature over
a
30-year period.
SEATTLE, Wash.—CITY REQUESTS AID FROM GOVERNOR—
Climaxing its long series of union labor troubles, the city is reported to have
appealed to the State Governor for aid to avoid bankruptcy.
The plea for
assistance is said to have been contained in a resolution passed by the City
Council which urges a special session of the State Legislature to consider
the problems of the city and act on the findings of the State Tax Commis¬
sion, recently assigned to study the situation.
SKAGIT COUNTY SCHOOL DISTRICT NO. 317 (P. O. Mt. Vernon)
Wash.—BOND OFFERING—Sealed bids will be received until 10 a. m. on
Dec. 31, by Geo. I. Dunlap, County Treasurer, for the
purchase of a
$10,000 issue of school bonds.
Interest rate is not to exceed 4%, payable
semi-annually.
Due over a period of 20 years; optional after rive years.
Prin. and int. payable at the County Treasurer's office.
A certified check
for 5% of the bid is required.
TACOMA, Wanh.—BONDS CALLED—C. V. Fawcett, City Treasurer,
.
is said to have called for payment on Dec. 2, on which date interest
ceases,
bonds numbered 22 to 58 of Local Improvement District No. 5149.
TENINO, Wash.—-BONDS VOTED—At
the
election
held
on
Dec.
7
v. 145, p. 3700—the voters approved the issuance of the
$45,000 water
works system rebuilding bonds by a count of 93 to
15, according to L. D.
Baldwin, City Clerk.
Int. rate is
July 1, 1939 to 1957, incl.
not
to exceed
6%,
per annum.
Due
from
WHATCOM COUNTY SCHOOL DISTRICT NO. 101 (P. O. Belling¬
ham), Wash.—BOND SALE—The $10,000 school bonds offered on Dec. 10
77V, 145,
p. 3700—were awarded to the Bellingham National Bank on a
bid of 101.05 for 4s.
Due in from 2 to 20 years.
t
WHITESTONE RECLAMATION DISTRICT (P. O. Enterprise),
Wash.—BOND ELECTION—An election is reported to be set for Dec. 14
vote on the issuance of $40,000 in
refunding bonds.
Denom. $500.
Dated Jan. 1, 1938.
Due on Jan. 1 as follows:
$1,000, 1948 to 1951;
$1,500, 1952 to 1955; $2,000, 1956 to 1960, and $2,500 from 1961 to 1968.
to
BRANTFORD,
CAPITAL DEBT REDUCTION OF
Ont.—REPORTS
$206,626—A year-«nd financial statement, covering the period to Oct. 31,
presented to the City Council as prepared by City Treasurer E. A. Danby,
indicates that this year the city will have reduced its capital debt by $206,626
net.
As at Dec. 31, 1936, the debt stood at $5,451,062.
This year's
reductions came to $364,192, and additions to $157,566, so that the remain¬
ing debt will stand at $5,244,436.
Current receipts to Oct. 31 show as $1,326,740, with expenditures to the
same date of only $98,437.
A comparative statement of tax collections to Nov. 18, inclusive, shows
total collections of $1,226,956 as compared with $1,176,424 for the corres¬
ponding period a year ago, an improvement for this year of $50,532. "
CANADA
were
(Dominion of)—TREASURY BILLS SOLI>— Subscriptions
accepted on Dec, 14 to an offering of $25,000,000 Treasury bills,
1938.
They were sold at an average yield of 0.761%
due March 15,
ETOBICOKE TOWNSHIP,
Ont.—REFUNDING ALMOST COM¬
PLETED—Refinancing plan for the township has been given final approval
and it is expected the default situation will be cleared up by the end of the
year, according to report.
The township defaulted on all principal payments commencing June 1,
1933, but has paid interest in full. Under a refinancing plan a new issue of
$600,000 25-year 4Yt % debentures, callable at par, will be offered for sale.
FORT
ERIE,
Ont.—$412,000
FOR
AVAILABLE
WEST VIRGINIA
"Monetary Times" of Toronto.
The money, it was said, is in the bank
ready for application for payment of interest and principal of debentures,
is in default, and fiscal agents in
Municipal Affairs are working out
a scheme of re-financing for the town.
This year, Fort Erie had revenues
totaling $360,000 and a surplus of $170,000.
with respect to which the municipality
Toronto and the Ontario Department of
LONDON, Ont .—DEBT REDUCED BY $916,500 IN PAST TWO
YEARS— The city's net debenture debt was reduced in the last two years
by $916,500 to a new low point of $8,768,486, and at the end of 1942 with
only minor issues to be covered such as bridges and the hospital extension
the net indebtedness will be down to almost $6,000,000.
A report prepared
by Finace Commissioner J. S. Bell is stated to have placed the gross
Indebtedness at the end of 1936 at $11,402,731 with a sinking fund to apply
against it of $2,634,244.
MANITOBA (Province of)—PREMIER HINTS AT DEFAULT—Con¬
cluding the presentation of the Province's case to the Royal Commission on
Dominion-Provincial Relations, Premier John Bracken stated that unless
recommendations such as had been suggested for easement of the province's
financial burden were accepted, then the government would have no other
alternative but to default, according to the "Financial Post" of Toronto of
Dec. 11.
The recommendations, according to report, included assumption
by the Dominion of the province's $26,000,000 of relief debt ana the
proposed assumption by the Federal government of $52,800,000 of other
indebtedness "by capitalizing the subsidy at
3M% interest."
On the
question of default, the Premier is reported to have stated that while such
a course would probably be the easiest way out for the province, it would
also be the costliest and most unsatisfactory.
With regard to the refund¬
ing proposal, it was pointed out during the discussion that part of existing
debt is not callable before maturity.
MIMICO, Ont .—TAX COLLECTIONS HIGHER—'The town is said to
The total collected for last
was $176,294.
Arrears in taxes collected this year show a decrease from 1936 of $10,613.
During 1936 the town collected $105,193 as compared with $94,580 for this
have collected $185,230 of the 1937 tax levy.
year
year.
The statement records
as
decrease in outstanding taxes fbr 1937 of $23,569
On Dec. 31, 1936, taxes outstanding totaled
V •.C- 'C'C ,VCC ?
V ■%,,/
."'C-;
a
compared with last year.
$188,569.
C
o
.;.'.
NOVA SCOTIA (Province of)—$5,135,000 BONDS OFFERED FOR
INVESTMENT—A syndicate headed by Wood, Gundy & Co. of Toronto
is making public offering in Canada of $5,135,000 3)4 % non-cailable bonds,
issued by the Province for permanent highways and general purposes.
The bonds are priced at 98.75, and accrued interest, to yield 3.62%.
Dated Dec. 15, 1937.
Denoms. $1,000 and $500.
Due Dec. 15, 1949.
Principal and interest (J. & D. 15) payable in lawful money of Canada in
Halifax, Saint John, Montreal, Toronto, Winnipeg or Vancouver, Canada.
Bonds are registerable as to principal only and have been approved as to
legality by Ralston, Kearney & Duquet. Nova Scotia, it is pointed out, is
the second Canadian province to report a balanced budget, including direct
relief and sinking fund charges.
In connection with this issue the Hon.
Angus L. Macdonald, Premier, and Provincial Treasurer, has stated:
"It is certain that the estimated surplus of $104,286 for 1937 will be
realized and, in addition, it is expected that ordinary revenues will be
sufficient to take care of direct relief requirements for the past fiscal year
of approximately $300,000."
The budget estimate is after making provi¬
sions for sinking fund of $285,171.
Other members of the underwriting group are:
The Dominion Securities
Corp.; A. E. Ames & Co.; McLeod, Young, Weir & Co.; Bell, Gouinlock &
Co.; Mills, Spence & Co.; Royal Securities Corp.; Hanson Bros., Inc.;
McTaggart, Hannaford, Birks & Gordon; Harrison & Co.; Mead & Co.;
Eastern Securities Co., and Irving, Brennan & Co.
ST. JOHN, N. B.—BOND SALE—A. group composed of W. C. Pit& Co.; Nesbitt, Thomson & Co., apd Irving Brennan & Co. has
purchased an issue of $18,200 23^ % 5-year serial bonds at a price of 100.125.
field
TORONTO, Ont.—BIDS SLBMITTED AT RECENT SALE OF CITY
HARBOUR COMMISSIONER BONDS—In connection with the
AND
including the Royal Securities Corp., Imperial Bank of Canada, and the
Canadian Bank of Commerce, and the simultaneous award of $650,000
3)4% Toronto Harbour Commissioners to Fairclough & Co. and Burns
Bros. & Co., both of Toronto, we give below a complete list of the tenders
submitted for both issues:
$2,438,000-$650,000
Rate Bid
Bidder
Corp.;
Imperial Bank of Canada, and Canadian Bank
of Commerce
*100.5299
Fairclough & Co. and Burns Bros. & Co_.
—Royal Bank of Canada; Dominion Bank; A. E.
Ames & Co., Ltd., and Wood, Gundy & Co_
100.06
Bank of Nova Scotia; Bank of Toronto; R. A.
Daly & Co.; Cochran, Murray & Co.; Dyment,
And Arson & Co.; J. L. Graham & Co.; Matthews
& Co.; Fry & Co.; Flemming& Co., and Midland
■ ■
Dominion Securities Corp.; Royal Securities
WISCONSIN
^
...
County Bowd of Supervisors, at a meeting in November, authorized the
issuance of $400,000 in paving bonds, subject to a referendum to oe held
on April 6, 1938.
COON VALLEY.Wis.—BONDS SOLD—It is
reported by the Village
Clerk that $23,000 5% semi-ann. sewage bonds have been sold.
Due as
$2,000, 1938 to 1946, and $1,000 from 1947 to 1951.
follows:
FOX POINT SCHOOL DISTRICT (P. O. White Fish
Bay), Wis.—
BONDS SOLD—It is stated by the District Clerk that $20,000 school build¬
on
Aug. 31 have
^MARINETTE COUNTY (P. O. Marinette), Wis.—BOND
The
$60,000
SALE—
issue of highway improvement bonds offered for sale on
Dec. 14—V. 145, p. 3540—was awarded to T. E. Joiner & Co. of Chicago,
as 2Ms, paying a premium of $330, equal to
100.55, a basis of about 2.39%
OF
previous report in these columns of the sale of $2,438,000 2)4% city relief
bonds to the Dominion Securities Corp. of Toronto and associates, these
MORGAN MAGISTERIAL DISTRICT (P. O.
Morgantown), W. Va.
—BOND CALL—It is reported that Nos. 171 to 183, of the
5% permanent
road improvement bonds, dated Jan. 1,
1916, are being called for payment
at the Ohase National Bank, New York
City, on Jan. 1, on which date
Interest will cease.
Due on Jan. 1, 1946; optional on Jan. 1, 1921.
ing bonds approved by the voters at an election held
been purchased by A. S. Huyck & Co. of Chicago.
PAYMENT
DEBT CHARGES— It was announced recently by J. H. Attwood, deputy
that the town has accumulated $412,000 in three years during which
its affairs have been managed under government supervision, reports the
reeve,
Securities Corp
100.16
—
Bank of Montreal; McLeod, Young,
Mills & Co; Bell, Gouinlock & Co.;
101.80
*101.87
101.36
101.3275
Wexr & Co.;
McTaggart.
Hannaford,
Birks & Gordon,
Ltd.;
Bros., Inc., and C. H. Burgess & Co
F. W. Kerr & Co
Gairdner & Co.; Griffis,
W. O. Pitfield & Co__
—
Hanson
.
.
99.7611
101.33
99.461
101.33
Norsworthy & Co., and
r-A~
Harris, Ramsay & Co., and Beatty, Webster & Co.
Bartlett, Cayley & Co—
■
———
101.57
101.691
@FedFRASER